Full text of Federal Reserve Bulletin : December 1950
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FEDERAL
ESERY
BULLETIN
DECEMBER 1950
BOARD OF GOVERNORS
OF THE FEDERAL RESERVE SYSTEM
EDITORIAL COMMITTEE
ELLIOTT THURSTON
WOODLIEF THOMAS
WINFIELD W. RIEFLER
SUSAN S. BURR
RALPH A. YOUNG
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) .
International Financial Statistics (See p. 1687 for list of tables)
1627-1685
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
Federal Reserve Publications..
1707
1708-1711
Map of Federal Reserve Districts. .
Index
1712
1713-1736
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FEDERAL
RESERVE
December
VOLUME 36
BULLETIN
1950
NUMBER 12
EXPENDITURES AND INCOMES IN 1950
The year 1950 has been characterized by
sharp expansion in economic activity to near
capacity levels and mounting inflationary
pressures, particularly after the outbreak of
hostilities in Korea. Output and dollar value
of goods and services in both physical volume
and dollar value increased during the year,
with total expenditures and personal income
reaching all-time highs in the fourth quarter.
Expansion in economic activity during most
of 1950 resulted from rising private expenditures which after June were influenced by
the grave international situation and the
adoption of programs for a greatly expanded
national defense effort.
Recovery from the moderate recession of
the first half of 1949 accelerated during the
first half of 1950, with rising expenditures for private investment providing much
of the stimulus. By June the Board's index of industrial production exceeded its
earlier peacetime high and prices were advancing.
In the third quarter private expenditures
increased sharply. Although the defense program was greatly enlarged, actual outlays
for defense purposes expanded only moderately in this period. The rise in private outlays reflected increases in both consumer and
business demand and was superimposed on
the existing boom, which was already straining capacity in many durable goods industries. Expenditures were financed in part
through an unprecedented extension of
DECEMBER
1950
credit for the purchase of consumer durable
goods and houses and for business purposes.
The requirements of the new defense program and the danger of inflation inherent
in the situation led to the passage of the
Defense Production Act of 1950 and the initiation of several anti-inflationary measures
by the Board of Governors and other Federal agencies.
During the fourth quarter the rate of expansion of output slackened and consumer
purchases of durable goods declined from
the exceptionally high levels of midsummer.
Defense outlays, however, increased more
rapidly as men were added to the armed
services and munitions and supplies were
delivered in larger quantities. This expansion in Federal outlays and an appreciable
accumulation of inventories resulted in a
further substantial rise in aggregate expenditures and incomes, in part reflecting
higher prices.
The record expenditures of late 1950 have
been accompanied by new high levels of employment, output, prices, profits, and wage
rates. The labor market has become about
as tight as at any time since World War II;
unemployment, which was down to 2.2 million persons in November, accounted for
only about 3l/2 per cent of a labor force of
over 65 million. Industrial production in
November, and probably in December as
well, was about 8 per cent above the earlier
peacetime high in June. In many important
1565
EXPENDITURES AND INCOMES IN 1950
industries, further expansion in output from
current levels will be increasingly difficult
to attain.
Increasing demands for goods and services have exerted strong upward pressure on
prices despite the recent large increases in output which so far have been mainly for civilian
use. In mid-December both wholesale and
consumer prices were at all-time highs. Price
advances in the first half of the year had
been moderate and occurred largely in the
second quarter. After the invasion of South
Korea, prices increased very sharply and
quite generally, except for some leveling
off from mid-September to the end of October. From March to mid-December prices
of basic commodities rose 44 per cent and
wholesale prices almost 14 per cent. Consumer prices advanced 5 per cent to midOctober, the latest officially reported data,
and are estimated to have risen an additional
1 or 2 per cent since then. Corporate profits
reached a new high in the third quarter of
1950, reflecting increases during the year in
both sales and prices, and payments of dividends were at record levels. Moderate increases in wage rates, which had been
granted earlier in the year in selected industries, were followed after August by larger
advances granted in many industries.
Economic prospects for the indefinite
future will be dominated by the international
situation, the degree of mobilization imposed
on the nation, and the reaction of businessmen and consumers to the new situation.
Acceleration of the expanded defense program will make large additional demands
on limited resources of manpower, industrial
capacity, and materials, and at the same time
it will increase private income and private
demands. In addition, the necessity of enlarging capacity in defense-supporting industries will, for the near future, further
curtail the resources available for other uses.
1566
The impact of the international crisis on
our economy requires that scarce resources
be channeled into defense purposes and that
inflation be restrained. Some actions have
already been taken to achieve these ends,
including increased tax rates on personal and
corporate incomes, restrictions on the use of
consumer and mortgage credit, and general
credit restrictions through money market
actions. An Economic Stabilization Agency
has been organized with powers to control
directly prices and wage rates. The National
Production Authority has taken several steps
designed to channel materials and production to defense purposes and to promote
more effective utilization of scarce resources.
These steps include a system of priorities
for defense orders, restrictions on civilian
use of certain critically short materials, and
a limitation on holdings of business inventories. Business is already going ahead with
plans for a considerable expansion in plant
capacity urgently needed for the defense
effort.
GROSS NATIONAL PRODUCT
iNNUAL RATES
LLARS
300
a
GROSS
NATIONAL PRODUCT
300
J
_ / " >\
f
j
250
200
150
/
100
S
f
/
/
V
\
/
ERSON AL CONSUMPT
EX =ENDIT JRES
/
/
\
50
/
7
•
C
OVERN MENT F URCHASES
F GOO )S AND SERVICES
I
1
\
^ ~ ,
(
ROSS PRIVAT E
DOM ESTIC 1NVEST!\/IENT
r
0
Department of Commerce estimates through third quarter
1950; quarterly, adjusted for seasonal variation. Fourth quarter 1950 gross national product estimated by Federal Reserve.
FEDERAL RESERVE BULLETIN
EXPENDITURES AND INCOMES IN 1950
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
277 billion dollars for the year 1950, as cept for the third quarter, such outlays have
compared with 259 billion in 1948, the shown larger increases in both dollar and
previous high. Total expenditures, as shown percentage terms than have consumption
in the chart, increased throughout the year, expenditures. Total expenditures for prito an estimated rate of over 290 billion in the vate domestic investment—including profourth quarter, about 15 per cent above the ducers' durable equipment, new private conreduced level of a year ago. More than half struction, and changes in business inventories
of this increase represents an expansion in —in the third quarter were about 50 per cent
physical output of goods and services and above the level of a year ago. A further insomewhat less than half represents higher crease in investment outlays is estimated for
the fourth quarter, with a large rise likely
prices.
to be shown by business inventories followA 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, acPRODUCERS' DURABLE EQUIPMENT
GROSS NATIONAL PRODUCT
GROSS NATIONAL PRODUCT FOR SELECTED
PERIODS
[Percentage of total, by types of expenditures]
Type of expenditure
Government purchases of goods and
Federal
State and local
Gross private domestic investment. . .
New construction
Producers' durable equipment.
Change in farm and nonfarm
inventories..
Nonfarm
3rd Q.
1950
1949
1948
1939
14.4
7.5
6.9
16.9
9.9
7.0
14.1
8.1
6.0
14.3
5.6
8.7
17.0
8.0
9.5
12.9
6.8
7.6
10.9
5.4
5.0
-.5
-.4
-1.5
-1.2
16.6
6.8
7.7
2.1
1.7
.5
.3
Net foreign investment
-1.2
.2
.7
1.0
Personal consumption expenditures.
Durable goods
Nondurable goods
Services
69.8
11.8
36.9
21.1
70.0
9.3
38.6
22.1
68.5
8.8
38.9
20.7
73.9
7.4
38.6
27.9
Gross national product, total:
Per cent
Billions of dollars
100.0 100.0 100.0 100.0
1284.3 255.6 259.1 91.3
1
Seasonally adjusted quarterly total at annual rate.
NOTE.—Basic data are from the U. S. Department of Commerce.
DECEMBER
1950
Expenditures for producers' durable equipment, which had increased by almost onefifth from the recession low of the fourth
quarter of 1949 to a new high in the second
quarter of 1950, advanced by an additional
one-fifth in the following quarter. At their
third quarter level of 27 billion dollars
(seasonally adjusted, annual rate), such expenditures accounted for 9.5 per cent of gross
national product, by far the largest proportion of the last 20 years.
As business activity increased during 1950,
business plans for purchase of plant and
equipment were continually being revised
upward. In the second half of the year, the
Federal Government was urging even further expansion of capacity in industries es1567
EXPENDITURES AND INCOMES IN 1950
sential to the expanded defense program,
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.
Cutbacks in civilian output may reduce
incentives for some planned expansion,
while shortages of materials and industrial
capacity may prevent realization of others.
These limitations, however, are not likely
to be a deterrent for the considerable proportion of planned plant and equipment
expenditures involving defense-supporting
industries which are likely to receive priorities for available supplies of critically short
materials. Steel has already been allocated
for a greatly expanded freight car production program and for new lake ore-carriers.
CONSTRUCTION
Expenditures for new private construction,
which had begun to rise again in mid-1949,
increased rapidly during most of 1950, reaching a record level during the third quarter of
22.8 billion dollars (seasonally adjusted, annual rate), more than one-third higher than
in the same period of the preceding year.
Such expenditures have declined slightly
from the peak reached in September, but in
November were still well above those of any
period prior to the third quarter.
1568
PRIVATE DOMESTIC INVESTMENT
Department of Commerce quarterly estimates adjusted for
seasonal variation. Latest figures shown are for third quarter
1950.
T h e boom in construction activity led to
shortages of some building materials and
to considerable pressure on costs and selling
prices. Prices of building materials advanced
one-sixth from the beginning of the year
to a new high in early October. Since then,
prices of many building materials have increased further. Lumber prices, however,
have declined from their very high peak.
Most of the increase in private construction expenditures resulted from sharp expansion in nonfarm residential construction,
which reached an all-time peak in the third
quarter (after seasonal adjustment). By November, however, such expenditures had declined by 8 per cent from the record September level. T h e number of dwelling units
started in 1950 will total about 1,375,000,
one-third more than in 1949, the previous
record year. T h e number of housing units
started exceeded 140,000 in each month from
May through August, but declined sharply
thereafter, in part reflecting seasonal influences. T h e 85,000 units started in November were one-tenth below the volume of a
year ago, but were above any other NovemFEDERAL RESERVE BULLETIN
EXPENDITURES AND INCOMES IN 1950
ber on record. To a large extent, the record
postwar volume of residential construction
has been made possible by a liberal extension
of mortgage credit involving small down
payments and long maturities, and much of
it under Federal guarantee or insurance.
Recent actions by the Board of Governors
of the Federal Reserve System (Regulation
X, effective October 12) and the Housing
and Home Finance Administrator require
larger down payments on both conventional
mortgage loans and Federally insured or
guaranteed mortgages than had prevailed
earlier in the year. These measures are
designed to restrict the expansion of mortgage credit and, by reducing substantially
the number of dwelling units started, to free
scarce resources essential to the defense program. The substantial number of applications for loan insurance and other commitments made prior to the effective date of the
new regulations will tend, however, to sustain the volume of units to be started for
some months ahead.
Private nonresidential construction, which
showed little change early in 1950, rose by
one-seventh from April to a new high in
November, with much sharper advances for
industrial and commercial building. Public
utility construction has been maintained at
a level moderately below the peak of the
spring of 1949.
quarter of 1950 was accounted for by the
shift from large liquidation of inventories to
substantial accumulation.
Strong efforts were made to build up inventories following the outbreak of hostilities. Sales of both consumption and capital
goods increased so rapidly, however, that
inventories declined sharply in July, With
production at record levels, inventories increased after July, and a substantial rate of
accumulation is estimated for the fourth
quarter. At the end of October, the latest
available data, the physical volume of nonfarm business inventories was slightly above
the end of June level. The book value of
total inventories in relation to sales was also
slightly higher than in June, though lower
than a year ago.
The book value of retail inventories, particularly of nondurables, rose appreciably in
the third quarter, and advanced further in
October, reflecting both higher prices and
some net increase of physical stocks. The
value of retail inventories was higher in relation to sales than in either June of this year
or in October 1949. The book value of manufacturers' inventories of purchased materials
and goods in process increased throughout
the third quarter, reflecting both sharp price
advances and the higher scale of operations.
The value of finished goods inventories,
however, was reduced because of record sales.
INVENTORIES
GOVERNMENT EXPENDITURES
Liquidation of business inventories, induced by earlier easing of sales and prices,
was a major factor in the decline of employment and income during 1949. The reversal
of this development early in 1950 accounted
for much of the recovery in business activity
in the first half of the year. Over half of
the substantial increase in total national product from tlie last quarter of 1949 to the second
During the latter part of 1949 and the first
half of 1950, Government purchases of goods
and services decreased appreciably. Federal
outlays declined substantially while State and
local expenditures continued to increase.
Government purchases increased slightly in
the third quarter as State and local expenditures advanced further while Federal outlays
showed little change.
DECEMBER
1950
1569
EXPENDITURES AND INCOMES IN 1950
Federal purchases of goods and services,
at 21 billion dollars (seasonally adjusted,
annual rate) in the third quarter of 1950,
were more than 5 billion below their postwar peak of the second quarter of 1949.
Much of the decline was accounted for by
reduced expenditures for the agricultural
price support and the foreign aid programs.
A substantial increase is estimated for the
fourth quarter, however, as both civilian and
military employment rise and outlays under
the expanded defense program reflect payments for goods ordered earlier.
Purchases of goods and services for defense purposes declined from a wartime
level of about 90 billion dollars a year,
accounting for two-fifths of the total national product, to a postwar low of less
than 11.5 billion (annual rate) in the first
quarter of 1948. During the first half of
1950, defense expenditures were made at an
annual rate of about 12 billion. Programs,
orders, and commitments expanded sharply
after the outbreak of war in Korea, but defense purchases increased only moderately
in the third quarter to an annual rate of about
14 billion, accounting for less than 5 per
cent of the total national product.
Congress since July 1, 1950 has already appropriated a total of more than 33 billion
dollars for defense, foreign military aid,
stockpiling, and atomic energy. This is
double the amount included in the original appropriation for fiscal year 1951. A
further supplemental request for nearly 18
billion was transmitted to Congress on December 1. T h e President recently stated
that the defense program would be accelerated and that the earlier goal of 2.8 million
men in the armed forces by June 30, 1951
would be raised as a result of the Chinese
intervention in Korea.
1570
N E T FOREIGN INVESTMENT
United States exports and imports of goods
and services in the third quarter of 1950 were
in closer balance than at any time since before
the war, as a result of a sharp rise in imports.
In October commodity imports continued to
increase and exceeded exports. In the first
half of the year the export surplus (including
goods and services) had amounted to almost
3 billion dollars (annual rate) as compared
with only 700 million in the third quarter.
Exports of goods and services were at an
annual rate of less than 14 billion dollars during the first three quarters of 1950, a decline
of one-third from the peak of mid-1947.
This reduction reflected reconstruction of foreign industry, shipping, and agriculture, the
partial restoration of intra-European trade,
foreign restrictions on purchases of dollar
goods, and the widespread devaluation of
currencies in the fall of 1949. Commodity
exports rose sharply in September 1950 and
continued at the advanced level in October,
indicating stronger demands in other countries. Shipments under the Mutual Defense
Assistance Program—financed by grants
from this country—will be a factor of growing importance in raising exports.
Imports of goods and services by the
United States have grown rapidly since the
war, with some interruption during the
moderate recession of the first half of 1949.
By the second quarter of 1950, imports of
goods and services had regained their earlier
postwar high of almost 11 billion dollars
(annual rate). In the third quarter of this
year, imports rose by almost one-fifth and
a further advance occurred in October. Continued high levels of imports are likely in
view of expected strong general demand in
this country, shortages of important raw
materials, the desire to accelerate stockpiling
of strategic and critical materials, and the
FEDERAL RESERVE BULLETIN
EXPENDITURES AND INCOMES IN 1950
sharp rise in prices of many imported goods.
The table summarizes recent changes in
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
PERSONAL INCOME
ANNUAL RATES
BILLIONS OF DOLLAR!
250
ANNUAL RATES
tLLIONS OF DOLLARS
250
EXPORT SURPLUS AND N E T FOREIGN INVESTMENT
[In billions of dollars]
Item
3rd Q.
19501
1949
1948
1947
Exports of goods and services
Less: Imports of goods and services.
13.9
13.2
16.0
9.7
17.1
10.4
19.8
8.3
Equals: Export surplus
Less: Net Government grants 22 . . . .
Net private remittances . . . .
.7
3.6
.4
6.2
5.3
.5
6.7
4.2
.7
Equals: Net foreign investment.
-3.3
.4
1.9
11.5
1.9
.7
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.
NOTE.—Data are from U. S. Department of Commerce.
amount of net foreign disinvestment by the
United States. During the year ended September 30 gold and dollar balances owned
by foreign governments and persons increased by about 3 billion dollars as a result
of transactions with the United States.
PERSONAL INCOME
Personal income—the main source of
funds for consumer expenditures—has increased substantially this year, and most
major components have participated in the
advance. Total personal income in October
was at an all-time high of 230 billion dollars
(seasonally adjusted, annual rate), oneseventh above the rate of a year ago. A
further increase has probably occurred since
then. The increase of 13 billion dollars
(annual rate) from June to October was one
of the largest for any comparable period.
With the exception of income of farm proprietors and transfer payments, all forms of
personal income are at or near record levels.
Gains in personal income during the first
DECEMBER
1950
Department of Commerce monthly estimates adjusted for
seasonal variation. "All other" includes transfer payments
and other labor income. Latest figures shown are for October
1950.
half of 1950 reflected in large part the payment of 2.9 billion dollars of National Service Life Insurance dividends to veterans.
This payment was largely concentrated in
the first quarter and was virtually completed
by June. With such dividends at an annual
rate of 10.6 billion dollars in March, total
personal income in that month attained a
peak of 219 billion dollars which was not
exceeded until July. The spending of some
of these special payments contributed to the
general recovery in economic activity which
was then well under way. With output,
employment, and prices advancing, that part
of personal income arising out of current production (i.e., total personal income less transfer payments) began to increase rapidly in
the second quarter of 1950 and by June had
reattained the earlier peak of October 1948.
Wages and salaries. Wage and salary
receipts reached an all-time high of 150
billion dollars (seasonally adjusted, annual
rate) in October, 10 per cent above the high
1571
EXPENDITURES AND INCOMES IN 1950
levels of 1948. In the first quarter of 1950
total wages and salaries were only slightly
above the reduced levels that had prevailed
throughout most of 1949. Beginning with
May each month has recorded a new high.
T h e total increase of 10 billion dollars, or
7 per cent, from June to October is one of
the largest on record for any four-month
period.
T h e bulk of the recent increase in aggregate wages has occurred in manufacturing—
which had shown the sharpest reduction during the recession of 1949—and in Government activities, including the armed forces.
Payrolls in October were at or near record
levels in all other industries except mining,
railroads, and agriculture.
T h e rise in wages and salaries this year
has reflected mainly the sharp expansion of
employment and hours of work. Demand
for labor, which had been increasing since
the first quarter, was further stimulated by
Korean developments. Between June and
November nonfarm employment (seasonally
adjusted) increased by 1.4 million persons
to a record total of 45.4 million. A large part
of this rise occurred between mid-July and
mid-August when nonfarm employment
experienced one of the largest gains on
record. In addition to the expansion in nonfarm employment, the armed forces increased from I1/? million men in June to
2% million at the end of November. By
November unemployment had declined to
2.2 million, 1.2 million less than a year ago.
Manufacturing a c c o u n t e d for a l m o s t
800,000, or more than one-half, of the net
number of workers added to nonfarm employment between June and November. In
November, there were 15.6 million workers
in manufacturing (seasonally adjusted), a
postwar record and about 260,000 above the
high levels of the fall of 1948. T h e recent
1572
increases have been mainly in the durable
goods sectors. In addition, the average
workweek in manufacturing industries, at
41.1 hours in November, was about as long
as at any time in the past five years. Total
man-hours in manufacturing increased by 7
per cent between June and November.
Expansion of employment in nonmanufacturing industries also has been widespread, with employment in finance, trade,
construction, and State and local government near or at all-time peaks. Federal
civilian employment increased sharply after
July as workers were hired in defense
agencies.
Although increases in employment and
average hours of work were the major factors in the rise in total employee income, increases in wage rates gained in importance
after August. Average hourly earnings were
relatively stable throughout 1949, and increases were moderate and fairly selective
between January and August 1950, averaging 3 per cent for wage earners in all nonagricultural establishments. Following wage
advances granted in August and September
by many of the large firms which often act
as wage leaders, increases have spread widely
throughout industry. Typical advances have
amounted to about 10 cents an hour although
increases of 10 per cent—generally about 15
cents an hour—have been reported in a number of instances.
Many recent wage agreements have represented voluntary actions on the part of
employers, that is, wage adjustments were
granted or negotiated without recourse to
the reopening provision of collective bargaining contracts. Guarantees of additional
increases in 1951 or later (generally called
productivity or improvement factors) have
been written into an increasing number of
agreements. Provision has also been made
FEDERAL RESERVE BULLETIN
EXPENDITURES AND INCOMES IN 1950
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
3rd Q. 1950 from:
19501
(billions
Item
remained
at about the record rate of the
of
dollars) 1949 1948
fourth
quarter
of 1949, but in the third quar1939
3rdQ. 4th Q.
ter an exceptionally large volume of special
Personal income, total.
225
10
210
payments raised the total to a level oneWage and salary receipts 2 . . . . . . .
221
10
145
Commodity producing indusfourth above that of a year earlier. In Octries
274
65
5
16
212
Distributive industries „ . . .
41
6
tober dividends continued at the third quar5
172
Service industries
19
11
174
22
Government...............
14
ter level. Corporate profits rose sharply
580
Other labor income 3
17
21
3
after the first quarter of 1950. Profits before
209
Proprietors' and rental income. . .
-4
13
45
Farm proprietors
196
-24
9
13
tax in the third quarter are estimated by
Nonfarm proprietors and ren32
15
215
tal income of persons
8
Federal Reserve at 45 billion dollars (season9
27
147
Dividends
19
10
4
9
Interest
81
ally adjusted, annual rate), one-fourth above
12
12
Transfer payments 4
-5
297
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,
the3 total but included in the industry figures.
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-ofTransfer payments include those forms of
living adjustments.
personal income, such as social security beneOther 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 be- lion 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,
PERSONAL CONSUMPTION EXPENDITURES
one-seventh above a year ago, but declined
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
M A J O R COMPONENTS OF PERSONAL INCOME
DECEMBER 1950
1573
EXPENDITURES AND INCOMES IN 1950
first quarter of 1949, increased by a record
amount in the third quarter of 1950, largely
as a result of scare buying. At more than
198 billion dollars (seasonally adjusted, annual rate), consumption expenditures were
at an all-time high, 13 billion, or 7 per cent,
larger than in the preceding quarter and
more than 10 per cent larger than a year
earlier. A considerable part of the dollar
increase in gross national product was accounted for by the upsurge in consumer
buying. Expenditures were financed not
only out of the record volume of personal income, but also by heavy use of consumer
credit and by drawing on liquid assets.
The increase in consumer dollar expenditures reflected an expansion to record rates
in physical volume of purchases as well as
further advances in prices. The average level
of consumer prices—which had begun to rise
in March after more than a year of moderate
declines—increased by 2 per cent from midJune to mid-September.
The sharpest increase in expenditures
(after seasonal adjustment) occurred in July,
with retail sales in August maintained at the
July rate. After August, however, seasonally
adjusted sales at both durable and nondurable
goods stores declined and in October were
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.
Durable goods. Consumer expenditures
1574
for durable goods had increased throughout
1949 and the first quarter of 1950. They
changed little in the second quarter and
then increased by 25 per cent ih the third
quarter, reaching a peak of 33.5 billion dollars (seasonally adjusted, annual rate).
Expenditures for automobiles also rose by
almost one-fourth in the third quarter, as
shown in the chart, and dealer inventories
were drawn down, despite production at
record levels. Sales of new automobiles have
declined substantially from the summer's
extraordinary peak, but in November were
apparently above the relatively high levels
of a year ago. Some inventory accumulation
occurred as automobile production remained
close to peak rates until November, when
output was reduced mainly because of model
changeovers.
Expenditures for furniture and household
equipment advanced more than one-third in
the third quarter. In October sales at retail
home furnishings stores were still one-fifth
larger than in June, and retail prices of
housefurnishings were at an all-time high,
having risen 8 per cent since mid-June.
These strong demands resulted in a further
PERSONAL
CONSUMPTION
EXPENDITURES
SELECTED GROUPS
Department of Commerce quarterly estimates adjusted for
seasonal variation. Latest figures shown are for third quarter
1950.
FEDERAL RESERVE BULLETIN
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
PERSONAL SAVING
nondurable goods advanced moderately in
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 (season- posable income less consumption expendiCONSUMERS' 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 adBureau of Labor Statistics monthly indexes except for rent
which is quarterly prior to 1947, and services which is quarvanced 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
EXPENDITURES AND INCOMES IN 1950
PERSONAL INCOME, CONSUMPTION, AND SAVING
Department of Commerce quarterly estimates adjusted for
seasonal variation. Latest figures shown are for third quarter
1950.
however, Increased by 13.2 billion, and personal saving declined to 6.4 billion (annual
rate), or only 3.1 per cent of disposable income, the lowest rate since the first quarter
of 1948. Personal saving and the savings
1576
ratio will probably show an increase in the
fourth quarter.
T h e gravity of the international situation
has resulted in the proclamation by the President on December 16, 1950 of the existence
of a national emergency. T h e 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. T h e task of building up our defenses will require extensive
shifts in the use of manpower, materials, and
plant capacity, and reductions in output of
many commodities for civilian purposes. In
the period ahead the nation's economy will
be predominantly affected by the scale of
defense needs and the nature of the measures
adopted to assure adequate defense production and to combat inflation.
FEDERAL RESERVE BULLETIN
STATEMENT ON REGULATION OF CONSUMER CREDIT*
The Board of Governors of the Federal Reserve
System welcomes this opportunity to report to
your Committee on its regulation of consumer
credit and particularly automobile instalment
credit^ as authorized by Title VI of the Defense
Production Act of 1950.
At the outset, I should like to emphasize that
the Board has viewed its stewardship under the
Defense Production Act in the light of its responsibilities for monetary and credit policies that will
help maintain a stable value for the dollar and
preserve a strong economy. In carrying out its
responsibilities under the Act, the Board, of course,
has also been guided by the observations of the
House and Senate Banking and Currency Committees concerning the inflationary role of consumer
and mortgage credit under current conditions, made
in their respective reports on the Defense Production Act.
The Federal Reserve has acted to carry out
its assignment in the light of its understanding
of the objectives that Congress had in mind. As
long as you leave the responsibility with the Federal Reserve we believe you will expect us to do
our duty in accordance with the objectives of the
Congress.
During the period the Congress was deliberating
and acting on the Defense Production Act of 1950
—from July 19 to September 1—business and
consumer markets were being swept by hysterical
buying, prices in practically all sectors of the economy were advancing sharply, and inflationary pressures were generally rampant. The Congress, the
Administration, and the public were very apprehensive about these developments both because they
threatened the very foundations of our free enterprise society and because of their adverse effects
upon our preparedness efforts. I can assure you
that we at the Federal Reserve System were very
deeply concerned. In the light of this background,
the intent of Congress with respect to Title VI
of the Defense Production Act seems to me clear.
Let me here state briefly my beliefs in this respect:
* Statement by Chairman Thomas B. McCabe on behalf
of the Board of Governors of the Federal Reserve System
before the Joint Committee on Defense Production, Dec. 8,
1950.
DECEMBER
1950
1. I believe the Congress at that time was
deeply conscious of the concern felt by the
American public over the value of their dollars,
and wished to take every practical step to preserve the integrity of our money.
2. I believe also the Congress intended that
adequate taxes and general and specific credit
controls should be the first reliance in maintaining the value of the dollar.
3. I believe the Congress intended that the
powers to regulate consumer and real estate
credit should be used to the fullest extent practicable, as a means of limiting demand to the
available supply in the affected fields, thus restraining further price increases.
4. I believe also that the Congress had in
mind that the use of these powers, in limiting
demand, would help in the transfer of resources
from the production of civilian goods to the
production of military goods without unnecessary price inflation.
During the period when the Defense Production
Act of 1950 was under study by the Congress, the
Board and its staff, in collaboration with officials
of the twelve Federal Reserve Banks and their
twenty-four branches, carried on intensive studies
of the consumer credit business, including numerous consultations with the major segments of the
trade. In all, some 750 trade consultations were
involved in this pre-regulation exploration. Officers
of the twelve Reserve Banks conducted a total of
725 of these regional conferences with trade groups
and businessmen prospectively subject to consumer
credit regulation. The Board and its staff consulted on 25 different occasions with such groups,
including the major national trade associations
affected.
As evidence of the way in which the Board has
consulted with the interested public while making
decisions regarding Regulation W, I should like
to quote from the October issue of the official
magazine of the National Automobile Dealers Association. The auto dealers said:
"N.A.D.A. officials did a great deal of work
and cooperated closely with the Federal Reserve
Board during the period that the new Regula1577
STATEMENT ON REGULATION OF CONSUMER CREDIT
tion W was being drafted. They compiled and
presented data showing that the terms should
not be so strict that they would work a needless
hardship on persons who have the greatest need
for reliable transportation.
"N.A.D.A. is continuing its frequent contacts
with the Board, which has been working on
interpretations necessitated by special problems
that have arisen."
Against this broad background of study and
consultation, a draft of the regulation was prepared
and considered by the Board after submission to all
of the Federal Reserve Banks. Thus, the Board
was ready for formal action once authority to regulate consumer credit was enacted into law.
The Board issued Regulation W on September 8
within the hour after the President signed the
Defense Production Act of 1950. The regulation
was made effective ten days later on September 18.
This interval was considered the minimum period
for placing the regulation in the hands of registrants and enabling them to adjust their operations
to it. The Board's decision as to the terms of the
consumer credit regulation was based on the practical consideration that the regulation should restrain consumer demand and credit growth in the
most volatile segment of the field, namely, the
instalment financing segment.
Taking the field of instalment credit as a whole,
however, the initial minimum down payment and
maximum maturity requirements under Regulation W were only moderately restrictive in relation
to practices generally prevailing in the instalment
financing trade. In the used car field, particularly
for older models, and also in some appliance lines,
the regulatory terms were more liberal than those
practiced by the conservative trade. Data supplied
by the trade indicated that the bulk of the transactions being written on new and late model automobiles and on other items of relatively high unit
price in the months just prior to the regulation
were somewhat more liberal as to down payment,
maturity, or both, than the introductory terms of
the regulation. Information subsequently obtained
by the System's own field investigators has confirmed this basic finding.
In announcing the new Regulation W to the
press, the Board expressly stated that, if the terms
established did not provide an adequate restraint
on consumer demand, as well as on further rapid
inflationary expansion of instalment credit, the
1578
Board was prepared to reexamine its regulation and
establish more stringent terms. On October 13,
five weeks after the issuance of the original regulation, the Board announced Amendment No. 1
to Regulation W establishing, effective October 16,
minimum down payments and maximum maturities substantially stricter than those which became
effective on September 18. This action was taken
three days after the Board had issued Regulation X,
to be effective October 12, establishing down payment and maturity terms on mortgage credit
to finance newly constructed houses. The following
table compares the new terms of Regulation W
with those provided in the initial regulation.
MINIMUM
DOWN
PAYMENTS AND M A X I M U M
U N D E R REGULATION
Minimum
down payment 1
[Per cent]
Listed articles
and loans
MATURITIES
W
Maximum
maturity
[Months]
Sept. 18- Oct. 1 6 - Sept. 1 8 - Oct. 1 6 Oct. 15
Oct. 15
Listed articles:
Passenger automobiles. .
Major appliances 2
Furniture andfloorcoverings
Home improvement materials, articles, and
services *
\fA
15
10
10
10
Loans:
To
purchase
articles
Unclassified
21
18
15
15
18
15
30
30
I4)
18
15
listed
1
Exemptions: Sept. 18-Oct. 15, listed articles costing less than
$100;
beginning Oct. 16, those costing less than $50.
2
Includes radios, television, refrigerators, food freezers, phonographs, cooking stoves, ranges, dishwashers, ironers, washing
machines, clothes driers, sewing machines, suction cleaners,
room-unit
air conditioners, and dehumidifiers.
3
Includes heating, plumbing, and other household fixtures.
4
Requirements same as on instalment sales of the respective
articles.
I should like to make entirely clear three aspects
of the Board's Amendment No. 1 to Regulation W.
First, the Board's amendment action was taken
in the light of the total economic and credit situation. It was taken not primarily because of developments in the specific fields during this period
but because the magnitude of the general inflationary problem became more clear. It reflected the
Board's apprehension over the continuing strong
inflationary trends in the economy generally as
well as over the continuing strong consumer demands for durable goods and accompanying expansionary trends in instalment credit. Figures now
available show that loans of commercial banks expanded 5.7 billion dollars from the end of June
FEDERAL RESERVE BULLETIN
STATEMENT ON REGULATION OF CONSUMER CREDIT
to October 25 of this year—the largest loan expansion in such a short period of time in the
country's history. More than 25 per cent of the
loan expansion was the direct or indirect result of
growth in consumer credit and another fifth was
due to a rise in bank holdings of real estate mortgages. This loan expansion was accompanied by
a further increase in bank holdings of corporate
and municipal securities. The total expansion of
bank holdings of loans and non-Government securities was the immediate cause of a 3 billion dollar increase in the economy's already large supply
of money.
Second, the Board was seriously concerned, as
were other agencies of Government, over the undesirable and hindering effects of inflationary pressures generally on the rearmament, stockpiling, and
industrial expansion programs. Appropriations
for national defense were able to buy far less this
fall than contemplated when Congress passed them.
Third, the Board took its action only after consultation with other interested agencies of Government.
I should now like to report on what I think the
effects of Regulation W have been. To report first
in general terms, the regulation has limited the
rise in prices in the durable goods field; it has
limited somewhat the further expansion of the
money supply; because of these two effects, it has
limited the advance of prices generally; and, lastly,
it has removed some of the pressure which would
have hampered diversion of materials and manpower to the military effort. These results have
been of great benefit to the American people.
Let us now examine the effects of the regulation
in the automobile field, with which your hearings
are particularly concerned. At the time the Congress was deliberating the Defense Production Act,
new cars were not generally available at list prices,
i.e., unloaded of extra equipment or special
premiums, to the great bulk of the people who
wanted to buy them. With respect to used cars,
average retail prices of a representative popular
priced 1949 model car rose from approximately
$1,430 in June to $1,635 in August. On the average, monthly payments to buy the 1949 model used
car had risen from $56 to $63. It is clear that inflation in the retail automobile markets was impinging adversely on both those who bought higher
priced cars and those who bought lower priced
cars.
DECEMBER
1950
Let us look at the retail automobile market today
compared with August. New cars are available
to the buying public at list prices, without required
extras or premiums. On the basis of advertised
prices, a popular priced 1949 model used car could
be purchased in leading cities in November for
$1,280, compared with $1,635 in August. The
buyer of such a model had to pay one-third down
or $427 in November compared with one-third
down or $545 in August. The unpaid balance in
August was on the average paid off in 21 months
at the rate of $63 per month. In November the
balance was required to be paid off in 15 months
or at the rate of $67 per month.
A great proportion of the cars bought by consumers in the United States are used cars. In 1949
it is estimated that 6.9 million used cars were
bought by consumers as compared with 4.5 million
new cars. Old cars predominate in the holdings
of the population. It is estimated that 69 per cent
of the passenger cars in operation are more than
three years old. The man of average income typically buys a used car. In helping to keep used cars
at a reasonable price and to make new cars readily
available at effective prices at or below the list,
Regulation W has been of great service to the
American consumer. It has done a great deal to
combat the price inflation which seemed last summer to be getting completely out of hand.
At the present time about 20 million out of our
38 million privately owned cars are prewar cars
and when sold as used cars have a price of around
$500 or less. Before imposition of Regulation W,
if a purchaser bought a $450 car on a basis of onethird down, he paid $150 cash and paid off the
balance at a rate of $24 to $28 per month, depending on whether the maturity was 15 or 12 months.
Regulation W has not affected the typical terms
of payment for these cheaper cars. One-third
down and 12 or 15 months to pay, if dealers will
finance on these terms, are still permitted. Good
usable cars for performing a great portion of the
daily travel of the public continue to be available
under Regulation W on purchase terms of about
$25 a month or less. These are the cars which
are customarily bought and used by large numbers
of our working population who are looking for
transportation and not for the latest style and
gadget.
Supply developments in the retail automobile
market following the introduction of Regulation W
1579
STATEMENT ON REGULATION OF CONSUMER CREDIT
and its subsequent tightening are of course not all
attributable to the regulation. Some buying that
would otherwise have been done this fall was accelerated and done in the summer months. The
fall is typically a season of declining automobile
travel and softened demand for cars. The industry
has been preparing new models and this fact has
no doubt induced some deferment of new car
buying by purchasers who would otherwise be in
the market. But the important fact for these hearings is that the market with Regulation W is less
inflationary and more competitive than it was.
It is more of a buyers5 market and less of a sellers'
market. It is in every respect a more normal
market situation. Despite the role of other influences, I believe that Regulation W has contributed significantly to this more healthy market
condition.
Inventory of new cars was at an abnormally low
level when consumer credit regulation was inaugurated. This enabled manufacturers to go
ahead full tilt at high levels of output despite the
regulation. In recent weeks production has been
down from earlier peak rates, the lower level reflecting primarily model changes, but the current
rate of output of about 120,000 cars a week is
still, historically speaking, a very high rate. Some
inventory accumulation by dealers has recently
taken place, but new car inventory for the new car
dealer trade as a whole is still not above traditional
relationships with sales. The latest retail sales
reports with respect to new cars indicate that November sales were probably one-tenth above a year
ago. Sales a year ago were in large volume. The
rise in retail inventory of new cars probably
tapered off considerably in November.
The foregoing observations relate to the automobile market as a whole. The situation will
vary for different makes of cars, and among individual dealers. Such differences are matters for
competition and not regulation to iron out. Regulation W affects the general terms of sale on credit.
With respect to the size of the current automobile inventory: trade sources estimate inventory
of new cars at about 500,000 on November 1. With
output at an annual rate of over 6 million cars
now, with dealers generally in the best financial
condition of the automobile industry's history, and
with the use of materials already ordered curtailed,
it would seem that inventories are not excessive.
It has been argued that Regulation W will throw
1580
men out of work. But to date unemployment has
been at a low level and employment has reached
a new high level. If some unemployment does
develop, the principal cause will be the dislocations
that are inevitable in the transition to military
production, and not Regulation W.
It is sometimes claimed that Regulation W has
prevented the American working man from buying the automobile that he needs to provide his
transportation. It is said that Regulation W favors
the rich as against the poor, that it bars from the
market the low income man with his credit and
leaves the high income man free to buy with his
cash. The truth is that Regulation W has helped
rather than penalized the person of moderate or
low income. It helps him where he is most in need
of help—in his pocketbook. Cars, new or used,
are available at various prices to meet the budgets
of practically all workers who want or need cars.
And these cars cost less than they would have cost
in the absence of Regulation W. Furthermore,
prices are lower for other articles listed in the
regulation, and also for articles not listed, than
they would have been without the regulation.
The American consumer is better off as a result
of Regulation W.
We must of course bear in mind that the borrower is getting credit, not a gift. This credit must
be paid back—and with finance charges added, too.
In other words, when the consumer increases his
expendable income of today by borrowing, he is,
at the same time, reducing his expendable income
of tomorrow. The thing that limits the man of
low income is his income. He doesn't get something for nothing by borrowing to go into the
market to bid against others for a limited supply
of goods. He merely helps to push up the price
of that limited supply of goods and increases the
burden that he must meet out of his same income.
To encourage the man of low income to do that
under present conditions is to encourage him to
engage in a contest where he is at the greatest
possible disadvantage. The wealthy can always
meet high prices more easily than can those of
lower incomes. Price is exactly the field where
the man of low income is at greatest disadvantage.
Under current conditions, the low-income man will
find that the bait of easier credit is carried on a hook
of higher prices.
It is of the very essence of regulation of conFEDERAL RESERVE BULLETIN
STATEMENT ON REGULATION OF CONSUMER CREDIT
sumer credit that the business of those financing
consumers will be affected. If their business were
as great under Regulation W as it would be in
the absence of the regulation, then there would be
no point to having the regulation. Any contraction
of the business of these financing agencies is not
an end to be desired as such. But it is a necessary
consequence of limiting demand by these means.
The sacrifices of those called into the armed services are not in themselves desirable but they are
necessary.
By and large the consumer finance agencies have
proved themselves extremely adaptable. In time
of peace they have facilitated demand which has
contributed to our great production and to our
high standard of living. In war they have proved
their capacity to adapt themselves to new conditions
and stand by till a day when they can again serve
their basic function.
DECEMBER
1950
We must continually remind ourselves, and
others, that we cannot get something for nothing.
We can't buy more goods than can be produced.
To weaken or abolish Regulation W will not produce more goods. If we are to succeed in maintaining stable prices and preserving confidence in the
value of the dollar, we must make a determined
effort to mop up all sources of excess buying power
which tend to make the demand for goods greater
than available supplies. Otherwise, we know from
past experience what to expect.
In conclusion, I would like to make this point
clear: that selective credit controls including Regulation W will not of themselves check all of the
inflationary forces. More fundamental than selective credit controls is an adequate program of
fiscal and general controls that restrains all types
of bank credit and thereby curtails the total dollar
volume of private expenditures.
1581
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
on November 17 to all member banks of the Federal Reserve System by Chairman McCabe of the
Board of Governors:
"The success of the battle against inflationary
dangers depends in large measure upon maintaining a reasonable balance between available goods
and services and the supply of dollars bidding in
the market place. Since early summer the persistent and unprecedented rise in bank loans has
been the major factor in the country's increasing
money supply.
"From midyear to mid-November total loans at
all commercial banks rose well over five billion dollars. This was a much greater expansion than occurred in the corresponding period of any previous
year on record. Continued growth of bank credit,
not balanced by increases in production of civilian
goods, would put additional upward pressure on
prices, impairing the buying power of the dollar
and adding to the cost of the Nation's defense program.
"The Board of Governors of the Federal Reserve
System therefore again wishes to call to the attention
of every member bank the loan policy announcement of August 4, 1950, which was unanimously
approved by the Board of Governors, the Comptroller of the Currency, the Federal Deposit Insurance Corporation, the Home Loan Bank Board,
and the National Association of Supervisors of State
Banks. As you will recall, that joint statement
stressed the importance of sensible and restrained
action by businessmen, laborers, farmers and consumers, as well as governmental agencies, national
and State, to curb excessive credit expansion. The
joint declaration concluded:
" *A continuation of the rapid growth of credit
resulting from consumer demand for houses and
other goods and speculative accumulation of inventories by business would add to inflationary
pressures and seriously handicap the necessary
expansion of military production. Therefore,
lenders should carefully analyze all loan applications and avoid making loans which would have
these adverse effects.'
1582
"The purpose of this letter is to request your
utmost cooperation in helping to achieve the objectives of the foregoing appeal. Every bank has
it within its power to make an important contribution to sound money by limiting loan extensions,
and by advising would-be borrowers to hold their
borrowing requirements to the lowest limits consistent with their rock-bottom needs.
"We realize that bankers have been exercising
selection in the kind of credit they are extending.
The point we wish to emphasize is that in a period
like this even sound individual credits are inflationary if, in the aggregate, they add unduly to
a growing supply of money. With full employment, high level production, and rising wages and
prices, almost everyone's credit appears to be good.
Further expansion in bank credit means more dollars competing for limited supplies of labor and
materials. Unless such expansion of credit is
checked it is bound to raise prices. Defense dollars will soon be added to civilian dollars in competition for available goods. The Nation's defense
needs must be adequately met without runaway
prices.
"To meet its statutory responsibilities and to play
its part in restraining over-expansion of bank credit,
the Federal Reserve System has adopted an antiinflationary program. As integral parts of this
program, the Federal Reserve, under the authorization of the Defense Production Act of 1950, has
instituted consumer credit regulations. With the
concurrence of the Housing and Home Finance
Agency, it has also adopted curbs on residential
construction credit.
"Commercial banks can also do their part in
bringing about restraint of credit by advising borrowers to avoid overstocking of inventories and to
postpone unnecessary business expansion and by
discouraging various types of loans that do not
make a definite contribution to the defense effort.
The sacrifice of some earnings at this time is a
small price to pay for the defense of the dollar
which is of paramount importance.
"The Federal Reserve people are eager to know
what the commercial bankers are thinking about
the trend in bank loans. It would be greatly apFEDERAL RESERVE BULLETIN
FEDERAL RESERVE STATEMENT ON DEFENSE LOAN POLICY
predated if you would care to write a letter to
the President of the Federal Reserve Bank of your
District so that we may have the benefit of your
views with regard to the following questions or any
other information that you would care to communicate: What types or classes of borrowers occasioned most of the new loans in your bank since
midyear? Can you say whether their borrowing
is or is not largely seasonal? If not seasonal, can
you identify a principal purpose? Do you expect
the large demand for credit to taper off, continue,
or increase in the next three months? Such other
information and views as you would care to express
on our mutual problem of curbing inflation would
also be most welcome to the Federal Reserve Systern."
CURRENT EVENTS AND ANNOUNCEMENTS
Federal Reserve Meetings
The Federal Advisory Council held a meeting
in Washington on November 19-21, 1950, and met
with the Board of Governors of the Federal Reserve
System on November 21, 1950.
A meeting of the Presidents of the Federal Reserve Banks was held in Washington on November
27 and 28, 1950, and on November 29 the Presidents met with the Board of Governors.
On November 27 a meeting of the Federal Open
Market Committee was held.
Continental Oil Company, Ponca City, Oklahoma,
who resigned.
Appointment of Branch Director
On November 18, 1950, the Federal Reserve
Bank of Kansas City appointed Mr. F. M. Overstreet, President, First National Bank at Ponca
City, Ponca City, Oklahoma, as a director of the
Oklahoma City Branch for the unexpired portion
of the term ending December 31, 1950, to succeed
Mr. Robert L. Bosworth, Financial Vice President,
Admission of State Bank to Membership in the
Federal Reserve System
The following State bank was admitted to membership in the Federal Reserve System during the
period October 16, 1950 to November 15, 1950:
DECEMBER
1950
Resignation of Branch Director
Effective December 15, 1950, the Board of Governors accepted the resignation of Mr. John W.
Taylor, President, University of Louisville, Louisville, Kentucky, as a director of the Louisville
Branch of the Federal Reserve Bank of St. Louis.
Mr. Taylor had served the Branch as a director
since January 1, 1949.
California
Pico -Pico Citizens Bank
1583
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 consumers owning home's, automobiles, and other durable
goods has risen rapidly and the aggregate value of
such assets has increased substantially. In addition,
consumers as a group have strengthened their financial position by increasing their holdings of liquid
and nonliquid investments. This accumulation of
wealth has been financed in part through current income and in part through borrowing. In
the case of specific assets, some growth in ownership has reflected conversion of assets from one
form to another, especially by drawing on liquid
resources to acquire durable goods. The amount
of debt that consumers have incurred, however, has
been very large, especially instalment debt in the
acquisition of automobiles and other durable goods
and home mortgage debt. Nevertheless, in early
1950 consumers generally possessed a substantial
net equity in personal resources.
Knowledge of the over-all financial position of
consumers is important to an understanding of consumer behavior. Successive surveys of consumer
finances have endeavored to develop more comprehensive information on the major assets and liabilities of consumers. Much of this information has
been intended primarily for the purpose of measuring more completely the extent of consumer sav1
This is the fifth and concluding article in a series presenting the results of the 195© Survey of Consumer Finances
sponsored by the Board of Governors of the Federal Reserve
System and conducted by the Survey Research Center of the
University of Michigan. The first article appeared in the
June BULLETIN, and covered the general financial position
and economic outlook of consumers. The second article,
devoted to durable goods expenditures in 1949 and buying
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 BULLETINS and dealt, respectively, with the distributions of consumer income and saving in 1949.
The present article was prepared by John A. Frechtling,
James H. Lorie, and Irving Schweiger of the Consumer
Credit and Finances Section of the Board's Division of
Research and Statistics. The authors have necessarily maintained a close working relationship with the staff of the
Survey Research Center at all stages of their work and in
their analysis of survey tabulations have had the benefit of
many suggestions from the Center's staff, particularly John
B. Lansing and E. Scott Maynes.
1584
ing or dissaving or of analyzing the ownership of
specific types of liquid and nonliquid assets. In
the 1950 survey, efforts were directed toward
providing more complete balance sheets of consumers by determining the value of major types
of assets (both liquid and nonliquid) and of total
liabilities. Accordingly, estimates of consumers'
net worth representing the excess of total major
assets over total liabilities can be made for the
first time this year.2
This article analyzes the 1950 survey data on the
distribution of net worth by various consumer
groups and the frequencies with which various net
worth groups reported specific assets and liabilities.
It also presents supplementary analyses of other
1950 survey data covering ownership of liquid
assets, automobiles, homes, real estate other than
owner-occupied homes and farms, stocks, proprietary interest in farm or nonfarm business, and consumer liabilities, thus continuing the analyses presented in earlier surveys.3
This study explores an area of consumer finances
about which very little is known. The survey estimates of total assets and net worth, however, cannot be considered as precise measures, and it is
important in any use of the data that appropriate
qualifications be made as to their limitations. The
estimates of total assets and net worth of consumers lack precision, in part because some consumer assets are not included, in part because
information on the value of several types of assets was obtained in bracket—rather than specific
—amounts, and in part because of reporting and
sampling errors. In some cases, there may be
2
The method of estimating net worth is presented in
the appendix.
3
Analyses in the 1949 survey were presented in several
articles, as follows: "Consumer Ownership and Use of Liquid
Assets," August 1949 Federal Reserve BULLETIN, pp. 896
ff.; "Home Ownership and Expenditures for Housing," September 1949 BULLETIN, pp. 1037 ff.; "Ownership of Automobiles, Stocks and Bonds, and Other Nonliquid Assets,"
October 1949 BULLETIN, pp. 1182 ff.; "Additional Data on
Automobile Ownership, Early 1949," November 1949 BULLETIN, pp. 1318 if; and "Distribution of Consumer Saving
in 1948," January 1950 BULLETIN, pp. 14 ff.
FEDERAL RESERVE BULLETIN
1950 SURVEY OF CONSUMER FINANCES
difficulty in determining the value of a particular
asset, e.g., of a business; in others, the respondent
may furnish incorrect data through memory error
or may even intentionally falsify answers. The
sampling errors of the survey can be determined
and have been discussed in an earlier report.4
It should be emphasized that the figures on total
assets and net worth in this exploratory study are
understated in two important respects. First, information is not included for such major assets as
the reserve value of life insurance policies, holdings of currency and of bonds other than those of
the United States Government, and all household
possessions. Second, the value of assets covered
is understated. From other data on ownership of
liquid assets, it is known that survey information
understates considerably the aggregate value of
consumer holdings of liquid assets.5 Available evidence indicates that understatement in reported hold-
ings of other types of assets covered is probably less
than in the case of liquid assets. Coverage of total
liabilities is relatively complete, except for charge
account credit, and, on the basis of comparisons
with independent estimates, understatement of aggregate liabilities appears to be relatively slight.
The incomplete coverage of assets and the understatement of reported asset items probably results
in an understatement of the actual net worth of
spending units at all net worth levels.6
Because the sampling errors of frequency distributions (proportions) are much less than those for
aggregate amounts, the information in this article
is presented primarily in terms of frequencies.
Aggregate values of asset and liability items are
presently available only for liquid assets and for
total debt. It is possible, therefore, to present total
assets and net worth data only in frequency distributions of bracket amounts.
NET WORTH
One measure of the financial resources of the
consumer is his net worth—the excess of his assets
over his liabilities. Net worth reflects the net accumulation of savings over a period of years—both
the low incomes and other financial reverses of
some years and the high incomes and saving of
other years. Information on the net worth of consumers, therefore, provides additional insight into
the operation of our economy over a period of time.
The pattern obtained with this more comprehensive
measure varies considerably from that obtained
when the saving of a single year is considered.
It was found that although one-third of all consumer spending units dissaved (spent more than
their incomes) in 1949, relatively few units had a
negative net worth (liabilities greater than assets) in early 1950. Approximately 6 in every 10
spending units that dissaved in 1949 had a net
worth of at least f 1,000; between 3 and 4 in every
4
"Methods o£ the Survey of Consumer Finances," Federal Reserve BULLETIN, July 1950, pp. 795 ,£F.
5
The survey's estimate of consumers' holdings in early
1950 was about 92 billion dollars. An estimate of holdings
of these types of liquid assets—U. S. Government bonds,
checking accounts, savings accounts, and shares in savings
and loan associations—by individuals at the end of 1949 on
the basis of over-all banking and Treasury statistics indicates
approximately 128 billion dollars, after deduction of 5 billion
representing holdings of persons not included in the Survey
of Consumer Finances. For additional discussion of this
point, see Federal Reserve BULLETIN, July 1950, p. 808.
DECEMBER
1950
10 were worth at least $5,000 in early 1950.
The survey estimates of net worth, which should
be considered as minimum figures for reasons discussed earlier, indicate that most consumers owned
assets in amounts that substantially exceeded
their liabilities. Approximately 4 consumer spending units in every 10 had a net worth of $5,000 or
more; for nearly 1 in 10 the figure was at least
$25,000. These estimates of net worth reflect the
inflation of capital values and the huge volume
of personal saving in the war and postwar periods.
Assets, and the debts which were frequently associated with them, were broadly distributed among
all groups of the population. At every income
level, at least one-fourth of the consumer spending
units had assets that exceeded liabilities by $5,000
or more. Older consumers, those in the age groups
above 44 years, had the largest proportion of
high net worth valuations; more than half of the
6
The interview unit of the survey is the spending unit,
defined as all persons living in the same dwelling and belonging to the same family who pool their incomes to meet their
major expenses. Some families contain more than one
spending unit, and it is estimated that at the beginning of
1950 there were approximately 45.2 million family units and
52.0 million spending units residing in private households.
Since the same total amount of net worth is distributed
among the smaller number of family units, it is to be expected that families have somewhat higher net worth than
spending units.
1585
1950 SURVEY OF CONSUMER FINANCES
spending units headed by persons in these age
groups had a net worth, as computed in the survey,
of $5,000 or more, compared with about one-fourth
of the units headed by persons less than 45 years
of age.
Approximately half of all consumer spending
units were found to be completely free of debt; consumers without debt were relatively most numerous among lower income groups. The survey findings indicate that a large amount of debt was frequently associated with substantial holdings of
assets. Income and indebtedness were also directly
related; the tenth of the population with the highest incomes owed about one-fourth of the approximately 65 billion dollars of total long- and shortterm consumer debt estimated on the basis of survey
data.
Nearly 1 spending unit in 10 reported a negative net worth (debts greater than assets), but this
result reflected in part the restricted definition of
net worth used in the survey. For example, a
spending unit with a loan on a life insurance policy,
and no other assets or liabilities, would be classified
as having a negative net worth, because the loan
would be included as a liability while the policy
would not be included as an asset. This procedure
was necessitated by the difficulties involved in getting respondents to provide accurate information
concerning the current values of their policies, although they were able to furnish accurate information on their debts, including policy loans. Similar understatement occurred if durable household
goods were purchased on credit. The debt was
counted as a liability, but the value of the durable
good was not included in the calculation of net
worth.
The survey information on consumer assets,,
liabilities, and net worth is summarized in Tables
1 and 5. The most frequently owned of the major
types of assets included in the survey were liquid
assets, automobiles, and owner-occupied homes.
Relatively few spending units had investments in
corporate stock, in farms, or in nonfarm businesses.
NET WORTH OF VARIOUS GROUPS
Saving groups. The relationship between net:
worth and current saving is not simple. It is affected by many factors such as income, age, marital status, and investment opportunities. Sev-
TABLE
1
DISTRIBUTION OF SPENDING U N I T S BY SIZE OF N E T W O R T H AND OF VARIOUS N E T W O R T H COMPONENTS, EARLY
1950
[Percentage distribution of spending units within specified net worth component groups]
Assets
Amount of asset, debt,
or net worth
None
Under $1,000
$1 000-$4,999. . . .
$5,000-$24,999
$25,000 and over
Amount or ownership not
ascertained
All units
Liquid
assets i
Automobile
31
37
21
7
1
47
28
24
(n)
Owneroccupied
home
91
61
\ 10
9
12 26
14 2
Other
real
estate 3
Owneroccupied
farm 2
10
12
14
1
3
2
/
84
4
5
5
2
Business
interest 4
91
2
2
3
1
Corporate
stock s
Total 8
93
3
2
1
u
( )
31
21
37
9
Total
debt 7
Net
worth 8~
49
27
15
«8
27
23
32
8
13
15
6
2
3
1
2
3
7
1
1
2
1
2
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 2loan associations and credit unions. Excludes currency.
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, s u m mer or week-end homes, commercial or rental property, farms owned by nonfarmers and additional farms and land owned by farmers,.
and other types.
*5 Represents full or part interest in a privately held corporation or in a nonfarm unincorporated business.
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
1950 SURVEY OF CONSUMER FINANCES
eral points can be made, however, in this area.7
It is significant that nearly all consumer spending
units have a positive net worth (assets greater than
liabilities). This indicates that, even though a substantial proportion of all spending units have dissaved in each postwar year (between 27 and 34 per
cent annually in the 1946-50 period), different consumers have dissaved for the most part in each
of these years. The data also indicate that most consumers who dissave in a particular year are not
completely without resources. Approximately 6 in
every 10 consumer spending units who dissaved in
1949 had a minimum net worth in early 1950 of
$1,000; between 3 and 4 in 10 units had a net
worth of $5,000 or more. Large amounts of dissaving ($500 and over) were relatively more frequent among consumers with large net worth
($5,000 or more) than among those with small
net worth (see Table 2).
7
The survey definitions of net worth and saving are not
identical in coverage of items but they are sufficiently similar to permit general comparisons. The relationship of saving to net worth is discussed in detail in the appendix to this
article, p. 1611.
TABLE 2
SIZE OF SAVING OR DISSAVING WITHIN N E T WORTH GROUPS,
EARLY 1950 X
[Percentage distribution of spending units within net worth groups]
Amount of net worth 4
Amount of saving or dissaving 2
All
spending
Negunits 3 ative
Positive s a v e r s . .
$2,000 and over
$l,000-$l,999. .
$500-$999
$200-$499
$100-$199
$l-$99
60
5
7
12
14
8
14
37
(5)
52
(5)
3
9
9
15
4
10
11
26
$1,000- $5,000- $25,000
and
$4,999 $24,999
over
62
1
7
16
19
8
11
67
5
13
18
15
7
9
74
33
15
10
10
2
4
6
5
14
3
3
1
34
7
13
14
58
21
23
14
34
10
16
8
35
6
13
16
30
4
10
16
25
(5)
6
19
Zero savers
Negative savers.
$l-$99
$100-$499
$500 and over. .
$1$999
100
100
100
100
100
100
Number of cases.. 3,512
238
833
788
1,203
360
All units
1
Saving from 1949 income related to net worth of the consumer
Spending unit in early 1950.
2
The survey's definition of saving is presented in Appendix I,
" T h e Distribution of Consumer Saving in 1949," Federal Reserve
BULLETIN, November 1950, pp. 1452-53.
* Includes spending units for which net worth was not ascertained.
4
Difference between total selected reported assets and total
reported debt.
8
Less than one-half of 1 per cent.
DECEMBER 1950
In general, the proportion of positive savers in
1949 (consumers who spent less than income) was
greater at each higher net worth level, as was the
average amount saved. As has already been suggested, the converse was not true; the average
amount of dissaving was not greatest at the lower
end of the net worth scale, although the relative
frequency of dissaving was somewhat greater at
low net worth levels.
Income groups. There is a marked direct relationship between current income and net worth
of consumers. More than half of the spending
units with incomes of $7,500 or more were worth
at least $25,000, while this was the case for only
1 spending unit or less in every 20 at each income
level below $5,000 (see Table 3).
Within each income group, however, there was
considerable variation in net worth, as computed.
While half of the spending units in the "Under
$1,000" income group were worth less than $1,000,
one-fourth were worth $5,000 or more, and a small
proportion (3 per cent) had net worth of $25,000
or more. Substantial variations in net worth were
also reported at other income levels. This was due
largely to the fact that net worth reflects past
income and saving, inheritances, changes in capital
values, and possibly other factors over a period of
time and to the great variation in proportion of
income saved by spending units at each income
level.
Age and marital status groups. Spending units
headed by persons in older age groups, which have
had the opportunity to save for the longest period
and to gain the greatest appreciation of their capital assets, had a high net worth more frequently
than other groups. More than half of all consumer spending units headed by persons 45 years
of age and over were worth at least $5,000 (see
Table 3). This proportion compares with about
one-fourth for the units headed by persons less
than 45 years of age. Conversely, net worth at the
low end of the scale (less than $1,000) was reported
with greater relative frequency by consumers under
45 years of age. It should be noted that negative
net worth, as computed, was most frequent among
the young consumer spending units, those headed
by persons under 35 years of age. This group,
which constituted about one-third of the population,
accounted for somewhat over half of all units having a negative net worth.
1587
1950 SURVEY OF CONSUMER FINANCES
TABLE 3
DISTRIBUTION OP SPENDING UNITS HAVING SPECIFIED CHARACTERISTICS, BY AMOUNT OF N E T WORTH, EARLY 1950
All cases
Characteristic of spending unit
2
All units
1949 money income before taxes:
Under $1,000
$l,000-$l,999
$2,000-$2,999
.......
$3,000-$3,999.
$4,000-$4,999
$5,000-$7,499. .
$7,500 and over.
Number
3,512
Per
cent
Amount of net worth *
$1,000$4,999
Negative
100
$5,000$24,999
27
23
32
$25,000
and
479
604
672
615
397
437
269
100
100
100
100
100
100
100
8
12
10
8
6
3
43
42
30
21
16
5
1
20
18
28
29
28
23
6
24
23
26
36
43
51
35
3
2
4
5
5
14
55
287
466
486
895
344
410
187
180
100
100
100
100
100
100
100
100
7
2
6
10
17
3
11
1
17
5
33
31
37
12
43
27
31
15
28
28
26
19
20
9
34
48
28
29
19
40
23
44
10
22
4
1
1,157
494
759
493
302
100
100
100
100
100
9
10
7
8
6
27
32
28
27
18
23
23
22
26
23
32
28
33
31
36
7
5
7
6
14
Age of head of unit:
18-24. ...,
....'....
25-34
35-44.
45-54
55-64.
65 and over
342
779
777
670
495
419
100
100
100
100
100
100
14
13
8
5
5
1
59
31
23
16
17
26
19
33
25
23
16
15
5
19
34
43
46
42
1
2
7
11
13
14
Years married: 4
Not married .
Less than 3
3-4
5-9
10-19.
20 and over.. -
996
205
250
377
693
972
100
100
100
100
100
100
7
17
13
10
9
4
42
36
29
21
20
14
24
25
30
31
22
18
20
16
22
30
38
48
5
4
4
5
8
13
.
,.
Occupation of head of unit:
Professional and semiprofessional
Managerial and self-employed...
Clerical and sales
Skilled and semiskilled
Unskilled and service
Farm operators
Unemployed
Retired...
,
Place of residence of unit:
Metropolitan area
City, 50,000 to 600,000.
Town, 2,500 to 50,000
Town, under 2,500
Open country
Not
ascertained
22
1
19
1
2
8
Difference between total selected reported assets and total reported debt.
Total includes spending units headed by students, housewives, etc., which are not included in the occupational classification.
Less than one-half of 1 per cent.
* Includes those divorced, separated, or widowed.
The general pattern of net worth for the different
age groups of consumers, results partly from the
large outlays for basic household equipment—furniture, appliances, etc.—that are made by recently
married couples, most of whom are less than 35
years of age. Such goods were not included in.
the survey computation of assets, but debts incurred in their purchase were treated as liabilities.
As can be seen in Table 3, the highest frequency
of negative net worth, as computed, occurs among
couples married less than three years,8
Occupational groups. The entrepreneurial groups
8
For a discussion of this point, see "Purchases of Houses
and Durable Goods in 1949 and Buying Plans for 1950,"
Federal Reserve BULLETIN, July 1950, pp. 788-89.
1588
—spending units headed by self-employed or managerial persons or by farm operators—fell into the
higher net worth categories with the greatest relative
frequency (see Table 3), This was partly due to
(1) the fact that a considerable investment in a
business or farm is often a prerequisite to entry
- into these occupations, and (2) the relatively high
proportion of large incomes and the high ratio of
saving to income over the years for persons in these
occupations.
Retired persons also reported large net worth
with relatively high frequency. Two in every 10
spending units in this group reported a net worth
of $25,000 or more, and 6 in 10 had $5,000 or
more. Even among those persons who were unFEDERAL RESERVE BULLETIN
1950 SURVEY OF CONSUMER FINANCES
TABLE 4
DISTRIBUTION OF SPENDING UNITS HOLDING SPECIFIED TYPES OF ASSETS, BY N E T WORTH, EARLY
1950
[Per cent]
Amount of net worth l
Type and amount
of asset
Negative
Amount of total assets: 2
Under $1,000
$l,000-$4,999
$5,000-$24,999
$25,000 and over
91
7
2
All units
Amount of total liquid
assets: 3
None
$1-$199
$200-$499
$500-$999.
$l,000-$l,999
$2,000-$4,999
$5,000-$9,999
$10,000-$24,999..
$25,000 and over
All units
Value of automobile
automobiles: 5
None
Under $550.
$550-$l,549.
$1,550 and over
Not ascertained
89
10
1
78
22
$25,000
and
over
97
3
100
100
100
100
100
100
73
23
3
1
(4)
54
21
14
10
1
24
17
14
12
18
15
13
11
12
11
15
23
12
3
1
3
6
6
11
22
20
23
8
100
100
100
100
(4).
100
or
All units
Estimated present value
of nonfarm home:
None
Under $2,500
$2,500-$4,999..
$5,000-$7,499
$7,500-$9,999
$10,000-$12,499
$12,500-$14,999
$15,000-$19,999
$20,Q00-$29,999
$30,000 and over
Not ascertained
All u n i t s .
$1- $1,000-$5,000$999 $4,999 $24,999
Amount of net worth
75
18
6
1
66
20
100
100
93
4
1
1
1
11
2
1
91
6
1
1
1
46
16
21
17
100
53
9
19
11
5
2
35
18
21
26
100
15
1
8
21
19
17
5
6
1
(4)
7
100
17
10
22
50
1
100
15
2
4
5
9
14
5
17
14
10
5
1
Type and amount
of asset or debt
$25,000
and
Negative
$1$999
98
98
2
90
4
5
1
80
4
52
1
7
22
17
All units.
Value of business interest:'
None. . ...:..
Under $1,000..
$l,000-$4,999
$5,000-$24,999
$25,000-$99,999
$100,000 and over
Not ascertained 7
100
100
100
100
100
99
1
99
1
95
2
3
All units
Amount of stock held: 9
None. .
Under $500
$500-$999
$l,000-$4,999
$5,000-$24,999
$25,000-$99,999
$100,000 and over...
.
Not ascertained 7
100
100
100
100
99
(4)
99
1
96
2
1
1
90
3
1
5
1
Value of6 other real estate:
None.
Under $1,000..
$l,000-$4,999
$5,000-$24,999..
$25,000 and over7
Not ascertained
All units
N u m b e r of cases:
Nonfarm h o m e s .
>; her
66
2
2
12
14
4
(*)
68
5
3
5
2
1
100
100
100
100
61
34
2
1
4
()
1
45
29
7
5
3
3
4
3
1
50
14
8
7
5
3
6
3
2
2
64
2
4
4
4
4
4
3
10
1
100
100
100
100
100
187
238
549
833
595
788
1,004
1,203
268
360
All units.
Amount of d e b t : 1 0
None
$l-$949
.,
$950-$l,949
$l,950-$2,949
$2,950-$3,949
$3,950-$4,949
$4,950-$7,449
$7,450-$9,949
$9,950 a n d o v e r . . ,
N o t ascertained 7 .
$1,000- $5,000$4,999 $24,999
80
8
3
2
1
1
1
2
2
(4)
1
2
Difference between total selected reported assets and total reported debt.
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
DECEMBER 1950
1589
1950 SURVEY OF CONSUMER FINANCES
investible funds? This is an important question
on which data from the 1950 survey shed some light.
Much further work remains to be done both in
developing survey material and in analyzing the
results before a full answer can be given. Consumers with small net worth valuations (less than
$5,000) invested most frequently in liquid assets,
automobiles, homes, and other real estate (see
Table 4). The largest amounts invested by this
group were in homes, liquid assets, and other real
estate. Investment in business or corporate stock
in more than nominal amounts was frequent only
for consumers with net worths of $5,000 or more.
Their greater resources permitted a greater diversification of investment and enabled them to invest in assets which usually require a substantial
amount of capital.
As in previous years, marked differences were
found in the frequency with which ownership of
various types of assets was reported by consumer
spending units. As shown in Table 5, the most
widely held type of asset included in the net worth
calculation was liquid assets—United States Government bonds and savings and checking accounts—
which were reported by 7 of every 10 spending
units. Ownership of an automobile or a home was
also frequent, while investment in a farm, a business, or corporate stock was reported by less than
1 in 10 spending units.
The size of individual types of asset holdings
varied considerably, but reports indicated that
large investments ($5,000 or more) were most frequently made in homes for owner occupancy, in
other real estate, and in liquid assets.
Among consumers having some net worth in
early 1950, approximately one-half had some debt.
Debt was most frequent among spending units having a net worth valuation of $l,000-$4,999. Although the frequency of debt fell off at higher net
worth levels, the frequency of large amounts of
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
income before taxes
Under $1,000...
$l,000-$l,999. .
$2,000-$2,999. .
$3,000-$3,999. .
$4,000-$4,999. .
$5,000-$7,499. .
$7,500 and over
All cases...
Number
of cases
Liquid
assets l
Automobile
Home 2or
farm
Other real
estate 3
Business
interest 4
Corporate
stock 5
1950
1949
1950
1949
1950
1949
1950
1949
1950
1949
1950
1949
1950
479
604
672
615
397
437
269
416
571
722
686
416
408
262
44
54
68
74
86
94
99
44
59
65
78
87
94
99
24
37
54
63
74
82
89
23
31
43
59
69
77
87
50
32
40
46
55
62
66
46
30
36
46
54
59
70
9
11
12
16
18
26
44
10
12
11
14
17
28
44
3
5
5
6
10
15
36
3
5
5
6
9
23
43
2
2
5
7
10
10
30
71
55
51
3,512 3,510
1949
3
3
•5
6
9
15
36
1
Includes all types of U. S. Government bonds, checking accounts, savings accounts in banks, postal savings, and shares in saving
and 2loan associations and credit unions. Excludes currency.
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
other4 types.
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,
as covered by the survey, valued at $5,000 or more,
and about one-third reported assets of less than
$1,000 (see Table 6). As would be expected, variations in total assets were closely associated with
variations in income. Spending units with incomes
of less than $3,000 reported total assets of less than
$1,000 with greater relative frequency than was the
1590
case for higher income groups, while spending units
having incomes of $3,000 or more reported assets
of $5,000 or more with greater relative frequency
than did lower income groups.
This relationship between income and assets
explains in large measure the survey findings of
differences in total assets among different occupational groups (see Table 6). The clerical and sales
FEDERAL RESERVE BULLETIN-
1950 SURVEY OF CONSUMER FINANCES
TABLE 6
DISTRIBUTION OF SPENDING U N I T S HAVING SPECIFIED CHARACTERISTICS, BY SIZE OF TOTAL ASSETS, EARLY
1950
[Per cent]
Total assets 1
Characteristic of spending unit
All units
Number
of cases
All
units
Under
$1,000
$1,000$4,999
$5,000$24,999
$25,000
and
3,512
100
31
22
37
1949 annual money income before taxes:
Under $1,000
$l,000-$l,999
$2,000-$2,999
$3,000-$3,999
$4,000-$4,999.
$5,000-$7,499
$7,500 and over
479
604
672
615
397
437
269
100
100
100
100
100
100
100
49
51
36
24
16
6
1
19
19
28
26
23
17
4
27
26
31
43
53
56
32
4
2
4
5
7
17
60
Occupation of head of unit:
Professional and semiprofessional...
Managerial and self-employed
Clerical and sales
Skilled and semiskilled
Unskilled and service
Farm operators
Retired
287
466
486
895
325
410
180
100
100
100
100
100
100
100
18
6
35
34
51
10
28
31
11
27
26
23
19
7
38
50
32
38
25
43
46
12
25
5
1
2
()
24
19
Age of head of unit:
18-24
25-34
35-44
;..
45-54
55-64
65 and over
342
779
777
670
495
419
100
100
100
100
100
100
68
38
27
19
20
26
24
29
22
20
16
13
7
29
40
47
48
44
1
2
9
13
13
15
Not
ascertained
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 less than $1,000 with greater relative frequency,
and holdings of over $25,000 with lesser relative
frequency, than other occupational groups. These
were occupational groups for which incomes of
less than $3,000 were predominant.9
The following paragraphs give additional details
concerning the major classes of consumer asset
holdings. Livestock and crops are included in total
assets but are not shown or discussed separately.
LIQUID ASSETS
Frequency and size of liquid asset holdings. Liquid
assets are still broadly distributed among consumers
despite the fact that the proportion of spending
units having no liquid assets increased somewhat
during 1949 (from 29 to 31 per cent). In early
1950 approximately 7 of every 10 spending units
are estimated to have had some type of liquid asset
in the form of United States Government bonds,
9
"Distribution of Consumer Income in 1949," Federal
Reserve BULLETIN, August 1950, Table 15, p. 963.
DECEMBER 1950
of savings and checking accounts in banks, of
postal savings, or of shares in savings and loan associations or in credit unions. The number of units
owning liquid assets—roughly 36 million—was as
large as a year earlier and approximately 1.5 million
units more than in early 1946. Since there has been
an increase in the total number of spending units in
the period 1946-50, it has been possible for the
number of units having no liquid assets to increase
also. Over the four years, this group has grown
from approximately 11 to 16 million spending units.
As indicated in Table 7, nearly one-third of all
consumer spending units had no liquid assets in
early 1950; a little more than one-third owned
liquid assets of less than $1,000; and about onethird had $1,000 or more. It should be noted that
holdings of currency are not included in any liquid
asset tabulations from the survey.
For all spending units, including nonholders as
well as holders, the median amount of liquid assets
held early this year was $250 compared with $300
1591
1950 SURVEY OF CONSUMER FINANCES
TABLE
TABLE 8
7
DISTRIBUTION OF SPENDING U N I T S , BY SIZE OF LIQUID ASSET
HOLDINGS, EARLY 1950,
1949,
1948, AND 1947
X
THE NATION'S SPENDING UNITS, WHEN RANKED BY
SIZE OF INCOME, EARLY 1950, 1949,
[Per cent
Amount of liquid
assets held 2
None
..
$1-$199
$200-$499
$500-S999
$l,000-$l,999
$2,000-$4>999
$5,000-$9,999
$10,000 and over
.
All units
Median holdings of all
units .
Median holdings of those
with assets
1950
1948,
1949
1948
31
16
11
10
10
13
6
3
29
16
13
11
11
12
5
3
27
15
13
12
12
12
5
4
24
14
12
14
14
14
5
3
100
100
100
100
$250
$300
$350
$470
$810
$790
$820
$890
at the beginning of 1949 and $400 early in 1946.10
For the 36 million spending units having some
liquid assets at the beginning of this year, the
median amount held was $810. This median was
about the same as a year earlier but was about 5
per cent above the median in early 1946.
Distribution of total liquid assets. A significant
decline took place during 1949 in the proportion
of total liquid assets that were owned by the tenth
of the population with the highest money incomes.
This decline more than oflset the slight increase in
the share of the highest tenth that had taken place
during the preceding years of the postwar period.
In early 1950, the highest tenth held about 35 per
cent of the total compared with 44 and 40 per cent
for the comparable tenths in early 1949 and 1946,
respectively (see Table 8). Changes between 1949
and 1950 in the shares of each of the other nine
income deciles were not large enough to be statistically significant.
This shift in holdings of liquid assets is also apparent in the lessened frequency of large liquid
10
Figures for 1946 appear in the Federal Reserve BULLETIN
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
holdings for the reasons mentioned in the introduction to
the article.
1947, AND 1946 x
1947
1
Liquid asset data represent holdings early in the years indicated
and are based on interviews during January, February» and early
March.
2
Includes all types of U. S. Government bonds, checking accounts, savings accounts in banks, postal sayings, and shares in
savings and loan associations and credit unions. Excludes currency. Data for 1949 do not include shares in credit unions, but
these are relatively small in the aggregate and not likely to affect
totals significantly.
1592
PROPORTION OF LIQUID ASSETS HELD BY EACH TENTH OF
Percentage of liquid ass ets
Spending
units ranked
according to
Cumulative
By each tenth
annual money
income before
taxes
1950 1949 1948 1947 1946 1950 1949 1948 1947 1946
Highest tenth. 35
13
Second
10
Third .
Fourth
8
8
Fifth
6
Sixth
Seventh
7
Eighth
5
Ninth
4
4
Lowest tenth.
44
11
9
8
6
6
6
3
4
3
43
14
8
7
5
6
4
4
4
5
39
15
9
7
7
7
5
4
4
3
40 35 44 43 39 40
13 48 54 57 54 53
10 58 64 65 63 63
7 66 71 72 70 70
8 73 77 77 77 78
6 79 83 8^ 84 84
5 86 89 87 89 89
4 92 92 91 93 93
3 96 97 95 97 96
4 100 100 100 100 100
1
Spending units are ranked in order of their incomes in the
calendar year preceding that for which the division of liquid
assets is given.
NOTE.—-Detailed figures may not add to cumulative figures because of rounding.
asset holdings ($2,000 or more) by the $5,000 and
over income group and the increased frequency of
such holdings by spending units with incomes of
less than $3,000 (see Table 9). 11 It is possible that
readjustments in the economy during 1949 may
have influenced many persons to retire, especially
those who were on the verge of taking this step and
who were in relatively good financial circumstances.
The readjustments of 1949 may also have brought
into lower income groups, possibly temporarily,
many businessmen and farmers with substantial
amounts of liquid assets.
There appears to have been little change in the
distribution of liquid assets when only size of this
item is considered. The highest tenth of spending
units, when ranked according to amount of liquid
asset holdings in early 1950, held about two-thirds
of total liquid assets of consumers. This proportion is not significantly different from that in early
1949 or 1948. The next highest decile held about a
fifth of the total, and the six highest deciles held
practically all of the liquid assets in the consumer
sector of the economy (see Table 10).
In trying to evaluate the potential economic
11
See "Methods of the Survey of Consumer Finances," Federal Reserve BULLETIN, July 1950, pp. 795 ff., for discussion
of the differences required for statistical significance.
FEDERAL RESERVE BULLETIN
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
1950 1949 1948 1947
1950
1949
51
27
15
5
39
29
18
9
38
29
21
8
$5,000 and over
$3,000-$4,999
1948 1947
1950
1949
1948 1947 1950 1949 1948 1947
27
31
30
9
21
32
25
15
14
31
30
18
2
Total liquid assets:
None
$l-$499
;».
$500-$l 999
$2,000-$4,999
$5,000 and over
22
27
34
41
100
100
100
34
25
21
25
20
30
13
21
34
56
21
14
6
3
3
2
5
4
4
3
7
19
35
25
14
7
7
8
26
30
100
100
100
100
100
100
100
100
100
100
100
100
100
83
11
4
80
11
6
63
25
9
60
28
9
47
37
13
54
26
14
49
29
16
43
32
19
•2
4
3
3
3
6
6
6
28
36
30
6
37
25
21
3
75
19
4
68
22
6
2
79
17
2
17
20
25
32
. . 100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
Savings accounts: 4
None...
$l-$499
$500-$1,999
$2,000 and over
76
10
7
7
75
12
77
9
74
15
64
17
62
20
56
21
51
22
49
24
44
24
39
20
39
14
31
15
31
15
8
3
12
7
13
5
17
6
16
11
15
12
19
13
'25
16
41
18
8
6
12
7
62
19
9
4
17
24
22
25
23
31
18
36
All units
All units
U. S. savings bonds
(Series A-F):«
None
$l-$499
$500-$l,999
$2,000 and over
All units
. .
56
23
11
6
4
2
34
32
23
7
10
24
34
24
2
13
24
27
56
24
12
5
.
4
22
25
23
5
17
23
25
10
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
Checking accounts:
None
$l-$499.
$500-$l,999
$2,000 and over
79
13
6
2
81
11
7
1
77
13
8
2
79
14
6
1
70
19
8
3
72
19
7
2
72
19
2
70
19
9
2
54
31
11
4
59
28
10
3
56
30
10
4
56
26
14
4
25
34
20
21
22
36
25
17
25
28
29
18
21
26
30
23
All units..
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
479
416
<•>
706
670
«
«
Number of cases
w
<•>
7
w
1,276 1,294
«
•
1,012 1,101
«
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
to know the total dollar amount of liquid assets
held by broad income groups. Survey estimates of
total liquid asset holdings are of limited value for
this purpose, inasmuch as faulty memory or unwillingness to furnish information about such holdings resulted in a substantial amount of underreporting. However, Treasury and banking statistics—indicating that individual holdings of liquid
assets of the types covered by the survey aggregated
about 133 billion dollars at the end of 1949—can be
roughly adjusted and distributed according to survey findings on the percentage distribution of holdings by income groups. It is assumed that holdings based on Treasury and banking sources are
distributed percentagewise among the income tenths
DECEMBER 1950
TABLE
DISTRIBUTION
OF LIQUID
10
ASSETS
AMONG
SPENDING
UNITS
W H E N RANKED BY SIZE OF LIQUID ASSET HOLDINGS
EARLY 1950, 1949, AND 1948
Percentage of liquid assets
Spending units ranked according to
amount of liquid assets held
Highest tenth
Second
Third
Fourth
Fifth
Sixth
Seventh
Eighth
Ninth
Lowest tenth
All tenths
1
Early
1950
Early
1949
Early
1948
64
19
9
5
2
1
66
17
9
5
2
1
0)
i1)
(l)
66
17
8
5
3
1
C1)
C1)
100
100
100
Less than one-half of 1 per cent.
1593
1950 SURVEY OF CONSUMER FINANCES
in about the same way as data derived from the
survey. In such a calculation, it must be noted
that the estimates based on Treasury and banking
statistics relate to the entire population, while survey estimates include only those persons living in
private households. Further, the two sets of data
may difler in their classification of individual liquid
asset holdings as personal or nonpersonal.
From these data it is estimated that the 5 million
spending units making up the top 10 per cent of
the income receivers (with annual incomes of $5,800
or more) held roughly 45 billion dollars in the form
of United States Government bonds and savings
and checking accounts at the beginning of 1950.
The next 21 million spending units, which make up
the remainder of the top half of the income receivers
(incomes of $2,700-$5,800) accounted for approximately 49 billion dollars; and the 26 million consumer units in the lower half of the income distribution (incomes of less than $2,700) held about 35
billion dollars. The remaining 5 billion dollars
represents the approximate holdings of institutions
and floating groups not covered by the survey.
Typea of liquid assets. Survey findings on reported
holdings of the different types of liquid assets indicated that the increase from early 1947 to early
1950 in the proportion of spending units with no
liquid assets has resulted largely from a sharp
increase in the proportion with no holdings of
United States savings bonds and a slight increase
in the proportion without savings accounts. Since
1947, the proportion of units with no holdings of
bonds has increased from 44 to 61 per cent and the
TABLE
TABLE
11
T Y P E AND SIZE OF LIQUID ASSET HOLDINGS
EARLY 1950, 1949, 1948, 1947, AND 1946
X
[Percentage distribution of all s pending units]
Type and amount of
liquid assets held
1950 1949 1948 1947 1946
Total liquid assets:2
None
$l-$499$500-$l,999
$2,000-$4,999
$5,000 and over
All units
31
27
20
13
9
29
28
22
12
9
27
27
24
13
9
24
26
28
14
8
24
29
29
12
6
100
100
100
100
100
61
23
10
6
56
25
13
6
53
26
14
7
44
32
18
6
37
37
20
6
100
100
100
100
100
58
18
13
11
56
19
14
11
55
19
15
11
53
18
18
11
100
100
100
100
61
16
16
7
100
59
24
11
61
23
11
61
23
11
63
21
12
66
18
14
U. S. savings bonds: (Series A-F) 3
None . . .
.
$l-$499
$500-$ 1,999
$2,000 and over
All units
Savings accounts: 4
None
$l-$499
$500-$l,999
$2,000 and over
All u n i t s . . . .
Checking accounts:
None
$l-$499
$500-$l,999
$2,000 and over
All units
6
5
5
4
2
100
100
100
100
100
1
Liquid asset data are based on interviews in January, February,
and
early March of the year indicated.
2
Includes all tj^pes 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 and 1946 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.
12
RELATION OF LIQUID ASSET HOLDINGS TO HOLDINGS OF U N I T E D STATES GOVERNMENT BONDS, EARLY
1950
Percentage distribution of spending units within bond holding groups
Amount of liquid assets held x
None
$1-$199
$200-$499.......
$500-$999
$l,000-$l,999...
$2,000-$4,999...
$5,000-$9,999...
$10,000 and over
All units
Number of cases.
All bond
holding
groups
31
16
11
10
10
13
6
3
Holdings of U. S. Government bonds 2
None
51
19
10
6
6
6
2
$1$199
$200$499
$500$999
$1,000$1,999
35
24
17
13
8
2
1
26
26
20
20
7
1
22
36
31
10
1
28
48
16
100
100
100
100
100
100
3,512
1,975
439
352
256
$2,000$4,999
$5,000
and over
54
36
10
27
73
100
100
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
1950 SURVEY OF CONSUMER FINANCES
TABLE
13
CHANGE IN LIQUID ASSET HOLDINGS OF SPENDING U N I T S WITHIN D I F F E R E N T INCOME GROUPS, 1949
AND 1948 *
[Percentage distribution of all spending units within income groups]
Annual money income before taxes
All spending units
Change in
liquid asset
holdings
1949
$2,000$2,999
$4,000$4,999
$3,000$3,999
$5,000$7,499
$7,500
and over
1949
1948
1949
1948
1949
1948
1949
1948
1949
1948
1949
1948
1949
1948
26
15
32
9
11
28
7
14
26
17
15
27
19
16
28
27
15
30
24
16
30
28
15
35
31
13
36
37
17
34
33
17
37
35
20
38
38
16
37
47
23
26
38
19
34
26
1
23
4
51
1
50
3
40
1
34
3
27
1
27
3
20
2
15
5
11
1
10
3
4
3
3
6
1
3
1
8
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
3,512 3,510
479
416
604
571
672
722
615
686
397
416
437
408
269
262
All units
100
3
$1,000$1,999
26
16
31
Increase
No change 2
Decrease
No liquid assets
at beginning or
end of period..
Not ascertained.
Number of cases
1948
Under
$1,000
3
1
Changes for 1949 based on holdings of liquid assets in early 1950 and a year earlier as reported by spending units during JanuaryMarch 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
from about 53 to 58 per cent (see Table 11). Although little change took place over this period in
the size of checking accounts at banks, there has
been a statistically significant increase, from 37 per
cent in 1947 to 41 per cent in 1950, in the proportion of units who have such accounts.
It is of interest that approximately half of the
consumer spending units having no savings bonds
do hold other types of liquid assets. About onefourth of the group without any bonds did have at
least $1,000 in savings and checking accounts
(see Table 12).
Purposes for which liquid assets were used. During 1949, as in 1948, one-fourth of all spending
units reported an increase in the amount of their
liquid asset holdings and about one-third reported
a decrease (see Table 13). Those spending units
with reductions in liquid assets were asked to indicate the uses to which the funds were put. Medical
expenses and other large outlays, such as repairs
and additions to homes, travel, education, and car
repairs, were reported with greater relative frequency than any other major use of funds (see
Table 14). For consumers reporting reductions of
less than $500, medical expenses was the most frequently mentioned use of funds. Spending units
reporting relatively large reductions in liquid assets
DECEMBER
1950
TABLE 14
MAJOR
TYPES
PORTING
OF EXPENDITURES
REDUCTION
ACCORDING
IN
OF SPENDING U N I T S
LIQUID ASSETS D U R I N G
TO INCOME
RE-
1949
GROUPS1
As percentage of spending units reducing liquid assets in
specified groups]
Type of
expenditure
Medical
Food, clothing, and
nondurable goods 2
Automobiles and other
durable goods
Investments and
reduction of debt 3 ..
Other large o u t l a y s 4 . . . .
All
spending
units
reducing
liquid
assets
1949 income of spending
units reducing liquid assets
Under
$2,000
$2,000- $5,000
$4,999 and over
43
41
46
34
49
31
17
26
13
30
35
38
18
16
16
25
41
35
38
57
1
Data are not comparable to the 1949 survey findings on reduction of liquid assets because of changes in the wording of the
questionnaire. This table is based on answers to two questions
asked of spending units reporting reductions in liquid assets:
"What sort of things did you use this money for?" and "Did you
have any large expenses we did not talk about, for instance,
doctor
and hospital bills, expenses for moving or trips or the like?"
2
Reported as reasons for reduction of liquid assets.
3
Investments include purchases of securities and real estate
and
investment in privately owned business.
4
Includes repairs and additions to houses, travel, amusement,
education, taxes, car repairs, moving, and farm operating expenses.
used funds much more frequently to purchase durable goods and to make investments or reduce debt
than was the case for units reporting small reductions in liquid assets.
1595
1950 SURVEY OF CONSUMER FINANCES
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 occuIn 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 occu15). 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 proportion of spending units headed by older persons who spending units had equities in their homes of
owned homes was larger than that for spending $12,500 or more, while less than 10 per cent of each
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 valu- steadily with each older age group because of the
ing their homes at $10,000 or more declined signi- longer periods during which payments have been
ficantly in 1949, from 36 per cent in the early part
12
of that year to 30 per cent in early 1950. Significant
Through the cooperation of the American Institute of
Real
Estate Appraisers, the Federal Housing Administration,
changes were not apparent within any of the suband 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
owners' estimates are fairly reliable guides to the value of
10 were valued at less than $5,000 and another 4 that
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 proportionyof home owners who placed a value The percentage of home owners valuing their homes at more
than the professional appraisal was approximately equal to
of $20,000 or more on their homes was very small, the percentage undervaluing their homes.
HOMES
1596
FEDERAL RESERVE BULLETIN
1950 SURVEY OF CONSUMER FINANCES
made on mortgages. This influence is also evident
in the relation of the equity to the time at which
the home was purchased; the greatest relative fre-
quency of equities of $10,000 or more was found
among homes purchased in the inter-war decades.
The frequency of equities of this size dropped ofl
TABLE
15
SIGNIFICANT CHARACTERISTICS OF H O M E - O W N I N G AND RENT-PAYING N O N F A R M FAMILIES, EARLY 1950
x
AND 1949
[Percentage distribution of nonfarm family units Within specified groups]
Number of
cases
Family characteristic
All nonfarm families
Homeowning
Neither
1950
1949
1950
1949
1950
1949
2,678
51
51
44
44
5
5
268
372
472
538
199
329
467
558
43
35
47
50
46
34
43
49
41
56
49
48
37
57
51
49
16
9
4
2
363
365
55
58
40
2
65
71
43
17
9
6
2
63
73
33
27
35
25
2
2
2
2
8
1950
1949
2,670
Family income in preceding year (before taxes):
Under $1,000 . . .
$l,000-$l,999
$2,000-$2,999 ..
$3,000-$3,999
i
$4,000-$4,999
$5,000-$7,499 . . .
$7,500 and over
Rentpaying
2
392
233
414
293
254
441
349
765
294
176
254
444
365
788
372
180
41
66
44
55
36
69
49
65
46
52
40
60
52
31
54
43
49
25
43
30
53
47
46
33
7
3
2
2
15
6
120
585
626
555
402
354
136
548
638
620
424
304
18
33
51
60
65
65
22
35
53
59
61
60
76
62
45
35
28
30
64
61
43
37
35
31
6
5
4
5
7
5
14
Place of residence of family:
Metropolitan area
Other city, 50,000 and over
Small city or rural area
959
433
1.2.78
874
439
1,365
45
43
57
43
45
58
52
54
36
54
52
35
3
3
7
3
3
7
Veteran status:
No veteran in family
One or more veterans in family
1,957
2,009
54
54
41
41
5
5
694
638
42
41
54
56
4
3
Occupation of head of family:
Professional and semiprofessional ..
Managerial and self-employed
Clerical and sales
Skilled and semiskilled .
.
Unskilled and service
Retired
. . .
Age of head of family:
18-24
25-34
35-44
45-54
55-64 .
65 and over
1
In this and subsequent tables, families include single-person units.
BULLETIN, September 1949, p. 1040.
5
1
1
14
7
4
4
4
4
9
Comparable data for 1948 are given in Table 1, Federal Reserve
TABLE 16
TABLE 17
OWNERS' ESTIMATES OF CURRENT VALUE OF HOMES
EARLY 1950 AND 1949 a
EQUITY OF HOME-OWNING NONFARM FAMILIES
EARLY 1950 AND 1949
Percentage of families
Percentage of families
Equity *
Value
Under $5,000
$5,000-$7,499
$7,500-$9,999
$10,000-$ 12,499
$12,500-$19,999.
$20,000 and over
Not ascertained
All families
Number of cases
1
1950
1949
24
21
18
15
11
4
23
19
16
17
13
6
6
7
100
100
1,417
1,413
For houses bought in 1949-50, the purchase price, rather than
the owner's estimate of current value, was used.
DECEMBER 1950
Under $2,500
$2,500-$4,999
$5,000-$7,499
$7,500-$9,999
$10,000-$ 12,499 . .
$12,500-$14,999. .
$15,000-$19,999. .
$20,000 and over.
Not ascertained. .
1950
1949
17
21
21
14
10
3
4
3
7
14
21
20
12
12
3
5
4
9
All families..
100
100
Number of cases..
1,417
1,413
1
Owner's estimate of current value of home, less any mortgage or other debt on home.
1597
1950 SURVEY OF CONSUMER FINANCES
TABLE
18
SPENDING U N I T S HAVING SPECIFIED CHARACTERISTICS, BY SIZE OF O W N E R ' S ESTIMATE OF C U R R E N T V A L U E OF H O M E ,
EARLY
1950
[Percentage distribution of home-owning nonfarm primary spending units within specified groups]
Owner's estimate of home value
Number of
cases
Characteristic of spending unit
All home-owning nonfarm primary spending
units
1949 income of primary spending unit: 2
Under $1,000
$l,000-$l,999
$2,000-$2,999.
$3,000-$3,999
$4,000-$4,999
$5,000-$7,499
$7,500 and over.
;
126
154
233
271
204
246
166
Occupation of head of unit:
Professional and semiprofessional
Managerial and self-employed
Clerical and sales
Skilled and semiskilled
Unskilled and service
Retired
Place of residence of unit:
Metropolitan area.,
Other city, 50,000 and over
Small city or rural area
1
2
units.3
452
206
759
Not
$5,000- $7,500- $10,000-$12 ,500- $20,000 ascer$7,499 $9,999 $12,499 $19,999 and over tained
All
cases
Under
$5,000
100
24
21
18
15
11
100
100
100
100
100
100
100
47
33
36
22
12
8
3
18
24
25
26
22
17
4
12
17
15
21
22
20
13
8
12
11
14
19
27
13
3
3
6
10
15
18
33
1
1
2
1
4
5
28
11
10
5
6
6
5
6
100
100
100
100
100
100
5
15
13
29
39
19
9
16
19
26
21
17
16
18
22
19
16
16
17
17
22
14
11
19
31
18
15
7
4
11
17
10
4
1
5
6
5
4
9
14
100
100
100
16
34
11
21
26
23
26
13
24
17
11
23
10
6
Total cases for different characteristics may be less because of cases for which characteristics were not ascertained.
The primary spending unit includes the person considered as head of the family in those homes containing several related spending
Data not available.
TABLE
19
SPENDING U N I T S HAVING S P E C I F I E D CHARACTERISTICS, BY SIZE OF EQUITY IN H O M E , EARLY
1950
[Percentage distribution of home-owning nonfarm primary spending units within specified groups]
Equity in home
Number of
cases
Characteristic of spending unit
All home-Owning nonfarm
primary spending units 2
31,417
1949 income of primary spending unit:
Under $1,000
$l,000-$l,999
$2,000-$2,999
$3,000-$3,999
$4,000-$4,999
$5,000-$7.499
$7,500 and over
Age of head of spending unit:
18-34.
35-44.
; . ,
45-54
55-64...
65 and over,
<
Year of purchase of home:
1949-50
1948
1946-47..\
1940-45.
1930-39
1920-29
Before 1920.
,..
•..
All
cases
Under
$2,500
l
Not
$2,500- $5,000- $7,500- $10,000-$12 ,500- $20,000 ascer$4,999 $7,499 $9,999 $12,499 $19,999 and over tained
100
17
21
21
14
10
126
154
233
271
204
246
166
100
100
100
100
100
100
100
23
19
23
20
12
11
4
25
20
27
21
25
16
5
21
19
19
24
18
29
12
11
15
12
14
16
16
10
6
12
9
9
11
11
13
229
338
338
267
228
100
100
100
100
100
33
23
13
7
9
28
25
20
14
16
20
18
22
25
22
9
12
16
19
13
6
7
10
13
15
108
158
248
375
203
147
105
100
100
100
100
100
100
100
57
30
24
10
4
8
10
20
26
28
22
18
16
11
16
19
28
20
17
32
7
10
10
16
18
18
14
5
7
6
9
15
18
12
2
3
4
5
9
9
27
1
1
1
1
3
4
22
11
11
5
6
6
4
7
1
6
7
8
12
1
4
8
8
8
9
10
1
5
4
3
11
10
9
1
1
Owner's estimate of current value of home, less any mortgage or other debt on home.
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
1950 SURVEY OF CONSUMER FINANCES
somewhat among homes purchased before 1920,
probably because of the smaller valuation of older
homes.
Survey information on mortgage indebtedness
of home owners is presented in a later section of
this article.
FARMS
Estimates of the value of owner-occupied farms
were obtained for the first time in the 1950 survey.
About 64 per cent of primary spending units headed
by farm operators owned their farms (see Table
20). The amount of the investment in owner-
operated farms was generally larger than the investment in owner-occupied homes. About 17 per
cent of all farm operators had investments in farms
and farm machinery valued at $20,000 or more.
Thus about one-fourth of the group that owned
their farms valued them at $20,000 or more in
contrast to 4 per cent of home owners who valued
their homes at such amounts (see Table 16).
Higher values for owner-occupied farms than for
homes reflect the fact that the farm represents a
major business asset of the owner as well as his
home.
OTHER REAL ESTATE
TABLE 20
OWNER'S ESTIMATES OF CURRENT VALUE OF FARMS AND
EQUITIES IN FARMS, EARLY 1950 x
[Percentage distribution of farm operating families]
Value of or amount of equity in farm
Nonowner operator.
Owner operator
Value or equity:
Under $2,500
$2,500-$4,999
$5,000-$7,499. . /«
$7,500-$9,999
$10,000-$12,499. .
$12,500-$19,999. .
$20,000 and over.
Not ascertained. .
1
All families. .
Number of cases
Value
Equity
36
64
36
64
6
7
3
12
17
3
7
10
7
5
6
9
17
3
100
100
410
410
1
Farm value includes farm machinery and buildings but excludes
crops and livestock. Equity is the owner's estimate of current
value of the farm less any mortgage or other debt on the farm.
TABLE
About one-sixth of all spending units owned real
estate other than owner-occupied home or farm
(see Table 21). As with other assets, the frequency
of ownership of such real estate rose with increases
in the level of income—from approximately 9 per
cent in the lowest income group to about 44 per
cent in the highest. The value of other real estate
owned in the higher income groups also tended to
be much higher than among lower income groups.
Farms or farm land, one- or two-family houses,
and lots were the most frequently reported types of
other real estate (see Table 22). The more valuable
types of real estate-—apartment houses and commercial or rental property—appeared to a noticeable
extent only in the groups with incomes of $5,000 or
more. Summer and week-end homes also occurred
with significant frequency only in these groups.
21
S I Z E O F O T H E R R E A L E S T A T E H O L D I N G S W I T H I N I N C O M E AND L I Q U I D A S S E T G R O U P S , E A R L Y 1950
[Percentage distribution of spending units within specified groups]
Amount of liquid assets held l
1949 money income before taxes
Value of other
real estate
All
groups Under $1,000- $2,000- $3,000- $4,000- $5,000- $7,500
and
$1,000 $1,999 $2,999 $3,999 $4,999 $7,499 over
None $1-$199 $200$499
$500- $1,000- $2,000- $5,000- $10,000
and
$999 $1,999 $4,999 $9,999 over
None 2
$l-$999
$l,000-$4,999
$5,000-$24,999....
$25,000 and over..
Not ascertained...
84
4
5
5
2
(3)
All units
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
91
3
3
3
CO
88
3
5
3
(33)
()
89
3
4
3
1
(3)
84
6
4
5
1
00
82
4
6
7
1
75
3
9
10
3
56
3
9
19
12
1
93
, -2
3
2
95
3
2
2
1
(3)
88
2
5
4
1
86
4
5
4
1
(3)
80
5
6
7
2
(3)
74
2
9
10
5
59
3
9
19
9
1
100
100
100
501
248
152
82
4,
4
7
3
(3)
1
Includes all types of U. S. G o v e r n m e n t bonds, checking accounts, savings accounts in banks, postal savings, a n d shares in savings
a n d loan
associations a n d credit unions. Excludes currency.
2
Includes
a few cases in which ownership of other real estate was not ascertained.
s
Less t h a n one-half of 1 per cent.
DECEMBER
1950
1599
1950 SURVEY OF CONSUMER FINANCES
TABLE 22
SPENDING U N I T S O W N I N G REAL ESTATE O T H E R THAN H O M E S AS PERCENTAGE OF A L L SPENDING U N I T S WITHIN
GROUPS, EARLY
SPECIFIED
1950
Value of other real estate
1949 money income before taxes
All
spend$7,500 Under $1,000- $5,000
ing
Under $1,000- $2,000- $3,000- $4,000- $5,000- and
and
units $1,000
$1,999 $2,999 $3,999 $4,999 $7,499
over $1,000 $4,999
over
Type of real estate
Nonei
One- or two-family house (other than
Apartment house
Summer or week-end home
Commercial or rental property
Farm or farm land (other than owneroccupied)
Lot
Other.
.
..
Several types
Type not specified
All units
. .
91
88
89
84
82
74
56
4
3
3
3
5
6
6
12
1
1
1
1
1
1
4
4
3
3
6
1
1
2
1
4
4
4
(2)
2
4
3
3
4
3
4
5
12
5
5
5
1
7
7
30
38
6
14
2
4
2
18
13
20
70
2
29
2
7
32
1
1
(2)
—
—
(2)
—
—
(2)
1
—
1
1
100
100
100
100
100
100
100
100
100
100
100
3,512
479
604
672
615
397
437
269
126
189
273
.
Number of cases
84
1
Includes a few spending units for which no information concerning ownership was obtained.
Less than one-half of 1 per cent.
NOTE.—Details may not add to totals because of rounding.
2
AUTOMOBILES
Slightly more than half of all spending units
reported owning automobiles, and approximately 4
per cent owned more than one automobile. As with
other major assets, there was a close association
between size of income and the frequency of ownership of automobiles (see Table 23). Only about 20
per cent of spending units having incomes of under
TABLE
$1,000 reported owning automobiles, while about
90 per cent of the spending units having incomes
of $7,500 or more owned automobiles. As would
be expected, cars with the highest values were
owned most frequently by spending units in the
higher income groups.
Survey findings give some indication of the ownership distribution of the higher priced cars of
the postwar period. About one-third of all cars
23
V A L U E OF AUTOMOBILES O W N E D BY SPENDING U N I T S WITHIN INCOME AND OCCUPATIONAL GROUPS, EARLY
1950
[Per cent]
1949 money income before taxes
Value of automobilel
All
spending
units
Occupation of head of spending unit
Under $1,000- $2,000- $3,000- $4,000- $5,000- $7,500
and
$1,000 $1,999 $2,999 $3,999 $4,999 $7,499
over
Profes- Mansional agerial
and
and
semiselfprofesemsional ployed
Clerical
and
sales
Skilled
and
semiskilled
Unskilled
and
service
Farm
operator
Retired
No automobile owned
Automobile owned.
47
53
81
19
67
33
50
50
38
62
27
73
19
81
11
89
29
71
30
70
52
48
40
60
67
33
36
64
67
33
Value of automobile:
Under $550
$550-81,549
$1,550 and over
Not ascertained
18
17
17
1
11
4
4
2
()
14
11
7
1
22
18
9
1
24
22
15
(2)
20
30
23
(2)
13
23
44
1
9
17
62
1
16
20
33
2
16
19
35
(2)
12
16
20
(2)
24
23
13
(2)
16
11
6
(2)
20
19
24
1
12
11
10
All units •
Number of cases
1
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
3,512
479
604
672
615
397
437
269
287
466
486
895
344
410
180
In the interviews, the makes and model years of automobiles owned by spending units were obtained.
for assigning
values. A few 1950 models were entered at their purchase price.
2
Less than one-half of 1 per cent.
1600
These data were the basis
FEDERAL RESERVE BULLETIN
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
No stock 3
Some stock
1949 in o n e y i n c o m e of s p e n d i n g u n i t before t a x e s
All
income
groups
93
7
Amount of stock:
Under $500
$500-$999
$1 000-$4 999
$5 000-$24 999
$25 000 and over
Not ascertained
2
1
2
1
(4)
(4)
All units
Number of cases
Under
$1,000
$1,000$1,999
$2,000$2,999
$3,000$3,999
$4,000$4,999
$5,000$7,499
$7,500
and over
98
2
98
2
95
5
93
7
90
10
90
10
70
30
1
(4)
1
(4)
1
1
2
1
(4)
2
2
2
1
(4)
3
1
4
1
(4)
(4)
3
2
3
1
1
(4)
3
1
8
10
8
(4)
(4)
(4)
100
100
100
100
100
100
100
100
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 t h a n 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
TABLE 25
worth this much, but at the other end of the
income distribution (incomes of $7,500 and over) RELATION OF STOCK H E L D TO TOTAL LIQUID ASSET HOLDINGS
EARLY 1 9 5 0
more than two-thirds were valued at $1,550 or more.
[Percentage distribution of spending units within liquid
However, as in previous years, it was found that a
asset groups]
substantial proportion of the low-value prewar
model cars were owned by high income consumers.
Amount of liquid assets held 3
x
Amount of2 stock
held
STOCKS
About 7 per cent of all spending units reported
ownership of common or preferred stock in corporations open to investment by the general public.
Holdings of corporate stocks were relatively common only among spending units having incomes
of $7,500 or more. In this highest income group
about 30 per cent reported such holdings (see
Table 24). In general, stocks were not held
either very frequently or in very large amounts
except by spending units having relatively high
incomes and relatively large amounts of other assets.
For example, less than 10 per cent of the spending units having liquid assets of less than $2,000
reported owning stock, while about a third of the
DECEMBER 1950
No stock
Ownership not ascertained
Some stock
Amount of stock:
Under $500
$500-$999
$l,000-$4,999
$5,000 and over
Not ascertained....
None
$1$499
$500$1,999
$2,000$4,999
$5,000
and over
99
97
92
86
68
1
(4)
3
(4)
8
1
13
2
30
1
(4)
3
2
2
1
(4)
3
2
5
3
(4)
3
3
11
12
1
(4)
8
(4)
All units
100
100
100
100
100
Number of cases
922
944
745
501
400
iFor comparable 1949 data, see Table 11, Federal Reserve
BULLETIN, October 1949, p. 1193.
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 all types of U. S. Government bonds, checking accounts, savings accounts in banks, postal sayings, and shares in
savings and loan associations and credit unions. Excludes currency.
4
Less than one-half of 1 per cent.
1601
1950 SURVEY OF CONSUMER FINANCES
TABLE
BUSINESS INTEREST
Only about 8 per cent of all spending units
reported owning an interest in an unincorporated
business or in a privately held corporation. The
amount invested in business tended to be larger
for the corporate than the unincorporated form of
ownership (see Table 26). About a third of those
having shares in privately owned corporations
valued their interests at $25,000 or more as compared with only about a tenth of the owners of
interests in unincorporated businesses who valued
their interests so highly. Nearly half of the unincorporated business interests were worth less than
$5,000 compared with about one-fourth of those in
the corporate form.
26
BUSINESS INTEREST OF SPENDING UNITS
ACCORDING TO T Y P E OF INTEREST OWNED, EARLY
1950
[Percentage distribution of spending units within specified groups]
Type of interest owned
Value of
business interest
Any type
of
business *
Incorporated
business2
Unincorporated
business
18
25
30
12
3
12
11
15
33
25
9
7
All units
100
100
100
Number of cases
364
65
289
Under $1,000
$l,000-$4,999
$5,000-$24,999
$25,000-$99,999
$100,000 and over
Not ascertained
"..
19
27
30
9
2
13
1
Includes spending units owning either an incorporated, an
unincorporated, or both types of business, as well as a few units
for2 which the type was not ascertained.
Privately held corporations only.
LIABILITIES
The 1950 survey's coverage of liabilities of consumers was relatively complete. In addition to
specific questions concerning house, farm, and
other real estate debt, debt incurred on 1949 purchases of durable goods and of other items, and
debt owed banks, insurance companies, loan companies, and individuals, the survey asked if the
spending unit had any other debts outstanding.
Moreover, specific amounts were obtained for each
debt category rather than bracket amounts obtained
for the several types of assets. Balances due on
charge accounts, however, were not included except
where it was clear that the charge account was, in
effect, a form of instalment credit.
D E B T OF VARIOUS GROUPS
About half of all spending units were free of
debt in early 1950, while about one-fourth owed
$949 or less (see Table 27). The frequency of indebtedness was highest within the group having incomes of $4,000-$4,999 in which about two-thirds
of the spending units reported having some debt.
The decreasing frequency of indebtedness in successively lower income groups reflects, in part,
the inability of many units to incur debt because their income does not provide a sufficient
margin above current needs to service it. It is also
due partly to a greater frequency in the lower
income groups of older persons (55 years of age
and over) who have previously paid off indebted1602
ness on their homes or other major assets. Ability
to make larger payments on debt accounts in considerable part for the greater frequency of debts
of $1,950 or more as income level increases. Many
consumers in the highest income group may avoid
incurring debt because of larger margins of income
above current consumption needs and, whenever
debt is incurred, they may be able to pay off the debt
more quickly than consumers with lower incomes.
Among occupational groups—except retired persons—the proportion reporting no indebtedness did
not vary greatly—ranging between roughly 40 and
50 per cent. In sharp contrast, over 85 per cent
of the retired group reported having no outstanding
debt (see Table 27). The heaviest concentration of
debts of $4,950 and over was found among the
managerial and self-employed and the professional
and semiprofessional groups, whose incomes were
much larger than average.
There was a marked difference in the relative
frequency of indebtedness when spending Units
were grouped according to the age of the head of
the unit. More than 6 in 10 of the spending units
headed by persons in the 25 to 44 age group reported debt (see Table 27). The frequency of indebtedness decreased among older consumers, with
only about one-fifth of those 65 years of age or more
indicating indebtedness. The relationship between
debt and age reflects the heavy expenditures by the
younger consumers in order to establish homes. In
FEDERAL RESERVE BULLETIN
1950 SURVEY OF CONSUMER FINANCES
TABLE 27
DISTRIBUTION OF SPENDING UNITS HAVING SPECIFIED CHARACTERISTICS, BY SIZE OF TOTAL DEBT, EARLY
1950
[Per cent]
Amount of total d e b t l
All cases
Characteristics of spending unit
Number
All units..
Per
cent
No
debt
Some
debt
$l-$949
$950$1,949
Not
$1,950- $4,950- $9,950
ascer-2
$4,949 $9,949 and over tained
3,512
100
48
52
27
10
479
604
672
615
397
437
269
100
100
100
100
100
100
100
66
58
46
42
34
38
52
34
42
54
58
66
62
48
22
29
35
31
30
19
5
4
6
9
12
13
15
15
2
1
3
6
12
15
12
Occupation of head of unit:
Professional and semiprofessional.
Managerial and self-employed
Clerical and sales
Skilled and semiskilled
Unskilled and service
Farm operator
,
Unemployed
Retired
.
287
466
486
895
344
410
187
176
100
100
100
100
100
100
100
100
46
43
53
39
48
44
49
86
54
57
46
61
52
55
51
14
26
14
25
34
39
20
40
6
9
16
7
11
5
16
3
4
7
12
7
6
3
5
3
1
Age of head of unit:
18-24
25-34
35-44
45-54
55-64
65 and over
....
342
779
777
670
495
419
100
100
100
100
100
100
52
37
36
48
60
78
48
63
64
52
40
22
40
35
31
25
20
9
3
10
13
12
9
5
10
5
3
2
1,459
100
32
68
33
488
100
63
37
30
1
283
100
36
64
36
6
385
100
78
22
12
2
764
100
60
40
17
3
1949 money income before taxes:
Under $1,000
$l,000-$l,999.
$2,000-$2,999
$3,000-$3,999
$4,000-$4,999
$5,000-$7,499
$7,500 and over
...
.
,
.
Family composition of unit:
Children under 18, married head
(all ages)
No children under 18:
Unmarried heads,
under 45
years of age 4
Married heads, under 45
years of age. .
Unmarried heads,
45 years of
age and over 4
Married heads, 45 years of
age and over
1
2
3
4
8
l
5
12
10
Total reported debt of the spending unit.
Existence or amount not ascertained.
Less than one-half of 1 per cent.
Includes those divorced, separated, or widowed.
later years these debts have been repaid and the
necessity for incurring other debt apparently falls
off.
The relationship between composition of the
spending unit and its indebtedness is also rather
marked (see Table 27). Only about a third of
spending units that include a husband, wife, and
one or more children under 18 years of age were out
of debt. Many of these spending units were in the
process of buying homes, furniture, and the like.
About 60 per cent of the spending units with no
children under 18 years of age—and headed by
either young unmarried persons or married persons over 45 years of age—had no debt. Over threefourths of the spending units headed by older
unmarried persons were free of debt.
DECEMBER 1950
Survey findings indicate a slight direct relationship between the amount of total assets, as computed, and total indebtedness (see Table 28). About
44 per cent of the spending units having total assets
of less than $1,000 had debts of less than $950.
Among wealthier consumers (total assets of $25,000
and over) indebtedness occurred about as frequently
as for consumers with total assets of less than $1,000,
while debts of $9,950 and more were reported more
frequently than in other asset groups. The relation between debt and assets is explained in part
by the frequent resort to debt in order to acquire
assets and in part to the greater ability to borrow
when acceptable collateral is available.
The distribution of liquid assets within various
debt groups furnishes some indication of the ability
1603
1950 SURVEY OF CONSUMER FINANCES
TABLE
T A B L E 28
EARLY
1950
DIFFERENT TOTAL DEBT GROUPS, EARLY
A m o u n t of t o t a l assets
2
Amount of total debt
Amount of
liquid assets
held*
Amount of total debt x
Amount of total debt:
$l-$949
$950-$l,949
$l,950-$2,949
$2,950-$3,949
$3,950-$4,949
$4,950-$7,449
$7,450-$9,949
,
$9,950 and over
Not ascertained
1950
[Per cent]
[Per cent]
No debt
Some debt
29
SIZE OF LIQUID ASSET HOLDINGS OF SPENDING UNITS WITHIN
SIZE OF TOTAL D E B T WITHIN VARIOUS TOTAL ASSET GROUPS
$0-$999
$1,000$4,999
$5,000$24,999
$25,000
and over
53
47
48
52
43
57
57
43
44
2
(3)
37
8
4
1
(3)
(5)
(3)
14
9
8
6
5
8
4
2
1
2
4
4
5
4
6
4
13
1
1
(').
All units
100
100
100
100
Number of cases
949
722
362
403
No
debt
$1$949
2
$9,950
$950- $1,950- $4,950and
$1,949 $4,949 $9,949 over
No liquid assets. . .
Some liquid assets.
25
75
48
52
31
69
22
78
16
84
4
96
Amount of liquid
assets:
$1-$199
$200-$499
$500-$999
$l,000-$l,999. . .
$2,000-$4,999. . .
$5,000-19,999. . .
$10,000-$24,999.
$25,000 and over
11
9
10
12
18
9
5
1
19
12
8
6
5
2
(3)
22
14
12
11
9
1
22
17
14
10
9
5
1
(3)
23
18
11
18
11
2
1
19
14
21
13
16
7
4
2
100
100
100
100
100
100
869
210
358
231
90
All cases
Number of cases... 1,700
1
T o t a l reported obligations of t h e spending unit.
2
Represents t o t a l of liquid assets, automobiles, owner-occupied
home or farm, other real estate, business interest, corporate stock,
a n d livestock a n d crops on owner-occupied farms.
3
Less t h a n one-half of 1 per cent.
1
Includes all types of U. S. Government bonds, checking accounts, savings accounts in banks, postal sayings, and shares in
savings and loan associations and credit unions. Excludes currency.
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
of the spending units with debts of under $950
reported holdings of liquid assets, and only about
13 per cent had liquid assets worth $1,000 or more
(see Table 29). The relative frequency of liquid
asset holdings was much greater in the largest debt
group than in the smallest, and, in general, there
was an increase in the frequency and size of liquid
asset holdings as total debt increased.
DEBT ON OWNER-OCCUPIED HOMES
Of the diverse types of debt reported in the survey, the only important type for which relatively
precise information was obtained was mortgages
and land contracts on owner-occupied nonfarm
homes. In many interviews the information obtained was inadequate to permit classification according to type of debt although the total debt was
reported reliably.
T A B L E 30
A M O U N T OF D E B T ON H O M E WITHIN D I F F E R E N T TOTAL D E B T GROUPS, EARLY 1950
[Percentage distribution of home-owning nonfarm primary spending units within specified groups]
Amount of debt on home *
No debt
Some debt
Amount of debt:
$l-$949
$950-$2,949
$2 950-$4 949
$4,950-$7,449
$7,450-$9,949
$9 950 a n d over
..
.
.
.
Not ascertained
All units.
Nonfarm home-owning spending units as a percentage of all
spending units with debt
;
1
2
All
homeowning
nonfarm
units
Home-owning nonfarm spending units with total debt of:2
$1$949
$950$2,949
54
46
65
35
15
85
7
15
9
9
4
34
8
77
$2,950$4,949
$4,950$7,449
$7,450$9,949
$9,950 1
and over
5
95
8
92
2
98
14
86
13
81
2
5
84
4
25
69
2
5
5
20
17
1
1
1
—
1
i
—
100
100
100
100
100
100
100
77
22
65
78
85
86
74
37
Includes mortgage, land contract, and other debt on home.
Total debt includes home debt (as defined in footnote 1) and all other indebtedness of the spending unit.
1604
FEDERAL RESERVE BULLETIN
1950 SURVEY OF CONSUMER FINANCES
as on the relation to house value is quite marked.
Only about 20 per cent of houses purchased in
1948, 1949, or early 1950 were mortgage free, in
contrast to about 80 per cent of those purchased
in the 1920's and 70 per cent of those purchased in
the 1930's (see Table 32).
Survey findings on aggregate debt on nonfarm
homes, together with information from other
sources, indicate that it is the dominant form of consumer indebtedness. Home owners comprise about
65 per cent of the spending units having total debt
of $950-$2,949, and even larger proportions of
the higher debt groups owned homes. In contrast,
only about one-fifth of units having debts of less
than $950 owned homes (see Table 30).
Slightly more than half of home-owning nonfarm families reported no mortgage indebtedness in
early 1950. There was no change between early
1949 and early 1950 in the relative frequency of
mortgages on owner-occupied homes, but the frequency of mortgages of $5,000-$7,499 rose significantly (see Table 31).
Houses valued at less than $7,500 in early 1950
were mortgage free more often than higher valued
homes, perhaps because they were primarily older
structures held by their present owners for extended
periods of time. The influence of time of purchase
on the frequency of mortgage indebtedness as well
TABLE
31
MORTGAGE INDEBTEDNESS ON O W N E R - O C C U P I E D
HOMES
EARLY 1950 AND 1949
[Percentage distribution of home-owning"nonfarm families]
Mortgage status and size of mortgage
1950
1949
Not mortgaged
Mortgage status not ascertained
Mortgaged
54
1
45
45
Size of mortgage:
$l-$999
$l,000-$2,999
$3,000-$4,999
$5,000-$7,499
$7,500-$9,999
$10,000 and over
Not ascertained.
7
15
6
12
3
1
1
6
13
10
7
3
2
4
100
100
All families
1
TABLE
55
C1)
Less than one-half of 1 per cent.
32
SPENDING U N I T S HAVING SPECIFIED CHARACTERISTICS, BY RELATION OF MORTGAGE D E B T TO H O M E V A L U E
EARLY
1950
[Percentage distribution of home-owning nonfarm primary spending units within specified groups]
All cases
Characteristic of spending unit
All home-owning
nonfarm primary spending
units l
Number
Per
cent
Mortgage as a percentage of value
Not
mortgaged
Mortgaged
Under
20
2039
4059
11
13
1,417
100
54
46
Value of home:
Under .$7,500
$7,500-$12,499.. .
$12,500 and over.
544
482
310
100
100
100
58
48
50
42
52
50
7
10
13
10
15
14
12
14
17
Year of purchase of home:
1949-50
1948
1946-47
1940-45
1930-39
1920-29
Before 1920
108
158
248
375
203
147
105
100
100
100
100
100
100
100
21
20
33
56
72
83
84
79
80
67
44
28
17
16
3
6
12
9
16
18
7
7
18
31
24
10
3
2
2
Place of residence of unit:
Metropolitan area
Other city, 50,000 and over.
Small city or rural a r e a . . . .
452
206
759
100
100
100
39
51
62
61
49
38
9
10
18
9
9
19
13
10
Income of spending unit: 8
Under $1,000
$l,000-$l,999
....
$2,000-42,999...
$3,000-$3,999
$4,000-$4,999
$5,000-$7,499
$7,500 and over
126
154
233
271
204
246
166
100
100
100
100
100
100
100
84
76
54
47
40
42
53
16
24
46
53
60
58
47
5
6
8
6
14
8
10
5
4
13
14
11
15
15
2
7
12
18
14
19
11
6
13
14
6
5
6079
80
and
over
24
19
13
1
21
11
6
1
1
Not
ascertained
1
2
7
7
12
9
5
1
The primary spending unit includes the person considered as head of the family in those homes containing several related spending
It is assumed that this unit is responsible for the mortgage.
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.
units.2
DECEMBER 1950
1605
1950 SURVEY OF CONSUMER FINANCES
The relative size of mortgage tended also to be
larger for recently purchased houses. About onefifth of the homes purchased in 1949-50 had outstanding mortgages that were 80 per cent or more of
the house value, while the frequency of such large
mortgages in relation to value was negligible among
the houses purchased before 1946. Outstanding
mortgages that were small in relation to house
value were relatively the most frequent for homes
purchased in prewar years. This reflects not only
the longer period of repayment on these mortgages
but also the rise in house values.
The frequency of mortgage-free homes among
home-owning, nonfarm primary spending units was
highest—about 84 per cent—in the lowest income
group (see Table 32). The frequency of mortgagefree homes fell steadily as income increased except
for the top income groups ($5,000 and over).
Greater ability to carry a mortgage as income level
rose was apparent in the increased amount of the
mortgage. Greater frequency of mortgage-free
homes in the lower income groups of home owners
may have resulted in part from the concentration in
these groups of retired and older persons who have
had a longer period of time in which to pay of! any
mortgage debt.
DISTRIBUTION OF TOTAL DEBT
Aggregate consumer debt, both long- and shortterm, is estimated to have been approximately 65
billion dollars early in 1950. The sampling error
in aggregates estimated from survey data is large,
so the estimate must be used cautiously. The survey
provided reasonably complete coverage except for
charge account credit. In calculating total debt of
a spending unit, the reporting of all component
1606
items in dollar amounts, rather than in brackets,
avoided the problem of arbitrary assignments within
brackets, which was frequently present in computing total assets and net worth. The debt data
also had the advantage of relatively complete coverage of all debt items in contrast to the partial
coverage of the asset data.
The proportion of total debt owed by each tenth
of the spending units surveyed, when ranked according to their 1949 incomes, varied from about 5
per cent in the lower tenths to about 25 per cent for
the highest tenth (see Table 33). This pattern
TABLE
DISTRIBUTION
OF TOTAL
33
DEBT
AMONG
SPENDING
WHEN RANKED BY SIZE OF INCOME, EARLY
Spending units ranked
according to annual money
income before taxes
Highest tenth
Second . . . .
Third
Fourth
Fifth
Sixth
Seventh
Eighth
Ninth
Lowest tenth.
1
...
..
...
UNITS
1950
Percentage of total debt owed:1
By each tenth
Cumulative
25
16
13
9
10
10
5
4
3
5
25
41
54
63
72
83
88
92
95
100
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,
but the disproportion of the upper and lower tenths
was not so large.13
Additional tables not mentioned in the text are
presented on the following pages, grouped according to subject.
13
See "Distribution of Consumer Saving in 1949," Federal
Reserve BULLETIN, November 1950, Table 2, p. 1442, and
Table 8, of this article.
FEDERAL RESERVE BULLETIN
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
and
semiprofessional
Type and amount of liquid
assets held
1950
Total liquid assets: 2
None...,
$l-$499
$500-$l,999
$2,000-$4,999 . .
$5,000 and over. .
All units
„
U. S. savings bonds (Series A~F) :3
None
$l-$499
$500-$l,999
$2,000 and over
All units
Savings accounts (in banks only) :4
None
$l-$499
$500-$ 1 999
$2,000 and over
All units
Checking accounts:
None
$l-$499.
$500-$l,999. . . .
$2,000 and over
All units
1949
1950
Clerical
and
sales
1949
1950
Skilled
and semiskilled
Unskilled
and service
Farm
operators
Retired
1949 1950 1949 1950 1949 1950 1949 1950 1949
8
25
30
19
18
9
27
26
19
19
10
28
23
20
19
12
25
21
22
20
16
36
24
17
7
16
38
29
10
7
34
31
20
11
4
30
32
23
10
5
54
20
15
8
3
51
27
14
5
3
25
29
21
14
11
28
23
24
13
12
37
11
12
16
24
30
22
15
19
14
100
100
100
100
100
100
100
100
100
100
100
100
100
100
41
27
19
34
30
19
49
25
13
46
28
14
51
31
12
47
33
15
63
25
9
55
28
13
78
13
7
59
24
9
61
22
10
62
15
9
59
20
12
13
17
13
12
6
5
3
4
2
72
19
8
1
8
7
14
9
100
100
100
100
100
100
100
100
100
100
100
100
100
100
43
18
21
18
'42
'23
21
14
54
14
16
16
54
14
15
17
42
29
17
12
45
30
18
7
54
22
15
9
56
20
15
9
67
13
13
7
71
17
7
5
82
7
3
8
83
'4
••6
7
58
6
12
24
59
14
12
15
100
100
100
100
100
100
100
100
100
100
100
100
100
100
29
41
19
11
32
42
19
7
27
37
20
16
28
34
23
15
52
34
9
5
58
31
9
2
74
20
4
2
74
20
5
1
84
11
4
1
87
10
32
32
23
13
37
29
22
12
60
14
15
11
62
16
13
9
100
100
100
100
100
100
100
100
100
100
100
100
100
293
466
'$1,150 $1,010
470
'$1,250
486 495 895 886
$400 $400 $150 $200
344
0
427 410 430 180
0 $400 '$450 $590
176
100
Number of cases
Median asset holdings
Managerial
and selfemployed
287
$1,240
3
1
2
Liquid asset data for 1950 are based on interviews in January-March 1950; for 1949 on interviews in January-March 1949.
Includes all types of U. S. Government bonds, checking accounts, savings accounts in banks, postal savings, and shares in savings
and 3loan associations and credit unions. Excludes currency.
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
6
r
Less than one-half of 1 per cent.
Data not available.
Revised.
TABLE 35
TABLE
MEDIAN LIQUID ASSET HOLDINGS OF SPENDING U N I T S WITHIN
INCOME GROUPS, EARLY 1950, 1949, 1948, AND 1947
x
36
SIZE OF LIQUID ASSET HOLDINGS OF SPENDING U N I T S WITHIN
D I F F E R E N T T O T A L ASSET GROUPS, EARLY
1950
[Per cent]
Annual money
income
before taxes
Percentage
distribution of
spending units
Median liquid asset
holding within
income group
Total assets 1
Amount of liquid assets
held
Early Early Early
1949 1948 1947 1946 Early
1950 1949 1948 1947
Under $1,000...
$1,000-$ 1,999..
$2,000-$2,999..
$3,000-$3,999..
$4,000-$4,999. .
$5,000-$7,499..
$7,500 and over.
14
19
21
19
11
11
All u n i t s . . , . .
14
22
23
17
10
9
5
12
18
23
20
12
10
5
100
100
0
$10
160
350
500
0
$80
150
270
500
0
0
$80
$40
240
480
490
900
840 1,400
5
17
23
25
17
8
6
4
1,130 1,350 1,760 2,750
4,270 4,500 6,290 7,250
100
100
$250 $300 $350 $470
i T h e median liquid asset holding is the amount held by the
middlemost unit in a ranking of the spending units within each
income group in order of their holdings of liquid assets. The
income groups relate to income of the year previous to the interview, and the amount of liquid assets to the holdings at the time
of the interview.
DECEMBER 1950
None
$1-$199
$200-$499
$500-$999
$l,000-$l,999
$2 000-$4 999
$5,000-$9,999
$10,000-$24,999
$25,000 and over
Under
$1,000
61
$1,000- $5,000- $25,000
$4,999 $24,999 and over
26
21
11
14
13
7
12
19
16
15
15
13
1
4
7
10
14
8
12
20
11
2
22
18
21
7
All units
100
100
100
100
Number of cases
949
722
1,362
403
1
Includes—in addition to liquid assets—automobiles, owneroccupied home or farm (including farm machinery), other real
estate, business interest, corporate stock, and livestock and crops
on farms.
1607
1 9 5 0 SURVEY OF CONSUMER FINANCES
TABLE
37
TABLE
PROPORTION OF LIQUID ASSETS H E L D BY SPENDING U N I T S AND
[Per cent]
All units
VALUE
TO AMOUNT OF N E T WORTH
EARLY
1950
Family units
Amount of net worth
- PerProporPerProporcentage
centage
tion of
tion of
distriliquid
distriliquid
bution assets held bution assets held
14
19
21
19
11
11
5
6
9
15
15
11
18
26
13
15
18
19
12
15
8
5
.7
11
14
12
18
33
100
100
100
100
Farm value
l
Nega- $ 1 - $1,000- $5,000- $25,000
tive $999 $4,999 $24,999 and over
Nonowner operator
Owner operator..
.. 100
Value of farm owned:
$50-$2,549
$2,550-$5,049
$5,050-$10,049
$10,050-$25,049
$25,050 and over
All units
Mill
Under $1,000
$l,000-$l,999
$2,000-12,999
$3,000-$3,999
$4,000-$4,999
$5,000-$7,499
$7,500 and over
OF FARM
[Percentage distribution of farm operating, primary spending units
within net worth groups]
Spending units
1949
money income
before taxes
RELATION
l
FAMILY U N I T S AT VARIOUS INCOME LEVELS, EARLY 1950
38
100
89
11
38
62
32
68
11
17
37
4
4
3
7
32
26
100
100
100
1
99
1
2
41
55
100
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.
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 H O M E - O W N I N G
EARLY
NONFARM FAMILIES,
1950
[Percentage distribution of spending units within specified groups]
Payment on principal
1949
Percentage
of families *
Value of car owned
Amount of liquid
assets held x
All
All
nonowners owners
Nothing paid
Under
$550
$550- $1,050
and
$1,049 over
None
;
$1-$199.
$200-$499
$500-$999
$l,000-$4,999...
$5,000 and over.
42
16
10
8
19
5
20
15
14
11
27
13
32
20
13
10
19
6
25
15
16
10
25
9
9
11
13
13
34
20
All units.. ,
100
100
100
100
100
Number of cases
1,549
1,944
596
394
954
1
Includes all types of U. S. Government bonds, checking accounts, savings accounts in banks, postal sayings, and shares in
savings and loan associations and credit unions. Excludes currency.
1608
46
Paid:
$l-$99
$100-$299
$300-$499
$500-$999
$l,000-$l,499
$1,500 and over
5
22
15
7
1
1
1
Amount not ascertained
Amount (if any) not ascertained
All families
100
1
Based on the 46 per cent of all home-owning nonfarm families
whose properties were mortgaged or encumbered by land contracts in early 1950.
FEDERAL RESERVE BULLETIN
1950 SURVEY OF CONSUMER FINANCES
TABLE 41
MORTGAGE INDEBTEDNESS ON O W N E R - O C C U P I E D H O M E S , EARLY
1950
[Percentage distribution of home-owning nonfarm primary spending units within specified income groups]
All
home-owning
nonfarm
primary
spending units ]
Mortgage status and size
of mortgage
1949 money income before taxes
Under
$1,000
$1,000$1,999
$2,000$2,999
$3,000$3,999
$4,000$4,999
$5,000$7,499
$7,500
and over
INTot mortgaged . . . .
Mortgaged
54
46
84
16
76
24
54
46
47
53
40
50
42
58
54
46
Size of mortgage:
$l-$999
$l,000-$2,999
$3,000-$4,999
$5 0Q0-$7,499
$7,500-$9,999
$10,000 and over
Not ascertained
7
15
6
12
4
1
1
3
8
2
1
1
5
12
3
2
1
13
18
4
8
2
7
17
1
1
7
16
10
20
5
1
1
4
16
6
20
7
3
2
2
9
4
12
9
9
1
100
100
100
100
100
100
100
100
1,417
126
154
233
271
204
246
166
All units
Number of cases
1
units.2
10
14
3
1
1
1
The primary spending unit includes the person considered as head of the family in those homes containing several related spending
It is assumed that this unit is responsible for the mortgage.
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]
Mortgage status and amount of payment
J^ot mortgaged
Mortgaged
All home-owning
nonfarm families
.
Payment on mortgage: *
Nothing paid
$1~$99
$100-$299
$300-$499
$500-$999
$l,000-$l,499
$1 500 and over
.
. . . .
Amount of payment (if any) not ascertained
All families
^sfumber of cases. . . . •
$2,000-$4,999
$5,000 and over
1948
1949
1948
1949
1948
1949
1948
54
46
55
45
80
20
76
24
47
53
48
52
45
55
49
51
2
2
3
2
2
1
2
2
2
2
9
13
13
7
6
3
10
5
1
3
2
2
2
2
2
Under $2,000
1949
8
14
16
. •
Families with income after taxes of:
2
2
1
1
1
1
2
4
2
2
1
9
17
19
10
17
14
7
13
22
1
2
1
1
1
3
5
5
3
5
11
21
4
4
1
100
100
100
100
100
100
100
100
1,417
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
1950 SURVEY OF CONSUMER FINANCES
TABLE
43
MONTHLY R E N T PAID BY N O N F A R M FAMILIES W I T H I N DISPOSABLE INCOME GROUPS, EARLY 1950 AND 1949
[Percentage distribution of families within disposable income groups]
All rentpaying nonfarm families
Monthly rent
Under
1950
Under $20
$20-$29
$30-$39
$40-$49
$5O-$74
$75-$99
$100 and over
Not ascertained.
All families
Number of cases
Families with income after taxes of: 1
,
21
20
18
17
14
6
1949
19
21
23
15
16
3
$2,000
$2,000$2,999
$3,000$3,999
$4,000$4,999
$5,000
and over
1949
1948
1949
1948
1949
1948
1949
1948
1949
1948
41
26
16
9
36
30
17
9
5
1
1
1
20
28
18
19
10
2
1
2
20
27
24
13
11
3
(2)
2
9
18
22
26
16
12
17
28
17
22
2
6
10
21
22
26
10
6
11
23
26
28
2
9
5
12
15
33
15
2
6
22
17
26
12
1
3
2
3
1
9
2
12
3
5
2
7
(
2
1
'1
100
100
100
100
100
100
100
100
100
100
100
100
31,116
1,115
(<)
280
(4)
268
(4)
260
0)
138
(4)
169
2
2
1
1
1
2
8
Monthly rent paid by nonfarm families in early 1950 and in early 1949 relate to family income in 1949 and 1948, respectively.
Less than one-half of 1 per cent.
The total
number of cases includes families for whom disposable income was not ascertained, which are not allocated to income
4
groups.
Data not available.
APPENDIX
METHOD OF ESTIMATING NET WORTH
The survey estimate of net worth of each spending unit is the aggregate of reported or assigned
values of assets covered in the survey less the total reported debt. The assets included in the survey are:
liquid assets, including United States Government
bonds, savings accounts, checking accounts, postal
savings, shares in savings and loan associations
or credit unions; automobiles; owner-occupied
homes; owner-occupied farms, including buildings
and machinery; real estate other than home or
farm on which owner is living, including lots, oneor two-family houses, apartment houses, summer
or week-end homes, commercial or rental property,
farms owned by nonfarmers and additional farms
or land owned by farmers, and other types; common or preferred stock in corporations open to
investment by the general public; interest in an
unincorporated business or privately held corporation; livestock and crops. The debts covered are:
mortgages, land contracts, or other debt on homes,
farms, or other real estate; instalment credit; single
payment loans; insurance policy loans; all other
debt to banks, loan companies, insurance companies, and individuals except charge-account credit.
This survey obtained more information than the
survey conducted in early 1949 in that it obtained
valuation data for business interests, other real
estate, and livestock and crops. Information ob1610
tained on debts was also more complete except for
the omission of charge-account credit.
Values of all asset items, except pre-1950 model
automobiles, and of all liabilities were based
on valuation information reported by respondents.
For certain types of assets, however, the interview
provided value information only within rather
broad brackets. These assets were real estate other
than owner-occupied homes and farms, corporate
stock, and business interests. In order to compute
total assets and net worth, specific values had to be
assigned to these assets.
In assigning values to holdings of other real estate
in bracket values of less than $25,000, the median
value within each bracket was approximated by
using cumulative frequencies of reported bracket
values plotted on a semilogarithmic scale. This
technique indicated the distribution of units within
each broad bracket and made possible an estimate
of the median value within each bracket.
For other real estate valued at $25,000 or more
and for all stock holdings and business interests,
the questionnaires were re-examined to assign values
on the basis of all available information; in some
cases respondents volunteered information in greater
detail than the coding of the survey required. For
cases which could not be resolved by examination
of the questionnaires, medians within brackets were
FEDERAL RESERVE BULLETIN
1950 SURVEY OF CONSUMER FINANCES
obtained by graphic approximation, using cumulative frequencies of reported bracket values plotted
on a semilogarithmic scale.
The value of 1950 model automobiles was considered equal to the purchase price reported in the
interview. All other automobiles were assigned
values based on the respondents' reports of make
•and model year.
Some important items of value were omitted
from the asset compilation. Insurance, even though
it is an asset owned by almost four-fifths of all
spending units, was omitted because relatively few
respondents know the cash reserve value of their
policies (and therefore questions concerning them
were not included in the survey) and because assignment of values would have been an extremely
complex process due to the multitude of types of
insurance and the wide range of ages of policyholders. Estimates of the value of furniture, clothing, jewelry, etc., would be extremely unreliable in
the absence of organized markets, and these items
were therefore omitted. Holdings of currency were
omitted since experience from earlier surveys indicated that those respondents having large currency
holdings are reluctant to report their holdings.
Trust funds, annuities, and holdings of bonds of
corporations and of State, local, and foreign governments were also omitted, but the resulting bias
is small because such assets are held by a very
small segment of the population.
With the exception of debt on homes, the survey
did not probe as deeply to determine specific forms
of debt as it did with specific assets. Data concerning debt of the spending unit were developed
from questions relating to debt connected with selected types of assets and from questions on other
types of debt. Mortgages, land contracts, and other
debts on homes were obtained in the housing section. Similar forms of debt were also obtained in
the section concerned with other real estate owned
by the spending unit. For automobiles and large
household items, furniture, refrigerators, television
and radio sets, and household appliances, which
were purchased in 1949, the original terms of purchase and any repayments during 1949 were obtained.
In the section on debt the following additional
questions were asked: Did you owe any money
at the beginning of the year on instalment because
of purchases made in 1949 that we haven't mentioned, for example on sporting goods, clothing,
or jewelry? Did you owe any money on anything
DECEMBER
1950
you bought before 1949? Did you owe any money
on loans from a bank, a loan company, or private
individual? Did you owe any money on a loan or
an insurance policy? About how much did you
owe on the items referred to above? Did you borrow any of this money (finance any of these purchases) during 1949? Did you owe any money at
the end of 1949 that we haven't mentioned? Did
you borrow any of this during 1949? Charge accounts were disregarded unless it was clear that
the charge account was, in effect, a form of instalment credit.
Examination of the questionnaires indicated that
attempts to classify consumer debts other than home
mortgages as to specific type—bank loans, instalment sale credit, and the like—would be unsatisfactory. Certain debt arrangements defied classification. The less intensive investigation of each
liability item than was the case for assets may have
resulted in less complete reporting than would have
been obtained by more detailed questions.
The survey's estimates of net worth understate
the net worth of consumers, because it seems probable that for most spending units the omitted assets
exceed in value the omitted debts.
Changes in net worth, as defined, are fairly consistent with the alternative definition of saving used
in this year's survey.1 Realized changes in the
value of the net worth items plus insurance premiums compose the alternative definition of saving.
Because of the omission of insurance and certain
funds from the assets entering the net worth calculation and the valuation of assets at market rather
than cost, however, the survey alternative definition
of saving differs conceptually from changes in a
spending unit's net worth as defined in the survey.
The easily realized wealth of a spending unit
may determine in part its pattern of consumption.
A high net worth of the type defined in the survey
indicates the possession of acceptable collateral for
securing loans to finance new purchases or the
possibility of exchanging more or less liquid assets
for assets not included in net worth as computed
in the survey. Analysis of consumers' behavior in
terms of their wealth position is not new. However, most previous inductive work along these
lines has been based on aggregate data. The data
obtained from these surveys should aid in exploring the proposition that distribution of wealth, as
well as its aggregate amount, affects consumption.
1
"The Distribution of Consumer Saving in 1949," Federal
Reserve BULLETIN, November, 1950 Appendix II, pp. 1453 £f.
1611
LAW DEPARTMENT
Administrative interpretations of banking laws, new regulations issued by the
Board of Governors, and other similar material
Clayton Antitrust Act
Denial of Certiorari in Transamerica Case
In the Federal Reserve BULLETIN for July, 1950,
beginning at page 823, and for September, 1950,
at page 1155, there were published opinions and
orders of the United States Court of Appeals for
the Ninth Circuit in the suit of the Board of Governors against Transamerica Corporation and Bank
of America N. T. & S. A. On November 13, 1950
the Supreme Court of the United States denied
respondents' petitions for certiorari to review the
decision of the Court of Appeals, and on December
11 denied a petition for a rehearing of the petitions
for certiorari.
Consumer Credit
House Trailers
Instalment credit for the purchase of a house
trailer designed for residential use is exempt under
section 7(h) of Regulation W. This is true
whether the purchaser intends that the trailer remain mobile or whether he intends to detach the
wheel assemblies and place the trailer on a foundation constructed on real property. In the latter
event, the credit is exempt under either section
7(A)(1) or 7(A)(2). With respect to section
7(h)(3) see the interpretation entitled "House
Trailers" under the subject Residential Real Estate
Credit in this issue of the BULLETIN.
If the wheels of house trailer are detached and
it is placed on a foundation constructed on real
property, then the trailer is an "existing structure"
for purposes of Group D of the Supplement
to Regulation W.
Pre-effective Date "Balloon" Notes or Payments
The Board has considered certain questions concerning instalment credits involving so-called "balloon" notes or payments that were written or arranged before September 18, 1950, the effective date
of Regulation W. In a typical case of the kind, there
would be 11 notes followed by a 12th "balloon"
note which may be in an amount several times the
amount of each of the preceding notes.
The Board expressed the view that unless in the
pre-September 18 contract between the parties there
1612
is a valid and enforceable provision for an exten-,
sion of the 12th note for some specified period
when it falls due after September 18, the extension
may not now be carried out except on terms complying with the present requirements of Regulation W. The existence of valid and enforceable
provisions for such extensions would seem to be
extremely rare. In the usual case, there is no such
valid and enforceable provision and the extension,
except in certain specified instances, would be
limited under the regulation to a maximum maturity of 15 months.
Sets and Groups of Articles
A question has been presented concerning the
application of section 6(g) of Regulation W relating to sets and groups of articles.
In determining whether several articles constitute "a single listed article" under section 6(g)—
1. The articles must be so related as to constitute a set, group, or assembly, or
2. They must be merchandised as a single
unit; and, in either case
3. They must be sold or delivered at substantially the same time.
Requisites 1 and 2, it will be noted, are stated
in the alternative. Consequently, if a given case
meets either or both of these requisites, section 6(g)
will apply, assuming that the third requisite, which
is self-explanatory, is also satisfied.
If the items are functionally related as in the
case of a dining room or bedroom suite, the first
requisite would be met. However, even if the
items are not functionally related, but are merchandised as a set, group, or assembly, the second
requisite would be met and the absence of functional relationship would be immaterial.
With respect to the second requisite, important
considerations are how the items are offered to
customers, advertised, or ticketed, and the merchandising practices of a particular seller or practices in the particular trade. If listed articles are
sold pursuant to an offering of the articles as a set,
group, or assembly, the articles constitute a single
listed article regardless of functional relationship
FEDERAL RESERVE BULLETIN
LAW DEPARTMENT
and regardless of whether they are offered at a
combination price which is lower than the price
of each article if bought separately.
Home Improvement Incorporating Group B
Combination Unit
The Board understands that instalment financing
of combination units including a kitchen sink and
dishwasher may be covered by FHA Title I insurance. Regulation W establishes a minimum
down payment of 10 per cent and a maximum maturity of 30 months for home improvement credits
which do not include articles listed in Group B of
Part 1 of the Supplement to Regulation W. Item
6 in Group B reads "Combination units incorporating any listed article in the foregoing classifications of this Group B" and one article "in the
foregoing classification" is "Dishwashers, mechanical designed for household use." The effect of
this listing in Group B is that a minimum down
payment of 25 per cent is required and the maximum maturity is 15 months for such a combination unit as a sink including a dishwasher.
Where a credit insured under Title I arises from
the installation, in an existing residential structure,
of a combination unit included as Item 6 in Group
B of Part 1 of the Supplement to Regulation W,
that portion of credit is subject to the minimum
down payment and the maximum maturity specified for Group B articles although the balance of
the credit, if any, may be subject to the minimum
down payment and maximum maturity applicable
to Group D. In that connection, where a credit
is partly subject to one section of Regulation W
and partly subject to another, section 6(d) of Regulation W is applicable.
Hotel or Motel Repairs or Improvements
A structure is not "designed exclusively for nonresidential use" within the meaning of Group D of
the Supplement to Regulation W merely because
it is used, or designed for use, as a motel, tourist
court or ordinary hotel. Of course, repairs, alterations and improvements upon such structures will
be exempted from the regulation in many cases by
the $2,500 ceiling applicable to such credits under
section 7(a) of the regulation.
"Rental" Transactions
A transaction does not cease to be subject to
Regulation W merely because the parties choose to
DECEMBER
1950
call it a "rental" rather than a "sale." Without attempting to describe all the various arrangements
that are subject to the regulation, it should be
noted that the definition of credits that are subject to the regulation includes, among other things,
"any contract for the bailment or leasing of property under which the bailee or lessee either has the
option of becoming the owner thereof or obligates
himself to pay as compensation a sum substantially
equivalent to or in excess of the value thereof;
# # # anc j a n v transaction or series of transactions
having a similar purpose or effect."
Tax or Fee Prerequisite to Auto Tags
A question has been presented concerning the
treatment under Regulation W of a tax or fee payable as a prerequisite to obtaining license plates in
the name of the purchaser of an automobile. The
Board is of the view that such a tax or fee may be
included in the "cash price" of the automobile,
and may be added in computing the "appraisal
guide value" under Part 4 of the Supplement. To
this extent the credit extended may cover such a
tax or fee whether the transaction is an instalment
sale or an instalment loan. This is in accordance
with interpretations issued under earlier versions of
the regulation. The Board is of the further view,
however, that such a tax or fee may not be treated
separately and added in its entirety as part of the
time or loan balance subject to maximum maturity
limitations.
Refinancing of Instalment Sale of Unlisted Article
A question has been presented concerning the
application of Regulation W to the instalment refinancing by a bank or finance company of an instalment obligation which had been made payable
to the vendor by the purchaser of an unlisted
article and which thereafter had been purchased
or discounted by the bank or finance company at
a date subsequent to the sale of the article. In the
case presented the refinancing would be accomplished by the Registrant taking an instalment note
payable to itself which would replace the original
obligation purchased or discounted. Inasmuch as
the transaction between the purchaser and vendor
was not regulated, the Board is of the view that
such refinancing, whether or not evidenced by a
new obligation, likewise would not be a regulated
transaction. In all such cases, however, the Registrant would have a duty under section S(a) of
1613
LAW DEPARTMENT
being able to demonstrate that any such refinancing
on unregulated terms was permissible.
Statement of the Borrower
A recent inquiry received by the Board raised
a question concerning the application of section
4(d) of Regulation W in the case of an instalment
loan for the purpose of purchasing residential repairs, alterations, or improvements covered under
Part 1, Group D of the Supplement to the regulation. The specific question is whether, in the
case of any such loan for which FHA insurance
is sought, the "FHA Title I Credit Application"
form and the "FHA Title I Cash Down Payment
Certificate" form, when both are properly completed by the borrower, are sufficient to satisfy the
requirements of section 4(J) concerning the Statement of the Borrower. The aforementioned forms
are designated, respectively, "Form FH-1, (Rev.
6-50)" and "Form FH-9, Rev. 7-50."
The Board's understanding is that a separate
Credit Application to the lender is required to be
executed by the borrower for each such loan, and
that such Credit Application and a Down Payment
Certificate executed by the borower are required
to be obtained by the lender prior to any disbursement of the loan. The Credit Application form
specifically states that the proceeds of the loan
applied for will be used to finance the repairs or
improvements which the form requires the borrower to describe. It is understood also that the
"total cost," exclusive of financing charges, required to be set out in the Down Payment Certificate represents the actual cost of the repairs or improvements described in the Credit Application,
and that no discrepancy is permitted between this
figure and the cost as revealed by the Credit Application. In addition, it is understood, and the
Down Payment Certificate indicates, that the borrower must specify in such Certificate the amount
of any trade-in or other allowance.
On the basis of the foregoing and from an examination of the FHA forms in question, the
Board is of the view that such forms, when
properly completed by the borrower, are sufficient
to satisfy the requirements of section 4(d) of Regulation W. In such a case, the borrower states the
purpose of the loan and indicates that the entire
proceeds of the loan are to be used for that purpose.
And, as the purpose is to purchase a listed article,
the borrower identifies such article, supplies suf1614
ficient information with respect to its price and
also with respect to any trade-in or allowance. Consequently, in cases of this kind section 4(*/) would
not require of the borrower an additional statement.
Of course, the information reflected in the aforementioned forms when completed by the borrower
will not necessarily indicate compliance with requirements of Regulation W other than section
4(^). For example, in a given case, a down payment greater than the 10 per cent requirement
specified by the Down Payment Certificate may be
necessary under Regulation W. This would occur
by virtue of Group B of the Supplement where a
modernization job would include, for example, the
installation of a kitchen sink unit incorporating a
mechanical dishwasher.
Summary of Interpretations
In view of the fact that Regulation W, which
became effective September 18, 1950, is similar in
very many respects to Regulation W which was in
effect until June 30, 1949, a number of the interpretations which were issued by the Board of Governors before the latter date are applicable under
the present regulation, as amended. These interpretations are summarized below.
The summaries, however, must be treated merely
as examples demonstrating certain principles, and
should be used only as aids in studying the application of the regulation. Since the complete
facts involved in the administrative interpretations
upon which the summaries are based are not set
forth in full in the summaries, there can be no assurance that the facts of any new situations will
be identical with those of the interpretations as
condensed in the summaries. Therefore, caution
should be exercised against reaching a conclusion
in a given case solely on the basis of similarity to
any one of the summaries.
References to sections of the regulation in the
summaries refer to sections of the present regulation which, in some cases, carry different numbers than the earlier regulation. In addition, but
without altering the principles expressed in the
underlying interpretations, some of the summaries
refer to other differences between the present regulation and the earlier regulation.
The summaries are arranged below in approximately the same order as the provisions of the regulation to which they relate.
FEDERAL RESERVE BULLETIN
LAW DEPARTMENT
(1) Registrants may not purchase, discount, or lend
upon nonconforming paper—An obligation arising
out of a bona fide transaction between two individuals not "engaged in the business" as described
in section 2 (a) of the regulation, and consequently
not subject to its requirements, may not subsequently be purchased or discounted or accepted as
collateral by any Registrant if it shows on its face
any failure to comply with the requirements of the
regulation or if the Registrant knows of any fact
by reason of which it fails to comply.
(2) Isolated transaction.—Although an automobile
salesman may sell his demonstrator as an isolated
transaction on terms which do not comply with
the regulation, the dealer-employer, if a Registrant,
may not purchase the resulting obligation unless it
complies with the requirements of the regulation.
Of course, if the relation of the salesman and the
dealer is such that the automobile is in effect the
property of the dealer rather than of the salesman,
the sale would be subject to the regulation.
An organization which purchases substantial
numbers of automobiles for cash and sells them
to its salesmen on a monthly payment plan is "engaged in the business" described in section 2(a) of
the regulation and the sales must comply with the
down payment and other requirements of the regulation.
(3) Advance by an organization to its agent—An
advance made by an organization, such as an insurance company, to one of its agents which is
repayable in instalments is subject to the regulation
to the same extent as any other instalment loan. It
would not be subject to the regulation if it is an
isolated loan made by a company not "engaged in
the business" of making instalment loans; or if it
is exempt under section 7 as, for example, a loan
to an agent to pay office rent or salaries of his employees (section 7(b)).
(4) Registration not required if all credits are exempt—A person need not register as required under
section 2(b) of the regulation if every extension of
consumer credit made by him is exempt from the
provisions of the regulation by section 7.
(5) Re-registering not required upon removal of
office—It is not necessary for a Registrant already
registered to file another registration statement
upon moving its principal office to another Federal
Reserve district.
/
(6) Transfer of equity—Where the original instalment purchaser of a listed article transfers his
DECEMBER
1950
equity to another purchaser by transferring the
article subject to the original debt and lien, the
transfer being arranged directly between the parties
and not by or through any Registrant, the transfer
may be made without restriction under the regulation provided the original purchaser (who is not
a Registrant) remains liable on the contract and
there is no change in the contract except the addition of the signature of the new purchaser. However, if the original purchaser is released, or the
terms of the contract are altered, the same requirements would apply as if the Registrant were making
an ordinary instalment sale of the listed article.
(7) Conversion of noninstalment credit.—Where
an entire credit in good faith originates as and is
evidenced by an obligation payable in a lump sum,
its later conversion to an instalment basis by the
same Registrant does not make it subject to the
regulation as an "instalment credit." It is essential, of course, that the original transaction be in
good faith and not a subterfuge,
(8) Free merchandise and rebates—An instalment
vendor of a listed article is not prohibited by the
regulation from making a bona fide "free" gift of
other merchandise to the buyer of a listed article,
provided the transaction is consummated on the
basis of the "bona fide cash price" of the listed
article. A cash price would not be bona fide if it
were raised to permit the so-called "free" gift, and
such a practice would be an evasive device to circumvent the down payment requirement. In the
latter case the record required by section 3(£)
should show the "bona fide cash price," rather than
the inflated price, on which the customer made the
required down payment and the resulting time
balance; and, if so handled, the "free" gift would
not violate the regulation.
A bona fide discount or rebate on the sales price
of a listed article is not prohibited by the regulation. In such a case the aforementioned record
should show that an article selling at a particular
price was reduced to a price net of discount upon
which the required down payment was obtained.
(9) Insurance relating to listed article.—When insurance relating to a listed article is sold or financed
in connection with the listed article by the Registrant who sells or finances the listed article, the
insurance cannot be treated as a separate exempted
sale of an unlisted article, but must be included
in the "time balance" as required by sections 3(a)
and 6(c), and must be scheduled for repayment
1615
LAW DEPARTMENT
within the applicable maximum maturity as specified in sections 3(a) and 3(£). The same treatment is required in the case of instalment loans.
(10) Service relating to listed article When a
service relating to a listed article is sold or financed
in connection with the listed article by the Registrant who sells or finances the listed article, the
service cannot be treated as a separate exempted
sale of an unlisted article, whether or not the service is covered by a separate contract. The service
must be included as a part of the "cash price" of
the listed article in computing the maximum loan
value or down payment, and must be scheduled
for repayment in the manner applicable to the
listed article. In the usual case, the amount charged
for the service would be essentially a part of the
selling price of the article, and section 8(/)(7)
specifically includes "the bona fide charge for any
services sold or financed in connection with the
article." Section 6{h) regarding evasive agreements also might be relevant in the consideration of
such matters.
(11) Agreement to convert charge account The
sale of a listed article in a charge account with an
agreement or understanding that the credit will
later be converted into an instalment contract
violates sections 3(#) and 6(h).
(12) Delay in delivery—If i n an instalment sale
subject to the regulation the article sold is not going
to be delivered until a date subsequent to the date
of the contract, section 6{b) permits the maximum
maturity to be calculated from the date of delivery; and, except as permitted by section 6(#), the
first instalment shall be scheduled to fall due not
later than one month after the date of delivery
with, of course, the option under section 6(£) of
making the 15-day adjustment permitted by that
section with respect both to the maximum maturity
and the date of the first instalment.
(13) Instalments in decreasing amounts Sections
3(£)(1) and 4(<r)(l) are worded in the alternative.
For example, a first instalment of, say, $65 may be
followed by the remaining permissible number of
scheduled instalments of, say, $25.
(14) Minimum monthly payments.—The $5 minimum monthly payment requirement of sections
3(£), 4(<r), and 5(a) does not prevent the last
scheduled instalment payment of a regulated obligation from being less than $5.
(15) Waiver or skipping of instalment payments.—
A prearrangement in the form of a "side agree1616
ment" or understanding that the first instalment
payment of the time balance arising from an instalment sale will be waived or paid by the Registrant, would contravene section 6(1?) and, in effect,
would constitute provision for refund of a part of
the required down payment contrary to sections
3 and 6(h) of the regulation. In view of the
pertinent sections of the regulation, any arrangement or understanding at the time the credit is
extended providing for the skipping of any instalment payment, including the first, would be
contrary to the regulation unless, of course, the
case were such as might be covered under section 6(a).
(16) Record of instalment sale.—The "record of
an instalment credit" as described in section 6(c)
need not be on a single sheet of paper and need
not use the terminology used in that section. The
cash price may be shown as a total without itemizing taxes and accessories, but the accessories must
be identified.
(17) Financing replacement article.—Where any of
the insurance proceeds received in settlement for
an irreparably damaged listed article are used as a
down payment on a replacement listed article
rather than toward payment of the loan previously
made to finance the purchase of the damaged
article, it would be in violation of the regulation
for a Registrant to make a new advance to the
borrower to purchase a replacement article in an
amount which, when added to the old loan balance,
would exceed the maximum credit value of the
replacement listed article.
(18) Obligation payable to seller orfinancialinstitution.—If the seller of a listed article takes an instalment note in payment, the transaction is a sale
subject to the regulation, whether the note is payable to the seller or to a bank or finance company.
If the seller of an unlisted article takes a note payable to himself, the transaction is exempt from the
regulation because the regulation does not apply
to the sale of an unlisted article. However, if the
seller of an unlisted article takes an instalment note
payable to a bank or finance company, the transaction (depending, of course, upon the principal
amount involved) is subject to the regulation as
an instalment loan.
(19) Balloon note.—A note evidencing an unclassified instalment loan, for example, which calls for
11 equal monthly payments followed by one larger
payment meets the requirements of section 4(c) if,
FEDERAL RESERVE BULLETIN
LAW DEPARTMENT
assuming the maximum permissible maturity to be
15 months, there is an express agreement that when
the twelfth payment falls due, only one-fourth of it
will be paid on that date and the rest will be refinanced into 3 monthly payments in such manner
that the net result will be 15 substantially equal
monthly payments.
(20) Statement of borrower—Where there are
several parties to a note, some of whom are accommodation makers, the Statement of the Borrower required by section 4(J) need be obtained
only from the party who received the proceeds of
the loan.
(21) Loan over $2,500 or $5,000 A loan over
$5,000 is not subject to the regulation even if a
part of it is to he used to pay off an indebtedness
which was subject to the regulation. The renewal or revision of a loan which was originally
more than $5,000 is not subject to the regulation
even though the balance at the time of renewal or
revision is less than $5,000. If instead of renewing
or revising such an obligation, the lender makes
one instalment loan of less than $5,000, part of the
proceeds of which are to be used to pay off the old
obligation, only the part of the loan representing
new money is subject to the regulation. In such
cases, however, it would ordinarily be better practice for the lending institution to keep the two
credits separate. Appropriate modification in the
application of these principles are necessary, of
course, in the light of the provisions of section 7 (a)
of the regulation.
(22) Add-on sale over $2,500 or $5,000.—An add-on
sale of a listed article having a cash price of $900
which is consolidated with an existing obligation
of $4,200 resulting in a total credit of more than
$5,000, is not subject to the regulation, and therefore no down payment is required in connection
with the add-on sale. However, if the total credit
is less than $5,000, the down payment is required.
Appropriate modification in the application of these
principles are necessary, of course, in the light of
the provisions of section 7(a) of the regulation.
(23) Reduction in interest rate—A good-faith reduction in the interest on a pre-September 18, 1950
instalment loan which would be effected simply
by a letter from the lender to the borrower and
which, except for a pro rata scaling down of instalment payments, would not otherwise change or
modify the obligation, would not constitute a "revision" of the loan under section 5(a) of the regulaDECEMBER
1950
tion so as to require compliance with that section.
However, if an instalment loan were one subject
to the regulation, a reduction of interest should not
result in scheduled payments below the minimum
amounts required by sections 4(c) and 5(a)(2).
(24) Defaulted obligations—Section 5(<r)(l) permits a Registrant to renew or revise an obligation
on such terms as he deems necessary in good faith,
where the obligation is in default and the subject
of bona fide collection effort by him and the action
is for his own protection. Only the Registrant
holding the obligation is permitted to make such
renewals or revisions. Another Registrant, however, may discount and receive payments upon an
obligation which prior to discount has been renewed or revised as permitted by this section. The
section also permits a Registrant who has purchased a delinquent instalment obligation and who
has exercised a bona fide collection effort, to revise
the obligation on terms not initially permissible.
Any renewal or revision pursuant to this section
must be the last resort (except, of course, litigation)
and a measure to be taken only after other means
of collection have been exhausted.
(25) Resale of repossessed listed article The fact
that an automobile or other listed article has been
repossessed does not in any way authorize the resale by a Registrant contrary to the requirements
of the regulation, including the down payment or
maximum loan value and instalment payment and
maturity requirements. This rule is contained in
the proviso at the end of section 5(c). It is immaterial that the repossession and sale to a new
purchaser follow a "bona fide collection effort"
rather than an ordinary or other repossession of
the car.
(26) Listed article installed in house.—Section 7
(A)(l) exempts a loan to purchase a house even
if the house is one in which certain listed articles
had previously been incorporated. However, this
section does not exempt a mortgage loan to be used
to purchase a listed article.
In view of section 6(d)> an extension of credit
which combines an exempt credit such as one to
construct a detached garage and a credit subject to
the regulation such as one to finance a listed article
cannot exceed in amount the cost of the garage
plus the cost of the listed article minus the down
payment required thereon by the regulation, and
the instalments in which the credit is payable must
be sufficiently large to repay the balance of the
1617
LAW DEPARTMENT
cost of the listed article within the maturity
specified for the listed article in Part 2 of the Supplement to the regulation.
(27) Credit for mixed purposes—Where an extension of instalment credit arises out of the sale of a
listed article, for example, repairs to a dwelling,
and the conversion of a part of the dwelling into
an office, section 6(d) relating to mixed credits
applies. The sale of the repairs would be subject
to the regulation, while the conversion project
would be exempt.
(28) Sale or delivery on trial—A present instalment sale of a listed article is subject to the regulation in the usual manner without regard to section 6(/). This is true even though a part of the
sales agreement gives the buyer an option to return
the article, instead of paying the price, and thereby
revest in the vendor complete ownership or property in the article. If an agreement of the kind
specified in the second paragraph of section 6(/) is
executed and delivered in connection with an agreement evidencing a present instalment sale, as for
example, a conditional sales contract, and collection by the Registrant of the required deposit or
down payment is delayed, such an arrangement
would not fall within or comply with section 6(/.),
nor would it comply with the requirements of section 3(a) of the regulation. However, where a
listed article or listed-article "demonstrator" is delivered to a prospective instalment buyer and he
must subsequently in some way manifest his acceptance or willingness to buy before ownership
or property in the article or a similar article passes
to him, then the original delivery in such a transaction would be of the type covered by section 6(/).
(29) Delivery prior to down payment.—Where pursuant to a sales promotion arrangement a Registrant sets aside a listed article for a customer pending the accumulation of the required down payment but delivers for the customer's use in the
meanwhile a similar listed article, the transaction
would not comply with the requirements of Regulation W and would be contrary to section 6(/)
and section 6(h).
(30) Side loan to make down payment..—The
words "any other extension of credit" in section
6(() include but are not confined to other extensions of instalment credit.
Section 6(0 refers to the down payment required
by the regulation. Accordingly, if a seller asks for
a larger down payment than is required by the
1618
regulation, this subsection (/) would not prevent
the lender from lending the difference between the
down payment required by the regulation and the
down payment required by the seller.
(31) Additional credit and release of collateral
A Registrant holding an unpaid, unclassified instalment loan secured by a listed article may release such
article for the borrower's use as a trade-in on a new
or different listed article and make an instalment
loan to the borrower for the purpose of purchasing
the new or different article, in the amount of the
maximum loan value thereof, assuming that the
parties act in good faith and that the unclassified
loan is not otherwise changed or modified. If, however, the earlier unpaid instalment loan had been for
the purpose of purchasing a listed article then, under
section 6(0 of the regulation, neither the same
nor another Registrant properly could make the
second loan since, to do so, would constitute an
extension of credit in connection with the purchase of a listed article in excess of that permitted
by the regulation.
(32) Automobile demonstrator exemption. — In
order for the exemption under section 7(c) to
apply to credit extended to an automobile salesman
to finance the purchase of a new automobile for
use principally as a demonstrator: (a) the salesman
must be a bona -fide salesman of new automobiles
of the same make and year as the automobile purchased as a demonstrator—the exemption is not
applicable to salesmen whose sales are confined to
used cars nor to persons who are not employed
principally as salesmen, such as mechanics, parts
clerks, office workers, etc.; (b) the phrase "used by
him principally as a demonstrator" is not intended
to require that the automobile be used principally
for the transportation of his prospective purchasers,
since the phrase may also include the salesman's
use of the automobile for other bona fide demonstration practices.
Because of section S(a), in all such cases the
Registrant, whether the dealer or a financing institution, must have in his or its records a statement
or other record of the facts establishing the exemption of any such paper.
(33) Sale of "demonstrator" automobile,—The sale
of an automobile which has been used and driven
as a "demonstrator" by an automobile dealer or
salesman constitutes the sale of a used automobile,,
even though the automobile has not been previously sold and regardless of whether such sale
FEDERAL RESERVE BULLETIN
LAW DEPARTMENT
occurred before or after the next successive model
change for that make of automobile.
(34) Loans to carry securities.—The word "carrying" in section 7(g) means the refinancing of any
indebtedness originally incurred for the purpose of
purchasing investment securities.
Section 7(g) would not exempt a loan made by
a credit union secured by its shares to enable the
borrower to purchase such shares if there were an
agreement that the borrower would be permitted
to withdraw any portion of the share account at
any time if the credit union felt that the loan was
otherwise adequately secured, because such a loan
would have a dual purpose and not the single
purpose mentioned in section 7(g) and, in addition, the loan would not be fully secured within
the meaning of section 7(^).
(35) Loans to purchase building and loan shares.—
Loans for purposes of purchasing or carrying building and loan shares are exempt from the requirements of the regulation under the last clause of
section 7(g).
(36) Investment securities
Savings passbooks
are not "investment securities" under section 7(g).
(37) Orthopedic and related devices exempted
Loans to finance purchases of artificial limbs, hearing aids, contact lenses, other such corrective appliances, and wheelchairs would qualify for exemption under section 7(/) if the statement required
by that section clearly indicates in addition to the
other information the use to which the proceeds
are to be put.
(38) Preservation of records.—The requirement
of section %{d) of Regulation W that the Registrant
preserve relevant documents for the "life of the
obligation to which they relate," includes the "Statement of the Borrower" required under section 4(d).
The term "obligation" as used in section S(a)
means the original obligation with respect to which
the Statement of Borrower was procured and, therefore, does not require the preservation of the Statement executed in connction with such original
obligation after a new obligation has arisen by
virtue of a revision of the old credit.
(39) Consumer-violator—A consumer who knowingly violates or induces violations ©£ the regulation may subject himself to criminal penalties.
(40) Bank discounting obligation—A bank which
purchases or discounts an obligation is not required
to ascertain whether the seller is licensed under
the regulation.
DECEMBER
1950
If a bank lends to a finance company on the
security of instalment obligations arising from sales
of listed articles, there could be no violation of the
regulation in making such a loan or receiving payments on the loan from the finance company so
long as the payments do not arise directly from
the underlying obligations held as collateral. However, if and when the bank wishes to resort to the
collateral and to obtain payments directly out of the
underlying obligations, it may not do so unless the
requirements of section 8((?)(2) were met.
(41) Verification of loan value.—A bank or finance
company purchasing or discounting automobile instalment paper is not required by section S(e)(2)
of the regulation to check appropriate appraisal
guides to verify that the instalment credit extended
does not exceed two-thirds of the appraisal guide
value in cases where the appraisal guide value is
lower than the "cash price." Of course, if it appeared from the face of the obligation or accompanying papers, or if the Registrant knew from
any other source, that the maximum credit value
was exceeded, then the Registrant would not be
entitled to the benefits of section 8(e)(2) with
respect to such obligation.
(42) Effective date—-pre-September 18, 1950, contract—The delivery of a new, more expensive listed
article to replace a defective less expensive listed
article which was purchased on an instalment
basis prior to September 18, 1950, is a new instalment sale and is subject to the provisions of the
regulation, but any payments already made on the
defective article may be credited against the down
payment required by the regulation on the new
article.
(43) Single payment or instalment credit—-An extension of credit, which upon its face is repayable
in only one scheduled payment, is an extension of
instalment credit if at the time it is made the lender
and the borrower have an understanding that the
borrower will be required to make only a partial
payment at maturity and that the balance will be
renewed.
This would be true also where the single payment
obligation was created prior to September 18, 1950,
and the agreed instalment arrangements were not
completed until after that date and involved the
substitution of new or different paper for the
original evidence of debt. Here, of course, the
original obligation, including the instalment ar1619
LAW DEPARTMENT
rangements, would constitute a pre-September 18,
1950, contract.
However, if a Registrant makes a sale on credit
under an agreement which does not expressly provide for instalment payments by the customer, the
transaction need not be treated as an "instalment
sale" even though the customer has previously made
partial, divided, or serial payments in his account,
or, regardless of previous practice, indicates an intention to do so in this instance, provided there is
no bilateral understanding between the customer
and the seller that the customer is required to make
payments in such manner. Likewise, an ordinary
bank loan evidenced by a promissory note payable
in full at maturity is not an "instalment" loan subject to the regulation even though the bank may
anticipate that at the maturity of the note it may
accept partial payment and a renewal note, provided the bank makes no commitment to do so
and the transaction is entered into in good faith
and not as a means of evading the regulation.
(44) Joint instalment sale to several purchasers
An arrangement, which may be described for the
sake of illustration as follows, would be subject to
Regulation W. An automobile dealer would sell
three automobiles to three different purchasers with
payment to be made in instalments, the three purchasers would become jointly and severally liable
for the entire amount of credit involved in the
three sales, and each one of the purchasers would
be indemnified by a surety bond against defaults
by his joint obligors. The total credit would exceed $5,000, but the amount involved with respect
to each automobile would be less than $5,000.
Viewed in its entirety, the transaction would
really involve three instalment credits, each less
than $5,000, and could not properly be regarded as
a single credit of more than $5,000.
(45) Accessories sold with automobiles.—Where a
new automobile is sold equipped with accessories,
such as radio and heater, the cost of the accessories
is part of the "cash price" of the automobile under
section 8(/)(7), and the maximum loan value is
limited to two-thirds of the total cash price.
(46) "Cash price" established by instalment seller.
—Where a Registrant offers an article at either a
cash price or a time price, the cash price being
below the dollar amount specified in Part 1 of the
Supplement to the regulation and the time price
above that amount, a down payment would not,
be necessary if the article is in fact offered for
1620
sale for cash at the "cash price" under such circumstances as to give each customer reasonable
notice of the offer and reasonable opportunity to
accept it.
(47) Repairs and replacement parts—Repairs and
replacement parts for automobiles, refrigerators,,
and other articles listed in Groups A, B, or C are
not themselves listed articles.
(48) Automobiles—The classification "automobiles" includes station wagons and the "Jeep Station
Wagon" (trade name). It does not include trailers^
ambulances, hearses, or jeeps.
The classification "automobiles" includes the
Chevrolet "Carry-all Suburban," the Willys-Overland " Jeep' Utility Wagon," the GMC "Suburban"
and other similar automobiles even though they are
used or registered commercially or have certain
heavy-duty or truck features or removable seats,,
since they are designed for the purpose of transporting less than 10 passengers.
(49) Cooking stoves and ranges—The classification "Cooking stoves and ranges" includes table
model roasters and cookers. It does not include
cooking and baking equipment designed for commercial use in restaurants and hotels, or a deep fat
fryer designed for such use.
(50) Ironers—The classification "Ironers designed for household use" does not include hand
irons.
(51) Refrigerators—The classification "Refrigerators and food freezers, mechanical" includes a
system consisting of one or more cabinets with a
separate mechanical refrigeration unit serving these
cabinets. It does not include a locker in a locker
plant; nor cabinets to hold or display ice cream or
other products for sale; nor water coolers, nor milk
coolers not designed for household use, nor automatic vending machines which cool as well as dispense soft drinks.
(52) Washing machines—A "Commercial model"
automatic washer incorporating certain "heavy
duty" features and equipped with a coin-operating
device is a listed article within the meaning of
Regulation W if it is of a type readily adaptable
for household use and is not designed exclusively
for commercial use.
(53) Radius, television sets, phonographs The
classification "Radio # * * receiving sets" does not
include radio transmitting sets or combination radio
transmitting and receiving sets.
The classification "Phonographs or combinations"
FEDERAL RESERVE BULLETIN
LAW DEPARTMENT
includes an automatic record player designed to play
more than the usual number of records without
repeating or changing and incorporating other
unusual technical features but readily adaptable
for household use and not designed exclusively for
commercial use.
The classification "Television receiving sets" includes sets suitable for private or home use even
though they may be commonly used commercially.
This is true, in the absence of other facts, even
though they may have exceptionally large screens
or cabinets and may be equipped with a coinoperating device.
(54) Furniture—The classification "Furniture"
includes an ice refrigerator regardless of the use to
which it is to be put, unless its design and construction are such that it is clearly usable only for commercial purposes; it includes mirrors, unpainted
furniture, kitchen or breakfast room sets, swings,
and a prefabricated decorative fireplace not suitable
for heating purposes. The classification "Furniture" does not include kitchen cabinets, pictures,
chinaware, cooking utensils, or silver-plated flatware. Furniture of the type used in households is
subject to the regulation even though the particular
piece may be sold for use in an office, hospital, store,
or other commercial building.
(55) Small deficiences in down payments.—Deficiencies in down payments, even in small amounts,
are not permissible, except as permitted by section
6(e) of the regulation.
(56) Excess down payment.—A purchaser who has
made a down payment in excess of the amount
required by the regulation may not later have the
excess applied as part of the down payment on
another listed article.
(57) Calculating down payment on automobiles.—
The equity in a used car may be used as a down
payment on another car, and for this purpose the
dealer may accept the first car and pay off the
contract on it. However, if the owner obtains a
loan to pay off the contract on his old car, and in
addition uses the car as a trade-in, the loan would
violate section 6(/).
Where a fictitious amount is added to the price
of an automobile and is later eliminated from the
price actually paid by the purchaser (either by an
increase in trade-in allowance or by way of discount
or otherwise) the "cash price" of the automobile
under section 8(/)(7) and Part 4 of the Supplement,
does not include the fictitious amount thus added.
DECEMBER
1950
(58) Calculating down payment on Group B listed
articles—When an article is traded in on a listed
article other than an automobile, Part 5 of the
Supplement requires that the value of the article
traded in (or the value of the purchaser's equity in
it) be deducted in order to ascertain the net price
to be used in calculating the down payment or loan
value of the article being purchased. However,
Part 5 of the Supplement does not prohibit the
seller from taking back an article which is unsatisfactory to the purchaser if the seller allows the full
purchase price as a credit against the price of the
new article. Of course, if the price of the new
article in such a case is inflated in order to offset
depreciation in the original article, the transaction
would violate Part 5 of the Supplement and section
6(h).
Residential Real Estate Credit
House Trailers
The question has been raised whether Regulation
X applies to extensions of credit in connection with
sales of house trailers. It is the view of the Board
that such extensions of credit are subject to the
regulation where the trailers are to be used for
dwelling purposes and the wheel assemblies are to
be detached and the trailer placed on a foundation
constructed on real property.
Maximum Maturity
The maturity provision in the Supplement to
Regulation X provides that no credit subject to the
regulation shall have a maturity of more than 20
years (or, in some cases, 25 years) from the date
such credit is extended. In trade practice, provision
often is made for the payment of the first instalment
on a loan on the first day of the second calendar
month after the month in which the credit was
extended. For example, if the credit was extended
on October 25, the first instalment would become
due on December 1.
In order to permit this practice, in calculating the
maximum maturity of credit subject to the regulation, a Registrant may, at his option, use any date
not more than 32 days subsequent to the date such
credit is extended.
Short-Term Construction Credit
In answer to questions that have been raised concerning the exemption in the first sentence of section
1621
LAW DEPARTMENT
5 (b) of Regulation X for short-term construction
credits having a maturity of not more than 18
months, it is the opinion of the Board (1) that a
demand note complies with the 18 months' maturity
limitation if it is understood by the parties that
payment will be demanded within a reasonable
time and in any event within 18 months from the
date the credit is extended; and (2) that a note
having a maturity of less than 18 months may be
renewed pending completion of construction if the
date of maturity of the renewal is not more than
18 months after the date the credit originally was
extended.
Exemptions for Contemplated Construction
It is the view of the Board that exemptions under
section 5(g) of Regulation X should not be granted
unless there is a clear showing of substantial hardship. The mere fact that a builder or other person
may have made substantial commitments or undertakings before August 3 is not sufficient basis for
the granting of an exemption unless he is also able
to show that he will suffer substantial hardship if
he has to comply with Regulation X in obtaining
credit rather than obtaining it on the basis previously contemplated by him and the Registrant.
The builder or other person must also be able to
show that he had contacts or negotiations with a
Registrant prior to August 3, 1950, with a view to
possible subsequent agreement for extension of
credit to such builder or other person. Section 5(g)
relates only to the credit to finance new construction
which is extended to the builder or other person
who made substantial commitments or undertakings
before August 3 and the provision does not apply
to credit involved in a subsequent sale of the property by such builder or other person.
Modification of Pre-effective Date Firm Commitment
Section 6(b) of Regulation X provides that the
provisions of the regulation shall not apply to or
affect any credit extended pursuant to any firm
commitment to extend credit made prior to the
effective date of the regulation. Questions have
been raised concerning the application of this provision where firm commitments made prior to the
effective date of the regulation are modified subsequent to that date by (1) substituting a new borrower for the one named in the commitment, (2)
increasing the amount which the Registrant is committed to lend in order to cover increases in con1622
struction costs, or (3) extending the time within
which the Registrant is committed to make the
loan. It is the Board's opinion that credit extended
pursuant to such a modification of a prior commitment is not exempt from Regulation X except in
the case of reasonable extensions of time in accordance with customary practices where the closing of
loans is delayed by title difficulties, unforeseen
delays in the completion of construction, or comparable circumstances.
Motels and Tourist Courts
In reply to inquiries concerning the application of
Regulation X to motels and tourist courts, it is the
Board's opinion that the fact that a structure is
used, serving or designed for transient or temporary
occupancy, rather than permanent occupancy, does
not prevent the structure from being a residence
within the meaning of section 2(\) of Regulation X.
However, in accordance with the provisions of the
Supplement to Regulation X, the maximum loan
value may be applied separately with respect to each
structure if the Registrant so desires.
Allowance for Builder's Profit and Costs of Sale
Section 2(7) of Regulation X provides that, in
certain circumstances, the "value" of residential
property shall be "the bona fide cost of the property
to the borrower, including a bona fide estimate of
the cost of completing new construction on such
property when the extension of credit is for the
purpose of financing such new construction." Questions have been raised concerning the inclusion of
builder's profit and sales cost in determining
"value" in cases where, in lieu of obtaining shortterm construction credit which would be refinanced
upon the sale of the houses, a builder constructing
houses for sale seeks long-term mortgage loans for
the purpose of financing the construction of the
houses and with the expectation that the houses
will be sold subject to such indebtedness. It is the
Board's view that in such cases a reasonable builder's profit and a reasonable estimate of the cost
of selling the houses may be included as a part of
the cost to the borrower (builder) for the purposes
of determining "value" under the above-mentioned
provision of Regulation X. However, in connection with the sale of the houses, consideration
must be given to the provisions of section 4(<z)(6)
of Regulation X relating to the sale of property by
a Registrant subject to indebtedness which exceeds,
FEDERAL RESERVE BULLETIN
LAW DEPARTMENT
or as a result of such sale would exceed, the applicable maximum loan value of such property.
Preservation of Records
Records required by section 6(d) of Regulation X
to be preserved for a period of three years need
not be preserved after the repayment of the credit
to which they relate; and, in the event that a person
sells or transfers a credit instrument and delivers
records relevant thereto to the purchaser or transferee, the requirement that such person preserve
such records will be satisfied if he keeps a record of
the identity of the purchaser or transferee and the
date of the sale or transfer.
Fraternity House
It is the Board's opinion that a structure which
is used, serving or designed as a fraternity house is
"used, serving or designed for dwelling purposes;"
and, accordingly, if such structure does not include
more than two family units, it is a "residence"
within the meaning of section 2(^) of Regulation
X. While it is recognized that there may be exceptional cases in which, depending on the particular facts involved, a fraternity house might not
be a "residence," it is the Board's view that the
DECEMBER
1950
usual type of fraternity house does not include
more than two family units and, therefore, would
be subject to the provisions of Regulation X.
Maximum Maturity of Converted Short-Term
Construction Credit
A loan of the kind described in the second
sentence of section 5{h) of Regulation X will be
deemed to comply with the requirements of that
sentence insofar as maturity and amortization are
concerned if the terms of repayment are such that,
commencing on a date within 32 days from the
date of completion of construction, the loan will
thereafter conform with the maturity and amortization requirements set forth in the Supplement to
Regulation X. Thus, in a case where the 20-year
maturity limitation is applicable, the requirements
will be satisfied if the terms of the loan are such
that, in the event construction is completed, for
example, during the month of March 1951, the
loan is to be fully repaid by equal monthly payments commencing on May 1, 1951, and ending
on April 1, 1971. The foregoing assumes, of course,
that the loan agreement provides that in any event
the loan will be brought into conformity with Regulation X not later than 18 months after it is made.
1623
FINANCIAL, INDUSTRIAL, AND COMMERCIAL STATISTICS
UNITED STATES
PAGE
Member bank reserves, Reserve Bank credit, and related items
Federal Reserve Bank discount rates; rates on industrial loans; rates on
time deposits; reserve requirements; margin requirements. . . .
Federal Reserve Bank statistics
Deposits and reserves of member banks; bank suspensions. ..
Money in circulation
Bank debits and deposit turnover; Postal Savings System. .
All banks and the money supply
All banks in the United States, by classes
All insured commercial banks in the United States, by classes. .
Weekly reporting member banks
,
Number of banking offices on Federal Reserve par list and not on par list
Commercial paper, bankers5 acceptances, and brokers' balances. .
Money rates; bank rates on business loans; bond yields..
Security prices and new issues
Corporate sales, profits, and dividends. .
Treasury
finance
Government corporations and credit agencies. .
Business indexes
Department store statistics. .
Cost of living
Wholesale prices
Gross national product, national income, and personal income. .
Consumer credit statistics. . . .
.
Current statistics for Federal Reserve chart books. .
November crop report, by Federal Reserve districts. .
1629-1630
1630-1631
1632-1636
1636-1637
1638-1639
1639
1640
1641-1643
1644-1645
1646-1649
1650
1651
1652
1653-1654
1655-1656
1657-1659
1660
1661-1670
1671-1674
1674
1675
1676-1677
1678-1680
1681-1685
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
MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS
BILLIONS OF DOLLARS
WEDNESDAY FIGURES
-IONS OF DOLLARS
MONEY
IN CIRCULATION
I
RESERVE BANK
CREDIT
MEMBER BANK
RESERVE BALANCES
TREASURY CASH AND DEPOSITS
NONMEMBER DEPOSITS
1942
1943
1944
1945
1946
1947
1948
1949
1950
1949
1950
TOTAL RESERVE BANK HOLDINGS
OF U. S. GOVERNMENT SECURITIES
I
15
10
0
NOTES AND
CERTIFICATES
!
>*£
1942
1628
1943
1944
1945
1946
1947
1948
Wednesday figures, latest shown are for Nov. 29. See page 1629.
FEDERAL RESERVE BULLETIN
MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS
[In millions of dollars]
Reserve Bank credit outstanding
U. S. Government
securities
Date or period
Discounts
and
advances
All
other1 Total
Gold
stock
Treasury
currency
outstanding
Money
in circulation
Member bank
reserve balances
TreasOther
ury deTreas- posits Non- Federal
ury
with
memRecash Federal ber
de- serve
holdReposits
ReExacings
Total quired2
serve
counts
Banks
Total
Bills,
certifiBonds cates,
and
notes
112
109
122
138
17,961
17,779
17,666
17,403
7,538 10,423
7,538 10,241
7,538 10,128
7,538 9,865
332
414
369
292
18,406 24,604
18,301 24,604
18,157 24,585
17,833 24,584
4,593
4,592
4,591
4,591
27,476
27,546
27,427
27,328
,321
,296
,310
,313
612
554
317
374
1,075
1,247
1,142
1,163
734
734
732
732
16,384
16,119
16,405
16,098
15,242 1,142
15,211
908
15,330 1,075
15,314
784
Nov.
Nov,
Nov,
Nov,
Nov,
611
319
124
133
321
17,533
17,706
17,789
17,669
17,682
7,536 9,997
7,535 10,171
7,532 10,257
7,513 10,156
7,513 10,169
272
160
438
289
263
18,416 24,583
18,185 24,532
18,351 24,530
18,091 24,530
18,267 24,479
4,591
4,592
4,592
4,596
4,596
27,382
27,528
27,397
27,508
27,543
,318
,312
,323
,315
,317
545
415
408
410
517
1,219
1,220
1,224
1,306
1,238
690
690
690
691
689
16,437
16,145
16,432
15,987
16,038
15,319 1,118
15,262
883
15,346 1,086
15,361
626
15,367
671
Dec.
7.
Dec. 14.
Dec. 21.
Dec. 28.
407
107
128
142
17,931
18,169
18,538
18,789
7,512
7,512
7,237
7,231
10,419
10,657
11,301
11,558
289 18,628 24,477
455
24,476
842 19,508 24,427
448 19,379 24,427
4,596
4,596
4,595
4,598
27,699
27,701
27,833
27,765
,309
,314
1,309
1,314
441
393
1,027
987
1,271
1,273
1,267
1,281
690
690
756
758
16,291
16,433
16,337
16,299
15,395
15,561
15,523
15,462
1950—Jan. 4.
Jan. 11.
Jan. 18.
Jan. 25.
95
99
97
121
18,829
18,230
17,872
17,764
7,212
7,165
7,134
7,130
11,617
11,065
10,738
10,634
547
315
414
416
19,471 24,427
18,644 24,426
18,383 24,426
18,300 24,425
4,597
4,596
4,596
4,596
27,551
27,311
27,121
26,913
1.319
1,313
1,315
1,321
547
255
381
539
1,304
1,382
1,380
1,408
719
719
719
721
17,055
16,686
16,487
16,419
15,597 1,458
15,593 1,093
15,630
857
15,617
802
Feb.
1.
Feb.
8.
Feb. 15.
Feb. 21.
456
223
267
94
17,855
17,656
17,781
17,625
7,103 10,752
6,969 10,687
6,920 10,861
6,887 10,738
309 18,620 24,395
267 18,146 24,345
533
24,343
373 18,092 24,345
4,599
4,598
4,598
4,598
26,928
26,985
26,993
27,019
1,318
1,313
1,313
1,311
637
366
671
380
1,478
1,432
1,419
1,419
721
727
728
731
16,532
16,265
16,400
16,176
15,534
998
15,456
809
15,383 1,017
15,428
748
Mar. 1.
Mar. 8.
Mar. 15.
Mar. 22.
Mar. 29.
314 17,757
87 17,846
71 17,791
186 17,573
365 17,516
6,840
6,804
6,615
6,529
6,415
10,917
11,042
11,176
11,044
11,101
383
431
402
277
263
18,454 24,345
18,363 24,345
24,320
18,036 24,271
18,144 24,246
4,600
4,601
4,601
4,600
4,599
27,060
27,105
27,023
26,972
26,969
1,316
1,322
1,307
1,308
1,321
555
433
9
759
997
1,444
1,454
1,315
1,139
1,155
736
739
759
761
766
16,288
16,258
16,771
15,969
15,782
15,347
941
15,261
997
15,405 1,366
15,324
645
15,268
514
Apr. 5.
Apr. 12.
Apr. 19.
Apr. 26.
168
160
137
218
17,572
17,597
17,410
17,640
6,357 11,215
6,327 11,270
6,220 11,190
6,204 11,436
392
311
381
282
18,132 24,246
18,068 24,247
17,928 24,247
18,141 24,247
4,601
4,600
4,600
4,600
27,133
27,072
26,992
26,962
1,317
1,313
1,319
1,316
622
587
647
833
1,167
1,177
1,261
1,208
769
769
771
772
15,971
15,996
15,786
15,898
15,209
15,248
15,265
15,243
762
748
521
655
May
May
May
May
May
121
90
79
106
306
17,711
17,591
17,401
17,290
17,389
6,098
5,976
5,911
5,854
5,802
11,613
11,615
11,490
11,436
11,587
359
297
521
288
239
18,192 24,247
17,978 24,249
18,001 24,230
17,683 24,230
17,935 24,231
4,602
4,602
4,601
4,601
4,606
27,051
27,041
26,980
26,908
27,090
1,326
1,318
1,294
1,292
1,309
287
678
314
533
293
426
246
428
588 1,254
713
717
716
718
718
15,986
15,907
16,123
15,922
15,814
15,224
15,147
15,275
15,305
15,288
762
760
848
617
526
17,672 5,726
17,693 5,681
17,679 5,650
18,217 5,644
11,946
12,012
12,029
12,573
377 18,143 24,232
498 18,270 24,232
508
24,231
281 18,567 24,230
4,605
4,604
4,604
4,608
27,079
26,993
26,926
27,026
1,309
1,304
1,294
1,306
472
319
529
866
1,321
1,447
1,395
1,441
733
735
784
778
16,067
16,309
16,169
15,988
15,350
15,433
15,522
15,462
717
876
647
526
Wednesday
figures:
1949—Oct. 5.
Oct. 12.
Oct. 19.
Oct. 26.
3.
10.
17.
24.
31.
94
79
74
69
896
872
814
837
July 5.
July 12.
July 19.
July 26.
83
65
199
350
18,586
18,294
17,869
17,964
5,555
5,411
5,286
4,997
13,031
12,883
12,583
12,967
281 18,950 24,231
399 18,757 24,207
407
24,207
322 18,636 24,157
4,607 27,315
4,606 27,169
4,606 27,029
4,605 26,915
1,302
1,309
1,310
1,315
645
383
525
504
1,470
1,457
1,462
1,439
802
804
804
809
16,254
16,448
16,157
16,415
15,463
15,544
15,527
15,585
791
904
630
830
Aug. 2.
Aug. 9.
Aug. 16.
Aug. 23.
Aug. 30.
301
263
106
115
107
18,143
18,349
18,334
18,577
18,584
4,860
4,791
4,691
5,440
6,551
13,283
13,558
13,643
13,137
12,033
318
292
449
191
288
18,762 24,136
18,904 24,035
23,954
18,883 23,803
18,979 23,752
4,609
4,608
4,608
4,609
4,611
27,000
27,015
26,976
26,963
27,042
1,304
1,309
1,309
1,308
1,308
564
667
717
562
676
1,487
1,431
1,392
1,272
1,304
757
759
759
748
728
16,395
16,366
16,298
16,442
16,285
15,553
15,535
15,613
15,686
15,767
842
831
685
756
518
Sept.
Sept.
Sept.
Sept.
6.
13.
20.
27.
99
71
51
120
18,942 7,284 11,658
19,064 8,233 10,831
18,526 3,731 14,795
19,353 3,773 15,580
396
529
591
601
19,438 23,577
19,665 23,576
19,169 23,525
20,075 23,474
4,613
4,613
4,613
4,614
27,259
27,151
27,081
27,060
1,311
1,305
1,301
1,307
511
648
654
1,144
1,220
1,182
1,204
1,190
716
703
768
762
16,611
16,865
16,299
16,699
15,747
15,934
15,946
15,837
864
931
353
862
4.
11.
18.
25.
45
68
39
50
19,375 3,824 15,551
19,507 3,923 15,584
19,506 3,979 15,527
19,229 4,058 15,171
552
470
881
473
19,972 23,482
20,044 23,432
20,426 23,291
19,753 23,290
4,617
4,618
4,617
4,618
27,188
27,339
27,228
27,121
1,308
1,316
1,313
1,300
848
508
449
420
1,288
1,332
1,292
1,367
813
810
807
805
16,626
16,789
17,245
16,649
15,848
778
15,829
960
15,995 1,250
15,962
687
Nov. 1..
Nov. 8..
Nov. 15..
Nov. 22..
Nov. 29..
111
291
71
247
240
4,198
4,271
4,281
4,268
4,346
458
251
675
619
692
19,860 23,249
19,853 23,198
20,171 23,148
20,162 23,097
20,501 23,037
4,622
4,622
4,621
4,622
4,626
27,219
27,388
27,296
27,450
27,543
,304
,292
,304
,281
1,298
452
298
341
541
564
1,335
1,324
1,199
1,242
1,218
748
748
745
745
742
16,674
16,625
17,054
16,622
16,799
15,947
727
15,906
719
16,044 1,010
542
16,080
683
16,116
Oct.
Oct.
Oct.
Oct.
19,291
19,311
19,425
19,296
19,569
15,093
15,040
15,144
15,028
15,223
P Preliminary.
Includes industrial loans and acceptances purchased shown separately in subsequent tables.
Wednesday figures and end-of-month figures (shown on next page) are estimates.
Backfigures.—SeeBanking and Monetary Statistics, Tables 101-103, pp. 369-394; for description, see pp. 360-366 in the same publication.
1
8
DECEMBER 1950
1629
MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS—Continued
[In millions of dollars]
Member bank
reserve balances
R 2se rve Bank credit outstanding
Date or period
End of periods
1929—June 2 9 . . .
1933—June 3 0 . . .
1939—Dec. 3 0 . . .
1941—Dec. 3 1 . . .
1945—Dec. 3 1 . . .
1946—Dec. 3 1 . . .
1947—June 3 0 . . .
Dec. 3 1 . . .
1948—June 3 0 . . .
Dec. 3 1 . . .
1949—June 30. . .
1949
Oct
Nov. .
Dec
Tan
Feb
Mar.......
Apr,
May .
June
July
Aug
Sept
Oct
Nov
1950
Averages of
daily figures:
1949—Sept
Oct
Nov
1950—Sept
Oct.
Nov
U. S» Government
securities
Discounts
All 1
Bills,
and
Total
certifi- other
advances Total Bonds cates,
and
notes
1,037
216
164 1 ,998
2
7 ,484
3 2 ,254
249 24 ,262
163 23 ,350
70 21 ,872
85 22 ,559
265 21 ,366
223 23 ,333
103 19 ,343
283
321
78
145
131
225
113
306
43
220
83
72
116
162
17 ,316
17 ,682
18 ,885
17 ,827
17 ,746
17 ,592
17 ,796
17 ,389
18 ,331
17 ,969
18 ,356
19 ,572
19 ,252
19 ,693
164
136
215
96
67
145
17 ,441
17 ,643
17 ,664
18 ,946
19 ,365
19 ,381
71
441
351
1
1 467
947
753
727
2 853
145
1,557
1,133
787
23,315
22,597
21,145
19,706
6 ,206 15,160
10 ,977 12,356
7 ,780 11,563
7 ,536 9,780
7 ,513 10,169
7 ,218 11,667
7 ,112 10,715
6 ,857 10,889
6 ,397 11,195
6 ,155 11,641
5 ,802 11,587
5 ,618 12,713
4 ,888 13,081
6 ,768 11,588
3 ,793 15,779
4 ,180 15,072
4 ,364 15,329
7 ,649
7 ,538
7 ,258
5 ,546
3 ,968
4 ,273
9,792
10,105
10,136
13,400
15,397
15,108
Gold
stock
TreasTreasdeury Money Treas- ury
posits
ury
cur- in cirwith
cash federal
rency culaoutholdRetion
standings
serve
ing
Banks
4 ,459
5 ,434
7 ,598
11 ,160
28 ,515
28 ,952
28 ,297
28 ,868
27 ,903
28 ,224
27 ,493
147
58
102
104
580
581
228
536
268
542
250
1,400
2,220
2,593
2,361
25,091
24,093
22,170
23,181
21,900
24,097
19,696
4 ,037
4 ,031
17 ,644
22 ,737
20 ,065
20 ,529
21 ,266
22 ,754
23 ,532
24 ,244
24 ,466
2
2
2
3
4
4
4
4
4
4
4
261
263
536
354
349
253
392
239
329
381
695
431
783
17,860
18,267
19,499
18,326
18,226
18,070
18,301
17,935
18,703
18,466
18,820
20,340
19,798
20,638
24 ,584
24 ,479
24 ,427
24 ,395
24 ,345
24 ,246
24 ,247
24 ,231
24 ,231
24 ,136
23 ,627
23 ,483
23 ,249
4 592
4 596
4 ,598
4 ,599
4 ,602
4 ,602
4 ,603
4 ,606
4 ,607
4 ,609
4 ,613
4 ,618
4 ,623
352
361
347
568
613
633
17,957
18,139
18,226
19,610
20,044
20,159
277
P23
,037
24 ,637
24 ,596
24 ,533
23 ,560
23 ,366
23 ,157
019
286
963
247
339
562
552
562
565
589
597
27 ,407
27 ,543
27 ,600
26 ,941
27 ,068
27 ,042
27 ,048
27 ,090
27 ,156
27 ,010
27 ,120
27 ,161
27 ,228
,626 P27 ,590
4 ,592
4 ,592
4 ,593
4 ,613
4 ,618
4 ,622
27
27
27
27
27
27
,451
,456
,477
,154
,233
,380
204
264
2 ,409
2 ,215
2.,287
,272
1 ,314
3 ,336
1L,327
1L.325
]L,307
Other
Federal
Reserve
Total
accounts
NonmemDer deposits
28
36
166
35
653
634
867 1 ,360
977 1 ,308
822
393
881
756
961
870
859
1,928
1,123 1 ,189
941
438
374
346
251
291
495
607
629
563
592
590
713
2 , 356
2 , 292
1 1 , 653
12, 450
1 5 , 915
16, 139
16, 112
17, 899
17, 389
20 479
17 867
JL.307
1,317
1,312
1,311
1,310
1,315
L.308
1,309
[,298
1,304
1,304
1,322
,295
595
517
821
677
666
1,006
858
588
950
566
733
1,114
569
714
1 ,187
1 ,238
1 ,517
1 ,460
1 ,426
1 ,132
1 ,347
1 ,254
1 ,431
1 ,443
1 ,190
1 ,374
1 ,315
1 ,206
690
689
706
720
730
766
712
718
771
759
724
759
749
738
15
16
16
16
15
15
15
15
15
16
15
16
16
16
1,310
1,305
1,311
1,303
1,305
1,290
649
555
457
749
590
450
990
1 ,171
1 ,296
1 ,235
1 367
1 ,331
703
727
691
740
803
746
16 083
16 ,113
16 ,119
16 ,602
16 ,731
16 ,742
p
850
038
568
211
973
657
878
814
934
129
989
709
514
763
ExRequired2 cess8
2
1
6
9
14
15
15
16
16
19
16
333
817
444
365
457
577
374
400
647
277
919
23
475
5,209
3,085
1,458
562
738
1,499
742
1,202
948
15 261 589
15 367 671
15 550 1,018
15 513 698
15 ,390 583
15 ,150 507
15 ,202 676
15 ,288 526
15 ,498 436
15 ,534 595
15 ,770 219
15 ,821 888
15 ,925 589
16 ,114 649
15 ,161
15 ,251
15 ,308
15 ,837
15 ,889
922
862
811
765
842
For footnotes see preceding page.
MAXIMUM RATES ON TIME DEPOSITS
[Per cent per annum]
MEMBER BANK RESERVE REQUIREMENTS
[Per cent of deposits]
Net demand deposits 1
Nov. 1, 1933- Feb. 1, 1935- Effective
Jan. 31, 1935 Dec. 31, 1935 Jan. 1,1936
Effective date
of change
Savings deposits
Postal Savings deposits
Other deposits payable:
e In 6 months or more
In 90 days to 6 months. . .
In less than 90 days
2%
I"
1
NOTE.—Maximum rates that may be paid by member banks as
established by the Board of Governors under provisions of Regulation Q. Under this Regulation the rate payable by a member bank
may not in any event exceed the maximum rate payable by State
banks or trust companies on like deposits under the laws of the State
in which the member bank is located. Maximum rates that may be
paid by insured nonmember banks as established by the F.D.I.C,
effective Feb. 1, 1936, are the same as those in effect for member banks.
MARGIN REQUIREMENTS 3
[Per cent of market value]
Prescribed in accordance with
Securities Exchange Act of 1934
Regulation T:
For extensions of credit by brokers
and dealers on listed securities
Regulation U:
For loans by banks on stocks
1
Jan. 21, Feb. 1, Effec19461947tive
Jan. 31, Mar. 29, Mar. 30,
1947
1949
1949
100
100
100
75
75
75
50
50
50
Regulations T and U limit the amount of credit that may be extended on a security by prescribing a maximum loan value, which is a
specified percentage of its market value at the time of the extension; the
"margin requirements" shown in this table are the difference between
the market value (100%) and the maximum loan value.
Backfigures.—SeeBanking and Monetary Statistics, Table 145, p. 504,
and BULLETIN for March 1946, p. 295.
1630
Central
reserve
city
banks
1917—June 21
1936—Aug. 16
1937—Mar. 1
May 1
1938—Apr. 16
1941—Nov. 1
1942—Aug. 20
Sept. 14
Oct. 3 .
1948—Feb. 27
June 11
Sept. 16
Sept. 24
1949—May 1
May 5
June 30
July 1
Aug. 1
Aug. 11
Aug. 16
Aug. 18
Aug. 25
Sept. 1
In effect Dec. 1, 1950 4
Reserve
city
banks
Time
deposits
(all
Country
banks
member
banks)
10
15
20
if
20
14
12
14
-..
16
26
22
*24*
21
20
15*
14
13
2SH
19X
'23'"
19*"
3
22
22
18 2
18
12
85
25
12
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
(also minus war loan and series E bond accounts during the period
Apr.
13, 1943-June 30, 1947).
2
Requirement became effective at country banks. 8 Requirement
became
effective at central reserve and reserve city banks.
pg
4
Present legal minimum and maximum requirements on net demand
deposits—central reserve cities, 13 and 26 per cent; reserve cities,
10 and 20 per cent; country, 7 and 14 per cent, respectively; onetime
deposits at all member banks, 3 and 6 per cent, respectively.
FEDERAL RESERVE BULLETIN
FEDERAL RESERVE BANK DISCOUNT RATES
[Per cent per annum]
Discounts for and advances to member banks
Federal Reserve Bank
Advances secured by Government
obligations and discounts of and
advances secured by eligible1 paper
(Sees. 13 and 13a)
Rate on
Nov. 30
Boston
New Y o r k . . . ,
Philadelphia. .
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis. .
Kansas City.,
Dallas
,
San Francisco
In effect
beginning—
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Previous
rate
Advances to individuals,
partnerships, or corporations other than member
banks secured by direct
obligations of the U. S.
(last par. Sec. 13)
Other secured advances
[Sec. 10(b)]
Rate on
Nov. 30
219 1950
21,1950
25,1950
25,1950
25,1950
24,1950
25,1950
23,1950
22,1950
25,1950
25,1950
24,1950
In effect
beginning—
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Rate on
Nov. 30
Previous
rate
In effect
beginning—
Jan. 14,
Oct. 30,
Aug. 23,
Aug. 25,
Oct. 28,
Aug. 24,
Aug. 13,
Jan. 12,
Aug. 23,
Jan. 19,
Feb. 14,
'Oct. 28,
21,1950
21,1950
25,1950
25,1950
25,1950
24,1950
25,1950
23,1950
22,1950
25,1950
25,1950
24,1950
2
Previous
rate
1948
1942
1948
1950
1942
1950
1948
1948
1948
1948
1948
1942
2
2
W2
4
2 Vi
2V<
2
2/^
2
2
4
1
Rates shown also apply to advances secured by obligations of Federal intermediate credit banks maturing within 6 months.
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.
2
FEDERAL RESERVE BANK BUYING RATES ON
FEDERAL RESERVE BANK RATES ON INDUSTRIAL LOANS
ACCEPTANCES
[Per cent per annum]
AND COMMITMENTS UNDER SECTION 13B
OF THE FEDERAL RESERVE ACT
Maturity
1- 90 days
91-120 days
121-180 days
Rate on
Nov. 30
In effect beginning—
1M
IK
Aug. 21, 1950
Aug. 21, 1950
Aug. 21, 1950
2
Previous
rate
Maturities not exceeding five years
[In effect November 30.
To industrial or
commercial
businesses
NOTE.—Minimum buying rates at the Federal Reserve Bank of
New York on prime bankers' acceptances payable in dollars. The
same rates generally apply to any purchases made by the other Federal Reserve Banks.
Back figures.—See Banking and Monetary Statistics, Table 117, pp.
443-445.
FEES AND RATES ESTABLISHED UNDER REGULATION V
ON LOANS GUARANTEED PURSUANT TO DEFENSE
PRODUCTION ACT OF 1950 AND EXECUTIVE
ORDER NO. 10161
[In effect November 30]
Fees Payable to Guaranteeing Agency by Financing Institution on
Guaranteed Portion of Loan
Percentage of
loan guaranteed
70 or less
75
80
85
90
95
Over 95
.
Guarantee fee
(percentage of
interest payable
by borrower)
Percentage of
any commitment
fee charged
borrower
10
15
10
15
20
20
25
30
35
40-50
25
30
35
40-50
Maximum Rates Financing Institutions May Charge Borrowers
[Per cent per annum]
Interest rate
Commitment rate.
DECEMBER 1950
Federal
Reserve
Bank
Boston
New York
Philadelphia....
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis....
Kansas City
Dallas
San Francisco.. .
Per cent per annum]
To financing institutions
On discounts or
purchases
On
loans
l
On
commitments
Portion
for which
institution is
obligated
Remaining
portion
On
commitments
V2-IV2
V2-IU
1
Ai1A
)
-5
-2M
)
2
1
2
8
4
Including loans made in participation with financing institutions.
Rate charged borrower less commitment rate.
Rate charged borrower.
Rate charged borrower but not to exceed 1 per cent above the discount rate.
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.
1631
PRINCIPAL ASSETS AND LIABILITIES OF ALL FEDERAL RESERVE BANKS
[In thousands of dollars]
End of month
Wednesday figures
Item
1950
1950
Nov. 29
Nov. 22
Nov. 15
Nov. 8
Nov. 1
Oct. 25
Oct. 181
Nov.
1949
Oct.
Nov.
Assets
Gold certificates. ...
21,261,434 21 333, 430 21,387,429 21 460,431 21,510,431 21,553,43121 ,553,431 21,258,431 21,510, 430 22,677,431
Redemption fund for
554,485
525,413
539,094
534,417
533,167
532,097
F. R. notes.
536,094
533,969
534,417
534,094
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
D iscounts and advances:
For member b a n k s . . .
For nonmember
banks, etc
242,446
241,118
213,331
233,735
238,650
216,886
248,822
236,259
237,434:
239,693
247,050
71,029
290,675
110,884
50,242
38,378
161,421
115,884
250,584
71,000
Total discounts and
advances
Industrial loans
U. S. Govt. securities:
Bills.
Certificates:
Special
Other
Notes
Bonds
237,679
239,693
247,050
2,209
1,130,146
2,226
974,646
71,029
290,675
2,239
974,646
110,884
50,242
38,378
161,421
115,884
321,584
2,221
2,166
2,247
2,336
2,228
1,843
2,248
779,846
782,664
815,609 1,188,309 1,111,646
762,664 3,999,928
368,450
69,950 5,870,900
71,950
71,950
69,950
72,950
71,950
71,950
718,350
13,724,618 13,980,718 14,096,918 14,187,718 14,237,818 14,285,518 14,266,118 13,498,618 14,239,218
298,100
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.
19,569,089 19, 295,689 19,424,789 19,311,089 19,290,507 19,229,052 19,505,852 19,692,989 19,251,507 17,682,228
securities
Other Reserve Bank
690,090
616,733
672,519
428,633
261,437
249,351
456,499
471,396
879,361
780,797
credit outstanding. . .
Total Reserve Bank
credit outstanding 20,501,081 20,161,698 20,170,576 19,853,363 19,860,111 19,752,856 20,425,838 20,637,543 19,798,252 18,267,092
Liabilities
Federal Reserve notes. . 23,346,459 23,255,859 23,143,488 23,192,607 23,068,656 22,990,540 23,069,943 23,396,543 23,074,712 23,373,496
Deposits:
Member bank — reserve account
16,798,696 16,621,898 17,053,793 16,624,531 16,674,264 16,648,683 17,245,373 16,762,550 16,514,044 16,038,122
U. S. Treasurer—general a c c o u n t . . . . . . .
564,205
540,738
341,275
451,574
568,858
516,836
297,944
420,333
448,537
713,603
921,023
Foreign
934,109
964,970 1,028,256 1,009,687 1,071,745 1,015,762
726,097
905,811 1,007,934
296,675
Other..
307,493
233,650
511,809
295,344
306,896
296,170
324,813
276,366
299,905
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 c e n t ) . . .
52.0
52.5
52.5
53.1
53.3
53.1
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
Discounts and advances:
Nov. 1
Nov. 8
Nov. 15
Nov. 22
Nov 29
Industrial loans:
Nov. 1
Nov. 8
Nov. 15
Nov. 22
Nov. 29
U. S. Government securities:
Nov. 1
Nov. 8
Nov. 15 .
Nov. 22
Nov. 29
1632
,..
Within
15 days
16 to 30
days
31 to 60
days
61 to 90 91 days to 6 months
6 months to 1 year
days
110,884
290,675
71,029
247,050
239,693
106,909
283,357
66,976
240,372
235,124
2,480
5,373
2,352
5,005
2,912
830
1,205
1,006
856
1,285
665
740
695
817
372
2,221
2,248
2,239
2,226
2,209
43
40
41
38
36
16
15
9
8
8
132
162
149
149
138
180
18
20
21
20
19,290,507
19,311,089
19,424,789
19,295,689
19,569,089
200,817
144,452
257,533
205,283
200,475
132,208
180,283
96,075
111,185
168,044
211,919
294,901
361,214
404,429
712,470
309,670
232,160
331,774
325,699
480,807
209
214
204
217
214
601
612
609
602
638
13,979,068
13 928,968
13,846,668
13,730,468
13 474 368
1 year to 2 years to Over
5 years
2 years
5 years
345
492
513
500
485
695
695
694
691
670
1,409,225
1,409,225
1,397,725
1,397,725
1,397,725
3,047,600
3,121,100
3,133,800
3,120,900
3,135,200
FEDERAL RESERVE BULLETIN
STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS
[In thousands of dollars]
New
York
Philadelphia
Cleveland
Richmond
824,323
815,350
777,159
802,676
806,454
6,737,688
6,659,091
6,634,641
6,621,901
6,569,568
1,209,489
1,182,804
1,204,412
1,192,287
1,208,842
1,549,656
1,526,641
1,542,314
1,523,233
1,586,391
1,026,704
1,028,724
1,053,326
1,028,746
1,021,809
52,883
52,816
52,799
52,553
52,486
34,309
33,996
33,876
32,950
32,598
46,211
47,085
47,067
46,593
47,483
65,441
65,348
65,295
65,993
66,920
51,511
52,894
52,878
50,675
51,773
877,206
868,166
829,958
855,229
858,940
6,771,997
6,693,087
6,668,517
6,654,851
6,602,166
1,255,700
1,229,889
1,251,479
1,238,880
1,256,325
1,615,097
1,591,989
1,607,609
1,589,226
1,653,311
1,078,215
1,081,618
1,106,204
1,079,421
1,073,582
238,650
233,735
213,331
241,118
242,446
25,430
26,271
25,693
25,717
24,261
57,705
52,618
48,544
50,682
47,437
14,124
14,727
11,496
11,663
11,007
17,335
13,557
16,783
13,907
18,656
14,723
15,347
12,647
16,058
16,105
16,002
17,327
14,964
18,672
19,016
49,892
110,534
290,325
70,329
245,'850
2,300
2,300
4,650
7,975
6^930
6,025
12,455
71,080
16 230
117!23O
2,185
2,642
2,690
6,875
14,350
30,225
5 400
7^472
3,780
3,125
4,320
420
13,170
5,100
10,280
5,480
1,130
18,728
Total
Boston
San
Francisco
St.
Louis
Minneapolis
Kansas
City
Dallas
626,740
606,682
615,249
618,117
617,030
399,738
407,549
399,646
401,754
383,872
803,869
801,131
792,979
799,190
790,497
558,712 2,585,648
621,798 2,624,053
623,389 2,617,492
618,623 2,594,790
657,134 2,577,299
86,682
86,438
86,377
86,235
85,962
41,085
41,056
41,031
40,947
40,925
21,617
21,607
21,596
21,564
21,552
33,305
33,289
33,273
35,213
35,189
961,452 4,391,433
967,317 4,390,999
982,376 4,339,071
963,615 4,343,766
943,508 4,291,961
667,825
647,738
656,280
659,064
657,955
421,355
429,156
421,242
423,318
405,424
837,174
834,420
826,252
834,403
825,686
10,320
31,092
31,071 . 9,970
10,321
28,680
34,332
13,886
31,755
14,489
6,107
7,127
4,775
5,796
5,759
11,154
9,369
7,677
8,989
8,938
9,296
10,160
8,351
10,129
10,705
5,025
18,730
22,895
6,922
8,172
4,722
2 122
12',522
6,880
19,630
21,163
15,317
14^553
100
700
5,700
3,100
2 000
'lOO
10,600
9,300
74,265
71,265
71,009
88,746
88,746
6,370
6,551
6,551
6,551
6,551
1,300,768
1,296,425
1,291,863
1,283,595
1,273,014
369,498
382,256
388,948
389,832
388,658
1,750,901
1,756,497
1,758,371
1,768,724
1,756,969
Atlanta
Chicago
Assets
Gold certificates:
21,553,431
Oct. 25
21,510,431
Nov. 1.
21,460,431
Nov. 8
21,387,429
Nov. 15
Nov. 22
21,333,430
Redemption fund
for F. R. notes:
533,167
Oct. 25
534,417
Nov. 1
533,969
Nov. 8
532,097
Nov.
15
Nov. 22
534,094
Totalffoldcertificate reserves: 22,086,598
Oct. 25
22,044,848
Nov. 1
21,994,400
Nov. 8
21,919,526
Nov. 15
21,867,524
Nov. 22
JL V/vCLi,
f^KJXKJ.
V-V-i.
Oct. 25
Nov.
1
Nov. 8
Nov. 15
Nov. 22
Discounts & advances:
Secured by
U. S. Govt.
securities:
Oct. 25. .
Nov. 1. .
Nov. 8..
Nov. 22.
15. ..
Nov.
Other:
Oct. 25. .
Nov. 1. .
Nov. 8. .
Nov. 15..
Nov. 22. .
Industrial loans:
Oct. 25
Nov. 1
Nov. 8
Nov, 15
Nov. 22
U. S. Govt.
securities:
15111S.
Oct.
Nov. 25
1....
Nov. 8
Nov. I S . . . .
Nov. 22
Certificates •
25
1
8
Nov. 15
Nov. 22
J. OLdl T
KJ•
O. Onvf
VjrOVt.
Tntfll
TS
securities:
Oct.
25
Nov. 1
Nov. 8
Nov. 15
Nov. 22
4,000
2,550
110,700
2,900
26,385
350
350
350
350
1,200
2,166
2,221
2,248
2,239
2,226
25,801
25,736
25,726
25,686
25,628
38,983
38,882
38,805
38,654
38,605
1
1
106
111
1
1
104
108
27
1,832
l',877
1,914
1,905
1,898
1
107
7
7
7
7
27
27
27
27
1 A. 3 Af\
14t,o4tU
18,670
584,513 2,624,631
647,534 2,662,935
649,115 2,656,297
644,309 2,633,444:
682,762 2,615,904
*j
193
198
195
191
186
190,112
182,433
181,776
227,182
227,182
54,239
52,048
51,860
64,815
64,815
75,604
72,550
72,289
90,346
90,346
52,693
50,565
50,383
62,968
62,968
43,687
41,923
41,772
52,206
52,206
123,685
118,689
118,262
147,803
147,803
44,990
43,172
43,017
53,762
53,762
25,234
24,215
24,128
30,155
30,155
37,847
36,318
36,187
45,227
45,227
69,950
71,950
71,950
71,950
71,950
4,822
4,960
4,960
4,960
4,960
16,305
16,771
16,771
16,771
16,771
4,652
4,785
4,785
4,785
4,785
6,484
6,669
6,669
6,669
6,669
4,519
4,648
4,648
4,648
4,648
3,747
3,853
3,853
3,853
3,853
10,607
10,911
10,911
10,911
10,911
3,858
3,970
3,970
3,970
3,970
2,164
2,226
2,226
2,226
2,226
14,285,518
14,237,818
14,187,718
14,096,918
13,980,718
984,844
981,555
978,101
971,842
963,831
3,329,840
3,318,721
3,307,043
3,285,879
3,258,794
950,001
946,829
943,497
937,459
929,732
1,324,210
1,319,789
1,315,145
1,306,728
1,295,956
922,930
919,848
916,612
910,745
903,238
765,190
762,635
759,951
755,087
748,863
2,166,370
2,159,137
2,151,539
2,137,769
2,120,148
788,003
785,372
782,609
777,600
771,190
441,980
440,504
438,954
436,145
432,550
3,246
3,339
3,339
3,339
3,339
662,891
660,677
658,353
654,139
648,747
4,057,975
4,198,075
4,271,575
4,281,275
4,268,375
279,757
289,415
294,484
295,151
294,262
945,881
978,538
995,670
997,931
994,924
269,859
279,176
284,065
284,709
283,851
376,158
389,145
395,958
396,857
395,662
262,170
271,221
275,969
276,597
275,763
217,361
224,866
228,803
229,323
228,632
615,385
636,630
647,776
649,247
647,291
223,843
231,570
235,623
236,159
235,447
125,550
129,884
132,158
132,458
132,058
188,302
194,803
198,213
198,664
198,065
37,025
35,529
35,401
44,244
44,244
3,176
3,267
3,267
3,267
3,267
648,491
646,326
644,051
639,930
634,655
184,211
190,571
193,908
194,347
193,762
19,229,052
19,290,507
19,311,089
19,424,789
19,295,689
1,325,651
1,329,887
1,331,307
1,339,145
1,330,245
4,482,138
4,496,463
4,501,260
4,527,763
4,497,671
1,278,751
1,282,838
1,284,207
1,291,768
1,283,183
1,782,456
1,788,153
1,790,061
1,800,600
1,788,633
1,242,312
1,246,282
1,247,612
1,254,958
1,246,617
1,029,985 2,916,047
1,033,277 2,925,367
1,034,379 2,928,488
1,040,469 2,945,730
1,033,554 2,926,153
1,060,694
1,064,084
1,065,219
1,071,491
1,064,369
594,928
596,829
597,466
600,984
596,989
892,286
895,137
896,092
901,369
895,378
872,903
875,693
876,627
881,788
875,928
1,000
350
56,228
53,957
53,762
67,192
67,192
DECEMBER 1950
25,362
26,191
23,400
31,287
34,318
1 200
815,609
782,664
779,846
974,646
974,646
1....
8....
15
22
25
1
8
15
22
9,090
350
350
350
700
Oct. 25
Nov.
Nov.
Notes*
Oct.'
Nov.
Nov.
Nov.
Nov.
Bonds:
Oct.
Nov.
Nov.
35,339
35,270
35,246
35,034
34,973
t i l l
DtTiPT l_ctoll
pflqh "•
v/t-lici
Nov.
Nov.
926,113 4,304,751
932,047 4,304,561
947,130 4,252,694
928,581 4,257,531
908,535 4,205,999
1633
STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS—Continued
[In thousands of dollars]
Total
Boston
New
York
St.
Louis
Minneapolis
Philadelphia
Cleveland
Richmond
Atlanta
,035,442 ,920,047 ,065,719
,043,914 ,927,917 ,082,814
,040,216 ,039,188 ,088,114
,041,956 ,948,630 ,086,181
,052,289 ,952,538 ,084,239
602,043
605,199
602,383
603,297
609,697
Chicago
Kansas
City
Dallas
San
Fran-
Assets (cont.)
Total loans and
securities:
Oct. 25
Nov. 1
Nov. 8
Nov. 15
Nov, 22
Due from foreign
banks:
Oct. 25
Nov. 1
Nov. 8
Nov. 15
Nov. 22
Federal Reserve
notes of other
Banks:
Oct. 25
Nov. 1
Nov. 8
Nov. 15
Nov. 22
Uncqllected
items:
Oct. 25
Nov. 1
Nov. 8
Nov. 15
Nov. 22
Bank premises:
Oct. 25
Nov. 1
Nov. 8
Nov. 1 5 . .
Nov. 22
Other assets:
Oct. 25
Nov. 1
Nov. 8
Nov. 15
Nov. 22
Total assets:
Oct. 2 5 . .
Nov. 1
Nov. 8
Nov. 15
Nov. 22
899,166 873,003 ,751,601
914,767 881,393 ,767,097
917,255 879,727 ,767,671
916,686 883,788 ,768,724
909,931 876,028 ,757,969
19,281,460
19,403,612
19,604,012
19,498,057
19,544,965
,327,951
,332,187
,335,957
,347,120
,337,175
4,488,190
4,508,945
4,572,367
4,544,020
4,614,928
,282,768
,287,357
,288,811
,296,168
,294,171
,789,332
,802,504
,820,287
,806,001
,796,106
,246,198
,249,518
,252,036
,255,486
,259,894
153,461
138,855
125,511
151,790
134,280
7,749
6,828
6,853
4,922
4,714
28,281
22,778
17,762
26,259
18,233
6,904
6,306
4,577
5,206
5,236
7,503
7,631
6,418
6,287
6,385
29,554
30,893
28,725
30,368
29,755
10,279
10,063
10,097
13,647
10,326
18,837
15,223
13,684
16,643
16,787
8,121
6,372
6,997
8,761
9,309
7,100
6,323
5,941
6,062
5,176
3,192,277
3,131,344
2,791,611
4,090,787
3,438,370
247,605
250,345
215,333
304,352
279,656
573,009
574,182
475,642
726,328
627,210
198,349
203,020
186,998
236,967
239,538
315,993
308,436
273,909
401,356
317,370
280,463
263,328
258,119
367,946
290,557
197,610
194,313
179,230
276,919
217,071
513,305
528,023
461,207
711,793
539,496
148,101
144,305
133,539
187,416
155,391
99,803
101,836
100,362
118,381
113,755
36,884
36,824
36,827
37,392
37,713
1,087
1,083
1,083
1,083
1,083
7,712
7,693
7,693
7,696
7,696
2,931
2,931
2,931
2,931
2,926
4,816
4,807
4,807
4,804
4,804
2,799
2,799
2,799
2,799
2,790
1,726
1,726
1,726
1,726
1,725
4,123
4,117
4,117
4,122
4,444
2,011
2,007
2,008
2,007
2,008
1,122
1,119
1,119
1,119
1,119
2,25
2,251
2,251
2,655
2,655
68
684
686
686
686
5,613
5,607
5,607
5,764
5,777
90,78
99,471
105,32
110,696
114,393
6,164
6,708
7,163
7,645
7,831
20,168
22,025
23,340
25,118
25,566
5,658
6,259
6,696
6,974
7,251
8,387
9,558
10,048
10,375
10,754
5,703
6,195
6,57
6,961
7,282
4,646
5,122
5,458
5,717
5,961
13,940
15,264
16,046
16,92
17,579
6,331
6,745
7,156
7,386
7,665
2,716
2,985
3,174
3,358
3,474
4,864
5,263
5,583
5,318
5,496
4,096
8,109
8,979
9,446
10,006
10,400
,493,194 11,947,069
,491,590 11,881,335
,422,042 11,813,872
,546,070 12,034,961
,513,66: 11,943,243
,766,436
,750,491
,752,990
,798,791
,816,456
3,758,465
3,738,484
3,739,863
3,831,958
3,807,388
,657,656
,649,699
,667,108
,759,040
,679,966
,227,158
,239,783
,234,068
,322,253
,249,897
7,892,780 1,908,429
7,912,617 1,899,95
7,901,996 1,904,416
8,076,212 1,964,702
7,854,563 1,931,05
1,140,247
1,153,746
1,138,997
1,161,332
1,144,405
1,614,499 2,056,672 1,595,353 1,250,80
1,612,089 2,053,000 1,612,218 1,262,534
1,623,228 2,064,386 1,611,969 1,266,298
1,622,311 2,066,354 1,608,028 1,257,628
1,637,933 2,076,434 1,605,409 1,252,945
4,464,79' 1,054,055
4,467,465 1,063,883
4,488,110 1,075,041
4,476,199 1,070,844
4,494,056 1,073,277
598,322
599,428
603,061
601,671
601,986
901,037
906,766
911,604
907,240
906,346
619,171
633,86:
638,117
633,341
633,097
2,319,072
2,332,180
2,356,337
2,341,882
2,330,711
604,610 375,322
596,205 393,476
612,124 384,50.
636,279 398,25.
613,603 384,604
781,015
784,839
765,708
812,65
789,352
775,658
820,156
811,991
861,386
854,620
1,913,296
1,944,102
1,927,924
1,971,427
1,960,795
45,080,136
45,088,713
44,871,038
46,049,390
45,379,715
5,813
6,091
5,007
5,329
6,405
15,815
14,553
13,967
21,495
15,987
182,069 158,709
141,452
162,25
148,558 121,491
218,748 207,492
193,054 165,476
277,261
259,852
237,223
333,089
299,796
7,505
5,794
5,483
6,811
5,967
4,368
4,635
4,91
5,134
1,944,190 1,636,118 4,708,394
1,934,117 1,691,683 4,745,216
1,913,060 1,669,013 4,713,613
1,993,611 1,756,649 4,803,811
1,951,728 1,747,197 4,740,153
Liabilities
Federal Reserve
notes:
Oct. 25
22,990,540
23,068,656
Nov. 1
Nov. 8 . . . . . . 23,192,60"
23,143,488
Nov. 15
23,255,859
Nov. 22
Deposits:
Member bank
—reserve
account:
Oct. 2 5 . . 16,648,683
Nov. 1 . . 16,674,264
16,624,531
Nov. I
Nov. 1 5 . . 17,053,793
Nov. 22. . 16,621,898
U. S, Treasurer—general
account:
420,333
Oct. 25. .
451,57
Nov. 1. .
297,944
Nov. 8. .
341,275
Nov. 15. .
Nov. 22. .
540,738
Foreign:
Oct. 25. . 1,071,745
Nov. 1
1,009,68
Nov. 8 . . 1,028,256
Nov. 15. .
964,970
Nov. 22. .
934,109
Other:
295,344
Oct. 25. .
Nov. 1 . .
324,813
Nov. .
296,170
Nov. 15. . 233,650
Nov. 2 2 . .
307,493
1,384,109
1,381,070
1,384,100
1,391,898
1,412,570
5,132,646
5,144,161
5,170,356
5,166,09:
5,231,095
719,41
721,518
697,64f
733,334
700,29"
5,449,519
5,337,72
5,342,453
5,446,28'
5,318,705
791,273
796,57:
776,135
811,61769,224
1,233,758
1,221,986
1,247,299
1,251,467
1,242,18:
677,064
681,676
672,590
709,171
693,748
33,268
38,028
33,573
24,370
42,117
47,969
87,326
26,688
57,28:
69,653
36,040
27,412
25,959
24,624
69,231
38,568
44,458
29,225
26,775
72,276
27,016
27,790
26,636
31,360
36,650
35,091
35,26
25,345
32,643
24,659
53,202
53,976
28,559
36,023
80,202
40,073
34,131
11,116
16,236
37,22.
30,285
24,048
20,99'
17,836
23,121
27,47
21,522
21,636
23,536
24,49
24,420
23,628
21,37.
21,097
34,836
26,930
33,991
26,836
29,493
26,272
67,171
63,195
64,317
60,392
58,470
2340,322
2321,549
2
327,906
2307,357
2
297,419
85,296
80,248
81,672
76,688
74,248
97,0291,282
92,902
87,233
84,45
53,310
50,155
51,045
47.93C
46,40 =
44,780
42,130
42,878
40,261
38,980
147,136
138,428
140,884
132,287
128,078
38,383
36,112
36,752
34,510
33,412
26,655
25,078
25,523
23,965
23,202
39,44'
37,115
37,773
35,468
34,34i
37,31
35,109
35,732
33,55
32,484
94,902
89,286
90,872
85,328
82,613
4,086
3,904
5,176
5,322
4,580
230,001
243,149
229,945
168,120
248,387
2,205
1,561
1,5.42
1,571
2,089
5,632
6,39'
5,33;
5,03'
4,64
3,29*
3,70
3,33<
4,204
1,733
926
4,359
1,46'
489
404
3,562
2,968
2,295
2,350
2,365
5,225
8,23
5,764
6,420
5,766
1,49 =
2,25'
1,13
1,084
1,468
1,516
9,065
61
592
52
37,181
36,817
38,097
38,225
35,353
676,190 2,651,566
684,023 2,691,984
688,073 2,698,085
707,624 2,714,294
702,464 2,592,304
21!
2,39'
1,45<
23'
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
STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS—Continued
[In thousands of dollars]
Total
Boston
New
York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St%
Louis
Minneapolis
Kansas
City
Dallas
San
Francisco
Liabilities
(cont.)
Total deposits:
Oct. 2 5 . . . .
Nov. 1
Nov. 8 . . . .
Nov. 15
Nov. 22. . . .
Deferred availability items:
Oct. 25
Nov. 1
Nov. 8 . . . .
Nov. 15. . . .
Nov. 2 2 . . . .
Other liabilities
including accrued
dividends:
Oct. 2 5 . . . .
Nov. 1
Nov. 8 . . . .
Nov. 15
Nov. 22
Total liabilities:
Oct. 2 5 . . . .
Nov. 1
Nov. 8
Nov. 15
Nov. 22
18,436,105
18,460,338
18,246,901
18,593,688
18,404,238
823,937
826,645
800,711
823,418
805,464
6,067,811
5,989,751
5,926,992
5,979,046
5,934,164
914,814
905,793
885,308
914,500
914,792
1,374,982
1,364,123
1,374,759
1,370,514
1,403,556
760,686
763,322
753,607
792,665
778,536
756,987
765,776
757,763
781,017
766,507
2,855,466
2,887,356
2,869,823
2,884,954
2,802,953
688,295
674,687
665,756
693,445
690,005
433,757
444,858
432,161
441,138
432,396
848,150
845,873
826,576
871,892
848,365
838,911
887,958
869,716
916,626
922,467
2,072,309
2,104,196
2,083,729
2,124,473
2,105,033
2,720,905
2,674,869
2,542,284
3,418,292
2,821,661
225,670
227,553
180,670
273,732
238,340
473,060
486,433
454,311
626,244
513,830
165,026
163,725
175,258
192,456
194,008
241,154
239,992
218,933
313,094
244,947
252,101
227,566
254,588
311,229
248,549
177,710
172,356
170,644
244,042
190,608
443,280
435,350
421,185
591,371
433,236
128,492
126,367
128,277
164,925
131,977
82,720
85,384
79,643
94,269
85,655
158,272
146,935
140,096
179,470
161,769
142,047
136,072
127,186
172,469
157,190
231,373
227,136
191,493
254,991
221,552
10,843
8,703
9,459
10,489
10,869
640
603
646
802
878
4,115
2,278
2,687
3,230
3,011
469
449
504
593
534
1,103
1,120
1,202
1,067
1,182
492
333
462
416
532
356
320
376
365
444
1,386
1,485
1,361
1,616
1,661
330
319
377
376
412
302
350
298
320
314
298
322
325
387
416
418
307
343
406
477
934
817
878
911
44,158,393
44,212,566
43,991,251
45,165,957
44,492,627
2,434,356
2,435,871
2,366,127
2,489,850
2,457,252
11,677,632
11,622,623
11,554,346
11,774,612
11,682,100
2,694,808 3,673,911
2,682,056 3,658,235
2,684,298 3,659,280
2,729,860 3,751,029
2,747,267 3,726,119
2,608,632
2,603,439
2,620,626
2,712,338
2,633,026
2,185,860
2,200,986
2,195,081
2,283,052
2,210,504
7,764,929
7,791,656
7,780,479
7,954,140
7,731,906
1,871,172
1,865,256
1,869,451
1,929,590
1,895,671
1,115,101
1,130,020
1,115,163
1,137,398
1,120,351
1,907,757
1,899,896
1,878,601
1,958,989
1,916,896
12,198
12,201
12,201
12,201
12,201
73,019
73,024
73,026
73,027
73,030
15,577
15,578
15,578
15,579
15,615
20,414
20,420
20,422
20,423
20,440
9,729
9,759
9,761
9,761
9,772
8,794
8,795
8,796
8,826
8,827
28,282
28,317
28,331
28,337
28,389
7,287
7,288
7,292
7,297
7,326
4,955
4,955
4,955
4,956
4,957
8,042
8,045
8,053
8,118
8,148
9,480
9,482
9,482
9,483
9,484
23,355
23,607
23,609
23,609
23,611
30,778
30,778
30,778
30,778
30,778
148,149
148,149
148,149
148,149
148,149
38,205
38,205
38,205
38,205
38,205
45,957
45,957
45,957
45,957
45,957
23,779
23,779
23,779
23,779
23,779
21,194
21,194
21,194
21,194
21,194
72,029
72,029
72,029
72,029
72,029
19,118
19,118
19,118
19,118
19,118
12,494
12,494
12,494
12,494
12,494
18,045
18,045
18,045
18,045
18,045
15,873
15,873
15,873
15,873
15,873
42,552
42,552
42,552
42,552
42,552
3,011
3,011
3,011
3,011
3,011
7,319
7,319
7,319
7,319
7,319
4,489
4,489
4,489
4,489
4,489
1,006
1,006
1,006
1,006
1,006
3,349
3,349
3,349
3,349
3,349
762
762
762
762
762
1,429
1,429
1,429
1,429
1,429
521
521
521
521
521
1,073
1,073
1,073
1,073
1,073
1,137
1,137
1,137
1,137
1,137
1,307
1,307
1,307
1,307
1,307
2,140
2,140
2,140
2,140
2,140
12,851
9,729
9,925
10,230
10,420
40,950
30,220
31,032
31,854
32,645
13,357
10,163
10,420
10,658
10,880
17,177
12,866
13,198
13,543
13,866
12,167
9,373
9,593
9,813
10,040
10,548
8,046
8,235
8,419
8,610
26,111
19,186
19,728
20,277
20,810
10,331
7,769
8,034
8,176
8,421
6,624
5,204
5,312
5,411
5,530
9,209
6,994
7,224
7,322
7,502
8,911
6,822
6,989
7,144
7,302
16,659
12,588
12,875
13,253
13,546
2,493,194
2,491,590
2,422,042
2,546,070
2,513,662
11,947,069
11,881,335
11,813,872
12,034,961
11,943,243
2,766,436 3,758,465 2,657,656
2,750,491 3,738,484 2,649,699
2,752,990 3,739,863 2,667,108
2,798,791 3,831,958 2,759,040
2,816,456 3,807,388 2,679,966
2,227,158
2,239,783
2,234,068
2,322,253
2,249,897
7,892,780
7,912,617
7,901,996
8,076,212
7,854,563
1,908,429
1,899,952
1,904,416
1,964,702
1,931,057
1,140,247
1,153,746
1,138,997
1,161,332
1,144,405
1,944,190
1,934,117
1,913,060
1,993,611
1,951,728
1,464
1,516
1,498
1,474
1,523
17,228
17,590
17,436
17,345
17,592
976
3,207
3,321
3,281
3,228
3,335
837
866
856
842
870
581
602
594
585
604
860
891
880
865
894
1,008
1,600,547 4,623,688
1,658,199 4,664,329
1,635,362 4,632,437
1,722,842 4,722,257
1,713,231 4,658,304
Capital Accts.
Capital paid in:
Oct. 2 5 . . . .
221,132
Nov. 1
221,471
Nov. 8 . . . .
221,506
Nov. 1 5 . . ..
221,617
Nov. 22
221,800
Surplus:
(section 7):
Oct. 25
488,173
Nov. 1 . . . .
488,173
Nov. 8 . . . .
488,173
Nov. 15
488,173
Nov. 2 2 . . . .
488,173
(section 13b):
Oct. 2 5 . . .
27,543
Nov. 1 . . . .
27,543
Nov. 8
27,543
Nov. 15
27,543
Nov. 2 2 . . . .
27,543
Other cap. accts.:
Oct. 2 5 . . . .
184,895
Nov. 1 . . . .
138,960
Nov. 8 . . . .
142,565
Nov. 15. . . .
146,100
Nov. 22
149,572
Total liabilities
and cap. accts.:
Oct. 2 5 . . . . 45,080,136
Nov. 1
45,088,713
Nov. 8 . . . . 44,871,038
Nov. 1 5 . . . . 46,049,390
Nov. 22
45,379,715
Contingent liability on acceptances purchased for foreign
correspondents:
Oct. 2 5 . . . .
23,172
Nov. 1 . . . .
24,099
Nov. 8
23,746
Nov. 1 5 . . . .
23,390
Nov. 2 2 . . . .
24,170
Commitments to
make industrial
loans:
3,090
Oct. 25. . . .
3,041
Nov. 1 . . . .
3,335
Nov. 8 . . . .
3,331
Nov. 15. . . .
3,337
Nov. 22
1,859
1,925
1,902
1,871
1,933
2,115
2,190
2,164
2,128
2,199
1,162
1,203
1,189
1,169
1,208
254
205
166
166
172
473
473
458
458
458
54
54
54
54
54
1,011
998
982
1,015
246
246
244
244
244
500
500
500
500
500
1,636,118 4,708,394
1,691,683 4,745,216
1,669,013 4,713,613
1,756,649 4,803,811
1,747,197 4,740,153
814
842
832
819
846
2,069
2,142
2,116
2,082
2,151
1,563
1<563
1,913
1,909
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
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
New
York
Boston
F. R. notes outstanding
(issued to Bank):
23,837,142
Oct. 25
Nov. 1
23,854,447
Nov. 8
23,911,246
Nov. 1 5 . . .
23,940,953
Nov. 22
24,018,017
Collateral held against
notes outstanding:
Gold certificates:
Oct. 25
13,929,000
13,929,000
Nov. 1
13,929,000
Nov. 8
13,964,000
Nov. 15
13,964,000
Nov. 22
Eligible paper:
32,817
Oct. 25
76,254
Nov. 1
Nov. 8
137,220
Nov. 15
58,349
Nov. 22
191,265
U. S. Govt. sec:
Oct. 25
10,800,000
Nov. 1
10,800,000
Nov. 8
10,800,000
Nov. 15.
10,900,000
Nov. 22. . . . . . . 10,900,000
Total collateral:
Oct. 25
24,761,817
Nov. 1
24,805,254
Nov. 8
24,866,220
24,922,349
Nov. 15
25,055,265
Nov. 22
1,449,788 5,317,099
1,450,820 5,297,547
1,448,501
1,451,797 5,317,378
1,454,129 5,352
440,000 4,770,000
440,000 4,770,000
440,000 4,770,000
440,000 4,770,000
440,000 4,770,000
2,300
2,300
4,650
7,975
6,930
1,100,000
1,100,000
1,100,000
1,100,000
1,100,000
Cleveland
Philadelphia
5,225
11,555
69,880
15,430
115,230
1,664,456 2,126,810 1,637,855
1,657,684 2,123,444 1,650,793
1,665,659 2,128,383 1,653,286
1,666,374 2,137,922 1,658,843
1,681,812 2,145,084 1,665,545
825,000
825,000
825,000
825,000
825,000
750,000
750,000
750,000
750,000
750,000
1,326,714 4,555,456
1,328,815 4,550,296
1,334,254 4,564,941
1,335,567 4,563,631
1,336,707 4,572,258
650,000 2,880,000
650,000 2,880,000
650,000 2,880,000
650,000 2,900,000
650,000 2,900,000
700,000 1,000,000
700,000 1,000,000
700,000 1,000,000
700,000 1,000,000
700,000 1,000,000
1,350,000 1,000,000
1,350,000 1,000,000
1,350,000 1,000,000
1,350,000 1,000,000
1,350,000 1,000,000
700,000 1,700,000
700,000 1,700,000
700,000 1,700,000
700,000 1,700,000
700,000 1,700,000
1,673,680
1,752,085 2.175,000
.
. .
1,752,642 2,175,000 1,673,025
1,752,390 2,175,000 1,674,220
1,752,495 2.175,000
.
1,685,320
. .
1,759,090 2,175,000 1,697,070
1,350,000 4,580,000
1,350,000 4,580,000
1,350,000 4,580,000
1,350,000 4,600,000
1,350,000 4,600,000
1,542,300 5,475,225
1,542,300 5,481
1,544,650 5,539,880
1,547,975
1,546,930 5,585,230
Minne- Kansas
City
apolis
St.
Louis
1,102,189 609,913
1,109,766 609,783
1,112,734 612,841
1,116,722 612,007
1,117,647 611,311
Number
Participations
Apof
financproved
Loans Commiting
instibut not
out- 2 ments
outtutions
com- standing standing
outpleted i (amount) (amount)
standing
(amount)
Amount
(amount)
1939...
1940.. .
1941. . .
1942. . .
1943. . .
1944. . .
1945. . .
1946. . .
1947. . .
1948. . .
1949
2,781
2,908
3,202
3,423
3,471
3,489
3,511
3,542
3,574
3,607
188,222
212,510
279,860
408,737
491,342
525,532
544,961
565,913
586,726
615,653
2,659
13,954
8,294
4,248
926
1,295
320
4,577
945
335
13,683
9,152
10,337
14,126
10,532
3,894
1,995
554
1,387
995
9,220
5,226
14,597
10,661
9,270
4,165
1,644
8,309
7,434
1,643
10,981
6,386
19,600
17,305
17,930
2,705
1,086
2,670
4,869
1,990
May 31
June 30
July 30
Aug. 31
Sept. 30
Oct. 31
Nov. 30
Dec. 31
1950
Jan. 31
Feb. 28
Mar. 31
Apr. 29
May 31
June 30
July 31
Aug. 31
Sept. 30
Oct. 31
3,614
3,615
3,617
3,623
3,630
3,637
3,644
3,649
620,984
621,297
621,601
622,327
625,301
626,273
628,523
629 326
245
205
220
545
912
1,514
1,277
539
753
614
660
662
1,016
1,075
1,954
2,178
2,349
2,278
2,263
2,072
1,958
1,820
1,818
2,288
2,737
2,619
2,563
1,926
2,023
1,965
2,848
2,947
3,652
3,655
3,663
3,667
3,670
3,677
3,680
3,684
3,690
3,692
629,764
630,209
632,049
632,573
633,124
638,015
639,158
644,464
646,276
647,432
544
223
1,225
1,172
1,306
4,416
4,362
6,985
8,030
5,108
2,223
2,505
2,673
2,665
2,675
2,779
2,479
2,333
2,293
2,307
1,941
1,197
1,272
1,288
1,286
1,352
1,729
2,481
2,509
3,035
2,649
2,628
2,651
2,652
2,641
2,731
2,753
3,273
3,224
3,707
1
Includes applications approved conditionally by the Federal Reserve
Banks and under consideration by applicant.
2
Includes industrial loans past due 3 months or more, which are not
included in industrial loans outstanding in weekly statement of condition of Federal Reserve Banks.
NOTE.—The difference between amount of applications approved and
the sum of the following four columns represents repayments of advances, and applications for loans and commitments withdrawn or
expired.
Dallas
SanFran-
930,650 651,061 2,465,151
933,991
936,723
935,255
934,172
<
663,789
<
667,988
<
667,040
671,032
2,477,719
2,475,474
2,478,417
2,475,542
210,000
210,000
210,000
210,000
210,000
280,000
280,000
280,000
280,000
280,000
204,000
204,000
204,000
204,000
204,000
1,900,000
1,900,000
1,900,000
1,900,000
1,900,000
5,025 6,922
18,730 8,172
22,895 4,722
14,690 2,122
19,870 12,522
6,880
19,630
21,163
15,317
14,553
350,000
350,000
350,000
350,000
350,000
800,000
800,000
800,000
900,000
900,000
450,000
450,000
450,000
450,000
450,000
700,000
700,000
700,000
700,000
700,000
700
10,200
7,300
1,000
500,000
500,000
500,000
500,000
500,000
800,000
800,000
800,000
800,000
800,000
1,155,025 666,922 986,880 704,000 2,700,700
1,168,730 668,172 999,630 704,000 2,710,200
1,172.895 664,722 1,001,163 704,000 2,707,300
1,264,690 662,122 995,317 704,000 2,700,000
1,269,870 672,522 994,553 704,000 2,701,000
MEMBER BANK RESERVES AND BORROWINGS
[Averages of daily figures.
Applications
approved
to date
Chicago
3,680
3,025
4,220
320
12,070
[Amounts in thousands of dollars]
1636
670,000
670,000
670,000
685,000
685,000
Atlanta
2,085
2,642
2,390
2,495
9,090
INDUSTRIAL LOANS BY FEDERAL RESERVE BANKS
Date (last
Wednesday
or last day
of period)
Richmond
Month, or
week ending Wednesday
All
member 1
banks
In millions of dollars]
Central reserve
city banks
New
York
Chicago
Reserve
city
banks
Country
banks
Total reserves held:
1949—October.
1950—September
October
16,113
16,602
16,731
4,444
4,507
4,521
1,127
1,158
1,148
6,152
6,363
6,450
4,391
4,573
4,612
Oct.
Oct.
Nov.
Nov.
Nov.
Nov.
16,940
16,974
16,495
16,644
16,884
16,797
4,562
4,669
4,465
4,416
4,480
4,435
1,150
1,157
1,152
1,167
1,170
1,164
6,507
6,519
6,400
6,424
6,519
6,507
4,721
4,629
4,478
4,637
4,714
4,690
862
765
842
1,062
986
552
718
893
47
55
79
4
-2
—3
188
132
177
622
579
590
P752
154
179
2
4
52
-7
6
2
-11
2
10
—7
210
218
106
135
186
141
692
587
455
577
645
P625
46
96
67
12
14
6
1
3
1
20
58
41
12
22
19
56
45
86
123
112
93
1
3
30
33
15
2
34
32
52
63
42
51
21
11
31
17
37
18
18
25
1
8
15
22
Excess reserves:
1949—October
1950—September
October
Oct.
Oct.
Nov.
Nov.
Nov.
Nov.
18
25
1
8
15
22
Borrowings at Federal
Reserve Banks:
1949—October
1950—September
October
Oct.
Oct.
Nov.
Nov.
Nov.
Nov.
18
25
1
8
15
22
13
9
v Preliminary.
1
Weekly figures of excess reserves of all member banks and of
country banks are estimates. Weekly figures of borrowings of all member banks and of country banks may include small amounts of Federal
Reserve Bank discounts and advances for nonmember banks, etc.
Back figures.—See Banking and Monetary Statistics, pp. 396-399.
FEDERAL RESERVE BULLETIN
DEPOSITS, RESERVES, AND BORROWINGS OF MEMBER BANKS
[Averages of daily figures.1 In millions of dollars]
All
member
banks
Central reserve
city banks
Reserve
city
banks
Chicago
New
York
Country
banks
All
member
banks
Demand balances due from domestic banks...
Reserves with Federal Reserve Banks:
Total
Required
Excess
Borrowings at Federal Reserve Banks
Chicago
New
York
Reserve
city
banks
Country
banks
Second half of October 1950
First half of October 1950
'Gross demand deposits:
Total
Interbank
Other
Net demand deposits 2
Demand deposits adjusted 3.
Time deposits4
Central reserve
city banks
21,841
3,953
17,888
19,905
5,604
1,113
4,491
5,018
37,052
5,549
31,503
31,761
32,202
962
31,240
27,407
14,944
96,698
11,576
85,122
84,091
75,700
29,461
1,790
1,073
11,651
14,946
3,758
5,770
40
122
1,865
3,743
6,425
6,246
179
4,631
4,006
624
16,817
15,962
856
4,591
4,469
122
1,158
1,158
1
6,474
6,300
174
4,595
4,036
558
45
18
58
1
1
37
20
95 ,609
11 ,341
84 ,268
83 ,233
7S ,000
29 ,470
21,505
3,887
17,618
19,652
5 ,521
1 ,103
4 ,418
4 ,957
36,588
5,422
31,166
31,464
31,995
929
31,066
27,161
1,806
1 ,074
11,646
5 ,677
38
114
1,767
16 ,639
15 ,810
828
4,446
4,414
33
1 ,136
1 ,144
-8
75
11
1
1
Averages of daily closingfiguresfor reserves and borrowings and of daily opening figures for other items, inasmuch as reserves required are
based2 on deposits at opening of business.
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
SMALL CENTERS i
[Averages of daily figures. In millions of dollars]
In places of 15,000
and over population
Demand
deposits
except
interbank
Time
deposits
1949
August
September
October
16,306
16,651
16,850
1950
August
September
October
17,943
18,231
18,397
Demand
deposits
except
interbank
Time
deposits
8,816
8,809
8,810
11,728
11,932
12,061
6,075
6,072
6,072
8,869
8,847
8,849
12,419
12,540
12,758
6,105
6,095
6,097
Boston
New York
Philadelphia........
Cleveland
2,272
3,401
1,394
1,487
829
2,224
830
911
380
1,201
1,018
1,069
230
1,162
907
804
Richmond
Atlanta
Chicago. .
St. Louis
1,196
1,666
2,556
720
413
458
1,627
348
914
709
1,791
995
482
224
968
289
Minneapolis
Kansas City
Dallas
San Francisco
635
624
1,127
1,318
295
108
164
641
782
,628
,717
554
438
212
82
300
i Includes any banks in outlying sections of reserve cities that have
been given permission to carry the same reserve as country banks.
Total,
all
banks
In places of under
15,000 population
By district,
October 1950
DECEMBER 1950
BANK SUSPENSIONS
Number of banks suspended:
1934-42
1943
1944
1945
1946
1947..
1948
1949
1950—Jan.-Nov
i
Member
banks
Nonmember
banks
NaIntional State sured
330
20
4
1
0
0
1
0
4
1
2
6
216
Noninsured
88
2
1
1
4
1
Deposits of suspended banks
(in thousands of dollars) :2
1934-42
137,362 18,016 26,548 51,567 41,231
1943
1944
1945
1946
1947
1948. .
1949
1950—Jan.-Nov
6,223 4,982
405
0
0
167
0
2,443
(3)
1,241
405
167
2,443
(8)
1
Represents banks which, during the periods shown, closed temporarily or permanently on account of financial difficulties; does not
include banks whose deposit liabilities were assumed by other banks
at the time of closing (in some instances with the aid of Federal Deposit
Insurance
Corporation loans).
2
Deposits of member banks and insured nonmember banks suspended are as of dates of suspensions, and deposits of noninsured nonmember banks are based on the latest data available at the time the
suspensions were reported.
* Deposit figures not available.
Back figures.—See Banking and Monetary Statistics, pp. 283-292;
for description, see pp. 281-282 in the same publication.
1637
UNITED STATES MONEY IN CIRCULATION, BY DENOMINATIONS
[Outside Treasury and Federal Reserve Banks. In millions of dollars]
Coin and small denomination currency a
Total
in circulation 1
Total
Coin
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
1946
1947
1948
5,519
5,536
5,882
6,543
6,550
6,856
7,598
8,732
11,160
15,410
20,449
25,307
28,515
28,952
28,868
28,224
4,167
4,292
4,518
5,021
5,015
5,147
5,553
6,247
8,120
11,576
14,871
17,580
20,683
20,437
20,020
19,529
442
452
478
517
537
550
590
648
751
880
1,019
1,156
1,274
1,361
1,404
1,464
1949—j u iy
August
September...
October
November...
December. . .
27,394
27,393
27,412
27,407
27,543
27,600
18,908
18,901
18,917
18,915
19,040
19,025
1950—January.... 26,941
February... . 27,068
27,042
JVIarch
27,048
April
27,090
May
June
. 27,156
July
27,010
27,120
August
September.. . 27,161
27,228
October
18,475
18,645
18,651
18,661
18,730
18,813
18,696
18,795
18,834
18,901
End of year or
month
s$l
$20
Total
$50
1,019
1,129
1,355
1,693
1,973
2,150
2,313
2,173
2,110
2,047
1,229
1,288
1,373
1,563
1,560
1,611
1,772
2,021
2,731
4,051
5,194
5,983
6,782
6,497
6,275
6,060
1,342
1,326
1,359
1,501
1 475
1,481
1,576
1,800
2,545
4,096
5,705
7,224
9,201
9,310
9,119
8,846
1,360
1 254
1,369
1,530
1,542
1,714
2,048
2,489
3,044
3,837
5,580
7,730
7,834
8,518
8,850
8,698
364
337
358
399
387
409
460
538
724
1,019
1,481
1,996
2,327
2,492
2,548
2,494
1,112
1,433
1,910
2,912
4,153
4,220
4,771
5,070
5,074
1,959
1,958
1,970
1,973
1,994
2,004
5,901
5,900
5,905
5,891
5,935
5,897
8,529
8,517
8,496
8,486
8,520
8,512
8,488
8,494
8,498
8,494
8,506
8,578
2,410
2,406
2,401
2,392
2,398
2,435
1,926
1,949
1,949
1,945
1,963
1,966
1,946
1,955
1,964
1,978
5,715
5,817
5,834
5,830
5,851
5,891
5,836
5,881
'5,884
5,874
8,309
8,348
8,327
8,333
8,333
8,363
8,328
8,355
8,357
8,388
8,469
8,426
8,393
8,389
8,361
8,344
8,316
8,328
%329
8,329
2,401
2,385
2,375
2 380
2,380
2,386
2,374
2,374
2,369
2,368
$5
719
111
815
906
905
946
1,039
1,029
1,048
1,049
33
32
33
35
33
34
36
39
44
55
70
81
73
67
65
64
1,457
1,462
1,468
1,474
1,484
1,484
1,001
1,003
1,018
1,031
1,046
1,066
61
60
60
61
62
1,457
1,459
1,468
1,478
1,490
1,496
1,498
1,506
1,515
1,527
1,008
1,011
1,013
1,016
1,033
1,037
1,029
1,037
1,054
1,072
60
60
60
59
60
60
61
60
61
61
61
$100
$10
$2
402
423
460
499
505
524
559
610
695
801
909
987
Large denomination currency 2
618
577
627
707
710
770
919
$500 $1,000 $5,000 $10,000
Unassorted
8
5
10
7
7
8
5
5
16
18
12
32
32
60
46
25
22
24
24
26
17
17
8
10
5
8
7
5
2
4
4
3
2
3
2
3
3
3
4
9
2
125
112
122
135
139
160
191
227
261
287
407
555
454
438
428
400
237
216
239
265
288
327
425
523
556
586
749
990
801
783
782
707
6
17
20
30
24
9
9
10
4,964
4,980
4,996
5,007
5,021
5,056
385
717
383
382
381
382
382
712
705
701
692
689
4
4
4
4
-4
9
9
9
8
11
2
2
2
2
3
5,010
4,988
4,968
4 961
4,949
4,940
4,934
4,950
4,964
4,987
380
378
384
382
666
661
654
650
8
9
8
11
3
3
1
1
380
639
4
5
5
4
378
375
372
370
367
628
620
617
613
595
4
4
4
4
4
9
9
9
9
9
7
7
4
1
9
2
2
2
2
2
r
1
2
Revised.
Total of amounts of coin and paper currency shown by denominations less unassorted currency in Treasury and Federal Reserve Banks.
Includes unassorted
currency held in Treasury and Federal Reserve Banks and currency of unknown denominations reported by the Treasury
8
as destroyed.
Paper currency only; $1 silver coins reported under coin.
Back figures.—See Banking and Monetary Statistics, Table 112, pp. 415-416,
UNITED STATES MONEY, OUTSTANDING AND IN CIRCULATION, BY KINDS
[On basis of circulation statement of United States money. In millions of dollars]
Money held in the Treasury
Total outstanding, As security
Oct. 31,
against
1950
gold and Treasury
cash
silver
certificates
Gold
Gold certificates
Federal Reserve notes
Treasury currency—total
Standard silver dollars
. ..
Silver bullion
Silver certificates and Treasury notes of 1890..
Subsidiary silver coin
!Minor coin
.
. ...
United States notes
Federal Reserve Bank notes
National Bank notes
Total—Oct 31 1950
Sept. 30, 1950
Oct. 31, 1949
2
23,249
22,085
23,878
4,623
s2,281
47
84
493
2,036
245
2,036
71
22,085
1,164
Money
held by
Federal
For
Reserve
Federal
Reserve Banks and
agents
Banks and
agents
19,229
5
3
3
1
1,014
381
347
267
86
24,366
24,571
25,663
1 295
1,322
1,307
2,816
946
236
Oct. 31,
1950
Sept. 30,
1950
Oct. 31,
1949
40
22,885
4,303
40
22,801
4,320
42
23,085
4,280
3
174
173
167
169
2,112
984
369
317
263
85
2,i37
2,i05
25
9
26
3
1
19 229
19,419
20,505
Money in circulation x
3 998
3,925
3,942
27 228
975
367
318
265
85
27,161
948
359
315
296
90
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
5
significance and is not shown. See note for explanation of these duplications.
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
MONEY I N CIRCULATION WITH ADJUSTMENT FOR
SEASONAL VARIATION
[Outside Treasury and Federal Reserve Banks. In millions of dollars]
Amountunadjusted
for seasonal
variation
Date
End of period:
1939
1940
1941
1942
1943
1944
1945
1946
1947.......
1948
1949
Amountadjusted for
seasonal
variation
7,598
8,732
11,160
15,410
20,449
25,307
28,515
28,952
28,868
28,224
27,600
27,456
27,395
27,459
1950—January
February
March
April
May
June
July.....
August
September
October
November
27,220
27,008
27,043
27,062
27,022
27,026
27,117
27,009
27,154
27,233
27,380
27,139
27,008
27,124
27,280
27,212
27,162
27,171
27,145
27,208
27,233
27,298
Assets
Depositors'
balances 1
End of month
Total
Cash
in
depository
banks
U. S.
Government
securities
Cash
reserve
funds,
etc. 8
+742
+1,134
+2,428
+4,250
+5,039
+4,858
+3,208
+437
1943—December
1944—December....
1945—December....
1946—December
1947—December
1948—December
1,788
2,342
2,933
3,284
3,417
3,330
1,843
2,411
3,022
3,387
3,525
3,449
10
8
6
6
6
7
1,716
2,252
2,837
3,182
3,308
3,244
118
152
179
200
212
198
-50
-61
1949—June.
July
August
September...
October......
November. . .
December.....
3,277
3,266
3,248
3,230
3,215
3,199
3,188
3,403
3,393
3,375
3,350
3,336
3,322
3,312
7
6
6
6
7
7
7
3,188
3,187
3,172
3,152
3,127
3,118
3,118
209
199
196
191
202
197
187
1950—January
February....
March
April
May
3,183
3,177
3,168
3,151
3,125
3,097
3,061
3,021
*>2,985
*>2,960
3,307
3,301
3,293
3,276
3,250
3,218
3,181
3,141
7
7
8
8
8
10
9
10
3,117
3,107
3,107
3,092
3,068
3,038
3,027
2,962
182
186
178
176
175
171
145
169
Averages of daily figures?
27,456
27,477
27,734
[In millions of dollars]
Change in
seasonally
adjusted
series 1
-84
-644
-624
1949—October
November
December
POSTAL SAVINGS SYSTEM
+64
-320
-131
+116
+156
-68
-50
July
August
September. . .
October
+9
-26
+63
+25
+65
* For end-of-year figures, represents change computed on absolute
amounts in first column.
NOTE.—For discussion of seasonal adjustment factors and for back
figures on comparable basis see BULLETIN for September 1943, pp.
822-826. Because of an apparent change in the seasonal pattern
around the year-end, adjustment factors have been revised somewhat
for dates affected, beginning with December 1942.
P Preliminary.
Outstanding principal, represented by certificates of deposit.
Includes working cash with postmasters, 5 per cent reserve fund
and miscellaneous working funds with Treasurer of United States, accrued interest on bond investments, and accounts due from late postmasters.
Back figures.—-See Banking and Monetary Statistics, p. 519; for
description, see p. 508 in the same publication.
1
2
BANK DEBITS AND DEPOSIT TURNOVER
[Debits in millions of dollars]
Debits to total deposit accounts, except
interbank accounts
Debits to demand
deposit accounts,
except interbank
and Government
Annual rate of
turnover of total
deposits, except
interbank
Annual rate of
turnover of demand
deposits, except interbank and Government
Year or month
1944
1945
1946—old series *4
1946-—new series
1947
1948
1949
Total, all
reporting
centers
New
York
City*
140
other
centers *
Other
reporting
centers 2
New
York
City
Other
reporting
centers
New
York
City*
Other
leading
cities 8
New
York
City*
Other
leading
cities *
891,910
974,102
}l,050,021
1,125,074
1,249,630
1,231,053
345,585
404,543
417,475
405,929
449,002
452,897
462,354
479,760
527,336
599,639
667,934
648,976
83,970
89,799
105,210
119,506
132,695
129,179
17.1
18.2
18.9
21.0
23.6
24.1
10.8
9.7
11.9
12.9
12.4
298,902
351,602
374,365
407,946
400,468
445,221
447,150
403,400
412,800
449,414
522,944
598,445
660,155
639,772
22.4
24.2
25.5
25.2
24.1
27.2
28.2
17.3
16.1
16.9
16.5
18.0
19.2
18.7
101,846
99,502
118,207
36,334
35,249
45,781
54,425
53,350
60,503
11,087
10,903
11,923
22.4
23.4
27.7
12.1
12.7
13.1
36,683
34,105
45,434
54,488
52,336
60,428
27.3
27.2
32.5
18.5
19.1
20.0
106,665
96,254
115,746
102,547
112,095
119,399
110,573
128,383
'123,222
125,784
38,962
35,727
43,112
37,025
41,463
43,781
38,757
50,067
44,910
43,837
56,397
50,565
60,923
54,657
58,838
63,332
59,752
65,464
'65,197
68,137
11,306
9,962
11,712
10,865
11,793
12,286
12,064
12,852
13,116
13,811
24.5
24.9
25.7
24.1
25.9
27.0
24.6
29.2
27.9
26.4
12.6
12.3
12.8
12.5
12.7
13.4
13.2
13.2
14.2
14.2
38,133
35,205
41,164
38,480
40,037
42,294
40,657
48,320
46,400
43,159
55,090
49,855
59,-113
54,929
57,382
61,607
59,703
64,015
65,330
66,547
28 6
29.3
29.4
29.7
29.7
30.7
31.0
33 8
34.2
30.7
18.9
18.9
19.3
19.4
19 2
20.2
20.3
19 9
21.5
20.9
1949—October
November
December
1^950—January
JVLarch .
April
....
iS/LsLy
June
July
August
.
September
October
10.0 {
r
Revised.
1
National series for which bank debit figures are available beginning with 1919.
2
Number8 of centers reduced from 193 to 192 beginning December 1947, when one reporting
city. 4
Weekly reporting member bank series.
bank was absorbed by a reporting bank in another
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
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
a n d Capital
Total
assets.
Total
liabil-
Bank credit
Date
u. s. Government
TreasGold
currency
Total
,642
Loans,
net
41,082
21,957
22,157
26,605
27,948
30,387
31,570
35,765
38,373
43,023
45,299
48,341
47,148
Total
Commercial
and
savings
banks
Federal
Reserve
Banks
5,741
10,328
23,105
29,049
118,041
128,417
122,740
113,110
107,873
107,086
101,451
100,694
97,428
5,499
8,199
19,417
25,511
93,655
101,288
95,911
86,558
82,679
81,199
76,774
74,097
74,877
1,998
2,484
2,254
21,792
24,262
23,783
23,350
21,872
22,559
21,366
23,333
19,343
1929—June 29
1933—June 30
1939—Dec. 30.
1941—Dec. 31
1945—June 30
Dec. 31
1946—June 29
Dec. 31
1947—June 30
Dec. 31
194g—June 30
Dec. 31
1949—j u n e 30
4,037
4,031
17,644
22,737
20,213
20,065
20,270
20,529
21,266
22,754
23,532
24,244
24,466
2,019
2,286
2,963
3,247
4,145
4,339
4,539
4,562
4,552
4,562
4,565
4,589
4,597
1949—N OV . 30
Dec. 31
24,500
24,427
4,600 16f ,700
4,598 162 ,681
49,000 99,100
49,604 100,456
78,300
78,433
1950—Jan. 25.
Feb. 21
,
Mar 29
Apr. 2 6 . . . . . .
May 31..June 30 . .
July 2 6 P
Aug 3QP
Sept. 27P .
Oct. 2 5 ? . . .
24,400
24,300
24,200
24,200
24,200
24,231
24,200
23,800
23,500
23,300
4,600
4,600
4,600
4,600
4,600
4,607
4,600
4,600
4,600
4,600
49,400 100,400
49,700 99,300
50,400 98,000
50,600 97,900
51,000 98,100
51,999 98,709
53,100 97,500
54,500 97,200
56,400 96,000
57,500 95,800
79,500
78,600
77,400
77,100
77,700
77,320
76,400
75,600
73,800
73,600
4? ,148
,564
64 ,653
15.1 ,992
161 ,381
16,1 ,485
15? ,366
15f ,297
16f ,832
151 ,958
16f ,457
I.Sf ,491
,500
161 ,900
161 ,700
16? ,000
162 ,600
164 ,348
165 ,800
166 ,900
167 ,700
164 ,300
obligations
Other
Other
securities
and
capital,
net
Capital
and
Total
deposits misc.
acand
currency counts,
net
11,819
9,863
9,302
8,999
8,003
8,577
9,175
9,491
10,051
10,723
11,208
11,422
11,915
64,698
48,465
75,171
90,637
178,350
191,785
188,294
183,457
182,115
188,148
186,055
189,290
185,554
55,776
42,029
68,359
82,811
168,040
180,806
176,215
171,657
169,234
175,348
172,857
176,121
171,602
8,922
6,436
6,812
7,826
10,310
10,979
12,079
11,800
12,882
12,800
13,200
13,168
13,952
17,700
18,885
1,204
1,284
2,594
2,867
3,046
3,202
3,322
3,328
3,311
3,264
3,208
3,100
3,138
12,600
12,621
189,800
191,706
175,300
177,313
14,500
14,392
17,800
17,600
17,500
17,600
17,400
18,331
18,000
18,600
19,400
19,200
3,100
3,100
3,100
3,100
3,100
3,058
3,000
3,000
2,900
2,900
12,700
12,900
13,300
13,500
13,500
13,640
13,800
14,200
14,500
14,400
191,600
190,800
190,500
190,800
191,400
193,186
193,100
194,200
195,000
195,600
177,100
176,200
176 000
176,100
176,700
178 568
178,200
179,200
180,000
180,300
14,400
14,600
14,600
14,600
14,700
14,618
14,900
15,000
14,900
15,300
Currency
outside
banks
26
131
216
Deposits and Currency
U S. Government balances
Date
Total
1929—JUne
1933—jUne
1939—Dec.
1941—Dec.
1945—June
Dec.
1946—June
Dec.
1947—June
Dec.
1948—June
Dec.
1949—June
Foreign
bank
deposits, Treasnet
ury
cash
At comAt
mercial Federal
and
Reserve
savings Banks
banks
Deposits adjusted and currency
Time deposits 8
Total
Demand
deposits2
54,790
40,828
63,253
76,336
138,403
150,793
157,821
164,004
164,140
170,008
165,695
169,119
165,626
Total
Commercial
banks
Mutual
savings
banks *
Postal
Savings
System
22,540
14,411
29,793
38,992
69,053
75,851
79,476
83,314
82,186
87,121
82,697
85,520
81,877
28,611
21,656
27,059
27,729
44,253
48,452
51,829
53,960
55,655
56,411
57,360
57,520
58,483
19,557
10,849
15,258
15,884
27,170
30,135
32,429
33,808
34,835
35,249
35,788
35,804
36,292
8,905
9,621
10,523
10,532
14,426
15,385
16,281
16,869
17,428
17,746
18,194
18,387
18,932
1,186
1,278
1,313
2,657
2,932
3,119
3,283
3,392
3,416
3,378
3,329
3,259
149
3,639
4,761
6,401
9,615
25,097
26,490
26,516
26,730
26,299
26,476
25,638
26,079
25,266
29
30
30
31
30
31
29
31
30
31
30
31
30
55,776
42,029
68,359
82,811
168,040
180,806
176,215
171,657
169,234
175,348
172,857
176,121
171,602
1,217
1,498
2,378
2,141
1,894
1,885
1,657
1,682
1,727
2,103
1,927
2,409
2,215
2,279
2,287
2,251
2,272
1,314
1,336
1,327
1,325
1,307
1,895
24,381
24,608
13,416
3,103
1,367
1,452
2,180
2,451
2,304
1949—Nov. 30
Dec. 31
175,300
177,313
2,100
2,150
1,300
1,312
3,200
3,249
500 168,100
821 169,781
85,000
85,750
58,000
58,616
35,800
36,146
19,100
19,273
3,200
3,197
25,100
25,415
1950—Jan. 25
Feb. 21
Mar. 29 . . . .
Apr. 26
May 31
June 30 .
July 2 6 P
Aug. 3 0 P
Sept. 27P
Oct 25 P
177,100
176,200
176,000
176,100
176,700
178,568
178,200
179,200
180,000
180,300
2,200
2,200
2,300
2,400
2,400
2,555
2,500
2,400
2,300
2,500
1,300
1,300
L.300
L.300
L.300
]L.298
1,300
1L,300
1L.300
1L.300
3,300
4,200
4,300
3,200
3,200
3,801
3,600
3,800
3,600
3,100
500 169,700
400 168,200
1,000 167,100
800 168,400
600 169,200
950 169,964
500 170,200
700 171,000
1,100 171,700
400 173,000
86,400
84,500
83,200
84,300
85,000
85,040
86,500
87,400
88,100
89,400
58,700
59,000
59,300
59,500
59,500
59,739
59,400
59,100
59,000
59,000
36,100
36,300
36,500
36,600
36,600
36,719
36,400
36,200
36,200
36,200
19,400
19,500
19,700
19,700
19,800
19,923
19,900
19,800
19,900
19,900
3,200
3,200
3,200
3,200
3,100
3,097
3 100
3,000
3 000
3,000
24,500
24,700
24,600
24 600
24,700
25,185
24 400
24,500
24 500
24,600
365
50
204
264
381
852
846
36
35
634
867
599
977
833
393
756
870
1,928
1,123
438
P Preliminary.
Treasury funds included are the gold account, Treasury currency account, and Exchange Stabilization Fund.
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.
1
2
1640
FEDERAL RESERVE BULLETIN
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
Investment s
Class of bank
and date
Total
Loans
Total
AH banks:
1939—Dec. 30
1941—Dec. 31
1942—Dec. 31
1943—Dec. 31. . . . . .
1944—Dec. 30
1945—Dec. 31
1946—Dec. 31 2
..
1947—Dec. 31
1948—Dec. 31
1949—June 30
Dec. 31
1950—May 31
June 30
July 26P
Aug. 30*»
Sept. 27P
Oct. 25P
AH commercial banks:
1939—Dec. 30
1941—Dec. 31
1942—Dec. 31
1943—Dec. 31
1944—Dec. 30
1945—Dec. 31
1946—Dec. 31.
1947—Dec. 312
1948—Dec. 31
1949—June 30
Dec. 31. . . . . . .
1950—May 31
June 30
July 26P
Aug. 30P
Sept. 27P
Oct. 25*>
All member banks:
1939—Dec. 30
1941—Dec. 31
1942—Dec. 31
1943—Dec. 31
1944—Dec. 30
1945—Dec. 31
1946—Dec. 31
1947—Dec. 31
1948—Dec. 31
1949—June 30
Dec. 31
1950—May 31
June 30
July 26*
Aug. 3QP
Sept. 27P
Oct. 25P
U. S.
Government
obligations
Other
Cash
assets 1
Other
securities
Total i
Interbank 1
Total Number
capital
of
accounts banks
Demand
Time
50,884
61,126
78,147
96,966
119,461
140,227
131,698
134,924
133,693
133,868
140,598
142,300
142,959
143,570
144,560
144,880
145,770
22,165 28,719 19,417
26,615 34,511 25,511
23,916 54,231 45,951
23,601 73,365 65,932
26,015 93,446 85,885
30,362 109,865 101,288
35,648 96,050 86,558
43,002 91,923 81,199
48,174 85,519 74,097
47,076 86,792
74,877
49,544 91,054 78,433
51,180 91,120 77,670
51,999 90,960 77,320
53,320 90,250 76,440
54,760 89,800 75,610
56,670 88,210 73,750
57,730 88,040 73,620
9,302
8,999
8,280
7,433
7,561
8,577
9,491
10,723
11,422
11,915
12,621
13,450
13,640
13,810
14,190
14,460
14,420
23,292
27,344
28,701
28,475
30,790
35,415
35,041
38,388
39,474
34,966
36,522
33,310
34,099
34,210
34,060
35,070
35,620
68,242
81,816
99,803
117,661
141,448
165,612
155,902
161,865
161,248
156,470
164,467
161,880
163,770
163,840
164,810
165,830
167,410
9,874 32,516
10,982 44,355
11,308 61,437
11,003 75,577
12,235 91,663
14,065 105,935
12,656 92,462
13,033 95,727
12,269 94,671
10,938 90,145
12,710 96,156
11,130 94,170
11,435 95,505
11,310 96,060
11,370 97,200
11,540 98,060
12,350 98,810
25,852
26,479
27,058
31,081
37,551
45,613
50,784
53,105
54,308
55,386
55,601
56,580
56,830
56,470
56,240
56,230
56,250
8,194
8,414
8,566
8,996
9,643
10,542
11,360
11,948
12,479
12,845
13,088
13,450
13,576
13,610
13,670
13,720
13,800
15,035
14,826
14,682
14,579
14,535
14,553
14,585
14,714
14,703
14,680
14,687
14,674
14,674
14,665
14,656
14,658
14,658
40,668
50,746
67,393
85,095
105,530
124,019
113,993
116,284
114,298
113,773
120,197
121,160
121,767
122,320
123,300
123,660
124,490
17,238
21,714
19,221
19,117
21,644
26,083
31,122
38,057
42,488
41,025
42,965
44,080
44,796
45,980
47,270
49,030
49,890
23,430
29,032
48,172
65,978
83,886
97,936
82,871
78,226
71,811
72,748
77,232
77,080
76,972
76,340
76,030
74,630
74,600
16,316
21,808
41,379
59,842
77,557
90,606
74,780
69,221
62,622
63,220
67,005
66,100
65,751
64,950
64,230
62,540
62,530
7,114
7,225
6,793
6,136
6,329
7,331
8,091
9,006
9,189
9,528
10,227
10,980
11,221
11,390
11,800
12,090
12,070
22,474
26,551
28,039
27,677
30,206
34,806
34,223
37,502
38,596
34,166
35,650
32,540
33,268
33,460
33,330
34,270
34,890
57,718
71,283
89,135
105,923
128,072
150,227
139,033
144,103
142,843
137,520
145,174
142,070
143,827
143,940
144,950
145,940
147,510
9,874 32,513
10,982 44,349
11,308 61,431
11,003 75,569
12,235 91,653
14,065 105,921
12,656 92,446
13,032 95,711
12,269 94,654
10,938 90,128
12,709 96,136
11,130 94,150
11,435 95,485
11,310 96,040
11,370 97,180
11,540 98,040
12,350 98,790
15,331
15,952
16,395
19,350
24,184
30,241
33,930
35,360
35,921
36,455
36,328
36,790
36,907
36,590
36,400
36,360
36,370
6,885
7,173
7,330
7,719
8,265
8,950
9,577
10,059
10,480
10,780
10,967
11,250
11,387
11,420
11,470
11,500
11,580
14,484
14,278
14,136
14,034
13,992
14,011
14,044
14,181
14,171
14,150
14,156
14,143
14,144
14,135
14,127
14,129
14,129
33,941
43,521
59,263
74,258
91,569
107,183
96,362
97,846
95,616
95,315
101,528
102,179
102,745
103,290
104,289
104,554
105,258
13,962
18,021
16,088
16,288
18,676
22,775
26,696
32,628
36,060
34,456
36,230
37,070
37,658
38,760
39,977
41,542
42,347
19,979
25,500
43,175
57,970
72,893
84,408
69,666
65,218
59,557
60,859
65,297
65,109
65,087
64,530
64,312
63,012
62,911
14,328
19,539
37,546
52,948
67,685
78,338
63,042
57,914
52,154
53,132
56,883
55,988
55,759
55,026
54,434
52,882
52,816
5,651
5,961
5,629
5,022
5,208
6,070
6,625
7,304
7,403
7,727
8,414
9,121
9,328
9,504
9,878
10,130
10,095
19,782
23,123
24,280
23,790
25,860
29,845
29,587
32,845
34,203
30,423
31,317
28,692
29,380
29,435
29,261
30,144
30,427
49,340
61,717
78,277
92,262
110,917
129,670
118,170
122,528
121,362
116,980
123,885
121,076
122,707
122,710
123,694
124,572
125,691
9,410
10,525
11,000
10,555
11,884
13,640
12,060
12,403
11,641
10,374
12,097
10,587
10,850
10,736
10,795
10,968
11,725
28,231
38,846
54,523
66,438
79,774
91,820
78,920
81,785
80,881
77,342
82,628
80,995
82,232
82,606
83,658
84,386
84,748
11,699
12,347
12,754
15,268
19,259
24,210
27,190
28,340
28,840
29,264
29,160
29,494
29,625
29,368
29,241
29,218
29,218
5,522
5,886
6,101
6,475
6,968
7,589
8,095
8,464
8,801
9,022
9,174
9,399
9,523
9,550
9,602
9,628
9,683
6,362
6,619
6,679
6,738
6,814
6,884
6,900
6,923
6,918
6,903
6,892
6 887
6,885
6,886
6,888
6,887
6,883
10 216
10 379
10 754
11 871
13 931
16 208
17,704
18,641
19,395
20,094
20 400
21,140
21,192
21 250
21 260
21 220
21,280
4 927
4 901
4 695
4 484
4 370
4 279
4,526
4,944
5,686
6,050
6 578
7 100
7,203
7 340
7 490
7 640
7,840
5 289
5,478
6,059
7 387
9,560
11 928
13,179
13,696
13,709
14,044
13 822
14,040
13,989
13 910
13,770
13 580
13,440
3,101
3,704
4,572
6 090
8,328
10 682
11,778
11,978
11,476
11,657
11,428
11,570
11,569
11,490
11,380
11 210
11,090
2,188
1,774
1,487
1 297
1,232
1,246
1,400
1,718
2,233
2,387
2,394
2,470
2,420
2,420
2,390
2,370
2,350
818
793
663
797
584
609
818
886
878
800
873
10 524
10,533
10,668
11 738
13,376
15 385
16,869
17,763
18,405
18,949
19,293
19,810
19,943
19,900
19,860
19 890
19,900
10 521
10 527
10 662
11 730
13 366
15 371
16,853
17,745
18,387
18,932
19 273
19,790
19,923
19 880
19,840
19 870
19,880
309
241
236
1
1
1
1
3
6
6
g
10
14
16
17
17
17
20
20
20
20
20
20
20
551
548
546
545
543
542
541
533
532
530
531
531
530
530
529
529
529
All mutual savings
t939 Dec 30
1941—Dec 31
1942 Dec 31
1943 Dec 31
1944—Dec 30
1945 Dec 31
1946—Dec. 31
1947—Dec. 312
1948—Dec. 31
1949—June 30
Dec 31
1950—Mav 31
June 30
Tulv 26P
Au°" 30^
Sept. 27P.
Oct. 25P
.
770
831
750
730
800
730
I 276
1I 378
L 592
U784
1,889
L.999
2,065
2 122
2,200
2,189
2 190
2,200
2 220
2,220
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
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]
Deposits
Loans and investments
Other
Investments
Class of bank
and date
Total
Central reserve city
member b a n k s :
New York City:
1939—Dec. 30
1941—Dec. 31
1942—Dec. 31
1943—Dec. 31
1944—Dec. 30
1945—Dec. 31
1946—Dec. 31
1947—Dec. 31
1948—Dec. 31
1949—June 30
Dec. 31
1950—May 31
June 30
July 26*>
Aug. 30P
Sept. 27P
Oct. 25?
Total
Number
capital
of
accounts banks
Cash
Total
U. S.
Government
obligations
Loans
Total
Other
securities
Interbank i
Demand
Time
|
|
9,339
12,896
17,957
19,994
24,003
26,143
20,834
20,393
18,759
19,103
19,583
19,243
19,548
19,406
19,764
19,860
19,877
3,296
4,072
4,116
4,428
5,760
7,334
6,368
7,179
8,048
7,689
7,550
7,607
7,723
8,129
8,368
8,814
8,919
6,043
8,823
13,841
15,565
18,243
18,809
14,465
13,214
10,712
11,413
12,033
11,636
11,825
11,277
11,396
11,046
10,958
4,772
7,265
12,547
14,563
17,179
17,574
13,308
11,972
9,649
10,278
10,746
10,153
10,281
9,618
9,587
9,167
9,134
1,272
1,559
1,294
1,002
1,066
1,235
1,158
1,242
1,063
1,135
1,287
1,483
1,544
1,659
1,809
1,879
1,824
6,703
6,637
5,864
5,197
4,921
6,439
6,238
7,261
7,758
7,109
6,985
6,382
6,329
6,418
6,478
6,635
6,515
14,509
17,932
22,078
23,256
26,773
30,121
24,723
25,216
24,024
23,619
23,983
22,702
23,213
22,776
23,417
23,585
23,602
4,238
4,207
3,945
3,680
4,041
4,657
4,246
4,464
4,213
3,920
4,192
3,826
3,894
3,786
3,856
3,956
4,146
9,533
12,917
17,399
18,729
21,730
24,227
19,028
19,307
18,131
18,004
18,139
17,230
17,668
17,392
17,936
17,982
17,851
736
807
734
847
1,002
1,236
1,449
1,445
1,680
1,695
1,651
1,646
1,650
1,598
1,625
1,647
1,605
,592
,648
,727
,862
,966
,120
205
2,259
306
340
2,312
2,344
2,341
2,351
2,356
2,343
2,352
36
36
37
37
37
37
37
37
35
35
25
25
25
25
25
24
23
,105
760
,973
,554
443
,931
765
;088
799
,841
,424
,217
,256
,299
,447
,302
,394
569
954
832
1,004
1,184
1,333
1,499
1,801
1,783
1,537
1,618
1,536
1,557
1,654
1,726
1,786
1,854
1,536
1,806
3,141
3,550
4,258
4,598
3,266
3,287
3,016
3,303
3,806
3,681
,700
3,645
3,721
3,516
3,540
1,20.3
1,430
2,789
3,238
3,913
4,213
2,912
2,890
2,633
2,888
3,324
3,119
3,138
3,082
3,146
2,950
2,987
333
376
352
312
345
385
355
397
383
415
482
562
562
563
575
566
553
1,446
1,566
1,352
1,283
1,378
1,489
1,545
739
932
702
850
658
640
743
755
841
1,777
3,330
4,057
5,040
5,523
6,468
7,046
5,905
6,402
6,293
6,087
6,810
6,392
6,419
6,509
6,703
6,621
6,668
888
1,035
1,117
985
1,148
1,312
1,153
1,217
1,064
1,008
1,191
1,044
1,014
1,067
1,099
1,058
1,109
1,947
2,546
3,468
4,029
4,700
5,015
3,922
4,273
4,227
4,020
4,535
4,256
4,305
4,354
4,527
4,488
4,486
495
476
455
508
620
719
829
913
1,001
1,059
1,083
1,092
1,099
1,088
1,077
1,075
1,073
250
288
304
326
354
377
404
426
444
462
470
478
481
478
483
483
484
14
13
13
13
13
12
14
14
13
13
13
13
13
13
13
13
13
Reserve city member
banks:
1939—Dec. 30
1941—Dec. 31
1942—Dec. 31
1943—Dec. 31
1944—Dec. 30
1945—Dec. 31
1946—Dec. 31
1947—Dec. 31
1948—Dec. 31
1949—June 30
Dec. 31
1950—May 31
June 30
July 26?
Aug. 30J»
Sept. 27*
Oct. 25?
12,272
15,347
20,915
27,521
33,603
40,108
35,351
36,040
35,332
35,034
38,301
38,556
38,697
39,167
39,376
39,536
39,844
5,329
7,105
6,102
6,201
6,822
8,514
10,825
13,449
14,285
13,261
14,370
14,653
14,868
15,256
15,845
16,525
16,931
6,944
8,243
14,813
21,321
26,781
31,594
24,527
22,591
21,047
21,772
23,931
23,903
23,829
23,911
23,531
23,011
22,913
5,194
6,467
13,038
19,682
25,042
29,552
22,250
20,196
18,594
19,076
20,951
20,672
20,510
20,549
20,030
19,404
19,301
1,749
1,776
1,775
1,639
1,739
2,042
2,276
2,396
2,453
2,696
2,980
3,231
3,319
3,362
3,501
3,607
3,612
6,785
8,518
9,426
9,327
10,238
11,286
11,654
13,066
13,317
11,618
12,168
11,107
11,639
11,580
11,422
11,858
12,070
17,741
22,313
28,700
35,070
41,804
49,085
44,477
46,467
45,943
43,852
47,559
46,462
47,187
47,495
47,448
47,978
48,493
3,686
4,460
4,957
4,874
5,524
6,448
5,570
5,649
5,400
4,665
5,713
4,860
5,069
5,034
4,996
5,100
5,503
9,439
13,047
18,747
24,086
28,525
32,877
28,049
29,395
29,153
27,560
30,182
29,888
30,306
30,779
30,848
31,300
31,388
4,616
4,806
4,995
6,109
7,755
9,760
10,858
11,423
11,391
11,627
11,664
11,714
11,812
11,682
11,604
11,578
11,602
1,828
1,967
2,028
2,135
2,327
2,566
2,728
2,844
2,928
3,005
3,087
3,146
3,268
3,267
3,287
3,305
3,320
346
351
354
357
356
359
355
353
335
336
341
337
336
336
336
337
337
Country member
banks:
1939—Dec. 30
1941—Dec. 3 1 . . . . . .
1942—Dec. 31
1943—Dec. 31
1944—Dec. 30
1945—Dec. 31
1946—Dec. 31
1947—Dec. 31
1948—Dec. 31
1949—June 30
Dec. 31
1950—May 31
June 30
July 26P
Aug. 30P
Sept. 27?
Oct. 25*>
10,224
12,518
16,419
22,188
28,520
35,002
35,412
36,324
36,726
36,338
38,219
39,163
39,245
39,418
39,702
39,856
40,143
4,768
5,890
5,038
4,654
4,910
5,596
8,004
10,199
11,945
11.968
12,692
13,274
13,510
13,721
14,038
14,417
14,643
5,456
6,628
11,380
17,534
23,610
29,407
27,408
26,125
24,782
24,370
25,527
25,889
25,734
25,697
25,664
25,439
25,500
3,159
4,377
9,172
15,465
21,552
26,999
24,572
22,857
21,278
20,889
21,862
22,044
21,830
21,777
21,671
21,361
21,394
2,297
2,250
2,208
2,069
2,058
2,408
2,836
3,268
3,504
3,481
3,665
3,845
3,904
3,920
3,993
4,078
4,106
4,848
6,402
7,638
7,983
9,323
10,632
10,151
10,778
11,196
9,994
10,314
9,545
9,773
9,694
9,606
9,810
10,065
13,762
17,415
22,459
28,414
35,871
43,418
43,066
44,443
45,102
43,422
45,534
45,520
45,888
45,930
46,126
46,388
46,928
598
822
980
1,015
1,171
1,223
1,091
1,073
964
781
1,001
857
871
849
844
854
967
7,312
10,335
14,909
19,594
24,818
29,700
27,921
28,810
29,370
27,758
29,771
29,621
29,953
30,081
30,347
30,616
31,023
5,852
6,258
6,569
7,804
9,882
12,494
14,053
14,560
14,768
14,883
14,762
15,042
15,064
15,000
14,935
14,918
14,938
1,851
1,982
2,042
2,153
2,321
2,525
2,757
2,934
3,123
3,215
3,305
3,431
3,433
3,454
3,476
3,497
3,527
5,966
6,219
6,275
6,331
6,408
6,476
6,494
6,519
6,535
6,519
6,513
6.512
6,511
6,512
6,514
6,513
6,510
Chicago:
1939—Dec. 30
1941—Dec. 31
1942—Dec. 31
1943—Dec. 31
1944—Dec. 30
1945—Dec. 31
1946—Dec. 31
1947—Dec. 31
1948—Dec. 31
1949—June 30
Dec. 31
1950—May 31
June 30
July 26*
Aug. 30P
Sept. 27*>
Oct. 25»
* 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
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
Class of bank
and date
Total
All insured commercial
banks:
1941—Dec. 31
1945—Dec. 31
1946—Dec. 31
1947—Dec. 31
1948—Dec. 31
1949—Dec. 31
1950—June 30
Other
Cash
assets 1
Total
U. S.
Government
obligations
Other
securities
Loans
Total
Interbank i
Demand
Total
capital
accounts
Number
of
banks
6 ,844
13,426
13,297
13,354
13,398
13,413
13,429
13,435
Time
49,290
121,809
112,178
114,274
112,286
118,278
119,808
21,259
25,765
30,733
37,583
41,968
42,485
44,304
28,031
96,043
81,445
76,691
70,318
75,793
75,504
21,046
88,912
73,554
67,941
61,388
65,820
64,546
6,984
7,131
7,891
8,750
8,929
9,974
10,957
25,788
34,292
33,694
36,926
38,087
35,207
32,865
69,411
147,775
136,990
141,851
140,642
143,138
141,798
National member
banks:
1941—Dec. 31.
1945—Dec. 31.
1946—Dec. 31.
1947—Dec. 31.
1948—Dec. 31.
1949—Dec. 31.
1950—June 30.
27,571
69,312
63,723
65,280
63,845
67,943
68,723
11,725
13,925
17,272
21,428
23,752
23,853
24,590
15,845
55,387
46,451
43,852
40,093
44,090
44,132
12,039
51,250
41,658
38,674
34,852
38,161
37,548
3,806
4,137
4,793
5,178
5,241
5,930
6,584
14,977
20,114
20,012
22,024
22,974
20,995
19,914
39,458
84,939
78,775
82,023
81,407
83,113
82,430
6,786
9,229
8,169
8,410
7,842
8,278
7,362
24,350
59,486
52,194
54,335
54,020
55,034
54,964
8,322
16,224
18,412
19,278
19,545
19,801
20,104
3 ,640
4 ,644
5 ,138
5 ,409
6 ,180
5,117
5,017
5,007
5,005
4,991
4,975
4,971
State member banks:
1941—Dec. 31
.
1945—Dec. 31
1946—Dec. 31. . . . .
1947—Dec. 31. . . . .
1948—Dec. 31
1949—Dec. 31
1950—June 30
15,950
37,871
32,639
32,566
31,771
33,585
34,023
6,295
8,850
9,424
11,200
12,308
12,378
13,068
9,654
29,021
23,216
21,365
19,463
21,207
20,955
7,500
27,089
21,384
19,240
17,301
18,722
18,211
2,155
1,933
1,832
2,125
2,161
2,484
2,744
8,145
9,731
9,575
10,822
11,228
10,322
9,466
22,259
44,730
39,395
40,505
39,955
40,772
40,277
3,739
4,411
3,890
3,993
3,799
3,819
3,488
14,495
32,334
26,726
27,449
26,862
27,594
27,268
4,025
7,986
8,779
9,062
9,295
9,359
9,522
2 ,246
2 ,945
2 ,957
3 ,055
3 ,144
3 ,254
3 ,343
1,502
1,867
1,893
1,918
1,927
1,917
1,914
Insured nonmember
commercial banks:
1941—Dec. . 3 1 . . . . .
1945—Dec. 31. . . .
1946—Dec. 3 1 . . . .
1947—Dec. 31
1948—Dec. 31
1949—Dec. 31. . . .
1950—June 30
5,776
14,639
15,831
16,444
16,685
16,766
17,079
3,241
2,992
4,040
4,958
5,911
6,258
6,650
2,535
11,647
11,791
11,486
10,774
10,508
10,429
1,509
10,584
10,524
10,039
9,246
8,947
8,799
1,025
1,063
1,268
1,448
1,528
1,561
1,630
2,668
4,448
4,109
4,083
3,887
3,892
3,487
7,702
18,119
18,836
19,340
19,296
19,269
19,108
129
244
260
266
259
272
217
4,213
12,196
12,225
12,515
12,419
12,285
12,066
3,360
5,680
6,351
6,558
6,618
6,712
6,825
959
1,083
1,193
1,271
1,358
1,473
1,539
6,810
6,416
6,457
6,478
6,498
6,540
6,553
Noninsured nonmember commercial
banks:
1941—Dec. 31
1945—Dec. 31
1946—Dec. 31 2
1947—Dec. 31
1948—Dec. 31
1949—Dec. 31
1950—June 30
1,457
2,211
1,815
2,009
2,013
1,919
1,959
455
318
389
474
520
481
491
1,002
1,893
1,426
1,535
1,493
1,438
1,468
761
1,693
1,226
1,280
1,234
1,185
1,204
241
200
200
255
259
253
263
763
514
530
576
509
442
403
1,872
2,452
2,043
2,251
2,201
2,036
2,029
329
181
336
363
368
341
369
1,291
1,905
1,302
1,411
1,353
1,223
1,186
253
365
404
478
479
472
474
329
279
290
325
322
321
326
852
714
690
783
758
727
709
All nonmember commercial banks:
1941—Dec. 31
1945—Dec. 31
1946—Dec. 31 2
1947—Dec. 31 .
1948—Dec. 31
1949—Dec. 31
1950—June 30
7,233
16,849
17,646
18,454
18,698
18,686
19,038
3,696
3,310
4,429
5,432
6,431
6,739
7,141
3,536
13,539
13,217
13,021
12,267
11,947
11,896
2,270
12,277
11,749
11,318
10,479
10,132
10,003
1,266
1,262
1,468
1,703
1,788
1,814
1,893
3,431
4,962
4,639
4,659
4,396
4,334
3,890
9,574
20,571
20,879
21,591
21,497
21,305
21,137
457
425
597
629
628
613
586
5,504
14,101
13,526
13,926
13,772
13,508
13,253
3,613
6,045
6,756
7,036
7,097
7,184
7,299
,288
,362
,483
,596
,680
,794
1,865
7,662
7,130
7,147
7,261
7,256
7,267
7,262
Insured mutual savings
banks:
1941—Dec. 31
1945—Dec. 31
1946—Dec. 31
1947—Dec. 31
1948—Dec. 31
1949—Dec. 31
1950—June 30
1,693
10,846
11,891
12,683
13,312
14,209
14,827
642
3,081
3,250
3,560
4,109
4,814
5,288
1,050
7,765
8,641
9,123
9,202
9,394
9,539
629
7,160
7,946
8,165
7,795
7,832
7,945
421
606
695
958
1.407
1|562
1,594
151
429
612
675
684
682
659
1,789
10,363
11,428
12,207
12,772
13,592
14,128
1,789
10,351
11,415
12,192
12,757
13,575
14,109
164
1,034
1 ,173
1,252
1,334
1,420
1,467
52
192
191
194
193
192
192
Noninsured mutual
savings banks:
1941—Dec. 3 1 . . . . . .
1945—Dec. 31
1946—Dec. 31
1947—Dec. 312
1948—Dec. 31
1949—Dec. 31
1950—June 30
8,687
5,361
5,813
5,957
6,083
6,192
6,365
4,259
1,198
1,275
1,384
1,577
1,764
1,915
428
163
538
4,573
4,506
4,428
4,450
3,075
3,522
3,833
3,813
3,680
3,596
3,625
1,353
641
705
760
826
832
826
642
180
206
211
194
191
8,744
5,022
5,442
5,556
5,633
5,702
5,815
8,738
5,020
5,439
5,553
5,631
5,699
5,813
1,077
558
611
637
665
702
722
496
350
350
339
339
339
338
172
10,654 43,059
13,883 104,015
12,320 91,144
12,670 94,300
11,900 93,300
12,368 94,914
11,066 94,298
15,699
29,876
33,526
34,882
35,441
35,856
36,433
S,671
9 ,286
9 ,734
10 ,158
10 ,645
11 ,061
5,657
5,920
For footnotes see preceding two pages.
Backfigures.—SeeBanking and Monetary Statistics, Tables 1-7, pp. 16-23; for description, see pp. 5-15 in the same publication,For revisions
in series prior to June 30, 1947, see BULLETIN for July 1947, pp. 870-871.
DECEMBER
1950
1643
ALL INSURED COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES •
LOANS AND INVESTMENTS
[In millions of dollars]
Loans x
Class of bank
and
call date
Total
loans
and
invest- Total*
ments
All insured commercial banks:
1941—Dec 31
1946—Dec. 3 1 . .
1947—Dec. 3 1 . .
1948—Dec. 3 1 . .
1949—June 3 0 . .
Dec. 3 1 . .
49,290
112,178
114,274
112,286
111,746
118,278
1950—June 30.. 119,808
Investments
Loans for
Compurchasing
meror
carrying
cial,
securities
in
m- AgriReal Conelud- culOther
esing
tur- To
tate sumer loans Total
open- al brokloans loans
marTo
ers
ket
and othpadeal- ers
per
ers
21,259
30,733
37,583
41,968
40,524
42,485
44,304
9,214
14,016
18,012
18,761
16,292
16,935
16,814
18,021
26,696
32,628
36,060
34,456
36,230
36,785
37,658
8,671
13,154
16,962
17,631
15,213
15,857
New York City:*
1941—Dec 31
1946—Dec. 3 1 . .
1947—Dec. 3 1 . .
1948—Dec. 3 1 . .
1949—June 3 0 . .
Dec. 31».
1950—Apr. 2 4 . .
June 3 0 . .
12,896 4,072
20,834 6^368
20,393 7,179
18,759 8,048
19,103 7,689
19,583 7,550
19,216 7,616
19,548 7,723
2,807
4^078
5,361
5,642
4,710
4,792
Chicago:*
1941—Dec. 3 1 . .
1946—Dec. 3 1 . .
1947—Dec. 3 1 . .
1948—Dec. 3 1 . .
1949—June 3 0 . .
Dec. 3 1 . .
1950—Apr. 24
June 3 0 . .
954
2,760
4,765 1,499
5,088 1,801
4,799 1,783
4,841 1,537
5,424 1,618
5,091 1,527
5,256 1,557
1,450
1,358
1,610
2,775
2,734
2,963
2,819
614
662 4,773
1,517 1,609
823 1,190
1,336 939
1,972 901
1,749 855
1,856 912
4 , 545
7,103 4,031
9,266 5,654
10,666 6,804
10,887 7,170
11,405 8,005
12,270 9,036
1,098
1,028
1,095
1,022
1,121
1,186
28,031
81,445
76,691
70,318
71,222
75,793
75,504
U. S. Government obligations
Total
21,046
73,554
67,941
61,388
61,970
65,820
64,546
Obligations
Direct
of
States Other
and
CertifiGuar- polit- securities
cates
anBills of in- Notes Bonds teed ical
subdebtdiviedsions
ness
•
988
1,271
2,124
2,821
2,846
3,692
3,847
12,288
7,552
10,065
10,437
12,479
6,102
3,159
6,780
5,918
3,394
2,045
5,810
11,591
•
1
12,797 4,102 3,651 3,333
53,200
15 4,298 3,592
14 5,129 3,621
52,334
8 5,509 3,420
45,100
6 5,763 3,489
46,636
6 6,400 3,574
43,833
8 7,237 3,721
43,000
Member banks,
total:
1941—Dec. 3 1 . .
1946—Dec. 3 1 . .
1947—Dec. 3 1 . .
1948—Dec. 3 1 . .
1949—June 30..
Dec. 3 1 . .
1950—Apr. 2 4 . .
June 3 0 . .
Reserve city banks:
1941—Dec. 3 1 . .
1946—Dec. 31...
1947—Dec. 3 1 . .
1948—Dec. 3 1 . .
1949—June 3 0 . .
Dec. 31 «.
1950—Apr. 2 4 . .
June 3 0 . .
43,521
96,362
97,846
95,616
95,315
101,528
101,521
102,745
15,347
35,351
36,040
35,332
35,034
38,301
38,287
38,697
7,105
10,825
13,449
14,285
13,261
14,370
14,493
14,868
12 ,518
35,412
36,324
36,726
36,338
38,219
38,927
June 30.. 39,245
5,890
8,004
10,199
11,945
11,968
12,692
13,148
13,510
Country banks:
1941—Dec. 3 1 . .
1946—Dec. 3 1 . .
1947—Dec. 3 1 . .
1948—Dec. 3 1 . .
1949—June 3 0 . .
Dec. 3 1 . .
1950—Apr. 2 4 . .
Insured nonmember commercial banks:
1941—Dec. 3 1 . .
1946—Dec. 3 1 . .
1947—Dec. 3 1 . .
1948—Dec. 3 1 . .
1949—June 3 0 . .
Dec. 3 1 . .
1950—June 3 0 . .
5,776
15,831
16,444
16,685
16,447
16,766
17,079
3 , >92
25,500 19,539 971
3,308 1,020 69,666 63,042 1,167 10,043
952
65,218 57,914 1,987 5,816
4,662
5,585 1,006 59,556 52,154 2,588 7,999
5,859 935 60,859 53,132 2,651 8,469
6,551 1,034 65,297 56,883 3,389 10,409
64,736 55,575
15 ',708 iJ77O i',840 "807 9^547 7*, 401 1405 65,087 55,759 3 [539 'i',821
598 3,494
972
594
884 1,506 1,467 5,358
811
1,046
1,065 7,130
1,800 1,324 834 8,244
1,704 1,958 803 8,383
1,945 1,737 758 8,834
8
1,410
169
389
267
225
248
219
123
99
111
224
209
256
5 54
8,823 7,265 311
250 14,465 13,308
387
455
564
330 13,215 11,972 1,002
306 10,712 9,649
589
643
650
268 11,413 10,278
777
309 12,033 10,746
720
689
i,497
242
339
756
52
101
87
63
60
56
22
51
46
51
48
51
9 >
105
149
176
156
172
412
1,096
545
3 1,102
1 1,701
4,656
7
48
117
73
71
83
109
1,116
24
109
64
54
180
3,456
5,548
7,088
7,282
6,227
6,704
300
201
225
437
378
457
1.14
264
170
130
150
183
194
704
484
360
321
309
1,527
2,237
3,147
3,503
3,559
3,742
1,436
1,969
2,315
2,408
2,745
732
1,094
1,418
1,412
1,178
1,211
6
3
3
4
6
8,243
24,527
22,591
21,047
21,772
23,931
23,794
"447 23,829
1 , 530
306
229
261
256
259
1,676 659
2,433 681
3,096 818
3,296 1,356
3,098 1,319
3,150 1,480
20
29
23
21
23
36
183
273
227
187
175
173
3,339 1,379
33
177 5,125 3,346
478
543
3,241
4,040
474
862
4,958 1,049 563
5,911 1,131 975
6,071 1,079 1,030
6,258 1,078 1,018
6,650 1,106 1,049
20
12
13
12
14
12
16
64
142
125
105
97
97
105
1,282
1,748
2,139
2,426
2,508
2,575
2,727
1,806
3,266
3,287
3,016
3,303
3,806
3,565
36 3,699
29
26
27
26
34
1, 512
435
366
412
385
432
'6^596 "367 " 2 6 1 "324 4] 029 3,iis
1,823
2,970
3,827
4,467
4,567
4,784
11,599 9,987
356 11,825 10,281
1,312
1,979
2,451
2,644
2,945
854
723
992
1,220
1,311
1,453
1,635
6,628
27,408
26,125
24,781
24,370
25,527
25,779
266 25,734
79
76
89
87
87
82
2,535
11,791
11,486
10,774
10,376
10,508
10,429
1,430
2,912
2,890
2,633
2,888
3,324
3,012
3,138
1,725
640
1,183
1,472
1,785
3,007
5,602
4,815
2,800
1,639
5,085
11,729 3,832 3,090 2,871
11 3,548 3,077
46,219
10 4,199 3,105
45,286
5 4,480 2,922
38,761
4 4,710 3,016
40,369
4 5,274 3,140
37,996
5,954 3,207
'9,990 37',404
5 6,040 3,289
1,623 3,652 1,679
992 10,202
1
558 9,771
365 7,512
132 7,897
835 7,405
900
458 i,594 7,328
256
60
132
183
369
331
498
235
275
343
690
153
146
248
217
125
358
352
276
555 1,954
903
2,207
2,274
1,958
2,051
1,945
119
729
557
638
563
611
752
959
830
601
604
500
525
535
582
585
182
167
213
210
235
290
340
340
193
187
185
174
180
192
213
221
1,030
6,467 295
751 4,248 1,173
956
820
4 1,272 1,004
22,250 441 3,799 1,993 16,013
373
3
20,196
2,358 1,901 15,560
1,342 1,053
1 1,421 1,032
18,594 1,056 3,201 1,090 13,247
603 14,230
19,076 875 3,367
1,559 1,137
20,951 1,189 4,180 2,124 13,457
1,727 1,254
20,612
1,918 1,263
20,510 1,179 1,954 4,005 13^372
1,988 1,331
4,377
110
24,572
279 4,020
22,857 480 2,583
760 3,340
21,278
20,889 630 3,286
21,862 1,148 3,753
21,964
21,830 1,107 2,133
481 2,926
2,470 17,797
2,108 17,681
1,128 16,046
778 16,192
1,768 15,189
1,509
10,524
10,039
9,246
8,849
8,947
8,799
152 1,069
1,179 6,991
1,104 7,058
594 6,349
406 6,277
725 5,846
1,601 5,606
17
104 2,247
136 1,736
234 2,066
196 1,968
303 2,071
308 1,281
1,222
1,551
2,006
2,286
2,306
2,505
2,666
5 2,753
1,028
1,285
1,262
1,217
1,174
1,160
1,148
1,151
563
752
931
462
516
517
498
473
434
432
861
6
6
4
4
4
3,835 14,750
271
3
4
3
2
2
2
1,030
1,054
1,127
1,198
* 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
ALL INSURED COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES *—Continued
RESERVES AND LIABILITIES
[In millions of dollars]
Demand deposits
Class of bank
and
call date
Reserves
with
Cash
Federal
in
Revault
serve
Banks
All insured commercial banks:
1941—Dec 3 1 . .
1946—-Dec. 3 1 . .
1947—Dec. 3 1 . .
1948—Dec. 3 1 . .
1949—June 30..
Dec. 31..
1950—June 30..
Member banks,
total:
1941—Dec. 3 1 . .
1946—Dec. 3 1 . .
1947—Dec. 31..
1948—Dec. 3 1 . .
1949—June 30..
Dec. 31..
1950—Apr. 24..
June 30...
New York City:*
1941—Dec. 3 1 . .
1946—Dec. 3 1 . .
1947—Dec. 3 1 . .
1948—Dec. 3 1 . .
1949—June 30. .
Dec. 31» .
1950—Apr. 2 4 . .
June 30..
Chicago: *
1941—Dec. 3 1 . .
1946—Dec. 3 1 . .
1947—Dec. 3 1 . .
1948—Dec. 3 1 . .
1949—j u n e 3 0 . .
Dec. 3 1 . .
1950—Apr. 2 4 . .
June 30..
Reserve city banks:
1941—Dec. 3 1 . .
1946—Dec. 3 1 . .
1947—Dec. 3 1 . .
1948—Dec. 3 1 . .
1949—June 3 0 . .
Dec. 31 8.
1950—Apr. 24.
June 30..
Country banks:
1941—Dec. 3 1 . .
1946—Dec. 3 1 . .
1947—Dec. 3 1 . .
1948—Dec. 3 1 . .
1949—June 3 0 . .
Dec. 3 1 . .
1950—Apr. 2 4 . .
June 30 .
Ensured nonmember commercial banks:
BalDeances mand
with
dedoposits
mestic4
ad- 5
banks justed
Interbank
deposits
DoFormestic* eign
12,396
16,013
17,796
20,404
17,807
16,428
15,863
1,358
2,012
2,145
1,939
2,036
1,984
1,801
B.57O
9,481
9,736
8,947
7,777
9,466
5,358
37,845
82,085
85,751
84,211
80,613
84,576
83,916
9,823
10,888
11,236
10,344
9,058
10,885
12,396
16,015
17,797
20,406
17,808
16,429
15,643
15,864
1,087
1,576
1,672
1,486
1,568
1,521
1,653
1,358
5,246
5,936
5,270
5,674
5,065
5,194
5,288
5,478
33,754
70,243
73,528
72,152
69,397
72,658
71,869
72,263
9,714
10,644
10,978
10,098
8,864
10,623
9,150
9,368
1,353
1,375
1,480
1,369
1,310
1,343
1,278
5,105
4,046
4,639
5,643
4,726
4,462
4,297
4,235
93
131
151
117
130
112
131
92
141
87
70
67
56
68
33
38
10,761
16,429
16,653
15,773
15,254
15,182
14,913
15,053
3,595
3,031
3,236
2,904
2,680
2,996
2,621
2,692
1,195
1,217
1,278
1,150
1,084
1,112
1,051
1,021
1,070
1,325
1,174
1,183
1,092
1,080
43
29
30
28
25
27
29
26
298
172
175
143
149
159
121
114
2,215
3,356
3,737
3,604
3,470
3,797
3,601
3,676
1,027
1,130
1,196
1,038
956
977
37
4,060
6,337
7,095
7,701
6,781
6,413
5,988
6,206
425
532
562
483
500
482
520
428
2,590
1,923
2,125
1,845
1,744
1,965
1,686
L.747
11,117
24,221
25,714
25,072
24,271
25,744
25,637
25.655
4,302
5,417
5,497
5,213
4,460
5,498
4,730
4,848
54
127
131
168
166
176
180
181
2,210
4,703
4,993
5,736
5,127
4,371
4,266
4,343
526
883
929
858
913
901
973
813
$,216
$,753
$.900
$.619
I$.117
t 1,002
$,448
$,579
790
9,661
26,237 1,067
27,424 1,049
943
27,703
762
26,402
979
27,935
844
27,717
850
27,879
2
8
7
8
8
9
8
9
5,325
1,547
1,466
$,273
5,713
$,273
5,880
4,092
11,842
12,223
12,059
11,216
11,918
11,653
2
11
4
8
4
6
3
928
1941—Dec. 31
1946—Dec. 31
1947—Dec. 31
1948—Dec. 31
1949—June 30
Dec. 31
1950—June 30
271
437
473
453
468
463
442
•
;
'<•
*
*
673
1,364
1,379
1,488
1,374
1,315
9,577 1,281
962
1,151
108
244
258
246
194
261
209
671
607
8
24
21
26
46
40
42
Time deposits
Certified
U. S. States
and
and
Gov- political offiern- subdi- cers'
ment visions checks,
etc.
U. S.
IndiGov- States
viduals,
ernand
partner- Inter- ment
ships, bank and political
and corPostal subdiporaSavvisions
tions
ings
1,761
2,930
1,325
2,323
2,135
3,050
3,590
3,677
5,967
6,692
7,182
7,337
7,419
7,924
1,077
2,361
2,559
2,113
2,352
2,338
2,145
36,544
79,887
83,723
81,682
77,005
82,106
80,639
158
68
54
69
146
169
209
59
119
111
117
163
182
188
1,709
2,672
1,176
2,122
1,980
2,838
2,687
3,340
3,066
4,915
5,504
5,850
5,983
6,017
6,100
6,428
1,009
2,207
2,401
1,962
2,222
2,185
1,718
2,001
33,061
69,127
72,704
70,947
67,157
71,589
69,365
70,463
140
62
50
63
141
164
150
204
50
114
105
111
157
175
170
182
866
651
267
445
562
640
518
684
319
218
290
241
254
196
270
279
450 11,282
942 17,216
1,105 17,646
.750 16,695
1,201 15,986
895 16,408
625 15,559
809 15,896
6
20
12
31
90
113
98
151
127
152
72
188
197
258
178
211
233
228
285
284
307
286
250
325
491
991
405
801
701
1,144
2,077
2,282
2,401
2,413
2,478
2,444
2,579
286 11,127
693 24,288
705 26,003
649 25,302
518 23,928
650 25,912
561 25,230
590 25,729
1,036
1,370
2,391
2,647
2,925
3,009
3,058
3,136
3,246
239
524
528
510
462
579
493
549
53
258
149
201
155
213
250
1,052
1,188
1,332
1,354
1,402
1,496
611
68
154
158
151
130
153
144
1,142
1,124
1,408
225
877
432
688
520
797
866
34
47
63
53
41
60
39
53
IndiCapividuals, Bortal
partner- rowacships, ings counts
and corporations
15,146
32,742
33,946
34,244
34,560
34,442
34,925
10
39
61
54
27
14
36
6,844
9,286
9,734
10,158
10,452
10,645
11,061
1,069
1,051
1,074
1,115
11,878
26,525
27,542
27,801
28,038
27,934
28,213
28,328
4
30
54
45
21
11
252
30
5,886
8,095
8,464
8,801
9,022
9,174
9,347
9,523
15
12
14
25
38
35
37
29
39
14
20
33
24
20
19
1,395
L,418
1,646
L.637
1,590
1,535
1,594
2
2
1
3
4
4
4
4
9
11
12
10
10
9
476
823
902
989
1,044
1,069
1,072
1,086
288
404
426
444
462
470
470
482
104
25
22
19
39
38
38
40
20
43
45
46
62
60
56
65
243
235
332
547
642
617
614
653
4,542
10,580
11,045
10,798
10,923
10,987
11,062
11,093
1,967
2,729
2,844
2,928
3,005
3,087
65 3,131
14 3,268
8,500
24,128
25,203
25,248
23,767
25,337
24,949
25,122
30
17
17
13
12
13
13
12
31
55
45
49
67
73
74
146
272
337
350
383
400
429
434
6,082
13,727
14,177
14,369
14,433
14,289
14,544
14,555
4 1,982
26 2,757
23 2,934
12 3,123
21 3,215
11 3,305
35 3,416
15 3,433
3,483
10,761
11,019
10,736
9,848
10,517
10,176
18
6
4
6
6
5
8
5
6
6
6
6
6
74
113
132
153
174
182
3,276
6,232
6,420
6,459
6,539
6,524
2,152
3,495
3,853
3,702
3,475
3,932
3,626
3,716
5
75
492
664
826
1,080
1,243
1,232
1.321
418
551
693
927
206
778
6,613
1,648
2,205
2,259
2,306
2,340
2,312
152 2,330
2,341
30
25
4
1
8
1
6
9
959
1,193
7 1,271
8 1,358
5 1,431
3 1,473
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
WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE
LOANS AND I N V E S T M E N T S
[Monthly data are averages of Wednesday figures. In millions of dollars]
Loansl
JLOun
Date or month
loans
and
investments
Total i
Commercial,
industrial,
and
agricultural
Investments
For purchasing
or carrying securities
To brokers
and dealers
To others
U. S. Other U.S. Other
Govt. se- Govt. seob- curi- ob- curiliga- ties liga- ties
tions
tions
U. S. Government obligations
Real Loans Other
to
estate
Total
loans banks loans
Total
Bills
CerO ther
tifisecucates
rities
of in- Notes Bonds 2
debtedness
2 ,808
7 339 1 ,136 26 223 5 031
Total—
Leading Cities
1949—October. . . 6 6 , 374
23 837 1 3 , 580
643
686
186
439
68, 122 26 873 14, 364
1950—August
September. 68, 897 28 006 15, 376
O c t o b e r . . . 68, 849 28 854 16, 093
767
421
397
978
977
965
190
187
187
518 4, 870
533 5 000
547 5, 089
1950—Sept. 6 . . .
Sept. 1 3 . . .
Sept. 2 0 . . .
Sept. 2 7 . . .
4 , 236
171 4 , 207 4 2 , 537 37 506
325 5, 251 4 1 , 249 35 ,141 1 ,798 1 866
367 5, 536 40, 891 34 563 2 ,668 1 280
264 5, 705 39, 995 33 590 2 ,386 1 034
7
1
7
,232 24 245
,929 22 686
,783 22 ,387
108
328
405
68 456
68 842
69 522
68, 767
27 515
27 ,735
28 270
28 ,502
14, 932
15, 330
15, 517
15, 725
461 946
374 941
342 1,042
506 981
196
189
181
184
523
546
530
534
4
4
5
5
956
992
015
035
390
255
484
339
5, 503
5, 500
5 550
5 590
40, 941
4 1 , 107
4 1 , 252
40, 265
34 ,698
34 ,840
34 869
33 ,845
2 ,301
2 ,889
3 ,091
2 ,391
1
1
1
1
288 1 ,916 23 ,193 243
318 1 ,940 22 ,693 267
,987 22 ,433 6 383
358
156 ,872 22 ,426 6 ,420
Oct.
Oct.
Oct.
Oct.
4...
11. ..
18...
25...
68
68
68
69
662
663
841
230
28 ,577
28 ,877
28 ,822
29 ,138
'15.878
'•16.103
46.109
••16.282
371
387
368
461
986
971
958
946
189
188
184
186
543
547
553
543
5
5
5
5
050
086
102
11.9
299
291
222
246
'5
'5
'5
'5
655
696
720
749
40, 085
39, 786
40, 019
40, 092
33 ,694
33 ,358
33 ,580
33 ,729
2 ,397
2 ,159
2 ,437
2 ,551
1
1
1
1
046
,826
023 ',782
029 \r ,751
040 ',772
Nov.
Nov.
Nov.
Nov.
1...
8...
15...
22...
69
69
69
69
237
373
414
668
29 ,387
29 ,674
29 ,788
30 ,036
16, 489
16, 682
16, 919
16, 988
339 1,016
419 942
388 982
467 992
182
181
183
186
546
564
555
559
5
5
5
5
126
149
167
191
312
344
200
243
5
5
5
5
773
787
790
804
39
39
39
39
850
699
626
632
33 ,535
33 ,392
33 ,349
33 ,306
2 ,481
2 ,353
2 ,280
2 ,263
1
1
1
1
048
066
085
104
22 ,425
22 ,394
22 ,363
22 ,366
6 ,391
6 ,428
6 439
6 ,363
7,760 22 ,246
7,748 22 ,225
7,743 22 ,241
7,745 22 ,194
6 ,315
6 ,307
6 ,277
6 ,326
New York City
19 216
7 ,289 4 , 825
599
543
54
176
222
138
831 11 927 10 ,644
688
1950—August
19 403
September. 19 786
October. . . 19 606
8 ,298 5, 022
8 ,637 5, 471
8 ,844 5, 719
681
372
354
758
761
748
52
41
39
224
231
233
373
404
417
229 1 084 11 105 9 ,377
294 1 188 11 149 9 ,316
216 1 243 10 762 8 ,902
351
878
746
1949—October. . .
2 042
242
7 ,672 1 ,283
259 \ ,601 7 ,166 1 ,728
200 ] ,695 6 ,543 1 ,833
152 1 ,597 6 ,407 1 ,860
1950—Sept. 6 . . .
Sept. 1 3 . . .
Sept. 2 0 . . .
Sept. 2 7 . . .
19
19
20
19
470
722
202
749
8 ,423
8 ,492
8 ,813
8 ,818
5 287
5, 452
5, 539
5 605
403
332
300
451
728
724
825
766
48
43
36
36
225
247
226
226
394
407
410
408
272
233
412
260
1
1
1
1
191
179
190
191
11
11
11
10
047
230
389
931
9 ,247
9 ,435
9 ,527
9 ,058
594
1 ,018
1 ,123
779
Oct.
Oct.
Oct.
Oct.
4...
11. ..
18. . .
25...
19
19
19
19
704
447
505
769
8 ,827
8 ,834
8 ,786
8 ,927
685
751
705
737
335
333
326
420
761
752
741
738
41
39
37
38
233
232
236
231
407
417
423
421
266
194
197
206
'1
'1
'1
'1
224
241
246
261
10
10
10
10
877
613
719
842
9 ,015
8 ,734
8 ,838
9 ,024
759
582
744
900
159 :L,639 6 ,458 ,862
147 1,597 6 ,408 ,879
146 ,566 6 ,382 ,881
156 L,588 6 ,380 1 ,818
Nov.
Nov.
Nov.
Nov.
1...
8...
15...
22...
19
19
19
19
662
605
609
774
8 ,957
9 ,015
9 ,063
9 ,184
'5
'5
'5
'5
5
5
5
5
832
880
945
975
289
360
339
407
795
725
765
780
39
36
36
36
232
249
231
240
417
424
435
438
199
182
152
140
1
1
1
1
280
285
286
294
10
10
10
10
705
590
546
590
8 ,945
8 ,843
8 ,813
8 ,833
895
795
756
766
190
207
221
238
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
1950—August.... 48 719 18 ,575 9 342
September. 49 111 19 ;369 9 905
October. . . 49 243 20 ,010 10 374
86
49
43
220
217
217
138
147
148
294 4 ,497
302 4 595
314 4 ,672
645
878
978
120
58
42
42
55
218
217
217
215
148
146
145
148
298
299
304
308
4 ,562
4 ,585
4 ,605
4 ,627
118
22
72
79
4 312
4 ,321
4 ,360
4 ,399
29
29
29
29
894
877
863
334
25 ,451
25 ,405
25 ,342
24 ,787
1 ,707 1 ,115 6,205 16 ,424
1 ,871 1 ,100 6,211 16 ,223
1 ,968 1 ,115 6,280 15 ,979
1 ,612
991 6,237 15 ,947
4 ,443
4 ,472
4 ,521
4 ,547
173 1 ,711
218 • 1 L,729
243 1L.7O7
165 1[,635
6 ,769 1 ,800
6 ,470 1 ,795
6 ,454 ,862
6 ,479 ,873
1,579 6 ,281
L,574 6 ,267
6 ,250
L,582 6 ,247
]L,586
1 ,760
1 ,747
1 ,733
1 ,757
Outside
New York City
1950—Sept. 6 . . .
Sept. 1 3 . . .
Sept. 2 0 . ...
Sept. 2 7 . . .
48 986
49 ,120
49 320
49 ,018
19 ,092
19 ,243
19 ,457
19 ,684
9
9
9
10
96 4 167 30 144 25 ,764
73 4 348 29 742 25 ,247
48 4 462 29 233 24 ,688
894 18 ,551 3 ,748
1 ,447 1 ,607 5,631 17 ,079 4 ,380
1 ,790 1 080 6,234 16 ,143 4 ,495
882 6,186 15 ,980 4 ,545
1 ,640
Oct.
Oct.
Oct.
Oct.
4...
11. . .
18. . .
25...
48 ,958 19 ,750 '10.193
49 ,216 20 ,043 '10.352
49 ,336 20 ,036 '10.404
49 ,461 20 ,211 '10.545
36
54
42
41
225
219
217
208
148
149
147
148
310
315
317
312
4 ,643
4 ,669
4 ,679
4 ,698
33
97
25
40
'4 ,431
r4 ,455
'4 ,474
'4 ,488
29 ,208
29 ,173
29 300
29 ,250
24 ,679
24 ,624
24 ,742
24 ,705
1 ,638
1 ,577
1 ,693
1 ,651
887
876
883
884
6,187
6,185
6,185
6,184
15 ,967
15 ,986
15 ,981
15 ,986
4 ,529
4 ,549
4 ,558
4 ,545
Nov.
Nov.
Nov.
Nov.
1...
8...
15...
22...
49 ,575
49 ,768
49 ,805
49 ,894
20 ,430
20 ,659
20 ,725
20 ,852
50
59
49
60
221
217
217
212
143
145
147
150
314
315
324
319
4 ,709
4 ,725
4 ,732
4 ,753
113
162
48
103
4 ,493
4 ,502
4 ,504
4 ,510
29 ,145
29 ,109
29 ,080
29 ,042
24 ,590
24 ,549
24 ,536
24 ,473
1 ,586
1 ,558
1 ,524
1 ,497
858
859
864
866
5*181
5,174
5,157
5,163
15 ,965
15 ,958
15 ,991
15 ,947
4 ,5>55
4 ,560
4 ,544
4 ,569
1.0 657
10 802
10 974
11 ,013
r Revised.
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.
Includes guaranteed obligations.
1
2
1646
FEDERAL RESERVE BULLETIN
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,
except interbank
Reserves
BalDewith Cash ances mand
Fedwith
dein
eral vault
do- posits
Remestic ad- 8
serve
banks justed
Banks
Date or month
IndividCertiuals, States
and
fied
part- politand
nerical
Offiships, subcers'
and
cor- divi- checks,
etc.
pora- sions
tions
Interbank
deposits
Time deposits,
except interbank
U. S.
Government
Individuals,
partner-
States
and
political
suband
divicorpora- sions
tions
U. S.
Demand
Government
Time
and
Postal Do- ForSav- mes- eign
ings
tic
Bor- CapBank
row- ital
debacings counts
its*
TotalLeading Cities
12,127
778
2,259 46,662 47,147
3,091
1,225 2,587 14,502
627
123
9,296
1,350
148
114
6,211
12,170
1950—August
September . 12,321
October.... 12,465
793
835
834
2,182 48,453 49 ,015
2,247 49,029 50,285
2,334 49 ,264 50,513
3,317
3,196
3,210
1,588 2,204 14,571
1,422 2,339 14,521
1,339 1,846 14,535
653
656
653
135
131
127
8,838 1,264
9,121 1,305
9,530 1,388
217
226
228
371
327
213
6,466 112,335
6,487 111,730
6,506 109,706
1950—Sept. 6
Sept. 13....
Sept..20....
Sept. 27
12,370
12,544
11,899
12,472
804
857
825
855
2,162
2,408
2,278
2,139
48,581 49,186
49 ,269 51,134
49 ,030 50,623
49,238 50 ,198
3,244
3,146
3,150
3,245
1,363
1,482
1,448
1,395
2,357
2,424
2,236
2,338
14,512
14,518
14,516
14,537
661
649
654
662
133
130
131
130
9.059
9,368
9,319
8,737
1,304
1,313
1,280
1,323
226
226
226
225
380
190
410
329
6,492
6,480
6,484
6,492
21,668
25,132
30,086
25,509
Oct. 4.... 12,294
Oct. 11.... 12,433
12,755
Oct. 18
Oct. 25.... 12,379
792
860
839
844
2,311
2,247
2,461
2,315
48,985 49,615
48,839 50,299
49,339 51,261
49 ,891 50,875
3,351
3,163
3,136
3,191
1,296
1,314
1,373
1,372
1,804
2,018
1,851
1,712
14,537
14,539
14,543
14,520
655
655
653
652
129
126
126
126
9,436 1,367
9,455
" "1,378
9,911 1,392
9,319 1,415
229
226
227
229
205
282
170
194
6,507
6,506
6,497
6,512
27,338
23,461
24,829
25,154
Nov. 1.... 12,404
Nov. 8.... 12,313
Nov. 15.... 12,610
Nov. 22.... 12,351
793
871
835
826
2,,222
2,251
2,606
2,214
49 ,471 50,445
49,230 50,517
49 ,250 51,814
49 ,850 51,032
3,362
3,331
3,351
3,291
1,525
1,383
1,538
1,384
1,805
1,766
2,044
1,815
14,513
14 ,542
14,524
14,484
653
647
664
640
126
126
12i
12;
1,427
1,399
1,360
1,359
229
231
257
256
344
508
152
401
6,532
6,542
6,531
6,532
27,112
21,295
26,450
26,834
1949—October
9,376
9,619
10,358
9,385
91,171
New York City
1949—October
4,571
126
14,906 15,539
225
633
953
1,472
2,782 1,144
103
4,425
1950—August
September. 4,465
October.... 4,509
119
129
133
15,146 15,859
15,419 16,251
15,347 16,146
229
230
294
890
689
623
622
667
529
1,502
1,503
1,505
2,649 1,024
2,753 1,060
2,849 1,129
163
168
171
196 2,314 48,320
158 2,309 46,400
77 2,305 43,159
1950—Sept. 6....
Sept. 13
Sept. 20.,..
Sept. 2 7 . , . .
4,484
4,589
4,168
4,619
127
131
127
134
15,170 15,853
15,513 16,397
15,451 16,434
15,542 16,320
217
197
237
270
654
729
681
692
687
703
614
665
1,484
1,498
1,501
1,530
2,69.
2,789
2,844
2,687
1,062
1,069
1,037
1,073
168
168
168
168
185
77
195
174
2,318
2,311
2,305
2,300
Oct. 4 . . . .
Oct. 1 1 . . . .
Oct. 18....
Oct. 2 5 . . . .
4,387
4,440
4,701
4,507
125
150
128
131
15,275 15,957
15,090 15,945
15,409 16,384
15,616 16,297
268
290
290
329
557
626
618
691
513
581
530
492
1,510
1,511
1,511
1,489
2,891
2,787
2,923
2,796
1,111
1,116
1,13
1,15:
172
170
170
173
73
145
36
52
2,311 11,394
2,308
9,259
2,300
8,957
2,302
9,984
Nov. 1....
Nov. 8....
Nov. 15....
Nov. 2 2 . . . .
4,450
4,409
4,455
4,426
124
145
129
143
15,349
15,233
15,167
15,506
347
341
327
285
787
686
767
622
503
480
558
483
1,488
1,484
1,488
1,487
2,780
2,777
2,977
2,658
1,163
1,139
1,109
1,106
173
174
201
200
135
209
25
219
2,313 11,114
2,313 7,895
2,309 10,619
2,307 9,908
16,127
16,057
16,287
16,281
42
2,289 36,683
9,312
10,556
12,353
10,344
Outside
New York City
7,556
652
2,226 31,756 31,608 2,866
592
1,634
13,030
597
6,514
206
72
3,922 54,488
1950—August
7,745
September . 7,856
7,956
October
674
706
701
2,150 33,307 33,156
213 33,610 34,034
2,'
2,295 33,917 34 ,367
3,088
2,966
2,916
698
733
716
1,582 13,069
1,672 13,018
1,317 13,030
629
627
625
6,189
6,368
6,681
240
245
259
175
169
136
4,152 64,015
4,178 65,330
4,201 66,547
7,886
7,955
7,731
7,853
677
726
698
721
2,133 33,411 33,333
373 33,756
2,"*"
" " 34,737
2,240 33,579 34,189
104 33,696 33,878
3,027
2,949
2,913
2,975
709
753
767
703
1,670
1,721
1,622
1,673
13,028
13,020
13,015
13,007
633
620
625
634
6,364
6,579
6,475
6,050
24:
244
243
250
195
113
215
155
4,174
4,169
4,179
4,192
12,356
14,576
17,733
15,165
Oct. 4.... 7,907
Oct. 11.... 7,993
Oct. 18.... 8,054
Oct. 25.... 7,872
667
710
711
713
2,275
2,215
2,411
2,278
33,710 33,658 3,083
33, 749 34
" ' ,3542,873
33,930 34,877
34,275 34,578
739
688
755
681
1,291
1,43"
1,321
1,220
13,027
13,028
13,032
13,031
627
626
624
625
6,545
6,668
6,988
6,523
256
26:
255
263
132
137
134
142
4,196
4,198
4,197
4,210
15,944
14,202
15,872
15,170
Nov. 1.... 7,954
Nov. 8.... 7,904
Nov. 15.... 8,155
Nov. 22.... 7,925
669
726
706
683
2,186
2,221
2,570
2,179
34,122 34 ,318
33,997 34,460
34,083 35,527
34,344 34 ,751
738
697
771
762
1,302
1,286
1,486
1,33:
13,025
13,058
13,036
12,997
626
620
622
599
6,596
6,842
7,381
88 6,727
264
260
251
253
209
299
127
182
4,219
4,229
4,222
4,225
15,998
13,400
15,831
16,926
1949—October....
1950—Sept. 6
Sept. 13....
Sept. 20....
Sept. 27...,
3,015
2,990
3,024
3,006
» 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
WEEKLY REPORTING MEMBER BANKS—BY FEDERAL RESERVE DISTRICTS
LOANS AND INVESTMENTS
[In millions of dollars]
Loans *
Federal Reserve
district and date
Total
loans
and
invest- Total 1
ments
Boston
Oct. 25
Nov. 1
Nov. 8. . . .
Nov. 15
Nov. 22
New York*
Oct. 25
Nov. 1
Nov. 8
Nov. 15
Nov. 22
Philadelphia
Oct. 25
Nov. 1. . . .
Nov. 8 . , . .
Nov. 15 . . . .
Nov. 22
Cleveland
Oct. 25
Nov. 1
Nov. 8
Nov. 15
Nov. 22
Richmond
Oct. 25
Nov. 1
Nov. 8
Nov. 15
Nov. 22
Atlanta
Oct. 25 . . . .
Nov. 1. . . .
Nov. 8. . . .
Nov. 15
Nov. 22
Chicago*
Oct. 25
Nov. 1
Nov. 8
Nov. 15. . . .
Nov. 22
St. Louis
Oct. 2 5 . . . .
Nov. 1
Nov.
8....
N o v . 15
Nov. 2 2 . . . .
Minneapolis
Oct. 25
Nov. 1
Nov. 8
Nov. 15
Nov. 22
Kansas City
Oct. 25
Nov. 1
Nov. 8
Nov. 15. . . .
Nov. 22
Dallas
Oct. 25
Nov. 1
Nov. 8
Nov. 15
Nov. 22
San Francisco
Oct. 2 5 . . . .
Nov. 1
Nov. 8
Nov. 1 5 . . . .
Nov. 22
City of Chicago'
Oct.
25....
Nov. 1
Nov. 8
Nov. 15....
Nov. 22
Commercial,
industrial,
and
agricultural
Investments
For purchasing
or carrying securities
To brokers
and dealers
U. S. Government obligations
To others
U.S. Other
U. S.
Govt. Other
se- Govt.
obob- curiliga- curiligations ties tions ties
Real Loans
estate to Other Total
loans banks loans
Total
Bills
Certificates
of indebted-
Other
secuNotes Bonds rities
2
1,317
1,358
1,382
1,345
1,354
805
812
824
827
831
7
7
13
12
13
11
12
13
11
11
19
19
19
19
20
196
196
196
198
199
2
36
41
3
5
288
288
286
286
286
1,838
1,824
1,806
1,782
1,783
1,587
1,573
1,563
1,555
1,553
144
,131
123
112
113
40
39
35
33
36
9,823
9,856
9,929
9,982
10,121
'6,099
6,197
6,254
6,324
6,365
425
296
365
346
414
744
800
731
771
786
248
249
266
248
256
700
694
704
715
720
206
199
182
152
144
'1,502
1,522
1,532
1,531
1,540
12,343
12,236
12,103
12,028
12,086
10,276
10,224
10,104
10,045
10,080
972
994
875
805
825
169
203
220
234
1,132
1
1
1
1
1
31
32
33
33
33
7
7
7
7
7
135
136
137
139
141
376 ,707
377 ,712
378 ,728
378 ,725
379 1,731
1,360
1,366
1,379
1,377
1,379
84
92
107
102
97
35
35
35
35
35
307
297
289
290
295
934
942
948
950
952
347
346
349
348
352
287
287
289
283
284
251
251
243
227
230
1,780 7,355 2,067
1,770 7,257 2,012
1,764 7,245 1,999
1,777 7,229 1,983
1,771 7, 233 2,006
895
1,164
595
600
608
611
609
835
850
864
873
884
1,673
1,693
1,699
1,721
1,721
891
899
908
925
914
12
10
11
12
13
28
30
28
26
27
53
54
56
58
62
344
344
346
350
351
329
333
331
335
331
3,162
3,157
3,165
3,152
3,163
2,707
2,701
2,710
2,697
2,704
178
163
167
156
161
48
52
54
54
55
637
640
640
640
645
1,844
1,846
1,849
1,847
1,843
455
456
455
455
459
,792
,783
,806
,804
,779
1,088
1,089
1,106
1,102
1,108
513
513
516
521
526
1
2
2
2
2
5
5
5
5
5
28
28
28
35
29
239
241
242
236
243
302
300
303
303
303
1,704
1,694
1,700
1,702
1,671
1,533
1,523
1,529
1,531
1,499
111
105
107
117
96
24
22
22
22
29
335
334
340
331
328
1,063
1,062
1,060
1,061
1,046
171
171
171
171
172
,519
,513
,556
,567
,544
1,067
1,081
1,102
1,104
1,110
635
652
662
663
668
12
12
14
13
14
24
24
24
24
24
90
91
97
91
91
303
299
301
310
310
1,452
1,432
1,454
1,463
1,434
1,229
1,210
1,232
1,240
1,211
74
62
81
87
67
46
42
40
39
39
441
444
443
445
444
668
662
668
669
661
223
222
222
223
223
,735
,795
,784
,803
,876
3,086 1,909
3,134 1,929
3,150 1,962
3,182 1,997
3,204 1,995
79
87
81
79
79
59
62
61
62
61
431
433
434
436
438
'601
598
599
602
609
6,649
6,661
6,634
6,621
6,672
5,721
5,708
5,747
410
422
392
373
400
320
317
327
327
1,337
1,351
1,351
1,350
1,351
3,669
3,658
3,651
3,658
3,650
913
913
913
913
925
259
256
182
182
183
181
181
,321 1,181
,333 1,199
,361 1,231
,370 1,233
,385 1,252
659
679
700
713
723
5
6
5
5
5
14
14
14
14
13
231
232
232
234
235
269
265
264
264
265
1,140
1,134
1,130
1,137
1,133
958
952
947
956
952
52
48
44
51
53
27
26
26
29
27
• 258
255
256
620
622
619
621
616
,254
,253
,270
,264
,272
,722
,716
,715
,742
,730
532
536
545
543
557
267
267
269
274
274
2
2
2
2
2
5
5
6
5
5
96
97
98
99
100
165
168
167
165
166
722
717
725
721
715
581
576
584
579
573
25
26
38
25
20
30
26
24
29
27
146
146
144
147
146
380
378
378
378
380
141
141
141
142
142
1,095
1,109
1,119
1,130
1,137
695
708
718
729
737
6
6
6
7
7
13
13
13
13
12
165
164
163
164
164
216
218
219
218
217
1,627
1,607
1,596
1,612
1,593
1,347
1,327
1,319
1,333
1,315
218
207
198
211
206
59
57
57
58
53
378
375
375
372
370
692
688
689
692
686
280
280>
277
279
278
,679
,666
,686
,695
,708
1,399
1,405
1,420
1,437
1,447
966
977
988
1,007
1,016
6
6
6
7
7
46
44
42
42
42
114
114
115
115
116
264
264
266
263
263
1,280
1,261
1,266
1,258
1,261
1,127
1,107
1,108
1,102
1,105
117
99
101
96
100
57
57
56
53
52
319
319
319
319
322
634
632
632
634
631
154
158:
156
156
,213
,187
,223
,274
,251
5,745
5,772
5,831
5,849
5,861
2,248
2,256
2,273
2,328
2,330
17
18
18
23
16
27 2,378
2,384
28 2,385
28 2,390
28 2,393
,134
,141
,141
,135
,135
6,468
6,415
6,392
6,425
6,390
5,288
5,228
5,196
5,226
5,188
166
132
120
145
125
185
172
170
172
154
1,546
1,541
1,536
1,534
1,533
3,391
3,383
3,370
3,375
3,376
1,187
1,196
1,199'
1,202'
,983
,015
,018
,034
,095
1,981
2,000
2,023
2,056
2,077
•1,436
1,453
1,484
1,514
1,519
67
75
70
71
71
92
92
92
92
92
19 '320
316
316
316
323
4,002 3,405
4,015 3,419
3,995 3,398
3,978 3,383
4,018 3,412
299
309
288
276
288
194
185
191
189
206
791
794
795
793
794
2,121
2,131
2,124
2,125
2,124
597'
596
597"
59S
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.
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
1,116
1,116
1,116
1,127
1,120
The figures
FEDERAL RESERVE BULLETIN
WEEKLY REPORTING MEMBER BANKS—BY FEDERAL RESERVE DISTRICTS—Continued
RESERVES AND LIABILITIES
[In millions of dollars]
Demand deposits,
except interbank
Federal Reserve
district and date
Boston
Oct. 25 .
Nov. 1
Nov. 8
Nov. 15
Nov. 22
New York*
Oct. 25
Nov. 1
Nov. 8
Nov. 15
Nov. 22
Philadelphia
Oct. 25
Nov. 1
Nov. 8
Nov. 15
Nov. 22
Cleveland
Oct. 25
Nov. 1
Nov. 8
Nov. 15
Nov. 22
Richmond
Oct. 25
Nov. 1
Nov. 8
Nov. 15
Nov. 22
Atlanta
Oct. 25
...
Nov. 1
Nov. 8
Nov. 15
Nov. 22
Chicago*
Oct. 25
Nov. 1
Nov. 8
Nov. 15
Nov. 22
St. Louis
Oct. 25
Nov 1
Nov. 8
Nov. 15
Nov. 22
Minneapolis
Oct. 25
Nov. 1
Nov. 8.
Nov. 15
Nov. 22
Kansas City
Oct. 25
Nov. 1
Nov 8
Nov. 15
Nov. 22
Dallas
Oct 25
Nov 1
Nov 8
Nov 15
Nov 22
San Francisco
Oct. 25
Nov 1
Nov. 8
....
Nov. 15
Nov. 22
City of Chicago*
Oct 25
Nov 1
Nov 8
Nov 15
Nov 22
Reserves
DeBalwith Cash ances mand
Feddewith
in
eral vault do- posits
Remestic ad- 3
serve
banks justed
Banks
492
489
448
505
478
4,790
4,702
4,678
4,727
4,686
60
57
59
59
55
184
174
202
182
192
100
98
87
101
105
2,612
2,626
2,596
2,547
2,561
IndividCertiuals, States
fied
and
part- politand
neroffiical
ships, sub- cers'
and
cor- divi- checks,
pora- sions etc.
tions
2,569
2,546
2,490
2,538
2,506
215
247
250
221
240
49
53
49
55
54
128 17,230 17,754
137 17,001 17,591
129 16,888 17,540
163 16,836 17,810
119 17,158 17,761
560
612
609
742
839
745
600
824
543
676
Interbank
deposits
Time deposits,
except interbank
IndividU. S.
uals, States
and GovU. S. part- politernGov- nerical ment
ern- ships suband
ment and
divi- Postal
corSavpora- sions ings
tions
481
79
480
77
480
76
480
94
479
87
551 2,336
566 2,326
539 2,322
627 2,319
545 2,318
4
4
4
4
4
33
33
33
45
45
44
48
44
44
48
Demand
Domestic
Bor- Cap- Bank
row- ital
debacTime ings counts its*
Foreign
280
286
277
299
282
2,879
2,859
2,855
3,061
2,737
1,155
1,167
1,142
1,112
1,109
374
395
394
433
393
15
17
17
15
14
1
1
1
1
1
6
22
10
3
9
321
912
323
999
323
735
323 1,007
323 1 042
8
8
7
8
9
1
1
1
1
1
8
25
37
21
4
497
498
499
497
497
1,402
1,628
1,296
1,241
1,589
6
6
6
6
5
1
1
1
1
1
5
5
6
5
17
241
241
242
242
242
919
931
808
944
990
6
14
207
208
208
207
208
817
792
816
857
949
764
769
769
769
769
3,355
3,891
2,804
3,566
3,721
192
767
192
192
192
857
656
803
33
32
33
33
34
6
10
4
21
18
174
174
176
203
201
480
479
465
495
460
47
43
48
46
45
123
112
108
141
110
2,220
2,169
2,201
2,222
2 236
2,311
2,289
2,330
2,365
2 355
104
97
100
137
110
29
32
29
25
32
105
129
125
137
113
413
413
414
409
407
44
44
42
45
34
768
760
784
786
777
453
445
437
473
466
85
81
82
84
80
171
158
142
184
162
3,506
3,448
3,419
3,570
3,530
219
213
207
210
209
55
61
56
71
63
123
135
129
149
138
1,307
1,311
1,327
1,325
1,323
39
38
38
37
38
3
3
3
3
3
71
66
71
70
67
158
159
187
185
160
3,450
3,389
3,394
3,381
3,444
2,136
2,126
2,133
2,131
2,119
2,201
2,180
2,228
2,256
2,202
144
145
146
143
143
47
48
39
55
53
66
64
64
79
71
567
567
568
563
560
25
26
25
25
25
19
19
19
19
19
451
469
465
530
472
435
426
465
491
443
400
410
407
422
428
43
38
44
42
42
175
188
187
206
167
1,841
1,843
1,844
1,852
1,822
1,793
1,770
1,779
1,851
1,801
259
290
290
309
268
28
35
25
27
24
46
46
59
55
52
520
521
521
520
520
6
6
6
6
6
5
5
5
5
5
513
513
553
594
553
11
12
12
10
10
2
2
2
2
2
1,844
1,868
1,876
1,877
1,774
109
104
117
108
105
338
333
320
398
316
6,792
6,794
6 690
6,686
6,817
6,850
6,823
6,832
7,031
6,913
583
597
588
569
565
102
128
111
114
112
334
367
358
429
373
2,571
2,572
2,583
2,587
2,585
13
13
14
14
13
1,461
1,476
1,493
1,617
1,417
49
47
47
49
49
1
1
1
1
1
384
31
22
54
474
28
33
31
122
119
137
1 641
1 603
1633
1,686
1,657
88
381
390
415
114 1 488
1 456
1 442
1,452
112 1,490
25
26
26
26
25
14
95
88
86
23
23
24
61
58
69
474
474
474
84
25
58
469
195
14
92
832
866
99
17
48
242
210
198
201
200
13
13
14
13
89
90
112
93
841
835
830
832
881
863
909
879
106
96
94
97
18
19
15
15
48
47
51
45
242
241
241
240
492
501
488
526
34
30
35
34
282
260
275
318
2,003
1,989
1 964
2,025
270 1,988
2,043
2,022
2 044
2,147
2,059
225
230
213
208
30
31
30
32
78
80
76
88
385
385
385
384
77
442
40
44
45
36
41
38
2 150
2111
2 122
2 181
2,171
189
493
481
510
353 2 142
307 2 099
335 2 084
374 2 103
334 2,153
205
216
214
45
44
43
45
46
54
281 7,145
259 7 138
272 7,159
287 7,185
266 7,230
7,191
7 181
7,237
7,470
7,198
506
207
123
126
127
124
525
528
560
212
213
253
259
187
189
212
206
38
36
43
37
38
155 4 240
155 4 257
138 4 195
204 4 192
136 4,269
4 346
4 349
4 358
4 479
4,403
318
312
309
292
294
48
69
52
52
55
169
394
496
505
J . 639
L 666
L.661
L,673
1,687
L
L
L
L
L
237
278
299
256
196
32
34
37
126
225
222
585
30
41
2
2
2
3
26
35
25
3
669
5
1
1
1
1
1
302
3
312
329
348
334
3
3
4
3
4
5
4
4
3
3
3
3
834
812
845
887
1
1
1
1
383
4
3
843
2
358
80
6
680
358
358
358
79
78
78
6
6
6
707
765
814
11
24
6
749
9
183 4,866
4,864
4,869
4,864
4,841
382
24
496
121
382
381
381
381
24
24
24
24
484
493
561
493
121
118
109
110
1,352
1,353
1,363
1,368
1,364
20
21
21
21
21
3
3
3
3
3
1,067
1,077
1,083
1,175
1,038
43
41
41
43
44
193
8
3
6
12
457
106
107
107
107
478
480
493
539
9
20
21
15
17
225
225
226
226
974
902
792
925
16
1
1
1
1
1
6
3
2
226 1,107
230
230
231
230
231
46
46
46
46
46
837
107
2
2
2
1
2
11
11
10
65
177
171
203
183
23
614
359
50
4
637
685
723
3
3
3
3
991
1,126
1,129
1,087
1,128
75 2,506 10,601
138 2,518 11,778
235 2,518 8,449
26 2,515 11,401
223 2,512 10,679
30
55
135
28
42
12
14
14
14
14
336
336
337
337
336
21
15
15
886
850
726
871
992
886 3,073
2,880
2,604
3,255
3,261
12
886
890
886
888
13
49
115
21
38
513
517
517
516
516
2,026
2,379
1,775
2,184
2,220
For footnotes see opposite page and preceding table.
DECEMBER
1950
1649
NUMBER OF BANKING OFFICES ON FEDERAL RESERVE PAR LIST AND NOT ON PAR LIST,
BY FEDERAL RESERVE DISTRICTS AND STATES
Federal Reserve
district or State
United
Dec
Dec.
Dec
Dec.
Oct
Total banks on
which checks are
drawn, and their
branches and offices
States total:
31, 1946 . . .
31, 1947
...
31 1948
31, 1949.
31 1950*»
On par list
l
Total
Member
Not on Dar list
(nonmember)
Nonmember
Banks
Branches
and offices2
Banks
Branches
and offices
Banks
Branches
and offices
14,043
14,078
14,072
14,051
14,025
3,981
4,148
4,333
4,562
4,770
11,957
12,037
12,061
12,178
12,170
3,654
3,823
4,015
4,289
4,481
6,894
6,917
6,912
6,887
6,879
2,913
3,051
3,197
3,387
3,546
5,063
5,120
5,149
5,291
5,291
741
772
818
902
935
477
880
836
334
930
159
306
541
218
612
142
111
13
57
477
880
836
327
758
640
694
477
352
150
122
196
423
327
240
496
477
756
630
263
858
122
264
257
154
253
46
27
7
32
71
72
37
42
143
25
359
37
43
6
16
84
Banks
Branches
and offices
Banks
Branches
and offices
2,086
2,041
2,011
1,873
1,855
327
325
318
273
289
203
603
141
39
336
598
9
106
59
41
By districts a n d
by States
Oct. 31, 1950*
District
New York
Philadelphia
Atlanta
• .
Chicago
St Louis
Minneapolis
Kansas City
Dallas
San Francisco
.
State
Arizona
Arkansas . •
California
Delaware
District of Columbia*. •
Florida
1,117
1,007
1,195
2,488
1,471
1,275
1,757
1,026
496
920
334
930
159
306
400
179
612
83
70
13
48
1,347
496
1,347
267
1,263
229
Indiana
Kansas
Kentucky
Louisiana
.
IVtaryland
1VI assachuset ts
804
592
2,488
1,135
677
1,748
1,005
1,483
639
200
992
290
225
26
129
26
93
36
52
18
970
3
10
109
196
148
52
4
970
3
5
68
120
93
26
10
232
196
148
39
1
922
2
5
41
76
55
105
38
48
18
62
17
41
8
43
21
105
38
48
18
45
4
19
127
45
4
15
74
113
38
66
43
888
487
661
611
54
2
108
165
43
886
487
661
609
54
2
108
165
383
164
63
164
43
383
60
63
164
177
19
189
398
Idaho
1,117
177
42
77
69
120
173
96
13
3
48
1
35
47
3
24
508
237
161
215
49
2
51
19
378
250
500
394
5
43
54
69
120
173
112
46
38
77
141
27
47
37
79
156
271
14
25
87
36
16
7
32
41
17
55
2
231
206
31
180
84
181
6
7
207
59
9
350
26
Nebraska
411
8
74
323
51
2
19
2
164
14
411
8
74
323
51
2
19
2
164
14
141
6
52
278
35
2
18
1
148
2
270
2
22
45
16
1
1
16
12
New York
North Carolina
North Dakota
Ohio
631
208
150
658
775
215
22
223
631
95
63
658
775
80
6
223
552
54
43
423
719
46
194
79
41
20
235
56
34
6
29
384
1
376
1
224
1
152
69
101
69
101
30
89
39
967
15
148
169
190
49
48
49
967
15
64
71
190
49
42
24
737
9
32
62
163
37
35
21
230
6
32
9
295
903
55
69
96
12
24
11
204
848
55
69
83
12
24
11
82
578
31
40
62
12
22
2
113
308
113
203
62
134
21
. .
313
Washington
117
143
117
143
52
180
551
53
151
179
551
53
151
108
164
39
4
2
236
6
14
Tennessee
Texas
Utah
62
285
57
165
438
265
40
530
110
.
14
7
4
53
236
6
67
Rhode Island
South Carolina
South Dakota
123
10
10
35
4
438
678
201
595
110
IVIississippi
9
7
104
23
413
161
65
53
113
87
135
16
8
12
27
12
7
3
84
98
25
122
270
24
29
21
91
13
105
51
65
9
71
387
14
130
55
6
2
9
5
i
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
COMMERCIAL PAPER AND BANKERS' ACCEPTANCES OUTSTANDING
[In millions of dollars]
Dollar acceptances outstanding
Held by
Commercial
paper
Total
out- 1
outstanding standing
End of month
Based on
Accepting banks
Total
Own
bills
Others
Bills
bought
Imports
into
United
States
Exports
from
United
States
1949—September
October. . ,
November
December.
265
278
278
257
207
215
251
272
94
104
118
128
54
57
60
58
40
47
58
70
113
110
133
144
133
140
173
184
37
39
44
49
1950—January...
February.
March. . .
April
May.....
June.....
July
August...
September
October. . ,
258
257
258
257
250
240
259
286
308
312
280
256
245
237
231
279
335
374
397
383
134
120
100
93
93
126
155
174
187
168
67
69
63
62
59
82
87
103
103
100
68
51
37
31
34
44
68
71
84
68
146
136
145
144
138
154
180
200
211
215
190
175
165
49
45
45
47
58
66
80
87
79
85
157
142
170
211
238
264
243
Dollar
change
1
1
(2)
(2)
(2)
(2)
1
1
2
2
Goods stored in or
shipped between
points in
United
States
Foreign
countries
21
23
25
30
14
12
9
9
32
25
23
18
15
21
22
26
29
29
9
11
12
15
17
21
22
21
23
25
1
s
As reported by dealers; includes some finance company paper sold in open market.
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
Debit
End of month
Debit
Credit balances
Customers' balances in balances in
partners'
firm
debit
balances investment investment
and trading and trading
(net)i
Cash on
hand
and in
banks
11
8
9
7
9
11
5
7
11
12
7
5
6
7
7
10
89
86
86
154
190
188
253
260
333
413
399
312
333
315
326
312
186
211
180
160
167
181
196
209
220
313
370
456
395
393
332
349
5
400
306
accounts
1941—June
December...
1942—June
December...
1943—June
December...
1944—June
December...
1945—June
December...
1946—June
December...
1947—June
December...
1948—June
December...
616
600
496
543
761
789
887
1,041
1,223
1,138
809
540
552
578
619
550
1949—November. .
December...
8 813
881
1950—January....
February. . .
March
April
May.
June
July...
August
September..
October
3 901
accounts
I Q.53
1,018
1,084
: 1,175
1,256
1,208
1,231
»1,284
1,351
12
386
314
Customers'
credit balances l
Money
borrowed2
Other credit balances
In partners' In firm
investment investment In capital
and trading and trading accounts
(net)
accounts
accounts
Free
Other
(net)
395
368
309
378
529
557
619
726
853
795
498
218
223
240
283
257
255
289
240
270
334
354
424
472
549
654
651
694
650
612
576
586
65
63
56
54
66
65
95
96
121
112
120
120
162
176
145
112
17
17
16
15
15
14
15
18
14
29
24
30
24
23
20
28
7
5
4
4
7
5
11
8
13
13
17
10
9
15
11
5
222
213
189
182
212
198
216
227
264
299
314
290
271
273
291
278
3 445
523
8 596
633
159
26
15
271
3
3
3
3
3
3
3
3
3
3
166
25
11
312
493
522
579
619
750
827
3 755
3 752
8 751
3 759
669
669
666
678
657
673
8 712
8 780
3 738
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
OPEN-MARKET MONEY RATES IN NEW YORK CITY
[Per cent per annum]
Year,
month, or
week
Prime
commercial
paper,
4- to 6months1
U. S. Government
Prime Stock
exsecurities (taxable)
bank- change
ers'
call
accept- loan
39-to 12- 3- to 5ances,
remonth month4 year B
90 1 newdays
als 2 bills 3 issues issues
1947 a v e r a g e . . . .
1948 average
1949 a v e r a g e . . . .
1.38
1.55
1.63
.594
.040
.102
1.14
1.14
.32
.62
.43
1949—November
December.
1.63
1.63
.061
.102
1.09
1.10
.37
.37
1950—January..
February.
March
April
May
June
July
August...
September
October. .
November
1.63
1.63
1.63
1.63
1.63
1.63
1.63
1.63
1.63
1.63
1.63
.090
.125
.138
.159
.166
.174
.172
.211
.315
.329
.364
.12
.15
.16
.17
.18
.23
.23
.26
.33
.40
1.47
.39
.44
.45
.45
.45
.47
.45
.45
.55
.65
.62
.316
.341
.350
.366
.380
1.45
1.47
1.47
1.47
1.47
.66
.64
1.62
1.60
1.62
Week ending:
" Oct. 28. .
Nov. 4 . .
Nov. 1 1 . .
Nov. 18. .
Nov. 25. .
Vie
Vie
Vie
Vie
Vie
1
2
Monthly figures are averages of weekly prevailing rates.
The average rate on 90-day Stock Exchange time loans was 1.50
per cent, Aug. 2, 1946-Aug. 16, 1948; and 1.63 per cent beginning
Aug.
17, 1948.
8
Rate on new issues within period.
4
Series
includes certificates of indebtedness and selected note issues.
8
Series includes notes and selected bond issues.
Back figures.—See Banking and Monetary Statistics, Tables 120-121,
pp. 448-459, and BULLETIN for May 1945, pp. 483-490, and October
1947, pp. 1251-1253.
BANK RATES ON BUSINESS LOANS
AVERAGE OF RATES CHARGED ON SHORT-TERM LOANS
TO BUSINESSES BY BANKS IN SELECTED CITIES
[Per cent per annum]
Size of loan
All
loans
Area and period
Annual averages:
19 cities:
1940
1941
1942
1943
1944
1945
1946
1947..
1948
1949
Quarterly:
19 cities:
1949—Dec
1950—Mar
June
Sept
New York City:
1949—Dec
1950—Mar.
June.
Sept..
7 Northern and Eastern cities:
1949—Dec
1950—Mar
June
Sept.
11 Southern and
Western cities:
1949—Dec
1950—Mar
June
Sept
2.1
2.0
2.2
2.6
2.4
2.2
2.1
$1,000- $10,000- $100,000- $200,000
$10,000 $100,000 $200,000 and over
4.3
4 3
4.4
4.4
4.3
3.0
3.0
3.2
3.4
3.3
2.0
1.9
2.2
2.5
2.6
1.8
1.8
2.0
2.4
2.2
4.3
3.2
2.3
2.0
1.7
2.1
2.5
2.7
4 2
4.2
4.4
4.6
3 1
3.1
3.5
3.7
2 2
2.5
2.8
3.0
1.8
2.2
2.4
2.65
2.60
2.68
2.63
4.53
4.45
4.50
4.51
3.61
3.54
3.65
3.63
2.98
2.94
2.94
2.95
2.35
2.31
2.39
2.34
2.38
2.29
2.34
2.32
4.14
3.85
3.94
4.06
3.35
3.22
3.35
3.33
2.73
2.64
2.73
2.72
2.21
2.13
2.16
2.15
2.67
2.55
2.67
2.63
4.63
4.64
4.58
4.56
3.65
3.60
3.62
3.59
3.00
2.91
2.82
2.87
2.41
2.28
2.45
2.39
3.03
3.12
3 22
3.13
4.66
4.64
4 70
4.71
3.74
3.71
3 83
3.83
3.12
3.15
3.17
3.15
2.56
2.74
2.82
2.67
NOTE.—For description of series see BULLETIN for March 1949,
pp. 228-237.
BOND YIELDS *
[Per cent per annum]
U. S. Government
(taxable)
Year, month, or week
7 to 9
years
15
years
or
more
Corporate (Moody's)4
Municipal
(highgrade)2
Corporate
(highgrade)3
By ratings
By groups
Total
Aaa
Aa
Baa
Industrial
Railroad
Public
utility
Number of issues.
1-5
1-8
15
120
30
30
30
30
40
40
40
1947 average
1948 average
1949 average
1.59
2.00
1.71
2.25
2.44
2.31
2.01
2.40
2.21
2.57
2.81
2.65
2.86
3.08
2.96
2.61
2.82
2.66
2.70
2.90
2.75
2.87
3.12
3.00
3.24
3.47
3.42
2.67
2.87
2.74
3.11
3.34
3.24
2.78
3.03
2.90
1949—November.
December.
1.70
1.68
2.20
2.19
2.17
2.13
2.56
2.55
2.89
2.86
2.60
2.58
2.68
2.67
2.93
2.89
3.35
3.31
2.67
2.65
3.20
3.14
2.81
2.79
1950—January...
February..
March
April
May......
June
July
August
September
October...
November.
.70
.75
.78
.80
.80
.83
.83
.82
.89
.94
.95
2.20
2.24
2.27
2.30
2.31
2.33
2.34
2.33
2.36
2.38
2.38
2.08
2.06
2.07
2.08
2.07
2.09
2.09
1.90
1.88
1.82
1.79
2.54
2.54
2.55
2.57
2.57
2.59
2.61
2.58
2.62
2.65
2.66
2.83
2.83
2.84
2.57
2.58
2.58
2.60
2.61
2.62
2.65
2.61
2.64
2.67
2.67
2.65
2.65
2.66
2.66
2.69
2.69
2.72
2.67
2.71
2.72
2.72
2.85
2.86
2.86
2.86
2.88
2.90
2.92
2.87
2.88
2.91
2.92
3.24
3.24
3.24
3.23
3.25
3.28
3.32
3.23
3.21
3.22
3.22
2.63
2.63
2.64
2.64
2.65
2.66
2.69
2.66
2.68
2.70
2.70
3.07
3.08
3.08
3.08
3.12
3.15
3.19
3.08
3.07
3.09
3.08
2.79
2.78
2.78
2.79
2.81
2.81
2.83
2.80
2.84
2.85
2.86
Week ending:
Oct. 2 8 . . .
Nov. 4 . . .
Nov. 1 1 . . .
Nov. 18...
Nov. 2 5 . . ,
.96
.96
.95
.94
1.94
2.38
2.39
2.38
2.37
2.37
1.79
1.79
1.79
1.79
1.79
2.67
2.67
2.67
2.65
2.65
2.89
2.89
2.88
2.88
2.88
2.68
2.68
2.67
2.66
2.66
2.73
2.73
2.72
2.71
2.71
2.92
2.92
2.92
2.92
2.91
3.23
3.23
3.22
3.21
3.21
2.70
2.70
2.70
2.70
2.70
3.10
3.09
3.09
3.07
3.07
2.86
2.87
2.86
2.86
2.86
1 Monthly and weekly data are averages of daily figures, except for municipal bonds, which are based on Wednesday figures.
2
8
Standard and Poor's Corporation.
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
SECURITY MARKETS!
Bond prices
Stock prices «
Corporate *
U.S. MunicGovipal
ern- (highment * grade)' Highgrade
Year, month, or week
Medium-grade
Total
Industrial
Volume
of trading' (in
thousands of
Public shares)
utility
Common (index 1935-39 -100)
Preferred*
Railroad
Public
utility
Total
Industrial
Railroad
5
5
4
416
365
20
31
1947 average
1948 average.
1949 average
103.76 132.8
100.84 125.3
102.73 128.9
103.2
98.7
101.9
97.5
92.1
92.6
102.6
96.3
98.6
88.2
85.4
82.3
102.8
95.2
97.0
184.7
168.7
176.4
123
124
121
128
131
128
105
115
97
103
96
98
953
1,144
1,037
1949—November
104.22 129.6
104.36 130.3
103.2
103.7
93.5
94.5
100.3
101.0
80.8
82.2
99.5
100.1
179,8
180.6
129
133
137
140
96
101
103
104
1,323
1,739
1950—January
February
March
April
104.16
103.62
103.24
102.87
102.73
102.42
102.24
102 28
101.90
101.64
101.69
131.4
131.7
131.5
131.3
131.5
131.1
131.1
134 8
135.2
136.4
137.0
104.0
104.0
104.1
96.3
96.4
96.6
101.8
102.0
102.3
86.4
86.5
86.7
100.6
100.9
100.8
(8)
(8)
(8)
(8)
182.8
182.4
183.8
183.5
183.1
182.0
178.5
181 9
181.8
180.5
180.8
135
137
139
142
147
148
138
147
152
158
156
143
144
147
150
156
158
147
158
163
171
169
108
107
109
110
110
107
110
121
125
129
127
106
107
110
111
113
112
103
104
105
106
105
1,884
1,704
1,643
2,297
1,763
2,075
2,227
1 673
1,930
2,141
2,032
101.56
101.56
101.64
101.79
101.80
137.0
137.0
137.0
137.0
137.0
180.3
180.1
179 9
181.0
181.6
158
155
154
157
160
171
167
167
170
174
128
124
123
128
132
107
105
105
105
106
2,040
1,708
1,957
1,828
2,365
Number of issues
1-8
June
July
August
September
October
November
Week ending:
Oct. 28
Nov. 4
Nov. 11
Nov. 18
Nov. 25
15
12
14
(8)
15
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
6
Prices derived from average yields, as computed by Standard and Poor's Corporation.
Standard and Poor's Corporation.
6
Prices
derived
from
averages
of
median
yields
on
noncallable
high-grade
stocks
on
basis
of
a
$7
annual dividend.
7
Average daily volume of trading in stocks on the New York Stock Exchange.
8
Series discontinued beginning Apr. 1, 1950.
Back figures.—See Banking and Monetary Statistics, Tables 130, 133, 134, and 136, pp. 475, 479, 482, and 486, respectively, and BULLETIN
for May 1945, pp. 483-490, and October 1947, pp. 1251-1253.
NEW SECURITY ISSUES
[In millions of dollars]
]^or
Total
(new Total
and
(dorefund- mestic
and
ing)
forTotal
eign)
Year or month
1941
1942
1943
1944. . .
1945
1946
1947
1948 .
1949
5,546
2,114
2,169
4,216
8,006
8,645
8
9,691
. . 10,214
9,475
1949—October
November
December
2,854
1,075
2,852
1,075
642
913
640
896
1,772
4,645
»7,566
9,079
7,909
Domestic
Domestic
State
and
municipal
518
342
176
235
471
952
Total
(doCorporate
Formestic
2
Fedand
eign
eral
forBonds
agen-1
eign)
and Stocks
cies Total
notes
1,272
1,062
1,761
4,635
7,255 2,228
9,070 2,604
7,880 2,803
624
108
374
90
15
646
26 1,264
127 3,556
239 4,787
4
294 6,172
233 4,844
234
229
405
183
639
412
For refunding
new capital
787
521
639
412
731
513
513
198
1950—January.. •1,185
809
February.
M a r c h . . . 1,059
685
April.
1,052
May
June
1,285
579
July
August
787
924
September
794
October..
817
711
768
525
771
954
505
551
705
651
817
708
746
520
769
949
505
519
687
646
233
550
363
170
304
334
204
265
272
181
30
13
21
23
39
18
8
145
889
506
282
422
607
173
118
92
224
657
2,084 1,472
3,567 1,219
•5,264
908
954
3,890
1
2
17
12
10
68
10
29
Total
State
and
municipal
ForCorporate
eign*
Federal
agen-1
Bonds
cies Total and Stocks
notes
1,557
1,430
418
685
407
603
2,693
1,039
1,527
3,303
6,234
4,000
2,125
1,135
1,566
2,689
1,039
1,442
3,288
6,173
3,895
1,948
1,135
1,466
435
181
259
404
324
208
44
82
104
698
440
497
418
912
734
422
768
943
2,466
4,937
2,953
1,482
2,178
4,281
2,352
1,199
284
418
257
366
148
109
148
109
4
22
53
52
91
35
69
35
126
11
82
288
656
601
283
28
52
4
86
15
61
105
177
101
22
323
124
82
59
315
169
146
218
218
57
56
105
101
4
553
146
361
327
426
598
292
254
270
465
463
80
280
147
307
429
216
211
220
265
90
66
82
180
119
169
77
43
50
200
»369
98
292
160
281
330
75
236
219
143
269
83
229
160
281
330
75
190
219
143
1
6
3
6
14
20
1
8
6
3
159
57
58
65
31
35
53
48
193
63
108
20
168
89
236
276
21
134
20
77
96
19
165
80
231
276
21
128
20
76
12
1
4
9
6
14
63
5
46
3
22
5
2
5
31
18
5
1
1
2
8
Includes publicly offered issues of Federal credit agencies, but excludes direct obligations of U. S. Treasury.
Includes issues of noncontiguous U. S. Territories and Possessions.
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
NEW CORPORATE SECURITY ISSUES *
PROPOSED USES OF PROCEEDS, ALL ISSUERS
[In millions of dollars]
Proposed uses of net proceeds
Estimated Estimated
gross
net
proceeds s proceeds 8
Year or month
New money
Plant and
equipment
Total
1936
1937
1938
. ....
1939
1940
1941
1942
1943
1944.
1945. .
1946
1947
1948
1949
Working
capital
Total
Bonds and
notes
Preferred
stock
3,368
1,100
1,206
1,695
1,854
1,583
396
739
2,389
4,555
2,868
1,352
307
401
3,143
911
1,119
1,637
1,726
1,483
366
667
2,038
4,117
2,392
1,155
240
360
226
190
87
59
128
100
30
72
351
438
476
196
67
41
4,572
2,310
2,155
2,164
2,677
2,667
1,062
1,170
3,202
6,011
6,900
6,577
7,078
6,052
4,431
2,239
2,110
2,115
2,615
2,623
1,043
1,147
3,142
5,902
6,757
6,466
6,959
5,959
858
991
681
325
569
868
474
308
657
1,080
3,279
4,591
5,929
4,606
424
661
287
141
252
638
2,115
3,409
4,221
3,724
417
177
155
145
207
187
167
405
442
1,164
1,182
1,708
882
413
332
407
327
565
260
270
331
214
159
223
46
111
108
61
17
113
58
17
111
3
605
255
538
453
190
371
344
306
625
405
130
242
48
60
129
52
33
139
39
30
138
'140
189
'248
49
94
174
'71
50
204
317
'20
'36
r
58
36
164
311
'19
12
3
1
14
40
5
1949—October
November
December
574
1950—January
February
March . . * . . .
April
May
June
July
August
September
October
Retirement of securities
614
259
547
490
669
1,069
'315
'407
•"416
519
480
658
1,055
»-311
'402
»-408
508
380
478
574
504
170
295
212
451
••211
'•225
»"306
274
224
50
488
637
49
36
7
26
19
28
35
27
47
133
231
168
234
315
37
24
37
49
16
83
53
13
11
76
137
65
'20
'17
'32
127
48
18
17
154
69
174
144
138
73
49
134
379
356
6
5
27
61
88
Other
purposes
111
215
2
'132
'28
138
'33
Repayment
of
other debt
9
11
49
'60
'23
'37
19
PROPOSED USES OF PROCEEDS, BY MAJOR GROUPS OF ISSUERS*
[In millions of dollars]
Manufacturing
Year or
month
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
1946
1947
1948
1949
. .,
Commercial and
miscellaneous 6
6
1 280
1,079
831
584
439
616
469
188
761
373
226
353
774
338
54
182
139
228
24
85
558 1,987
110 751
30 1,208
97 1,246
961
828
167
244
738
463
319
361
115
253
32
46
102
186
108
15
114
500
1,010
981
1,436
704
115
129
1,320
571
293
228
454
1,033
1,969
811
3 601 2 201
2,686 1,974
2,180 1,726
851
1,391
47
160
602
89
199
504
353
54
403
304
44
338
229
21
28
283
617
240
546
456
441
35
56
11
1949—October
November
December
83
36
63
41
24
49
16
5"
38
25
36
30
6
23
13
2
41
10
31
41
10
27
4
1950—January.
February
Inarch.
April
31
27
2
31
25
3
93
27
31
63
49
34
47
38
24
4
10
1
25
16
33
21
15
21
6
13
107
31
13
85
27
22
186
169
80
109
7
36
3
29
45
'72
19
20
'22
69
74
'13
39
15
'13
30
40
'42
'70
177
'20
'43
83
'5
10
33
'40
'62
35
'19
'15
11
'42
'17
19
'38
'17
19
r4
'68
'50
1
11
'3
OO OO CO
June
July
August
September
October
Real estate
and financial
8
Total
Total
Total
Total
Total
Total
New Retire- net
New Retire- net
net
New Retire- net
New Retire- net
New Retire- net
New Retirepro- money ments10 pro- money ments 10 pro- 9 money ments 10 pro- 9 money ments 10 pro- money ments 10 pro- money ments 10
ceeds
ceeds
ceeds9
ceeds9
ceeds9
ceeds9
527
497
May
Communication
Public utility *
Railroad
63
89
180
43
245
1,180
317
1,340
464
145
22
469
40
1,400
69
2,291
2 129
785
3,212 2,188
2,281 1,998
2,615 2,140
1,897
611
943
1,157
922
993
292
423
390
71
16
102
218
57
8
9
152
7
7
88
155
94
42
55
9
18
206
323
85
164
49
65
64
4
21
107
1,343
2,159
1 252
939
145
891
870
234
567
505
2
49
4
13
61
286
587
189
485
593
440
24
30
35
11
92
85
6
90
70
6
20
6
222
149
346
130
125
159
45
4
96
13
16
4
11
14
4
225
130
217
273
331
575
'104
'233
'223
213
165
14
98
141
228
29
58
40
205
202
18
23
18
22
23
132
86
11
75
22
129
385
165
161
13
3
'11
13
64
'24
'21
31
127
27
92
'121
'205
150
'107
11
32
'6
7
22
'6
5
14
'81
2
60
3
6"
41
'30
'25
'39
'28
43
'22
21
17
50
2
8
14
3
r
1
2
8
Revised.
Estimates of new issues sold for cash in the United States.
Gross proceeds are derived by multiplying principal amounts or number of units by offering price.
Estimated4 net proceeds are equal to estimated gross proceeds less cost of flotation, i.e., compensation to underwriters, agents, etc., and
expenses.
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
s
Prior to 1948 this group corresponds to that designated "Industrial" in the old classification.
Included in "Manufacturing" prior to 194S.
7
8
Includes "Other transportation" for which separate figures are available beginning in 1948.
Included in "Public utility" prior to 1948.
10
• Includes issues for repayment of other debt and for other purposes not shown separately.
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
SALES, PROFITS, AND DIVIDENDS OF LARGE CORPORATIONS
MANUFACTURING CORPORATIONS
[In millions of dollars]
Assets 0: 10 million dollars and over
(200 corporations)
Year or quarter
Annual
1948—1
2
3.
4
.
. .
Quarterly
m
1949—1. .
2
3
4
1950—l i
2 i
31....
(82 corporations)
Profits
before
taxes
Profits
after
taxes
Dividends
10,591
13,006
18,291
21,771
28,240
30,348
26,531
••21,327
r
30,815
'"36,955
••36,702
1,209
1,844
3,156
3,395
3,683
3,531
2,421
2,033
4,099
5,315
5,035
997
1,273
1,519
1,220
1,260
1,255
1,129
1,202
2,521
3,310
3,099
722
856
947
760
777
848
861
943
1,167
1,403
1,657
•"8,621
••8,947
••9,250
10,136
1,218
1,242
1,331
1,523
751
770
832
958
285
311
307
499
••7,231
••9,363
••9,369
'9,420
r
8,550
1,326
1,196
1,312
1,201
808
726
343
354
799
766
331
629
••9,256
••10,655
11,753
1,400
"1,821
2,176
Sales
1939
1940
1941
1942
1943
1944 .
1945
1946
. .
1947.
1948
1949
Assets oi 50 million dollars and over
••804
1,048
1,242
387
••393
546
Assets of 10-50 million dollars
(118 corporations)
Profits
before
taxes
Profits
after
taxes
Dividends
Sales
1,071
1,638
2,778
2,876
3,111
2,982
1,976
1,573
3,423
4,593
4. 506
883
1,127
1,329
1,056
1,097
1,091
964
932
2,105
2,860
2,768
656
772
854
672
688
755
764
804
1,000
1,210
1,474
•7,503
•7,813
r
8,691
L.050
l s 058
1,146
1,339
649
657
717
838
r
8,056
••8,115
r
8,148
r
7,259
1,187
[,077
1,183
.059
•7,935
'9,179
10,095
1,254
1,631
1,916
Sales
9,008
11,138
15,691
18,544
24,160
25,851
22,278
17,416
••25,686
••31,238
••31,578
Profits
before
taxes
Profits
after
taxes
Dividends
1,583
1,869
2,600
3,227
4,080
4,497
4,253
3,912
5,129
5,717
5,124
139
206
378
519
571
549
445
460
676
721
529
114
146
190
164
164
164
165
271
416
450
330
67
83
93
88
88
93
98
139
167
192
183
247
269
265
429
1,390
j .445
L,437
L9445
168
184
186
184
102
113
115
120
3S
42
43
70
723
653
303
312
139
119
129
142
73
82
91
40
42
292
567
1,307
1,254
1,273
.291
84
717
675
••717
••936
1,089
347
347
497
1,322
1,476
1,658
146
190
260
••87
112
152
39
62
40
••46
49
PUBLIC UTILITY CORPORATIONS
[In millions of dollars]
Railroad
Year or quarter
Telephone
Electric power
Operating
revenue
Profits
before
taxes
Profits
after
taxes
Dividends
Operating
revenue
Profits
before
taxes
Profits
after
taxes
Dividends
3,995
4,297
5,347
7,466
9,055
9,437
8,902
7,628
8,685
9,672
8,580
126
249
674
1,658
2,211
1,972
756
93
189
500
902
873
667
450
126
159
186
202
217
246
246
629
692
774
847
913
902
905
535
548
527
490
502
507
534
444
447
437
408
410
398
407
271
287
235
964
638
777
1,148
700
479
699
438
954
983
1,129
458
236
289
252
2,647
2,797
3,029
3,216
3,464
3,615
3,681
3,815
4,291
4,830
5,047
643
657
753
2,243
2,363
2,555
2,510
146
286
393
317
73
186
244
191
57
57
53
122
1,233
1,152
1,178
1,267
282
231
111
254
1949—i
2 ...
3
4
2,147
2,226
2,140
2,066
119
183
174
224
58
115
104
161
69
55
50
78
1,312
1,223
1,223
1,289
316
272
259
281
1950—1
2..
3
1,985
2,238
2,534
109
2
51
2155
2
253
61
1,378
1,315
1,310
351
247
454
Annual
1939
1940
1941
1942
1943
1944
1945
1946
1947
1948
1949
..•
Quarterly
2
3
4
53
321
293
Operating
revenue
Profits
before
taxes
Profits
after
taxes
Dividends
227
248
271
302
374
399
396
191
194
178
163
180
174
177
175
178
172
163
168
168
174
277
200
171
494
493
558
L.067
1,129
L,235
L,362
11,537
1,641
1,803
L.992
2,149
2,541
2,817
193
269
332
131
183
220
134
181
216
184
154
143
174
124
115
121
133
607
627
641
667
65
71
64
69
44
48
44
47
39
44
47
50
206
180
173
195
124
136
142
157
670
695
711
741
62
75
84
111
42
50
55
72
50
51
54
61
230
212
2171
146
749
114
780
809
135
150
74
86
85
63
153
152
2
2
2
2
2
68
71
r
1
Revised,
Certain Federal income tax accruals for the first six months of 1950, required by recent legislation and charged by many companies against
third2 quarter profits, have been redistributed to the first and second quarters.
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 backfigures,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
SALES, PROFITS, AND DIVIDENDS OF LARGE MANUFACTURING CORPORATIONS, BY INDUSTRY
[In millions of dollars]
Quarterly
Annual
1948
Industry
1947
1948
1949
1950
1949
3
1
4
2
3
11
4
21
31
Nondurable goods industries
Total (94 corps.):2
Sales
.. .
Profits after taxes
Dividends
....
...
Selected industries:
Foods and kindred products (28 corps.):
Sales
Profits before taxes
Profits after taxes
Dividends
11 ,313
1 ,787
13 ,364
1 ,167
551
,708
1 ,474
656
3 231
3 ,447
9
'3,458 3,908
12 790 3 ,3?4 3 532 3 ?4,3 3,051 3 163 3 333 3
496
446
397
543
'581
774
504
565
503
1 843
321
256
'353
464
362
292
394
'308
342
1,211
146
166
175
141
205
166
249
708
147
225
410
9S9
Chemicals and allied products (26 corps.):
Sales
Profits before taxes
Profits after taxes
Dividends
. ..
128
135
3 ,108
S47
Petroleum refining (14 corps.):
Sales
Profits before taxes
Profits after taxes
Dividends
377
233
99
60
134
32
904
3 ,563
6SS
3 562
337
215
408
254
403
311
,906
456
350
3 ,94s
3 865
525
406
172
721
548
179
846
3 254
792
85
5?.
89
54
101
63
42
30
31
29
936
896
111
71
896
860
183
170
100
64
140
119
85
978 1 077
171
173
132
141
29
66
993
161
119
31
166
673
80S
904
104
59
174
835
102
64
44
7S7
'817
931
83
100
'57
153
86
31
33
32
9S9 '1,051 1,192
'247
309
205
'141
174
79
112
910
189
83
66
105
68
115
113
'117
72
934
119
92
47
94?,
114
86
31
996
131
109
63
960
121
'87
42
989 1,113
133
188
'95
131
42
44
Durable goods industries
Total (106 corps.):3
Sales
Profits before taxes
Profits after taxes
Dividends
9
Selected industries:
Primary metals and products (39 corps.):
Sales
Profits before taxes
Profits after taxes
7
1
,502 '23 ,591 '23,914 '5 ,927 '6,605 ' 6
312 3 ,107 3 192
788
958
1 ,836
470
564
1 888
615
746
166
274
949
9
,634 ' 4 SS4 '4 372
443
569
520
970
321
113
126
136
r\
947
Machinery (27 corps.):
Sales
Profits before taxes
Profits after taxes
Dividends
Automobiles and equipment (15 corps.):
Sales
Profits before taxes
Profits after taxes
Dividends
9 ,066
1 ,174
8 197
993
578
891
545
6 ,699
809
445
195
720
?70
8 ,093
1 ,131
639
282
9 577
1,473
861
451
,430 2,175
252
353
?,04
144
64
71
306 2 601
304
385
240
185
60
285
,120 '6,320 ' 6 ,257 5,217 '6 ,005 '7,197 7,846
830
866
799
896 '1,240 1,402
697
487
470
508
'695
778
'496
424
197
188
184
341
220 '218
380
90
050 1 542
228
160
1,30
100
61
9
66
89
,076 '1,283 '1 ,106 '1,110 '1 055 1,101
133
119
120
118
177
148
79
105
91
77
71
33
32
31
42
28
41
9
056 2,221
327
305
176
175
112
65
9
151 2,601
376
298
218
177
76
79
9
707 2,118
462
337
267
200
80
216
,200 '2,528 2,665
'400
454
299
'225
255
'167
73
79
,106 '1,200 1,276
193
145 '168
'94
109
'82
37
38
49
9
,283 2,975 3,355
596
655
398
357
'215
'330
205
90
91
'1 Revised.
Certain Federal income tax accruals for the first six months of 1950, required by recent legislation and charged by many companies against
third2 quarter profits, have been redistributed to the first and second quarters.
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
1939
1940
1941.
1942
1943
1944
1945
1946
1947
1948
1949
Profits
before
taxes
6 5
9 3
17.2
21 1
25 1
24.3
19 7
23.5
30.5
33 9
27.6
Income
taxes
Profits
after
taxes
Cash
dividends
3 8
4 0
15
50
2.9
7.8
6.4
9.4
11 7
14.4
13.5
11 2
94
10.6
10.8
9.6
11.9
13 0
10.6
8.5
13.9
18.5
20 9
17.0
1 2
4.5
2.4
4.9
4 3
5 1
4.5
4.7
6.2
6.1
4 7
5.8
6.6
7 5
7.8
3 8
8.1
11.9
13 4
9.2
Cash
Profits
before
taxes
Income
taxes
Profits
after
taxes
dividends
35 3
33.1
13 4
12.9
21 9
20 3
7 5
7.9
14 4
12.4
1949—1
2
3
4
28 3
26.4
28.2
27 6
10.9
10.0
10.8
10.6
17 4
16.4
17.3
16 9
7 9
9 5
8.7
1950—1
2
31
29.2
37.4
12.0
15.1
17.0
17.2
22.2
25.0
Undistributed
profits
Quarter
1948—3
4
....
42.0
7.7
7.4
Undistributed
profits
9.9
82
87
8.1
8.1
9.1
'9.4
14.1
15.9
' Revised.
Estimates of Council of Economic Advisers, based on preliminary data.
Source.—Same as for national income series.
1
1656
FEDERAL RESERVE BULLETIN
UNITED STATES GOVERNMENT DEBT—VOLUME AND KIND OF SECURITIES
[On basis of daily statements of United States Treasury. In millions of dollars]
Direct debt
Total
gross
debt
(includEnd of month ing guaranteed
securities)
1943—Dec...
1944—June. .
Dec...
1945—June. .
Dec...
1946—June. .
Dec...
1947—June. .
Dec...
1948—June. .
Dec...
1949—June. .
1949—Nov...
Dec...
1950—Jan....
Feb....
Mar...
Apr
May. .
June..
July...
Aug.. .
Sept...
Oct....
Nov,..
Marketable public issues x
Total
Total 2
165,877
201,003
230,630
258,682
278,115
269,422
259,149
258,286
256,900
252,292
252,800
252,770
256,982
257,130
256,865
256,368
255,724
255,718
256,350
257,357
257,541
257,874
257,216
256,937
257,077
170,108
202,626
232,144
259,115
278,682
269,898
259,487
258,376
256,981
252,366
252,854
252,798
257,011
257,160
256,892
256,395
255,747
255,740
256,370
257,377
257,557
257,891
257,236
256,959
257,100
115,230
140,401
161,648
181,319
198,778
189,606
176,613
168,702
165,758
160,346
157,482
155,147
155,365
155,123
154,833
154,764
154,479
154,601
155,001
155,310
155,168
155,162
153,774
152,779
152,758
Nonmarketable public issues
CertifiTreasury cates of Treasury Treasury Total 2
indebtbills
notes
bonds
edness
13,072
14,734
16,428
17,041
17,037
17,039
17,033
15,775
15,136
13,757
12,224
11,536
12,320
12,319
12,331
12,336
12,334
12,623
13,023
13,533
13,642
13,637
13,637
13,629
13,608
22,843
28,822
30,401
34,136
38,155
34,804
29,987
25,296
21,220
22,588
26,525
29,427
30,155
29,636
29,314
27,321
24,399
23,437
23,437
18,418
12,817
12,817
11,620
5,373
5,373
11,175
17,405
23,039
23,497
22,967
18,261
10,090
8,142
11,375
11,375
7,131
3,596
3,596
8,249
8,271
10,189
14,791
15,586
15,586
20,404
25,755
25,755
31,688
36,948
36,948
67,944
79,244
91,585
106,448
120,423
119,323
119,323
119,323
117,863
112,462
111,440
110,426
109,133
104,758
104,758
104,758
102,795
102,795
102,795
102,795
102,795
102,795
96,670
96,670
96,670
36,574
44,855
50,917
56,226
56,915
56,173
56,451
59,045
59,492
59,506
61,383
62,839
65,929
66,000
66,533
66,771
66,928
67,114
67,314
67,544
67,717
67,897
67,798
68,413
68,398
Special
U. S. Treasury
and issues
savings tax
bonds savings
notes
27,363
34,606
40,361
45,586
48,183
49,035
49,776
51,367
52,053
53,274
55,051
56,260
56,717
56,707
56,958
57,217
57,331
57,427
57,477
57,536
57,568
57,470
57,396
57,954
58,027
Fully
Non- guaraninterest- teed
bearing securities
debt
12,703
14,287
16,326
18,812
20,000
22,332
24,585
27,366
28,955
30,211
31,714
32,776
33,829
33,896
33,502
32,871
32,098
31,802
31,868
32,356
32,518
32,705
33,396
33,539
33,732
8,586
9,557
9,843
10,136
8,235
6,711
5,725
5,560
5,384
4,394
4,572
4,860
7,527
7,610
7,906
7,988
8,040
8,133
8,292
8,472
8,629
8,912
8,895
8,999
8,907
1,370
1,460
1,739
2,326
2,421
1,311
1,500
3,173
2,695
2,229
2,220
2,009
1,858
2,111
1,997
1,962
2,218
2,202
2,167
2,148
2,138
2,110
2,247
2,206
2,192
4,230
1,623
1,514
433
567
476
339
90
81
73
55
27
29
30
27
27
24
22
20
20
16
18
20
22
24
1
2
Includes amounts held by Government agencies and trust funds, which aggregated 5,349 million dollars on Oct. 31, 1950.
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.
Backfigures.—SeeBanking and Monetary Statistics, Tables 146-148, pp. 509-512.
\UNITED STATES SAVINGS BONDS
[In millions of dollars]
UNITED STATES GOVERNMENT MARKETABLE PUBLIC
SECURITIES OUTSTANDING NOVEMBER 30, 1950
[On basis of daily statements of United States Treasury.
of dollars]
Issue and coupon rate
Treasury
Dec. 7,
Dec. 14,
Dec. 21,
Dec. 28,
Jan. 4,
Jan. 11,
Jan. 18,
Jan. 25,
Feb. 1,
Feb. 8,
Feb. 15,
Feb. 23,
Mar. 1,
Amount
In millions
Issue and coupon rate
1,105
1,005
1,002
1,001
1,003
1,002
1,000
.1.001
1.100
1,101
1,101
1,105
1,081
Sept.
Dec.
Dec
Mar.
June
June
Dec.
June
June
Mar.
Mar.
Sept.
Sept.
June
June
Dec.
Dec
June
Dec
June
Dec.
Mar.
Mar.
June
Sept.
Dec.
15,
15,
15,
15,
15,
15,
15,
15,
15,
15,
15,
15,
15,
15,
15,
15,
15,
15,
15,
15,
15,
15,
15,
15,
15,
15,
1951-552....3
1951-532. > 2 M
1951-55
2
1952-54... 2 ^
1952-54
2
1952-55... 2 M
1952-54
2
1953-552
2
1954-562. ^M
1955-602. . 2 ^
1956-58... 2 ^
1956-59 2 . .2%
1956-59... 2 M
1958-632. .2%
1959-623. .2M
1959-623. # 2 K
1960-652. .2
1962-673. .2}
1963-683. .2}
1964-693. .2}
1964-693. .2]
1965-703.
1966-713.. 2}
1967-723.. 2;
1967-72...2\ _
1967-72'.. 2)4
Cert, of indebtedness
Jan. 1,1951
1H
5,373
Treasury notes
July 1, 1951-B....134
July 1, 1951-C....1M
July 1, 1951-D. . .1M
Aug. 1, 1951
1%
Oct. 1,1951
1M
Oct. 15, 1951
1M
Nov. 1, 1951
1M
Mar. 15, 1954
1%
Mar. 15, 1955
\y2
2,741
886
4,818
5,351 Postal Savings
1,918
bonds
5,941
5,253
4,675
5,365 Panama Canal Loan. 3
Total direct issues
1H
June 15, 1951-54 2 .2%
Sept. 15, 1951-53... 2
2,635 Guaranteed securities
Federal Housing Admin.
1,627
Various
7,986
755
1,118
510
1,024
5,825
1,501
8,662
725
681
2,611
1,449
982
3,823
919
5,284
3,470
1,485
2,118
,831
,761
3,838
5,197
3,481
7,967
2,716
11,689
1950
Fiscal year
ending:
June—1943..
1944..
1945..
1946..
1947..
1948..
1949..
1950..
758
802
679
407
360
301
473
231
21,256 11 ,789 8,271
34,606 15 ,498 11,820
45,586 14 ,891 11,553
49,035 9 ,612 6,739
51,367 7 ,208 4,287
53,274 6 ,235 4,026
56,260 7 ,141 4,278
57,536 5 ,673 3,993
2
2
2
2
2
1
2
1
759
876
658
465
561
907
390
449
2,371
4,298
6,717
5,545
5,113
5,067
5,422
848
56,717
Dec.... 56,707
383
495
286
377
14
16
84
103
415
466
56,958
57,217
57,331
57,427
57,477
57,536
57,568
57,470
57,396
57,954
58,027
707
581
524
423
416
398
417
350
310
971
436
402
361
364
305
307
297
318
270
244
271
246
38
31
27
15
16
14
13
11
8
145
37
267
189
134
102
92
86
87
70
58
555
153
618
418
510
413
454
456
505
537
475
496
448
1949—Nov. . .
1950—Jan
Feb....
Mar...
Apr....
May...
June...
July...
Aug
Sept...
Oct....
Nov. *..
Maturities and amounts outstanding November 30, 1950
109
50
152,758
20
* Sold on discount basis. See table on Open-Market Money Rates,
p. 21652.
s
Partially tax exempt.
Restricted.
DECEMBER
Month
Treasury bonds—Cont.
bills i
1950..
1950..
1950..
1950..
1951..
1951..
1951..
1951..
1951..
1951..
1951..
1951.
1951.
Treasury bonds
Dec. 15, 1950
Amount
RedempAmount Funds received from sales during tions and
maturities
periou
outstanding
at end of
All
All
Series Series Series
month
G
series
F
E
series
Year of
maturity
1950
1951
1952
1953
1954
1955
1956
1957
1958
1959
1960
1961
1962
Unclassified. .
Total
All
series
Series
D
225
225
439
1,539
3,881
6,610
8,377
7,246
5,354
5,139
5,333
5,250
5,505
1,582
2,015
-27
58,027
664
Series
E
1,100
3,881
5,383
5,934
4,724
2,430
2,547
2,832
3,025
2,665
34,521
Series
F
Series
G
197* " " i ' , 0 3 0 "
1,949
494
2,001
521
2,325
599
2,115
477
2,243
258
279
1,947
2,383
457
222
1,361
335
1,681
3,837
19,032
1657
OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES , DIRECT AND FULLY GUARANTEED
[Par value in millions of dollars]
Total
Held by
gross
U. S. Government
debt
agencies and
(includtrust funds *
End of month ing
guaranteed
securi- Special Public
issues
ties)
issues
Held by the public
Total
Insur-
Federal
Reserve
Banks
Commercial2
banks
Mutual
savings
banks
panies
Other
corporations
1940—June
1941—June
1942—June.
1943—June
1944—June
1945—June
1946—June
Dec
1947—June
Dec
1948—June
Dec
1949—June
Dec
48,496
55,332
76,991
140,796
202,626
259,115
269,898
259,487
258,376
256,981
252,366
252,854
252,798
257,160
4,775
6,120
7,885
10,871
14,287
18,812
22,332
24,585
27,366
28,955
30,211
31,714
32,776
33,896
2,305
2,375
2,737
3,451
4,810
6,128
6,798
6,338
5,445
5,404
5,549
5,614
5,512
5,464
41,416
46,837
66,369
126,474
183,529
234,175
240,768
228,564
225,565
222,622
216,606
215,526
214,510
217,800
2,466
2,184
2,645
7,202
14,901
21,792
23,783
23,350
21,872
22,559
21,366
23,333
19,343
18,885
16,100
19,700
26,000
52,200
68,400
84,200
84,400
74,500
70,000
68,700
64,600
62,500
63,000
66,800
3,100
3,400
3,900
5,300
7,300
9,600
11,500
11,800
12,100
12,000
12,000
11,500
11,600
11,400
6,500
7,100
9,200
13,100
17,300
22,700
25,100
25,200
24,800
24,100
23,100
21,500
20,800
20,500
2,100
2,000
4,900
12,900
20,000
22,900
17,700
15,300
13,900
14,100
13,500
14,300
15,100
16,300
1950—June
July
Aug
Sept
257,377
257,557
257,891
257,236
32,356
32,518
32,705
33,396
5,474
5,465
5,430
5,490
219,547
219,574
219,755
218,350
18,331
17,969
18,356
19,572
65,700
64,700
64,100
62,200
11,600
11,500
11,400
11,200
20,100
20,100
20,000
19,700
18,300
18,800
19,500
19,400
State
and
local
governments
Individuals
Miscel-
Savings Other
bonds securities
tori 8
1,500
3,200
5,300
6,500
6,300
7,100
7,300
7,800
7,900
8,000
8,000
2,600
3,600
9,100
19,200
31,200
40,700
43,500
44,200
45,500
46,200
47,100
47,800
48,800
49,300
7,500
7,600
8,700
11,700
14,800
18,300
19,500
19,700
20,500
19,100
18,100
17,500
17,800
16,900
1,100
3,400
6,400
8,900
8,800
8,300
9,800
8,600
9,100
9,300
10,000
9,800
8,200
8,200
8,200
8,100
49,900
50,000
49,900
49,900
17,200
17,400
17,500
17,500
10,200
10,900
10,800
10,700
400
600
900
700
700
1
Includes the Postal Savings System.
Includes holdings by banks in territories and insular possessions, which amounted to 300 million dollars on Dec. 31, 1949.
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]
a
8
U. S.
End of month
FedTotal Govt.
agen- eral CommeroutRecies
cial 1
stand- and serve
ing
trust Banks banks
Mu- Insurtual
ance Other
sav- comings
banks panies
End of month
Total
outstanding
funds
Insurance
com- Other
panies
Treasury bonds
and notes, due
or callable:
Type of
security:
Total:*
1948—June....
Dec
1949—June....
Dec
1950—June....
Aug
Sept
Treasury bills:
1948—June....
Dec
1949—June....
Dec
1950—June....
Aug
Sept
Certificates:
1948—June....
Dec
1949—June....
Dec
1950—June....
Aug
Sept.. . .
Treasury notes:
1948—June....
Dec
1949—June....
Dec
1950—June....
Aug.....
Sept
Treasury bonds:
1948—June....
Dec
1949—June....
Dec
1950—June....
Aug.....
Sept.. . .
U.S.
Govt. Fed- Com- Muagen- eral mer- tual
cies
savReand serve cial 1 ings
trust Banks banks banks
funds
160,373
157,496
155,160
155,138
155,325
155,177
153,792
5,402
5,477
5,374
5,327
5,350
5,306
5,365
21,366 57,599
23,333 55,353
19,343 56,237
18,885 59,856
18,331 58,972
18,356 57,454
19,572 55,665
13,757
12,224
11,536
12,319
13,533
13,637
13,637
15 8,577
69 5,487
63 4,346
11 4,829
3 3,856
22,588
26,525
29,427
29,636
18,418
12,817
11,620
14 4,616
24 6,078
26 6,857
48 6,275
7 5,357
6 4,848
1 4,975
11,375
7,131
3,596
8,249
20,404
25,755
31,688
112,462
111,440
110,426
104,758
102,795
102,795
96,670
3 2,302
56 1,513
2,345
2,794
2,817
3,514
3,703
3,641
3,774
8,552
9,072
9,561
11,520
5,354
2,937
2,438
1,968 4,531
791 3,099
7
47
359 1,801
15
562 5,569
29 3,500 11,204
8 4,439 13,479
25 9,291 13,982
5,336
5,340
5,201
5,217
5,273
5,253
5,247
6,206 42,146
10,977 40,371
7,780 42,042
7,218 39,235
5,618 38,691
6,768 37,379
3,793 35,454
1 year:
42,779 Within
1948—June....
42,637
Dec
44,087
1949—June....
41,763
Dec
43,663
1950—June....
45,416
44,925
Aug
Sept.. . .
58
112 2,650
50
84 3,740 1-5 years:
13
60 4,237
1948—June
15
70 3,880
Dec
35
90 5,846
1949—June....
Dec
120 7,546
25
1950—June....
50
283 7,961
Aug
317
479 8,610
Sept
672 10,423
256
602 12,174
207
o
—
i
<
u
years.
169
633 10,991
1948—June
64
382 7,254
Dec
47
256 4,723
1949—June....
33
179 3,994
Dec
1950—June....
98
223 4,555
84
166 2,984
Aug
41
104 1,244
Sept
107
244 1,752
154
403 5,114 After 10 years:
1948—June....
519 7,159
151
Dec
543 7,699
148
1949—June....
Dec
11,047 20,880 26,847
1950—June....
10,486 18,891 25,375
10,768 18,315 26,320
Aug
10,480 17,579 25,029
Sept
10,624 17,249 25,340
10,473 17,046 25,876
10,299 16,720 25,157
11,522
10,877
11,029
10,772
10,877
10,697
10,531
21,705
19,819
19,090
18,535
18,132
17,948
17,734
13,411
10,216
11,226
14,319
10,387
19 2,070 5,922
861 5,571
98
982 7,021
49
878 9,014
36
505 7,001
70
171
232
236
238
151
273
329
385
468
360
4,956
3,125
2,553
3,685
2,300
7,116 9,645
4,350 13,293
130
286
477
705
6,741
8,058
2,636 30,580
3,258 28,045
2,121 26,304
186 1,922 24,907
327 5,116 33,127
287 1,681 31,136
250 6,099 25,907
1,829
1,769
1,279
1,121
1,058
2,790
2,501
2,124
1,641
1,731
7,971
8,254
7,135
5,290
10,443
24,183
26,800
74
108
46,124
44,053
39,175
35,067
51,802
318
226
212
43,357
40,549
10,464
10,464
15,067
18,537
15,926
314
314
15,926
15,926
400
404
911
976
4,685
4,710
4,455
4,441
4,482
45,084 4,500
45,084 4,511
2,921
7,215
4,452
3,593
2,349
53,838
53,838
48,554
45,084
45,084
532
568
423
884 1,549 7,820
639 1,246 6,408
546 6,251
506
911 1,936
434 6,314
520
997 1,885
584 6,587 2,002 1,732 3,630
1,388 6,995 2,640 2,230 4,716
1,148 5,675 2,439 2,055 4,186
5,924 2,304 1,995 4,392
6,062 2,230 1,916 4,338
3,922
3,541
3,933
3,887
4,092
8,639
8,048
7,293
6,588
7,130
17,129
15,230
14,179
13,485
13,507
16,542
15,094
14,242
13,090
13,524
1,499 4,153 7,306 13,543 14,083
1,660 4,173 7,293 13,396 14,051
* 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
small1 amounts of nonmarketable issues) by all banks and all insurance companies for certain dates are shown in the table above,
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
SUMMARY OF TREASURY RECEIPTS, EXPENDITURES, AND RELATED ITEMS
[In millions of dollars]
On basis of daily statements of United States Treasury
Fiscal
year or
month
Increase (+) or
decrease v ,;
during period
Budget
Net Budget
surplus
exre(+) or
ceipts pendideficit
tures
Fiscal year:
1948
1949
1950
1949—Nov..
Dec...
1950—-Jan...
Feb...
Mar...
Apr...
May..
June..
July. .
Aug...
Sept..
Oct...
Nov..
42 ,211 33 ,791
38 ,246 40 ,057
37 ,045 40 ,167
2 ,344
3 ,127
4 ,191
3 ,722
3 ,366
3 ,323
2 ,972
2 ,496
4 ,820
3 ,269
1 ,488
2 ,847
2 ,320
2 ,962
4 ,404
4 ,296
1 ,881
3 ,013
2 ,860
2 ,515
4 ,605
3 ,520
2 ,056
3 ,170
2 ,851
3 ,102
Trust Clearacing
counts,
acetc. 1 count 1
+8,419
-1,811
—3,122
-783
+469
+44
+476
+1,551
-1,358
-642
+108
-1,132
+344
+1,084
-1,114
-252
As
Balance
in
general
fund
General
fund
balance
Gross
debt
-8
+1,007 +1,053
+183 - 1 , 0 1 7
+333
+685
-658
+319
+31
-140
+147
-80
-27
-17
-279
+49
+169
-63
-1,359
-6
+140
5
4
5
5
4
4
sets
Deposits in
Total
294 —507 —5 994 +1,624 4 932
+478 -1*462 3 470
- 4 9 5 +366
+99 +483 +4,587 +2,047 5 517
+299 - 3 6
+204
- 3 1 5 4 422
-88
-272
+148
+257 4 679
2
6
5
+2 +589
+370 5 049
-11
+170
-497
+137 5 186
-93
-645
+122
+935 6 121
-79
-6
- 1 , 4 1 9 4 702
+25
+147 - 3 7 6
- 2 3 8 4 464
+632
-53
-99
Cash operating
income and outgo 3
General fund of the Treasury (end of period)
517
500
185
505
145
139
Federal
Reserve
banks*
Special
depositaries
Total
liaOther biliassets ties
,370 1,928 11 773
,670
]862
'438 u 771 : ]653
950 3 , 268 ;L,709
,927
s4 ,789 517 2 , 632 L.641
5 ,033
841 2 , 557 1,635
5 ,421
677 2 , 898 1,847
5 ,489
666 3 , 146 1,677
6 ,438 1,006 3 , 665
,766
5 ,074
875 2 , 543 1,657
4 ,757
588 2 , 560 L.609
5 ,927
950 3 , 268 1,709
4 ,864
566 2 , 618 L,680
5 ,501
733 3 , 115 L,654
5 ,932 1,116 3, 065 L ,751
4 ,537
569 2 , 317 1,651
4 ,586
714 2 , 232 1,640
Cash Cash
income outgo
438 45 ,400
392 41 [628
410 40 ,970
367 2 ,965
354 4 ,263
372 3 ,485
303 3 ,595
317 5 ,162
373 1 ,683
294 2 ,939
410 4 ,687
364 2 ,110
316 3 ,524
428 4 ,865
392 2 ,426
446
5
3
36,496
40,'5 76
43,155
3,426
4,070
3,177
3,537
4,046
3,344
3,700
4,061
3,143
3,009
3,199
3,335
Excess
income
(+)or
outgo
+8,903
2 ^185
-461
+ 193
+308
+58
+1,116
-1,661
-762
+626
-1,032
+514
+1,666
-909
DETAILS OF TREASURY RECEIPTS
On basis of daily statements of United States Treasury
Income taxes
Miscella- Social Other Total
Withneous Secure- 4 reheld
rity ceipts
ceipts
by em- Other internal
revenue taxes
ployers
Fiscal year
or month
Fiscal year:
1948
11,436 19,735
. 9,842 19,641
1949
10,073 18,189
1950
1,134
355
1949—Nov....
695 2,520
Dec....
588 1,957
1950—Jan
Feb....
1,310 1,032
774 3,655
Mar....
479
788
Apr.. . .
379
May. . .
1,342
817 2,709
June...
434
594
July....
345
1,423
Aug.. . .
819 2,816
Sept....
514
591
Oct....
320
1,620
Nov
Individual
Corporation income
income taxes
and profits taxes
Social
Net
Refunds Security reExcess
Normal
of
employ- ceipts With- Other
and
and
taxes
ment6
held
other
surtax
taxes
profits
8,301 2,396 4,231 46,099
8,348 2,487 2,456 42,774
8,303 2,892 1,853 41,311
2,272
2,838
2,160
2,727
4,255
3,480
3,607
5,622
2,092
2,895
4,776
2,148
3,238
4,842
2,300
3,184
46
59
67
238
573
518
301
149
66
62
52
62
45
722
720
645
599
701
629
704
714
737
948
775
808
746
356
141
68
544
364
93
295
351
204
340
315
186
310
161
180
222
123
128
103
176
184
179
181
117
202
187
On basis of reports by collectors of internal revenue
Deduct
1,616 42,211 11,534 9,464
1,690 38,246 10,056 7,996
2,106 37,045 9,889 7,264
337 2,344 1,403
90
5 4,191
36
292
47 3,366
698 1*657
398 2,972 1,816
739
229 4,820
93 1,604
86 1,488
530
470
274 2,320 1,763
116
222 4,404 - 188
917
201 1,881
689
228
316 2,860 1,790
98
185 4,605
81 1,012
181 2,056
807
183
288 2,851
9,852
11,343
10,760
Excise
Esand
tate
other
and miscelgift laneous
taxes taxes
323
211
95
6
7
7
7
8
5
12
7
12
7
3
5
226
2,256
338
221
2,103
283
201
1,773
402
205
1,820
398
899
797
706
56
59
51
48
91
60
52
54
45
67
50
51
7,412
7,585
7,599
672
606
594
541
674
548
660
670
718
894
697
763
DETAILS OF BUDGET EXPENDITURES AND TRUST ACCOUNTS
On basis of daily statements of United States Treasil r y
Trust accounts, etc.
Budget expenditures
Social Security
accounts
Fiscal year
or month
Total
Fiscal year:
1948
1949
1950
1949—Nov.
Dec
men—T a n
Feb.
Mar
....
.
......
Apr
May
July
Aug.
Sept
Oct
Nov
33,791
40,057
40,167
3,127
3,722
3,323
2,496
3,269
2,847
2,962
4,296
3,013
2,515
3,520
3,170
3,102
Other
Inter- VetAid Transfers
naInter- tional erans'
to
to
National est,
Inagri- trust
Other Net
on finance AdExInExRedefense debt
culvest- pendiminisacand tration ture
revest- pendi- ceipts ments
4
tures
counts
ceipts ments tures
aid
11,500
12,158
12,378
1,056
1,095
1,046
936
1,051
964
1,007
998
1,024
1,149
1,037
Pl.351
Pl,454
5,211
5,339
5,750
306
1,008
463
161
636
184
136
1,611
271
134
646
229
142
850 2,109
782 1,178 4,661 3,918 2,210 1,640 5,598
4,143 6,317
832 1,646
916 6,181 3,722 1,479 2,252 1,992
6,016 6,791 2,656
4,657 6,044 2,984 1,383 6,970 4,293 1,028 3,114 2,376 -1,430 3,857
353
347
294
326
404
359
420
405
273
254
299
P346
*>326
540
515
509
494
578
499
498
459
448
464
400
457
465
212
311
314
123
98
202
446
150
424
-113
-220
-45
P90
7
-26
45
8
11
69
16
8
31
28
646
84
9
654
472
652
448
491
570
439
665
543
598
712
P747
P617
562
48
291
568
262
178
556
493
262
630
544
300
549
13
77
-29
85
47
52
169
309
146
277
424
157
207
256
277
295
267
311
238
243
225
189
186
164
214
219
97
68
121
116
158
127
117
451
65
96
413
192
132
9
-25
-424
-746
-844
-327
-73
279
6
4
302
11
-23
82
60
568
909
999
421
186
184
85
112
94
127
109
r
P Preliminary.
Revised.
2
Excess of receipts ( + ) or expenditures (—).
Excludes items in process of collection beginning with July 1947.
For description, see Treasury Bulletin for September 1947 and subsequent issues.
Includes surplus property receipts amounting to 1,929 and 589 million dollars in 1948 and 1949, respectively, and receipts from renegotiation 5of war contracts amounting to 164 and 57 million in 1948 and 1949, respectively.
These are appropriated directly to the Federal old-age and survivors insurance trust fund.
1
3
4
DECEMBER
1950
1659
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
CommodiLoans ties,
supreceiv- plies,
and
able
materials
Corporation or agency
Total
Cash
All agencies:
22,594
23,733
24,360
24,118
Sept. 30, 1949.
Dec. 31, 1949.
Mar. 31, 1950.
June 30, 1950.
Classification by agency,
June 30, 1950
Department of Agriculture:
Farm Credit Administration:
Banks for cooperatives
Federal intermediate credit banks
Production credit corporations
Agricultural Marketing Act Revolving
Fund
Federal Farm Mortgage Corp.
Rural Electrification Administration
Commodity Credit Corporation
Farmers' Home Administration i
Federal Crop Insurance Corp
All other
Bonds, notes,
U. S. Priand debenGov- vately
tures payable
Land,
ern- owned
struc- Other
Other ment
intertures,
liabilasinterest
and
ities
sets Fully
U. S. Other equipest
guarGovt. secu- ment
anteed
Other
secu- rities 2
by
rities
U. S.
Investments
2,069
2,047
2,221
2,101
3,501
3,492
3,488
3,483
2,933
2,962
2,932
2,924
242
574
396
509
414
450
856
772
708
774
1,074 20,460
1,72021 ,030
2,072 21,368
1,446 21 ,679
177
183
191
201
5
6
49
552
244
82
59
18
3
()
1
46
1,411
840 2,060
423
2
51
,467
,159
515
35
763
1,053
2,251
1,282
160
888
7,415
1,596
1,549
1,567
2,186
11,720
12,733
13,350
12,502
312
638
59
Housing and Home Finance Agency:
Home Loan Bank Board:
756
Federal home loan banks
195
Federal Savings and Loan Insurance Corp.
95
Home Owners' Loan Corp 6
1,647
Public Housing Administration
314
Federal Housing Administration
1,062
Federal National Mortgage Association
Reconstruction Finance Corporation:
Assets held for U. S. Treasury «
Other 7
Export-Import Bank
Federal Deposit Insurance Corp
Federal Works Agency
Tennessee Valley Authority
379
441
387
474
Liabilities, other than
interagency items
l
23
3
()
92
(3)
288
190
2
443
84
320
20
1,056
(3)
2
17
912
4 2,226
1
89
15
3,812
144
2
50
(3) l 1,467
724 2,435
512
2
28
6
(3)
1
1
28
140
34
3
76
324
188
7
87
6
31 1,616
148
150
8 1,053
172
1,268
1
763
997
2,168
1,277
153
871
7,402
605
1
(3)
99
1,276
60
855
42
3,385
183
CLASSIFICATION OF LOANS BY PURPOSE AND AGENCY
June 30, 1950
Purpose of loan
To aid agriculture
To aid home owners
To aid industry:
Railroads
Other
To aid financial institutions:
Banks
Other
Foreign loans
Other
Less: Reserve for losses
Total loans receivable (net)...
Fed.
Fed. inter- Banks
Farm medi- for coMort. ate operaCorp. credit tives
banks
53
574
245
Com- Rural
Elecmodity trificaCredit
tion
Corp. Adm.
923
1,413
Farmers'
Home
Adm.
Home
Owners'
Loan
Corp.
Recon- ExPublic Fed. struc- portHous- home tion
ImFiing
loan
port
Adm. banks nance Bank
Corp.
556
(3)
84
146
3
110
481
(3)
443
6
46
(3)
574
3
82
1
133
242
840
1,411
423
317
1
(3)
84
320
443
(
All
other
Mar. 31,
1950,
All
all
agen- agencies
cies
10 3,773
1,082 1,316
3
33
4,851
1,324
113
515
113
496
2
3
\
451
133 2,233 3,750 6,116
67
101
485
32
7
270
4
3
328
6,101
492
358
914 2,226 4,977 12,502
13,350
1
2
Assets are shown on a net basis, i. e., after reserve for losses.
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
BUSINESS INDEXES
[The terms "adjusted" and "unadjusted" refer to adjustment of monthly figures for seasonal variation!
Construction
contracts
awarded (value) 5
1923-25 = 100
Industrial production
(physical volume) **
1935-39 = 100
Manufactures
Year or month
Total
Durable
Nondurable
Minerals
Total
Residential
Employment a
1939 = 100
All
other
Nonagricultural
Factory
Factory
payrolls *
1939 =
100
DepartWholeFreight ment
Consale
store
carload- sales sumers'8 comings*
prices modity
(val1935-39 ue)* 4 1935-39 prices 8
= 100 1935-39 = 100
1926
= 100
= 100
Ad- Unad- Unad- AdAdAdAdAdAdAd- Unad- AdAdjusted justed j u s t e d justed justed justed justed justed justed justed justed justed justed
1919.
1920
1921
1922
1923
1924
1925
72
75
58
73
88
82
90
84
93
53
81
103
95
107
62
60
57
67
72
69
1926
1927
1928
1929
1930
96
95
99
110
91
114
107
117
132
98
1931
1932
1933
1934
1935
75
58
69
120
129
110
121
142
139
146
83
99
92
93
104
104
109
123
143
127
119
121
122
125
8
3
7
7
9
2
4
138.6
154 4
97 6
96 7
100 6
98 1
103 5
110 5
108 5
109.8
117 1
94 8
152
147
148
152
131
112
113
114
116
108
126
124
122
122
119
4
0
6
5
4
100
95
96
95
86
0
4
7
3
4
75 8
64.4
71.3
83 2
88.7
96.4
105.8
90.0
100.0
107.5
132.8
156 9
183.3
178.3
157.0
147.8
156.2
155.2
141.6
71 8
49.5
53.1
68 3
78.6
105
78
82
89
92
96
75
73
82
88
108
97
92
95
98
7
6
4
7
1
73
64
65
74
80
0
8
9
9
0
91 1
108.9
84.7
100.0
113.6
107
111
89
101
109
100
107
99
106
114
99 1
102.7
100.8
99 4
100.2
80
86
78
77
78
8
3
6
1
6
164.9
241 5
331.1
343.7
293 5
130
138
137
140
135
133
150
168
187
207
105.2
116 5
123 6
125.5
128 4
87
98
103
104
105
3
8
1
0
8
271 1
326.9
351.4
325 3
132
143
138
116
264
286
302
286
139.3
159 2
171.2
169 1
121
152
165
155
1
1
1
0
146.8 154 4 155.9 362.8
209 146.4 152.4 153.5 360.7
137
137
302
291
172 2
171.4
164 0
162.4
207 145.2 149 7 148.9 345 9
207 144.3 147.6 147.4 340.4
212 143.4 145.6 145.3 332.8
206 142.7 143.4 141.8 319.2
199 142.0 140.7 138.2 312.8
210 141.7 140.0 138.4 315.7
217 141.1 139.1 136.9 312.8
230 141.3 139.4 141.1 323.0
240 142.0 141.1 143.7 335.1
259 139.1 136 3 138.8 320.9
273 140.1 136.3 137.8 313.9
268 141.2 139.3 140.4 329.3
131
295
126
284
124
114
110
117
105
92
117
115
291
285
281
284
289
170 9
169.0
169.5
169 7
169.2
169.6
168.5
168.8
169.6
168 5
168.6
167 5
160 7
158 4
158.6
157 1
155 8
154 5
153 6
152 9
153 5
152 2
151 6
151 2
140.7 140.5 139.8 329.2
266 139.6 140.2 139.9 330.0
274 141.2 141.3 141.0 333.5
273 142.7 143.2 141.6 337 2
250 143.9 147.1 144.5 348.0
262 145 3 148 9 147 3 362 7
289 146.1 150.9 148.3 '367.5
311 148.2 154.9 156.2 »-393.9
312 149.2 156 1 158 9 403 6
P302 H49.5 P157.0 P159.6 e 413.9
117
282
126
122
127
126
292
290
298
362
166 9
166.5
167.0
167 3
168.6
170.2
172.5
173.0
173.8
174.8
151 5
152.7
152 7
152 9
155 9
157 3
162 9
166.4
169 5
169 1
76
44
30
44
68
81
95
124
79
90
65
88
86
94
120
79
83
85
93
84
100
100
99
107
93
129
129
135
117
92
121
117
126
87
50
135
139
142
142
125
79
70
79
81
90
80
67
76
80
86
63
28
25
32
37
37
75
87
67
41
54
65
83
13
11
12
21
84
40
37
48
50
1936
1937
1938...
1939
1940
103
113
89
109
125
108
122
78
109
139
100
106
95
109
115
99
112
97
106
117
55
59
64
72
81
37
41
45
60
72
70
74
80
81
89
1941.
1942
1943
1944 . .
1945
162
199
239
235
203
201
279
360
353
274
142
158
176
171
166
125
129
132
140
137
122
166
68
41
68
89
82
40
16
26
149
235
92
61
102
170
187
192
176
192
220
225
202
165
172
177
168
134
149
155
135
153
157
190
211
143
142
162
192
161
169
214
226
195
229
231
178
161
189
154
217
227
225
223
212
201
194
185
193
199
175
181
203
.
1948
November
December
1949
January
February
March
April .
May
June
July..
August
September
October
November
December
195
192
s..
1950
January
February
March
April ..
May
June...
....
July
August
September
October
November
190
191
187
189
185
184
179
181
177
174
169
161
170
174
166
173
179
174
170
163
174
178
169
174
178
183
179
190
195
199
196
188
195
200
198
180
187
209
212
P215
e
214
177
183
212
216
P219
*215
209
207
211
222
231
237
235
247
252
*>260
*256
173
156
180
145
175
149
174
133
173
149
169
123
168
162
136
148
175
177
130
141
161
161
154
165
172
177
177
176
145
133
123
129
119
112
141
132
181
195
209
229
246
263
265
262
159
176
200
228
254
269
256
255
179
130
242
245
180
181
184
181
140
145
151
144
195
194
P195
195
284
274
291
325
298
303
325
369
P166
164
180
181
118
144
159
164
263
275
334
321
P299
260
278
362
332
P296
Unadjusted
103.9
124 2
80.2
86 0
109 1
101.8
107 3
63
63
56
79
84
94
122
1946
1947.
1948
1949
Unadjusted
103.7
104.1
79.7
88 2
100.9
93.7
97 0
98 9
96.7
96.9
103 1
89.8
71
83
66
71
98
89
92
....
88.6
89.4
79.7
84.4
92.9
91.7
94.1
97.5
98.0
98.1
102.5
96.2
87.1
77.2
77,5
84.9
88.5
95.1
101.4
95.4
100.0
105.8
119.4
131.1
138.8
137.0
132.3
136.7
143.2
145.9
142.0
Adjusted
239
120
127
104
127
135
134
136
136
279
293
r
277
277
293
280
274
335
320
P292
«288
e
r
* Average per working day.
Estimated.
P Preliminary.
Revised.
For indexes by groups or industries, see pp. 1662-1665. For points in total index, by major groups, see p. 1684.
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.
1
2
DECEMBER 1950
1661
INDUSTRIAL PRODUCTION, BY INDUSTRIES
(Adjusted for Seasonal Variation)
[Index numbers of the Board of Governors.
1935-39 average =100]
1949
1950
Industry
Industrial
Durable Manufactures
Jan. Feb. Mar. Apr.
166
May
June July Aug. Sept. Oct.
173
179
183
180
187
190
195
199
209
212
P215
179
188
192
192
194
199
204
208 '206
218
220
P224
175
181
203
209
207
211
222
231
237
235
247
252
P260
102
145
201
203
201
205
222
226
231
228
236
245
254
23
38
21
162
107
137
105
359
198
239
194
557
201
244
192
612
175
238
181
639
175
243
180
691
219
270
204
739
222
273
206
755
221
271
202
763
223
264
201
710
219
265
198
744
223
275
203
792
225
286
209
835
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
216
175
181
224
182
189
204
249
268
262 r271
267 P269
164
163
166
180
190
200
198
197
207
202
212
216 P219
167
169
174
191
202
208
207
208
219
208 '212
209
P217
162
161
163
176
184
197
194
192
202
199
212
219
P22O
133
147
159
144
150
156
159
158
155
151
165
165
P171
116
165
139
163
153
170
132
166
138
173
145
176
150
175
149
175
144
178
140
174
151
192
150
194
P157
212
212
216
P225
225
244
208
161
206
215
214
165
?212
...
Iron and Steel*
Pig iron
Steel
Open hearth
Electric
Nov. Dec.
. . . 176
Production—Total
Manufactures—Total
Oct.
....
Machinery
Automobiles (including parts)
(Aircraft; Railroad Equipment; Shipbuilding — Private
Smelting and refining
(Copper smelting; Lead refining; Zinc smelting;
196
(Copper products; Lead shipments; Zinc shipments;
Aluminum products; Magnesium products; Tin
consu m otion) ^
Ltitnber and Products . .
Lumber
Furniture
...
..
r
P198
Stone Clay and Glass Products
184
183
187
190
192
188
200
203
210
Glass products . . . .
Glass containers
...
193
204
182
146
184
193
191
147
182
190
206
150
194
206
207
158
195
207
211
157
191
201
192
158
209
222
218
158
211
223
210
160
220
234
214
161
177
177
176
179
180
181
180
181
184
181
...
169
175
173
178
179
173
174
175
173
165
153
134
318
157
138
340
154
134
350
160
144
355
162
144
357
156
138
350
157
139
348
158
140
347
156
132
348
146
123
172
155
161
178
158
154
141
174
163
158
186
140
144
135
158
166
151
193
136
133
119
153
159
154
215
147
131
119
148
156
159
215
163
140
122
165
156
152
210
153
134
116
161
146
154
222
143
134
119
156
149
157
216
149
140
127
158
153
161
205
152
147
134
165
162
134
135
139
127
117
140
143
172
210
178
159
144
179
168
108
97
101
108
115
116
110
101
105
101
r
120
124
98
106
81
85
93
115
92
100
77
80
86
101
99
111
88
78
76
103
95
103
86
85
80
116
102
112
85
89
91
124
98
108
77
91
82
128
101
112
83
83
97
115
95
104
75
88
81
106
102
115
79
89
86
107
91
106
56
80
76
107
108
121
83
86
101
128
111
125
91
84
102
132
. . . 165
160
160
161
161
165
164
164
164
167
r
168
168
111
110
105
114
112
111
105
107
106
113
116
103
P98
146
83
147
86
154
94
153
91
176
135
148
85
149
86
162
140
148
85
150
80
148
78
191
158
195
155
153
87
152
85
181
144
150
85
178
167
169
169
161
158
145
74
Clay products
Nondurable Manufactures
Textiles and Products
Textile fabrics
Cotton consumption
Rayon deliveries
...
....
Wool textiles .
...
Carpet wool consumption
Apparel wool consumption
Wool and worsted yarn
Woolen yarn
Worsted yarn
.
Woolen and worsted cloth
Leather and Products
....
.
Leather tanning
Cattle hide leathers
Calf and kip leathers
Goat and kid leathers
Sheep and lamb leathers
Shoes
...
Manufactured Food Products
Wheat flour
Cane sugar meltings 2
Manufactured dairy products . . .
Butter
Cheese
Canned and
dried milk
Ice cream 2
.
...
183
142
185
135
175
155
184
165
r
225
206
167
214
P\68
195
194
p\95
189
191
P194
171
152
P\1S
162
372
361 '366
r
r
380
170
202
169
157
137
186
172
P!64
158
150
r
P Preliminary.
Revised.
Methods used in compiling the iron and steel group index have been revised beginning October 1949. A description of the new methods
may 2be obtained from the Division of Research and Statistics.
Series included in total and group indexes but not available for publication separately.
1
1662
FEDERAL RESERVE BULLETIN
INDUSTRIAL PRODUCTION, BY INDUSTRIES—Continued
(Adjusted for Seasonal Variation)
[Index numbers of the Board of Governors.
1935-39 average =100]
1950
1949
Industry
Oct. Nov. Dec. Jan. Feb. Mar. Apr. May
une July Aug. Sept. Oct.
Manufactured Food Products—Continued
175
147
146
187
155 168
175 196
145 153
121 120
78
78
176 P 1 7 6
134 142
158 187
158
188
138
107
77
173
158
180
184
206
248 203
181
163
95
417
269
171
84
611
315
111
934
464
155
146
549
340
168
170
154
93
237
63
106
233
68
96
212
59
197
126
269
80
172
120
229
71
149
157
308
302
165
181
180
185
173
191
194
124
215
72
202
174
204
97
121
365
153
170
207
173
199
99
119
363
145
168
211
177
205
109
120
373
146
173
213
166
202
119
110
372
140
161
198
181
211
124
115
381
152
177
228
185
213
133
114
382
152
180
232
193
228
127
96
427
162
188
238
175
173
163
102
171
185
160
111
167
166
158
112
172
171
167
115
156
182
151
117
174
183
155
116
180
185
156
116
187
206
163
117
168
169
169
166
170
162
169
172
169
163
168
165
168
167
165
163
Meat packing
Pork and lard
Beef
Veal.
,
L a m b and mutton
155
184
133
129
85
154
183
132
133
81
157
185
137
125
86
154
174
146
108
85
151
168
146
105
77
160
184
150
108
76
157
182
144
104
74
144
161
142
98
71
147
165
141
108
79
151
169
146
114
78
Other manufactured foods
Processed fruits and vegetables
175
149
132
189
168
134
127
183
167
132
140
181
169
142
139
181
169
136
139
183
173
152
136
184
171
148
131
184
173
150
131
186
173
158
133
184
167
187
173
169
159
175
169
172
US
72
194
369
171
77
149
390
172
83
228
240
170
88
259
205
159
84
214
204
172
81
214
268
159
97
280
242
157
93
363
235
165 169
149
162
162
176
161
120
226
67
88
205
66
97
224
69
102
222
67
97
248
72
91
224
67
176 177
167
179
178
179
168
192
104
112
340
144
164
206
168
191
91
113
336
145
165
210
160
180
98
107
312
138
157
193
171
198
93
118
354
148
167
209
171
201
98
117
360
149
167
205
172
198
94
113
350
152
169
203
168
170
150
96
167
168
150
94
166
161
145
94
167
175
155
98
167
170
162
98
165
160
159
163
162
153
152
159
Other food products
Alcoholic Beverages .
Malt liquor
Whiskey
Other distilled spirits
Rectified liquors
...
...
Tobacco Products
123
217
72
Cigars
Cigarettes
Other tobacco products
Paper and Paper Products
Paper and pulp
Pulp
Groundwood pulp
Soda pulp
Sulphate pulp
...
Sulphite pulp
Paper
Paperboard
Printing paper
Tissue and absorbent paper
Newsprint
. .
Printing and Publishing
Newsprint consumption
Printing paper (same as shown under Paper)
Petroleum and Coal Products
,
171
198 205 219 211 205 207 206 216 222 229 238 242 P247
180
182
152
177
177
182
152
177
180
190
153
198
176
192
149
207
174
187
148
190
173
178
152
188
171
172
133
170
181
175
143
184
188
179
152
177
194
187
154
186
200
190
174
194
49
50
7
102
104
23
154
156
76
174
170
320
175
171
328
177
170
428
176
170
368
176
167
470
243
247
252
256
261 '263 '267
143
294
414
143
316
417
141
335
422
248
144
349
419
124
127
21
247
146
145
181
240
158
161
58
245
195 P\97
200 P 2 O 7
177
198
178 183
170 175
460
270 P275
147
355
424
147
352
428
147
349
434
147
350
443
154 161 168
350 359 r'363
451 '453 454
168 *>164
376 P37\
463 P 4 7 8
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
164 P166
Fuels
120 152 136 133 118 148 147 148 155 148 162 167 P170
Gasoline
Fuel oil
Lubricating oil
Kerosene
.
..
Coke
By-product coke
Beehive coke
Chemical Products
.
Paints
Rayon
Industrial chemicals
<.
..
Coal
Bituminous coal
Anthracite
Crude petroleum
Metals
Gold .
Silver
. ..
..
.
49
31
118
156
130
133
117
163
95
103
63
157
91
96
69
154
43
38
65
155
141
149
108
152
59
76
106
117
118
63
91
141
160
161
52
57
54
63
55
64
57
60
58
63
'159
133 144
144 151
92 116
184 P183
131
143
S3
155
124
131
97
160
128
136
96
168
101
109
68
171
133
142
97
177
119
98
125
130
124
136 P!44
159
121
166
177
167
188 ,198 P199
62
72
62
81
66
76
63
77
62
73
60
85
P!44
64
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.
DECEMBER
1950
1663
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.
169
174
178
179
177
183
188
193
200
198
212
216 P219
179
180
186
189
188
191
197
203
r209
207
221
225 P228
176
181
201
206
204
210
221
232
238
237
249
254
102
145
201
203
201
205
222
226
231
228
236
245
254
23
38
21
162
107
137
105
359
198
239
194
557
201
244
192
612
175
238
181
639
175
243
180
691
219
270
204
739
222
273
206
755
221
271
202
763
223
264
201
710
219
265
198
744
223
275
203
792
225
286
209
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
T
285
286 P291
216
175
181
224
182
189
204
249
268
262
r
271
267 P269
164
164
167
180
190
201
198
197
T-206
202
212
216 P219
167
170
175
191
202
208
207
208
218
207
162
161
163
176
184
197
194
192
202
199
212
219
138
144
145
130
138
147
158
162
166
161
177
178 P181
125
165
134
163
132
170
111
166
119
173
133
176
150
175
155
175
160
178
155
174
170
192
170
194 P198
193
188
181
179
179
180
197
209
212
197
186
172
191
191
222
218
212
210
211
154
177
187
154
217
r215
195
206
153
209
Clay products
202
168
147
201
160
150
191
201
157
151
222
207
154
238
221
160
232
229
160
234
229
162
223
242
••171
229
239
173
P177
Nondurable Manufactures
181
178
175
175
176
177
178
180
184
182
198
201
p?m
169
175
173
178
179
173
174
175
173
165
189
191 P194
153
134
318
157
138
340
154
160
162
158
156
144
355
144
357
156
138
350
157
134
350
139
348
140
347
132
348
161
158
151
Industrial
Production—Total
Manufacturers—Total
Durable Manufactures
Iron and SteelJ
Pig iron
Steel
Electric
Automobiles (including parts)
(Aircraft; Railroad equipment; Shipbuilding—Private
Nonferrous Metals and Products
Smelting and r e f i n i n g . . . .
(Copper smelting; Lead refining;
Zinc smelting;
Aluminum; Magnesium; Tin) 8 .
Fabricating
(Copper products; Lead shipments; Zinc shipments;
Aluminum products;
Magnesium products; Tin
consumption) 2
Lumber and Products
. .
Lumber
Furniture
Stone, Clay, and Glass Products
Glass products
Glass containers
,
Textiles and Products
Textile fabrics
Cotton consumption
Rayon deliveries
Nylon and silk consumption 2
Wool textiles
Carpet wool consumption
Apparel wool consumption.
Woolen and worsted yarn
Woolen yarn
Worsted yarn
Woolen and worsted cloth
Leather and Products
leather tanning
Cattle hide leathers
Calf and kip leathers
Goat and kid leathers
Sheep and lamb leathers
Shoes
Wheat flour
Cane sugar meltings 2
Manufactured dairy products
Butter
Cheese
Canned and dried milk
Ice cream 2
152
154
157
215
163
140
122
210
153
134
116
216
149
140
127
161
205
152
147
134
134
172
158
166
222
143
134
119
153
159
148
156
165
156
161
146
156
149
158
153
165
162
108
98
101
108
118
115
no
101
99
95
99
96
109
97
101
94
107
105
111
105
120
108
112
104
174
163
P220
224 P235
249
171 PITS
146 1 7 2
123
155 152 162
••361 »"366 '380 372
215
147
131
119
186
140
144
135
170
135 210
139 178
127 1 5 9
117 144
202
169
157
137
140
143
179
168
186
172
104
99
87
ni9
106
123
100
111
100
117
122
104
100
109
115
78
77
91
101
103
116
124
128
115
106
107
56
79
71
107
177
162
156
149
146
148
150
157
164
178
118
111
104
114
113
109
101
103
102
112
114
112 P103
121
97
65
132
97
96
95
71
137
109
107
76
149
129
128
159
199
226
223
217
173
193
87
189 1 6 4
174
145
93
,
ii»9
'221
193
136
133
119
178
158
154
141
83
85
Manufactured Food Products
154
209 P217
72
146
113
86
79
72
67
132
109
84
85
74
75
90
80
86
100
79
95
89
92
85
172
155
93
203
175
72
86
88
109
235
215
80
90
86
120
261
228
104
219
88
84
128
n9i
89
85
132
193 P178
132
64
142
121
r
P Preliminary.
Revised.
Methods used in compiling the iron and steel group index have been revised beginning October 1949. A description of the new methods
may 2be obtained from the Division of Research and Statistics.
Series included in total and group indexes but not available for publication separately.
1
1664
FEDERAL RESERVE BULLETIN
INDUSTRIAL PRODUCTION, BY INDUSTRIES—
(Without Seasonal Adjustment)
[Index numbers of the Board of Governors.
1935-39 average = 100]
1950
1949
Industry
Manufactured Food
May
Oct.
Nov. Dec.
Jan.
155
173
172
214
183
229
144
165
148
171
145
166
144
161
146
165
152
155
158
177
137
142
81
137
118
84
141
148
134
135
145
147
88
149
100
90
135
92
78
137
101
74
136
102
72
142
102
73
138
108
73
147
114
75
147
119
76
165
132
84
151
122
80
194
193
172
175
123
150
165
103
141
155
92
143
154
86
140
154
83
126
153
90
108
157
98
101
163
122
99
182
191
120
202 P208
276
171
P204
198
193
184
173
174
177
177
182
185
190
193
191
P189
180
171
151
143
143
162
168
177
202
219
237
217
205
133
72
503
369
132
77
312
390
138
83
250
240
139
88
168
205
144
84
128
204
160
81
139
268
167
97
168
242
179
93
218
235
205
95
258
269
214 ••191
84 111
354 504
315 464
156
146
753
340
139
157
798
302
171
172
138
162
154
167
152
168
176
160
204
181
170
123
225
120
231
88
188
97
224
102
209
97
230
91
209
93
237
106
245
96
223
126
283
120
245
124
224
77
69
58
68
65
72
67
64
69
59
78
76
77
176
177
167
178
179
179
182
181
185
172
191
194
202
168
168
160
171
172
173
175
173
178
166
181
184
193
191
97
112
340
144
164
206
191
97
113
336
145
165
210
180
99
107
312
138
157
193
198
97
118
354
148
166
209
201
102
117
360
149
168
205
199
101
113
350
152
169
203
205
107
121
365
153
170
207
201
106
119
363
145
168
211
205
110
120
373
146
173
213
200
105
110
372
140
160
198
209
110
115
381
152
177
228
211
119
114
382
152
180
232
227
119
96
427
162
188
238
168
172
150
96
167
168
150
95
166
156
145
92
167
173
155
98
167
177
162
98
175
173
163
102
171
187
160
113
167
166
158
113
172
174
167
116
156
174
151
115
174
183
155
115
180
185
156
116
187
208
163
117
169
167
162
157
166
172
174
169
169
150
161
'172
183
171
167
159
147
166
170
178
172
166
144
148
165
180
...
198
205
219
211
205
207
206
216
222
229
238
242 P247
180
182
152
177
177
182
152
182
180
190
151
204
176
192
145
212
i74
.
187
146
199
173
178
150
192
171
172
139
174
181
175
149
186
188
179
152
166
194
187
153
173
200
190
173
187
195 P197
200
177
196
49
50
7
102
104
23
158
161
58
154
156
76
124
127
21
146
145
181
174
170
320
175
171
328
177
170
428
176
170
368
176 178
167 170
470 '443
245
247
249
249
250
250
253
255
258
143
141
141
141
146
147
149
151
158
294
414
316
417
335
422
349
419
355
424
352
428
349
434
350
443
Feb.
Mar. Apr.
June July Aug.
Sept. Oct.
Products—Continued
Meat packing
Pork and lard
Beef
. . . .
Veal
L a m b and mutton
.
..
..
Other manufactured foods
Processed fruits and vegetables
Confectionery
Other food products
.
Alcoholic Beverages
Malt liquor
Whiskey
Other distilled spirits
Rectified liquors
Tobacco Products
. . -
Cigars.
Cigarettes
Other tobacco products
...
.
Paper and Paper Products ...
Paper and pulp
Pulp
G r o u n d w o o d pulp
Soda pulp
Sulphate pulp
Sulphite pulp
Paper
Paper board
. .
Printing paper
Tissue and absorbent paper
Wrapping paper
.
Newsprint
.
Printing and Publishing
Newsprint consumption
Printinc nanpr (same as shown undpr PaoerY
Petroleum and Coal Products. ..
2
Petroleum refining
Gasoline
Fuel oil
Lubricating oil
Kerosene
. .
...
.
.
Coke
...
By-product coke
Beehive coke
..
Chemical Products...
Paints
Rayon
Industrial chemicals
.
. .
186
244
r
255
'259 '264
159
183
175
460
272
P280
166
P164
350 359
451 ••453
'166
»"363
'454
376 P371
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
49
31
118
130
133
117
95
103
63
91
96
69
43
38
65
141
149
108
131
143
83
124
131
97
128
136
96
101
109
68
133
142
97
133
144
92
156
163
157
154
155
152
155
160
168
171
177
184 P183
63
76
81
80
81
83
87
140
155
158
64
18
87
54
98
72
98
71
100
64
101
63
105
79
197
273
224
325
227
343
61
57
62
64
57
64
54
61
52
65
55
74
55
82
57
75
74
Coal
Bituminous coal
Anthracite
Crude petroleum
Metals
Metals other than gold and silver
Iron ore
.
(Copper; Lead; Zinc)2
Gold
Silver
.
144
151
116
'170 P174 vl65
244
368
P228
365 P331
...
'6\
72
65
83
75
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.
DECEMBER
1950
1665
FACTORY EMPLOYMENT, BY INDUSTRIES
[Unadjusted, estimates of Bureau of Labor Statistics; adjusted, Board of Governors.
In thousands of persons]
1950
1949
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
5 ,610 5 ,674 5 ,910 5 ,994 5 ,966 6 ,042 6,200 6 ,493 6 ,624 '6 ,713
Durable floods
739
973
977
946
958
556
1,007 1 ,036 1 ,055 '1 ,070
Primary metal industries
691
749
70?
678
663
686
674
718
777
'793
Fabricated metal products
924
955
971
998 1 ,017 1 ,028 1 ,042
927
937
913
Machinery except electrical
618
'639
612
595
Electrical machinery.
548
567
574
543
555
538
879
896
87?
986
898
078
899
1 ,045 1 ,078 n ,070
Transportation eQuipment
734
687
'750
669
723
679
685
685
655
703
Lumber and wood products
?91
798
312
311
'316
776
305
Furniture and fixtures
778
783
?85
408
410
410
419
432
441
447
409
409
407
Stone, clay, and glass products..
Instruments and related prod170
170
'184
173
171
176
180
173
171
173
ucts
Miscellaneous manufacturing in38?
345
351
356
373
'383
363
354
367
365
dustries
.
....
19
19
19
18
17
17
17
17
18
Ordnance and accessories
5 ,554 5 ,493 5 ,503 5 ,512 5 ,518 5 ,532 5,531 5 ,555 5 ,576 '5 ,645
1 ,168
1 17?
1 ,169
1 ,165
1 166
1 ,171
1,172 1 168 1 ,174 1 106
Textile-mill products
Apparel and other finished tex1 ,046
1 ,018
1 ,0?5
1 ,03?
1 034
1 077
1 ,027
044
1,018 1 07?
tiles
348
350
350
349
345
344
356
346
334
348
Leather and leather products. . .
1 ,177
1 ,158
1 ,155
1 ,160
1 ,157
1 ,167
1,166 1 ,172 1 ,171 n ,176
Food and kindred products
79
85
8?
87
81
80
83
85
82
84
Tobacco manufactures
401
389
384
387
394
390
386
383
r404
391
Paper and allied products
Printing, publishing and allied
49 5
498
501
500
495
495
404
403
'504
499
industries
492
497
478
480
478
475
490
499
475
475
Chemicals and allied products. .
178
180
185
185
186
185
187
178
180
186
Products of petroleum and coal.
188
197
202
185
183
182
187
185
191
206
Rubber products
'12,689 12 ,788 12 ,862
'6,930 7 ,007 7 ,085
'1,090 1 ,103 1 ,114
838
845
'827
'1,070 1 ,060 1 ,097
681
693
'672
'1,112 1 ,143 1 144
'759
764
766
3?1
'324
3?4
457
459
467
'192
701
709
'407
20
411
71
409
7?
'5,759
1,245
5 ,781
1 ?60
5 ,777
'1,070
363
'1,179
79
1 06?
1 ,054
1 ,171
1 ,168
413
470
416
509
501
'189
211
364
81
509
503
186
216
1 ?64
364
79
507
516
191
218
WITHOUT SEASONAL ADJUSTMENT
Manufacturing—Total
Durable goods
. .
Primary Metal Industries
Blast furnaces, steel works
and rolling mills
Nonferrous smelting and refining primary
Nonferrous rolling, drawing
and alloying
Fabricated Metal Products . .
Cutlery, hand tools and
hardware
Heating apparatus and
plumbers' supplies
Fabricated structural metal
products
Machinery except Electrical...
Agricultural machinery and
tractors
Metalworking machinery...
Special-industry
machinery
Service-industry and household machines
Electrical Machinery
Electrical apparatus (genCommunication equipment.
Transportation Equipment
Motor vehicles and equipment
Aircraft and parts
Ship and boat building and
repairing.
Lumber and Wood Products
Sawmills and planing mills..
Millwork, plywood, etc
Furniture and Fixtures
Household furniture
Stone, Clay, and Glass Products..
Glass and glass products...
Structural clay products....
Instruments and Related Products.
Miscellaneous Manufacturing InOrdnance and Accessories
11 ,368 11 ,289
5 ,651
5 ,719
11 ,504
5 ,961
9^
m
11 ,449 11 ,460 11 ,549 11,597 11 ,841 12 ,066 ' 1 2 ,151 '12,794 13,021 13 ,075
6 ,000 5 ,982 6 ,070 6,195 6 ,456 6 ,596 6 ,597 '6,891 7 ,024 7 ,135
1 0?,6 7 ,fl?0 *f 0*4 '1,081 r ,103
078
98?, 1,007
f ,120
961
375
507
S11
51?
507
523
5?0
538
rS43
'550
551
39
38
41
43
45
45
45
46
46
45
46
46
70
677
63
666
73
688
74
693
75
6Q8
77
709
77
722
79
74?,
80
769
'80
r
773
'84
r
815
86
838
116
116
119
1?1
174
178
129
ni
n^
129
132
138
116
113
111
108
11?
114
118
110
17?
120
132
138
1?9
134
14?
141
141
143
146
140
154
158
165
922
908
929
937
960
981
1,003
1 ,022
1 ,033
'I ,032
'1,059
166
i ,055
128
125
131
133
137
140
142
141
148
146
146
147
149
142
152
155
158
163
141
'16?
110
117
117
117
118
119
121
123
125
124
108
109
119
174
133
138
143
140
148
548
546
559
561
573
580
595
606
615
r
703
70?
708
708
711
713
217
77?
77?
r
140
170
181
'128
133
146
145
145
620
r655
678
227
'237
'??8
'248
,070 '1,112
239
193
200
201
203
207
212
217
898
896
978
872
879
899
220
1 ,045
227
1 ,078
666
58?,
585
675
188
567
576
595
736
765
184
184
184
184
184
185
185
'757
187
188
Tl4:
'200
69
71
69
66
68
67
67
67
68
'79
76
689
414
692
413
682
404
642
381
652
386
677
399
692
410
723
430
98
741
437
101
102
789
212
101
102
104
109
303
222
303
r778
'461
'114
r
319
781
462
?Q7
218
106
?0?
771
•750
r444
100
419
113
?,84
?,81
206
207
102
789
211
411
108
412
107
71
173
403
106
408
108
69
68
69
69
174
411
108
70
174
10 f
27,1
410
109
172
171
172
383
18
381
17
361
17
345
17
356
17
361
18
71
6P>
303
77?
r
r
1 ,092
107
986
rl
849
700
?58
i ,143
1 ,144
791
215
775
114
234
326
239
327
222
441
118
440
114
459
122
461
118
469
76
77
'79
70
174
432
116
73
176
180
H78
rl90
201
210
363
18
362
19
367
19
*358
'399
20
417
21
427
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
FACTORY EMPLOYMENT, BY INDUSTRIES—Continued
[Unadjusted, estimates of Bureau of Labor Statistics; adjusted, Board of Governors.
In thousands of persons]
1949
Industry group or industry
Oct.
Nondurable goods
Nov.
1950
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Sept.
Aug.
Oct.
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
Yarn and thread mills
Broad-woven fabric mills
Knitting mills
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
144
147
149
149
149
155
149
145
147
146
143
159
565
572
574
571
568
574
573
595
607
580
571
573
230
227
223
227
223
221
218
227
212
209
213
234
Apparel and Other Finished Textiles
Men's and boys' suits, coats and overcoats
Men's and boys' furnishings
Women's and misses' outerwear
1,083 1,028 1,040 1,032 1,065 1,058 1,003
Leather and Leather Products
Footwear (except rubber)
Food and Kindred Products.
Meat products
Dairy products
Canning and preserving
Bakery products
Beverage industries
976
976
r
981 r1,086
1,094 1,091
129
252
308
118
251
280
127
247
296
130
241
302
135
244
315
136
245
305
132
241
272
129
239
254
135
238
248
127
'232
'266
138
'252
-305
138
255
304
349
224
332
208
343
224
348
231
357
235
357
235
341
222
335
218
343
224
351
230
370
237
371
236
368
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
242
232
236
251
244
228
223
236
236
232
'235
227
99
97
104
96
95
99
103
114
114
107
116
108
160
110
232
136
117
109
120
301
151
'223
127
324
195
188
199
190
186
190
191
192
191
194
194
193
146
134
149
141
135
139
141
169
157
164
146
159
,
Tobacco Manufactures
92
89
87
85
81
78
76
76
75
75
82
87
86
392
200
393
201
390
200
385
199
386
200
389
200
391
201
392
202
399
205
396
204
411
208
418
210
418
500
144
166
500
145
165
501
145
168
493
142
167
495
145
165
496
146
165
497
148
165
498
149
164
500
150
166
'499
150
164
504
149
165
509
151
166
512
Chemicals and Allied Products
Industrial inorganic chemicals
Industrial organic chemicals
Drugs and medicines
488
52
141
62
485
51
143
62
484
51
144
62
480
50
144
62
485
52
144
59
487
52
145
58
490
53
146
61
485
53
148
61
482
54
150
62
479
51
152
63
491
49
154
64
506
50
157
65
526
Products of Petroleum and Coal
Petroleum refining
Rubber^ Products
Tires and inner tubes
185
148
188
148
185
146
184
145
183
144
182
143
176
136
177
136
181
138
182
139
189
145
191
147
187
81
186
81
187
82
187
83
188
83
189
83
191
84
194
86
209
90
216
93
220
Paper and Allied Products
Pulp, paper and paperboard mills
Printing, Publishing and Allied Industries..
Newspapers
Commercial printing
..
200
For footnotes see preceding page.
HOURS AND EARNINGS OF FACTORY EMPLOYEES
[Compiled by Bureau of Labor Statistics]
Average weekly earnings
(dollars per week)
Industry group
1949
Oct.
Manufacturing—Total
Durable goods
Primary metal industries
Fabricated metal products
Machinery except electrical
Electrical machinery.
Transportation equipment
Lumber and wood products
Furniture and fixtures
Stone, clay, and glass products
Instruments and related products
Miscellaneous manufacturing industries
Ordnance and accessories
Nondurable goods.
Textile-mill products
Apparel and other finished products...
Leather and leather products
Food and kindred products
Tobacco manufactures
Paper and allied products.
Printing, publishing and allied products
Chemicals and allied products
Products of petroleum and coal
Rubber products
1950
Aug.
1950
1949
Sept.
Oct.
1950
Oct.
Aug.
Average hourly earnings
(dollars per hour)
1949
1950
Sept.
Oct.
Oct.
Aug.
Sept.
Oct.
55.26
'60.28
60.68
61.98
39.7
41.2
41.0
1.463
1.480
1.497
••64.25
65.09
66.34
39.9
41.8
41.7
41.4
42.2
1.392
58.17
1.458
1.537
1.561
1.572
58.35
58.51
60.21
57.97
64.75
54.17
51.42
55.51
56.08
51.44
59.97
67.73
'64.78
'67.85
'60.21
'72.70
'58.49
'54.87
'59.36
'60.17
'54.66
'65.02
69.43
65.83
69.15
61.54
72.41
57.85
55.25
60.90
62.96
55.78
67.18
70.47
66.38
70.53
63.81
74.05
58.52
56.80
62.03
63.64
56.53
69.00
37.5
40,
39.
40.
39
41
41
40
39.8
40.7
40.3
41.3
42.2
'42.3
41.1
'41.9
-•42.2
42.8
'41.6
'41.1
41.6
'42.0
41.5
42.2
42.5
41.5
41.0
41.5
42.4
41.6
42.0
42.0
42.9
42.2
42.2
42.8
42.2
41.6
42.5
43.0
42.0
42.2
42.0
43.7
1.556
.459
.536
.435
.656
.299
.233
.374
.409
.264
.488
1.640
1.535
1.604
.465
.735
.386
.282
.427
.464
.314
.548
1.673
1.560
1.627
1.483
1.766
1.394
1.303
1.464
1.499
1.328
1.566
1.670
1.573
1.648
1.512
1.780
1.377
1.321
1.477
1.508
1.346
1.579
52.47
'55.69
55.52
56.50
39.6
40.5
40.2
40.3
.325
.375
1.381
1.402
47.04
42.63
41.72
53.83
37.86
58.36
71.22
59.51
74.09
59.57
49.53
'46.14
'46.49
'56.31
'43.49
'62.89
'73.13
'63.25
'74.17
'66.89
50.02
43.25
45.68
56.35
42.30
63.37
74.48
64.12
77.14
67.13
52.50
46.04
45.50
56.06
41.54
63.55
74.18
64.12
77.17
67.90
39.4
36.5
36.5
41.7
38.2
43.1
38.6
41.7
41.0
39.4
40.6
37.7
39.2
'41.9
'39.5
44.1
38.9
'41.5
40.8
r
42.2
40.7
35.8
38.1
41.8
39.2
44.1
39.2
41.8
41.9
42.3
40.7
37.4
37.7
41.4
38.5
44.1
38.9
41.8
41.6
42.6
.194
.168
.143
.291
.991
.354
.854
.427
.807
1.512
.220
.224
.186
.344
.101
.426
.880
.524
.818
1.585
1.229
1.208
1.199
1.348
1.079
1.437
1.900
1.534
1.841
1.587
1.290
1.231
1.207
1.354
1.079
1.441
1.907
1.534
1.855
1.594
r
Revised.
NOTE.—Data are for production and related workers,
of Labor Statistics.
DECEMBER
Average hours worked
(per week)
Figures for October 1950 are preliminary.
Back data are available from the Bureau
1667
EMPLOYMENT IN NONAGRIGULTURAL ESTABLISHMENTS, BY INDUSTRY DIVISION
[Unadjusted, estimates of Bureau of Labor Statistics; adjusted, Board of Governors. In thousands of persons]
Trade
Finance
Service
943
981
932
826
852
2,170
1,567
1,094
1,132
1,661
1,982
2,165
2,156
3,248
3,433
3,619
3,798
3,872
4,023
4,122
4,151
3,977
7,416
7,333
7,189
7,260
7,522
8,602
9,196
9,491
9,438
1,462
1,440
1,401
1,374
1,394
1,586
1,641
1,716
1,763
3,705
3,857
3,919
3,934
4,055
4,621
4,786
4,799
4,782
4,622
5,431
6,049
6,026
5,967
5,607
5,454
5,613
5,811
13,678
13,684
13,946
591
917
940
2,203
2,200
2,131
3,877
3,895
3,930
9,386
9,339
9,426
1,785
1,784
1,788
4,770
4,792
4,786
5,845
5,820
5,811
42,627
42,283
42,752
43,212
43,578
44,010
r
44,259
r
44,888
45,194
45,278
14,040
14,023
14,135
14,302
14,629
14,802
14,977
15,325
15,448
15,534
867
604
944
942
»-915
••946
946
942
2,109
2,091
2,096
2,163
2,223
2,299
••2,366
••2,427
2,439
2,471
3,902
3,874
3,906
3,948
3,888
3,995
'4,021
••4,071
4,116
4,118
9,371
9,358
9,348
9,391
9,459
9,532
»-9,556
'9,636
9,657
9,623
1,781
1,786
1 .791
1,794
1,803
1,809
r L,804
r 1,819
1,835
.839
4,773
4,768
4,756
4,757
4,766
4,778
'4,769
'4,781
4,770
4,732
5,784
5,779
5,776
5,915
5,869
5,852
5,851
'5,883
5,983
6,019
42,601
42 ,784
43,694
13,892
13,807
14,031
593
917
940
2,313
2,244
2,088
3,871
3,892
3,930
9,505
9,607
10,156
1,767
1,766
1,770
4,794
4,768
4,738
5,866
5,783
6,041
42,125
41,661
42,295
42,926
43,311
43,945
••44,096
'45,053
45,680
45,769
13,980
13,997
14,103
14,162
14,413
14,666
14,777
15,442
15,687
15,757
861
595
938
939
940
946
'922
»-954
951
944
1,919
1,861
1,907
2,076
2,245
2,414
'2,532
••2,621
2,610
2,595
3,869
3,841
3,873
3,928
3,885
4,023
'4,062
'4,118
4,136
4,112
9,246
9,152
9,206
9,346
9,326
9,411
'9,390
'9,459
9,648
9,745
1 .772
1,777
1,791
1,803
1,812
1 .827
1,831
1,837
1,826
1,821
4,701
4,696
4,708
4,757
4,790
4,826
'4,841
'4,829
4,818
4,756
5,777
5,742
5,769
5,915
5,900
5,832
5,741
'5,793
6,004
6,039
Manufacturing
36,164
39,697
42 042
41,480
40,069
41,412
43,371
44 201
43,006
12,974
15,051
17 381
17,111
15,302
14,461
15,247
15 286
14,146
947
983
917
883
1949—October
November
December
42,135
42,431
42,758
1950—January
February
March
April
M!ay
June
July
August
September
October
1941
1942
1943
1944
1945
1946
1947
1948
1949
....
,
Federal,
State, and
local
government
Transportation and
public
utilities
Total
Year or month
Mining
Contract
construction
1,790
SEASONALLY ADJUSTED
941
943
UNADJUSTED
1949—October
November
December
1950—Tanuary
March
April
M!ay
..
June
July
August
September. . .
October
' 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
Total noninstitutional
population
Total
labor
force
Employed 1
Total
Total
In nonagricultural industries
In
agriculture
Unemployed
Not in the
labor force
1942 . . .
1943
1944
1945
1946 .
1947
1948
1949 . .
102,460
103,510
104,480
105,370
106,370
107,458
108,482
109,623
60,230
64,410
65,890
65,140
60,820
61,608
62,748
63,571
56,410
55,540
54,630
53,860
57,520
60,168
61,442
62,105
53,750
54,470
53,960
52,820
55,250
58,027
59,378
58,710
44,500
45,390
45,010
44,240
46,930
49,761
51,405
50,684
9,250
9,080
8,950
8,580
8,320
8,266
7,973
8,026
2 660
1,070
670
1,040
2,270
2,142
2,064
3,395
42 230
39,100
38 590
40,230
45,550
45 850
45,733
46,051
1949—October
November
December
109,975
110,063
110,169
64,021
64,363
63,475
62,576
62,927
62,045
59,001
59,518
58,556
51,290
51,640
51,783
7,710
7,878
6,773
3 576
3,409
3,489
45 953
45,701
46,694
1950—January. .
February .
March
April
May
.. .
June
July
... .
August . . . . . . * .
September
October
110,256
110,344
110,442
110,536
110,608
110,703
110,806
110,924
111,030
111,141
62,835
63,003
63,021
63,513
64,108
66,177
65,742
66,204
65,020
65,438
61,427
61,637
61,675
62,183
62,788
64,866
64,427
64,867
63,567
63,704
56,947
56,953
57,551
58,668
59,731
61,482
61,214
62,367
61,226
61,764
50,749
50,730
50,877
51,473
51,669
52,436
52,774
54,207
53,415
53,273
6,198
6,223
6,675
7,195
8,062
9 046
8,440
8 160
7,811
8,491
4,480
4,684
4 123
3 515
3,057
3 384
3,213
? 500
2,341
1,940
47,420
47,342
47 422
47 024
46,500
44 526
45,064
44 718
46,010
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
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
building
Total
Month
Factories
1949
1950
August
September
October
November
December
483 0
568 5
747 6
845 9
885 4
949 Q
947 8
911,0
1,071 7
1,061 8
957 8
929 0
730. 9
779. 5
1 ,300
1 350 5
1 ,347. 6
1 34.S 5
1 470
1 ,548 Q
1 ,286
Year
10,359.3
January
February
March
April
May
June
July
1949
195C\
159.1
193.1
251.8
307.2
351.3
375.0
344.8
398.7
503.5
500.7
435.2
419.1
343 5
361 .5
574 7
674 8
674 6
628 1
675 1
754 1
549 6
195C)
1949
43.6
37.8
66.2
43.8
51.5
45.4
41.5
41.1
38.0
48.9
35.9
64.8
37 7
27 .9
161 S
119 ?
83 7
69.3
79 8
128 8
90 8
558.6
4,239.4
CONSTRUCTION CONTRACTS AWARDED, BY OWNERSHIP
Figures for 37 States east of the Rocky Mountains, as reported by the
FV W. Dodge Corporation. Value of contracts in millions pf dollars]
1948
1949
1949
1950
62 6
60. 6
58 8
88 4
58. 3
88. 6
106. 8
92
68
70
73
64
103
0
s
9
4
4
9
82.8
58.6
60.7
38.1
44.7
60 4
68.4
76.0
81.4
91.2
72.9
78.6
83.6
62.3
66.9
96. 4
97. 7
117. 4
137. Q
137.
885 0
Other
1950
1949
63 5
58.0
96 3
97.0
100 2
128.3
121.2
113 1
119.4
77 6
80.6
112 4
112.2
124 6
138.3
144.2
99 6
124.5
141-8
109.3
110.8
824.4
1950
73
s
121. 4
154 7,
125. 6
128
148 7
168. 8
162 9
151. 4
1949
1950
102 0
153.5
168 4
222 4
213 5
239 0
252 7
234 3
223.1
204.0
256.4
206.8
152. 1
152. 5
224. 9
227. 0
264
273. 4
258. 0
253.
238.
2,476.0
1,375.9
CONSTRUCTION CONTRACTS AWARDED, BY DISTRICT
[Figures for 37 States east of the Rocky Mountains, as reported by the
F. W. Dodge Corporation. Value of contracts in thousands of dollars]
9,430 10,359
1950
1948 1949 1950 1948 1949 1950
1950
197
248
181
236
298
338
335
276
259
262
199
278
615
483 731
682
568 780
690
748 1,300
874
846 1,350
971
885 1,348
935
950 1,345
963
948 1,420
854
911 1,549
762 1,072 1,287
779 1,062 1,136
611
958
694
929
January. . .
February. .
March
April
May
June
July
August
September.
October
November.
December.,
Year
1949
Educational
Public ownership Private ownership
Total
Month
Commercial
Public works
and public
utilities
160
252
282
319
369
375
410
316
289
332
316
299
201
285
481
354
389
428
460
438
364
308
3,107 3,718
323 530
317 495
466 819
527 996
517 959
574 917
537 960
595 1,111
783 922
730 828
642
630
419
434
509
638
673
597
628
579
503
517
413
416
6,323 6,641
LOANS INSURED BY FEDERAL HOUSING ADMINISTRATION
1949
Federal Reserve district
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
Total (11 districts). . .
Oct.
Sept.
Oct.
63,842
210,415
64,855
121,840
105,523
109,635
192,582
76,506
33,577
58,001
99,039
64,450
191,949
72,716
141,878
147,266
139,206
208,821
88,438
59,658
57,075
115,084
68,946
200,782
54,458
119,526
96,221
135,805
170,992
57,092
53,364
38,820
65,745
1,135,815 1,286,541 1,061,751
[In millions of dollars]
Title I loans
Year or month
Total
1,172
1941
1942
. . 1,137
935
1943
875
1944
1945
666
755
1946
1,787
1947
3,338
1948
43,821
1949
383
1949—October
4 323
November..
4371
December. .
4337
1950—January
4
329
February .
4 353
March
4
329
April
*351
May
4
376
June
4 369
July .
4 414
August
4 373
September..
October
4 379
Mortgages on
Property
improve-x
ment
Small
home
construction
249
141
87
114
171
321
21
15
1
534
614
594
65
58
71
57
44
44
27
48
78
61
69
55
82
8,
13
2
1
1
1
1
1
War and
1- to 4- Rental
Vetand
family group
erans'
houses housing housing
(Title (Title
(Title
ID
877
691
245
216
219
347
446
880
1,855
188
189
206
228
203
209
171
176
181
183
217
216
241
1950
[In millions of dollars]
ID
13
6
(S)
7
4
3
7
(3)
1
1
8
3
13
284
603
537
272
85
808
1,836
1,339
128
67
90
51
73
88
122
110
113
111
122
88
43
1
Net proceeds to borrowers. 2 Mortgages insured under War
Housing Title VI through April 1946; figures thereafter represent
mainly mortgages insured under the Veterans' Housing Title VI
(approved May 22, 1946) but include a few refinanced mortgages
originally written under the War Housing Title VI. Beginning with
December 1947, figures include mortgages insured in connection with
sale of Government owned war housing, and beginning with February
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 military installations under Title VIII, enacted Aug. 8, 1949.
NOTE.—Figures represent gross insurance written during the period
and do not take account of principal repayments on previously insured
loans. Figures include some reinsured mortgages, which are shown in
the month in which they were reported by FHA. Reinsured mortgages
on rental and group housing (Title II) are not necessarily shown in the
month in which reinsurance took place.
DECEMBER
INSURED FHA HOME MORTGAGES (TITLE II) HELD IN
PORTFOLIO, BY CLASS OF INSTITUTION
End of month
Total
SavCom- Mutual ings
and
mersav- loan
cial
ings associbanks banks
ations
1936—Dec
1937—Dec
..
1938—Dec......
1939—Dec
1940—Dec
1941—Dec
1942—Dec
1943—Dec
1944—Dec
365
771
1,199
1,793
2,409
3,107
3,620
3,626
3,399
228
430
634
902
1,162
1,465
1,669
1,705
1,590
8
27
38
71
130
186
236
256
260
56
41
110
118
149
212
192
342
224
542
254
789
276 1,032
292 1,134
269 1,072
5
32
77
153
201
234
245
79
68
27
53
90
133
150
179
163
159
140
1 9 4 5 — J u n e . . . . . 3,324
3,156
Dec
1,570
1,506
265
263
264 1,047
253 1,000
43
13
134
122
1946—June
Dec
3,102
2,946
1,488
1,429
260
252
247
233
974
917
11
9
122
106
1947—June
Dec
2,860
2,871
1,386
1,379
245
244
229
232
889
899
8
7
102
110
1948—June
Dec
2,988
3,237
1,402
1,429
251
265
245
973
269 1,113
7
9
110
152
1949—June
Dec
3,894
4,751
1,587
1,771
305
378
323 1,431
416 1,828
21
52
227
305
Insur- Fed2
ance
eral
com- agen- Other
panies cies 1
1
T h e RFC Mortgage Company, the Federal National Mortgage
Association, the Federal Deposit Insurance Corporation, and the
United
States Housing Corporation.
2
Includes mortgage companies, finance companies, industrial banks,
endowed institutions, private and State benefit funds, etc.
NOTE.—Figures represent gross amount of mortgages held, excluding terminated mortgages and cases in transit to or being audited at the
Federal Housing Administration.
1669
MERCHANDISE EXPORTS A N D IMPORTS
[In millions of dollars]
Merchandise imports s
Merchandise exports *
Excess of exports
Month
1946
1947
1948
1949
1950
1946
1947
1948
1949
1950
1946
1947
1948
1949
1950
January .
February
March
798
670
815
1,114
1,146
1,326
1,092
1,085
1,139
1,105
1,043
1,189
P743
P77O
P864
394
318
385
531
437
445
547
589
675
590
567
633
P623
P600
P664
405
352
431
583
709
882
545
496
464
515
477
557
P170
April
May
June
757
851
878
1,294
1,414
1,235
1,121
1,103
1,014
1,172
1,095
1,107
P806
P828
P876
406
393
382
512
474
463
532
554
625
535
541
526
P583
P659
P685
351
457
496
782
940
772
590
549
389
638
554
581
P223
P169
P191
July
August
September....
826
883
643
1,155
1,145
1,112
1.019
900
884
910
431
422
377
450
400
473
564
606
560
457
491
530
P7O7
P820
P857
395
461
266
705
745
639
456
386
365
444
393
379
P— 57
October
November.....
December
537
986
1,235
1,141
1,114
1,023
394
478
529
492
455
603
600
554
720
557
*>593
P921
142
508
567
743
687
511
423
269
598
296
P248
P — 17
1 097
Jan.-Oct
7,657
3,901
4,676
5,850
3,756
7,499
4,663
992
926
823
1,318
12,175 10,512
P3
774
P763
P911
P904
853
P841
P944
10,257 P8.239
P605
5,425 P 7 , 1 2 0
P120
P200
P67
P53
J>339
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
[Index numbers, 1935-39 average = 100]
ForLive- est
Total Coal Coke Grain stock
prod- Ore
ucts
Annual
1939
1940
1941
1942
1943....
1944
1945.
1946 .
1947...
1948
1949........
109
130
138
137
140
135
132
143
138
116
98
111
123
135
138
143
134
130
147
141
100
102
137
168
181
186
185
172
146
182
184
145
101
112
120
146
139
151
138
150
136
142
1949—September.. .
October.....
November...
December. . .
105
92
117
115
60
42
131
97
430
54
96
148
125
153
152
1950—January
February....
March
April
May
June
July. . . . . . . .
117
104
127
126
122
127
126
135
134
136
97
46
139
123
119
116
105
126
135
135
151
122
143
181
181
192
195
194
201
206
1949—September...
October
November...
December. . .
114
99
120
107
60
42
131
97
1950—January.....
February
March
April
May
June
July
August
September...
October. . . . .
107
96
120
122
125
131
130
140
145
147
97
46
139
123
119
116
105
126
135
135
101
ous
I.C.I.
77
110
147
183
206
192
180
169
136
181
184
151
101
110
136
146
145
147
142
139
148
146
127
97
96
100
69
63
67
69
78
75
68
131.
79
85
75
72
121
124
137
134
145
28
42
146
125
111
119
127
52
54
54
52
119
113
126
131
127
130
135
139
128
159
70
65
67
68
66
61
61
60
72
75
118
119
123
129
134
144
148
155
148
146
169
156
134
121
121
179
186
190
198
184
133
130
134
137
133
138
140
147
142
145
52
52
53
53
51
52
51
56
55
54
128
53
96
155
140
153
149
123
104
131
95
69
130
131
135
119
218
35
51
45
135
121
124
120
55
56
55
50
158
130
144
177
179
188
190
186
198
201
119
111
116
115
112
133
162
150
143
159
68
52
53
61
59
51
48
57
95
116
106
115
123
129
139
150
149
163
160
154
42
39
39
63
217
277
298
285
298
262
122
122
127
135
135
142
141
149
154
158
49
51
54
54
51
52
51
56
57
56
57
SEASONALLY
ADJUSTED
September...
October.....
UNADJUSTED
NOTE.—For description and back data, see BULLETIN for June 1941, pp.
529-533. Based on daily average loadings. Basic data compiled by Association of American Railroads. Total index compiled by combining indexes for
classes with weights derived from revenue data of the Interstate Commerce
Commission.
1670
[In millions of dollars]
Mis- Mercel- chanlane- dise
100
114
139
155
141
143
129
143
153
149
123
107
96
96
91
104
117
124
125
129
107
88
REVENUES, EXPENSES, A N D INCOME OF CLASS I
RAILROADS
Total
Total
railway
railway
operating expenses
revenues
Annual
1939......
3,995
1940
4,297
1941
5,347
1942.
7,466
1943
9,055
1944
9,437
8,902
1945
7,628
1946
8,685
1947
9,672
1948
1949.... .. *8,580
Net
railway
operating
income
# Net
income
3,406
3,614
4,348
5,982
7,695
8,331
8,047
7,009
7,904
8,670
P7.893
589
682
998
1,485
1,360
1,106
852
620
781
1,002
P687
93
189
500
902
873
667
450
287
479
699
P438
SEASONALLY
ADJUSTED
1949—September.
October...
November.
December.
685
623
708
712
633
592
636
632
52
31
72
81
19
0
39
49
1950—January...
February..
March....
April
May......
June..'.....
July
August
September.
689
638
723
730
715
791
772
833
858
629
606
655
667
661
691
686
744
749
60
32
67
63
54
100
86
88
109
29
1
36
32
20
70
54
55
P75
1949—September.,
October
November.,
December.,
695
649
705
711
••632
602
629
642
'63
47
76
69
38
24
54
82
1950—January
February..
March
April
May
June.
July
,
August
September.
657
585
743
714
745
779
772
890
872
624
570
668
652
678
689
688
768
749
33
15
76
62
67
90
84
122
123
11
-9
49
38
45
72
59
96
UNADJUSTED
P99
r
P Preliminary.
Revised
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.
FEDERAL RESERVE BULLETIN
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
United
States
Year or month
Boston
New
York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St.
Louis
207
264
286
302
286
176
221
234
239
234
169
220
239
249
233
184
235
261
284
271
201
257
281
303
281
235
292
304
321
307
275
344
360
386
374
193
250
275
290
271
227
292
314
335
317
185
247
273
288
275
229
287
311
325
309
275
352
374
404
385
248
311
337
353
332
277
293
211
234
239
'•227
227
237
'261
267
276
259
266
283
295
305
311
376
367
382
258
262
281
309
300
330
278
267
293
301
299
322
387
371
403
337
319
339
282
280
274
292
290
298
362
335
320
P292
244
229
216
244
231
240
268
268
255
216
229
220
217
235
226
242
274
277
262
238
267
276
262
281
270
285
331
319
310
279
290
271
270
299
299
299
364
334
333
299
300
299
288
323
r
321
r
333
360
r
332
^312
376
383
374
397
390
392
494
415
409
370
274
262
265
269
277
278
330
335
305
282
282
300
297
319
330
326
418
370
360
305
246
284
249
277
268
283
342
321
289
P292
300
301
298
307
309
322
414
355
346
396
409
389
401
403
410
537
449
420
375
316
323
321
333
336
342
454
374
r
368
343
293
339
481
234
292
418
^247
293
401
279
355
472
274
332
465
314
378
541
395
426
642
271
324
438
331
378
504
314
310
438
325
347
505
414
442
662
358
565
216
224
257
285
286
.
281
283
281
331
P309
185
177
207
241
228
230
185
198
263
239
183
183
208
225
221
230
192
202
267
259
197
207
255
276
275
271
239
239
313
299
215
217
256
290
296
281
284
290
337
317
218
234
283
313
3S6
333
285
322
359
389
378
345
386
373
426
388
205
204
241
269
280
278
271
278
320
296
232
252
285
316
323
293
326
318
363
326
188
210
228
278
273
272
276
287
321
P328
228
244
277
304
306
296
340
326
363
P328
313
327
362
393
391
353
429
399
454
405
251
273
291
321
319
321
387
352
374
344
166
213
255
291
270
153
182
202
223
210
160
195
225
241
221
150
191
220
252
233
156
205
243
277
256
198
248
289
322
301
188
258
306
362
339
159
205
246
281
260
166
225
274
314
296
165
212
266
326
299
158
209
259
301
276
190
251
320
38%
36/
183
238
300
346
323
273
271
206
219
228
••218
221
227
231
231
232
252
258
262
305
295
295
347
352
352
265
261
253
298
308
309
298
305
292
'2:9
284
276
366
365
351
325
329
321
272
279
285
286
285
276
269
284
309
328
223
222
233
231
228
215
198
213
227
245
227
224
231
230
228
222
218
226
243
258
234
234
239
249
244
244
241
259
275
283
256
269
276
283
280
265
252
265
296
2313
291
307
324
329
331
338
329
334
345
363
357
350
359
360
370
359
360
405
438
456
264
262
264
265
265
258
252
267
288
313
288
321
326
329
313
299
283
295
325
365
304
308
307
316
322
304
286
302
323
353
283
283
294
296
295
288
270
286
306
353
364
362
375
380
375
374
406
456
322
343
355
341
338
324
322
334
389
403
^949—October
November
December .
^298
305
244
232
249
205
r246
255
207
265
266
204
287
279
219
339
327
267
379
395
306
288
298
237
333
329
259
313
331
270
298
313
246
384
405
323
346
365
293
4950—January....
Februarv...
March.
April .. .
244
267
290
294
289
267
258
285
322
361
198
209
226
227
226
206
192
223
245
277
200
217
237
237
231
209
194
226
256
291
204
230
251
259
249
229
217
254
286
325
224
251
273
287
283
261
251
280
324
355
267
299
334
344
337
305
308
337
362
403
321
354
377
378
366
345
339
401
451
497
238
254
274
273
268
248
232
259
297
341
248
289
317
329
313
299
295
322
361
409
279
296
319
321
323
294
292
299
328
372
257
278
300
305
301
288
265
281
312
P353
328
357
384
393
380
353
351
402
'•444
479
294
323
348
347
350
326
332
333
389
430
Minne- Kansas
Dallas
apolis
City
San
Francisco
SALESi
1045
1946
1947
1948
1949 . .
........
.
...
SEASONALLY ADJUSTED
1949—October
November
December
....
1950—January
February
March
April
M!ay
Tune
July
August
September. .
October
r
UNADJUSTED
1*949—October
November
December
t-950—January
February...
April. . ...
May
June
July
September .
October
'307
285
r
STOCKS»
1945. .
1946
1947
1948
1949
.
SEASONALLY ADJUSTED
1949—October . .
November
December
..
$.950—Januarv
February
March
April.
May
July...
August
September „
October. ..
UNADJUSTED
June
July
August
September
October
r
P Preliminary.
Revised.
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.
1
DECEMBER 1950
1671
DEPARTMENT STORE STATISTICS—Continued
SALES AND STOCKS BY MAJOR DEPARTMENTS
Ratio of
stocks to
sales1
Percentage change
froiri a year ago
(value)
Index numbers
without seasonal adjustment
1941 average monthly sales =100 2
Number of
stores
reporting
Department
Stocks
(end of
month)
Sales during
period
Q on f
oept.
1950
Nine
months
1950
GRAND TOTAL—entire store 3.
352
+9
MAIN STORE—total
352
+10
313
289
191
171
184
306
278
251
239
+9
+3
+4
+1
-9
-9
-13
-2
-18
-22
-17
-12
+22
+14
+43
+11
+14
+10
+21
+2
+6
+3
+5
+5
+7
-1
-1
-1
,
Piece goods and household textiles
Piece goods
Silks, velvets, and synthetics
Woolen yard goods
Cotton yard goods
Household textiles
Linens and towels
Domestics—muslins, sheetings
Blankets, comforters, and spreads
Small wares
Laces, trimmings, embroideries, and ribbons..
Notions
Toilet articles, drug sundries
Silverware and jewelry 4
Silverware and clocks
Costume jewelry 4
Fine jewelry and watches 4
Art needlework
Books and stationery
Books and magazines
Stationery
Women's and misses' apparel and accessories
Women's and misses' ready-to-wear accessories
Neckwear and scarfs
Handkerchiefs
Millinery
Women's and children's gloves
Corsets and brassieres
Women's and children's hosiery
Underwear, slips, and negligees
Knit underwear
Silk and muslin underwear, and slips
Negligees, robes, and lounging apparel
Infants' wear
Handbags and small leather goods
Women's and children's
shoes
Children's shoes 4
Women's shoes 4
Women's and misses' ready-to-wear apparel..
Women's4 and misses' coats and suits
Coats
Suits 4
Juniors' and girls' wear
Juniors' coats, suits, and dresses
Girls' wear
Women's and misses' dresses
Inexpensive dresses 4
Better dresses 4
Blouses, skirts, and sportswear
Aprons, housedresses, and uniforms
Furs.
Men's and boys' wear
Men's clothing
Men's furnishings and hats
Boys' wear
Men's and boy's shoes and slippers
342
208
243
327
316
213
278
75
239
271
136
237
349
349
309
284
167
324
334
340
340
259
288
249
324
332
240
203
215
349
338
210
202
313
288
309
340
257
267
340
286
270
330
256
314
300
191
Houseffurnishings
Furniture and bedding
Mattresses, springs, and studio beds 4
Upholstered and other furniture 4
Domestic floor coverings
Rugs and carpets 4
Linoleum 4
Draperies, curtains, and upholstery
Lamps and shades
China and glassware
Major household appliances
Housewares (including small appliances)
Gift shop 4
Radios, phonographs, television, records,
etc.4
Radios, phonographs, television 4
4
Records, sheet music, and instruments
316
243
165
174
274
158
99
296
249
247
244
258
166
227
176
126
Miscellaneous merchandise departments...
311
290
236
143
264
191
Toys, games, sporting goods, and cameras. . .
Toys and games
Sporting goods and cameras
Luggage
Candy 4
+17
-1
-6
-8
-5
+4
+5
+7
-4
+1
+5
+8
0
+4
+8
2
+4
-4
i
—5
—6
-5
-1
—5
+1
-2
+2
+4
0
0
+2
+11
-5
+10
+3
+4
+6
+4
+8
+1
+10
+3
+10
+4
0
+5
0
-1
— 10
0
+1
+1
-2
+3
+4
-i
+8
+4
+1
+11
+10
+19
+6
+3
+12
+27
+23
+24
+23
+22
+25
+1
+8
+3
+14
+39
+12
+ 12
+106
+134
+11
+5
+9
+8
+11
+6
+2
-8
-8
-6
-6
0
ij
— 10
-2
-8
— 11
—4
-3
-10
+5
+2
+50
+1
+9
+19
+19
+21
+18
+12
+12
—8
+4
+5
+9
+35
+5
+10
+89
+117
—2
+3
+4
+6
+1
0
Q
September
1950
i
oept.
1950
1950
+19
+19
+15
+9
+9
+6
3.0
2.7
3.1
3.3
3.7
3.9
2.8
4.8
3.0
4.1
2.0
2.9
+20
+20
+22
+9
+27
+17
+13
+18
+14
+20
+20
+13
+20
+23
+ 15
+4
+19
+18
+23
+28
+14
+2
+12
+21
+65
+27
+30
+25
+28
+22
+ 12
+17
+22
+16
+10
+1
—2
+10
+8
+4
+12
+6
+3
+9
+25
+15
+9
+16
+8
+24
+ 17
+16
+24
+ 17
+39
+ 14
+30
+32
+13
+21
+24
+3
+24
+35
+14
+79
+122
+14
+24
+26
+29
+23
+23
+ 11
Sales during
period
Stocks at end
of month
1949
1950
1949
1949
Sept.
Aug.
Sept.
Sept.
Aug.
2.9
230
204
209
714
625
3.1
3.1
3.2
2.3
3.9
3.0
3.9
2.6
2.5
212
211
186
389
144
217
171
254
238
231
173
165
304
160
266
204
375
204
691
194
602
605
232
789
759
725
204
716
751
655
448 1,096 1,255 1,049
147
688
634
565
178
647
542
523
150
700
562
579
177
500
368
459
214
693
562
553
4.0
4.0
3.5
3.6
4.8
5.4
3.2
8.3
4.5
3.8
3.3
3.9
3.4
3.8
3.1
3.3
4.2
4.9
2.8
175
190
236
144
189
151
151
185
135
162
171
179
229
137
179
692
755
835
520
900
607
646
742
477
768
594
676
719
458
755
3.7
3.1
2.9
3.1
166
178
146
190
149
145
120
144
167
190
159
201
751
673
482
751
655
571
406
613
620
591
463
636
2.4
3.0
2.1
5.1
0.7
4.6
3.1
3.1
4.0
3.4
4.4
3.7
2.7
2.1
3.8
3.4
238
225
288
115
309
148
259
147
180
241
157
157
333
211
270
193
176
175
112
158
74
237
140
179
238
156
139
254
141
200
590
230
215
683
268
602
119
589
305
219
141
686
240
813
146
460
173
714
219
820
157
698
151
579
316
890
203
452
250 1,032
513
584
478
475
199
574
729
342
554
626
541
393
796
395
968
505
557
475
520
219
615
678
281
562
635
562
455
735
403
885
1.9
1.9
2.1
1.6
1.8
1.6
2.1
1.5
1.2
1.7
1.7
2.4
4.2
2.2
2.6
1.8
4.3
0.7
4.3
2.8
1.9
3.2
2.9
3.6
3.0
2.3
2.0
3.5
2.8
3.7
1.8
1.9
2.1
1.4
1.7
1.4
1.9
1.4
1.2
1.7
l!4
2.1
4.2
251
286
212
213
245
286
488
556
436
466
448
552
318
307
354
212
279
258
308
164
316
312
342
204
582
485
739
322
511
423
617
275
537
465
661
308
328
142
144
257
152
207
316
141
130
574
334
602
564
313
557
471
291
550
4.4
4.5
4.9
3.6
5.0
4.2
5.0
4.2
3.2
4.8
192
203
158
256
198
149
138
136
200
167
175
171
148
248
178
861
920
765
925
988
739
836
630
804
901
746
861
621
795
861
3.1
3.0
1.4
3.5
3.9
3.8
4.8
4.1
3.4
6.0
1.6
3.6
4.8
1.5
3.2
3.2
1.3
3.8
3.6
3.6
289
246
287
295
228
199
903
744
814
683
723
630
261
263
214 1,010
932
769
220
222
180
428
310
183
181
167
463
275
892
204
736
780
216
745
656
616
1,087
1,057
1,039
158
307
697
606
552
278 1,121
976
836
4.8
3.6
2.8
6.6
1.8
3.0
4.7
1.8
1.4
4.7
4.2
7.4
8.4
5.9
4.7
1.3
3.6
6.4
7.1
5.3
4.0
1.2
177
159
128
173
180
171
150
119
162
234
752
169
146 1,171
119 1,077
155 1,017
170
846
3 9
1 3
Sept.
603
8 1
4 3
591
867
753
825
730
607
932
857
811
686
For footnotes see following page.
1672
FEDERAL RESERVE
BULLETIN
DEPARTMENT STORE STATISTICS—Continued
SALES AND STOCKS BY MAJOR DEPARTMENTS—Continued
Percentage change
from a year ago
(value)
Number of
stores
reporting
Department
Sales during
period
Sept.
1950
BASEMENT STORE—total
198
Domestics a n d lil&iik&ts ^
137
W o m e n ' s a n d misses' ready-to-wear
Intimate aonarel *
Coats and suits ^
192
169
179
173
157
124
120
Blouses, skirts, and sportswear
4
0
+5
-8
-1
0
Shoes
126
NONMERCHANDISE—total 4
169
70
-1
M e n ' s a n d boys 9 wear
158
136
91
117
120
Bovs' wear ^
HoHsefurnishings
...
103
Nine
months
1950
+4
+17
+7
+4
+9.
+9
+12
+7
+7
+5
+6
+6
Infants' wear ^
Stocks
(end of
month)
Ratio of
stocks to
sales i
Index numbers
without seasonal adjustment
1941 average monthly sales=100 2
Sales during
period
September
1950
Sept.
1950
1950
Stocks at end
of month
1949
1950
1949
1949
Sept.
Aug.
Sept.
Sept.
Aug.
Sept.
215
183
207
524
444
445
-3
+19
2.4
2.1
+9
+32
2.4
2.1
rj
+17
+30
+6^
+26
+9
+22
2.0
2.9
1.9
1.5
1.7
1.8
2.2
1.8
2.3
1.7
1.5
1.3
1.8
1.8
215
176
214
436
363
376
+17
+ 18
+ 12
+22
+ 14
2.9
3.1
3.0
3.2
2.4
2.7
2.9
3.0
2.8
2.2
228
184
209
668
557
571
+31
3.0
2.4
202
180
192
600
504
460
+11
3.2
3.1
182
147
171
584
530
537
-1
-13
-12
-5
-1
-1
0
0
0
1
+2
+4
+1
+2
+2
5
5
()
()
(5)
(5)
(6)
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 8 reversed.
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
B
in group and total indexes.
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.
WEEKLY INDEX OF SALES
[Weeks ending on dates shown. 1935-39 average «=100]
SALES, STOCKS, ORDERS, AND RECEIPTS
AT 296 DEPARTMENT STORES *
[In millions of dollars]
Reported data
Year or month
1942 average...
1943 average...
1944 average...
1945 average...
1946 average...
1947 average...
1948 average...
1949 average...
1949—Oct
Nov
Dec
1950—Jan
Feb
Mar
Apr
May... .
June... .
July....
Aug
Sept
Oct
Sales
(total
for
month)
Stocks
(end of
month)
179
204
227
255
318
337
352
333
343
397
583
256
247
320
319
330
317
292
331
370
599
509
535
563
715
826
912
859
P361
7954
990
788
787
854
920
926
906
833
789
918
1,029
Pi,208
Derived data
Outstanding
orders
(end of
month)
Receipts
(total
for
month)
263
530
560
729
909
552
465
350
444
350
296
390
393
326
271
248
369
693
755
702
*>662
182
203
226
256
344
338
366
330
433
435
381
255
314
386
325
310
244
248
460
481
^540
New
orders
(total
for
month)
192
223
236
269
327
336
345
331
••383
341
327
349
317
319
270
287
365
572
522
428
*>500
r
v Preliminary.
Revised.
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
are derived from estimates of receipts and reported figures on outorders
standing orders.
Back figures.—Division of Research and Statistics.
DECEMBER
1950
Without seasonal adjustment
x
1950
1949
Jan.
Feb.
Mar.
Apr.
May
June
1
.204
8 . . . . .272
1 5 . . . . .244
.230
22
2 9 . . . . .218
.229
5
12
.238
1 9 . . . . .227
.232
26
5 . . . . .244
1 2 . . . . .256
.261
19
2 6 . . . . .277
2 . . . . .301
.320
9
1 6 . . . . .314
2 3 . . . . .266
.286
30
7 . . . . .334
.285
14
.280
21
2 8 . . . . .275
.259
4
.288
11
18
.285
25. . . . .247
Jan.
Feb.
Mar.
Apr.
May
June
7.....
14....
21
28
4
11
18....
25....
4
11....
18....
25
1
8....
15
22....
29
6
13
20
27
3
10
17
24
1949
.205
.233
.230
.222
.226
.238
.231
.221
.244
.253
.264
.279
.301
.320
.254
.279
.285
.301
.308
.275
.282
.261
.302
.302
.250
July 2. . . ..238 July
Aug.
Sept.
Oct.
Nov.
Dec.
1950
1....
8....
9 . . . ..201
15
16.. . . .213
22....
2 3 . . . . .207
29
3 0 . . . ..209
6 . . . . 228 Aug. 5
1 3 . . . ..218
12....
2 0 . . . ..252
19
2 7 . . . .,252
26
3 . . . ..295 Sept. 2
10... . .273
9
17... . .315
16
2 4 . . . ..292
23....
1 . . . ..302
30
8 . . . . .297 Oct. 7
1 5 . . . ..290
14
2 2 . . . ..296
21
2 9 . . . i.298
28
5 . . . ..315 Nov. 4
12.. . ..318
11
19... ..342
18
2 6 . . . ..330
25....
3 . . . . .449 Dec. 2 . . . .
9
10... . .542
1 7 . . . ..584
16.
23
2 4 . . . . .541
30
3 1 . . . ..197
.263
.218
.265
.303
.295
296
.273
.281
.288
.310
.295
.368
.322
.320
.325
.322
.304
.313
.315
.342
.368
.319
.444
NOTE.—For description of series and for back figures, see BULLETIN
for September 1944, pp. 874-875.
1673
DEPARTMENT STORE STATISTICS—Continued
SALES BY FEDERAL RESERVE DISTRICTS AND BY CITIES
[Percentage change from corresponding period of preceding year]
Oct. Sept. Ten
1950 1950 mos.
1950
Oct. Sept. Ten
1950 1950 mos.
1950
United States.
Boston
New Haven...
Portland
Boston Area
Downtown
Boston
Springfield
Worcester
Providence
New York l
Bridgeport
Newark l
Albany
Binghamton
Buffalo x
Elmira
Niagara Falls..
New York City
Poughkeepsie..
Rochester i
Schenectady.
.
Syracuse J
Utica
Philadelphia..
Trenton l J
Lancaster
Philadelphia
».
Reading l
Wilkes-Barre *.
York?
Cleveland
Akron *
Canton * 1
Cincinnati ...
Cleveland *
Columbus *....
Springfield 1...
Toledo i
Youngstown *.
P+4
+1
+5
+3
+2
+2
+5
+8
+2
+5
+7
+7
+6
Vs
+11
+13
+5
0
+10
+7
+13
+7
+4
+4
+6
+5
+2
+15
+14
+17
+7
+14
+2
-1
+15
+50
+11
+7
+8
+6
+6
+3
+13
+12
+8
+13
+8
+10
+5
+21
+14
+7
+6
+10
+2
+12
+16
+12
+13
+10
+11
+17
+6
+6
+3
+1
-1
+3
+3
0
XI+3
XI
XI+1
+7
XI+4
0
+6
+6
+6
+8
xt
+3
+11 +5
+20 +8
+19 +8
+20 +11
+14 +8
+19 +8
+12 +3
+9
+11
+17
+4
+5
+9
Cleveland-cont,
Erie i
Pittsburgh i..
Wheeling i . . .
Richmond... 1
Washington .
Baltimore
Hagerstown..
Asheville, N. C.
Raleigh
Winston-Salem.
Charleston, S. C.
Columbia
Greenville, S. C.
Lynchburg
Norfolk
Richmond
Ch'ls'ton,W.Va.
Huntington
Atlanta
Birmingham x . .
Mobile
Montgomery 1..
Jacksonville *...
Miami *
Orlando1
Tampa l
Atlanta
Augusta
Columbus
Macon l
Rome
Savannah
Baton Rouge l..
New Orleans x . .
Jackson l
Meridian. . . . . .
Bristol
Chattanooga1 x . .
Knoxville ......
Nashville 2
+12
+18
+15
+3
-1
+2
+1
-3
-1
-4
+9
+15
+5
-8
+9
+9
+26
-2
+17
+5
+4
Ten
Oct. Sept. mos.
1950 1950 1950
v+8 +10
+5 +3
+2 +6
+ 17 +16
+9 +14
P0 +12
-4
+5
+15 +13
+14 +28
P+13 +36
+16 +29
+6 +8
P-3
+ 13
PQ
+2
P-3
+10
- 3 +9
- 4 +12
+6 +14
+6 +14
P-2
+7
-12
- 4 +10
-5
+9
0 Springfield
-3
+6
-2
+9 Memphis 1
+9
+5 Minneapolis...
+4
+6 Minneapolis K.. P+5
+6
+7 +11
+10 St. Paul*
+6
+21 Duluthl
+9 +11
+14 Superior
P0 +12
+1 Kansas City...
-6
+11 Denver
- 4 Pueblo
+8 +11
Hutchinson....
- 3 +28
+9
Topeka
+4
+5
o +8
Wichita
Kansas
City
+1 Joplin
+18
+18 St. Joseph
+3
+4 Lincoln
+6
-3 (2)
+8
Chicago
+21
Chicago i
+17
Peoria x
+10 +8 Fort
Wayne i...
+10 +4 Indianapolis l...
+11 +3 Terre Haute 1 ...
+5 +2 Des Moines
+25 +7 Detroit
*
1
+1 - 2 Flint
+5 Grand Rapids..
+8
Lansing
+11
Milwaukee l....
+2 +6 Green Bay 1....
+16 +4 Madison
+11 - 2
+6 - 2 St. Louis
+4 +6 Fort Smith
Little Rock i. . .
+ 10 +16
Evansvillex
+15 +10 Louisville
+31 +7 Quincy
+12 +8 East St. Louis..
+15 +7 St, Louis 1
+6 St. Louis Area..
+8
-22
- 6 +19
- 1 6 +11
- 2 4 +4
+9 +15
+2 +20
+14 +26
+7 +18
+5
-11
+9 +13
-8
-9
0 +6
+3
+2
+5
+ 16 +33
+4 +9
+2 +16
-3
-4
x\
XI
+6
+3
+3
+8
XI
+4
+8
+17
+15
+15
+6
+4
Xi
+5
+10
+9
+3
+2
+3
+3
+6
+4
+4
+8
+7
+5
+6
+4
XI
XI+8
3 - 3
Oct. Sept. Ten
1950 1950 mos.
1950
Kansas City—
cont.
Omaha
+8
Oklahoma City.
-2
Tulsa
+1
-1
Dallas
-14
Shreveport
+4
Corpus ChristL.
+3
Dallas i
0
Fort Worth
+8
Houston l
San Antonio
P0
San Francisco.
-6
Phoenix *
-13
Tucson
-6
Bakersfield i
PQ
Fresno 1
-5
Long Beach 1*...
Los Angeles . . . P - 4
Oakland and
P+6
Berkeley1
Riverside and
-6
San Bernardino
Sacramento * . . . P + 1
San Diego *•. . 1. .
San Francisco .
+6
P+2
San Jose l l
Santa Rosa . . . +2
-9
Stockton
Vallejo and
Napa i
Boise and
P-14
Nampa
P+4
Portland
Salt Lake City K P - 1
0
Bellingham i.
+14
Everett *
Seattle 1 1
+11
Spokane1
+8
Tacoma 1
+12
Yakima ...,
-3
+9
+9
+7
+11
+6
+11
+12
+12
+9
+14
+6
+7
-10
+3
+12
+3
+4
+ 18 +7
+24 +10
+17 +9
+13 +10
+13 +7
+7
+16 +2
+13 +3
+10
+12
+7
+15
+7
+5
+14
+15
+17
+22
+15
+21
+13
+19
+14
+6
+15
+8 - 2
+11 +5
+16 +6
+26 +24
+17 +6
+20 +9
+14 +8
+20 +12
+8
()
p
P Preliminary.
Revised.
Indexes for these cities may be obtained on request from the Federal Reserve Bank in the district in which the city is located.
Data not available.
3 Five months 1950.
1
2
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]
All items
Food
Apparel
Rent
Fuel, electricity, and
refrigeration
House
furnishings
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
100.2
105 2
116 5
123.6
125.5
128 4
139.3
159.2
171.2
169.1
96.6
105.5
123.9
138.0
136.1
139.1
159.6
193.8
210.2
201.9
101.7
106.3
124.2
129.7
138.8
145.9
160.2
185.8
198.0
190.1
104.6
106.2
108.5
108.0
108.2
108.3
108.6
111.2
117.4
120.8
99 7
102.2
105 4
107.7
109.8
110 3
112.4
121.2
133 9
137.5
100 5
107.3
122 2
125 6
136 4
145 8
159 2
184.4
195 8
189 0
101 1
104 0
110 9
115 8
121 3
124 1
128 8
139.9
149 9
154 7
169.6
168.5
168.6
167.5
204.2
200.6
200.8
197.3
187.2
186.8
186.3
185.8
121.2
121.5
122.0
122.2
137.0
138.4
139 1
139.7
185 6
185.2
185 4
185.4
155 2
155.2
154 9
155.5
166.9
166.5
167.0
167.3
168.6
170.2
172.5
173.0
173.8
174.8
196.0
194.8
196.0
196.6
200.3
204.6
210.0
209.0
208.5
209.0
185.0
184.8
185.0
185.1
185.1
185.0
184.7
185.9
190.5
193.4
122.6
122.8
122.9
123.1
123.5
123.9
124.4
124.8
124.8
125.0
140.0
140.3
140 9
141.4
138 8
138.9
139 5
140 9
141.8
143.1
184 7
185.3
185 4
185.6
185 4
185.2
186 4
189 3
195.4
199.8
155 1
155.1
155 0
154.8
155 3
155.3
156 2
158 1
158.8
159.5
Year or month
1940
1941...
1942
1943
1944
1945
...
1946
1947
1948
1949
. . .
1949—September
October
November
December
February
March
April..
May
June .
July
September
October
,
Back figures.—Bureau of Labor Statistics, Department of Labor.
1674
FEDERAL RESERVE BULLETIN
WHOLESALE PRICES, BY GROUPS OF COMMODITIES
[Index numbers of the Bureau of Labor Statistics.
1926 =100]
Other commodities
All
commodities
Farm
products
Foods
1929
1930
1931
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
1946
1947
1948
1949
95.3
86.4
73.0
64.8
65.9
74.9
80.0
80.8
86 3
78.6
77 1
78.6
87.3
98 8
103 1
104.0
105 8
121 1
152.1
165 1
155.0
104.9
88.3
64.8
48.2
51.4
65.3
78.8
80.9
86.4
68.5
65 3
67.7
82.4
105 9
122.6
123.3
128.2
148.9
181.2
188 3
165.5
99.9
90.5
74.6
61.0
60.5
70.5
83.7
82.1
85.5
73.6
70 4
71.3
82.7
99.6
106.6
104.9
106 2
130 7
168.7
179.1
161.4
91.6
85.2
75.0
70.2
71.2
78.4
77.9
79.6
85.3
81.7
81.3
83.0
89.0
95.5
96.9
98.5
99.7
109.5
135.2
151.0
147.3
109.1
100.0
86.1
72.9
80.9
86.6
89.6
95.4
104.6
92.8
95.6
100.8
108.3
117.7
117.5
116.7
118.1
137.2
182.4
188.8
180.4
90.4
80.3
66.3
54.9
64.8
72.9
70.9
71.5
76.3
66.7
69.7
73.8
84.8
96.9
97.4
98.4
100.1
116.3
141.7
149.8
140.4
83.0
78.5
67.5
70.3
66.3
73.3
73.5
76.2
77.6
76.5
73.1
71.7
76.2
78.5
80.8
83.0
84.0
90.1
108.7
134.2
131.7
1949—October
November
December ,
152.2
151.6
151 2
159.6
156.8
154 9
159.6
158.9
155.7
145.0
145.0
145.4
181.3
180.8
179.9
138.0
138.0
138.4
1950—January
February . . . .
151 5
152.7
152 7
152 9
155.9
157 3
362 9
166 4
169.5
169.1
154 7
159.1
159 4
159 3
164.7
165 9
176.0
177.6
180.4
177.8
154.8
156.7
155 5
155.3
159.9
162 1
171.4
174.6
177.2
172.5
145.8
145.9
146 1
146.4
147.6
148.8
151.5
155.5
159.2
161.5
169 1
169 8
169 4
168 8
168 4
168 7
168 9
169 6
170 0
171 0
171.2
182.0
181 3
180.2
179 1
177 9
177.9
178 7
179.7
181 3
183 1
184.9
178.9
179 0
177.4
175 3
172 6
173.9
174 0
174.0
173 6
176 5
177.5
157.8
159 2
159.4
160 0
160 8
160.8
160.8
161.9
162 2
162.6
162.4
Year, month, or week
April . .
May
Tune
July
August .
September. .
October
Week ending:1
1950—Sept. 12
Sept 19
Sept 26
Oct 3
Oct 10
Oct. 17
Oct 24
Oct. 31
Nov 7
Nov 14
Nov. 21
. .
Fuel Metals
Hides
and Textile and
and
leather prod- lighting metal
prodmate- products
ucts
ucts
rials
Total
Other leather p r o d u c t s . . . .
Textile Products:
Clothing
Cotton goods
Hosiery and underwear....
Silk
Rayon and nylon..
Woolen and worsted goods
Other textile products
Fuel and Lighting
Materials:
Anthracite
Bituminous coal..
Coke
Electricity
Gas
Petroleum products
97 5
84.3
65.6
55 1
56.5
68.6
77 1
79.9
84 8
72.0
70 2
71.9
83.5
100 6
112.1
113.2
116.8
134.7
165.6
178.4
163.9
94 5
88 0
77.0
70 3
70.5
78.2
82 2
82.0
87 2
82.2
80 4
81.6
89.1
98 6
100.1
100.8
101 8
116.1
146.0
159.4
151.2
109.0
109.7
110 7
160.4
160.4
159 5
149.1
148.2
147.9-
159.8
162.4
162 8
162.5
166.3
167 7
175.8
179.1
181.8
180.2
148.2
149.1
148 9
149.4
152.2
153 5
158.0
161.2
164.0
163.5
95 4
89.9
79.2
71.4
77.0
86.2
85.3
86.7
95 2
90.3
90 5
94.8
103.2
110.2
111.4
115.5
117.8
132.6
179.7
199.1
193.4
94 3
92.7
79.3
84.9
73 9
75.1
72.1
75.8
75.3
81.5
79.0
80.6
78.7
81.7
82 6
89 7
77.0
86.8
76 0
86 3
88.5
77 <1
84. %
94.3
95 S 102 4
94. <? 102.7
95. I 104.3
95 7
104 5
101.4 111.6
127.3 131.1
135, 7 144.5
118. s 145.3
82
77.
69.
64.
62.
69.
6 8 .
70.
77
73.
74
77.
82.
89
92.
9 3 .
94
100.
115.
120
112.
130.6
130.2
130.4
167.3
167.3
167.8
189.3
189.6
190.4
115.
115.
115.
179.3 138.5
179.0 138.2
179,6 137.3
179.4 136.4
181.0 136.1
182.6 136.8
187.2 142.6
195.6 149.5
'202.9 158.3
208.4 163.0
131.4
131.3
131 5
131.2
132.1
132.7
133.4
134.4
135.1
135.4
168.4 191.6 115. 7 144 7
168.6 192.8 115. ? 145.2
168.5 194 2 116 .i
145 5
168.7 194.8 117. 1 145.8
169.7 198.1 116.4 146.6
171.9 202 1 114 5 146.9
172.4 207.3 118. \ 148.7
174.3 «"213.9
1 2 2 . •? 153.9
176.7 r 219.7 1 2 8 . 7 159.2
178.6 219.0 132.
163.4
156.0
161 1
161.9
161 7
162 2
162.2
162.0
163.6
164 4
165.4
166.6
134.9
134 9
134.9
134 9
135 0
135.4
135 5
135.5
135 3
135 4
135.4
176.0
176 0
176.4
177 1
177 5
177.8
178 1
179 7
180 6
180 1
180.4
220.7
221 8
221.3
222 0
222 0
221.4
220 1
219.3
218 2
217 8
218.1
94 0
88. 7
0
?
143.0
143.4
144.2
1
1
1
1
1
1
1
1
1
1
10
10
10
12
14
14
19
24
27
31
0
.0
7
.6
.7
7
.0
.3
.4
.3
127. 4128
129.
129 1
130 fi
131. 5
132
133. ?
133 7
135. 7
135. 8
1950
1949
Subgroi.Lps
Oct.
Dairy products....
Cereal products
Fruits and vegetables
Meats
-- Other foods
Hides and Leather Products:
Shoes
...
. Hides and skins. . .
Leather
6
7
8
4
5
7
3
5
8
3
8
3
0
7
2
6
7
3
5
5
3
100 5
92.1
84.5
80.2
79.8
86.9
86.4
87.0
95.7
95.7
94.4
95.8
99.4
103.8
103.8
103.8
104.7
115.5
145.0
163.6
170.2
Subgroups
Farm Products:
Grains
Livestock and poul try
Other farm Droduct
Manufactured
products
Miscellaneous
1950
1949
Raw
materials
Chemi- HouseBuild- cals
and furing
nishmate- allied
proding
rials
ucts
goods
July
Aug.
Sept.
Oct.
155 3 173.5 167.7 166.5 165.3
177.7 215.8 217.3 211.3 198.7
148 8 151 8 155 3 164 4 167 4
154.6
144.6
128.0
205.0
137 4
141.8
151.2
137.0
240.7
145.1
148.0
154.9
132.0
240.2
154.1
154.7
155.5
131.0
241.0
158.7
160.8
153.8
129.6
223.7
156.4
183.4
205.6
176.5
141.1
185.8
219.8
185.3
143.1
191.4
238.2
192.3
151.3
194.8
'264.7
196.8
151.3
200.1
266.5
201.3
164.9
144.6
176 5
98.4
49 2
39.6
145.1
175.6
144.3
190.7
99.2
60.3
40.7
150.9
168.5
145.2
206.8
101.2
65 6
41.3
157.7
181.5
146.7
221.6
104.8
64.9
41.7
178.7
191.3
147.7
225.7
108.7
65.3
42,5
188.9
207.3
139 1
191.2
222.2
70.1
87.5
109. S
141.0 142.1 142.8 143.9
191.9 192.5 193.1 193.3
225.6 225.6 225.6 231.1
67.0 65 5
88.3 88.1 89.0
115.5 116.8 117.8 118.0
Oct.
July
Metals and Metal Products:
Aeririiltiirai marh. & prmin... 143.6 143 9
146.3 146.2
Farm machiner y
I r o n ari<^ sf<=f»l
163 3 169 8
177.0 175 1
Motor vehicles
Nonferrous metals.. . . .
131.5 150.6
Pinmbine and heating..
154.6 156.5
Building Materials:
Brick and tile.
161.8 167.4
Cement
134.5 135 3
282.0 338.0
Lumb«
Paint and paint materials.... 141.4 138.6
154.6 156.5
Plumb ing and heating.
178.8 191.6
Struct iral stee
168.1 177.4
Other building materials
Chemicals tmd Allie d Products:
Chemi cals . .
115.3 119.3
Dni ffsand nharmacenticals. . 123.1 129.1
120.2 110.1
Fertilizer mate rials .
107.1 103 0
Mixed fertilize]s
Oils and fats..
115.6 125.7
H jusefurni shing Goods:
149.2 156.2
Furnis hings
136.7 141.0
Furnit ure
us:
Auto tires and tubes...
Cattle feed. . .
Paper and pulj
Rubber, crude
Other miscellaileous. . .
147
171
176
156
164
150.:
.7 152. >r
0 172 1
1 176.i >
166.1
6 166. S)
167 8
5
357
14?
164
191
1 7 8
Oct,
Sept.
Aug.
.6
4
.6
.6
.7
151 3
153.6,
173 %
176 9>
173.3:
177 2>
168/ r
136.: 5
'371.' 5
146.1L
178.2140.2>
359.3
145.9*
166. <) 177.2)
191. (5 191.6,
1 8 2 . ' t 186.1
125. (5
0 153.' t
111.' t
1 103.
L
1 4 1 s 163.< )
1 2 2 .1
112 .1
131.a
161.1
111.2
103.1
160.a
1 6 2 .8 168.
L 173.3
1 4 4 .6 1 4 9 . <? 153.1
60.7 68.7 7* 0 77.'
182.1 240.5 ? 0 c 6 203.
156.5 159.9 163 .9 167.
34.8 78.4 106 1 114.
121.2 121.7 12£ . 4 127.
1
3
L
7
3
78.1
199.6,
173.4
131.5
130.5
r
Revised.
* Weekly indexes are based on an abbreviated sample not comparable with monthly data.
Backfigures.—Bureauof Labor Statistics, Department of Labor.
DECEMBER
1950
1675
GROSS NATIONAL PRODUCT, NATIONAL INCOME, AND PERSONAL INCOME
[Estimates of the Department of Commerce.
In billions of dollars]
RELATION OF GROSS NATIONAL PRODUCT, NATIONAL INCOME, PERSONAL INCOME, AND SAVING
Seasonally adjusted annual rates
by quarters
Annual totals
1950
1949
1929
1933
1939
1941
1946
1947
1948
1949
4
3
Gross national product
Less! Capital consumption allowances
Indirect business tax and related liabilities.
Business transfer payments
Statistical discrepancy
Plus: Subsidies less current surplus of government enterprises
Equals: National income
Less: Corporate profits and inventory valuation
adjustment
Contributions for social insurance
Excess of wage accruals over disbursements
Plus: Government transfer payments
Dividends
Business transfer payments
Equals: Personal income
Less: Personal tax and related payments
Federal
State and local
Equals: Disposable personal income
Less: Personal consumption expenditures
£quals* Personal saving
103.8
55.8
8.8
7.0
6
-.1
7.2
7.1
7
1.2
— 1
87.4 39 6
10.3
—2.0
.2
.3
.0
.9
.0
1.5
5.8
.6
85.1
2.6
1.3
1.4
82.5
78.8
3.7
2.1
.7
46.6
1.5
.5
1.0
45.2
46.3
-1.2
1
2
3
91.3 126.4 211.1 233.3 259.1 255.6 254.4 253.8 '263.4 '270.3 284.3
14.8 17.4 18.8 18.9 19.3 19.7 '20.5
18.7 20.4 21.3 21.7 21.5 '22.0 '23.2
7
7
7
7
7
7
.3 - 2 . 9 - 1 . 9 - 3 . 6 - 1 . 97 '4.2 ' - 2 . 6
21.3
25.0
7
n.a.
5
1
1
2
o
o
' 6
0
9 —1
72 5 103 8 180 3 198 7 223 5 216 8 216 7 214 2 '216.9 '229.1
4
n.a.
8.1
9.4
5
1.4
9.3
11.3
5
1.6
12.2
17.3
1.7
5 8
14 6
18 3
24 7
2.1
2.8
6.0
5.7
.0
2.5
3.8
.5
72.6
24
1.2
1 2
70.2
67.5
2.7
.0
2.6
.0
10.9
.0
11.1
31 8
5.2
.0
10.6
29 9
5.7
.0
11.6
31 8
5.6
.0
11.9
28 4 '28.2
5.7
6.7
.0
11.8
.0
20.9
35.0
'6.8
.0
14.2
n.a.
6.9
.0
11.2
'8.2
7.4
8.1
9.4
8.2
7.8
4.5
5.8
6.6
7.5
.7
.5
.6
.7
.7
.7
.7
.7
.7
.7
'215.1
95.3 177.7 191.0 209.5 206.1 203.8 205.4 216.4
224.8
r
r
19.5 20.0
3 3 18 8 21 5 21.2 18.7 18.7 18.7 19.0
2.0 17.2 19.6 19.0 16.2 16.2 16.1 '16.3 '16.8 17.3
2.5
1 9
1 3
1.6
2 5
2.5
'2.7
2 8
2.2
'2 7 204.7
92.0 158.9 169.5 188.4 187.4 185.1 186.8 '197.5 '195.6
82.3 146,9 165.6 177.4 178.8 179.0 180.6 182.4 '185.2 198.4
6.2 '15.0 '10.4
3.9 10.9
8.6
6.2
6.4
9.8 12.0
NATIONAL INCOME, BY DISTRIBUTIVE SHARES
Seasonally adjusted annual rates
by quarters
Annual totals
1949
1929
1933
1939
1941
1946
1947
1948
3
National income
Compensation of employees
2
. .
Wages and salaries
Private
.
Military
Government civilian
Supplements to wages and salaries.
Proprietors' a n d rental income 8
Business and professional
Farm
Rental income of persons
Corporate profits a n d inventory valuation adjustment
Corporate profits before tax
Corporate profits tax liability
Corporate profits after tax
Inventory valuation adjustment
Net interest
1950
1949
4
1
2
87.4
39.6
72.5 103.8 180.3 198.7 223.5 216.8 216.7 214 2 '216.9 '229 1
50.8
50.2
45.2
29.3
47.8
45.7
37.5
.3
28.8
23.7
.3
.4
na
64.3 117.1 128.0 140.2 140.6 140.® 140.2 142.3 '147.9 155.2
133.6 133.6 135.2 '140.6 147.7
61.7 111.2 122.1 134.4
113.7 113.0 112.7 114.3 '119.5 125.2
51.5 90.6 104.8 115.7 134.2
1.9
8.0
4.1
4.0
4.3
4.3
4.6
4.5
4 5
16.4 '16.6
7.1
'7.3
41.5 '41.2
21.4 22.3
12 8 '11 7
'7.1
7.3
4.6
.6
19.7
8.3
5.7
5.8
4.9
.5
7.2
2.9
2.3
2.0
7.8
2.1
14.7
6.8
4.5
3.5
8.3
2.6
20.8
9.6
6.9
4.3
12.7
5.9
42.0
20.6
14.8
6.6
13.2
5.9
42.4
19.8
15.6
7.1
14.7
5.8
47.3
22.1
17.7
7.5
16.1
6.4
41.7
21.0
13.4
7.3
16.3
6.4
40.1
20.7
12.2
7.2
16.4
6.6
4®.7
20.6
12.8
7.3
10.3
9.8
1.4
-2.0
.2
.5
— .4
-2.1
5.0
5.8
6.5
1.5
14.6
17.2
7.8
18.3
23.5
9.6
13.9
—5.2
2.9
24.7
30.5
11.9
18.5
-5.8
3.5
•31.8
29.9
27.6
10.6
17.0
2.2
4.7
31.8
28.2
10.8
17.3
3.7
4.8
28.4 '28 2
27.6 29.2
10.6 12.0
16.9 17 2
.8 ' - 1 . 0
4.8
5.0
8.4
.5
6.5
5.0
-.7
4.2
3
9.4
-2.6
4.1
33.9
13.0
20.9
-2.0
4.1
n a.
n.a.
7.5
45.4
24.7
13 3
7.4
35 © n a
37 A
n.a.
15 1
na
22 2
na
- 2 . 3 -7.9
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
GROSS NATIONAL PRODUCT, NATIONAL INCOME, AND PERSONAL INCOME—Continued
[Estimates of the Department of Commerce.
In billions of dollars]
GROSS NATIONAL PRODUCT OR EXPENDITURE
Seasonally adjusted annual rates
by quarters
Annual totals
1949
1929
1933
1939
1941
1946
1947
1948
3
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
78.8
9.4
37.7
31.7
15.8
7.8
6.4
1.6
.8
46.3
3.5
22.3
20.6
1.3
1.1
1.8
~1.6
.2
67.5
6.7
35.3
25.5
9.9
4.9
4.6
.4
.9
82.3 146.9 165.6 177.4 178.8 179.0 180.6 182.4
9.8
16.6 21.4 22.9 23.8 24.7 25.3 26 9
44.0 85.8 95.1 100.9 98.5 97.6 97.9 '97.4
28.5 44.5 49.1 53.7 56.4 56.6 57.4 '58 1
18.3 28.7 30.2 43.1 33.0 32.1 31.2 '41.7
6.8 10.3
13.9 17.7 17.3 16.9 18.2
19.9
7.7 12.3
17.1 19.9 19.5 19.4 18.7 1 9 . 9
3.9
6.1
-.8
5.5 - 3 . 7 - 4 . 2 - 5 . 7
'2.0
.1
1.1
4.6
8.9
1.9
.4
- . 7 '—1 7
8.5
1.3
1.3
8 0
2.0
2.0
(3)
7.2
(8)
5.9
13.1
5.2
1.3
3.9
(8)
7.9
24.7
16.9
13.8
3.2
Personal consumption expenditures
Durable goods
Nondurable goods
Services
Gross private domestic
investment
New construction 1
Producers' durable eQuipment
Change in business inventories
.. .
Net foreign investment
Government purchases of goods and
services . . . .
Federal
War.. .
Nonwar
Less! Government sales ^
State and local
2
1
4
3
Gross national product
1950
1949
)
30.9 28.6
20.9
15.8
21.2
2.5 }I7.1
1.3
2.7
10.0 12.8
36.6
21.0
21.5
.5
15.6
43 3
25.3
25.7
.4
18.0
43 2
25.1
25.8
.7
18.2
42 8
24.3
24.6
.3
18.5
'41 0
'22.2
'22.5
.3
18 7
'185.2 198.4
26 7 33.5
'99.3 104.9
'59 2 59 9
'46.9 48.4
'21.3 22.8
'22.3 27.1
3.4 - 1 . 5
-2.0 -3.3
'40 2
'21.4
'21.7
.3
18 8
40 8
21.2
21.4
.2
19 6
PERSONAL INCOME
[Seasonally adjusted monthly totals at annual rates]
Wages and salaries
Wage and salary disbursements
Year or month
Personal
income
Total
receipts4
Total
disbursements
Commodity DistribGovutive Service
produc- indusindus- erning intries
ment
dustries tries
DiviLess emProdends
ployee
Other
prietors'
and
contrilabor
and
perbutions income5 rental 6
sonal
for
income interest
social
income
insurance
TransNonfer
agriculpaytural
ments7 income8
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
74.0
68.3
72.6
78.3
95.3
122.7
150.3
165.9
171.9
177.7
191.0
209.5
206.1
45.4
42.3
45.1
48.9
60.9
80.7
103.6
114.9
115.3
109.2
119.9
132.2
132.0
.6
5
10 3
6.7
8.2
.6
.5
.6
.5
.6
10.5
11.5
13.7
15.3
16.6
17.4
17.4
17.8
17.8
17.8
8.2
8.5
10.2
16.1
26.8
33.5
35.6
20.6
17.2
18.7
20.4
20.6
20.9
21.1
21.0
9 7
10.0
10 6
11.4
13.2
14 5
16.1
17.2
2 4
2 8
3.0
3 1
3 1
3 2
3 0
3 6
6 2
11.4
11 8
11 2
.12.3
66 5
62 1
66.3
71 5
86 1
109 4
135 2
150 5
155 7
158.8
170 8
187 0
188.2
131.6
130.3
131.3
132.9
13.1
12.6
13.3
14.2
16.3
18.0
20.1
22.7
24.7
30.9
35.1
38.8
39.4
39.4
39.0
39.0
39.3
7.5
203.4
202 A
205.7
208.4
18.4
15.3
17.4
19.7
27.5
39.1
49.0
50.4
45.9
46.1
54.3
60.2
57.0
56.4
54.8
55.5
57.0
6.9
1949—September
October
November. . . .
December
45.9
42.8
45.7
49.6
61.7
81.9
105.4
117.1
117.7
111.3
122.0
134.3
134.2
133.8
132.5
133.4
135.1
1950—January
February
March
April
214.6
215.4
219.3
213.8
214 5
217.1
220.7
225.4
228.7
132.2
131.5
133.6
135.3
137.7
140.2
141.7
145.5
147.8
135.0
134.2
136.4
138.1
140.5
143.2
144.5
148.5
150.6
56.7
55.8
57.7
59.1
60.9
62.7
63.3
65.6
66.5
39.5
39.3
39.6
39.7
40.1
40.7
40.9
41.7
41.6
17.9
18.1
18.1
18.2
18.5
18.6
18.7
18.8
18.8
20.9
21.0
21.0
21.1
21 0
21.2
21.6
22.4
23.7
1937
1938
1939
1940
1941.
1942
1943
1944.
1945
1946.
1947
1948
1949.
. .
May
June
Tuly...
.
August
September
6.9
7.3
7.8
8.6
9.5
2.2
2.9
15 4
14.0
14.7
16.3
20.8
28.4
32.8
35.5
37.5
42.0
42.4
47.3
41.7
2.2
2.2
2.1
2.2
3.0
3.0
3.1
3.1
39.2
39.8
41.7
40.6
17.0
17.2
17.2
18.9
12.6
12.1
12.4
12.9
187.8
186.0
187.6
191.1
2.8
2.7
2.8
2.8
2.8
3.0
2.8
3.0
2.8
3.0
3.0
3.3
3.3
3 4
3.4
3.4
3.4
3.4
43.5
41.0
40.2
39.8
41 5
42.3
45 5
46.1
45.0
17.5
17.7
18.0
18.2
17 8
17.8
17 8
18.4
21.1
18.4
22.2
24.2
17.2
14 1
13.4
12 3
12.011.4
195.2
199.0
203.7
198.7
198 4
200.7
202 7
207.3
211.2
.7
.8
1.2
1.8
2.2
2.3
.6
.7
.9
1.3
1.5
2.0
2.1
1.9
2.4
2.2
2.8
8.7
9.2
9 4
9.9
' Revised.
Includes construction expenditures for crude petroleum and natural gas drilling.
Consists of sales abroad and domestic sales of surplus consumption goods and materials.
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.8 Such contributions are not available by industries.
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 8as consumer bad debts and other business transfers.
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.
1
2
3
DECEMBER
1950
1677
CONSUMER CREDIT STATISTICS
TOTAL CONSUMER CREDIT, BY MAJOR PARTS
[Estimated amounts outstanding. In millions of dollars]
Noninstalment credit
Instalment credit
Total
consumer
credit *
End of year
or month
Total
instalment
credit
Total
Automobile
Other
Sale credit
Loans *
Total
noninstalment
credit 1
Singlepayment
loans 3
Charge
accounts
Service
credit
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
4,424
5,417
5,887
3,048
2,001
2,061
2,364
4,000
6,434
8,600
10,890
2,792
3,450
3,744
1,617
1,267
1,729
1,942
1,525
1,721
1,802
1,135
942
1,648
3,086
4,528
6,240
227
544
1,151
1,961
3,144
715
1,104
1,935
2,567
3,096
1,632
1,967
2,143
1,431
1,119
1,170
1,422
2,352
3,348
4,072
4,650
2,607
2,746
2,939
2,644
2,599
2,915
3,263
4,677
5,428
5,766
5,919
530
536
565
483
414
428
1,018
1,544
1,650
1,764
1,513
1,498
1,758
1,981
3,054
3,612
3,854
3,909
533
560
610
648
687
729
. .
7,031
8,163
8,826
5,692
4,600
4,976
5,627
8,677
11,862
14,366
16,809
920
963
992
1949—September.....
October. .
November
December
14,957
15,336
15,884
16,809
9,899
10,166
10,441
10,890
5,438
5,661
5,880
6,240
2,876
2,986
3,085
3,144
2,562
2,675
2,795
3,096
4,461
4,505
4,561
4,650
5,058
5,170
5,443
5,919
962
979
996
1,018
3,123
3,197
3,454
3,909
973
994
993
992
1950—January
February......
March.
April
16,368
16,159
16,338
16,639
17,077
17,651
18,295
18,842
19.315
19,366
10,836
10.884
11,077
11,322
11,667
12,105
12,598
13,009
13.337
13,379
6,174
6,213
6,334
6,511
6,733
6,995
7,343
7,613
V
7,858
7,879
3,179
3,256
3,355
3,470
3,600
3,790
3,994
4,107
4,213
4,231
.2,995
2,957
2,979
3,041
3,133
3,205
3,349
3,506
3,645
3,648
4,662
4,671
4,743
4,811
4,934
5,110
5,255
5,396
5,479
5,500
5,532
5,275
5,261
5,317
5,410
5,546
5,697
5,833
5.978
5,987
1,027
1.034
1,045
1,067
1,092
1,116
1,133
1,157
1,190
1,232
3,506
3,233
3,211
3,241
3,290
3,392
3,527
3,636
3,741
3,703
999
1,008
1,005
1,009
1,028
1,038
1,037
1,040
1,047
1,052
1939 .
1940
1941
1942
1943
1944
1945
1946
1947
1948
1949
. ...
May
June
July
August . . .
September?....
October?......
482
175
200
882
891
707
691
510
749
896
949
772
874
1
P2 Preliminary.
Revised beginning January 1929 to incorporate changes in single-payment loan component.
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]
Loans made by principal lending institutions
(during period)
Amounts outstanding
(end of period)
^Year or month
Total
Commercial1
banks
Small
loan
companies
Industrial
banks 2
Industrial
loan
com- 2
panies
Credit
unions
Miscellaneous
lenders
Insured
repair
Comand
modern- mercial
ization3 banks 1
loans
Small
loan
companies
Industrial
banks 2
Industrial
loan
com- 2
panies
Credit
unions
f929
643
43
263
21 9
23
95
463
41 3
38
1933
466
29
246
121
20
SO
322
202
32
1939
1940 . . . . . . . . . . .
1941
$942. . .
.
1943
.
f944
. ...
1945
1946
1947
1948
1949
1,632
1,967
2,143
1,431
1,119
1,170
1,422
2,352
3,348
4,072
4,650
523
692
448
498
131
132
99
104
135
174
96
99
200
268
784
531
134
107
200
102
285
477
956
1,435
1,709
1.951
1949—September. .
October.....
November...
December...
4,461
4,505
4,561
4,650
L,922
U936
,944
L.951
4,662
4,671
4,743
4,811
4,934
5,110
June.
5,255
July
5,396
August
September?. 5,479
October?. . . 5,500
J#50—January. . . .
February....
March
April
May
72
59
130
104
439
597
76
117
68
60
70
98
103
153
100
701
166
134
225
119
417
364
357
384
1,957
1,973
2,026
> 066
2,134
2,233
2,316
2,401
2,462
2,463
89
67
91
86
88
93
109
426
316
206
123
113
680
1,017
1,198
792
639
749
827
912
975
784
800
869
261
255
255
182
151
155
194
198
237
297
203
344
236
201
198
146
128
139
151
210
739
801
956
1,231
1,432
1,534
1,737
166
231
568
942
1,793
2,636
3,069
3,282
310
282
318
334
199
286
428
577
712
164
322
817
929
204
250
855
858
875
929
235
239
244
250
172
172
173
175
379
385
394
402
135
135
137
142
763
780
794
801
278
272
269
280
128
134
161
232
34
34
36
41
27
26
28
31
65
59
64
69
931
928
936
945
959
978
995
1,009
1,010
1,026
251
254
258
262
267
275
282
290
295
294
175
174
176
178
182
187
192
197
201
201
404
408
421
431
450
474
495
514
524
523
142
142
143
144
145
147
149
150
150
152
802
792
783
785
797
816
826
835
837
841
269
268
336
307
348
379
381
387
356
298
131
126
163
154
168
175
166
166
149
149
37
34
43
37
43
46
45
46
40
39
27
25
31
28
32
34
32
33
32
28
59
61
78
70
83
93
84
88
76
67
160
175
312
402
131
142
375
418
p2 Preliminary.
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 2other loans made during October were 11 million.
Figures include only personal instalment cash loans, retail automobile direct loans, and other retail direct loans. Direct retail instalment
loans3 are obtained by deducting an estimate of paper purchased from total retail instalment paper;
Includes only loans insured by Federal Housing Administration.
1678
FEDERAL RESERVE BULLETIN
CONSUMER CREDIT STATISTICS—Continued
CONSUMER INSTALMENT SALE CREDIT, EXCLUDING
AUTOMOBILE CREDIT
[Estimated amounts outstanding. In millions of dollars]
End of
year or
month
Total,
excluding automobile
Department
stores
and
mailorder
houses
Furniture
stores
Household
appliance
stores
Jewelry
stores
All
other
retail
stores
1,197
160
583
265
56
133
663
119
299
119
29
97
1939
1,525
1,721
1940
1,802
1941
1,135
1942
707
1943
691
1944.,...,
715
1945
1,104
1946
1,935
1947
2,567
1948
3,096
1949
377
439
466
252
172
183
198
337
650
874
1,010
536
599
619
440
289
293
296
386
587
750
935
273
302
313
500
93
110
120
76
57
56
57
89
144
152
163
246
271
284
179
111
109
113
174
305
404
488
121
123
127
163
404
421
440
488
1929..
1933
188
78
50
51
118
249
387
1949
September.
October,..
November.
December.
2,562
2,675
2,795
3,096
818
855
906
1,010
784
822
858
935
435
454
464
500
1950
January...
February..
March....
April
May
June
July
August....
September*
October ?. .
2,995
2,957
2,979
3,041
3,133
3,205
3,349
3,506
3,645
3,648
975
958
960
979
1,011
1,032
1,081
1,123
1,159
1,172
902
891
899
913
935
947
976
998
1,028
1,020
491
492
627
616
618
631
650
665
695
727
756
757
502
518
537
561
597
658
702
699
CONSUMER INSTALMENT CREDITS OF INDUSTRIAL
BANKS, BY TYPE OF CREDIT
[Estimates. In millions of dollars]
Year or month
Total
Retail instal-2
ment paper
Automobile
Other
Repair Personal
and
instalmodern- ment
ization
cash
loans x 2
loans
Outstanding at end
off period:
1947
1948
1949
233.5
286.2
343.2
50.0
66.6
93.6
30.2
43.4
63.1
43.3
51.7
55.4
110.0
124.5
131.1
1949—September..
October
November..
December..
323.7
329.6
336.3
343.2
85.3
88.7
91.7
93.6
54.6
56.6
59.2
63.1
53.9
55.0
55.5
55.4
129.9
129.3
129.9
131.1
1950—January
February.. .
March
April......
May
June
July
August....
September ?
October v . .
344.6
347.4
350.5
355.0
361.8
371.0
380.4
389.8
396.4
395.6
96.1
98.6
100.4
102.6
105.6
111.9
115.8
119.4
121.9
121.5
63.9
65.2
66.9
68.9
70.7
71.9
73.4
76.2
79.3
80.3
54.7
54.2
53.0
52.8
53.5
54.2
54.9
55.5
56.1
56.1
129.9
129.4
130.2
130.7
132.0
133.0
136.3
138.7
139.1
137.7
"Volume extended
during month:
1949—September..
October
November..
December..
43.5
45.6
45.8
47.0
12.5
13.7
13.7
11.9
7.8
8.5
8.8
10.3
4.3
4.8
4.2
3.3
18.9
18.6
19.1
21.5
1950—January
February...
March
April......
May
June
July
August....
September?
October ? . .
41.9
40.3
47.3
43.1
48.9
51.1
50.5
52.7
47.2
43.5
12.3
12.6
13.5
12.
13.9
15.7
16.2
15.4
13.7
11.3
7.8
7.6
9.7
8.8
9.6
8.9
8.9
11.0
10.5
9.6
2.7
2.7
2.5
3.0
4.2
4.3
3.9
4.1
3.9
3.9
19.1
17.4
21.6
18.6
21.2
22.2
21.5
22.2
19.1
18.7
CONSUMER INSTALMENT CREDITS OF COMMERCIAL
BANKS, BY TYPE OF CREDIT
[Estimates. In millions of dollars]
Other
retail,
purPur- Direct chased
chased loans and
direct
Automobile
retail
Year or month
Outstanding at end of
period:
1947
1948
1949
1949—September...
October
November...
December. . .
1950—January
February....
March
April
May.
June
July
August
September P. .
October P. . . .
Volume extended during month:
1949—September...
October
November...
December. . .
1950—January
February....
March......
April
May
June
July
August
September?..
October?
Total
2,701
346
570
3,563
854
4,416
4,140
780
811
4,247
835
4,326
854
4,416
4,465
866
888
4,494
922
4,595
953
4,688
992
4,862
5,084 1,050
5,291 1,110
5,493 1,143
5,685 1,177
5,733 1,183
568
593
576
593
554
542
646
607
721
768
789
799
782
647
117
125
118
113
111
117
142
130
148
165
174
157
152
123
536
736
915
905
915
922
915
922
935
964
992
523
751
922
803
839
868
922
Repair
and
modernization
loans12
500*
1,035 1,028
1,096 1,064
1,158 1,112
1,217 1,178
1,251 1,258
1,255 1,284
636
781
730
755
772
781
779
783
774
780
804
834
851
872
891
906
121
136
131
154
137
118
139
129
163
154
167
187
211
166
62
70
67
57
47
49
42
52
74
82
80
82
75
71
953
941
966
983
123
123
115
105
116
124
151
141
164
184
191
190
174
132
Personal
instalment
cash
loans
796
870
944
922
927
929
944
945
947
969
980
1,003
1,040
1,060
1,083
1,108
1,105
145
139
145
164
143
134
172
155
172
183
177
183
170
155
CONSUMER INSTALMENT CREDITS OF INDUSTRIAL
LOAN COMPANIES, BY TYPE OF CREDIT
[Estimates. In millions of dollars]
Year or month
Total
Retail instal-2
ment paper
Repair Persona!
instaland
modern- ment
cash
ization12
loans
loans
Automobile
Other
1949—September..
October
November..
December..
1950—January
February...
March
April
May
June
July
August
September?
October? . .
148.2
177.1
194.7
190.9
191.2
192.5
194.7
194.8
193.7
196.2
198.7
202.8
208.7
214.3
219.9
223.8
223.8
27.1
38.3
43.5
43.0
44.2
44.1
43.5
44.3
44.6
46.1
47.5
49.5
52.3
54.8
55.9
57.2
57.6
17.1
23.7
31.4
30.0
30.2
30.5
31.4
31.1
30.8
31.0
31.6
32.7
34.3
35.9
39.2
41.1
41.5
4.2
5.0
6.5
5.7
6.0
6.3
6.5
6.6
6.6
6.5
6.4
6.7
6.9
7.2
7.3
7.4
7.3
99.8
110.1
113.3
112.2
110.8
111.6
113.3
112.8
111.7
112.6
113.2
113.9
115.2
116.4
117.5
118.1
117.4
Volume extended
during month:
1949—September..
October
November..
December..
1950—January
February...
March
April
May
June
July..
August....
September?
October?...
27.9
28.3
28.7
31.3
27.7
25.4
31.2
29.2
33.1
35.4
34.8
35.5
32.8
29.0
6.1
7.1
5.7
5.4
6.5
5.6
7.3
6.9
7.9
8.9
9.1
8.1
7.5
6.8
3.9
3.9
4.0
4.4
3.3
3.5
4.0
3.9
4.8
5.3
5.7
7.3
6.0
4.7
0.5
0.5
0.5
0.4
0.3
0.3
0.3
0.4
0.5
0.5
0.5
0.5
0.4
0.4
17.4
16.8
18.5
21.1
17.6
16.0
19.6
18.0
19.9
20.7
19.5
19.6
18.9
17.1
Outstanding at end
of period:
1947
1948
1949
? Preliminary.
* Includes not only loans insured by Federal Housing Administration but also noninsured loans.
Includes both direct loans and paper purchased.
2
DECEMBER
1950
1679
CONSUMER CREDIT STATISTICS—Continued
FURNITURE STORE STATISTICS
Percentage change
from preceding
month
Item
Percentage change
from corresponding
month of preceding
year
Oct. Sept.
1950? 1950
Aug.
1950
+1
+10
+14
+7
+19
+6
+21
Net sales:
Total/ 3
Cash sales
Credit sales:
Instalment
Charge account
-10
+8
-17
+5
Accounts receivable, end
of month:
Total
Instalment
Collections during
month:
Total
Instalment
Inventories, end of
month, at retail value.
+7
-11
RATIO OF COLLECTIONS TO ACCOUNTS RECEIVABLE 1
Oct. Sept.
1950P 1950
Aug.
1950
+26
+24
+25
+29
+21
+26
+38
-2
+18
+47
0
0
+4
+3
+4
+2
+26
+23
+32
+28
+31
+28
+4
+6
+3
+3
+7
+7
+24
+20
+29
+22
+23
+16
+12
+7
+8
+30
+24
+20
Charge
accounts
Instalment accounts
Year or month
Household ap- Jewelry
pliance
stores
stores
Department
stores
Furniture
stores
1949
September...
October
November...
December...
20
20
20
20
11
11
11
10
12
12
12
12
13
14
13
16
52
53
54
52
1950
January
February
March
April.
May
June
July
August
September...
October?
18
17
19
17
18
17
17
18
18
18
10
10
11
10
10
10
11
11
11
11
12
11
12
11
12
10
11
11
11
11
()
49
47
53
50
52
51
49
50
51
51
(2)
(2)
()
8
(2)
P Preliminary.
Collections during month as percentage of accounts outstanding at
beginning
of month.
2
Collection of these data for jewelry stores was discontinued after
December 1949.
1
P Preliminary.
Department
stores
DEPARTMENT STORE SALES, ACCOUNTS RECEIVABLE, AND COLLECTIONS
Index numbers, without seasona adjustment, 1941 average=100
Accounts receivable
at end of month
Sales during month
Year or month
Cash
sales
Instalment
sales
Charge
account
sales
Cash
Instalment
Charge
account
Instalment
Charge
account
Instalment
Charge
account
100
114
100
82
71
66
67
101
154
100
102
100
91
100
103
100
110
48
56
9
6
43
38
112
125
176
200
100
78
46
38
37
50
88
79
80
107
61
5
34
192
219
142
213
165
198
145
162
202
214
225
213
100
131
165
188
211
242
237
236
216
1949—September
October
November . . . . .
December
213
220
254
372
209
••215
247
380
227
'246
259
325
215
'220
260
373
J950—January
February
March
April
May
June
July
August
164
156
203
204
212
203
184
210
177
186
233
218
226
207
259
292
October P
234
229
162
152
199
202
205
199
173
196
217
216
306
270
NOTE.—Data
Collections during
month
Total
Averages of monthly
data:
1941
1942
1943
1944
1945
1946
1947
1948
1949
P Preliminary.
Percentage of total sales
130
199
103
84
94
138
174
70
69
91
133
112
127
168
198
4
4
4
6
7
8
32
32
37
39
196
200
181
222
224
64
64
59
55
52
50
165
175
189
214
182
191
213
285
191
202
211
227
185
214
232
245
49
48
48
50
9
10
9
8
42
42
43
42
164
154
202
204
217
208
181
209
209
207
209
212
217
219
230
241
222
191
185
190
194
194
184
191
233
222
250
226
231
230
229
250
319
241
230
210
222
226
216
212
49
48
49
49
48
48
47
46
10
11
10
9
9
9
12
12
238
236
256
261
210
216
269
283
221
243
46
47
12
10
41
41
41
42
43
43
41
42
41
42
42
43
r
Revised,
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
CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOKS
BANK CREDIT, MONEY RATES, AND BUSINESS *
Chart
book
page
WEEKLY FIGURES »
1950
Oct.
Nov.
Nov.
Nov.
15
MEMBER BANKS IN LEADING CITIES
All reporting b a n k s ;
Loans and investments
14
U. S. Govt. securities, total 14
Bonds
16
Notes and certificates..., 16
Bills
16
Other securities
18
Demand deposits adjusted.. 14
U. S. Govt. d e p o s i t s . . . . . . . 14
Loans, total.
14
Commercial.
18
Real estate
18
For purchasing securities:
Total
18
U. S. Govt. securities
18
Other securities
, 18
Other
18
New York City b a n k s :
Loans and investments
15
U. S. Govt. securities, total. 15
Bonds, total holdings..... 1
Due or callable—5 years 1
Notes and certificates.... 17
Bills
17
Demand deposits adjusted., 15
U. S. Govt. deposits
15
Interbank deposits
15
Time deposits
15
Loans, total
15
Commercial
19
For purchasing securities
To brokers:
O n U . S. Govts
19
On other securities... 19
To others
19
Real estate and other
19
Banks outside New York City:
Loans and investments..... 15
U.S. Govt. securities, total., 1
Bonds
1
Notes and certificates
1
Bills
1
Demand deposits adjusted., 15
U. S. Govt. deposits
15
Interbank deposits
15
Time deposits
15
Loans, total
15
Commercial
19
Real estate
19
For purchasing securities. I1
Other
19
MONEY RATES, ETC.
1950
Oct.
25
Nov.
In billions of dollars
19.75 19.86 19.85 20.17 20.16
BUSINESS CONDITIONS
19.23 19.29 19.31 19.43 19.30
.97
.82
.78
.97 Wholesale prices:
.78
14.36 14.31 14.26 14.17 14.05 Indexes (1926=100):
4.06 4.20 4.27 4.28 4.27
Total
. 65
23.29 23.25 23.20 23.15 23.10
Farm products . . . . . . . . „ , 65
27.12 27.22 27.39 27.30 27.45
Foods
65
1.72 1.76 1.59 1.65 1.82
Other commodities....... 65
16.65 16.67 16.63 17.05 16.62
Basic commodities:
4.44
4.67 4.47 4.42 4.48
(Aug. 1939=100):
1.16 1.15 1.17 1.17 1.16
Total
67
6.52 6.40 6.42 6.52 6.51
Foodstuffs
67
4.63 4.48 4.64 4.71 4.69
Industrial materials
67
P16.01
15.96 15.95 15.91 16.04
Selected farm products:
.72
.69
.73
1.01 P.73
Wheat (cents per bushel). 68
3
.
0
1
.05
.18 (3)
()
Corn (cents per bushel)... 68
.01 - . 0 1
- . 0 1 (3)
(3)
Cotton (cents per pound). 68
.14
.13
.19
.22
.11
Steers
(dollars per 100
.65
.59
P.63
.46
.58
pounds)
68
Cows (dollars per 100
pounds)
68
Hogs (dollars per 100
69.23 69.24 69.37 69.41 69.6
pounds)
68
33.73 33.54 33.39 33.35 33.31
Butter (cents per pound). 68
22.37 22.25 22.23 22.24 22.19
Eggs (cents per dozen)... 68
8.81 8.81 8.81 8.83 8.85
2.55 2.48 2.35 2.28 2.26 Production:
Steel (% of capacity)
71
6.36 6.32 6.31 6.28 6.33
49.89 49.47 49.23 49.25 49.85 Automobile (thous. c a r s ) . . . 71
Crude petroleum (thous.
1.84 1.93 1.89 2.17 1.94
bbls.)
72
29.14 29.39 29.67 29.79 30.04
16.28 16.49 16.68 16.92 16.99 Bituminous coal (mill, tons). 72
Paperboard
(thous.
t
o
n
s
)
.
.
.
73
5.12 5.13 5.15 5.17 5.19
Meat (mill, pounds)
73
Electric
power
(mill.
kw.
hrs.)
75
2.14 2.08 2.11 2.11 2.20
.60
.57
.52
.65
.65 Freight carloadings (thous. cars):
Total
74
1.49 1.56 1.51 1.54 1.55
Miscellaneous
74
'5.75 '5.77 5.79 5.79 5.80
Department store sales
(1935-39=100)
75
19.77 19.66 19.61 19.61 19.7
9.02 8.95 8.84 8.81 8.83
6.25
6.38 6.28 6.27 6.25
4.70 4.62 4.62 4.61 4.61
1.74 1.77 1.78 1.81 1.8:
.77
.80
.90
.76
.90
15.62 15.35 15.23 15.17 15.51
.52
.54
.60
.53
.52
MONTHLY FIGURES
4.12 4.12 4.09 4.29 3.96
1.52 1.52 1.51 1.53 1.53
DEPOSITS
AND CURRENCY
9.18
8.93 8.96 9.02 9.06
5.74 5.83 5.88 5.95 5.98 Deposits and ^currency«
Total deposits and currency.
.34
.42
.41 Total deposits adjusted and
.36
.29
currency
6
.80
.74
.73
.77
.78
.27
.27
.29
.27
.28 Demand deposits adjusted.. 6
Time deposits adjusted
6
1.68 1.70 1.71 1.72 1.73
Currency outside b a n k s . . . . 6
U. S. Govt. deposits
6
49.46 49.58 49.77 49.81 49.
in circulation, t o t a l . . .
24.71 24.59 24.55 24.54 24.47 Money
Bills of $50 and over
15.99 15.97 15.96 15.99 15.95 $10
and
$20 bills
7.03
7.07 7.04 7.03 7.02
Coins, $1, $2, and $5 bills... 7
1.65 1.59 1.56 1.52 1.50
34.3'
34.28 34.12 34.00 34.08
1.31 1.39 1.37 1.57 1.42
6.84 6.92 7.16 7.69 7.013.66 13.65 13.68 13.66 13.60 Turnover of demand deposits:4
20.21 20.43 20.66 20.73 20.85 New York City
8
10.55 10.66 10.80 10.97 11.01 Other leading cities
8
4.70 4.71 4.73 4.73 4.75
.74
.73
.74
.74
.71
4.51
4.49 4.49 4.50 4.50
COMMERCIAL BANKS
Nov.
Nov.
15
Nov.
22 i
In unit indicated
WEEKLY FIGURES 2—Cont.
RESERVE BANK CREDIT, ETC.
Reserve Bank credit, total
2
U. S. Govt. securities, total.. 3
Bills
Notes and certificates....
Bonds
Gold stock
Money in circulation
Treasury cash and deposits...
Member bank reserves, total. .2,
New York City
Chicago
Reserve city banks
Country banks
Required reserves
Excess reserves, total«
New York City
Chicago
Reserve city banks
Country banks e
Nov.
22 i
Chart
book
page
168.9 '169.6
178.7 179.7
174.0 174.0
160.8 1 6 1 . 9
170.0
181.3
173.6
162.2
171.0
183.1
176.5
162.6
171.2
184.9
177.5
162.4
331.2
351.7
319.7
334.4 339.9 345.7 347.0
351.3 356.3 362.3 360.8
326.1 332.9 337.5 339.9
217.8
153.4
39.9
219.7
155.2
40.3
219.0
160.5
41.2
219.9
160.9
42.9
30.20 30.60 31.13
31.13
20.03
20.55 20.75
20.43
19.52
63.1
40.4
19.12
62.8
42.2
18.60
63.2
44.5
18.11
64.0
46.7
20.28
17.98
64.8
52.6
102.6
179
102.4
170
103.0
150
102.7
117
102.7
115
221.0
159.3
43.5
31.31
5,823 5,823 5,837 5,809 5.813
1.94
1.90
1.83
1.97
1.81
240
236
234
238
229
326
343
339
370
334
6,563 6,551 6,574 6,728 6,508
888
423
862
417
840
404
837
402
701
346
••314
315
342
368
319
1950
Aug.
Sept.
Oct. 1
In billions of dollars
P175..5O
P176.50
P176.50
P171.00
P87.40
P59.10
P24.50
P4.50
27.12
8.33
14.24
4.56
P171.7O'
P88.10
P59.10
P24.50
P4.80
27.16
8.33
14.24
4.59
Pi 73.00
P89.40
P59.10
P24.60
P3.50
27.23
8.33
14.26
4.64
Annual rate
40.2
21.9
36.0
21.9
32.3
21.5
In billions of dollars
Per cent per annum
U. S. Govt. securities:
Cash assets •
Bills (new issues)
, 30 1.316 1.341 1 .350 1 .366 1.38C Loans
and investments, total 9 .
1.47
1.47
1.47
1.47
Certificates
30 1.45
Loans e
1.66
1.62
1.64
.162 1.60
3-5 years
30
U.
S.
Govt. securities e
1.96
1.95 1.94 1.94
7-9 years
30 1.96
Other securities«....'.
15 years or more
30, 32 2.38 2.39 2.38 2.37 2.37 Holdings
of U. S. Govt. seCorporate bonds:
curities:
Aaa
32 2.68 2.68 2.67 2.66 2.66
Within
1
year:
Baa
.-...'
32 3.23 3.23 3.22 3.21 3.2
Total
1.79
1.79
1.79
1.79
High-grade municipal bonds . 32 1.79
Bills
Certificates
In unit indicated
Notes and bonds
Stock prices (1935-39=100):
Over
1 year:
155
154
157
160
158
Total
34
Total
171
167
167
170
17
Industrial
34
Notes
and bonds (1-5 yrs.)
124
128
123
128
132
Railroad
34
Bonds (5-10 yrs.)
107
105
105
105
106
Public utility
34
Bonds
(over 10 yrs.)
2.04
1.71
1.96
1.83
2.37
Volume of trading (mill, shares) 3'
P27.20
P123.30
P47.30
P64.20
Pll.80
P27.80
P123.70
^49.00
P62.50
P12.10
P28.40
P124.50
10
10
10
10
16.24
3.64
2.94
9.66
19.52
3.77
2.44
13.31
P20.40
P3.90
2>2.00
P14.50
10
10
10
10
41.22
31.14
5.92
4.16
36.14
25.91
6.06
4.17
P35.00
P24.70
P6.10
P4.20
P49.90
P62.50
P12.10
For footnotes see p. 1684.
DECEMBER
1950
1681
CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOKS—Continued
BANK CREDIT, MONEY RATES, AND BUSINESS—Continued
Chart
book
page
1950
Aug.
Sept. Oct.
In billions of dollars
MONTHLY FIGURES—Cont.
MEMBER BANKS
All m e m b e r b a n k s :
Loans and investments, total
Loans
U. S. Govt. securities
Other securities
Demand deposits adjusted e
Time deposits
Balances due to banks
Balances due from banks
Reserves
Central reserve city b a n k s :
Loans and investments, total
Loans
U. S. Govt. securities
Other securities.. %
Demand deposits adjusted e
Time deposits
Balances due to banks
Reserves
Reserve city b a n k s :
Loans and investments, total
Loans
U. S. Govt. securities
Other securities....
Demand deposits adjusted e
Time deposits.
Balances due to banks
Balances due from banks
Reserves
Country banks:
Loans and investments, total
Loans
U. S. Govt. securities
Other securities
Demand deposits adjusted e
Time deposits
Balances due from banks
Reserves
Chart
book
page
1
1950
Aug.
Sept.
Oct.i
In billions of dollars
MONTHLY FIGURES—Cont.
GOVERNMENT FINANCE—Cont.
12
12
12
12
12
12
12
12
12
... .
104.29 104.55 105.26
39.98 41.54 42.35
54.43 52.88 52.8:
9.88 10.13 10.10
74.31 74.86 75.79
29.48 29.46 29.46
10.68 10.95 11.46
5.72
5.37
5.45
16.27 16.60 16.73
12
12
12
12
12
12
12
12
25.21
10.09
12.73
2.38
19.20
2.87
4.73
5.50
25.16
10.60
12.12
2.45
19.31
2.89
4.88
5.67
25.27
10.77
12.12
2.38
19.
2.85
5.03
5.67
13
13
13
13
13
13
13
13
13
39.38
15.85
20.03
3.50
26.50
11.66
5.09
1.70
6.28
39.54
16.53
19.40
3.61
26.74
11.63
5.19
1.73
6.36
39.84
16.93
19.30
3.61
27.21
11.66
5.49
1.82
6.45
13
13
13
13
13
13
13
13
39.70
14.04
21.67
3.99
28.61
14.95
3.51
4.50
39.86
14.42
21.36
4.08
28.81
14.93
3.57
4.57
40.14
14.64
21.39
4.11
29.11
14.95
3.75
4.61
Ownership of U. S. Govt. securities—Cont.
Marketable public issues—Cont.
By class of security—Cont.
Bonds—Total outstanding. . . .
24
Nonbank (unrestricted issues
only), commercial bank,
and F. R. Bank
24
Commercial bank and F. R.
Bank.
24
F. R. Bank
24
By earliest callable or due date:
Within 1 year-Total outstanding 25
Commercial bank and F. R.
Bank
25
F. R. Bank
25
1-5 years—Total outstanding.
25
Commercial bank and F. R.
Bank.
25
F. R. Bank
25
5-10 years—Total outstanding 25
Nonbank (unrestricted issues
only), commercial bank,
and F. R. Bank
25
Commercial Bank and F. R.
Bank
25
F. R. Bank
25
Over 10 years—Total outstanding
25
Nonbank (unrestricted issues
only), commercial bank,
and F. R. Bank
25
Commercial bank and F . R.
Bank
25
F. R. Bank
25
!ash income and outgo:
Cash income
26
Cash outgo
26
Excess of cash income or o u t g o . . . .
26
102.95
CONSUMER CREDIT •
Consumer credit, total 5 5
Single-payment loans
Charge accounts
Service credit
Instalment credit, total
Instalment loans
,
Instalment sale credit, total
Automobile
Other
20
20
20
20
.20, 21
21
21
2.1
21
18.84 P19.32
1.16 Pl.19
3.64 P3.74
1.04 Pi. 05
13.01 P13.34
5.40 P5.48
7.61 P7.86
4.11 P4.21
3.51 P3. 65
GOVERNMENT FINANCE
Gross debt of the U. S. Government:
Total (direct and guaranteed)
Bonds (marketable issues)
Notes, certificates, and bills
Savings bonds, savings n o t e s . . . .
Special issues
Guaranteed, noninterest-bearing
debt, etc
Ownership of U. S. Govt. securities:
Total:
Commercial banks e
Fed. agencies and trust f u n d s . . .
F..R. Banks
Individuals *
Corporations 6
Insurance companies e e
Mutual savings banks
State and local govts. •
Miscellaneous«
Marketable public issues:
By class of security:
Bills—Total outstanding
Commercial bank and F. R.
Bank
F. R. Bank
Notes and certificates—Total
outstanding.
Commercial bank and F. R.
Bank
F. R. Bank.
22
22
22
22
22
257.89 257.24
102.95 96.83
52.21 56.95
66.38 66.29
32.71 33.40
22
3.64
3.77
23
23
23
23
23
23
23
23
23
64.10
38.14
18.36
67.40
19.50
20.00
11.40
8.20
10.80
62.20
38.89
19.57
67.40
19.40
19.70
11.20
8.10
10.70
24
13.64
13.64
24
24
5.94
2.30
5.29
1.51
24
38.57
43.32
24
24
25.70
9.29
30.69
14.27
96.83
56.69
50 .82
P51.20
44.16
6.77
39 .26
3 .79
P39.60
4.18
50.75
54 .08
53.77
30.54
14.31
43.36
30 .35
10 .84
38 .63
P30.90
10.51
37.95
32.77
1.64
15.93
32 .01
6 .10
15 ,93
P-30.40
5.72
15.93
8.37
8 .45
P8.5O
6.84
.91
7 .04
.98
P7.10
1.00
45.13
45 .13
6.42
6 .60
5.65
1.50
5 .83
1 .66
P6.2O
2.03
3.52
3.01
4 .87
3 .20
2.43
3.34
-.91
+ .51 +1 .67
Per cent
MONEY RATES, ETC.
Treasury bills (new issues)
Corporate bonds:
Aaa
Baa
P19.37 F. R, Bank discount rate
Pl.23 Commercial paper
P3. 70 Stock yields:
Pl.05 Dividends/price ratio:
P13.38
Common stock
P5.50
Preferred stock
96 .83
29
1.211
1.315
1. 329
29
29
29
29
2.61
3.23
6 1.75
1.44
2 64
3.21
1.75
1.66
2 .67
3 .22
1 .75
1 .73
33
33
6.66
3.85
6.45
3.85
6 .76
3 .88
P7.
P4.23
P3. 65
In unit indicated
Margin requirements (per cent)
35
Stock prices (1935-39 =100), t o t a l . . .
35
Stock market credit (mill, dollars):
Bank loans
35
Customers' debit balances
35, 36
Money borrowed
36
Customers' free credit balances
36
256.96 Volume of trading (mill, shares)
35
96.83
55.95
BUSINESS CONDITIONS
66.95
33.54 Personal income (annual rates, bill,
dollars):' *
Total
48
3.68
Wage and salary receipts
48
Proprietors' income, dividends, and
P62.10
interest
48
39.01 All other
48
19.25 Labor force (mill, persons): •
P67.30 Total
49
49
P19.70 Civilian
Unemployment
49
P19.50
Employment
49
Pll.10
Nonagricultural
49
P8. 10
P10.90 Employment in nonagricultural 4establishments (mill, persons): •
Total
50
Manufacturing
and mining
50
13.63
Construction
50
P4.70 Transportation and utilities
50
50
.76 Trade
Government
50
42.32 Hours and earnings at factories:
Weekly earnings (dollars)
51
P30.30 Hourly earnings (dollars)
51
51
14.31 Hours worked (per week)
50
147
50
152
518
533
1,284
751
738
1.93
50
158.
546
1,351
759
771
2.14
225.4 '228.7
145.5 147.8
230.1
150.1
1,231
752
780
1.67
64.5
15.4
'66.1
14.8
64.7
15.4
66.2
64.9
2.5
62.4
54.2
65.0
63.6
2.3
61.2
53.4
65.4
63.7
1.9
61.8
53.3
••44.89
16.27
'2.43
4.07
••9.64
'5.88
45.19 P45.28
16.39 P16.48
2.44 P2.47
4.12 P4.12
9.66 P9.62
5.98 P6.02
••60.28
60.68 P61.98
1.480 Pi.497
41.0 P41.4
1.463
41.2
For footnotes see p. 1684.
1682
FEDERAL RESERVE BULLETIN
CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOKS—Continued
BANK CREDIT, MONEY RATES, AND BUSINESS—Continued
Chart
book
page
1950
Aug.
Sept.
Oct.
In unit indicated
1950
Aug.
Sept.
Oct.*
In unit indicated
MONTHLY FIGURES—Cont.
MONTHLY FIGURES—Cont.
BUSINESS CONDITIONS—Cont.
BUSINESS CONDITIONS—Cont.
Industrial production: 4
Total (1935-39=100)
Groups (points in total index):
Durable manufactures
Nondurable manufactures.
Minerals.
Manufacturing production
(1935-39 = 100), total
Durable
Nondurable
Selected durable manufactures
(1935-39=100):
Nonferrous metals
Steel
Cement
Lumber
Transportation equipment
Machinery
Selected nondurable manufactures
(1935-39=100):
Apparel wool consumption
Cotton consumption
Shoes
Paperboard
Newsprint consumption
Manufactured food p r o d u c t s . . . .
Fuel oil
Gasoline
Industrial chemicals
Rayon
Sales, inventories, and orders: 7
Sales (bill, dollars):*
Manufacturing, total
Durable
Nondurable
Wholesale, total
Durable...
Nondurable
Retail, total
Durable
Nondurable
Inventories (bill, dollars):4
Manufacturing, total
Durable
Nondurable
Wholesale
Retail
New orders (bill, dollars):
Durable
Nondurable
Construction contracts 4(3 mo. moving
avg., mill, dollars) :
Total...
Residential
Other
Residential construction:
Contracts awarded (mill, dollars):
Total
1- and 2-family dwellings
Other
Dwellings started (thous. units) . . .
Value of construction activity (mill,
dollars):
Total»
Nonresidential: e
Public
Private
Residential: 8
Public
Private
Freight carloadings :4
Total (1935-39 =100). .#
Groups (points in total index):
Miscellaneous
Coal
All other
Department stores:
Indexes (1935-39 =100) :*Sales
Stocks
296 stores:
Sales (mill, dollars)
Stocks (mill, dollars)
Outstanding orders (mill, dollars)
Ratios to sales (months' supply):
Total commitments
Stocks
Chart
book
page
1
52
209
52
52
52
'93.5
'91.3
24.1
53
53
53
218
247
195
54
54
54
54
54
54
'212
265
214
151
'285
279
55
55
55
55
55
55
55
55
55
55
178
155
127
228
165
168
190
200
'454
'363
56
56
56
57
57
57
57
57
57
22.8
10.1
12.7
9.6
2.9
6.7
12.7
4.7
8.0
Consumers' prices (1935-39=100):
212
P215
All items
64
Food
64
95.5 P98.6 Apparel
64
91.1 P91.4 Rent
64
24.9 P25.3 Miscellaneous
64
Wholesale prices (1926 =100):
220
P224:
Total
65
252
P260
Farm products
65
194
2>195
Food
65
Other commodities
65
Textile products
66
209
Hides and leather products
66
275
286
Chemicals and allied products...
66
206
214
Fuel and lighting materials
67
150
Building materials
67
286
P291
Metals and metal p r o d u c t s . . . . . .
67
286
P300
Miscellaneous
66
Prices paid and received by farmers
(1910-14=100):
169
Paid, etc
69
152
Received
69
162
Cash farm income (mill, dollars):
238
232
Total
70
171
163
Livestock and products
70
168
P164:
Crops
70
200
P2O7
Govt. payments
70
195
P197
463
M78
376
P371
INTERNATIONAL TRADE AND FINANCE
21.0
9.4
11.6
8.9
2.6
6.3
12 .1
4.4
7.7
*21.2
P9.7
Pll.6
P8.8
P2.5
P6.3
Pll.8
P4.2
P7.6
56
56
56
57
57
29.7
13.7
16.0
9.6
15.1
30.7
13.9
16.7
9.9
15.8
P31.4
P14.3
*17.1
P10.2
P16.5
56
56
13.9
13.3
11.5
12.1
P12.1
P12.5
58
58
58
1,369 1,317
666
611
703
705
*1,228
54
Exports and imports (mill, dollars):
Exports
Imports
Excess of exports or imports
Short-term liabilities to and claims on
foreigners reported by banks (bill,
dollars):
Total liabilities
Official
Invested in U. S. Treasury bills
and certificates,
Private
Claims on foreigners
Foreign exchange rates:
See p. 1703 of this BULLETIN
732
570
163
60
2,790
60
60
692
762
60
60
27
1,309
61
135
61
61
61
62
62
63
63
63
63
63
80.6
26.9
28.0
335
284
331
918
755
5.1
2.8
78.0
28.7
27.3
320
309
292
328
'370
1,029
'702
361
1,208
662
4.7
2.8
5.
3.
166.4
177.6
174.6
155.5
149.5
195.6
122.5
134.4
213.9
174.3
124.3
169.5
180.4
177.2
159.2
158.3
>-202.9
128.7
135.1
••219.7
176.7
127.4
169.1
177.8
172.5
161.5
163.0
208.4
132.3
135.4
219.0
178.6
131.3
258
267
261
272
261
268
2,551
1,361
1,182
8
2,913 P 3 , 5 8 0
1,454 P I . 5 3 4
1,452 *>2,034
12
7
77
77
*>6.83
P3.24
77
77
77
Pi. 05 Pl.35
*3.58 P3. 62
P. 69
P.75
P911
P857
P53
P904
P921
P-17
P7.35
P3.73
78, 79
1950
Jan.Mar.
QUARTERLY FIGURES
JulySept.
9.09
3.03
1.58
1.02
1.26
2.13
10.10
2.97
1.46
1.18
1.93
2.47
9.05
3.21
1.31
.83
1.05
1.94
11.16
6.63
2.68
1.95
.78
.88
8.21
4.23
2.28
2.05
.62
.97
9.34
3.96
2.45
2.45
.63
.18
Per cent per annum
MONEY RATES
Bank rates on loans to business:
All loans:
19 cities
New York City
7 Northern and Eastern cities. . .
11 Southern and Western cities..
Loans of $1,000-$10,000:
19 cities
New York City
7 Northern and Eastern cities. . .
11 Southern and Western cities..
Apr.June
In billions of dollars
490
401
89
79.
28.
28.
174.8
209.0
193.4
125.0
159.5
P761
P819
P-58
Budget receipts and expenditures of
U. S. Treasury:
Expenditures, total
27
National defense
27, 28
Veterans' Administration
28
International aid
28
2,806 P2.728
Interest on debt
28
All other
28
707
Receipts:
765
Net receipts.
27
Individual income taxes
28
28
P30
Corporate income, etc
28
1,306 Pi,232
Miscellaneous internal revenue. .
28
All other
28
134
Tax refunds (deduct)
28
136
560
427
133
173.8
208.5
190.5
124.8
158.8
76
76
76
GOVERNMENT FINANCE
59
59
59
59
173.0
209.0
185.9
124.8
158.1
31
31
31
31
2.60
2.29
2.55
3.12
2.68
2.34
2.67
3.22
2.63
2.32
2.63
3.13
31
31
31
31
4.45
3.85
4.64
4.64
4.50
3.94
4.58
4.70
4.51
4.06
4.56
4.71
For footnotes see p. 1684.
DECEMBER
1950
1683
CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOKS—Continued
BANK CREDIT, MONEY RATES, AND BUSINESS—Continued
Chart
book
page
1950
Jan.Mar.
Apr.June
JulySept.
Per cent per annum
QUARTERLY FIGURES—Gont.
Apr.-
Jan.
Mar.
June
JulySept.
BUSINESS FINANCE—Cont.
3 .65
3 .35
3 .62
31
31
31
31
3.54
3.22
3.60
3.71
2.94
2.64
2.91
3.15
2.31
2.13
2.28
2.74
2 .39
2 .16
2 .45
2 .82
2.34
2.15
2.39
2.67
33
12.28
15 . 3 0
P14.69
31
31
31
31
31
31
31
31
Plant and equipment expenditures
(bill, dollars):« w
All business
Manufacturing and mining; railroads and utilities
Manufacturing and mining
3.83
3.63
3.33
3.59
3.83
2
2
2
3
2.95
2.72
2.87
3.15 Individual savings: e
.94
.73
.82
.17
Gross savings
Liquid savings
Cash
U. S. Govt. securities
Other securities
Insurance
Debt liquidation
*
Gross national product 4
Govt. purchases of goods and services
Personal consumption expenditures
Durable goods
Nondurable goods
Services.
Private domestic and foreign investment
Gross private domestic investment:
Producers' durable equipment.
New construction
Change in business inventories.
Net foreign investment
Personal income,
consumption, and
saving: i
Personal income
Disposable income
Consumption expenditures
Net personal saving
1.12
'.74
38
38
38
.83
.09
.10
.76
.20
.32
.61
.07
.07
39
39
39
39
777
567
106
73
958
774
81
103
'577
••432
'67
'75
39
39
39
39
237
1
18
94
317
6
'165
6
171
'94
SEMIANNUAL FIGURES
38
38
.69
.46
.98
.65
..37
.56
INSURED COMMERCIAL BANKS
40
29.2
37.4
40
40
17.2
9.1
22.2
14.1
41
4.3
5.6
'4.7
3.1
2.0
'2^2
+8.6 +10.0
+0.4 +0.6
-0.2
+0.8
+0.5 +0.2
+0.8 +0.8
-0.3
+1.3
-0.5
-2.6
GROSS NATIONAL PRODUCT, ETC. «
38
38
9.8
4.3
2.6
1.7
43
43
43
43
43
43
43
71.5
1.40
1.01
129.3
24.7
17.4
44.9
40.7
57.8
34.7
3.7
In billions of dollars
134.2
25.9
18.3
45.3
43.0
60.4
36.2
10.3
73.8
2.19
1.27
37
37
37
37
37
37
37
37
37
42
42
42
Annual rates
in billions of dollars
In unit indicated
BUSINESS FINANCE
Corporate assets and liabilities (bill,
dollars): •
Current assets, total
Cash
U. S. Goyt. securities
Inventories
Receivables
Current liabilities, total
Notes and accounts payable
Federal income tax liabilities....
Net working capital
Corporate security issues:
Total (bill, dollars) •
New money, total (bill, dollars)«...
Type of security (bill, dollars):
Bonds
Preferred stock
Common stock
Use of proceeds (mill, dollars):
Plant and equipment:
All issuers
Public utility 8
Railroad 8
Industrial
Working capital:
All issuers. s
Public utility
Railroad
Industrial 8
Bonds (bill, dollars): e
Public
Private
Corporate profits, taxes, and dividends
(annual rates, bill, dollars): e 4
Profits before taxes
Profits after taxes (dividends and
undistributed profits)
Undistributed profits...
Corporate profits after taxes (quarterly totals):
All corporations (bill, dollars) e . . . .
Large corporations, total (bill, dollars)
Manufacturing (mill, dollars):
Durable
Nondurable
Electric power and telephone
(mill, dollars)
Railroads (mill, dollars)
1950
In unit indicated
QUARTERLY FIGURES—Gont.
MONEY RATES—Coilt.
Bank rates on loans to business—Cont.
Loans of $10,000-$ 100,000:
19 cities
New York City
7 Northern and Eastern cities...
11 Southern and Western cities. .
Loans of $100,000-$200,000:
19 cities
.
New York City
7 Northern and Eastern cities...
11 Southern and Western cities..
Loans of $200,000 and over:
19 cities
New York City
7 Northern and Eastern cities...
11 Southern and Western cities..
Stock yields:
Earnings/price ratio, common
stocks
Chart
book
page
1.2
'1.5
41
41
'496
'308
'695
••353
778
464
41
41
304
51
298
'155
256
253
'263.4
'270.3
284.3
'41.0
182.4
26.9
'97.4
'58.1
'40.2
'185.2
26.7
'99.3
'59.2
40.8
198.4
33.5
104.9
59.9
44
'40.0
'44.9
45.1
45
45
45
45
'19.9
19.9
'2.0
r-1.7
'22.3
'21.3
3.4
-2.0
27.1
22.8
-1.5
-3.3
47
47
47
47
216.4
'197.5
182.4
'15.0
'215.1
'195.6
'185.2
'10.4
224.8
204.7
198.4
6.4
1950
1949
June
30
Loans:
Commercial
942.0 Agricultural
Real
estate
925.0
Consumer. .
'915.6
For purchasing securities:
To brokers and dealers
Toothers
State and local government securities.
Other securities
41
44
44
44
46
46
46
Dec.
31
June
30
In billions of dollars
11
11
11
11
11
11
11
11
16.29
2.73
10.89
7.17
1.97
0.90
5.76
3.49
16.94
2.96
11.41
8.00
1.75
0.86
6.40
3.57
16.81
2.82
12.27
9.04
1.86
0.91
7.24
3.72
« 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.
66 Revised. See pp. 1465-1466
of the BULLETIN for November 1950.
7
Effective Aug. 21.
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
CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOKS—Continued
CONSUMER CREDIT
1950
Chart
book
page
Aug.
Sept.?
Chart
book
page
Oct.p
In millions of dollars
Aug.
Sept.p
Oct.p
In millions of dollars
18,842 19,315 19,366 Consumer instalment sale credit
13,009 13,337 13,379 granted, cumulative totals: 2
5,396 5,479 5,500
By all other retailers
7,613 7,858 7,879
By department stores and mail3,636 3,741 3,703
order houses
1,190 1,232
1,157
By furniture and household appli1,040
1,052
1,047
ance stores.
By automobile dealers
Consumer instalment loan credit
out18,842 19,315 19,366 standing, cumulative totals: 2
5,833 5,978 5,987
Commercial and industrial banks.
2,197 2,237 2,284
Small loan companies
1 040 1 047 1,052
Credit unions
Miscellaneous lenders .
Insured repair and modernization
7 613 7 858 7,879
loans
Consumer credit outstanding, total 1..
3
3,5
Instalment credit, total
5
Instalment loans
Instalment sale credit
5
Charge accounts.
3
Single-payment loans1
3
3
Service credit
Consumer credit
outstanding, cumulative totals: 12
4
Instalment credit
4
Charge accounts.
4
Single-payment loans l
4
Service credit...
....
Consumer instalment sale credit
outstanding, cumulative totals: 2
All other retailers
6
Department stores and mail-order
6
houses
Furniture and household appliance stores
6
Automobile dealers
6
1950
6 886
7 102
7,122
5,763
4,107
5,943
4,213
5,950
4,231
P Preliminary.
Revised. For description of revision see BULLETIN for November, pp. 1465-1466.
The figures shown here are cumulative totals, not aggregates for the individual components.
by subtracting from the figure shown, the total immediately following it.
1
2
7
1,093
1,050
7
961
917
766
7
7
775
525
731
481
598
422
8
8
g
g
5,396
2,705
1 696
1,182
5,479
2,722
1 712
1,188
5,500
2,743
1 717
1,194
g
835
837
841
873
Aggregates for each component may be derived
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]
Production
1949
Estimate
Production
Nov. 1, 1950
1949
Bales
Bales
Boston
..
....
New York
Philadelphia
Cleveland
.
Richmond..................
Atlanta
Chicago
St. Louis
Minneapolis . . . . . . . . . . . . . . .
Kansas City
Dallas
, ..
San Francisco
Total... . . . . . . . . .
Bushels
Production
Estimate
Nov. 1, 19501
1949
Bushels
Estimate
Nov. 1, 1950
Bushels
Bushels
7,664
36,609
55,908
219,809
195,956
221,945
1,100,614
430,146
336,744
414,933
77,408
7,700
13,011
18,961
65,586
24,677
6,372
90,920
73,488
29,356
367,761
104,507
107,029
12,661
17,178
50,883
23,609
5,465
67,065
50,192
28,762
347,403
21,801
115,518
84
88
2,642
21
201,043
6,846
125
34,034
1,355
17
226,858
3,931
111
37,172
3,105,436
901,668
740,537
244,795
269,532
1,040
2,086
585
1,608
33,765
4 2,743
506
6,974
1,757
187
3,557
1,265
6,904
33,917
56,510
251,347
190,015
204,395
1,351,980
430,953
378,335
396,589
69,650
7,195
16,128
9,945
3,377,790
Production
1949
Production
Estimate
Nov. 1, 1950
1949
Spring wheat
Bushels
Oats
Federal Reserve district
Winter wheat
Corn
Cotton
Federal Reserve district
Tobacco
Tame hay
Estimate
Estimate
Production
Nov. 1, 19502
1949
Nov. 1, 1950s
Estimate
Production
Nov. 1, 1950
1949
Pounds
Pounds
Richmond
. ....
Atlanta
Chicago
St Louis
.
..
....
[Minneapolis
Kansas Citv
Dallas
. . . .
San F r a n c i s c o . . . . . . . . . . . . . .
3,613
5,222
2,471
5,719
5,292
4,055
16,876
9,829
9,174
10,220
1,786
12,752
3,714
6,327
2,606
6,268
4,986
3,731
20,730
10,163
10,848
10,329
1,855
13,656
39,457
915
58,709
150,699
1,076,513
247,627
32,460
357,353
2,431
4,212
39,771
973
61,415
126,885
1,216,153
225,951
33,123
302,548
2,408
3,938
75,541
35,154
19,861
12,405
22,032
13,667
30,392
7,496
42,612
31,407
4,123
107,272
70,022
43,160
22,341
13,625
23,928
14,507
30,805
7,009
48,963
33,758
3,206
119,267
Total... . . . . . . . . . . . . .
1,322,924
1,483,975
87,009
95,213
1,970,376
2,013,165
401,962
430,591
Tons
Bushels
Estimate
Nov. 1, 1950
6,490
35,035
18,295
53,209
37,688
30,553
636,322
78,816
388,540
129,465
33,668
35,894
. ,
Tons
Production
1949
White potatoes
5,831
23,959
15,601
58,869
35,103
28,126
591,639
64,738
322,573
106,002
37,499
32,984
Bushels
Boston
New York
Philadelphia
Cleveland
Bushels
Bushels
Bushels
1
2
Estimate is for Aug. 1; no estimate made since that date.
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
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
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 Jan. 2, 1935,
through—
Increase in foreign banking
funds in U. S.
Total
1,440.7
2,667.4
3,501.1
3,933.0
5,112.8
1940—Dec. (Jan. 1, 1941). 5,807.9
1941—Dec. 3i
5,354.1
1942—Dec 31 8
5,980 2
1943—Dec. 31 .
...
7,267.1
1944—Dec. 31
7,728.4
1945—Dec. 31
8,802.8
8,009.5
1946—Dec. 31
8,343.7
1947_Dec. 31
1948—Dec. 31
8,569.1
1949—Oct. 31
8,660.2
8,658.9
Nov. 30
Dec. 31. . .;
8,763.5
8,864.0
1950—jan# 31 . .
9,092.5
Feb. 28
'9,153.2
Mar 31
Apr. 3 0 . . . . . . . . . '9,375.9
May 31.
'9,567.3
'9,786.5
June 30
9,897.9
July 3 1 . .
Aug. 31* . . . . . . . . . 10,202.7
Sept. 30P
10,583.2
1935—Dec. (Jan. 1,1936).
1936—Dec. 30
1937—Dec. 29
1938—Dec. (Jan. 4, 1939).
1939—Dec. (Jan. 3, 1940).
Total
Official i
Other
631.5
989.5
1,259.3
1,513.9
2,522.4
3,239.3
2,979.6
3,465 5
4,644.8
4,865.2
6,144.5
5,272.3
4,120.3
5,119.5
5,115.3
5,140.2
5,226.0
5,245.9
5,283.8
5,308.8
5,504.2
5,614.5
5,784.7
5,831.1
6,091.0
6,616.5
38.0
140.1
334.7
327.0
634.1
1,281.1
1,177.1
1,557 2
2,610.0
2,624.9
3,469.0
2,333.6
1,121.8
2,126.0
2,025.6
2,111.1
2,197.8
2,153.6
2,189.7
2,112.9
2,168.3
2,298.5
2,530.3
2,592.5
2,532.3
3,019.7
593.5
849.4
924.6
1,186.9
1,888.3
1,958.3
1,802.6
1,908 3
2,034 8
2,240.3
2,675.5
2,938.7
2,998.5
2,993.6
3,089.7
3,029.1
3,028.2
3,092.4
3,094.1
3,195.9
3,336.0
3,316.0
3,254.5
3,238.6
3,558.0
3,596.8
Increase in
banking
funds of international
institutions
in U. S.
Decrease
in U. S.
banking
funds
abroad
453.8
2,242.0
J . R44. 3
L.692.4
t,655 1
1,637.8
L,723.0
L,707.1
L.690.9
1,663 4
1,662.7
1,636.4
1,626 6
.611.2
1,624.4
361.4
431.5
449 1
510.1
650.4
775.1
791 3
888 8
877 6
805.8
742.7
427.2
186.5
116.8
285.0
288 8
307.6
404.5
458.7
480.6
494 6
522.1
'472.1
459 4
437.1
377.5
Foreign
securities:
Return
of U. S.
funds 2
Domestic
securities:
Inflow of
foreign
funds *
Inflow in
brokerage
balances
125.2
316.2
583.2
641.8
725.7
803.8
855.5
848 2
925 9
1,019.4
972.8
1,237.9
1,276.9
1,182.1
1,176.4
1,196.4
1,209.9
1,103.7
1,210.0
'1,163.6
'1,158 7
'1,183.3
'1,231.7
1,230.4
1,177.0
1,044.7
316.7
917.4
1,162.0
1,219.7
1,133.7
888.7
626.7
673 3
701.1
911.8
798.7
464.5
375.5
183.3
264.4
257.1
258.5
263.8
310.1
379.3
424.4
459.6
538.4
629.7
765.0
799.9
12.9
47.5
47.6
80.6
100.9
100.9
104 4
117.8
126.3
144.1
153.7
142.4
123.1
126.8
121.3
123.7
123.0
122.8
130.0
130.6
125.2
123.2
120.7
121.4
120.2
6.0
TABLE 2.—TOTAL CAPITAL MOVEMENT, BY COUNTRIES
InternaFrom Jan. 2, 1935, tional
in- Total
through—
stitutions
1944—Dec.
1945_Dec.
1946—Dec.
1947—Dec.
1948_Dec.
31
31.......
31.......
31..
31
1949__Oct. 31
Nov. 30
Dec. 31. .
1950—Jan. 31
Feb. 28 .
Mar. 31
Apr. 30.
May 31
June 30
July 31. ..
Aug. 31P
Sept. 30P
453.8
? ,067.3
1 ,677.1
1 ,594.9
1 ,558.9
1 ,541.7
1 ,526.8
1 ,611.3
1 ,615.3
1 ,616.0
1 ,627.9
I ,617.2
1 ,608.3
1 ,599.4
1 ,612.8
NethUnited
King- France
erdom
lands
7 ,728.4 1,090.0
8 ,802.8 892.5
7 ,555.7 563.1
6 ,276.4 437.0
6 ,891.9 659.7
7 ,065.3 587.3
7 ,100.0 644.5
7 ,221.8 682.4
7 ,337.2 728.9
7 ,481.2 764.4
'7 ,537.9 797.7
'7 ,759.9 888.4
'7 ,939.4 943.0
' 8 ,169.4 1,055.5
8 ,289.6 1,048.0
8 ,603.3
940.4
8 ,970.4 861.7
Switzerland
585.7 506.2
664.3
464.2 539.7
722.3
384.8 326.4
766.1
234.3 213.8
839.3
74.2 103.0
846.0
110.9 189.6
933.8
125.3 165.3
925.1
113.2 171.6
951.2
93.8 175.3
890.1
115.1 162.0
890 0
112.0 171.7
952.6
114.2 188.4
983.7
156.2 210 6
989 0
188.6 '215.6 M ,000.4
163.4 236 9 1 ,006 2
332.6 246.2 1 ,046.4
363.2 246.6 1 ,037.6
Italy
Other
Europe
63.1
106.5
287.5
150 1
335.9
976.4
,395.7
979.7
688.6
947.3
928.7
1,093.9 3,207.1
1,089.4 3,246.8
952.8
984.7
1,135 8 3,355.5
1,186.3 3,369.6 1 ,022.2
1,217 8 3 447 5 1 ,024 2
1,219.3 3,512.7 '995.8
1,240 0 3,670 2 '994.9
1 243 9 3 810 3 '1 ,021 3
'1,268.1 '3,998.9 '1 ,069.1
1,291 0 4 013 9 1 ,097 5
1,311.9 4,149.1 1 ,176.3
1,357.5 4,174.1 1 ,347.4
291.6
297.1
301 4
295.1
298 2
259.4
255 5
267 6
270.6
268 3
271.7
307.4
1,172.5
1,311 8
1,246.3
1,100 6
1,122.2
Total
Europe
4,081.8
4,037.0
3,574.2
2,975.1
3,141.1
Canada
•1
Latin
America
1,193.7
1,338.4
1,474.0
1,383.4
1,503.6
1,756.7
L.768.5
L.780.2
L.792.3
1,833 5
1,854.1
1,875.9
1,855 7
11,842.4
1,914 0
1,944.8
>,038.7
Asia
1,273.6
1,784.1
1,258.3
984.3
1,065.2
908.1
875.2
852.0
882.9
933.2
943.1
997.2
1,023 7
1,030.7
1,019.7
1,073.7
1,155.5
All
other
203.0
247.5
269.6
244.9
234.9
264.7
256.7
249.4
270.2
242.8
232.2
221.7
228.4
228.3
244.5
259.4
254.8
r
p1 Preliminary.
Revised.
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
INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued
NET CAPITAL MOVEMENT T O 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
International
institutions
From Jan. 2, 1935,
through—
Total
United
King- France
dom
4,865.2 804.4
6,144.5 646.4
453.8 5,272.3 397.6
2,242.0 4,120.3 264.9
1,844.3 5,119.5 485.0
1944—Dec. 31..
1945—Dec. 31..
1946—Dec. 31. .
1947—Dec. 31..
1948—Dec. 31..
1949—Oct. 3 1 . .
Nov. 30. .
Dec. 31. .
1950—Jan. 3 1 . .
Feb. 2 8 . .
Mar. 3 1 . .
Apr. 3 0 . .
May 3 1 . .
June 30. .
July 3 1 . .
Aug. 31 P.
Sept. 30P.
,692.4
,655.1
,637.8
,723.0
,707.1
,690.9
,663.4
,662.7
,636.4
,626.6
,611.2
,624.4
5,115.3
5,140.2
5,226.0
5,245.9
5,283.8
5,308.8
5,504.2
5,614.5
5,784.7
5,831.1
6,091.0
6,616.5
451.3
495.3
513.0
548.1
571.9
600.8
690.5
740.0
852.5
852.4
746.2
686.1
Netherlands
Switzerland
Italy
Other
Europe
Total
Europe
356.6
229.9
165.8
87.6
112.6
193.1
265.0
208.2
126.7
106.1
221.4
286.3
359.0
432.8
525.3
7.0
50.1
247.6
132.8
313.2
611.2
745.8
687.2
576.6
574.8
794.7
2,193.7 818.6
888.6
2,223.4 1,414.2
924.9 1,369.1
2,065.5 823.9
983.3 1,135.7
1,621.4 301.6 1,095.0
877.3
2,117.1 667.2 1,165.4
971.2
169.7
212.9
263.9
224.9
198.6
103.8
103.0
91.4
72.2
79.3
76.9
80.0
106.1
138.9
113.0
193.9
175.4
166.3
146.3
153.9
16.0.7
152.5
162.0
178.4
202.9
209.0
231.8
240.5
238.9
563.2
554.0
563.3
493.8
497.0
560.5
584.1
583.0
581.3
580.3
621.9
590.1
266.3
275.4
283.3
276.4
282.3
239.7
236.5
253.2
260.1
255.5
253.5
284.7
507.4
512.0
553.7
575.8
603.9
593.0
609.0
606.2
625.8
638.6
663.0
703.9
2,058.3 702.8
2,086.0 717.0
2,158.7 761.1
2,127.1 811.4
2,186.8 765.2
2,232.8 749.5
2,378.6 737.0
2,491.4 739.6
2,667.5 722.0
2,671.6 688.4
2,719.1 819.7
2,679.2 ,225.7
223.3
215.8
210.7
241.0
217.8
209.6
195.1
202.7
219.4
224.7
237.5
243.1
Canada
Latin
America
Asia
835.9
1,294.9
803.9
1,317.5
780.4
1,315.1
801.5
1,264.9
846.7
1,267.2
847.3
1,269.5
910.1
1,283.5
926.3
1,254.5
921.2
1,254.7
912.8
1,333.5
966.6
1,348.1
1,422.2 1,046.4
All
other
TABLE 4.—DECREASE IN U. S. BANKING FUNDS ABROAD, BY COUNTRIES
From Jan. 2, 1935, through—
1944—Dec.
1945—Dec
1946—Dec.
1947—Dec
1948—Dec.
31
31
31
31
31
1949—Oct. 31
Nov 30
Dec. 31
1950—Jan. 31
Feb 28
Mar. 31
Apr. 30
May 31
Tune 30
July 31
Aug. 31 P
Sept. 3 0 P .
Total
United
King- France
dom
805.8
742.7
427.2
186.5
116.8
266.1
266.6
244.3
262.8
267.5
285.0
288.8
307 6
404.5
458.7
480 6
494.6
522.1
r
472.1
459 4
437.1
377.5
225.6
237.2
254.8
259.4
267.7
268.3
269.6
264.8
263.9
255 3
253.5
217.1
Switzerland
Italy
Other
Europe
Total
Europe
Canada
Latin
America
77.7
18.3
6 8
78.0 -17.7
5.2
73.4 — 132.3 — 1 7
55.7 - 3 0 . 5
1.1
- 3 9 . 9 -32.7
1 2
26.2
26.2
10.6
5.5
10.8
231.5
235.1
226.9
190.9
203.5
626.6
593.4
421 3
485.5
410 3
64.8
39.5
40.7
65.4
53.0
37.0
9.1
—58.8
-346.3
—348.6
12.6
4 1
12.3
3.5
13 4
4 3
16.0
2.5
14.2
2.6
14.3
3
14.9
1.9
8
14 2
1 4 . 4 — 1.0
14 1 — 1 6
16.5
— 5
15.3 - 2 . 6
10.5
7.7
4.0
221.1
211.6
211.3
5.8
238.6
3.2 239.2
7 0 240.5
6.4
239.7
2 0 r 245.5
- 2 . 1 245.3
2
245 9
5 5 236.8
9.5 241.3
484.9
499.2
515 0
549.8
570.0
574.1
575.6
585.3
'578.8
572 9
565.7
534.5
61.1
59.9
55.3
52.7
50.4
55.4
57.3
60.2
57.8
46 8
22.6
-20.0
11.0
26.9
27.2
27.6
43.1
43.7
43.2
58.1
58.4
58 8
48.8
53.9
Netherlands
Asia
All
other
77.7
99.2
29.9
2.0
10.3
1.5
~5.8
-20.1
-8.3
-250.2
-4.4
-257.9
-6.1
—243.1 —10.6
.1
-179.3
-143.4
5.1
-135.5
13.3
-127.8
17.5
— 122.5
28.4
41.2
-155.7
— 162.4 42 9
-148.9
41.8
-129.0
41.2
—6.4
-6.2
—9.0
-18.7
-23.4
-26.7
-28.2
—29.3
—50.0
—40.6
-39.1
-49.2
-.3
TABLE 5.—FOREIGN SECURITIES: RETURN OF U. S. FUNDS, BY COUNTRIES
(Net Purchases by Foreigners of Foreign Securities Owned in U. S.)
From Jan. 2, 1935,
through—
1944—Dec.
1945—Dec.
1946—Dec.
1947—Dec.
1948—Dec
31
31
31
31
31
.......
1949—Oct. 31
Nov 30
Dec. 31
1950—Jan. 31
Feb. 28
Mar 3 1 .
Apr 30
May 31
June 30
July 31
Aug. 31P
Sept 3 0 P
p Preliminary.
DECEMBER
1950
International
institutions
United
King- France
dom
Netherlands
Switzerland
Italy
Other
Europe
Total
Europe
Canada
Latin
America
Asia
All
other
1 019 4 126.5
972.8 117.7
1 237 9 96.8
- 2 4 9 . 3 1 526 2 94.9
- 2 4 9 . 3 1,431.3 84.9
51.0
51.2
50.2
47.1
42.9
33.6
33.0
26.0
—3.9
-9.1
44 5
45.2
31.2
16 3
-19.0
27.6
27.5
26.7
26.5
26.5
246.9
249.2
260.2
275.8
287.2
530.1
523.8
491.2
456.7
413.3
104.9
49.1
236.6
441.8
339.7
302.0
317.1
448.4
537.6
578.3
61.3
60.8
61.1
61.6
63.2
21.0
22.0
.7
28.4
36.9
-265.3
—265 3
-265.3
-365.8
-269.1
-267.7
—266 6
-266.5
—267.1
-266.9
-266.9
-266.9
42.9
43 0
43.2
44.0
43.9
45.1
45.0
44.6
44.1
43.8
43.6
44.3
—9.7
—9 7
-9.3
-15.1
-16.9
— 16.9
— 14.5
-15.0
— 14.2
-13.6
-13.6
-12.9
—9 2
—6 6
26.9
26 9
27.0
27.0
27.0
27.1
27.1
27.4
27.4
27.4
27.4
28.6
307.4
308.1
311.7
313.4
314.4
314.9
315.5
316.1
316.1
316.5
317.0
319.5
431.1 312.9
433.2 330.0
444.1 329.1
443.0 320.9
443.8 326.9
448.9 '271.5
453.3 r255.6
455.3 ••274.8
457.2 »-307.5
455.7 304.6
455.4 249.4
490.8
80.4
594.6
595.4
598.5
601.9
604.1
606.5
606.9
609.8
620.8
623.5
625.3
624.5
63.9
64.0
63.9
64.0
64.1
64.1
64.1
64.2
64.2
64.2
64.2
65.6
39.2
39.2
39.5
39.8
40.1
40.3
45.4
45.7
49.0
49.4
49.6
50.3
T
Total
1 441 7
1 461 7
1,475 1
1 469 5
1,479.0
r
l 431 3
r
l 425 3
r
l
449 8
r
l 498 8
1 497 3
1,443 9
1,311.6
72.8
71 4
71.4
71.3
70.9
70.4
69 3
68.0
67.1
66.4
66.2
77.4
.1
2 4
4.5
8 2
11 0
14.2
16 8
15.1
14.8
34.0
Revised.
1689
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)
International
institutions
From Jan. 2, 1935,
through—
1944—Dec.
1945—Dec>
1946—Dec.
1947—Dec.
194g—Dec#
31
31
31
31.
3i
„.
1949_Oct. 31
Nov. 30
Dec. 31
1950—Jan. 3i
Feb. 28
Mar. 31
Apr. 30
May 31
June 30
Tuly 3 1 .
Aug. 31 P
Sept. 3QP
Total
United
King- France
dom
Netherlands
Switzerland
Italy
Other
Europe
Total
Europe
74.5
82.1
911.8
798.7
464.5
300.9
101.2
-125.4
77.3
-157.9
81.7
— 194 9 74 9
-203.8
24.7
-194.7 - 5 8 . 1
239.0
233.5
207 0
108.7
29.5
368 5
355.4
337 9
350.9
311.0
1 9
2.2
2 1
-15.0
-15.0
72.4
68.0
57 3
43.1
45.7
633.7
582.9
484 3
308.7
118.4
—28.1
-126.6
— 143 0
-139.8
-132.3
167 9
169.1
169 1
169.6
173.2
192.1
219.2
231 8
247.8
248 6
255.1
255.3
96 5
88.0
89 3
94.1
136.8
187.2
205.2
227.8
290.6
381 1
510.0
544.6
-179.9
-176.6
— 173 9
-166.2
-163.1
-158.8
-158.2
— 146 5
-144.8
— 143 6
-142.5
-135.8
- 6 3 0 10 1
-63.8
5.7
—64 9
4 0
-65.7
2.8
-66.7
1.1
9
-69.1
-69.4 - 1 . 4
—68 6 —3 0
-69.0 -4.5
-68 7 - 6 0
30.4 - 7 9
73.0 - 5 . 9
348 7
348.9
355 2
363.7
359.1
355.9
357.8
364 0
376.7
383 9
383.0
390.5
-12 7
-13.5
—13 4
-14.7
-14.9
— 14 8
-15.1
— 15 5
-15.3
— 15 2
— 15.1
-15.8
46 5
46.3
47 9
47.4
49.5
60.4
65.4
65 7
70.8
79 7
85.0
82.7
149 7
147.2
154 9
167.2
165.0
174.5
179.1
196 1
214.0
230 0
332.9
388.6
— 168 1
-172.3
— 181 3
— 184.6
-136.1
-101.9
-76.6
— 74 8
-38.0
37 3
64.8
42.6
Latin
Canada America
Asia
AD
other
54.9
81.3
87.6
84.2
94.4
240.5
251.3
26.8
36.8
13.6
10.7
9.9
8.8
11.0
7.2
101.0
99.1
96 9
93.6
90.0
95 1
96.9
101 6
110.9
109 9
108.3
108.3
5 8
6.8
11 5
10.6
10.4
11 2
-2.8
—3.5
-5.2
—5 5
-5.6
-4.3
8.0
7.2
7.4
Can- Latin
ada America
Asia
7.3
7.5
8.3
8.7
8.5
8.9
9 4
9.5
9.4
TABLE 7.—INFLOW IN BROKERAGE BALANCES, BY COUNTRIES
(The Net Effect of Increases in Foreign Brokerage Balances in U. S. and of Decreases
in Balances Held by Brokers and Dealers in U. S. with Brokers and Dealers Abroad)
From Jan. 2, 1935, through—
1944—Dec.
1945—Dec.
1945—Dec#
1947—Dec.
194g—Dec>
31
31
3i
31
3i
1949—Oct. 31
Nov. 30
Dec. 31
1950—j ailt 31
Feb. 28
Mar. 31
Apr. 30
May 31
June 30
Tuly 31
Aug. 31P
Sept. 30P
Total
.
.
.,
United
King- France
dom
Netherlands
Switzerland
23 1
23.4
20.5
19.1
16.7
16.2
16 2
16.2
15.8
15.5
15.3
15.5
16.1
16.3
16.5
15.8
16.6
22 3
26 0
17.5
12.7
9.3
23 0
30 3
39.6
38.2
27.5
10.3
10 6
9.6
11.0
11.1
11.3
11.1
11.6
10.9
10.6
10.7
11.2
27.0
25 3
28.4
27.8
26.8
27.8
29.0
27.0
26.6
28.4
27.1
25.4
126.3
144.1
153.7
142.4
123.1
18.5
19.8
19.2
18.2
17.0
126.8
121.3
123.7
123.0
122.8
130.0
130.6
125.2
123.2
120.7
121.4
1120.2
17.5
17.1
17.1
16.3
17.1
17.0
17.3
16.7
16.9
17.5
16.9
17.0
Italy
3
.4
.4
.3
.4
.5
6
.6
.6
.6
.6
.5
.5
.5
.5
.5
.5
Other
Total
Europe Europe
10 4
13.6
14.7
14.2
11.0
11.4
11.4
11.1
11.1
10.7
10.4
10.4
10.3
10.1
10.3
10.1
10.2
97 7
113 6
112.0
102 7
81.9
83.0
81.2
82.9
82.5
81.8
82.4
83.7
82.2
81.2
83.8
81.1
81.0
16 2
19.5
21.5
19.6
19.6
19.9
18 3
20.5
21.8
17.7
21.2
21.5
21.6
19.9
20.3
19.7
18.6
51
56
5.9
3.8
13.4
12.9
14.0
16.4
14 5
12.7
11.2
15.7
18.5
16.3
12.3
11 7
9.5
12.0
12.8
All
other
18
1.3
4.8
66
7.0
6.9
66
6.8
6.7
69
2.0
.67
7.2
8.3
.8
.7
.7
7
.8
.8
.8
8.4
9.3
.8
1.0
5.4
1.7
6.7
6.6
1.8
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
In-
Date
ternational
institutions
Official
and
private
United
NethKing- France
erdom
lands
Switzerland 3
Italy
Other
Total
Europe Europe
Canada
Latin
America
Asia
All
other
909.3
1,046.4
1,104.8
1,216.6
1,287.0
1,069.2
1,549.7
1,316.4
1,057.9
1,151.8
174.0
181.8
232.8
193.7
167.4
2,413.6 810.8 1,416.5
2,441.3 824.9 1,439.0
2,513.9 869.1 1,436.7
2,482.3 919.4 L386.4
2,542.1 873.2 L.388.7
2,588.1 857.4 1,391.1
2,733.8 844.9 L,405.1
2,846.6 847.5 1,376.1
3,022.8 829.9 11,376.2
3,026.9 796.4 L,455.0
4
3,074.3 927.6 1,469.6
3,034.4 1,333.6 1,543.7
1,016.5
984.5
961.0
982.2
1,027.3
1,027.9
1,090.7
1,106.9
1,101.8
1,093.4
1,147.2
1,227.0
192.1
184.6
179.5
209.8
186.6
178.4
163.9
171.5
188.2
193.5
206.4
211.9
Official
5,596.8
6,883.1
6,006.5
4,854.4
5,853.7
3,335.2
4,179 3
3,043.9
1,832.1
2,836.3
865.7
707 7
458.9
326.2
546.3
401.2
310 0
245.9
167.7
192.8
209.7
281 6
224.9
143.3
122.8
239.3
304.2
372.6
446.4
538.9
27.3
70.4
267.9
153.1
333.5
774.5
909 1
850.5
739.8
738.1
1,712.3 5,849.4
1,675,0 5,874.3
L.657.8 5,960.2
1,742,9 5,980.1
1,727.0 6,017.9
1,710.8 6,042.9
i,683.4 6,238.4
1,682.6 6,348.7
1,656.4 6,518.9
1,646.5 6,565.3
1,631.2 4 6,825.1
1,644.3 7,350.6
2,735.9
2,821.4
2,908.1
2,863.8
2,900.0
2,823.2
2,878.6
3,008.8
3,240.6
3,302.8
3,242.6
3,730.0
512.6
556.7
574.4
609.5
633.2
662.1
751.8
801.4
913.8
913.8
4 807.5
747.4
183.9
183.1
171.6
152.3
159.4
157.0
160.1
186.2
219.0
193.1
274.0
255.6
182.9
162.9
170.5
177.3
169.1
178.7
195.0
219.5
225.6
248.4
257.2
255.5
576.8
567.6
576.9
507.4
510.6
574.1
597.8
596.6
594.9
593.9
635.6
603.8
286.6
295.7
303.6
296.7
302.6
260 0
256.8
273.5
280.4
275.8
273.8
305.0
670.7
675.3
717.0
739.0
767.2
756.3
772.3
769.5
789.1
801.9
826.2
867.2
1944—Dec. 31
1945—-Dec. 31
1946—Dec. 3 1 . . .
473.7
1947—Dec. 3 1 . . . 2,262.0
1948—Dec. 3 1 . . . 1,864.3
1949—Oct. 3 1 . . .
Nov. 3 0 . . .
Dec. 3 1 . . .
1950—Jan. 3 1 . . .
Feb. 2 8 . . .
Mar. 3 1 . . .
Apr. 3 0 . . .
May 3 1 . . .
June 3 0 . . .
July 3 1 . . .
Aug. 31 P . .
Sept. 30P . .
Total foreign
countries 2
2,517.8 926.5
2,583 0 1,522.2
2,420.7 931.8
1,976.7 409.6
2,472.4 775.2
P Preliminary.
Amounts outstanding (in millions of dollars): foreign brokerage balances in U. S., 73.8; U. S. brokerage balances abroad, 30.4.
Country breakdown is for "Official and private."
*4 Beginning January 1950, excludes Bank for International Settlements, included in "International institutions" as of that date.
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.
1
2
1690
FEDERAL RESERVE BULLETIN
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
Other AusEurope tria
Date
DenBel- Czechoslo- mark
gium vakia
31..
3\ . .
3i
31. .
3i _
774.5
909 1
850.5
739.8
738.1
124.3
185 0
159 5
124.9
128.7
14.8
25.9
66.5
52.8
44.7
1^49—Oct. 3 1 . .
Nov. 30. .
Dec. 3 1 . .
1950—Jan. 3imm
Feb. 2 8 . .
Mar, 3 1 . .
Aor, 30..
May 31. .
June 30. .
July 3 1 . .
Aug. 31 P.
Sept. 3QP .
670.7
675.3
717.0
739 0
767.2
756.3
772.3
769.5
789.1
801.9
826.2
867.2
125.3
117.7
119.9
123 9
133.3
118.5
120.8
108.2
105.5
106.1
107.8
111.6
31.8
35.4
38.0
35.2
33.2
29.3
33.0
32.0
35.9
31.9
31.6
36.4
1944—Dec.
1945—Dec.
1945—Dec.
1947—Dec.
1948—Dec.
4413
44.0
42.9
39.3
38.7
34.6
35.5
32.0
36.3
17 7
17.3
12.3
13.3
13.4
12.9
1.1.3
7.0
6.1
Finland
NorGermany1 Greece way
Poland
PorRutugal mania Spain
Sweden
All
USSR Yugoslavia other2
22.2
30.5 89.5
19.1 178 9
48.7 220.8
70.8 216.1
49.3 123.5
34.7 56.2
21.1 77.7
54.5
47.9
39 0
47.1
37.7
9.5
9.3
8.9
8.7
7.0
43.4 152.1
31.7 210.1
16 4 172 6
12.8 58.6
13.6 49.0
16.1
28.0
60 5
73.7
21.3
5.7
5.7
12.4
12.1
19.9
70.7
66.0
112,5
138.2
119.3
15.5
24.0
25.1
23.8
20.6
19.0
20.4
18.2
16.0
15.8
16.2
15.7
23.3
23.7
29.6
30.3
31.6
32.4
35.1
36.9
38.6
40.6
51.6
41.8
33.9
33.9
38.1
40 0
39.2
35.8
35.0
36.9
31.6
32.6
35.7
39.1
6.7
6.7
6.7
6.5
6.4
6.1
6.1
6.2
6.2
6.2
6.1
6.1
10.8
10.7
15.7
14 0
11.3
11.5
10.5
10.1
11.9
13.6
10.4
120.9
118,0
117.4
58.5
57.9
56.4
54.9
57.0
60.9
55.7
53.5
56.9
7.1
5.5
6.8
7.0
7.1
145.2
141.6
149.4
149.7
164.6
180.2
184.9
199.7
227.7
245.0
262.9
286.4
62.6
66.4
69.4
76.4
82.2
79.3
82.4
76.7
66.8
69.5
71.2
80.1
6 0
6.7
6.1
6.3
4.9
5.4
4.7
3.5
12.4
69.2
78.6
90.1
96.1
101.9
106.1
107.6
109.2
9 . 2 112.7
10.4 116.5
13.0 117.0
13.4 109.8
8.2
7.6
7.1
5.8
6.6
7.0
6.2
6.1
5.0
5.3
5.2
10.2
9 4
11.1
13.9
15.7
15.1
19.0
15.2
11.8
9.8
Latin America
Latin
BoAmer- Argenlivia
tina
ica
Date
Brazil Chile
Colombia
Cuba
NethDoerminlands
ican Guate- Mex- West Peru
Remala
ico Indies
puband
Surilie
nam
RepubEl
Urulic of Sal- guay
Pan- vador
ama
Other
Vene- Latin
zuela America 3
909.3
1,046.4
1,104.8
1,216.6
1,287.0
93.9
77.3
112.6
236.2
215.8
17.7
14.5
14.0
17.8
1.7.1
140.8
195.1
174.0
104.7
123.7
55.0
66.3
SO.7
46.3
55.6
83.6
79.2
57.8
46.1
54.0
139.3
128.3
153.5
234.7
219.4
83.1
116.4
152.2
139.2
146.7
36.0
28.2
16.1
14.9
24.3
27.7
43.9
40.9
41.8
52.6
69.1
88.7
77.2
70.3
71.8
31.5
49.7
74.0
78.0
121.7
1949—Oct. 31. 1,416.5
Nov. 30. 1,439.0
Dec. 31. 1,436.7
1950—Jan. 31. 1,386.4
Feb. 28. 1,388.7
Mar, 31. 1,391.1
Apr. 30. 1,405.1
May 31. 1,376.1
June 30. 1,376.2
July 3 1 . 1,455.0
Aug. 31z> 1,469.6
Sept. 3QP 1,543.7
227.7
233.7
201.1
210.2
219.3
221.2
227.0
233.5
237.6
239.0
249.8
268.9
15.7
13.2
13.5
13.9
13.0
13.1
12.7
13.9
13.813.3
18.4
19.0
165.0
216.9
192.8
164.4
143.8
141.1
121.6
99.4
124.9
150.3
155.0
187.1
59.5
54.9
60.9
57.5
70.1
70.4
73.2
68.6
62.3
69.0
70.3
76.9
57.6
70.1
85.9
97.3
90.6
80.0
70.1
53.1
53.5
70.7
76.1
65.9
181.7
178.4
164.2
169.7 '35!8'
176.9 36.3
185.4 38.8
209.7 39.6
227.2 40.9
237.1 42.6
245.8 45.6
259.5 44.8
259.6 41.8
185.7
195.0
214.6
184.1
179.7
175.7
168.8
160.2
152.6
174.9
163.0
177.2
30.5
23.5
25.9
26.5
25.4
26.5
26.7
28.4
29.7
30.1
29.4
29.0
61.4
53.3
52.8
48.7
46.4
51.6
47.1
46.3
50.3
49.8
50.9
58.0
72.7
74.2
74.3
73.8
77.7
81.4
81.3
80.8
73.9
69.5
64.7
72.2
160.4 198.6
129.2 196.6
143.2 207.4
117.4 63.4
115.2 67.8
110.1 67.5
132.2 68.2
124.4 68.9
116.7 62.4
104.9 66.3
93.2 67.4
101.8 65.8
1944—Dec.
1945—Dec.
1946—Dec.
1947—Dec.
1948—Dec.
31.
31.
31.
31.
31.
25]8'
26.7
27.6
27.8
26.6
25.0
23.5
22.3
22.6
42.6
42.6
40.1
36.9
27.4
28.6
26.4
24.0
62 .'i'
57.4
58.0
59.0
67.0
66.4
73.8
78.4
73.9
131.6
158.8
181.8
186.5
184.1
Asia and All Other
Asia
Date
1,069.2
1 549.7
M16.4
31'. 1,057.9
31
1,151.8
427.3
582 3
431'. 9
229.9
216.2
22 .9 22.1
27 4 33 4
44 .9 43.5
39 .8 62.4
51 .1 51.8
1,016.5
984.5
961.0
982.2
1,027.3
1,027.9
1,090.7
1,106.9
1,101.8
1,093.4
1,147.2
1,227,0
116.3
113.4
110.6
110.1
112.3
104.5
98.5
99.1
95.8
91.3
94.3
101.5
81 .5 52.6
83 . 3 56.4
83 .9 63.3
89 .9 69.5
90 .6 69.5
88 .8 61.8
96 .4 61.7
102 .0 59.5
107 A 50.7
93 .6 42.1
90 .1 51.3
89 .2 55.9
1944—Dec.
1945 Dec.
1946—Dec!
1947—Dec.
19 4S Dec.
31.
31.
1949—Oct.
Nov.
Dec.
1950—Jan.
Feb,
Mar.
Apr.
31.
30.
31.
31.
2S.
31.
30.
31.
30.
31.
31*
30*
May
June
July
Aug.
Sept.
China
Philand
Thai
Man- Hong
India IndoIran Israel Jap i n ippine
Reland
Kong
nesia
chupublic
ria
41.5
4 .0
4 1
16 .6
31 .3
81 4
20 5
17 8
15 7
12 2
29 2
27 6
31 4
35 9
41 8
47 7
50 .7
73 0
189 .5
204 . 8
214 .6
238 .8
252 .2
275 .2
332 .9
330 .7
338 .9
353 .2
372 .9
398 .6
110
113
127
69
5
7
1
3
16 8
21 . 0
16°. 4 27 .3
17. 5 25 . 0
1 6 . 5 21 .8
14. 8 19 .7
1 5 . 4 15 .1
17. 5 15 .7
1 8 . 1 15 .2
19. 6 12 .7
365
629
446
488
488
8
1
6
6
Tur- Other All
key Asia4 other
23
52
54
37
17
7
92 9
S 107 <?
7 151 0
6
99 0
s 204 0
174 . 0
181 8
232 . 8
193 .7
167 4
12 1 209 9 192 .1
306.3
10.0 192 4 184 .6
297 3
9 8 165.7 179 .5
286 1 ' '24!3 12 0 101 5 209 .8
289 4
2 2 . 6 14 4 103 5 186 .6
289 4
2 3 . 5 10 4 104 2 178 .4
294 6
2 7 . 4 10 2
99 2 163.9
299 5
2 9 . 0 10 6 106 0 171 5
291 .3
2 9 . 7 12 8 102 .7 188 .'2.
290 .4
2 9 . 4 12 4 100 .1 193 .5
299.8 3 0 . 5 12 1 112 .4 206 . 4
318 .0
3 4 . 6 11 6 112 .3 211 .9
334 1
Egypt
and Union
Bel- Angloof
5
Aus- gian
tralia Congo Egyp- South Other
tian Africa
Sudan
52
28
45
30
22
9
9
5
6
44 0
39 4
32.4
29
25
20
17
18
18
19
16
15
8 "27\2
1
28. 3
5
30. 0
5
31. 8
4
33. 6
6
35. 6
5
39. 8
0
36.
6
37. 6
7
18
20
25
27
3
9
8
0
7
60 2
58 3
61 6
72 8
58 . 4
57.3
56 .2
57 . 0
57 .7
53 .0
63 .4
63 .6
3
4
2
4
105 . 4
127 .7
119 . 3
91 . 8
101 . 6
5.7
82 .2
79 . 9
79 . 5
57 . 1
53 .6
54 .7
51 . 8
53 . 0
61 . 6
61 .'5
8
6
47
46
15
6 9
6 0
22 .9
21 . 3
15 . 8
6 ,6
9 .6
14 .7
19 .7
29 .5
33 .7
61.2
61 .4
v1 Preliminary.
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
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
1944—Dec
1945—Dec.
1946—Dec.
1947—Dec
194g—Dec.
31
31
31
31
31
.
Total
329.7
392.8
708.3
948.9
1,018.7
..
!949___Oct. 31
Nov 30
Dec 31 . . .
1950—Jan. 31
Feb 28
Mar 31.
.
Apr. 30
May 31
June 30
July 31
Aug 31P
Sept. 30P
. . .
.....
,,,,
850 5
846.7
827 9
X
724.8
670.6
648 7
634.8
607.3
669.9
692.3
751.9
United
King- France
dom
25.9
25.4
47.7
29.2
24.5
66.4
54.8
37 2
32.6
24.3
23 7
22.4
27.2
28 1
36.7
38.5
74.9
1.4
1.1
5.7
23.4
119.0
Netherlands
Switzerland
Italy
Other
Total
Europe Europe
Canada
Latin
America
Asia
A!)
other
28.1
53.3
52.2
27.5
39.8.
31.8
33.0
37.6
40.2
42.4
37 5
35.5
32.7
35.1
46.1
70.3
112.9
131.0
158.9
226.8
514.3
516.6
51.4
29.9
99.2
127.0
118.8
11.7
9 9
17.2
31.5
19.7
418 2
425.9
411 1
347 3
311.4
303 5
295.7
290.5
323 7
330.4
316.9
297.0
133.5
135.2
139 7
129.0
124.0
115 7
111.6
100.7
87 8
86.2
87.3
87.9
17.8
17.6
20 4
30 1
34.8
38 1
39.6
40.7
61 4
52.0
50.5
60.6
.3
36.3
151.0
49.1
51.4
9.8
1.3
2.9
7.0
6.9
.3
.3
16.0
21.1
15.8
78.3
74.6
82.8
118.9
106.3
107.5
140.7
312.9
248.6
323.8
6.1
6.3
5.2
2.7
4.4
4.3
4.0
4.6
3.8
5.7
5.5
7.8
88.7
98.2
98 5
3.7
4.5
r
6.2
7.3
9.1
16.0
18.8
22 6
20.7
23.3
19 6
20.2
24.5
28.7
26.4
21.1
17.1
249.2
234.9
219.2
!178.2
158.0
153.9
152.4
142.7
149.2
155.2
167.3
193.5
68.1
52.2
51.8
51.5
36.0
35.4
35.9
21.0
20.7
20.3
30.2
25.2
4.2
4.5
2.1
3.3
9.7
8.6
10.7
64.4
63 1
64.0
58.2
r
58A
57.7
66.8
62.4
CLAIMS ON FOREIGNERS—SUPPLEMENTARY DATA
Other Europe
Date
1944—Dec. 31.
1945—Dec. 31.
1946—Dec. 31.
1947—Dec. 31.
1948—Dec. 31.
Other AusEurope tria
Bel- CzechDenoslo- mark
gium vakia
78.3
74.6
82.8
118.9
106.3
7.5
15.0
21.4
1949—Oct. 31. 88.7
Nov, 30. 98.2
Dec. 31. 98.5
1950—Jan. 31.
Feb. 28. 64.4
Mar. 31. 63.1
Apr. 30. 64.0
May 31. 58.2
June 30. '58 A
July 3 1 . 57.7
Aug. 31 P 66.8
Sept. 30v 62.4
1.2
.2
.7
.2
.1
.2
16.1
17.6
19.3
15.6
16.3
17.7
16.2
11.7
12.2
12.1
14.6
14.6
.5
2.2
.6
(8)
.1
.1
.3
.1
(3)
8
.5
.5
.5
.6
1.1
1.5
2.2
1.8
2.0
Finland
6.2
8.0
3.4
8.6
9.2
8.2
4.9
3.5
2.4
2.1
2.4
3.4
1.6
1.9
2.7
GerNormany Greece
33.9
33.9
30.4
30.5
30.5
.6
.7
12.4
10.6
1.2
Poland
Rui
.8
.5
1.0
1.1
.7
35.1
31.6
3.3
9.2
8.4
30.3
30.0
30.0
*25.5
25.6
25.3
25.5
25.2
25.1
25.1
25.3
25 \ 2
Portugal
7.3
7.5
7.4
1.0
1.1
1.2
1.3
1.2
1.2
1.3
1.1
.9
.5
.7
.5
.7
.6
.8
.8
.9
.5
.5
.4
.4
7.0
7.0
7.0
Spain
Sweden
1.8
1.6
7.2
.9
2.9
.2
.9
4.9
5.4
1.4
3.8
6.1
7.0
6.7
7.9
6.6
7.7
4.4
'3.7
3.3
6.8
3.3
2.1
2.1
2.3
3.4
3.1
2.4
2.4
2.8
3.1
3.8
3.1
3.0
Republic of
Panama
El
Salvador
Latin America
Date
1944—Dec 31
1945—Dec. 3 1 . .
1946—Dec. 31
1947-__Dec. 31
1948—Dec. 3 1 . .
1949—Oct. 3 1 . .
Nov. 30..
Dec. 3 1 . .
1950—Jan. 3 1 . .
Feb. 28.
Mar. 31.
Apr. 30.
May 3 1 .
June 30.
July 3 1 .
Aug. 31 P
Sept. 30?
Netherlands
West Peru
Indies
and
Surinam
Latin
BoAmer- Argenlivia
tina
ica
Brazil Chile
Colombia
Cuba
Dominican Guate- MexRemala
ico
public
131.0 3 . 1
158.9 21.0
226.8 41.8
514.3 65.2
516.6 72.4
1.8
1.3
2.3
2.0
2.7
25.3
24.7
49.8
165.8
165.4
15.5 47.4
16.8 33.3
26.4 25.7
32.6 108.6
32.6 83.1
11.0
25.5
52.2
73.8
3
.5
.8
1
1.5
418.2
425.9
411.1
347.3
311.4
303.5
295.7
290.5
323.7
330.4
316.9
297.0
165.1
161.9
136.9
99.2
5.7 81.3
6.3
75.2
6.5
67.4
7.7
58.8
7.6
67.0
7.7
74.0
6.3
59.9
6.1
63.9
20.0
26.4
27.5
27.1
21.5
17.6
17.1
21.4
29.7
27.7
26.5
26.4
66.4
72.0
73.0
50.3
46.3
48.1
46.4
44.9
45.8
50.5
43.8
44.2
5.0
1.2
1.3
L.I
L.I
L.O
L.I
1.1
1.0
1.2
1.2
1.1
55.3
54.1
53.6
51.3
47.8
44.7
46.5
43.1
42.8
37.9
40.6
40.5
2.5
1.9
2.3
5.2
9.0
6.6
14.6
27.8
15.2
12.0
11.7
15.5
14.1
9.3
7.9
5.6
5.2
4.7
3.5
4.6
3.3
22.6
22.3
21.1
19.9
21.0
24.1
26.8
31.8
53.5
58.4
54.2
46.2
8.6
"2.k'
"T.8*
1.7
2.7
1.7
1.7
1.6
1.2
1.4
1.5
1.5
2.1
2.2
2.2
1.8
1.9
2.3
1.6
1 2
1.9
3.7
4.3
4.4
6.3
5.8
5.8
6.5
6.6
6.2
6.8
8.5
9.9
9.5
9.0
10.5
Yugo- All
USSR slavia
other*
()
(S)
(8)
co1
()
(8)
6.0
()
()
8
8
(3)
Uruguay
A
.7
2.5
3.2
2.4
3.0
6.7
5.7
5.2
4.8
9.5
35.9
29.8
11.5
16.7
15.6
4.8
5.2
4.4
4.4
4.6
4.7
4.5
4.4
4.3
Other
Vene- Latin
zuela America*
.8
1.1
1.3
4.7
4.6
5.1
6.1
8.7
15.3
26.0
12.9
34.7
26.2
34.5
34.7
5.4
5.3
5.3
4.3
4.6
4.9
4.8
5.0
4.7
4.5
3.9
4.0
23.0
23.6
25.6
25.3
26.0
24.6
26.5
26.3
25.8
25.4
36.2
24.4
36.8
39.6
43.1
23.3
22.3
21.6
22.0
21.0
18.1
17.4
16.8
14.6
*9!6'
"i'.s'
5.3
8.1
4.2
3.8
3.8
3.3
2.6
2.5
2.7
13.2
10.5
8.0
6.9
6.7
7.7
6.0
P1 Preliminary.
' Revised.
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
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
Asia
Date
China
Philand
All
Thai- Tur- Other
India IndoMan- Hong
Iran Israel Japan ippine
Kong
nesia
Reland key Asia1 other
chupublic
ria
31..
31..
31..
31..
31..
51.4
29.9
99.2
127.0
118.8
1.0
53 9
40.8
24.2
1949—Oct. 3 1 . .
Nov. 30..
Dec. 3 1 . .
1950—Jan. 3 1 . .
Feb. 28..
Mar. 3 1 . .
Apr. 30. .
May 3 1 . .
June 30. .
July 31 . .
Aug. 31 P
Sept. 30?.
133.5
135.2
139.7
129.0
124.0
115.7
111.6
100.7
87.8
86.2
87.3
87.9
16.5
16.3
16.6
17.0
15.1
19.4
23.4
19.2
17.6
20.1
22.4
21.6
1944—Dec,
1945—Dec.
1946—Dec.
1947—Dec.
1948— Dec.
1.5
.9 22.3
.8 7.5
5.9 12.0
2.6 29.6
3.4 20.4
3.8
4.2
3.7
4.1
4.2
4.3
4.1
4.1
3.3
4.1
5.1
3.7
18.8
17.0
17.4
16.6
17.7
18.9
19.7
24.0
20.5
18.7
15.6
14.7
Egypt
Beland
Union
Ausgian Angloof
2
tralia Congo Egyp- South Other
tian Africa
Sudan
1.5
.5
1.4
1 0
.5
1.9
.5
2
.9
15.9
10.1
9.5
14 1
18.1
17.9
7 7
1.9
.9
.9
1.1
1 4
13 8
13.8
20 2
27.4
37.3
1 8
2.0
1.4
17.7
1.4
8 9
2.8
4.6
7.5
14.3
11 7
9.9
17.2
31.5
19.7
1.7
3.4
9.0
4.7
.2
.3
.4
.1
.4
9.7
4.7
10.1
14.4
7.9
1.2
3.3
3.3
8.0
6.8
25.5
25.9
23 2
22.8
22.4
22 0
19.7
14.4
12.5
9.6
8 0
2.4
1.9
1 2
.9
.7
.6
1.2
1 5
14.3
•15.7
14.3
10.5
9.9
5 9
4.8
.7
.7
.9
8
44.1
46.5
50.3
12.0
8.5
9 3
11.7
10.9
10.7
7.7
7 6
5.2
6.2
1.5
.8
7.5
17.8
17.6
20.4
30.1
34.8
38 I
39.6
40.7
61.4
52.0
50 5
60.6
4.8
5.4
7.9
10.4
15.5
18.9
20.1
20.8
40.7
35.2
34.8
44.5
.5
,6
.2
.2
.3
.4
.3
.1
.1
.1
.1
.1
3.8
3.6
4.5
11.3
11.2
11.3
12.1
12.3
11.7
7.5
6.8
7.3
8.S
8.0
7.7
4,6
4.3
4.0
3.5
3.9
5.0
5.3
4.8
4.8
.4
.2
.2
.2 13.6
.1 13.8
.2 13.6
13.5
.1 12.5
.2 13.0
.1 11.5
.1 10 4
.1
8.0
11.8
12.5
13.3
12.0
13.3
7.8
11.2
14.5
18.7
P Preliminary.
1
Beginning January 1948, includes Pakistan, Burma, and Ceylon, previously included with India.
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.
.6
*3.*6
3.5
3.5
3.7
3.6
3.8
3.9
4 0
3.9
Beginning January 1950, excludes Iran t
GOLD PRODUCTION
OUTSIDE U. S. S. R.
[In millions of dollars]
Year or
month
1941.
1942.
1943.
1944.
1945.
1946.
1947.
1948.
1949.
Production reported monthly
Estimated
world
production
Total
reported
outside
U.S.S.R.1 monthly
South
Africa
1,110.4
982.1
774.1
701.5
683.0
697.0
705.5
728.1
753.2
504.3
494.4
448.2
429.8
427.9
417.6
392.0
405.5
409.7
65.2
65.3
65.9
63.5
64.0
60.1
66.4
34.8
34.7
34.0
34.0
34.2
32.0
35.1
33.3
35.5
34.6
34.6
34.9
34 0
1,265.6
1,125.7
871.5
784.0
738.5
752.5
766.5
791.0
1949—Sept..
Oct..
Nov..
Dec.
1950—-Jan..
Feb..
Mar..
Apr..
May.
June.
July.
Aug..
Sept..
Africa
Rhodesia
$1 =15&/n
27.8
26.6 [
23.0
20.7
19.9
19.1
18.3
18.0
18.5
1.5
1.5
1.5
1.5
1.5
1.4
1.5
1.5
1.5
1.5
1.5
North and South America
West Belgian United
Africa2 Congo8 States 4
grains of gold 9/io fine: i.
19.6 209.2
32.4
18.0 131.0
29.2
15.8
48.8
19.7
12.7
35.8
18.4
12.1
32.5
18.9
11.6
51.2
20.5
10.8
75.8
19.3
11.1
70.9
23.4
12.9
67.3
23.1
1.9
1.9
2.0
2.0
2.0
2.0
1.9
1.9
2.0
1 .9
1.9
1 9
2.0
L.I
L.O
:L.I
L.I
L.I
L.O
L.I
1.0
1.0
1.0
1 .0
1 1
L.O
6.0
7.1
7.2
6.4
5.9
5.5
6.1
6.7
6.8
6.6
7.1
7.9
7.8
Canada
Mexico
Colombia
Other
Chile
e., an ounce of fine gold—$35.
9.3
187.1
28.0
23.0
6,4
169.4
28.0
20.9
6.1
127.8
22.1
19.8
7.1
102.3
17.8
19.4
6.3
94.4
17.5
17.7
8.1
99.1
14.7
15.3
5.9
107.5
16.3
13.4
123.5
12.9
11.7
5.7
6.3
144.2
14.2
12.6
12.8
12.8
12.7
13.0
12.4
12.2
13.4
12.9
13.1
12.9
12.9
13 2
1.6
.9
1.9
.8
1.5
1.0
2.0
1.0
1.0
1.1
.6
1.4
1.2v
1.2
1.0
.9
1.6
1.1
1.1
.6
.5
.6
.5
.6
.2
.6
8
.9
.6
.6
Nica- AustraIndia 3
ragua 5
lia
7.5
8.6
7.7
7.9
7.0
6.4
7.4
7.8
7.7
52.4
40.4
26.3
23.0
23.0
28.9
32.8
•31.2
31.3
10.0
9.1
8 8
6 6
5.9
4.6
6.1
6.5
5.7
.7
2.6
2.7
2.9
2.6
2.3
2.3
2.3
.5
.5
.4
.4
.5
.5
.5
.6
.5
.6
.6
.6
.6
.6
.7
.6
.6
.7
.7
.7
.6
.7
7
.7
*7
r
2.2
r
2.4
r
3 4
2.3
2 .5
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
REPORTED GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS
[In millions of dollars]
United States
End of month
Treasury
Total i
1945—Dec.
1946—Dec..
1947—-Dec..
1948—Dec,
20,065
20,529
22,754
24,244
20,083
20,706
22,868
24,399
1949—Nov.
Dec.
1950—Jan..
Feb..
Mar.
Apr..
May,
June.
July.
Aug..
Sept.
Oct..
24,479
24,427
24,395
24,345
24,246
24,247
24,231
24,231
24,136
23,627
23,483
23,249
24,626
24,563
24,507
24,456
24,360
24,350
24,340
24,331
24,239
23,745
23,59!
23,349
End of month
1945—Dec.,
1946—Dec,
1947—-Dec.
1948—Dec.,
1949—Nov...
Dec. .
1950—Jan....
Feb.. .
Mar...
Apr.. .
May..
June..
July..
Aug...
Sept...
Oct....
End of month
Argentina 2
Belgium
Brazil
Canada 3
716
735
597
624
354
354
354
.317
361
543
294
408
709
698
679
679
682
679
678
663
651
643
599
592
317
317
317
317
317
317
317
317
317
317
317
317
484
496
507
509
511
513
515
521
531
545
554
1,197
1,072.
322
Hungary
India
24
34
35
274
274
274
256
131
127
142
140
24
28
58
96
247
247
247
247
247
247
247
247
247
247
247
140
140
140
140
140
140
140
140
252
252
252
252
252
252
252
252
252
252
178
178
178
178
178
178
178
178
178
178
188
188
Turkey
Uruguay
Venezuela
40
41
41
41
Sweden
Switzerland
Iran B
Italy
Java
Mexico
180
294
181
100
16
other
coun-8
tries
1945—Dec,
1946—Dec,
1947—Dec..
1948—Dec.,
482
381
105
81
1,342
1,430
1,356
1,387
241
237
170
162
195
200
175
164
202
215
215
323
192
193
195
220
1949—Nov.
Dec,
1950—Jan..
Feb..
Mar.
Apr;.
May,
June.
July.
Aug.,
Sept.
Oct..
70
70
70
70
69
71
71
71
71
71
87
91
1,495
1,504
1,508
1,503
1,527
1,534
1,552
1,559
1,550
1,537
1,529
154
154
154
154
154
154
154
149
138
146
146
150
178
178
183
187
190 .
184
184
189
196
208
217
373
373
373
373
373
373
373
373
373
373
373
373
304
330
332
334
333
333
337
336
P336
*>336
P336
P336
Colombia 4
Cuba
82
65
45
43
127
145
83
51
191
226
279
289
43
40
40
40
40
40
40
40
40
40
40
40
51
52
53
64
65
66
67
68
69
70
71
299
299
299
299
299
299
299
299
299
291
291
Chile
NetherNew
lands Zealand
Norway
Peru
23
23
23
23
80
91
72
52
28
24
20
20
195
195
229
229
229
229
229
229
229
229
230
27
27
27
27
27
27
28
28
28
28
29
51
51
51
51
50
48
50
50
50
50
50
50
28
28
28
28
28
28
28
28
28
28
International
Monetary
Fund
Bank
for International
Settlements
15
1,356
1,436
39
32
30
36
1,451
1,451
1,459
1,460
1,460
1,460
1,460
1,460
1,464
64
68
68
69
87
93
100
108
128
125
145
149
Denmark
61
61
270
265
231
166
P Preliminary.
1 Includes gold in Exchange Stabilization Fund. Gold in active portion of this Fund is
not included in regular statistics on gold stock (Treasury gold) used in the Federal Reserve
statement "Member Bank Reserves, Reserve Bank Credit, and Related Items" and in the
Treasury
statement "United States Money, Outstanding and in Circulation, by Kinds,"
2
Estimated dollar values derived by converting gold at home in amounts up to 1,224,4
millian pesos at the rate of 3.0365 pesos per U. S. dollar and all other gold at the rate of
3.5447
pesos per U. S. dollar.
8
Figures as reported by Foreign Exchange Control Board and Minister of Finance.
45 Beginning December 1948 figures taken from last weekly statement of month.
Beginning December 1947 includes gold holdings of issue and banking departments of
Bank
Melli Iran; prior to that represents holdings of issue department only.
6
Total gold holdings are not available. Beginning April 1946, the series is new and represents
gold
held as reserve (25 per cent minimum) less gold in foreign currency liabilities.
7
Figures are for following dates: 1946—Mar. 31, and 1947—Mar. 31.
s For list of countries included, see BULLETIN for January 1950, p. 114, footnote 8.
NOTE.—For description of figures, including details regarding special internal gold transfers affecting the reported data, see Banking and Monetary Statistics, pp. 524-535; for back
figures through 1941, see Table 160, pp. 544-555, in the same publication and for those subsequent to 1941, see BULLETIN for February 1950, p. 252. For revised back figures for Argentina and Canada, see BULLETIN for January 1949, p. 86, and February 1949, p. 196, respectively,
1694
Czechoslovakia
Egypt
France
38
38
32
32
52
53
53
53
1,090
796
548
548
32
32
32
32
32
32
31
31
31
31
31
31
53
53
53
53
53
53
53
53
53
53
53
523
523
523
523
523
523
523
523
523
523
523
523
PortuRuma- South
gal 6
Africa
269
245
193
158
P215
Spain
914
939
762
183
110
ill
111
ill
120
128
132
146
166
173
178
177
179
180
179
85
85
80
80
80
61
61
61
61
61
61
Government gold reserves not included ia
previous figures
United
Kingdom
France
1945—Dec
1946—-Dec
12,476
i2 9 696
2 457
1947—Mar
June....
Sept
Dec
12,380
12,410
12,383
12,079
End of month
Belgium
2
17
1948—Mar..... 12,241
J u n e . . . . 11,920
Sept
il,777
Dec
11,856
1949__Mar
June....
Sept
Dec
il
912
1 ?
1,651
11,425
1
1,688
11,984
1950—Mar
June. . . . 12,422
Sept
12,756
1
Exchange Equalization Account holdings of
gold, U. S. and Canadian dollars, as reported by
British Government. (Gold reserves of Bank of
England have remained unchanged at $1 million
since 1939, when Bank's holdings were transferred
to Exchange Equalization Account).
2
France—Exchange Stabilization Fund; Belgium—Treasury.
NOTE.—For details regarding special internal
gold transfers affecting the British and French
institutions, see p. 1696, footnote 1, and p. 1697,
footnote 8. For available back figures, see
Banking and Monetary Statistics, p. 526, and
BULLETIN for November 1947, p. 1433, and
ruary 1945, p. 190.
Feb-
FEDERAL RESERVE BULLETIN
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
Year
or
month
1942
1943
1944
1945
1946
1947
1948
1949
Total
United
Kingdom
315.7
68.9
-845.4
-106.3
311.5
1,866.3
1,680.4
686.5
2.0
.1
-695.5
,2
.5
488.4
1.095.4
527.9
56.1
40.7
~1.4
39.0
.2
-1.6
53.3
13.1
10.0
-1.5
-42.2
-96.5
-93.4
.2
1949—Oct
7.6
Dec
1950—Jan
Feb
Mar
Apr
May
, .
July
Aug
Sept
Oct
Belgium
France
Netherlands
Sweden
U.S.S.R. Canada
11.3
162.9
.1
28.0
34.4
—1
33.7
27.9
-4.5
.1
— .1
.i
208.9
.1
66 9
— 1038
46 2
—50
53 1
344.1 -134.0
335.5
445.4
103.3
-29.7
5 8
-.1
Colombia
10.6
21.0
25.1
14.2
2.1
5.1
5
3
7
5
5
4
4
5
1
31.7
Argentina
6
-44 2
95 3
— 76 6
i
Mexico
Nicaragua
Venezuela
40.0
-3.3
-109.7
15.1
3.6
-7.1
15.8
-4.4
8.7
7.5
7.7
7.4
7.3
7.6
7.9
6.9
4.0
2.2
—55.3
—56.1
.2
-.8
-136.1
-4.5
.4
.4
.3
.4
.2
.3
.2
.3
.3
.2
.3
.4
.3
.5
.4
.5
.4
.5
.5
.5
.3
.3
.3
.3
.3
.3
-.2
— .1
-.4
-.1
— .1
-.2
— .1
-.1
-.2
-.1
ANALYSIS OF CHANGES IN GOLD STOCK OF
UNITED STATES
[In millions of dollars]
NET GOLD IMPORTS TO UNITED STATES,
BY COUNTRIES—Continued
[Net gold exports from United States (—). In millions of dollars]
Gold stock at
end of period
Gold valued at approximately $35 a fine ounce
Year or
month
1942
1943
1944 . . .
1945. . . . . . . .
1946
1947
1948........
1949
Other
Latin
AusAmerican tralia
Republics
China
16.3
.5
-9.5
14.6
.2
.2
-11.9
-10.8
.1 -134.0
7.0
- 8 . 0 . . . . . . -55.8
— 14.0
—17.1
7.3
.6
6.4
,3
-19.1
.5
.3
.4
.4
.5
4
1949—Oct... .
Nov.
Dec...
1950—Jan....
Feb. . .
Mar.
Apr. . .
May..
June..
July . .
Aug.. .
Sept.. .
Oct... .
.5
.3
.7
.6
.6
,6
.4
Philippine
Republic
.3
.1
-.2
—3.5
—2.5
— .1
-.1
-.3
.1
.1
A
4.1
.3
3.6
.4
118.6
410.7
491.5
190.7
12.7
'3.3
5.8
— .2
2
.3
-.5
.2
.1
.1
South
Africa
— 1
;
1
16.8
1.8
3.5
All
other
countries
8.9
.8
30.2
.5
1.3
1 — 18.6
-63.5
s
~37.6
-1.1
—2.4
-8.5
«37.1
-1.3
—3.5
3.7
10.5
4.7
-3.1
8
-2.1
4-17.9
1 Includes net exports of 39.2 million dollars to Switzerland, # 10.7
million to Greece, 8.3 million to French Indo-China, and 5.3 million
to 2other countries.
Includes net exports of 18.3 million dollars to Poland, 8.6 million
to French Indo-China, 6.6 million to Portuguese Asia, and 4.1 million
to 3other countries.
Includes imports of 43.1 million dollars of Thailand gold from
Japan and net exports of 3.0 million dollars to Poland and 3.0 million
to other
countries.
4
Includes exports of 14.7 million dollars to Egypt.
NOTE.—For back figures see Banking and Monetary Statistics,
Table 158, pp. 539-541, and for description of statistics, see p. 524
in the same publication.
DECEMBER
1950
Period
1942
1943
1944
1945
1946
1947 . . .
1948
1949
1949—Nov...
Dec...
1950—Jan....
Feb....
Mar...
Apr....
May...
June..
July...
Aug. . .
Sept...
Oct....
Nov.. .
Earmarked DomesNet
Increase gold
gold:
de- tic gold
imin total port or crease
producgold
export
or
intion 2
stock
crease
Treasury
Total i
22,726
21,938
20,619
20,065
20,529
22,754
24,244
24,427
—23.0 315.7
22,739
21,981
—757.9
68.9
20,631 —1,349.8 —845.4
20,083
-547.8 - 1 0 6 . 3
20,706
623.1 311.5
22,868 8 2,162.1 1,866.3
24,399 1,530.4 1,680.4
24,563
164.6 686.4
24,479
24,427
24,395
24,345
24,246
24,247
24,231
24,231
24,136
23,627
23.483
23,249
^23,037
(-)
24,626
-61.7
24,563
-63.2
24,507
-56.3
24,456
-51.2
24,360
-96.2
24,350
-9.2
24,340
-10.7
24,331
-9.0
24,239
-91.1
23,745
-494.4
23,591
-153.9
23,349
-242.5
P23,153 P - 1 9 5 , 2
7.6
-1.4
39.0
.2
-1.6
53.3
13.1
10.0
-1.5
-42.2
-96.5
- 9 34 . 4
()
—458.4 125.4
—803.6 48 3
—459.8 35.8
-356.7
32.0
465.4 51.2
210.0 75.8
— 159.2 70.9
—495.7 67.3
-63.9
-59.4
-93.2
-50.4
-95.4
-59.2
-29.9
-17.6
-90.0
-431.4
-65.9
-146.2
5
-35.3
7.2
6.4
5.9
5.5
6.1
6.7
6.8
6.6
7.1
7.9
7.8
10.4
(4)
p Preliminary.
* See footnote 1 on opposite page.
2
Yearly figures are estimates of United States Mint. For explanation of monthly figures see p. 1693, footnote 4.
s Change includes transfer of 687.5 million dollars gold subscription
to International Monetary Fund.
4
Not yet available.
5
Gold held under earmark at the Federal Reserve Banks for foreign
account, including gold held for the account of international institutions, amounted to 5,387.8 million dollars on Nov. 30, 1950. Gold
under earmark is not included in the gold stock of the United States.
NOTE.—For back figures and description of statistics, see Banking
and Monetary Statistics, Table 156, pp. 536-538, and pp. 522-523.
1695
INTERNATIONAL MONETARY FUND AND INTERNATIONAL BANK
FOR RECONSTRUCTION AND DEVELOPMENT
[End-of-month figures. In millions of dollars]
1950
1949
1950
1949
International Bank
International Fund
Oct.
Gold..
Currencies (balances with depositories
and securities payable on demand):
United States
Other
Unpaid balance of member subscriptions
Other assets
Member subscriptions
Accumulated net income
July
1,494 1,464 1,460 1,450
1,305 1,306 1,299 1,311
4,228 4.257 4,266 4,265
1,003
989
893 1,018
1
1
1
1
8,037 8,022 7,922 8,047
-4
-4
-4
-3
1950
Net currency purchased 2
(Cumulative—millions of dollars)
Oct.
Sept.
1949
Aug.
Oct.
20.0 20.0 20.0 20.0
11.4 11.4 11.4 32.1
37.5 37.5 37.5 15.0
8.8
8.8
8.8
8.8
-.9
.4
-.9
-.9
6.0
6.0
6.0
6.0
10.2 10.2
10.2 10.2
-5.5 -5.5 -5.5
3.0
.3
.6
.6
.3
125.0
125.0
125.0 125.0
100.0 100.0 100.0 100.0
22.5 22.5 22.5 22.5
75.4 75.4 75.4 75.4
9.6
9.6
9.6
9.6
10.0 10.0 10.0 10.0
5.0
5.0
5.0
5.0
300.0 300.0 300.0 300.0
9.0
9.0
9.0
9.0.
Australian pounds.
Belgian francs
Brazilian cruzeiros.....
Chilean p e s o s . . . . . . . . . .
Costa Rican colones
Czechoslovakiaii koruny
Danish kroner.....
Egyptian pounds
Ethiopian dollars
French f r a n c s . . . . . . . . .
Indian rupees
Mexican pesos
Netherlands guilders. . .
Norwegian kroner
South African pounds. .
Turkish liras. . . . . . . . . .
Pounds sterling
Yugoslav dinars
Total.
Sept.
Oct.
Apr.
Gold
Currencies (balances with depositories
and securities payable on demand):
United States
Other
Investment securities (U. S. Govt. obligations)
Calls on subscriptions to capital stock3. .
Loans (incl. undisbursed portions and
incl. obligations sold under Bank's
guarantee)
Other assets
Bonds outstanding.
Liability on obligations sold under guarantee.
Loans—undisbursed.
Other liabilities 4
General reserve
Special reserve
Capital 3
June
Mar.
Sept.
10
921
5
924
18
925
44
926
439
4
449
5
446
5
454
5
762
8
261
738
8
261
723
7
261
676
11
254
26
26
26
27
140
126
130
136
3
5
2
3
31
27
23
17
15
14
12
9
1,668 1,670 1,670 1,670
1
Includes amounts receivable for currency adjustments resulting
from the devaluations in September 1949 as follows: April 1950—
162 million dollars; October 1949—382 million.
As of Oct. 31, 1950, the Fund had sold 759.8 million U. S. dollars:
in addition, the Fund sold to the Netherlands 1.5 million pounds
sterling in May 1947 and 300 million Belgian francs in May 1948, and
sold to Norway 200 million Belgian francs in June and July 1948.
Repurchases
amounted to 33.0 million dollars.
3
Excludes uncalled portions of capital subscriptions, amounting to
6,671 million dollars as of Sept. 30, 1950, of which 2,540 million represents
the subscription of the United States.
4
Formerly shown as "Accumulated net income".
744.3 744.3 744.6 752.5
CENTRAL BANKS
Assets of issue
department
Bank of England
(Figures in millions of
pounds sterling)
Assets of banking
department
Other
assets 2
Notes
and
coin
Discounts
and advances
Securities
.2
.2
.2
.2
.2
.2
,2
.2
780.0
950.0
1,100.0
1,250.0
1,400.0
1,450.0
1,450.0
1,325.0
28.8
27.7
12.5
13.5
20.7
23.4
100.8
36.1
6.4
3.5
2.5
5.1
8.4
13.6
15.2
16.7
267.8
267.9
307.9
317.4
327.0
327.6
331.3
401.1
1949—Nov. 30
Dec. 28
.4
.4
1,300.0
1,350.0
39.9
33.7
15.3
14.8
1950—Jan. 25
Feb. 22
Mar. 29
Apr. 2 6 . . .
May 31
June 28
July 26
Aug. 30
Sept. 27
Oct. 25
.4
.4
.4
.4
.4
.4
.4
.4
.4
.4
*1,300.0
1,300.0
1,300.0
1,300.0
1,300.0
*1,350.0
1,350.0
1,350.0
1,350.0
1,350.0
57.9
58.4
38.5
28.4
19.9
63.0
37.4
53.8
70.2
80.3
14.7
22.0
12.3
22.0
19.1
15.4
18.0
23.4
21.0
40.3
1941—Dec.
1942—Dec.
1943—Dec.
1944—Dec.
1945—Dec.
1946—Dec.
1947—Dec.
1948—Dec.
31
30
29
27...
26
25
31..
29.
Gold 1
.
Liabilities of banking department
Note
circulation3
ECA
Other
Other
liabilities and
capital
11.2
9.0
10.3
5.2
5.3
10.3
18.6
11.7
17.4
54.1
48.8
60.4
52.3
58.5
57.3
95.5
92.1
17.9
17.9
17.9
17.8
17.8
18.1
18.1
18 1
295.9
299.2
8.9
11.6
58.6
97.9
111.5
111.2
18.0
18.1
291,7
285.2
283.5
288.8
281.3
292.1
286.8
278.8
291.8
316.0
12.5
14.0
12.1
13.9
12.0
11.9
14.5
12.8
14.8
13.0
117.4
136.0
160.0
169.8
188.4
209.0
237.1
246.5
254.8
266.4
110.2
113.5
83.9
89.5
94.2
96.5
97.9
95.7
94.3
89.3
18.3
18.4
18.5
17.8
18.0
18.2
18.3
18.5
18.5
17.8
Deposits
Bankers'
Public
751.7
923.4
1,088.7
1,238.6
1,379.9
1,428.2
1,349.7
1,293.1
219.9
223.4
234.3
260.7
274.5
278.9
315.1
314.5
437.8
489.6
1,265.8
1,321.9
477.4
486.7
507.2
529.4
554.9
549.3
599.2
575.0
583.0
581.8
1,247.7
1,247.2
1,267.3
1,277.7
1,286.6
1,293.9
1,319.7
1,302.0
1,283.3
1,272.6
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
CENTRAL BANKS—Continued
Assets
Bank of Canada
(Figures In millions of
Canadian dollars)
Gold
Sterling
and United
States
dollars
Liabilities
Dominion and provincial government
securities
Deposits
Other
assets
Short-1
term
Note
circulation2
Chartered
banks
Other
Dominion
government
Other
liabilities
and
capital 3
Other
28.4
64.3
38.4
200.9
.5
.6
172.3
156.8
1.0
2.0
.4
144.6
181 .-9
448.4
391.8
807.2
787.6
906.9
1,157.3
1,197.4
1,022.0
1,233,7
40.9
49.9
127.3
216.7
209.2
472.8
573.9
688.3
708.2
858.5
779.1
5.2
5.5
12.4
33.5
31.3
47.3
34.3
29.5
42.1
43.7
45.4
175.3
232.8
359.9
496.0
693.6
874.4
1,036.0
1,129.1
1,186.2
1,211.4
1,289.1
200.6
217.0
217.7
232.0
259.9
340.2
401.7
521.2
565.5
536.2
547.3
16.7
46.3
10.9
73.8
51.6
20.5
12.9
153.3
60.5
68,8
98.1
3.1
17.9
9.5
6.0
19.1
17.8
27.7
29.8
93.8
67.5
81.0
9.3
13.3
28.5
35.1
24.0
55.4
209.1
198.5
42.7
42.4
43.1
1949—Nov. 30.
Dec. 31.
66.1
74.1
1,713.9
1,781.4
221.5
227.8
54.4
42.5
1,283.0
1,307.4
544.7
541.7
27.2
30.7
84.1
126.9
116.8
119.2
1950—Jan. 3 1 .
Feb. 28.
Mar. 31.
Apr. 29.
May 3 1 .
Tune 30.
July 3 1 .
Aug. 3 1 .
Sept. 30.
Oct. 3 1 .
73.1
1,769.1
1,786.2
1,655.9
1,668.3
1,685.7
1,436.7
1,431.0
1,420.4
1,406.1
1,381.4
235.4
191.1
358.9
371.0
372.6
622.0
638.7
569.2
444.6
435.7
73.1
56.2
75.2
56.5
60.1
58.8
65.7
113.9
219.7
440.0
1,259.2
1,250.6
1,258.5
1,269.8
1,275.9
1,275.8
1,294.2
1,303.8
1,318.4
1,321.8
530.7
554.8
567.3
551.6
534.3
544.5
552.8
568.2
555.8
621.7
94.3
24.3
71.2
41.3
68.9
35.3
19.6
16.7
22.0
39.0
145.8
176.4
150.7
199,8
202.7
215.8
228.9
233.1
258.2
235.2
120.7
104.2
116.1
119.4
109.9
130.1
129.0
143.1
128.2
191.6
1938—Dec.
1939—Dec.
1940—Dec.
1941—Dec,
1942—Dec.
1943—Dec.
1944—Dec.
1945—Dec.
1946—Dec.
1947—Dec.
1948—Dec.
31.
30.
31.
31.
31.
31.
30.
31.
31.
31,
31.
185.9
225.7
(4)
76.7
73.7
86.0
73.3
84.1
89.1
161 .4
212.2
152.2
Liabilities
Assets
Bank of France
(Figures in
millions of francs)
1938—Dec.
1939—Dec.
1940—-Dec.
1941—-Dec.
1942—Dec.
1943—Dec.
1944—Dec.
1945—Dec.
1946—Dec.
1947—Dec.
1948—Dec.
Gold
29., 87,265
28. 97,267
26. 84,616
31.. 84,598
31. 84,598
30. 84,598
28. 75,151
27. 129,817
26. 94,817
31. 65,225
30. 65,225
1949—Nov. 24.
Dec. 29.
62,274
62,274
1950—Jan. 26.
Feb. 23.
Mar. 30.
Apr. 27.
May 25.
June 29.
July 27.
Aug. 31.
Sept. 28.
Oct. 26.
62,274
62,274
62,274
62,274
62,274
62,274
62,274
8
182,785
182,785
182,785
Foreign
exchange
821
112
42
38
37
37
42
68
7
12
30
Domestic bills
Open
market5
1,892
5,818
7,802
6,812
8,420
9,518
12,170
17,980
37,618
67,395
97,447
58,174 143,794
61,943 137,689
59,719
58,658
63,987
83,526
98,539
116,652
146,146
144,242
173,725
140,735
132,447
123,912
123,013
117,039
115,978
128,939
144,523
149,702
119,556
115,122
Special
Other
Advances to
Government 5
Current
1,797
7,880
2,345
5,149
14,200
3,646 63,900
661
4,517
69,500
12
5,368 68,250
169
29
7,543 64,400
15,850
18,592
48
303
25,548
3,135
76,254 67,900
64 117,826 147,400
8,577 238,576 150,900
Deposits 6
Other
assets 5
Note
circulation
Other
30,627
30,473
112,317
182,507
250,965
366,973
475,447
445,447
480,447
558,039
558,039
14,028
15,549
18,571
17,424
16,990
16,601
20,892
24,734
33,133
59,024
57,622
335,845
333,358
359,671
367,740
341,340
368,694
373,930
362,358
377,531
371,010
159,900
165,200
166,000
167,100
167,700
166,600
161,600
163,600
163,900
162,600
560,990
560,990
560,990
560,990
560,990
560,990
560,990
481,039
481,039
481,039
94,504
91,046
112,552
113,338
107,521
116,833
128,695
137,978
132,972
'197,555
EGA
1,256,758
1,271,387
1,321,855
1,332,148
1,324,533
1,382,479
1,413,718
1,455,008
1,467,425
1,466,62."
153
1,168
42
79
24
21
17
62
80
75
94
73
Other
25,595
2,718
14,751
2,925
27,202
44,986
25,272 '68,474
29,935
21,318
33,137 '15,596
37,855
7,078
57,755
4,087
63,468
7,213
82,479
10,942
171,783
16,206
110,935
5,061
151,322
1,914
218,383
984
270,144
1,517
382,774
770
500,386
578
572,510
748
570,006 12,048
721,865
765
920,831
733
987,621
806
28,164 306v397 152,500 560,990
85,587 1,203,768
28,548 335,727 157,900 560,990 112,658 1,278,211
31,410
31,467
29,279
29,297
27,090
18,507
12,709
3,590
14,572
25,035
Government
Other
liabilities
and
capital
22,910
14,155
22,432
34,284
21,927
8,496
22,806
12,778
11,928
8,739
173,396
158,973
20,563
19,377
133,526
120,858
115,627
114,103
110,321
126,978
129,954
134,709
144,909
171,836
23,853
20,426
17,828
20,747
24,634
21,475
24,309
22,722
21,725
28,610
1
2
3
4
Securities maturing in two years or less.
Includes notes held by the chartered banks, which constitute an important part of their reserves.
Beginning November 1944, includes a certain amount of sterling and United States dollars.
On May 1, 1940, gold transferred to Foreign Exchange Control Board in return for short-term Government securities (see BULLETIN for
July 5 1940, pp. 677-678).
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;
1941,8 64,580; 1942, 16,857; 1943, 10,724.
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
CENTRAL BANKS—Continued
Central Bank
(Figures as of last report
date of month)
1950
Oct.
Sept.
1949
Aug.
Central Bank of t h e Argentine
Republic (millions of pesos):
656
Gold reported separately
1,561
Other gold and foreign exchange.
1,917
Government securities
30,906
Rediscounts and loans to banks..
Other assets
305
11,060
Currency circulation
Deposits—Nationalized
21,710
Other sight obligations.
488
Other liabilities and capital
2,086
Commonwealth Bank of Australia (thousands of pounds):
533,435 530,978
Gold and foreign exchange
Checks and bills of other banks..
6,013 3,939
Securities (incl. Government and
Treasury bills)
350,647 329,923
Other assets
64,612 64,769
Note circulation
236,770 235 ,270
Deposits of Trading Banks:
Special
453,170 455 ,170
Other
38,415 30,277
226,352 208,891
Other liabilities and capital
Austrian National Bank (millions
of schillings):
50
50
Gold
50
Foreign exchange
379
356
318
Loans and discounts
2,837 2,561
2,8
Claim against Government
5,435 6,050
5,305
Other assets
44
35
42
Note circulation
5,923
5,863 5,877
Deposits—Banks
331
282
316
Other
1,102
1,284
932
Blocked
1,308
1,259 1,923
National Bank of Belgium
(millions of francs):
Goldi
29,623 29,930 32,132
Foreign claims and balances (net). 7,378 7,265 5,801
7,206
Loans and discounts
7,205 6,330
Consolidated Government debt.. 34,939 34,939 34,939
Government securities
6,048 7,265 7,290
Other assets
3,815 4,305 5,126
Note circulation
84,784 85,327 88,189
Deposits—Demand
1,749 2,171 1,800
ECA
12
35
33
Other liabilities and c a p i t a l . . . . . 2,463 2,501 2,472
Central Bank of Bolivia—Monetary dept. (millions of bolivianos):
Gold at home and abroad 2
1,370
Foreign exchange
455
Loans and discounts
1,748
Government securities
736
Other assets
172
Note circulation.
2,894
Deposits
592
Other liabilities and capital
997
Central Bank of Ceylon^ (thousands
of rupees):
516,891 518,141 494,881
Foreign exchange
1,429
1,429
Paid-in capital—Int'l. Bank
1,429
191
511
Other assets
255
327,960 331 ,152 306,486
Currency in circulation
518
4,206
6,416
Deposits—Government
134,688 136,282 134,471
Banks
51,977 51,808 49,191
Other liabilities and capital
Central Bank of Chile (millions
of pesos):
1,235
1,241
1,233
Gold
266
292
167
Foreign exchange (net) 4
1
1
1
Net claim on Int'l. Fund
Discounts for member b a n k s . . . . 2,274 1,804 1,900
685
686
686
Loans to Government
3,002
3,105
3,003
Other loans and discounts
1,724
1,725
1,748
Other assets
6,220 6,207 6,124
Note circulation
1,240
1,248
Deposits—Bank
1,348
257
250
Other
299
1,101
Other liabilities and capital
1,343
1,139
Bank of the Republic of Colombia
(thousands of pesos):
Gold and foreign exchange
203,996 215,830 235,432
Net claim on Int'l. Fund 4
24,368 24,368 24,368
Oct.
1950
Central Bank
(Figures as of last report
date of month)
Oct.
Bank of the Republic of Colombia—Cont.
Paid-in capital—Int'l. Bank
Loans and discounts
Government loans and securities.
Other assets
Note circulation.
Deposits
Other liabilities and capital
Central Bank of Costa Rica 5
(thousands of colones):
Gold
Foreign exchange
Net claim on Int'l. Fund 4
395,135
Loans and discounts
2,843
Securities
Other assets
366,488
Note circulation.
29,544
Demand deposits
217,063
Other liabilities and capital
6
311,670 National Bank of Cuba
(thousands of pesos):
29,429
Gold and foreign exchange (net).
235,847
Silver
Net claim on Int'l. Fund 4
Loans and discounts
50
Credits to Government
145
Other assets
1,474
Note circulation
6,489
Deposits
16
Other liabilities
5,490
7
359 National Bank of Czechoslovakia
1,099 National Bank of Denmark
(millions of kroner):
1,227
Gold
Foreign exchange
Contributions to Int'l. Fund and
31,542
to Int'l. Bank
9,901
2,540
Loans and discounts.
Securities
34,991
Govt. compensation account....
5,500
Other assets
6,698
Note circulation
85,995
Deposits—Government
1,827
Other
797
Other liabilities and capital
2,553
Central Bank of the Dominican
Republic (thousands of dollars):
,372
809
451
262
125
640
,493
507
1,687
1,734
26,885
185
8,938
19,712
685
1,663
956
104
990
748
98
2,386
264
247
,353
180
1
,429
691
,009
,448
,183
,186
221
520
164,889
24,367
511
181
,019
,957
,456
,104
,813
,663
,752
Sept.
1,372
1,372
235,837 215,505
136,083 136,307
60,816 56,692
428,858 439,540
193,483 178,880
51,963 51,256
11,511
18,843
7,019
82,037
17,421
18,187
98,006
46,756
10,256
345,189 355
68 ,658
12 ,507
1 ,902
59 ,042
12 ,719
333,639 340
150 ,862
15 ,516
Foreign exchange (net) 4
Net claim on Int'l. Fund
Paid-in capital—Int'l. Bank
Loans and discounts
Government securities
Other assets
Note circulation
Demand deposits
Other liabilities and capital
Central Bank of Ecuador
(thousands of sucres):
252
Gold
176
Foreign exchange (net) 4
16
Net claim on Int'l. Fund
202
Credits—Government
144
Other.
159
Other assets
496
Note circulation
162
Demand deposits—Private banks
111
Other
182
Other liabilities and capital
National Bank of Egypt (thou.nds of pounds):
6
Gold
6
Foreign exchange
Loans and discounts
27
British, Egyptian, and other
312
Government securities
49
Other assets
174
Note circulation
105
Deposits—Government
111
Other
Other liabilities and capital.
11
Aug.
Oct.
1,370
211,336
135,399
57,976
408,550
140,805
45,984
11,511
11,545
36,552
15,249
7,019
94,144
78,643
20,401
23,715
18,076
98,165 102,554
64,235
76,024
9,802
611 348,016
758 75,178
507 12,507
145
979
629 66,171
885 10,032
093 343,531
106 155,604
335 13,748
69
400
69
328
69
307
69
310
6
40
138
,005
272
,571
,221
,928
210
6
33
134
,012
262
,534
,207
,945
159
6
38
137
4,019
195
1,508
1,247
1,863
153
65
30
108
4,775
213
1,506
1,794
2,093
177
4,045
4,045
14,104 14,590
1,250
1,250
40
40
252
148
5,383
5,383
984
972
20,652 20,669
5,100
5,449
307
309
4,030
10,355
1,250
40
244
4,974
1,361
18,358
3,649
248
045
830
250
40
405
383
006
558
083
317
968 252,857 252,692 278,518
71,802 -70,150
16,881
16,881
309 216,304 235,779 254,937
515 157 046 158,622 117,982
813 149 366 144,352 130,862
631 493,318 456,620 377,483
647
,650 142,354 101,332
,638 100,229 99,899
187
,568 180,924 150,316
376
509
917
6,376
6,899
6,906
6,376
7,728
3,637
6,376
13,227
9,357
421 304,436 291,484 328,966
367 50,999 54,688 37,416
762 159,293 140,578 157,917
157 85,418 73,859 116,758
561 118,424 139 ,682 110,864
109 12,482
9,794
9,804
1
2
3
4
On Aug. 17, 1950, gold reserve revalued from .0202765 to .0177734 grams of fine gold per franc.
It is understood that, beginning June 1950, gold reserves have been revalued at a rate of 60 bolivianos per dollar.
The Central Bank of Ceylon began operations on Aug. 28, 1950.
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
CENTRAL BANKS—Continued
Central Bank
(Figures as of last report
date of month)
Central Reserve B a n k of El Salvador (thousands of colones):
Gold
Foreign exchange (net) 1
Net claim on Int'l Fund
Loans and discounts.
...
Government debt and securities. .
Other assets
Note circulation
:. .
Deposits
Other liabilities and capital
State Bank of Ethiopia—Issue
dept. (thousands of dollars):
Gold
Silver
Foreign exchange
Treasury bills
Other assets
Circulation—Notes
Coin
Other liabilities and capital
Bank of Finland (millions of markkaa):
Gold
Foreign assets (net)
Clearings (net)
Loans and discounts
Securities
Other assets
Note circulation
Deposits
Other liabilities and capital
Bank of G e r m a n States 3
(millions of German marks):
Foreign exchange
Loans and discounts
Loans to Government
Other assets
Note circulation
Deposits—Government 4
Banks.
Other
Other liabilities and capital
Bank of Greece (billions of drachmae):
Gold and foreign exchange (net)
Loans and discounts
Advances—Government
Other
Other assets
Note circulation
Deposits—Government
Reconstruction and
relief accts
Other
Other liabilities and capital
Bank of G u a t e m a l a (thousands of
quetzales):
Gold
Foreign exchange
Gold contribution to Int'l. Fund.
Other assets
Circulation—Notes
Coin
Deposits—Government
Banks
Other liabilities and capital
National B a n k of H u n g a r y 6
Reserve B a n k of I n d i a (millions of
rupees):
Issue department:
Gold at home and abroad
Sterling securities
Indian Govt. securities
Rupee coin
Note circulation
Banking department:
Notes of issue d e p a r t m e n t . . . .
Balances abroad
Bills discounted
Loans to Government
Other assets
Deposits
Other liabilities and capital.. .
1950
Oct.
1949
Sept.
Aug.
5 0 170
51
1 565
50 236
57 ,300
1 565
6 179
5 003
3 ,812
4 ,994
50 289
61 496
1,565
1,523
4,988
1,492
63,103
51,746
6,505
1
6?,
46
6
935
609
361
534
1 9Q5
63 06?
49
,644
6 496
9 9^0
43 0 9 4
1 040
1 846
9 230
519
6?
4 9 493
1 ,041
1 3 SO
32, 484 34 ,004
1 ,997 3 ,715
s
9 ,98 ;
10, 5 3 9
1
1 519
4, 621
9 918
1, 320
8, 123
2, 564
1, 436
614
3 ,845
,11?
1 ,254
8 ,213
2 ,380
1 ,055
637
743
3 445
9
2 230
-85
— 151
41,386
1,062
1,294
34,014
2,162
9,561
1,377
3,079
9,262
1,118
8,026
2,583
1,052
401
2,773
328
193
5,000
2,481
955
1,739
808
2,653
988
2 770
,229 27 229
6,793
1,250
4,040
18 ,683 18,535
34 ,113 34,046
3 ,157 3,124
1 ,374 1,413
9 ,356
9,719
0 ,491
9 545
97
6 ,098
1 ,9 50
4 ,230
400
5 ,832
/\ 366
400
249
244
2,233
30
5,832
4 516
607
591
10 ,956 11,096
2 ,240
17
9
923
3 ,212
226
1949
1950
Oct.
Sept.
Aug.
Oct.
Central Bank of Ireland (thousands
of pounds):
(July)*
8 171
13,384
11,307
5,832
41,390
49 860
29,879
345
- 1 , 483
- 1 638
Oct.
Central Bank
(Figures as of last report
date of month)
788
2,987
309
43 302
2 646
Gold
646
2 646 2 646
41 929
IS 751 47 932 47 131
47 328
Sterling funds
1,564
Note circulation
51 ,397 50 578 49,777
49,973
1,937 Bank of Italy (billions of lire):
4
4
5 256
Gold
19
1,445
29
Foreign exchange
656
590
54,519
Advances to Treasury
34,922
213
219
Loans and discounts
231
5,992
178
Government securities . . .
610
438
Other assets.
928
1,022
Bank of Italy notes .
3
24
Allied military notes
178
127
Deposits—Government
121
140
Demand
256
258
Other
60
Other liabilities and capital
75
Bank of J a p a n (millions of yen):
1,218
1,153
Cash and bullion
83,181 99,694
Advances to Government .
146,353 105,871
Loans and discounts
120,648 109,413
Government securities
34,384
269
Reconversion Fin Bk bonds
-2,613
31,526 14,142
Other assets
-2,623
324,618 306,252
Note circulation . . . .
40,569
25,239 27,455
Deposits—Government....
859
18,215 18,797
Other
1,556
14,787 12,219
Other liabilities
28,036 T h e Java B a n k (millions of guilders):
Golds
715
471
3,165
677
715
71
181
6,814
75
91
Foreign exchange
61
210
215
159
Loans and discounts
1,052
2 ,206
2,125 2,034
Advances to G o v e r n m e n t . . . . . .
115
73
1,077
102
Other assets
110
902
2,838
2 ,194
2,016 1,931
Note circulation
8,143
692
Deposits
813
757
771
69
1,567
422
423
466
Other liabilities and capital 7 . . . .
7,401 Bank of Mexico (millions
of pesos):
692
1,247
909
951
909
Monetary reserve 8
1,175
"Authorized" holdings of secu9 ,864
323
2,689
rities, etc.
2 721 2,739
112
138
3,478
137
119
Bills and discounts
171
342
332
374
Other assets
9 ,476
2,049
2,415 2,365
Note circulation
720
1,272
191
327
1
223
Demand liabilities
896
87
491
Other liabilities and capital
487
481
3,249 Netherlands Bank (millions of
1,913 guilders):
612
871
823
Gold »
873
873
15
16
1,507
Silver (including subsidiary coin).
18
1
707
,215 1,249 1,213
456
Foreign assets (net)
199
54
163
54
Loans and discounts
3,300
1,247
2,850 2,850
2 ,850
Govt. debt and securities
633
761
883
Other assets
881
917
72
60
2 294
59
Note circulation—Old
58
3,007
2 ,809
2,758 2,847
New
281
258
287
Deposits—Government... .
548
1
2
2
27,229
Blocked .
1 ,388
539
8,247
EGA
1,210 1,210
1,250
895
"879
Other
1,042
847
378
592
5,453
Other liabilities and capital
597
606
16,167 Reserve B a n k of New Zealand
34,137
(thousands of pounds):
3,108
Gold
3,619
4,426 4,397
3,203
Foreign exchange reserve
52,562 57,293 42,116
8,078
Advances to State or State un55,789 56,097 44,065
9,821
dertakings
91 974 17,658 48,094
Investments
5,805
9,310 9,343
Other assets
54,307 54,550 52,662
Note circulation . . .
85,679
83,961
83,455
Demand deposits
400
Other liabilities and capital . .
6,300 6,277
5,358
6,003 Bank of Norway (millions of kroner):
244
253
4 153
Gold
244
110
1
-8
535
Foreign assets ( n e t ) . . . . .
-91
-42
10,733
Clearing accounts (net)
-37
45
32
32
Loans and discounts
47
48
47
358
Securities
7,114
7,112 7,112
1,887
Occupation account (net).
103
78
75
18
Other assets
2,193
2,264 2,294
Note circulation
2,903
1,088
2,936 2,770
Deposits—Government
1,374
1,377
3,143
1,268
Banks
592
538
528
209
Blocked
.-. .
Other
45
42
41
Other liabilities and c a p i t a l . . . .
439
436
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 2as the Fund engages in operations in this currency, the "net claim' 'will equal the country's gold contribution.
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
CENTRAL BANKS—Continued
Central Bank
(Figures as of last report
date of month)
State Bank of Pakistan (millions of
rupees):
Issue department:
Gold at home and abroad...
Sterling securities
Pakistan Govt. securities
Govt. of India securities....
India currency
Rupee coin
Notes in circulation
Banking department:
Notes of issue department...
Balances abroad
Bills discounted
Loans to Government
Other assets
Deposits
Other liabilities and capital. .
Bank of Paraguay—Monetary dept.
(thousands of guaranies):
Gold
Foreign exchange (net) l
Net claim on Int'l. Fund
Paid-in capital—Int'l. Bank
Loans and discounts.
Government loans and securities.
Other assets
Note and coin issue
Demand deposits
Other liabilities and capital
Central Reserve Bank of Peru
(thousands of soles):
Gold and foreign exchange 2
Net claim on Int'l. Fund J
Contribution to Int'l. Bank
Loans and discounts to banks. . .
Loans to Government
Other assets
Note circulation
Deposits
Other liabilities and capital
Central Bank of the Philippines
(thousands of pesos):
Gold
Foreign exchange
Net claim on Int'l. Fund x
Loans
Domestic securities
Other assets
Note circulation
Demand deposits—U. S. dollars 3
Pesos
Other liabilities and capital
Bank of Portugal (millions of
escudos):
Gold
Foreign exchange (net)
Loans and discounts
„
Advances to Government
Other assets
•.
Note circulation.
Demand deposits—Government..
ECA.
Other
Other liabilities and capital
South African Reserve Bank
(thousands of pounds):
Gold*
Foreign bills
Other bills and loans
Other assets
Note circulation
Deposits
Other liabilities and capital
Bank of Spain (millions of pesetas):
Gold
Silver
Government loans and securities.
Other loans and discounts
1950
Oct.
Sept.
Aii
Oct.
44
622
519
141
300
56
,642
44
652
519
141
300
57
1,660
44
544
265
332
432
64
1,633
40
331
102
1
448
821
100
53
318
102
47
620
105
423
804
92
282
982
72
600
600
9,836
835
2,710
2,710
•228
-228
-92
,550 127,941 100,607
,425 4,653
8,916
,208 28,183
2,293
463 125,083 83,208
,112 41,492 27,527
,148 7,120
5,134
600
,457
,710
337 162 336,468
20.
20,495
2,
2,238
201;
190,361
704,341
703,
270,711
301;
970. 054 971,059
166,153
177.
419, 117 387,401
256,006
20,495
2,238
152,372
714,440
66,515
854,180
263,445
94,442
829 5,427
2,721
347 441,331 524,931
502 7,502
7,501
253 53,169 85,521
851 137,250 38,729
549 150,040 133,836
764 556,911 581,358
226
180
125,234 115,357
115 426 112,573 96,299
5
485
7
66
148
151
569
,320
,577;
538
,243
688
,019
458
481
,836
,573
3,214
9,243
525
1,242
662
7,924
448
349
3,600
2,565
3,130
8,979
512
1,244
544
8,073
221
,544
,808
,043
,800
,311
,869
,015
63,776
71,307
5,626
33,682
69,993
90,299
14,099
29,358
30,350
45,369
21,356
66,152
52,035
8,246
668
668
412
446
,839 15,654
,170 11,007
934
497
15,770
9,437
3,672
2,443
Central Bank
(Figures as of last report
date of month)
1950
Oct.
Sept.
1949
Au
Bank of Spain—-Cont.
19,016 18,592
Other assets
,
29,491 28,380
Note circulation
42
135
Deposits—Government
3,430 3,206
Other..
15,144 14,646
Other liabilities and capital.
Bank of Sweden (millions of kronor):
Gold
191
156
199
,002
970 1,046
Foreign assets (net)
Swedish Govt. securities and ad- 5
vances to National Debt Office
,957 2,745 2,936
184
Other domestic bills and advances
188
150
369
397
316
Other assets
,250 3,197 3,163
Note circulation.
394
394
330
Demand deposits—Government..
409
197
458
Other
691
670
654
Other liabilities and capital
Swiss National Bank (millions of
francs):
Gold
,071 6,110 6,144
Foreign exchange
329
359
351
139
Loans and discounts
139
108
79
74
72
Other assets
,367 4,351 4,290
Note circulation
,049 2,130 2,187
Other sight liabilities
202
Other liabilities and capital
200
199
Central Bank of the Republic of
Turkey (millions of pounds):
Gold
408
408
419
Foreign exchange and foreign
124
99
clearings
190
,133
Loans and discounts
,189 1,235
Securities
27
28
28
Other assets.
112
100
90
Note circulation
879
977
965
153
Deposits—Gold
153
153
583
Other
621
660
153
Other liabilities and capital
125
166
Bank of the Republic of Uruguay
(thousands of pesos):
Gold
329,186 315 ,548
Silver
11,518 11,562
313
Paid-in capital—Int'l. Bank
313
Advances to State and government bodies
143,638 144,932
Other loans and discounts
264,081 263,332
Other assets
267,861 284,559
Note circulation
296,130 291 ,026
Deposits—Government.
89,972 96,644
Other
307,229 299,020
Other liabilities and capital
323,266 333,557
Central Bank of Venezuela (millions of bolivares):
Gold
,041 1,041 1,041
Foreign exchange (net)
31
-46
-3
60
53
Other assets
67
715
733
Note circulation—Central Bank.
696
National banks. .
175
258
Deposits
256
141
159
Other liabilities and capital
154
Bank for International Settlements (thousands of Swiss gold
francs):
457, 110 442,523 382,608
Gold in bars
Cash on hand and with banks. . . 26 811 19,766 55,023
3 156 2,888 2,902
Sight funds at interest.
Rediscountable bills and accept135,
120,239 105,253
ances (at cost)
34.
47,574 50,123
Time funds at interest
287,577 281,693
Sundry bills and investments... . ii:
297,201 297,201
297,
Funds invested in Germany
1.
1,507 1,492
Other assets
362,
302,479 272,798
Demand deposits (gold) .
Short-term deposits:
Central banks—Own account.. 396 460 408,213 393,581
17
19,328 19,736
Other
228,909 228,909
228,
Long-term deposits: Special
260,346 261,271
261
Other liabilities and capital
Oct.
4,335
26,604
1,038
2,702
628
155
793
3,046
104
472
3,089
566
245
669
6,162
254
110
70
4,356
1,838
403
431
81
883
64
67
909
153
288
175
270,793
11,912
316
124,341
249,939
230,170
273,392
77,642
281,624
254,813
1,041
155
57
701
1
199
351
142,559
29,705
3,462
21,229
26,073
201,127
297,201
3,373
13,879
224,850
1,183
228,909
255,907
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.
46 On Dec. 31, 1949, gold revalued from 172 to 248 shillings per fine ounce.
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
MONEY RATES IN FOREIGN COUNTRIES
DISCOUNT RATES OF CENTRAL BANKS
[Per cent per annum]
Central bank of—
Date
effective
In effect Dec. 31,
1939
Jan. 25, 1940
Apr. 9
May 17
Mar. 17, 1941.
May 2 9 . . .
June 27
Jan. 16,1945..
Jan. 20
Feb. 9
Nov. 7,1946..
Dec. 19
Jan. 10,1947..
Rate
Oct.
31
Central
bank of—
United
SwitzGer- Bel- NethKing- France many
er- Sweergium lands
den land
dom
Mar.
Mar.
Aug.
3%
3M Sept.
Feb.
Albania.......
Argentina.....
Austria.
Belgium......
Bolivia. . . . . . .
2M
Aug. 27
Oct. 9
June 28, 1948..
Sept. 6
Oct. 1
May 27, 1949..
July 14
Oct.
6.......
June 8, 1950. .
Sept. 1 1 . . .
Sept. 2 6 . . . . . . .
Oct. 27
In effect Oct. 31,
1950
Denmark. . .
Ecuador....
El Salvador.
Estonia.
Finland
France.
Germany.
Greece
India
3%
1-6
10
3
4^
5M
U-6
12
3
Central
bank of—
Rate
Oct.
31
Date
effective
21, 1940
1, 1936
3, 1945
11, 1950
4, 1948
Ireland......
Italy
Japan
Java
Latvia
Nov. 23, 1943
Apr. 6, 1950
5.11 July 5, 1948
Jan. 14, 1937
3
Feb. 17, 1940
5
Oct. 17, 1950
June 13, 1935
July 18, 1933
Feb. 1, 1950
Lithuania. . .
Mexico
Netherlands .
New Zealand.
Norway
July 15, 1939
June 4, 1942
Sept. 26, 1950
July 26, 1941
Jan. 9, 1946
July
May
Mar.
Oct.
July
4, 1950
13, 1948
2, 1950
1, 1935
1, 1949
Peru
Portugal. . . .
South Africa.
Spain
Sweden
Nov.
Jan.
Oct.
Mar.
Feb.
June 8, 1950
Oct. 27, 1950
July 12, 1948
Nov. 28, 1935
Switzerland..
Turkey
United Kingdom . . . . . .
U.S.S.R....
Nov. 26, 1936
July 1, 1938
A
Canada.....
Chile
Colombia....
Costa Rica....
&4
2%
Date
effective
3%
13, 1947
12, 1944
13, 1949
18, 1949
9, 1945
Oct. 26, 1939
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]
United Kingdom
Canada
Month
Bankers'
allowance
on deposits
Treasury
bills
3 months
Day-today
money
Sweden
Switzerland
Loans
up to
3 months
Private
discount
rate
Treasury
bills
3 months
Day-today
money
.53
.46
.38
.36
.40
.41
.41
.51
1,03
1.03
1.03
1.03
.53
.53
.56
.69
1.00
1.00
1.01
1.00
.51
.51
.51
.52
1.05
1.07
1.13
1.13
.63
.63
.63
.63
,66
.61
73
1.41
1.32
1.44
2.84
P2.03
1.72
1.30
1.08
1.10
1.15
1.08
1.00
.75
.84
1.01
1.25
1.25
1.25
1.25
1.25
1.25
1.63
1.50
1949—Oct
Nov
Dec
.51
.51
.51
.69
.69
.69
.52
.52
.52
.63
.63
.63
P2.25
P2.55
P2.55
1.07
1.16
1.32
.78
.93
1.03
1.50
1.50
1.50
1950—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept.
.51
.51
.51
.51
.51
.51
.51
.55
.62
.69
.69
.69
.69
.69
.69
.69
.69
.69
.52
.52
.52
.51
.51
.51
.51
.51
.52
.63
.63
.63
.63
.63
.63
.63
.63
.63
2.18
2.40
2.70
2.64
2.68
2.52
2.59
2.35
2.22
1.31
1.54
1.45
1.44
1.45
1.44
1.57
1.44
1.33
1.22
1.50
1.13
1.25
1.03
.81
1.10
.95
.91
1.50
1.50
1.50
1.50
1.50
1.50
1.50
1.50
1.50
.
Day-today
money
Netherlands
Bankers'
acceptances
3 months
1942—Sept.. .
1943—Sept
1944—Sept
1945—Sept
1946—Sept
1947—Sept
1948—Sept
1949—Sept
Treasury
bills
3 months
France
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
COMMERCIAL BANKS
United Kingdom 1
(11 London clearing
banks. Figures in
millions of pounds
sterling)
Liabilities
Assets
Cash
reserves
Money at
Loans to
call and Bills dis- Treasury
deposit Securities customers
counted receipts
short
*
notice
Deposits
Other
assets
Total
Demand
Time
Other
liabilities
and
capital
1943—December..
1944—December..
1945—December..
1946—December..
1947—December..
1948—December..
422
500
536
499
502
502
151
199
252
432
480
485
133
147
369
610
793
741
,307
,667
,523
,560
,288
,397
154
165
234
1,427
483
478
761
772
827
994
,219
,396
349
347
374
505
567
621
4,032
4,545
4,850
5,685
5,935
6,200
2,712
3,045
3,262
3,823
3,962
4,159
1,319
1,500
1,588
1,862
1,972
2,041
245
250
265
342
396
420
1949—October
November.
December..
499
497
532
556
548
571
1,162
1,216
1,109
744
688
793
1,517
1,517
1,512
,476
,483
,534
511
539
579
6,050
6,066
6,202
3,997
3,977
4,161
2,053
2,089
2,041
414
422
427
1950—January. . .
February. .
March
April
May
June
July
August
September.
502
476
485
493
482
482
501
504
492
571
539
534
530
538
544
557
544
543
1,229
1,169
1,106
1,177
1,197
1,338
1,400
1,336
1,358
627
471
444
402
364
297
321
368
435
1,513
1,503
1,503
1,502
1,503
1,498
1,496
1,499
1,501
,526
,574
,602
,630
,648
,665
,591
1,610
1,610
542
541
553
552
554
611
529
554
557
6,085
841
5,783
5,843
5,847
6,000
5,956
5,968
6,028
4,058
3,844
3,812
3,876
3,870
3,965
3,935
3,941
3,969
2,027
1,997
1,971
1,968
1,976
2,035
2,021
2,027
2,059
423
432
443
444
439
434
440
447
468
Liabilities
Assets
Canada
»
(10 chartered banks.
End of month figures
in millions of
Canadian dollars)
Entirely in Canada
Cash
reserves
Securities
Other
Security loans
and
loans discounts
Note
circulation
Other
assets
Deposits payable in Canada
excluding interbank deposits
Total
Demand
Time
Other
liabilities
and
capital
1943—December..
1944—December..
1945—December..
1946—December..
1947—December..
1948—December..
471
550
694
753
731
749
48
92
251
136
105
101
1,156
1,211
1,274
1,507
1,999
2,148
250
214
227
132
106
144
2,940
3,611
4,038
4,232
3,874
4,268
744
782
869
,039
,159
,169
42
34
26
21
18
16
4,395
5,137
5,941
6,252
6,412
7,027
2,447
2,714
3,076
2,783
2,671
2,970
1,948
2,423
2,865
3,469
3,740
4,057
1,172
1,289
1,386
1,525
1,544
1,537
1949—October
November.
December..
830
758
765
137
119
133
2,336
2,356
2,271
170
161
146
4,327
4,395
4,345
,142
,084
,058
14
14
14
7,441
388
227
2,988
2,941
2,794
4,453
4,447
4,433
1,488
1,471
1,477
1950—January. . .
February. .
March
April
May
June......
July
August
September.
745
749
731
730
759
712
767
802
748
100
84
83
103
105
145
94
99
101
2,263
2,299
2,344
2,349
2,352
2,408
2,385
2,393
2,473
158
149
146
175
198
227
222
218
225
4,365
4,391
4,453
4,398
4,408
4,276
4,240
4,478
4,437
,033
,046
,081
,015
,091
,182
1,089
1,113
1,178
7,197
7,277
400
301
7,417
447
288
573
2,703
2,741
2,828
2.741
860
909
4,494
4,537
4,573
4,561
4,557
4,538
4,529
4,543
4,582
1,467
1,439
1,438
1,468
1,495
1,503
1,508
1,529
1,565
Assets
France
(4 large banks. End
of monthfiguresin
millions of francs)
7,597
Cash
reserves
Due from
banks
Bills discounted
2,759
3,030
3,015
Liabilities
Loans
Deposits
Other
Total
Demand
Time
Own
acceptances
Other
liabilities
and
capital
1943—December
1944—December
1945—December
1946—December
1947—December
1948—December
8,541
10,365
14,733
18,007
22,590
45,397
4,086
4,948
14,128
18,940
19,378
35.633
90,908
99,782
155,472
195,223
219,386
354,245
14,245
18,651
36,621
65,170
86,875
126,246
1,216
1,521
4,783
17,445
27,409
34,030
112,843
128,734
215,615
291,945
341,547
552,221
111,302
126,555
213,592
290,055
338,090
545,538
1,541
2,179
2,023
1,890
3,457
6,683
428
557
2,904
15,694
25,175
30,638
5,725
5,977
7,218
7,145
8,916
12,691
1949—September.
October
November
December
42,358
41,534
38,343
40,937
38,392
39,301
43,810
42,311
402,754
451,597
400,043
426,690
128,343
120,353
134,779
129,501
43,074
42,724
46,063
29,843
595,353
633,092
597,316
627,266
588,687
626,211
589,900
619,204
6,666
6,881
7,416
8,062
25,645
23,537
25,032
26,355
33,922
38,881
40,690
15,662
1950—January
February
March
April....
May
June
July
August
39,317
36,419
38,741
44,808
43,584
41,283
47,231
41,572
43,107
45,579
42,539
43,843
44,346
43,618
43,599
51,670
423,329
424,838
415,585
452,864
433,079
442,411
433,118
440,122
138,276
137,143
134,771
126,752
134,195
133,848
141,239
135,192
33,866
36,056
39,298
40,506
44,993
48,126
46,610
46,982
630,113
632,035
619,146
652,570
640,351
648,191
647,507
650,559
622,110
623,031
609,776
639,878
626,925
633,952
636,010
638,875
8,003
9,005
9,371
12,692
13,427
14,240
11,497
11,684
27,958
29,747
30,629
31,449
32,992
32,030
31,492
29,971
19,824
18,252
21,158
24,752
26,853
29,065
32,798
35,008
1
From September 1939 through November 1946, this table represents aggregates of figures reported by individual banks for days, varying from
bank to bank, toward the end of the month. After November 1946, figures for all banka 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
FOREIGN EXCHANGE RATES
[Averages of certified noon buying rates in New York for cable transfers.
Argentina 1
(peso)
Year or
month
Preferential
Basic
Belgium
(franc)
Australia
(pound)
Free
Official
"Bank
notes"
account
Free
In cents per unit of foreign currency]
Brazil
(cruzeiro)
Canada
(dollar)
Ceylon
(rupee)
Official
Free
Official
Free
6.0594
5 1469
6 0602
5 1802
6.0602
5 4403
5.4406
5.4406
90.909
90 909
95 198
100 000
100 000
97.491
89 853
90 485
93 288
91 999
91 691
92.881
27.839
1944.
1945
1946.
1947 . . . . .
1948....
1949. . . .
29,773
29.773
29.773
29.773
29.773
29.774
293 .80
2 2860
2.2829
2 2817
2 2816
2.2009
1949—Dec...
29.778
223 .16
1.9998
5.4406
90.909
88.407
20.850
1950—j an .
29 778
29,778
Feb...
29.778
Mar.,.
Apr. .
29.778
29.778
May. .
June..
29.778
July..
29 778
Aug., . 329.778
20.000
Sept...
20.000
Oct....
20.000
Nov...
223 .16
223 .16
223 .16
223 .16
223 .16
223 .16
223 .16
223 .16
223 .16
223 .16
223 .16
2.0003
1.9993
1.9966
1.9912
1.9921
1.9866
1.9835
1.9837
1.9838
1.9876
1.9876
5.4406
5.4406
5.4406
5.4406
5.4406
5.4406
5.4406
5.44-06
5.4406
5.4406
5.4406
90.909
90.909
90.909
90.909
90.909
90.909
90.909
90 909
90.909
89.205
89.820
90.254
90.205
90.110
90.456
90.766
90 844
90.844
6
94.854
96.044
20.850
20.850
20.850
20.850
20.850
20.850
20.851
20 850
20.850
20.850
20.850
Netherlands
(guilder)
New
Zealand
(pound)
Norway
(krone)
322.80
322.80
* 2 1 i I i 66"
13.333
13.333
13.333
3 11.100
7.205
7.291
7.147
Colombia
(peso)
Czechoslovakia
(koruna)
Denmark
(krone)
2.0060
2.0060
2.0060
2.0060
20,876
20.864
20.857
19.117
1949—Dec.
2.0060
1950—Jan..
2.0060
2 0060
2.0060
2.0060
2 0060
2.0060
2.0060
2.0060
2 0060
2.0060
2.0060
Year or month
57.272
57 014
57.020
57.001
57.006
1944.
1945
1946
1947
1948
1949
Feb
Mar.
Apr. .
May
June .
July. .
Aug...
Sept.
Oct.
Nov...
Year or
month
PhilipPortupine
gal
Republic (escudo)
(peso)
South
Africa
(pound)
398.00
399.05
400 50
400.74
400.75
366 62
1944
1945 . . . . . . .
1946
1947....
1948 . . . . .
1949
49 723
4 0501
4.0273
4.0183
3 8800
1949—Dec...
49.687
3.4817
278.38
1950—j an# >o
Feb...
Mar...
Apr...
May. .
49.617
49.615
49.613
49.613
49 616
49.625
49.625
49.625
49.625
49 625
49.625
3.4856
3.4673
3.4587
3.4595
3 4577
3.4788
3.4539
3.4498
3.4842
3 4898
3.4791
278.38
278.38
278.38
278.38
278 38
278.38
278.38
278.38
278.38
278 38
278.38
June..
July...
Aug.. .
Sept...
Oct.
Nov..,
321.17
321 . 3 4
321 . 0 0
321 .22
France
(franc)
2.1407
41.9702
1.9737
Germany
(deutsche
mark)
India i
(rupee)
Mexico
(peso)
1 9711
.8409
.8407
.3240
.4929
.3017
.4671
30.122
30 122
30.155
30.164
30.169
27.706
20.581
20 581
20.581
20.577
18.860
12.620
37 933
37.813
37.760
37.668
34 528
324 4?
323 46
322.63
322 29
350.48,
365 07
20.176
20.160
20.159
18.481
14.494
.2862
20.870
11.572
26.289
277.29
14.015
14.494
14 494
14.494
14.494
14 494
14.494
14.494
14.494
14.494
14.49414.494
.2863
2863
.2863
.2860
2859
.2856
.2856
.2854
.2855
.2856
.2856
20.870
20 870
20.870
20.870
20 870
20.870
20.871
20.870
20.870
20.870
20.870
11.572
11 572
11.571
11.564
11 564
11.563
11.571
11.573
11.572
11.571
11.571
26 278
26 257
26.267
26 262
26 264
26.265
26 252
26.236
26 237
26.235
26.232
277 29
277 29
277.29
277 29
277 29
277.29
277.29
277.29
277 29
277.29
277.29
14 015
14 015
14.015
14 015
14 015
14.015
14.015
14.01514 015
14.015
14.015
Spain
(peseta)
9 132
9.132
9,132
Official
Straits
Settlement®
(dollar)
Free
Sweden
(krona)
8 23.838
23.838
23.838
23.838
23.838
23.838
Switzerland
(franc)
United
Kingdom
(pound)
Official
Uruguay
(peso)
Free
42 973
25 859
27.824
27.824
25 480
23.363
23.363
23.363
23.314
403.50
403.50
403.02
403.28
402.86
403.13
368 72
65.830
65.830
65 830
65.830
65.830
65 830
53.506
55.159
56 280
56.239
56.182
56 180
42 553
32.692
19.333
23.289
280.07
65.833
56.180
42.553
32.717
32.713
32.722
32.734
32.761
32.807
32.818
32.825
32.825
32 838
32.850
19.333
19.333
19.333
19.333
19.333
19.333
19.333
19.332
19.331
19 332
19.332
23.281
23.264
23.269
23.286
23.291
23,138
23.047
23.012
22.959
22.942
22.946
280.07
280.07
280.07
280.07
280.07
280.07
280.07
280.07
280.07
280.07
280.07
65.833
65.833
65.833
65.833
65.833
65.833
65.833
65.833
65.833
65 833
65.833
56.180
56.180
56.180
56.180
56.180
56.180
56.180
56.180
56.180
56.180
56.180
42.553
42.553
42.553
42.553
42.553
42.553
42.553
42.553
42.553
42.553
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
2
for October
1950, p. 1419.
Based on quotations beginning July 13.
3
4
Based on quotations through Aug. 28.
Based on quotations beginning Oct. 11.
5
6
After Sept. 30, quotations for official rate abolished.
Based on quotations beginning Oct. 4.
7
8
Excludes Pakistan, beginning April 1948.
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
PRICE MOVEMENTS IN PRINCIPAL COUNTRIES
WHOLESALE PRICES—ALL COMMODITIES
[Index numbers]
United
States
(1926 =
100)
Year or month
1926..
France
(1938 =
100)
100
i 124
106
86
85
109
89
155
1949—-October . . . . .
November
December
152
152
151
1950—January
February.
3Vf arch
April
May
152
153
153
153
156
157
163
166
170
169
June
United
Kingdom
(1930 =
100)
100
1937. . . . . . .
1938
.. .
1939,.
1940
1941. . . . . . . .
1942. .
1943.,
1944. . . .
*.
1945
1946.................
1947
1948. .
1949............-.....
July
August
September
October
Mexico
(1939 =
100)
Canada
(1926 =
100)
79
77
79
87
99
103
104
106
121
152
79
75
83
90
96
100
!03
104
109
129
103
110
121
146
179
199
229
242
101
103
137
153
159
163
166
169
175
192
165
153
260
219
285
230
100
105
139
171
201
234
265
375
648
989
1,712
1,917
157
157
157
296
294
293
237
240
241
2,002
2,005
2,002
157
158
159
160
162
165
167
169
174
173
288
291
304
307
307
304
307
312
321
326
245
245
245
250
255
257
260
264
272
279
2,063
2,057
2,102
2,098
2,082
2,035
2,123
2,207
P2,236
157
Italy
(1938 =
100)
NetherJapan
lands
Sweden
(1934-36 (July
(1935 =
average Jurie 19381939
100)
= 1)
= 100)
150
U26
108
114
Switzerland
(Aug. 1939
= 100)
2
135
2
104
2 100
104
133
171
195
203
207
205
200
208
94
1
100
104
121
136
153
1
2
2
2
2
2
2
4
16
48
102
105
131
150
157
160
164
181
251
271
111
115
146
172
189
196
196
194
186
199
128
281
214
296
216
206
219
219
219
297
306
306
218
218
219
200
200
199
228
226
227
227
228
229
242
254
310
313
315
313
315
317
317
219
220
220
221
221
223
224
225
228
197
195
195
194
197
196
199
205
209
213
5 S IS9
5,443
5,170
209
4,841
4,826
4,747
4,732
4,759
4,732
4,693
4,695
4,671
4,694
P4.915
*>259
217
P Preliminary.
Approximate figure, derived from old index (1913 =100).
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.
1
2
WHOLESALE PRICES—GROUPS OF COMMODITIES
[Indexes for groups included in total index above]
United States
(1926=100)
Year or month
Other
Farm
commod- products
ities
United Kingdom
(1930=100)
Raw and Fully and
partly
chiefly
manumanufactured factured
goods
goods
Farm
products
Foodi
100
100
100
100
100
100
86
86
85
87
84
81
69
74
82
74
73
78
1926
1937
1938
1939
1940,
1941
1942
1943
1944
1945
1946
1947
1948..„
1949
123
128
149
181
188
166
1949—October November . . . . .
December.......
155
1950—January
February
March
April
May
... .
June
July
August
September
October
r
Revised.
Sources.—See
Canada
1926=100)
65
68
82
106
70
71
83
100
123
107
81
83
89
96
97
64
68
73
85
98
67
75
82
90
99
107
115
124
133
104
106
110
131
150
161
99
100
110
135
151
147
156
160
157
160
159
145
145
156
145
146
105
106
131
169
179
155
155
159
159
157
156
146
146
159
155
146
181
242
161
161
143
143
210
213
145
160
143
212
144
160
143
214
156
159
142
143
162
170
175
184
207
146
146
154
173
112
104
97
133
146
158
160
158
158
158
165
197
152
178
102
97
142
148
149
178
180
176
140
Industrial
products
161
145
147
148
150
152
160
162
171
175
177
165
166
147
75
82
89
92
93
94
94
99
117
Foods
141
162
164
215
215
168
172
143
144
144
144
145
'224
223
175
146
222
165
175
178
174
.
150
156
156
220
217
220
225
Netherlands
(July 1938-June 1939=100)
Foods
106
138
156
160
164
103
121
140
157
157
159
172
200
214
231
Industrial raw
products
Industrial
finished
products
112
163
177
175
104
126
148
154
174
159*
165
184
261
276285
297
179
193
282
328
342
249
243
370
252
255
244
265
257
270
376
378
297
303?
304
261
275
384
305
309*
310'
311
312
312
262
262
266
271
275
281
291
302
282
279
272
276
285
372
383
385
385
386
388
310
BULLETIN for July 1947, p. 934; M a y 1942, p . 451; March 1935, p. 180; and March 1931, p. 159.
1704
FEDERAL RESERVE BULLETIN
PRICE MOVEMENTS IN PRINCIPAL COUNTRIES—Continued
RETAIL FOOD PRICES
[Index numbers]
United
C a n United
King- France
States
ada
d o m
(1938
(1935-39 (1935-39 (June
= 100)
- 1 0 0 ) 1 7 , 1 9 4 7 = 100)
= 100)
Year or
month
1941
1942
1 9 4 3 . ..
1944
1945
1946..
1947
1948
1949
106
124
138
136
139
160
194
210
202
116
127
131
131
133
140
160
196
203
1 9 4 9 - O c t o b e r . , .2 0 1
November,
201
December.
197
205
203
202
196
195
196
197
200
205
210
209
209
209
199
201
204
205
205
209
214
217
219
220
.....
1950-January...
February..
March....
April
M a y
June
July
August....
September.
O c t o b e r . ..
1
168
161
166
168
170
169
101
108
114
149
174
224
275
377
645
1,043
1,662
1 .R14
119
119
120
120
121
121
122
125
123
122
121
122
COST OF LIVING
[Index numbers]
SwitzNethererlands
land
(1938-39 (Aug.
1939 =
-100)
100)
United
SwiteCanUnited
King- France Nether- erada
States
dom
land
lands
(1938 (1938-39 (Aug.
(1935-39 (1935-39 (June
= 100) 17, 1947 = 100)
= 100) 1939 =
-100)
100)
= 100)
Year or
month
193
211
228
249
134
153
161
164
164
160
170
176
174
1941. . . . .
1942
1943
1944
1945
1946
1947 . . . . . . . . . .
1948
1949
105
117
124
126
128
139
159
171
169
112
117
118
119
119
124
136
155
161
199
200
199
201
203
204
U01
108
111
150
175
224
285
393
645
1,030
1,632
1,818
192
199
206
219
127
141
148
151
153
152
158
163
162
[,901
L ,930
1,937
244
251
257
175
174
173
1949-October...
November
December
169
169
168
162
162
162
112
112
113
1,885
1,912
1,920
217
221
226
162
16.1
161
1,921
L,929
L.920
L.942
1,925
1,858
L,839
L ,938
?,009
?,043
262
270
274
273
276
284
278
275
276
171
170
172
172
174
175
175
178
179
180
1950-January,. .
February..
March....
April
May
June..
July
August... .
September.
October. ..
167
167
167
167
169
170
173
173
174
175
161
162
164
164
164
165
168
169
170
171
113
113
113
114
114
114
114
113
114
1,910
1,920
1,906
1,922
1,906
1,845
1,825
1,925
2,007
230
234
237
237
237
241
240
239
243
P248
159
159
158
158
158
158
158
159
160
161
P2,043
P
Preliminary.
T h i s a v e r a g e i s b a s e d o n f i g u r e sf o r t h e n e w i n d e x , b e g i n n i n g J u n e . T h e a v e r a g e s f o r t h e o l d i n d e x , b a s e d o n f i g u r e s f o r J a n u a r y - J u n e
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;
April 1937, p. 373.
1
S E C U R I T Y
[Index numbers
month
s
United
S t a t e s * C( a1 9n 3 a 5 d- 3a 9
(high
= 100)
grade)
Number of issues. . .
12
(2)
United
K i n g d o m
(December
1921=100)
P R I C E S
87
Common stocks
France
(1938 =
100)
Nether-s
United
States
(1935-39
= 100)
Canada 4
(1935-39
= 100)
50
14
416
106
100 7
102.6
103 0
105.2
117.2
118.5
105.0
107.6
127 3
127.8
127 5
128.3
132.1
130.8
129.9
126.5
146 4
146.6
150 5
152.1
144.6
132.0
117.0
109.4
1 9 4 9 — N o v e m b e r . . .1 0 3 . 2
103.7
December...
112.1
110.7
118.9
121.1
1 9 5 0 — J a n u a r y . . . . 1. 0 4 . 0
February, ... 1 0 4 . 0
104.1
March . ..
April
(7)
M a y
June . . . .
Tuly
August
September
October
111.0
110.7
110.9
110.3
110.9
110.9
109.9
110.5
111.4
108.7
119.8
119.9
119.4
119.9
119.8
121.6
120.7
120.8
122.7
124.2
110.2
109.9
109.5
110.9
111.5
112.3
111.7
110.4
P108.8
nO9.7
P110.7
P108.8
1942
1943
1944
1945
1946
1947
1948
1949
. ..
1
,
118 3
120.3
120 9
122.1
123.3
103.2
98.7
101.9
and
except as otherwise specified]
Bonds
Year or
17,
lands
109.0105.6
107,1
106.8
108,7
109.4
110.1
110.4
109.0
108.7
108.3
108 0
106.3
105 0
103.7
104.3
NetherFrance 5
United
lands 6
Kingdom (December
(1926=100) 1938=100) (1938=100)
278
69 4
91.9
99 8
121.5
139.9
123.0
124,4
121.4
64 2
83.5
83 8
99.6
115.7
106.0
112.5
109.4
75 3
84.5
88 6
92.4
96.2
94.6
92.0
87.6
129.1
132.7
135.1
136.7
138.8
141.8
146.9
147.7
138.2
147.2
151.7
157.8
118.2
117.9
86.5
87.8
87.7
87.9
88.4
89.1
89.6
90 9
88.7
89.0
91.3
92.5
119.0
118.3
118.7
125.9
128.7
130.9
124.3
135.7
141.5
145.4
• 295
875
27
1,149
i,262
1,129
20,t ,
211 2
195 a
1,042
1,085
203.6
204.6
204.2
202.5
197.0
191.0
189.6
190.8
170.0
188.0
194.9
197.8
1,107
1,036
1,045
1,024
1,019
1,056
961
1,020
1,080
Pl.035
p1
Preliminary.
New seriesbeginning 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
i n t h e2 U n i t e d S t a t e s , s e e B a n k i n g and M o n e t a r y S t a t i s t i c s , T a b l e 1 3 0 , p . 4 7 5 , a n d T a b l e 1 3 3 , p . 4 7 9 .
This index is based on one 15-year 3per cent theoreticalbond. Yearly figures are averages of monthly quotations on the capitalized yield
a s c a 3l c u l a t e d o n t h e 1 5 t h o f e v e r y m o n t h .
T h i s i n d e x r e p r e s e n t s t h e r e c i p r o c a l so f a v e r a g e y i e l d s f o r 1 4 i s s u e s ,i n c l u d i n g g o v e r n m e n t , p r o v i n c i a l ,m u n i c i p a l , m o r t g a g e , a n d i n d u s t r i a l
bonds. The average yield in the base period (January-March 1937) was 3.39 per cent.
45 T h i s i n d e x i s b a s e d o n 9 5 c o m m o n s t o c k s t h r o u g h 1 9 4 4 ; o n 1 0 0 s t o c k s 1 9 4 5 - 1 9 4 8 ; a n d o n 1 0 6 s t o c k s b e g i n n i n g 1 9 4 9 =
In September 1946 this index was revised to include 185 metropolitan issues,90 issues of colonial France, and 20 issues of French comp a n i e6 s a b r o a d .
See "Bulletin de la Statistique Generate," September-November
1946, p. 424.
This index is based on 27 Netherlands industrial shares and representsan unweighted monthly average of daily quotations. The figures
a r e n 7o t c o m p a r a b l e w i t h d a t a f o r p r e v i o u s y e a r s s h o w n i n e a r l i e r B U L L E T I N S .
S e r i e sd i s c o n t i n u e d b e g i n n i n g A p r . 1 , 1 9 5 0 .
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
BOARD OF GOVERNORS
OF THE FEDERAL RESERVE SYSTEM
THOMAS B« MCCABE, Chairman
MARRINER S. ECCLES
M. S. SZYMCZAK
R. M. EVANS
ELLIOTT THURSTON,
WINFIELD W. RIEFLER,
Assistant to the Board
Assistant to the Chairman
OFFICE OF THE SECRETARY
S. R. CARPENTER, Secretary
MERRITT SHERMAN, Assistant Secretary
KENNETH A, KENYON, Assistant Secretary
LEGAL DIVISION
GEORGE B. VEST, General Counsel
FREDERIC SOLOMON, Assistant General Counsel
JOHN C. BAUMANN, Assistant General Counsel
OFFICE OF THE SOLICITOR
J. LEONARD TOWNSEND, Solicitor
G. HOWLAND CHASE, Assistant Solicitor
DIVISION OF RESEARCH AND STATISTICS
RALPH A. YOUNG, Director
JAMES K. VARDAMAN, JR.
EDWARD L. NORTON
OLIVER S. POWELL
CHESTER MORRILL, Special Adviser to the Board
WOODLIEF THOMAS, Economic Adviser to the Board
DIVISION OF EXAMINATIONS
EDWARD A. WAYNE, Acting Director
GEORGE S, SLOAN, Assistant Director
C. C. HOSTRUP, Assistant Director
FRED A. NELSON, Assistant Director
DIVISION OF BANK OPERATIONS
ROBERT F. LEONARD, Director
J. E. HORBETT, Assistant Director
LOWELL MYRICK, Assistant Director
DIVISION OF PERSONNEL ADMINISTRATION
ROBERT N, HILKERT, Acting Director
DIVISION OF ADMINISTRATIVE SERVICES
LISTON P. BETHEA, Director
Economic Research
GARDNER L. BOOTHE, II, Assistant Director
Assistant Director
OFFICE OF REAL ESTATE CREDIT
DIVISION OF INTERNATIONAL FINANCE
CHARLES T. FISHER, JR., Administrator
ARTHUR W. MARGET, Director
GUY E. NOYES, Assistant Administrator
LEWIS N.- DEMBITZ, Assistant Director
FRANK R. GARFIELD, Adviser on
KENNETH B. WILLIAMS, Acting
FEDERAL
FEDERAL
OPEN MARKET COMMITTEE
THOMAS B. MCCABE ?
ALLAN SPROUL ?
Vice
Chairman
Chairman
CHESTER C. DAVIS
MARRINER S. ECCLES
JOSEPH A. ERICKSON
R. M. EVANS
EDWARD 'L. NORTON
J. N . PEYTON
WALTER S, BUCKLIN,
BOSTON DISTRICT
N. BAXTER JACKSON,
N E W YORK DISTRICT
FREDERIC A. POTTS,
PHILADELPHIA
SIDNEY B. CONGDON,
CLEVELAND DISTRICT
ROBERT V. FLEMING,
RICHMOND DISTRICT
DISTRICT
Vice President
OLIVER S, POWELL
M. S. SZYMCZAK
JAMES K. VARDAMAN, JR.
C. S. YOUNG
Secretary
S. R. CARPENTER, Assistant Secretary
GEORGE B. VEST, General Counsel
WOODLIEF THOMAS, Economist
JOHN K. LANGUM, Associate Economist
CHESTER MORRILL,
J. T. BROWN,
ATLANTA DISTRICT
EDWARD E. BROWN,
CHICAGO DISTRICT
President
W. L. HEMINGWAY,
ST. LOUIS DISTRICT
JOSEPH F. RINGLAND,
MINNEAPOLIS DISTRICT
DAVID T. BEALS,
KANSAS CITY DISTRICT
J. E. WOODS,
DALLAS DISTRICT
JAMES K. LOGHEAD,
SAN FRANCISCO DISTRICT
ALFRED C. NEAL, Associate Economist
J.
MARVIN PETERSON, Associate Economist
WILLIAM H. STEAD, Associate Economist
JOHN H. WILLIAMS, Associate Economist
ROBERT G. ROUSE, Manager of System Open
Market Account
1706
HERBERT
V. PROCHNOW, Secretary
FEDERAL RESERVE BULLETIN
CHAIRMEN, DEPUTY CHAIRMEN, AND SENIOR OFFICERS OF FEDERAL RESERVE BANKS
Federal Reserve Chairman l
Bank of
Deputy Chairman
President
First Vice President
Boston
Albert M. Creighton
Harold D. Hodgkinson
Joseph A. Erickson
William Willett
New York
Robert T. Stevens
William I. Myers
Allan Sproul
L. R. Rounds
John J. Fogg
Robert B. Harvey a
E. G. Hult
E. 0. Latham
H. A. Bilby
H. H. Kimball
L. W. Knoke
Walter S. Logan
A. Phelan
Karl R. Bopp
L. E. Donaldson
Robert N. Hilkert
Roger R. Clouse
W. D.Fulton
J. W. Kossin
Philadelphia.. . . Warren F. Whittier
Alfred H. Williams
C. Canby Balderston
W. J. Davis
Cleveland
George C. Brainard
A. Z. Baker
Ray M. Gidney
Wm. H. Fletcher
Richmond
Charles P. McCormick
John B. Woodward, Jr.
Hugh Leach
J. S. Walden, Jr.
Atlanta
Frank H. Neely
Rufus C. Harris
W. S. McLarin, Jr.
L. M. Clark
Chicago
F. J. Lunding
John S. Coleman
C. S. Young
E. C. Harris
St. Louis
Russell L. Dearmont
Wm. H. Bryce
Chester C. Davis
F. Guy Hitt
Minneapolis. . . . Roger B. Shepard
W. D. Cochran
J. N. Peyton
A. W. Mills
N. L. Armistead
R. L. Cherry
R. W. Mercer 8
W. R. Milford
P. L. T. Beavers
V. K. Bowman
J. E. Denmark
Allan M. Black *
H. J. Chalfont
Neil B. Dawes
W. R. Diercks
0. M. Attebery
WTm. E. Peterson
C. A. Schacht
H. C. Core
C. W. Groth
E. B. Larson
H. G. Leedy
Kansas C i t y . . . . Robert B. Caldwell
Robert L. Mehornay
Henry 0. Koppang
Dallas
J. R. Parten
R. B. Anderson
San Francisco... Brayton Wilbur
Harry R. Wellman
Vice Jrresiueiits
R. R. Gilbert
W. D. Gentry
C. E. Earhart
H. N. Mangels
Alfred C. Neal
Carl B. Pitman
0. A. Schlaikjer
R. F. Van Amringe
H. V. Roelse
Robert G. Rouse
William F. Treiber
V. Willis
R. B. Wiltse
E. C. Hill
Wm. G. McCreedy
P. M. Poor man 8
A. H. Laning 3
Martin Morrison
Paul C. Stetzelberger
Donald S. Thompson
C. B. Strathy
K. Brantley Watson
Edw. A. Wayne
Chas. W. Williams
Joel B. Fort, Jr.
T. A. Lanford
E. P. Paris
S. P. Schuessler
John K. Langum
A. L. Olson
Alfred T. Sihler
W. W. Turner
Paul E. Schroeder
William H. Stead
C. M. Stewart
H. G. McConnell
Otis R. Preston
Sigurd Ueland
John Phillips, Jr.
G. H. Pipkin
C. E. Sandy 2
D. W. Woolley
E. B. Austin
W. H. Holloway
Watrous H. Irons
R. B. Coleman
L. G. Pondrom 3
H. R. DeMoss
C. M. Rowland
W. E. Eagle
Mac C. Smyth
J. M. Leisner
H. F. Slade
S. A. MacEachron Ronald T. Symms 3
W. F. Volberg
E. R. Millard
0. P. Wheeler
W. L. Partner
L. H. Earhart
Delos C. Johns
R. L. Mathes
VICE PRESIDENTS IN CHARGE OF BRANCHES OF FEDERAL RESERVE 'BANKS
Federal Reserve
Federal Reserve
Chief Officer
Chief Officer
Branch
Branch
Bank of
Bank of
Richmond
Atlanta
Chicago
St. Louis
1
Also Federal Reserve Agent.
DECEMBER
I. B. Smith 4
W. D. Fulton
J. W. Kossin
W. R. Milford
R. L. Cherry
P. L. T, Beavers
T. A. Lanford
Joel B. Fort, Jr.
E. P. Paris
H. J. Chalfont
C. M. Stewart
C. A. Schacht
Paul E. Schroeder
Buffalo
Cincinnati
Pittsburgh
Baltimore
Charlotte
Birmingham
Jacksonville
Nashville
New Orleans
Detroit
Little Rock
Louisville
Memphis
New York
Cleveland
1950
2
Cashier.
8
Minneapolis. . . . Helena
C. W. Groth
Kansas C i t y . . . . Denver
Oklahoma City
Omaha
G. H. Pipkin
R. L. Mathes
L. H. Earhart
Dallas
C. M. Rowland
W. H. Holloway
W. E. Eagle
El Paso
Houston
San Antonio
San Francisco... Los Angeles
Portland
Salt Lake City
Seattle
Also Cashier.
4
W. F. Volberg
S. A. MacEachron
W. L. Partner
J. M. Leisner
General Manager.
1707
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 T H E FEDERAL RESERVE SYSTEM—ITS PURPOSES AND
Governors of the Federal Reserve System, WashFUNCTIONS. 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
BOOKS
OF BANK DEPOSITS BY COUNTIES,
As of December 31, 1947. July 1948. 122. pages.
As of June 30, 1949. December 1949. 122 pages.
BANKING STUDIES. Comprising 17 papers on banking and monetary subjects by members of the
Board's staff. August 1941; reprinted March
1949. 496 pages. Paper cover. $1.00 per copy;
in quantities of 10 or more copies for single shipment, 75 cents each.
BANKING AND MONETARY STATISTICS.
Statistics of
HISTORICAL
SUPPLEMENT
TO FEDERAL
RESERVE
CHARTS ON BANK CREDIT, MONEY RATES, AND
BUSINESS. 113 charts. March 1950 edition.
Annual subscription to monthly chart book includes supplement; single copies, 60 cents each.
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banking, monetary, and other financial develop- A STATISTICAL STUDY OF REGULATION V LOANS.
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POSTWAR ECONOMIC STUDIES.
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No.
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1708
REGULATIONS OF THE BOARD OF GOVERNORS OF THE
FEDERAL RESERVE SYSTEM. Individual regulations
with amendments.
PERIODICAL RELEASES
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CONDITION OF WEEKLY REPORTING MEMBER BANKS
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CONDITION OF WEEKLY REPORTING MEMBER BANKS
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DEPARTMENT STORE SALES, BY CITIES
WEEKLY DEPARTMENT STORE SALES
WEEKLY FOREIGN EXCHANGE RATES
WEEKLY REVIEW OF PERIODICALS
SEMIMONTHLY
DEPOSITS, RESERVES, AND BORROWINGS OF MEMBER
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ASSETS AND LIABILITIES
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ANNUAL
ANNUAL REPORT OF THE BOARD OF GOVERNORS OF
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CEPT INTERBANK ACCOUNTS
BUSINESS INDEXES
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CONSUMER CREDIT
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CONSUMER
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MONETARY MEASURES AND OBJECTIVES.
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T H E GOLD PROBLEM TODAY, by E. A. Goldenweiser,
T H E PAR COLLECTION SYSTEM OF THE FEDERAL R E -
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8 pages.
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DEPARTMENT STORE SALES (Indexes and Compari-
sons with Previous Year)
DEPARTMENT STORE SALES AND STOCKS, BY MAJOR
DEPARTMENTS
HISTORICAL REVIEW OF OBJECTIVES OF FEDERAL R E -
SERVE POLICY, by Arthur Hersey.
11 pages.
April 1940.
CHEAP MONEY AND THE FEDERAL RESERVE SYSTEM,
by E. A. Goldenweiser.
DEPARTMENT STORE STOCKS
May 1940. 5 pages.
GENERAL INDEXES OF BUSINESS ACTIVITY, by Frank
FOREIGN EXCHANGE RATES
R. Garfield.
INTERDISTRICT SETTLEMENT FUND
NATIONAL SUMMARY OF BUSINESS CONDITIONS
OPEN-MARKET MONEY RATES IN N E W YORK CITY
RETAIL FURNITURE REPORT
INSTALMENT
Excerpts from the Board's 1938 Annual Report.
33 pages.
January 1940. 4 pages.
CONSUMER INSTALMENT LOANS OF THE PRINCIPAL
RETAIL
* PROBLEMS OF BANKING AND BANK SUPERVISION.
CREDIT AT FURNITURE AND
HOUSEHOLD APPLIANCE STORES
June 1940. 7 pages.
GOLD RESERVES OF CENTRAL BANKS AND GOVERN-
MENTS. September 1940. 18 pages.
MEASUREMENT OF PRODUCTION, by Woodlief Thomas
and Maxwell R. Conklin.
pages.
September 1940. 16
FEDERAL RESERVE BANK LENDING POWER NOT D E PENDENT ON MEMBER BANK 'RESERVE BALANCES.
SALES FINANCE COMPANIES
SELECTED LIST OF ADDITIONS TO THE RESEARCH
LIBRARY
February 1941. 2 pages.
ADJUSTMENT FOR SEASONAL VARIATION, by H . C.
STATE BANK MEMBERS
AND NONMEMBER
BANKS
THAT MAINTAIN CLEARING ACCOUNTS WITH FED-
ERAL RESERVE BANKS (Also annual list)
SEMIANNUAL—QUARTERLY
A L L BANKS IN THE UNITED STATES AND POSSESSIONS
—PRINCIPAL ASSETS AND LIABILITIES
SALES, PROFITS, AND DIVIDENDS OF LARGE CORPORATIONS
PRELIMINARY EARNINGS OF MEMBER BANKS
DECEMBER 1950
Barton, Jr. Description of method used by Board
in adjusting economic data for seasonal variation.
June 1941. 11 pages.
COMMERCIAL AND INDUSTRIAL LOANS AT MEMBER
BANKS, April 16-May 15, 1942. August, September, and November 1942. 32 pages.
FEDERAL RESERVE INDEX OF INDUSTRIAL PRODUCTION.
From August 1940, September 1941, and October
1943 issues of BULLETIN with supplementary data.
October 1943. 120 pages.
1709
FEDERAL RESERVE
REVISED INDEX OF DEPARTMENT STORE SALES.
June
1944. 20 pages.
REVISED
WEEKLY
INDEX
OF DEPARTMENT
STORE
SALES. September 1944. 2 pages.
ESTIMATES OF GROSS NATIONAL PRODUCT, 1919-28,
by Mary S. Painter.
September 1945. 2 pages.
SURVEYS OF LIQUID ASSET HOLDINGS.
September
1945. 7 pages.
REVISED INDEX OF DEPARTMENT STORE STOCKS, by
Richard Youngdahl and John O. Bergelin.
1946. 25 pages.
June
INDEX OF DEPARTMENT STORE SALES AND STOCKS, BY
MAJOR DEPARTMENTS.
August 1946. 4 pages.
ESTIMATED DURABLE GOODS EXPENDITURES, 1939-45,
by Doris P. Warner and Albert R. Koch, September 1946. 8 pages.
BUSINESS LOANS OF MEMBER BANKS—
TO BUSINESS BY COMMERCIAL BANKS IN 1946, by
Duncan McC. Holthausen; SECURITY PLEDGED ON
MEMBER BANK LOANS TO BUSINESS, by Tynan
Smith; T H E STRUCTURE OF INTEREST RATES ON
BUSINESS LOANS AT MEMBER BANKS, by Richard
MEMBER
BANK
LOANS
TO SMALL
BUSINESS, by Charles H . Schmidt. March, May,
June, July, and August 1947. 80 pages.
COMMERCIAL BANK ACTIVITY IN CONSUMER INSTAL-
MENT FINANCING, by Frieda Baird. March 1947.
6 pages.
VALUES AND LIMITATIONS OF CONSUMER FINANCIAL
SURVEYS FOR ECONOMIC RESEARCH, by Ralph A.
Young and Duncan McC. Holthausen.
1947. 9 pages.
March
DEBT BY BANKS. April 1947. 4 pages.
OF WEEKLY
STATISTICS
BANKS IN LEADING CITIES.
FOR MEMBER
June-July 1947.
9
pages.
REVISION OF NATIONAL INCOME AND PRODUCT STA-
TISTICS. September 1947. 12 pages.
BANKING ASSETS AND THE MONEY SUPPLY
SINCE
1929, by Morris A. Copeland and Daniel H .
Brill. January 1948. 9 pages.
T H E FEDERAL RESERVE CHART BOOK AS AN A I D TO
BANK MANAGEMENT, by Charles H . Schmidt.
April 1948. 9 pages.
NEW
COMMERCIAL
BANKING
OFFICES,
1936-1947,
by Caroline H . Cagle and Raymond C. Kolb.
May 1948. 12 pages.
RECENT DEVELOPMENTS IN BUSINESS FINANCE; with
INDUSTRIAL DIFFERENCES IN LARGE CORPORATION
FINANCING, by Charles H . Schmidt.
19 pages.
June 1948.
SALES FINANCE COMPANY OPERATIONS IN 1947, by
Milton Moss. July 1948. 6 pages.
the Act, by David Grove and John Exter. In
part a reprint from the August 1948 BULLETIN.
36 pages.
BANK CREDIT DEVELOPMENTS.
October 1948.
12
pages.
T H E SIGNIFICANCE OF MEMBERSHIP IN THE FEDERAL
RESERVE SYSTEM. Address by Chairman Thomas
B. McCabe on October 26, 1948 at the annual
meeting of the Stockholders of the Federal Reserve Bank of Boston. November 1948. 5 pages.
LATIN AMERICA'S POSTWAR INFLATION AND BALANCE
OF PAYMENTS PROBLEMS, by David L. Grove and
Gerald M. Alter.
November 1948. 11 pages.
* STATEMENT ON BEHALF OF THE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM BEFORE
Presented by Chairman Thomas B. McCabe on
February 14, 1949. 7 pages.
N E W STATISTICS OF INTEREST RATES ON BUSINESS
LOANS, by Richard Youngdahl.
10 pages.
September 1947.
March 1949. 9 pages.
POSTWAR CREDIT CONTROLS IN FRANCE, by Albert
O. Hirschman and Robert V. Rosa. April 1949.
13 pages.
MOVEMENT
BANK LOANS TO FARMERS—
March 1949.
SAVINGS INSTITUTIONS AND THE CAPITAL MARKETS,
by Charles H . Schmidt.
STERLING IN MULTILATERAL TRADE, by J. Burke
Knapp and F . M. Tamagna.
8 pages.
October and December 1947. 36
THE JOINT COMMITTEE ON THE ECONOMIC REPORT.
METHODS OF RESTRICTING MONETIZATION OF PUBLIC
REVISION
Youngdahl.
pages.
T H E PHILIPPINE CENTRAL BANK ACT and Text of
SUMMARY, by Albert R. Koch; TERM LENDING
Youngdahl;
PUBLICATIONS
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
T.
N. Dembitz and Albert O. Hirschman. May
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 R E -
LOANS
THE
AT COMMERCIAL
BANKS, by Philip
STRUCTURE OF INTEREST RATES , ON COM-
MERCIAL BANK LOANS TO FARMERS, by Richard
1710
SERVE SYSTEM BEFORE THE SENATE BANKING AND
CURRENCY COMMITTEE, May 11, 1949.
6 pages.
FEDERAL RESERVE BULLETIN
FEDERAL RESERVE PUBLICATIONS
MEASUREMENTS OF SAVINGS, by Daniel H . Brill.
November 1949. 8 pages.
NOTES ON FOREIGN CURRENCY ADJUSTMENTS.
No-
pages; for 1948 from June-September and November 1948 BULLETINS, 70 pages; for 1949 from
June-November 1949 and January 1950 BULLETINS, 124 pages.)
vember 1949. 14 pages.
* REPLY OF THE CHAIRMAN OF THE BOARD OF GOV- INDUSTRIAL DIFFERENCES IN LARGE CORPORATION
ERNORS OF THE FEDERAL RESERVE SYSTEM ( T O the
Questionnaire of the Joint Congressional Committee on the Economic Report). November
1949. 112 pages.
FINANCING IN 1949, by Eleanor J. Stockwell.
June 1950. 6 pages. (Also, similar survey by
Charles H . Schmidt. June 1949. 8 pages.)
RETAIL CREDIT SURVEY—1949.
From June 1950
THE BOARD OF GOVERNORS OF THE FEDERAL R E -
BULLETIN with supplementary information for
nine separate trades. 37 pages.
SERVE SYSTEM, BEFORE THE SUBCOMMITTEE ON
STATEMENT ON PROPOSED SMALL BUSINESS LEGISLA-
* STATEMENT OF THOMAS B. MCCABE, CHAIRMAN OF
MONETARY, CREDIT AND FISCAL POLICIES OF THE
JOINT COMMITTEE ON THE ECONOMIC REPORT.
Presented December 3, 1949. 10 pages.
A STUDY OF INSTALMENT CREDIT TERMS, by Milton
Moss. December 1949. 8 pages.
FRENCH EXCHANGE STABILIZATION FUND, by Robert
Solomon. January 1950. 5 pages.
INSURANCE OF COMMERCIAL BANK DEPOSITS.
Feb-
ruary 1950. 5 pages.
STATEMENT BY THOMAS B. MCCABE, CHAIRMAN,
BOARD OF GOVERNORS OF THE FEDERAL RESERVE
SYSTEM ON S. 2822, A BILL " T O AMEND THE FEDERAL DEPOSIT INSURANCE A C T . " February 1950.
5 pages.
STAFF STUDY ON ASSESSMENTS AND COVERAGE FOR
DEPOSIT INSURANCE.
February 1950. 15 pages.
FEDERAL RECEIPTS AND EXPENDITURES FOR FISCAL
YEAR 1951. February 1950. 10 pages.
* T H E CHALLENGE OF OPPORTUNITY VERSUS SECU-
TION. Presented by Thomas B. McCabe, Chairman, Board of Governors of the Federal Reserve
System, before the Senate Committee on Banking and Currency, June 27, 1950. July 1950. 8
pages.
BRANCH BANKING IN THE UNITED STATES, 1939 and
1949.
July 1950. 16 pages.
ESTIMATED LIQUID ASSET HOLDINGS OF INDIVIDUALS
AND BUSINESSES.
August 1950. 2 pages.
STATEMENT ON THE DEFENSE PRODUCTION ACT OF
1950. Presented by the Board of Governors of
the Federal Reserve System to the Committee
on Banking and Currency of the Senate, and
read by Governor R. M. Evans to the Committee
on Banking and Currency of the House of Representatives, July 25, 1950. August 1950. 4
pages.
DEFENSE LOAN POLICY. An announcement adopted
jointly by National and State Supervisors of banks
and other lending institutions. August 4, 1950.
August 1950. 1 page.
RITY. Address by Thomas B. McCabe, Chairman, Board of Governors of the Federal Re- T H E 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. Mc1950 SURVEY OF CONSUMERS FINANCES—
Cabe, Chairman, Board of Governors of the FedPreliminary summary. April 1950. 2 pages.
eral Reserve System, before the National AssociaPART I. GENERAL FINANCIAL POSITION AND ECOtion of Supervisors of State Banks, Boston, Mass.,
September 21, 1950. October 1950. 4 pages.
NOMIC OUTLOOK OF CONSUMERS. June 1950. 12
pages.
PART II.
PURCHASES OF HOUSES AND
DURABLE GOODS IN 1949 and BUYING PLANS FOR
1950.
July 1950. 15 pages.
PART III. DISTRI-
BUTION OF CONSUMER INCOME IN 1949.
1950.
18 pages.
PART IV.
August
T H E DISTRIBUTION
OF CONSUMER SAVING IN 1949.
November 1950.
15 pages. PART V. T H E DISTRIBUTION OF ASSETS,
LIABILITIES, and
N E T WORTH OF CONSUMERS,
EARLY 1950. 28 pages. METHODS OF THE SURVEY
OF CONSUMER FINANCES.
July 1950. 15 pages.
(Also, similar survey for 1946 from June-September 1946 BULLETINS, 28 pages; for 1947 from
June-August and October 1947 BULLETINS, 48
DECEMBER 1950
REVISED ESTIMATES OF CONSUMER CREDIT.
Novem-
ber 1950. 2 pages.
MEASUREMENT OF CONSUMER CREDIT.
Address by
Ralph A. Young and Homer Jones before the
University of Illinois Consumer Credit Conference, Chicago, Illinois, October 5, 1950. November 1950. 9 pages.
STATEMENT ON REGULATION OF CONSUMER CREDIT.
Statement by Chairman Thomas B. McCabe on
behalf of the Board of Governors of the Federal
Reserve System before the Joint Committee on
Defense Production. December 8, 1950. December 1950. 5 pages.
1711
INDEX TO VOLUME 36
Acceptances, bankers':
Buying rates.
51, 187, 323, 427, 533, 687, 841,
1019, 1195, 1347, 1483, 1631
Open-market rates on. .72, 208, 344, 448, 554, 710, 862,
1040, 1216, 1368, 1506, 1652
Outstanding ..
.. 71, 207, 343, 447, 553, 709, 861,
1039,1215, 1367, 1505, 1651
Addresses:
Evans, R. M., on Consumer Credit
Regulation in a Garrison Economy
143 7
McCabe, Thomas B., on Our Common Problem—
Maintenance of a Sound Banking System
1287
Szymczak, M. S., before School of Banking, University of Wisconsin on Monetary Policy in a
Free Economy
1111
Admission of State Banks to membership in Federal
Reserve System .. .43, 179, 314, 420, 1012,1131, 1476, 1583
Agricultural commodities:
Production and prices in latter part of 1949. .
11
Agricultural loans:
Discussion . ..
774
Insured commercial banks. .64, 200, 336, 440, 546, 702,
854,.10.-2, 1208, 1360, 1498, 1644
Agricultural production in 1950
1105
Agriculture:
Balance sheet of, 1950
1118
Crop reports. .
105, 1073, 1249, 1401, 1539, 1685
Financial position of
1108
National summary of business conditions... .1014, 1189
Recent developments in
1099
Albania:
Discount rate of central bank. .121, 259, 393, 497, 617,
759, 925, 1089, 1265, 1417, 1555, 1701
Annual reports:
Balance sheet of agriculture, 1950
1118
Bank for International Settlements
985
Bank of the German States.
1293
Board of Governors
. 1012
Argentina:
Central bank of:
Condition
118, 256, 390, 494, 614, 756, 922,
1086, 1262, 1414, 1552, 1698
Discount rate.. . .121, 259, 393, 497, 617, 759, 925,
1089, 1265, 1417, 1555, 1701
Gold reserves. .
114, 252, 386, 490, 610, 752, 918,
1082, 1258, 1410, 1548, 1694
Foreign exchange rates. . 123, 261, 395, 499, 619, 761, 927,
1091, 1267, 1419, 1557, 1703
Articles: (See Special articles)
Asia:
International capital transactions. I l l , 249, 383, 487, 607,
749, 915, 1079, 1255, 1407, 1545, 1691
Assessments:
Deposit insurance, staff study of
151
Federal Reserve Banks for expenses of Board of
Governors
242, 1074
Assets, liquid: (See Liquid assets)
Assets and liabilities:
Agriculture, 1950
1120
All banks in United States, by classes. .. .61, 197, 333,
437, 543, 697, 851, 1029, 1205, 1357, 1493, 1641
All banks in United States and possessions, by
States:
December 31, 1949
700
June 30, 1950
1496
Commercial banks in United Kingdom, Canada and
France..
..122, 260, 394, 498, 618, 760, 926,
1090, 1266, 1418, 1556, 1702
DECEMBER
1950
Assets and liabilities—Continued.
Federal Reserve Banks:
All banks
52, 188, 324, 428, 534, 688,
842, 1020, 1196, 1348, 1484, 1632
Each bank
53, 189, 325, 429, 535, 689,
843, 1021, 1197, 1349, 1485, 1633
Foreign central banks. .. .116, 254, 388, 492, 612, 754,
920, 1084, 1260, 1412, 1550, 1696
Government corporations and credit
agencies
80, 216, 352, 456, 562, 718, 870,
1048, 1224, 1376, 1514, 1660
Large corporations in selected industries
640
Atwood, H. E., Class A Director at Minneapolis,
death of
1131
Australia:
Commonwealth Bank of:
Condition
118, 256, 390, 494, 614, 756, 922,
1086, 1262, 1414, 1552, 1698
Foreign exchange rates. . . . . . .123. 261, 395, 499, 619,
761, 927, 1091, 1267, 1419, 1558, 1704
Gold movements
115, 253, 387, 491, 611, 753,
919, 1083, 1259, 1411, 1549, 1695
Gold production
113, 251, 385, 489, 609, 751,
917, 1081, 1257, 1409, 1547, 1693
Austria:
Austrian National Bank:
Condition
.118, 256, 390, 494, 614, 756,
922, 1086, 1262, 1414, 1552, 1698
Discount rate
121, 259, 393, 497, 617, 759,
925, 1089, 1265, 1417, 1555, 1701
Automobile Appraisal Guides, designated for purposes
of Regulation W
1311
Baker, Holmes D., Director of Baltimore Branch,
death of...
525
Balance of payments position of United States
403
Balance sheet and income statement of large corporations in selected industries
640
Balance Sheet of Agriculture, 1950
..1118
Bank credit:
Current statistics for Federal Reserve Chart
Book
101, 237, 373, 477, 583, 739,
891, 1069, 1245, 1397, 1535, 1681
Expansion in
1276
Growth in
772
National summary of business
conditions
46, 181, 317, 423, 527, 681, 836,
1014, 1189, 1342, 1478, 1625
Resumption of
771
Bank debits: (See Debits to deposit accounts)
Bank deposits: (See Deposits)
Bank for International Settlements:
Annual report of
985
Condition
120, 258, 392, 496, 616, 758, 924,
1088, 1264, 1416, 1554, 1700
Gold reserves
114, 252, 386, 490, 610, t52,
918, 1082, 1258, 1410, 1548, 1694
Bank holding companies:
Legislation proposed
2 79
Legislation regarding, additional statement of
Chairman McCabe before Senate Banking and
Currency Committee
414
S. 2318, to provide for control and regulation of.. .286
S. 2318, amendments proposed by Chairman
McCabe
.294
S. 2318, additional amendments proposed by
Chairman McCabe
417
Bank loans: (See Loans; Loans and Investments)
1713
INDEX TO VOLUME 36
Pages
Bills discounted by Federal Reserve Banks:
Bank of America National Trust & Savings Association:
All banks combined. . .49, 185, 321, 425, 531, 685, 839,
Injunction restraining
823
1017, 1193, 1345, 1481, 1629
Proceedings to adjudge in civil contempt and
Each bank..
. . 5 3 , 189, 325, 429, 535, 689, 843,
other relief
828
1021, 1197, 1349, 1485, 1633
Order denying stay
833
Maturity distribution
52, 188, 324, 428, 534, 688,
Order purging respondents of contempt
1155
842, 1020, 1196, 1348, 1484, 1632
Denial of certiorari by Supreme Court
1612
Member and nonmember banks. .52, 188, 324, 428, 534,
Bank premises:
688, 842, 1020, 1196, 1348, 1484, 1632
Federal Reserve Banks...54, 190, 326, 430, 536, 690,
Board of Governors:
844, 1022, 1198, 1350, 1486, 1634
Annual report of
; 1012
Bank suspensions:
Assessment for expenses of
242, 1074
Number and deposits
57, 193, 329, 433, 539, 693,
Chairmen, list of presiding officers, 1914-1950. . . .1187
847, 1025, 1201, 1353, 1489, 1637
Division of International Finance, establishment of 834
Bankers' acceptances: (See Acceptances, bankers')
Members:
Bankers' balances:
Evans, R. M.:
Insured commercial banks
65, 201, 337, 441, 547,
Address on Consumer Credit Regu703, 855, 1033, 1209, 1361, 1499, 1645
lation in a Garrison Economy
1437
Weekly reporting member banks:
Statement read before Banking and
By Federal Reserve districts 69, 205, 341, 445, 551,
Currency Committee of House on
707, 859, 1037, 1213, 1365, 1503, 1649
Defense Production Act of 1950
943
New York City and outside. ...67, 203, 339, 443,
List covering period 1913-1950
1186
549, 705, 857, 1035, 1211, 1363, 1501, 1647
McCabe, Thomas B.:
Banking:
Additional statement on proposed
Funds, foreign, increase in United
legislation regarding bank
States
109, 247, 381, 485, 605, 747, 913,
holding companies
414
1077, 1253, 1405, 1543, 1689
Address, on Our Common Problem—
Offices:
Maintenance of a Sound Banking
Changes in number of
244, 1250
System
..,
.1287
Number of
70, 206, 342, 446, 552, 708, 860,
Letter to member banks with state1038, 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. . 1 1 3 1
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:
Condition
118, 256, 390, 494, 614, 756, 922,
Gold movements.. .115, 253, 387, 491, 611, 753, 919,
1086, 1262, 1414, 1552, 1698
1083, 1259, 1411, 1549, 1695
Discount rate
121, 259, 393, 497, 617, 759, 925,
National Bank of:
1089, 1265, 1417, 1555, 1701
Condition
118, 256, 390, 494, 614, 756, 922,
1086, 1262, 1414, 1552, 1698 Bond yields:
Government, municipal, and corporate. . . .72, 208, 344,
Discount rate... 121, 259, 393, 497, 617, 759, 925,
448, 554, 710, 862, 1040, 1216, 1368, 1506, 1652
1089, 1265, 1417, 1555, 1701
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
INDEX TO VOLUME 36
Pages
Bonds—Continued.
Prices in principal countries
125, 263, 397, 501, 621,
763, 929, 1093, 1269, 1421, 1559, 1705
Prices in United States
-. .73, 209, 345, 449, 555, 711,
863, 1041, 1217, 1369, 1507, 1653
United States savings, sales and
redemptions
.77, 213, 349, 453, 559, 715,
867, 1045, 1221, 1373, 1511, 1657
(See also Government securities)
Boothe, Gardner L., II, designated Deputy
Administrator in connection with Regulation V. . . .1340
Borrowings:
Insured commercial banks
65, 201, 337, 441, 547,
703, 855, 1033, 1209, 1361, 1499, 1645
Member banks at Federal Reserve Banks .57, 193, 329,
433, 539, 693, 847, 1025, 1201, 1353, 1489, 1637
Weekly reporting member banks:
By Federal Reserve districts
69, 205, 341, 445,
551, 707, 859, 1037, 1213, 1365, 1503, 1649
New York City and outside. . . 67, 203, 339, 443,
549, 705, 857, 1035, 1211, 1363, 1501, 1647
Bosworth, Robert L., resignation as
Director of Oklahoma City Branch
679
Branch banking in United States, 1939 and 1949
818
Branch banks, domestic:
Article prepared by Paul F. Smith
818
By population
899
Changes in number of banking offices
244, 1250
Commercial banks, by amount of
deposits and loans
898
Deposits, by States
903
Number, assets and deposits, by
class of bank
896
Number in operation, by States
600
Number of banking offices
70, 206, 342, 446, 552,
708, 860, 1038, 1214, 1366, 1504, 1650
Branch banks, Federal Reserve System:
Directors: (See Directors)
Managing officers
127, 265, 399, 503, 623, 765,
931, 1095, 1271, 1423, 1561, 1707
Brazil:
Foreign exchange rates
.123, 261, 395, 499, 619,
761, 927, 1091, 1267, 1419, 1557, 1703
Gold reserves
114, 252, 386, 490, 610, 752,
918, 1082, 1258, 1410, 1548, 1694
Brokers and dealers in securities, loans to:
Insured commercial banks
64, 200, 336, 440, 546,
702, 854, 1032, 1208, 1360, 1498, 1644
Weekly reporting member banks:
By Federal Reserve Districts
68, 204, 340, 444,
550, 706, 858, 1036, 1212, 1364, 1502, 1648
New York City and outside
66, 202, 338, 442,
548, 704, 856, 1034, 1210, 1362, 1500, 1646
Brokers balances:
Movement to United States from abroad
108, 246,
380, 484, 604, 746, 912, 1076, 1252, 1404, 1542, 1688
Brown, Edward E., re-elected President of
Federal Advisory Council
. . .314
Browning, F. M., appointed Director at Salt
Lake City Branch
. . .314
Budget, Federal, for fiscal year ending
June 30, 1 9 5 1 . . . . .
....131
Bulgaria, National Bank of:
Discount rate
121, 259, 393, 497, 617
Burr, Susan S., study of Regulation V loans
1476
Business conditions:
Current statistics for Federal Reserve
Chart Book
101, 237, 373, 477, 583, 739,
891, 1069, 1245, 1397, 1535, 1681
DECEMBER
1950
Pages
Business conditions—Continued.
National summary of
45, 180, 316, 421, 526, 680,
835, 1013, 1188, 1341, 1477, 1624
Business financing, recent developments in.
627
Business indexes, monthly and yearly figures. . .81, 217, 353,
457, 563, 719, 871, 1049, 1225, 1377, 1515, 1661
Business investments
628
Canada:
Bank of:
Condition
117, 255, 389, 493, 613, 755,
921, 1085, 1261, 1413, 1551, 1697
Discount rate
121, 259, 393, 497, 617, 759,
925, 1089, 1265, 1417, 1555, 1701
Gold reserves
114, 252, 386, 490, 610, 752,
918, 1082, 1258, 1410, 1548, 1694
Commercial banks, assets and liabilities. .. 122, 260, 394,
498, 618, 760, 926, 1090, 1266, 1418, 1556, 1702
Cost of living, index numbers. . .125, 263, 397, 501, 621,
763, 929, 1093, 1269, 1421, 1559, 1705
Foreign exchange rates
123, 261, 395, 499, 619, 761,
927, 1091, 1267, 1419, 1557, 1703
Gold movements
115, 253, 387, 491, 611, 753,
919, 1083, 1259, 1411, 1549, 1695
Gold production
113, 251, 385, 489, 609, 751,
917, 1081, 1257, 1409, 1547, 1693
International capital transactions. .. 109, 247, 381, 485,
605, 747, 913, 1077, 1253, 1405, 1543, 1689
Retail food prices
125, 263, 397, 501, 621, 763,
929, 1093, 1269, 1421, 1559, 1705
Security prices
125, 263, 397, 501, 621, 763,
929, 1093, 1269, 1421, 1559, 1705
Wholesale prices in
124, 262, 396, 500, 620, 762,
928, 1092, 1268, 1420, 1558, 1704
Capital:
Movement to United States. . . .108, 246, 380, 484, 604,
746, 912, 1076, 1252, 1404, 1542, 1688
Capital accounts:
All banks in United States and
possessions, by States
700, 1496
Federal Reserve Banks
55, 191, 327, 431, 537, 691,
845, 1023, 1199, 1351, 1487, 1635
Insured commercial banks
65, 201, 337, 441, 547,
703, 855, 1033, 1209, 1361, 1499, 1645
Weekly reporting member banks:
By Federal Reserve districts
69, 205, 341, 445,
551, 707, 859, 1037, 1213, 1365, 1503, 1649
New York City and outside
67, 203, 339, 443,
549, 705, 857, 1035, 1211, 1363, 1501, 1647
Cash in vaults:
Insured commercial banks
65, 201, 337, 441, 547,
703, 855, 1033, 1209, 1361, 1499, 1645
Weekly reporting member banks:
By Federal Reserve Districts
69, 205, 341, 445,
551, 707, 859, 1037, 1213, 1365, 1503, 1649
New York City and outside
67, 203, 339, 443,
549, 705, 857, 1035, 1211, 1363, 1501, 1647
Cash income and outgo of Treasury
79, 215, 351, 455,
561, 717, 869, 1047, 1223, 1375, 1513, 1659
Central banks:
Assets and liabilities
116, 254, 388, 492, 612,
754, 920, 1084, 1260, 1412, 1550, 1696
Discount rates
121, 259, 393, 497, 617, 759,
925, 1089, 1265, 1417, 1555,1701
Gold reserves
114, 252, 386, 490, 610, 752,
918, 1082, 1258, 1410, 1548, 1694
(See also Foreign banks)
Central reserve city member banks:
Condition of insured commercial b a n k s . . . .64, 200, 336,
440, 546, 702, 854, 1032, 1208, 1360, 1498, 1644
1715
INDEX TO VOLUME
36
Chart s—Continued.
Loans and investments at member banks
in leading cities.
422, 681, 836, 1189, 1478
852, 1030, 1206, 1358, 1493, 1641
Manufacturing employment
511
Earnings and expenses:
Member bank reserves and
1949..
520, 588
related items
......
48, 184, 320, 424, 530,
First half of 1950
1469, 1540
684, 838, 1016, 1192, 1344, 1480, 1628
Reserves...:
57, 193, 329, 433, 539, 693,
Member banks in leading cities
527, 1342
847, 1025, 1201, 1353, 1489, 1637
Monetary expansion
775
Reserves and borrowings
.56, 192, 328, 432, 538,
Money rates
778, 1280
692, 846, 1024, 1200, 1352, 1488, 1636
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
Ownership of demand deposits by
and Minneapolis and their branches
179
individuals and businesses
522
List of
127, 265, 399, 503, 623, 765,
Ownership of U. S. Government securities
139
931, 1095, 1271, 1423, 1561, 1707
Percentage of total deposits of all commercial banks:
Lunding, F. J., appointment at Chicago
42
Held by all commercial branch systems.
821
Meetings:
Held by banks with branches in noncontiguous
January 16-17
179
counties
821
September 18-19
1131
Personal consumption expenditures
1574
Changes in number of banking offices in
Personal income
181, 1571
United States
244, 1250
Personal income, consumption, and savings
1576
Chart books;
Position of agriculture
1109
Bank credit, money rates, and business,
Prices received by farmers
1100
revised edition of historical supplement to. .
.315
Principal forms of consumer saving and dissaving
Current figures on bank credit, money
in 1948, by income groups
25
rates and business
101, 237, 373, 477, 583,
Private domestic investment
1568
739, 891, 1069, 1245, 1397, 1535, 1681
Production of selected industrial materials
6
ChartsRelation of United States imports to gross
Agricultural exports
1104
national product
406
Balance Sheet of Agriculture.
1118
Retail sales
655
Bank loans and investments other than
Security markets. . .
.317, 681, 1014
U. S. Government securities
1277
Selected apparel indexes
.7
Business expenditures on new plant and equipment. .630
Selected business index
2
Business loans of member banks in leading cities. . 633
Shipments and consumption of steel products
.5
Cash receipts and payments of the U. S.
Surpluses and deficits of United States trade
Government
133
with selected areas
~. .. . 410
Commercial bank loans.
772
Turnover of demand deposits
777
Construction contracts awarded
45, 527, 835, 1624
Unemployment
514
Consumer credit outstanding
945
U. S. merchandise exports
,. 8
Consumer instalment credit
773, 1428
Wholesale commodity prices
181, 422, 680,
Consumer instalment credit outstanding
1435
1013, 1341, 1625
Consumers food prices
1103
Wholesale prices of building materials.
.942
Consumers' prices
316, 1103, 1478, 1575, 1625
Chile:
Corporate profits, taxes, and dividends
632
Central Bank of:
Department store sales and stocks. . . 180, 421, 1188, 1477
Condition...
.118, 256, 390, 494, 614, 756, 922,
Distribution of spending units
950
1086, 1262, 1414, 1552, 1698
Employment in nonagricultural
Discount rate. . . .121, 259, 393, 497, 617, 759, 925,
establishments
46, 511, 526, 1342
1089, 1265, 1417, 1555, 1701
Federal payments to the public
Gold reserves. . .114, 252, 386, 490, 610, 752, 918,
by major functions
.134
1082, 1258, 1410, 1548, 1694
Foreign gold reserves and short-term
Gold production. . . .113, 251, 385, 489, 609, 751, 917,
dollar balances
.271
1081, 1257, 1409, 1547, 1693
Foreign gold reserves and short-term dollar
Clayton Antitrust Act:
balances selected countries and areas
.270
Injunction restraining Transamerica Corporation,
Foreign trade of United States
405
and Bank of America N. T. & S. A
823
Gross national product
1566
Proceeding to adjudge in civil contempt and for
Increase in bank loans and investments
other relief
828
other than U. S. Government securities
1278
Order denying stay
833
Industrial production
45, 180, 316, 421, 526,
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
Central reserve city member banks—Continued.
Deposits
.62, 198, 334, 438, 544, 698,
1716
FEDERAL RESERVE BULLETIN
INDEX TO VOLUME 36
Pages
Pages
Clearing and collection:
Number of banks on par list, by districts
and by States
70, 206, 342, 446, 552, 708, 860,
1038, 1214, 1366, 1504, 1650
Coins:
Circulation of..
..58, 194. 330, 434, 540, 694, 848,
1026, 1202, 1354, 1490, 1638
Coleman John S., appointed Class C Director at
Chicago and designated Deputy Chairman.
.. 42
Colombia:
Bank of Republic of:
Condition.
118, 256, 390, 494, 614, 756, 922,
1086, 1262, 1414, 1552, 1698
Discount rate. .. .121, 259, 393, 497, 617, 759, 925
1089, 1265, 1417, 1555, 1701
Gold reserves. . . .114, 252, 386, 490, 610, 752, 918,
1082, 1258, 1410, 1548, 1694
Foreign exchange r a t e s . . . 123, 261, 395, 499, 619, 761,
927, 1091, 1267, 1419, 1557, 1703
Gold production.. . .113, 251, 385, 489, 609, 751, 917,
1081, 1257, 1409, 1547, 1693
Commercial banks:
Assets and liabilities in United Kingdom,
Canada, and France...122, 260, 394, 498, 618, 760,
926, 1090, 1266, 1418, 1556, 1702
Condition of insured in United States
by classes
64, 200, 336, 440, 546, 702, 854,
1032, 1208, 1360, 1498, 1644
Consumer instalment loans 99, 235, 371, 475, 581, 737,
889, 1067, 1243, 1395, 1533, 1679
Insured home mortages held. . . .89, 225, 361, 465, 571,
727, 879, 1057, 1233, 1385, 1523, 1669
Insured in United States and possessions,
earnings of
599
Number, assets, and deposits, June 30, 1949.
.896
Number and deposits, by States.
900
Commercial, industrial, and agricultural loans of
weekly reporting members banks:
By Federal Reserve districts. . .68, 204, 340, 444, 550,
706, 858, 1036, 1212, 1364, 1502, 1648
New York City and outside. . . .66, 202, 338, 442, 548,
704, 856, 1034, 1210, 1362, 1500, 1646
Commercial loans:
All banks in United States and possessions, by
States .
. 700, 1496
Insured, by classes. .
64, 200, 336, 440, 546, 702, 854,
1032, 1208, 1360, 1498, 1644
Commercial paper:
Open-market rates on. .72, 208, 344, 448, 554, 710, 862,
1040, 1216, 1368, 1506, 1652
Outstanding. . . .71, 207, 343, 447, 553, 709, 861, 1039,
1215,1367,1505,1651
Commitment rates under Regulation V
1483, 1600
Committees:
Banking and Currency of House, statement on
Defense Production Act of 1950 presented
before
<.
943
Banking and Currency of Senate:
Statement of Chairman McCabe on proposed
legislation regarding bank holding companies
279
f
Statement on proposed legislation regarding
bank holding companies
414
Statement presented by Chairman McCabe on
proposed small business legislation
810
Committees—Continued
Federal Open Market: (See Federal Open Market
Committee)
Commodity Credit Corporation:
Assets and liabilities
80, 216, 352, 456, 562, 718,
870, 1048, 1224, 1376, 1514, 1660
Loans by. .
. . . .80, 216, 352, 456, 562, 718, 870,
1048, 1224, 1376, 1514, 1660
Operations of. ..
1107
Commodity prices:
National summary of business conditions. .46, 181, 317,
423, 527, 681, 836, 1014, 1189, 1342, 1478, 1625
Comptroller of the Currency:
Joint announcement on Defense Loan Policy
947
List of those who were ex-omcio members of
Board
1187
Condition statements:
Commercial banks in United Kingdom, Canada,
and France
122, 260, 394, 498, 618, 760, 926,
1090, 1266, 1418, 1556, 1702
Federal Reserve Banks:
All banks combined
52, 188, 324, 428, 534, 688,
842, 1020, 1196, 1348, 1484, 1632
Each bank
53, 189, 325, 429, $35, 689, 843,
1021, 1197, 1349, 1485, 1633
Foreign central banks
116, 254, 388, 492, 612, 754,
920, 1084, 1260, 1412, 1550, 1696
Government corporations and credit
agencies
80, 216, 352, 456, 562, 718, 870,
1048, 1224, 1376, 1514, 1660
Insured commercial banks, classes of banks. .. .64, 200,
336, 440, 546, 702, 854, 1032, 1208, 1360, 1498, 1644
Weekly reporting member banks:
By Federal Reserve districts.. .68, 204, 340, 444,
550, 706, 858, 1036, 1212, 1364, 1502, 1648
New York City and outside. . . . . .66, 202, 338, 442,
548, 704, 856, 1034, 1210, 1362, 1500, 1646
Conferences: (See Meetings)
Connell, J. J., to serve as Assistant to Mr. Boothe in
connection with Regulation V loans
1340
Consolidations of banks:
Changes in 1949
244, 1250
Legislation permitting national banks to convert
into and to merge or consolidate with State
banks
......1155
Construction:
Current activity in
935
Expenditures for
1568
National summary of business conditions..... .45, 180,
316, 681, 836, 935, 1013, 1189, 1341, 1477, 1624
Construction contracts awarded:
By districts
.89, 225, 361, 465, 571, 727, 879,
1057, 1233, 1385, 1523, 1669
By public and private ownership. . . . .89, 225, 361, 465,
571, 727, 879, 1057, 1233, 1385, 1523, 1669
By type of construction
89, 225, 361, 465, 571, 727,
879, 1057, 1233, 1385, 1523, 1669
Index of value of
81, 217, 353, 457, 563, 719, 871,
1049, 1225, 1377,1515, 1661
Consumer credit:
Amendment No. 1 to Regulation W
1282, 1308
Automobile Appraisal Guides, designated
for purposes of Regulation W
1311
Chart book statistics
105, 241, 377, 481, 587, 743,
895, 1073, 1249, 1401, 1539, 1685
Expansion in
773
Furniture store statistics
.100, 236, 372, 476, 582,
738, 890, 1068, 1244, 1396, 1534, 1680
DECEMBER
1950
1717
INDEX TO VOLUME 36
Pages
Consumer credit—Continued.
Home improvement incorporating group B
combination unit
1613
Home improvement, materials and articles
1472
Hotel or motel repairs or improvements. . . .
1613
House trailers.
1612
Instalment credits of commercial banks,
by type of credit
99, 235, 371, 475, 581, 737,
889, 1067, 1243, 1395, 1533, 1679
Instalment loans outstanding
98, 234, 370, 474, 580,
736, 888, 1066, 1242, 1394, 1532, 1678
Instalment loans made by principal
lending institutions
98, 234, 370, 474, 580, 736,
888, 1066, 1242, 1394, 1532, 1678
Instalment sale credit, excluding
automobile credit
99, 235, 371, 475, 581, 737,
889, 1067, 1243, 1395, 1533, 1679
Loans for business purposes
1472
Measurement of, paper prepared by
Ralph A. Young and Homer Jones
.. 1456
Minimum down payments and maximum
maturities under Regulation W
1430
Pre-effective date "balloon" notes or payments. . . .1612
Ratio of collections to accounts
receivable
100, 236, 372, 476, 582, 738,
890, 1068, 1244, 1396, 1534, 1680
Recent developments in
1427
Refinancing of instalment sale of unlisted article. .1613
Refrigerators and food freezers
1471
Regulation In A Garrison Economy,
address by Mr. Evans
. . 1437
Regulation of, statement read before
House Committee on Banking and Currency.. .. 944
Regulation authorized in Defense
Production Act of 1950.
1169
Regulation W adopted
1177
Amendment adopted
1282, 1308
Statements on
1281
Rental transactions
1613
Revised estimates of
,
.1465
Revision by original or other registrant.
1471
Revisions of and additions to pre-effective
date credit
1471
Sets and groups of articles
1612
Side loans prohibited
1472
Statement of the borrower
1614
Statement of Chairman McCabe before Joint
Committee on Defense Production on
regulation of
. 1577
Summary of interpretations
1614
Tape or wire recorders
1472
Tax or fee prerequisite to auto tags
1613
Total credit, by major parts
98, 234, 370, 474, 580,
736, 888, 1066, 1242, 1394, 1532, 1678
Used automobiles
1472
Consumer finances:
Survey, methods used in making...
.. .795
1949 Survey of:
Part VIII. Distribution of consumer
saving in 1948
. . . 14
1950 Survey of:
Preliminary
findings
418
Part I. General financial position and
economic outlook of consumers
643
Part II. Purchases of houses and durable
goods in 1949 and buying plans for 1950. .. .780
Part III. Distribution of consumer
income in 1949
.. 948
1718
Pages
Consumer finances—Continued.
1950 Survey of—Continued.
Part IV. The distribution of consumer
saving in 1949
1441
Part V. The distribution of assets, liabilities, and net worth of consumers
1584
Cooperatives:
Banks for, loans by
80, 216, 352, 456, 562, 718,
870, 1048, 1224, 1376, 1514, 1660
Corette, John E., Jr., appointed Director
at Helena Branch.
. .1012
Corporate bonds:
Yields on
72, 208, 344, 448, 554, 710,
862, 1040, 1216, 1368, 1506, 1652
Corporate profits, taxes, and dividends
76, 212, 348, 452,
558, 714, 866, 1044, 1220, 1372, 1510, 1656
Corporate security issues:
Proposed use of proceeds:
All issuers
74, 210, 346, 450, 556, 712,
864, 1042, 1218, 1370, 1508, 1654
Major groups of issuers
74, 210, 346, 450, 556,
712, 864, 1042, 1218, 1370, 1508, 1654
Corporate stocks:
Prices in United States
73, 209, 345, 449, 555, 711,
863, 1041, 1217, 1369, 1507, 1653
Corporation financing in 1949, industrial differences i n . . .636
Cost of living:
Consumers' price index for moderate
income families
94, 230, 366, 470, 576, 732,
884, 1062, 1238, 1390, 1528, 1674
Index for principal countries. . .125, 263, 397, 501, 621,
763, 929, 1093, 1269, 1421, 1559, 1705
Costa Rica:
National Bank of:
Condition
118, 256, 390, 494, 614, 756,
922, 1086, 1262, 1414, 1552, 1698
Discount rate
121, 259, 393, 497, 617, 759,
925, 1089, 1265, 1417, 1555, 1701
Country member banks:
Assets and liabilities of all banks
in United States
62, 198, 334, 438, 544, 698,
852, 1030, 1206, 1358, 1494, 1642
Condition
64, 200, 336, 440, 546, 702,
854, 1032, 1208, 1360, 1498, 1644
Deposits and reserves
57, 193, 329, 433, 539, 693,
847, 1025, 1201, 1353, 1489, 1637
Deposits in large and small centers
57, 193, 329, 433,
539, 693, 847, 1025, 1201, 1353, 1489, 1637
Earnings and expenses:
1949
. . . . . . 5 2 0 , 588
First half of 1950
1469, 1540
Reserves and borrowings. . 56, 192, 328, 432, 538, 692,
846, 1024, 1200, 1352, 1488, 1636
Court cases:
Injunction restraining Transamerica Corporation
and Bank of America N. T. & S. A.
.823
Proceedings to adjudge Transamerica Corporation,
etc., in civil contempt and for other relief
828
Order denying stay
833
Order purging respondents of contempt in Transamerica Case
1155
Denial of certiorari by Supreme Court
1612
Credit:
Bank: (See Bank credit)
Consumer: (See Consumer credit)
Defense loan policy, joint announcement by bank
supervisory authorities
947
;
FEDERAL RESERVE BULLETIN
INDEX TO VOLUME 36
Pages
Credit—Continued.
Federal Reserve:
Chart.
48, 184, 320, 424, 530, 684, 838,
1016, 1192, 1344, 1480, 1628
End-of-month and Wednesday
figures
49, 185, 321, 425, 531, 685, 839,
1017, 1193, 1345, 1481, 1629
Recent developments in
1275
Retail, survey for 1949
655
Credit policy:
Modification of
777
Statement issued by Board of Governors and
Federal Open Market Committee
1110
Crop reports, by Federal Reserve districts
105, 1073,
1249, 1401, 1539, 1685
Cuba, National Bank of:
Condition
1414, 1552, 1698
Currency:
Circulation, by denominations. .58, 194, 330, 434, 540,
694, 848, 1026, 1202, 1354, 1490, 1638
Kinds of money in circulation.. .58, 194, 330, 434, 540,
694, 848, 1026, 1202, 1354, 1490, 1638
Major factors affecting
776
Outside banks. . . . . . . .60, 196, 332, 436, 542, 696, 850,
1028, 1204, 1356, 1492, 1640
Treasury, outstanding
49, 185, 321, 425, 531, 685,
839, 1017, 1193, 1345, 1481, 1629
Values of foreign, readjustment . .,
275
Customers' debit balances . . . 7 1 , 207," 343, 447, 553, 709,
861, 1039, 1215, 1367, 1505, 1651
Czechoslovakia:
Foreign exchange rates .123, 261, 395, 499, 619, 761,
927, 1091, 1267, 1419, 1557, 1703
National Bank of:
Condition
..118, 256, 390, 494, 614,
756, 922, 1086, 1262
Discount rate..
..121, 259, 393, 497, 617,
759, 925, 1089, 1265
Gold reserves
114, 252, 386, 490, 610, 752,
918, 1082, 1258, 1410, 1548, 1694
Deaths:
Atwood, H. E., Class A Director at Minneapolis. . .1131
Baker, Holmes D., Director of Baltimore B r a n c h . 525
Faucett, J. Roy, Director of Birmingham Branch. .314
Reed, Charles E., Class B Director at Richmond. . 1340
Debit and credit balances of stock exchange
firms
71, 207, 343, 447, 553, 709, 861,
1039, 1215, 1367, 1505, 1651
Debits to deposit accounts:
Reporting centers, year and m o n t h . . . .59, 195, 331, 435,
541, 695, 849, 1027, 1203, 1355, 1491, 1639
Weekly reporting member banks:
By Federal Reserve districts
69, 205, 341, 445,
551, 707, 859, 1037, 1213, 1365, 1503, 1649
New York City and outside. .67, 203, 339, 443, 549,
705, 857, 1035, 1211, 1363, 1501, 1647
Debt, Government:
Volume and kind of securities. . .77, 213, 349, 453, 559,
715, 867, 1045, 1221, 1373, 1511, 1657
Defense Loan Policy:
Joint announcement by National and State Supervisors of banks and other lending institutions.. . 947
Letter to member banks with statement on
1582
Defense Production Act:
Executive Order delegating certain functions under. 1301
Federal Reserve action under
1281
Statement before Banking and Currency Committee of House on
943
Text
1158
DECEMBER
1950
Pages
Dembitz, Lewis N., appointed Assistant Director of
Division of International Finance
834
Denecke, W. A., appointed Director at Helena B r a n c h . . . . 42
Denmark:
Foreign exchange rates
123, 261, 395, 499, 619, 761,
927, 1091, 1267, 1419, 1557, 1703
National Bank of:
Condition
118, 256, 390, 494, 614, 756, 922,
1086, 1262, 1414, 1552, 1698
Discount rate. . . .121, 259, 393, 497, 617, 759, 925,
1089, 1265, 1417, 1555, 1701
Gold reserves. . . .114, 252, 386, 490, 610, 752, 918,
1082, 1258, 1410, 1548, 1694
Department of Agriculture:
Balance sheet of agriculture, 1950, annual report
issued by
1118
Department stores:
Sales:
By Federal Reserve Districts and
by cities
94, 230, 366, 470, 576, 732, 884,
1062, 1238, 1390, 1528, 1674
Index of value of
81, 217, 353, 457, 563, 719,
871, 1049, 1225, 1377, 1515, 1661
Weekly index of
93, 229, 365, 469, 575, 731,
883, 1061, 1237, 1389, 1527, 1673
Sales, accounts receivable, and
collections
100, 236, 372, 476, 582, 738, 890,
1068, 1244, 1396, 1534,1680
Sales and stocks:
By Federal Reserve Districts
91, 227, 363, 467,
573, 729, 881, 1059, 1235, 1387, 1525, 1671
By major departments
92, 228, 364, 468, 574,
730, 882, 1060, 1236, 1388, 1526, 1672
Sales, stocks, and outstanding orders
93, 229, 365,
469, 575, 731, 883, 1061, 1237, 1389, 1527, 1673
Deposits:
Adjusted, of all banks and currency outside
banks
60, 196, 332, 436, 542, 696, 850,
1028, 1204, 1356, 1492, 1640
All banks in United States, by classes
61, 197, 333,
437, 543, 697, 851, 1029, 1205, 1357, 1493, 1641
All banks in United States and possessions, by
States
700, 1496
Banks without branches and banks with branches,
by class of bank
896
Branches of commercial banks
. .896
Branches of commercial banks, by States
903
Commercial banks, by States
. . 900
Federal Reserve Banks:
All banks combined. . . .52, 188, 324, 428, 534, 688,
842, 1020, 1196, 1348, 1484, 1632
Each bank. .
. .54, 190, 326, 430, 536, 690, 844,
1022, 1198, 1350, 1486, 1634
Foreign:
Federal Reserve Banks
54, 190, 326, 430, 536,
690, 844, 1022, 1198, 1350, 1486, 1634
Insured commercial banks, by
classes
65, 201, 337, 441, 547, 703, 855,
1033, 1209, 1361, 1499, 1645
Government:
Federal Reserve Banks, each bank
54, 190, 326,
430, 536, 690, 844, 1022, 1198, 1350, 1486, 1634
Insured commercial banks
65, 201, 337, 441,
547, 703, 855, 1033, 1209, 1361, 1499, 1645
Weekly reporting member banks:
By Federal Reserve districts,
69, 205, 341,
445, 551, 707, 859, 1037,
1213, 1365, 1503, 1649
1719
INDEX TO VOLUME 36
Pages
Pages
Deposits—Continued.
Government—Continued.
Weekly reporting member banks—Continued.
New York City and
outside
67, 203, 339, 443, 549, 70S, 857,
1035, 1211, 1363,1501, 1647
Insurance of commercial bank, information prepared by Federal Deposit Insurance Corporation
,,
141
Insurance, staff study on assessments and coverage for
151
Insured commercial banks. . 65, 201, 337, 441, 547, 703,
855, 1033, 1209, 1361, 1499, 1645
Major factors affecting
.776
Member banks:
Classes of banks. . . T57, 193, 329, 433, 539, 693, 847,
1025, 1201, 1353, 1489, 1637
Country, in large and small
centers
57, 193, 329, 433, 539, 693, 847,
1025, 1201, 1353, 1489, 1637
Mutual savings banks
63, 199, 335, 439, 545, 699,
853, 1031, 1207, 1359, 1495, 1643
National banks
63, 199, 335, 439, 545, 699,
853, 1031, 1207, 1359, 1495, 1643
Nonmember banks:
Chart
48, 184, 320, 424, 530, 684,
838, 1016, 1192, 1344, 1480, 1628
Commercial banks. . . . . . . . . . 6 3 , 199, 335, 439, 545,
699, 853, 1031, 1207, 1359, 1495, 1643
In Federal Reserve Banks
49, 185, 321, 425, 531,
685, 839, 1017, 1193, 1345, 1481, 1629
Ownership of demand
522
Postal savings:
Consolidated condition statement.... 60, 196, 332,
436, 542, 696, 850, 1028, 1204, 1356, 1492, 1640
Depositors' balances and assets... .59, 195, 331, 435,
541, 695, 849, 1027, 1203, 1355, 1491, 1639
Rates on
50, 186, 322, 426, 532, 686,
840, 1018, 1194, 1346, 1482, 1630
Savings:
Interest rate on
50, 186, 322, 426, 532, 686,
840, 1018, 1194, 1436, 1482, 1630
States and political subdivisions:
Insured commercial banks. . . .65, 201, 337, 441, 547,
703, 855, 1033, 1209, 1361, 1499, 1645
Suspended banks
57, 193, 329, 433, 539, 693,
847, 1025, 1201, 1353, 1489, 1637
Time, maximum rates on
50, 186, 322, 426, 532,
686, 840, 1018, 1194, 1346, 1482, 1630
Time, trust funds in member bank's
own banking department
. . 44
Treasury:
Chart
48, 184, 320, 424, 530, 684,
838, 1016, 1192, 1344, 1480, 1628
With Federal Reserve Banks.. . .49, 185, 321, 425,
531, 685, 839, 1017, 1193, 1345, 1481, 1629
Turnover.
, . .59, 195, 331, 435, 541, 695,
849, 1027, 1203, 1355, 1491, 1639
Weekly reporting member banks:
By Federal Reserve Districts.
69, 205, 341, 445,
551, 707, 859, 1037, 1213, 1365, 1503, 1649
New York City and outside
67, 203, 339, 443,
549, 705, 857, 1035, 1211, 1363, 1501, 1647
Deputy Chairmen of Federal Reserve Banks:
Appointments for 1950. ..
40
Coleman, John S., appointed at Chicago
.42
List of
127, 265, 399, 503, 623, 765,
931, 1095, 1271, 1423, 1561, 1707
1720
Directors, Federal Reserve Banks:
Atwood, H. E., Class A at Minneapolis, death of. . . 1131
Chairmen: (See Chairmen, Federal Reserve Banks)
Class C, appointments for terms beginning
January 1, 1950
40
Classes of
,•
166
Coleman, John S., appointed at Chicago
42
List of
166
:...
Lunding, F. J., designation as Chairman and
Federal Reserve Agent at Chicago
42
Moore, Joseph EL, appointed Class C at St. Louis. . .314
New York and Minneapolis and their branches,
conference with Chairmen
179
Patterson, Robert P., appointed Class C at
New York
525
Quay, Arthur H., elected Class A at Minneapolis. . 1476
Reed, Charles E., Class B at Richmond, death of. . .1340
Sharpies, Philip T., resignation as Class C
at Philadelphia
,
. . 1012
Directors, Federal Reserve Branch Banks:
Appointments for terms beginning January 1, 1950. . .41
Baker, Holmes D., Baltimore, death of
525
Beauchamp, Stonewall J., appointed at
Little Rock
. . .42
Besuden, H. C , appointed at Cincinnati. .
. .42
Bosworth, Robert L., Oklahoma City,
resignation of
679
Browning, F. M., appointed at Salt Lake City
314
Corette, John E., Jr., appointed at Helena.
1012
Denecke, W. A., appointed at Helena
42
Faucett, J. Roy, Birmingham, death of.
314
Gallalee, Dr. John M., appointed at Birmingham. . .420
Helms, Paul H., appointed at Los Angeles
43
List of
167
McCain, James A., resignation at Helena
834
Moser, Ellsworth, appointed at Omaha
43
Overstreet, F. M., appointed at Oklahoma C i t y . . . .1583
Perry, D. Hay den, appointed at San Antonio
43
Piper, Charles A., appointed at Baltimore
.525
Preston, Howard H., appointed at Seattle
43
Puckett, Cecil, appointed at Denver.
679
Shepardson, Charles N., appointed at Houston. . . .43
Silver, Harold F.:
Appointed at Denver
42
Resignation of
525
Sutton, H. G., appointed at Houston.
43
Taylor, John W., resignation at Louisville
1583
Wendt, Edgar F., appointed at Buffalo....
42
Directory:
Board of Governors
126, 264, 398, 502, 622, 764,
930, 1094, 1270, 1422, 1560, 1706
Federal Advisory Council
126, 264, 398, 502, 622,
764, 930, 1094, 1270, 1422, 1560, 1706
Federal Open Market Committee
126, 264, 398, 502,
622, 764, 930, 1094, 1270, 1422, 1560, 1706
Federal Reserve Banks
and branches
127, 265, 399, 503, 623, 765,
931, 1095, 1271, 1423, 1561, 1707
Discount rates:
Federal Reserve Banks
51, 187, 323, 427, 533,
687, 841, 1019, 1195, 1347, 1483, 1631
Foreign central banks. . . .121, 259, 393, 497, 617, 759,
925, 1089, 1265, 1417, 1555, 1701
Discounts and advances: (See Bills discounted by Federal Reserve Banks)
Dividends :
Corporate
75, 211, 347, 451, 557, 713, 865,
Federal Reserve Banks
1043, 1219, 1371, 1509, 1655
242
FEDERAL RESERVE BULLETIN
INDEX TO VOLUME 36
Pages
Pages
Dividends—Continued.
Insured commercial banks in the United States
and possessions
599
Manufacturing corporations
75, 211, 347, 451, 557,
713, 865, 1043, 1219, 1371, 1509, 1655
Member banks:
1949
517, 588
First half of 1950
1469, 1540
Public utility corporations
75, 211, 347, 451, 557,
713, 865, 1043, 1219, 1371, 1509, 1655
Division of International Finance, establishment of
834
Dollar balances of foreign countries during 1949. .
. .273
Dollar holdings of foreign countries in 1949. .
. .269
Dominican Republic:
Condition of central bank
118, 256, 390, 494, 614,
756, 922, 1086, 1262, 1414, 1552, 1698
Earnings:
Corporations.
75, 211, 347, 451, 557, 713, 865,
1043, 1219, 1371, 1509, 1655
Factory employees.
.87, 223, 359, 463, 569, 725, 877,
1055, 1231, 1383, 1521, 1667
Member bank:
1949
.517, 588
First half of 1950
. 1467
Ratios of all member banks, by classes.
595
(See also Earnings and expenses)
Earnings and dividends:
Public utility corporations 75, 211, 347, 451, 557, 713,
865, 1043, 1219, 1371, 1509, 1655
Earnings and expenses:
All member banks, by size of bank. .
.592
Federal Reserve Banks:
1948 .
242
Six months' period ending June 30, 1950. . . . 1074
Insured commercial banks in the United States and
possessions .,
.
599
Member banks:
1949
. . . .517, 588
First half of 1950
. . 1469, 1540
National banks, by size of bank
593
State member banks, by size of bank. .
.594
Ecuador:
Central bank of:
Condition. .
.118, 256, 390, 494, 614, 756, 922,
1086, 1262, 1414, 1552, 1698
Discount rate.
.121, 259, 393, 497, 617, 759, 925,
1089, 1265, 1417, 1555, 1701
Egypt:
National Bank of:
Condition. .
.118, 256, 390, 494, 614, 756, 922,
1086, 1262, 1414, 1552, 1698
Gold reserves. .
.114, 252, 386, 490, 610, 752, 918,
1082, 1258, 1410, 1548, 1694
El Salvador:
Central reserve bank of:
Condition. .
.118, 256, 390, 494, 614, 756, 922,
1086, 1262, 1414, 1552, 1699
Discount rate. . . .121, 259, 393, 497, 617, 759, 925,
1089, 1265, 1417, 1555, 1701
Employees:
Member banks, average number and salaries. . . .588
Employment:
Changes in
.510
Factory employment:
Business index
81, 217, 353, 457, 563, 719,
871, 1049, 1225, 1377, 1515, 1661
By industries.
.86, 222, 358, 462, 568, 724, 876,
1054, 1230, 1382, 1520, 1666
DECEMBER
1950
Employment—Continued.
Labor force
88, 224, 360, 464, 570, 726, 878,
1056, 1232, 1384, 1522, 1668
National summary of business conditions
46, 180,
316, 680, 836, 1014,1188, 1478, 1624
Nonagricultural:
Business index.. . .81, 217, 353, 457, 563, 719, 871,
1049, 1225, 1377, 1515, 1661
March, 1950
,
513
Total in each classification. .88, 224, 360, 464, 570,
726, 878, 1056, 1232, 1384, 1522, 1668
England: (See United Kingdom)
Estonia:
Discount rate of central bank. . .121, 259, 393, 497, 617,
759, 925, 1089, 1265, 1417, 1555, 1701
Ethiopia:
Condition of State Bank. .119, 257, 391, 495, 615, 757,
923, 1087, 1263, 1415, 1553, 1699
Europe:
International capital transactions. . .109, 247, 381, 485,
605, 747, 913, 1077,
1253, 1405, 1543, 1689
Evans, R. M.: (See Board of Governors, Members)
Executive Orders:
No. 10161, delegation of functions under
Defense Production Act
. .1301
Expenditures:
Federal Government for fiscal year 1951. .
.. .131
Government, in 1950
. . . 1569
Personal consumption in 1950
1574
Private, in 1950
1565
Treasury.
79, 215, 351, 455, 561, 717, 869,
1047, 1223, 1375, 1513, 1659
(See also earnings and expenses)
Export-Import Bank:
Loans by
.80, 216, 352, 456, 562, 718, 870,
1048, 1224, 1376, 1514, 1660
Exports:
Agricultural
, 1104
Foreign trade during latter part of 1949.
. . .8
United States, financing of
,
408
Exter, John M., adviser to Government of Ceylon on
establishment of reserve bank
1133
Factory employment: (See Employment)
Farm Credit Administration:
Assets and liabilities. .80, 216, 352, 456, 562, 718, 870,
1048, 1224, 1376, 1514, 1660
Farm products:
Supplies of
. 1105
Wholesale price indexes:
Principal countries. . .124, 262, 396, 500, 620, 762,
928, 1092, 1268, 1420, 1558, 1704
United States. .95, 231, 367, 471, 577, 733, 885,
1063, 1239, 1391, 1529, 1675
Farmers Home Administration:
Loans by
.80, 216, 352, 456, 562, 718, 870,
1048, 1224, 1376, 1514, 1660
Faucett, J . Roy, Director at Birmingham Branch,
death of
. 314
Fauver, Clarke L., article on 1949 survey of consumer
finances
14
Federal Advisory Council:
Brown, Edward E., re-elected President.
314
Fleming, Robert V., elected Vice President.
314
Meetings:
February 19-21
.
314
May 14-16
. 525
October 1-3 . . . .
1340
November 19-21
1583
1721
INDEX TO VOLUME 36
Pages
Federal Advisory Council—Continued.
Members:
List of
126, 264, 398, 502, 622, 764, 930,
1094, 1270, 1422, 1560, 1706
Prochnow, Herbert V., reappointment as Secretary. .314
Federal Deposit Insurance:
Staff study on assessments and coverage...
. .151
Federal Deposit Insurance Act:
Amendments to
,
1321
Statement by Chairman McCabe on S. 2822
. . . 146
Federal Deposit Insurance Corporation:
Assets and liabilities. . .80, 216, 352, 456, 562, 718, 870,
1048, 1224, 1376, 1514, 1660
Distribution of accounts and deposits in
insured banks
141
Income and expenses of
156
Joint announcement on defense loan policy
.947
Federal Farm Mortgage Corporation:
Loans by
80, 216, 352, 456, 562, 718, 870,
1048, 1224, 1376, 1514, 1660
Federal Home Loan Banks:
Loans by
80, 216, 352, 456, 562, 718, 870,
1048, 1224, 1376, 1514, 1660
Federal Housing Administration:
Assets and liabilities. . . .80, 216, 352, 456, 562, 718, 870,
1048, 1224, 1376, 1514, 1660
Insured home mortgages held by banks
and others
89, 225, 361, 465, 571, 727, 879,
1057, 1233, 1385, 1523, 1669
Loans insured by
89, 225, 361, 465, 571, 727, 879,
1057, 1233, 1385, 1523, 1669
Federal Intermediate Credit Banks:
Loans by
•. . .80, 216, 352, 456, 562, 718, 870,
1048, 1224, 1376, 1514, 1660
Federal National Mortgage Association:
Assets and liabilities. . . .80, 216, 352, 456, 562, 718, 870,
1048, 1224, 1376, 1514, 1660
Federal Open Market Committee:
Meetings:
February 28 and March 1
314
June 13 and 14
679
August 18
1131
September 28
1340
October 11
1340
October 30
1476
November 27
1583
Members:
Davis, Chester C , election of
314
Erickson, Joseph A., election of
314
McCabe, Thomas B., re-elected Chairman. . . .314
Peyton, J. N., election of
314
Sproul, Allan, election of
314
Re-elected Vice Chairman
314
Young, C. S., election of
314
Members and officers, list
126, 264, 398,
502, 622, 764, 930, 1094, 1270,
1422, 1560, 1706
Statement of credit policy issued jointly with
Board of Governors
1110
Federal receipts and expenditures for fiscal year 1951. .131
Federal Reserve Act:
Section 12B withdrawn and replaced by new act. .1321
Section 14(b), amendment extending authority for
purchase of Government obligations by Federal Reserve Banks
,
834
Section 24, amendment to provide for mortgage
insurance for low cost homes
678
1722
Federal Reserve Bank notes:
Circulation and outstanding
58, 194, 330, 434, 540,
694, 848, 1026, 1202, 1354, 1490, 1638
Federal Reserve Bank of Chicago:
Staff:
Harris, E. C , appointed First Vice President. .179
Federal Reserve Bank of Minneapolis:
Staff:
Mills, Albert W., appointed First Vice
President
1131
Federal Reserve Bank of New York:
Increase in discount rate, announcement of
1110
Federal Reserve Bank of Philadelphia:
Staff:
Hilkert, Robert N., services loaned to Board
as Acting Director of Division of Personnel Administration
1476
Federal Reserve Bank of Richmond:
Staff:
Wayne, Edward A., services loaned to Board
as Acting Director of Division of Examinations
1476
Federal Reserve Banks:
Assets and liabilities of
52, 188, 324, 428, 534, 688,
842, 1020, 1196, 1348, 1484, 1632
Authority for purchase of Government obligations
extended by amendment to section 14 (b) of Federal Reserve Act. . . .
834
Branches: (See Branch banks, Federal Reserve System)
Capital and surplus of each bank
55, 191, 327, 431>
537, 691, 845, 1023, 1199, 1351, 1487, 1635
Chairmen: (See Chairmen)
Condition statement, each bank. . .53, 189, 325, 429, 535,,
689, 843, 1021, 1197, 1349, 1485 1633*
Deputy Chairmen: (See Deputy Chairmen)
Directors: (See Directors)
Dividends
. . 2421
Earning and expenses:
1949
242
First half of 1950
1074
Government securities held by
78, 214, 350, 454, 560,
716, 868, 1046, 1222, 1374, 1512, 165&
Officers. .
127, 265, 399, 503, 623, 765,
931, 1095, 1271, 1423, 1561, 1707
Federal Reserve Chart Book:
Current statistics on bank credit, ,
money rates, and business. .. .101, 237, 373, 477, 583,.
739, 891, 1069, 1245, 1397, 1535, 1681
Federal Reserve Districts, map of. . .130, 268, 402, 506, 626,
770, 934, 1098, 1274, 1426, 1564, 1712
Federal Reserve notes:
Circulation:
All banks combined
52, 188, 324, 428, 534, 688,
842, 1020, 1196, 1348, 1484, 1632
Each bank, condition statement. . .54, 190, 326, 430,,
536, 690, 844, 1022, 1198, 1350, 1486, 1634
Each bank, Federal Reserve
Agents' accounts
56, 192, 328, 432, 538,
692, 846, 1024, 1200, 1352, 1488, 1636
Collateral security for
56, 192, 328, 432, 538, 692,
846, 1024, 1200, 1352, 1488, 1636
Federal Reserve Agents' accounts
56, 192, 328, 432,,
538, 692, 846, 1024, 1200, 1352, 1488, 1636
Outstanding and in circulation
$8r 194, 330, 434, 540,
694, 848, 1026, 1202, 1354, 1490, 1638
Redemption fund:
All banks combined
52, 188, 324, 428, 534,.
688, 842, 1020, 1196, 1348, 1484, 1632
FEDERAL RESERVE BULLETIN
INDEX TO VOLUME 36
Pages
Federal Reserve notes—Continued.
Redemption fund—Continued.
Each bank
53, 189, 325, 429, 535, 689,
843, 1021, 1197, 1349, 1485, 1633
1950 Series, press statement issued
by Treasury Department
.. 1470
Federal Reserve System:
Map
130, 268, 402, 506, 626, 770,
934, 1098, 1274, 1426, 1564, 1712
Fees:
Bank charges for administration of
trusts which hold participations
in a common trust fund
. . 678
Guarantee and commitment under
Regulation V
. . 1483, 1600
Finland:
Bank of:
Condition
119, 257, 391, 495, 615, 757,
923, 1087, 1263, 1415, 1553, 1699
Discount rate
121, 259, 393, 497, 617, 759,
925, 1089, 1265, 1417, 1555, 1701
Fisher, Charles T., Jr., designated Administrator
of Office of Real Estate Credit
1340
Food:
Retail prices, principal countries. . . .125, 263, 397, 501,
621, 763, 929, 1093, 1269, 1421, 1559, 1705
Wholesale prices:
Principal countries
124, 262, 396, 500, 620, 762,
928, 1092, 1268, 1420, 1558, 1704
United States
95, 231, 367, 471, 577, 733,
885, 1063, 1239, 1391, 1529, 1675
Foreign banks:
Bank of the German States, first
annual report
1293
Central Bank of Ceylon, establishment of
1133
Commercial banks, condition of
122, 260, 394, 498,
618, 760, 926, 1090, 1266, 1418, 1556, 1702
Condition of central banks
116, 254, 388, 492, 612,
754, 920, 1084, 1260, 1412, 1550, 1696
Deposits held by member banks,
by classes
65, 201, 337, 441, 547, 703,
855, 1033, 1209, 1361, 1499, 1645
Deposits of weekly reporting member banks:
By Federal Reserve Districts. . ... .69, 205, 341, 445,
551, 707, 859, 1037, 1213, 1365, 1503, 1649
New York City and outside
67, 203, 339, 443,
549, 705, 857, 1035, 1211, 1363, 1501, 1647
Discount rates of central banks . . . .121, 259, 393, 497,
617, 759, 925, 1089, 1265, 1417, 1555, 1701
Gold reserves of central banks. . . 114, 252, 386, 490, 610,
752, 918, 1082, 1258, 1410, 1548, 1694
Foreign countries:
Gold and dollar holdings in 1949
269
Foreign currency values, effects of readjustment
.. .275
Foreign deposits held by Federal Reserve Banks:
All banks combined
52, 188, 324, 428, 534, 688,
842, 1020, 1196, 1348, 1484, 1632
Each bank. .
. .54, 190, 326, 430, 536, 690, 844,
1022, 1198, 1350, 1486, 1634
Foreign exchange rates. . . .123, 261, 395, 499, 619, 761, 927,
1091, 1267, 1419, 1557, 1703
Foreign investment, net
1570
Foreign trade of the United States:
Discussion of
404
Volume during latter part of 1949
.
8
Fox, Charles, article on ownership of
demand deposits
. . . 522
DECEMBER
1950
Pages
France:
Bank of:
Condition
117, 255, 389, 493, 613, 755,
921, 1085, 1261, 1413, 1551, 1697
Discount rate
121, 259, 393, 497, 617, 759,
925, 1089, 1265, 1417, 1555, 1701
Gold reserves
114, 252, 386, 490, 610, 752,
918, 1082, 1258, 1410, 1548, 1694
Commercial banks, assets
and liabilities
122, 260, 394, 498, 618, 760,
926, 1090, 1266, 1418, 1556, 1702
Exchange stabilization fund.
35
Foreign exchange rates
123, 261, 395, 499, 619,
761, 927, 1091, 1267, 1419, 1557, 1703
Gold movements.... 115, 253, 387, 491, 611, 753, 919,.
1083, 1259, 1411, 1549, 1695
International capital transactions... 109, 247, 381, 485>
605, 747, 913, 1077, 1253, 1405, 1543, 1689
Revaluation of gold reserve
1132
Security prices, index numbers. 125, 263, 397, 501, 621,
763, 929, 1093, 1269, 1421, 1559, 1705
Wholesale prices i n . . 124, 262, 396, 500, 620, 762, 928,
1092 1268, 1420, 1558, 1704
Frechtling, John A., article on survey of consumer
finances
1441
Freight carloadings:
Classes
90, 226, 362, 466, 572, 728, 880,
1058, 1234, 1386, 1524, 1670
Index of...
.. .81, 217, 353, 457, 563, 719, 871,
1049, 1225, 1377, 1515, 1661
French Exchange Stabilization Fund
35
Furniture store statistics. .100, 236, 372, 476, 582, 738, 890,
1068, 1244, 1396, 1534, 1680
Gallalee, Dr. John M., appointed Director at
Birmingham Branch
420
Garfield, Frank R., appointed Adviser on Economic
Research, in Division of Research and Statistics
314.
Germany:
Condition. ..
.. .119, 257, 391, 495, 615, 757, 923,
1087, 1263, 1415, 1553, 1699*
Discount rate
121, 259, 393, 497, 617, 759, 925,
1089, 1265, 1417, 1555, 1701
Economic development and Central Bank
policies in
1293.
Foreign exchange rates.927, 1091, 1267, 1419, 1557, 1703
Gold reserves
114, 252Giannini, L. Mario, proceeding to adjudge in civil
contempt and for other relief
82&
Gold:
Earmarked
115, 253, 387, 491, 611, 753, 919,
1083, 1259, 1411, 1549, 1695
Foreign holdings in 1949
269*
Movements of foreign countries
272
Movements, United States. 115, 253, 387, 491, 611, 753,
919, 1083, 1259, 1411, 1549, 1695
Production :
United States. . .115, 253, 387, 491, 611, 753, 919,
1083, 1259, 1411, 1549, 1695.
World
113, 251, 385, 489, 609, 751, 917,
1081, 1257, 1409, 1547, 1693
Reserves of central banks and
governments
114, 252, 386, 490, 610, 752, 918,
1082, 1258, 1410, 1548, 1694
Reserves of foreign countries
272
Revaluation of the French reserve
1132Stock:
Chart..
..48, 184, 320, 424, 530, 684, 838,
1016, 1192, 1344, 1480, 1628!
1721
INDEX TO VOLUME 36
Pages
Pages
Gold—Continued.
Stock—Continued.
End-of-month and Wednesday
figures
.49, 185, 321, 425, 531, 685, 839,
1017, 1193, 1345, 1481, 1629
United States, analysis of
changes
115, 253, 387, 491, 611, 753, 919,
1083, 1259, 1411, 1549, 1695
Gold certificates:
Federal Reserve Bank holdings:
All banks combined. . .52, 188, 324, 428, 534, 688,
842, 1020, 1196, 1348, 1484, 1632
Each bank
53, 189, 325, 429, 535, 689, 843,
1021, 1197, 1349, 1485, 1633
Outstanding and in circulation. . . 58, 194, 330, 434, 540,
694, 848, 1026 1202, 1354, 1490, 1638
Government bonds: (See Government securities)
Government corporations and credit agencies:
Assets and liabilities. . .80, 216, 352, 456, 562, 718, 870,
1048, 1224, 1376, 1514, 1660
Loans by. .
. .80, 216, 352, 456, 562, 718, 870,
1048, 1224, 1376, 1514, 1660
Government debt:
Volume and kind of securities.. .77, 213, 349, 453, 559,
715, 867, 1045, 1221, 1373, 1511, 1657
Government employees, number of Federal,
State, and local
88, 224, 360, 464, 570, 726, 878,
1056, 1232, 1384, 1522, 1668
Government Organization Manual, announcement of. . .1339
Government securities:
Amendment to Section 14 (b) of Federal Reserve
Act extending authority for purchase by Federal Reserve Banks
834
Bond prices
73, 209, 345, 449, 555, 711, 863
1041, 1217, 1369, 1507, 1653
Direct obligations, volume and kind. .77, 213, 349, 453,
559, 715, 867, 1045, 1221, 1373, 1511, 1657
Federal Reserve Bank holdings:
AH banks combined
52, 188, 324, 428, 534, 688,
842, 1020, 1196, 1348, 1484, 1632
Each bank. .
...53, 189, 325, 429, 535, 689, 843,
1021, 1197, 1349, 1485, 1633
End-of-month and Wednesday
figures
49, 185, 321, 425, 531, 685, 839,
1017, 1193, 1345, 1481, 1629
Maturity distribution. .52, 188, 324, 428, 534, 688,
842, 1020, 1196, 1348, 1484, 1032
Holdings by banks
775
Holdings, shifts in
1278
Insured commercial banks.. .64, 200, 336, 440, 546, 702,
854, 1032, 1208, 1360, 1498, 1644
Investments by weekly reporting member banks:
By Federal Reserve districts. .68, 204, 340, 444, 550,
706, 858, 1036, 1212, 1364, 1502, 1648
New York City and outside
66, 202, 338, 442,
548, 704, 856, 1034, 1210, 1362, 1500, 1646
Ownership of
139
Ownership of direct and guaranteed
78, 214, 350,
454, 560, 716, 868, 1046, 1222, 1374, 1512, 1658
Savings bonds
77, 213, 349, 453, 559, 715, 867,
1045, 1221, 1373, 1511, 1657
Series F and G savings bonds, special offering of. .1291
Yields on
72, 208, 344, 448, 554, 710, 862,
1040, 1216, 1368, 1506, 1652
Greece:
Bank of:
Condition. .
1724
. . 119, 257, 391, 495, 615, 757, 923,
1087, 1263, 1415, 1553, 1699
Greece—Continued.
Bank of—Continued.
Discount rate
Gold reserves
Gross national product
121, 259, 393, 497, 617, 759,
925, 1089, 1265, 1417, 1555, 1701
114, 252
96, 232, 368, 472, 578, 734, 886,
1064, 1240, 1392, 1530, 1676
1567
Discussion of. .
Guatemala:
Condition of Bank of. . .119, 257, 391, 495, 615, 757, 923,
1087, 1263, 1415, 1553, 1699
Hackley Howard H., Assistant to Mr. Vest in connection with Regulation V loans
. 1340
Hammond, Bray, Assistant Secretary of Board,
retirement of
.179
Harris, E. C , appointed First Vice President
at Chicago
179
Helms, Paul H., appointed Director at Los Angeles
Branch
.43
Hilkert, Robert N., appointed Acting Director of
Division of Personnel Administration
1476
Home Loan Bank Board, joint announcement on Defense Loan Policy
.
. . ..
. 947
Home Owners' Loan Corporation:
Loans by
80, 216, 352, 456, 562, 718, 870,
1048, 1224, 1376, 1514, 1660
Hours and earnings of factory employees.
87, 223, 359,
463, 569, 725, 877, 1055, 1231, 1383, 1521, 1667
Housing:
Mortgage insurance for low cost homes, amendment to section 24 of Federal Reserve Act.
.678
Hungary:
National Bank of:
Condition
.119, 257, 391, 495, 615, 757,
923, 1087, 1263
Discount rate. .
121, 259, 393, 497,
617, 759, 925, 1089, 1265
Gold reserves
114, 252, 386, 490, 610,
752, 918, 1082, 1258, 1410, 1548, 1694
Husbands, Sam H., proceeding to adjudge in civil contempt and for other relief
.828
Imports:
Gold movements to United States
115, 253, 387,
491, 611, 753, 919, 1083, 1259, 1411, 1549, 1695
Prices during latter part of 1949
12
United States by commodity class and by major
trading' area
407
Imports and exports:
Changes in 1950
1570
Merchandise. . .
.90, 226, 362, 466, 572, 728, 880,
1058, 1234, 1386, 1524, 1670
Income:
Cash, and outgo of U. S. Treasury
79, 215, 351,
455, 561, 717, 869, 1047, 1223, 1375, 1513, 1659
Changes in 1950.
1565
National
96, 232, 368, 472, 578, 734, 886,
1064, 1240, 1392, 1530, 1676
Personal. .
. .97, 233, 369, 473, 579, 735, 887,
1065, 1241, 1393, 1531, 1677
Railroads. .
90, 226, 362, 466, 572, 728,
880, 1058, 1234, 1386, 1524, 1670
Statement of large corporations in
selected industries
640
Taxes, Internal Revenue collections.. .79, 215, 351, 455,
561, 717, 869, 1047, 1223,1375, 1513, 1659
Index numbers:
Business indexes.
81, 217, 353, 457, 563, 719,
871, 1049, 1225, 1377, 1515, 1661
FEDERAL RESERVE BULLETIN
INDEX TO VOLUME 36
Pages
Pages
Index numbers—Continued.
Construction contracts awarded
81, 217, 353, 457,
563, 719, 871, 1049, 1225, 1377, 1515, 1661
Cost of living:
Consumers' price index for
moderate income families. .94, 230, 366, 470, 576,
732, 884, 1062, 1238, 1390, 1528, 1674
Principal countries. . . .125, 263, 397, 501, 621, 763,
929, 1093, 1269, 1421, 1559, 1705
Department stores:
Sales, adjusted
81, 217, 353, 457, 563, 719,
871, 1049, 1225, 1377, 1515, 1661
Sales, weekly
93, 229, 365, 569, 575, 731,
883, 1061, 1237, 1389, 1527, 1673
Sales and stocks, by Federal
Reserve Districts
91, 227, 363, 467, 573, 729,
881, 1059, 1235, 1387, 1525, 1671
Sales and stocks, by major
departments
92, 228, 364, 468, 574, 730,
882, 1060, 1236, 1388, 1526, 1672
Factory employment, business index. . .81, 217, 353, 457,
563, 719, 871, 1049, 1225, 1377, 1515, 1661
Freight carloadings:
Adjusted
.81, 217, 353, 457, 563, 719,
871, 1049, 1225, 1377, 1515, 1661
Classes. .
. .90, 226, 362, 466, 572, 728, 880,
1058, 1234, 1386, 1524, 1670
Industrial production:
Adjusted for seasonal variation
82, 218, 354,
458, 564, 720, 872, 1050, 1226, 1378, 1516, 1662
Physical volume
81, 217, 353, 457, 563, 719,
871, 1049, 1225, 1377, 1515, 1661
Without seasonal adjustment. . . , .84, 220, 356, 460,
566, 722, 874, 1052, 1228, 1380, 1518, 1664
Retail food prices
125, 263, 397, 501, 621,-763,
929, 1093, 1269, 1421, 1559, 1705
Security prices in principal countries. .125, 263, 397, 501,
621, 763, 929, 1093, 1269, 1421, 1559, 1705
Stock prices
.73, 209, 345, 449, 555, 711,
863, 1041, 1217, 1369, 1507, 1653
Wholesale prices:
Commodities
81, 217, 353, 457, 563, 719,
871, 1049, 1225, 1377, 1515, 1661
Groups of commodities
95, 231, 367, 471, 577,
733, 885, 1063, 1239, 1391, 1529, 1675
Principal countries
124, 262, 396, 500, 620, 762,
928, 1092, 1268, 1420, 1558, 1704
India:
Foreign exchange rates. . . . . 123, 261, 395, 499, 619, 761,
927, 1091, 1267, 1419, 1557, 1703
Gold movements
115, 253, 387, 491, 611, 753,
919, 1083, 1259, 1411, 1549, 1695
Gold production
.113, 251, 385, 489, 609, 751,
917, 1081, 1257, 1409, 1547, 1693
Reserve Bank of:
Condition
119, 257, 391, 495, 615, 757,
923, 1087, 1263, 1415, 1553, 1699
Discount rate
121, 259, 393, 497, 617, 759,
925, 1089, 1265, 1417, 1555, 1701
Gold reserves
114, 252, 386, 490, 610, 752,
918, 1082, 1258, 1410, 1548, 1694
Industrial advances by Federal Reserve Banks:
All banks combined
52, 188, 324, 428, 534, 688,
842, 1020, 1196, 1348, 1484, 1632
Commitments
55, 191, 327, 431, 537, 691,
845, 1023, 1199, 1351, 1487, 1635
Each bank. .
53, 189, 325, 429, 535, 689,
843, 1021, 1197, 1349, 1485, 1633
Industrial advances by Federal Reserve Banks—Continued.
Maturity distribution
52, 188, 324, 428, 534, 688,
842, 1020, 1196, 1348, 1484, 1633
Number and amount
56, 192, 328, 432, 538, 692,
846, 1024, 1200, 1352, 1488, 1636
Rates on loans and commitments
51, 187, 323, 427,
533, 687, 841, 1019, 1195, 1347, 1483, 1631
Industrial differences in large corporation
financing in 1949
.636
Industrial production:
Business index
81, 217, 353, 457, 563, 719,
871, 1049, 1225, 1377, 1515, 1661
By industries:
Adjusted for seasonal variation. . .82, 218, 354, 458,
564, 720, 872, 1050, 1226, 1378, 1516, 1662
Without seasonal adjustment
84, 220, 356, 460,
566, 722, 874, 1052, 1228, 1380, 1518, 1664
Changes in
4
National summary of business conditions. .45, 180, 316,
421, 526, 680, 835, 1013,1188, 1341, 1477, 1624
Wholesale price index
124, 262, 396, 500, 620, 762,
928, 1092, 1268, 1420, 1558, 1704
Instalment credit, recent developments in
142 7
Instalment loans: (See Consumer credit)
Insurance:
Commercial bank deposits
. . . 141
Deposits, Staff study on assessment
and coverage for.
.. .151
Mortgage for low cost home, amendments
to National Housing Act and Section 24
of Federal Reserve Act
. . 678
Insurance companies:
Government securities held by. ... .78, 214, 350, 454, 560,
716, 868, 1046, 1222, 1374, 1512, 1658
Insured home loans held
.89, 225, 361, 465, 571,
727, 879, 1057, 1233, 1385, 1523, 1669
Insured commercial banks:
Loans and investments. . . . .64, 200, 336, 440, 546, 702,
854, 1032, 1208, 1360, 1498, 1644
United States and possessions, earnings
and expenses of
. . . 599
Interest rates:
Business loans, by banks in selected
cities
72, 208, 344, 448, 554, 710, 862,
1040, 1216, 1368, 1506, 1652
Open-market rates in New York City. . . .72, 208, 344,
448, 554, 710, 862, 1040,
1216, 1368, 1506, 1652
Regulation V loans, guarantee fees and
rates on . . •
1483, 1600
Time deposits, maximum rates on. . .50, 186, 322, 426,
532, 686, 840, 1018, 1194, 1346, 1482, 1630
Internal Revenue collections. . .79, 215, 351, 455, 561, 717,
869, 1047, 1223, 1375, 1513, 1659
International Bank for Reconstruction and
Development:
Report of National Advisory Council:
April 1, 1949-September 30, 1949
308
October 1, 1949-March 31, 1950
981
Special report of National Advisory Council
on operations and policies
663
International capital transactions of the
United States
.108, 246, 380, 484, 604, 746, 912,
1076, 1252, 1404, 1542, 1688
International monetary and financial problems:
Report of National Advisory Council:
April 1, 1949-September 30, 1949.
295
October 1, 1949-March 31, 1950
968
DECEMBER
1950
1725
INDEX TO VOLUME 36
Pages
International Monetary Fund:
Gold reserves
..114, 252, 386, 490, 610, 752, 918,
1082, 1258, 1410, 1548, 1694
Publication of new journal by.
.313
Report of National Advisory Council:
April 1, 1949-September 30, 1949
,..308
October 1, 1949-March 31, 1950
981
Special report of the National Advisory Council
on operations and policies
668
Inventories:
Business, in 1950
1569
Manufacturing and trade, changes in
.629
Investments:
All banks in the United States, by
classes
62, 198, 334, 438, 544, 698, 852,
1030, 1206, 1358, 1494, 1642
Foreign, net
1570
Insured commercial banks. .62, 200, 336, 440, 546, 702,
854, 1032, 1208, 1360, 1498, 1644
Weekly reporting member banks:
By Federal Reserve Districts. .. .68, 204, 340, 444,
550, 706, 858, 1036, 1212, 1364, 1502, 1648
New York City and outside
66, 202, 338, 442,
548, 704, 856, 1034 1210, 1362, 1500, 1646
Iran:
Gold reserves
114, 252, 386, 490, 610, 752, 918,
1082, 1258, 1410, 1548, 1694
Ireland:
Central bank of:
Condition
119, 257, 391, 495, 615, 757, 923,
1087, 1263, 1415, 1553, 1699
Discount rate. . . .121. 259, 393, 497, 617, 759, 925,
1089, 1265, 1417, 1555, 1701
Italy:
Discount rate
121, 259, 393, 497, 617, 759, 925,
1089, 1265, 1417, 1555, 1701
Gold reserves
114, 252, 386, 490, 610, 752, 918,
1082, 1258, 1410, 1548, 1694
International capital transactions. . .109, 247, 381, 485,
605, 747, 913, 1077, 1253, 1405, 1543, 1689
Wholesale prices in. . .124, 262, 396, 500, 620, 762, 928,
1092, 1268, 1420, 1558, 1704
Japan:
Bank of:
C o n d i t i o n . . . . . . 119, 257, 391, 495, 615, 757, 923,
1087, 1263, 1415, 1553, 1699
Discount rate
121, 259, 393, 497, 617, 759, 925,
1089, 1265, 1417, 1555, 1701
Wholesale prices in. . .124, 262, 396, 500, 620, 762, 928,
1092, 1268, 1420, 1558, 1704
Java, Bank of:
Discount r a t e . .
..121, 259, 393, 497, 617, 759, 925,
1089, 1265, 1417, 1555, 1701
Gold reserves
114, 252, 386, 490, 610, 752, 918,
1082, 1258, 1410, 1548, 1694
Joint statements:
Defense loan policy, announcement by banking
supervisory authorities
947
Jones, Homer, paper n measurement of consumer
credit
1456
Kenyon, Kenneth A., appointed Assistant Secretary
of the Board
179
Labor market developments
507
Latin American Republics:
Gold movements
115, 253, 387, 491, 611, 753, 919,
1083, 1259, 1411, 1549, 1695
International capital transactions..
109, 247, 381,
485, 605, 747, 913, 1077,1253, 1405, 1543, 1689
1726
Latvia:
Discount rate of central bank.
121, 259, 393, 497,
617, 759, 925, 1089, 1265, 1417, 1555, 1701
Law Department:
Clayton Antitrust Act:
Injunction restraining Transamerica Corporation and Bank of America N.T. & S.A
823
Proceeding to adjudge Transamerica Corporation, etc., in civil contempt and for other
relief
828
Order denying stay
833
Order purging respondents of contempt in
Transamerica Case
1155
Denial of certiorari by Supreme Court
1612
Common trust funds, fees charged trusts holding
participations
678
Consumer credit:
Interpretations
1471, 1612
Conversion of national banks, legislation permitting
1155
Defense Production Act of 1950, text o f . . . . . . . . . 1158
Delegation of functions under Defense Production
Act
1301
Federal Deposit Insurance Act, adopted as separate
act and amended
1321
Mortgage insurance for low cost homes
678
National bank loan limitations
1308
Purchase of Government obligations by Federal
Reserve Banks, amendment to Section 14(b) of
Federal Reserve Act
834
Regulation V, Loan Guarantees for Defense Production, revision of
. . 1307
Regulation W, Consumer Credit:
Amendment No. 1 adopted
1308
Calculation of maturity for improvement
credit
1309
Construction of or repairs to detached structures
1309
Home improvement materials and articles. . . .1310
Pre-effective date transactions
1309
Purchase or discount of credits extended pursuant to pre-effective date commitment. . . . .1310
Text of
1177
Regulation X, Residential Real Estate Credit:
Adoption of
1314
Interpretations
1473, 1621
Time deposit of trust funds in member bank's own
banking department
44
Leading articles:
Balance of payments position of United States. . . .403
Construction activity and mortgage credit
935
Expenditures and incomes in 1950
1565
Federal receipts and expenditures for fiscal year
1951
...131
Foreign gold and dollar holdings in 1949
269
Labor market developments
507
Production and prices in latter part of 1949
1
Recent developments in agriculture.
1099
Recent developments in business
financing
627
Recent developments in instalment credit. . ,
1427
Recent monetary and credit developments
1275
Resumption of bank credit and monetary expansion
771
Legislation:
Bank holding companies, statement of Chairman
McCabe before Senate Banking and Currency
Committee
.279
Additional statement of Chairman McCabe
before Banking and Currency Committee... .414
FEDERAL RESERVE BULLETIN
INDEX TO VOLUME
36
Pages
Legislation—Continued.
Conversion of National Banks into and merger
or consolidation with State Banks
1155
Defense Production Act of 1950:
Statement before Banking and Currency Committee of House
943
Text
1158
Establishment of Central Bank of Ceylon
1133
Federal Deposit Insurance Act, adopted as separate Act and amended
1321
Federal Reserve Act:
Section 14 (b) amendment as to purchase of
government obligations by Federal Reserve Banks
834
Housing Act of 1950, to provide mortgage insurance for low cost homes. „
678
S. 2318, to provide for control and regulation
of bank holding companies.
286
Amendments proposed by Chairman McCabe. .294
Additional amendments proposed by Chairman McCabe
417
S. 2822, a bill to amend the Federal Deposit
Insurance Act, statement by Chairman McCabe. .146
Small business, statement by Chairman McCabe
on proposed bill
810
Liquid asset holdings of individuals and businesses,
estimated
966
List of Directors of Federal Reserve Banks and branches 166
Lithuania:
Discount rate of central bank. .121, 259, 393, 497, 617,
759, 925, 1089, 1265, 1417, 1555, 1701
Loan guarantees for Defense Production:
Regulation V, press statement on revision of
1283
Revised
1307
Loans:
Agricultural:
Discussion
774
Insured commercial banks. .64, 200, 336, 440, 546,
702, 854, 1032, 1208,1360,1498, 1644
Bank, volume of
633
Brokers and dealers in securities by weekly
reporting member banks:
By Federal Reserve Districts.ri$>,204, 340, 444, 550,
706, 858, 1036, 1212, 1364, 1502, 1648
New York City and outside. .66, 202, 338/442, 548,
704, 856, 1034, 1210, 1362, 1500, 1646
Business, bank rates on, .72, 208, 344, 448, 554, 610, 862,
1040, 1216, 1368, 1506, 1652
Commercial, industrial, and agricultural by
weekly reporting member banks:
By Federal Reserve Districts
68, 204, 340, 444,
550, 706, 858, 1036, 1212, 1364, 1502, 1648
New York City and outside. .66, 202, 338, 442, 548,
704, 856, 1034, 1210, 1362, 1500, 1646
Consumer, expansion of
773
Consumer instalments, made by principal
lending institutions. . .98, 234, 370, 474, 580, 736, 888,
1066, 1242, 1394, 1532, 1678
Defense production, guarantee fees and rates
under Regulation V
1483, 1600
Federal Housing Administration,
insured by
89, 225, 361, 465, 571, 727, 879,
1057, 1233, 1385, 1523, 1669
Government corporations and credit
agencies
80, 216, 352, 456, 562, 718, 870,
1048, 1224, 1376, 1514, 1660
Industrial: (See Industrial advances)
Instalment
98, 234, 370, 474, 580, 736, 888,
1066, 1242, 1394, 1532, 1678
DECEMBER
1950
Loans—Continued.
National bank, limitations on. .
. . 1308
Real estate:
All banks in United States and
possessions
. 700, 1496
Discussion
772
Weekly reporting member banks:
By Federal Reserve Districts
.68, 204, 340,
444, 550, 706, 858, 1036,
1212, 1364, 1502, 1648
New York City and outside
66, 202, 338,
442, 548, 704, 856, 1034,
1210, 1362, 1500, 1646
Securities
774
Loans and investments:
All banks in United States, by
classes
62, 198, 334, 438, 544, 698, 852,
1030, 1206, 1358, 1494, 1642
All banks in United States and possessions,
by States
700, 1496
Insured commercial banks. .64, 200, 336, 440, 546, 702,
854, 1032, 1208, 1360, 1498, 1644
Member banks, by classes . 62, 198, 334, 438, 544, 698,
852, 1030, 1206, 1358, 1494, 1642
Member banks, December 31, 1949
518
Mutual savings banks
. .63, 199, 335, 439, 545, 699,
853, 1031, 1207, 1359, 1495, 1643
National banks.. . . 6 3 , 199, 335, 439, 545, 699, 853,
1031, 1207, 1359, 1495, 1643
Nonmember banks. . . .63, 199, 335, 439, 545, 699, 853,
1031, 1207, 1359, 1495, 1643
Weekly reporting member banks:
By Federal Reserve Districts.68, 204, 340, 444, 550,
706, 858, 1036, 1212, 1364, 1502, 1648
New York City and outside 66, 202, 338, 442, 548,
704, 856, 1034, 1210, 1362, 1500, 1646
Lorie, James H., article on survey of
consumer credit
, . . 1441
Lunding, F. J., designated Chairman and
Federal Reserve Agent at Chicago
. . 42
Manufactures:
Industrial production, index of
81, 217, 353, 457,
563, 719, 871, 1049, 1225, 1377, 1515, 1661
Manufacturing industries:
Changes in man-hours
. .512
Hours and earnings of factory
employees
87, 223, 359, 463, 569, 725,
877, 1055, 1231, 1383, 1521, 1667
Maps:
Federal Reserve System
130, 268, 402, 506, 626, 770,
934, 1098, 1274, 1426, 1564, 1712
Marget, Arthur W.:
Appointed Adviser on International
Finance, Division of Research and
Statistics
.314
Appointed Director of Division of
International Finance
.834
Margin accounts:
Statistics of stock exchange
firms
71, 207, 343, 447,
553, 709, 861, 1039, 1215, 1367, 1505, 1651
Margin requirements:
Table.
50, 186, 322, 426, 532, 686,
840, 1018, 1194, 1346, 1482, 1630
Maturity distribution of loans and
Government securities
52, 188, 324, 428, 534, 688,
842, 1020, 1196, 1348, 1484, 1632
McCabe, Thomas B.: (See Board of
Governors, Members)
1727
INDEX TO VOLUME 36
Pages
Pages
McCain, James A., resignation as Director
at Helena Branch
.834
Meetings:
Chairmen of Federal Reserve Banks and
Directors of Federal Reserve Banks of
New York and Minneapolis and their
branches on January 16-17.
. . 179
Chairmen of Federal Reserve Banks
September 18-19.
.
.1131
Federal Advisory Council:
February 19-21
314
May 14-16
525
October 1-3
.. ..1340
November 19-21
. . . 1583
Federal Open Market Committee:
February 28 and March 1
. .314
June 13 and 14
679
August 18
1131
September 28
,
1340
October 11
1340
October 30
,
..1476
November 27
1583
Presidents of Federal Reserve Banks:
February 27 and March 1.
. .314
June 12, 13 and 15
679
September 20-22, in Boston
1340
September 27 in Washington
1340
November 27-29
1583
Member bank earnings:
1949
517, 588
First half of 1950
,
1469, 1540
Member bank operating ratios
907
Member banks:
All banks in United States and possessions,
by States .
700, 1496
Branches
70, 206, 342, 446, 552, 708, 860, 1038,
1214, 1366, 1504, 1650
Changes in number of banking offices
244, 1250
Deposits and reserves of. .. .57, 193, 329, 433, 539, 693,
847, 1025, 1201, 1353, 1489, 1637
Earnings and expenses:
By size of bank, 1949
592
1949
520, 588
First half of 1950
1467, 1540
Loans and investments. . . .61, 197, 333, 437, 543, 697,
851, 1029, 1205, 1357, 1493, 1641
Number of:
Assets and deposits, June 30, 1949
896
By classes. .. .61, 197, 333, 437, 543, 697, 851, 1029,
1205, 1357, 1493, 1641
By Districts and by States .. 70, 206, 342, 446, 552,
708, 860, 1038, 1214, 1366, 1504, 1650
Operating ratios, 1949
907
Par list. . . .70, 206, 342, 446, 552, 708, 860, 1038, 1214,
1366, 1504, 1650
Reserve requirements
51, 187, 323, 427, 533, 687,
841, 1019, 1195, 1347, 1482, 1630
Reserves, reserve bank credit, and
related items. .. .49, 185, 321, 425, 531, 685, 839, 1017,
1193, 1345, 1481, 1629
Statement on defense loan policy sent to
1582
Membership in Federal Reserve System, admission
of State banks 43, 179, 314, 420, 1012, 1131, 1476, 1583
Membership of Board of Governors of the Federal
Reserve System, 1913-1950
1186
Merchandise:
Exports and imports. . .90, 226, 362, 466, 572, 728, 880,
1058, 1234, 1386, 1524, 1670
1728
Mexico:
Bank of:
Condition
..119, 257, 391, 495, 615 757, 923
1087, 1263, 1415, 1553, 1699
Discount r a t e . . . 121, 259. 393, 497, 617, 759, 925,
1089, 1265, 1417, 1555, 1701
Gold reserves. . . .114, 252, 386, 490, 610, 752, 918,
1082, 1258, 1410, 1548, 1694
Foreign exchange rates
123, 261, 395, 499, 619, 761,
927, 1091, 1267, 1419, 1557, 1703
Gold movements. . . .115, 253, 387, 491, 611, 753, 919,
1083, 1259, 1411, 1549, 1695
Gold production. . . .113, 251, 385, 489, 609, 751, 917,
1081, 1257, 1409, 1547, 1693
Millard, Edwin R., resignation to become Vice
President at San Francisco.
. . 1476
Mills, Albert W., elected First Vice President
at Minneapolis . ...
.
.. 1131
Military reservations:
Offices of banks maintained at. .
822
Minerals:
Industrial production, index of. 81, 217, 353, 457, 563,
719, 871, 1049, 1225,1377,1515,1661
Monetary developments, discussion of
1275
Monetary expansion, resumption of
771
Monetary policy in a free economy, address by
Mr. Szymczak
1111
Monetary reserves of foreign countries.
270
Money in circulation:
Adjustment for seasonal variation. . ,59, 195, 331, 435,
541, 695, 849, 1027, 1203, 135S, 1491, 1639
By denominations
.58, 194, 330, 434, 540, 694, 848,
1026, 1202, 1354, 1490, 1638
By kinds. .
. .58, 194, 330, 434, 540, 694, 848,
1026, 1202, 1354, 1490, 1638
Chart .
. .48, 184, 320, 424, 530, 684, 838,
1016, 1192, 1344, 1480, 1628
Weekly figures. .
. .49, 185, 321, 425, 531, 685, 839,
1017, 1193, 1345, 1481, 1629
Money rates:
Business loans by banks. . .72, 208, 344, 448, 554, 7l0 r
862, 1040, 1216, 1368, 1506, 1652
Current statistics for Federal Reserve Chart Book. . .101, 237, 373, 477, 583, 739, 891 r
1069, 1245, 1397, 1535, 1681
Discussion
1280
Foreign countries
. .121, 259, 393, 497, 617, 759, 925,
1089, 1265, 1417, 1555, 1701
Open-market, New York City. .72, 208, 344, 448, 554,
710, 862, 1040, 1216, 1368, 1506, 1652
Money supply:
Discussion
. 1277
Expansion in.
775
Moore, Joseph H., appointed Class C
Director at St. Louis
314
Mortgage credit, activity in
935
Mortgage insurance for low cost homes, amendment to
Section 24 of Federal Reserve Act
67S
Mortgages:
Insured Federal Housing Administration mortgages held. .89, 225, 361, 465, 571, 727, 879,
1057, 1233, 1385, 1523, 1669
Moser, Ellsworth, appointed Director at
Omaha Branch
43
Mutual savings banks:
Branches of
822
Branches in operation, December 31, 1949,
by States
,
601
Changes in number of banking offices
.244, 1250
FEDERAL RESERVE BULLETIN
INDEX TO VOLUME 36
Pages
Mutual savings banks—Continued
Deposits..
63, 199, 335, 439, 545, 699, 853,
1031, 1207, 1359, 1495, 1643
Government securities held b y . . .78, 214, 350, 454, 560,
716, 868, 1046, 1222, 1374, 1512, 1658
Insured home loans held
89, 225, 361, 465, 571, 727,
879, 1057, 1233, 1385, 1523, 1669
Loans and investments. .63, 199, 335, 439, 545, 699, 853,
1031, 1207, 1359, 1495, 1643
Number, assets and deposits June 30, 1949
896
Number and deposits, by States
906
National Advisory Council:
Report on international monetary and
financial problems:
April 1, 1949-September 30, 1949
295
October 1, 1949-March 31, 1950
968
Special report on operations and policies of
International Monetary Fund and
International Bank for Reconstruction
and Development
661
National Association of Supervisors of State Banks:
Address of Chairman McCabe on our common
problem—maintenance of a sound banking system
1287
Joint announcement on Defense Loan P o l i c y . . . . . 947
National bank notes, outstanding
58, 194, 330, 434, 540,
694, 848, 1026, 1202, 1354, 1490, 1638
National banks:
Branches in operation, December 31,
1949, by States.
. .601
Changes in number of banking offices.
244, 1250
Deposits, call dates. .63, 199, 335, 439, 545, 699, 853,
1031, 1207, 1359, 1495, 1643
Earnings and expenses:
1949
588
By size of bank
.593
First half of 1949
1540
Legislation authorizing to convert
into and to merge or consolidate
with State banks
1155
Loan limitations on
1308
Number of
63, 199, 335, 439, 545, 699, 853,
1031, 1207, 1359, 1495, 1643
Number, assets and deposits, June
30, 1949
896
Suspensions
57, 193, 329, 433, 539, 693, 847,
1025, 1201, 1353, 1489, 1637
National summary of business conditions. . .45, 180, 316,
421, 526, 680, 835, 1013, 1188, 1341, 1477, 1624
Nelson, Fred A., appointed Assistant
Director of Division of Examinations..
.1476
Netherlands:
Bank of:
Condition. .
. .119, 257, 391, 495, 615, 757, 923,
1087, 1263, 1415, 1553, 1699
Discount rate. .121, 259, 393, 497, 617, 759, 925,
1089, 1265, 1417, 1555, 1701
Gold reserves. .114, 252, 386, 490, 610, 752, 918,
1082, 1258, 1410, 1548, 1694
Cost of living..
. . 125, 263, 397, 501, 621, 763, 929,
1093, 1269, 1421, 1559, 1705
Foreign exchange rates. 123, 261, 395, 499, 619, 761, 927,
1091, 1267, 1419, 1557, 1703
Gold movements. . . .115, 253, 387, 491, 611, 753, 919,
1083, 1259, 1411, 1549, 1695
International capital transactions... 109, 247, 381, 485,
605, 747, 913, 1077, 1253, 1405, 1543, 1689
Open-market rates. . . .121, 259, 393, 497, 617, 759, 925,
1089, 1265, 1417, 1555, 1701
DECEMBER
1950
Pages
Netherlands—Continued
Retail food prices
125, 263, 397, 501, 621, 763, 929,
1093, 1269, 1421, 1559, 1705
Security prices, index numbers. .125, 263, 397, 501, 621,
763, 929, 1093, 1269, 1421, 1559, 1705
Wholesale prices
124, 262, 396, 500, 620, 762, 928,
1092, 1268, 1420, 1558, 1704
New York Stock Exchange:
Customers' debit balances, money borrowed
and related i t e m s . . . .71, 207, 343, 447, 553, 709, 861,
1039, 1215, 1367, 1505, 1651
Volume of trading o n . . .73, 209, 345, 449, 555, 711, 863,
1041, 1217, 1369, 1507, 1653
New Zealand:
Foreign exchange r a t e s . . . 123, 261, 395, 499, 619, 761,
927, 1091, 1267, 1419, 1557, 1703
Reserve Bank of:
Condition
119, 257, 391, 495, 615, 757, 923,
1087, 1263, 1415, 1553, 1699
Discount rate. . . 1 2 1 , 259, 393, 497, 617, 759, 925,
1089, 1265, 1417, 1555, 1701
Gold reserves. . . .114, 252, 386, 490, 610, 752, 918,
1082, 1258, 1410, 1548, 1694
Nicaragua:
Gold production. . . .113, 251, 385, 489, 609, 751, 917,
1081, 1257, 1409, 1547, 1693
Nonmember banks:
Branches
70, 206, 342, 446, 552, 708, 860,
1038, 1214, 1366, 1504, 1650
Branches in operation, December 31, 1949,
by States.
601
Changes in number of banking offices. .
244, 1250
Deposits:
Chart. .
. .48, 184, 320, 424, 530, 684, 838,
1016, 1192, 1344, 1480, 1628
Classified and total. .63, 199, 335, 439, 545, 699, 853,
1031, 1207, 1359, 1495, 1643
Held by Federal Reserve Banks. .49, 185, 321, 425,
531, 685, 839, 1017, 1193, 1345, 1481, 1629
Loans and investments. .63, 199, 335, 439, 545, 699, 853,
1031, 1207, 1359, 1495, 1643
Number, assets and deposits, June 30, 1949
896
Number of:
Commercial banks. .63, 199, 335, 439, 545, 699, 853,
1031, 1207, 1359, 1495, 1643
Offices in United States. . 70, 206, 342, 446, 552, 708,
860, 1038, 1214, 1366, 1504, 1650
Par list. .
. .70, 206, 342, 446, 552, 708, 860,
1038, 1214, 1366, 1504, 1650
Suspensions. .
.57, 193, 329, 433, 539, 693, 847,
1025, 1201, 1353, 1489, 1637
Norton, Edward L.:
Appointment as member of Board of Governors. . 6 7 9
Oath of office and assumption of duties
as member of Board of Governors. . . .
.1131
Norway:
Bank of:
Condition. .
.119, 257, 391, 495, 615, 757, 923,
1087, 1263, 1415, 1553, 1699
Discount rate. . . .121, 259, 393, 497, 617, 759, 925,
1089, 1265, 1417, 1555, 1701
Gold reserves.
.114, 252, 386, 490, 610, 752, 918,
1082, 1258, 1410, 1548, 1694
Foreign exchange rates. . 123, 261, 395, 499, 619, 761, 927,
1091, 1267, 1419, 1557, 1703
Noyes, Guy E.:
Appointed Assistant Director, Division
of Research and Statistics.
.314
1729
INDEX TO VOLUME 36
Pages
Noyes, Guy E.—Continued.
Designated Assistant Administrator
of Office of Real Estate Credit
1340
Obligations of Government, direct and
guaranteed maturities... .77, 213, 349, 453, 559, 715, 867,
1045, 1221, 1373, 1511, 1657
Open-market operations, discussion of
778
Open-market paper, insured commercial banks, . 64, 200, 336,
440, 546, 702, 854, 1032, 1208, 1360, 1498, 1644
Open-market rates:
Foreign countries
121, 259, 393, 497, 617, 759, 925,
1089, 1265, 1417, 1555, 1701
New York City. .
. .72, 208, 344, 448, 554, 710, 862,
1040, 1216, 1368, 1506, 1652
Operating ratios of member banks, 1949
907
Overstreet, F. M., appointed Director at
Oklahoma City Branch
1583
Ownership of demand deposits
522
Ownership of Government securities. .78, 214, 350, 454, 560,
716, 868, 1046, 1222, 1374, 1512, 1658
Pakistan, State Bank of:
Condition
120, 258, 392, 496, 616, 758, 924,
1088, 1264, 1416, 1554, 1700
Pamphlets: (See Publications)
Paper currency, circulation
58, 194, 330, 434, 540, 694,
848, 1026, 1202, 1354, 1490, 1638
Par list:
Number of banks, by districts and by States. .70, 206,
342, 446, 552, 708, 860, 1038, 1214, 1366, 1504, 1650
Paraguay:
Condition of central bank. .120, 258, 392, 496, 616, 758,
924, 1088, 1264, 1416, 1554, 1700
Patterson, Robert P., appointed Class C
Director at New York
. . .525
Payrolls, factory:
Business index o f ! . . . .81, 217, 353, 457, 563, 719, 871,
1049, 1225, 1377, 1515, 1661
Perry, D. Hay den, appointed Director at
San Antonio Branch
43
Personal income
96, 232, 368, 472, 578, 734, 886,
1064, 1240, 1392, 1530, 1676
Peru:
Central Reserve Bank of:
Condition
120, 258, 392, 496, 616, 758, 924,
1088, 1264, 1416, 1554, 1700
Discount r a t e . . . . 121, 259, 393, 497, 617, 759, 925,
1089, 1265, 1417, 1555, 1701
Gold reserves
114, 252, 386, 490, 610, 752, 918,
1082, 1258, 1410, 1548, 1694
Philippine Republic:
Central Bank of the Philippines:
Condition
120, 258, 392, 496, 616, 758, 924,
1088, 1264, 1416, 1554, 1700
Foreign exchange rates...123, 261, 395, 499, 619, 761,
927, 1091, 1267, 1419, 1557, 1703
Gold movements
115, 253, 387, 491, 611, 753, 919,
1083, 1259, 1411, 1549, 1695
Piper, Charles A., appointed Director
at Baltimore Branch
. .525
Portugal:
Bank of:
Condition.
120, 258, 392, 496, 616, 758, 924,
1088, 1264, 1416, 1554, 1700
Discount r a t e . . . .121, 259, 393, 497, 617, 759, 925,
1089, 1265, 1417, 1555, 1701
Gold reserves
114, 252, 386, 490, 610, 752, 918,
1082, 1258, 1410, 1548, 1694
Foreign exchange rates
123, 261, 395, 499, 619, 761,
927, 1091, 1267, 1419, 1557, 1703
1730
Pages.
Postal savings deposits:
Depositors' balances and assets. .59, 195, 331, 435, 541 y
695, 849, 1027, 1203, 1355, 1491, 1639'
Insured commercial banks. .65, 201, 337, 441, 547, 703^
855, 1033, 1209, 1361, 1499, 1645
Interest rate on
50, 186,'322, 426, 532, 686, 840?
1018, 1194, 1346, 1482, 1630
Weekly reporting member banks:
By Federal Reserve Districts
69, 205, 341, 445,
551, 707, 859, 1037, 1213, 1365, 1503, 1649
New York City and outside
67, 203, 339, 443,
549, 705, 857, 1035, 1211, 1363, 1501, 1647
Powell, Oliver S.:
Appointment as member of Board of Governors.. .1011
Oath of office and assumption of duties
as member of Board of Governors
1131
Presidents of Federal Reserve Banks:
List of... .127, 265, 399, 503, 623, 765, 931, 1095, 1271,.
1423, 1561,1707
Meetings of:
February 27 and March 1
314
June 12, 13 and 15
679
September 20-22, in Boston
1340
September 27 in Washington
1340
November 27-29
1583
Press statements:
Amendment No. 1 to Regulation W
1282
Credit policy, joint statement of Board
and Federal Open Market Committee
1110s
Federal Reserve notes—1950 Series
1470
Program of loan guarantees for Defense
Production, revision of Regulation V
128S
Regulation of consumer instalment credit
128$
Restrictions on residential real estate construction credit, Regulation X adopted
1284
Preston, Howard H., appointed Director at
Seattle Branch
. .43*
Prices:
Agriculture products
1100;
Building materials
,
942
Changes in
9"
Latter part of 1949
I
Retail f o o d . 1 2 5 , 263, 397, 501, 621, 763, 929, 1093,.
1269, 1421, 1559, 1705Securities in principal countries. . . . 125, 263, 397, 501,.
621, 763, 929, 1093, 1269, 1421, 1559, 170$
Wholesale commodity:
Business index. .. .81, 217, 353, 457, 563, 719, 871^
1049, 1225, 1377, 1515, 1661
By groups of commodities. . . .95, 231, 367, 471, 577,.
733, 885, 1063, 1239, 1391, 1529, 167$
Wholesale in principal countries,
index of
124, 262, 396, 500, 620, 762, 928, 1092,.
1268, 1420, 1558, 170£
Prochnow, Herbert V., re-appointment as
Secretary of Federal Advisory Council
314
Production, latter part of 1949
1
Profits of large corporations. .. .75, 211, 3-47, 451, 557, 713^
865, 1043, 1219, 1371, 1509, 1655
Public debt:
Held by the public, increase in
139*
Volume and kind of securities
77, 213, 349, 453, 559,
715, 867, 1045, 1221, 1373, 1511, 16ST
Public Housing Administration:
Loans by
80, 216, 352, 456, 562, 718, 870, 1048>
1224, 1376, 1514, 166®
Public utility corporations:
Earnings and dividends of. . .75, 211, 347, 451, 557, 713,.
865, 1043, 1219, 1371, 1509, 1655
FEDERAL RESERVE BULLETIN
INDEX TO VOLUME 36
Publications:
Board of Governors, list
128, 266, 400, 504, 624, 766,
932, 1096, 1272, 1424, 1562, 1708
Historical supplement to monthly Federal
Reserve charts on bank credit, money
rates, and business, revised edition
315
New journal by International Monetary Fund
313
Statistical study of Regulation V loans
1476
United States Government Organization Manual,
announcement regarding
1339
Puckett, Cecil, appointed Director at
Denver Branch
. . . 679
Quay, Arthur H., elected Class A Director
at Minneapolis
. . 1476
Railroads:
Revenues, expenses, and income of Class I. .. .90, 226,
362, 466, 572, 728, 880, 1058, 1234, 1386, 1524, 1670
Rates:
Acceptances, bankers' buying. .. .51, 187, 323, 427, 533,
687, 841, 1019, 1195, 1347, 1483, 1631
Business loans by banks. .. .72, 208, 344, 448, 554, 710,
862, 1040, 1216, 1368, 1506, 1652
Discount:
Central banks
121, 259, 393, 497, 617, 759, 925,
1089, 1265, 1417, 1555, 1701
Federal Reserve Banks
51, 187, 323, 427, 533,
687, 841, 1019, 1195, 1347, 1483, 1631
Foreign exchange
123, 261, 395', 499, 619, 761, 927,
1091, 1267, 1419, 1557, 1703
Industrial loans and commitments. .. .51, 187, 323, 427,
533, 687, 841, 1019, 1195, 1347, 1483, 1631
Money, current statistics for Federal Reserve
chart book. .. .101, 237, 373, 477, 583, 739, 891, 1069,
1245, 1397, 1535, 1681
Open-market in certain foreign
countries.... 121, 259, 393, 497, 617, 759, 925, 1089,
1265, 1417, 1555, 1701
Open-market in New York City
72, 208, 344, 448,
554, 710, 862, 1040, 1216, 1368, 1506, 1652
Postal savings deposits
50, 186, 322, 426, 532, 686,
840, 1018, 1194, 1346, 1482, 1630
Regulation V loans, guarantee fees and rates. .1483, 1600
Time deposits, maximum interest o n . . . . 5 0 , 186, 322,
426, 686, 840, 1018, 1194,1346, 1482, 1630
Ratios of country member banks, by Federal
Reserve Districts
.598
Ratios of member banks:
By classes
595
By Federal Reserve Districts
596
Ratios of Reserve city member banks
597
Real estate, loans on:
All banks in United States and possessions,
by States
700, 1496
Discussion
772
Insured commercial banks
64, 200, 336, 440, 546,
702, 854, 1032, 1208, 1360, 1498, 1644
Mortgage
940
Regulation X : (See Residential real estate credit)
Weekly reporting member banks:
By Federal Reserve Districts
68, 204, 340, 444,
550, 706, 858, 1036, 1212, 1364, 1502, 1648
New York City and outside. .. .66, 202, 338, 442,
548, 704, 856, 1034, 1210, 1362, 1500, 1646
Receipts and expenditures of Government
for fiscal year 1951
. . . 131
Receipts of Treasury, summary of
operations
79, 215, 351, 455, 561, 717, 869, 1047, 1223,
1375, 1513, 1659
DECEMBER
1950
Reconstruction Finance Corporation:
Assets and liabilities
80, 216, 352, 456, 562, 718, 870,
1048, 1224, 1376, 1514, 1660
Loans by....80, 216, 352, 456, 562, 718, 870, 1048,
1224, 1376, 1514, 1660
Reed, Charles E., Class B Director at
Richmond, death of
.. 1340
Regulations, Board of Governors:
V, Loan guarantees for defense production:
Guarantee fees and rates under
1483, 1600
Revision
. 1283
Text of revision
1307
W, consumer credit:
Adoption of
1177
Amendment No. 1 adopted
1282, 1308
Automobile Appraisal Guides,
designated for purposes of. . . .
. .1311
Calculation of maturity for
improvement credit
. . . 1309
Construction of or repairs to
detached structures
1309
Effects of
1431
History of
1433
; .
Home improvement incorporating
group B combination unit
1613
Home improvement materials and articles..... 1310
Hotel or motel repairs or improvements
1613
House trailers
1612
Minimum down payments and maximum
maturities under
1430
Pre-effective date "balloon" notes
or payments
1612
Pre-effective date transactions
1309
Press statement on adoption of
1281
Purchase or discount of credits
extended pursuant to pre-effective
date commitment
1310
Refinancing of instalment sale of
unlisted article
1613
Rental transactions .
1613
Sets and groups of articles
1612
Statement of the borrower
1614
Statement of Chairman McCabe before Joint
Committee on Defense Production
1577
Summary of interpretations
1614
Tax or fee prerequisite to auto tags
1613
X, residential real estate credit:
Adoption of
1314
Amendment to
1472
Press statement on
1284
(See also Residential real estate credit)
Regulations:
Treasury Department circular No. 530
covering savings bonds revised
.1291
Reil, Katharyne P., article on retail credit
survey, 1949
655
Reports:
National Advisory Council on international
monetary and financial problems:
April 1, 1949-September 30, 1949
295
October 1, 1949-March 31, 1950
968
National Advisory Council, special report on
operations and policies of International
Monetary Fund and International Bank
for Reconstruction and Development
661
(See also annual reports)
Reserve city member banks:
Condition
.62, 198, 334, 438, 544, 698, 852,
1030, 1206, 1358, 1494, 1642
1731
INDEX TO VOLUME 36
Pages
Reserve city member banks—Continued.
Deposits and reserves
57, 193, 329, 433, 539, 693, 847,
1025, 1201, 1353, 1489, 1637
Earnings and expenses:
1949
.
520, 588
First half of 1950
1469, 1540
Ratios, by class of bank
597
Reserves
56, 192, 328, 432, 538, 692, 846,
1024, 1200, 1352, 1488, 1636
Reserve requirements of member banks:
Per cent of deposits
51, 187, 323, 427, 533, 687, 841,
1019, 1195, 1347, 1482, 1630
Reserves:
Federal Reserve Banks:
All banks combined. . .52, 188, 324, 428, 534, 688,
842, 1020, 1196, 1348, 1484, 1632
Each bank
54, 190, 326, 430, 536, 690, 844,
1022, 1198, 1350, 1486, 1634
Gold, of central banks and governments. .114, 252, 386,
490, 610, 752, 918, 1082, 1258, 1410, 1548, 1694
Insured commercial banks with Federal
Reserve Banks.
.65, 201, 337, 441, 547, 703, 855,
1033, 1209, 1361, 1499, 1645
Member banks:
Account with Federal Reserve Banks. .54, 190, 326,
430, 536, 690, 844, 1022, 1198, 1350, 1486, 1634
By classes of banks
57, 193, 329, 433, 539, 693,
847, 1025, 1201, 1353, 1489, 1637
Excess, Wednesday figures. .49, 185, 321, 425, 531,
685, 839, 1017, 1193, 1345, 1481, 1629
Major factors affecting
778, 1280
Total held, all banks. . .49, 185, 321, 425, 531, 685,
839, 1017, 1193, 1345, 1481, 1629
Weekly reporting member banks:
By Federal Reserve Districts. .69, 205, 341, 445, 551,
707, 859, 1037, 1213, 1365, 1503, 1649
New York City and outside. .67, 203, 339, 443, 549,
705, 857, 1035, 1211, 1363, 1501, 1647
Residential real estate credit:
Adoption of Regulation X
1314
Allowance for builder's profit and costs of sale. . .1622
Allowance for labor
1475
Amendment to Regulation X
1472
Exemptions for contemplated construction
1622
Firm commitment prior to effective date
s 1474
Fraternity house
1623
House trailers
1621
Instruments evidencing credit
1473
Maximum maturity
1621
Maximum maturity of converted short-term
construction credit
1623
Mixed purpose loans
1475
Modification of pre-effective date
firm commitment
. . 1622
Motels and tourist courts
. . 1622
Necessity for statement of borrower
for nonregulated credit
1473
Painting, reroofing repairs as major improvement. . 1474
Preservation of records. .
1623
Registrants records of nonregulated credit
1473
Regulation X, adoption covering restrictions
on residential construction
. . 1284
Regulation authorized by Defense
Production Act of 1950
1169
Regulation of, statement read before House
Committee on Banking and Currency....
. . 944
Sale of new residence subject to preeffective date indebtedness
. . 1474
Short-term construction credit..
.1621
Pages
Residential real estate credit—Continued.
Statement of borrower where credit
secured by mortgage collateral...
.1473
Resignations:
Bosworth, Robert L., as Director of
Oklahoma City Branch
679
McCain, James A., as Director of Helena Branch. .834
Millard, Edwin R., as Director of
Division of Examinations
. .1476
Sharpies, Philip T., as Class C
Director at Philadelphia
.. 1012
Silver, Harold F., Director of Denver
Branch
525
Taylor, John W., as Director of Louisville
Branch
1583
Retail credit survey, 1949
655
Retail food prices
125, 263, 397, 501, 621, 763, 929,
1093, 1269, 1421, 1559, 1705
Retirements:
Hammond, Bray, Assistant Secretary of B o a r d . . . .179
Revaluation of the French gold reserve
1132
Revenues, expenses, and income of
Class I railroads
90, 226, 362, 466, 572, 728, 880,
1058, 1234, 1386, 1524, 1670
Rhodesia:
Gold production
113, 251, 385, 489, 609, 751, 917,
1081, 1257, 1409, 1547, 1693
Rumania:
National Bank of:
Discount rate
121, 259, 393, 497, 617
Gold reserves
114, 252, 386, 490, 610, 752, 918,
1082, 1258, 1410, 1548, 1694
Rural Electrification Administration:
Assets and liabilities.. .80, 216, 352, 456, 562, 718, 870,
1048, 1224, 1376, 1514, 1660
Loans b y . .
. .80, 216, 352, 456, 562, 718, 870,
1048, 1224, 1376, 1514, 1660
Salaries:
Officers and employees of Federal
Reserve Banks
242, 1074
Officers and employees of insured commercial
banks in the United States and possessions
599
Officers and employees of member banks
588
Savings and loan associations:
Insured home mortgages held. . .89, 225, 361, 465, 571,
727, 879, 1057, 1233, 1385, 1523, 1669
Savings bonds:
Revised regulations governing
1291
Sales and redemptions. .77, 213, 349, 453, 559, 715, 867,
1045, 1221, 1373, 1511, 1657
Savings deposits:
Interest rates on. .
. .50, 186, 322, 426, 532, 686, 840,
1018, 1194, 1346, 1482, 1630
Schweiger, Irving:
Article on 1949 Survey of Consumer
Finances
. . 14
Article on 1950 Survey of Consumer
Finances
643, 780, 948
Secretary of the Treasury:
List of those who were ex-offkio
members of Board
.. 1187
Securities:
Domestic, inflow of foreign funds.. .108, 246, 380, 484,
604, 746, 912, 1076, 1252, 1404, 1542, 1688
Foreign, return of United States
funds
108, 246, 380, 484, 604, 746, 912,
1076, 1252, 1404, 1542, 1688
1732
FEDERAL RESERVE BULLETIN
INDEX TO VOLUME
36
Pages
Securities—Continued.
Loans for purchasing or carrying:
Insured commercial banks. . .64, 200, 336, 440, 546,
702, 854, 1032, 1208, 1360, 1498, 1644
Weekly reporting member banks:
By Federal Reserve Districts.68, 204, 340, 444,
550, 706, 858, 1036, 1212, 1364, 1502, 1648
New York City and outside. .66, 202, 338, 442,
548, 704, 856, 1034, 1210, 1362, 1500, 1646
Loans on
774
Securities exchange administration:
Margin requirements under
Regulations T and U. .50, 186, 322, 426, 532, 686, 840,
1018, 1194, 1346, 1482, 1630
Security issues:
Amount for new capital
634
Corporate, proposed use of proceeds. .74, 210, 346, 450,
556, 712, 864, 1042, 1218, 1370, 1508, 1654
New and refunding
73, 209, 345, 449, 555, 711, 863,
1041, 1217, 1369, 1507, 1653
Security markets:
Bond and stock prices. .73, 209, 345, 449, 555, 711, 863,
1041, 1217, 1369, 1507, 1653
National summary of business
conditions
46, 181, 317, 527, 681, 836,
1014, 1189, 1342, 1478, 1625
Security prices:
Principal countries
125, 263, 397, 501, 621, 763, 929,
1093, 1269, 1421, 1559, 1705
Sette, Elizabeth B., study of Regulation V loans
1476
Sharpies, Philip T., resignation as Class C Director
at Philadelphia
1012
Shepardson, Charles N., appointed Director at
Houston Branch
.43
Silver, Harold F,:
Appointed Director at Denver Branch
. . . 42
Resignation as Director of Denver Branch
525
Silver and silver certificates, outstanding
and in circulation
58, 194, 330, 434, 540, 694, 848,
1026, 1202, 1354, 1490, 1638
Small business, statement by Chairman McCabe
on proposed legislation
..
. . 810
Smith, Paul F.:
Article on branch banking in the
United States
^
818
Article on member bank earnings.
517
Solomon, Robert, article on French Exchange
Stabilization Fund
.35
South Africa:
Foreign exchange rates
123, 261, 395, 499, 619, 761,
927, 1091, 1267, 1419, 1557, 1703
Gold movements
115, 253, 387, 491, 611, 753, 919,
1083, 1259, 1411, 1549, 1695
Gold production
113, 251, 385, 489, 609, 751, 917,
1081, 1257,1409,1547, 1693
Reserve bank:
Condition... .120, 258, 392, 496, 616, 758, 924,
1088, 1264, 1416, 1554, 1700
Discount rate. .. .121, 259, 393, 497, 617, 759, 925,
1089, 1265, 1417, 1555, 1701
Gold reserves. . . .114, 252, 386, 490, 610, 752, 918,
1082, 1258, 1410, 1548, 1694
Spain:
Bank of:
Condition
120, 258, 392, 496, 616, 758, 924,
1088, 1264, 1416, 1554, 1700
Discount rate
121, 259, 393, 497, 617, 759, 925,
1089, 1265, 1417, 1555, 1701
DECEMBER
1950
Spain—Continued.
Bank of—Continued.
Gold reserves. .. .114, 252, 386, 490, 610, 752, 918,
1082, 1258, 1410, 1548, 1694
Foreign exchange rates
123, 261, 395, 499, 6.19, 761,
927, 1091, 1267, 1419, 1557, 1703
Special articles:
Annual report of the Bank for
International Settlements
. . . 985
Balance sheet of Agriculture, 1950
. .1118
Branch banking in United States, 1939 and 1949. .. .818
Consumer Credit Regulation In A Garrison
Economy
1437
Defense loan policy, joint announcement
by banking supervisory authorities
. .947
Economic development and Central Bank
policies in Western Germany...
. .1293
Establishment of Central Bank of Ceylon.
. .1133
Estimated liquid asset holdings of
individuals and businesses
. .966
Federal Reserve action under the Defense
Production Act of 1950
. . 1281
Federal Reserve notes—1950 Series
1470
Federal Reserve statement on defense loan policy. .1582
Federal Reserve statement of policy,
August 18, 1950..
,1110
French Exchange Stabilization Fund
..35
Industrial differences in large corporation
financing in 1949
. . 636
Insurance of commercial bank deposits
141
Measurement of Consumer Credit
1456
Member bank earnings, 1949
517
Member bank earnings, first half of 1950. . . . . . . . 1467
Methods of the Survey of Consumer F i n a n c e s . . . . . 795
Monetary Policy in a Free Economy.
1111
Our Common Problem—Maintenance of a
Sound Banking System.
. . 1287
Ownership of demand deposits
522
Proposed legislation regarding bank
holding companies
.279
Proposed legislation regarding bank holding
companies, additional statement of Chairman McCabe
.414
Report of National Advisory Council on international monetary and financial problems:
April 1, 1949-September 30, 1949.
295
October 1, 1949-March 31, 1950
968
Retail credit survey, 1949
. . .655
Revaluation of the French gold reserve. .
. .1132
Revised estimates of consumer credit
1465
Special offering of Series F and G savings bonds. .1291
Special report of National Advisory Council. . .
661
Staff study on assessments and coverage for
deposit insurance
151
Statement by Chairman McCabe on S. 2822,
a bill to amend the Federal Deposit Insurance Act
146
Statement on the Defense Production Act of 1950. .943
Statement on proposed small business legislation... 810
Statement on regulation of consumer credit
1577
Survey of consumer finances, 1949:
Part VIII. Distribution of consumer saving in 1948...
. . 14
Survey of consumer finances, 1950:
Preliminary
findings
418
Part I. General financial position and
economic outlook of consumers...
. . 643
1733
INDEX TO VOLUME 36
Pages
Pages
Special articles—Continued.
Survey of consumer finances, 1950—Continued.
Part II. Purchases of houses and durable goods in 1949 and buying plans
for 1950
780
:
Part III. Distribution of consumer
income in 1949
948
Part IV. The distribution of consumer
saving in 1949
1441
Part V. The distribution of assets, liabilities,
and net worth of consumers
1584
Stabilization Fund, French Exchange,
article by Robert Solomon
. .35
Staff of Board:
Boothe, Gardner L., II, designated Deputy Administrator in connection with Regulation V. . . 1 3 4 0
Connell, J. J., to serve as Assistant to Mr.
Boothe in connection with Regulation V loans. .1340
Dembitz, Lewis N., appointed Assistant Director
of Division of International Finance
834
Exter, John M., Adviser to Government of
Ceylon on establishment of reserve bank. .
. .1133
Fauver, Clarke L., article on 1949 Survey
of Consumer Finances
14
Fisher, Charles T., Jr., designated Administrator
of Office of Real Estate Credit
1340
Fox, Charles, article on ownership of
demand deposits
. . 522
Frechtling, John A., article on survey
of consumer
finances
1441, 1584
Garfield, Frank R., appointed Adviser on Economic
Research in Division of Research and Statistics. .314
Hackley, Howard H., to serve as Assistant to Mr.
Vest in connection with Regulation V loans
1340
Hammond, Bray, Assistant Secretary, retirement of. .179
Hilkert, Robert N., appointed Acting Director
of Division of Personnel Administration.
. . 1476
Jones, Homer, paper on measurement
of consumer credit
. . 1456
Kenyon, Kenneth A., appointed Assistant
Secretary
.179
Lorie, James H., article on survey of
consumer
finances
1441, 1584
Marget, Arthur W.:
Appointed Adviser on International Finance,
Division of Research and Statistics
314
Appointed Director of Division of
International Finance
. . 834
Millard, Edwin R., resignation to become
Vice President at San Francisco
. 1476
Nelson, Fred A., appointed Assistant
Director of Division of Examinations. .
.. 1476
Noyes, Guy E.:
Appointed Assistant Director, Division
of Research and Statistics
..314
Designated Assistant Administrator of
Office of Real Estate Credit
1340
Reil, Katharyne P., article on retail
credit survey, 1949
.655
Schweiger, Irving:
Article on 1949 Survey of
consumer
finances
.14
Article on 1950 Survey of
consumer
finances
643, 780, 948, 1584
Sette, Elizabeth B., study of
Regulation V loans by
. . 1476
Smith, Paul F.:
Article on branch banking in
United States, 1939 and 1949..
..818
Staff of Board—Continued.
Smith, Paul F.—Continued.
Article on member bank earnings, 1949. .
517
Solomon, Robert, article on French
Exchange Stabilization Fund
35
Stockwell, Eleanor J., article on industrial differences in large corporation financing in 1949.
.636
Vest, George B., designated Counsel in
connection with Regulation V l o a n s . . .
.1340
Wayne, Edward A., appointed Acting
Director of Division of Examinations
1476
Williams, Kenneth B., designated Acting Assistant
Director of Division of Research and Statistics. .1340
Young, Ralph A., paper on measurement
of consumer credit
,. . 1456
State member banks:
Admissions to membership in Federal Reserve
System.
.43, 179, 314, 420, 1012, 1131, 1476, 1583
Deposits
63,199,335,439,545,699,853,
1031, 1207, 1359, 1495, 1643
Earnings and expenses, by size of bank
594
Number of
63, 199, 335, 439, 545, 699, 853,
1031, 1207, 1359, 1495, 1643
Suspensions. .
. .57, 193, 329, 433, 539, 693, 847,
1025, 1201, 1353, 1489, 1637
States and political subdivisions:
Deposits:
Insured commercial banks, by
classes... .65, 201, 337, 441, 547, 703, 855, 1033,
1209, 1361, 1499, 1645
Weekly reporting member banks:
By Federal Reserve Districts
69, 205, 341,
445, 551, 707, 859, 1037, 1213, 1365, 1503, 1649
New York City and outside
67, 203, 339,
443, 549, 705, 857, 1035, 1211, 1363, 1501, 1647
Investments of insured commercial
banks in obligations of
64, 200, 336, 440, 546, 702,
854, 1032, 1208, 1360, 1498, 1644
Stock exchange:
Call loan renewals, open-market rates
in New York City
72, 208, 344, 448, 554, 710, 862,
1040, 1216, 1368, 1506, 1652
Customers' debit balances, money borrowed
and principal related items of firms carrying margin accounts. . . .71, 207, 343, 447, 553, 709,
861, 1039, 1215, 1367, 1505, 1651
Volume of trading on New York market. .73, 209, 345,
449, 555, 711, 863, 1041, 1217, 1369, 1507, 1653
Stocks:
New security issues
73, 209, 345, 449, 555, 711, 863,
1041, 1217, 1369, 1507, 1653
Prices in principal countries. . . .125, 263, 397, 501, 621,
763, 929, 1093, 1269, 1421, 1559, 1705
Prices in United States. .73, 209, 345, 449, 555, 711, 863,
1041, 1217, 1369, 1507, 1653
Stockwell, Eleanor J., article on industrial differences in large corporation financing in 1949
.636
Straits Settlements:
Foreign exchange rates
123, 261, 395, 499, 619, 761,
927, 1091, 1267, 1419, 1557, 1703
Studies:
Assessments and coverage for deposit insurance. .. .151
Surplus:
Federal Reserve Banks. .. .55, 191, 327, 431, 537, 691,
845, 1023, 1199, 1351, 1487, 1635
Surveys:
Consumer Finances:
Methods used in making..
. . . 795
1734
FEDERAL RESERVE BULLETIN
INDEX TO VOLUME 36
Pages
Surveys—Continued.
Consumer finances, 1949:
Part VIII. Distribution of consumer saving in 1948
14
Consumer finances, 1950:
Preliminary
findings
/.
418
Part I. General financial position and
economic outlook of consumers
643
Part II. Purchases of houses and durable goods in 1949 and buying plans
for 1950 .
780
Part III. Distribution of consumer income in 1949
948
Part IV. The distribution of consumer
saving in 1949
1441
Part V. The distribution of assets, liabilities, and net worth of consumers
1584
Retail credit, 1949
655
Suspension of banks:
Number and deposits. .. .57, 193, 329, 433, 539, 693,
847, 1025, 1201, 1353, 1489, 1637
Sutton, H. G., appointed Director at Houston Branch. .. .43
Sweden:
Bank of:
Condition. ...120, 258, 392, 496, 616, 758, 924,
1088, 1264, 1416, 1554, 1700
Discount rate
121, 259, 393, 497, 617, 759, 925,
1089, 1265, 1417, 1555, 1701
Gold reserves. . . .114, 252, 386, 490, 610, 752, 918,
1082, 1258, 1410, 1548, 1694
Foreign exchange rates. . . .123, 261, 395, 499, 619, 761,
927, 1091, 1267, 1419, 1557, 1703
Gold movements. .. .115, 253, 387, 491, 611, 753, 919,
1083, 1259, 1411, 1549, 1695
Open-market rates
121, 259, 393, 497, 617, 759, 925,
1089, 1265, 1417, 1555, 1701
Wholesale prices in. . . .124, 262, 396, 500, 620, 762, 928,
1092, 1268, 1420, 1558, 1704
Switzerland:
Cost of living, index numbers
125, 263, 397, 501, 621,
763, 929, 1093, 1269, 1421, 1559, 1705
Foreign exchange rates
123, 261, 395, 499, 619, 761,
927, 1091, 1267, 1419, 1557, 1703
International capital transactions
109, 247, 381, 485,
605, 747, 913, 1077, 1253, 1405, 1543, 1689
Open-market rates. . . .121, 259, 393, 497, 617, 759, 925,
1089, 1265, 1417, 1555, 1701
Retail food prices
125, 263, 397, 501, 621, 763, 929,
1093, 1269, 1421, 1559, 1705
Swiss National Bank:
Condition
120, 258, 392, 496, 616, 758, 924,
1088, 1264, 1416, 1554, 1700
Discount rate. .. .121, 259, 393, 497, 617, 759, 925,
1089, 1265, 1417, 1555, 1701
Gold reserves. .-. .114, 252, 386, 490, 610, 752, 918,
1082, 1258, 1410, 1548, 1694
Wholesale prices in
124, 262, 396, 500, 620, 762, 928,
1092, 1268, 1420, 1558, 1704
Taxes:
Corporate
76, 212, 348, 452, 558, 714, 866,
1044, 1220, 1372, 1510, 1656
Internal revenue collections. .79, 215, 351, 455, 561, 717,
869, 1047, 1223, 1375, 1513, 1659
Recommendations for fiscal year
138
Taylor, John W., resignation as Director at
Louisville Branch
. . . 1583
Transamerica Corporation:
Injunction restraining ..
. . . 823
DECEMBER
1950
Pages
Transamerica Corporation—Continued.
Proceeding to adjudge in civil
contempt and for other relief
828
Order denying stay
833
Order purging respondents of contempt in Case. .1155
Denial of certiorari by Supreme Court
1612
Treasury bills:
Open-market rate in New York City. .72, 208, 344, 448,
554, 710, 862, 1040, 1216, 1368, 1506, 1652
Federal Reserve Bank holdings. .49, 185, 321, 425, 531,
685, 839, 1017, 1193, 1345, 1481, 1629
Insured commercial bank holdings. . .64, 200, 336, 440,
546, 702, 854, 1032, 1208, 1360, 1498, 1644
Investments in, by weekly reporting
member banks:
By Federal Reserve Districts. .68, 204, 340, 444, 550,
706, 858, 1036, 1212, 1364, 1502, 1648
New York City and outside. .66, 202, 338, 442, 548,
704, 856, 1034, 1210, 1362, 1500, 1646
Maturities of
77, 213, 349, 453, 559, 715, 867,
1045, 1221, 1373, 1511, 1657
Treasury currency outstanding, Wednesday
figures
49, 185, 321, 425, 531, 685, 839,
1017, 1193, 1345, 1481, 1629
Treasury Department:
Cash income and outgo
79, 215, 351, 455, 561, 717,
869, 1047, 1223, 1375, 1513, 1659
Federal Reserve notes—1950 Series,
press statement on
. . 1470
Treasury receipts and expenditures:
Summary of
79, 215, 351, 455, 561, 717, 869,
1047, 1223, 1375, 1513, 1659
Trust funds:
Common, fees charged trusts holding
participations
678
Deposit in member banks own banking department. . 44
Turkey:
Central Bank of the Republic of:
Condition
120, 258, 392, 496, 616, 758, 924,
1088, 1264, 1416, 1554, 1700
Discount rate
121, 259, 393, 497, 617, 759, 925,
1089, 1265, 1417, 1555, 1701
Gold reserves
114, 252, 386, 490, 610, 752, 918,
1082, 1258, 1410, 1548, 1694
Unemployment:
Compensation
.515
Discussion of
514
Increase during first part of 1950
507
Union of the Soviet Socialist Republics:
Discount rate
121, 259, 393, 497, 617, 759, 925,
1089, 1265, 1417, 1555, 1701
United Kingdom:
Bank of England:
Condition
116, 254, 388, 492, 612, 754, 920.
1084, 1260, 1412, 1550, 1696
Discount rate
121, 259, 393, 497, 617, 759, 925,
1089, 1265, 1417, 1555, 1701
Gold reserves
114, 252, 386, 490, 610, 752, 918,
1082, 1258, 1410, 1548, 1694
Commercial banks, assets and liabilities. .122, 260, 394,
498, 618, 760, 926, 1090, 1266, 1418, 1556, 1702
Cost of living, index numbers. .125, 263, 397, 501, 621,
763, 929, 1093, 1269, 1421, 1559, 1705
Foreign exchange rates
123, 261, 395, 499, 619, 761,
927, 1091, 1267, 1419, 1557, 1703
Gold movements
115, 253, 387, 491, 611, 753, 919,
1083, 1259, 1411, 1549, 1695
International capital transactions. . .109, 247, 381, 485,
605, 747, 913, 1077, 1253, 1405, 1543, 1689
1735
INDEX TO VOLUME
36
Pages
United Kingdom—Continued.
Open-market r a t e s . . . .121, 259, 393, 497, 617, 759, 925,
1089, 1265, 1417, 1555, 1701
Retail food prices. . . .125, 263, 397, 501, 621, 763, 929,
1093, 1269, 1421, 1559, 1705
Security prices, index numbers. .125, 263, 397, 501, 621,
763, 929, 1093, 1269, 1421, 1559, 1705
Wholesale prices in. . .124, 262, 396, 500, 620, 762, 928,
1092, 1268, 1420, 1558, 1704
United States:
Balance of payments position of
403
Cost of living, index number. . .125, 263, 397, 501, 621,
763, 929, 1093, 1269, 1421, 1559, 1705
Gold movements
115, 253, 387, 491, 611, 753, 919,
1083, 1259, 1411, 1549, 1695
Gold production.
.113, 251, 385, 489, 609, 751, 917,
1081, 1257, 1409, 1547, 1693
Gold reserves..
. .114, 252, 386, 490, 610, 752, 918,
1082, 1258, 1410, 1548, 1694
Government Organization Manual,
announcement regarding
1339
Retail food prices. . . . .125, 263, 397, 501, 621, 763, 929,
1093, 1269, 1421, 1559, 1705
Security prices, index of. . .125, 263, 397, 501, 621, 763,
929, 1093, 1269, 1421, 1559, 1705
Wholesale prices in. . . .124, 262, 396, 500, 620, 762, 928,
1092, 1268, 1420, 1558, 1704
United States notes:
Outstanding and in circulation. .58, 194, 330, 434, 540,
694, 848, 1026, 1202, 1354, 1490, 1638
Uruguay:
Bank of the Republic of:
Condition
120, 258, 392, 496, 616, 758, 924,
1088, 1264, 1416, 1554, 1700
Foreign exchange rates. . 123, 261, 395, 499, 619, 761, 927,
1091, 1267, 1419, 1557, 1703
1736
Uruguay—Continued.
Gold reserves
. .114, 252, 386, 490, 610, 752, 918,
1082, 1258, 1410, 1548, 1694
Venezuela:
Central Bank of:
Condition
.120, 258, 392, 496, 616, 758, 924,
1088, 1264, 1416, 1554, 1700
Gold reserves. . . . 114, 252, 386, 490, 610, 752, 918,
1082, 1258, 1410, 1548, 1694
Vesf, George B., designated Counsel in
connection with Regulation V loans
. 1340
Wayne, Edward A., appointed Acting Director
of Division of Examinations
. 1476
Wendt, Edgar F., appointed Director at
Buffalo Branch.
.
.42
West Africa:
Gold production. . . .113, 251, 385, 489, 609, 751, 917,
1081, 1257, 1409, 1547, 1693
Wholesale prices:
Changes in.
9
Farm, food and other products. .
1102
Groups of commodities. .95, 231, 367, 471, 577, 733, 885,
1063, 1239, 1391, 1529, 1675
Principal countries
124, 262, 396, 500, 620, 762> 928,
1092, 1268, 1420, 1558, 1704
Williams, Kenneth B., designated Acting
Assistant Director of Division of
Research and Statistics
.1340
Yields on Government securities:
Average
72, 208, 344, 448, 554, 710, 862,
1040, 1216, 1368, 1506, 1652
Yugoslavia:
National Bank of the Kingdom of:
Discount rate
121, 259, 393, 497, 617
FEDERAL RESERVE BULLETIN
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
@FedFRASER