Full text of Federal Reserve Bulletin : July 1950
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FEDERAL ESERVE BULLETIN JULY 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 Resumption of Bank Credit and Monetary Expansion. . 771-779 1950 Survey of Consumer Finances: Part II. Purchases of Houses and Durable Goods in 1949 and Buying Plans for 1950 . 780-794 Methods of the Survey of Consumer Finances 795-809 Statement on Proposed Small Business Legislation, Presented by Thomas B. McCabe, Chairman of the Board of Governors of the Federal Reserve System, before the Senate Committee on Banking and Currency ... 810-817 Branch Banking in the United States, 1939 and 1949. . . 818-822 Law Department 823-834 Current Events and Announcements 834 National Summary of Business Conditions 835-836 Financial, Industrial, Commercial Statistics, U. S. (See p. 837 for list of tables) 837-909 International Financial Statistics (See p. 911 for list of tables) 911-929 Board of Governors and Staff; Open Market Committee and Staff; Federal Advisory Council 930 Senior Officers of Federal Reserve Banks; Managing Officers of Branches. . Federal Reserve Publications Map of Federal Reserve Districts. . 931 932-933 934 Subscription Price of Bulletin A copy of the Federal Reserve BULLETIN is sent to each member bank without charge. The subscription price in the United States and its possessions^ Bolivia, Canada, Chile, Colombia, Costa Rica, Cuba, Dominican Republic, Ecuador, Guatemala, Haiti, Republic of Honduras, Mexico, Newfoundland (including Labrador), Nicaragua, Panama, Paraguay, Peru, El Salvador, Uruguay, and Venezuela is $2.00 per annum or 20 cents per copy; elsewhere, $2.60 per annum or 25 cents per copy. Group subscriptions in the United States for 10 or more copies to one address, 15 cents per copy per month, or $1.50 for 12 months. FEDERAL VOLUME 36 RESERVE BULLETIN July 1950 NUMBER 7 RESUMPTION OF BANK CREDIT AND MONETARY EXPANSION Bank credit and monetary expansion, which was interrupted in 1948 and the first half of 1949, was resumed in the 12 months ending June 1950. It is estimated that privately held deposits and currency amounted to about 170 billion dollars on June 30, a new peak for that date and about 4.5 billion dollars more than a year earlier. This total was close to the previous all-time peak in December 1947. Bank credit and monetary expansion in recent months has resulted primarily from a mounting volume of real estate and consumer loans, together with sustained bank investment in State and local government securities. Expansion of bank credit over the past 12 months has been a contributing factor to, as well as a result of, accelerating business recovery. Banks have participated widely in financing the construction and ownership of homes, the recent expansion of business inventories, and consumer purchases of durable goods, thus supporting both the market supply and market demand for these goods. Over-all bank lending to business has fluctuated in accordance with seasonal patterns. The decline in business lending in the early months of 1950, however, was much less than might be expected on seasonal grounds, and this fact together with the pickup in recent weeks indicates a strong demand for this type of credit. In the stock market increased activity over the past year JULY 1950 has been financed in part by expansion of bank credit, chiefly through borrowing from banks by brokers in order to finance growing margin accounts and, to a lesser extent, through loans by banks directly to customers for purchasing securities. Resumption of monetary expansion in mid-1949 followed closely on a series of actions by the Federal Reserve System designed to combat the recession in economic activity by increasing the availability of credit and creating easier conditions generally in the money market. Subsequently, as it became apparent that economic recovery was well under way, the System modified its program of fostering easier credit conditions. Accordingly, in late 1949 and early 1950, strengthening demand for short-term credit was reflected in gradually rising market yields on Treasury bills and certificates. By early 1950 the large volume of loanable funds in the hands of nonbank investors had pressed down yields on longterm securities to extremely low levels and long-term credit in the security and mortgage loan markets had become available on very easy terms. In view of these developments and the rate at which business activity was expanding in key sectors, the Reserve System responded to market demands for long-term Government bonds by selling from its portfolio. By absorbing part of the supply of investment funds in this way, Sys771 RESUMPTION OF BANK CREDIT AND MONETARY EXPANSION tern sales exerted a continuing pressure on bank reserve positions and also contributed to a modest firming in long-term yields. GROWTH IN BANK CREDIT Paralleling recovery in business activity since the middle of 1949, a steady strengthening has taken place in the demand for bank credit by borrowers other than the Federal Government. Total loans to private borrowers and bank purchases of State and local government securities increased by about 5l/2 billion dollars in the 12 months ending June 1950. Bank loans, which declined sharply in the first half of 1949 as a result of a reduction in loans to business, resumed growth in the ensuing 12 months. At the end of June 1950 the total outstanding was almost 4 billion dollars above the level of the preceding June. As is shown in the chart, the increase COMMERCIAL BANK LOANS MEMBER BANKS IN LEADING CITIES ALL INSURED BANKS BILLIONS OF DOLLARS BiLLlONS OF DOLLARS 1946 1948 1949 1949 1950 All insured commercial banks in the United States. Commercial loans include commercial and industrial loans, open market commercial paper, and acceptances. Latest figures are for Dec. 31, 1949. For member banks in leading cities, figures on commercial loans include commercial, industrial, and agricultural loans, open market commercial paper, and acceptances. Latest figures are for June 28, 1950. Loans to banks, not shown. 772 in commercial bank credit to private borrowers resulted for the most part from loans to consumers and real estate owners. Real estate loans. After a period of reduced lending in the early part of 1949, mortgage loans on real estate have expanded at a rapid rate. Funds available for mortgage investment have been large and the return to lenders on mortgage loans has been attractive relative to alternative investments. At the same time loans have been available to borrowers on very favorable terms. Recent Federal housing legislation and changes in regulations further liberalized terms on mortgages underwriter by the Veterans Administration and the Federal Housing Administration. In the early months of 1949 mortgage lending by commercial banks, as well as by others, declined, following the sharp dfop in residential building and real estate activity in the winter of 1948-49. With the marked revival of residential building in the spring of 1949, mortgage lending rose, but by the middle of the year bank mortgage portfolios had increased by only 200 million dollars, a much smaller amount than in any similar period since the war. With the continuation of the rise in building and the improved economic outlook in the last half of 1949 and increased availability of funds, real estate loans outstanding at commercial banks expanded by about 600 million dollars, about the same amount as in the last half of 1948. For the year as a whole, however, real estate loans increased somewhat less at commercial banks than at either savings and loan associations, life insurance companies, or savings banks, and the proportion of total real estate loans held by commercial banks decreased. At the end of 1949 commercial banks held about 11 billion dollars of nonfarm mortgage loans, or a little FEDERAL RESERVE BULLETIN RESUMPTION OF BANK CREDIT AND MONETARY more than a fourth of the total outstanding mortgage debt held by institutional lenders, compared with 20 per cent at the end of 1948. In contrast to a year ago, builders began early in 1950 on large building programs. In the first six months of the year the number of new housing units started was at the highest level on record—more than 50 per cent larger than in the same period of 1949. The volume of new mortgage lending has expanded beyond the high volume of the closing months of 1949. The current demand for mortgage credit will probably continue throughout 1950, because of both the unprecedented number of housing units already started and an indicated strong demand for new and old houses. The Board's Survey of Consumer Finances, reported elsewhere in this BULLETIN, reveals that more than one million families have "definite" plans to buy new houses this year and a substantial number of families plan to enter the market for used houses. Family incomes continue generally high, liquid assets are still widely held, and new family formation is being maintained at a high rate. The supply of mortgage funds is currently large and terms to borrowers are generally the most favorable in history. Consumer loans. Increased bank lending to consumers has been part of the general expansion in consumer credit by all types of lenders. Growth in such credit has accelerated since the Board's relaxation of consumer credit regulations in the spring of 1949 and the expiration of the Board's authority to regulate this form of credit in mid-1949. Since June 1949 consumer credit extended bv all lenders has increased by about 3 billion dollars. Expansion of instalment credit, as is shown in the chart, has been particularly marked—the increase in the last half of 1949 being over 50 per cent greater than the inJULY 1950 EXPANSION CONSUMER INSTALMENT CREDIT s LLIONS OF DOLt END OF MONTH BILLIONS OF DOLLAR* 14 12 i J / 10 TOTAL INSTALMENT CREDIT / / 8 / $ 6 / y LOAN CREDIT ^ ~ * / 4 """'** AUTOMOBILE SALE CREDIT " ^ V < > 2 R SALE CREDIT *--...,.... >-* 0 1945 1946 1947 1948 1949 1950 Estimates. Latest figures are for May. crease in the same period of 1948. In the past several years a growing share of the increase in total instalment credit has reflected financing of consumer purchases of automobiles. Commercial banks have continued to participate heavily in the extension of credit to consumers. Since last June bank loans to consumers have expanded about 1.5 billion dollars, a growth of near-record amount. Also, banks currently appear to be extending about the same proportion of total instalment credit as in the past several years. A large part of the growth in bank loans to consumers in the past year has represented bank financing of automobile purchases but in addition there has been increased lending for purchases of other goods reflecting the strong consumer demand for durables of all kinds, To some extent banks also financed consumers indirectly by making advances to, or buying the paper of, sales finance companies and retailers. Business loans. One of the important factors in changes in the level of total bank loans at commercial banks since the end of the war has been business borrowing, which constitutes the largest loan category. Where773 RESUMPTION OF BANK CREDIT AND MONETARY EXPANSION as bank loans on real estate and loans to consumers have moved upward steadily in this period to record highs, the amount of business borrowing outstanding has fluctuated, especially since 1947, as shown in the chart on page 772. Business loans at commercial banks declined by much more than the usual seasonal amount in the first half of 1949. Although business profits decreased sharply in this period from the record levels reached in the latter part of 1948, the volume of funds available to business from current operations was large and was supplemented by liquidation of inventories and accounts receivable and by further sales of new securities. With reduced needs for financing through bank credit at lower levels of activity, some of the available funds were used to retire outstanding bank debt. Since mid-1949 business loans have recovered part of the decline of the first half of that year. A seasonal increase in these loans began in August, somewhat later than usual, but gained momentum in the last four months of the year. Inventory liquidation continued, although at a slower rate than in the first half, but there was a substantial increase in customer financing and a seasonal rise in plant and equipment expenditures. Demand for business loans has continued strong in the first six months of 1950. As business activity has accelerated in recent months, businesses generally have made substantial seasonal additions to inventories and customer receivables, a portion of which is ordinarily financed by bank loans. They have also maintained their plant and equipment expenditures at levels only slightly lower than last year. Borrowing by finance companies for carrying expanding consumer credit and by dealers in consumer durable 774 goods to finance inventory expansion has been a special factor of strength in business loan demands. Agricultural loans. Short-term loans to farmers by the commercial banks have changed only moderately in the past 12 months, following a substantial increase in earlier postwar years. In the last half of 1949 an expansion of 500 million dollars in commodity loans guaranteed by the Commodity Credit Corporation was offset in part by a reduction of 200 million in other loans to farmers. According to present indications, outstanding guaranteed loans declined more than is usual in the first half of the current year as a result of the rise in prices of farm products, while other loans to farmers expanded seasonally. Loans on securities. Credit for purchasing or carrying securities other than those of the United States Government has increased steadily during the past year, continuing a rise that began in the spring of 1949 shortly after the Board of Governors reduced margin requirements on security loans. Customer borrowing from brokers in margin accounts has increased by over 70 per cent during the past year and now totals about 1.2 billion dollars. Banks, however, have supplied most of this additional credit indirectly through loans to brokers or dealers who have extended credit to their customers in margin accounts. The increase since mid-June 1949 in loans at reporting banks for purchasing or carrying securities other than United States Government securities amounted to 785 million dollars, or about 70 per cent. Most of this increase was in the form of loans to brokers and dealers. The total of bank loans on such securities, however, both to brokers and dealers and to others, is still less than 2 billion dollars or about 7 per cent of total loan portfolios FEDERAL RESERVE BULLETIN RESUMPTION OF BANK CREDIT AND MONETARY of commercial banks. This amount is much smaller than in previous periods of substantial stock market activity. Bank loans for purchasing or carrying United States Government securities have fluctuated widely in response to short-term requirements but have decreased somewhat in level since June 1949. State and local government securities. State and local governments in recent years have been increasing their indebtedness substantially to carry out public works programs and to pay bonuses to veterans of World War II. A large part of this financing has come from the commercial banks, which increased their portfolios of State and local government securities by about 1.5 billion dollars during the past year. This form of credit was one of the principal components of the increase in bank credit to borrowers other than the United States Government. UNITED STATES GOVERNMENT SECURITIES Holdings of United States Government securities by the banking system (Federal Reserve, commercial, and mutual savings banks) declined substantially in the first four months of 1950 but increased again in May and June. The commercial banks and the Federal Reserve Banks each reduced their holdings by about one-half billion dollars while mutual savings bank portfolios were little changed in total amount. Strong cash positions of corporations and others, combined with increased yields and resumption of bond sales by the Federal Reserve System, formed the basis for a shift in Government securities to nonbank investors in early 1950. The decline in commercial bank holdings of Government securities in the first half of 1950 followed a very large increase in these holdings in the second half of 1949, when member banks entered the Government securities market vigorously with funds JULY 1950 EXPANSION released by the reduction in their reserve requirements in July, August, and September, 1949. A substantial part of the bank demand for short-term Governments was supplied by the Federal Reserve System. In addition, banks purchased considerable amounts of Treasury bonds from the market as increasing prices over the second half of 1949 made these less attractive to nonbank investors. EXPANSION IN THE MONEY SUPPLY After two years of little change at high levels, the volume of deposits and currency held by businesses and individuals increased by about 4% billion dollars during the 12 months ending June 1950 to a new peak level for the midyear. The expansion was very substantial compared with that in the two preceding 12-month periods, as the chart shows. Most of the increase took place in the second half of 1949. There was, however, some further increase in the first six months of 1950, in contrast to declines for the corresponding period in 1948 and 1949. The principal factor influencing the growth in the privately held money supply in the 12 months ending in June 1950 was MONETARY EXPANSION CHANGES IN DEPOSITS ADJUSTED AND CURRENCY YEAR ENDING JUNE 30 Based on deposits for all banks in the United States. Demand deposits adjusted exclude U, S. Government and interbank deposits and items in process of collection. Time deposits include deposits in the Postal Savings System and in mutual savings banks. Figures are partly estimated. 775 RESUMPTION OF BANK CREDIT AND MONETARY EXPANSION the substantial expansion in the volume of bank credit to borrowers other than the United States Government, as is shown in the table. Treasury operations, including changes in Treasury deposits with the banking system and new financing, had only a small contractive effect over the 12-month period as a whole, but they contributed significantly to monetary developments during the year. A small gold outflow also tended to contract the privately held money supply. In the last half of 1949, and especially in the last quarter, deposits and currency held by businesses and individuals expanded substantially and reached a level only nominally below the peak of December 1947. In this half year banking system purchases of medium- and short-term United States Government securities from nonbank investors, seasonal expansion in loans at commercial and savings banks, and additions to bank holdings of State and local government securities tended to increase the privately held money supply. The effect of these increases was partly offset by shifts of funds to Treasury accounts at Reserve Banks and commercial banks, largely as a result of sales of savings notes in the third quarter. Subsequently in the fourth quarter Treasury disbursements in excess of receipts reduced these deposits somewhat, but over the two quarters the increase in Treasury deposits constituted a drain of about 1.3 billion dollars. The net effect of all factors over the six-month period was an increase of more than 4 billion dollars in privately held deposits and currency. During the first half of 1950 the privately held money supply increased somewhat further, with reductions in the first quarter of the year more than offset by increases in the second quarter. Principal contractive factors in the first quarter were the seasonally large Treasury tax receipts in excess of expendi776 MAJOR FACTORS AFFECTING DEPOSITS AND CURRENCY JULY 1949—JUNE 1950 [In billions of dollars, partly estimated] 1949 Factors affecting and currency 1 1950 Total, July 1949July- Oct.- Jan.- Apr.- June Sept. Dec. Mar. June 1950 Item deposits Gold outflow +0.1 - 0 . 2 Loans to private borrowers and securities of State and local governments and of corporations helci by commercial and mutual savings banks +1.6 +1.6 Treasury transactions 3 - 1 . 3 +0.7 Market transactions of banking system4 in U. S. Gov't securities +1.2 Other factors, net -0.9 -0.2 (2) -0.2 +1.7 +1.7 +6.6 - 1 . 4 +1.6 -0.5 - 2 . 2 +0.4 -0.5 +0.6 -1.8 +3.5 - 2 . 7 +3.2 +4.7 Demand deposits adjusted. . +1.2 +2.7 - 2 . 5 +2.7 - 0 . 1 +0.2 +0.7 +0.4 Time deposits 5 Currency outside b a n k s . . . . - 0 . 4 +0.5 - 0 . 8 (2) +4.1 +1.2 -0.7 #:? - 0 . 6 Changes in deposits and currency held by individuals and businesses, total +0.7 1 Signs before figures indicate effect on deposits and currency. Changes are net. 2 Less than 50 million dollars. 3 Treasury deposits, decrease (+) or increase (—), and Treasury sale (+) of new U. S. Government securities to, or retirement (—) of maturing securities held by the banking system which includes commercial banks, mutual savings banks, andt Federal Reserve Banks. Figures include an 800 million dollar increase in Treasury bills in July-September 1949 and a 1.1 billion increase in AprilJune 1950. 4 Excludes sales of new bills by the Treasury as indicated in note above. 5 Includes changes in deposits at commercial banks, mutual savings banks, and the Postal Savings System. NOTE.—Changes are based on figures for June 30, Sept. 28, and Dec. 31, 1949, and Mar. 29 and June 28, 1950. All data for June 28, 1950 are estimated. Figures may not add to totals because of rounding. tures and banking system sales of more than 2 billion dollars of Government securities in response to strong nonbank demand. In the following quarter Treasury operations added to the privately held money supply through a reduction in Treasury deposits and through new financing. The principal factor tending to expand the privately held money supply was the substantial increase in bank loans which amounted to over 2 billion dollars in the first half of the year. Banks also added about 1 billion dollars to their holdings of State and municipal securities. As mentioned above, the privately held money supply as of June 1950 reached a new peak for the midyear. FEDERAL RESERVE BULLETIN RESUMPTION OF BANK CREDIT AND MONETARY EXPANSION ease reflected a series of actions taken by the An increase in private holdings of deposits Federal Reserve System during the previous over the past 12 months has been accompan- spring and the summer to combat the busiied by an increase in the rate oi turnover of ness downturn and promote a return to deposits, particularly in recent months. As higher levels of production and employment. is shown in the chart, the turnover of de- These actions followed moderate measures mand deposits at reporting banks in the first of restraint adopted in 1947 and 1948. In November 1949, with economic recovery half of 1950 is significantly greater than that of the 1946-49 period, which had already well under way, the Federal Reserve undershown substantial increases over the war took to modify prevailing conditions of experiod. This higher rate of money use com- treme monetary and credit ease. Growing bined with a larger money supply reflects demand for credit resulted in an expansion a larger volume of expenditures than in any in required reserves. System purchases of earlier comparable period. The rate of use Government securities to supply these addiof deposits is still considerably below the tional reserves to banks were made at increaslevels of other periods of peacetime pros- ing rates. Subsequently the Federal Reserve perity, however, and a substantial further sold securities to absorb any additions to increase in expenditures could be supported bank reserves from other sources. Yields on short-term Government securities began to without additional deposit creation. increase in the late autumn and moved irregularly higher for several months. By the TURNOVER OF DEMAND DEPOSITS end of April 1950 they had advanced about l /s of 1 per cent to about the same levels prevailing in the spring of 1949. Early in 1950 the Federal Reserve also began a program of open market operations to modify somewhat the extremely easy conditions in the market for long-term credit. Substantial amounts of funds were being offered in this credit sector by savings institutions, including insurance companies, savings banks, and savings and loan associations, as well as by pension funds and personal trusts. Stimulated in part by the ready avail1946 ability of such credit, capital outlays—parData are semiannual averages of monthly figures of the ticularly for residential construction—were ratio of debits to the level of demand deposits, excluding interbank and U. S. Government deposits, at weekly reporting memincreasing rapidly to levels that were tending ber banks in New York City and in other leading cities. to press on available resources. Furthermore, under the impact of abundant investment MODIFICATION OF CREDIT POLICY funds, capital values were increasing sharply Recovery in economic activity after mid- and prices of long-term bonds were under 1949 was aided by ready availability of credit considerable upward pressure. at very low rates. This monetary and credit In recognition of these developments the MORE ACTIVE U S E OF MONEY SEMIANNUALLY 1947 JULY 1950 9948 1949 1950 777 RESUMPTION OF BANK CREDIT AND MONETARY EXPANSION Federal Reserve System, which had refrained from selling any appreciable amounts of long-term Government bonds after mid-1949 when it adopted a vigorous policy of monetary ease, began early in 1950 to make bonds available to the market from its portfolio. Over the first half of the year, as shown in the table, Reserve Bank holdings of restricted Treasury bonds declined by 1.4 billion dollars. These sales of bonds by the System tended to absorb some of the money being offered for long-term investment and thus helped to reduce the amount of such funds to a level more consistent with the volume of private investment being financed through the capital markets. Over the first half of 1950 yields on longterm Treasury bonds not eligible for purchase by banks rose by somewhat more than Y$ of 1 per cent. Yields on corporate securities stabilized for several months early in the year and increased slightly thereafter, as shown in the chart. On State and local government issues, yields remained steady throughout the first half of 1950 at levels close to those reached early in the year. MONEY RATES MAJOR FACTORS AFFECTING MEMBER BANK RESERVES JULY 1949—JUNE 1950 [In billions of dollars] Jan. Nov. 23, 1949 Nov. 24Dec. 31, 1949 +0.1 (2) -0.1 -0.1 (2) -0.4 (2) -1.6 -0.4 +1.2 (2) +0.7 +0.6 +0.4 +0.2 -0.6 July Item 1June 30, 1950 Total, Julyl, 1949June 30, 1950 Factors 1affecting bank reserves: Gold stock Money in circulation Treasury deposits at the Reserve Banks Federal Reserve holdings of U. S. Gov't securities.: Restricted bonds Other securities Other factors, Changes in member bank reserves, total Excess reserves Required reserves, total... Effect of: Reduction in reserve requirement percentages Change in deposits. 1 2 -1.9 -0.3 -1.6 —2 2 +0.6 (2) +0.2 -0.2 -0.2 +0.4 +0.3 -0.1 -0.5 -1.4 -1.4 +0.3 -0.4 (2) -0.6 (2) -1.9 -0.5 -1.4 -2.2 (2) +0.8 Signs before figures indicate effect on bank reserves. Less than 50 million dollars. Yields on long-term securities of all types had declined in 1949 and were at extremely low levels by the end of the year. With the adoption by the Federal Reserve of a program for selling Government bonds this decline was arrested and in part reversed. 778 Corporate bond yields, Moody's Investors Service; highgrade municipal bond yields, Standard and Poor's Corporation. "For Treasury bills, rate is average discount on new issue offered during week. Latest figures are for week ended July 1. Federal Reserve open market operations, and particularly its program of selling longterm Government bonds, generally tended to exert a drain on bank reserves;in the first half of 1950. Additions to bank reserves in January from the seasonal return of currency from circulation and a reduction in Treasury balances at the Reserve Banks were absorbed by System sales of Treasury bills and bonds. Subsequent Federal Reserve sales of long-term bonds to nonbank investors tended further to drain reserves from banks. In order to meet this drain and to maintain their reserve positions, banks were under FEDERAL RESERVE BULLETIN RESUMPTION OF BANK CREDIT AND MONETARY EXPANSION pressure to sell short-term Government instalment basis. Automobile producers are securities. Some of these were bought by continuing high levels of production, and corporations and other nonbank investors, the marketing of passenger cars will be an thus reducing bank deposits and required important factor in further demand for conreserves, and some were bought by the Fed- sumer instalment credit. Inventory accumueral Reserve, thereby supplying reserves. As lation by businesses and credit extended to was indicated earlier, commercial bank hold- customers, which ordinarily require addiings of Government securities declined by tional bank credit in the latter part of the about 600 million dollars over the first half year, have been resumed on an appreciable of the year. scale. The foregoing factors, combined with the CURRENT SITUATION anticipated cash deficit of the Federal GovThe current demand for credit from both ernment and the construction programs of public and private sectors of the economy is strong. The extraordinary number of hous- State and local governments, indicate a ing starts in the first half of this year com- strong demand for bank credit for the nearbined with the indicated active demand for term future. While it is too early to assess new housing will, in the normal course of the full effect on the American economy of events, give rise to further large demand for recent developments in the international mortgage credit. As the units are occupied, field, credit and monetary forces generated there will be substantial requirements for fur- by these developments appear likely to supniture and other consumer durable goods plement rather than counteract current much of which is usually purchased on an trends. JULY 1950 779 1950 SURVEY OF CONSUMER FINANCES PART II. Purchases of Houses and Durable Goods in 1949 and Buying Plans for 1950 1 Consumer purchases of durable goods set new records in 1949, in terms of both number of buyers and volume of expenditures. Not all commodities were in peak demand, however. Purchases of automobiles and television sets were considerably more extensive than in 1948 but buying of major household appliances, such as refrigerators and washing machines, either showed no change or declined. Purchases of homes were somewhat less 1 This is the second in a series of articles presenting the results of the 19.50 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. An article beginning on page 795 of the BULLETIN discusses the technical aspects of the survey and the statistical limitations of its results. The first article in the series appeared in the June BULLETIN and covered the general financial position and economic outlook of consumers. Subsequent issues of the BULLETIN will contain articles analyzing changes in the distribution of incomes,- in consumer saving patterns, and in holdings of liquid and nonliquid assets. The present article was prepared by Irving Schweiger of the Consumer Credit and Finances Section of the Board's Division of Research and Statistics. The author has necessarily maintained a close working relationship with the staff of the Survey Research Center at all stages of his work and his analysis of survey tabulations has had the benefit of many suggestions from the Center's staff, particularly John B. Lansing, James K. Dent, and Marian H. Walsh. Data are based on the results of about 3,500 interviews taken in 66 sampling areas throughout the nation. The sample is representative of the entire population of the United States residing in private households. The following groups are omitted: (1) members of the armed forces and civilians living at military reservations; (2) residents in hospitals and in religious, educational, and penal institutions; and (3) the floating population, that is, people living in hotels, large boarding houses, and tourist camps. 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. The limitations of survey data outlined in the June 1950 BULLETIN and in the technical discussion beginning on page 795 are applicable to the information presented in this article. Survey findings approximate the true order of magnitude of data but do not represent exact values. Variations from the true values may be introduced by chance fluctuations in the particular sample of interviews, by errors in reporting " on the part of those interviewed, by differences in interpretation by either respondents or interviewers, and by methods used in processing data. Only the first of these—sampling error—can be measured statistically. It should be kept in mind that the other sources of error may be of equal importance to the accuracy of survey results. 780 frequent than in 1948, reflecting for the most part the reduced turnover of existing houses. The number of people intending to buy homes, automobiles, and other durable goods in the ensuing 12 months was at least as large in early 1950 as a year earlier. Those planning to buy this year appeared to be somewhat more certain of carrying out their intentions than was the case last year. The findings given above were included in the brief outline of survey results presented in the April and June issues of the BULLETIN. This article presents a more detailed treatment of consumer purchases of durable goods and houses in 1949 and of intentions to purchase in 1950. SUMMARY The total number of nonfarm houses purchased for owner occupancy was smaller in 1949 than in earlier postwar years, primarily because fewer existing houses changed hands. Although data on construction activity indicate that more new houses were started in 1949 than in 1948, the number completed and sold within the year appears to have declined in 1949. The aggregate value of new and existing houses bought for owner occupancy was considerably less than in 1948 because of a decline in both the number of units bought and the average purchase price paid. Plans to buy houses (new and existing) during the next 12 months were at least as numerous at the beginning of 1950 as they had been a year earlier. Intentions to buy newly built houses appeared to be somewhat more frequent than in early 1949 and survey data justify an estimate of well over 1 million consumers having "definite" plans to buy new houses in 1950. The number of consumers who expressed some intention to buy a new house was about as large for 1951 as for 1950, but intentions were less definite for the more remote period. Veterans appeared to constitute a larger part of the prospective market for new and existing homes in both 1950 and 1951 than they did in 1949. The prices that prospective buyers were expecting to pay in the two later years were similar to those that had been anticipated for 1949. FEDERAL RESERVE BULLETIN 19SO SURVEY OF CONSUMER FINANCES Survey data indicate that about half the spending units in the population bought an automobile or other major durable good in 1949. Approximately 11 million units purchased automobiles and more than 20 million bought other major durable goods. Nearly 5 million of these units bought both a car and one or more of the other goods. The aggregate value of these purchases is estimated at 22 billion dollars, compared with an estimate of 19 billion in 1948. Consumers with incomes of less than $3,000 were responsible for at least half of the increase in number of new-car purchases while sharply expanded purchases by units with incomes of less than $5,000 accounted for most of the spectacular rise in television sales. Further broadening of the market for durable goods in 1949 was accompanied by an increase in the use of instalment credit. Plans to buy new cars within the year were at least as frequent in 1950 as in 1949, a year of record sales. Intentions to purchase furniture, TABLE 1 CONSUMER INTENTIONS TO BUY AND ACTUAL PURCHASES OF HOUSES AND DURABLE GOODS Percentage of spending units Estimated number of spending units (in millions) Median expenditure 2 Average expenditure 2 1 Estimated total expenditures2 (in billions) Type of purchase Planned purchases Houses:4 1950 New Existing 1949 New Existing 1948 New Existing 1947 New Existing . Automobiles:6 1950 1949 1948 1947 1946 New automobiles: 1950 1949 1948 1947 1946 Used automobiles: 1950 . . . . 1949 1948 1947 1946 Other selected durable goods: 1950 1949 1948 1947 1946 Actual purchases 54.0 5 Planned purchases 1.9 1.7 2.9 2 1 2.6 2.0 3.3 2.6 1.3 22 1.7 3.5 1.4 3.6 «714 6 13.0 10.7 11 7 10.7 21.6 17.0 14.9 10.7 0.8 1.3 10 1.1 0.9 1.4 1.1 76 6.6 8.7 8.5 7.6 8.5 8 3 8.6 6.1 5.8 3.3 5.2 55 4.9 4.5 4.3 34.07 3.8 «75 9 4.5 3 1 13.0 10 9 31 2.3 1.5 e7 3.2 Actual purchases3 2.4 9.1 7.4 24.4 23.3 21.8 21.1 28.0 39.5 39.2 35.1 28.3 Actual purchases $7,500 0.6 10 0.8 1.6 0.6 1.6 11.4 '8.8 7.3 4.5 2.8 1.5 6.9 5.6 1.1 12.7 11.8 10.7 9.8 12.9 20.5 19.8 17.2 13.2 Planned purchases Actual purchases Planned purchases $5,920 8,200 $7,040 6,600 7,800 7,400 9,000 18,5 15.0 5,100 6,000 6,300 7,100 15.8 1,330 1,330 1,250 920 10 9 10 5 8.0 71 5.4 (8) 1,400 1,310 1,210 830 1,920 1,990 1,800 1,500 2,090 2,090 1,830 1,500 540 630 '600 '530 600 770 710 540 290 250 240 200 250 250 200 200 180 i 1,990 2,060 1,860 1,540 2,190 2,130 1,950 1,620 650 710 710 650 Actual purchases $21 3 $7,900 7,000 5.0 4.5 3.5 1.5 Planned purchases 760 880 780 630 8.9 8.8 69 6.1 20 1.7 1 l 1.0 $11.2 21.3 15.5 15 1 11.5 92 4.6 9.9 66 5.7 23 5.2 49 35 2.3 340 340 310 350 370 310 50 4.0 3.6 30 7.1 7.3 53 320 310 4.1 4.1 390 r 1 e Revised. Estimated. Planned purchases for the year 1950 and actual purchases during 1949 were ascertained from interviews made during the period Jan. 3-Mar. 5, 1950. Similar information for previous years was obtained by surveys made early in 1949, 1948, 1947, and 1946. Planned purchases for a given year are based on reports of spending units that said they definitely or probably would buy during the year and on a few reports that purchases had been made in the given year prior to the interview. For automobiles and houses, the reports generally indicated whether a new or used model would be purchased; cases where the consumer was undecided on this point are distributed equally between the two categories. The distribution of spending units by intention to buy in each of the years 1946-50 is shown in Table 14, p. 790. 2 Refers to total expenditure before deduction of value of trade-ins or existing assets sold. 3 In the case of automobiles, figures in this column represent the number of cars bought by spending units during the given year and still in their possession at the time of the interview. Data for actual purchases are limited to these cars. Cars which may have been bought or sold more than once during the year are reported only once. The survey figure, therefore, does not represent the total number of automobile transactions during each year. 4 Refers to nonfarm houses only. Farm operators are excluded from the housing figures inasmuch as their purchases of housing are usually incidental to their purchases of farm land. 6 Data concerning plans to buy houses in 1950 are not completely comparable with earlier data because of changes in coding procedures which tended to reduce somewhat the proportions of prospective buyers in 1950 relative to earlier years. Neverthel ss, a larger proportion of spending units appear to be prospective buyers in 1950 than in 1949. 6 Includes both new and used automobiles. 7 Although coding procedures regarding plans to buy automobiles were revised in the 1950 survey, the figure given here has been adjusted to a basis comparable with earlier years. 8 Data not available. JULY 1950 781 1950 SURVEY OF CONSUMER FINANCES and equipment of the houses purchased in 1949, and it should be noted that the data reported included purchases in large cities, small towns, and rural areas in widely different geographic regions. Consumers with incomes of less than $3,000 typically paid less than $5,000 for houses in 1949; those with incomes of $5,000 or more usually paid at least $7,500, This year, for the first time, the survey obtained CONSUMER PURCHASES IN 1949 information regarding the age of houses bought Houses. Survey data indicate that approximately for owner occupancy. It appears that nearly 4 1.6 million new and existing nonfarm homes were in every 10 purchased in 1949 were newly built bought during 1949 compared with more than 2 and another 2 in 10 were less than 10 years old million in each of the earlier postwar years (see (see Table 2). The remaining 4 in 10 were divided Table 1). Total expenditures for such purchases almost equally between dwellings built after 1920 were considerably smaller in 1949 than in 1948, but before 1940 and those built before 1920. More both because fewer units were purchased and be- detailed information with respect to the age of all cause the average purchase price was lower. owner-occupied houses will be presented in a later Sources other than the survey indicate that the issue of the BULLETIN. increase in mortgage debt on residential properties TABLE 2 was 3.7 billion dollars during 1949, about one bilT I M E OF CONSTRUCTION OF HOUSES PURCHASED, 1 9 4 9 lion less than in the preceding year. [Percentage distribution] Survey estimates indicate that over 600,000 newly Buyers of Time of construction constructed houses were purchased for owner ocnonfarm houses cupancy in 1949, a somewhat smaller number than 1920 18 in 1948. This figure is lower than, but well within Before 1920-29 14 8 the range of sampling error of? an independent 1930-39 1940-48 20 estimate of new houses completed after allowance 1949 36 4 for units awaiting sale and for newly built rental Not ascertained 100 All cases . . . units. Although construction data show that more 2 ., 107 nonfarm houses were started in 1949 than in 1948, Number of cases 1 the number sold appears to have been somewhat Includes new and existing nonfarm houses. 2 discussion of sampling error of data based on this number of smaller in 1949 than in the previous year. This cases,Farsee pages 795-809 of this BULLETIN. was chiefly due to the fact that in 1949 many As in previous years, spending units with inhouses were started too late to be ready for sale by the end of the year whereas in 1948 many houses comes of $3,000 or more, although constituting only on which construction had begun in 1947 were sold about one-half of all nonfarm consumer units, acas well as an unusually large proportion of the counted for nearly three-fourths of all purchases houses started in 1948. Turnover of existing houses of nonfarm houses. Actual purchases were roughly declined considerably in 1949, with approximately in accordance with plans to buy expressed by the 1 million units changing hands as compared with various income groups at the beginning of 1949 about 1.6 million in the two previous years and (see Table 3). The age groups having the largest proportions more than 2 million in 1946. Prices paid for both new and existing houses of home purchasers in 1949 were those between appear to have been somewhat lower in 1949 than 35 and 54 years (see Tables 4 and 15). These in 1948. Declines in the prices of new houses re- age groups accounted for nearly 6 in every 10 purflected to some extent a reduction in building costs chases although they contained only 4 in every 10 and to some extent the increased emphasis of the units. Residents of metropolitan areas bought construction industry on "economy" models- homes relatively less frequently than did persons smaller dwelling units or houses of simpler design. living in other types of communities. This tended The survey did not ascertain the size, characteristics, to maintain the customary pattern of less extensive refrigerators, and washing machines were also at least as numerous as in the previous year. Considerably more than twice as many consumers intended to buy television sets in 1950 as reported similar intentions in 1949, but there was a decline in the number planning to purchase radios. For durable goods as a whole, consumers were planning on buying in greater volume than in 1949. x 782 FEDERAL RESERVE BULLETIN 1950 SURVEY OF CONSUMER FINANCES TABLE 3 TABLE INCOME G R O U P I N G OF ACTUAL AND PROSPECTIVE BUYERS OF N O N F A R M HOUSES [Percentage distribution] Income group 1950 All income groups. Number of cases All income groups. Number of cases 1948 1947 6 21 25 18 22 15 28 16 29 5 6 21 25 18 25 4 13 22 24 19 18 100 100 100 107 162 172 11 19 29 14 1 10 22 24 15 28 3 23 24 25 10 15 100 176 159 100 100 135 170 All nonfarm spending units: Under $1,000 $l,000-$l,999 $2,000-$2,999. $3,000-$3,999 $4,000-14,999 $5,000 and over 12 19 22 19 12 16 9 17 24 22 12 16 12 22 23 18 10 15 All income groups. 100 100 100 Number of cases 3,102 3,080 3,174 Revised. NOTE.—Distributions of prospective buyers in 1950 and actual buyers in 1949 are related to the distribution of income in 1949. Data for earlier years are similarly related. The table, therefore, reflects shifts in the distribution of both buyers and income. It is necessary to keep in mind, as indicated in the lower part of the table, that from 1947 to 1948 there was some shift from lower to higher income brackets; in 1949, however, the proportion of spending units with less than $2,000 money income (before taxes) increased. Purchasers of new and existing nonfarm houses are included in the distribution. home ownership in very large cities. Spending units containing at least one veteran of World War II bought homes in 1949 with almost twice the relative frequency of nonveteran units and accounted for about 40 per cent of all nonfarm house purchases. This may have been due in part to the concentration of veterans in age groups that are relatively active home buyers and to the fact that veterans less than 45 years of age appeared to own their own homes somewhat less frequently early in 1949 than nonveterans of the same age. Veteran and nonveteran groups carried out their intentions to buy houses in 1949 to about the same extent. Some use of borrowed funds was reported by roughly 4 in every 5 house buyers, about the same proportion as in previous postwar years (see Table 5). In almost every case, the borrower reported 1950 All nonfarm spending units Actual buyers Prospective buyers 1949 1948 1949 1948 1950 1949 Age of head of spending unit: 18-24 25-34 35-44 45-54 55 or over Not ascertained 11 24 22 18 25 (2) 11 22 22 19 26 (2) 9 26 31 26 7 1 8 30 30 22 10 12 39 23 12 13 1 8 37 22 21 11 1 All cases 100 100 100 100 100 100 Veteran status: Veteran of World War II in unit No veteran of World War II in unit Not ascertained 27 25 40 34 50 37 73 (2) 100 74 1 58 2 66 50 63 100 100 100 100 100 33 35 27 25 26 27 17 50 16 49 20 53 12 63 24 50 30 43 100 100 100 100 100 100 3,102 3,080 107 162 176 159 All cases Type of community: Metropolitan area Other city, 50,000 or over . . Small city or rural area. All cases Number of cases 1 2 r JULY PERCENTAGE DISTRIBUTION OF A C T U A L AND PROSPECTIVE BUYERS OF N O N F A R M HOUSES, BY A G E , V E T E R A N STATUS, A N D T Y P E OF C O M M U N I T Y 1 Group characteristic Actual buyers: Under $1,000. . . $l,000-$l,999. . . $2,000-$2,999... $3,000-$3,999. . . $4,000-$4,999... $5,000 and over. Prospective buyers: Under $1,000. . . $l,000-$l,999. . . $2,000~$2,999... $3,000-$3,999. . . $4,000-$4,999... $5,000 and over. 1949 4 Includes new and existing nonfarm houses* Less than one-half of 1 per cent. taking out a mortgage on the property, but a considerable number of purchasers obtained other credit as well. Apart from borrowing, the chief sources of funds for house purchases were accumulated liquid assets and the sale of previously owned houses or other nonliquid assets. Down payments on houses bought in 1949 and repayments on accompanying mortgages were substantial. Although approximately 5 in every 20 of the houses purchased cost $10,000 or more, only 1 in 20 was encumbered to the extent of $10,000 or more at the end of the year. About 8 in every 20 buyers had an equity of at least $2,500 in their properties by the end of 1949 and nearly 1 in 20 reported that all debt incurred in connection with the house purchase had been paid in full by the end of the year. Automobiles. According to survey findings, during 1949 consumer spending units bought more than 11 million new and used automobiles having a total value of approximately 15 billion dollars. This was a substantial increase from 1948 in both number and value, as may be seen in Table 1. A 783 1950 SURVEY OF CONSUMER FINANCES TABLE 5 A C T U A L AND PLANNED METHODS OF FINANCING S P E N D I N G - U N I T PURCHASES OF HOUSES AND CONSUMER DURABLE GOODS Percentage distribution of buyers Type of purchase and method of financing Actual financing 1949 1948 1947 18 82 22 74 4 16 84 All cases 100 100 100 Number of cases 107 163 171 50 59 48 2 39 2 Houses:2 Full cash IVlortgage ^ . Method not ascertained . ,, Automobiles: 5 Full cash (including trade-in allowances) Instalment credit and other borrowing (together with down payments in form of cash and trade-in allowances) ** Method not ascertained All cases Number of cases •* New automobiles: Full cash (including trade-in allowances) Instalment credit and other borrowing (together with down payments in forms of cash and trade-in allowances)8 . . Method not ascertained All cases Number of cases Used automobiles: Full cash (including trade-in allowances) Instalment credit and other borrowing (together with down payments in form of cash and trade-in allowances)" Method not ascertained All cases Number of cases Other selected durable goods: Full cash (including trade-in allowances) Instalment credit and other borrowing (together with down payments in form of cash and trade-in allowances)8 Method not ascertained. All cases Number of cases for financing 1 1950 1949 1948 1947 333 ]Plans 17 61 22 20 67 13 13 74 13 (3) 100 100 100 (3) 159 135 170 65 43 52 54 54 35 52 5 41 37 9 37 9 7 100 100 100 100 100 100 100 784 628 571 444 476 438 390 56 66 71 50 58 43 1 33 1 29 46 4 37 (7) 5 ;:; (3) 100 100 100 100 100 (3) (3) 351 256 264 284 325 (3) 00 47 55 63 32 40 52 1 42 3 37 62 6 50 10 100 100 100 100 100 (3) (3) 433 372 307 160 151 (3) (3) 46 51 57 45 49 56 54 48 1 42 1 39 16 42 9 38 6 100 100 100 1,407 1,384 1,286 00 (3) (( ? 100 100 100 840 797 644 1 Includes those who had bought in the given year prior to being interviewed, those who said they definitely would buy, and those who said they probably would buy. * Includes both new and existing nonfarm houses. * Data not available. * Data for 1949 and 1948 are not completely comparable with data for 1947 because nonmortgage type borrowing was not included in 1947. 5 Includes both new and used automobiles. 6 In the 1950 survey, the question asked included a reference to "other borrowing." In earlier surveys these words were not included. 7 Less than one-half of 1 per cent. record number of new cars was produced during 1949 and consumers bought them about as quickly as they became available. A total of 4.5 million new cars, having a total value of 9.9 billion dollars, is estimated to have been purchased by consumer spending units. In 1948, 3.2 million cars having an aggregate value of 6.6 billion had been bought.2 2 These figures on numbers of cars bought check closely with domestic registrations of new cars as reported by R. L. Polk and Company after allowance for new cars sold to Government, nonprofit, and business organizations. 784 The prices of new automobiles were somewhat higher than anticipated by prospective buyers early in the year and slightly higher than those paid in 1948. At the beginning of 1949, more than 2 in every 10 prospective buyers had planned to pay less than $1,750 for their new automobiles (see Table 6). As it turned out, only a little more than 1 in 10 obtained new cars below this price, compared with more than 2 in 10 in 1948. The proportion of consumers that paid $2,250 or more was FEDERAL RESERVE BULLETIN 1950 SURVEY OF CONSUMER FINANCES TABLE PRICE 6 TABLE CLASS OF ACTUAL AND PROSPECTIVE PURCHASES O F HOUSES AND DURABLE GOODS 7 SPENDING U N I T S ARRANGED BY PRICE OF AUTOMOBILE. PURCHASED AND N E T OUTLAY ON PURCHASE, 1949 [Percentage distribution of spending units] Prospective1 purchases Actual purchases Price class and type of purchase Spending units [percentage distribution] Price and net outlay grouping Price Net outlay l 1949 1948 1947 1950 1949 1948 1947 2 Houses: Under $5,000.... $5,000-$7,499. . . $7,500-$9,999. . . $10,000 and over. Uncertain 36 21 18 24 1 '30 15 '18 33 37 21 18 23 1 22 23 21 28 6 21 26 17 30 6 24 23 16 24 13 All cases 100 100 100 100 100 100 Number of cases. 107 163 171 176 159 135 1 22 37 30 10 1 43 35 13 8 4 21 47 15 9 4 4 36 36 9 4 11 New automobiles: Under $1,250.... $l,250-$l,749. . . $l,750-$2,249... $2,250-$2,749. . . $2,750 and over.. Uncertain 1 11 48 30 10 1 27 44 18 5 5 1(3s) () 21 50 16 1 2 10 All cases 100 100 100 100 100 100 100 Number of cases. 351 256 264 284 325 316 288 Other selected durable goods:6 Under $100 $100-$199 $200-$299 $300-$499 $500-$999 $1,000 and over.. Uncertain 18 19 21 22 14 5 1 20 19 17 22 13 6 3 24 22 18 17 11 5 3 All c a s e s . . . . 100 100 100 Number of cases. 1,407 1,384 1,286 12 21 26 14 11 5 11 8 16 24 24 12 7 9 13 15 17 21 12 4 18 15 18 19 20 10 5 13 100 100 100 100 885 840 797 644 r Revised. 1 Includes those who purchased in the given year prior to being interviewed, those who said they definitely would buy, and those who said they probably would buy. 2 Includes both new and existing nonfarm houses. * Comparable data not available. 4 Less than one-half of 1 per cent. 5 Prices refer to total value of such goods bought by a spending unit, before allowance for trade-ins. no larger than in 1948 but was nearly twice as large as the proportion that had expected to pay this much at the beginning of 1949. Net outlays for new automobiles were substantially smaller than the prices quoted since nearly 8 in every 10 buyers either traded in or sold a car during 1949 (see Table 7). The median outlay for a new car was about $1,500, nearly $600 less than the median price before trade-in. About 1 in every 6 new-car purchases required an outlay of less than $750 and 4 in every 6 required less than $1,750. The proportion of buyers of new cars that either traded in or sold previously owned cars was about the same in 1949 as in the previous year. The volume of used-car sales increased in 1949, in JULY 1950 New automobiles: Under $1,250 $l,250-$l,749 $l,750-$2,249 $2,250-$2,749 $2,750 and over Not ascertained 1 11 48 30 10 (2) 33 32 25 6 3 1 100 100 $2,090 $2,190 $1,510 $1,480 351 351 All cases Median amount Mean amount Number of cases. Used automobiles: Under $450 $450-$849 $850-$l,249 $1,250 and over Not ascertained. 38 25 12 23 2 All cases 1 2 48 24 15 12 1 100 100 Median amount Mean amount $600 $760 $470 $580 Number of cases 436 436 Price minus amount received, if any, for car traded in or sold. Less than one-half of 1 per cent. part because of the larger number of new cars purchased. About half of the purchasers of used cars traded in or sold older cars (see Table 8). Reflecting the gradual return to more normal market conditions, buyers of new and used cars showed a greater tendency in 1949 than previously in the postwar period to trade in old cars rather than to sell them in separate transactions. It is estimated that approximately 6.9 million TABLE 8 PERCENTAGE OF AUTOMOBILE BUYERS W H O TRADED IN OR SOLD AUTOMOBILES, 1949 AND 1948 1 Type of transaction Traded in a car Sold a car Neither Not ascertained All cases Number of cases Buyers of new and used cars—total Buyers of new cars Buyers of used cars 1949 1948 1949 1948 1949 1948 49 14 37 40 21 39 60 17 22 52 26 21 41 12 47 34 18 48 (2) (2) 1 1 (2) (a) 100 100 100 100 100 100 787 628 351 256 436 372 1 Buyers referred to are spending units. ? Less than one-half of 1 per cent. 785 1950 SURVEY OF CONSUMER FINANCES Although consumer spending units at higher levels of income bought relatively more automobiles in 1949 than did those at lower income levels (see Table 17 at the end of this article), the difference was not as great as in earlier postwar years. Consumers with incomes of less than $3,000 increased their automobile buying, especially of new cars, to a greater extent than did those with higher incomes. As a result, lower income units constituted a somewhat larger part of the automobile market in 1949 than in 1948 (see Table 9). Low income consumers purchased considerably more than twice as many new cars in 1949 as in the previous year. At least half of the sales expansion of more than 1 million units was due to in- used cars were purchased by consumers during 1949 and still owned by them early in 1950. These cars had a total value of 5.2 billion dollars. Comparable data for 1948 are 5.6 million purchases aggregating 4.9 billion dollars. In contrast with the prices of new cars, the prices of used cars were somewhat lower in 1949 than in 1948. The median price reported for used cars was about $600 in 1949 as compared with close to $800 in 1948. As in the case of new cars, tradeins and sales of older cars brought actual outlays for used-car purchases substantially under the prices quoted. With allowance for these factors, the median outlay for used cars was less than $500 in 1949. TABLE 9 I N C O M E G R O U P I N G O F A C T U A L AND P R O S P E C T I V E BUYERS O F D U R A B L E GOODS [Percentage distribution] Prospective buyers * Actual buyers Type of purchase All buyers 444 476 438 390 100 100 100 100 4 27 28 29 11 9 16 16 3 5 7 12 19 25 47 284 325 100 100 3 13 17 1 8 5 12 8 13 13 100 100 17 15 17 160 151 6 25 27 22 22 25 22 23 19 14 15 13 22 21 19 16 26 21 14 17 40 59 All buyers Automobiles: 2 1950 1949 1948 1947 787 628 571 100 100 100 3 3 3 13 8 12 22 20 23 21 24 20 14 17 13 New automobiles: 1950 1949 1948 351 256 100 100 2 1 8 1 14 9 16 18 Used automobiles: 1950 1949 1948 . . . . 436 372 100 100 4 5 15 12 28 26 1,407 1,408 1,289 100 100 100 6 5 5 14 14 19 Television sets: 1950 1949 1948 221 53 100 100 2 2 3 Distribution of spending units Number of cases All spending units 3 515 3,51C 3,562 3,057 100 Other selected durable goods.4 1950 1949 1948 1947 HI 1949 1948 1947 1946 Under $1,000- $2,000- $3,000- $4,000$1,000 $1,999 $2,999 $3,999 $4,999 Under $1,000 14 12 14 17 $5,000 and over $1,000- $2,000- $3,000- $4,000- $5,000 and $1,999 $2,999 $3,999 $4,999 over Number of cases Number of cases Under $1,000 54 $l,000-$l,999 Ii 25 23 17 7 20 '23 16 16 33 17 14 34 19 14 22 17 19 46 45 28 15 20 25 22 30 23 (3) 12 12 11 (*) • 885 840 797 644 100 100 100 100 5 6 4 7 12 11 15 20 19 21 23 29 25 25 22 22 15 15 14 11 24 22 22 11 250 124 100 100 3 6 2 10 6 26 21 20 23 35 48 (3) $2,000-$2,999 2 23 23 25 $3,000-$3,999 19 20 17 17 $4,000-14,999 11 12 10 8 $5,000and over 16 15 14 10 r Revised. Includes those who had purchased in the given year prior, to interview, those who said they definitely would buy, and those who said they probably would Includes both new and used automobiles. 3 Data not available. * Includes television sets. NOTE.—The distribution of prospective buyers in 1950 and actual buyers in 1949 is related to the distribution of income in 1949. Data for earlier years are similarly related. The table, therefore, reflects shifts in the distribution of both buyers and income. It is necessary to keep in mind, as indicated in the lower part of the table, that from 1946 to 1948 there was a steady shift from lower to higher income brackets; in 1949, however, the proportion of spending units with less than $2,000 money income (before taxes) increased. 1 buy. 2 786 FEDERAL RESERVE BULLETIN 1950 SURVEY OF CONSUMER FINANCES creased buying by consumers with incomes of less than $3,000. In 1949 these income groups purchased 1 in every 4 new cars sold during the year compared with only 1 in 8 in the previous year. This substantial increase indicates a significant alteration in the character of the market for new cars, with the half of the population in the lower income ranges becoming a more important factor in this market. Plans of low income consumers to buy new cars at the same high rate this year indicate that their purchases may continue in large volume. These findings are generally consistent with the conclusions reached in an analysis of the automobile market published in the November 1949 BULLETIN. At that time it was indicated that, with respect to income, liquid assets, and availability of credit, consumers were in a better position to own cars than before the war. It was further indicated that the greatest relative improvement in income and probably liquid assets was among spending units in the lower half of the income scale. Spending units headed by farm operators increased their purchases of new cars more in 1949 than did any other occupational group. Greater TABLE 10 ACTUAL BUYERS OF CONSUMER DURABLE GOODS AS PERCENTAGE OF SPENDING UNITS WITHIN AGE AND OCCUPATIONAL GROUPS, 1949 AND 1948 Automobiles New and used Type of group New Used 1949 1948 1949 1948 Other selected durable goods 1948 Age of head of spending unit: 18-24 25-34 35-44. 45-54 55-64 65 or over 35 53 48 38 29 18 39 All cases Occupation of head of spending unit: Professional Managerial and selfemployed Clerical and sales.. Skilled and semiskilled Unskilled... Farm o p e r a t o r . . . . All others TABLE All cases 44 47 38 47 57 40 20 39 17 11 OCCUPATIONAL AND A G E GROUPING OF ACTUAL BUYERS OF CONSUMER DURABLE GOODS, 1949 AND 1948 [Percentage distribution] All spending units Type of group Age of head of spending unit: 18-24 .. . 25-34 35-44 45-54 55-64 65 or over Not ascertained .. . All cases Occupation of head of spending unit:. Professional Managerial and self-employed.... Clerical and sales Skilled and semiskilled Unskilled Farm operator All others All cases Number of cases. 1 2 3 . Automobiles New New and used Other selected durable goods Used 1949 i 1948 2 1949 1948 1949 1948 1949 1948 1949 1948 10 23 22 18 14 12 1 11 21 22 20 15 11 14 29 26 18 9 3 1 14 31 27 17 8 3 8 26 27 20 12 6 1 6 25 26 26 12 5 17 32 25 16 7 2 1 18 34 27 12 6 3 9 31 27 18 9 5 1 10 29 26 19 11 5 100 100 100 100 100 100 100 100 100 100 7 12 13 27 12 9 20 7 12 14 27 14 9 17 8 15 12 36 7 11 11 8 15 14 33 12 11 7 12 26 15 21 4 15 7 13 26 16 26 2 11 6 6 8 11 45 9 8 13 5 10 12 37 17 11 8 8 13 12 33 11 10 13 8 14 14 33 14 9 8 . 100 100 100 100 100 100 100 100 100 100 3,512 3,510 787 625 351 254 436 371 1,407 1,408 Distribution of spending units at time of interview in early 1950. Distribution of spending units at time of interview in early 1949. Less than one-half of 1 per cent. JULY 1950 787 1950 SURVEY OF CONSUMER FINANCES availability of new cars in farm areas may have contributed to this. Farmers were the third largest market for this commodity among the major occupational groups and accounted for about 1 in every 7 new-car purchases in 1949. Professionals and managerial and self-employed persons also stepped up their purchases of new cars to a considerable extent. Skilled and semiskilled workers showed little change in frequency of new-car buying but a very sharp rise in the frequency with which they purchased used cars. Members of this occupational group accounted for nearly half of all used-car purchases by consumer spending units in 1949 (see Tables 10 and 11). Purchasers of both new and used automobiles reported buying on credit somewhat more frequently than in earlier postwar years. In 1949, new cars were bought on time in more than 4 in every 10 cases compared with more than 3 in 10 in 1948. Also in 1949, and for the first time in the postwar period, credit was utilized in connection with more than half of all used-car purchases. Purchasers on time tended to borrow a larger part of the purchase price than in 1948. A sharp increase was found in the number that borrowed 50 per cent or more of the purchase price. Other selected durable goods. Each of more than 20 million spending units purchased at least one major consumer durable good other than an automobile in 1949. While this was probably a new record for number of purchasers, the total volume of estimated expenditures for these goods (7 billion dollars) was no larger than in 1948. Purchases of furniture, refrigerators, radios, washing machines, and other large appliances were no more frequent, or less so, than in 1948; purchases of television sets, however, were several times as frequent as in 1948. The median amount spent by consumers on selected durable goods was found to be $250, the same as in 1948. Actual purchases of selected durable goods in 1949 considerably exceeded buying plans at the beginning of the year, as was anticipated when the 1949 survey data were analyzed early last year. Some of the reasons why consumers usually underestimate their future purchases of household items are given in a later section of this article. As might be expected, recently married persons bought durable goods with greater frequency and in larger volume than did unmarried persons or those who had been married for some time. The 788 establishment of a household initiates a stream of expenditures which, though it flows most strongly at the outset, continues in substantial but diminishing volume for a long period. Thus, the high marriage rate in recent years will exert a considerable stimulative effect upon the economy for several years. Couples married no longer than two years were found to have bought more heavily than other consumers. As indicated in Table 12, about 7 in every 10 of this group bought at least one major household item. Approximately 5 in every 10 of the buyers spent at least $300 and more than 1 in every 10 spent $1,000 or more. In comparison, only about half of the couples married between 10 and 20 years bought durable goods in 1949, and of those buying, roughly 4 in 10 spent $300 or more and only a small proportion (considerably less than 1 in 10) spent as much as $1,000. Single or otherwise unattached persons bought major household items less frequently than any other group and spent less for them. TABLE 12 EXPENDITURES ON DURABLE GOODS WITHIN MARITAL STATUS GROUPS, 1949 [Percentage distribution of spending units] Married Total amount spent on 1 selected durable goods 1 None $l-$99 $100-$199 $200-&299 . . . . $300-$499 $500-$999. $1,000 and over Not ascertained All units UnAll 2 groups married years 3-4 5-9 10-20 Over 20 or years years years years less 61 7 7 8 9 6 2 (2) 100 Number of cases... . 3,512 50 9 9 10 11 7 3 1 79 7 4 3 4 2 1 (2) 31 12 12 11 16 10 8 (2) 39 11 11 11 14 8 5 1 46 6 11 12 13 9 3 100 100 100 100 100 100 205 250 377 693 972 996 (2). 66 5 6 10 7 5 1 (2) 1 Before allowances for trade-ins. Excludes automobiles. Less than one-half of 1 per cent. 2 The types of household items purchased varied with the number of years of marriage, as shown in Table 13. Recently married couples bought a great deal of basic equipment such as furniture, refrigerators, and stoves. After three or more years of marriage, the emphasis on basic equipment diminished somewhat, although such purchases remained the most frequent, and greater attention was paid to items such as washing machines and FEDERAL RESERVE BULLETIN 1950 SURVEY OF CONSUMER FINANCES largest market for this commodity. They also appear to have maintained their rate of buying other consumer durable goods, notwithstanding declining farm prices and incomes. This may have been due in part to the relatively recent extension of rural TABLE 13 electrification to large groups of farmers and to the fact that farm incomes, although they have declined ACTUAL BUYERS OF DURABLE GOODS AS A PERCENTAGE OF 1949 SPENDING UNITS WITHIN MARITAL STATUS GROUPS, from the all-time peak, are still high in relation to prewar years. Married The great increase in purchases of television sets UnAll marType of 2 during 1949 reflected in large part rapid consumer groups ried years 3-4 5-9 10-20 Over purchase 20 acceptance of a new product and substantial deor years years years years less clines in prices. Reduced prices apparently brought large numbers of middle and low income con79 39 46 50 66 61 31 No purchase 61 21 54 50 34 At least one item. . . 39 69 sumers into the market. Sharply expanded buying 11 1 4 More than two items 9 4 3 10 by spending units with incomes of less than $5,000 14 25 6 38 16 9 Furniture 21 6 9 5 11 4 Radio 7 8 accounted for most of the spectacular increase in 6 2 5 5 Television set 5 8 7 15 6 15 11 Refrigerator 11 15 14 buying during 1949. The expansion was par8 1 5 3 Washing machine.. . 4 5 4 ticularly marked for consumers with incomes of 9 2 9 Stove 5 6 7 5 Other electrical less than $3,000. The participation of this group 4 3 5 2 9 6 6 appliance jumped from a negligible proportion of all purNOTE.—Percentages for individual items add to more than 100 chases in 1948 to 20 per cent of a much larger because some spending units bought more than one item. number of purchases in 1949 (see Table 9). The frequency and magnitude of purchases of Use of credit to finance major household items consumer durable goods were also found to be was greater in 1949 than in the previous year, as it related to the acquisition of a house and to the has been in each successive postwar year. However, period of home ownership. Nearly 7 in every buying on time was still less prevalent than it was 10 house purchasers in 1949 also bought at least before the war. In 1949, for the first time in one major household item. The outlay for equip- the postwar period, more than half (54 per cent) ment amounted to $300 or more in 6 of every of the consumers who bought durable household 10 cases, and to at least $1,000 in 2 of every 10. goods reported that they had made use of credit. Purchases of selected durable goods were A year earlier, the proportion had been 48 per cent similarly distributed among the different income (see Table 5). As in previous years, consumers groups in 1949 and in 1948 (see Table 9). As in with incomes between $1,000 and $4,000 were the earlier years, spending units headed by persons most frequent users of instalment credit. between 25 and 44 years of age bought proporCONSUMER BUYING ATTITUDES tionately more selected durable goods and spent more on the average than did units in other age Information about consumer intentions to buy groups. This was undoubtedly related to the high specific durable goods and houses within the year rate of family formation and growth in this group. of the survey has attracted considerable interest Approximately 1 in every 2 consumer units within in preceding surveys. It cannot be too strongly this younger age group purchased at least one emphasized that in this particular area, more permajor durable good other than an automobile haps than in any other in the survey program, the compared with about 1 in every 6 for units within reported estimates are exploratory and experimental the age group 65 or older. in character and must be interpreted with caution. The relative frequency with which members of Consumer purchasing intentions at a given point various occupational groups purchased major house- in time are significant insofar as they represent hold items differed in 1949 but not substantially, the disposition of consumers to purchase at that as can be seen in Table 10. As has already been time, and consumer attitudes expressed at successtated, farm operators expanded their purchases of sive points in time can provide a measure of new cars in 1949 to the point of becoming the third change in the inclination of consumers to buy television sets. The presence of small children in the household accounts in major part for the fact that these items were purchased most frequently by couples married from 3 to 9 years. JULY 1950 789 1950 SURVEY OF CONSUMER FINANCES specific products. However, information provided by consumers concerning their plans should not be regarded as a forecast of their actual purchases or as an indication of total demand. Definite consumer buying plans are not always made as much as a year in advance, especially when the item under consideration is in good supply and relatively inexpensive. Also, purchases are frequently induced by a sudden need arising from the breakdown of a presently owned good or from some unforeseen change in personal affairs which would not be reflected in intentions expressed earlier in the year. Similarly, definite plans to purchase specific goods within a given period are affected by unforeseen developments. Changing economic conditions affect consumer purchases and various consumption groups and their buying plans in different ways. These are important limitations to bear in mind in interpreting consumer buying intentions expressed in the early part of this year. The total volume of consumer purchases clearly cannot be obtained by interviews with consumers a year in advance. Apart from the question of total future demand, however, it has been found in earlier surveys that changes in the frequency of intention to buy tend to indicate the direction of change in total demand and to provide some rough measure of the magnitude of this change. Evaluation of consumers' intentions to buy depends in no small measure on their comparison with consumers' incomes, price expectations, financial status, and other information provided by the survey, as well as with supplementary data available from other sources. Former surveys have indicated that plans are most frequently made well in advance to purchase relatively expensive items such as new automobiles and houses, and higher priced models of household equipment. These surveys have also indicated that the length of the period within which purchases are planned varies with the product to be bought, its price, the acuteness of the need for it, its supply conditions, and other factors of which even less is known. Much additional information must be obtained, under varying economic conditions, before we can know what factors enter into a decision to buy a given product within a given period. Survey methods are still in a developmental stage and additional experience and experimentation are necessary to increase their reliability. 790 CONSUMER BUYING PLANS The number of people planning to buy homes, automobiles, and other durable goods within the year was at least as large at the beginning of 1950 as in early 1949. Also, intentions to buy appeared to be more definitely formulated this year than last. Houses. Demand for newly built structures was a greater part of the total prospective demand for houses in 1950 than in 1949, as may be seen in Table 14. Survey estimates show that well over 1 million spending units had "definite" plans to purchase new houses in 1950. Consumers who TABLE 14 CONSUMER ATTITUDES TOWARD PURCHASES OF HOUSES AND CONSUMER DURABLE GOODS Percentage distribution of all spending units Type of product and attitude toward purchase 1950 1949 1948 1947 1946 4.3 3.1 3.4 3.8 (3) 4.1 90.7 0.9 3.9 91.9 1.1 4.1 92.2 0.3 4.9 89.5 1.8 (8) (3) (3) 100.0 100.0 100.0 100.0 (3) s 3.5 5 1.5 old.... *0.7 2.6 1.9 0.5 2.1 1.6 0.9 2.7 2.3 0.9 (3) (3) (3) Houses: 1 Will buy 2 . . Will probably buy or are undecided Will not buy. Not ascertained All cases New houses 4 Old houses 4 Uncertain new or Automobiles: Will buy 2 Will probably buy or are undecided Will not buy Not ascertained. 10.1 9.0 7.3 8.0 8 7.4 82.4 0.1 9.6 81.2 0.2 8.9 83.6 0.2 6.8 84.3 0.9 5 84 3 100.0 100.0 8.2 4.3 0.5 100.0 100.0 100 New cars 4 »*8.4 Used cars 4 **5.7 Uncertainy new or used. . °*0.5 7.4 3.0 0.3 8.2 3.1 0.4 8 2 1 Other selected durable goods: Will buy 2 19.4 Will probably buy or are undecided 9.0 Will not buy 71.6 Not ascertained (7) 17.2 16.3 14.5 22 13.7 69.1 (7) 11.1 72.3 0.3 11.3 72.5 1.7 11 63 4 100.0 100.0 100.0 100 All cases All cases 100.0 e Estimated. Includes plans for b o t h new a n d existing nonfarm houses reported b y nonfarm spending units only. 2 Includes those w h o h a d purchased in t h e given year prior t o being interviewed. 3 D a t a n o t available. 4 Includes those who will b u y a n d will probably b u y . 5 T h e distinction between "will probably b u y " a n d " u n d e c i d e d " in t h e 1950 housing d a t a is n o t completely comparable with t h a t of earlier years because of changes in coding procedures which tended t o reduce t h e proportion of units in t h e "will probably b u y " category a n d t o increase t h e proportion in t h e " u n d e c i d e d " category. Nevertheless, it appears t h a t t h e proportions of spending units in t h e "will b u y " a n d "will probably b u y " new home categories are considerably larger in 1950 t h a n t h e y were i n earlier years. 6 Although coding procedures for plans t o b u y automobiles were revised in t h e 1950 survey, t h e figure given here has been adjusted t o a basis comparable with earlier years. 7 Less t h a n one-half of 1 per cent. 1 FEDERAL RESERVE BULLETIN 1950 SURVEY OF CONSUMER FINANCES reported that they would probably buy brought the total number of prospective purchasers of new houses to nearly 2 million, a substantial increase from the combined total of nearly 1.5 million who planned to buy in 1949. Whether plans for 1950 will be realizable will depend in part on the quantity, quality, and price of the construction industry's output as well as on the availability and terms of credit. Plans to buy close to 1 million existing houses were substantially the same as in 1949. Survey data throw light on several aspects of the potential demand for houses in 1950. The median price that prospective purchasers expected to pay for new houses was the same as had been anticipated for 1949 or slightly higher. It was slightly lower for existing houses. There was no appreciable difference in the income levels of spending units planning to buy houses in the two years. About twothirds of the prospective buyers in both 1950 and 1949 had incomes of $3,000 or more (see Table 3). Similar to the pattern of actual purchases in 1949, the proportion of spending units planning to buy houses in 1950 was twice as large in the veteran as in the nonveteran group. This probably reflected the age level and growing family obligations of the veteran group as well as their easier access to financing and lower frequency of home ownership. The veteran group comprised about half of those planning to buy homes in 1950, which was a somewhat larger proportion than in 1949. Spending units containing veterans appeared to constitute an even larger part of the market for new homes than for existing homes. Persons in younger age groups, especially those between the ages of 25 and 34, continued to express the greatest interest in buying a house. In 1949, however, the spending units that actually bought houses with the greatest relative frequency were those headed by persons between 35 and 54 years of age. As a group, these spending units appeared to carry out their buying intentions somewhat more fully than did younger persons (see Table 15). Residents of cities having from 50,000 to 500,000 population accounted for most of the potential increase in the demand for houses in 1950. There was a greater extension of buying plans in these cities than in any other type of community. The underlying strength of the market for new . homes is further revealed by the fact that about JULY 1950 TABLE 15 ACTUAL AND PROSPECTIVE BUYERS OF NONFARM HOUSES W I T H I N D I F F E R E N T GROUPS Buyers as a percentage of all nonfarm spending units within group Type of group Prospective Actual 1949 Age of head of spending unit: 18-24 . . . 25-34 35-44 45-54 . 55-64 65 or over .. Veteran status: Veteran of World War II in unit. No veteran of World War II in Type of community: Metropolitan area Other city, 50,000 and over Small city or rural a r e a . . . . . . . . . . 3 4 5 5 1 (2) 1948 1950 4 7 7 6 3 1 7 9 6 4 5 1 1 1949 6 10 7 5 3 2 : 5 7 11 3 5 4 4 3 4 4 4 4 7 5 8 6 4 4 7 7 1 Includes those w h o had bought in t h e given year prior to being interviewed, those w h o said t h e y definitely would b u y , a n d those who said they probably would b u y . D a t a for 1950 are not completely comparable with earlier d a t a because of changes in coding procedures which reduced somewhat t h e proportions of prospective buyers in 1950 relative t o 1949. Nevertheless, a larger proportion of spending units appear t o be prospective buyers in 1950 t h a n in 1949. 2 Less t h a n one-half of 1 per cent. as many consumers expressed intentions to buy new homes in 1951 as in 1950. Plans for 1951 were naturally more uncertain than those for 1950 because of the remoteness of the time period. The prices people expected to pay in the two years were quite comparable. This would tend to indicate that consumers who planned to defer purchases until 1951 were not doing so because of an expected price decline. The importance of the veteran group in the market for new houses promises to be as great in 1951 as in 1950. It should be noted that, subsequent to the survey early in 1950, there was a liberalization of the terms of housing credit available to veterans and also to a lesser extent to nonveterans. Automobiles. The number of spending units that said they would or would probably buy automobiles in the coming year was somewhat larger early in 1950 than early in 1949. Although the bulk of the increase was in plans to buy used cars, at least as many consumers intended to buy new cars in 1950 as had expressed similar plans for 1949, a year of record-breaking sales. Moreover, spending units expressed greater certainty with respect to purchases of new cars than in the pre- 791 1950 SURVEY OF CONSUMER FINANCES ceding year, relatively more saying they would definitely buy and relatively fewer saying they would probably buy. While experience to date does not reveal the full import of this increase in certainty, it seems plausible to expect that the number of new cars purchased may exceed the number suggested solely by a numerical comparison of intentions to purchase in 1949 and in 1950. New cars. When prospective buyers of new automobiles were asked in which half of 1950 they would make their purchases, a slight majority indicated that it would be in the first half. This group expressed more certain intentions to buy than the other group, as might be expected. It is possible that intentions to purchase at a more remote time may reflect hopes and desires rather than fairly definite plans. Also, plans for the more distant future are more subject to change than plans for the immediate future. Notwithstanding these qualifications, it is significant that expressed purchase plans for new cars were not drastically less for the second half of 1950 than for the first half. The prices consumers expected to pay for new automobiles in 1950 were much the same as those reported for 1949, and there was little difference in price expectations for the first and second halves of the year. It would seem that few consumers who were deferring their purchases to the latter part of the year were doing so in the hope of significant price declines. Survey data indicate that there has been some change in the type of spending unit planning to buy a new car. Spending units with incomes of less than $3,000 accounted for a somewhat larger proportion of prospective buyers of new cars in 1950 than in 1949. If these plans are carried through, they may continue the pattern of 1949, when the accelerated rate of buying of these lower income groups accounted for a larger share of new-car purchases than in the previous year. In early 1950, more than 4 spending units in every 10 intending to buy a new car within the year owned a postwar model automobile, while in the two previous years the ratio had been about 3 in 10. This change indicates that there has been some return to the prewar importance of consumers who made a practice of trading in a comparatively new car for the latest model. Owners of prewar model automobiles declined somewhat in relative importance among those planning to purchase new 792 cars, as compared with 1949, but still accounted for nearly 4 in every 10 of this group; almost 2 in 10 prospective buyers did not own an automobile when interviewed in early 1950. A further increase in the use of credit to finance new automobiles may be expected on the basis of survey findings. The proportion planning to finance a new car by borrowing rose to 5 in 10 at the beginning of this year from 4 in 10 a year earlier (see Table 5). It is believed, however, that credit is still used less frequently than in the prewar period when, according to fragmentary evidence, from 6 to 7 in every 10 purchases of new cars involved the use of credit. Used cars. The number of consumer spending units planning to buy a used car before the end of the year slightly exceeded the number planning such a purchase in any previous survey. Past experience has been that used-car purchases have always substantially exceeded reported buying plans, indicating that many people purchase used cars without having made definite plans three, six, or twelve months earlier. Thus, it is probable that considerably more used cars will be purchased in 1950 than even the record number planned. This is an important development because, with the present organization of the automobile industry, a high volume of used-car purchases is an essential condition for a sustained high level of new-car sales. A somewhat larger proportion of prospective used-car buyers than of new-car buyers were planning to purchase in the first half of 1950. This may partly reflect the fact that less forward planning is done in the case of used cars and therefore purchases planned for the immediate future tend to have greater weight. One factor that may contribute to even this large a proportion in the second half is the fact that the prices which prospective purchasers in the second half of the year were expecting to pay were somewhat lower than those indicated by prospective purchasers in the first half. This implies that some consumers were deferring their purchases of used cars in the expectation of price declines, which to some extent occur in most years following Labor Day. For the year as a whole, consumers were planning to pay somewhat less for used cars in 1950 than in the previous year. In view of the decline in used-car prices during 1949, these expectations appear to be realistic. Prospective buyers of used cars were planning to buy on time to a greater FEDERAL RESERVE BULLETIN 1950 SURVEY OF CONSUMER FINANCES large as in 1949 but was also greater than the number that actually purchased last year. A larger proportion of consumers at each income level expected to buy sets this year than last, with the lower income groups showing the largest increases. The substantial decline that has taken place in the prices of these goods has undoubtedly been an important factor in this development. Consumers appear to anticipate that this decline will continue, as evidenced by the fact that the median expected price in 1950 was {260, compared with expected and actual median payments of $340 and $330 respectively in 1949 (see Table 16). In early 1950, the proportion of spending units planning to buy at least one selected durable good was equal to or greater than the comparable figure a year earlier for each level of income. As in previous years, it was found that the higher the income level, the larger the proportion that intended to buy. Similar to plans for automobiles, intended reliance on credit to buy selected durable goods was greater than last year. extent than in 1949, with more than 6 in 10 intending to utilize credit in 1950 compared with about 5 in 10 the year before. A large part (roughly 4 in every 10) of the group planning to buy used cars did not own automobiles when interviewed early in 1950 and almost all of those who did owned prewar models. Other selected durable goods. Intentions to buy selected durable goods other than automobiles appeared to be at least as frequent at the outset of 1950 as a year earlier. A decline in demand was evident only in the case of radios; prospects for television sets, furniture, washing machines, and refrigerators were as bright as in 1949, or brighter. A substantial increase was noted in the number of people who expected to buy television sets. In 1949, the size of the television market was substantially underreported, signifying that many people bought sets in 1949 who had not made up their minds to do so at the beginning of the year. The number of consumers planning to buy sets during 1950 was not only more than twice as TABLE ACTUAL AND PLANNED PURCHASES OF 16 SELECTED CONSUMER DURABLE GOODS 1 Actual purchases 2 Planned purchases Type of durable good 1949 1948 1947 1946 1950 1949 Furniture: Percentage of spending u n i t s . . . . . . . . . . . . . . . . . . Estimated number of spending units (in millions) Median expenditure 14.1 7.3 $210 15.3 7.7 $215 14.0 6.8 $200 13.5 6.3 $200 9.6 5.0 $250 8.4 4.2 $240 7.7 3.7 $200 Radios :3 Percentage of spending units Estimated number of spending units (in millions) Median expenditure 7.7 4.0 $ 55 9.6 4.8 $ 70 10.3 5.0 $ 60 6.6 3.1 $ 50 2.2 1.1 $100 3.7 1.9 $ 90 3.6 1.7 $100 Television sets: Percentage of spending units Estimated number of spending units (in millions) Median expenditure 5.6 2.9 $330 1.3 0.7 $465 () Refrigerators:5 Percentage of spending units Estimated number of spending units (in millions) Median expenditure 13.1 6.8 $260 10.8 5.4 $260 Washing machines: Percentage of spending units Estimated number of spending units (in millions) Median expenditure. . 5.1 2.7 $145 6.0 3.0 (4) 1948 1947 6.6 (4) 3.4 $260 2.8 1.4 $340 9.7 4.7 $240 5.2 2.4 $190 6.0 3.1 $245 5.7 2.9 $240 6.2 3.0 $240 6.8 3.3 $200 5.1 2.5 2.8 1.3 $120 3.0 1.6 $165 2.7 1.4 () 3.0 1.5 2.8 1.4 $120 (4) 1 Planned purchases in 1950 and actual purchases in 1949 were ascertained from interviews made during the period Jan. 3-Mar. 5, 1950. Similar information for previous years was obtained by surveys made early in 1949, 1948, and 1947. In each case, the percentage of spending units expecting to buy includes those who had purchased in the given year prior to being interviewed, those who said they definitely would buy, and those who said they probably would buy. 2 The fact that the number of spending units who reported buying refrigerators in 1949, 1948, and 1947 exceeded the number of refrigerators produced in those years is indicative of the active market for used refrigerators. In the case of washing machines and radios, indicated purchases by spending units were less than production figures. This may be because a large number of purchases were made by buyers other than consumer spending units. It is also possible that some purchases of small washing machines and portable and table radios were not reported. 3 Radio purchases in 1949 and 1948 and prospective purchases in 1950 and 1949 are not completely comparable with earlier data covering radios. The most recent data show television sets separately from radios whereas the two are combined in the earlier figures. 4 Data not available. 5 Actual refrigerator purchases in 1949 and prospective purchases in 1950 are not completely comparable with earlier data covering refrigerators. The most recent data include deep-freeze units with refrigerators, whereas the earlier data do not. JULY 1950 793 19SO SURVEY OF CONSUMER FINANCES As might be expected, survey data show a relation between intention to purchase durable goods and change in personal financial situation. The proportion of prospective buyers was much larger among those who believed that they were better of! than a year ago and among those whose incomes had increased than among those who felt that they were worse off or whose incomes had decreased. Consumers' buying plans reflect not only their expected needs but also their expectations concerning the future—jobs,- incomes, prices, supply conditions, etc. As has been indicated in the first article in this series, consumers were generally optimistic about their own personal income prospects and about future business conditions. The expectation of price declines had diminished. These beliefs concerning the future were important elements in consumers' plans to continue buying houses and durable goods at least as extensively as in 1949. It is not possible to say how consumers may change their buying plans if their expectations are not realized. However, it is encouraging to find that the financial position of consumers was still strong at the beginning of 1950 and that consumer demand for houses and durable goods continued at very high levels. 794 TABLE 17 PRICE PAID FOR DURABLE GOODS BY BUYERS IN DIFFERENT INCOME GROUPS, 1949 Buyers as a percentage of all spending units within income group Price and type of purchase All inUnder $1,000- $2,000- $3,000come $1,000 1,999 2,999 4,999 groups Automobiles: l Under $1,000. . $1,000-$ 1,499.. $l,500-$l,999. . $2,000 and over. Price not ascertained . . . . 9 2 4 6 2 1 2 1 (2) (2) 1 1 All c a s e s . . . . 22 5 14 Other selected durable goods:3 Under $100. $100-$199.. $200-$299.. $300-$499.. $500-$749.. $750-$999.. $1,000 and over. N o t ascertained 7 8 9 4 2 2 (2) 10 5 6 5 1 (2) (2) (2) 10 9 10 3 1 1 (2) All c a s e s . . . . 39 7 7 Number of cases. . 3,512 2 5 2 (2) (2) 1 (2) 7 2 2 3 13 3 3 3 $5,000 ana over 12 3 5 6 5 2 10 20 23 26 36 7 7 10 10 10 6 2 2 1 5 7 9 14 8 4 7 (2) (2) 18 28 41 48 54 479 604 672 1,012 706 1 2 3 Includes both new and used automobiles. Less than one-half of 1 per cent. Prices refer to the total value of such goods bought by a spending unit. NOTE.—Percentages may not add to totals because of rounding; details for number of cases do not add to total because income was not ascertained in 39 interviews. FEDERAL RESERVE BULLETIN METHODS OF THE SURVEY OF CONSUMER FINANCES1 The Survey of Consumer Finances seeks to extend our knowledge of the economic position and attitudes of consumers in the United States. It gathers information about their current financial status, their recent spending and saving behavior, their attitudes toward their own financial situation and prospects as well as those of the country as a whole, and their spending and saving plans for the near future. These are important factors in the ebb and flow of economic activity and information concerning them should be collected periodically if it is to make its greatest contribution to our knowledge of economic change. It would be prohibitively expensive and wasteful to ask every consumer about his financial position and economic outlook. Fortunately, methods developed within the past few decades make such a procedure unnecessary. Advances in sampling techniques make, it possible, by collecting information from a few thousand cases, to determine values representative of millions of cases within practicable margins of error that are established in advance. Reliance on sampling has several advantages. In addition to making consumer surveys financially feasible, it yields results more quickly than a complete survey and permits the use of more uniform methods and a higher average quality of personnel. On the other hand, sampling has definite limitations, and the smaller the sample the greater some of these limitations become. For example, small samples limit the possibilities of obtaining reliable information about small subgroups, such as consumers living in particular areas. Methods of approaching respondents, of inducing them to give information freely concerning even personal matters, and of reducing errors in reporting have also been developed or improved within recent years. When respondents are first asked to express their opinions and feelings and to talk freely about matters they like to discuss, it becomes easier to collect data on financial assets and liabilities. Also, the discussion of diverse aspects of the respondents' financial situation permits the analyst to check on the consistency of the information received. One disadvantage of seeking information about numerous subjects in one survey is that they cannot all be treated in detail. Annual Surveys of Consumer Finances have been conducted in January and February of each of the years 1946-50. In addition, an interim survey has been made in July of a number of these years and an extensive pilot study was conducted in 1945. For the purpose of deriving time trends from several consecutive surveys, changes in survey methods and subject matter need to be kept to a minimum. On the other hand, considering the newness of the survey techniques and the desirability of advancing knowledge concerning their potentialities and limitations, it is essential that any freezing of survey designs be avoided. Survey methods have been continuously, although not fundamentally, revised on the basis of past experience so that, in some instances, exact comparability of data obtained from consecutive surveys is not maintained. The most important innovations in the 1950 survey concern the content of the questionnaire (inquiries into certain forms of assets and liabilities were expanded) and the methods of coding. STEPS IN MAKING THE SURVEYS INTERVIEWING The interviewing staff. The Survey Research Center maintains a national staff of trained interviewers who work on many projects in addition to the 1 Prepared by the stall of the Survey Research Center, University of Michigan. Responsibility for the article was carried primarily by George Katona, Program Director, Leslie Kish, Acting Head of Sampling Section, and John B. Lansing and James K. Dent, Study Directors. They wish to thank the Board's Division o£ Research and Statistics for valuable suggestions. JULY 1950 Survey of Consumer Finances. The staff is set up on the basis of county units, each with a local supervisor. In addition to the county staffs, who are employed on a part-time basis at an hourly rate, the Center has a number of permanent field supervisors. Their functions include the training of interviewers and hiring when necessary. For a major project such as the Survey of Consumer Finances these traveling supervisors attend conferences in Ann Arbor where the study 795 METHODS OF THE SURVEY OF CONSUMER FINANCES Is discussed in detail. They then visit the counties accepted. This occurred in 15 per cent of the interand train the interviewers. Although many of the views for the 1950 survey. The questionnaire attempts to serve the dual local interviewers have been with the Center for several years, it is always necessary to replace part purposes of specifying the questions which the of the staff for each study. About two-thirds of interviewer is to ask and of enlisting the interest the interviewers are women; over 80 per cent have and participation of the respondent. The intercollege training; and 75 per cent fall in the age viewer must adhere strictly to the sequence and group 30-60 years. The occupational groups most wording of each question in order to obtain comfrequently represented among the interviewers are parable answers from different respondents. The housewives, school teachers, and college students. sequence and wording of the questions are designed A typical interviewer, if there were one, would to make them understandable to the respondents be a housewife between 30 and 45 years of age and to lead from one topic to the next. Introducwith college training who wants part-time work. tions to the entire interview and to some of its larger parts are likewise prepared, but the interTraining interviewers. Careful selection and inviewer can, and usually does, adapt the introducdividual training of personnel are necessitated by tions to the specific situations he encounters. The the interview methods used. Interviewing is not a interview form used in the 1950 survey contained routine operation of reading questions prepared in 180 questions or entries. Many of these questions, the central office and recording the answers. The however, did not apply to each respondent. For interviewer must "sell" himself to the respondent by instance, if a respondent did not buy an automoexplaining the importance of the interview and the bile in 1949, the questions about price and method method- by which the respondent was selected. of financing were not asked. On the average, He must convince the respondent that no data con- an interview lasted one hour. In simple cases cerning individuals will be revealed. He must it was finished more rapidly, and in other instances establish rapport with the respondent and have the in which the financial situation was complex, or ability to encourage him to talk freely and to give the respondent rather talkative, it took longer. complete and truthful answers. In addition, of In addition to the questions printed in the course, he must keep careful and reliable records of questionnaire, the interviewer customarily uses what the respondent says. other techniques for eliciting additional informaDuring training, practice interviews are recorded tion from the respondents. In the training, conand played back to the interviewers. By listening siderable emphasis is placed on the use of so-called to their own and their colleagues' procedures, in- "nondirective" probing methods. These methods terviewers notice what they did well and what they are designed to draw out the respondent and failed to do. Further training is conducted in the clarify the meaning of his answers, "Why do you field as the supervisor observes the interviewer in say so?" or "Would you tell me more about this?" an actual interview situation. are examples of probing questions. Types of questions. Different kinds of interview Interview methods. In most instances, letters are written to the respondents announcing in somewhat questions are used in the Surveys of Consumer general terms that a representative of the Survey Finances. "Direct questions," to which replies in Research Center will call on them in connection terms of "Yes" or "No" are possible, are satisfacwith a consumer survey. This letter helps the in- tory if the inquiry is directed toward a simple, generally understood fact (e.g., "Do you own a terviewer in his first contact with a household. Interviewers are instructed to interview the head car?"). "Multiple choice questions" presenting of each spending unit. The head is defined as the alternatives to the respondent are often satisfactory as an introduction to a topic. For example, the husband or, if there is not a husband, the main surveys contain the question "Would you say you earner. In most cases, only the head of the spend- people are better off or worse off financially now ing unit can be relied upon to know all financial than you were a year ago?" This question is, howdetails about income, mortgages, bank deposits, ever, followed by another one, namely, "Why do etc. Yet in certain instances it is not possible to you say so?" Even to the first type of question, interview the head. Then the wife's responses are most respondents reply in detail—and not simply by 796 FEDERAL RESERVE BULLETIN METHODS OF THE SURVEY OF CONSUMER FINANCES saying "better" or "worse"—and their answers are taken down by the interviewer as nearly verbatim as possible. The second question and other nondirective probes serve to clarify the meaning of the first answer. Questions of the form "Why do you say so?" and other questions that need to be answered in the respondent's own words are called "open-ended questions." Questions such as "What do you think will happen to the prices of things you buy during 1950?" are examples of what is called "fixed question-free answer" interviewing. This form of question is used frequently. Both the wording and sequence of questions are "pre-tested." A preliminary version of the questionnaire is tried out on a limited number of respondents who are not in the final sample to find out if the questions are generally understandable and whether they induce respondents to answer in the terms needed. Among the many wellestablished principles which are used as guides, the following may be mentioned here. The meaning of each word should be clear and simple. Each question should be directed to a single objective. One direct question is not sufficient to cover an important and difficult problem which often needs to be approached in several ways. The "funnel arrangement" of starting with a general question and following with more specific questions is useful. It follows from these principles that if data relating to some standard definition of saving are desired, it would be poor technique to ask a respondent how much he saved last year. The term "saved" would be understood in different ways by different respondents and answers to the same question would be directed toward a number of different activities (for example, to saving through putting money in a bank, through repaying a debt, etc.). Even a more specific inquiry, such as that about savings accounts and their changes during the past year, must be approached gradually. The respondent is first told that many people have savings accounts and that there are different kinds of savings accounts. Then he is asked whether he has a savings account in a bank; whether other members of his spending unit have such an account; whether he has more than one such account. The same questions are repeated regarding money on deposit with savings or building and loan associations, credit unions, or postal savings accounts. JULY 1950 Only after these questions does the inquiry turn toward the amounts held. CHOOSING A CROSS-SECTION OF CONSUMERS General principles of choosing a sample. Sampling is used widely in many phases of human activity, scientific, governmental, business, manufacturing, recreational. Our safety often depends on sampling processes as evidenced, for instance, by sample tests of electrical fuses, or sample bacterial counts of a city's water supply. Estimates derived from small samples, such as the 3,500 consumer unit sample used in these surveys, will vary from the results that would be obtained if the entire population were interviewed. However, the expected range of this variation can be measured and controlled if the sample is selected by methods consistent with "probability sampling"; that is, methods by which the probability of selection is known for every member of the population. The procedure provides a method by which the different sections of the population may be properly represented in the sample. Whereas the use of judgment properly enters into definitions and other preliminary procedures of the sampling operation, the actual selection of the sample is free of personal judgment and in accord with the laws of probability. The probability procedure may be illustrated by the mechanism used by the Selective Service; slips of paper bearing numbers are thoroughly mixed in a bowl and then selected one at a time. Each of the numbers selected designates the drafting of the individuals holding the specified registration numbers. The process of selecting a sample of employees from the payroll list of a factory is a simple matter. On a list of employees, which represents the "population," each employee can be designated by a different number. The equivalent of mixing in a bowl is accomplished by means of a table of random numbers. Each number drawn from the table clearly designates one person on the list to be included in the sample. The required quantity of random numbers can be drawn from the table and the sample is clearly specified. How the sample is chosen. The sampling procedures of the Surveys of Consumer Finances are based on the principles of probability sampling illustrated above. They are, however, more complex because of the nature of the sampling prob- 797 METHODS OF THE SURVEY OF CONSUMER FINANCES lems, as described below; there are also slight departures from the ideal as will be discussed in the paragraph relating to the listing of dwelling units. There is no list of all the families or spending units in the United States from which a sample could be selected and designated. The establishment of such a list would not be a practical undertaking. Furthermore, even if a list were available, the individuals selected from it would be so widely dispersed geographically that the cost of interviewing would be very high. The Surveys of Consumer Finances are designed on the basis of a work load of about 40 to 50 interviews within each primary area selected (usually a county), and two interviews to a sample block within towns. This procedure, known as "clustering" the sample, reduces the costs of travel and interviewer time in reaching designated respondents. The clustering is intended to achieve the most acceptable compromise between two factors which have opposite effects on the efficiency of sample design: the greater the spread of a sample of given size, the more precisely will it represent the diverse elements of the population; the smaller the spread of the sample, the less the cost per interview. The sampling procedure used in the Surveys of Consumer Finances is known as multi-stage area sampling. The process of selection has several stages; at each stage the area to be sampled is divided into several parts with clearly designated boundaries, and some of the parts are then selected into the sample according to specified probabilities. First counties are selected; then cities, towns, or townships within the counties; then city blocks in cities and small geographical areas in other places; finally dwelling units within the blocks or areas. Thus by successive selections of areas, individual dwellings are selected and the spending units living in these dwellings are designated for the sample. Despite these complexities the essential qualities of probability sampling are maintained. That is to say, the equivalent of a list representing the population covered by the survey is used at each stage in the process of selecting the sample, and thereby each member drawn into the sample is randomly designated. Techniques for increasing sample precision. Two major devices are used for increasing sample precision or the likelihood that the sample will have the same characteristics as the total population. 798 One of these is stratification. The other is selection with "probabilities proportional to size." Stratification. By this device, the population to be sampled is first sorted into several groups (strata) on the basis of relevant social and economic variables. Subsequently units within each of these strata are selected for the sample, thus insuring that it will more accurately reflect the diversity of the population in regard to those variables. Insofar as the variables used in stratification are related to the variables being measured by the survey, the precision of findings is increased. The 12 largest metropolitan areas, each of which contained a million or more inhabitants in 1940, are considered separately from the rest of the country for survey purposes. These 12 areas contain 48 counties and about 30 per cent of the nation's population. The largest is the New York area with about a tenth of the population in 15 counties and the smallest is the Cleveland area in Cuyahoga County, Ohio. Each of the central cities of the 12 metropolitan areas is included in the sample. A sample from a list of the cities, towns, and rural districts in the suburban areas surrounding these central cities is drawn. The sampling of blocks and dwelling units within these cities and towns is similar to that described below for cities and towns outside the metropolitan areas. Outside the 12 metropolitan areas there are about 3,000 counties, each of which (or sometimes an adjacent group of two or three counties) is a potential primary sampling area. Originally, these counties were sorted into 54 groups (strata) on the basis of the following variables: percentage of 1940 population living in urban places; average per capita bond sales in 1943; degree of industrialization as indicated by the proportion of the 1940 working population employed in manufacturing industries; percentages of the 1940 population which were native white; and average size of farm according to the 1940 Census of Agriculture. One primary area per stratum was selected in a random manner from the list of areas for each stratum. Work has been under way for some time to make it possible to change to a new set of 54 primary areas. In this, new grouping, more emphasis is being given to such factors as population concentration and geographic location and, in some instances, primary sampling areas larger than single counties have been established. Moreover, a new technique for controlling the selection FEDERAL RESERVE BULLETIN METHODS OF THE SURVEY OF CONSUMER FINANCES of primary areas has been devised, which on tests o£ several important items has yielded increased precision of results.2 The shift from the old to the new set of primary areas is being made gradually and to date only 17 of the original 54 primary areas have been replaced by new ones. (The 54 selections and the 12 large metropolitan areas comprise the 66 primary sampling areas of the survey.) Each of the 54 primary areas is divided into two parts: (1) cities, towns, villages, and unincorporated congested areas, and (2) open country. The areas included in (1) are divided into several subgroups (substrata) and from each subgroup one place is selected for the sample. The entire area of each place selected is divided into blocks (small areas with definite boundaries, usually streets), the blocks are listed and numbered consecutively, and a set of sample blocks scattered through the various parts of the town is selected from the list. A map of the town showing the sample blocks, and a separate "listing sheet" for each sample block, with a sketch of the boundaries, are given to the interviewer, who is instructed to enter on separate lines the complete address (with description where necessary) of every dwelling unit located within its boundaries. From these lists a sample of dwelling units is selected and the interviewer is directed to take interviews at the selected addresses. The sparsely populated "open country" portions of the primary area are sampled in a slightly different but analogous manner: the entire area is divided into small segments bounded by roads, railroads, streams, township lines, etc. These subdivisions are numbered consecutively, and random selection from this listing yields several segments scattered through the various parts of the county. The interviewer is given a county map showing these segments and told to take interviews at each dwelling located inside their boundaries. In all the different stages of molding the sample, the selections are made in the Ann Arbor office in 2 Briefly, this technique makes sure that the primary areas selected from the various strata will be better distributed with respect to geographical location and other variables than they would ordinarily be by stratification alone. It involves a coordination of the selection of primary areas within the various strata at the same time adhering rigorously to principles of probability sampling. For further details, see the forthcoming article "Controlled Selection—A Technique in Probability Sampling," by Roe Goodman and Leslie Kish in the September 1950 Journal of the American Statistical Association. JULY 1950. accordance with predetermined probabilities, with the use of tables of random numbers. Selection with "probabilities proportional to size." Another step in increasing sample precision is to give each primary area a probability of being chosen proportional to a measure of the number of people it contains. The sampling rates within primary areas are controlled so that each dwelling unit has the desired probability of being selected, regardless of where it is located. This technique, in addition to increasing the sampling precision, contributes to easier administration by making for a relatively stable number of interviews from each type of sampling unit (county, city, or block). Although the measure is usually based on the 1940 population, there is no fixed "quota" of interviews to be taken in any one area. Insofar as some sample counties, towns, or blocks have increased in population since 1940, this increase will be reflected, within limits of sampling variability, in a larger sample from those places. For cities with over 50,000 population, the number of dwellings in each block shown in the 1940 Census Block Statistics is used, supplemented by an additional selection from blocks which had no dwellings in 1940.3 In smaller places aerial photographs are utilized to obtain a rough count of the dwellings in the blocks. The "Master Sample," from which the listing of the towns and rural congested areas in the sample counties is obtained, also provides the material for selection of segments in the open country areas.* Oversampling of high-income groups. Another important device used for improving the precision of some of the survey results is the procedure for increasing the number of interviews with people at higher economic levels. This group represents the far end of the highly skewed distributions of income, of amounts saved, and of assets. Because of the concentration of income and saving among a relatively small proportion of the population, information received from a relatively few respondents weighs heavily in the means, aggregates, and distributions of aggregates collected in the survey. There is great variation in the amounts received, 3 When 1950 Census Block Statistics become available, these data rather than the 1940 data will be used. 4 The Master Sample comprises maps and other materials for the entire country which greatly facilitate the selection procedures involved in area sampling. Developed jointly by Iowa State College, the U. S. Bureau of Agricultural Economics, and the U. S. Bureau of the Census, the material can now be obtained from the Bureau of the Census. 799 METHODS OF THE SURVEY OF CONSUMER FINANCES held, invested, and spent by the members of this group. By increasing the number of "wealthy" respondents in the sample, a more reliable representation of this important group is obtained. In the tabulation of results the interviews from the oversampled dwellings receive a proportionately smaller weight so that they appear in their proper proportions in the final results. The procedure for oversampling must rely on indirect means, because direct identification of dwellings with high-income occupants is not usually possible. In the Surveys of Consumer Finances various indirect procedures are used. For cities with populations over 50,000, Census figures give the average rent paid per block; dwellings in highrent blocks, and also dwellings in high-rent suburbs, are oversampled in the Surveys of Consumer Finances. Also, at the time of listing dwellings in these blocks the interviewers are instructed to indicate whether they think the dwellings are occupied by high-, medium-, or low-income families. Dwellings rated "medium" are sampled at twice the rate of "low" dwellings. Dwellings rated "high" at six times this rate. (In the three surveys prior to 1950, the "high" dwellings were sampled at four times the rate of the "low" and that experience indicated the advisability of greater oversampling.) In other cities and towns the dwellings rated high as well as those rated medium are sampled at twice the rate of the lows; in these smaller places the highest rate of oversampling is not applied because it is believed that the additional cost of this procedure is not justified in view of the relatively small proportion of potential highincome respondents. It should be noted, of course, that this device of oversampling on the basis of subjective ratings does not affect the representativeness of the original sampling procedures. The weight assigned to each interview takes into account the rate of sampling. If some dwellings rated high prove to contain low-income families, this merely increases the number of interviews from low-income families, without adding to their weighted proportion in the final sample, and fails to add interviews from highincome families. Hence, inaccuracies in the subjective ratings reduce the gains in over-all precision accruing from the oversampling procedure; but they do not bias the sample results. No substitutions in sample. After the dwelling units have been selected each interviewer is given 800 relatively simple instructions with respect to procedure. At each dwelling assigned to him, he is instructed to list the occupants, to identify the family units and the spending units, and to interview the head of every spending unit. Substitutions for non-responses are not allowed because they would not be true substitutes, and because their effect on the over-all procedure might be to render the sample results less accurate. A high enough sampling rate is taken to obtain approximately the desired number after allowing for losses due to non-response. Inaccuracies in listing. I n the carrying out of field operations there are some departures from specifications. Occasionally some dwellings are overlooked at the time of the listing. A number of these omissions are later discovered and included during the interviewing period. The interviewer may also make a mistake in identifying the boundaries of a sample block or segment. Finally, there is the difficulty of including in the listings all the newly constructed dwellings as they become occupied. Some listings are from one to four months old, at the time interviewing begins. These listings, however, include dwellings under construction, and such dwellings are included in the addresses in the samples. For block listings which are older than that a procedure is used to bring into the sample newer dwellings in these blocks in their proper proportion. This is done by selecting a sample of these blocks for inspection by the interviewer, who locates any new and unlisted dwelling while he is interviewing in the block. Survey definitions. A spending unit is a group of persons living in the same dwelling and related by blood, marriage, or adoption, who pool their incomes for their major items of expense. In some instances a spending unit consists of only one person. Each dwelling unit contains at least one family unit and at least one spending unit. The spending unit containing the head of the household is the primary spending unit regardless of the number of spending units in the dwelling. A family unit consists of all persons living in the same dwelling and related by blood, marriage, or adoption. Some family units consist of more than one spending unit because adult children, parents, or other relatives, even though they live in the same dwelling, do not necessarily pool their incomes FEDERAL RESERVE BULLETIN METHODS OF THE SURVEY OF CONSUMER FINANCES with that of the head of the family. Such spending units are called related secondary spending units. A family unit may consist of only one person. Some dwelling units contain more than one family unit; for example, roomers, boarders, servants, or other occupants unrelated to the head of the household constitute separate family units. These are classified as unrelated secondary spending units. Of the spending units in the 1950 survey (3,512 in number) 82.5 per cent were primary spending units, 13.1 per cent were related secondary spending units, and 4.4 per cent were unrelated secondary spending units. These proportions correspond to those obtained from the 3,510 spending units in the 1949 survey and the 3,562 in the 1948 survey within one-tenth of one per cent. Exclusions from the survey universe. The sample is designed to represent the consumers living in private households in the continental United States and does not include members of the armed forces or other persons living on military reservations, residents in hospitals or other institutions (penal, educational, religious, etc.), or residents in hotels, large boarding houses, and tourist camps. It is estimated that about 3 per cent of the population of 150 million was thereby excluded from the universe from which the sample was drawn. Independence of survey estimates. Survey findings regarding the percentage distribution of spending units or families are reported without adjustment or correction on the basis of outside information. Findings presented in terms of millions of units or billions of dollars are calculated by multiplying survey averages by a factor (either the number of spending units or family units) which depends upon the estimated number of dwelling units in the nation. These estimates of the number of dwelling units are made on the basis of Census estimates which are prepared for April of each year. Figures shown for earlier years represent minor revisions of those published in previous issues of the BULLETIN. According to currently available information, the number of dwelling units occupied as private households is estimated at 42.9 million for February 1, 1950, at 41.8 million for February 1, 1949, and at 40.4 million for February 1, 1948. From these figures, on the basis of survey findings, the following estimates of the numbers of spending units and family units are derived: JULY 1950 (In millions) Type of unit Primary spending units (equal to occupied dwelling units) i Unrelated secondary spending units Family units Related secondary spending units Total spending units 1950 1949 1948 42.9 2.3 45.2 6.8 52.0 41.8 2.2 44.0 6.6 50.6 40 2 42 6 49 4 2 6 4 0 Altogether 3,512 interviews were taken in 1950 in about 3,000 dwellings in 66 primary sampling areas. They were located in about 1,500 blocks in 44 cities with over 50,000 population and 150 smaller cities, towns, and villages, and in 167 open country segments. In the 1949 survey a portion of the sample was drawn from respondents previously interviewed, while the entire sample of other surveys consisted of respondents not previously interviewed. ANALYSIS Editing. The interviews are carefully reviewed in the central office as they arrive so that errors in content or technique may be spotted and corrected. This review is the first of the two stages of "editing." Each interview is studied to discover if the data which it contains are complete and internally consistent. Sometimes the answer to one question in an interview can be clarified or corrected in the light of answers to other questions. Sometimes the information in the interview is not clear or is incomplete. Where the information in question is important, the procedure is to send the interview back to the interviewer so that he may revisit the respondent and ask whatever additional questions may be needed. In 1950, about 5 per cent of the respondents were interviewed a second time. In the second stage of editing, a series of computations are made for each interview. Amount saved, total indebtedness, expenditures for durable goods, estimated income taxes, and the relation of these amounts to income are computed for each spending unit from answers received to several questions. Coding. Coders classify the edited data in a series of code numbers which can be punched on cards for tabulating. In the 1950 survey a typical interview required numerical entries by a coder in each of 465 columns. Some of these classifications require no judgment, as in the case of age; others 801 METHODS OF THE SURVEY OF CONSUMER FINANCES require the exercise of judgment in the application of general principles to individual responses. To the extent that judgment is required in coding, differences of opinion can arise. To prevent individual coders from diverging from the general practice, a sample of the interviews coded by each coder is independently recoded. Any differences found are discussed and resolved. The frequency of double coding is greatest in the early stages of the coding of a study and is reduced as the coders become more familiar with the problems involved. In the 1950 survey the rate of double coding in the later stages was one interview in ten. Comparability of coding between surveys must also be maintained. Ordinarily, careful supervision by experienced personnel is adequate to maintain this type of comparability but instances have arisen in which it has been necessary to have one group of coders code the data for the current survey and also recode data of the preceding survey. The coded information is punched on machine tabulation cards. In addition, weights are punched in for each interview. The weights are determined first by the sampling ratio used: an interview obtained from a stratum of the sample that was sampled with the ratio of 16,000 to 1 obtains, for example, twice as large a weight as an interview from a stratum with a sampling ratio of 8,000 to 1. Secondly, the response rate is taken into account in determining the weights. An interview from a stratum in which relatively many respondents were not at home or refused to be interviewed obtains a correspondingly higher weight than one from a stratum which was almost completely enumerated. The proportions shown in the published tables thus represent weighted proportions of the sample. "Family cards" are prepared in addition to "spending unit cards." Some information is presented only for spending units. For instance, it would be difficult, and not very useful, to express attitudes and expectations obtained separately from father and financially independent son in terms of the family unit. Some information, however, is clearly additive and calculations are made to determine the income, the assets, and the amounts saved for both spending units and family units. In those few cases in which one spending unit belonging to a family consisting of several units fails to give the required information, assignments are made for the missing unit on the basis of average data derived from similar units. Because of this procedure, spending unit data are somewhat more reliable than family unit data. The analysis process is based on the principle that information derived from a single question needs to be supplemented by information concerning its relation to other data obtained from the same respondent. Great emphasis is put, therefore, on tabulations concerning the relation of two or more variables. RELIABILITY OF SURVEY DATA Sample interview surveys, if properly conducted, yield valuable information and useful estimates, but they do not yield exact values. The estimates are subject to errors arising from diverse sources which may be classified into three major, types: sampling errors, non-response errors, and reporting errors. SAMPLING ERRORS Sampling variations occur because a sample rather than the total population referred to in survey findings was designated to be interviewed. Because of chance fluctuations the distribution of individuals selected for the sample will differ from that of the population from which they were selected; that is, the proportion of people in the sample having a given attitude, income, or savings will usually be 802 somewhat larger or somewhat smaller than the proportion which would have been obtained if the total population instead of a sample had been designated to be interviewed. The value which would have been obtained if the entire population had been designated to be interviewed by the same survey procedure will be called briefly the central value; it might differ from the true value because of errors of reporting and of non-reporting. If different samples were used under the same survey conditions some of the estimates would be larger than the central value and some would be smaller. The sampling error is a measure of this chance fluctuation due to sampling variation. While it does not measure the actual error of a particular sample estimate, the sampling error does indicate the range on either side of the sample FEDERAL RESERVE BULLETIN METHODS OF THE SURVEY OF CONSUMER FINANCES estimate within which the central value can be expected to lie 95 chances in 100. In about five of every hundred cases, the central value can be expected by chance to lie outside this range; if one requires a greater degree of confidence than this, a wider range than the sampling error should be used. On the other hand, most of the time the actual error of sampling will be less than the sampling error defined above; in about 68 cases of every 100 the central value can be expected to lie within a range of one-half the sampling error of the sample estimates. For example, the survey estimate that 22 per cent of the spending units purchased automobiles in 1949 is subject to a sampling error of about 2 percentage points. Thus the statement that the central value is within the range 20-24 per cent has 95 in 100 chances of being correct. The chances are 5 in 100 that it lies outside that range, However, the chances are 68 in 100 that it lies Within the range 21-23 per cent. APPROXIMATE SAMPLING ERRORS OF SURVEY FINDINGS The Size of the sampling error is influenced by a variety of factors. The larger the number of ini i i i • a An estimate based on a subgroup has a larger sampling error than a corresponding estimate based on the entire sample. For example, an estimate of the proportion of one occupational group that earns more than $3,000. has a larger error than an estimate of the proportion of the entire population that earns over $3,000, because the former is based on fewer interviews. In general, the sampling error of each estimate is different from all others. However, there is enough similarity among them to warrant the presentation of a table giving rough estimates of the sampling error for various percentages and for different approximate numbers of interviews. In most tables, the number of cases in each subgroup is published in the BULLETIN articles covering the 1950 survey. Where the figure is not published, it can be approximated by multiplying 3,500 by the percentage shown in the tables. i» / i i [Expressed in percentages] . ( T h e chances are 95 in 100 that the central value lies within a range equal to the reported percentage plus or terviews and the larger their spread (that is, the m i n u s t h e Jmhf^1 o{ percentage points shown below.) number of segments, blocks, towns, and counties Number of interviews from which the interviews were selected), the Reported percentage Entire smaller the sampling error. 200 sample 1,000 700 500 300 of 3,500 Within the same survey, different items have different sampling errors. Among the more vari8 7 5 4 5 50 26 able are the estimates of mean income, mean sav- 35 or 65 2.4 4 7 6 4 5 6 3 4 4 20 or 80 2.1 5 ing, mean holding of liquid assets, and the aggre- 10 or 90. . 5 2 3 3 4 1.6 3 5 or 95 1.1 2 2 2 3 gates based on these means. The distributions of these items are highly skewed because there are some very large individual returns, and the sampling errors of these estimates are relatively Sampling errors are important in evaluating large. The medians of these items have somewhat changes found for comparable items in two sucsmaller sampling errors because they are not affected cessive surveys or in two different subgroups of the by the size of the large extreme values (for example, same survey. It is necessary to establish the degree the sampling error of the survey estimate of median of confidence the analyst may have that the differincome of $2,840 in 1948 is approximately $150 ences noted indicate real changes in the universe while that of the mean of $3,490 is $180). The rather than random variations in the samples. If the mean price of automobiles, an item which has a difference between the percentages shown for a given distribution with a smaller range, has a much item in two separate surveys is as great as or greater smaller sampling error. than the value shown in the table of "Sampling The sampling errors of a percentage vary with Errors of Differences," the chances are at least 95 its size. In the neighborhood of 50 per cent the in 100 that the differences are not due to sampling error is comparatively large (2.6 per cent) and it variation. For example, it was found in the 1948 does not change much between 30 and 70 per cent, survey that about 17 per cent of all spending units The sampling error declines from 2.1 to 1.1 per received incomes of between $3,000 and $3,999 in cent, however, as the percentage being estimated 1947, and in the 1949 survey that about 20 per cent moves from 20 toward 5 (or from 80 to 95). of all units had incomes in this bracket in 1948. 803 JULY 1950 METHODS OF THE SURVEY OF CONSUMER FINANCES Since both of these estimates are based on the entire sample of approximately 3,500 spending units, it can be seen from the table that a difference of 2.2 percentage points or more is statistically significant. The chances are less than 5 in 100 that the increase in the proportion of units in this income bracket resulted from chance fluctuations in the samples. The sampling errors of differences between two estimates are usually somewhat greater than those for the estimates themselves. However, because of SAMPLING ERRORS OF DIFFERENCES 1 (Differences required for significance [95 per cent probability] in comparisons of percentages derived from successive Surveys of Consumer Finances and from two different subgroups of the same survey.) Size of sample or group Size of sample or group 200 300 500 700 1,000 3,500 2 For percentages from about 30 per cent to 70 per cent 200........ 300 500,., 700 1,000 3,500 11 11 10 10 9 8 9 8 8 7 7 7 6 6 5 6 5 5 5 4 2.9 For percentages from around 20 per cent and 80 per cent 200 300. 500. 700 1.000. 3,500... 9 8 8 7 7 6 7 7 6 6 5 6 5 5 4 5 5 4 4 3 2.2 For percentages around 10 per cent and 90 per cent 200 300.. 500. 700 1,000 3,500 .... 7 7 6 6 6 5 6 6 5 4 5 4 4 3 4 3 3 3 2 1.6 For percentages around 5 per cent and 95 per cent 200 300 500. . . 700. 1,000. 3,500. . 5 4 4 4 4 3 4 3 3 3 3 3 3 3 2 3 2 2 2 2 1.2 1 The sampling error does not measure the actual error that is involved in specific survey measurements. It shows that—except for nonsampling errors, errors in. reporting, in interpretation, etc.— differences larger than those found in the table will arise by chance in only 5 cases in 100. Values given in the table are rough estimates and hence are expressed as whole percentages except where the2 comparisons are between entire samples of 3,500. The entire sample of each survey. 804 the design and nature of the surveys this effect is generally slight. What conclusions can be justified if the difference between two reported percentages is smaller than the sampling error? In this situation the survey results themselves do not establish the existence of a difference with a high degree of confidence. It does not, however, follow from the finding that there is no difference between the two results. What can be said on the basis of the survey data is that the two proportions are not greatly different but the chances are somewhat greater of a small shift in the direction of the observed difference than of a shift in the opposite direction. There are numerous instances in which differences that are not statistically significant shed light on the validity of hypotheses. Two examples may serve to illustrate what is meant. Let us assume that a student of the economic developments of 1949, a year in which production showed a sharp decline, sets forth the hypothesis that at the end of the year a substantially larger proportion of businessmen would evaluate their financial position as having deteriorated than as having improved. The survey findings—see Table 2, page 648, of the June 1950 Federal Reserve BULLETIN—show that 35 per cent of the businessmen said that they were better ofl and 32 per cent that they were worse off. The difference is not statistically significant. Nevertheless, the finding establishes with a high degree of confidence that the hypothesis set forth above is not correct. It is not true that the proportion of businessmen who considered their financial position as worse was substantially larger than the proportion who considered it as better. Sometimes results that are not significant individually can be combined; the combination may enable the analyst to test important hypotheses. We may refer to Table 8, page 21, of the January 1950 Federal Reserve BULLETIN. The table shows the frequency of negative saving among groups with different income changes and different income levels. Since such groups are relatively small, most differences shown are below the level of significance. We find, for instance, that among spending units with a large increase in income and less than $1,000 income 32 per cent dissaved in 1948, while among spending units with no change in income and less than $1,000 income 29 per cent dissaved. If that would be all the surveys found, the analyst could not draw any reliable conclusions. But the same FEDERAL RESERVE BULLETIN METHODS OF THE SURVEY OF CONSUMER FINANCES relationship, a slightly larger proportion of dissavers among those with large income increases than among those with stable income, was found in four of the other five income groups and had also been found for the years 1946 and 1947. That this should occur by chance alone is, of course, very improbable (and the probability can be calculated). It follows that we can (a) contradict the hypothesis that dissaving is more frequent among spending units with stable incomes than among units with substantial income increases and (b) conclude with some degree of confidence that dissaving is somewhat more frequent among spending units with substantial income increases than among those with stable incomes. The analyst should view each survey finding within the context of other evidence from the survey, as well as from other sources, and not in isolation. NON-RESPONSE ERRORS Survey data are subject to errors due to nonresponse. Ideally, it is required in probability sampling that complete information be obtained from all spending units located in every one of the dwelling units designated in the sample. This aim rarely, if ever, has been fully achieved. Some designated respondents are not at home and some refuse to be interviewed or to give complete information; Attempts are made in the Surveys of Consumer Finances to minimize the extent of non-response. Four calls, and in some cases even more, are made at different times of the day and week at dwelling units in which no one has been found at home. Nevertheless, in the 1950 survey the frequency of "not-at-home units" was 4.5 per cent of all identified spending units in the sample. If a designated respondent refuses to be interviewed or refuses to give relevant information, a letter is sent from the central office urging him to reconsider his position. The letter is followed by a second visit. Nevertheless, in 6.8 per cent of the cases in the 1950 survey a complete interview could not be obtained. Errors from non-response due to "not-at-home cases" or refusals to be interviewed can be somewhat reduced by determining the rate of response for a considerable number of strata of the sample and modifying the weights of the complete interviews in each stratum according to the response rate. Thus, for example, the non-response cases JULY 1950 in high-rental areas in large cities are treated differently from the non-response cases in Southern rural areas. In a few cases interviews that are not entirely complete are accepted. This is done, for instance, if all relevant information is obtained except income (this occurred in 1.1 per cent of the cases in 1950), or if all relevant information (including income) is obtained except for certain types of liquid asset holdings (information about liquid assets was partly or wholly missing in 2.9 per cent of the interviews in 1950). The proportion of accepted interviews which are lacking specific items of information is usually shown in the tables reporting the survey findings in the "not ascertained'1 category. If this principle were to be carried out without exception, however, a somewhat misleading impression might be conveyed. The student of the findings would have to conclude, lacking further information, that the "not ascertained" cases are distributed in proportion to the other cases. In some instances, among which the distribution of income and of amounts saved are of greatest importance, such an interpretation would be erroneous. For example, from a study of the relation between income and occupation, type of community, housing status, and liquid asset holdings, it appears that respondents whose income is not ascertained fall with relatively greater frequency in the low- and the high-income groups. Therefore, a few of the important financial distributions derived from the survey are presented after, as well as before, assignment of unascertained cases. The assignments are made by dividing the sample into relatively homogeneous strata and attributing to each unascertained case the average value of the stratum to which it belongs, taking into account partial information when it is available. REPORTING ERRORS Survey data are also known to be subject to reporting errors. The most important source of these errors is thought to be incorrect recall. Both psychological studies and special investigations conducted with repeated financial surveys indicate that frequency and size of memory errors increase with the period of time between an event and its recall. Thus information obtained at the beginning of 1950 on income received in 1948 is subject to greater memory errors than information on income received in 1949. Furthermore, the memory errors 805 METHODS OF THE SURVEY OF CONSUMER FINANCES are greater with respect to subjectively unimportant stantially between 1946 and 1948" is subject to a events than to important events. Small amounts smaller error from these sources. Data relating to one year only as well as yearof income received from odd sources, or small expenditures made several months before the inter- to-year comparisons are, of course, subject to samview, are more often forgotten and not mentioned pling errors. Regarding year-to-year comparisons of surveys employing substantially similar procethan large transactions. To reduce memory errors, the interviewers fre- dures, sampling errors appear to be relatively more quently call attention to the fact that it is hard to important as a source of error than either reporting remember some of the information requested. In or non-response errors. some cases they may suggest that the respondent EFFECT OF SIZE OF SAMPLE ON RELIABILITY consult his notes or records concerning, for instance, The size of the sample of the Surveys of Conthe amounts paid on mortgage debts or the amount of deposits held with banks a year earlier. Even sumer Finances has been determined by considerif these suggestions are not followed, they tend to ing the degree of exactitude required in data reimpress the respondents with the need for exact ferring to all spending units and to certain large information and tend to be helpful during the groups of spending units such as occupational, interview. Thus, although interviewers are in- income, and age groups. For certain important structed not to bring up the subject of income tax economic problems, however, it would be useful to returns, a substantial number of the respondents obtain information relating to smaller subgroups, do consult tax returns or other records such as pay- for instance, to the group of people with high inroll slips in connection with answering questions comes, high assets, and high savings. Frequently the number of cases in such subgroups is so small about their income. Reporting errors may also result from intentional that information pertaining to them is not reliable falsification of responses. Methodological studies (i.e., the differences obtained in the values of two making use of repeated questioning of the same re- such subgroups are smaller than the sampling errors spondents concerning the same problems indicate of these differences). While complex statistical that the frequency of such action is not great. The methods may help to provide information in such readiness with which information is provided and cases, the most obvious remedial measure is to inthe consistency of information on expenditures, sav- crease the size of the sample. There are, however, objections to a substantial ings, and income are evidence that in most instances the respondents did not falsify substantially the in- increase of the sample size, in addition to the formation they gave. Nevertheless, intentional un- obvious limitations of survey costs. The errors of derstatement of income and assets undoubtedly oc- reporting and non-response, while not readily measurable, may equal or exceed the sampling errors. curs in some cases. If consecutive surveys are conducted by means of Unlike sampling errors, errors of these types the same methods, it is probable that they are sub- cannot be diminished through increasing the size ject to similar reporting errors. There is some of the sample. On the contrary, because of the evidence of similarity in non-response errors in suc- greater problems in hiring and training personnel cessive surveys: the rates of response in different and checking and handling data, these errors may strata of the sample have been found to be consistent be greater in larger samples and in a complete in the annual Surveys of Consumer Finances. This census than in a well-designed but smaller sample indicates that year-to-year comparisons may be less survey. Hence the total errors may be smaller on subject to reporting and non-response errors than many items for a relatively small survey than for information relating to one year only and derived a larger one. The best way to control errors is from one survey only, To be specific: understate- through maintenance of high quality in all relevant ments of income or refusal to be interviewed on the aspects of the survey technique. part of high-income people may introduce some OTHER LIMITATIONS OF THE SURVEYS error in a survey finding such as "15 per cent of the spending units had an income of over $5,000 in In evaluating the use that can be made of the 1948"; but a survey finding such as "the proportion survey method for economic-statistical research, it of spending units with over $5,000 income rose sub- must be kept in mind that there are limitations 806 FEDERAL RESERVE BULLETIN METHODS OF THE SURVEY OF CONSUMER FINANCES concerning the kind of information that can be obtained through surveys. First of all, no questions can be asked about financial data about which individual consumers do not have any information. This self-evident limitation applies, for instance, to amounts saved. For example, if saving were defined to include not the total premium payment but only the increase of life insurance reserves which accrues to a policyholder in a given year, policyholders usually would not have this information. Consequently, in the Surveys of Consumer Finances the entire life insurance premium is considered saving. Similar difficulties arise in connection with monthly payments on mortgages which are not broken down into principal, interest, and taxes. Difficulties such as these may not be insuperable in some instances, although sufficiently great to make a solution impracticable. Information about income in kind—food grown on one's farm or value of rent-free apartment—may serve as an example of useful economic information which is not obtained in the surveys because of the great difficulties involved in its determination. Information of some types can be obtained by surveys only with great difficulty, if at all, although it is probably available to respondents. Thus currency is omitted from liquid asset holdings as defined in the surveys because repeated experimentation has indicated that holders of large amounts of currency are reluctant to give information on currency in their possession. TABLE 1 OCCUPATION OF HEAD OF SPENDING UNIT Percentage distribution of all spending units Occupation 1950 1949 1948 1947 Professional Managerial and self-employed Clerical and sales . Skilled and semi-skilled 7 12 13 27 7 12 14 28 7 12 15 27 11 15 30 Unskilled and service workers Protective service Unemployed.. Farm operator 12 2 7 9 14 1 4 9 12 1 5 10 14 1 3 9 5 2 4 6 1 3 4 1 4 4 2 3 Retired Student Housewife. . . . Not ascertained All spending units 1 6 C1) 1 2 2 100 100 100 100 Less than one-half of 1 per cent. TABLE 2 AGE OF HEAD OF SPENDING UNIT Percentage distribution of all spending units Age 18-24 25-34 35-44 45-54 55-64 65 and over Not ascertained . . All spending units 1 1950 1949 1948 1947 10 23 22 18 14 12 1 11 21 22 20 15 11 9 22 24 }32 0) 11 22 23 18 15 11 C1) 100 100 100 100 11 2 Less than one-half of 1 per cent. CHECKS ON RELIABILITY OF DATA TABLE 3 Checks on the reliability of survey techniques are derived from the internal consistency of data collected in a single survey, from repeated surveys, and from comparison with outside data. While no outside information is available about the distribution of heads of spending units by occupation or age, such data obtained in five annual Surveys of Consumer Finances were found to be consistent. Tables 1, 2, and 3 show the occupation, age, and education of the heads of spending units interviewed in the years 1947 through 1950. The differences from year to year are within the range of sampling errors with the exception of changes in occupation. Here the data show an increase in the proportion of unemployed at the expense of other groups, a finding which is in accord with other information. JULY 1950 EDUCATION OF HEAD OF SPENDING UNIT Percentage distribution of all spending units Education None Grammar school; junior high High school College Not ascertained . .... All spending units 1 1950 1949 1948 1947 3 41 39 171 C) 2 40 40 17 1 4 40 39 16 1 2 41 39 15 3 100 100 100 100 Less than one-half of 1 per cent. In studying relationships that might be assumed not to change from year to year, consistent information is obtained: for example, the relation between income changes and purchases of durable goods has remained substantially the same in several con- 807 METHODS OF THE SURVEY OF CONSUMER FINANCES secutive surveys. Finally, it may be reported that attitudinal information obtained from the same respondents in successive interviews has been found to be consistent; most respondents either reported similar opinions or motives in two successive surveys or explained that they had changed their minds. Some information about the joint effect of sampling errors, reporting errors, and non-response errors can be derived from comparing information that is available both from the surveys and from outside data. Only a few examples of such information can be presented because the surveys are not intended to duplicate data that can be or usually are obtained by other methods. Moreover, all these examples refer to aggregate data and not to distributions of aggregates. The errors involved in aggregate data calculated from surveys usually are considerably greater than the errors involved in frequency distributions of the same data. This statement may be explained by referring to the errors involved in computing aggregate personal income from the surveys. The number of cases with over $100,000 income in any one survey is subject to large variation. If nothing but the size distribution of income is published and the top bracket is that of the proportion of units with over $10,000 income, it does not matter whether by chance one, two, or three respondents with over $100,000 income fall into the sample. The frequency of respondents with very high incomes has, however, a substantial effect on the errors of estimating aggregates. Furthermore, reporting errors often affect survey aggregates to a greater extent than frequency distributions derived from surveys: for example, a tendency of high-income people to underestimate their incomes would influence the former much more than the latter. By multiplying the mean income obtained from the sample of the Surveys of Consumer Finances by the best available estimate of the number of spending units in private households in the nation, an aggregate income of 176 billion dollars was obtained for 1948 (161 billion for 1947). These estimates differ from total personal income as published by the Commerce Department (212 billion dollars for 1948 and 194 billion for 1947) both in coverage and in the definition of income. As discussed before, the surveys exclude the institutional and the transient population; the Commerce Department income data include income in 808 kind and changes in farm inventories and differ also in other respects from the survey definition of income. Adding the probable income of the excluded strata of the population raises the survey aggregates to 180 billion dollars in 1948 and to 165 billion in 1947, while excluding types of income not included in the surveys reduces the Commerce Department income data to 195 billion dollars in 1948 and 183 billion in 1947. It then appears that in both years the survey data on income received accounted for approximately 90 per cent of the Commerce Department calculations of income paid out. The extent of the difference is probably accounted for in part by reporting errors in the surveys. For another example of the degree of correspondence between survey data and outside data, reference may be made to the total amount of United States Government Series E savings bonds outstanding—bonds which can be purchased only by the consumer sector of the economy. In surveys conducted in 1946 and 1947, aggregates of E-bonds outstanding estimated from the surveys differed by only a few percentage points from aggregates derived from Treasury statistics. In 1948 and 1949 the difference increased and in February 1949 the survey total was 13 per cent under the aggregate derived from the Treasury data. The increase in the difference is accounted for in part by several factors. First, in 1946 a relatively short period had elapsed between most purchases of war bonds and the time of interview; in 1949, however, some people may have forgotten about bonds that were purchased years earlier and failed to report them. Secondly, a substantial volume of bonds may now be tied up in trusts or included in the estates of deceased holders. Survey estimates of aggregate consumer bank deposits amount to somewhat over 60 per cent of outside estimates. The difference is much larger than it is in the case of income and Government bonds. One possible reason is a greater reporting error (understatement due to memory error or willful concealment) in the case of bank deposits than for income or holdings of E-bonds. Other possible reasons for the larger difference are that there may be differences in definition and that the surveys may thus far be more successful than other methods of estimate in excluding deposits owned by individuals but considered by them to be business deposits. FEDERAL RESERVE BULLETIN METHODS OF THE SURVEY OF CONSUMER FINANCES Both sampling and reporting errors are larger in an estimate of amounts saved than in an estimate of income or liquid assets. Amounts saved are computed in the surveys from a large number of items of information, some of which are supplied by a small proportion of respondents. Because of the relatively infrequent occurrence of large purchases and sales of stocks or bonds, the errors in these estimates are substantial and may influence the savings total. The computation of saving for self-employed businessmen and farmers is especially complex and may reflect considerable reporting error. At present, totals of saving computed from the survey can be utilized to check on changes in the direction of personal saving by comparing yearly aggregates obtained by surveys conducted with the same methods. Comparisons with outside estimates of saving are very difficult and imprecise at present, although potentially very useful. Differences in concepts and universes present much greater problems in comparing saving statistics than in comparing income or liquid asset holdings. In some cases, the aggregates computed from survey data not only agree with outside data to a reasonable degree but provide some insight into magnitudes which are not available from other sources. For example, the 1949 survey indicated that about 27 million cars were owned by private consumer spending units on January 1, 1949. Outside estimates adjusted to the same date indicate that somewhat over 30 million cars were registered at that time.5 The difference of 3 million is not JULY 1950 unreasonable and provides an estimate not previously available of the total number of passenger cars owned by business firms, by Government and nonprofit agencies, by the transient population, and by owners of taxicabs. The errors involved in this estimate are smaller than the errors involved in estimating aggregate income or assets because (a) memory errors in recalling automobile ownership are negligible and (b) the range of automobile ownership (0, 1, 2, or 3 per spending unit) is much smaller than the range of income received. Substantial progress has been made during the past few years in developing survey methods in general, and survey methods as applied to economic questions. But the time to be content with achievement is still far off. Not so long ago it was thought impracticable to collect information by interviewing on such personal matters as the amount of bank deposits held, or the frequency of different kinds of sickness in the family. Today, it is known that such information can be obtained by applying certain kinds of survey methods. But considerable practice and experimentation is still needed to improve these methods. Great efforts in these respects are justified because important economic and social data concerning the distribution of relevant magnitudes among people having different characteristics probably cannot be obtained except by the sample interview survey. 5 R. L. Polk and Company report 1949 passenger car registrations as of July 1 to be 32.73 millions. They further report 2.16 million new cars registered during the period January through June. The difference of 30.57 can be taken as an estimate of cars in operation on January 1. 809 STATEMENT ON PROPOSED SMALL BUSINESS LEGISLATION* On behalf of the Federal Reserve Board I wish to express our appreciation of this opportunity to present to your Committee our views regarding pending legislation proposed to aid small business. I am here to testify particularly with respect to those features of the legislation which relate to the Federal Reserve. At the outset, I should like to make clear that the Federal Reserve, as the agent of Congress charged with responsibility for regulating the supply, availability, and cost of money, is keenly aware of the importance of small business to the commercial banking system and to the economy. The commercial banking system is composed mainly of small banks which depend heavily for their livelihood upon loans to, and deposits of, small business concerns. Small businesses, in turn, are dependent upon banks in their communities to finance a large part of their short- and intermediateterm credit requirements. Mutual interdependence of the small business and the commercial bank over a long period of time has resulted in establishment of close working relationships—small businessmen know their bankers, and the bankers know the small businessmen, their problems, and their aspirations. Apart from its interest as a banking organization in the problems of small business, the Federal Reserve System, in discharging its responsibilities for contributing to economic stability, is vitally concerned with the prosperity of all business—both small and large. Small business accounts for a substantial proportion of total business employment and sales in the economy; 35 per cent of the total volume of business and 45 per cent of business employment, according to a report of the Committee for Economic Development. Should small business languish for whatever reason, large business, in fact the economy as a whole, would suffer severely and the problem of maintaining high level employment and a rising standard of living would be far more difficult. Through its various activities the Federal Reserve System has acquired from experience an inti* Presented by Thomas B. McCabe, Chairman of the Board of Governors of the Federal Reserve System, before the Senate Committee on Banking and Currency, June 27, 1950. 810 mate knowledge of the financing problems of small business. During the latter stages of the great depression, the System participated actively in providing financial assistance to small- and medium-sized businesses under authority of section 13b of the Federal Reserve Act. That section of the law authorizes the Federal Reserve Banks to guarantee loans made by financing institutions to industrial and commercial businesses and also, in exceptional circumstances, to make direct loans to such businesses. The law requires that any such loan guaranteed or made directly by a Reserve Bank must be for the purpose of providing working capital and must have a maturity of not more than five years; loans may be made only to established businesses; and guarantees are limited to not more than 80 per cent of the loss on any loan. The 13b program, as you are aware, never involved any large volume of Federal Reserve credit. For one thing, the System made every effort to have the loan cases handled through normal credit channels. For another, the Reconstruction Finance Corporation's activities in small business financing were continually being broadened and its activities naturally limited those of the Federal Reserve. A third inhibiting factor was the nature of the statutory limitations on the kinds and maturities of loans which the System could make or guarantee. During the war period, the System gained extensive experience in business financing, both large and small, by acting as agent for the Armed Services in guaranteeing 10.5 billion dollars of bank loans to war contractors. Over 90 per cent of the number and one-third of the amount of these guarantees were on loans to small- and mediumsized businesses; that is, businesses with total assets of less than 5 million dollars. I might add that the guarantee program was conducted with no cost to the taxpayers. On the contrary, Treasury receipts from this program totaled 23 million dollars by the end of 1949. Since the Reserve System's inception, its officials and staff members have been called upon from time to time to consult with commercial bankers or businessmen who felt that the financing needs of small business presented a special credit problem. Last fall, when business activity was much FEDERAL RESERVE BULLETIN STATEMENT ON PROPOSED SMALL BUSINESS LEGISLATION below earlier or current levels, the calls for advice and help on the small business problem became particularly numerous and we were visited frequently by representatives of small business groups. At that point, I got in touch with Secretary Sawyer who felt, as I did, that the time had come for the Secretary of Commerce to undertake a conference of interested groups to explore needs and remedies. Numerous conferences and discussions have been held since, both inside and outside of Government. The Federal Reserve's role has been to hear all sides of the problem and to make available without reservation such technical information and judgment as we were capable of supplying. Almost daily, members of our staff who are experienced in this field, were asked to consult with individuals and groups both inside and outside the Government who sought our advice on various proposals. NEED FOR SPECIAL FINANCING FACILITIES The legislation before you will be strongly opposed by those who believe that small business already obtains as much credit and capital as it can efficiently use. These opponents will say that: (1) The problems which confront most small business concerns are primarily managerial and competitive, not financial; (2) The commercial banking system is meeting all of the legitimate requirements of small business for short- and intermediateterm credit; and (3) Such financial difficulties as small business encounters could be overcome more effectively by revision of present income, estate, and inheritance taxes than by the provision of additional financial institutions or facilities. Each of these points merits careful examination. Managerial problems. Concerning the consideration that most small business financing problems are of managerial character, one does not have to look very far for supporting evidence. Various studies of individual small business enterprises which have failed or have gotten into serious financial difficulty reveal that the majority of such situations arose because of inexperience, or inadequacy in one or more of the wide range of managerial skills required for successful operations. It is evident that a large number of small businessmen have not had sufficient training for the increasingly complex task of managing an expanding business. A businessman, to be successful JULY 1950 today, requires a broad training in the fundamentals of business management. He must be familiar with the theory and practice of marketing, accounting for purposes of management and financial control, personnel management, production engineering, credit practices, and law and Government regulations. He must be able to solve problems, in many cases without the aid of specialized professional assistance, in all of these fields. Frequently, the small businessman is a one-talent man—an excellent salesman, an inventive genius, or a production specialist. Often he has a limited knowledge of the other aspects of his business and is unacquainted with, does not fully appreciate the need for, or cannot afford specialized services or aids. This in large measure accounts for the high mortality rate of small businesses. On the other hand, we are all familiar with conspicuous examples of ingenious businessmen who, in spite of all handicaps, have developed their small concerns into large enterprises in a comparatively short time. The acknowledged existence of management problems among our millions of small business concerns does not disprove their need for special and additional financing facilities. It does, however, emphasize that, in addition to the provision of financial facilities, greater efforts should be made to remedy the deficiencies of small business management and to provide needed aids and specialized management counsel. This has been recognized in the legislation which is before you. Several financing institutions have been organized within the past six years, such as the Industrial Development Bank of Canada, the Industrial and Commercial Finance Corporation of England, and the American Research and Development Corporation of Boston, to provide predominantly small business concerns with equity capital and longterm credit. From experience, each one has found that the financing need of the enterprises with which it has dealt is closely associated with the need for managerial and technical assistance. In other words, one without the other does not, in the majority of instances, constitute an adequate solution of the financing problem of the concerns which come to the attention of these institutions. Commercial bank lending. The commercial banking system, by and large, has been doing an outstanding job of meeting the short- and intermediateterm credit needs of small business. No one who is acquainted with the facts would deny this. The 811 STATEMENT ON PROPOSED SMALL BUSINESS LEGISLATION National Bureau of Economic Research, a private, business was defined on the basis of total assets nonprofit research organization, undertook during as follows: manufacturing and mining concerns, the late Thirties an exhaustive study of business total assets of less than $750,000; wholesale trade, financing practices and the major sources of busi- less than $250,000; retail trade, utilities and transness funds. The study was financed in part by a portation, service, construction, less than $50,000. grant of funds from the Association of Reserve This survey further revealed that approximately City Bankers. I should like to quote one of the one-fifth of these small business loans were what bankers call term loans—loans repayable on an major findings of that study: -1 instalment basis with maturities at time of making . . . the "typical" short-term borrower [from of more than one year. Large, as well as small, commercial banks] around 1940 could be debanks were found to be actively engaged in lendscribed as a small- or medium-sized manuing money to small business on a term as well as facturing or trading concern, of somewhat less a commercial credit basis. than average profitability. Of the total amount In view of the greater risks involved in lending of bank credit used by business around 1940, money to small business and the relatively higher some 70-80 per cent is estimated to have been costs of analyzing credit applications and servicused by companies with assets of less than 5 ing loans of small amount, the findings of the surmillion dollars. vey would indicate that the banking system has Commenting on changes in bank lending prac- been active in cultivating small business customers. These findings relate to a time now nearly three tices over the period preceding World War II, the and a half years ago when large companies were National Bureau's report goes on to say: borrowing heavily for reconversion needs. Since Banks showed increasing responsiveness to that time many of the larger loans have been paid the credit needs of small- and medium-sized off from retained earnings or have been refinanced, businesses, which provided the bulk of their in some cases with new credits, through other demand for credit at all times. Because enterfinancial sources such as insurance companies or prises of these sizes fared badly during the the capital markets. In the past few years, an Thirties, the extension of credit to them called increasing number of banks have set up special increasingly for methods designed to provide small business loan departments, and recently sevgreater security for the lending agency and to eral of our very large city banks have instituted minimize risks of default and loss. The adnew programs to expand their specialized services justments which commercial banks made to to small business. I have no doubt that a survey meet these credit needs more effectively were today of bank lending to business would show that marked by a willingness to write loans on the commercial banks are now doing a more effecterms more attractive to such borrowers (for tive job of providing credit to small business than example, term loans with instalment amortiwas revealed by the System's 1946 survey. zation and revolving credits supplying a reaWhile we commend the commercial banking sonable guarantee of working capital facilities system for its financing of the short- and intermediover periods longer than customary), and by ate-term credit requirements of small- and mediumthe use of a wider range of security devices sized business, we must recognize the fact that (such as the assignment of receivables, liens on while banks make a great many loans to small busiincome-producing equipment, the trust reness, they are not able to accommodate all small ceipt, and the field warehouse receipt). business needs. There are many financial needs The findings of a comprehensive survey of com- of businesses, both large and small, that are not mercial and industrial loans to business, outstanding bankable, namely, equity capital and long-term at Federal Reserve member banks on November credit needs. Commercial banks have a primary 20, 1946, are also of special interest. This survey responsibility to their depositors for maintaining revealed that 76 per cent of the number, and 22 loan and investment portfolios in a sound condition. per cent of the dollar volume, of all business loans They cannot undertake business financing which of member banks were to small business. Small involves undue elements of risk, undue investiga^•See N. H. Jacoby and R. J. Saulnier, Business Financetional or administrative expense, or the freezing of their funds for relatively long periods of time. In and Banking, (1947). 812 FEDERAL RESERVE BULLETIN STATEMENT ON PROPOSED SMALL BUSINESS LEGISLATION the case of larger businesses, financial requirements which are not bankable may be met from other sources, such as insurance companies and the capital markets; in the case of small business, nonbank sources of funds are less accessible. Taxation. There is no denying the fact that the problem of small business financing has been complicated by the structure and rates of Federal and State taxes. As I said last August in a statement on the equity capital situation, prepared at the request of a Subcommittee of this Committee, there never seems to be a convenient time for a fundamental review of the tax structure. In 1948 when we had a substantial surplus, the Congress elected to reduce taxes without revamping the tax structure. Now, faced with deficit financing, the Congress naturally does not want to do anything that will cause even a temporary loss of Treasury revenue. Therefore, a fundamental study that would lead to a reform of the tax system tends to be neglected and postponed. While some of the difficulties which small business concerns face in attempting to obtain equity capital would be alleviated in part by a basic revision of the present tax structure, I would not want to leave the impression that tax revision alone would eliminate the occasion for the measures that are now before this Committee. AFFIRMATIVE VIEW OF SMALL BUSINESS FINANCING NEEDS Those who feel that there is a real need for some additional facilities or institutions to provide more effectively for the financing needs of small-, and medium-sized business are usually the first to admit that they do not have satisfactory statistical proof of the extent of this need. To obtain such proof would require a specific financial analysis of small- and medium-sized business concerns throughout the country. However, we do have such qualitative evidence as the policy statement on small business of the Committee for Economic Development (1947), the report of the Tulsa Chamber of Commerce (1948) on the number and functioning of the so-called industrial foundations to help small business, and the testimony presented to the Subcommittee of the Joint Committee on the Economic Report (1949) pointing to the existence of unsolved financing problems in the small business area. This evidence indicates that smalland medium-sized business concerns encounter serious difficulties in obtaining outside equity capiJULY 1950 tal and long-term credit needed for expanding productive facilities, broadening the market for their products and services, and launching new projects. The evidence also suggests that very small concerns sometimes meet with difficulties in financing their short-term working capital requirements* While the financing need of small business is often referred to broadly as a need for easier availability of bank credit, I am inclined to think that it is primarily a need for equity capital and longterm credit, either singly or in some combination. In many of the cases that have come to the System's attention where small business concerns have complained of credit shortages, close inspection of these businesses has revealed that where there was an actual financial need it usually was for additional equity capital. The small business financing problem is, however, too complex to be characterized simply as one of insufficient equity capital or long-term credit. There are many small business concerns whose requirements for short-term credit are so small that the commercial banker cannot afford the expense of processing and servicing them in the same manner as larger business loans. Such small business loans, if granted at all, may often be handled in the personal loan department, in which case the small businessman frequently does not obtain needed financial counsel and advice which would accompany a more complete analysis of his business. During the past two decades commercial banks have introduced a number of innovations in lending techniques, including the instalment loan for the purchase of equipment and the loan secured by accounts receivable or by inventory held under field warehouse receipts. The response of business concerns to these innovations suggests that efforts by banks themselves to broaden their lending activities can go a long way toward widening the circle of bank-eligible credit risks. Within the past year, several large banks have launched special programs which supplement their regular business lending activities and are designed for small business. The response to these programs, as evidenced by inquiries, loan applications, and loans granted by the bank, indicates an unsatisfied demand for credit on the part of small business which, while it may not be large in terms of total dollar volume, is none the less real. While the loan terms under these special programs have varied from one bank to another, they generally include (.1) maturities up to 24 months on miscellaneous 813 STATEMENT ON PROPOSED SMALL BUSINESS LEGISLATION loans, and up to 5 years on loans for equipment or another, existing financing facilities do not fully and other longer-term needs; (2) repayment of meet the needs of small business. 2. Short- and medium-term financing generally principal and interest in regular instalments; and (3) flexibility as to security depending on the cir- presents no great problem, except perhaps in some cumstances of the particular case. The loans have localities and for very small, and often new, conbeen granted for a variety of purposes, including cerns. Commercial banks generally have demonfinancing of working capital requirements, payment strated their willingness to provide such credit for of taxes and trade indebtedness, purchase of ma- the latter group. However, many banks, particuchinery and equipment, construction of buildings, larly the smaller banks, have not developed the and acquisition of partnership interests. The num- necessary facilities to assure adequate coverage. ber of different types of business represented by 3. Easy availability of short- or medium-term borrowers is surprisingly large—one bank sent me credit may encourage businessmen to rely on it a listing which showed loans outstanding to small too heavily, even using it to finance long-term needs. businesses in 38 different industrial and trade Should profits decline or credit conditions become groups, ranging from advertising, drugs, and furni- tighter, they may then find themselves in serious ture to radio supplies, stove manufacturing, and financial difficulties. What these small businesses wholesale plumbing. Among the borrowers were really need is financing that will not be too burdenqandy jobbers, hardware stores, jewelers, used car some when the going gets temporarily rough—in dealers, electrical contractors, truckers, surgical sup- other words, equity capital and long-term credit. ply dealers, and ice manufacturers, to mention just Moreover, they often need more equity capital in a few among many. order to qualify for short- and intermediate-term Inquiries elicited by these programs revealed that loans from banks. 4. Small business concerns do not have access in a number of cases those engaged in small business were unfamiliar with the various services that to equity and long-term borrowed capital in the commercial banks can offer, or with the different way that large companies do. For one thing, the types of credit available to meet business needs. costs of preparing and marketing a small equity In some instances, the banks found that small busi- or long-term debt issue are prohibitive. For annesses were seeking managerial advice as much as other, there is frequently neither a new issue market they were additional funds, while in others it was nor a secondary market for the equity or longdetermined that bank credit was not adaptable to term debt instruments of small businesses, either the particular situation. At the same time banks in the community where they are known or on the were able to place funds at the disposal of many outside. 5. Neither stock nor bond financing in the forms concerns which had previously been unable to obgenerally available is what the small businessman is tain financing. looking for. The sale of bonds and preferred stock APPRAISAL OF CONFLICTING VIEWS is generally impractical, except to relatives and close It is difficult to give a satisfactory answer to the friends. Frequently, the small businessman does question: "How great is the need of small- and not want to sell common stock. The sale of commedium-sized business for special and additional mon stock to outsiders, unless to institutions especifinancing facilities?" I do not subscribe to extrem- ally authorized to participate on a limited basis, ists' views on either side of the question. Many means that the small businessman will have to of the so-called statistical facts cited in support of share the control of his business with others, or one viewpoint or another are merely opinions. Des- perhaps relinquish control. Most small businesspite opinions that all legitimate needs for bank men value their independence highly—that is one credit are adequately served, banks that have re- of the primary reasons why they go into business cently undertaken to explore the field have dis- for themselves. Debt may prove to be a financial covered an eligible group of borrowers. At this "strait jacket" in times of economic adversity. stage, however, there is no way of saying how big 6. The traditional suppliers of equity and longthat group is. term credit funds to small business—the friend-ofthe-family or the local financier—are becoming less I would sum up the situation this way: and less important in the local financial picture. 1, There are pockets in which, for one reason The growing difficulty of finding a partner, silent 814 FEDERAL RESERVE BULLETIN STATEMENT ON PROPOSED SMALL BUSINESS LEGISLATION or otherwise, is due in part to tax considerations. of the investment companies advanced as outlined Also, it is due in part to a change in investment in the bills before you. The experience of similar preferences of individuals. There have been indi- institutions has made it abundantly clear that subcations in recent years of a trend away from equity stantial capital is necessary if the newly formed investment to life insurance, tax-exempt securities, investment companies are to avoid deficits during and other highly liquid assets. their first years of operation. 7. There are very few institutions in existence There are two reasons why institutions newly equipped to supply small business with both long- established to provide equity capital and long-term term credit and equity capital. There are, un- credit to small business may incur operating deficits. doubtedly, many cases in which some combination In the first place, maintenance of an adequate techof equity capital and long-term credit would prove nical and administrative staff to review applications, more suitable than either one by itself. To meet grant and service equity capital or long-term loans, such needs, financing must be tailored to the re- and to provide customers with such managerial quirements of each individual business, and not and technical advice and assistance as they may offered in exactly the same form on a take-it-or- require will mean substantial payroll and overhead leave-it basis to all comers. expense. In the second place, it will take time for a newly established institution of the type enSOME PROBLEMS IN ESTABLISHING SPECIAL visioned to invest any sizable proportion of its FINANCING INSTITUTIONS resources in small private businesses. Therefore, If this summary poses the problem fairly, as I if deficits are to be avoided, the initial capital should think it does, the question which Congress will be large enough to permit coverage of operating want to weigh is what kind of solution will prove expenses through income from temporary investmost constructive. I am sure that Congress will ment in Government securities. want the private banking system to continue to I think it is essential that definite provision be provide short- and intermediate-term credit to com- made for transfer of the ownership of the new mercial and industrial borrowers. The main ques- institutions to private hands as quickly as possible. tion before you is what kind of supplementary fa- This is important because the new type of institucilities are needed. tion, if it is to become a permanent part of our Facilitating the flow of equity capital into small private economy, should compete for its funds in business channels is undoubtedly the most difficult the market place. The judgment of the market problem. In seeking a sound and workable solu- place may not always be acceptable to the individual tion to this problem, the Congress will want to business concern, but it is much sounder than the explore all possibilities, for it is important to the use of public funds for risk financing of private maintenance of our system of competitive free enterprise. Continued public financing of private enterprise that small business make its maximum concerns in competition with other private concerns contribution to sustained high levels of production is unsound in principle and inconsistent with the and employment. There is a great deal to be said precepts of a free enterprise economy. in favor of testing experimentally the feasibility of The provisions of S. 3625 and S. 2975 stipulate any proposed solution that appears to be sound. that the proposed new investment companies may As a believer in a private free enterprise economy, be organized by the Federal Reserve Banks, who I feel very strongly that any new institution especi- in turn may also provide part or all of the initial ally established for the purpose of making equity capital when necessary. With the Federal Reserve capital and long-term credit more readily avail- System providing the initial capital, sufficient operable to small business should eventually be privately ating funds would be assured to launch these instiowned. Such a new institution, however, would tutions and to determine whether they could operhave to be experimental because its operations ate profitably. We heartily approve the provisions would involve a substantial element of risk. Under in these bills which stipulate that commercial banks these circumstances, I think it very doubtful that and other private institutions and individuals may capital in sufficient amounts for an effective trial at any time purchase stock of these investment would be subscribed initially by usual private institutions from the Federal Reserve Banks. We sources. Therefore, I have concluded that the most see no reason why, if these institutions prove their practicable solution is to have the initial capital profitability, ownership will not pass to private JULY 1950 815 STATEMENT ON PROPOSED SMALL BUSINESS LEGISLATION hands. Given time to develop a useful pattern of ings for the new type of investment institution in operations and to grow, there are some grounds view of the costs and risks of financing small busifor believing that this new type of institution may ness. The riskiness of the business in which the play an important supplementary role in our private proposed institutions would engage cannot be too financial organization. strongly emphasized. If the institutions are to From the beginning, we have thought that the perform a useful public service, they must be preapproach through these new institutions should be pared to incur losses. The interest rate on loans experimental. No one can predict with confidence may be prohibitive if it is set high enough to rein what financial areas they will prove successful. imburse costs of investigating an application, servWe would favor starting off with enough of them icing a small long-term loan, providing such manto gain experience and to test their potentiality. agerial or technical assistance as may be required, The sound approach is to feel one's way and to and assuming the attendant risks. Participation learn how to meet the over-all problem most effec- through equity financing in the gains of successful tively. ventures will be an essential to offset the high costs In view of the difficult operating problems that of operation as well as losses. the proposed new institutions will be up against, Various critics of the proposed legislation have it is desirable that their managements be given expressed apprehension that the suggested new ample latitude to meet effectively and flexibly the type of investment institution would constitute varied financing needs of small business. They a competitive threat, on the one hand, to the existshould have authority to purchase preferred or ing commercial banking system and, on the other, common stock in small business, to extend long- to our existing investment banking facilities. I do term credit on such terms and conditions as indi- not share this apprehension. vidual circumstances may warrant, including parThe new type institution would have to suppleticipation with banks, or to undertake package ment its capital funds by borrowing from banks or financing in which both equity and long-term credit in the capital market at market rates of interest. are combined. They should also have authority On the basis of this feature alone, it could not comto supply technical assistance on a reasonable fee pete in its charges with rates of interest which basis where lack of technical skill in some phase banks, using depositors' funds, can charge their of an applicant's operations seems to be critically customers. In addition, both the credit appraisal related to his financing problems. In other words, and risk costs of an institution specializing in the proposed institutions must be in a position to long-term capital and credit would run much tailor the assistance which they supply in accordhigher on the average than in the case of commerance with the type of problem which is presented by the individual small business approaching them cial banks which make shorter-term and bettersecured loans. The success of this new type instifor help. tution would depend largely on its effectiveness From the advice which various bankers have in working through commercial banks and in given us, an important part of the business of supplementing the facilities which they are able the proposed investment institutions would repre- to offer small business customers. sent package financing. Such financing avoids the I should like to stress particularly the point just pledge of all of a borrower's assets as security for made that the success of the new type investment a loan, thus leaving him in a position to obtain short-term financing from commercial banks if institution will depend largely on its effectiveness necessary. One banker told me that he knew of a in working through commercial banks. The local number of small business financing cases which bank is in a unique position to discover and evalucould be made bankable if some additional equity ate investment opportunities for such institutions, or equity and long-term debt could be provided. even if the bank itself is not in a position alone to He indicated that his bank, and he thought other extend direct long-term aid to the business. Morebanks, would want to cooperate closely with the over, the local banker is in a strategic position to new investment institutions in working out con- handle the servicing and supervision of longer-term structive financing programs for promising small investments of the new institution, if such assistance is deemed helpful. The credit analysis and enterprises. Finally, there is the problem of adequate earn- administration which the local banker is in a posi816 FEDERAL RESERVE BULLETIN STATEMENT ON PROPOSED SMALL BUSINESS LEGISLATION tion to provide cannot be duplicated elsewhere under existing financial mechanisms. As for competition with established investment banking facilities, these facilities are not now adapted to meet the equity and long-term credit needs of small business. This fact, which is generally admitted and fully substantiated by objective evidence, constitutes the principal case for providing for new, specialized investment facilities for small business. The two bills differ in the tax relief that would be specially available to the proposed investment institutions. We feel that some special provisions adapted to the peculiar needs of this type of institution are desirable, in view of its experimental nature and the high risk exposure to be incurred. The Committee will, of course, give great weight to the advice of the Treasury Department in determining what tax provisions may be practicable. I have emphasized the need for combining managerial and technical assistance with any financial aid to small business. Therefore, we heartily endorse those sections of the proposed legislation that would provide for the collection and dissemination of information of benefit to small business. INSURANCE OF COMMERCIAL BANK LOANS As a means of assuring greater availability of credit to small, and particularly very small, businesses, the proposed legislation would authorize an insurance program for small business loans. The program would be administered by the Secretary of Commerce under S. 3625; it would be handled by the investment companies under S. 2975. Loans would be insured without any preliminary review of individual loans. However, because of this automatic feature of the plan, the insurance would be limited to very small loans with maturities of not more than five years—loans which would not justify the expense and work of reinvestigation by the insuring agency on an individual basis. The principal amount of an insured loan could not exceed $25,000 under one bill, or $10,000 under the other. The total insurance protection afforded to any financing institution would be limited to 10 per cent of the aggregate amount of its total insured business loans. Also, in order to make certain that the financing institutions would carry a reasonable share of the risk, the insurance coverage on any one specific loan would not be more than a certain percentage of the unJULY 1950 paid balance, 90 per cent under one bill and 95 per cent under the other. Reasons for the loan insurance program can be summarized about as follows: Because of the expense of credit and risk appraisal, loans to many small and to most very small business concerns must ordinarily be made on a banker's personal knowledge of the applicant's abilities, character, and financial worth, without the benefit of costly investigations. Where the businessman's banking contact is impersonal or casual, information of the type needed for negotiating a loan may be inadequate and the work and expense of getting the information may be too great. No one can say how large a volume of insured small business loans would be generated by the banking system under the proposed program. We have noted an expansion of specialized plans for loans to small business by insurance companies and by banks in some areas of the country. Considering the favorable experience of these institutions, it is anticipated that other new plans will be developed, particularly since there is considerable interest on the part of private financial institutions to cultivate the demand in this field. In view of this rapidly changing situation, I would prefer to see this program of insuring loans placed in the hands of the proposed investment companies where it could be flexibly adapted to the needs of various areas of the country. In conclusion, I would like to say that the proposal for the investment companies contained in this legislation was originally conceived not by the Federal Reserve but by private finance. The role projected for us was first suggested in the Fennelly Report of the Investment Bankers Association in 1945 and later by the Committee for Economic Development after an exhaustive study of small business problems. After full hearings by his Subcommittee of the Joint Committee on the Economic Report, Senator O'Mahoney undertook to give the suggestion concrete legislative form. Recently, in his message to the Congress, the President endorsed this same proposal. We would like to have it distinctly understood that we do not wish to be placed in the role of asking that Congress increase our powers. However, if the Congress elects to place these responsibilities in our hands, let me assure you that the wishes of the Congress will be carried out as vigorously, soundly, and expeditiously as we know how. 817 BRANCH BANKING IN THE UNITED STATES, 1939 AND 19491 The purpose of this article and related tabulations is to make available for public use information obtained from branch bank reports of condition submitted to the banking supervisory agencies as of June 30, 1949. This is the first time such reports have been collected since before the war. Branch banking in the United States has been shaped to a large extent by Federal and State laws.2 Establishment of branches is prohibited altogether in some States, and in a number of States branches are operated in limited areas or under restricted conditions. These legal restrictions have resulted in wide variations in the characteristics of branch banking among the various States and in a predominance of a limited or modified form of branch banking. Over 70 per cent of the commercial banks that operate branches have only one or two branches, and 94 per cent of these banks operate branches only within the head-office county or counties contiguous to it. A few large State-wide branch systems, however, play a prominent part in commercial banking within their respective areas. About one-tenth of the commercial banks (i.e., all banks other than mutual savings banks) in the United States operated branches on June 30, 1949.3 These 1,162 banks, together with their 4,386 branches, accounted for about 30 per cent of all commercial banking offices on that date, compared to 1 This article was prepared by Paul F. Smith of the Board's Division of Bank Operations under the direction of J. E. Horbett, Assistant Director of the Division. It is based largely on branch reports of condition obtained as of June 30, 1949 by the Comptroller of the Currency, the Federal Deposit Insurance Corporation, and the Board of Governors of the Federal Reserve System. Tabulations by State, class of bank, and other classifications, prepared at the Board's offices, are included in the statistical section of this BULLETIN, pp. 896-906. For additional branch banking statistics other than those periodically published in the BULLETIN, see BULLETINS for September 1941, pp. 882-85; May 1948, pp. 505-15; and Banking and Monetary Statistics, pp. 294-311. 2 The Board's latest digest of State laws pertaining to branch banking appears in the Federal Reserve BULLETIN for October 1939, pp. 851-70. 3 Banking facilities operated at the request of the Treasury at military reservations and other Government establishments were not included as branches in this study. This study, however, covers all other branches or additional offices within the meaning of Section 5155 U.S.R.S., which defines the term "branch" as "any branch bank, branch office, branch agency, additional office, or any branch place of business . . . at which deposits are received, or checks paid, or money lent." 818 25 per cent in 1939. The percentage growth since 1939 reflected a decline in the number of commercial banks, an increase of 223 in the number of banks operating branches, and an increase of 889 branches. The growth in branches was fairly evenly distributed between head-office cities and other localities, although it was larger outside these cities than within. This distribution was a change from the growth pattern of 1933 through 1939, when a slight decline of branches within head-office cities was more than offset by an increase outside these cities. The growth in the numerical importance of branch banking was accompanied by an increase in the proportion of commercial bank deposits held by branch banking systems in nearly ail of the States that permit branch banking. For the country as a whole, the proportion of commercial bank deposits held by branch banking systems declined slightly from 1939, reflecting a somewhat larger relative growth of deposits of commercial banks in, States where all or the greater portion of deposits are held by single-office banks. Geographic distribution of commercial branch banking. The geographic distribution of branch banking has changed relatively little since 1939. The increase in both the number of banks operating branches and the number of branches from 1939 to 1949 was widely distributed among the States permitting branch banking. New York and Pennsylvania had the largest increases (19 and 16 respectively) in the number of banks operating branches. These two States also led the increases (91 and 71 respectively) in the number of branches. In nearly all States that permit branch banking there was an increase in the proportion of commercial bank deposits held by branch systems. Five States (Arizona, Mississippi, New Mexico, North Carolina, and Tennessee) showed increases of more than 20 percentage points in the proportion of deposits held by branch systems. In three of these States (Arizona, North Carolina, and Tennessee) banks operating branches held a substantial proportion of the deposits of commercial banks in 1939. In New Mexico and Mississippi only 8 and 14 per cent of commercial bank FEDERAL RESERVE BULLETIN BRANCH BANKING IN THE UNITED STATES, 1939 AND 1949 deposits were held by branch systems in 1939 as compared to 32 and 35 per cent in 1949. The largest proportion of the growth in Arizona and North Carolina was due to the expansion of branch systems that were in existence in 1939, while in Mississippi, New Mexico, and Tennessee the growth was primarily the result of the establishment of branches by unit banks. Georgia, with a decrease of 9 percentage points, showed the largest decline. The proportion of all commercial bank deposits held by branch systems in individual States on June 30, 1949, is shown in the map at the top of page 821 and in the table on page 900. had 9 or more of such branches. However, in most of these 11 States, as shown in the lower map on page 821, this type of branch system held a substantial proportion of the commercial bank deposits of the State. Characteristics of commercial branch banking. The average branch banking system, described as a composite of various medians, had its head office in a city of 10,000-50,000 population, operated only one branch, and had deposits of 5-10 million dollars in 1949, most of which were held at the head office. About 55 per cent or 645 of the commercial banks operating branches had only one branch each; an Area of operation of individual branch systems. additional 18 per cent or 209 banks had only two Largely as the result of Federal and State regula- branches. In contrast, eight banks operated more tions governing the establishment of branches, the than 50 branches each, including one with 519 area covered by individual branch systems is typi- branches. Four of these large systems were located cally small. On June 30, 1949, 73 per cent of the in New York City and one operated branches only commercial banks operating branches had branches in Cleveland and contiguous counties. The other outside of the head-office city, but only 6 per cent three (two in San Francisco and one in Los Anhad branches outside counties contiguous to the geles) were so-called State-wide systems. The comhead-office county. All branches were located in bined deposits of these eight branch banking systhe same State as the head office with the excep- tems exceeded the combined deposits of the 854 tion of six branches that were established long be- banks operating only one or two branches. fore the enactment of the present laws. EightyThe median branch system (the middlemost systhree per cent of all commercial branch systems tem when all systems were arranged by size of deoperated branches in only one^ county; of the re- posits), with deposits of 5-10 million dollars, fell mainder, one system operated in 56 counties and between the extremes of 22 branch systems with dethe others operated in from 2 to 25 counties. The posits of less than a million dollars and 16 branch distribution of commercial banks according to the systems with deposits of nearly a billion dollars or number of counties in which they operated branches more. Nine of these large systems were located is as follows: in New York City, two in San Francisco, and one Banks operating Banks operating each in Boston, Cleveland, Detroit, Los Angeles, branches branches and Pittsburgh. The branch operations of all but 1 county 969 11 counties 5 2 counties 111 12 counties 1 five of these 16 large systems were confined pri3 counties 26 13 counties 2 marily to the head-office city, and five of them had 4 counties 16 14 counties 1 less than 10 branches. The size of some of these 5 counties 9 20 counties 2 6 counties 9 large banks was to a large extent dependent on 21 counties 1 7 counties 2 factors other than branch operation. 22 counties 1 8 counties 1 25 counties 1 In most branch systems the head office carried 9 counties 2 10 counties 2 56 counties 1 the largest share of the system's deposits. However, Although the distribution of branch systems 147 branch systems had a larger proportion of their according to the area in which they operate has total deposits at branches than at the head office, changed little in the past 10 years, there has been and 86 systems had more than half of their dea slight increase in the proportion of branches out- posits at branches outside the head-office city. side head-office cities. These branches increased The size of branches varied widely when classifrom 54 per cent of all branches in 1939 to 57 per fied by amount of deposits held. The range excent in 1949. tended from 90 branches with deposits of less than Of the 23 States that had branches in counties $250,000 each to 18 branches with deposits of more not contiguous to the head-office county, only 11 than 100 million dollars each. Nine of these large JULY 1950 819 BRANCH BANKING IN THE UNITED STATES, 1939 AND 1949 branches were in New York City and the others were distributed among five other large cities. The median branch, excluding those not reporting separate deposits, had deposits of 2-5 million dollars. The head offices of branch systems were located in cities of all sizes, ranging from less than 500 in population (99 head offices) to more than 500,000 population (134 head offices). Most of the branches outside head-office cities were located in small places; more than half or 1,300 were in places of less than 2,500 population, and only 97 were in cities of more than 500,000 population (nearly all of these were in Los Angeles). Approximately three-fifths of all commercial bank branches in existence on June 30, 1949 had been established de novo (by the present or a predecessor parent bank). The remainder were established by conversion of a bank into a branch following its consolidation or absorption. About 67 per cent of the branches in the head-office county and counties contiguous to it were established de novo. In noncontiguous counties, on the other hand, about 57 per cent of the branches were established by conversion of banks. and real-estate loans to total loans are shown in the accompanying table for unit banks, branch banking systems, and out-of-town branches.4 These ratios for branch systems and branches are not equally representative of all regions, due to the wide variations in the kind and extent of development of branch banking. However, State-by-State comparisons covering branch systems and all insured commercial banks indicate that the ratios, by size of bank or branch, are fairly comparable, particularly for the intermediate size groups which comprehend most banks and branches. On June 30, 1949, as the table indicates, (1) the ratio of loans to deposits was higher for banks operating branches than for unit banks in all size groups; (2) the ratio of real-estate loans to total loans was higher for banks operating branches than for unit banks in all but one size group, although the differences were small in most cases; and (3) the ratio of cash assets to total deposits was lower for banks operating branches than for unit banks in all size groups. Differences in accounting practices limit somewhat the comparability and value of asset and liability data reported by branches. Many branch Loans and cash assets of branch banking systems. Ratios of loans to deposits, cash assets to deposits, * These ratios relate to insured commercial banks only, since some data are not available for noninsured banks. COMPARISON OF SELECTED RATIOS FOR BANKS WITHOUT BRANCHES AND BANKS OPERATING BRANCHES, JUNE 30, A L L INSURED COMMERCIAL BANKS Ratio of loans to total deposits (per cent) Size group of bank or branch (deposits, in thousands of dollars) Ratio of real-estate loans to total loans (per cent) 1949 Ratio of Gash assets to « total deposits 1 (per cent) Banks without branches Banks operating branches 2 Branches outside headoffice city 3 Banks without branches Banks operating branches 2 Branches outside headoffice3 city Banks without branches Banks operating branches 2 500 and under 500-1 000 41 0 35.6 45.9 25.4 30.0 25 4 29.8 35.8 26 6 33.7 27 0 22.3 17.9 1 000-2 000 2,000-5,000 5,000-10,000 33.0 30.1 28.6 36.2 34.9 35.5 36.0 35.7 40.5 34.6 40.4 42.0 35.3 40 1 45.2 46.7 51 2 61.2 21.9 22 0 21.7 18.5 18 3 18.3 25 5 23.9 22.7 33 4 29.3 29.0 41.0 34.6 35.3 39.6 31.2 20.8 40 0 34.7 29.3 60 2 42.4 33.1 22 6 25 3 28.1 21 0 21 3 23.0 28.1 31.9 (4) 58.1 5 20.5 (4) 31.4 26.0 10,000-25 000 25,000-50,000 50 000-100 000 . . Over 100,000. ... 1 2 3 4 5 Ratio for branches omitted because of lack of comparability with cash assets of unit banks. Ratio for head office and all branches. Each branch was classified separately according to the size of its own deposits. Omitted because classification included only four branches. The ratio 8.1 reflects the relatively small proportion of real-estate loans held by big city banks without branches. The ratio 20.5 includes both city and State-wide branch systems; the corresponding ratio for head-office-city branch systems is 5.9, and for branch systems operating outside head-office cities 34.8. NOTE.—The ratios for the small and the large size groups of branch-operating banks and branches are based on relatively small numbers of banks and branches; consequently, they do not provide as reliable comparisons as do the ratios for the intermediate groups. 820 FEDERAL RESERVE BULLETIN BRANCH BANKING IN THE UNITED STATES, 1939 AND 1949 PERCENTAGE OF TOTAL DEPOSITS OF ALL COMMERCIAL BANKS HELD BY ALL COMMERCIAL BRANCH SYSTEMS JUNE 30, 1949 HELD BY BANKS WITH BRANCHES IN NONCONTIGUOUS COUNTIES JUNE 30, 1949 JULY 1950 821 BRANCH BANKING IN THE UNITED STATES, 1939 AND 1949 systems use completely centralized accounting and keep no separate books at the branches; some systems centralize checking deposits at the head office but carry other accounts at the branches; and all but a relatively small amount of investments are centralized. As a result of these variations, the ratios for branches are not entirely comparable to those of unit banks or to the branch system totals. However, allowing for these factors, the ratio of loans to deposits was higher at branches outside head-office cities than at banks without branches for all but the smaller size groups, and the ratio of real-estate loans to total loans was higher at such branches in all size groups. Branches of mutual savings banks. Mutual savings banks that operated branches on June 30, 1949 held a substantial proportion of the deposits of such banks in nearly all of the 12 States in which they operated. However, only New York and Massachusetts, the leading mutual savings bank States, had more than four branch systems. New York had 54 branch-operating mutual savings banks with 90 branches and Massachusetts had 31 such banks with 40 branches. All but three of the States with mutual savings branch systems showed an increase since 1939 in the proportion of deposits held by branch systems. These changes resulted in an increase from 47 per 822 cent in 1939 to 60 per cent in 1949 for the country as a whole. The relatively large proportion of mutual savings deposits held by branch systems reflects to a large extent the fact that most mutual savings banks are located in States that permit branch banking. As in the case of many of the commercial bank branch systems, the mutual savings branch systems operated in restricted areas. All of the branches of mutual savings banks were located in the headoffice county or counties contiguous to it, and only 16 per cent of the branches were located outside head-office cities. Additional data on branches of mutual savings banks appears in the statistical tables on pages 896 and 906. Offices at military reservations. At the request of the United States Treasury, a number of banks operate offices at military reservations and certain other Government establishments. These offices serve primarily as paying and deposit stations, as do many ordinary branches. They have not, however, been included in the tabulation of branches, because of their different legal status and the nature of their origin. On June 30, 1949, there were 66 banks operating 88 offices at various Government establishments; half of these banks operated no branches. FEDERAL RESERVE BULLETIN LAW DEPARTMENT Administrative interpretations of banking laws, new regulations issued by the Board of Governors, and other similar material Clayton Antitrust Act tion containing our findings upon the issues herein, was filed on Saturday, June 24, 1950. We now proceed to state, more in detail, the facts disclosed in this proceeding, and the considerations which prompted our decision. While the Board of Governors of the Federal Reserve System was in the process of holding hearings upon a complaint, filed under Section 7 of the Clayton Act (15 U. S. C. A. 18) charging Transamerica Corporation with a violation of that Act and seeking to require that corporation to cease and desist from such violations, and to divest itself of the stock of certain banks alleged to have been acquired contrary to the interdiction of the Act, the respondent Bank of America, which was also one of the banks listed in said proceedings, entered into arrangements with certain of the banks whereby the Bank of America proposed to acquire the assets of such banks. Steps looking to the acquisition of these bank assets, although clearly planned for a considerable period, were commenced on June 20, 1950, three days prior to the institution of this proceeding, when the Comptroller of the Currency executed his consent to Bank of America to open branches at the locations of these several banks. Although the Comptroller's certificates of consent were, strictly No. 12,587 speaking, limited to authorization to open branches, IN THE UNITED STATES COURT OF APPEALS FOR it is apparent, from the record, that he knew that THE NINTH CIRCUIT acquisition of the banks' assets was contemplated, for the approved location in each case was that of BOARD OF GOVERNORS OF THE FEDERAL RESERVE the bank proposed to be acquired, and in his letter SYSTEM, Petitioner, of transmittal of the certificates approving the vs. branches, dated June 20, 1950, he listed opposite TRANSAMERICA CORPORATION, AND BANK OF AMERICA the name of each branch, the name of the bank NATIONAL TRUST AND SAVINGS ASSOCIATION, "to be taken over". Respondents. At some date or dates subsequent to the 20th day of June written contracts were executed beUPON PETITION FOR TEMPORARY RESTRAINING tween the several banks and Bank of America ORDER, PERMANENT INJUNCTIONS AND OTHER RELIEF providing for the acquisition of the former's assets by Bank of America, which in each case assumed Before HEALY, ORR, and POPE, Circuit Judges. the deposit and other liabilities. On the hearing PER CURIAM. An order denying a motion to dis- before us some argument ensued as to whether solve a restraining order and granting an injunc- these contracts were executed or executory. They Injunction Restraining Transamerica Corporation, and Bank of America N. T. & S. A. While the Board of Governors was in the process of holding hearings upon a complaint filed under Section 7 of the Clayton Antitrust Act seeking to require Transamerica Corporation to divest itself of the stock of certain banks alleged to have been acquired by it contrary to the provisions of that Act, Bank of America N. T. & S. A. entered into arrangements with certain of those banks whereby it proposed to acquire their assets. The Board of Governors obtained in the United States Court of Appeals for the Ninth Circuit an injunction restraining these acquisitions. Thereafter the banks were taken over and opened as branches of Bank of America, and that bank and Transamerica Corporation and the presidents of the two institutions were ordered to show cause why they should not be adjudged to be in civil and criminal contempt of the Court. After receiving evidence, the Court held them to be in civil contempt, and dismissed the proceedings relative to criminal contempt. The two opinions of the Court of Appeals are printed below: JULY 1950 823 LAW DEPARTMENT fall into two categories. Those relating to state banks required the approval of the State Superintendent of Banks, who gave his approval on June 22, 1950 "effective at 3 o'clock p.m. California daylight savings time, June 24, 1950." * The contracts relating to National Banks are shown to have been in the form of that made by the First National Bank of Santa Ana. It recites that it is entered into "as of the 20th day of June, 1950". Its date of actual final execution is not indicated otherwise than by the fact that the signatures on behalf of Bank of America were acknowledged before a notary on June 23, 1950. This contract, presented as a sample of the other contracts with the National Banks, shows on its face that it was wholly executory. It provided for actual transfer at a future date. It referred to a list of assets to be transferred, subject to such changes as may occur therein to and including "the date of actual transfer thereof". In like manner the liabilities to be assumed were "subject to such changes as may occur therein to and including the date of actual transfer thereof." Another clause requires the seller to indemnify the purchaser against any action or cause of action "that may be now existing or pending and not shown by the aforesaid records of seller, or which may hereafter be commenced, based upon any transaction, matter or thing happening or occurring prior to the actual transfer of the business and assets herein referred to." The price to be paid is not fixed. It is to be based on a valuation of assets which "shall be arrived at by the officers of the respective parties". It is to include such premium on loans and such good will premiums "as may be agreed upon". Seller agrees to cease business and liquidate "after completion of the transfers provided for in this agreement." It was admitted at the hearing that the banks referred to, and their officers, would continue to function throughout the week in which these transactions were initiated and through June 24, 1950. Further indicating that the agreements remained executory, and that the actual transfers had not been made when the restraining order hereinafter referred to was served, is a press release of the 1 Although the exhibits furnished by respondent indicate that all certificates of the Superintendent of Banks were in the same form, it was stated at the hearing, and not controverted, that in some certificates the approval was made effective as of 12 noon on June 24, 1950. 824 Bank of America listing the banks in question, announcing the proposed acquisition, and stating "It is expected that these offices will become part of the Bank of America as of the close of business oni June 24". On June 23, 1950 the petitioner Board of Governors of the Federal Reserve System filed herein its petition disclosing the pendency of the proceedings before it, alleging that further hearings therein are set for July 17, 1950, and that the conclusion of such proceedings will probably require 30 days thereafter. It appears that such hearings have proceeded intermittently since February 2, 1949. The petition discloses, and it is conceded here, that the complaint in that proceedings charged that respondent Transamerica Corporation had acquired the stocks of certain banks in violation of Section 7 of the Clayton Act, and that the effect of such acquisition has been and is to substantially lessen competition, to restrain commerce,, and to tend to create a monopoly. The petition was directed against Transamerica Corporation, respondent in those proceedings, and also Bank of America. It alleged the imminent acquisition of the assets of the banks, and prayed that such transfer be enjoined until the Board's proceedings could be concluded. The Board's Memorandum of Points and Authorities filed with its Petition, and based on appropriate allegations in the petition, discloses that our jurisdiction herein is asserted to exist by virtue of Title 28 U. S. C. Section 1651, which provides: "The Supreme Court and all courts established by Act of Congress may issue all writs necessary or appropriate in aid of their respective jurisdictions and agreeable to the usages and principles of law." It is pointed out that the Board is without statutory authority to protect its own jurisdiction. Its orders may only be enforced in this court, whose jurisdiction, under Section 11 of the Clayton Act (15 U. S. C. A. 21) is exclusive. And, although the Board has not yet entered an order, or petitioned this court to enforce an order, yet it is argued that the jurisdiction of this court to issue an extraordinary writ in aid of its own jurisdiction is not delayed until the jurisdiction of this court is actually invoked. The writ may be issued to prevent frustration of the ultimate exercise of its jurisdiction even before an appealable or reviewable order has been entered in the tribunal FEDERAL RESERVE BULLETIN LAW DEPARTMENT below. Attention is called to the application of this principle in many cases following Barber Asphalt Paving Co. v. Morris (8 Cir.), 132 F. 945, where the court said: (953-954) "It is obvious that the primary reason for the grant to the federal appellate courts of the dominant power to issue their writ of mandamus to the inferior courts in the exercise of and in aid of their appellate jurisdiction was to enable them to protect that jurisdiction against possible evasions of it. It is not less evident *hat the grant must in many, nay, in most, cases, fail to accomplish its chief end if the power to issue the writ can be exercised only after the appellate jurisdiction has been actually invoked by an appeal or by a writ of error. Under the acts of Congress the proceedings in every suit in the Circuit Court of the United States are now reviewable either in the Supreme Court or in the Circuit Court of Appeals. The moment such a suit is commenced, the appellate jurisdiction over it exists, the power and the right to ultimately review the proceedings in it are vested in one of the appellate courts. . . . * • * • # # # "The reasons and decisions to which we have now adverted have impelled our minds with irresistible force to the conclusion that the true test of the appellate jurisdiction in the exercise or in the aid of which the Circuit Courts of Appeals may issue the writ of mandamus is the existence of that jurisdiction, and not its prior invocation; that it is the existence of a right to review by a challenge of the final decisions, or otherwise, of the cases or proceedings to which the applications for the writs relate, and not the prior exercise of that right by appeal or by writ of error; . . ." To like effect is Whittel v. Roche, 88 F. 2d 366, decided by this court. The cases just cited deal with writs issued in aid of our appellate jurisdiction. We think a like jurisdiction is granted, under Section 1651, in aid of our original jurisdiction to enforce the orders of this Board, and that it may be exercised at any stage at which it may appear reasonably necessary to preserve that jurisdiction. Indeed, in this situation, in which this court has been made the sole court vested with enforcement of this Act, our power to protect that jurisdiction is comparable to that of a district court which is confronted with a threat by litigants, or by third persons, to destroy its jurisdiction, as for example, in the case of a JULY 1950 threatened destruction or removal of a res in custodia legis? Here the threatened frustration is through concert between the respondents. Fed. Power Comm'n v. Edison Co., 304 U. S. 375, cited by respondents was a case in which the Circuit Court of Appeals issued an order relating to proceedings before the Power Commission which the Supreme Court held to amount to a mere effort to exercise supervisory control over purely procedural steps taken by the commission, and which, under no circumstances, would be reviewable by the court. It was therefore held that section 262 of the Judicial Code, similar to the present section 1651, was inapplicable. We think that decision not in point here. To demonstrate the threatened divestiture of the Board's jurisdiction, and hence of ours, and the irreparable damage that may result, petitioner calls our attention to Federal Trade Commission v. Western Meat Co., 272 U. S. 554, and ArrowHart & Hegeman Electric Company v. Federal Trade Commission, 291 U. S. 587. In the first case it was held that in a proceeding under Section 11 of the Clayton Act the Federal Trade Commission could supplement an order requiring the respondent to divest itself of stock acquired in violation of Section 7 by further directing that the assets underlying the stock also be divested in a manner consistent with the purposes of the Act. In the Arrow-Hart case, it appears that during a proceeding before the Federal Trade Commission designed to compel a holding company to divest itself of stocks acquired by it in competing corporations, the several corporations involved completed an arrangement by which all of the assets formerly belonging to both original companies were transferred to a new corporation. It was held that the jurisdiction of the commission had been thereby ousted. The court said: (p. 599) "Where shares acquired in violation of the Act are still held by the offending corporation an order of divestiture may be supplemented by a provision that in the process the offender shall not acquire the property represented by the shares. Federal Trade Comm'n v. Western Meat Co., 272 U. S. 554. In the present case the stock which had been acquired contrary to the Act was no longer owned by the holding company when the Commission made its order." 2 C£. Continental Bank v. Rock Island Ry., 294 U. S. 648, 675. 825 LAW DEPARTMENT It is therefore said that what the respondents Initially it is contended that our restraining order are about to accomplish here will serve to circum- is void for failure to recite the matters specified vent the possibility of the Board, in case it finds in Rule 65(b), F. R. C. P. What counsel have the same warranted, making an order of the kind overlooked is Rule 1, which provides that the upheld in the Western Meat Co. case, supra, and rule cited has application only to proceedings in thus defeat the jurisdiction of the Board, and the district courts. They have also failed to note the character of the order which we have here of this court. We think the position thus stated is well taken. issued. What is sought, and we have granted, is The question which we think poses the most a writ of injunction, serving the same general purdifficulty here is whether it is our jurisdiction, or pose of the coordinate writs of mandamus and that of some other court, which is threatened. The prohibition, and designed, not as an injunction in pertinent portion of Title 15 U. S. C. A. Sec. 21, equity, however much equitable principles must is as follows: "If such person fails or neglects to be applied, but solely as a writ in aid of the jurisobey such order of the commission or board while diction of this court. The restraining order, which the same is in effect, the commission or board was served with the order to show cause, the petimay apply to the circuit court of appeals of the tion, and the memorandum of points and authoriUnited States, within any circuit where the viola- ties, left the respondents in no uncertainty as to tion complained of was or is being committed or what they were commanded to do, or as to the where such person resides or carries on business reasons therefor. for the enforcement of its order." Although the order to show cause was made reThe Respondent Transamerica Corporation is a turnable June 27, and set for hearing June 28, the Delaware corporation. The acts complained of respondents appeared by motion to dissolve the occurred in California, where the corporation does restraining order and at the request of both its business. But under the rule that a corporation parties the hearing on the petition, and the mois deemed to reside where it is organized, it would tion to dissolve the restraining order was held appear that two of the three bases for selection of at 10 a.m. Saturday, June 24. Upon this hearing an enforcing court would bring the parties here, it was urged that the proposed transfer of assets while the third would point to the Third Circuit. had already been completed before this court's It is argued that until the order is entered and order issued; that we were confronted with a enforcement sought in some court, jurisdiction re- fait accompli, about which we could do nothing, sides nowhere, and therefore we have none to aid. at any rate with the type of injunction here sought. It is to be noted that the Board, which is given We think this is not so. We have previously noted the ultimate option to choose the enforcing court, the executory character of the agreements and the has made its application here. To say that under press release statements that the transfer was to the circumstances no court could do anything be effected as of the close of business on June 24, would lead to complete frustration. We cannot 1950, until which time the individual banks and believe that Congress, in providing for alternate their officers were continuing to transact business places of enforcement, thereby intended to with- at their respective locations. No delivery of possesdraw in such circumstances any of the broad sion had taken place when the court's order issued, power granted by section 1651 of Title 28. We or when the hearing was begun. Possession was think the power granted by this section was in- then still in the several banks. Our restraining tended to be adequate for all practical purposes order calls for no more than that respondent sought to be served thereby. It is our opinion that Bank of America refrain from taking such possesthis problem must be resolved in favor of our sion. jurisdiction here. Upon the commencement of It is said that the respondent Bank had then comthe proceeding here we issued, ex parte, our order mitted itself, by contract, to complete the transto show cause, returnable June 27, 1950, and our action. Even if the contracts had been arrived at temporary restraining order enjoining the threatened by parties dealing at arms length, it requires no acquisitions pending hearing on the order to show demonstration that an act which otherwise might cause. These orders were served on respondents, be enjoined, does not become immune to injunction it appears, on the afternoon of June 23, 1950. because a party defendant has made a contract to do 826 FEDERAL RESERVE BULLETIN LAW DEPARTMENT the thing forbidden. The claim that these executory contracts, signed by one of the respondents on the one side, and by banks controlled by the remaining respondent of the other—engagements on which the ink was hardly dry—have put this transaction beyond injunction is of a stripe with the argument that the injunction may not issue because the respondents have made public announcement of their intentions. One of the grounds stated in the motion to dismiss the restraining order was that the Comptroller, in issuing the certificates consenting to the openings of branches, had thereby adjudicated the validity of the proposed transfers, including all questions relating to Clayton Act violation. At first it was sought to lend color to this claim by quoting testimony of a deputy comptroller before a Congressional committee. But as the hearing progressed this claim was apparently abandoned, as necessarily it must be, for the Comptroller clearly neither has such authority, nor purported to exercise it. The facts do show an unfortunate working at cross purposes of two government agencies. What we say is not to be taken as a criticism of the Comptroller for thus apparently lending aid to an attempted evasion of the order of the Board of Governors. Apparently the Comptroller felt obliged to issue these certificates in return for an agreement of the respondent bank to increase its capitalization to a figure which he thought necessary in the public interest. Doubtless the Comptroller deplored a state of law which reduced him to this expedient. But in making his decision he neither considered, nor was charged with determining, any of the issues committed to the Board of Governors. Matters have been called to our attention which bear upon a balancing of convenience as between the parties. We find no such inconvenience to respondents as would lead us, in our discretion, to stay our hand. It is claimed that the Board unduly delayed in instituting this proceeding. The correspondence between the Board of Governors and the Comptroller, through which admittedly knowledge first came to the Board of Governors, was produced at the hearing, and both parties read therefrom. From this it appears that the Board of Governors was advised by letter dated June 14, 1950, that issuance of the certificates for branches was under consideration, but it was not until June 20, 1950, that the Board was advised that they JULY 1950 would be issued. The institution of this proceeding three days later disclosed all possible diligence. It is asserted that substantial sums have been expended in preparation for the acquisition of these banks; that wide publicity has been given by letters to depositors, press releases and the like. It is shown that the directors of the several banks have surrendered their qualifying shares in those banks to the respondent corporation. We find here no insuperable difficulties. Respondent corporation may easily return the stock, which no doubt, must, to satisfy the law, be retained in ownership by the directors until possession is passed. As for the expenditures and other inconveniences mentioned, it appears to us that for the situation in which respondents now find themselves they have to thank not the institution of this proceeding, but their own unseemly haste. Notwithstanding the many months during which the substantial issues raised in the proceedings before the Board were being considered, and knowing that the validity of Transamerica's ownership of the very stock that had to be voted to bring about this precipitate transaction was in issue in those proceedings, the arrangements were rushed through in a manner which would appear to us hardly compatible with the sure and dignified procedure traditional in the banking business. We cannot hold the Board at fault for not anticipating such procedures. With it all, whether there be any truth in it or not, the respondents laid themselves open to being suspected of contriving an adroit design to circumvent the proceedings before the Board. On the other side of the shield is the public interest, the protection of which Congress has commanded by the enactment of the Clayton Act which is designed to prevent monopoly and other restraints upon trade and commerce. This interest is paramount. The public convenience in a matter of this kind is such as to outweigh any other considerations which have here been presented to us. The facts with which the Board is dealing are not before us. Nor do we assume that the Board will ultimately find that the stock acquisitions of which complaint has been made are such as will substantially lessen competition, or tend to monopoly. But we cannot assume that such results could not appear. Indeed, in making these sections applicable to banks, and in vesting jurisdiction in the Board of Governors of the Federal Reserve System, Congress must have recognized the possibility that there 827 LAW DEPARTMENT The order of June 23 restrained Transamerica could be detrimental monopolization and restraints of trade in the banking field. We think that to and Bank of America "from consummating or prevent the appropriate agency o£ government effectuating any arrangement or undertaking which from protecting the public interest in this respect will result in Bank of America . . . acquiring the assets or banking business of any or all of" the would cause irreparable damage. the order, "until further order The conclusions here developed were all clearly banks named in x indicated in our injunctive order of June 24, en- of this Court." On June 27 upon application of the petitioner tered subsequent to the hearing. Time was lackalleging a violation by the two corporations, and ing, however, to enlarge upon the reasons for them; and the purpose of this opinion is to state those Husbands and Giannini, their Presidents, of these reasons fully and to cite the authorities which we two orders, we issued a rule ordering that the corporations and Husbands and Giannini (hereafter consider as supporting them. referred to as respondents) answer the Board's petition and show cause why they should not be UNITED STATES COURT OF APPEALS FOR THE NINTH adjudged to be in civil and criminal contempt of CIRCUIT this court. Bank of America and Giannini filed No. 12,587 an answer, as did Transamerica and Husbands. Upon direction of the court, evidence in support PROCEEDING TO ADJUDGE IN CRIMINAL CONTEMPT of the petition and of the answers was presented IN THE MATTER OF TRANSAMERICA CORPORATION, A by the parties by affidavits. CORPORATION, BANK OF AMERICA NATIONAL TRUST The showing made by the respondents themAND SAVINGS ASSOCIATION, A NATIONAL BANKING selves discloses that Bank of America did, as ASSOCIATION, SAM H . HUSBANDS, AN INDIVIDUAL, charged by petitioner, open branches on June 26, AND L. MARIO GIANNINI, AN INDIVIDUAL 1950, at all the business locations of the several banks described in the injunctive orders, and what we consider to be more significant, Bank of America did so with the assets and the banking busiNo. 12,587 nesses previously owned by the individual banks which it acquired at the close of business on SaturPROCEEDING TO ADJUDGE IN CIVIL CONTEMPT AND day, June 24, 1950. FOR OTHER RELIEF The affidavits furnished by respondents subBOARD OF GOVERNORS OF THE FEDERAL RESERVE stantially add to the evidence mentioned in our SYSTEM, Petitioner, former opinion, that the arrangement was that the assets and businesses were to be acquired, as vs. they were in fact taken over, precisely at the close TRANSAMERICA CORPORATION, AND BANK OF AMERICA of business on June 24. Thus the affidavit of the NATIONAL TRUST AND SAVINGS ASSOCIATION, assistant to the President of Bank of America, who Respondents. actively handled the arrangements made by the Before: HEALY, ORR, and POPE, Circuit Judges. bank, relates a conversation had with the State Superintendent of Banks at which preliminary PER CURIAM. This is a proceeding seeking to drafts of documents relating to the proposed acquihave the respondents Transamerica Corporation sition were submitted to him. "During this conand Bank of America, and their respective chief ference," the affidavit states, "the bank officer executive officers, Husbands and Giannini, ad- informed the chief deputy that June 24, 1950 was judged in both criminal and civil contempt for programmed as the effective date of the agreements failure to comply with our temporary restraining of sale and purchase of the business and assets of order of June 23, 1950, and our injunction order both state banks and national banks." Other of June 24, 1950, issued in the proceeding described affidavits produced by respondents disclose that in our opinion dated June 27, 1950, in Board of this program for an actual acquisition June 24 was Governors vs. Transamerica Corporation, F. 1 The order of June 24, made after hearing, contained 2d . The facts forming the background of like restraints "until after final determination by said Board the present proceeding are stated in that opinion. of the aforesaid proceedings." 828 FEDERAL RESERVE BULLETIN LAW DEPARTMENT in fact carried out. Thus it was at noon, June 24, that the employees of the individual banks were to become employees of Bank of America. The senior executives of each of the selling banks were informed "that their staffs, intact, would become employees of Bank of America, effective at noon, June 24, 1950." In the light of this record, and of the findings made by us in granting the injunction, confirmed as those findings are by the further evidence now before us, it is plain that in the face of this court's order of June 23 the respondents did precisely what they had been enjoined from doing. The consummation, the "take-over," as it is called, occurred when possession of the assets and businesses was taken by Bank of America at the close of business on June 24. But by their answers and arguments respondents assert that this apparent contempt of the court's order was in truth not such. They contend that the acts we sought to enjoin had been accomplished and completed when our restraining order was served about 4 p.m. on the afternoon of June 23. What we have said both here and in our former opinion sufficiently demonstrates the contrary. The answers allege that possession of these assets and banking businesses had, prior to the issuance of the order of June 23, passed to Bank of America "by virtue of the presence in each of the acquired banking premises from and after June 19, 1950 of a Bank of America assistant branch supervisor and inspector for the purpose of taking over such assets and banking businesses." The affidavits do disclose that such inspectors were at the banks, but they fail to establish that they were there for any other purpose than that of listing the assets on hand and briefing the bank personnel as to procedures and operations to be followed after the take-over occurred. We find no evidence that their presence was for any other purpose, or that it accomplished or was intended to accomplish any change of possession. No assertion of possession through such inspectors was made at the hearing on the motion to vacate the order, and the contention is plainly an afterthought.2 2 The most detailed account of what the inspectors did was given by the Cashier of one of the banks, who stated in his affidavit: "Beginning with Monday, June 19, 1950, two inspectors from the Inspection Department of Bank of America N. T. & S. A. came into the office of the then First National Bank of Fairfleld. Schedules classifying and segregating assets were prepared. The bond and security accounts were JULY 1950 But respondents now answer that a fair construction of the restraining order was that it was intended only to prohibit future affirmative action, that it did not require any act theretofore done to be undone, and that after service of the order they did no affirmative act whatever, and hence can not be held in contempt. In support of this plea they have disclosed in great detail the plans made and the procedures adopted to bring about the proposed acquisition of these banks. Negotiations respecting terms of sale were carried on, not between the individual banks and Bank of America, but between Transamerica and Bank of America. Transamerica worked out a program of necessary steps and procedure to be followed, called in officers of the selling banks, told them what would have to be done, and delivered to them forms to be executed and resolutions to be adopted. In each case the required resolution was adopted and Transamerica's consent, as stockholder, was prepared and sent to each bank. Contracts, in the form described in our previous opinion, were prepared and signed. Also in anticipation of the planned acquisitions, the inspectors or auditors of Bank of America, previously mentioned, were sent into the individual banks to make schedules classifying and segregating the assets, and prepare entries to be put upon the books on June 24. Letters were mailed to depositors of some of the banks advising them of the contemplated opening of a branch of Bank of America, and that services previously rendered by the selling bank would be furnished at this branch. Advertisements to the same effect were published. Supplies, stationery and forms, printed for use in the contemplated new branch were requisitioned and stored in the banks for use when the branch should open. The staff of employees had been notified, as indicated above, that as of noon June 24 they would be employees and on the payroll of Bank of America. With all these advance preparations it is quite apparent that so far as these officer respondents are inspected and classified. Closing entries, accruals, and similar work was done to record on the books of First National Bank of Fairfield the transfer which was to occur. Substantially all of that work was done prior to June 24, 1950, at which latter time the actual writing was put onto the books. Also during that week, the inspector set up files and prepared the necessary papers to transfer certain loans into what Bank of America N. T. & S. A. considers its instalment credit loan, FHA and GI categories." It will be observed that the appearance of the inspectors was made prior even to the granting by the Comptroller of permits to open the branches. 829 LAW DEPARTMENT concerned, they were like field generals, who, having made all necessary dispositions of forces, and given all required commands, could simply sit and wait for the arrival of "D Day", knowing that their orders would be executed on time without further command or word from them. But to say that under these circumstances, when the scheduled take-over occurred on June 24, 1950, it was accomplished without any "affirmative act" on the part of the respondent corporations, is to disregard entirely the very nature of all corporate action, which is necessarily vicarious. A corporate party or the officer of a corporation who acts through agents is not less amenable to an injunction than is a natural person acting individually. When such an individual, prepared and ready to accomplish an act, is ordered not to do that act, as for example, not to take possession of bank assets, he falls into contempt if he proceeds to do so. A corporate defendant is no less amenable though it has previously given complete directions to its agents to take possession. The prohibition runs against the corporation and its agents, or rather against the corporation acting by its agents. And obedience to such an injunction necessarily requires that the prior orders be countermanded—'that the agents be instructed not to do that which they had previously been told to do. Such a countermand, or reversal of instructions, is in no true sense the taking of affirmative action to undo action previously taken. It is no more than an essential step in the process of obedience. At the close of business on Saturday, June 24, 1950, certain human beings then had actual physical possession of the assets and businesses here in question. The possession was at that moment characterized by two things. At that time the actual book entries evidencing the passing of title and possession were made. At the same moment these persons took on their character as agents of the Bank of America. At that moment Bank of America took title and possession through these agents. That the agents had been previously named and notified is without significance. Obedience to the injunction required that their previous instructions be countermanded. That this is true with respect to one who is acting through another is self-evident. The duty to countermand directions or arrangements previously made, in order to comply with an injunction not to do something, has been applied even in the case where the act enjoined is being done by 830 an independent contractor acting under prior contract. Walden v. Siebert, 102 Conn. 753, 128 A. 702. It has been extended to the case of one who, enjoined from selling attached property, silently stood by while the levying officer made the sale. Blood v. Martin, 21 Ga. 127. Failure of a principal to stop acts of subordinates, which if done by him would violate an injunction, is itself a violation on his part. Widener v. Sharp, 109 Neb. 766, 192 N. W. 726. That respondents were aware of their duty to countermand prior arrangements is apparent from other steps taken by them after service of the order, as they say "out of respect for this court's orders." It appears from their answers and affidavits that upon the service they halted a number of procedures and steps which were it not for such directions would have been completed in regular course. Instructions were given to the Bank of America inspectors at each of the banking locations and to Bank of America subsidiary real estate corporation, not to accept deeds to banking premises, or if they had already done so, to withhold them from recordation. Action looking towards substitution of trustees on deeds of trust on property securing loans was ordered stopped. Previous instructions to transfer title certificates held by the banks on mortgaged vehicle were cancelled. Previous arrangements to obtain new loss payable endorsements on insurance policies covering security held for loan were countermanded. Previously prepared FHA forms for transfer of insurance in connection with purchase and sale of mutual mortgage insurance loans were ordered held without execution; and the same procedure was adopted with respect to transfer of insurance reserve on FHA loans and veterans' insured loans. Previous arrangements for cancellation of employees' fidelity bonds, workmen's compensation insurance, public liability, fire and other insurance policies, covering the several banks, were halted. The sending of letters of notification to depositaries of securities held by the several banks was ordered withheld. Similarly, transfers of balances carried by the several banks with correspondent banks were not made. Payment of net balances payable to the banks as purchase prices for their assets was stopped. Directions for processing assets acquired from the several banks through Bank of America accounts were countermanded. All prospective meetings for voting liquidation of the banks were called off. It is noted that all of these countermanding FEDERAL RESERVE BULLETIN LAW DEPARTMENT directions relating to incidental details of the take-over involved considerable effort and entailed substantial activity on the part of the respondents. We are unable to understand why respondents, had they been intent on real obedience, found it necessary to take all of these steps and chose at the same time to stop short of giving the one simple countermanding order which both the letter and the spirit of our restraint required, namely, a direction that the take-over, originally planned for the close of business, June 24, 1950, was in consequence of a restraining order of this court, required to be indefinitely postponed. Had respondents for any reason advantageous to themselves, deemed it desirable to postpone for a week, a month, or indefinitely, the effective date of this transaction, they could by mutual agreement readily have effected that result. They could with equal facility and in the same way have postponed the effective date in compliance with our compulsive order. By way of justification, or perhaps of mitigation, respondents plead that they were compelled by law or through fear of serious consequences to innocent parties, to proceed as they did when they did. In other words, they plead that it was impossible for them to comply, or impossible to comply except by risking great loss to the depositors of the banks in question. First it is said the certificates of authorization to open branches issued by the Comptroller of the Currency required them to open the new branches in places of business of the respective banks at the time when they did so on June 26. This is not so. They were permissive, not mandatory. With respect to the state banks, as we pointed out in our earlier opinion, the consent to transfers issued by the Superintendent of Banks did fix an hour for the taking effect of the transfer; but we can not assume that informed of this court's order and presented with a request for the fixing of a later date, the Superintendent would not have amended his approval and his certificates accordingly. We find no impossibility either in law or in fact arising out of the certificates either of the Comptroller or of the Bank Superintendent. The affidavits show that on dates ranging from June 12, 1950 through June 22, 1950 Transamerica purchased from the directors of the various banks all of their qualifying shares and paid for the same. The purpose of this purchase appears to have been to obtain for Transamerica a tax adJULY 1950 vantage through acquisition of a sufficient preponderance of the ownership of stock in these banks to permit consolidated tax returns. We are told that because all of these directors had thus disposed of their qualifying shares those banks could no longer function. This, it is said, would make it necessary, if Bank of America did not take over these locations when it did, for all these banks to close their doors. Our attention is called to R. S. §5146, now Title 12, §72, which provides that "Any director who ceases to be the owner of the required number of shares of the stock, or who becomes in any other manner disqualified, shall thereby vacate his place." It is said therefore that the respondents when confronted with our restraining order were required to determine either to go ahead with the proposed take-over so that the new branches might be opened, or to obey our order and force the closing of all these banks on the following Monday morning. Whatever technical plausibility this argument may have, it is completely unrealistic. For a period of some ten days prior to the restraining order numerous of these banks had been going along conducting business with all their directors in this same situation. None of the directors had resigned or quit his post. Nor is it the law that a director ceasing to own the necessary qualifying shares "thereby" automatically vacates his place. Michelsen v. Penney, 2 Cir., 135 F. 2d 409. Certainly, the respondent Transamerica in thus taking up these stock certificates from directors had no similar apprehension that the banks could not lawfully continue to do business for the ten days preceding the date of the take-over; and if the banks could lawfully open on Saturday, June 24, they could likewise lawfully open on Monday, June 26. Nor did Transamerica, which planned the liquidation of these national banks, appear to have any concern about its ability to accomplish that liquidation which under §181 of Title 12 must be conducted under the supervision of the board of directors. We see, in short, nothing in this circumstance of the transfer of qualifying shares which would operate to'bring the corporate enterprise or the business of the bank to an end. Pursuing their contention along this line respondents assert that it would have been impossible to reconstitute a new board of directors for any of the banks which were members of the Federal Reserve System for the reason that Transamerica as 831 LAW DEPARTMENT a holding company affiliate could not vote its shares in these banks in the election of new directors without obtaining a permit under §61 of Title 12, a process which might well require a long time. Assuming that a reconstitution of the directorates was necessary, an examination of §61, supra, discloses that that statute does not contemplate that such a permit must be obtained anew for each election. All that is required is that voting be pursuant to a permit "which permit is in force at the time such shares are voted." The permit is described as one granted by the Board of Governors of the Federal Reserve System "entitling it to vote the stock controlled by it at any or all meetings of shareholders of such bank." Stated conditions of the permit are that the holding company affiliate shall have certain assets "during the life of such permit." Among the agreements exacted of such company as a condition of securing the permit is that it shall "agree that during the period that the permit remains in force" it will not acquire certain securities. The same requirements are extended to state bank members of the System by Title 12, §337. We are justified in assuming that in the preceding January these bank directors were elected as provided by Title 12, §71. There is no showing before us that the §)51 permit under which Transamerica must have voted its shares in January had expired in June. Nor do we assume that had such a permit expired the petitioner Board would have denied or not promptly granted any permit necessary to reconstitute these boards. We think it absurd to assert that the banks would be unable to function on Monday morning, June 26, with the same boards with which they had been getting along well enough for the preceding ten days. On behalf of Transamerica and Husbands it is said that they also failed to take any affirmative action in that our order did not require them to reverse any action previously taken and that therefore in doing nothing they can not have been in contempt. We think this plea is without substance for the reasons heretofore expressed by us when dealing with a similar plea on behalf of Bank of America. The transfer of assets by the banks was not only carried through by them as tools of Transamerica which arranged all of the terms which it then dictated to the banks but Transamerica as the owner of substantially more than two-thirds of the stock of these banks was obliged to give its '832 consent to the transfer. It was asserted by counsel for Transamerica that once its consent had been executed and filed with the banks it was irrevocable. We perceive no reason why this should be true or why such a consent would not be comparable in respect to revocation to an authorization to an agent. We think that Transamerica can not in these circumstances hide behind its plea of doing nothing but that both the letter and the spirit of the restraining order required Transamerica to use all means within its power including its right to revoke that consent in order to see to it that the enjoined transfer was not consummated or effectuated. The answers and affidavits filed by respondents pursuant to our rule to show cause contain other matters not relevant to the contempt charge but which relate rather to the question whether the injunction previously issued by us should be permitted to remain in force. Our order denying respondents' motion to dissolve the restraining order and ordering the issuance of an injunction provided in the final paragraph thereof "It is further ordered that respondents may at any time hereafter make further showing, if any they have, why this injunction should not be continued in force." We do not undertake to consider the question of whether a respondent who has failed to obey the court's order is entitled to take advantage of the privilege extended by the paragraph quoted. Since we are of opinion that we must in this case reach the question of what sanction should here be applied because of a civil contempt, we must of necessity consider whether in view of the additional facts now presented we should by the application of sanctions compel the compliance which respondents have thus far refused. We have therefore given serious consideration to everything here presented going not merely to the question of contempt, but also to those matters considered by us upon the original hearing of the application for an injunction. Among the matters thus presented is the affidavit of the Comptroller of the Currency stating in substance that the petitioner Board had knowledge as early as April 14, 1950, that the Comptroller contemplated the issuance at some future date of the certificates authorizing the branches. We are also pressed by argument and brief for reconsideration of the question of our jurisdiction to issue the orders. It is our opinion that nothing contained in the showing now made requires or suggests a FEDERAL RESERVE BULLETIN LAW DEPARTMENT withdrawal or a modification of the injunction. Taking as true and uncontradicted the Comptroller's statement, we still think that this matter goes only to a balancing of conveniences and is insufficient to change the result heretofore reached. As for the jurisdictional argument, attention has been drawn to West India Fruit & Steamship Co. v. Seatrain Lines, (2 cir.) 170 F. 2d 775. That case affords strong support to the reasoning by which we have arrived at our jurisdictional conclusion.3 At the hearing demand was made on the part of various respondents that they be given an opportunity to cross-examine the persons who had executed affidavits which were offered on behalf of the petitioner. We denied those motions. In reaching the findings and conclusions here indicated we have based our determination as to the facts solely and exclusively upon the answers and affidavits presented by the respondents. Upon the showing thus made by respondents and for the reasons stated herein we find the respondents Transamerica Corporation, Bank of America N. T. & S. A., Sam Husbands and L. M. Giannini, and each of them, guilty of civil contempt of the court's orders aforesaid. The proceedings relative to criminal contempt are dismissed. It is directed that an order be entered herein adjudging the said respondents and each of them guilty of civil contempt and that they be required within 30 days of this date to purge themselves thereof by returning and restoring to the said banks the premises, assets and banking businesses referred to herein and in said orders of this court of June 23 and June 24, 1950, and by taking all steps necessary and appropriate to effect such return and restoration. Compliance with this order shall require that the said Transamerica Corporation and said Sam Husbands shall place the said banks in a position to resume the transaction of business as of the date of the service of the restraining order herein, and that they be freed from any obstacle to their carrying on that business. Compliance with said order on the part of Bank 3 Overruling an earlier case that court said: "In any event, the rationale of the Long Island case lacks pertinence here; for there the majority rested its conclusion on a holding that the S. E. C. unmistakably lacked any possible jurisdiction; on the facts now before us, we are unable so to hold as to the Commission here." The complaint of the Board of Governors in the Clayton Act proceeding pending before it, a copy of which is a part of the record here, indicates the existence of probable cause for that proceeding and discloses a case within the jurisdiction of the Board. JULY 1950 of America and L. M. Giannini shall require that within said period of thirty days they shall restore said premises, assets and businesses to the said banks. Said order shall provide that if the respondents shall fail within the time aforesaid to comply with said order the individual respondents shall be imprisoned until compliance is had, and each corporate respondent shall pay a fine of $2,500 per day for each day such failure to comply shall continue. Counsel for the petitioner Board shall prepare and submit forthwith an appropriate form of order. After the entry of the order described in the last part of the preceding opinion, respondents applied to the Court of Appeals for a stay until such time as the United States Supreme Court should have acted upon a petition for certiorari which they proposed to file. The Court denied the application for a stay. Its opinion is printed below: No. 12,587 UNITED STATES COURT OF APPEALS FOR THE N I N T H CIRCUIT BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM, Petitioner, vs. TRANSAMERICA CORPORATION, AND BANK OF AMERICA NATIONAL TRUST AND SAVINGS ASSOCIATION, Respondents. ORDER DENYING STAY The application for stay is denied. Had the respondents, after service of our order and injunction, obeyed the same, and then sought a stay pending petition for review, the situation would have been quite different; for then in granting a stay the court would have inherent power to attach such conditions as would assure the preservation of the status quo. See Rule 62(g) F.R.C.P. But the respondents did no such thing. They flouted this court's injunctive orders; took action destructive of the conditions which those orders were designed to preserve, and now seek a stay which, instead of preserving that which the orders sought to keep intact, would preserve to respondents the fruits of their contempt. See cases cited, Jones v. Securities Commission, 298 U.S. 1, 16. A restoration of the status quo ante should be a condition precedent to the granting of any stay. 833 LAW DEPARTMENT Subsequent Application for Stay Thereafter, respondents made a similar application for a stay to Mr. Justice Burton of the United States Supreme Court, and, after a hearing, he denied the application on July 17, 1950.* otherwise have expired on June 30, 1950, was extended until June 30, 1952. The text of the Act is as follows: [PUBLIC LAW 589—81ST CONGRESS] [CHAPTER 425—2D SESSION] Purchase of Government Obligations by Federal Reserve Banks [S. 3527] AN ACT Amendment to Section 14(b) To amend section 14 (b) of the Federal Reserve Act, as amended. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That section 14 (b) of the Federal Reserve, Act, as amended (U. S. C , 1946 edition, title 12, sec. 355), is amended by striking out "July 1? 1950" and inserting in lieu thereof # Various statistical data published by the Board "July 1, 1952" and by striking out "June 30, 1950" of Governors are subject to the outcome of this and inserting in lieu thereof "June 30, 1952." litigation. Approved June 30, 1950. By Act of Congress approved June 30, 1950, the authority of the Federal Reserve Banks under section 14(b) of the Federal Reserve Act to purchase direct and guaranteed obligations of the United States directly from the United States, which would CURRENT EVENTS AND ANNOUNCEMENTS Change in Board's Organization The Board of Governors established a new Division of International Finance effective July 1, 1950, in recognition of the importance of its work in this field. Formerly, the work pertaining to international finance was performed in the international unit of the Board's Division of Research and Statistics, and this unit now constitutes the new Division. Mr. Arthur W. Marget was appointed Director of the new Division, and Mr. Lewis N. Dembitz was appointed Assistant Director. Mr. Marget, whose previous position with the Board was Adviser on International Finance in the Division of Research and Statistics, was Director of the Finance Division, Office of the Special Representative (ECA), in Paris from May 1948 to December 1949. Prior thereto, he had been Chief of the Economics and Finance Division, U. S. Element, Allied Commission for Austria, from 1945 to 1948. Before entering the Army in 1943, in 834 which he held the rank of Lieutenant Colonel, Mr. Marget was Professor of Economics and Finance at the University of Minnesota. Mr. Dembitz' previous position with the Board was Chief of the International Financial Operations and Policy Section. He has been a member of the Board's staff since 1934, except for the period 1943-45 when he served in England as an adviser on strategic bombing problems on the staff of the Board of Economic Warfare and Foreign Economic Administration. Resignation of Branch Director Effective July 1, 1950, the Board of Governors accepted the resignation of Mr. James A. McCain, President, Montana State University, Missoula, Montana, as a director of the Helena Branch of the Federal Reserve Bank of Minneapolis. Mr. McCain had served the Branch as a director since January 1, 1949. FEDERAL RESERVE BULLETIN NATIONAL SUMMARY OF BUSINESS CONDITIONS [Compiled June 26 and released for publication ]une 28] Industrial output rose further in May and June. Production of passenger cars and residential construction activity far exceeded earlier record levels. Retail sales were maintained at advanced levels with increases in the dollar volume in some cases reflecting higher prices. Consumer incomes were somewhat below peak levels reached earlier when heavy veterans' insurance payments were being made. On June 26, following news of war in Korea, prices of common stocks dropped sharply and commodities rose. 200,000 units per week and nearly 45 per cent greater than in April. Machinery production rose in May for the sixth successive month with increases indicated for both consumer and producer equipment. For certain types of machinery, however, there were indications of some seasonal slackening in activity. In response to strong demands from the construction industry, output of cement, clay, glass, and lumber products was close to current capacity levels. Demand for nonferrous metals from the construction and machinery industries was augmented by large Government purchases INDUSTRIAL PRODUCTION for stockpiling purposes. The Board's production index rose 3 points in Following a small decline in textile production May to 193 per cent of the 1935-1939 average in the early part of the year, output increased reflecting chiefly further increases in output of slightly in May owing in part to continued expandurable goods. Preliminary indications are that sion in demands for industrial uses. Output of the index for June will equal or slightly exceed rubber and petroleum products reached the highest the former postwar record level of 195. levels of the year. Production of most paper and Steel production was at a new high in May and chemical products was maintained at capacity has been scheduled at about the same rate in June levels. —101 per cent of this year's larger capacity. Bituminous coal output declined further in May Activity in most steel consuming industries conbut stabilized in June, while crude oil production tinued to advance in May. Automobile assemblies increased steadily in May and June. Iron ore increased considerably, following settlement of a output rose considerably following the latest open100-day industrial dispute at the plants of a major producer. In mid-June assemblies were close to ing of the Great Lakes shipping season in many years. INDUSTRIAL PRODUCTION LUME. SEASONALLY ADJUSTED, 200 180 7 / 1942 7* A \ 200 I/ 1943 CONSTRUCTION CONTRACTS AWARDED 1935 - 3 9 • 100 1944 1945 Federal Reserve index. for May. JULY 1950 1946 V V •Vv^ \ t 180 600 1947 1948 1949 \-H 1950 Monthly figures, latest shown are F. W. Dodge Corporation data for 37 Eastern States. Monthly figures, latest shown are for April and May. 835 NATIONAL SUMMARY OF BUSINESS CONDITIONS EMPLOYMENT Nonagricultural employment, seasonally adjusted, expanded further by 300,000 in May, reflecting substantial increases in durable goods manufacturing and in construction; the total—43.5 million—was the highest figure in 15 months. Unemployment declined further to 3.1 million persons in early May which was about one-quarter million less than in the same period a year ago. CONSTRUCTION Value of construction contracts awarded in May continued at the very high April total. The number of new houses and apartment units started rose considerably further to 140,000 in May, as compared with 126,000 in April and 95,000 in May 1949. Most other types of construction activity also expanded. DISTRIBUTION Department store sales in May and the first half of June have been at advanced levels reflecting some recovery in apparel sales. Sales of housefurnishings have increased less than seasonally from the exceptionally high level reached in the first quarter. Stocks of these goods have apparently risen further, although April figures indicated that they were still not as large relative to sales as during the first half of last year. Sales of most other retail outlets showed little change in May except for a sharp further increase in sales by building material dealers, reflecting in LOANS AND INVESTMENTS AT MEMBER BANKS IN LEADING CITIES OTHER THAN U S. GOVERNMENT SECURITIES BILLIONS BILLIONS OF DOLLARS OF DOLLARS part a marked rise in prices. Automotive sales showed a somewhat more than seasonal expansion from the record levels prevailing earlier this year. COMMODITY PRICES The general level of wholesale prices was higher in the latter part of June than in mid-May despite some decline in the second week. Increases in prices of farm products and foods largely reflected advances in livestock, meats, and imported foods. Prices of some other foodstuffs declined moderately, influenced by seasonal increases in supplies. Prices of industrial materials generally advanced further by the fourth week of June and prices of some finished industrial products were raised, while television sets were reduced substantially. The consumers' price index rose .8 per cent in May and some further increase is indicated in June owing chiefly to the higher level of retail meat prices. BANK CREDIT Real estate and consumer loans showed their most substantial increases of the year at banks in leading cities during May and the first half of June. Strong demands for business credit were reflected in increased borrowings during early June. Bank holdings of U. S. Government securities expanded during May and the first half of June. Holdings of corporate and municipal securities also increased in June. A reduction in Treasury balances at the Reserve Banks and an inflow of currency from circulation supplied reserve funds during the first half of June. Member banks reduced borrowings at the Reserve Banks and increased reserve balances. Subsequently, banks lost reserve funds as Treasury deposits at the Reserve Banks were built up through quarterly income tax collections. The Federal Reserve continued to sell Treasury bonds in response to market demand, but purchased a larger amount of short-term issues. SECURITY MARKETS 1947 1948 1949 1950 1947 1948 1949 Wednesday figures, latest shown are for June 28. 836 i960 Common stock prices declined sharply in the latter part of June, after a marked further rise in the first two weeks, and on June 26 closed at the level of early April. Prices of long-term Treasury bonds declined moderately in June and a lesser decline occurred in prices of corporate bonds. FEDERAL RESERVE BULLETIN 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, bankers' 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. Branch banking in the United States, 1939 and 1949. Member bank operating ratios 839-840 840-841 842-846 846-847 848-849 849 850 851-853 854-855 856-859 860 861 862 863-864 865-866 867-869 870 871-880 881-884 884 885 886-887 888-890 891-895 896-906 907-909 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. JULY 1950 837 MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS WEDNESDAY FIGURES BILLIONS OF DOLLARS BILLIONS OF DOLLARS MONEY IN CIRCULATION >^J^f\^J^ 1942 1943 1944 1945 1946 1947 1948 1949 1950 TOTAL RESERVE BANK HOLDINGS OF U S. GOVERNMENT SECURITIES I 10 10 o IZ^S 1942 1943 1944 1945 1946 1947 Wednesday figures, latest shown are for June 28. 1948 1949 1950 See page 839. FEDERAL RESERVE BULLETIN MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS [In millions of dollars] R sserve Bank credit outstanding U . S . Government £ ecurities Date or period Discounts and advances Total All 1 Total Bills, certifi- other Bonds cates, and notes Gold stock TreasTreasury deury posits Money Treascurury cirwith rency inculacash bederal outholdtion Restandings serve ing Banks Membe r bank reserve 3alances Other Non- Fedmem- eral Reber de- serve posits acTotal counts Required2 I ce Wednesday figures: 1949—May 4. . May 1 1 . . May 18.. May 25. . June June June June June 480 20,839 202 20,130 773 19,706 171 19,691 8 ,671 8 ,581 8 440 8 ,371 12 168 11 549 11 266 11 ,320 258 226 256 186 21 576 20 559 20 ,735 20 ,048 24 24 24 24 334 335 338 339 4, 592 4, 592 4, 591 4, 591 27, 447 27, 452 27, 392 27, 367 1 ,324 1 ,314 1 ,313 1 ,312 27, 515 27, 484 27, 391 27, 345 27, 426 1 ,321 1 ,315 1 ,309 1 ,304 1 ,324 622 378 9 508 497 990 1 045 913 1 017 1,026 1 005 978 668 623 625 627 627 19, 073 18, 164 18, 302 18, 027 911 946 906 943 959 637 639 708 715 719 18, 076 17 ,288 788 18, 170 17 ,249 921 18, 606 17 ,387 1 ,219 18, 314 17 ,348 966 18, 013 17 ,334 679 18 ,161 912 17 ,285 879 17 ,248 1 ,054 17 ,305 722 1. . 8. . 15.. 22.. 29. . 158 157 139 670 150 19,767 8 ,274 11 ,493 19,594 8 ,202 11 ,392 19,461 8 ,051 11 ,410 19,166 7 ,932 11 ,234 19,517 7 ,780 11 ,737 220 205 311 277 209 20 ,145 19 ,956 19 ,911 20 ,113 19 ,875 24 342 24 381 24 423 24 421 24 ,466 4, 595 4, 596 4, 596 4, 596 4 597 July 6 . . July 1 3 . . July 20. . July 2 7 . . 114 140 360 417 19,343 18,842 18,474 18,490 7 ,780 7 ,780 7 ,780 7 ,780 11 ,563 11 ,062 10 ,694 10 ,710 321 297 262 169 19 ,779 19 ,279 19 ,096 19 ,075 24 ,471 24 ,513 24 ,518 24 ,520 4 4 4 4 597 596 595 594 27 27 27 27 659 480 366 333 1 ,306 1 ,317 1 ,310 1 ,307 262 371 449 447 898 973 930 877 741 741 740 740 17, 980 17, 506 17, 415 17, 486 16 ,518 1 ,462 16 ,493 1 ,013 16 ,522 893 16 ,586 900 Aug. Aug. Aug. Aug. Aug. 3. . 10. . 17.. 24. . 31.. 298 137 240 115 531 18,693 18,606 18,226 17,803 17,524 7 ,780 10 ,913 7 ,775 10 ,831 7 ,775 10 ,451 7 ,775 10 ,028 7 ,775 9 ,749 222 181 228 163 171 19 ,213 18 ,924 18 ,694 18 ,081 18 ,225 24 ,562 24 ,568 24 ,608 24 ,610 24 ,607 4 4 4 4 4 593 592 592 591 593 27 27 27 27 27 419 409 383 328 389 1 ,312 1 ,314 1 ,313 1 ,321 1 ,310 411 370 444 485 610 918 956 970 948 914 689 691 688 691 690 17, 619 17 347 17 096 16 509 16 512 16 ,490 1 ,129 16 ,513 834 15 ,799 1 ,297 15 ,596 913 15 ,337 1 ,175 Sept. Sept. Sept. Sept. 7. . 14. . 21. . 28.. 115 123 146 300 17,413 17,250 17,154 17,852 7 ,775 7 ,775 7 ,538 7 ,538 9 ,638 9 ,475 9 ,616 10 ,314 251 431 333 245 17 ,780 17 ,804 17 ,633 18 ,397 24 ,647 24 ,649 24 ,691 24 ,602 4 4 4 4 592 592 591 590 27 27 27 27 589 454 365 348 1 ,317 1 ,312 1 ,314 1 ,311 472 955 334 931 801 962 1,170 1 ,029 691 691 713 715 15 16 15 16 995 322 760 016 15 ,064 931 15 ,207 i ,115 15 ,244 516 15 ,139 877 Oct. 5. . Oct. 12.. Oct. 19.. Oct. 2 6 . . 112 109 122 138 17,961 17,779 17,666 17,403 7 ,538 7 ,538 7 ,538 7 ,538 10 ,423 10 ,241 10 ,128 9 ,865 332 414 369 292 18 ,406 18 ,301 18 ,157 17 ,833 24 ,604 24 ,604 24 ,585 24 ,584 4 4 4 4 593 592 591 591 27 27 27 27 476 546 427 328 1 ,321 1 ,296 1 ,310 1 ,313 612 554 317 374 1 ,075 1 ,247 1 ,142 1 ,163 734 734 732 732 16 16 16 16 384 15 ,242 l ,142 119 15 ,211 908 405 15 ,330 l ,075 784 098 15 ,314 Nov. Nov. Nov. Nov. Nov. 2.. 9.. 16.. 23. . 30. . 611 319 124 133 321 17,533 17,706 17,789 17,669 17,682 7 ,536 7 ,535 7 ,532 7 ,513 7 ,513 9 ,997 10 ,171 10 ,257 10 ,156 10 ,169 272 160 438 289 263 18 ,416 18 ,185 18 ,351 18 ,091 18 ,267 24 ,583 24 ,532 24 ,530 24 ,530 24 ,479 4 4 4 4 4 591 592 592 596 596 27 27 27 27 27 382 528 397 508 543 1 ,318 1 ,312 1 ,323 1 ,315 1 ,317 545 415 408 410 517 1 ,219 1 ,220 1 ,224 1 ,306 1 ,238 690 690 690 691 689 16 16 16 15 16 437 145 432 987 038 15 ,319 l ,118 15 ,262 883 15 ,346 l , 0 8 6 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 ,558 289 455 842 448 18 ,628 18 ,731 19 ,508 19 ,379 24 ,477 24 ,476 24 ,427 24 ,427 4 4 4 4 596 596 595 598 27 27 27 27 699 701 833 765 1 ,309 1 ,314 1 ,309 1 ,314 441 393 1,027 987 1 ,271 1 ,273 1 ,267 1 ,281 690 690 756 758 16 16 16 16 291 433 337 299 15 ,395 15 ,561 15 ,523 15 ,462 1950—Jan. 4 . . Jan. 1 1 . . Jan. 1 8 . . 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 18 ,644 18 ,383 18 ,300 24 ,427 24 ,426 24 ,426 24 ,425 4 4 4 4 597 596 596 596 27 27 27 26 551 311 121 913 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 16 16 16 055 686 487 419 15 ,597 l ,458 15 ,593 l ,093 15 ,630 857 15 ,617 802 Feb. 1 . . Feb. 8 . . Feb. 15.. Feb. 2 1 . . 456 223 267 94 17,855 7 ,103 10 ,752 17,656 6 ,969 10 ,687 17,781 6 ,920 10 ,861 17,625 6 ,887 10 ,738 309 267 533 373 18 ,620 18 ,146 18 ,581 18 ,092 24 ,395 24 ,345 24 ,343 24 ,345 4 4 4 4 599 598 598 598 26 26 26 27 928 985 993 019 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 16 16 16 532 15 ,534 998 265 15 ,456 809 400 15 ,383 l ,017 176 15 ,428 748 Mar. Mar. Mar. Mar. Mar. 1. . 8.. 15. . 22. . 29.. 314 87 71 186 365 17,757 17,846 17,791 17,573 17,516 383 431 402 277 263 18 ,454 18 ,363 18 ,264 18 ,036 18 ,144 24 ,345 24 ,345 24 ,320 24 ,271 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 IS 969 15 782 Apr. 5 . . Apr. 12. . Apr. 19.. Apr. 2 6 . . 168 160 137 218 17,572 6 ,357 11 ,215 392 17,597 6 ,327 11 ,270 311 17,410 6 ,220 11 ,190 ' 381 17,640 6 ,204 11 ,436 282 18 ,132 18 ,068 17 ,928 18 ,141 24 ,246 24 ,247 24 ,247 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 15 15 15 15 ,209 15 ,248 15 ,265 15 ,243 762 748 521 655 May May May May May 3. . 10. . 17. . 24. . 31.. 121 90 79 106 306 17,711 6 ,098 11 ,613 17,591 5 ,976 11 ,615 17,401 5 ,911 11 ,490 17,290 5 ,854 11 ,436 17,389 5 ,802 11 ,587 359 297 521 288 239 18 ,192 17 ,978 18 ,001 17 ,683 17 ,935 24 ,247 24 ,249 24 ,230 24 ,230 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 ,309 678 533 426 428 588 1 ,287 1 ,314 1 ,293 1 ,246 1 ,254 713 717 716 718 718 15 ,986 15 ,224 15 ,907 15 ,147 16 ,123 15 ,275 15 ,922 15 ,305 15 ,814 15 ,288 762 760 848 617 526 June 7. . June 14. . June 21.. June 28. . 94 79 74 69 11 ,946 12 ,012 12 ,029 12 ,573 377 498 508 281 18 ,143 18 ,270 18 ,261 18 ,567 24 ,232 24 ,232 24 ,231 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 ,495 ,473 717 876 17,672 17,693 17,679 18,217 6 ,840 6 ,804 6 ,615 6 ,529 6 ,415 5 ,726 5 ,681 5 ,650 5 ,644 10 ,917 11 ,042 11 ,176 11 ,044 11 ,101 971 996 786 898 896 872 814 837 15 ,347 941 997 15 ,261 15 ,405 I , 3 6 6 645 15 ,324 514 15 ,268 P515 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. Back figures.—See Banking and Monetary Statistics, Tables 101-103, pp. 369-394; for description, see pp. 360-366 in the same publication. 1 2 JULY 1950 839 MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS—Continued [In millions of dollars] Member bank reserve balances Reserve Bank credit outstanding U. S. Government securities Date or period Discounts All 1 Bills, and Total certifi- other advances Total Bonds cates, and notes Gold stock TreasOther Treasdeury Treas- ury posits Non- Fedcur- Money ury with mem- eral cirRerency in cash Federal ber de- serve culaoutholdReRe- 2 stand- tion ings acTotal quired serve ing counts Banks Ex- End of period: 1929—June 1933—June 1939—Dec. 1941—Dec. 1945—June Dec. 1946—June Dec. 1947—June Dec. 1948—June Dec. 29.. 30.. 30.. 31.. 30.. 31.. 29.. 31.. 30.. 31.. 30. . 31.. 145 1,037 216 71 441 1,557 164 1,998 7 2,484 1,351 1,133 787 3 2,254 1,467 46 21,792 1,113 20,679 249 24,262 947 23,315 755 23 ,028 157 23,783 753 22,597 163 23,350 70 21,872 727 21,145 22,559 2,853 19,706 265 21,366 6," 206 15,160 223 23,333 10,977 12,356 147 58 102 104 466 580 516 581 228 536 268 542 1,400 2,220 2,593 2,361 22,304 25,091 24,456 24,093 22,170 23,181 21,900 24,097 4,037 4,031 17,644 22,737 20,213 20,065 20,270 20,529 21,266 22,754 23,532 24,244 2,019 2,286 2,963 3,247 4,145 4,339 4,539 4,562 4,552 4,562 4,565 4,589 4,459 5,434 7,598 11,160 26,746 28,515 28,245 28,952 28,297 28,868 27,903 28,224 204 264 2,409 2,215 2,219 2,287 2,251 2,272 1,314 1,336 1,327 1,325 36 35 634 867 599 977 833 393 756 870 1,928 1,123 28 166 653 1,360 1,668 1,308 1,250 822 881 961 859 1,189 374 346 251 291 450 495 561 607 629 563 592 590 2,356 2,292 11,653 12,450 14,920 15,915 16,123 16,139 16,112 17,899 17,389 20,479 2,333 1,817 6,444 9,365 13,335 14,457 15,011 15,577 15,374 16,400 16,647 19,277 23 475 5,209 3,085 1,585 1,458 1,112 562 738 1,499 742 1,202 1949—May June. July Aug Sept Oct Nov Dec 247 103 316 531 109 283 321 78 19,704 19,343 18,529 17,524 18,010 17,316 17,682 18,885 8,356 7,780 7,780 7,775 7,538 7,536 7,513 7,218 11,348 11,563 10,749 9,749 10,472 9,780 10,169 11,667 141 250 393 171 297 261 263 536 20,092 19,696 19,238 18,225 18,415 17,860 18,267 19,499 24,342 24,466 24,520 24,608 24,602 24,584 24,479 24,427 4,596 4,597 4,593 4,593 4,593 4,592 4,596 4,598 27,507 27,493 27,394 27,393 27,412 27,407 27,543 27,600 1,315 1,307 1,298 1,308 1,311 1,307 1,317 1,312 628 438 514 610 1,176 595 517 821 930 941 1,018 914 1,051 1,187 1,238 1,517 628 713 690 690 713 690 689 706 18,024 17,867 17,437 16,512 15,947 15,850 16,038 16,568 794 17,230 948 16,919 752 16,685 15,337 1,175 15,176 771 15,261 589 15,367 671 15,550 1,018 1950—Jan Feb Mar...... Apr May June. 145 131 225 113 306 43 17,827 17,746 17,592 17,796 17,389 18,331 7,112 6,857 6,397 6,155 5,802 5,618 10,715 10,889 11,195 11,641 11,587 12,713 354 349 253 392 239 329 18,326 18,226 18,070 18,301 17,935 18,703 24,395 24,345 24,246 24,247 24,231 '24,231 4,599 4,602 4,602 4,603 4,606 4,607 26,941 27,068 27,042 27,048 27,090 P27.154 1,311 1,310 1,315 1,308 1,309 1,300 677 666 1,006 858 588 950 1,460 1,426 1,132 1,347 1,254 1,431 720 730 766 712 718 771 16,211 15,973 15,657 15,878 15,814 15,934 15,513 15,390 15,150 15,202 15,288 15,507 1949—May. June July Aug Sept Oct Nov Dec 303 191 202 190 164 136 215 189 19,974 19,377 18,797 18,147 17,441 17,643 17,664 18,287 8,511 8,046 7,780 7,777 7,649 7,538 7,528 7,360 11,463 11,331 11,017 10,370 9,792 10,105 10,136 10,927 298 328 344 245 352 361 347 536 20,575 19,896 19,342 18,583 17,957 18,139 18,226 19,012 24,304 24,404 24,502 24,588 24,637 24,596 24,533 24,451 4,592 4,596 4,595 4,592 4,592 4,592 4,593 4,596 27,438 27,432 27,472 27,397 27,451 27,456 27,477 27,734 1,312 1,311 1,306 1,312 1,310 1,305 1,311 1,307 914 1,067 984 421 977 391 970 521 990 649 ,171 555 ,296 457 ,315 687 593 680 736 690 703 727 691 724 18,146 18,068 17,558 16,873 16,083 16,113 16,119 16,291 17,369 777 17,310 758 16,539 1,019 15,918 955 15,161 922 15,251 862 15,308 811 15,488 803 1950—Jan Feb...... Mar Apr May . June 101 178 170 140 116 84 18,082 17,705 17,682 17,608 17,486 17,800 7,157 6,948 6,640 6,274 5,937 5,683 10,925 10,757 11,042 11,334 11,549 12,117 466 18,649 24,420 4,597 427 18,310 24,346 4,598 18,242 24,311 4,600 18,136 24,247 4,601 403 18,005 24,236 4,602 440 18,325 24,231 4,605 27,220 27,008 27,043 27,062 27,022 27,026 1,314 1,310 1,307 1,313 1,302 1,299 472 585 638 695 563 512 719 728 752 764 717 759 16,520 16,146 16,081 15,898 15,941 16,194 15,585 15,409 15,298 15,204 15,237 698 583 507 676 526 P427 Averages of daily figures: ,420 ,478 ,331 ,250 ,299 ,372 936 737 783 694 704 For footnotes see preceding page. MAXIMUM RATES ON TIME DEPOSITS [Per cent per annum] Nov. 1, 1933- Feb. 1, 1935- Effective Jan. 31, 1935 Dec. 31, 1935 Jan. 1, 1936 Savings deposits. Postal Savings deposits Other deposits payable: In 6 months or m o r e . . . . . . . In 90 days to 6 months. . . In less than 90 days 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. 840 MARGIN REQUIREMENTS * [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 For short sales Regulation U: For loans by banks on stocks Jan. 21, Feb. 1, Effective 19461947Jan. 31, Mar. 29, Mar. 30, 1949 1949 1947 100 100 75 75 50 50 100 75 50 1 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. Back figures.—See Banking and Monetary Statistics, Table 145, p. 504 and BULLETIN for March 1946, p. 295. 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 eligible paper (Sees. 13 and 13a)i Rate on June 30 Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis Kansas City Dallas......... San Francisco.. . In effect beginning— Aug. 13, Aug. 13, Aug. 23, Aug. 13, Aug. 13, Aug. 13, Aug. 13, Aug. 19, Aug. 13, Aug. 16, Aug. 13, Aug. 13, 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 June 30 In effect beginning— Aug. 13, Aug. 13, Aug. 23, Aug. 13, Aug. 13, Aug. 13, Aug. 13, Aug. 19, Aug. 13, Aug. 16, Aug. 13, Aug. 13, 1948 1948 1948 1948 1948 1948 1948 1948 1948 1948 1948 1948 Previous Rate on June 30 rate In effect beginning— Previous rate Jan, 14, 1948 1948 1948 1948 1948 1948 1948 1948 1948 1948 1948 1948 1948 2 Oct. Aug. Aug. 2 Oct. Jan. Aug. Jan. Aug. Jan. Feb. 2 Oct. 30, 23, 13, 28, 24, 13, 12, 23, 19, 14, 28, 1942 1948 1948 1942 1948 1948 1948 1948 1948 1948 1942 2 2 4 2 2 2 2 4 1 2 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. MEMBER BANK RESERVE REQUIREMENTS FEDERAL RESERVE BANK EFFECTIVE MINIMUM BUYING RATES ON BANKERS' ACCEPTANCES [Per cent per annum] Rate on June 30 Maturity 1- 90 days 91-120 days 121-180 days IX IH 1M In effect beginning— *Aug. 13, 1948 lAug. 13, 1948 lAug. 13, 1948 On loans ! Boston New York Philadelphia. . . . Cleveland Richmond Atlanta Chicago St. Louis Minneapolis.... Kansas City Dallas. San Francisco... 1 2 3 1936—Aug. 16. 1937—Mar. 1. May 1. 1938—Apr. 16. 1941—Nov. 1942—Aug. Sept. Oct. 1. 20. 14. 3. 1948—Feb. 27. . Portion for which institution is obligated Remaining portion On commitments 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. 6 Charge of 34 per cent is made on undisbursed portion of loan. Back figures.—See Banking and Monetary Statistics, Table 118, pp. 446-447. JULY 1950 1917—June 2 1 . June 11. . To financing institutions On discounts or purchases On commitments Effective date of change IX FEDERAL RESERVE BANK RATES ON INDUSTRIAL LOANS AND COMMITMENTS UNDER SECTION 13b OF THE FEDERAL RESERVE ACT Maturities not exceeding five years [In effect June 30. Per cent per annum] Federal Reserve Bank Net demand deposits 1 Previous rate 1 Date on which rate became effective at the Federal Reserve Bank of New York. 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. To industrial or commercial businesses [Per cent of deposits] Sept. 1 6 . . Sept. 24. . 1949—May May June July Aug. Aug. Aug. Aug. Aug. Sept. 1. . 5. . 30. . 1. . 1. . 11.. 16. . 18. . 25. . 1. . In effect July 1, 1950 Central reserve city banks Reserve city banks 13 10 26 20 15 Country banks Time deposits (all member banks) f 10* 12* 14 12 26 24 22 20 22 24 16 26 21 20 19** 23 22 19 18** 18 18 15 14 13 12 2 7* 27 37 36 "5 25 12 1 Demand deposits subject to reserve requirements, which beginning August 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-June30, 1947). 2 Requirement became effective at country banks. 3 Requirement became effective at central reserve and reserve city banks. 841 PRINCIPAL ASSETS AND LIABILITIES OF ALL FEDERAL RESERVE BANKS [In thousands of dollars] Wednesday figures End of month 1950 June 21 June 28 June 14 1950 May 31 June 7 May 24 June May 17 June May Assets 22,460,431 22,471,430 22,471,429 22,473,429 22,477,428 22,499,431 22,513,432 22,459,430 22,477,428 22,656,431 Gold certificates Redemption fund for 523,141 524,630 521,650 520,648 520,630 521,590 524,645 522,648 520,630 588,722 F. R. notes Total gold certificate r e s e r v e s . . . . 22,982,081 22,992,078 22,994,570 22,998,059 22,998,058 23,021,021 23,038,077 22,982,078 22,998,058 23,245,153 Other cash Discounts and advances: For member b a n k s . . . For nonmember banks, etc 182,184 211,172 204,853 213,642 182,184 286,999 81,290 39,670 26,138 286,999 15,095 19,400 19,400 24,800 39,800 17,000 19,400 87,000 79,304 94,284 306,399 106,090 79,470 43,138 306,399 102,095 2,676 2,607 2,585 2,585 2,541 2 ,693 2,585 480 213,299 199,288 52,363 •57,755 59,904 74,884! 17,000 17,000 19,400 69,363 74,755 2,667 2,627 Total discounts and advances Industrial loans U. S. Govt. securities: Bills Certificates: Special Other Notes Bonds 179,498 212,516 283,293 3,8.36,875 3,982,875 4,100,875 4,121,875 4,068,875 3,995,875 4,099,275 3,856,375 4,068,875 4,346,460 5,357,250 4,897,150 4,844,150 4,827,150 5,874,850 5,814,650 5,771,150 5,357,250 5,874,850 6,857,100 3,379,100 3,148,700 3,067,200 2,997,700 1,643,700 1,625,200 1,619,400 3,499,700 1,643,700 359,100 5,643,800 5,649,800 5,680,600 5,725,600 5,801,900 5,854,300 5,910,700 5,617,900 5,801,900 7,780,200 Total U. S. Govt. 17,678,525 17,692,825 17,672,325 18,217 securities Other Reserve Bank 277 825 505,367 494,834 374,266 credit outstanding. . . ,389,325 17,290,025 17,400,525 18,331,225 17,389,325 19,342,860 236,297 284,535 518,092 325,570 236,297 249,831 Total Reserve Bank credit outstanding 18,566,880 18,261,274 18,269,639 18,143,482 17,934,606 17,683,235 18,000,625 18,702,626 17,934,606 19,695,866 Liabilities Federal Reserve notes. . 22,800,803 22,706,047 22,767 ,870 22 ,830,848 22,835, 733 22, 712,50322,795,637 22,920,933 22,835,733 23,372,547 Deposits: Member bank — reserve account 15,988,451 16,169,122 16,309,026 16,066,982 15,813,832 15,922,110 16,123,351 15,934,079 15,813,832 17,867,131 U. S. Treasurer—gen529,254 318,837 471,618 587,526 428,221 425,835 949,936 eral account 866 069 587,526 438,442 ,072,730 1,050,808 987,980 969,258 1,022,177 1,158,461 1,140 308 1,123,786 987,980 487,518 Foreign 374,381 270,002 276,310 300 337 271,033 266,103 270,891 273,025 266,103 453,155 Other Total deposits 18,295,165 18,093,195 18,074,974 17,859,410 17,655,441 17,595,899 17,842,254 18,315,501 17,655,441 19,246,246 Ratio of gold certificate reserves to deposit and F. R. note liabilities combined (per c e n t ) . . . 56.4 55.9 56.5 56.3 56.8 57.1 56.7 56.8 54.5 MATURITY DISTRIBUTION OF LOANS AND U. S. GOVERNMENT SECURITIES HELD BY FEDERAL RESERVE BANKS [In thousands of dollars] Total Discounts and advances: May 31 June 7 June 14 June 21 June 28 Industrial loans: May 31 June 7 June 14 June 21 June 28 U. S. Government securities: May 31 June 7 June 14 June 21 June 28 842 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 399 284 304 755 363 281,020 72,694 59,164 55,535 49,938 6,946 3,345 2,095 1,470 1,625 4,892 3,291 3,191 700 15,784 13,541 14,954 14,854 17,050 2,016 2, 585 2, 607 2 ,676 2 627 2, 667 47 51 46 142 70 36 39 38 5 5 11 51 51 54 54 49 185 189 190 260 306, 94, 79, 74, 69, 17,389 17,672 17,692 17,678 18,217 ,325 2,092,854 ,325 938,143 ,825 883,236 ,525 2,894,018 ,025 3,204,652 669,016 2 ,939,988 ,462,261 1,187,651 ,419,793 1,291,687 533,341 1,384,412 582,595 1,339,317 1,067 921 960 849 893 1,381,817 2,199,200 1,500,920 2,199,200 1,497,759 2 ,191,700 1,925,904 1,481,500 1,925,211 1,481,500 381 370 374 377 376 1 year to 2 years to Over 2 years 5 years 5 years 276 276 291 284 284 718 714 727 726 725 1,124,050 962, ,208,000 3,812,400 1,124,050 2,316,000 2,208,000 3 ,736,100 1,124,050 2,385,500 2,208,000 3,691,100 1,124, ,467,000 2,318,100 3,550,200 1,124,050 2,697,400 2,318,100 3,544,200 FEDERAL RESERVE BULLETIN STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS [In thousands of dollars] Total Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis Kansas City Dallas San Francisco Assets Gold certificates: M a y 31 22,477,428 June 7 !22,473,429 June 14 22,471,429' June 21 22,471,430 June 28...... 122,460,431 Redemption fund forF. R. notes: M a y 31 520,630 June 7 524,630 June 14 523,141 June 21 520,648! June 28 521,650^ Total gold certificate reserves: M a y 31 22,998,058 June 7 22,998,059 June 14 22,994,570 June 21 22,992,078 Jwne 28 22,982,081 Other cash: 182,184 M a y 31 June 7 179,498 June 14 199,288 213,299 June 21 212,516 June 28 vances: Secured by U. S. Govt. securities: M a y 31. . 286,999 June 7. . 74,884 June 14. . 59,904 57,755 June 21. . June 28. . 52,363 Other: 19,400 M a y 31. . June 7. . 19,400 June 14. . 19,400 June 21. . 17,000 June 28. . 17,000 Industrial loans: M a y 31 2,585 2,607 June 7. . . June 14...... 2,676 2,627 June 21...... June 28 2,667 U. S. Govt. securities: Bills: 4,068,875 M a y 31 June 7 4,121,875 June 14 4,100,875 3,982,875 June 21 June 28 3,836,875 Certificates: M a y 31 5,874,850 June 7.... 4,827,150 June 14 4,844,150 June 21 4,897,150 June 28.... 5,357,250 Notes: M a y 31 1,643,700 June 7.... 2,997,700 June 14.... 3,067,200 June 21 3,148,700 June 28 3,379,100 Bonds: M a y 31. .. .5,801,900 June 7.... 5,725,600 June 14.... 5,680,600 June 21 5,649,800 June 28 5,643,800 Total U. S. Govt. securities: M a y 31. ..... 17,389,325 June 7 17,672,325 June 14 17,692,825 June 21 17,678,525 June 28 18,217,025 JULY 1950 1,278,118 1,647,242 1,030,098 1,016,318 4,491,120 665,873 1,238,114 1,649,244 1,046,942 1,019,312 4,413,147 668,089 1,266,726 1,628,460 1,044,103 992,983 4,433,516 662,119 1,278,977 1,628,466 1,036,545 988,037 4,394,134 662,153 1,251,346 1,726,624 1,049,541 980,148 4,416,556 640,268 454,066 470,048 456,320 462,720 453,048 846,173 863,124 851,125 829,906 819,533 42,039 42,039 41,981 41,929 41,929 21,979 21,979 21,958 21,929 21,929 34,021 34,021 33,969 33,937 33,937 707,912 476,045 710,128 492,027 704,100 478,278 704,082 484,649 682,197 474,977 880,194 897,145 885,094 863,843 853,470 648,320 2,598,59 629,529 2,659,81 624,785 2,672,12 626,462 2,631,8C 626,575 2,659,16 870,845 881,442 866,207, 914,071' 907,314 6,930,663 6,934,620 6,972,958 7,018,153 6,930,309 51,058 51,058 50,893 50,777 50,777 37,933 37,933 37,289 36,830 36,830 45,478 46,478 46,161 45,936 46,936 921,903 932,500 917,100 964,848 958,091 6,968,596 6,972,553 7,010,247 7,054,983 6,967,139 1,323,596 1,284,592 1,312,887 1,324,913 1,298,282 14,852 15,006 16,464 17,041 15,920 30,709 33,457 37,439 40,746 40,593 12,746 13,327 11,960 17,353 15,749 13,080 15,371 13,589 18,585 15,845 11,328 11,661 12,399 12,868 11,762 17,821 16,166 20,813 19,095 20,814 19,983 23,173 26,266 24,628 26,091 12,021 11,117 13,343 14,413 14,809 4,878 3,267 5,127 4,135 5,391 10,862 7,242 8,111 9,278 9,025 9,717 9,133 9,193 9,860 11,369 26,410 13,260 10,825 5,535 8,268 148,505 18,000 16,885 8,605 13,985 7,170 1,660 1,535 1,210 1,115 9,450 18,550 4,000 10,900 3,500 18,235 4,260 3,120 5,205 4,805 8,750 220 2,770 1,820 770 19,575 9,475 9,325 8,050 5,900 8,059 914 2,199 5,430 2,100 20,000 400 4,300 4,750 1,250 17,545 6,845 4,145 5,775 6,850 300 300 100 300 270 3,0( l,0( '7( \\ 3,5! 1,222 1,222 1,222 1,071 1,071 6,092 6,092 6,092 5,338 5,338 1,552 1,552 1,552 1,360 1,360 1,765 1,765 1,765 1,547 1,547 970 970 970 850 850 815 815 815 714 714 2,677 2,677 2,677 2,346 2,346 699 699 699 612 612 485 485 485 425 425 718 718 718 629 629 679 679 679 595 595 1,72 1,72 1,72 1,51 1,51 30 30 30 2,272 2,284 2,315 2,266 2,308 280,508 284,162 282,714 274,579 264,514 948,422 960,776 955,881 928,376 894,345 270,584 274,109 272,712 264,865 255,156 377,169 382,081 380,135 369,197 355,663 262,874 266,298 264,941 257,318 247,885 217,945 617,037 220,784 625,074 219,659 621,890 213,339 603,995 205,518 581,854 224,443 227,367 226,209 219,699 211,646 125,887 127,527 126,877 123,226 118,709 188,808 191,267 190,293 184,817 178,043 184,707 187,113 186,159 180,803 174,175 370,4< 375,31 373,4( 362,6( 349,3( 405,012 332,783 333,956 337,610 369,329 1,369,380 1,125,170 1,129,133 1,141,487 1,248,732 390,683 321,010 322,141 325,666 356,262 544,575 447,457 449,033 453,945 496,596 379,551 311,863 312,962 316,385 346,110 314,680 258,562 259,472 262,310 286,956 890,909 732,027 734,605 742,643 812,417 324,063 266,270 267,208 270,132 295,512 181,762 149,348 149,873 151,513 165,748 272,611 223,995 224,783 227,243 248,593 266,689 534,9^ 219,129 439,5^ 219,900 441,0* 222,306 445,91 243,192 487,8C 113,317 206,661 211,453 217,071 232,956 383,133 698,740 714,940 733,937 787,641 109,308 152,364 106,193 199,350 277,875 193,669 203,972 284,317 198,159 209,392 291,872 203,425 224,713 313,229 218,310 88,043 160,569 164,291 168,657 180,999 249,264 454,595 465,135 477,494 512,434 90,668 165,356 169,190 173,685 186,394 50,854 92,746 94,896 97,418 104,547 76,273 139,102 142,327 146,109 156,800 74,616 136,081 139,236 142,935 153,394 149,66 272,9! 279,2* 286,7( 307,6* 374,837 310,774 369,908 306,685 367,001 304,276 365,011 302,626 364,624 302,304 879,846 868,277 861,452 856,781 855,870 320,039 315,830 313,347 311,649 311,317 179,505 177,143 175,752 174,799 174,613 269,225 265,685 263,597 262,168 261,889 263,376 259,912 257,871 256,473 256,201 528,2$ 521,34 517,24 514,44 513,89 4,053,313 1,156,407 1,611,921 1,123,455 931,442 2,637,056 959,213 4,119,278 1,175,227 1,638,154 1,141,738 946,600 2,679,973 974,823 4,124,056 1,176,591 1,640,054 1,143,063 947,698 2,683,082 975,954 4,120,723 1,175,640 1,638,728 1,142,139 946,932 2,680,913 975,165 4,246,243 1,211,450 1,688,645 1,176,929 975,777 2,762,575 1,004,869 538,008 546,764 547,398 546,956 563,617 806,917 820,049 821,000 820,337 845,325 789,388 802,235 803,166 802,517 826,962 1,583,3* 1,609,1! 1,611,02 1,609,71 1,658,7! 399,983 394,724 391,620 389,497 389,083 1,198,820 1,218,330 1,219,743 1,218,757 1,255,882 1,352,378 385,832 1,334,592 380,758 1,324,102 377,766 1,316,923 375,717 1,315,525 375,319 56,380 56,380 56,187 56,042 56,042 47,989 47,989 48,432 47,469 47,470 37,596 37,596 37,455 37,311 37,311 78,826 81,826 81,627 81,450 81,450 1,703,622 1,078,087 1,053,914 4,569,946 1,705,624 1,094,931 1,056,908 4,494,973 1,684,647 1,092,535 1,030,438 4,515,143 1,684,508 1,084,014 1,025,348 4,475,584 1,782,666 1,097,011 1,017,459 4,498,006 40,86 40,86 40,76 40,66 40,66 674,785 2,639,4! 655,994 2,700,6* 651,207 2,712,8? 652,832 2,672,4652,945 2,699,824,1* 20,5: 24,5* 25,2< 25, U 195 203 201 200 198 117 119 129 130 130 537,813 530,741 526,569 523,714 523,157 26,465 26,465 26,422 26,370 26,370 STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS—Continued [In thousands of dollars] Boston New York Philadelphia Cleveland Richmond 17,698,309 17,769,216 17,774,805 June 21. . . . . . . 17,755,907 18,289,055 June 28 1,226,452 1,232,812 1,231,790 1,225,363 1,265,221 4,207,910 4,143,370 4,147,063 4.134,696 4,265,596 1,167,401 1,180,723 1,181,993 1,180,476 1,216,233 1,623,137 1,658,470 1,645,820 1,651,176 1,693,693 1,142,777 1,147,087 1,147,282 1,148,324 1,182,714 941,007 947,635 951,283 949,466 977,261 33 33 28 28 28 2 2 2 2 2 i 10 110 15 15 15 3 3 3 3 3 3 3 3 3 3 2 2 2 2 2 1 1 1 1 1 94,027 102,310 113,761 116,496 112,582 3,701 4,770 6,419 6,074 5,077 14,583 18,479 19,824 20,282 17,777 4,404 6,621 5,341 7,022 5,587 6,320 5,436 6,587 6,777 5,696 9,986 9,094 11,207 10,800 10,956 2,373,203 2,597,120 3,338,605 3,220,567 2,631,685 197,981 197,035 261,057 231,867 211,119 479,113 460,295 658,032 594,477 499,078 174,468 181,280 183,307 214,640 176,532 225,594 238,162 331,111 350,208 243,152 34,804 34,953 35,084 35,277 35,225 1,106 1,106 1,106 1,106 1,101 7,781 7,781 7,791 7,791 7,791 2,959 2,959 2,959 2,953 2,953 144,342 133,902 137,789 94,683 104,426 9,720 8,975 9,336 6,359 6,924 32,695 30,283 31,301 21,037 23,479 43,524,960 43,815,091 44,593,930 44,428,335 44,367,598 2,375,717 2,392,206 2,443,274 2,452,660 2,463,455 Total San Francisco Minneapolis Kansas City Dallas 2,659,308 967,971 2,692,125 976,436 2,695,084 978,852 2,691,309 981,207 2,770,821 1,007,581 558,688 547,852 552,384 552,331 565,490 825,180 827,612 825,863 826,741 852,804 790,367 803,214 803,945 803,412 827,827 5 5 5 5 5 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 9,978 10,267 10,459 9,427 12,360 16,083 16,643 16,024 16,315 16,053 6,304 8,456 9,001 8,921 8,503 3,274 3,183 4,227 3,805 3,628 5,288 5,052 6,861 7,270 8,222 3,954 4,030 4,942 4,589 5,179 10,1. 10,2' 12,8< 15,2 13,5< 192,745 225,395 286,983 265,094 207,717 144,269 179,537 221,259 204,482 160,654 370,790 437,978 558,317 518,890 432,405 143,322 143,689 179,709 166,132 137,532 62,702 77,717 90,589 88,975 78,992 118,137 131,671 162,503 172,508 138,138 95,174 124,770 136,480 139,121 115,382 168,9( 199,5< 269,2. 274,1' 230,9* 4,871 4,871 4,868 4,868 4,860 2,479 2,479 2,479 2,531 2,525 1,505 1,505 1,515 1,514 1,512 3,730 3,868 3,868 3,868 3,846 2,026 2,026 2,026 2,026 2,026 1,133 1,133 1,133 1,133 1,130 2,286 2,280 2,280 2,280 2,280 700 700 700 700 700 4,2: 4,2' 4,3. 4,5( 4,5( 9,311 8,603 8,828 5,991 6,690 13,637 12,559 12,743 8,904 9,830 9,494 8,791 9,148 6,318 7,051 7,687 7,129 7,265 5,012 5,553 22,025 20,554 21,118 14,595 15,843 9,079 8,470 8,785 6,377 6,927 4,357 4,021 4,138 2,779 3,106 6,798 6,367 6,607 4,547 5,082 6,419 5,922 6,075 4,267 4,625 13,1: 12,2: 12,4' 8,4< 9,3 11,741,397 11,666,228 11,911,702 11,874,017 11,821,458 2,694,888 2,678,108 2,707,278 2,753,351 2,722,029 3,590,264 3,640,496 3,699,368 3,725,029 3,755,745 2,446,898 2,499,440 2,562,035 2,529,951 2,519,738 2,176,182 2,219,148 2,243,033 2,214,345 2,195,614 7,661,870 7,689,319 7,835,825 7,745,194 7,763,070 1,848,636 1,860,323 1,895,817 1,883,159 1,859,576 1,111,078 1,129,201 1,135,877 1,137,808 1,132,715 1,848,746 1,877,370 1,897,320 1,886,468 1,869,022 1,581,117 1,603,764 1,612,543 1,614,782 1,618,028 4,448,1( 4,559,4* 4,649,8i 4,611,5' 4,647,1' 1,380,719 1,379,509 1,375,023 1,373,956 1,392,266 5,152,573 5,140,059 5,123,154 5,115,799 5,136,892 1,606,943 1,605,651 1,610,134 1,599,504 1,609,585 2,028,721 2,030,764 2,031,143 2,028,222 2,042,122 1,507,257 1,504,710 1,501,100 1,495,340 1,508,236 1,258,111 1,257,524 1,251,628 1,246,180 1,249,661 4,441,428 4,440,504 4,431,817 4,426,189 4,428,625 1,048,678 1,046,503 1,043,182 1,039,583 1,039,112 602,948 603,544 600,905 599,428 598,696 904,706 905,766 901,361 897,383 898,623 613,776 613,539 607,989 605,845 611,157 2,289,8' 2,302,7' 2,290,4: 2,278,61 2,285,8; 645,716 668,600 673,165 701,158 664,191 5,297,722 5,276,372 5,365,966 5,390,035 5,181,136 728,425 736,112 757,571 770,675 759,397 1,133,451 1,174,111 1,181,323 1,191,953 1,177,358 632,264 656,200 676,798 641,283 636,360 665,353 682,307 671,858 667,167 664,513 2,515,048 2,561,096 2,615,325 2,505,119 2,557,534 544,287 574,137 580,043 579,249 568,021 368,689 380,782 380,046 376,310 375,961 727,035 752,641 753,442 729,495 743,832 754,090 763,842 771,917 771,144 778,353 1,801,71 1,840,7* 1,881,5' 1,845,5: 1,881,7< 37,766 36,030 19,059 39,268 73,190 82,179 64,279 62,362 57,383 181,331 48,432 30,654 20,497 43,214 34,259 50,762 47,586 30,931 53,174 133,604 22,593 36,988 20,136 57,335 73,754 43,506 37,134 28,510 28,218 47,172 122,397 55,450 21,755 103,367 120,482 46,739 30,719 24,900 35,015 43,689 30,813 25,854 23,038 32,172 38,884 32,812 26,420 18,098 24,391 30,014 47,947 39,803 24,667 27,485 42,523 21,5* 40,7( 24,8* 28,2: 47.K 61,085 65,860 67,252 70,415 70,995 2322,816 2 333,645 2342,173 2357,023 2367,235 77,568 83,632 83,632 89,416 90,152 88,233 95,131 97,143 101,711 102,548 48,480 52,270 53,375 55,885 56,345 40,723 43,907 44,835 46,944 47,330 133,805 144,265 147,315 154,243 155,512 34,906 37,634 38,430 40,237 40,568 24,240 26,135 26,688 27,943 28,173 35,875 38,680 39,497 41,355 41,695 33,936 36,589 37,363 39,120 39,442 86,31 93,0( 95,0; 99,4< 100,31 2,597 3,071 8,730 4,148 4,307 205,056 208,818 256,997 212,973 239,334 1,194 1,713 1,279 1,408 1,874 3,929 4,169 11,142 4,585 3,384 4,058 3,660 13,259 2,671 2,263 447 300 4,923 477 383 6,077 4,835 20,530 4,391 2,341 4,796 5,168 8,890 5,193 5,294 1,539 1,152 3,060 1,490 1,237 4,918 4,490 6,794 2,266 3,146 602 563 3,072 526 495 30.8S Atlanta Chicago St. Louis Assets (cont.) Total loans and securities: May 31 June 7 June 14 Due from foreign banks: May 31 June 7 June 14 June 21 June 28 Federal Reserve notes of other Banks: May 31 June 7...... June 14 June 21 June 28 Uncollected items: May 31 June 7...... June 14 June 21 June 28 Bank premises: May 31 June 7 June 14 June 21 June 28 Other assets: May 31 June 7 June 14 June 21 June 28 Total assets: May 31 June 7 June 14. June 21 June 28 Liabilities Federal Reserve notes: May 317 . . . . . . 22,835,733 June 22,830,848 June 14 22,767,870 June 21 22,706,047 22,800,803 June 28 Deposits: Member bank —reserve account: May 31. . 15,813,832 June 7. . 16,066,982 June 14. . 16,309,026 June 21. . 16,169,122 June 28. . 15,988,451 U. S. Treasurer-general account: 587,526 May 31. . June 7. . 471,618 318,837 June 14.. June 21.. 529,254 June 28.. 866,069 Foreign: 987,980 May 31. . June 7.. 1,050,808 June 14. . 1,072,730 June 21.. 1,123,786 June 28.. 1,140,308 Other* 266,103 May 31. . 270,002 June 7.. June 14. . 374,381 271,033 June 21.. 300,337 June 28.. 1,588,1: 1,611,8* 1,613,4' 1,611,41 1,663,8: 32,0( 35,7( 30,9( 36,2^ 1 2 After deducting $23,000 participations of other Federal Reserve Banks on May 31; June 7; June 14; June 21; and June 28. After deducting $665,145,000 participations of other Federal Reserve Banks on May 31; $717,145,000 on June 7; $730,538,000 on June 1$766,742,000 on June 21; and $773,053,000 on June 28. 844 FEDERAL RESERVE BULLETI STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS—Continued [In thousands of dollars] Total Boston NewYork Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis Kansas City Dallas San Francisco Liabilities (cont.): Total deposits: May 31 June 7 . . . . June 14 June 2 1 . . . . June 28 Deferred availability items: May 31 June 7 . . . . June 1 4 . . . . June 21 June 2 8 . . . . Other liabilities including accrued dividends: May 31 June 7 . . . . June 14 June 21 June 28 Total liabilities: May 3 1 . . . . June 7 . . . . June 1 4 . . . . June 2 1 . . . . June 28 17,655,441 17,859,410 18,074,974 18,093,195 18,295,165 747,164 773,561 768,206 814,989 812,683 5,907,773 5,883,114 6,027,498 6,017,414 5,969,036 855,619 852,111 862,979 904,713 885,682 1,276,375 1,320,997 1,320,539 1,351,423 1,416,894 707,395 749,118 763,568 757,174 768,722 750,029 2,777,327 763,648 2,765,646 750,126 2,804,925 742,806 2,767,120 759,398 2,835,869 630,728 647,658 652,263 659,694 657,572 425,281 433,923 432,832 437,915 444,255 800,640 822,231 817,831 797,507 818,687 836,575 840,797 837,019 838,275 860,813 1,940,53 2,006,6C 2,O37,1S 2,004,U 2,065,5 = 2,136,939 2,222,887 2,843,799 2,715,228 2,353,888 190,302 181,323 241,889 205,373 199,830 415,939 376,526 493,220 471,371 445,931 162,389 150,016 163,521 178,287 155,590 202,541 205,795 264,462 261,370 212,331 184,812 197,805 249,222 229,119 194,176 128,161 157,839 200,863 184,772 145,715 318,654 358,209 473,191 425,508 371,549 133,383 130,025 163,967 147,346 126,094 58,429 67,123 77,371 75,615 64,760 108,433 114,149 142,602 155,938 115,839 96,580 115,008 132,889 135,781 110,752 137,31 169,0e 240.6C 244,74 211,32 14,264 14,733 15,816 16,311 16,377 1,061 1,096 1,055 1,067 1,094 3,673 4,073 4,477 5,234 4,620 836 869 948 861 948 1,637 1,579 1,495 1,644 1,720 670 760 840 757 818 650 675 735 702 771 2,393 2,246 2,443 2,353 2,478 622 616 673 607 673 422 471 499 460 500 583 565 578 567 549 549 593 635 686 743 42,642,377 42,927,878 43,702,459 43,530,781 43,466,233 2,319,246 2,335,489 2,386,173 2,395,385 2,405,873 11,479,958 11,403,772 11,648,349 11,609,818 11,556,479 2,625,787 3,509,274 2,400,134 2,136,951 2,608,647 3,559,135 2,452,393 2,179,686 2,637,582 3,617,639 2,514,730 2,203,352 2,683,365 3,642,659 2,482,390 2,174,460 2,651,805 3,673,067 2,471,952 2,155,545 7,539,802 7,566,605 7,712,376 7,621,170 7,638,521 1,813,411 1,824,802 1,860,085 1,847,230 1,823,451 1,087,080 1,105,061 1,111,607 1,113,418 1,108,211 1,814,362 1,842,711 1,862,372 1,851,395 1,833,698 12,099 12,099 12,102 12,103 12,132 73,047 73,047 73,054 73,065 73,068 15,379 15,440 15,442 15,443 15,443 19,950 19,905 19,910 20,230 20,220 9,485 9,485 9,486 9,496 9,498 8,658 8,661 8,679 8,688 8,692 27,741 27,744 27,897 27,922 27,930 7,163 7,163 7,163 7,164 7,166 4,883 4,883 4,884 4,892 4,897 7,682 7,685 7,719 7,742 7,749 9,008 9,006 9,008 9,022 9,228 2O,7<: 20,92 20,92 23,0 = 23,0 = 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 45,947 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 42,5 = 42,5^ 42,5 = 42,5 = 42,5 = 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 2,14 2,14 2,14 2,14 2,14 10,583 10,829 11,210 11,383 11,661 32,924 33,941 34,831 35,666 36,443 11,028 11,327 11,560 11,849 12,087 14,077 14,493 14,856 15,177 15,495 10,151 10,434 10,691 10,937 11,160 8,617 8,845 9,046 9,241 9,421 20,869 21,512 22,094 22,644 23,161 8,423 8,719 8,930 9,126 9,320 5,548 5,690 5,819 5,931 6,040 7,520 7,792 8,047 8,149 8,393 7,449 7,641 7,823 7,993 8,155 13,82 14,23 14,5? 14,92 15,23 2,375,717 2,392,206 2,443,274 2,452,660 2,463,455 11,741,397 11,666,228 11,911,702 11,874,017 11,821,458 2,446,898 2,176,182 2,499,440 2,219,148 2,562,035 2,243,033 2,529,951 2,214,345 2,519,738 2,195,614 7,661,870 7,689,319 7,835,825 7,745,194 7,763,070 1,848,636 1,860,323 1,895,817 1,883,159 1,859,576 1,111,078 1,129,201 1,135,877 1,137,808 1,132,715 1,848,746 1,877,370 1,897,320 1,886,468 1,869,022 329 328 354 344 347 11,638 H,645 !1,765 il.716 U,731 720 718 775 754 761 188 187 202 197 198 130 130 140 137 137 193 192 208 202 204 l.ie 1.1S 1,43 1,3? 1.4C 1,547,480 4,368,85 1,569,937 4,479,64 1,578,532 4,569,6£ 1,580,587 4,528,9C 1,583,465 4,564,1( Capital Accts.: Capital paid in: May 3 1 . . . . 215,857 June 7 . . . . 216,039 June 14 216,265 June 21 218,818 June 2 8 . . . . 219,074 Surplus: (section 7): 488,173 May 31. . . . June 7 488,173 June 1 4 . . . . 488,173 June 2 1 . . . . 488,173 June 2 8 . . . . 488,173 (section 13 b): May 31 27,543 June 7 . . . . 27,543 June 1 4 . . . . 27,543 June 21 27,543 June 28 27,543 Other cap. accts.: May 3 1 . . . . 151,010 June 7 . . . . 155,458 June 1 4 . . . . 159,490 June 2 1 . . . . 163,020 June 28 166,575 Total liabilities and cap. accts.: May 31 43,524,960 June 7 . . . . 43,815,091 June 1 4 . . . . 44,593,930 June 2 1 . . . . 44,428,335 June 2 8 . . . . 44,367,598 Contingent liability on acceptances purchased for foreign correspondents: May 3 1 . . . . 5,218 June 7 5,213 June 1 4 . . . . 5,585 June 21 5,463 June 28 5,511 Commitments to make industrial loans: 1 286 May 31 1,225 June 7 . . . . 1,206 June 1 4 . . . . 1^253 June 2 1 . . . . 1,208 June 28. .. '. 2,694,888 3,590,264 2,678,108 3,640,496 2,707,278 3,699,368 2,753,351 3,725,029 2,722,029 3,755,745 418 416 416 437 441 475 473 511 497 502 261 260 281 273 276 402 351 317 360 315 440 440 455 454 454 60 60 60 60 60 219 219 236 229 231 256 249 249 254 254 1,581,117 4,448, It 1,603,764 4,559,46 1,612,543 4,649,8 = 1,614,782 4,611,5i 1,618,028 4,647,14 183 182 197 191 193 4( 4( 5( 4J 4S 12 12 12 12 12 1 After deducting $3,580,000 participations of other Federal Reserve Banks on May 31, $3,568,000 on June 7; $3,820,000 on June 14; $3,747,0( on June 21; and $3,780,000 on June 28. JULY 1950 84 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 F. R. notes outstanding (issued to Bank): 23,521,063 May 31 23,504,856 June 7 23,499,204 June 14 23,477,628 June 21 23,538,876 June 28 Collateral held against notes outstanding: Gold certificates: 14,249,000 May 31 14,249,000 June 7 14,249,000 June 14 14,249,000 June 21 14,249,000 June 28 Eligible paper: 237,430 May 31 45,040 June 7 35,385 June 14 35,985 June 21 June 28 38,223 U. S. Govt. s e c : 10,450,000 May 31 10,450,000 June 7 10,450,000 June 14 10,450,000 June 21 10,450,000 June 28 Total collateral: May June June June June 24,936,430 24,744,040 24,734,385 24,734,985 24,737,223 31 7 14 21 28 Philadelphia Boston New York 1,411,448 1,411,216 1,411,833 1,418,354 1,424,259 5,287,369 5,285,578 5,271,904 5,261,863 5,276,222 Cleveland 1,647,936 2,095,267 1,653,300 2,092,292 1,651,203 2,091 ,241 1,656,189 2 ,103,428 1,655,501 2,107,916 440,000 4,670,000 440,000 4,670,000 440,000 4,670,000 440,000 4,670,000 440,000 4,670,000 750,000 750,000 750,000 750,000 750,000 26,410 13,260 10,825 5,535 8,268 138,310 17,000 8,560 8,405 11,285 7,170 1,660 1,535 1,210 1,115 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 700,000 700,000 700,000 700,000 700,000 1,566,410 5,508,310 553,260 5,387,000 1,550,825 5,378,560 1,545,535 5,378,405 1,548,268 5,381,285 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1939. 1940 1941 1942. 1943 1944 1945 1946. 1947 1948 Dec. 3 1 . . . 1949 Jan. 3 1 . . . Feb. 2 8 . . . Mar. 3 1 . . . Apr. 3 0 . . . May 31... June 3 0 . . . July 3 0 . . . Aug. 3 1 . . . Sept. 3 0 . . . Oct. 3 1 . . . Nov. 30.. . Dec. 3 1 . . . 1950 Jan. 31. . . Feb. 28. . . Mar. 3 1 . . . . Apr. 29.. . May 3 1 . . . 615 653 335 995 1 ,643 1 990 3 ,607 3 ,608 3 ,610 3 ,613 3 ,614 3 ,615 3 ,617 3 ,623 3 ,630 3 ,637 3 ,644 3 ,649 615 893 616 340 620 192 620 595 620 984 621 ,297 621 ,601 622 ,327 625 301 626 273 628 ,523 629 ,326 85 45 45 152 245 205 220 545 912 1 ,514 1 ,277 539 1 ,005 907 906 819 753 614 660 662 1 ,016 1 ,075 1 ,954 2 ,178 1 ,677 1 ,624 3 ,270 2 ,399 2 ,349 2 ,278 2 ,263 2 ,072 1 ,958 1 ,820 2 ,288 2 077 2 042 3 677 2 811 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 ,670 629 ,764 630 .209 632 ,049 632 ,573 633 ,124 544 223 1 ,225 1 ,172 1 ,306 2 ,223 2 ,505 2 ,673 2 ,665 2 ,675 1 ,941 1 ,197 1 ,272 1 ,288 1 ,286 2 ,649 2 ,628 2 ,651 2 ,652 2 ,641 1,818 10 6 19 17 17 2 1 2 4 981 386 600 305 930 705 086 670 869 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. San Francisco 927,394 641,018 2,401,67 928,703 642,104 " 2,405,03 2,405,03 926,770 642,755 2,411,8C 924,952 641,748 2,404,55 928,908 650,598 2,413,33 280,000 204,000 2,000,0C 280,000 204,000 2.000.0C 2,0C l,0C 7C 13 3,5* 17,545 6,845 4,145 5,775 6,850 700,000 500,000 700,000 500,000 700,000 500,000 700,000 500,000 700,000 500,000 800,0C 800,0( 800.0C 800.0C 800,0( 997,545 704,000 2,802,0( 986,845 704,000 2,801,0( 984,145 ,8OO,7( ,800,1/ 985,775 704,000 2,800,1 986,850 704,000 2,803,5! MEMBER BANK RESERVES AND BORROWINGS [Averages of daily figures. 3 ,607 846 8,060 20,006 915 400 2,200 4,300 5,430 4,750 2,100 1,250 1,208,060 680,000 1,200,915 660,400 1,202,200 664,300 1,205,430 664,750 1,202,100 661,250 532 961 913 726 525 544 565 586 400,000 210,000 400,000 210,000 4,550,000 4,550,000 4,550,000 4,550,000 4,550,000 9 ,220 5 ,226 14 ,597 10 ,661 9 ,270 4 ,165 1 ,644 8 ,309 7 ,434 491,342 675,000 2,950,000 675,000 2,950,000 1,375,000 1,375,000 1,375,000 1,375,000 1,375,000 13 ,683 9 ,152 10 .337 14 ,126 10 ,532 3 ,894 1 ,995 554 1 ,387 Dallas 675,000 2,950,000 400,000 210,000 280,000 204,000 2,000,0C 675,000 2,950,000 400,000 210,000 280,000 204,000 2,000,0C 675,000 2,950,000 400,000 210,000 280 000 204,000 2,000,0C 2,150,000 1,637,935 2,150,000 1,623,960 2,150,000 1,623,120 2 ,150,000 1,624,705 ,150,000 1,623,805 659 954 294 248 926 I 295 320 4 577 945 2 13 8 4 670,000 670,000 670,000 670,000 670,000 1,092,019 613,699 1,090,598 614,280 1,085,014 613,301 1,084,939 612,358 ,084,657 611,636 800,000 450,000 800,000 450,000 800,000 450,000 800,000 450,000 800,000 450,000 ParticiApCommit- ofpations proved Loans ments ingfinancto date instioutbut not 2 outcom- standing tutions pleted 1 (amount) standing out(amount) standing Num- Amount (amount) (amount) ber 188 222 212 510 279 860 408 737 4,514,666 Minne- Kansas apolis City 1,600,000 1,600,000 1,600,000 1,600,000 1,600,000 Applications approved 2 ,781 2 ,908 3 ,202 3 ,423 3 ,471 3 ,489 3 ,511 3 ,542 3 ,574 1,560,709 1,315,918 4,526,614 " 1,256 1,555,509 1,309,985 4,516,256 1,560,987 1,316,263 4,516i,128 1,554,126 1,310,315 4,504,763 :,763 1,560,950 1 ,310,227 St. Louis 700,000 700,000 700,000 700,000 700,000 [Amounts in thousands of dollars] of period) Chicago 950,000 950,000 950,000 950,000 950,000 INDUSTRIAL LOANS BY FEDERAL RESERVE BANKS Date (last Wednesday or last day Atlanta 17,935 3,960 3,120 4,705 3,805 1,000,000 1,150,000 1,000,000 1,150,000 1,000,000 1 ,150,000 1,000,000 1,150,000 1,000,000 1,150,000 1,757,170 1,751,660 1,751,535 1,751,210 1,751, Richmond Month, or week ending Wednesday All member x banks In millions of dollars] Central reserve city banks New York Chicago Reserve Coun try city banks -banks Total reserves held: 1949—May 1950—April May 18,146 15,898 15,941 4,798 4,285 4,273 1,160 1,060 1,088 6,881 6,131 6,144 5,30* 4,42c 4,43- May May May June June June 16,042 15,907 15,852 16,051 16,162 16,522 4,269 4,273 4,281 4,348 4,370 4,618 1,087 1,090 1,099 1,116 1,111 1,119 6,193 6,138 6,128 6,164 6,223 6,261 4,49: 4,40( 4,34^ 4,42: 4.45S 4,52^ 777 694 704 44 6 14 8 1 -3 174 137 137 55' 55 55' 832 638 540 735 802 Pl.OOO 40 10 -15 41 50 204 -1 -6 -9 13 4 3 178 118 101 143 181 178 61. 51< 46, 53< 56 P61 176 101 80 81 25 11 18 13 1 39 42 37 3 2 3 43 61 152 93 56 40 1 1 34 18 1 2 2 3 2 2 17 36 61 46 25 17 2 2 5 2 2 2 17 24 31 7 14 21 Excess reserves: 1949—May 1950—April May May 17 May 24 May 31 June 7 June 14 June 21 Borrowings a t Federal Reserve B a n k s : 1949—May 1950—April May May May May June June June 17 24 31 7 14 21 P Preliminary. 1 Weekly figures of excess reserves of all member banks and country banks are estimates. Weekly figures of borrowings of all mei ber banks and of country banks may include small amounts of Feder Reserve Bank discounts and advances for nonmember banks, etc. Back figures.—See Banking and Monetary Statistics, pp. 396-399. FEDERAL RESERVE BULLETI 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 3 Demand balances due from domestic banks... Reserves with Federal Reserve Banks: Total Required Excess Borrowings at Federal Reserve Banks New York Chicago Reserve city banks Country banks Second half of May 1950 First half of May 1950 Gross demand deposits: Total Interbank Other '.. Net demand deposits 2 Demand deposits adjusted Time deposits * Central reserve city banks 20,646 3,640 17,005 19,035 5,260 1,053 4,206 4,759 34,631 4,964 29,667 30,197 30,393 858 29,535 26,122 15,064 90,929 10,516 80,413 80,112 72,100 29,680 1,750 1,087 11,787 15,055 3,557 5,276 33 118 1,708 3,417 6,144 5,988 156 4,481 3,871 610 15,916 15,289 4,285 4,275 9 1,093 1,101 628 6,143 6,025 118 4,395 3,887 508 27 26 98 15 46 35 90,302 10,723 79,579 79,530 71,800 29,657 20,462 3,678 16,784 18,895 5,132 1,060 4,072 4,661 34,297 5,097 29,200 29,993 30,411 1,711 1,088 11,795 5,385 30 116 1,682 15,968 15,182 786 4,261 4,242 18 1,082 1,080 2 61 7 29,523 25,982 1 Averages of daily closing figures for 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. 3 Demand deposits adjusted (demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection) 4 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* [Averages of daily figures. In millions of dollars] In places of 15,000 and over population March April May [March April May. 1949 1950 Demand deposits except interbank Time deposits 16,443 16,289 16,209 17,335 17,366 17,412 Time deposits 8,790 8,829 8,830 11,944 11,753 11,622 6,065 6,063 6,062 8,877 8,923 8,941 12,222 12,145 12,117 6,091 6,116 6,119 By district, May 1950 Boston New York Philadelphia Cleveland 2,076 3,247 1,320 1,392 833 2,251 832 919 336 1,103 944 1,033 230 1,154 907 810 Richmond Atlanta Chicago St. Louis 1,121 1,658 2,393 682 417 467 1,638 351 840 716 1,700 979 483 226 972 293 Minneapolis Kansas City Dallas . . . San Francisco 605 590 1,089 1,240 304 110 742 1,593 1,637 452 213 493 79 301 1 Includes any banks in outlying sections of reserve cities that have been given permission to carry the same reserve as country banks. JULY 1950 Member banks Total, all banks In places of under 15,000 population Demand deposits except interbank 168 649 BANK SUSPENSIONS * Number of banks suspended: 1934-42 1943 1944 1945 1946 1947 1948 1949 1950—Jan.-June Nonmember banks National State 330 20 4 1 0 0 1 0 4 0 2 6 Insured 216 Noninsured 88 2 1 1 4 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.-June 6,223 4,982 405 0 0 167 0 2,443 6 1,241 405 167 2,443 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. Back figures.—See Banking and Monetary Statistics, pp. 283-292; for description, see pp. 281-282 in the same publication. 847 UNITED STATES MONEY IN CIRCULATION, BY DENOMINATIONS [Outside Treasury and Federal Reserve Banks. Total in circulation 1 End of year or month Coin and small denomination currency 3$1 Total Coin 1933 . 1934 1935 1936... 1937 1938 1939 1940 1941 1942 1943 1944 . 1945 1946 1947 . . 1948. . 4,167 5,519 4,292 5,536 5,882 4,518 5,021 6,543 5,015 6,550 5,147 6,856 5,553 7,598 8,732 6,247 11,160 8,120 15,410 11,576 20,449 14,871 25,307 17,580 28,515 20,683 28,952 20,437 28,868 20,020 28,224 19,529 442 452 478 517 537 550 590 648 751 880 1949—February March April .. May June JulyAugust . . . . September... October November... December. . . 27,557 27,439 27,417 27,507 27,493 27,394 27,393 27,412 27,407 27,543 27,600 19,029 18,930 18,925 18,993 18,982 18,908 18,901 18,917 18,915 19,040 19,025 1,441 1,445 1,450 1,456 1,459 1,457 1,462 1,468 1,474 1,484 1,484 1,011 1,008 1,001 1,003 1,018 1,031 1,046 1,066 1950—January February.... M!arch April .. May .... 26,941 27,068 27,042 27,048 27,090 18,475 18,645 18,651 18,661 18,730 1,457 1,459 1,468 1,478 1,490 1,008 1,011 1,013 1,016 1,033 402 423 460 499 505 524 559 610 695 801 909 987 1,019 1,156 1,274 1,039 1,361 1,029 1,404 1,048 1,464 1,049 60 60 61 62 60 60 59 60 60 $500 $1,000 $5,000 $10,000 Unassorted 1,019 1,129 1,355 1,693 1,973 2,150 2,313 2,173 2,110 2,047 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 1,360 364 618 1,254 337 577 358 627 1,369 1,530 399 707 710 1,542 387 409 770 1,714 2,048 460 919 538 1,112 2,489 724 1,433 3,044 3,837 1,019 1,910 5,580 1,481 2,912 7,730 1,996 4,153 7,834 2,327 4,220 8,518 2,492 4,771 8,850 2,548 5,070 8,698 2,494 5,074 125 112 122 135 139 160 191 227 261 287 407 555 454 438 428 400 237 216 239 265 288 327 425 523 556 586 749 990 801 783 782 707 6 17 20 30 24 9 9 10 5 16 18 12 32 32 60 46 25 22 24 24 26 17 17 1,976 1,965 1,967 1,986 1,971 1,959 1,958 1,970 1,973 1,994 2,004 5,929 5,913 5,913 5,934 5,931 5,901 5,900 5,905 5,891 5,935 5,897 8,625 8,555 8,541 8,544 8,551 8,529 8,517 8,496 8,486 8,520 8,512 8,531 8,510 8,493 8,515 8,513 8,488 8,494 8,498 8,494 8,506 8,578 2,444 2,428 2,421 2,422 2,426 2,410 2,406 2,401 2,392 2,398 2,435 5,000 4,980 4,970 4,980 4,974 4,964 4,980 4,996 5,007 5,021 5,056 394 392 679 696 5 5 700 712 712 717 712 5 5 5 10 10 390 388 387 385 383 382 381 382 382 4 4 4 4 4 4 1 1 2 2 2 705 701 692 689 9 9 9 9 9 9 9 8 11 2 2 2 3 1,926 1,949 1,949 1,945 1,963 5,715 5,817 5,834 5,830 5,851 8,309 8,348 8,327 8,333 8,333 8,469 8,426 8,393 8,389 8,361 2,401 2,385 2,375 2,380 2,380 5,010 4,988 4,968 4,961 4,949 380 378 384 382- 666 661 654 4 5 5 3 3 1 650 639 4 4 8 9 8 719 771 815 906 905 946 60 61 61 60 61 $100 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 33 32 33 35 33 34 36 39 44 55 70 81 73 67 65 64 994 Total $20 $5 63 61 Large denomination currency2 2 $10 $2 996 992 In millions of dollars] $50 381 8 5 8 10 5 g 10 7 7 7 7 8 5 7 5 2 4 4 3 2 3 2 3 3 3 3 1 1 1 11 9 1 2 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 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 1leld in the Treasury Total outstanding, As security May 31, against Treasury 1950 gold and 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 ]Vtinor coin United States notes Federal Reserve Bank notes National Bank notes Total—Mav 31 19 SO Apr 30 1950 May 31 1949 24,231 23,039 23,521 4,606 493 2,019 3 2,299 1,001 379 347 280 88 (4) (4) (4) 23,039 21,192 32,299 48 69 280 2,019 40 Money held by For Federal Federal Reserve Reserve Banks and Banks and agents agents 20,183 182 15 9 4 1 (5) 25 338 25,349 25,416 1 309 1,308 1,315 2,816 779 l May 31, 1950 Apr. 30, 1950 May 31, 1949 41 22,694 4,355 41 22,723 4,285 43 23,205 4,259 3 169 168 163 120 2,180 961 360 322 276 87 2,122 951 358 319 279 87 2 079 938 355 318 312 93 26 10 21 3 1 20 183 20,220 20,301 Money in circulation 3 777 3,814 3,819 27 090 27,048 27,507 1 Outside Treasury and Federal Reserve Banks. Includes any paper currency held outside the continental limits of the United States; totals for other end-of-month dates shown in table above, totals by weeks in table on p. 839 and seasonally adjusted figures in table on p. 849. 2 Includes $156,039,431 held as reserve against United States notes and Treasury notes of 1890. 3 To avoid duplication, amount of silver dollars and bullion held as security against silver certificates and Treasury notes of 1890 outstanding is not4 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. 848 FEDERAL RESERVE BULLETIN MONEY IN CIRCULATION WITH ADJUSTMENT FOR SEASONAL VARIATION [Outside Treasury and Federal Reserve Banks. In millions of dollars] Amount— unadjusted for seasonal variation Date End of period: 1939 1940 1941. . 1942 1943 1944. . 1945 1946 1947 1948 1949. . Amountadjusted for seasonal variation June. 1950—January February March April May June Assets Depositors' balances l Total 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 1949—January February. . . . March....... April May June July August September. . . October November. . . December.... 3,334 3,333 3,327 3,314 3,294 3,277 3,266 3,248 3,230 3,215 3,199 3,188 3,454 3,454 3,447 3,435 3,418 3,403 3,393 3,375 3,350 3,336 3,322 3,312 7 7 7 7 7 7 6 6 6 7 7 7 3,244 3,244 3,254 3,239 3,212 3,188 3,187 3,172 3,152 3,127 3,118 3,118 203 202 186 188 198 209 199 196 191 202 197 187 1950—January February.... March April May 3,183 3,177 3,168 P3.153 2>3,127 3,307 3,301 3,293 7 7 8 3,117 3,107 3,107 182 186 178 End of month series +742 +1,134 +2,428 +4,250 +5,039 +4,858 +3,208 +437 -84 -644 -624 Averages of daily figures: July August September October November December [In millions of dollars] Change in seasonally adjusted 1 7,598 8,732 11,160 15,410 20,449 25,307 28,515 28,952 28,868 28,224 27,600 1949—May POSTAL SAVINGS SYSTEM -52 -61 -43 27,438 27,432 27,472 27,397 27,451 27,456 27,477 27,734 27,631 27,570 27,527 27,535 27,506 27,456 27,395 27,459 +64 27,220 27,008 27,043 27,062 27,022 27,026 27,139 27,008 27,124 27,280 27,212 27,162 -320 — 131 +116 +156 -68 -50 +8 -29 -50 -61 1 For end-of-year figures, represents change computed on absolute amounts in first column. N O T E . — F o r 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. Cash in depository banks U. S. Government securities Cash reserve funds, etc.' 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 sam£. publication. 1 2 BANK DEBITS AND DEPOSIT TURNOVER [Debits in millions of dollars] Debits to total deposit accounts, except interbank accounts Year or month 1944 1945 1946—old series *4 1946—new series 1947 1948 1949 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 Total, all reporting centers New York City 1 140 other centers 1 Other reporting centers 2 New York City Other reporting centers New York City* Other leading cities 3 New York City s Other leading3 cities 891,910 974,102 }l,050,021 1,125,074 1,249,630 1,230,982 345,585 404,543 417,475 405,929 449,002 452,897 462,354 479,760 527,336 599,639 667,934 648,905 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 10.0 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 99,280 109,067 98,500 99,055 101,072 101,834 99,491 118,197 36,974 42,890 36,467 36,070 37,191 36,334 35,249 45,781 51,995 55,386 51,886 52,466 53,066 54,413 53,339 60,493 10,311 10,792 10,147 10,518 10,814 11,087 10,903 11,923 24.6 26.9 23.7 21.9 24.1 22.4 23.4 27.7 12.3 12.5 12.2 11.4 12.4 12.1 12.7 13.1 36,444 40,617 37,129 34,940 36,130 36,683 34,105 45,434 50,768 53,769 51,276 51,421 52,364 54,488 52,336 60,428 28.3 29.8 28.7 25.5 28.0 27.3 27.2 32.5 18.5 18.7 18.5 17.1 18.6 18.5 19.1 20.0 106,645 96,236 115,726 102,528 112,075 38,962 35,727 43,112 37,025 41,463 56,377 50,546 60,903 54,639 58,818 11,306 9,962 11,712 10,865 11,793 24.5 24.9 25.7 24.1 25.9 12.6 12.3 12.8 12.5 12.7 38,133 35,205 41,164 38,480 40,037 55,090 49,855 59,113 54,929 57,382 28.6 29.3 29.4 29.7 29O7 18.9 18.9 19.3 19.4 19.2 1949—May June July August October December 1950—January February March April May | 1 2 National series for which bank debit figures are available beginning with 1919. Number3 of centers reduced from 193 to 192 beginning December 1947, when one reporting bank was absorbed by a reporting bank in another Weekly reporting member bank series. 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. city. 4 JULY 1950 849 CONSOLIDATED CONDITION STATEMENTS FOR BANKS AND THE MONETARY SYSTEM ALL COMMERCIAL AND SAVINGS BANKS, FEDERAL RESERVE BANKS, POSTAL SAVINGS SYSTEM, AND TREASURY CURRENCY FUNDS 1 [Figures partly estimated except on call dates. In millions of dollars] Liabilities a n d Capital Assets Total assets, Bank credit Date 1929—June 1933—j u n e 1939^-Dec. 1941—Dec 1945—June Dec. 1946—June Dec. 1947—June Dec. 1948—June Dec. 4 037 4 031 29 30 30 17 644 9 ? 737 ?0 213 31 30 31 29 20 065 ?0 270 30 ?0 529 21 266 31 31 30 31 754 ?3 532 ?4 244 1949—May 25 June 30 July 27 Aug. 31 Sept. 28 Oct. 26 Nov. 30 Dec. 31 1950—Jan. 25* Feb. Mar. 29? Apr. 26P ]U. TreasGold ?4 300 466 ?4 500 24 600 600 24 600 24 500 ?A 427 24 400 . 300 24, 200 ?4 ?00 24, 200 M a y 31P. Total liabil- S. Government obligations .'Li., currency Total Loans, net Total 2,019 2,286 2,963 3,247 4,145 4,339 4,539 4,562 4,552 4,562 4,565 4,589 58,642 42,148 54,564 64,653 153,992 167,381 163,485 158,366 156,297 160,832 157,958 160,457 41 082 71 957 48 341 100 694 4,600 4,597 4,600 4,600 4,600 4,600 4,600 4,598 156,200 156,491 156,500 158,700 159,800 160,300 160,700 162,681 46 700 47 148 46 500 97 800 97 428 97 800 4,600 4,600 4,600 4,600 4,600 162,500 161,900 161,700 162,000 162,600 5 741 10 328 157 26 605 ?7 948 30 387 ?3 105 9 9 049 118 041 128 417 35 765 113 110 570 740 38 373 107 873 43 023 107 086 4S 299 101 ,451 47.200 99 47,900 99 48 100 99 49 000 99 49 604 100 49, 49 50, SO 100 300 600 100 456 400 100 400 700 99 300 400 98 000 600 97 900 5 1 , 000 98 200 Other Other securities and capital, net 216 1,998 2,484 2,254 21,792 24,262 23,783 23,350 21,872 22,559 21,366 23,333 26 131 1 204 1 284 594 2, 867 3 046 3 202 3 , 322 328 3 311 3 264 11,819 9,863 9,302 8,999 8,003 8,577 9,175 9,491 10,051 10,723 11,208 11,422 64, 698 48 465 74,800 74,877 76,100 78,300 78,300 79,100 78,300 78,433 19,700 19,343 18,500 17,500 17,900 17,400 17,700 18,885 3 200 3 208 3 200 3, 200 3 200 3, 100 3, 100 11,700 11,915 12,300 12,500 12,600 12,600 12,600 12,621 79,500 78,600 77,400 77,100 77,700 17,800 17,600 17,500 17,600 17,400 3, 3 3, 3 100' 100 100 100 12,700 12,900 13,300 13,500 13,500 Commercial and savings banks Federal Reserve Banks 5,499 8,199 19,417 25,511 93,655 101,288 95,911 86,558 82,679 81,199 76,774 74,097 3 138 3 , 100 Capital Total and deposits misc. and accurrency counts, net 55,776 42,029 68,359 82,811 168,040 191, 785 180,806 188 294 176,215 183 457 171,657 182, 115 169,234 188 148 175,348 186 OSS 172,857 189 290 176,121 8,922 6,436 6,812 7,826 10,310 10,979 12,079 11,800 12,882 12,800 13,200 13,168 187, 189 189, 189, 191 900 000 500 800 706 171,300 171,602 171,500 173,800 174,400 174,900 175,300 177,313 13,800 13,952 14,200 14,200 14,500 14,600 14,500 14,392 191, 190 190, 190 191, 600 177,100 800 176,200 600 176,000 800 176,300 500 176,900 14,400 14,600 14,500 14,500 14,500 7S 171 90 637 178 350 18S 100 18S, 554 18S 700 Deposits and Currency Deposits adjusted and currency U. S. Government balances I )ate Total 1929—June 1933—j u n e 1939—Dec. 1941—Dec. 1945—June Dec. 1946—June Dec. 1947_june Dec 1948—June Dec. 1949—May June July Aug. Sept Oct Nov. Dec. 29 30 30 31. . 30 31 29 SS 776 4? 029 68 ,359 8? 811 168 040 180 806 176 215 174 ,400 174 ,900 175 ,300 . . . . . . . . 177 ,313 1,800 1,927 1,900 1,900 1,900 2,000 2,100 2,150 1,300 1,307 1,300 1,300 1,300 1,300 1,300 1,312 177 ,100 176 ,200 176 ,000 176 ,300 176 ,900 2,200 2,200 2,300 2,400 2,400 1,300 1,300 1,300 1,300 1,300 171 ,657 169 ,234 ,348 17? ,857 176 ,121 31 30 31 30 31.. 204 264 2,409 2,215 2,279 2,287 2,251 2,272 1,314 1,336 1,327 1,325 30 26 365 50 1,217 1,498 2,378 2,141 1,894 1,885 1,657 1,682 1.727 2,103 31 25 30 27. 31 28 Foreign bank deposits, Treasnet ury cash 1950—Jan. 25? Feb. Mar Apr. 26P......... May 171 ,300 171 ,602 171 ,500 173 ,800 At comAt mercial Federal and Reserve savings Banks banks 381 852 846 1 ,895 ,381 ?4 ,608 13 ,416 3 ,103 1 ,367 1 ,452 ,180 2 ,451 1 ,900 ,304 1 ,500 ,100 3 ,700 3 ,600 3 ,200 3 ,249 3 ,300 4 ,200 4 ,300 3 ,200 3 ,200 36 35 634 867 599 977 833 393 756 870 1 ,928 1 ,123 700 438 400 600 1 ,200 Time deposits 3 Total Demand deposits2 54,790 40,828 63,253 76,336 138,403 150,793 157,821 164,004 164,140 170,008 165,695 169,119 165,600 165,626 166,300 166,900 166,300 167,700 168,100 169,781 400 500 821 500 169,700 400 168,200 1 ,000 167,100 800 168,500 600 169,500 Total Commercial banks Mutual savings banks * 22,540 14,411 29,793 38,992 69,053 75,851 79,476 83,314 82,186 87,121 82,697 85,520 ?8 611 656 ?7 059 ?7 729 44 253 48 452 SI 829 53 960 SS ,655 S6 ,411 57 ,360 57 s?o 19,557 10,849 15,258 15,884 27,170 30,135 32,429 33,808 34,835 35,249 35,788 35,804 8 905 9 621 10 ,523 10 ,532 14 426 15 385 16 281 82,500 81,877 83,100 83,400 83,100 84,300 85,000 85,750 S8 ,200 S8 ,483 S8 ,400 58 ,400 58 ,400 S8 ,400 58 ,000 58 ,616 36,100 36,292 36,200 36,100 36,100 36,100 35,800 36,146 86,400 84,500 83,300 84,500 85,300 SR ,700 S9 ,000 59 ,300 59 ,500 59 ,500 36,100 36,300 36,500 36,600 36,600 Postal Savings System Currency outside banks 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 18 ,800 18 ,932 19 ,000 19 ,000 19 ,100 19 ,100 19 ,100 19 ,273 3,300 3,259 3,300 3,200 3,200 3,200 3,200 3,197 19 ,400 19 ,500 19 ,700 19 ,700 19 ,800 3,200 3,200 3,200 3,200 3,100 25,000 25,266 24,900 25,100 24,900 24,900 25,100 25,415 24,500 24,700 24,600 24,600 24,700 16 869 17 ,428 17 ,746 18 ,194 18 ,387 1,186 1,278 1,313 2,657 2,932 3,119 3,283 3,392 3,416 3,378 3,329 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. NOTE.—For description of statement and back figures, see BULLETIN for January 1948, pp. 24-32. The composition of a few items differs slightly from the description in the BULLETIN article; stock of Federal Reserve Banks held by member banks is included in "Other securities" and in "Capital accounts," and balances of the Postal Savings System and the Exchange Stabilization Fund with the U. S. Treasury are netted against miscellaneous accounts instead of against U. S. Government deposits and Treasury cash. Except on call dates, figures are rounded to nearest 100 million dollars and may not add to the totals. See Banking and Monetary Statistics, Table 9, pp. 34-35, for back figures for deposits and currency. 1 2 3 4 850 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 Investments Class of bank and date Total Loans Total All b a n k s : 1939—Dec. 1941—Dec. 1942—Dec. 1943—Dec. 1944—Dec. 1945—Dec. 1946—Dec. 1947—Dec. 1948—Dec. 1949—June Nov. Dec. 1950—Jan. Feb. Mar. Apr. May 30 31 31. . . . . 31 30 31 31.... 312 . . . 31 30.... 30 31 25 v 21P. . . 29? 26P. . . 31 P . . . All commercial b a n k s 1939—Dec. 30 1941—Dec. 3 1 . . . . 1942—Dec. 31 1943—Dec. 3 1 . . . . 1944—Dec. 3 0 . . . . 1945—Dec. 31 1946—Dec. 3 1 . . . . 1947—Dec. 31 2. . . 1948—Dec. 31 1949—June 30. . . . Nov. 30 Dec. 31 1950—Jan. 25P.. . Feb. 2W. . . Mar. 29*>. . . Apr. 2 6 P . . . May 31P. .. All m e m b e r b a n k s : 1939—Dec. 3 0 . . . . 1941—Dec. 31 1942—Dec. 3 1 . . . . 1943—Dec. 31 1944—Dec. 30 1945—Dec. 3 1 . . . . 1946—Dec. 31 1947—Dec. 3 1 . . . . 1948—Dec. 31 1949—June 30 Nov. 3 0 . . . . Dec. 31 1950—Jan. 2 5 * . . . Feb. 2 1 P . . . Mar. 29?. . . Apr. 2 6 P . . . May 3 1 P . . . Other U. S. Government obligations Other securities Cash assets 1 Total Interbank i Demand Time 50,884 61,126 78,147 96,966 119,461 140,227 131,698 134,924 133,693 133,868 140,010 140,598 141,820 141,320 141,210 141,390 142,360 22,165 28,719 26,615 34,511 23,916 54,231 73,365 23,601 26,015 93,446 30,362 109,865 35,648 96,050 43,002 91,923 48,174 85,519 47,076 86,792 49,130 90,880 49,544 91,054 49,610 92,210 49,890 91,430 50,520 90,690 50,770 90,620 51,180 91,180 19,417 25,511 45,951 65,932 85,885 01,288 86,558 81,199 74,097 74,877 78,310 78,433 79,490 78,570 77,370 77,140 77,710 9,302 8,999 8,280 7,433 7,561 8,577 9,491 10,723 11,422 11,915 12,570 12,621 12,720 12,860 13,320 13,480 13,470 23,292 27,344 28,701 28,475 30,790 35,415 35,041 38,388 39,474 34,966 33,440 36,522 33,580 33,710 32,320 32,770 33,450 68,242 81,816 99,803 117,661 141,448 165,612 155,902 161,865 161,248 156,470 160,400 164,467 162,510 161,970 160,020 160,710 162,090 9,874 32,516 10,982 44,355 11,308 61,437 75,577 11,003 12,235 91,663 14,065 105,935 12,656 92,462 13,033 95,727 12,269 94,671 10,938 90,145 11,600 93,830 12,710 96,156 12,050 94,760 11,690 94,320 11,230 92,500 11,240 92,990 11,130 94,410 25,852 26,479 27,058 31,081 37,551 45,613 50,784 53,105 54,308 55,386 54,970 55,601 55,700 55,960 56,290 56,480 56,550 8,194 8,414 8,566 8,996 9,643 10,542 11,360 11,948 12,479 12,845 13,180 13,088 13,110 13,190 13,270 13,270 13,450 15,035 14,826 14,682 14,579 14,535 14,553 14,585 14,714 14,703 14,680 14,685 14,687 14,689 14,683 14,682 14,684 14,674 40,668 50,746 67,393 85,09.r 105,530 124,019 113,993 116,284 114,298 113,773 119,700 120,19' 121,230 120,600 120,320 120,380 121,220 17,238 21,714 19,221 19,117 21,644 26,083 31,122 38,057 42,488 41,025 42,660 42,965 42,940 43,130 43,650 43,800 44,080 23,430 29,032 48,172 65,978 83,886 97,936 82,871 78,226 71,811 72,748 77,040 77,232 78,290 77,470 76,670 76,580 77,140 16,316 21,808 41,379 59,842 77,557 90,606 74,780 69,221 62,622 63,220 66,910 67,005 67,980 67,070 65,820 65,570 66,140 7,114 7,225 6,793 6,136 6,329 7,331 8,091 9,006 9,189 9,528 10,130 10,227 10,310 10,400 10,850 11,010 11,000 22.474 26,551 28,039 27,677 30,206 34,806 34,223 37,502 38,596 34,166 32,680 35,650 32,750 32,870 31,460 31,970 32,680 57,718 71,283 89,135 105,923 128,072 150,227 139,033 144,103 142,843 137,520 141,330 145,174 143,080 142,440 140,340 140,960 142,280 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 11,600 93,810 12,709 96,136 12,050 94,740 11,690 94,300 11,230 92,480 11,240 92,970 11,130 94,390 15,331 15,952 16,395 19,350 24,184 30,241 33,930 35,360 35,921 36,455 35,920 36,328 36,290 36,450 36,630 36,750 36,760 6,885 7,173 7,330 7,719 8,265 8,950 9,577 10,059 10,480 10,780 11,050 10,967 10,980 11,020 11,080 11,090 11,250 14,484 14,278 14,136 14,034 13,992 14,011 14,044 14,18L 14»17f 14,150 14,154 14,156 14,158 14,152 14,151 14,153 14,143 33,941 43,521 59,263 74,258 91,569 107,183 96,362 97,846 95,616 95,315 101,003 101,528 102,418 101,709 101,400 101,428 102,179 13,962 18,021 16,088 16,288 18,676 22,775 26,696 32,628 36,060 34,456 35,973 36,230 36,158 36,286 36,732 36,842 37,070 19,979 25,500 43,175 57,970 72,893 84,408 69,666 65,218 59,557 60,859 65,030 65,297 66,260 65,423 64,668 64,586 65,109 14,328 19,539 37,546 52,948 67,685 78,338 63,042 57,914 52,154 53,132 56,729 56,883 57,754 56,838 55,669 55,441 55,988 5,651 5,961 5,629 5,022 5,208 6,070 6,625 7,304 7,403 7,727 8,301 8,414 8,506 8,585 8,999 9,145 9,121 19,782 23,123 24,280 23,790 25,860 29,845 29,587 32,845 34,203 30,423 28,722 31,317 28,675 28,843 27,533 28,039 28,692 49,340 61,717 78,277 92,262 110,917 129,670 118,170 122,528 121,362 116,980 120,418 123,885 121,908 121,253 119,264 119,851 121,076 9,410 10,525 11,000 10,555 11,884 13,640 12,060 12,403 11,641 10,374 10,987 12,097 11,435 11,096 10,664 10,683 10,587 28,231 38,846 54,523 66,438 79,774 91,820 78,920 81,785 80,881 77,342 80,608 82,628 81,363 80,917 79,230 79,704 80,995 11,699 12,347 12,754 15,268 19,259 24,210 27,190 28,340 28,840 29,264 28,823 29,160 29,110 29,240 29,370 29,464 29,494 5,522 5,886 6,101 6,475 6,968 7,589 8,095 8,464 8,801 9,022 9,224 9,174 9,179 9,210 9,260 9,272 9,399 6,362 6,619 6,679 6,738 6,814 6,884 6,900 6,923 6,918 6,903 6,893 6,892 6,892 6,891 6,889 6,891 6,887 10,216 10,379 10,75' 11,871 13,931 16,208 17,704 18,641 19,395 20,094 20,310 20,400 20,590 20,720 20,890 21,010 21,140 4,927 4,901 4,695 4,484 4,370 4,279 4,526 4,944 5,686 6,050 6,470 6,578 6,670 6,760 6,870 6,970 7,100 5,289 5,478 6,059 7,387 9,560 11,928 13,179 13,696 13,709 14,044 13,840 13,822 13,920 13,960 14,020 14,040 14,040 3,101 3,704 4,572 6,090 8,328 10,682 11,778 11,978 11,476 11,657 11,400 11,428 11,510 11,500 11,550 11,570 11,570 2,188 1,774 1,487 1,297 1,232 1,246 1,400 1,718 2,233 2,387 2,440 2,394 2,410 2,460 2,470 2,470 2,470 818 793 663 797 584 609 818 886 878 800 760 873 830 840 860 800 770 10,524 10,533 10,668 11,738 13,376 15,385 16,869 17,763 18,405 18,949 19,070 19,293 19,430 19,530 19,680 19,750 19,810 10,521 10,527 10,662 11,730 13,366 15,371 16,853 17,745 18,387 18,932 19,050 19,273 19,410 19,510 19,660 19,730 19,790 1,309 1,241 1,236 1,276 1,378 1,592 1,784 1,889 1,999 2,065 551 548 546 545 543 542 541 533 532 530 531 531 531 531 531 531 531 All mutual savings banks: 1939—Dec. 1941—Dec. 1942—Dec. 1943—Dec. 1944—Dec. 1945—Dec. 1946—Dec. 1947—Dec. 1948—Dec. 1949—June Nov. Dec. 1950—Jan. Feb. Mar. Apr. May 30 31 31. . . . 31 30.... 31 31. . . . 31 2. . . 31.... 30.... 30 31 25P. . . 21*... 29P . . . 26P. . . S\P. . . Total Number capital of accounts banks 2,200 P Preliminary. * "All banks" comprise "all commercial banks" and "all mutual savings banks." "All commercial banks" comprise "all nonmember com-^ mercial banks" and "all member banks" with exception of three mutual savings banks that became members in 1941. Stock savings banks and nondeposit trust companies are included with "commercial" banks. Number of banks includes a few noninsured banks for which asset and liability data are not available. Comparability of figures for classes of banks is affected somewhat by changes in Federal Reserve membership* insurance status, and the reserve classifications of cities and individual banks, and by mergers, etc. 1 Beginning June 30, 1942, excludes reciprocal balances, which on Dec. 31, 1942, aggregated 513 million dollars at all member banks and 525 million at all insured commercial banks. For other footnotes see following two pages. JULY 1950 851 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 Central reserve city member banks: 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 s Nov. 30 Dec. 31 1950—Jan. 25? Feb. 21? \ Mar. 29P. . Apr. 26? May 31? Total Cash assets x Total Other securities 4,772 7,265 12,547 14,563 17,179 17,574 13,308 11,972 9,649 10,278 10,692 10,746 10,797 10,357 10,004 9,963 10,153 1,272 1,559 1,294 1,002 1,066 1,235 1,158 1,242 1,063 1,135 1,208 1,287 1,390 1,394 1,597 1,598 1,483 6,703 6,637 5,864 5,197 4,921 6,439 6,238 7,261 7,758 7,109 6,352 6,985 6,004 6,373 6,021 6,060 6,382 14,509 17,932 22,078 23,256 26,773 30,121 24,723 25,216 24,024 23,619 23,032 23,983 22,995 22,868 22,211 22,380 22,702 4,238 4,207 3,945 3,680 4,041 4,657 4,246 4,464 4,213 3,920 3,853 4,192 3,898 3,881 3,704 3,818 3,826 9,533 12,917 17,399 18,729 21,730 24,227 19,028 19,307 18,131 18,004 17,606 18,139 17,510 17,412 16,895 16,956 17,230 736 807 734 847 1,002 1,236 1,449 1,445 1,680 1,695 1,573 1,651 1,587 1,575 1,612 1,606 1,646 2,259 2,306 2,340 2,333 2,312 2,312 2,318 2,311 2,320 2,344 36 36 37 37 37 37 37 37 35 35 25 25 25 25 25 25 25 Total i Interbank i Total Number capital of accounts banks U. S. Government obligations Loans Demand Time 9,339 12,896 17,957 19,994 24,003 26,143 20,834 20,393 18,759 19,103 19,484 19,583 19,672 19,246 19,135 19,206 19,243 3,296 4,072 4,116 4,428 5,760 7,334 6,368 7,179 8,048 689 584 550 485 495 7,534 7,645 7,607 6,043 8,823 13,841 15,565 18,243 18,809 14,465 13,214 10,712 11,413 11,900 12,033 12,187 11,751 11,601 11,561 11,636 2,105 2,760 3,973 4,554 5,443 5,931 4,765 5,088 4,799 4,841 5,246 5,424 5,412 5,282 5,063 5,103 5,217 569 954 832 1,004 1,184 1,333 1,499 1,801 1,783 1,537 1,565 1,618 1,579 1,554 1,554 1,548 1,536 536 806 141 550 258 598 3,266 3,287 3,016 3,303 3,681 3,806 3,833 3,728 3,509 3,555 3,681 1,203 1,430 2,789 3,238 3,913 4,213 2,912 2,890 2,633 2,888 3,218 3,324 3,345 3,223 2,980 2,992 3,119 333 376 352 312 345 385 355 397 383 415 463 482 488 505 529 563 562 1,446 1,566 1,352 1,283 1,378 1,489 1,545 1,739 1,932 1,702 1,694 1,850 1,695 1,624 1,486 1,642 1,658 3,330 4,057 5,040 5,523 6,468 7,046 5,905 6,402 6,293 6,087 6,424 6,810 6,600 6,438 6,003 6,243 6,392 1,035 1,117 985 1,148 1,312 1,153 1,217 1,064 1,008 1,081 1,191 1,127 1,077 1,086 1,026 1,044 1,947 2,546 3,468 4,029 4,700 5,015 3,922 4,273 4,227 4,020 4,288 4,535 4,391 4,270 3,861 4,130 4,256 495 476 455 508 620 719 829 913 1,001 1,059 1,055 1,083 1,082 1,091 1,056 1,087 1,092 250 288 304 326 354 377 404 426 444 462 468 470 466 467 470 471 478 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 Nov. 30 3 Dec. 31 1950—Jan. 25? Feb. 21? Mar. 29? Apr. 26? May 31? ,272 ,347 ,915 ,521 ,603 ,108 ,351 ,040 ,332 ,034 ,067 ,301 ,802 ,406 ,340 ,201 ,556 5,329 7,105 6,102 6,201 6,822 8,514 10,825 13,449 14,285 13,261 14,218 14,370 14,310 14,302 14,547 14,470 14,653 6,944 8,243 14,813 21,321 26,781 31,594 24,527 22,591 21,047 21,772 23,849 23,931 24,492 24,104 23,793 23,731 23,903 5,194 6,467 13,038 19,682 25,042 29,552 22,250 20,196 18,594 19,076 20,857 20,951 21,500 21,082 20,680 20,546 20,672 1,749 1,776 1,775 1,639 1,739 2,042 2,276 2,396 2,453 2,696 2,992 2,980 2,992 3,022 3,113 3,185 3,231 6,785 8,518 9,426 9,327 10,238 11,286 11,654 13,066 13,317 11,618 11,009 12,168 11,141 11,119 10,576 10,894 11,107 17,741 22,313 28,700 35,070 41,804 49,085 44,477 46,467 45,943 43,852 46,119 47,559 46,974 46,510 45,845 45,987 46,462 3,686 4,460 4,957 4,874 5,524 6,448 5,570 5,649 5,400 4,665 5,160 5,713 5,430 5,206 4,974 4,968 4,860 9,439 13,047 18,747 24,086 28,525 32,877 28,049 29,395 29,153 27,560 29,468 30,182 29,882 29,632 29,174 29,292 29,888 4,616 4,806 4,995 6,109 7,755 9,760 10,858 11,423 11,391 11,627 11,491 11,664 11,662 11,672 11,697 11,727 11,714 1,828 1,967 2,028 2,135 2,327 2,566 2,728 2,844 2,928 3,005 3,085 3,087 3,074 3,079 3,116 3,123 3,146 346 351 354 357 356 359 355 353 335 336 341 341 341 338 338 338 337 Country 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 Nov. 30 Dec. 31 1950—Jan. 25?. . . . . Feb. 21? Mar. 29? Apr. 26? May 31? ,224 ,518 ,419 ,188 ,520 ,002 ,412 ,324 ,726 ,338 206 ,219 ,532 ,775 ,862 ,918 ,163 4,768 5,890 5,038 4,654 4,910 5,596 8,004 10,199 11,945 11.968 12,606 12,692 12,784 12,935 13,097 13,179 13,274 5,456 6,628 11,380 17,534 23,610 29,407 27,408 26,125 24,782 24,370 25,600 25,527 25,748 25,840 25,765 25,739 25,889 3,159 4,377 9,172 15,465 21,552 26,999 24,572 22,857 21,278 20,889 21,962 21,862 22,112 22,176 22,005 21,940 22,044 2,297 2,250 2,208 2,069 2,058 2,408 2,836 3,268 3,504 3,481 3,638 3,665 3,636 3,664 3,760 3,799 3,845 4,848 6,402 7,638 7,983 9,323 10,632 10,151 10,778 11,196 9,994 9,667 10,314 9,835 9,727 9,450 9,443 9,545 13,762 17,415 22,459 28,414 35,871 43,418 43,066 44,443 45,102 43,422 44,843 45,534 45,339 45,437 45,205 45,241 45,520 598 822 980 1,015 1,171 1,223 1,091 1,073 964 781 893 1,001 980 932 900 871 857 7,312 10,335 14,909 19,594 24,818 29,700 27,921 28,810 29,370 27,758 29,246 29,771 29,580 29,603 29,300 29,326 29,621 5,852 6,258 6,569 7,804 9,882 12,494 14,053 14,560 14,768 14,883 14,704 14,762 14,779 14,902 15,005 15,044 15,042 1,851 1,982 2,042 2,153 2,321 2,525 2,757 2,934 3,123 3,215 3,338 3,305 3,327 3,346 3,363 3,358 3,431 5,966 6,219 6,275 6,331 6,408 6,476 6,494 6,519 6,535 6,519 6,514 6,513 6,513 6,515 6,513 6,515 6,512 Chicago: 1939—Dec. 1941—Dec. 1942—Dec. 1943—Dec. 1944—Dec. 1945—Dec. 1946—Dec. • 1947—Dec. 1948—Dec. 1949—June Nov. Dec. 1950—Jan. Feb. Mar. Apr. May 30 31 31 31 30 31 31 31 31 30 30 31 25? 21? 29? 26? 31? 1,592 1,648 1,727 1,862 966 120 205 2 December 31, 1947 figures are consistent (except that they exclude possessions) with the revised all bank series announced in November 1947 by the Federal bank supervisory agencies, but are not entirely comparable with prior figures shown above; a net of 115 noninsured nonmember commercial banks with total loans and investments of approximately 110 million dollars was added, and 8 banks with total loans and investments of 34 million were transferred from noninsured mutual savings to nonmember commercial banks. 3 Data not entirely comparable with prior months due to reclassification on Oct. 6 of 9 central reserve city banks in New York City as reserve city banks. Loans, U. S. Government obligations, and total deposits of these banks amounted to approximately 150, 210, and 450 million dollars, respectively. For other footnotes see preceding and opposite page. 852 FEDERAL RESERVE BULLETIN ALL BANKS IN THE UNITED STATES, BY GLASSES *—Continued PRINCIPAL ASSETS AND LIABILITIES, AND NUMBER OF BANKS—Continued [Amounts in millions of dollars] Deposits Loans and investments Investments Class of bank and date Total Total U. S. Government obligations Loans Other Cash assets * Total Other securities Interbank i All insured commercial banks: 1941—Dec. 31 1945—Dec. 31 1946—Dec. 31 1947—Dec. 31 1948—Dec. 31 1949—j un e 3 0 . . . . . . Dec. 31. . . . . . 49,290 121,809 112,178 114,274 112,286 111,746 118,278 21,259 25,765 30,733 37,583 41,968 40,524 42,485 28,031 96,043 81,445 76,691 70,318 71,222 75,793 21,046 88,912 73,554 67.9411 61,388 61,970 65,820 6,984 7,131 7,891 8,750 8,929 9,252 9,974 25,788 34,292 33,694 36,926 38,087 33,720 35,207 69,411 147,775 136,990 141,851 140,642 135,375 143,138 National m e m b e r banks: 1941—Dec. 31 1945—Dec. 31 1946—Dec. 31 1947—Dec. 31 1948—Dec. 3 1 . . . . . . 1949—June 30 Dec. 31. . . . . . 27,571 69,312 63,723 65,280 63,845 63,517 67,943 11,725 13,925 17,272 21,428 23,752 22,505 23,853 15,845 55,387 46,451 43,852 40,093 41,012 44,090 12,039 51,250 41,658 38,674 34,852 35,487 38,161 3,806 4,137 4,793 5,178 5,241 5,525 5,930 14,977 20,114 20,012 22,024 22,974 20,324 20,995 39,458 84,939 78,775 82,023 81,407 78,219 83,113 6,786 9,229 8,169 8,410 7,842 6,945 8,278 State member banks: 1941—Dec. 31 1945—Dec. 31 1946—Dec. 31 1947—Dec. 3 1 . . . . . . 1948—Dec. 31 1949—Tune 30 Dec. 31 15,950 37,871 32,639 32,566 31,771 31,798 33,585 6,295 8,850 9,424 11,200 12,308 11,951 12,378 9,654 29,021 23,216 21,365 19,463 19,847 21,207 7,500 27,089 21,384 19,240 17,301 17,645 18,722 2,155 1,933 1,832 2,125 2,161 2,202 2,484 8,145 9,731 9,575 10,822 11,228 10,099 10,322 22,259 44,730 39,395 40,505 39,955 38,761 40,772 Insured n o n m e m b e r commercial b a n k s : 1941—Dec. 31 . 1945—Dec. 3 1 . . . . . . 1946—Dec. 31 1947—Dec. 3 1 . . . . . . 1948—Dec. 31 1949—June 30. . . . . . Dec. 3 1 . . . . . . 5,776 14,639 15,831 16,444 16,685 16,447 16,766 3,241 2,992 4,040 4,958 5,911 6,071 6,258 2,535 11,647 11,791 11,486 10,774 10,376 10,508 1,509 10,584 10,524 10,039 9,246 8,849 8,947 1,025 1,063 ,268 ,448 ,528 ,527 1,561 2,668 4,448 4,109 4,083 3,887 3,299 3,892 Noninsured t i o n m e m ber commercial banks: 1941—Dec. 3 1 . . . . . . 1945—Dec. 3 1 . . . . . . 1946—Dec. 31 2 1947—Dec. 31 1948—Dec. 3 1 . . . . . . 1949—June 3 0 . . . . . . Dec. 3 1 . . . . . . 1,457 2,211 1,815 2,009 2,013 2,027 1,919 455 318 389 474 520 502 481 1,002 1,893 1,426 1,535 1,493 1,526 1,438 761 1,693 1,226 1,280 1,234 1,250 1,185 241 200 200 255 259 276 253 All n o n m e m b e r c o m mercial b a n k s : 1941—Dec. 3 1 . . . . . . 1945—Dec. 3 1 . . . . . . 1946—Dec. 3 12. . . . . . 1947—Dec. 31 1948^Dec. 3 1 . . . . . . 1949—j u n e 30 Dec. 3 1 . . . . . . 7,233 16,849 17,646 18,454 18,698 18,474 18,686 3,696 3,310 4,429 5,432 6,431 6,573 6,739 3,536 13,539 13,217 13,021 12,267 11,901 11,947 2,270 12,277 11,749 11,318 10,479 10,098 10,132 Insured m u t u a l savings banks: 1941—Dec. 3 1 . . . . . . 1945—Dec. 31 .. 1946—Dec. 31 1947—Dec. 3 1 . . . . . . 1948—Dec. 3 1 . . . . . . 1949—June 30 Dec. 31 .. 1,693 10,846 11,891 12,683 13,312 13,880 14,209 642 3,081 3,250 3,560 4,109 4,397 4,814 1,050 7,765 8,641 9,123 9,202' 9,484 9,394 Noninsured m u t u a l savings b a n k s : 1941—Dec. 31 1945—Dec. 3 1 . . . . . . 1946—Dec. 31 2 1947—Dec. 31 . . . . . 1948—Dec. 31 1949—June 30 Dec. 3 1 . . . . . . 8,687 5,361 5,813 5,957 6,083 6,214 6,192 4,259 1,198 1,275 1,384 1,577 1,654 1,764 4,428 4,163 4,538 4,573 4,506 4,560 4,428 Demand 10,654 43,059 13,883 104,015 12,320 91,144 12,670 94,300 11,900 93,300 10,578 88,830 12,368 94,914 Total Number capital of accounts banks Time 15,699 29,876 33,526 34,882 35,441 35,966 35,856 6,844 8,671 9,286 9,734 10,158 10,452 10,645 13,426 13,297 13,354 13,398 13,413 13,417 13,429 24,350 59,486 52,194 54,335 54,020 51,420 55,034 8,322 16,224 18,412 19,278 19,545 19,854 19,801 3,640 4,644 5,138 5,409 5,657 5,814 5,920 5,117 5,017 5,007 5,005 4,991 4,987 4,975 3,739 4,411 3,890 3,993 3,799 3,429 3,819 14,495 32,334 26,726 27,449 26,862 25,922 27,594 4,025 7,986 8,779 9,062 9,295 9,410 9,359 2,246 2,945 2,957 3,055 3,144 3,208 3,254 1,502 1,867 1,893 1,918 1,927 1,916 1,917 7,702 18,119 18,836 19,340 19,296 18,410 19,269 129 244 260 266 259 204 272 4,213 12,196 12,225 12,515 12,419 11,488 12,285 3,360 5,680 6,351 6,558 6,618 6,718 6,712 959 1,083 1,193 1,271 1,358 1,431 1,473 6,810 6,416 6,457 6,478 6,498 6,517 6,540 763 514 530 576 509 446 442 1,872 2,452 2,043 2,251 2,201 2,146 2,036 329 181 336 363 368 359 341 1,291 1,905 1,302 1,411 1,353 1,298 1,223 253 365 404 478 479 488 472 329 279 290 325 322 329 321 852 714 690 783 758 733 727 1,266 1,262 1,468 1,703 1,788 1,803 1,814 3,431 4,962 4,639 4,659 4,396 3,745 4,334 9,574 20,571 20,879 21,591 21,497 20,556 21,305 457 425 597 629 628 563 613 5,504 14,101 13,526 13,926 13,772 12,786 13,508 3,613 6,045 6,756 7,036 7,097 7,207 7,184 1,288 1,362 1,483 1,596 1,680 1,760 1,794 7,662 7,130 7,147 7,261 7,256 7,250 7,267 629 7,160 7,946 8,165 7,795 7,940 7,832 421 606 695 958 ,407 ,544 1,562 151 429 612 675 684 629 682 1,789 10,363 11,428 12,207 12,772 13,241 13,592 1,789 10,351 11,415 12,192 12,757 13,226 13,575 164 1,034 1,173 1,252 1,334 1,381 1,420 52 192 191 194 193 191 192 3,075 3,522 3,833 3,813 3,680 3,718 3,596 1,353 641 705 760 826 843 832 642 180 206 211 194 171 191 8,744 5,022 5,442 5,556 5,633 5,709 5,702 8,738 5,020 5,439 5,553 5,631 5,705 5,699 1,077 558 611 637 665 683 702 496 350 350 339 339 339 339 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. JULY 1950 853 ALL INSURED COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES * LOANS AND INVESTMENTS [In millions of dollars] Loan s i Class of bank and call date Total loans and invest- Total 1 ments All insured commercial banks: 1941—Dec. 3 1 . . 49,290 1945—Dec. 3 1 . . 121,809 1946—Dec. 3 1 . . 112,178 1947—Dec. 3 1 . . 114,274 1948—Dec. 3 1 . . 112,286 1949—June 30. . 111,746 Dec. 31. . 118,278 Member banks, total: 1941—Dec. 3 1 . . 1945—Dec. 3 1 . . 1946—Dec. 3 1 . . 1947—Dec. 3 1 . . 1948—Dec. 3 1 . . 1949—June 3 0 . . Dec. 31. . 1950—Apr. 2 4 . . New York City:2 1941—Dec. 3 1 . . 1945—Dec. 31. . 1946—Dec. 3 1 . . 1947—Dec. 3 1 . . 1948—Dec. 3 1 . . 1949—June 30.3. Dec. 31 . 1950—Apr. 24. . Chicago:2 1941—Dec. 31. . 1945—Dec. 3 1 . . 1946—Dec. 3 1 . . 1947—Dec. 31 1948—Dec. 3 1 . ! 1949—June 30. . Dec. 31. . 1950—Apr. 24. . Investments Loans for Compurchasing meror carrying cial, securities in- AgriReal Conelud- culOther esing tur- To tate sumer loans Total openloans loans al brokmarTo ers ket and othpadeal- ers per ers 28,031 96,043 81,445 76,691 70,318 71,222 75,793 21,046 88,912 73,554 67,941 61,388 61,970 65,820 988 2 ,455 19 ,071 ,271 12 ,288 2 ,124 7 ,552 2 ,821 10 ,065 2 ,846 10 ,437 3 ,692 12 ,479 3,494 3,455 5,358 7,130 8,244 8,383 8,834 25,500 84,408 69,666 65,218 59,556 60,859 65,297 64,736 19,539 78,338 63,042 57,914 52,154 53,132 56.883 55,575 3,007 11,729 3,832 3,090 2 ,871 971 2 ,275 16 ,985 14,271 44,792 16 3,254 2 ,815 1 ,167 10 ,043 5,602 46,219 11 3,548 3 ,077 1 ,987 5 ,816 4,815 45,286 10 4,199 3 ,105 2 ,588 7 ,999 2,800 38,761 5 4,480 2 ,922 7 ,651 8 ,469 1,639 40,369 4 4,710 3 ,016 3 ,389 10 ,409 5,085 37,996 4 5,274 3 ,140 5,954 3 ,207 9,214 9,461 14,016 18,012 18,761 16,292 16,935 1 ,450 1 ,314 1 ,358 1 ,610 2 ,775 2 ,734 2 ,963 18,021 22,775 26,696 32,628 36,060 34,456 36,230 36,785 8,671 8,949 13,154 16,962 17,631 15,213 15,857 972 598 594 855 3,133 3,378 884 1,506 1,467 1 ,046 811 1,065 1 ,800 1,324 834 1 ,704 1,958 803 758 1 ,945 1,737 12,896 4 072 26,143 7^334 20,834 6,368 20,393 7,179 18,759 8,048 19,103 7,689 19,583 7^550 19,216 7,616 2 ,807 3! 044 4,078 5,361 5,642 4,710 4^792 2,760 5,931 4,765 5,088 4,799 4,841 5,424 5,091 954 1,333 1,499 1,801 1', 783 1,537 1,618 1,527 8 412 169 2,453 1,172 1,096 389 545 " 3 1,102 1 1,701 I ]410 267 225 248 219 123 80 99 111 224 209 256 3 , 592 1 ,900 1 104 3 ,308 1 020 4 ,662 952 5 ,585 1 006 5 ,859 935 6 ,551 1 034 5 54 8,823 7,265 311 477 287 298 18,809 17,574 455 250 14,465 13,308 387 330 13,215 11,972 1 ,002 564 589 643 306 10,712 9,649 650 268 11,413 10,278 777 689 720 309 12,033 10,746 l!l78 1,211 48 211 117 73 71 83 109 52 233 101 87 63 60 56 22 36 51 46 51 48 51 9> 51 105 149 176 156 172 Reserve city banks: 1941-—Dec 3i 1945—Dec! 31.'! 1946—Dec. 3 1 . . 1947—Dec. 3 1 . . 1948—Dec. 3 1 . . 1949—June 30.3. Dec. 31 . 1950—Apr. 24. . 15 347 7 ,105 40\108 8^514 35,351 10,825 36,040 13,449 35,332 14,285 35,034 13,261 38,301 14,370 38,287 14,493 3 456 3^661 5,548 7,088 7,282 6,227 6,704 300 205 201 225 437 378 457 Country banks: 1941—Dec. 3 1 . . 1945—Dec. 31. . 1946—Dec. 3 1 . . 1947—Dec. 3 1 . . 1948—Dec. 31. . 1949—June 30. . Dec. 31. . 1950—Apr. 2 4 . . 12,518 35,002 35,412 36,324 36,726 36,338 38,219 38,927 5,890 5,596 8,004 10,199 11,945 11,968 12,692 13,148 1,676 1,484 2,433 659 648 681 818 3--, 096 3,296 1 ,356 3,098 1 ,319 3,150 1 ,480 20 42 29 23 21 23 36 183 471 273 227 187 175 173 1,823 1,881 2,970 3,827 4,467 4,567 4,784 5,776 14^639 15,831 16,444 16,685 16,447 16,766 3 ,241 2',992 4,040 4,958 5,911 6,071 6,258 543 478 459 512 474 862 563 1,049 975 1,131 1,079 1 ,030 1,078 1 ,018 20 31 12 13 12 14 12 64 228 14? 125 105 97 97 8 54 1 282 1 /224 460 1,748 723 2,139 992 2,426 1 ,220 2,508 1 ,311 2,575 1 ,453 Insured nonmember commercial banks: 1941—Dec. 31 1945—Dec! 31! ! 1946—Dec. 3 1 . . 1947—Dec. 3 1 . . 1948—Dec. 3 1 . . 1949—June 30. . Dec. 31.. . 3,159 12,797 4,102 3,651 3 ,333 22 3,873 3 ,258 16,045 51,321 15 4,298 3 ,592 6,780 53,200 14 5,129 3 ,621 5,918 52,334 8 5,509 3 ,420 3,394 45,100 6 5,763 3 ,489 2,045 46,636 6 5,810 43,833 6,400 3 ,574 1,623 3,652 1,679 3 ,433 3,325 10,337 1 .725 992 10,202 640 558 9,771 1 ,183 365 7,512 1 ,472 132 7,897 835 7,405 1 ,785 1 1 11,599 9,987 6 2 3 3 4 6 7 732 760 1,094 1,418 Total Obligations Direct of States Other CertifiGuar- and secucates an- polit- rities Bills of in- Notes Bonds teed ical subdebtdiviedsions ness 4 , 545 662 4,773 614 3,164 3,606 4,677 2 ,361 181 4 1,517 1,609 7,103 ,031 1 098 028 823 1,190 9,266 5 ,654 1,336 939 10,666 6 ,804 095 1,972 901 10,887 7 ,170 022 1,749 855 11,405 8 ,005 1 121 21,259 25,765 30,733 37,583 41,968 40,524 42,485 43,521 107,183 96,362 97,846 95,616 95,315 101,528 101,521 U S. Government obligations 40 29 26 27 26 34 1,806 4,598 3,266 3,287 3,016 3,303 3.806 3,565 1,430 4,213 2,912 2,890 2,633 2,888 3.324 3,012 256 133 60 132 183 369 331 i ,467 498 235 275 343 690 153 749 146 248 217 125 358 903 119 1,864 2,207 2,274 1,958 2,051 1,945 729 606 557 638 563 611 752 1,030 830 629 601 604 500 525 535 582 182 181 167 213 210 235 290 340 193 204 187 185 174 180 192 213 194 1 527 751 4,248 1,173 956 82G 114 1, 512 8 243 6,467 295 404 31,594 29,552 I ,034 6 ,982 5,653 15,878 5 1,126 916 427 1,503 1,*459 855 435 24,527 22,250 441 3 ,799 1,993 16,013 4 1,272 1 ,004 264 704 2,237 1 ,436 366 22,591 20,196 373 2 ,358 1,901 15,560 3 1,342 1 ,053 170 484 3,147 1 ,969 412 21,047 18,594 1 ,056 3 ,201 1,090 13,247 1 1,421 1 ,032 130 360 3,503 2 ,315 150 321 3,559 2 ,408 385 21,772 19,076 875 3 ,367 603 14,230 1,559 1 ,137 432 23,931 20,951 1 ,189 4 ,180 2,124 13,457 183 309 3,742 2 ,745 1,727 1 ,254 23,794 20,612 1,918 1 ,263 1, 530 707 363 1 ,312 306 1 ,979 229 2 ,451 261 256 2 ,644 2 ,945 259 77 79 76 89 87 87 6,628 29,407 27,408 26,125 24,781 24,370 25.527 25,779 110 4,37.7 630 26,999 279 24,572 480 22,857 760 21,278 630 20,889 21,862 1 ,148 21,964 2,535 11,647 11,791 11,486 10,774 10,376 10,508 1,509 10,584 10,524 10,039 9,246 8,849 8,947 17 180 104 136 234 196 303 481 2,926 5 •,ioi 4,544 16,713 4 ,020 2,470 17,797 2 ,583 2,108 17,681 3 ,340 1,128 16,046 3 ,286 778 16,192 3 ,753 1,768 15.189 2 ,087 2 ,247 1 ,736 2 ,066 1 ,968 2 ,071 152 1,069 1,774 6,538 1,179 6,991 1,104 7,058 594 6,349 406 6,277 725 5,846 1,222 1,342 1,551 2,006 2,286 2,306 2,505 2,666 1 ,028 1 ,067 1 ,285 1 ,262 1 ,217 1 ,174 1 160* 1 !l48 271 563 619 6 3 752 4 931 3 1,030 2 1,054 2 1,127 462 443 516 517 861 9 6 6 4 4 4 498, 473 434 * These figures do not include data for banks in possessions of the United States. During 1941 three mutual savings banks became members of the Federal Reserve System; these banks are included in "member banks" but are not included in "all insured commercial banks." Comparability of figures for classes of banks is affected somewhat by changes in Federal Reserve membership, insurance status, and the reserve classifications of cities and individual banks, and by mergers, etc. 1 Beginning June 30, 1948, figures for various loan items are shown gross (i. e., before deduction of valuation reserves); they do not add t o 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. 854 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. 31. . 1945—Dec. 31. . 1946—Dec. 3 1 . . 1947—Dec. 31. . 1948—Dec. 3 1 . . 1949—Tune 30. . Dec. 3 1 . . 12 ,396 15 ,810 16 ,013 17 ,796 20 ,404 17 ,807 16 ,428 1 ,358 1 ,829 2 ,012 2 ,145 1 ,939 2 ,036 1 ,984 Member banks, total: 1941—Dec. 31. . 1945—Dec. 31. . 1946—Dec. 31. . 1947—Dec. 3 1 . . 1948--Dec. 3 1 . . 1949—June 30.. Dec. 31. . 1950—Apr. 24. . 12 ,396 15 ,811 16 ,015 17 ,797 20 ,406 17 ,808 16 .429 15 ,643 1 ,087 1 ,438 1 ,576 1 ,672 1 ,486 1 ,568 1 ,521 1 ,653 5 ,105 4 ,015 4 ,046 4 ,639 5 ,643 4 ,726 BalDeances mand with dedoposits mestic4 adbanks justed5 8 ,570 11 ,075 9 ,481 9 ,736 8 ,947 7 ,777 9 ,466 [nterbank deposits Certified U. S. States and and Gov- political offiern- subdi- cers' ment visions checks, etc. DoFormestic4 eign U. S. IndiGov- States viduals, ernand partner- Inter- ment politships, bank and ical and corPostal subdiporaSav- visions tions ings 37,845 74,722 82,085 85,751 84,211 80,613 84,576 9 ,823 12 ,566 10 ,888 11 ,236 10 ,344 9 ,058 10 ,885 673 1 ,248 1 ,364 1 ,379 1 ,488 1 ,374 1 ,315 1,761 23,740 2,930 1,325 2,323 2,135 3,050 3 ,677 5 ,098 5 ,967 6 ,692 7 ,182 7 ,337 7 ,419 1 2 2 2 2 2 2 077 585 361 559 113 352 338 36,544 72,593 79,887 83,723 81,682 77,005 82,106 158 70 68 54 69 146 169 59 103 119 111 117 163 182 6 ,246 33,754 671 1 ,243 1 ,353 1 ,375 1 ,480 1 ,369 1 .310 1 ,343 1,709 22,179 2,672 1,176 2,122 1,980 2.838 2,687 3 ,066 4 ,240 4 ,915 5 ,504 5 ,850 5 ,983 6 ,017 6 ,100 1 2 2 2 1 2 2 1 009 33,061 450 62,950 207 69,127 401 72,704 962 70,947 222 67,157 185 71.589 718 69,365 140 64 62 50 63 141 164 150 50 99 114 105 111 157 175 170 607 866 1 ,105 6,940 651 1 ,195 267 1 ,217 1 ,278 445 562 1 ,150 1 .084 640 518 1 ,112 319 237 218 290 241 254 196 270 450 11,282 1 338 15,712 942 17,216 1 105 17,646 750 16,695 1 ,201 15,986 895 16.408 625 15,559 6 17 20 12 31 90 7 ,117 5 ,936 6 ,270 5 ,674 5 ,065 6 ,194 5 ,288 64,184 70,243 73,528 72,152 69,397 72.65« 71,869 9 ,714 12 ,333 10 ,644 10 ,978 10 ,098 8 ,864 10 .623 9 ,150 4.462 4 ,297 93 111 131 151 117 130 112 131 141 78 87 70 67 56 68 33 10,761 15.065 16,429 16.653 15,773 15,254 15.182 14,913 3 ,595 3 ,535 3 ,031 3 ,236 2 ,904 2 ,680 2 .996 2 ,621 31. . 31.. 31.. 31. . 31. . 30. . 31.. 24. . 1 .021 942 928 1 ,070 1 ,325 1 ,174 1 .183 1 ,092 43 36 29 30 28 25 27 29 298 200 172 175 143 149 159 121 2,215 3,153 3,356 3,737 3,604 3,470 3.797 3,601 1 ,027 1 ,292 1 ,130 1 ,196 1 ,038 962 1 .151 956 Reserve city banks: 1941—Dec. 31. . 1945—Dec. 3 1 . . 1946—Dec. 3 1 . . 1947—Dec. 31. . 1948—Dec. 31. . 1949—June 30.3. Dec. 31 1950—Apr. 24. . 4 ,060 6 .326 6 .337 7 ,095 7 ,701 6 ,781 6 .413 425 494 532 562 483 500 482 520 2 ,590 2 ,174 1 ,923 2 ,125 1 ,845 1 ,744 1 .965 11,117 22,372 24,221 25,714 25,072 24,271 25.744 ,686 25,637 526 796 883 929 858 913 901 973 3 ,216 4 ,665 3 .753 3 ,900 3 ,619 3 ,117 4 .002 3 ,448 271 391 437 473 453 468 463 2 ,325 4,092 3 ,959 10,537 3 ,547 11,842 3 ,466 12,223 3 ,273 12,059 2 ,713 11,216 3 ,273 11,918 New York City:* 1941—Dec. 31. . 1945—Dec. 31. . 1946—Dec. 31. . 1947—Dec. 3 1 . . 1948—Dec. 3 1 . . 1949—June 30. . Dec. 313. 1950—Apr. 24.. Time deposits in 98 Indi- Bor- Capital viduals, rowpartner- ings acships, counts and corporations 492 15 146 496 29 277 664 3 2 , 742 826 33, 946 1,080 3 4 , 244 1,243 3 4 , 560 1,232 34 442 10 215 39 61 54 27 14 6,844 8,671 9,286 9,734 10,158 10,452 10,645 4 208 30 54 45 21 11 252 5,886 7,589 8,095 8,464 8,801 9,022 9,174 9,347 778 206 ' ' 195 395 418 ' " 3 6 646 25 637 590 535 152 1,648 2,120 2,205 2,259 2,306 2,340 2,312 2,330 1,069 1,051 1,074 11 23 26 27 27 28 27 28 12 14 25 38 35 29 20 39 14 20 33 24 20 1 1 1 1 1 1 1 2 2 1 3 4 4 4 9 11 12 10 10 476 719 823 902 989 1 044 1 069 1 072 ""io 15 418 399 551 693 927 878 712 525 542 801 038 934 213 2 Chicago: 1941—Dec. 1945—Dec. 1946—Dec. 1947—Dec. 1948—Dec. 1949—j un e bee. 1950—Apr. Country banks: 1941—Dec. 31. . 1945—Dec. 31. . 1946—Dec. 31. . 1947—Dec. 31. . 1948—Dec. 31. . 1949—June 30. . Dec. 31. . 1950—Apr. 24. . 5 ,988 2 ,210 4 ,527 4 ,703 4 ,993 5 ,736 5 ,127 4 .371 4 ,266 Insured nonmember commercial banks: 1941—Dec. 31 1945—Dec. 31. . 1946—Dec. 31 1947—Dec. 3 1 . . 1948—Dec. 31. . 1949—j une 30 Dec. 31. . 1 8 20 24 21 26 46 40 42 152 72 188 197 258 178 233 237 228 285 284 307 286 250 34 66 47 63 53 41 60 39 4 ,302 6 ,307 5 ,417 5 ,497 5 ,213 4 ,460 5 .498 4 ,730 54 491 110 8,221 127 991 405 131 801 168 701 166 176 1.142 180 1,124 1 ,144 1 ,763 2 ,077 2 ,282 2 ,401 2 ,413 2 .478 2 ,444 286 611 693 705 649 518 650 11,127 22,281 24,288 26,003 25,302 23,928 25.912 561 25,230 104 30 25 22 19 39 38 38 20 38 43 45 46 62 60 56 243 160 235 332 547 642 617 614 4 9 10 11 10 10 10 11 542 563 580 045 798 923 987 062 " 6 5 1,967 2,566 2,729 2,844 2,928 3,005 3,087 3,131 9,661 790 23,595 1 ,199 26,237 1 ,067 27,424 1 ,049 943 27,703 762 26,402 979 27.935 844 27,717 2 225 8 5.465 877 8 432 7 688 8 520 8 0 797 866 8 1 ,370 2 ,004 2 ,391 2 ,647 2 ,925 3 .009 3 .058 3 ,136 239 8,500 435 21,797 524 24,128 528 25,203 510 25,248 462 23,767 579 25,337 493 24,949 30 17 17 17 13 12 13 13 31 52 55 45 49 67 73 74 146 219 272 337 350 383 400 429 6 12 13 14 14 14 14 14 082 224 727 177 369 433 289 544 4 11 26 23 12 21 11 35 1,982 2,525 2,757 2,934 3,123 3,215 3,305 3,416 611 858 > ,052 1 ,188 68 135 154 158 151 130 153 3,483 9,643 10,761 11,019 10,736 9,' 848 10,517 18 8 4 5 6 6 6 6 74 97 113 132 153 174 182 3 276 5 ,579 6 ,232 6 ,420 6 ,459 6 ,539 6 ,524 6 108 233 244 258 246 194 261 2 5 11 4 g 4 6 127 1,552 53 1,560 258 149 201 155 213 ,332 ]354 1 ',402 2,152 3,160 3,495 3,853 3,702 3,475 3.932 3,626 6 6 4 5 288 377 404 426 444 462 470 470 2 4 1 8 1 7 9 7 8 -3 959 1,083 1,193 1,271 1,358 1,431 1,473 3 Figures not entirely comparable with prior dates due to reclassification of 9 central reserve city banks in New York City as reserve city*banks. 4 Beginning June 30, 1942, excludes reciprocal bank balances, which on Dec. 31, 1942, aggregated 513 million dollars at all member banks and 525 million at all insured commercial banks. 5 Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection. For other footnotes see preceding page. Backfigures.—SeeBanking and Monetary Statistics, Tables 18-45, pp. 72-103 and 108-113. JULY 1950 855 WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE LOANS AND INVESTMENTS [Monthly data are averages of Wednesday figures. In millions of dollars] Loans * Date or month Total loans and 1 invest- Total ments Investments For purchasing or carrying securities Commercial, To brokers indus- and dealers To others Real Loans Other trial, estate to Total and loans banks loans agri- U. S. Other U.S. Other culGovt. se- Govt. setural obobliga- curi- liga- curitions ties tions ties U. S. Government obligations Bills Total CerOther tifisecucates rities of in- Notes Bonds2 debtedness Total— Leading Cities 1949—May 62,030 23,792 13,815 862 597 197 424 4,084 246 3,866 38,238 33,848 2,121 4,889 1950—March April May 66,708 24,712 13,831 66,611 24,985 13,624 66,735 24,957 13,376 579 910 727 1,004 643 1,098 141 140 139 441 4,440 461 4,494 491 4,559 247 4,500 41,996 36,587 2,120 4,851 5,268 24,348 5,409 330 4,586 41,626 35,989 1,709 4,351 5,883 24,046 5,637 319 4,71641,778 36,176 1,924 4,372 5,745 24,135 5 ,602 1950—Apr. 5 . . . Apr. 1 2 . . . Apr. 1 9 . . . Apr. 2 6 . . . 66,626 66,608 66,696 66,514 25,124 25,037 24,861 24,916 13,729 13,716 13,574 13,475 747 991 700 989 665 1,013 796 1,025 146 138 136 138 450 4,472 460 4,491 465 4,502 468 4,513 411 345 297 266 4,559 41,502 4, 580 41,571 4,591 41,835 4,615 41,598 35,920 35,941 36,177 35,922 1,616 1,633 1,874 1,715 4,384 4,370 4,341 4,309 5,899 24,021 5,907 24,031 5,891 24,071 5,835 24,063 May May May May May 3... 10. . . 17... 24... 31... 66,534 66,401 66,689 66,951 67,103 25,009 24,918 24,844 24,984 25,033 13,420 13,365 13,377 13,359 13,359 715 714 547 538 700 1,098 1,073 1,101 1,116 1,1011 144 137 140 137 138 480 4,522 475 4,541 488 4,563 523 4,576 489 4,595 368 ,644 41,525 323 ,6741 41,483 305 41,845 364 4,755 41,967 235 4,800 42,070 35,916 35,899 36,251 36,359 36,456 1,753 1,744 1,972 2,025 2,125 4,307! 4,316 4,417: 4,402 4,420 5,776 24,080 5,609 5,756 24,083 5 ,584 5,594 5,731 5,608 5,744 24 5,718 24,193 5 ,614 June 7 . . . June 1 4 . . . June 2 1 . . . June 2 8 . . . 66,960 67,299 67,905 67,960 25,092 25,105 25,261 25,584 13,394! 13,459,! 13,532 13,602 530 448 330 368 1,190 1,207 1,317 1,349 139 133 137 144 506 4,612 504 4,644 505 4,664 508 4,682 297 4,810 41,868 36,183 2,005 250 4,845 42,194 36,505 2,250 284 877 42,644 36,935 2,523 405 912 42,376 36,638 2,641 3,141 3,173 3,220 2,916 6,786 24,251 5,685 6,765 24,317 5,689 6,784 24 " ,408 5,709 6,648 24 ,433 5,738 100 7,555 1,042 968 25,870 4,390 5,582 5,630 5,658 5,676 New York City 1949—May 18,201 7,486 4,932 811 465 166 204 177 778 10,715 9,673 802 1,216 1950—March April May 1950—Apr. 5 . . . Apr. 1 2 . . . Apr. 1 9 . . . Apr. 2 6 . . . 19,114 7,482 19,143 7,662 19,061 7,686 4,842 4,732 4,612 521 638 579 712 799 885 171 184 209 277 287 306 147 195 218 912 11,632 10,128 931 11,481 9,891 981 11,375 9,906 512 1,004 1,381 7,231 389 861 1,576 7,065 445 899 1,489 7,073 19,187 19,071 19,153 19,158 7,727 7,654 7,594 7,671 4,790 4,780 4,697 4,660 660 605 596 692 784 786 803 824 177 182 187 189 281 288 289 291 222 186 193 180 920 931 933 939 11,460 11,417 11,559 11,487 9,873 9,823 9,966 9,901 318 321 468 450 883 847 867 846 1,614 1,601 1,563 1,524 7,058 7,054 7,068 7,081 19,090 18,888 18,934 19,207 19,184 7,785 7,704 7,^03 7,718 7,619 4,683 4,617 4,599 4,591 4,572 642 649 496 490 619 892 873 890 881 890 200 196 205 294 301 308 312 315 216 205 228 315 127 958 969 981 997 998 11,305 11,184 11,331 11,489 11,565 9,810 9,729 9,874 10,024 10,094 377 351 425. 508 563 850 844 916 931 957 1,508 1,490 1,472 1,487 1,487 7,075 ,495 7,044 ,455 7,061 ,457 7,098 ,465 7,087 1,471 19,147 19,280 19,502 19,716 7,675 7,670 7,695 7,947 4,583 4,637 4,686 4,712 468 966 396 972 285 1,036 332 1,089 214 212 213 326 331 336 220 225 244 355 1,00.8 1,010 1,007 1,013 11,472 11,610 11,807 11,769 9,987 10,122 10,303 10,269 497 620 714 877 598 631 633 469 1,759 1,729 1,752 1,679 7,133 7,142 7,204 7,244 May May May May May 3... 10. .. 17. .. 24... 31. .. June 7... June 14... June 21. .. June 28 . . . ,504 ,590 ,469 ,587 ,594 ,593 ,586 1,485 1,488 1,504 1,500 Outside New York City 1949—May 43,829 16,306 149 258 3,880 1950—March April. May 47,594 17,230 47,468 17,323 47,674 17,271 ,989 ,892 ,764 58 89 64 198 205 213 116 119 118 270 4,163 277 4,207 282 4,253 1950—Apr. 5. . . Apr. 12 . . . Apr. 19 . . . Apr. 26 . . . 47,439 47,537 47,543 47,356 17,397 17,383 17,267 17,245 ,939 ,936 ,877 ,815 87 95 69 104 207 203 210 201 128 116 115 117 273 4,191 278 4,203 278 4,213 279 4,222 May May May May May 3. . . 10. ,17. .. 24. . . 31. . . 47,444 47,513 47,755 47,744 47,919 17,224 17,214 17,241 17,266 17,414 ,737 ,748 ,,778 ,768 ,,787 73 65 51 48 81 206 200 211 235 211 119 118 119 118 119 280 4,228 279 4,240 283 4,255 285 4,264 285 4,280 June June June June 7. . . 14. . . 21. .. 28. . . 47,813 48,019 48,403 48,244 17,417 17,435 17,566 17,637 1,811 ;,822 i ,846 ;,890 62 52 45 36 224 235 281 260 120 118 118 122 287 4,295 290 4,318 293 4,333 295 4,346 1 2 51 69 3,088 27,523 24,175 1,319 3,673 18,315 3,348 100 3,588 30,364 26,459 1,608 3,847 3,887 17,117 3,905 135 3,655 30,145 26,098 1,320 3,490 4,307 16,981 4,047 101 3,735 30,403 26,270 1,479 3,473 4,256 17,062 4,133 189 3,639 30,042 26,047 1,298 3,501 4,285 16,963 3,995 159 3,649 30,154 26,118 1,312 3,523 4,306 16,977 4,036 104 3,658 30,276 26,211 1,406 3,474 4,328 17,003 4.065 86 3,67630,111 26,021 1,265 3,463 4,311 16,982 4,090 152 3,686 30,220 26,106 1,376 3,457 4,268 17,005 4,114 118 30,299 26,170 1,393 3,472 4,266 17,039 4,129 77 3,726 30,514 26,377 1,547 3,501 4,2.59 17,070 4 ,137 49 3,758 30,478 26,335 1,517 3,471 4,257 17,090 4 ,143 108 3,802 30,505 26,362 1,562 3,463 4,231 17,106 4 ,143 77 25 40 50 3,802 3,835 3,870 3,899 30,396 30,584 30,837 30,607 26,196 26,383 26,632 26,369 1,508 1,630 1,809 1,764 2,543 2,542 2,587 2,447 5,027 5,036 5,032 4,969 17,1184 ,200 17,175 4,201 17,204 4,205 17,189 4,238 Figures for various loan items are shown gross (i. e.f before deduction of valuation reserves); they do not add to the total, which is shown net Including guaranteed obligations. 856 FEDERAL RESERVE BULLETIN WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE—Continued RESERVES AND LIABILITIES [Monthly data are averages of Wednesday figures. Demand deposits, except interbank Date or month ReDeserves Balwith Cash ances mand with deFedin eral do- posits Re- vault mestic ad- 3 banks justed serve Banks IndividCertiuals, States and fied part- politand nerical Offiships, subcers' and divi- checks, cor- sions etc. porations In millions of dollars] Interbank deposits Time deposits, except interbank IndividU. S. Demand uals, States and GovernU. S. part- politGov- nerical ment and ern- ships, subPostal Doment and divicor- sions Sav- mes- Foreign poraings tic tions Bor- Caprow- ital acings counts Time Bank debits 4 Total— m Leading Cities 1949—May. . . . . 13,453 768 2,082 45,985 45,640 1950—March.... April..... May. 12,028 11,788 11,816 752 773 771 2,166 46,701 46,848 3,367 2,146 46,570 46 ,846 3,362 2,183 47,131 47,224 3,485 1950—Apr. 5 . . . Apr. 1 2 . . . Apr. 1 9 . . . Apr. 2 6 . . . 11,816 11,857 11,639 11,841 729 804 764 794 2,131 45,981 45,810 2,204 46,492 47,378 2,186 46,656 47 ,078 2,062 47,149 47,120 May May May May May 3... 10... 17... 24... 31... 11,776 11,733 11,891 11,844 11,820 731 787 768 787 783 June 7... June 14... June 2 1 . . . June 2 8 . . . 11,940 12,139 12,021 11,884 1949—May. 1950—March..., April..... May..... 3,599 1,060 14,496 650 1,331 101 417 6,097 87,212 1,395 2,392 14,668 1,300 2,211 14,684 1,357 1,906 14,722 612 619 636 121 121 122 9,124 1,267 8,921 1,296 8,805 1,258 140 141 156 330 369 328 6,240 100,277 6,270 93,409 6,310 97,419 3,377 3,263 3,359 3,447 1,317 1,268 1,336 1,279 2,587 2,332 2,103 1,823 14,684 14,664 14,684 14,705 614 615 616 633 121 121 120 121 9,106 9,098 8,925 8,555 1,260 1,293 1,318 1,312 139 142 141 141 470 336 315 355 6,266 6,272 6,266 6,274 24,555 19,520 24,082 21,514 2,175 46,928 46, ,672 2,151 46,881 46,780 2,348 46,933 47, ,525 2,120 47,380 47 ,286 2,127 47,533 47,856 3,601 3,409 3,400 3,443 3,571 1,265 1,395 1,237 1,524 1,363 1,668 1,697 2,121 2,061 1,982 14,717 14,711 14,713 14,732 14,738 633 637 636 637 636 122 121 120 123 122 8,966 8,898 9,107 8,576 8,477 1,251 1,253 1,259 1,259 1,270 139 140 139 180 183 364 300 235 323 417 6,304 6,305 6,305 6,313 6,326 23,846 21,265 22,836 22,528 18,867 781 831 792 818 2,146 47,519 47 ,448 2,391 47,942 . 49,010 2,344 48,040 48 ,201 2,198 47 972 47,925 3,537 3,462 3,614 3,611 1,205 1,276 1,365 1,312 1,672 1,854 2,238 2,350 14,740 14,746 14,739 14,768 655 652 654 652 122 122 124 132 8,900 9,178 8,935 8,618 1,271 1,279 1,285 1,283 188 193 196 197 256 192 213 309 6,337 6,324 6,406 6,422 22,788 22,850 25,296 24,034 4,897 117 14,921 15,448 257 655 296 1,479 2,548 1,131 84 260 2,271 36,444 4,442 4,359 4,328 118 124 121 14,859 15,572 14,849 15,520 14,881 15,571 213 251 218 734 646 698 637 586 481 1,504 1,490 1,524 2,748 1,048 2,678 1,074 2,658 1,041 96 96 112 208 237 184 2,283 41,164 2,289 38,480 2,302 40,037 1950—Apr. 5 . . . Apr. 1 2 . . . Apr. 1 9 . . . Apr. 2 6 . . . 4,385 4,382 4,283 4,388 118 130 119 129 14,820 14,784 14,775 15,017 15,383 15,595 15,506 15,596 231 217 259 298 679 631 667 605 689 622 554 479 1,493 1,470 1,486 1,511 2,670 2,710 2,716 2,618 1,040 1,070 1,092 1,094 94 96 96 98 317 217 201 213 2,291 10,622 2,291 7,797 2,288 9,828 2,287 8,677 May May May May May 3... 10... 17... 24... 31... 4,323 4,278 4,337 4,268 4,436 117 125 118 123 124 14,902 14,744 14,742 15,024 30 14,993 15,440 15,352 15,554 15,701 15,810 321 191 175 186 218 586 762 570 868 703 430 431 541 520 487 1,512 1,519 1,508 1,533 1,549 2,686 2,641 2,746 2,590 2,627 1,033 1,034 1,043 1,041 1,052 96 96 96 134 139 236 184 93 132 274 2,301 10,193 2,299 9,219 2,300 9,067 2,300 9,234 2,311 7,421 June 7 . . . June 14.., June 2 1 . . . June 2 8 . . . 4,365 4,450 4,462 4,268 125 131 121 133 30 15,055 15,115 15,349 15,203 15,624 16,006 15,919 15,901 193 205 304 242 556 583 677 646 412 487 570 639 1,535 1,544 1,538 1,552 2,686 2,792 2,781 2,727 1,053 1,055 1,062 1,059 142 145 149 149 124 86 8 168 2,303 9,396 2,297 9,285 2,298 9,721 2,294 10,196 764 1,229 99 8,185 New York City Outside New York City 1949—May....... 8,556 2,050 31,064 30,192 3,342 574 13,017 619 5,637 200 157 3,826 50,768 1950—March.... April..... May....... 7,586 7,429 634 2,131 31,842 31,276 649 2,109 31 ,721 31,326 650 2,152 32,250 31 ,653 3,154 3,111 3,267 661 654 659 1,755 13,164 1,625 13,194 1,425 13,198 591 599 616 6,376 6,243 6,147 219 222 217 122 132 144 3,957 59,113 3,981 54,929 4,008 57,382 1950—Apr. 5 . . . Apr. 12... Apr. 1 9 . . . Apr. 2 6 . . . 7,431 7,475 7,356 7,453 611 674 645 665 2,075 2,172 2,153 2,033 31,161 30,427 31,708 31,783 31,881 31,572 32,132 31,524 3,146 3,046 3,100 3,149 638 637 669 674 1,* 1,710 1,549 1,344 13,191 13,194 13,198 13,194 594 595 596 613 6,436 6,388 6,209 5,937 220 223 226 218 153 119 114 142 3,975 3,981 3,978 3,987 13,933 11,723 14,254 12,837 May May May May May 3... 10... 17... 24... 31... 7,453 7,455 7,554 7,576 7,384 614 662 650 664 659 2,146 32,026 31 ,232 2 2,137 31,428 2,310322,191 31,971 2,090 32,356 31 ,585 2,097 32,540 32,046 3,280 3,218 3,225 3,257 3,353 679 633 667 656 660 1,238 1,266 1,580 1,541 1,495 13,205 13,192 13.205 13,199 13,189 614 617 617 617 617 6,280 86 6,257 6,361 5,986 85 5,850 218 219 216 218 218 128 116 142 191 143 4,003 4,006 4,005 4,013 4,015 13,653 12,046 13,769 13,294 11,446 June 7 . . . June 14... June 2 1 . . . June 2 8 . . . 7,575 7,689 7,559 7,616 656 700 671 685 2,11632 ,464 31,824 2,,358 32 ,827 33,004 2,305 32,691 32,282 2,163 32,769 32,024 3,344 3,257 3,310 3,369 649 693 688 666 1,260 1,367 1,668 1,711 13,205 13,202 13,201 13,216 635 632 635 633 6,214 6,386 6,154 5,891 95 218 224 223 224 132 106 205 141 4,034 4,027 4,108 4,128 13,392 13,565 15,575 13,838 3 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. 4 JULY 1950 857 WEEKLY REPORTING MEMBER BANKS—BY FEDERAL RESERVE DISTRICTS LOANS AND INVESTMENTS [In millions of dollars] Loan 1 Federal Reserve district and date Boston May 31 June 7 June 14 June 21 June 28 New York* May 31 June 7 June 14 June 21 June 28 '. Philadelphia May 31 June 7 June 14 June 21 June 2 8 . . . . . . . . . Cleveland , May 31 June 7 June 14 June 21 June 28 Richmond May 31 June 7 June 14 June 21 June 28. Atlanta May 31 June 7 June 14 June 21 June 28 Chicago* May 31 June 7 June 14 June 21 June 28. . . . . . . . . St. Louis May 31 June 7 June 14 June 21 June 28. Minneapolis May 31 June 7 June 14 June 21 June 28 Kansas City May 31 June 7 June 14 June 21. June 28 Dallas May 31 June 7 June 14 June 21 June 28 San Francisco May 31 June 7. . . . . . . . . June 14. . June 21 June 28 City of Chicago* May 31 June 7 June 14 June 2 1 . . June 28 ComTotal merloans cial, and indusinvest- TotalV trial ments 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 sese- Govt. ob- curiob- curiliga- ties liga- ties tions tions 2,996 3,016 3,022 3,048 3,065 1,080 1,085 1,096 1,105 1,130 645 656 662 672 684 21,618 21,564 21,671 21,943 22,122 8,404 8,470 8,464 8,494 8,751 4,880 4,893 4,947 5,000 5,028 2,772 2,792 2,796 2,850 2,843 977 985 998 1,015 1,011 504 505 513 518 517 2 2 2 1 1 34 38 38 40 39 4,680 4,679 4,715 4,750 4,711 1,512 1,515 1,508 1,521 1,509 807 810 799 806 809 14 14 13 14 32 32 35 34 33 2,689 2,689 2,697 2,719 2,695 938 942 946 952 956 422 421 422 424 424 2,461 2,442 2,465 2,445 2,421 906 904 908 914 926 9,510 9,420 9,492 9,605 9,630 Other secuNotes Bonds rities Total Bills 1,704 1,718 1,706 1,721 1,708 26 56 56 67 62 154 103 99 104 92 220 255 247 249 254 1,304 1,304 1,304 1,301 1,300 212 213 220 222 227 11,512 706 11,376 647 11,486 739 11,711 866 11,635 1,013 1,081 659 696 710 526 1,649 1,952 1,919 1,941 1,865 8,076 8,118 8,132 8,194 8,231 1,702 1,718 1,721 1,738 1,736 11 11 13 13 19 18 17 18 18 18 164 166 168 168 170 6 4 2 1 2 238 235 237 239 243 1,916 1,931 1,926 1,943 1,935 629 896 479 972 405 977 294 1,041 341 1,094 220 235 231 228 230 558 563 572 578 585 127 220 225 244 355 1,215 1,229 1,233 1,230 1,236 13,214 13,094 13,207 13,449 13,371 114 113 115 117 116 3 6 6 14 9 54 53 54 56 55 312 313 314 315 315 4 1 1 1 1 9 9 10 10 18 18 18 19 20 227 227 230 231 230 516 516 515 519 522 12 12 12 12 13 21 23 23 23 23 2,606 2,622 2,607 2,661 2,659 1,589 1,595 1,607 1,603 1,609 66 69 75 122 96 2,234 2,211 2,219 2,218 2,204 957 928 929 935 936 490 481 478 476 470 ,219 ,227 ,238 ,238 1,237 456 466 472 474 474 2,631 2,605 2,612 2,617 2,610 6 6 4 5 Certificates of indebtedness Real Loans estate to Other Total loans banks loans 2 327 ,795 327 ,807 330 ,798 331 ,835 335 1,832 1,443 1,440 1,430 1,468 1,464 95 92 77 93 92 163 122 124 148 147 203 245 242 235 232 982 981 987 992 993 352 367 368 367 368 287 289 289 293 290 3,168 3,164 3,207 3,229 3,202 2,781 2,773 2,814 2 ,838 2,806 140 148 173 178 153 219 162 155 161 156 417 463 468 494 491 2,005 2,000 2,018 2,005 2,006 387 391 393 391 396 4 3 2 3 3 258 263 264 264 268 1,751 1,747 1,751 1,767 1,739 1,596 1,591 1,595 1,611 1,583 82 76 82 98 84 161 136 127 123 114 237 268 274 281 282 1,116 1,111 1,112 1,109 1,103 155 156 156 156 156 80 80 82 82 82 5 10 6 7 7 271 265 272 273 278 1,555 1,538 1,557 1,531 1,495 1,347 1,330 1,345 1,319 1,283 80 70 80 70 56 256 198 196 188 175 263 312 318 310 295 748 750 751 751 757 208 208 212 212 212 57 57 55 57 57 378 380 382 384 386 15 36 6 12 22 482 485 489 498 502 6,904 6,798 6,885 6,944 6,971 6,027 5,913 6,016 6,074 6,092 494 402 491 546 607 785 590 605 617 580 1,023 1,192 1,185 1,164 1,162 3,725 3,729 3,735 3,747 3,743 877 885 869 870 879 6 6 6 5 6 13 13 13 14 14 202 201 203 206 207 15 1 1 1 3 233 227 229 233 237 1,277 1,283 1,290 1,283 1,268 1,086 1,091 1,100 1,095 1,079 61 62 70 65 66 165 111 103 100 103 202 256 255 252 233 658 662 672 678 677 191 192 190 188 189 211 223 225 226 225 3 3 4 3 3 5 5 5 S 5 81 84 85 85 85 157 155 157 158 159 763 761 766 764 763 639 630 635 631 629 16 14 17 21 20 78 59 57 52 52 124 130 133 132 131 421 427 428 426 426 124 131 131 133 134 939 933 935 941 953 580 577 577 580 589 5 5 4 5 5 12 12 13 12 12 146 147 147 149 150 194 194 196 197 199 1,692 1,672 1,677 1,676 1,657 1,438 1,418 1,422 1,423 1,403 199 191 191 199 186 248 180 180 177 173 220 •277 279 274 268 771 770 772 773 776 254 254 255 253 254 2,506 2,513 2,525 2,522 2,523 1,191 1,192 1,191 1,193 1,201 823 822 819 820 827 7 7 7 7 7 41 41 42 41 42 100 99 100 100 101 223 226 226 229 227 1,315 1,321 1,334 1,329 1,322 1,184 78 97 104 98 115 258 176 179 177 154 189 258 260 258 255 654 654 655 658 660 136 136 136 138 138 11,787 11,802 11,847 11,950 11,899 5,067 5,050 5,051 5,056 5,078 1,892 1,895 1,895 1,888 1,898 21 26 27 25 24 23 2,233 24 2 ,239 24 2,246 24 2,249 24 2 ,255 915 915 923 932 938 6,720 6,752 6,796 6,894 6,821 5,704 5,718 5,758 5,853 5,772 148 150 170 222 187 852 645 652 663 644 971 1,178 1,185 1,194 1,180 3,733 3,745 3,751 3,774 3,761 1,016 1,034 1,038 1,041 1,049 5,813 1,646 5,768 1,667 5,806 1,645 5,882 1,692 5,860 1,664 1,196 1,195 1,201 1,195 1,195 56 59 65 111 86 82 83 84 84 84 235 237 240 246 248 4,167 4,101 4,161 4,190 4,196 3,567 3,494 3,569 3,598 3,596 313 261 328 355 379 491 378 391 405 384 610 2,153 701 2,154 694 156 673 165 672 2,161 600 607 592 592 600 * 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. 858 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 May 31 June 7 June 14 June 21 June 28 New York* May 31 June 7 June 14 June 21 June 28 Philadelphia May 2.1 June 7 June 14 June 21 June 29 Cleveland May 21 June 7 June 14 June 21 June 28 Richmond May 21 June 7 June 14 June 21 June 28 Atlanta May 21 June 7 June 14 June 21 June 28 Chicago* May 31 June 7 June 14 June 21 June 28 St. Louis May 31 June 7 June 14 June 21 June 28 Minneapolis May 31 June 7 June 14 June 21 June 28 Kansas City May 31 June 7 June 14 June 21 June 28 Dallas May 31 June 7 June 14 June 21 June 28 San Francisco May 31 June 7 June 14. June 21 June 28 City of Chicago* M a y 31 June 7 June 14 June 21 June 28 ReDeserves Balwith ances mand Feddewith eral do- posits Re- 'ault mestic ad- : serve banks usted Banks IndividCertiuals, States and fied part- politand nerical Offiships, subcers' and divi- checks, corpora- sions etc. tions U. S. Government IndividU. S. uals, States Govpart- and ernner- polit- ment ships ical and and sub- Postal cordivi- Savpora- sions ings tions 2,373 2,359 2,416 2,428 2,366 193 193 183 183 209 46 41 50 42 41 86 87 100 114 117 479 478 478 477 476 107 16,597 17,170 102 16,668 16,972 126 16,730 17,410 146 16,996 17,293 122 16,801 17,250 563 516 514 642 562 754 606 632 727 695 558 471 554 647 720 2,398 2,386 2,395 2,388 2,401 2,212 2,188 2,247 2,232 2,226 114 130 136 129 122 30 27 35 27 25 121 95 96 149 151 416 419 418 418 418 26 27 27 26 26 21 38 39 38 38 3,163 3,177 3,23: 3,210 3,195 3,247 3,177 3,352 3,253 3,244 199 205 207 215 204 67 55 58 68 57 152 126 140 172 180 1,327 1,327 1,326 1,325 1,327 151 16: 171 171 159 2,057 2,084 2,113 2,102 2.099 2,093 2,099 2,156 2,107 2,092 164 166 163 164 161 42 40 45 48 42 82 68 76 89 90 39 40 4: 40 42 181 185 186 160 165 1,826 1,79: 1,812 1,789 1,785 1,718 1,697 1,755 1,693 1,65' 294 289 29: 280 294 24 23 29 26 25 ,747 ,760 ,81 ,694 :,765 104 103 113 104 109 313 33. 349 348 313 6,402 6,346 6,428 6,35 6,494 6,377 6,196 6,52: 6,318 6,41 61 646 633 628 65 346 362 372 365 361 30 29 31 30 31 117 122 127 11 11 1,448 1,425 1,441 1,439 1,439 1,536 1,510 1,566 1,527 1,517 192 196 198 193 13 1 14 13 14 77 78 98 95 93 822 820 841 817 833 447 471 470 447 471 30 32 33 31 34 262 264 277 287 270 44 449 446 453 46' 34 35 37 35 38 545 576 612 596 61 122 115 125 131 120 173 19' 192 126 188 37 36 40 37 38 2,415 2,425 2,418 2,451 2,432 438 453 450 479 463 55 53 56 54 55 ,684 ,656 •,724 :,757 ,532 173 174 181 169 182 437 436 462 465 457 42 43 46 44 45 100 103 108 111 2,127 2,149 2,141 2,154 2,160 706 735 73 74 742 77 79 85 77 80 141 128 17 14 14 432 443 463 430 433 64 66 68 64 68 399 403 388 394 389 103 87 101 118 89 Interbank deposits Time deposits, except interbank Demand Domestic 249 262 271 289 276 Bor- Cap- Bank debrow- ital acits* ings counts Time Foreign 31 34 33 34 33 2,701 1,055 2,753 1,057 2,865 1,059 2,852 1,066 2,794 1,062 140 144 147 150 151 18 11 14 13 18 331 330 330 329 329 703 882 862 995 907 289 165 91 55 181 2,514 2,506 2,499 2,500 2,496 7,935 9,981 9,924 10,363 10,961 351 356 383 392 362 15 13 13 12 12 1 1 1 1 1 318 754 318 929 317 712 317 1,120 317 892 41 42 41 44 43 448 454 483 461 438 7 6 7 7 2 2 2 2 2 479 479 480 491 491 1,112 1,222 1,214 1,560 1,338 573 572 572 571 571 26 26 26 26 26 354 377 385 349 332 1 1 2 2 2 234 235 234 235 235 636 790 810 891 785 56 47 51 60 62 534 533 533 533 533 6 6 6 6 6 456 493 486 455 436 2 2 2 2 2 203 203 202 194 202 661 714 749 830 698 102 112 113 108 105 448 371 392 484 484 2,610 2,611 2,613 2,614 2,617 30 30 30 30 30 1,380 1,458 1,505 1,442 1,368 1 1 1 1 1 751 752 752 753 754 2,760 3,217 3,145 3,547 3,127 111 109 106 103 103 2: 18 20 1 19 57 50 56 66 69 481 481 480 478 478 14 15 14 14 14 538 571 572 531 523 185 185 185 186 186 526 648 619 703 594 787 784 832 773 778 14. 15: 141 163 16 14 15 16 15 15 48 39 52 58 60 244 248 248 248 248 257 286 287 282 270 103 104 104 104 104 293 407 402 461 361 1,939 1,908 1,926 1,902 1,925 1,899 1,890 1,956 1,916 1,877 24: 227 22 238 244 2 28 28 29 33 70 61 67 77 84 394 394 393 393 392 745 797 79 796 767 214 214 214 215 215 617 762 767 979 821 31 309 376 375 341 2,030 1,988 2,051 2,060 2,051 1,999 1,964 2,065 2,064 2,014 209 202 193 183 192 37 35 40 4. 38 53 4 50 59 61 364 366 36. 365 365 576 627 640 620 602 214 216 215 216 224 602 728 870 904 744 261 27 300 273 280 6,707 6,73 6,808 6,733 6,763 6,597 6,758 6,490 72: 702 667 686 696 198 205 210 213 217 251 210 220 263 4,918 4,925 4,925 4,929 4,942 381 381 379 381 381 422 466 504 466 450 780 795 79: 866 869 2,268 2,508 2,776 2,943 2,806 14 4,010 4,086 169 4,007 3,971 4,11 16' 4,039 171 140 4,04' 4,082 31 359 347 337 344 57 57 53 48 4. 191 151 168 204 21. 1,378 1,378 1,382 1,383 1,383 25 25 25 2 1,005 1,05 1,093 1,052 99^ 506 506 506 508 508 1,668 2,052 1,980 2,041 1,938 88 For footnotes see opposite page and preceding table. JULY 1950 859 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 May States total: 31, 1946 31, 1947 31 1948 31, 1949 31, 1950? On par list Total banks on which checks are drawn, and their branches and offices * Total Not on par list (nonmember) Nonmember Member Banks Branches and offices2 Banks Branches and offices Banks Branches and offices Banks 14,043 14,078 14,072 14,051 14,039 3,981 4,148 4,333 4,562 4,644 11,957 12,037 12,061 12,178 12,179 3,654 3,823 4,015 4,289 4,364 6,894 6,917 6,912 6,887 6,882 2,913 3,051 3,197 3,387 3,452 5,063 5,120 5,149 5,291 5,297 486 321 486 330 250 156 71 905 155 299 515 210 604 138 111 10 48 889 836 321 889 836 765 640 697 478 351 836 119 257 245 148 249 42 27 6 25 1,489 69 36 42 137 23 355 38 43 4 14 80 Branches and offices 741 772 818 902 912 Banks Branches and offices 2,086 2,041 2,011 1,873 1,860 327 325 318 273 280 207 602 133 39 337 599 9 106 58 41 By districts and by States May 31, 1950 P District Boston New York Phiiadelnhia Cleveland Atlanta Chicago St Louis ^Minneapolis Kansas City Dallas San Francisco State Alabama Arizona Arkansas . California Connecticut 1 .120 L.011 L.189 2,490 L,470 L,278 L,754 L.023 1,120 804 587 2,490 1,133 905 155 299 382 171 604 80 70 10 39 1,001 124 196 423 326 236 1,248 637 201 990 291 228 493 1,328 917 493 1,328 496 478 755 626 265 225 9 232 193 145 25 52 18 959 1 129 9 109 193 145 25 52 5 959 1 92 5 68 118 92 25 39 1 913 1 37 4 41 75 53 110 38 38 17 110 38 38 17 64 17 33 7 46 21 679 1,745 43 4 35 15 74 66 34 4 32 4 53 43 96 13 4 46 19 188 395 43 4 39 43 53 43 53 25 48 18 5 887 487 663 611 2 104 164 885 487 663 609 2 104 164 505 236 161 215 2 48 380 251 502 394 56 164 383 162 63 164 178 41 74 69 118 170 383 59 63 164 178 41 51 69 118 170 112 46 38 77 142 25 45 37 78 154 271 13 25 87 36 16 6 32 40 16 440 680 201 593 111 232 6 67 440 266 40 527 111 232 6 14 231 207 31 180 84 179 6 7 209 59 9 347 27 53 411 8 2 19 2 154 411 8 75 326 141 6 52 281 2 18 1 139 270 2 23 45 51 12 51 2 19 2 154 12 35 2 16 762 636 762 555 707 81 55 North Carolina North Dakota Ohio 636 209 150 659 384 201 22 219 1 96 63 659 376 74 6 219 1 54 43 424 224 42 32 6 29 1 42 20 235 152 Oregon 69 969 98 186 69 969 98 186 29 739 40 230 18 151 169 45 43 49 18 63 71 45 37 24 32 31 21 ,11 27 Rhode Island South Carolina South Dakota 10 32 62 87 159 ' 8 31 9 13 6 3 Tennessee Texas Utah Vermont Virginia 294 901 203 846 80 5 24 11 82 574 31 40 61 5 22 2 121 272 24 29 19 110 204 60 104 50 139 52 131 66 8 151 108 164 39 21 71 387 14 130 Idaho Indiana Iowa Kentuckv Louisiana ]Vt assachusetts [Mississippi ^Missouri Nebraska New HamDshire 75 326 West Virginia Wisconsin Wyoming 69 93 5 24 11 313 110 118 139 180 551 53 151 55 55 69 308 118 179 551 53 is>6 123 13 61 286 4 5 10 9 19 127 109 District of Columbia... Florida Georgia 9 3 2 2 7 103 23 414 161 66 53 113 87 127 16 1 1 15 10 8 88 98 6 25 91 55 13 2 9 5 i x 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. 860 FEDERAL RESERVE BULLETIN COMMERCIAL PAPER AND BANKERS' ACCEPTANCES OUTSTANDING [In millions of dollars] Dollar acceptances outstanding Commercial paper out- 1 standing End of month Held by Based on Accepting banks Total outstanding Total Own bills Others Bills bought Imports into United States Exports from United States Dollar exchange Goods stored in or shipped between points in United States Foreign countries 1949—April May June July August September October November...... December 249 219 199 211 230 265 278 278 257 204 195 198 194 189 207 215 251 272 88 84 87 90 85 94 104 118 128 59 58 54 57 53 54 57 60 58 28 27 33 33 32 40 47 58 70 116 110 111 104 104 113 110 133 144 119 118 121 117 117 133 140 173 184 46 44 47 44 37 37 39 44 49 2 2 (22) () 1 1 1 20 17 17 19 18 21 23 25 30 17 12 13 13 16 14 12 9 9 1950—January February March April May 258 257 258 257 250 280 256 245 237 231 134 120 100 93 93 67 69 63 62 59 68 51 37 31 34 146 136 145 144 138 190 175 165 157 142 49 45 45 47 58 8(22) ((2)) 32 25 23 18 15 9 11 12 15 17 1 2 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 End of month Debit Debit Customers' balances in balances in debit partners' firm balances investment investment (net)i and trading and trading accounts accounts Credit balances Customers' credit balances * Cash on hand and in banks Money borrowed2 Free Other (net) Other credit balances In partners' In firm investment investment and trading and trading accounts accounts In capital accounts (net) 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 11 8 9 7 9 11 5 7 il 12 7 5 6 7 7 10 89 86 86 154 190 188 253 260 333 413 399 312 333 315 326 312 186 211 180 160 167 181 196 209 220 313 370 456 395 393 332 349 395 368 309 378 529 557 619 726 853 795 498 218 223 240 283 257 255 289 240 270 334 354 424 472 549 654 651 694 650 612 576 586 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 1949—June... July August September. . October November. . December. . 681 3 690 3 699 3 740 3 783 3 813 881 5 419 280 20 9 260 400 306 528 3 530 3 548 3 580 3 586 8 596 633 129 5 493 3 399 33 404 418 3 416 3 445 523 15 271 3 493 3 522 8 579 3 619 3 750 3 669 3 669 3 666 3 678 3 657 '39 0 1 1950—January. . . . 953 February. , . 31,018 March 3 1,084 April 3 1,175 May 159 26 1 Excluding balances with reporting firms (1) of member firms of New York Stock Exchange and other national securities exchanges and (2) of firms' own partners. 2 Includes money borrowed from banks and also from other lenders (not including member firms of national securities exchanges). 3 As reported to the New York Stock Exchange. According to these reports, the part of total customers' debit balances represented by balances secured by U. S. Government securities was (in millions of dollars): March, 47; April, 51; May, 64. 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. JULY 1950 861 BANK RATES ON BUSINESS LOANS AVERAGE OF RATES CHARGED ON SHORT-TERM LOANS TO BUSINESSES BY BANKS IN SELECTED CITIES [Per cent per annum] OPEN-MARKET MONEY RATES IN NEW YORK [Per cent per annum] Year, month, or week U. S. Government security yields Stock Prime exPrime bankchange com9-to 12ers' call mercial acceptmonth loan to 5paper, ances, 3certifi- 3-year re4- to 6-1 cates taxable month 90 new3 months days * of inbills als 2 debtedness 1.03 1.44 1.48 .87 1.11 1.12 1.38 1.55 1.63 .604 .043 .104 .88 1.14 1.14 .32 .62 .43 1949—June July August.... September. October. . . November. December .. .56 .56 .44 .38 .38 .38 .31 1.19 1.06 1.06 1.06 1.06 1.06 1.06 1.63 1.63 1.63 1.63 1.63 1.63 1.63 .158 .990 .027 .062 .044 .073 .097 1.20 1.04 1.07 1.08 1 09 1.09 1.10 .42 .26 .26 .34 .38 .37 .37 1950—January February . . March April.. May June .31 .31 .31 .31 .31 .31 1.06 1.06 1.06 1.06 1.06 1.06 1.63 1.63 1.63 1.63 1.63 1.63 .100 .130 .140 .164 .167 .175 4 1.23 .39 .44 .45 .45 .45 .47 1.179 1.177 1.174 1.172 1.174 4 1.23 1.23 1.23 1.23 1.23 .45 .46 .47 .47 .49 1947 average 1948 average. 1949 average Week ending: June 3 June 10 June 17..... June 24 July 1 . . . . Vl6 17ie lV Size of loan Annual averages: 19 cities: 1940 1941 1942 1943 1944 1945 1946 1947 1948 1949 Quarterly: 19 cities: 1949—Sept Dec 1950—Mar June New York City: 1949—Sept Dec 1950—Mar June 7 Northern and Eastern cities: 1949—Sept Dec 1950—Mar June 11 Southern and Western cities: 1949—Sept Dec 1950—Mar June 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. 3 Rate on new issues offered within period. 4 Beginning June 1 series is based on 3 note issues maturing July 1, 1951. In period Apr. 1-May 31 series was based on longest certificate issue outstanding, with maturity of somewhat less than 9 months. Backfigures.—SeeBanking and Monetary Statistics, Tables 120-121, pp. 448-459, and BULLETIN for May 1945, pp. 483-490, and October 1947, pp. 1251-1253. All loans Area and period $1,000- $10,000- $100,000- $200,000 $10,000 $100,000 $200,000 and over 2.1 2.0 2.2 2.6 2.4 2.2 2.1 2.1 2.5 2.7 4.3 4.3 4.4 4.4 4.3 4.3 4.2 42 44 4.6 3 0 3 0 3.2 3.4 3 3 3 2 3 1 3.1 3 5 3.7 2 0 19 2 2 2 5 2 6 2.3 2.2 2.5 2.8 3.0 1.8 1.8 2.0 2.4 2.2 2.0 1.7 1.8 2.2 2.4 2.63 2.65 2.60 2.68 4 62 4.53 4.45 4.50 3 64 3 61 3.54 3.65 2 98 2 98 2.94 2.94 2.31 2.35 2.31 2.39 2.32 2.38 2.29 2.34 4 23 4 14 3.85 3.94 3 41 3.35 3.22 3.35 2 74 2.73 2.64 2.73 2.13 2.21 2.13 2.16 2.64 2.67 2.55 2.67 4.71 4.63 4.64 4.58 3.63 3.65 3.60 3.62 2.93 3.00 2.91 2.82 2.39 2.41 2.28 2.45 3.07 3.03 3.12 3.22 4.74 4.66 4.64 4.70 3.79 3.74 3.71 3.83 3.18 3.12 3.15 3.17 2.58 2.56 2.74 2.82 NOTE.—For description of series see BULLETIN for March 1949, pp. 228-237. BOND YIELDS 1 [Per cent per annum] Corporate (Moody's)4 U. S. Government (taxable) Year, month, or week 7 to 9 years 15 years or more Municipal (highgrade)2 Corporate (highgrade)3 By ratings By groups Total Aaa Aa A Baa Industrial Railroad Public utility Number of issues 1-5 1-8 120 30 30 30 30 40 40 40 1947 average 1948 average. 1949 average 1949—j une Tuly August September October November December 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 1 66 1.55 1 49 1.65 1 72 1.70 1.68 2 38 2.27 2.24 2.22 2 22 2 20 2.19 2 28 2.26 2.20 2.22 2.21 2.17 2.13 2.72 2.66 2.60 2.59 2.59 2.56 2.55 3 00 2.98 2.92 2.90 2 90 2.89 2.86 2 71 2 67 2.62 2.60 2.61 2.60 2.58 2.78 2.75 2 71 2.69 2.70 2.68 2.67 3 04 3.03 2 96 2.95 2 94 2.93 2.89 3 47 3,46 3 40 3.37 3.36 3.35 3.31 2 78 2.75 2.70 2.68 2.68 2.67 2.65 3.29 3.29 3 21 3.19 3 20 3.20 3.14 2.93 2.89 2.86 2.84 2.83 2.81 2.79 1950—January February March April May June . 1.70 1.75 1 78 1.80 180 1.83 2.20 2.24 2.27 2.30 2.31 2.33 2.08 2,06 2.07 2.08 2.07 2.09 2.54 2.54 2 55 2.57 2.57 2.59 2.83 2.83 2 84 2.84 2.86 2.87 2 57 2.58 2.58 2.60 2.61 2.62 2.65 2.65 2.66 2.66 2.69 2.69 2.85 2.86 2 86 2.86 2.88 2.90 3.24 3.24 3 24 3.23 3.25 3.28 2.63 2.63 2 64 2.64 2.65 2.66 3.07 3.08 3 08 3.08 3.12 3.15 2.79 2.78 2 78 2.79 2.81 2.81 1.81 1.81 1.82 1.84 1.86 2.31 2.32 2.32 2.34 2.34 2.07 2.08 2.08 2.09 2.12 2.59 2.59 2.59 2.59 2.60 2.86 2.87 2.87 2.87 2.89 2.62 2.62 2.62 2.61 2.63 2.69 2.69 2.69 2.69 2.70 2.89 2.89 2.89 2.89 2.90 3.26 3.26 3.27 3.28 3.32 2.65 2.66 2.66 2.65 2.67 3.13 3.13 3.14 3.15 3.18 2.81 2.81 2.81 2.81 2.82 Week ending: June 3 June 10 June 17 June 24. July 1 - 15 9 1 2 4 Monthly and weekly data are averages of daily figures, except for municipal bonds, which are based on Wednesday figures. 3 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. 862 FEDERAL RESERVE BULLETIN SECURITY MARKETS 1 Stock prices 5 Bond prices Corporate 4 Year, month, or week U. S. MunicGovipal ern(highment 2 grade)3 Highgrade Medium-grade Total Number of issues. . . Volume of trading7 (in thousands of Public shares) utility Common (index, 1935-39=100) Preferred6 Industrial Railroad Public utility Total Industrial Railroad 15 416 365 20 31 1947 average 1948 average 1949 average 103.76 100.84 102.73 132.8 125.3 128.9 103.2 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—June July August September October November. December 101.72 103.29 103.63 103.86 103.90 104.22 104.36 127.5 127.9 129.1 128.6 128.8 129.6 130.3 100.9 102.0 103.0 103.1 102.8 103.2 103.7 91.7 91.8 92.6 93.3 93.7 93.5 94.5 98.7 98.6 98.2 99.0 99.9 100.3 101.0 80.0 79.9 81.9 82.1 82,0 80.8 ,82.2 96.3 96.9 97.7 98.8 99.2 99.5 100.1 176.1 176.6 179.5 182.1 180.3 179.8 180.6 112 118 122 124 127 129 133 117 124 128 130 134 137 140 91 94 95 98 96 101 93 95 99 100 101 103 104 808 938 947 1,135 1,313 1,323 1,739 1950—January February March April May June 104.16 103.62 103.24 102.87 102.73 102.42 131.4 131.7 131.5 131.3 131.5 131.1 104.0 104.0 104.1 96.3 96.4 96.6 101.8 102.0 102.3 86.4 86.5 86.7 100.6 100.9 100.8 182.8 182.4 183.8 183.5 183.1 182.0 135 137 139 142 147 148 143 144 147 150 156 158 108 107 109 110 110 107 106 107 110 111 113 112 884 704 643 2,297 1,763 2,075 Week ending: June 3 June 10 June 17 June 24 July 1 102.67 102.60 102.51 102.29 102.16 131.5 131.3 131.3 131.1 130.5 183.4 183.0 182.3 181.9 180.7 149 149 149 149 143 158 159 159 160 153 109 107 109 109 104 113 113 113 113 108 1,419 1,908 1,586 1,609 3,420 1-8 15 14 1 Monthly and weekly data are averages of daily figures, except for municipal bonds and for stocks, which are based on Wednesday 2 Average of taxable bonds due or callable in 15 years or more. 3 Prices derived from average yields, as computed by Standard and Poor's Corporation, on basis of a 4 per cent 20-year bond. 4 5 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 figures. Series discontinued beginning Apr. 1, 1950. Back figures.—See Banking and Monetary Statistics, Tables 130, 133, 134, and 136, pp. 475, 479, 482, and 486, respectively, and BULLETIN for May 1945, pp.' 483-490, and October 1947, pp. 1251-1253. NEW SECURITY ISSUES [In millions of dollars] For new capital Year or month 1941 1942. 1943. 1944. 1945. 1946. 1947. 1948. 1949. Total (new and refunding) 5,546 2,114 2,169 4,216 8,006 8,645 39,691 10,214 9,475 For Domestic Total (domestic and forTotal eign) 2,854 1,075 642 913 2 ,852 1 ,075 640 896 1 ,761 4 ,635 State and municipal 518 342 176 235 471 952 1,772 4,645 37,566 7 ,255 2,228 9,079 9 ,070 2,604 7,909 7 ,880 2,803 766 1949—May June 1,634 764 July August. . . 616 749 September 787 October., 521 November 731 December. 1950—January. . 31,185 809 February. March. . . 1,059 685 April May 1,052 687 687 1,540 684 311 521 639 412 513 1 ,540 683 293 511 639 412 513 339 315 244 174 314 234 229 198 817 711 768 525 111 817 708 746 520 769 233 550 363 170 304 Federal agen-1 cies Domestic Total (doCorporate For-2 mestic and eign forStocks Total Bonds eign) and notes 1,272 1 062 108 90 15 26 127 239 294 233 624 374 646 264 556 787 172 1 3 4 4 6 4 ,844 889 506 282 422 607 173 118 92 224 657 2,084 1 ,472 3,567 1 ,219 908 *5,264 954 3,890 296 194 1,088 " "69 1 ,201 430 119 128 405 183 315 382 66 84 323 124 169 102 113 48 54 44 82 59 146 30 13 21 23 39 553 146 361 327 426 463 80 280 147 307 90 66 82 180 119 51 24 9 refunding 1 " "2 17 12 10 68 10 29 2 18 10 ""3" 22 5 2 Total State and municipal ForCorporate eign2 Federal agen-1 Total Bonds Stocks and cies notes 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 1 557 418 685 2 466 4 937 2 953 1 482 284 418 79 94 79 304 228 148 109 218 79 94 79 204 228 148 109 218 7 1 1 1 4 4 22 57 38 62 56 195 181 53 52 56 34 31 22 8 43 91 35 105 14 30 22 8 38 69 35 101 3 369 269 83 229 160 281 1 6 3 6 14 159 57 58 65 31 108 20 168 89 236 96 19 165 80 231 98 292 160 281 1,430 407 603 2,178 4,281 2,352 1,199 257 366 126 11 82 288 656 601 283 28 52 4 ' '86 15 61 105 177 ioi 20 1 5 22 161 4 12 1 4 9 6 " i63i 1 2 3 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 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. JULY 1950 863 NEW CORPORATE SECURITY ISSUES i PROPOSED USES OF PROCEEDS, ALL ISSUERS [In millions of dollars] Proposed uses of net proceeds Estimated Estimated gross net proceeds 2 proceeds 3 Year or month New money Working capital Plant and equipment Total Retirement of securities Total Bonds and notes Preferred stock 397 2,332 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 '6,052 384 2,266 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 57 208 858 991 681 325 569 868 474 308 657 1,080 3,279 4,591 '5,929 '4,606 32 111 380 574 504 170 424 661 287 141 252 638 2,115 3,409 '4,221 '3,724 26 96 478 417 177 155 145 207 187 167 405 442 1,164 1,182 '1,708 '882 231 1,865 3,368 1,100 1,206 1,695 1,854 1,583 396 739 2,389 4,555 2,868 1,352 307 '401 231 1,794 3,143 911 1,119 1,637 1,726 1,483 366 667 2,038 4,117 2,392 1,155 240 '360 July..,. . August September, . . . . October. November...... December,..... '453 1,286 '533 '220 '272 '413 '332 '574 '444 '1,271 '526 '215 '268 '407 '327 '565 '347 '1,087 '461 '164 '163 '260 '270 '331 '284 '971 '427 '133 '109 '214 '159 '223 '63 116 '35 '31 '54 '46 '111 '108 '22 '58 '19 '18 39 '61 '17 '113 '17 '54 18 '17 19 58 '17 '111 '6 4 1 '1 20 '3 1950—January. February. . . . . . March. April.......... May.......... '614 '259 547 431 587 '605 '255 538 421 577 '453 '190 371 300 242 '405 '130 242 259 168 '48 '60 129 41 74 52 33 139 45 201 39 30 138 31 161 1934.... 1935 1936 . . . 1937.... 1938 1939.... 1940 1941.... 1942...... 1943 1944 1945 1946 . . 1947 1948 1949 . . . . . ... ......... ... .. .. .. .... 1949—May. June . ......... Repayment of other debt Other purposes 11 23 49 36 84 170 154 111 215 69 174 144 138 73 49 134 379 356 488 '637 26 19 28 35 27 47 133 231 168 234 '315 '2 '67 '117 '36 '29 '22 '37 '24 '37 7 '10 '9 '5 '43 '49 '16 '83 12 3 1 14 40 53 '13 11 70 122 '48 '18 17 6 11 71 226 190 87 59 128 100 30 72 351 438 476 196 67 '41 7 PROPOSED USES OF PROCEEDS, BY MAJOR GROUPS OF ISSUERS« [In millions of dollars] Manufacturing Year or month Commercial and miscellaneous 6 5 Public utility 7 Railroac 1 Real estate and financial Communica tions Total Total Total Total Total Total net New Retire- net New Retire- net New Retire-10 New Retire- net New Retire- net New Retire- net pro- money ments10 pro- money ments 10 pro- money ments 10 pro- money ments10 pro- money ments 10 pro- 9 money ments 9 9 9 9 9 ceeds ceeds ceeds ceeds ceeds ceeds 1934 1935 1936 1937 1938 1939 1940 1941 1942 1943 1944 1945 1946 1947 62 774 1,280 1,079 831 584 961 828 527 497 1,033 1,969 3,601 2,686 25 74 439 616 469 188 167 244 293 228 454 811 2,201 1,974 34 550 761 373 226 353 738 463 89 199 504 1,010 981 353 1948 1949 2,180 1,391 1,726 851 54 44 403 338 304 229 1949—May June . .. July.......... August September October November December..... 102 166 202 44 26 83 36 63 46 77 175 22 20 41 24 49 6 1 1 21 35 11 26 55 38 25 36 15 23 9 19 27 30 6 23 1950—January....... February March........ April May . . . . . . . 31 63 49 18 27 47 38 15 2 4 10 1 60 7 31 25 16 25 19 25 21 15 16 14 153 4 16 5' 21 28 4 8 13 2 3 61 172 120 774 338 54 182 319 361 47 160 602 1,436 704 283 21 57 139 228 24 85 115 253 32 46 102 115 129 240 617 456 546 441 49 45 51 20 16 41 10 31 49 45 51 13 16 41 10 27 93 13 107 27 68 20 122 390 71 16 102 155 94 4 21 107 206 323 286 46 218 57 8 9 42 55 4 13 61 85 164 189 72 152 7 7 88 9 18 4 42 65 64 24 2 49 587 '593 485 '440 30 '35 4 386 26 11 4 13 16 4 4 386 24 . . . . . . . . 1 2 11 14 4 41 91 39 6 58 33 67 10 6 23 14 15 92 85 90 70 6' 205 202 2 18 23 3 18 22 20 23 132 84 25 6 11 75 20 50 2 11 130 30 1,250 63 1,987 89 751 180 1,208 43 1 246 245 1,180 317 1,340 145 464 22 469 40 1,400 69 2,291 2,129 785 3,212 2,188 77 1,190 1,897 611 943 1,157 922 993 292 423 1,343 2,159 1,252 939 56 2,281 11 2,615 1,998 2,140 145 234 891 567 870 505 226 549 197 107 109 222 149 346 201 490 192 103 76 130 125 159 16 39 2 1 27 225 130 217 245 309 165 98 141 205 104 14 29 58 35 164 120 54 558 110 30 97 186 108 15 114 500 1,320 571 35 7 4' 31 27 13 ' " ' 2 2' 85 23 30 38 45 4 96 3 11 6 23 1 ' 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. Estimated net proceeds are equal to estimated gross proceeds less cost of flotation, i.e., compensation to underwriters, agents, etc., and 4 expenses. New classification of issues beginning 1948; data for prior years are not precisely comparable, but they are believed to be sufficiently similar for broad comparisons. See also footnotes 5 through 8. 5 6 Prior to 1948 this group corresponds to the "Industrial" group previously shown. Included8 in "Manufacturing" prior to 1948. 7 Includes "Other transportation" for which separate figures are available beginning in 1948. Included in "Public utility" prior to 1948. 9 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 Governors. 2 3 864 FEDERAL RESERVE BULLETIN SALES, PROFITS, AND DIVIDENDS OF LARGE CORPORATIONS MANUFACTURING CORPORATIONS [In millions of dollars] Assets of 10 million dollars and over (200 corporations) Year or quarter Profits before taxes Profits after taxes 10,591 13,006 18,291 21,771 28,240 30,348 26,531 21,562 31,144 37,182 36,942 1,209 1,844 3,156 3,395 3,683 3,531 2,421 2,033 4,099 5,315 5,035 1,273 1,519 1,220 1,260 1,255 1,129 1,202 2,521 3,310 3,099 8,660 9,003 9,314 10,204 1,218 1,242 1,331 1,523 9,392 9,446 9,485 8,617 9,220 Sales Annual 1939 1940 1941 1942 1943 1944 1945 1946 1947 1948 1949 .. 1948—1 Quarterly 2 3 4 1949—i 2 . . . . 3 4 1950—i Assets of 50 million dollars and over (82 corporations) Profits before taxes Profits after taxes Dividends 139 206 378 519 571 549 445 460 114 146 190 164 164 164 165 271 67 83 93 88 88 93 98 139 1,000 1,210 1,474 1,583 1,869 2,600 3,227 4,080 4,497 4,253 3,912 5,129 5,717 5,124 676 721 529 416 450 330 167 192 183 649 657 717 838 247 269 265 429 1,390 1,445 1,437 1,445 168 184 186 184 102 113 115 120 38 42 43 70 1,187 1,077 1,183 1,059 723 653 717 675 303 312 292 567 1,307 1,254 1,273 1,291 139 119 129 142 84 73 82 91 40 42 39 62 1,255 759 347 1,327 148 92 40 Sales Profits before taxes 1,167 1,403 1,657 9,008 11,138 15,691 18,544 24,160 25,851 22,278 17,651 26,015 31,465 31,816 1,071 1,638 2,778 2,876 3,111 2,982 1,976 1,5 73 3,423 4,593 4,506 751 770 832 958 285 311 307 499 7,270 7,559 7,877 8,759 1,050 1,058 1,146 1,339 1,326 1,196 1,312 1,201 808 726 799 766 343 354 331 629 8,085 8,192 8,213 7,326 1,403 ' 852 387 7,893 997 Dividends 722 856 947 760 777 848 861 943 Assets of 10-50 million dollars (118 corporations) Profits after taxes Dividends 883 964 932 656 772 854 672 688 755 764 804 2,105 2,860 2,768 1,127 1,329 1,056 1,097 1,091 Sales PUBLIC UTILITY CORPORATIONS [In millions of dollars] Electric: power Railroad Year or quarter Operating revenue Annual Profits before taxes Profits after taxes Dividends 126 249 674 93 189 500 902 126 159 186 202 444 447 437 408 913 902 905 964 954 983 1,129 502 507 534 638 643 657 753 Profits after taxes Dividends 282 231 211 254 184 154 143 174 124 115 121 133 607 627 641 667 65 71 64 69 44 48 44 47 39 44 47 50 119 58 69 206 124 670 62 42 50 115 104 161 55 50 78 1 312 1,223 1,223 1,289 316 183 174 224 272 259 281 180 173 195 136 142 157 695 711 741 75 84 111 50 55 72 51 54 61 109 51 61 1,376 351 230 146 749 114 74 63 4 2 147 2,226 2,140 2,066 1950—i 1,985 3 535 548 527 490 Profits before taxes 1,233 1,152 1,178 1,267 146 286 393 317 4 629 692 774 847 Operating revenue 57 57 53 122 2,243 2,363 2,555 2,510 1949—i 2 Dividends 73 186 244 191 . . Quarterly Profits after taxes 217 246 246 235 236 289 252 1,658 2,211 1,972 756 271 777 1,148 700 1948—i 2 3 Profits before taxes 873 667 450 287 479 699 438 . ... Operating revenue 2 ,647 2,797 3,029 3,216 3,464 3,615 3,681 3,815 4,291 4,830 5,047 3,995 4,297 5 347 7,466 9,055 9,437 8,902 7,628 8,685 9,672 8,580 1939 1940 1941. 1942 1943 1944. 1945 1946 1947 1948 1949 Telephone 227 248 271 302 410 398 407, 458 494 493 558 1,067 1,129 1,235 1,362 1,537 1,641 1,803 1,992 2,149 2,541 2,817 374 399 396 277 193 269 332 180 174 177 200 131 183 220 168 168 174 171 134 181 216 191 194 178 163 175 178 172 163 NOTE.—^Manufacturing corporations. Data are from published company reports, except sales for period beginning 1946, which are from reports of the Securities and Exchange Commission. For certain items, data for years 1939-44 are partly estimated. Assets are total assets as of the end of 1946. Railroads. Figures are for Class I line-haul railroads (which account for 95 per cent of all railroad operations) and are obtained from reports of the Interstate Commerce Commission. Electric power. Figures are for Class A and B electric utilities (which account for about 95 per cent of all electric power operations) and are obtained from reports of the Federal Power Commission, except that quarterly figures on operating revenue and profits before taxes are partly estimated by the Federal Reserve, to include affiliated nonelectric operations. Telephone. Figures are for 30 large companies (which account for about 85 per cent of all telephone operations) and exclude American Telephone and Telegraph Company, the greater part of whose income consists of dividends received on stock holdings in the 30 companies. Data are obtained from the Federal Communications Commission, except for dividends, which are from published company reports. All series. Profits before taxes refer to income after all charges and before Federal income taxes and dividends. For description of series and back figures, see pp. 662-666 of the BULLETIN for June 1949 (manufacturing); pp. 215-217 of the BULLETIN for March 1942 (public utilities); p. 1126 of the BULLETIN for November 1942 (telephone); and p. 908 of the BULLETIN for September 1944 (electric power). JULY 1950 865 SALES, PROFITS, AND DIVIDENDS OF LARGE MANUFACTURING CORPORATIONS, BY INDUSTRY [In millions of dollars] Quarterly Annual Industry 1948 1947 1948 1949 1950 1949 Nondurable goods industries Total (94 corps.)1 Sales Profits before taxes Profits after taxes Dividends 11,313 13,364 12,790 3,219 3,289 3,324 3,532 3,243 3,051 3,163 3,333 3,251 546 553 543 1,787 2,208 1,843 565 503 397 446 496 505 356 362 362 1,167 1,474 1,211 342 394 256 292 321 323 133 157 141 249 551 166 147 656 708 225 146 166 Selected industries: Foods and kindred products (28 corps.) Sales. Profits before taxes Profits after taxes Dividends 3,231 3,447 3,254 377 421 410 233 259 257 134 128 135 835 96 61 29 861 104 64 32 846 99 60 32 904 111 71 42 805 85 52 30 792 89 54 31 822 101 63 29 835 102 64 44 755 83 51 31 Chemicals and allied products (26 corps.) Sales Profits before taxes Profits after taxes Dividends 3,108 3,563 3,562 673 655 547 408 403 337 254 215 311 848 151 91 53 875 155 95 58 904 166 104 59 936 183 119 85 896 170 100 64 860 140 83 66 896 174 105 68 910 189 115 113 952 206 122 72 Petroleum refining (14 corps.) Sales Profits before taxes Profits after taxes Dividends 2,906 3,945 3,865 525 721 456 406 548 350 172 172 127 947 195 141 33 942 182 133 45 978 1,077 171 173 132 141 29 66 993 161 119 31 934 119 92 47 942 114 86 31 996 131 109 63 960 121 91 42 Durable goods industries Total (106 corps.)2 Sales Profits before taxes Profits after taxes Dividends 19,831 23,818 24 ,152 5,440 5,714 5,991 6,673 6,149 6,397 6,322 5,284 5,969 672 688 788 958 697 2,312 3,107 3,192 '830 799 866 898 395 408 470 564 '487 470 508 424 529 1,355 1,836 1,888 152 154 166 274 746 949 197 188 184 220 380 615 Selected industries: Primary metals and products (39 corps.) Sales Profits before taxes Profits after taxes Dividends 7,545 9,066 8,197 2,060 2,100 2,306 2,601 2,430 2,175 2,050 1,542 2,206 993 304 891 1,174 248 237 385 252 160 299 353 228 185 545 578 150 145 720 240 144 204 100 175 130 247 285 60 60 60 270 90 64 89 71 66 61 Machinery (27 corps.) Sales Profits before taxes Profits after taxes Dividends 3,963 4,781 4,610 1,091 1,198 1,140 1,351 1,135 1,187 1,120 1,168 1,064 520 131 144 118 177 443 569 120 147 133 119 148 321 75 83 71 105 270 334 77 79 75 91 86 136 27 113 126 28 28 42 32 33 41 49 31 Automobiles and equipment (15 corps.) Sales Profits before taxes Profits after taxes Dividends 6,692 8,093 9,577 1,865 1,951 2,056 2,221 2,151 2,601 2,707 2,118 2,283 327 809 1,131 1,473 247 305 251 337 298 462 398 376 176 175 445 639 142 861 146 200 234 177 267 218 112 65 282 195 53 90 451 51 79 80 216 76 1 Total includes 26 companies in nondurable goods groups not shown separately, as follows: textile mill products (10); paper and allied products (15);2 and miscellaneous (1). 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 Income taxes 6 5 9.3 17.2 21.1 25.1 24.3 19.7 ''23 5 '30.5 r 33 9 '27.6 2.9 7.8 11.7 14.4 13.5 11.2 9 6 11.9 13 0 10.6 1.5 Profits after taxes Cash dividends 5 0 6.4 9.4 9.4 10.6 10.8 8.5 13 9 1 8 .5 r 20 9 17.0 3.8 4.0 4.5 4.3 4.5 4.7 4.7 5 8 '6.6 r r7 5 7 .8 Undistributed profits 1.2 2.4 4.9 5.1 6.2 6.1 3.8 8 1 11.9 13 4 '9.2 Quarter Profits before taxes Income taxes Profits after taxes Cash dividends r 34 6 '35 .'3 '33.1 13 2 13.4 12,9 r 21 4 '21.9 '20.3 7 3 '7.5 '•7.9 1949—i 2 3 '28.3 26.4 '28.2 r 27 6 10.9 10.0 10 8 10 6 17.4 16.4 17 3 16 9 '7.9 '7.7 r 7 4 r 8 2 1950—1 2i r 11 4 12.1 17 8 18.9 '8 1 1948—2 3 4 4 29.2 31.0 r 8.2 Undistributed profits 14 1 14.4 12.4 '9.5 '8.7 9 S 7 r 9 r 97 10.7 r Revised. Estimates of Council of Economic Advisers, based on preliminary data. Source.—Same as for national income series. 1 866 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] Total gross debt (includEnd of month 'ng guaranteed securities) 140,796 170,108 202,626 232,144 259,115 278,682 269,898 259,487 258,376 256,981 252,366 252,854 252,798 253,902 255,879 256,709 256,805 257,011 257,160 256,892 256,395 255,747 255,740 256,370 257,377 1943—June Dec 1944—June Dec 1945—June.... Dec 1946—June Dec. , . . 1947—June Dec , 1948—June Dec 1949—June 1949—July ,,, Aug Sept, Oct. , , Nov Dec 1950—Jan Feb Mar..... Apr May.... June.... Direct debt Marketable public issues * Nonmarketable public issues Total Certificates of Treasury Treasury Total 2 Total 2 Treasury indebtbonds bills notes edness Special U.S. Treasury and issues savings tax savings bonds notes 136,696 165,877 201,003 230,630 258,682 278,115 269,422 259,149 258,286 256,900 252,292 252,800 252,770 253,877 255,852 256,680 256,778 256,982 257,130 256,865 256,368 255,723 255,718 256,350 257,357 95,310 115,230 140,401 161,648 181,319 198,778 189,606 176,613 168,702 165,758 160,346 157,482 155,147 154,959 155,552 155,647 155,362 155,365 155,123 154,833 154,764 154,479 154,601 155,001 155,310 21,256 27,363 34,606 40,361 45,586 48,183 49,035 49,776 51,367 52,053 53,274 55,051 56,260 56,453 56,537 56,600 56,670 56,717 56,707 56,958 57,217 57,331 57,427 57,477 57,536 11,864 13,072 14,734 16,428 17,041 17,037 17,039 17,033 15,775 15,136 13,757 12,224 11,536 11,531 12,124 12,315 12,317 12,320 12,319 12,331 12,336 12,334 12,623 13,023 13,533 16,561 22,843 28,822 30,401 34,136 38,155 34,804 29,987 25,296 21,220 22,588 26,525 29,427 29,246 29,246 30,441 30,155 30,155 29,636 29,314 27,321 24.399 23,437 23,437 18,418 9,168 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 3,596 3,596 3,596 3,596 8,249 8,271 10,189 14,791 15,586 15,586 20,404 57,520 67,944 79,244 91,585 106,448 120,423 119,323 119,323 119,323 117,863 112,462 111,440 110,426 110,426 110,426 109,133 109,133 109,133 104,758 104,758 104,758 102,795 102,795 102,795 102,795 29,200 36,574 44,855 50,917 56,226 56,915 56,173 56,451 59,045 59,492 59,506 61,383 62,839 63,872 65,011 65,195 65,705 65,929 66,000 66,533 66,771 66,928 67,114 67,314 67,544 7,495 8,586 9,557 9,843 10,136 8,235 6,711 5,725 5,560 5,384 4,394 4,572 4,860 5,705 6,768 6,897 7,345 7,527 7,610 7,906 7,988 8,040 8,133 8,292 8,472 10,871 12,703 14,287 16,326 18,812 20,000 22,332 24,585 27,366 28,955 30,211 31,714 32,776 33,049 33,358 33,914 33,810 33,829 33,896 33,502 32,871 32,098 31,802 31,868 32,356 Fully Non- guaraninterest- teed bearing securities debt 4,100 4,230 1,623 1,514 433 567 476 339 90 81 73 55 27 26 27 29 28 29 30 27 27 24 22 20 20 1,316 1,370 1,460 1,739 2,326 2,421 1,311 1,500 3,173 2,695 2,229 2,220 2,009 1,996 1,931 1,923 1,901 1,858 2,111 1,997 1,962 2,218 2,202 2,167 2,148 1 2 Including amounts held by Government agencies and trust funds, which aggregated 5,362 million dollars on May 31, 1950. Total marketable public issues includes Postal Savings and prewar bonds, and total nonmarketable public issues includes adjusted f depositary bonds, Armed Forces Leave bonds, and 2 ^ per cent Treasury investment bonds, series A-1965, not shown separately. Back figures.—See Banking and Monetary Statistics, Tables 146-148, pp. 509-512. UNITED STATES GOVERNMENT MARKETABLE PUBLIC SECURITIES OUTSTANDING JUNE 30, 1950 [On basis of daily statements of United States Treasury, of dollars] Issue and coupon rate Amount UNITED STATES SAVINGS BONDS [In millions of dollars] In millions Issue and coupon rate Amount Treasury bonds—Cont. Sept. 15, 1951-5522. . . . 3 755 1 ,118 Dec. 15, 1951-53 . 2 510 Dec. 15, 1951-55.. 1 ,024 Mar. 15, 1952-54.. June 15, 1952-54.. 5 ,825 June 15, 1952-55.. .2% 1 ,501 8 ,662 Dec. 15, 1952-54.. . . . 2 725 June 15, 1953-5522. . . .2 681 June 15, 1954-562. Mar. 15, 1955-60 . ' 2 v* 2 ,611 1 ,449 Mar. 15, 1956-58.. 2}A 982 Sept. 15, 1956-592. 2 M ,823 Sept. 15, 1956-59.. *.2M 3 June 15, 1958-632. • 2% 919 5 June 15, 1959-623. • 2H 3 ,284 Dec. 15, 1959-623. • 2H ,470 1 ,485 Dec. 15, 1960-652. • 2H Cert, of indebtedness 2 ,118 June 15, 1962-673. .2y 2 ,831 July 1, 1950 1 M 5,601 Dec. 15, 1963-683. • 2y2 2 3 ,761 Sept. 15, 1950,.. , 1,197 June 15, 1964-693. .2y2 3 ,838 Oct. 1, 1950 6,248 Dec. 15, 1964-693. • 2y2 5 ,197 Mar. 15, 1965-703. • 2y2 3 ,481 Jan. 1, 1951,, . 5,373 Mar. 15, 1966-713. • 2% 7 ,967 June 15, 1967-723. • 2 / ^ 2 ,716 Sept. 15, 1967-72.. • 2Ms Dec. 15, 1967-723. • 2*4 11 ,689 Treasury notes July 1, 1951-B.. ..1M 2,741 886 Postal Savings July 1, 1951-C. ..1M Tulv 1 1951-D 110 4,817 2y2 bonds 1,918 1M Oct. 1, 1951 Mar. 15, 1954 4,675 1V2 Mar. 15, 1955 5,365 Treasury bills 1 July 6, 1950 July 13 1950 July 20 1950.... July 27 1950 Aug. 3, 1950.. . . Aug. 10, 1950.. . . Au" 17 1950 Aug. 24, 1950 . . . Au°- 31 1950 Sept. 7, 1950.. . . Sept. 14, 1950 Sept. 21, 1950 . Sept. 28, 1950 J Ulj JLj A-X*_/JL -1—' • • 902 1,002 1,002 1,000 1,102 1,103 1,104 1,103 1,004 1,102 1,004 1,003 1,003 • Panama Canal Loan. 3 Total direct issues Treasury bonds Sept. 15, 1950-522 *.2y2 Sept. 15, 1950-52. . . 2 Dec. 15, 1950 June 15, 1951-542 . . 2 M Sept. 15, 1951-53. . . 2 1,186 4,939 2,635 Guaranteed securities 1,627 Federal Housing Admin. 7,986 Various 50 155 ,001 16 1 Sold on discount basis. See table on Open-Market Money Rates, p. 862. 3 2 Partially tax exempt. Restricted. 4 Called for redemption on Sept. 15, 1950. JULY 1950 Month Redempfrom sales during tions Amount Funds received and period outmaturities standing at end of All Series Series Series All month G series F E series Fiscal year ending: June—1943 1944 1945 1946 1947 1948 1949 . 1950.. 21,256 11,789 34,606 15,498 45,586 14,891 49,035 9,612 51,367 7,208 53,274 6,235 56,260 7,141 57,536 5,673 1949—June... July... Aug.... Sept.... Oct.... Nov.... Dec... 56,260 56,453 56,537 56,600 56,670 56,717 56,707 1950—Jan Feb Mar.... Apr.. . . May. . . June. . . 56,958 57,217 57,331 57,427 57,477 57,536 848 8,271 11,820 11,553 6,739 4,287 4.026 4.278 3,993 758 802 679 407 360 301 473 231 2,759 2,876 2,658 2,465 2,561 1,907 2,390 1,449 2,371 4,298 6,717 5,545 5,113 5,067 5,422 485 511 449 398 388 383 495 359 378 329 299 289 286 377 20 17 16 13 13 14 16 107 115 104 86 86 84 103 451 425 439 411 396 415 466 707 581 524 423 416 398 402 361 364 305 307 297 38 31 27 15 16 14 267 189 134 102 92 86 618 418 510 413 454 456 Maturities and amounts outstanding June 30, 1950 Year of maturity All series Series D 1950 1951 1952 1952 1954... 1955 1956 1957 1958 1959 1960 1961 1962 Unclassified. . 454 1,558 3,944 6,725 8,577 7,444 5,484 5,280 5,535 5,540 4,531 1 622 904 -62 454 441 Total 57,536 895 Series E 1,117 3,944 5,483 6,098 4,880 2,516 2,647 2,985 3,263 1,65.1 34,584 Series F 500 529 607 487 265 288 464 229 127 3,695 Series G ' i',043' ' 1,979 2,035 2,361 2,146 2,285 1,989 2,416 1,393 777 18,425 867 OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES, DIRECT AND FULLY GUARANTEED [Par value in millions of dollars] Total gross debt (including guaranteed securities) End of month Held by the public Held by U. S. Government agencies and trust funds * Special issues Public issues Total 1940—June 1941—j une 1942—June 1943—j u n e 1944—j un e 1945—j u n e 1946—June Dec. 1947—June Dec 194S—j une 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 5,397 5,538 5,603 5,498 5,450 41,416 46,837 66,369 126,474 183,529 234,175 240,768 228,564 225,565 222,629 216,617 215,537 214,524 217,814 1950—Jan Feb. Mar Apr 256,892 256,395 255,747 255,740 33,502 32,871 32,098 31,802 5,481 5 494 5,510 5,506 217,909 218,030 218,139 218,432 companies Other corporations and asso-3 ciations State and local governments 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 25.300 25,300 25,000 24,300 23,200 21,500 20,900 20,500 2 500 2,400 5,400 15,500 25,900 30,900 25,300 22,400 22,300 21,200 20,700 21,400 22,700 '22,600 400 600 900 1,500 3,200 5,300 6,500 6,300 7,100 7,300 7,800 7,900 8,000 8,100 10,300 11,500 18,400 31,700 46,500 59,800 64,100 64,900 67,100 66,600 67,000 67,600 68,900 69,500 11,500 11,500 11,600 11,600 20,600 20,600 20,600 20,500 ^22,800 f-23,500 ^24,600 24,200 8,100 8,200 8,700 8,700 69,700 70,000 70,200 70,300 Federal Reserve Banks Commercial2 banks Mutual savings banks 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 17,827 17,746 17,592 17,796 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 '67,400 r 66,400 65,300 Insur- Individuals r 1 2 Revised. Including the Postal Savings System. Including holdings by banks in territories and insular possessions, which amounted to 300 million dollars on December 31, 1949. 3 Including savings and loan associations, dealers and brokers, and investments of foreign balances and international accounts in this country. NOTE.—Holdings of Federal Reserve Banks and U. S. Government agencies and trust funds are reported figures; holdings of other investor groups are estimated by the Treasury Department. SUMMARY DATA FROM TREASURY SURVEY OF OWNERSHIP OF SECURITIES ISSUED OR GUARANTEED BY THE UNITED STATES * [Interest-bearing public marketable securities. In millions of dollars] End of month Total outstanding U. S. Govt. Fed- Com- Mu- Insuragen- eral tual ance mer- savcies Recom- Other cial and serve banks1 ings panies banks trust Banks funds ing U. S. Govt. Fed- Com- Mu- Insuragen- eral tual mer- savance Recies cial com- Other and serve banks1 ings panies banks trust Banks funds Treasury bonds and notes, due Type of security: Total:2 165,791 1947—Dec 1948—June.... 160,373 157,496 Dec 1949—June.... 155,160 155,138 Dec 1950—Mar 154,494 Apr. . . . 154,616 Treasury bills: 1947—Dec 15,136 1948—June 13,757 Dec 12,224 1949—June 11,536 Dec 12,319 1950—Mar.. . . 12,334 12,623 Apr. . . . Certificates: 21,220 1947—Dec 1948—June.... 22,588 Dec 26,525 29,427 1949—j u n e 29,636 Dec 1950—Mar 24,399 Apr. . . . 23,437 Treasury notes: 1947—Dec 11,375 194g—June 11,375 Dec..'.'.'! 7,131 1949—June.... 3,596 Dec 8,249 14,791 1950—Mar Apr. . . . 15,586 Treasury bonds: 1947—Dec 117,863 1948—June.... 112,462 111,440 Dec 110,426 1949—June 104,758 Dec 102,795 1950—Mar Apr. . . . 102,795 End of month Total outstand- 5,261 5,402 5,477 5,374 5,327 5,385 5,381 22,559 21,366 23,333 19,343 18,885 17,592 17,796 61,370 57,599 55,353 56,237 59,856 58,198 58,548 18 11,433 2,052 15 8,577 2,345 69 5,487 2,794 63 4,346 2,817 11 4,829 3,514 39 32 30 14 24 26 48 22 14 3,952 2,409 4,368 2,732 6,797 6,538 4,616 8,552 6,078 9,072 6,857 9,561 6,275 11,520 5,864 8,128 5,766 7,712 4 1,477 5,327 1,968 4,531 791 3,099 359 1,801 562 5,569 24 1,379 9,472 31 1,507 9,800 7 47 15 5,173 5,336 5,340 5,201 5,217 5,265 5,268 2,853 6,206 10,977 7,780 7,218 6,397 6,155 47,424 42,146 40,371 42,042 39,235 38,172 38,285 or callable: 1 year: 42,154 Within 1947—Dec 42,779 1948—June 42,637 Dec 44,087 1949—June.... 41,763 Dec 43,912 43,535 1950—Mar Apr. . . . 25 154 1,454 58 112 2,650 1-5 years: 50 84 3,740 1947—Dec 13 60 4,237 1948—June.... 70 3,880 15 Dec 1949—June.... 28 111 5,795 Dec 103 5,352 36 1950—Mar 200 269 7,386 Apr. . . . 317 479 8,610 256 672 10,423 5-10 years: 12,174 602 207 1947—Dec 169 633 10,991 1948—June.... 142 515 9,728 Dec 144 509 9,292 1949—June.... Dec 98 245 4,224 223 4,555 98 1950—Mar 84 166 2,984 Apr.;'.; 41 104 1,244 244 1,752 After 10 years: 107 1947—Dec 144 356 3,416 1948—June.... 139 358 3,751 Dec 1949—June.... 11,226 22,213 28,974 Dec 11,047 20,880 26,847 10,486 18,891 25,375 1905—Mar. . . . 10,768 18,315 26,320 Apr. . . . 10,480 17,579 25,029 10,559 17,543 24,859 10,571 17,487 25,029 11,552 11,522 10,877 11,029 10,772 10,876 10,891 22,895 21,705 19,819 19,090 18,535 18,531 18,465 14,263 13,411 10,216 11,226 14,319 69 1,693 8,244 19 2,070 5,922 98 861 5,571 49 982 7,021 36 878 9,014 266 171 232 236 238 316 273 329 385 468 3,675 4,956 3,125 2,553 3,685 12,357 8,761 30 21 49,948 46,124 44,053 39,175 35,067 344 318 226 44,220 48,611 364 2,750 30,312 1,079 381 3,164 32,917 1,087 10,270 10,464 10,464 15,067 18,537 370 314 314 532 568 426 6,090 576 880 506 911 546 6,251 434 6,314 520 997 584 6,587 2,002 1,732 1,388 6,995 2,640 2,230 15 ,926 15,926 421 423 1,153 5 ,473 2 681 2 ,129 4,069 1,152 5,499 2',575 2 436 4]l41 54,757 53,838 53,838 48,554 45,084 4,393 4,685 4,710 4,455 4,441 750 463 7,859 5,620 185 142 367 300 3,166 2,215 1,377 2,636 3,258 212 2,121 186 1,922 33,415 30,580 28,045 26,304 24,907 1,876 1,829 1,769 1,279 1,121 3,046 2,790 2,501 2,124 1,641 9,890 7,971 8,254 7,135 5,290 834 2,921 7,215 4,452 3,593 5,003 3,922 3,541 3,933 3,887 8,606 8,639 8,048 7,293 6,588 1,835 7,880 1,883 9,179 18,211 17,129 15,230 14,179 13,485 1,928 1,936 1,885 3,630 4,716 17,710 16,542 15,094 14,242 13,090 45,084 4,473 3,124 4,000 6,759 13,567 13,161 45,084 4,474 2,882 4,049 6,906 13,526 13,247 * 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. Including stock savings banks. 2 Including Postal Savings and prewar bonds and a small amount of guaranteed securities, not shown separately below. 868 FEDERAL RESERVE BULLETIN SUMMARY OF TREASURY RECEIPTS, EXPENDITURES, AND RELATED ITEMS [In millions of dollars] On basis of daily statements of United States Treasury Increase (+)or /% year or month Net receipts Budget Budget surplus expendi- (+)or deficit tures Fiscal year: 1948 1949 1950 1949—June.. July.. Aug... Sept.. Oct... Nov.. Dec... 1950—Jan... Feb... Mar... Apr... May.. 42,211 4 33,791 38,246 4 40,057 37,045 40,167 4,767 4 4,656 1,946 3,434 2,479 3,585 4,832 3,995 1,881 3,111 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 June.. 4,404 4,296 during period Assets Trust Clearing acaccounts etc.* count 1 4+8,419 4—1 811 -3,122 4 +111 -1,488 -1,106 +837 -1,230 -783 +469 +44 +476 +1,551 -1,358 -642 +108 —294 —495 +99 -511 +30 -507 +366 +483 -173 +218 +345 - 1 3 3 +20 -404 +10 +160 +299 - 3 6 -272 -88 +2 +589 +170 - 1 1 - 9 3 +122 -79 +147 -53 +25 -376 -8 Balance in general fund General fund balance Gross debt Cash operating General fund of the Treasury (end of period) Deposits in Total liabilities Fed- Spe- Other Total eral cial assets Reserve 2 deposBanks itaries —5,994 +1,624 4,932 5,370 1,928 1,773 1,670 438 1 771 L 653 +478 — 1 462 3 470 3 862 950 3,268 1,709 +4,587 +2,047 5,517 5,927 +308 3,470 3,862 438 1,771 1,653 +881 529 1,485 - 1 3 3 3,337 3,699 ,684 +1,107 610 2,513 ,644 +1,975 +1,081 4,418 4,767 +828 +1,281 5,699 6,080 1,176 3,226 ,679 595 2,831 1,654 +98 - 9 6 2 4,737 5,080 517 2,632 - 3 1 5 4,422 4,789 ,641 +204 841 2,557 1,635 +148 +257 4,679 5,033 677 2,898 L,847 -265 +370 5,049 5,421 666 3,146 -497 ,677 +137 5,186 5,489 -645 +935 6,121 6,438 1,006 3,665 ,766 875 2,543 1,657 -6 - 1 , 4 1 9 4,702 5,074 588 2,560 - 2 3 8 4,464 4,757 ,609 +632 950 3,628 1,709 +1,007 +1,053 5,517 5,927 Cash income Cash outgo Excess income 438 45 400 36,496 392 41 628 40 576 410 392 4,798 4,550 362 2,081 2,966 349 3,150 3,715 381 4,915 3,847 343 2,046 3,266 367 2,965 3,426 354 4,263 4,070 372 3,485 3,177 303 3,595 3,537 317 5,162 4,045 373 1,683 3,344 294 2,939 3,700 410 (+)or outgo +8 903 +1 051 +248 -885 -566 +1,068 — 1,220 -461 + 193 +308 +58 +1,117 — 1,661 -762 DETAILS O F TREASURY RECEIPTS Onba sis of reports by collectors of internal revenue Individual Corporation income Excise On basis of daily statements of United States Treasury Deduct Income taxes Fiscal year or month Fiscal year: 1948 1949 1950 1949—June. . . July... Aug.. . Sept... Oct... Nov... Dec... 1950—Jan. . . Feb.. . . Mar.... Apr.. . May. . June.. Miscella- Social Other Total Withneous Secure- 6 reheld rity ceipts ceipts by em- Other internal revenue taxes ployers 11,436 19,735 9,842 19,641 10 073 18 189 674 3,145 554 1,161 657 564 655 407 3,237 496 355 1,134 2,520 1,957 1,310 1,032 774 3,655 695 588 479 1,342 817 788 379 2,709 income taxes Social Net Refunds Security reemploy- ceipts With- Other of ment taxes held taxes 8 8,301 2,396 4,231 46,099 8,348 2,487 2,456 42,774 8 303 2 892 1,853 41 311 704 139 266 4,928 653 65 135 2,061 749 404 196 2,917 714 147 131 4,885 753 65 114 1,993 722 356 161 2,727 720 180 4,255 141 645 222 3,480 68 599 544 123 3,607 701 364 128 5,622 629 93 103 2,092 704 295 176 2,895 714 351 184 4,776 2,272 2,838 2 160 155 57 57 45 49 46 59 67 238 573 518 301 149 1,616 42,211 11,534 1.690 38,246 10,056 2,106 37,045 6 4,767 33 58 1,946 828 381 2,479 1,556 26 7 4,832 62 1,881 952 337 2,344 1,403 5 4,191 36 47 3,366 698 398 2,972 1,816 229 4,820 93 86 1,488 530 274 2,320 1,763 222 4,404 Esand tate other and miscelgift taxes laneous taxes and profits taxes Normal and surtax Excess and other profits 9,464 7,996 9,852 11,343 323 211 899 797 7,412 7,585 975 167 99 991 122 90 292 2,159 12 8 7 11 8 6 53 48 61 73 53 56 59 51 48 91 60 52 647 587 713 645 688 672 606 594 541 674 548 660 1,657 485 270 2,256 348 226 2,256 739 338 221 1,604 2,103 470 116 7 7 7 8 5 12 283 201 DETAILS OF BUDGET EXPENDITURES AND TRUST ACCOUNTS On basis of daily statements of United States Treasury Budget expenditures Fiscal year or month Total Fiscal year: 1948 1949 1950.. 1949—June Tulv Aug. Sept Oct Nov Dec 1950—Jan Feb Mar Apr M^ay June 4 33,791 4 40,057 40,167 4 4 656 3,434 3,585 3,995 3,111 3,127 3,722 3,323 2,496 3,269 2,847 2,962 4,296 Inter- Vetna- erans' Inter- tional National est Adon defense debt finance minisand tration aid 11,500 12,158 12,367 1,210 1,033 1,165 1,024 1,002 1,056 1,095 1,046 r 936 1 , 0r 5 1 964 1,007 987 5,211 5,339 5,750 1,570 322 125 544 255 306 1,008 463 161 636 184 136 1,611 T r u s t accounts, etc. Aid to agriculture Other Social Security accounts Transfers to Extrust Other Net InReacrevest- pendi- ceipts counts ceipts ments tures InExvest- pendiments tures 4 4 850 2,109 4,143 6,317 782 44,178 4,661 3,918 2,210 1,640 5,598 832 4,646 916 6,181 3,722 1,479 2,252 1,992 3,011 6,791 2,661 6,044 3,114 2,376 3,044 1,383 6,932 4,293 1,028 -1,430 3,857 4,646 524 478 421 455 394 353 347 294 325 375 344 412 446 517 489 518 440 504 540 515 509 494 578 499 498 459 161 64 327 495 242 212 311 314 124 127 217 454 158 19 413 330 419 85 7 —26 45 8 11 69 16 8 r 655 '635 r 698 r 628 »-654 ''472 r 448 r 491 '570 439 627 270 489 637 37 172 562 48 291 568 262 178 556 493 392 199 46 151 -92 13 77 -29 85 47 52 169 309 254 243 262 265 232 256 277 295 267 311 238 243 225 504 100 395 513 114 97 68 121 116 158 127 117 451 385 24 265 425 6 9 -25 —424 -746 -844 -327 -73 279 330 93 114 113 129 82 60 568 909 999 421 186 184 r P Preliminary. Revised. 2 Excess of receipts ( + ) or expenditures (—). Excluding items in process of collection beginning with July 1947. For description, see Treasury Bulletin for September 1947 and subsequent issues. To make the figures for the fiscal years 1948 and 1949 comparable with those for prior years, all transactions relating to the Foreign Economic5 Cooperation Trust Funds expenditures have been consolidated with Budget expenditures. Including surplus property receipts and receipts from renegotiation of war contracts, which for fiscal years 1947-1949 amounted to 2,886, 1,929, and 589 million dollars and 279, 161, and 57 million, respectively. 6 These are appropriated directly to the Federal old-age and survivors insurance trust fund. 1 3 4 JULY 1950 869 GOVERNMENT CORPORATIONS AND CREDIT AGENCIES [Based on compilation by United States Treasury Department. In millions of dollars] PRINCIPAL ASSETS AND LIABILITIES Liabilities, other than' interagency items Assets, other than interagency items x InvestComments modiLoans ties, supreceiv- plies, U. S.. and Other able mate- Govt. secu- 2 rials securities rities Corporation or agency Total All agencies: June 30, Sept. 30, Dec. 31, Mar. 31, 1949 1949 1949 1950 Cash 22,232 22,594 23,733 24,360 Classification by agency, Mar. 31, 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 4 Federal Crop Insurance Corp 514 379 441 387 11,770 11,720 12,733 13,350 324 559 63 All other 2,946 2,933 2,962 2,932 1 48 1,357 1,988 1,414 421 2 53 1,400 3,575 490 35 786 1,043 2,214 1,277 164 877 7,410 3,508 3,501 3,492 3,488 351 396 509 414 258 493 Housing and Home Finance Agency: Home Loan Bank Board: 740 Federal home loan banks 223 Federal Savings and Loan Insurance Corp. 176 Home Owners' Loan Corp. 5 1,662 Public Housing Administration 294 Federal Housing Administration 991 Federal National Mortgage Association Reconstruction Finance Corporation: Assets 7 held for U. S. Treasury 6 Other Export-Import Bank Federal Deposit Insurance Corp Federal Works Agency Tennessee8 Valley Authority 2,004 2,069 2,047 2,221 1,140 1,596 1,549 1,567 Bonds, notes, U. S. Priand debenGov- vately Land, tures payable ern- owned struc- Other Other ment intertures, liabilinterasest and Fully ities est equip- sets guarment anteed Other by U.S. 865 856 772 708 1,487 19,682 1,074 20,460 1,720 21 ,030 2,072 21,368 172 177 183 191 72 463 233 91 63 18 2 52 1,400 1,326 2,245 487 2 28 7 () 68 320 75 6 217 9 165 20 1,642 141 137 981 11 395 217 5 320 "l47 309 19 986 1,310 1 209 2 902 2,200 125 15 786 980 63 101 2,113 36 1,242 159 5 864 13 10 7,400 605 1 1,264 89 () 18 3,809 112 3,385 173 () 66 838 42 CLASSIFICATION OF LOANS BY PURPOSE AND AGENCY Mar. 31, 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 ComFarm medi- for co- - modity Mort. ate opera- Credit Corp. credit tives Corp. banks Rural Electrification Adm. 2,118 1,358 56 493 262 Farmers' Home Adm. Recon- ExPublic Fed. struc- portHous- home tion ImFiing loan port Adm. banks nance Bank Corp. Home Owners' Loan Corp. 3 (3) 161 1 110 462 554 148 320 8 48 (3) 493 3 130 1 133 1 307 2 258 1,988 1,357 421 147 309 320 All other Dec. 31, 1949, All all agen- agencies cies 10 4,851 1,011 1,324 4,362 1,251 113 496 114 462 3 3 328 8 144 2,207 3,750 6,101 492 100 85 358 67 7 4 4 442 6,090 484 476 904 2,200 4,905 13,350 12,733 3 33 (3) 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. 8 4 Less than $500,000. Includes assets and liabilities of the Regional Agricultural Credit Corporation, which have been reported as "Disaster Loans, etc., Revolving Fund," since the dissolution of that Corporation pursuant to Public Law 38, 81st Congress. 5 Includes Farm Security Administration program, Homes Conversion program, Public War Housing program, Veterans' Re-use Housing program, and Public Housing Administration activities under the United States Housing Act, as amended. 6 Assets representing unrecovered costs to the Corporation in its national defense, war, and reconversion activities, which are held for the Treasury for liquidation purposes in accordance with provisions of Public Law 860, 80th Congress. 7 Includes figures for Smaller War Plants Corp. which is being liquidated by the Reconstruction Finance Corp. 8 Figures for one small agency are for a date other than Mar. 31, 1950. NOTE.—Statement includes figures for certain business-type activities of the U. S. Government. Comparability of the figures in recent years has been affected by (1) the adoption of a new reporting form and the substitution of quarterly for monthly reports beginning Sept. 30, 1944, and (2) the exclusion of figures for the U. S. Maritime Commission beginning Mar. 31, 1948. For back figures see earlier issues of the BULLETIN and Banking and Monetary Statistics, Table 152, p. 517. 870 FEDERAL RESERVE BULLETIN BUSINESS INDEXES [The terms "adjusted" and "unadjusted" refer to adjustment of monthly figures for seasonal variation] Construction contracts awarded (value) 2 1923-25 = 100 Industrial production (physical volume) *x 1935-39 = 100 Manufactures Year or month Total Durable Nondurable Minerals Total Residential All other Employment8 1939 = 100 Nonagricultural Factory Factory payrolls * 1939 = 100 DepartWholeFreight ment Consale carload- store sumers' comsales prices 3 modity ings* (val1935-39 ue)* ^ 1935-39 prices 3 = 100 1935-39 = 100 1926 = 100 = 100 Ad- Unad- AdAdAdAdAdAdAdAd- Unad- Unad- Adjusted justed justed justed justed justed justed justed justed justed justed justed justed 72 1919 1920 1921 1922 1923 1924 1925 75 58 73 88 82 1926 1927 1928 1929 1930 84 93 53 81 103 95 63 63 56 79 62 60 57 67 72 69 71 83 66 71 98 89 84 94 76 92 122 90 107 96 114 79 100 129 95 99 110 107 117 132 100 99 107 129 135 117 91 98 83 85 93 44 30 44 68 81 95 124 121 117 126 87 50 84 93 1931 1932 1933 1934 1935 75 67 79 80 63 58 69 75 87 41 54 65 83 70 79 81 90 67 76 80 86 28 25 32 37 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 1941 1942 1943 1944 1945 162 199 239 201 279 360 142 158 176 125 129 132 122 166 68 235 203 1946 1947 1948 1949 . 171 166 170 353 274 192 165 187 192 220 225 176 202 172 177 192 186 191 192 195 195 192 193 187 194 197 199 195 191 189 184 179 174 169 161 170 174 166 173 179 187 185 181 177 174 170 163 174 178 169 174 178 227 225 223 175 173 168 212 201 194 185 193 183 180 187 190 J>193 "197 179 177 183 188 209 207 ... 1948 June Tulv August September October November December 1949 January February March April May June July August September October November December 1950 January February April May June .... .. .. 190 2>193 140 137 92 37 13 11 12 21 103 9 124 2 80 2 146 109 97.5 98 0 139 142 98 1 142 102.5 125 96.2 98 9 96 7 96 9 103,1 89.8 110 5 108 5 109 8 117 1 94.8 152 112 147 148 152 113 114 116 131 108 75 8 64 4 71.3 83 2 88 7 71 49 53 68 78 8 5 1 3 6 105 96 78 82 89 92 75 73 82 88 108 97 92 95 98 7 6 4 7 1 73 64 65 74 80 o 8 9 9 0 96 4 91 1 105.8 108 9 90 0 84 7 100.0 100 0 107 5 113 6 107 111 89 101 109 100 107 99 106 114 99 102 100 99 100 1 7 8 4 2 80 86 78 77 78 8 3 6 1 6 119.4 131.1 138.8 61 137.0 102 132.3 132 8 156 9 183.3 178.3 157.0 164 9 241 5 331 1 343.7 293.5 130 138 137 133 150 168 105 2 116 5 123 6 125.5 128.4 87 3 98 8 103 1 104.0 105.8 147 8 156 2 155.2 141.6 271 1 326 9 351 4 325.3 132 143 138 264 286 302 116 286 139 < 159 2 171 2 169.1 121 1 152 1 165 1 155.0 153.3 153 5 156.3 158.9 157,6 155 = 9 153.5 345.6 346 5 360.1 366 8 366 7 362 8 360.7 139 138 142 139 306 312 308 308 140 137 310 291 137 302 171.7 173 7 174 5 174 5 173 6 172 2 171.4 166.4 168 8 169.8 168 9 165 4 164 0 162.4 345 9 340.4 332.8 319 2 312.8 315 7 312.8 323.0 335.1 320.9 313 9 329.3 131 126 120 295 284 279 127 124 115 110 117 293 291 285 280 283 170 9 169 0 169.5 169 7 169.2 169 6 168.5 168.8 169.6 168.5 168 6 167.5 160 6 158.1 158.4 156 9 155.7 154 5 153.5 152.9 153.6 152.2 151 6 151.2 329.2 '330.0 333 3 337.1 e 345.2 166.9 166.5 167 0 167.3 168.6 151.5 152.7 152 7 152.9 120 135 84 41 45 60 72 70 74 80 81 89 95.1 101.4 95.4 100.0 105 8 89 82 40 149 235 92 134 153 143 149 155 157 190 142 162 168 135 211 192 161 136.7 143 2 145.9 226 142.0 222 219 223 225 179 169 177 178 159 153 159 156 201 205 201 193 177 187 177 165 220 219 220 216 231 229 179 178 158 161 184 189 157 154 231 156 169 214 145.9 146.3 146.7 146.8 206 146.8 217 146.6 209 146.2 154.9 155.8 155.6 155 6 155.3 154 5 152.1 180 145 149 149 136 174 169 175 133 123 130 172 177 148 145 133 123 129 177 181 195 209 229 199 175 162 161 161 154 165 119 112 246 263 141 159 176 200 228 181 203 177 176 141 132 265 262 256 255 207 144.9 149.3 148.9 207 144.1 147.6 147.4 212 143.4 145.6 145.3 206 142.8 143.4 141.8 199 142.1 140.8 138.2 210 141.6 139.9 138.4 217 141.0 138.9 136.9 230 141.5 139.6 141.1 240 142.2 141.3 143.7 259 139.2 136.6 138.8 273 139.9 136.5 137.8 268 141.0 139.0 140.4 179 130 242 245 118 144 263 275 284 i>269 239 222 P227 173 180 1-181 180 140 254 269 260 278 298 P299 Unadjusted 103 7 104.1 79 7 88 2 100 9 93 7 97.0 40 37 48 50 16 26 Unadjusted 88 6 89.4 79 7 84.4 92 9 91.7 94.1 79 90 65 88 86 94 87 1 77.2 77.5 84 9 88.5 41 68 Adjusted 140.5 140.2 266 139.5 140.2 274 141.1 141 3 273 142.6 143.0 P143.6 PU6.1 139.8 139.9 141 0 141.5 109 1 101 8 107.3 r 120 129 110 121 142 139 140 135 83 99 92 93 104 104 187 207 105 92 289 276 117 115 277 293 117 282 104 127 126 122 127 280 274 292 290 «295 123 8 143 3 127 7 119 7 121 9 122 2 125.4 138 6 154 4 97 6 96 7 100 6 98 1 103.5 126 4 124 0 122 6 122 5 119.4 100 0 95 4 96 7 95 3 86.4 155.9 e r * Average per working day. Estimated. P Preliminary. Revised. For indexes by groups or industries, see pp. 872- 875. For points in total index, by major groups, see p. 894. 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. 879. 3 The unadjusted indexes of employment and payrolls, wholesale commodity prices, and consumers' prices are compiled by or based on data of the Bureau of Labor Statistics. Nonagricultural employment covers employees only and excludes personnel in the armed forces. 4 For indexes by Federal Reserve districts and other department store data, see pp. 881-884. Back figures in BULLETIN.—For industrial production, August 1940, pp. 825-882, September 1941, pp. 933-937, and October 1943, pp. 958-984: or department store sales, June 1944, pp. 549-561. 1 2 JULY 1950 871 INDUSTRIAL PRODUCTION, BY INDUSTRIES (Adjusted for Seasonal Variation) [Index numbers of the Board of Governors. 1935-39 average ** 100] 1949 1950 Industry May June July Aug. Sept. Oct. Nov. Dec, Jan. Feb. Mar. Apr. May Industrial Production—Total. 174 169 161 170 174 166 173 179 183 180 187 190 Manufactures—Total 179 175 168 178 184 176 179 188 192 192 194 199 202 201 194 185 193 199 175 181 203 209 207 211 222 '227 204 177 156 178 179 102 145 203 201 205 222 >225 209 218 187 438 189 182 167 293 158 162 148 259 170 191 165 376 171 193 168 373 23 38 21 162 107 137 105 359 198 239 194 557 201 244 192 612 175 238 181 639 175 243 180 691 219 270 204 739 222 273 206 755 232 225 217 216 224 226 217 227 229 '236 220 240 249 246 252 238 206 211 242 225 225 231 216 175 181 224 Durable Manufactures . .. Iron and Steel1 Pig iron Steel Open hearth. Electric Machinery Transportation Equipment, Automobiles (including parts) (Aircraft; Railroad 2Equipment; Shipbuilding — Private and Government) . Nonferrous Metals and Products. Smelting and refining (Copper smelting; Lead refining; Zinc smelting; Aluminum; Magnesium; Tin) 2 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 Cement Clay products Other stone and clay products 2 . Nondurable Manufactures... Textiles and Products. Textile fabrics Cotton consumption.. Rayon deliveries Nylon and silk consumption 2. . . 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. ... 184 193 243 251 '214 225 P248 "•182 '189 204 P232 P256 145 133 127 141 157 164 163 166 179 188 199 196 200 193 180 174 175 167 169 174 191 202 208 207 123 108 105 128 150 162 161 162 174 183 196 192 126 123 115 126 132 133 147 159 144 150 156 159 vl57 120 139 114 139 104 136 158 116 165 139 163 153 170 132 '166 138 173 145 176 150 175 P171 185 186 185 115 148 183 183 184 183 187 190 192 188 200 P202 181 189 196 157 193 206 195 152 202 223 190 140 192 204 183 145 184 195 189 146 193 204 182 146 184 193 191 147 182 190 206 150 194 206 207 158 195 207 211 '157 191 201 192 159 209 222 223 218 210 160 P158 154 161 161 123 126 165 172 177 177 176 179 180 181 180 140 155 169 175 173 178 179 173 174 P175 114 103 214 116 105 217 107 87 238 127 111 259 140 127 294 153 134 318 157 138 340 154 134 350 160 144 355 162 144 357 156 138 350 157 139 -•348 118 163 99 106 112 98 116 127 110 115 118 111 126 109 91 109 108 113 102 118 134 141 134 129 132 126 136 139 148 138 135 128 145 140 161 178 158 154 141 174 163 158 186 140 144 135 158 166 151 193 136 133 119 153 159 154 215 147 131 119 148 156 159 215 163 140 122 165 156 152 210 153 134 '116 161 146 154 222 142 134 119 156 149 101 105 96 110 115 108 97 101 108 115 '116 110 vl07 95 109 76 79 69 97 110 75 80 79 84 98 55 71 70 104 100 112 77 84 87 125 98 106 81 85 93 92 100 77 80 86 101 95 103 86 85 80 116 98 108 77 91 »"82 '128 101 112 83 83 97 110 99 111 88 78 76 103 102 112 85 89 91 105 91 104 69 72 78 123 161 166 167 160 160 161 166 164 112 109 110 110 105 111 105 151 78 171 173 152 82 171 172 151 86 167 158 147 86 176 135 148 85 183 142 154 94 191 158 153 9L 195 155 163 115 165 105 120 153 86 189 166 151 81 176 167 124 165 P107 P164 161 111 146 83 162 140 140 343 112 148 85 185 135 149 86 181 144 150 85 175 155 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. 1 872 FEDERAL RESERVE BULLETIN INDUSTRIAL PRODUCTION, BY INDUSTRIES—Continued (Adjusted for Seasoned Variation) [Index n u m b e r s of t h e Board of Governors. 1935-39 average =100] 1949 1950 Industry May Manufactured Food June July Aug. Nov. Dec. Jan. Feb. M a r . Apr. May 157 182 144 104 74 144 161 142 98 71 149 P174 P152 184 P186 Products—Continued M e a t packing P o r k and lard Beef Veal Lamb and mutton 137 146 144 101 58 141 150 144 114 68 150 164 147 127 Other manufactured foods Processed fruits and vegetables Confectionery Other food products 173 156 126 185 175 173 116 185 168 139 108 185 151 134 187 169 165 172 163 84 285 270 161 60 277 267 171 169 42 200 246 170 172 98 236 71 117 233 69 144 139 165 90 97 273 135 135 162 M a l t liquor Whiskey Other distilled spirits Rectified liquors Tobacco Products Cigars Cigarettes Other tobacco products Paper and Paper Products P a p e r and pulp Pulp Groundwood pulp Soda pulp Sulphate pulp , Sulphite pulp Paper Paperboard •. Fine paper 2 Printing paper Tissue and absorbent p a p e r . . .. W r a p p i n g paper Newsprint Paperboard containers (same as Paperboard) and Publishing Newsprint c o n s u m p t i o n . . . . Printing paper (same as shown u n d e r Paper) Petroleum and Coal Products Petroleum refining 2 Gasoline Fuel oil Lubricating oil Kerosene ... Other petroleum products Coke By-product coke Beehive coke 2 Chemical Products Paints Rayon Industrial chemicals Other chemical products 153 168 148 139 80 158 181 146 134 83 155 184 133 129 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 76 174 176 137 142 191 175 149 132 189 168 134 127 183 167 132 140 181 169 142 139 181 169 136 139 183 173 152 136 184 174 167 187 173 169 158 174 168 171 44 292 257 166 69 182 314 143 72 194 369 171 77 149 390 172 83 228 240 170 88 259 205 159 77 214 204 172 75 214 268 159 88 280 242 157 87 363 235 146 178 175 165 169 149 162 162 176 161 168 101 196 111 242 61 78 125 231 76 123 217 72 120 226 67 88 205 66 97 224 69 102 222 67 97 248 72 91 224 67 93 237 63 143 129 155 169 176 177 167 179 178 179 181 180 138 159 94 80 275 122 134 164 126 148 147 99 87 256 104 122 142 171 99 99 302 124 144 184 160 179 104 102 315 133 157 203 168 192 104 112 340 144 164 206 168 191 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 '174 204 97 121 365 153 170 207 172 199 98 119 362 145 168 211 149 142 115 104 142 139 117 105 133 141 109 106 150 144 123 101 161 157 136 96 168 170 150 96 167 168 150 94 166 161 145 94 167 175 155 98 167 170 162 98 175 173 163 102 171 185 111 167 166 158 112 155 149 144 151 159 165 160 159 163 168 169 169 166 161 156 156 151 156 162 153 152 159 169 163 168 165 207 202 198 203 208 198 205 219 211 205 207 206 P213 177 166 128 138 177 154 145 140 178 159 132 142 177 168 131 142 179 180 142 160 180 182 152 177 177 182 152 177 180 190 153 198 176 192 149 207 174 187 148 190 173 178 152 188 171 172 133 170 P180 P175 175 169 385 159 158 202 139 143 18 146 150 33 145 149 23 49 50 102 104 23 158 161 58 154 156 76 124 127 21 146 145 181 174 170 175 171 P327 234 233 228 229 236 240 243 245 248 247 247 252 P255 135 259 406 134 249 404 133 252 392 137 257 388 139 276 405 143 294 414 143 316 417 141 335 422 144 349 419 147 355 »-424 147 352 »-428 147 349 434 P146 178 178 175 178 174 192 187 193 194 rfQt rfQ7 203 P212 145 133 123 129 119 112 141 132 130 118 144 140 P143 149 135 126 134 122 120 152 136 133 118 148 147 P147 136 144 105 155 99 104 78 153 83 102 80 93 147 108 82 149 58 60 50 154 49 31 118 156 130 133 117 163 95 103 63 157 91 96 69 154 43 38 65 155 141 149 108 152 131 126 124 105 102 98 59 76 106 117 118 119 176 175 144 140 133 63 91 141 160 161 159 55 68 52 62 51 56 48 52 50 54 52 54 63 55 64 57 60 58 63 62 72 174 Alcoholic Beverages Printing Sept. Oct. 2 77 . 7 r r P442 .. Rubber Products Minerals—Total Fuels Coal Bituminous coal Anthracite Crude petroleum Metals M e t a l s other t h a n gold a n d silver • 125 143 131 99 83 155 P158 v97 P121 v\2\ P162 (Copper; L e a d ; Zinc) 2 Gold Silver 57 F o r other footnotes see preceding page. N O T E . — F o r description and back figures see B U L L E T I N for October 1943, p p . 940-984, September 1941, p p . 878-881 and 933-937, and A u g u s t 1940, p p . 753-771 and 825-882. JULY 1950 873 INDUSTRIAL PRODUCTION, BY INDUSTRIES (Without Seasonal Adjustment) [Index numbers of the Board of Governors. 1935-39 average=100] 1949 Industry May Industrial Nov. Dec. Jan. Feb. Mar Apr. M a y 170 163 174 178 169 174 178 179 177 183 188 P193 176 169 181 188 179 180 186 189 188 191 197 P202 202 195 186 194 200 176 181 201 206 204 210 221 P229 204 177 156 178 179 102 145 201 203 201 205 222 P225 209 218 189 182 158 162 170 191 111 193 23 38 107 137 198 239 148 165 168 21 105 194 219 270 222 273 167 438 293 259 376 373 162 359 557 175 238 181 639 175 243 187 201 244 192 612 180 206 691 204 232 225 217 216 224 226 217. 227 229 r 236 243 220 240 249 246 252 238 206 211 242 r 184 211 225 225 231 216 175 181 224 182 Iron and Steel * Pig iron Steel Open hearth Electric . Sept. Oct. 174 Durable Manufactures M achinery June July Aug. *.. 179 Production—Total Manufacturers—Total 1950 ... Transportation Equipment. , Automobiles (including parts) (Aircraft; Railroad 2 equipment; Shipbuilding—Private and Government) 210 755 739 251 P256 225 P248 189 204 P232 145 133 127 141 157 164 164 166 179 188 199 196 P191 Smelting and refining (Copper smelting; Lead refining; Zinc smelting; 200 192 179 174 175 167 170 175 191 202 208 207 P205 Fabricating (Copper products; Lead shipments; Zinc shipments; Aluminum products; Magnesium products; Tin 123 108 105 128 150 162 161 162 174 183 196 192 129 129 121 134 141 138 144 145 130 138 147 158 P161 124 139 124 139 113 136 126 148 132 158 125 165 134 163 132 170 111 166 119 173 133 176 150 175 P155 190 188 187 190 191 193 188 181 179 179 179 197 P207 190 202 206 191 204 209 196 214 209 197 212 207 188 199 219 197 210 211 186 195 206 111 171 187 156 151 154 153 209 222 207 149 151 191 201 157 P22Q 140 191 1 9 1 202 201 168 160 154 147 150 152 155 . . . 160 161 156 170 178 181 178 175 175 1 7 6 177 178 123 126 120 140 155 169 175 173 178 179 173 174 P175 114 116 107 127 140 153 157 154 160 162 156 157 Nonferrous Metals and Products Lumber a n dProducts .. Lumber Furniture . . . . . . Stone Clay and Glass Products Glass products Glass containers Cement Clay products . .• . .. . .. Nondurable Manufactures 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 . . C a t t l e hide leathers Calf a n d k i p leathers G o a t a n d kid leathers Sheep a n d l a m b leathers Shoes Manufactured Food Products Wheat flour Cane sugar meltings 2 Manufactured dairy products Butter Cheese. Canned and dried milk . . . . . . . . . . . . . . 103 214 105 217 87 238 118 120 109 163 99 106 112 98 116 127 110 115 118 111 126 101 95 109 73 78 75 105 156 111 259 134 127 294 134 318 138340 139 161 158 91 109 108 113 102 118 141 134 129 132 126 136 148 138 135 128 145 140 104 94 110 114 95 80 90 98 105 76 92 55 101 72 110 76 81 78 70 65 70 81 84 86 134 350 151 r 144 355 154 r 144 357 138 139 350 '348 Pill 238 221 P158 n m 140 343 186 140 144 135 158 166 193 136 133 119 153 159 215 147 131 119 148 156 215 210 163 153 140 134 122 1 1 6 165 161 156 146 159 152 222 142 134 119 156 149 108 98 101 108 118 115 110 P106 99 95 99 96 109 101 107 83 105 78 97 111 86 105 84 120 89 108 75 112 80 128 115 178 158 154 141 174 163 85 93 77 91 79 72 85 74 110 104 123 125 115 101 103 116 165 172 189 190 177 162 156 149 92 100 124 r 90 79 P101 150 P157 101 115 111 108 120 118 111 104 114 113 109 223 112 222 96 197 90 96 67 191 177 132 97 132 109 95 71 107 76 210 201 121 72 97 65 250 230 159 83 128 85 137 109 86 95 148 101 146 113 154 146 203 111 253 230 171 146 P186 149 129 172 155 159 r 93 203 175 199 109 235 215 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. 1 874 FEDERAL RESERVE BULLETIN INDUSTRIAL PRODUCTION, BY INDUSTRIES—Continued (Without Seasonal Adjustment) [Index numbers of the Board of Governors. 1935-39 average=100] 1950 1949 Industry May Manufactured Food ... Other manufactured foods Processed fruits and vegetables Confectionery Other food products Beverages. 4 . .... Malt liquor Whiskey Other distilled spirits . . . . Rectified liquors Tobacco Products.... Cigars Cigarettes Other tobacco products Paper and Paper Products Paper and pulp pulp . Groundwood pulp ... Soda pulp Sulphate pulp Sulphite pulp Paper Paper board . . . . Fine paper 2 Printing paper Tissue and absorbent paper Wrapping paper News print Paperboard containers (same as Paperboard) Printing and Publishing . • Newsprint consumption Printing paper (same as shown under Paper) . . . Petroleum and Coal Products . .. . . Petroleum refining 2 Gasoline Fuel oil Lubricating oil Kerosene Other petroleum products 2 Coke By-product coke Beehive coke Chemical Jan. Feb. Mar Apr. May 183 229 144 165 148 171 145 166 149 100 135 92 137 101 136 102 74 Products... Rubber Products . ... ....... . Fuels Coal Bituminous coal Anthracite . Crude petroleum .... ... Metals Metals other than gold and silver Iron ore (Copper; Lead; Zinc)2. Gold Silver . 138 146 139 150 140 144 134 129 145 143 155 173 172 214 144 105 142 114 149 127 149 136 158 148 145 147 137 142 186 244 59 63 74 78 89 88 81 84 90 78 72 144 161 142 102 73 157 102 165 133 176 181 207 267 194 193 175 123 165 103 155 92 154 86 154 P153 91 P99 97 86 89 203 287 184 172 150 141 143 140 126 144 137 118 181 187 189 191 195 198 193 184 173 174 177 176 n 82 182 190 188 179 179 180 171 151 143 142 162 166 186 203 213 192 168 133 138 139 42 116 44 158 69 249 72 503 312 88 168 128 139 88 168 270 267 246 257 83 250 160 75 179 60 172 144 77 167 84 171 132 77 314 369 390 240 205 204 268 242 87 218 235 170 179 152 184 185 171 172 138 162 154 167 152 168 98 117 101 111 125 123 120 88 97 102 97 91 93 236 245 206 254 247 225 231 188 224 209 230 209 71 71 61 75 84 77 69 58 68 65 72 67 237 64 144 143 128 155 169 176 177 167 178 179 179 182 181 139 166 98 97 273 135 135 162 138 159 95 80 275 122 135 164 125 145 88 87 256 104 122 142 148 169 87 99 302 124 144 184 160 177 93 102 315 133 157 203 168 191 97 112 340 144 164 206 168 191 97 113 336 145 165 210 160 180 99 107 312 138 157 193 171 198 97 118 354 148 166 209 172 201 102 117 360 149 168 205 173 199 101 113 350 152 169 203 175 205 107 121 365 153 170 207 173 201 106 119 362 145 168 211 149 142 115 105 142 141 117 106 133 136 109 104 150 144 123 100 161 157 136 96 168 172 150 96 167 168 150 95 166 156 145 92 167 173 155 98 167 177 162 98 175 173 163 102 171 187 160 113 167 166 158 113 158 148 133 143 159 169 167 162 157 166 172 r!74 169 168 155 134 136 157 171 167 159 147 166 170 178 172 207 202 198 203 208 198 205 219 211 205 r-207 206 177 166 133 140 177 154 145 132 178 159 131 132 177 168 129 136 179 180 142 159 180 182 152 177 177 182 152 182 180 190 151 204 176 192 145 212 174 187 146 199 173 178 150 192 171 172 139 174 175 169 159 158 202 139 143 146 150 145 149 49 50 102 104 158 161 154 156 124 127 146 145 385 18 33 23 7 23 58 76 21 181 174 170 T-320 175 171 327 233 230 225 226 238 245 247 249 249 250 250 253 P254 139 138 132 135 138 143 141 141 141 146 147 259 406 249 404 252 392 257 388 276 405 294 414 316 417 335 422 349 419 355 352 '424 148 P150 349 ^348 434 P442 178 178 175 178 174 192 187 193 194 195 '197 203 V212 148 137 128 134 123 112 141 128 125 113 139 138 Pi 45 149 135 126 134 122 120 152 136 133 118 148 147 P147 136 144 105 155 99 104 78 153 83 80 93 147 102 108 82 149 58 60 50 154 49 31 118 156 130 133 117 163 95 103 63 157 91 96 69 154 43 38 65 155 141 149 108 152 131 143 83 155 M25 131 99 P158 142 150 140 135 128 63 76 81 80 81 83 P86 P137 207 302 222 340 204 324 196 305 179 267 64 18 87 54 98 72 98 71 100 64 48 68 49 60 50 55 53 51 57 55 61 62 64 57 64 54 61 52 65 176 " » . Paints . . . Rayon Industrial chemicals Other chemical products 2 Minerals—Total Nov. Dec. Products—Continued Meat packing Pork and lard Beef Veal L a m b and mutton Alcoholic June July Aug. Sept. Oct. .... 57 r P175 101 P105 P194 79 P267 63 55 74 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. JULY 1950 875 FACTORY EMPLOYMENT, BY INDUSTRIES [Unadjusted, estimates of Bureau of Labor Statistics. Adjusted, Board of Governors] [Thousands of persons] 1950 1949 Industry group or industry May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May ADJUSTED FOR SEASONAL VARIATION 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 textiles Leather and leather products. . Food and kindred products.... Tobacco manufactures Paper and allied products Printing, publishing and allied industries Chemicals and allied products. Products of petroleum and coal Rubber products 11,535 11,459 11,378 11,439 11,578 11,188 11,180 11,390 11,482 11,482 11,572 11,718 6,092 6,041 5,978 5,985 6,046 5,620 5,690 5,906 5,988 '5,968 '6,047 6,190 '977 1,007 946 739 958 '973 1,001 556 948 937 938 976 '70: 717 ••691 663 678 686 690 674 688 698 708 686 '976 997 '955 913 924 932 927 948 936 940 1,009 972 '574 '56 595 538 551 555 543 521 517 534 543 521 '879 89: 87: 898 890 978 983 1,014 1,012 1,010 958 998 '684 700 69: 685 65: 686 669 669 67 67 '665 679 298 305 279 285 286 280 261 266 276 264 294 261 410 420 409 410 405 409 406 410 41 416 410 407 6,42] 1,034 74: l,00< 612 1,00c 72c 30( 43( 171 174 350 1 5,484 1,169 354 358 34 18 17 17 5,494 '5,514 '5,525 1,165 1,166 '1,166 365 18 5,528 1,166 1,023 330 1,149 84 389 1,020 340 1,145 85 384 1,02: 345 1,160 85 381 1,034 350 1,157 81 382 1,027 350 1,167 80 385 1,023 341 1,171 80 391 1,014 344 1,183 495 478 188 182 494 477 18 183 491 473 18' 185 493 '478 186 187 497 '480 185 '188 499 488 179 190 504 487 17S 195 11,324 11,33! 11,211 11,561 11,775 11,368 11,289 11,504 11,449 11,460 11,551 11,59: 5,719 5,961 6,000 '5,982 '6,071 6,191 6,057 6,022 5,894 5,947 6,060 5,651 '98, 1,007 955 963 559 743 991 934 938 97. 93, 11,755 6,384 1,024 178 178 176 170 171 340 21 5,443 1,092 34: 21 5,418 1,083 5,400 1,096 352 18 5,45. 1,114 1,001 344 1,189 88 376 999 348 1,186 89 373 992 349 1,175 88 374 1,030 354 1,165 88 375 36. 18 5,53: 1,143 1,061 352 1,17. 8 386 496 481 188 188 496 473 18' 184 492 467 185 182 491 470 18. 18: 49 480 186 167 328 19 17: 17: 170 372 18 5,568 1,168 370 1 5,490 1,172 1,051 34 1,180 84 390 495 483 185 185 172 170 36* U 5,54< 81 39 = 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 (generating, etc.) Communication 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. . i Structural clay products.... Instruments and Related Products. Miscellaneous Manufacturing Industries Ordnance and Accessories. 498 499 131 325 507 511 512 '506 522 41 64 688 42 39 38 41 43 45 46 46 67 70 677 63 666 73 688 74 693 75 '698 77 '709 77 721 116 119 121 124 128 129 113 111 108 112 114 118 134 908 142 929 141 937 141 '960 143 981 1,002 128 148 125 146 131 146 133 147 137 149 139 152 142 156 122 119 117 117 117 118 102 531 108 548 109 546 119 559 124 561 133 '573 138 '580 144 595 211 207 872 212 211 '879 217 217 591 185 523 506 45 42 67 683 64 679 62 671 117 114 109 111 114 116 97 94 92 100 116 156 1,014 156 977 155 939 155 927 110 156 935 129 922 148 161 145 156 140 150 140 149 135 129 124 140 147 123 105 518 99 505 98 507 534 45 108 538 209 185 955 200 181 995 708 r 196 176 1,014 197 173 998 201 182 1,017 203 193 986 202 200 898 208 201 896 678 185 686 191 582 184 585 184 675 184 567 184 '576 184 71 692 413 101 283 207 411 108 70 174 69 682 404 102 289 211 412 107 71 173 66 642 381 102 289 212 403 106 69 172 '68 '652 '386 101 297 218 408 108 68 171 67 '677 '401 102 381 17 361 17 345 17 356 17 362 646 187 670 192 92 672 399 92 259 183 414 106 73 177 686 410 94 257 181 409 105 73 176 86 676 407 92 253 179 400 101 72 170 80 686 415 95 263 187 412 107 72 169 74 684 416 95 277 199 414 107 72 172 666 188 69 689 414 98 284 206 411 108 71 174 333 21 333 21 313 19 347 18 366 18 383 18 146 1,014 121 208 203 978 601 187 735 301 221 410 109 69 172 18 895 606 1,000 67 693 413 105 303 222 420 113 69 174 363 18 723 300 428 175 361 18 r Revised. NOTE.—Factory employment covers production and related workers only; data shown in elude all full- and part-time production and related workers who worked during, or received pay for, the pay period ending nearest the 15th of th e month. > Figures for May 1950 are preliminary. Back data and data for industries not shown, w ithout seasonal adjustment, may be obtained from the Bureau of Labor Statistics. Back data, seasonally adjusted, for groups and the total m ay be obtained from the Division of Research and Statistics. 876 FEDERAL RESERVE BULLETIN FACTORY EMPLOYMENT, BY INDUSTRIES—Continued [Unadjusted, estimates of Bureau of Labor Statistics. Adjusted, Board of Governors] [Thousands of persons] 1950 Industry group or industry May Nondurable goods June July Aug. Sept. Oct. Nov. Dec, Jan. Feb. Mar. Apr. May 5,267 5,315 5,317 5,614 5,715 5,717 5,570 5,543 5,449 5,478 -•5,480 5,401 5,371 1,087 1,083 1,058 1,092 1,132 1,168 1,184 1,187 1,177 rl, 183 '1,183 1,172 1,160 127 140 144 133 147 133 149 149 132 149 149 145 518 530 547 565 572 526 '571 ••574 525 574 573 568 200 211 219 230 221 202 227 223 203 218 227 223 Textile-mill Products Yarn and thread mills Broad-woven fabric mills Knitting mills. Apparel and Other Finished Textiles Men's and boys' suits, coats and overcoats . Men's and boys' furnishings Women's and misses' outerwear 956 959 942 1,040 1,082 1,083 1,028 1,040 1,032 1,065 1,058 1,003 118 239 257 122 236 258 116 221 263 131 235 306 133 246 319 129 252 308 118 251 280 127 247 296 130 241 302 135 244 '315 135 245 305 132 241 271 Leather and Leather Products Footwear (except rubber) 332 216 339 223 342 226 356 234 354 230 349 224 332 208 343 224 348 231 357 235 357 235 341 222 Food and Kindred Products Meat products Dairy products Canning and preserving Bakery products Beverage industries 968 332 1,095 1,153 1,224 1,350 1,340 1,273 1,185 1,139 1,078 "1,055 1,060 1,065 1,090 236 227 230 242 229 224 221 229 232 226 251 244 104 122 110 99 99 103 116 97 115 122 96 95 232 220 322 160 110 121 339 110 169 136 117 131 199 191 196 195 189 190 194 188 192 190 186 188 149 169 157 146 139 141 165 134 152 141 135 148 Tobacco Manufactures 84 82 91 94 92 89 Paper and Allied Products Pulp, paper and paperboard mills 372 194 369 192 365 188 371 191 384 197 392 200 393 201 Printing, Publishing and Allied Industries. . . . Newspapers Commercial printing 494 141 162 494 142 164 485 141 162 486 141 161 495 144 162 500 144 166 Chemicals and Allied Products. Industrial inorganic chemicals Industrial organic chemicals Drugs and medicines 476 53 142 60 464 52 139 60 453 51 136 59 458 50 135 60 478 50 140 61 Products of Petroleum and Coal Petroleum refining 188 149 189 150 189 150 190 150 Rubber Products Tires and inner tubes. 185 87 181 86 177 180 81 82 85 81 78 76 390 200 385 199 386 '200 389 200 391 201 500 145 165 501 145 168 493 142 167 495 '145 165 497 147 165 497 148 165 501 488 52 141 62 485 51 143 62 484 51 144 62 480 50 144 62 r 485 52 144 59 *487 52 145 58 490 53 146 61 482 189 149 185 148 188 148 185 146 184 145 183 144 182 143 176 136 178 167 64 187 81 186 81 187 82 187 83 '188 '83 190 84 194 '83 87 75 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 1950 May Mar. Manufacturing—Total 54.08 '56.49 Durable goods 57.21 '59.74 60.08 56.67 59.70 55.99 63.03 52.94 47.59 53.90 54.83 48.83 59.32 '62.36 '59.60 63.34 '•58.75 '67.38 '52.03 '52.42 '55.60 '57.24 '51.78 61.31 50.41 41.91 39.94 40.05 53.44 36.27 53.73 70.40 58.20 72.12 57.08 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 industries Chemicals and allied products Products of petroleum and coal Rubber products 1949 1950 Mar. Apr. Average hourly earnings (dollars per hour) 1949 May Mar. Apr. May May 56.93 57.50 38.6 39.7 39.7 39.9 1.401 1.423 1.434 1.441 61.12 61.44 39.0 40.2 40.8 40.8 1.467 1.486 1.498 1.506 65.04 60.63 64.33 59.16 70.50 53.32 51.79 56.42 57.14 51.82 61.43 65.37 60.52 64.77 59.45 68.91 55.24 50.84 57.31 57.77 52.85 62.18 38.0 39.0 39.2 38.8 38.2 41.1 38.5 39.6 39.5 39.0 40.3 38.9 40.4 -•40.3 40.8 40.6 41.0 40.6 40.8 40.2 41.4 40.3 40.7 41.8 41.3 >-40.0 40.3 40.0 39.9 '40.2.- 40.2 40.6 40.6 40.5 40.7 41.1 40.8 40.8 41.1 40.8 40.7 40.2 40.5 41.1 1.581 1.453 1.523 1.443 1.650 1.288 1.236 1.361 1.388 1.252 1.472 1.603 1.479 1.560 1.447 1.676 1.291 1.254 1.390 1.431 1.288 1.510 1.610 1.486 1.569 1.450 1.703 1.310 1.254 1.400 1.432 1.289 1.513 1.614 1.487 1.576 1.457 1.689 1.344 1.246 1.408 1.437 1.305 1.513 '53.04 52.17 52.90 38.1 39.2 38.5 38.9 1.323 1.353 1.355 1.360 '47.43 '43.58 '44.00 '54.38 '39.45 r58.ll '72.18 '60.17 71.66 '59.66 45.51 40.83 41.92 54.10 38.70 58.16 72.22 60.65 73.85 61.76 45.59 41.64 41.62 55.29 40.08 57.95 72.26 61.39 72.30 64.13 35.4 35.5 35.1 41.3 35.7 40.4 38.7 40.7 40.7 37.7 39.2 36.5 '•37.8 40.7 36.6 42.6 38.6 41.1 39.7 39.3 37.8 35.2 35.8 40.4 35.5 42.3 38.6 41.2 40.8 40.0 37.9 35.9 35.3 41.2 36.8 42.3 38.6 41.2 40.3 40.9 1.184 1.125 1.141 1.294 1.016 1.330 1.819 1.430 1.772 1.514 1.210 1.194 1.164 1.336 1.078 1.364 1.870 •1.464 1.805 1.518 1.204 1.160 1.171 1.339 1.090 1.375 1.871 1.472 1.810 1.544 1.203 1.160 1.179 1.342 1.089 1.370 1.872 1.490 1.794 1.568 Figures for May 1950 are preliminary. May 1950 May ' Revised. NOTE.—Data are for production and related workers, of Labor Statistics. JULY 1950 Apr. Average hours worked (per week) Back data are available from the Bureau 877 EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS, BY INDUSTRY DIVISION [Unadjusted, estimates of Bureau of Labor Statistics. Adjusted, Board of Governorsl [Thousands of persons] Year or month 1941 1942 1943.. 1944 1945 1946 1947 1948 1949 Total 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 43,027 42.896 42,711 42,864 43,068 42,163 42.38S 42,710 14,095 14,007 13,917 13,979 14,108 13,706 13,695 13,922 Mining 947 983 917 883 826 852 943 981 932 Contract construction Transportation and pubfic utilities Federal. State, and local government Trade ' Finance Service ' 1.462 1 440 4.622 5,431 6.049 6.026 5,967 5.607 5,454 5,613 5,813 1.790 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 7,567 7,481 7.322 7.399 7-685 8.815 9,196 9,491 9,438 I 374 1 394 I 586 •1,641 1,716 1,763 3,554 3,708 3,786 3,795 3,891 4,408 4,786 4,799 4,781 2.116 2.100 2 128 2.167 2,188 2,203 2.200 2,131 4 024 4,003 3.968 3,947 3,939 3,877 3,895 3,930 9 475 9 456 9,383 9,420 9,453 9,386 9,306 9,426 I 754 I 756 1,754 1,762 L78Q L',785 1,784 1,788 4,804 4,786 4,779 4,788 4,785 4,770 4,768 4,762 5 784 5 823 5.846 5.852 5 872 5,845 5,820 5,811 3,902 3,874 3,906 3,948 3,891 9,337 '9,323 '9,334 9,418 9,450 1,781 1,786 1,790 1,794 1,805 4,748 4,768 '4,779 4,780 4,786 5,784 5,779 5,776 5,901 5,869 401 SEASONALLY ADJUSTED 1949—May June July August September October November December ,. 14,016 14,02t '14,128 14,289 14,546 867 '604 '925 920. 914 2,109 '2,091 '2,091 2,151 2,221 42,731 42.835 42.573 42.994 43,466 42.601 42,784 43,694 13,877 13,884 13,757 14,114 14,312 13,892 13,807 14,031 974 968 943 956 948 593 917 940 2,137 2,205 2,277 2,340 2,341 2,313 2,244 2,088 4,021 4,031 4,007 3,992 3,959 3,871 3,892 3,930 9,342 9,336 9,220 9,213 9,409 9,505 9,607 10,156 1 763 1,774 L,78O 1,780. 1,771 1,767 1,766 1,770 4,804 4,834 4,851 4,836 4,833 4,794 4,768 4,738 5.813 5 803 5,738 5,763 5,893 5,866 5,783 6,041 42,125 '•41,661 r 42,261 42,856 43,186 13,980 '13,997 '"14,101 14,153 14,324 861 '595 1,919 '1,861 '1,903 2,065 2,243 3,869 3,841 3,873 3,928 3,888 9,246 '9,152 '9,199 9,332 9,318 1,772 1,777 L.790 1,803 1,814 4,701 4,696 '4,707 4,756 4,786 5,777 5,742 5,769 5,902 5,900 42,544 '42,246 r42,729 43,201 43,482 1950—January........ February March April May 975 965 936 949 943 591 917 940 r UNADJUSTED 1949—May June. July August September October November December . 1950—January... February March April May T-919 917 913 ' Revised. 1 Data for the trade and service divisions, beginning with January 1947, are not entirely comparable with data shown for the earlier period because of the shift of automotive repair services (230,000 employees in January 1947) from trade to services. NOTE.—Data include all full- and part-time employees who worked during, or received pay for, the pay period ending nearest the 15th of the month. Proprietors, self-employed persons, domestic servants, and personnel of the armed forces are excluded. May 1950 figures are preliminary. Back unadjusted data are available from the Bureau of Labor Statistics; seasonally adjusted figures beginning January 1939 may be obtained from the Division of Research and Statistics. LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT [Bureau of the Census estimates without seasonal adjustment. Thousands of persons 14 years of age and over] Civilian labor force Total noninstitutional population Year or month Total labor force Employed l Total Total In nonagricultural industries In agriculture Unemployed Not in t he 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 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—May 109,458 109,547 109,664 109,760 109,860 109,975 110,063 110,169 63,452 64,866 65,278 65,105 64,222 64,021 64,363 63,475 61,983 63,398 63,815 63,637 62,763 62,576 62,927 62,045 58,694 59,619 59,720 59,947 59,411 59,001 59,518 58,556 49,720 49 924 50,073 51,441 51,254 51,290 51,640 51,783 8 974 9 696 9.647 8 507 8 158 7 710 7 878 6,773 3.289 3 778 4.095 3.689 3 351 3 576 3,409 3,489 46,006 44 683 44.385 44,655 45,638 45 953 45,701 46,694 110,256 110,344 110,442 110,536 110,608 62,835 63,003 63,021 63,513 64,108 61,427 61,637 61,675 62,183 62,788 56,947 56,953 57,551 58,668 59,731 50,749 50,730 50,877 51,473 51,669 6 198 6,223 6 675 7,195 8,062 4.480 4,684 4 123 3 515 3,057 47,420 47,342 47 422 47 024 46,500 June . July August September October .. November December . 1950—January February March April May 2 660 1 070 670 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. 878 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] Month 1950 483.0 730.9 568.5 779.5 747.6 1,300.2 845.9 1,350.5 885.4 1,347.6 ;. . 949.9 947.8 911.0 1,071.7 1,061.8 957.8 929.0 June July August September October November December Year ... 10,359.3 1949 1950 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 1949 1950 1949 1950 37.7 27.9 161.5 119.2 83.7 62.6 58.8 88.4 92.0 68.5 70.9 73.4 64.4 103 9 82.8 58.6 60 7 60.6 58.3 88.6 106.8 96.4 43.6 37.8 66.2 43.8 51.5 45.4 41.5 41.1 38.0 48.9 35.9 64.8 4,239.4 558.6 [Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation Value of contracts in millions of dollars] January... February.. March April May... . 615 682 690 874 971 935 963 854 762 779 611 694 June July....... August.... September. October... . November. December.. Year 1949 1950 197 248 181 236 298 338 335 276 259 262 199 278 1,072 1,062 958 929 160 252 282 319 369 375 410 316 289 332 316 299 201 285 481 354 419 434 509 638 673 597 628 579 503 517 413 416 3,107 3,718 530 495 819 996 323 317 466 527 517 574 537 595 783 730 642 630 6,323 6,641 LOANS INSURED BY FEDERAL HOUSING ADMINISTRATION [In millions of dollars] Title I loans 1941 1942 1943 1944 1945 1946 1947 1948 1949 1949—May June July August September.. October November. . December. . 1950—January February... March April May Total 1,172 1,137 935 875 666 755 1,787 3,338 4 3,821 279 382 317 356 309 383 4 323 4 371 4 337 4329 * 353 4 329 4351 1950 1949 1950 63.5 58.0 96.3 97.0 100.2 77.6 80.6 112.4 112.2 124.6 138.3 144.2 99.6 124.5 141 8 109.3 110-8 73.5 121.4 154.3 125.6 128.3 102.0 153.5 168.4 222.4 213.5 239.0 252.7 234.3 223.1 204.0 256.4 206.8 152.1 152.5 224.9 227.0 264.5 1,375.9 824.4 2,476 0 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] 1950 Property improvement * Small home construction War and 1- to 4- Rental Vetand family group erans' houses housing housing (Title (Title (Title ID VI) 2 ID 249 21 141 87 877 15 1 691 245 114 171 321 534 614 594 35 49 40 55 60 65 58 71 57 44 44 27 48 1949 Federal Reserve district Apr. May Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis Kansas City Dallas . .. Total (11 districts) 71,632 237,676 57,904 137,553 129,857 163,445 254,766 89,816 51,149 54,001 99,804 May 87,968 258,789 90,450 147,334 149,009 107,805 236,952 78,384 47,666 46,948 99,191 52,468 173,954 54,188 95,247 76,934 105,207 142,109 51,840 32,423 47,273 53,776 1,347,603 1, 350,496 885,419 Mortgages on 13 6 216 7 13 1 1 3 2 2 219 347 446 880 1,855 130 151 143 172 163 188 189 206 228 203 209 171 176 INSURED FHA HOME MORTGAGES (TITLE II) HELD IN PORTFOLIO, BY CLASS OF INSTITUTION [In millions of dollars] 13 284 603 End of month Total 537 4 3 7 (3) 1 272 85 808 1,836 1,339 113 181 134 126 84 128 67 90 51 73 88 122 Savings Com- Mutual and mersavloan cial ings associbanks banks ations Insur- Fedance 2 eral com- agen- Other panies cies x 1936—Dec. 1937—Dec. 1938—Dec 1939—D ec 1940—Dec 1941—Dec. 1942—Dec 1943—Dec.. 1944—Dec 228 8 41 5 27 771 1,199 1,793 2,409 3,107 3,620 3,626 3,399 430 634 902 1,162 1,465 1,669 1,705 1,590 27 38 71 130 186 236 256 260 110 118 212 149 342 192 224 542 254 789 276 1,032 292 1,134 269 1,072 32 77 153 201 234 245 79 68 53 90 133 150 179 163 159 140 1945—June Dec 3,324 3,156 1,570 1,506 265 263 264 1,047 253 1,000 43 13 134 122 1946—June 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 52 227 305 365 110 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. 3 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. JULY 1950 1949 1948 1949 1950 1948 1949 1950 483 731 568 780 748 1,300 846 1 350 885 950 948 911 9,430 10,359 Year or month 1950 Public ownership Private ownership Total 1948 38.1 44.7 60.4 68.4 76.0 81.4 91.2 72.9 78 6 83.6 62.3 66 9 885.0 CONSTRUCTION CONTRACTS AWARDED, BY OWNERSHIP Month 1949 Public works and public utilities Other Educational Commercial Factories 1949 January February March April May Nonresidential building Residential building Total 56 1 The RFC Mortgage Company, the Federal National Mortgage Association, the Federal Deposit Insurance Corporation, and the United States Housing Corporation. 2 Including 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. 879 MERCHANDISE EXPORTS AND IMPORTS [In millions of dollars] Merchandise imports 2 Merchandise exports * Excess of exports Month 1946 1947 1948 1949 1950 1,104 L,043 1,177 P746 394 318 385 531 437 445 547 589 675 L,166 1,092 .105 2>809 406 393 382 512 474 463 January February March 798 670 815 L ,114 ,146 1,326 L,092 1,085 1,139 757 May June 851 878 1,294 1,414 1,235 L,121 1,103 .014 July August September.... 826 883 1,155 1,145 1,112 1*019 p 1946 ^825 1947 1948 1949 1950 515 477 544 P123 P173 P203 J»226 545 496 464 532 535 P583 782 940 631 541 *>526 351 457 496 590 554 625 772 549 389 P579 450 400 564 606 473 395 461 266 705 745 456 386 639 365 P442 P389 P375 142 508 567 743 687 511 423 269 598 i»296 P244 P339 1,996 3,896 2,643 2,718 926 P906 560 L 235 1,023 1,141 823 1,318 1,114 P853 P837 P944 394 478 529 492 455 603 600 554 720 »557 P593 P605 Jan.-May 3,891 5,294 1,895 2,398 2,895 5,583 ^4,021 1949 583 709 882 537 986 1,097 5,539 1948 405 352 431 October November December 643 1947 P623 P600 P664 *»456 P491 P531 P899 P880 1946 590 567 633 431 422 377 992 1950 2,864 P3 ,130 552 P891 p1 Preliminary. Including both domestic and foreign merchandise. Beginning January 1948, recorded exports include shipments under the Army Civilian Supply Program for occupied areas. The average monthly value of such unrecorded shipments in 1947 was 75.9 million dollars. 2 General imports including merchandise entered for immediate consumption and that entered for storage, in bonded warehouses. Source.—Department of Commerce. Back figures—See BULLETIN for March 1947, p. 318; March 1943, p. 261; February 1940, p. 153; February 1937, p. 152; July 1933, p. 431; and January 1931, p. 18. FREIGHT CARLOADINGS, BY CLASSES [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 REVENUES, EXPENSES, AND INCOME OF CLASS I RAILROADS Miscellaneous Merchandise l.c.l. 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 77 100 114 139 155 141 143 129 143 153 149 123 119 123 122 117 215 215 182 177 123 130 54 96 148 77 79 85 75 72 125 121 124 137 134 160 145 28 42 146 132 126 122 120 59 177 138 125 153 152 131 76 73 70 70 59 58 55 127 125 111 119 127 57 52 54 54 52 97 46 139 151 122 143 119 113 126 70 65 67 118 119 123 169 156 134 133 130 134 52 52 53 101 109 130 138 137 140 135 132 143 138 116 98 111 123 135 138 143 134 130 147 141 100 102 137 168 181 186 185 172 146 182 184 145 107 101 112 120 146 139 151 138 150 136 142 96 96 91 104 117 124 125 129 107 88 1949_April May June July August September... October November. . . December. . . 127 124 115 110 129 130 98 79 188 173 150 118 138 150 156 117 105 92 117 115 103 60 42 131 97 1950—January February.... March...... April... . 117 104 127 57 SEASONALLY ADJUSTED JVTay UNADJUSTED 1949—April May June . . . July August September... October..... November. . . December. . . 1950—January February.... March April May . . 126 123 181 131 68 129 121 137 53 . 122 119 181 127 66 134 121 133 51 125 129 184 121 68 119 228 130 60 125 119 115 120 130 98 79 103 171 147 115 119 132 159 212 149 66 54 60 73 128 127 117 131 267 282 284 240 59 57 114 99 120 107 60 42 131 97 128 53 96 155 140 153 149 123 104 131 95 69 127 126 121 128 130 131 135 119 218 35 51 45 135 121 124 120 55 57 55 56 55 50 107 96 120 122 125 97 46 139 123 119 158 130 144 177 179 119 111 116 115 112 68 52 53 61 59 106 115 123 129 139 42 39 39 63 217 122 122 127 135 135 49 51 54 54 51 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. 880 [In millions of dollars] Total Total railway railway operating expenses revenues Net railway operating income # Net income Annual 3,995 4,297 5,347 7,466 9,055 9,437 8,902 7,628 8,685 9,672 P8,580 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 1949—April May June July August September. October November. December. 742 737 748 701 697 685 623 708 712 689 676 677 650 659 633 592 636 632 53 61 71 51 38 52 31 72 81 21 29 38 19 5 19 0 39 49 1950—January.... February.. March. April , 689 638 723 730 629 606 655 667 60 32 67 63 29 1 36 2>32 683 683 674 650 677 631 602 629 642 64 58 61 50 66 64 47 76 69 40 32 42 27 39 38 24 54 82 624 570 668 652 33 15 76 62 11 -9 51 P38 1939 1940 1941 1942 , 1943 1944 1945....... 1946....... 1947 1948 1949 SEASONALLY ADJUSTED UNADJUSTED 1949—April May June , July August September., October November.. December.. 747 741 735 701 743 695 649 705 711 1950—January February.., March April 657 585 743 714 r P Preliminary. 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 Reserve district United States Year or month Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis 207 264 286 302 286 176 221 234 239 234 169 220 239 249 233 184 235 261 284 271 201 257 281 303 281 235 292 304 321 307 275 344 360 386 374 193 250 275 290 271 227 292 314 335 317 185 247 273 288 275 229 287 311 325 309 275 352 374 404 385 248 311 337 353 332 291 285 280 283 289 276 277 293 243 242 227 234 241 211 234 239 ?236 236 222 234 238 223 227 237 271 269 261 268 277 260 267 276 295 281 274 269 279 259 266 283 ••317 311 326 304 306 295 305 311 '377 368 377 360 367 376 367 382 275 262 258 275 283 258 262 281 335 314 325 326 332 309 300 330 273 266 261 269 276 278 267 293 309 309 304 299 312 301 299 322 '385 385 387 374 374 387 371 403 '341 335 329 333 326 337 319 339 282 280 274 292 P290 244 229 216 244 227 229 220 217 235 226 267 276 '262 281 270 290 271 270 299 299 300 299 288 323 320 376 383 374 397 274 262 265 269 277 282 300 297 319 330 246 284 249 277 P268 300 301 298 307 P309 . 396 409 389 401 403 316 323 321 333 337 ••288 268 218 238 299 293 339 481 241 232 155 173 248 234 292 418 .'231 224 155 171 243 243 293 401 277 256 188 201 280 279 355 472 292 265 214 234 282 274 332 465 r312 287 236 243 328 314 378 541 365 323 294 324 381 395 426 642 277 262 212 228 297 271 324 438 328 283 254 280 335 331 378 504 279 255 211 242 307 314 310 438 306 284 249 275 328 325 347 505 373 331 310 333 404 414 442 662 323 314 280 313 331 339 358 565 216 224 257 285 185 177 207 241 225 183 183 208 225 221 197 207 255 276 275 215 217 256 290 296 218 234 283 313 315 285 322 359 389 205 204 241 269 280 232 252 285 316 323 188 210 228 278 228 244 277 304 P306 313 327 362 393 391 251 273 291 321 320 166 213 255 291 270 153 182 202 223 210 160 195 225 241 221 150 191 220 252 233 156 205 243 277 256 198 248 289 322 301 188 258 306 362 339 159 205 246 281 260 166 225 274 314 296 165 212 266 326 299 158 209 259 301 276 190 251 320 389 362 183 238 300 346 323 1949—May June July August September October November. December »-274 265 256 253 263 270 273 271 219 207 193 183 195 206 219 228 r226 218 213 204 213 216 221 227 240 232 224 216 232 231 231 232 267 249 228 229 242 252 258 262 303 311 302 295 295 305 295 295 336 325 319 319 337 347 352 352 265 257 253 250 252 265 261 253 296 280 267 264 280 298 308 309 301 301 283 290 296 298 305 292 276 268 263 264 258 278 284 276 363 357 354 349 356 366 365 351 320 313 302 309 334 325 329 321 1950—January February . March April. . 272 279 285 286 ?285 223 222 233 231 228 227 224 231 230 228 ••234 234 239 249 244 256 269 276 283 280 291 307 324 329 331 357 350 353 360 370 264 262 264 265 265 288 321 326 329 313 304 308 307 '316 2*323 283 283 294 206 ^296 353 364 362 , 375 380 322 343 355 341 338 277 256 245 254 274 297 305 244 216 199 188 192 210 232 249 205 ••229 206 189 204 225 244 255 207 245 218 202 212 241 265 266 204 269 244 228 242 264 287 279 219 309 280 282 298 309 339 327 267 332 312 300 316 347 379 395 306 268 247 233 242 259 288 298 237 296 280 278 287 311 333 329 259 302 291 290 287 301 313 331 270 ••282 268 257 259 263 298 313 246 363 336 333 346 367 384 405 323 331 315 •311 308 334 346 365 293 244 267 290 294 P289 198 209 226 227 226 200 217 237 237 231 ^204 '230 251 259 248 224 251 273 287 283 267 299 334 344 337 321 354 371 378 366 238 254 274 273 268 248 289 317 329 313 279 296 319 '321 ^324 257 278 300 305 P302 328 357 384 393 380 294 323 348 347 350 Minne- Kansas Dallas apolis City San Francisco SALESi 1945 1946 1947 1948 1949 ... SEASONALLY ADJUSTED 1949—May June July August .. September October November December ... 1950—January February March April . May P390 UNADJUSTED 1949—May June . .. July August September October November December 1950—January February March April May P2S6 P37S P273 STOCKSi 1945 1946 1947 1948 1949 . . , SEASONALLY ADJUSTED May UNADJUSTED 1949—May June July August September October November December 1950—January February March April May ... .. . 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 I-ULY 1950 881 DEPARTMENT STORE STATISTICS—Continued SALES AND STOCKS BY MAJOR DEPARTMENTS Per cent change from a year ago (value) Department Number of stores reporting Sales during period Apr. 1950 Four months 1950 GRAND TOTAL—entire store K . . 354 -9 —5 MAIN STORE—total 354 -9 -4 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 jewelry4 Fine jewelry and watches 4 Art needlework Books and stationery Books and magazines Stationery 314 289 193 169 173 305 278 248 242 -13 -24 -29 -35 -15 -3 -3 -6 +1 -13 -24 -29 -25 -17 -4 0 -8 -3 344 206 241 326 317 212 282 76 241 274 139 235 -6 -6 -6 -2 -12 -7 — 14 -4 -8 -6 -1 -9 —8 — 12 Women's and misses5 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 Suits4 Juniors' and girls' wear Juniors' coats, suits, and dresses Girls' wear Women's and misses' dresses Inexpensive dresses4 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 boys shoes and slippers. 351 351 309 287 168 327 338 345 343 253 288 252 325 333 242 208 217 351 340 210 203 317 289 315 342 255 266 341 289 271 -15 -12 -6 -14 -17 -15 -7 -10 -15 —7 -19 -15 -13 -15 -12 -20 -9 -18 -21 —23 -18 -23 -23 -25 -15 -18 -13 -13 -14 -11 330 254 314 301 190 -9 -3 -8 -19 2 Housef urnishings. . . Furniture and bedding Mattresses, springs and studio beds 4 Upholstered and other furniture 4 Domestic floor coverings Rugs and carpets4 Linoleum 4 Draperies, curtains, and upholstery Lamps and shades China and glassware Major household appliances Housewares (including minor appliances) Gift shop 4 Radios, phonographs, television, records, etc.4. . Radios, phonographs, television 4 . . Records, sheet music, and instruments 4 318 243 164 173 274 152 101 297 252 251 249 262 168 231 191 128 +5 +7 +9 +6 Miscellaneous merchandise departments Toys, games, sporting goods, and cameras Toys and games Sporting goods and cameras Luggage Candy4 317 291 235 144 263 190 +2 -8 -6 -6 -6 o -10 +1 -2 +3 -10 -6 -3 -11 -5 -7 -6 -5 -13 -18 -15 5 -6 3 —6 —1 -13 -15 — 20 —6 -13 -15 -10 -13 — 15 — 10 -10 -12 -17 -3 -1 —5 -6 +2 +9 +10 +12 +9 Ratio of stocks xto sales Stocks (end of month) +2 +2 +3. -4 -2 0 +7 +2 +5 +2 +19 -1 +3 +1 +2 —1 +5 +3 -1 +4 +2 +5 +3 +6 -2 +1 +4 +6 +7 +9 +6 +13 '+2 +4 +5 +7 +8 +13 +8 —1 -11 — 18 0 +2 i +5 0 —1 —2 -1 +9 +2 +3 -1 +5 +6 +6 -1 2 +7 -1 -4 —3 -16 -3 0 -8 —8 — 12 +10 +15 +3 -2 -8 0 +6 +76 -1 +6 +9 +82 +115 -5 -6 -5 -5 -7 -7 -13 -4 -2 0 -7 —3 -5 +103 Sales during period April 1950 Apr. 1950 -6 -6 -20 -5 -1 0 -3 Index numbers without seasonal adjustment 1941 average monthly sales =1002 +8 +6 +3 +9 +15 —2 -1 -1 +1 -3 -1 -1 1950 3.1 Stocks at end of month 1949 1950 1949 1949 Apr. Mar. Apr. Apr. Mar. Apr. 2.8 3.3 3.0 195 199 213 650 645 640 4.4 3.8 3.7 6.4 3.1 5.0 5.2 5.0 4.5 3.7 3.0 2.7 4.3 2.7 4.4 5.0 4.0 4.3 154 197 172 116 268 132 126 134 123 173 253 271 288 268 134 135 145 120 177 258 242 178 315 136 131 143 122 687 747 634 743 845 654 662 673 555 672 774 825 818 827 627 642 660 567 665 776 664 757 845 611 650 572 532 4.2 3.0 3.4 3.9 5.2 6.8 3.4 9.1 5.7 4.1 3.3 4.5 3.8 2.9 3.1 3.8 4.5 6.4 2.8 8.9 5.3 3.7 3.0 4.1 154 266 232 129 156 158 241 211 134 152 165 284 246 132 177 642 801 784 509 817 636 804 769 511 822 631 810 762 506 802 145 126 133 iis 155 169 189 152 126 155 134 142 660 594 410 606 643 584 487 621 673 572 404 575 2.4 2.8 1.9 4.2 0.7 2.8 2.9 2.0 3.6 3.6 3.7 3.1 2.9 2.1 4.0 3.7 4.0 2.0 1.3 1.2 1 4 1.8 1.4 2.3 1.7 1.4 2 0 2.8 2.5 6.6 2.0 2.3 1.8 3.6 0.6 2.2 2.5 1.7 2.9 2.9 3.0 2.6 2.4 1.7 3.2 2.6 3.4 1.7 1.1 1.1 1.2 1.4 1.1 1.7 1.4 1.2 1 8 2.4 2:0 5.7 212 209 276 119 252 189 258 154 174 213 168 147 252 210 244 218 206 265 109 261 159 250 148 164 210 155 142 275 194 245 250 239 294 138 304 222 277 171 204 230 207 173 288 248 278 511 588 518 497 179 531 748 309 629 766 630 463 732 443 966 534 606 599 466 281 575 741 310 612 744 621 465 744 463 969 500 560 535 494 176 506 703 284 595 679 617 440 709 414 903 215 252 231 303 261 321 429 328 457 437 437 369 256 265 262 221 313 309 332 203 334 342 347 260 471 386 605 377 529 447 650 372 465 404 572 383 231 192 44 227 172 71 266 224 50 635 482 290 608 434 349 648 445 286 4.2 4.4 4.3 3.3 5.0 3.7 4.3 3.8 2.6 4.6 177 185 153 222 180 165 182 136 218 162 194 737 192 - 810 167 661 272 740 185 908 729 797 636 786 947 722 827 632 713 871 4.1 4.3 2.1 5.0 4.9 5.1 4.2 4.1 4.1 7.4 3.0 3.7 5.4 2.5 2.1 5.3 4.4 4.7 2.2 S3 5.0 5.2 3.8 3.6 3.8 7.7 3.6 3.6 5.6 4.1 3 7 5.9 208 185 223 197 198 173 863 805 840 775 862 814 177 189 189 868 859 928 195 184 142 234 264 200 190 160 274 261 821 743 205 803 186 761 712 725 143 1,067 1,037 1,087 213 713 710 766 272 987 964 975 3.0 5.2 4.8 5.8 4.9 0.8 2.9 5.0 4.4 5.5 4.6 0.7 188 139 108 140 156 171 108 93 101 150 200 146 114 151 168 567 718 515 808 770 544 650 503 677 737 579 728 514 826 780 For footnotes see following page. 882 FEDERAL RESERVE BULLETIN DEPARTMENT STORE STATISTICS—Continued SALES AND STOCKS BY MAJOR DEPARTMENTS—Continued Per cent change from a year ago (value) Number of stores reporting Department Apr. 1950. BASEMENT S T O R E — t o t a l Domestics and blankets 4 Women's and misses' ready-to-wear. . Intimate apparel 4 Coats and suits 4 . 4 Blouses, skirts, and sportswear . Girls' wear 4 Infants' wear 4 » Stocks (end of month) Sales during period Four months 1950 Index numbers without seasonal adjustment 1941 average monthly sales—100 2 Ratio of stocks to sales i Sales during period April 1950 Apr. 1950 -14 -10 +3 2.2 137 -4 -7 +4 3.4 197 -19 -14 171 184 179 162 123 123 -11 -28 -18 -13 -22 -14 -9 -20 -16 -12 g -6 +1 +5 1.7 2.3 0.9 1.4 2.0 1.7 2.3 -3 +4 0 1950 1949 1949 1949 202 -16 Stocks at end of month Apr. Mar, Apr. Apr. Mar. Apr. 202 197 235 450 456 437 214 211 263 358 372 358 212 195 230 574 579 521 1.9 3.1 1.4 2.0 0.8 1.1 1.8 1.2 1.9 +4 +7 +10 +10 +7 +14 +11 2.7 2.9 2.7 3.0 2.1 2.5 1.5 2.3 Men's a n d boys' wear. Men's wear 4 Men's clothing 4 . . . . Men's furnishings 4 . . Boys' wear 4 158 134 93 116 121 -18 -5 -5 -3 -6 -6 Housef u r n i s h i n g s 106 -5 -3 +2 2.9 2.7 177 192 186 513 514 501 +2 3.3 2.8 173 157 197 565 576 566 Shoes NONMERGHANDISE—total 4 . Barber and beauty shop 4 123 -12 -5 172 -5 -3 72 _4 +2 1 The ratio of stocks to sales is obtained by dividing stocks at the end of the month by sales during the month and hence indicates the number of months' supply on hand at the end of the month in terms of sales for that month. 2 The 1941 average of monthly sales for each department is used as a base in computing the sales index for that department. The stocks index is derived by applying to the sales index for each month the corresponding stocks-sales ratio. For description and monthly indexes of sales and stocks by department groups for back years, see BULLETIN for August 1946, pp. 856-858. The titles of the tables on pp. 857 and 858 were reversed. 3 For movements of total department store sales and stocks see the indexes for the United States on p. 881. 4 Index numbers of sales and stocks for this department are not available for publication separately; the department, however, is included _ . _i J _ J _ I • 3 K r\_i- J_ -. . M^.'LI^ SALES, STOCKS, AND OUTSTANDING ORDERS AT 296 DEPARTMENT STORES 1 WEEKLY INDEX OF [Weeks ending on dates shown. Amount (in millions of dollars) Year or month Sales (total for month) Stocks (end of month) 128 136 156 179 204 227 255 318 337 352 333 344 353 419 599 509 535 563 715 826 912 859 1949—May June July...... August... . September. October. . . November. December. 322 313 234 283 334 343 397 583 874 806 756 799 861 952 990 788 1950—January... February.. March. . . . April May ••256 ••247 '32O 319 P330 787 853 920 926 P901 1939 1940 1941 1942 1943 1944 1945 1946 1947 1948 1949 average average average average average average average average.... . average average average Outstanding orders (end of month) """iO8'" 194 263 530 560 729 909 552 465 350 207 283 390 410 501 444 350 296 390 393 326 270 P251 r P Preliminary. Revised. These figures are not estimates for all department stores in the United States. Back figures.—Division of Research and Statistics. 1 JULY 1950 SALES 1935-39 average - 1 0 0 ] Without seasonal adjustment 1948 7.... 14 21 28.... Sept. 4 11.... 18.... 25 Oct. 2.... 9 16.... 23.... 30 Nov. 6 . . . . 13.... 20.... 27.... Dec. 4.... 11 18 25.... Aug. 1949 .261 .258 .271 .255 .308 .285 .337 .319 .327 .336 .331 .344 .319 .320 .346 .371 .347 .485 .564 .576 .473 Aug. Sept. Oct. Nov. Dec. 1949 Jan. 1 8.... 15.... 22 29.... 6.... 13 20.... 27.... 3... 10.... 17 24.... 1 8.... 15.... 22 29.... 5 12 19.... 26.... 3 10.... 17.... 24 31.... 1950 .204 .272 .244 .230 .218 Jan. 7 14 21.... 28.... 1950 1949 .228 .218 .252 .252 .295 .273 .315 .292 302 297 290 ,296 .298 315 .318 .342 .330 .449 .542 .584 .541 .197 .205 .233 .230 .222 Feb. Mar. Apr. May June July 5 12 19.... 26.... 5.... 12 19 26 2 9 16 23 30 7 14 21 28.... 4.... 11.... 18.... 25 2 9 16 23 30.... .229 .238 .227 .232 .244 .256 .261 277 301 .320 .314 .266 .286 .334 .285 .280 .275 .259 .288 .285 .247 .238 .201 .213 .207 .209 4 . . . ..226 1 1 . . . . .238 18.. . ..231 2 5 . . . . .221 Mar 4 . . . . .244 1 1 . . . . .253 1 8 . . . ..264 2 5 . . . . .279 Apr. 1... ..301 8 . . . . .320 15... ..254 2 2 . . . . .279 29. . . ..285 M a y 6. . . ..301 1 3 . . . ..308 2 0 . . . . .275 27. . . . r 282 June 3 . . . . . 2 6 1 1 0 . . . ..302 1 7 . . . ..302 2 4 . . . ..250 July 1 . . . . . 2 6 3 8 . . . . .216 15. 22 29.. . Feb. r Revised. NOTE.—For description of series and for back figures, see BULLETIN for September 1944, pp. 874-875. 883 DEPARTMENT STORE STATISTICS—Continued SALES BY FEDERAL RESERVE DISTRICTS AND BY CITIES [Percentage change from corresponding period of preceding year] Five May Apr. mos. 1950 1950 1950 United States. Boston New H a v e n . . . Portland Boston Area... Downtown Boston Springfield Worcester Providence.... New York 1 Bridgeport ... Newark»..... Albany Binghamton Buffalo * Elmira Niagara Falls.. New York City Poughkeepsie.. Rochester J Schenectady. . Syracuse *. Utica Philadelphia.. Trenton * 1 Lancaster Philadelphia ». Reading 1 Wilkes-Barre *. York i . . . . . . . . Cleveland Akron1 1 Canton Cincinnati * Cleveland *1 Columbus1 .... Springfield Toledo1 Youngstown *.. P+4 2 Cteveland-cont. +3 _2 Erie i +4 - 7 Pittsburgh1 i +4 - 4 Wheeling •< Richmond +2 1 +1 Washington ... 2 Baltimore...... - 5 Hagerstown.... +3 Q - 7 Asheville, N. C. -4 - 4 Raleigh +2 Winston-Salem. - 4 Charleston, S.C. +4 -1 +6 - 3 Columbia +4 - 9 Greenville, S. C. - 2 Lynchburg -6 -7 - 6 Norfolk +5 2 Richmond Ch'ls'ton.W.Va. +20 + 1 Huntington.... +3 -5 +8 - 5 Atlanta 1 - 2 Birmingham .. +4 - 8 Mobile +9 1 - 2 Montgomery .. +8 0 Jacksonville *... +7 Miami i + 15 -1 Orlandox +8 +2 Tampa + 11 +4 Atlanta 1 +7 0 +1 - 5 Augusta Columbus +32 x - 3 Macon + 16 j Rome -3 Savannah +8 - 5 Baton Rouge11 .. 0 - 3 New Orleans .. +3 0 Jackson 1 +14 - 3 Meridian +4 - 6 Bristol +4 x - 2 Chattanooga + 18 . . - 6 Knoxville Jx +6 +9 Nashville —7 -9 •s -14 -4 —5 - 2 -10 -3 -3 -5 +1 0 +7 +3 -4 +6 -4 +7 -1 -1 -2 +4 -3 -1 Five May Apr. mos. 1950 1950 1950 -10 -14 -9 -10 -9 -3 -8 -7 -9 -14 -5 +5 -10 -8 -4 -11 -7 +7 - 6 +3 - 7 +7 - 2 +18 - 8 +1 - 7 + 1 - 9Q +6 +5 - 7 +5 -8 +5 - 1 0 +9 - 8 +3 - 3 +4 - 9 0 -13 +4 - 5 +5 - 1 2 +1 - 1 4 r -11 -11 -10 -5 -4 -8 -4 -1 +6 -3 -2 -5 i -5 +3 -5 -7 -7 -6 +2 -2 -14 +7 -1 -3 +2 -15 -11 +1 -13 7 +3 -1 Five May Apr. mos, 1950 1950 1950 Chicago - 5 Chicago l - 4 Peoria 1 - 5 Fort Wayne K. - 2 Indianapolis K. - 2 Terre Haute i.. Des Moines... 0 Detroit 1 - 3 Flint i +2 Grand Rapids. +1 Lansing +5 Milwaukee *... 0 Green Bay 1... 2 Madison - 6 St. Louis - 5 Fort Smith 0 Rock i . . +8 Little Evansville.... Louisville x +2 Quincy - 3 East St. Louis. +1 St. Louis 1 0 St. Louis Area. - 1 Springfield.... +4 Memphis 1. . . . 0 +4 Minneapolis.. Minneapolis K. +5 St. Paul i - 3 Duluth+13 Superior * . . . . +8 - 1 Kansas City.. +6 Denver Pueblo -i Hutchinson. . . +4 Topeka Wichita - 2 Kansas City... +11 Joplin +1 St. Joseph +3 Lincoln -8 -7 -8 -8 -6 -6 -5 P+8 1 2 +5 +12 - 3 Q 0 -9 P—3 P+6 +3 +5 + 10 +4 +3 M a y Apr. Five 1950 1950 - 2 Kansas City— cont. -2 - 4 Omaha Oklahoma City. - 3 Tulsa - 8 Dallas.. 0 Shreveport - 4 Corpus Christi.. +3 Dallas i - 1 Fort Worth - 2 Houston i Q 1 San Antonio +7 - 1 9 - 1 0 San Francisco.. P - 1 2 +4 - 3 Phoenix 1 +2 - 7 - 2 Tucson. . . .1 . . . . 0 -8 Bakersfield +9 - 6 - 1 Fresno 1 +10 - 4 0 Long Beach 11... 0 Los Angeles ... +7 -8 - 2 Oakland and +4 - 3 + 1 Berkeley 1 0 - 3 Riverside and 0 - 3 San Bernardino +2 - 1 +1 Sacramentox x... +4 - 4 San Diego . . .1. San Francisco . +2 - 9 -3 San Jose 1 +10 y +21 Santa Rosa *. . . +1 Stockton -5 and +5 - 1 6 - 5 Vallejo Napa x +4 - 6 - 1 Boise and +3 - 6 - 2 Nampa +4 - 1 - 2 Portland - 4 -17 - 4 Salt Lake City *.: +7 - 9 - 2 Bellingham 1. . . - 5 Everett'r -10 +5 - 9 Seattle . . + 12 + 1 +3 SpokaneJ1 . +8 - 1 2 - 5 Tacoma 1 . - 3 Yakima . - 3 -10 +9 +6 +5 -3 -2 -1 +10 +2 +9 + 13 + 11 -7 +t +2 +t +21 +2 +16 P+3 +5 -16 P+1 +7 +5 +1 2 +2 -1 +3 +1 +5 +9 +11 -6 -1 -2 -15 -7 +1 >i -9 -2 C -21 -4 +4 -1 -3 0 -7 -2 +7 +7 -6 -1 +3 +2 +4 +1 P+1 +1 +7 +1 (2) -7 -5 -2 -7 - 1 6 3)-12 -12 (2) -10 0 -12 +4 +5 -9 -10 +7 +4 +8 +1 -9 -3 -2 +22 +21 +16 -6 -9 -7 -10 -4 -3 +1 C +4 -12 c P Preliminary. Revised. Corrected. 1 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 Four months 1950. COST OF LIVING Consumers' Price Index for Moderate Income Families in Large Cities [Index numbers of the Bureau of Labor Statistics, 1935-39 average =100] 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 A 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 7 169.7 169.2 169.6 168.5 168.8 169.6 168.5 168.6 167.5 202.8 202.4 204.3 201.7 202.6 204.2 200.6 200.8 197.3 192.5 191.3 190.3 188.5 187.4 187.2 186.8 186.3 185.8 120.3 120.4 120.6 120.7 120.8 121.2 121.5 122.0 122.2 137.4 135.4 135.6 135.6 135.8 137.0 138.4 139.1 139.7 191 9 189.5 187.3 186 8 184 8 185.6 185.2 185 4 185.4 154 6 154 5 154.2 154 3 154 8 155.2 155.2 154 9 155.5 166.9 166.5 167.0 167.3 168.6 196.0 194.8 196.0 196.6 200.3 185.0 184.8 185.0 185.1 185.1 122.6 122.8 122.9 123.1 123.5 140.0 140.3 140.9 141.4 138.8 184.7 185.3 185 4 185.6 185.4 155.1 155.1 155 0 154 8 155.3 Year or month 1940 1941.. 1942 . 1943 1944 1945 1946 . . . 1947 1948 1949 . . . 1949—April May. June July August September October November December 1950—January February March April May . . . . . . Back figures.—Bureau of Labor Statistics, Department of Labor. 884 FEDERAL RESERVE BULLETIN WHOLESALE PRICES, BY GROUPS OF COMMODITIES [Index numbers of the Bureau of Labor Statistics. 1926 =100] Other commodities All commodities* Year, month, or week 1929 1930 1931 1932 1933 1934 1935 1936 1937. . . . 1938 1939 1940..... 1941 1942 1943.... 1944 1945 1946 . . . 1947 1948 1949 Farm products Total Fuel Metals Hides and and and Textile leather prod- lighting metal mate- prodproducts rials ucts ucts Foods 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 99.9 90 5 88 3 64.8 74.6 48.2 61.0 51.4 60.5 65 3 70 5 78.8 83.7 80.9 82.1 85 5 86 4 68.5 73.6 65.3 70.4 67.7 71 3 82.4 82.7 105.9 99.6 122 6 106 6 123.3 104.9 128.2 106.2 148 9 130 7 181.2 168.7 188.3 179.1 165.5 161 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 10f 8 108 .3 117 .7 117 11(1 7 118 .1 137 9 182 4 188.8 180 4 1949—May June July August September October November December 155.7 154 5 153.5 152.9 153.6 152.2 151.6 151.2 171.5 168 8 166.2 162.3 163.1 159.6 156.8 154.9 163.8 162 4 161.3 160.6 162.0 159.6 158.9 155.8 146.8 145 6 145.0 145.0 145.3 145.0 144.9 145.5 179 .2 140.4 178 8 139 2 177 .8 138.0 178 .9 138.1 181 .1 139.0 181 .3 138.0 180 .8 138.0 179 .9 138.4 1950—January February March April May 151.5 152 7 152 7 152.9 155.9 154.7 159 1 159.4 159.3 164.7 154.8 156 7 155 5 155.3 159.9 145.8 145 9 146.1 146.4 147.6 179 6 Week ending:1 1950—May 2 May 9 May 16 May 23 May 30 154 5 155 1 155.9 156 1 156.8 162 7 162 9 164.7 165 3 167.5 158 8 158.7 160.5 160 7 161.5 146 7 147 2 147.5 147 6 147.7 157.4 156 7 157.1 157.1 166.4 164 5 166.2 165.0 163.2 161.0 162.5 162.7 148.2 148 3 148.3 148.7 June June June June .... ... 6 13 20 27. 179 .3 179 0 179 .4 181 .0 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 Chemi- HouseBuild- cals and furing nishmate- allied proding rials ucts goods 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 90.1 108.7 134.2 131.7 100.5 95.4 94 .0 94.3 92 1 92 7 89 9 88 7 84.5 79.2 79 .3 84.9 80.2 71.4 73 .9 75.1 77.0 72 .1 75.8 79.8 86 2 7S 3 81.5 86.9 86.4 79 .0 80.6 85.3 87.0 81.7 86.7 78 .7 89.7 95.7 95 2 82 95.7 77 .0 86.8 90.3 94.4 76 .0 86.3 90.5 95.8 88.5 94 8 77 0 99.4 103.2 84 .4 94.3 103.8 110.2 95 .5 102.4 103.8 111.4 94 Q 102.7 9S 9 103.8 115.5 104.3 104.7 117.8 95 .2 104.5 115.5 132 6 101 4 111.6 3 145.0 179.7 131.1 163.6 199.1 135 .7 144.5 170.2 193 4 118 145.3 130.1 168.9 193.9 1 1 8 .1 1 4 6 . 3 129.9 167.5 191 4 116 8 145.1 129.9 167.9 189.0 118 .1 143.0 129.7 168.2 188.2 119 .7 142.9 130.0 168.2 189.4 117 .7 142.9 130.5 167.3 189.2 116 .0 143.0 129.9 167.3 189.6 115 9 143.4 130.5 167.8 190.4 115 3 144.2 138.5 131.4 138 2 131.3 137.3 131.5 136.4 131.2 136.1 132.1 168.4 168 6 168.5 168.7 169.7 191.6 192 8 194 2 194.8 198.1 116 3 135 4 135 3 135.4 135 6 135.6 132 1 132.2 132.6 132.8 132.9 169 6 170.1 170.3 171.0 171.3 194 5 197 0 198.0 198 5 199.6 116 9 116 s 116 9 135.7 135 8 135.9 136.7 132.8 133.0 133.1 133.1 172.9 173 2 173.0 173.1 199.8 200 7 201.1 201.4 115 .7 115 9 144.7 145 2 145.5 117 1 1 4 5 . 8 116 4 146.6 Manufactured products 82.6 77 7 69.8 64.4 62.5 69 7 68.3 70.5 77 8 73.3 74.8 77 3 82.0 89.7 92 2 93.6 94.7 100 3 115.5 120.5 112 3 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 2 113.5 111.0 110.3 109.8 109.6 109.0 109.7 110.7 165.9 164 5 163.2 161.3 162.0 160.3 160.4 159.5 151.5 150 7 149.7 149.4 150.1 149.1 148.1 148.0 110.0 110 0 110.7 112.6 114.7 159.8 162 4 162 8 162.5 166.3 148.2 149 1 148 9 149.4 152.2 Miscellaneous 116 7 116.0 114.9 114 1 113 Q 114 3 1950 1949 Raw materials 1949 1950 Subgroups Subgroups May Feb. Mar. Apr. May Metals and Metal Products: Agricultural mach. & errnin... 159.9 161.3 165 4 169 6 172.3 Farm machinery 191.5 179.9 180.3 178.0 194.6 Iron and steel.. 1 6 1 . 4 144.9 144.2 144.2 143.7 Motor vehicles. 145.9 147.5 144.8 141.1 138.0 Dairy products Nonferrous met als Plumbiner and h eating.. Cereal products. . 145.1 144.8 145.6 145.9 146.0 167.3 138.2 134.9 137.6 139.2 Building Materials: Fruits and vegetable Brick and tile.. 215.2 201.6 200.0 200.6 217.1 Meats 128.5 129.6 129.8 1 2 9 . 3 130.9 Other foods Cement Lumbei Hides and Leather Products: 184.0 184.3 184.3 184.3 185.0 Paint a nd paint materials Shoes 188.2 188.2 190.4 187.2 194.1 Plumbi tier and heatiner Hides and skins. . . 177.4 176 6 177.9 179 1 179.3 Structural steel. Leather 144.6 143.1 143.1 143.1 143.1 Other building materials Other leather produ cts Chemicals and Allied Producti : Textile Products: Chemicals 146.0 143.1 143.5 144.2 143.8 Clothing 172.0 1 7 2 . 1 178.4 176.5 172.9 Drugs and phannaceutic als. . Cotton goods 1 0 0 . 3 98.6 98.0 r 97 7 97.7 Fertilizer materi als Hosiery and uaderwear Mixed fertilizers 50.1 50.1 49.1 49.1 49.3 Silk 40.8 39.9 39.9 39.9 39.9 Oils ancifats Rayon 159.7 147.2 146.2 146.3 146.1 Housefurnisking Gootis: Woolen and worsted goods... Furnish Other textile products . . . . 179.1 170 3 166 9 1 6 5 8 164.6 Furnitu re Fuel and Lighting Materials: 133 7 139 3 141 9 142.6 139.2 Mi Anthracite 188.9 196.7 198.5 19.3.4 192.6 Bituminous coal.... 222 7 223 7 224 7 9 25 6 225 6 Coke Cattle i 68.2 69.6 67.9 Paper and pulp Electricity 90.9 87.4 88.3 86 8 Gas Rubber, crude.. Other miscellanc"OUS 110.7 109.4 108.6 109.5 112.6 Petroleum products Farm Products: Grains Livestock and poult r y Other farm products3 May 144.1 146.6 165.1 176 4 138.2 154.8 Feb. Mar Apr. May 143. 1 143.4 143 5 145 .7 145. 6 145.8 145.8 168 8 169. 0 168.9 168 6 17S 6 175 1 175.1 175 2 128 .1 127. 2 128.9 136.3 148 7 151. 9 154.7 156 4 143 1 160.8 134.3 285.2 157.7 154.8 178 8 170.5 134 .9 292 .1 139 .0 148 7 116.7 123.6 118.9 108.3 127.0 114 7 121 .4 116 .9 103 S 12C .9 163. 3 134. 9 295. 9 138. 2 151. 9 101 6 191. 6 171 .1 172. 2 163 115. 4 121. 9 117. 3 103. S 125. 6 163.4 134.9 299.4 136.7 154.7 191 6 172.0 163 8 134.9 310.8 136.8 156.4 191 6 172.7 116.4 122.0 117.4 103.5 127.5 116.5 122.3 116.8 103.5 122.2 8 152. 9 152.6 154.1 152.2 140.3 138 .4 138. 6 138.8 138.9 64.5 64 3 6 4 . 3 65.0 65.8 213 8 177 3 193 7 215 6 235 5 163.3 155 .6 155. 5 155.4 155.4 37.4 41 1 41. 3 48.7 58.4 122.4 12C .4 120. 4 120.3 120.5 r Revised. Weekly indexes are based on an abbreviated sample not comparable with monthly data. Backfigures.—Bureauof Labor Statistics, Department of Labor. 1 JULY 1950 885 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 1949 r 1929 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 Net interest paid by government 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 Equals: Personal saving 1933 103.8 55.8 8.8 7.0 .6 -.1 7.2 7.1 .7 1.2 -.1 87.4 10.3 .2 .0 .9 1.0 5.8 .6 85.1 2.6 1.3 1.4 82.5 78.8 3.7 0) 39.6 -2.0 .3 .0 1.5 1.2 2.1 .7 46.6 1.5 .5 1.0 45.2 46.3 -1.2 1939 1941 1946 ' 1947' 1948 ' 1949 r 91.3 126.4 211.1 233.3 259.1 255.6 258.8 255.2 254.4 253.8 262.5 8.1 9.4 .5 1.4 9.3 11.3 .5 1.6 12.2 17.3 .6 1.7 14.8 18.7 .7 .3 18.8 21.3 .7 -1.9 17.4 20.4 .7 -2.9 18.1 20.7 .7 .7 18.7 21.2 .7 -2.9 .2 .1 .3 216.8 218.8 217.8 29.9 28.8 30.4 5.7 5.7 5.6 .0 .1 -.3 11.6 11.2 1 1 . 7 4.7 4.6 4.6 7.8 7.9 7.7 .7 .7 .7 206.1 208.6 206.8 18.7 18.7 18.7 16.2 16.3 16.2 2.5 2.4 2.5 187.4 189.9 188.2 178.8 177.4 178.4 8.6 12.5 9.8 .1 -.1 .5 .9 .0 72.5 103.8 180.3 198.7 223.5 5.8 14.6 18.3 24.7 31.8 6.0 5.7 5.2 2.1 2.8 .0 .0 .0 .0 .0 2.5 2.6 10.9 11.1 10.6 1.2 4.4 4.4 4.5 1.3 5.8 3.8 4.5 6.6 7.5 .6 .7 .7 .5 .5 72.6 95.3 177.7 191.0 209.5 18.8 21.5 21.2 3.3 2.4 2.0 17.2 19.6 19.0 1.2 1.3 1.6 1.2 1.9 2.2 70.2 92.0 158.9 169.5 188.4 67.5 82.3 146.9 165.6 177.4 2.7 3.9 10.9 9.8 12.0 18.9 21.7 .7 -3.6 19.3 21.5 .7 -1.9 19.7 21.7 .7 3.4 .0 .0 216.7 214.2 31.8 28.4 5.6 5.7 .0 .0 11.9 11.8 4.7 4.7 8.2 7,4 .7 .7 203.8 205.4 18.7 18.7 16.2 16.1 2.5 2.5 185.1 186.8 179.0 180.6 6.2 6.2 .2 217.2 28.4 6.7 .0 20.9 4.7 8.1 .7 216.4 16il 2.6 197.7 182.4 15.3 NATIONAL INCOME, BY DISTRIBUTIVE SHARES Seasonally adjusted annual rates by quarters Annual totals 1949 r 1946' 1929 1947' 1948' 1950 - 1949' National income 87.4 39.6 72.5 103.8 180.3 198.7 223.5 216.8 218.8 217.8 216.7 214.2 217.2 Compensation of employees Wages and salaries 2 Private Military Government civilian Supplements to wages and salaries Proprietors' and rental income 3 Business and professional Farm Rental income of persons Corporate profits and inventory valuation adjustment Corporate profits before tax. . Corporate profits tax liability Corporate profits after tax Inventory valuation adjustment Net interest 50.8 50.2 45.2 .3 4.6 .6 19.7 8.3 5.7 5.8 29.3 28.8 23.7 .3 4.9 .5 7.2 2.9 2.3 2.0 47.8 45.7 37.5 .4 7.8 2.1 14.7 6.8 4.5 3.5 10.3 9.8 1.4 8.4 .5 6.5 -2.0 .2 .5 -.4 -2.1 5.0 5.8 6.5 1.5 5.0 -.7 4.2 64.3 117.1 128.0 140.2 140.6 141.5 140.5 140.0 140.2 142.3 61.7 111.2 122.1 134.4 134.2 135.3 134.2 133.6 133.6 135.2 113.7 115.4 114.0 113.0 112.7 114.3 51.5 90.6 104.8 115. 4.5 4.2 4.2 •4.3 4.3 4.0 8.0 4.1 1.9 16.4 12.7 13.2 14.7 16.1 15.7 16.1 16.3 8.3 7.1 6.2 6.3 6.4 6.4 5.8 5.9 5.9 2.6 41.5 20.8 42.0 42.4 47.3 41.7 43.8 42.2 40.1 9.6 20.6 19.8 22.1 21.0 21.5 21.1 20.7 20.6 21.4 14.8 15.6 17.7 13.4 14.9 13.7 12.2 12.8 12.8 6.9 7.2 7.3 7.3 7.4 7.4 7.1 7,3 7.5 6.6 4.3 14.6 17.2 7.8 9.4 -2.6 4.1 18.3 23.5 9.6 24.7 30.5 11.9 18.5 -5.8 3.5 31.8 33.9 13.0 20.9 -2.0 4.1 29.8 27.6 10.6 17.0 2.2 4.7 28.8 28.3 10.9 17.4 .5 4.6 30.4 26.4 10.0 16.4 3.9 4.7 31.8 28.2 10.8 17.3 3.7 4.8 28.4 27.6 10.6 16.9 .8 4.8 28.4 29.2 11.4 17.8 -.7 5.0 r 1 2 Revised. Less than 50 million dollars. Includes employee contributions to social insurance funds. 3 Includes noncorporate inventory valuation adjustment. NOTE.—Details may not add to totals because of rounding. Source.—Figures in this table are the revised series. For an explanation of the revisions and a detailed breakdown of the series for the period 1929-38, see National Income Supplement to the Survey of Current Business, July 1947, Department of Commerce. For the detailed breakdown for the period 1939-49, see Survey of Current Business, July 1950. For a discussion of the revisions, together with annual data for the period 1929-38, see also pp. 1105-1114 of the BULLETIN for September 1947; data subsequent to 1938 shown in that issue of the BULLETIN have since been revised. 886 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 1950 r 1949 * 1929 Gross national product 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 2 State and local ) 1933 1939 1941 1946 * 1947 r 1948 ^ 1949 r 1 2 ' 4 3 1 103.8 55.8 91.3 126.4 211.1 233.3 259.1 255.6 258.8 255.2 254.4 253.8 262.5 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 9.8 44.0 28.5 18.3 6.8 7.7 3.9 1.1 146.9 16.6 85.8 44.5 28.7 10.3 12.3 6.1 4.6 165.6 177.4 21.4 22.9 95.1 100.9 49.1 53.7 30.2 43.1 13.9 17.7 17.1 19.9 -.8 5.5 8 9 1.9 178.8 23.8 98.5 56.4 33.0 17.3 19.5 -3.7 .4 177.4 22.4 99.4 55.6 37.5 17.2 20.1 .3 1.0 178.4 23.0 99.2 56.2 31.3 16.8 19.8 -5.3 1.3 179.0 24.7 97.6 56.6 32.1 16.9 19.4 -4.2 .1 180.6 25.3 97.9 57.4 31.2 18.2 18.7 -5.7 -.7 182.4 26.9 97.5 58.0 40.5 19.9 19.3 1.3 -1.9 8 5 1.3 8 0 2.0 43 3 25.3 42 9 25.5 44 3 26.6 43 2 25.1 42.8 24.3 41 4 22.6 2.0 } 17.. 21.5 25.7 25.8 26.8 25.8 24.6 22.8 (3) 5 9 30.9 20.9 21.2 2.5 2.7 10 0 36 6 21.0 , 3 24 7 16.9 13.8 3.2 (3) 7 8 28 6 15.8 (3) 7 2 13 1 5.2 1.3 3.9 (3) 7 9 1.3 12 8 .5 15 6 .4 18 0 .3 17 4 .2 17 7 ,7 18 2 .3 18.5 .3 18.9 PERSONAL INCOME [Seasonally adjusted monthly totals at annual rates] Wages and salaries Wage and s<alary disbursements Year or month Personal income Total receipts4 Total disbursements Commodity producing industries Distribindustries Service industries Government Less employee Other contrilabor butions income5 or social insurance DiviProdends prietors' and perand sonal rental income6 interest income Trans- fir " payments 7 i\| onagricultural 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 1937 1938 1939 1940 1941 1942 1943 1944 1945 1946 r 1947 * 1948 r 1949 r 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 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 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 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 6.9 6.7 6.9 7.3 7.8 8.6 9.5 10.5 11.5 13 7 15.3 16.6 17.4 7.5 8 2 8.2 8.5 10.2 16.1 26.8 33.5 35.6 20.6 17.2 18.7 20.4 .6 .6 .6 .7 .8 1.2 1.8 2 2 .2.3 2 0 2.1 2 .2 2^2 .5 .5 .5 .6 .6 .7 9 1.3 1.5 1 9 2.4 2.8 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 10.3 8 7 9.2 9.4 9.9 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- July Augustr September r . . . October November r . . . December7"... . 207.1 207.6 205.9 203.5 204.3 203.4 202 .4 205.7 208.4 132.7 132.7 131.6 131.4 131.3 131.6 130.3 131.3 132.9 134.8 134.9 133.9 133.5 133.5 133.8 132.5 133.4 135.1 57.6 57.1 56.4 56.0 56.3 56.4 54.8 55.5 57.0 39.8 40.1 39.6 39.4 39.4 39.4 39.0 39.0 39.3 17.3 17.6 17.5 17.4 17.3 17.4 17.8 17.8 17.8 20.1 20.1 20.4 20.7 20.5 20.6 20.9 21.1 21.0 2.1 2.2 2.3 2.1 2.2 2.2 2.2 2.1 2.2 2.8 2.9 2.9 2.9 2.9 3.0 3.0 3.1 3.1 41.9 42.6 42.2 40.2 40.7 39.2 39.8 41.7 40.6 17.3 17.1 16.8 16.6 16.8 17.0 17.2 17.2 18.9 12.4 12.3 12.4 12.4 12.6 12.6 12.1 12.4 12.9 189.2 188.7 187.4 186.8 187.3 187.8 186.0 187.6 191.1 1950—January February r . . . March r April 214.6 215.4 219 3 213.8 132.2 131.5 133.6 135.3 135.0 134.2 136.4 138.1 56.7 55.8 57.7 59.1 39.5 39.3 39.6 39.7 17.9 18.1 18.1 18.2 20.9 21.0 21.0 21.1 2.8 2.7 2.8 2.8 3.0 3.0 3.3 3.3 43.5 41.0 40.2 39.8 17.5 17.7 18.0 18.2 18.4 22.2 24.2 17.2 195.2 199.0 203.7 198.7 , 1949—April'' May r June r r Revised. Includes construction expenditures for crude petroleum and natural gas drilling. Consists of sales abroad and domestic sales of surplus consumption goods and materials. 3 Less than 50 million dollars. 4 Total wage and salary receipts, as included in "Personal income," is equal to total disbursements less employee contributions to social insurance. Such contributions are not available by industries. 5 Includes compensation for injuries, employer contributions to private pension and welfare funds, and other payments. 6 Includes business and professional income, farm income, and rental income of unincorporated enterprise; also a noncorporate inventory valuation adjustment. 7 Includes government social insurance benefits, direct relief, mustering out pay, veterans' readjustment allowances and other payments, as well as consumer bad debts, and other business transfers. 8 Includes personal income exclusive of net income of unincorporated farm enterprise, farm wages, agricultural net rents, agricultural net interest, and net dividends paid by agricultural corporations. NOTE.—Details may not add to totals because of rounding. Source.—Same as preceding page. 1 2 JULY 1950 887 CONSUMER CREDIT STATISTICS TOTAL CONSUMER CREDIT, BY MAJOR PARTS [Estimated amounts outstanding. In millions of dollars] Instalment credit End of year or month Total consumer credit Noninstalment credit Total instalment credit Total Automobile Other Sale credit Loans 1 Total noninstalment credit Singlepayment loans 2 Charge accounts Service credit 7,628 3,158 2,515 1,318 1,197 643 4,470 2,125 1,749 596 1933 3,912 1,588 1,122 459 663 466 2,324 776 1,081 467 1939 1940 1941 1942 1943 1944 1945 1946 1947 1948 1949 7,969 9,115 9,862 6,578 5,378 5,803 6,637 10,191 13,673 16,319 18,779 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 1,648 3,086 4,528 6,240 1,151 1,961 3,144 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 3,545 3,698 3,975 3,530 3,377 3,742 4,273 6,191 7,239 7,719 7,889 1,468 1,488 1,601 1,369 1,192 1,255 1,520 2,263 2,707 2,902 2,988 1,544 1,650 1,764 1,513 1,498 1,758 1,981 3,054 3,612 3,854 3,909 533 560 610 648 687 729 772 874 920 963 992 15,595 15,843 16,124 16,198 16,453 16,803 17,223 17,815 18,779 8,630 8,888 9,123 9,335 9,622 9,899 10,166 10,441 10,890 4,517 4,718 4,870 5,010 5,223 5,438 5,661 5,880 6,240 2,241 2,386 2,499 2,610 2,761 2,876 2,986 3,085 3,144 2,276 2,332 2,371 2,400 2,462 2,562 2,675 2,795 3,096 4,113 4,170 4,253 4,325 4,399 4,461 4,505 4,561 4,650 6,965 6,955 7,001 6,863 6,831 6,904 7,057 7,374 7,889 2,764 2,739 2,752 2,768 2,799 2,808 2,866 2,927 2,988 3,232 3,235 3,274 3,123 3,064 3,123 3,197 3,454 3,909 969 981 975 972 18,344 18,126 18,302 18,610 19,091 10,836 10,884 11,077 11,315 11,667 6,174 6,213 6,334 6,511 6,751 3,179 3,256 3,355 3,470 3,615 2,995 2,957 2,979 3,041 3,136 4,662 4,671 4,743 4,804 4,916 7,508 7,242 7,225 7,295 7,424 3,003 3,001 3,009 3,048 3,114 3,506 3,233 3,211 3,241 3,296 999 1,008 1,005 1,006 1,014 1929 . . 1949—April May June July August September October November December 1950—January February March April? May P. 482 175 200 227 544 882 891 942 707 691 715 968 973 994 993 992 ^Preliminary. Includes repair and modernization loans insured by Federal Housing Administration. Noninstalment consumer loans (single-payment loans of commercial banks and pawnbrokers). NOTE.—Back figures by months beginning January 1929 may be obtained from Division of Research and Statistics. 1 2 CONSUMER INSTALMENT LOANS [Estimates. In millions of dollars] Amounts outstanding (end of period) 43 Industrial loan com- 2 panies 263 21 9 12 1 466 29 246 1,632 1,967 2,143 1,431 1,119 1,170 1,422 2,352 3,348 4,072 4,650 523 448 131 99 692 784 417 364 384 439 132 134 104 107 426 316 357 477 956 1,435 1,709 1,951 498 531 597 701 817 117 166 204 929 250 175 4,113 4,170 May 4,253 June July 4,325 4,399 August September. . 4,461 4,505 October November... 4,561 December... 4,650 1,749 1,788 1,836 1,866 1,897 1,922 1,936 1,944 1,951 815 818 207 213 827 219 843 851 855 858 875 929 225 230 235 239 244 250 1950—January. . . . 4,662 4,671 February March. . 4,743 4,804 April? 4,916 May? 1,957 1,973 2,026 2,066 2,131 931 928 936 945 959 251 254 258 262 267 1933 1939 1940..... 1941 1942 1943. . 1944 1945 1946 1947 1948 1949 1949—April 89 67 68 76 Credit unions Miscellaneous lenders Insured repair Comand modern- mercial ization3 banks * loans Credit unions 38 50 322 205! 32 96 109 119 131 322 568 739 142 801 163 165 323 333 131 131 167 346 132 404 408 421 431 451 175 174 176 178 182 trial loan com- 2 panies 41 3 153 225 312 169 171 172 172 173 175 Indus- 463 200 268 285 98 134 160 Industrial banks 2 95 99 102 72 59 60 70 Small loan companies to CM 643 Industrial banks 2 to O 1929 Small loan companies -n Total Commercial1 banks .M Year or month Loans made by principal lending institutions (during period) 174 200 130 104 100 103 402 357 369 379 385 394 402 680 827 297 344 210 282 318 286 428 577 29 28 28 28 29 27 26 28 31 58 60 155 143 128 134 161 232 33 35 38 35 37 34 34 36 41 131 126 163 154 168 37 34 43 37 43 27 25 31 28 32 59 61 78 70 83 784 800 869 956 1,231 1,432 1,534 1,737 278 288 146 135 133 134 135 135 137 142 725 722 726 732 747 763 780 794 801 303 282 294 278 272 269 280 140 142 142 143 144 145 802 792 783 778 781 269 268 336 307 347 91 86 88 93 206 123 113 164 237 194 198 203 1,017 1,198 792 639 749 942 1,793 2,636 3,069 3,282 912 975 261 255 255 182 151 155 166 231 310 375 418 334 146 128 139 151 236 201 198 199 712 68 59 66 65 59 64 69 P Preliminary. 1 Figures include only personal instalment cash loans and retail automobile direct loans shown on the following page, and a small amount of other retail direct loans not shown separately. Other retail direct loans outstanding at the end of May amounted to 96 million dollars, and other2 loans made during May were 12 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. FEDERAL RESERVE BULLETIN CONSUMER CREDIT STATISTICS—Continued CONSUMER INSTALMENT SALE CREDIT, EXCLUDING AUTOMOBILE CREDIT [Estimated amounts outstanding. In millions of dollars] Total, excluding automobile End of year or month Department stores and mailorder houses Furniture stores Household appliance stores Jewelry stores All other retail stores 1929 1,197 160 583 265 56 133 1933 663 119 299 119 29 97 1,525 1,721 1,802 1,135 536 599 619 440 289 293 296 386 587 750 935 273 302 313 188 78 50 51 118 249 387 500 93 110 120 76 57 56 57 89 144 152 163 246 271 691 715 1,104 1,935 2,567 3,096 377 439 466 252 172 183 198 337 650 874 1,010 June July August September. October... November. December. 2,276 2,332 2,371 2,400 2,462 2,562 2,675 2,795 3,096 760 771 774 766 781 818 855 906 1,010 683 704 718 730 755 784 822 858 935 351 367 382 405 417 435 454 464 500 123 123 124 121 121 121 123 127 163 1950 January.... February.. March April? May? 2,995 2,957 2,979 3,041 3,136 975 958 960 979 1,010 902 891 899 913 937 491 492 502 518 538 1939 . . 1940 1941 1942 1943 1944 , 1945.... 1946 1947 1948 1949 707 1949 April May 284 179 111 109 113 174 305 404 488 359 367 373 378 388 404 421 440 488 62 7 61 6 61 8 63 1 65 1 CONSUMER INSTALMENT CREDITS OF INDUSTRIAL BANKS, BY TYPE OF CREDIT [Estimates. In millions of dollars] Retail instalYear or month Outstanding at end of period: 1947 1948 1949 Total Automobile Other Repair Personal instaland modern- ment cash ization loans 233.5 286.2 343 2 50.0 66.6 93.6 30.2 43.4 63.1 43.3 51.7 55 4 110.0 124.5 131.1 287 6 294.7 303.4 309.4 317.4 323.7 329.6 336.3 343.2 70 7 73.3 76.1 78.8 82.9 85.3 88.7 91.7 93.6 43 1 45.8 48.7 50.3 52.3 54.6 56.6 59.2 63.1 49 5 50.0 51.2 51.4 52.9 53.9 55.0 55.5 55.4 124 3 125.6 127.4 128.9 129.3 129.9 129.3 129.9 131.1 344.6 1950—January February. . 347.4 March 350.5 April? 355.0 May? 361.8 96.1 98.6 100.4 102.6 105.6 63.9 65.2 66.9 68.9 70.7 54.7 54.2 53.0 52.8 53.5 129.9 129.4 130.2 130.7 132.0 i949—April May. June July August. . . . September . October November.. December.. Volume extended during month: 1949—April May. , June July August.... September. October November.. December.. 41.5 43.7 47.0 41.9 47.7 43.5 45.6 45.8 47.0 12.0 11.9 12.3 11.3 14.1 12.5 13.7 13.7 11.9 6.8 7.8 8.2 7.5 8.2 7.8 8.5 8.8 10.3 2.8 3.6 4.4 3.2 4.7 4.3 4.8 4.2 3.3 19.9 20.4 22.1 19.9 20.7 18.9 18.6 19.1 21.5 1950—January.... February . . March April? May? 41.9 40.3 47.3 43.1 48.9 12.3 12.6 13.5 12.7 13.9 7.8 7.6 9.7 8.8 9.6 2.7 2.7 2.5 3.0 4.2 19.1 17.4 21.6 18.6 21.2 CONSUMER INSTALMENT CREDITS OF COMMERCIAL BANKS, BY TYPE OF CREDIT [Estimates. In millions of dollars] Automobile Other Repair Perretail retail, and sonal — ~ pur- mod- instalc h a s e d er niza Pur- Direct , ~ men1t f chased loans ^ ^ « * »otaj Year or month Outstanding at end of period: 1947 1948 1949... 1949—April May June July August September.... October November December 1950—January February March April? May? Volume extended during month: 1949—April May June July August September October November December 1950—January February March April? May?.... 2,701 3,563 4,416 3,629 3,740 3,852 3,933 4,044 4,140 4,247 4,326 4,416 4,465 4,494 4,595 4,688 4,859 527 568 592 541 598 568 593 576 593 554 542 646 607 719 346 536 523 570 736 751 854 915 922 631 785 712 664 817 736 688 843 750 718 869 761 754 890 778 780 905 803 811 915 839 835 922 868 854 915 922 866 922 953 888 935 941 922 964 966 953 992 983 993 1,033 1,027 113 112 109 112 127 117 125 118 113 111 117 142 130 147 129 136 135 129 134 123 123 115 105 116 124 151 141 163 JULY 1950 99 124 124 109 114 121 136 131 154 137 118 139 129 163 48 54 67 50 75 62 70 67 57 47 49 42 52 74 138 142 157 141 148 145 139 145 164 143 134 172 155 172 CONSUMER INSTALMENT CREDITS OF INDUSTRIAL [Estimates. Year or month Outstanding at end of period: 1947 1948 1949 1949—April Total 148.2 177 1 194.7 180.9 183.0 185.7 June 187.9 July . . A u g u s t . . . . 190.1 September . 190.9 191.2 October November . 192.5 December.. 194.7 1950—January.... 194.8 February . . 193.7 March 196.2 April? 198.7 May? 202.6 Volume extended during month: 31.4 1949—April 32.0 May 31.1 June 30.8 July 31.1 August.... September . 27.9 28.3 October November . 28.7 31.3 December.. 27.7 1950—January.... February . . 25.4 March 31.2 April? 29.2 M a y ? . . . . . . 32.9 [n millions of dollars] Retail instalment paper 2 Repair Personal and instalmoderncash ization loans loans 12 Automobile Other 27.1 38 3 43.5 39.4 40.3 41.2 41.6 42.3 43.0 44.2 44.1 43.5 44.3 44.6 46.1 47.5 49.4 17,1 23 7 31.4 24.1 25.9 26.7 28.5 29.6 30.0 30.2 30.5 31.4 31.1 30.8 31.0 31.6 32.6 42 5 0 6 5 4.9 5.1 5.3 5.3 5.8 5.7 6.0 6.3 6.6 6.6 6.5 6.4 6.7 99.8 110 1 113 3 112.5 111.7 112.5 112.5 112.4 112.2 110.8 111.6 113.3 112.8 111.7 112.6 113.2 113.9 7.1 7.3 6.7 6.7 6.6 6.1 7.1 5.7 5.4 6.5 5.6 7.3 6.9 7.8 4.0 5.2 4.8 5.2 4.7 3.9 3.9 4.0 4.4 3.3 3.5 4.0 3.9 4.7 0.4 0.6 0.6 0.5 0.8 0.5 0.5 0.5 0.4 0.3 0.3 0.3 0.4 0.5 19.9 18.9 19.0 18.4 19.0 17.4 16.8 18.5 21.1 17.6 16.0 19.6 18.0 19.9 ? Preliminary. * Includes not only loans insured by Federal Housing Administration but also noninsured loans. Includes both direct loans and paper purchased. 2 500 796 636 870 781 944 636 865 650 873 676 895 684 901 711 911 730 922 755 927 772 929 781 944 779 945 783 947 774 969 780 980 804 1,002 6.5 CONSUMER CREDIT STATISTICS—Continued FURNITURE STORE STATISTICS Percentage change from preceding month Item RATIO OF COLLECTIONS TO ACCOUNTS RECEIVABLE 1 Percentage change from corresponding month of preceding year Mav Year or month Department Furniture stores Household ap pliance stores Jewelry stores Depart stores July. August September... October November... December. . . 23 22 21 19 21 20 20 20 20 13 13 12 12 12 11 11 11 10 14 14 14 13 14 12 12 12 12 14 14 14 13 14 13 14 13 16 53 53 53 49 51 52 53 54 52 1950 January February March April M 18 17 19 17 18 10 10 11 10 10 12 11 12 11 11 May April 1950? 1950 Mar. 1950 +13 + 17 +10 +10 -2 -5 + 18 + 11 +20 + 13 +7 +1 +3 -7 + 11 -3 April May +7 +9 +8 +1 + 18 +1 Accounts receivable, end of month: Total Instalment +2 +1 +1 +1 0 0 +27 +28 +27 +28 +26 +28 Collections during month: Total Instalment +4 +5 -6 -8 +8 +10 +7 +8 +2 +2 +5 +6 Inventories, end of month, at retail value. -1 +3 +8 +5 0 -2 Net sales: Total Cash sales Credit sales: Instalment Charge account -1 April 1950P 1950 Mar. 1950 P Preliminary. Charge accounts Instalment accounts 1949 June ment stores 49 47 53 50 52 P1 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. DEPARTMENT STORE SALES, ACCOUNTS RECEIVABLE, AND COLLECTIONS Index numbers, without seasonal adjustment, 1941 average =100 1949—April May June July August September October November . . December 1950—January February March April Mayp . ... ... Collections during month Cash sales Instalment sales Charge account sales Total Cash Instalment Charge account Instalment Charge account Instalment Charge account 100 114 130 145 162 202 214 225 213 100 131 165 100 82 71 100 102 103 112 125 176 200 219 213 100 78 46 38 37 50 88 142 165 100 91 79 70 69 91 133 181 200 100 110 107 112 127 168 198 222 224 48 56 61 9 6 5 84 94 138 174 198 196 100 103 SO 64 64 59 55 52 50 4 4 4 6 7 8 223 »\2O8 200 149 179 214 220 254 372 231 210 189 •189 209 220 51 50 8 8 147 195 '224 242 259 325 187 163 161 182 191 213 285 194 41 42 157 181 209 214 247 380 152 153 152 151 155 165 175 189 214 196 196 168 222 »-209 201 141 173 217 221 260 373 190 191 206 179 188 191 202 211 227 222 51 164 156 203 204 212 162 152 199 202 205 230 214 226 164 155 203 205 217 209 207 209 212 217 222 191 185 190 195 233 222 '250 226 232 188 211 242 237 236 216 66 67 101 154 192 197 174 7 43 38 34 32 32 37 39 41 42 42 202 184 185 214 232 245 52 50 49 48 48 50 9 10 9 10 9 8 39 40 42 42 43 42 319 241 230 210 222 49 48 48 49 48 9 10 42 42 42 42 43 OOO Averages of monthly data: 1941 1942 1943 1944 1945 1946 1947 1948 1949 Accounts receivable at end of m o n t h Sales during month Year or month Percentage of total sales r p Preliminary. Revised. NOTE.—Data based on reports from a smaller group of stores than is included in the monthly index of sales shown on p. 881. 890 FEDERAL RESERVE BULLETIN CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOKS BANK CREDIT, MONEY RATES, AND BUSINESS • Chart book page 1950 May 31 WEEKLY F I G U R E S 2 June June 14 June 21 In billions of dollars RESERVE BANK CREDIT, ETC. Reserve Bank credit, total U. S. Govt. securities, total.. Bills Nofes 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 e New York City Chicago Reserve city banks Country banks e 17.94 17.39 4.07 7.52 5.80 24.23 27.09 1.90 15.81 4.28 1.10 6.13 4.34 15.29 .53 18.14 17.67 4.12 7.82 5.73 24.23 27.08 1.78 16.07 4.35 1.12 6.16 4.42 15.35 18.27 17.69 4.10 7.91 5.68 24.23 26.99 1.62 16.31 4.37 1.11 6.22 4.46 15.43 .10 .46 67.10 36.46 24.19 10.14 2.13 5.61 47.53 2.10 25.03 13.36 4.60 66.96 36.18 24.25 9.93 2.01 5.69 47.52 1.79 25.09 13 .39 4.61 67.30 36.51 24.32 9.94 2.25 5.69 47.94 1.98 25.11 13.46 4.64 2.43 2.37 2.29 .05 (3) .18 .56 MEMBER BANKS IN LEADING CITIES All r e p o r t i n g b a n k s : Loans and investments 1 U. S. Govt. securities, total. 14 Bonds 16 Notes and certificates. . . . 16 Bills 16 Other securities 18 Demand deposits adjusted.. 14 U. S. Govt. deposits 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 17 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: On U. S. Govts 19 On other securities. . 19 To others 19 Real estate and other . . . . 19 B a n k s o u t s i d e New York City: Loans and investments 1 U. S. Govt. securities, total. 1 Bonds Notes and certificates Bills Demand deposits adjusted U. S. Govt. deposits Interbank deposits Time deposits Loans, total Commercial 19 Real estate . . . . . . . . . 19 For purchasing securities 19 Other 10 .84 .67 .58 1.59 4.80 1.70 4.81 1.71 4.85 19.18 19.15 19.28 10.09 9.99 10.12 7.09 7.13 7.14 5.64 5.67 5.67 2.44 2.36 2.36 .56 .50 .62 14.99 15.06 15.12 .52 .45 .52 3.82 1.57 7.62 4.57 3.88 1.56 7.68 4.58 3.99 1.56 7.67 4.64 .62 .89 .22 .47 .97 .24 .40 .97 .23 1.31 1.33 1.34 47.92 26.36 17.11 7.69 1.56 32.54 1.58 6.11 13.81 17.41 8.79 4.28 47.81 26.20 17.12 7.57 1.51 32.46 1.34 6.48 13.84 17.42 8.81 4.30 48.02 26.38 17.18 7.58 1.63 32.83 1.45 6.66 13.84 17.44 8.82 4.32 3.80 3.84 .70 3.80 MONEY RATES, ETC. .69 .70 1950 May 31 June COMMERCIAL BANKS June 14 June June 28 i In unit indicated WEEKLY FIGURES 2 —Cont. 18.57 BUSINESS CONDITIONS 18.2: 3.84 Wholesale prices: 8.74 Indexes (1926=100): 5.64 Total 65 24.23 Farm products 6. 27.03 Foods 65 2.17 Other commodities 65 15.99 Basic commodities: 4.40 (Aug. 1939=100): 1.11 Total 6 6.21 Foodstuffs 67 4.38 Industrial materials 67 P15.47 Selected farm products: P. 52 Wheat (cents per bushel) 68 .20 .02 Corn (cents per bushel).. 68 3 (s) () Cotton (cents per pound). 68 .18 .1 Steers (dollars per 100 P. 62 P. 48 pounds) 68 Cows (dollars per 100 pounds) 68 Hogs (dollars per 100 67.91 67.96 pounds) 68 36.94 36.6 Butter (cents per pound) 68 24.43 24.41 Eggs (cents per d o z e n ) . . . 68 10.00 9.56 2.52 2.64 Production: Steel (% of capacity) 71 5.71 5.74 Automobile (thous. c a r s ) . . . 71 48.04 47.97 Crude petroleum (thous. 2,36 2.48 bbls.) 72 25.26 25.58 Bituminous coal (mill, tons) . 72 13.53 13.60 Paperboard (thous. t o n s ) . . . 73 4.66 4.68 Meat (mill, pounds) 73 Electric power (mill. kw. hrs.) 75 2.29 2.37 .47 .51 Freight carloadings (thous. cars): Total 74 1.86 1.82 Miscellaneous 74 4.88 4.91 Department store sales (1935-39=100) 75 19.50 19.72 10.30 10.2 7.20 7.24 5.73 5.72 2.39 2.15 .71 .88 15.35 15.20 .61 .68 MONTHLY FIGURES 3.99 3.94 1.5 1.56 DEPOSITS AND CURRENCY 7.70 7.95 4.69 4.71 Deposits and currency e Total deposits and currency. Total deposits adjusted and .29 .33 currency 6 1.09 1.04 Demand deposits adjusted.. 6 .23 .24 Time deposits adjusted 6 1.35 1.34 Currency outside b a n k s . . . . 6 U. S. Govt. deposits 6 48.40 48.24 Money in circulation, t o t a l . . . 26.63 26.3 Bills of $50 and over 17.20 17.19 $10 and $20 bills 7.4: 7.62 Coins, $1, $2, and $5 bills... 7 1.76 1.81 32.69 32.7 1.80 1.75 6.42 6.16 13.85 13.84 Turnover of demand deposits: 5 17.57 17.64 ( New York City 8 8.8 8.85 Other leading cities 8 4.33 4.3. .71 .74 3.87 3.90 156.8 167.5 161.5 147.7 157.4 166.4 163.2 148.2 156.7 164.5 161.0 148.3 157.1 166.2 162.5 148.3 157.1 165.0 162.7 148.7 265.7 270.1 265.2 263.7 266.8 334.9 336.0 329.7 327.4 332 .5 236.8 244.2 240.7 240.3 242.5 222.4 •218.7 213.4 212.7 215.1 151.2 149.4 146.0 149.4 152.9 33.7 33.8 33.8 33.7 33.9 30.54 30.18 29.98 29.60 19.97 20.08 20.10 20.20 20.19 59.9 59.9 27.8 28.4 19.73 19.43 19.86 20.15 20.99 59.9 59.9 59.9 28.1 29.5 30.4 101.5 101.3 101.1 101.2 101.2 137 192 196 199 187 5,128 5,228 5,269 5,276 1.69 rl .77 '1.74 1 . 7 7 1.69 209 194 211 211 214 279 258 277 284 288 5,632 5,921 6,012 6,102 6,115 710 337 796 375 806 382 810 382 261 302 302 250 Apr. Mar. 653 309 May1 In billions of dollars P172.40 P172.60 ^173.30 P167.10 P83.30 P59.30 P24.60 P5.30 27.04 8.39 14.16 4.49 P168.50 P84.50 P59.50 P24.60 P4.10 27.05 8.39 14.16 4.50 P169.50 P85.30 ^59.50 P24.70 *>3.80 27.09 8.36 14.18 4.55 Annual rate 28.5 18.9 30.9 19.8 30.6 19.6 In billions of dollars Per cent per annum U. S. Govt. securities: Bills (new issues) 30 1.179 1. 177 1 .174 1. 172 1 .23 Certificates 30 U . 2 3 1.23 1 .23 3-5 years 30 1.45 1 .46 1 .47 1.47 7-9 years 30 1.81 1 .81 1 .84 1.82 15 years or more 30, 32 2.31 2 .32 2.32 2 .34 Corporate bonds: 2.62 Aaa 32 2.62 2 .62 2 .61 Baa 32 3.26 3 .26 3 .28 3.27 High-grade municipal bonds 32 2.07 2 .08 2 .09 2.08 Stock prices (1935-39 = 100): Total Industrial Railroad Public utility Volume of trading (mill, shares) June 28i 18.26 17.68 3.98 8.05 5.65 24.23 26.93 1.82 16.17 4.62 1.12 6.26 4.52 P15.50 .88 P. 67 .72 .04 .01 .14 .53 -.02 -.01 Chart book Dage In unit indicated 34 34 34 34 34 149 158 109 113 1.42 149 159 107 113 149 159 109 113 149 160 109 113 1.91 1.59 1.61 e Cash assets 1.174 Loans and investments, total e 1.23 Loans e 1.49 U. S. Govt. securities' 1. e Other securities 2.34 Holdings of U. S. Govt. securities: 2.63 Within 1 year: 3.32 Total 2.12 Bills Certificates Notes and bonds Over 1 year: 143 Total 153 Notes and bonds (1-5 yrs.) 104 Bonds (5-10 yrs.). 108 Bonds (over 10 yrs.) 3.42 P26.60 P121.20 P44.10 P66.10" Pll.00 P26.40 9 9 P120.30 P43.70 9 9 P65.80 P10.90 9 P26.50 P120.40 P43.80 ?65.60 Pi1.00 10 10 10 10 18.41 2.41 8.13 7.87 16.08 2.73 7.71 5.64 ?16.60 10 10 10 10 39.79 30.31 5.47 4.00 42.47 32.92 5.50 4.05 P42.60 P32.90 P5.50 P3.20 P7 .70 P5. 70 For footnotes see p. 894. JULY 1950 891 CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOKS—Continued BAN£ CREDIT, MONEY RATES, AND BUSINESS—Continued Chart book page 1950 Mar. Apr. May In billions of dollars MONTHLY FIGURES—Gont. Chart book page l MEMBER BANKS 1950 Mar. May1 In billions of dollars MONTHLY FIGURES—Cont. GOVERNMENT FINANCE—Cont. All m e m b e r banks: 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, t o t a l . . . . . . . Loans U. S. Govt. securities Other securities Demand deposits adjusted e Time deposits Balances due from banks Reserves 12 12 12 12 12 12 12 12 12 101 .40 36 .73 55 .67 70 .45 29 .51 10 .99 5 .45 16 .08 101 .43 36 .84 55 .44 9 .15 71 .61 29 .62 10 .77 5 .36 15 .90 102.1 37.0' 55.9< 9.1: 72.2 29.65 10.6: 5.33 15.94 12 12 12 12 12 12 12 12 24 .20 9 .09 12 .98 2 .13 17 .87 2 .76 4 .84 5 .43 24 .31 9 .19 12 .96 2 .16 18 .50 2 .79 4 .79 5 .34 24.4 9.14 13.2 2.0= 18.58 2.88 4.7 5.36 13 13 13 13 13 13 13 13 13 38 .34 14 .55 20 .68 3 .11 25 .04 11 .74 5 .22 1 68 6 18 38 .20 14 .47 20 .55 3 .19 25 .44 11 .77 5 08 1 67 6 13 38.56 14.65 20.6' 3.2: 25.65 11.76 5.03 1.70 6.14 38 86 13 10 22.01 38 92 13 18 21 94 3 27 15 3 4 27 15 3 4 39.16 13.27 22.04 3.85 27.98 15.06 3.48 4.44 13 13 13 13 13 13 13 13 9.00 76 54 02 63 47 3.80 68 06 54 42 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, a n d 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 Cash income and outgo: Cash income 26 Cash outgo 26 Excess of cash income or outgo. . . . 26 102 .95 CONSUMER CREDIT6 20 20 20 20 20, 21 21 21 21 21 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. Bankse Individuals 6 Corporations and associations .. Insurance companies e e Mutual savings banks e * State and local govts. . . 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 22 23 23 23 23 23 23 23 23 24 24 24 24 24 24 18 3 3 1 11 4 6 3 2 30 01 21 01 08 74 33 36 98 P18 61 P3 05 P3 24 P I 01 P l l 32 P 4 80 P6 51 P3 47 P3 04 *>19.09 P3.11 P3.30 Pl.01 Pll.6 P4.92 P6.75 P3. 62 P3 .14 102 .95 58 .48 58 .24 44 .58 6 .40 44 .45 6 .16 102.95 ?44.30 5.80 49 .20 44 .93 45.33 28 .97 10 .57 44 .22 26 .67 10 .60 48 .61 P27.00 10.41 48.61 33 .06 2 .75 15 .93 36.08 P36.20 3.30 3 .16 15.93 15 .93 8 .58 8 .58 6 .63 1 .15 6 .66 1 .15 45 .13 45 .13 P6.7O 1.15 8 .01 7 .77 P7 A0 7 .13 3 .12 6 .93 2 .88 P6. 60 5 .16 4 .05 +1 12 1 .68 3 .34 - 1 .66 2.94 3.70 -.76 2.53 Per cent MONEY RATES, ETC. Consumer credit, total Single-payment loans Charge accounts Service credit Instalment credit, total Instalment loans Instalment sale credit, total Automobile Other Apr. Treasury bills (new issues) Corporate bonds: Aaa Baa i\ R. Bank discount rate Commercial paper Itock yields: Dividends/price ratio: Common stock Preferred stock 29 1.140 29 29 29 29 2.58 3.24 1.50 1.31 2.60 3.23 1.50 1.31 2.61 3.25 1.50 1.31 33 33 6.40 3.81 6.18 3.82 5.97 3.82 1.167 In unit indicated Margin requirements (per cent) 35 "tock prices (1935-39 =100), t o t a l . . . 35 itock market credit (mill, dollars): Bank loans 35 Customers' debit balances 35, 36 M o n e y borrowed C u s t o m e r s ' free credit b a l a n c e s . . . . Volume of t r a d i n g (mill, shares) 255. 75 255. 74 256.37 BUSINESS CONDITIONS 102. 95 102. 95 102.95 5 1 . 52 5 1 . 65 52.05 (annual rates, bill, 6 5 . 56 6 5 . 37 65.77 Personal income dollars):« 5 3 1 . 80 3 2 . 10 31.87 Total 3 . 78 3 . 80 3.73 Wage and salary receipts Proprietors' income, dividends, and interest All other '64. 90 6 5 . 30 P65. e 3 7 . 61 3 7 . 31 37.35 ,abor force (mill, persons): 17. 80 17. 59 17.39 Total Civilian 7 0 . 20 7 0 . 30 P7O.5O Unemployment '24. 60 2 4 . 20 P24.70 Employment 2 0 . 50 P20A0 2 0 . 60 Nonagricultural 1 1 . 60 Pll.60 1 1 . 60 8 . 70 8 . 70 P8.70 Employment in nonagriculturale 5establishments (mill, persons): Total Manufacturing and mining 12. 33 12. 62 13.02 Construction 7. 10 6 . 36 P7.20 Transportation and utilities Trade 4 . 37 3 . 95 4.07 Government 3 9 . 19 3 9 . 02 39.02 Hours and earnings at factories: Weekly earnings (dollars) 2 4 . 84 2 4 . 78 P25.00 Hourly earnings (dollars). . . Hours worked (per week) 7. 24 7. 27 7.52 36 36 35 48 48 50 139 50 142 50 147 441 1,018 579 666 1.64 461 1,084 619 678 2.30 491 1,175 750 657 1.76 »-219.3 '213.8 133.6 135.3 213.3 136.4 48 48 ^58.2 '27.5 '58.0 '20.5 59.4 17.5 49 49 49 49 49 63.0 61.7 4.1 57.6 50.9 63.5 62.2 3.5 58.7 51.5 64.1 62.8 3.1 59.7 51.7 50 50 50 50 50 50 42.73 15.05 2.09 3.91 r 9.33 5.78 43.20 ^43.48 15.21 P15A6 2.15 P2.22 3.95 P3.89 9.42 P9A5 5.90 P5.87 51 51 51 '56.49 1.423 39.7 56.93 P57.5O 1.434 Pi.441 39.7 P39.9 For footnotes see p. 894. 892 FEDERAL RESERVE BULLETIN CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOKS—Continued BANK CREDIT, MONEY RATES, AND BUSINESS—Continued 1950 Chart book page Mar. Apr. May1 In unit indicated MONTHLY FIGURES—Cont. Shoes . Paperboard Newsprint consumption. . .. Manufactured food p r o d u c t s . . . . Fuel oil Gasoline . Industrial chemicals Rayon Sales, inventories, and5 orders: Sales (bill, dollars): Manufacturinof total Durable Wholesale, total Durable Nondurable Retail total Durable Nondurable Inventories (bill, dollars): 5 ^Manufacturing, total Durable Wholesale Retail New orders (bill, dollars) Durable Nondurable Construction contracts 8(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) : 6 Total • Nonresidential: e Public Private . . . . . Residential: e Public Private Freight carloadings:5 Total (1935-39—100) Groups (points in total index): Miscellaneous Coal All other Department stores: Indexes (1935-39= 100) : 5 Sales Stocks 296 stores: Sales (mill, dollars) Stocks (mill, dollars) Outstanding orders (mill, dollars) Ratios to sales (months' supply): Total commitments Stocks Mar. Apr. May i BUSINESS CONDITIONS—Cont 52 52 52 52 187 80.2 84.6 21.9 190 84.1 84.5 21.3 P193 P86.2 P85.1 P21.8 '181 199 222 180 P202 P227 P181 54 54 54 54 54 54 208 243 192 145 207 270 218 150 P2Q5 243 225 251 273 210 149 P248 P256 55 153 138 rl28 142 139 140 53 53 53 194 (1935-39 —100): Nonferrous metals Steel Cement Lumber Transportation equipment Machinery Selected nondurable manufactures (1935-39=100): Apparel wool consumption 1950 In tmit ind icated MONTHLY FIGURES—Cont. BUSINESS CONDITIONS—Cont. Industrial production: 5 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 Chart book page 55 55 55 55 55 55 55 55 56 57 57 57 57 57 57 203 115 207 163 166 178 168 164 712 173 171 434 349 '428 352 19.1 8 1 U.O 7.7 1.9 5.8 11 1 3.7 7.4 18.5 8.0 10.5 7.3 1.8 5.5 11.1 3.7 7.4 31.2 14.0 17.2 9 4 14.1 211 165 P164 P175 P180 P442 Rent Miscellaneous Wholesale prices (1926=100): Total Farm products Food Other commodities Textile products Hides and leather products Chemicals and allied products... Fuel and lighting materials Building materials Metals and metal products Miscellaneous Prices paid and received by farmers (1910-14=100): Paid, etc Received Cash farm income (mill, dollars): Total Livestock and products Crops ... Govt. payments 20.1 8.8 11.3 7.9 2.1 5.8 11.3 3.9 7.4 31.5 14.2 17.3 95 14.3 57 57 56 56 9.1 8.5 8.5 11.2 10.1 11.0 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: 167 3 196.6 185.1 123.1 154.8 168 6 200.3 185.1 123.5 155 3 67 66 152.7 159.4 155 5 146.1 137.3 179.6 116.3 131.5 194.2 168.5 110.7 152.9 159.3 155 3 146.4 136.4 179.4 117.1 '131.2 194.8 168.7 112.6 155 9 164.7 159 9 147.6 136.1 181.0 116.4 132.1 198.1 169.7 114.7 69 69 250 237 251 241 254 247 70 70 70 70 1,674 1,164 478 32 64 64 64 64 65 65 65 65 66 66 66 67 67 76 76 76 P204 P226 77 77 P6 04 P2 82 P6 23 77 77 77 P.83 P3.22 P. 64 548 617 P551 P552 QUARTERLY FIGURES 59 59 59 59 514 564 393 120 117 417 147 P126 565 447 118 Budget receipts and expenditures of U. S. Treasury: Expenditures, total 60 1 750 1,959 2 220 409 572 478 601 557 655 60 60 28 741 28 852 28 980 61 127 126 122 62 62 274 285 63 63 63 '320 920 326 75.2 26.2 292 286 '319 '926 270 63 3.9 '3.7 63 2.9 2.9 73.0 25.2 24.1 P2.88 P.77 36 63 P3. P. 1950 Jan.Mar. Apr.June In billions of dollars GOVERNMENT FINANCE Veterans' Administration International aid. . . P825 ^660 P165 P583 Oct.Dec. Pl.102 1,165 511 619 60 60 ,868 1949 1,130 73.4 29.5 23.7 1,594 Pl,809 1,108 Pi,334 436 P434 50 78,79 See p. 927 of this BULLETIN 58 58 58 61 61 61 167 0 196.0 185.0 122.9 155.0 64 INTERNATIONAL TRADE AND FINANCE 31.1 13.9 17.2 9 1 14.3 56 56 Consumers' prices (1935-39 =100): All items Food... 27 27,28 28 28 ... 28 Allother. Receipts: Net receipts Individual income taxes Corporate income, etc Miscellaneous internal revenue.. All other. . Tax refunds (deduct) 28 27 28 28 28 28 28 9.09 '3.03 1.58 '.99 1.26 '2.16 10.10 2.96 1.46 1.20 1 93 2.46 8.42 2.91 2.85 2.20 .61 .15 11.16 6.63 2.68 1.95 .78 .88 8.21 2.05 .97 Per cent i?er annum MONEY RATES Bank rates on loans to business: All loans: 19 cities 290 New York City 285 7 Northern and Eastern cities... 11 Southern and Western cities.. 330 901 Loans of $l,000-$10,000: 251 19 cities New York City 7 Northern and Eastern cities... 3.4 2.7 11 Southern and Western cities.. 9.96 '3.15 1.56 '1.10 1.57 '2.52 31 31 31 31 31 31 31 31 2.65 2.38 2.67 3.03 2.60 2.29 2.55 3.12 4.53 4.14 4.63 4.66 4.45 3.85 4.64 4.64 2.68 2.34 2.67 3.22 4.50 3.94 4.58 4.70 For footnotes see p. 894. JULY 1950 893 CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOKS—Continued BANK CREDIT, MONEY RATES, AND BUSINESS—Continued Chart book page Oct.Dec. 1950 Jan.Mar. Stock yields: Earnings /price ratio, common stocks Oct.Dec. Jan.Mar. Apr.June In unit indicated QUARTERLY FIGURES—Cont. BUSINESS FINANCE—Cont. Cont. 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-$20Q,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. . Chart book page Apr.June Per cent per annum QUARTERLY FIGURES—Cont. MONEY RATES 1949 31 31 31 31 3.65 3.74 3.54 3.22 3.60 3.71 31 31 31 31 2.98 2.73 3.00 3.12 2.94 2.64 2.91 3.15 31 31 31 31 2.35 2.21 2.41 2.56 2.31 2.13 2.28 2.74 33 3.61 3.35 13.49 Plant and equipment expenditures (bill, dollars): •« 3.65 All business 3.35 Manufacturing and mining; rail3.62 roads and utilities 3.83 Manufacturing and mining 2.94 2.73 2.82 e 3.17 Individual savings: Gross savings Liquid savings 2.39 2.16 Cash 2.45 U. S. Govt. securities 2.82 Other securities 42 42 42 3.2 2.0 3.7 4.5 2.6 1.7 3.3 2.1 In billions of dollars 43 43 43 43 43 Insurance. 43 Debt liquidation 43 12.28 + 10.9 r+1.0 '+1.7 '-0.1 r+0.4 +-3.0 1.8 +8 .8 +0 .6 - 0 .3 +0 .8 +0 .8 - 0 .3 - 0 .5 Annual rates in billions of dollars GROSS NATIONAL PRODUCT, ETC. « In unit indicated BUSINESS FINANCE Corporate assets and liabilities (bill, dollars): e Current assets, total Cash U. S. Goyt. securities Inventories Receivables Current liabilities, total Notes and accounts payable.. , Federal income tax liabilities. . . . Net working capital 7 Corporate security issues. Total (bill, dollars) e 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 Railroad Industrial Working capital: All issuers Public utility Railroad Industrial Bonds (bill, dollars): e Public Private Corporate profits, taxes, and dividends (annual rates, bill, dollars) e 5 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) 37 37 37 37 37 37 37 37 37 124.1 24.9 15.7 43.8 38.3 56.4 33.7 9.7 67.7 124.8 23 16.7 44.2 38.7 55.8 32.8 9.7 69.0 38 38 1.30 '.86 1.40 1.01 38 38 38 .64 .11 .11 .83 .09 .10 39 39 39 39 ••597 39 39 39 39 r 38 38 396 77 112 567 106 73 265 5 106 »-237 1 18 94 .31 .67 .69 .46 40 40 40 '29.2 16.9 17.8 41 41 Gross national product 5 ... 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;5 Personal income Disposable income Consumption expenditures Net personal saving 44 44 44 46 46 46 44 45 45 45 45 47 47 47 47 '253.8 '262.5 '42.8 '41.4 180.6 1 8 2 . 4 26.9 '25.3 '97.9 '97.5 '57.4 '58.0 '30.5 '38.61 18.7 19.3 19.9 18.2 '—5.7 1-7 j. '205.4 186.8 180.6 '6.2 1.3 '-1.9 '216.4 197.7 182.4 15.3 1948 Dec. 31 SEMIANNUAL FIGURES June 30 Dec. 31 In billions of dollars INSURED COMMERCIAL BANKS Loans: Commercial Agricultural ?31.0 Real estate 8 Consumer 18.9 For purchasing securities: 810.7 To brokers and dealers To others State and local government securities Other securities. 1949 11 11 11 11 18.76 2.78 10.67 6.80 16.29 2.73 10.89 7.17 16.94 2.96 11.41 8.00 11 11 11 11 1.34 0.94 5.51 3.42 1.97 0.90 5.76 3.49 1.75 0.86 6.40 3.57 1.2 41 41 424 342 529 323 41 41 267 161 304 51 e 1 c Estimated. v Preliminary. ' Revised. Corrected. 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 duplication 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. 2 Less than 5 million dollars. 4 Beginning June 1, series is based on 3 note issues maturing July 1, 1951. 5 Adjusted for seasonal variation. 6 Series revised to reflect estimates for items not previously included; revised chart will appear at an early date. 7 Figures for all issues include revisions not shown for major industry groups. 8 Estimates of Council of Economic Advisers, based on preliminary data. 9 Expenditures anticipated by business during the third quarter of 1950 are (in billions of dollars): All business, 4.5; manufacturing and mining, railroads and utilities, 3.2; manufacturing and mining, 2.1. * 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. FEDERAL RESERVE BULLETIN CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOKS—Continued CONSUMER CREDIT Chart book page 1950 Mar. Apr.p Mayv Chart book page In millions of dollars Consumer credit outstanding, total... 3 Instalment credit, total 3, 5 Instalment loans . 5 Instalment sale credit 5 Charge accounts 3 Single-payment loans 3 Service credit 3 Consumer credit outstanding, cumulative totals: 1 Instalment credit 4 Charge accounts 4 Single-payment loans 4 Service credit 4 Consumer instalment sale credit outstanding, cumulative totals: 1 All other retailers 6 Department stores and mail-order houses , 6 Furniture and household appliance stores 6 Automobile dealers 6 18,302 18,610 19,091 Consumer instalment sale 1 credit 11,077 11,315 11,667 granted, cumulative totals: By all other retailers. 4,743 4,804 4,916 By department stores and mail6,334 6,511 6,751 3,296 order houses. . 3,211 3,241 By furniture and household appli3,009 3,048 3,114 1,014 ance stores 1,005 1,006 By automobile dealers Consumer instalment loan credit out18,302 18,610 19,091 standing, cumulative totals: 1 7,424 Commercial and industrial banks. 7,225 7,295 Small loan companies 4,014 4,054 4,128 1,014 Credit unions *.... 1,005 1,006 Miscellaneous lenders Insured repair and modernization 6,334 6,511 6,751 loans 5,716 5,880 6,100 4,756 3,355 4,901 3,470 5,090 3,615 1950 Mar. In millions of dollars 7 920 874 985 7 810 764 863 7 7 664 487 614 443 697 498 8 8 8 8 4,743 2,459 1,523 1,102 4,804 2 ,476 1,531 1,100 4,916 2,518 1,559 1,108 8 783 778 781 p1 Preliminary. The figures shown here are cumulative totals, not aggregates for the individual components, Aggregates for each component may be derived by subtracting from the figure shown, the total immediately following it JULY 1950 895 NUMBER, PRINCIPAL ASSETS, AND DEPOSITS OF BANKS WITHOUT BRANCHES, OF BANKS OPERATING BRANCHES, AND OF THEIR BRANCHES, JUNE 30, 1949x BY CLASS OF BANK [Assets and deposits in millions of dollars] Branches 3 Class of bank and item Banks without branches Banks operating branches 2 All commercial banks: Number Total loans and discounts Real estate loans U. S. Government and other securities Cash assets 4 Demand deposits of individuals, partnerships, and corporations Time deposits of individuals, partnerships, and corporations. . Other deposits Total deposits 12,988 18,267 5,634 36,219 16,246 36,905 18,066 10,716 65,687 1,162 22,758 5,389 36,529 17,920 41,214 16,930 13,689 71,833 All m e m b e r b a n k s : 5 Number Total loans and discounts Real estate loans U. S. Government and other securities Cash assets 4 Demand deposit of individuals, partnerships, and corporations Time deposits of individuals, partnerships, and corporations. . . Other deposits Total deposits 6,410 13,710 3,817 27,570 13,486 28,778 13,353 8,809 50,938 20,746 4,566 33,289 16,937 38,379 14,685 12,977 66,042 National m e m b e r b a n k s : Number Total loans and discounts. . . Real estate loans U. S.. Government and other securities Cash assets 4 Demand deposits of individuals, partnerships, and corporations Time deposits of individuals, partnerships, and corporations. . . Other deposits Total deposits 4,700 10,225 2,633 21,123 10,480 22,065 9,759 7,057 38,880 12,280 3,044 19,889 9,844 22,334 9,142 7,863 39,339 State m e m b e r b a n k s : Number. . Total loans and discounts Real estate loans U. S. Government and other securities Cash assets 4 Demand deposits of individuals, partnerships, and corporations Time deposits of individuals, partnerships, and corporations. . . Other deposits Total deposits 1,710 3,485 1,184 6,447 3,006 6,713 3,594 1,752 12,058 8,466 1,522 13,400 7,093 16,045 5,543 5,114 26,703 Insured n o n m e m b e r commercial b a n k s : Number Total loans and discounts. . Real estate loans. U. S. Government and other securities Cash assets 4 Demand deposits of individuals, partnerships, and corporations Time deposits of individuals, partnerships, and corporations. . . Other deposits Total deposits 5,881 4,255 1,721 7,560 2,460 7,456 4,465 1,386 13,307 493 287 Outside head-office city Total In headoffice city 4,386 7,130 2,704 1,881 2,827 1,122 1,247 14,777 9,960 2,054 26,791 508 359 731 573 306 80 122 9,616 5,375 1,146 1,210 1,022 3,037 2,353 15,804 2,484 2,225 6,279 3,216 6,631 2,506 1,713 2,601 1,138 14,090 9,301 1,939 25,330 9,417 5,042 458 477 268 40 73 918 1,050 106 324 776 508 2 55 795 906 168 15,251 2,074 1,869 844 579 244 250 133 4 35 507 543 47 215 588 385 1 34 582 600 135 8,462 1,098 1,316 5,689 869 109 188 123 1 20 213 306 33 553 55 186 90 2 46 196 145 107 448 691 598 1,969 4,879 2,024 558 813 9,062 5,975 1,527 16,565 812 415 357 708 792 1,450 280 355 488 5,208 2,674 In In headoffice county 128 contiguous counties 596 892 560 43 82 977 225 In noncontiguous counties 787 2,837 1,330 209 313 888 721 2,778 1,315 200 302 2,961 2,303 873 6,137 666 2,591 1,225 198 256 2,765 2,158 766 5 Noninsured n o n m e m b e r commercial b a n k s : Number. Total loans and discounts Real estate loans U. S. Government and other securities Cash assets 4 Demand deposits of individuals, partnerships, and corporations Time deposits of individuals, partnerships, and corporations. . . Other deposits Total deposits All mutual savings banks:5 Number Total loans and discounts Real estate loans U. S. Government and other securities Cash assets 4 , Demand deposits of individuals, partnerships, and corporations Time deposits of individuals, partnerships, and corporations. . . Other deposits Total deposits 700 306 99 1,102 303 671 265 521 1,458 1,247 1,752 1,150 5,028 3,325 4,209 2,367 8,765 6,789 214 227 134 35 38 411 507 59 976 636 1,104 1,816 640 89 37 40 46 202 153 22 376 254 103 52 40 24 144 103 57 304 62 58 15 9 11 -75 48 15 138 4 1 266 482 40 325 412 213 637 461 191 92 102 597 627 113 5,103 1,337 148 210 87 3 21 177 323 19 519 33 196 37 424 143 443 170 75 688 66 38 7 1 7 90 32 2 123 20 16 6 (6) 1 23 10 1 34 24 7 1 (6) 3 26 7 (6) 33 18 14 (6) 1 3 39 13 1 53 192 220 204 331 50 4 161 212 196 330 50 4 3,072 19 2 1 (6) 6 () (6) 4 12 7 6 (6) (6) (6) 12 3,076 5 12 787 2,816 839 2,392 2,074 424 106 2,269 2,514 5,817 3,781 3,660 8,227 7,512 11,418 3,088 5 4 1 7,522 11,427 3,093 300 6 135 2 221 500 5 (6) (6) 2 1 3 For footnotes see next page. 896 FEDERAL RESERVE BULLETIN NUMBER, DEPOSITS, AND NUMBER OF BRANCHES OF BANKS OPERATING BRANCHES 1 JUNE 30, 1949 BY GEOGRAPHIC EXTENT OF BRANCH BANKING AND BY CLASS OF BANK [Deposits in millions of dollars] Commercial banks Mutual savings banks Nonmember Member banks Total Insured National State 3,216 25,330 287 39,339 1,969 16,565 206 26,703 1,247 8,765 636 5,103 1,104 1,337 Total All b a n k s o p e r a t i n g b r a n c h e s : Number Total deposits of banks and branches... . Number of branches Deposits of branches 1,162 71,833 4,386 26,791 B a n k s w i t h b r a n c h e s i n head-office city o n l y : Number Total deposits of banks and branches Number of branches Deposits of branches 1 310 36,453 1,054 10,439 252 35,057 956 10,244 142 18,306 444 5,492 110 16,751 512 4,752 53 1,327 563 11,654 144 9,768 84 ,149 60 ,619 358 855 340 296 181 150 1,669 1,361 1,637 1,060 225 8,977 B a n k s w i t h b r a n c h e s o u t s i d e head-office city b u t n o t b e y o n d head-office c o u n t y : 2 Number Total deposits of banks and branches Number of branches: In head-office city In head-office county Deposits of branches: 1 In head-office city In head-office county B a n k s w i t h b r a n c h e s o u t s i d e head-office c o u n t y b u t n o t beyond c o u n t i e s c o n t i g u o u s t o i t : 2 Number "I Total deposits of banks and branches Number of branches: In head-office city In head-office county , In contiguous counties Deposits of branches: 1 In head-office city , In head-office county In contiguous counties , Banks with branches in counties not contiguous to t h a t of h e a d office: 2 Number Total deposits of banks and branches Number of branches: In head-office city ." In head-office county In contiguous counties In noncontiguous counties Deposits of branches: 1 In head-office city In head-office county In contiguous counties In noncontiguous counties 1 2 3 493 66,042 Noninsured 33 66 123 106 11,427 192 3,093 5 69 11 85 10,855 148 3,076 403 1,746 16 140 15 405 159 146 13 539 5 20 796 444 841 616 32 298 55 7,391 32 3,460 23 ,931 161 ,453 9 133 216 165 312 175 82 102 49 34 57 126 48 45 38 81 199 3 2 11 1,377 442 556 1,072 373 361 354 141 231 718 232 130 270 54 173 33 14 26 64 14,750 42 13,826 29 11,425 13 ,402 19 577 3 346 253 102 284 787 242 80 222 721 170 60 158 666 72 20 64 55 10 20 55 62 1 2 7 4 2,320 686 1,665 6,278 2,297 642 1,508 6,137 1,820 514 1,085 5,689 477 128 423 448 23 24 130 138 1 19 27 3 194 6 168 13 4 12 () 5 12 See footnotes 1 and 3 below. Each bank is included in one category only, according to the widest area in which it operates branches. Deposits amounted to less than $500,000 or were not reported separately. Footnotes to table on page 896. 1 Branches exclude banking facilities at military reservations and other Government establishments. Included in the number of banks operating branches and their branches are four small noninsured commercial banks and four branches, for which asset and liability data were not available. Asset and liability data may not add to totals because of rounding. The term "commercial banks" in these tables comprehends all banks and trust companies except mutual savings banks. 2 Assets and liabilities shown are totals for head office and all branches. 3 In a considerable number of cases, some or all of the asset and liability items were not reported separately for branches, since they are carried on the books of the parent bank. For this reason the asset and liability data for branches cannot be related directly to the number of branches. The table on p. 898 shows deposits were not reported for 835 of the 4,386 branches of commercial banks, and loans were not reported by 1,254 of the branches. 4 Cash assets for banks operating branches are totals of the head office and all branches, excluding inter-office "due to and from" accounts. By reason of this exclusion, in this table the total shown for cash assets of all commercial banks operating branches is an estimated 200 million dollars lower than it would be if derived from the consolidated reports, where the net amount of some "due to and from" accounts is included. The figures for banks without branches are also affected inasmuch as they were derived by subtracting the data for banks operating branches from the data for all commercial banks. 5 Banks without branches include three mutual savings banks that are State member banks and which, consequently, are included in both "All 6member banks" and "All mutual savings banks." Less than $500,000 or not reported separately. JULY 1950 897 COMMERCIAL BANKS OPERATING BRANCHES BY RATIO OF BRANCH DEPOSITS TO TOTAL DEPOSITS, JUNE 30, 19491 Banks operating one or more out-of-town branches Banks operating head-office city branches, out-of-town branches, or both Ratio of deposits of all branches to total deposits of bank (per cent) Ratio of- deposits of Deposits (in millions out-of-town branches to total deposits of bank of dollars) (per cent) Number Banks Branches Banks and branches Branches Total.... 1,162 4,386 71,833 26,791 Total... Under 10 10-25 25-50 50-75 75 and over Unclassified2 128 227 243 113 34 417 265 551 783 1,049 1,066 672 8,160 12,845 16,943 12,314 11,459 10,111 405 2,163 6,412 7,746 10,066 Under 10 10-25 25-50 50-75 75 and over Unclassified2 Deposits (in millions of dollars) Number Branches Banks and branches Branches 852 2,505 35,380 10,987 106 165 189 68 18 306 148 353 618 346 637 403 8,704 6,827 6,965 2,647 6,401 3,836 319 1,148 2,783 1,585 5,151 Banks 1 See footnote 1 to table on p. 897. 2 Comprises banks that did not report branch deposits separately and their branches. Does not include banks that reported deposits for some of their branches but not for others. This exclusion accounts for the differences of 163 in the total number of unclassified branches and of 70 in the number of out-of-town branches between this and the following table. BRANCHES OF COMMERCIAL BANKS BY AMOUNT OF DEPOSITS AND BY AMOUNT OF LOANS, JUNE 30, 19491 Percentage distribution Number of branches Classification Total By amount of total deposits of branch Under $250,000 250,000-500,000 500.000-1,000,000 1,000,000-2,000,000 2,000,000-5,000,000 5,000,000-10,000,000 10,000,000-25,000,000 25,000,000-50,000,000 50,000,000-100,000,000 100,000,000 and over Unclassified 2 By amount of total loans of branch: Under $50,000 50,000-150,000 150,000-250,000 250,000-500,000 500,000-1,000,000 1,000,000-2,000,000 2,000,000-5,000,000 5,000,000-10,000,000 10,000,000 and over Unclassified 3 1 2 3 Total In head-office city Outside head-office city Total In head-office city Outside head-office city 4,386 1,881 2,505 100.0 100.0 100.0 90 179 322 493 998 813 493 101 44 18 835 34 22 51 146 440 429 291 61 31 14 362 56 157 271 347 558 384 202 40 13 4 473 2.1 4.1 7.3 11.2 22.8 18.5 11.3 2.3 1.0 .4 19.0 1.8 1.2 2.7 7.8 23.4 22.8 15.5 3.2 1.7 .7 19.2 2.2 6.3 10.8 13.8 22.3 15.3 8.1 1.6 .5 .2 18.9 186 319 262 496 592 490 466 190 131 1,254 121 163 123 207 235 187 141 57 61 586 65 156 139 289 357 303 325 133 70 668 4.2 7.3 6.0 11.3 13.5 11.2 10.6 4.3 3.0 28.6 6.4 8.7 6.5 11.0 12.5 10.0 7.5 3.0 3.2 31.2 2.6 6.2 5.5 11.5 14.3 12.1 13.0 5.3 2.8 26.7 See footnote 1 to table on p. 896., Branches that did not report deposits. Branches that did not report loans. FEDERAL RESERVE BULLETIN COMMERCIAL BANKS OPERATING BRANCHES AND THEIR BRANCHES, JUNE 30, 19491 SELECTED CLASSIFICATIONS OF NUMBER AND DEPOSITS Banks operating branches Classification Total deposits (in millions of dollars) Total 1,162 71,833 22 138 289 163 217 125 80 124 4 645 209 101 53 76 35 13 22 2 1 1 1 1 1 1 Number Total Number of branches By a m o u n t of deposits of b a n k : $500,000-1,000,000 1,000,000-2,000,000 2 000 000-5 000,000 5.000,000-10,000,000 10,000,000-25,000,000 25,000,000-50,000,000 50,000,000 to 100,000,000 100,000,000 and over Unclassified 2 By n u m b e r of branches per b a n k : 1 2 3 4 5-9 10-14 15-19 20-49 53 68 75 76 80 127 519 Outside head-office city In headoffice city Total In headoffice county 4,386 1,881 2,505 1,122 596 787 18 212 944 1,161 3,695 4,535 5,629 55,639 23 160 393 268 408 381 390 2,359 4 15 47 167 174 224 1,252 1 23 159 378 221 241 207 166 1,107 3 17 113 295 172 136 104 93 190 2 6 45 84 41 80 67 39 236 1 1 2 8 25 36 34 681 8,134 4,990 7,900 3,352 8,645 5,177 3,399 13,616 2,066 3,811 740 2,229 914 1,539 5,322 645 418 303 212 483 408 219 647 106 68 75 76 80 127 519 175 123 125 104 256 193 96 373 87 68 75 76 22 62 46 470 295 178 108 227 215 123 274 19 363 227 129 73 117 77 32 51 16 103 61 46 27 65 67 38 70 3 4 7 3 8 45 71 53 153 38 9 69 20 19 404 2,728 1,620 38 1 ,397 472 12 1,331 1,148 26 333 259 4 332 448 7 By m e t h o d of e s t a b l i s h m e n t of branch:» De novo By conversion of a bank into a branch Unknown 58 65 473 In contiguous counties 37" 666 441 15 In noncontiguous counties 1 2 3 See footnote 1 to table on p. 896. Noninsured commercial banks for which asset and liability data were not available. Refers to original status, whether established de novo as a branch (by present or predecessor parent bank) or established by conversion of a bank into a branch following consolidation or absorption. COMMERCIAL BANKS OPERATING BRANCHES AND THEIR BRANCHES, JUNE 30, 1949x BY POPULATION (1940 CENSUS) OF PLACES IN WHICH LOCATED Number of branches outside of head-office city, by population of place in which located Banks operating branches Population of place in which head office is located Number Under 500 500-1 000 1,000-2,500. , 2 500-10 000 10,000-50,000 50,000-100,000 100,000-500,000 500,000 and over Total Number of branches in headTotal office deposits city (in millions of dollars) Under 500 5001,000 1,0002,500 2,50010,000 10,000- 50,000- 100,000- 500,000 50,000 100,000 500,000 and over 99 96 165 196 193 108 171 134 187 215 576 1,344 4,051 3,748 14,757 46,956 3 21 84 129 505 1,139 79 76 99 100 42 9 14 19 32 38 65 99 72 14 36 40 13 5 44 89 114 37 64 100 3 2 14 49 136 35 118 195 1 8 53 42 96 151 5 20 17 67 1 2 12 8 5 68 2 ' 94 1,162 71,833 1,881 438 396 466 552 351 109 96 97 1 i See footnote 1 to table on p. 896. JULY 1950 899 NUMBER AND DEPOSITS OF ALL COMMERCIAL BANKS AND OF COMMERCIAL BANKS OPERATING BRANCHES, DECEMBER 31, 1939 AND JUNE 30, 19491 BY STATES Number Geographic division and State United States New England Maine New Hampshire Vermont ]VI assachusetts Rhode Island . . . Connecticut Middle Atlantic . . New York New Jersey . Pennsylvania.... East North Central Ohio Indiana Illinois Michigan Wisconsin West North Central "M. Iowainnesota Missouri North Dakota South Dakota Nebraska Kansas South Atlantic Delaware Maryland District of Columbia . . . . Virginia West Virginia North Carolina South Carolina Georgia Florida3 East South Central Kentucky. . . . Tennessee... Alabama Mississippi W e s t S o u t h A r k a n s a s Louisiana O k l a h o m a T e x a s . .. C e n t r a l Mountain.... M^ontana Idaho W y o m i n g Colorado New Mexico Arizona . . Utah Nevada Pacific Washington Oregon California All commercial banks 1939 1949 14,484 14,150 565 69 64 76 197 26 133 525 64 75 70 183 19 114 2,212 751 366 1,095 1,961 3 , 0 8 2 701 507 848 452 574 3,0 6 4 8 4 5 T o t a l deposits (in millions of C o m m e r c i a l b a n k s operating branches 1939 1939 939 1,162 57,718 89 20 2 8 42 11 6 110 24 2 8 51 12 13 3,430 205 91 112 2,053 324 645 2 8 9 5 220 107 52 61 24, 17, 1, 5, 6 2 6 1 6 1 207 39 40 252 46 54 47 81 61 91 10,789 2,490 941 4 781 1,622 955 3 , 3 9 2 680 647 633 169 165 423 3 , 2 9 2 682 665 599 150 170 416 610 149 2 117 164 2 119 14 14 2 15 26 2 1,574 44 177 1,674 39 163 19 314 179 226 150 394 190 143 6 25 11 40 1 43 6 10 1 180 7 26 14 50 1,109 385 295 226 203 59 13 19 3 24 20 30 3 33 1,595 217 145 393 840 1,676 42 14 28 54 230 161 387 898 18 36 488 111 51 58 145 41 12 59 11 482 111 45 55 147 50 11 21 34 6 8 4 4 5 2 9 442 395 675 22 315 181 228 151 285 171 1,134 412 300 217 205 140 74 228 648 334 979 3 6 8 9 4 5 55 8 122 69 204 18 8 4 4 47 9 4 34 C o m m e r c i a l b a n k s operating branches (including deposits of branches) All c o m mercial b a n k s 1949 57 12 13 1 86 67 4 62 11 11 40 899 930 816 153 dollars) D e p o s i t s of c o m m e r c operating branches c e n t a g e of total de all c o m m e r c i a l ial b a n k s as a perposits of b a n k s C h a n g e in percentage 1939 to 1949 1939 1949 1939 137,520 30,915 71,833 5 3 . 4 5 2 . 2 - 6 , 9 4 7 446 251 237 3,893 704 1,416 2 , 0 5 4 84 1 20 1,431 276 242 4 , 5 6 0 267 3 45 2,963 636 646 5 9 . 9 4 1 . 0 1.1 17.9 69.7 85.2 37.5 65.6 59.9 1.2 19.0 76.1 90.3 45.6 + 5.7 +18.9 + .1 + 1.1 + 6.4 + 5.1 + 8.1 7 8 5 4 7 8 5 5 4 4 3 3 + 2.7 + 2.1 + 2.1 +11.1 + 3.9 1949 3 3 , 25, 2, 5, 1 5 4 1 1 0 5 5 3 9 0 4 2 3 4 2 . . . . 7 3 2 2 1949 5 5 6 3 . . . . 4 3 , 29, 4 , 9, 8 8 3 6 8 5 5 7 8 6 4 8 18,102 14,944 985 2,173 28, 6, 2, 11, 4, 2, 9 8 9 4 8 8 1 3 0 6 8 2 9 7 7 4 3 8 3,177 1,368 267 9 , 6 4 4 3,749 1,229 2 9 . 4 54.9 28.4 3 3 . 3 54.8 42.3 1,142 401 3,577 1,089 70.4 42.0 7 3 . 2 38.5 - 1.22 .1 +13.9 + 2.8 - 3.5 - .7 - 6.5 4,186 955 673 1 617 95 99 335 412 12,658 2,721 2,195 3 926 592 474 1,197 1,553 451 288 108 1,280 644 363 10.8 30.2 16.0 10.1 23.7 16.5 3 34 17 37 172 64 3.2 34.3 5.1 6.3 36.3 5.3 + 3.1 + 2.0 3,817 205 732 362 635 297 507 164 503 412 10,983 403 1,501 990 1,735 953 1,569 618 1,517 1,697 1,794 159 472 275 286 1 235 72 294 1 5,219 306 1,019 831 961 4 7 6 7 4 0 6 5 0 0 .3 4 6 . 4 43.9 58.4 .2 4 7 6 8 5 + 1,606 487 577 332 210 5,104 11,422 ,811 513 170 238 76 29 2 , 2 0 2 486 1,200 261 255 31.9 434.9 1.2 22.9 13.8 4 3 6 2 3 2,824 201 551 461 1,611 9,761 729 1,633 1 529 5,870 363 15 347 1,109 67 1,042 12.9 7.5 63.0 9.2 63.7 + .7 1,027 150 101 70 344 66 91 164 41 3,591 534 407 227 1 042 288 413 526 154 215 1,132 5,137 506 318 4,313 1,142 729 1,045 304 752 1 7 7 4 6 5 . . . . . 7 5 7 3 5 . . . . . 5 9 9 9 4 66.6 49.2 49.6 .1 3 4 6 2 5 . . . . . 1 2 3 9 0 11.4 + .5 + .2 .5 - 1.7 + 3.4 + 7.9 +10.4 +20.2 + 5.3 - 8.8 .1 +11.2 +25.1 +21.2 - 1.5 + 1.7 2 0 . 9 3 1 . 5 +10.6 68 310 67.3 76.1 + 8.8 5 67 41 34 91 394 201 136 7.6 73.6 25.0 8 2 . 9 3 9 3 8 1 5 8 8 . . . . 6 4 2 3 +24.0 +21.8 +13.2 + 5.4 15,665 4,247 13,576 1,827 1,222 12,616 249 3,643 1,362 1,009 11,205 8 7 7 8 8 7 8 8 6 4 2 8 . . . . 7 5 6 8 + + + + 355 2 0 8 4 . . . . 7 2 3 5 4.0 4.3 4.3 4.3 1 2 See footnote 1 to table on p. 896. The slight decline for the United States despite increases in a large number of States reflects the relatively larger increase in deposits in States where all or the greater portion of deposits are held by single-office banks. 3 The bank operating one branch is a noninsured nonmember industrial bank included in the commercial bank category in accordance with established practice. 900 FEDERAL RESERVE BULLETIN NUMBER AND DEPOSITS OF COMMERCIAL BANKS OPERATING BRANCHES, JUNE 30, 19491 BY STATES AND BY CLASS OF BANK Banks operating branches Number Geographic division and State Total National Deposits (in millions of dollars) State member Insured nonmember Noninsured Total National State member Insured nonmember Noninsured 1,162 287 206 636 33 71,833 39,339 26,703 5,103 688 New England Maine . . . . . . New Hampshire.... Vermont Massachusetts Rhode Island Connecticut 110 24 2 8 51 12 13 40 5 1 2 23 3 6 26 4 14 6 1 4.560 267 3 45 2,963 636 646 2,722 80 1 6 2,158 148 329 1,277 81 714 351 131 291 72 39 91 28 61 270 35 1 17 2 3 30 9 6 10 2 3 Middle Atlantic New York New Jersey Pennsylvania 220 107 52 61 94 42 20 32 84 48 24 12 37 15 8 14 33,113 25,509 2,450 5,154 14,080 9,497 980 3,603 17,702 15,301 1,219 1,182 1,140 519 252 369 193 193 East North Central. . Ohio Indiana Illinois Michigan Wisconsin 252 46 54 39 13 11 37 16 3 171 17 39 9,644 3,749 1,229 5,098 1,627 778 3,558 1,994 181 893 128 265 96 61 91 11 4 14 4 33 82 3,577 1,089 2,078 615 1,180 203 231 269 West North Central.. Minnesota. Iowa 164 2 119 8 2 1,280 644 363 826 644 439 89 2 16 347 16 United States North Dakota South Dakota Nebraska 15 26 2 1 5 1 5 2 3 5 1 3 1 152 4 115 4 37 172 64 15 22 4 2 South Atlantic Delaware Maryland District of Columbia. Virginia West Virginia North Carolina South Carolina Georgia Florida 180 7 26 14 50 46 4 7 17 32 3 7 5 9 99 4 14 2 24 57 12 13 1 8 4 6 4 1 3 44 7 3 1 East South Central.. Kentucky Tennessee Alabama Mississippi 86 20 30 3 33 16 2 11 2 1 7 4 1 1 1 63 14 18 West South Central. Arkansas... Louisiana 54 18 36 9 1 8 4 Mountain 34 Idaho 8 New Mexico Arizona Utah Nevada 3 118 64 5,219 306 1,019 831 961 2,624 393" 517 592 1,045 304 752 1 972 95 184 55 159 195 251 676 398 13 65 428 40 10 1 2,202 1,516 169 1,027 259 61 381 246 83 2 50 306 71 90 31 486 1,200 261 255 1,109 67 1,042 846 24 822 71 4" 41 17 24 71 193 43 150 13 5 15 1,132 897 103 129 5 1 2 310 277 9 24 9 7 6 4 2 2 2 2 2 1 i 7 3 2 1 91 394 201 136 55 292 162 111 47 32 15 35 54 7 9 62 11 11 40 22 7 2 13 11 1 1 9 28 3 8 17 13,576 1,362 1,009 11,205 10,731 1,305 964 8,462 2,064 36 16 2,012 743 20 29 694 1 i 5 37 55 1,546 211 390 259 210 1 1 109 124 76 52 24 145 Texas Pacific Washington Oregon California 1 l I i I 1 1 37 37 See footnote 1 to table on p. 896. JULY 1950 901 NUMBER OF BRANCHES OF COMMERCIAL BANKS, JUNE 30, 19491 BY STATES, BY CLASS OF BANK, AND BY LOCATION OF BRANCHES Number of branches Geographic division and State Branches outside head-office city Branches in head-office city Total NonNaState Insured non- insured tional member member Total banks banks banks banks 4,386 1,969 1,247 1,104 66 1,881 844 869 148 20 2,505 1,125 378 956 335 69 2 11 170 51 32 123 8 1 2 89 11 12 118 29 36 9 1 2' 13 11 138 6 82 2 36 12 2 8 2 68 7 5 28 5 3 6 2 2 5 1 41 6 1 2 21 4 7 82 29 102 19 11 197 63 2 11 68 32 21 36 15 2 46 21 9 9 5 2 Middle A t l a n t i c . . . 1,048 New York 731 New Jersey 144 Pennsylvania3 173 357 203 49 105 592 471 80 41 58 23 9 15 7 4 92 54 15 23 7 3 798 604 92 102 245 164 28 53 484 397 55 32 65 40 9 16 250 127 52 71 112 39 21 52 108 74 25 9 27 14 6 7 East North Central. Ohio Indiana Illinois Michigan Wisconsin 678 207 99 175 57 26 240 124 17 251 26 55 12 133 45 21 197 90 17 14 7 4 7 1 351 142 42 327 65 57 42 12 5 43 34 237 19 51 221 151 77 15 93 6 41 129 10 1 149 18 53 14 88 2 1 2 7 72 133 24 1 5 4 40 127 West North Central Minnesota Iowa Missouri North Dakota South Dakota Nebraska Kansas 241 6 163 28 6 208 5 8 6 20 5* 8 6 233 158 South Atlantic Delaware Maryland Dist. of Columbia. . Virginia West Virginia..... North Carolina. . . . South Carolina.... Georgia .. Florida 514 14 108 39 97 186 39 30 1 East South Central. Kentucky Tennessee Alabama Mississippi West South Central Arkansas. Louisiana Oklahoma. . Texas United States New England Maine. New Hampshire. . . Vermont Massachusetts2.. . . Rhode Island Connecticut 22 48 2, 64 20 5 4 4 3 "i" 22 48 2 117 4 55 16 17 258 10 35 3 47 4 17 28 20 18 1 6 149 10 3 1 2 202 37 83 22 60 83 17 42 21 3 19 5 12 1 1 100 15 29 87 20 67 34 1 33 5 48 19 29 Mountain JVIontana Idaho Wyoming Colorado New Mexico Arizona Utah Nevada 150 107 12 30 51 44 2 5 12 48 22 17 2 34 15 12 1 5 4 10 12 2 1 Pacific 4 Washington Oregon 5 California 1,131 124 93 914 927 113 83 731 144 4 1 139 59 7 9 43 5' i' i'_. 56 1 1 1 i' .NaState Insured No non- inst tional member member banks banks banks bar 208 158 163 22 28 ' " '26' 135 .. . . ._ 20 33 NonState Insured Nanon- insured Total tional member member banks banks banks banks 2 2 191 3 55 39 48 78 34 1 ii' 1 20 25 78 3 32 16 13 24 7 15 8 5 9 78 23 46 4 5 22 28 20 323 11 53 57 6 39 1 23 3 10 49 8 4 37 8 1 5 8 1 1 162 32 15 1 9 23 11 10 141 9 2 1 65 17 41 4 3 8 5 3 5 1 2 124 14 37 18 55 18 29 23 4 2 23 4 2 11 1 10 1 29 58 20 38 1 46 19 27 18 12 3 3 132 95 9 27 4 2 1 1 47 42 1 4 2 8 3 1 1 6 2 1 1 1 1 1 10 40 19 16 1 28 13 11 270 24 16 230 198 21 16 161 59 3 13 56 13 861 100 77 684 729 92 67 570 ii 2 1 17 i 11 9 1 1 4 4 85 1 1 83 224 10 24 95 14 27 54 9 11 2 1 46 7 9 30 1 See footnote 1 to table on p. 896. Includes one branch operated by an unincorporated (private) bank in New York. Includes one branch operated by a national bank in New Jersey and one branch operated by an unincorporated (private) bank in New York. Includes two branches operated by a national bank in California. Includes one branch operated by a national bank in California. 2 3 4 5 902 FEDERAL RESERVE BULLET TOTAL DEPOSITS OF BRANCHES OF COMMERCIAL BANKS, JUNE 30, 19491 BY STATES, BY CLASS OF BANK, AND BY LOCATION OF BRANCHES [In millions of dollars] Deposits of branches outside head-office city l Deposits of branches in head-office city x Geographic division and State United States New England Maine New Hampshire Vermont Massachusetts Rhode Island Connecticut. Middle Atlantic New York 2 New Jersey 3 Pennsylvania East North Central Ohio Indiana Illinois Michigan Wisconsin West North Central "ML innesota Iowa Missouri North Dakota South Dakota Nebraska Kansas Total National banks State member banks Insured nonmember banks 519 34 10,987 8,103 1,977 818 89 11 5 1 422 62 292 32 27 21 49 4 125 164 67 53 9 1 19 19 5 970 413 260 297 434 80 92 262 477 302 144 31 693 311 29 279 54 6 253 228 304 49 219 16 9 92 61 National banks State member banks 15,804 8,462 6,789 254 5 165 78 "12' ' 53 13 1 5 119' ' " " i o 7 " 82 24 48 34 9,800 7,931 578 1,291 4,961 3,634 159 1,168 4,579 4,130 378 71 260 167 41 52 2,015 1,058 76 578 312 62 1,373 730 30 16 14 770 111 103 101 633 10 82 82 82 82 244 166 78 119 211 91 21 133 53 42 75 28 56 4 10 6 4 11 4 East S o u t h Central Kentucky Tennessee Alabama Mississippi West S o u t h Central Arkansas Louisiana Oklahoma Texas 241 79 139 23 205 50 132 23 35 29 6 151 145 4 2 151 145 4 2 72 70 2 4 4 1 37 2 28 2,703 246 177 2,280 1 35 2 28 Pacific. . 4 Washington Oregon 5 California 33 106 142 12 37' " 2,013 230 177 1,606 '536' 58 30 24 4 138 28 22 48 40 61 1,024 36 69 447 220 7 51 339 36 11 12 11 47 158 4 36 160 232 237 7 1 1 140 44 38 58 1 54 46 40 44' ' 36 2 60 2 58 26 1 25 3 32 1 31 508 444 18 47 184 170 1 13 8 155 98 63 2 131 88 53 8 9 6 24 3 1 7,076 670 477 5,929 6,317 660 469 5,188 674 1 1 672 85 9 8 68 i38" 21 1 20 11 72 70 138 49 20 449 167 233 2 552 16 2 3 " " 1 31 20 487 Mountain Montana Idaho Wyoming Colorado New Mexico Arizona Utah Nevada i' 33 S o u t h Atlantic Delaware Maryland . . District of Columbia Virginia West Virginia North Carolina South Carolina Georgia.. Florida 10 4 52 Noninsured banks Noninsured banks Insured nonmember banks Total 3 19 19 18 40 1 2 See footnotes 1 and 3 to table on p. 896. Includes deposits of two branches (one in Massachusetts and one in Pennsylvania) operated by an unincorporated (private) bank that did not report deposits of its branches separately. 3 Includes deposits of one branch operated by a national bank in New Jersey. 4 Includes deposits of two branches operated by a national bank in California. 5 Includes deposits of one branch operated by a national bank in California. JULY 1950 903 NUMBER OF COMMERCIAL BANKS OPERATING BRANCHES AND OF THEIR BRANCHES 1 JUNE 30, 1949 BY STATE AND BY GEOGRAPHIC EXTENT OF BRANCH BANKING Banks with branches in head-office city only Geographic division and State Banks with branches outside head-office city but not beyond head-office county 2 Num- Num- Number ber ber of of of banks branches banks Banks with branches outside head-office county but not beyond counties contiguous to i t 2 Number of branches Headoffice city Headoffice county Banks with branches in counties not contiguous to that of head office 2 Number of branches Number of branches NumNumber ber Head- Head- Con- Nonconof Head- Head- Conof banks office office tiguous banks office office tiguous tiguous city county counties counties city county counties 1,054 563 358 855 225 216 165 312 64 253 102 284 787 36 3 47 3 82 1 17 10 2 3 1 20 16 5 9 12 7 10 6 1 2 2 2 1 4 1 7 2 5 7 5 1 Middle Atlantic New York New Jersey 4 Pennsylvania 116 58 26 32 3 4 596 488 42 66 3 1 38 292 4 1 3 37 111 18 7 63 12 11 4 2 27 54 11 5 23 6 9 72 24 25 23 72 10 48 14 134 48 51 35 28 21 1 6 93 69 2 41 31 1 9 53 27 26 4 4 37 37 11 11 6 6 5 4 1 East North Central... Ohio Indiana Illinois Michigan. Wisconsin .... 47 13 183 24 163 29 117 72 225 38 40 4 44 21 47 6 2 1 11 15 5 105 16 31 63 39 2 39 91 6 17 1 11 4 8 100 2 6 129 20 16 25 64 2 West North Central. . Minnesota 13 23 56 83 105 36 15 43 4 13 11 9 5 18 3 3 38 40 4 57 4 1 4 2 7 11 10 4 2 7 11 15 2 1 73 6 11 19 17 54 92 2 9 2 2 South Atlantic Delaware M!aryland District of Columbia. Virginia West Virginia North Carolina South Carolina Georgia Florida 60 2 4 14 110 3 10 39 47 2 13 72 3 23 54 3 8 57 4 21 32 15 3 20 11 7 4 17 3 6 12 3 4 19 3 4 15 1 1 24 1 1 20 4 7 1 1 8 •00 Missouri North Dakota .... South Dakota Nebraska . .. Kansas 14 65 £2 U 310 New England Maine New Hampshire Vermont Massachusetts 3 Rhode Island Connecticut United States 26 5 7 1 10 4 1 4 4 3 12 3 44 1 48 22 7 East South Central... Kentuckv Tennessee 21 6 12 60 22 33 1 1 12 12 2 4 3 2 15 22 1 1 10 2 1 1 3 5 61 12 22 5 22 11 2 3 50 12 16 2 20 6 4 5 8 8 6 11 29 29 39 16 23 45 17 28 2 1 1 2 1 1 2 1 1 3 11 '"'3' 5 1 4 3 1 2 5 5 10 14 7 10 12 10 11 29 64 2 2 1 2 5 4 1 9 33 6 2 2 3 3 3 5 1 2 2 4 1 8 1 11 5 2 1 1 1 10 11 4 9 14 5 180 20 47 5 156 572 56 Mississippi West South Central. . 7 14 10 4 Oklahoma Texas Mountain ••• ..• • •• •• 2 1 2 2 1 2 3 1 2 Pacific Washington 5 10 1 16 1 28 4 California 9 15 2 7 17 12 3 4 3 4 8 9 13 1 00 Wvominff Colorado . New M^exico Arizona Utah 9 1 8 2 10 2 66 3 63 64 10 7 47 10 1 2 7 17 1 2 7 16 144 7 8 1 41 28 7 121 59 457 1 See footnote 1 to table on p. 896. Each bank is included in one category only, according to the widest area in which it operates branches. Branches include one operated by an unincorporated (private) bank in New York. *5 Branches include one operated by a national bank in New Jersey and one operated by an unincorporated (private) bank in New York. Branches include two operated by a national bank in California. 6 Branches include one operated by a national bank in California. 2 3 904 FEDERAL RESERVE BULLETIN TOTAL DEPOSITS OF COMMERCIAL BANKS OPERATING BRANCHES AND OF THEIR BRANCHES, JUNE 30, 19491 BY STATES AND BY GEOGRAPHIC EXTENT OF BRANCH BANKING [In millions of dollars] Banks with branches in head-office city only Geographic division and State United States New England Maine New Hampshire Vermont Massachusetts Rhode Island Connecticut Middle Atlantic 3 New York New Jersey 4 Pennsylvania East North Central. Ohio Indiana Illinois Michigan. . . Wisconsin West North Central. . Minnesota Iowa Missouri North Dakota South Dakota Nebraska Kansas South Atlantic Delaware Maryland District of Columbia. Virginia West Virginia North Carolina South Carolina Georgia Florida East South Central... Kentucky Tennessee Alabama. Mississippi Banks with branches outside head-office city but not beyond head-office county 2 Banks with branches outside of head-office countv but not beyond counties contiguous to i t 2 Banks with branches in counties not contiguous to that of head office DeDeDeposits of branches 1 DeDeposits of branches 1 DeDeposits of branches 1 posits Deposits posits posits of posits of of of banks banks Head- Head- Con- Non of banks banks Head- Head- ConHeadHeadand and branches1 office office tiguous tigu and and office office tiguous office office branches branches city county branches city county counties branches city county counties coun 36,453 10,439 1,041 35 38 2 916 34 56 23 13 25,047 21,658 972 2,417 11,654 1,669 1,361 8,977 1,377 2,850 88 25 2,036 235 466 159 96 16 47 178 15 1 125 19 18 8,753 7,504 206 1,043 2,898 556 1,418 924 494 6 364 124 513 165 259 89 4,286 2,412 61 1,813 4,480 674 927 768 81 69 3,198 1,636 303 552 318 6 272 91 29 2,124 755 708 644 507 111 1,013 246 228 118 34 82 82 " 318 186 8 124 171 89 1 81 189 884 884 234 234 40 40 24 27 40 40 1,786 1,439 693 658 179 165 35 7 7 43 8 180 1 6 118 5 20 5 20 22 153 2 17 28 25 55 5 13 1,492 88 693 84 4 2 1,400 415 900 212 79 133 554 28 209 219 98 West South Central. . Arkansas Louisiana Oklahoma Texas 86 19 9 8 4 8 85 33 1 116 438 171 111 66 8 4 4 15 ' '22 23 23 177 103 26 4 100 27 14 1,312 17 19 46 30 3 20 19 24 3 12 579 242 267 2 17 3 133 3 8 155 6 2 39 6 1 1 8 91 42 22 21 11 7 49 5 818 151 151 250 39 171 40 44 1 37 6 32 24 8 1 1 Mountain Montana. . . Idaho . Wyoming Colorado New Mexico Arizona Utah Nevada 152 5 67 14 124 26 21 3 6 42 47 63 1 2 2 16 8 7 15 4 1 3 3 26 92 Pacific 5 Washington ......... Oregon 6 California 833 44 146 4 789 142 1,115 81 1,034 208 180 96 12 426 " '" 44 1 5 417 106 55 2 ' " 118 818 1 2 3 127 1 92 43 223 15 62 178 176 6 3 37 2 1? 13 10 433 16 51 284 124 16 285 46 57 12 211 39 105 "l4 25 282 1,665 34 '"6 285 1,976 47 169 831 541 686 408 14,750 2,320 45 28 '247 30 556 25 19 260 87 169 " • 9 64 261 23 144 2 3 19 12 83 " " 2 1 442 49 4 45 12 8 139 738 12 5 £721 " 1 3 9 23 1 22 10 7 10 791 41 32 142 283 4 3 37 3 17 8 248 9 131 121 " " 2 8 "23 2 4 68 18 19 82 2 2 78 10,852 1,986 227 1,226 177 964 8,662 1,582 473 28 8 437 1,210 171 41 998 20 4 26 7 5 4 See footnotes 1 and 3 to table on p. 896. Each bank is included in one category only according to the widest area in which it operates branches. Includes deposits of two branches (one in Massachusetts and one in Pennsylvania) operated by an unincorporated (private) bank that did not 1 port 4deposits of its branches separately. Includes deposits of one branch operated by a national bank in New Jersey. 5 Includes deposits of two branches operated by a national bank in California. 6 Includes deposits of one branch operated by a national bank in California. JULY 1950 NUMBER AND DEPOSITS OF MUTUAL SAVINGS BANKS OPERATING BRANCHES AND THEIR BRANCHES, JUNE 30, 1949x BY STATES AND BY LOCATION OF BRANCHES [Deposits in millions of dollars] Branches Banks operating branches Number Total deposits Number Total deposits 1 106 11,427 192 3,093 2 1 2 3 31 1 4 54 4 2 1 1 205 67 49 116 906 4 252 8,544 950 137 24 174 2 1 2 16 40 1 7 90 18 3 9 3 United States Connecticut Delaware Maine. Maryland Massachusetts New Hampshire New Jersey New York Pennsylvania Rhode Island Vermont Washington 1 2 In head-office city Total Number Total deposits 1 Number Total deposits l 161 3,076 31 17 1 1 14 25 () 65 3,011 2 ) ) 17 Outside head-office city 2 1 2 15 1 (2) (2) (2) () 7 65 90 18 2 3,011 2 () (2) () 17 (2) See footnote 3 to table on p. 896. Deposits amounted to less than $500,000 or were not reported separately. NUMBER AND DEPOSITS OF ALL MUTUAL SAVINGS BANKS AND OF MUTUAL SAVINGS BANKS OPERATING BRANCHES, DECEMBER 31, 1939 AND JUNE 30, 1949 BY STATES Number All mutual savings banks Total deposits [in millions of dollars] Mutual savings banks operating branches All mutual savings banks Deposits of mutual savings banks operating branches as a percentage of total deposits of all mutual savings banks Mutual savings banks operating branches 1939 1949 1939 1949 1939 1949 1939 1949 1939 1949 Change in percentage 1939 to 1949 United States 551 530 80 106 10,524 18,949 4,920 11,427 46.8 60.3 +13.5 Connecticut Delaware Indiana Maine Maryland Massachusetts Minnesota New Hampshire New Jersey New York Ohio Oregon Pennsylvania Rhode Island Vermont Washington Wisconsin 72 2 4 32 12 192 1 43 24 134 3 1 7 9 8 3 4 72 2 4 32 9 190 1 34 23 130 3 1 7 9 7 .2 4 1 1 732 40 20 128 226 2,147 67 194 333 5,599 122 3 603 178 57 71 5 1,325 86 43 236 398 3,255 153 276 542 10,783 234 15 1,055 266 86 186 12 36 31 205 67 15.5 77.9 28 27 416 49 116 906 4.9 77.5 21.9 11.9 19.4 20.8 29.1 27.8 +10.6 + 0.4 - 1.1 +17.2 + 8.4 2 140 3,603 4 252 8,544 1.0 42.0 64.4 1.4 46.5 79.2 + 0.4 + 4.5 +14.8 550 68 19 950 137 24 174 91.2 38.2 33.3 90.0 51.5 27.9 93.5 - 1.2 +13.3 - 5.4 +93.5 906 2 '' 2 25 1 3 39 4 1 1 2 1 2 " 3 31 1 4 54 4 2 1 1 FEDERAL RESERVE BULLETIN MEMBER BANK OPERATING RATIOS, 1949 AVERAGES OF INDIVIDUAL BANK RATIOS, BY FEDERAL RESERVE DISTRICTS [Expressed in percentages] Federal Reserve district All districts S u m m a r y ratios Percentage of total capital accounts: Net current earnings before income taxes. . Profits before income taxes. Net profits Cash dividends declared Percentage of total assets: Total earnings Net current earnings before income taxes. . Net profits 14.9 12.9 9.8 2.9 2.72 1.02 .67 Sources and disposition of earnings Percentage of total earnings: Interest on U. S. Government securities.. . 29.6 Interest and dividends on other securities. . 6.0 Earnings on loans 51.1 Service charges on deposit accounts 6.3 Other current earnings 7.0 Total earnings.... Salaries and w a g e s . . . . . . . . . Interest on time deposits.. . . Other current expenses Total expenses Net current earnings before income taxes Net losses including transfers. Taxes on net income. Net profits Rates of return on securities and loans Return on securities: Interest on U. S. Government securities... Interest and dividends on other securities. . Net losses including transfers (or recoveries and profits + ) on total securities Return on loans: Earnings on loans. . Net losses on loans x Distribution of assets Percentage of total assets: U. S. Government securities Other securities Loans Cash assets. Real estate assets Other ratios Total capital accounts to: Total assets Total assets less Government securities and cash assets Total deposits........ Time to total deposits 2 Interest on time deposits Trust department earnings to total earnings2 Number of banks 3 Boston New York Phila- Cleve- Richdelphia land mond Atlanta Chicago MinSt. Louis neapolis Kansas City San Dallas Francisco 10.1 8.4 6.3 2.6 11.5 10.5 7.9 2.3 11 .1 9.9 7.6 2.4 16.8 14.2 10.5 3.2 15.1 13.1 10.2 2.8 15.9 13.9 10.9 3.0 18.8 16.5 12.6 3.7 18.9 15.2 11.6 3.8 2.85 .91 .58 27.7 5.4 48.6 9.7 8.6 2.80 .91 .63 31.6 6.5 48.7 7.2 6.0 2.79 1.04 .72 33.2 7.9 49.0 3.9 6.0 12.5 11.1 8.6 2.4 2.63 .94 .66 32.5 7.2 49.0 4.9 6.4 14.6 13.0 9.5 2.9 2.79 1.08 .71 27.4 4.9 56.8 4.7 6.2 2.88 1.12 .70 24.1 6.3 54.7 7.0 7.9 2.46 .89 .61 34.5 5.6 46.0 7.1 6.8 2.54 1.03 .71 31.1 6.5 51.3 4.5 6.6 16.9 14.3 10.8 3.2 2.71 .96 .63 31.4 •5.1 44.8 6.8 11.9 2.69 1.17 .78 26.9 4.7 54.3 7.7 6.4 2.93 1.20 .74 20.8 5.9 60.7 6.1 6.5 17.0 14.4 10.1 3.0 2.93 1.00 .59 25.1 3.8 55.8 7.3 8.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 29.5 10.3 23.0 31.7 11.0 25.6 30.2 14.0 23.5 25.3 15.1 22.5 25.9 14.3 24.1 27.4 12.3 21.8 30.0 23.4 30.2 11.6 22.2 62.8 68.3 67.7 62.9 64.3 61.5 61.2 64.0 37.2 4.5 7.6 25.1 7.8 31.7 32.3 37.1 35.7 38.5 38.8 36.0 4.8 6.6 2.6 6.9 22.8 3.6 7.5 26.0 3.7 6.9 25.1 3.8 9.1 25.6 5.4 4.3 6.8 24.9 1.8 2.5 2.0 3.0 1.8 2.5 1.9 2.9 1.7 2.8 .0 .0 .0 .0 20.3 8.6 24.8 1.8 2.7 1.8 2.9 .0 .0 5.5 .2 5.0 .2 5.1 .1 5.2 .1 5.1 .1 5.4 .1 5.8 .2 42.3 7.1 26.5 23.3 .7 40.7 6.9 28.5 22.6 1.0 45.2 7.9 27.7 18.2 .9 44.4 8.4 27.3 18.8 1.0 44.3 8.4 25.9 20.6 .7 38.9 5.7 30.5 23.8 .9 37.1 7.2 28.2 26.4 .9 7.3 9.6 9.8 7.9 7.7 6.9 23.7 25.3 9.1 29.4 11.0 25.4 22.7 8.0 28.4 10.9 31.7 .9 3.4 32.4 .9 4.7 47.7 .9 3.2 49.8 .9 3.9 43.2 .9 4.4 34.2 1.1 3.6 21.5 7.5 23.2 1.0 2.7 6,852 326 765 636 700 477 347 8.4 29.1 7.6 23.3 60.0 40.0 4.7 7.4 27.9 29.4 12.5 22.7 64.6 35.4 5.0 7.3 23.1 31.6 3.6 21.8 57.0 43.0 4.9 8.9 29.2 32.6 1.7 25.0 32.6 12.4 20.6 59.3 65.6 40.7 34.4 7.5 7.6 25.6 4.8 8.7 20.9 1.8 -2.7 1.7 2.5 1.7 2.6 1.7 3.0 1.6 2.8 .0 .0 .0 .0 .0 5.0 .1 5.5 .2 5.3 .2 6.0 .3 6.9 .5 5.7 .3 47.0 7.1 23.6 21.8 .5 42.1 7.1 24.9 25.2 .6 47.4 6.6 23.8 21.6 .5 40.1 6.1 25.6 27.8 .4 33.2 6.6 27.2 32.3 .7 40.6 4.8 30.2 23.6 6.1 1.7 2.5 6.0 6.6 6.0 6.4 6.7 21.9 6.9 21.4 7.3 6.5 7.2 21 .2 6.4 35.6 .8 2.8 21.5 .9 2.5 36.6 1.0 2.3 10.5 1.0 2.3 5.4 .9 2.5 997 494 478 754 619 22.6 23.3 259 1 "Net losses on loans" is the excess of (a) actual losses charged against net profits plus losses charged against valuation reserves over (b) actual recoveries credited to net profits plus recoveries credited to valuation reserves; "net recoveries on loans" is the reverse. Transfers to and from 2 valuation reserves are excluded. Banks with no time deposits, or no trust department earnings, as the case may be, were excluded in computing this average. 3 The ratios for 40 member banks in operation at the end of 1949 were excluded from the compilations because of unavailability of data covering the complete year's operations, certain accounting adjustments, lack of comparability, etc. NOTE.—These ratios, being arithmetic averages of the operating ratios of individual member banks, differ in many cases from corresponding ratios computed from aggregate dollar amounts shown in the May 1950 issue of the BULLETIN. Such differences result from the fact that each bank's figures have an equal weight in calculation of the averages" whereas the figures of the many small and medium-sized banks have but little influence on the aggregate dollar amounts. No figures are shown for groups of less than three banks. Ratios of less than .05 are shown as .0. Figures of earnings, expenses, etc., used in the calculations were taken from the annual earnings and dividends reports for 1949. Balance sheet figures used in the compilations were obtained by averaging the amounts shown in each bank's official condition reports submitted for Dec. 31, 1948, and June 30 and Nov. 1, 1949, except for a limited number of banks for which all three reports were not available; such reports as were available were used in those instances. Savings deposits are included in the time deposit figures used in these tables. Banks with no time deposits (340 in number) are included with the banks having ratios of time to total deposits of less than 25 per cent. JULY 1950 907 MEMBER BANK OPERATING RATIOS, 1949—Continued AVERAGES OF INDIVIDUAL BANK RATIOS, BY SIZE OF BANK AND BY RATIO OF TIME TO TOTAL DEPOSITS [Expressed in percentages] Ratio of time deposits to total deposits (per cent) Size group—total deposits (in thousands of dollars) All groups Item Summary ratios Percentage of total capital accounts: Net current earnings before income taxes Profits before income taxes Net profits. . Cash dividends declared Percentage of total assets: Total earnings Net current earnings before income taxes Net profits. . Sources and disposition of earnings Percentage of total earnings: Interest on U. S. Government securities Interest and dividends on other securities Earnings on loans Service charges on deposit accounts : Other current earnings 14.9 12.9 9.8 2.9 1,000 and under 12.7 11.2 9.2 2.7 1,000- 2,000- 5,000- 10,000- 25,000- 50,000- Over Under 2,000 5,000 10,000 25,000 50,000 100,000 100,000 25 25-50 50-75 75 and over 12.4 10.9 9.6 7.4 2.6 15.0 13.1 10.6 2.9 15.4 13.5 10.4 3.0 15.5 13.1 9.5 2.8 2.72 3.10 2.90 2.71 2.64 1.02 1.16 .83 1.13 .80 1.04 .70 .97 .60 .67 14.6 12.5 2.9 14.4 11.9 8.2 2.9 2.58 13.1 10.9 7.6 2.9 2.27 .83 .48 .75 .44 12.2 10.7 7.6 3.4 17.0 14.5 11.0 3.4 14.1 12.2 9.2 2.7 2.16 2.64 2.75 .75 .48 1.09 .71 .98 .64 11.1 8.7 2.4 2.80 .94 .66 2.76 .91 .61 29.6 25.4 28.3 30.3 31.0 30.8 31.7 31.6 27.5 30.1 32.5 36.5 6.0 51.1 4.8 58.2 5.2 54.8 6.3 51.6 6.7 49.0 6.1 46.6 5.8 44.9 5.0 44.4 5.4 43.7 5.4 52.5 5.8 50.4 7.0 49.9 10.8 45.9 6.3 7.0 5.6 6.0 5.8 5.9 6.1 5.9 7.0 7.0 7.3 9.0 7.1 11.4 100.0 100.0 100.0 100.0 100.0 100.0 100.0 29.5 10.3 23.0 31.4 7.5 24.1 29.2 9.5 22.6 28.7 10.8 22.3 29.0 11.6 22.8 30.2 11.6 23.8 31.4 9.9 25.2 Total expenses 62.8 63:0 61.3 61.8 63.4 65.6 66.5 Net current earnings before income taxes 37.2 37.0 38.7 38.2 36.6 34.4 33.5 25.1 7.6 3.9 5.9 27.2 4.3 6.6 27.8 4.4 7.4 26.4 5.1 8.5 23.0 4.4 8.7 21.3 5.5 8.3 19.7 Total earnings.... Salaries and wages Interest on time deposits Other current expenses Net losses including transfers . . Taxes on net income Net profits Rates of return on securities and loans Return on securities: Interest on U. S. Government securities Interest and dividends on other securities Net losses, including transfers, (or recoveries and profits +) on total securities . . Return on loans: Earnings on loans Net losses on loans l Distribution of assets Percentage of total assets: U. S. Government securities . . . Other securities Loans Cash assets Real estate assets Other ratios Total capital accounts to: Total assets Total assets less Government securities and cash assets.. . . Total deposits Time to total deposits 2 Interest on time deposits Trust department earnings total earnings 2 Number of banks 3 to 4.5 6.1 12.8 100.0 4.9 2.6 6.4 7.1 4.2 7.3 5.7 7.5 100.0 100.0 100.0 100.0 100.0 4.4 14.9 32.4 6.9 25.6 31.9 3.4 23.7 29.1 12.3 23.2 26.2 19.2 21.5 22.0 26.5 19.3 64.9 59.0 64.6 66.9 67.8 33.0 35.1 41.0 35.4 33.1 32.2 5.0 8.4 19.6 3.9 8.8 22.4 5.5 8.3 27.2 4.3 7.5 23.6 3.2 6.3 23.6 3.8 6.3 22.1 32.5 8.4 26.1 67.0 1.8 2.0 1.9 1.8 1.7 1.7 1.6 1.5 1.6 1.7 1.8 1.9 2.0 2.7 3.4 3.0 2.7 2.4 2.3 2.3 2.1 2.5 2.7 2.6 2.6 2.8 .0 .0 .0 .0 .0 .0 .0 .0 .0 5.5 .2 6.4 .3 5.9 .2 5.5 .2 5.3 .2 5.0 .1 4.6 .1 4.2 .1 3.6 .1 5.8 .3 5.3 .1 5.2 .1 5.1 42.3 7.1 26.5 23.3 .7 36.9 5.6 29.6 27.2 .7 40.6 6.0 28.3 24.4 .6 42.7 7.3 26.3 22.9 .6 43.6 8.4 25.3 21.8 .7 44.9 7.6 24.6 21.8 .9 44.3 7.1 24.5 22.9 .9 44.4 5.6 24.2 24.5 .9 41.7 5.3 26.2 25.5 39.9 6.2 25.2 28.0 .6 43.3 7.1 27.1 21.5 44.9 8.4 27.9 17.9 46.9 12.0 25.9 14.6 .6 6.8 7.4 7.9 9.0 •7.5- 23.3 8.1 24.0 8.7 27.6 10.1 10.2 .9 38.1 .9 58.6 1.0 79.8 1.0 4.2 3.4 2.2 1.4 2,829 2,386 1,578 59 9.6 8.0 7.2 6.7 6.5 25.7 8.0 30.1 10.8 23.3 7.8 21.8 7.3 22.0 7.1 21.1 6.6 20.9 6.4 31.7 .9 24.3 1.0 29.5 1.0 32.4 .9 35.5 .9 36.0 .8 30.5 .8 24.8 3.4 .6 2.1 2.6 3.5 4.7 5.5 7.2 6,852 513 1,364 2,422 1,228 771 254 133 167 7.3 23.7 6.0 22.0 7.1 .8 23.8 For footnotes see p. 907. 908 FEDERAL RESERVE BULLETIN MEMBER BANK OPERATING RATIOS, 1949—Continued AVERAGES OF INDIVIDUAL BANK RATIOS, BY RATIO OF TIME TO TOTAL DEPOSITS, BY SIZE OF BANK [Expressed in percentages] Banks with ratios of time to total deposits of under 25 per cent All groups 14.9 12.9 9.8 2.9 Percentage of total assets: Total earnings Net current earnings before income taxes Net profits. . Sources and disposition of earnings Percentage of total earnings: Interest on U. S. Government securities Interest and dividends on other securities Earnings on loans Service charges on deposit accounts Other current earnings , Total earnings.... Salaries and wages Interest on time deposits Other current expenses Total expenses , 13.9 12.1 9.9 3.2 1,000- 5,000- Over 5,000 25,000 25,000 17.6 15.2 12.0 3.6 18.3 15.0 10.6 3.2 2.72 3.12 2.69 2.52 1.02 .67 1.23 .87 1.15 .78 1.02 .59 13.5 11.4 7.8 3.1 .78 .46 1,000 and under 11.7 10.1 8.3 2.1 5,000- Over 1,000- 5,000- Over 1,000 and 1,0005,000 25,000 25,000 5,000 25,000 25,000 under 14.2 12.5 9.7 2.6 14.5 12.5 2.9 13.6 11.2 7.9 3.0 10.4 10.1 8.4 2.2 12.6 11.2 8.9 2.4 12.3 11.0 8.2 2.5 12.3 11.0 8.1 2.8 3.11 2.83 2.65 2.52 3.01 2.85 2.67 2.53 1.11 .79 1.04 .71 .93 .57 .80 .48 1.00 .81 .98 .69 .86 .58 .72 .48 29.6 22.2 27.7 28.0 30.3 26.5 29.9 30.4 31.7 33.9 31.8 33.8 36.0 6.0 51.1 4.1 60.8 5.4 53.4 5.8 49.7 5.2 45.5 5.7 43.5 5.7 51.1 6.9 51.8 7.7 46.5 6.7 41.0 6.7 6.2 7.2 6.3 8.2 8.3 5.2 13.8 5.6 52.7 5.7 6.1 6.3 47.9 6.3 7.0 5.6 57.5 4.8 5.6 7.3 8.1 6.9 12.2 3.4 5.9 4.4 5.1 5.7 6.3 7.2 9.1 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 29.5 10.3 23.0 34.2 2.2 24.5 31.5 3.1 23.0 31.6 4.1 23.9 32.4 4.7 26.5 28.5 11.4 24.7 28.2 12.6 22.7 29.6 12.2 23.3 31.8 11.9 24.8 27.1 18.5 21.7 25.3 19.6 21.1 26.8 19.4 22.0 30.0 19.4 22.9 57.6 59.6 63.6 63.5 65.1 68.5 67.3 66.0 68.2 72.3 40.4 36.4 35.4 36.5 31.5 32.7 34.0 31.8 27.7 6.7 9.9 23.8 5.1 9.5 21.8 4.6 5.5 25.3 3.9 7.0 25.6 5.0 7.5 19.0 .8 5.3 26.6 3.5 6.1 24.4 3.1 7.0 21.7 2.7 6.4 18.6 62.8 60.9 Net current earnings before income taxes 37.2 39.1 Net losses including transfers. . . Taxes on net income Net profits , 4.5 7.6 25.1 4.5 6.3 28.3 Rates of return on securities and loans Return on securities: Interest on U. S. Government securities Interest and dividends on other securities Net losses including transfers (or recoveries and profits +) on total securities Banks with ratios of time to total deposits of 50 per cent and over Size group—total deposits (in thousands of dollars) 1,000 and under Summary ratios Percentage of total capital accounts: Net current earnings before income taxes Profits before income taxes Net profits Cash dividends declared Banks with ratios of time to total deposits of 25-50 per cent 5.3 7.8 29.3 4.6 8.6 21.7 100.0 100.0 100.0 100.0 100.0 1.8 1.9 1.7 1.6 1.5 2.1 1.9 1.7 1.6 2.2 2.0 1.8 1.7. 2.7 3.6 2.8 2.3 2.4 3.0 2.8 2.4 2.2 3.2 2.7 2.4 2.1 .0 .0 5.5 .2 7.0 6.0 .3 5.5 .2 4.0 .1 5.8 .3 5.5 .2 5.1 .1 4.5 .1 5.5 .1 5.3 .1 5.0 .1 4.7 .0 Distribution of assets Percentage of total assets: U. S. Government securities . . . Other securities Loans Cash assets Real estate assets 42.3 7.1 26.5 23.3 .7 33.9 4.8 28.6 32.0 .6 40.3 6.2 25.1 27.8 .5 41.4 7.2 23.8 26.9 .7 40.6 5.2 25.4 27.7 38.0 6.6 31.9 22.6 .9 42.6 6.6 28.0 22.0 44.5 7.9 25.6 20.9 .9 46.3 7.1 24.7 20.4 1.0 45.0 6.7 29.1 18.5 .7 43.9 8.2 29.0 18.1 .7 46.8 9.4 25.7 17.1 50.4 8.3 23.0 17.1 .9 Other ratios Total capital accounts to: Total assets Total assets less Government securities and cash assets.... Total deposits 5.9 6.3 9.9 7.7 6.7 6.2 10.1 8.2 7.4 6.0 23.7 8.0 30.7 10.6 20.9 6.4 21.5 6.8 27.9 11.1 24.3 8.5 21.7 7.3 20.7 6.7 31.3 11.3 24.0 9.0 23.3 8.0 23.1 6.6 31.7 .9 6.6 1.1 24.1 7.4 9.0 .9 13.4 .8 13.7 .7 38.2 1.0 38.4 1.0 37.9 .9 36.7 .9 59.9 1.0 59.7 1.0 58.8 .9 56.9 .9 3.4 .4 2.2 3.1 6.4 1.8 3.3 5.3 1.6 2.4 2.8 6,852 288 1,621 621 299 135 1,177 863 211 90 988 515 44 Return on loans: Earnings on loans Net losses on loans l Time to total deposits 2 Interest on time deposits Trust department earnings to total earnings 2 Number of banks 3 9.4 .0 4 No ratios are shown for groups of less than three banks. For other footnotes see p. 907. JULY 1950 909 INTERNATIONAL FINANCIAL STATISTICS PAGE International capital transactions of the United States. . 912-917 Gold production.. 917 Reported gold reserves of central banks and governments 918 Gold movements; gold stock of the United States. . 919 International Monetary Fund and Bank. 920 Central banks.. 920-924 Money rates in foreign countries. 925 Commercial banks. . 926 Foreign exchange rates. . 927 Price movements: Wholesale prices. 928 Retail food prices and cost of living: . 929 Security prices. . 929 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 pn 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. JULY 1950 911 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 Total Other Official i Increase in banking funds of international institutions in U. S. Foreign securities: Return of U. S. funds 2 Decrease in U. S. banking funds abroad Domestic securities: Inflow of foreign2 funds Inflow in brokerage balances 1935—Dec. (Jan. 1, 1936). 1936—Dec. 30 1937—Dec. 29 1938—Dec. (Jan. 4, 1939). 1939—Dec. (Jan. 3, 1940). 1,440.7 2,667.4 3,501.1 3,933.0 5,112.8 631.5 989.5 1,259.3 1,513.9 2,522.4 38.0 140.1 334.7 327.0 634.1 593.5 849.4 924.6 1,186.9 1,888.3 361.4 431.5 449.1 510.1 650.4 125.2 316.2 583.2 641.8 725.7 316.7 917.4 1,162.0 1,219.7 1,133.7 6.0 12.9 47.5 47.6 80.6 1940—Dec. (Jan. 1, 1941). 1941—Dec. 31 1942—Dec. 313 1943—Dec. 31 1944—Dec. 31 5,807.9 5,354.1 5,980.2 7,267.1 7,728.4 3,239.3 2,979.6 3,465.5 4,644.8 4,865.2 1,281.1 1,177.1 1,557.2 2,610.0 2,624.9 1,958.3 1,802.6 1,908.3 2,034.8 2,240.3 775.1 791.3 888.8 877.6 805.8 803.8 855.5 848.2 925.9 1,019.4 888.7 626.7 673.3 701.1 911.8 100.9 100.9 104.4 117.8 126.3 1945—Dec. 1946—Dec. 1947—Dec. 1948—Dec. 8,802.8 8,009.5 8,343.7 8,569.1 6,144.5 5,272.3 4,120.3 5,119.5 3,469.0 2,333.6 1,121.8 2,126.0 2,675.5 2,938.7 2,998.5 2,993.6 453.8 2,242.0 1,844.3 742.7 427.2 186.5 116.8 972.8 1,237.9 1,276.9 1,182.1 798.7 464.5 375.5 183.3 144.1 153.7 142.4 123.1 8,477.2 8,567.5 8,457.9 8,534.7 8,492.4 8,660.2 8,658.9 8,763.5 '8,864.0 9,092.5 9,143.9 9,367.2 4,953.8 5,008.8 4,868.7 4,873.6 4,937.0 5,115.3 5,140.2 5,226.0 5,245.9 5,283.8 5,304.2 5,500.0 1,941.6 2,015.0 1,864.6 1,866.3 1,877.6 2,025.6 2,111.1 2,197.8 2,153.6 2,189.7 2,112.3 2,167.0 3,012.2 2,993.8 3,004.1 3,007.2 3,059.5 3,089.7 3,029.1 3,028.2 3,092.4 3,094.1 3,191.9 3,333.0 1,874.3 1,874.7 1,859.5 1,778.8 1,722.1 1,692.4 1,655.1 1,637,8 1,723.0 1,707.1 1,688.9 1,662.4 249.4 275.0 287.5 338.0 316.0 285.0 288.8 307.6 404.5 458.7 485.7 499.0 1,180.5 1,190.5 1,199.6 1,203.5 1,123.5 1,176.4 1,196.4 1,209.9 1,103.7 1,210.0 1,163.1 1,158.7 104.2 102.1 123.1 219.6 266.8 264.4 257.1 258.5 263.8 310.1 372.1 416.5 115.1 116.3 119.5 121.2 127.0 126.8 121.3 123.7 123.0 122.8 130.0 130.6 31 31. 31 31 1949—May 31 June 30 July 31 Aug. 31 Sept. 30 Oct. 31 Nov. 30 Dec. 31 1950—Jan. 3 1 . . Feb. 28 Mar. 31 v Apr. 30P TABLE 2.—TOTAL CAPITAL MOVEMENT BY COUNTRIES InternaFrom Jan. 2, 1935. tional inthrough— stitutions 1944—Dec. 31 1945—Dec. 31 1946—Dec. 31 1947—Dec. 31 1948—Dec. 31 1949—May 31 June 30 July 31 Aug. 31 Sept. 30 Oct. 31 Nov. 30. Dec. 31 1950—Jan. 31 Feb. 28 Mar. 31P Apr. 30P . . . Total NethUnited erKing- France dom lands Switzerland Italy Other Europe Total Europe Canada Latin America Asia All other 7,728.4 1,090.0 8,802.8 892.5 453.8 7,555.7 563.1 2,067.3 6,276.4 437.0 1,677.1 6,891.9 659.7 585.7 464.2 384.8 234.3 74.2 506.2 539.7 326.4 213.8 103.0 664.3 722.3 766.1 839.3 846.0 63.1 106.5 287.5 150.1 335.9 1,172.5 1,311.8 1,246.3 1,100.6 1,122.2 976.4 1,193.7 1,273.6 4,081.8 4,037.0 1,395.7 1,338.4 1,784.1 3,574.2 979.7 1,474.0 1,258.3 984.3 2,975.1 688.6 1,383.4 3,141.1 947.3 1,503.6 1,065.2 203.0 247.5 269.6 244.9 234.9 6,860.6 6,948.4 6,842.0 6,904.1 6,868.6 7,065.3 7,100.0 7,221.8 7,337.2 7,481.2 7,526.9 7,748.7 96.5 107.1 78.0 78.4 95.2 110.9 125.3 113.2 93.8 115.1 112.0 114.2 121.3 134.8 143.7 128.7 174.0 189.6 165.3 171.6 175.3 162.0 169.2 188.9 918.0 910.5 885.6 898.5 910.0 933.8 925.1 951.2 890.1 890.0 954.5 983.7 372.8 376.5 381.3 400.6 291.4 291.6 297.1 301.4 295.1 298.2 260.4 250.5 1,104.7 1,080.1 1,083.5 1,097.0 1,089.6 1,093.9 1,089.4 1,135.8 1,186.3 1,217.8 1,222.9 1,241.8 974.9 3,077.9 942.3 1,621.4 964.0 3,142.5 925.4 1,660.8 948.5 3,045.9 909.3 1,689.4 964.0 3,082.2 903.9 1,715.1 955.1 3,085.7 893.5 1,677.0 908.1 3,207.1 928.7 1,756.7 875.2 3,246.8 952.8 1,768.5 852.0 3,355.5 984.7 1,780.2 882.9 3,369.6 1,022.2 1,792.3 933.2 3,447.5 1,024.2 1,833.5 944.3 3,509.7 993.8 1,847.1 3,658.7 989.5 1,873.5 1,005.4 244.1 255.7 248.9 239.0 257.2 264.7 256.7 249.4 270.2 242.8 232.0 221.7 1,616.7 1,619.1 1,615.9 1,630.6 1,623.7 1,594.9 1,558.9 1,541.7 1,526.8 1,611.3 1,617.0 1,618.5 464.6 533.5 473.7 479.2 525.5 587.3 644.5 682.4 728.9 764.4 790.7 879.5 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, thesefiguresinclude transactions of international institutions, which are shown separately in Tables 5 and 6. Securities of such institutions are included in foreign securities. 3 The weekly series of capital movement statistics reported through July 1, 1942, was replaced by a monthly series commencing with July 1942. Since the old series overlapped the new by one day, the cumulativefigureswere 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 thefiguresin tables "Short-term Liabilities to and Claims on Foreigners Reported by Banks in the United States, by Countries" are not strictly comparable with the correspondingfiguresfor 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. 912 FEDERAL RESERVE BULLETIN INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued NET CAPITAL MOVEMENT TO UNITED STATES SINCE JANUARY 2, 1935—Continued [Net movement from United States, (—). In millions of dollars] TABLE 3.—INCREASE IN FOREIGN BANKING FUNDS IN U. S., BY COUNTRIES International institutions From Jan. 2, 1935, through— United King- France dom Total Netherlands Switzerland Italy Other Total Europe Europe Canada Latin America Asia 1944—Dec. 31.. 1945—Dec. 31.. 1946—Dec. 31. . 1947—Dec. 31. . 1948—Dec. 31. . 4,865.2 804.4 6,144 646.4 453.8 5,272.3 397.6 2,242.0 4,120.3 264.9 1,844.3 5,119.5 485.0 356.6 229.9 165.8 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 2,193.7 2,223.4 2,065.5 1,621.4 2,117.1 818.6 794.7 888.6 ,414.2 924.9 1,369.1 823.9 983.3 1,135.7 301.6 1,095.0 877.3 667.2 1,165.4 971.2 1949—May 3 1 . . June 30. . July 3 1 . . Aug. 3 1 . . Sept. 30. . Oct. 3 1 . . Nov. 30. . Dec. 3 1 . . 1950—Jan. 31. . Feb. 28. . Mar. 31 P. Apr. 30?. 1,874.3 ,874.7 ,859.5 ,778.8 ,722.1 ,692.4 ,655.1 ,637.8 ,723.0 ,707.1 1,688.9 1,662.4 104.1 114.2 84.0 70.3 86.8 103.8 103.0 91.4 72.2 79.3 76.9 80.0 95.4 104.3 113.6 102.0 149.1 166.3 146.3 153.9 160.7 152.5 159.5 178.9 569.8 557.9 531.1 538.2 545.1 563.2 554.0 563.3 493.8 497.0 562.4 584.1 356.5 364.0 367.0 381.0 265.5 266.3 275.4 283.3 276.4 282.3 245.7 236.5 544.8 514.4 514.2 516.4 501.0 507.4 512.0 553.7 575.8 603.9 594.8 609.0 1,965.0 2,003.8 1,900.1 1,899.0 1,925.1 2,058.3 2,086.0 2,158.7 2,127.1 2,186.8 2,233.0 2,371.1 688.5 671.8 640.7 635.0 719.6 702.8 717.0 761.1 811.4 765.2 749.1 737.0 4,953.8 5,008.8 4,868.7 4,873.6 4,937.0 5,115.3 5,140.2 5,226.0 5,245.9 5,283.8 5,304.2 5,500.0 294.3 349.1 290.2 291.1 377.6 451.3 495.3 513.0 548.1 571.9 593.8 682.5 1,191.7 1,216.9 1,230.8 1,246.4 1,197.8 1,294.9 1,317.5 1,315.1 1,264.9 1,267.2 1,265.4 1,284.0 903.5 900.7 888.3 897.0 878.9 835.9 803.9 780.4 801.5 846.7 847.4 912.9 All other 169.7 212.9 263.9 224.9 198.6 205.1 215.6 208.8 196.2 215.7 223.3 215.8 210.7 241.0 217.8 209.4 195.1 TABLE 4.—DECREASE IN U. S. BANKING FUNDS ABROAD, BY COUNTRIES From Jan. 2, 1935, through— 1944—Dec. 1945—Dec. 1946—Dec I947—Dec. 1948—Dec. 31 31 31 31 31 I949—May 31 June 30 July 31 . Aug. 31 Sept 30 Oct. 31 Nov. 30 Dec 31 1950—Jan. 31 Feb. 28 Mar 31 P Apr 30P Total United King- France dom 805.8 742.7 427.2 186.5 116.8 266.1 266 6 244.3 262.8 267.5 249 4 275.0 287.5 338 0 316.0 285 0 288 8 307.6 404.5 458.7 485 7 499.0 260 4 275.0 271.5 277 1 235.2 225 6 237 2 254.8 259.4 267 7 268.3 268.7 Netherlands 77.7 18.3 78 0 - 1 7 7 73.4 -132.3 55.7 - 3 0 . 5 -39.9 -32.7 —9 0 -7.9 -6.0 9 8 10.9 11 0 26 9 27.2 27.6 43 1 43.7 43.2 6 8 13.9 14.4 12 7 11.8 12 6 12 3 13.4 16.0 14 2 14.3 14.9 Switzerland Italy Other Europe Total Europe Canada Latin America 6.8 52 -1.7 1.1 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 77.7 99.2 29.9 2.0 10.3 -.3 1.5 -5.8 -20.1 -8.3 1 9 1.8 1.8 1 9 4.5 4 1 3 5 4.3 2.5 2 6 .3 1.9 3 5 -.5 .1 5 5 11.2 10 5 7 7 4.0 5.8 3 2 7.0 6.4 213.7 214.2 217.9 227.6 224.9 221 1 211.6 211.3 238.6 239.2 240,5 239.7 477.3 496.5 499.8 534.5 498.5 484 9 499.2 515.0 549.8 570.0 574.1 574.7 57.8 59.0 60.3 58.5 57.5 61 1 59.9 55.3 52.7 50.4 59.3 57.3 -265.8 -255.2 -250.8 -242.3 -235.9 -250.2 -257.9 -243.1 -179.3 -143.4 -135.5 -127.8 -12.4 -18.0 -14.2 -7.5 2.4 —4.4 -6.1 -10.6 .1 5.1 14.5 22.8 -7.6 -7.4 -7.7 —5.2 -6.5 -6.4 —6.2 -9.0 -18.7 -23 A -26.7 -28.2 Asia All other TABLE 5.—FOREIGN SECURITIES: RETURN OF U. S. FUNDS, BY COUNTRIES (Net Purchases by Foreigners of Foreign Securities Owned in U. S.) International institutions From Jan. 2, 1935, through— 1944—Dec. I945—Dec 1946—Dec. 1947—Dec 1948—Dec 31 31 31 . 31 31 ... I949—May 31 . . . June 30. July 31 Aug 31 Sept. 30 Oct 31 Nov. 30 Dec. 31 1950—Jan 31 .... Feb. 28 Mar. 31 P Apr. 3 0 P P Preliminary. United King- France dom Netherlands Switzerland Italy Other Europe Total Europe 1,019.4 972.8 1,237.9 —249 3 1,526 2 - 2 4 9 . 3 1,431.3 126 5 117.7 96 8 94 9 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 1,445.8 1,455.8 1,464 8 1,468.8 1,388 8 1,441.7 1,461.7 1,475.1 1,469 5 1,479.0 1,430.8 1,424.8 80.9 80.9 81 4 79.1 77 1 72.8 71 4 71.4 71 3 70 9 70.4 69.3 43.0 42.8 42 8 42.9 43 2 42.9 43 0 43 2 44 0 43 9 45.1 45.0 -10.1 -10.0 —9 2 -9.5 —9 6 -9.7 —9 7 —9 3 — 15 1 — 16 9 -16.9 -14.5 -15.7 -15.4 — 16 4 -14.1 — 12 0 -9.2 —6 6 26.9 27.0 27 1 27.1 26 9 26.9 26 9 27.0 27 0 27.0 27.1 27.1 290.5 295.0 295.4 296.2 306.1 307.4 308.1 311.7 313.4 314.4 319.8 320.3 -265.3 -265.3 —265 3 -265.3 —265 3 -265.3 —265 3 -265 3 r — 365 8 —269 1 -267.7 -266.1 Total .1 2 4 4 5 8.2 11.0 Latin Canada America Asia All other 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 36.9 415.5 420.«S 421.1 421.7 431.7 431.1 433.2 444.1 443.0 443.8 453.7 458.1 342.1 344.4 350.3 352.4 260.5 312.9 330.0 329.1 320.9 326.9 266.1 250.3 586.4 588.8 591.0 591.8 593.5 594.6 595.4 598.5 601.9 604.1 606.5 606.9 63.7 63.9 63.9 63.9 63.9 63.9 64.0 63.9 64.0 64.1 64.1 64.1 38.1 38.4 38.6 39.1 39.1 39.2 39.2 39.5 39.8 40.1 40.3 45.4 ••Revised. JULY 1950 913 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. 1948—Dec. 31 31 31 31 31 1949—May 31 June 30 July 31 Aug. 31 Sept. 30 Oct. 31 Nov. 30 Dec. 31 1950—Jan. 31 Feb 28 Mar. 31 v Apr. 30? . . 74.5 82.1 7.7 9.7 21.7 117.0 166.9 167.9 169.1 169 1 169.6 173.2 195 8 222.1 ..... . Total United King- France dom Netherlands Switzerland Italy 911.8 798.7 464.5 300.9 101.2 -125.4 -157.9 -194.9 -203.8 -194.7 77 3 81.7 74.9 24 7 -58.1 239.0 233.5 207.0 108.7 29.5 368.5 355.4 337.9 350.9 311.0 96.5 92.5 101.5 102.5 99.9 96.5 88.0 89.3 -188.2 -188.7 -186.5 -185.2 -182.1 -179.9 -176.6 -173.9 -166.2 -163.1 -158.8 -158.2 -58.2 -58.5 -58 8 -60.7 -61.7 -63 0 -63.8 —64 9 -65.7 -66.7 —69 1 -69.4 19.5 16.5 15.2 14.2 13.2 10.1 5.7 4 0 338.8 342.8 346.0 349.5 348.1 348.7 348.9 355 2 363.7 359.1 355 9 357.8 136.8 176.3 194.3 2.8 1.1 9 -1.4 Other Europe Total Europe 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 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 -14.6 -14.4 — 13 5 -13.5 -12.9 -12.7 -13.5 — 13 4 -14.7 -14.9 — 19 8 -20.1 44.7 45.4 45.2 45.1 46.2 46.5 46.3 47 9 47.4 49.5 57.4 62.4 142.0 143.1 147 6 149.5 150.8 149.7 147.2 154 9 167.2 165.0 166 5 171.1 -166.2 -168.6 — 162 5 -163.0 -165.0 — 168 1 -172.3 — 181 3 — 184 6 -136.1 — 101 9 -76.6 99.6 99.7 104 9 104.2 102.8 101 0 99.1 96 9 93 6 90.0 92 2 94.0 13.5 10.0 3 2 3.4 3.2 5 8 6.8 11 5 10 6 10.4 11 2 -2.8 7.7 8.3 8 3 8.4 8.1 8 0 7.2 74 73 7.5 8 3 Asia All other 1.9 Canada Latin America Asia All other 8.7 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, 1946—Dec. I947—Dec. 1948—Dec 31 31 31 31 31 1949—May 31 June 30 July 31 Aug. 31 Sept 30 Oct 31 Nov. 30 Dec. 31 1950—Jan 31 Feb. 28 Mar. 31 P Apr. 30P .... . . Total United King- France dom Netherlands Switzerland 23.0 30 3 39.6 38.2 27.5 23.1 23.5 23.2 22.8 24.4 27.0 25 3 28.4 27.8 26.8 27.8 29.0 126.3 144.1 153.7 142.4 123 .1 18.5 19.8 19.2 18.2 17.0 23.1 23 4 20.5 19.1 16.7 22.3 26.0 17.5 12.7 9.3 115.1 116.3 119.5 121.2 127.0 126.8 121.3 123.7 123.0 122.8 130.0 1 130.6 17.2 17.2 17.1 17.1 17.7 17.5 17.1 17.1 16.3 17.1 17.0 17.3 16.5 16 4 16.1 16.1 16 0 16.2 16 2 16.2 15.8 15 5 15.3 15.5 9.7 10.0 9.6 9.3 9.6 10.3 10.6 9.6 11.0 11.1 11.3 11.1 Italy Other . Total Europe Europe CanLatin ada America .3 .4 .4 .3 .4 10.4 13.6 14.7 14.2 11.0 97.7 113 6 112.0 102.7 81.9 16.2 19 5 21 5 19.6 19.6 5.1 5 9 13 4 12.9 14.0 5.6 3 8 48 6.6 7.0 .5 .5 .5 .6 .6 .5 .6 11.0 11.1 10.9 11.7 11.4 11.4 11 4 11.1 11.1 10.7 10.4 10.4 78.0 78 7 77.3 77.5 79.7 83.0 81 2 82.9 82.5 81 8 82.4 83.7 20.1 18 9 20.5 20.9 21 0 19.9 18 3 20 5 21.8 17 7 21 2 21.5 9.5 10 5 13.5 14.9 18 8 16.4 14 5 12 7 11.2 15 7 18 5 16.3 6.7 74 7.3 7.2 6 8 6.9 6 6 6 8 6.7 6 9 72 .6 .6 .6 .6 .5 1.8 1 3 2 0 .7 .6 8 8 .8 .6 7 .7 7 8 8 8 8 .7 8.3 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 Total 1'oreign countries 2 Official and private, United NethKing- France erdom lands Switzerland 3 Italy Other Total Europe Europe Latin Canada America Asia All other Official 1944—Dec 31 1945—Dec. 31 473.7 1946—Dec. 3 1 . . . 1947—Dec. 3 1 . . . 2,262.0 1948—Dec. 3 1 . . . 1,864.3 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 2,517.8 926.5 909.3 1,069.2 174.0 2,583 0 1,522.2 1,046 4 1,549*7 181 8 2,420.7 931.8 1,104^8 1,316^4 232^8 1,976.7 409.6 1,216.6 1,057.9 193.7 2,472.4 775.2 1,287.0 1,151.8 167.4 1,894.2 1,894.6 1,879.5 1,798.7 :1,742.1 [,712.3 ,675.0 1,657.8 1,742.9 L,727.0 1,708.8 1,682.4 5,687.9 5,743.0 5,602.9 5,607.7 5,671.2 5,849.4 5,874.3 5,960.2 5,980.1 6,017.9 6,038.3 6,234.2 2,651.9 2,725.3 2,574.9 2,576.6 2,587.9 2,735.9 2,821.4 2,908.1 2,863.8 2,900.0 2,822.6 2,877.3 355.6 410.5 351.6 352.4 438.9 512.6 556.7 574.4 609.5 633.2 655.2 743.8 184.3 194.3 164.1 150.4 166.9 183.9 183.1 171.6 152.3 159.4 157.0 160.1 112.0 * 120.9 130.2 118.7 165.7 182.9 162.9 170.5 177.3 169.1 176.1 195.5 583.4 571.5 544.7 551.9 558.7 576.8 567.6 576.9 507.4 510.6 576.0 597.8 376.8 384.3 387.3 401.3 285.9 286.6 295.7 303.6 296.7 302.6 266.0 256.8 708.1 677.6 677.4 679.6 664.2 670.7 675.3 717.0 739.0 767.2 758.1 772.3 2,320.2 2,359.1 2,255.3 2,254.3 2,280.3 2,413.6 2,441.3 2,513.9 2,482.3 2,542.1 2,588.3 2,726.3 1949—May 3 1 . . . June 30... July 3 1 . . . Aug. 3 1 . . . Sept. 30... Oct. 3 1 . . . Nov. 30... Dec. 3 1 . . . 1950—Jan. 3 1 . . . Feb. 2 8 . . . Mar. 31 P.. Apr. 30P. . 796.4 779.7 748.7 742.9 827.5 810.8 824.9 869.1 919.4 873.2 857.0 844.9 1,313.3 1,338.5 1,352.3 1,367.9 1,319.3 1,416.5 1,439.0 1,436.7 1,386.4 1,388.7 1,386.9 1,405.5 1,084.1 1,081.3 1,068.9 1,077.6 1,059.5 1,016.5 984.5 961.0 982.2 1,027.3 1,028.0 1,093.6 173.9 184.4 177.6 165.0 184.5 192.1 184.6 179.5 209.8 186.6 178.2 163.9 r P Preliminary. Re vised. Amounts outstanding (in millions of dollars): foreign brokerage balances in U. S., 78.7; U. S. brokerage balances abroad, 25.0. Country breakdown is for "Official and private." 3 Beginning January 1950, excludes Bank for International Settlements, now included in "International institutions." 1 2 914 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 1944.—Dec. 1945—Dec. 1946—Dec. 1947—Dec. 1948—Dec. DenBel- Czechoslo- mark gium vakia Finland GerNormany1 Greece way 31 774 5 31. . 909.1 3 1 . . 850.5 31. . 739.8 3 1 . . 738.1 124 3 185.0 159.5 124.9 128.7 14 8 25.9 66.5 52.8 44.7 7 1 6 8 7.0 5.5 7.1 22.2 30.5 89.5 19.1 178.9 I949—May 31. . 708.1 June 30. . 677.6 July 3 1 . . 677.4 Aug. 31. . 679.6 Sept. 30. . 664.2 Oct. 3 1 . . 670.7 Nov. 30. 675 3 Dec. 31. . 717.0 1950—Jan. 3 1 . . 739.0 Feb. 28. . 767.2 Mar. 31 P. 758.1 Apr. 30P. 77-2.3 142.4 124.0 117.5 142 2 126.7 125.3 117.7 118.9 123.9 44.0 133.3 42.9 118.5 39.3 120.8 33.7 3.2.8 33.7 32.0 31.8 31.8 35.4 38.0 35.2 33.2 29.3 33.0 17.7 18.2 17.4 17.7 17.1 15.5 24 0 25.1 23.8 20.6 19.0 20.4 17.3 12.2 13.3 Poland 48 7 220 8 70.8 216.1 49.3 123.5 34.7 56.2 21 1 77 7 159.9 29.8 160.0 . 28.5 169.6 27.0 150.2 25.0 147.8 24.7 145.2 23.3 141.6 23 7 149.4 29.6 149.7 30.3 164.6 31.6 180.2 32.4 184.9 35.1 74.0 69.0 65.9 62.4 60.8 62.6 66 4 69.4 76.4 82.2 79.3 82.4 PorRutugal mania Spain Sweden All USSR Yugoslavia other5 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 70.7 5.7 66.0 12.4 112.5 12.1 138.2 19.9 119.3 33.4 33.0 .33.8 30.3 31.3 33.9 33.9 38.1 '6!6' 40.0 6.7 39.2 6A 35.8 6.3 35.0 7.0 6.9 6.8 6.8 7.1 6.7 6.7 6.7 6.5 6.4 6.1 6.1 13.3 57.0 9.8 55.8 11.3 57.9 8.2 61.0 9.6 62.0 10.8 69.2 10.7 78.6 15.7 90.1 14.0 96.1 11.3 101.9 11.5 106.1 10.5 107.6 10.7 12.4 8.7 10.5 6.0 6.8 5.3 6.4 9.1 13.6 10.4 7.6 7.1 5.8 6.6 7.0 11.'9 8.2 10.2 9.4 11.1 13.9 15.7 123.2 120.4 122.5 126.9 125.1 120.9 118.0 118.3 58.5 57.9 58.3 54.9 Latin America Latin BoAmer- Argentina livia ica Date Brazil Chile Colombia Cuba NetherDolands minican Guate- Mex- West Remala ico Indies and public Suri- Peru RepubEl Urulic of Sal- guay Pan- vador ama Other Vene- Latin zuela Americas 69 1 88 7 77.2 70 3 71.8 31 5 49 7 74.0 78 0 121 7 131 6 158 8 181.8 186 5 184.1 73 4 70.0 63 1 64 6 69 1 72 7 74 2 74 373.8 77.7 78.5 81.3 171 3 187 5 162 0 161 2 99 4 160 4 129 2 143 2 117.4 115.2 110.1 132.2 205 0 204.9 221 6 213 6 207 9 198 6 196 6 207.4 63.4 67.8 69.7 68.2 nam 1944—Dec I945—Dec. 1946—Dec. I947—Dec 1948—Dec. 31 31 31 31 909 3 03 0 1 .046.4 77 1 ,104.8 1 1 ? 1 ,216 6 1 .287 0 ?1 S I949—May 31 1 ,313 3 June 30 1 ,338.5 July 31 1 352 3 A u g 31 1 ,367 9 Sept. 30 1 ,319 3 Oct 31 1 416 5 N o v 30 1 ,439 0 Dec. 31 1 ,436.7 1950—Jan. 3 1 . 1 ,386.4 Feb. 28, 1 ,388.7 Mar. 31 P 1 ,386.9 Apr. 30P 1 ,405.5 3 6 9 8 4 990 8 990 4 99R 6 7 99 7 7 ?33 7 901 1 210 .2 219 .3 217 0 227 . 0 17 14 14 17 17 7 140 8 S 0 8 1 1 174 0 104 7 1S 4 14 8 14 0 14 4 16 9 1S 7 13 9 13 s 13 .9 13 .0 13 .1 12 .7 117 9 11S 0 118 1 0 14S 0 165 0 216 0 109 8 164 4 143 8 141 1 121 6 SS 66 SO 46 SS 10S 193 7 S4 S6 6S S7 S8 0 3 7 3 6 8 3 1 0 1 so s 0 S4 60 0 57 .5 70 .1 70 4 73 .2 130 3 3 1S3 S 8 1 7 0 219 4 83 1 116.4 152.2 139 2 146.7 36 0 28.2 16.1 14 9 24 3 4S 7 167 8 S1 0 167 7 SO 8 174 8 4 0 0 187 7 S1 0 170 6 S7 6 181 7 70 1 178 4 8S 0 164 97 3 169 .7 90 6 176 .9 80 0 185 .4 70.1 212 .1 157.5 162.6 163 3 175 5 184.2 185 7 195 0 214.6 184.1 179.7 175.7 166.4 24 8 24.1 24 3 29 1 27 8 30 5 23 5 25.9 26.5 25.4 26.5 26.7 83 70 S7 46 S4 6 9 25.8 26.7 27.6 28.2 35.8 36.3 36.9 39.6 ?7 43 40 41 S9 7 0 0 8 6 S3 0 S? 0 0 55 S8 3 4 SO 61 53 S? -? 8 48 .7 46 .4 51 .6 47 .1 35.7 42.6 42.6 40.1 62 57 60 59 3 4 7 0 Asia and All Other Asia Date 1944—Dec 1945—Dec 1946—Dec 1947—Dec 1948—Dec 31 31 31 31 31 1 069 2 1 549 7 1 316 4 1,057 9 1 151 8 1949—May 31 1 084 1 June 30 1,081 3 July 31 1 068 9 Aug. 31 1,077 6 Sept 30 1 0S9 5 31 1 016 5 Oct 984 5 Nov. 30 961 0 D e c 31 982.2 1950—Jan. 31 Feb. 78 1.027.3 Mar. 31 P 1,028.0 Apr. 1,093.6 China Philand Thai- Tur- Other All Man- Hong Iran Israel Japan ippine India IndoReKong nesia land key Asia* other chupublic 427 582 431 229 216 3 3 9 9 2 147 0 119 2 125 3 123.7 124 1 116 3 113 4 110 6 110.1 112.3 103.5 98.5 22 27 44 39 51 9 4 9 8 1 55 7 67 7 78 9 80.9 82 3 81 5 83 3 83 9 89.9 90.6 88.8 96.4 22 33 43 62 51 1 4 5 4 8 55 5 60.9 54 2 69.1 59 9 52 6 56 4 63 3 69.5 69.5 62.8 63.3 s 4 0 4 1 16 6 31.3 81 4 365 629 446 488 488 135 2 31 s 36 1 141.6 27 1 144 2 90 0 152.8 161 5 27 9 189.5 20 s 17 8 204.8 214 6 15 7 12. 2 16.8 21.0 238.8 2 9 . 2 16.4 27.3 252.2 2 7 . 6 17.5 25.0 276.5 36. 4 16.5 21.8 329.4 407 387 367 363 348 334 306 297 286 289 288 294 110 113 127 69 41 7 1 3 S Egypt and Union BelAnglo5 of Aus- gian Egyp- South Other tralia Congo tian Africa Sudan 174 0 181 8 232 8 193.7 167 4 52 0 3 7 92 9 S 107.2 7 151 0 99.0 37 6 17 s 204 0 "4 6 3 ?0 9 IS 3 18 9 231.7 252.9 253.6 244.8 241 0 209.9 192.4 165 7 101.5 103.5 104.2 99.3 173 9 184.4 177.6 165.0 184 5 192 A 184.6 179 5 209.8 186.6 178.2 163.9 21 8 19. 7 22 3 20. 31 7 8 1 ?3 S? 6 7 4 1 3 3 1 .4 2 4 24.3 22.6 23.5 27.4 13 6 1S 1 1? 1 10 0 0 8 12 .0 14 . 4 10 .4 10 .2 7 18 20 25 27 28 0 45 s 30 6 22 9 44.0 39. 4 32 4 29. 8 25. 1 20. 5 17. 5 27. 2 28. 3 30. 0 31. 8 3 9 8 0 7 42 5 54.1 49 6 49.9 58 7 60 2 58.3 61 6 72.8 58.4 57.1 56.2 8 6 47 46 15 3 4 2 4 8 12 3 9.1 73 6.7 5 8 5 7 6.9 6 0 22.9 21.3 15.8 6.6 105 127 119 91 101 4 7 3 8 6 97 4 101.5 98 4 88.2 88 4 82.2 79.9 79 5 57.1 53.6 54.7 51.8 P Preliminary. Beginning March 1947, figures include balances in accounts opened by occupation authorities for foreign trade purposes. Beginning January 1950, excludes Austria, Czechoslovakia, and Poland, reported separately as of that date. Beginning January 1950, excludes Dominican Republic, Guatemala, El Salvador, and Uruguay, reported separately as of that date. 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. 1 2 3 4 JULY 1950 915 INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued SHORT-TERM LIABILITIES TO AND CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES—Continued [Amounts outstanding, in millions of dollars] CLAIMS ON FOREIGNERS Total Date 1944—Dec. 1945—Dec> 1946—Dec 1947—Dec. 194g—Dec. 31 .. . < 31 31 31 31 1949—May 31 Tune 30 July 31 Aug. 31 Sept 30 Oct. 31 Nov. 30 Dec. 31 1950—Jan 31 Feb. 28 Mar 3\P Apr. 3QP . .... United King- France dom 329.7 392.8 708.3 948.9 1,018.7 25.9 25.4 47.7 29.2 24.5 5.7 23.4 119.0 886.1 860 5 848.0 797.5 819 5 850.5 846.7 827.9 *724.8 670.6 643 7 630.3 31.6 17.0 20.5 14.9 56.8 66.4 54.8 37.2 32.6 24.3 23 7 23.3 88.1 86 9 85.0 69.3 68.2 68.1 52.2 51.8 51.5 36.0 35 4 35.9 1.4 1.1 Netherlands Switzerland .3 1.3 2.9 9.8 7.0 6.9 36.3 151.0 49.1 51.4 11.8 6.2 6.3 6.4 6.2 3.6 4.0 4.6 3.8 5.7 5.5 4.7 4.2 6.0 6.9 6.1 6.3 5.2 2.7 4.4 4 3 7 8 6.2 3.7 Other Total Europe Europe Canada Latin America Asia All other .3 .3 78.3 74.6 82.8 118.9 106.3 107.5 140.7 312.9 248.6 323.8 28.1 53.3 52.2 27.5 39.8 131.0 158.9 226.8 514.3 516.6 51.4 29.9 99.2 127.0 118.8 11.7 16.0 21.1 15.8 17.2 31.5 19.7 23.1 27.1 26.4 21.1 15.3 16.0 18.8 22.6 20.7 23.3 19 6 20.2 96.1 95.6 91.9 82.2 84.9 88.7 98.2 98.5 !65.0 64.4 63 1 64.0 256.8 237.6 234.3 199.6 235.7 249.2 234.9 219.2 H78.2 158.0 153 9 153.3 35.0 33.9 32.6 34.4 35.4 31.8 33.0 37.6 40.2 42.4 33 6 35.5 433.8 423.1 418.8 410.3 403 9 418.2 425.9 411.1 347.3 311.4 303 5 295.7 141.4 147.0 143.2 136.6 126.7 133.5 135.2 139.7 129.0 124.0 114 6 106.2 19.0 18 8 19.1 16.6 17 9 17.8 17.6 20.4 30.1 34.8 38 1 39.6 Italy 9.9 CLAIMS ON FOREIGNERS—SUPPLEMENTARY DATA Other Europe Other AusEurope tria DenBel- Czechoslo- mark gium vakia 1944—Dec. 3 1 . . 1945—Dec 31 1946—Dec. 31... 1947—Dec 31 1948—Dec. 3 1 . . 78.3 74.6 82.8 118 9 106.3 .7 .6 7.5 15 0 21.4 1949—May 31 June 3 0 . . July 31 Aug 31 Sept. 3 0 . . Oct. 3 1 . . Nov 30 Dec. 3 1 . . 1950—Jan 31 Feb. 2 8 . . Mar. 31 P. Apr. 30P. 96 1 95.6 91 9 82 2 84.9 88.7 98 2 98.5 *65 0 64.4 63.1 64.0 18.3 18.9 17 9 13.6 14.1 16.1 17.6 19.3 15 6 1.6.3 17.7 16.2 Date i 2 .2 .7 2 .5 2 2 .6 6.2 8.0 3.4 .9 1.1 9 4.9 4.8 4 9 1.0 ' (*) .1 1 Finland .7 .7 .7 .4 .5 .5 .5 6 5.5 6.6 8.6 9.2 8.2 4.9 3.5 2.4 2 1 GerNormany Greece way Poland Portugal 33.9 33.9 30.4 30.5 30.5 .6 .7 12.4 10 6 1.2 35.1 31.6 3.3 9.2 8.4 .8 .5 1.0 1.1 .7 29.8 29.8 29 9 29.7 30.3 30.3 30.0 30.0 .8 1.0 1 0 8.7 8.6 8.1 .7 7.9 .5 .5 .5 .4 .4 .5 .7 .5 .7 .6 .8 .8 25.6 25.3 25 5 8.0 7.3 7.5 7.4 1.0 1.1 1.2 1 3 .8 .8 .7 .7 .2 .2 .2 1 !5 .1 .1 .1 Rumania Spain .1 .1 12.0 12.0 10.7 8.2 7.1 7.0 7.0 7.0 (3) Swe- USSR Yugo- All 2 den slavia other 1.8 1.6 •7.2 .9 2.9 .2 .9 4.9 5.4 1.4 4.8 4.2 3.3 2.5 3.8 3.8 6.1 7.0 6.7 7.9 6.6 77 1.4 1.5 1.5 1.4 1.8 2.1 2.1 2.3 3.4 3.1 2.4 2 4 Republic of Panama El Salvador .1 (3) 6.0 (3) .2 1 (3) .1 .1 .7 2 5 5.2 4.8 9.5 35.9 29.8 14.2 13.3 13.2 11.1 11.2 11.5 16.7 15.6 4.8 5.2 4.4 4 4 Latin America Date Latin BoAmer- Argenlivia tina ica Brazil Chile Colombia Cuba Dominican Guate- MexRe- mala ico public Netherlands West Peru Indies and Surinam 1944—Dec. 3 1 . . 1945—Dec. 3 1 . . 1946—Dec. 3 1 . . . 1947—Dec. 3 1 . . 1948—Dec. 3 1 . . 131.0 3.1 158.9 21.0 226.8 41.8 514.3 65.2 516.6 72.4 1.8 25.3 1.3 24.7 2.3 49.8 2.0 165.8 2 . 7 165.4 9.0 6.6 14.6 27.8 15.2 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 .5 .8 1.1 1 5 1.9 3.7 4.3 4 4 1.1 1.3 4.7 4 6 1949—May 3 1 . . June 3 0 . . July 3 1 . . Aug. 3 1 . . Sept. 3 0 . . Oct. 3 1 . . Nov. 3 0 . . Dec. 3 1 . . 1950—Jan. 3 1 . Feb. 2 8 . . Mar. 31 P. Apr. 30P. 433.8 58.9 423.1 57.6 418.8 55.5 410.3 56.1 403.9 54.4 418.2 55.3 425.9 54.1 411.1 53.6 347.3 51.3 311.4 47.8 303.5 44.7 295.7 46.5 2.6 159.5 155.0 158.9 160.5 162.2 165.1 161.9 136.9 99.2 81.3 75.2 67.4 12.5 12.2 10.9 11.8 11.4 12.0 11.7 15.5 14.1 9.3 7.9 5.6 37.9 37.7 32.1 24.4 22.6 22.6 22.3 21.1 19.9 21.0 24.1 26.8 69.6 68.3 67.2 68.0 64.1 66.4 72.0 73.0 50.3 46.3 48.1 46.4 1.3 6.0 4.4 3.0 2.7 2.2 2.3 2.5 1.9 2.3 5.2 5.7 6.3 6.5 20.6 21.0 20.3 17.6 17.5 20.0 26.4 27.5 27.1 21.5 17.6 17 A 8.6 "i!8 1.7 1.7 1.7 "2A 2.7 2.1 2.2 .3 1.1 1.1 1.1 1.1 3.0 1.2 1.3 1.1 1.1 1.0 1.1 1.2 6.1 7.9 6.9 6.4 6.3 5.8 5.8 6.5 6.6 6.2 6.8 Uruguay .8 4.5 4 5 4.6 4.6 5.4 5.3 5.3 4.3 4.6 4.9 4.8 5.3 4.2 3.8 "9.6 8.1 13.2 10.5 Other Vene- Latin zuela America4 5.1 6.1 8.7 15.3 26.0 12.9 34.7 26.2 34.5 34.7 25.7 23.7 23.0 22.4 22.3 23.0 23.6 25.6 25.3 26.0 24.6 26.5 34.7 33.0 34.5 34.5 34.9 36.8 39.6 43.1 23.3 22.3 21.6 22.0 P1 Preliminary. 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, a4 Less than $50,000. Beginning January 1950, excludes Dominican Republic, Guatemala, El Salvador, and Uruguay, reported separately as of that date. 916 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] CLAIMS ON FOREIGNERS—SUPPLEMENTARY DATA Asia and All Other Asia Date 31.. 31.. 31 31.. 31.. 51.4 29.9 99.2 127.0 118.8 1949—May 31. . June 30. . July 3 1 . . Aug. 31. . Sept. 30.. Oct. 3 1 . . Nov. 30.. Dec. 3 1 . . 1950—Tan. 3 1 . . Feb. 28. . Mar. 31*. Apr. 30*>. 141.4 147.0 143.2 136.6 126.7 133.5 135.2 139.7 129.0 124.0 114.6 106.2 1944—Dec. 1945—Dec. 1946—Dec. 1947—Dec. 1948—Dec. Egypt and Union Belgian Anglo- of AusOther2 tralia Congo Egyp- South tian Africa Sudan China Philand Indoippine Thai- Tur- Other1 All Man- Hong Kong India nesia Iran Israel Japan Reland key Asia other public 22.3 53.9 40.8 24.2 .9 .8 5.9 2.6 3.4 12.0 29.6 20.4 1.5 1.4 1.0 .5 1.9 18.0 18.4 16.8 17.8 18.0 16.5 16.3 16.6 17.0 15.1 19.4 23.4 6.4 3.2 3.7 3.4 3.4 3.8 4.2 3.7 4.1 4.2 4.3 4.1 20.0 21.0 20.0 19.7 16.8 18.8 17.0 17.4 16.6 17.7 17.8 18.1 1.5 1.1 1.2 .5 .4 .4 .2 .2 .2 .1 .2 (3) 1.5 1.0 7.5 .5 .5 .2 .9 15.9 37.4 39.4 33.8 21.8 9.6 10.1 9.5 14.1 13.6 * ii is 18.1 13.8 12.5 17.9 13.6 13.3 7 . 7 13.5 12.0 1.9 13.8 13.8 20.2 27.4 37.3 31.9 30.2 25.3 27.5 24.6 25.5 25.9 23 2 22.8 ' "2 A 22.4 1.9 22.0 1.2 .9 19.7 1.8 2.0 8.9 2.8 11.7 1 4 17.7 4 6 3 4 1.4 14.3 17 2 31.5 19.7 2.1 .9 11.7 14.5 19.4 14.3 15.7 14.3 10.5 24.2 33.0 30.8 31.4 34.4 44.1 46.5 50.3 12.0 5.3 5.4 5.0 4.5 4.6 4.8 5.4 7.9 9.9 5.9 4.8 8.5 9.3 7.9 19.0 18.8 19.1 16.6 17.9 17.8 17.6 20 4 30.1 34.8 38.1 39.6 7.5 9.9 p Preliminary. 1 Beginning January 1948, includes Pakistan, Burma, and Ceylon, previously included with India, fsrael, and Thailand, reported separately as of that date. 2 Beginning January 1950, excludes Belgian Congo, reported separately as of that date. 3 Less than $50,000. .2 .3 .4 .1 .4 .6 1.7 9.0 4.7 10.4 15.5 18.9 20.1 .4 .4 .6 .2 .4 .5 .6 .2 .2 .3 .4 .3 3.6 3.5 3.5 3.7 9.7 4.7 10.1 14.4 7.9 1.2 3.3 3.3 8.0 6.8 4.6 4.6 4.2 3.6 4.0 3.8 3.6 4.5 8.8 8.4 9.2 8.3 8.9 8.8 8.0 11.3 11.2 11.3 12.1 4.6 4.3 4.0 3.5 7.7 Beginning January 1950, excludes Iran, GOLD PRODUCTION OUTSIDE U. S. S. R. [In millions of dollars] Year or month Estimated world production Total reported outside U.S.S.R.i monthly Production reported monthly Africa South Africa Rhodesia North and South America West Belgian United Africa* Congo3 States4 Canada Mexico Other ColomChile bia Nica- Austra- India3 lia ragua5 $1 =155/zi grains of gold 9/wfine: i. e., an ounce of fine gold =$35. 1,265.6 1,125.7 871.5 784.0 738.5 752.5 766.5 791.0 4941. 4942. 4943. 4944. 4945. 1946. 4947. 4948. 4949. 4949—Apr.. . May.. June.. July.. Aug... Sept.. Oct.. . Nov.. Dec... 4950—Jan.. . Feb... Mar.. Apr.. . 1,110.4 982.1 774.1 701.5 683.0 697.0 705.5 728.1 755.6 504.3 494.4 448.2 429.8 427.9 417.6 392.0 405.5 409.7 27.8 26.6 23.0 20.7 19.9 19.1 18.3 18.0 18.5 32.4 29.2 19.7 18.4 18.9 20.5 19.3 23.4 23.1 19.6 18.0 15.8 12.7 12.1 11.6 10.8 11.1 12.9 60.8 63.2 64.8 63.1 66.2 65.4 65.4 '•66.2 63.7 33.4 34.3 34.8 35.5 35.7 34.8 34.7 34.0 34.0 34.2 32.0 35 1 33.3 1.7 1.6 1.5 1.6 1.6 1.5 1.5 1.5 1.5 1.5 1.4 1.9 1.9 1.9 1.8 1.9 1.9 1.9 1.0 1.1 1.1 1.1 1.2 1.1 1.0 1.1 1.1 1.1 1.0 ~ 2.0 2.0 2.0 2.0 1.9 1.9 1 i 1.0 209.2 ^187.1 131.0 169.4 48.8 127.8 35.8 102 .3 32.5 94.4 51.2 99.1 75.8 107.5 70.9 123.5 69.9 143.9 28.0 28.0 22.1 17.8 17.5 14.7 16.3 12.9 14.2 23.0 20.9 19.8 19.4 17.7 15.3 13.4 11.7 12.6 9.3 6.4 6.1 7.1 6.3 8.1 5.9 5.7 6.3 7.5 8.6 7.7 7.9 7.0 6.4 7.4 7.8 11.4 11.6 12.0 11.4 12.6 12.7 12.8 12.7 13.1 12.4 12.2 13.4 12.9 .6 1.8 1.6 1.0 1.4 1.6 .9 1.9 .8 1.1 1.0 1.0 1.1 1.0 1.0 1.0 1.1 .6 1.4 1.2 1.2 1.1 .4 .5 .4 .5 .6 .6 .5 .6 .5 .6 .6 .6 .6 .6 .7 .7 .6 5.7 5.6 5.5 5.7 6.5 6.2 7.3 7.4 6.6 5.9 5.5 6 1 6.7 7.7 .7 .6 .6 .7 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 2.5 2.5 3.7 2.3 2.5 2.6 2.7 2.9 2.6 2.3 2.3 2.3 .5 .6 .6 .6 .6 .5 .5 .4 .4 .5 .5 .5 .6 r Revised. Gold production in U. S. S. R.: No regular Government statistics on gold production in U. S. S. R. are available, but data of percentage changes -.irregularly given out by officials of the gold mining industry, together with certain direct figures for past years, afford a basis for estimating annual production as follows: 1934, 135 million dollars; 1935, 158 million; 1936, 187 million; 1937, 185 million; and 1938, 180 million. 1 Estimates of United States Bureau of Mines. 2 Beginning 1942, figures reported by American Bureau of Metal Statistics. Beginning 1944, they are for Gold Coast only. 3 Reported by American Bureau of Metal Statistics. 4 Includes Philippine production received in United States through 1945. Yearly figures through 1948 are estimates of United States Mint. Figures for 1949 and 1950 are estimates of American Bureau of Metal Statistics. 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. JULY 1950 917 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—June July Aug Sept Oct Nov Dec 1950—Jan Feb Mar Apr May....... 24,466 24,520 24,608 24,602 24,584 24,479 24,427 24,395 24,345 24,246 24,247 24,231 24,637 24,705 24,771 24,728 24,688 24,626 24,563 24,507 24,456 24,360 24,350 24,340 End of month Hungary 1945—Dec. 1946—Dec.. 1947—Dec.. 1948—Dec.. 24 34 35 35 36 37 38 40 40 41 41 41 1949—June. July.. Aug.. Sept.. Oct... Nov.. Dec. 1950—Jan... Feb.. , Mar.. Apr.. May. End of month Sweden Argentina 2 Belgium 1,197 1,072 322 Brazil Canada^ 716 735 597 624 354 354 354 317 361 543 294 408 82 65 45 43 704 720 718 715 720 709 698 679 679 682 679 678 317 317 317 317 317 317 317 317 317 317 317 428 436 448 460 470 484 496 507 509 511 44 44 44 43 43 43 40 40 40 40 40 40 India Iran« Italy Java 274 274 274 256 131 127 142 140 24 28 58 96 « 201 • 180 247 247 247 247 247 247 247 247 247 247 247 140 140 140 140 140 140 140 140 140 122 122 133 252 252 252 252 252 252 252 252 252 ,178 178 178 178 178 178 178 178 178 178 178 178 Switzerland Turkey United Kingdom 7 Uruguay Mexico 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—June. 71 71 71 70 70 70 70 70 70 69 71 71 1,419 1,457 1,503 1,485 1,486 1,495 1,504 1,508 1,503 1,527 1,534 1,522 160 160 160 159 154 154 154 154 154 154 154 154 161 161 161 177 178 178 178 183 187 190 323 323 323 373 373 373 373 373 373 373 373 373 r 236 ••236 '238 »-239 '304 '304 '330 332 334 P333 P333 P335 Dec. 1950—Jan... Feb. . Mar.. Apr... May. 191 226 279 289 Denmark 61 61 289 289 289 299 299 299 299 299 299 299 299 299 Norway Peru 270 265 231 166 23 23 23 23 80 91 72 52 28 24 20 20 166 166 161 161 161 195 195 229 229 229 229 229 28 28 28 29 30 31 32 32 33 33 34 52 52 52 51 51 51 51 51 50 50 48 50 20 20 20 20 20 28 28 28 28 28 28 28 15 1,356 1,436 39 32 30 36 1,440 1,448 1,450 1,450 1,450 1,451 1,451 1,459 1,460 1,460 1,460 55 60 47 52 47 64 68 68 69 87 93 100 p1 Preliminary. ' Revised. 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 million 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. 3 Figures as reported by Foreign Exchange Control Board and Minister of Finance. 4 Beginning December 1947 includes gold holdings of issue and banking departments of Bank Melli Iran; prior to that represents holdings of issue department only. 5 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. 6 Figures are for following dates: 1946—Mar. 31, and 1947—Mar. 31. 7 Gold holdings of Bank of England reduced to nominal amount by gold transfers to British Exchange Equalization Account during 1939. 8 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. 918 Czechoslovakia Cuba 127 145 83 Bank Inter- for In16 national ternaother tional coun-8 Monetary tries Fund Settlements 1945—Dec, 1946—Dec... 1947—Dec... 1948—Dec... July.. Aug.. Sept.. Oct... Nov.. Colombia NetherNew lands Zealand 294 181 100 Venezuela Chile Portugal « Egypt France 38 38 32 32 52 53 53 53 1 090 796 548 548 32 32 32 32 32 32 32 32 32 32 32 31 53 53 53 53 53 53 53 53 53 53 523 523 523 523 523 523 523 523 523 523 523 523 Ru ma- South Africa Spain 269 914 939 762 183 110 111 111 111 149 149 135 121 119 120 128 132 146 166 173 178 85 85 85 85 85 85 85 80 80 80 61 61 245 193 158 Government gold reserves not included ia previous figures United Kingdom End of month 1945—Dec 1946—Dec X 1947—Mar June Sept Dec 12,380 12,410 !2,383 12,079 1948—Mar June Sept Dec i2,241 11,920 11,777 1 1,856 1949—Mar June.... Sept Dec 11,912 1 1,651 11,425 11,688 1950—Mar June.... 1 !2,476 2,696 France 2 457 Belgium 217 1,984 12,422 1 Exchange Equalization Account holdings of gold, U. S. and Canadian dollars, as reported by British Government. 2 France—Exchange Stabilization Fund; Belgium—Treasury. NOTE.—For details regarding special internal gold transfers affecting the British and French institutions, see p. 920, footnote 1, and p. 921, footnote 8. For available back figures, see Banking and Monetary Statistics, p. 526, and BULLETIN for November 1947, p. 1433, and Feb- ruary 1945, p. 190. 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. . 1949—May. . June.. July... Aug... Sept... Oct.... Nov... Dec... 1950—Jan.. .. Feb. . . Mar... Apr... . May-?*. 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 9.5 6.9 131.1 257.4 98.1 56.1 7.6 -1.4 39.0 .2 -1.6 53.3 Belgium Netherlands France Sweden U.S.S.R. Canada 11.3 33.7 27.9 -4.5 28.0 162.9 Other Latin AusAmerican tralia Republics In millions of dollars .1 -9.5 -11.9 -134.0 -55.8 — 14 0 .6 .3 -19.1 .1 Philippine Republic 3 5 .2 .2 -3.5 -7.0 —1 6 .5 .3 4 .4 5 .4 .5 .3 China .1 -.2 -3 5 -2.5 -.1 .3 -.1 -.2 -.1 -.3 1 .1 .2 2 3 — ..S -.5 South Africa Gold stock at end of period All other countries 4 1 .3 8 9 3 6 .4 118.6 410 7 491.5 190.7 30.2 .5 1.3 -18.6 1-63.5 2 -37.6 6.3 9.5 12.7 22.3 9 5 12.7 3.3 5.8 -.6 -4.5 -2.1 -3.9 -4.8 — 1.1 -2.4 -8.5 3 37.1 -1 3 -3.5 3.7 10.5 16.8 1.8 .8 p Preliminary. 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. 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. JULY 1950 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 .3 .4 .2 .5 -8.3 .4 .4 .3 .4 .2 .3 .2 .3 .4 .6 .7 .7 .6 .5 .4 .5 .4 .5 .5 .5 .3 -.2 ANALYSIS OF CHANGES IN GOLD STOCK OF UNITED STATES [In millions of dollars] Gold valued at approximately $35 a fine ounce A .8 .6 .6 5 21.0 25.1 14.2 31.7 Net gold exports from United States (—). 1949—May. . June.. July... Aug.. . Sept. . Oct... . Nov... Dec.... 1950—Jan.... Feb . Mar... Apr. . . May**. 10.6 2.1 5.1 -.1 BY COUNTRIES—Continued 16 3 14.6 — 10 8 7.0 —8 0 — 17.1 7.3 6.4 -134.0 335.5 103.3 Colombia 2.0 .2 13.1 1942 1943 .. 1944 1945 1946 1947 . . . . . . . 1948 1949 -10.8 -50.3 -.1 121.8 243.6, 101.5 40.7 NET GOLD IMPORTS TO UNITED STATES, Year or month 208.9 66.9 46.2 53.1 344.1 445.4 -29.7 5.8 Argentina Period 1942 1943 1944 1945 1946 1947 1948. 1949 EarNet marked DomesIncrease gold gold: deimgold in total port or crease tic producgold or inexport tion 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 68.9 21,981 —757.9 20,631 — 1,349.8 - 8 4 5 . 4 -547.8 -106.3 20,083 20,706 623.1 311 5 22,868 3 2,162.1 1,866.3 24,399 1,530.4 1,680.4 164.6 686.4 24,563 1949—June. . 24,466 July... 24,520 Aug.. . 24,608 Sept... 24,602 Oct.... 24,584 Nov... 24,479 D e c . . . 24,427 1950—Jan.... 24,395 Feb.... 24,345 M a r . . . 24,246 Apr.... 24,247 M a y . . . 24,231 June. . P24.231 24,637 24,705 24,771 24,728 24,688 24,626 24,563 24,507 24,456 24,360 24,350 24,340 ^24,330 126.1 67.3 66.5 -43.1 —39.8 -61.7 -63.2 -56 3 - 5 1 .2 -96.2 -9 2 -10.7 P-9.2 69 131.1 257.4 98.1 56.1 7.6 - 1 4 39.0 .2 -1.6 53.3 P13.1 W -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 69.9 -495.7 121.6 -19.9 -208.5 -154.8 -89.1 -63 9 -59.4 -93.2 -50.4 -95.4 -59.2 -29.9 5-17.6 5.5 5.7 6.5 6.2 7.3 7 4 6 6 5.9 5.5 6.1 6.7 6.8 (0 l P Preliminary. See footnote 1 on opposite page. 2 Yearly figures through 1948 are estimates of United States Mint. Figures for 1949 and 1950 are estimates of American Bureau of Metal Statistics. 3 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 4,619.0 million dollars on June 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. 919 INTERNATIONAL MONETARY FUND AND INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT [Millions of dollars] 1950 1950 1949 International Bank International Fund 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 Jan. Oct. July 1,459 1,450 1,448 1,436 1,300 1,311 1,340 1,391 4,265 4,185 4,024 1^018 1,018 1,070 1,181 1 1 1 (2) 8,047 8,047 8,047 8,034 -3 -3 -2 1950 Net currency purchased 3 (Cumulative—millions of dollars) May Australian pounds Belgian francs Brazilian cruzeiros Chilean pesos Costa Rican colones Czechoslovakian koruny. Danish kroner.. Egyptian pounds. . . . . . . Ethiopian dollars French francs Indian rupees Mexican pesos Netherlands guilders.... Nicaraguan cordobas Norwegian kroner South African pounds. . . Turkish liras Pounds sterling Yugoslav dinars Apr. 1949 Mar. May 20.0 20.0 20.0 11.4 11.4 11.4 33.0 37.5 37.5 37.5 15.0 8.8 8.8 8.8 8.8 .4 -.9 -.9 -.9 6.0 6.0 6.0 6.0 10.2 10.2 10.2 10.2 3.0 3.0 3.0 3.0 .3 .6 .6 .6 125.0 125.0 125.0 125.0 100.0 100.0 100.0 100.0 22.5 22.5 22.5 22.5 75.4 75.4 75.4 75.4 .5 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 Total. Mar. Jan. Gold Currencies (balances with depositories and securities payable on demand): United States Other Investment securities (U. S. Govt. obligations) Calls on subscriptions to capital stock*. . 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 Special reserve. Capital*... Accumulated net income Dec. Sept. Mar, 18 925 38 923 44 926 74 929 446 5 448 5 454 5 444 5 723 7 261 727 6 254 676 559 10 254 11 254 26 27 27 26 130 162 136 51 2 4 3 5 12 11 9 7 1,670 1,670 1,670 1,667 23 20 10 17 1 Includes 33 million dollars receivable for currency adjustments resulting from the devaluations in September 1949. 2 Less than $500,000. 3 As of May 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 24.2 million dollars. 4 Excludes uncalled portions of capital subscriptions, amounting to 6,679 million dollars as of Mar. 31, 1950, of which 2,540 million represents the subscription of the United States. 753.1 753.1 753.1 724.6 CENTRAL BANKS Bank of England (Figures in millions of pounds sterling) Assets of issue department Gold* 1941—Dec. 1942—Dec 1943—Dec 1944—Dec 1945—Dec 1946—Dec 1947—Dec 1948—Dec. 31 30 29 27 26 25 31 29 1949—j u n e July Aug Sept Oct. Nov Dec. 29 27 31 28 26 30 28 .2 .2 1950—j an Feb Mar. Apr May 25 22 29 26 31 4 .4 .4 4 .4 .2 . . . . . 2 2 .2 2 .2 2 .2 2 .4 .4 4 .4 4 Assets of banking department Other assets 2 Notes and coin 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 1,300.0 1,350 0 1,350 0 1,300 0 1,300.0 1,300 0 1,350 0 1,300 0 1,300 0 1,300.0 1,300 0 1,300.0 Discounts and advances Securities Liabilities of banking department Note circulation a Deposits Bankers' Public 11.2 ECA Other Other liabilities and capital 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 90.9 91.0 91.2 93.9 107.3 111.5 111.2 18.2 18.3 18.5 18.5 17.8 18.0 18.1 110.2 113.5 83.9 89.5 94.2 18.3 18.4 18.5 17 8 18.0 8 4 13.6 15 2 16.7 267.8 267.9 307.9 317.4 327 0 327.6 331.3 401.1 751.7 923.4 1.088.7 1,238.6 1,379.9 1,428.2 L.349.7 1,293.1 219.9 223.4 234.3 260.7 274.5 278.9 315.1 314.5 26.7 49 9 80 4 41.4 47.3 39 9 33 7 27.0 15.3 10 4 23.6 23.3 15 3 14.8 372.0 381.6 354.1 368.7 429.7 437.8 489.6 1,277.9 1,305.1 1,275.0 L.264.5 L.258.7 1,265.8 L.321.9 294.5 294.0 277.6 295.7 298.5 295.9 299.2 8.6 11.2 15.9 11.6 13.5 32.4 41.7 16.4 62.8 58.6 97.9 57 9 58 4 38 5 28 4 19.9 14 7 22 0 12.3 22 0 19.1 477.4 486.7 507.2 529 4 554.9 1,247.7 1,247.2 L.267.3 1,-277.7 1,286.6 291.7 285.2 283.5 288.8 281.3 12.5 14.0 12.1 13.9 12.0 117.4 136.0 160.0 169.8 188.4 6.4 3.5 2 5 5.1 9.0 10.3 5.2 5.3 10.3 18.6 11.7 9.1 14.0 8.9 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, 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. 920 FEDERAL RESERVE BULLETIN CENTRAL BANKS—Continued Liabilities Assets Bank of Canada (Figures in millions of Canadian dollars) Sterling and United States dollars Gold Dominion and provincial government securities Short-l term Deposits Other assets Note circulation2 Other Other liabilities and capital s Chartered banks Dominion government 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—June 30. July 30. Aug. 31. Sept. 30. Oct. 31. Nov. 30. Dec. 31. 62.7 52.9 55.7 60.1 64.9 66.1 74.1 1,379.6 1,499.2 1,557.2 1,616.8 1,710.6 1,713.9 1,781.4 636.8 499.5 441.2 421.2 335.9 221.5 227.8 56.9 45.1 64.2 119.1 80.3 54.4 42.5 1,270.0 1,271.0 1,269.7 1,290.7 1,293.5 1,283.0 1,307.4 568.3 566.9 578.0 611.5 626.0 544.7 541.7 112.2 94.3 109.7 141.0 66.1 27.2 30.7 73.7 73.8 61.8 64.1 77.4 84.1 126.9 111.8 90.6 99.2 109.8 128.8 116.8 119.2 1950—Jan. 31. Feb. 28. Mar. 31. Apr. 29. M a y 31.. 73.1 76.7 73.7 86.0 73.3 1,769.1 1,786.2 1,655.9 1,668.3 1,685.7 235.4 191.1 358.9 371.0 372.6 73.1 56.2 75.2 56.5 60.1 1,259.2 1,250.6 1,258.5 1,269.8 1,275.9 530.7 554.8 567.3 551.6 534.3 94.3 24.3 71.2 41.3 68.9 145.8 176.4 150.7 199.8 202.7 120.7 104.2 116.1 119.4 109.9 1938—Dec. i 939—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 () 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. 29., 28. 26. 31. 31. 30. 28. 27. 26. 31. 30. Gold 87,265 97,267 84,616 84,598 84,598 84,598 75,151 129,817 94,817 65,225 65,225 Foreign exchange 821 112 42 38 37 37 42 68 -7 12 30 Domestic bills Open market 6 1,892 5,818 7,802 6,812 8,420 9,518 12,170 17,980 37,618 67,395 97.447 Special Other Advances to Government 6 Current Deposits 6 Other Note circulation Other 30,627 7,880 1,79.7 5,149 14,200 30,473 2,345 3,646 63,900 112,317 661 4,517 69,500 182,507 12 5,368 68,250 250,965 169 29 7,543 64,400 366,973 48 18,592 15,850 475,447 445,447 303 25,548 3,135 76,254 67 ^OO' 480,447 64 117,826 147,400 558,039 8,577 238,576 150,900 558,039 14,028 15,549 18,571 17,424 16,990 16,601 20,892 24,734 33,133 59,024 57,622 Government 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 1949—June 30. 862,274 7,775 156,208 July 28. 62,274 14,380 137,189 Aug. 25. 8 62,274 36,675 134,031 Sept. 29. 62,274 51,504 138,787 Oct. 27. 62,274 53,002 140,936 Nov. 24. 62,274 58,174 143,794 Dec. 29. 8 62,274 61,943 137,689 894 4,486 4,144 15,092 23,486 28,164 28,548 258,294 296,228 255,099 298,005 305,454 306,397 335,727 166,900 162,700 165,000 164,200 152,700 152,500 157,900 560,990 81,046 560,990 69,764 560,990 67,738 560,990 76,261 560,990 81,425 560,990 85,587 560,990 112,658 1,115,608 1,134,440 1,133,129 1,210,606 1,218,697 1,203,768 1,278,211 286 195 292 201 202 153 1,168 1950—Jan. Feb. Mar. Apr. May 31,410 31,467 29,279 29,297 27,090 335,845 333,358 359,671 367.740 341,340 159,900 165,200 166,000 167,100 167,700 560,990 94,504 560,990 91,046 560,990 112,552 560,990 113,338 560,990 9107,521 1,256,758 1,271,387 1,321,855 1.332,148 1,324,533 42 79 24 21 17 26. 23. 30. 27. 25. 8 62,274 »62,274 8 62,274 8 62,274 62,274 59,719 58,658 63,987 83,526 98,539 132,447 123,912 123,013 117,039 115,978 EGA 22,910 14,155 22,432 34,284 21,927 Other Other liabilities and capital 25,595 14,751 27,202 25,272 29,935 33,137 37,855 57,755 63,468 82,479 171,783 2,718 2,925 44,986 68,474 21,318 15,596 7,078 4,087 7,213 10,942 16,206 162,969 157,714 136,331 140,548 142,845 173,396 158,973 15,518 15,661 16,199 15,757 18,522 20,563 19,377 133,526 120,858 115,627 114,103 110,321 23,853 20,426 17,828 20,747 24,634 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. Includes 9,293 million francs of gold earmarked as collateral against a loan. For details on devaluations and other changes in the gold holdings of the Bank of France, see BULLETIN for June 1949, p. 747; May 1948, p. 601; May 1940, pp. 406-407; January 1939, p. 29; September 1937, p. 853; and November 1936. pp. 878-880. 9 Includes advance to Stabilization Fund, amounting to 43.7 billion francs on May 25. 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. JULY 1950 921 CENTRAL BANKS—Continued Central Bank (Figures as of last report date of month) Central B a n k of t h e Argentine Republic (millions of pesos): Gold reported separately Other gold and foreign exchange. Government securities Rediscounts and loans to banks.. Other assets Currency circulation Deposits—Nationalized. Other sight obligations Other liabilities and capital C o m m o n w e a l t h Bank of Australia (thousands of pounds): Gold and foreign exchange Checks and bills of other banks.. Securities (incl. Government and Treasury bills) Other assets Note circulation Deposits of Trading Banks: Special Other Other liabilities and capital Austrian National Bank (millions of- schillings): Gold Foreign exchange Loans and discounts Claim against Government Other assets Note circulation. Deposits—Banks Other Blocked. National Bank of Belgium (millions of francs): Gold Foreign claims and balances (net) Loans and discounts Consolidated Government debt. . Government securities Other assets Note circulation Deposits—Demand EGA Other liabilities and capital Central Bank of Bolivia—Monetary dept. (millions of bolivianos): Gold at home and abroad Foreign exchange Loans and discounts. Government securities Other assets Note circulation Deposits Other liabilities and capital Central Bank of Chile (millions of pesos): Gold Foreign exchange (net) 2 Net claim on Intl. Fund Discounts for member b a n k s . . . . Loans to Government Other loans and discounts Other assets. Note circulation Deposits—Bank Other Other liabilities and capital Bank of the Republic of Colombia (thousands of pesos): Gold and foreign exchange Net claim on Intl. Fund 2 Paid-in capital—Intl. Bank Loans and discounts Government loans and securities. Other assets Note circulation Deposits . Other liabilities and capital 1949 Mar. May 656 656 1,408 1,361 1,835 1,846 29,686 29,312 197 216 10,344 10,198 21,073 20,882 553 552 1,741 1,831 513,820 502,072 5,671 4,736 339,879 358,035 88,779 90,642 230,063 225,063 466,220 459,420 30,235 34,681 221,631 236,322 50 155 ,210 ,002 38 ,684 194 ,071 ,505 50 145 2,029 6,393 37 5,618 180 1,089 1,766 50 142 1,928 6,634 37 5,611 256 1,034 1,890 ,716 29,747 29,880 ,316 8,939 9,473 ,840 3,407 4,197 ,939 34,939 34,939 ,001 8,697 8,034 ,924 4,859 5,061 ,794 86,079 86,659 ,712 2,245 2,692 173 234 277 ,057 2,030 1,957 (Feb.)i 956 208 1,125 744 235 ,535 411 323 ,240 110 1 ,002 688 ,756 ,758 ,762 ,328 354 ,112 180 24 1 225 141 57 406 172 50 1,235 34 1 1,679 688 2,734 1,569 5,727 1,178 254 781 1,2.36 177 1 1,652 688 2,631 1,551 5,607 1,289 228 811 215,988 233,064 368 24,368 368 371 1,371 371 394 188,332 175 662 138,812 854 140 488 56,565 215 414,430 422,722 222 171,606 620 48,183 May 1950 Central Bank (Figures as of last report date of month) May Central Bank of Costa Rica 3 (thousands of colones): Gold Foreign exchange Net claim on Intl. Fund 2 Loans and discounts Securities Other assets Note circulation Demand deposits Other liabilities and capital. . . . . National Bank of Czechoslovakia (millions of koruny)^ 397,785 Gold and foreign exchange 3,930 Loans and discounts ' Other assets 346,695 Note circulation 60,148 Deposits 209,605 Other liabilities and capital National Bank of D e n m a r k 390,120 (millions of kroner): 26,032 Gold ._ 182,800 Foreign exchange Contributions to Intl. Fund and to Intl. Bank 50 Loans and discounts 144 Securities 1,191 Govt. compensation a c c o u n t . . . . 6,780 Other assets 6 Note circulation 5,766 Deposits—Government 372 Other 799 Other liabilities and capital 1,234 Central Bank of the Dominican Republic (thousands of dollars): Gold 29,120 Foreign exchange (net) 2 12,271 Net claim on Intl. Fund . 4,770 Paid-in capital—Intl. Bank 34,991 Loans and discounts 2,571 Government securities 3,858 Other assets 82,853 Note circulation 2,275 Demand deposits 288 Other liabilities and capital 2,165 Central Bank of Ecuador (thousands of sucres): Gold 956 Foreign exchange (net) 2 183 Net claim on Intl. Fund 721 Credits—Government 761 Other 46 Other assets 2,232 Note circulation. 215 Demand deposits—Private banks 222 Other Other liabilities and capital National Bank of Egypt (thou1,324 sands of pounds): 215 Gold 1 Foreign exchange 1,294 Loans and discounts 737 British, Egyptian, and other 2,120 Government securities 1,523 Other assets 5,129 Note circulation 1,357 Deposits—Government 219 Other 509 Other liabilities and capital Central Reserve Bank of El Salvador (thousands of colones): 139,750 Gold 24,367 Foreign exchange (net) 2 1,370 Net claim on Intl. Fund 186,450 Loans and discounts 135,143 Government debt and securities.. 56,154 Other assets 332,554 Note circulation 165,012 Deposits 45,669 Other liabilities and capital Apr. ,542 ,750 ,019 ,196 ,372 ,480 ,268 ,085 ,006 434 1,684 1,741 24,470 127 8,052 .18,007 626 1,772 69 378 6 26 124 4,650 218 1,544 1,809 1,970 148 4,045 13,292 1,250 40 211 5,377 667 19,984 4,617 281 May 11,542 11,54 42,541 18,77 7,019 90,575 82,66 19,404 18,61 14,276 112,445 104,65 63,250 61,12 9,663 3,349 24,716 48,433 68,447 702 7,348 3,2C 22,12 48,47 65,25 4 8,5C 69 441 69 423 7 12 6 26 132 ,658 209 ,548 ,760 ,071 163 6 24 87 4,663 416 1,550 1,880 2,096 162 6 2 1C 4,84 21 1,4/ 1,71 2,11 14 ,030 4,030 ,974 11,551 ,250 1,250 40 40 252 235 ,377 5,377 607 651 ,069 18,925 ,232 3,901 274 266 4,0C 10,02 1,25 4 1/ 4,97 77 16,9C 4,14 2C 265,463 -70,300 16,881 284,250 124,874 113,212 367, ,959 94,840 124,303 147,279 278,41 -9,2C 16,85 194,04 105,22 115,24 345,62 110,7( 97,5( 146,66 6 376 16 162 5 816 6,376 14,309 9,361 6,37 15,61 3,81 061 103 644 252 209 411 325,487 49,604 162,937 110,623 123,490 8,087 326,4^ 26,61 146,1C 101,32 122,91 8,57 ,740 ,050 ,565 155 ,078 ,543 ,031 ,117 ,984 46,788 73,948 1,565 48 5,121 1,490 72,099 50,971 5,891 36,02 54,41 320 50 160 103 126 5,965 Mar. 749 359 881 018 369 879 436 436 287 377 265 -41 16 267 121 127 378 103 124 151 50,431 64,114 1,565 562 5,054 1,658 66,142 51,277 1949 5,2t 1,64 57,17 36,0C 5,92 1 2 Latest month available. 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 tin as the3 Fund engages in operations in this currency, the "net claim" will equal the country's gold contribution. The Central Bank of Costa Rica began operations on Feb. 1, 1950. Figures shown prior to this date refer to the Issue Department of tl National Bank. NOTE.—For details relating to individual items in certain bank statements, see BULLETIN for January 1950, p. 118. 922 FEDERAL RESERVE BULLETI CENTRAL BANKS—Continued Central Bank (Figures as of last report date of month) 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 German States * (millions of German marks): Foreign exchange Loans and discounts Loans to Government Other assets Note circulation Deposits—Government 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 D eposits—Government Reconstruction and relief accts. . . Other Other liabilities and capital Bank of Guatemala (thousands of quetzales) : Gold Foreign exchange . . Gold contribution to Int'l. Fund. Rediscounts and advances Other assets Circulation—Notes Coin Deposits—Government Banks Other liabilities and capital National Bank of Hungary (millions of forint): Gold Foreign exchange Discounts Loans—Treasury Other . . . . Other assets Note circulation Demand deposits—Government. Other Other liabilities and capital Reserve Bank of India (millions of rupees): Issue department: Gold at home and abroad Sterling securities Indian Govt. securities Rupee coin Note circulation Banking department: Notes of issue department Balances abroad .... Bills discounted Loans to Government Other assets Deposits. Other liabilities and capital 1 2 3 i 1950.5 6 1950 May 7,371 12,191 17,745 9,247 33 140 49,660 29,849 185 Apr. 7,371 12,191 20,279 9,247 30 559 49,664 29,821 163 1949 Mar. 7,371 11,106 19,866 9,247 30 514 48,179 29,776 150 May 5,124 6,052 28,795 9,247 30,717 49,205 29,363 1,367 1,787 1,787 357 269 -2,300 -1,939 -2,329 -446 -28 -134 125 - 1 , 8 0 1 39,663 39,493 38,876 37,904 1,036 1,080 1,026 871 1,585 2,678 1,191 851 30,326 30,266 29,935 . 28,198 1,799 2,667 3,388 1,475 9,163 9,001 7,410 7,976 674 3,641 8,352 1,163 7,854 1,199 962 414 3,548 3,797 8,049 1,180 7,713 1,141 867 339 3,640 1,449 1,372 8,553 2,116 6,753 1,432 1,486 369 3,450 388 141 4,404 2,074 809 1,658 367 131 3,938 2,069 817 1,588 310 61 2,101 1,506 557 1,219 821 27,229 8,861 1,250 5,524 18,478 34,465 3,145 1,857 11,323 10,552 340 301 375 2,569 904 2,346 2,202 905 2,327 508 2,089 27,229 10,613 1,250 5,747 19,158 35,544 3,164 2,097 12,887 10,304 27,229 11,068 1,250 5,661 19,218 36,369 3,191 2,332 12,482 10,052 27,230 17,502 1,250 2,812 12,090 32,844 3,092 3,978 11,450 9,519 (Feb.)* 482 13 287 6,895 2,673 12 6,913 2,917 4,544 599 635 400 6,503 6,503 4,603 4,403 511 557 11,846 11,635 218 1,983 34 42 412 227 4 311 9,204 211 400 345 182 247 400 7,103 4,137 470 11,789 323 2,733 2,084 20 2 924 2,914 1,554 98 35 1,252 2,954 309 298 307 766 Central Bank (Figures as of last report date of month) 1950 May Apr. 1949 Mar. May Central Bank of Ireland (thousands of pounds): Gold 2,646 2,646 2,646 2,64 Sterling funds 47,380 48 142 47 962 44 oi Note circulation 50,026 50,788 50,608 46,65 Bank of Italy (billions of lire): 4 Gold 4 4 24 2 Foreign exchange 22 21 654 Advances to Treasury 657 664 65 180 193 Loans and discounts 198 18 200 221 Government securities 20 235 536 531 Other assets 524 32 968 973 965 Bank of Italy notes 84 6 7 7 Allied military notes. ... 4 174 173 163 Deposits—Government 12 148 132 152 Demand 13 ?94 271 288 Other . . 20 48 Other liabilities and c a p i t a l . . . . . 52 51 3 Bank of Japan (millions of yen): Cash and bullion 1 443 1 19 Advances to Government. . . 81 811 102 65 Loans and discounts 108,825 60,10 Government securities 163,498 130 92 Reconversion Fin. Bk. bonds 66 98 Other assets 33,976 22,55 Note circulation . . . 311 344 305 93 Deposits—Government 42,402 44 43 Other 20,829 21,64 Other liabilities 14 977 12 40 The Java Bank (millions of guilders): Gold 3. . 675 675 •675 47 Foreign bills. 60 47 43 7 7 Loans and discounts . . 171 77 91 1,674 2,262 1,612 Advances to Government 93 89 Other assets 91 94 g 1,647 Note circulation 1 627 1,007 81 Deposits 656 1,190 1,162 71 4 366 Other liabilities and capital . . . . 333 347 9 Bank of Mexico (millions of pesos) • 772 Monetary reserve 5 799 63 788 "Authorized" holdings of secu2,421 2 440 2,500 rities, etc 1 85 182 Bills and discounts 182 69 183 329 Other assets 327 357 13 2,194 2 224 2,226 Note circulation . . . 1 90 893 970 Demand liabilities 62 '928 617 613 Other liabilities and capital 78 616 Netherlands Bank (millions of guilders): 871 Gold 6 871 871 43 13 12 Silver (including subsidiary coin). 12 1,015 Foreign assets (net) 820 27 868 147 152 Loans and discounts 15 158 Govt. debt and securities 3 30 2,850 2 850 2.850 854 Other assets 783 799 46 64 Note circulation—Old 66 65 7 2,917 2,908 2,932 New 3,00 409 543 544 Deposits—Government 5 30 31 36 Blocked 3 795 ECA 514 29 6.S9 1 006 862 Other 90 833 529 Other liabilities and capital 534 519 26 Reserve Bank of New Zealand (thousands of pounds): Gold 4 11? 4,027 2,89 Sterling exchange reserve 51,955 47,344 58,30 Advances to State or State undertakings 61 034 61,598 37 83 Investments 31,65* 43,658 34,09 6,537 7,004 Other assets 6,19 Note circulation 54,513 53,196 50,34 94,i09 104,090 83,85 Demand deposits 5,12 Other liabilities and capital. 6,674 6,345 Bank of Norway (millions of kroner): 244 242 Gold 230 23 155 149 209 19 Foreign assets (net) -100 -98 Clearing accounts (net) -85 —6 8 37 40 36 Loans and discounts ... 4 47 Securities : 47 47 7,112 7,112 7,112 7,71 Occupation account (net) 9 67 73 Other assets 73 2,05 Note circulation 2,187 2,213 2,227 2,881 3 , 9 7 2,903 2,965 Deposits—Government 90 1,444 1,402 1,396 Banks 564 66 555 Blocked 559 39 16 38 Other 42 437 455 54 443 Other liabilities and capital. . . . . This statement represents combined figures for the Bank of the German States and the eleven Land Central Banks. Latest month available. Gold revalued on Jan. 18, 1950, from .334987 to .233861 grams of fine gold per guilder. Pending negotiations with the Netherlands and the ECA, counterpart funds are included in "Other liabilities and capital," beginning Februar; Includes gold, silver, and foreign exchange forming required reserve (25 per cent) against notes and other demand liabilities. Gold revalued on Sept. 19, 1949, from .334987 to .233861 grams of fine gold per guilder. JULY 1950 92 CENTRAL BANKS—Continued Centra! 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) 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 1 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 t h e Philippines (thousands of pesos): Gold Foreign exchange Net claim on Int'l. Fund 1 Loans. Domestic securities Other assets Note circulation Demand deposits—U. S. dollars3. 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 4 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 1949 May Apr. Mar. 44 714 361 235 432 55 1,773 68 327 105 1 393 809 85 600 4,845 2,710 -195 120,593 8,282 19,853 115,338 35,254 6,095 600 600 -258 3,263 2,710 2,710 -182 -194 113,416 108,877 9,187 9,944 12,794 7,774 104,638 95,798 32,074 28,917 5,063 4,749 272,621 ,156 20,495 ,495 2,238 ,238 182,292 ,545 706,474 707 ,029 ,935 209,863 ,352 925,850 ,409 142,265 ,636 325,867 291,563 20,495 2,238 187,309 707,604 227,577 901,597 162,238 372,951 4,449 445,983 444 7,502 48,017 123,817 152,384 534,567 3,436 438,357 7,502 87,198 106,450 149,224 544,296 881 691 502 749 502 387 948 134,546 141,283 139,776 113,040 111,481 108,094 62,991 84,505 8,388 36,339 68,140 103,021 21,064 3,144 9,019 496 1,248 451 7,659 335 107 3,925 2,332 3,139 9,030 473 1,24 450 7,788 344 113 3,750 2,343 61,223 84,425 9,112 36,566 67,07 103,591 20,658 58,768 77,99 9,77: 36,930 66,370 96,342 20,755 87 668 668 48 48 446 15,7.37 15,143 15,800 10,741 10,613 10,218 May Central Bank (Figures as of last report date of month) J949 1950 May Apr. Mar. Bank of Spain—Cont. Other assets ,129 4,859 4,333 Note circulation ,302 27,561 27,535 44 Deposits—Government 629 1,256 1,404 929 Other ,737 2,489 2,653 Other liabilities and capital 592 531 519 341 Bank of Sweden (millions of kronor): 412 Gold 158 156 153 56 Foreign assets (net) 997 892 971 1,688 Swedish Govt. securities and ad-5 vances to National Debt Office ,789 2,770 94 Other domestic bills and advances 170 158 151 826 325 Other assets 326 328 114 Note circulation . ,207 3,161 ,092 1 437 Demand deposits—Government.. 442 409 164 184 303 Other 122 1,118 603 601 Other liabilities and capital 680 81 Swiss National Bank (millions of francs): Gold ,239 6,243 6,249 621 Foreign exchange 298 296 274 3,214 Loans and discounts 90 89 93 2,710 68 Other assets 74 69 -92 Note circulation ,243 4,267 4,299 87,272 Other sight liabilities ,062 2,033 1,987 4,572 Other liabilities and capital 397 396 398 4,674 Central Bank of the Republic of 77,788 Turkey (thousands of pounds): 22,375 Gold 431,890 431,709 431,709 2,807 Foreign exchange and foreign clearings 93 112 631 148,047 833 849,752 920 Loans and discounts 194,578 Securities 38 39 803 44,325 20,495 86 671 55,126 Other assets 75 2,238 Note circulation 878 638 897 565 898,742 138,500 Deposits—Gold 153 040 153,040 153 722,250 Other 362 040 327 075 313,068 60,833 Other liabilities and capital 166 214 161 967 164,109 806,467 Bank of t h e Republic of Uruguay 247,457 (thousands of pesos): 84,969 Gold 288,976 Silver 11,513 311 Paid-in capital—Int'l. Bank 2,721 Advances to State and govern679,928 157,331 ment bodies 7,501 261,705 Other loans and discounts 271,387 Other assets ' '3',685 296,688 Note circulation 135,300 85,411 Deposits—Government 544,970 276,325 Other 332,798 40,554 Other liabilities and capital 152,153 Central Bank of Venezuela (mil91,459 lions of bolivares): 1,041 ,041 1,041 Gold 64 39 55 Foreign exchange (net) 3,185 59 61 66 Other assets 7,666 795 780 758 Note circulation—Central Bank. 447 1 1 1 National banks.. 1,251 163 172 152 Deposits 181 538 211 251 Other liabilities and capital 8,064 Bank for International Settle147 m e n t s (thousands of Swiss gold francs): 3,915 305 018 283,584 267,550 Gold in bars 962 Cash on hand and with banks. . . 47, 975 27,728 42,650 2,934 1,681 2 ; 930 Sight funds at interest Rediscountable bills and accept40,69' 181 286 139,340 135,181 ances (at cost) 37, 549 33,156 31,151 1,646 Time funds at interest 77,406 Sundry bills and investments.. . . 223, 788 250,982 206,750 297, 201 297,201 297,201 13,994 Funds invested in Germany \ 500 1,585 1,555 66,400 Other assets 231 113,990 96,767 60,638 Demand deposits (gold) 6,707 Short-term deposits: Central banks—Own account.. 437 195 409,657 373 534 963 22, 065 25,704 26,315 Other 49' 228 909 228,909 228,909 Long-term deposits: Special 15,948 258 847 258,,250 258 ,192 Other liabilities and capital 8,408 May 3,81 24,8^ 1,4/ 2,6? St 3t ,18 8 3t ,9C 51 23 44 6,03 449,77 105,2< 751,3^ 185,4( 47,9^ 912,5^ 153,0.205,31 268,7s 248,84 12,1 = 31 144,4( 252,32 231,94 279,3= 76,61 281,08 252,92 88 24 2( 11 169,7( 20,38 7,3 = , 18,6^ 155,7= 297,2( 1,94 17,2S 189,6c 1,38 228,9( 253,71 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 tirr as the Fund engages in operations in this currency, the "net claim" will equal the country's gold contribution. 2 In November 1949, part of the gold and foreign exchange holdings of the bank were revalued. 3 Account of National Treasury. 4 On Dec. 31, 1949, gold revalued from 172 to 248 shillings per fine ounce. 5 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. 924 FEDERAL RESERVE BULLETI MONEY RATES IN FOREIGN COUNTRIES DISCOUNT RATES OF CENTRAL BANKS [Per cent per annum] Central bank of— Date effective In effect Dec. 31, 1938 Jan. 4, 1939 Apr. 17 May 11 July 6 Aug. 24 Aug. 29. . Sept. 28 Oct. 26 Dec. 15 Jan. 25, 1940.. Apr. 9 May 17. Mar. 17, 1941 May 29 June 27. . . . Jan. 16, 1945. . SwitzUnited Ger- Bel- NethSweererKing- France many den gium lands land dom 2H 2 IK 4 3 Albania Argentina Austria Belgium Bolivia Date effective June 30 Central bank of— sy2 Mar. 21, 1940 Mar. Aug. Oct. Feb. . 5 4 1, 3, 6, 4, 1936 1945 1949 1948 Ireland.. Italy Japan Java Latvia Rate June 30 4 5.11 3 5 Date effective Nov. Apr. July Jan. Feb. 23, 1943 6, 1950 5, 1948 14, 1937 17, 1940 4 3 3 2 2 3^4 i% iH Jan. May Mar. Oct. 5% July Denmark Ecuador El S a l v a d o r . . . Estonia Finland iy2 10 3 3 &2M 2^&3 3K&4 3 1 France Germany Greece Hungary India 1-5 x \-±y2 z 2 Lithuania. . . Mexico Netherlands . New Zealand. Norway 6 July 15, 1939 June 4, 1942 June 27, 1941 July 26, 1941 Jan. 9, 1946 15, 1946 13, 1948 2, 1950 1, 1935 1, 1949 Peru Portugal.... South Africa. Spain Sweden 6 Nov. Jan. Oct. Mar. Feb. 8, 1950 14, 1949 12, 1948 1, 1947 28, 1935 Switzerland.. Turkey United Kingdom U.S.S.R.... 3 2i/ Wo Feb. 9. . Nov 7 1946 Dec. 19 Jan. 10, 1947 Feb. 8, 1944 3-4 y2 Dec. 16, 1936 July 18, 1933 4 Feb. 1,1950 4 Oct. 28, 1945 Canada Chile Colombia Costa Rica Czechoslovakia 3 Jan. 20 Aug. 27 Oct. 9 June 28, 1948 Sept. 6. . Oct. 1 May 27, 1949.. July 14 Oct. 6 June 8, 1950. . In effect June 30, 1950 2H 4 I" 2 Rate Central bank of— i 1—4 2H u fA 12 5 3 June July July Nov. Nov. 4 2 4 2 2 4 13, 12, 13, 18, 9, 1947 1944 1949 1949 1945 Nov. 26, 1936 July 1, 1938 Oct. 26, 1939 July 1, 1936 1 T h e lower rate applies to the Bank Deutscher Laender, and the higher rate applies to the Land Central banks. N O T E . — C h a n g e s since M a y 3 1 : France—June 8, down from 3 to 2}4 per cent. 3H 3M 2 m OPEN-MARKET RATES [Per cent per annum] United Kingdom Canada Month Treasury bills •3 months Bankers' acceptances 3 months Treasury bills 3 months Day-today money France Bankers' allowance on deposits Day-today money Netherlands Treasury bills 3 months Day-today money Sweden Switzerland Loans up to 3 months Private discount rate .63 .63 .63 .63 1.74 1.66 1.73 1.47 1.25 1.41 2.00 2.12 .90 1.59 1.38 1.29 .50 1.11 .93 1.24 .25 .25 .25 .25 .25 .25 1.50 1.63 .52 .52 .52 .52 .52 .52 .52 .52 .63 .63 .63 .63 .63 .63 .63 .63 2.43 P2.46 P2.34 *>2.06 P2.03 P2.25 P2.55 P2.55 .28 .32 .43 .25 .15 .07 .16 .32 1.03 .83 .83 .91 1.01 .78 .93 1.03 1.63 1.52 1.50 1.50 1.50 1.50 1.50 1.50 .52 .52 .52 .51 .63 .63 .63 .63 2.18 2.40 2.70 2.64 .31 .54 .45 .44 1.22 1.50 1.13 1.25 1.50 1.50 1.50 1.50 1942—Apr.. 1943—Apr.. 1944—Apr.. 1945—Apr.. 1946—Apr.. 1947—Apr.. 1948—Apr.. 1949—Apr.. .54 .50 .39 .37 .37 .41 .41 .49 1.03 1.03 1.03 1.03 .53 .53 .56 .58 1.01 1.01 1.01 1.01 .51 .51 .51 .51 1.00 1.03 1.13 1.00 1949—May. June. July. Aug.. Sept. Oct.. Nov. Dec. .50 .51 .51 .51 .51 .51 .51 .51 .63 .63 .63 .67 .69 .69 .69 .69 H950—Jan.. Feb.. Mar. Apr.. .51 .51 .51 .51 .69 .69 .69 .69 P Preliminary. NOTE.—For monthly figures on money rates in these and other foreign countries through 1941, see Banking and Monetary Statistics, Table 172, p p . 656-661, and for description of statistics see pp. 571-572 in same publication. JULY 1950 925 COMMERCIAL BANKS Assets United Kingdom » (11 London clearing banks. Figures in millions of pounds sterling) 1943—December 1944—December 1945—December 1946—December 1947—December 1948—December Cash reserves 422 500 536 499 502 502 .... 1949—May June 487 . July August September October November December 481 .... .... .... Deposits Total Demand Time ,154 ,165 ,234 ,427 ,483 ,478 761 772 827 994 1, 219 1, 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 2,041 498 816 1,037 1,142 1,160 1,088 t 436 1 461 971 903 793 ,502 ,502 ,512 ,511 ,516 ,517 ,517 ,512 501 788 797 5,872 6,025 5,973 5,922 6,009 6,050 6,066 6,202 3,869 3,961 3,939 3,896 3,959 3,997 3,977 4,161 2,004 2,064 2,034 2,026 2,049 2,053 2,089 2,041 427 627 471 444 402 ,513 ,503 .503 1,502 1, 526 6,085 5,841 5.783 5,843 4,058 3,844 3.812 3,876 2,027 1,997 1,971 1,968 423 432 443 444 786 500 518 556 548 1.162 L ,216 1,109 502 476 571 539 534 493 530^ 1,229 1,169 1,106 1,177 571 744 688 562 1. 435 1, 438 508 510 1 477 548 1, 476 1 483 511 539 1 534 579 542- 1 574 1 602 1, 630 541 553 552 Assets Canada (10 chartered banks. End of month figures in millions of Canadian dollars) 1943—December 1944—December 1945—December 1946—December 1947—December 1948—December 471 1949—May June July August September October November December 1950—Tanuary February March April Security loans 250 154 141 119 133 2,202 2,195 2,188 2,174 2,304 2,336 2,356 2,271 100 84 83 103 2,263 2,299 2,344 2,349 92 251 136 105 101 776 734 751 789 789 830 74 72 77 78 103 137 758 765 745 749 731 730 (4 large banks. End of month figures in millions of francs) 161 146 158 149 146 175 4,365 4,391 4,453 4,398 132 190 170 July August September October November . .. December? 413 412 413 414 422 744 42 782 869 1, 039 1 159 1, 169 34 26 21 18 16 1, 056 1 130 15 15 952 15 1, 035 1, 129 1 142 14 14 14 1 384 14 14 1 ,058 1 033 1 1 ,046 (3) 1 081 1, 015 (3) (3) Deposits payable in Canada excluding' interbank deposits Total Demand Time Other liabilities and capital 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 7,131 7,183 7,130 7,298 7,474 7,441 7,388 7,227 2,792 2,853 2,789 2,926 3,062 2,988 2,941 2,794 4,339 4,330 4,341 4,372 4,412 4,453 4,447 4,433 1,459 1,471 1,425 1,407 1,490 1,488 1,471 1,477 7,197 7,277 7,400 7,301 2,703 2,741 2,828 2,741 4,494 4,537 4,573 4,561 1,467 1,439 1 438 1,468 Deposits Total Demand Time ances Other liabilities and capital 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 1?f ,555 213 ,592 ?9f ,055 ,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 12,691 129,306 137,906 134,226 124,098 128,804 128,343 120,353 134,779 128,989 40,846 44,346 41,466 43,852 45,310 43,074 42,724 46,063 50,259 561, 787 551, 958 562, 038 601, 745 587, 137 595, 353 633, 092 597, 316 620, 042 554 ,453 544 ,870 55S ,184 SQ^ ,063 580 ,010 588 ,687 62£ ,211 ssq ,900 611 ,980 7,333 7,088 6,854 6,682 7,127 6,666 6,881 7,416 8,062 32,208 33,376 28,384 29,700 29,105 25,645 23,537 25,032 26,355 21,047 22,874 24 948 29,157 31,387 33,922 38,881 40,690 42,288 138,276 137,143 134,771 33,866 36,056 39,298 630, 113 632, 035 619, 146 6?1 ,031 605 ,776 6? 7 ,110 8,003 9,005 9,371 27,958 29,747 30,629 19,824 18,252 21,158 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 39,482 42,636 39 514 46,205 41,276 42,358 41,534 38,343 40,656 36,469 36,346 36,995 38,626 36,888 38,392 39,301 43,810 42,176 368,937 346,974 363,168 407,822 395,351 402,754 451,597 400,043 426,606 39,317 36,419 38,741 43,107 45,579 42,539 423,329 424,838 415,585 Bills discounted 403 410 Liabilities Due from banks .... May 1950—January February March 2,940 3,611 4,038 4,232 3,874 4,268 4,342 4,396 4,460 4.527 4,463 4,327 4,395 4,345 143 Cash reserves .... 1949—April June 214 227 132 106 144 Other assets Note circulation Assets France 1943—December 1944—December 1945—December 1946—December 1947—December 1948—December Security loans abroad and net Securities due from Other loans and foreign banks discounts 1,156 1,211 1,274 1,507 1,999 2,148 48 550 694 753 731 749 245 250 265 342 396 420 Liabilities Entirely in Canada Cash reserves Other liabilities and capital 1,307 1,667 1,523 1,560 1,288 1,397 490 48.5 Other assets 133 147 369 610 793 741 492 498 532 Loans to Securities customers 151 199 252 432 480 485 492 492 499 497 1950—January February March April Money at call and Bills dis- Treasury deposit 2 counted receipts short notice Liabilities Loans Other assets Own ? Preliminary. 1 From September 1939 through November 1946, this table represents aggregates of figures reported by individual banks for days, varying from bank to bank, toward the end of the month. After November 1946, figures for all banks are compiled on the third Wednesday of each month, except in June and December, when the statements give end-of-month data. 2 Represent six-month loans to the Treasury at 1 Y% per cent through Oct. 20, 1945, and at Y% per cent thereafter, s 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. 926 FEDERAL RESERVE BULLETIN FOREIGN EXCHANGE RATES [Averages of certified noon buying rates in New York for cable transfers. Argentina (peso) Year or month Basic Preferential "B" 20.695 25.125 25.125 25.125 25.125 25.125 23.355 Special Official Belgium (franc) 20!000 18.591 2i2860' 2.2829 2.2817 2.2816 2.2009 20*695 20.695 20.695 25.125 25.125 25.125 17.456 17.456 17.456 20.000 20.000 20.000 13.896 13.896 13.896 321 .10 321 .03 274 .39 223 .16 223 .16 223 .16 2.2750 2.2750 2.1684 1.9960 1.9980 1.9998 29 778 29.778 29.778 29.778 29.778 29.778 20.695 20.695 20.695 20.695 20.695 20.695 17 456 17.456 17.456 17.456 17.456 17.456 13.896 13.896 13.896 13.896 13.896 13.896 223 .16 223 .16 223 .16 223 .16 223 .16 223 .16 2.0003 1.9993 1.9966 1.9912 1.9921 1.9866 Ceylon (rupee) Colombia (peso) Czechoslovakia (koruna) Denmark (krone) 29.773 29.773 29.773 29.773 29.773 29.774 1949—July... Aug... Sept... Oct. . . Nov... Dec... 29.773 29.773 29.773 29.778 29.778 29.778 1950—-Tan. . . Feb... Mar.. . Apr. . . May. . June.. Year or month 1944 1945 1946. 1947 1948 1949 27.839 1949—July... Aug.. . Sept... Oct.... Nov.. . Dec... 1950—Jan. . . Feb... Mar.. . Apr. . . May. . June.. 57 272 57.014 57.020 57.001 57.006 2!0060 * 2.0060 2.0060 2.0060 20^876' 20.864 20.857 19.117 30.117 30,117 30.117 20.804 20.850 20.850 2.0060 2.0060 2.0060 2.0060 2 0060 2.0060 20.854 20.854 18.177 14.494 14.494 14.494 20.850 20.850 20.850 20.850 20.850 20.850 2.0060 2.0060 2.0060 2.0060 2.0060 2.0060 14.494 14.494 14.494 14.494 14.494 14.494 PhilipPortupine gal Republic (escudo) (peso) South Africa (pound) Spain (peseta) 398.00 399 05 400.50 400.74 400.75 366.62 France (franc) Official jermany (deutsche mark) Straits Settlements ' 2." 1407 Official Free Canada (dollar) Official Free 6.0594 5.1469 6.0602 5.1802 6.0602 5.4 403 5.4 406 5.4 406 90.909 90.909 95.198 100.000 100.000 97.491 89.853 90.485 93.288 91.999 91.691 92.881 5.4 406 5.4 406 5.4 406 5.4 406 5.4 406 5.4 406 100.000 100.000 95.909 90.909 90.909 90.909 94.545 95.248 92.724 90.431 89.864 88.407 5.4 406 5.4 406 5.4 406 5.4 406 5.4 406 5.4 406 90.909 90.909 90.909 90.909 90.909 90.909 89.205 89.820 90.254 90.205 90.110 90.456 2.1752 2.1509 2.1115 1.9917 1.9969 India » (rupee) Mexico (peso) Netherlands (guilder) New Zealand (pound) Norway (krone) 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 34.528 324.42 323.46 322.63 322.29 350.48 365.07 20.176 20.160 20.159 18.481 .3025 .3025 .2949 2861 .2862 .2862 30.168 30.168 27.247 20.823 20.870 20.870 11.562 11.569 11.572 11.570 11.571 11.572 37.611 37.607 32.845 26.300 26.295 26,289 399.00 398.90 340.95 277.30 277 30 277.29 20.158 20.158 17.572 14.015 14.015 14.015 .2863 .2863 2863 .2860 .2859 .2856 's'23! 838' 20 870 20 870 20.870 20.870 20.870 20.870 11.572 11.572 11.571 11.564 11.564 11.563 26.278 26.257 26.267 26.262 26.264 26.265 277.29 277.29 277.29 277.29 277.29 277.29 14.015 14.015 14.015 14.015 14.015 14.015 Free 1.9711 .8409 .8407 .3240 .4929 .4671 .3017 .4671 .4671 .4671 Brazil (cruzeiro) "Bank notes" account Free 322.80 322.80 '321A7 321 .34 321 .00 321 .22 293 .80 1944 1945 1946........ 1947 1948 1949 Year or month Preferential "A" Australia (pound) In cents per unit of foreign currency] Switzerland (franc) United Kingdom (pound) (dollar) Sweden (krona) 23.363 23.363 23.363 23.314 403.50 403 C\? 403 50 403.28 402.86 403.13 368.72 65.830 65.830 65.830 65.830 65.830 65.830 53.506 55.159 56.280 56.239 56.182 56.180 Official Uruguay (peso) Free 1944. 1945 1946. . 1947 1948. . . . . . 1949.... 49.723 4.0501 4.0273 4.0183 3.8800 42.973 25.859 27.824 27.824 25.480 1949—July... Aug... Sept... Oct. . . Nov... Dec... 49.738 49.740 49.739 49.734 49.738 49.687 4.0328 4.0169 3.7862 3.4875 3.4810 3.4817 400.75 400.75 342.48 278.38 278.38 278.38 47.174 46.869 41.846 32.608 32.547 32.692 27.823 27.823 24.003 19.333 19.333 19.333 23.363 23.363 23.283 23.085 23.176 23.289 402.98 402.89 344.36 280.09 280.08 280.07 65.830 65.830 65.830 65.830 56.180 56.180 56.180 56.180 65.833 56.180 42.553 1950—Jan. . Feb... Mar... Apr.. . May. . June.. 49.617 49.615 49.613 49.613 49.616 49.625 3.4856 3.4673 3.4587 3.4595 3.4577 3.4788 278.38 278.38 278.38 278.38 278.38 278.38 32.717 32.713 32.722 32.734 32.761 32.807 19.333 19.333 19.333 19.333 19.333 19.333 23.281 23.264 23.269 23.286 23.291 23.138 280.07 280.07 280.07 280.07 280.07 280.07 65.833 65.833 65.833 65.833 65.833 65.833 56.180 56.180 56.180 56.180 56.180 56.180 42.553 42.553 42.553 42.553 42.553 42.553 1 2 Excludes Pakistan, beginning April 1948. Based on quotations beginning June 22. JULY 1950 9.132 9.132 9.132 42.553 tatistics, see pp. 572-573 in same Lary 1950, p. 123; October 1949 927 PRICE MOVEMENTS IN PRINCIPAL COUNTRIES WHOLESALE PRICES—ALL COMMODITIES [Index numbers] United States (1926 = 100) Canada (1926 = 100) 1926 100 100 1937 1938 1939 1940 1941 1942 1943 1944 1945 1946 1947 1948 1949 . • 86 79 77 79 87 99 103 104 106 121 152 165 155 85 79 75 83 90 96 100 103 104 109 129 153 157 1949—May June..... July August. . . September October... November. December. 156 155 154 153 154 152 152 151 1950—January... February. March.... April May 152 153 153 153 156 Year or month : Mexico (1939 = 100) United Kingdom (1930 = 100) 2 Italy (1938 = 100) France (1938 = 100) 124 106 103 110 121 146 179 199 229 242 260 285 109 101 103 137 153 159 163 166 169 175 192 219 230 89 100 105 139 171 201 234 265 375 648 989 1,712 1,917 156 156 157 155 155 157 157 157 284 285 289 288 294 296 294 293 231 232 229 230 231 237 240 241 157 158 159 160 162 288 291 304 307 245 245 245 250 255 Japan (1934-36 average = 1) Netherlands [July 1938June 1939 = 100) 150 Sweden Switzerland (1935 = (Aug. 1939 100) = 100)i 2 126 1135 5,159 5,443 5,170 1 1 2 2 2 2 2 2 4 16 48 128 204 108 102 105 131 150 157 160 164 181 251 271 281 296 114 111 115 146 172 189 196 196 194 186 199 214 216 i 104 i 100 104 133 171 195 203 207 205 200 208 217 206 1,890 1,812 1,854 1,918 1,958 2,002 2,005 2,002 5,278 5,215 5,034 4,889 4,910 4,841 4,826 4,747 203 203 204 208 211 214 213 213 294 294 293 293 295 297 306 306 215 216 215 214 216 218 218 219 206 205 206 205 203 200 200 199 2,063 2,057 n, 102 P2.095 4,732 4,759 P4.734 224 222 P223 310 313 315 313 219 220 220 221 197 195 195 194 197 94 100 104 121 136 153 r P Preliminary. Revised. 12 Base changed to August 1939 =100. Figures for 1926, 1937, and 1938 are calculated from old index (July 1914 =100). Approximate figure, derived from old index (1913 =100). Sources.—See BULLETIN for January 1950, p. 124; June 1949, p. 754; June 1948, p. 746; July 1947, p. 934; January 1941, p. 84; April 1937, p. 372; March 1937, p. 276; and October 1935, p. 678. WHOLESALE PRICES—GROUPS OF COMMODITIES [Indexes for groups iilcluded in total index above] Canada [1926=100 ) United States (1926=100) Year or month 1926 1937 1938 1939 1940 1941 1942 1943 1944 1945 1946 1947 1948 1949 Foods 100 100 100 100 100 100 86 69 86 74 85 82 87 74 84 73 81 78 65 68 82 106 123 123 128 149 181 .. . 1949—Mav June July August •. September October December 1950—January February March April M^ay Raw and Fully and chiefly partly manumanufactured factured goods goods Farm products . .. Other Farm commod- products ities United Kingdom (1930=100) .... ... 70 71 83 100 107 105 106 131 169 81 83 89 96 97 99 100 110 135 64 68 73 85 98 107 115 124 133 179 162 151 147 150 147 171 169 164 162 147 146 148 149 166 161 145 151 188 166 117 112 104 97 133 146 158 160 158 158 158 165 106 138 156 160 164 170 175 184 Industrial raw products Industrial finished products 103 121 140 157 157 112 163 177 175 174 104 126 148 154 159 159 179 172 200 207 214 242 249 231 243 160 160 142 142 199 202 250 249 240 233 367 367 294 296 142 202 245 233 364 295 160 162 143 143 214 215 261 262 275 282 164 144 215 262 279 272 155 157 146 146 159 156 146 148 150 276 161 147 155 159 163 184 261 181 197 144 145 147 146 146 146 145 193 282 328 342 370 140 142 156 161 202 201 210 213 212 145 145 145 145 146 146 148 131 94 94 99 102 97 Foods 142 142 143 143 143 161 162 160 159 156 155 160 104 106 110 75 82 89 92 93 Industrial products 159 159 161 161 160 162 163 160 157 155 159 165 67 75 82 90 99 Foods Netherlands (July 1938-June 1939=100) 165 168 144 144 221 225 244 248 252 255 257 '265 271 283 297 364 366 376 378 372 295 298 297 303 304 384 381 385 305 309 230 235 244 265 270 r 385 310 311 ' Revised. Sources.—See BULLETIN for July 1947, p. 934; May 1942, p. 451; March 1935, p. 180; and March 1931, p. 159. 928 FEDERAL RESERVE BULLETIN PRICE MOVEMENTS IN PRINCIPAL COUNTRIES—Continued COST OF LIVING [Index numbers] RETAIL FOOD PRICES [Index numbers] Year or month United SwitzCanKing- France Nether- erada dom lands land (1938 (1938-39 (1935-39 (1935-39 (June (Aug. = 100) = 100) = 100) 17, 1947 = 100) 1939 = = 100) 100)i United States 1941 1942 1943 1944 1945 1946 1947 1948 1949 106 116 168 149 127 131 161 166 136 131 168 139 160 133 140 170 169 2 101 108 114 174 224 275 377 645 1 043 1,662 1,814 124 138 194 1949-May 160 210 202 202 204 196 203 July...... August.... September. October... November. December. 200 203 114 115 202 207 116 203 204 201 201 197 209 207 205 203 202 116 117 119 119 120 1950-January... February.. March.... April 196 195 196 197 200 199 201 204 205 205 120 121 121 122 June May P125 1,725 1,715 1,704 1,744 1,835 1,901 1,930 1,937 1,921 1,929 1,920 1,942 n,925 Year or month 1941 153 1942 161 1943 164 1944 164 1945 160 1946 170 1947 176 1948 174 1949 134 193 211 228 249 256 260 . . 246 244 244 251 257 262 270 274 273 112 199 117 118 200 199 126 119 201 285 128 139 119 124 393 645 1 030 1,632 1,818 1,738 1,726 1,715 1,753 1,827 1,885 1,912 1,920 159 136 171 169 155 161 203 204 2 101 108 111 169 170 160 161 111 111 169 162 111 169 170 169 169 168 163 162 162 162 162 111 112 112 112 113 171 1950-January... 170 February.. 172 March.... April 172 May 174 167 167 167 167 169 161 162 164 164 164 113 113 113 114 127 150 105 117 124 173 1949-May June . . . . 174 July. 174 August 175 September. 175 October... 174 November. 173 December. 174 251 Switz- United CanKing- France Nether- erlands land ada dom (1938 (1938-39 (Aug. (1935-39 (1935-39 (June = 100) = 100) 1939 = = 100) = 100) 17, 1947 100)i = 100) United States 141 148 175 224 1,910 1,920 1,906 1,922 Pl.906 151 153 152 158 163 162 192 199 206 219 221 223 162 162 219 162 216 216 217 221 226 162 162 162 161 161 230 234 237 237 159 159 158 158 158 P1 Preliminary. New index beginning March 1950. Figures shown prior to that month are calculated from old index (June 1914=100). For a detailed descript —~jription of the new index, which embodies a different composition, method of calculation, and system of weights, see La Vie Economique, January 21950, pp. 2-10, and appendix. This average is based on figures for the new index, beginning June. The averages for the old index, based on figures for January-June 17, are 166 for retail food prices and 203 for cost of living. Sources.—See BULLETIN for January 1950, p. 125; July 1947, p. 935; May 1942, p. 451; October 1939, p. 943; and April 1937, p. 373. SECURITY PRICES [Index numbers except as otherwise specified] Common stocks Bonds Year or month Number of issues. . . 1942 1943 1944 1945 1946 1947 1948 1949 1949—June........ July August September... October November. . . December 1950—January February.... March April May United Statesi (high grade) 12 United Canada2 Kingdom (1935-39 (December = 100) 1921 =100) (2) 87 118.3 120.3 120.9 122.1 123.3 1103.2 98.7 101.9 100.9 102.0 103.0 103.1 102.8 103.2 103.7 100.7 102.6 103.0 105.2 117.2 118.5 105.0 107.6 105.9 106.6 107.9 108.9 112.2 112.1 110.7 129.3 127.1 123.6 122.7 121.7 118.9 121.1 104.0 104.0 104.1 (7) 111.0 110.7 110.9 110.3 110.9 119.8 119.9 119.4 119.9 119.8 127.3 127.8 127.5 128.3 132.1 130.8 129.9 126.5 France (1938 = 100) Netherlands 3 United States (1935-39 = 100) 50 14 416 146.4 146.6 150.5 152.1 144.6 132.0 117.0 109.4 107.9 107.3 108.4 109.3 110.5 110.2 109.9 109.5 110.9 111.5 112.3 pin.7 Nether-6 France 5 Canada * United lands (1935-39 Kingdom (December = 100) (1926=100) 1938=100) (1938=100) 106 278 109.0 105.6 107.1 106.8 69.4 91.9 99.8 121.5 139.9 123.0 124.4 121.4 64.2 83.5 83.8 99.6 115.7 106.0 112.5 109.4 107.3 107.3 107.3 106.9 108.0 108.7 109.4 112.0 117.8 121.8 123.8 127.3 129.1 132.7 99.6 104.2 108.2 109.6 114.3 118.2 117.9 75.3 84.5 88.6 92.4 96.2 94.6 92.0 87.6 85.3 84.0 84.0 85.6 88.2 86.5 87.8 110.1 110.4 109.0 108.7 108.3 135.1 136.7 138.8 141.8 146.9 119.0 118.3 118.7 125.9 128.7 87.7 87.9 88.4 89.1 89.6 6 295 27 875 1,149 1,262 1,129 202.2 211.2 195.3 1,042 1,122 1,168 1,148 1,110 1,042 1,085 190.0 196.3 204.3 209.6 207.5 203.6 204.6 1,107 1.036 1,045 1,024 Pl.019 204.2 202.5 197.0 191.0 189.6 Preliminary. 1 New series beginning 1947, derived from average yields of 12 bonds on basis of a 2% per cent 30-year bond. Annual average for the old series for 1947 (121.5) and figures for years prior to 1947 are derived from average of 5 median yields in a list of 15 issues on basis of a 4 per cent 20-year bond. Source.—Standard and Poor's Corporation; for compilations of back figures on prices of both bonds and common stocks in the2 United States, see Banking and Monetary Statistics, Table 130, p. 475, and Table 133, p. 479. This index is based on one 15-year 3 per cent theoretical bond. Yearly figures are averages of monthly quotations on the capitalized yield as calculated on the 15th of every month. 3 This index represents the reciprocals of average yields for 14 issues, including government, provincial, municipal, mortgage, and industrial bonds. The average yield in the base period (January-March 1937) was 3.39 per cent. 4 This index is based on 95 common stocks through 1944; on 100 stocks, 1945-1948; and on 106 stocks beginning 1949. 5 In September 1946 this index was revised to include 185 metropolitan issues, 90 issues of colonial France, and 20 issues of French companies abroad. See "Bulletin de la Statistique Generate," September-November 1946, p. 424. 6 This index is based on 27 Netherlands industrial shares and represents an unweighted monthly average of daily quotations. The figures are not comparable with data for previous years shown in earlier BULLETINS. 7 Series discontinued beginning Apr. 1, 1950. Sources.—See BULLETIN for June 1948, p. 747; March 1947, p. 349; November 1937, p. 1172; July 1937, p. 698; April 1937, p. 373; June 1935, p. 394; and February 1932, p. 121. JULY 1950 929 BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM THOMAS B. MCCABE, Chairman MARRINER S. ECCLES R. M. EVANS M. S. SZYMCZAK ERNEST G. DRAPER ELLIOTT THURSTON, WIN FIELD 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 FRANK R. GARFIELD, Adviser CHESTER MORRILL, Special Adviser to the Board WOODLIEF THOMAS, Economic Adviser to the Board DIVISION OF INTERNATIONAL FINANCE ARTHUR W. MARGET, Director LEWIS N. DEMBITZ, Assistant Director DIVISION OF EXAMINATIONS EDWIN R. MILLARD, Director GEORGE S. SLOAN, Assistant Director C. C. HOSTRUP, Assistant Director DIVISION OF BANK OPERATIONS ROBERT F. LEONARD, Director J. E. HORBETT, Assistant Director LOWELL MYRICK, Assistant Director DIVISION OF PERSONNEL ADMINISTRATION FRED A. NELSON, Director DIVISION OF ADMINISTRATIVE SERVICES on Economic Research GUY E. NOYES, Assistant Director FEDERAL OPEN MARKET COMMITTEE THOMAS B. MCCABE, ALLAN SPROUL, JAMES K. VARDAMAN, JR. Chairman Vice Chairman CHESTER C. DAVIS ERNEST G. DRAPER MARRINER S. ECCLES JOSEPH A. ERICKSON R. M. EVANS }. N . PEYTON M. S. SZYMCZAK JAMES K. VARDAMAN, JR. C. S. YOUNG LISTON P. BETHEA, Director GARDNER L. BOOTHE, II, Assistant Director FEDERAL ADVISORY COUNCIL 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 J. T. BROWN, ATLANTA DISTRICT EDWARD E. BROWN, CHICAGO DISTRICT President CHESTER MORRILL, Secretary S. R. CARPENTER, Assistant Secretary W. L. HEMINGWAY, ST. LOUIS DISTRICT GEORGE B. VEST, General Counsel WOODLIEF THOMAS, Economist JOHN K. LANGUM, Associate Economist JOSEPH F. RINGLAND, MINNEAPOLIS DISTRICT DAVID T. BEALS, KANSAS CITY DISTRICT J. E. WOODS, DALLAS DISTRICT JAMES K. LOCHEAD, 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 Mar\et Account 930 HERBERT V. PROCHNOW, Secretary FEDERAL RESERVE BULLETIN CHAIRMEN, DEPUTY CHAIRMEN, AND SENIOR OFFICERS OF FEDERAL RESERVE BANKS Federal Reserve Chairman J Bank of Deputy Chairman President First Vice President Boston Joseph A. Erickson William Willett Albert M. Creighton Harold D. Hodgkinson New York....... Robert T. Stevens William I. Myers Philadelphia. . . . Warren F. Whittier Alfred H. Williams C. Canby Balderston W. J. Davis 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 0. S. Powell N. L. Armistead R. L. Cherry R. W. Mercer 3 W. R. Milford P. L. T. Beavers V. K. Bowman J. E. Denmark Kansas C i t y . . . . Robert B. Caldwell H. G. Leedy Robert L. Mehornay Henry 0. Koppang Dallas J. R. Parten R. B. Anderson R. R. Gilbert W. D. Gentry San Francisco.. . Bray ton Wilbur Harry R. Wellman D Vice Presidents John J. Fogg Robert B. Harvey 2 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 Allan Sproul L. R. Rounds Cleveland. . \ T 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. Poorman 3 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 Allan M. Black 2 0. J. Netterstrom H. J. Chalfont A. L. Olson Neil B. Dawes Alfred T. Sihler W. R. Diercks W. W. Turner Paul E. Schroeder 0. M. Attebery Wm. E. Peterson William H. Stead C. M. Stewart C. A. Schacht H. G. McConnell H. C. Core A. W. Mills 3 C. W. Groth Otis R. Preston E. B. Larson Sigurd Ueland John Phillips, Jr. L. H. Earhart G. H. Pipkin Delos C. Johns C. E. Sandv R. L. Mathes D. W. Woolley W. H. Holloway E. B. Austin Watrous H. Irons R. B. Coleman L. G. Pondrom 3 H. R. DeMoss C. M. Rowland W. E. Eagle Mac C. Smyth H. F. Slade Albert C. Agnew Ronald T. Symms 3 J. M. Leisner S. A. MacEachron W. F. Volberg 0. P. Wheeler W. L. Partner VICE PRESIDENTS IN CHARGE OF BRANCHES OF FEDERAL RESERVE BANKS Federal Reserve Bank of Branch Chief Officer 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 New Y o r k . . . . . . . Buffalo Cleveland Cincinnati Pittsburgh Baltimore Richmond Charlotte Birmingham Atlanta... Jacksonville Nashville New Orleans Chicago Detroit St. Louis Little Rock Louisville Memphis 1 JULY Also Federal Reserve Agent. 1950 2 Cashier. 3 Federal Reserve Bank of Branch Chief Officer 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. 1 W. F. Volberg S. A. MacEachron W. L. Partner J. M. Leisner General Manager. 931 FEDERAL RESERVE PUBLICATIONS The material listed below may he obtained from the Division of Administrative Services, Board of Governors of the Federal Reserve System, Washington 25, D. C. Remittance should be made payable to the order of the Board of Governors of the Federal Reserve System. MONETARY AND B A N K I N G REFORM IN PARAGUAY, Includes translation of laws, accompanying reports, and introduction reviewing the monetary history of Paraguay. July 1946. 170 pages, $1.00 per copy. RULES OF ORGANIZATION AND RULES OF PROCEDURE (Board of Governors of the Federal Reserve System). 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REGULATIONS OF THE BOARD OF GOVERNORS OF THE 1 A more complete list, including periodical releases and reprints, appeared on pp. 766-69 of the June 1950 BULLETIN. 932 FEDERAL RESERVE SYSTEM. Individual regulations with amendments. FEDERAL RESERVE BULLETIN FEDERAL RESERVE PUBLICATIONS REPRINTS STAFF STUDY ON ASSESSMENTS AND COVERAGE FOR (From Federal Reserve Bulletin unless preceded by an asterisk) DEPOSIT INSURANCE. STATEMENT OF CHAIRMAN THOMAS B. MCCABE OF FEDERAL RECEIPTS AND EXPENDITURES FOR FISCAL THE BOARD OF GOVERNORS OF THE FEDERAL R E SERVE SYSTEM BEFORE THE SENATE BANKING AND CURRENCY COMMITTEE, May 11, 1949. # T H E EQUITY CAPITAL SITUATION. 6 pages. FINANCIAL POSITION AND BUYING PLANS OF CON- SUMERS, July 1949. October 1949. 10 pages. MEASUREMENTS OF SAVINGS, by Daniel H . Brill. November 1949. 8 pages. NOTES ON FOREIGN CURRENCY ADJUSTMENTS. COMPANIES. Statements of Thomas B. McCabey Chairman, Board of Governors of the Federal Reserve System, Before Senate Banking and Currency Committee. Presented March 1, 1950. March 1950. 16 pages. Presented March 17, 1950. April 1950. 4 pages. # T H E CHALLENGE OF OPPORTUNITY VERSUS SECU- RITY. Address by Thomas B. McCabe, Chairman y Board of Governors of the Federal Reserve System before a Seminar group of Life Insurance Executives. Presented April 13, 1950. 7 pages. 1950 SURVEY OF CONSUMER FINANCES— NOMIC OUTLOOK OF CONSUMERS. June 1950. REPLY OF THE CHAIRMAN OF THE BOARD OF GOV- Questionnaire of the Joint Congressional Committee on the Economic Report). November 1949. 112 pages. STATEMENT OF MARRINER S. ECCLES BEFORE THE SUBCOMMITTEE ON MONETARY, CREDIT AND FISCAL POLICIES OF THE JOINT COMMITTEE ON THE ECONOMIC REPORT AND SUPPLEMENTAL LETTER TO SENATOR DOUGLAS. April 1950. 2 pages. PART I. GENERAL FINANCIAL POSITION AND ECOpages. ERNORS OF THE FEDERAL RESERVE SYSTEM ( T O the # PROPOSED LEGISLATION REGARDING BANK HOLDING Preliminary summary. No- vember 1949. 14 pages. # Year 1951. February 1950. 10 pages. A personal statement by Thomas B. McCabe, Chairman of the Board of Governors of the Federal Reserve System, prepared at the request of a Subcommittee of the Committee on Banking and Currency of the United States Senate. Submitted August 5, 1949. 7 pages. February 1950. 15 pages. Presented November 22 and December 1, 1949. 9 pages. PART II. 12 PURCHASES OF HOUSES AND DURABLE GOODS IN 1949 and BUYING PLANS FOR 1950. July 1950. 15 pages. METHODS ON THE SURVEY OF CONSUMER FINANCES. July 1950. 15 pages. (Other articles on the 1950 Survey will appear in subsequent issues of the BULLETIN. Also, similar survey for 1946 from June-September 1946 BULLETINS, 28 pages; for 1947 from June-August and October 1947 BULLETINS, 48 pages; for 1948-from June-September and November 1948 BULLETINS, 70 pages; for 1949 from June-November 1949 and January 1950 BULLETINS, 124 pages.) # STATEMENT OF THOMAS B. MCCABE, CHAIRMAN OF INDUSTRIAL DIFFERENCES IN LARGE CORPORATION THE BOARD OF GOVERNORS OF THE FEDERAL REFINANCING IN 1949, by Eleanor J. Stockwell. SERVE SYSTEM, BEFORE THE SUBCOMMITTEE ON June 1950. 6 pages. (Also, similar survey by MONETARY, CREDIT AND FISCAL POLICIES OF THE Charles H . Schmidt. June 1949. 8 pages.) JOINT COMMITTEE ON THE ECONOMIC REPORT. RETAIL CREDIT SURVEY—1949. Presented December 3, 1949. 10 pages. A STUDY OF INSTALMENT CREDIT TERMS, by Milton Moss. December 1949. 8 pages. CREDIT SURVEY—1943, 1944, 1945, 1946, 1947, FRENCH EXCHANGE STABILIZATION FUND, by Robert Solomon. January 1950. 5 pages. INSURANCE OF COMMERCIAL BANK DEPOSITS. From June 1950 BULLETIN with supplementary information for nine separate trades. 38 pages. (Also, RETAIL 1948 from the June 1944, May 1945, June 1946, July 1947, July 1948, and June 1949 BULLETINS with supplementary information.) Feb- STATEMENT ON PROPOSED BUSINESS LEGISLATION. STATEMENT BY THOMAS B. MCCABE, CHAIRMAN, 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. 8 pages. ruary 1950. 5 pages. 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. JULY 1950 BRANCH BANKING IN THE UNITED STATES, 1939 and 1949. July 1950. 16 pages. 933 .vo. 4^ FEDERAL RESERVE SYSTEM BOUNDARIES OF FEDERAL RESERVE DISTRICTS AND THEIR BRANCH TERRITORIES KANSAS CITYi OklahoraaCity '<9 , . u»i«v»i« ST. LOUIS \\\^-* J M emphis ... L i t t U Rock DALLAS I 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 BRAHOH CTHES BOARD OF 6OVER1 P