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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
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$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

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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

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FEDERAL RESERVE SYSTEM
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