Full text of Federal Reserve Bulletin : November 1950
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F E D E R A L
R E S E R V E
BULLETIN
NOVEMBER 1950
BOARD OF GOVERNORS
OF THE FEDERAL RESERVE SYSTEM
EDITORIAL COMMITTEE
ELLIOTT THURSTOI*
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
Recent Developments in Instalment Credit. .
1427-1436
Consumer Credit Regulation in a Garrison Economy..
1437-1440
1950 Survey of Consumer Finances:
Part IV. The Distribution of Consumer Saving in 1949. .
1441-1455
Measurement of Consumer Credit. .
1456-1464
Revised Estimates of Consumer Credit..
1465-1466
Member Bank Earnings, First Half of 1950. ..
1467-1469
Federal Reserve Notes—1950 Series.,
Law Department .
1470
1471-1475
Current Events and Announcements. .
1476
National Summary of Business Conditions. .
1477-1478
Financial, Industrial, Commercial Statistics, U. S. (See p. 1479 for list of tables) .
1479-1540
International Financial Statistics (See p. 1541 for list of tables) .
1541-1559
Board of Governors and Staff; Open Market Committee and Staff; Federal
Advisory Council .
1560
Senior Officers of Federal Reserve Banks; Managing Officers of Branches.
Federal Reserve Publications..
Map of Federal Reserve Districts. .
1561
1562-1563
1564
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BULLETIN
November 1950
VOLUME 36
NUMBER
11
RECENT DEVELOPMENTS IN INSTALMENT CREDIT
Regulation of consumer instalment credit
under authority of the Defense Production
Act of 1950 was announced by the Board of
Governors of the Federal Reserve System on
September 8, the day on which the Act was
signed. The action was part of the Government's program in the emergency situation which followed the outbreak of hostilities in Korea. The unprecedented increase
in consumer spending after June made it
urgent to reduce demand. To limit the
availability of consumer credit, Regulation W
was reissued establishing minimum down
payments and maximum maturities on instalment credit extended in the sale of certain major durable goods. The initial action of the Board was preceded by extensive
discussion with trade groups as to current
practices in instalment sales financing and
prevailing credit terms. It was realized at
the time that tighter restrictions might become necessary. On October 13, after the
extent of the inflationary pressures growing out of the defense program had become
more evident, regulatory limits substantially
more restrictive were announced.
After South Korea was invaded in June,
buying by consumers and businesses expanded sharply in anticipation of future
shortages and price advances. Consumer
buying of durable goods was a major factor
in these developments. Personal consumption expenditures rose by 2n estimated
NOVEMBER
1950
7 per cent from the second to the third
quarter,* the largest quarter-to-quarter rise in
the past decade, and consumer expenditures
for durable goods increased by about 25 per
cent, reflecting greatly expanded purchasing
of automobiles, housefurnishings, and appliances. The larger volume of consumer
buying contributed to increased demand all
along the line. Distributors' orders mounted
as they attempted to maintain or build up
stocks. Manufacturers' orders for raw and
semifinished materials also rose substantially.
The increased demands for goods occurred
at a time when many industries were already
operating near peak levels and prices were
rising. The expansion in buying after Juiic
resulted in rapid widespread advances in
prices at all levels. As compared with
March, when this year's advances in prices
actually started, basic commodity prices in
October were up 34 per cent, all commodities
11 per cent, and consumer prices 4 per cent.
The tighter sectors in the economy were
generally those using plants and materials
which might be needed for defense production. This was especially the case for the
automobile industry, which was producing
passenger cars in record volume to meet an
exceptionally large consumer demand.
The severity and long-run character of the
inflationary pressures growing out of the defense program became increasingly evident
during September and early October. EX1427
REGENT DEVELOPMENTS IN INSTALMENT CREDIT
penditures o£ businesses on plant, equipment, in accordance with available supplies through
and inventories were expanding in response taxes and credit restraints rather than by
both to civilian demand and to prospective rationing such supplies at Governmentally
Government buying. It became evident that fixed prices.
direct and indirect requirements of the exRECENT GROWTH IN INSTALMENT CREDIT
panded defense program would absorb an
The rate of extension of new instalment
increasing volume of materials and mancredit
has risen rapidly since the end of
power. As a result, income would be exthe
war,
as shown in the accompanying
panded without corresponding increases in
chart.
In
early 1946, when production of
over-all supplies for civilian consumption,
while supplies of consumer durable goods durable consumer goods was at a very low
would be reduced. After the buying rush level, new credit was granted at a rate apof July and August consumer expenditures proximating 500 million dollars a month.
declined, but were still large as compared By late 1947 monthly extensions exceeded an
with the preceding year. Wage increases estimated 1 billion dollars and in late 1949,
granted in the automobile industry in the 1.5 billion. During the third quarter of 1950
late summer tended to establish a pattern instalment credit extensions reached a record
that spread rapidly and widely throughout rate of nearly 1.9 billion dollars a month.
industry. Personal income continued to in- Repayments of instalment credit have grown
crease as a result of expanding levels of em- steadily, but the increase has been less than
ployment, longer hours, and rising wage that for credit granted. The excess of credit
granted over repayments has been reflected
rates.
Increased consumer buying was financed in a sharp rise in outstanding instalment
in part from growing incomes, in part from credit.
The rapid growth in consumer instalment
use of accumulated savings, and in part from
consumer credit. The buying wave for durCONSUMER INSTALMENT CREDIT
able goods was facilitated by easy availability 2.0
2.0
of instalment credit. The amount of such
credit outstanding expanded rapidly during
the summer, the increase for the four months
June-September totaling nearly 1.7 billion
dollars.
The problem faced by the Government
was two-fold: first, to bring a halt to the
scare buying which had been pushing up
prices during the summer, and second, in the
longer run to prevent price advances which
otherwise would result from the shortages
of civilian goods as operations under the defense program gathered momentum. Consumer credit regulation is an essential part
of the Government's anti-inflation program
designed to limit civilian purchasing power
Estimates. Latest figures shown are for the third quarter.
MONTHLY RATES
8ILLI0NS OF DOLLARS
MONTHLY RATES
BILLIONS OF DOLLARS
1946
1428
1948
(950
FEDERAL RESERVE BULLETIN
REGENT DEVELOPMENTS IN INSTALMENT CREDIT
been smaller than during the same period
of last year. The recent slowing-up in the
growth of instalment credit outstanding reflects in part a smaller volume of new credit
extensions and in part a continuing large
volume of repayments on outstanding credit.
Two-thirds of the growth in total instalment credit thus far in 1950 occurred during
the four months June-September. In each
INCREASE IN CONSUMER INSTALMENT CREDIT OUTSTANDING
of these months the gain was substantially
[Estimates, iri millions of dollars]
larger than for the same month of 1949. The
Other
rise
in August was less than that in July
Other
retail
Retail
instalYear and
instalautomobile
Total
largely
because of a slower increase in retail
month
ment
ment
instalment
loans 2
sale
credit l
automobile
instalment credit. For other durcredit
able goods the expansion in sale credit in
Year
August
exceeded that in July. The gain of
495
752
1946
1,636
389
1947 .
855
748
2,434
831
322
million
dollars in total instalment credit
1,024
510
2,166
1948
632
1,372
389
2,290
529
1949
in
September,
while not so large as in any
1,427
470
2,439
542
1950 (9 mos.)...
of the three preceding months, was substanMonth
235
142
54
1949—June
39
tially larger than the increase in September
212
138
29
45
July
62
174
51
Aug
287
100
131
46
Sept
1948 or 1949.
277
256
110
1950—June
438
72
The easing of prevailing credit terms that
493
269
144
80
July
409
157
176
76
Aug
followed
the relaxation of consumer credit
322
132
141
49
Sept
regulation
in March and April 1949 and
Amount outstanding,
end of month:
termination
of the regulation in June 1949
2,018
4,000
December 1946
878
1,104
4,135
September 1950
13,329
5,556
3,638
was one of the factors contributing to the
1
subsequent growth of instalment credit outIncludes sale credit and loans for purchase of automobiles.
2
Other than those made to finance automobile purchases.
standing. For example, average maturities
took longer to reach peak output than was on loans for the purchase of new automobiles
the case for other consumer durable goods. rose from a little above 15 months in the SepThe largest increase in other retail sale credit tember 1948-February 1949 period to nearly
occurred in 1947, reflecting the fact that soon 171/2 months in the March-April 1949 period
after the end of the war it was possible to and to nearly 20 months in the May-June
expand production of most household ap- 1949 period, according to a study of the terms
pliances speedily.
prevailing during the first half of 1949.1 The
In 1950 the expansion of consumer instal- average down payment on new automobiles
ment credit outstanding accelerated. The showed little change, remaining at approxiincrease of 2.4 billion dollars in the first nine mately 45 per cent in all three periods.
months was larger than that for any full Trade-ins typically account for more than
postwar year. Incomplete data from trade one-third down payment and tend to raise
sources and from banks indicate that fur- the average down payment for automobiles.
ther expansion of instalment credit occurred Changes in credit terms for major houseduring October and the early part of Novem1
"A Study of Instalment Credit Terms," by Milton Moss,
ber, although this increase appears to have Federal Reserve BULLETIN, December 1949, pp. 1442-49.
credit outstanding in the postwar period is
summarized in the table. Instalment credit
for the purchase of automobiles, including
both credit originated by dealers and cash
loans, accounts for a large proportion of
total instalment credit. Automobile credit
has risen rapidly since the war, paralleling
the growth in automobile production, which
NOVEMBER
1950
1429
RECENT DEVELOPMENTS IN INSTALMENT CREDIT
hold appliances were similar, except that in
addition to a lengthening in the average
maturity there was a steady decline in the
average down payment.
A similar survey of terms prevailing during the period April 1-September 17 of this
year and also after Regulation W became
effective is now in progress. Preliminary
tabulations indicate that terms were generally
easier in mid-1950 than a year earlier. For
example, in mid-1950 terms on new car instalment contracts averaged 42 per cent down
payment and 21 months maturity, compared
with 45 per cent and nearly 20 months in
the May-June 1949 period. In some instances down payments in mid-1950 were less
than one-third and maturities as long as 36
months. Terms on major household appliances appear to have been relaxed even more
than those for automobiles. Down payments
on major appliances averaged 14 per cent in
mid-1950 compared with an average of approximately 18 per cent during the Mayjune 1949 period, while maturities averaged
about 18 months compared with an average
maturity of about 16 months in the earlier
period.
During the period September 18-October
15, when the initial terms set under the reestablished Regulation W were in effect, the
terms on new automobile instalment contracts averaged 46 per cent down payment
and 18 months maturity while for major
household appliances the average down payment increased to 21 per cent and the average maturity dropped to 14% months. The
relatively few reports received on terms after
October 15 indicate further increases in down
payments and reductions in maturities.
PRESENT INSTALMENT CREDIT REGULATION
Regulation W was reissued by the Board
on September 8, as soon as authority to
regulate consumer credit was granted by
1430
Congress. The initial terms, effective September 18, provided minimum down payments and maximum maturities on consumer
instalment credit for the purchase of major
durable goods and maximum maturities on
consumer instalment loans. These limitations were moderately more restrictive than
the terms generally prevailing.
Analysis of recent economic developments
and of the needs for reducing civilian demand continued in the following weeks.
On October 13 the regulation was amended,
effective October 16, to establish terms
more consistent with developing inflationMINIMUM DOWN PAYMENTS AND MAXIMUM MATURITIES
UNDER REGULATION W
Listed articles
and loans
Minimum
down payment1
(per cent)
Maximum
maturity .
(months)
Sept. 18- Oct. 16- Sept. 18- Oct. 16Oct. 15
Oct. 1.5
Listed articles:
Passenger automobiles.
Major appliances 2 ... .
Furniture and floor
coverings
Home improvement
materials, articles,
and services 3
33 j ^
15
33 X
25
21
18
15
15
10'
15
18
15
10
10
30
30
Loans:
To purchase listed
articles
Unclassified
(4)
18
15
^Exemptions: Sept. 18-Oct. 15, listed articles costing less than
$100;
beginning Oct. 16, those costing less than $50.
2
Includes radios, television, refrigerators, food freezers, phonographs, cooking stoves, ranges, dishwashers, ironers, washing machines, clothes driers, sewing machines, suction cleaners, room-unit
air3 conditioners, and dehumidifiers.
4 Includes heating, plumbing, and other household fixtures.
Requirements same as on instalment sales of the respective articles.
ary pressures and the needs of the defense program for materials and manpower.
T h e initial and the amended terms are summarized in the accompanying table. T h e
stricter terms for consumer instalment credit
served to complement the restrictive terms
for home mortgage credit imposed by the
Board's Regulation X and the accompanying
regulation of the Federal Housing Administration.
FEDERAL RESERVE BULLETIN
RECENT DEVELOPMENTS IN INSTALMENT CREDIT
The terms now in effect provide a minimum down payment of 33 Yz per cent on
new and used passenger automobiles and a
maximum maturity on automobile instalment credit of 15 months. A minimum down
payment of 25 per cent on television sets,
radios, and other major consumer durable
goods and 15 per cent on furniture is required, while the maximum maturity on instalment credit extended for purchasing such
items is 15 months. For home improvements
the minimum down payment is 10 per cent
and the maximum maturity 30 months.
Credit for the purchase of listed items selling for less than $50 is not subject to the
down payment requirement.
Consumer instalment loans made by a lending institution and used for the purchase of
listed items are subject to the same restrictions as instalment credit extended by retail
dealers for financing such purchases. Certain instalment credits, including loans for
business or agricultural purposes not involving the purchase of listed articles, and loans
to meet medical, educational, or funeral expenses, are exempt from the regulation.
Other instalment loans not specifically exempted are subject only to the maximum
maturity requirement.
Any instalment
credit over $2,500, unless it is used for the
purchase of an automobile, is exempt from
both down payment and maturity requirements.
The articles covered by the regulation
comprise the major durable consumer goods
and were selected on the basis of two primary
considerations. First, they account for the
bulk of instalment credit extensions. It is
estimated that the present provisions of Regulation W cover about three-fourths of total
instalment sales to consumers. Second, the
listed articles are among the products in short
supply, or likely to be, as resources are diNoVEMBER 1950
verted to defense production. Curtailing
credit for the purchase of major durable
goods helps directly to bring demand in
closer balance with supplies and thus to restrain price advances. At the same time restrictions on such credit tend to limit expansion in the total money supply in the economy and thus to exert an anti-inflationary
influence.
EFFECTS OF REGULATION W
The restrictions on instalment credit beginning September 18 appear to have had
some restraining effect on consumer demand.
The stricter terms effective October 16 have
had more substantial results. Demand for
many types of consumer durable goods,
which in the summer was far in excess of
supply, has declined and can now be satisfied in more competitive markets. Prices of
used automobiles, which were very high in
the summer, have fallen to levels more nearly
normal in relation to list prices of new cars.
Tentative estimates indicate that the volume
of instalment credit extended in October and
thus far in November was smaller, and that
credit outstanding increased less, than in the
preceding months or in the same period of
1949. It appears, however, that instalment
credit outstanding has continued to increase
and to this extent has added to total consumer purchasing power.
Other factors operating in the economy
during the recent period make it difficult
to determine the extent to which moderation of inflationary pressures can be attributed
directly to Regulation W. For example, the
recent decline in demand for automobiles
from the extraordinary levels reached in the
summer can be attributed in part to a reaction from the advance buying of the summer
months, the favorable turn of the Korean
hostilities in September, the end of the sea1431
RECENT DEVELOPMENTS IN INSTALMENT CREDIT
son of peak travel, and the imminence of
model changes.
Consumer credit regulation restricts demand in two ways. First, the stiffer terms
tend to reduce instalment purchases of the
articles covered, thus bringing about a direct
and immediate decline in demand for these
articles. Second, the increase in outstanding
instalment credit is checked, thereby limiting the expansion of purchasing power and
thus the demand for goods in general.
Since a large part of instalment credit is
extended by banks either directly through
loans to consumers or indirectly through
loans to retail establishments or finance companies, any expansion adds to the money
supply. In a period like the present, when
total production in the economy is close to
peak levels, credit expansion feeds inflation
because more money in the form of bank
deposits comes into existence to bid for the
same amount of goods.
The regulation curtails the expansion of
instalment credit outstanding through its
effect on new credit extensions and on repayments. The volume of credit extended is
reduced in part because there are fewer instalment purchases of listed articles and in
part because the higher down payment requirements oblige consumers to use more
cash and less credit in their instalment purchases. The volume of repayments, however,
declines more slowly than credit extended,
since the rate of retirement of old credit is
not affected by the regulation and the new
credit is retired at a faster rate because of
shorter maturity requirements^ As a result,
credit extensions are reduced relative to repayments and credit outstanding increases
more slowly, or may even decline if the regulation is sufficiently strict.
The effectiveness of consumer credit regulation depends of course upon the extent to
1432
which consumer goods are bought on credit.
The accompanying table shows the relative
importance of credit transactions, primarily
instalment credit deals, in the purchase
of automobiles and other major durable
consumer goods in 1949. These data indicate that over one-half of the new cars costing $2,050 or less and nearly two-fifths of
the more expensive automobiles were purRELATIVE IMPORTANCE OF C R E D I T IN PURCHASE OF SELECTED
DURABLE GOODS IN 1949
Type of goods
and price
Number
of purchases
X
Percentage of number
purchased through—
Total
Credit
arrangements 2
Cash 3
Radios.
Television sets
Refrigerators
268
221
450
MOO
MOO
* 100
38
46
54
58
53
42
New automobiles:
$2,050 or under
Over $2,050
157
191
100
100
51
38
49
62
Used automobiles:
$550 or under
Over $550
204
223
100
100
43
65
57
35
1
From the 1950 Survey of Consumer Finances, which covered
about 3,500 individual spending units. For article on purchases
of 2durable goods see pp. 780-794 of BULLETIN for July 1950.
Includes instalment and other credit arrangements, but those
on3an instalment basis predominate.
Trade-in allowances are treated as cash.
4
Includes small percentage not shown separately for which
method of payment was not determined.
chased on credit. Credit was generally used
more frequently in the purchase of used automobiles. For used cars selling for $550 or
less, credit was involved in more than twofifths of the sales, and for the higher-priced
used cars in nearly two-thirds of the sales.
Among major household appliances shown
in the table, credit appears to have been used
most frequently for purchases of refrigerators
and least frequently for radio purchases.
T h e effects of maximum maturities and
minimum down payments depend upon current trade practices. Higher down payments
are required for automobiles than for other
durable goods because a traded-in car customarily accounts for a substantial down
payment on the new car. Indeed the trade-in
allowance quite commonly has equaled or
FEDERAL RESERVE BULLETIN
RECENT DEVELOPMENTS IN INSTALMENT CREDIT
exceeded the required down payment, so
that the minimum down payment requirement has had no restrictive effect in such
cases. In 1949 about three-fourths of all new
cars purchased were paid for in part by the
sale or trade-in of a car and in about onehalf of these cases the value of the traded-in
car was at least one-third of the purchase
price of the new car. Because of the frequency of trade-ins, most credit purchases
of new cars are affected primarily by the
maturity limits set by the regulation.
Credit purchases of used cars, however, are
more affected by the down payment requirement than is the case for new cars. Customarily, trade-ins for used cars are less frequent and down payments are somewhat
more lenient than those for new cars. Instalment purchases of used cars are less affected
than those of new cars by given maturity
requirements, however, because for reasons
of credit risk it has been customary to finance
used cars, particularly the older ones, on
shorter maturities than those applied to new
cars.
Restrictions on consumer instalment credit
may also affect the demand for nondurable
consumer goods. Persons who meet the
stricter credit terms will have less cash initially to spend on other goods. On the other
hand, to the extent that potential purchasers
are discouraged from buying durable goods,
their demand for nondurable goods may expand. Whether in the short run stricter
credit terms on balance will increase or decrease total demand for nondurable goods
is uncertain. To the extent, however, that
stricter terms dampen the expansion of total
consumer purchasing power, there is likely
to be a dampening of consumer demand
for nondurable goods as well as for durable
goods.
Some consumers, as a result of stricter
NOVEMBER 1950
credit terms, will draw on accumulated saving in order to buy. Others will not buy
and will increase saving. Some may save
for a while and then buy when they can
meet the requirements. Here again the net
effect is uncertain. The effectiveness of
stricter credit terms in limiting consumer
demand will be reduced to the extent that
the stricter terms are accompanied by a decline in saving, especially liquid saving.
HISTORY OF REGULATION W
Regulation of consumer credit was inaugurated September 1,1941, in order to reduce
the demand for consumer durable goods as
the supply became limited by mounting production for national defense, and to restrain
the expansion of consumer credit in general.
It was made effective through Regulation W
of the Board of Governors of the Federal
Reserve System issued under authority of an
Executive Order of the President. The principal provisions of Regulation W since its
inception in 1941 are shown in the table on
the next page.
The initial minimum down payments and
maximum maturities were set with a view
to the more conservative trade practices then
prevailing and applied to a limited number
of articles. On March 23, 1942, the terms
were tightened and the coverage extended.
The provisions were strengthened further
on May 6, 1942. Down payments were
33 Yz per cent for nearly all consumer durable and semidurable goods except furniture, on which a 20 per cent down payment
was required. Maximum maturities were 12
months except for automobiles, on which
the maturity was set at 15 months. Coverage was extended to charge accounts and
single-payment loans. These provisions continued essentially unchanged from May 1942
until more than a year after the end of the
1433
RECENT DEVELOPMENTS IN INSTALMENT CREDIT
war. Beginning December 1,1946, the scope
of the regulation was narrowed by eliminating all noninstalment credit and some instalment credit items formerly covered, and
down payment and maturity limits were relaxed in several cases. On November 1,1947,
the regulation was terminated by Congressional resolution. This was in line with
the general policy of eliminating wartime
measures.
As inflationary pressures continued, ReguMINIMUM DOWN PAYMENTS AND MAXIMUM MATURITIES
Type of credit
Sept. 1, Mar. 23, M a y 6, June 11,
1941194219421945Mar. 22, M a y 5, June 10, Nov. 30,
1942
1942
1945
1946
lation W was reissued as a peacetime antiinflationary measure effective September 20,
1948 under temporary authority granted by
Congress. The provisions applied to a limited group of important durable goods, with
down payments from 20 to 3 3 ^ per cent
and maturities from 15 to 18 months. As
production caught up with demand, the provisions were relaxed, first on March 7 and
still further on April 27, 1949. On June
30, 1949, authority for the regulation lapsed.
ON CONSUMER
CREDIT
SUBJECT
1
33H
33 H
33 H
33 V3
33 H
33 %
333^
33 H
20
10
33 H
10
20
33 H
20
33 H
20
20
20
15
15
10
10
0
0
0
15
20
33 H
33 H
3
W
Dec. 1, Sept* 20, Mar. 7, Apr. 27, Sept. 18, Oct. 16,
1950
19461948194919491950to
Nov. 1, Mar. 6, Apr. 26, June 30, Oct. 15,
date
1947
1949
1949
1949
1950
Minimum down payment (in per cent of sale price)
Instalment sales:2
Automobiles
Radio, television, and
other major appliances
Furniture
...
Home improvement^
materials and services.
Heating, plumbing, and
other household fixtures
Miscellaneous (including other appliances,
auto accessories,
clothing) 4
TO REGULATION
0
33 H
15
10
25
15
10
10
21
15
18
18
15
15
30
30
()
18
()
15
33V3
Maximum maturity (in months)
Automobiles...........
Radio, television, and
other major appliances
Furniture
Home improvement
materials and services.
Heating, plumbing, and
other household fixtures
Miscellaneous (including other appliances,
auto accessories,
clothing)4
Instalment loans:
To purchase
listed
articles
Unclassified *
.,
Single-payment loans
Charge accounts
18
15
15
15
18
18
15
15
12
12
12
12
18
18
12
3 18
18
18
12
12
()
18
()
15
()
12
3
)
15
15
5
15
5 15
21
21
24
24
12
()
15
(6)
M5
()
21
24
1 Down payments determined after deduction of any trade-in, except in case of automobiles.
Terms shown are for selected articles.
Deleted effective Oct. 15, 1945.
4
Auto accessories when sold separately deleted effective July 5, 1946.
5
Maturity of 18 months for credit over $1,000.
6
Where credit is to purchase listed articles, down, payment (loan value) and maturity requirements same as on instalment sales of
the respective
articles.
7
Instalment loans not otherwise covered by or exempted from regulation.
s Maturity of 18 months from Oct. 15, 1945, through Sept. 2, 1946; maturity of 15 months thereafter.
9
Account to be paid by 10th day of second month after sale.
NOTE.—The above provisions are not exhaustive and are subject to various exceptions. For additional details, the regulation should
txe consulted. Where no figure is shown, there was no limitation imposed by Regulation W.
2
3
1434
FEDERAL RESERVE BULLETIN
RECENT DEVELOPMENTS IN INSTALMENT CREDIT
TRENDS IN CONSUMER INSTALMENT CREDIT
The course of consumer instalment credit
outstanding during the periods of previous
regulation reflects not only the effect of regulation but also other factors influencing the
use of instalment credit. From a prewar
peak of 63 billion dollars on August 30,1941,
total consumer instalment credit, as estimated, declined to 2.0 billion by mid-1943,
as shown in the chart. Regulation undoubtedly was a factor in the decline during this
period, but much of the decline is attributable
to the sharp reduction in the available supply
of consumer durable goods which resulted
from limitations placed on nonessential production. Another factor was the substantial
growth in incomes and liquid assets during
this period, which enabled consumers to pay
off debts and to make more purchases on a
cash basis.
From mid-1943 to the end of the war the
supply of civilian goods for consumer use
was limited, and total consumer instalment
credit remained close to the 2.0 billion dollar
CONSUMER INSTALMENT CREDIT OUTSTANDING
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
END OF MONTH
14
14
I
12
>
8
J/
/
J
10
I/
r
6
4
J
1
10
12
J
y
2
/
4
2
O
0
1940
1942
1944
1946
1948
Estimates. Latest figures shown are for September.
NOVEMBER 1950
I95O
level. As automobiles and other durable
consumer goods became available again, beginning in 1946, total instalment credit outstanding rose, although the wartime credit
restrictions remained unchanged until December 1946. By November 1947, when
Regulation W was terminated, instalment
credit had reached a total of 5.7 billion dollars. In the following 11 months there was
a further substantial rise to over 8 billion.
During the period following reimposition
of the regulation on September 20, 1948, in
an attempt to stem the tide of inflation, the
regulation appears to have been effective.
In the six months October 1948-March 1949,
total instalment credit did not exceed 8.6
billion dollars. In the 12 months following
the lapse of the regulation on June 30, 1949,
instalment credit increased sharply to 12 billion dollars.
CONCLUSION
Regulation of short- and intermediate-term
consumer credit is consistent with the essential role which consumer credit plays as an
expansionary force in the economy and is
particularly needed in a time of inflationary
pressures like the present. Instalment credit
has permitted the economic system to supply consumers with expensive durable goods
in a volume which otherwise might not
have been bought. Some who would never
have accumulated in advance the capital
to buy these goods outright have been
enabled to enjoy them while meeting
monthly payments convenient for their income and expenditure budgets. Others by
using consumer credit have been able to
avoid disturbing their capital investments
and their planned saving programs. Over
long periods, extension of credit to purchasers of goods has facilitated the growth
of current purchasing power and has resulted
in increased production and employment.
1435
RECENT DEVELOPMENTS IN INSTALMENT CREDIT
Over short periods of rising economic activity, increases in consumer purchasing
power through credit extension serve a useful purpose only so long as the terms on
which the credit is extended are prudently
limited, growth in consumer credit does not
contribute excessively to monetary expansion, and the newly created purchasing
power is matched by an increase in the supply of goods at relatively stable prices. In
present circumstances of capacity output and
growing defense requirements, liberal consumer credit terms can stimulate demand but
without a compensating increase in the supply of goods. Further monetary expansion at this time can provide the financial
base for supporting higher price levels and
encouraging additional price advances; it
cannot, however, foster additional supplies
of goods.
Consumer instalment credit is one source
of purchasing power which can be effectively
limited by selective credit regulation. Administration of the regulation, moreover,
1436
can be flexible since the items covered and
the terms imposed can be adjusted promptly
as economic conditions change. T h e role of
consumer credit regulation in the present
emergency is discussed more fully in "Consumer Credit Regulation in a Garrison
Economy," a recent address, reprinted on
pages 1437-40 of this BULLETIN, by Governor R. M. Evans of the Board of Governors of the Federal Reserve System.
While regulation of consumer instalment
credit is essential in the current situation,
it is only one part of the Government's
program for preventing price advances and
assuring manpower and materials for defense. Civilian demand must be reduced not
only in the consumer durable goods area but
also in other nondefense segments of the
economy where demand is large and is expanding. T h e broad anti-inflationary objective of the Government requires a well integrated fiscal and monetary program designed
to keep civilian demand in balance with the
available supply of goods and services.
FEDERAL RESERVE BULLETIN
CONSUMER CREDIT REGULATION =IN A GARRISON ECONOMY*
The phenomenal development of the automobile
industry in the past 30 years has been closely associated with the remarkable development of consumer instalment credit. It is fair to say that the
automobile industry could not have risen to its
present position without instalment selling. Conversely, it is fair to say that instalment selling would
not have developed as it has without the automobile.
To be sure, instalment selling had been known
for at least a quarter of a century before the rise of
the automobile, and the techniques and institutions of consumer instalment financing were well
developed by the time the automobile came along.
But it was the successful instalment financing of
millions of motorcars that was largely responsible
for making the instalment plan generally respectable
and highly popular. Partly because of its successful
role in the automobile business, instalment selling
has played an important part in the development
of other industries, particularly in durable goods,
such as vacuum cleaners, radios, washing machines,
refrigerators, television, furniture, and still others.
FUNCTIONS OF CONSUMER INSTALMENT CREDIT
The instalment plan could not have caught on
as it did if it had not offered important advantages.
For the consumer, probably the chief advantage
is that it enables him to obtain the goods he wants
immediately and to use them while he is paying
for them out of his income. He doesn't have to
wait until he has saved up the full cash price before
getting the goods. And he might not have the
perseverance to hang on to his money until he had
saved up the full cash price.
The instalment plan commits the consumer to
the discipline of regular payments. If the terms are
sufficiently conservative so that the article is paid
for more rapidly than it wears out and if the consumer does not buy more than he can pay for, the
instalment plan encourages him to accumulate an
equity in durable goods. In other words, properly
used, the instalment plan is a form of thrift. On
the other hand, a person whose eyes are bigger
* An address by R. M. Evans, Member, Board of Governors of the Federal Reserve System, at a meeting of the
Tri-State Convention, Atlantic City, N. J., Oct. 13, 1950.
NOVEMBER
1950
than his pocketbook can get bogged down in a
state of intolerable indebtedness via the so-called
easy payment plan. It is well to rerbember there
is no such thing as easy credit. The cheapest way
to purchase anything is to pay cash.
For you dealers I assume that the principal merit
of instalment selling is that it enables you to sell
more cars than you otherwise could. And, properly
managed, the extension of instalment credit itself
can be a lucrative form of investment. On the
other hand, as some of your trade publications frequently point out, instalment selling can get a dealer
in plenty of trouble if it encourages him to sell
terms rather than cars.
NEED FOR CONSUMER CREDIT CONTROL
From the standpoint of the individual instalment
buver or seller, the principal consideration is
whether the credit is sound. That is, can it be
repaid when due?
Whether the individual credit is sound or not is
generally best left to the judgment of the individuals or businesses involved. If they become
overextended in buying or selling on instalment,
they will soon learn better the hard way, or fall by
the wayside.
But we must realize that the soundness of individual credit extensions is not the main problem
facing us today. It is sometimes said that everything will be all right so long as instalment credit
is extended only to reasonably sound risks. This,
it is said, is properly left to the discretion of businessmen, free of Government interference. Therefore, the argument runs, there is no justification for
Government restrictions on consumer credit.
This reasoning, it seems to me, ignores the overall impact of consumer credit upon the economic
system as a whole. Credit extension is more than
a transaction between the purchaser and seller, and
the soundness of the credit is not the only important aspect of the matter. An extension of credit
immediately puts more purchasing power in the
hands of the purchaser than he would otherwise
have had. Once he has spent this on, say, an
automobile, it is passed on to others, and much or
all of it remains to swell the demand for goods in
1437
CONSUMER CREDIT REGULATION IN A GARRISON ECONOMY
general until the credit is paid off. The result must
be a more or less general rise in prices or production
or both.
Part of the purchasing power put into circulation
by consumer credit extensions is provided by savings
and part of it comes, directly or indirectly, from
bank credit. Extensions of bank credit are of special
interest to the Federal Reserve because when total
bank credit expands, bank deposits also expand.
Bank deposits, at least demand deposits, are money
in a very real sense and an excess of money creation
by the banking system in relation to the output of
commodities and services can spell only one thing—
inflation. The immediate connection between the
volume of consumer credit and the economy's total
money supply is one very good reason, and probably
the major reason, why responsibility for regulating
the terms of consumer credit invariably falls to the
lot of the Federal Reserve System.
At a time like this, when we must all enlist in the
home-front battle against inflationary forces, it does
no good to tax spendable dollars out of our pockets
if we can replace them with borrowed dollars.
In relatively normal times, when production can
be expanded to meet increased demand, an expansion of credit may result primarily in an expansion
of production rather than prices. Thus, the volume
of production in general will depend to a considerable extent on the volume of sales of durable goods
which account for most of the credit extended.
From past experience, we have reason to believe
that the demand for durable goods is rather unstable. When times are hard, the replacement of
old automobiles, refrigerators, and the like, can be
put off for a long time, resulting in an abnormally
high demand when good times come. This can
result in a vicious circle, with the fluctuations in
sales of durable goods resulting in fluctuations in
instalment credit, which in turn bring about fluctuations in total purchasing power and thus in the
demand for goods in general.
The foregoing considerations underlie the argument for regulating consumer credit in normal
times in order to moderate ordinary business booms
by moderating fluctuations in instalment purchases
of durable goods. However, this question is not
before us at this time. The Congress provided the
present regulatory powers to meet our rearmament
emergency only.
The current emergency is a result of national
commitments which our country has been obliged
1438
to make to maintain security and freedom in the
democratic world. This spring, before we were
aware of imminent crisis, much of our industry
was operating close to capacity to meet record peacetime demand for automobiles and other goods.
There were already some indications that purchasing power was outstripping production and that
some inflation was coming.
Invasion of Southern Korea settled the question
of what this country's international responsibilities
are as one of the United Nations in combating communist imperialism. To carry these responsibilities
is going to require a garrison economy for the
time being. For this to be possible, we will need
to make substantial cutbacks in the supplies of
many civilian goods, particularly durable goods.
The post-Korea demand for goods, however, has
not only continued unabated, but in many lines has
increased, in anticipation of future shortages or price
increases. This has aggravated the situation by
leading to current shortages and price increases.
From June 20 to September 12, consumer prices
rose an average of 2 per cent, wholesale commodities by 8 per cent, and basic commodities by 25
per cent. And wage rates in the automobile industry have already yielded to the inflationary pressures.
Although some of the hysterical buying has subsided, demand, as you well know, continues in
excess of supply in many lines. Unless demand is
adequately restricted, the situation can become much
worse if shortages actually develop. Even if all the
slack is taken out of unemployment, there may well
be a sharp drop in the labor and materials available
for civilian goods as men are taken into the armed
forces or diverted to defense production. And, at
the same time, the national income will be increased
by defense expenditures. Effective action must be
taken, and now, if we are to head off a serious
inflationary spiral.
FUNCTIONS OF CONSUMER CREDIT REGULATION
The measures which our Government is instituting at this time are designed to reduce excess purchasing power in an attempt to reduce the gap between demand and supply and thereby dampen
upward pressures on prices. The principal measures are tax increases and credit restrictions. Credit
is being regulated in two ways. First, it is being
tightened at the source, namely, the banking system.
Second, it is being tightened at the customer end by
the regulation of consumer instalment credit and
FEDERAL RESERVE BULLETIN
CONSUMER CREDIT REGULATION IN A GARRISON ECONOMY
residential real estate mortgage credit. If possible, it
would be desirable to adjust taxes and credit terms
so that the demand for goods would be on the
average about equal to the supply. Then there
would be no inflationary pressure on the price level.
How does consumer credit regulation work? In
its present form, as you all know, the regulation
specifies minimum down payments and maximum
maturities for instalment sales of certain listed
articles. The terms are set to be stiffer than those
which would ordinarily prevail in the absence of
regulation. The object is to make instalment purchases of these goods more difficult than they would
otherwise be. The listed articles cover the major
durable goods. These goods are chosen for two
reasons:
First, they require the types of labor and materials
most likely to be diverted to defense production.
They are thus the goods most likely to be in short
supply.
Second, they account directly or indirectly for the
bulk of instalment credit extensions and outstandings. Governmental regulation which is wisely
conceived will only affect those elements of a business that are essential to accomplish a public
purpose.
We hope that the restrictions imposed on consumer instalment credit will help to achieve two
major objectives. As a first aim, we hope that
tightening credit on the listed articles will reduce
demands for these specific goods to levels more
nearly in line with supplies. This will relieve some
of the upward pressure on the prices of these goods
and on the prices of the labor and material used,
which can then be more readily released for defense
production.
A second major objective is to curtail in some
degree the demand for unlisted articles, as well as
for listed articles. For if the output of durable
goods is curtailed, there will probably be an increase
in demand for other goods and services. Even
though these may be relatively abundant, the intensified demand, if unchecked, is likely to drive
up prices. Thus, if we are to minimize the inflationary pressure, we need to limit the demand for
goods and services in general.
Consumer credit regulation can help to limit total
demand by checking the expansion of credit balances, or, if carried far enough, by causing a contraction of such balances. An extension of credit
is an extension of purchasing power. Once in circuNOVEMBER
1950
lation, this purchasing power contributes to total
demand. Credit restrictions on the listed articles,
which account for the bulk of instalment credit,
should act to check total credit extensions. This
will tend to limit total purchasing power and thus
limit the demand for goods and services in general.
Thus consumer credit regulation can help in heading off general inflation.
ADMINISTRATION OF THE REGULATION
The administration of consumer credit regulation
has been made as flexible as possible, for two
reasons. In the first place, we can't predict exactly
what conditions we are going to face in the future.
That will depend on the outcome of the Korean
conflict, among other things. So we need to be
able to adjust the regulation to meet changing
conditions.
In the second place, we know from past experience that it is hard to predict the precise effects
of consumer credit regulation on the demand for
particular goods or for goods in general. One difficulty is that the effects of credit restrictions on one
article can be shifted to some extent to other articles.
Some individuals, for example, may keep up their
automobile purchases, in the face of tighter automobile credit, by spending more cash on cars and
less on other goods. Thus, restrictions on automobile credit may bring about a reduction in the
demand for goods other than automobiles. Another
difficulty is that purchases of the other goods may be
kept up by using more credit than usual in these
lines, particularly in lines with relatively easy terms.
If this practice should become widespread, our consumer credit regulation might have to be both
broadened in scope and tightened considerably in
order to be effective. Another possibility is that
consumers may try to maintain their purchases in
the face of credit restrictions by drawing on reserves
of cash or other liquid assets.
Because of these uncertainties the regulation has
been set up so that the terms and the items covered
can be adjusted in the light of experience. We are
feeling our way along, starting out with what seem
to be moderate restrictions. If these restrictions are
found to be inadequate, they will be strengthened
accordingly. If, later on, they are found to be
more restrictive than is necessary, they will be
relaxed. Our object is to maintain the flow of
available goods at stable prices, if possible, without
price fixing or Government rationing.
1439
CONSUMER CREDIT REGULATION IN A GARRISON ECONOMY
EFFECTS ON YOUR BUSINESS AND ON CONSUMERS
GENERALLY
How will control of consumer instalment credit
affect you and your business? It is not likely to
prevent you from selling all the products you can
get. By helping to limit the demand for goods in
accordance with supply, thus reducing the inflationary pressure, consumer credit regulation can
help to maintain orderly markets and stability of
costs and prices.
Most important of all, there will be less likelihood of setting off another inflationary spiral, with
wages and prices chasing each other in a futile
race like a man chasing his shadow. If we have
learned anything at all, we have learned that in
such a race almost everybody loses.
How will credit regulation affect consumers?
It is not likely to prevent consumers from buying
all the goods that can be made available under
emergency conditions. And they can't buy more
than that, in any case. If they try, the only result
will be higher prices. Our object is to cut down
on credit, to discourage consumers from trying to
buy more goods than are available. Consumers
should be encouraged to save up their credit for
the day when supplies of goods are again plentiful
and buying stimulation is needed. Now is an excellent time to pay debts and accumulate savings.
1440
CONCLUDING REMARKS
Consumer credit regulation alone cannot stop
inflation. It is only part of a general anti-inflationary
program for the present rearmament emergency.
This program is intended to help plug the various
gaps through which excess purchasing power might
otherwise seep into the economy. Some of these
gaps can be plugged by heavier taxation. Others
can be plugged by other credit measures. All must
be plugged if the total program is to be successful.
We are, I think, in general agreement on the
objectives of the anti-inflation program. Your industry and others have cooperated generously in
helping us to reinstate consumer credit regulation.
Your continuing cooperation and advice can be of
great help in administering the regulation equitably
and effectively. The administration is carried out
by the various regional Federal Reserve Banks and
is therefore on a grassroots basis. We have 12
Federal Reserve Banks and 24 branches located in
strategic centers of the country so if you have any
problem or suggestions it is not necessary for you
to come to Washington. You can take them
directly to your regional Federal Reserve Bank
or branch—-its officers are in the best position to
advise you and enable the System to benefit by
your suggestions. With your help we should be
able to weather the present crisis in the best interests
of your business and also of the general public.
FEDERAL RESERVE BULLETIN
1950 SURVEY OF CONSUMER FINANCES
PART IV. The Distribution of Consumer Savins: in 19491
During 1949 a majority of consumers in the
United States continued to save a part of their incomes, but the total amount saved was somewhat
less and the relative frequency of consumer spending units that saved was smaller than in other
postwar years. It is estimated, as shown in Table
1, that net saving of all consumer spending units
aggregated about 9 billion dollars in 1949 as compared with 1.1 billion in 1948.2 The Survey of
Consumer Finances indicates that about 60 per
cent of the 52 million spending units saved in 1949
compared with 63 per cent of 51 million units in
1948. The proportion that dissaved, i.e., spent
more than their incomes, increased from 31 per
cent to 34 per cent.
The amount of net saving accounted for by the
tenth of the spending units receiving the largest
incomes exceeded total saving by all spending units
—showing a sharp increase from three-fourths of
the total in 1948. The lowest decile dissaved an
amount equal to about one-third of total net saving in 1949 as compared with about one-sixth in
1948 (see Table 2).
The proportions of total net saving accounted
1
This is the fourth in a series of articles presenting the
results of the 1950 Survey of Consumer Finances sponsored
by the Board of Governors of the Federal Reserve System and
conducted by the Survey Research Center of the University
of Michigan. The first article in the series appeared in the
June BULLETIN and covered the general financial position and
economic outlook of consumers. The second article, devoted
to durable goods expenditures in 1949 and buying plans for
1950, appeared in the July BULLETIN, as did a special article
on the methods of the surveys. A subsequent issue of the
BULLETIN will contain an article analyzing changes in holdings of liquid and nonliquid assets and in consumer and
mortgage debt.
The present article was prepared by John A. Frechtling and
James H. Lorie of the Consumer Credit and Finances Section
of the Board's Division of Research and Statistics. The
authors have necessarily maintained a close working relationship with the staff of the Survey Research Center at all stages
of their work and in their analysis of survey tabulations have
had the benefit of many suggestions from the Center's staff,
particularly John B. Lansing, James K. Dent, and E. Scott
Maynes.
2
Although the change from 11 billion in 1948 to 9 billion
in 1949 is not statistically significant, the sequence of declines from 1947 through 1949 suggests that a steady decline
in saving has taken place.
NOVEMBER
1950
for by several occupational groups also varied from
1948 to 1949. The most striking change was
in the clerical and sales group, which accounted
for about 14 per cent of the total in 1949 as compared with only about 3 per cent in 1948. Farmers accounted for only about 7 per cent in 1949 as
compared with 18 per cent in 1948 (see Table 3).
A basic reason for the decline in the current rate
of saving in 1949 was the decrease in personal incomes from late 1948 until the latter part of 1949.
Nothwithstanding declines in incomes, consumers
maintained their expenditures at a high level and
purchased durable goods at a record pace. As a
consequence, the amount of saving declined and
dissaving became more frequent. Consumer expenditures were financed in part by a considerable
expansion of consumer indebtedness for the purchase of durable goods and by continued drawing
down of past accumulations of liquid assets. Thus
the use of large wartime savings and the availability of consumer credit moderated the economic
adjustment that occurred in 1949 by helping to
maintain consumer buying. Consumers as a group,
nevertheless, continued to save, i.e., to spend less
TABLE 1
SAVERS AND DISSAVERS; AGGREGATE AND MEAN SAVING,
1947-49
Item
Spending units (millions):
All units
Positive savers
Zero savers
Negative savers
Aggregate saving (billions of dollars):
Positive savers.
Negative savers.
1947
1949
1948
31
3
18
32
3
16
32
4
14
-14
-12
24
-10
-790
750
-800
790
-760
180
220
290
49
Net saving of all spending units (billions of
dollars)
Mean saving (dollars per spending unit):
Positive savers
Negative savers
Mean net saving of all spending units
(dollars)
NOTE.—-Details may not add to totals because of rounding.
1441
1950 SURVEY OF CONSUMER FINANCES
than their incomes, and to increase their assets
more than their liabilities.
As defined for purposes of the survey, saving
is the difference between current income and expenditures for current consumption. The Survey
of Consumer Finances estimates saving or dissav-
TABLE 2
PROPORTION OF TOTAL MONEY INCOME, POSITIVE SAVING, NEGATIVE SAVING, AND N E T SAVING ACCOUNTED FOR BY
EACH TENTH OF THE NATION'S SPENDING UNITS WHEN RANKED BY SIZE OF INCOME 1
Percentage of total accounted for by each tenth
Spending units
ranked according
to income
Highest t e n t h . . .
Second
Third .
Fourth
Fifth
Sixth
Seventh
Eighth
Ninth
Lowest tenth.
All units
2
Money ncome
Positive saving 3
Negative saving
4
Net saving
5
1949
1948
1947
1946
1949
1948
1947
1946
1949
1948
1947
1946
1949
1948
1947
1946
30
15
12
11
9
8
'31
15
12
10
9
33
15
12
10
9
7
32
15
12
10
9
7
47
15
10
8
7
5
45
15
11
8
7
5
52
14
8
7
6
5
44
15
12
8
6
5
9
9
8
8
10
8
14
11
9
9
7
9
6
12
7
11
11
13
105
26
13
8
1
6
6
6
4
4
4
9
5
3
1
4
3
1
5
3
1
2
2
2
2
1
4
2
1
1
3
2
1
9
7
23
8
8
17
7
12
13
—4
5
3
1
-6
-35
'78
19
15
6
6
2
—1
-3
'-5
-17
77
16
6
6
3
4
6
19
11
10
10
11
6
5
7
6
15
-2
-11
63
16
14
7
4
1
2
1
-3
-5
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
:
7
Q
2
T
1
Revised from data presented in the Federal Reserve BULLETIN, January 1950, Table 10, p. 23.
Income and saving data for the postwar years are based on interviews in January-March of each succeeding year. The figures in
this table cannot be used to measure precisely changes in income and saving because of the limited size of the sample. However, it is
believed that the data show with reasonable, accuracy the nature of certain broad changes which occurred in the pattern of income and
saving during these years. The surveys for 1946 through 1949 also differ somewhat in their definitions of saving, as discussed in Appendix
IJLO this
article.
2
Annual money income before taxes.
3
Positive saving comprises the saying of all spending units with money incomes in excess of expenditures.
4
Negative saving comprises the dissaving of all spending units with expenditures in excess of money income.
5
Net saving (plus or minus) is positive saving less negative saving for the combination of all units in each income decile.
6
Less than one-half of 1 per cent.
TABLE
3
PROPORTION OF POSITIVE, NEGATIVE, AND N E T SAVING ACCOUNTED FOR BY A G E AND
OCCUPATIONAL GROUPS, 1949
Proportion of population in specified group
AND
1948
Positive saving
Negative saving
Net saving
Characteristic of spending unit
1949
Age of head of unit:
18-24
25-34
35_44
45-54
55-64
10
-
1948
1949
1948
1949
1948
1949
11
21
22
20
15
11
4
19
28
27
16
6
(*)
8
23
29
18
11
10
1
10
27
24
16
13
10
-4
9
25
33
31
C1)
3
18
27
24
19
8
1
1948
^
Not ascertained.
23
22
18
14
12
1
(9
2
12
32
38
18
2
1
All ages
100
100
100
100
100
100
100
100
7
12
13
27
12
9
20
7
12
14
27
14
9
17
12
31
10
19
5
15
8
10
31
10
21
6
15
7
12
16
8
17
6
20
21
6
17
17
21
7
12
20
12
54
14
21
3
7
-11
15
45
3
21
5
18
-7
100
100
Occupation of head of unit:
Professional and semiprofessional
M^anasferial and self-emoloved
Clerical and sales
Skilled and semiskilled
Unskilled and service ^
Farm operator
All others 3
.
.
.
.
All occupations
Aggregate amount all groups (in billions). .
. . .
100
100
100
100
100
100
$23
$23
$14
$12
$9
$11
1
2
3
Less than one-half of 1 per cent.
In the 1949 Survey, farm laborers were classed as unskilled workers; in the 1950 Survey, they were placed in the "others" category.
Includes farm laborers (for 1949 only), students, housewives, protective workers, retired, and unemployed persons and those for
whom occupation was not ascertained.
1442
FEDERAL RESERVE BULLETIN
195 0 SURVEY OF CONSUMER FINANCES
ing for the individual units by ascertaining yearto-year changes in specific forms of assets and
liabilities. Saving, as thus defined, does not include increases in ownership of consumption goods
—not even those of a durable character such as
automobiles or furniture—although an increase in
indebtedness for the purchase of such goods is
counted as negative saving, which is deducted from
positive saving to obtain the figure of net saving.3
In almost all the major groups of spending units
—classified by income, occupation, or age—a majority saved in 1949. Only in those groups having
incomes of less than $2,000 did less than 50 per
cent save. The only group in which there were
more dissavers than savers consisted of those with
incomes of less than $1,000, and this group continued to have a large proportion of zero savers
(see Table 4). In 1949 as compared with 1948,
this income group contained a larger proportion of
spending units having negative incomes as a result
of business losses. The relative frequency of positive savers decreased, as compared with 1948, in
income groups below $3,000 but appears to have
increased somewhat in the two highest income
groups. Farm operators and unskilled and service
workers showed the greatest decrease in the frequency of saving among the occupational groups.
Saving and dissaving are reflected in changes
in various types of assets and liabilities. The principal types of changes are shown in Table 5. Over
three-fourths of all spending units engage in some
sort of contractual saving—such as insurance premiums, provision for retirement, and payments on
mortgages—which require substantial amounts of
regular saving. Another important form of saving is an increase in liquid assets—bank deposits
or Government securities. During both 1949 and
1948 the proportion of spending units reporting
reductions in liquid assets (nearly a third) exceeded
the proportion reporting increases (about a fourth),
TABLE 5
PERCENTAGE OF SPENDING UNITS REPORTING VARIOUS TYPES
O F ADDITIONS TO AND WITHDRAWALS FROM
SAVING, 1949 AND 1948
Type
Additions
to saving
1949
1948
10
12
Life insurance:
Payment of premiums
Full cash payment received
from policy
74
74
Liquid asset holdings:
Increases
Decreases
26
Withdrawals
from saving
1949
1948
30
24
3
A more detailed discussion of the survey's methods and
definitions is presented in Appendix I to this article.
TABLE 4
COMPARISON OF POSITIVE AND NEGATIVE SAVERS WITHIN
INCOME AND OCCUPATIONAL GROUPS, 1949 AND 1948
[Percentage distribution, of spending units within group]
Positivel
savers
Zero
savers
Groups of spending units
Negative
savers 2
1949 1948 1949 1948
All spending units
By income:
Under $1,000. . .
$l,000-$l,999
$2,000-$2,999..
$3,000-$3,999
$4,000-$4,999
$5,000-$7,499
$7,500 and over
By occupation of head of
unit:
Professional and semiprofessional
Managerial and self-employed
Clerical and sales
Skilled and semiskilled. . .
Unskilled and s e r v i c e . . . .
Farm operator
Retired
60
63
31
49
59
70
71
76
85
34
31
45
41
39
29
29
24
15
38
34
30
29
30
29
20
70
29
72
65
65
64
61
46
26
32
32
29
30
33
Consumer indebtedness:
Increases
Decreases
3
27
Real estate:
Purchases of homes for own
use (nonfarm)
Purchases of other real estate
(including farms)
Mortgages taken out for home
purchases
Mortgages on other real estate. .
Sales of houses, farms, and lots..
Payments on home mortgages
(including full payments)....
Home improvements
17
14
18
16
Retirement funds:
Payments to such funds
12
14
2
2
Securities transactions (excluding
Federal):
Increases in holdings
Decreases in holdings
Unincorporated business (excluding
farmers):
Profits left in business
Business loss
Personal investment in business.
Withdrawals of business investment
Farm equipment purchases
3
5
2
3
2
3
3
3
4
r
3
31
33
2
1
3
3
1
*-3
—
_
1
1
1
1
1
1
4
1
2
Spending units with money incomes in excess of expenditures.
Spending units with expenditures in excess of money incomes.
3 Less than one-half of 1 per cent.
NOVEMBER 1950
r
Revised.
1443
1950 SURVEY OF CONSUMER FINANCES
but the total dollar volume of liquid assets held
by consumer spending units showed little change.4
AMOUNT OF SAVING
Estimates of aggregate current saving by households have shown a steady drift downward in the
postwar years.5 While the differences between any
two successive years have not been statistically
significant, the change in net saving from 14 billion dollars in 1947 to 9 billion dollars*in 1949
indicates a substantial decline in total consumer
saving (see Table 1). This change probably proceeded steadily throughout the period.
The relative importance of the top income decile
in contributing to total consumer saving increased
sharply in 1949. This decile accounted for somewhat more than the total amount of net saving in
1949 as compared with about three-fourths of the
total in 1948 (see Table 2). In 1949, positive
saving exceeded negative saving in the top five
income deciles, a smaller number than had been
shown by any previous survey. The lowest income
decile dissaved on balance in 1949. The dissaving
of this group, equivalent to about one-third of total
consumer saving in 1949, was much larger than
in other postwar years. The increased dissaving of
this decile is accounted for in part by the rise in
frequency of negative incomes from a negligible
proportion to about 1 per cent of the population.
The proportion of net saving accounted for by
farm operators was half as great in 1949 as in 1948
(see Table 3), due to an increase in dissaving. Both
the managerial and self-employed and the clerical
and sales groups accounted for much larger percentages of total net saving in 1949 than in 1948.
CAUSES OF SAVING AND DISSAVING
Information provided by the Survey of Consumer Finances facilitates the analysis of saving
by isolating the individual spending units in which
decisions are made and by indicating to some extent the factors determining those decisions and
their consequences.
4
A forthcoming article in the Federal Reserve BULLETIN
will deal primarily with changes in the amount and distribution of various kinds of assets and liabilities.
5
Survey estimates of means and aggregates are subject to
greater sampling error than estimates of medians and frequencies. See "Methods of the Survey of Consumer Finances,"
Federal Reserve BULLETIN, July 1950, pp. 802rL Comparisons of the survey's estimate of aggregate saving with outside
data should be made with caution, for differences in definitions may afTect not only the magnitude but also the direction
of change of various saving estimates. See Appendix I
to this article.
1444
Income change. Change in income is one of the
basic influences on the proportion of savers and
dissavers. About 25 per cent of all spending units
received smaller incomes in 1949 than in 1948.
In 1948 about 20 per cent obtained less than their
1947 incomes.6
Of the spending units having reduced incomes
in 1949 about as many were savers as were dissavers (see Tables 6-8), but the frequency of
savers in this group was appreciably less than in
1948. Of spending units showing increases or no
change in income, over 60 per cent were savers
and 30 per cent were dissavers. Apparently the
fact that income reductions were more frequent
in 1949 than in 1948 accounts in part for the lesser
frequency of saving in 1949.
TABLE 6
PERCENTAGE OF SPENDING UNITS WITH SPECIFIED CHANGES
IN INCOME HAVING POSITIVE, ZERO, AND
NEGATIVE SAVING, 1949 AND 1948
Change in
income
Large increase. .
Small increase. .
No change
Decline
Positive saving
Zero saving
Negative saving
1949
1948
1949
1948
1949
1948
62
66
61
48
63
67
64
56
2
4
12
8
5
5
9
4
31
30
27
44
32
28
27
40
Another point of interest is that the group having
reduced incomes saved less frequently in 1949 than
in 1948. A possible explanation is that a reduction in income was more often unexpected in 1949
than in 1948, and that as a consequence spending units more frequently maintained consumption
when their incomes fell in 1949 than in 1948.
Income reductions of many sorts are often anticipated and discounted.
Voluntary retirement,
superannuation, reduced rates of work for older
professional workers, etc., probably account for
many reductions of this kind regardless of general
economic conditions. Income reductions because
of economic readjustments of the kind widely experienced in 1949 are probably less often anticipated
and discounted, and may account for the relatively
heavy impact of income reduction on saving in 1949
as compared to 1948.
Purchases of durable goods. Purchases of automobiles and other durable goods are the least stable
of consumer expenditures. Increased purchases of
6
"The Distribution of Consumer Income in 1949," Federal
Reserve BULLETIN, August 1949, Table 3, p. 952.
FEDERAL RESERVE BULLETIN
1950 SURVEY OF CONSUMER FINANCES
TABLE 8
TABLE 7
POSITIVE SAVERS AS A PERCENTAGE OF A L L SPENDING U N I T S
NEGATIVE SAVERS AS A PERCENTAGE OF A L L SPENDING U N I T S
HAVING SPECIFIED CHARACTERISTIC AND SPECIFIED
HAVING SPECIFIED CHARACTERISTIC AND SPECIFIED
CHANGE IN INCOME, 1949 AND 1948
x
CHANGE
IN
Change in income from 1948 to 1949,
and 1947 to 1948
Characteristic of
spending unit
Decline2
1949 1948
All spending units. . 48
Income:
Under $1,000
$l,000-$l,999
$2,000-42,999. • . . . . . .
$S,000-$3,999
$4,000-44,999
$5,000 and over
Occupation of head of
unit:
Professional and semiprofessional
Managerial and selfemployed
Clerical and sales
Skilled and semiskilled
Unskilled and service.
Farm operator. . . . . . .
Retired
,
Age of head of unit:
18-24
25-34..?
35-44..
45-54.,
55-64....
65 and over.;.
56
No
change3
Large
Small
increase4 increase5
INCOME,
67
62
63
34
61
61
72
61
75
70
63
63
62
69
57
61
68
64
AND 1948 *
Change in income from 1948 to 1949,
and 1947 to 1948
Characteristic of
spending unit
Decline2
1948 1949 1948 1949 1948
64
1949
No
change3
Large
Small
increase4 increase5
1949 1948 1949 1948 1949 1948
All spending units. .
Income:
Under $1,000
$1,000-$l,999
$2,000-$2,999
$3,000-$3,999
$4,000-14,999
$5,000 and over
Occupation of head of
unit:
Professional and semiprofessional
Managerial and selfemployed
Clerical and sales
Skilled and semiskilled
Unskilled and service.
Farm operator
Retired
Age of head of unit:
18-24
25-34
35-44
45-54
55-64
65 and over
40
27
27
30
28
31
32
32
29
35
26
39
25
30
30
33
29
21
33
37
29
31
1
information is furnished only for groups of 65 jorrnore having
given
change in income and specified characteristic.
2
Decline
of 5 per cent or more.
8
Less
than 5 per cent of change.
4
Increase
of 5 to 24 per cent.
5
Increase of 25 per cent or more.
6
Not shown since number of cases is less than ,65.
1
Information is furnished only for groups of 65 or more having
given
change in income and specified characteristic.
2
Decline
of 5 per cent or more.
3
Less than 5 per cent of change.
4
Increase
of 5 to 24 per cent.
5
Increase of 25 per cent or more.
6
Not shown since number of cases is less than 65.
these items, unless offset by reduction of other expenditures and/or increases of income, may reduce the numbers of savers. In 1949, although a
year of some downward economic readjustments,
purchases of automobiles and other durable goods
reached record levels.7 These increased purchases,
although apparent among both savers and dissavers, were more numerous in the latter group
(see Table 9). Almost two-thirds of all dissavers
purchased some type of durable good, while less
than one-half of all positive savers made such
purchases. These purchases apparently moved
many spending units into the dissaving category.
Funds for the purchase of durable goods often
come from a reduction in liquid assets and/or the
assumption of consumer indebtedness—both of
which are considered to be dissaving.8 In 1949,
adding to consumer indebtedness became more
important as a form of dissaving. About 29 per
cent of all spending units increased their consumer
indebtedness in 1949 as compared to 24 per cent
in 1948 (see Table 10). About one-half of the
dissavers increased their consumer indebtedness;
only about one-fifth of the savers reported such
changes (see Table 11).
Spending units headed by persons under 44 years
of age purchased durable goods more frequently
than spending units headed by older persons.9 This
is easily explained by the greater rate of household formation in the younger groups. As would
be expected, the greater frequency of durable goods
7
See "Purchases of Houses and Durable Goods in 1949 and
Buying Plans for 1950," Federal Reserve BULLETIN, July
1950, pp. 780ff.. and "Distribution of Consumer Income in
1949," Federal Reserve BULLETIN, August 1950, pp. 948fT.
NOVEMBER 1950
8
In survey data, consumer indebtedness includes all forms
of spending-unit debt other than charge accounts and debt
incurred in financing real estate transactions.
9
"Purchases of Houses and Durable Goods in 1949 and
Buying Plans for 1950," Federal Reserve BULLETIN, July
1950, pp. 780fT., especially Tables 10, 12, and 13.
1445
1950 SURVEY OF CONSUMER FINANCES
Reduction of liquid assets lost some of its earlier
importance as a form of dissaving in 1949, apparently because of the prior exhaustion of holdings and also the easing of credit terms. In the
immediate postwar period, use of liquid assets,
which had increased so tremendously during the
purchases in the younger group was accompanied
by a greater frequency of increased consumer indebtedness. About 4 in 10 of the younger group
increased their obligations in 1949 as compared
to little more than 2 in 10 in the older group (see
Table 12).
TABLE
9
EXPENDITURES FOR AUTOMOBILES AND O T H E R SELECTED DURABLE GOODS W I T H I N SAVING GROUPS, 1949
Positive savers 2
Expenditures for
automobiles and
other selected
durable goods
$500 and
over
All
AND 1948 *
Negative savers 3
$100-1499
$l-$99
Zero
savers
AH
$l-$99
$500 and
over
$100-$499
1949
No expenditures
53
47
54
63
86
33
43
34
27
Expenditures
46
53
45
36
14
66
56
66
72
$l-$99
$100-$499
$500 and over
7
24
15
5
25
23
8
24
13
9
20
7
9
4
1
7
24
35
14
30
12
6
34
26
3
12
57;
Not ascertained.
1
100
(4)
1
1
1
1
100
100
100
100
100
100
47
59
68
81
40
55
41
31
53
40
32
19
59
45
59
68
100
100
No expenditures
57
Expenditures
43
All units
•(*)
1
1948
Not ascertained
All units
Number of cases, 1949
Number of cases, 1948
(4)
(4)
(4)
100
100
100
100
100
2,010
2,110
878
872
699
765
433
473
184
196
1
(4)
(4)
100
100
100
100
1,147
1,018
222
206
442
370
483
442
1
1
1
Expenditures for automobiles are net of trade-in allowances, in both years. Expenditures for other durable goods are net of trade-in
allowances in 1949 but gross in 1948. This discrepancy does not affect the comparability of the frequency of purchases in the two years,
although
there is no basis for comparison of amounts expended.
2
Spending units with money income in excess of expenditures.
3
Spending
units with expenditures in excess of money incomes.
4
Less than one-half of 1 per cent.
TABLE
10
CHANGE IN CONSUMER INDEBTEDNESS OF SPENDING U N I T S WITHIN INCOME GROUPS, 1949
x
AND 1948
[Percentage distribution of all spending units within income groups]
*
Total
Decrease
Income
grouping
Number of cases
No change
Increase
Not ascertained
Per cent
1949
1948
1949
1948
1949
1948
1949
1948
1949
1948
1949
AH spending units 3,512
3,510
100
100
10
12
60
63
29
24
1
1
416
571
722
686
416
408
262
100
100
100
100
100
100
100
100
100
100
100
100
100
100
5
10
11
11
15
10
6
5
11
13
13
14
16
12
74
62
54
55
46
56
81
68
61
56
55
56
67
20
27
34
33
38
33
19
14
21
25
30
30
26
20
I
1
1
1
1
1
1
(2)
(2)
Under $1 000
$l,000-$l,999
$2,000-$2,999
$3,000-$3,999
$4,000-$4,999
.
$5,OOO-$7,499
$7,500 and over. . .
479
604
672
615
397
-437
269
74
1948
1
1
2
1
1
Includes debt arising from instalment purchases of consumer goods and from instalment and single payment loans granted by banks,
small2 loan companies, and other lending agencies.
Less than one-half of 1 per cent.
1446
FEDERAL RESERVE BULLETIN
1950 SURVEY OF CONSUMER FINANCES
T A B L E 11
CHANGE IN CONSUMER INDEBTEDNESS OF SPENDING U N I T S
W I T H I N SAVING GROUPS, 1949 *
[Percentage distribution of spending units, within saving groups]
Positive
savers
Change in
indebtedness
Decrease
$1,000 and o v e r . . .
$500-$999
$200-$499
$1-$199
....
No change
Increase
$1-$199
$200-$499
$500-$999.
...
$1,000 and o v e r , . .
Negative
savers
$500
and
over
$100$499
$1$99
19
15
8
4
5
6
4
4
11
1
$500
and
over
$1$499
5
1
64
62
16
23
9
3
2
2
15
5
2
1
7
69
39
46
56
52
1
1
30
20
5
1
6
11
18
17
1
100
too
100
100
100
100
699
433
184
664
483
All units
Change in
liquid assets
2
Number of c a s e s . . . . 878
Increase.,
$1,000 and over. ..
$500-$999
$200-$499
$1-$199
No change..
Decrease
1
Includes debt arising from instalment sales of consumer goods
and from instalment and single payment loans granted by banks,
small loan companies, and other lending agencies. For comparable 1948 data, see Table 12, Federal Reserve BULLETIN.
January
1950, p. 26.
2
Less than one-half of 1 per cent.
$1-$199
$200-$499
$500-$999
$1,000 and o v e r . . .
Not ascertained
All units
T A B L E 12
CHANGE
N u m b e r of c a s e s . . . .
IN CONSUMER INDEBTEDNESS O F SPENDING
W I T H I N A G E GROUPS, 1949
1
Age of head of spending unit
All
spend65
ing
units 18-24 25-34 35-44 45-54 55-64 and
over
10
7
14
10
9
9
1
1
3
5
1
1
2
3
1
2
4
7
1
1
2
6
1
1
2
5
2
1
2
4
No c h a n g e
59
55
45
50
64
72
Increase
30
37
40
39
26
18
14
8
4
4
20
10
4
3
19
9
7
5
17
11
6
5
11
8
3
4
10
4
3
1
Decrease
$1,000 and over..
$500-$999
$200-$499
$1-$199
$1-$199
$200-$499
$500-$999
$1,000 and over..
Not ascertained..
4
(
i
2
88
7
4
1
1
1
1
1
1
1
1
1
1
100
100
100
100
100
100
100
Number of cases... 3,512
342
779
777
670
495
419
All units
1
Includes debt arising from instalment purchases of consumer
goods and from instalment and single payment loans granted by
banks, small loan companies, and other lending agencies.
Less than one-half of 1 per cent.
NOVEMBER 1950
Negative
savers
Zero
savers
$500
and
over
$100$499
$1$99
59
47
28
14
16
11
18
1
2
14
30
(2)
18
$1$499
$500
and
over
2
13
18
1
26
2
1
(2)
2
10
5
2
3
8
33
57
94
36
15
22
20
15
3
51
67
8
4
3
7
9
5
2
4
8
3
2
2
1
2
17
23
6
5
5
12
20
30
1
(2)
(2)
1
100
100
100
100
100
100
878
699
439
184
664
483
(2)
UNITS
[Percentage distribution of spending units within age groups]
Change in
indebtedness
1
Positive
savers
1
97
22
15
5
1
1
13
[Percentage distribution of spending units within saving groups]
1
1
3
1
TABLE
CHANGE IN LIQUID ASSET HOLDINGS OF SPENDING U N I T S
W I T H I N SAVING GROUPS, 1949
2
1
1
Not ascertained
Zero
savers
war, was quite prevalent when purchasing automobiles and other durable goods. This tendency was
still strong in 1949 as about two-thirds of the dissavers of $500 or more reduced their liquid asset
holdings (see Table 13). However, in 1948 about
three-fourths of this group of dissavers reduced
such holdings.
1
Liquid assets include all types of U. S. Government bonds,
savings accounts, and checking accounts. For comparable 1948
data,
see Table 13, Federal Reserve BULLETIN, January 1950, p. 26.
2
Less than one-half of 1 per cent.
Contractual saving. In analyzing the determinants
of saving, sources of stability are as important as
sources of change. Many consumers have longterm contractual arrangements for saving that
limit yearly fluctuations in the amount they save.
Insurance premiums, payments to retirement funds,
and payments on mortgages are the contractual
arrangements which are included as "additions to"
saving in the survey's computation. Contractual
arrangements of shorter duration, such as instalment contracts for the purchase of automobiles,
may not, because of their brevity, have the same
stabilizing effect on saving.
Nearly three-fourths of all spending units had
some contractual saving in 1949. This was about
the same proportion as in 1948 and, as in that year,
contractual saving was somewhat more frequent
among spending units which saved on balance
than among those which dissaved on balance.
1447
1950 SURVEY OF CONSUMER FINANCES
About 7 in every 10 dissavers and more than 8
in 10 savers had some long-term contractual saving in 1949 (see Table 14).
TABLE 14
CONTRACTUAL SAVING OF SPENDING UNITS WITHIN SAVING
GROUPS, 1949 X
[Percentage distribution of spending units within saving groups]
Positive
savers
Contractual
saving
$1$99
$100$499
$1$499
$500
and
over
[Percentage distribution of spending units within quintiles]
Spending units ranked
according to income
10
12
17
95
30
28
Contractual saving.
90
88
83
5
70
72
$1-$199
$200-$499
$500-$999
$l,000-$l,999
$2,000 and over. . .
Amount not
ascertained
33
25
20
7
3
47
33
5
1
(2)
72
7
2
1
3
1
53
14
2
(2)
42
18
7
2
1
2
1
1
2
:
2
Not ascertained
Number of cases
TABLE 16
POSITIVE AND NEGATIVE SAVERS WITHIN INCOME 1 QUINTILES *
No contractual
saving
All units
One of the principal contributions of the Survey
of Consumer Finances is information about the
distribution of income, expenditures, and saving
among various groups of spending units. Changes
in the frequency of saving and dissaving within
occupational groups are shown in Table 4, and
Negative
savers
Zero
savers
$500
and
over
CHARACTERISTICS OF SAVERS AND DISSAVERS
(2)
1
2
2
()
()
100
100
100
100
100
100
878
699
433
184
664
483
1
Contractual saving includes premium payments on life insurance policies, mortgage payments on residences and other real
estate, and payments t o retirement funds. For comparable 1948
data,
see Table 14, Federal Reserve BULLETIN, January 1950, p. 26.
2
Less than one-half of 1 per cent.
Contractual savers constitute a larger proportion
of the upper income quintiles than of the lower
ones. Over 90 per cent of the uppermost quintile
had contractual saving arrangements in 1949 in
contrast to about 50 per cent of the consumers in
the lowest quintile (see Table 15).
TABLE 15
CONTRACTUAL SAVING WITHIN 1949 INCOME QUINTILES
All
units
Positive2
savers
Zero
savers
Negative
savers 3
100
100
100
100
100
60
63
64
65
62
6
6
8
8
5
34
31
9
8
27
33
Highest quintile:
1949 .
1948
1947
1946
1941
100
100
100
100
100
78
74
77
85
80
Second:
1949
1948
1947
1946 .
1941
100
100
100
100
100
Third:
1949
1948
1947
1946
1941
All units:
1949
1948
1947
1946
1941
...
(4)
22
26
23
15
20
70
69
67
75
69
1
1
2
3
1
29
30
31
22
30
100
100
100
100
100
64
66
68
61
66
1
3
3
3
1
35
31
29
36
33
Fourth:
1949
1948
1947
1946 .
1941
100
100
100
100
100
50
61
61
61
57
7
7
9
10
5
43
32
30
29
38
Lowest quintile:
1949
1948
1947
1946
1941
100
100
100
100
100
37
44
47
43
38
21
20
24
23
19
42
36
29
34
43
(4)
C4)
[Percentage distribution of spending units within quintiles]
Contractual savings
No contractual saving
Contractual saving. .
$1-$199
$200-$499
$500-$999
$1,000 and over
Amount not ascertained
Not ascertained
All units
1
Highest Second
quinquintile
tile
Fourth
quintile
Lowest
quintile
6
9
15
31
52
93
28
31
19
12
91
43
32
11
3
85
58
19
4
1
69
54
9
3
0)
47
41
3
1
C1)
3
2
3
1
C1)
100
100
Less than one-half of 1 per cent.
1448
Third
quintile
3
0)
100
100
2
1
100
1
Income and saving data for the postwar years are based on the
annual Surveys of Consumer Finances which are made in the first
quarter of the year succeeding that for which data is given. The
1941 data are estimated from information obtained in Family
Spending and Saving in Wartime (Bureau of Labor Statistics,
Bulletin
No. 822), April 1945.
2
Spending units with money incomes in excess of expenditures.
3
Spending
units with expenditures in excess of money incomes.
4
Less than one-half of 1 per cent.
NOTE.—The figures in this table cannot be used to measure
precise changes in the relation of saving to income. However,
it is believed that the data show with reasonable accuracy the nature
of certain broad changes which occurred in the pattern of income
and saving during these years.
The 1941 data were obtained by a process of freehand graphic
interpolation of cumulative frequency distributions based on data
for various income size groups.
The survey covering 1941 and the surveys covering 1946 through
1949 differed somewhat in their definitions of money income,
saving, and the spending unit, in the universe covered, as well as in
sampling methods. The surveys for 1946 through 1949 also differed somewhat in their definitions of saving, as discussed in
Appendix I to this article.
FEDERAL RESERVE BULLETIN
1950 SURVEY OF CONSUMER FINANCES
additional data are given in supplementary tables
at the end of this article.10 The marked rise in
the proportion of farm operators who dissaved
in 1949 as compared with 1948 followed from
increased frequency of declining incomes in 1949
and from maintenance of a high rate of purchasing durable goods. The unskilled and service
workers also were more frequently dissavers in
1949 than in 1948, probably as a result of unfavorable movements of their incomes and also
because of durable goods purchases. The sample
data fail to indicate statistically significant movements for other occupational groups between 1948
and 1949.
Changes between 1948 and 1949 in the frequency
of saving and dissaving within various income
groups conform to expectations based on movements of incomes and activity in the markets for
durable goods, especially for automobiles. In
general, statistically significant increases occurred
in the frequency of dissaving within the groups
10
Data relating to the income changes and durable goods
expenditures of various occupational and income groups in
1949 are found in "Purchases of Houses and Durable Goods
in 1949 and Buying Plans for 1950," Federal Reserve BULLETIN, July 1950, pp. 780fif., and in "Distribution of Consumer Income in 1949," Federal Reserve BULLETIN, August
1950, pp. 948ff.
having incomes less than $3,000 (see Table 4).
These same groups expanded their purchases of
automobiles in 1949. Declines in income also
were more frequent in these groups than in the
higher income groups.
For comparisons over more extended periods of
time, distributions of savers and dissavers within
income quintiles are preferable to those within
income groups in order to avoid the effects of
general changes in the price level. With each postwar year, the proportion of dissavers in the population has increased, but the movements within
individual income quintiles have not always conformed to this general movement. In general,
the increased tendency to dissave appears to have
begun in the upper income quintiles and spread
in succeeding years to lower ones (see Table 16).
Thus, between 1946 and 1947, the data indicate
that dissaving became more prevalent among spending units in the upper two income quintiles. However, between 1948 and 1949 significant increases
of dissavers are found only in the lower two quintiles.
While the data for 1941 are based on a study
varying somewhat from the Survey of Consumer
Finances in its methods and definitions, they fur-
TABLE 17
DISTRIBUTION OF POSITIVE AND NEGATIVE SAVERS ACCORDING TO RELATION OF SAVING TO INCOME
BY INCOME GROUPS OF FAMILY UNITS, 1949
[Percentage distribution of family units within income groups]
Family income groups 1
Positive and negative savers
Positive savers—total
Percentage of income saved:
50 and over
•
30-49
20-29
10-19
1-9
. .
...
Zero savers—total
Negative savers—total3
Dissaving as a percentage of income:
1-9
10-24
25 and over
All family units
Number of cases
1
2
3
All
groups
Under
$1,000
$1,000$1,999
$2,000$2,999
$3,000$3,999
$4,000$4,999
$5,000$7,499
$7,500
and over
60
26
47
58
69
69
72
81
3
7
8
15
27
3
3
3
4
13
3
6
3
6
29
3
5
8
13
29
2
7
8
20
32
4
8
9
21
27
2
9
14
18
29
11
15
14
23
18
6
34
9
2
1
(2)
1
34
40
44
40
30
31
27
19
13
9
12
5
7
28
16
10
18
17
11
12
14
9
7
16
8
7
12
9
6
11
4
4
100
100
100
100
100
100
100
100
3,069
376
417
513
549
378
503
333
Based on 1949 money income before taxes.
Less than one-half of 1 per cent.
Family units with expenditures in excess of money income.
NOVEMBER 1950
1449
1950 SURVEY OF CONSUMER FINANCES
nish the best available indication of the prewar differ appreciably between the 1941 and 1949 data
relation of income to saving.11 The relative fre- .which relate to the entire population. Differquencies of savers, zero savers, and dissavers do not ences within income deciles are somewhat more
marked. Because of differences in the techniques
11
of the two surveys, however, the criteria used in
The 1941 data are from Family Spending and Savings
in Wartime (Bureau of Labor Statistics, Bulletin No. 822),
evaluating differences of various data obtained by
April 1945. These data resulted from a survey conducted
the
Survey of Consumer Finances cannot be apjointly by the Bureau of Labor Statistics and the Bureau of
plied to differences between the 1941 and 1949
Human Nutrition and Home Economics, Department of
Agriculture. This survey and the Survey of Consumer
data. However, the 1949 data conform more
Finances differ slightly in their definitions of saving, income,
closely to the prewar data than do the data oband the spending unit, in the population sampled, and in
tained in the immediate postwar years.
sampling methods.
TABLE
18
PERCENTAGE OF INCOME SAVED OR DISSAVED BY SPENDING U N I T S W I T H I N S P E C I F I E D GROUPS,
1949
[Percentage distribution of spending units within groups]
All cases
Groups of spending units
All spending units.
By income before taxes:
Under $1,000
$l,000-$l,999
$2,000-$2,999
$3,000-$3,999
$4,000-$4,999
$5,000-17,499....
$7,500 and over
Percentage of income saved
Per
Positive
savers1
3,512
100
60
479
604
672
615
397
437
269
100
100
100
100
100
100
100
31
49
59
70
71
76
85
3
2
3
2
3
3
16
4
6
5
6
10
13
17
287
466
486
895
344
410
180
100
100
100
100
100
100
100
69
71
65
64
55
55
50
3
7
2
1
2
13
2
10
14
6
4
5
14
7
1,157
494
759
493
609
100
100
100
100
100
62
62
62
55
54
342
779
777
670
495
419
100
100
100
100
100
100
49
59
62
66
64
53
2,939
442
131
100
100
100
61
58
44
Number
50
and
over
30-49 20-29 10-19
1-9
15
27
4
4
9
9
9
14
16
5
7
14
20
23
20
19
15
30
29
33
26
26
17
12
12
8
9
6
9
6
19
18
18
18
11
8
6
25
20
31
32
31
11
29
16
16
15
13
9
30
29
27
26
19
11
16
15
17
14
9
26
26
28
28
27
24
15
14
26
28
28
NegZero ative
savers savers1
Percentage of
income dissaved
1-9
34
13
24
10
2
1
45
41
39
29
29
24
15
5
16
17
13
13
10
7
2
1
4
2
9
3
24
29
27
31
34
36
42
26
10
8
15
16
17
35
30
32
38
38
15
11
13
14
7
9
3
2
4
6
19
42
38
36
30
30
28
17
17
14
10
5
9
17
34
33
39
12
13
14
10-24
25
and
over
13
2
By occupation of head of unit: 4
Professional and semi professional..
Managerial and self-employed....
Clerical and sales
Skilled and semiskilled
Unskilled and service
Farm operator
Retired
By type of community:
Metropolitan 5 .
City, 50,000 and over
Town, 2,500-50,000
Town, under 2,500.
Open country
By age of head of unit: 6
18-24
25-34
35-44
45-54
55-64
65 and over
By type of spending unit: 7
Primary
Related secondary.
Unrelated secondary
6
8
7
5
10
7
8
7
9
11
9
8
8
10
9
9
9
3
32
17
12
7
7
5
5
11
12
10
11
28
18
11
12
10
15
23
10
9
10
7
8
4
15
12
12
13
14
19
7
12
14
13
13
1
Positive savers are spending units with money incomes in excess of expenditures and negative savers (dissavers) are spending units
with 2expenditures in excess of money incomes.
Excludes
spending units for which saving was not ascertained and thus adds to less than 3,512 cases.
3
Less than one-half of 1 per cent.
4
Excludes spending units for which occupation of head was not ascertained and also spending units headed by housewives, students,
unemployed
persons, and farm laborers; totals less than 3,512 cases.
5
The 12 largest cities in the United States and their suburbs.
5
Excludes cases where age of head of spending unit was not ascertained and thus adds to less than 3,512 cases.
7
"Primary" describes every spending unit that is the sole or chief component of a dwelling unit; "related secondary" describes any
spending unit related by blood, marriage, or adoption to a primary unit and forming part of the same dwelling unit; "unrelated secondary"
describes spending units such as roomers and domestic help that are unrelated to a primary spending unit but are part of the same dwelling
unit.
1450
FEDERAL RESERVE BUIXETEN
1950 SURVEY OF CONSUMER FINANCES
TABLE 19
TABLE 20
DISTRIBUTION OF MONEY INCOME, TAXES, DISPOSABLE INCOME,
EXPENDITURES FOR SELECTED DURABLE GOODS AND FOR
OTHER CONSUMER GOODS, AND N E T SAVING
BY INCOME QUINTILES, 1949
MEDIAN INCOME, SAVING, AND PERCENTAGE OF INCOME
SAVED BY SPENDING UNITS WITHIN INCOME QUINTILES, 1949
Spending units
ranked according to income x
Total
Total
Total
dismoney Fedposaperincome sonal
ble
before income
intaxes
tax 2 come 3
Total
selected
durable
goods ;i
expenditures 4
Total
other Total
connet
sumer savexpendi- ing
tures 5
Highest quintile.
Second
Third
Fourth
Lowest quintile.
45
23
17
11
4
68
17
9
5
1
43
24
17
12
4
41
23
18
12
6
38
24
18
13
7
131
21
1
-12
-41
All quintiles. .
100
100
100
100
100
100
Median percentage of
income saved
Spending units ranked
according to income
Median
income
Median
saving
Highest quintile
Second..... . .
Third.
Fourth
Lowest q u i n t i l e . . . . . . . . .
$5,800
3,760
2,700
1,810
710
$706
217
94
11
5
1
$2,700
$59
1
[Percent]
All units
1
*For comparable 1948 data, see Table 3, Federal Reserve
BULLETIN,
January 1950, p. 17.
2
For each income quintile and for all units as a group, the
median percentage of income saved was obtained by ranking
spending units from the highest percentage of income dissaved in
descending order to zero and then in ascending order to the highest
percentage of income saved. The median percentage sayed was
that of the middlemost unit in this ranking.
Footnotes to Table 19 cont.
5
Covers expenditures for all goods and services not included
in selected durable goods (see footnote 4). Includes food, housing,
clothing, medical care, transportation, recreation, education, and
State and local taxes, as well as expenditures for durable goods such
as floor coverings, jewelry, fur coats, and other miscellaneous
durable items. Since these estimates are residual items, they should
not be regarded as being as reliable as the other, directly estimated items.
NOTE.—For comparable 1948 data, see Federal Reserve BULLETIN, January 1950, Table 17, p. 29.
1
2
Annual money income before taxes in 1949.
Estimated Federal personal income tax liability, apart from
capital
gains and losses.
3
Disposable income is defined as money income less estimated
Federal
personal income tax liability.
4
Includes automobiles, furniture, radios, television sets, and
household appliances such as refrigerators, ranges, washing machines, and other miscellaneous appliances. Expenditures for
automobiles are net of trade-in allowances.
TABLE
21
O T H E R CONSUMER EXPENDITURES AS A PERCENTAGE OF DISPOSABLE INCOME OF D I F F E R E N T INCOME GROUPS, 1949
AND
1948
{Percentage distribution of spending units within disposable income groups]
Expenditures as a percentage
of disposable income *
Under 50
50-59
60-69
70-79
80-89
90-99
100 and over
Total
...
$1,000$1,999
Under
$1,000
1949
1948
9
4
7
8
5
$2,000$2,999
$4,000$4,999
$3,000$3,999
$5,000$7,499
$7,500
and over
1949 1948 1949 1948 1949 1948 1949 1948 1949 1948 1949 1948 1949 1948
13
1
3
6
7
17
49
4
6
3
3
4
7
22
48
7
6
3
4
3
5
7
14
30
31
4
4
8
14
31
33
3
6
4
7
15
20
27
17
4
6
4
7
12
15
31
19
6
6
5
8
14
25
27
12
3
7
5
9
7
7
17
23
23
10
4
12
6
12
17
24
22
5
6
11
14
26
23
7
100
100
100
100
100
100
100
100
100
100
100
100
. . . . . . . . . 3,512 3,510
489
424
672
656
750
800
619
672
413
401
. . . . . *
Number of cases
Disposable income group
All
spending
units
9
13
17
28
17
4
8
16
20
22
10
6
14
7
16
98
25
12
21
7
14
11
18
15
9
9
17
8
9
7
13
100
100
100
100
326
328
196
197
14
18
18
12
9
8
8
12
14
9
12
17
1
Other consumer expenditures were estimated by deducting from the money income reported by each spending unit in the survey
the total of its selected durable goods expenditures, net saving and Federal income tax liability. The residual thus includes expenditures
for food, housing, clothing, medical care, other living costs, State and local taxes, recreation, and education, as well as expenditures for
durable goods such as floor coverings, jewelry, fur coats, and other miscellaneous durable goods; it excludes expenditures for automobiles,
furniture, radios, television sets, and household appliances such as refrigerators, ranges, washing machines, and other miscellaneous
appliances.
2
Disposable income is defined as money income less estimated Federal personal income tax liability. Details of its derivation for
this survey are given in the Federal Reserve BULLETIN, August 1950, pp. 961-62.
NOTE.—Details may not add to 100 because of rounding.
NOVEMBER 1950
1451
1950 SURVEY OF CONSUMER FINANCES
T A B L E 22
PROPORTION OF MONEY INCOME ALLOCATED TO TAXES, EXPENDITURES FOR SELECTED DURABLE GOODS AND FOR O T H E R
CONSUMER GOODS, AND SAVING, BY SPENDING U N I T S WITHIN INCOME Q U I N T I L E S , 1949 AND 1948
Type of expenditure or saving
All spending
units
1949
Federal income tax *
Automobiles and other selected
durable goods ^
Other consumer expenditures 3 . . .
Net saving
Total...
1948
Expenditure as a percentage of aggregate income of each quintile
Lowest quintile Second quintile
1949
1948
1949
1948
Third quintile
1949
1948
Fourth quintile Highest quintile
1949
1948
1949
1948
8
9
2
1
4
4
5
5
6
6
12
13
11
76
5
9
•75
7
16
139
-57
8
122
-31
11
91
-6
8
90
-2
11
84
(4)
9
83
3
10
79
5
10
r79
«"5
9
63
16
8
65
14
100
100
100
100
100
100
100
100
100
100
100
100
r
1
2
Revised.
Estimated Federal personal income tax liability on income, apart from capital gains and losses.
Includes automobiles, furniture, radios, television sets, and household appliances such as refrigerators, ranges, washing machines,
vacuum cleaners, home freezers, and other miscellaneous appliances. Expenditures for automobiles are net of trade-in allowances m
both 3 years; expenditures for other durable goods are net of trade-in allowances in 1949 but gross in 1948.
Covers expenditures for all goods and services not included in selected durable goods (see footnote 2). Includes food, housing,
clothing, medical care, other living costs, State and local taxes, recreation, transportation and education, as well as expenditures for durable
goods4 such as floor coverings, jewelry, fur coats, and other miscellaneous items.
Less than one-half of 1 per cent.
APPENDIX I
COMPUTATION OF SAVING IN THE SURVEY OF CONSUMER FINANCES
The Survey of Consumer Finances derives its
estimate of the net saving of individual spending
units by summing directly estimated components.
Some estimates of total saving, for example that
of the National Income Division of the Office of
Business Economics, United States Department of
Commerce, are computed as residuals from national
aggregates. In these cases, estimates of consumer
expenditures are deducted from estimates of disposable income to obtain saving. However, the
survey's emphasis on the various types of asset
holdings and on changes in these holdings makes
possible a direct, rather than a residual, estimate.
The definition of saving used in the Survey of
Consumer Finances also diflers in various respects
from the definition of personal saving in the National Income series of the United States Department of Commerce. Among the chief differences
are the inclusion, by the survey, of payments in
connection with government life insurance and
retirement funds, excluding social security payments, and all payments made in connection with
private life insurance and retirement systems. The
Department of Commerce includes only the increase in the reserves of life insurance and retirement funds. The saving concept of the National
Income series also includes the following items
not entering the determination of saving in the
Survey of Consumer Finances: depreciation on
1452
farm and nonfarm houses, changes in the assets of
private trust funds, changes in farm inventories,
and changes in personal currency holdings.
In addition to the differences in definition listed
above, the universe of the survey is somewhat narrower than that of the Commerce saving aggregate. The survey excludes nonprofit institutions,
persons living outside the continental United
States, members of the armed forces living on
military reservations, residents in hospitals and
other institutions, and the floating population
(residents of hotels, tourist camps, large boarding
houses).
The classification of spending units by the survey as positive, negative, or zero savers in the
survey depends on the relative magnitudes of "additions to" and "withdrawals from" saving, as
shown in the accompanying table.1 Survey tabulations deal primarily with the net saving of individual units. Distributions and aggregates of gross
saving and dissaving are not made, although certain specific items are at times treated in this
manner—i.e., changes in consumer indebtedness.
1
For list of these "additions to" and "withdrawals from"
saving, see the appendix to "Distribution of Consumer Saving in 1948," Federal Reserve BULLETIN, January 1950, p. 33.
The only change made in the 1950 survey is the reintroduction of changes in amounts deposited in credit unions. These
changes were omitted in the 1949 survey. This change has
little effect.
FEDERAL RESERVE BULLETIN
1950 SURVEY OF CONSUMER FINANCES
Aggregates entitled positive or negative saving are
aggregates relating to positive and negative savers,
rather than to all positive and negative saving items.
Difficulties inherent in remolding diverse types
of accounting and budgeting practices into a uniform series of entries complicate the survey. The
presence of farm operators and self-employ€d persons in the sample leads to the inclusion of certain
items which arise in the producers* rather than the
consumers' sector of the economy. If a farmer
undergoes a loss on his operations during the year,
and if this loss is reflected, as is usually the case,
in his personal accounts, dissaving calculated from
changes in assets held will reflect business losses
as well as consumption expenditures.
Other limitations in obtaining basic data may
distort saving figures by including certain consumption expenditures among items entering into the
saving calculation. Some respondents do not or
cannot break down mortgage payments into repayment of principal (a saving item) and interest
and tax payments (items properly considered as
current expenditures).2 Therefore, it is necessary
to apply a correction factor in these cases when
computing saving.
Difficulties also arise in distinguishing between
current expense and saving aspects of life insurance premiums. When all the insurance premium
is considered as an addition to saving, adminis2
In the 1950 survey, 14 per cent of 650 respondents making mortgage payments did not segregate the amount of payment on the principal.
ILLUSTRATION OF METHOD OF DETERMINING SAVING BY
INDIVIDUAL SPENDING UNITS *
Additions to (-f) and
withdrawals from ( —) saving
Liquid asset holdings:
Increase (+)
Decrease ( —)
Consumer debt outstanding:
Decrease (+)
Increase ( —)
Payments on mortgage principal (+).
Life insurance premiums paid (4-)
Total.
Spending units
+$600
-$200 -$400
+$200
-$100 -$400
+$200 +$300
+$100
+$200
0
+$800 -$300
1
Only a few of the many factors which determine saving and
dissaving by survey definition are included in this illustration.
trative and current insurance expense will be improperly included in saving, and yet the difficulties of breaking down the premium payment
into these various elements make it necessary for the
survey to record the total premium as saving.
In reality, the only saving has been the increase
in cash reserves.
Certain biases in estimating saving may arise in
the reporting process. Memory errors may have
such an effect, especially when the differences of
end-of-year and beginning-of-year figures are involved. Because of the unwillingness of respondents to disclose any large holdings of currency, the
survey does not attempt to obtain information on
this point. Saving or dissaving through changes
in currency holdings is not reflected in the survey
estimate.
APPENDIX II
AN ALTERNATIVE DEFINITION OF SAVING
The definition of saving which has been the basis
of the survey computations represents, to some
extent, a compromise between the most useful definition and one for which the required information
can be secured at reasonable cost and with adequate
accuracy. In an attempt to move closer to the
most useful definition an alternative definition has
been formulated. Computations based upon this
alternative definition have been made for comparison with computations based on the "standard"
definition, which has been used in survey computations in this and previous years.
In the standard definition, any funds used for
purchasing real estate (representing reductions in
saving) are offset by the acquisition of the real
estate (representing additions to saving). ExpendiNOVEMBER
1950
tures for automobiles and other durable goods
represent reductions in saving which are not
offset by considering the acquired asset to be an
addition to saving. This procedure is not logical
for some purposes, since both a house and an automobile, for example, furnish services (income) over
extended periods of time. At least part of expenditures yielding such services should be considered to
be saving in the year of the transaction.
The alternative definition of saving attempts to
remove, in part, this inconsistency in the standard
definition by treating the price of a new car (minus
any trade-in or sale of a used car) as a saving item.
When a car is sold, an amount equal to its selling
price is considered to be a dissaving item.
The standard definition has another inconsist1453
1950 SURVEY OF CONSUMER FINANCES
APPENDIX TABLE
1
PERCENTAGE DISTRIBUTION O F SAVERS UNDER STANDARD AND ALTERNATIVE D E F I N I T I O N S OF SAVING
B Y INCOME AND OCCUPATION,
All positive
savers
Groups of spending units
1949
Amounts saved
$1,000 and over
Standard
Alternative
Standard
Alternative
13
$500-$999
Standard
$200-$499
Alternative
Standard
12
14
Alternative
$1-$199
Standard
Alternative
22
22
All spending units.
60
61
12
By income groups before taxes: x
Under $1,000
$l,000~$l,999. .
.
$2,000-$2,999
$3,000-$3,999
$4,000-$4,999
$5,000-$7,499. .
$7,500 and over
31
49
59
70
71
76
85
29
47
63
73
75
80
85
1
4
8
18
35
71
6
9
21
38
69
2
5
12
18
23
16
7
2
6
12
17
19
21
10
4
10
18
22
18
14
4
3
10
18
24
21
14
4
25
33
25
22
12
11
3
24
30
27
23
14
7
2
By occupation of head of unit: 3
Professional and semiprofessional.
Managerial and self-employed
Clerical and sales
Skilled and semiskilled.
Unskilled and service.
......
Farm operator
Retired
69
71
65
64
55
55
50
71
71
70
67
57
60
40
23
33
9
8
4
19
7
24
35
11
8
4
21
7
17
13
12
14
11
14
6
19
14
13
14
7
15
6
15
14
22
17
10
10
7
17
12
21
19
13
9
7
14
11
22
25
30
12
30
11
10
25
26
33
13
20
(2)
1
2
3
Excludes spending units for which saving was not ascertained.
Less than one-half of 1 per cent.
Excludes spending units for which occupation of head was not ascertained and also spending units headed by housewives, students,
unemployed persons, and farm laborers.
ency. In the years following the purchase of a
house (or of a durable good), dissaving occurs to
the extent that the services furnished by the asset
diminish in value. The standard definition takes
no account of the depreciation of houses. The
alternative definition considers an amount equal to
1.5 per cent of respondent's valuation of his house
to be a dissaving item. Furthermore, depreciation
of new cars is taken into account.1
The alternative definition, although it involves
more arbitrary assumptions than does the standard
definition, is probably preferable in dealing with
certain problems.
Computations based on these adjustments to the
standard definition are summarized in Appendix
Tables 1 and 2. The frequency of saving is 61 per
1
T h e actual purchase price is ascertained in the survey
interview, along with the manufacturer and model year. For
used-car purchases, the assumed depreciation expense is onehalf the difference between the retail sale value at the beginning and at the end of the year of a four-door sedan of
the next to lowest price line of the manufacturer. For newcar purchases, the depreciation expense is the difference between the manufacturer's list price plus accessory and average
freight allowances to eastern centers of population and the
end-of-year retail sale value. The computations for new cars
are also based on a four-door sedan of the next to lowest
price line.
The staffs of the Survey Research Center and of the Consumer Credit and Finances Section wish to acknowledge the
assistance of Everett W. Lawrence of the National Automobile
Dealers Association in formulating the problem and in furnishing data relevant to the computation of depreciation.
1454
cent as compared to 60 per cent under the standard
definition. A decline from 6 to 5 per cent was registered for zero savers. No change is registered in
the over-all frequency of dissaving but the frequency of dissaving of $500 or more was reduced
from 14 per cent to 11 per cent (see Appendix
Table 2).
About three-fourths of the spending units falling
within any specified saving bracket under the
standard definition were in the same saving
bracket under the alternative definition (see Appendix Table 3).
The impact of housing depreciation expense probably accounts for the movement of savers of small
amounts by the standard definition into dissaving
categories by the alternative definition. Entry of
an automobile purchase as a saving item accounts
for the general movement to a smaller dissaving
or even positive saving bracket of units classed
as dissavers by the standard definition.
For income groups under $2,000, computations
based on the alternative definition result in more
frequent dissaving than do computations based on
the standard definition (see Appendix Table 3).
The contrary holds for incomes of $2,000 or more.
The alternative definition results in equal or higher
frequency of saving in all occupational groups except the retired. In this latter group, the depreciation expense on housing probably dominated.
FEDERAL RESERVE BULLETIN
1950 SURVEY OF CONSUMER FINANCES
This alternative definition of saving is exploratory. An obvious shortcoming is the failure to include depreciation on all automobiles as a dissaving
item. However, there did not seem to be any
satisfactory guide to the choice of market or original price as a basis for computing depreciation.
Entries similar to those made for housing should
logically be made for all types of durable goods.
The formulation of the alternative definition is
only one attempt to produce more useful saving
data. Many problems of definition and collection
of data remain for further investigation.
APPENDIX TABLE 2
PERCENTAGE DISTRIBUTION OF ZERO SAVERS AND DISSAVERS UNDER STANDARD AND ALTERNATIVE D E F I N I T I O N S OF
SAVING, BY INCOME AND OCCUPATION,
All zero
savers
Amounts dissaved
All
dissavers
$l-$99
Groups of spending units
Standard
Alternative
All spending units.
By income groups before taxes: l
Under $1,000...
$l,000-$l,999
$2,000-$2,999
$3,000-$3,999
$4,000-$4,999
$5,000-$7,499
$7,500 and over
24
10
2
1
By occupation of head of unit: 3
Professional and semiprofessional.
Managerial and self-employed....
Clerical and sales
Skilled and semiskilled
Unskilled and s e r v i c e . . . . . . . . . . . .
Farm operator
Retired
19
8
1
1
2
1
4
2
9
3
24
3
17
Standard
Alternative
34
34
45
41
39
29
29
24
15
52
44
36
26
25
19
13
29
28
31
34
36
42
26
25
28
27
30
35
37
43
1949
Standard
$100-$499
Standard
Alternative
Standard
Alternative
13
14
14
11
14
18
10
5
7
2
17
15
15
13
10
19
16
16
15
9
19
14
14
11
15
15
11
19
10
10
6
9
10
10
4
6
8
9
12
6
14
9
9
10
15
15
13
12
9
12
15
16
12
15
16
16
13
11
9
23
15
9
13
7
6
7
19
14
Alternative
12
10
5
4
1
(
$500 and over
12
6
3
1
2
3
Excludes spending units for which saving was not ascertained.
Less than one-half of 1 per cent.
Excludes spending units for which occupation of head was not ascertained and also spending units headed by housewives, students,
unemployed persons, and farm laborers.
APPENDIX TABLE
3
S H I F T OF SPENDING U N I T S AMONG SAVING GROUPS W I T H CHANGE FROM STANDARD D E F I N I T I O N OF SAVING TO
ALTERNATIVE D E F I N I T I O N , 1949
%
[Percentage distribution of spending units saving s pecified amount under alternative definition within, saving groups under
standard definition]
Amount saved under
alternative definition
Positive savers
$2,000 and over
$l,000-$l,999
$500-$999
$200-$499
$100-$199.
$l-$99
Zero savers
Negative savers
$l-$99
$100-$499
$500 and over
$500$999
$200$499
$100$199
$l-$99
98
92
80
2
4
71
14
5
1
4
7
61
19
1
1
4
3
71
34
2
7
20
21
86
86
S3
9
14
11
2
5
2
14
5
15
6
70
15
1
3
77
6
3
11
69
Number of cases
Amount saved under standard definition
$2,000 $1,000and over $1,999
61
99
100
100
5
8
12
15
8
13
90
9
9
77
13
1
6
75
17
1
i
5
Not ascertained
All cases
Amount dissaved under
standard definition
Zero
saving
under
standard
definition
All
spending
units
1
1
1
1
$l-$99
$100$499
$500
and over
14
14
16
1
1
4
4
4
2
2
4
2
4
4
6
3
3
76
I
1
100
100
100
100
100
100
100
100
100
100
100
1
3,512
191
281
406
459
240
433
184
222
442
483
1
See text for difference between standard and alternative definition of saving. Italicized figures in columns indicate the percentage
of spending units having specified amount of saving under standard definition that had same amount of saving under alternative definition.
2
Less than one-half of 1 per cent.
NOVEMBER 1950
1455
MEASUREMENT OF CONSUMER CREDIT*
Not so many decades ago, consumer credit as
such was little known and seldom distinguished
from credits granted for business and related purposes. Today it is recognized to be a special type
of financing that greatly influences the rate of
expansion or contraction of consumer demand and
hence the level of business activity. Changes in the
volume of consumer credit, depending on their timing in relation to other economic changes, can
accentuate or moderate tendencies toward overexpansion or recession and thus contribute to economic instability or stability. It is therefore important that we learn as much as possible about
the level and movement of this particular type of
credit.
Today, businessmen closely concerned with consumer markets need to know the trend of consumer
credit in order to make sensible operating decisions.
About half of the new automobile purchases are
financed by credit. A major share of the home
appliance market is normally dependent upon consumer credit, as is a large part of the market for
less expensive consumer goods. For this reason,
dealers, lenders, and even manufacturers should
know the facts concerning consumer credit volume
in order to appraise their markets properly. This
information, although more important to some types
of dealers and lenders than to others, is significant
to all in assessing their own problems.
Businessmen, economic observers, and public
officials seeking to obtain a balanced view of current economic developments and trends need in-
formation on consumer credit along with other
significant credit indicators for judging effectively
the financial side of changing situations. In evaluating business prospects, consumer credit trends
must not be overly emphasized, but they must not
be left out of account. The problem is to gain
perspective that gives appropriate weight to each
strategic economic series. There are no standardized rules to serve the economic analyst. The conclusions he draws must be the product of the
breadth and depth of his economic knowledge and
experience. The statistical image which he may
use in arriving at his judgments can at best serve
as no more than a general guide.
Quantitative information on consumer credit
trends is of particular interest to those who have a
regulative and supervisory interest in the monetary and credit field. Today, consumer credit paper
held by banks probably approximates nearly oneseventh of their loan portfolios. Another sizable,
but unknown, percentage of bank loans and discounts represents advances to finance companies
and retailers for the purpose of carrying consumer
receivables. Altogether, consumer credit paper represents important backing for our most common
money-—bank deposits. Changes in consumer
credit volume, therefore, are among the key factors
influencing the economy's total supply of money.
For intelligent management of our monetary and
credit system, monetary authorities need to have
as full knowledge as possible of the essential facts
concerning consumer credit trends.
CONCEPTS OF CONSUMER CREDIT FOR PURPOSES OF MEASUREMENT
Preliminary to the discussion of the Federal Reserve series on consumer credit, in which you are
particularly interested, it is well to pause briefly
for a consideration of concepts. It will help toward
understanding why our current figures are less
definitive than we would like them to be, and why
* Paper presented by Ralph A. Young, Director, Division
of Research and Statistics of the Board of Governors, and
Homer Jones, Chief, Consumer Finances Section of the Division of Research and Statistics, before the University of
Illinois Consumer Credit Conference, Chicago, 111., Oct.- 5,
1950. The paper was prepared with the assistance of Tynan
Smith and Donald Fort of the Board's staff.
1456
we are constantly seeking to improve them.
The problem of definition. No precise definition
of consumer credit has ever been agreed upon.
One of the pioneers in the field, the late Rolf
Nugent, defined consumer credit as credit extended
to individuals to finance the purchase of consumer
commodities and services or to refinance debts
which had their origin in such purchases.1 This
definition can be precise only to the extent that
the words "individuals" and "consumer commodi1
Consumer Credit and Economic Stability (Russell Sage
Foundation, 1939), p. 31.
FEDERAL RESERVE BULLETIN
MEASUREMENT OF CONSUMER CREDIT
ties and services" have precise meaning. Furthermore, the measurement of consumer credit can be
precise only to the extent that available data make
it possible to separate consumption items from
production items.
Distinction between credit used to finance consumption and credit used to finance production is
desirable in appraising economic developments.
The impact of the two types of credit on the economy can be very different. Consequently we are in
general trying to make a useful distinction by considering consumption in broad terms and excluding from consumer credit any credit used directly
for the productive process.
It is only as a result of our present state of industrial development that any attempt can be made
to separate consumer and producer credit. In a
predominantly agricultural or handicraft society,
personal and business activities are so intertwined
that it would be hopeless to try to segregate strictly
consumer financial matters. But when most of the
productive activity is carried on by separate legal
entities and most of the workers are wage earners,
the measurement of consumer credit and the study
of consumer finances becomes feasible and significant.
This general observation is not to be interpreted
as meaning that the measurement of consumer
credit as distinguished from producer credit can
now be accomplished without some "fuzzy" edges.
No productive process can be carried on unless the
workers have food, clothing, shelter, and even transportation. Are these strictly consumer items? In
the great farm sector and the large area of small
individual enterprise in the trade and service industries, the demarcation between consumer and
producer finance is not a line at all but a broad
shadowy area.
Fortunately, the institution of finance itself is of
some help here. Traditionally, it has liked to think
of a distinction between credit for production and
credit for consumption; whether a credit application is to be considered or not and the kinds of risk
protections to be provided in the credit contract
depend in considerable degree on this distinction.
One must admit, however, that this institutional
effort at distinction is helpful only in part. Credit
in the borderline areas may have a multiple purpose
and, in any case, if flows into a consumer pool of
purchasing power from which dollars flow out for
expenditures that cannot be tagged as strictly for
NOVEMBER
1950
production or consumption.
A farmer may use a radio purchased on credit
to get weather reports needed to carry on his farming operations and also as a source of personal
pleasure. In general, this problem has been resolved
on the assumption that the primary purpose of such
goods is personal use and the credit involved in
their purchases has been regarded as consumer
credit.2 It is possible that an effort might be made
to prorate such credit in accordance with the proportion of business and personal use of certain types
of articles but this would require collection of much
more detailed data than are now available.
Exclusion of credit transactions between individuals.
Consumer credit is extended through personal
channels—i.e., relatives and friends—as well as
through established business and financial channels.
Should measurement undertake to embrace the
combined channels or only one of the two? Here
the availability of records, again a matter of the
organization of economic activities in an advanced
industrial society, determines the answer. There
are no available data for credit transactions between
individuals. Hence, estimation as a practical matter
is confined to consumer credit extended through
business channels.
For purposes of understanding business and
financial processes, this procedure covers the really
important phase of consumer financing. But the
omission of loans made through personal channels
makes it difficult to interpret changes in consumer
credit volume over a relatively long period. As our
industrial society becomes more complex and more
personal, a part of the growth shown by consumer credit series based on loans by businesses
and financial institutions probably reflects some consumer financing that has been transferred from personal channels. Hence we must discount to some
extent the growth shown by figures that include
2
Loans made by commercial banks to farmers are one
exception to this treatment. All such loans, under present
call report instructions, are included in bank loans to farmers
and are excluded from our consumer credit series. In 1940,
when the commercial banks began to report their consumer
loans in a separate call report category, it did not seem desirable to change the long-standing "loans to farmers" grouping ("agricultural loan" grouping as it was then called) by
putting loans to farmers for consumption purposes in the
consumer loan category. Nor was it feasible to introduce a
further breakdown in the farm loan grouping to permit the
segregation of consumer loans. However, consumer credit
extended to farmers by retailers or financial institutions other
than commercial banks is included in the present consumer
credit series.
1457
MEASUREMENT OF CONSUMER CREDIT
only the formally organized channels of credit. It
is possible that we are now developing a technique,
rough though it may be, that may be useful in
measuring trends in consumer credit extensions between individuals. This technique is the Consumer
Finances Survey sponsored by the Federal Reserve
Board and conducted for the Board on an annual
basis by the Survey Research Center of the University of Michigan.
Loans on life insurance or savings shares and deposits. The present necessity of restricting consumer
credit measurement to transactions through business
channels raises a special problem. What about
consumer credit extensions by insurance companies
on policy loans, by savings and loan associations on
share accounts, and by savings banks on passbooks ?
These have been excluded from consumer credit
estimates on grounds that the borrower is in effect
borrowing his own funds. Whether this is an appropriate determination of a complicated matter is
still an open question that must be further explored.
The argument that the borrower is merely borrowing his own funds could be extended to bank
loans made to borrowers who had deposits in the
bank. However, a considerable* proportion of all
credit is secured by assets of some sort. It does not
seem logical to raise the question of offsets only
when the asset used as collateral for a loan is held
in the lending institution. Is it reasonable to exclude loans secured by the cash value of life insurance policies when made by life insurance companies but include them when made by banks? A
similar situation exists in the case of loans secured
by savings and loan shares or by savings bank passbooks.
Charge account balances. Another major conceptual problem is the question of inclusion of charge
account balances as part of consumer credit. It is
sometimes argued that a charge account is primarily a matter of convenience rather than of credit.
It is probably true that most people regularly pay
the amount owed shortly after receiving their bill
each month. These people do not usually think of
their charge accounts as an opportunity to obtain
credit, although from time to time, when their
purchases have been unusually large or other commitments heavy, they take advantage of the privilege of delaying part or all of the payments for
two or three months. Many people, however, do
not make a practice of settling their charge accounts each month and habitually use them as a
1458
means of obtaining credit.
Even though the convenience aspect may be of
prime importance to the majority of charge account
customers there can be no question that charge
accounts are a form of credit extension. When
goods are not paid for at the time of purchase or
delivery, credit must be extended and the buyer
incurs a liability. Thus, it seems reasonable to
classify charge accounts as consumer credit even
though they are generally of much shorter duration
than instalment credits. The difference is one of
degree rather than one of kind.
Exclusion of long-term loans. Another general
concept that needs to be reconsidered is the matter
of time. Credit is either the deferred payment of
cash or the exchange of cash in the future for cash
in the present. The expiration of time before cash
payment is made or final loan maturity is reached
cannot be ignored, and yet the statistics commonly
labeled consumer credit estimates relate only to
credits extended for short and intermediate periods.
Whether this is a proper restriction of consumer
credit is most certainly open to challenge. About
all that one can say to excuse the usage is that it
somehow or other got started and became conventionalized.
It makes a big difference whether, in seeking a
measure for total consumer debt, one stops with
conventional consumer credit magnitudes. Longterm debt of consumers, secured by mortgages on
one- to four-family dwellings, is currently estimated
at some 41 billion dollars.3 Adding this sum to
the total of conventional consumer credit as currently estimated, one gets a grand total of consumer
debt in the neighborhood of 61 billion dollars.
Future progress in the understanding of consumer
credit levels and trends may well include a terminology more descriptive of what the measurements
purport to be.
3
Were estimated mortgages outstanding on one- to fourfamily dwellings used as a measure of long-term consumer
debt, another conceptual difficulty would be encountered.
Strictly, a mortgage on a multiple dwelling with only one
unit occupied by the owner is in smaller part consumer debt
and in greater part producer debt. And obviously, a mortgage on a multiple dwelling of which no part is occupied
by the owner is entirely producer credit. In the present
state of the statistical arts in mortgage credit, it is not possible to say precisely what proportion of the mortgages on
one- to four-unit dwellings relates to properties of more
than one unit, although informed statisticians believe it to be
relatively small. Furthermore, it is not possible to state
what proportion of this proportion would be represented by
structures without owner occupancy, although again the
informed guess is that the proportion is small.
FEDERAL RESERVE BULLETIN
MEASUREMENT OF CONSUMER CREDIT
BASIS OF FEDERAL RESERVE ESTIMATES OF CONSUMER CREDIT
From the preceding discussion of concepts it is
probably clear what the Federal Reserve estimates
of consumer credit purport to cover. To recapitulate: they relate to short- and intermediate-term consumer credit and to consumer credit extended only
through organized business and financial channels.
Their specific coverage is as follows:
1. Instalment sale credit extended for the purchase of and secured by automobiles and other
consumer durable goods.
2. Instalment loans made to individuals for
the purpose of purchasing consumer goods, consolidating debts, financing residential repair and
modernization, financing education, or for similar
purposes.
3. Charge account credit arising from retail
sales to individuals.
4. Single-payment loans made by banks and
pawnbrokers to individuals for consumption
purposes.
5. Service credit to individuals, which includes
balances due for public utility services, medical
services, laundry, cleaning, and repair services,
and other miscellaneous personal services.
BACKGROUND OF THE SERIES
The present consumer credit series had its origin
in pioneering studies conducted in the late thirties
by the Russell Sage Foundation and the National
Bureau of Economic Research. The Russell Sage
Foundation undertook to compile basic annual
data for all short- and intermediate-term consumer
credit extended through organized business and
financial channels. The National Bureau confined
its studies to the consumer instalment credit field.
At an advanced stage of these latter studies, the
Russell Sage Foundation and the National Bureau
joined forces and elicited the cooperation of the
Department of Commerce in developing a mutually
satisfactory procedure for estimating the monthly
volume of new credits granted and of credits outstanding in the instalment area. On the basis of
this cooperative endeavor, these three agencies together prepared what was considered to be a reasonably comprehensive monthly time series for the
period 1929-38.
With the completion of this cooperative research,
the Department of Commerce undertook the task
of maintaining and publishing current monthly
NOVEMBER
1950
estimates of the outstanding volume of consumer
instalment credit. In early 1941, the Department
began to extend the scope of its estimates to cover
"all" short- and intermediate-term consumer credit,
basing its estimating procedures for noninstalment
credit pretty largely on the methods and primary
data compiled earlier by the Russell Sage Foundation. The Commerce estimates for total consumer
credit were first published in the fall of 1942, and
covered the entire period including 1929 through
mid-1942. Shortly after the completion of these
comprehensive consumer credit series, responsibility
for maintaining consumer credit statistics was transferred from the Department of Commerce to the
Federal Reserve Board. Since that time, the task
of keeping the statistics up-to-date has been lodged
in the Board's Division of Research and Statistics.
In carrying out this assignment, the Division has
thus far largely adhered to established procedures
and patterns, but with such revisions and refinements from time to time as it has been feasible to
make with the information and staff available.
GENERAL ESTIMATION PROCEDURE
In general, our estimating procedure for the consumer credit series is as follows. We secure data
from monthly reporting samples of retail dealers
and financial businesses. The percentage changes
in the monthly sample data are applied to benchmark estimates of national totals in order to give
monthly estimates of national totals.
We naturally aspire to have accurate reporting
by as representative samples as possible. Also, we
need accurate benchmarks at not too long intervals
so that proper adjustments for the changing relationships between the samples and the universe
can be effected.
In practice, businesses report to us on a voluntary basis and we desire to continue on this basis.
This imposes certain statistical limitations, both as
to coverage and representativeness of the reporting samples.
Instalment credit—general. Consumer instalment
credit, as treated in our series, consists of two
major components. One is instalment sale credit,
that is, credit arising from instalment sales of retail dealers. This is classified according to the
type of dealer originating the sale credit. The
other component is instalment loan credit, which
1459
MEASUREMENT OF CONSUMER CREDIT
is credit arising from loans extended directly to
consumers by banks, loan companies, and other
financial businesses. Loan credit is classified according to the type of financial business holding
the credit.
Our consumer credit estimates are based on data
obtained from various classes of retail dealers and
financial businesses. The classification of these
estimates by originator or holder of the credit is
largely determined by the availability of source
data.
Instalment sale credit. Instalment sale credit outstanding is intended to measure the unpaid balance
of all instalment credit which has arisen from instalment sales. It is classified according to the type
of dealer originating the credit, rather than according to the type of dealer or financial business holding the credit.
Instalment sale credit outstanding for the period
1929-40 was estimated indirectly on the basis of
sales and collections data. This procedure was
indicated by the type of data available at the time
the estimates were first made. Monthly instalment
sales were estimated in order to obtain the volume
of sale credit granted by each type of business.
Estimates of average duration of credit were made
from data on collection ratios. From these estimates of credit granted and duration, repayments
were estimated. From the resulting series of credit
granted and repayments, figures for outstanding
balances of instalment sale credit were built up.
The estimates for 1939 thus prepared were found
to check closely with estimates of sale credit holdings based on the 1939 Census of Business.
Estimates of automobile sale credit outstanding
from 1941 to 1947 are projected from 1940 estimated levels on the basis of the monthly movement
of retail automobile receivables held by sales finance
companies. For the period since 1947 we have
used the combined movement of automobile receivables held by sales finance companies and commercial banks. We have no monthly sample data
on receivables held by automobile dealers, although
we do get some annual data from the Retail Credit
Survey.
For department, mail order, furniture, and household appliance stores, we have monthly sample
data on instalment receivables held by the stores.
Estimates of sale credit originated by these dealers
since 1941 are projected from 1941 levels on the
basis of the monthly movement of the sample data
1460
on receivables held. The monthly estimates are
adjusted to be consistent with relations derived
from the 1939 Census of Business, annual Retail
Credit Survey sample data, and Commerce Department estimates of annual sales.
We also estimate the volume of instalment sale
credit granted. For the period 1929-40 these estimates were obtained in the course of deriving the
estimates for credit outstanding mentioned earlier.
For the period since 1940 a different procedure has
been used. Automobile sale credit granted for the
period 1941-47 has been projected on the basis of
the movement of automobile paper acquired by a
sample of sales finance companies. For the period
since 1947, automobile paper acquired by commercial banks has also been taken into account. Sale
credit granted by other types of retailers from 1941
on has been estimated by adding the monthly net
changes in credit outstanding to estimated monthly
repayments. Repayments are obtained by multiplying credit outstanding by the estimated collection
ratio.
Instalment loans. Instalment loan credit outstanding is classified for the most part according to the
type of financial business holding the credit. It is
intended to measure direct instalment loans to consumers, i.e., retail instalment loans and personal
instalment loans. It excludes purchases of paper
arising from instalment sales, which belong in the
sale credit category.
Our estimates of instalment loans held by commercial banks from 1929 through 1938 are based
on the National Bureau-Russell Sage FoundationDepartment of Commerce estimates. From 1939
to date there have been benchmarks provided by
semiannual call reports issued by the bank supervisory agencies. The procedure has been to estimate the level of outstandings between call dates
by the movement of outstandings reported by a
sample. From 1939 through 1941 the American
Bankers Association had a quarterly reporting
sample, and from 1942 we have had a monthly
reporting sample.
Instalment loans of other financial institutions
have been estimated in a similar manner from
monthly sample data, adjusted to benchmark levels.
For credit unions and small loan companies annual benchmarks are provided by State or Federal
reports. For industrial banks and industrial loan
companies, the only benchmark is a special survey
giving data for 1941-44 for industrial banks, and
FEDERAL RESERVE BULLETIN
MEASUREMENT OF CONSUMER CREDIT
data for 1944 for industrial loan companies. Credit
of miscellaneous lenders is estimated on the basis
of the movement of the small loan company series,
tied to earlier estimates by Russell Sage Foundation for the period 1929-39.
Insured repair and modernization instalment
loans outstanding are estimated on the basis of
data obtained from the Federal Housing Administration. Monthly data on credit granted, adjusted
to exclude nonconsumer paper, together with average duration figures, are used to estimate repayments and hence changes in outstandings. The
level of outstandings is adjusted to the annual
FHA call data. Noninsured repair and modernization credit is not included in our present estimates
of total consumer instalment credit.
Noninstalment Consumer Credit. This segment of
the Board's consumer credit series covers shortterm consumer credit which is not repaid in regular instalments. Included in this general group
are charge accounts, single-payment loans, and
service credit.
Charge accounts. A benchmark figure for charge
accounts was provided by the 1939 Census of Business, and reasonably adequate sample data for our
charge account series were available for the period
1935-41. During that period there was a commerce sample of 12 trade lines reporting monthly
charge accounts receivable. For the period before
1935 estimates were projected back on the basis of
various data on accounts receivable and sales obtained from the Retail Credit Survey and other
sources. For the period since 1941 total charge
account estimates are based on the movement of
charge accounts in only one trade line—department
stores.
Single-payment consumer loans. This series is intended to measure single-payment consumer loans
to individuals. It includes estimates of such loans
by commercial banks and pawnbrokers.
Since 1942 the semiannual commercial bank call
report has included an item which has been assumed
to measure single-payment consumer loans to individuals. This has been used as a semiannual
benchmark beginning with 1943.
We have no direct monthly sample data on singlepayment loans. Our monthly commercial bank
sample reports instalment loans but not singlepayment loans. Weekly reporting member banks,
however, report a residual item "all other loans,"
which consists largely of consumer instalment loans
and single-payment loans, together with loans to
State and local governments, churches, and the
like. We estimate the monthly movement of singlepayment loans from the movement of "all other
loans" after deducting estimated instalment loans.
This estimated movement is used to give monthly
estimates of single-payment loans outstanding between benchmark dates and back to 1939, with a
somewhat arbitrary projection to 1938. Estimates
prior to 1938 are projected back on the basis of the
movement of the Russell Sage Foundation estimates
of single-payment loans of commercial banks.
Pawnbrokers' loans have been projected from the
Russell Sage Foundation estimates for 1929-37 on
the basis of the reports of a sample of pawnbrokers.
As you know, the single-payment loan series is
being revised. The single-payment loan item in the
call report, from which the series is estimated, is
somewhat of a catch-all. It apparently includes not
only single-payment consumer loans, but many
other noninstalment loans to individuals, where the
purpose is not specified, including many very large
loans. Over two-thirds of the amount reported for
this item consists at present of loans of $3,000 or
more. This question of the revision of the singlepayment loan series will be discussed later.
Service credit. Service credit is intended to measure the upaid balances due for services rendered
by public utilities, doctors, hospitals, laundries,
cleaning and pressing establishments, funeral parlors, and correspondence schools.
The estimates of the Russell Sage Foundation
are used for the years 1929-40. From then on,
estimates have been projected on the basis of income
payments in service industries, using the relationship between income payments and the service
credit estimates for the 1929-40 period. No adequate benchmark has ever been available for this
series.
PROGRAM FOR IMPROVING EXISTING CONSUMER CREDIT STATISTICS
We have been aware for some time of many
shortcomings in our consumer credit statistics,
Some of these defects are rather serious; others are
NOVEMBER
1950
relatively minor; still others are open to question
as to whether or not they are really defects or
merely matters of judgment which at this stage of
1461
MEASUREMENT OF CONSUMER CREDIT
our consumer credit knowledge can be resolved as
reasonably one way as another. Most of them seem
to apply more to the level than to the direction or
general movement of our component and combined
series.
We don't know all the different uses people make
of these statistics. But we believe that, for most
practical purposes, the focal point of interest is in
direction of change in consumer credit, rather than
in the absolute levels of credit balances. For the
kinds of judgments most of us have to make, what
really matters is whether consumer credit is going
up or down, and whether it is changing at the
monthly rate of 50 million dollars or 500 million
dollars, and whether these changes are measured
from one month to another by a consistent method.
Our guess is that the present series measure these
directional changes with sufficient consistency, and
hence reliability, for most purposes.
All of this is not to imply that as accurate estimation as possible of the level of consumer credit
is not a desirable objective. Obviously, we need
as close an approximation to the actual level of
credit granted and outstanding as can be realized
for comparisons with other measures of financial
and business activity. Such comparisons provide
us with essential perspective and we cannot arrive
at trustworthy impressions of the changing role of
consumer credit in economic processes without
making them. At the same time, it is easy to
exaggerate the increase in understanding that we
would have if we knew more certainly that the true
current level of total consumer credit closely approximated 21 billion dollars rather than perhaps
19 billion or possibly even 23 billion. Admittedly,
we would be some better off if we had an exact
figure, and we would be still better off if we knew
that both the current level and the level for some
earlier period had the same degree of accuracy.
Those who have the responsibility for carrying on
the work of preparing current estimates have also
a responsibility for seeking to attain as close an
approximation to the true level as the state of the
measurement arts permits.
Altogether, we think the present consumer credit
statistics, imperfect as they are, may be pretty good
for the major uses to which they are put. Nevertheless, there is plenty of room for improvement.
And so we are in the process of organizing a program for a comprehensive revision of the consumer
credit statistics. We are quite prepared to see the
1462
revision result in a substantial change in the level.
Taking the body of the statistics as a whole, however, we do not know what the outcome as to
level may be. It may be a lower level but it may
also be the same or a higher level.
In order to produce better statistics, we will need
better reporting, better estimating techniques, and
perhaps a different form of presentation of the
statistics. We have made some progress along these
lines, but much remains to be done.
We need better benchmark data and better
sample data. The 1948 Census of Business will
provide us with valuable benchmarks for our retail
credit series. We have also provided for the reporting of detailed credit data by retailers and
financial businesses in the new Registration Statement for Regulation W. And, if practical, we may
undertake some supplementary surveys to cover
areas missed by the Regulation W registration. Altogether, these materials will provide us with a
more comprehensive set of benchmark data than
we have ever had before.
We are hoping to improve our samples. Members of the various samples report on a voluntary
basis and maintenance of membership in samples
is a grass roots responsibility. The Federal Reserve Banks bear much of the brunt of this work.
Various trade associations are active collaborators.
It is for all of us to keep on the job to maintain the
membership of the voluntary samples, and to keep
the members reporting regularly. All of us have
to keep constantly at it, or it will not be long before
the samples deteriorate. As in "Alice in Wonderland," we have to run as hard as we can just to
stay in the same place. But in this case it is not
enough to stay in the same place. For some trade
groups, we need larger and more representative
samples, and more careful reporting. The Federal
Reserve now has a System Technical Committee
working on this problem, but the System also needs
the continued active cooperation of the various
trade groups if the samples are to be improved.
There are certain areas in the instalment credit
field which are not adequately covered by the
present series. This in part reflects the dynamic
character of the consumer credit business and the
development of new lending and selling techniques.
For example, instalment loans for repair and
modernization of homes as first made by lending
institutions were almost 100 per cent insured by the
FEDERAL RESERVE BULLETIN
MEASUREMENT OF CONSUMER CREDIT
Federal Housing Administration and therefore the noninstalment credit items, namely, charge acconsumer credit series originally developed included counts, service credit, and single-payment loans,
only insured repair and modernization loans. Since also present special difficulties.
The principal defect in our charge account series
that time, many lending institutions have made repair and modernization loans without the protec- is that it has been carried forward during most of
tion of FHA guarantees, and these loans, which the years since the 1939 Census on the basis of the
presently amount to several hundred million dollars, movement of charge accounts in only one trade
are excluded from our present total instalment loans line, namely department stores. The forthcoming
series. We hope to include these loans in the re- benchmark data from the 1948 Census of Business
will provide a basis for adjusting the level of our
vised consumer credit series.
Another example is the development by retail es- charge account estimates. Also, we are hoping it
tablishments of so-called budget plans, coupon plans, will be possible to build up our samples in the
and revolving credit plans. This type of credit in various trade lines so that charge account estimates
some instances has many of the earmarks of con- can be carried forward on the basis of something
venience or charge account credit and is in fact more than department store figures.
so considered and reported by some retail stores.
Our service credit series has been projected from
By definition, these various accounts are instalment Russell Sage Foundation estimates a decade ago,
accounts since they are repayable in two or more on the basis of income payments in service indusequal payments, but unquestionably they are not tries. The 1948 Census of Business will provide
fully reflected in the instalment sale credit series. no data on service credit. We need a benchmark
Correction here might not afreet the level of the for this series. In addition we need current sample
total consumer credit series. It might cut down the data to project the series. The prospects of obtaincharge account total but add to the instalment sale ing either benchmark or current sample data are
credit total.
not good. This is one field in which we especially
We hope to improve our estimating techniques, need the aid and cooperation of business, univerto take full advantage of the better data we are sity, and Government people interested in conexpecting. To this end, we are considering re- sumer credit. It would be desirable to have spevision of the general form of presentation of our cial surveys of particular areas of the service credit
series. As mentioned before, our instalment credit fields on a national, regional, or even a local basis.
statistics are partly on an originator basis, and partly
The shortcomings of the single-payment loan
on a holder basis. The question is whether this series have received more attention than those for
arrangement should be continued, or whether, for any other item. As mentioned before, there is good
example, we should convert entirely to a holder reason to believe that the preponderance of rebasis.
ported single-payment loan balances consists of
This choice between holder and originator series nonconsumer loans. If we are to eliminate the
depends, first, upon the data available. When the nonconsumer items it would be desirable to have
series were originally established, a complete holder a breakdown of the various types of loans reported
series could not be obtained from the available as single-payment loans in the call report. Such a
data. Since that time we have obtained, or will breakdown has never been available, however, and
soon obtain, sample data and benchmark data for it is not likely to be in the near future. At the
various classes of credit institutions which were not same time we must be alert to any opportunities
covered originally. With these data it may be for getting such a breakdown.
We do know that many large loans are reported
feasible to make a complete set of estimates on a
holder basis. The estimation procedure would be under single-payment loans. It seems reasonable
more straightforward than that for the present to assume that these are mostly nonconsumer loans
series, and based on fewer assumptions. We realize, which should be excluded from the consumer credit
however, that the holder-series approach presents series and so we have recently drawn the line at
special problems of its own which need to be ex- $3,000. Only single-payment loans smaller than
this amount are to be considered as consumer loans
plored.
What we have been saying about the holder and in our current series. Larger loans are to be thrown
originator series applies to instalment credit. The into nonconsumer categories. Since June 1949 the
NOVEMBER
1950
1463
MEASUREMENT OF CONSUMER CREDIT
call report has contained the information necessary
for this division. We do not claim that the $3,000
break is perfect, but we think it is a step in the
right direction. If necessary, it can be changed
in the future.
We haven't decided yet how to revise the figures
for earlier years when this division was not available. Our single-payment loan figures for current
dates are going to be revised downward to about
one-third of the present level. If it is believed that
the series for earlier years has the same proportion
of nonconsumer items as our current estimates, we
might make a flat reduction of about two-thirds in
the level of the entire series. If, however, it is believed that the proportion of nonconsumer items
has varied over the years, we may vary the adjustment accordingly. Whatever decision is finally
reached will have to be somewhat arbitrary, as
there is little factual information available. It is
not likely that there will be any solid basis for
making a radical adjustment in the general movement of the single-payment loan series over the
years.4
*
#
#
*
#
Planning and carrying out a comprehensive program for improving these complicated statistics
brings up many difficult and time-consuming problems. There are questions of what items to include and exclude, and how to define them. There
are problems of how to promote wider coverage
* Editor's note. A provisional revision of the single-payment loan series was completed after this address had been
delivered. See pp. 1465-66 of this BULLETIN.
1464
and better reporting in our samples. It may be
necessary to organize some special surveys to cover
gaps in our data. It is going to take a lot of
thought to work out the estimating procedures
that make the most efficient use of our data.
We believe you will agree that the improvement
of the consumer credit series is not just our problem, but it is the problem of everybody who is
interested in these statistics. The statistics can be
no better than the data we get. Our data come
directly or indirectly from retail dealers and financial businesses. All of the sample data are on a
voluntary basis. Any improvement that we or you
can bring about in the collection or reporting of
the data will bring a corresponding improvement
in the statistics. We also need to know what items
and what forms of presentation are of the greatest
value to those who use the consumer credit statistics. To the extent that Government credit
policy is based on our statistics, any improvement
that can be made in these figures will pay dividends, by providing the Government with a better
basis for carrying out policies in the best interests
of all concerned.
We very much appreciate the active interest you
have shown in improving these consumer credit
statistics. We also appreciate the valuable criticisms
and suggestions you have offered us. They have
been of great help and we hope you will continue
to help us in this way. With everybody working
together, we believe we can reach our common
objective of a better understanding of this important area of finance.
FEDERAL RESERVE BULLETIN
REVISED ESTIMATES OF CONSUMER CREDIT
Provisional revision of the single-payment loan
component of the Board's estimates of consumer
credit, which is defined to include only short- and
intermediate-term credit, has been made for the
purpose of excluding the bulk of commercial bank
single-payment loans that cannot be reasonably
identified as consumer loans.1 The Board's estimates of total short- and intermediate-term consumer credit outstanding have been adjusted downward to take account of these adjustments in the
single-payment loan series.
The principal effect of the revision is to reduce
estimates of total consumer credit currently outstanding by about 2.2 billion dollars or 10 per cent
and to lower the increase in the total during the
past year by about 300 million or 7 per cent. Consequently, the rise in total consumer credit from
September 1949 to September 1950 is now 29 per
cent rather than 28 per cent. The estimates for
instalment credit, the principal component of the
total, have not been changed by this revision.
Previously the estimates of single-payment loans
of commercial banks have been based upon this
item of the semiannual call report data for all insured commercial banks. Since the call report includes a separate classification of business, agricultural, and financial loans, it was assumed that the
item "single-payment loans to individuals" represented loans primarily for consumption purposes.
However, special surveys in recent years have shown
that this category of commercial bank loans is not
restricted to loans for consumer purposes. Since it
was not possible to have all single-payment loans
of commercial banks classified according to purpose, it was decided after investigation to treat all
single-payment loans of less than $3,000 as consumer loans and to regard those of $3,000 or more
as being used primarily for nonconsumer purposes.
Consequently, arrangements were made with the
three Federal bank supervisory agencies to obtain
a breakdown of the single-payment loans of insured commercial banks between those of less than
$3,000 and those of $3,000 or more beginning with
the call report of June 30, 1949. The outstanding
balances of the loans below $3,000 are assumed
largely to represent single-payment consumer loans
1
Also includes, for the period 1946 to date, revised estimates of pawnbrokers' pledge loans outstanding. This revision reflects additional published information from pawnbrokers' annual reports.
NOVEMBER
1950
outstanding.
This new method of estimating single-payment consumer loans outstanding at commercial
banks may be considered arbitrary in various respects. However, taking into account only singlepayment bank loans to individuals of under $3,000
for purposes of the consumer credit statistics assures that loans in this category will be generally
consistent as to typical size with loans covered by
the other components of the consumer credit series.
While some nonconsumer loans may still be classified in the under $3,000 level, this bias will find
offset in that some single-payment loans of $3,000
or more are primarily for consumption purposes.
In the absence of any better method of adjusting
this series prior to June 30, 1949 it was decided to
use the proportion of single-payment loans below
$3,000 to the total. This percentage on June 30,
1949, 31.4 per cent, was applied uniformly to the
previous estimates of monthly single-payment loan
balances of commercial banks from January 1929
through May 1949 to get the revised estimates.
This is not regarded as an ideal solution to the
problem but is the only practicable solution presently available. Further study will be given to this
matter in an effort to secure a better basis for the
estimates on this class of consumer loans.
Revised estimates of single-payment loans outstanding, together with corresponding revisions in
estimates of total noninstalment credit and total
consumer credit are shown on the following page.
The effect of the revision has been to reduce tne
level of the single-payment loan series by approximately two-thirds. For September 1950 total singlepayment loans have been lowered from 3,342 million dollars to 1,182 million dollars; total noninstalment credit, from 8,124 million to 5,964 million; and total consumer credit, from 21,453 million to 19,293 million.
As is brought out in another article in this
BULLETIN dealing with the measurement of consumer credit, the consumer credit estimates published by the Board are in process of restudy and
revision. As modifications are made in methods
of estimate and in the resulting series, including
the present single-payment loan series, further
statistical revisions will be published in the BULLETIN. A comprehensive reworking of the estimates back to 1929 must await further progress
on this work.
1465
REVISED ESTIMATES OF CONSUMER CREDIT
[Amounts outstanding, in millions of dollars]
Total Singlenonpayinstal- ment
ment l loans
credit
End of
month
Total
consumerl
credit
1929
Jan
Feb.
Mar
Apr
May....
June....
July....
Aug
Sept.. . .
Oct
Nov.. . .
Dec
5 ,389
5,303
5,412
5,570
5,737
5,869
5,892
5,957
6,042
6,120
6,084
6,252
2,788
2,746
2,799
2,833
2,857
2,861
2,793
2,796
2,877
2,934
2,934
3,094
686
696
707
718
728
736
743
748
751
752
750
749
Jan
1930
Jan
Feb.
Mar.'.'.'.'
Apr.
May
June....
July....
Aug
Sept.. . .
Oct.....
Nov.. . .
Dec
5,943
5,745
5,727
5,750
5,731
5,714
5,602
5,546
5,552
5,542
5,477
5,570
2,925
2 ,842
2,863
2,860
2,852
2,823
2,729
2,706
2,755
2,779
2,783
2 ,882
746
742
738
734
731
727
724
719
716
709
704
698
Jan
1931
Jan
Feb
Mar.. . .'
Apr
May....
June
July....
Aug
Sept.. . .
Oct
Nov.. . .
Dec
5,281
5,093
5,035
5,021
5,004
4,959
4,831
4,744
4,724
4,684
4,574
4,636
2.705
2 J611
2,607
2,588
2,560
2,515
2,409
2,362
2,388
2,390
2,350
2,432
688
677
663
649
634
617
599
583
567
551
536
520
Total Total Singleconpaysumer instal- ment
credit i ment
loans
credit i
1935
3,721
3,689
Mar
3,799
3,958
Apr
May. . . . 4,048
June. . . . 4,168
J u l y . . . . 4,211
4,277
Aug
4,368
Sept
4,458
Oct
4,560
Nov
4,773
Dec
1,880
1,846
1,890
1,939
1,924
1,946
1,900
1,888
1,937
1,989
2,039
2,151
335
339
344
348
352
356
361
365
371
377
382
387
4,667
4,643
4,774
4,957
5,172
June. . . . 5,284
J u l y . . . . 5,343
Aug
5,417
Sept
5,540
Oct
5,655
Nov
5,712
Dec
5,933
2,058
2,036
2 ,€62
2,094
2,149
2,130
2,089
2,098
2,179
2,269
2,312
2 ,415
394
401
409
416
424
432
439
447
455
463
470
476
1937
Jan
Feb.
Mar
Apr
May.. . .
June.. . .
July....
Aug
Sept
Oct
Nov
Dec
2,290
2,263
2,310
2,319
2,346
2,348
2,305
2,331
2,405
2,466
2,495
2,553
484
492
499
507
514
522
529
535
539
540
538
537
Feb
1936
1932
Jan
Feb
Mar
Apr
May....
June . . .
July....
Aug
Feb.
Mar
Apr
May. . . .
5,761
5,705
5,847
5,986
6,153
6,284
6,302
6,376
6,456
6,497
6,470
6,513
1938
4.347
4,145
4,047
3,957 •
3,877
3,796
3,635
3,552
Sept.. . . 3,533
3,499
Oct
Nov.. . . 3,436
D e c . . . 3,493
1933
3,314
Jan.
3,199
Feb
3,158
Mar
Apr
3,149
3,171
May
J u n e . . . . 3,191
July.. . . 3,156
Aug
3,195
Sept.. . . 3,269
Oct
3,325
Nov.. . . 3,322
Dec
3,439
1934
Jan
Feb
Mar
Apr
May
June....
July. . . .
Aug
Sept.. . .
Oct
Nov.. . .
Dec
End of
month
2,250
2,147
2,126
2,087
2,047
2,002
1,913
1,879
1,904
1,912
1,893
1,975
508
496
482
469
458
445
432
420
408
395
383
370
Jan
1 850
1,784
1,781
1,766
1,752
1,730
1,671
1,661
1,706
1,741
1,745
1,851
358
347
337
328
319
312
307
303
302
302
303
303
Jan..
1,761
1,727
1,756
1,778
1,791
1,795
1,750
1,754
1,813
1,857
1,866
1,986
306
307
309
311
313
315
317
320
323
326
329
332
Preliminary.
1466
1941
Jan
Feb
Mar
Apr
May,. . .
2,584
2,518
2,550
2,603
2,656
2,717
2,680
2,731
2,861
2,859
2,828
2,939
536
534
533
538
549
553
551
550
551
556
562
565
1942
Jan
Feb
Mar.....
Apr
May.. . .
June.. . .
July....
Aug
Sept
Oct
Nov
Dec
8,491
8,145
7,994
7,775
7,386
6,974
6,489
6,213
6,067
5,929
5,695
5,692
2,893
2,794
2,853
2,848
2,721
2,582
2,371
2,375
2,458
2,555
2,521
2,644
5,244
5,041
4,904
4,796
4,630
4,620
J u l y . . . . 4,402
Aug
4,320
Sept
4,375
O c t . . . . . 4,449
Nov
4,535
Dec
4,600
2,459
2,451
2,457
2,445
2,389
2,449
2,324
2,297
2,386
2,486
2,586
2,599
1943
Jan
Feb
Mar
Apr
May.. . .
June.. . .
4,412
4,267
4,'441
4,474
4^550
4,634
4,553
4,530
4,649
4,823
5,113
5,428
773
787
794
802
815
831
844
855
864
876
887
896
557
552
547
541
531
521
512
506
500
495
491
483
1948
Jan
11,540
Feb.
11,453
Mar.'.'.'.'. 11',945
A p r . . . . . 12,192
May. . . . 12,431
June. .. . 12,773
J u l y . . . . 12,823
Aug.. :. . 13,009
Sept
13,314
Oct
13,589
Nov
13,790
Dec
14 366
5 ,072
4,905
5^124
5,098
5,113
5,240
5,085
5,037
5,124
5,356
5,468
5,766
908
916
923
928
936
943
940
940
938
940
943
949
474
463
458
456
452
443
428
422
432
440
438
414
1949
Jan
13,796
Feb.
13,409
Mar.'.'.'. '. 13^460
Apr
13,764
May. .. . 14,037
June.. . . 14,313
July
14,379
Aug
14,611
Sept
14,957
Oct
15,336
Nov
15,884
Dec
16,809
5,372
5 070
5', 031
5,134
5,149
5,190
5,044
4,989
5,058
5,170
5,443
5,919
952
949
941
933
933
941
949
957
962
979
996
1,018
1950
Tan
Feb.....
Mar
Apr.. . .
May. .
June. . . .
July....
Aug.P. . .
Sept. P.. .
5,532
5,275
5,261
5,317
5,410
5,546
5,697
5,836
5,964
1,027
1,034
1,045
1,067
1,092
1,116
1,133
1,157
1,182
535
532
529
526
523
522
520
520
520
521
522
523
Jan*....
Feb
Mar
Apr
May.. . .
June. . . .
July....
Aug
Sept
Oct.
Nov
Dec
4,278
4,143
4,320
4,287
4,364
4,390
4,312
4,364
4,447
4,589
4,774
4,976
2,384
2,303
2,466
2,449
2,513
2,518
2,441
2,487
2,554
2,672
2,819
2,915
398
388
388
398
413
432
432
430
425
428
428
428
5,926
5,851
5,929
Apr
6,027
May. . . . 6,178
June. . . . 6,286
J u l y . . . . 6,282
Aug
6,364
Sept
6,529
Oct
6,661
Nov
6,738
Dec
7,031
2,371
2,322
2,332
2 ,336
2,349
2,337
2,269
2,282
2,399
2,444
2,457
2,607
524
525
525
526
526
527
527
528
529
529
530
530
1945
Jan. . . . 4,683
Feb
4,542
Mar
4,797
Apr
4,642
May. . . . 4,656
June. . . . 4,760
July. . . . 4,684
Aug
4,660
Sept
4,708
O c t . . . . . 4,984
Nov
5,279
Dec.. .
5,627
2,693
2,599
2,832
2 ,684
2,687
2,766
2,690
2,672
2,696
2 ,897
3,086
3,263
425
423
422
436
455
476
480
477
470
473
488
510
2,468
2,394
2,424
2,427
2,442
2,464
2,369
2,377
2,473
2,535
2,581
2,746
525
521
518
516
517
518
517
520
524
528
532
536
1946
Jan
Feb.
Mar
Apr
May.. ..
June... .
July....
Aug
Sept
Oct
Nov
Dec
3 ,013
3,035
3,347
3,544
3,616
3,774
3,754
3,918
4,023
4,174
4,449
4,677
530
550
571
591
606
617
630
647
668
692
719
749
6,859
6,774
6,884
7,013
7,190
June. .. . 7,345
J u l y . . . . 7,337
Aug
7,415
Sept
7,534
Oct
7,677
Nov
7,800
Dec
8,163
Jan.
Feb.'.
Mar
Apr.
May
Total Total Singlenonconpaysumer instal- ment
ment
credit i
loans
credit *
8,501
8,485
8,847
Apr
9,107
M a y . . . . 9,399
June. . . . 9,699
July. . . . 9,764
Aug
9,896
Sept
10,149
Oct
10,523
Nov
11,108
Dec
11,862
2,381
2,299
2,306
2,314
2,297
2,296
2,234
2,239
2,312
2,346
2,405
2,533
Feb
Mar
End of
month
1947
7,963
7,931
8,036
8,329
8,631
June. . . . 8,859
J u l y . . . . 8,912
Aug
9,064
Sept
9,076
Oct
8,952
Nov
8,783
Dec
8,826
6,193
5,981
5,935
5,921
5,883
5,863
5,752
5,749
5,799
5,820
5,896
6,128
Feb
Mar
Apr
May. . . .
June. . . .
July....
Aug
Sept.....
Oct
Nov
Dec
1939
1
Total Total Singlenonconpaysumer instal- ment
ment
credit *
loans
credit i
1944
1940
3,307
3,254
3,306
3,386
3,469
3,529
3,519
3,554
3,618
3,689
3,698
3,846
End of
month
5,379
5,442
5,852
6,197
6,398
6,680
6,783
7,096
7,331
7,661
8,127
8,677
Jan
Feb..
Mar
16,368
16,159
16,338
16,639
17,077
17,651
18,295
18,843
19,293
Revised to incorporate changes in single-payment loan component.
FEDERAL RESERVE BULLETIN
[EMBER BANK EARNINGS, FIRST HALF OF 1950
Net current earnings before income taxes of all
member banks continued their upward trend in the
first half of 1950 and amounted to 593 million dollars. This compares with 546 million dollars in the
first half of 1949 and 551 million in the second
half.1 On an annual basis the ratio of net current
earnings to total capital accounts was 12.8 per cent,
compared with 12.3 per cent in the first half of
1949.
Higher current earnings and a decline in additions to valuation reserves more than offset increased accruals for income taxes and resulted in
net profits of 397 million dollars, the largest dollar
amount since the first half of 1946 when profits on
1
Normal differences in some items do not invalidate comparisons of earnings in the first and second halves of a year,
but they are sufficiently important to warrant care in interpreting the results for any first half. For example, bonuses
paid to officers and employees and losses and charge-offs are
usually reported in larger volume in the second half of a
year than in the first.
sales of securities were unusually large. The annual ratio of net profits to capital accounts was 8.5
per cent as compared with 8.1 per cent in the first
half of 1949.
Current earnings were 97 million dollars higher
than in the first half of 1949 and current expenses
were 51 million higher. Expenses, however, followed the pattern of 1949 and declined slightly
from the second half of the preceding year. Earnings continued to increase. The shift in importance
from earnings on United States Government securities to earnings on loans continued, but otherwise
the distribution of earnings and expenses remained
practically unchanged.
The pattern of dividend payments was similar
to that of previous years. Payments of 155 million
dollars were slightly higher than in the corresponding period of 1949 but lower than in the last half
of 1949.
Details of earnings, expenses, etc., for the first
M E M B E R BANK EARNINGS
[Amounts in millions of dollars]
1946
Item
First
half
1947
Second
half
First
half
1948
Second
half
First
half
1949
Second
half
First
half
1950
Second
half
First
half
1,175
546
75
348
47
159
1,228
508
73
425
53
170
1,250
465
73
487
57
168
1,328
456
76
557
62
177
1,379
436
78
620
69
176
1,450
419
80
688
72
191
1,460
423
81
698
78
180
1,525
436
87
729
80
193
1,557
435
91
760
84
187
Expenses
Salaries and wages
Interest on time deposits
Taxes other than on net income
Other expenses
694
325
103
40
226
775
374
109
42
249
790
375
117
43
255
860
422
119
45
274
866
414
125
44
283
930
462
126
46
296
914
441
130
46
297
975
485
131
50
308
965
465
135
54
310
Net current earnings before income taxes...
482
452
460
469
513
520
546
551
593
Recoveries and profits l
Losses and charge-offs l
Net additions to valuation reserves 1
216
110
140
137
117
85
115
166
118
96
116
72
100
57
59
70
32
97
96
94
82
67
41
Profits before income taxes
588
159
455
126
492
142
418
115
419
435
503
458
566
127
107
143
132
169
292
329
360
326
397
140
6,925
154
6,918
146
6,903
167
6,892
155
6,885
Earnings
On U. S. Government securities
On other securities
On loans
Service charges on deposit accounts
Other earnings
Taxes on net income
429
Net profits.
Cash dividends declared
3
Number of banks at end of period
NOVEMBER
1950
329
350
303
124
143
132
149
6,887
6,900
6,928
6,923
1467
MEMBER BANK EARNINGS, FIRST HALF OF 1950
half of 1950 and the two halves of 1949 are shown
on page 1540 of this BULLETIN.
Earnings. As shown in the table on page 1467,
all important items of earnings were higher in the
first half of 1950 than in the first half of 1949 and
most items were higher than in the second half.
The largest increases were in earnings on loans,
which were 61 million dollars above the level for
the first half of the preceding year and 31 million
above the level for the second half. Earnings from
United States Government securities and from trust
departments were slightly lower than in the preceding six months.
Except for the continuation of the shift from
earnings on United States Government securities to
earnings on loans, the distribution of earnings remained practically unchanged in the first half of
1950. Earnings on loans accounted for 49 per cent
of total earnings as compared with 48 per cent in
the two preceding semiannual periods, and earnings from United States Government securities declined from 29 per cent to 28 per cent.
Increases in earnings on loans reflected primarily
larger average holdings. The average volume of
loan holdings was 1.4 billion dollars larger in the
first half of 1950 than in the first half of 1949 and
1.7 billion larger than in the second half. An
average annual rate of return on loans of 4.14 per
cent was higher than the rate of 3.95 per cent in
the first half of last year, but was slightly below
the rate of 4.16 per cent in the second half. The
increase in the average rate of return on loans over
the same period of last year was largely the result
of continuing growth in the proportion of loan
portfolios held in higher-yielding consumer and
real estate loans.
Earnings on Government securities in the first
half of 1950 were 12 million dollars more than in
the first half of 1949, but they were about 1 million
less than in the second half. This decline, which
occurred notwithstanding a small increase in average holdings, resulted from a slight decline in
average annual rate of return. The lower rate
(1.55 as compared with 1.62 in the first half of
1949 and 1.56 in the second half) reflected larger
holdings of short-term securities and the decline in
yields during 1949. The effects of this decline were
offset somewhat by increased yields during 1950.
Expenses. Current expenses of all member banks
amounted to 965 million dollars, 51 million more
1468
than in the first half of 1949 and 10 million less
than in the second half. The distribution among
various items remained practically unchanged. All
items showed increases over the first half of the
previous year, but salaries and wages were down
20 million dollars from the second half.
Salaries and wages of 465 million dollars accounted for 48 per cent of total expenses. Salaries
of officers and of other employees were 10 and 15
million dollars, respectively, above the same period
of last year and 8 and 12 million below the second
half. The decline from the second half was seasonal in nature and followed the pattern of 1948
and 1949 and of prewar years.
Profits, recoveries, losses, and transfers to reserves.
Profits on securities sold amounted to 33 million
dollars at all member banks during the first half
of 1950. This was about 12 million more than in
the corresponding period of 1949, and about the
same amount less than in the second half. Net
losses and charge-offs on all securities amounted to
8 million dollars, somewhat less than in either of
the two preceding half-year periods. About 7 million dollars was added to valuation reserves to provide for future losses on securities.
Net losses on loans were 10 million dollars
less than in the first half of 1949 and 14 million
less than in the second half. These losses amounted
to 11 million dollars, less than 1.5 per cent of
earnings on loans. Provisions for future losses continued at a high rate and net additions to valuaFACTORS IN H I G H E R N E T PROFITS
[In millions of dollars]
First half of 1950
compared with—
Factor
First
Second
half 1949 half 1949
+37
+72
+70
+119
Increase in net current earnings
Increase in profits on securities sold. . . .
Decrease in net losses on securities * . . . .
Decrease in net losses on loans *
Increase in net "other recoveries"
Decrease in net additions to valuation
reserves *
46
12
1
10
3
42
Factors decreasing net profits, total. .
-35
-48
Increase in accruals for income taxes. . .
Decrease in profits on securities sold.
Increase in1 net additions to valuation
reserves
26
37
11
Increase in net profits
Factors increasing net profits, total.. .
4
14
7
52
9
1
For description of composition of these items, see footnote 1 to
table on p. 1469.
FEDERAL RESERVE BULLETIN
MEMBER BANK EARNINGS, FIRST HALF OF 1950
tion reserves amounted to 35 million dollars, practically unchanged from the first half of 1949.
Net profits. Net profits of member banks after
all expenses, charges, recoveries, profits, and provisions for future losses and taxes were 397 million
dollars in the first half of 1950. This was 37 million dollars more than in the corresponding period
of 1949 and 70 million more than in the preceding
six months. Higher net current earnings were the
primary factors in these increases. Smaller additions to valuation reserves also played an important
part in the increase from the second half. Larger
accruals for income taxes offset somewhat the effects of higher net current earnings. Changes explaining the increase in net profits are shown in
the table on page 1468.
Earnings by class of bank. Total earnings and net
current earnings were generally higher in the first
MEMBER
half of 1950 than in either the first or the second
half of 1949 at all classes of member banks. The
decline in expenses from the second half of 1949,
which was reflected in all member bank figures,
occurred only at country banks.
Despite larger accruals for income taxes, net
profits exceeded the amounts reported for each half
of 1949 at all classes of member banks, except at
Chicago banks. Recoveries and losses followed the
same general pattern at all classes of member banks
and, with a minor exception again in Chicago,
cash dividend payments were up from the first
half of 1949.
Earnings data by class of bank for the first half
of 1950 and the two halves of 1949 are shown in
the accompanying table and in the table on page
1540.
BANK EARNINGS BY CLASS OF BANK, FIRST AND SECOND HALVES OF 1949
AND FIRST H A L F OF
1950
[Amounts in millions of dollars]
Central reserve city banks
New York
Chicago
First Second First
half
half
half
1949 1949 1950
First Second First
half
half
half
1949 1949 1950
Reserve
city banks
Country
banks
First Second First
half
half
half
1949 1949 1950
First Second First
half
half
half
1949 1949 1950
Earnings
On U. S. Government securities
On other securities
On loans
Service charges on deposit accounts
Other earnings
239
72
12
98
8
50
237
76
14
91
7
49
242
74
14
97
8
48
60
22
5
23
1
9
63
24
5
22
1
10
63
24
6
22
1
10
549
147
28
278
29
67
587
158
31
293
32
73
600
157
32
307
33
71
612
182
37
299
39
54
639
178
37
323
41
61
653
180
38
334
43
58
Expenses
Salaries and wages
Interest on time deposits
Taxes other than on net income
Other expenses
142
81
4
5
53
140
S3
4
5
48
142
80
5
6
52
39
18
5
2
13
39
18
5
2
13
40
18
6
3
13
352
169
53
20
110
375
184
54
21
116
377
180
56
23
118
381
173
67
20
122
421
131
406
187
69
22
128
97
97
21
23
23
197
212
223
231
218
247
9
9
19
14
7
4
9
4
9
4
18
23
33
35
26
34
36
42
29
30
15
33
30
25
19
22
24
25
6
177
177
200
188
51
53
208
63
56
49
126
124
56
62
336
341
Net current earnings before income taxes.
Recoveries and profits *
Losses and charge-offsx
Net additions
to valuation reserves (or deductions) 1
Profits before income taxes
Taxes on net income
Net profits
Cash dividends declared 2
Number of banks at end of period
30
105
35
31
72
24
63
48
26
40
42
8
94
35
13
15
13
19
13
145
61
336
200
68
22
227
66
161
139
45
55
42
6,519 6,513 6,511
144
1
Data for these items and corresponding items in the preceding tables were obtained by combining earnings data on p. 1540 of this
BULLETIN as described below:
(a) Recoveries on securities and loans are a combination of recoveries credited to profits (shown in the body of the detailed table)
with recoveries credited to valuation reserves (shown under memoranda items in the detailed table). The combined figures represent
gross recoveries of member banks during the year regardless of the accounting methods of the individual banks.
(b) Losses on securities and loans are a combination of losses charged against profits with losses charged to valuation reserves. These
totals represent gross losses of member banks during the year regardless of the accounting methods of the individual banks.
(c) Net additions to valuation reserves on securities and loans represent the combination of four amounts given in the detailed table:
the sum of the two items that increase valuation reserves (transfers to reserves reported in the body of the detailed table plus recoveries
credited to reserves reported as memoranda items) less the sum of the two items that decrease valuation reserves (transfers from reserves
reported
in the body of the detailed table plus losses charged to reserves reported as memoranda items).
2
Includes interest on capital notes and debentures.
NOVEMBER
1950
1469
FEDERAL RESERVE NOTES—1950 SERIES1
The Treasury Department announced today that
the first delivery of Federal Reserve notes designated Series of 1950 had been made by the Bureau
of Engraving and Printing to the Federal Reserve
System. The new series of notes have the signatures of the Secretary of the Treasury and the
Treasurer of the United States, the series designation, and the identification of the issuing Federal
Reserve Bank overprinted in the same manner as
the serial numbers and the seal, instead of engraved as heretofore.
The serial numbers of the notes are slightly reduced from their former size, and are now identical
in style with the serial numbers which appear on
one dollar silver certificates. The identification of
the issuing bank and the Treasury Seal have also
been reduced in size.
Except for these details the new notes are un1
Statement to the press issued by the Treasury Department
on Nov. 9, 1950.
1470
changed in design from those issued heretofore.
The notes in the first delivery are for the use of
the Federal Reserve Bank of Richmond. The new
notes are in denominations of $5, $10, and $20.
Several economies will result from the new production method. It will not be necessary to keep
on hand large stocks of notes of each denomination
for each of the twelve banks of the Federal Reserve
System. Stocks of notes for each denomination,
complete except for the data to be overprinted, will
suffice. Also, it will not be necessary to engrave
new plates when there is a change in either of the
signatures appearing on the notes.
Elimination of the necessity for stocking new
notes of each denomination for each of the Federal
Reserve Banks will reduce the number of required
combinations for stocking purposes from 108 to 9.
The Bureau of Engraving and Printing will be
able to make certain further savings from the more
expeditious scheduling of production.
FEDERAL RESERVE BULLETIN
LAW DEPARTMENT
Administrative interpretations of banking laws, new regulations issued by the
Board of Governors, and other similar material
Consumer Credit
Refrigerators and Food Freezers
The substitution of "designed for household use"
for the previous cubic foot capacity demarcation in
the listing of refrigerators and food freezers has resulted in questions relating to the applicability of
Regulation W. In one case certain food freezers
have been designated by the manufacturer as "commercial models." They are similar in appearance
and function to the freezers manufactured by the
same company and designated by that company as
"home freezers," although the home model uses
a smaller horsepower compressor and at least one
of the commercial models is equipped with a sliding glass lid.
The Board believes, however, that because the
food freezers in question are of a type readily
adaptable to household use, and are not designed
exclusively for commercial use, they are listed
articles under Regulation W.
Revisions of and Additions to Pre-effective Date
Credit
Section $(h) of Regulation W permits the performance of valid contract or obligations entered
into prior to the effective date of the regulation
but provides that when any such credit is combined
with new credit extended after the effective date it
shall be treated as if it were extended on the date
of consolidation. If a pre-effective date obligation
to purchase an automobile has been paid down to
$1,700 and after the effective date the Registrant desires to combine it with an additional $900 loaned
for an exempt purpose, section 8(A) would require
the remainder of the automobile credit to be scheduled for repayment within the maximum maturity
applicable to automobiles. Since the example involves a mixed credit, section 6(d) would apply
and under the present provisions of the regulation
the Registrant could schedule the consolidated obligation so that at least $1,700 would be repaid within
21 months from the date of consolidation; the
$900 new credit could be scheduled for payment
without regard to Regulation W.
NOVEMBER
1950
In the case described above, if the new
credit were for the purchase of a Group B or C
listed article, the entire $2,600 would have to be
scheduled in accordance with the regulation. However, the $1,700 arising from the automobile and
subject to 21 months maximum maturity would, of
course, be larger than the $900 arising from the
Group B or C article and subject to 18 months
maximum maturity. Therefore, under the option
in section 6(d) relating to the major part of the
credit, the Registrant, if he desired, could give the
entire $2,600 credit the 21 months maximum maturity applicable to the listed article giving rise to
the major part of the credit.
Revision by Original or Other Registrant
Section 5 of Regulation W relates to renewals,
revisions, and additions. Subsection (a) of section
5 states the general requirements that apply in such
cases, and other subsections of section 5 relate to
certain special situations. In connection with several cases that do not qualify under any of those
other subsections, questions have been received regarding the possible application of section 5(a).
Question—-If Registrant A extends credit for the
purchase of an automobile and the customer later
asks to revise the credit, what is the maximum
maturity permissible for the revised obligation?
Answer—Twenty-one months, because that is the
maximum maturity applicable to a new automobile credit.
Question—What would be the maximum maturity in the above case if the Registrant who was
asked to revise the credit was not A, who had
originally extended it, but B, a bank or finance
company that had purchased the paper from A?
Answer—Twenty-one months, because it would
still be the revision of an instalment credit "already
outstanding."
Question—What would be the maximum maturity if the customer went to C, a bank or loan
company that did not hold the original paper, and
asked to obtain a loan to pay off the obligation
referred to above? Answer—Eighteen months,
1471
LAW DEPARTMENT
the maximum maturity for an unclassified loan,
because section 5(a) applies merely to the "renewal or revision of # # * credit already outstanding" and C could not be said to be renewing or
revising a credit which he already has outstanding.
This contrasts with the broader language of section 5(b) which applies to credit that "refinances"
an outstanding obligation "whether or not such
obligation is held by the Registrant," but which
requires that certain conditions exist which were
not present here.
Tape or Wire Recorders
Tape or wire recorders not designed exclusively
for commercial use are listed articles under item 8
of Group B of the Supplement.
Side Loans Prohibited
Section 6(z) of Regulation W states that "a
Registrant shall not extend any credit for financing
the purchase of a listed article" if he knows or has
reason to know of any other credit that would
cause the total credit in connection with the purchase to exceed the amount of instalment credit
permitted by the regulation.
The requirements of the section apply to a
Registrant only in a case in which he is extending
instalment credit. This is because section 2(a) of
the present regulation limits the application of the
entire regulation to cases in which the Registrant
is extending instalment credit.
In any case in which the Registrant is extending
instalment credit subject to the regulation for the
purchase of a listed article, he must take into account under section 6(7) all credit, of which he
knows or has reason to know, in connection with
the purchase of the article. He must take into
account not merely other credit that would be subject to the regulation, but also "other credit of any
kind" in connection with the purchase of the
article, including credit that is not itself subject
to the regulation.
Single-payment credit is one example of credit
that is not itself subject to the present provisions
of the regulation but that must be taken into account under section 6(7) when the Registrant extends instalment credit subject to the regulation
for the purchase of a listed article.
Similarly, credits exempted by section 7 of the
regulation are also among the credits that must be
taken into account under section 6(7). For ex1472
ample, section 7(^) exempts certain credits that are
fully secured by withdrawable shares issued by or
savings accounts held with the lender but such
credits, like single-payment credits, must nevertheless be taken into account under section 6(7) by
any Registrant extending any credit subject to the
regulation for the purpose of purchasing a listed
article.
Loans for Business Purposes
A loan to a doctor or dentist to purchase medical
or dental equipment is a "loan for business purposes to a business enterprise" within the meaning
of section 7(b) of Regulation W if the doctor or
dentist is engaged in performing services for various patients for individual fees. However, a doctor
or dentist performing services only on a regular
salary basis cannot be considered a "business enterprise" under section
Home Improvement "Materials and Articles"
Draperies or curtains are not listed articles under
Group D of the Supplement to Regulation W.
"Used" Automobiles
An automobile becomes a "used" car for the
purposes of Regulation W when it is (1) first sold
to any person not engaged in the business of selling automobiles, or (2) used and driven as a
"demonstrator" by an automobile dealer or salesman even though the automobile has not been
previously sold.
Residential Real Estate Credit
Amendment to Regulation X
The Board of Governors of the Federal Reserve
System, with the concurrence of the Housing and
Home Finance Administrator, effective November
14, 1950, issued Amendment No. 1 to Regulation X,
covering residential real estate credit, so as to
exempt from the prohibitions of the regulation real
estate construction credit extended prior to May 1,
1951, on new construction begun prior to October
12, 1950, the effective date of the regulation, and
to extend until December 31, 1950, the time permitted for filing with the Federal Reserve Banks
statements of facts with respect to unwritten agreements to extend credit which were entered into
prior to October 12, 1950. The text of the amendment is asr follows:
FEDERAL RESERVE BULLETIN
LAW DEPARTMENT
AMENDMENT NO. 1 TO REGULATION X
Issued by the Board of Governors of the Federal
Reserve System with the Concurrence of the
Housing and Home Finance Administrator
Regulation X is hereby amended in the following respects, effective November 14, 1950:
1. By striking out "within 30 days after the
effective date of this regulation" in the last sentence
of section 6(1?) and inserting in lieu thereof "prior
to January 1, 1951."
2. By adding the following subsection (^) to
section 5:
"(/^) New Construction Begun Before October
12, 1950. The prohibitions of this regulation
shall not apply to any real estate construction
credit extended prior to May 1, 1951 with respect to new construction begun prior to October 12, 1950."
Statement of Borrower Where Credit Secured by
Mortgage Collateral
A Registrant makes a loan to a mortgage company on a note secured by a pledge of collateral
consisting of real estate mortgages, including some
subject to Regulation X. May the Registrant rely
upon a statement by the mortgage company that
all of the pledged mortgages which are subject to
Regulation X conform with the requirements of
the regulation? Must the Registrant procure a
copy of the Statement of the Borrower which the
mortgagor signed, pursuant to section 4(<r) of Regulation X, with respect to each pledged mortgage
which is subject to Regulation X?
Section 4(#)(5) of Regulation X provides that
no Registrant shall lend on any credit instrument
evidencing real estate construction credit which is
subject to and not exempt from the regulation, unless the terms of such credit conformed with the
provisions of the Supplement to the regulation
when such credit was originally extended, or conform at the time of such loan. In the case described, the Registrant may not rely upon the statement by the mortgage company to establish that
the pledged mortgages which are subject to Regulation X conform with the requirements of the
regulation. The Registrant, however, may rely
upon a signed statement accepted in good faith in
which the mortgage company states which of the
pledged mortgages do, and which do not, evidence
real estate construction credit subject to Regulation X; and in determining whether a mortgage
NOVEMBER
1950
which is subject to Regulation X conforms with
the regulation, the Registrant may rely upon the
facts stated in a copy of the Statement of the Borrower signed by the mortgagor and which the
Registrant accepts in good faith.
Necessity for Statement of Borrower for
Nonregulated Credit
A Registrant makes an unsecured loan to a
mortgage company, the proceeds of which are to
be used by the mortgage company to make real
estate loans, including some subject to Regulation
X. Must the Registrant obtain any Statement of
the Borrower?
As described, the loan by the Registrant to the
mortgage company is not an extension of real estate
construction credit or a loan on credit instruments
evidencing real estate construction credit. The
Registrant is required only to be satisfied, and maintain records which reasonably demonstrate on their
face, that the loan to the mortgage company is not
real estate construction credit. This requirement
may be met by the execution by the mortgage company of a Statement of the Borrower of the kind
described in the first paragraph of section 4(c) of
Regulation X and the acceptance of the Statement
by the Registrant in good faith.
Instruments Evidencing Exempt Credit
The prohibitions of section 4(#)(5) of Regulation X with respect to a Registrant purchasing, discounting, or lending on credit instruments evidencing real estate construction credit apply only to
credit instruments evidencing credit which is subject to and not exempt from Regulation X. Under
section 6(b) of the regulation, credit extended pursuant to firm commitments made prior to the effective date of the regulation is exempt. Accordingly,
there is no prohibition with respect to purchasing,
discounting, or lending on credit instruments evidencing such credit.
Registrant's Records of Nonregulated Credit
The first sentence of section 4(<r) of Regulation
X provides that no Registrant shall extend any
credit unless he is satisfied, and maintains records
which reasonably demonstrate on their face,
whether such credit is or is not real estate construction credit. If the Registrant is satisfied that
the credit is not real estate construction credit, the
provisions of this sentence may be met by the retention by the bank of any of the following:
1473
LAW DEPARTMENT
(1) A Statement of the Borrower, on the form
now available at the Federal Reserve Banks or contained in a loan application or any letter or other
writing, which is signed by the borrower and
states the facts indicated in the second sentence of
section 4(<r); (2) any correspondence, memoranda,
loan applications or other documents of any kind,
whether or not originating in connection with the
credit in question, which on the basis of a reasonable interpretation show that the credit is not real
estate construction credit; or (3) a written endorsement or rubber stamp legend, placed upon the
credit instrument or upon other papers in connection with the credit and signed by the Registrant
or a responsible officer of the Registrant, stating
that he is satisfied that the credit in question is
not real estate construction credit.
Firm Commitment Prior to Effective Date
Section 6(£) of Regulation X provides that the
provisions of the regulation shall not apply to or
affect any credit extended pursuant to any firm
commitment to extend credit made prior to the
effective date of the regulation. Inquiries have
been received concerning the application of this
section to agreements entered into by a Registrant
and a builder prior to the effective date of the regulation under which the Registrant agreed to lend a
stated amount on stated terms to any purchaser of
particular residences built or to be built by the
builder if the purchaser has a credit standing satisfactory to the Registrant and if the residence has
been constructed according to prescribed plans and
specifications.
Section 6(£) defines a firm commitment as
"either (1) a written agreement under which the
Registrant is required without option or discretion
on his part to extend credit upon demand by the
borrower or upon compliance by the borrower with
one or more conditions referred to in such agreement; or (2) any other agreement to extend credit
which has been entered into in good faith by the
parties and in reliance upon which the prospective
borrower has taken specific action prior to the effective date of the regulation, if the Registrant within
30 days after the effective date of this regulation
shall have sent to the Federal Reserve Bank of the
district in which he does business a letter or other
statement reciting the facts with respect to such
agreement and the specific action taken by the
prospective borrower prior to the effective date of
1474
the regulation."
If an agreement of the kind described above is
in writing, it constitutes a firm commitment within
the meaning of clause (1) of the definition of that
term and the fact that the borrower (purchaser)
must have a credit standing satisfactory to the
Registrant is merely one of the conditions with
which the borrower must comply. If such an agreement is not in writing, it constitutes a firm commitment within the meaning of clause (2) of the
definition if the builder has taken specific action
in reliance upon the agreement prior to the effective
date of the regulation and the Registrant furnishes
the required information to the appropriate Federal Reserve Bank within 30 days after the effective date of the regulation. For this purpose, the
term "prospective borrower" in clause (2) of the
definition is deemed to include the builder to whom
the commitment was made.
Painting, Reroofing and Repairs as "Major
Improvement"
Painting, reroofing, and repairs constitute a
"major improvement," within the meaning of section 2(g) of Regulation X, if their cost exceeds
$2,500.
Sale of New Residence Subject to Pre-effective Date
Indebtedness
Inquiries have been received regarding the application of Regulation X to a sale of residential property on which there is new construction, where the
vendee assumes, or takes the property subject to,
indebtedness secured by a mortgage on the property and such indebtedness exceeds the maximum
loan value of the property but evidences credit extended prior to October 12, 1950, the effective date
of the regulation.
Regulation X does not prohibit such a sale or
require that the indebtedness be reduced to the
maximum loan value of the property. Under the
definition contained in section 2(d) of Regulation
X, such a sale constitutes an extension of credit by
the vendor of the property; but, even though the
vendor may be a Registrant, the sale is not prohibited by Regulation X because the provisions of
section 4(#)(6) of the regulation, which deal specifically with such transactions, prohibit a sale only
"if the amount of outstanding credit (including
any credit exempt from, or not subject to the prohibitions of, this regulation) which was extended
FEDERAL RESERVE BULLETIN
LAW DEPARTMENT
after the effective date of the regulation with respect to the property exceeds, or as a result of such
sale or transfer would exceed, the applicable maximum loan value of such property, or if any outstanding real estate construction credit {subject to
and not exempt from this regulation) with respect
to such property does not conform with the provisions of this regulation and the Supplement
thereto." However, any additional extension of
credit by a Registrant (including the vendor if he
is a Registrant) in connection with such a sale
would be prohibited by section 4(#)(1) of Regulation X.
For example, in a sale of residential property on
which there is new construction where the bona
fide sale price is $12,000, and the vendee pays
$2,000 for the equity of redemption and assumes,
or takes such property subject to, a $10,000 mortgage which evidences credit extended prior to October 12, it is not necessary that the $10,000 mortgage be rewritten to conform with Regulation X.
However, no part of the $2,000 paid by the vendee
for the equity of redemption may be borrowed
from a Registrant because the amount of credit
outstanding with respect to the property already
exceeds the maximum loan value of the property.
Allowance for Labor
Inquiries have been received under section
2(7)(2)(B) of Regulation X where the facts are
these: A prospective borrower owns a vacant lot
on which he, with the help of his family and
friends, will perform the necessary labor to build
a residence. He applies to a Registrant for credit
to be secured by a mortgage upon the residential
property, the proceeds of the loan to be used to
pay for materials used in the new construction.
The question is: How does a Registrant determine
the "value" of the residential property?
If the entire cost of the property has been incurred by the prospective borrower not more than
12 months prior to the extension of credit or is to
be incurred by him after such extension of credit,
the "value" is the bona fide cost of the property to
the borrower, including a bona fide estimate of the
cost of completing the new construction. It is the
view of the Board that a reasonable bona fide estimate of the value of the labor to be performed by
the prospective borrower, his family, and friends
may be included in the "bona fide estimate of the
cost of completing new construction."
NOVEMBER
1950
If the lot has been purchased or any other part
of the cost of the property has been incurred by
the prospective borrower more than 12 months
prior to the extension of credit, or if any part of
such property has been acquired by gift, exchange,
or inheritance, the "value" shall be the appraised
value as determined in good faith by the Registrant.
Mixed Purpose Loans
Inquiries have been received regarding the application of Regulation X to extensions of credit for
mixed purposes. For example, a prospective borrower applies to a Registrant for a loan to be secured by a mortgage on residential property on
which there is no new construction. A part of the
loan is for the purpose of financing a major addition to the residence which will cost $8,000, and
$2,000 of the loan will be used (a) to retire an
existing mortgage on the property, or (b) to retire
outstanding indebtedness not secured by a mortgage on the property, or (c) for some other purpose
which would not make the loan subject to Regulation X. The question is: How much credit can
the Registrant extend and on what terms?
It is the view of the Board that in such cases
Regulation X requires that the amount and terms
of the loan shall be such as would result if the
loan were divided into two or more parts on the
basis of the purposes of the loan and each part
were treated as if it stood alone; and the amount
and terms of the loan would comply with Regulation X if they satisfied the requirements of the
regulation applicable to that part which is subject
to Regulation X.
By way of illustration, in each of the examples
set forth above, the maximum amount of credit
permitted by Regulation X would be $8,450, that
is, $6,450 (the maximum loan value of the $8,000
major addition) plus $2,000. The maturity and
amortization of that part ($6,450) which is subject to Regulation X would have to conform with
the provisions of the Supplement; or, in other
words, the payments on the loan would have to
be such as to repay $6,450 of the loan within the
time and at the rate required by the Supplement.
The same principles apply in the case of a loan
secured by a mortgage on farm property where
part of the loan is for the purpose of financing the
construction of a residence on such property and
the remainder of the loan is for purposes which
would not make the loan subject to Regulation X.
1475
CURRENT EVENTS AND ANNOUNCEMENTS
Federal Reserve Meeting
A meeting of the Federal Open Market Committee was held in Washington on October 30, 1950.
Election of Glass A Director
The Federal Reserve Bank of Minneapolis, on
November 7, 1950, announced the election of Mr.
Arthur H. Quay, President, First National Bank of
Minneapolis, Minnesota, as a Class A director of
the Bank to fill the unexpired portion of the term
ending December 31, 1952. Mr. Quay succeeds
Mr. Henry E. Atwood, deceased.
Change in Board's Staff
Mr. Millard, Director of the Board's Division of
Examinations, has resigned to become a Vice President of the Federal Reserve Bank of San Francisco,
effective December 1, 1950. To fill temporarily
the vacancy caused by Mr. Millard's leaving, the
Federal Reserve Bank of Richmond, at the Board's
request, has made available for a period of about
six months the services of Mr. Edward A. Wayne,
Vice President, as Acting Director of the Division.
During that period a permanent Director of the
Division will be selected.
Effective October 30, 1950, Mr. Fred A. Nelson
returned to the Division of Examinations as an
Assistant Director. Mr. Nelson served as an examiner in that Division for a number of years and
subsequently as Assistant Secretary of the Board
and as Assistant Director of the Division of Administrative Services.
To fill temporarily the vacancy caused by Mr.
Nelson's transfer, the Federal Reserve Bank of
Philadelphia, at the request of the Board, has made
available the services of Mr. Robert N. Hilkert,
Vice President, for a period of about six months
as Acting Director of the Board's Division of Per6onnel Administration. He will give his entire
time to the assignment and during the six months
period a permanent Director of the Division will
be selected.
Publication of Technical Study
A Statistical Study of Regulation V Loans, by
Susan S. Burr and Elizabeth B. Sette, is now ready
for distribution at the offices of the Board of Governors. During World War II the Federal Reserve
1476
Banks, under the general direction of the Board of
Governors (through Regulation V), acted as fiscal
agents for the War and Navy Departments and
the Maritime Commission in guaranteeing war
production and contract termination loans made
by commercial banks and other financing agencies. This arrangement was an innovation in war
finance that enabled the commercial banking system to act promptly in providing war producers
with working capital and thus lessened the need
for direct Government financing.
The present study presents more detailed statistics of Regulation V loans than could be currently
released while the program was in operation. The
data are grouped to show the main characteristics of the lending program, such as the volume of
credit made available, sizes of business and types
of war production financed, the terms of loans,
and the private financial institutions that participated. The purpose is to record for future use an
experience gained under emergency pressure.
This study of Regulation V loans is a by-product
of the research program of the Federal Reserve
System. This program includes the development
and maintenance of statistical tools and materials
that contribute to an understanding of banking
and monetary developments. Publication of any
findings resulting from the research program does
not indicate official endorsement of the views or
conclusions expressed.
The pamphlet may be purchased for 25 cents or
for 15 cents in group purchases of 10 or more for
single shipment. Orders should be sent to the
Division of Administrative Services, Board of Governors of the Federal Reserve System, Washington
25, D. C.
Admissions of State Banks to Membership in the
Federal Reserve System
The following State banks were admitted to
membership in the Federal Reserve System during
the period September 16, 1950 to October 15, 1950:
California
Laguna Beach—Bank of Laguna Beach
Colorado
Pueblo—Arkansas Valley Bank
FEDERAL RESERVE BULLETIN
NATIONAL SUMMARY OF BUSINESS CONDITIONS
[Compiled October 25 and released for publication October 27]
Industrial activity, employment, and payrolls
increased somewhat further in September and early
October. Business and consumer demands for
goods were less active after mid-September and
wholesale commodity prices showed little change.
Retail prices continued upward, reflecting in part
earlier advances in wholesale markets. Credit to
business, consumers, and real estate owners expanded considerably further. Consumer credit
regulations, which became effective on September
18, were tightened on October 16 and housing
credit restrictions were put into effect October 12.
INDUSTRIAL PRODUCTION
Industrial production showed a small further increase in September and early October, following
the sharp advance in August. Reflecting mainly
continued gains in output of iron and steel and
their products, machinery, and. crude petroleum,
the Board's seasonally adjusted index rose from 209
in August to 211 in September. In October, a further small increase is likely as a result chiefly of expanded output of steel and of producers durable
goods and military equipment.
Steel production increased in September to a level
slightly above the June rate, and in October has
advanced about 3 per cent further to a new record.
The gain in activity in machinery industries in September was much smaller than in August, mainly
because labor disputes curtailed operations in some
important plants. Automobile production continued
close to the high level of recent months. In view
of the growing volume of defense production and
the limited supply of metals and certain other industrial materials, the National Production Authority has established a priority system for defense
orders.
Output of textile, paper, rubber, and petroleum
products in September was maintained at the exceptionally high levels reached in August. Meat
production rose much more than seasonally. In
mid-October, the National Production Authority
announced more stringent measures to curtail consumption of rubber in civilian products.
Output of crude petroleum advanced further to a
new record rate in mid-September but subsequently
levelled off. Coal output showed little change and
production of iron ore was maintained in record
volume over this period.
CONSTRUCTION
Contracts awarded in September for most types
of private and public construction declined more
than seasonally from the record summer level. The
number of housing units started in September was
estimated to be 115,000. This was 28,000 fewer
units than the average number started during the
summer months but 12,000 more than in September 1949.
DEPARTMENT STORE SALES AND STOCKS
INDUSTRIAL PRODUCTION
PH Y S 1 C A L V O L U M E , S E A S O N A L L Y A D J U S T E D . 1 9 3 5
PER CENT
- 3 9 - 1 0
350
260
r
240
220
200
OLLAR V O L U M E , SEAS
PER CENT
PER
A
300
/
SALES K
220
\
J
\
I
180
160
200
/
r I
250
140
120
120
150
100
100
1943
1944
1945
Federal Reserve index.
for September.
NOVEMBER
1950
1946
1947
1948
1949
4i
V
:/
140
1942
V
1/
V
V
STOCKS
1950
Monthly figures, latest shown are
A
\
'by \/
100
100
1942
1943
1944
1945
1946
1947
1948
1949
1950
Federal Reserve indexes. Monthly figures, latest shown are
for September.
1477
NATIONAL SUMMARY Of BUSINESS CONDITIONS
EMPLOYMENT
BANK CREDIT
The total number employed in nonagricultural
industries was at an all-time high of about 45
million in September, 2 million more than in September 1949. Unemployment declined moderately
further to 2.3 million and was at the lowest level
since late 1948.
Total loans and corporate and municipal security
investments of commercial banks showed further
sharp increases during September and the first half
of October. The expansion at banks in leading
cities totalled 1.8 billion dollars and brought the
total rise at these banks since June to almost 4
DISTRIBUTION
billion. Business loans increased much more than
Consumer buying showed less than the usual sea- seasonally while loans to real estate owners and
sonal increase in September and early October from consumers continued to rise substantially.
the peak rates reached during the summer. Value
Treasury deposits at Federal Reserve Banks,
of purchases, however, remained substantially above which were large in late September owing to tax
year-ago levels, reflecting in part higher prices. collections, were drawn down in the first three
Purchases of durable goods continued above the weeks of October, thus supplying a substantial volhigh levels reached during the first half of this year. ume of reserve funds. Outflows of currency into
Distributor stocks of most goods have increased fur- circulation and of gold and cash redemption of part
ther in this period following a reduction in July. of the maturing Treasury bills held by the Reserve
At department stores, value of stocks by the end of Banks absorbed some of these funds. Commercial
September was about one-fifth above the relatively banks, however, continued to sell Government
low level reached a year ago,
securities, in part to the Federal Reserve System,
and
built up their excess reserve balances.
COMMODITY PRICES
An increase in interest rates to bank customers,
The average level of wholesale prices changed initiated in New York City in late September, belittle from mid-September to the third week of
came more widespread in early October.
October, as livestock and meat prices showed seasonal declines and increases in prices of nonfood
SECURITY MARKETS
commodities slowed down. Prices of industrial
Common stock prices, after rising somewhat furmaterials levelled off as buying became less urgent,
ther
in the first two weeks of October to the highest
and increases in finished goods were less numerous.
levels
since September 1930, showed little change
The consumers price index rose .5 per cent from
during
the following 10 days. Yields on most bank
mid-August to mid-September reflecting mainly
marked increases in retail prices of apparel and eligible Treasury securities increased further in the
housefurnishings. Since that time additional ad- first three weeks of October, while yields on Treasvances in these and other goods have been an- ury bills declined somewhat. There was little
change in yields on long-term Treasury and highnounced.
grade
corporate bonds.
CONSUMERS' PRICES
PER CENT
1335 -39-100
PER CENT
LOANS AND INVESTMENTS AT MEMBER BANKS IN LEADING CITIES
OTHER THAN U. S. GOVERNMENT SECURITIES
220
220
/
200
F
180
-A
1
'-
140
120
BILLIONS
OF DOLLARS
^
/
180
ALL ITEMS'
160
OF DOLLARS
200
^APPARELX_
t
IILLIONS
160
140
MISCELLANEOUS
120
RENT ^y~^—~~~
100
100
^A
1942
1943
1944
1945
1946
1947
1948
1949
80
1950
Bureau of Labor Statistics' indexes. "All items" includes
fuel and housefurnishings groups not shown separately. Midmonth figures, latest shown are for September.
1478
1947
1948
1949
1950
1947
1948
1949
Wednesday figures, latest shown are for Oct. 25.
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 banks in the United States and possessions, by States, June 30, 1950.
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. .
October crop report, by Federal Reserve districts. .
Member bank earnings.
1481-1482
1482-1483
1484-1488
1488-1489
1490-1491
1491
1492
1493-1495
1496-1497
1498-1499
1500-1503
1504
1505
1506
1507-1508
1509-1510
1511-1513
1514
1515-1524
1525-1528
1528
1529
1530-1531
1532-1534
1535-1539
1539
1540
Tables on the following pages include the principal available statistics of current significance relating
to financial and business developments in the United States. The data relating to the Federal Reserve
Banks and the member banks of the Federal Reserve System are derived from regular reports made to
the Board; index numbers of production are compiled by the Board on the basis of material collected
by other agencies; figures for gold stock, money in circulation, Treasury finance, and operations of
Government credit agencies are obtained principally from statements of the Treasury, or of the agencies
concerned; data on money and security markets and commodity prices and other series on business
activity are obtained largely from other sources. Back figures for banking and monetary tables, together
with descriptive text, may be obtained from the Board's publication, Banking and Monetary Statistics;
back figures for most other tables may be obtained from earlier BULLETINS.
NOVEMBER
1950
1479
MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS
JONS OF DOLLARS
WEDNESDAY FIGURES
/
TREASURY CASH AND DEPOSITS A
j"
\
1943
1944
i I
1945
I Ft
1946
1947
1948
1949
1950
TOTAL RESERVE BANK HOLDINGS
0F U. S. GOVERNMENT SECURITIES
I
15
10
10
BONDS
0 —
I "-*
^
1942
1943
1944
1945
1948
1947
Wednesday figures, latest shown are for Oct. 2'5.
1480
1948
1949
1950
See page 1481.
FEDERAL
RESERVE
BULLETIN
MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS
[In millions of dollars]
Reserve Bank credit outstanding
U. S. Government
securities
Discounts
and
advances Total
Date or period
All
Bills,
certifi- other
Bonds cates,
and
notes
Gold
stock
Total
Member bank
reserve balances
TreasTreasOther
deury
Treas- ury
posits Non- Fedcur- Money
ury
with
in
cirmem- eral
rency
cash Federal ber
culade- ReoutholdRetion
posits serve
ReExstandac- Total
ings
serve
quired2 cess*
ing
counts
Banks
Wednesday
figures:
1949—Sept. 7.
Sept. 14.
Sept. 21.
Sept. 28.
115
123
146
300
17,413
17,250
17,154
17,852
7,775 9,638
7,775 9,475
7,538 9,616
7,538 10,314
251
431
333
245
17,780 24,647
17,804 24,649
17,633 24,691
18,397 24,602
4,592
4,592
4,591
4,590
27,589
27,454
27,365
27,348
,317
,312
,314
,311
Oct. 5.
Oct. 12.
Oct. 19.
Oct. 26.
11
109
12
138
17,961
17,779
17,666
17,403
7,538 10,423
7,538 10,241
7,538 10,128
7,538 9,865
332
414
369
292
18,406 24,604
18,301 24,604
18,157 24,585
17,833 24,584
4,593
4,592
4,591
4,591
27,476
27,546
27,427
27,328
,321
,296
,310
,313
612
554
317
374
Nov,
Nov.
Nov,
Nov,
Nov,
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 24,583
18,185 24,532
18,351 24,530
18,091 24,530
18,267 24,479
4,591
4,592
4,592
4,596
4,596
27,382
27,528
27,397
27,508
27,543
,318
,312
,323
,315
,317
Dec. 7.
Dec. 14.
Dec. 21.
Dec. 28.
40'
10'
128
14:
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 24,477
18,731 24,476
19,508 24,427
19,379 24,427
4,596
4,596
4,595
4,598
27,699
27,701
27,833
27,765
95 18,829
18,230
17,87:
121 17,764
7,212
7,165
7,134
7,130
11,617
11,065
10,738
10,634
547 19,471 24,427
315 18,644 24,426
414 18,383 24,426
18,300 24,425
4,597
4,596
4,596
4,596
309
267
533
373
18,620 24,395
18,146 24,345
18,581 24,343
18,092 24,345
1950—Jan. 4.
Jan. 11.
Jan. 18.
Jan. 25.
456 17,855 7,103 10,752
22: 17,656 6,969 10,687
26: 17,781 6,920 10,861
17,625 6,887 10,738
94
17,757 6,840 10,917
314 17,846 6,804 11,042
17,791 6,61 11,176
186 17,573 6,529 11,044
365 17,516 6,41 11,101
Feb. 1.
Feb. 8.
Feb. 15.
Feb. 21.
Mar.
Mar.
Mar.
Mar.
Mar.
1.
8.
15.
22.
29.
472
955
334
931
962
801
1,170 1,029
691
691
713
715
15,995
16,322
15,760
16,016
15,064
931
15,207 1,115
15,244
516
15,139
877
1,075
1,247
1,142
1,163
734
734
732
732
16,384
16,119
16,405
16,098
15,242 1,142
15,211
908
15,330 1,075
15,314
784
545
415
408
410
517
1,219
1,220
1,224
1,306
1,238
690
690
690
691
689
16,437
16,145
16,432
15,987
16,038
15,319 1,118
15,262
883
15,346 1,086
15,361
626
15,367
671
,309
,314
,309
,314
441
393
1,027
987
,271
,273
,267
,281
690
690
756
758
16,291
16,433
16,337
16,299
15,395
15,561
15,523
15,462
27,551
27,311
27,121
26,913
,319
,313
,315
,321
547
255
381
539
,304
,382
,380
,408
17,055 15,597 1,458
719 16,686 15,593 1,093
719 16,487 15,630
857
16,419 15,617
802
4,599
4,598
4,598
4,598
26,928
26,985
26,993
27,019
,318
,313
,313
,311
637
366
671
380
,478
,432
,419
,419
16,532 15,534
998
727 16,265 15,456
809
728 16,400 15,383 1,017
731 16,176 15,428
748
383 18,454 24,345
24,345
431
24,320
402
277 18,036 24,271
263 18,144 24,246
4,600
4,601
4,601
4,600
4,599
27,060
27,105
27.023
26,972
26,969
,316
,322
,307
,308
,321
555
433
9
759
997
,444
,454
,315
,139
,155
736
739
759
761
766
16,288
16,258
16,771
15,969
15,782
15,347
941
15,261
997
15,405 1,366
15,324
645
15,268
514
896
872
814
837
Apr. 5.
Apr. 12.
Apr. 19.
Apr. 26.
168 17,57:
160 17,597
137 17,410
17,640
6,357
6,327
6,220
6,204
11,215
11,270
11,190
11,436
392
311
381
282
18,132 24,246
18,068 24,247
17,928 24,247
18,141 24,247
4,601
4,600
4,600
4,600
27,133
27,072
26,992
26,962
,317
,313
,319
,316
622
587
647
833
,167
,177
,261
,208
769
769
771
772
15,971
15,996
15,786
15,898
15,209
15,248
15,265
15,243
762
748
521
655
May
May
May
May
May
121
90
79
106
306
17,711
17,591
17,401
17,290
17,389
6,098
5,976
5,911
5,854
5,802
11,613
11,615
11,490
11,436
11,587
359
297
521
288
239
18,192 24,247
17,978 24,249
18,001 24,230
17,683 24,230
17,935 24,231
4,602
4,602
4,601
4,601
4,606
27,051
27,041
26,980
26,908
27,090
,326
,318
,294
,292
,309
678
533
426
428
588
,287
,314
,293
,246
,254
713
717
716
718
718
15,986
15,907
16,123
15,922
15,814
15,224
15,147
15,275
15,305
15,288
762
760
848
617
526
17,672
17,693
17,679
18,217
5,726
5,681
5,650
5,644
11,946
12,012
12,029
12,573
377
498
508
281
18,143 24,232
18,270 24,232
~
24,231
18,567 24,230
4,605
4,604
4,604
4,608
27,079
26,993
26,926
27,026
,309
,304
,294
,306
472
319
529
866
,321
,447
,395
,441
733
735
784
778
16,067
16,309
16,169
15,988
15,350
15,433
15,522
15,462
717
876
647
526
18,586
18,294
17,869
17,964
5,555
5,411
5,286
4,997
13,031
12,883
12,583
12,967
281 18,950 24,231
399 18,757 24,207
407 18,475 24,207
18,636 24,157
4.607
4,606
4,606
4,605
27,315
27,169
27,029
26,915
,302
,309
,310
,315
645
383
525
504
,470
,457
,462
,439
802
804
804
809
16,254
16,448
16,157
16,415
15,463
15,544
15,527
15,585
791
904
630
830
3.
10.
17.
24.
31.
June 7.
June 14.
June 21.
June 28.
79
74
69
83
65
199
July 5.
July 12.
July 19.
July 26.
Aug.
Aug.
Aug.
Aug.
Aug.
2.
9.
16.
23.
30.
301
263
106
115
107
18,143
18,349
18,334
18,577
18,584
4,860
4,791
4,691
5,440
6,551
13,283
13,558
13,643
13,137
12,033
318
292
449
191
288
18,762 24,136
18,904 24,035
18,889 23,954
18,883 23,803
18,979 23,752
4,609
4,608
4,608
4,609
4,611
27,000
27,015
26,976
26,963
27,042
,304
,309
,309
,308
,308
564
667
717
562
676
,487
,431
,392
,272
,304
757
759
759
748
728
16,395
16,366
16,298
16,442
16,285
15,553
15,535
15,613
15,686
15,767
842
831
685
756
518
Sept.
Sept.
Sept.
Sept.
6.
13.
20.
27.
99
71
51
120
18,942
19,064
18,526
19,353
7,284
8,233
3,731
3,773
11,658
10,831
14,795
15,580
396
529
591
601
19,438 23,577
19,665 23,576
19,169 23,525
20,075 23,474
4,613
4,613
4,613
4,614
27,259
27,151
27,081
27,060
,311
,305
,301
1,307
511
648
654
1,144
,220
,182
,204
,190
716
703
768
762
16,611
16,865
16,299
16,699
15,747
15,934
15,946
15,837
864
931
353
862
Oct.
Oct.
Oct.
Oct.
4.
11.
18.
25.
45
68
39
50
19,375
19,507
9,506
19,229
3,824
3,923
3,979
4,058
15,551
15,584
15,527
15,171
552
470
881
473
19,972 23,482
20,044 23,432
20,426 23,291
19,753 23,290
4,617
4,618
4,617
4,618
27,188
27,339
27,228
27,121
1,308
1,316
1,313
1,300
848 ,288
508 ,332
449 1,292
420 1,367
813
810
807
805
16,626
16,789
17,245
16,649
15,848
778
15,829
960
15,913 i,332
15,914
P Preliminary.
Includes industrial loans and acceptances purchased shown separately in subsequent tables.
Wednesday figures and end-of-month figures (shown on next page) are estimates.
Backfigures.—SeeBanking and Monetary Statistics, Tables 101-103, pp. 369-394; for description, see pp. 360-366 in the same publication.
1
2
NOVEMBER
1950
1481
MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS—Continued
[In millions of dollars]
Reserve Bank credit outstanding
Date or period
U. S. Government
securities
Discounts
A 11
Bills,
and
All
certifi- other 1
advances Total Bonds cates,
Gold
stock
Total
Treasury
Money
cirrency inculaouttion
standing
Member bank
reserve balance s
TreasdeTreas- ury
posits Nonwith
memcash Federal Der
deholdRe- posits
ings
serve
Banks
Other
FedRe-
serve
ac- Total
counts
ReExquired2 cess3
notes
E n d of p e r i o d :
1929—June 2 9 . . .
1933—June 3 0 . . .
1939—Dec. 3 0 . . .
1941—Dec. 3 1 . . .
1945—Dec. 3 1 . . .
1946—Dec. 3 1 . . .
1947—June 3 0 . . .
Dec. 3 1 . . .
1948—June 3 0 . . .
Dec. 3 1 . . .
1949—June 30. . .
1949—Sept
Oct
Nov
Dec..
1950—j a n #
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Averages of
dally figures:
1949—Aug..
Sept .
Oct
1950—Aue
Sept.
Oct
3
249
163
70
85
265
223
103
441 1 ,557
1,998
2,484 1 ,351 1 ,133
787
2,254 1 ,467
947 23 ,315
24,262
753 22 ,597
23,350
727 21 ,145
21,872
22,559 2 ,853 19 ,706
6
21,366
,206 15 ,160
23.333 10 ,977 12 .356
7
19,343
,780 11 ,563
147
58
102
104
580
581
228
536
268
542
250
1 ,400
2 ,220
2 ,593
2 .361
25 ,091
24 ,093
22 ,170
23 ,181
21 ,900
24 ,097
19 ,696
4 ,037
4 ,031
17 ,644
22 .737
20 ,065
20 ,529
21 ,266
22 ,754
23 ,532
24 ,244
24 ,466
2 ,019
2 ,286
2 ,963
3 ,247
4 ,339
4 ,562
4 ,552
4 ,562
4 ,565
4 ,589
4 ,597
109
283
321
78
145
131
225
113
306
43
220
83
72
116
18,010 7 ,538 10 ,472
17,316 7 ,536 9 ,780
17,682 7 ,513 10 ,169
18,885 7 ,218 11 .667
17,827 7 ,112 10 ,715
17,746 6 ,857 10 ,889
17,592 6 ,397 11 ,195
17,796 6 ,155 11 ,641
17,389 5 ,802 11 ,587
18,331 5 ,618 12 ,713
17,969 4 ,888 13 ,081
18,356 6 ,768 11 ,588
19,572 3 ,793 15 ,779
19,252 4 ,180 15 ,072
297
261
263
536
354
349
253
392
239
329
277
381
695
431
18 ,415
17 ,860
18 ,267
19 ,499
18 ,326
18 ,226
18 ,070
18 ,301
17 ,935
18 ,703
18 ,466
18 ,820
20 ,340
19 ,798
24 ,602
24 ,584
24 ,479
24 ,427
24 ,395
24 ,345
24 ,246
24 ,247
24 ,231
24 ,231
24 ,136
23 ,627
23 ,483
4 ,593 27 ,412
4 ,592 27 ,407
4 ,596 27 ,543
4 ,598 27 ,600
4 ,599 26 ,941
4 ,602 27 ,068
4 ,602 27 ,042
4 ,603 27 ,048
4 ,606 27 ,090
4 ,607 27 ,156
4 ,609 27 ,010
4 ,613 27 ,120
4 ,618 27 ,161
10 ,370
9 ,792
10 ,105
13 ,157
13 ,400
15 ,397
245
352
361
377
568
613
18 ,583
17 ,957
18 ,139
18 ,876
19 ,610
20 ,044
24 ,588
24 ,637
24 ,596
23 ,927
23 ,560
23 ,366
1,037
164
7
71
216
190
164
136
172
96
18,147
17,441
17,643
18,328
18,946
67 19,365
7 ,777
7 ,649
7 ,538
5 ,171
5 ,546
3 ,968
145
4 ,459
• 622
4 ,592
4 ,592
4 ,592
4 ,609
4 ,613
4 ,618
204
264
2 ,409
2 ,215
2 ,287
2 ,272
1 ,314
1 ,336
1 ,327
1 ,325
1 ,307
5 ,434
7 ,598
11 ,160
28 .515
28 ,952
28 ,297
28 ,868
27 ,903
28 ,224
27 ,493
P27
,225
27 ,397
27 ,451
27 ,456
27 ,009
27 ,154
27 ,233
p
28
166
653
36
35
634
867
977
393
756
870
1,360
1,308
822
881
961
859
1,928
1,123
1,189
941
438
374
346
251
291
495
607
629
563
592
590
713
2 ,356
2 ,292
11 ,653
12 ,450
15 ,915
16 ,139
16 ,112
17 ,899
17 ,389
20 ,479
17 ,867
2 ,333
1 ,817
6 ,444
9 ,365
14 ,457
15 ,577
15 ,374
16 ,400
16 ,647
19 ,277
16 ,919
713
690
689
706
720
730
766
712
718
771
759
724
760
749
15 ,947
15 ,850
16 ,038
16 ,568
16 ,211
15 ,973
15 ,657
15 ,878
15 ,814
15 ,934
16 ,129
15 ,989
16 ,709
16 ,514
15 ,176
771
15 ,261
589
15 ,367
671
15 .550 1 ,018
15 ,513
698
15 ,390
583
507
15 ,150
15 .202
676
15 ,288
526
15 ,498
436
15 ,534
595
15 ,770
219
15 ,821
888
690
703
727
752
740
803
16 ,873
16 ,083
16 ,113
16 ,273
16 602
16 ,731
15 ,918
15 ,161
15 ,251
15 ,626
15 ^837
,311 1,176 L.051
,307
595 L,187
,317
517 L.238
,312
821 1,517
677 L460
,311
,310
,426
666
,315 1,006 L.132
858 :1,347
,308
1,309
588 L.254
950
,431
1,298
,304
566 1,443
L,304
733 1,190
L.322 1,114 1 .374
L ,298
569 1,315
L ,312
L.310
L,305
:1,307
,303
1,305
521
649
555
668
749
590
970
990
1,171
1,404
1,235
1,367
23
475
5 ,209
3 ,085
1 ,458
562
738
1 ,499
742
1 ,202
948
,901 P613
955
922
862
647
765
For footnotes see preceding page.
MEMBER BANK RESERVE REQUIREMENTS
[Per cent of deposits]
MAXIMUM RATES ON TIME DEPOSITS
[Per cent per annum]
Net demand deposits 1
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 more
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.
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
Regulation U:
For loans by banks on stocks
Jan. 21, Feb. 1,
Effec19461947tive
Jan. 31, Mar. 29, Mar. 30,
1947
1949
1949
100
100
75
75
50
50
100
75
50
Effective date
of change
1917—June 21
1936—Aug. 16
1937—Mar. 1
May 1
1938—Apr. 16
1941—Nov. 1
1942—Aug. 20
Sept. 14
Oct. 3 .
1948—Feb. 27
June 11
Sept. 16
Sept. 24
1949—May 1
May 5
June 30
July 1
Aug. 1
Aug. 11
Aug. 16
Aug. 18
Aug. 25
Sept. 1
In effect Nov. 1, 1950
Central
reserve
city
banks
Reserve
city
banks
13
19^
22 %
26
22 H
26
24
22
20
10
15
20
17X
20
Country
banks
Time
deposits
(all
member
banks)
14
12
14
22
24
26
22
24
21
20
16
15
14
13
12
23
22>
22
22
19
1.83*
18
18
35
2
5
12
1
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.
1482
Demand deposits subject to reserve requirements, which beginning
Aug. 23, 1935, have been total demand deposits minus cash items
in process of collection and demand balances due from domestic banks
(also minus war loan and series E bond accounts during the period
Apr.
13, 1943-June 30, 1947).
2
Requirement became effective at country banks.
* Requirement became effective at central reserve and reserve city
banks.
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
Oct. 31
Boston.......
New York.. ..
Philadelphia..
Cleveland
Richmond
Atlanta
Chicago
,
St. Louis
Minneapolis. .
Kansas City.. ,
Dallas. . . . . . . .
San Francisco
In effect
beginning-—
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Previous
rate
Advances to individuals,
partnerships, or corporations other than member
banks secured by direct
obligations of the U. S.
(last par. Sec. 13)
Other secured advances
[Sec. 10(b)]
Rate on
Oct. 31
21,1950
21,1950
25,1950
25,1950
25,1950
24,1950
25,1950
23,1950
22,1950
25,1950
25,1950
24,1950
In effect
beginning—
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Previous
rate
Rate on
Oct. 31
21,1950
21,1950
25,1950
25,1950
25,1950
24,1950
25,1950
23,1950
22,1950
25,1950
25,1950
24,1950
In effect
beginning—
Previous
rate
Jan. 14, 1948
2 Oct. 30, 1942
Aug. 23, 1948
Aug. 25, 1950
2
Oct. 28, 1942
Aug. 24, 1950
Aug. 13, 1948
Jan. 12, 1948
Aug. 23, 1948
Jan. 19, 1948
Feb. 14, 1948
2
Oct. 28, 1942
2
ti
2
3
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 lO(b). The maximum maturity for advances to individuals,
partnerships, or corporations made under the last paragraph of Section 13 is 90 days.
Back figures.—See Banking and Monetary Statistics, Tables 115-116, pp. 439-443.
FEDERAL RESERVE BANK RATES ON INDUSTRIAL LOANS
FEDERAL RESERVE BANK BUYING RATES ON
ACCEPTANCES
[Per cent per annum]
AND COMMITMENTS UNDER SECTION 13B
OF THE FEDERAL RESERVE ACT
Rate on
Oct. 31
Maturity
1- 90 days.
91-120 days
121-180 days
1M
In effect beginning—
Previous
rate
Aug. 21, 1950
Aug. 21, 1950
Aug. 21, 1950
1H
Maturities not exceeding five years
[In effect October 31.
To industrial or
commercial
businesses
NOTE.—Minimum buying rates at the Federal Reserve Bank of
New York on prime bankers' acceptances payable in dollars. The
same rates generally apply to any purchases made by the other Federal Reserve Banks.
Back figures.—See Banking and Monetary Statistics, Table 117, pp.
443-445.
FEES AND RATES ESTABLISHED UNDER REGULATION V
ON LOANS GUARANTEED PURSUANT TO DEFENSE
PRODUCTION ACT OF 1950 AND EXECUTIVE
ORDER NO. 10161
[In effect October 31]
Fees Payable to Guaranteeing Agency by Financing Institution on
Guaranteed Portion of Loan
Percentage of
loan guaranteed
70 or less
75. .
80
85.
90
95.
Over 95
....
. .
Guarantee fee
(percentage of
interest payable
by borrower)
Percentage of
any commitment
fee charged
borrower
10
15
20
25
30
35
40-50
10
15
20
25
30
35
40-50
Maximum Rates Financing Institutions May Charge Borrowers
[Per cent per annum]
Per cent per annum]
Federal
Reserve
Bank
To financing institutions
On discounts or
purchases
On
loans*
On
commitments
Portion
for which
institution is
obligated
Remaining
portion
On
commitments
Boston
New York... .
Philadelphia..
Cleveland
Richmond.. . .
Atlanta......
Chicago
St. Louis.
Minneapolis. .
Kansas City. .
Dallas
San Francisco.
1
2
3
Including loans made in participation with financing institutions.
Rate charged borrower less commitment rate.
Rate charged borrower.
* Rate charged borrower but not to exceed 1 per cent above the discount
rate.
5
Charge of % per cent is made on undisbursed portion of loan.
Back figures.—See Banking and Monetary Statistics, Table 118,
pp. 446-447.
Interest rate
Commitment rate. , .
NOVEMBER
1950
1483
PRINCIPAL ASSETS AND LIABILITIES OF ALL FEDERAL RESERVE BANKS
[In thousands of dollars]
Wednesday figures
Item
End of month
1950
1950
Oct. 25
Oct. 18
Oct. 11
Sept. 27
Oct. 4
Sept. 20
Sept. 13
1949
Sept.
Oct.
Oct.
Assets
21,553,431 21,553,431 21,687,429 21,739,428 21,710,430 1,762,431 21,808,431 21,510,430 21 ,710,429 22 ,772,430
Gold certificates
Redemption fund for
524,625
524,771
526,190
525,413
534,417
547,888
524,625
524,138
525,530
533,167
F. R. notes
Total gold certifi22,086,598 22,078,844 22,211,567 22,264,958 22,235,055 22,287,202 22,334,621 22,044,847 22,235,054 23,320,318
cate reserves
Other cash
Discounts and advances:
For member banks.. .
For nonmember
banks, etc
238,650
216,886
198,074
213,983
235,548
241,445
239,896
236,259
228,676
270,594
50,242
38,378
67,425
44,282
120,491
51,274
71,154
115,884
71,704
196,839
86,000
Total discounts and
advances
50,242
38,378
67,425
44,282
120,491
Industrial loans
2,166
2,247
2,173
2,235
2,227
U. S. Govt. securities:
Bills
815,609 1,188,309 1,347,309 1,356,354 1,379,254
Certificates:
Special. . . . . . . . . .
72,950
Other.
69,950
72,950
70,250 4,953,470
Notes
14,285,518 14,266,118 14,164,018 14,123,818 9,246,998
Bonds
4,057,975 3,978,475 3,922,475 3,824,475 3,773,375
71,154
51,274
2,181
2,175
1,017,296
1,581,416
115,884
71,704
282,839
2,228
2,214
960
762,664 1,512,854 3,710,196
4,481,474 5,185,468
69,950 4,974,970 5,771,900
298,100
9,296,212 4,063,628 14,239,218 9,290,998
3,731,075 8,233,863 4,179,675 3,793,375 7,536,200
Total U. S. Govt.
securities
19,229,052 19,505,852 19,506,752 19,374,897 19,353,097 18,526,057 19,064,375 19,251,507 19,572,197 17,316,396
Other Reserve Bank
credit outstanding. . .
527,341
467,532
589,433
693,486
879,361
598,858
260,216
471,396
550,127
428,633
Total Reserve Bank
credit outstanding 19,752,856 20,425,838 20,043,944 19,971,533 20,074,619 19,168,945 19,665,045 19,798,252 20,339,601 17,860,411
Liabilities
Federal Reserve notes. . 22,990,540 23,069,943 23,142,099 23,011,692 22,901,759 22,924,014 22,983,018 23,074,712 22,996,650 23,246,586
Deposits:
Member bank — reserve account.
16,648,683 17,245,373 16,789,228 16,625,824 16,699,093 16,298,511 16,865,152 16,514,044 16,709,298 15,850,238
U. S. Treasurer—general account
595,151
448,537
420,333
507,792
654,178
848,429 1,144,277
647,615
568,858 1,114,433
643,838
1,071,745 1,015,762 1,045,193
892,049
897,824
987,259
909,767
872,264 1,007,934
Foreign
543,221
312,268
475,801
295,344
276,366
301,104
309,315
Other
287,269
279,972
306,896
Total deposits
18,436,105 18,986,038 18,629,482 18,762,616 19,033,109 18,157,006 18,694,346 18,397,732 19,197,356 17,632,448
Ratio of gold certificate
reserves to deposit
and F. R. note liabilities
combined (per cent)...
53.3
52.5
53.2
53.3
53.0
53.6
54.3
53.2
52.7
57.0
MATURITY DISTRIBUTION OF LOANS AND U. S. GOVERNMENT SECURITIES
HELD BY FEDERAL RESERVE BANKS
[In thousands of dollars]
Total
Discounts and advances:
Sept. 27
Oct. 4
Oct. 11. . .
Oct. 18
Oct. 25
Industrial loans:
Sept. 2 7 . . .
Oct. 4
Oct. 11
Oct. 18
Oct. 25
U. S. Government securities:
Sept. 27
Oct. 4
Oct. 11
Oct. 18
Oct. 25
1484
Within
15 days
16 to 30
days
31 to 60
days
61 to 90 91 days to 6 months 1 year to 2 years to Over
5 years
6 months to 1 year 2 years
5 years
days
120,491
44,282
67,425
38,378
50,242
109,367
34,472
64,392
36,181
46,905
8,966
8,173
1,44'
902
2,207
1,348
1,157
1,110
870
755
810
480
476
425
375
2,173
2,227
2,235
2,247
2,166
77
25
31
41
73
9
66
165
150
9
186
119
26
19
16
24
183
278
297
255
19,353,097 5,134,031
19,374,897 444,865
19,506,752
417,258
19,505,852
313,510
19,229,052
199,537
347,758
179,510
192,892
175,652
134,633
418,525
364,160
.367,308
307,483
235,560
378,660
438,069
442,801
464,614
315,829
381
252
215
2251
190
467
566
519
517
518
289
287
291
291
403
53,750 3,797,,278 5 ,190,970
3,833,278 10,031,790
3,892,278 10,012,990
. . . . . . . 9,181,748 4 ,825,620
. 9,207,548 4,819,220
740
729
710
707
702
1,409,225 2,622,900
1,409,225 2,674,000
1,409,225 2,772,000
1,409,225 2,828,000
1,409,225 2,907,500
FEDERAL RESERVE BULLETIN
STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS
[In thousands of dollars]
Total
Boston
New
York
Philadelphia
Cleveland
Richmond
Chicago
Atlanta
St.
Louis
Minneapolis
Kansas
City
Dallas
San
Francisco
Assets
Gold certificates:
Sept. 27
21,710,430
Oct. 4
21,739,428
Oct. 11
21,687,429
Oct. 18
21,553,431
Oct. 25
21,553,431
Redemption fund
for F. R. notes:
Sept. 27 . . . .
524,625
Oct. 4
525,530
Oct. 11
524,138
Oct. 1 8 , . . . 525,413
Oct. 25
533,167
Total gold certificate reserves:
Sept. 27
22,235,055
Oct. 4
22,264,958
Oct. 11
22,211,567
Oct. 18
22,078,844
Oct. 25
22,086,598
Other cash:
Sept. 27
235,548
Oct. 4
213,983
Oct. 11
198,074
Oct. 18
216,886
Oct. 2 5 . . . . . .
238,650
800,208
811,789
831,400
843,433
824,323
6,706,885
6,711,957
6,662,658
6,922,435
6,737,688
51,317
51,314
51,162
53,013
52,883
30,949
30,933
30,332
29,773
34,309
46,042
47,037
46,706
46,436
46,211
61,037
61,030
60,801
60,609
65,441
851,525
863,103
882,562
896,446
877,206
6,737,834
6,742,890
6,692,990
6,952,208
6,771,997
1,234,463
1,267,198
1,253,938
1,223,954
1,255,700
1,703,266
1,666,826
1,628,166
1,591,935
1,615,097
24,809
24,030
22,594
24,361
25,430
46,651
44,302
44,849
49,576
57,705
12,701
12,515
9,363
11,914
14,124
18,432
14,872
14,602
12,820
17,335
16,118
13,558
13,113
13,881
14,723
16,632
15,911
13,187
16 587
16,002
3,600
2,750
4,700
25,920
16,000
23,940
8^000
6,025
1,250
1,315
2 775
2'485
2,185
17,270
1,975
3,350
2425
6,875
3,655
2,030
1,430
l'93O
3,780
8,835
4 465
3,315
950
5,100
1,188,421 1,642,229
1,220,161 1,605,796
1,207,232 1,567,365
1,177,518 1,531,326
1,209,489 1,549,656
1,036,932
1,042,923
1,058,004
992,090
1,026,704
966,112
960,556
965,585
896,768
926,113
4,477,551
4,302,184
4,275,946
4,216,114
4,304,751
563,682
600,045
607,019
593,135
626,740
384,416
420,212
429,198
405,854
399,738
785,081
825,021
816,406
788,536
803,869
580,613
583,369
597,901
590,931
558,712
2,578,300
2,655,415
2,668,715
2,595,291
2,585,648
50,736
50,726
51,456
52,460
51,511
35,769
35,760
35,586
35,462
35,339
87477
87,165
86,877
86,684
86,682
41,266
41,261
41,189
41,135
41,085
21,686
21,683
21,656
21,637
21,617
33,445
33,440
33,380
33,341
33,305
25,903
25,895
25,840
25,801
25,801
39,298
39,286
39,153
39,062
38,983
1,087,668 1,001,881 4,564,728
1,093,649 996,316 4,389,349
1,109,460 1,001,171 4,362,823
1,044,550 932,230 4.302,798
1,078,215 961,452 4,391,433
604,948
641,306
648,208
634,270
667,825
406,102
441,895
450,854
427,491
421,355
818,526
858,461
849,786
821,877
837,174
606,516
609,264
623,741
616,732
584,513
2,617,598
2,694,701
2,707,868
2,634,353
2,624,631
31,900
30,731
27,060
29,088
31,092
10,519
8,867
10,075
10,096
10,320
6,499
6,447
5,833
6,605
6,107
13,154
9,532
8,754
8,857
11,154
10,691
10,391
8,301
9,683
9,296
27,442
22,827
20,343
23,418
25,362
11,150
1,400
7,600
700
4,000
12,432
6,430
6 350
3',050
5,025
15,055
1,455
3 180
4,'975
6,922
19,930
3,675
10 025
10i550
6,880
X.-'lot-OU.Iltb Oc a l l
vances:by
Secured
U. S. Govt.
securities:
Sept. 27. .
Oct. 4. .
Oct. 11.
Oct. 18..
Oct. 2 5 . .
Other:
Sept. 27. .
Oct. 4. .
Oct. 1 1 . .
Oct. 18..
Oct. 25. .
Industrial loans:
Sept 27
Oct. 4
Oct 11
Oct. 18..
Oct. 25
U. S. Govt.
securities:
Bills:
Sept. 2 7 . . . .
Oct. 4 . . . .
Oct. 1 1 . . . .
Oct. 1 8 . . . .
Oct. 2 5 . . . .
Certificates:
Sept. 2 7 . . . .
Oct. 4 . . . .
Oct. 1 1 . . . .
Oct. 18..'..
Oct. 25
Notes:
Sept. 27
Oct. 4 . . . .
Oct. 1 1 . . . .
Oct. 1 8 . . . .
Oct. 25
JDOHQS *
Sept. 2 7 . . . .
Oct. 4 . . . .
Oct. 1 1 . . . .
Oct. 1 8 . . . .
Oct. 2 5 . . . .
Total U. S. Govt.
securities:
Sept. 27
Oct. 4
Oct. 11
Oct. 18
Oct. 25
NOVEMBER
119,897
43,695
66 865
37^965
49,892
300
2,300
350
350
594
587
560
413
350
350
350
350
2 173
2,227
2,235
2^247
2,166
28
27
27
27
27
1,820
1,873
1,882
1^906
1,832
119
124
122
107
106
25
25
25
1,200
100
700
200
197
196
199
193
5
7
7
7
94,258
93,507
92,884
81,922
56,228
330,696
316,155
314,047
276,985
190,112
90,924
90,199
89,598
79,024
54,239
126,739
125,728
124,890
110,152
75,604
88,333
87,629
87,044
76,772
52,693
73,236
72,652
72,167
63,651
43,687
207,341
205,688
204,317
180,205
123,685
75,419
74,818
74,319
65,548
44,990
42,301
41,964
41,684
36,765
25,234
63,445
62,939
62,519
55,141
37,847
4,953,470
70,250
72,950
72,950
69,950
9,246,998
14,123,818
14,164,018
14,266,118
14,285,518
341,493
4,842
5,029
5,029
4,822
637,488
973,696
976,467
983,506
984,844
1,154,614
16,375
17,004
17,004
16,305
329,410
4,671
4,852
4,852
4,652
459,166
6,512
6,762
6,762
6,484
320,023
4,538
4,714
4,714
4,519
265,328
3,763
3,907
3,907
3,747
751,184
10,654
11,063
11,063
10,607
273,238
3,875
4,023
4,023
3,858
2,155,401
3,292,149
3,301,519
3,325,318
3,329,840
614,935
939,248
941,921
948,711
950,001
857,160 597,412
1,309,221 912,483
1,312,948 915,081
1,322,412 921,677
1,324,210 922,930
495,306
756^528
758,681
764,150
765,190
1,402,289
244l!849
2,147,945
2,163,428
2,166,370
510 074
779,084
781,301
786,933
788,003
153,256
2,174
2,256
2,256
2,164
286 093
436,977
438,221
441,380
441,980
3,773,375
3,824,475
3,922,475
3,978,475
4,057,975
260,136
263,660
270,415
274,276
279,757
879,544
891,455
914,298
927,351
945,881
250,933
254,332
260,848
264,572
269,859
349,777
354,515
363,598
368,789
376,158
243,783
247,085
253,414
257,032
262,170
202,117
204,854
210,105
213,104
217,361
572,225
579,973
594,835
603,327
615,385
208,143
210,962
216,369
219,458
223,843
19,353,097
19,374,897
19,506,752
19,505,852
19,229,052
1,333,375
1,335,705
1,344,795
1,344,733
1,325,651
4,520,255
4,516,134
4,546,868
4,546,658
4,482,138
1,286,202
1,288,450
1,297,219
1,297,159
1,278,751
1,792,842
1,795,976
1,808,198
1,808,115
1,782,456
1,249,551
1,251,735
1,260,253
1,260,195
1,242,312
1,035,987
1,037,797
1,044,860
1,044,812
1,029,985
2,933,039
2,938,164
2,958,160
2,958,023
2,916,047
1,066,874
1,068,739
1,076,012
1,075,962
1,060,694
200
1,700
1,700
15
15
15
13
204
197
170
50
1,379,254
1,356,354
1,347,309
1,188,309
815,609
1950
600
500
200
116,744
118,325
121,358
123,091
125,550
229,856
3,260
3,385
3,385
3,246
429,088
655,388
657,253
661,991
662,891
175,096
177,466
182,015
184,613
-188,302
62,067
61,572
61,161
53,943
37,025
224,863
3,189
3,312
3,312
3,176
419,767
641,151
642,976
647,611
648,491
171,292
173,611
178,060
180,602
184,211
124,495
123,503
122,679
108,201
74,265
451,039
6,397
6,643
6,643
6,370
841,985
1,286,044
1,289,705
1,299,001
1,300,768
343,585
348,237
357,160
362,260
369,498
598,394
599,440
603,519
603,492
594,928
897,485
899,053
905,172
905,130
892,286
877,989
879,523
885,509
885.468
872,903
1,761,104
1,764,181
1,776,187
1,776,105
1,750,901
1485
STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS—Continued
[In thousands of dollars]
Total
Boston
New
York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St.
Louis
19,475,761
19,421,406
19,576,412
19,546,477
19,281,460
1,336,975
1,338,455
1,349,495
1,345,033
1,327,951
4,546,203
4,532,161
4,570,835
4,554,685
4,488,190
1,289,272
1,291,638
1,301,876
1,301,550
1,282,768
1,810,113
1,797,952
1,811,549
1,810,241
1,789,332
1,253,325
1,253,889
1,261,805
1,262,232
1,246,198
1,045,177
1,042,617
1,048,532
1,046.119
1,035,442
2,944,214
2,939,589
2,965,785
2,958,723
2,920,047
24
24
24
24
24
2
2
2
2
2
17
17
17
17
2
2
2
2
2
2
2
2
2
2
1
1
1
1
1
1
1
1
1
1
152,144
136,406
127,334
141,262
153,461
8,198
6,029
5,447
5,829
7,749
24,007
24,728
20,695
24,995
28,281
5,595
5,578
3,760
6,392
6,904
7,866
6,366
6,520
6,927
7;5O3
27,097
26,088
26,298
24,629
29,554
3,270,754
3,110,408
3,023,518
4,021,933
3,192,277
242,210
256,966
232,045
334,482
247,605
675,482
592 116
545^050
725,163
573,009
209,173
213,877
195,399
267,025
198,349
308,172
287,808
266,807
376,505
315,993
36,195
36,144
36,494
36,585
36,884
1,087
1,087
1,087
1,087
1,087
7,726
7,707
7,707
7,707
7,712
2,937
2,937
2,937
2,937
2,931
119,073
70,239
77,876
84,257
90,782
45,524,554
45,253,568
45,251,299
46,126,268
45,080,136
8,113
4,643
5,397
5,602
6,164
26,958
15,866
17,745
19,110
20,168
7,454
4,255
4,730
5,125
5,658
2,472,919
2,494,315
2,498,629
2,612,842
2,493,194
12,064,868
11,959,777
11,899,878
12,333,451
11,947,069
2,761,597
2,798,000
2,772,005
2,818,899
2,766,436
1,381,422
1,383,408
1,392,281
1,389,546
1,384,109
5,146,723
5,159,368
5,197,627
5,160,861
5,132,646
693,502
717,734
729,950
784,443
719,412
5,510,751
5,391,718
5,354,218
5,781,557
5,449,519
772,985
801,666
795,672
812,479
791,273
1,221,634
1,234,524
1,238,162
1,272,191
1,233,758
664,544
701,405
702,349
693,644
677,064
663,245
664,310
706,252
671,771
676,190
59,085
49,152
41,361
35,138
33,268
144,760
141,288
82,885
49,302
47,969
61,660
61,936
40,930
37,085
36,040
181,405
89,453
38,553
39,139
38,568
98,081
53,715
37,564
23,144
27,016
294,610
2323,053
2332,017
2322,069
2340,322
71,736
77,456
83,168
80,896
85,296
81,600
88,106
94,603
92,019
97,024
219,485
231,986
220,349
217,258
230,001
2,262
1,877
1,158
1,070
2,205
4,757
5,523
4,779
4,392
5,632
San
Francisco
Minneapolis
Kansas
City
Dallas
1,079,510
1,075,366
1,082,532
1,079,062
1,065,719
613,649
601,092
606,895
608,666
602,043
917,415
902,728
915,197
915,680
899,166
878,604
880,038
885,724
886,681
873,003
1,761,304
1,765,881
1,776,187
1,777,805
1,751,601
3
3
3
3
3
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
2
2
2
2
2
9,712
8,186
10,027
10,100
10,279
18,315
17,666
14,080
17,323
18,837
9,385
6,565
7,888
8,356
8,121
7,601
7,313
5,156
5,598
7,100
9,891
7,440
7,337
6,921
7,505
5,642
5,783
5,547
6,530
5,813
18,835
14,664
14,579
17,662
15,815
249,966
275,897
270,078
351,472
280,463
194,704
191,862
205,882
261,677
197,610
544,222
508,904
508,214
674,049
513,305
162,558
134,334
144,990
173,025
148,101
89,966
97,142
95,943
119,185
99,803
157,744
168,711
167,317
196,694
182,069
141,936
121,973
131,520
182,788
158,709
294,621
260,818
260,273
359,868
277,261
4,822
4,820
4,820
4,816
4,816
2,598
2,598
2,802
2,809
2,799
1,502
1,502
1,502
1,502
1,726
4,068
4,055
4,056
4,123
4,123
2,014
2,011
2,011
2,011
2,011
1,125
1,122
1,122
1,122
1,122
2,263
2,257
2,257
2,257
2,257
692
687
687
687
687
5,361
5,361
5,506
5,527
5,613
10,991
6,591
7,018
7,809
8,387
7,934
4,569
4,899
5,234
5,703
6,341
3,732
4,126
4,509
4,646
17,908
10,491
11,685
12,653
13,940
7,786
5,121
5,556
5,922
6,331
3,556
2,034
2,272
2,511
2,716
3,863,664 2,644,707
3,785,237 2,670,249
3,739,484 2,688,456
3,811,055 2,704,808
3,758,465 2,657,656
2,275,950
2,260,127
2,284,428
2,272,725
2,227,158
8,125,358
7,900,788
7,893,706
7,998,760
7,892,780
1,876,721
1,873,571
1,901,261
1,912,743
1,908,429
1,128,499
1,157,046
1,168,076
1,171,179
1,140,247
6,118
3,832
4,254
4,524
4,864
1,925,112
1,952,962
1,954,903
1,956,811
1,944,190
1,238,198 4,462,050
1,256,568 4,468,156
1,261,154 4,481,981
1,258,228 4,476,614
1,250,807 4,464,797
1,034,589
1,045,504
1,050,253
1,053,204
1,054,055
593,632
598,967
598,896
599,137
598,322
898,999
905,574
904,410
903,305
901,037
609,125
620,480
622,048
621,812
619,171
2,313,391
2,327,848
2,347,704
2,332,664
2,319,072
2,717,889
2,608,711
2,669,271
2,639,564
2,651,566
581,723
589,738
603,384
598,547
604,610
380,534
382,221
404,295
390,804
375,322
778,957
788,983
792,323
777,449
781,015
786,467
785,730
808,928
830,937
775,658
1,926,862
1,959,084
1,984,424
1,991,987
1,913,296
121,824
86,494
48,685
35,920
35,091
254,738
141,830
51,284
82,545
53,202
41,442
40,886
37,736
29,092
40,073
30,669
45,435
30,766
32,511
30,285
43,290
37,616
39,746
33,298
27,471
53,706
36,466
31,339
24,319
24,420
53,617
64,158
26,943
27,044
26,930
44,835
48,410
51,980
50,560
53,310
37,661
40,665
43,663
42,470
44,780
123,745
133,612
143,465
139,546
147,136
32,281
34,855
37,426
36,403
38,383
22,418
24,205
25,990
25,280
26,655
33,178
35,823
38,465
37,414
39,449
31,384
33,887
36,386
35,392
37,317
79,827
86,190
92,535
90,007
94,902
2,820
5,433
4,807
3,021
3,296
512
775
590
518
926
3,180
2,599
1,886
2,675
3,562
5,716
7,533
7,943
5,307
5,229
1,266
2,050
1,401
1,026
1,495
223
563
2,806
2,212
1,530
35,211
34,912
37,047
37,204
37,181
Assets (cont.)
Total loans and
securities:
Sept. 27. . . . . .
Oct. 4
Oct. 11
Oct. 18
Oct. 25
Due from foreign
banksSept. 27
Oct. 4
Oct. 11
Oct. 18
Oct. 2 5 . . . . . .
Federal Reserve
notes of other
Banks:
Sept. 27
Oct. 4
Oct. 11
Oct. 18
Oct. 25
u nconec tea
items:.
Sept. 27
Oct.
4......
Oct. 11
Oct. 18
Oct. 25
Bank premises:
Sept. 27
Oct. 4
Oct. 11.
Oct. 18
Oct. 2 5 . . . . . .
V-/l.IlCr dbo"Lo.
Sept.
Oct. 27
4
Oct. 11
Oct. 18
Oct. 25
x OZB.1 assets.
Sept. 27
Oct. 4
Oct. 11
Oct. 18
Oct. 25
Liabilities
Federal Reserve
notes:
Sept. 27
22,901,759
Oct.
4 . . . . . . 23,011,692
Oct. 11
23,142,099
Oct. 18
23,069,943
Oct. 25
22,990,540
Deposits:
Member bank
—reserve
account:
Sept. 27. . 16,699,093
Oct. 4. . 16,625,824
Oct. 1 1 . . 16,789,228
Oct. 18.. 17,245,373
Oct. 25. . 16,648,683
U. S. Treas-'
urer—general
account:
Sept. 27. . 1,144,277
Oct. 4 . .
848,429
Oct. 1 1 . .
507,792
Oct. 18..
448,537
Oct. 25. .
420,333
Sept. 27. .
909,767
Oct. 4 . .
987,259
Oct. 1 1 . . 1,045,193
Oct. 18. . 1,015,762
Oct. 25. . 1,071,745
Other:
Sept. 27. .
279,972
Oct. 4. .
301,104
Oct. 1 1 . .
287,269
Oct. 18..
276,366
Oct. 2 5 . .
295,344
56,492
60,997
65,495
63,706
67,171
3,977
4,080
4,430
3,016
4,086
17
2
1,606,921 2,054,019
1,609,564 2,051,943
1,619,629 2,065,510
1,613,942 2,059,567
1,614,499 2,056,672
1,562,690
1,584,312
1,600,606
1,601,063
1,595,353
305
215
10,554
6,030
6,836
7,401
8,109
1,649,442 4,735,717
1,631,212 4,770,284
1,658,879 4,791,594
1,706,959 4,826,036
1,636,118 4,708,394
5,360
3,075
3,358
3,857
4,096
667
574
1,516
1
2
After deducting $17,000 participations of other Federal Reserve Banks on Sept. 27; Oct. 4; Oct. 11; Oct. 18; and Oct. 25.
After deducting $615,136,000 participations of other Federal Reserve Banks on Sept. 27; $664,185,000 on Oct. 4; $713,166,000 on Oct. 11; $693,684,000 on Oct. 18; and $731,413,000 on Oct. 25.
1486
FEDERAL RESERVE BULLETIN
STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS—Continued
[In thousands of dollars]
Total
Boston
New
York
Philadelphia
Cleveland
Richmond
Atlanta Chicago
St.
Louis
Minneapolis
Kansas
City
Dallas
San
Francisco
Liabilities
(cont.)
T o t a l deposits:
Sept. 2 7 . . . .
Oct.
4....
Oct. 1 1 . . . .
Oct. 1 8 . . . .
Oct. 2 5 . . . .
19,033,109
18,762,616
18,629,482
18,986,038
18,436,105
813,056
831,963
841,236
886,303
823,937
6,169,606
6,088,045
5,989,469
6,370,186
6,067,811
908,643
942,935
920,928
931,530
914,814
1,489,396
1,417,606
1,376,097
1,407,741
1,374,982
810,280
808,963
796,700
770,369
760,686
823,242
792,244
799,190
750,679
756,987
3,099,552
2,886,752
2,865,906
2,864,330
2,855,466
661,162
673,012
686,489
669,349
688,295
434,887
453,911
462,452
449,621
433,757
855,648
865,228
872,746
848,466
848,150
872,120
857,613
877,320
891,222
838,911
2,095,517
2,144,344
2,140,949
2,146,242
2,072,309
bility items:
Sept. 2 7 . . . .
Oct.
4....
Oct. 1 1 . . . .
Oct. 1 8 . . . .
Oct. 2 5 . . . .
2,671,920
2,560,305
2,556,010
3,142,596
2,720,905
219,934
220,239
206,080
277,367
225,670
478,803
443,055
442,110
531,062
473,060
174,963
174,225
159,822
201,590
165,026
236,002
231,073
213,155
258,521
241,154
223,115
228,209
242,069
284,124
252,101
173,594
170,291
182,856
222,385
177,710
436,831
418,428
417,800
529,023
443,280
144,157
118,177
127,321
152,857
128,492
74,748
79,062
81,446
97,104
82,720
134,474
146,104
141,428
168,527
158,272
132,812
117,776
123,961
158,137
142,047
242,487
213,666
217,962
261,899
231,373
10,396
8,344
9,271
9,631
10,843
615
569
680
970
640
3,582
2,373
2,915
2,725
4,115
475
431
501
459
469
1,038
1,078
421
370
464
462
492
410
333
347
340
356
1,328
1,356
1,347
1,540
1,386
392
289
346
321
330
532
307
356
278
302
287
296
286
311
298
466
278
316
388
418
850
664
867
830
934
44,617,184
44,342,957
44,336,862
45,208,208
44,158,393
2,415,027
2,436,179
2,440,277
2,554,186
2,434,356
11,798,714 2,691,002 3,780,455 2,596,506
11,692,841 2,727,155 3,701,700 2,621,854
11,632,121 2,700,880 3,655,608 2,639,839
12,064,834 2,747,521 3,726,836 2,656,018
11,677,632 2,694,808 3,673,911 2,608,632
2,235,444
2,219,436
2,243,547
2,231,632
7,999,761
7,774,692
7,767,034
7,871,507
7,764,929
220,781
220,790
220,884
221,032
221,132
12,203
12,185
12,194
12,198
12,198
73,002
72,988
72,993
73,016
73,019
15,543
15,544
15,577
15,577
15,577
20,396
20,402
20,402
20,410
20,414
9,713
9,722
9,722
9,726
9,729
8,779
8,780
8,780
8,787
8,794
28,215
28,218
28,236
28,247
28,282
7,249
7,252
7,267
7,269
7,287
4,949
4,949
4,957
4,953
4,955
7,936
7,937
7,940
8,032
8,042
9,468
9,470
9,473
9,474
9,480
23,328
23,343
23,343
23,343
23,355
30,778
30,778
30,778
30,778
30,778
148,149
148,149
148,149
148,149
148,149
38,205
38,205
38,205
38,205
38,205
45,957
45,957
45,957
45,957
45,957
23,779
23,779
23,779
23,779
23,779
21,194
21,194
21,194
21,194
21,194
72,029
72,029
72,029
72,029
72,029
19,118
19,118
19,118
19,118
19,118
12,494
12,494
12,494
12,494
12,494
18,045
18,045
18,045
18,045
18,045
15,873
15,873
15,873
15,873
15,873
42,552
42,552
42,552
42,552
42,552
3,011
3,011
3,011
3,011
3,011
7,319
7,319
7,319
7,319
7,319
4,489
4,489
4,489
4,489
4,489
1,006
1,006
1,006
1,006
1,006
3,349
3,349
3,349
3,349
3,349
762
762
762
762
762
1,429
1,429
1,429
1,429
1,429
521
521
521
521
521
1,073
1,073
1,073
1,073
1,073
1,137
1,137
1,137
1,137
1,137
1,307
1,307
1,307
1,307
.1,307
2,140
2,140
2,140
2,140
2,140
11,900
12,162
12,369
12,669
12,851
37,684
38,480
39,296
40,133
40,950
12,358
12,607
12,854
13,107
13,357
15,850
16,172
16,511
16,846
17,177
11,360
11,545
11,767
11,936
12,167
9,771
9,955
10,145
10,350
10,548
23,924
24,420
24,978
25,548
26,111
9,533
9,698
9,946
10,104
10,331
6,184
6,283
6,402
6,519
6,624
8,586
8,641
8,911
8,988
9,209
8,271
8,415
8,581
8,746
8,911
15,452
15,727
16,077
16,366
16,659
2,472,919
2,494,315
2,498,629
2,612,842
2,493,194
12,064,868
11,959,777
11,899,878
12,333,451
11,947,069
2,761,597 3,863,664
2,798,000 3,785,237
2,772,005 3,739,484
2,818,899 3,811,055
2,766,436 3,758,465
2,644,707
2,670,249
2,688,456
2,704,808
2,657,656
2,275,950 8,125,358
2,260,127 7,900,788
2,284,428 7,893,706
2,272,725 7,998,760
2,227,158 7,892,780
1,876,721
1,873,571
1,901,261
1,912,743
1,908,429
1,128,499
1,157,046
1,168,076
1,171,179
1,140,247
1,925,112
1,952,962
1,954,903
1,956,811
1,944,190
1,484
1,423
1,535
1,454
1,464
17,287
17,091
17,652
17,249
17,228
3,251
3,117
3,363
3,186
3,207
848
813
877
831
837
589
565
609
577
581
872
836
902
854
860
including accrued
dividends:
Sept. 2 7 . . . .
Oct.
4....
Oct. 1 1 . . . .
Oct. 1 8 . . . .
Oct. 2 5 . . . .
T o t a l liabilities:
Sept. 27. . . .
Oct.
4....
Oct. 1 1 . . . .
Oct. 1 8 . . . .
Oct. 25
846
1,007
1,103
1,840,300 1,103,799 1,889,408
1,836,982 1,132,247 1,917,202
1,864,409 1,143,150 1,918,870
1,875,731 1,146,140 1,920,609
1,871,172 1 115 101 1,907,757
1,614,523 4,652,245
1,596,147 4,686,522
1,623,645 4,707,482
1,671,559 4,741,635
i 600 547 4,623,688
Capital Accts.
Capital paid in:
Sept. 2 7 . . . .
Oct. 4 . . . .
Oct. 1 1 . . . .
Oct. 1 8 . . . .
Oct. 2 5 . . . .
(section 7):
Sept. 27
488,173
Oct. 4 . . . .
488,173
Oct. 1 1 . . . .
488,173
Oct. 1 8 . . . .
488,173
Oct. 2 5 . . . .
488,173
(section 13b):
Sept. 2 7 . . . .
27,543
Oct. 4 . . . .
27,543
Oct. 1 1 . . . .
27,543
Oct. 1 8 . . .
27,543
Oct. 2 5 . . . .
27,543
Other cap. accts.:
Sept. 27. . . .
170,873
Oct. 4 . . . .
174,105
Oct. 1 1 . . . .
177,837
Oct. 1 8 . . . .
181,312
Oct. 2 5 . . . .
184,895
Total liabilities
and cap. accts. •
Sept. 27
45,524,554
Oct. 4. . . . 45,253,568
Oct. 11
45,251,299
Oct. 1 8 . . . . 46,126,268
Oct. 2 5 . . . . 45,080,136
Contingent liability on acceptances purchased for foreign
correspondents:
Sept. 27
23,448
Oct. 4 . . . .
22,583
Oct. 1 1 . . . .
24,369
Oct. 1 8 . . . .
23,085
Oct. 2 5 . . . .
23,172
Commitments to
make industrial
loans:
2,558
Sept. 27. .. .
1,540
Oct. 4
1,504
Oct. 1 1 . .
1,470
Oct. 18. .. .
3,090
Oct. 25
1,885
1,805
1,950
1,847
1,859
2,144
2,055
2,218
2,101
2,115
1,178
1,129
1,218
1,154
1,162
1,135
485
484
475
474
473
54
127
116
83
254
54
54
54
54
989
949
1,023
970
976
268
259
246
246
246
500
500
500
500
500
1,649,442 4,735,717
1,631,212 4,770,284
1,658,879 4,791,594
1,706,959 4,826,036
1,636,118 4,708,394
824
790
853
808
814
2,097
2,010
2,169
2,054
2,069
116
116
113
113
1,563
1
After deducting $16,161,000 participations of other Federal Reserve Banks on Sept. 27; $15,492,000 on Oct. 4; $16,717,000 on Oct. 11;
$15,836,000 on Oct. 18; and $15,944,000 on Oct. 25.
NOVEMBER
1950
1487
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):
Sept. 27
23,698,359
23,728,162
Oct. 4
23,839,862
Oct. 11
23,844,861
Oct. 18
23,837,142
Oct. 25
Collateral held against
notes outstanding:
Gold certificates:
14,004,000
Sept. 27
14,004,000
Oct. 4
14,029,000
Oct. 11
14,029,000
Oct. 18
13,929,000
Oct. 25
Eligible paper:
72,096
Sept. 27
35,002
Oct. 4
48,370
Oct. 11
32,890
Oct. 18
32,817
Oct. 25
U. S. Govt. sec.:
10,665,000
Sept. 27
10,665,000
Oct. 4 . . .
10,700,000
Oct. 11
10,700,000
Oct. 18
10,800,000
Oct. 25
Total collateral:
Sept. 27
24,741,096
24,704,002
Oct. 4
24,777,370
Oct. 11
24,761,890
Oct. 18
24,761,817
Oct. 25
New
York
Boston
1,448,482
1,448,208
1,447,553
1,450,671
1,449,788
Philadelphia
Cleveland
5,293,341 1,650,304 2,122,222
5,299,',152 1,659,252 2,120,517
5,332,680 1,662,296 2,130,645
5,330,629 1,657,411 2,127,901
5,317,099 1,664,456 2 ,126,810
440,000 4,770,000
440,0004,770,000
440,000 4, 770,000
440,000 4. 770,000
440,000 4 770,000
750,000
750,000
750,000
750,000
750,000
925,000
925.000
925,000
925,000
825,000
1,250
1,315
2,775
2,485
2,085
3,655
1,930
1,330
1,830
3,680
1,100,000
1,100,000
1,100,000
1,100,000
1,100,000
700,000
700,000
700,000
700,000
700,00p
1,000,000
1,000,000
1,000,000
1,000,000
1,000,000
1,250,000 965,000
1,250,000 965,000
1,250,000 1,000,000
1,250,000 1,000,000
1,350,000 1,000,000
543,600 5,485,870
1,542,750 5,485,650
1,544,700 ,489,940
1,540,300 5,478,000
1,542,300 5,475
" "\S,225
1,751,250 2,175,000
1,751,315 2,175,000
1,752,775 2,175,000
1,752,485 2,175,000
1,752,085 2,175,000
ParticiAppations
CommitDate (last
proved
of financLoans
to date
Wednesday
but not
out- 2 ments ing instior last day
com- standing
outtutions
of period)
pleted 1 (amount) standing out(amount) standing
Num- Amount (amount)
ber
(amount)
3,202
3,423
3,471
3,489
3,511
3 ,542
3,574
3,607
188,222
212,510
279,860
408,737
491,342
525,532
544,961
565,913
586,726
615,653
2,659
13,954
8,294
4,248
3,613
3,614
3,615
3,617
3,623
3,630
3,637
3,644
3,649
620,595
620,984
621,297
621,601
622,327
625,301
626,273
628,523
629 326
152
245
205
220
545
912
629,764
630,209
632,049
632,573
633,124
638,015
639,158
644,464
646,276
1
926
1,295
320
4,577
945
335
1,514
1,277
539
544
223
1,225
1,172
1,306
,4,416
4,362
6,985
8,030
13 ,683
9 ,152
10 ,337
14 ,126
10 ,532
3 ,894
1 ,995
554
1 ,387
995
9,220
5,226
14,597
10,661
9,270
4,165
1,644
8,309
7,434
1,643
10,981
6,386
19,600
17,305
17,930
2,705
1,086
2,670
4,869
1,990
819
753
614
660
662
2,399
2,349
2,278
2,263
2,072
1,958
1,820
1,818
2,288
2,811
2,737
2,619
2,563
1,926
2,023
1,965
2,848
2,947
1 ,016
1 ,075
1 ,954
2 ,178
2 ,223
2 ,505
2 ,673
2 ,665
2 ,675
2 ,779
2 ,479
2 ,333
2 ,293
1,941
1,197
1,272
1,288
L.286
1,352
1,729
2,481
2,509
2,649
2 ,628
2,651
2,652
2,641
2,731
2,753
3,273
3,224
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.
1488
1,638,655
1,636,930
1,671,330
1,671,830
1,673,680
Atlanta
Chicago
Minne- Kansas
apolis
City
St.
Louis
Dallas
San
Francisco
1,306,514 4,553,452 1,084,073 605,017 930,201 648,688 2,453,372
1,313,070 4,546,255 1,092,506 606,947 930,866 645,513 2,449,428
1,322,544
1,098,284 610,141 932,769 652,978 2,449,820
1,329,491
1,094,555 609,024 931,414 651,888 2,456,880
1,326,714 4,555,456 1,102,189 609,913 930,650 651,061 2,465,151
625,000 2,880,000
625,000 2,880,000
650,000 2,880,000
650,000 2,880,000
2,880,000
650,000 2,880,000
350,000
350,000
350,000
350,000
350,000
210,000 280,000 204,000 1,900^000
210,000 280,000 204,000 1,900,000
210,000 280,000 204,000 1,900,000
210,000 280,000 204,000 1,900,000
210,000 280,000 204,000 1,900,000
12,536 15,055
6,527 1,455
6,420 3,180
3,050 4,975
5,025 6,922
700,000 1,700,000 „ 800,000 450,000
700,000 1 ,700,000 800,000 450,000
700,000 1,700,000 800,000 450,000
700,000 1,700,000 800,000 450,000
700,000 1 ,700,000 800,000 450,000
1,325,000 4,580,000
1,325,000 4,580,000
1,350,000 4,580,000
1,350,000 4,580,000
1,350,000 4,580,000
1,162,536
1,156,527
1,156,420
1,153,050
1,155,025
675,055
661,455
663,180
664,975
666,922
200
1,700
19,930
3,675
10,025
10,550
6,880
1,700
700
700,000
700,000
700,000
700,000
700,000
500,000
500,000
500,000
500,000
500,000
800,000
800,000
800,000
800,000
800,000
999,930
983,675
990,025
990,550
986,880
704,000
704,000
704,000
704,000
704,000
2,700,200
2,701,700
2,700,000
2,701,700
2,700,700
MEMBER BANK RESERVES AND BORROWINGS
[Averages of daily figures.
Applications
approved
3,652
3,655
3,663
3,667
3,670
3,677
3,680
3,684
3,690
670,000
670,000
670,000
670,000
670,000
15,870
15,650
19,940
8,000
5,225
[Amounts in thousands of dollars]
2,781
2,908
1,602,693
1,616,448
1,637,860
1,643,463
1,637,855
3,600
2,750
4,700
300
2,300
INDUSTRIAL LOANS BY FEDERAL RESERVE BANKS
1939
1940
1941
1942
1943
1944
1945
1946
1947
1948
1949
Apr. 30. . .
M a y 31. . .
Tune 30. . .
July 3 0 . . .
Aug. 31. . .
Sept. 30. . .
Oct. 31. . .
Nov. 30. . .
Dec. 31. . .
1950
Jan. 31. . .
Feb. 28. . .
Mar. 31. . .
Apr. 29. . .
May 31. . .
June 30. . .
July 31. . .
Aug. 31. . .
Sept. 30. . .
Richmond
Month, or
week ending Wednesday
All
member x
banks
In millions of dollars]
Central reserve
city banks
New
York
Chicago
Reserve
city
banks
banks 1
Coun-
Total reserves h e l d :
1949—September
1950—August . . . .
September
16,083
16,273
16,602
4,508
4,362
4,507
1,122
1,139
1,158
6,026
6,275
6,363
4,428
4,496
4,573
Sept.
Sept.
Oct.
Oct.
Oct.
Oct.
16,904
16,412
16,700
16,546
16,940
16,974
4,559
4,445
4,560
4,397
4,562
4,669
1,166
1,130
1,169
1,133
1,150
1,157
6,444
6,314
6,399
6,398
6,507
6,519
4,734
4,523
4,571
4,618
4,721
4,629
922
647
765
42
17
55
2
-8
-2
184
105
132
694
534
579
940
603
857
761
Pl.075
H,016
47
-4
91
-1
154
179
-18
20
-12
6
2
171
91
168
163
210
218
723
534
578
611
^617
75
159
96
35
54
14
6
5
3
22
65
58
12
35
22
1
37
1
23
9
36
71
45
50
34
32
14
23
18
16
21
11
20!
27
4
11
18
25
Excess reserves:
1949—September
1950—August
September
Sept.
Sept.
Oct.
Oct.
Oct.
Oct.
20
27
4
11
18 . . .
25...
Borrowings at Federal
Reserve Banks:
1949—September
1950—August
September..... . ..
Sept.
Sept.
Oct.
Oct.
Oct.
Oct.
20
27
4
11.
18
25
...
51
140
64
90
56
45
1
1
2
P Preliminary.
1
Weekly figures of excess reserves of all member banks and of
country banks are estimates. Weekly figures of borrowings of all member banks and of country banks may include small amounts of Federal
Reserve Bank discounts and advances for nonmember banks, etc.*
Back figures.—See Banking and Monetary Statistics, pp. 396-399.
FEDERAL RESERVE BULLETIN
DEPOSITS, RESERVES, AND BORROWINGS OF MEMBER BANKS
[Averages of daily figures.1 In millions of dollars]
Central reserve
city banks
All
member
banks
Reserve
city
banks
Chicago
New
York
Country
banks
All
member
banks
First half of September 1950
Gross demand deposits:
Total
Interbank
Other
Net demand deposits 2
Demand deposits adjusted
Time deposits 4.
3
Demand balances due from domestic banks.
Reserves with Federal Reserve Banks:
Total
Required
Excess
Borrowings at Federal Reserve Banks
Central reserve
city banks
New
York
Chicago
Reserve
city
banks
Country
banks
Second half of September 1950
94,991
10,882
84,109
83,140
74,700
29,462
21,554
3,724
17,830
19,723
5,587
1,107
4,480
5,051
36,201
5,178
31,023
31,329
31,649
872
30,776
27,037
1,789
1,078
11,648
5,469
34
116
1,709
16,576
15,807
769
4,500
4,429
71
1,167
1,165
2
96
9
1
21,945
3,837
18,108
19,932
5,578
1,101
4,477
5,001
36,621
5,208
31,413
31,447
31,637
872
30,765
27,075
14,948
95,781
11,018
84,763
83,455
75,000
29,450
1,806
1,077
11,631
14,937
3,611
5,432
40
109
1,749
3,534
6,359
6,222
138
4,550
3,992
558
16,628
15,867
760
4,515
4,475
39
1,149
1,154
-5
6,368
6,242
126
4,597
3 ,996
601
63
22
96
18
52
21
1
Averages of daily closing figures for reserves and borrowings and of daily opening figures for other items, inasmuch as reserves required are
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
Demand
deposits
except
interbank
Time
deposits
1949
July
August
September
16,149
16,306
16,651
1950
July
August.
September
17,832
17,943
18,231
Demand
deposits
except
interbank
Time
deposits
8,818
8,816
8,809
11,639
11,728
11,932
6,070
6,075
6,072
8,910
8,869
8,847
12,300
12,419
12,540
6,124
6,105
6,095
Boston
New York
Philadelphia
Cleveland
2,210
3,360
1,375
1,496
834
2,226
830
909
376
1,191
1,002
1,061
230
1,163
906
803
Richmond
Atlanta
Chicago
St. Louis. . .
1,184
1,650
2,565
712
411
456
1,625
348
881
697
1,773
980
480
224
968
290
Minneapolis
Kansas City
Dallas
San Francisco
635
622
1,121
1,299
296
107
166
639
761
1,610
1,673
536
440
210
83
298
1
Includes any banks in outlying sections of reserve cities that have
been given permission to carry the same reserve as country banks.
1950
Member
banks
Total,
all
banks
In places of under
15,000 population
By district,
September 1950
NOVEMBER
BANK SUSPENSIONS i
Number of banks suspended:
1934-42
1943 .
1944
1945
1946
1947...
1948
1949 .. .. . .
1950—Jan.-Oct
Nonmember
banks
NaIntional State sured
330
20
4
2
1
0
0
1
6
Noninsured
216
88
2
1
1
o4
4
1
1
Deposits of suspended banks
(in thousands of dollars) :2
1934-42
137,362 18,016 26,548 51,567 41,231
1943
1944
1945..
1946
1947... .
1948
1949
1950—Jan.-Oct..
6,223 4,982
405
0
0
167
0
2,443
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.
3
Deposit figures not available.
Back figures.—See Banking and Monetary Statistics, pp. 283-292;
for description, see pp. 281-282 in the same publication.
1489
UNITED STATES MONEY IN CIRCULATION, BY DENOMINATIONS
[Outside Treasury and Federal Reserve Banks. In millions of dollars]
Total
in circulation l
En d of year or
month
Coin and small denomination currency 2
$50
$100
1,342
1,326
1,359
1,501
1,475
1,481
1,576
1,800
2,545
4,096
5,705
7,224
9,201
9,310
9,119
8,846
1,360
1,254
1,369
1,530
1,542
1,714
2,048
2,489
3,044
3,837
5,580
7,730
7,834
8,518
8,850
8,698
364
337
618
577
358
399
387
627
707
710
409
770
460
919
538 1,112
724 1,433
1 ,019 1,910
1 ,481 2,912
1 ,996 4,153
7 ,327 4,220
? ,492 4,771
2 ,548 5,070
7 ,494 5,074
191
227
425
523
20
30
32
60
2
4
556
?4
4
586
749
990
801
46
287
407
555
454
9
9
10
7
25
22
24
74
3
2
3
2
438
783
8
?6
3
65
64
719 1,229
771 1,288
815 1,373
906 1,563
905 1,560
946 1,611
1 ,019 1,772
1 ,129 2,021
1 3S5 2,731
1 ,693 4,051
1 ,973 5,194
2 ,150 5,983
7 ,313 6,782
? ,173 6,497
2 ,110 6,275
7 ,047 6,060
61
1 971
1 ,959
1 ,958
1 ,970
1 ,973
1 ,994
2 ,004
5,931
5,901
5,900
5,905
5,891
5,935
5,897
8,551
8,529
8,517
8,496
8,486
8,520
8,512
8,513
8,488
8,494
8,498
8,494
8,506
8,578
7 ,426
2 ,410
2 ,406
2 ,401
2 ,392
2 ,398
2 ,435
4,974
4,964
4,980
4,996
5,007
5,021
5,056
387
712
385
383
382
381
382
382
717
712
705
701
692
689
1 ,926
1 ,949
1 ,949
1 ,945
1 ,963
1 ,966
1 ,946
1 ,955
1 ,964
5,715 8,309
5,8i7 8,348
5,834 8,327
5,830 8,333
5,851 8,333
5,891 8,363
5,836 8,328
5,881 8,355
5,885 8,357
8,469
8,426
8,393
8,389
8,361
8,344
8,316
8,328
8,331
2 ,401
2 ,385
2 ,375
2 ,380
7 ,380
2 ,386
2 ,374
? ,374
2 ,369
5,010
4,988
4,968
4,961
4,949
4,940
4,934
4,950
4,964
380
378
384
382
380
378
375
372
666
661
654
650
639
628
620
617
370
613
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945.
1946
1947
1948.
5,519
4 ,167
4 ,292
5,536
5,882
4 ,518
6,543
5 ,021
6,550
s ,015
6,856
«>,147
7,598
5 ,553
6 ,247
8,732
8 ,120
11,160
15,410 11 ,576
20,449 14 ,871
25,307 17 ,580
28,515 70 ,683
28,952 ?0 ,437
28,868 20 ,020
28,224 19 ,529
442
452
880
1 ,019
1 ,156
1 774
1 ,361
1 ,404
1 464
801
909
987
1,039
1,029
1,048
1,049
1949—j u n e
July
August
September...
October
November. ..
December. . .
27,493
27,394
27,393
27,412
27,407
27,543
27,600
18 ,982
1 45Q
18 ,908
18 ,901
18 ,917
18 ,915
19 ,040
19 ,025
1 ,457
1 ,462
1 ,468
1 ,474
1 ,484
1 ,484
1,008
1,001
1,003
1,018
1,031
1,046
1,066
60
61
60
60
61
62
1950—Tannarv
February. . ..
March
April
May
June
July.
August
September.. .
26,941
27,068
27,042
27,048
27,090
27,156
27,010
27,120
27,161
18 ,475
18 ,645
18 ,651
18 ,661
18 ,730
18 ,813
18 ,696
18 ,795
18 ,834
1 ,457
1 ,459
1 ,468
1 ,478
1 ,490
1 ,496
1 ,498
1 ,506
1 ,515
1,008
1,011
1,013
1,016
1,033
1,037
1,029
1,037
1,054
60
60
59
60
60
61
60
61
550
402
423
Unassorted
Total
<Doin
478
517
537
2
$20
Total
3$1
Large denomination currency
$2
33
32
460
499
505
33
35
33
524
34
590
648
559
610
36
39
751
695
44
55
70
81
73
67
61
$5
$10
$500 $1,000 $5 ,000 $10 ,000
125
112
122
135
139
160
261
428
400
237
216
239
265
288
327
782
707
8
s
7
7
6
10
7
8
10
16
18
12
5
8
7
5
M
17
5
5
17
17
3
3
5
9
4
4
4
4
4
4
2
9
9
9
9
8
11
2
2
2
2
2
3
4
5
5
4
4
4
4
4
8
9
8
11
9
9
9
9
3
3
1
1
1
2
2
2
4
9
2
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
3
as destroyed.
Paper currency only; $1 silver coins reported under coin.
Back figures.—See Banking and Monetary Statistics, Table 112, pp. 415-416.
UNITED STATES MONEY, OUTSTANDING AND IN CIRCULATION, BY KINDS
[On basis of circulation statement of United States money. In millions of dollars]
Money held in the Treasury
Total outstanding, As security
Sept. 30,
against
1950
gold and Treasury
cash
silver
certificates
Gold
Gold certificates
Federal Reserve notes
Treasury currency—total
Standard silver dollars
Silver bullion
Silver certificates and Treasury notes of 1890. .
Subsidiary silver coin
Minor coin
United States notes
Federal Reserve Bank notes
National Bank notes
Total—Sept. 30, 1950
Aug. 31, 1950
Sept. 30, 1949
23,483
22,275
23,727
4,618
493
2,033
*2,295
1,011
379
347
269
86
22,275
*2,295
263
2,033
24,571
24,735
25,684
2
Money
held by
For
Federal
Federal
Reserve
Reserve Banks and
Banks and
agents
agents
1,207
45
70
19,419
19,419
19,574
20,535
l
Sept. 30,
1950
Aug. 31, Sept. 30,
1950
1949
2,816
881
229
40
22,801
4,320
41
22,768
4,312
173
172
166
158
28
9
26
4
1
2,137
975
367
318
265
85
2,132
969
365
320
268
85
2,096
943
358
315
299
91
3,925
3,892
3,910
27,161
54
1,322
1,304
1,311
Money in circulation
42
23,101
4,269
27,120
27,412
* Outside Treasury and Federal Reserve Banks. Includes any paper currency held outside the continental limits of the United States, Totals
for other
end-of-month dates are shown in table above, totals by weeks in table on p. 1481, and seasonally adjusted figures in table on p. 1491.
2
Includes $156,039,431 held as reserve against United States notes and Treasury notes of 1890.
3
To avoid duplication, amount of silver dollars and bullion held as security against silver certificates and Treasury notes of 1890 outstanding
is not included in total Treasury currency outstanding.
* Because some of the types of money shown are held as collateral or reserves against
other types, a grand total of all types has no special
6
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.
1490
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
Amount—
adjusted for
seasonal
variation
+742
+1,134
+2,428
+4,250
+5,039
+4,858
+3,208
+437
-84
-644
-624
1950—January
February......
March
April
May
June
July
August
September
October
27,451
27,456
27,477
27,734
27,506
27,456
27,395
27,459
27,220
27,008
27,043
27,062
27,022
27,026
27,117
27,009
27,154
27,233
27,139
27,008
27,124
27,280
27,212
27,162
27,171
27,145
27,208
27,233
Assets
-29
-50
-61
+64
-320
-131
+116
+156
-68
-50
+9
-26
+63
+25
1
For end-of-year figures, represents change computed on absolute
amounts in first column.
NOTE.—For discussion of seasonal adjustment factors and for back
figures on comparable basis see BULLETIN for September 1943, pp.
822-826. Because of an apparent change in the seasonal pattern
around the year-end, adjustment factors have been revised somewhat
for dates affected, beginning with December 1942.
Depositors'
balances *
End of month
series
7,598
8,732
11,160
15,410
20,449
25,307
28,515
28,952
28,868
28,224
27,600
.;
[In millions of dollars]
Change in
seasonally
adjusted
l
Averages of daily figures:
1949—September
October
November
December
POSTAL SAVINGS SYSTEM
Total
Cash
in
depository
banks
U. S.
Government
securities
Cash
reserve
funds,
etc. 2
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—May.
June
July
August
September. . .
October
November. . .
December
3,294
3,277
3,266
3,248
3,230
3,215
3,199
3,188
3,418
3,403
3,393
3,375
3,350
3,336
3,322
3,312
7
7
6
6
6
7
7
7
3,212
3,188
3,187
3,172
3,152
3,127
3,118
3,118
198
209
199
196
191
202
197
187
1950—January
February. . . .
March
April
May
June
July
August
September. .
3,183
3,177
3,168
3,151
3,125
3,097
3,061
*>3,024
P2.985
3,307
3,301
3,293
3,276
3,250
3,218
3,181
7
7
8
8
8
10
9
3,117
3,107
3,107
3,092
3,068
3,038
3,027
182
186
178
176
175
171
145
p Preliminary.
Outstanding principal, represented by certificates of deposit.
Includes working cash with postmasters, 5 per cent reserve fund
and miscellaneous working funds with Treasurer of United States, accrued interest on bond investments, and accounts due from late postmasters.
Back figures.—See Banking and Monetary Statistics, p. 519; for
description, see p. 508 in the same publication.
1
2
BANK DEBITS AND DEPOSIT TURNOVER
[Debits in millions of dollars]
Debits to total deposit accounts, except
interbank accounts
Debits to demand
deposit accounts,
except interbank
and Government
Annual rate of
turnover of total
deposits, except
interbank
Year or month
Annual rate of
turnover of demand
deposits, except interbank and Government
Total, all
reporting
centers
New
York
City 1
140
other
centers x
Other
reporting
centers 2
New
York
City
Other
reporting
centers
New
York
City*
Other
leading
cities 8
New
York
City»
Other
leading
cities 8
891,910
974,102
jl,050,021
1,125,074
1,249,630
'1,231,053
345,585
404,543
417,475
405,929
449,002
452,897
462,354
479,760
527,336
599,639
667,934
'648,976
83,970
89,799
105,210
119,506
132,695
129,179
17.1
18.2
18.9
21.0
23.6
24.1
10.8
9.7
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
1949—June
July
August
September
October
November
December
^109,078
'98,509
'99,064
101,081
101,846
'99,502
118,207
42,890
36,467
36,070
37,191
36,334
35,249
45,781
'55,396
'51,895
'52,476
'53,075
'54,425
'53,350
'60,503
10,792
10,147
10,518
10,814
11,087
10,903
11,923
26.9
23.7
21.9
24.1
22.4
23.4
27.7
12.5
12.2
11.4
12.4
12.1
12.7
13.1
40,617
37,129
34,940
36,130
36,683
34,105
45,434
53,769
51,276
51,421
52,364
54,488
52,336
60,428
29.8
28.7
25.5
28.0
27.3
27.2
32.5
18.7
18.5
17.1
18.6
18.5
19.1
20.0
1950—January
February
March
April
May
June
July
August
September
106,665
'96,254
115,746
102,547
112,095
119,399
110,573
128,383
123,262
38,962
35,727
43,112
37,025
41,463
43,781
38,757
50,067
44,910
'56,397
'50,565
'60,923
'54,657
'58,838 •
'63,332
'59,752
'65,464
65,236
11,306
9,962
11,712
10,865
11,793
12,286
12,064
12,852
13,116
24.5
24.9
25.7
24.1
25.9
27.0
24.6
29.2
27.9
12.6
12.3
12.8
12.5
12.7
13.4
13.2
13.2
14.2
38,133
35,205
41,164
38,480
40,037
42,294
40,657
48,320
46,400
55,090
49,855
59,113
54,929
57,382
61,607
59,703
64,015
65,330
28.6
29.3
29.4
29.7
29.7
30.7
31.0
33.8
34.2
18.9
18.9
19.3
19.4
19.2
20.2
20.3
19.9
21.5
1944
.
....
1945
1946—old series*4
1946—new series
1947
1948
1949
I
r
1
2
Revised.
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
city. 4
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.
NOVEMBER
1950
1491
CONSOLIDATED CONDITION STATEMENT FOR BANKS AND THE MONETARY SYSTEM
ALL COMMERCIAL AND SAVINGS BANKS, FEDERAL RESERVE BANKS, POSTAL SAVINGS SYSTEM,
AND TREASURY CURRENCY FUNDS 1
[Figures partly estimated except on call dates. In millions of dollars]
Liabilities
and Capital
Assets
Commercial
and
savings
banks
Federal
Reserve
Banks
Other
Other
securities
Total
assets,
net—
Total
liabilties
and
capital,
net
5,741
5,499
10,328
8,199
23,105 19,417
29,049 25,511
118,041 93,655
128,417 101,288
122,740 95,911
113,110 86,558
107,873 82,679
107,086 81,199
101,451 76,774
100,694 74,097
97,428 74,877
216
1,998
2,484
2,254
21,792
24,262
23,783
23,350
21,872
22,559
21,366
23,333
19,343
26
131
1,204
1,284
2,594
2,867
3,046
3,202
3,322
3,328
3,311
3,264
3,208
11,819
9,863
9,302
8,999
8,003
8,577
9,175
9,491
10,051
10,723
11,208
11,422
11,915
64,698
48,465
75,171
90,637
178,350
191,785
188,294
183,457
182,115
188,148
186,055
189,290
185,554
55,776
42,029
68,359
82,811
168,040
180,806
176,215
171,657
169,234
175,348
172,857
176,121
171,602
8,922
6,436
6,812
7,826
10,310
10,979
12,079
11,800
12,882
12,800
13,200
13,168
13,952
Bank credit
Date
Gold
Treasury
currency
U. S. Government obligations
T©tal
Loans,
net
Total
Capital
and
Total
deposits misc.
and j accurrency counts,
net
1929—June 29..
1933—June 30. .
1939—Dec. 30. .
1941—Dec. 31. .
1945—June 30. .
Dec. 31. .
1946—June 29. .
Dec. 31. .
1947—June 30. .
Dec. 31. .
1948—June 30. .
Dec. 31. .
1949—June 30..
4,037
4,031
17,644
22,737
20,213
20,065
20,270
20,529
21,266
22,754
23,532
24,244
24,466
2,019
2,286
2,963
3,247
4,145
4,339
4,539
4,562
4,552
4,562
4,565
4.589
4,597
1949—Oct. 26..
Nov. 30. .
Dec. 31. .
24,600
24,500
24,427
4,600 160,300
4,600 160,700
4,598 162,681
48,100 99,600
49,000 99,100
49,604 100,456
79,100
78,300
78,433
17,400
17,700
18,885
3,100
3,100
3,138
12,600 189,500 174,900
12,600 189,800 175,300
12,621 191,706 177,313
14,600
14,500
14,392
1950—Jan. 25..
Feb. 21. .
Mar. 29. .
Apr. 26..
M a y 31..
June 30. .
July 26?'
Aug. 30?"
Sept. 27?.
24,400
24,300
24,200
24,200
24,200
24,231
24,200
23,800
23,500
,600 162,500
,600 161,900
,600 161,700
,600 162,000
,600 162,600
,607 164,348
,600 164,300
4,600 165,800
4,600 166,900
49,400 100,400
49,700 99,300
50,400 98,000
50,600 97,900
51,000 98,100
51,999 98,709
53,100 97,500
54,500 97,200
56,400 96,000
79,500
78,600
77,400
77,100
77,700
77,320
76,400
75,600
73,800
17,800
17,600
17,500
17,600
17,400
18,331
18,000
18,600
19,400
3,100
3,100
3,100
3,100
3,100
3,058
3,000
3,000
2,900
12,700
12,900
13,300
13,500
13,500
13,640
13,800
14,200
14,500
177,100
176,200
176,000
176,100
176,700
178,568
178,200
179,200
180,000
14,400
14,600
14,600
14,600
14,700
14,618
14,900
15,000
14,900
58,642
42,148
54,564
64,653
153,992
167,381
163,485
158,366
156,297
160,832
157,958
160,457
156,491
41,082
21,957
22,157
26,605
27,948
30,387
31,570
35,765
38,373
43,023
45,299
48.341
47,148
191,600
190,800
190,500
190,800
191,400
193,186
193,100
194,200
195,000
Deposits and Currency
U. S. Government balances
Date
Total
Foreign
bank
deposits, Treasury
net
cash
At comAt
mercial Federal
and
savings Reserve
Banks
banks
1929—June 29
1933—June 30
1939—Dec. 30.
1941—Dec. 31
1945—June 30
Dec. 31
1946—June 29
Dec. 31
1947—June 30. . .
Dec. 31
1948—June 30
Dec. 31
1949—June 30
55,776
42,029
68,359
82,811
168,040
180,806
176,215
171,657
169,234
175,348
172,857
176,121
171,602
365
50
1,217
1,498
2,378
2,141
1,894
1,885
1,657
1,682
1,727
2,103
1,927
204
264
2,409
2,215
2,279
2,287
2,251
2,272
,314
,336
,327
,325
,307
381
852
846
1,895
24,381
24,608
13,416
3,103
1,367
1,452
2,180
2,451
2,304
1949—Oct. 26
Nov. 30
Dec. 31
174,900
175,300
177,313
2,000
2,100
2,150
,300
,300
,312
3,600
3,200
3,249
1950—Jan. 25
Feb. 21
Mar. 29
Apr. 26
M a y 31
June 30
July 26? r
Aug. 30*"Sept. 21 v
177,100
176,200
176,000
176,100
176,700
178,568
178,200
179,200
180,000
2,200
2,200
2,300
2,400
2,400
2,555
2,500
2,400
2,300
1,300
1,300
1,300
1,300
1,300
1,298
1,300
1,300
1,300
3,300
4,200
4,300
3,200
3,200
,801
3,600
3,800
3,600
Deposits adjusted and currency
Time deposits 3
Total
Demand
deposits'
Total
Commercial
banks
Mutual
savings
banks *
Postal
Savings
System
Currency
outside
banks
54,790
40,828
63,253
76,336
138,403
150,793
157,821
164,004
164,140
170,008
165,695
169,119
165,626
22,540
14,411
29,793
38,992
69,053
75,851
79,476
83,314
82,186
87,121
82,697
85,520
81,877
28,611
21,656
27,059
27,729
44,253
48,452
51,829
53,960
55,655
56,411
57,360
57,520
58,483
19,557
10,849
15.258
15,884
27,170
30,135
32,429
33,808
34,835
35,249
35,788
35,804
36,292
8,905
9,621
10,523
10,532
14,426
15,385
16,281
16,869
17,428
17,746
18,194
18,387
18,932
149
1,186
1,278
1,313
2,657
2,932
3,119
3,283
3,392
3,416
3,378
3,329
3,259
3,639
4,761
6,401
9,615
25,097
26,490
26,516
26,730
26,299
26,476
25,638
26,079
25,266
400 167,700
500 168,100
821 169,781
84,300
85,000
85,750
58,400
58,000
58,616
36,100
35,800
36,146
19,100
19,100
19,273
3,200
3,200
3,197
24,900
25,100
25,415
86,400
84,500
83,200
84,300
85,000
85,040
86,500
87,400
88,100
58,700
59,000
59,300
59,500
59,500
59,739
59,400
59,100
59,000
36,100
36,300
36,500
36,600
36,600
36,719
36,400
36,200
36,200
19,400
19,500
19,700
19,700
19,800
19,923
19,900
19,800
19,900
3,200
3,200
3,200
3,200
3,100
3,097
3,100
3,000
3,000
24,500
24,700
24,600
24,600
24,700
25,185
24,400
24,500
24,500
36
35
634
867
599
977
833
393
756
870
1,928
1,123
438
500
400
1,000
800
600
950
500
700
1,100
169,700
168,200
167,100
168,400
169,200
169,964
170,200
171,000
171,700
r
P Preliminary.
Revised.
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.
8 Excludes interbank time deposits; United States Treasurer's time deposits, open account: and deposits of Postal Savings System in banks
<Prior to June 30 1947, includes a relatively small amount of demand deposits.
NOTE.—For description of statement and back figures, see BULLETIN for January 1948, pp. 24-32. The composition of a few items differs
slightly from the description in the BULLETIN article; stock of Federal Reserve Banks held by member banks is included in "Other securities"
and in "Capital accounts," and balances of the Postal Savings System and the Exchange Stabilization Fund with the U. S. Treasury are netted
against miscellaneous accounts instead of against U. S. Government deposits and Treasury cash. Except on call dates, figures are rounded to
nearest 100 million dollars and may not add to the totals. See Banking and Monetary Statistics,. Table 9, pp. 34-35, for back figures for deposits
and currency.
1
2
1492
FEDERAL RESERVE BULLETIN
ALL BANKS IN THE UNITED STATES, BY GLASSES *
PRINCIPAL ASSETS AND LIABILITIES, AND NUMBER OF BANKS
[Figures partly estimated except on call dates.
Loans
and
Amounts in millions of dollars]
investments
Deposits
Other
Inves t m e n t s
Class of bank
and date
Total
Loans
Total
AI! b a n k s :
1939—Dec. 30
1941—D ec 3i
1942—Dec. 31
1943—Dec. 31
1944—Dec 30
1945—Dec 31
1946—Dec. 312
1947—Dec 31
1948—Dec 31
1949—June 30
Dec 31
1950—Apr. 26
May 31
Tune 30
July 26*"
r
Aug. 3QP . . . .
Sept. 27P
All commercial b a n k s :
1939—Dec. 30
1941—Dec 31
1942—Dec 31
1943—Dec 31
1944—Dec 30
1945—Dec. 31
1946—Dec 31
1947—Dec. 31 2. . . . .
1948—Dec. 31
1949—June 30
Dec. 31
1950—Apr. 26
May 31
June 30
July 26* ••
Aug. 30P »•....
Sept. 27P
All m e m b e r b a n k s :
1939—Dec 30.
1941—Dec. 31
1942—Dec 31
1943—Dec. 31
1944—Dec 30
1945—Dec. 31
1946—Dec 31
1947—Dec. 31
1948—Dec, 31
1949—June 30
Dec. 31
1950—Apr. 26. . . .
May 31
Tune 30
July 26pr . . . .
Aug. 3 0 P » \ . . .
Sent. 27P
All m u t u a l savings
banks:
1939—Dec 30
1941—Dec. 31
1942—Dec 31
1943—Dec. 31
1944—Dec 30
1945—Dec. 31
1946—Dec. 31
1947—Dec. 31 *
1948—Dec.
31......
1949—June 30
Dec. 31 . . . .
1950—Apr. 26
..
May 31
June 30
Tuly 26Pr. . . .
Aug. 3 0 P > \ . . .
Sept. 2 7 ?
Cash
assets *
Interbank i
Total
Number
capital
of
accounts banks
U. S.
Government
obligations
Other
securities
19 ,417
25 ,511
45 ,951
65 ,932
85 ,885
101 ,288
86 ,558
81 ,199
74 ,097
74 ,877
78 ,433
77 ,110
77 ,670
77 ,320
76 ,440
75 ,610
73 ,750
9 ,302
8 ,999
8 ,280
7 ,433
7 ,561
8 ,577
9 ,491
10 ,723
11 ,422
11 ,915
1? ,621
13 ,460
13 ,450
13 ,640
13 ,810
14 ,190
14 ,460
23, 292
27, 344
28, 701
98 475
30, 790
35 415
35, 041
38 388
39 474
34, 966
,36 522
32, 680
33 310
34, 099
34, 210
34, 060
35, 070
68 ,242
81 ,816
99 ,803
117 ,661
141 ,448
165 ,612
155 ,902
161 ,865
\6\ ,248
156 ,470
164 ,467
160 ,570
161 ,880
163 ,770
163 ,840
164 ,810
165 ,830
9,874 32,516
10,982 44,355
11,308 61,437
11,003 75,577
12,235 91,663
14,065 105,935
12,656 92,462
13,033 95,727
12,269 94,671
10,938 90,145
12,710 96,156
11,240 92,830
11,130 94,170
11,435 95,505
11,310 96,060
11,370 97,200
11,540 98,060
25,852
26,479
27,058
31 081
37,551
45 613
50,784
53 105
54 308
55,386
55 601
56,500
56 580
56,830
56,470
56,240
56,230
8,194
8,414
8,566
8 996
9,643
10 542
11,360
11 948
12 479
12,845
13 088
13,270
13 450
13,576
13,610
13,670
13,720
15 ,035
14 ,826
14 ,682
11 579
14 ,535
11 553
14 ,585
14 714
11 703
14 ,680
11 687
14 ,684
14 674
14 ,674
14 ,665
14 ,656
14 ,658
14 ,484
14 278
11 136
14 ,034
13 992
14 ,011
11 044
14 ,181
14 171
11 150
11 156
14 ,153
11 143
14 ,144
14 ,135
14 ,127
14 ,129
Total i
Demand
Time
50 ,884
61 ,126
78 ,147
96 966
119 ,461
140 ??7
131 ,698
134 ,994
133 693
133 ,868
140 598
141 ,340
147 300
142 ,959
143 ,570
144 ,560
144 ,880
22 ,165
26 ,615
23 ,916
93 ,601
26 ,015
30 ,362
35 ,648
43 ,002
48 ,174
47 ,076
49 ,544
50 ,770
S1 ,180
51 ,999
53 ,320
54 ,760
56 ,670
28 ,719
34 ,511
54 ,231
73 ,365
93 ,446
109 ,865
96 ,050
91 ,923
40 ,668
50 ,746
67 393
85 ,095
10s; ,530
124 ,019
,993
in
116 ,284
114 ?98
i n 773
1?0 197
120 ,330
1?1 160
121 ,767
122 ,320
123 ,300
123 ,660
17 ,238
91 ,714
19 ,221
19 417
91 ,644
26 ,083
31 ,122
38 ,057
47 ,488
41 ,025
49 ,965
43 ,800
44 ,080
44 ,796
45 ,980
47 ,270
49 ,030
23 ,430
99 ,032
48 ,172
65 ,978
83 ,886
97 ,936
89 ,871
78 ,226
71 ,811
79 ,748
77 ,232
76 ,530
77 ,080
76 ,972
76 ,340
76 ,030
74 ,630
16 ,316
91 ,808
41 ,379
59 ,842
77 ,557
90 ,606
74 ,780
69 ,221
69, ,622
63 ,220
67 ,005
65 ,540
66 ,100
65 ,751
64 ,950
64 ,230
62 ,540
7 ,114
7 ,225
6 ,793
6 ,136
6 ,329
7 ,331
8 ,091
9 ,006
9 ,189
9 ,528
10 ,227
10 ,990
10 ,980
11 ,221
11 ,390
11 ,800
12 ,090
22, 474
96 551
98 039
27, 677
30 206
34, 806
34 223
37, 502
38, 596
34 166
35 650
31, 880
39 540
33, 268
33, 460
33, 330
34, 270
57 ,718
71 ,283
89 ,135
105 ,923
198 ,072
150 ,227
139 ,033
144 ,103
149 ,843
137 ,520
145 ,174
140 ,820
149 ,070
143 ,827
143 ,940
144 ,950
145 ,940
9,874 32,513
10,982 44,349
11,308 61,431
11,003 75,569
12,235 91,653
14,065 105,921
12,656 92,446
13,032 95,711
12,269 94,654
10,938 90,128
12,709 96,136
11,240 92,810
11,130 94,150
11,435 95,485
11,310 96,040
11,3.70 97,180
11,540 98,040
15,331
15 952
16,395
19,350
24 184
30,241
33 930
35,360
35,921
36 455
36,328
36,770
36,790
36,907
36,590
36,400
36,360
6,885
7 173
7,330
7,719
8 265
8,950
9 577
10,059
10,480
10 780
10,967
11,090
11 250
11,387
11,420
11,470
11,500
33 ,941
43 ,521
59 ,963
74 ,258
91 ,569
107 ,183
96 ,369
97 846
95 616
9S ,31S
101 598
101 ,428
102 179
102 ,745
103 ,290
104 ,289
104 554
13 ,962
18 ,021
16 ,088
16 ,288
18 ,676
22 ,775
96 ,696
39 ,628
36 ,060
34 ,456
36 ,230
36 ,842
.37 ,070
37 ,658
38 ,760
39 ,977
41 ,542
19 ,979
25 ,500
43 ,175
57 ,970
79 ,893
84 ,408
69 ,666
65 ,218
59 ,557
60 ,859
65 ,297
64 ,586
65 ,109
65 ,087
64 ,530
64 ,312
63 ,012
14 ,328
19 ,539
37 ,546
52 ,948
67 ,685
78 ,338
63 ,042
57 ,914
5? ,154
53 ,132
S6 ,883
55 ,441
55 ,988
55 ,759
55 ,026
54 ,434
5? ,882
5 ,651
5 ,961
5 ,629
5 ,022
s ,208
6 ,070
6 ,625
7 ,304
7 ,403
7 ,727
8 ,414
9 ,145
o ,121
9 ,328
9 ,504
9 ,878
10 ,130
10 782
23, 123
94 280
23, 790
9S 860
29, 845
99 587
3 9 845
34 903
30 423
31 317
49 ,340
61 ,717
78 ,277
92 ,262
110 ,917
129 ,670
118 ,170
1 9 9 ,528
191 ,362
116 ,980
193 ,885
119 ,851
171 ,076
122 ,707
122 ,710
123 ,694
1?,4 ,572
9,410
10,525
11,000
10,555
11,884
13,640
12,060
12,403
11,641
10,374
12,097
10,683
10,587
10,850
10,736
10,795
10,968
28,231
38,846
54,523
66,438
79,774
91,820
78,920
81,785
80,881
77,342
82,628
79,704
80,995
82,232
82,606
83,658
84,386
11,699
12,347
12,754
15,268
19,259
24,210
27 190
28,340
28,840
29,264
29,160
29,464
29,494
29,625
29,368
29,241
29,218
5,522
5,886
6 101
6,475
6 968
7,589
8 095
8,464
8,801
9 022
9,174
9,272
9,399
9,523
9,550
9,602
9,628
10 ,216
10 ,379
10 ,754
11 ,871
13 ,931
16 ,208
17 ,704
18 ,641
19 ,395
20 ,094
20 400
21 ,010
21 ,140
21 ,192
21 ,250
21 ,260
21 ,220
4 ,927
4 ,901
4 ,695
4 ,484
4 ,370
4 ,279
4 ,526
4 ,944
5 ,686
6 ,050
6 ,578
6 ,970
7 ,100
7 ,203
7 ,340
7 ,490
7 ,640
5 ,289
5 ,478
6 ,059
7 ,387
9 ,560
11 ,928
13 ,179
13 ,696
13 ,709
14 ,044
13 ,822
14 ,040
14 ,040
13 ,989
13 ,910
13 ,770
13 ,580
3 ,101
3 ,704
4 ,572
6 ,090
8 ,328
10 ,682
11 ,778
11 ,978
11 ,476
11 ,657
11 ,428
11 ,570
11 ,570
11 ,569
11 ,490
11 ,380
11 ,210
2 ,188
1 ,774
1 ,487
1 ,297
1 ,232
1 ,246
1 ,400
1 ,718
9 ,233
2 ,387
? ,394
2 ,470
2 ,470
2 ,420
2 ,420
2 ,390
2 ,370
818
793
663
797
3
6
6
8
10,521
10,527
10,662
11,730
13,366
15,371
16,853
17,745
18,387
18,932
19,273
19,730
19,790
19,923
19,880
19,840
19,870
J
85 ,519
86 ,792
91 ,054
90 ,570
91 ,120
90 ,960
90 ,250
89 ,800
88 ,210
28
98
29
29
29
30
039
692
380
435
261
144
584
609
818
886
878
800
873
800
770
831
750
730
800
10 ,524
10 ,533
10 ,668
11 ,738
13 ,376
15 ,385
16 ,869
17 ,763
18 ,405
18 ,949
19 ,293
19 ,750
19 ,810
19 ,943
19 ,900
19 ,860
19 ,890
10
1
1
1
1
14
16
17
17
17
20
20
20
20
20
20
20
3fiQ
1,241
[,236
1,276
L ,378
1,592
1,784
1,889
L.999
2,065
2,122
2,180
2,200
2,189
2,190
2,200
2,220
6 362
6 ,619
6 679
6 ,738
6 814
6 ,884
6 900
6 923
6 918
6 903
6 892
6 ,891
6 887
6 ,885
6 ,886
6 ,888
6 ,887
551
548
546
545
543
542
541
533
532
530
531
531
531
530
530
529
529
r
P Preliminary.
Revised.
* "All banks" comprise "all commercial banks" and "all mutual savings b a n k s / ' "All commercial banks" comprise "all nonmember commercial banks" and "all member banks" with exception of three mutual savings banks that became members in 1941. Stock savings banks and
nondeposit trust companies are included with "commercial" banks. Number of banks includes a few noninsured banks for which asset and liability data are not available. Comparability of figures for classes of banks is affected somewhat by changes in Federal Reserve membership,
insurance status, and the reserve classifications of cities and individual banks, and by mergers, etc.
1
Beginning June 30, 1942, excludes reciprocal balances, which on Dec. 31, 1942, aggregated 513 million dollars at all member banks and 525
million at all insured commercial banks.
For other footnotes see following two pages.
NOVEMBER 1950
1493
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 invesi,ments
Investment
Class of bank
and date
Central reserve city
member bainks:
New York Gilty:
1939—Dec. 30
1941—Dec. 31
1942—Dec. 31
1943—Dec. 31
1944—Dec. 30
1945—Dec. 31
1946—Dec. 31
1947—Dec. 31
194g—Dec. 31
1949—j une 30
Dec. 31
1950—Apr. 26 . . . .
May 31
June 30
July 26P
Aug.
Sept. 27?
Chicago:
1939—Dec.
1941—Dec.
1942—Dec.
1943—Dec.
1944—Dec.
1945—Dec.
1946—Dec.
1947__Dec.
1948—Dec.
1949—June
Dec.
1950—Apr.
May
30
31
31
31
30
31
31
31
31
30......
31
26. .
31
June 30
July
Aug. 3 0 P
Sept. 27P .
Reserve city m ember
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—j une 30
Dec. 31
1950—Apr. 26
May 31
June 3 0 . . . . . .
July 26P . . . .
Aug.
Sept. 27P .
Country mem!)er
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 3 0 . . . . . .
Dec. 31
1950—Apr. 26. .
May 31
June 30
July
Aug. 3Qpr'.'/.'.
Sept
Other
Cash
assets l
Total
U. S.
Government
obligations
26, 143
90 834
20, 393
18 759
19 103
19 583
to 206
19 243
19 548
19 406
10 764
19 860
3,296
4,072
4,116
4,428
5,760
7,334
6,368
7,179
8,048
7,689
7,550
7,645
7,607
7,723
8,129
8,368
8,814
6 043
8 823
13 841
15 ,565
18 243
18 ,809
14 ,465
13 ,214
10 ,712
11 ,413
12 ,033
11 ,561
11 ,636
11 ,825
11 ,277
11 ,396
11 ,046
4 772
7 ,265
12 547
14 ,563
17 ,179
17 ,574
13 ,308
11 ,972
9 ,649
10 ,278
10 ,746
9 ,963
10 ,153
10 ,281
9 ,618
Q ,587
9 ,167
9 105
2 760
3 973
4 554
S 443
931
4 765
S 088
4 799
4 841
5 424
s 103
5 217
S 256
5 299
5 447
5 302
569
954
832
1,004
1,184
1,333
1,499
1,801
1,783
1,537
1,618
1,548
1,536
1,557
1,654
1,726
1,786
1 ,536
1 ,806
3 ,141
3 ,550
4 ,258
4 ,598
3 ,266
3 ,287
3 ,016
3 ,303
3 ,806
3 ,555
3 ,681
3 ,700
3 ,645
3 ,721
3 ,516
1 ,203
1 ,430
9 ,789
3 ,238
3 ,913
4 ,213
2 ,912
9 ,890
2 ,633
,888
3 ,324
9 ,992
3 ,119
.3 ,138
3 ,082
3 ,146
2 ,950
272
347
915
521
603
108
351
040
332
034
301
201
556
697
167
376
536
5,329
7,105
6,102
6,201
6,822
8,514
10,825
13,449
14,285
13,261
14,370
14,470
14,653
14,868
15,256
15,845
16,525
6 ,944
8 ,243
14 ,813
91 321
9 6 ,781
31 ,594
94 ,527
22 ,591
21 ,047
91 ,772
23 ,931
93 ,731
23 ,903
23 ,829
23 ,911
93 ,531
23 ,011
5 ,194
6 ,467
13 ,038
19 ,682
9 S ,042
29 ,552
9? ,250
20 ,196
18 ,594
19 ,076
20 ,951
90 ,546
20 ,672
20 ,510
20 ,549
90 ,030
19 ,404
1,749
1,776
1,775
1,639
1,739
2,042
2,276
2,396
2,453
2,696
2 s 980
3,185
3,231
3,319
3,362
3,501
3,607
10 ,224
12 518
16 ,419
,188
28 ,520
35 ,002
,412
36 ,324
36 ,726
36 ,338
38 ,219
38 ,918
39 ,163
39 ,245
39 ,418
39 ,702
39 ,856
4,768
5,890
5,038
4,654
4,910
5,596
8,004
10,199
11,945
11.968
12,692
13,179
13,274
13,510
13,721
14,038
14,417
S ,456
6 ,628
11 ,380
17 ,534
23 ,610
29 ,407
97 ,408
26 ,125
24 ,782
24 ,370
25 ,527
25 ,739
25 ,889
25 ,734
25 ,697
25 ,664
25 ,439
3 ,159
4 ,377
9 ,172
IS ,465
21 ,552
26 ,999
?4 ,572
22 ,857
21 ,278
20 ,889
21 ,862
21 ,940
22 ,044
21 ,830
21 ,777
21 ,671
21 ,361
2,297
2,250
2,208
2,069
2,058
2,408
2,836
3,268
3,504
3,481
3,665
3,799
3,845
3,904
3,920
3,993
4,078
Total
9, 339
1? 896
17, 957
19, 994
003
12
I5?
20
97
33
40
3S
36
35
3S
38
38
38
39
30
39
Loans
Other
securities
1,272
1.559
1,294
L,002
,066
L,235
L ,158
1,242
1,063
L.135
1,287
1,598
1,483
1,544
1,659
1,809
.879
333
376
352
312
345
385
355
397
383
415
482
563
562
562
563
575
566
Total i
Interbank i
6, 703
6, 637
5, 864
5, 197
4 921
6 439
6 238
7 261
7 758
7 109
6 985
6 060
6 382
6 329
6 418
6 478
6 635
14,509
17,932
22,078
23,256
26,773
30,121
24,723
25,216
24,024
23,619
23,983
22,380
22,702
23,213
22,776
23,417
23,585
4,238
4,207
3,945
3,680
4,041
4,657
4,246
4,464
4,213
3,920
4,192
3,818
3,826
3,894
3,786
3,856
3,956
1 446
566
352
283
378
489
• 545
739
1 932
1 702
1 850
1 642
1 658
1 640
1 743
1 755
1 841
3,330
4,057
5,040
5,523
6,468
7,046
5,905
6,402
6,293
6,087
6,810
6,243
6,392
6,419
6,509
6,703
6,621
888
1,035
1,117
985
1,148
J .312
1,153
1,217
L,064
L,008
L,191
1,026
.044
1,014
1,067
1,099
1,058
6 785
8 518
9 426
Q 327
11 ,286
11 654
13 066
13 ,317
11 ,618
12 ,168
10 ,894
11 ,107
11 ,639
11 ,580
11 ,422
11 ,858
17,741
22,313
28,700
35,070
41,804
49,085
44,477
46,467
45,943
43,852
47,559
45,987
46,462
47,187
47,495
47,448
47,978
4 ,848
6 ,402
7 ,638
7 ,983
9 ,323
10 ,632
10 ,151
10 ,778
11 ,196
9 ,994
10 ,314
9 ,443
9 ,545
9 ,773
9 ,694
9 ,606
9 ,810
13,762
17,415
22,459
28,414
35,871
43,418
43,066
44,443
45,102
43,422
45,534
45,241
45,520
45,888
45,930
46,126
46,388
10 238
Demand
9 , 533
917
17, 399
18, 729
730
24, 227
19 028
19, 307
18 131
Total
Number
capital
of
accounts banks
Time
18
16
17
17
17
17
17
139
956
230
668
392
936
982
736
807
734
847
1,002
1,236
1,449
1,445
1,680
1.695
1,651
1,606
L,646
L.650
1,598
L.625
.647
1
2
3
4
4
S
3
4
947
546
468
029
700
476
455
508
620
18 004
1,592
1,648
1,727
1,862
1,966
2,120
2,205
2,259
2,306
2,340
2,312
2,320
2,344
2,341
2,351
2,356
2,343
36
36
37
37
37
37
37
37
35
495
14
13
13
13
13
35
25
25
25
25
25
25
24
922
273
227
020
535
130
256
305
354
527
488
829
913
1,001
1,059
1,083
1,087
1,092
1,099
1,088
1,077
1,075
250
288
304
326
354
377
404
426
444
462
470
471
478
481
478
483
483
3,686
4,460
4,957
4,874
5,524
6,448
5,570
5,649
5,400
4,665
5,713
4,968
4,860
5,069
5,034
4,996
5,100
9 439
13 047
18 747
?4 086
98 525
32 877
?8 049
29 395
29 153
97 560
30 ,182
99 ,292
29 ,888
30 ,306
30 ,779
30 ,848
31 ,300
4,616
4,806
4,995
6,109
7,755
9,760
10,858
11,423
11,391
11,627
11,664
11,727
11,714
11,812
11,682
11,604
11,578
1,828
1,967
2,028
2,135
2,327
2,566
2,728
2,844
2,928
3,005
3,087
3,123
3,146
3,268
3,267
3,287
3,305
346
351
354
357
356
359
355
353
335
336
341
338
337
336
336
336
337
598
822
980
1,015
1,171
1,223
1,091
1,073
964
781
1,001
871
857
871
849
844
854
7 ,312
10 ,335
14 ,909
,594
24 ,818
29 ,700
97 ,921
28 ,810
29 ,370
27 ,758
29 ,771
29 ,326
29 ,621
29 ,953
30 ,081
30 ,347
30 ,616
5,852
6,258
6,569
7,804
9,882
12,494
14,053
14,560
14,768
14,883
14,762
15,044
15,042
15,064
15,000
14,935
14,918
1,851
1,982
2,042
2,153
2,321
2,525
2,757
2,934
3,123
3,215
3,305
3,358
3,431
3,433
3,454
3,476
3,497
5,966
6,219
6,275
6,331
6,408
6,476
6 494
6,519
6,535
6,519
6,513
6,515
6.512
6,511
6,512
6,514
6,513
4
4
4
4
4
4
4
4
015
719
12
14
14
13
13
13
13
13
13
13
13
13
2
December 31, 1947 figures are consistent (except that they exclude possessions) with the revised all bank series announced in November 1947
by the Federal bank supervisory agencies, but are not entirely comparable with prior figures shown above; a net of 115 noninsured nonmember
commercial banks with total loans and investments of approximately 110 million dollars was added, and 8 banks with total loans and investments of 34 million were transferred from noninsured mutual savings to nonmember commercial banks.
For other footnotes see preceding and opposite page.
1494
FEDERAL RESERVE BULLETIN
ALL BANKS IN THE UNITED STATES, BY CLASSES *—Continued
PRINCIPAL ASSETS AND LIABILITIES, AND NUMBER OF BANKS—Con tinned
[Amounts in millions of dollars]
Loans and investments
Deposits
Investments
Class of bank
and date
All insured commercial
banks:
1941—Dec. 31
1945—Dec. 31
1946—Dec. 31
1947—Dec. 31
1948—Dec. 31
1949—Dec. 31
1950—June 30
Total
Other
Cash
assets x
Total
U. S.
Government
obligations
Other
securities
Loans
Total
Interbank i
Total
Number
capital
of
accounts banks
Demand
Time
49,290
121,809
112,178
114,274
112,286
118,278
119,808
21,259
25,765
30,733
37,583
41,968
42,485
44,304
28,031
96,043
81,445
76,691
70,318
75,793
75,504
21,046
88,912
73,554
67,941
61,388
65,820
64,546
6,984
7,131
7,891
8,750
8,929
9,974
10,957
25,788
34,292
33,694
36,926
38,087
35,207
32,865
69,411
147,775
136,990
141,851
140,642
143,138
141,798
10,654
13,883
12,320
12,670
11,900
12,368
11,066
43,059
04,015
91,144
94,300
93,300
94,914
94,298
15,699
29,876
33,526
34,882
35,441
35,856
36,433
6,844
8,671
9,286
9,734
10,158
10,645
11,061
13,426
13,297
13,354
13,398
13,413
13,429
13,435
National member
banks:
1941—Dec. 31
1945—Dec. 31
1946—Dec. 31
1947—Dec. 31
1948—Dec. 31
1949—Dec. 31
1950—June 30
27,571
69,312
63,723
65,280
63,845
67,943
68,723
11,725
13,925
17,272
21,428
23,752
23,853
24,590
15,845
55,387
46,451
43,852
40,093
44,090
44,132
12,039
51,250
41,658
38,674
34,852
38,161
37,548
3,806
4,137
4,793
5,178
5,241
5,930
6,584
14,977
20,114
20,012
22,024
22,974
20,995
19,914
39,458
84,939
78,775
82,023
81,407
83,113
82,430
6,786
9,229
8,169
8,410
7,842
8,278
7,362
24,350
59,486
52,194
54,335
54,020
55,034
54,964
8,322
16,224
18,412
19,278
19,545
19,801
20,104
3,640
4,644
5,138
5,409
5,657
5,920
6,180
5,117
5,017
5,007
5,005
4,991
4,975
4,971
State member
1941—Dec.
1945—Dec.
1946—Dec.
1947—Dec.
1948—Dec.
1949—Dec.
1950—June
banks:
31
31
31
31
31
31
30
15,950
37,871
32,639
32,566
31,771
33,585
34,023
6,295
8,850
9,424
11,200
12,308
12,378
13,068
9,654
29,021
23,216
21,365
19,463
21,207
20,955
7,500
27,089
21,384
19,240
17,301
18,722
18,211
2,155
1,933
1,832
2,125
2,161
2,484
2,744
8,145
9,731
9,575
10,822
11,228
10,322
9,466
22,259
44,730
39,395
40,505
39,955
40,772
40,277
3,739
4,411
3,890
3,993
3,799
3,819
3,488
14,495
32,334
26,726
27,449
26,862
27,594
27,268
4,025
7,986
8,779
9,062
9,295
9,359
9,522
2,246
2,945
2,957
3,055
3,144
3,254
3,343
1,502
1,867
1,893
1,918
1,927
1,917
1,914
Insured nonmember
commercial banks:
1941—Dec. 31.
1945—Dec. 31
1946—Dec. 31
1947—Dec. 31
1948—Dec. 31
1949—Dec. 31
1950—June 30
5,776
14,639
15,831
16,444
16,685
16,766
17,079
3,241
2,992
4,040
4,958
5,911
6,258
6,650
2,535
11,647
11,791
11,486
10,774
10,508
10,429
1,509
10,584
10,524
10,039
9,246
8,947
8,799
1,025
1,063
1,268
1,448
1,528
1,561
1,630
2,668
4,448
4,109
4,083
3,887
3,892
3,487
7,702
18,119
18,836
19,340
19,296
19,269
19,108
129
244
260
266
259
272
217
4,213
12,196
12,225
12,515
12,419
12,285
12,066
3,360
5,680
6,351
6,558
6,618
6,712
6,825
959
1,083
1,193
1,271
1,358
1,473
1,539
6,810
6,416
6,457
6,478
6,498
6,540
6,553
Noninsured nonmember commercial
banks:
1941—Dec. 31
1945—Dec. 31
,
1946—Dec. 31
1947—Dec. 31 2 . . . . .
1948—Dec. 31
1949—Dec. 31
1950—June 30
..
1,457
2,211
1,815
2,009
2,013
1,919
1,959
455
318
389
474
520
481
491
1,002
1,893
1,426
1,535
1,493
1,438
1,468
761
1,693
1,226
1,280
1,234
1,185
1,204
241
200
200
255
259
253
263
763
514
530
576
509
442
403
1,872
2,452
2,043
2,251
2,201
2,036
2,029
329
181
336
363
368
341
369
1,291
1,905
1,302
1,411
1,353
1,223
1,186
253
365
404
478
479
472
474
329
279
290
325
322
321
326
852
714
690
783
758
727
709
All nonmember commercial banks:
1941—Dec. 31
,
1945—Dec. 31
,
1946—Dec. 31 2
1947—Dec. 31
1948—Dec. 31
1949—Dec. 31
1950—June 30
7,233
16,849
17,646
18,454
18,698
18,686
19,038
3,696
3,310
4,429
5,432
6,431
6,739
7,141
3,536
13,539
13,217
13,021
12,267
11,947
11,896
2,270
12,277
118749
11,318
10,479
10,132
10,003
1,266
1,262
1,468
1,703
1,788
1,814
1,893
3,431
4,962
4,639
4,659
4,396
4,334
3,890
9,574
20,571
20,879
21,591
21,497
21,305
21,137
457
425
597
629
628
613
586
5,504
14,101
13,526
13,926
13,772
13,508
13,253
3,613
6,045
6,756
7,036
7,097
7,184
7,299
1,288
1,362
1,483
1,596
1,680
1,794
1,865
7,662
7,130
7,147
7,261
7,256
7,267
7,262
Insured mutual saving!
banks:
1941—Dec. 31
,
1945—Dec. 31
1946—Dec. 31
,
1947—Dec. 31
1948—Dec. 31
,
1949—Dec. 31
1950—June 30
1,693
10,846
11,891
12,683
13,312
14,209
14,827
642
3,081
3,250
3,560
4,109
4,814
5,288
1,050
7,765
8,641
9,123
9,202
9,394
9,539
629
7,160
7,946
8,165
7,795
7,832
7,945
421
606
695
958
1.407
i;562
1,594
151
429
612
675
684
682
659
1,789
10,363
11,428
12,207
12,772
13,592
14,128
1,789
10,351
11,415
12,192
12,757
13,575
14,109
164
1,034
1,173
1,252
1,334
1,420
1,467
52
192
191
194
193
192
192
Noninsured mutual
savings banks:
1941—Dec. 31
.
1945—Dec. 31
1946—Dec. 31 2
1947—Dec. 31
1948—Dec. 3 1 . . . . .
1949—Dec. 3 1 . . . . .
1950—June 30
8,687
5,361
5,813
5,957
6,083
6,192
6,365
4,259
1,198
1,275
384
577
764
1,915
4,428
4,163
4,538
4,573
4,506
4,428
4,450
3,075
3,522
3,833
3,813
3,680
3,596
3,625
1,353
641
705
760
826
832
826
642
180
206
211
194
191
172
8,744
5,022
5,442
5,556
5,633
5,702
5,815
8,738
5,020
5,439
5,553
5,631
5,699
5,813
1,077
558
611
637
665
702
722
496
350
350
339
339
339
338
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.
NOVEMBER
1950
1495
ALL BANKS IN THE UNITED STATES AND POSSESSIONS, BY STATES, JUNE 30, 1950
ASSETS AND LIABILITIES, AND NUMBER OF BANKS
[Amounts in thousands of dollars]
t?
W
P*
f
United States and possessions
United States
Possessions
State
Alabama
Arizona
Arkansas
California
Colorado
Connecticut
Delaware
District of Columbia
Florida
Georgia
Idaho
Illinois
Indiana
Iowa
Kansas
Kentucky
Louisiana
Maine
Maryland
Massachusetts
Michigan
Minnesota
Mississippi
Missouri
Montana
.
Nebraska
Nevada
New Hampshire
New Jersey
New Mexico
New York
North Carolina
North Dakota
Ohio
Oklahoma
Oregon
Pennsylvania.
,
Rhode Island
,
South Carolina
South Dakota
Tennessee
Texas
Utah
Vermont
Virginia
Washington
West Virginia
Wisconsin
Wyoming
Total loans
and
investments
Total i
143,626,075
52,310,789
142,959,185
51,998,510
Loans1
Commercial,
including
Real estate
open market
loans
paper
17,108,800
16,987,805
Other
loans
Total
19,847,088
16,192,873
91,315,286
19,739,886
16,108,065
90,960,675
Investments
Obligations
Other
U. S. Gov't of States and
political
securities
obligations
subdivisions
77,609,287
77,320,219
Cash,
reserves,
due from
banks, and
cash items
Real
estate
assets
Other
assets
Total
assets—
total
liabilities
and capital
7,516,412
6,189,587
34,254,197
1,331,610
825,028
180,036,910
7,477,196
6,163,260
34,099,411
1,321,503
779,381
179,159,480
154,786
10,107
45,647
877,430
666,890
312,279
120,995
107,202
84,808
354,611
289,068
39,216
26,327
955,278
367,731
591,390
11,614,624
880,467
399,100
171,429
198,555
5,027,774
306,564
111,277
47,722
44,023
1,341,226
86,003
108,843
57,909
48,700
2,583,633
66,726
184,644
66,403
107,026
1,179,979
156,031
556,178
196,302
392,835
6,586,850
573,903
439,041
163,314
324,505
5,610,189
527,392
96,362
20,544
57,890
691,846
29,468
20,775
12,444
10,440
284,815
17,043
293,644
79,190
214,995
2,534,060
309,772
9,819
6,316
4,468
132,244
3,811
4,174
2,277
948
60,871
3,501
1,262,915
455,514
811,801
14,341,799
1,197,551
2,769,727
548,179
877,584
1,515,140
1,285,403
875,327
172,235
314,768
408,092
674,823
147,398
50,955
102,401
155,611
238,631
577,552
76,874
112,316
101,063
153,872
163,025
44,930
102,268
155,241
288,414
1,894,400
375,944
562,816
1,107,048
610,580
1,531,596
273,359
515,218
993,067
516,625
116,385
24,528
8,638
97,135
69,553
246,419
78,057
38,960
16,846
24,402
345,803
96,302
268,591
487,141
424,712
26,494
4,885
17,676
20,187
17,058
15,888
1,815
2,349
5,748
4,239
3,157,912
651,181
1,166,200
2,028,216
1,731,412
348,407
10,096,973
2,631,644
1,927,609
1,275,967
147,410
2,771,489
795,782
760,292
438,201
32,390
1,395,303
192,541
130,250
107,007
54,421
479,339
338,317
224,084
87,977
62,229
938,011
273,752
412,117
245,604
200,997
7,325,484
1,835,862
1,167,317
837,766
189,798
6,281,225
1,644,638
969,397
690,667
9,349
671,579
128,342
162,003
120,870
1,850
372,680
62,882
35,917
26,229
75,391
2,783,334
683,324
459,385
433,698
3,478
52,685
19,243
11,788
6,963
311
40,071
6,193
2,661
1,810
427,587
12,973,063
3,340,404
2,401,443
1,718,438
1,239,639
1,332,508
670,567
1,760,070
7,192,525
476,778
417,345
218,393
479,335
2,531,989
127,114
173,629
54,986
115,587
696,590
157,361
92,529
113,101
202,936
1,456,418
198,163
156,645
52,390
164,414
417,402
762,861
915,163
452,174
1,280,735
4,660,536
692,967
754,714
368,063
1,148,334
3,995,761
39,397
147,672
19,174
39,074
179,102
30,497
12,777
64,937
93,327
485,673
333,861
445,277
92,751
363,874
955,732
9,296
14,012
4,772
16,623
54,678
2,358
9,390
1,595
15,989
43,836
1,585,154
1,801,187
769,685
2,156,556
8,246,771
4,713,362
2,547,910
587,369
3,356,602
434,981
1,479,350
965,123
200,486
1,400,417
119,587
316,532
239,754
56,916
460,473
24,480
681,515
329,448
52,974
443,693
31,035
496,272
406,015
92,992
507,166
66,254
3,234,012
1,582,787
386,883
1,956,185
315,394
2,806,079
1,296,039
269,729
1,651,086
289,017
280,034
146,993
111,682
194,827
16,299
147,899
139,755
5,472
110,272
10,078
1,141,677
622,077
183,908
1,054,367
124,081
36,586
16,714
6,598
26,335
2,967
14,686
9,206
789
11,459
1,220
5,906,311
3,195,907
778,664
4,448,763
563,249
992,107
146,315
545,180
4,747,154
248,896
349,320
54,239
223,772
1,432,111
113,587
82,849
7,394
35,571
277,744
32,914
41,345
28,276
157,411
794,047
31,085
229,372
18,782
31,296
382,558
51,021
642,787
92,076
321,408
3,315,043
135,309
555,644
83,290
255,900
2,705,786
124,073
62,969
7,409
11,158
331,090
9,915
24,174
1,377
54,350
278,167
1,321
317,614
30,544
60,428
755,162
99,262
6,331
1,611
4,033
57,033
2,702
2,314
735"
311
21,443
388
1,318,366
179,205
609,952
5,580,792
351,248
37,941,751
1,334,492
479,244
6,428,188
1,235,003
14,617,064
618,076
94,028
2,178,582
456,871
5,431,009
217,683
17,692
610,684
197,476
5,866,138
141,339
20,241
864,011
61,866
3,692,123
267,474
57,330
736,009
200,670
23,324,687
716,416
385,216
4,249,606
778,132
20,232,394
561,757
350,120
3,633,732
656,948
,387,841
114,557
25,014
372,924
101,260
1,704,452
40,102
10,082
242,950
19,924
8,155,268
411,979
96,807
1,488,686
509,127
298,003
13,960
1,862
64,871
10,430
357,853
7,668
1,126
19,541
2,941
46,752,875
1,768,099
579,039
8,001,286
1,757,501
1,097,766
10,273,424
986,231
504,137
405,305
418,663
3,197,536
336,334
180,261
139,889
139,775
1,237,637
94,320
54,363
19,899
127,490
1,080,430
192,175
49,386
30,966
153,622
928,992
53,677
78,489
91,445
679,103
7,075,888
649,897
323,876
265,416
559,051
5,513,493
548,520
270,222
235,375
108,943
543,740
17,847
39,515
20,821
11,109
1,018,655
83,530
14,139
9,220
280,940
2,200,206
120,101
164,752
100,023
15,748
123,780
12,794
4,710
2,451
5,661
47,748
4,341
1,072
1,341
1,400,115
12,645,158
1,123,467
674,671
509,120
1,526,714
4,904,128
459,434
323,427
1,543,966
672,215
2,204,978
211,193
195,419
707,610
255,648
1,031,691
50,427
18,959
177,915
139,790
246,345
86,257
133,002
250,999
285,445
948,207
76,606
44,626
285,186
854,499
2,699,150
248,241
128,008
836,356
708,734
2,350,191
224,860
100,594
743,484
122,512
282,589
19,143
14,813
60,976
23,253
66,370
4,238
12,601
31,896
482,502
2,139,225
118,914
41,896
422,112
19,967
78,735
4,374
3,669
23,084
3,959
15,323
591
446
4,293
2,033,142
7,137,411
583,313
369,438
1,993,455
1,757,307
791,324
2,574,284
191,752
679,698
283,756
808,871
73,793
245,603
55,445
230,278
16,030
245,736
131,244
365,069
22,602
195,559
100,326
226,133
35,730
1,077,609
507,568
1,765,413
117,959
865,089
461,442
1,530,871
106,829
159,232
30,614
144,719
8,849
53,288
15,512
89,823
2,281
440,917
222,445
572,164
61,390
15,963
9,133
18,917
1,646
5,201
2,166
9,274
261
2,219,388
1,025,068
3,174,639
255,049
ALL BANKS IN THE UNITED STATES AND POSSESSIONS, BY STATES, JUNE 30, 1950— Continued
ASSETS AND LIABILITIES, AND NUMBER OF BANKS
[Amounts in thousands of dollars]
Deposits
w
Total
Interbank
U. S.
Government
Savings
States and
political
subdivisions
Certified
and officers'
checks, etc.
Individuals, partnerships,
and corporations
Demand
Time
Total
demand
deposits
Total
time
deposits
Borrowings
and other
liabilities
Total
capital
accounts
Number
of
banks 2
164,554,941
11,448,894
3,884,279
9,579,825
2,176,864
81,924,036
55,541,043 106,962,038
57,592,903
1,828,703
13,653,266
14,717
163,770,402
11,435,447
3,809,998
9,437,230
2,164,672
81,661,111
55,261,944 106,544,389
57,226,013
1,813,401
13,575,677
14,674
784,539
13,447
74,281
142,595
12,192
262,925
279,099
417,649
366,890
15,302
77,589
43
1,163,815
425,930
752,134
13,235,516
1,117,182
55,804
3,744
48,532
468,195
73,309
22,677
8,553
8,329
270,082
23,249
106,537
48,552
80,708
999,234
71,383
6,141
6,027
3,721
220,050
10,409
712,668
259,623
510,791
5,845,338
715,005
259,988
99,431
100,053
5,432,617
223,827
900,698
325,900
650,652
7,314,851
892,192
263,117
100,030
101,482
5,920,665
224,990
7,557
4,398
2,075
227,360
5,159
91,543
25,186
57,592
878,923
75,210
225
10
232
203
152
2,840,340
580,306
1,086,802
1,895,069
1,586,325
35,818
3,882
50,278
134,536
144,853
48,779
56,940
34,624
30,073
37,987
72,539
42,740
185,258
119,991
29,722
9,067
17,242
19,357
9,243
898,155
306,764
771,627
1,178,955
956,598
1,755,327
160,913
212,902
346,890
317,653
1,082,929
400,299
865,670
1,539,050
1,262,522
1,757,411
180,007
221,132
356,019
323,803
20,528
3,541
6 315
8,863
17,566
297 044
67,334
73 083
124,284
127,521
190
40
19
196
397
402,645
12,075,834
3,124,250
2,242,692
1,606,978
4,509
1,103,139
97,946
99,541
87,872
6,811
340,079
68,753
49,201
26,579
52,501
750,637
337,966
228,387
262,163
3,445
106,447
36,726
17,034
11,283
231,508
6,731,155
1,648,892
1,313,337
1,050,338
103,871
3,044,377
933,967
535,192
168,743
IJ 298,033
8,882,882
2,185,544
1,704,381
1,435,303
104,612
3,192,952
938,706
538,311
171,675
1,970
79,157
13,484
3,079
4,150
22,972
818,072
202,670
155 672
107,310
43
890
491
662
610
1,456,749
1,689,989
687,437
1,965,298
7,353,393
104,170
165,229
7,591
89,579
307,497
27,566
25,698
9,619
43,009
115,692
103,597
270,355
21,018
117,021
217,375
12,793
14,227
3,959
9,036
63,080
978,251
930,327
210,890
883,011
2,567,990
230,372
284,153
434,360
823,642
4,081,759
1,222,714
1,398,030
250,921
1,133,629
3,261,673
234,035
291,959
436,516
831,669
4,091,720
7,583
12,114
3,574
15 812
99,941
120,822
99 084
78,674
175 446
793,437
386
162
96
173
373
5,540,370
2,964,689
723,463
4,138,087
535,805
175,580
273,189
41,276
655,235
21,913
323,923
64,116
10,252
90,353
27,104
293,400
252,044
106,966
240,766
47,463
57,962
29,190
2,857
29,129
6,451
2,494,223
1,310,583
428,811
2,416,180
335,046
2,195,282
1,035,567
133,301
706,424
97,828
3,321,696
1,917,853
588,596
3,422,918
437,216
2,218,674
1,046,836
134,867
715,169
98,589
39,919
20,937
1,869
22 310
1,780
326,022
210 281
53,332
288 366
25,664
444
683
201
599
111
1,231,393
167,425
539,623
5,138,857
332,126
126,482
6,462
47,471
9,038
30,783
4,255
6,375
105,434
10,172
69,389
18,811
12,106
303,632
62,737
8,636
2,419
6,577
66,604
3,631
854,548
83,628
116,392
2,031,183
202,660
141,555
57,350
391,711
2,584,533
43,888
1,089,607
106,341
146,617
2,504,947
285,360
141,786
61 084
393,006
2,633 910
46,766
3,811
1,406
2,145
36,500
826
83,162
10 374
68,184
405 435
18,296
418
8
41,728,781
1,612,171
543,171
7,439,596
1,627,494
4,326,993
161,371
11,200
262,242
164,571
891,568
50,812
6,156
213,582
29,567
916,930
155,264
110,014
520,353
187,019
909,898
22,776
2,610
82,206
19,923
19,183,815
878,994
297,986
3,639,154
1,102,506
15,499,577
342,954
115,205
2,722,059
123,908
25,761,770
1,218,035
379,966
4,557,113
1,498,853
15,967,011
394 136
163,205
2,882,483
128,641
845,074
24 761
1,565
48,857
8,139
4,179 020
131 167
34,303
512,833
121,868
150
661
386
• • • • 1,303,517
11,328,539
1,007,427
627,622
••
477,772
34,096
601,861
12,945
16,408
9,484
25,439
259,454
35,694
13,978
9,173
80,474
436,550
41,443
65,838
53,378
22,058
91,167
7,841
6,341
4,141
757,113
5,838,076
340,047
437,783
314,748
384,337
4,101,431
569,457
87,274
86,848
912,507
7,059,469
437,134
538,187
387,362
391,010
4,269 070
570,293
89 435
90,410
9,685
89 605
15,842
2 963
1 562
86
1 227
100
44
29
982
27
151
169
Tennessee
Texas
Utah
Vermont
1,887,131
6,673,000
543,292
329,121
1,824,852
201,633
802,128
34,727
1,618
112,271
28,145
100,606
7,073
2,641
48,574
197,173
607,138
42,129
8,505
128,564
14,724
64,929
4,793
2,383
20,565
996,612
4,544,194
272,242
78,460
935,560
448,844
554,005
182,328
235,514
579,318
1,419,844
5 ,994,492
359,065
91,590
1,195,512
467,287
678,508
184,227
237,531
629,340
11,520
32,671
3,373
2,305
14,135
134 491
431 740
36 648
38,012
154,468
West Virsdnia
^Wisconsin
Wyoming
2,075,337
936,780
2,965,580
238,697
73,668
35,707
120,860
8,032
52,362
22,692
81,351
4,064
134,810
76,944
152,477
26,822
18,195
9,637
34,730
3,290
1,067,281
527,016
1,324,427
150,620
729,021
264,784
1,251,735
45,869
1,340,148
668,765
1,703,255
192,298
735,189
268 015
1,262,325
46,399
10,652
5 466
8,593
133 399
82 822
200 466
15,448
T Inited States and Dossessions
United States
State
l")i<5trirt of Columbici
••••»•••-
Idaho
IVFassachusetts
New York
North Carolina.
T^Torth T^akota
Ohio
Oklahoma
Oregon
Rhode Island
South Carolina
South Dakota
1
•
.• .
'.
962
129
Figures for various loan items are shown gross (i. e., before deduction of valuation reserves); they do not add to the totals, which are shown net.
2
Includes 28 banks for which asset and liability data are not available.
904
913
014
198
086
786
110
352
51
768
226
71
296
904
55
77
314
121
180
556
53
ALL INSURED COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES *
LOANS AND INVESTMENTS
[In millions of dollars]
Loans l
Class of bank
and
call date
Total
loans
and
invest- Total 1
ments
Investments
Loans for
Compurchasing
meror
carrying
cial,
in- Agri- securities Real
clud- culOther Total
ing
loans
To
tate
open- tural brok- To ioans loans
marers
ket
and othpadeal- ers
per
ers
All insured commercial banks;
1941—Dec. 3 1 . . 49,290
1946—Dec. 3 1 . . 112,178
1947—Dec. 3 1 . . 114,274
1948—Dec. 31. . 112,286
1949—June 30. . 111,746
Dec. 31.. 118,278
1950—June 30.. 119,808
21,259
30,733
37,583
41,968
40,524
42,485
44,304
4, 45
28,031
9,214 1,450 614 662 4,773
14,016 ,358 1,517 1,609 7,103 4,031 1,098 81,445
18,012 ,610 823 1,190 9,266 5,654 1,028 6,691
18,761 ,775 1,336 939 10,666 6,804 1,095 0,318
16,292 ,734 1,972 901 10,887 7,170 1,022 71,222
16,935 ,963 1,749 855 11,405 8,005 1,121 75,793
814
12,270 9,036 1,186 '5,504
16,~
" 2,819 1,856
Member banks,
total:
1941—Dec. 31.. 43,521
1946—Dec. 3 1 . . 96,362
1947—Dec. 31. . 97,846
1948—Dec. 3 1 . . 95,616
1949—June 30.. 95,315
Dec. 31.. 101,528
1950—Apr. 24.. 101,521
June 30.. 102,745
18,021
26,696
32,628
36,060
34,456
36,230
36,785
37,658
8,671
13,154
16,96:
17,631
15,213
15,857
New York City:*
1941—Dec. 31.. 12,896 4,072
1946—Dec. 31.. 20,834 6,368r
1947—Dec. 31.. 20,393 7,17
1948—Dec. 31.
18,75r 8,048
1949—June 30. 19,103 7,689
Dec. 31». 19,583 7,550
1950—Apr. 24. . 19,216 7,616
June 30.. 19,548 7,723
Chicago:*
1941—Dec. 31..
1946—Dec. 31. .
1947—Dec. 31..
1948—Dec. 31. .
1949—June 30. .
Dec. 31..
1950—Apr. 24..
June 30. .
2,760
4,765
5,088
4,799
4,841
5,42'
5,09
972
884
1,046
1,800
1,704
1,94.
412
1,096
545
1,102
1,701
1,410
169
389
4,656
1,497
732
1,094
1,418
1,41
1,178
1,21
48
11
73
71
83
109
52
101
87
63
60
56
1,116
24
109
64
21'
123
99
111
224
209
256
455
564
643
650
689
242
339
756
267
22
248
554
96
105
149
176
156
172
8,823
14,465
13,215
10,712
11,413
12,033
11,599
356 11,825
250
330
306
268
309
1,806
3,266
3,287
3,016
3,303
3,806
3,56.
36 3,699
5,256
954
1,499
1,801
1,783
1,537
1,618
1,527
1,557
Reserve city banks.
1941—Dec. 3 1 . .
1946—Dec. 3 1 . .
1947—Dec. 3 1 . .
1948—Dec. 3 1 . ,
1949—June 30. .
Dec. 313.
1950—Apr. 24. .
June 3 0 . .
15,34'
35,35
36,040
35,332
35,03
38,301
38,287
38,69'
7,105
10,825
13,445
14,285
13,261
14,37C
14,493
14,868
3,456
5,548
7,088
7,282
6,227
6,704
300
201
225
437
378
457
114
264
170
130
150
183
1,512
1,52'
704 2,237 1,436 435
484 3,14' 1,969 366
36C 3,503 2,315 41
321 3,559 2,408 385
309 3,742 2,745 43
6,596
367
201
32 4,029 3,118
Country banks:
1941—Dec. 31..
1946—Dec. 31..
1947—Dec. 31. .
1948—Dec. 31..
1949—June 30..
Dec. 31.,
1950—Apr. 24..
June 30..
12,518
35,412
36,324
36,726
36,338
38,219
38,927
39,24,
5.89C
8,004
10,195
11,945
11,968
12,692
13,148
13.51C
1,676 659
2,433 681
3,096 818
3,29< 1,356
3,098 1,31
3,150 1,48C
5,77.
15,83
16,444
16,68
16,44
16,766
17,079
3,24
4.04C
54,
478
862 471,04"
563
1,13
975
1,07! 1,030
1,078 1,018
1,106 1,049
3,339 1,379
1941—Dec. 31. .
1946—Dec. 31.
1947—Dec. 31.
1948—Dec. 31.
1949—June 30.,
Dec. 31.
1950—June 30.,
4,958
5,91
6,07
6,258
6.65C
Total
21,046
73,554
57,941
51,388
51,970
65,820
64,546
25,500 19,539
594 598 3,494
3 , 692
1,506 1,467 5,358 3,308 1,020 69,666 63,042
952 65,218 57,914
811 1,065 7. 130 4,662
1,324 834 8| 244 5,585 1,006 59,556 52,154
935 60,859 53,132
1,958 803 8,383 5,859
1,737 758 8, 834 6 ,551 1,034 65,297 56,883
64,736 55,575
^ 8 4 0 '807 9,547 7,401 1,105 65,087 55,759
2,807
4,078
5,361
5,64:
4,710
4,79:
Insured nonmember commercial banks:
U. S. Government obligations
33
54
180
2,139
105 2,426
2,508
2,575
105 2,727
854
723
992
1,220
1,311
1,453
1,635
159 12,797 4,102 3,651 3,333
988
,271 12,288
780 53,200
15 4,298 3,592
,124 7,552
14 5,129 3,621
918 52,334
5,509 3,420
,821 10,065
394 45,100
5,763 3,489
,846 10,437
045 46,636
,692 12,479
810 43,833
6,400 3,574
,847 6,102 11,591 43,000
7,237 3,721
971
1,167
1,987
2,588
2,651
3,389
3,007
5,602
4,815
2,800
1,639
10,409 5,085
10,043
5,816
7,999
8,469
11,729 3,832 3,090 2,871
46,219
45,286
38,761
40 ,369
37,996
3^539 4^821 9,990 37,404
7,265
1,623
311
13,308
992
387 1,725
11,972 1,002
640
558
9,649
589 1,183
365
10,278
777 1,472
132
10,746
720 1,785
835
9,987
10,281
458 1,594
900
11 3,548 3,077
,105
104,
5 4,480 2,922
44,7103 ,016
5,274 3,140
5,954 3,207
6,040 3,289
3,652 1,679
1
10,202
9,771
7,512
7,897
7,405
729
557
638
563
611
752
1,030
959
830
601
604
500
525
535
582
585
182
167
213
210
235
290
340
340
193
187
185
174
180
192
213
221
956
,272
,342
,421
,559
,727
,918
,988
820
1,004
1,053
1,032
1,137
1,254
1,263
1,331
861 1,222
6 1,551
62 ,006
42 ,286
4 2 ,306
,505
2,666
2,753
1,028
1,285
1,262
1,217
1,174
1,160
1,148
1,151
563
752
931
1,030
1,054
1,12
1,198
462
516
517
498
473
434
432
7,328
1,430
2,912
2,890
2,633
2,888
3,324
3,012
256
60
132
183
369
331
498
235
275
343
690
153
146
248
217
125
358
3,138
352
276
555 1,954
903
2,207
2,274
1,958
2,051
1,945
119
6,467
751 4,248 1,173
295
22,250
441 3,799 1,993 16,013
4
20,196
373 2,358 1,901 15,560
3
18,594 1,056 3,201 1,090 13,247
1
19,076
875 3,367
603 14,230
20,951 1,189 4,180 2,124 13,457
20,612
44 23,829 20,510 1,179 1,954 4,005 13,372
8,243
24,527
22,591
21,047
21,772
23,931
23,79<
1,530
6,628
1,823
273 2,970 1,312 306 27,408
22' 3,827 1,979 229 26,125
18' 4,46 2,451 261 24,781
175 4,56 2,644 256 24,370
173 4,784 2,945 259 25,527
25,779
177 5,125 3,346 266 25,73-
64 1,28:
142 1,748
Obligations
Direct
of
States Other
and
Certifiguar- polit- secucates
an- ical rities
Bills of in- Notes Bonds teed subdebtdiviedsions
4,377
110
481 2,926
24,572
279 4,020 2,470 17,797
22,857
480 2,583
17,681
21,278
760 3,340
16,046
20,889
630 3,286
16,192
21,862 1,148 3,753
15,189
21,964
21.83C 1,10' 2,133 3,835 14,750
2,535 1,509
11,791 10,5211,486 10,039
10,77' 9,246
10,376 8,849
10,508 8,947
10,425 8,799
1
104
136
234
196
303
308
152 1,069
2,247 1,17' 6,991
1,736 1,104 7,058
2,066
594 6,349
1,968
406 6,277
2,071
725 5,846
1,281 1,601 5,606
271
* These figures do not include data for banks in possessions of the United States. During 1941 three mutual savings banks became members of the Federal Reserve System; these banks are included in "member banks" but are not included in "all insured commercial banks." Comparability of figures for classes of banks is affected somewhat by changes in Federal Reserve membership, insurance status, and the reserve classifications
of cities and individual banks, and by mergers, etc.
1
Beginning June 30, 1948, figures for various loan items are shown gross (i. e., before deduction of valuation reserves); they do not add to
the total
and are not entirely comparable with prior figures. Total loans continue to be shown net.
2
Central reserve city banks.
For other footnotes see opposite page.
1498
FEDERAL RESERVE
BULLETIN
ALL INSURED COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES *—Continued
RESERVES AND LIABILITIES
[In millions of dollars]
Demand deposit s
Class of bank
and
call date
Reserves
Cash
with
in
Federal
vault
Reserve
Banks
All insured commercial banks:
1941—Dec 3 1 . .
1946—Dec. 3 1 . .
1947—Dec. 3 1 . .
1948—Dec. 3 1 . .
1949—June 3 0 . .
Dec. 3 1 . .
1950—June 3 0 . .
Member banks,
total:
1941—Dec. 3 1 . .
1946—Dec. 3 1 . .
1947—Dec. 3 1 . .
1948—Dec. 3 1 . .
1949—June 3 0 . .
Dec. 3 1 . .
1950—Apr. 2 4 . .
June 3 0 . .
BalDe
ances mand
with
dedoposits
mestic4
adbanks justed 5
nterbank
deposits
U. S.
Government
DoFormestic4 eign
12,396
16,013
17,796
20,404
17,807
16,428
15,863
1 ,358
2 ,012
2 ,145
1 ,939
2 ,036
1 ,984
1 ,801
8 ,570
9 ,481
9 ,736
8 ,947
37,845
82,085
85,751
84,211
7 ,777 80,613
9 .466 84,576
8 ,358 83,916
9 ,823
10 ,888
11 ,236
10 ,344
9 ,058
10 ,885
9 ,577
1,364
1,379
1,488
1,374
1,315
1,281
12,396
16,015
17,797
20,406
17,808
16,429
15.643
15,864
1 ,087
1 ,576
1 ,672
1 ,486
1 ,568
1 ,521
1 ,653
1 ,358
6 ,246
5 ,936
6 ,270
5 ,674
5 ,065
6 ,194
5 .288
5 ,478
33,754
70,243
73,528
72,152
69,397
72,658
71,869
72,263
9 ,714
10 ,644
10 ,978
10 ,098
8 ,864
10 ,623
9 ,150
9 ,368
L.353
,375
,480
L.369
L,310
L.343
L ,278
5,105
4,046
4,639
5,643
4,726
4,462
4,297
4,235
93
131
151
117
130
112
131
92
141
87
70
67
56
68
33
38
10,761
16,429
16,653
15,773
15,254
15,182
14,913
15,053
3 ,595
3 ,031
3 ,236
2 ,904
2 ,680
2 ,996
2 ,621
2 ,692
1,021
1,070
1,325
1,174
1,183
1,092
1,080
43
29
30
28
25
27
29
26
298
172
175
143
149
159
121
114
2,215
3,356
3,737
3,604
3,470
3,797
3,601
3,676
4,060
6,337
7,095
7,701
6,781
6,413
5,988
6,206
425
532
562
483
500
482
520
428
2 ,590
1 ,923
2 ,125
1 ,845
1 ,744
1 ,965
1 ,686
1 ,747
11,117
24,221
25,714
25,072
24,271
25,744
25,637
25,655
2,210
4,703
4,993
5,736
5,127
4,371
4,266
4,343
526
883
929
858
913
901
973
813
3 ,216
3 ,753
3 ,900
3 ,619
3 ,117
4 ,002
3 ,448
3 ,579
271
437
473
453
468
463
442
2 ,325
4,092
3 ,547 11,842
3 ,466 12,223
3 ,273 12,059
2 ,713 11,216
3 ,273 11,918
2 ,880 11,653
New York City*
1941—Dec. 3 1 . .
1946—Dec< 3i
1947—Dec. 3 1 . .
1948—Dec. 3 1 . .
1949—j u n e 30
Dec. 313 .
1950—Apr. 2 4 . .
June 30..
Chicago: 2
1941—Dec. 3 1 . .
1946—Dec. 3 1 . .
1947—Dec. 3 1 . .
1948—Dec. 3 1 . .
1949—June 3 0 . .
Dec. 3 1 . .
1950—Apr. 24
June 3 0 . .
Reserve city banks:
1941—Dec. 3 1 . .
1946—Dec. 3 1 . .
1947—Dec. 3 1 . .
1948—Dec. 3 1 . .
1949—June 3 0 . .
Dec. 31 s.
1950—Apr. 24.
June 3 0 . .
Country banks:
1941—Dec. 3 1 . .
1946—Dec. 3 1 . .
1947—Dec. 3 1 . .
1948—Dec. 3 1 . .
1949—June 30. .
Dec. 3 1 . .
1950—Apr. 2 4 . .
June 30 .
Insured nonmember commercial banks:
928
1941—Dec. 31. .
1946—Dec. 3 1 . .
1947—Dec. 3 1 .
1948—Dec. 3 1 . .
1949—June 3 0 . .
Dec. 31.
1950—June 30
Time deposits
U. S.
Certi- IndiGov- States
States
fied viduals,
ernand
and
and partner- Inter- ment
politpolitical offiships,
and
ical
subdi- cers' and cor- bank Postal
subdivisions checks, poraSavvisions
etc.
tions
ings
1 ,761
2 ,930
1 ,325
2 ,323
2 ,135
3 .050
3 ,590
3 ,677
5 ,967
6 ,692
7 ,182
7 ,337
7 .419
7 ,924
2 361
2 ,559
2 ,113
2 ,352
2 ,338
2 145
7 9 , 887
8 3 , 723
8 1 , 682
7 7 , 005
8 2 . 106
8 0 , 639
158
68
54
69
146
169
209
59
119
111
117
163
182
188
1 ,709
2 ,672
1 ,176
2 ,122
1 ,980
2 ,838
2 ,687
3 ,340
3 ,066
4 ,915
5 ,504
5 ,850
5 ,983
6 ,017
6 .100
6 ,428
1 ,009
2 ,207
2 ,401
1 ,962
2 ,222
2 ,185
1 .718
2 ,001
3 3 , 061
6 9 , 127
7 2 , 704
7 0 , 947
67, 157
71, 589
6 9 . 365
7 0 , 463
140
62
50
63
141
164
150
204
50
114
105
111
157
175
170
182
1,195
1,217
1,278
1,150
L,084
1,112
866
651
267
445
562
640
518
684
319
218
290
241
254
196
270
279
450
942
1 ,105
750
1 ,201
895
625
809
1 1 , 282
1 7 , 216
17, 646
1 6 , 695
1 5 , 986
16, 408
1 5 , 559
1 5 , 896
6
20
12
31
90
113
98
151
1 ,027
1 ,130
1 ,196
1 ,038
962
1 ,151
956
977
8
24
21
26
46
40
42
37
127
152
72
188
197
258
178
211
233
228
285
284
307
286
250
325
34
47
63
53
41
60
39
53
2 , 152
3 , 495
3 , 853
3 , 702
3 , 475
3 , 932
3 , 626
3 , 716
4 ,302
5 ,417
5 ,497
5 ,213
4 ,460
5 ,498
4 ,730
4 ,848
54
127
131
168
166
176
180
181
491
991
405
801
701
1 ,144
2 ,077
2 ,282
2 ,401
2 ,413
2 ,478
2 ,444
2 ,579
286
693
705
649
518
650
561
590
1 1 , 127
2 4 , 288
2 6 , 003
2 5 , 302
2 3 , 928
2 5 , 912
2 5 , 230
2 5 , 729
104
25
22
19
39
38
38
40
20
43
45
46
62
60
56
790
9,661
26,237 1 ,067
27,424 1 ,049
943
27,703
762
26,402
979
27,935
844
27.717
850
27,879
2
8
7
8
8
9
8
9
1 ,036
1 ,370
2 ,391
2 ,647
2 ,925
3 ,009
3 ,058
3 ,136
3 ,246
239
524
528
510
462
579
493
549
8 , 500
2 4 , 128
2 5 , 203
2 5 , 248
2 3 , 767
2 5 , 337
2 4 . 949
25 122
2
11
4
8
4
6
3
53
258
149
201
155
213
250
611
1 ,052
1 ,188
1 ,332
1 ,354
1 .402
1 ,496
68
154
158
151
130
153
144
3
10
11
10
9
10
10
483
761
019
736
848
517
176
108
244
258
246
194
261
209
673
671
607
1 ,142
1 ,124
1 ,408
225
877
432
688
520
797
866
1 ,077 3 6 , 544
492
664
826
1,080
1,243
1.232
1,321
418
551
693
927
1,069
1,051
1,074
1,115
12
14
25
38
35
37
29
39
14
20
33
24
20
19
2
2
1
3
4
4
4
9
11
12
10
10
9
"' "is
IndiCapividuals, Bortal
partner- rowacships, ings counts
and corporations
15, 146
32 742
3 3 , 946
3 4 , 244
3 4 , 560
34 442
34 925
11
26
27
27
28
27
28
28
878
525
542
801
038
934
213
328
10
39
61
54
27
14
36
6,844
9,286
9,734
10,158
10,452
10,645
11,061
4 5,886
30 8,095
54 8,464
45 8,801
21 9,022
11 9,174
252 9,347
30 9,523
778
1,648
1 395
2,205
30 2,259
418
1 646
25 2,306
637
2,340
1 590
2,312
I 535 ' 152 2,330
594
2,341
1
1
1
1
476
823
902
989
044
069
072
086
288
404
426
444
462
470
470
482
65
243
235
332
547
642
617
614
653
4
10
11
10
10
10
11
11
542
580
045
798
923
987
062
093
1,967
2,729
2,844
2,928
3,005
3,087
65 3,131
14 3,268
30
17
17
13
12
13
13
12
31
55
45
49
67
73
74
75
146
272
337
350
383
400
429
434
6 082
13 ,727
14 177
14 369
14 ,433
14 ,289
14 ,544
14 ,555
4
26
23
12
21
11
35
15
18
6
4
6
6
8
5
6
6
6
6
6
74
113
132
153
174
182
206
3 ,276
6 ,232
6 ,420
6 ,459
6 ,539
6 .524
6 ,613
6
9
s;
c
4
4
1
8
1
7
8
5
3
7
1,982
2,757
2,934
3,123
3,215
3,305
3.416
3,433
959
1,193
1,271
1,358
1,431
1,473
1,539
* Figures not entirely comparable with prior dates due to ^classification of 9 central reserve city banks in New York City as reserve city banks.
* Beginning June 30, 1942, excludes reciprocal bank balances, which on Dec. 3.1, 1942, aggregated 513 million dollars at all member banks and
525 million at all insured commercial banks
• Demand deposits other than interbank and U. 8. Government, less cash items reported as in process of collection.
For other footnotes see preceding page.
Back figures.—See Banking and Monetary Statistics, Tables 18-45, pp. 72-103 and 108-113.
NOVEMBER 1950
1499
WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE
LOANS AND INVESTMENTS
[Monthly data are averages of Wednesday figures.
Loans
In millions of dollars]
l
Investments
For purchasing
or carrying securities
Date or month
Total
loans
and
investments
Total
Commercial,
industrial,
and
agricultural
To brokers
and dealers
To others
U. S. Other U.S. Other
Govt.
Govt. seob- curi- ob- curiliga- ties liga- ties
tions
tions
U. S. Government obligations
Real Loans Other
estate
to
Total
loans banks loans
Total
Bills
CerOther
tifisecucates
rities
of in- Notes Bonds2
debtedness
TotalLeading Cities
1949—September.
66,127 23,632 13,213
856
664
206
454 4,202
67,785 25,817 13,772
1950—July
August. . . . -•68,122 '26,873 14,364
September. 68,897 28,006 15,376
635 1,115
767 978
421 977
151
190
187
498 4,759
518 '4,870
5,000
1950—Aug.
Aug.
Aug.
Aug.
205 4,140 42,495 37,463 3,114 6,879 1,127 26,343 5,032
291 4,985 41,968 36,087 2,362 2,228 7,032 24,465 5,881
41,249 35,141 1,798 1,866 7,232 24,245 6,108
325
5,536 40,891 34,563 2,668 1,280 7,929 22,686 6,328
'67,923
'68,107
'68,164
'68,570
"26,740
'26,896
'27,094
'27,253
14,187
14,359
14,512
14,739
883 1,027
903 976
602 974
505 922
184
195
203
199
510
512
517
544
'4,833
'4,868
'4,8
'4,938
336
328
388
358
5,170 41,183
,146 41,211
5,1
,389 41,070
5,3
5,439>41,317
Sept. 6. . .'68,456
Sept. 13 . . '68,842
.
Sept. 2 0 . . .'69,522
Sept. 27 . . '68,767
.
'27,515
'27,735
'28,270
'28,502
14,932
15,330
15,517
15,725
946
374 941
342 1,042
506 981
196
189
181
184
523
546
530
534
'4,956
'4,992
'5,015
'5,035
390
255
484
339
5,503
5,500
5,550
5,590
Oct. 4. . . 68,662
Oct. 1 1 . . . 68,663
68,841
Oct. 18 . . .
69,230
Oct. 25 . . .
28,577
28,877
28,822
29,138
15,915
16,142
16,149
16,322
371
387
368
461
986
971
958
946
189
188
184
186
543
547
553
543
5,050
5,086
5,102
5,119
7,346
4,681
786
533
192
4,770
8,298 5,022
8,637 5,471
572
681
372
875
758
761
202
224
231
353
373
404
189 1,020 11,456 9,844
229 1,084 11,105 9,377
294 1,188 11,149 9,316
651
351
878
7,651 1,347
325 1,652 7,216 1,612
259 1,601 7,166 1,728
200 1,695 6,543 1,833
8,301
8,288
8,345
8,380
4,956
5,018
5,070
5,169
793
815
518
438
804
751
769
715
217
217
223
251
366
369
375
190 1,052 11,030 9,338
194
997 11,001 9,258
301 1,154 11,049 9,293
305 1,177 11,285 9,487
243
195
377
579
314
291
134
188
Sept. 6. . . 19,470
Sept. 13 . . .19,722
Sept. 2 0 . . . 20,202
Sept. 27 . . .19,749
8,423
8,492
8,813
8,818
5,287
5,452
5,539
5,605
403
332
300
451
728
724
825
766
225
247
226
226
394
407
410
408
272
233
412
260
1,191 11,047
1,179 11,230
1,190 11,389
1,191 10,931
9,247
9,435
9,527
9,058
Oct. 4. . . 19,704
Oct. 11. .. 19,447
Oct. 18 . . ,19,505
Oct. 25 . . .19,769
8,827
8,834
8,786
8,927
5,713
5,779
5,733
5,765
335
333
326
420
761
752
741
738
233
232
236
231
407
417
423
421
266
194
197
206
1,196
1,213
1,218
1,233
9,015
8,734
8,838
9,024
594
1,018
1,123
779
759
582
744
900
9. . .
16. ..
23 . . .
30. . .
35,154
35,078
34,894
35,082
1,599
1,502
1,761
2,297
2,063
2,072
1,702
1,359
6,963 24, 529 6,029
6,957 24,547 6,133
7,336 24,095 6,176
7,887 23,539 6,235
40,941 34,698
41,107 34,840
41,252 34,869
40,265 33,845
2,301
2,889
3,091
2,391
1,288
1,318
1,358
1,156
299
291
222
246
5,618 40,085 33,694
5,657 39,786 33,358
5,,680 40,019 33,580
5,709 40,092 33,729
2,397
2,159
2,437
2,551
1,046
1,023
1,029
1,040
7,916 23,193 6,243
7,940 22,693 6,267
7,987 22,433 6,383
7,872 22, 426 6,420
7, 826 22,425 6,391
7,782 22,394 6,428
7,751 22,363 6,439
7,772 22,366 6 ,363
149
820 11,988 10,641
New York City
1949—September.
19,334
19,340
1950—July
19,403
August. . . . 19,786
September.
1950—Aug. 9 . . . 19,331
Aug. 16. .. 19,289
Aug. 23 . . . 19,394
Aug. 30. . . 19,665
10,877
10,613
10,719
10,842
782 1,976
,555
,528
,634
,717
7,226
7,244
7,148
7,003
1,692
1,743
1,756
1,798
173 ,711
218 ,729
243 ,707
165 1,635
6,769 1,800
6,470 1 ,795
6,454 1,862
6,479 1,873
159
147
146
156
6,458 1,862
6,408 1,879
6,382 1,881
6,380 1,818
1,639
1,597
1,566
1,588
Outside
New York City
1949—September.
46,793 16,286 8,532
131
138
262 3,987
48,445 17,933 9,002
1950—July
August. . . . '48,719 '18,575 9,342
September, 49,111 19,369 9,905
240
220
217
122
138
147
296 4,406
294 '4,497
302 4,595
2,332 4,903
895 18,692 3,685
903 5,380 17,249 4 ,269
607 5,631 17,079 4 ,380
080 6,234 16,143 4,495
9. . .
16. ..
23 . . .
30. . .
'48,592
'48,818
'48,770
'48,905
'18,439
'18,608
'18,749
'18,873
9,231
9,341
9,442
9,570
223
225
205
207
136
143
143
144
293
295
294
293
'4,467
'4,499
'4,523
'4,543
146 4,118 30 ,153
134 4,149 30 ,210
87 4,235 30,021
4,262 30,032
6.
13.
20.
27.
'48,986
'49,120
'49,320
'49,018
'19,092
'19,243
'19,457
19,684
9,645
9,878
9,978
10,120
218
217
217
215
148
146
145
148
298
299
304
308
'4,562
'4,585
'4,605
'4,627
118 4,312 29,894 25,451 1,707 1,115 6,205 16,424 4 ,443
29,877 25,405 1,871 1,100 6,211 16,223 4,472
22
72 4,360 29,863 25,342 1,968 1,115 6,280 15,979 4 ,521
79 4,399 29,334 24,787 1,612
991 6,237 15,947 4,547
Oct. 4.
Oct. 11.
Oct. 18.
Oct. 25.
48,958
49,216
49,336
49,461
19,750
20,043
20,036
20,211
10,202
10,363
10,416
10,557
225
219
217
208
148
149
147
148
310
315
317
312
4,643
4,669
4,679
4,698
1950—Aug.
Aug.
Aug.
Aug.
Sept.
Sept.
Sept.
Sept.
r
1
2
56 3,320 30,507
102 3,965 30,512 26,243 1,711
30,144 25,764 1,447
96
73 4,348 29,742 25,247 1,790
33
97
25
40
4,422 29,208
4,444 29,173
,300
4,
4,476 29,250
25,816
25,820
25,601
25,595
24,679
24,624
24,742
24,705
1,356
1,307
1,384
1,718
1,638
1,577
1,693
1,651
1,749
1,781
1,568
1,171
887
876
883
884
5,408
5,429
5,702
6,170
6,187
6,185
6,185
6,184
17,303 4 ,337
17,303 4,390
16,947 4,420
16,,536 4 ,437
15,967 4,529
15,986 4 ,549
15,981 4,558
15,986 4 ,545
Revised.
Figures for various loan items are shown gross (i. e., before deduction of valuation reserves); they do not add to the total, which is shown net.
Including guaranteed obligations.
1500
FEDERAL RESERVE BULLETIN
WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE—Con tinned
RESERVES AND LIABILITIES
[Monthly data are averages of Wednesday figures. In millions of dollars]
Demand deposits,
except interbank
Date or month
Reserves
De- IndiBalwith Cash ances mand vid- States Certiuals, and
deFedwith
in
fied
eral vault do- posits part- politand
mestic ad- 5 nerReical
Offibanks justed
serve
subcers'
Banks
and divichecks,
cor- sions
etc.
porations
Time deposits,
except interbank
U. S.
Government
Individuals,
partnerand
corporations
States
and
political
subdivi-
Interbank
deposits
U. S.
Demand
Government
Time
and
Postal Do- ForSav- mes- eign
ings
tic
Bor- Cap- Bank
row- ital
debacings counts
its *
TotalLeading Cities
1949—September . 11,888
792 2,194 46,558 46,869 3,163
1,210 2,320 14,495
637
124 9,110
1,318
145
191 6,185
1950—July
12,107
August. . . 12,170
September 12,321
805 2,277 47,784 48 ,431
793 2,182
49,015
835 2,247 49,029 50 ,285
3,370
3,317
3,196
1,370 2,305 14,692
1,588 2,204 14,571
1,422 2,339 14 ,521
647
653
656
135 9,070
135 8,838
131 9,121
1,237
1,264
1,305
201
217
226
339 6,448 100,360
371 6.466 112,335
327 6,487 111,730
1950—Aug.
Aug.
Aug.
Aug.
12,120
12,056
12,395
12,126
808
767
801
830
2, 099 48,351
2,292 48,098
2, 156 48,561
2, 184 48,995
48,597
49,479
49,078
49,368
3,342
3,263
3,219
3,321
1,587
1,463
1,847
1,585
1,812
2,327
2,546
2,390
14,583
14,574
14,550
14,535
645
658
662
663
135
133
133
133
8,949 1,259
9,118 1,253
8,614 1,275
8,624 1 ,276
211
219
224
225
444
307
370
296
6,458
6,456
6,468
6,476
21,820
24,825
25,838
27,156
12,370
12,544
11,899
12,472
804
857
825
855
2,162 48,581
2 ,408
'""49,269
2, 278 49,030
2, 139 49,238
49,186
51,134
50,623
50,198
3,244
3,146
3,150
3,245
1,363
1,482
1,448
1,395
2,357
2,424
2,236
2,338
14,512
14,518
14,516
14,537
661
649
654
662
133
130
131
130
9,059
9,368
9,319
8,737
1,304
1,313
1,280
1,323
226
226
226
225
380
190
410
329
6,492
6,480
6,484
6,492
21,668
25,132
30,086
25,509
Oct. 4... 12,294
Oct. 11... 12,433
Oct. 18... 12,755
12,379
Oct. 25...
792
860
839
844
2,311
2,247
2,461
2,315
48,985 49,615
48,83950 ,299
49,339 51 ,261
49,891 50,875
3,351
3,163
3,136
3,191
1,296
1,314
1,373
1,372
1,804
2,018
1,851
1,712
14,537
14,539
14,543
14,520
655
655
653
652
129
126
126
126
9,436 1 ,367
9,455 1,378
9,911 1,392
9,319 1,415
229
226
227
229
205
282
170
194
6,507
6,506
6,497
6,512
27,338
23,461
24,829
25,154
123
33
14,918 15,526
220
598
932
1,474
2,717 1,118
100
128
119
129
15,711
15,859
34 15,419 16,251
245
229
230
656
890
689
613
622
667
1,517
1,502
1,503
2,752 1,017
2,649 1,024
2,753 1,060
153
163
168
200
196
158
2,308 40,657
2,314 48,320
2,309 46,400
9...
16...
23...
30...
Sept.
Sept.
Sept.
Sept.
6...
13...
20...
27...
88,494
New York City
4,434
1949—September
1950—July
4,415
4,425
August
September . 4,465
14,995
15,146
94 2,284 36,130
1950—Aug. 9....
Aug. 16....
Aug. 23....
Aug. 30
4,396
4,346
4,5.78
4,378
123
115
117
126
15,164
14,923
15,159
15,357
15,759
15,797
15,917
16,091
228
220
202
234
926
748
1,168
867
478
664
760
696
1,497
1,508
1,500
1,504
2,620
2,691
2,644
2,641
1,012
1,009
,030
,042
159
165
168
168
272
147
168
125
2,313 8,773
2,314 9,671
2,315 11,305
2,311 13,218
Sept. 6
Sept. 13....
Sept. 20....
Sept. 27....
4,484
4,589
4,168
4,619
127
131
127
134
15,170
15,513
15,451
15,542
15,853
16,397
16,434
16,320
217
197
237
270
654
729
681
692
687
703
614
665
1,484
1,498
1,501
1,530
2,695
2,789
2,844
2,687
,062
,069
,037
,073
168
168
168
168
185
77
195
174
2,318 9,312
2,311 10,556
2,305 12,353
2,300 10,344
Oct.
4
Oct. 11....
Oct. 18
Oct. 25....
4,387
4,440
4,701
4,507
125
150
128
131
36 15,275
15,090
50 15,409
15,616
15,957
15,945
16,384
16,297
268
290
290
329
557
626
618
691
513
581
530
492
1,510
1,511
1,511
1,489
2,891
2,787
2,923
2,796
1,111
1,116
1,137
1,152
172
170
170
173
73
145
36
52
2,311 11,394
2,308 9,259
2,300 8,957
2,302 9,984
1,388
97
3,901 52,364
Outside
New York City
1949—September . 7,454
13,021
605
6,393
200
3,125
3,088
2,966
714
698
733
1,692 13,175
1,582 13,069
1,672 13,018
628
629
627
6,318
6,189
6,368
220
240
245
139 4,140 59,703
175 4,152 64,015
169 4,178 65,330
32,838
33,682
33,161
33,277
3,114
3,043
3,017
3,087
661
715
679
718
1,334
1,663
1,786
1,694
13,086
13,066
13,050
13,031
624
637
634
635:
6,329
6,427
5,970
5,983
247
244
245
234
172
160
202
171
4,145
4,142
4,153
4,165
13,047
15,154
14,533
13,938
677
726
698
721
2,133 33,411 33,333
2,,373 33 ,756 34,737
2,240 33,579 34 ,189
2,104 33,696 33 ,878
3,027
2,949
2,913
2,975
709 1,670 13,028
753 1,721 13,020
767 1,622 13,015
703 1,673 13,007
633!
620
625!
634;
6,364
6,579
6,475
6,050
242
244
243
250
195
113
215
155
4,174
4,169
4,179
4,192
12,356
14,576
17,733
15,165
667
710
711
713
2,275
2,215
2,411
2,278
33,710 33 ,658
33, 749 34,354
33,930 34,877
34,275 34,578
3,083
2,873
2,846
2,862
739
688
755
681
627;
6,545
6,668
6,988
6,523
256
262
255
263
132
137
134
142
4,196
4,198
4,197
4,210
15,944
14,202
15,872
15,170
2,161 31,640 31,343 2,943
1950—July......
August
September
7,692
7,745
7,856
677 2,245 32,789 32 ,720
674 2,150 33,307 33,156
706 2,213 33,610 34 ,034
1950—Aug.
Aug.
Aug.
Aug.
9...
16...
23...
30.,.
,724
,710
7,817
7,748
685
652
684
704
2,070 33,187
2,260 33,175
2, 123 33
'",402
2,149 33,638
6.
13.
20.
27.
7,955
7,731
7,853
Oct. 4.,
Oct. 11.
Oct, 18.,
Oct. 25.
7,907
7,993
8,054
7,872
Sept.
Sept.
Sept.
Sept.
1,291
1,437
1,321
1,220
13,027
13,028
13,032
13,031
626J
624
625
*4 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.
NOVEMBER
1950
1501
WEEKLY REPORTING MEMBER BANKS—BY FEDERAL RESERVE DISTRICTS
LOANS AND INVESTMENTS
[In millions of dollars]
Loans x
Federal Reserve
district and date
Boston
Sept. 27
Oct. 4
Oct. 11
Oct. 18
Oct. 25
New York*
Sept. 27 . .
Oct. 4
Oct. 11
Oct. 18
Oct 25
Philadelphia
Sept. 27
Oct. 4 .
Oct. 11
Oct. 18
Oct. 25
ClevelandSept. 27
Oct. 4
Oct. 11
Oct. 18 .
Oct. 25
Richmond
Sept. 27
Oct. 4
Oct. 11 .
Oct. 18
Oct. 25
Atlanta
Sept. 27
Oct. 4 . . . .
Oct. 11
Oct. 18 . .
Oct. 25
Chicago*
Sept. 27
Oct. 4 .
Oct. 11
Oct. 18
Oct. 25
St. Louis
Sept. 27 . .
Oct. 4
Oct. 11
Oct. 18
Oct. 25
Minneapolis
Sept. 27
Oct. 4
Oct. 11
Oct. 18
Oct. 25
Kansas City
Sept. 27.
Oct. 4
Oct. 11
Oct. 18 .
Oct. 25
Dallas
Sept. 27
Oct. 4
Oct. 11
Oct. 18
Oct. 25
San Francisco
Sept. 27.
Oct. 4
Oct. 11
Oct. 18
Oct. 25
City of Chicago*
Sept. 27
Oct. 4
Oct. 11
Oct. 1 8 . . . . .
Oct. 25
ComTotal
merloans
cial,
and
invest- Total* industrial,
ments
and
agricultural
'3,107 n,296
3,124 1,282
3,139 1,306
3,113 1,304
3,155 1,317
781
781
798
Investments
For purchasing
or carrying securities
To brokers
and dealers
U. S. Government obligations
To others Real Loans
Other
U. S. Other
U. S.
Govt. Other
sese- Govt.
obob- curiliga- ties liga- curities
tions
tions
10
5
5
5
7
11
11
13
13
19 »189
19 192
11
13
19
455
340
772
768
800
805
22,152 9,700 5,962
22,112 9,719 6,075
21,849 9,742 6,147
21,873 9,681 6,091
22,166 9,823 6,127
344
335
425
11
11
759
747
744
2,861
2,868
2,865
2,854
2,839
1,139
1,128
1,141
1,134
1,132
590
590
597
594
595
1
1
1
1
1
38
38
31
35
31
4,818
4,791
4,789
4,822
4,835
1,663
1,653
1,672
1,670
1,673
888
885
892
891
891
8
8
9
9
12
2,778
2,777
2 815
2,820
2,792
1,063
1,074
1,091
1,090
1,088
491
501
509
511
2,455
2,458
2,499
2 507
2,519
1,013
1,027
1,047
1 055
1,067
9,685
9,644
9,691
9,676
9,735
3,003
2,989
3,058
3 034
3,086
1,865
1,854
1,885
1,885
1,921
2,259
2,246
2,298
2,309
2,321
1,110
1,116
1,149
1,156
1,181
585
590
614
633
659
1,233
1,234
1,245
1,251
1,254
520
524
530
532
532
258
262
265
267
267
2,690
2,669
2,699
2,738
2,722
1,053
1,065
1,081
1,079
1,095
659
670
676
680
695
2,629
2,618
2,635
2,647
2,679
1,328
1,334
1,356
1,373
1,399
913
916
932
944
966
12,100
12,121
12,139
12,231
12,213
5,614
5,666
5,704
5,714
5,745
2,151
2,194
2,214
2,226
2,248
5,891
5,895
5,947
5,928
5,983
1,910
1,901
1,945
1,930
1,981
1,389
1,381
1,405
1,410
1,448
19
19
194
196
41
46
244
251
680
679
44
42
44
250
254
248
31
32
29
29
28
2
2
2
5
5
6
11
11
11
2
1
5
10
28
582
597
12
12
12
12
613
627
14
11
12
12
6
193
13
13
4
4
4
4
4
36
36
37
37
37
513
estate to loans Total
loans banks
11
693
701
700
Bills
1,559
1,592
1,582
1,558
1,587
100
130
38
35
123
119
144
34
35
40
262 1,429 12,452 10,330
268 1,437 12,393 10,281
883
853
184
172
85
119
102
100
84
155
152
132
155
178
35
33
35
35
35
320
311
313
309
307
922
921
920
924
934
45
44
45
52
48
645
638
636
636
637
1,852
1,849
1,848
1,853
1,844
122
113
131
31
25
24
133
24
24
345 1,047
343 1,050
340 1,058
340 1,063
335 1,063
171
59
49
439
431
666
667
224
221
46
47
441
441
660
661
223
223
14
3
7
1
2
7
7
55
55
55
55
53
337
337
340
342
344
11
2
10
2
2
26
27
28
237
236
241
1,722
1,740
1,724
1,720
1,707
1,362
1,384
1,370
1,368
1,360
320
321
323
328
329
3,155
3,138
3,117
3,152
3,162
2,697
2,683
2,661
2,696
2,707
239
5
3
8
5
2
298 1,715
301 1,703
298 1,724
302 1,730
302 1,704
1,545
1,531
1,553
1,560
1,533
24
24
90
89
90
90
5
5
5
4
90
5
302 1,442
302 1,431
303 1,452
301 1,452
303 1,452
1,218
1,210
1,229
1,229
1,229
54
63
24
24
56
57
59
420
425
428
13
431
417
377
60
429
431
19
572 6,682 5,760
583 6,655 5,739
587 6,633 5,716
587 " 6,642 5,721
589 6,649 5,736
227
228
230
231
231
12
10
20
4
3
266
269
266
268
269
1,149
1,130
1,149
1,153
1,140
163
163
165
165
165
237
2
12
24
10
21
73
82
84
24
23
24
9
84
22
1
1
1
1
1
5
4
5
5
5
11
12
11
11
11
3
3
2
2
2
4
3
4
4
4
15
14
14
15
14
5
5
5
5
5
6
6
6
5
6
5
5
5
5
5
12
12
13
13
13
162
163
163
164
165
2
2
7
2
2
6
6
6
7
6
14
15
15
15
15
45
45
45
46
46
112
112
113
114
114
4
4
6
4
19
19
18
16
17
9
9
8
8
8
26 2,355
27 2,361
28 2.364
27 2,371
27 2,378
24
10
21
6
62
71
72
72
67
19
19
19
18
19
10
1
4
7
79
23
658
798
972
372
370
371
375
376
12
635
282 1,811
282 1,842
283 1,833
285 1,809
288 1,838
195 1,455 12,107 9,978
197 1,459 12,192 10,061
206 1,474 12,343 10,276
12
2
12
28
24
59
48
49
51
52
51
15
3
111
82
80
74
392
410
274 1,147
277 1,150
274 1 ,151
284 1,120
287 1,116
1,829
1,833
160 1,787
159 1,757
169 1,780
46
441
251
251
251
7,434 2 122
7,423 2,112
7,373 2,129
7,347 2 131
7,355 2,067
668
336 1,346 3,647
315 1,339 3,668
322 1,340 3,677
313 1,342 3,674
320 1,337 3,669
360
356
354
352
347
458
455
456
456
455
170
172
171
170
223
922
916
917
921
913
30
27
25
27
27
280
268
270
258
259
609
608
619
618
620
713
710
715
719
722
40
42
49
65
52
19
20
23
25
25
31
31
29
29
30
144
142
144
146
146
379
378
379
379
380
190
185
186
185
182
140
139
140
140
141
213
214
218
217
216
1,637
1,604
1,618
1,659
1,627
1,360
1,329
1,341
1,381
1,347
196
199
207
245
218
96
62
60
62
59
378
378
381
379
378
690
690
693
695
692
277
275
277
278
280
1
1
1
j
251
253
257
261
264
1,301
1,284
1,279
1,274
1,280
1,148
1,131
1,125
1,119
1,127
112
105
115
109
117
60
57
57
57
57
338
331
320
319
319
638
638
633
634
634
153
153
154
155
153
2
3
11
2
4
1,122
1,123
1,131
1,132
1,134
6,486
6,455
6,435
6,517
6,468
5,334
5,298
5,265
5,340
5,288
194
184
160
216
166
211
196
186
189
185
1 534
1,535
1,536
1 540
1,546
3 395
3,383
3,383
3 395
3,391
1 152
1,157
1,170
1,177
1,180
7
300
309
310
308
308
3,981
3,994
4,002
3,998
4,002
3,372
3,391
3,399
3,392
3,405
269
291
280
284
299
209
196
202
194
194
791
794
799
794
791
2,103
2,110
2,118
2,120
2,121
609
603
603
606
597
""s
1
19
* 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.
1502
252
250
959
945
963
968
958
573
571
575
579
581
94
95
96
96
96
90
91
91
92
92
Other
secuNotes Bonds2 rities
Total
132
133
135
133
135
7
7
7
Certificates
of indebtedness
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
Sept. 27
Oct. 4
Oct. 11
Oct. 18
Oct. 25
New York*
Sept. 27
Oct. 4 . . . .
Oct. 11
Oct. 18
Oct. 25
Philadelphia
Sept. 27
Oct. 4
Oct. 11
Oct. 18
Oct. 25
Cleveland
Sept. 27
Oct. 4
Oct. 11
Oct. 18
Oct. 25
Richmond
Sept. 27
Oct. 4
Oct. 11
Oct. 18
Oct. 25
Atlanta
Sept. 27
Oct. 4
Oct. 11
Oct. 18
Oct. 25
Chicago*
Sept. 27
Oct. 4
Oct. 11
Oct. 18
Oct. 25
St. Louis
Sept. 27
Oct. 4
Oct. 11
Oct. 18
Reserves
BalDewith Cash ances mand
Fedwith
dein
eral vault
do- posits
Remestic ad- 3
serve
banks justed
Banks
47.
48*
48^
533
492
4,86i
9ct. 25
Minneapolis
Sept. 27
Oct. 4
Oct. 11
Oct. 18
Oct. 25
Kansas City
Sept. 27
Oct. 4. .
Oct. 11
Oct. 18
Oct. 25
Dallas
Sept. 27
Oct. 4
Oct. 11
Oct. 18
Oct. 25 .
San Francisco
Sept. 27
Oct. 4
Oct. 11
Oct. 18
Oct. 25
City of Chicago*
Sept. 27
Oct. 4. .
Oct. 11
Oct. 18
Oct. 25
58
56
53
6
60
IndividU. S.
uals, States
Govand
U. S. part- politernGov- nerment
ical
ern- ships suband
mem and
divi- Postal
corSavpora- sions ings
tions
Demand
Domestic
Bor- Cap- Bank
debrow- ital
acTime ings counts its*
Foreign
2,494
2,528
2,543
2,57
2,569
17.
184
192
199
215
58
48
49
48
49
100
80
96
88
79
485
485
483
483
481
117 17,125 17,763
119 16,894 17,404
119 16,676 17,415
145 17,017 17,871
128 17,230 17,75
49505
503
507
560
741
613
676
674
742
746
574
647
591
551
2,379
2,359
2,359
2,358
2,336
34
34
35
3
33
46 2,757 1,07
2,969 1,115
2,863 1,121
3,010 1,141
2,879 1,155
169
174
171
172
174
17
120
159
88
75
2,504 11,002
2,516 12,073
2,513 9,925
2,504 9,617
2,506 10,601
104
108
99
100
2,520
2,552,552
2,568
2,612
IndividCertiuals, States
and
fied
part- politand
nerical
offiships, subcers'
and
cor- divi- checks,
pora- sions etc.
tions
Interbank
deposits
Time deposits,
except interbank
264
2929307
280
34
3
33
32
33
33. 1,010
335 1,114
980
335
335 1,005
336
991
1,685
5,035
t,79C
188
175
202
182
184
45'
479
47
490
480
4
43
44
46
47
112
111
101
124
123
2,191
2,206
2,189
2,174
2,220
2,301
2,299
2,296
2,320
2,311
101
112
105
109
104
29
26
31
27
29
125
123
12
114
105
413
416
41
413
413
50
45
48
4
44
369
390
389
426
374
14
1
15
15
1
1
1
1
1
1
13
6
2
11
6
321
944
321 1,201
877
321
926
321
912
321
764
775
759
785
768
86
79
148
161
164
17
171
3,349
3,363
3,336
3,404
3,450
3,430
3,364
3,41
3,507
3 ,506
221
230
233
216
219
61
65
49
59
55
181
132
141
132
123
1,306
1,306
1,306
1,307
1,307
41
40
39
39
39
441
474
47
500
451
8
8
8
7
8
2
1
1
1
1
17
11
18
495
496
496
497
497
442
464
470
462
453
73
68
7
70
71
164
175
170
18:
158
2,138
2,136
2,16.
2,151
2,136
2,201
2,197
2,251
2,240
2,201
144
151
143
145
144
44
49
50
55
47
69
77
71
66
564
568
568
568
567
25
25
25
25
25
400
443
453
476
435
6
6
6
6
6
1
1
1
1
1
241
915
240 1,028
240
935
240
981
241
919
391
389
42
391
400
43
39
45
4:
43
164
1,740
1,743
185
1,808
184
1,815
188
175 1,841 1,79,
269
26.
263
240
259
24
28
25
27
28
64
50
55
50
46
520
520
520
520
520
6
5
5
5
6
452
497
536
552
513
13
10
11
11
11
2
2
2
2
2
206
207
207
207
207
803
877
781
967
817
,898
,789
,836
,798
,844
11
105
113
109
109
317
351
303
368
338
6,671
6,602
6,587
6,605
6,792
6,700
6,585
6,710
6,785
6,850
635
605
570
562
583
114
117
105
118
102
493
358
402
367
334
2,566
2,567
2,569
2,571
2,571
25
25
25
25
25
1,403
1,505
1,493
1,574
1,461
48
51
48
46
49
1
1
1
1
1
761
763
763
763
764
3,396
3,686
3,084
3,532
3,355
36
381
386
37
384
31
29
33
31
31
107
123
117
119
114
1,473
1,451
1,467
1,462
1,488
1,600
1,586
1,630
1,647
1,641
88
88
87
85
21
22
21
19
22
72
54
65
59
54
471
472
473
474
474
14
14
14
15
14
516
577
607
622
614
2
2
2
2
2
191
191
191
191
192
725
824
711
801
767
202
196
214
202
195
14
12
14
14
14
84
99
98
93
92
820
803
825
816
832
834
837
874
873
866
109
107
100
93
99
17
17
15
16
17
56
48
56
51
48
243
243
243
242
242
283
325
324
319
302
3
3
4
3
3
106
106
106
107
107
460
506
431
482
457
492
490
510
477
492
36
32
34
33
34
269
277
276
321
282
2,009
1,959
1,977
2,002
2,003
2,016
1,981
2,035
2,096
2,043
242
240
221
216
225
32
32
31
33
30
84
76
92
84
78
386
386
385
386
385
4
4
4
4
4
769
819
836
864
834
1
2
1
1
1
223
928
223
945
854
224
225 1,017
974
225
462
461
487
495
442
40
37
38
38
40
313
331
333
351
353
2,128
2,101
2,116
2,122
2,142
2,116
2,073
2,142
169
2,150
201
213
194
187
189
37
40
38
48
44
63
45
51
49
45
358
358
358
358
358
81
81
81
80
80
608
656
681
711
680
9
9
9
10
11
228
228
229
229
230
855
870
753
651
684
698
707
639
126
117
127
129
126
257 7,018 7,003
275
7,018
274
7,183
294
7,361
281
7,191
565
651
552
577
506
217
239
224
249
207
267
195
209
195
183
4,846
4,857
4,862
4,863
4,866
382
382
379
378
382
475
487
502
550
496
108
116
120
118
121
881
881
881
878
886
3,000
2,945
2,843
3,160
3,073
303
238
256
235
237
41
37
41
38
38
131 ,150 4,248
161 ,131 4,184
132 4,111 4,245
178 4,129 4,315
155 4,240 4,346
345
337
317
311
318
52
59
51
52
48
238
181
198
179
169
1,353
1,352
1,353
1,353
1,352
20
20
20
20
20
1,018
1,099
1,093
1,154
1,067
41
43
41
40
43
511
513
513
513
513
2,046
2,278
1,944
2,174
2,026
1,471
1,269
1,287
1,443
1,402
For footnotes see opposite page and preceding table.
NOVEMBER
1950
1503
NUMBER OF BANKING OFFICES ON FEDERAL RESERVE PAR LIST AND NOT ON PAR LIST,
BY FEDERAL RESERVE DISTRICTS AND STATES
On par list
Total banks on
which checks are
drawn, and their
branches and offices *
Federal Reserve
district or State
United States total:
Dec. 31, 1946
Dec 31, 1947 .
Dec. 31, 1948
Dec 31 1949
Sept. 30, 1 9 5 0 P . . . . . .
Total
Member
Not on par list
(nonmember)
Nonmember
Banks
Branches
and offices2
Banks
Branches
and offices
Banks
Branches
and offices
Banks
14,043
14,078
14,072
14,051
14,022
3,981
4,148
4,333
4,562
4,738
11,957
12,037
12,061
12,178
12,169
3,654
3,823
4,015
4,289
4,455
6,894
6,917
6,912
6,887
6,881
2,913
3,051
3,197
3,387
3,527
5,063
5,120
5,149
5,291
5,288
479
881
836
329
925
159
306
532
215
610
141
111
11
56
479
881
836
329
925
159
306
397
176
610
82
70
11
47
329
759
640
695
477
352
259
853
122
264
256
153
252
44
27
7
31
150
122
196
422
328
238
Branches
and offices
741
772
818
902
928
Branches
and offices
Banks
2,086
2,041
2,011
1,873
1,853
327
325
318
273
283
202
602
135
39
336
598
9
106
59
41
By districts and
by States
Sept. 30, 1950?
District
Boston
.
New York
Philadelphia .
Cleveland
Richmond
.
Atlanta
Chicago
St Louis
Minneapolis
Kansas City
Dallas
San Francisco
Alabama
Arizona
1,117
1,007
1,192
2,486
1,471
1,276
1,757
1,025
State
•
California
Connecticut...,
Delaware
.
District of Columbia
Florida
Georgia
Idaho
Illinois
Indiana
Iowa
Kansas
.•
678
1,748
1,003
1,483
496
478
756
630
266
1,259
639
200
992
289
229
25
39
1
920
2
36
5
41
75
55
13
4
48
1,343
919
495
225
10
232
194
148
25
52
19
968
2
129
10
109
194
148
968
2
93
5
68
119
93
105
38
19
188
46
18
45
4
105
38
19
127
46
18
45
4
62
17
15
74
39
8
35
4
10
10
397
42
112
43
21
4
53
38
66
35
46
3
43
54
43
54
24
49
19
5
886
487
661
2
106
165
884
487
661
2
106
165
506
237
161
2
50
378
250
500
56
165
610
1,343
25
52
•5
608
383
41
164
63
164
178
69
120
170
Michigan
!Minnesota
Mississippi
Missouri
Montana.
438
679
201
595
..
805
590
2,486
1,135
495
Kentucky
Louisiana
Maine
Miaryland
. . .
Massachusetts. . . . ' . * . .
.
1,117
70
72
37
42
141
23
358
38
43
4
16
84
383
215
112
60
63
164
178
41
54
69
120
170
236
6
438
266
67
40
530
77
110
96
236
6
231
207
181
6
207
59
55
14
31
180
7
9
350
7
141
16
7
32
41
16
412
74
323
51
2
162
13
74
323
51
2
162
13
52
278
35
1
146
2
22
45
16
1
16
11
New Y o r k . . .
North Carolina .
North Dakota
Ohio
Oklahoma
632
208
150
774
208
22
632
96
63
774
79
6
553
54
43
718
46
79
42
20
56
33
6
657
224
657
224
195
234
384
1
224
1
29
376
1
423
152
Oregon
Pennsylvania
Rhode Island
South Carolina
South Dakota
69
968
16
148
169
101
189
47
47
49
69
968
16
64
71
30
738
10
32
62
89
162
35
35
21
39
230
6
32
9
12
27
12
6
3
Tennessee
Texas
Utah
Vermont
Virginia.
294
94
203
101
189
47
41
24
81
82
62
121
19
11
847
55
69
313
24
11
112
55
69
308
11
24
11
112
578
Washington
West Virginia
Wisconsin
1
Wyoming
118
141
118
151
179
551
53
. .
902
2
19
180
551
53
8
2
19
6
4
104
23
413
161
65
53
112
87
129
16
26
Nebraska
Nevada
New Hampshire
New Jersey
New Mexico
8
61
285
2
46
38
77
142
84
14
2
271
14
25
87
36
123
7
25
47
37
79
154
110
412
393
9
2
18
271
2
1
8
11
269
31
40
203
22
2
61
24
29
105
2
9
51
141
52
132
66
9
151
108
164
39
21
71
387
14
130
84
98
6
25
91
55
13
5
1
P Preliminary.
* Excludes mutual savings banks, on a few of which some checks are drawn.
2
Branches and other additional offices at which deposits are received, checks paid, or money lent, including "banking facilities" at military
reservations and other Government establishments (see BULLETIN for February 1950, p. 244, footnotes 9 and 10).
Back figures.—See Banking and Monetary Statistics, Table 15, pp. 54-55, and Annual Reports.
1504
FEDERAL RESERVE BULLETIN
COMMERCIAL PAPER AND BANKERS' ACCEPTANCES OUTSTANDING
[In millions of dollars]
Dollar acceptances outstanding
Held by
Commercial
paper
Total
out- 1
outstanding standing
End of month
Based on
Accepting banks
Total
Own
bills
Others
Bills
bought
Imports
into
United
States
Exports
from <
United
States
Dollar
exchange
Goods stored in of
shipped between
points in
United
States
Foreign
countries
1949—August...,
September,
October. . .
November,
December.
230
265
278
278
257
189
207
215
251
272
85
94
104
118
128
53
54
57
60
58
32
40
47
58
70
104
113
110
133
144
117
133
140
173
184
37
37
39
44
49
18
21
23
25
30
16
14
12
9
9
1950—January...
February.
March
April.....
May
June
July.....
August...
September
258
257
258
257
250
240
259
286
308
280
256
245
237
231
279
335
374
397
134
120
100
93
93
126
155
174
187
67
69
63
62
59
82
87
103
103
6B
51
37
31
34
44
68
71
84
146
136
145
144
138
154
180
200
211
190
175
165
157
142
170
211
238
264
49
45
45
47
58
66
80
87
79
32
25
23
18
15
21
22
26
29
9
11
12
15
17
21
22
21
23
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
Debit
Debit
Customers' balances in balances in
partners'
firm
debit
balances investment investment
and trading and trading
(net)i
accounts
accounts
End of month
1941—June
December...
1942—June
December...
1943—June
December...
1944—June
December...
1945—June
December...
1946—June
December...
1947—June
December...
1948—June
December.
1949—October
November. ..
December. ...
1950—January
February. . .
March,.....
April
May
June
July
August.....
September..
Credit balances
Customers'
credit balances *
Cash on
hand
and in
banks
Money
borrowed2
Free
Other
(net)
Other credit balances
In partners' In firm In capital
investment investment
and trading and trading accounts
(net)
accounts
accounts
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
11
12
7
5
6
7
7
10
89
86
86
154
190
188
253
260
333
413
399
312
333
315
326
312
186
211
180
160
167
181
196
209
220
313
370
456
395
393
332
349
395
368
309
378
529
557
619
726
853
795
498
218
223
240
283
257
255
289
240
270
334
354
424
472
549
654
651
694
650
612
576
586
65
63
56
54
66
65
95
96
121
112
120
120
162
176
145
112
17
17
16
15
15
14
15
18
14
29
24
30
24
23
20
28
7
5
4
4
7
5
11
8
13
13
17
10
9
15
11
5
222
213
189
182
212
198
216
227
264
299
314
290
271
273
291
278
3 783
813
881
5
400
306
3 416
3 445
523
3 586
3 596
633
159
26
15
271
8 493
3 522
3 579
3 619
3 750
827
3 755
3 752
8 751
3 669
3 669
3 666
3 678
3 657
673
3 712
3 780
8 738
166
25
11
312
3
3 901
3 953
31,018
3 1,084
31,175
1,256
3 1,208
3 1,231
8 1,284
12
386
314
1 Excluding balances with reporting firms (1) of member firms of New York Stock Exchange and other national securities exchanges and (2)
of firms'
own partners.
2
Includes money borrowed from banks and also from other lenders (not including member firms of national securities exchanges).
8
As reported to the New York Stock Exchange. According to these reports, the part of total customers' debit balances represented by balances
secured by U. S. Government securities was (in millions of dollars): July, 103; August, 126; September, 122.
NOTE.—For explanation of these figures see "Statistics on Margin Accounts" in BULLETIN for September 1936. The article describes the
method by which the figures are derived and reported, distinguishes the table from a "statement of financial condition," and explains that the last
column is not to be taken as representing the actual net capital of the reporting firms.
Back figures.—See Banking and Monetary Statistics, Table 143, pp. 501-502, for monthly figures prior to 1942, and Table 144, p. 503, for data
in detail at semiannual dates prior to 1942.
NOVEMBER
1950
1505
OPEN-MARKET MONEY RATES IN NEW YORK
[Per cent per annum]
Prime
commercial
paper,
4- to 6months1
Year,
month, or
week
U. S. Government
Prime Stock
ex^
securities (taxable)
bank- change
ers'
call
accept- loan
39- to 12- 3- to 5ances,
remonth rnonth year 5
90 l
new2
bills
3
issues * issues
days
als
1947 average
1948 average
1949 average
.87
1.11
1.12
1.38
1.55
1.63
.594
.040
.102
1.14
1.14
1.32
1.62
1.43
1949—October. . .
November.
December..
1.06
1.06
1.06
1.63
1.63
1.63
.043
.061
.102
1.09
1.09
1.10
1.38
1.37
1.37
1950—January. . .
February. .
March
April
May
June
July
August
September.
October. . .
1.06
1.06
1.06
1.06
1.06
1.06
1.06
'1.16
1.31
1.31
1.63
1.63
1.63
1.63
1.63
1.63
1.63
1.63
1.63
1.63
1.090
1.125
1.138
1.159
1.166
1.174
1.172
1.211
1.315
1.329
1.12
1.15
1.16
1.17
1.18
1.23
1.23
1.26
1.33
1.40
1.39
1.44
1.45
1.45
1.45
1.47
1.45
1.45
1.55
1.65
1.324
1.324
1.337
1.337
1.316
1.34
1.35
1.35
1.40
1.45
1.59
1.60
1.64
1.68
1.66
Week ending:
Sept. 30. . .
Oct. 7 . . .
Oct. 14. . .
Oct. 21. . .
Oct. 28. . .
5
l /l6
15A
15/16
l5/l6
r Revised.
1
Monthly figures are averages of weekly prevailing rates.
2
The average rate on 90-day Stock Exchange time loans was 1.50
per cent, Aug. 2, 1946-Aug. 16, 1948; and 1.63 per cent beginning
Aug.
17, 1948.
8
Rate on new issues within period.
4
Series
includes certificates of indebtedness and selected note issues.
5
Series includes notes and selected bond issues.
Back figures.—See Banking and Monetary Statistics, Tables 120-121,
pp. 448-459, and BULLETIN for May 1945, pp. 483-490, and October
1947, pp. 1251-1253.
BANK RATES ON BUSINESS LOANS
AVERAGE OF RATES CHARGED ON SHORT-TERM LOANS
TO BUSINESSES BY BANKS IN SELECTED CITIES
[Per cent per annum]
Size of loan
All
loans
Area and period
Annual averages:
19 cities:
1940
1941
1942
1943
1944
1945
1946
1947
1948
1949
Quarterly:
19 cities:
1949—Dec
1950—Mar.
June
Sept
New York City:
1949—Dec
1950—Mar
June
Sept.
7 Northern and Eastern cities:
1949—Dec
1950—Mar
June
Sept.
11 Southern and
Western cities:
1949—Dec
1950—Mar
June
Sept
$1,000- $10,000- $100,000- $200,000
$10,000 $100,000 $200,000 and over
1.8
2.1
4.3
3.0
2.0
2.0
2 2
2 6
2.4
2 2
4.3
4 4
4.4
4.3
4 3
3,0
3.2
1.9
2.2
3.4
2.5
2.1
4.2
3.1
2.1
2 5
4.2
4 4
3.1
3.5
2.5
2.8
2.7
4.6
3.7
3.0
2.65
2.60
2.68
2.63
4.53
4.45
4.50
4.51
3.61
3.54
3.65
3.63
2.98
2.94
2.94
2.95
2.35
2.31
2.39
2.34
2 38
2.29
2.34
2.32
4 14
3.85
3.94
4.06
3 35
3.22
3.35
3.33
2 73
2.64
2.73
2.72
2.21
2.13
2.16
2.15
2 67
2.55
2.67
2.63
4 63
4.64
4.58
4.56
3.65
3.60
3.62
3.59
3.00
2.91
2.82
2.87
2.41
2.28
2.45
2.39
3.03
3.12
3 22
3.13
4.66
4.64
4 70
4.71
3.74
3.71
3.83
3.83
3.12
3.15
3 17
3.15
2.56
2.74
2.82
2.67
3.3
3.2
1.8
2.0
2.4
2.6
2 3
2.2
2.0
2.2
1.7
1.8
2.2
2.4
NOTE.—For description of series see BULLETIN for March 1949,
pp. 228-237.
BOND YIELDS *
[Per cent per annum]
U. S. Government
(taxable)
Year, month, or week
7 to 9
years
15
years
or
more
Corporate (Moody's)4
Municipal
(highgrade)2
Corporate
(highgrade)3
By ratings
By groups
Total
Aaa
Aa
Baa
Industrial
Railroad
Public
utility
Number of issues..
1-5
1-8
15
120
30
30
30
30
40
40
40
1947 average
1948 average
1949 average
1.59
2.00
1.71
2.25
2.44
2.31
2.01
2.40
2.21
2.57
2.81
2.65
2.86
3.08
2.96
2.61
2.82
2.66
2.75
2.87
3.12
3.00
3.24
3.47
3.42
2.67
2.87
2.74
3.11
3.34
3.24
2.78
3.03
2.90
1949—October
November..
December. .
1.72
1.70
1.68
2.22
2.20
2.19
2.21
2.17
2.13
2.59
2.56
2.55
2.90.
2.89
2.86
2.61
2.60
2.58
2.70
2.68
2.67
2.94
2.93
2.89
3.36
3.35
3.31
2.68
2.67
2.65
3.20
3.20
3.14
2.83
2.81
2.79
1950—January.. ..
February...
March
April
May
June
July
August
September..
October
1.70
1.75
1.78
1.80
1.80
1.83
1.83
1.82
1.89
1.94
2.20
2.24
2.27
2.30
2.31
2.33
2.34
2.33
2.36
2.38
2.08
2.06
2.07
09
09
1.90
1.88
1.82
2.54
2.54
2.55
2.57
2.57
2.59
2.61
2.58
2.62
2.65
2.83
2.83
2.84
2.84
2.86
2.87
2.90
2.85
2.86
2.88
2.57
2.58
2.58
2.60
2.61
2.62
2.65
2.61
2.64
2.67
2.65
2.65
2.66
2.66
2.69
2.69
2.72
2.67
2.71
2.72
2.85
2
2
2
2
2.90
2.92
2.87
2.88
2.91
3.24
3.24
3.24
3.23
3.25
3.28
3.32
3.23
3.21
3.22
2.63
2.63
2.64
2.64
2.65
2.66
2.69
2.66
2.68
2.70
.07
.08
.08
.08
3.12
3.15
3..19
3..08
3..07
3.09
2.79
2.78
2.78
2.79
2.81
2.81
2.83
2.80
2.84
2.85
1.90
1.91
1.94
1.96
1.96
2.37
2.37
2.38
2.39
2.38
1.88
1.87
1.83
1.80
1.79
2.64
2.63
2.64
2.65
2.67
2.88
2.87
2.87
2.88
2.89
2.66
2.66
2.66
2.67
2.68
2.72
2.71
2.71
2.72
2.90
2.90
2.90
2.91
2.92
3.22
3.22
3.22
3.22
3.23
2.70
2.70
2.70
2.70
2.70
3.08
3.08
3.08
3.09
3,10
2.85
2.84
2.84
2.85
2.86
Week ending:
Sept. 30
Oct.
7. . . .
Oct. 14
Oct. 21
Oct. 2 8 . . . .
2.73
1
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.
2
1506
FEDERAL RESERVE BULLETIN
SECURITY MARKETS1
Bond prices
Stock prices *
Corporate *
Year, month, or week
U.S. MunicGovipal
(highernment 2 grade)3 Highgrade
Number of issues
15
Medium-grade
Total
12
Volume
of trading7 (in
thousands of
Public shares)
utility
Common (index, 1935-39=100)
Preferred6
Industrial
Railroad
Public
utility
14
Total
Industrial
Railroad
15
416
365
20
31
1947 average
1948 average.
1949 average
103.76 132.8
100.84 125.3
102.73 128.9
103.2
98.7
101.9
97.5
92.1
92.6
102.6
96.3
98.6
88.2
85.4
82.3
102.8
95.2
97.0
184.7
168.7
176.4
123
124
121
128
131
128
105
115
97
103
96
98
953
1,144
1,037
1949—October. .
November
December.
103.90 128.8
104.22 129.6
104.36 130.3
102.8
103.2
103.7
93.7
93.5
94.5
99.9
100.3
101.0
82.0
80.8
82.2
99.2
99.5
100.1
180.3
179.8
180.6
127
129
133
134
137
140
98
96
101
.101
103
104
1,313
1,323
1,739
1950—January. .
February.,
March. . .
April
May
June
July
August
September
October. .
104.16
103.62
103.24
102.87
102.73
102.42
102.24
102.28
101.90
101.64
131.4
131.7
131.5
131.3
131.5
131.1
131.1
134.8
135.2
136.4
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
178.5
181.9
181.8
180.5
135
137
139
142
147
148
138
147
152
158
143
144
147
150
156
158
147
158
163
171
108
107
109
110
110
107
110
121
125
129
106
107
110
111
113
112
103
104
105
106
1,884
1,704
1,643
2,297
1,763
2,075
2,227
1,673
1,930
2,141
Week ending:
Sept. 3 0 . . . .
Oct. 7 . . . .
Oct. 14
Oct. 21....
Oct. 28
101.77
101.76
101.71
101.59
101.56
135.2
135.4
136.2
136.8
137.0
180.3
180.9
180.1
180.8
180.3
154
158
157
158
158
166
170
170
171
171
126
130
129
131
128
105
106
106
106
107
2,132
2,486
2,104
2,015
2,040
1
Monthly and weekly data are averages of daily figures, except for municipal bonds and for stocks, which are based on Wednesday figures.
Average of taxable bonds due or callable in 15 years or more.
Prices derived from average yields, as computed by Standard and Poor's Corporation, on basis of a 4 per cent 20-year bond.
4
6
Prices derived from average yields, as computed by Standard and Poor's Corporation,
Standard and Poor's Corporation.
6
Prices derived from averages of median yields on noncallable high-grade stocks on basis of a $7 annual dividend.
7
Average daily volume of trading in stocks on the New York Stock Exchange.
8
Series discontinued beginning Apr. 1, 1950.
Back figures.—See Banking and Monetary Statistics, Tables 130, 133, 134, and 136, pp. 475, 479, 482, and 486, respectively, and BULLETIN
for May 1945, pp. 483-490, and October 1947, pp. 1251-1253.
2
3
N E W S E C U R I T Y ISSUES
[In millions of dollars]
] "or
Total
(new
and
refunding)
Year or month
For refunding
new capital
Domestic
Domestic
Total
(domestic
and
foreign)
Total
State
and
municipal
Total
(doCorporate
For-2 mestic
Fedand
eign
eral
foragenBonds
eign)
and Stocks
cies* Total
notes
518 1,272 1,062
342
108
624
889
506
173
118
1
90
282
92
2
5,546
2,114
2,169
4,216
8,006
8,645
3
9,691
10,214
9,475
2,854
1,075
642
913
1,772
4,645
3
7,566
9,079
7,909
2,852
1,075
749
787
521
731
521
639
412
513
511
639
412
513
314
234
229
198
69
128
405
183
315
84
323
124
169
44
82
59
146
1950—January. . 31,185
February.
809
M a r c h . . . 1,059
April
685
May
1,052
June
1,285
July
579
August...
787
September
924
817
711
768
525
771
954
505
••551
705
817
708
746
520
769
949
505
519
687
30
233
13
550
21
363
23
170
39
304
18
334
8
204
265
272 ' " l 4 5
553
146
361
327
426
598
292
254
270
463
80
280
147
307
429
216
211
220
90
66
82
180
119
169
77
43
50
1941
1942
1943
1944
1945
1946
1947
1948
1949
1949—September
October. .
November
December.
640
176
235
896
471
1,761
952
4,635
7,255 2,228
9,070 2,604
7,880 2,803
374
422
224
15
646
607
657
26 1,264
127 3,556 2,084 1,472
239 44,787 43,567 1,219
294 6,172 5,264
908
954
233 4,844 3,890
17
12
10
68
10
29
10
3
22
5
2
5
»-31
18
Total
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
228
148
109
218
8 369
98
292
160
281
330
75
••236
219
State
and
municipal
ForCorporate
eign2
Federal
agenBonds
cies^ Total and Stocks
notes
435
181
698
440
259
497
404
324
208
44
418
912
734
422
1,557 1,430
407
418
126
11
4
685
603
82
86
15
61
2,466 2,178
4,937 4,281
2,953 2,352
1,482 1,199
288
656
601
283
105
177
82
104
768
943
284
418
257
366
228
148
109
218
4
4
22
57
181
53
52
56
43
91
35
105
38
69
35
101
5
22
269
83
229
160
281
330
75
190
219
1
6
3
6
14
20
1
8
6
159
57
58
65
31
35
53
48
193
108
20
168
89
236
276
21
134
20
96
19
165
80
231
276
21
128
20
12
1
4
9
6
14
63
5
'46
28
52
101
4
»• Revised.
Includes publicly offered issues of Federal credit agencies, but excludes direct obligations of U. S. Treasury,
Includes issues of noncontiguous U. S. Territories and Possessions.
These figures for 1947 and for January 1950 include 244 million dollars and 100 million, respectively, of issues of the International Bank
for Reconstruction
and Development, which are not shown separately.
4
Includes the Shell Caribbean Petroleum Company issue of 250 million dollars, classified as "foreign" by the Chronicle.
Source.—For domestic issues, Commercial and Financial Chronicle; for foreign issues, U. S. Department of Commerce. Monthly figures
subject to revision. Back figures.—See Banking and Monetary Statistics, Table 137, p. 487.
1
2
8
NOVEMBER
1950
1507
NEW CORPORATE SECURITY ISSUES *
PROPOSED USES OF PROCEEDS, ALL ISSUERS
[In millions of dollars]
Proposed uses of net proceeds
Estimated Estimated
gross
net
proceeds * proceeds8
Year or month
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
1946
1947
1948
1949
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
1949—September
October
November . . .
December
272
1950—-January
February
March.,
April
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
July ..
August
September.....
Working
capital
858
991
380
574
478
417
569
868
474
424
661
287
145
207
187
504
170
681
325
177
155
141
252
638
2,115
3,409
4,221
3,724
308
657
1,080
3,279
4,591
5,929
4,606
167
405
574
565
331
223
614
605
453
405
259
547
490
669
1,069
332
255
538
480
658
1,055
328
352
360
347
351
190
371
344
306
625
238
186
266
3,143
911
226
190
215
69
154
111
49
36
87
59
396
366
128
100
30
174
144
138
19
28
35
39
46
111
Other
purposes
3,368
1,100
1,206
1,695
1,854
1,583
54
109
214
159
Repayment
of
other debt
Total
1,164
1,182
1,708
882
260
270
Preferred
stock
Bonds and
notes
739
2,389
4,555
2,868
1,352
307
401
442
407
327
413
332
May
June
Total
Plant and
equipment
163
268
Retirement of securities
New money
1,119
1,637
1,726
1,483
7
26
667
2,038
4,117
2,392
1,155
240
360
72
351
73
49
27
47
438
476
196
134
379
356
488
637
133
231
168
234
315
19
20
3
22
37
24
43
49
16
67
41
61
17
58
17
108
113
111
2
37
83
48
52
39
12
53
13
11
76
137
65
14
48
3
1
14
40
5
6
5
11
20
20
33
130
242
295
212
451
178
60
129
49
94
174
60
33
139
50
204
317
18
165
220
21
46
129
32
30
138
36
164
311
17
123
27
18
17
9
11
49
58
PROPOSED USES OF PROCEEDS, BY MAJOR GROUPS OF ISSUERS *
[In millions of dollars]
Commercial and
miscellaneous'
Manufacturing *
Year or
month
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
1848
1947
.
...
. .
1948
1949
1949—September
October
November
December
1950—January
February . .
April
May
June.
July
August
September
RailroacI
Communication
Public utility»
Real estate
and financial
8
Total
Total
Total
Total
Total
Total
net
New Retire- net
New Retire- net
New Retire- net
New Retire- net
New Retire- net
New Retirepro- money ments10 pro- money ments 10 pro- money ments 10 pro- money ments 10 pro- money ments 10 pro- money ments 10
9
9
9
9
ceeds
ceeds
ceeds
ceeds
ceeds*
ceeds9
439
1,280
616
1,079
469
831
188
584
167
961
244
828
293
527
228
497
454
1 033
811
1,969
3,601 2,201
2,686 1,974
761
373
226
353
738
463
89
199
504
1,010
981
353
2,180
1,391
1,726
851
54
44
403
338
304
229
26
83
36
63
20
41
4
16
49
5
55
38
25
36
27
30
6
23
13
2
31
63
49
34
186
169
56
48
33
27
47
38
24
80
109
43
29
2
4
10
1
31
25
16
33
29
45
60
18
58
25
21
15
21
19
20
14
4
11
24
21
7
36
3
4
10
139
228
24
85
115
253
21
28
617
456
546
441
56 2,281
11 2,615
1,998
2,140
145
234
891
567
870
505
8
16
41
10
31
16
41
10
27
109
222
149
346
76
130
125
159
27
45
4
96
4
13
16
4
2
11
14
4
93
13
107
31
69
74
10
B5
11
27
13
85
27
39
15
10
35
11
225
130
217
273
331
575
153
210
165
98
141
228
129
385
130
98
205
202
18
23
13
64
21
3
18
22
13
3
18
3
215
197
14
29
58
40
165
161
10
106
11
7
5
3
6
1
11
1
6
8
on
46
102
115
129
240
558
110
30
97
186
108
15
114
500
1 320
571
35
63
1,987
751
89
1,208
180
1 246
43
1,180
245
317
1 340
464
145
22
469
1 400
40
2,291
69
2,129
785
3,212 2,188
774
338
54
182
319
361
47
160
602
1,436
704
283
4
31
22
30
40
1,897
611
943
1 157
993
292
423
1 343
2 159
1,252
939
2
49
2
60
3
390
71
16
102
155
94
4
21
107
206
323
286
218
57
8
9
42
55
4
13
61
85
164
189
152
7
7
88
9
18
587
593
485
440
30
35
58
11
92
85
23
6
90
70
6
20
23
132
86
31
127
28
33
6
27
11
75
22
27
92
23
17
21
4
42
65
64
24
50
2
8
14
3
12 Estimates of new issues sold for cash in the United States.
Gross proceeds are derived by multiplying principal amounts or number of units by offering price.
*Estimated4 net proceeds are equal to estimated gross proceeds less cost of flotation, i.e., compensation to underwriters, agents, etc., and
expenses.
Classifications for years 1934-47 are not precisely comparable with those beginning 1948, but they are believed to be sufficiently
similar for broad comparisons. See also footnotes 5 through 8.
f
*Priorto
1948
this group corresponds to that designated "Industrial" in the old classification.
Included
in "Manufacturing" prior to 1948.
7
8
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.
1508
FEDERAL RESERVE BULLETIN
SALES, PROFITS, AND DIVIDENDS OF LARGE CORPORATIONS
MANUFACTURING CORPORATIONS
[In millions of dollars]
Assets oi 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
751
285
770
832
311
307
958
499
9,392
9,446
9,485
8,617
1,326
1,196
1,312
1,201
808
343
726
799
354
331
766
9,214
10,754
1,400
1,813
850
1,102
Sales
Annual
1939
1940
1941.
1942
1943
1944
1945
1946
1947
1948 .
1949
1948—1
2
3
4
Quarterly
1949—i
2
3
4
1950—1
2 .
997
Assets of 50 million dollars and over
(82 corporations)
Sales
Profits
before
taxes
Profits
after
taxes
Dividends
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
1,573
3,423
4,593
4,506
883
1,127
1,329
1,056
1,097
1,091
964
932
2,105
2,860
2,768
656
764
804
1,000
1,210
1,474
7,270
7,559
7,877
8,759
1,050
1,058
1,146
1,339
649
247
657
717
269
265
838
429
1,187
1,077
1,183
1,059
723
303
653
717
312
292
629
8,085
8,192
8,213
7,326
675
387
394
7,893
9,281
1,254
1,625
759
988
Dividends
722
856
947
760
777
848
861
943
1,167
1,403
1,657
772
854
672
688
755
Assets of 10-50 million dollars
(118 corporations)
Sales
1,583
1,869
2,600
3,227
4 080
4,497
4,253
3,912
5,129
5,717
5,124
1,390
1,445
1,437
1,445
Profits
before
taxes
Profits
after
taxes
Dividends
139
114
206
378
519
571
67
146
190
164
164
83
93
88
88
549
164
93
445
460
165
271
98
139
416
167
450
330
192
183
676
721
529
168
102
38
184
186
113
115
42
43
184
120
70
139
84
40
142
73
82
42
39
567
1,307
1,254
1,273
1,291
91
62
347
347
1,322
1,472
146
189
91
115
40
47
119
129
PUBLIC UTILITY CORPORATIONS
[In millions of dollars]
Railroad
Year or quarter
Electric power
Profits
before
taxes
Profits
after
taxes
Dividends
126
249
674
700
93
189
500
902
873
667
450
287
479
699
438
126
159
186
202
217
246
246
235
236
289
252
2,647
2,797
3,029
3,216
3,464
3,615
3.681
3,815
4,291
4,830
5,047
2,243
2,363
2,555
. 2,510
146
286
393
317
73
186
244
191
57
57
53
122
4
2,147
2,226
2,140
2,066
119
183
174
224
58
115
104
161
1950—1
2
1,985
2,238
109
247
51
155
Operating
revenue
Annual
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
.
Quarterly
1948—1
2
3
4
.
1949—1
2
3
1,658
2,211
1,972
756
271
777
1,148
Operating
revenue
Telephone
Profits
before
taxes
Profits
after
taxes
Dividends
Operating
revenue
Profits
before
taxes
Profits
after
taxes
Dividends
629
692
774
847
913
902
905
964
954
983
444
447
437
408
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
227
248
271
302
374
399
396
1,129
535
548
527
490
502
507
534
638
643
657
753
193
269
332
191
194
178
163
180
174
177
200
131
183
220
175
178
172
163
168
168
174
171
134
181
216
1,233
1,152
1,178
1,267
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
69
55
50
78
1,312
1,223
1,223
1,289
316
272
259
281
206
180
173
195
124
136
142
157
670
695
711
741
62
75
84
111
42
50
55
72
50
51
54
61
61
53
1,378
1,315
351
321
230
212
146
153
749
780
114
135
74
86
63
68
277
NOTE.—Manufacturing corporations. Data are from published company reports, except sales for period beginning 1946, which are from
reports of the Securities and Exchange Commission. For certain items, data for years 1939-44 are partly estimated. Assets are total assets
as of the end of 1946.
. *
Railroads. Figures are for Class I line-haul railroads (which account for 95 per cent of all railroad operations) and are obtained from reports
of the Interstate Commerce Commission.
Electric power. Figures are for Class A and B electric utilities (which account for about 95 per cent of all electric power operations) and are
obtained from reports of the Federal Power Commission, except that quarterly figures on operating revenue and profits before taxes are partly
estimated by the Federal Reserve, to include affiliated nonelectric operations.
Telephone. Figures are for 30 large companies (which account for about 85 per cent of all telephone operations) and exclude American Telephone and Telegraph Company, the greater part of whose income consists of dividends received on stock holdings in the 30 companies. Data are
obtained from the Federal Communications Commission, except for dividends, which are from published company reports.
All series. Profits before taxes refer to income after all charges and before Federal income taxes and dividends. For description of series
and back figures, see pp. 662-666 of the BULLETIN for June 1949 (manufacturing); pp. 215-217 of the BULLETIN for March 1942 (public utilities);
p. 1126 of the BULLETIN for November 1942 (telephone); and p. 908 of the BULLETIN for September 1944 (electric power).
NOVEMBER
1950
1509
SALES, PROFITS, AND DIVIDENDS OF LARGE MANUFACTURING CORPORATIONS, BY INDUSTRY
[In millions of dollars]
Quarterly
Annual
1948
Industry
1947
1948
1949
1950
1949
2
4
3
1
2
1
4
3
2
Nondurable goods industries
Total (94 corps.) :l
Sales
Profits before taxes
Profits after taxes
Dividends
.
..
Selected industries:
Foods and kindred products (28 corps.)
Sales
Profits before taxes
Profits after taxes
Dividends
11,313 13 ,364 12,790 3 ?89 3 3?4 3 53? 3 ?43
543
565
1,787 2 ,208 1,843
553
496
394
36?
36?
1,167 1 ,474 1,211
3 333
446
292
503
342
157
141
775
146
166
147
3,231 3 ,447 3,254
861
104
64
846
99
904
111
79?
89
71
4?
805
85
101
52
30
54
31
83S
10?
60
3?
63
29
64
44
R7S
1S5
95
904
166
104
936
119
896
170
100
896
174
105
311
58
59
85
64
860
140
83
910
189
115
66
68
113
2,906 3 ,945 3,865
94?
978 1 077
993
934
942
525
406
172
18?
133
45
171
13?
?9
173
141
66
161
119
31
119
0?
47
114
86
31
421
656
410
257
13S
377
233
134
3,108 3 563 3,562
547
337
215
Petroleum refining (14 corps.)
Sales
Profits before taxes
3 163
708
551
259
128
Chemicals and allied products (26 corps.)
Sales
Profits before taxes
Profits after taxes
Dividends
0S1
397
456
350
127
Dividends
6SS
408
254
548
17?
673
403
3
504
323
3 ,453
577
371
166
175
757
83
811
100
59
959
205
121
1 OSO
944
149
72
79
996
960
989
131
109
63
121
91
42
133
10?
51
31
/\7
Durable goods industries
Total (106 corps.):2
Sales
Profits before taxes
Profits after taxes
Dividends
.
.
.
19,831 93 818 24,152 5 714 5 991 6 673 6 149 6 397 6 3 9 9
2,312 3 ,107 3,192
958
830
688
788
799
866
408
470
564
1,355 1
1,888
487
470
508
154
166
?74
188
615 *746
949
197
184
.
Selected industries:
Primary metals and products (39 corps.)
Sales
Profits before taxes
Profits after taxes
Dividends
.
.
Machinery (27 corps.)
Sales
.
Profits before taxes
Profits after taxes
Dividends
.
7,545 9 ,066 8,197
891
545
247
...
1 174
720
270
,100
9 306
,601
?37
304
38S
993
145
60
578
285
185
60
240
90
9
,430
9
,175
3S3
204
71
144
64
9
s ,284 s ,963
7 ,301
896 1 ,237
732
527
91Q
220
697
424
380
,050 1 ,542
9 200
160
299
228
130
61
100
89
175
66
9
578
398
236
73
3,963 4 ,781 4,610 1 ,198 1 ,140 1 ,351 1 ,135 1 ,187 1 ,120 1 ,168 1 ,064 1 ,254
569
118
520
144
133
120
119
145
167
148
177
443
10S
83
79
334
321
71
75
270
77
85
98
91
126
28
42
33
32
113
136
28
31
37
41
49
.
Automobiles and equipment (15 corps.)
Sales
Profits before taxes
Profits after taxes
6,692 8 ,093 9,577 1 ,951 2 ,056 2 ,221 2 ,151 2 ,601 2 ,707 2 ,118 2 ,283 2 ,975
809 1 ,131 1,473
251
327
305
298
376
462
398
596
337
445
861
146
176
639
175
177
267
218
234
352
200
195
451
51
112
282
65
79
80
90
76
91
216
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
6 5
9 3
17.2
21.1
25.1
24.3
19.7
23.5
30 5
33 9
27.6
Income
taxes
1.5
2 9
7.8
11.7
14.4
13.5
11.2
9.6
11 9
13 0
10.6
Profits
after
taxes
Cash
dividends
5.0
3.8
9.4
4.5
64
40
9.4
10.6
10.8
8.5
13.9
18 5
20.9
17.0
4.3
4.5
4.7
4.7
Undistributed
profits
1.2
24
Income
taxes
Profits
after
taxes
Cash
dividends
1948—3
4
35 3
33 1
13 4
12 9
21 9
20 3
7 5
7 9
14 4
12 4
1949
i
2
3
4
28.3
26.4
28.2
27.6
10.9
10.0
10.8
10.6
17.4
16 4
17.3
16 9
7.9
7 7
7.4
8 2
9.5
8 7
9.9
8 7
29.2
'37.4
'42.0
12.0
15.1
17.0
17 2
''22 2
'25.0
8 1
8 1
r
9 1
14 1
15.9
4.9
5.1
6.2
6.1
'3.8
5.8
8.1
6 6
11 9
13.4
7.5
7.8
Profits
before
taxes
Quarter
9.2
1950—i
2
31
9.1
Undistributed
profits
r
Revised.
Estimates of Council of Economic Advisers, based on preliminary data.
Source.—Same as for national income series.
1
1510
FEDERAL RESERVE BULLETIN
UNITED STATES GOVERNMENT DEBT—VOLUME AND KIND OF SECURITIES
[On basis of daily statements of United States Treasury, In millions of dollars]
Direct debt
Total
gross
debt
(includEnd of month ing
guaranteed
securities)
Marketable public issues 1
Total
170,108
202,626
232,144
259,115
278,682
269,898
259,487
258,376
256,981
252,366
252,854
252,798
256,805
257,011
257,160
256,892
256,395
255,747
255,740
256,370
257,377
257,557
257,891
257,236
256,959
1943—Dec.
1944—j url e. .
Dec...
1945—June. .
Dec.
1946—June. .
Dec...
1947—June. .
Dec...
1948—June. .
Dec.
1949—June. .
1949—Oct...
Nov..
Dec
1950—Jan...
Feb...
Mar..
Apr...
May.
June.
July..
Aug..
Sept..
Oct...
165,877
201,003
230,630
258,682
278,115
269,422
259,149
258,286
256,900
252,292
252,800
252,770
256,778
256,982
257,130
256,865
256,368
255,724
255,718
256,350
257,357
257,541
257,874
257,216
256,937
Total 2
115,230
140,401
161,648
181,319
198,778
189,606
176,613
168,702
165,758
160,346
157,482
155,147
155,362
155,365
155,123
154,833
154,764
154,479
154,601
155,001
155,310
155,168
155,162
153,774
152,779
Nonmarketable public issues
CertifiTreasury cates of Treasury Treasury Total 2
indebtbills
notes
bonds
edness
13,072
14,734
16,428
17,041
17,037
17,039
17,033
15,775
15,136
13,757
12,224
11,536
12,317
12,320
12,319
12,331
12,336
12,334
12,623
13,023
13,533
13,642
13,637
13,637
13,629
22,843
28,822
30,401
34,136
38,155
34,804
29,987
25,296
21,220
22,588
26,525
29,427
30,155
30,155
29,636
29,314
27,321
24,399
23,437
23,437
18,418
12,817
12,817
11,620
5,373
11,175
17,405
23,039
23,497
22,967
18,261
10,090
8,142
11,375
11,375
7,131
3,596
3,596
3,596
8,249
8,271
10,189
14,791
15,586
15,586
20,404
25,755
25,755
31,688
36,948
67,944
79,244
91,585
106,448
120,423
119,323
119,323
119,323
117,863
112,462
111,440
110,426
109,133
109,133
104,758
104,758
104,758
102,795
102,795
102,795
102,795
102,795
102,795
96,670
96,670
36,574
44,855
50,917
56,226
56,915
56,173
56,451
59,045
59,492
59,506
61,383
62,839
65,705
65,929
66,000
66,533
66,771
66,928
67,114
67,314
67,544
67,717
67,897
67,798
68,413
Special
U. S. Treasury
and issues
savings tax
savings
bonds
notes
27,363
34,606
40,361
45,586
48,183
49,035
49,776
51,367
52,053
53,274
55,051
56,260
56,670
56,717
56,707
56,958
57,217
57,331
57,427
57,477
57,536
57,568
57,470
57,396
57,954
12,703
14,287
16,326
18,812
20,000
22,332
24,585
27,366
28,955
30,211
31,714
32,776
33,810
33,829
33,896
33,502
32,871
32,098
31,802
31,868
32,356
32,518
32,705
33,396
33,539
8,586
9,557
9,843
10,136
8,235
6,711
5,725
5,560
5,384
4,394
4,572
4,860
7,345
7,527
7,610
7,906
7,988
8,040
8,133
8,292
8,472
8,629
8,912
8,895
8,999
Fully
Non- guaraninterest- teed
bearing securities
debt
1,370
1,460
1,739
2,326
2,421
1,311
1,500
3,173
2,695
2,229
2,220
2,009
1,901
1,858
2,111
1,997
1,962
2,218
2,202
2,167
2,148
2,138
2,110
2,247
2,206
4,230
1,623
1,514
433
567
476
339
90
81
73
55
27
28
29
30
27
27
24
22
20
20
16
18
20
22
12 Including amounts held by Government agencies and trust funds, which aggregated 5,365 million dollars on Sept. 30, 1950.
Total marketable public issues includes Postal Savings and prewar bonds, and total nonmarketable public issues includes adjusted service
depositary bonds, Armed Forces Leave bonds, and 2 H per cent Treasury investment bonds, series A-1965, not shown separately.
Back figures.—See Banking and Monetary Statistics, Tables 146-148, pp. 509-512.
1JNITED STATES SAVINGS BONDS
[In millions of dollars]
UNITED STATES GOVERNMENT MARKETABLE PUBLIC
SECURITIES OUTSTANDING OCTOBER 31, 1950
[On basis of daily statements of United States Treasury.
of dollars]
Issue and coupon rate
Amount
Treasury bills *
Nov. 2, 1950
Nov. 9, 1950
Nov. 16,1950
Nov. 24,1950
Nov. 30,1950
Dec. 7, 1950
Dec 14, 1950
Dec. 21,1950
Dec. 28,1950
Jan. 4, 1951
1951
Jan. 11,
1951
Jan. 18,
Jan. 25,1951
Cert, of indebtedness
Jan. 1, 1951
IK
Treasury notes
July 1, 1951-B....1M
July 1, 1951-C....1K
July 1, 1951-D...1M
Aug. 1,1951
1M
Oct. 1, 1951
\\i
Oct. 15, 1951
1U
Nov. 1,1951
1M
Mar. 15, 1954
1%
Mar. 15, 1955
\y2
In millions
Issue and coupon rate
Treasury bonds—Cont.
Sept. 15, 1951-552 2
3
Dec. 15, 1951-53
Dec. 15, 1951-55
Mar. 15, 1952-54.
June 15, 1952-54.
June 15, 1952-55.
Dec. 15, 1952-54.
June 15, 1953-552
June 15, 1954-562
Mar. 15, 1955-602,
M
15 1956-58.
195658 . 24
Mar.
15,
Sept. 15, 1956-592 . 2%
Sept. 15, 1956-59.
June 15, 1958-632
June 15, 1959-623
Dec. 15, 1959-623
Dec. 15, 1960-652
June 15, 1962-673
Dec. 15, 1963-683
5,373
June 15, 1964-693
Dec. 15, 1964-693
Mar. 15, 1965-703
Mar. 15, 1966-713
June 15, 1967-723
Sept. 15, 1967-72.
Dec 15, 1967-723
1,104
1,102
1,101
1,104
1,100
1,105
1,005
1,002
1,001
1,003
1,002
1,000
1,001
2,741
886
4,818
5,351
1,918
5,940
5,253
4,675
5,365
Dec. 15, 1950
1>
June 15, 1951-54 2> 2 ^
Sept. 15, 1951-53... 2
* Sold on discount basis.
p. 21506.
Partially tax exempt.
NOVEMBER
1950
755
1,118
510
1,024
5,825
1,501
8,662
725
681
2,611
1,449
982
3,823
919
5,284
3,470
1,485
2,118
2,831
3,761
3,838
5,197
3,481
7,967
2,716
11,689
Postal Savings
bonds
Panama Canal Loan. 3
2,635 Guaranteed securities
Federal Housing Admin.
1,627
Various
7,986
109
50
152,779
18
See table on Open-Market Money Rates,
8
Month
Fiscal year
ending:
June—1943..
1944..
1945..
1946..
1947..
1948..
1949..
1950..
21,256 11 ,789 8 271
34,606 15 ,498 11 820
45,586 14 ,891 11 553
49,035 9 ,612 6 739
51,367 7 ,208 4 287
53,274 6 ,235 4 026
56,260 7 ,141 4 278
57,536 5 ,673 3 993
758
802
679
407
360
301
473
231
2
2
2
2
2
1
2
1
759
876
658
465
561
907
390
449
2,371
4,298
6,717
5,545
5,113
5,067
5,422
848
56,670
1949—Oct
Nov. . . 56,717
D e c . . . . 56,707
388
383
495
289
286
377
13
14
16
86
84
103
396
415
466
56,958
57,217
57,331
57,427
57,477
57,536
57,568
57,470
57,396
57,954
707
581
524
423
416
398
417
350
310
971
402
361
364
305
307
297
318
270
244
271
38
31
27
15
16
14
13
11
8
145
267
189
134
102
92
86
87
70
58
555
618
418
510
413
454
456
505
537
475
496
1950—Jan....
Feb....
Mar...
Apr....
May...
June...
July...
Aug
Sept...
Oct....
Maturities and amounts outstanding October 31, 1950
Total direct issues
Treasury bonds
Amount
Redempfrom sales during tions
and
Amount Funds received
period
maturities
outstanding
at end of
All
All
Series Series Series
month
series
E
F
G
series
Restricted.
Year of
maturity
1950
1951
1952
1953
1954
1955
1956
1957
1958
1959....
1960 ..
1961
1962
Unclassified. .
Total....
All
series
268
1,542
3,892
6,637
8,416
7,274
5,377
5,165
5,370
5,300
5,339
1,589
1,779
4
57,954
Series
D
268
441
710
Series
E
1,101
3,892
5,408
5,966
4,744
2,446
2,565
2,859
3,064
2,491
34,536
Series
F
Series
G
197
495
524
600
478
260
280
459
223
294
1,032
1,955
2,007
2,332
2,121
2,251
1,956
2,390
1,366
1,485
3,809
18,896
1511
OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES, DIRECT AND FULLY GUARANTEED
[Par value in millions of dollars]
Held by the public
Total
Held by
gross
U. S. Government
debt
agencies andl
(includtrust funds
End of month ing
guaranteed
securiSpecial Public
ties)
issues
issues
Total
Insur-
Federal
Reserve
Banks
Commercial2
banks
Mutual
savings
banks
panies
Other
corporations
1940—June.....
1941—June
1942—June
.
1943—June
1944—June
1945—June
1946—June
Dec
1947—June
Dec
.
1948—June
Dec
1949—June.....
Dec
48,496
55,332
76,991
140,796
202,626
259,115
269,898
259.487
258,376
256,981
252,366
252,854
252,798
257,160
4,775
6,120
7,885
10,871
14,287
18,812
22,332
24,585
27,366
28,955
30,211 ;
31,714
32,776
33,896
2,305
2,375
2,737
3,451
4,810
6,128
6,798
6,338
5,445
5,404
5,549
5,614
5,512
5,464
41,416
46,837
66,369
126,474
183,529
234,175
240,768
228,564
225,565
222,622
216,606
215,526
214,510
217,800
2,466
2,184
2,645
7,202
14,901
21,792
23,783
23,350
21,872
22,559
21,366
23.333
19,343
18,885
16,100
19,700
26,000
52,200
68,400
84,200
84,400
74,500
70,000
68,700
64,600
62,500
63,000
66,800
3,100
3,400
3,900
5,300
7,300
9,600
11,500
11,800
12,100
12,000
12,000
11,500
11,600
11,400
6,500
7,100
9,200
13,100
17,300
22,700
25,100
25,200
24,800
24,100
23,100
21,500
20,800
20,500
2,100
2,000
4,900
12,900
20,000
22,900
17,700
15,300
13,900
14,100
13,500
14,300
15,100
16,300
1950—May
June
July
Aug
256,370
257,377
257,557
257,891
31,868
32,356
32,518
32,705
5,487
5,474
5,465
5,430
219,015
219,547
219,574
219,756
17,389
18,331
17,969
18,356
65,800
65,700
64,700
64,100
11,600
11,600
11,500
11,400
20,300
20,100
20,100
20,000
18,100
»18,300
rl8,800
19,500
State
and
local
governments
Individuals
Miscellaneous
Savings Other
bonds securities
tors 8
1,500
3,200
5,300
6,500
6,300
7,100
7,300
7,800
7,900
8,000
8,000
2,600
3,600
9,100
19,200
31,200
40,700
43,500
44,200
45,500
46,200
47,100
47,800
48,800
49,300
7,500
7,600
8,700
11,700
14,800
18,300
19,500
19,700
20,500
19,100
18,100
17,500
17,800
16,900
700
700
1,100
3,400
6,400
8,900
8,800
8,300
9,800
8,600
9,100
9,300
10,000
9,800
8,300
8,200
8,200
8,200
49,800 17,100
49,900 "17,200
50,000 1 7 , 4 0 0
49,900 17,500
10,600
10,200
10,900
10,800
400
600
900
1
Includes the Postal Savings System.
Includes holdings by banks in territories and insular possessions, which amounted to 300 million dollars on Dec. 31, 1949.
Includes savings and loan associations, dealers and brokers, foreign accounts, corporate pension funds, and nonprofit institutions.
NOTE.—Holdings of Federal Reserve Banks and U. S. Government agencies and trust funds are reported figures; holdings of other investor
groups are estimated by the Treasury Department.
SUMMARY DATA FROM TREASURY SURVEY OF OWNERSHIP OF SECURITIES ISSUED OR GUARANTEED
BY THE UNITED STATES *
[Interest-bearing public marketable securities. In millions of dollars]
2
8
U. S.
End of month
FedTotal Govt.
agen- eral ComoutmerRecies
stand- and serve cial 1
banks
ing
trust
funds
Banks
Mu- Insurtual
sav- ance Other
comings panies
banks
T y p e of
security: '
Total:'
1948—June
Dec
1949—June
Dec
1950—June....
July
Aug.
Treasury bills:
1948—June....
Dec
1949—June
Dec
1950—June....
July....
Aug
Certificates:
1948—June
Dec...
1949—June....
Dec...
1950—June....
July....
Aug.
Treasury notes:
1948—June
Dec
1949—June....
Dec
1950—June....
July....
Aug
Treasury bonds:
1948—June....
Dec
1949—June....
Dec
1950—June....
July....
Aug
160.373 5,402 21,366 57,599 11,522 21,705 42,779
157,496 5,477 23,333 55,353 10,877 19,819 42,637
155,160 5,374 19,343 56,237 11,029 19,090 44,087
155,138 5,327 18,885 59,856 10,772 18,535 41,763
155,325 5,350 18,331 58,972 10,877 18,132 43.663
155,181 5,341 17.969 58,000 10,797 18,126 44,948
155,177 5,306 18,356 57,454 10,697 17,948 45,416
13,757
12,224
11,536
12,319
13,533
13,642
13,637
15
69
63
11
3
22,588
26,525
29,427
29,636
18,418
12,817
12,817
14
24
26
48
7
6
6
11,375
7,131
3,596
8,249
20,404
25,755
25,755
8,577
5,487
4,346
4,829
3,856
6 4,145
3 2,302
4,616
6,078
6,857
6,275
5,357
2,791
4,848
2,345
2,794
2,817
3,514
3,703
3,992
3,641
8,552
9,072
9,561
11,520
5,354
3,986
2,937
58
50
13
15
35
602 12,174
98
84
41
107
154
15 6,146 12,283
8 4,439 13,479
142
151
1,968 4,531
87
120
207
791 3,099
7
47
359 1,801
15
562 5,569
29 3,500 11,204
Treasury bonds
and notes, due
or callable;
Within 1 year:
1948—June....
Dec
1949—June....
Dec...
1950—June....
19 2,070 5,922
861 5,571
98
982 7,021
49
878 9,014
36
505 7,001
70
171
232
236
238
151
273
329
385
468
360
4,956
3,125
2,553
3,685
2,300
18,832
24,183
74
74
3,169 9,559
7,116 9,645
162
130
488
477
5,380
6,741
46,124
44.053
39,175
35,067
51,802
318
226
212
30,580
28,045
26,304
24,907
33,127
1,829 2,790 7,971
1,769 2,501 8,254
1,279 2,124 7,135
1,121 1,641 5,290
1,058 1,731 10,443
31,595
951 1,639 9,121
31,136
884 1,549 7,820
10,464
10,464
15,067
18,537
1950—June.... 15,926
314
314
546 6,251
506
911 i,936
434 6,314
520
997 1,885
584 6,587 2,002 1,732 3,630
1,388 6,995 2,640 2,230 4,716
1,148 5,675 2,439 2,055 4,186
July.... 15.926
15,926
Aug
422
400
48,708
43,357
633 10,991 5—10 years:
1948—June
382 7,254
Dec...
292 5,693
1949—June
256 4,723
Dec
223 4,555
166 2,984
104 1,244
244 1,752
403 5,114
After 10 years:
1948—June....
Dec
1949—June....
Dec
20,880 26,847
1950—June....
18,891 25.375
18,315 26,320
July....
17,579 25.029
Aug
17,249 25,340
480 6,689
519 7,159
112,462 5,336 6,206 42,146 11,047
111,440 5,340 10,977 40,371 10,486
110,426 5,201 7,780 42.042 10,768
104,758 5,217 7,218 39.235 10,480
102,795 5,273 5,618 38,691 10,624
102,795 5,278 4,888 38,723 10,590 17,261 26,055
102,795 5,253 6,768 37,379 10,473 17,046 25,876
U. S.
Govt. Fed- Com- Mu- Insuragen- eral
tual
mer- sav- ance Other
cies
Recomcial
and serve banks 1 ings panies
Banks
banks
trust
funds
13,411
10,216
11,226
14,319
10,387
July....
Aug
1-5 years:
1948—June
Dec
1949—June....
Dec
6.397
1950—June....
7;546
July....
8,610
Aug
10,423
479
672
49
47
ing
112 2,650
84 3,740
60 4,237
70 3,880
90 5,846
15
25
317
256
169
64
End of month
Total
outstand-
2,636
3,258
2,121
186 1,922
327 5,116
305 5,097
287 1,681
532
568
423
1,019
911
5,750 2,382 2,027 4,326
5,924 2,304 1,995 4,392
53,838 4,685 2,921 3,922 8,639 17,129 16,542
53,838 4,710 7,215 3,541 8,048 15,230 15,094
48,554 4,455 4,452 3,933 7,293 14,179 14,242
45,084 4,441 3,593 3,887 6,588 13,485 13,090
45,084 4,482 2,349 4,092 7,130 13,507 13,524
45.084 4.492 1,748 4,102 7,238 13.587 13,917
45,084 4,500 1,499 4,153 7,306 13,543 14,083
* Figures include only holdings by institutions or agencies from which reports are received. Data for commercial banks, mutual savings
banks, insurance companies, and the residual "other" are not entirely comparable from month to month. Figures in column headed "other"
include holdings by nonreporting banks and insurance companies as well as by other investors. Estimates of total holdings (including relatively
small1 amounts of nonmarketable issues) by all banks and all insurance companies for certain dates are shown in the table above,
Includes stock savings banks,
a
Includes Postal Savings and prewar bonds and a small amount of guaranteed securities, not shown separately below.
1512
FEDERAL RESERVE BULLETIN
SUMMARY OF TREASURY RECEIPTS, EXPENDITURES, AND RELATED ITEMS
[In millions of dollars]
1
On basis of daily statements of United States Treasury
Increase ( + ) or
during period
TTio/vol
surplus
Net Budget
exre(+)or
ceipts pendideficit
tures
year or
month
Fiscal year:
1948
1949
1950
1949—Oct...
Nov..
Dec...
1950—Jan...
Feb...
Mar...
Apr...
May..
June..
July..
Aug...
Sept..
Oct...
42,211 33,791
38,246 40,057
37 045 40 167
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
4,404 4,296
1,881 3,013
2,860 2,515
4,605 3,520
2,056 3,170
+8,419
— 1,811
—3,122
-1,230
-783
+469
Trust Clearing
acaccounts,
etc. 1 count 1
—294
—495
+99
+10
+299
-272
-1,358
-642
+108
-1,132
+344
+1,084
-1,114
-36
-88
+2 +589
+44
+476
+1,551
-507
+366
+483
+160
+170
-93
-79
+147
-53
-99
+147
-27
-17
-11
+122
+25
-376
o
+31
-140
-80
+49
Assets
Balance
in
general
fund
General
fund
balance
Gross
debt
—5,994
+478
+4,587
+98
+204
+148
-265
-497
-645
-6
+632
+1,007
+183
•i-333
-658
-279
Cash operating »
General fund of the Treasury (end of period)
Deposits in
Total
+1,624 4 932
- 1 , 4 6 2 3,470
+2,047 5 517
- 9 6 2 4,737
- 3 1 5 4,422
+257 4,679
+370 5,049
+137 5,186
+935 6,121
- 1 , 4 1 9 4,702
- 2 3 8 4,464
+1,053 5,517
- 1 , 0 1 7 4,500
+685 5,185
+319 5,505
- 1 , 3 5 9 4,145
Federal
Re-
Special
depos2 itaries
Banks
Total
liaOther biliassets ties
5,370 1 928 1 773
3,862
438 1,771
5 927
950 3 268
5,080
595 2,831
517 2,632
4,789
841 2,557
5,033
5,421
677 2,898
666 3,146
5,489
6,438 1,006 3,665
875 2,543
5,074
588 2,560
4,757
950 3,268
5,927
566 2,618
4,864
733 3,115
5,501
'5,932 1,116 3,065
569 2,317
4,537
1 670
1,653
1 709
1,654
1,641
1,635
1,847
1,677
1,766
1,657
1,609
1,709
1,680
1,654
1,751
1,651
Cash
income
Cash
outgo
Excess
income
438 45 400 36 496
392 41 628 40 576
410 40 970 43 155
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 4,046
373 1,683 3,344
294 2,939 3,700
410 4,687 4,061
364 2,110 3,143
316 3,524 3,009
428 4,865 3,199
392
(+)or
outgo
+8 903
+1 051
—2 185
-1,220
-461
+ 193
+308
+58
+1,116
-1,661
-762
+626
-1,032
+514
+1,666
DETAILS OF TREASURY RECEIPTS
On basis of daily statements of United States Treasury
Fiscal year
or month
cella- Social Other Total
Withre- 4 reneous Secuheld
rity
internal
Other
by emtaxes ceipts ceipts
revenue
ployers
Fiscal year:
1948.......
1949
1950
1949—Qct
Nov...
Dec....
1950—Jan
Feb
Mar....
Apr....
May. . .
June...
July...
Aug.. . .
Sept....
Oct....
11,436 19,735
9,842 19,641
10,073 18,189
496
355
564
1,134
695
588
2,520
1,957
1,310 1,032
774 3,655
788
379
479
1,342
817
434
1,423
819
514
2,709
594
345
2,816
591
On basis of reports by collectors of internal revenue
Deduct
Income taxes
Individual
Social
Net
Refunds Security reemploy- ceipts With- Other
of
ment
taxes
held
taxes 5
8,301 2,396 4,231 46,099
8,348 2,487 2,456 42,774
8,303 2,892 1,853 41,311
65
114 1,993
753
722
356
161 2,727
720
141
180 4,255
645
222 3,480
68
599
544
123 3,607
364
128 5,622
701
629
93
103 2,092
704
295
176 2,895
714
351
184 4,776
737
204
179 2,148
948
340
181 3,238
117 4,842
775
315
808
186
202 2,300
2,272
2,838
2,160
49
46
59
67
238
573
518
301
149
66
62
52
62
Corporation income
Normal
and
surtax
1,616 42,211 11,534 9,464
1,690 38,246 10,056 7,996
2,106 37,045 9,889 7,264
62 1,881
122
952
337 2,344 1,403
90
5 4,191
36
292
47 3,366
698 1,657
398 2,972 1,816
739
229 4,820
93 1,604
86 1,488
530
470
274 2,320 1,763
116
222 4,404
188
917
201 1,881
689
228
316 2,860 1,790
98
185 4,605
81 1,012
181 2,056
Estate
and
gift
taxes
Excess
and
other
profits
9,852
11,343
10,760
348
226
323
211
95
8
6
2,256
7
338
221
7
7
8
5
12
7
12
7
3
2,103
283
201
1,773
402
205
1,820
Excise
and
other
miscellaneous
taxes
899
797
706
53
56
59
51
48
91
60
52
54
45
67
50
7,412
7,585
7,599
688
672
606
594
541
674
548
660
670
718
894
697
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—Oct
Nov
Dec
';.
Feb.
Mar
J U ly
Sept
Oct.....
Trust accounts, etc.
Social Security
accounts
33,791
40,057
40,167
3,111
3,127
3,722
3,323
2,496
3,269
2,847
2,962
4,296
3,013
2,515
3,520
. 3,170
Other
Inter- VetAid Transnafers
to
Inter- tional
erans'
to
National est
agri- trust
Other Net
on finance AdExInRedefense debt
culminisvest- pendi- ceipts
and tration ture
acreceipts ments tures
aid
counts
11,500
12,158
12,378
1,002
1,056
1,095
1,046
936
1,051
964
1,007
998
1,024
1,149
Pl.054
Pi,282
5,211
5,339
5,750
255
306
1,008
463
161
636
184
136
1,611
271
134
646
229
InExvest- pendiments tures 4
850 2,109
782 1,178 4,661 3,918 2,210 1,640 5,598
4,143 6,317
916 6,181 3,722 1,479 2,252 1,992
832 1,646
6,016 6,791 2,656
4,657 6,044 2,984 1,383 6,970 4,293 1,028 3,114 2,376 -1,430 3,857
394
353
347
294
326
404
359
420
405
273
'254
P282
504
540
515
509
494
578
499
498
459
448
464
400
242
212
311
314
123
98
202
446
150
424
-113
-220
457 p-48
85
7
-26
45
8
11
69
16
8
31
28
646
84
628
654
472
652
448
491
570
439
665
543
598
P826
172
562
48
291
568
262
178
556
493
262
630
544
300
-92
13
77
-29
85
47
52
169
309
146
277
424
157
232
256
277
295
267
311
238
243
225
189
186
164
214
114
97
68
121
116
158
127
117
451
65
96
413
192
6
9
-25
-424
-746
-844
-327
-73
279
6
4
302
11
129
82
60
56S
909
999
421
186
184
85
112
94
127
r
P Preliminary.
Revised.
2
i Excess of receipts ( + ) or expenditures (—).
Excluding items in process of collection beginning with July 1947.
8
For description, see Treasury Bulletin for September 1947 and subsequent issues.
< Including surplus property receipts amounting to 1,929 and 589 million dollars in 1948 and 1949, respectively, and receipts from renegotiation 6of war contracts amounting to 164 and 57 million in 1948 and 1949, respectively.
These are appropriated directly to the Federal old-age and survivors insurance trust fund.
NOVEMBER
1950
1513
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 1
CommodiLoans ties,
supreceiv- plies,
and
able
materials
Corporation or agency
Total
All agencies:
Sept. 30,
Dec. 31,
Mar. 31,
June 30,
1949
1949
1950
1950
Cash
22,594
23,733
24,360
24,118
Classification by agency,
June 30, 1950
Department of Agriculture:
Farm Credit Administration:
Banks for cooperatives
Federal intermediate credit banks
Production credit corporations
Agricultural Marketing Act Revolving
Fund
Federal Farm Mortgage Corp
Rural Electrification Administration
Commodity Credit Corporation.
Farmers' Home Administration 4
Federal Crop Insurance Corp
2
51
1,467
3,159
515
35
763
1,053
2,251
1,282
160
888
7,415
All other
11,720
12,733
13,350
12,502
312
638
59
Housing and Home Finance Agency:
Home Loan Bank Board:
756
Federal home loan banks
195
Federal Savings and Loan Insurance Corp.
Home Owners' Loan Corp
95
1,647
Public Housing Administration 5
314
Federal Housing Administration
1,062
Federal National Mortgage Association
Reconstruction Finance Corporation:
Assets held for U. S. Treasury «
Other 7
Export-Import Bank
Federal Deposit Insurance Corp
Federal Works Agency
Tennessee Valley Authority
379
441
387
474
1,596
1,549
1,567
2,186
Bonds, notes,
U. S. Priand debenGov- vately
Land,
tures payable
ern- owned
struc- Other
Other ment
tures,
interliabilasinterand
est
ities
sets Fully
est
U. S. Other equipguarGovt. secu- ment
anteed
Other
secu- rities 2
by
rities
U. S.
Investments
2,069
2,047
2,221
2,101
3,501
3,492
3,488
3,483
2,933
2,962
2,932
2,924
396
509
414
450
856
772
708
774
1,074 20,460
1,720 21 ,030
2,072 21,368
1,446 21,679
177
183
191
201
5
6
49
552
244
82
59
18
242
574
18
(3)
(*)
1
46
1,411
840 2,060
423
23
)
92
443
3
1,268
1
'215
324
76
188
7
87
6
31 1,616
148
150
8 1,053
3
()
()
605
1
99
2
17
912
4 2,226
1
89
(3)
15
144 3,812
2
50
1,467
724 2,435
512
2
28
6
172
288
190
2
84
320
20
1,056
(3)
1
1
28
140
34
3
183
763
997
83 2,168
1,276
1,277
153
871
7,402
60
855
42
3,385
CLASSIFICATION OF LOANS BY PURPOSE AND AGENCY
June 30, 1950
Purpose of loan
To aid agriculture
To aid home owners
To aid industry:
Railroads
Other
To aid financial institutions:
Banks
Other
Foreign loans
Other.
Less: Reserve for losses
Total loans receivable (net)...
Fed.
Fed. inter- Banks
Farm medi- for coMort. ate operaCorp. credit tives
banks
53
574
245
Com- Rural
Elecmodity trificaCredit
tion
Corp. Adm.
923
1,413
Farm- Home
Owners'
ers'
Home Loan
Adm. Corp.
Recon- ExPublic Fed. struc- portHous- home tion
Imloan
ing
Fiport
Adm. banks nance Bank
Corp.
(3)
146
556
84
3
110
481
(•)
443
6,
46
(3)
574
3
82
1
133
242
840
1,411
423
317
1
(3)
84
320
443
All
other
Mar. 31,
1950,
all
All
agen- agencies
cies
10 3,773
1,082 1,316
113
515
3
451
6,116
485
270
3
328
6,101
492
358
914 2,226 4,977 12,502
13,350
(3)
3
33
4,851
1,324
2
8
133 2,233 3,750
101
67
32
4
7
113
496
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.
3 Less than $500,000.
* Includes assets and liabilities of the Regional Agricultural Credit Corporation, which have been reported as "Disaster
Loans,
etc., Revolving Fund," since the dissolution of that Corporation pursuant to Public Law 38, 81st Congress.
5
Includes Farm Security Administration program, Homes Conversion program, Public War Housing program, Veterans' Re-use Housing
program,
and Public Housing Administration activities under the United States Housing Act, as amended.
6
Assets representing unrecovered costs to the Corporation in its national defense, war, and reconversion activities, which are held for the
Treasury
for
liquidation purposes in accordance with provisions of Public Law 860, 80th Congress.
7
Includes figures for Smaller War Plants Corp. which is being liquidated by the Reconstruction Finance Corp.
NOTE.—Statement includes figures for certain business-type activities of the U. S. Government. Comparability of the figures in recent
years has been affected by (1) the adoption of a new reporting form and the substitution of quarterly for monthly reports beginning Sept. 30,
1944, and (2) the exclusion of figures for the U. S. Maritime Commission beginning Mar. 31, 1948. For back figures see earlier issues of the
BULLETIN and Banking and Monetary Statistics, Table 152, p. 517.
1514
FEDERAL RESERVE BULLETIN
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
Minerals
Total
Residen-
All
other
Employment 3
1939 = 100
Nonagricultural
Factory
Factory
payrolls s
1939 =
100
DepartWholeFreight ment
Consale
carload- store
sumers'
sales prices 3 comings*
modity
(val1935-39 ue)* * 1935-39 prices 3
=»100 1935-39 = 100
1926
= 100
= 100
Durable
Nondurable
Ad- Unadjusted justed
Adjusted
AdAdAdAdAdAd- Unad- Unad- AdAdjusted justed justed justed justed justed justed justed justed justed
1919
1920
1921
1922
1923
1924
1925
72
75
58
73
88
82
90
84
93
53
81
103
95
107
62
60
57
67
72
69
76
71
83
66
71
98
89
92
63
63
56
79
84
94
122
44
30
44
68
81
95
124
79
90
65
88
86
94
120
88.6
89.4
79.7
84.4
92.9
91.7
94.1
103.7
104.1
79 7
88 2
100.9
93 7
97.0
103
124
80
86
109
101
107
9
2
2
0
1
8
3
120
129
110
121
142
139
146
1926
1927
1928
1929
1930
96
95
99
110
91
114
107
117
132
98
79
83
85
93
84
100
100
99
107
93
129
129
135
117
92
121
117
126
87
50
135
139
142
142
125
97.5
98.0
98.1
102.5
96.2
98 9
96.7
96 9
103 1
89.8
110
108
109
117
94
5
5
8
1
8
1931
1932
1933
1934
1935
75
58
69
75
87
67
41
54
65
83
79
70
79
81
90
80
67
76
80
86
63
28
25
32
37
37
13
11
12
21
84
40
37
48
50
87.1
77.2
77.5
84.9
88.5
75.8
64 4
71.3
83.2
88 7
1936
1937
1938
1939
1940
103
113
89
109
125
108
122
78
109
139
100
106
95
109
115
99
112
97
106
117
55
59
64
72
81
37
41
45
60
72
70
74
80
81
89
1941
1942
1943
1944
1945
162
199
239
235
203
201
279
360
353
274
142
158
176
171
166
125
129
132
140
137
122
166
68
41
68
89
82
40
16
26
1946
1947
1948
1949
170
187
192
176
192
220
225
202
165
172
177
168
134
149
155
135
153
157
190
211
195
195
199
195
179
178
158
161
192
190
231
229
231
173
156
1948
October
November
December
1949
January
. .
February
March
April
. ..
May
June
July
August
September
October
. .
November
December
1950
January
February
]M[arch
.
......
April
.
May
. ......
June
July
August
....
September
October
191
187
185
181
189
184
179
174
169
161
170
174
166
173
179
174
170
163
174
178
169
174
178
183
180
187
190
195
199
196
209
179
177
183
188
195
200
198
212
^210
«212
P215
«216
177
227
225
223
212
201
194
185
193
199
175
181
203
209
207
211
222
231
237
»-235
247
^250
«254
tial
Unadjusted
Unad
justed
83
99
92
93
104
104
109
123
143
127
119
121
122
125
8
3
7
7
9
2
4
138
154
97
96
100
98
103
6
4
6
7
6
1
5
152
147
148
152
131
112
113
114
116
108
126
124
122
122
119
4
0
6
5
4
100
95
96
95
86
0
4
7
3
4
71 8
49 5
53 1
68.3
78 6
105
78
82
89
92
96
75
73
82
88
108
97
92
95
98
7
6
4
7
1
73
64
65
74
80
0
8
9
9
0
95.1
101.4
95.4
100.0
105.8
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
149
235
92
61
102
119.4
131.1
138.8
137.0
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
140
135
133
150
168
187
207
105
116
123
125
128
2
5
6
5
4
87
98
103
104
105
3
S
1
0
8
143
142
162
192
161
169
214
226
136.7
143.2
145.9
142.0
147.8
156 2
155.2
141.6
271 1
326 9
351 4
325.3
132
143
138
116
264
286
302
286
139
159
171
169
3
2
2
1
121
152
165
155
1
1
1
0
184
189
157
154
206
217
180
145
146.7 1 5 5 . 0 157.6 366.7
146.8 154.4 155.9 362.8
209 146.4 152.4 153.5 360.7
140
137
310
291
173 6
172 2
171.4
165 4
164 0
162.4
175
149
174
149
136
148
145
133
123
129
119
112
141
132
133
173
168
162
161
161
154
165
172
177
177
176
169
175
181
195
209
229
246
263
265
262
123
130
141
159
176
200
228
254
269
256
255
179
180
181
180
181
184
181
195
130
118
144
140
145
151
144
158
P\63
242
263
275
284
274
291
325
334
2>331
245
260
278
298
303
325
369
362
*>341
P193
194
Adjusted
177
137
302
207 145.2
144.3
143.4
142.7
142.0
141.7
141.1
141.3
142.0
139.1
140.1
141.2
149.7
147.6
145.6
143.4
140 7
140.0
139.1
139.4
141.1
136.3
136.3
139.3
148.9
147.4
145.3
141.8
138.2
138.4
136.9
141.1
143.7
138.8
137.8
140.4
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
295
126
120
127
124
114
110
117
105
92
117
115
284
279
293
291
285
281
284
289
276
277
293
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
158
158
157
155
154
153
152
153
152
151
151
239 140.7
266 139.6
274 141.2
273 142.7
250 143.9
262 145.3
289 146.0
311 148.1
P324 *>148.7
140.5
140 2
141.3
143 2
147.1
148.9
150.8
154.7
*155.4
139.8
139.9
141.0
141.6
144.5
147.3
148.3
156.1
P158.0
329.2
330.0
333.5
337.2
348.0
'362.7
'367 A
394.0
<*400.2
117
104
127
126
122
127
126
135
134
282
280
274
292
290
298
362
335
320
166 9
166 5
167 0
167 3
168.6
170.2
172 5
173.0
173.8
151 5
152 7
152 7
152 9
155 9
157.3
162 9
166 4
169.5
207
212
206
199
210
217
230
240
259
273
268
•164
"294
7
4
6
1
8
5
6
9
5
2
6
2
r
* Average per working day.
« Estimated.
P Preliminary.
Revised.
For indexes by groups or industries, see pp. 1516-1519. For points in total index, by major groups, see p. 1538.
Three-month moving average, based on F. W. Dodge Corporation data; for description of index, see BULLETIN for July 1931, p. 358. For
monthly
data (dollar value) by groups, see p. 1523.
3
The unadjusted indexes of employment and payrolls, wholesale commodity prices, and consumers' prices are compiled by or based on data of
the Bureau of Labor Statistics. Nonagricultural employment covers employees only and excludes personnel in the armed forces.
4 For indexes by Federal Reserve districts and other department store data, see pp. 1525-1528.
Back figures in BULLETIN.—For industrial production, August 1940, pp. 825-882, September 1941, pp. 933-937, and October 1943, pp. 958-984;
for department store sales, June 1944, pp. 549-561.
1
2
NOVEMBER
1950
1515
INDUSTRIAL PRODUCTION, BY INDUSTRIES
(Adjusted for Seasonal Variation)
[Index numbers of the Board of Governors.
1935-39 average =100]
1949
1950
Industry
Sept. Oct.
Industrial
Production—Total
..
Manufactures—Total
.
........
Durable Manufactures
Iron and Steel * .
Pig iron
Steel
Open hearth
Electric
.
Transportation Eouiptnent
.
Nov. Dec. Jan. Feb.
Mar. Apr. M a y
June July Aug. Sept.
174
166
173
179
183
180
187
190
195
199
196
209 P210
184
176
179
188
192
192
194
199
204
208
205
218 P219
199
175
181
203
209
207
211
222
231
237
'235
247
179
102
145
201
203
201
205
222
226
231
228
236
244
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
221
271
202
763
223
264
201
710
219
265
198
744
223
275
203
224
226
217
227
229
236
243
251
258
262
265
279
P284
277
792
252
238
206
211
242
210
214
226
262
231
216
175
181
224
182
189
204
249 '268
r
262
273 P267
'202
212 P215
287 P285
(Aircraft; Railroad Equipment; Shipbuilding — Private
157
164
163
166
180
190
200
198
197
207
Smelting and refining
(Copper smelting; Lead refining; Zinc smelting;
175
167
169
174
191
202
208
207
208
219
208
211 2>208
Fabricating
.
.
(Copper products; Lead shipments; Zinc shipments;
Aluminum products; Magnesium products; Tin
150
162
161
163
176
184
197
194
192
202
200
212
132
133
147
159
144
150
156
159
158
155
151
165
P165
119
158
116
165
139
163
153
170
132
166
138
173
145
176
150
175
149
175
144
178
140
174
151
192
J>150
*>193
183
184
183
187
190
192
188
200
203
210
211
212
P211
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
158
209
222
218
158
211
210
160
220
234
214
161
«"225
244
208
161
206
215
214
164
210
225
206
Nonferrous Metals and Products
Lumber and Products
Stone Clay and Glass Products
Glass products
i..
Cement
..
Nondurable Manufactures
.
..
,
Textiles and Products
Textile fabrics
Cotton consumption
Rayon deliveries.
..
.
Wool textiles
Carpet wool consumption
Apparel wool consumption
Wool and worsted yarn
Woolen yarn
Worsted yarn
Woolen and worsted cloth
Leather and Products
. .
..
Leather tanning
Cattle hide leathers
Calf and kip leathers
Goat and kid leathers
Sheep and lamb leathers
Shoes
M anufactured Food Products
W h e a t flour..
C a n e sugar meltings 8
. . . .
Manufactured dairy products
Butter
Cheese
.;
..
1.23
*>218
172
177
177
176
179
180
181
ISO
181
184
181
195
155
169
175
173
178
179
173
174
175
173
165
189 P191
140
127
294
153
134
318
157
138
340
154
134
350
160
144
355
162
144
357
156
138
350
157
139
348
158
140
347
156
132
348
146
123
360
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
143
134
119
156
149
157
216
149
140
127
158
153
161
205
152
147
134
165
162
134
135
139
127
117
140
143
115
108
97
101
108
115
116
110
101
105
100
98
92
99
95
102
98
101
112
77
84
87
95
102
106
81
85
93
100
77
80
86
111
88
78
76
103
86
85
80
112
85
89
91
108
125
115
101
103
116
124
128
112
83
83
97
104
75
88
81
115
79
89
86
115
106
107
91
106
56
80
76
107
167
165
160
160
161
161
165
164
164
164
rl67
110
111
110
105
114
112
111
105
107
106
113 1 1 6
151
86
146
83
147
86
148
85
148
85
149
86
154
94
153
91
167
158
162
140
176
135
183
142
185
135
181
144
191
158
195
155
150
85
175
155
153
87
184
165
152 150
80
85
178 1 6 9
167 169
77
91
82
r
111
155
365
»173
152
379
172
210
178
158
144
179
169
122
108
121
83
86
101
P131
167 P165
148
78
160
158
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
1516
FEDERAL RESERVE BULLETIN
INDUSTRIAL PRODUCTION, BY INDUSTRIES—Continued
(Adjusted for Seasonal Variation)
[Index numbers of the Board of Governors.
1935-39 average = 100]
1949
1950
Industry
Sept. Oct.
Nov. Dec.
Jan. Feb.
Mar. Apr.
157
182
144
104
74
May
Tune
July Aug. Sept.
144
161
142
98
71
147
165
141
108
79
151
169
146
114
78
Manufactured Food Products—Continued ,.,
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
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
171
148
131
184
173
ISO
131
186
174
167
187
173
169
159
175
169
166
69
182
314
143
72
194
369
171
77
149
390
172
83
228
240
170
88
259
205
159
84
214
204
172
81
214
268
175
165
169
149
162
162
176
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
106
233
68
169
176
177
167
179
178
179
181
180
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
350
152
169
203
174
204
97
121
365
153
170
173
199
99
119
363
145
168
211
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
185
160
111
159
165
160
159
163
168
169
169
156
162
153
152
159
169
163
168
208
198
205
219
211
205
207
179
180
142
160
180
182
152
177
182
152
177
180
190
153
198
176
192
149
207
174
187
148
190
145
149
23
49
50
7
102
104
23
158
161
58
154
156
76
236
240
243
245
139
276
405
143
294
414
143
316
417
141
335
422
Rubber Products
174
192
187
193
Minerals—Total
119
112
141
132
Fuels
122
120
152
58
49
60
50
154
Meat packing
Pork and lard
Beef.
,
Veal
Lamb and mutton.
.
. ,
Other manufactured foods
Processed fruits and vegetables
Confectionery
Other food products
Alcoholic Beverages
Malt liquor.
Whiskey
Other distilled spirits
Rectified liquors
Tobacco Products
Cigars
Cigarettes
Other tobacco products
Paper and Paper Products
Paper and pulp
Pulp
Groundwood pulp
Soda pulp.
Sulphate pulp
Sulphite pulp
Paper
Paperboard
Fine paper 2
Printing paper
Tissue and absorbent paper
Wrapping paper
Newsprint
r
173
158
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 Products
Paints
Industrial chemicals
Other chemical products 2
Coal
Bituminous coal
Anthracite
Metals
Metals other than gold and silver
Iron ore
(Copper; Lead; Zinc)2 .
Gold
Silver
.
78
168
196
153
120
78
P174 P171
'147 134 P122
175
133
184
146
187
190
P188
172
184
206
248
203
159
97
280
242
157
93
363
235
163
95
417
269
171
'167
84
611
315
111
934
464
155
146
549
340
161
168
170
154
197
172
96
212
59
126
269
80
120
229
71
185
173
191
194
177
205
109
120
373
146
173
213
166
202
119
110
372
140
161
198
181
211
124
115
381
152
177
228
184
212
132
114
381
151
180
232
167
166
158
112
172
171
167
115
156
182
151
117
'174
180
186
154
116
166
170
162
169
172
165
168
167
165
163
206
216
222
r229
238
P237
173
178
152
188
171
172
133
170
181
175
143
184
188
179
1E52
177
194
18?
154
186
200
190
174
194
P193
*198
124
127
21
146
145
181
174
170
320
175
171
328
177
170
428
176
170
368
176
167
178
170
439
248
247
247
252
256
261
261
266
v267
144
349
419
147
355
424
147
352
428
147
349
434
147
350
443
154
350
451
161
359
168
362
451
P166
P376
194
195
197
203
213
223
240
P245
130
118
144
140
145
151
144
158 P163
136
133
118 "148
147
148
155
148
162 P167
130
95
91
43
141
31
118
156
133
117
163
103
63
157
96
69
154
38
65
155
131
149
108
152
124
101
143
83
128
155
131
97
160
136
96
168
109
68
171
133 133
142 144
92
97
177 *»183
98
59
76
106
117
118
119
98
125
130
124
136 P141
133
63
91
141
160
161
159
121
166
177
167
P188 P197
50
54
52
57
54
63
55
64
57
60
58
63
62
72
62
81
66
63
77
62
73
1.13
207
171
Paperboard containers (same as Paperboard)
Printing and Publishing
155
175
145
121
177
76
r
221
r
448
r
r
183
155
116
r
470
P457
For other footnotes see preceding page.
NOTE.—For description and back figures see BULLETIN for October 1943, pp. 940-984, September 1941, pp. 878-881 and 933-937, and August
1940, pp. 753-771 and 825-882.
NOVEMBER
1950
1517
INDUSTRIAL PRODUCTION, BY INDUSTRIES
(Without Seasonal Adjustment)
[Index numbers of the Board of Governors.
1935-39 average=100]
1949
1950
Industry
Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. M a y June July Aug. Sept.
. . . 178
169
174
178
179
177
183
188
195
200
198
212
188
179
180
186
189
188
191
197
203
208
207
221
P223
200
176
181
201
206
204
210
221
232
238
237
249
P253
179
102
145
201
203
201
205
222
226
231
228
236
244
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
221
271
202
763
223
264
201
710
219
265
198
744
223
275
203
792
M.achinery
224
226
217
227
229
236
243
251
258
262
265
279 P284
Transportation Eouipynent
252
238
206
211
242
210
214
226
262
277 '272
287 P285
231
216
175
181
224
182
189
204
249
'268
157
164
164
167
180
190
201
198
197
207
202
212 P216
175
167
170
175
191
202
208
207
208
218
207
211 P209
150
162
161
163
176
184
197
194
192
202
200
212
141
138
144
145
130
138
147
158
162
166
161
177
P178
132
158
125
165
134
163
132
170
111
166
119
173
133
176
150
175
155
175
160
178
155
174
170
192
P171
191
193
188
181
179
179
180
197
209
212
213
220 P220
188
199
197
210
186
195
172
177
219
151
211
154
206
153
187
154
191
202
191
201
191
201
209
222
222
238
218
232
168
147
212
223
160
150
157
151
207
154
221
160
217
234
229
160
229
161
242
169
Industrial Production—Total
Manufacturers—Total
Durable IVEanufactures
Iron and Steel *
Pig iron
Steel
Open hearth
Electric
Automobiles (including parts)
(Aircraft; Railroad equipment;
Shipbuilding—Private
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
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
Woolen and worsted yarn
Woolen yarn.
Worsted yarn
Wbolen 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
2
Ice cream
. . .
...
P215
273 P267
P218
213
229
?39
2>170
178
181
178
175
175
176
177
178
180
184
182
198
155
169
175
173
178
179
173
174
175
173
165
189 P191
146
123
171 P173
155 152
'365 379
140
127
153
134
157
138
154
134
350
162
144
157
139
355
156
138
158
140
318
340
160
144
294
357
350
348
347
139
161
158
151
154
159
152
154
157
156
132
348
360
161
134
172
148
. . . . 138
135
128
145
140
178
158
154
141
174
163
140
144
135
158
166
193
136
133
119
153
159
215
147
131
119
148
156
215
163
140
122
165
156
210
153
134
116
161
146
222
143
134
119
156
149
216
149
140
127
158
153
205 135
152 139
147 127
134 1 1 7
165 140
162 143
210
178
158
144
179
169
114
108
98
101
108
118
115
110
101
104
99
121
98
110
76
84
86
125
99
107
83
85
93
115
95
105
78
77
91
101
99
111
86
79
72
103
96
105
84
85
74
116
109
120
89
92
100
124
97
108
75
90
79
128
101
112
80
86
95
115
94
104
72
86
88
106
100
111
80
90
86
107
87
100
56
79
71
107
106
117
88
84
190
177
162
156
149
146
148
150
157
164 '178
190 P187
120
118
111
104
114
113
109
101
103
102
112
114 P\\3
159
83
171
121
72
146
113
97
65
132
97
96
67
132
109
95
71
137
107
76
149
129
128
85
172
159
93
203
226
120
261
223 217
104
87
219 1 8 9
155
175
199
109
235
215
228
193
146
109
104
174
173
75
163
145
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
1518
FEDERAL RESERVE
BULLETIN
INDUSTRIAL PRODUCTION, BY INDUSTRIES—Continued
(Without Seasonal Adjustment)
flndex numbers of the Board of Governors.
1935-39 average=100]
1949
1950
Industry
Sept. Oct.
Nov. Dec. Jan. Feb. Mar. Apr.
May
June July Aug.
Sept.
141
134
148
147
114
135
147
119
76
152
155
16"5
132
84
Manufactured Food Products—Continued
Meat packing
Pork and lard
Beef
Veal
Lamb and mutton
145
155
172
143
158
148
89
186
173
145
147
88
214
137
142
81
244
137
118
84
165
135
92
78
148
145
229
149
100
90
171
137
101
74
144
166
136
102
72
161
142
102
73
Other manufactured foods
Processed fruits and vegetables
Confectionery
Other food products
207
267
184
195
194
193
172
198
175
123
150
193
165
103
141
184
155
92
143
173
154
86
140
174
154
83
126
177
153
90
108
177
157 1 6 3
98 ••122
101
99
182 1 8 5
179
180
171
151
143
143
162
168
177
202
219
237
217
168
69
133
72
138
83
249
156
146
168
218
504
753
242
235
205
95
258
269
192
111
240
160
81
139
268
214
84
369
144
84
128
204
179
93
314
139
88
168
205
167
97
503
132
77
312
390
315
464
340
185
171
172
138
162
154
167
152
168
176
160
204
181
125
247
81
123
225
77
120
231
69
88
188
58
97
224
68
102
209
65
97
230
72
91
209
67
93
237
64
106
245
69
96
223
59
126
283
78
120
245
76
169
176
177
167
178
179
179
182
181
185
172
rl91
194
160
177
93
102
168
191
97
112
168
191
97
113
160
180
99
107
171
198
97
118
173
199
101
113
175
205
107
121
173
201
106
119
340
336
181
209
110
115
184
210
118
114
144
164
145
165
354
360
350
372
381
381
152
169
145
168
140
160
152
177
151
180
206
193
149
168
153
170
210
148
166
203
138
157
365
363
133
157
209
205
203
207
211
178
205
110
120
373
146
173
213
166
200
105
110
315
312
172
201
102
117
198
228
232
161
168
167
166
157
136
172
150
168
150
156
145
167
167
175
171
167
156
174
173
155
177
162
187
160
96
96
92
166
158
180
95
173
163
98
98
102
113
Alcoholic
Beverages
..
Ivfalt Jicjuor
Whiskey
. .
O t h e r 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 p a p e r 2
Printing paper
Tissue and absorbent
Wrapping paper
Newsprint
.
.
.
.
.
paper
.
.
. . .
.
250
183
144
146
165
138
108
73
75
182
P200
254
1120
90
354
P200
P239
193 P192
174
151
183
155
113
172
174
167
116
115
115
116
186
154
159
169
167
162
157
166
172
174
169
169
150
161
173
Newsprint consumption
157
171
167
159
147
166
170
178
172
166
144
148
165
Petroleum and Coal Products
208
198
205
219
211
205
207
206
216
222
229
238
Gasoline
Fuel oil
Lubricating oil .
Kerosene
179
180
177
180
180
142
182
152
182
152
190
151
176
174
173
181
187
146
178
150
172
139
175
149
177
182
204
187
153
200
159
212
199
192
174
186
188
179
152
166
194
192
145
Coke
By-product coke
Beehive coke
145
149
23
49
50
7
102
104
23
158
161
58
154
156
76
124
127
21
146
145
181
174
170
320
175
171
328
177
170
428
176
170
368
238
245
247
249
249
250
250
253
255
258
257
138
143
141
141
141
276
405
294
414
316
417
146
147
149
151
335
422
159
349
419
355
424
352
428
349
434
350
443
158
350
451
Rubber Products
174
192
187
193
194
195
197
203
213
Minerals—To ta I
123
111
141
128
125
113
139
138
147
1S5
122
120
152
136
133
118
148
147
148
58
49
130
95
91
43
141
131
124
60
50
31
118
133
117
154
156
163
103
63
96
69
38
65
157
154
149
108
143
83
131
97
155
152
155
128
63
76
81
80
81
83
179
267
64
18
87
54
98
72
98
71
100
64
101
63
57
55
61
62
64
57
64
54
61
52
65
55
74
55
82
57
Printing and Publishing
Chemical Products
Paints.
Rayon
Industrial chemicals
Other chemical products
2
Fuels
Coal
..
Bituminous coal. .
Anthracite
Crude petroleum
.
Metals
.
.
Metals other than gold and silver
Iron ore
Gold
Silver
..
..
.
. . .
57
in
r
P237
190
173
187
173
r
176
167
470
178
170
439
263 P269
165
362
451
$376
*>457
223
240
P245
149
163 P167
155
148
162 P167
101
133
133
109
68
142
97
160
128
136
96
168
171
144
92
177 P 1 8 3
87
140
155
158
169 P171
105
79
497
273
224
325
227 P243
343 368
75
r
221
74
r
359
448
r
P243
P365
60
72
For other footnotes see preceding page.
NOTE.—For description and back figures see BULLETIN for October 1943, pp. 940-984, September 1941, pp. 878-881 and 933-937, and August
1940, pp. 753-771 and 825-882.
NOVEMBER
1950
1519
FACTORY EMPLOYMENT, BY INDUSTRIES
[Unadjusted, estimates of Bureau of Labor Statistics.
Adjusted, Board of Governors]
[Thousands of persons]
1950
1949
Industry group or industry
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
June
May
July
Aug.
Sept.
ADJUSTED FOR SEASONAL
VARIATION
11 ,557 11,164 11,167 11,413 11 ,506 11 ,484 11 ,574 11,731 12,048 12,200 12,356 12,677 12 ,731
Manufacturing—Total
6 ,042 6,200 6,493 6,624 6,714 6,931 6 ,963
5,674 5,910 5 ,994 5 ,966
6 ,047 5,610
Durable goods
1 ,103
973
958
9^8
946
977
1,036
1,069
1,089
556
739
1,007
1,055
Primary metal industries
702
678
691
749
792
825
674
663
777
831
708
686
718
Fabricated metal products
971
924
955
1,041
1,068
940
927
913
1,028
1 ,062
937
998 1,017
Machinery except electrical
574
567
612
642
675
5,34
548
618
656
543
538
595
Electrical machinery
s.ss
879
978
877.
1 140
898
896
1 017
986
1,045
1,078
1,075
1,122
899
Transportation equipment
669
685
687
745
685
723
734
753
760
671
703
679
655
Lumber and wood products
791
798
283
315
373
276
311
312
323
305
Furniture and fixtures
?76
278
?85
410
410
412
409
409
408
407
419
432
441
447
457
453
Stone, clay, and glass products..
Instruments and related prod170
170
704
17?
171
171
173
180
187
173
173
176
193
ucts
Miscellaneous manufacturing in,345
351
356
354
410
367
363
373
382
382
406
365
dustries
18
17
17
18
18
19
19
20
71
17
17
18
19
Ordnance and accessories
5 ,532 5,531 5,555 5,576 5,642 5,746 5 ,768
5 ,510
5,554 5,493 5,503 5 ,512 5 ,518
Nondurable goods
1 ,143
1 ,165 1 166
1 ,171
1 ,?68
1,169
1,168
1,196
1,245
1,172
1,172
1,174
1,168
Textile-mill products
Apparel and other finished tex1 ,050
1 ,03?
1 034
1 ,0^7
1 ,061
1,041
1,025
1,022
1,022
1,068
1,046
1,018
1,018
tiles
350
346
334
345
348
344
350
356
363
347
348
349
363
Leather and leather products. . .
1 ,160 1 ,157
1 ,167
1 ,164
1,155
1,171
1,177
1,158
1,166
1,172
1,174
1,169
1 ,173
Food and kindred products
81
85
8?
83
85
79
84
83
82
82
80
79
87
Tobacco manufactures . . . .
384
394
401
,386
389
386
,387
405
390
413
391
Paper and allied products
Printing, publishing and allied
495
498
495
493
495
494
505
495
499
501
500
509
508
industries
478
478
475
492
497
499
475
480
490
501
476
475
503
Chemicals and allied products. .
186
185
180
185
187
185
178
178
180
188
186
186
185
Products of petroleum and coal.
183
202
182
187
188
191
211
167
185
185
197
206
Rubber products
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
Ship and boat building and
repairing
Lumber and Wood Products
Sawmills and planing mills..
Millwork, plywood, etc
Furniture and Fixtures
Household furniture
Stone, Clay, and Glass Products..
Glass and glass products. . .
Structural clay products....
Instruments and Related Products.
Miscellaneous Manufacturing In-
11 ,775
6 ,060
938
11,368 11,289 11,504 11 ,449 11 ,460 11 ,549
5,651 5,719 5,961 6 ,00© 5 ,982 6 ,070
978
982
559
955
963
743
11,597 11,841 -12,066 1 2 , 1 4 8 12,789 12 ,943
6,195 6,456 '6,596 ^6,597 6,892 6 ,980
1 ,103
1,007
1,026 '1,050 '1,053
1,084
499
131
325
507
511
512
507
523
529
538
542
549
4?
39
38
41
43
45
45
45
46
46
45
46
67
63
666
73
688
74
693
75
77
708
70
677
698
709
77
722
79
742
80
769
•79
'772
83
813
114
116
116
119
129
131
133
129
132
110
116
113
111
108
11?
114
118
119
122
120
132
156
935
129
134
142
141
149
154
158
165
908
929
937
143
981
146
922
141
960
1,003
1,022
'1,033
'1,031
1,057
140
149
128
148
125
146
131
146
133
147
137
149
140
152
142
155
142
158
141
163
1??
119
117
117
117
118
119
121
123
••125
124
127
10?
108
109
119
133
1,38
143
149
148
146
145
531
548
546
559
561
573
580
595
606
615
623
658
653
201
182
1 ,017
203
193
986
202
200
898
208
201
896
?08
203
978
872
212
879
217
217
899
222
220
1,045
222
227
'1,078
227
229
'1,075
238
250
1,122
1 ,140
686
191
666
582
585
675
736
184
184
184
576
184
595
188
567
184.
185
185
74
69
689
414
71
692
413
69
682
404
66
642
381
67
677
67
692
410
67
723
430
98
101
107
104
106
284
206
283
207
102
289
211
303
222
303
221
303
222
411
108
70
174
412
107
71
173
403
106
408
108
410
109
69
69
419
113
432
116
68
441
118
69
73
76
172
411
108
71
174
172
171
172
174
176
180
222
'440
114
r
77
180
366
18
383
18
381
17
361
17
345
17
356
17
361
18
363
18
362
19
367
19
357
19
684
416
95
777
199
414
107
n
174
207
652
,"386
101
797
,399
107
Wf
212
141
161
r
831
1 ,057
141
170
762
784
187
188
201
>"68
'437
68
'745
-440
78
772
456
••109
109
113
302
318
234
325
459
122
78
191
455
398
20
416
21
r
775
204
' Revised.
NOTE.—Factory employment covers production and related workers only; data shown include all "full- and part-time production and related
workers who worked during, or received pay for, the pay period ending nearest the 15th of the month.
Figures for September 1950 are preliminary. Back data and data for industries not shown, without seasonal adjustment, may be obtained from
the Bureau of Labor Statistics. Seasonal factors currently used in compiling the adjusted series for groups and the total have been revised somewhat; revised back data, seasonally adjusted, may be obtained from the Division of Research and Statistics.
1520
FEDERAL RESERVE BULLETIN
FACTORY EMPLOYMENT, BY INDUSTRIES—Continued
[Unadjusted, estimates of Bureau of Labor Statistics. Adjusted, Board of Governors]
[Thousands of persons]
1949
Industry group or industry
Sept.
Oct.
1950
Nov.
Jan.
Dec.
Feb.
Mar.
Apr.
June
May
July
Aug.
Sept.
5,715 5,717 5,570 5,543 5,449 5,478 5,479 5,402 5,385 '5,470 '5,551 5,897 5,963
1,177
1,162 ' i , 174 rl, 160 1,226 1,255
146
143
'147
155
573
'580
'571
595
213 '212
209
227
Textile-mill Products
Yarn and thread mills
Broad-woven fabric mills....
1,132
219
227
230
227
223
223
Apparel and Other Finished Textiles
Men's and boys' suits, coats and overcoats
Ivf en's and boys' furnishings
Women's and misses' outerwear
1,082
1,083
1,028
1,040
1,032
1,065
133
129
118
127
130
135
246
319
252
308
247
296
241
302
244
315
245
280
241
272
239
254
354
230
349
224
332
208
343
.224
348
231
357
235
357
235
341
222
335
218
L e a t h e r and L e a t h e r P r o d u c t s . . . . . . . .
Footwear (except rubber)
Beverage industries
.
P&Per and Allied Products
.
.
Printing, Publishing and Allied Industries
Commercial printing
.
Chemicals and A Hied Products
Industrial inorganic chemicals
144
565
1,187
1,183
149
568
149
574
1,139
1,078
1,055
242
99
160
195
251
96
136
190
244
95
117
186
232
97
110
188
157
149
146
141
135
94
92
89
87
85
384
197
392
200
393
201
390
200
495
144
162
500
144
166
500
145
165
478
488
485
52
141
51
143
1,058
1,060
145
1,003
1,065
976
*976
TQ7Q
129
135
'238
'248
127
'231
'267
343
224
r
1,084
351
230
1,093
138
251
306
370
237
370
r
/ 0P0 l, 141 l r228 1 328 1 322
227
'232
234
236
134
103
120
191
139
141
146
157
'162
81
78
76
76
75
75
82
90
385
199
386
200
389
200
391
201
392
202
*399
205
397
204
411
208
419
501
145
168
493
142
167
495
145
165
496
146
497
148
165
498
149
164
'500
150
166
500
150
'164
504
149
165
508
484
480
485
50
144
52
144
490
485
*482
479
491
506
53
146
61
53
148
54
150
49
153
61
62
51
151
63
64
143
136
177
136
181
138
182
'138
192
147
188
189
191
194
199
r
200
209
212
83
84
86
88
'88
90
51
144
61
62
62
62
62
59
185
148
188
148
185
146
184
145
183
167
187
186
187
187
81
149
574
228
99
109
190
189
149
81
1,172
149
571
1,185
64
Tires and inner tubes
147
572
236
104
232
199
1,273
50
140
Petroleum refining
1,184
230
110
322
196
1,340
Food and Kindred Products
Meat products
Dairy products
Canning and preserving.
Tobacco Manufaciures
1,168
140
547
82
83
144
83
165
52
145
58
114
108
127
193
116
114
301
192
'151
191
194
168
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
Sept.
Manufacturing—Total.
Durable goods
Primary metal industries
Fabricated metal products
,
Machinery except electrical
,
Electrical machinery
Transportation equipment
Lumber and wood products
Furniture and fixtures. . ,
Stone, clay, and glass products
,
Instruments and related products.
Miscellaneous manufacturing industries
Ordnance and accessories
,
Nondurable goods
Textile-mill products
Apparel and other finished products
Leather and leather products
Food and kindred products
Tobacco manufactures
Paper and allied products
Printing, publishing and allied products
Chemicals and allied products
,
Products of petroleum and coal
,
Rubber products
1950
1949
1950
1949
July
Aug.
Sept.
Sept.
Average hourly earnings
(dollars per hour)
1950
1949
July
Aug.
Sept.
Sept.
1950
July
Aug.
Sept.
55.72
59.21
60.32
60.53
39.6
40.5
41.2
40.9
1.407
1.462
1.464
1.480
58.69
'62.85
64.33
64.90
39.6
'41.0
41.8
41.6
1.482
'1.533
1.539
1.560
60.42
59.25
60.44
57.88
67.13
52.83
50.72
54.73
55.26
50.57
59.76
'66.83
62.71
'66.27
'59.79
'71.41
'56.28
'52.15
'58.55
'58.96
'52.93
64.52
67.73
64.73
67.65
60.46
72.65
58.46
55.00
59.39
60.19
54.91
64.80
69.64
65.95
69.15
61.49
70.65
57.44
54.73
59.86
63.44
56.33
66.87
37.6
40.2
39.3
40.0
40.1
40.7
41.0
39.6
39.5
40.2
40.3
'40.6
41.2
41.6
'40.7
'41.3
41.2
41.0
'40.8
'40.8
'40.5
42.2
41.3
42.2
42.2
41.1
41.8
42.3
42.8
41.5
41.0
41.6
41.7
41.6
42.3
42.5
41.1
40.3
41.5
42.2
41.0
41.9
42.1
42.7
1.607
1.474
1.538
1.447
1.674
1.298
1.237
1.382
1.399
1.258
1.483
1.646
1.522
'1.593
1.469
'1.729
'1.366
'1.272
'1.435
1.445
'1.307
1.529
1.640
1.534
1.603
1.471
1.738
1.382
1.285
1.431
1.468
1.320
1.554
1.674
1.559
627
496
1.753
384
1.297
1.460
1.514
1.338
1.566
52.59
'54.69
55.65
55.42
39.6
39.8
40.5
40.1
1.328
'1.374
1.374
1.382
45.82
44.01
41.99
53.63
38.39
57.64
72.02
59.66
74.47
61.01
'47.23
'43.30
'44.73
'56.85
'42.05
'61.45
'72.41
62.84
76.31
'66.19
49.53
46.18
46.45
56.41
43.44
62.80
73.09
63.14
74.22
67.61
50.18
43.68
45.47
56.32
41,25
62.59
74.37
63.45
76.03
n.a.
38.6
36.8
36.8
41.8
38.9
42.6
39.1
41.4
41.1
40.3
39.0
'36.2
38.1
42.3
38.4
43.4
38.6
41.1
41.7
'41.5
40.6
37.7
39.2
42.0
39.6
44.1
38.9
41.4
40.8
42.6
40.8
36.1
37.7
41.5
39.4
43.8
39.1
41.5
41.3
n.a.
1.187
1.196
1.141
1.283
.987
1.353
1.842
1.441
1.812
1.514
'1.211
'1.196
'1.174
'1.344
'1.095
'1.416
'1.876
1.529
1.830
'1.595
1.220
.1.225
1.185
1.343
1.097
1.424
1.879
1.525
1.819
1.587
1.230
1.210
1.206
1.357
1.047
1.429
1.902
1.529
1.841
n.a.
* Revised.
n.a. Not available.
NOTE.—Data are for production and related workers,
of Labor Statistics,
NOVEMBER
Average hours work
(per week)
Figures for September 1950 are preliminary.
Back data are available from the Bureau
1521
EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS, BY INDUSTRY DIVISION
[Unadjusted, estimates of Bureau of Labor Statistics. Adjusted, Board of Governors]
[Thousands of persons]
Contract
construction
Transportation and
public
utilities
Trade
Finance
Service
Federal,
State, and
local
government
947
983
917
883
826
852
943
981
932
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
7,416
7,333
7,189
7,260
7,522
8,602
9,196
9,491
9,438
1,462
1,440
1,401
1,374
1,394
1,586
1,641
1,716
1,763
3,705
3,857
3,919
3,934
4,055
4,621
4,786
4,799
4,782
4,622
5,431
6,049
6,026
5,967
5,607
5,454
5,613
5,811
1 4 088
13,678
13,684
13,946
943
591
917
940
2,188
2,203
2,200
2,131
3,939
3,877
3,895
3,930
••9,419
9,386
••9,339
9,426
1,780
1,785
1,784
1,788
4,785
4,770
'4,792
'4,786
5,872
5,845
5,820
5,811
»*42,627
'42,283
'42,752
'43,212
'43,578
'44 010
'44,222
'44,859
45,037
1 4 040
14,023
1 4 135
1 4 302
14,629
1 4 802
1 4 971
15,320
15,397
867
604
944
942
941
943
'914
945
947
2,109
2,091
2,096
2,163
2,223
••2,299
•"2,356
2,418
2,404
3,902
3,874
3,906
3,948
3,888
3,995
••4,020
4,069
4,096
••9,371
••9,358
»-9,348
••9,391
9,459
»-9,532
••9,535
••9,619
9,595
1,781
1,786
1,791
1,794
1,803
1,809
1,805
1,820
1,837
'4,773
4,768
'4,756
'4,757
'4,766
'4,778
'4,770
'4,780
4,768
5,784
5,779
5,776
5,915
5,869
5,852
5,851
5,888
5,993
43,466
42,601
42,784
43,694
14,312
13 892
13,807
14,031
948
593
917
940
2,341
2,313
2,244
2,088
3,959
3,871
3,892
3,930
9,409
9,505
9,607
10,156
1,771
1,767
1,766
1,770
4,833
4,794
4,768
4,738
5,893
5,866
5,783
6,041
42,125
41,661
42,295
42 926
43,311
»"43,945
'44,058
45,031
45,500
13,980
13,997
14,103
14 162
14,413
14,666
1 4 771
15,444
15,616
861
595
938
939
940
••946
r
921
953
951
1,919
1,861
1,907
2,076
2,245
'2,414
'2,521
3,869
3,841
3,873
3,928
3,885
4,023
••4,060
4,116
4,116
9,246
9,152
9,206
9,346
9,326
'9,411
'9,370
9,443
9,586
1,772
1,777
1,791
1,803
1,812
1,827
1,832
1,838
1,828
4,701
4,696
4,708
4,757
4,790
'4,826
'4,842
4,828
4,816
5,777
5,742
5,769
5,915
5,900
5,832
5,741
5,798
6,015
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
1949—September
October
November
December
'43,014
'42,135
'42,431
••42,758
1950—January . ..
February
March
April
May
June
July
August
September
Year or month
1941
1942
1943
1944
1945
1946
1947
1948. . .
1949
....
Mining
SEASONALLY ADJUSTED
UNADJUSTED
1949—September
October . .
November.......
December
1950—January
February
March
April
May
June
July
August
September
2,611
2,572
' Revised.
NOTE.—Data include all full- and part-time employees who worked during, or received pay for, the pay period ending nearest the 15th of
the month. Proprietors, self-employed persons, domestic servants, unpaid family workers, and members of the armed forces are excluded. September 1950 figures are preliminary. Back unadjusted data are available from the Bureau of Labor Statistics; seasonally adjusted figures beginning
January 1939 may be obtained from the Division of Research and Statistics.
LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT
[Bureau of the Census estimates without seasonal adjustment.
Thousands of persons 14 years of age and over]
Civilian labor force
Year or month
Total noninstitutional
population
Total
labor
force
Employed 1
Total
Total
In nonagricultural industries
In
agriculture
Unemployed
Not in the
labor force
102,460
103,510
104,480
105,370
106,370
107,458
108,482
109,623
60,230
64,410
65,890
65,140
60,820
61,608
62,748
63,571
56,410
55,540
54,630
53,860
57,520
60,168
61,442
62,105
53,750
54,470
53,960
52,820
55,250
58.027
59,378
58,710
44,500
45,390
45,010
44,240
46,930
49,761
51,405
50,684
9,250
9,080
8,950
8,580
8,320
8,266
7,973
8,026
2,660
1,070
670
1,040
2,270
2,142
2,064
3,395
42,230
39,100
38,590
40,230
45,550
45,850
45,733
46,051
1949—September
October
November
December
109,860
109,975
110,063
110,169
64,222
64,021
64,363
63,475
62,763
62,576
62,927
62,045
59,411
59,001
59,518
58,556
51,254
51,290
51,640
51,783
8,158
7,710
7,878
6,773
3,351
3,576
3,409
3,489
45,638
45,953
45,701
46,694
1950—January
February
March
April
May
June
July
August
September
110,256
110,344
110,442
110.536
110,608
110,703
110,806
110,924
111,030
62,835
63,003
63.021
63,513
64,108
66,177
65,742
66,204
65,020
61,427
61,637
61,675
62,183
62,788
64,866
64,427
64,867
63,567
56,947
56,953
57,551
58,668
59,731
61,482
61,214
62,367
61,226
50,749
50,730
50,877
51,473
51,669
52,436
52,774
54,207
53,415
6,198
6,223
6,675
7,195
8,062
9,046
8,440
8,160
7,811
4,480
4,684
4,123
3,515
3,057
3,384
3,213
2,500
2,341
47,420
47,342
47,422
47,024
46,500
44,526
45,064
44,718
46,010
1942
1943
1944
1945
1946
1947
1948
1949
1
Includes self-employed, unpaid family, and domestic service workers.
NOTE.—Details do not necessarily add to group totals. Information on the labor force status of the population is obtained through interviews of households on a sample basis. Data relate to the calendar week that contains the eighth day of the month. Back data are available
from the Bureau of the Census.
1522
FEDERAL RESERVE BULLETIN
CONSTRUCTION CONTRACTS AWARDED, BY TYPE OF CONSTRUCTION
[Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in millions of dollars]
Nonresidential building
Residential
building
Total
Month
Factories
1949
1950
1949
1950
730.9
779.5
300.2
350.5
347.6
345.5
420.2
548.9
286.5
159.1
193.1
251.8
307.2
351.3
375.0
344.8
398.7
503.5
500.7
435.2
419.1
343.5
361.5
574.7
674.8
674.6
628.1
675.1
754.1
549.6
483.0
568.5
747.6 1
845.9 1
885.4 1
949.9 1
947.8 1
911;0 1
1,071.7
1,061.8
957.8
929.0
January.
February
March
April
May
June
July
August..
September
October
November
December
Year
. . 10,359.3 .
1949
Commercial
Educational
1950
1949
1949
37.7
27.9
161.5
119.2
83.7
69.3
79.8
128.8
90.8
62.6
58.8
88.4
92.0i
68.5
70.9|
73.4
64.4
103.9
82.8
58.6
60.7
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
CONSTRUCTION CONTRACTS AWARDED, BY OWNERSHIP
[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
January. . .
February. .
March
April
May
June
July
August....
September.
October
November..
December..
1949
615
483
682
568
690
748
874
846
971
885
935
950
963
948
854
911
762 1,072
779 1,062
611
958
694
929
1950
106.8
96.4
97.7
117.4
137.9
137.2
1950
38.1
44.7
60.4
68.4
76.0
81.4
91.2
72.9
78.6
83.6
62.3
66.9
63.5
58.0
96.3
97.0
100.2
128.3
121.2
113.1
119.4
824.4
885.0
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
148.7
168.8
162.2
151.4
1,375.9
1949
1950
102.0
153.5
168.4
222.4
213.5
239.0
252.7
234.3
223.1
204.0
256.4
206.8
152.1
152.5
224.9
227.0
264.5
273.4
258.0
253.8
238.2
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]
197
248
181
236
298
338
335
276
259
262
199
278
160
252
282
319
369
375
410
316
289
332
316
299
3,107 3,718
201
285
481
354
389
428
460
438
419
434
509
638
673
597
628
579
503
517
413
416
323 530
317 495
466 819
527 996
517 959
574 917
537 960
595 1,111
783
730
642
630
6,323 6,641
LOANS INSURED BY FEDERAL HOUSING ADMINISTRATION
[In millions of dollars]
Title I loans
Total
1,172
1941
1,137
1942
935
1943 .•
875
1944
666
1945
755
1946
1,787
1947
3,338
1948
43,821
1949
309
1949—September..
383
October
4 323
November..
4371
December. .
4337
1950—January
February.. . 4329
4 353
March.
4 329
April
<351
May
4 376
June
4 369
July
4414
August
September.. 4 373
Property
improve-x
ment
Small
home
construction
249
141
87
114
171
321
534
614
594
60
65
58
71
57
44
44
27'
48
78
61
69
55
21
15
1
7
13
I
I
1949
Federal Reserve district
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
Total (11 districts)
Sept.
Aug.
Sept.
64,450
191,949
72,716
141,878
147,266
139,206
208,821
88,438
59,658
57,075
115,084
94,199
222,384
126,741
176,195
165,383
143,192
261,984
103,337
60,406
63,701
131,354
74,620
181,790
100,301
106,814
150,067
87,684
171,597
64,121
32,952
39,640
62,088
1,286,541 1,548,876 1,071,674
Mortgages on
War and
1- to 4- Rental
Vetand
family group
erans'
houses housing housing
(Title (Title
(Title
ID
VI) 2
ID
877
691
245
216
219
347
446
880
1,855
163
188
189
206
228
203
209
171
176
181
183
217
216
13
6
3
()
4
3
7
1
1
8
13
284
603
537
272
85
808
1,836
1,339
84
128
67
90
51
73
88
122
110
113
HI
122
88
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.
NOVEMBER 1950
1950
1948 1949 1950 1948 1949 1950
731
780
1,300
1,350
1,348
1,345
1,420
1,549
Y e a r . . . . 9,430 10,359
Year or month
60.6
58.3
88.6
Other
Public ownership Private ownership
Total
1948
1950
Public works
and public
utilities
INSURED FHA HOME MORTGAGES (TITLE II) HELD IN
PORTFOLIO, BY CLASS OF INSTITUTION
[In millions of dollars]
End of month
Total
Savings
Com- Mutual
and
mersavloan
cial
ings
banks banks associations
Insur- Fedance
eral Others
com- agenpanies cies 1
1936—Dec
1937—Dec
1938—Dec
1939—Dec
1940—Dec
1941—Dec
1942—Dec
1943—Dec
1944—Dec
365
771
1,199
1,793
2,409
3,107
3,620
3,626
3,399
228
430
634
902
1,162
1,465
1,669
1,705
1,590
8
27
38
71
130
186
236
256
260
41
56
118
110
212
149
342
192
542
224
789
254
276 1,032
292 1,134
269 1,072
5
32
77
153
201
234
245
79
68
27
53
90
133
150
179
163
159
140
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
Dec
3,102
2,946
1,488
1,429
260
252
247
233
974
917
11
9
122
106
1947—June
Dec
2,860
2,871
1,386
1,379
245
244
229
232
889
899
8
* 7
102
110
1948—June
Dec
2,988
3,237
1,402
1,429
251
265
245
973
269 1,113
7
9
110
152
3,894
4,751
1,587
1,771
305
378
323 1,431
416 1,828
21
52
227
305
1949—June
Dec,
.
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.
1523
MERCHANDISE EXPORTS AND IMPORTS
(In millions of dollars]
Merchandise imports s
Merchandise exports *
Excess of exports
Month
January.
February
March
April .
May
Tune
. «
.....
1946
1947
1948
1949
1950
798
670
815
1,114
1,146
1,326
1L,092
1,105
1,043
1,189
P743
P77O
1L139
757
1,294
1,414
1,235
1,121
1,103
L.014
1,155
1,145
1,112
1,235
1 141
1,114
1.023
10,940
9,489
851
878
..
July
August
September....
826
883
643
537
October
986
December
1 097
Jan.-Sept
7,120
1946
1947
394
318
385
531
437
547
589
P864
445
675
1,172
1,095
1,107
P806
P828
. P876
406
393
382
512
474
463
1,019
900
P3 774
992
'884
'910
P761
431
422
377
450
400
394
492
478
529
455
603
554
720
3,507
4,184
5,249
1,085
926
823
1,318
P910
*>853
P841
P944
9,404 P 7 , 3 3 3
1950
1946
633
P623
P600
P664
405
352
431
532
554
625
535
541
526
P583
P659
P685
351
457
496
564
606
457
491
560
530
P709
P819
P858
395
461
266
600
*»557
P593
142
508
567
3,613
6,756
1948
473
1949
590
567
P605
4,868
P6.201
1947
1948
1949
1950
583
709
545
496
882
464
557
515
477
P120
P170
P200
782
940
772
590
549
389
638
554
581
P223
705
745
456
386
'444
639
365
379
743
423
687
511
269
598
»296
P248
»339
4,240
4,537
393
»169
P191
P65
p-58
P53
P1,132
r
p Preliminary.
Revised.
1
Includes both domestic and foreign merchandise. Beginning January 1948, recorded exports include shipments under the Army Civilian
Supply
Program for occupied areas. The average monthly value of such unrecorded shipments in 1947 was 75,9 million dollars.
2
General imports including merchandise entered for immediate consumption and that entered for storage in bonded warehouses.
* Includes 47.0 million dollars of Mutual Defense Assistance Program shipments which were excluded from the export statistics for April,
May, and June,
Source.—Department of Commerce.
Back figures.—See BULLETIN for March 1947, p. 318; March 1943, p. 261; February 1940, p. 153; February 1937, p. 152; July 1933, p. 431;
and January 1931, p. 18.
FREIGHT CARLOADINGS, BY CLASSES
[Index numbers, 1935-39 average = 100]
For-
Live- 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.1.
77
100
114
139
155
141
143
129
143
153
149
123
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
57
138
77
125
160
130
54
96
148
125
153
152
131
127
79
85
75
72
121
124
137
134
145
28
42
146
57
125
111
119
127
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
123
119
116
105
126
181
181
192
195
194
131
127
130
135
139
68
66
61
61
60
129
134
144
148
155
121
121
179
186
190
137
133
138
140
147
53
51
52
51
56
134
135
201
128
72
148
198
142
55
1949—August
September.
October
November...
December. . .
120
114
99
120
107
103
60
42
131
97
119
128
53
96
155
149
140
153
149
123
73
104
131
95
69
131
130
131
135
119
240
218
35
51
45
128
135
121
124
120
57
55
56
. 55
50
1950—January
February....
March
April
May
June..
July.
August
September...
107
96
120
97
46
139
.158
130
144
119
111
116
68
52
53
106
115
123
42
39
39
122
125
129
139
122
122
127
135
135
142
141
149
154
49
51
54
54
51
52
51
56
57
.
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
117
103
123
105
92
117
115
60
42
131
97
117
104
127
126
122
127
126
135
SEASONALLY
ADJUSTED
1949—August
September...
October
November...
December. . .
1950—January
February....
March
April
May
June .
July
August....
September...
UNADJUSTED
123
119
177
179
115
112
61
59
131
130
116
105
188
190
133
162
140
145
126
135
186
198
150
143
51
48
57
95
63
217
150
149
277
298
163
160
285
298
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.
1524
[In millions of dollars]
Total
Total
railway
railway
operating expenses
revenues
Annual
1939
3,995
1940
4,297
1941....... 5,347
1942
7,466
9,055
1943
1944
, 9,437
1945
, 8,902
1946
., 7,628
8,685
1947
1948
., 9,672
P8.580
1949
Net
railway
operating
income
Net
income
3,406
3,614
4,348
5,982
7,695
8,331
8,047
7,009
7,904
8,670
P7.893
589
682
998
1,485
1,360
1,106
852
620
781
1,002
*>687
93
189
500
902
873
667
450
287
479
699
P438
SEASONALLY
ADJUSTED
1949—August
September.,
October...
November.
December.
697
685
623
708
712
659
633
592
636
632
38
52
31
72
81
5
19
0
39
49
1950—January...
February..
March....
April
May
June
July
August
689
638
723
730
715
791
772
833
629
606
655
667
661
691
686
744
60
32
67
63
54
100
86
29
1
36
32
20
70
54
56
1949—August
September.
October
November.,
December.,
743
695
649
705
711
677
631
602
629
642
'65
64
47
76
69
39
38
24
54
82
1950—January
February..
March.
April
May
June
,
July
August. . . ,
657
585
743
714
745
779
772
890
624
570
668
652
678
689
688
768
33
15
76
62
67
90
84
122
11
-9
49
38
45
72
59
96
UNADJUSTED
v Preliminary.
' Revised.
NOTE.—Descriptive material and back figures may be obtained from the Division of Research and Statistics. Basic
data compiled by the Interstate Commerce Commission.
Annual figures include revisions not available monthly.
FEDERAL RESERVE BULLETIN
DEPARTMENT STORE STATISTICS
(Based on retail value figures]
SALES AND STOCKS, BY FEDERAL RESERVE DISTRICTS
[Index numbers, 1935-39 average = 100]
Federal 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
289
276
277
293
241
211
234
239
'242
223
227
237
277
260
267
276
279
259
266
283
'308
295
305
311
367
376
367
382
'282
258
262
281
332
309
300
330
276
278
267
293
312
301
299
322
'375
387
371
403
326
337
319
339
282
280
274
292
290
298
362
335
*>320
244
229
216
244
231
240
268
268
P253
229
220
217
235
226
242
274
277
262
267
276
262
281
270
285
331
319
310
290
271
270
299
299
299
364
334
333
300
299
288
323
320
332
393
359
331
376
383
374
397
390
392
494
415
274
262
265
269
277
278
330
335
305
282
300
297
319
330
326
418
370
360
246
284
249
277
268
283
342
321
300
301
298
307
309
322
414
355
396
409
389
401
403
410
537
449
420
316
323
321
333
336
342
454
'374
369
1949—September. ......
October
November...
December
'300
293
339
481
248
234
292
418
'247
243
293
401
280
279
355
472
282
274
332
465
'330
314
378
541
381
395
426
642
'296
271
324
438
335
331
378
504
307
314
310
438
328
325
347
505
'405
414
442
662
331
339
358
565
1950—January
February...... .
March
April
May
June
July
August
September
216
224
257
285
286
281
283
281
P331
185
177
207
241
228
230
185
198
P261
183
183
208
225
221
230
192
202
267
197
207
255
276
275
271
239
239
313
215
217
256
290
296
281
284
290
337
218
234
283
313
315
306
285
287
355
285
322
359
389
378
345
386
373
P426
205
204
241
269
280
278
271
278
320
232
252
285
316
323
293
326
318
363
188
210
228
278
273
272
276
287
228
244
277
304
306
296
340
326
P363
313
327
362
393
391
353
429
399
454
251
273
291
321
319
321
387
352
374
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—September
October
November
December
'264
270
273
271
195
206
219
228
'215
216
221
227
232
231
231
232
242
252
258
262
295
305
295
295
337
347
352
352
252
265
261
253
280
298
308
309
296
298
305
292
'260
278
284
276
356
366
365
351
334
325
329
321
1950—Tanuary
272
279
285
286
285
276
'269
284
223
222
233
231
228
215
198
213
227
227
224
231
230
228
222
218
226
243
234
234
239
249
244
244
241
259
275
256
269
276
283
280
265
252
265
296
291
307
324
329
331
338
329
334
345
357
350
'359
360
370
359
'360
405
438
264
262
264
265
265
258
252
267
288
288
321
326
329
313
299
283
295
325
304
308
307
316
322
304
286
302
323
283
283
294
296
295
288
270
286
*>306
353
364
362
375
380
375
374
406
427
322
343
355
341
338
324
322
334
389
1949—September
October
November
December
'275
297
305
244
210
232
249
205
'227
244
255
207
241
265
266
204
264
287
279
219
309
339
327
267
347
379
395
306
259
288
298
237
311
333
329
259
301
313
331
270
'265
298
313
246
367
384
405
323
334
346
365
293
1950—January
February
March.
244
267
290
294
289
267
'258
285
P322
198
209
226
227
226
206
192
223
245
200
217
237
237
231
209
194
226
256
204
230
251
259
249
229
217
254
286
224
251
273
287
283
261
251
280
324
267
299
334
344
337
305
308
337
362
321
354
'377
378
366
345
'339
401
451
238
254
274
273
268
248
232
259
297
248
289
317
329
313
299
295
322
361
279
296
319
321
323
294
292
299
328
257
278
300
305
301
288
265
281
P312
328
357
384
393
380
353
351
402
440
294
323
348
347
350
326
332
333
389
Minne- Kansas
Dallas
apolis
City
San
Francisco
SALESi
1945
1946
1947
1948
1949
SEASONALLY ADJUSTED
1949—September
October
November
December.
1950—January
February
March
May.. „
June
July
August. .
September
UNADJUSTED
P321
STOCKSi
1945
1946
1947
1948
1949
.
SEASONALLY ADJUSTED
March
April
May
June
July
August
September
.
UNADJUSTED
May
June
July
August. . .
September
9 Preliminary.
' Revised.
1
Figures for sales are the average per trading day, while those for stocks are as of the end of the month or the annual average,
NOTE.—For description and monthly indexes for back years for sales see BULLETIN for June 1944, pp. 542-561, and for stocks see BULLETIN
for June 1946, pp. 588-612.
NOVEMBER
1950
1525
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
Aiicr
J\llg.
1950
GRAND TOTAL—entire store 3
351
+17
MAIN STORE—total
351
+18
Piece goods and household textiles
Piece goods
Silks, velvets, and synthetics
Woolen yard goods
Cotton yard goods
Household textiles
Linens and towels
#
Domestics—muslins, sheetings
Blankets, comforters, and spreads.
Small wares
Laces, trimmings, embroideries, and ribbons..
Notions
Toilet articles, drug sundries
Silverware and jewelry 4
Silverware and clocks
..
Costume jewelry 4
Fine jewelry and watches 4
Art needlework
Books and stationery
Books and magazines
Stationery
311
288
192
168
184
304
275
248
239
+19
Women's and misses' apparel and accessories
Women's and misses' ready-to-wear accessories.
Neckwear and scarfs
Handkerchiefs
Millinery
Women's and children's gloves
Corsets and brassieres
.
Women's and children's hosiery
Underwear, slips, and negligees
Knit underwear.
e
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 shoes4 4
Women's shoes
Women's and misses' ready-to-wear apparel.. .
Women's4 and misses' coats and suits
Coats
Suits ^
Juniors' and girls' wear
Juniors' coats, suits, and dresses
Girls' wear.*
Women's and misses' dresses
4
Inexpensive dresses
Better dresses 4
Blouses, skirts, and sportswear
Aprons, housedresses, and uniforms
Furs
Men's and boys' wear
Men's clothing
Men's furnishings and hats
Boys' wear
Men's and boy's shoes and slippers
348
348
308
287
168
324
334
341
340
256
288
249
322
330
240
203
217
348
337
208
202
313
287
311
339
252
264
337
287
267
Housefurnishings
Furniture and bedding
Mattresses, springs, and studio beds 4
Upholstered and other furniture4
Domestic floor coverings
Rugs and carpets4
Linoleum 4
Draperies, curtains, and upholstery
,
Lamps and shades
China and glassware
Major household appliances
Housewares (including small appliances)
Gift shop 4
Radios, phonographs, television, records,
etc.4. ,
Radios, phonographs, television4
4
Records, sheet music, and instruments
314
241
164
170
273
155
95
294
247
247
245
258
168
221
174
125
+ 167
- +9
Miscellaneous merchandise departments
Toys, games, sporting goods, and cameras. . . .,
Toys and games
Sporting goods and cameras
Luggage
Candy4
313
290
234
146
262
198
+8
+8
+5
+10
+6
+8
341
206 -
241
326
315
210
279
74
237
270
138
236
327
252
311
298
191
-6
-8
3
-6
Eight
months
1950
0
+43
+14
+22
+10
+14
+18
+37
+33
+35
+32
+46
+46
+7
+ 16
+ 10
+19
+55
+14
+17
+133
1949
1950
1949
1949
Aug.
July
Aug.
Aug.
July
Aug.
625
541
550
3.2
204
178
173
0
-19
-24
-18
-13
+9
+11
+15
2.6
4.4
4.5
4.1
4.0
2.0
2.8
1.0
2.8
2.8
3.7
3\6
3.7
3.2
2.4
3.0
231
173
165
304
160
266
204
375
204
224
145
120
111
212
271
197
453
172
605
557
194
534
184
759
644
690
180
751
574
648
313 1,255 1,018 1,191
171
634
559
547
202
523
477
489
166
562
547
504
257
368
345
393
173
562
492
509
4.0
4.3
4.0
3.5
4.7
4.9
3.4
7 7
4.4
3.9
3.4
4.3
3.7
4.2
3.4
3.4
4.4
4.7
3.2
8.0
4.0
3.4
2.9
3.7
151
151
185
135
162
134
154
197
134
129
146
140
190
125
154
607
646
742
477
768
556
588
674
454
714
548
589
666
434
697
149
145
120
144
110
114
99
108
145
151
135
144
655
571
406
613
576
526
390
529
584
515
389
541
2.7
3.3
2.7
4.3
1.3
7.7
3.1
2.4
3.1
2.6
3.4
2.8
3.1
2.8
4.8
4.0
51
2.1
2.2
2.1
2.3
1.8
1.6
2.0
1.7
1.4
2 0
2.2
2.1
2.7
2.5
3.1
2.4
3.5
1.3
8.3
3.0
2.3
2.6
2.4
2.9
2.4
2.8
2.7
4.8
3.6
5 2
2.0
2.4
2.3
2.4
193
176
175
112
158
74
237
140
179
238
156
139
254
141
200
152
164
136
91
71
59
244
205
205
288
185
137
182
110
155
175
157
157
119
139
64
207
109
175
216
160
141
236
129
174
513
584
478
475
199
574
729
342
554
626
541
393
796
395
968
409
469
367
423
120
460
631
199
460
538
456
313
645
325
817
447
499
388
422
188
537
628
258
465
511
462
335
674
350
843
212
213
139
95
193
189
436
466
345
306
389
463
2.0
1.4
1.1
18
1.8
1.7
3.6
279
258
308
164
147
155
141
147
261
256
273
157
511
423
617
275
404
305
527
211
452
379
540
236
257
152
207
208
180
56
239
152
145
564
313
557
477
311
475
459
263
527
+4
+8
+9
+15
+8
+17
+10
+12
+11
+18
+7
+1
+13
+4
—1
+10
+8
1950
3.1
+9
+6
+7
+1
+ 19
+3
-2
-1
1950
Aug.
1950
Stocks at end
of month
2.9
—3
-6
Sales during
period
+15
-3
+14
+17
+14
+28
+2
+10
August
+15
+13
+10
+19
+8
+11
+11
+11
Stocks
(end of
month)
Index numbers
without seasonal adjustment
1941 average monthly sales =100 2
+2
+3
+31
+23
+46
+18
+3
+8
-4
-11
0
Ratio of
stocks to
sales x
-1
_2
-2
-5
Q
-5
0
-4
+3
-3
+1
+3
-7
0
-1
+2
+13
-6
+3
Q
-9
0
-1
+3
0
+4
7
-8
— 12
0
-8
-11
—3
-9
— 12
—6
-5
-11
+4
+1
+3
-1
+1
+9
+18
+ 18
+21
+J7
+10
+10
—8
+4
+5
+8
+35
+4
+9
+85
+114
—4
+2
+3
+6
0
-1
0
+7
+ 16
+8
+12
-6
3.0
1.5
2.9
+ 13
+12
+11
+13
+ 10
+ 13
+11
+9
+14
+13
+11
+4
+14
+16
+ 18
+25
+13
+8
+9
+18
+34
+21
+23
+18
+18
+20
+13
+16
+19
+ 15
+ 13
+2
—2
+9
+14
+12
+ 16
+ 18
+17
+19
+27
+19
+6
+15
+11
+18
+14
+13
+16
+9
+30
+7
+19
+20
+6
+15
+ 14
+1
+11
+28
+11
+55
+81
+6
5.0
6.1
4.6
4.0
5.4
5.0
6.6
4.3
4.0
5.6
149
138
136
200
167
144
139
158
107
153
130
113
124
175
141
739
836
630
804
901
620
679
539
655
785
652
760
534
727
811
2.8
2.3
1.0
2.8
3.5
3.6
3.9
4.2
3.6
6.2
1.3
3.6
4.2
1.6
1.4
4.4
3.4
2.8
1.1
3.4
287
295
255
226
209
222
814
683
758
706
701
624
263
186
180
932
796
777
4^3
3.5
7.3
1.8
3.2
4.4
2^4
2.0
4.6
183
181
167
463
275
165
141
126
688
262
780
698
677
158
164
656
600
580
141 1,039 1,055 1,035
299
606
523
539
241
976
853
765
+17
+21
+25
+16
+13
+10
3.4
5.8
6.3
5.1
3.1
1.2
3.2
5.2
5.3
4.8
2.9
1.2
171
150
119
162
234
170
162
117
178
229
159
140
113
148
221
\A
4A
3 9
591
867
753
825
730
487
722
577
713
682
505
723
617
702
642
For footnotes see following page.
1526
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
BASEMENT STORE—total
199
Domestics and blankets *
135
Women's and misses' ready-to-wear
Intimate apparel ^
Coats and. suits *
Dresses ^
Blouses skirts and sportswear ^
Girls' wear ^
Infants' wear *
192
169
180
175
158
124
119
Men's and boys'
wear
Men's wear i
Aden's clothing ^
Mien's furnishings ^
Bovs' wear ^
158
135
91
117
118
Housefurnishings
...
102
Shoes
124
NONMERGHANDISE—total *
167
Barber and beautv shoo ^
70
Stocks
(end of
month)
Sales during
period
Aug.
1950
Eight
months
1950
+9
+27
+5
+10
+2
+6
+14
+5
+10
+7
+4
+9
+17
+16
+13
+11
+1
Ratio of
stocks to
sales i
Index n u m b e r s
w i t h o u t seasonal a d j u s t m e n t
1941 average m o n t h l y s a l e s = 1 0 0 2
1950
1950
1949
1950
Aug.
1950
Stocks at end
of month
Sales during
period
August
1949
1949
Aug.
July
Aug.
Aug.
July
Aug.
183
167
168
444
355
384
-4
+16
2.4
2.3
+7
+19
+17
+24
+10
+7
+27
+ 15
+20
1.8
1.9
2.1
2.4
2.3
1.3
2.0
1.7
2.7
1.9
2.2
2.1
1.2
1.6
1.7
2.4
176
158
168
363
279
313
+15
+ 16
+14
+18
+9
+22
3.0
3.2
3.6
2.9
2.5
2.9
2.9
3.3
2.7
2.7
184
174
167
557
460
487
2.8
2.7
180
146
155
504
418
413
+8
3.6
3.8
147
126
131
530
439
506
(5)
(6)
(B)
(5)
(5)
(5)
-8
-1
-13
-12
-6
-3
-2
-1
-1
2
-1
+1
+3
0
+1
+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
were3 reversed.
For movements of total department store sales and stocks see the indexes for the United States on p. 1525.
4
Index numbers of sales and stocks
for this department are not available for publication separately; the department, however, is included
5
in group and total indexes.
Data not available.
NOTE.—Based on reports from a group of large department stores located in various cities throughout the country. In 1949, sales and stocks
at these stores accounted for almost 50 per cent of estimated total department store sales and stocks. Not all stores report data for all of the
departments shown; consequently, the sample for the individual departments is not so comprehensive as that for the total.
SALES, STOCKS, ORDERS, AND RECEIPTS
AT 296 DEPARTMENT STORES *
WEEKLY INDEX OF SALES
[Weeks ending on dates shown. 1935-39 average —100]
[In millions of dollars]
Reported data
Year or month
1942 average...
1943 average...
1944 average...
1945 average...
1946 average...
1947 average...
1948 average...
1949 average...
1949—Sept
Oct
Nov
Dec
1950—Jan
Feb
Mar
Apr
May... .
June... .
July....
Aug.....
Sept
Sales
(total
for
month)
179
204
227
255
318
337
352
333
334
343
397
583
256
247
320
319
330
317
292
331
P369
Stocks
(end of
month)
599
509
535
563
715
826
912
859
r862
952
990
788
787
854
920
926
906
833
789
918
Pi,028
r
Outstanding
orders
(end of
month)
Receipts
(total
for
month)
New
orders
(total
for
month)
263
530
560
729
909
552
465
350
501
444
350
296
390
393
326
271
248
369
693
755
182
203
226
256
344
338
366
330
393
433
435
381
255
314
386
325
310
244
248
460
P479
192
223
236
269
327
336
345
331
481
376
341
327
349
317
319
270
287
365
572
522
?425
P701
P Preliminary.
Revised.
1
These figures are not estimates for all department stores in the
United States. Figures for sales, stocks, and outstanding orders are
based on actual reports from the 296 stores. Receipts of goods are
derived from the reported figures on sales and stocks. New orders
are derived from estimates of receipts and reported figures on outstanding orders.
Backfigures.—Divisionof Research and Statistics.
NOVEMBER
1950
Without seasonal adjustment
Derived data *
1948
Dec.
Jan.
Feb.
Mar.
Apr.
May
1950
1949
1949
4 . . . . .485 Dec. 3 . . . .
10....
1 1 . . . . .564
17....
18.. . . .576
24
2 5 . . . ..473
31....
1949
1950
1 . . . ..204
8 . . . . .272 Jan. 7 . . . .
14....
15... . .244
21
2 2 . . . ..230
28
29.. . . .218
5 . . . ..229 Feb. 4
11
12.. . . .238
18
19.. . . .227
25....
2 6 . . . ..232
5 . . . ..244 Mar. 4
11
12... ..256
18....
19... ..261
25
26.. . . .277
2.. . . .301 Apr. 1
8....
9 . . . ..320
15
16... ..314
22....
2 3 . . . ..266
30
29
. .286
6
334 M a y
7...
14... ..285
13....
20
2 1 . . . ..280
27....
2 8 . . . ..275
.449 June 4 . . . ..259 June 3 . . . ..261
1 0 . . . ..302
1 1 . . . ..288
.542
1 7 . . . ..302
1 8 . . . ..285
.584
2 4 . . . . . 250
2 5 . . . ..247
.541
.197 July 2 . . . ..238 July 1 . . . ..263
8 . . . ..218
9 . . . ..201
1 5 . . . . .265
1 6 . . . . .213
2 2 . . . ..303
2 3 . . . ..207
2 9 . . . ..295
.205
3 0 . . . ..209
.233 Aug. 6 . . . ..228 Aug. 5 . . . . .296
12... ..273
.230
1 3 . . . ..218
19... ..281
.222
2 0 . . . ..252
26... . .288
.226
2 7 . . . ..252
.238 Sept. 3 . . . . .295 Sept. 2. . . ..310
9 . . . ..295
.231
10... ..273
16... ..368
.221
17... ..315
2 3 . . . ..322
.244
2 4 . . . . .292
3 0 . . . ..320
.253 Oct. 1 . . . ..302
.264
8 . . . ..297 Oct. 7. . . ..325
279
15
290
.301
2 2 . . . ..296
.320
2 9 . . . ..298
.254 Nov. 5 . . . . .315 Nov.
.279
12... ..318
.285
19... 342
.301
2 6 . . . . .330
.308
.275
.282
14
322
2 1 . . . ..304
2 8 . . . ..313
4. . . . .315
11. . .
18
25. .
NOTE.—For description of series and for back figures, see BULLETIN
for September 1944, pp. 874-875.
1527
DEPARTMENT STORE STATISTICS—Continued
SALES BY FEDERAL RESERVE DISTRICTS AND BY CITIES
[Percentage change from corresponding period of preceding year]
United States. P+11
Boston
+7
New Haven...
+8
Portland
.
0
Boston Area...
+6
Downtown
+6
Boston.
Springfield....
+3
Worcester
•+13
Providence....
+12
New York 1
+8
Bridgeport ...
+13
Newark l
+8
Albany
+8
+10
Binghamton...
Buffalo!
+5
Elmira
+21
Niagara Falls,.
+14
New York City
+7
Poughkeepsie..
+6
Rochester *
+10
Schenectady. »
+2
+12
Syracuse *
+16
Utica
+12
Philadelphia..
+13
Trenton l 1
+10
Lancaster ,...
+11
Philadelphia 1 .
+17
Reading *
+6
Wilkes-Barre *.
+11
York i . . . . . . . .
Cleveland....
+20
Akron »1 . . . . . . .
+19
Canton
+20
Cincinnati 1 ...
+14
Cleveland J*
+19
+12
Columbus x. . . .
+9
Springfield . . .
+11
Toledo 1 ,
+17
Youngstown *.
+18
+14
+6 Cleveland- cont.
+21 +25 +7
+3 Erie*
+17 +24 +5
0 Pittsburgh1 i
-2 Wheeling
$
Richmond
+16 +4 Washington 1 . . .
+16 +3 Baltimore
+11
0 Hagerstown....
+18 +1 Asheville, N. C.
+20 +3 R a l e i g h . . . . . . . .
+17 +2 Winston-Salem.
S. C.
+30 +8 Charleston,
+17 +3 Columbia
Greenville, S. C.
+18
0 Lynchburg
+19 +2 Norfolk
+16
Richmond
+29
Ch'ls'ton,W.Va.
+15
Huntington....
+16
+12 +1 Atlanta
+18 +1 Birmingham 1. .
+19 +4 Mobile
+15 +5 Montgomery1 1 . .
+18 +6 Jacksonville
...
Miami 1
+19 +6 Orlando
+22 +10 Tampa i
+29 +9 Atlanta 1
+21 +6 A u g u s t a . . . . . . .
+9 +1 Columbus
+11 +3 Macon
1
+22 +6 Rome
+24 +7 Savannah.
+24 +6 Baton Rouge *..
New Orleans l.,
+26
Jackson * . . . . . .
+23
+21
Meridian
+17 +6 Bristol
+18
Chattanoogal 1 ..
+14
Knoxville
.....
+18
Nashville 1 .....
+
Nine
Sept. Aug. mos.
1950 1950 1950
Nine
Sept. Aug. mos.
1950 1950 1950
Nine
Sept. Aug. mos.
1950 1950 1950
4
+1
tl
+10 +28
+10 +17
+11 +16
+5 +16
+25 +21
+1 +7
+8 +13
+11 +17
+2 +16
+16 +19
+11 +14
+6 +6
+4 +16
+10 +21
+15 +32
+31 +22
p+12 •+15
+15 +24
+3 +8
+19 +13
+8 +15
+19 +27
+11 +20
P+4 +17
+15 +18
+20 +28
+26 +27
+18 +22
+5 +21
P + 1 3 +17
-8
+6 +4
+3 +13
+2 +6
+2
+25
+9 +13
+16 +19
+5
+4
+3
+2
+8
-1
+5
+3
+10
+5
+9
-1
-2
+6
+17
+8
+8
+7
+7
+7
+4
+11
+8
+11
+11
+6
+22
+15
+3
+11
-4
+4
+8
0
+2
+18
+4
+9
Chicago
Chicago *
Peoria i
Fort Wayne».
Indianapolis 1.,
Terre Haute K
Des Moines..,
Detroit *
Flint i
Grand Rapids,
Lansing
Milwaukee J . . .
Green Bay *...
Madison
,
St. Louis
Fort Smith
Little Rock *..
Evansville
Louisville i . . . .
Quincy
,
East St. Louis
St. Louis i. . . ,
St. Louis Area,
Springfieldl
Memphis . . . ,
Minneapolis,
Minneapolis K.
St. Paul 1
DuluthSuperior l...,
Kansas City..
Denver
Pueblo
,
Hutchinson. .,
Topeka
,
Wichita
,
Kansas City.,
Joplin
St. Joseph
Lincoln... . ....
+3
P+10
P+3
+6
p+16
+14
+12
+5
+13
+28
+36
P+29
+8
P+13
+2
+10
+9
+12
+14
+14
+7
-2
+10
+9
+6
+9
+4
+6
+11
+22
+18
+20
+25
+24
+9
+16
+25
+27
+38
+28
+29
+15
+15
+13
+20
+9
+16
+21
+20
+2
+13
+12
+18
+14
+19
+26
+38
Nine
Sept. Aug. mos.
1950 1950 1950
+6 Kansas City—
cont.
a
n
+2
+5
+7
+17
+16
+15
+6
0
+4
+5
+4
+6
+10
+9
+4
+4
+4
+4
+7
+5
+4
+8
+8
+11 +21 +4
+19 +7
+11 +11 +5
+28 +18 +7
+9 +19 +4
+5 +24 +5
+8
+18 +28
+3 +30
+6 + 13 +14
()
+2
P+12
il
Omaha
Oklahoma City.
Tulsa.
Dallas
Shreveport.....
Corpus ChristL.
Dallas *
Fort Worth
Houston l
San Antonio....
San Francisco.
Phoenix i
Tucson
Bakersfield 11
Fresno
.......
Long Beach 1 .l . .
Los Angeles .,.
Oakland and
Berkeley 1 .....
Riverside and
San Bernardino
1
Sacramento
...
San Diego l . . . .
San Francisco*.
San Jose *•
Santa Rosa *. . .
Stockton
Vallejo and
Napa*
Boise and
Nampa
Portland
Salt Lake City
*.
Bellingham l. . .
Everett1*
Seattle . l
Spokanex
Tacoma 1
Yakima .. . , . .
+10 +17 +9
+12 +21 +11
+7 +20 +8
+13
+» +24
+18 +9
+32 +12
+26 +13
+13
+15 +24
+9
+17 +26
+22 +24 +17
p+15 +12 +7
+21 +15 +9
+13 '+13 - 1 0
P+19
+8 +4
P+16 +26
P+6
+6
+14 +9
+5
+18 +14
+7
+24 +17 +13
+17 +1.2 +10
+14 +20
P+13 +15 +12
+16 +22 +7
+7 +8 +8
+ +18 +3
p+12 +7 +2
+5
0
P+8
+11 +5
+17
+u +34
+16
+26 +21 +5
+17 +13 +9
+20 +14 +8
+14 +16 +12
+20 +3 - 3
+15
15
+
n
+KK
P+8
s - 3
p Preliminary.
«" +3
Revised.
1
Indexes for these cities may be obtained on request from the Federal Reserve Bank in the district in which the city is located.
2
Data not available.
'Five months 1950.
COST OF LIVING
Consumers' Price Index for Moderate Income Families in Large Cities
[Index numbers of the Bureau of Labor Statistics, 1935-39 average = 100]
Year or month
All items
Food
Apparel
Rent
Fuel, electricity, and
refrigeration
House
furnishings
Miscellaneous
104 6
1929
122.5
132.5
115.3
141.4
112 5
111 7
1933
92.4
84.1
87.9
100.7
100.0
84.2
98.4
1940.
1941
1942
1943
1944
1945
1946
1947.
1948
1949
100.2
105.2
116.5
123.6
125.5
128.4
139.3
159.2
171.2
169.1
96.6
105.5
123.9
138.0
136.1
139.1
159.6
193.8
210.2
201.9
101.7
106.3
124.2
129.7
138.8
145.9
160.2
185.8
198.0
190.1
104.6
106.2
108.5
108.0
108.2
108.3
108.6
111.2
117.4
120.8
99 7
102.2
105.4
107 7
109.8
110.3
112.4
121.2
133.9
137.5
100 5
107 3
122.2
125 6
136.4
145.8
159 2
184.4
195.8
189 0
101 1
104 0
110.9
115 8
121.3
124.1
128 8
139.9
149.9
154 7
168.8
169.6
168.5
168.6
167.5
202.6
204.2
200.6
200.8
197.3
187.4
187.2
186.8
186.3
185.8
120.8
121.2
121.5
122.0
122.2
135 8
137.0
138.4
139 1
139.7
184 8
185.6
185.2
185 4
185 4
154 8
155.2
155.2
154 9
155.5
166.9
166.5
167.0
167.3 v*
168.6
170.2
172.5
173.0
173.8
196.0
194.8
196.0
196.6
200.3
204.6
210.0
209.0
208.5
185.0
184.8
185.0
185.1
185.1
185.0
184.7
185.9
190.5
122.6
122.8
122.9
123.1
123.5
123.9
124.4
124.8
124.8
140.0
140.3
140 9
141.4
138.8
138.9
139.5
140.9
141.8
184.7
185.3
185 4
185 6
185 4
185 2
186.4
189 3
195.4
155 1
155.1
155 0
154 8
155.3
155 3
156.2
158.1
158.8
. . . . . . .
1949—August
September. .
October
December
1950—January
February.
April
May
July
August
September
y
Back figures.—Bureau of Labor Statistics, Department of Labor.
1528
FEDERAL RESERVE BULLETIN
WHOLESALE PRICES, BY GROUPS OF COMMODITIES
[Index numbers of the Bureau of Labor Statistics.
1926 = 100]
Other commodities
All
commodities
Farm
products
Foods
95 3
86.4
73.0
64 8
65.9
74 9
80 0
80.8
86 3
78 6
77.1
78 6
87.3
98 8
103 1
. . . 104.0
105 8
121 1
152.1
165.1
155.0
104.9
88.3
64.8
48.2
51.4
65 3
78.8
80.9
86 4
68.5
65.3
67.7
82.4
105 9
122.6
123.3
128.2
148.9
181.2
188.3
165.5
99.9
90.5
74.6
61.0
60.5
70.5
83.7
82.1
85.5
73.6
70.4
71.3
82.7
99.6
106.6
104.9
106.2
130.7
168.7
179.1
161.4
91.6
85.2
75.0
70.2
71.2
78.4
77.9
79.6
85.3
81.7
81.3
83.0
89.0
95.5
96.9
98.5
99.7
109.5
135.2
151.0
147.3
80
86
89
95
104
92
9.5
100
108
117
117
116
118
137
153.5
152.2
151 6
151.2
163.1
159.6
156.8
154.9
162.0
159.6
158.9
155.7
145.3
145.0
145.0
145.4
181
181
180
179
151.5
152.7
152 7
152.9
155 9
157 3
162 9
166 4
169 5
154.7
159.1
159.4
159.3
164.7
165.9
176.0
177.6
180.4
154.8
156.7
155.5
155.3
159.9
162.1
171.4
174.6
177.2
145.8
145.9
146.1
146.4
147.6
148.8
151.5
155.5
159.2
179 3
Week ending^
1950—Aug 22
Aug 29
166 0
167.2
176 4
179.5
174.4
176.5
155.1
155.4
Sept 5
Sept 12
Sept 19
Sept 26
167 7
169 1
169 8
169.4
179.5
182 0
181 3
180.2
177.2
178 9
179.0
177.4
Oct 3
Oct 10
Oct 17
Oct 24
168 8
168 4
168 7
168.9
179.1
177 9
177 9
178.7
175.3
172 6
173.9
174.0
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
....
.
1949—September
October
November
December
1950—January
February
March . .
April
May
June
July
August
September .
Hides
Fuel Metals
and
Textile
and
and
leather prod- lighting metal
prodmate- products
ucts
rials
ucts
Total
Manufactured
products
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
92.1
84.5
80.2
79.8
86.9
86.4
87.0
95.7
95.7
94.4
95.8
99.4
103.8
103.8
103.8
104.7
115.5
145.0
163.6
170.2
95.4
89.9
79.2
71.4
77.0
86.2
85.3
86.7
95.2
90.3
90.5
94.8
103.2
110.2
111.4
115.5
117.8
132.6
179.7
199.1
193.4
94 0
88.7
79.3
73.9
72.1
75 3
79.0
78.7
82.6
77.0
76.0
77.0
84.4
95.5
94.9
95.2
95.2
101.4
127.3
135.7
118.6
94.3
92.7
84.9
75.1
75.8
81.5
80.6
81.7
89.7
86.8
86.3
88.5
94.3
102.4
102.7
104.3
104.5
111.6
131.1
144.5
145.3
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
139.0
138.0
138.0
138.4
129.9
130.6
130.2
130.4
168.2
167.3
167.3
167.8
189.4
189.3
189.6
190.4
117.6
115.9
115.8
115.2
142.9
143.0
143.4
144.2
109.6
109.0
109.7
110.7
162.0
160.4
160.4
159.5
150.1
149.1
148.2
147.9
131.4 168.4
131.3 168.6
131.5 168.5
131.2 168.7
132.1 169.7
132.7 171.9
133.4 172.4
134.4 174.3
135.1 176.7
191.6 115.7 144.7 110.0 159.8
192.8 115.2 145.2 110.0 162.4
194.2 116.3 145.5 110.7 162.8
194.8 117.1 145.8 112.6 162.5
198.1 116.4 146.6 114.7 166.3
202.1 114.5 146.9 114.7 167.7
207
3 118.1 148.7 119.0 175.8
r
214.0 122.5 154.1 124.3 179.1
219.6 128.5 159.2 127.4 181.7
148.2
149.1
148.9
149.4
152.2
153.5
158.0
161.2
164.0
149.2
149.6
134.4
134.5
174 9
174.8
215 1
216.1
121.6
124.0
156.5
157 8
159.2
159.4
152.8
156 0
161.1
161.9
134.7
134 9
134 9
134.9
174.7
176 0
176 0
176.4
218 2
220 7
221 8
221.3
125.2
127 4
128 6
129.2
160.0
160 8
160.8
160.8
161.7
162 2
162 2
162.0
134.9
135 0
135 4
135.5
177 1
177 5
177 8
178.1
222 0
222 0
221 4
220.1
129.9
130 6
131 6
132.3
86 .1
72 9
Q
6
6
4
6
8
6
8
3
7
.5
7
r
7
18?. 4
188 ,8
180 4
1
3
8
9
179.0
170
179
181
182
187
195
202
6
4
0
6
9
6
8
138.5
138.2
137.3
136.4
136.1
136.8
142.6
149.5
158.2
1950
1949
1950
1949
Subgroups
Sept.
Dairy products . . .
Cereal products. . .
Fruits and vegetables
Meats
Other foods
Hides and Leather Produ<~t*Shoes
Hides and skins
Leather
Other leather products
Textile Products:
Clothing
Cotton goods
Hosiery and undervpear
Silk
Rayon and nylon..
Woolen and worsted goods..
Other textile products
*
Fuel and Lighting Materials:
Anthracite
Bituminous coal
Coke
Electricity
. .
Gas
Petroleum products
Miscellaneous
Raw
materials
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
109 1
100 0
Subgroups
Farm Products:
Grains
.
Livestock and poult i*v
Other farm product s
Chemi- HouseBuild- cals
and furing
nishmate- allied
proding
rials
ucts
goods
June
July
Aug.
Sept.
156.4 169.3 173.5 167.7 166.5
186.6 197.5 215.8 217.3 211.3
149.8 145.0 151.8 155.3 164.3
153 5
143.7
126.9
215 1
137 8
135.9
145.6
140.5
223.7
133.1
141.8
151.2
137.0
240.7
145.1
148.0
154.9
132.0
240.2
154 1
154.7
155.5
131.0
241.0
158 6
183.8
204.8
175 5
141.1
184.8
202.1
180.6
143.1
185.8
r
219.8
185.3
143.1
191.4
r
238.2
192.3
151.3
194.8
264.0
196.8
151.3
144.8
174.8
98.4
49 2
39.6
150.4
181 5
143.8
173.8
97.7
49.3
39.9
148.3
164.5
144.3
190.7
99.2
60.3
40.7
150.9
168.5
145.2
206.8
101.2
65.6
41.3
157.7
181.5
146.7
221.6
104.8
64.9
41.7
178.2
191.3
138.6
190 5
222 2
68 9
89.3
109.1
140.1
192 1
225 6
67.0
87.3
113.9
141.0
191 9
225 6
67.0
88.3
115.5
Metals and Metal Products:
Agricultural mach. & enmn...
Farm machinerv
Iron and steel..
Motor vehicles.
Nrmferrons metals
..
Plumbing and hteating..
Buildine Materials:
Brick and tile
Cement
Lumber
Paint and paint materials....
Plumbing and rLeating .
Structural steel
Other buildiner materials
Chemicals and Allied Products:
Chemicals
Drugs and pharmacentinala. .
Fertilizer mater ials
Mixed fertilizer 3
Oils and fats.. .
Housefurnishing Goods:
142.1 142.8
192 5 193 1
225.6 225 6
88.1
116.8
* i i 7 *. 8
Sept.
June
July
143.8
146 4
164.0
177.1
135 7
154.6
143.7
146.0
169.4
175.1
148.4
156.3
169 8
175 1
150 6
156.5
171.C)
176.1
156.3
1 6 4 . t>
161 8
133 0
279 8
144.1
154 6
178 8
168.9
164.3
134 9
322.6
137.7
156.3
191 6
175.0
167 4
135
0
138 6
156 S
191 6
••177 4
167.8I 168.7
135 5 136 2
> 371.0
r
U2.4 t 146.0
164. £> 166.9
191. t> 191.6
178.S > 182.8
117.2
125.0
120.4
108.2
118.4
117.3 119
122.1
1 135.()
122.7
108.4 1 1 0 .1 112.1
0 103. ()
103.3
111.9 125 7 1 4 1 / "
Aug.
14S 0 145.^
146
147./
Sept.
150.2
152.7
172.1
176.5
166.1
166.9
125.6
153.4
111.4
103.0
161.6
Furniture.
149.1 154.2 1 5 6 i 1 6 3 . ; I 168.2
136.6 139.4 141 0 1 4 4 . (> 149.8
Auto tires and 1ubes
Cattle feed
Paper and pulp
Rubber, crude
Other miscellaneous .
60 6 67.0 68 7 r 75 () 77.4
190 3 213 2 240 5 205. () 203.8
156.5 155.6 159 .9 163. i) 167.1
37.2 63.4 78 .4 106.1L 114.7
121.2 120.7 121 .7 125.^t 127.7
r
Revised.
* Weekly indexes are based on an abbreviated sample not comparable with monthly data.
Back figures,—Bureau of Labor Statistics, Department of Labor.
NOVEMBER
1950
1529
GROSS NATIONAL PRODUCT, NATIONAL INCOME, AND PERSONAL INCOME
[Estimates of the Department of Commerce.
In billions of dollars]
RELATION OF GROSS NATIONAL PRODUCT, NATIONAL INCOME, PERSONAL INCOME, AND SAVING
Seasonally adjusted annual rates
by quarters
Annual totals
1950
1949
1929
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
1939
1941
91.3 126.4
8.1
9.4
.5
1.4
9.3
11.3
.5
1.6
1946
1947
1948
211.1 233.3 259.1 255.6 255.2 254.4 253.8 262.5 269.9
12.2
17.3
.6
1.7
14.8
18.7
.7
.3
17.4
20.4
.7
-2.9
18.8
21.3
.7
-1.9
18.7
21.2
• .7
-2.9
18.9
21.7
.7
-3.6
19.3
21.5
.7
-1.9
19.7 20.4
21.7 22.7
.7
.7
3.4 1-2.4
39.6
.5
.1
.1
.5
.9
.0
.2
.3
.0
.0
— .1
72.5 103.8 180.3 198.7 223.5 216.8 217.8 216.7 214.2 217.2 229.0
-2.0
.3
.0
1.5
1.2
2.1
.7
46.6
1.5
.5
1.0
45.2
46.3
-1.2
5.8
2.1
.0
2.5
1.2
3.8
.5
72.6
2.4
1.2
1.2
70.2
67.5
2.7
0)
35.0
14.6 18.3 24.7 31.8 29.9 30.4 31.8 28.4 28.4
6.9
2.8
6.0
5.7
5.2
5.7
5.7
6.7
5.6
5.6
.0
.0
.0
.0
.0
.0
-.3
.0
.0
.0
2.6 10.9 11.1 10.6 11.6 11.7 11.9 11.8 20.9 14.2
4.7
4,4
4.5
4.7
4.7
4.4
4.7
1.3
4.6
4.7
7.4
8.1
5.8
6.6
7.5
7.8
4.5
7.7
8.1
8.2
.7
.6
.7
.7
.7
.7
.5
.7
.7
.7
95.3 177.7 191.0 209.5 206.1 206.8 203.8 205.4 216.4 214.7
3.3
18.8 21.5 21.2 18.7 18.7 18.7 18.7 18.7 19.2
2.0 17.2 19.6 19.0 16.2 16.2 16.2 16.1 16.1 16.6
1.3
1.6
2.2
2.5
2.6
2.5
2.5
2.6
1.9
2.5
92.0 158.9 169.5 188.4 187.4 188.2 185.1 186.8 197.7 195.5
82.3 146.9 165.6 177.4 178.8 178.4 179.0 180.6 182.4 184.5
9.8 12.0
8.6
6.2
6.2 15.3 11.0
3.9 10.9
9.8
NATIONAL INCOME, BY DISTRIBUTIVE SHARES
Seasonally adjusted annual rates
by quarters
' Annual totals
1949
1929
National income
Compensation of employees
Wages and salaries 2
Private
Military. .-. . v
Government civilian
Supplements to wages and salaries
Proprietors' and rental income 3
Business and professional
Farm
Rental income of persons
,
Corporate profits and inventory valua
tion adjustment
Corporate profits before tax
Corporate profits tax liability
Corporate profits after tax
Inventory valuation adjustment
,
Net interest
1933
1939
1941
1946
1947
1948
1950
1949
216.7 214.2
87.4
39.6
72.5 103.8 180.3 198.7 223.5 216.8 217.8
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
64.3 117.1 128.0 140.2 140.6 140.5 140.0 140.2 142.3 147.6
61
111.2 122.1 134.4 134.2 134.2 133.6 133.6 135.2 140.2
51.5 90.6 104.8 115.7 113.7 114.0 113.0 112.7 114.3 119.2
4.5
1.9
4.2
4.3
4.0
4.1
8.0
4.5
4.6
4.3
8.3 12.7 13.2 14.7 16.1 16.1 16.3 16.4 16.4 16.5
7.4
2.6
6.3
6.4
5.8
5.9
5.9
7.1
6.4
6.6
20.8 42.0 42.4 47.3 4.1.7 42.2 40.1 40.7 41.5 41.3
9.6 20.6 19.8 22.1 21.0 21.1 20.7 20.6 21.4 22.3
6.9 14.8 15.6 17.7 13.4 13.7 12.2 12.8 12.8 11.8
7.4
7.5
4.3
7.3
7.1
6.6
7.2
7.3
7.2
7.3
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
14.6 18.3 24.7 31.8
17.2 23.5 30.5 33.9
9.6 11.9 13.0
7.8
9.4 13.9 18.5 20.9
—2.6 —5.2 - 5 . 8 - 2 . 0
4.1
2.9
3.5
4.1
29.9
27.6
10.6
17.0
2.2
4.7
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
217.2 229.0
28.4
29.2
12.0
'17.2
-.7
5.0
35.0
37.4
15.1
22.2
-2.3
5.0
r
Revised.
Less than 50 million dollars.
Includes employee contributions to social insurance funds.
8
Includes noncorporate inventory valuation adjustment.
NOTE.—Details may not add to totals because of rounding.
Source.—Figures in this table are the revised series. For an explanation of the revisions and a detailed breakdown of the series for the period
1929-38, see National Income Supplement to the Survey of Current Business, July 1947, Department of Commerce. For the detailed breakdown
for the period 1939-49, see Survey of Current Business, July 1950. For a discussion of the revisions, together with annual data for the period
1929-38, see also pp. 1105-1114 of the BULLETIN for September 1947; data subsequent to 1938 shown in that issue of the BULLETIN have since
been revised.
1
2
1530
FEDERAL RESERVE BULLETIN
GROSS NATIONAL PRODUCT, NATIONAL INCOME, AND PERSONAL INCOME—Continued
[Estimates of the Department of Commerce.
In billions of dollars]
GROSS NATIONAL PRODUCT OR EXPENDITURE
Seasonally adjusted annual rates
by quarters
Annual totals
1949
1929
Gross national product
Personal consumption expenditures....
Durable goods
Nondurable goods
Services
Gross private domestic
investment
New construction l
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.
91.3 126.4 211.1 233.3 259.1 255.6 255.2 254.4 253.8 262.5 269.9
103.8
55.8
78.8
9.4
37.7
31.7
15.8
7.8
1.6
.8
46.3
3.5
22.3
20.6
1.3
1.1
1.8
-1.6
.2
67.5
6.7
35.3
25.5
9.9
4.9
4.6
.4
.9
82.3 146.9 165.6 177.4 178.8 178.4 179.0 180.6 182.4 184.5
9.8
16.6 21.4 22.9 23.8 23.0 24.7 25.3 26.9 26.7
44.0 85.8 95.1 100.9 98.5 99.2 97.6 97.9 97.5 99.0
28.5 44.5 49.1 53.7 56.4 56.2 56.6 57.4 58.0 58.8
18.3 28.7 30.2 43.1 33.0 31.3 32.1 31.2 40.5 45.9
6.8
10.3 13.9 17.7 17.3 16.8 16.9 18.2 19.9 20.9
•7.7 12.3 17.1 19.9 19.5 19.8 19.4 18.7 19.3 21.6
3.4
1.3
-.8
6.1
5.5 - 3 . 7 - 5 . 3 —4.2 - 5 . 7
3.9
.1
8.9
- . 7 -1.9 -2.0
1.3
.4
4.6
1.9
1.1
8.5
1.3
1.3
()
8.0
2.0
2.0
00
13.1
5.2
1.3
3.9
5.9
7.9
24.7
16.9
13.8
3.2
(3)
7.8
6.4
f
1950
1949
7.2
(8)
30.9
20.9
21.2
2.5
2.7
10.0
28.6
15.8
17.1
1.3
12.8
36.6
21.0
21.5
.5
15.6
43.3
25.3
25.7
.4
18.0
44.3
26.6
26.8
.2
17.7
43.2
25.1
25.8
.7
18.2
42.8
24.3
24.6
.3
18.5
41.4
22.6
22.8
.3
18.9
41.4
22.6
22.8
.2
18.8
PERSONAL INCOME
[Seasonally adjusted monthly totals at annual rates]
Wages and salaries
Year or month
Personal
income
Wage and salary disbursements
Total
receipts4
Total
disbursements
Commodity Distributive Service
produc- indusindusing intries
tries
dustries
Government
Dividends
ProLess emand
Other
prietors'
ployee
percontrilabor
and
sonal
butions income6 rental 6
for
income interest
income
social
insurance
NonTransagriculfer
tural
pay- 7
ments income8
1929
85.1
50.0
50.2
21.5
15.5
8.2
5.0
.1
.5
19.7
13.3
1.5
76.8
1933....
46.6
28.7
28.8
9.8
8.8
5.1
5.2
.2
.4
7.2
8.2
2.1
43.0
74.0
68.3
72.6
78.3
95.3
122.7
150.3
165.9
171.9
177.7
191.0
209.5
206.1
45.4
42.3
45.1
48.9
60.9
80.7
103.6
114.9
115-3
109.2
119.9
132.2
132.0
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
7.5
8.2
8.2
8.5
.5
.5
.5
.6
.6
2.4
2.8
3.0
3.1
3.1
8.6
9.5
10.5
11.5
13.7
15.3
16.6
17.4
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
10.2
16.1
26.8
33.5
35.6
20.6
17.2
18.7
20.4
.6
.6
6
.7
8
9.7
10.0
10.6
11.4
13.2
14.5
16.1
17.2
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
1949—August
September. . . .
October
November. . . .
December
204.3
203.4
202.4
205.7
208.4
131.3
131.6
130.3
131.3
132.9
133.5
133.8
132.5
133.4
135.1
56 3
56.4
54.8
55.5
57.0
39 4
39.4
39 0
39.0
39.3
17 3
17 A
17.8
17.8
17.8
40 7
39.2
39.8
41.7
40.6
16.8
17.0
17.2
17.2
18.9
12.6
12.6
12.1
12 A
12.9
187.3
187.8
186.0
187.6
191.1
1950—January
February
March
April
May
June
July
August P
214.6
215.4
219.3
213 8
214.5
217.1
220.7
223.4
132.2
131.5
133.6
135.3
137.7
140.2
141.7
144.3
135.0
134.2
136.4
138.1
140.5
143.2
144.5
147.2
56.7
55.8
57.7
59 1
60.9
62.7
63.3
65.2
39.5
39.3
39 6
39 7
40.1
40 7
40.9
41.2
17.9
18.1
18.1
18 2
18.5
18.6
18.7
18.8
43.5
41.0
40.2
39 8
41.5
42.3
45.5
45.9
17.5
17.7
18.0
18.2
17.8
17.8
17.8
17.9
18.4
22.2
24.2
17.2
14.1
13.4
12.3
11.9
195.2
199.0
203.7
198.7
198.4
200.7
202.7
205.3
1937
1938
1939
1940
1941.
1942
1943
1944
1945
1946
1947.
1948
1949
.
.
6 9
7.3
7.8
1.2
1 8
.7
.9
2.0
2.1
2.2
2.2
1.3
1.5
1.9
2.4
2.8
2.9
20.5
20.6
20.9
21.1
21.0
2 2
2.2
2.2
2.1
2.2
3.0
3.0
3.1
3.1
20.9
21.0
21.0
21 1
21.0
21.2
21.6
22.0
2.8
2.7
2.8
2 8
3.0
3.0
3.3
2.2
2 3
2.8
3 0
2.8
2.9
2.9
3.3
3.4
3.4
3.4
3.4
8.7
9.2
9.4
9.9
3.2
3.0
3.6
6.2
p1 Preliminary.
Includes construction expenditures for crude petroleum and natural gas drilling.
2
Consists of sales abroad and domestic sales of surplus consumption goods and materials.
3
Less
than 50 million dollars.
4
Total wage and salary receipts, as included in "Personal income," is equal to total disbursements less employee contributions to social insurance- 5 Such contributions are not available by industries.
Includes compensation for injuries, employer contributions to private pension and welfare funds, and other payments.
6
Includes business and professional income, farm income, and rental income of unincorporated enterprise; also a noncorporate inventory
valuation
adjustment.
7
Includes government social insurance benefits, direct relief, mustering out pay, veterans' readjustment allowances and other payments, as
well 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.
NOVEMBER
1950
1531
CONSUMER CREDIT STATISTICS
TOTAL CONSUMER CREDIT, BY MAJOR PARTS
[Estimated amounts outstanding. In millions of dollars]
Notiinstalment credit
Instalment credit
Total
consumer
credit 1
End of year
or month
Total
instalment
credit
Total
Automobile
Other
Sale credit
Loans 2
Total
noninstalment
credit *
Singlepayment
loans 3
Charge
accounts
Service
credit
1929
6,252
3,158
2,515
1,318
1,197
643
3,094
749
1,749
596
1933
3,439
1,588
1,122
459
663
466
1,851
303
1,081
467
7,031
8,163
8,826
5,692
4,600
4,976
5,627
8,677
11,862
14,366
16,809
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
11,967
2,143
L.431
1L,119
L.170
L.422
2,352
3,348
4,072
4,650
2,607
2,746
2,939
2,644
2,599
2,915
3,263
4,677
5,428
5,766
5,919
530
536
565
483
414
428
510
749
896
949
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
1949—August
September
October
November
December
14,611
14,957
15,336
15,884
16,809
9,622
9,899
10,166
10,441
10,890
5,223
5,438
5,661
5,880
6,240
2,761
2,876
2,986
3,085
3,144
2,462
2,562
2,675
2,795
3,096
4,399
4,461
4,505
4,561
4,650
4,989
5,058
5,170
5,443
5,919
957
962
979
996
1,018
3,064
3,123
3,197
3,454
3,909
968
1950—January
February
March
April
May
16 368
16,159
16,338
16,639
17,077
17 651
18,295
18 843
19,293
10,836
10,884
11,077
11,322
11,667
12,105
12,598
13,007
13,329
6,174
6,213
6,334
6,511
6,733
6,995
7,343
7,613
7,848
3,179
3,256
3,355
3,470
3,600
3,790
3,994
4,107
4,210
2,995
2,957
2,979
3,041
3,133
3,205
3,349
3,506
3,638
4,662
4,671
4,743
4,811
4,934
5,110
5,255
5,394
5,481
5 532
5,275
5,261
5,317
5,410
5,546
5,697
5,836
5,964
1,027
1,034
1,045
1,067
1,092
1,116
1,133
1,157
1,182
3,506
3,233
3,211
3,241
3,290
3,392
3,527
3,636
3,737
999
1,008
1,005
1,009
1,028
1,038
1,037
1,043
1,045
1939
1940
1941
1942
1943
1944
1945
1946
1947
1948
1949
.
..
June
July
August?
September?
482
175
200
227
544
882
891
942
707
691
715
1,018
973
994
993
992
? Preliminary.
i Revised beginning January 1929 to incorporate changes in single-payment loan component.
Includes repair and modernization loans insured by Federal Housing Administration.
Noninstalment loans (single-payment loans of commercial banks and pawnbrokers). Revised beginning January 1929 to exclude nonconsumer loans. For description and back figures see pp. 1466 of this BULLETIN.
NOTE.—-Back figures by months beginning January 1929 may be obtained from Division of Research and Statistics.
2
3
CONSUMER INSTALMENT LOANS
[Estimates. In millions of dollars]
l Amounts
outstanding
(end of period)
Year or month
Total
Commercial
banksi
Small
loan
companies
Industrial
banks 2
Industrial
loan
com- 8
panies
Loans made by principal lending institutions
(during period)
Credit
unions.
Miscellaneous
lenders
Insured
repair
Comand
modern- mercial
ization3 banks »
loans
Small
loan
companies
Industrial
banks 2
Industrial
loan
com-2
panies
1929
643
43
263
21 9
23
95
463
41 3
1933
466
29
246
121
20
50
322
202
1,632
1,967
2,143
1,431
1,119
1,170
1,422
2,352
3,348
4,072
4,650
523
448
692
784
426
316
357
498
531
417
364
384
477
956
1,435
1,709
1,951
817
929
204
250
160
175
1949—August
September. .
October
November...
December...
4,399
4,461
4,505
4,561
4,650
1,897
1,922
1,936
1,944
1,951
851
855
858
875
929
230
235
239
244
250
1950—January. . . .
February....
March.. -.
April
May
June.. . . . .
July
August?....
September?.
4,662
4,671
4,743
4,811
4,934
5,110
5,255
5,394
5,481
1,957
1,973
2,026
2,066
2,134
2,233
2,316
2,400
2,466
931
928
936
945
1939
,
1940. .
1941
1942......
1943
1944
1945
1946
1947
1948.. .
1949
.
439
597
701
959
978
995
1,009
1,010
99
104
107
72
59
60
135
96
99
102
91
86
88
76
117
70
98
174
200
130
104
100
103
153
93
109
166
134
225
119
131
132
134
89
67
68
Credit
unions
38
32
237
680
827
792
639
749
912
975
784
800
869
956
1,231
1,432
1,534
1,737
166
231
151
210
739
801
942
1,793
2,636
3,069
3,282
310
375
418
282
318
334
577
712
200
268
285
206
123
113
164
322
568
1,017
1,198
261
255
255
182
151
155
194
198
203
146
128
139
297
344
236
201
198
199
286
428
312
402
131
142
171
172
172
173
175
369
379
385
394
402
134
135
135
137
142
747
763
780
794
801
294
278
272
269
280
143
128
134
161
232
37
34
34
36
41
29
27
26
28
31
66
65
59
64
69
251
254
258
262
175
174
176
178
404
408
421
431
142
142
143
144
802
792
783
785
269
268
336
307
131
126
163
154
37
34
43
37
27
25
31
28
59
61
78
70
267
275
182
187
450
474
145
147
797
816
348
379
168
175
381
387
358
166
166
150
43
46
32
34
S3
93
282
290
295
192
197
201
495
514
523
149
150
150
826
834
836
45
46
40
32
33
32
84
88
77
^Preliminary.
1
Figures include only personal instalment cash loans and retail automobile direct loans shown on the following page, and a small amount
of other retail direct loans not shown separately. Other retail direct loans outstanding at the end of September amounted to 103 million dollars,
and other
loans made during September were 13 million.
2
Figures include only personal instalment cash loans, retail automobile direct loans, and other retail direct loans. Direct retail instalment
loans8 are obtained by deducting an estimate of paper purchased from total retail instalment paper.
Includes only loans insured by Federal Housing Administration.
1532
FEDERAL RESERVE
BULLETIN
CONSUMER CREDIT STATISTICS—Continued
CONSUMER INSTALMENT SALE CREDIT, EXCLUDING
AUTOMOBILE CREDIT
[Estimated amounts outstanding. In millions of dollars]
End of
year or
month
Total,
excluding automobile
Department
stores
and
mailorder
houses
Furniture
stores
Household
appliance
stores
All
other
retail
stores
Jewelry
stores
1929
1,197
160
583
265
56
133
1933
663
119
299
119
29
97
1939
1940
1941
1942
1943
1944
1945
1946
1947
1948
1949
1,525
1,721
1,802
1,135
707
691
715
1,104
1,935
2,567
3,096
377
439
466
252
172
183
198
337
650
874
1,010
536
599
619
440
289
293
296
386
587
750
935
273
302
313
188
78
50
51
118
249
387
500
93
110
120
76
57
56
57
89
144
152
163
246
271
284
179
111
109
113
174
305
404
488
August....
September.
October...
November.
December.
2,462
2,562
2,675
2,795
3,096
781
818
855
906
1,010
755
784
822
858
935
417
435
454
464
500
121
121
123
127
163
388
404
421
440
488
1950
January...
February..
March....
April
May
June
July
August P.. .
September?
2,995
2,957
2,979
3,041
3,133
3,205
3,349
3,506
3,638
975
958
960
979
1,01.1
1,032
1,081
1,123
1,159
902
891
899
913
935
947
976
998
1,027
491
492
502
518
537
561
597
658
697
1949
627
616
618
631
650
665
695
727
755
CONSUMER INSTALMENT CREDITS OF INDUSTRIAL
BANKS, BY TYPE OF CREDIT
[Estimates. In millions of dollars]
Retail instal-2
ment paper
Year or month
Outstanding at end
of period:
1947
1948
1949
Total
Automobile
Other
Repair Personal
and
instalmodern- ment
ization
cash
J2
loans
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
1949—August
September..
October
November..
December..
317.4
323.7
329.6
336.3
343.2
82.9
85.3
88.7
91.7
93.6
52.3
54.6
56.6
59.2
63.1
52.9
53.9
55.0
55.5
55.4
129.3
129.9
129.3
129.9
131.1
1950—January
February...
March....,
April
May
June
July
August ? . . .
September**
344.6
347.4
350.5
355.0
361.8
371.0
380.4
389.8
396.3
96.1
98.6
100.4
102.6
105.6
111.9
115.8
119.4
121.8
63.9
65.2
66.9
68.9
70.7
71.9
73.4
76.2
79.2
54.7
54.2
53.0
52.8
53.5
54.2
54.9
55.5
56.0
129.9
129.4
130.2
130.7
132.0
133.0
136.3
138.7
139.3
Volume extended
during month:
1949—August....
September..
October
November..
December..
47.7
43.5
45.6
45.8
47.0
14.1
12.5
13.7
13.7
11.9
8.2
7.8
8.5
8.8
10.3
4.7
4.3
4.8
4.2
3.3
20.7
18.9
18.6
19.1
21.5
1950—January
February...
March
April
May
June......
July
August?. . .
September?
41.9
40.3
47.3
43.1
48.9
51.1
50.5
52.7
46.9
12.3
12.6
13.5
12.7
13.9
15.7
16.2
15.4
13.6
7.8
7.6
9.7
8.8
9.6
8.9
8.9
11.0
10.4
2.7
2.7
2.5
3.0
4.2
4.3
3.9
4.1
3.8
19.1
17.4
21.6
18.6
21.2
22.2
21.5
22.2
19.1
CONSUMER INSTALMENT CREDITS OF COMMERCIAL
BANKS, BY TYPE OF CREDIT
[Estimates. In millions of dollars]
Automobile
retail
Year or month
Total
Other Repair Perretail, and sonal
pur- mod- instalchased erniza- ment
c&Ed
Outstanding at end of
period:
1947
1948
1949
1949—August
September
October
November
December....
i
1950- -January
February
March
April
May
June
July
August?
September?...
Volume extended during month:
1949—August
September....
October
November....
December....
1950—January
February.....
March
April
May.
June
July
August?
September?.. .
346
2,701
536
570
3,563
736
854
915
4,416
4,044
754
890
4,140
780
905
4,247
811
915
4,326
835
922
4,416
854
915
4,465
866
922
4,494
888
935
4,595
922
964
4,688
953
992
4,862
992 1,035
5,084 1,050 1,096
5,291 1,110 1,158
5,493 1,143 1,217
5,681 1,175 1,254
598
568
593
576
593
554
542
646
607
721
768
789
799
778
127
117
125
118
113
111
117
142
130
148
165
174
157
153
523
751
922
778
803
839
868
922
953
941
966
983
1,028
1,064
1,112
1,178
1,251
500
636
781
711
730
755
772
781
779
783
774
780
804
834
851
872
892
796
870
944
911
922
927
929
944
945
947
969
980
1,003
1,040
1,060
1,083
1,109
114
121
136
131
154
137
118
139
129
163
154
167
187
204
75
62
70
67
57
47
49
42
52
74
82
80
82
76
148
145
139
145
164
143
134
172
155
172
183
177
183
170
134
123
123
115
105
116
124
151
141
164
184
191
190
175
CONSUMER INSTALMENT CREDITS OF INDUSTRIAL
LOAN COMPANIES, BY TYPE OF CREDIT
[Estimates. In millions of dollars]
Year or month
Total
Retail instal-2
ment paper
Automobile
Other
17.1
23.7
31.4
29.6
30.0
30.2
30.5
31.4
31.1
30.8
31.0
31.6
32.7
34.3
35.9
39.2
41.1
4.2
5.0
6.5
5.8
5.7
6.0
6.3
6.5
6.6
6.6
6.5
6.4
6.7
6.9
7.2
7.3
7.4
99.8
110.1
113.3
112.4
112.2
110.8
111.6
113.3
112.8
111.7
112.6
113.2
113.9
115.2
116.4
117.5
118.0
4.7
3.9
3.9
4.0
4.4
3.3
3.5
4.0
3.9
4.8
5.3
5.7
7.3
6.0
0.8
0.5
0.5
0.5
0.4
0.3
0.3
0.3
0.4
0.5
0.5
0.5
0.5
0.4
19.0
17.4
16.8
18.5
21.1
17.6
16.0
19.6
18.0
19.9
20.7
19.5
19.6
18.9
Outstanding at end
of period:
1947
1948
1949....
1949—August. . .
September.
October...
November.
December.
1950—January...
February..
March....
April
May
June
July
August?....
September?
194.8
193.7
196.2
198.7
202.8
208.7
214.3
219.9
223.6
27.1
38.3
43.5
42.3
43.0
44.2
44.1
43.5
44.3
44.6
46.1
47.5
49.5
52.3
54.8
55.9
57.1
Volume extended
during month:
1949—August
September..
October
November..
December..
1950—January
February...
March
April
May
June
July
August?. . .
September?
31.1
27.9
28.3
28.7
31.3
27.7
25.4
31.2
29.2
33.1
35.4
34.8
35.5
32.7
6.6
6.1
7.1
5.7
5.4
6.5
5.6
7.3
6.9
7.9
8.9
9.1
8.1
7.4
148.2
177.1
194.7
190.1
190.9
191.2
192 .5
194.7
Repair Personal
instaland
modern- ment
cash
ization
loans
loans 1 2
x
P Preliminary.
Includes not only loans insured by Federal Housing Administration but also noninsured loans.
Includes both direct loans and paper purchased.
2
NOVEMBER
1950
1533
CONSUMER CREDIT STATISTICS—Continued
FURNITURE STORE STATISTICS
Percentage change
from preceding
month
Item
Sept.
1950P
Net sales:
Total
Cash sales . . .
Credit sales:
Instalment
Charge account
0
-8
+6
-12
Accounts receivable, end
of month:
Total
Instalment
+4
+3
RATIO OF COLLECTIONS TO ACCOUNTS RECEIVABLE!
Percentage change
from corresponding
month of preceding
year
Aug.
1950
July
1950
Sept.
1950?
Aug.
1950
July
1950
+10
+14
+7
+12
+8
+13
+15
+29
+21
+25
+38
+26
+24
+18
+47
+32
+25
+31
+44
+19
+4
+2
+3
+2
Collections during
month:
Total
Instalment?,
+3
+3
+7
+7
Inventories, end of
month, at retail value.
+7
+8
+3
-1
+31
+28
+31
+28
+30
+28
+29
+23
+23
+16
+16
+14
+25
+20
+ 10
Preliminary.
Charge
accounts
Instalment accounts
Year or month
Department
stores
Furniture
stores
21
12
20
11
1949
August
September
October
....
November
December
20
20
11
11
10
20
1950
January
..
February
Mi arch
April
May
June
July
August
September?
Household ap- Jewelry Department
pliance
stores
stores
stores
18
10
17
19
17
18
17
17
10
11
10
10
10
11
18
18
11
11
14
12
12
12
12
14
51
13
16
54
12
11
12
11
12
10
11
11
11
2}
2)
2)
49
13
14
(2)
(2)
(2)
(2)
(2)
52
53
52
47
53
50
52
51
49
50
51
P Preliminary.
1
Collections during month as percentage of accounts outstanding at
beginning
of month.
2
Collection of these data for jewelery stores was discontinued after
December 1949.
DEPARTMENT STORE SALES, ACCOUNTS RECEIVABLE, AND COLLECTIONS
Index numbers, without seasonal adjustment, 1941 average=100
Averages of monthly
data:
1941
1942
1943
1944
1945 . . . .
1946
1947
1948
1949.
1949—August
September
October
November
December
1950—January
February.
March
April
May
June
July . . .
August
September P
Accounts receivable
at end of month
Sales during month
Year or month
Percentage of total sales
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
188
211
242
237
236
216
100
82
71
66
67
101
154
192
199
100
102
103
112
125
176
200
219
213
100
78
46
38
37
50
88
142
165
100
91
79
84
94
138
174
198
196
100
103
80
70
69
91
133
181
200
100
110
107
112
127
168
198
222
224
48
56
61
64
64
59
55
52
50
9
6
5
4
4
4
6
7
8
43
38
34
32
32
37
39
41
42
179
••213
220
254
372
182
209
214
247
380
198
'227
242
259
325
172
'215
221
260
373
155
165
175
189
214
161
182
191
213
285
188
191
202
211
227
184
185
214
232
245
50
49
48
48
50
10
9
10
9
8
40
42
42
43
42
164
156
203
204
212
203
184
210
234
162
152
199
202
205
199
173
196
217
177
186
'233
'218
226
'207
'259
292
307
164
154
'202
'204
217
208
181
209 *
238
209
207
209
212
217
219
230
241
257
222
191
185
190
194
194
184
191
209
233
222
250
226
231
230
229
250
271
319
241
230
210
222
226
216
212
222
49
48
'49
49
48
48
47
46
46
10
11
10
9
9
9
12
12
12
'41
'41
'41
42
43
43
41
42
42
P Preliminary.
' Revised.
NOTE.—Data based on reports from a smaller group of stores than is included in the monthly index of sales shown on p. 1525.
1534
FEDERAL RESERVE BULLETIN
CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOKS
BANK CREDIT, MONEY RATES, AND BUSINESS *
Chart
book
page
1950
Sept.
WEEKLY FIGURES 2
Oct.
Oct.
20 08
19 35
1 38
14 20
3 77
23 47
27 06
2 45
16 70
MONEY RATES, ETC.
WEEKLY FIGURES 2—Cont.
19.75
BUSINESS CONDITIONS
19.23
.82 Wholesale prices:
14.36
Indexes (1926=100):
4.06
Total
65
23.29
Farm products
65
27.12
Foods
65
1.72
Other
commodities
65
16.6
Basic commodities:
4.67
(Aug.
1939=100):
1.16
Total
67
6.52
Foodstuffs
67
P4.63
Industrial
materials......
67
15.91 Selected farm products:
P. 74
Wheat (cents per bushel). 68
.18
Corn (cents per bushel)... 68
Cotton (cents per pound). 68
.22
Steers (dollars per 100
P.62
pounds)
68
Cows (dollars per 100
pounds)
68
Hogs (dollars per 100
68 84 69.23
pounds)
68
33 58 33.73
Butter (cents per pound). 68
22 36 22.3
Eggs (cents per dozen)... 68
8 78 8.81
2 44 2.55 Production:
Steel (% of capacity)
71
6 44 6.36
49 34 49.89 Automobile (thous. cars)... 71
Crude petroleum (thous.
1 98 1.84
bbls.)
72
28 82 29.14
Bituminous coal (mill, tons). 72
16.15 16.32
Paperboard
(thous.
tons)...
73
5 10 5.1
Meat (mill, pounds)
73
Electric
power
(mill.
kw.
hrs.)
75
2 .06 2.14
.65 Freight carloadings (thous. cars):
.55
Total....
74
1.51 1.49
Miscellaneous
74
5 .68 5.71
Department store sales
(1935-39=100)
75
19.51 19.77
8 .84 9.02
6 .38 6.38
4 .72 4.70
1.71 1.7
.90
.74
15.41 15.62
.53
.57
MONTHLY FIGURES
4 .23 4.12
1.54 1.52
DEPOSITS
AND CURRENCY
8 .79 8.93
5 .73 5.77 Deposits and currency«
Total deposits and currency.
deposits adjusted and
.33
.42 Total
currency
6
.74
.74
Demand
deposits adjusted.. 6
'.21 .27 Time deposits
adjusted
6
1.64 1.65
Currency outside b a n k s . . . . 6
U. S. Govt. deposits.
6
49 .34 49.4i
24.74 24.7 Money in circulation, t o t a l . . . 7
Bills of $50 and over
*"
15.98 15.9S
$10 and $20 bills
7 .07 7.0
1.69 1.6 = Coins, $1, $2, and $5 bills...
33 .93 34.28
1.41 1.3
7 .30 6.84
13 .66 13.6i Turnover of demand deposits:6
20.04 20.2
New York City
10.42 10.5i
Other leading cities
8
4 .68 4.7i
.7
.72
4 .46
COMMERCIAL BANKS
13
31
52
84
86
(3)
— 02
09
.53
19 97
19 38
1 36
14 19
3 82
23 48
27 19
2 16
16.63
4 56
1 17
6 40
4 57
15 85
78
09
02
17
58
20. 04 20 43
19. 51 19 51
1. 35 1 19
14. 24 14 34
3. 92 3 98
23. 43 23 29
27. 34 27 23
1. 82 1 76
16 79 17 25
4 40 4 56
1 13 1 15
6 40 6 51
4 62 4 72
15 83 2>15 91
96 Pl.33
15
(3
01
01
16
21
61 V 71
68 .77
33 .85
22 .43
9 .03
2 .39
6 .42
49 .24
2 .47
28 .50
15 .73
'5.04
68 66
33 .69
22 .43
8 .87
2 .40
6.39
48.99
1 .93
28 .58
15.92
5 .05
68 66
33 36
22.39
8 81
2 16
6 43
48 84
2 14
28 88
16 14
5.09
2 .21
.69
1.52
5 .59
2 .09
.56
1.53
5 .62
2 09
58
1 52
5 66
4.44
1
6
4
15
MEMBER BANKS IN LEADING CITIES
All reporting banks:
Loans and investments
14
U. S. Govt. securities, total. 14
Bonds.........
16
Notes and certificates.... 16
Bills...
16
Other securities
18
Demand deposits adjusted.. 14
U. S. Govt. deposits
14
Loans, total
1
Commercial
18
Real estate
18
For purchasing securities:
Total
18
U. S. Govt. securities.. 18
Other securities
18
Other
18
New York City banks:
Loans and investments
U. S. Govt. securities, total. 15
Bonds, total holdings
1
Due or callable—5 years 1
Notes and certificates.... 1
Bills
1
Demand deposits adjusted.. 15
U. S. Govt. deposits
15
Interbank deposits
15
Time deposits
15
Loans, total
15
Commercial
1
For purchasing securities:
To brokers:
On U. S. Govts
1
On other securities... 1
To others
19
Real estate and other . . . . V.
Banks outside New York City:
Loans and investments
15
U. S. Govt. securities, total.. 1.
Bonds
1
Notes and certificates.... 1
Bills
1
Demand deposits adjusted... 1
U. S. Govt. deposits
1
Interbank deposits
1
Time deposits
1
Loans, total
1
Commercial
1'
Real estate
1(
For purchasing securities. 1'(
Other
1
Oct.
1950
Sept.
Oct.
19.75 19.70 19 45
9 .06 9 .02 8 73
6 .48 6 .46 6 41
4 .83 4 .82 4 76
1.80 1.80 1 74
.78
.76
58
15.54 15.28 15 09
.70
.55
.62
3 .93 4 .17 4 .07
1.56 1.54 1.54
8 .82 8 .83 8 .83
5 .61 5 .71 5 .78
.45
.77
.26
1.60
.34
.76
.27
1.60
.33
.75
.27
1.63
'49.02
24.79
15.95
7 .23
1.61
33 .70
1.76
6 .36
13 .64
19 :68
10.12
r\ .63
.73
4 .40
48 .96
24.68
15 .97
7 .07
1.64
33.71
1.38
6 .86
13 .66
19.75
10.20
4 .64
.72
4 .42
49 .22
24.62
15 .99
7 .06
1.58
33 .75
1.52
6 .99
13.66
20.04
10.36
4 .67
.74
4 .44
Oct.
Oct.
18
Oct.
In unit indicated
In billions of dollars
RESERVE BANK CREDIT, ETC.
Reserve Bank credit, total....
U. S. Govt. securities, total..
Bills
Notes and certificates
Bonds
3
Gold stock...
2
Money in circulation.
2
Treasury cash and deposits...
Member bank reserves, total. .2, 4
New York City
Chicago
,
Reserve city banks
Country banks
Required reserves
Excess reserves, total«....-...
New York City
Chicago
Reserve city banks
,
Country banks e
Oct.
18
Chart
book
page
169.4
180.2
177.4
159.4
168.8
179.1
175.3
160.0
168.4
177.9
172.6
160.8
168.7
177.9
173.9
160.8
168.9
178.7
174.0
160.8
325.8 325.7 327.6 328.2 331.5
354.2 351.9 348.6 350.0 351.7
310,2 312.6 317.9 317.6 319.7
217.8 218.3 214.9 211.9 217.8
153.5 154.0 153.5 154.2 153.4
39.0
40.6 40.8 39.2
39.9
29.84
30.20 29.98
30.31
30.20
20.10 19.58 19.28 19.53
20.03
20.97 19.56 19.78 20.26 19.52
63.4 63.4 63.4 63.4 63.1
36.4 35.5 38.6 39.3
40.4
100.7 101.2 101.6 102.0 102.6
179
166
181
170
178
5,835 5,803 5,791 5,831 5,823
1.96 1.93
1.92
1.90 1.92
238
235
240
236
232
304
320
326
330
326
6,503 6,514 6,509 6,503 6,563
880
412
864
404
889
421
891
425
423
320
325
325
304
314
1950
Aug.
July
Sept.
In billions of dollars
P174.40
P175.5O
P176.5O
P170.30
P86.50
P59.40
P24.40
P4.10
27.01
8.32
14.16
4.53
P171.00
P87.40
P59.10
P24.50
P4.50
27.12
8.33
14.24
4.56
P171.7O
P88.10
P59.10
P24.50
P4.80
27.16
8.33
14.24
4.59
Annual rate
31.3
20.7
36.0
21.9
40.2
21.9
In billions of dollars
Per cent per annum
U. S. Govt. securities:
Cash assets •.
Bills (new issues)
3i 1.324 1.324 1.337 1.337 1.316 Loans
and investments, total •.
1.34 1.35 1.35 1.40 1.45
Certificates
3i
Loans 6
1.59 1.60 1.64 1.68
3-5 years
3C
U. S. Govt. securities
•
7-9 years
30 1.90 1.91 1.94 1.96 l!96
Other securitiese
15 years or more
30, 32 2.37 2.37 2.38 2.39 2.38 Holdings
of U. S. Govt. seCorporate bonds:
curities:
Aaa
32 2.66 2.66 2.66 2.67 2.6S
Within 1 year:
Baa
32 3.22 3.22 3.22 3.22 3.23
Total
High-grade municipal bonds.. 32 1.88 1.87 1.83 1.80 1.7
Bills
Certificates
In unit indicated
Notes and bonds
Stock prices (1935-39 = 100):
Over 1 year:
158
157
154
158
Total
3
Total
170
170
166
171
17
Industrial
3
Notes and bonds (1-5 yrs.)
130
129
126
131
128
Railroad
3'
Bonds (5-10 yrs.)
106
106
105
106
107
Public utility
34
Bonds (over 10 y r s . ) . . . . .
2.13 2.49 2.10 2.02 2.04
Volume of trading (mill, shares) 3-
P27.30
P122.30
P46.00
P65.00
Pll.40
P27.2O
P123.30
P47.30
P64.20
Pi1.80
P27.80
P123.70
P49.00
P62.50
P12.10
10
10
10
10
16.55
2.99
3.99
9.57
16.24
3.64
2.94
9.66
P19.50
P3. 80
P2.40
P13.30
10
10
10
10
41.45
31.60
5.75
4.10
41.22
31.14
5.92
4.16
P36.10
P25.90
P6.10
P4.20
For footnotes see p. 1538.
NOVEMBER
1950
1535
CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOKS—Continued
BANK CREDIT, MONEY RATES, AND BUSINESS—Continued
Chart
book
page
1950
July
Aug.
Sept.1
In billions of dollars
MONTHLY FIGURES—Cont.
Chart
book
page
1950
July
Sept.1
In billions of dollars
MONTHLY FIGURES—Cont.
GOVERNMENT FINANCE—Cont.
MEMBER BANKS
All member banks:
Loans and investments, total
Loans
U. S. Govt. securities
Other securities
Demand deposits adjusted«........
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 banks:
Loans and investments, total
Loans
U. S. Govt. securities
Other securities
Demand deposits adjusted •
Time deposits...
Balances due to banks
Balances due from banks
Reserves
Country banks:
Loans and investments, total
Loans
U. S. Govt. securities
Other securities
Demand deposits adjusted •
Time deposits
Balances due from banks
*. .
Reserves
12
12
12
12
12
12
12
12
12
103.29
38.76
55.03
104.29
39.98
54.43
9.50
73.45
29.58
10.80
5.47
16.25
9.88
74.31
29.48
10.68
5.37
16.27
104.55
41.54
52.88
10.13
74.86
29.46
10.9.
5.45
16.60
12
12
12
12
12
12
12
12
24.71
9.78
12.70
2.22
18.83
2.84
4.78
5.46
25.21
10.09
12.73
2.38
19.20
2.87
4.73
5.50
25.16
10.60
12.12
2.45
19.31
2.89
4.88
5.67
13
13
13
13
13
13
13
13
13
39.17
15.26
20.55
3.36
26.22
11.73
5.15
1.75
6.30
39.38
15.85
20.03
3.50
26.50
11.66
5.09
1.70
6.28
39.54
16.53
19.40
3.61
26.74
11.63
5.19
1.73
6.36
13
13
13
13
13
13
13
13
39.42
13.72
21.78
3.92
28.39
15.01
3.57
4.49
39.70
14.04
21.67
3.99
28.61
14.95
3.51
4.50
39.86
14.42
21.36
4.08
28.81
14.93
3.57
4.57
Ownership of U. S. Govt. securities—Cont.
Marketable public issues—Cont.
By class of security—Cont.
Bonds—Total outstanding
24
Nonbank (unrestricted issues
only), commercial bank,
and F. R. Bank
24
Commercial bank and F. R.
Bank
24
F. R. Bank
24
By earliest callable or due date:
Within 1 year-Total outstanding 25
Commercial bank and F. R.
Bank
25
F. R. Bank
25
1-5 years—Total outstanding.
25
Commercial bank and F. R.
Bank.
25
F. R. Bank
25
5-10 years—Total outstanding
25
Nonbank (unrestricted issues
only), commercial bank,
and F. R. Bank
25
Commercial Bank and F. R.
Bank
25
F. R. Bank
25
Over 10 years—Total outstanding
25
Nonbank (unrestricted issues
only), commercial bank,
a n d 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 o u t g o . . . .
26
102.95 102.95
CONSUMER CREDIT e
20
20
20
20
20, 21
21
21
21
21
18.30 P18.84 P19.29
1.13
Pl.16 Pl.18
3.53 P3.64 P3.74
1.04 Pl.04 P I . 0 5
12.60 P13.01 P13.33
5.26 P5.39 P5.48
7.34 P7.61 P7.85
3.99 P 4 . 1 1 P4.21
3.35 P3.51 P3.64
GOVERNMENT FINANCE
Gross debt of the U. S. Government:
Total (direct and guaranteed)
Bonds (marketable issues)
Notes, certificates, and b i l l s . . . . .
Savings bonds, savings n o t e s . . . .
Special issues
Guaranteed, noninterest-bearing
debt, etc
Ownership of U. S. Govt. securities:
Total:
Commercial banks •
Fed. agencies and trust f u n d s . . .
F. R. Bankse 7
Individuals
Corporations • 7
Insurance companies e e
Mutual savings banks
State and locale7govts. e
Miscellaneous
Marketable public issues:
By class of security:
Bills—Total outstanding
Commercial bank and F, R.
Bank
F. R. Bank
Notes and certificates—Total
outstanding
Commercial bank and F. R.
Bank
F. R. Bank
22
22
22
22
22
257.56 257.89
102.95 102.95
52.21
52.21
66.20
66.38)
32.52
32.71
22
3.67
"3.64
23
23
23
23
23
23
23
23
23
64.70
37.98
17.97
67.40
18.80
20.10
11.50
8.20
10.90
64.10
38.14
18.36
67.40
19.50
20.00
11.40
8.20
10.80
24
13.64
13.64
24
24
7.14
4.15
5.94
2.30
24
38.57
38.57
24
24
25.21
8.94
25.70
9.29
Treasury bills (new issues)
Corporate bonds:
Aaa
Baa
F. R. Bank discount rate•.
Commercial paper
Stock yields:
Dividends/price ratio:
Common stock
Preferred stock
96.83
57.05
56.69 P50.80
43.62
4.89
44.16 P39.30
6.77
3.79
45.40
50.75
26.65
10.11
48.71
30.54 P30.40
14.31 10.84
43.36 38.63
36.69
5.10
15.93
32.77
1.64
15.93
54.08
P32.00
6.10
15.93
8.46
8.37
P8.50
6.77
1.02
6.84
.91
P7.00
45.13
45.13
45.13
6.70
6.42
P6.60
5.85
1.75
5.65
1.50
P5.80
1.66
2.11
3.14
-1.03
3.52
3.01
4.87
3.20
P.98
+ .51 + 1.67
Per cent
MONEY RATES, ETC.
Consumer credit, total 6 6
Single-payment loans
Charge accounts.
Service credit. ,
Instalment credit, total
Instalment loans
Instalment sale credit, total
Automobile
Other
Aug.
29
1.172
1.211
1.315
29
29
29
29
2.65
3.32
1.50
1.31
2.61
3.23
81.75
1.50
2.64
3.21
1.75
1.69
33
33
6.36
3.92
6.66
3-85!
6.45
3.85
In unit indicated
Margin requirements (per cent)
35
Stock prices (1935-39 =100), t o t a l . . .
35
Stock market credit (mill, dollars):
Bank loans
35
Customers' debit balances
35, 36
Money borrowed
36
Customers' free credit balances....
36
257.24 Volume of trading (mill, shares)
35
96.83
BUSINESS CONDITIONS
56.95
66.29
33.40 Personal income (annual rates, bill,
dollars) :• «
3.77
Total
48
Wage and salary receipts
48
Proprietors' income, dividends, and
interest
48
i>62.10
48
38.89 Allother
19.57 Labor force (mill, persons): e
P67.50 Total
49
49
P19.30 Civilian
Unemployment
49
P19.80
Employment
49
Pll.20
Nonagricultural
49
P8.20
P10.70 Employment in nonagricultural 6establishments (mill, persons): •
Total
50
50
13.64 Manufacturing and mining
Construction
50
P5.30 Transportation and utilities
50
Trade
50
1.51
Government
50
43.3: Hours and earnings at factories:
Weekly earnings (dollars)
.51
51
P30.70 Hourly earnings (dollars)
Hours worked (per week)
51
14.2
50
138
50
147
50
152
498
1,208
755
712
2.23
518
1,231
752
780
1.67
533
1,284
751
738
1.93
'220.7
141.7
'225.4
145.5
228.3
63.3
15.7
'64.5
15.4
147.5
66.0
14.8
65.7
64.4
3.2
61.2
52.8
66.2
64.9
2.5
62.4
54.2
65.0
63.6
2.3
61.2
53.4
'44.22
15.89
2.36
4.02
9.54
5.85
44.86 P 4 5 .04
16.27 P16.34
2.42 P2.40
4.07 P4.10
9.62 P9.60
5.89 P5.99
59.21
1.462
40.5
60.32 P60.53
1.464 P I . 4 8 0
41.2 P40.9
For footnotes see p. 1538.
1536
FEDERAL RESERVE BULLETIN
CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOKS—Continued
BANK CREDIT, MONEY RATES, AND BUSINESS—Continued
Chart
book
page
1950
July
Aug.
Sept. 1
In unit indicated
MONTHLY FIGURES—Gont.
BUSINESS CONDITIONS
52
196
52
52
52
''89.3
'84.9
'21.9
209
93.6
91.2
24.1
P210
P90.5
P24.7
53
53
53
205
'235
181
218
247
195
P250
P193
54
54
54
54
54
54
208
264
208
140
'272
265
211
265
214
152
287
279
P208
275
206
P150
P285
P284:
55
55
55
55
55
55
55
55
55
55
139
123
107
198
167
'167
187
194
'448
359
178
155
H31
228
165
167
190
200
451
362
152
'232*
163
P165
P19S
P193
H57
20.1
8.7
11.4
9.0
2.6
6.4
12.7
4.7
8.0
22.8
10.1
12.7
9.7
2.9
6.8
12.7
4.7
8.0
56
56
56
57
57
29.7
13.8
15.9
9.3
14.1
29.7
13.7
16.0
9.6
15.1
»13.9
P16.7
56
56
10.6
11.5
13.9
13.3
Pll.6
P12.1
1,333
679
654
59
59
59
59
632
461
170
144
60
2,675
60
60
654
744
692
762
60
60
24
1 ,253
27
1,309
61
126
135
P21.1
P6.3
P12.1
P3O.7
P9.8
P15.7
1,369 v1,359
666
J>628
703
P732
61
61
61
76.6
22.2
26.9
62
62
362
'269
63
63
63
292
789
693
63
63
5.1
2.7
2,790
80.6
26.9
28.0
Sept.*
Aug.
Cont.
:onsumers' prices ( 1 9 3 5 - 3 9 = 1 0 0 ) :
All items
Food..
Apparel
Rent
Miscellaneous
Wholesale prices (1926 = 1 0 0 ) :
Total
F a r m products
Food
Other commodities.
Textile products
Hides and,leather products
Chemicals and allied p r o d u c t s . . .
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
64
64
64
64
64
172.5
210.0
184.7
124.4
156.2
173.0
209.0
185.9
124.8
158.1
173.8
208.5
190.5
124.8
158.8
65
65
65
65
66
66
66
67
67
67
66
162.9
176.0
171.4
151.5
142.6
'187.2
118.1
133.4
207.3
172.4
119.0
'166.4
177.6
174.6
155.5
149.5
195.6
122.5
134.4
»"214.0
174.3
124.3
169.5
180.4
177.2
159.2
158.2
202.8
128.5
135.1
219.6
176.7
127.4
69
69
256
263
258
267
261
272
70
70
70
70
2,356
1,285
1,058
Exports and imports (mill, dollars):
Exports
Imports. .
Excess of exports or imports
Short-term liabilities to and claims on
foreigners reported by banks (bill,
dollars):
Total liabilities
Official
Invested in U. S. Treasury bills
and certificates
Private
Claims on foreigners
Foreign exchange rates:
See p. 1557 of this BULLETIN
76
76
76
2,551 P2,913
1,361 *1,454
1,182 P1A52
P7
8
13
P66
P6.57
P3.30
77
77
77
P22.70
P.91
P.68
P761
P819
P-59
P910
P858
P53
P6.S3
P3.24
*1.05
2*3.58
P. 69
78, 79
1950
Jan.Mar.
Apr.June
JulySept.
QUARTERLY FIGURES
In billions of dollars
Budget receipts and expenditures of
U. S. Treasury:
Expenditures, total
27
National defense
27, 28
Veterans' Administration
28
International aid
28
Interest on debt
28
2,806
All other
28
707
Receipts:
765
Net receipts
27
Individual income taxes
28
28
Corporate income, etc
28
1,306
Miscellaneous internal revenue. . 28
All other
28
Tax refunds (deduct)
28
560
427
133
115
78.0
28.7
27.3
P774
P7O9
77
77
GOVERNMENT FINANCE
732
570
163
141
July
INTERNATIONAL TRADE AND FINANCE
56
56
56
57
57
57
57
57
57
58
58
58
1950
In unit indicated
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
(1935-39=100):
Nonferrous metals
Steel
Cement
Lumber
Transportation equipment
Machinery
Selected nondurable manufactures
(1935-39=100):
Apparel wool consumption
Cotton consumption
Shoes
Paperboard
Newsprint consumption
Manufactured food p r o d u c t s . . . .
Fuel oil
,...
Gasoline
Industrial chemicals
Rayon
Sales, inventories, and5 orders: 9
Sales (bill, dollars):
Manufacturing, total
Durable
,
Nondurable
Wholesale, total
Durable
Nondurable
Retail, total
Durable
Nondurable
Inventories (bill, dollars) :5
Manufacturing, total
Durable
Nondurable
Wholesale
Retail. . .
New orders (bill, dollars):
Durable
Nondurable
Construction contracts 5(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. u n i t s ) . . .
Value of construction activity (mill,
dollars):
Total e
Nonresidential: e
Public
Private
Residential: e
Public
Private
Freight carloadings:3
Total (1935-39 =100)
Groups (points in total index):
Miscellaneous
Coal
All other
Department stores:
Indexes (1935-39 =100):«
Sales
Stocks
296 stores:
Sales (mill, dollars)
Stocks (mill, dollars)
Outstanding orders (mill, dollars)
Ratios to sales (months' supply):
Total commitments
Stocks
Chart
book
page
10.10
2.97
1.46
1.18
1.93
2.47
1.05
Pl.94
11.16
6.63
2.68
1.95
8.21
4.23
2.28
2.05
9.34
3.98
2.45
2.46
.78
.88
.62
.97
9.05
P3.23
1.31
P.81
.63
.18
Per cent per annum
MONEY RATES
Bank rates on loans to business:
All loans:
320
19 cities
335
New York City
309
284
7 Northern and Eastern cities...
11 Southern and Western cities..
369
'331
Loans of $l,000-$10,000:
1,028
'918
19 cities
'755
701
New York City.
4.7
7 Northern and Eastern cities...
5.1
2.8
11 Southern and Western cities..
2.8
9.09
3.03
1.58
1.02
1.26
2.13
31
31
31
31
2.60
2.29
2.55
3.12
2.68
2.34
2.67
3.22
2.63
2.32
2.63
3.13
31
31
31
31
4.45
3.85
4.64
4.64
4.50
3.94
4.58
4.70
4.51
4.06
4.56
4.71
For footnotes see p. 1538.
NOVEMBER
1950
1537
CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOKS—Continued
BANK CREDIT, MONEY RATES, AND BUSINESS—Continued
Chart
book
page
Jan.Mar.
Apr.June
Apr.June
JulySept.
BUSINESS FINANCE—Cont.
Plant and equipment
expenditures
(bill, dollars): • 1 2
All business
Manufacturing and mining; railroads and utilities
Manufacturing and mining
31
31
31
31
3.54
3.22
3.60
3.71
3.65
3.35
3.62
3.83
3.63
3.33
3.59
3.83
31
31
31
31
2.94
2.64
2.91
3.15
2.94
2.73
2.82
3.17
31
31
31
31
2.31
2.13
2.28
2.74
2.39
2.16
2.45
2.82
33
2.95
2.72
2.87
3.15 Individual savings: e
Gross savings
2.34 Liquid savings
2.15
Cash
2.39
U. S. Govt. securities
2.67
Other securities
Insurance
Debt liquidation
12.28
P15.30
,
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
134.2
25.9
18.3
45.3
43.0
60.4
36.2
10.3
73.8
38
38
1.40
1.01
2.19
1.27
1.03
.69
38
38
38
.83
.09
.10
.76
.20
.32
.61
.07
.07
39
39
39
39
777
567
106
73
958
774
81
103
563
446
56
57
39
39
39
39
237
1
18
94
317
6
128
6
171
64
SEMIANNUAL FIGURES
38
38
.69
.46
.98
.65
.37
.56
INSURED COMMERCIAL BANKS
40
40
17.2
»-9.1
41
'4.3
1.2
41
41
527
323
731
371
41
41
304
51
298
159
3.1
2.0
43
43
43
43
43
43
43
3.7
2.5
+8.6 +10.0
+0.4 +0.6
-0.2
+0.8
+0.5 +0.2
+0.8 +0.8
-0.3
+1.3
-0.5
-2.6
44
262.5
269.9
44
44
46
46
46
41.4
182.4
26.9
97.5
58.0
41.4
184.5
26.7
99.0
58.8
44
38.6
43.9
45
45
45
45
19.3
19.9
1.3
-1.9
21.6
20.9
3.4
-2.0
47
47
47
47
216.4
197.7
182.4
15.3
214.7
195.5
184.5
11.0
June
30
Loans:
Commercial
'37.4 'U42.0 Agricultural
Real estate
'22.2
Consumer
14.1
For purchasing securities:
To brokers and dealers
To others
5.6
State and local government securities.
Other securities
1.6
41
4.3
2.6
1.7
GROSS NATIONAL PRODUCT, ETC. «
129.3
24.7
17.4
44.9
40.7
57.8
34.7
9.8
71.5
29.2
3.7
In billions of dollars
37
37
37
37
37
37
37
37
37
40
42
42
42
Annual rates
in billions of dollars
In unit indicated
BUSINESS FINANCE
Corporate assets
and liabilities (bill,
dollars): e
Current assets, total
Cash
,.
U. S. Govt. securities
Inventories
,
Receivables
Current liabilities, total
Notes and accounts payable
Federal income tax liabilities....
Net working capital
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 1(>
Railroad 10
Industrial
Working capital:
All issuers 10
Public utility
Railroad 10
Industrial
Bonds (bill, dollars): •
Public.
Private
,
Corporate profits, taxes, and dividends
(annual rates, bill, dollars): • 5
Profits before taxes
Profits after taxes (dividends and
undistributed profits)
Undistributed profits
Corporate profits after taxes (quarterly totals):
All corporations (bill, dollars) *. . . .
Large corporations, total (bill, dollars)
Manufacturing (mill, dollars):
Durable
Nondurable.
Electric power and telephone
(mill, dollars)
Railroads (mill, dollars)
Jan.
Mar.
In unit indicated
QUARTERLY FIGURES—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-$200,000:
19 cities
New York City
7 Northern and Eastern cities...
11 Southern and Western cities..
Loans of $200,000 and over:
19 cities
New York City
7 Northern and Eastern cities...
11 Southern and Western cities..
Stock yields:
Earnings/price ratio, common
stocks.
Chart
book
page
JulySept.
Per cent per annum
QUARTERLY FIGURES—Cont.
MONEY RATES
1950
Dec.
31
June
30
In billions of dollars
11
11
11
11
16.29
2.73
10.89
7.17
16.94
2.96
11.41
8.00
16.81
2.82
12.27
9.04
11
11
11
11
1.97
0.90
5.76
3.49
1.75
0.86
6.40
3.57
1.86
0.91
7.24
3.72
r
c
• Estimated.
* 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 publication some time after the BULLETIN has gone to press, most weekly charts and several monthly charts
include
figures for a more recent date than are shown in this table.
2
Figures for other than Wednesday dates are 4shown under the Wednesday included
in the weekly period.
3
5
Deficiency
of less than 5 million dollars
Less than
5 million dollars.
Adjusted for seasonal variation.
6
7
Revised. See pp. 1465-1466
of this BULLETIN.
New Treasury Department classification.
8
9
Effective Aug. 21.
Manufacturers' series have been revised beginning 1946. Revisions are shown beginning 1949 only; those for 1946-48
will 10
be incorporated in an early issue of the Chart Book.
Beginning
with
the
second
quarter of 1950 data are not strictly comparable with those for earlier quarters because of changes in components.
11
Estimates of Council of Economic Advisers, based on preliminary data.
12
Expenditures anticipated by business during the fourth quarter of 1950 are (in billions of dollars): All business, 4.8; manufacturing and
mining, railroads and utilities, 3.4; manufacturing and mining, 2.3.
* Monthly issues of this edition of the Chart Book may be obtained at an annual subscription rate of $6.00; individual copies of monthly
issues at 60 cents each.
1
1538
FEDERAL RESERVE
BULLETIN
CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOKS—Continued
CONSUMER CREDIT
1950
Chart
book
page
July
Aug.?
Chart
book
page
Sept.P
In millions of dollars
x
Consumer credit outstanding, total ..
3
Instalment credit, total
3, 5
Instalment loans
5
Instalment sale credit
5
Charge accounts
3
Single-payment loans 1 .
3
3
Service credit
Consumer credit
outstanding, cumulative totals: 1 2
4
4
4
6
July
Aug.p
Sept.**
In millions of dollars
18,295 18,843 19,293 Consumer instalment sale credit
12,598 13,007 13,329 granted, cumulative totals: 2
5,255 5,394 5,481
By all other retailers
7,343 7,613 7,848
By department stores and mail3,737
3,636
order houses
3,527
1,133 1,157
1,182
By furniture and household appli1,043 1,045
1,037
ance stores
By automobile dealers.
Consumer instalment loan credit
out18,295 18,843 19,293 standing, cumulative totals: 2
5,697 5,836 5,964
Commercial and industrial banks.
2,170 2,200 2,227
1,037
1,043 1,045
Credit unions
.
. . .
Miscellaneous lenders
Insured repair and modernization
7,343 7,613 7,848
loans . . .
4
Charge accounts.
Single-payment loans *
Service credit
Consumer instalment sale credit
outstanding, cumulative totals: 2
All other retailers
Department stores and mail-order
houses
..
Furniture and household appliance stores
Automobile dealers
1950
6
6 648
6 886
7,093
6
6
5,567
3,994
5,763
4,107
5,934
4,210
P Preliminary.
Revised. For description of revision see pp. 1465-1466 of this BULLETIN.
The figures shown here are cumulative totals, not aggregates for the individual components,
by subtracting from the figure shown, the total immediately following it.
1
2
7
1,121
1,093
1,067
7
987
962
932
7
7
801
576
776
525
745
498
8
8
5,255
5,394
2,704
1,695
1,181
5,481
2,720
1,710
1,187
834
836
8
g
1 662
1,167
8
Aggregates for each component may be derived
OCTOBER CROP REPORT, BY FEDERAL RESERVE DISTRICTS
DISTRICT FIGURES DERIVED FROM ESTIMATES OF THE DEPARTMENT OF AGRICULTURE BY STATES,
AS OF OCTOBER 1, 1950
[In thousancIs of units]
Cotton
Federal Reserve district
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta. . .
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Estimate
Oct. 1, 1950
Production
1949
Estimate
Oct. 1, 1950
Production
1949
Estimate
Oct. 1, 1950
Production
1949
Estimate
Oct. 1, 1950
Bales
Bales
Bushels
Bushels
Bushels
Bushels
Bushels
Bushels
506
6,974
1,757
158
3,327
1,231
6 904
33,917
56,510
251,347
190,015
204,395
1,351,980
430,953
378,335
396,589
69,650
7,195
16,128
9,869
3,377,790
1,040
2,086
639
1,699
2
3,765
2,815
Oats
Federal Reserve district
Boston
New York
Philadelphia .. .
Cleveland
Richmond
Atlanta
.
Chicago
St Louis
Minneapolis
.
Kansas City
Dallas
San Francisco
..
Total
Spring wheat
Production
1949
1
Total
Winter wheat
Corn
7 534
36,325
54,338
218,671
192,991
219,896
1,119,326
431,181
340,402
411,564
78,095
7,644
13,011
18,961
65,586
24,677
6,372
90,920
73,488
29,356
367,761
104,507
107,029
12,661
17,178
50,883
23,609
5,465
67,065
50,192
28,762
347,403
21,801
115,518
84
88
2,642
21
201,043
6,846
125
34,034
1,355
17
226,858
3,931
111
37,172
3,117,967
901,668
740,537
244,795
269,532
Tobacco
Tame hay
White potatoes
Production
1949
Estimate
Oct. 1, 1950
Production
1949
Estimate
Oct. 1, 1950
Production
1949
Estimate
Oct. 1, 1950
Production
1949
Estimate
Oct. 1, 1950
Bushels
Bushels
Tons
Tons
Pounds
Pounds
Bushels
Bushels
39,457
5,831
23,959
15,601
58,869
35,103
28,126
591,639
64,738
322,573
106,002
37,499
32,984
6,490
35,035
18,295
53,209
37,688
30,553
636,322
78,816
388,540
129,465
33,668
35,894
3,613
5,222
2,471
5,719
5,292
4,055
16,876
9,829
9,174
10,220
1,786
12,752
3,714
6,327
2,606
6,268
4,986
3,731
20,730
10,163
10,848
10,329
1*855
13,656
58,709
150,699
1,076,513
247,627
32,460
357,353
2,431
4,212
1,322,924
1,483,975
87,009
95,213
1,970,376
915
59,450
122,722
1,169,960
223,448
31,965
295,393
2,294
3,898
75,541
35,154
19,861
12,405
22,032
13,667
30,392
7,496
42,612
31,407
4,123
107,272
71,092
43,116
22,341
13,274
24,065
14,552
30,563
7,096
45,893
31,406
3,206
120,178
1,950,124
401,962
426,782
40,019
975
1 Includes 15,000 bales grown in miscellaneous territory.
2
Includes 9,000 bales grown in miscellaneous territory.
NOVEMBER
1950
1539
MEMBER BANK EARNINGS
ALL MEMBER BANKS BY CLASSES, FIRST HALF OF THE YEAR, 1950
[Amounts in thousands of dollars]
Central reserve
city member banks
All member banks
New York
Chicago
Reserve
city
member
banks
Country
member
banks
First half
of 1949
Second half
of 1949
First half
of 1950
Earnings
Interest on U. S. Government securities...
Interest and dividends on other securities.
Interest and discount on loans
Service charges and fees on loans..
Service charges on deposit accounts
Other charges, commissions, fees, etc
Trust department
Other current earnings
1,460,286
422,896
81,406
687,998
10,274
77,713
30,876
71,216
77,907
1,525,353
436,322
87,096
717,638
11,160
80,244
33,621
80,168
79,105
1,557,262
435,338
90,748
747,693
11,906
84,350
33,122
76,900
77,205
241,506
74,190
14,283
95,227
1,5,22
8,073
4,633
27,360
16,218
62,912
24,023
6,143
21,466
479
921
433
6,161
3,286
600,217
157,157
32,475
299,920
6,762
32,750
12,580
28,916
29,657
652,627
179,968
37,847
331,080
3,143
42,606
15,476
14,463
28,044
Expenses
Salaries—officers
Salaries and wages—others
Directors' and committee members' fees. .
Interest on time deposits
Interest on borrowed money
Taxes other than on net income
Recurring depreciation
.
Other current expenses.
914,186
150,308
290,430
7,486
129,745
1,790
46,278
19,858
974,729
167,881
317,497
8,578
131,357
1,546
50,007
24,043
964,692
160,203
305,067
8,097
135,070
1,628
53,900
21,531
142,237
20,894
59,251
707
4,600
797
5,902
1,705
39,519
5,606
12,654
82
5,527
131
2,679
441
376,856
53,382
126,649
1,556
56,080
415
23,200
8,075
406,080
80,321
106,513
5,752
68,863
285
22,119
11,310
268,291
273,820
279,196
48,381
12,399
107,499
110,917
546,100
550,624
592,570
99,269
23,393
223,361
246,547
70,107
6,959
11,526
20,688
112,369
6,488
10,763
43,255
86,159
14,755
10,682
29,710
31,012
1,181
485
7,391
9,243
18,318
24,301
2,529
1,254
1,915
2,114
2,124
11,600
2,442
2,335
9,095
Losses, charge-oils, etc
On securities:
Losses-and charge-offs.
Transfers to valuation reserves. .
On loans:
Losses and charge-qffs
Transfers to valuation reserves..
All other
113,283
204,592
112,988
8,648
392
454
2,461
717
2,635
4,023
8,973
2,666
2,568
11,202
8,882
6,600
15,452
6,353
5,631
32,654
11,568
8,792
21,161
44,831
50,536
14,004
8,716
16,853
19,288
13,568
12,933
553
209
5,488
8,636
6,698
3,245
7,785
64,887
17,891
11,367
126,367
30,716
6,532
59,126
20,829
829
843
99
3,831
3,046
56
6,106
2,049
980
22,147
7,580
5,397
27,042
8,154
Profits before income taxes. .
Taxes on net income.
502,924
458,401
565,741
105,376
25,102
208,240
227,023
Federal
State
143,078
133,534
9,544
131,988
123,535
8,453
169,059
158,037
11,022
34,541
30,391
4,150
5,846
5,846
62,820
59,124
3,696
65,852
62,676
3,176
Net profits
359,846
326,413
396,682
70,835
19,256
145,420
161,171
60,531
288
60,243
45,387
1,073
44,314
Net current earnings before income taxes.
Recoveries, profits, etc
On securities:
~ Recoveries
Transfers from valuation r e s e r v e s . . . .
Profits on securities sold or redeemed.
On loans:
Recoveries
Transfers from valuation reserves. . . .
All other
Cash dividends declared.
..
On preferred stock x .
On common stock
Memoranda items:
Recoveries credited to reserves (not included in recoveries above):
On securities
On loans
Losses charged to reserves (not included in losses above):
On securities
On loans
Number of officers at end of period
Number of employees at end of period
Number of banks at end of period
Ratios:
Percentage of total capital accounts:2
Net current earnings before income taxes
Net profits
Cash dividends declared x
Percentage of total assets:2
Total earnings
Net current earnings before income taxes
Net profits
Percentage of earnings to related assets:2
Earnings on loans
Interest on U. S. Government securities
Interest and dividends on total securities
Total capital accounts to:
Total assets
Total assets less Govt. securities and cash assets
Total deposits
Time deposits to total deposits
Interest on time deposits to time deposits 2
,
,
,
First half 1950
5,880
2,568
6,128
145,510
1,659
143,851
167,156
1,829
165,327
155,066
1,422
153,644
41,468
27
41,441
7,680
34
7,646
634
6,007
1,765
11,505
1,462
8,752
609
1,007
12
1,040
672
3,671
169
3,034
2,171
27,979
47,315
251,360
6,903
2,973
33,878
47,454
250,367
6,892
1,991
24,500
48,552
257,571
6,885
344
3,759
3,232
42,468
25
4
878
829
8,680
13
1,391
9,986
12,881
102,031
336
252
9,877
31,610
104,392
6,511
12.3
8.1
3.3
12.1
7.2
3.7
12.8
8.5
3.3
8.5
6.1
3.6
9.9
8.2
3.3
14.3
9.3
3.9
14.6
9.6
2.7
2.29
.86
.56
2.35
.85
.50
2.35
.90
.60
1.85
.76
.54
1.81
.67
.55
2.38
.89
.58
2.66
1.01
.66
4.0
1.6
1.7
4.2
1.6
1.6
4.1
1.5
1.6
2.6
1.4
1.5
1.5
1.6
4.2
1.5
1.6
5.1
1.6
1.7
7.0
20.0
7.6
24.8
.9
20.3
7.6
24.6
.9
7.0
19.7
7.6
24.3
.9
8.9
24.6
10.1
7.6
.5
6.2
17.1
6.7
25.2
1.0
6.9
19.4
7.4
32.9
.9
6.8
22.1
16.9
1.0
NOTE.—The figures of assets, deposits, and capital accounts used in computing ratios are averages of the amounts reported for the call dates
at the beginning and end of each period plus the last-Wednesday-of-the-month figures for the intervening months.
1
Includes interest on capital notes and debentures.
2
Annual basis.
1540
FEDERAL RESERVE BULLETIN
INTERNATIONAL FINANCIAL STATISTICS
PAGE
International capital transactions of the United States. .
1542-1547
Gold production .
1547
Reported gold reserves of central banks and governments. .
1548
Gold movements; gold stock of the United States..
1549
International Monetary Fund and Bank. .
1550
Central Banks .
1550-1554
Money rates in foreign countries.
1555
Commercial banks..
1556
Foreign exchange rates .
1557
Price movements:
Wholesale prices
1558
Retail food prices and cost of living.
1559
Security prices .
1559
Tables on the following pages include the principal available statistics of current significance relating
to gold, international capital transactions of the United States, and financial developments abroad.
The data are compiled for the most part from regularly published sources such as central and commercial bank statements and official statistical bulletins, some data are reported to the Board directly.
Figures on international capital transactions of the United States are collected by the Federal Reserve
Banks from banks, bankers, brokers, and dealers in the United States in accordance with the Treasury
Regulation of November 12, 1934. Back figures for all except price tables, together with descriptive
text, may be obtained from the Board's publication, Banking and Monetary Statistics.
NOVEMBER 1950
1541
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
Official!
Other
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.
1936—Dec.
1937—Dec.
1938—Dec.
1939—Dec.
(Jan. 1, 1936).
30
29
(Jan. 4, 1939).
(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.
1941—Dec.
1942—Dec.
1943—Dec.
1944—Dec.
(Jan. 1, 1941).
31
31*
31
..
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.
31
31
31.
31
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
1949—Sept.
Oct.
Nov.
Dec.
1950—Jan.
Feb.
Mar.
Apr.
May
Tune
July
Aug.
30. . ...•
31.
30.
31-. .
31
28...
31. . .
30.
31
30.
31*
31*
8,492.4
8,660.2
8,658.9
8,763.5
8,864.0
9,092.5
9,168.2
9,390.9
9,582.3
9,794.8
9,902.0
10,214.5
4,937.0
5,115.3
5,140.2
5,226.0
5,245.9
5,283.8
5,308.8
5,504.2
5,614.5
5,784.7
5,837.8
6,090.3
1,877.6
2,025.6
2,111.1
2,197.8
2,153.6
2,189.7
2,112.9
2,168.3
2,298.5
2,530.3
2,593.1
2,531.7
3,059.5
3,089.7
3,029.1
3,028.2
3,092.4
3,094.1
3,195.9
3,336.0
3,316.0
3,254.5
3,244.6
3,558.7
1,722.1
1,692.4
1,655.1
1,637.8
1,723.0
1,707.1
1,690.9
1,663.4
1,662.7
1,636.4
1,623.4
1,611.2
316.0
285.0
288.8
307.6
404.5
458.7
480.6
494.6
522.1
465.3
448.0
438.4
1,123.5
1,176.4
1,196.4
1,209.9
1,103.7
1,210.0
1,178.6
1,173.7
1,198.3
1,246.7
1,245.4
1,192.0
266.8
264.4
257.1
258.5
263.8
310.1
379.3
424.4
459.6
538.4
625.8
761.1
127.0
126.8
121.3
123.7
123.0
122.8
130.0
130.6
125.2
123.2
121.7
121.4
TABLE 2.—TOTAL CAPITAL MOVEMENT BY COUNTRIES
International in- Total
stitutions
From Jan. 2, 1935,
through—
1944—Dec
1945—Dec.
1946—Dec.
1947—Dec.
1948—Dec.
31
3i
31...
31
31
.
United
NethKing- France
erdom
lands
Switzerland
Italy
Europe
Other
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
4,081.8
4,037.0 1,395.7 1 .338 4979.7 1,474.0
3,574.2
688.6 1,383.4
2,975.1
947.3 1,503.6
3,141.1
1,273.6
1,784.1
1,258.3
984.3
1,065.2
203.0
247.5
269.6
244.9
234.9
6,868.6 525.5
7,065.3 587.3
7,100.0 644.5
7,221.8 682.4
7,337.2 728.9
7,481.2 764.4
7,552.9 797.7
7,774.9 888.4
.7,954.4 943.0
8,177.6 1,055.5
8,296.9 1,044.0
8,615.1 940.4
95.2
110.9
125.3
113.2
93.8
115.1
112.0
114.2
156.2
188.6
163.4
337.0
174.0 910.0
189.6 933.8
165.3 925.1
171.6 951.2
175.3 890.1
162.0 890.0
171.7 952.6
188.4 983.7
210.6 989.0
212.1 1,004.4
233.9 1,016.4
242.5 1,043.9
291.4
291.6
297.1
301.4
295.1
298.2
259.4
255.5
267.6
270.6
268.3
271.7
1,089.6
1,093.9
1,089.4
1,135.8
1,186.3
1,217.8
1,219.3
1,240.0
1,243.9
1,264.8
1,284.6
1,310.4
3,085.7
3,207.1
3,246.8
3,355.5
3,369.6
3,447.5
3,512.7
3,670.2
3,810.3
3,992.1
4,010.8
4,145.9
•1,677.0
955.1
908.1
875.2
852.0
882.9
933.2
943.1
997.2
1,023.7
1,030.7
1,019.3
1,073.7
257.2
264.7
256.7
249.4
270.2
242.8
232.2
221.7
228 A
228.3
240.9
259.4
1,623.7
1949—Sept. 30
1,594.9
Oct. 31
1,558.9
Nov. 30
1,541.7
Dec. 31
1,526.8
1950—Jan. 31
1,611.3
Feb. 28
1,615.3
Mar. 31
1,616.0
Apr. 30.
1,627.9
May 31...
1,617.2
June 30
July 3 1 * . . . . . . . 1,605.1
1,599.4
Aug. 31*
893.5
928.7
952.8
984.7
1,022.2
1,024.2
1,010.8
1,009.9
1,036.3
1,084.1
1,112.7
1,191.7
1,756.7
1,768.5
1,780.2
:[,792.3
L.833.5
L,854.1
L.875.9
1,855.7
:1,842.4
L.913.3
L.944.4
*1 Preliminary.
This category made up as follows: through Sept. 21, 1938, funds held by foreign central banks at the Federal Reserve Bank of New York
and special deposit accounts held with the U. S. Treasury; beginning Sept. 28, 1938, also funds held at commercial banks in New York City by
central banks maintaining accounts at the Federal Reserve Bank of New York; beginning July 17, 1940, also funds in accounts at the Federal
Reserve Bank of New York which had been transferred from central bank to government names; beginning with the new series commencing with
the month of July 1942, all funds held with banks and bankers in the United States by foreign central banks and by foreign central governments
and their agencies (including official purchasing missions, trade and shipping missions, diplomatic and consular establishments, etc.), and also
special
deposit accounts held with the U. S. Treasury.
2
Beginning with 1947, these figures include transactions of international institutions, which are shown separately in Tables 5 and 6. Securities
of such
institutions are included in foreign securities.
8
The weekly series of capital movement statistics reported through July 1, 1942, was replaced by a monthly series commencing with July 1942.
Since the old series overlapped the new by one day, the cumulative figures were adjusted to represent the movement through June 30 only. This
adjustment, however, is incomplete since it takes into account only certain significant movements known to have occurred on July 1. Subsequent
figures are based upon new monthly series. For further explanation see BULLETIN for January 1943, p. 98.
NOTE.—Statistics reported by banks, bankers, brokers, and dealers. For full description of statistics see Banking and Monetary Statistics,
pp. 558-560; for back figures through 1941 see Tables 161 and 162, pp. 574-637 in the same publication, and for those subsequent to 1941 see
BULLETIN for February 1950, pp. 246-251. For revision of earlier figures to include movement in official Philippine accounts held with U. S.
Treasury, see BULLETIN for July 1946, pp. 815-819. Certain of the figures in tables "Short-term Liabilities to and Claims on Foreigners Reported
by Banks in the United States, by Countries" are not strictly comparable with the corresponding figures for preceding months owing to changes
in reporting practice of various banks. The cumulative figures in Tables 1, 2, and 3 of "Net Capital Movement to United States" have been
adjusted to exclude the unreal movements introduced by these changes. For further explanation see Banking and Monetary Statistics, pp. 578-591,
and BULLETIN for March 1947, pp. 338-339, and September 1945, pp. 967-971.
1542
FEDERAL RESERVE BULLETIN
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—
1944—Dec.
1945—Dec.
1946—Dec.
1947—Dec.
1948—Dec.
31.
31.
31.
31.
31.
1949—Sept. 3 0 . .
Oct. 3 1 . .
Nov. 3 0 . .
Dec. 3 1 . .
1950—Jan. 3 1 . .
Feb. 2 8 . .
Mar. 3 1 . .
Apr. 3 0 . .
May 3 1 . .
June 30. .
July 31 P.
Aug. 31P.
Total
United
King- France
dom
Netherlands
Switzerland
Italy
Other
Total
Europe Europe
Can-
Latin
America
Asia
All
other
4,865.2 804.4
6,144.5 646.4
453.8 5,272.3 397.6
2,242.0 4,120.3 264.9
1,844.3 5,119.5 485.0
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
2,193.7 818.6
794.7
888.6
2,223.4 1,414.2
924.9 1,369.1
2,065.5 823.9
983.3 1,135.7
1,621.4 301.6 1,095.0
877.3
2,117.1 667.2 1,165.4
971.2
169.7
212.9
263.9
224.9
198.6
1,722.1
1,692.4
1,655.1
1,637.8
1,723.0
1,707.1
1,690.9
1,663.4
1,662.7
1,636.4
1,623.4
1,611.2
86.8
103.8
103.0
91.4
72.2
79.3
76.9
80.0
106.1
138.9
113.0
193.3
149.1
166.3
146.3
153.9
160.7
152.5
162.0
178.4
202.9
209.0
232.3
240.5
545.1
563.2
554.0
563.3
493.8
497.0
560.5
584.1
583.0
581.3
593.1
621.9
265.5
266.3
275.4
283.3
276.4
282.3
239.7
236.5
253.2
260.1
255.5
253.5
501.0
507.4
512.0
553.7
575.8
603.9
593.0
609.0
606.2
625.8
638.6
663.0
1,925.1
2,058.3
2,086.0
2,158.7
2,127.1
2,186.8
2,232.8
2,378.6
2,491.4
2,667.5
2,680.9
2,718.4
215.7
223.3
215.8
210.7
241.0
217.8
209.6
195.1
202.7
219.4
224.1
237.5
4,937.0
5,115.3
5,140.2
5,226.0
5,245.9
5,283.8
5,308.8
5,504.2
5,614.5
5,784.7
5,837.8
6,090.3
377.6
451.3
495.3
513.0
548.1
571.9
600.8
690.5
740.0
852.5
848.4
746.2
1,197.8
1,294.9
1,317.5
1,315.1
1,264.9
1,267.2
1,269.5
1,283.5
1,254.5
1,254.7
1,332.2
1,348.1
719.6
702.8
717.0
761.1
811.4
765.2
749.5
737.0
739.6
722.0
688.2
819.7
878.9
835.9
803.9
780.4
801.5
846.7
847.3
910.1
926.3
921.2
912.4
966.6
TABLE 4.—DECREASE IN U. S. BANKING FUNDS ABROAD, BY COUNTRIES
From Jan. 2, 1935, through—
1944—Dec.
1945-—Dec.
1946—Dec
1947—D ec .
1948—Dec.
31
3i
31
31
31
-
.
I949—Sept. 30
Oct 31
Nov. 30
Dec. 31
1950—Jan 31
Feb 28
Mar.'31.
Apr 30
.
May 31
June 30
July 3 1 P . . . .
Aug 31P
.
. . . .
....
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
77.7
78.0
73.4
55.7
—39.9
316.0
285.0
288.8
307.6
404.5
458.7
480.6
494.6
522.1
465.3
448.0
438.4
235.2
225.6
237.2
254.8
259.4
267.7
268.3
269.6
264.8
263.9
255.3
253.5
10.9
11.0
26.9
27.2
27.6
43.1
43.7
43.2
58.1
58.4
58.8
53.8
Netherlands
Switzerland
18 3
6 8
—17.7
5.2
-132.3 - 1 . 7
—30.5
1 1
—32.7
1.2
11.8
12.6
12 3
13.4
16.0
14 2
14.3
14.9
14.2
10.9
10.6
12.8
4.5
4.1
3 5
4.3
2.5
2 6
.3
1.9
.8
-1.0
-1.6
— 5
Italy
Other
Europe
Total
Europe
Canada
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
11.2
10.5
7 7
224.9
221.1
211.6
211.3
238.6
239.2
240.5
239.7
245.5
242.0
241.0
236.8
498.5
484.9
499.2
515.0
549.8
570.0
574.1
575.6
585.3
572.1
564.4
562.0
57.5
4.0
5.8
3 2
7.0
6.4
2.0
-2.1
.2
5.5
Latin
America
61.1
59.9
55.3
52.7
50.4
55.4
57.3
60.2
57.8
46.8
22.6
37.0
Asia
All
other
77 7
99.2
29.9
2 0
10.3
-5.8
—20 1
—8.3
—235.9
2.4
-250.2
-4.4
-257.9
—6.1
-243.1 —10.6
.1'
-179.3
5.1
— 143 4
-135.5
13.3
—127.8
17.5
-122.5
28.4
41.2
-155.7
42.9
-162.4
41.8
-148.9
—6.5
-6.4
—6 2
—9.0
-18.7
—23 4
—26.7
-28.2
-29.3
-50.0
-43.7
-39.1
9.1
-58.8
-346.3
—348.6
—3
1.5
TABLE 5.—FOREIGN SECURITIES: RETURN OF U. S. FUNDS, BY COUNTRIES
(Net Purchases by Foreigners of Foreign Securities Owned in U. S.)
From Jan. 2, 1935,
through—
1944—Dec.
1945—Dec.
1946—Dec.
1947—Dec.
1948—Dec
31
31
31
31
31
.. . . .
I949—Sept. 30.
Oct 31
Nov. 30
Dec 3 1 .
1950—Jan. 31
Feb. 28
Mar. 31
Apr 30
May 31
June 30
July 31 P
Aug. 31 P
International
institutions
Total
United
King- France
dom
Netherlands
Switzerland
Italy
Other
Europe
Total
Europe
33.6
33.0
26.0
—3.9
-9.1
Latin
Canada America
Asia
AH
other
1 019 4 126.5
972.8 117.7
1,237 9 96.8
—249.3 1 526 2 94.9
-249.3 1,431.3 84.9
51.0
51.2
50.2
47.1
42.9
44.5
45.2
31.2
16.3
-19.0
27.6
27.5
26.7
26.5
26.5
246.9
249.2
260.2
275.8
287.2
530.1
523.8
491.2
456.7
413.3
104.9
49.1
236.6
441.8
339.7
302.0
317.1
448.4
537.6
578.3
61.3
60.8
61.1
61 6
63.2
21 0
22.0
.7
28 4
36.9
-265.3
-265.3
-265.3
-265.3
—365.8
-269.1
-267.7
—266.6
-266.5
-267.1
-266.9
-266.9
43.2
- 9 . 6 -12.0
42.9
-9.7
-9.2
43.0
-9.7
—6.6
43.2
.1
-9.3
44.0 - 1 5 . 1
2.4
43 9 — 16 9
4.5
45.1 - 1 6 . 9
8.2
45.0 - 1 4 5
11 0
44.6 - 1 5 . 0
14.2
44.1 - 1 4 . 2
16.8
43.8 - 1 3 . 6
15.1
43.6 - 1 3 . 6
14.8
26.9
26.9
26.9
27.0
27.0
27.0
27.1
27.1
27.4
27.4
27.4
27.4
306.1
307.4
308.1
311.7
313.4
314.4
314.9
315.5
316.1
316.1
316.5
317.0
431.7
431.1
433.2
444.1
443.0
443.8
448.9
453.3
455.3
457.2
455.7
455.4
260.5
312.9
330.0
329.1
320.9
326.9
286.5
270.6
289.8
322.5
319.6
264.4
593.5
594.6
595.4
598.5
601.9
604.1
606.5
606.9
609.8
620.8
623.5
625.3
63.9
63.9
64.0
63.9
64.0
64.1
64.1
64.1
64.2
64.2
64.2
64.2
39.1
39.2
39 2
39.5
39.8
40 1
40.3
45 4
45.7
49.0
49.4
49.6
1,388.8
1,441.7
1 461 7
1,475.1
1,469 5
1 479 0
1 446 3
1 440 3
1 464 8
1 513 8
1,512.3
1,458.9
77.1
72.8
71.4
71.4
71.3
70.9
70.4
69.3
68.0
67.1
66.4
66.2
v Preliminary.
NOVEMBER 1950
1543
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—
Total
United
NethKing- France
erdom
lands
Switzerland
Italy
Other
Europe
Total
Europe
-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
1.9
2.2
2.1
-15.0
-15.0
72.4
68.0
57.3
43.1
45.7
633.7
582.9
484.3
308.7
118.4
-28.1
-126.6
-143.0
-139.8
-132.3
-182.1
-179.9
-176.6
-173.9
-166.2
-163.1
-158.8
-158.2
-146.5
-144.8
-143.6
-142.5
-61.7
-63.0
-63.8
-64.9
-65.7
-66.7
-69.1
-69.4
-68.6
-69.0
-68.7
30.4
13.2
10.1
5.7
4.0
2.8
1.1
.9
-1.4
-3.0
-4.5
-6.0
-7.9
348.1
348.7
348.9
355.2
363.7
359.1
355.9
357.8
364.0
376.7
381.4
380.6
-12.9
-12.7
-13.5
-13.4
-14.7
-14.9
-14.8
-15.1
-15.5
-15.3
-15:2
-15.1
46.2
46.5
46.3
47.9
47.4
49.5
60.4
65.4
65.7
70.8
78.2
83.5
150.8
149.7
147.2
154.9
167.2
165.0
174.5
179.1
196.1
214.0
226.0
328.9
-165.0
-168.1
-172.3
-181.3
-184.6
-136.1
-101.9
-76.6
-74.8
-38.0
37.7
65.3
1944—Dec. 3 1 . .
1945—Dec. 3 1 . .
1946—Dec. 3 1 . .
1947—Dec. 3 1 . .
1948—Dec. 3 1 . .
74.5
82.1
911.8
798.7
464.5
300.9
101.2
1949—Sept. 30..
Oct. 3 1 . .
Nov. 30..
Dec. 3 1 . .
1950—Jan. 3 1 . .
Feb. 28..
Mar. 3 1 . .
Apr. 30. .
May 31. .
June 30. .
July 31*.
Aug. 31 P.
166.9
167.9
169.1
169.1
169.6
173.2
192.1
219.2
231.8
247.8
248.6
255.1
99.9
96.5
88.0
89.3
94.1
13.6.8
187.2
205.2
227.8
290.6
377.2
506.1
Asia
All
other
54.9
81.3
87.6
84.2
94.4
240.5
251.3
26.8
36.8
13.6
10.7
9.9
8.8
11.0
7.2
102.8
101.0
99.1
96.9
93.6
90.0
95.1
96.9
101.6
110.9
109.6
107.9
3.2
5.8
6.8
11.5
10.6
10.4
11.2
-2.8
-3.5
-5.2
-5.5
-5.6
8.1
8.0
7.2
7.4
7.3
7.5
8.3
8.7
8.5
8.9
9.4
9.5
Asia
All
other
CanLatin
ada America
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.
1947—DeCt
194g—D ec#
Total
3i
3i
31
31
31
I949—Sept. 30
Oct. 31
Nov. 30
Dec. 31
1950—Jan. 31
Feb 28.
Mar. 31
Apr 30
May 31
June 30
July 31 P
Aug. 31P
. .
.
.
.
...
United
King- France
dom
Netherlands
Switzerland
Italy
Other
Europe
Total
Europe
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
4 8
6 6
7.0
1.8
1.3
2 0
79.7
83.0
81.2
82.9
82.5
81.8
82.4
83.7
82 2
81.2
83.8
81.1
21.0
19 9
18.3
20.5
21 8
17.7
21 2
21.5
21 6
19.9
20.3
19.7
18.8
16 4
14.5
12.7
11 2
15.7
18 5
16.3
12 3
11 7
10.5
12.0
6.8
6 9
6.6
6.8
6 7
6.9
72
8.3
8 4
9 3
5.4
6.7
.7
7
.7
.8
.8
.8
g
.7
g
10
1.7
1.8
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
23.0
30.3
39.6
38.2
27.5
.3
.4
.4
.4
10.4
13.6
14.7
14.2
11.0
127.0
126.8
121.3
123.7
123.0
122.8
130.0
130.6
125 2
123.2
121.7
1
121A
17.7
17.5
17.1
17.1
16.3
17.1
17.0
17.3
16.7
16.9
17.5
16.9
16.0
16.2
16.2
16.2
15.8
15.5
15.3
15.5
16.1
16.3
16.5
15.8
9.6
10.3
10.6
9.6
11.0
11.1
11.3
11.1
11 6
10.9
10.6
10.7
24.4
27.0
25.3
28.4
27.8
26.8
27.8
29.0
27.0
26.6
28.4
27.1
.6
.5
.6
.6
.6
.6
.6
.5
.5
.5
.5
.5
11.4
11.4
11.4
11.1
11.1
10.7
10.4
10.4
10.3
10.1
10.3
10.1
.3
CanLatin
ada America
.7
.6
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
International
institutions
Date
1944—Dec.
1945—Dec.
1946—Dec.
1947—Dec.
1948—Dec.
31
31
473. 7
31...
31... 2 262. 0
1
31...
864. 3
1949—Sept. 30...
Oct. 3 1 . . .
Nov. 30...
Dec. 3 1 . . .
1950—Jan. 3 1 . , .
Feb. 28...
Mar. 3 1 . . .
Apr. 30...
May 3 1 . . .
June 30...
July 3 1 P . .
Aug. 31P. .
1 ,742. 1
1 ,712. 3
1 ,675. 0
I ,657. 8
1 ,742. 9
1 ,727. 0
1 ,710. 8
1 ,683. 4
1 ,682 6
1 ,656 4
1 ,643 3
1 ,631 2
Total foreign
countries 2
Official
and
private
United
NethKing- France erdom
lands
Italy
Other
Total
Europe Europe
209.7
281.6
224.9
.7 143.3
.8 122.8
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
165.7
182.9
162.9
170.5
177.3
169.1
178.7
195.0
219.5
225.6
248.9
257.2
558.7
576.8
567.6
576.9
507.4
510.6
574.1
597.8
596.6
594.9
606.7
635.6
285
286
295
303
664.2 2,280.3
670.7 2,413.6
675.3 2,441.3
717.0 2,513.9
739.0 2,482.3
767.2 2,542.1
756.3 2,588.1
772.3 2,733.8
769.5 2,846.6
789.1 3,022.8
801.9 3,036.1
826.2 43,073.7
CanLatin
ada America
Asia
All
other
Official
,596.8
,883.1
,006.5
,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
5 ,671.2
5 ,849.4
5 ,874.3
5 ,960.2
5 ,980.1
6 ,017.9
6 ,042.9
6 ,238.4
6 ,348.7
6 ,518.9
6 ,571.9
4
6 ,824.5
2,587.9
2,735.9
2,821.4
2,908.1
2,863.8
2,900.0
2,823.2
2,878.6
3,008.8
3,240.6
3,303.4
3,242.0
438.9
512.6
556.7
574.4
609.5
633.2
662.1
751.8
801.4
913.8
909.8
4807.5
5
6
6
4
Switzerland'
401
310
245
167
192
.2
.0
.9
166 . 9
183 .9
183 .1
171 .6
152 . 3
159 .4
157 . 0
160 .1
186 .2
219 . 0
193 .1
273 . 4
.9
.6
.7
.6
296.7
302 . 6
260.0
256
273
280
275
273
.8
.5
.4
.8
.8
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
827.5
810.8
824.9
869.1
919.4
873.2
857.4
844.9
847.5
829.9
796.2
927.6
1,319.3
1,416.5
1,439.0
1,436.7
1,386.4
1,388.7
1,391.1
1,405.1
1,376.1
1,376.2
1,453.7
1,469.6
1,059.5
1,016.5
984.5
961.0
982.2
1,027.3
1,027.9
1,090.7
1,106.9
1,101.8
1,093.0
1,147.2
184.5
192.1
184.6
179.5
209.8
186.6
178.4
163.9
171.5
188.2
192.9
206.4
P Preliminary.
Amounts outstanding (in millions of dollars): foreign brokerage balances in U. S., 71.5; U. S. brokerage balances abroad, 26.9.
Country breakdown is for "Official and private."
Beginning January 1950, excludes Bank for International Settlements, included in "International institutions" as of that date.
Data for August include, for the first time, certain deposit balances and other items which have been held in specific trust accounts, but
which have been excluded in the past from reported liabilities.
1
2
8
4
1544
FEDERAL RESERVE BULLETIN
INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Coj»*ffiif«i
SHORT-TERM LIABILITIES TO AND CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES,
BY COUNTRIES—Continued
[Amounts outstanding, in millions of dollars]
LIABILITIES TO FOREIGNERS—SUPPLEMENTARY DATA
Other Europe
Other AusEurope tria
Date
DenBel- Czechoslo- mark
gium vakia
Finland
GerNormany1 Greece way
31..
31
31..
31..
31
774.5
909 1
850.5
739.8
738 1
124.3
185.0
159.5
124.9
128.7
14.8
25.9
66.5
52.8
44.7
6.8
7.1
7.0
5.5
22.2
7.1
30.5 89.5
19.1 178.9
1949—Sept 30
Oct. 3 1 . .
Nov. 30. .
Dec 31
1950—Jan. 3 1 . .
Feb. 28..
Mar. 31. .
Apr, 30..
May 3 1 . .
June 30. .
July 31*-.
Aug. 31*.
664 2
670.7
675.3
717 0
739.0
767.2
756.3
772.3
769.5
789.1
801.9
826.2
126.7
125.3
117.7
119 9
123.9
133.3
118.5
120.8
108.2
105.5
106.1
107.8
31.8
31.8
35.4
38.0
35.2
33.2
29.3
33.0
32.0
35.9
31.9
31.6
17.1
15.5
24.0
25.1
23.8
20.6
19.0
20.4
18.2
16.0
15.8
16.2
1944—Dec.
1945—£)eCi
1946—Dec.
1947—Dec.
1943—Dec
44
44
42
39
38
34
35
3
0
9
3
7
6
5
32.0
17 .7
17 . 3
12 . 3
13 . 3
13 .4
12 .9
11 .3
7.0
147.8
145.2
141.6
149.4
149.7
164.6
180.2
184.9
199.7
227.7
245.0
262.9
Poland
PorRutugal mania Spain
48.7 220.8
70.8 216.1
49.3 123.5
34.7 56.2
21.1 77.7
54.5
47 9
39.0
47.1
37 7
24.7
23.3
23.7
29 6
30.3
31.6
32.4
35.1
36.9
38.6
40.6
51.6
31 3
33.9
33.9
38 1
40.0
39.2
35.8
35.0
36.9
31.6
32.6
35.7
60.8
62.6
66.4
69.4
76.4
82.2
79.3
82.4
76.7
66.8
69.5
71.2
6 0
6 .7
6 1
6 3
4.9
5 4
4 .7
,3 5
9.5
9 3
8.9
8.7
70
7 1
6.7
6.7
6 7
6.5
6.4
6.1
6.1
6.2
6.2
6.2
6.1
Sweden
All
USSR Yugoslavia other2
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
62 0
69.2
78.6
90 1
96.1
101.9
106.1
107.6
109.2
9 . 2 112.7
10.4 116.5
13.0 117.0
11 3
11.9
9 6
10.8
10.7
15 7
14.0
11.3
11.5
10.5
10.1
8.2
10 2
9.4
11.1
13.9
15.7
15.1
19.0
15.2
11.8
5.7
5 7
12.4
12.1
19 9
9 1
13.6
10.4
76
7.1
5.8
6.6
7.0
6.2
6.1
5.0
5.3
70.7
66 0
112.5
138.2
119 3
125 1
120.9
118.0
117 4
58.5
57.9
56.4
54.9
57.0
60.9
55.7
53.5
Latin America
Latin
BoAmer- Argentina livia
ica
Date
Brazil Chile
Colombia
Cuba
NethDoerminlands
ican Guate- Mex- West Peru
Remala
ico Indies
puband
lic
Surinam
ReOther
El
pubUru- Vene- Latin
lic of Sal- guay
zuela
AmerPan- vador
ica 8
ama
909.3
1,046.4
1,104.8
1,216.6
1,287.0
93.9
77.3
112.6
236.2
215.8
17.7
14.5
14.0
17.8
17.1
140.8
195.1
174.0
104.7
123.7
55.0
66.3
50.7
46.3
55.6
83.6
79.2
57.8
46.1
54.0
139.3
128.3
153.5
234.7
219.4
83.1
116.4
152.2
139.2
146.7
36.0
28.2
16.1
14.9
24.3
27.7
43.9
40.9
41.8
52.6
69.1
88.7
77.2
70.3
71.8
31.5
49.7
74.0
78.0
121.7
131.6
158.8
181.8
186.5
184.1
1949—Sept. 30. 1,319.3
Oct. 3 1 . 1,416.5
Nov. 30. 1,439.0
Dec. 3 1 . 1,436.7
1950—Jan. 3 1 . 1,3.86.4
Feb. 28. 1,388.7
Mar. 3 1 . 1,391.1
Apr. 30. 1,405.1
May 3 1 . 1,376.1
June 30 1,376.2
July 31 v 1,453.7
Aug. 31P 1,469.6
221.7
227 7
233.7
201.1
210.2
219.3
221.2
227.0
233.5
737 6
239.0
249.8
16.2
15.7
13.2
13.5
13.9
13.0
13.1
12.7
13.9
13.8
13.3
20.2
145.0
165.0
216.9
192.8
164.4
143.8
141.1
121.6
99.4
124.9
150.3
153.2
58.1
59.5
54.9
60.9
57.5
70.1
70.4
73.2
68.6
62.3
69.0
70.3
51.0
57.6
70.1
85.9
97.3
90.6
80.0
70.1
53.1
53.5
70.7
76.1
179.6
181.7
178.4
164.2
169.7
176.9
185.4
209.7
227.2
237.1
245.8
259.5
184.2
185.7
195.0
214.6
184.1
179.7
175.7
168.8
160.2
152.6
174.9
163.0
27.8
30.5
23.5
25.9
26.5
25.4
26.5
26.7
28.4
29.7
30.1
29.4
59.4
61.4
53.3
52.8
48.7
46.4
51.6
47.1
46.3
50.3
49.7
50.9
69.1
72.7
74.2
74.3
73.8
77.7
81.4
81.3
80.8
73.9
69.5
64.7
99.4
160.4
129.2
143.2
117.4
115.2
110.1
132.2
124.4
116.7
104.9
93.2
207.9
198.6
196.6
207.4
63.4
67.8
67.5
68.2
68.9
62.4
65.6
67.4
1944—Dec. 3 1 .
1945—Dec. 3 1 .
1946—Dec. 3 1 .
1947—Dec. 3 1 .
1948—Dec. 3 1 .
35.8
36.3
38.8
39.6
40.9
42.6
45.6
44.8
25 8
26.7
27.6
27.8
26.6
25.0
23.5
22.3
35 7
42.6
42.6
40.1
36.9
27.4
28.6
26.4
62.3
57.4
58.0
59.0
67.0
66.4
73.3
78.4
Asia and All Other
Asia
China
Philand
ippine Thai- Tur- Other All
India IndoMan- Hong
nesia Iran Israel Japan Reland key Asia* other
chu- Kong
public
ria
1,069.2
1,549.7
1,316.4
1,057.9
1,151.8
427.3
582.3
431.9
229 9
216.2
22.9
27.4
44.9
39 8
51.1
1,059.5
31'. 1,016.5
30.
984.5
31.
961.0
31.
982.2
2 S . 1,027.3
3 1 . 1,027.9
3 0 . 1,090.7
3 1 . 1,106.9
3 0 . 1,101.8
1,093.0
1,147.2
31P
124.1
116.3
113.4
110.6
110.1
112.3
104.5
98.5
99.1
95.8
91.3
94.3
82.3
81.5
83.3
83.9
89.9
90.6
88.8
96.4
102.0
107.4
93.6
90.1
Date
1944—Dec. 31.
1945—Dec. • 3 1 .
1946—Dec. 3 1 .
1947—Dec. 3 1 .
1948—Dec.
1949—Sept.
Oct.
Nov.
Dec.
1950—Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
30
110.5
113.7
127.1
69.3
51.8 41.5
22
33
43
62
1
4
5
4
27.2
20.5
17.8
15.7
12.2
29.2
27.6
31.4
35.9
41.8
47.7
51.3 50.7
59 9
52 6
56 4
63 3
69 5
69 .5
61 .8
61 7
59 5
50 7
42 1
4.0
4.1
365.8
629 1
16.6 446.6
31.3 488 6
81.4 488 3
If: . 8
16 . 4
17 .5
16 . 5
14 .8
15 .4
17 . 3
18 . 1
161.5
189.5
204.8
214.6
238.8
ii'.o
27.3 252.2
25.0 275.2
21.8 332.9
19.7 330.7
15.1 338.9
15.7 353.1
15.2 372.9
348
334
306
297
286
289
289
294
299
291
290
299
4
1
3
3
1 "24.3
4
22.6
4
23.5
6
27^4
5
29.0
3
29.7
4
29.4
8
30.5
Egypt
and Union
Bel- Angloof
Aus- gian
tralia Congo Egyp- South Others
tian Africa
Sudan
23.7 92.9 174.0 52 .9
52.5 107.2 181.8 . 28 .9
54.7 151.0 232.8 45 .5
37.6 99.0 193.7 30 6
17.5 204.0 167.4 22 .2
7.3
18.9
20.8
25 0
27.7
31 7
44 . 0
58.7
60.2
58.3
61.6
72.8
58.4
57.3
56.2
57.0
57.7
52.3
63.4
15.1 241.0 184.5
12.1 209.9 192.1
10.0 192.4 184.6
9 . 8 165.7 179.5
12.0 101.5 209.8
14.4 103.5 186.6
10.4 104.2 178.4
10.2 99.2 163.9
10.6 106.0 171.5
12.8 102.7 188.2
12.4 100.1 192.9
12.1 112.4 206.4
39.4
32 . 4
29 .8
25 . 1
20 .5
17 .5
18 .4
18 . 6
19 . 5
16 . 0
"27'. 2
28. 3
30. 0
31. 8
33. 6
35. 6
40. 5
36. 3
8 . 3 105.4
6 . 4 127.7
47.2 119.3
46 4 91.8
15.8 101.6
5 8
5.7
6.9
6.0
22.9
21.3
15.8
6.6
9.6
14.7
19.3
29.5
88 4
82.2
79.9
79.5
57.1
53.6
54.7
51.8
53.0
61.6
61.4
61.2
v1 Preliminary.
Beginning March 1947, figures include balances in accounts opened by occupation authorities for foreign trade purposes.
2
Beginning January 1950, excludes Austria, Czechoslovakia, and Poland, reported separately as of that date.
3
Beginning January 1950, excludes Dominican Republic, Guatemala, El Salvador, and Uruguay, reported separately as of that date.
4 Beginning January 1948, includes Pakistan, Burma, and Ceylon, previously included with India. Beginning January 1950, excludes Iran,
Israel,
and Thailand, reported separately as of that date.
6
Beginning January 1950, excludes Belgian Congo, reported separately as of that date.
NOVEMBER
1950
1545
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
1944—Dec.
1945—Dec.
1946—Dec.
1947—Dec.
194g—Dec.
United
King- France
dom
Total
Date
31
31
31
31
31
1949—Sept 30
Oct. 31
Nov. 30 . .
Dec 31
1950—Jan. 31
Feb 28
Mar. 31
Apr. 30
May 31
June 30 .„
July 31 P
Aug 31P
,,
Netherlands
Switzerland
329.7
392.8
708.3
948.9
1.018.7
25.9
25.4
47.7
29.2
24.5
1.1
5.7
23.4
119.0
36.3
151.0
49.1
51.4
2.9
9.8
819.5
850.5
846.7
827.9
1724.8
670.6
648.7
634.8
607.3
664.0
681.4
691.0
56.8
66.4
54.8
37.2
32.6
24.3
23.7
22.4
27.2
28.1
36.7
38.5
68.2
68.1
52.2
51.8
51.5
36.0
35.4
35.9
21.0
20.7
20.3
25.2
6.9
6.1
6.3
52
2.7
4.4
4 3
3.6
4.0
4.6
3 8
5.7
5.5
7.8
3.7
6.2
1.4
.3
1.3
7.0
6.9
4.5
7 7
8.0
5.8
7.3
9.1
9.7
8.6
Other
Total
CanEurope Europe ada
Latin
America
Asia
All
other
.3
16.0
21.1
15.8
.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
9.9
17.2
31.5
19.7
15.3
16.0
18.8
22 6
20.7
23.3
19.6
20.2
24.5
28.7
26.4
21.1
84.9
88.7
98.2
98 5
165.0
64.4
63.1
64.0
58.2
61.7
62.6
66.8
235.7
249.2
234.9
219.2
1178.2
158.0
153.9
152.4
142.7
156 0
163.6
166.0
35.4
31.8
33.0
37 6
40.2
42.4
37 5
35.5
32.7
35 1
46.1
70.3
403.9
418 2
425.9
411 1
347 3
311.4
303 5
295.7
290.5
323 7
330.4
316.9
126.7
133 5
135.2
139 7
129.0
124.0
115 7
111.6
100.7
87 8
86.2
87.3
17.9
17 8
17.6
20 4
30 1
34.8
38 1
39.6
40.7
61 4
55.1
50.5
Italy
CLAIMS ON FOREIGNERS—SUPPLEMENTARY DATA
Other Europe
Other AusEurope tria
Date
1944—Dec.
1945—Dec.
1946—Dec.
1947—Dec.
1948—Dec.
31
31
31..
31..
31..
78.3
74.6
82.8
118.9
106.3
1949—Sept 30
Oct. 3 1 . .
Nov. 30..
Dec. 3 1 . .
1950—Jan. 3 1 . .
Feb. 28..
Mar. 3 1 . .
Apr. 30..
May 3 1 . .
June 30..
July 3\P.
Aug. 3\P .
84.9
88.7
98.2
98.5
165.0
64.4
63.1
64.0
58.2
Bel- CzechDenoslo- mark
gium vakia
.7
.7
.2
.1
.2
(3)
,2
61.7
62.6
66.8
6.2
8.0
3.4
6
.7
12.4
10.6
1.2
3.3
9.2
8.4
6.6
8.6
9.2
8.2
4.9
3.5
2.4
2.1
2.4
3.4
1.6
1.9
30.3
30.3
30.0
30.0
125.5
25.6
25.3
25.5
25.2
25.1
25.1
25.3
.8
.8
8.0
7.3
(3)
(3)
15.0
21.4
2.2
.6
14.1
16.1
17.6
19.3
15.6
16.3
17.7
16.2
11.7
12.2
12.1
14.6
.7
.7
.7
00
8
.1
.1
.3
.1
(3)
(3)
.4
.5
.5
.5
.6
1.1
1.5
3.2
1.8
GerNormany Greece way
33.9
33.9
30.4
30.5
30.5
(8)
.6
7.5
1.2
.2
Finland
Poland
35.1
31.6
.7
.7
7.4
1.0
1.1
1.2
1.3
1.2
1.2
1.3
1.1
.5
.1
.1
.1
.1
(8)
.1
.1
Rumania Spain
.7
(»)
.1
.1
(3)
(8)
.4
.5
7.1
7.0
.8
.5
1.0
1.1
7.5
.2
.2
.2
.1
.3
.1
.1
.1
Portugal
.7
.5
.7
.6
.8
.8
.9
.5
.5
.4
7.0
7.0
•83
()
(*)
(8)
(*)
(3)
(3)
1 8
Swe- USSR Yugo- All 2
den
slavia other
2
9
4.9
5.4
1.4
(*)
3 8
1 8
(8)
3.8
6.1
7.0
6.7
7.9
6.6
2.1
2.1
2.3
3.4
3.1
2.4
2.4
2.8
3.1
3.8
3.1
1.6
7.2
.9
2.9
7.7
4.4
7.0
7.2
6.8
.1
(8)
(8)
(8)
ss(33)
(3)
()
S(8)
6.0
2
(*)
.1
.7
2.5
3.2
2.4
3.0
6.7
5 2
4 8
9.5
35.9
29.8
11 2
11 5
16.7
15.6
4.8
5.2
4.4
4.4
4.6
4.7
4.5
4.4
Latin America
Date
Latin
BoAmer- Argentina livia
ica
Brazil Chile
25.3
24.7
49.8
165.8
165.4
1944—Dec. 31
1945—Dec. 3 1 . .
1946—Dec. 3 1 . .
1947—Dec. 31
1948—Dec. 31...
131.0
158.9
226.8
514.3
516.6
21.0
41.8
65.2
72.4
1.8
1.3
2.3
2.0
2.7
1949—Sept. 30..
Oct. 3 1 . .
Nov. 30
Dec. 3 1 . .
1950—Jan. 3 1 . .
Feb. 28..
Mar. 3 1 . .
Apr. 30. .
May 31...
June 30. .
July 31 P.
Aug. 3 1 P .
403.9
418.2
425.9
411.1
347.3
311.4
303.5
295.7
290.5
323.7
330.4
316.9
54.4
55.3
54.1
53.6
51.3
47.8
44.7
46.5
43.1
42.8
37.9
40.6
162.2
165.1
161.9
136.9
99.2
5.7 81.3
6.3
75.2
6.5
67.4
7.7
58.8
7.6
67.0
7.7
74.0
6.3
59.9
3.1
2.3
2.5
1.9
2.3
5.2
9.0
6.6
14.6
27.8
15.2
11.4
12.0
11.7
15.5
14.1
9.3
7.9
5.6
5.2
4.7
3.5
4.6
Colombia
Cuba
NetherDolands
minican Guate- Mex- West Peru
Reico Indies
mala
and
public
Surinam
RepubEl
lic of SalPan- vador
ama
Other
Uru- Vene- Latin
guay zuela America *
15.5 47.4
16.8 33.3
26.4 25.7
32.6 108.6
32.6 83.1
11.0
25.5
52.2
73.8
.3
.5
.8
1.1
1.5
1.2
1.9
3.7
4.3
4.4
.8
1.1
1.3
4.7
4.6
15.3
26.0
12 9
34.7
26.2
34 5
34.7
22.6
22.6
22.3
21.1
19.9
21.0
24.1
26.8
31.8
53.5
58.4
54.2
64.1
66.4
72.0
73.0
50.3
46.3
48.1
46.4
44.9
45.8
50.5
43.8
1.1
3.0
1.2
1.3
1.1
1.1
1.0
1.1
1.1
1.0
1.2
1.2
6.4
6.3
5.8
5.8
6.5
6.6
6.2
6.8
8.5
9.9
9.5
9.0
4.6
5.4
5.3
5.3
4.3
4.6
4.9
4.8
5.0
4.7
4.5
3.9
22.3
23.0
23.6
25.6
25.3
26.0
24.6
26.5
26.3
25.8
25.4
36.2
34.9
36.8
39 6
43!l
23.3
22.3
21.6
22.0
21.0
18.1
17.4
16.8
17.5
20.0
26.4
27.5
27.1
21.5
17.6
17.1
21.4
29.7
27.7
26.5
8.6
"i!8*
1.7
1.7
1.7
1.6
1.2
1.4
1.5
"lA
2.7
2.1
2.2
2.2
1.8
1.9
2.3
5.1
6.1
8.7
"i'.h'
5.3
4.2
3.8
3.8
3.3
2.6
2.5
"9.0'
8.1
13.2
10.5
8.0
6.9
6.7
7.7
v Preliminary.
1 Figure not strictly comparable with the corresponding figures for preceding months due to write-off of claim on Germany amounting to
$6,121,000. The cumulative figures in Tables 1, 2, and 4 of "Net Capital Movement to United States" have been adjusted to exclude the unreal
movement
introduced by this change.
2
Beginning January 1950, excludes Austria, Czechoslovakia, and Poland, reported separately as of that date,
s Less than $50,000.
* Beginning January 1950, excludes Dominican Republic, Guatemala, El Salvador, and Uruguay, reported separately as of that date.
1546
FEDERAL RESERVE
BULLETIN
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
Date
1944—Dec.
1945—Dec.
1946—Dec.
1947—Dec.
1948—Dec.
Asia
China
Philand Hong
Thai- Tur- Other1
Iran Israel Japan ippine
Man- Kong India Indonesia
Reland key Asia
chupublic
ria
31..
31..
3i #>
31..
31..
51.4
29.9
99.2
127.0
118.8
53.9
40.8
24.2
12.0
2.6 29.6
3.4 20.4
1949—Sept. 30 .
Oct. 3 1 . .
Nov. 3 0 . .
Dec. 3 1 . .
1950—Jan. 3 1 . .
Feb. 2 8 . .
Mar. 3 1 . .
Apr. 30. .
May 3 1 . .
June 3 0 . .
July 31 P .
Aug. 31 P.
126 7
133.5
135.2
139.7
129.0
124.0
115.7
111.6
100.7
87.8
86.2
87.3
18.0
16.5
16.3
16.6
17.0
15.1
19.4
23.4
19.2
17.6
20.1
22.4
3.4
3.8
4.2
3.7
4.1
4.2
4.3
4.1
4.1
3.3
4.1
5.1
1.5
1.0
.9
.8
5.9
22.3
7.5
.9
15.9
13 8
13.8
20 2
27.4
37.3
1 4
17.7
1.4
8 9
2 8
4 6
7.5
14.3
9.6
10.1
9.5
14.1
18.1
17.9
7.7
1.9
.9
.9
1 1
24.6
25.5
25.9
23.2
22.8 "lA
22.4 1.9
22.0 1.2
19.7
.9
14.4
.7
12.5
.6
9 6 1 2
19.4
14.3
15.7
14.3
10.5
9.9
5.9
4.8
.7
.7
9
34.4
44.1
46.5
50.3
12.0
8.5
9.3
11.7
10.9
10.7
77
.8
7.6
1.5
1.4
1.0
.5
.5
2
.5
1.9
16.8
18.8
17.0
17.4
16.6
17.7
18.9
19.7
24.0
20.5
18.7
15.6
4
.4
.2
.2
.2
.1 13^8
13.6
13.5
.1 12.5
.2 13.0
.1 11.5
. 1 10.4
* ii!s
12.5
13.3
12.0
13.3
7.8
11 2
14.5
1.4
8.0
1 8
2.0
1.5
All
other
Australia
11 7
Egypt
Beland Union
gian Anglo- of
Congo Egyp- South Others
tian Africa
Sudan
17 2
31.5
19.7
3 4
9.0
4.7
6
1.7
.2
.3
.4
.1
.4
9.7
4.7
10.1
14.4
7.9
1.2
3.3
3.3
8.0
6.8
17.9
17.8
17.6
20.4
30.1
34.8
38.1
39.6
40.7
61.4
55 1
50.5
4.6
4.8
5.4
7.9
10.4
15.5
18.9
20.1
20.8
40.7
36 2
34.8
.4
.5
.6
.2
.2
.3
.4
.3
.1
.1
.1
.1
4.0
3.8
3.6
4.5
11.3
11.2
11.3
12.1
12.3
11.7
9.5
6.8
8.9
8.8
8.0
7.7
4.6
4.3
4.0
3.5
3.9
5.0
5.3
4.8
9.9
P Preliminary.
1
Beginning January 1948, includes Pakistan, Burma, and Ceylon, previously included with India.
Israel,
and Thailand, reported separately as of that date.
2
Beginning January 1950, excludes Belgian Congo, reported separately as of that date,
s Less than $50,000.
3.6
3.5
3.5
3.7
3.6
3.8
3 9
4.0
Beginning January 1950, excludes Iran,
GOLD PRODUCTION
OUTSIDE U. S. S. R.
[In millions of dollars]
Production reported monthly
Year or
month
1941... • . .
1942
1943
1944
1945
..
1946 ..
1947.
1948
........
1949 ,
Estimated
world
production
Total
outside
reported
U.S.S.R.i monthly
South
Africa
1,110.4
982.1
774.1
701.5
683.0
697.0
705.5
728.1
'753.2
504.3
494.4
448 2
429.8
427.9
417.6
392.0
405.5
409.7
66.0
65.2
»-65.3
65.9
63.5
64.0
60.1
35.7
34.8
34.7
34.0
34 0
34.2
32.0
35 1
33 3
35 5
34.6
34 6
34.9
1,265.6
1,125.7
871 5
784.0
738.5
752.5
766.5
791.0
1949—Aug
...
Sept.
Oct.......
Nov. .
Dec
1950—j a n
Feb.
Mar
Apr
M!ay
June......
July
Aug
North and South America
Africa
Rhodesia
West Belgian United
Africa* Congo3 States 4
Canada
Mexico
Colombia
Other
Chile
$1=15*1^21 grains of gold 9/w fine: i . e., an ounce of fi ne gold =$35.
32.4
19.6 209.2 187.1
9.3
28.0
23.0
27.8
6.4
29.2
18.0 131.0 169.4
28.0
26.6
20.9
19.7
15.8
48.8 127.8
22.1
23.0
6.1
19.8
18.4
35.8 102.3
7.1
12.7
17.8
20.7
19.4
6.3
18.9
12.1
32.5
94.4
17.7
17.5
19.9
8.1
15.3
20.5
11.6
51.2
99.1
14.7
19.1
5.9
19.3
10.8
75.8 107.5
13.4
16.3
18.3
5.7
23.4
11.1
70.9 123.5
12.9
18.0
11.7
6.3
12.6
23.1
12.9
67.3 144.2
14.2
18.5
6.3
6.0
7.1
7.2
6.4
5.9
5.5
6.1
6.7
6.8
1.9
1.9
1.9
2.0
2.0
2.0
2.0
1.9
1.2
1.1
1.0
1.1
1.1
1.1
1.0
1.1
1.5
2.0
1.0
1.5
1.5
1.9
1.9
1.0
1.0
6.6
7.1
1.9
1.1
7.9
1.6
1.5
1.5
1.5
1.5
1.5
1.4
1 5
1 5
1 9
1 0
12.6
12.8
12.8
12.7
13.0
12.4
12 .2
13.4
12 9
13.1
12.9
12.9
1.4
1.6
.9
1.9
.8
1.5
1.0
1.0
1.0
1.0
1.1
.6
1.4
1.2
1.2
»1 0
.9
1.0
1.1
.6
.6
.5
.6
.5
.6
.2
.6
8
.9
.6
Nica- Austra- India3
ragua 5
lia
7.5
8.6
7.7
7.9
7.0
6.4
7.4
7 8
7.7
.7
.7
.6
.7
6
.6
.7
7
7
6
.7
7
.7 %
52.4
40.4
26.3
23.0
23.0
28.9
32.8
31 2
31.3
10.0
2.5
2.6
2.7
2.9
.6
5
.5
.4
4
.5
.5
5
6
5
2 6
2.3
2.3
2 3
2 1
2 3
3.3
9.1
8 8
6.6
5.9
4.6
6.1
6 5
5 7
.6
.6
.6
*" Revised.
Gold production in U. S. S. R.: No regular Government statistics on gold production in U. S. S. R. are available, but data of percentage changes
irregularly given out by officials of the gold mining industry, together with certain direct figures for past years, afford a basis for estimating annual
production
as follows: 1934, 135 million dollars; 1935, 158 million; 1936, 187 million; 1937, 185 million; and 1938, 180 million.
1
Estimates of United States Bureau of Mines.
2
Beginning
1942, figures reported by American Bureau of Metal Statistics. Beginning 1944, they are for Gold Coast only.
8
Reported by American Bureau of Metal Statistics.
4
Includes Philippine production received in United States through 1945. Yearly figures are estimates of United States Mint. Monthly
figures are estimates of American Bureau of Metal Statistics, those for 1949 having been revised by subtracting from each monthly figure $217,251
so that
the aggregate for the year is equal to the yearly estimate compiled by the United States Mint.
B
Gold exports reported by the Banco National de Nicaragua, which states that they represent approximately 90 per cent of total production.
NOTE.—For explanation of table and sources, see BULLETIN for June 1948, p. 731; and Banking and Monetary Statistics, p. 524. For annual
estimates compiled by the United States Mint for these and other countries in the period 1910-1941, see Banking and Monetary Statistics, pp.
542-543.
NOVEMBER
1950
1547
REPORTED GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS
[In millions of dollars]
United States
End of month
Treas-
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—Oct..
Nov.
Dec.
1950—Jan..
Feb..
Mar.
Apr..
May.
June.
July.
Aug..
Sept.
24,584
24,479
24,427
24,395
24,345
24,246
24,247
24,231
24,231
24,136
23,627
23,483
24,688
24,626
24,563
24,507
24,456
24,360
24,350
24,340
24,331
24,239
23,745
23,591
End of month
1945—Dec.
1946—Dec.
1947—Dec.
1948—Dec..
1949—Oct...
Nov..
Dec.
1950—Jan...
Feb..
Mar..
Apr..
May.
June.
July.,
Aug..
Sept..
End of month
Hungary
24
34
35
40
40
41
41
41
Sweden
Argentina 2
Belgium
Brazil
Canada 3
716
735
597
624
354
354
354
317
361
543
294
408
720
709
698
679
679
682
679
678
663
651
643
599
317
317
317
317
317
317
317
317
317
317
470
484
496
507
509
511
513
515
521
531
545
554
1,197
1,072
322
India
Iran*
Italy
Java
274
274
274
256
131
127
142
140
24
28
58
96
7 201
M80
247
247
247
247
247
247
247
247
247
247
247
140
140
140
140
140
140
140
140
140
252
252
252
252
252
252
252
252
252
252
252
Switzerland
Turkey
Uruguay
Mexico
294
181
100
270
265
231
166
161
178
178
178
178
178
178
178
178
178
178
188
195
195
229
229
229
229
229
229
229
229
16
other
coun-8
tries
International
Monetary
Fund
1945—Dec
1946—Dec
1947—Dec
1948—Dec
482
381
105
81
,342
,430
,356
,387
241
237
170
162
195
200
175
164
202
215
215
323
192
193
195
220
15
,356
,436
1949—Oct
Nov
Dec
1950—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
70
70
70
70
70
69
71
71
71
71
71
87
,486
,495
,504
,508
1,503
1,527
1,534
1,552
1,559
1,550
1,537
154
154
154
154
154
154
154
154
149
138
146
146
178
178
178
183
187
190
184
184
189
196
208
373
373
373
373
373
373
373
373
373
373
373
373
304
304
330
332
334
333
333
337
336
P336
,450
,451
,451
,459
,460
,460
,460
,460
,460
,464
P336
P336
Cuba
82
65
45
43
127
145
83
51
191
226
279
289
43
43
40
40
40
40
40
40
40
40
40
50
51
52
53
64
65
66
67
68
69
70
299
299
299
299
299
299
299
299
Nether- New
lands Zealand
178
Venezuela
Colombia 4
Chile
Peru
23
23
23
23
80
91
72
52
28
24
20
20
26
27
27
27
27
27
27
28
28
28
28
29
51
51
51
51
51
50
48
50
50
50
50
20
28
28
28
28
28
28
28
28
28
28
Bank
for International
Settlements
39
32
30
36
47
64
68
68
69
87
93
100
108
128
125
145
Denmark
Egypt
France
38
38
32
32
52
53
53
53
1,090
796
548
548
32
32
32
32
32
32
32
31
31
31
31
31
53
53
53
53
53
53
53
53
53
53
523
523
523
523
523
523
523
523
523
523
523
523
61
61
Norway
P Preliminary.
1 Includes gold in Exchange Stabilization Fund. Gold in active portion of this Fund is
not included in regular statistics on gold stock (Treasury gold) used in the Federal Reserve
statement "Member Bank Reserves, Reserve Bank Credit, and Related Items" and in the
Treasury
statement "United States Money, Outstanding and in Circulation, by Kinds."
2
Estimated dollar values derived by converting gold at home in amounts up to 1,224.4
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."
* Beginning December 1948 figures taken from last weekly statement of month.
6
Beginning December 1947 includes gold holdings of issue and banking departments of
Bank
Melli Iran; prior to that represents holdings of issue department only.
6
Total gold holdings are not available. Beginning April 1946, the series is new and represents
gold held as reserve (25 per cent minimum) less gold in foreign currency liabilities.
7
Figures are for following dates: 1946—Mar. 31, and 1947—Mar. 31.
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.
1548
Czechoslovakia
Portu- Ruma- South
gal*
nia
Africa
914
939
762
183
110
111
111
111
119
120
128 .
132
146
166
173
178
177
179
180
2>179
85
85
85
80
80
80
61
61
61
269
245
193
158
Spain
»215
Government gold reserves not included in
previous figures
United
Kingdom
France
Belgium
1945—Dec
1946—Dec
12,476
12,696
2 457
2 17
1947—Mar
June....
Sept
Dec
12,380
12,410
12,383
12,079
1948—Mar
June....
Sept
Dec
12,241
11,920
11,777
11,856
1949—Mar
June....
Sept
Dec
11,912
11,651
11,425
11,688
End of month
1950—Mar
11,984
J u n e . . . . 12,422
Sept
12,756
, i Exchange Equalization Account holdings of
gold, U. S. and Canadian dollars, as reported by
British Government. (Gold reserves of Bank of
England have remained unchanged at $1 million
since 1939, when Bank's holdings were transferred
to Exchange Equalization Account).
2
France—Exchange Stabilization Fund; Belgium—Treasury.
NOTE.—For details regarding special interna
gold transfers affecting the British and French
institutions, see p. 1550, footnote 1, and p. 1551,
footnote 8. For available back figures, see
Banking and Monetary Statistics, p. 526, and
BULLETIN for November 1947, p. 1433, and
ruary 1945, p. 190.
FEDERAL RESERVE
Feb-
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
Total
1942
1943
1944..
1945
1946
1947
1948
1949
United
Kingdom
315.7
2.0
68.9
.1
-845.4 -695.5
— 106.3
.2
311.5
.5
1,866.3
488.4
1,680.4 1,095.4
686.5
527.9
1949—Sept
Oct
98.1
56.1
Dec
1950—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
— 1.4
39.0
Belgium
Netherlands
France
Sweden
11.3
M3515'
33.7
27.9
-4.5
28.0
162.9
34^4
— 1
.1
Argentina
Colombia
.1
208.9
— 10 8
66 9
46.2
-50.3
53 1
344.1 - 1 3 4 . 0
445.4
335.5
-29.7
103.3
5 8
10.6
U.S.S.R. Canada
6
— .1
.2
.1
.2
— .1
31.7
.1
2.1
5 1
5
3
7
5
5
7.6
4
4
5
6
— l
44 2
95 3
— .1
BY COUNTRIES—Continued
[Net gold exports from United States (—). In millions of dollars]
Gold stock at
end of period
Gold valued at approximately $35 a fine ounce
1942
1943
1944
1945
1946.
1947
1948
1949
......
Other
Latin
AusAmerican tralia
Republics
16.3
14.6
-10.8
7.0
—8.0
-17.1
7.3
.5
.1
.6
6.4
.3
.2
.2
.1
.5
.5
1949—Sept...
Oct... .
Nov...
Dec...
1950—Jan....
Feb. . .
Mar...
Apr. . .
May..
June. .
July . .
Aug.. .
Sept...
China
Philippine
Republic
.3
—9.5
-11.9
-134.0
—55.8
-14.0
.1
— .2
-3.5
— 19.1
—2.5
— .1
—1 6
— .1
.3
A
A
.5
.4
5
.3
.7
.6
.6
.6
.1
-.3
.2
— .2
.3
— .5
.2
.1
.1
— i
— l
.1
South
Africa
4.1
.3
3.6
.4
118.6
410.7
491.5
190.7
9.5
12.7
3.3
5.8
16.8
1.8
3.5
All
other
countries
8.9
.8
30.2
.5
1.3
-18.6
i-63.5
2
-37.6
-4.8
— 1.1
—2.4
-8.5
837.1
—1.3
-3.5
3.7
10.5
4.7
-3.1
8
-2.1
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.
NOVEMBER
1950
Nicaragua
Venezuela
8.7
4.0
75
2 2
7.7 —55.3
7 4 —56 1
.2
7.3
-.8
7.6
7.9 - 1 3 6 . 1
—4 5
69
6
.5
4
5
.4
5
5
5
3
3
3
.3
.3
—8 3
4
4
3
4
2
3
2
3
3
2
3
.4
—2
—
—
—
—
l
4
1
1
—2
—1
-.1
__ 2
ANALYSIS OF CHANGES IN GOLD STOCK OF
UNITED STATES
[In millions of dollars]
NET GOLD IMPORTS TO UNITED STATES,
Year or
month
40.0
3 3
-109.7
15 1
3.6
-7.1
15.8
4 4
7
101.5
40.7
-1.6
53.3
13.1
10.0
— 1.5
-42.2
-96.5
21.0
25.1
14 2
Mexico
p eriod
Treasury
1942.
1943
1944.
1945.
1946.
1947.
1948
1949
22
21
20
20
20
22
24
24
,n&
,938
,619
,065
,529
,754
,244
,427
Total i
Earmarked DomesNet
Increase gold
gold: de- tic gold
in total portimor crease producgold
export
or intion 2
stock
crease
(-)
22,739
- 2 3 . 0 315.7
68.9
21,981
—757. 9
20,631 —1,349. 8 —845.4
20,083
-547. 8 -106.3
20,706
623. 1 311.5
22,868 3 2,162. 1 1,866.3
24,399
1,530. 4 1,680.4
24,563
164. 6 686.4
-39. 8
1949—Oct.... 24 ,584 24,688
Nov... 24 ,479 24,626
-61. 7
D e c . . . 24 ,427 24,563
-63. 2
1950—Jan.... 24 ,395 24,507
-56.3
F e b . . . . 24 ,345 24,456
-51. 2
M a r . . . 24 ,246 24,360
-96. 2
Apr.... 24 ,247 24,350
-9.2
24
May...
,231 24,340
-10. 7
-9 0
June.. 24 ,231 24,331
-91 1
July... 24 ,136 24,239
Aug. . . 23 ,627 23,745
-494 4
Sept.. . 23 ,483 23,591
-153 9
O c t . . . . P23 ,250 ^23,349 P - 2 4 2 1
56.1
7.6
—1.4
39.0
.2
-1.6
53.3
13.1
10.0
-1.5
-42.2
-96.5
(4)
- 4 5 8 . 4 125.4
-803.6
48.3
—459.8 35.8
-356.7
32.0
465.4 51.2
210.0 75.8
— 159.2 70.9
-495.7
67.3
-89.1
-63.9
-59.4
-93.2
-50.4
-95.4
—59.2
-29.9
-17.6
-90.0
-431.4
-65.9
5-146.2
7.1
7.2
6.4
5.9
5.5
6.1
6.7
6.8
6.6
7.1
7.9
7.8
(4)
x
p Preliminary.
See footnote 1 on opposite page.
2
Yearly figures are estimates of United States Mint. For explanation
of
monthly
figures
see
p. 1547, footnote 4.
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 5,352.5 million dollars on Oct. 31, 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.
1549
INTERNATIONAL MONETARY FUND AND INTERNATIONAL BANK
FOR RECONSTRUCTION AND DEVELOPMENT
[End-of-month figures. In millions of dollars]
1950
1949
1949
International Fund
International Bank
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
Net currency purchased 2
(Cumulative—millions of dollars)
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....
Norwegian k r o n e r . . . . . . .
South African pounds. . .
Turkish liras
Pounds sterling
Yugoslav dinars
July
Apr.
1,464
1,460 1,459 1,448
1,306 1,299
4,257 *4,266
989
893
1
1
8,022 7,922
-4
-4
Jan,
1,300
4,266
1,018
1
8,047
-3
1950
Sept.
Aug.
1,340
4,185
1,070
1
8,047
-3
1949
July
Sept.
20.0 20.0
20.0
11.4 11.4 11.4 32.1
37.5 37.5 37.5 15.0
8.8
8.8
8.8
8.8
-.9
-.9
-.9
.4
6.0
6.0
6.0
6.0
10.2 10.2 10.2 10.2
-5.5 -5.5 -5.5
3.0
.6
.3
.6
.3
125.0 125.0 125.0 125.0
100.0 100.0 100.0 100.0
22.5 22.5 22.5 22.5
75.4 75.4 75.4 75.4
9.6
9.6
9.6
9.6
10.0 10.0 10.0 10.0
5.0
5.0
5.0
5.0
300.0 300.0 300.0 300.0
9.0
9.0
9.0
3.0
Total.
Sept.
July
Gold
June
Mar,
Sept.
,.
Currencies (balances with depositories
and securities payable on demand):
United States
Other
Investment securities (U. S. Govt. obligations)
Calls on subscriptions to capital stock3. .
Loans (incl. undisbursed portions and
inch obligations sold under Bank's
guarantee)
^
Other assets
Bonds outstanding
Liability on obligations sold under guarantee
Loans—undisbursed
Other liabilities 4
General reserve
Special reserve
Capital 3
10
921
5
924
18
925
44
926
439
4
449
5
446
5
454
5
762
8
261
738
8
261
723
7
261
676
11
254
26
26
26
27
140
126
130
136
5
2
3
3
31
27
23
17
15
14
12
9
1,668 1,670 1,670 1,670
1
Includes 16 million dollars receivable for currency adjustments
resulting
from the devaluations in September 1949.
2
As of Sept. 30, 1950, the Fund had sold 759.8 million U. S. dollars;
in addition, the Fund sold to the Netherlands 1.5 million pounds
sterling in May 1947 and 300 million Belgian francs in May 1948, and
sold to Norway 200 million Belgian francs in June and July 1948.
Repurchases
amounted to 33.0 million dollars.
3
Excludes uncalled portions of capital subscriptions, amounting to
6,671 million dollars as of Sept. 30, 1950, of which 2,540 million represents
the subscription of the United States.
4
Formerly shown as "Accumulated net income".
744.3 744.6 744.6 726.2
CENTRAL BANKS
Bank of England
(Figures in millions of
pounds sterling)
Assets of issue
department
Assets of banking
department
Discounts
and advances
Other
assets 2
Notes
and
coin
.2
.2
.2
.2
.2
.2
.2
•2
780.0
950.0
1,100.0
1,250.0
1,400.0
l s 450.0
1,450.0
1,325.0
28.8
27.7
12.5
13.5
20.7
23.4
100,8
36.1
6.4
3.5
2.5
5.1
8.4
13.6
15.2
16.7
267.8
267.9
307.9
317.4
327.0
327.6
331.3
401.1
1949—Oct. 26
Nov. 30
Dec. 28
.4
.4
.4
1,300.0
1,300.0
1,350.0
47.3
39.9
33.7
23.3
15.3
14.8
1950—Jan. 25
Feb. 22
Mar. 29
Apr. 26
May 31
June 28
July 26
Aug. 30
Sept. 27
.4
A
A
A
A
A
A
A
A
4 1,300.0
1,300.0
1,300.0
1,300.0
1,300.0
M,350.0
1,350.0
1,350.0
1,350.0
57.9
58.4
38.5
28.4
19.9
63.0
37.4
53.8
70.2
14.7
22.0
12.3
22.0
19.1
15.4
18.0
23.4
21.0
1941—Dec.
1942—Dec.
1943—Dec.
1944—Dec.
1945—Dec.
1946—Dec.
1947—Dec.
1948—Dec.
31..
30
29
27
26
25
31
29
Gold*
Securities
Liabilities of banking department
Note
circulation3
ECA
Other
Other
liabilities and
capital
11.2
9.0
10.3
5.2
5.3
10.3
18.6
11.7
17.4
54.1
48.8
60.4
52.3
58.5
57.3
95.5
92.1
17.9
17.9
17.9
17.8
17.8
18.1
18.1
18.1
298.5
295.9
299.2
14.0
8.9
11.6
62.8
58.6
97.9
107.3
111.5
111.2
17.8
18.0
18.1
291,7
285.2
283.5
288.8
281.3
292.1
286.8
278.8
291.8
12.5
14.0
12.1
13.9
12.0
11.9
14.5
12.8
14.8
117.4
136.0
160.0
169.8
188.4
209.0
237.1
246.5
254.8
110.2
113.5
83.9
89.5
94.2
96.5
97.9
95.7
94.3
18.3
18.4
18.5
17.8
18.0
18.2
18.3
18.5
18.5
Deposits
Bankers'
Public
751.7
923.4
L.088.7
U238.6
1L,379.9
U428.2
L.349.7
1,293.1
219.9
223.4
234.3
260.7
274.5
278.9
315.1
314.5
429.7
437.8
489.6
1,258.7
L,265.8
L.321.9
477.4
486.7
507.2
529.4
554.9
549.3
599.2
575.0
583.0
U247.7
1,247.2
:1,267.3
L.277.7
L.286.6
L,293.9
L,319.7
,302.0
:L.283.3
1
On June 9, 1945, the official buying price of the Bank of England for gold was increased from 168 shillings to 172 shillings and three pence
per fine ounce, and on Sept. 19, 1949, it was raised to 248 shillings. For details regarding previous changes in the buying price of gold and for
internal
gold transfers during 1939, see BULLETIN for March 1950, p. 388, footnotes 1 and 4.
2
Securities and silver coin held as cover for fiduciary issue, the amount of which is also shown by this figure.
3
Notes
issued less amounts held in banking department.
4
Fiduciary issue decreased by 50 million pounds on Jan. 11 and increased by 50 million on June 28, 1950. For details on previous changes
see BULLETIN for February 1950, p. 254; April 1949, p. 450; #nd February 1948, p. 254.
NOTE.—For back figures see Banking and Monetary Statistics, Table 164, pp. 638-640; for description of statistics, see pp. 560-561 in same
publication.
1550
FEDERAL RESERVE BULLETIN
CENTRAL BANKS—Continued
Assets
Bank of Canada
(Figures in millions of
Canadian dollars)
Gold
Sterling
and United
States
dollars
Liabilities
Dominion and provincial government
securities
Deposits
Other
assets
Other
liabilities
and
capital 3
Note
circulation2
Dominion
government
Short-1
term
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
,157.3
,197.4
,022.0
,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
,036.0
,129.1
,186.2
,211.4
,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—Oct. 31.
Nov. 30.
Dec. 31.
64.9
66.1
74.1
,710.6
,713.9
,781.4
335.9
221.5
227.8
80.3
54.4
42.5
,293.5
,283.0
,307.4
626.0
544.7
541.7
66.1
27.2
30.7
77.4
84.1
126.9
128.8
116.8
119.2
1950—Jan. 31.
Feb. 28.
Mar. 31.
Apr. 29.
May 31.
June 30.
July 31.
Aug. 31.
Sept. 30.
73.1
76.7
73.7
86.0
73.3
84.1
89.1
161.4
212.2
1,769.1
1,786.2
1,655.9
1,668.3
1,685.7
1,436.7
1,431.0
1,420.4
1,406.1
235.4
191.1
358.9
371.0
372.6
622.0
638.7
569.2
444.6
73.1
56.2
75.2
56.5
60.1
58.8
65.7
113.9
219.7
,259.2
,250.6
,258.5
,269.8
,275.9
,275.8
1,294.2
1.303.8
1,318.4
530.7
554.8
567.3
551.6
534.3
544.5
552.8
568.2
555.8
94.3
24.3
71.2
41.3
68.9
35.3
19.6
16.7
22.0
145.8
176.4
150.7
199,8
202.7
215.8
228.9
233.1
258.2
120.7
104.2
116.1
119.4
109.9
130.1
129,0
143.1
128.2
1938—Dec.
1939—Dec.
1940—Dec.
1941—Dec.
1942—Dec.
1943—Dec.
1944—Dec.
1945—Dec.
1946—Dec.
1947—Dec.
1948—Dec.
185.9
225.7
31.
30.
31.
31.
31.
31.
30.
31.
31.
31.
31.
Chartered
banks
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
1949—Oct. 27.
Nov. 24.
Dec. 29.
62,274
62,274
62,274
1950—Jan. 26.
Feb. 23.
Mar. 30.
Apr. 27.
May 25.
June 29.
July 27.
Aug. 31 .
Sept. 28.
62,274
62,274
62,274
62,274
62,274
62,274
62,274
8182,785
182,785
Foreign
exchange
821
112
42
38
37
37
42
68
7
12
30
Domestic bills
Open
market5
1,892
5,818
7,802
6,812
8,420
9,518
12,170
17,980
37,618
67,395
97,447
53,002 140,936
58,174 143,794
61,943 137,689
59,719
58,658
63,987
83,526
98,539
116,652
146,146
144,242
173,725
132,447
123,912
123,013
117,039
115,978
128,939
144,523
149,702
119,556
Special
Other
Liabilities
Advances to
Government 5
Current
Deposits
Other
assets 5
Other
Note
circulation
Government
1 ,914
984
1 ,517
770
578
748
17 048
765
733
806
23,486 305,454 152,700 560,990
81,425 1,218 ,697
28,164 306,397 152,500 560,990 85,587 1,203 ,768
28,548 335,727 157,900 560,990 112,658 1,278 ,711
202
153
1 ,168
1,256 ,758
1,271 ,387
1,321 ,855
1,332 ,148
1,324 ,533
1,382 ,479
1,413 ,718
1,455 ,008
1,467 ,425
42
79
24
21
17
62
80
75
94
335,845
333,358
359,671
367,740
341,340
368,694
373,930
362,358
377,531
159,900
165,200
166,000
167,100
167,700
166,600
161,600
163,600
163,900
30,627
30,473
112,317
182,507
250,965
366,973
475,447
445,447
480,447
558,039
558,039
560,990
560,990
560,990
560,990
560,990
560,990
560,990
481,039
481,039
14,028
15,549
18,571
17,424
16,990
16,601
20,892
24,734
33,133
59,024
57,622
94,504
91,046
112,552
113,338
107,521
116,833
128,695
137,978
'132,972
EGA
s ,061
110
151 ,322
218 ,383
270 ,144
382 ,774
500 ,386
572 ,510
570 006
721 ,865
920 ,8^1
987 671
1,797
7,880
2,345
5,149
14,200
661
3,646 63,900
12
4,517 69,500
169
5,368 68,250
64,400
29
7,543
15,850
48
18,592
303
25,548
3,135
76,254 67,900
64 117,826 147,400
8,577 238,576 150,900
31,410
31,467
29,279
29,297
27,090
18,507
12,709
3,590
14,572
Other
i
Other
75 ,595
14 ,751
?7 ,202
75 ,272
7Q 935
s i ,137
M ,855
57 755
6S ,468
8? ,479
171 ,783
22 ,910
14 ,155
22 ,432
34 ,284
21 ,927
8 ,496
22 ,806
12 ,778
11 ,928
Other
liabilities
and
capital
2,718
2,925
44,986
68,474
21,318
15,596
7,078
4,087
7,213
10,942
16,206
117 845
,396
m
158 ,973
18,522
20,563
19,377
133 ,526
120 ,858
115 ,627
114 ,103
110 ,321
126 ,978
129 ,954
134 ,709
144 ,909
23,853
20,426
17,828
20,747
24,634
21,475
24,309
22,722
21,725
1
2
Securities maturing in two years or less.
Includes notes held by the chartered banks, which constitute an important part of their reserves,
s Beginning November 1944, includes a certain amount of sterling and United States dollars.
* On May 1, 1940, gold transferred to Foreign Exchange Control Board in return for short-term Government securities (see BULLETIN for
July 5 1940, pp. 677-678).
For explanation of these items, see BULLETIN for January 1950, p. 117, footnote 6.
6
Beginning January 1950, when the Bank of France modified the form of presentation of its statement, the figures under this heading are
not strictly
comparable with those shown for earlier dates.
7
Includes the following amounts (in millions of francs) for account of the Central Administration of the Reichskreditkassen: 1940, 41,400;
1941,8 64,580; 1942, 16,857; 1943, 10,724.
On Aug. 16, 1950, gold reserve revalued on the basis of 393,396.50 francs per kilogram of fine gold compared with the former rate of 134,027.90
francs, which had been in effect since Dec. 26, 1945. For details on devaluations and other changes in the gold holdings of the Bank of France,
see BULLETIN for September 1950, pp. 1132 and 12.61; June 1949, p. 747; May 1948, p. 601; May 1940, pp. 406-407; January 1939, p. 29; September 1937, p. 853; and November 1936, pp. 878-880.
9
Includes advance to Stabilization Fund, amounting to 67.1 billion francs on Sept. 28.
NOTE.—For back figures on Bank of Canada and Bank of France, see Banking and Monetary Statistics, Tables 166 and 165, pp. 644-645
and pp. 641-643, respectively; for description of statistics, see pp. 562-564 in same publication. For last available report from the Reichsbank
(February 1945), see BULLETIN for December 1946, p. 1424.
NOVEMBER
1950
1551
CENTRAL BANKS—Continued
Central Bank
(Figures as of last report
date of month)
1950
Sept.
Aug.
July-
C e n t r a l B a n k of t h e Argentine
Republic (millions of pesos):
656
656
Gold reported separately
,561
1,508
Other gold and foreign exchange.
,917
1,858
Government securities
,906 30,645
Rediscounts and loans to banks..
305
278
Other assets
060 10,845
Currency circulation
710 21,592
Deposits—Nationalized
488
Other sight obligations
477
,086
Other liabilities and capital
2,032
C o m m o n w e a l t h B a n k of Australia (thousands of pounds):
533,435 530,978 538,423
Gold and foreign exchange
Checks and bills of other banks.. 6,013 3,939 4,115
Securities (incl. Government and
350,647
,923 312,277
Treasury bills)
Other assets
64,612
,769 56,131
Note circulation
236,770 235,270 233 ,020
Deposits of Trading Banks:
Special
453, 170 455,170 431,670
Other
38,415 30,
2,8,319
226,352 208,
Other liabilities and capital
217,936
A u s t r i a n National B a n k (millions
of schillings):
50
50
50
Gold
356
318
Foreign exchange
188
Loans and discounts
2,837
,561
2,436
Claim against Government
5,435
,050
6,133
Other assets.
44
36
35
Note circulation
5,863
5,857
,877
Deposits—Banks
316
237
282
Other
1,284
993
932
Blocked
1,259
1,757
,923
National B a n k of Belgium
(millions1 of francs):
Gold
29,930
28,506
Foreign claims and balances (net). 7,265
7,795
Loans and discounts
6,330
5,280
Consolidated Government debt. . 34,939
34,939
Government securities
9,247
7,265
Other assets
5,727
4,305
Note circulation
87,542
85,327
Deposits—Demand
1,641
2,171
ECA
41
35
Other liabilities and capital
2,271
2,501
Central Bank of Bolivia—Monetary dept. (millions of bolivianos):
(June)*
Gold at home and abroad 3
1,370
Foreign exchange. .,
293
Loans and discounts
1,463
Government securities
738
Other assets
111
Note circulation
2,762
Deposits.
445
Other liabilities and capital
769
Central Bank of Chile (millions
of pesos):
,241
Gold
1,240
167
Foreign exchange (net) 4
112
Net claim on Int'l. Fund
1
1
,900
1,938
Discounts for member b a n k s . . . .
686
686
Loans to Government
,003
2,644
Other loans and discounts
,725
1,745
Other assets
,124
Note circulation
5,729
,248
1,347
Deposits—Bank
250
232
Other
,101
1,058
Other liabilities and capital
Bank of t h e Republic of Colombia
(thousands of pesos):
215,830 235,432 224 ,139
Gold and foreign exchange
24,368
24,368 24.
Net claim on Int'l. Fund 4
1
1,372
1,372
Paid-in capital—Int'l. Bank
228,700
Loans and discounts
235,837 215
146,131
Government loans and securities. 136,083 136
58,362
Other assets
60,816 56
Note circulation
428,858 439,540 458 ,746
177,626
Deposits
178
880
193,483
Other liabilities and capital
51,963 51 256 46,698
r
Revised.
1
On Aug. 17, 1950, gold reserve revalued from .0202765 to
2
Latest month available.
3
It is understood that/ beginning June 1950, gold reserves
4
Sept.
507
1,593
1,730
26,418
185
8,540
19,594
664
1,635
378,375
3,127
361,741
32,025
215,063
308,670
34,318
217,216
50
155
1,471
6,804
9
5,817
318
926
1,430
31,346
10,419
2,076
34,991
6,622
6,459
86,570
2,142
528
2,672
956
187
884
748
70
2,362
239
244
1,367
259
1
1,311
692
2,158
1,486
5,210
1,347
217
501
153,429
24,366
1,370
202,564
135,973
57,610
365,425
164,492
45,397
Central B a n k
(Figures as of last report
date of month)
1950
Sept.
1949
Aug.
C e n t r a l B a n k of Costa Rica 5
(thousands of colones):
11,511
Gold
36,552
Foreign exchange
7,019
Net claim on Int'l. Fund 4
78,643
Loans and discounts
20,401
Securities
18,076
Other assets
98,165
Note circulation
64,235
Demand deposits
9,802
Other liabilities and capital
National Bank of Cuba 6
(thousands of pesos):
348,016
Gold and foreign exchange (net).
75,178
- Silver
12,507
Net claim on Int'l. Fund 4
979
Loans and discounts
66,171
Credits to Government.
10,032
Other assets
343,531
Note circulation
155,604
Deposits
13,748
Other liabilities
National Bank of Czechoslovakia 7
National Bank of D e n m a r k
(millions of kroner):
69
Gold
69
307
Foreign exchange
328
Contributions to Int'l. Fund and
to Int'l. Bank
6
6
38
Loans and discounts
33
137
Securities
134
Govt. compensation a c c o u n t . . . . 4,012 4,019
195
Other assets
262
Note circulation
1,534 1,508
1,247
Deposits—Government
1,207
Other
1,863
1,945
Other liabilities and capital
153
159
Central Bank of t h e Dominican
Republic (thousands of dollars):
Gold
4,045 4,045
Foreign exchange (net) 4
14,104 14,590
Net claim on Int'l. Fund
1,250 1,250
40
Paid-in capital—Int'l. B a n k . . . . .
40
148
Loans and discounts
252
Government securities
5,383 5,383
Other assets
972
984
Note circulation
20,652 20,669
Demand deposits
5,100 5,449
Other liabilities and capital
309
307
Central Bank of Ecuador
(thousands of sucres):
Gold.
Foreign exchange (net) 4
Net claim on Int'l. Fund
Credits—Government
Other
Other assets
Note circulation
Demand deposits—Private banks
Other
Other liabilities and capital
National Bank of Egypt (thousands of pounds):
6,376 6,376
Gold
6,899 7,728
Foreign exchange
6,906 3,637
Loans and discounts
British, Egyptian, and other
304,436 291 ,484
Government securities
50,999 54,688
Other assets
,
159,293 140,578
Note circulation
85,418 73,859
Deposits—Government
118,424 139,682
Other
9,794
12,482
Other liabilities and capital
Central Reserve Bank of El Salvador (thousands of colones):
50,236 50,289
Gold
57,300 61,496
Foreign exchange (net) 4
1,565
Net claim on Int'l. Fund
1,565
Loans and discounts
3,812 1,523
Government debt and securities.. 4,994 4,988
1,492
Other assets
1,295
Note circulation
63,062 63,103
49,644 51,746
Deposits
Other liabilities and capital
6,496 6,505
July
11,511
39,659
7,019
81,804
20,726
16,874
102,081
66,241
9,271
Sept.
11,545
17,063
88,257
22,575
101,113
72,697
r
359,351
79,998
12,507
1,003
51,033
7,305
375,033
'126,384
9,780
69
357
70
363
6
38
122
4,022
273
1,529
1,304
1,904
152
65
31
101
4,784
213
1,470
1,769
2,214
175
4,045 4,030
13,927 10,812
1,250
1,250
40
40
103
262
5,383
4,974
1,556
834
20,658 18,013
5,348 3,944
298
246
(June>
261,048 278 ,479
1,280 -57,234
16,881 16,881
251,262 254,476
133,277 115,321
167,584 122,452
396,220 371 ,699
130,097 120,272
111,283 95,544
193,733 142,860
6,376 6,376
9,775 14,202
5,470 3,833
295,857 317,079
47,205 30,303
144,580 143,671
69,467 91,318
140,325 125,694
10,310 11,110
50,329
64,115
1,565
1,548
5,000
1,462
64,455
53,221
6,343
43,346
42,476
1,564
1,125
5,251
1,512
54,110
35,184
5,979
.0177734 grams of fine gold per franc.
have been revalued at a rate of 60 bolivianos per dollar.
This figure represents the amount of the bank's subscription to the Fund less the bank's local currency liability to the Fund. Until such time
as the
Fund
engages
in
operations
in
this
currency,
the
"net
claim"
will equal the country's gold contribution.
5
The Central Bank of Costa Rica began operations on Feb. 1, 1950. Figures shown prior to this date refer to the Issue Department of the
National
Bank.
6
The National Bank of Cuba began operations on Apr. 27, 1950.
7
For last available report (March 1950), see BULLETIN for September 1950, p. 1262.
NOTE.—For details relating to individual items in certain bank statements, see BULLETIN for January 1950, p. 118.
1552
FEDERAL RESERVE
BULLETIN
CENTRAL BANKS—Continued
Central Bank
(Figures as of last report
date of month)
1950
Sept.
Aug.
State Bank of Ethiopia—Issue
dept. (thousands of dollars):
Gold
Silver
.
..
Foreign exchange
Treasury bills
Other assets
Circulation—Notes
Coin
Other liabilities and c a p i t a l . . . . .
Bank of Finland (millions of markkaa):
2,230 2,230
Gold
519
-85
Foreign assets (net)
. ..
62 -151
Clearings (net)
42,493 41,386
Loans and discounts
1,041 1,062
Securities
»
1,359 1,294
Other assets
Note circulation
34,004 34,014
3,715 2,162
Deposits
Other liabilities and capital
9,985 9,561
Bank of German States 1
(millions of German marks):
1,519 1,377
Foreign exchange
Loans and discounts
3,845 3,079
9,112
9 262
Loans to Government
..
1,254 1,118
Other assets
8,213
8,026
Note circulation
2,380 2,583
Deposits—Government2
1,055
1,052
Banks
401
637
Other
Other liabilities and capital
3,445 2,773
Bank of Greece (billions of drachmae):
Gold and foreign exchange (net).
328
193
Loans and discounts
5,000
2,481
Other
955
Other assets
1 739
Note circulation
808
Deposits—Government
Reconstruction and
2,653
relief accts
..
988
Other
2,770
Other liabilities and capital
Bank of Guatemala (thousands of
quetzales):
27,229 27,229
Gold
Foreign exchange
6,098 6,793
Gold contribution to Int'l. Fund. 1,250 1,250
4,230 4,040
18,683 18,535
Other assets
34,113 34,046
Circulation—Notes
3,157 3,124
Coin
1,374 1,413
Deposits—Government
9,356 9,719
Banks
9,491
9,545
Other liabilities and capital
National Bank of Hungary 8
Reserve Bank of India (millions of
rupees):
Issue department:
400
Gold at home and abroad
5,832
Sterling securities
4,516
591
Rupee coin .
.
11,096
Note circulation
Banking department:
244
Notes of issue department
2,233
Balances abroad
.
30
Bills discounted
Loans to Government
788
Other assets
2,987
Deposits
309
Other liabilities and capital. . .
Central Bank of Ireland (thousands
of pounds):
2 646 2 646
Gold
47,932 47,131
Sterling funds
Note circulation.
50,578 49,777
1949
July
Sept.
8,171
13,384
11,307
5,832
41,390
49,860
29,879
345
2,230
269
-806 -1,898
120 —2,897
40,795 39 725
1,089
859
1 259
1 766
32,734 28,389
2,533
2,503
9,420
6,931
1,372
3,197
9 083
1,092
8,101
2,502
1 036
538
995
2,166
8 146
1,647
7,382
1,091
1 016
303
2,566
3,162
369
218
170
4,425
2 387
915
84
2,980
1 776
742
1 676
814
1 404
354
2,234
892
2,651
1,108
746
2,187
27,229
6,928
1,250
4,629
18,079
34,252
3,137
1,887
9,514
9,325
27,229
10,525
1,250
4,662
15 182
33,641
3,068
3,132
9,238
9,769
400
400
5,982
4,666
575
11,324
6,003
4,153
529
10,799
299
2,199
24
23
661
2,918
287
1,891
17
2
1,056
3,048
289
204
2,646
47,326
49,972
2 646
44,721
47,367
Central Bank
(Figures as of last report
date of month)
Bank of Italy (billions of lire):
Gold
Foreign exchange
Advances to Treasury
Loans and discounts
Government securities
Other assets
Bank of Italy notes . . .
Allied military notes
Deposits—Government
Demand
Other
Other liabilities and capital
Bank of Japan (millions of yen):
Cash and bullion
Advances to Government
Loans and discounts
Government securities
Reconversion Fin. Bk. bonds....
Other assets
Note circulation
Deposits—Government
Other
Other liabilities.
The Java Bank (millions of guilders):
Gold 4
Foreign bills
Loans and discounts
Advances to Government
Other assets
Note circulation.
Deposits
Other liabilities and capital 5 . . . .
Bank of Mexico (millions
of pesos):
Monetary reserve 6
"Authorized" holdings of securities, etc
Bills and discounts
Other assets . .
Note circulation
Demand liabilities
Other liabilities and c a p i t a l . . . . .
Netherlands Bank (millions of
guilders):
Gold 7
Silver (including subsidiary coin).
Foreign assets (net) . . .
Loans and discounts
Govt. debt and securities
Other assets
1949
1950
Sept.
Aug.
4
29
590
213
178
610
1 022
3
127
140
258
75
July
4
27
590
190
188
600
1 025
3
117
142
256
55
1,153 1,450
83 181 108 226
146,353 118 292
120 648 121 450
715
91
210
2,125
110
2 016
813
Sept.
4
16
668
200
231
431
924
31
170
120
249
55
31,526
324,618
25,239
18,215
14,787
32 952
319,809
30,911
18,601
13,048
1,171
98 655
90 580
91 966
46,757
26 311
298,202
27,973
19 658
8,989
677
677
471
75
159
2,034
102
1,931
692
75
141
1,931
85
1 827
666
97
64
1,019
71
894
761
422
423
415
67
909
909
821
711
2,721
2,739
2,544
2,681
119
374
138
342
184
345
2 415
1,223
487
167
181
2 365
1,272
491
2 317
968
609
2 002
841
897
871
15
1,213
54
2,850
883
60
2,847
281
2
1,210
895
871
14
1,197
202
2,850
894
61
2,904
414
2
914
1,143
612
New
Deposits—Government
Blocked
ECA
Other
592
589
Other liabilities and capital....
Reserve Bank of New Zealand
(thousands of pounds):
Gold
. 4,426 4,397 4,323
Foreign exchange reserve
52,562 57,293 57,882
Advances to State or State undertakings
55,789 56,097 56,483
Investments
21,974 17,658 22,658
Other assets
9,310 9,343 9,786
Note circulation
54,307 54,550 54,722
83,455
83,961 90,322
Demand deposits
6,300 6,277 6,089
Other liabilities and capital
Bank of Norway (millions of kroner):
244
244
Gold
244
-8
-10
1
Foreign assets (net)
-42
-49
-37
Clearing accounts (net)
32
34
32
47
47
47
Securities
7,112 7,112 7,112
Occupation account (net)
84
78
75
Other assets
2,264 2,294 2,295
Note circulation
2,936 2,770 2,729
Deposits—Government
1,268 1,377 1,406
Banks
543
538
528
Blocked
44
42
45
Other
439
446
436
Other liabilities and capital
9
519
143
3,300
582
74
2,966
381
°2
351
c
l,019
372
3,502
47,571
37,940
48,094
5,733
50,891
86,622
5,326
253
115
-89
39
48
7,114
113
2,201
2,907
1,375
603
42
465
« Corrected.
This statement represents combined figures for the Bank of the German States and the eleven Land Central Banks.
Beginning June 30, 1950, includes counterpart funds formerly shown under "Other liabilities."
For last available report (February 1950), see BULLETIN for September 1950, p. 1263.
* Gold revalued on Jan. 18, 1950, from .334987 to .233861 grams of fine gold per guilder.
6 Pending negotiations with the Netherlands and the ECA, counterpart funds are included in "Other liabilities and capital," beginning February,
0.6
1950.
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.
1
2
3
NOVEMBER
1950
1553
CENTRAL BANKS—Continued
Central Bank
(Figures as of last report
date of month)
State Bank of Pakistan (millions of
rupees):
Issue department:
Gold at home and abroad.. .
Sterling securities
Pakistan Goyt. 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 guarariies):
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 *
Contribution to Int'l. B a n k . . . .
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. dollars 3
Pesos
Other liabilities and capital
Bank of Portugal (millions of
escudos):
Gold
Foreign exchange (net)
Loans and discounts
Advances to Government
Other assets
Note circulation
Demand deposits—Government..
EGA.
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
1950
Sept.
Aug.
1949
July
Sept.
44
622
519
141
300
56
1,642
44
652
519
141
300
57
,660
44
652
519
141
300
58
1,680
44
624
265
332
432
61
1,700
40
331
102
1
448
821
100
53
318
102
34
325
102
57
584
105
'423
804
92
400
763
99
292
946
94
600
12,457
2,710
-228
129,550
4,425
31,208
130,463
41,112
9,148
600
600
600
7,532
,836
-874
,710 2,710
2,710
-228
-195
-92
,941 124,682 100,338
,653 5,870
9,924
,183 26,131
1,720
,083 122,673
81,323
,492 37,710 28,048
,120 6,946
4,995
336 468 337,480
20,495
20
2,238
2.
193,021
190
704,943
704
258,177
270
986,083
971,
155,402
166
374,869
387
268,096
20,495
2,238
153,328
715,285
66,447
840,366
292,931
92,593
2,721
,427 5,108
,331 434,221 555,414
,502
7,502
7,501
,169 68,624
50,569
,250 132,337 20,033
,040 147,862 133,627
,911 545,125 533,957
148
180,141 125,234 140,123 139,132
96,628
115,426 112,573 110,406
5,829
485,347
7,502
66,253
148,851
151,549
569,764
,214
,243
525
,242
662
,924
448
349
,600
,565
3,139
8,931
512
1,241
528
7,659
362
349
3,604
2,376
3,180
9,052
517
1,247
534
8,140
210
,776
,307
,626
,682
,993
,299
,099
63,576
75,378
5,984
31,257
69,776
90,902
15,518
(June)
668
446
15,681
10,804
29,747
22,900
58,781
17,137
65,420
54,984
8,161
3,759
2,421
934
497
15,766
8,980
Central Bank
(Figures as of last report
date of month)
1950
Sept.
Aug.
1949
July
Bank of Spain—Cont.
(June)
Other assets....
4,384
Note circulation
27,523
Deposits—Government
882
Other..
3,045
Other liabilities and c a p i t a l . . . . .
533
Bank of Sweden (millions of kronor):
Gold
191
156
157
Foreign assets (net)
970 1,046 1,080
Swedish Govt. securities and ad- 6
vances to National Debt Office
,745 2,936 2,675
Other domestic bills and advances
184
150
136
Other assets
369
316
318
Note circulation
,197 3,163 3,105
Demand deposits—Government330
432
394
Other
458
183
197
Other liabilities and c a p i t a l . . . .
654
645
670
Swiss National Bank (millions of
francs):
Gold
,110
,144 6,200
Foreign exchange
359
351
308
Loans and discounts
139
104
108
74
Other assets
72
72
,351
Note circulation
,290 4,282
,130
Other sight liabilities
,187 2,203
200
Other liabilities and c a p i t a l . . . .
199
199
Central Bank of t h e Republic of
Turkey (millions of pounds):
Gold
408
408
387
Foreign exchange and foreign
clearings
124
99
106
Loans and discounts
,235
,133
1,120
Securities
28
28
27
Other assets
112
100
114
965
Note circulation
879
877
153
Deposits—Gold
153
153
621
Other
583
572
166
153
Other liabilities and c a p i t a l . . . .
152
Bank of t h e Republic of Uruguay
(thousands of pesos):
Gold
315 548 297,365
Silver
11 562 11,608
Paid-in capital—Int'l. Bank
313
313
Advances to State and govern144 ,932 145,788
ment bodies
263 ,332 264,811
Other loans and discounts
284 ,559 273,858
Other assets.
291 ,026 301,534
Note circulation
96 ,644 97,076
Deposits—Government
Other
299,020 281 ,408
Other liabilities and c a p i t a l . . . .
333 ,557 313,726
Central Bank of Venezuela (millions of bolivares):
Gold
,041
,041
1,041
Foreign exchange (net)
31
-46
16
Other assets
60
53
73
715
Note circulation—Central Bank
733
729
National banks..
172
258
175
Deposits
141
159
228
Other liabilities and capital. . . .
Bank for International Settlem e n t s (thousands of Swiss gold
francs):
442, 523 382,608 391,061
Gold in bars
28,833
Cash on hand and with banks!. . 19, 766 55;
2,902
2,
Sight funds at interest
Rediscountable bills and accept120,
105,
150,543
ances (at cost)
47, 574 50
37,910!
Time funds at interest
283,927
Sundry bills and investments... 287, 577 281
297,201
Funds invested in Germany.... 297, 201 297
1,416
1,507
1
Other assets
302, 479 272,798 250,533
Demand deposits (gold)
Short-term deposits:
Central banks—Own account.. 408,,213 393. 581 434,092
19,,328 19 736 20,614
Other..
228, 909 228 909 228,909
Long-term deposits: Special
Other liabilities and c a p i t a l . . . . . 260, 346 261 271 259,644
Sept.
4,263
26,062
1,010
2,780
588
155
670
2,994
97
467
3,028
600
108
648
6,158
188
114
72
4,371
1,671
489
446
89
848
78
64
878
153
296
198
269,278
12,116
316
133,855
252,901
234,995
278,133
77,428
293,523
254,377
,041
27
45
712
1
202
197
160,486
49,788
3,385
19,077
26,060
170,574
297,201
2,636
13,879
229,999
1,239
228,909
255,181
1
This figure represents the amount of the bank's subscription to the Fund less the bank's local currency liability to the Fund. Until such time
as the
Fund engages in operations in this currency, the "net claim" will equal the country's gold contribution.
2
In November 1949, part of the gold and foreign exchange holdings of the bank were revalued.
3
Account
of National Treasury.
4
On Dec. 31, 1949, gold revalued from 172 to 248 shillings per fine ounce.
5
Latest
month
available.
6
Includes small amount of non-Government bonds.
NOTE.—For details relating to individual items in certain bank statements, see BULLETIN for January 1950, p. 120.
1554
FEDERAL RESERVE BULLETIN
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* 1 7 . . . . . . .
May 11 ,
July 6 . . . . . .
Aug. 2 4 . . .
Aug. 2 9 . . .
Sept. 28
Oct. 2 6 . . . . . . .
Dec. 15 . .
Jan 25 1940
Apr. 9
May 17
Mar. 17, 1941,
May 29
June 27
Jan. 16 1945
Jan 20
Feb.
9.......
Nov. 7 1946
Dec. 19 . .
Jan. 10, 1947
Aug. 27. . . . . . .
Oct. 9
June 28, 1948
Sept. 6 . . . . . . .
Oct. 1
May 27, 1949..
July 14
Oct. 6
June 8, 1950
Sept. 11
Sept 26
In effect Sept.30,
1950.........
SwitzUnited
Ger- Bel- Nether- SweerKing- France many
den land
gium lands
dom
2
2H
2Y% 2
4
V
l»
4
3
Central
bank of—
Rate
Sept.
30
Albania
Argentina.....
Austria
Belgium
Date
effective
Central
bank of—
Rate
Sept.
30
Date
effective
21, 1940
1, 1936
3, 1945
11, 1950
4, 1948
Ireland
Italy
...
Japan
Java........
Latvia......
2Y2
4
5.11
3
5
Nov.
Apr.
July
Jan.
Feb.
Feb. 8, 1944
Dec. 16, 1936
July 18, 1933
Feb. 1,1950
Lithuania...
Mexico
Netherlands .
New Zealand.
Norway
6
July 15, 1939
June 4, 1942
Sept. 26, 1950
July 26, 1941
Jan. 9, 1946
July
May
Mar.
Qct.
July
Peru
Portugal....
South Africa.
Spain
Sweden.....
6
Mar.
Mar.
Aug.
3M Sept.
Feb.
23,
6,
5,
14,
17,
1943
1950
1948
1937
1940
4
3
3
2
Canada.......
Chile
Colombia
Costa R i c a . . . .
3
2
3V
4
4
31/
1M
2 j>r
i%
3
3
2*1
3
Denmark.....
Ecuador......
El Salvador...
Estonia
...
Finland
2%
2Y2
3
3
4, 1950
13, 1948
2, 1950
1, 1935
1, 1949
4 2
2Y2
Nov. 13,
Jan. 12,
Oct. 13,
Mar. 18,
Feb. 9,
1947
1944
1949
1949
1945
4
Nov. 26, 1936
July 1, 1938
2
4
Oct. 26, 1939
July 1, 1936
&.2H
2^&3
Germany..... il
12
3
June 8,
lH July 14,
July 12,
Nov. 28,
1950
1949
1948
1935
3
Switzerland..
Turkey
United Kingdom
U.S.S.R....
11-4M
U-4
1
The lower rate applies to the Bank Deutscher Laender, and the higher
rate applies to the Land Central banks.
NOTE.—Changes since Sept. 30: Canada—Oct. 17, from \¥i to 2 per cent;
Germany—Oct. 27,[from^l-4 to 1-6 per cent.
2Y*
2Y2 11-4
2
,
3
3H
3
OPEN-MARKET RATES
[Per cent per annum]
United Kingdom
Canada
Month
France
Bankers'
allowance
on deposits
Treasury
bills
3 months
Day-today
money
Treasury
bills
3 months
Bankers'
acceptances
3 months
Treasury
bills
3 months
1942—Aug..
1943—Aug..
1944—Aug..
1945—Aug..
1946—Aug..
1947—Aug..
1948-—Aug..
1949—Aug..
.53
.50
.38
.36
.40
.41
.41
.51
1.03
1.03
1.03
1.03
.53
.53
.56
.67
1.00
1.00
1.00
1.00
.51
.51
.51
.52
.00
.11
.13
.13
.63
.63
.63
.63
1.66
1.62
1.68
1.50
1.32
1.46
1.88
P2.06
1.41
1.30
1.35
1.25
1.18
1.00
1.06
.91
1949—Sept..
Oct...
Nov..
Dec.
.51
.51
.51
.51
.69
.69
.69
.69
.52
.52
.52
.52
.63
.63
.63
.63
P2.03
P2.25
P2.55
P2.55
1.15
1.07
1.16
1.32
1.01
.78
.93
1.03
1950—Jan...
Feb..,
Mar..
Apr.
May.
June.
July..
Aug..
.51
.51
.51
.51
.51
.51
.51
.69
.69
.69
.69
.69
.69
.69
.69
.52
.52
.52
.51
.51
.51
.51
.51
.63
.63
.63
.63
.63
.63
.63
.63
2.18
2.40
2.70
2.64
2.68
2.52
2.59
2.35
1.31
1.54
1.45
1.44
1.45
1.44
1.57
1.44
1.22
1.50
1.13
1.25
1.03
.81
1.10
.95
Day-today
money
Day-today
money
Netherlands
Sweden
Switzerland
Loans
up to
3 months
Private
discount
rate
1.25
1.25
1.25
1.25
1.25
1.25
1.63
1.50
1.50
1.50
1.50
1.50
P Preliminary.
NOTE.—For monthly figures on money rates in these and other foreign countries through 1941, see Banking and Monetary Statistics, Table 172f
. 656-661, and for description of statistics see pp. 571-572 in same publication.
NOVEMBER 1950
1555
COMMERCIAL BANKS
United Kingdom
(11 London clearing
banks. Figures in
millions of pounds
sterling)
1943—December
1944—December
1945—December
1946—December
1947—December
1948—December
Assets
1
Cash
reserves
1949—September
October
November . . . . .
1950—January
February
May
June
Tuly
151
199
133
147
536
252
369
490
499
497
518
556
548
532
571
502
571
476
485
493
482
482
April
501
504
. . .
August
Money at
call and Bills dis- Treasury
Loans to
deposit2 Securities customers
short
counted receipts
notice
422
500
499
502
502
.. .
Liabilities
557
544
Deposits
Total
Demand
Time
,154
,165
,234
,427
,483
,478
761
772
8?7
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
971
1,162
1,216
1,109
903
744
688
,516
,517
,517
,512
1,
1,
1,
1,
477
476
483
6,009
6,050
6,066
6,202
3,959
3,997
3,977
4,161
2,049
2,053
2,089
2,041
413
414
422
534
548
511
539
579
1,229
1,169
1,106
1,177
1,197
1,338
1,400
1,336
627
1 526
1, 574
1 , 602
1 630
1, 648
1, 665
1- 591
1, 610
542
541
553
552
554
611
529
554
6,085
5,841
5,783
5,843
5,847
6,000
5,956
5,968
4,058
3,844
3,812
3,876
3,870
3,965
3,935
3,941
2,027
1,997
1,971
1,968
1,976
2,035
2,021
2,027
423
610
793
741
793
471
444
402
364
297
321
368
,513
,503
,503
,502
,503
,498
1 ,496
1 ,499
Assets
Canada
(10 chartered banks.
End of month figures
in millions of
Canadian dollars)
Security
loans
abroad
and net Securities
due from
Other
Security loans
and foreign
loans
banks
discounts
471
550
48
92
694
753
731
251
136
105
749
101
1949—September
October
November
789
830
103
137
758
765
1950—January
February
March .
April
745
749
731
730
759
712
767
802
1943—December
1944—December
1945—December
1946—December
1947—December
1948—December
...
. .
May
June
July
August
4 ,038
4 ,232
3 ,874
369
1 ,339
1, 159
190
170
161
146
4 ,463
4 ,327
4 ,395
4 ,345
1, 129
1, 142
119
133
2,304
2,336
2,356
2,271
100
84
83
103
105
145
94
99
2,263
2,299
2,344
2,349
2,352
2,408
2,385
2,393
158
149
146
175
198
227
222
218
4 ,365
4 ,391
4 ,453
4 ,398
4 ,408
4 ,276
4 ,240
4 ,478
1 ,133
1, 346
1 381
1 ,315
1, 391
1 182
1 389
1, 113
144
2 ,940
,611
4 ,268
Note
circula-
tion
744
782
227
132
106
342
396
420
427
432
443
444
439
434
440
447
1, 169
1 384
1, 358
Other
liabilities
and
capital
Total
Demand
Time
42
34
26
21
18
16
4,395
5,137
5,941
6,252
6,412
7,027
2,447
2,714
3,076
2,783
2,671
2,970
1,948
2,423
2,865
3,469
3,740
4,057
,172
,289
,386
,525
,544
,537
14
14
14
14
7,474
7,441
7,388
7,227
3,062
2,988
2,941
2,794
4,412
4,453
4,447
4,433
,490
L.488
1,471
1,477
1
7,197
7,277
7,400
7,301
7,417
7,447
7,288
7,573
2,703
2,741
2,828
2,741
2,860
2,909
2,759
3,030
4,494
4,537
4,573
4,561
4,557
4,538
4,529
4,543
(8)
(3)
(3)
(3)
(3)
(3)
Assets
1,467
11,439
[,438
L,468
.495
1,503
1,508
1,529
Liabilities
Cash
reserves
Due frorr
banks
Bills di
counted
1943—December
1944—December
1945—December
1946—December. . .<7.
1947—December
1948—December
8,541
10,365
14,733
18,007
22,590
45,397
4,086
4,948
14,128
18,940
19,378
35,633
90,908
99,782
155,472
195,223
219,386
354,245
14,245
18,651
36,621
65,170
86,875
126,246
1,216
1,521
4,783
17,445
27,409
34,030
1949—August
September
October
November
..
December .
41,276
42,358
41,534
38,343
40,937
36,888
38,392
39,301
43,810
42,311
395,351
402,754
451,597
400,043
426,690
128,804
128,343
120,353
134,779
129,501
1950—January
February
IVtarch
April
May
39,317
36,419
38,741
44,808
43,584
41,283
47,231
43,107
45,579
42,539
43,843
44,346
43,618
43,599
423,329
424,838
415,585
452,864
433,079
442,411
433,118
138,276
137,143
134,771
126,752
134,195
133,848
141,239
June
Other
assets
250
214
(4 large banks. End
of month figures in
millions of francs)
July
Deposits payable in Canada
excluding interbank deposits
1,156
1,211
1,274
1,507
1,999
2,148
France
245
250
265
Liabilities
Entirely in Canada
Cash
reserves
Other
liabilities
and
capital
1,307
1,667
1,523
1,560
1,288
1,397 -
432
480
485
539
534
530
538
544
Other
assets
Other
assets
Deposits
Own
Other
liabilities
and
capital
Total
Demand
Time
ances
111 ,302
\2£ ,555
,592
?9f ,055
338 ,090
S4S ,538
1,541
2,179
2,023
1,890
3,457
6,683
2,904
15,694
25,175
30,638
428
557
5,725
5,977
7,218
7,145
8,916
12,691
45,310
43,074
42,724
46,063
29,843
112, 843
128, 734
215, 615
291, 945
341, 547
552, 221
587, 137
595, 353
633, 092
597, 316
627, 266
,010
,687
,211
,900
,204
7,127
6,666
6,881
7,416
8,062
29,105
25,645
23,537
25,032
26,355
31,387
33,922
38,881
40,690
15,662
33,866
36,056
39,298
40,506
44,993
48,126
46,610
630, 113
632, 035
619, 146
652, 570
640, 351
648, 191
647, 507
622 ,110
6^1 ,031
609 ,776
639 ,878
6?f ,925
633 ,952
63t ,010
8,003
9,005
9,371
12,692
13,427
14,240
11,497
27,958
29,747
30,629
31,449
32,992
32,030
31,492
19,824
18,252
21,158
24,752
26,853
29,065
32,798
58C
S8f
626
589
619
1
From September 1939 through November 1946, this table represents aggregates of figures reported by individual banks for days, varying from
bank to bank, toward the end of the month. After November 1946, figures for all banks are compiled on the third Wednesday of each month,
except
in June and December, when the statements give end-of-month data.
2
Represent six-month loans to the Treasury at 1 % per cent through Oct. 20, 1945, and at % per cent thereafter.
3 Less than $500,000.
NOTE.—For back figures and figures on German commercial banks, see Banking and Monetary Statistics, Tables 168-171, pp. 648-655, and
for description of statistics see pp. 566-571 in same publication.
1556
FEDERAL RESERVE BULLETIN
FOREIGN EXCHANGE RATES
[Averages of certified noon buying rates in New York for cable transfers.
Argentina L
(peso)
Year or
month
Basic
Belgium
(franc)
Australia
(pound)
Preferential
Free
Official
"Bank
notes"
account
Free
In cents per unit of foreign currency]
Brazil
(cruzeiro)
Canada
(dollar)
Ceylon
(rupee)
Official
Free
Official
Free
6.0594
5.1469
6.0602
5.1802
6 0602
5.4403
5.4406
5.4406
90.909
90.909
95 198
100.000
100.000
97.491
89.853
90.485
93.288
91.999
91.691
92.881
27.839
1944
1945
1946
1947
1948
1949
29.773
29.773
29.773
29.773
29.773
29.774
1949—Nov...
Dec...
29.778
29.778
223-16
22:$.16
1 9980
1.9998
1 9969
5 4406
5.4406
90 909
90.909
89.864
88.407
20.850
20.850
29.778
29.778
29.778
29.778
29 778
June.. 29.778
29.778
July...
3 29 778
Aug..
20.000
Sept...
20.000
Oct....
22;5.16
2.0003
1.9993
1 9966
1.9912
1.9921
1.9866
1.9835
1.9837
1.9838
1.9876 '4 i ! 9762"
5.4406
5.4406
5 4406
5.4406
5.4406
5 4406
5.4406
5.4406
5.4406
5.4406
90.909
90.909
90 909
90.909
90.909
90.909
90.909
90.909
90.909
(5)
89.205
89.820
90.254
90.205
90.110
90.456
90.766
90.844
90.844
94.854
20.850
20.850
20.850
20.850
20.850
20.850
20.851
20.850
20.850
20.850
•••••••
1950—Jan.. .
Feb...
Mar...
Apr. . .
May.
2
22: 5.16
22C5.16
22:5.16
22:5.16
22:5.16
22: 5.16
22C5.16
22: 5.16
22: 5.16
13.333
13.333
11.100
311.100
7.205
7.291
Colombia
(peso)
Czechoslovakia
(koruna)
(krone)
2.0060
2.0060
2.0060
2 0060
20.876
20 864
20.857
19 117
2.0060
2 0060
Denmark
" 2 [2860'
2 2829
2.2817
2.2816
2.2009
France
(franc)
2.1407
Mexico
(peso)
Netherlands
(guilder)
New
Zealand
(pound)
Norway
(krone)
1 9711
.8409
8407
.3240
.4929
3017
4671
30.122
30.122
30.155
30 164
30.169
27 706
20.581
20 581
20.581
20 577
18.860
12 620
37.933
37.813
37 760
37.668
34 528
324.42
323 46
322.63
322 29
350.48
365 07
20.176
20.160
20.159
18.481
14.494
14 494
2862
2862
20.870
20 870
11.571
11 572
26.295
26 289
277.30
277 29
14.015
14.015
2.0060
2.0060
2.0060
2.0060
2.0060
2:0060
2.0060
2.0060
2.0060
2.0060
14.494
14.494
14 494
14.494
14.494
14.494
14.494
14.494
14.494
14.494
.2863
.2863
2863
.2860
2859
.2856
.2856
.2854
.2855
.2856
20.870
20.870
20 870
20.870
20.870
20.870
20.871
20.870
20.870
20.870
11.572
11.572
11 571
11.564
11.564
11.563
11.571
11.573
11.572
11.571
26.278
26.257
26.267
26.262
26.264
26.265
26.252
26.236
26.237
26.235
277.29
277.29
277.29
277.29
277.29
277.29
277.29
277.29
277.29
277.29
14.015
14.015
14.015
14.015
14.015
14.015
14.015
14.015
14.015
14.015
PhilipPortupine
gal
Republic (escudo)
(peso)
South
Africa
(pound)
Spain
(peseta)
398.00
399.05
400.50
400.74
400.75
366.62
57.272
57.014
57.020
57.001
57.006
1944
1945...
1946
1947 .
1948
1949
1949—Nov..
Dec
1950—Jan.. .
Feb.. .
Mar.
Apr.. .
May
June
July.
Aug
Sept.
Oct.. . .
Official
Free
Germany
(deutsche
mark)
8 23.838
23.838
23.838
23.838
23.838
Sweden
(krona)
23.363
23.363
23.363
23.314
403.50
403 05
403 50
403.28
402.86
403.13
368.72
Switzerland
Official
49.723
42.973
25.859
27.824
27.824
25.480
1949—Nov...
Dec...
49.738
49.687
3.4810
3.4817
278.38
278.38
32.547
32.692
19.333
19.333
23.176
23.289
1950—-Jan. . .
Feb...
Mar...
Apr...
May.
49.617
49.615
49.613
49.613
49 616
49.625
49.625
49.625
49.625
49.625
3.4856
3.4673
3.4587
3.4595
3 4577
3.4788
3.4539
3 4498
3.4842
3.4898
278.38
278.38
278.38
278.38
278.38
278.38
278.38
278.38
278.38
278.38
32.717
32.713
32.722
32.734
32 761
32.807
32.818
32.825
32.825
32.838
19.333
19.333
19.333
19.333
19 333
19.333
19.333
19 332
19.331
19.332
23.281
23.264
23.269
23.286
23 291
23.138
23.047
23.012
22.959
22.942
June..
Uruguay
(peso)
(franc)
4.0501
4.0273
4.0183
3.8800
9.132
9.132
9.132
United
Kingdom
(pound)
Straits
Settlements
(dollar)
1944
1945
1946. .
1947
1948
1949
July...
Aug..
Sept..
Oct....
6
India 7
(rupee)
Year or month
Year or
month
322.80
322.80
"321.17
321 .34
321.00
321.22
293.80
Free
65.830
65.830
65.830
65.830
65.830
65.830
53.506
55.159
56.280
56.239
56.182
56.180
42.553
280.08
280.07
65.833
56.180
42.553
280.07
280.07
280.07
280.07
280.07
280.07
280.07
280.07
280.07
280.07
65.833
65.833
65.833
65.833
65.833
65.833
65.833
65.833
65.833
65.833
56.180
56.180
56.180
56.180
56.180
56.180
56.180
56.180
56.180
56.180
42.553
42.553
42.553
42.553
42.553
42.553
42.553
42.553
42.553
42.553
1
On Aug. 29, 1950, the Argentine Finance Ministry announced a simplified exchange rate system. A rate designated "Preferential" replaced
the "Preferential A" and "Preferential
B" rates, and the "Special" rate was discontinued. For quotations on the discontinued rates, see BULLETIN
2
for October
1950, p. 1419.
Based on quotations beginning July 13.
s
Based
on
quotations
through
Aug.
28.
4 Based on
quotations beginning Oct. 11.
5
6
After Sept. 30, quotations for official rate abolished.
Based on quotations beginning Oct. 4.
7
8
Excludes Pakistan, beginning April 1948.
Based on quotations beginning June 22.
NOTE.—For back figures, see Banking and Monetary Statistics, Table 173, pp. 662-682. For description of statistics,, see pp. 572-573 in same
publication, and for further information concerning rates and averages for previous years, see BULLETIN for October 1950, p. 1419; January 1950,
p. 123; October 1949, p. 1291; January 1949, p. 101; July 1947, p. 933; and February 1944, p. 209.
NOVEMBER 1950
1557
PRICE MOVEMENTS IN PRINCIPAL COUNTRIES
WHOLESALE PRICES—ALL COMMODITIES
[Index numbers]
United
States
(1926 =
100)
Year or month
Canada
(1926 =
100)
Mexico
(1939 =
100)
United
Kingdom
(1930 =
100)
France
(1938 =
100)
1926
100
100
U24
106
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
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
1949—September
October
November
December
154
152
152
151
155
157
157
157
294
296
294
293
231
237
240
241
1950—January
February
March.
April
May.
June
July
August
September
152
153
153
153
156
157
163
166
170
157
158
159
160
162
165
167
169
174
288
291
304
307
307
304
307
312
321
245
245
245
250
255
257
260
264
272
Italy
(1938 100)
NetherJapan
lands
Sweden
(1934-36 (July
(1935 =
average June 1938100)
1939
= 1)
= 100)
Switzerland
(Aug. 1939
= 100)
150
1126
2 135
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
2 104
5,159
5,443
5,170
1
1
2
2
2
2
2
2
4
16
48
128
'209
1,958
2,002
2,005
2,002
4,910
4,841
4,826
4,747
'217
'219
'219
'219
295
297
306
306
216
218
218
219
203
200
200
199
2,063
2,057
2,102
2,098
2,082
2,035
2,123
P2.206
2>2,238
4,732
4,759
4,732
4,693
4,695
'4,671
4,694
?4,915
'228
'226
'227
'227
'228
'229
'242
310
313
315
313
315
317
317
219
220
220
221
221
223
224
225
197
195
195
194
197
196
199
205
209
94
100
104
121
136
153
P253
MOO
104
133
171
195
203
207
205
200
208
217
206
r
P Preliminary.
Revised.
Approximate figure, derived from old index (1913 =100).
Approximate figure, derived from old index (July 1914 = 100).
Sources.—See BULLETIN for January 1950, p. 124; June 1949, p. 754; June 1948, p. 746; July 1947, p. 934; January 1941, p. 84; April 1937,
p. 372; March 1937, p. 276; and October 1935, p. 678.
1
2
WHOLESALE PRICES—GROUPS OF COMMODITIES
[Indexes for groups included in total index above]
United States
(1926=100)
Year or month
United Kingdom
(1930=100)
Other
Farm
commod- products
ities
Raw and Fully and
chiefly
partly
manumanufactured factured
goods
goods
Foods
Industrial
products
81
78
75
82
89
102
112
92
158
Farm
products
Foods
100
100
100
100
100
100
86
69
65
68
82
86
74
70
71
83
85
82
81
83
89
87
74
64
68
73
84
73
67
75
82
106
100
96
85
90
1926
1937
1938 . . .
1939,
1940
1941
1942
1943
1944
1945
1946
1947
1948
1949
1949—September
October
December
1950—January
March
April.
Canada
( 1926=100]
.. . . .
July
August
SeDtember
97
97
133
146
Netherlands
(July 1938-June 1939=100)
Foods
104
106
138
156
121
140
160
157
103
IndusIndustrial
trial raw finished
products products
112
104
163
177
126
148
175
154
123
123
128
149
181
188
166
107
105
106
131
169
179
161
97
99
100
110
135
151
147
98
107
115
124
133
150
147
99
104
106
110
131
156
161
93
94
94
99
117
140
142
160
158
158
158
165
181
197
164
170
175
184
207
242
249
157
159
172
200
214
231
243
174
179
193
282
328
342
370
159
163
184
261
276
283
297
163
160
157
155
162
160
145
145
146
146
159
161
142
143
201
210
213
145
161
143
156
146
145
160
143
212
235
244
265
270
298
297
145
248
252
255
257
366
376
159
372
304
155
159
159
159
155
157
156
155
146
146
146
146
144
145
147
148
160
162
164
165
143
143
144
144
214
215
215
220
261
262
262
266
275
282
279
272
384
383
385
385
305
309
310
311
165
166
160
162
148
149
150
152
168
172
144
145
225
223
222
'217
276
285
146
150
271
275
386
388
312
312
175
175
143
178
156
220
176
178
180
171
175
177
152
r
156
159
154
142
378
303
281
291
302
* Revised.
Sources.—See BULLETIN for July 1947, p. 934; May 1942, p. 451; March 1935, p. 180; and March 1931, p. 159.
1558
FEDERAL RESERVE BULLETIN
PRICE MOVEMENTS IN PRINCIPAL COUNTRIES—Continued
c:X)ST
OF LIVING
[Index numbers]
RETAIL FOOD PRICES
[Index numbers]
United
SwitzCan- King- France Nether- erUnited
ada
dom
land
lands
States
(1938 (1938-39 (Aug.
(1935-39 (1935-39 (June
= 100) 17, 1947 = 100)
= 100) 1939 =
= 100)
= 100)
100)
Year or
month
1941
1942
1943
1944
1945
1946 . . .
1947
1948....
1949
106
124
138
136
139
160
194
210
202
116
127
131
131
133
140
160
196
203
168
161
166
168
170
169
UOl
108
114
149
174
224
275
377
645
1,043
1,662
1,814
193
211
228
249
134
153
161
164
164
160
170
176
174
1949-September.
October...
November.
December.
204
201
201
197
207
205
203
202
117
119
119
120
1,835
1,901
1,930
1,937
244
244
251
257
1950-January...
February..
March....
April. . . . .
May
June......
July
August....
September.
196
195
196
197
200
205
210
209
209
199
201
204
205
205
209
214
217
219
120
121
121
122
125
123
122
121
1,921
1,929
1,920
1,942
1,925
1,858
1,839
1,938
p. 2,009
262
270
274
273
276
284
278
275
276
...
United
SwitzCan- King- France Nether- erUnited
ada
States
dom
lands land
(1938
(1935-39 (1935-39 (June
(1938-39 (Aug.
= 100)
= 100) 17, 1947 = 100)
= 100) 1939 =
100)
= 100)
Year or
month
1941
1942.
1943
1944
1945
1946
1947
1948.
1949
105
117
124
126
128
139
159
171
169
112
117
118
119
119
124
136
155
161
199
200
199
201
203
204
i 101
108
111
150
175
224
285
393
645
1,030
1,632
1,818
192
199
206
219
127
141
148
151
153
152
158
163
162
175 1949-September.
175
October...
174
November.
173
December.
170
169
169
168
162
162
162
162
112
112
112
113
1,827
1,885
1,912
1,920
216
217
221
226
162
162
161
161
171 1950-January...
170
February..
172
March....
172
April
May
174
June
175
July
175
August....
178
September.
179
167
167
167
167
169
170
173
173
174
161
162
164
164
164
165
168
169
170
113
113
113
114
114
114
114
113
ni4
1,910
1,920
1,906
1,922
1,906
1,845
1,825
1,925
P2,007
230
234
237
237
237
241
240
239
P243
159
159
158
158
158
158
158
159
160
P Preliminary.
1
This average is based on figures for the new index, beginning June. The averages for the old index, based on figures for January-June 17,
are 166 for retail food prices and 203 for cost of living.
Sources.—See BULLETIN for October 1950, p. 1421; January 1950, p. 125; July 1947, p. 935; May 1942, p. 451; October 1939, p. 943; and
April 1937, p. 373.
SECURITY PRICES
[Index numbers except as otherwise specified]
Bonds
Year or month
Number of issuei...
United
States 1
(high
grade)
12
United
C a n a d a 2 Kingdom
(1935-39 (December
= 100)
1921=100)
(2)
87
Common stocks
France
(1938 100)
Netherlands 3
United
States
(1935-39
= 100)
Canada 4
(1935-39
= 100)
50
14
416
106
« 295
27
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
75 3
84.5
88 6
92.4
96.2
94.6
92.0
87.6
875
1,149
1,262
1,129
202.2
211.2
195.3
110.5
110.2
109.9
108.0
108.7
109.4
127.3
129.1
132.7
114.3
118.2
117.9
88.2
86.5
87.8
1,110
1,042
1,085
207.5
203.6
204.6
109.5
110.9
111.5
112.3
111.7
110.4
P108.8
P109.7
P110.7
110.1
110.4
109.0
108.7
108.3
108.0
106.3
105,0
103.7
135.1
136.7
138.8
141.8
146.9
147.7
138.2
147.2
151.7
119.0
118.3
118.7
125.9
128 7
130.9
124 3
135.7
141.5
87.7
87.9
88.4
89.1
89 6
90.9
88 7
89.0
91.3
1,107
1,036
1,045
1,024
1,019
1,056
204.2
202.5
197.0
191.0
189.6
190.8
170.0
188.0
194.9
118 3
120.3
120 9
122.1
123.3
1
103.2
98.7
101.9
100 7
102.6
103 0
105.2
117.2
118.5
105.0
107.6
127 3
127.8
127 5
128.3
132.1
130.8
129.9
126.5
146.4
146.6
150 5
152.1
144.6
132.0
117.0
109.4
1949—October
November. . .
December....
102.8
103.2
103.7
112.2
112.1
110.7
121.7
118.9
121.1
1950—January
February. . . .
IVLarch
April
May .
104.0
104.0
104.1
111.0
110.7
110.9
110.3
110 9
110.9
109.9
110.5
111.4
119.8
119.9
119.4
119.9
119.8
121.6
120 7
120.8
122.7
1942
1943
1944
1945
1946
1947
1948
1949
(V)
July
. . .
August
September
NetherFrance 5
United
lands 6
Kingdom (December
(1926=100) 1938=100) (1938=100)
278
961
1,020
P1 Preliminary.
New series beginning 1947, derived from average yields of 12 bonds on basis of a 2% per cent 30-year bond. Annual average for the old
series for 1947 (121.5) and figures for years prior to 1947 are derived from average of 5 median yields in a list of 15 issues on basis of a 4 per
cent 20-year bond. Source.—Standard and Poor's Corporation; for compilations of back figures on prices of both bonds and common stocks
in the
United States, see Banking and Monetary Statistics, Table 130, p. 475, and Table 133, p. 479.
2
This index is based on one 15-year 3 per cent theoretical bond. Yearly figures are averages of monthly quotations on the capitalized yield
as calculated
on the 15th of every month.
8
This index represents the reciprocals of average yields for 14 issues, including government, provincial, municipal, mortgage, and industrial
bonds.
The
average
yield in the base period (January-March 1937) was 3.39 per cent.
4
This index is based on 95 common stocks through 1944; on 100 stocks 1945-1948; and on 106 stocks beginning 1949.
5
In September 1946 this index was revised to include 185 metropolitan issues, 90 issues of colonial France, and 20 issues of French companies
abroad. See "Bulletin de la Statistique Gfine'rale," September-November 1946, p. 424.
6
This index is based on 27 Netherlands industrial shares and represents an unweighted monthly average of daily quotations. The figures
are not
comparable with data for previous years shown in earlier BULLETINS.
7
Series discontinued beginning Apr. 1, 1950.
Sources.—See BULLETIN for June 1948, p. 747; March 1947, p. 349; November 1937, p. 1172; July 1937, p. 698; April 1937, p. 373; June
1935, p. 394; and February 1932, p. 121.
NOVEMBER
1950
1559
BOARD OF GOVERNORS
OF THE FEDERAL RESERVE SYSTEM
THOMAS B. MCCABE, Chairman
MARRINER S. ECCLES
M. S. SZYMCZAK
R. M. EVANS
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 on
KENNETH B. WILLIAMS, Acting
JAMES K. VARDAMAN, JR.
EDWARD L. NORTON
OLIVER S. POWELL
CHESTER MORRILL, Special Adviser to the Board
WOODLIEF THOMAS, Economic Adviser to the Board
DIVISION OF EXAMINATIONS
EDWIN R. MILLARD, Director
GEORGE S. SLOAN, Assistant Director
C. C. HOSTRUP, Assistant Director
FRED A. NELSON, Assistant Director
DIVISION OF BANK OPERATIONS
ROBERT F. LEONARD, Director
J. E. HORBETT, Assistant Director
LOWELL MYRICK, Assistant Director
DIVISION OF PERSONNEL ADMINISTRATION
ROBERT N. HILKERT, Acting Director
DIVISION OF ADMINISTRATIVE SERVICES
LISTON P. BETHEA, Director
Economic Research
GARDNER L. BOOTHE, II, Assistant Director
Assistant Director
OFFICE OF REAL ESTATE CREDIT
DIVISION OF INTERNATIONAL FINANCE
CHARLES T. FISHER, JR., Administrator
ARTHUR W. MARGET, Director
GUY E. NOYES, Assistant Administrator
LEWIS N. DEMBITZ, Assistant Director
FEDERAL
OPEN MARKET COMMITTEE
THOMAS B. MCCABE, Chairman
ALLAN SPROUL, Vice Chairman
CHESTER C. DAVIS
MARRINER S. ECCLES
JOSEPH A. ERICKSON
R. M. EVANS
EDWARD L. NORTON
J. N. PEYTON
OLIVER S. POWELL
M. S. SZYMCZAK
JAMES K. VARDAMAN, JR.
C. S. YOUNG
CHESTER MORRILL, Secretary
S. R. CARPENTER, Assistant Secretary
GEORGE B. VEST, General Counsel
WOODLIEF THOMAS, Economist
JOHN K. LANGUM, Associate Economist
ALFRED C. NEAL, Associate Economist
J. MARVIN PETERSON, Associate Economist
WILLIAM H. STEAD, Associate Economist
JOHN H. WILLIAMS, Associate Economist
ROBERT G. ROUSE, Manager of System Open
Market Account
1560
FEDERAL
ADVISORY COUNCIL
WALTER S. BUCKLIN,
BOSTON DISTRICT
N. BAXTER JACKSON,
N E W YORK DISTRICT
FREDERIC A. POTTS,
PHILADELPHIA DISTRICT
SIDNEY B. CONGDON,
CLEVELAND DISTRICT
ROBERT V. FLEMING,
RICHMOND DISTRICT
Vice President
J. T. BROWN,
ATLANTA DISTRICT
EDWARD E. BROWN,
CHICAGO DISTRICT
President
W. L. HEMINGWAY,
ST. LOUIS DISTRICT
JOSEPH F. RINGLAND,
MINNEAPOLIS DISTRICT
DAVID T. BEALS,
KANSAS CITY DISTRICT
J. E. WOODS,
DALLAS DISTRICT
JAMES K. LOCHEAD,
SAN FRANCISCO DISTRICT
HERBERT
V. PROCHNOW, Secretary
FEDERAL RESERVE BULLETIN
CHAIRMEN, DEPUTY CHAIRMEN, AND SENIOR OFFICERS OF FEDERAL RESERVE BANKS
Federal Reserve Chairman 1
Bank of
Deputy Chairman
President
First Vice President
Boston
Albert M. Creighton
Harold D. Hodgkinson
Joseph A. Erickson
William Willett
New York
Robert T. Stevens
William I. Myers
Allan Sproul
L. R. Rounds
John J. Fogg
Robert B. Harvey 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
Philadelphia.. . . Warren F. Whittier
Alfred H. Williams
C. Canby Balderston
W. J. Davis
Cleveland
George C. Brainard
A. Z. Baker
Ray M. Gidney
Wm. H. Fletcher
Richmond
Charles P. McCormick
John B. Woodward, Jr.
Hugh Leach
J. S. Walden, Jr.
Atlanta
Frank H. Neely
Rufus C. Harris
W. S. McLarin, Jr.
L. M. Clark
Chicago
F. J. Lunding
John S. Coleman
C. S. Young
E. C. Harris
St. Louis
Russell L. Dearmont
Wm. H. Bryce
Chester C. Davis
F. Guy Hitt
Minneapolis. . . . Roger B. Shepard
W. D. Cochran
J. N. Peyton
A. W. Mills
N. L. Armistead
R. L. Cherry
R. W. Mercer 3
W. R. Milford
P. L. T. Beavers
V. K. Bowman
J. E. Denmark
Allan M. Black 2
H. J. Chalfont
Neil B. Dawes
W. R. Diercks
0. M. Attebery
Wm. E. Peterson
C. A. Schacht
H. C. Core
C. W. Groth
E. B. Larson
Kansas C i t y . . . . Robert B. Caldwell
H. G. Leedy
Henry 0. Koppang
Robert L. Mehornay
Dallas
R. R. Gilbert
W. D. Gentry
J. R. Parten
R. B. Anderson
San Francisco... Brayton Wilbur
Harry R. Wellman
Vice Jrresiueiiis
C. E. Earhart
H. N. Mangels
Alfred C. Neal
Carl B. Pitman
0. A. Schlaikjer
R. F. Van Amringe
H. V. Roelse
Robert G. Rouse
William F. Treiber
V. Willis
R. B. Wiltse
E. C. Hill
Wm. G. McCreedy
P. M. Poor man 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
A. L. Olson
Alfred T. Sihler
W. W. Turner
Paul E. Schroeder
William H. Stead
C. M. Stewart
H. G. McConnell
Otis R. Preston
Sigurd Ueland
John Phillips, Jr.
G. H. Pipkin2
C. E. Sandy
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
J. M. Leisner
H. F. Slade
S. A. MacEachron Ronald T. Symms 3
W. F. Volberg
W. L. Partner
0. P. Wheeler
L. H. Earhart
Delos C. Johns
R. L. Mathes
VICE PRESIDENTS IN CHARGE OF BRANCHES OF FEDERAL RESERVE BANKS
Federal Reserve
Bank of
Branch
Chief Officer
4
New York
Cleveland
Buffalo
Cincinnati
Pittsburgh
Richmond....... Baltimore
Charlotte
Birmingham
Atlanta
Jacksonville
Nashville
New Orleans
Detroit
Chicago
Little Rock
St. Louis
Louisville
Memphis
1
Also Federal Reserve Agent.
NOVEMBER 1950
I. B. Smith
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. Schroedeir
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.
1561
FEDERAL RESERVE PUBLICATIONS
The material listed below may be obtained from
the Division of Administrative Services, Board of
Governors of the Federal Reserve System, Washington 25, D. C. Remittance should be made
payable to the order of the Board of Governors
of the Federal Reserve System.
FEDERAL RESERVE BULLETIN. Issued monthly. Subscription price in the United States and its possessions, Bolivia, Canada, Chile, Colombia, Costa
Rica, Cuba, Dominican Republic, Ecuador,
Guatemala, Haiti, Republic of Honduras, Mexico,
Newfoundland (including Labrador), Nicaragua,
Panama, Paraguay, Peru, El Salvador, Uruguay,
and Venezuela is $2.00 per annum or 20 cents
per copy; elsewhere $2.60 per annum or 25 cents
per copy. Group subscriptions in the United
States for 10 or more copies to one address, 15
cents per copy per month, or $1.50 for 12 months.
FEDERAL RESERVE CHARTS ON BANK CREDIT, MONEY
RATES, AND BUSINESS. Issued monthly. $6.00
per annum including historical supplement
listed below, or 60 cents per copy. In quantities
of 10 or more copies of a particular issue for
single shipment, 50 cents each. (Domestic rates)
HISTORICAL SUPPLEMENT TO FEDERAL RESERVE
CHARTS ON BANK CREDIT, MONEY RATES, AND
BUSINESS.
113 charts. March 1950 edition.
Annual subscription to monthly chart book includes supplement; single copies, 60 cents each.
In quantities of 10 or more copies for single shipment, 50 cents each. (Domestic rates)
BANKING STUDIES. Comprising 17 papers on banking and monetary subjects by members of the
Board's staff. August 1941; reprinted March
1949. 496 pages. Paper cover. $1.00 per copy;
in quantities of 10 or more copies for single shipment, 75 cents each.
Statistics of
banking, monetary, and other financial developments. November 1943. 979 pages. $1.50 per
copy. No charge for individual sections (unbound).
BANKING AND MONETARY STATISTICS.
MONETARY AND BANKING REFORM IN PARAGUAY.
ports, and introduction reviewing the monetary
history of Paraguay. July 1946. 170 pages.
$1.00 per copy.
RULES OF ORGANIZATION AND RULES OF PROCEDURE
(Board of Governors of the Federal Reserve System). September 1946. 31 pages.
as amended to November 1, 1946, with an Appendix containing provisions of certain other statutes affecting the
Federal Reserve System. 372 pages. 50 cents per
paper-bound copy; $1.00 per cloth-bound copy.
THE FEDERAL RESERVE ACT,
(8 pamphlets)
1. Jobs, Production, and Living Standards.
2. Agricultural Adjustment and Income.
3. Public Finance and Full Employment.
4. Prices, Wages, and Employment.
5. Private Capital Requirements.
6. Housing, Social Security, and Public
Works.
No. 7. International Monetary Policies.
No. 8. Federal Reserve Policy.
The price for the set of eight pamphlets is $1.25;
25 cents per pamphlet, or, in quantities of 10 or
more for single shipment, 15 cents per pamphlet.
POSTWAR ECONOMIC STUDIES.
No.
No.
No.
No.
No.
No.
THE FEDERAL RESERVE SYSTEM—ITS PURPOSES AND
FUNCTIONS. November 1947. 125 pages. 75
cents per cloth-bound copy; in quantities of 10
or more copies for single shipment, 50 cents each.
Paper-bound copies available without charge.
DEBITS AND CLEARINGS STATISTICS, THEIR BACKGROUND AND INTERPRETATION. October 1947. 50
pages. 25 cents per copy; in quantities of 10 or
more copies for single shipment, 15 cents each.
DISTRIBUTION OF BANK DEPOSITS BY COUNTIES, as of
December 31, 1947. July 1948. 122 pages. As
of June 30, 1949. December 1949. 122 pages.
A STATISTICAL STUDY OF REGULATION V LOANS.
September 1950. 74 pages. 25 cents per copy;
in quantities of 10 or more copies for single shipment, 15 cents each,
Includes translation of laws, accompanying re- REGULATIONS OF THE BOARD OF GOVERNORS OF THE
FEDERAL RESERVE SYSTEM. Individual regulations
A more complete list, including periodical releases and
with amendments.
reprints, appeared on pp. 766-69 of the June 1950 BULLETIN.
1
1562
FEDERAL RESERVE BULLETIN
FEDERAL RESERVE PUBLICATIONS
REPRINTS
OF CONSUMER SAVING IN 1949. November 1950.
15 pages. METHODS OF THE SURVEY OF CON-
(From Federal Reserve Bulletin unless preceded by an asterisk)
*
T H E EQUITY CAPITAL SITUATION.
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.
NOTES ON FOREIGN CURRENCY ADJUSTMENTS.
No-
vember 1949. 14 pages.
* REPLY OF THE CHAIRMAN OF THE BOARD OF GOV-
SUMER FINANCES. July 1950. 15 pages. (Other
articles on the 1950 Survey will appear in subsequent issues of the BULLETIN.)
INDUSTRIAL DIFFERENCES IN LARGE CORPORATION
FINANCING IN 1949, by Eleanor J. Stockwell.
June 1950. 6 pages. (Also, similar survey by
Charles H . Schmidt. June 1949. 8 pages.)
RETAIL CREDIT SURVEY—1949.
From June 1950
BULLETIN with supplementary information for
nine separate trades. 37 pages.
ERNORS OF THE FEDERAL RESERVE SYSTEM ( T O the
STATEMENT ON PROPOSED SMALL BUSINESS LEGISLA-
Questionnaire of the Joint Congressional Committee on the Economic Report). November
1949. 112 pages.
THE BOARD OF GOVERNORS OF THE FEDERAL R E -
TION. Presented by Thomas B. McCabe, Chairman, Board of Governors of the Federal Reserve
System, before the Senate Committee on Banking and Currency, June 27, 1950. July 1950. 8
pages.
SERVE SYSTEM, BEFORE THE SUBCOMMITTEE ON
BRANCH BANKING IN THE UNITED STATES, 1939 and
* STATEMENT OF THOMAS B. MCCABE, CHAIRMAN OF
MONETARY, CREDIT AND FISCAL POLICIES OF THE
JOINT COMMITTEE ON THE ECONOMIC REPORT.
Presented December 3, 1949. 10 pages.
1949.
July 1950. 16 pages.
ESTIMATED LIQUID ASSET HOLDINGS OF INDIVIDUALS
AND BUSINESSES. August 1950. 2 pages.
A STUDY OF INSTALMENT CREDIT TERMS, by Milton
Moss. December 1949. 8 pages.
FRENCH EXCHANGE STABILIZATION FUND, by Robert
Solomon. January 1950. 5 pages.
INSURANCE OF COMMERCIAL BANK DEPOSITS.
Feb-
ruary 1950. 5 pages.
STATEMENT BY THOMAS B. MCCABE, CHAIRMAN,
BOARD OF GOVERNORS OF THE FEDERAL RESERVE
STATEMENT ON THE DEFENSE PRODUCTION A C T OF
1950. Presented by the Board of Governors of
the Federal Reserve System to the Committee
on Banking and Currency of the Senate, and
read by Governor R. M. Evans to the Committee
on Banking and Currency of the House of Representatives, July 25, 1950. August 1950. 4
pages.
SYSTEM ON S. 2822, A BILL " T O AMEND THE FED- DEFENSE LOAN POLICY. An announcement adopted
ERAL DEPOSIT INSURANCE A C T . " February 1950.
5 pages.
STAFF STUDY ON ASSESSMENTS AND COVERAGE FOR
DEPOSIT INSURANCE.
February 1950. 15 pages.
* T H E CHALLENGE OF OPPORTUNITY VERSUS SECU-
RITY. Address by Thomas B. McCabe, Chairman,
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—
Preliminary summary.
April 1950. 2 pages.
jointly by National and State Supervisors of banks
and other lending institutions. August 4, 1950.
August 1950. 1 page.
T H E BALANCE SHEET OF AGRICULTURE, 1950.
OUR COMMON PROBLEM—MAINTENANCE OF A SOUND
BANKING SYSTEM.
Address by Thomas B. Mc-
Cabe, Chairman, Board of Governors of the Federal Reserve System, before the National Association of Supervisors of State Banks, Boston, Mass.,
September 21, 1950. October 1950: 4 pages.
PART I. GENERAL FINANCIAL POSITION AND ECO- REVISED ESTIMATES OF CONSUMER CREDIT.
NOMIC OUTLOOK OF CONSUMERS. June 1950.
pages.
PART II.
12
PURCHASES OF HOUSES AND
DURABLE GOODS IN 1949 and BUYING PLANS FOR
1950.
July 1950. 15 pages.
PART III. DISTRI-
BUTION OF CONSUMER INCOME IN 1949.
1950.
18 pages.
NOVEMBER 1950
PART IV.
August
T H E DISTRIBUTION
Sep-
tember 1950. 14 pages.
Novem-
ber 1950. 2 pages.
MEASUREMENT OF CONSUMER CREDIT.
Address by
Ralph A. Young and Homer Jones before the
University of Illinois Consumer Credit Conference, Chicago, Illinois, October 5, 1950. November 1950. 9 pages.
1563
2
FEDERAL RESERVE SYSTEM
BOUNDARIES OF FEDERAL RESERVE DISTRICTS
AND THEIR BRANCH TERRITORIES
5?
BOUNDARIES OF FEDERAL RESERVE DISTRICTS
t-1
BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES
BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
FEDERAL RESERVE BANK CITIES
FEDERAL RESERVE BRANCH CITIES
5
@FedFRASER