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E R A L E R V

INMARCH 1950

BOARD OF GOVERNORS

OF THE FEDERAL RESERVE SYSTEM

EDITORIAL COMMITTEE

ELLIOTT THURSTON WOODLIEF THOMAS WINFIELD W. RIEFLER RALPH A. YOUNG

SUSAN S. BURR

The Federal Reserve BULLETIN is issued monthly under the direction of the staff editorialcommittee. This committee is responsible for interpretations and opinions expressed, exceptin official statements and signed articles.

CONTENTSPAGE

Foreign Gold and Dollar Holdings in 1949. 269-278

Proposed Legislation Regarding Bank Holding Companies

Statement of Thomas B. McCabe, Chairman, Board of Governors of the FederalReserve System, before the Senate Banking and Currency Committee,March 1, 1950.. .. 279-286

S. 2318, a Bill to Provide for Control and Regulation of Bank HoldingCompanies, and for other Purposes. 286-294

Report of the National Advisory Council on International Monetary and Financial

Problems, April 1, 1949-September 30, 1949. . 295-313

Publication of New Journal by the International Monetary Fund. 313

Current Events and Announcements. 314-315

National Summary of Business Conditions. . 316-317

Financial, Industrial, Commercial Statistics, U. S. (See p. 319 for list of tables) 319-377

International Financial Statistics (See p. 379 for list of tables) . 379-397

Board of Governors and Staff; Open Market Committee and Staff; Federal

Advisory Council. 398

Senior Officers of Federal Reserve Banks; Managing Officers of Branches. 399

Federal Reserve Publications 400-401

Map of Federal Reserve Districts. 402

Subscription Price of Bulletin

A copy of the Federal Reserve BULLETIN is sent to each member bank without charge. The subscriptionprice in the United States and its possessions, Bolivia, Canada, Chile, Colombia, Costa Rica, Cuba,Dominican Republic, Ecuador, Guatemala, Haiti, Republic of Honduras, Mexico, Newfoundland (in-cluding 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 sub-scriptions in the United States for 10 or more copies to one address, 15 cents per copy per month, or$1.50 for 12 months.

RESERVE BULLETINVOLUME 36 March 1950 NUMBER 3

FOREIGN GOLD AND DOLLAR HOLDINGS IN 1949During 1949 there was some improvement

in the over-all monetary reserve position offoreign countries, thus reversing the trendwhich had prevailed in earlier years since theend of the war. At the close of 1949 totalforeign holdings of gold and dollars wereestimated at 15.2 billion dollars as comparedwith 14.9 billion at the beginning of the year,an increase of about 300 million dollars. Anexception to this general improvement wasthe net decline in the monetary reserves ofthe United Kingdom and sterling areacountries.

Gold and dollar holdings are the principalexchange resources freely available to foreigncountries for meeting external commitmentsin dollar or other currencies, as well as forcovering any minimum legal requirementsfor internal reserves. Changes in the hold-ings of individual countries are generallyindicative of their current international eco-nomic position. In addition, changes forforeign countries as a group reflect the bal-ance-of-payments position of the rest of theworld toward the United States.

During the war many countries outsideEurope built up their monetary reserves tounprecedentedly high levels, since they ob-tained large dollar earnings which they couldnot use to increase their imports because ofsupply shortages in the United States. Fromthe end of 1945 to mid-1948, however, foreign

countries liquidated their reserves on a largescale, mainly to pay for purchases in theUnited States that could not be financed inother ways. In the past year and a half, theextension of foreign aid under the EuropeanRecovery Program, the recovery of produc-tion and trade abroad, the tighteningof import and exchange restrictions, andthe downward adjustment of foreign cur-rency values have combined to arrest thedecline in the monetary reserves of foreigncountries.

Improvement in the gold and dollar posi-tion of foreign countries during 1949 wasneither continuous throughout the year noruniform among countries. An increase ingold and dollar holdings, which had startedin the latter part of 1948, continued in theearly part of 1949. In the spring and sum-mer of 1949, however, there was a serioussetback as some countries liquidated part oftheir gold holdings and also lost dollars accu-mulated in previous months, in order to ad-just to a moderate recession in world trade,particularly in exports to the dollar area.In the last quarter of the year, following theadjustment of foreign exchange rates, aggre-gate gold and dollar holdings of foreigncountries rose again.

The United Kingdom and other countriesof the sterling area were particularly sensi-tive to recession tendencies in United States

MARCH 1950 269

FOREIGN GOLD AND DOLLAR HOLDINGS IN 1949

imports, and suffered severe losses of goldand dollars in the second and third quartersof 1949, These losses were offset only in partby gains in the fourth quarter of the year,as shown in the chart. Several WesternEuropean countries, however, increased theirgold and dollar holdings throughout theyear. The combined result of these develop-ments was that the group of countries par-ticipating in the European Recovery Pro-gram showed a slight over-all improvementin reserves over the year.

FOREIGN GOLD RESERVES AND SHORT-TERM DOLLAR BALANCESSELECTED COUNTRIES AND AREAS

END OF QUARTER BILLIONS OF DOLLARS

Canada continued to accumulate both goldand dollars during 1949, though at a slowerpace than in the preceding year. Tighteningof import controls and adjustment of ex-change rates contributed to a marked im-provement in the monetary reserve positionof Latin America in the second half of theyear. The gold and dollar holdings of someFar Eastern countries were drawn downheavily throughout the year.

Taken as a whole, recent experience sug-gests that, while the European Recovery Pro-gram has helped to arrest the postwar deple-tion of foreign monetary reserves, it has notresulted as yet in any general reconstitutionof such reserves. This experience also sug-gests that the precariously low level of goldand dollars available to foreign monetaryauthorities renders their currencies highlyvulnerable to fluctuations in world trade, par-ticularly in the case of countries sufferingfrom basic economic maladjustments. Lackof margins in monetary reserves, moreover,is a serious obstacle to efforts of foreigncountries to liberalize trade and paymentsamong themselves and with the UnitedStates.

For this reason, measures directed towardencouraging and facilitating a replenishmentof monetary reserves to more adequate levelswould further important objectives of theforeign financial policy of the United Statesand be of benefit to the world at large.By strengthening the position of foreign cur-rencies vis-a-vis the dollar, they would assistforeign monetary authorities in the transitionfrom the present restrictive controls overtrade and foreign exchange to a system ofmultilateral trade and currency convertibility.

GOLD AND DOLLAR HOLDINGS AND MONETARY

RESERVES

Statistics of foreign gold and dollar hold-ings shown in the table and charts of thisarticle differ somewhat from the officialfigures of monetary reserves as reported bycertain foreign countries. This can be ex-plained primarily by the difference in thecomposition of the two sets of figures. Thegold and dollar holdings data used here arebased in part on foreign official figures and on

270 FEDERAL RESERVE BULLETIN


statistics collected in the United States, and inpart they are estimated.

The data on gold holdings represent thegold reserves held by foreign monetary au-thorities and are based, as a rule, on figurescurrently reported in central bank statementsor otherwise made public by foreign coun-tries. Where published data are incompleteor unavailable, estimates have been used.

The data on foreign dollar balances in theUnited States are drawn from a regularlyreported statistical series covering all short-term assets (i.e., deposits, short-term com-mercial paper, Treasury bills, etc.) held forforeign residents by banks in the UnitedStates. They comprise both official balances(those owned by foreign central banks andgovernments) and balances held on privateforeign account. While official balances as arule are included by monetary authorities intheir monetary reserves, private balancesrepresent in general the working capitalwhich foreign banks and business firmsmaintain in order to meet their current dol-lar requirements.

Exchange controls are applied in most coun-tries in such a way as to keep private dollarbalances at the approximate levels necessaryto meet the operating requirements of theirholders. This policy has the effect of keep-ing fluctuations of private balances withinnarrower ranges than those of official bal-ances. Net changes in the aggregate figure(official plus private balances) reflect quiteaccurately the trend of official balances, asis shown in the accompanying chart.

From an international point of view, themost important changes in individual goldand dollar holdings in 1949 were those ofthe United Kingdom. The official figureof the monetary reserves of the United King-dom, announced regularly by the Chancellor

of the Exchequer, includes the Treasuryholdings of gold, United States dollars,and Canadian dollars, but does not in-clude dollar balances privately held by Brit-

FOREIGN GOLD RESERVES AND SHORT-TEHU DOLLAR BALANCES

BILLIONS OF DOLLARS END OF QUARTER BILLIONS OF DOLLARS

ish banks, business firms, and individuals.Despite the difference in coverage, the trendshown by the official British reserve figureis similar to that of the gold and dollar hold-ings data used in this article. BetweenMarch 31 and September 30, 1949, the de-cline in official reserves was reported at487 million dollars, while the decline in goldand dollar holdings is estimated, in the tableon page 273, at 493 million. During the lastquarter of the year, official reserves rose263 million dollars, while gold and dollarholdings increased by an estimated 235 mil-lion. The small difference between the twoseries is explainable by changes in privatedollar balances (included in United Statesstatistics) and in official holdings of Cana-dian dollars (included in the British figures).

MARCH 1950 271


FOREIGN GOLD RESERVES AND GOLD

MOVEMENTS

The greater part of the net gain in foreignmonetary reserves in 1949 was in the formof gold. Estimated gold reserves of foreigncountries (other than the U.S.S.R.) rose fromslightly over 9.0 billion dollars at the endof 1948 to nearly 9.3 billion at the end of 1949.The net gain of 250 million dollars contrastswith net losses of 1.2 billion dollars in 1948and 2.4 billion in 1947 (exclusive of contribu-tions to the International Monetary Fund).

The net accumulation of gold by foreignmonetary authorities in 1949 was primarilythe result of a sharp contraction in the net

FOREIGN TRANSACTIONS IN GOLD BY THE UNITED STATES

DURING 1949

Net Purchases (+). or Net Sales (—)

[In millions of dolls

Country

ERP countries (other than UnitedKingdom):

Belgium and Belgian Congo. .GreeceItalyNetherlands and Netherlands

West Indies.PortugalSwitzerland . . . .

Total

Other Europe

United KingdomUnion of South Africa.Canada...

Latin America:ArgentinaColombiaCubaMexicoUruguayVenezuelaOther Latin America

Total . . . .

Asia:Thailand . . .Other Asia

Total

Total i

Jan.-Mar.

- 1 3

+10+11

- 5+3

+72+3

+4

+2

+2

+8

- 3

+84

irsj

Apr.-June

- 3 1—2

"-io- 4 3

+162+56

+3

+8+3

+2

+16

- 7

- 7

+184

July-Sept.

- 2

—114

" ' +3- 2 0

-133

- 2

+284+48

— 10— 11- 1 6—50

- 1

- 8 9

- 3

- 3

+106

Oct.-Dec.

+3

- 3 8

" —5

- 4 3

- 6

" +20

- 5 0

— 15- 1

- 7

- 7 3

—40- 2

- 4 2

- 1 4 3

Year

- 4 3—4

— 114

- 2 8+14- 4 0

-215

- 8

+446+195

+3

-50+7

— 10- 1 6- 1 4- 5 0

- 4

- 1 3 7

—43- 1 2

- 5 5

+230

1 Excludes net sales of 34 million dollars to the Bank for Inter-national Settlements.

flow of gold to the United States, which wasreduced to a figure well below the level ofnew production abroad. Net United Statespurchases of gold from foreign countriesamounted to 230 million dollars in 1949, asshown in the table, as compared with L5billion dollars in 1948 and 2.8 billion in 1947.

The amount of new gold productionabroad, excluding the U.S.S.R., has been ten-tatively estimated for the year at nearly 750million dollars. Since net accumulation ofgold reserves by foreign countries and netpurchases of foreign gold by the UnitedStates totaled 480 million dollars, there re-mains about 270 million of newly mined for-eign gold to be accounted for. Apart froma small increase (15 million) in the holdingsof the International Monetary Fund andsome amounts absorbed by consumption inarts and industries, the remainder of thisgold' presumably went into private holdingsthrough the free and black markets existingin various parts of the world.

For the year as a whole, gross purchasesof foreign gold by the United Statesamounted to 736 million dollars, and its salesto foreign monetary authorities were 506million. The adjustments in the values offoreign currencies in September 1949 werefollowed by a shift of the United States fromthe position of a net purchaser to that of anet seller of gold—a net gold inflow of 462million dollars from January 1 to September18 being contrasted with a net gold outflow of232 million in the remainder of the year.Gold from the United Kingdom and theUnion of South Africa accounted for almostnine-tenths of total purchases of gold by theUnited States. Italy made the largest indi-vidual purchase from the United States, but anumber of other countries (Venezuela, Ar-gentina, Thailand, Belgium, Switzerland,



Netherlands, Mexico, Uruguay, and Cuba)also acquired sizable amounts.

The changes in foreign gold reserves in1949 varied considerably by countries. Netgold losses of the United Kingdom, estimatedat 255 million dollars for the year, were

slightly less than the net gold gains of theother countries participating in the Euro-pean Recovery Program, with the result thatthe gold reserves of the group showed a smallnet improvement over the year. In additionto Italy, which increased its gold reserves by

ESTIMATED CHANGES IN FOREIGN GOLD RESERVES AND SHORT-TERM DOLLAR BALANCES DURING 1949

[In millions of dollars]

Area and country

ERP countries (other than UnitedKingdom):

Belgium-Luxembourg (and Bel-gian Congo)

DenmarkFrance (and dependencies)Germany (Western Zones) . .Italy. . . . . . .Netherlands (and Netherlands

West Indies)NorwaySwedenSwitzerlandTurkeyOther ERP countries *..

Total

Other Continental Europe 2

Sterling area:United KingdomU. K. dependenciesIndia.Union of South AfricaOther sterling area3

Total

Canada

Latin America:ArgentinaBrazilChileCubaPanamaPeruVenezuelaOther Latin America

Total

Asia:IndonesiaJapanPhilippine Republic .Other Asia

Total .

All other Q.. .. .

Totali \

Holdings at endof 1948

Goldreserves

64732

571

98

2145281

1,387162418

3 662

536

1,605

256183123

2,167

408

141317

43289

20323355

1,488

178206

1335

720

55

9,036

Dollarbalances

17445

226179326

1477849

4991897

1 838

160

54670521642

726

775

21612456

2197253

122394

1,256

4181

488384

994

65

5,814

Increase or decrease (—)

Jan.-Mar.

Goldreserves

18

4

- 1 1

— \21

- 3 1

- 4

60

—9—17

11

45

7

1

—8

- 7

2

2

43

Dollarbalances

19—1

—249

67

35263

36

125

-35

—292

—1-5

-33

96

9—26

-457

—7—9

9

-16

—647

—74-30

-63

74

Apr.-Sept.

Goldreserves

75

—26

156

- 5— 1

— 1077

- 1

262

-33

- 4 1 5

—4525

- 4 3 5

45

23

- 110

5017

99

- 2 1

- 2 1

- 8 3

Dollarbalances

-27—12—11—40

—113

44—22

114

—6-7

—179

-23

—7833

8—923

-23

-44

—347

6—44—10

13—14

50

45

—833

—66-21

-62

20

-266

Oct.-Dec.P

Goldreserves

- 1 7

38

19—5

3

38

': 4

100

72

109

36

51

- 3

8

16

72

—44

74

30

289

Dollarbalances

-6661

20

28

28—5—512

67

5

135

3

-1

137

40

—2148

2—16

5-54460

117

—1154

—51-88

-96

1

271

Holdings at endof 1949?

Goldreserves

72332

545

258

2365170

1,504154389

3 962

503

1,350

247128161

1,886

496

21531740

299

28373380

1,652

178162

1390

731

55

9,285

Dollarbalances

16038

197149300

1966990

50410

138

1 851

107

574105

636

59

807

867

201193

60164

7454

143513

1,402

16215297245

773

86

5,893

P Preliminary. ( y1 Includes gold to be distributed by Tripartite Commission to European countries (including some non-ERP countries).2 Excludes gold reserves, but includes short-term dollar balances held by U. S. S. R.3 Excludes Eire and Iceland, which are included under "Other ERP countries."4 Excludes gold and dollar holdings of international institutions.

MARCH 1950 273


160 million dollars, Switzerland and Belgiumalso made comparatively large gains. Theseincreases resulted in part from purchasesfrom the United States and in part fromsettlements of trade balances with othercountries.

Argentina and Venezuela accounted formost of the gold increases among LatinAmerican countries. Thailand, in additionto its purchase from the United States, alsoreceived 44 million dollars of gold whichhad been held for her account in Tokyo.Canada continued to add most of her newlymined gold to monetary reserves.

The small volume of net gold movementsin 1949 did not alter the distribution of goldbetween the United States and the rest of theworld which existed in 1948. At the end of1949 official gold holdings of the world (ex-cluding the U.S.S.R.) totaled over 35 billiondollars, of which 70 per cent was held by theUnited States, 26 per cent by monetary au-thorities of foreign countries, and 4 per centby the International Monetary Fund andother international institutions.

CHANGES IN FOREIGN DOLLAR BALANCES

Foreign dollar balances (official and pri-vate) followed the same general trend in1949 as foreign gold reserves. A net over-allincrease of 74 million dollars in the firstquarter was followed by a net decline of266 million in the second and third quarters;this, in turn, was offset by an equivalent rise(271 million) in the last quarter of the year.These fluctuations reflected the movementsin official balances, since private balances hadonly slight, though opposite, fluctuations.

It is a common practice among monetaryauthorities to invest in gold any sizable accu-mulation of dollars in excess of certain cus-tomary levels and to dispose of gold when-

ever their dollar balances fall considerablybelow such levels. The levels of foreign dol-lar balances at any given date are also affectedby other financial operations, such as dollartransactions of member countries with theInternational Monetary Fund. For example,the decline in Italian dollar balances in thethird quarter of 1949 was the result of a shiftfrom official balances to gold holdings, whilepart of the increase in the Brazilian dollarbalances toward the end of the year wasattributable to a drawing on the Fund.

In a similar manner the United Kingdomadjusted the level of its dollar balancesthrough sales of gold to the United States.British dollar balances (official and private)at the end of February 1949 were at theirhigh for the year, 577 million dollars, butfell sharply thereafter. Sales of gold at amonthly rate of approximately 80 millionwere needed to sustain the dollar balanceswithin a 350 to 440 million dollar range dur-ing the second and third quarters of the year.Following the devaluation the dollar bal-ances recovered again and by the end of theyear amounted to 574 million.

Apart from scattered gains and losses, con-tinental countries of Western Europe as agroup showed little change in their aggre-gate dollar balances. In Latin Americancountries the marked improvement in thedollar position beginning in the spring of1949 was the result of tighter import restric-tions and, in some cases, of exchange adjust-ments. Gains made by Brazil, Mexico, Co-lombia, and Venezuela were, however, partlyoffset by a decline on the part of Cuba. InAsia the Philippines suffered a steady drain ofdollars and China liquidated a substantialportion of both dollar and gold holdings,while Japan continued to increase her dollarbalances throughout the year.



In addition to increasing their dollar bal-ances during 1949, foreign countries repaida relatively substantial part of their short-termliabilities to American banks. A few coun-tries (France, Netherlands, Cuba, Argentina,Brazil, and Colombia) accounted for the netdecline from 1,019 million dollars at the endof 1948 to 807 million at the end of 1949in the outstanding short-term dollar liabilitiesof foreign countries.

EFFECTS OF READJUSTMENT OF FOREIGN

CURRENCY VALUES

The reversal of trend in foreign gold anddollar holdings during 1949, and the changesby countries or areas shown in the chart onpage 270, are related to the adjustments offoreign exchange rates in terms of the dollar.

The year 1949 witnessed a general realign-ment in the values of foreign currencies.The devaluation of the pound sterling onSeptember 18 was followed by adjustmentsin the value of their currencies by most coun-tries in the sterling area and Western Europe,as well as by Finland, Canada, Argentina,Egypt, and a few countries in Latin Americaand Asia. In addition, Japan established aunitary exchange rate in April, Mexico offi-cially devalued the peso in June, and severalLatin American countries made changesin their exchange rate structures during theyear. Thus, apart from the U.S.S.R. andEastern Europe, only a few important coun-tries (notably Switzerland, Brazil, and Paki-stan) maintained unchanged throughout theyear the dollar value of their currencies.

These exchange rate adjustments wereeffected primarily in order to correct thebasic trade disequilibrium between theUnited States and other countries and to less-en the strains of altered debtor-creditor rela-

tions, particularly in the case of the UnitedKingdom and the sterling area. The criticallosses of British reserves in the second andthird quarters stemmed from these funda-mental maladjustments, but several short-runfactors were responsible for the sharpness ofthe drain as well as for the subsequent re-covery in monetary reserves.

The September devaluations were precededby a decline in foreign exports to the UnitedStates and by speculative activities againstthe pound sterling. The dollar trade posi-tion of sterling area countries deteriorated inthe first three quarters of 1949, as indicatedby an increase in their purchases of Americangoods and a decline in American purchasesof their goods, particularly of raw materials.Rumors of currency devaluation then encour-aged traders to take speculative positionsagainst the pound through purely short-termadjustments in their inventories and in theirpound or dollar balances. In addition, somedollar proceeds from sterling area exportswere diverted from official to non-Britishor private hands through commodity arbi-trage operations involving financing withso-called "cheap" sterling obtained at ratesbelow parity.

The reversal of these short-term factors inthe last quarter of the year underlay thesubstantial recovery in reserves which wasachieved as the initial response to devalua-tion. The British Chancellor of the Ex-chequer, in announcing the fourth quarterincreases in monetary reserves on January 4,1950, estimated that about half of the recov-ery was of a nonrecurring nature. A con-siderable part of the increase in British re-serves was undoubtedly due to an inflow ofdollars representing deferred payments forsterling purchases and to larger imports by

MARCH 1950 275


the United States in order to rebuild inven-tories of sterling area products.

Another instance of improvement in mone-tary reserves that is attributable partly to de-valuation is Mexico. In July 1948 Mexicoceased supporting the peso at its parity of4.85 pesos to the dollar and in the followingmonths allowed it to depreciate to 6.85 pesosto the dollar. In the second quarter of 1949the peso depreciated further, and on June17 Mexico established a new par value of8.65 pesos to the dollar. At the same timeMexico adopted more effective anti-inflation-ary credit and budget policies. An unusuallylarge cotton crop, combined with steady min-eral shipments, contributed to maintainingexports at high levels, while imports wereincreasingly curtailed over the year by thelowering of the dollar value of the peso. Asa result, Mexico's gold and dollar holdings,which had been drawn down heavily in 1947and 1948, remained stationary in the earlypart of 1949; from April through DecemberMexico increased its dollar balances by 76million dollars, in addition to net purchasesof 16 million of gold from the United States.

More important than these short-run re-sults in individual cases are the ultimateeffects which it is hoped that devaluationwill have on monetary reserves. By its im-pact on comparative prices the adjustmentof foreign exchange rates should contributeto a reduction in the United States exportsurplus and thereby assist foreign countriesin their efforts to maintain or strengthentheir monetary reserves. Also, by raising theprice of gold in terms of local currencies,without raising mining costs correspond-ingly, devaluation provides a stimulus to goldproduction. It may be expected that foreignmonetary authorities will endeavor to acquireand retain as much as possible of the gold

output in order to reconstitute further theirdepleted monetary reserves.

EFFECTS OF IMPORT RESTRICTIONS

As the year progressed, tightening of re-strictions on dollar imports became an in-creasingly important factor in arresting thedrain on foreign gold and dollar holdings.

The reversal of the gold and dollar move-ments in the last quarter of the year was dueto the application of import restrictions bysterling area countries as well as to the de-valuation of the pound. The United King-dom announced in July a direct cut of Britishpurchases in the dollar area of about 25 percent as an emergency measure to stem thedrain on monetary reserves. Shortly there-after the Commonwealth Finance Ministersagreed to recommend to their governments"action comparable in its result" to that takenby the United Kingdom. These measuresbegan to be effective almost immediatelyand were strengthened in the latter part ofthe year by devaluation. United States ex-ports to the United Kingdom and sterlingarea countries (excluding the Union ofSouth Africa) amounted to 354 million dol-lars in the third quarter and to 329 millionin the final quarter, as compared with a totalof 912 million in the first half of the year.

The Union of South Africa had put intoeffect an even stricter curtailment of dollarimports in the latter part of 1948, and im-posed additional restrictions during 1949 inorder to arrest a critical depletion of its goldreserves. Despite its high current gold out-put, large sales to the United States to financea record deficit in dollar trade and a gold loanto the United Kingdom reduced the gold re-serves of South Africa by 580 million dollarsin 1948. During the first three quarters of



1949 the decline in gold reserves was muchless—an annual rate of about 80 million dol-lars—although during this period SouthAfrica accepted repayment of the gold loanin sterling as a means of financing its largetrade deficit with the United Kingdom.After devaluing its currency in September,South Africa achieved a small gain inreserves, at an annual rate of about 30 milliondollars, thus reversing the trend which hadprevailed since 1947.

The imposition of more stringent importand exchange controls was generally respon-sible for the increase in Latin American goldand dollar holdings, although other factorscontributed in some cases. A large volumeof coffee exports, together with higher coffeeprices, and application of more stringentimport and exchange restrictions producednotable increases in the gold and dollar hold-ings of Brazil and Colombia. Moreover,Colombia paid off practically all its backlogof commercial indebtedness to Americanexporters, and Brazil is expected in 1950 touse a substantial part of the increase in itsdollar balances for the same purpose. Ar-gentina reduced its trade deficit with theUnited States through tight controls andcurrency devaluation, and announced its in-tention of allocating 30 per cent of its currentdollar receipts for the reduction of its back-log of commercial debt to the United States.

The heavy loss of dollar balances by thePhilippines is attributable chiefly to an infla-tionary fiscal policy and failure to control theresultant demand for imported goods, whichcontinued in 1949 at high postwar levels.The Philippine Government in Octoberplaced limits on import financing and in De-cember tightened import regulations and im-posed exchange controls in an endeavor toarrest the drain on reserves.

Only two important countries, Canada andBelgium, were in a position in 1949 to relaxrestrictions on imports from the UnitedStates. This relaxation was made possible bythe recovery in their reserves, which accom-panied the attainment of over-all favorablebalance-of-payments positions.

T H E IMPORTANCE OF ADEQUATE MONETARY

RESERVES

The holdings of gold and dollars (or otherconvertible currencies) constitute the reserveswhich foreign countries need in order tofinance the current flow of internationaltrade and to assure monetary stability andconfidence in their currencies.

Although the postwar liquidation of thesereserves came to a halt in mid-1948 and aslight increase occurred during 1949, theover-all level remains close to the postwarlow. The present foreign gold and dollarholdings are only slightly higher—in dollarterms—than prewar holdings, while thewholesale price level in the United Stateshas doubled and the dollar value of worldtrade has risen between two and three times,with exports from the United States increas-ing about four times. It may be noted thatthe widespread application of trade and ex-change controls and the recourse to clearingand other bilateral arrangements during thethirties arose from the necessity, on the partof foreign countries, of eliminating balance-of-payments deficits in order to protect theirmonetary reserves. The maintenance andtightening of these restrictive measuresin the second half of the decade, despite therecovery from depression, suggest that for-eign countries continued to regard theirmonetary reserves as inadequate to meet therequirements of an expanding multilateral

MARCH 1950 277


world trade. Thus, inadequate reserves areprimarily the result of basic maladjustmentsin international trade, but their persistenceover a period of time and their widespreaddevelopment over a number of countriesbecome the cause in turn of further dis-equilibria and difficulties.

Adequate monetary reserves may be re-garded as one of the prerequisites of anywidespread movement by foreign countriestoward a system of multilateral trade andcurrency convertibility. Progress in this di-rection will continue to be limited, unlesscountries can build their gold and foreignbalances up to levels adequate for meeting thevarying financing requirements of their for-eign trade, and unless the position of theircurrencies can be reinforced by monetary re-serves adequate to instill public confidence.Even if basic trade maladjustments wereeliminated and an over-all balance in inter-national payments were achieved, a mone-tary authority could not recommend the lift-ing of restrictions on imports and the restora-tion of convertibility, unless it were protectedby a reserve position or other exchange facili-ties sufficiently strong to withstand the in-evitable fluctuations of world trade.

The level of monetary reserves has a directbearing also on the financial and economicpolicies which a country may pursue for thepurpose of achieving or maintaining stableconditions internally. A strong reserve wouldpermit a country to adopt policies appropri-ate for stimulating economic activity in timesof depression, or to undertake investmentprograms designed to attain a fuller utiliza-tion or development of employable resources.A weak reserve, on the other hand, wouldbe a serious obstacle to policies fostering eco-nomic stability since these would tend to ex-pand imports and thus involve a potentialdrain on the exchange resources of the nation.

The existence of the International Mone-tary Fund provides additional resourceswhich may be made available to its membersto meet normal or temporary fluctuations intheir balance of payments. Because of itsspecific responsibilities and limited resources,however, the Fund cannot be expected to as-sure complete protection to its membersagainst balance-of-payments pressures irre-spective of their origins or magnitudes. Insummary, a country with a weak monetaryreserve could ill afford the risk of a substan-tial loss in exchange resources, which mightimmediately follow policies of external lib-eralization or internal expansion, even if suchloss could be recouped after completion ofthe adjustment to the new situation.

When a country finds that its reserve ofgold and convertible currencies is falling tolevels which it regards as inadequate, itsmonetary authority is confronted with theproblem either of changing the relation be-tween its domestic and the international pricelevels through currency devaluation, or ofintroducing restrictions on foreign trade andpayments in order to assure the flow of im-ports vital to its economy, or of adopting in-ternal deflationary policies in order to adjustthe level of its economic activity to a lowerlevel of imports. Frequently, however, suchpolicies force fundamental changes in theeconomy of the country in order to meet apassing situation. They may also affect othereconomies adversely and lead to a lower levelof world trade. In extreme cases, they mayhave serious political and social impacts.

These considerations suggest that achieve-ment of economic stability, at high levels ofproduction and trade, requires that foreigncountries continue their efforts to rebuildmonetary reserves to levels which would per-mit their participation in a system of multi-lateral trade and currency convertibility.


PROPOSED LEGISLATION REGARDING BANK HOLDING COMPANIES

STATEMENT OF THOMAS B. McCABE, CHAIRMAN, BOARD OF GOVERNORS OF THE FEDERALRESERVE SYSTEM, BEFORE SENATE BANKING AND CURRENCY COMMITTEE, MARCH 1, 1950

Mr. Chairman and Members of the Committee:I believe I could never forget the bank holding

company legislation, because when your Committeein the spring of 1948 was considering my nomi-nation as a member of the Federal Reserve Board,one of your chief concerns was with the holdingcompany bill then pending in Congress. Some ofyou will recall that after being questioned at somelength I was told to go back and take a sort of a post-graduate course on bank holding company mattersand to report back to the Committee after my home-work was completed. At that time bank holdingcompany legislation had been carefully consideredby this Committee and had been favorably reported;and, in this connection, I would like to request thatthe report of this Committee with respect to S. 829,the bank holding company bill in the last Con-gress, be inserted in the record. Your careful studyof that bill, together with the fact that the presentbill (S. 2318) is in large part similar to it, wouldalmost seem to render unnecessary any compre-hensive statement on the subject at this time. How-ever, in view of the many other matters whichcontinuously press upon the members of this Com-mittee for attention and the fact that there has beensome change in the Committee membership, I amgoing to assume that you may not have clearly inmind some of the points regarding this legislation,and I will proceed to state as briefly as I can themore recent developments in connection with theproposed legislation and the reasons why the Boardfeels that its enactment is necessary and important.

Since S. 829 was under consideration by the 80thCongress, the legislation has undergone furthercareful consideration by the Board, and over aperiod of a year and a half we have had numerousinformal conferences with representatives of a num-ber of groups who are interested. These includethe American Bankers Association, the Reserve CityBankers Association, the National Association ofSupervisors of State Banks, the Independent Bank-ers Associations, and various bank holding com-panies. These meetings, in most instances, wereattended by the Comptroller of the Currency and

the Chairman of the Federal Deposit Insurance Cor-poration or their representatives. As a result ofthese discussions, various changes have been madein the bill so as to take into account and give effectto the best and most constructive suggestions re-ceived as well as we have been able to appraisethem. I have never known a bill which had morecareful and extended study and consideration by allparties who might be interested or affected thanhas this bill.

You will recall that the principal purposes of thislegislation are (a) to overcome the inadequacies ofthe present law relating to holding company affili-ates, (b) to regulate the expansion of bank holdingcompanies, (c) to require bank holding companiesto give up their investments in nonbanking com-panies, and (d) to require bank holding companiesto register, make reports, and submit to exami-nation. In other words, the basic objectives of S.2318 are the same as those of S. 829 which yourCommittee reported favorably in the last Congress.Although the Senate Calendar was such that it wasnot possible to act on the bill at that time, you willrecall that S. 829 had the support of the Federal Ad-visory Council of the Federal Reserve System (astatutory body that is composed of a banker rep-resentative from each of the twelve Federal Re-serve Districts and that acts in an advisory capacityto our Board) and of numerous banking organiza-tions, as well as the majority of the major bankholding companies. In its report on the holdingcompany legislation pending in the last Congress,the Federal Advisory Council pointed out that suchlegislation was urgently necessary, and I would liketo submit for the record at this point a letter re-ceived in the last few days from the Council, whichindicates its general approval of the pending bill.

The need for the enactment by Congress of ap-propriate and effective bank holding company legis-lation has been recognized by the American Bank-ers Association and has been reiterated by the In-dependent Bankers Associations. Moreover, I amadvised by the Director of the Bureau of the Budgetthat the President favors legislation designed to

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provide for more effective control of bank holdingcompanies, although he has not approved any par-ticular draft of a bill.

I should like to emphasize that this bill is not all-embracing. It does not provide a death sentencefor bank holding companies; it does not providefor freezing all companies in their present situa-tions; it does not forbid a bank holding companyto establish offices across State lines; it does notbring an individual under the restrictions applicableto bank holding companies; and it does not re-quire holding companies to accumulate any greaterreserves than does the present law. On the otherhand, the bill does require bank holding companiesto rid themselves, with reasonable exceptions, ofthe ownership of companies not engaged in thebanking business; it provides for the regulation ofexpansion by bank holding companies; and it pro-vides a means of more effective supervision of bankholding companies. The bill is in no sense revo-lutionary; it. is evolutionary.

As I have indicated, S. 2318 is very similar to thebill S. 829 in the 80th Congress, but at this pointI think I should mention some of the principaldifferences between the two:

S. 829 included a preamble which contained thestatement that it was the declared policy of Con-gress "generally to maintain competition amongbanks and to minimize the danger inherent in con-centration of economic power through centralizedcontrol of banks." After listening to the variousviewpoints expressed as to the desirability of thisdeclaration of policy, it was the Board's feeling thatit might properly be omitted from the bill, and it isnot included in S. 2318. Some of the groups withwhom we discussed the matter, notably the Inde-pendent Bankers groups, felt, and I believe still feel,that it would be desirable to retain a provision ofthis kind. Others, however, felt that it was par-ticularly objectionable and should be omitted.

A related change is that with respect to the pro-visions of the bill which prescribe certain standardsto guide the supervisory agencies in passing uponacquisitions by holding companies or banks ofbanks or branches. Included among these stand-ards in S. 829 was consideration of "the nationalpolicy against restraint of trade and undue concen-tration of economic power and in favor of the main-tenance of competition in the field of banking."In S. 2318 the language has been changed to pro-vide for consideration of "whether or not the effect

of such acquisition may be to expand the size andextent of a bank holding company system beyondlimits consistent with adequate and sound bankingand the public interest." (Sec. 5(d).) I will com-ment further on this change a little later.

Another important provision in connection withthe consideration of the acquisition of banks orbranches is that which requires that the appropri-ate Federal supervisory agency notify the banksupervisor in the State in which the acquiring bankis located of the proposed transaction so that hemay submit his views and recommendations on thesubject. These must be taken into considerationby the Federal agency in acting upon the proposal.(Sec. 5(e).)

The term "bank holding company" in the newbill includes any company which controls a bankoperating four or more branches, rather than a bankoperating merely one or more branches as providedin S. 829. We feel that the definition as appliedto a bank with one branch is too inclusive. (Sec.2(a).)

In connection with the authorization to examinebank holding companies and their subsidiaries, S.2318 contains a provision, not in the previous bill,authorizing use of the reports of examination madeby other supervisory authorities to the extent thatthe information contained therein is adequate forthe purposes of the law. (Sec. 3(c).)

S. 2318 also adds a new provision permitting abank holding company to own up to 5 per centof a nonbanking company or to own an investmentcompany which in turn owns not in excess of 5per cent of any nonbanking company. We feelthat this provides a reasonable exception to the re-quirement for the divorcement of nonbankingassets without in any way breaking down the prin-ciple which is involved. (Sec. 4(e).)

S. 2318 contains a new section specifically pro-viding that the enactment of the bill "shall not beconstrued as preventing any State, to an extent notinconsistent with this Act, from exercising the samepower and jurisdiction which it now has with re-spect to banks, bank holding companies, and sub-sidiaries thereof." This is intended to eliminateany implication that Congress in enacting this legis-lation is depriving the States of any power whichthey have in this field, except where such powerwould be inconsistent with this bill. (Sec. 13.)

There are other differences between S. 2318 andthe earlier bill, S. 829, but I believe I have described



the more important of the changes. Now, be-fore discussing in more detail the proposed legis-lation and the inadequacies of the existing law, aword concerning the nature of bank holding com-panies might be helpful.

The bank holding company problem is, as youknow, not a new one to the Congress. Bank hold-ing companies had a rapid growth during the 1920's,most of the major companies being organized inthat period. After extensive hearings which beganin 1930, Congress recognized the need for andundertook to provide for the regulation of bankholding companies. This legislation was a part ofthe Banking Act of 1933. However, the inade-quacy of the law soon became apparent, and therewere recommendations and proposals for new leg-islation. For example, in a message to Congressin 1938, President Roosevelt recommended theenactment of legislation to prohibit further ex-pansion of bank holding companies and to requiretheir elimination as soon as practicable. In itsannual report for 1943, the Board pointed out insome detail the deficiencies in the existing law andmade certain broad recommendations with respectto new legislation. Since then, various bills havebeen introduced in Congress; and the Board, as wellas others, has continued to urge enactment of effec-tive legislation on this subject.

May I say at this point that we do not regardbank holding companies as being necessarily un-desirable; in some instances, they have been help-ful in providing better management for banks, inassisting them financially, and in encouraging im-proved banking service. Nevertheless, dangerousabuses are possible in the absence of effective regu-lation. One of these is the unlimited expansion ofcontrol over banks. Of like importance is the com-bining under the same management of large seg-ments of our banking structure with miscellaneousnonbanking businesses. Basically, our view is thatbank holding companies should be regulated inmuch the same manner as banks themselves areregulated.

A bank holding company is most likely to bea State-chartered corporation organized to own amajority of the stock of a group of banks and tomanage or supervise these banks, However, thereis a great variety of factual situations in which, byone method or another, organized groups of per-sons control banks. A holding company is not nec-essarily a corporation; it may be a business trust,

partnership, or some other organized group. Inaddition to controlling banks, a holding companymay be engaged in other businesses, or in theownership and control of other businesses, unre-lated to banking. Holding companies may them-selves be banks, including national banks as wellas State institutions.

In some instances, there are two or more holdingcompanies controlling the same banks, directlyor indirectly. The simplest example of this iswhere one company owns the controlling stock ofanother company which, in turn, owns control ofa group of banks; but there also are other methodswhich have been used to establish indirect control.In this connection, it should be mentioned that,without owning any of the stock of the banks, acompany may indirectly, or even directly, control agroup of banks, as in the case of trust arrange-ments, as well as in other situations.

Ordinarily, of course, control is based upon'stockownership, but this does not necessarily meanmajority ownership; holding companies can and doexercise a controlling influence over banks throughthe ownership of lesser amounts of stock.

The banks controlled by a bank holding com-pany may include national banks, State memberbanks and State nonmember banks, whether or notinsured; and the major holding company groupsusually include more than one class of banks.

Bank holding companies range in size from smallorganizations to large, nationally known organiza-tions controlling a large number of banks in numer-ous States. Such companies are to be found inalmost every section of the country. The proposedlegislation, therefore, deals with a problem nation-wide in scope.

INADEQUACY OF PRESENT LAW

A discussion of the major provisions of the pro-posed legislation will be assisted by some explana-tion of the present, inadequate law concerningbank holding companies.

As a part of the Banking Act of 1933, Section5144 of the Revised Statutes was amended by add-ing several new paragraphs applying exclusivelyto bank holding companies (called "holding com-pany affiliates") and placing limitations and re-strictions upon the right of such companies to votethe stock which they owned in member banks ofthe Federal Reserve System. This section provides

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that a holding company, before it may vote itsstock of a member bank, must first obtain a per-mit to do so from the Board. The Board is au-thorized in its discretion to grant or deny sucha permit. As a condition to the granting of thepermit, the holding company, on behalf of itselfand its controlled banks, is required to agree tosubmit to examinations, to establish a reserve fund,and to dispose of all interests in securities com-panies.

Present law is optional. The amendments to Sec-tion 5144 provided a means for bringing somebank holding companies under regulation, butleft others, even though meeting the same defini-tions, free from regulation. This is because the lawis based solely upon the voting permit. A holdingcompany becomes subject to the law only if a votingpermit is issued. But there is no mandatory re-quirement in the law that a holding companyobtain such a permit. Undoubtedly it was believedthat all would do so. Not all have done so, how-ever. This is because in many instances holdingcompanies, as a practical matter, can control theoperations of banks whether or not they vote theirshares in such banks.

Whenever the Board receives an application fora voting permit, it makes a thorough examinationof the holding company and its affiliated nonbank-ing organizations and reviews reports of exami-nations of the affiliated banks to determine whatcorrections, if any, are necessary to meet basicstandards. If such corrections appear necessary,they are made a condition to the granting of thevoting permit. In one important case, however,when advised of the need for such corrections, theapplying company simply abandoned its applicationfor a voting permit. It was able to control its bankswithout voting the shares which it owned in thesebanks, and thus was able to avoid regulation.

Clearly the law should apply to all bank holdingcompanies alike. This cannot be accomplished bya law which permits a holding company to electnot to subject itself to regulation. The law mustbe mandatory to be effective. The present bill pro-vides that all bank holding companies meeting theprescribed definition shall register and shall be sub-ject automatically to all of the regulatory pro-visions of the statute.

Present definition of holding company is inadequate.Not only does the present law fail to reach thosecompanies which elect not to apply for a voting

permit, but it also fails to reach others because ofinadequacies in the definition of a "holding com-pany affiliate." The definition in the existing lawembraces only those holding companies which con-trol member banks. This excludes from any regu-lation those companies which operate in all respectsas bank holding companies, but which controlonly nonmember banks, even though the latterinclude insured banks.

Another and more important defect is in thatportion of the definition in the existing law whichdefines a bank holding company as any company"which owns or controls, directly or indirectly,either a majority of the shares of capital stock ofa member bank or more than 50 per centum of thenumber of shares voted for the election of direc-tors of any one bank at the preceding election,

The purpose underlying this part of the statute isto reach those companies which control the man-agement and policies of banks, and with this basicpremise we are in agreement. However, as pre-viously pointed out and as Congress and the courtshave long recognized, effective control of one com-pany by another does not depend upon the owner-ship or control of a majority of the voting shares.Thus, the present law in this respect does not covercases where control is exercised through the owner-ship of a smaller proportion of the total shares out-standing, or where control is maintained withoutthe ownership of any shares.

Similarly, the number of shares owned or con-trolled, as compared with the number of sharesvoted for the election of directors at the precedingelection, is an unsatisfactory basis for determiningwhether a holding company relationship exists.Such a restricted test puts it within the power ofthe holding company to establish an absence ofcontrol when, in fact, it is at the same time exer-cising most effective control. The case in whichregulation is most necessary may very well be thecase in which the attempt is made to take advantageof a deficient definition to escape regulation.

The definition of a bank holding company inSection 2(a) of the bill conforms more nearly tothe practical realities of intercorporate relationships.The first part of the definition extends automaticcoverage to all companies which own 15 per centor more of the voting shares of two or more banks,or of one bank operating four or more branches, orof one or more other banks in the case of a com-



pany which is a bank. However, provision is madefor the exemption of such institutions which wouldbe covered under the definition automatically, ifthey can demonstrate that they do not exercise a con-trolling influence over the management or policiesof their subsidiary banks. Subsequent provisionsof the definition permit the Board to declare aninstitution to be a bank holding company eventhough it does not own the 15 per cent of bankstock requisite to automatic coverage under thedefinition, provided the Board finds, after hearing,that it does in fact control the specified number ofbanks. This definition we believe is practical, just,and essential in view of the prevailing situations.All institutions similarly situated are affected alike.Each has a ready procedure for escaping regula-tion by demonstrating that it does not in fact exertthe kind of influence upon banks which requiresthat it be subject to regulation.

Some question has been raised as to that part ofthe definition of "bank holding company" in thebill which authorizes the Board, after notice andopportunity for hearing, to determine that an insti-tution is a bank holding company even though itdoes not own 15 per cent of the stock of a bank.I may say that we have studied this point verycarefully and have tried to develop a formula whichwould constitute a satisfactory definition of theterm without giving the Board any discretionaryauthority. We have approached this problem sym-pathetically but we have been unable to find a defi-nition based solely upon an arithmetical formulawhich would do the job adequately. We have alsoasked those who had some question about this intheir minds to suggest a satisfactory substitute forthe present definition but no one has brought for-ward a suggestion which seemed to us to meet thesituation. The discretionary authority for the de-termination of a bank holding company is patternedafter similar authority which is contained in thePublic Utility Holding Company Act and whichhas been in operation over a period of some 15years. The rights of all parties will be adequatelyprotected under the provisions of the bill, since theBoard can determine that a company is a bankholding company only after notice and hearingand any action taken by the Board is subject underthe bill to judicial review.

NONBANKING ACTIVITIES OF BANK HOLDING

COMPANIES

One of the most salutary requirements of thebill is contained in Section 4 and is designed tolimit the nonbanking activities of bank holdingcompanies. To that end, a holding company wouldbe required to divest itself of any securities exceptthose in companies which are incidental to itsbanking operations, those which are eligible forinvestment by national banks, or those which repre-sent investments of a relatively unsubstantial nature.Such divestment must be accomplished within aperiod of two years, or within a maximum periodof five years if additional time should be deemednecessary to avoid undue hardship.

The reasons underlying this requirement aresimple. Accepted rules of law confine the businessof banks to banking and prohibit them from en-gaging in extraneous business, such as owning andoperating industrial and manufacturing concerns.The lender and borrower or potential borrowershould not be dominated or controlled by the samemanagement. As indicated earlier, however, theholding company device has been used to gatherunder one management enterprises wholly unre-lated to the conduct of a banking business.

In keeping with sound banking principles, itis necessary that a bank holding company shouldbe required by law to divest itself of any substan-tial interests in nonbanking ventures. The excep-tion in the bill which permits a holding companyto own not over 5 per cent of the voting securitiesof another company directly or through the instru-mentality of an investment company, is not incom-patible, we believe, with these principles. If, how-ever, this exception should be used to evade thepurposes of the law, the bill provides that the hold-ing company may be required to dispose of anysuch securities.

Where, pursuant to the requirements of Section4, a holding company distributes its nonbankingassets, such a transaction is given appropriate taxexemption under a provision of the bill preparedwith the assistance of the Treasury tax experts.(Sec. 12(f).)

BANK HOLDING COMPANY EXPANSION

The problem of how far bank holding companysystems should be permitted to expand has long

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been of serious concern. It is in this area that oneof the greatest potential evils of bank holding com-pany operations exist.

Under existing law, a chartered bank may beprevented by the regulatory agency to which it issubject from expanding its banking offices eitherby the establishment of new branches or by takingover and operating the offices of other banks asbranches. In order to establish branches, nationalbanks must first obtain permission from the Comp-troller of the Currency, State member banks fromthe Board, and nonmember insured banks fromthe Federal Deposit Insurance Corporation. Buta bank holding company is not limited by any suchrequirements. Through the acquisition by theholding company of the stock of an existing bankwhich thereafter may be operated, for all practicalpurposes, as a branch of the holding company sys-tem, the denial of a branch application of a con-trolled bank may become almost meaningless. Theholding company device lends itself readily to theamassing of vast resources obtained largely fromthe public, which can be controlled and used by therelatively few who comprise the management ofthe holding company, giving them a decided ad-vantage in acquiring additional properties and incarrying out a program of expansion. Such powercan be used to acquire independent banks by meas-ures which leave the local management and mi-nority stockholders little with which to defendthemselves except their own protests.

Under Section 5 of the bill, this situation wouldbe remedied by preventing bank acquisitions with-out first obtaining the approval of some agency ofthe Federal Government. Under this section, anyacquisition of the stock or assets of banks by abank holding company would have to be approvedby the Board. If one of the banks in a holdingcompany group wished to acquire the assets ofa bank, the acquiring bank, if a national bank,would have to secure the approval of the Comp-troller; if a State member bank, it would have toobtain the approval of the Board; if a nonmemberbank, it would have to obtain the approval of theFederal Deposit Insurance Corporation.

Section 5(d) of the bill enumerates the standardswhich would guide the banking agencies in decid-ing whether to approve any such expansion. First,they would have to consider the financial historyand condition of the applicant and the banks con-cerned; their prospects; character of their manage-

ment; and the needs of the communities involved.As this Committee pointed out in favorably report-ing upon this legislation in 1947, these are in gen-eral the considerations now specified in the law asthe basis for administrative action in connectionwith the admission of State banks to membershipin the Federal Reserve System and the granting ofdeposit insurance coverage. However, under thebill the agency concerned would also have to con-sider whether the proposed expansion of a bankholding company or of any banking subsidiary ina bank holding company group would extend theoperation of the holding company group beyondlimits consistent with adequate and sound bankingand the public interest. In this connection, I shouldpoint out that this represents a difference in lan-guage from that contained in the bill previouslyacted upon by this Committee. The earlier billcontained language which was objected to by anumber of groups, including nonbanking groupswith whom I have met, on the ground that thelanguage was so broad as to present serious difficul-ties in interpretation. The language which hasbeen inserted in the present bill I believe meetsthese objections without in any way narrowing theconsiderations which the supervisory agency maytake into account in passing upon questions of hold-ing company expansion. Chief among these con-siderations, as this Committee pointed out in 1947,is the anti-monopoly principle enunciated in theSherman and Clayton Acts.

In the discussions which we have had on this billwith the interested groups, the suggestion wasmade, particularly by the State bank supervisors,that it would be well for the Comptroller, the Fed-eral Deposit Insurance Corporation, or the Board,in considering any proposal for the acquisition ofbanks or the establishment of branches under thisbill, to consult with the appropriate State banksupervisory authority and get his consent beforeapproving the transaction. We discussed this atgreat length with various groups and among our-selves and with others and we did not feel thatit would be practicable to go so far as to give tothe State supervisor what in effect would be a vetoin the matter. We have included in the bill a pro-vision which requires that in any such case thebank supervisor in a State must be notified andgiven 30 days in which to submit his views andrecommendations. (Sec. 5(e).) As a practicalmatter, in emergency cases the State supervisor



would, of course, be expected to submit his viewsvery promptly. These must be taken into accountby the Federal agency in acting upon the matterand they become a part of the record in the case.The views of the State authorities will thus be fullyconsidered in each instance and a decision will bereached only in the light of their recommendations.

S. 2318, like S. 829 in the last Congress, providesthat the Federal Reserve Board shall be the admin-istering agency, because the Board is named as theadministering agency in the existing law enactedin 1933 relating to holding company affiliates. How-ever, we are more concerned in this bill with theprinciples which would be established by it thanwe are with the question of what agency admin-isters it. It is our view that, regardless of whatagency is selected for the purpose, only one agencyshould be charged with the responsibility for ad-ministering it. We are unalterably opposed to theadministration of this Act by a board made up ofvarious supervisory agencies for the obvious rea-sons of efficiency and economy as well as time sav-ing on the part of the executives of the differentagencies. Only by naming one agency can therebe effective administration of the legislation andresponsibility clearly fixed for the carrying out ofthe Congressional purpose.

Section 3(c) of the bill authorizes the Board tomake such examinations of a holding company andof its subsidiaries, including bank subsidiaries, asshall be necessary to disclose fully the relationsbetween the holding company and its subsidiaries,but it also provides that the Board may use reportsof examination made by the Comptroller of theCurrency, the Federal Deposit Insurance Corpora-tion, or the appropriate State bank supervisoryauthority to the extent that the information con-tained therein is adequate. As a matter of prac-tice, of course, so far as banks are concerned, wewould expect to rely almost wholly upon reportsof examinations made by these agencies, instead ofmaking the examinations ourselves. Accordingly,if the Committee should consider it advisable, theBoard would have no objection to putting a pro-vision in the bill which would require that theBoard obtain the consent of the Federal DepositInsurance Corporation before it makes an examina-tion of any nonmember insured bank that is asubsidiary of a bank holding company, and the con-sent of the appropriate State supervisory authorityfor an examination of a subsidiary nonmember

uninsured bank. As to national banks, the exam-ination practice and the relationship between theComptroller of the Currency and the Board in thatregard have been long established under existingprovisions of the law; this has worked very satis-factorily and the present provisions of the billwould not change the effect of existing law.

OTHER ASPECTS OF PROPOSED LEGISLATION

Under the present law, the only provision whichimplies a degree of administrative supervision ofbank holding companies relates to such examina-tions "as shall be necessary to disclose fully therelations between" the holding company and itscontrolled banks, and the further provision that,for violation of the statute or of its agreement withthe Board prerequisite to its obtaining a votingpermit, such permit of a holding company may berevoked. In that event, certain penalties affectingthe banks in the holding company system may beapplied. When considered in the light of the vol-untary aspects of the existing law, such provisionfalls far short of providing effective regulation.In the first place, the Board's right to examine aholding company is not coupled with the specificpower to require corrections. Secondly, the penal-ties for violation of the statute or of a holding com-pany's agreement with the Board are directed prin-cipally at the controlled banks, rather than at thebank holding company.

The provisions of the present bill, as previouslyindicated, would require registration of all bankholding companies (Sec. 3(a)). A bank holdingcompany would be required to file periodic reports.(Sec. 3(b).) It, as each of its subsidiaries, wouldbe subject to examination. (Sec. 3(c).) The moreimportant requirements of the present statute re-garding reserve funds of bank holding companiesare included as a part of the bill (Sec. 8). Invest-ments by a subsidiary bank in the capital stock ofits bank holding company would be forbidden andloans by such a bank to its holding company or itsother subsidiaries would be regulated (Sec. 6(a)and 6(c)). The terms of any management or serv-ice contracts between a holding company and itsbank would be open to surveillance (Sec. 7). Fi-nally, the Board would be authorized to make suchrules, regulations, and orders as might be neces-sary to enable it to administer and carry out thepurposes of the Act. (Sec. 9.)

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With respect to its effective administration, thebill provides certain sanctions believed to be neces-sary to assure compliance with its provisions. Thus,if it is found, after notice and hearing, that a bankholding company has willfully violated the Act orany rules, regulations, or orders issued thereunder,the holding company may be forbidden to pay thesalary of its officials who participated in the viola-tion, to receive dividends or management or servicefees from its subsidiary banks, or to participate inany way in the management or control of any sub-sidiary bank (Sec. 11 (a)). In addition, the billprovides for the criminal prosecution of willfulviolators (Sec. l l (b)) .

The bill extends a statutory right of judicial re-view to anyone aggrieved by any action of theBoard taken under any of the various regulatoryprovisions of the bill (Sec. 10(d)). This provisionis similar to that contained in comparable legisla-tion in other fields.

At this time I would like to suggest for the con-sideration of the Committee two proposed amend-ments to the bill which we believe are desirablechanges. These amendments, which are of a tech-nical nature and consistent with the general pur-poses of the bill, reflect the results of further con-sultation with interested parties.

Under the first proposed amendment, a bankwould not be a "bank holding company" merelybecause it may have a subsidiary trust companylocated in the same city or town. In such a situa-tion, the subsidiary stands in much the same posi-tion as a bank's own trust department.

The second proposed amendment would excludefrom the definition of "bank," those organizationswhich are engaged principally in international orforeign banking and in whose shares national banksmay invest with the Board's permission. This pro-posal is merely a clarification of the provision al-ready in the bill excluding banks which do not dobusiness within the United States.

I ask that these two proposed amendments whichI now submit be included in the record.#

Before concluding this statement, I would per-sonally like to express my deep appreciation to thevarious banking groups and individuals who havegiven so much of their time and attention to theconsideration of the various points in connectionwith this proposed legislation and have united withus in trying to bring forth a sound and effective billwhich would meet the views of as many varyinginterests as possible. They have all been most help-ful in the discussions of the matter and in sub-mitting constructive suggestions. We are also mostappreciative of the helpful consideration which wehave had from the Attorney General's office, theBureau of the Budget, and other Government agen-cies. We have felt free to call upon any and allof these groups and agencies at any time for theirpoints of view. Their assistance has been mostgenerously given and our discussions have beencarried on in a most cordial atmosphere.

As I said at the commencement of this statement,the bank holding company problem first came for-cibly to my attention when I was before this Com-mittee nearly two years ago. In view of the intenseinterest of this Committee in the subject, I havemade an extensive and what I consider a completelyobjective and fresh approach to the problem with-out personal prejudice in the subject, and havereached the conclusion on my own that legislationon this subject is highly desirable from the stand-point of the public interest. It is also desirable inmy judgment in order to give the bank holdingcompanies a sort of yardstick by which they canoperate, so that they will know what they are law-fully permitted to do and what they may not do.The necessity for appropriate legislation in the fieldis generally recognized and on behalf of the Board,therefore, I respectfully urge upon your Commit-tee the desirability of prompt and favorable action.

S. 2318, A BILL TO PROVIDE FOR CONTROL AND REGULATIONCOMPANIES, AND FOR OTHER PURPOSES

OF BANK HOLDING

Be it enacted by the Senate and House of Repre-sentatives of the United States of America in Con-gress assembled, That this Act may be cited as the"Bank Holding Company Act of 1949."

SEC. 2. DEFINITIONS.—(a) "Bank holding com-pany" means (1) any company which directly orindirectly owns, controls, or holds with power tovote 15 per centum or more of the voting shares

of each of two or more banks or of a companywhich is a bank holding company by virtue of thissection, or any company which is a bank and whichdirectly or indirectly owns, controls, or holds withpower to vote 15 per centum or more of the voting

*For full text of proposed amendments, see p. 294 of theBULLETIN.



shares of one or more other banks, or any companywhich directly or indirectly owns, controls, or holdswith power to vote 15 per centum or more of thevoting shares of one bank provided such bankoperates four or more branches, unless the Board ashereinafter provided by order declares such com-pany not to be a bank holding company; (2) anycompany which the Board determines, after noticeand opportunity for hearing, directly or indirectly,exercises (either alone or pursuant to an arrange-ment or understanding with one or more otherpersons) such a controlling influence over the man-agement or policies of two or more banks or ofonly one bank if such bank operates four or morebranches as to make it necessary or appropriate inthe public interest or for the protection of investorsor depositors that such company be subject to theobligations, duties, and liabilities imposed in thisAct upon bank holding companies; and (3) anycompany which is a bank and which the Boarddetermines after notice and opportunity for hear-ing, directly or indirectly, exercises (either alone orpursuant to an arrangement or understanding withone or more other persons) such a controlling in-fluence over the management or policies of one ormore other banks as to make it necessary or appro-priate in the public interest or for the protection ofinvestors or depositors that such company be sub-ject to the obligations, duties, and liabilities imposedin this Act upon bank holding companies.

The Board, upon application, shall by order de-clare that a company is not a bank holding com-pany under clause (1) above if the Board finds thatthe applicant does not, either alone or pursuant toan arrangement or understanding with one or moreother persons, exercise such a controlling influenceover the management or policies of the statednumber of banks as to make it necessary or appro-priate in the public interest or for the protection ofinvestors or depositors that such company be subjectto the obligations, duties, and liabilities imposed inthis Act upon bank holding companies.

(b) "Bank" means any national bank, or anyState bank, banking association, savings bank, ortrust company, but shall not include any organiza-tion which does not receive deposits nor conducts atrust business within the United States. "State mem-ber bank" means any State bank which is a mem-ber of the Federal Reserve System. "District bank"means any State bank organized or operating underthe Code of Law for the District of Columbia.

(c) "Company" means any bank, corporation,partnership, joint-stock company, business trust,voting trust, association, or any similar organizedgroup of persons, whether incorporated or not, orany receiver, trustee, or other liquidating agent ofany of the foregoing in his capacity as such; exclud-

MARCH 1950

ing, however, any such company which is ownedby the United States.

(d) "Board" means the Board of Governors ofthe Federal Reserve System.

(e) "Subsidiary," with respect to a specified bankholding company, means (1) any company 15 percentum or more of whose outstanding voting shares(excluding shares owned by the United States orby any company wholly owned by the UnitedStates) is owned or controlled by such bank holdingcompany, unless the Board as hereinafter providedby order declares such company not to be a sub-sidiary of such bank holding company; or (2) anycompany the management and policies of which theBoard determines, after notice and opportunity forhearing, are subject to a controlling influence bythe specified bank holding company.

The Board, upon application, shall by order de-clare that a company is not a subsidiary companyof a specified bank holding company under clause(1) above if the Board finds that the managementor policies of the applicant are not subject to acontrolling influence, directly or indirectly, by suchbank holding company (either alone or pursuant toan arrangement or understanding with one or moreother persons).

(f) For the purposes of this section there shallbe excluded from consideration all voting sharesof banks acquired or held by mutual savings banks;also, there shall be excluded from consideration allvoting shares of banks or other companies acquiredor held by a bank in a fiduciary capacity; exceptwhere such voting shares are acquired or held forthe benefit of all or a majority of the persons bene-ficially interested in such bank or except where theBoard, after notice and opportunity for hearingfinds that such acquisition or holding is resulting inthe violation or evasion of any of the purposes orprovisions of this Act.

SEC. 3. REGISTRATION, REPORTS, AND EXAMINA-TIONS.—(a) Within ninety days after the effectivedate of this Act, or within ninety days after be-coming a bank holding company, whichever is later,every bank holding company shall register with theBoard on forms prescribed by the Board, whichshall include, with such other information as theBoard may require, statements showing (1) itsfinancial condition at the end of its fiscal year lastpreceding the date of registration, including thereinthe amount of its accumulated net income at suchtime; (2) name and address of each of the bankholding company's subsidiary banks and address ofeach branch of each such bank; (3) name and ad-dress of each other bank of which the bank holdingcompany or its subsidiaries own shares; (4) num-ber of shares of each class of stock of each bank

287


owned by the bank holding company or its sub-sidiaries; (5) information concerning the mannerin which such shares are owned; (6) name, address,and nature of business of each of the bank holdingcompany's subsidiaries, other than banks, and themanner in which the relationship arises; and (7)such information as the Board may deem necessaryor appropriate.

The Board may, in its discretion, extend thetime within which a bank holding company shallregister and file the requisite statement.

(b) Each bank holding company shall furnishto the Board from time to time such reports asmay be required by the Board and in such formand detail as the Board may prescribe. Such reportsshall contain such information concerning the bankholding company and its subsidiaries as the Boardshall deem necessary to disclose fully the relationsamong such companies, the effect of such relationsupon the affairs of the subsidiary banks, andwhether the provisions of this Act have been com-plied with.

(c) Each bank holding company and each sub-sidiary thereof shall be subject to such examina-tions by examiners selected or approved by theBoard as shall be necessary to disclose fully therelations between such bank holding company andits subsidiaries, the effect of such relations upon theaffairs of the subsidiary banks, and whether theprovisions of this Act or of the Board's orders, rules,or regulations have been complied with; and theexaminer making such an examination shall havepower to administer oaths and to examine any ofthe officers, directors, employees, and agents of suchbank holding company or subsidiary under oath.The expenses of any such examination may, in thediscretion of the Board, be assessed against the bankholding company and, when so assessed, shall bepaid by such bank holding company. To the extentthat the information contained therein is adequatefor the purposes of this section the Board is author-ized to use the reports of examination made by theComptroller of the Currency, the Federal DepositInsurance Corporation, or the appropriate Statebank supervisory authority.

SEC. 4« INTERESTS IN NONBANKING ORGANIZA-TIONS.—(a) Except as otherwise provided in thisAct, it shall be unlawful for any bank holdingcompany, after two years after the effective datehereof, to own any shares or other securities or obli-gations of any company other than a bank or toengage in any business other than that of bankingor managing or controlling subsidiary banks. TheBoard is authorized, upon application by a bankholding company, to extend this period from timeto time as to such company for not more than one

year at a time if, in its judgment, such an exten-sion would not be detrimental to the public inter-est. However, nothing herein provided shall beconstrued to authorize the Board to extend any suchperiod beyond a date five years after the enactmenthereof.

(b) The prohibitions in this section shall notapply to shares or other securities or obligationsowned or acquired by a bank holding company inany company engaged solely in holding and operat-ing property in which the bank premises are located,or engaged solely in conducting a safe-deposit busi-ness, or engaged solely in the business of furnish-ing managerial, auditing, supervisory, purchasing,and other similar services to such bank holdingcompany and its subsidiaries, or solely in the busi-ness of liquidating assets acquired from such bankholding company and its subsidiaries, or in anyother company all the activities of which the Boardhas determined are so closely related to the businessof managing, operating, or controlling banks as tobe a proper incident thereto.

(c) Nor shall the prohibitions in this sectionapply to shares or securities or obligations acquiredby a bank holding company from any of its subsidi-aries which have been requested to dispose of suchvoting shares, securities, or obligations by any Fed-eral or State authority having statutory power toexamine such subsidiaries or which have beenacquired from such subsidiaries with the priorapproval of the Board; but such bank holding com-pany shall dispose of such shares, securities, or obli-gations within a reasonable time. If, while suchbank holding company owns or controls suchshares, securities, or obligations, the Board, afternotice and opportunity for hearing, determines thatthe ownership or control of such shares, securities,or obligations is resulting in the violation or eva-sion of any of the purposes or provisions of thisAct, it may by order require such bank holdingcompany to dispose of all or any part thereof forth-with.

(d) Nor shall the prohibitions of this sectionapply to shares or other securities or obligationswhich are held or acquired by a bank, which isa bank holding company, in a fiduciary capacity orwhich are otherwise lawfully owned by such bankor any of its wholly owned subsidiaries on the effec-tive date of this Act; nor as to any bank holdingcompany shall the prohibitions in this section applyto investment securities of the kinds and amountseligible for investment by national banks underthe provisions of section 5136 of the Revised Stat-utes. If, while such bank or bank holding companyowns or controls such shares, securities, or otherobligations, the Board, after notice and opportunity



for hearing, determines that the ownership or con-trol of such shares, securities, or obligations is result-ing in the violation or evasion of any of the pur-poses or provisions of this Act, it may by orderrequire such bank or bank holding company todispose of all or any part thereof forthwith.

(e) Nor shall the prohibitions of this sectionapply to the ownership by a bank holding companyof shares or other securities or obligations of anycompany which do not include more than 5 percentum of the outstanding voting securities of suchcompany, and do not have a value greater than 5per centum of the value of the total assets of thebank holding company, as determined under regu-lations prescribed by the Board; nor shall theyapply to the ownership by a bank holding company,in excess of such limitations, of shares or othersecurities or obligations of an investment companywhich is not engaged in any business other thaninvesting in securities if the bank holding companyand all such investment companies (in which thebank holding company has investments in excessof such limitations) do not together own shares orother securities or obligations of any one other com-pany which are in excess of the foregoing limita-tions. If, while such bank holding company ownsor controls such shares, securities, or obligations,the Board, after notice and opportunity for hearing,determines that the ownership or control of suchshares, securities, or obligations is resulting in theviolation or evasion of any of the purposes or pro-visions of this Act, it may by order require suchbank holding company to dispose of all or any partthereof forthwith.

SEC. 5. ACQUISITIONS OF BANK SHARES OR BANKASSETS.—(a) No plan, undertaking, or agreementby or on behalf of any company which would resultin that company becoming a bank holding com-pany, as defined in section 2 (a) (1) of this Act,and no plan, undertaking, or agreement by or onbehalf of any bank holding company to acquireeither directly or indirectly any voting shares ofa bank, shall be consummated, effectuated, or com-pleted except with the prior approval of the Board:Provided, however, That nothing herein containedshall be construed to apply to the acquisition by abank holding company of any additional votingshares of a bank in any case where such bank hold-ing company, prior to such acquisition, owned amajority of the voting shares thereof.

(b) No plan, undertaking, or agreement by oron behalf of any bank holding company or anyof its nonbanking subsidiaries to acquire all orsubstantially all of the assets of any bank shall beconsummated, effectuated, or completed except withthe prior approval of the Board.

(c) No plan, undertaking, or agreement by oron behalf of a banking subsidiary of a bank hold-ing company to acquire all or substantially all ofthe assets of any bank shall be consummated, effec-tuated, or completed except with the prior approvalof (1) the Comptroller of the Currency if theacquiring bank is a national bank or district bank;or (2) the Board if the acquiring bank is a Statemember bank, or (3) the Federal Deposit Insur-ance Corporation in the case of any other acquir-ing bank. Nor shall any State member bank (notincluding a district bank) which is a subsidiaryof a bank holding company, establish any branchwithin the limits of the city, town, or village inwhich the head office of such bank is locatedexcept with the prior approval of the Board.

(d) In determining whether to approve anyacquisition subject to paragraphs (a), (b), or (c)of this section consideration shall be given to thefinancial history and condition of the applicantand the banks concerned; their prospects; thecharacter of their management, the convenience,needs, and welfare of the communities and thearea concerned; and whether or not the effect ofsuch acquisition may be to expand the size andextent of a bank holding company system beyondlimits consistent with adequate and sound bank-ing and the public interest. The factors stated inthis section shall likewise be considered by theBoard, the Comptroller of the Currency, or theFederal Deposit Insurance Corporation in deter-mining whether to approve an application of anybank, which is a part of a bank holding companysystem, to establish a branch or branches of suchbank.

(e) Before determining whether to approve anyacquisition or application pursuant to this section,the Comptroller of the Currency, the Federal De-posit Insurance Corporation, or the Board, as thecase may be, shall notify the bank supervisory au-thority in the State in which the acquiring or apply-ing bank is located and shall afford such State bank-ing authority a period of thirty days within whichto submit a written statement of his views andrecommendations as to whether such acquisition orapplication should be approved. Such statementand recommendation shall be taken into considera-tion by the Comptroller of the Currency, the FederalDeposit Insurance Corporation, or the Board, asthe case may be, in determining whether to ap-prove any acquisition or application pursuant tothis section, and such statement and recommenda-tion shall be made a part of the record upon whichsuch acquisition or application is approved or re-jected.

SEC. 6. BORROWING BY BANK HOLDING COM-

MARCH 1950 289


PANY OR ITS SUBSIDIARIES.—(a) No bank shall investany of its funds in the capital stock of (1) a bankholding company of which it is a subsidiary, or (2)a subsidiary of such bank holding company.

(b) No bank shall accept the capital stock of(1) a bank holding company of which it is a sub-sidiary, or (2) a subsidiary of such bank holdingcompany as collateral security for advances madeto any person, partnership, association, or corpora-tion: Provided, however, That any bank may, withthe prior approval of the Board, accept such capitalstock as a security for debts previously contracted.

(c) No bank shall (1) make any loan or anyextension of credit to, or purchase securities underrepurchase agreement from, (a) a bank holdingcompany of which it is a subsidiary, or (b) a sub-sidiary of such bank holding company; or (2)invest any of its funds in the bonds, debentures,or other such obligations of any such bank holdingcompany or subsidiary; or (3) accept the bonds,debentures, or other such obligations of any suchbank holding company or subsidiary as collateralsecurity for loans or advances made to any person,partnership, association, or corporation, if, in thecase of all such bank holding companies and sub-sidiaries, the aggregate amount of such loans, exten-sions of credit, repurchase agreements, investments,and advances against such collateral security willexceed 20 per centum of the capital stock and sur-plus of such bank. Non-interest-bearing deposits tothe credit of a bank shall not be deemed to be aloan or advance to the bank of deposit, nor shall thegiving of immediate credit to a bank upon uncol-lected items received in the ordinary course ofbusiness be deemed to be a loan or advance to thedepositing bank. Within the foregoing limitations,each loan or extension of credit of any kind or char-acter to such bank holding company or subsidiaryshall be secured by collateral in the form of stocks,bonds, debentures, or other such obligations havinga market value at the time of making the loan orextension of credit of at least 20 per centum morethan the amount of the loan or extension of credit,or of at least 10 per centum more than the amountof the loan or extension of credit if it is secured byobligations of any State or of any political subdivi-sion or agency thereof: Provided, That no marginof collateral shall be required when such loan orextension of credit is secured by obligations of theUnited States Government, the Federal intermediatecredit banks, the Federal land banks, the Federalhome-loan banks, or the Home Owners' Loan Cor-poration, or by such notes, drafts, bills of exchange,or bankers' acceptances as are eligible for redis-count or for purchase by Federal Reserve banks.

(d) The provisions of this section shall not apply

to (1) any company of the types described insection 4 (b) of this Act, or (2) any company whosesubsidiary status has arisen out of a bona fide debtto the bank contracted prior to the date of the crea-tion of such status, or (3) any company whosesubsidiary status exists by reason of the ownershipor control of voting shares thereof by the bank asexecutor, administrator^ trustee, receiver, agent, ordepositary, or in any other fiduciary capacity, ex-cept where such shares are held for the benefit ofall or a majority of the stockholders of such bank.

SEC. 7. SERVICE FEES OR BENEFITS.—The Boardis authorized, if in its opinion such action is neces-sary or appropriate for the protection of depositorsor investors and after appropriate notice and oppor-tunity for hearing, to determine the reasonablenessof any service, management, or similar charge orfee or benefit obtained by a bank holding companyor any of its subsidiaries from a subsidiary bankof such bank holding company, and to order thatall or any part of such charges or fees or benefitswhich it finds to be unreasonable shall be discon-tinued. It shall be unlawful for such bank holdingcompany or any of its subsidiaries thereafter toassess or obtain any such charge or fee or benefitin contravention of the Board's order.

SEC. 8. RESERVE FUND.—After the effective dateof this Act, every corporate bank holding companyshall use all its net earnings over and above 6 percentum per annum of the book value of its ownshares to accumulate a fund, and every noncorporatebank holding company shall accumulate a fund inaccordance with the terms prescribed by the Board,in an amount equal to at least 12 per centum of theaggregate par value of all bank shares owned by it.Such fund shall consist of readily marketable assets,other than bank stocks, and shall be identified in anappropriate manner and kept free and clear of anylien, pledge, or hypothecation of any kind ornature. Such assets may be used by the bank hold-ing company to replace capital of its subsidiarybanks and to eliminate losses and depreciation fromthe assets of such banks, and, with the prior ap-proval of the Board, to increase the capital or sur-plus of its subsidiary banks, but, except as per-mitted by the Board, shall not be used by the bankholding company for any other purpose, and anydeficiency in such assets resulting from such useshall be replaced in the same manner as above pro-vided.

SEC. 9. REGULATIONS.—The Board shall have theauthority to make and issue such rules, regulations,and orders, not inconsistent with the provisions ofthis Act, as may be necessary to enable it to admin-ister and carry out the purposes of this Act andprevent evasions thereof and it shall likewise have



authority to amend, modify, or rescind any suchrules, regulations, or orders so made or issued. Allpowers and functions of the Board prescribed bythis Act, other than the issuance, amendment, modi-fication, or rescission of rules, regulations, andorders and the determination of matters of gen-eral policy, may be performed through such mem-bers of the Board or such officers and employeesthereof or such Federal Reserve banks or officers oremployees thereof as the Board may deem advisablein order to facilitate the administration of this Act.

SEC. 10. HEARINGS, INVESTIGATIONS, AND COURTREVIEW OF ORDERS.—(a) In addition to the hearingsauthorized in this Act, the Board also shall haveauthority to make such investigations as may benecessary to determine whether any proceedingunder this Act should be instituted against a par-ticular person or persons, or with respect to aparticular transaction or transactions; and the Boardshall keep appropriate records of all hearings andinvestigations.

(b) For the purpose of any hearing or investi-gation under this Act, any member of the Board, orany officer thereof designated by it, is empoweredto administer oaths and affirmations, subpena wit-nesses, compel their attendance, take evidence, andrequire the production of any books, records, orother papers which are relevant or material tothe inquiry. Such attendance of witnesses and theproduction of any such papers may be requiredfrom any place in any State or in any Territory orother place subject to the jurisdiction of the UnitedStates at any designated place where such a hear-ing is being held or investigation is being made.

(c) In case of refusal to obey a subpena issuedto, or contumacy by, any person, the Board mayinvoke the aid of any court of the United Stateswithin the jurisdiction of which such hearing orinvestigation is carried on, or where such personresides or carries on business, in requiring the at-tendance and testimony of witnesses and the pro-duction of books, records, or other papers. Andsuch court may issue an order requiring such personto appear before the Board or member or officerdesignated by the Board, there to produce records,if so ordered, or to give testimony touching thematter under investigation or in question; and anyfailure to obey such order of the court may be pun-ished by such court as a contempt thereof. Allprocess in any such case may be served in thejudicial district whereof such person is an inhabit-ant or wherever he may be found. No person shall"be excused from attending and testifying or fromproducing books, records, or other papers in obedi-ence to a subpena issued under the authority of thisAct on the ground that the testimony or evidence,

documentary or otherwise, required of him maytend to incriminate him or subject him to penaltyor forfeiture; but no individual shall be prosecutedor subject to any penalty or forfeiture for or onaccount of any transaction, matter, or thing concern-ing which he is compelled to testify or produce evi-dence, documentary or otherwise, after havingclaimed his privilege against self-incrimination, ex-cept that such individual so testifying shall not beexempt from prosecution and punishment for per-jury committed in so testifying. Any person whowithout just cause shall fail or refuse to attend andtestify or to answer any lawful inquiry or to producebooks, records, or other papers in obedience to thesubpena of the Board, if in his or its power so todo, shall be guilty of a misdemeanor and upon con-viction shall be subject to a fine of not more than$1,000 or to imprisonment for a term of not morethan one year, or both.

(d) Any person or party aggrieved by any finalaction of the Board under this Act may obtain areview of such order in the circuit court of appealsof the United States within any circuit whereinsuch person resides or has his principal place ofbusiness, or in the United States Court of Appealsfor the District of Columbia, by filing in suchcourt, within sixty days after the entry of suchorder, a written petition praying that the order ofthe Board be modified or set aside in whole or inpart. A copy of such petition shall be forthwithserved upon any member of the Board or upon theBoard's secretary at its offices in the City of Wash-ington, and thereupon the Board shall certify andfile in the court a transcript of the record uponwhich the order complained of was entered. Uponthe filing of such transcript such court shall haveexclusive jurisdiction to affirm, modify, or set asidesuch order in whole or in part. No objection tothe order of the Board shall be considered by thecourt unless such objection shall have been urgedbefore the Board or unless there were reasonablegrounds for failure so to do. The finding of theBoard as to the facts, if supported by substantialevidence, shall be conclusive. If application is madeto the court for leave to adduce additional evidence,and it is shown to the satisfaction of the court thatsuch additional evidence is material and that thereare reasonable grounds for failure to adduce suchevidence in the proceeding before the Board, thecourt may order such additional evidence to betaken before the Board and to be adduced upon thehearing in such manner and upon such terms andconditions as to the court may seem proper. TheBoard may modify its findings as to the facts byreason of the additional evidence so taken, and itshall file with the court such modified or new find-

MARCH 1950 291


ings, which, if supported by substantial evidence,shall be conclusive, and its recommendation, if any,for the modification or setting aside of the originalorder. The judgment and decree of the court affirm-ing, modifying, or setting aside, in whole or in part,any such order of the Board shall be final, subjectto review by the Supreme Court of the United Statesupon certiorari or certification as provided insection 1254 of title 28, United States Code. Thecommencement of proceedings to review an orderof the Board issued under this Act shall not oper-ate as a stay of the Board's order unless the courtotherwise orders.

SEC. 11. PENALTIES.—(a) If, after notice andopportunity for hearing, the Board finds that a.bank holding company has willfully violated anyof the provisions of this Act, or of any rules, regu-lations, or orders of the Board issued pursuantthereto, or has knowingly permitted or assentedto or participated in any such violation by any sub-sidiary, the Board may issue an order, effective forsuch period as may be fixed by the order and con-taining any one or more of the following prohibi-tions: (i) That such bank holding company shallnot pay any salary or other remuneration to anyofficer or director of the company found by theBoard to have willfully participated in such viola-tion or violations and who was made a party tosuch hearing by the Board; (ii) that no subsidiarybank of such bank holding company shall pay divi-dends on shares owned by such bank holding com-pany or pay or become liable to pay to such bankholding company or any of its subsidiaries any serv-ice, management, or similar charges or fees, or ren-der any specified benefit; and (iii) that such bankholding company shall not directly or indirectlyvote the shares owned by it or otherwise participatein the management or control of any subsidiarybank.

(b) Any person who willfully violates any pro-vision of this Act or any rule, regulation, or orderissued by the Board pursuant thereto shall uponconviction be fined not more than $10,000 or im-prisoned not more than two years, or both. Everyofficer, director, agent, and employee of a bankholding company shall be subject to the same pen-alties for false entries in any book, report, or state-ment of such bank holding company as are appli-cable to officers, directors, agents, and employees ofmember banks for false entries in any books,reports, or statements of member banks under sec-tion 1005 of title 18, United States Code.

SEC. 12. TECHNICAL AMENDMENTS.—(a) The lastsentence of the sixteenth paragraph of section 4 ofthe Federal Reserve Act, as amended, is amendedby striking out all of the language therein which fol-

lows the colon and by inserting in lieu thereof thefollowing: "Provided, That whenever any memberbanks within the same Federal Reserve district aresubsidiaries of the same bank holding companywithin the meaning of the Bank Holding CompanyAct of 1949, participation in any such nominationor election by such member banks, including suchbank holding company if it is also a member bank,shall be confined to one of such banks, which maybe designated for the purpose by such bank hold-ing company."

(b) (1) The eighteenth paragraph of section 9of the Federal Reserve Act is amended by strikingout the last sentence of such paragraph.

(2) The twenty-first paragraph of section 9 ofthe Federal Reserve Act is repealed.

(c) Subsection (c) of section 2 of the BankingAct of 1933, as amended, is repealed.

(d) Section 5144 of the Revised Statutes, asamended, is amended to read as follows:

"SEC. 5144. In all elections of directors, eachshareholder shall have the right to vote the numberof shares owned by him for as many persons asthere are directors to be elected, or to cumulatesuch shares and give one candidate as many votesas the number of directors multiplied by the num-ber of his shares shall equal, or to distribute themon the same principle among as many candidates ashe shall think fit; and in deciding all other ques-tions at meetings of shareholders, each shareholdershall be entitled to one vote on each share of stockheld by him; except that (1) this shall not be con-strued as limiting the voting rights of holders ofpreferred stock under the terms and provisions ofarticles of association, or amendments thereto,adopted pursuant to the provisions of section 302(a) of the Emergency Banking and Bank Con-servation Act, approved March 9, 1933, as amended;(2) in the election of directors, shares of its ownstock held by a national bank as sole trustee,whether registered in its own name as such trusteeor in the name of its nominee, shall not be votedby the registered owner unless under the terms ofthe trust the manner in which such shares shallbe voted may be determined by a donor or bene-ficiary of the trust and unless such donor or bene-ficiary actually directs how such shares shall bevoted; and (3) shares of its own stock held by anational bank and one or more persons as trusteesmay be voted by such other person or persons, astrustees, in the same manner as if he or they werethe sole trustee. Shareholders may vote by proxiesduly authorized in writing; but no officer, clerk,teller, or bookkeeper of such bank shall act asproxy; and no shareholder whose liability is pastdue and unpaid shall be allowed to vote. When-



ever shares of stock cannot be voted by reason ofbeing held by the bank as sole trustee, such sharesshall be excluded in determining whether mattersvoted upon by the shareholders were adopted bythe requisite percentage of shares."

(e) The second paragraph of section 5211 of theRevised Statutes is amended by striking out thesecond sentence of such paragraph.

(f) (1) Subsection (d) of section 26 of theInternal Revenue Code, as amended, is amended toread as follows:

"(d) BANK HOLDING COMPANIES.—In the caseof a bank holding company (as defined in the BankHolding Company Act of 1949), the amount ofthe earnings or profits which the Board of Gov-ernors of the Federal Reserve System certifies tothe Commissioner has been devoted by such com-pany during the taxable year to the acquisition ofreadily marketable assets in compliance with section8 of the Bank Holding Company Act of 1949. Theaggregate of the credits allowable under this sub-section for all taxable years shall not exceed theamount required to be devoted under such section8 to such purposes, and the amount of the creditfor any taxable year shall not exceed the adjustednet income for such year."

(2) Subdivision (3) of subsection (b) of section27 of the Internal Revenue Code, as amended, isamended to read as follows:

"(3) The bank holding company credit providedin section 26 (d)."

(3) Section 112 (b) of the Internal RevenueCode is amended by inserting at the end thereofthe following:

" (11 ) DISTRIBUTIONS AND EXCHANGES PURSU-

ANT TO BANK HOLDING COMPANY ACT OF 1949.—

"(A) Distributions.—In the case of a distri-bution of property not permitted to be ownedby a bank holding company under the provi-sions of section 4 of the Bank Holding Com-pany Act of 1949, held by a bank holdingcompany on the date of enactment of suchAct or thereafter legally acquired pursuant tosuch Act, made pursuant to an order of theBoard of Governors of the Federal ReserveSystem authorizing, approving or directingsuch distribution as effectuating the policy ofthe Bank Holding Company Act of 1949, toa shareholder in such bank holding companyas defined in such Act, without the surrenderby such shareholder of stock or securities insuch company, no gain to the distributee shallbe recognized.

"(B) Exchanges.—No gain or loss shall berecognized if a bank holding company, pur-

suant to an order of the Board of Governorsof the Federal Reserve System authorizing, ap-proving or directing such exchange as effectuat-ing the policy of the Bank Holding CompanyAct of 1949, transfers property not permittedto be owned by a bank holding company underthe provisions of section 4 of such Act, to acorporation organized to receive such propertysolely in exchange for all of the stock of suchtransferee corporation and such stock is dis-tributed forthwith in a distribution subject tothe provisions of subparagraph (A).

"(C) Application of subparagraphs (A) and(B).—The provisions of subparagraphs (A)and (B) of this paragraph shall not apply unlessthe Board of Governors of the Federal ReserveSystem shall certify that such distribution orexchange was of property not permitted to beowned under the provisions of section 4 of theBank Holding Company Act of 1949 and wasnecessary or appropriate to effectuate the pro-visions of such Act. In such certification, theBoard of Governors of the Federal ReserveSystem shall specify and itemize the stock, se-curities or other property so distributed orexchanged."

(4) Section 113 (a) of the Internal Revenue Codeis amended by inserting at the end thereof thefollowing:

" (23 ) PROPERTY ACQUIRED IN DISTRIBUTION PUR-

SUANT TO BANK HOLDING COMPANY ACT OF 1949.

"(a) If property other than stock or secu-rities is acquired in a distribution subject tothe provisions of section 112 (b) (11), then thebasis of such property shall be the same as itwould be in the hands of the company dis-tributing such property; and an amount equalto the adjusted basis which such property hadin the hands of such distributing company atthe time of such distribution shall be appliedagainst and reduce the adjusted basis of thestock in respect of which the distribution wasmade, and if in excess of such basis, such excessshall be taxable in the same manner as a gainfrom the sale or exchange of property.

"(b) If stock or securities is acquired in adistribution subject to the provisions of section112 (b) (11), then the basis in the case of thestock in respect of which the distribution wasmade shall be apportioned, under regulationsprescribed by the Commissioner with the ap-proval of the Secretary, between such stock andthe stock or securities acquired in such dis-tribution.

MARCH 1950 293


"(c) Where stock or securities and propertyother than stock or securities are acquired ina distribution subject to the provisions of sec-tion 112 (b) (11), subparagraph (a) of thisparagraph shall be applied before subpara-graph (b).

"(d) If stock is acquired by a bank holdingcompany in an exchange subject to the pro-visions of section 112 (b) (11) (B), then thebasis of such stock shall be the same as in thecase of the property exchanged; and when, ina distribution subject to the provisions of sec-tion 112 (b) (11) (A), such stock is acquiredby a distributee of such company, then the basisshall be determined as though the stock wereproperty other than stock or securities.

"(e) If property is acquired by a corporationin a transfer from a bank holding companysubject to the provisions of section 112 (b)(11) (B), then the basis of such property shallbe the same as it would be in the hands of suchbank holding company."

(g) (1) Paragraph 4 of subsection (c) of section 3of the Investment Company Act of 1940 is amendedto read as follows:

"(4) Any bank holding company which is regis-tered with the Board of Governors of the FederalReserve System pursuant to the Bank Holding Com-pany Act of 1949, or any banking subsidiary orany other subsidiary thereof which is exempt fromsection 4 by reason of the provisions of subsection(b) thereof as defined in said Act."

(2) Paragraph (11) of subsection (a) of section202 of the Investment Advisers Act of 1940 isamended by changing the words "or any holding

company affiliate, as defined in the Banking Actof 1933" to read "or any bank holding company,as defined in the Bank Holding Company Act of1949, or any banking subsidiary or any other sub-sidiary thereof which is exempt from section 4 byreason of the provisions of subsection (b) thereof asdefined in said Act."

(h) Subsection (b) of section 2 of the BankingAct of 1933, as amended, is amended by adding thefollowing paragraphs:

"(4) which owns or controls, directly or in-directly, either a majority of the shares of cap-ital stock of a member bank or more than 50 percentum of the number of shares voted for theelection of directors of any one bank at the pre-ceding election, or controls in any manner theelection of a majority of the directors of any onebank; or

"(5) for the benefit of whose shareholders ormembers all or substantially all of the capital stockof a member bank is held by trustees."

SEC. 13. RESERVATION OF RIGHTS TO STATES.—Theenactment by Congress of the Bank Holding Com-pany Act of 1949 shall not be construed as pre-venting any State, to an extent not inconsistent withthis Act, from exercising the same power and juris-diction which it now has with respect to banks,bank holding companies and subsidiaries thereof.

SEC. 14. SEPARABILITY OF PROVISIONS.—If any pro-vision of this Act, or the application of such pro-vision to any person or circumstance, shall be heldinvalid, the remainder of the Act, and the applica-tion of such provision to persons or circumstancesother than those to which it is held invalid, shallnot be affected thereby.

AMENDMENTS PROPOSED BY CHAIRMAN McCABE TO S. 2318

I. Amend subsection (a) of section 2 by insertingbetween the first and second paragraphs thereof anew paragraph reading as follows:

"Notwithstanding the foregoing, no companyshall be a bank holding company by reason of thefact that one bank (or stockholders of such bankor trustees for their benefit) owns, controls, or holdsvoting shares, or exercises a controlling influenceover the management or policies, of one other bank,if the principal offices of both banks are located inthe same municipality and one of them is a trustcompany principally engaged in trust business, is

not substantially engaged in commercial bankingbusiness, and operates no branches outside of suchmunicipality."

II. Amend the first sentence of subsection (b) ofsection 2 to read as follows:

" 'Bank' means any national bank, or any Statebank, banking association, savings bank, or trustcompany, but shall not include any organizationoperating under section 25 or 25(a) of the FederalReserve Act or any organization which does not dobusiness within the United States."


REPORT OF THE NATIONAL ADVISORY COUNCIL ONINTERNATIONAL MONETARY AND FINANCIAL PROBLEMS

APRIL 1, 1949—SEPTEMBER 30, 1949

The report given below was transmitted by thePresident to Congress on January 20, 1950. Severalcharts and appendixes are omitted from the textreprinted here. The appendixes present detailedinformation on postwar United States Governmentfinancial assistance to foreign countries, gold trans-actions between the United States and other coun-tries during the period January 1, 1945 through

September 30, 1949, and gold and short-term dollarresources of foreign countries as of ]une 30, 1949.The membership and resources of the InternationalMonetary Fund and the International Ban\ forReconstruction and Development are also given.Copies of the full report may be obtained from theNational Advisory Council on International Mone-tary and Financial Problems, Washington 25, D. C.

I. ORGANIZATION OF THE COUNCIL

STATUTORY BASIS

The National Advisory Council on InternationalMonetary and Financial Problems was establishedby the Congress in the Bretton Woods AgreementsAct (59 Stat. 512, 22 U. S. C. 286b), approved July31, 1945. The statute directed the Council to coor-dinate the policies and operations of the representa-tives of the United States on the InternationalMonetary Fund and the International Bank forReconstruction and Development, the Export-Im-port Bank of Washington, and all other agenciesof the Government "to the extent that they makeor participate in the making of foreign loans orengage in foreign financial, exchange or monetarytransactions." The Council was also directed toadvise and consult with the President and theUnited States representatives on the Fund and theBank on major problems arising in the administra-tion of the Fund and the Bank; and to recommendto the President general policy directives for theguidance of the representatives of the United Stateson the Fund and Bank. The Bretton WoodsAgreements Act was amended by Section 106 ofthe Foreign Assistance Act of 1948 (62 Stat. Ch.169, 22 U. S. C. 286b (a)), approved April 3, 1948,to include the Administrator for Economic Coop-eration as a member of the Council for the dura-tion of this office. The Council was also given cer-tain additional duties with regard to the economicassistance program.

In June 1949, the Bretton Woods AgreementsAct and the National Bank Act were amended(Public Law 142, Ch. 276, 81st Cong., 1st sess.), topermit wider dealing in and underwriting of Inter-national Bank securities and to exempt such securi-

ties from the Securities Acts. The legislation alsoauthorized the Securities and Exchange Commis-sion, acting in consultation with the Council, tosuspend the exemption of International Bank securi-ties from the Securities Acts.

The relevant portions of the Bretton WoodsAgreements Act, the Foreign Assistance Act of1948, and amendments to the National Bank Actand the Bretton Woods Agreements Act are pre-sented in Appendix A.1

REPORTS

Since its first meeting on August 21, 1945, theCouncil has submitted nine formal reports.2 Thepresent report covers the activities of the Councilfrom April 1, 1949, to September 30, 1949.

MEMBERSHIP

The members of the Council, according to law,during the period under review, were the following:The Secretary of the Treasury, John W. Snyder,

Chairman.The Secretary of State, Dean Acheson.

1 Appendixes are omitted here but are part of the completereport submitted to Congress.

2 These reports were transmitted by the President to theCongress on Mar. 1, 1946 (H. Doc. No. 489, 79th Cong. 2dsess.; subsequently included as Appendix B to H. Doc. No.497, 79th Cong., 2d sess.); Mar. 8, 1946 (H. Doc. No. 497,79th Cong., 2d sess.); Jan. 13, 1947 (H. Doc. No. 53, 80thCong., 1st sess.); June 26, 1947 (H. Doc. No. 365, 80thCong., 1st sess.); Jan. 19, 1948 (H. Doc. No. 501, 80thCong., 2d sess.); May 17, 1948 (H. Doc. No. 656, 80thCong., 2d sess.); Aug. 3, 1948 (H. Doc. No. 737, 80th Cong.,2d sess.); Mar. 14, 1949 (H. Doc. No. 120, 81st Cong., 1stsess.); and July 5, 1949 (H. Doc. No. 250, 81st Cong., 1stsess.).

MARCH 1950 295

REPORT OF THE NATIONAL ADVISORY COUNCIL

The Secretary of Commerce, Charles Sawyer.The Chairman of the Board of Governors of the

Federal Reserve System, Thomas B. McCabe.The Chairman of the Board of Directors of the

Export-Import Bank, Herbert E. Gaston.The Administrator for Economic Cooperation,

Paul G. Hoffman.

By agreement, the following served as alternates:

William McChesney Martin, Jr., Assistant Secre-tary of the Treasury.

Willard L. Thorp, Assistant Secretary of State forEconomic Affairs.

Thomas C. Blaisdell, Jr., Assistant Secretary ofCommerce.

M. S. Szymczak, Member of the Board of Gover-nors of the Federal Reserve System.

Hawthorne Arey, Vice Chairman of the Board ofDirectors of the Export-Import Bank.

Wayne C. Taylor, Assistant to the Administrator,Economic Cooperation Administration.

C. Dillon Glendinning is the Secretary of theCouncil.

The United States Executive Directors on theInternational Monetary Fund, Frank A. Southard,Jr., and on the International Bank for Reconstruc-tion and Development, Eugene R. Black, or theiralternates, Henry J. Tasca and John S. Hooker,respectively, regularly attended the meetings of theCouncil. On May 18, 1949, Mr. Black was electedPresident of the International Bank, and assumedhis new duties on July 1, 1949.

II. UNITED STATES POSTWAR FOREIGN ASSISTANCE »

As in previous reports of the Council, this chapteroutlines the magnitude and scope of assistance ex-tended by the United States to nations throughoutthe world. In its consideration of the foreign finan-cial policies of this country, the Council has takeninto account, in addition to the objectives of theprograms, the interrelationship of the various fac-tors affecting the extent and direction of foreign aid.

MAGNITUDE AND GEOGRAPHICAL DISTRIBUTION OF

POSTWAR FOREIGN AID

In the four-year period, July 1945 through June1949, the United States exported approximately67 billion dollars in goods and services to foreigncountries and imported 35 billion dollars worth.During this period, United States Government for-eign assistance utilized amounted to 23 billion dol-lars, or over one-third of the value of all importsof foreign countries from the United States. For-eign countries liquidated gold and dollar assets ofabout 6.6 billion dollars,4 and additional dollarswere made available from disbursements by theInternational Monetary Fund and the InternationalBank, United States private financing and othercapital movements.

During the postwar period, through June 30,1949, a somewhat larger share of United StatesGovernment foreign aid was rendered in the form

3 A detailed breakdown of the statistical information re-ferred to in this section appears in Appendixes B and C[omitted here].

*The net difference between the 6.6 billion dollars men-tioned above and the 5.0 billion dollar reduction in foreigngold and dollar balances shown in Table III is largely ac-counted for by sales of gold to the United States out of cur-rent foreign gold production.

of grants, including (for statistical purposes) assist-ance for which terms of repayment are subject tofuture determination, as compared with loans andother credits which call for the repayment of prin-cipal and interest to the United States. As of June30, 1949, the outstanding indebtedness of foreigncountries to the United States Government, exclud-ing that arising from World War I debts, amountedto 9.8 billion dollars. During the postwar period,repayments on principal were in excess of 1 billiondollars. Annual foreign debt service to the United

TABLE I

UNITED STATES GOVERNMENT FOREIGN GRANTS AND CREDITS

UTILIZED JULY 1, 1945-JUNE 30, 1949, AND UNUTILIZED AS

O F JUNE 30, 1949, BY MAJOR GEOGRAPHIC AREA


Area

Total, all areas.

ERP participants.Other Europe. . . .

AsiaLatin America....

Miscellaneous....Uncommitted

lending

Total

23

161

4

,310

,434,577

,156359

784

Utilized

Grants

13,230

8,0891,115

3,40631

589

Credits

10,080

8,345462

750329

195

Unutilized

Total

3

2

1

,855

01413

513138

103

074

Grants

2,163

1,766

3712

25

Credits

1,692

24813

142137

78

1,074

NOTE.—(a) Components will not necessarily add to totals be-cause of rounding, (b) U. S. Government payments to the Inter-national Bank and the International Monetary Fund are notincluded in this tabulation, (c) A detailed breakdown of all dataappearing in this table, as well as a definition of terms, may befound in Appendix C [omitted here].

Source.—Clearing Office for Foreign Transactions, Office ofBusiness Economics, Department of Commerce.



States Government, including interest and amorti-zation of principal, will increase between 1949 and1952, reaching a peak of about one-half billiondollars in the latter year.

Of the 23.3 billion dollars of United States Gov-ernment assistance utilized by countries throughoutthe world in the postwar period, approximately16.4 billion dollars, or 70 per cent, went to nationspresently participating in the European RecoveryProgram. Although aid received by the EuropeanRecovery Program participants, as a group, wasalmost equally divided between grants and credits,the allocation to individual countries varied con-siderably. Grant assistance has been the morewidely dispersed, with 70 per cent of the total util-ized going to four countries—-the United Kingdom,Western Germany, France, and Italy—as contrastedwith 80 per cent of total credit assistance going totwo countries, the United Kingdom and France.

Asiatic nations (primarily Japan and China),were the recipients of over 4 billion dollars in post-war United States Government aid, almost five-sixths in the form of grants. On the other hand,postwar assistance to Latin America—whichamounted to over 350 million dollars—was largelyin the form of loans and credits.

Of the 3.9 billion dollars available for foreignaid but unutilized on June 30, 1949, approximatelyone-half consisted of EGA funds allocated and obli-gated by country but not disbursed as of that date.

AGENCIES AND PROGRAMS OF FOREIGN AID

The first year after the end of the war witnesseda larger proportion of aid in the form of grants thanin loans, due primarily to relief assistance extendedthrough UNRRA and post VJ-day lend-lease grants.For the fiscal year 1947, large drawings from the3.75 billion dollar line of credit extended to theUnited Kingdom swung the balance toward a pre-ponderance of credit assistance. In the fiscal year1948, grants increased and credits declined, resultingin an equal division of aid between grants andcredits. Since mid-1948, after the advent of theEuropean Recovery Program, the major part ofUnited States foreign assistance has been in theform of grants. During this four-year period, theaverage rate of aid rendered has amounted to 5.8billion dollars per year.

The chief agencies through which foreign finan-cial and economic assistance was extended by theUnited States immediately after the war were theExport-Import Bank, the lend-lease organization,and UNRRA (see Table II). In addition, surplusproperty was available for sale in various foreigncountries, a large part of which could be used forpeacetime as well as military purposes. The Con-

TABLE II

UNITED STATES GOVERNMENT FOREIGN ASSISTANCE UTILIZED

TOTAL OF GRANTS AND CREDITS, BY PROGRAM, FISCAL YEARS1946 THROUGH 1949


Program

All programs.

European RecoveryUnited Kingdom loanCivilian supplies (GARIOA, etc.).

UNRRA ,Lend-leaseExport-Import Bank.

Surplus property credits.Miscellaneous

Post-wartotal

23,310

4,2663,7503,660

2,5772,5522,455

1,3412,708

Fiscal year

1946 1947 1948 1949

5,462

744

1,1842,312

558

191

1,377191

1,085

530284

6,184 5,387

2042,050 1,700

667 1,181

1646

598

2901,352

6,277

4,062

i',068

4214

47882

NOTE.—(a) Components will not necessarily add to totalsbecause of rounding, (b) U. S. Government payments to theInternational Bank and the International Monetary Fund arenot included in this tabulation, (c) A more detailed analysis offoreign assistance programs of the U. S. Government in the post-war period will be found in Table 11 of Appendix C [omittedhere].

Source.—Clearing Office for Foreign Transactions, Office ofBusiness Economics, Department of Commerce.

gress had, furthermore, provided funds to be ad-ministered by the Department of the Army forgovernment and relief in occupied areas, principallyGermany and Japan.

By the end of the fiscal year 1947, practically allof the aid rendered through post VJ-day lend-leaseand through UNRRA had been utilized. In addi-tion, all of the loan to Britain had been utilizedby the end of the fiscal year 1948. Finally, thebulk of surplus property located overseas had alsobeen sold by mid-1948.

Completion of several early postwar programsleft the United States, at the end of 1947, withthree major avenues of foreign assistance: (1) theExport-Import Bank, whose lending authority hadbeen increased in 1945 from 700 million dollars to3.5 billion dollars; (2) the initiation of the InterimAid Program, which anticipated the long-rangeEuropean Recovery Program; and (3) governmentand relief in occupied areas (GARIOA) as a re-sponsibility of the Department of the Army.

The European Recovery Program got under wayin the spring of 1948. Introduction of this programresulted in a realignment of the agencies designatedto carry out programs of foreign assistance. TheCongress also integrated into the Foreign AssistanceAct of 1948 provision for assistance covering othermajor aid programs.

In the two fiscal years of 1948 and 1949, the totalamount of foreign assistance utilized amounted to11,664 million dollars, almost identical with the

MARCH 1950 297


11,646 million dollars extended during the first twopostwar years. A principal source of United Statesassistance in this second two-year period has beenthe European Recovery Program, which accountedfor about 65 per cent of all aid during the fiscalyear 1949.

The Mutual Defense Assistance Program, forwhich the Congress authorized 1.3 billion dollarsin October 1949, was developed with attention tothe primary need for economic recovery in Europe.This program embodied parts of several earlier pro-grams for which the Congress provided funds.

In addition to military assistance, proposed legis-lation bearing upon foreign aid considered during1949 was that resulting from promulgation of thePoint Four Program. As indicated in Chapter IIIof this report, no authorization was made by theCongress for that program during 1949.

FOREIGN GOLD AND DOLLAR RESERVES

The gold and short-term dollar reserves whichforeign nations had on hand at the end of the warwere available for two main purposes: for currencyreserves, and as working balances for internationaltransactions. As shown in Table III, these reservesdeclined by over 5 billion dollars during the post-war period from June 30, 1945, to June 30, 1949.The decline would have been greater were it not forthe fact that during this period, foreign gold pro-duction, exclusive of the U.S.S.R., amounted toabout 700 million dollars per year.

Prior to the start of the Recovery Program, ERPcountries had lost, in the aggregate, slightly over3 billion dollars, or 30 per cent of their monetaryreserves. The decline continued for the first fewmonths after the Recovery Program started in April,but from June 30, 1948, to June 30, 1949, there was

TABLE III

ESTIMATED FOREIGN GOLD AND OFFICIAL AND PRIVATE SHORT-

TERM DOLLAR BALANCES, JUNE 30, 1945, 1948, AND 1949a


Geographic area

Total, all areas .

ERP countries and dependencies. . . .Other Europe 2

Asia and OceaniaLatin AmericaAll other

June 30

1949

14,647

7,496737

2,1212,8011,492

1948

14,631

7,322988

2,0042,8761,441

1945

19,684

10,4731,029

1,9803,6252,577

1 Exclusive of international organizations and the gold holdingsof the U.S.S.R.

2 Includes gold held by Tripartite Commission for the Restitu-tion of Monetary Gold.

a small increase from 73 billion dollars to 7.5billion dollars in the gold and dollar reserves ofthe participating countries. Among the majorcountries, Italy and Belgium were able to increasetheir reserves, while those of the United Kingdomshowed a considerable decline.

Outside of Europe, net declines over the postwarperiod have more than offset isolated increases. TheLatin American countries lost over 800 million dol-lars in reserves, or more than one-fifth of theamount they had on hand at the end of the war.Other nations which have experienced heavy goldand dollar losses include Canada and the Union ofSouth Africa, despite the fact that both of thesecountries are leading gold producers.

With respect to gold movements alone, in theearly postwar period, there was a heavy net flow ofgold from foreign countries to the United States,reaching a peak of 2.9 billion dollars in 1947. Theinception and continuation of the European Recov-ery Program enabled the participating countriesas a whole to avoid further large liquidation ofremaining reserves during 1949, though the UnitedKingdom experienced a critical drain during partof the year.

CHANGING PATTERNS OF UNITED STATES FOREIGN

TRADE

The repercussions of war greatly shifted the pre-war pattern of world trade. Germany and Japanwitnessed reductions in their external trade to thepoint where exports became negligible and importsconsisted chiefly of aid from the United States.Other countries, both belligerent and nonbelliger-ent, affected in varying degrees by the war, alsoexperienced wide changes in their trade. Postwarexports of the United States, expressed both inquantitative units and in terms of value, have beenconsiderably greater than imports. The UnitedStates, which had supplied 14 per cent of worldexports in 1938, had become the source of supplyof 33 per cent of all exported goods in 1947, 23per cent in 1948, and approximately 20 per cent inthe first nine months of 1949.

As indicated in Table IV, there has been a con-siderable shift in the geographical pattern of UnitedStates foreign trade. The share of Asia and Oceaniain both imports and exports of the United Stateshas declined, and the prewar export surplus of thisarea with the United States has shifted to an importsurplus. United States postwar imports from bothLatin America and Canada substantially increased,whereas the dollar value of imports from Europehas only slightly increased above the prewar level.The dollar value of exports to Latin America andCanada showed a five-fold increase in the postwar



period as compared with prewar, while exportsto Europe, including those financed through theEuropean Recovery Program, showed less than afour-fold increase.

TABLE IV

POSTWAR AND PREWAR FOREIGN TRADE OF THE UNITED STATES

BY GEOGRAPHIC AREA

Value (In millions of dollars)

-----

All areas

Western Hemisphere

CanadaLatin America . .Other Western Hemisphere. .

Europe

ERP countriesOther Europe

Asia and Oceania

Africa and Near East

Postwar(1946-48average)

Im-ports

5,904

3,398

1,1772 080

141

963

776187

1,102

442

Ex-ports

12,564

5,058

1,8103 040

208

4,764

4,253511

1,854

890

Prewar(1936-38average)

Im-ports

2,489

925

34554238

725

606119

757

81

Ex-ports

2,967

1,007

454485

68

1,254

1,129125

557

149

Percentage distribution

All areas

Western Hemisphere

CanadaLatin AmericaOther Western Hemisphere..

Europe

ERP countriesOther Europe . . .

Asia and Oceania

Africa and Near East

100 0

57.4

19.735.4

2.3

16 4

13.13 3

18 6

7 . 6

100 0

40 0

14.523.9

1.6

38 3

33.84 5

14 7

7 .0

100 0

37.2

13.921.8

1.5

29 1

24.34 8

30 4

3 . 3

100 0

33.9

15.316.32.3

42 3

38.14 2

18 8

5 . 0

NOTE.—Components will not necessarily add to totals becauseof rounding.

Source.—Department of Commerce.

During the first nine months of 1949, the dollarvalue of United States imports showed a moderateincrease over the 1946-48 level, while exports regis-tered a slight decline. Compared with the year1948, however, both imports and exports decreasedto a small extent. In the first nine months of 1949,countries participating in the European RecoveryProgram imported approximately $5.00 of goodsand services from the United States for every $1.00of exports to this country. This represented someimprovement, as compared with the period 1946-48,in the trade deficit of these countries with theUnited States.

OTHER ASPECTS OF FOREIGN ASSISTANCE

United States Government foreign aid during thepostwar period amounted to 2.5 per cent of the grossnational product. Although the dollar value ofsuch assistance in the fiscal years 1948 and 1949 wasapproximately equal to that in the two immediatepostwar fiscal years 1946 and 1947, the gross na-tional product of the United States showed almosta 20 per cent increase. As a consequence, foreignaid declined from 2.7 per cent of the nation's grossnational product in the first two fiscal postwaryears to less than 2.3 per cent in the fiscal years1948 and 1949.

With the exception of the fiscal year 1946, whichincluded extraordinary wartime expenditures, totalexpenditures of the United States Governmentshowed slight variation during the postwar period.Thus foreign aid as a percentage of total Federalexpenditures remained relatively constant, rangingbetween 14.7 and 17.0 per cent in the three mostrecent postwar years.

In addition to United States Government aid, asignificant amount of United States private capitaland gifts has gone abroad in the postwar period.The net amount of these funds totaled 4.9 billiondollars in the four years from July, 1945 to June,1949. Private postwar investments were largelyconcentrated in petroleum development in a rela-tively few countries.

Total funds authorized and appropriated by the81st Congress 1st session, for foreign assistance,amounted to 6.6 billion dollars. European Recov-ery Program funds of 3.9 billion dollars accountfor three-fifths of this total. Under the Mutual

TABLE V

UNITED STATES GOVERNMENT POSTWAR FOREIGN AID, GROSSNATIONAL PRODUCT, AND FISCAL OPERATIONS, 1946—49

Fiscal year

Total postwar.

194919481947...1946

[Dollar

Grossnationalproduct

$944.9

265.0248.5226.7204.7

items in billions]

U. S. Govern-ment

Totalexpend-itures

$172.3

137.1136.8237.9260.5

Foreignaid

$23.3

6.35.46.25.5

Foreign aid as apercentage of

Grossnationalproduct

2.5

2.42.22.72.7

Totalexpend-

itures

13.5

17.014.716.4

9 . 1

Figures for the fiscal year 1948 include a 3 billion dollar transferin June to Foreign Economic Cooperation Trust Fund; figures forfiscal year 1949 exclude expenditures from this fund.

2 Data exclude payments to the International Bank and theInternational Monetary Fund.

Sources.—Department of Commerce for data on gross nationalproduct and foreign aid. Treasury Department for total expendi-tures of the U. S. Government.

MARCH 1950 299


TABLE VI

FOREIGN AID APPROPRIATIONS AND AUTHORIZATIONS

(81ST CONG., 1ST SESS.) *

Program or country

Total

European Recovery ProgramPeriod 4J3/49 to 6/30/49Fiscal year, 1949-50EC A loan authorizationsEC A guaranties

Department of the Army: GARIOA (gov-ernment and relief in occupied areas). . .

Mutual Defense Assistance ProgramNorth Atlantic Treaty countriesGreece and TurkeyIran, Korea and PhilippinesChina . . .

Assistance to:Greece and Turkey.. .KoreaChina ...Philippines

International Refugee OrganizationLoan to the United Nations ,Relief of Palestine refugees . . .,Institute of Inter-American AffairsLiquidation of lend-lease

Amount

$6,575,168,092

3,900,680,000Kl,074,000,000)

3,628,380,000150,000,000

3122,300,000

912,500,000

i 1,314,010,0001,000,000,000

211,370,00027,640,00075,000,000

45,000,0005 60,000,00064,000,000202,092,398

70,500,0297 53,534,06588,000,0009 4,751,600

100,000

1 Under specific appropriations and authorizations, funds weremade available beyond the fiscal year, 1950, for such items asEC A guaranties, certain phases of the Mutual Defense AssistanceProgram, Philippine rehabilitation, and construction of the UnitedNations bunding.2 This amount is not included in the total since these fundstechnically were considered to have been available for allotmentsor other use prior to June 30, 1949.3 Public Law 47, 81st Cong., 1st sess., authorized ECA to borrow$150,000,000 from the Treasury for the purpose of extendingguaranties, less any amount allocated for that purpose prior toApr. 3, 1949. $27,700,000 had been so allocated prior to Apr. 3,1949 but only approximately $3,600,000 of guaranties had actuallybeen made. Therefore EGA was authorized to make up to approxi-mately $146,400,000 in new guaranties after Apr. 3, 1949. Thisamount is not limited for use within the fiscal year.4 For expenditures necessary to enable the President to carryout the Mutual Defense Assistance Act of 1949 (Public Law 329,81st Cong., 1st sess.) for the period through June 30, 1950; $814,-010,000. In addition, the President is authorized to enter intocontracts for carrying out the provisions of Title I (North AtlanticTreaty countries) of this Act not in excess of $500,000,000 duringthe period ending June 30, 1950.6 From July 1 to Oct. 15, 1949, $30,000,000 of assistance toKorea was provided at the same rate of expenditure as in the fiscalyear 1949, pending the enactment of legislation by the Congressoutlining the terms and conditions under which further assistance

Defense Assistance Program, $1,211,370,000 wasauthorized for the North Atlantic Treaty countriesand for Greece and Turkey, as well as $102,640,000for Middle Eastern and Asiatic countries. An addi-tional amount of 45 million dollars for assistance toGreece and Turkey under the Act of May 22, 1947(61 Stat. 103) was appropriated under the ForeignAid Appropriations Act of 1949 (Public Law 327,81st Cong., 1st sess.).

Appropriations under GARIOA of 912.5 milliondollars for the fiscal year 1950 compared with1,300 million dollars appropriated for the fiscal year1949. This decline reflects, in part, transfer of theadministration of funds for certain countries—suchas Korea—from the Department of the Army tothe Economic Cooperation Administration and theMutual Defense Assistance Program.

The Korean aid program was presented by theAdministration as ;a three year program with anappropriation request for 150 million dollars duringthe first year, fiscal 1950. Appropriations amount-ing to 60 million dollars were effective throughFebruary 15, 1950.

FOREIGN AID FUNDS FOR FISCAL 1950

Table VI shows foreign aid funds made availableby the Congress during 1949.

is to be rendered in 1950. From Oct. 15, 1949, to Feb. 15, 1950,$30,000,000 of assistance may be expended at the same rate andunder the same terms and conditions as in the fiscal year 1949.Appropriations were made for the period through Feb. 15, 1950,pending enactment of legislation authorizing aid to Korea.

6 Out of the unexpended balances from the 1948 appropriationsto China (Public Law 793, 80th Cong.), the Congress made avail-able $4̂ 000,000 -under Public Law 327, 81st Cong., 1st sess., outof any unobligated balance of the amount made available underPublic Law 47, 81st Cong., to be used for educational purposesfor Chinese citizens.

7 Authorized under Public Law 903, 80th Cong., 2d sess. approvedAug. 11, 1948. Of the $65,000,000 authorized, $11,465,935 hadbeen disbursed by June 30, 1949.8 Of a total appropriation of $16,000,000, $8,000,000 had beenexpended by June 30, 1949. The legislation provided for a sumof $16,000,000 to be available until June 30, 1950, of which $8,000,-000 was to be used to repay without interest the RFC for advancesmade pursuant to section 1 of Public Law 25, 81st Cong., 1st sess.9 Public Law 283, 81st Cong., 1st sess., extends the life of theInstitute of Inter-American Affairs to June 30, 1955, and authorizestotal appropriations of $35,000,000.

III. ACTIVITIES OTHER THAN THOSE RELATING TO THE INTERNATIONAL MONETARY FUND AND THEINTERNATIONAL BANK

EUROPEAN RECOVERY PROGRAM

EGA appropriations and authorizations, 1949-1950.The European Recovery Program was predicatedfrom its inception on the assumption that progressin recovery would be accompanied by a reductionin the amount of aid extended. It was contem-plated that the United States would provide dollarassistance to stimulate recovery and that the Euro-pean countries would complement American aidwith their own efforts of mutual assistance and

self-help. In accordance with these principles, theAdministration requested appropriations for thesecond year of the European Recovery Programwhich were approximately 20 per cent below thosewhich had been provided for the first year.

On April 19, 1949, the Congress authorized atotal of 5,580 million dollars for European recovery(Public Law 47, Ch. 77, 81st Cong., 1st sess.), toprovide funds for the April-June quarter of 1949,and for the fiscal year 1949-50. The appropriation



bill for foreign aid, however, passed on October 6,1949 (Public Law 327, Ch. 621, 81st Cong., 1stsess.), provided a smaller amount, as indicated inTable VI of Chapter II. Operations for a portionof the interim period were covered by the authoriza-tion in Section 114(g) of the ECA Act of 1948,as amended by P. L. 47, which made available 1,000million dollars through the Reconstruction FinanceCorporation. In order to finance interim ECAexpenditures after these funds had been exhausted,the Congress made temporary appropriations forthe fiscal year 1950.5 Appropriations for the Euro-pean Recovery Program, as well as for other foreignaid purposes, have been summarized in Table VI ofChapter II of this report.

Nature of aid to participating countries. The Eco-nomic Cooperation Act of 1948 provided for con-sultation by the Adminstrator for Economic Coop-eration with the National Advisory Council on thetypes of assistance to be extended and the termsapplicable thereto. Under that Act 1 billion dollarswas specifically authorized to finance loans andguaranties. Of this amount 972.3 million dollarswas allocated to participating countries in the form

5 Public Law 154, Ch. 290, 81st Cong., 1st sess.; PublicLaw 196, Ch. 378, 81st Cong;, 1st sess.; Public Law 246,Ch. 473, 81st Cong., 1st sess.; Public Law 305, Ch. 576,81st Cong., 1st sess.

of loans, and the remainder was allocated for guar-anties. Other assistance took the form of directgrants, and, to a lesser extent, conditional aid, i.e.,funds made available to participating countries tothe extent that they granted equivalent amounts intheir own currencies (called drawing rights) toother participating countries.

In testifying on the second year program, Secre-tary Snyder, as Chairman of the Council, recom-mended to the Congress that the Administrator beauthorized, with the advice of the Council, to deter-mine, as to the total amount of aid made available,whether aid should be on a loan basis and in whatamount. It was pointed out that, to the extentthat participating countries emerged from the re-covery program with a burden of fixed charges onexisting dollar indebtedness, their ability to attractprivate capital would be reduced, and that manyof these countries had already contracted substantialdollar debts in connection with earlier reconstruc-tion expenditures. If these countries had to obligatethemselves for too large amounts of additionalloans under the program, the longer-term objectivesof that program would be endangered. It wasrecognized, however, that some of the countrieswould be in a better position to repay than others.A prudent use of the discretionary power requested

TABLE VII

ECA ALLOTMENTS TO PARTICIPATING COUNTRIES, APRIL 1948-SEPTEMBER 1949, BY TYPE OF AID


CountryTotal

allotmentsApril 1948-Sept. 1949

July 1, 1949-Sept. 30, 1949

Total allot-ments,1 loans,

grants andconditional aid

Apr. 1948-June 1949, by type of aid

Total Loans GrantsCon-

ditionalaid

All ERP countriesUnited KingdomFranceItaly...

Germany (Bizone)2

(French Zone)NetherlandsBelgium-Luxembourg

AustriaGreeceDenmark.

Norway. . .IrelandTurkey

Sweden.TriesteIceland

7,085.71,911.91,527.3

791.6

721.7653.1360.7

332.9241.4153.8

129.7100.567.7

60.722.210.5

1,132.7

292.2213.9123.6

108.282 .099.3

52.949.727,6

28.614.2

15.34.32.2

5,953.01,619.71,313.4

668.0

496.9116.6571.1261.4

280.0191.7126.2

101.186.349.0

45.417.98.3

972.3322.7172.067.0

146.750.9

31.035.086.338.0

20.4

' ' 2 . 3 '

4,209.3963.0

1,131.7553.7

414.3101.8413.1

3.0

276.9191.790.1

49.6

17.92.5

771.4334.0

9.747.3

82.614.811.3

207.5

3.1

5.1

16,5

lli.0

25.0

1 This is the first allotment out of fiscal year 1949-50 appropriated funds.2 ECA allotments exclude GARIOA funds.NOTE.—See Appendix C, Table 12 [omitted here] for data on intra-European aid and net aid received by or provided to participating

countries.Source.-—Economic Cooperation Administration.

MARCH 1950 301


by the Administrator and the Council would keepthe field open for long-range investment projectsto be financed by the private capital market, theExport-Import Bank, and the International Bank.

Accordingly in the authorizing legislation, Con-gress did not set aside, as it had done in 1948, anyspecific amounts available only for loans, but anamount was set aside in the Appropriation Act forthat purpose. Under Public Law 327, 81st Con-gress, the Administrator was authorized to issuenotes during the fiscal year 1950 for purchase bythe Secretary of the Treasury in an amount notexceeding in the aggregate 150 million dollars forthe purpose of extending assistance on credit termsto ERP countries. The form in which assistanceprovided from appropriated funds would be ex-tended was left to the determination of the Admin-istrator in consultation with the Council.

Table VII summarizes EC A allotments bycountry and type of aid extended for the periodApril 1948 through September 1949.

EGA guaranty program. The Foreign AssistanceAct of 1948 (Public Law 472, 80th Cong., 2nd sess.)had authorized EC A to extend assistance on creditterms and make guaranties out of public debt funds,not exceeding an aggregate of 1 billion dollars.The guaranties were to cover private United Statesinvestments in industries and distribution of infor-mational media in the participating countries, madein connection with projects approved by the Ad-ministrator and the foreign government concerned.The total amount of guaranties made under thisAct was not to exceed 300 million dollars.

During the first year of ECA operations, 27.7million dollars was set aside for guaranties, al-though actual guaranties authorized amounted onlyto approximately 3.6 million. These guarantiesassured United States companies investing abroadthat they would be able to convert local currencyreceipts from their investments into dollars up to100 per cent of their original investment, if suchconversion were not possible through normal chan-nels.

Public Law 47, signed by the President on April18, 1949, authorized ECA to make guaranties notexceeding 150 million dollars, of which not toexceed 10 million in any fiscal year may be madefor enterprises producing and distributing informa-tional media, funds therefor to be obtained byissuing notes to the Treasury to the amount of150 million dollars less the 27.7 allocated to guaran-ties under the Foreign Assistance Act of 1948.Since 3.6 million dollars of guaranties were madeprior to April 2, 1949, ECA was in effect author-ized to make up to 146.4 million in new guaranties.

The Act was also amended to broaden the defini-tion of "investment" to include "the furnishing ofcapital goods items and related services, for usein connection with projects approved by the Admin-istrator, pursuant to a contract providing for pay-ment in whole or in part after June 30, 1950. . . ."

Public Law 47, 81st Congress, further amendedthe provisions of the 1948 Act (Public Law 472,80th Cong., 2nd sess.), relating to guaranties, toread in part that "The guaranty to any personshall not exceed the amount of dollars invested inthe project by such person with the approval of theAdministrator plus actual earnings or profits on saidproject to the extent provided by such guaranty,"Under this authorization, and after consultationwith the Council, ECA announced that the aggre-gate amount to be covered under guaranties wouldnot exceed 175 per cent of the principal sum actuallyinvested. Investors would be limited as to theamount of receipts they could convert in the firstfive years. Beginning in the sixth year, however,investors would be permitted to convert up to anaggregate of 175 per cent of the principal suminvested. Within these limits, conversion may bemade at any time during the period of the guaranty,regardless of whether the foreign currency wasreceived as principal, capital gains, or income. The175 per cent limitation does not apply to the guar-anties issued to cover the furnishing of capital goodsitems and related services under Section l l l(b)(3)(iv) of the Foreign Assistance Act of 1948, asamended, nor to guaranties as to informationalmedia. Guaranties may be written so as to be effec-tive until April 3, 1962.

As of September 30, 1949, total guaranties thusfar issued by ECA amounted to approximately4.7 million dollars. Although the amount of inter-est in the guaranty provision, evidenced by thenumber of applications and inquiries received, hasshown a steady increase during recent months, thenumber of guaranty contracts signed to date in rela-tion to such applications and inquiries has notreached the volume anticipated. Experience hasshown that this is partly due to the length of timewhich it takes investors to complete the necessarycontractual and business arrangements preliminaryactually to making an investment.

All guaranties issued and applications for guar-anties filed with regard to industrial projects relatedto investments in the metropolitan areas of Euro-pean countries—primarily in the United Kingdom,France, and Italy. Such guaranties issued and themajority of the applications on file cover invest-ments for the purpose of the establishment of indus-trial enterprises in these countries or the expansion,modernization, or development of existing enter-



prises. The bulk of the guaranties issued for in-formational media relate to Western Germany.

Intra-European trade and payments. During thesix months under review, the first year's Intra-European Payments Agreement was revised and anew agreement was signed by the participatingcountries on September 7, 1949. The effective dateof the new agreement was made retroactive to July1, 1949. The new agreement continued most of thebasic features of the previous one. Intra-Europeanbalances were estimated bilaterally for the fiscal yearand drawing rights made available by the creditorsin their own currencies to finance uncovered deficits.These drawing rights in turn would be matched byconditional dollar aid granted to the creditors aspart of their total ECA dollar allotment.

Two significant new features were included inthe agreement. The debtor countries were to beallowed to use freely in any of the participatingcountries 6 25 per cent of their total estimated draw-ing rights for the fiscal year 1950, To insure thenecessary incentives under the plan, conditional dol-lar aid matching these so-called multilateral draw-ing rights would likewise be flexible and would beallotted to the country in which multilateral draw-ing rights were actually used.

The second significant modification was designedto take account of the special position of Belgiumin intra-European payments. Since Belgium was

6 Subject to the qualification with respect to Belgiumindicated in the next paragraph.

expected to be a heavy creditor in European tradeand her estimated surplus with European countriesexceeded her Western Hemisphere deficit, the newagreement limited the total amount of multilateraldrawing rights and conditional aid which could betransferred to Belgium. Furthermore, Belgiumagreed to finance part of the difference between herestimated deficit with the Western Hemisphere andher surplus with the participating countries by ex-tending long-term credits to her main debtors,namely, the United Kingdom, France, and theNetherlands.

The revaluation of European currencies whichtook place in September 1949 was expected to havea significant effect on the pattern and volume ofintra-European trade. However, until a clearerpicture of the impact of devaluation upon the pay-ments pattern could be obtained, it was not possibleto judge the direction or amount of change indrawing rights which might be desirable.

Local currency accounts. Assistance extended ona grant basis by the United States under the Euro-pean Recovery Program has been accompanied bydeposits of commensurate amounts of local currencyin special accounts by participating countries. Inaccordance with the Economic Cooperation Act of1948, these local currency funds, except for the 5per cent set aside for use by the United States, are,to the extent consistent with internal financialstability, available for the stimulation of produc-tive activity and the exploration for and develop-

TABLE VIII

STATUS OF EUROPEAN LOCAL CURRENCY COUNTERPART ACCOUNTS UNDER THE FOREIGN ASSISTANCE ACT OF 1948

SEPTEMBER 30, 1949

[Dollar equivalents of the local currency, in millions of dollars]

Country receiving grantsTotal

currencydeposited

For use by recipient country (95 per cent)

Approved forwithdrawal

With-drawals

Balanceson deposit

For use byUnitedStates

(5 per cent)(Cumulative)

All countries. .France *. . .•United KingdomWestern Germany x

ItalyAustria . . .Netherlands.

GreeceDenmark. . . .Norway. . . . .

Trieste. . .Belgium. .

3,892.81,213.1

847.9481.3

388.4290.7272.0

212.285.384.8

14.13.0

2,639.21,132.6

742.3152.0

186.4109.490.5

139.6(2)73.5

12.9

2,447.0

1,132.6739.6152.0

24.0106.890.5

118.2

73.5

9.8

1,251.319.965.9

305.3

345.0169.4167.9

83.481.07.1

3.62.8

194.5

60.642 .424.0

19.414.513.6

10.64.34.2

0.70.2

1 Data for France and Western Germany revised from those published earlier in the ECA Local Currency Counterpart Funds ReportSept. 30, 1949.

Data for Frfor Sept. 30, 1949.2 Less than $50,000 equivalent.

NOTE.—"Dollar equivalents" are computed at the actual rates which were used by the respective governments in agreement withe Administrator in making commensurate deposits of local currency. At Sept. 30, 1949, these were all predevaluation rates.

Source.—^Economic Cooperation Administration.

ith

MARCH 1950 303


merit of new sources of wealth, and for other pur-poses conducive to attaining the purposes of theAct. The policies involved in the use of these fundshave been formulated by the ECA in consultationwith the Council. The status of counterpart fundsunder the Foreign Assistance Act of 1948 as of Sep-tember 30, 1949, is shown in Table VIII.

Pursuant to Section 115(b)(6) of the EconomicCooperation Act of 1948, the Council, during thesix months ending September 30, 1949, was con-sulted by the Economic Cooperation Administrationon proposed programs of counterpart releases forAustria, France, Italy, the Netherlands, and theFrench Zone of Germany.7

FINANCIAL DEVELOPMENTS RELATING TO THEUNITED KINGDOM

Earlier reports of the Council have reviewedpostwar developments as they affected the financialposition of the United Kingdom. Here it may beobserved that while total dollar imports and ex-ports increased in 1947 over 1946, the disparity inBritish trade remained. In 1948, British exportscontinued to increase while her imports decreasedsubstantially, thus somewhat narrowing the gap.Nevertheless, the adverse trade situation with thedollar area continued into 1949. The differencebetween British exports and imports was financedlargely by the use of gold and dollar reserves andby the extension of direct assistance from the UnitedStates in the form of loans and grants. Gold anddollar reserves, for example, were reduced from ahigh of 2.6 billion dollars on December 31, 1946, to1.6 billion dollars on June 30> 1949. The financingof the dollar deficits of other parts of the sterlingarea contributed substantially to this reduction mreserves.

As a result of the deterioration in the Britishdollar position, the United Kingdom on July 14,1949, announced a new austerity program whichwould reduce plans for spending in the UnitedStates and Canada by 400 million dollars duringthe current fiscal year. This decision to slash dol-lar imports by 25 per cent was stated to be necessaryto safeguard the sterling area's gold and dollarreserves. At the same time, Commonwealth Gov-ernments indicated that they would take steps tomake similar cuts in their dollar imports.

During the course of a trip to Europe in thesummer of 1949,, the Chairman of the Council, atthe request of the British Government, participatedwith the Canadian Minister of Finance in conver-

7 In October 1949 the Council also approved a broad pro-gram for the use of counterpart funds in the United States-United Kingdom Zone of occupation of Western Germany.

sations with the British Chancellor of the Ex-chequer. At this meeting, the United States andCanadian representatives were advised of the gen-eral character of the import cuts which would haveto be made by the United Kingdom and the sterlingarea countries. It was agreed at the meeting tohold further conversations early in September 1949.

The ensuing discussions with the United King-dom and Canada were held in Washington underthe chairmanship of Secretary Snyder. These talksreviewed the steps that both debtor and creditor na-tions should take to progress toward a self-balanc-ing relationship between the dollar area and thesterling area. The results of the meeting weresummarized in a joint communique which was re-leased at the close of the meetings on September12, 1949, and which is reproduced as AppendixD to this report [omitted here].

On September 18, 1949, after consultation withthe International Monetary Fund, the British Gov-ernment announced a decision to devalue the poundsterling from $4.03 to $2.80, or by 30.5 per cent.Gold and dollar reserves, which had reached a lowof 1,330 million dollars on the date of devaluation,increased to 1,415 million dollars by September 30,1949. The devaluation of sterling was followed byadjustments in most of the other principal curren-cies of the world. The subject of changes in parvalues is discussed in detail in Chapter IV.

POINT FOUR PROGRAM

Since first introduced in his inaugural address,January 20, 1949, the Council has given continuingattention to the financial aspects of the President'sPoint Four Program, which is designed to facilitateeconomic development, particularly in underdevel-oped areas. In the original statement, the methodswhereby this objective could be achieved wereoutlined in broad terms rather than in specificmeasures.

The Council gave particular attention to sug-gested methods of implementing the program, in-cluding proposals for guaranties of private invest-ments, the content of investment treaties,, andspecific measures relative to tax deterrents to inter-national investment.

In connection with the program, emphasis wasplaced upon the concept that private capital shouldcontribute a major part of the funds required.The history of United States private investmentsabroad indicates there was a comparatively lowlevel of financing during the 193Q's following de-faults on foreign government obligations whichhad resulted from the depression. During WorldWar II, withdrawals of capital from such invest-ments exceeded new capital put in and it was not



until 1945 that new direct investments again be-came important. Since the end of the war, foreigninvestments have increased rapidly, reaching anannual level of about 800 million dollars in 1948,but these new investments have been concentratedin a very limited number of fields and in a fewcountries. In order to achieve an expansion in theamount and fields of investment, it was realizedthat new incentives were required.

A prerequisite for stimulating foreign invest-ment is the creation of a more favorable climate forinvestment abroad, including a cooperative attitudeon the part of the foreign countries concerned.One step towards the improvement of such a cli-mate would be the negotiation of treaties of friend-ship, commerce, and economic development be-tween foreign countries and the United States.The principal purpose of such treaties would beto provide an understanding between the govern-ments on the basis of which potential investorswould be assured of the security of their propertyand, in the case of expropriation, of prompt, ade-quate, and effective compensation. The investoralso would be given reasonable opportunity to re-mit earnings and to withdraw his capital, andwould enjoy security in the protection of his per-son, and nondiscriminatory treatment in the con-duct of his business affairs. >

In addition it was considered that the UnitedStates might encourage private investment abroadby providing guaranties against risks peculiar toforeign investment. The Council therefore recom-mended, as a coordinated part of the Point FourProgram, that the Export-Import Bank seek au-thority from the Congress to offer guaranties, inconsultation with the Council, to United Statesprivate capital newly invested in enterprises con-tributing to economic development in foreign coun-tries. The Export-Import Bank was consideredthe best medium for carrying out the guaranty pro-gram since it had previous experience in the ex-tension of development loans to foreign countries,both for productive purposes and to increase inter-national trade. It was believed that the programshould be experimental in nature since it was diffi-cult to anticipate the types of risks which shouldbe covered or the effectiveness of guaranties tostimulate investments.

The Council also recommended that the Secre-tary of the Treasury propose legislation to removetax deterrents to private foreign investment. Suchlegislation would liberalize present limitations onthe foreign tax credits allowed to American busi-ness so that increased tax relief would be accordedwhere foreign operations result in profits in somecountries and losses in others. The present laws

pertaining to taxation of corporations having for-eign subsidiaries would be liberalized so that amajority stock ownership would no longer be re-quired to be eligible for the tax credit for foreigntaxes paid by the foreign subsidiaries. Further-more, it was proposed that the law be liberalizedso that an American citizen abroad may recervethe exemption from the United States tax on hisforeign earned income retroactively to the time hefirst becomes a bona fide resident of a foreigncountry. It was recommended that estate taxesimposed by foreign governments be allowed as acredit against United States estate taxes similarto the credit under the income tax. Finally, it wasproposed that, if practicable, taxes on the profits offoreign branches of domestic corporations shouldbe postponed until the profits are remitted to theUnited States, similar to the present treatment offoreign subsidiaries.

In July 1949, the guaranty program was pre-sented to the Congress as an experimental programwhich would give the Export-Import Bank broadand flexible authority to issue guaranties againstrisks peculiar to foreign investment. In testifyingbefore the Senate Banking Committee, Secretary ofthe Treasury Snyder, as Chairman of the Council,pointed out that outside capital could help speedthe development of underdeveloped areas but thatsound and lasting development could be attainedonly if these areas used their own resources to thefullest extent. He stressed that foreign investmentshould be undertaken through private channels in-sofar as possible, particularly because investment byprivate enterprise is characteristically accompaniedby technical assistance in the form of industrialknow-how.

Secretary Snyder also pointed out that the ob-stacles to investment of private capital abroad springfrom several sources, such as exchange restrictions,state control and ownership of industry in foreigncountries, and political instability. The UnitedStates Government could contribute to the removalof these obstacles through the negotiation of treatiesof the type previously discussed, and could supple-ment the assurances to investors through guarantiesof private United States investments abroad.

The Banking and Currency Committees of bothHouses of Congress reported favorably on the billspermitting the extension of foreign investmentguaranties but no further action was taken on themduring the first session of the 81st Congress.

In addition to the introduction of bills advocatingforeign investment guaranties by the Export-ImportBank, a companion bill relating to the Point FourProgram dealt with international technical coopera-tion. It was the objective of the proposed legisla-

MARGH 1950 3Q5


tion to enable the United States to participate inprograms, in cooperation with other interested gov-ernments, for the interchange of technical knowl-edge and skills which would contribute to thebalanced and integrated development of the eco-nomic resources and productive capacities of eco-nomically underdeveloped areas. The House Com-mittee on Foreign Affairs conducted hearings onthis bill but postponed action until the second ses-sion of the 81st Congress.

EXPORT-IMPORT BANK CREDITS

During the period under review, the Councilcontinued to work closely with the Export-ImportBank to facilitate coordination of the Bank's opera-tions with those of other agencies concerned withforeign financial and monetary matters. Newcredits authorized by the Bank during this periodtotaled $49,758,058.

Chile. During the six-month period, the Councilapproved consideration by the Export-Import Bankof a credit to Chile not to exceed 25 million dollars,with a maturity of not more than nine years, toassist in the financing of its import program forthe remainder of 1949.8

The Bank also approved an increase of $1,350,-000 in an existing line of credit of $5,350,000 whichwas extended by the Bank in favor of the Cor-poracion de Fomento de la Produccion, Chile, inFebruary 1947. This increase was granted tofinance expenditures in the United States for hydro-electric power facilities. The additional credit isguaranteed by the Republic of Chile.

Yugoslavia. Before the war, Yugoslavia was aleading producer of nonferrous metals such asbauxite, mercury, copper, lead, and zinc. Damageto the mines and their equipment occurred duringthe war. There was also a considerable amount ofdepreciation and obsolescence. In order to assistin rehabilitation, chiefly of the Yugoslav miningindustry, application was made to the Export-Im-port Bank for credits for the purchase in the UnitedStates of essential materials and equipment.

The Council approved consideration by the Ex-port-Import Bank of the extension to Yugoslaviaof credits up to 20 million dollars for purchases inthe United States of the necessary materials, equip-ment, and services. On September 9, 1949, the

8 The authorization of a credit of 25 million dollars wasannounced by the Board of Directors of the Export-ImportBank on Oct. 7, 1949, with 15 million to be made availableimmediately and additional advances of up to 10 millionto be made on demonstration that they are necessary to payfor 1949 imports agreed to be essential. Funds advancedunder the credit will be repayable in semiannual instalmentsbeginning Apr. 30, 1952, and ending Oct. 31, 1959, and willbear interest at the rate of 3.5 per cent per annum.

Bank announced an authorization to Yugoslavia of20 million doljars in credits, which would be avail-able until December 31, 1950.

Other credits. In August 1949, the Bank an-nounced authorization of credits in the total amountof 17.9 million dollars (representing specific alloca-tion of funds from an original commitment of 50million made in April, 1947), for the rehabilitationand development of Mexican railroads. Thesefunds are designed to further a general programof transportation development for which the Bankhad previously lent 62 million dollars, under thisand other credits, of which 22 million had been re-paid.

The Bank authorized a credit of 4 million dollarsto the Liberia Mining Company to assist in financ-ing the development of high-grade iron ore de-posits and the construction of a railroad and orehandling and storage facilities. This loan repre-sented about one-half of the projected financingcosts of the project.

As previously reported by the Council, as ofApril 1, 1949, credits of 51 million dollars had beenauthorized out of the Bank's earmark of 100 mil-lion dollars in favor of the State of Israel. OnSeptember 8, 1949, the Bank announced an alloca-tion from the 49 million still available of $2,350,000for United States goods and services to be used inconnection with the improvement and expansionof the existing ports of Israel.

The Export-Import Bank also acted as adminis-tering agency for the supplementary loan agree-ments with participating ERP countries signed dur-ing the period under review. The terms and con-ditions of these loans, agreed upon by ECA afterconsultation with the Council, include an interestrate of 2.5 per cent per annum payable semiannuallyfrom 1952, and principal payments beginning in1956. The loans mature in 1983.

As of September 30, 1949, the resources of theExport-Import Bank were distributed as follows(in millions of dollars):

Loans outstanding 2,160.7Undisbursed commitments 383.2Uncommitted lending authority 956.1

Total lending authority. . 3,500.0

Table IX shows the distribution of net creditsauthorized by country and object of financing.Data on actual utilization of Export-Import Bankcredits by country, through June 30, 1949, may befound in Table VIII, Appendix C [omitted here].

OTHER FINANCIAL PROBLEMS

Financial terms of military assistance to Iran andthe Philippines. When the financial aspects of the



Mutual Defense Assistance Program were originallyreferred to the Council, the Council was of theview that such assistance should be provided on agrant basis to countries receiving ECA assistanceand that separate determinations should be madefor countries outside of the ECA program. Iranand the Philippines were not included in the origi-nal program under which the Atlantic Pact coun-tries were to receive military aid. When it waslater determined that these two countries wouldparticipate in the Mutual Defense Assistance Pro-gram, the Council expressed the opinion that mili-tary assistance to them should be provided on agrant basis.

Additional stabilization assistance to Mexico. OnJune 17, 1949, Secretary of the Treasury Snyder,after consultation with the Council, announced thesigning of an agreement supplementing the UnitedStates-Mexican Stabilization Agreement enteredinto in May 1947. Mexico had previously utilized37 million dollars of the 50 million available underthe existing Stabilization Agreement. The newagreement increased to 25 million the balance avail-able from the United States Stabilization Fundfor the purchase of Mexican pesos to stabilize theUnited States dollar-Mexican peso rate of exchange.The agreement was signed following acceptance bythe International Monetary Fund of a new parvalue of 8.65 Mexican pesos per dollar (see Chap-ter IV). Secretary Snyder stated that any opera-tions under the agreement with Mexico would beclosely coordinated with the activities of the Inter-national Monetary Fund in order to contribute tothe efforts of the Fund to stabilize the exchangerate structure of its members.

Withdrawal of Commodity Credit Corporationagreement with the Netherlands Indies Government.In June 1948, the Council reviewed the proposedextension of a 20 million dollar credit by the Com-modity Credit Corporation to Indonesia for thepurchase of incentive goods (textiles, food, house-hold articles, etc.) to be used to stimulate the pro-duction and procurement of copra and palm oil forexport. A year later the Secretary of Agricultureadvised the Council that no funds had been ad-vanced under the proposal and that the Board ofDirectors of the Commodity Credit Corporationhad resolved to withdraw the offer to enter into theagreement. During the period, changes in theworld fats and oils supply situation obviated theneed for the proposed agreement.

United States-Brazil economic discussions. Follow-ing submission of the report of the Joint Brazil-United States Technical Commission, the govern-ments of each country considered plans to foster theeconomic development of Brazil. During the spring

of 1949, President Dutra returned the visit madeby President Truman to Brazil in August 1947.

TABLE IX

N E T CREDITS AUTHORIZED BY THE EXPORT-IMPORT BANK

JULY 1, 1945-SEPTEMBER 30, 1949 1

fin millions of dollars]

Area andcountry

Total, all areas..

Total, Europe. . .

FranceNetherlands....Belgium

ItalyFinlandNorway

PolandTurkeyCzechoslovakia

Denmark

Greece

Austria

Yugoslavia

Unallotted cot-ton credits

Total, LatinAmerica . . . .

BrazilMexicoChile

Haiti . . .Ecuador

Bolivia

Argentina. . .UruguayOther Latin

America . . . .

Total, Asia andAfrica..

IsraelChinaJapan

Saudi Arabia. . .EgyptEthiopia.

Canada

Other areas

Total

2,641.8

2,030.4

1,200.0205.3132.0

131.8100.250.2

40.035.522.0

20.04.6

14.7

13.52.2

20.0

38.4

224.1

65.257.064.7

20.14 . 03 . 8

3.33.02 . 0

.2

.1

.7

232.6

100.066.745.8

10.07.13.0

145.0

9 7

Re-con-

struc-tion

1,008.6

971.9

650.03 152.2

45.0

50.0

40.0

20.0

14.7

36.7

33.7

3.0

De-velop-ment

767.1

280.9

" 31 is32.0

101.973.2

35.5

13.02 2

20.0

224.1

65.257.064 7

20 14 . 03 . 8

3 33 02 0

.21

.7

117.1

100.0

10.07 1

145.0

Lend-leaserequi-sitions

655.0

655.0

550.050.055.0

Cot-tonpur-

chases2

183.8

105.0

25.017.0

20.6

6 4 . 6

38.4

78.8

33.03' 645.8

Other

27.3

17.6

< 4 . 96 10.0

.2

" 4 2 . 6

.5

9.7

1 Cancellations and expirations deducted. Numerous smallexporter-importer loans extended by the Bank, July 1, 1945,through Sept. 30, 1949, are excluded. Also excluded are Mexicanauthorizations of $30,000,000 and a Peruvian authorization of$400,000 approved prior to June 30, 1945, recorded on Export-Import Bank books subsequent to June 30, 1945.

2 Credits extended by Export-Import Bank under generalapproval of the Council. Hungarian credit of $7,000,000 can-celed Apr. 2, 1947.

3 Excludes participation by private banks.4 For financing tobacco purchases.5 For financing food purchases.6 Revolving credits.

MARCH 1950 307


The two Presidents discussed at length the desir-ability of fostering economic development and so-cial progress through the mutually beneficial inter-change of technological data and trained specialistsof all types, as well as through financial and eco-nomic cooperation. President Dutra mentioned theneed of foreign private investment in Brazil. Thetwo Presidents recognized the important role ofprivate investment in economic development andsocial progress and accordingly instructed technicalexperts of their respective Governments to com-mence immediately the negotiation of an appropri-

ate treaty that would stimulate the mutually bene-ficial flow of private investment. It was also fullyagreed that a comprehensive joint study of the taxrelations between the two countries would be help-ful. The two Presidents recognized the possibilityof financing through public lending agencies appro-priate development projects not suited to privatefinancing, of the types which have been acceptedfor financing by the International Bank for Re-construction and Development and the Export-Im-port Bank.

IV. ACTIVITIES RELATING TO THE INTERNATIONAL MONETARY FUND AND THE INTERNATIONAL BANKFOR RECONSTRUCTION AND DEVELOPMENT

The National Advisory Council, in accordancewith statutory authority, continued to coordinatethe activities of the United States representatives ofthe Fund and the Bank with those of: other agenciesof the Government, by consulting and advisingwith them on major problems arising in adminis-tration of the Fund and the Bank. The UnitedStates Executive Directors of these institutions, ortheir alternates, have attended the Council's meet-ings regularly, and have participated continuouslyin the work of its Staff Committee.

FOURTH ANNUAL MEETINGS OF THE FUND ANDTHE BANK

The Boards of Governors of the Fund and theBank held their fourth annual meetings in Wash-ington, D. C, September 12 to 16, 1949, TheSecretary of the Treasury, John W. Snyder, asUnited States Governor of both institutions, at-tended. Willard L. Thorp, William McChesneyMartin, Jr., and Frank A. Southard^ Jr., were ap-pointed temporary United States Alternate Gover-nors for the purpose of these meetings. TheUnited States Alternate Executive Directors alsoparticipated in these meetings,, as did representativesof the constituent agencies of the Council.

The principal matters considered by the Boardsof Governors were as follows:

(1) The Boards of Governors discussed and ac-cepted the annual reports, the financial statementsand reports on audit, and the 1949 administrativebudgets, and elected officers and a joint procedurescommittee for 1949-50.

(2) The application of the Republic of Haiti formembership in the two institutions was approved,providing for a quota in the Fund of 2 million dol-lars, with a like amount as a subscription to theBank. Membership is open to Haiti until March31, 1950, with the Executive Directors empowered

to extend this period until September 30, 1950, ifthey deem such action warranted.

(3) The Boards of Governors also extended untilMarch 31, 1950 the period in which the Republicof Liberia may accept membership, and empoweredthe Executive Directors further to extend the pe-riod, but not beyond October 1, 1950.

(4) At the Fund meetings, the Governorsadopted a resolution, referring to the ExecutiveDirectors for further study, the proposal by SouthAfrica concerning gold sales at premium prices.They also discussed questions of exchange andmonetary policy, exchange restrictions, and mone-tary reserves.

(5) A report on relations with the InternationalTrade Organization and the CONTRACTING PARTIESto the General Agreement on Tariffs and Trade wassubmitted to the Board of Governors of the Fundfor information.

(6) The Governors of the Bank reviewed the re-port of the Ad Hoc Committee (appointed at thethird annual meeting to consider provisions relatingto duties and remuneration of the Executive Direc-tors), and referred the matter back to the Commit-tee for further study.

(7) The Governors of the Bank approved thereport of the Executive Directors postponing theelection of a new Advisory Council.

(8) The Governors of the Bank also approvedthe report of the Executive Directors on the alloca-tion of the Bank's net income for the fiscal yearending June 30, 1949.

At the closing session, the Governor of India waselected Chairman for the coming year, and the Gov-ernors of China, France, United Kingdom, and theUnited States were elected Vice Chairmen. It wasdecided to hold the fifth annual meetings in Parisin the month of September 1950.



MEMBERSHIP CHANGES IN THE FUND AND THE BANK

During the period under review, one new coun-try, Thailand, was admitted to membership in theFund and the Bank, At the third annual meetingsin Washington in September 1948, the Boards ofGovernors accepted the request of Thailand formembership, providing for a quota in the Fund of12.5 million dollars, with a like amount as a sub-scription to the Bank. Thailand formally becamea member of the two organizations on May 3, 1949.

Favorable action by the United States repre-sentatives with respect to this application was takenwith the approval of the Council.

On September 30, 1949, 48 countries were mem-bers of the Fund and the Bank. The members,with their quotas and capital subscriptions as ofSeptember 30, 1949, are listed in Appendix E [omit-ted Aiere].

ORGANIZATIONAL CHANGES

On May 18, 1949, Mr, Eugene R. Black, thenUnited States Executive Director, was elected Pres-ident of the Bank, succeeding Mr. John J. McCloy,who resigned to accept the post of United StatesHigh Commissioner for Germany. Mr. Black as-sumed his new duties on July 1, 1949.

THE FUND

During the period under review, the Fund con-tinued to provide a number of its member coun-tries with technical assistance, as well as, in ap-propriate instances, necessary foreign currency tomeet balance-of-payments deficits on current ac-count. As will be noted in the following sectionof this report dealing with "par values," the Fundparticipated actively in the extensive realignmentof currencies that occurred in the latter half ofSeptember 1949.

Par values. On May 24, 1949, the Fund an-nounced the establishment of an initial par valuefor the Yugoslav dinar at 50 dinars per UnitedStates dollar, the rate proposed by the Governmentof Yugoslavia. On June 17, 1949, the Fund alsoannounced that it had concurred in the request ofthe Government of Mexico for the establishment ofa new par value for the peso. The new par valueof 8.65 pesos per United States dollar replaced theinitial par value of 4.855 pesos per United Statesdollar, established on December 18, 1946, by agree-ment between Mexico and the Fund. Transactionsat this initial parity had been suspended by theBank of Mexico on July 22, 1948. The UnitedStates Executive Director, acting with the approvalof the Council, concurred in the Fund action onthe proposals of both Yugoslavia and Mexico.

Currency readjustments: September 1949. In De-cember 1946, the International Monetary Fund andmember governments agreed on the establishmentof initial par values for their currencies based onexisting exchange rates, even though, as the Execu-tive Directors of the Fund recognized in their firstAnnual Report ". . . in some cases the initial pairvalues that are established may later be found in-compatible with the maintenance of a balancedinternational payments position at a high level ofdomestic economic activity." There were cogentreasons for this decision. It would have been pre-mature to attempt a general revision of exchangerates at that time, in view of the drastic changesin the structure of world trade and the disruptionof the internal economies of many member coun-tries wrought by the war.

As economic advances were made as a result ofthe internal efforts of the countries concerned aswell as of the United States foreign assistanceprogram, the desirability of an eventual revalua-tion of currencies gradually became more apparent.In its Semiannual Report for the period October1, 1948-March 31, 1949, the National AdvisoryCouncil stated that ". . . in 1948 a general revalua-tion of the European exchange rates was inadvis-able in view of the possible internal repercussionsof devaluation on the participating countries in aperiod when their economies still exhibited seriousinflationary tendencies, while their levels of produc-tion were not adequate to maintain an expandedvolume of international trade. In many of theparticipating countries these conditions no longerobtain, since substantial progress has been made to-ward recovery in their Jevels of production. . . .It is the Council's opinion that in some cases therevaluation of currencies may constitute an im-portant means of bringing about the desired ex-pansion of exports to the dollar area which, alongwith other appropriate measures, will contributeto more normal methods of financing after 1952."Similarly, in their Annual Report for the year end-ing April 30, 1949, the Executive Directors of theInternational Monetary Fund declared that "Wherea price reduction . . . is necessary to expand ex-ports, it would in many cases seem possible onlythrough an adjustment in the exchange rate." 9

In the period under review, it was becomingwidely accepted that a general revision of Europeanexchange rates was an essential step in the direc-tion of creating freer intra-European and worldtrade and restoring equilibrium in European bal-ances of payments at a reasonable level. European

9 Similar views had been expressed by other internationalbodies such as the Organization for European EconomicCooperation and the Economic Commission for Europe.

MARCH 1950 309


export prices in terms of dollars had become lesscompetitive than United States prices for the sametypes of goods, and in the absence of depreciationit was becoming increasingly difficult for Europeancountries to maintain, much less expand, their ex-ports to the dollar area and to compete with dollararea goods in their domestic and third markets.There was serious danger that unless such actionwas taken, the marked disparities in cost-price struc-tures existing between the soft currency area coun-tries and the dollar area countries on the one hand,and among the -soft currency area countries them-selves on the other, would tend to become set, thestrains of altered creditor-debtor relationships in-creasingly burdensome, and the distortions of inter-national trade and the disequilibria in Europeanbalances of payments increasingly intractable.

The decline in the exports of European countriesto the dollar area and the depletion of the UnitedKingdom's gold and dollar reserves during 1949underlined the need to adopt remedial action. Inless than six months, from the 31st of March toSeptember 18, 1949, the United Kingdom's goldand dollar reserves fell by more than 500 milliondollars. On September 18, the International Mone-tary Fund announced that the United Kingdomhad proposed and the Fund had concurred in achange in the par value of the pound sterling fromthe previous rate of one pound sterling to $4.03, toone pound sterling to $2.80. Twenty-five othercountries had announced adjustments in their ex-change rates by September 30, with the extent ofdevaluation varying from 9.1 per cent in the caseof Canada, to 30.5 per cent by most countries withinthe sterling area (see Table X). The Fund wasconsulted on, and approved, the adjustments pro-posed by member countries, and the United StatesExecutive Director, acting in accordance with policydirectives previously formulated by the Council,concurred in the action of the Fund.

The Council recognizes that this readjustmentof exchange rates does not constitute a cure-allfor the difficult and complex problems currentlyfaced in international payments. But it helps toclear the way by removing some of the obstaclesto the effective functioning of a world price sys-tem. It may contribute to a reduction in the Euro-pean dollar deficit by an expansion of exports fromthe European countries to the Western Hemisphereand facilitate the relaxation of barriers to multi-lateral trade.

Exchange restrictions. On May 27, 1949, the Fundreported results of consultations with the Govern-ment of Ecuador on Ecuador's exchange system, andrelated subjects of credit and monetary policy. Asa result of similar consultations with the Fund in

June 1947, Ecuador had made certain modifica-tions in her exchange control system. In the May

TABLE X

CHANGES IN CURRENCY VALUES, SEPTEMBER 30, 1949

Country

STERLING AREA:United Kingdom1..IcelandIreland

BurmaCeylonIndia.

Iraq. . . . . . . . . . . . .Australia. .New Zealand . . .;..'.

South Africa

Canada .......Egypt . .'. .Israel

Jordan. . .Thailand. . . . . . .7.'. .EUROPE:

Belgium-Luxembourg3. . .

DenmarkFinland4

France5

Germany, Western.

Greece6

Italy?Netherlands8

NorwayPortugal9

Sweden*0. ,

Monetaryunit

PoundKronaPound

RupeeRupeeRupee

DinarPoundPound

Pound

DollarPoundPoundImports2

ExportsPoundBaht

FrancKroneMarkka

FrancDeutscheMark

Drachma

LiraGuilderKrone

EscudoKrona

Currency value—U. S. cents per

unit of currency

Old

403.00015.411

403.000

30.22530.22530.225

403.000322.400403.000

403.000

100.000413.300

302.000\403.000/

403.00010.075

2.28220.8380.625

0.3669

30.0000.01

0.173937.69520.150

4.00027.816

N e w

280.00010.705

280.000

21.00021.00021.000

280.000224.000280.000

280.000

90.909287.156

280.000

280.0008.000

2.00014.4780.4348

0.2857

23.8100.0067

0.157226.316 |14.000

3.47819.33

Reduc-tionin

value(percent)

30.530.530.5

30.530.530.5

30.530.530.5

30;5

9.130.5

7.330.5

30.520.6

12.330.530.4

22.1

20.633.3

9.630.230.5

13.030.5

1 All of the British territorial currencies (except that of BritishHonduras), were likewise devalued by 30.5 per cent.2 Free market rate for imports.3 The Belgian Congo franc remains at par with the Belgian franc.

* The Finnish change shown here followed closely an earlierdevaluation (from 0.735 to 0.625 cents per markka), on July 4,1949, and thus represents a total devaluation of 41 per cent duringrecent months.6 Rates shown are those for trade transactions. Under theofficial free market system used in France, the rates referred tohere are technically flexible, though they may be held steady forrelatively long periods. All local currencies of French dependenciesare pegged to the French franc, except: (1) the rupee of Frenchpossessions in India, which is maintained at par with the Indianrupee; and (2) the Djibouti franc, which retains its old dollarparity of 0.47 cents.6 Under the exchange certificate system used in Greece, therates referred to here are technically flexible, but for over a yearprior to the current devaluation, fluctuations in the old rate had'been held to less than 1 per cent in either direction.7 Under the official free market system used in Italy, the ratesreferred to here are technically flexible, though they may be heldsteady for relatively long periods.8 The Indonesian guilder remains at par with the Netherlandsguilder, but the Surinam guilder retains the old dollar parity of53 cents.9 The change shown here followed closely a minor adjustment(from 4.0124 to 4.0 cents per escudo), on August 8, 1949. Portugalis not a member of the International Monetary Fund and has nopar value. Rates shown are mid-rates between the official buyingand selling rates.

10 Sweden is not a member of the Fund and has no par value.Rates shown are average rates between the official buying andselling rates.



consultations it was understood that Ecuador wouldcontinue to maintain for another year her presentexchange controls but that during this period Ecua-dor would consult with the Fund regarding modifi-cations which might properly be made at the endof that time.

Price of gold. The Secretary of the Treasury, atthe fourth annual meeting of the InternationalMonetary Fund, in connection with considerationof the resolution proposed by South Africa con-cerning gold sales at premium prices, reiteratedthe established position of the United States Gov-ernment with respect to the maintenance of thedollar price of gold. In his capacity as UnitedStates Governor, the Secretary stated, during thecourse of the discussion, "I have said on many occa-sions and I must say again that I do not perceiveany considerations of monetary policy which wouldjustify me in proposing to my Government a changein the dollar price of gold." 10

Repurchase of Fund drawings. Article V, Section7 of the Fund's Articles of Agreement provides forthe compulsory repurchase of Fund holdings of amember's currency under specified conditions.

During May 1949, Costa Rica became the firstcountry to repurchase some of its own currencyfrom the Fund. This transaction involved CostaJlican colones equivalent to $874,000, and waseffected through a, Costa Rican payment to theFund of $855,000, and gold to the value $19,000.In August 1949, Belgium repurchased from theFund Belgian francs equivalent to $946,500, witha payment of $35,000, and gold to the value of$911,500. During September 1949, Nicaragua re-purchased for $500,000 the total amount of cordo-bas which it had sold to the Fund in 1948. As aresult of this transaction, the Fund's holdings ofcordobas reverted to the level in existence prior tothe original Nicaraguan drawing.

Exchange transactions. During the six months,April 1, 1949, through September 30, 1949, theFund sold 21 million dollars to three of its membercountries. These transactions increased total cur-rency sales of the Fund to date to the equivalentof 734.6 million dollars. Fund sales of UnitedStates dollars for member currencies have been al-most entirely to non-ERP countries since the startof the European Recovery Program in April 1948.

The accompanying table presents a detailedbreakdown of currency sales through September30, 1949.

10 The position of the United States on this matter wasfurther explained in a memorandum to the press of Oct. 5,1949, and reaffirmed by President Truman on Nov. 10, 1949.

TABLE XI

CURRENCY SALES OF THE INTERNATIONAL MONETARY FUND

APRIL 1, 1947-SEPTEMBER 30, 1949

[In millions of U. S. dollars]

Country

Total, all countries

Total, ERPparticipants

United Kingdom..France . . . .Netherlands. . . . . .Belgium

N o r w a y . . . . . . . . . .DenmarkTurkey

Total, othercountries..

India. . .Mexico . .BrazilUnion of South

Africa.......

ChileCzechoslovakia. . .Egypt...Yugoslavia

Costa Rica.NicaraguaEthiopia. .

Totalto

Sept.30,

1949

734.6

564.2

300.0125 075 333.0

15.710 25 0

170.4

100.022.515.0

10.0

8 86 . 03.03 0

1 30 . 50 . 3

Six months ending

Sept.30,

1949

21.0

21.0

3.03 0

Mar.31,

1949

73.8

6.1

36 1

67.7

55.9

10.0

1 30 5

Sept.30,

1948

39.7

17.3

16.8

4 7.13 4

22.4

16.1

6 0

0 . 3

Mar.31,

1948

391.1

356.8

240.025.044.533.0

2.56 85 .0

34.3

28.0

6.3

Sept.30,

1947

209.0

184.0

60.0100.0224.0

25.0

2 . 5

1 Sale of Belgian francs.2 Includes 6 million dollars of pounds sterling.3 United States dollars sold for an equivalent in gold.4 Includes 4.6 million dollars of Belgian francs.NOTE.—Except where otherwise indicated, all sales were of

United States dollars in exchange for the currency of the purchasing country.

Source.—International Monetary Fund.

THE BANK

During the six months under review, the Inter-national Bank made 76.5 million dollars in newloan commitments to four of its member coun-tries. The United States Executive Director or hisalternate consulted with the Council with respectto each of these loan applications.

As a further aid to member countries, the Inter-national Bank announced an expanded program oftechnical assistance for economic development.The Bank indicated that it would be prepared tohelp member countries in making comprehensivesurveys of their resources and in working out ap-propriate long-term investment programs; to workclosely with potential borrowers in the analysis andplanning of specific projects for Bank financing;and to assist in formulating and putting into efrectpractical measures to strengthen the financial in-stitutions and practices of its member countriesand to encourage productive investment from other

MARCH 1950 311


sources. The Bank, however, emphasized the im-portance of action on the part of the less-developedcountries to create a sound foundation for economicdevelopment.

Loans and disbursements. On July 29, 1949, theBank granted a loan of 15 million dollars to theFinance Corporation for National Reconstruction(Herstelbank), of the Netherlands. This loan wasspecifically made to finance imports of equipmentfor the reconstruction or modernization of plantsin various industries. The loan, guaranteed by theKingdom of the Netherlands, extends for a periodof 15 years, and carries an interest rate of 3 percent, plus the usual 1 per cent commission for theBank's special reserve. Amortization payments,calculated to retire the loan by maturity, will startin the fourth year. The Bank announced that thisloan was made in accordance with one of its mainpurposes—to aid in the reconstruction of economiesof member nations and to encourage the develop-ment of their productive facilities and resources.The Bank also stated that by assisting in financingprojects which involve permanent additions to Eu-rope's productive capacity, the loan followed theBank's policy of supplementing the European Re-covery Program.

On August 1, 1949, the Bank announced a loanof 12.5 million dollars to the Bank of Finland tofinance imports of equipment and materials re-quired for the reconstruction and modernizationof Finland's woodworking industries, for an elec-tric power development program, and for expand-

ing production of limestone powder for agriculture.The terms of this loan, which was guaranteed bythe Government of Finland, were similar to thoseapplicable to the Herstelbank.

On August 18, 1949, the Bank granted a loanof 34 million dollars to India for the reconstruc-tion and development of the railways owned andoperated by the State. Proceeds of this loan will beused to finance part of the purchase price of locomo-tives, boilers, and spare parts. This loan—the firstto be granted by the Bank to a member countryin Asia—carried terms similar to those in the twopreceding instances, except that amortization pay-ments will start on August 15, 1950. On Sep-tember 29, 1949, the Bank announced an addi-tional loan of 10 million dollars to India, to financepart of the cost of agricultural machinery neededfor land clearance and reclamation and therebyto increase the production of grain in India. Thisloan was for a term of seven years and carried aninterest rate of 2.5 per cent, plus the usual 1 percent commission. Amortization payments, cal-culated to retire the loan by maturity, will starton June 1, 1952.

On August 19, 1949, the Bank granted a loan of5 million dollars to the Caja de Credito Agrario,Industrial y Minero of Colombia to finance the pur-chase of agricultural machinery. This loan, guaran-teed by the Republic of Colombia, is for a term o£seven years, and carries an interest rate of 2.5 percent, plus the customary 1 per cent commission.Semiannual amortization payments, beginning May

TABLE XII

STATUS OF INTERNATIONAL BANK LOANS, SEPTEMBER 30, 1949

Borrower Loancommitment

Dis-bursement

Unused balanceof commitment

Total, all loans

Credit National (France)Kingdom of the NetherlandsBrazilian Traction, Light & Power Co., Ltd.]

Dominion of India 2 . . . .Kingdom of Denmark ,Financiera and Comision (Mexico)3

Kingdom of BelgiumCorporacion de Fomento (Republic of Chile)Herstelbank (Netherlands)4

Bank of Finland 5

Grand Duchy of LuxembourgNetherlands shipping companies *Caja de Credito (Colombia)2

$726,600,000

250,000,000195,000,00075,000,000

44,000,00040,000,00034,100,000

16,000,00016,000,00015,000,000

12,500,00012,000,00012,000,0005,000,000

$541,440,917

250,000,000195,000,00021,948,244

$185,159,083

40,000,0005,296,139

4,029,6082,945,100

53,051,756

44,000,000

10,221,82612,000,000

28,803,86111,970,39213,054,90015,000,000

12,500,0001,778,1745,000,000

1 Loan guaranteed by the United States of Brazil.2 Agreements become effective after the Bank has received certain certificates and documents, and has notified the borrower and

guarantor of its acceptance of such evidence.3 Loans guaranteed by the Government of Mexico. Nacional Financiera and Comision Federal de Electricidad are joint borrowers..4 Loans guaranteed by the Kingdom of the Netherlands.5 Loan guaranteed by the Government of Finland.Sources—International Bank for Reconstruction and Development.

312 FEDERAL RESERVE BULLETIN,


15, 1952, are designed to retire the loan by maturityon November 15, 1956. The agricultural equip-ment to be purchased with the proceeds of this loanshould enable Colombia to increase farm produc-tion and thus meet an expanding domestic con-sumption, while reducing imports of foodstuffs andstaples with a consequent saving of hard currency.

From May 9, 1947, when the Bank announcedits first loan, through September 30, 1949, totalloan commitments of the International Bank aggre-gated somewhat more than 726 million dollars, ofwhich 678 million had become effective. As shownin Table XII, four-fifths of this latter amount hadbeen disbursed by September 30, 1949.

Legislation. In June 1949, the United States Con-gress enacted, and on the 29th day of that monththe President approved, legislation amending pro-visions of the National Bank Act and the BrettonWoods Agreements Act applicable to securities ofthe International Bank (Public Law 142, Ch. 276,81st Cong., 1st sess.). This legislation was designedto remove certain requirements which might inter-fere with the Bank's financing operations and there-by limit its effectiveness in carrying out the pur-poses for which it was established. The NationalBank Act was amended to permit national banksand State member banks of the Federal Reserve Sys-tem to deal in and underwrite International Banksecurities subject to certain prescribed limitationsas to amount. The Bretton Woods Agreements Act

was amended to provide that any securities issuedby the International Bank and any securities guar-anteed by the Bank as to both principal and interestshall be deemed exempted securities under theSecurities Act of 1933 and the Securities ExchangeAct of 1934. Public Law 142 also authorized theSecurities and Exchange Commission to require theBank to file annual and other reports with it and,in consultation with the Council, to suspend theseexemptions.

Fiscal operations. For the fiscal year ending June30, 1949, the International Bank had a net incomeof about 10.6 million dollars, exclusive of specialreserve commissions of 5 million. For the threemonths ending September 30, 1949, the Bank hadan income of nearly 3.2 million, exclusive of over1.3 million paid into its special reserve. As of Sep-tember 30, 1949, the Bank had an earned surplusof over 16.8 million dollars, plus about 9.4 millionin its special reserve.

Future lending. On September 30, 1949, the Bankhad uncommitted loanable dollar funds amountingto approximately 320 million, and was engaged inthe investigation of numerous requests for loansthroughout the world. After having completedthe immediate postwar phase of its activities, theBank has entered upon a program of developmentalloans to assist nations to obtain the fullest utiliza-tion of their own resources.

PUBLICATION OF NEW JOURNAL BY THE INTERNATIONAL

MONETARY FUND

With the February 1950 issue of Staff Papers,the International Monetary Fund began publica-tion of a new journal, to be released at irregularintervals three times a year. The journal willcontain monetary and financial papers originallyprepared by staff members for the interest and useof the Fund's officials. The views presented in the

papers do not necessarily express the policy or viewsof the Fund, its Executive Board, or its officials.

The annual subscription price of Staff Papers is$3.50, or its equivalent price in the currencies ofmost member countries. The price of single copiesis $1.50. Orders may be addressed to The Secre-tary, International Monetary Fund, 1818 H Street,N. W., Washington 25, D. C.

MARCH 1950 313

CURRENT EYENTS AND ANNOUNCEMENTS

Federal Reserve MeetingsA meeting of the Presidents of the Federal Re-

serve Banks was held in Washington on February27, and on March 1 the Presidents met with theBoard of Governors.

On February 28 and March 1 meetings of theFederal Open Market Committee were held. Atthe meeting on March 1, Thomas B. McCabe wasre-elected as Chairman of the Committee and AllanSproul as Vice Chairman. The representativemembers of the Committee elected by the FederalReserve Banks for the period of one year begin-ning March 1, 1950, are Joseph A. Erickson, AllanSproul, C. S. Young, Chester C. Davis, and J. N.Peyton, Presidents of the Federal Reserve Banksof Boston, New York, Chicago, St. Louis, andMinneapolis, respectively.

The Federal Advisory Council met in Washing-ton on February 19-21. The annual organizationmeeting of the Council was held on February 19,at which Edward E. Brown, Chairman of TheFirst National Bank of Chicago, was re-electedPresident; Robert V. Fleming, President and Chair-man of The Riggs National Bank, was elected VicePresident; and Herbert V. Prochnow was re-appointed Secretary. The Council met with theBoard of Governors of the Federal Reserve Systemon February 21.

Changes in Board's Staff

The Board of Governors made the following ap-pointments in its Division of Research and Statistics,effective March 1, 1950:

Mr. Frank R. Garfield, Adviser on EconomicResearch.

Mr. Arthur W. Marget, Adviser on Interna-tional Finance.

Mr. Guy E. Noyes, Assistant Director.

Mr. Garfield has been employed in the Divisionof Research and Statistics since June 17, 1929, hismost recent position being that of Chief of BusinessConditions Section.

Mr. Marget was employed by the Board on Jan-uary 4, 1950, as Specialist in International Finance

in the Division of Research and Statistics. Priorto his appointment by the Board he was employedby the Economic Cooperation Administration andserved in the capacity of Chief of the FinanceBranch, Office of Special Representative, Paris,France.

Mr. Guy E. Noyes has been employed by theBoard as Assistant to the Director, Division ofResearch and Statistics, since November 1, 1948.

Appointment of Class C Director

The Board of Governors on March 15, 1950, an-nounced the appointment of Mr. Joseph H. Mooreof Charleston, Missouri, as a Class C director ofthe Federal Reserve Bank of St. Louis to fill thevacancy in the three-year term ending December 31,1951. Mr. Moore is engaged in farming.

Appointment of Branch Director

On February 17, 1950, the Board of Governorsannounced the appointment of Mr. F. M. Brown-ing, President, Ogden Buick Sales Company,Ogden, Utah, as a director of the Salt Lake CityBranch of the Federal Reserve Bank of San Fran-cisco for the unexpired portion of the two-yearterm ending December 31, 1951. Mr. Browningsucceeds Mr. Henry Aldous Dixon, President,.Weber College, Ogden, Utah, whose term expired.

Death of Director

Mr. J. Roy Faucett, a member of the firm ofFaucett Brothers, Northport, Alabama, who hadserved as a director of the Birmingham Branch ofthe Federal Reserve Bank of Atlanta since January1, 1948, died on February 19, 1950.

Admission of State Bank to Membership in theFederal Reserve System

The following State bank was admitted to mem-bership in the Federal Reserve System during theperiod January 16, 1950 to February 15, 1950:

Michigan

Breckenridge—The Farmers State Bank of Breck-enridge, Michigan


CURRENT EVENTS AND ANNOUNCEMENTS

Revised Edition of Historical Supplement to Monthly Federal Reserve Charts on Bank Credit, Money Rates,and Business—Price Reduction for Chart Books

Early next month the Board of Governors willhave available for distribution a substantially re-vised and enlarged edition of the historical supple-ment to the monthly Federal Reserve Chart Boo\on Ban\ Credit, Money Rates, and Business. Manynew charts have been added to those published inthe October 1949 issue, and most charts includeplotting space through 1951. The new chartsrelate to bank credit, production, prices, and agri-culture, and new sections of charts have been addedon banking structure and bank earnings, Govern-ment finance, and consumer finance. The revisededition is of the same general format as the monthlybook and contains 113 pages of charts. In mostcases the period covered by the charts begins with1919 or some earlier year. All charts include thelatest data available on March 17, 1949.

By recent action of the Board both the annualsubscription price and the per copy price of themonthly Chart Book have been reduced. Effectiveimmediately, the annual subscription price will be$6.00. Individual copies of monthly issues will besold at 60 cents each; in quantities of 10 or morecopies for single shipment, there will be a specialprice of 50 cents each. The historical supplementwill be distributed free to annual subscribers to themonthly Chart Book; the purchase prices of singleand multiple copies of the supplement will be thesame as those given above for individual issues ofthe monthly book. Orders should be sent to theDivision of Administrative Services, Board of Gov-ernors of the Federal Reserve System, Washington25, D. C.

MARCH 1950 315

NATIONAL SUMMARY OF BUSINESS CONDITIONS[Compiled February 27 and released for publicationJMamh 1 ] .-

Industrial output increased somewhat further inJanuary but was reduced by work stoppages in theearly part of February. Construction activity wasmaintained at very high levels for this time of year.Personal incomes were supplemented by large pay-ments of insurance dividends to veterans. Valueof department store sales was close to last year'slevel and sales of automobiles were considerablylarger. Prices generally remained stable.

INDUSTRIAL PRODUCTION

The Board's seasonally adjusted index of indus-trial production rose 3 points in January to 183per cent of the 1935-39 average—the highest levelsince March 1949. In February, industrial outputhas apparently declined about 5 points, largely asa result of work stoppages in the coal and automo-bile industries.

Production of durable goods increased 3 percent in January reflecting a large expansion in out-put of automobiles, and smaller gains in non-ferrous metals and iron and steel. Following modelchangeovers, automobile production by mid-Jan-uary regained the record rate of last fall. BeginningJanuary 25, however, auto assembly operations werereduced about one-fifth by a labor dispute at theplants of a major producer. Output at steel millsincreased to 95 per cent of capacity in mid-Januarybut subsequently decreased as a result of coal short-ages. For the month of February ingot production

was scheduled at about 89 per cent of capacity butduring the week beginning February 27 it droppedsharply to 74 per cent. Lumber production de-clined in January from the exceptionally highDecember level.

Output of nondurable goods in January wasmaintained at earlier high levels. There were smallincreases in cotton consumption, rayon deliveries,paper and paperboard production, and chemicalsoutput. Production of most other nondurablegoods showed small declines or little change fromthe level of the preceding month.

Minerals production showed a slight decline inJanuary and in February was curtailed sharplyfurther, as a result of work stoppages at coal mines.Output of petroleum showed little change, whilemetals production increased.

EMPLOYMENT

Employment in nonagricultural establishments,seasonally adjusted, was little changed in Januaryas a sharp drop in employment at coal mines wasmore than offset by increases in construction and inplants manufacturing durable goods. Employmentin most other lines showed little change. Unem-ployment rose to 4.5 million persons in January, up1.8 million from January 1949.

CONSTRUCTION

Value of construction contract awards declinedseasonally in January but was more than one-half

INDUSTRIAL PRODUCTIONPHYSICAL VOLUME, SEASONALLY ADJUSTED, I

CONSUMERS' PRICES

240

220

200

180

160

140

!20

100

-

-

-

/ \

iV

VV

-

-

-

V---

240

220

200

180

160

140

1941 1942 1943 1944 1945 1946 1947 1948 1949

Federal Reserve index. Monthly figures, latest shown are forJanuary.

80 U1941 1942 1943 1944 1945 1946 1947 1948 1949

Bureau of Labor Statistics' indexes. "All items" includes fueland housefurnishings groups not shown separately. Midmonthfigures, latest shown are for January.


NATIONAL SUMMARY OF BUSINESS CONDITIONS

larger than a year earlier. The number of newresidential units started in January was estimatedby the Bureau of Labor Statistics to be 80,000 ascompared with 79,000 units in December and50,000 in January 1949.

DISTRIBUTION

Value of department store sales showed some-what more than the usual seasonal decline in Jan-uary and the Board's adjusted index was at 282per cent of the 1935-39 average as compared with293 in December and 276 in November. Sales dur-ing the three weeks ending February 18 were main-tained at the same level as in the correspondingperiod last year. Sales of apparel at departmentstores remained below year-ago levels while salesof most durable goods were in greater volume.Sales of new automobiles were exceptionally largefor this season of the year. The payment of insur-ance dividends to veterans beginning the middleof January is providing an important supplement topersonal income at this time, tending to increaseretail sales.

Shipments of railroad revenue freight rose some-what in January, after allowance for seasonalchanges, as increased loadings of most manufac-tured goods and ore more than offset declines ingrain and forest products. Freight carloadingsdropped sharply in early February, reflecting mainlythe curtailment of coal and coke production.

COMMODITY PRICES

The general wholesale price index rose somewhatfrom mid-January to the third week of February,

SECURITY MARKETS

Common stock prices, Standard and Poor's Corporation;corporate bond yields, Moody's Investors Service; U. S. Gov-ernment bond yields, U. S. Treasury Department. Weeklyfigures, latest shown are for Feb. 25.

reflecting largely increases in prices of cotton, hogs,and pork. These changes resulted in part fromseasonal reductions in supplies. Prices of lumberand some other building materials also were ad-vanced in this period. On the other hand, pricesof some textile and chemical products and auto-mobiles were reduced.

The average level of consumer prices declinedfurther by .4 per cent from December to Januaryowing to small decreases in retail prices of foodsand most other groups of goods and services, exceptfuels and rent which continued to increase.

BANK CREDIT

During January and the first half of Februaryholdings of Government securities at member banksin leading cities and Federal Reserve Banks com-bined declined by about 1.5 billion dollars, indi-cating substantial purchases by nonbank investors.Federal Reserve Banks sold large amounts of Treas-ury bills and a substantial volume of bonds inresponse to a strong market demand, but purchasedcertificates and notes. Reporting member bankspurchased bonds, while reducing their holdings ofshorter-term securities.

Bank holdings of corporate and municipal secu-rities increased further in January and February,and real estate loans expanded moderately. Busi-ness loans did not show the usual seasonal decline.Adjusted demand deposits at reporting banks de-clined substantially, while Treasury deposits in-creased.

Member bank reserves showed little net changefrom late December through the first three weeksof February. Decreases in money in circulationand in Treasury deposits supplied reserves, whichwere largely absorbed by the decline in FederalReserve holdings of Government securities.

SECURITY MARKETS

Common stock prices declined slightly after thefirst week of February when they had reached anew high level since 1946. Corporate bond pricesremained stable while long-term Treasury issuesshowed a small further decline. Yields on short-term Treasury securities continued to increase. TheTreasury announced the offering of a IV2 per cent,five year note issue in exchange for bonds calledfor redemption on March 15 and notes maturingon April 1; also \% per cent Treasury notes ma-turing on July 1, 1951, were offered in exchangefor certificates maturing March 1 and April 1.

MARCH 1950 317

INDUSTRIAL, AND COMMERCIAL STATISTICSUNITED STATES

PAGE

Member bank reserves, Reserve Bank credit, and related items.. 321-322

Federal Reserve Bank discount rates; rates on industrial loans; rates on

time deposits; reserve requirements; margin requirements. . 322-323

Federal Reserve Bank statistics 324-328

Deposits and reserves of member banks; bank suspensions. 328-329

Money in circulation. . 330-331

Bank debits and deposit turnover; Postal Savings System. 331

All banks and the money supply 332

All banks in the United States, by classes 333-335

All insured commercial banks in the United States, by classes. . 336-337

Weekly reporting member banks . 338-341

Number of banking offices on Federal Reserve par list and not on par list 342

Commercial paper, bankers' acceptances, and brokers' balances. . 343

Money rates; bank rates on business loans; bond yields. .. 344

Security prices and new issues . . 345-346

Corporate sales, profits, and dividends. . 347-348

Treasury finance. . . . , 349-351

Government corporations and credit agencies. . 352

Business indexes . . . . 353-362

Department store statistics. . 363-366

Cost of living. 366

Wholesale prices 367

Gross national product, national income, and personal income. . 368-369

Consumer credit statistics 370-372

Current statistics for Federal Reserve chart books. . 373-377

vTables on the following pages include the principal available statistics of current significance relatingto financial and business developments in the United States. The data relating to the Federal ReserveBanks and the member banks of the Federal Reserve System are derived from regular reports made tothe Board; index numbers of production are compiled by the Board on the basis of material collectedby other agencies; figures for gold stock, money in circulation, Treasury finance, and operations ofGovernment credit agencies are obtained principally from statements of the Treasury, or of the agenciesconcerned; data on money and security markets and commodity prices and other series on businessactivity are obtained largely from other sources. Back figures for banking and monetary tables, togetherwith 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.

MARCH 1950 319

MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMSBILLIONS OF DOLLARS WEDNESDAY FIGURES BILLIONS OF DOLLARS

30

25

MONEY

IN CIRCULATION

RESERVE BANKCREDIT

MEMBER BANKRESERVE BALANCES

TREASURY CASH AND DEPOSITS

NONMEMBER DEPOSITS

1941 1942 1943 1944 1945 1946 1947 1948 1949

TOTAL RESERVE BANK HOLDINGS

OF U. S. GOVERNMENT SECURITIES

I

NOTES ANDCERTIFICATES

1941 1942 1943 1944 1945 1946 1947 1948

Wednesday figures, latest shown are for Feb. 21. See page 321.

1949

320 FEDERAL RESERVE BULLETIN:

MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS[In millions of dollars}

Date or period

Reserve Bank credit outstanding

Dis-counts

andad-

vances

U. S. Governmentsecurities

Total Bonds

Bills,certifi-cates,and

notes

Allother1 Total

Goldstock

Treas-urycur-

rencyout-

stand-ing

Moneyin cir-cula-tion

Treasrurycashhold-ings

Treas-ury de-positswith

FederalRe-

serveBanks

Non-mem-ber de-posits

OtherFed-eralRer

serveac-

counts

Member bankreserve balances

Total Re-quired2

Ex-cess8

Wednesdayfigures:

1949—Jan. 5 .Jan. 12.Jan. 19.Jan. 26.

Feb. 2 .Feb . 9.Feb 16.Feb. 23.

Mar. 2.Mar. 9.Mar. 16.Mar. 23.Mar. 30.

Apr. 6.Apr. 13.Apr. 20.Apr. 27.

May 4.May 11.May 18.May 25.

July 6.July 13.July 20.July 27.

Aug. 3 .Aug. 10.Aug. 17.Aug. 24.Aug. 31 .

Sept. 7.Sept. 14.Sept. 21.Sept. 28.

Oct. 5.Oct. 12.Oct. 19.Oct. 26.

Nov.Nov,Nov.Nov,Nov,

Dec. 7.Dec. 14.Dec. 21.Dec. 28.

1950—Jan. 4.Jan. 11.Jan. 18.Jan. 25.

Feb. 1.Feb. 8.Feb. 15.Feb. 21.

229 22,919364 22,465241 22,117458 22,039

297 22,215251 22,350238 22,303303 22,358

241 21,837203 21,529429 21,500594 21,675298 21,828

213 21,597232 21,491453 21,288266 21,208

480202773171

15815139670150

11414036041'

29813240115531

115123146300

11210912:138

611319124133321

401012J14:

959997121

45622326'94

20,83920,13019,70619,691

19,76719,59419,46119,16619,517

19,34318,84218,47418,490

18,69318,60618,22617,80317,524

17,41317,25017,15417,852

17,96117,77917,66617,403

17,53317,70617,78917,66917,682

17,93118,16918,53818,789

18,82918,23017,87217.764

17,85517,65617,78117,625

10,90710,77210,60310,265

10,19110,1059,9939,922

9,8689,7379,5889,4589,277

9,1519,0648,9898,905

8,6718,5818,4408,371

8,2748,2028,0517,9327,780

7,7807,7807,7807,780

7,7807,7757,7757,7757,775

7,7757,777,5387,538

7,5387,5387,5387,538

7,5367,5357,5327,5137,513

7,5127,5127,2377,231

7,2127,1657,1347,130

7,1036,9696,9206,887

12,01211,69311,51411,774

12,02412,24512,31012,436

11,96911,79211,91212,21712,551

12,44612,42712,29912,303

12,16811,54911,26611,320

11,49311,39211,41011,23411,737

11,56311,06210,69410,710

10,91310,83110,45110,0289,749

9,6389,4759,616

10,314

10,42310,24110,1289,865

9,99710,17110,25710,15610,169

10,41910,65711,30111,558

11,61711,06510,73810,634

10,75210,68710,86110,738

579364640463

314235385186

343271419244252

334333309231

258226256186

220205311277

321297262169

222181228163171

251431333245

332414369

272160438289263

455842448

547315414416

309267533373

23,727 24,24923,193 24,25322,999 24,26422,960 24,268

22,827 24,27922,836 24,27922,926 24,28422,847 24,290

22,422 24,29022,003 24,29522,348 24,305

24,30724,311

22,143 24,31722,056 24,32122,050 24,32421,705 24,329

21,576 24,33420,559 24,335

24,33824,339

22,51222,378

20,73520,048

20,14519,95619,911

24,34224,38124,423

20,113 24,42124,46619,875

19,779 24,47119,279 24,51319,096 24,51819,075 24,520

19,213 24,56218,924 24,56818,694 24,608

24,61024,607

18,08118,225

17,780

17,633

24,64717,804 24,649

V24.69124,602

24,60424,60424,58524,584

18,416 24,58324,53224,53024,53024,479

24,47724,47624,42724,427

24,42718,644 24,426

124,42624,425

18,397

18,40618,30118,15717,833

18,18518,35118,09118,267

18,62818,73119,50819,379

19,471

18,38318,300

18,620 24,39518,146 24,34518,581 24,34318,092 24,345

4,5864,5864,5864,587

4,5884,5874,5864,586

4,5874,5874,5884,5884,591

4,5914,5924,5894,592

4,5924,5924,5914,591

4,5954,5964,5964,5964,597

4,5974,5964,5954,594

4,5934,5924,5924,5914,593

4,5924,5924,5914,590

4,5934,5924,5914,591

4,5914,5924,5924,5964,596

4,5964,5964,5954,598

4,5974,5964,5964,596

4,5994,5984,5984,598

28,15127,91927,71727,561

27,55627,55727,48027,551

27,55727,57727,50027,42327,403

27,51427,50727,40827,356

27,44727,45227,39227,367

27,51527,48427,39127,34527,426

27,65927,48027,36627,333

27,41927,40927,38327,32827,389

27,58927,45427,36527,348

27,47627,54627,42727,328

27,38227,52827,39727,50827,543

27,69927,70127,83327,765

27,55127,31127,12126,913

26,92826,98526,99327,019

1,3221,3231,3271,333

1,3271,3271,3231,326

1,3201,3201,3241,3271,320

1,3291,3181,3331,330

1,3241,3141,3131,312

1,3211,3151,3091,3041,324

1,3061,317,310,307

,312,314,313,321,310

,317,312,314,311

,321,296,310,313

,318,312,323,315,317

,309,314,309,314

,319,313,315,321

,318,313,313,311

951939804

1,135

1,2841,4301,7541,591

877711591

1,4321,678

1,1161,0281,0541,146

990913

1,026668

622378

9508497

262371449447

411370444485610

472334801

1,170

612554317374

545415408410517

441393

1.027987

547255381539

637366671380

,167,145,267,138

,203,176,177,193

,233,223,227,197,190

,104,110,094,093

,045,017

1,005978

911946906943959

898973930877

918956970948914

955931962

1,029

1,0751,2471,1421,163

1,2191,2201,2241,3061,238

1,2711,2731,2671,281

1,3041,3821,3801,408

1,4781,4321,4191,419

597 20,375600 20,105

20,13320,035

602613

613614615621

628631663669671

676678678

19,71119,59719,44719,441

19,68419,42419,93619,36019,019

19,31119,32719,398

679 19,020

623625627627

637639708715719

741741740740

689691

19,07318,16418,30218,027

18,07618,17018,60618,31418,013

17,98017,50617,41517,486

17,61917,347

688 17,096691 16,509690 16,512

691691713715

734734732732

15,99516,32215,76016,016

16,38416,11916,40516,098

690 16,437690 16,145690691689

690690756758

719719719721

721727728731

16,43215,98716,038

16,29116,43316,33716,299

17,05516,68616,48716,419

16,53216,26516,40016,176

19,24419,11819,18319,113

19,07218,92118,84118,754

18,87218.78718,94618,65518,503

18,47918,50518,51918,492

18,16117,28517,24817,305

17,28817,24917,38717,34817,334

16,51816,49316,52216,586

16,49016,51315.79915,59615,337

15,06415,20715,24415,139

15,24215,21115,33015,314

15,31915,26215,34615,36115,367

15,39515,56115,52315,462

15,59715,59315,63015,617

15,53415,45615,3835 4

1,131987950922

639676606687

812637990705516

832822879528

912879

1,054722

788921

1,219966679

1,4621,013

893900

1,129834

1,297913

1,175

9311,115

516877

1,142908

1,075784

1,118883

1,086626671

896872814837

1,4581,093

857802

998809

1,017*>779

P Preliminary.1 Includes industrial loans and acceptances purchased shown separately in subsequent tables.2 Wednesday figures and end-of-month figures (shown on next page) are estimates.Back figures.—See Banking and Monetary Statistics, Tables 101-103, pp. 369-394; for description, see pp. 360-366 in the same publication.

MARCH 1950 321

MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS—Continued[In millions of dollars]

Date or period

Reserve Bank credit outstanding

Dis-counts

andad-

vances

U. S. Governmentsecurities

Total Bonds

Bills,certifi-cates,and

notes

Allother1 Total

Goldstock

Treas-urycur-

rencyout-

stand-ing

Moneyin cir-cula-tion

Treas-urycashhold-ings

Treas-ury de-

withFederal ber de-

Re-serveBanks

Non-mem-

posits

OtherFed-eralRe-

serveac-

counts

Member bankreserve balances

Total Re-quired5

Ex-cess2

End of period:

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. 3 1 .

1949—JanFebMarAprMayJuneJ u l y . . . .Aug... . . .SeptOctNovDec.

1950—Jan

Averages ofdaily figures

1949—JanFebMarApr.. . . .M a y . . . .JuneJ u l y . . . .AugSept.Oct.. . . .NovDec

1950—Jan

1,037164

73

46 21

157163

2161,9982,4842,254

,792249 24,262

23,78323,350

70 21,87222,559

265 21,366223 23,333

456 22,109251245303247103316531109283321

78

145

22,34221,68821,09419,70419,34318,52917,52418,01017,31617,68218,885

17,827

347284302249303191202190164136215189

22,28922,32021,61521,36119,97419,37718,79718,14717,44117,64317,66418,287

71441

1,3511,4671,113 20947755 23753 22727

2,8536,20610,977

10,2249,8839,2418,9028,3567,7807,7807,7757,5387,5367,5137,218

7,112

10,62010,0329,5889,0498,5118,0467,7807,7777,6497,5387,5287,360

1451,5571,133787,679

23,315,028,597

21,14519,70615,16012,356

11,88512,45912,44712,19211,34811,56310,7499,74910,4729,78010,16911,667

10,715

11,66912,28812,02712,31211,46311,33111,01710,3709,79210,10510,13610,927

101 18,082 7,157 10,925

14758102104466580516581228536268542

349262333340141250393171297261263536

354

513350353407298328343245351361347536

122

22,304 20,213

,400,220,593,361

4,0374,03117,64422,737

25,09124242223,18121,90024,097

22,914

20,065,456 20,270,093 20,529,170 21,266

22,75423,53224,244

24,27122,855 24,29022,26721,73720191918

24,31424,332

,092 24,342,696 24,466,238 24,520,225 24,608

18,415 24,60217,860 24,58418,267 24,47919,499 24,427

18;326 24,3.95

150 24,259953 24,283270 24,301

22,01720,575

24,32224,304

19,896 24,40419,34218,58317,957 24,637

24,50224,588

18,139 24,596226 24,533012 24,451

466 18,649 24,420

2,0192,2862,9633,2474,1454,3394,5394,5624,5524,5624,5654,589

4,5894,5884,5924,5934,5964,5974,5934,5934,5934,5924,5964,598

4,599

4,5874,5874,5884,5914,5924,5964,5954,5924,5924,5924,5934,596

4,4595,4347,59811,16026,74628,51528,24528,95228,29728,86827,90328,224

27,58027,55727,43927,41727,50727,49327,39427,39327,41227,40727,54327,600

26,941

27,85027,54527,50827,46227,43827,43227,47227,39727,45127,45627,47727,734

4,597 27,220

204264

2,4092,2152,2792,2872,2512,272,314,336,32.7,325

,336,323,309,324,315,307,298,308,311,307,317

1,312

1,311

1,3271,3211,3191,3181,3121,3111,3061,3121,3101,3051,3111,307

1,314

3635634867599977833393756870,928,123

,514,423,482984628438514610

1,176595517821

677

1,0141,5391,0091 109914421391521649555457687

472

28166653

1,3601,6681,3081,250

822881961859

1,189

1,1941,1941,1541,243930941

1,018914

1,0511,1871,2381,517

1,460

1,2111,2331,2551,1851,067984977970990

1,1711,2961,315

1,420

374346251291450495561607629563592

2,3562,29211,65312,45014,92015,91516,12316,13916,11217,89917,389

590 20,479

611618670618628713690690713690689706

720

603616652671593680736

19,54019,61719,11819,07618,02417,86717,43716,51215,94715,85016,03816,568

16,211

19,99119,57019,41719,18518,14618,06817,558

690 16,873703727

724

16,08316,11316,11916,291

16,520

2,3331,8176,4449,36513,33514,45715,01115,57715,37416,40016,64719,277

19,06318,80918,43218,43817,23016,91916,68515,33715,17615,26115,36715,550

15,513

19,15318,86018,72318,47917,36917,31016,53915,91815,16115,25115,30815,488

15,585

23475

5,2093,0851,5851,4581,112562738

1,499742

1,202

477808686638794948752

1,175771589671

1,018

698

838710694706777758,019955922862811803

936

For footnotes see preceding page.

MAXIMUM RATES ON TIME DEPOSITS

[Per cent per annum]

Nov. 1, 1933-Jan. 31, 1935

Savings depositsPostal Savings depositsOther deposits payable:

In 6 months or m o r e . . , . . .In 90 days to 6 months. . .In less than 90 days

Feb. 1, 1935-Dec. 31, 1935 Jan. 1,1936

Effective

2*42Y

fNOTE.—Maximum rates that may be paid by member banks as

established by the Board of Governors under provisions of Regula-tion Q. Under this Regulation the rate payable by a member bankmay not in any event exceed the maximum rate payable by Statebanks or trust companies on like deposits under the laws of the Statein which the member bank is located. Maximum rates that may bepaid 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 withSecurities Exchange Act of 1934

Regulation T:For extensions of credit by brokers

and dealers on listed securitiesFor short sales

Regulation U:

Jan. 21,1946-

Jan. 31,1947

100100

100

Feb. 1,1947-

Mar. 29,1949

7575

75

Effec-tive

Mar. 30,1949

5050

50

1 Regulations T and U limit the amount of credit that may be ex-tended on a security by prescribing a maximum loan value, which is aspecified percentage of its market value at the time of the extension; the"margin requirements" shown in this table are the difference betweenthe market value (100%) and the maximum loan value.

Back figures.—See Banking and Monetary Statistics, Table 145, p. 504,and BULLETIN for March 1946, p. 295.


FEDERAL RESERVE BANK DISCOUNT RATES[Per cent per annum]

Federal Reserve Bank

Discounts for and advances to member banks

Advances secured by Governmentobligations and discounts of and

advances secured by eligible paper(Sees. 13 and 13a)1

Rate onFeb. 28

In effectbeginning—

Previousrate

Other secured advances[Sec. 10(b)]

Rate onFeb. 28


Previousrate

Advances to individuals,partnerships, or corpora-tions other than memberbanks secured by directobligations of the U. S.

(last par. Sec. 13)

Rate onFeb. 28


Previousrate

BostonNew YorkPhiladelphiaClevelandRichmondAtlantaChicagoSt. LouisMinneapolisKansas CityDallasSan Francisco

Aug. 13,Aug. 13,Aug. 23,Aug. 13,Aug. 13,Aug. 13,Aug. 13,Aug. 19,Aug. 13,Aug. 16,Aug. 13,Aug. 13,

194819481948194819481948194819481948194819481948

Aug. 13,Aug. 13,Aug. 23,Aug. 13,Aug. 13,Aug. 13,Aug. 13,Aug. 19,Aug. 13,Aug. 16,Aug. 13,Aug. 13,

194819481948194819481948194819481948194819481948

Jan. 14,2 Oct. 30,Aug. 23,Aug. 13,

2Oct. 28,Jan. 24,Aug. 13,Jan. 12,Aug. 23,Jan. 12,Feb. 14,

2 Oct. 28,

194819421948194819421948194819481948194819481942

&24

1 Rates shown also apply to advances secured by obligations of Federal intermediate credit banks maturing within 6 months.2 Certain special rates to nonmember banks were in effect during the wartime period.NOTE.—Maximum maturities for discounts and

l l \ . i O X i l J L / U | \J1 v-v/JL J / v / J . C4HVA1U J44C&V&V* UlIVA\*i bAJLV* AC4.VJW JJCH U g i C t ^ l i , V/-L WV'V^bl^/li A v/ W ^ \J \XCXtj O«

Back figures.—See Banking and Monetary Statistics, Tables 115-116, pp. 439-443.

FEDERAL RESERVE BANK EFFECTIVE MINIMUM BUYINGRATES ON BANKERS' ACCEPTANCES


Maturity

1-90 days91-120 days

121-180 days

Rate onFeb. 28

In effect be-ginning—

lAug. 13, 1948*Aug. 13, 1948xAug. 13, 1948

Previousrate

1 Date on which rate became effective at the Federal Reserve Bankof New York. The same rates generally apply to any purchases madeby the other Federal Reserve Banks.

Back figures.—See Banking and Monetary Statistics, Table 117, pp.443-445.FEDERAL RESERVE BANK RATES ON INDUSTRIAL LOANS

AND COMMITMENTS UNDER SECTION 13bOF THE FEDERAL RESERVE ACT

Maturities not exceeding five years[In effect February 28. Per cent per annum]

FederalReserve

Bank

Boston.New YorkPhiladelphiaClevelandRichmondAtlantaChicagoSt. LouisMinneapolisKansas City. . . .DallasSan Francisco.. .

To industrial orcommercialbusinesses

Onloans l

23^-52^-52^-52^-52H-52y2-53 -5

Oncommit-

ments

To financing institutions

On discounts orpurchases

Portionfor whichinstitu-tion is

obligated

()2^-5

Re-mainingportion

Oncommit-ments

1 Including loans made in participation with financing institutions.2 Rate charged borrower less commitment rate.3 Rate charged borrower.4 Rate charged borrower but not to exceed 1 per cent above the dis-

count rate.6 Charge of )/i per cent is made on undisbursed portion of loan.Back figures.—See Banking and Monetary Statistics, Table 118,

pp. 446-447.

MEMBER BANK RESERVE REQUIREMENTS

[Per cent of deposits]

Effective dateof 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. 27June 11. . .Sept. 16.Sept. 24

1949—May 1May 5 . . .June 30July 1Aug. 1Aug. 11Aug. 16Aug. 18Aug. 25Sept. 1

In effect Mar. 1, 1950

Net demand deposits 1

Centralreserve

citybanks

13

3 ^22%2622M

26242220

2224

24

23223^22

22

Reservecity

banks

10

15172017

20

22

2120

191818

18,

Countrybanks

1412

14

16

15

1413

12

12

Timedeposits

(allmemberbanks)

27373626

"35"25

1 Demand deposits subject to reserve requirements, which beginningAugust 23, 1935, have been total demand deposits minus cash itemsin process of collection and demand balances due from domestic banks(also minus war loan and series E bond accounts during the periodApr. 13, 1943-June 30, 1947).

2 Requirement became effective at country banks.3 Requirement became effective at central reserve and reserve city

banks.

MARCH 1950

PRINCIPAL ASSETS AND LIABILITIES OF ALL FEDERAL RESERVE BANKS

[In thousands of dollars]

Item

Wednesday figures

1950

Feb. 21 Feb. 15 Feb. 8 Feb. 1 Jan. 25 Jan. 18 Jan. 11

End of month

1950

Feb. Jan.

1949

Feb.

AssetsGold cer t i f icates . . . . . . .Redemption fund for

F. R. notes.Total gold certifi-

cate reserves

Other cashDiscounts and advances:

For member banks. . .For nonmember

banks, etc..

22,582,428

537,920

22,584,430

540.029J

22,584,431

540,030

22,620,432

543,243

22,650,431

547,796

22,645,431

548,073

22,645,431

548,073

22,582,427

537,921

22,620,433

547,646

22,428,431

616,933

23,120,348 23,124,459; 23,124,461 23,163,675 23,198,227 23,193,504 23,193,504 23,120,348 23,168,079 23,045,364

316,702

36,437

57,800

328,813:

208,246J

58,300;

333,040

163,996

59,300

364,123

393,912

61,800

352,636

57,621

62,800

326,143

31,827

64,800

295,421

30,167

68,300

314,230

84,647

45,800

370,637

83,344

61,889

354,623

77,910

173,250

Total discounts andadvances 94,237 266,546; 223,296 455,712 120,421 96,627 8,467 130,447 145,233 251,160

Industrial loansU. S. Govt. securities:

BillsCertificates:

SpecialOther . . . .

NotesBonds

Total U. S. Govt.securities

Other Reserve Bankcredit outstanding. . .

Total Reserve Bankcredit outstanding

LiabilitiesFederal Reserve notes. .Deposits:

Member banks — re-serve account.. . . . . .

U.S. Treasurer—gen-eral a ccoun t . . . . . . .

Foreign.Other..

2,186

3,752,924

2,143

3,824,649

2,122

3,703,972

2,134

3,761,682

2,090

3,684,787

2,101

3,788,387

2,046

4,167,480

2,400

3,856,724

2,115

3,754,682

767

5,303,910

6,284,350700,600

6,886,700

6,330,850705,600

6,920,300

6,305,350677,500

6,968,900

6,332,350657,800

7,103,300

6,398,450550,700

7,129,650

6,398,450550,700

7,134,150

6,336,450560,700

7,165,200

6,332,350700,600

6,856,800

6,409,450550,700

7,112,100

6,788,269367,550

9,882,627

17,624,574

371,039

17,781,399

530,718

17,655,722

264,526

17,855,132

307,205

17,763,587

414,275

17,871,687

412,269

18,229,830

313,395

17,746,474

346,598

932 2217,826,

351,550

,342,356

260,602

18,092,036 18,580,806 18,145,666 18,620,183 18,300,373 18,382,684 18,643,738 18,225,919 18,325,83022,854,885

22,937,529

16,175,613

380,187884,767534,285

22,927,574

16,399,536

670,915890,380528,287

22,929,355

16,265,341

366,070904,273527,896

22,911,182

16,531,604

636,816917,023561,250

22,918,429

16,419,496

539,154933,545474,188

23,097,777

16,486,793

381,293909,639469,936

23,247,673

16,685,676

254,788836,336545,184

22,974,297

15,972,809

665,776884,052541,779

22,926,479

16,211,201

676,687907,996552,442

23,527,879

19,616,686

1,423,346750,591443,877

Total deposits

Ratio of gold certificatereserves to deposit andF. R. note liabilitiescombined (per cent) . . .

17,974,852 18,489,118 18,063,580 18,646,693 18,366,383 18,247,661 18,321,984 18,064,416 18,348,326 22,234,500

56 . 55.8 56.4 55.7 56.2 56.1 55.8 56.3 56.1 50.4

MATURITY DISTRIBUTION OF LOANS AND U. S. GOVERNMENT SECURITIESHELD BY FEDERAL RESERVE BANKS

Jin thousands of dollars]

Total Within15 days

16 to 30days

31 to 60days

61 to 90days

91 days to6 months

6 monthsto 1 year

1 year to2 years

2 years to5 years

Over5 years

Discounts and advances:Jan. 25Feb. 1Feb. 8Feb. 15Feb. 21

Industrial loans:Jan. 25Feb. 1Feb. « .Feb. 15Feb. 2 1 . .

U. S. Government securitieiJan. 25Feb. 1Feb. .8.....Feb. 15.Feb. 21

120,421455,712223,296266,54694,237

2,0902,1342,1222,1432,186

17,763,58717,855,13217,655,72217,781,39917,624,574

56,569392,421206,081255,68084,723

948012;1

1,168,2251,161,875l,022,150;1,683,7681,622,984

48,29053,4079,3703,3807,155

635,2501,191,0181,349,984772,385762,026

13,6308,5377,3557,2962,169

1216658184

2,050.5101,774,1011,517,7871,244,4091,136,702

1,9271,347490190190

1671069

976,402679,688859,051164,087

1,271,212

9392919798

2,720,500 22,720,2,729,500 22,734,500 22,729,

1,0221,0801,0881,1031,127

,935,650,970,150,934,150,959,650,918,650

185182183183196

107,126,154,149,

2,253,,253,

800 2,253900 2,253900 2,253,

668665672671671

600 5,023,450600 4,997,100600 4,862,700600 4,814,100600 4,780,500


STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS[In thousands of dollars]

Assets

Gold certificates:Jan. 25Feb. 1.Feb. 8Feb. 15. ,Feb. 21

Redemption fundfor F. R. notes:Jan. 25Feb. 1Feb. 8Feb. 15Feb. 21

Total gold certifi-cate reserves:Jan. 25Feb. 1Feb. 8Feb. 15..Feb. 21

Other cash:Jan. 25Feb. 11Feb. 8Feb. 15,,Feb. 21

vances:Secured byU. S. Govt.

securities:Jan. 25..Feb. 1..Feb. 8..Feb. 15..Feb. 21..

Other:Jan. 25..Feb. 1...Feb. 8..Feb. 15..Feb. 21..

Industrial loans:Jan. 25Feb. t.........Feb. 8Febi 15Feb. 21

U. S. Govt.securities:

Bills:Jan. 25....Feb. 1....Feb. 8Feb. 15....Feb. 21....

v̂ ertmcaLLes;Jan. 25....Feb. 1....Feb. 8....Feb. 15...Feb. 21....

Notes:Jan. 25Feb. 1Feb. 8Feb. 15Feb. 21

Bonds:Jan. 25....Feb. 1....Feb. 8....Feb. 15Feb. 21

Total U. S. Govt.securities:

Jan. 25Feb. 1Feb; 8Feb. 15Feb. 21

Total

22,650,43122,620,43222,584,43122,584,43022,582,428

547,796543,243540,030540,029537,920

23,198,22723,163,67523,124,46123,124,45923,120,348

352,636364,123333,040328,813316,702

57,567393,887163,971208,19636,387

62,85461,82559,32558,35057,850

2,0902,1342,1222,1432,186

3,684,7873,761,6823,703,9723,824,6493,752,924

6,398,4506,332,3506,305,3506,330,8506,284,350

550,700657,800677,500705,600700,600

7,129,6507,103,3006,968,9006,920,3006,886,700

17,763,58717,855,13217,655,72217,781,39917,624,574

Boston

837,392858,513843,787833,668856,713

51,04550,83050,66150,66150,467

888,437909,343894,448884,329907,180

32,46033,28930,95829,92825,463

3,5213,6966,4468,4215,791

3,9563,8933,7363,6733,641

254,029259,330255,352263,671258,727

441,109436,552434,691436,450433,243

37,96545,34946,70748,64448,299

491,519489,702480,435477,085474,769

1,224,6221,230,9331,217,1851,225,8501,215,038

NewYork

7,175,4737,228,1777,244,1317,337,1927,247,010

48,15347,14046,33546,33545,547

7,223,6267,275,3177,290,4667,383,5277,292,557

63,15469,70162,75564,57068,706

9,735292 60557,820136,8654,270

19,71919,40518,62018,30618,149

858,895876,818863,366891,495874,777

1,491,4271,476,0201,469,7271,475,6711,464,831

128,364153,328157,920164,470163,304

1,661,8641,655,7221,624,3951,613,0661,605,235

4,140,5504,161,8884,115,4084,144,7024,108,147

Phila-delphia

1,230,2391,229,1351,225,4121,241,8881,250,386

48,17847,76947,42447,42447,086

1,278,4171,276,9041,272,8361,289,3121,297,472

23,37024,63622,36719,91916,486

1,1356,145850

1,3851,575

5,0244,9444,7444,6644,624

1,9001,9371,9191,9481,986

245,043250,156246,318254,343249,573

425,504421,107419,312421,008417,916

36,62243,74445,05446,92346,591

474,127472,377463,439460,207457,972

1,181,2961,187,3841,174,1231,182,4811,172,052

Cleve-land

1,578,6601,567,9301,556,5231,572,7081,580,049

58,63658,38658,17958,17857,964

1,637,2961,626,3161,614,7021,630,8861,638,013

25,71629,85825,86528,18724,863

12,9958,97022,7307,3505,300

5,7155,6245,3965,3055,260

11111

341,565348,693343,343354,530347,881

593,110586,983584,481586,844582,533

51,04860,97562,80165,40664,943

660,891658,448645,990641,484638,370

1,646,6141,655,0991,636,6151,648,2641,633,727

Rich-mond

1,049,3131,069,5331,051,6481,044,1241,052,471

50,77048,65749,17449,17449,319

1,100,0831,118,1901,100,8221,093,2981,101,790

25,93324,69821,00820,35920,529

6,38114,7817,03116,7012,051

3,1403,0902,9652,9152,890

10210710396102

238,060243,027239,299247,095242,461

413,379409,108407,363409,011406,007

35,57842,49843,77145,58645,263

460,617458,916450,233447,093444,922

1,147,6341,153,5491,140,6661,148,7851,138,653

Atlanta

990,589985,285

1,010,883985,523995,434

39,45239,25239,07239,07238,901

1,030,0411,024,5371,049,9551,024,5951,034,335

28,10524,96922,06721,42321,318

5,6502,7502,250250500

2,6382,5962,4912,4492,428

197,372201,491198,400204,864201,022

342,726339,186337,739339,105336,615

29,49835,23436,29037,79537,527

381,893380,481373,282370,679368,879

951,489956,392945,711952,443944,043

Chicago

4,448,3014,345,5274,330,8724,309,5004,304,280

82,49582,45980,91480,91480,678

4,530,7964,427,9864,411,7864,390,4144,384,958

50,41952,47650,30548,71944,811

3,65032,52544,22418,7742,850

8,6858,5288,1848,0467,976

558,790570,451561,700580,000569,123

970,313960,289956,194960,060953,010

83,51399,754102,741107,003106,244

1,081,1961,077,2011,056,8201,049,4501,044,354

2,693,8122,707,6952,677,4552,696,5132,672,731

St.Louis

685,055698,709688,128671,227682,080

42,78742,70042,62842,62842,561

727,842741,409730,756713,855724,641

18,98217,44815,74715,31015,306

1,75013 0003,1701,9003,000

2,2612,2252,1352,0992,081

203,256207,498204,315210,972207,015

352,945349,299347,809349,215346,651

30,37736,28537,37238,92238,646

393,279391,825384,411381,731379,877

979,857984,907973,907980,840972,189

Minne-apolis

471,610466,392471,083467,444476,760

22,26722,24822,21122,21122,185

493,877488,640493,294489,655498,945

6,7866,2025,9836,1486,163

3,2002,5751,7506,7506,050

1,5701,5451,4821,4571,445

8789999897

114,004116,383114,597118,331116,112

197,962195,916195,082195,871194,431

17,03820,35220,96121,83021,676

220,584219,769215,610214,107213,068

549,588552,420546,250550,139545,287

KansasCity

837,414863,165849,791861,427845,968

34,66334,59534,53334,53334,479

872,077897,760884,324895,960880,447

15,29714,58111,88811,43010,868

2,25014,3407,0405,7403,940

2,3592,3122,2192,2072,189

170,984174,553171,875177,475174,147

296,907293,841292,587293,770291,612

25,55430,52431,43832,74232,510

330,839329,614323,378321,123319,564

824,284828,532819,278825,110817,833

Dallas

658,533648,571649,979633,970647,610

27,05027,05326,90326,90326,850

685,586675,621676,882660,873674,460

16,77217,05016,43116,54416,182

1,000

602,0601,060

2,1982,1632,0762,0412,023

167,271170,762168,142173,620170,364

290,457287,457286,232287,389285,278

24,99929,86130,75532,03131,804

323,651322,454316,353314,147312,622

806,378810,534801,482807,187800,068

SanFran-cisco

2,687,8522,659,4952,662,1942,625,7592,643,667

42,29742,15741,99641,99641,883

2,730,1492,701,6522,704,1902,667,7552,685,550

45,64249,21547,66646,27646,007

6,3002,50010,6002,000

5,5895,5005,2775,1885,144

335,518342,520337,265348,253341,722

582,611576,592574,133576,456572,223

50,14459,89661,69064,24863,793

649,190646,791634,554630,128627,068

1,617,4631,625,7991,607,6421,619,0851,604,806

MARCH 1950 325

STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS—Continued[In thousands of dollars]

Assets (cont.):

Total loans andsecurities:

Jan. 25Feb. 1Feb. 8Feb. 15Feb. 2 1 . . . . . .

Due from foreignbanks:

Jan. 25.Feb. 1Feb. 8Feb. 15Feb. 21

Federal Reservenotes of. otherBanks:Jan. 25Feb. 1Feb. 8Feb. 15Feb. 2 1 . . . . . .

Uncollecteditems:

Jan. 25.Feb. 1Feb. 8.Feb. 15.Feb. 21

Bank premises:Jan. 25Feb. 1.Feb. 8Feb. 1 5 . . . . . .Feb. 21.

Jan. 2 5 . . ' . . . .Feb. 1Feb. 8 . . . . . .Feb. 1 5 . . . . . .Feb. 2 1 . .

Total assets:Jan. 25Feb. 1Feb. 8Feb. 15Feb. 21

Liabilities

Federal Reserve

Jan. 25 .Feb. 1Feb. 8 . . . . . .Feb. 15Feb. 2 1 . . . . . .

Deposits:Member bank—reserveaccount:

Jan. 25 . .Feb. 1. .Feb. 8 . .Feb. 15. .Feb. 2 1 . .

U. S. Treas-urer-generalaccount:

Jan. 25 . .Feb. 1. .Feb. 8 . .Feb. 15. .Feb. 2 1 . .

Foreign:Jan. 25 . .Feb. 1. .Feb. 8 . .Feb. 15. .Feb. 2 1 . .

Other:Jan. 25. .Feb. 1. .Feb. 8 . .Feb. 15. .Feb. 2 1 . .

Total

17,886,09818,312,97817,881,14018,050,08817,720,997

3838383833

154,650130,130116,761110,598114,511

2,756,2022,548,4982,404,1243,195,6502,602,369

34,20834,12934,29534,28934,332

106,218110,073111,453116,182119,102

44,488,27744,663,64444,005,31244,960,11744,028,394

22,918,42922,911,18222,929,35522,927,57422,937,529

16,419,49616,531,60416,265,34116,399,53616,175,613

539,154636,816366,070670,915380,187

933,545917,023904,273890,380884,767

474,188561,250527,896528,287534,285

Boston

1,232,0991,238,5221,227,3671,237,9441,224,470

33332

9,0204,2373,7163,6223,592

216,306210,012192,818239,754224,344

1,1291,1241,1241,1241,124

7,1237,3857,5687,8978,081

2,386,5772,403,9152,358,0022,404,6012,394,256

1,359,7391,355,4241,361,3681,362,8311,370,848

705,582698,708684,394671,237678,960

29,23748,99923,62657,54725,717

58,30057,06556,66255,76855,409

2,8652,5022,8862,4592,350

NewYork

4,170,0044,473,8984,191,8484,299,8734,130,566

112i 12112112110

23,87817,30715,72013,82914,611

499,166466,628427,565623,965524,677

7,8737,8547,8557,8557,856

24,47225,09125,47826,72427,385

12,012,18512,335,80812,021,69912,420,35512,066,368

5,249,2445,242,5185,232,8235,240,1735,245,082

5,297,0935,566,2045,321,6675,505,6585,347,289

102,83074,88275,257

128,76036,994

2298,7022295,6252287,2662283,1152281,410

411,889493,179465,849470,098469,174

Phila-delphia

1,189,3551,200,4101,181,6361,190,4781,180,237

33333

6,0294,2634,7384,5943,466

176,062168,452155,912219,579170,825

2,9812,9812,9812,9812,976

6,7166,9877,1307,3577,562

2,682,9332,684,6362,647,6032,734,2232,679,027

1,596,0131,593,4311,596,6911,600,5661,603,941

769,031774,729753,715737,938742,658

31,92433,24924,82855,16032,570

74,03272,46471,95270,81670,360

1,2761,9951,4051,2871,286

Cleve-land

1,665,3251,669,6941,664,7421,660,9201,644,288

33333

7,6416,1954,7585,6845,936

269,806233,572214,039283,211223,846

4,9254,9234,9234,9194,919

9,80810,44410,25210,88911,130

3,620,5203,581,0053,539,2843,624,6993,552,998

2,011,7952,005,0092,008,0342,007,1232,011,880

1,189,2821,154,5951,151,7771,180,8081,160,221

42,31762,21623,01178,21625,786

84,21182,42881,84580,55380,034

4,8074,7724,7824,0454,341

Rich-mond

1,157,2571,171,5271,150,7651,168,4971,143,696

22222

24,91224,98120,61217,46717,765

224,449200,247206,209218,804211,669

2,4702,4762,4762,4762,468

6,9757,2857,1547,4817,684

2,542,0812,549,4062,509,0482,528,3842,505,603

1,537,1521,535,9781,534,3751,531,2761,527,861

668,679677,536668,837672,016667,803

35,07151,63521,44745,21831,798

46,27045,29044,97044,26043,975

3,6297,0402,5053,3972,509

Atlanta

959,777961,738950,452955,142946,971

22221

16,81817,59518,78716,71020,687

192,691170,623173,503204,982178,801

1,5201,5201,5201,5201,519

5,6535,8955,9436,2086,348

2,234,6072,206,8792,222,2292,230,5822,209,980

1,257,9511,264,4691,267,9591,262,9571,261,046

660,491659.832692,430692,454687,648

37,96940,88022,48818,40234,450

38,86738,04437,77537,17836,939

534628667

1,2822,671

Chicago

2,706,1472,748,7482,729,8632,723,3332,683,557

55555

17,33515,90914,38814,52912,456

435,697409,097379,390611,041387,511

3,5573,5353,6163,6163,616

16,32316,85817,25217,66317,986

7,760,2797,674,6147,606,6057,809,3207,534,900

4,431,6544,427,2214,426,3234,429,2584,436,797

2,665,0302,569,4312,567,9452,552,6012,501,702

60,98385,91143,918

112,31441,704

127,705125,000124,117122,158121,371

3,6842,7601,8901,8292,071

St.Louis

983,8681,000,132

979,212984,839977,270

11111

9,0696,1107,0757,6818,593

155,236140,155128,089166,413134,469

2,0672,0512,0532,0512,052

6,9777,1597,2297,4867,630

1,904,0421,914,4651,870,1621,897,6361,869,962

1,064,9321,065,2681,064,3181,061,5401,060,628

591,448599,214594,933588,436577,717

33,69349,68220,23128,74830,681

33,31432,60932,37831,86731,662

6,2086,1327,1796,1928,135

Minne-apolis

554,445556,629549,581558,444552,879

11111

4,9204,7523,7693,6793,849

72,34368,58271,24578,55373,684

1,1461,1431,1431,1431,143

3,1453,2653,3133,4643,547

1,136,6631,129,2141,128,3291,141,0871,140,211

602,367602,024604,847604,183604,594

400,473387,622390,545394,713399,479

27,71734,94625,93139,53829,897

23,13522,64522,48522,13021,988

1,5132,2401,6851,1032,084

KansasCity

828,893845,184828,537833,057823,962

11111

7,5595,8994,9545,7525,432

151,422132,633135,050141,339135,503

2,3102,2962,2962,2962,296

5,0195,1915,2445,4035,547

1,882,5781,903,5451,872,2941,895,2381,864,056

903,244907,238907,704904,730904,137

752,074752,807755,520770,752740,364

25,66052,13018,43224,65928,071

34,24033,51533,27832,75232,541

8032,0681,8621,8401,822

Dallas

809,576812,697803,618811,288803,151

11111

9,0487,7006,4555,8435,391

137,152119,737119,757147,016112,551

717713713713713

4,7254,8244,9095,2055,342

1,663,5771,638,3431,628,7661,647,4831,617,791

615,535621,296619,831617,029614,775

798,512796,798791,843777,731787,859

53,20744,46836,67346,46037,747

32,38931,70331,47930,98230,783

486422790450

4,501

SanFran-cisco

1,629,3521,633,7991,623,5191,626,2731,609,950

44443

18,42115,18211,78911,20812,733

225,872228,760200,547260,993224,489

3,5133,5133,5953,5953,650

9,2829,6899,981

10,40510,860

4,662,2354,641,8144,601,2914,626,5094,593,242

2,288,8032,291,3062,305,0822,305,9082,295,940

1,921,8011,894,1281,891,7351,855,1921,883,913

58,54657,81830,22835,89324,772

82,38080,63580,06678,80178,295

36,49437,51236,39634,30533,341

1 After deducting $26,000 participations of other Federal Reserve Banks on Jan. 25; Feb. 1; Feb. 8; Feb. 15; and $23,000 on Feb. 21.2 After deducting $634,824,000 participations of other Federal Reserve Banks on Jan. 25; $621,379,000 on Feb. 1; $616,989,000 on Feb. 8;

$607,247,000 on Feb. 15; and $603,337,000 on Feb. 21.


STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS—Continued

Liabilities(cont.):

Total deposits:Jan . 2 5 . . . .Feb . 1 . . . .Feb. 8 . . . .Feb. 15Feb. 21

Deferred availa-bility items:

Jan. 2 5 . . . .Feb. 1 . . . .Feb. 8 . . .Feb. 1 5 . . . .Feb. 21

vy Lllci JIclDlIlLlCS

including ac-crued divi-dends:

J a n . 2 5 . . . .F e b . 1. . . .F e b . 8 . . . .F e b . 1 5 . . . .F e b . 2 1 . . . .

To ta l liabilities:J an . 2 5 . . . .F e b . 1 . . . .Feb . 8 . . . .Feb . 1 5 . . . .F e b . 2 1 . . . .

Capital Accts.:

Capital paid in:Jan. 2 5 . . . .Feb. 1 . . . .Feb. 8 . . . .Feb. 1 5 . . . .Feb. 2 1 . . . .

Surplus:(section 7):

Jan. 2 5 . . . .Feb. 1 . . . .Feb. 8 . . . .Feb. 1 5 . . . .Feb. 21

(section 13b):Jan. 2 5 . . . .Feb. 1 . . . .Feb. 8 . . . .Feb. 1 5 . . . .Feb. 2 1 . . . .

Other cap. accts.:Jan. 2 5 . . . .Feb. 1 . . . .Feb. 8 . . . .Feb. 1 5 . . . .Feb. 2 1 . . . .

Total liabilitiesand cap. accts.:

Jan. 25Feb. 1. . . .Feb. 8 . . . .Feb. 15Feb. 2 1 . . . .

Contingent liabil-itj' on accept-ances purchas-ed for foreigncorrespondents:

Jan. 2 5 . . . .Feb. 1 . . . .Feb. 8 . . . .Feb. 15Feb. 21

Commitments tomake industrialloans:

Jan. 2 5 . . . .Feb. 1Feb. 8Feb. 15Feb. 21

Total

18,366,38318,646,69318,063,58018.489,11817,974,852

2,341,9652,241,3312,139,6362,664,9702,231,363

10,0558,2498,7999,675

11,244

43,636,83243,807,45543,141,37044,091,33743,154,988

213,600213,939214,077214,223214,422

488,173488,173488,173488,173488,173

27,54327,54327,54327,54327,543

122,129126,534134,149138,841143,268

44,488,27744,663,64444,005,31244,960,11744,028,394

9,0318,5467,5297,5798,126

1,9251 8611,7991 7591̂ 734

Boston

795,984807,274767,568787,011762,436

175,770185,876173,088198,477204,305

549618601659689

2,332,0422,349,1922,302,6252,348,9782,338,278

12,04812,04812,07212,07712,079

30,77830,77830,77830,77830,778

3,0113,0113,0113,0113,011

8,6988,8869,5169,757

10,110

2,386,5772,403,9152,358,0022,404,6012,394,256

569538474478503

New-York

6,110,5146,429,8906,150,0396,387,6316,134,867

394.598405,737379,228531,298423,463

3,3832,0222,2422,7443,515

11,757,73912,080,16711,764,33212,161,84611,806,927

72,80272,89472,91072,91672,940

148,149148,149148,149148,149148,149

7,3197,3197,3197,3197,319

26,17627,27928,98930,12531,033

12,012,18512,335,80812,021,69912,420,35512,066,368

12,836!2,68312,36312,37912,647

Phila-delphia

876,263882,437851,900865,201846,874

143,262141,084130,714199,865159,257

421417505467556

2,615,9592,617,3692,579,8102,666,0992,610,628

15,26615,27115,28515,29715,305

38,20538,20538,20538,20538,205

4,4894,4894,4894,4894,489

9,0149,3029,814

10,13310,400

2,682,9332,684,6362,647,6032,734,2232,679,027

722684603606639

659618571532539

[In thot

Cleve-land

1,320,6171,304.0111,261,4151,343,6221,270,382

208,874192,232189,666193,145189,404

1,1771,132

9201,0761,234

3,542,4633,502,3843,460,0353,544,9663,472,900

19,92919,93919,88219,89619,898

45,95745,95745,95745,95745,957

1,0061,0061,0061,0061,006

11,16511,71912,40412,87413,237

3,620 5?03,581,0053,539,2843,624,6993,552,998

822778685690727

556498497496464

isands of dollars]

Rich-mond

753,649781,501737,759764,891746,085

205,984186,422190,808185,832184,930

505430544497549

2,497,2902,504,3312,463,4862,482,4962,459,425

9,3309,3549,3709,3839,396

23,77923,77923,77923,77923,779

3,3493,3493,3493,3493,349

8,3338,5939,0649,3779,654

2,542,0812,549,4062,509,0482,528,3842,505,603

452427377379399

1515151515

Atlanta

737,861739,384753,360749,316761,708

200,841164,889162,276179,406148,011

407332392388475

2,197,0602,169,0742,183,9872,192,0672,171,240

8,4888,4958,5448,5648,572

21,19421,19421,19421,19421,194

762762762762762

7,1037,3547,7427,9958,212

2,234,6072,206,8792,222,2292,230,5822,209,980

379359316318335

Chicago

2,857,4022,783,1022,737,8702,788,9022,666,848

352,423344,932321,782469,710308,953

1,5561,4141,6031,6671,862

7,643,0357,556,6697,487,5787,689,5377,414,460

27,27127,29627,31627,32927,332

72,02972,02972.02972,02972,029

1,4291,4291,4291,4291,429

16,51517,19118,25318,99619,650

7,760,2797,674,6147,606,6057,809,3207,534,900

1,2461,1791,0391,0461,102

8989888888

St.Louis

664,663687,637654,721655,243648,195

140,499127,464116,508145,979125,980

337305322369440

1,870,4311,880,6741,835,8691,863,1311,835,243

7,0867,1037,1067,1137,120

19,11819,11819,11819,11819,118

521521521521521

6,8867,0497,5487,7537,960

1,904,0421,914,4651,870,1621,897,6361,869,962

325308271273288

500500500500500

Minne-apolis

452,838447,453440,646457,484453,448

58,17456,13959,06555,51058,087

307377319295345

1,113,6861,105,9931,104,8771,117,4721,116,474

4,7414,8444,8524,8634,863

12,49412,49412,49412,49412,494

1,0731,0731,0731,0731,073

4,6694,8105,0335,1855,307

1,136,6631,129,2141,128,3291,141,0871,140,211

226214188190200

KansasCity

812,777840,520809,092830,003802,798

133,162122,239121,521126,294122,656

371334325370393

1,849,5541,870,3311,838,6421,861,3971,829,984

7,5667,5797,5967,6047,616

18,04518,04518,04518,04518,045

1,1371,1371,1371,1371,137

6,2766,4536,8747,0557,274

1,882,5781,903,5451,872,2941,895,2381,864,056

334316279280295

Dallas

884,594873,391860,785855,623860,890

131,133111,235115,331141,678108,690

396277318401479

1,631,6581,606,1991,596,2651,614,7311,584,834

8,6508,6768,6998,7288,763

15,87315,87315,87315,87315,873

1,3071,3071,3071,3071,307

6,0896,2886,6226,8447,014

1 663,5771,638,3431,628,7661,647,4831,617,791

316299264265280

SanFran-cisco

2,099,2212,070,0932,038,4252,004,1912,020,321

197,245203,082179,649237,776197,627

646591708742707

4,585,9154,565,0724,523,8644,548,6174,514,595

20,42320,44020,44520,45320,538

42,55242,55242,55242,55242,552

' 2,1402,1402,1402,1402,140

11,20511,61012,29012,74713,417

4,662,2354,641,8144,601,2914,626,5094,593,242

804761670675711

106141128128128

1 After deducting $6,195,000 participations of other Federal Reserve Banks on Jan. 25; $5,863,000 on Feb. 1; $5,166,000 on Feb. 8; $5,200,000on Feb. 15; and $5,479,000 on Feb. 21.

MARCH 1950 327

STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS—Continued

FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS' ACCOUNTS, BY WEEKS[In thousands of dollars]

F.R.notes outstanding(issued to Bank):

Jan. 25Feb. 1Feb. 8Feb. 15Feb. 21

Collateral held againstnotes outstanding:

Gold certificates:Jan, 2 5 . . .Feb. 1Feb. 8Feb. 1 5 . . .Feb. 21

Eligible paper:Jan. 25Feb. 1Feb. 8Feb. 15.Feb. 21.

U. S. Govt. sec.:Jan. 25Feb. 1Feb. 8 . . .Feb. 15.Feb. 2 1 . . .

Total collateral:Tan. 25 . .Feb. 1.Feb. 8Feb. 15Feb. 21

Total

23,945,24123,816,55223,764,55123,718,11123.708,795

14,289,00014,289,00014,249,00014,249,00014,249,000

31,207348,082

92,732176,81226,302

10,800,00010,700,00010,700,00010,700,00010,700,000

25,120,20725,337 08225,041,73225,125,81224,975,302

Boston

,438,235,433,771,430,784,423,662,424,512

440,000 4,670,000440,000 4,670,000440,000 4,670,000440,000

3,5213,6966,4468,4215,791

1,100,0001,100,0001,100,0001,100,0001,100,000

1,548,421,545,791

NewYork

5,460,5885,407,7785,399,2685,409,6035,397,422

4,670,000440,000 4,670,000

9,135292,520

57,820136,365

3,845

1,000,000900,000900,000900,000900,000

5,679,1351,543,5211 543 696 5 862,5201,546,446 5,627,820

5,706,3655,573,845

Phila-delphia

1,657,6571,650,5721,646,8191,640,1001,644,007

750,000750,000750,000750,000750,000

1,1356,145

8501,3851,575

1,000,0001,000,0001,000,0001,000,0001,000,000

1,751,135 2.1,756,1451,750,850 21,751,.1,751,.

1,385 21,575 2

Cleve-land

2,109,7912,103,6832,098,2682,091,4132,089,193

1,000,0001,000,0001,000,0001,000,0001,000,000

1,150,0001,150,0001,150,0001,150,0001,150,000

1,150,0002,150,000

,150,0001,150,000,150,000

Rich-mong

1,618,0121,610,0041,603,9451,599,9081,595,747

670,000670,000670,000670,000670,000

5,88114,2817,031

16,2012,051

1,000,0001,000,0001,000,0001,000,0001,000,000

1,675,8811,684,2811,677,0311,686,2011,672,051

At-lanta

1,334,800 4,554,2171,323,7221.321,3551,316,974 4,517,9321,313,955 4,517,621

4,542,0324,528,642

675,000 2,990,000675,000 2,990,000675,000 2,950,000

700,000 1700,000700,000700,000700,000

Chicago

675,000 2,950,000675,000 2,950,000

,600,0001,600,0001,600,0001,600,0001,600,000

1,375,000 4,590,0001,375,000 4,590,0001,375,000 4,550,0001,375,000 4,550,0001,375,000 4,550,000

St.Louis

1,109,6871,106,7951,107,052 614,1,099,876 614,1541,101,063 613,474

400,000400,000400,000 210,000400,000400,000

1,75013,0003,1.701,9003,000

800,000 450,000800,000 450,000800,000 450,000800,000 450,000800,000 450,000

1,201,750 663,2001,213,000 6621,203,170 6611,201,900 6667501,203,000 666,050

Minne-apolis

616,101613,864

,164

210,000210,000

210,000210,000

3,2002,5751,7506,7506,050

2,5751,750

KansasCity

935,354 670,979930,603 665,938933,358 661,320931,165 657,250 2,416,074929,597 (657,421

280,000 204,000280,000

700,000

982,285994,365987,065

Dallas

2,439,8202,427,7902,419,576

204,000280,000 204,000280,000 204,000280,000 204,000

2,28514,3657,0655,7903,990

700,000 500,000700,000 500,000

500,000700,000 500,000700,000 500,000

985,790 704,000983,990 704,000 2,800,000

SanFran-cisco

2,424,783

2,000,0002,000,0002,000,0002,000,0002,000,000

4,3001,5008,600

800,000800,000800,000800,000800,000

704,000 2,804,300704,000 2,801,500

1,6002,800,000

704,000 2,808,600

INDUSTRIAL LOANS BY FEDERAL RESERVE BANKS

[Amounts in thousands of dollars]

Date (lastWednesdayor last dayof period)

19391940194119421943 .1944194519461947

1948July 3 1 . . .Aug. 3 1 . . .Sept. 30. ...Oct. 3 0 . . .Nov. 30 . . .Dec. 3 1 . . .

1949Jan. 31 . . , .Feb. 2 8 . . .Mar. 3 1 . . .Apr. 3 0 . . .May 3 1 . . .June 30..,.July 3 0 . . .Aug. 3 1 . . .Sept. 3 0 . . .Oct. 3 1 . . .Nov. 3 0 . . .Dec. 3 1 . . .

1950Jan. 3 1 . . .

Applicationsapproved

to date

Num-ber

2,7812,9083,2023,4233,4713,4893,5113,5423,574

3,6003,6033,6043,6063,6063,607

3,6073,6083,6103,6133,6143,6153,6173,6233,6303,6373,6443,649

3,652

Amount

188,222212,510279,860408,737491,342525,532544,961565,913586,726

611,694612,099613,820614,402614,725615,653;

615,893616,340620,192620,595620,984621,297621,601622,327625,301626,273628,523629,326

629,764

Ap-provedbut not

com-pleted *

(amount)

2,65913 ^9548,2944^248

9261,295

3204,577

945

620!

6545

18585

335

85:4545

152245205220?545912

1,5141,277

539

544

Loansout-

standing2

(amount)

13,6839,152

10,33714*112610,5323,8941,995

5541,387

802883

1,0111,1161,151

995

1,005907906819753614660662

1,0161,0751,9542,178

2,223

Commit-ments

out-standing^amount,/

9,2205,226

14,59710,6619,2704,1651,6448,3097,434

6,4176,1876,2466,0856,0991,643

1,6771,6243,2702,3992,3492,2782,2632,0721,9581,8201,8182,288

1,941

Partici-pations

of financ-ing insti-tutions

out-standing(amount)

10,9816,386

19,60017,30517,9302,7051,0862,6704.J.869'

3,3463,3534,2124,1534,1661,990

2,0772,0423,6772,8112,7372,6192,5631,9262,0231,9652,8482,947

2,649

1 Includes applications approved conditionally by the Federal Re-serve Banks and under consideration by applicant.

2 Includes industrial loans past due 3 months or more, which are notincluded in industrial loans outstanding in weekly statement of con-dition of Federal Reserve Banks.

NOTE.—The difference between amount of applications approved andthe sum of the following four columns represents repayments of ad-vances, and applications for loans and commitments withdrawn orexpired.

MEMBER BANK RESERVES AND BORROWINGS

[Averages of daily figures. In millions of dollars]

Month,, orweek ending Wednesday

Total reserves held r1949—January .

December... . . . .1950—January

Jan. 18Jan. 25Feb. 1Feb. 8Feb. 15Feb. 2 2 . . . .

Excess reserves:1949—January.

December..... . .1950—January

Jan. 18Jan. 25Feb. 1Feb. 8 , .Feb. 15Feb. 22 ,

Borrowings at FederalReserve Banks:1949—January

December ,1950—January

Jan. 18Jan. 25Feb. 1Feb. 8Feb. 15Feb. 22

Allmem-ber

banks *

19,99116,29116,520

16,60116,41116,16716,2:2216,09416,257

838803936

988824619763729P865

16911835

25331215924541

Central reservecity banks

NewYork

5,3584,4624,469

4,4474,4214,3944,3744,2984,390

411953

4128

- 512

- 365

98594

588

1047

Chi-cago

1,2971,1441,179

1,1761,1621,1501,1461,1181,120

419

1- 1

- 1 04

- 9- 2

Re-servecity

banks

7,5396,2516,366

6,4166,3276,2526,2366,2206,252

214180221

241162114143144183

323017

112042284016

Coun-try

banksl

5,7974,4344,507

4,5624,5014 ,̂3714,4654,4584,496

578603653

705635520604597P619

282813

141317111814

P Preliminary.1 Weekly figures of excess reserves of all member banks and of

country banks are estimates. Weekly figures of borrowings of all mem-ber banks and of country banks may include small amounts of FederalReserve Bank discounts and advances for nonmember banks, etc.

Back figures.—See Banking and Monetary Statistics, pp. 396-399.


DEPOSITS, RESERVES, AND BORROWINGS OF MEMBER BANKS

[Averages of daily figures.1 In millions of dollars]

Gross demand deposits:Total .....-.,•

Interbank. ,Other

Net demand deposits 2. . . .Demand deposits adjusted 3

Time deposits 4

Demand balances due from domestic banks.

Reserves with Federal Reserve Banks:Total

Required . . .Excess.» .

Borrowings at Federal Reserve Banks

Allmem-

berbanks


NewYork

Chi-cago

Re-servecity

banks

Coun-try

banks

First half of January 1950

93,68011,90881,77281,55873,20029,309

6,105

16,73615,588

1,147

22

21,6043,986

17,61919,767

1,737

51

4,5484,436

112

5,6251,1964,4285,104

1,082

137

1,2041,177

28

35,6085,709

29,89930,810

11,708

1,901

6,4376,131

305

30,8431,017

29,82625,878

14,782

4,017

4,5473,844

702

13

Allmem-

berbanks


NewYork

Chi-cago

Re-servecity

banks

Coun-try

banks

Second half of January 1950

92,65111,30481,34781,62773,40029,287

5,693

16,31815 ,582

737

47

21,1403,750

17,39019,602

1,706

34

4,3954,398

- 3

5,4971,1184,3795 ,042

1,083

111

1,1551,163

- 9

35,3465 ,449

29,89730,958

11,704

1,751

6,3006,158

142

25

30,667986

29,68126,025

14,794

3,797

4,4693,863

606

1 Averages of daily closing figures for reserves and borrowings and of daily opening figures for other items, inasmuch as reserves required arebased on deposits at opening of business.

2 Demand deposits subject to reserve requirements, i. e., gross demand deposits minus cash items reported as in process of collection anddemand 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 collec-tion) are estimated for all member banks, but not by class of bank.

4 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 ANDSMALL CENTERS 1

[Averages of daily figures. In millions of dollars]

1948December

1949JanuaryDecember

1950January

By districts,January 1950

BostonNew YorkPhiladelphia.Cleveland..

RichmondAtlanta .ChicagoSt. Louis

MinneapolisKansas CityDallasSan Francisco.

In places of 15,000and over population

Demanddepositsexceptinter-bank

16,836

'•16,72617,266

17,393

2,1083,1811,3251,378

1,1351,6212,376

686

633592

1,1071,251

Timedeposits

8,678

8,7498,675

8,740

8312,182

802904

408458

1,601343

302107159642

In places of under15,000 population

Demanddepositsexceptinter-bank

12,427

'12,36012,249

12,359

3451,100

9381,024

859692

1,7031,025

7841,6551,711

523

Timedeposits

6,011

6,0436,004

6,048

2281,143

887805

480219960287

451211

76300

r Revised.1 Includes any banks in outlying sections of reserve cities that have

been given permission to carry the same reserve as country banks.

BANK SUSPENSIONS *

Number of banks suspended:1934-42

19431944194519461947194819491950—Jan.-Feb

Deposits of suspended banks(in thousands of dollars) :2

1934-42

19431944194519461947194819491950—Jan.-Feb

Total,all

banks

330

41001040

137,362

6,223405

00

1670

2,4430

Memberbanks

Na-tional

20

2

18,016

4,982

State

6

26,548

Nonmemberbanks

In-sured

216

21

51,567

1,241405

Non-insured

88

1

4

41,231

167

2,443

Insurance Corporation loans).2 Deposits of member banks and insured nonmember banks sus-

pended are as of dates of suspensions, and deposits of noninsured non-member banks are based on the latest data available at the time thesuspensions were reported.

Back figures.—See Banking and Monetary Statistics, pp. 283-292;for description, see pp. 281-282 in the same publication.

MARCH 1950 329

UNITED STATES MONEY IN CIRCULATION, BY DENOMINATIONS

[Outside Treasury and Federal Reserve Banks. In millions of dollars]

End of year ormonth

193319341935193619371938193919401941194219431944194519461947

1943—OctoberNovember.. .December.. .

1949——Tanuar vFebruary

AprilMayJuneJulyAugustSeptember...October . .November.. .December. . .

1950—January .

Totalin cir-cula-tion1

5,5195,5365,8826,5436,5506,8567,5988,732

11,16015,41020,44925,30728,51528,95228,868

28,17628,33128,224

27,58027,55727,43927,41727,50727,49327,39427,39327,41227,40727,54327,600

26,941

Coin and small denomination currency

Total

4,1674,2924,5185,0215,0155,1475,5536,2478,120

11,57614,87117,58020,68320,43720,020

19,53119,68019,529

19,00319,02918,93018,92518,99318,98218,90818,90118,91718,91519,04019,025

18,475

Coin

442452478517537550590648751880

1,0191,1561,2741,3611,404

1,4511,4641,464

1,4411,4411,4451,4501,4561,4591,4571,4621,4681,4741,4841,484

1,457

3$1

402423460499505524559610695801909987

1,0391,0291,048

1,0261,0421,049

1,000996992994

1,0111,0081,0011,0031,0181,0311,0461,066

1,008

$2

333233353334363944557081736765

636464

626361606161606160606162

60

$5

719771815906905946

1,0191,1291,3551,6931,9732,1502,3132,1732,110

2,0372,0542,047

1.9721,9761,9651,9671,9861,9711,9591,9581,9701,9731,9942,004

1,926

$10

1,2291,2881,3731,5631,5601,6111,7722,0212,7314,0515,1945,9836,7826,4976,275

6,0876,1376,060

5,8925,9295,9135,9135,9345,9315,9015,9005,9055,8915,9355,897

5,715

$20

1,3421,3261,3591,5011,4751,4811,5761,8002,5454,0965,7057,2249,2019,3109,119

8,8678,9188,846

8,6368,6258,5558,5418,5448,5518,5298,5178,4968,4868,5208,512

8,309

Large denomination currency2

Total

1,3601,2541,3691,5301,5421,7142,0482,4893,0443,8375,5807,7307,8348,5188.850

8,6478,6548,698

8,5798,5318,5108,4938,5158,5138,4888,4948,4988,4948,5068,578

8,469

$50

364337358399387409460538724

1,0191,4811,9962,3272,4922,548

2,4672,4752,494

2,4592,4442,4282,4212,4222,4262,4102,4062,4012,3922,3982,435

2,401

$100

618577627707710770919

1,1121,4331,9102,9124,1534,2204,7715,070

5,0355,0485,074

5,0205,0004,9804,9704,9804,9744,9644,9804,9965,0075,0215,056

5,010

$500

125112122135139160191227261287407555454438428

401400400

396394392390388387385383382381382382

380

$1,000

237216239265288327425523556586749990801783782

730717707

689679696700712712717712705701692689

666

$5,000

85776

1720302499

10785

555

555555444444

4

$10,000

107

16181232326046252224242617

99

17

10101099999998

11

8

Unas-sorted

8105875244323233

333

331112222223

3

1 Total of amounts of coin and paper currency shown by denominations less unassorted currency in Treasury and Federal Reserve Banks.* Includes unassorted currency held in Treasury and Federal Reserve Banks and currency of unknown denominations reported by the Treasury

as destroyed. 3 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]

Gold .-Gold certificatesFederal Reserve notesTreasury currency—total

Standard silver dollarsSilver bullionSilver certificates and Treasury notes of 1890Subsidiary silver coinMinor coinUnited States notesFederal Reserve Bank notesNational Bank notes

Total—Jan. 31, 1950.. . . . . .Dec. 31, 1949Jan. 31, 1949

Total out-standing,Jan. 31,1950

24,39523,21023,855

4,599

4932,006

3 2,287995377347292

90

(4 )

( 4 )

( 4 )

Money held in the Treasury

As securityagainst

gold andsilver

certificates

23,210

3 2,287

2812,006

25,49725,52225,318

Treasurycash

21,185

6066

41

137411

1,3111,3121,336

ForFederalReserve

Banks andagents

20,353

20,35320,36120,210

Moneyheld byFederalReserve

Banks andagents

2,8151,058

371

3

263481437

51

4,2444,1114,367

Money ir circulation x

Jan. 31,1950

4122,737

4,162

168

2,024934356306286

89

26,941

Dec. 31,1949

4223,262

4,297

168

2,121955361312291

89

27,600

Jan. 31,1949

4423,386

4,150

162

1,979927352308326

95

27,580

1 Outside Treasury and Federal Reserve Banks. Includes any paper currency held outside the continental limits of the United States; totalsfor other end-of-month dates shown in table above, totals by weeks in table on p. 321 and seasonally adjusted figures in table on p. 331,

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.4 Because some of the types of money shown are held as collateral or reserves against other types, a grand total of all types has no special

significance and is not shown. See note for explanation of these duplications.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 onreceipt; (iii) as security for outstanding silver certificates—silver in bullion and standard silver dollars of a monetary value equal to the faceamount of such silver certificates; and (iv) as security for gold certificates—gold bullion of a value at the legal standard equal to the face amountof such gold certificates. Federal Reserve notes are obligations of the United States and a first lien on all the assets of the issuing Federal ReserveBank. Federal Reserve notes are secured by the deposit with Federal Reserve agents of a like amount of gold certificates or of gold certificatesand 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 depositedwith the Treasurer of the United States, against Federal Reserve notes in actual circulation; gold certificates pledged as collateral may be countedas reserves. "Gold certificates" as herein used includes credits with the Treasurer of the United States payable in gold certificates. FederalReserve Bank notes and national bank notes are in process of retirement.


MONEY IN CIRCULATION WITH ADJUSTMENT FORSEASONAL VARIATION

[Outside Treasury and Federal Reserve Banks. In millions of dollars]

Date

End of period:19391940194119421943 .194419451946 .194719481949.. .

Averages of daily figures:

1949—January. . . . . .FebruaryMarch .AprilM a yJuneJulyAugustSeptemberOctoberNovemberDecember

1950—January . . .February

Amount—•unadjustedfor seasonal

variation

7,5988,732

11,16015,41020,44925,30728,51528,95228,86828,22427,600

27,85027,54527,50827,46227,43827,43227,47227,39727,45127,45627,47727,734

27,22027,008

Amount—adjusted for

seasonalvariation

27,76727,54527,59127,68327,63127,57027,52727,53527,50627,45627,39527,459

27,13927,008

Change inseasonallyadjustedseries 1

+742+1,134+2,428+4,250+5,039+4,858+3,208

+437- 8 4

-644-624

-375-222+46+92-52- 6 1- 4 3+8

- 2 9- 5 0- 6 1+64

-320-131

1 For end-of-year figures, represents change computed on absoluteamounts in first column.

NOTE.'—For discussion of seasonal adjustment factors and for backfigures on comparable basis see BULLETIN for September 1943, pp.822-826. Because of an apparent change in the seasonal patternaround the year-end, adjustment factors have been revised somewhatfor dates affected, beginning with December 1942.

POSTAL SAVINGS SYSTEM


End of month

1943—December1944—December1945—December....1946—December1947—December

1948—AugustSeptember. . .OctoberNovember. . .December... .

1949—JanuaryFebruary. . . .MarchAprilMayJuneJulyAugustSeptember. . .OctoberNovember. . .December....

1950—January

Depos-itors'bal-

ances i

1,7882,3422,9333,2843,417

3,3563,3483,3423,3363,330

3,3343,3333,3273,3143,2943,2773,2663,2483,2303,2153,199

^3,182

^3,178

Assets

Total

1,8432,4113,0223,3873,525

3,4723,4643,4593,4543,449

3,4543,4543,4473,4353,4183,4033,3933,3753,3503,3363,322

Cashin

deposi-tory

banks

108666

67777

77777766677

U. S.Govern-

mentsecuri-

ties

1,7162,2522,8373,1823,308

3,2603,2603,2443,2443,244

3,2443,2443,2543,2393,2123,1883,1873,1723,1523,1273,118

Cashreservefunds,etc.*

118152179200212

206198208203198

203202186188198209199196191202197

P Preliminary.1 Outstanding principal, represented by certificates of deposit.2 Includes working cash with postmasters, 5 per cent reserve fund

and miscellaneous working funds with Treasurer of United States, ac-crued interest on bond investments, and accounts due from late post-masters.

Back figures.—See Banking and Monetary Statistics, p. 519; fordescription, see p. 508 in the same publication.

BANK DEBITS AND DEPOSIT TURNOVER

[Debits in millions of dollars]

Year or month

194419451946—old series ^1946—new series 4

194719481949

1949—January . . . .FebruaryMarchAprilMayJuneJulyAugustSeptemberOctoberNovemberDecember

1950—January

Debits to total deposit accounts, exceptinterbank accounts

Total, allreportingcenters

891,910974,102

jl,050,0211,125,0741,249,6301,230,982

105,19289,850

109,74199,70399,280

109,06798,50099,055

101,072101,83499,491

118,197

106,636

NewYorkCity1

345,585404,543417,475405,929449,002452,897

38,42931,98239,69835,83236,97442,89036,46736,07037,19136,33435,24945,781

38,962

140other

centers1

462,354479,760527,336599,639667,934648,905

55,65148,19858,63753,37451,99555,38651,88652,46653,06654,41353,33960,493

56,374

Otherreportingcenters 2

83,97089,799

105,210119,506132,695129,179

11,1129,669

11,40710,49710,31110,79210,14710,51810,81411,08710,90311,923

11,300

Annual rate ofturnover of totaldeposits, except

interbank

NewYorkCity

17.118.218.921.023.624.1

25.023.024.122.724.626.923.721.924.122.423.427.7

24.5

Otherreportingcenters

10.89.7

10.0 (11.912.912.4

12.912.212.812.212.312.512.211.412.412.112.713.1

12.6

Debits to demanddeposit accounts,except interbankand Government

NewYorkCity3

298,902351,602374,365407,946400,468445,221447,150

38,76732,22637,78836,88736,44440,61737,12934,94036,13036,68334,10545,434

38,133

Otherleadingcities 3

403,400412,800449,414522,944598,445660,155639,772

55,34847,96856,73752,86950,76853,76951,27651,42152,36454,48852,33660,428

55,090

Annual rate ofturnover of demand

deposits, except inter-bank and Government

NewYorkCity3

22.424.225.525.224.127.228.2

29.327.127.227.628.329.828.725.528.027.327.232.5

28.6

Otherleadingcities 3

17.316.116.916.518.019.218.7

19.318.619.218.618.518.718.517.118.618.519.120.0

18.9

1 National series for which bank debit figures are available beginning with 1919.2 Number of centers reduced from 193 to 192 beginning December 1947, when one reporting bank was absorbed by a reporting bank in another

city. 3 Weekly reporting member bank series.4 Statistics for banks in leading cities revised beginning July 3, 1946; for description of revision and for back figures see BULLETIN for June

1947, pp. 692-693, and July 1947, pp. 878-883, respectively; deposits and debits of the new series for first six months of 1946 are estimated.NOTE.—Debits to total deposit accounts, except interbank accounts, have been reported for 334 centers from 1942 through November 1947

and for 333 beginning December 1947; the deposits from which rates of turnover have been computed have likewise been reported by most banksand have been estimated for others. Debits to demand deposit accounts, except interbank and U. S. Government, and the deposits from whichrates of turnover have been computed have been reported by member banks in leading cities since 1935.

MARCH 1950 331

CONSOLIDATED CONDITION STATEMENT FOR BANKS AND THE MONETARY SYSTEMALL COMMERCIAL AND SAVINGS BANKS, FEDERAL RESERVE BANKS, POSTAL SAVINGS SYSTEM,

AND TREASURY CURRENCY FUNDS *[Figures partly estimated except on call dates. In millions of dollars]

Date

1929—June 291933_june 301939—Dec> 301941—Dec. 31I945—June 30

Dec. 311946—June 29

Dec. 31 .1947—June 30 .

Dec. 311948—June 30

Dec. 31 .

1949—jan> 26Feb. 23Mar. 30Apr. 27May 25June 30July 27 PAug. 31 P .Sept. 28?Oct. 26PNov. 30PDec. 28P

1950—Jan. 25?

Date

1929—June 291933—June 301939—Dec. 301941—Dec. 311945—June 30

Dec. 31 . .1946—June 29. .

Dec. 311947—June 30

Dec. 31 . . . .1948—June 30

Dec. 31 . . . .

1949—Jan. 26Feb. 23 . . . . .Mar. 30Apr. 27May 25June 30July 27?Aug. 31 P .Sept. 28POct. 26PNov. 30PDec. 28P

1950—Jan. 25 P

Gold

4,0374,031

17,64422,73720,21320,06520,27020,52921,26622,75423,53224,244

24,30024,30024,30024,30024,30024,46624,50024,60024,60024,60024,50024,400

24,400

Total

55,77642,02968,35982,811

168,040180,806176,215171,657169,234175,348172,857176,121

174,900174,400172,600172,000171,300171,602171,500173,800174,700175,300175,700177,500

177,500

Treas-

cur-rency

2,0192,2862,9633,2474,1454,3394,5394,5624,5524,5624,5654,589

4,6004,6004,6004,6004,6004,5974,6004,6004,6004,6004,6004,600

4,600

Foreignbank

deposits,net

36550

1,2171,4982,3782,1411,8941,8851,6571,6821,7272,103

2,2002,2002,1002,0001,8001,9271,9001,9001,9002,0002,1002,100

2,200

Total

58,64242,14854,56464,653

153,992167,381163,485158,366156,297160,832157,958160,457

159,400158,700157,300156,800156,200156,491156,500158,700160,000160,700161,200163,000

162,900

Loans,net

41,08221,95722,15726,60527,94830,38731,57035,76538,37343,02345,29948,341

48,20047,80048,10047,10046,70047,14846,50047,20048,00048,30049,20049,700

49,600

U. S. Government

Treas-urycash

204264

2,4092,2152,2792,2872,2512,2721,3141,3361,3271,325

1,3001,3001,3001,3001,3001,3071,3001,3001,3001,3001,3001,300

1,300

At com-mercial

andsavingsbanks

381852846

1,89524,38124,60813,4163,1031,3671,4522,1802,451

2,0003,0003,4002,1001,9002,3041,5003,1003,7003,6003,2003,000

3,300

A J ssets

Bank credit

U. S.

Total

5102390

118

1??113107107101100

9900079807079799009999

100

100

,741,328,105,049,041,417,740,110,873,086,451,694

,900,500,700,100,800,428,800,100,400,800,300,600

,600

Government obligations

Com-mercial

andsavingsbanks

5,4998,199

19,41725,51193,655

101,28895,91186,55882,67981,19976,77474,097

74,60073,90072,60073,60074,80074,87776,10078,30078,40079,20078,50078,700

79,700

FederalReserveBanks

2161,9982,4842,254

21,79224,26223,78323,35021,87222,55921,36623,333

22,00022,40021,80021,20019,70019,34318,50017,50017,90017,40017,70018,800

17,800

Other

26131

1,2041,2842,5942,8673,0463,2023,3223,3283,3113,264

3,3003,3003,3003,3003,2003,2083,2003,2003 2003,1003,1003,100

3,100

Deposits and Currency

balances

AtFederalReserveBanks

11

1111

1

1

3635

634867599977833393756870

,928,123

,100,600,700,100700438400600

,200400500

,000

500

Total

54,79040,82863,25376,336

138,403150,793157,821164,004164,140170,008165,695169,119

168,200166,300164,200165,500165,600165,626166,300166,900166,600168,000168,600170,100

170,000

Othersecu-rities

11,8199,8639,3028,9998,0038,5779,1759,491

10,05110,72311,20811,422

11,30011,40011,50011,60011,70011,91512,30012,50012,60012,60012,60012,700

12,800

Totalassets,n e t -Totalliabil-

andcapital,

net

64487500

178101188183182188186189

18818718618518518518518718018919010?

192

,698,465,171,637,350785

,294,457,115,148,055,290

,200,600,200,700,100,554,700,900,200,800,200,000

,000

Deposits adjusted and currency

Demanddeposits2

22,54014,41129,79338,99269,05375,85179,47683,31482,18687,12182,69785,520

85,40083,40081,10082,40082,50081,87783,10083,40083,30084,60085,50086,700

86,800

Total

28,61121,65627,05927,72944,25348,45251,82953,96055,65556,41157,36057,520

57,60057,80058,00058,10058,20058,48358,40058,40058,40058,40058,00058,400

58,700

Time deposits3

Com-mercialbanks

19,55710,84915,25815,88427,17030,13532,42933,80834,83535,24935,78835,804

35,80035,90036,00036,10036,10036,29236,20036,10036,10036,10035,80035,900

36,100

Mutualsavingsbanks 4

8Q

10101415161617171818

181818181818191910101910

19

,905,621,523,532,426,385,281,869,428,746,194,387

,500,600,700,700,800,932,000,000,100,100,100,300

,400

Liabilitiesznd Capital

Totaldeposits

andcurrency

554?688?

168180176171169175172176

17417417?172171171171173174175175177

177

,776,029,359811

,040806

,215,657,234,348,857,121

,900,400,600,000300

,602,500,800700

,300,700,500

,500

PostalSavingsSystem

111

2

3

333

333

33

•2

3

3

149,186,278,313,657,932,119,283,392,416,378,329

,300,300,300,300,300,259,300,200,200,200,200,200

,200

CaEpitalmd

misc.ac-

counts,net

R

667

1010

11121?1313

13

IS1313

141414141414

14

,922,436,812,826,310,979,079,800,882,800,200,168

,400,200,600,700,800,952,200,200,500,600,500,500

,500

Cur-rency

outsidebanks

3469

26

2626262526

252524

252425

2425

24

,639,761,401,615,097,490,516,730,299,476,638,079

,200,100,100,900,000,266,900,100,900,900,100,000

,500

P Preliminary.1 Treasury funds included are the gold account, Treasury currency account, and Exchange Stabilization Fund.2 Demand deposits, other than interbank and U. S. Government, less cash items reported as in process of collection.8 Excludes interbank time deposits; United States Treasurer's time deposits, open account; and deposits of Postal Savings System in banks.4 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 nettedagainst miscellaneous accounts instead of against U. S. Government deposits and Treasury cash. Except on call dates, figures are rounded tonearest 100 million dollars and may not add to the totals. See Banking and Monetary Statistics, Table 9, pp. 34-35, for back figures for depositsand currency.


ALL BANKS IN THE UNITED STATES, BY GLASSES *PRINCIPAL ASSETS AND LIABILITIES, AND NUMBER OF BANKS

[Figures partly estimated except on call dates. Amounts in millions of dollars]

Class of bankand date

All banks :1939—Dec. 30 . . . .1941—Dec. 31 . . . .1942—Dec. 311943—Dec. 311944—Dec. 30. .1945—Dec. 31. . . . . .1946—Dec. 3 1 . . . . . .1947—Dec. 3121948—Dec. 31 . . . . . .1949—June 30

July 27*. . . . .Aug. 3\PSept. 28»Oct. 26PNov. 3QPDec. 28?

1950—Jan. 25P

All commercial bank®?1939—Dec. 3 0 . . . . . .1941—Dec. 3 1 . . . . . .1942—Dec. 3 1 . . . . . .1943—Dec. 31 . . . . . .

b 1944—Dec. 301945—Dec. 31. . . . . .1946—Dec. 311947—Dec. 3121948—Dec. 311949—June 30

July 27PAug. 31PSept. 28POct. 26PNov. 30PDec. 28*>

1950—Jan. 25P

All member banks ;1939—Dec. 301941—Dec. 31 . . . . . .1942—Dec. 311943—Dec. 3 1 . .1944—Dec. 3 0 . . . . . .1945—Dec. 3 1 . . . . . .1946—Dec. 311947—Dec. 31 . . . . . .1948—Dec. 311949—June 3 0 . . . . . .

July 27PAug. 31 PSept. 28POct. 26PNov. 3QPDec. 28?

1950—Jan. 25?

All mutual savingsbanks:

1939—Dec# 301941—Dec. 311942—Dec. 31 . . . . .1943—Dec. 311944—Dec. 30. . . . . .1945—Dec> 3i1946—Dec. 311947—Dec. 31«1948—Dec. 3 1 . . . . . .1949—June 3 0 . . . . . .

July 27PAug. 31 PSept. 28?Oct. 26*>Nov. 30?Dec. 28P

1950—Jan. 25P

Loans and investments

Total

50,88461,12678,14796,966

119,461140,227131,698134,924133,693133,868134,960138,170139,060140,140140,460141,250142,220

40,66850,74667,39385,095

105,530124,019113,993116,284114,298113,773114,770117,930118,750119,810120,150120,830121.610

33,94143,52159,26374,25891,569

107,18396,36297,84695,61695,31596,26699,17999,830

100,771101,003101,763102,418

10.21610,37910,75411,87113,93116 20817,70418,64119,39520,09420,19020,24020,31020,33020,31020,42020,610

Loans

22,16526,61523,91623,60126,01530,36235,64843,00248,17447,07646,61047,36048,05048,29049,33049,87049,750

17,23821,71419,22119,11721,64426,08331,12238,05742,48841,02540,51041,19041,78041,93042,86043,30043,090

13,96218,02116,08816,28818,67622,77526,69632,62836,06034,45633,93334,51935,07835,13635,97336,39936,158

4,9274,9014,6954,4844,3704,2794,5264,9445,6866,0506,1006,1706,2706,3606,4706,5706,660

Investments

Total

28.71934,51154,23173,36593,446

109,86596,05091,92385,51986,79288,35090,81091,01091,85091,13091,38092,470

23,43029,03248,17265,97883,88697,93682,87178,22671,81172,74874,26076,74076,97077,88077,29077,53078,520

19,97925,50043,17557,97072,89384,40869,66665,21859,55760,85962,33364,66064,75265,63565,03065,36466,260

5,2895,4786,0597,3879,560

11,92813,17913,69613,70914,04414,09014,07014,04013,97013,84013,85013,950

U. S.Govern-

mentobliga-tions

19,41725,51145,95165,93285,885

101,28886,55881,19974,09774,87776,08078,34078,39079,23078,51078,71079,680

16,31621,80841,37959,84277,55790,60674,78069,22162,62263,22064,44066,71066,80067,71067,11067,28068,160

14,32819,53937,54652,94867,68578,33863,04257,91452,15453,13254,31956,46256,43557,33356,72956,97257,754

3,1013,7044,5726,0908,328

10 68211,77811,97811,47611,65711,64011,63011,59011,52011,40011,43011,520

Othersecu-rities

9,3028,9998,2807,4337,5618,5779,491

10,72311,42211,91512,27012,47012,62012,62012,62012,67012,790

7,1147,2256,7936,1366,3297,3318,0919,0069,1899,5289,820

10,03010,17010,17010,18010,25010,360

5,6515,9615,6295,0225,2086,0706,6257,3047,4037,7278,0148,1988,3178,3028,3018,3928,506

2,1881,7741,4871,2971,2321,2461,4001,7182,2332,3872,4502,4402,4502,4502,4402,4202,430

Cashassets x

23,29227,34428,70128,47530,79035,41535,04138,38839,47434,96633,37032,70032,41033,23033,44035,07033,590

22,47426,55128,03927,67730,20634,80634,22337,50238,59634,16632,60031,92031,63032,45032,68034,19032,750

19,78223,12324,28023,79025,86029,84529,58732,84534,20330,42328,86228,21827,81928,49728,72229,97128,675

818793663797584609818886878800770780780780760880840

Deposits

Total i

68,24281,81699,803

117,661141,448165,612155,902161,865161,248156,470155,470157,860158,470160,600160,850163,160162,890

57,71871,28389,135

105,923128,072150,227139,033144,103142.843137,520136,480138,830139,390141,480141,780143,870143,460

49,34061,71778,27792,262

110,917129,670118,170122,528121,362116,980115,916118,046118,382120,215120,418122,340121,908

10,52410,53310,66811,73813,37615,38516,86917,76318,40518,94918,99019,03019,08019,12019,07019,29019,430

Inter-bank i

9,87410,98211,30811,00312,23514,06512,65613,03312,26910,93810,96011,26011,29011,74011,60012,10012,100

9,87410,98211,30811,00312,23514,06512,65613.03212,26910,93810,96011,26011,29011,74011,60012,10012,100

9,41010,52511,00010,55511,88413,64012,06012,40311,64110,37410,37810,68610,69811,13010,98711,45311,435

11111

Other

De-mand

32,51644,35561,43775,57791,663

105,93592,46295,72794,67190,14589,22091,29091,85093,51094,280-95,70095,140

32,51344,34961,43175,56991,653

105,92192,44695,71194,65490,12889,20091,27091,83093,49094,26095,68095,120

28,23138,84654,52366,43879,77491,82078,92081,78580,88177,34276,38178,24878,58580,01180,60881,89281,363

3668

10141617171720202020202020

Time

25,85226,47927,05831,08137,55145,61350,78453,10554,30855,38655,29055,31055,33055,35054,97055,36055,650

15,33115,95216,39519,35024,18430,24133,93035.36035,92136,45536,32036,30036,27036,25035,92036,09036,240

11,69912,34712,75415,26819,25924,21027,19028,34028,84029,26429,15729,11229,09929,07428,82328,99529,110

10,52110,52710,66211,73013,36615,37116,85317,74518,38718,93218,97019,01019,06019,10019,05019,27019,410

Totalcapital

accounts

8,1948,4148,5668,9969,643

10,54211,36011,94812,47912,84512,83012,92012,98013,04013,18013,14013,110

6,8857,1737,3307,7198,2658,9509,577

10,05910,48010,78010,76010,83010,88010,93011,05011,02010,980

5,5225,8866,1016,4756,9687,5898,0958,4648,8019,0229,0189,0729,1019,1409,2249,2159,179

1,3091,2411,2361,2761,3781,5921,7841,8891,9992,0652,0702,0902,1002,1102,1302,1202,130

Numberof

banks

15,03514,82614,68214,57914,53514,55314,58514,71414,70314,68014,68414,68714,69014,69014,68514,68014,689

14,48414,27814,13614,03413,99214,01114,04414.18114,17114,15014,15414,15714,16014,15914,15414,14914,158

6,3626,6196,6796,7386,8146,8846,9006,9236.9186,9036,9026,9016,9026,9016,8936,8926,892

551548546545543542541533532530530530530531531531531

P Preliminary.* "All banks" comprise "all commercial banks" and "all mutual savings banks." "All commercial banks" comprise "all nonmember com-

mercial banks" and "all member banks" with exception of three mutual savings banks that became members in 1941. Stock savings banks andnondeposit trust companies are included with "commercial" banks. Number of banks includes a few noninsured banks for which asset and lia-bility 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 525million at all insured commercial banks.

For other footnotes see following two pages.

MARCH 1950 333

ALL BANKS IN THE UNITED STATES, BY CLASSES *—ContinuedPRINCIPAL ASSETS AND LIABILITIES, AND NUMBER OF BANKS—Continued

[Figures partly estimated except on call dates. Amounts in millions of dollars]


Central reserve citymember banks :

New York City:1939—Dec. 3 0 . . . . . .1941—Dec. 31 . .1942—Dec. 31 , .1943—Dec. 311944—Dec. 301945—Dec. 311946—Dec. 311947—Dec. 311948—Dec. 311949—june 30

July 27*>Aug. 31?Sept. 28?Oct. 26? 3 . . . .Nov. 30?Dec. 28?

1950—Jan. 25?

Chicago:1939—Dec. 30.1941—Dec. 31 . .1942—Dec. 31.1943—Dec. 31. . . . . .1944—Dec. 30 , .1945—Dec. 311946—Dec. 3 1 . . . . . .1947—Dec. 3 1 . . . . . .1948—Dec. 31. . . .1949—June 30

July 27*. . . . .Aug. 31 PSept. 28?Oct. 26? . . .Nov. 30?Dec. 28P

1950—Jan. 25?

Reserve city memberbanks :

1939—Dec. 301941—Dec. 311942—Dec. 311943—Dec. 311944—Dec. 30 .1945—Dec. 311946—Dec. 31 . . .1947—Dec. 31. . . .1948—Dec. 31. .1949—June 30

July 27 vAug. 31 PSept. 28?. , . . .Oct. 26»3. . . .Nov. 30PDec. 28P

1950—Jan. 25?

Country memberbanks:

1939—Dec. 301941—Dec. 311942—Dec. 3 1 . . . . . .1943—Dec. 3 1 . . . . . .1944—Dec. 301945—Dec. 31. . . .1946—Dec. 31 .1947—Dec. 311948—Dec. 311949—June 30 .

July 27P. . .Aug. 31PSept. 28?. . . .Oct. 26PNov. 30?Dec. 28P

1950—Jan. 25?


Total

9,33912,89617,95719,99424,00326,14320,83420,39318,75919,10318,92619,65219,67419,34119,48419,61119,672

2,1052,7603,9734,5545,4435,9314,7655,0884,7994,8414,9425,1845,1815,2715,2465,4185,412

12,27215,34720,91527,52133,60340,10835,35136,04035,33235,03435,81737,00537,26838,16138,06738,48038,802

10,22412,51816,41922,18828,52035,00235,41236,32436,72636,33836,58137S33837,70737,99838,20638,25438,532

Loans

3,2964,0724,1164,4285,7607,3346,3687,1798,0487,6897,0607,4217,6447,2167,5847,6307,485

569954832

1,0041,1841,3331,4991,8011,7831,5371,5231,5261,5211,5531,5651,6431,579

5,3297,1056,1026,2016,8228,514

10,82513,44914,28513,26113,32813,42313,67213,95714,21814,42014,310

4,7685,8905,0384,6544,9105,5968,004

10,19911,94511,96812,02212,14912,24112,41012,60612,70612,784

Investmem

Total

6,0438,823

13,84115,56518,24318,80914,46513,21410,71211,41311,86612,23112,03012,12511,900.11,98112,187

1,5361,8063,1413,5504,2584,5983,2663,2873,0163,3033,4193,6583,6603,7183,6813,7753,833

6,9448,243

14,81321,32126,78131,59424,52722,59121,04721,77222,48923,58223,59624,20423,84924,06024,492

5,4566,628

11,38017,53423,61029,40727,40826,12524,78224,37024,55925,18925,46625,58825,60025,54825,748

u. s.Govern-mentobliga-tions

4,7727,265

12,54714,56317,17917,57413,30811,9729,649

10,27810,58910,89110,66610,89310,69210,69410,797

1,2031,4302,7893,2383,9134,2132,9122,8902,6332,8882,9853,2113,2043,2613,2183,2943,345

5,1946,467

13,03819,68225,04229,55222,25020,19618,59419,07619,68020,70620,67421,20720,85721,07321,500

3,1594,3779.172

15,46521,55226,99924,57222,85721,27820,88921,06521,65421,89121,97221,96221,91122,112

s

Othersecu-rities

1,2721,5591,2941,0021,0661,2351,1581,2421,0631,1351,2771,3401,3641,2321,2081,2871,390

333376352312345385355397383415434447456457463481488

1,7491,7761,7751,6391,7392,0422,2762,3962,4532,6962,8092,8762,9222,9972,9922,9872,992

2,2972,2502,2082,0692,0582,4082,8363,2683,5043,4813,4943,5353,5753,6163,6383,6373,636

Cashassets1

6,7036,6375,8645,1974,9216,4396,2387,2617,7587,1096,4486,5266,0786,2886,3526,6906,004

1,4461,5661,3521,2831,3781,4891,5451,7391,9321,7021,6871,6541,6951,6371,6941,6991,695

6,7858,5189,4269,327

10,23811,28611,65413,06613,31711,61810,95110,54110,53010,95411,00911,41711,141

4,8486,4027,6387,9839,323

10,63210,15110,77811,1969,9949,7769,4979,5169,6189,667

10,1659,835

Deposits

Total1

14,50917,93222s07823,25626,77330,12124,72325,21624,02423,61922,46623,10722,93123,06223,03223,47522,995

3,3304,0575,0405,5236,4687,0465,9056,4026,2936,0876,1166,3226,3586,4376,4246,6446,600

17,74122,31328,70035,07041,80449,08544,47746.46745.94343,85243,90844,70544,88746,13546,11946,91446,974

13,76217,41522,45928,41435,87143,41843,06644,44345,10243,42243,42643,91244,20644,58144,84345,30745,339

Inter-bank 1

4,2384,2073,9453,6804,0414,6574,2464,4644,2133,9203,8563,8563,8083,9203,8533,9703,898

8881,0351,117

9851,1481,3121,1531,2171,0641,0081,061

. 1,0851,0841,1231,0811,1311,127

3,6864,4604,9574,8745,5246,4485,5705,6495,4004,6654,6864,9434,9625,1955,1605,3995,430

598822980

1,0151,1711,2231,0911,073

964781775802844892893953980

Other

De-mand

9,53312,91717,39918,72921,73024,22719,02819,30718,13118,00416,98317,63117,49417,59117,60617,89417,510

1,9472,5463,4684,0294,7005,0153,9224,2734,2274,0203,9954,1804,2224,2614,2884,4374,391

9,43913,04718,74724,08628,52532,87728,04929,39529,15327,56027,65028,19428,37729,33229,46829,91029,882

7,31210,33514,90919,59424,81829,70027,92128,81029,37027,75827,75328,24328,49228,82729,24629,65129,580

Time

736807734847

1,0021,2361,4491,4451,6801,6951,6271,6201,6291,5511,5731,6111,587

495476455508620719829913

1,0011,0591,0601,0571,0521,0531,0551,0761,082

4,6164,8064,9956.1097J7559,760

10,85811,42311,39111,62711,57211,56811,54811,60811,49111,60511,662

5,8526,2586,5697,8049,882

12,49414,05314,56014,76814,88314,89814,86714,87014,86214,70414,70314,779

Totalcapital

accounts

1,5921,6481,7271,8621,9662,1202,2052,2592,3062,3402,3362,3572,3382,3122,3332,3132,312

250288304326354377404426444462459464461465468470466

1,8281,9672,0282,1352,3272,5662,7282,8442,9283,0053,0043,0313,0453,0883,0853,0923,074

1,8511,9822,0422,1532,3212,5252,7572,9343,1233,2153,2193,2203,2573,2753,3383,3403,327

Numberof

banks

3636373737373737353535353425252525

1413131313121414131313131313131313

346351354357356359355353335336334333333342339339339

5,9666,2196,2756,3316,4086,4766,4946,5196.5356,5196,5206,5206,5226,5216,5166,5156,515

2 December 31, 1947 figures are consistent (except that they exclude possessions) with the revised all bank series announced in November 1947by the Federal bank supervisory agencies, but are not entirely comparable with prior figures shown above; a net of 115 noninsured nonmembercommercial banks with total loans and investments of approximately 110 million dollars was added, and 8 banks with total loans and invest-ments of 34 million were transferred from noninsured mutual savings to nonmember commercial banks.

s Data not entirely comparable with prior months due to reclassification on Oct. 6 of 9 central reserve city banks in New York City asreserve city banks. Loans, U. S. Government obligations, and total deposits of these banks amounted to approximately 150, 210, and 450million dollars, respectively.

For other footnotes see preceding and opposite page.


ALL BANKS IN THE UNITED STATES, BY CLASSES *—ContinuedPRINCIPAL ASSETS AND LIABILITIES, AND NUMBER OF BANKS—Continued

[Amounts in millions of dollars]


All Insured commercialbanks :

1941—Dec. 31 .1945—Dec 311946—Dec. 3i1947—Dec. 31. . . . . .194g—ju n e 30

Dec. 311949—ju n e 30

National memberbanks :

1941—Dec. 3 1 . . .1945—Dec 311946—Dec. 31 .1947—Dec. 31.194g—ju n e 30

Dec. 31 . . . .1949—ju n e 30 „

Sta te member banks :1941—Dec 311945—Dec. 311945—Dec. 3119d-7—Dec 311943—ju n e 30. .

Dec. 311949—ju n e 30

Insured nonmembercommercial banks :

1941—Dec. 31 .1945—Dec. 311946—Dec. 311947—Dec. 311943—ju n e 30

Dec. 311949—June 30. . .

Noninsured n o n m e m - -ber commercialbanks :

1941—Dec. 311945—Dec. 31 . . .1946—Dec. 31 . . . . . .1947—Dec. 31 2

1943—ju n e 30Dec 31

1949—June 30

All nonmember com-mercial banks :

1941—Dec. 311945—Dec. 311946—Dec. 31 . .1947—Dec. 31 2

1943—June 30Dec. 31 . . .

1949—ju n e 30

Insured m u t u a l savingsbanks :

1941—Dec 311945—Dec. 311946—Dec. 311947—Dec 31194g—TUne 30

Dec 311949—June 30

Noninsured mutualsavings banks:

1941—Dec 311945—Dec 311946—Dec 311947—Dec. 31 2

1943—June 30Dec 31

1949—Tune 30

Total

49,290121,809112,178114,274111,794112,286111,746

27,57169,31263,72365,28063 63863,84563,517

15,95037,87132,63932,56631,81131,77131,798

5,77614,63915,83116,44416,36016,68516,447

1,4572,2111,8152,0092,0622 0132,027

7,23316,84917,64618,45418 42218,69818,474

1 69310 84611,89112 68313 14213 31213,880

8 6875 3615,8135,9576 0846 0836,214


Loans

21,25925,76530,73337,58339 37241,96840,524

11,72513,92517,27221,42822 24323,75222,505

6,2958,8509,424

11 20011,62812,30811,951

3,2412,9924,0404,9585,5045,9116,071

455318389474493520502

3,6963,3104,4295,4325 9976,4316,573

6423 0813,2503,5603 7694,1094,397

4 2591 1981,2751,3841 4651 5771,654

Investments

Total

28,03196,04381,44576,69172,42170,31871,222

15,84555,38746,45143,85241,39540,09341,012

9,65429,02123,21621,36520,18319,46319,847

2,53511,64711,79111,48610,85610,77410,376

1,0021,8931,4261,5351,569184931,526

3,53613,53913,21713,02112,42512,26711,901

1 0507,7658,6419,1239 3739,2029,484

4,4284,1634,5384,5734,6194 5064,560

U.S.Govern-

mentobliga-tions

21,04688,91273,55467,94163,49061,38861,970

12,03951,25041,65838,67436,09134,85235,487

7,50027,08921,38419,24018,04817,30117,645

1,50910,58410,52410,0399,3629,2468,849

7611,6931,2261,2801,3081,2341,250

2,27012,27711,74911,31810,67010,47910,098

6297,1607,9468,1658 1697,7957,940

3,0753,5223,8333,8133,8083 6803,718

Othersecu-rities

6,9847,1317,8918,7508,9318,9299,252

3,8064,1374,7935,1785,303-5,2415,525

2,1551,9331,8322,1252,1352,1612,202

1,0251,0631,2681,4481,4941,5281.527

241200200255261259276

1,2661,2621,4681,7031,7551,7881,803

421606695958

1,2041,4071,544

1,353641705760811826843

Cashassets1

25,78834,29233,69436,92633,69938,08733,720

14,97720,11420,01222,02420,41522,97420,324

8,1459,7319,575

10,8229,888

11,22810,099

2,6684,4484,1094,0833,3973,8873f299

763514530576469509446

3,4314,9624,6394,6593,8674,3963,745

151429612675644684629

642180206211188194171

Deposits

Total*

69,411147,775136,990141,851135,945140,642135,375

39,45884,93978,77582,02378,75381,40778,219

22,25944,73039,39540,50538,69939,95538,761

7s7O218,11918,83619,34018,50919,29618,410

1,8722,4522,0432,2512,197252012,146

9,57420,57120,87921,59120,70621,49720,556

1,78910,36311,42812,20712,58112,77213,241

8,7445,0225,4425,5565,6305,6335,709

Inter-bank^

10,65413,88312,32012,67011,03511,90010,578

6,7869,2298 1698,4107 3057,8426,945

3 7394,4113,8903 9933,5293,7993,429

129244260266202259204

329181336363400368359

457425597629602628563

11

11

Other

De-mand

43,059104,01591,14494,30089,49193,30088,830

24,35059,48652,19454,33551.92154,02051,420

14,49532,33426,72627,44925,87526,86225,922

4,21312,19612,22512,51511,69512,41911.488

1,2911,905ls3021,4111,3151,3531,298

5,50414,10113,52613,92613.01013,77212,786

121314151413

6233234

Time

15,69929,87633,52634,88235,41835,44135,966

8,32216,22418,41219,27819,52819,54519,854

4,0257,9868,7799,0629,2959,2959,410

3,3605,6806,3516,5586,6116,6186j718

253365404478482479488

3,6136,0456,7567,0367,0937,0977,207

1,78910,35111,41512,19212,56612,75713,226

8,7385,0205,4395,5535,6275,6315,705

Totalcapital

accounts

6,8448,6719,2869,7349,955

10,15810,452

3,6404,6445,1385,4095,5335,6575,814

2,2462,9452,9573,0553,0913,1443,208

9591,0831,1931,2711,3331,3581.431

329279290325331322329

1,2881.3621,4831,5961,6641,6801,760

1641,0341,1731,2521,3021,3341,381

1,077558611637653665683

Numberof

banks

13,42613,29713,35413,39813,41513,41313,417

5,1175,0175,0075,0054,9984,9914,987

J .5021,8671,8931,9181,9271,9271.916

6,8106,4166,4576,4786,4936,4986,517

852714690783772758733

7,6627,1307,1477,2617,2657,2567,250

52192191194193193191

496350350339339339339

For footnotes see preceding two pages.Back figures.—See Banking and Monetary Statistics, Tables 1-7, pp. 16-23; for description, see pp. 5-15 in the same publication. For

revisions in series prior to June 30, 1947, see BULLETIN for July 1947, pp. 870-871.

MARCH 1950 335

ALL INSURED COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES *LOANS AND INVESTMENTS


Class of bankand

call date

Totalloansand

invest-ments

Loans1

Total1

Com-mer-cial,in-

clud-ing

open-mar-ketpa-per

Agri-cul-tur-al

Loans forpurchasingor carryingsecurities

Tobrok-ersanddeal-ers

Tooth-

Real

tateloans

on-sumerloans

Otherloans

Investments

Total

U. S. Government obligations

Total

Direct

Bills

Certifi-catesof in-debt-

ed-ness

Notes Bonds

Guar-an-teed

Obli-ga-tionsof

States Otherand

polit-icalsub-divi-sions

secu-rities

All insured com-mercial banks:

1941—Dec. 3 1 . .1945—Dec. 3 1 . .1946—Dec. 3 1 . .1947—Dec. 3 1 . .1948—Dec. 311949—June 3 0 . .

Member banks ,to ta l :

1941—Dec. 3 1 . .1945—Dec. 3 1 . .1946—Dec. 31 . .1947—Dec. 31 . ,1948—Dec. 3 1 . .1949—June 3 0 . .

Nov. 1 . .Dec. 3 1 . .

New York City:*1941—Dec. 3 1 . .1945—Dec. 3 1 . .1946—Dec. 3 1 . .1947—Dec. 3 1 . .1948—Dec. 3 1 . ,1949—June 3 0 . ,

N o v . I 3 .Dec. 3 1 . .

Chicago:*1941—Dec. 31..1945—Dec. 31..1946—Dec. 31..1947—Dec. 31..1948—Dec. 31..1949—June 30..

Nov. 1..Dec. 31. .

Reserve city banks,1941—Dec. 3 1 . .1945—Dec. 3 1 . .1946—Dec. 3 1 . .1947—Dec. 3 1 . .1948—Dec. 3 1 . .1949—June 3 0 . .

Nov. 13.Dec. 31. .

Country banks:1941—Dec. 31..1945—Dec. 31..1946—Dec. 31..1947—Dec, 31..1948—Dec. 31..1949—June 30..

Nov. 1..Dec. 31. .

Insured non-member com-mercial banks:

1941—Dec. 31 . .1945—Dec. 31 . .1946—Dec. 31 . .1947—Dec. 3 1 . .1948—Dec. 3 1 . .1949—June 30. .

49,290121,809112,178114,274112,286111,746

43,521107,18396,36297,84695,61695,315

100,888101,528

12,89626,14320,83420,39318,75919,10319,45119,583

2,7605,9314,7655,0884,7994,8415,2755,424

15,34740,10835,35136,04035,33235,03438,11038,301

12,51835,00235,41236,32436,72636,33838,05238,219

5,77614,63915,83116,44416,68516,447

21,25925,76530,73337,58341,96840,524

18,02122,77526,69632,62836,06034,45635,56536,230

4,0727,3346,3687,1798,0487,6897,5057,550

9541,3331,4991,8011,7831,5371,5641,618

7,1058,51410,82513,44914,28513,26114,05314,370

5,8905,5968,00410,19911,94511,96812,44212,692

3,2412,9924,0404,9585,9116,071

9,2149,46114,01618,01218,76116,292

8,6718,94913,15416,96217,63115,213

15',857

2,8073,0444,0785,3615,6424,710

732760

1,0941,4181,4121,178

3,4563,6615,5487,0887,2826,227

614 6621,4501,314 3,164 3,606 41677 21,3581,6102,7752,734

1,517823

1,3361,972

4,7734,6777,103 41,609

1,190 9,266 5939901

10,666 610,887

4,,361,031,654,804

7,170

5451,1811,098 811,028 761,0951,022

28,03196,043

,445,691

70,31871,222

972855884

1,0461,8001,704

1L945

300205201225437378

133 3594

3,1,506

8111,3241,958

1,737

4122,4531,096

5451,1021,701

iiiio

48211117737183

109

114427264170130150

598 3,4943,4555,7,130 4

,3781,4671,065

3,692

,308,662

834 8,244 5,5858,383 5,859803

758 8,834 6,552

25,5001,900 1,104 84,408

1,020 69,66665,218

1,006 59,556935 60,859

65,3231,034 65,297

1691,172389267225248

'219

52233101876360

"56

194

1238099111224209

'256

554287455564643650

'689

9651105149176156

*JL72

298250330306268

*309

8,82318,80914,46513,21510,71211,41311,94612,033

1,8064,5983,2663,2873,0163,3033,7113,806

1,5271,459

704 2,237484 3,147360 3,503

3,

1,503

321 559 2

1,855

1,4361,9692,315

,408

512

6,704

1,6761,4842,4333,0963,2963,098

3450

543512862

1,0491,1311,079

457

659648681818

1,3561,319

i',480

478459474563975

1,030

183 309 3,742 2,745

8,243404 31,594

24,527366 22,591

21,047385 21,772

24,05:432 23,931

21,04688,91273,55467,94161,38861,970

19,53978,33863,04257,91452,15453,13257,05256,883

7,26517,57413,30811,9729,64910,27810,75110,746

1,4304,2132,9122,8902,6332,8883,2563,324

6,46729,55222,25020,19618,59419,07621,076

9882,4551,2712,1242,8212,846 10

19,07112,2887,55210,065

,437

3,15916,0456,780 535,9183,394 452,045 46

22 312,797 4,10251,321

,20052,334

100,636

3,651,873

3,3333,258

15 4,298 3,59214 5,129 3.6218 5,509 3,420

3,4896 5,763

9712,2751,1671,9872,5882,651

16,98510,0435,8167,9998,469

11,729 3,44,79246,21945,286

800 38,761639 40,369

3,00714,2715,6024,8152,"1,

832 3

3,389

311477387

1,002589777

*720

25613360132183369

10,409

3,4331,725640

1,1831,472

1,785

1,467498235275343

5,085

1,6233,325992558365132

"835

153749146248217125

37,996

3,65210,33710,2029,7717,5127,897

7\405

9031,8642,2072,2741,9582,051

090 2,87116 3,254 2,815

548 3,07710 4,199 3,105

480 2.9224 4,710 3,016

3,1305,1414 5,274

1,67911

119

331

2951,034441373

1,056875

690 358 1,945

729606557638563611668752

182181167213210235263290

6,9823,7992,3583,2013,367

7515,6531,9931,9011,090 13603

4,24815,87816,01315,560

,24714,230

4 1

183471

1,8231,881

1,707

273 2,970 1,3121,9792,451

175 4,567 2,644

173 4,784 2^945

530363

6,62829,407

306 27,408229 26,125

24,78124,37025,610

,527

261256

259 25

64 1,2821,2241,748

125 2,139105 2,42697 2,508

228142

460723992

1,2201,311

854 2,53511,64711,79111,48610,77410,376

20,951

4,37726,99924,57222,85721,27820,88921,96921,862

1,50910,58410,52410,0399,2468,849

1,189

110630279480760630

1448

17180104136234196

4,180 2,124

5,1024,0202,5833,3403,286

3',753

4814,5442,470

,108,128778

2,0872,2471,7362,0661,968

1,768

1521,7741,1791,104

594406

13,457

2,92616,71317,79717,68116,04616,192

15 489

1,0696,5386,9917,0586,3496,277

9561,126

,2721,3421,4211,5591,7421,727

86196

4 2

1,2221,3421,551r006

2,2862,3062,467

,505

6 2

27163432

563619752931

1,0301,054

3,140

830629601604500525527535

193204187185174180192192

820916,004,053,032,137,238,254

,028,067,285,262,217,174

1,1741,160

462443516517498473

* These figures do not include data for banks in possessions of the United States. During 1941 three mutual savings banks became mem-bers of the Federal Reserve System; these banks are included in "member banks" but are not included in "all insured commercial banks." Com-parability of figures for classes of banks is affected somewhat by changes in Federal Reserve membership, insurance status, and the reserve classi-fications 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 tothe 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.


ALL INSURED COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES *—ContinuedRESERVES AND LIABILITIES


Class of bankand

call date

All insured com-mercial banks:

1941—Dec. 31. .1945—Dec. 31. .1946—Dec. 31. .1947—Dec. 31. .1948—Dec. 31. .1949—June 30. .

Member banks,total:

1941—Dec. 31. .1945—Dec. 31. .1946—Dec. 31. .1947—Dec, 31. .1948—Dec. 31. .1949—June 30. .

Nov. 1. .Dec. 31. .

New York City:*1941—Dec. 31. .1945—Dec. 31. .1946—Dec. 31. .1947—Dec. 31. .1948—Dec. 31. .1949—June 30. .

Nov. 1 3.Dec. 31. .

Chicago:2

1941—Dec. 31. .1945—Dec. 31. .1946—Dec. 31. .1947—Dec. 31. .1948—Dec. 31. .1949—June 30. .

Nov. 1. .Dec. 31. .

Reserve city banks:1941—Dec. 31. .1945—Dec. 31. .1946—Dec. 31. .1947—Dec. 31 . .1948—Dec. 31 . .1949—June 30. .

Nov. 1 3.Dec. 31. .

Country banks:1941—Dec. 31. .1945—Dec. 31. .1946—Dec. 31. .1947—Dec. 31. .1948—Dec. 31. .1949—June 30. .

Nov. 1. .Dec. 31. .

[nsured non-member com-mercial banks:

1941—Dec. 311945—Dec. 31 . .1946—Dec. 311947—Dec. 311948—Dec. 31. .1949—June 30

Re-serveswith

FederalRe-

serveBanks

12,39615,81016,01317,79620,40417,807

12,39615,81116,01517,79720,40617,80816,15016,429

5,1054,0154,0464,6395,6434,7264,5324,462

1,021942928

1,0701,3251,1741,1261,183

4,0606,3266,3377,0957,7016,7816,1306,413

2,2104,5274,7034,9935,7365,1274,3624,371

Cashin

vault

1,3581,8292,0122,1451,9392,036

1,0871,4381,5761,6721,4861,5681,5381,521

93111131151117130114112

4336293028252727

425494532562483500498482

526796883929858913899901

271391437473453468

Bal-anceswithdo-

mesticbanks4

8,57011,0759,4819,7368,9477,777

6,2467,1175,9366,2705,6745,0655,6356,194

14178877067563568

298200172175143149104159

2,5902,1741,9232,1251,8451,7441,7261,965

3,2164,6653,7533,9003,6193,1173,7704,002

2,3253,9593,5473,4663,2732,713

De-mand

de-posits

% ad-justed5

37,84574,72282,08585,75184,21180,613

33,75464,18470,24373,52872,15269,39771,51572,658

10,76115,06516,42916,65315,77315,25414,91815,182

2,2153,1533,3563,7373,6043,4703,6423,797

11,11722,37224,22125,71425,07224,27125,41025,744

9,66123,59526,23727,42427,70326,40227,54627,935

4,09210,53711,84212,22312,05911,216

Demand deposits

Interbankdeposits

Do-mestic4

9,82312,56610,88811,23610,3449,058

9,71412,33310,64410,97810,0988,8649,778

10,623

3,5953,5353,0313,2362,9042,6802,7442,996

1,0271̂ 2921,1301,1961,038

9621,0901,151

4,3026,3075,4175,4975,2134,4605,0775,498

7901,1991,0671,049

943762868979

108233244258246194

For-eign

6731,2481,3641,3791,4881,374

6711,2431,3531,3751,4801,3691,3931,310

6071,1051,1951,2171,2781,1501,1781,084

820242126463740

54110127131168166168176

288788

109

25

11484

U. S.Gov-ern-ment

1,76123,7402,9301,3252,3232,135

1,70922,1792,6721,1762,1221,9802,9872,838

8666,940

651267445562841640

1271,552

15272

188197206258

4918,221

991405801701

1,1781,142

2255,465

877432688520762797

531,560

'258149201155

Statesand

politicalsubdi-visions

3,6775,0985,9676,6927,1827,337

3,0664,2404,9155,5045,8505,9835,9136,017

319237218290241254357196

233237228285284307315286

1,1441,7632,0772,2822,4012,4132,1802,478

1,3702,0042,3912,6472,9253,0093,0603,058

611858

1,0521,1881,3321,354

Certi-fiedandoffi-cers'

checks,etc.

1,0772,5852,3612,5592,1132,352

1,0092,4502,2072,4011,9622,2221,8292,185

4501,338

9421,105

7501,201

827895

3466476353413960

286611693705649518487650

239435524528510462477579

68135154158151130

Indi-viduals,partner-ships,

and cor-pora-tions

36,54472,59379,88783,72381,68277,005

33,06162,95069,12772,70470,94767,15769,49371,589

11,28215,71217,21617,64616,69515,98615,47516,408

2,1523,1603,4953,8533,7023,4753,6533,932

11,12722,28124,28826,00325,30223,92825,47525,912

8,50021,79724,12825,20325,24823,76724,89025,337

3,4839,643

10,76111,01910,7369,848

Inter-bank

15870685469

146

14064625063

141159164

61720123190

105113

10430252219394038

3017171713121313

1866466

Time deposits

U. S.Gov-ern-mentand

PostalSav-ings

59103119111117163

5099

114105111157170175

" " i o151214252738

221344

2038434546626660

3152554549677373

845666

Statesand

polit-ical

subdi-visions

492496664826

1,0801,243

418399551693927

1,0691,0431,051

2920391420332824

49

11121010

243160235332547642611617

146219272337350383394400

7497

113132153174

Indi-viduals,partner-ships,

and cor-pora-tions

15,14629,27732,74233,94634,24434,560

11,87823,71226,52527,54227,80128,03827,87627,934

7781,2061,3951,4181,6461,6371,4931,590

476719823902989

1,0441,0411,069

4,5429,563

10,58011,04510,79810,92310,93610,987

6,08212,22413,72714,17714,36914,43314,40614,289

3,2765,5796,2326,4206,4596,539

Bor-row-ings

10215

39615427

4208

30544521

41611

195

3025

280

" 4 4

24181

73

411262312211911

679785

Capi-talac-

counts

6,8448,6719,2869,734

10,15810,452

5,8867,5898,0958,4648,8019,0229,2369,174

1,6482,1202,2052,2592,3062,3402,3282,312

288377404426444462466470

1,9672,5662,7292,8442,9283,0053,1083,087

1,9822,5252,7572,9343,1233,2153,3353,305

9591,0831,1931,2711,3581,431

3 Figures not entirely comparable with prior dates due to reclassification of 9 central reserve city banks in New York City as reserve city banks.4 Beginning June 30, 1942, excludes reciprocal bank balances, which on Dec. 31, 1942, aggregated 513 million dollars at all member banks and

525 million at all insured commercial banks.s Demand deposits other than interbank and U. S. 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.

MARCH 1950 337

WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDELOANS AND INVESTMENTS

[Monthly data are averages of Wednesday figures. In millions of dollars]

Date or month

Total—Leading Cities

1949—January

1949-—November. . .December. . .

1950—January

1949—Dec. 7 . . . .Dec. 14Dec 21Dec. 28

1950—Jan. 4Jan. 11Jan. 18Jan 25

Feb. 1Feb 8Feb. 15Feb. 21

New York City

1949—January

1949—November...December. . .

1950—January

1949—Dec. 7Dec. 14Dec. 21Dec. 2 8 . . . .

1950—Jan. 4 . . . . .Jan. 11Jan. 18Jan. 25

Feb. 1Feb. 8Feb. 15Feb. 21

OutsideNew York City

1949—January

1949—November. . .December. . .

1950—January

1949—Dec. 7Dec. 14Dec. 21 .Dec. 2 8 . . . . .

1950—Jan. 4Jan. 11Jan. 18Jan. 25

Feb. 1Feb. 8Feb. 15Feb. 21

Totalloansand

invest-

62,741

66,67867,336

67,517

66,93867,57467,41267,421

67,22267,35767,67067,818

67,26667,13966,97766,985

18,305

19,29619,572

19,433

19,41719,84219,47819,551

19,49819,27319,34119,618

19,22019,14118,99719,187

44,436

47,38247,764

48,084

47,52147,73247,93447,870

47,72448,08448,32948,200

48,04647,99847,98047,798

Loans 1

Total1

25,069

24,44724,884

24,523

24,81225,13024,70124,894

24,67324,38224,45524,579

24,48624,52024,77724,600

7,816

7,5717,732

7,467

7,7408,0197,5107,661

7,5847,3657,4147,505

7,4167,4497,5147,521

17,253

16,87617,152

17,056

17,07217,11117,19117,233

17,08917,01717,04117,074

17,07017,07117,26317,079

Com-mer-cial,

indus-trial,andagri-cul-tural

15,396

13,76013,864

13,860

13,80713,88213,86413,904

13,85113,85713,86113,871

13,91813,88513,90513,854

5,584

4,8524,831

4,859

4,8064,8554,8134,851

4,8544,8564,8554,871

4,9164,9054,9004,879

9,812

8,9089,033

9,001

9,0019,0279,0519,053

8,9979,0019,0069,000

9,0028,9809,0058,975

For purchasingor carrying securities

To brokersand dealers

U. S.Govt.

ob-liga-tions

701

805863

505

1,0241,032

648748

702443429445

511443543403

649

727758

443

910922565635

611388379394

452402461364

52

78105

62

11411083

113

91555051

59418239

Otherse-

curi-ties

416

744824

840

778824833860

827807843883

853860936994

300

597671

677

641661678704

674665656713

690698746801

116

147153

163

137163155156

153142187170

163162190193

To others

U.S.Govt.

ob-liga-tions

196

175172

159

175174167171

174161151150

147146141137

38

4748

40

51504448

43423737

35343027

158

128124

119

124124123123

131119114113

112112111110

Otherse-

curi-ties

459

429425

424

424425425428

425421428422

426447430431

178

165162

161

163162162162

161160163162

165180162162

281

264263

263

261263263266

264261265260

261267268269

Realestateloans

4,079

4,2764,326

4,379

4,3024,3254,3374,342

4,3474,3794,3924,400

4,3964,4024,3994,410

215

230245

266

235246249251

254267271273

265265267268

3,864

4,0464,081

4,113

4,0674,0794,0884,091

4,0934,1124,1214,127

4,1314,1374,1324,142

Loansto

banks

191

242314

270

233374328319

271217269322

154258351306

140

172204

223

119300195201

198187251255

99165170245

51

70110

47

11474

133118

73301867

5593

18161

Otherloans

3,918

4,3294,417

4,456

4,3884,4134,4214,445

4,4464,4684,4534,455

4,4554,4534,4444,439

806

880915

923

915923908914

913925927925

919925903900

3,112

3,4493,502

3,533

3,4733,4903,5133,531

3,5333,5433,5263,530

3,5363,5283,5413,539

Investments

Total

37,672

42,23142,452

42,994

42,12642,44442.71142,527

42,54942,97543,21543,239

42,78042,61942,20042,385

10,489

11,72511,840

11,966

11,67711,82311,96811,890

11,91411,90811,92712,113

11,80411,69211,48311,666

27,183

30,50630,612

31,028

30,44930,62130,74330,637

30,63531,06731,28831,126

30,97630,92730,71730,719

U.

Total

33,492

37,27337,422

37,910

37,15337,40937,65737,469

37,51437,92038,13138,077

37,59537,37536,97537,162

9,458

10,53110,580

10,633

10,47310,54510,68710,613

10,59910,59010,60810,735

10,42810,30410,10410,285

24,034

26,74226,842

27,277

26,68026,86426,97026,856

26,91527,33027,52327,342

27,16727,07126,87126,877

S. Government

Bills

2,204

2,4542,532

3,008

2,3082,5292,7452,544

2,5422,9993,2713,220

2,7622,5952,3062,402

715

571683

910

552663808709

6978581,002

1,081

765657472589

1,489

1,8831,849

2,098

1,7561,8661,9371,835

1,8452,1412,2692,139

1,9971,9381,8341,813

Cer-tifi-

catesof in-debt-ed-ness

5,577

7,2617,010

6,780

7,1207.1366,9276,856

6,8666,8046,7566,694

6,1525,9475,8625,858

1,335

1,9471,779

1,620

1,8461,7991,7401,732

1,7351,6221,5561,569

1,4571,3541,3361,312

4,242

5,3145,231

5,160

5,2745,3375,1875,124

5,1315,1825,2005,125

4,6954,5934,5264,546

obligations

Notes

1,044

1,1652,296

3,454

1,1731,1723,4073,432

3,4573,4863,4463,428

3,8853,9863,9483,988

133

271566

794

283277853850

836818764758

855906896924

911

8941,730

2,660

890895

2,5542,582

2,6212,6682,6822,670

3,0303,0803,0523,064

Bonds2

24,667

26,39325,584

24,668

26,55226,57224,57824,637

24,64924,63124,65824,735

24,79624,84724,85924,914

7,275

7,7427,552

7,309

7,7927,8067,2867,322

7,3317,2927,2867,327

7,3517,3877,4007,460

17,392

18,65118,032

17,359

18,76018,76617,29217,315

17,31817,33917,37217,408

17,44517,46017,45917,454

Othersecu-rities

4,180

4,9585,030

5,084

4,9735,0355,0545,058

5,0355,0555,0845,162

5,1855,2445,2255,223

1,031

1,1941,260

1,333

1,2041,2781,2811,277

1,3151,3181,3191,378

1,3761,3881,3791,381

3,149

3,7643,770

3,751

3,7693,7573,7733,781

3,7203,7373,7653,784

3,8093,8563,8463,842

1 Figures for various loan items are shown gross (i.e., before deduction of valuation reserves); they do not add to the total,which is shown net.2 Including guaranteed obligations.


WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE— ContinuedRESERVES AND LIABILITIES

Date or month

Totalr—Leading Cities

1949—January...

1949—November..December..

1950—January...

1949—Dec. 7 . . . .Dec. 14. . . .Dec. 2 1 . . . .Dec. 28 . . . .

1950—Jan. 4 . . . .J a n . 1 1 . . . .J a n . 1 8 . . . .J a n . 2 5 . . . .

Feb. 1 . . . .Feb. 8Feb. 15Feb. 2 1 . . . .

New York City

1949—January.. .


1950—January...

1949—Dec. 7 . . . .Dec. 14. . . .Dec. 2 1 . . . .Dec. 28 . . . .

1950—Jan. 4 . . . .Jan. 11Jan. 18 . . . .Jan. 25

Feb. 1 . . . .Feb. 8 . . . .Feb. 15Feb. 21

OutsideNew York City

1949—January...


1950—January. . .

1949—Dec. 7 . . . .Dec. 14. . . .Dec. 2 1 . . . .Dec. 28 . . . .

1950—Jan. 4. . . .Jan. 11. . . .Jan. 18....Jan. 25

Feb. 1Feb. 8Feb. 1 5 . . . .Feb. 2 1 . . . .

Re-serveswithFed-eralRe-

serveBanks

14,776

12,10912,180

12,408

12,18512,25912,13112,146

12,77412,40312,21912,237

12,38412,07812,29712,012

5,393

4,5134,580

4,543

4,5974,5554,5784,587

4,8264,5324,-4124,403

4,6924,4434,6044,442

9,383

7,5967,600

7,865

7,5887,7047,5537,559

7,9487,8717,8077,834

7,6927,6357,6937,570

Cashin

vault

820

785893

804

834916891929

809839787782

706760750757

126

136154

129

144161157154

134138123123

112123120119

694

649739

675

690755734775

675701664659

594637630638

[Monthly data are averages of Wednesday figures.

Bal-anceswithdo-

mesticbanks

2,261

2,1852,286

2,413

2,1292,4112,3192,286

2,6802,4152,3352,221

2,0492,0462,2552,155

33

3234

33

29383535

34323530

30283232

2,228

2,1532,252

2,380

2,1002,3732,2842,251

2,6462,3832,3002,191

2,0192,0182,2232,123

De-mand

de-posits

ad-justeds

47,573

47,02148,221

48,219

47,72648,65248,25448,253

47,97548,14048,24548,514

47,76747,33046,93046,848

15,331

14,94015,423

15,320

15,21415,70815,34315,428

15,27515,27515,22915,501

15,11715,02214,72414,885

32,242

32,08132,798

32,899

32,51232,94432,91132,825

32,70032,86533,01633,013

32,65032,30832,20631,963

Demand depositsexcept interbank

Indi-vid-uals,part-ner-

ships,andcor-

pora-tions

47,798

47,55048,732

48,403

47,74549,72448,60348,857

48,34648,45248,59648,219

47,60046,81448,13247,130

15,934

15,67416,211

15,990

15,85216,61516,07316,302

16,01815,97215,97815,990

15,78215,49815,76315,662

31,864

31,87632,521

32,413

31,89333,10932,53032,555

32,32832,48032,61832,229

31,81831,31632,36931,468

Statesand


3,240

3,2013,202

3,315

3,1473,1843,1813,296

3,3253,2083,2673,460

3,4563,3723,3863,358

202

243199

213

175197170255

206186196262

212199186191

3,038

2,9583,003

3,102

2,9722,9873,0113,041

3,1193,0223,0713,198

3,2443,1733,2003,167

Certi-fiedandOffi-cers'

checks,etc.

1,302

1,2781,395

1,358

1,2711,4161,4741,420

1,4711,2921,3991,268

1,6051,2211,4161,387

644

638723

690

608753782750

722658723659

968636783773

658

640672

668

663663692670

749634676609

637585633614

U.S.Gov-ern-ment

1,019

2,3461,864

1,997

1,8481,8461,8081,955

2,0501,8951,9402,101

2,3222,4382,6302,811

268

814576

568

605571536593

594528550603

687712749791

751

1,5321,288

1,429

1,2431,2751,2721,362

1,4561,3671,3901,498

1,6351,7261,8812,020

In millions of dollars]

Time deposits,except interbank


ships,andcor-

pora-tions

14,432

14,48414,474

14,597

14,43114,45114,47614,537

14,61214,60614,59314,577

14,57814,60714,59414,614

1,512

1,4761,498

1,510

1,4761,5031,4991,513

1,5281,5121,5071,491

1,4881,4831,4681,477

12,920

13,00812,976

13,087

12,95512,94812,97713,024

13,08413,09413,08613,086

13,09013,12413,12613,137

Statesand


562

600619

620

618619620621

620620620619

627628626627

20

2824

22

24242424

23232222

21212121

542

572595

598

594595596597

597597598597

606607605606

U.S.Gov-ern-mentand

PostalSav-ings

85

124130

127

128128133130

128127127128

128128128128

14

2835

38

33333838

38383837

38383838

71

9695

89

95959592

90898991

90909090

Interbankdeposits

Demand

Do-mes-tic

9,326

9,1569,382

9,835

9,1939,5609,4769,297

10,2939,9379,7839,327

9,0399,0659,2978,991

2,852

2,7072,799

2,949

2,6962,8412,8672,792

3,1912,9332,8872,785

2,7442,6782,7542,735

6,474

6,4496,583

6,886

6,4976,7196,6096,505

7,1027,0046,8966,542

6,2956,3876.5436,256

For-eign

1,489

1,3481,298

1,238

1,3181,3051,2921,279

1,3021,2121,2241,214

1,2021,1961,2211,249

1,288

1,1301,079

1,016

1,0971,0891,0691,062

1,074989

1,002999

984977993

1,031

201

218219

222

221216223217

228223222215

218219228218

Time

47

153152

152

150150153153

153153151151

153153155153

26

109110

111

110109111111

111111110110

111112114111

21

4442

41

40414242

42424141

42414142

Bor-row-ings

219

376358

210

525307286315

224151196270

458325493257

155

245268

89

428206216222

1544656

102

344170382165

64

13190

121

971017093

70105140168

11415511192

Cap-italac-

counts

6>012

6,2356,221

6,209

6,2356,2096,2116,228

6,2116,2156,2066,206

6,2336,2426,2176,222

2,251

2,2962,283

2,279

2,2902,2792,2792,281

2,2772,2792,2782,280

2,2872,2892,2842,285

3,761

3,9393,938

3,930

3,9453,9303,9323,947

3,9343,9363,9283,926

3,9463,9533,9333,937

Bankdeb-its ^

94,115

86,441105,862

93,223

22,19622,94626,87519,329

24,19421,32522,94420,704

22,28621,52619,31320,386

38,767

34,10545,434

38,133

9,45210,10511,9657,772

10,2338,7559,2728,119

9,4739,4947,4898,255

55,348

52,33660,428

55,090

12,74412,84114,91011,557

13,96112,57013,67212,585

12,81312,03211,82412,131

8 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.

MARCH 1950 339

WEEKLY REPORTING MEMBER BANKS—BY FEDERAL RESERVE DISTRICTSLOANS AND INVESTMENTS

Federal Reservedistrict and date

BostonJan. 25Feb. 1Feb. 8Feb. 15Feb.21

New York*Jan. 25Feb. 1Feb. 8Feb. 15 ..Feb. 31

PhiladelphiaJan. 25Feb. 1Feb. 8Feb. 15Feb. 21

ClevelandJan. 25Feb. 1Feb. 8Feb. 15Feb. 21

RichmondJan. 25Feb. 1Feb. 8Feb. 15Feb. 2 1 . . .

AtlantaJan. 25Feb. 1Feb. 8Feb. 15.. .Feb. 21

Chicago*Jan. 25Feb. 1Feb. 8Feb. 15Feb. 21 ..

St. LouisJan. 25Feb. 1Feb. 8Feb. 15Feb. 21

MinneapolisJan. 25Feb. 1Feb. 8Feb. 15Feb. 21

Kansas CityJan. 25Feb. 1Feb. 8Feb. 15Feb. 21

DallasJan. 25Feb. 1Feb. 8Feb. 15Feb. 21

San FranciscoJan. 25Feb. 1Feb. 8Feb. 15Feb. 21

City of Chicago*Jan. 25Feb. 1Feb. 8 .Feb. 15Feb. 21

Totalloansand

invest-ments

3,0483,0433,0333 0473,021

21,96521,58121,50221,32921,518

2,7752,7562 7742 7612,763

4 6674,6834,6684 6514,667

2 7092 7022 7182 7242,736

2 4492 4382 4472 4762 455

9,6399,5949 5349,5219,466

2,3142 2862,2762 2852,274

1 2731 2761 2771 2821 262

2 6152 6002 6032 6242 611

2 5712 5472 5422 5422 539

11,79311 76011 76511,73511,673

5,9995,9575,9585 8995,872

[In millions of doll arsj

Loans1

Total1

1,0371,0391,0451,0781,039

8,2718,1888,2248,2978,293

918921948950942

1 4521,4631,4471 4701,453

874881880883886

889883882886881

2,6022,5512 5352,6392,578

980977985985972

432428430436432

95396496497296 5

1 1821 1921 1881 1901 181

4,9894 9994 9924,9914,978

1,6841,6291,6251,6831,660

Com-mer-cial,

indus-trialandagri-cul-tural

631634644647648

5,1745,2235,2155,2095,189

466475476484484

810810801802799

401400399402401

536535534536531

1,6321,6181 6101,6171,610

548546544542540

214210207211208

619626628632628

845852845845843

1,9951 9891 9821,9781,973

1,2551,2311,2251 2331,226

For purchasingor carrying securities

To brokersand dealers

U.S.Govt.ob-liga-tions

118455

407464409473374

11111

1098

109

1

1

1220144710

11111

28662

12201447

9

Otherse-

curi-ties

88889

720697706754808

2224252527

2323292625

77787

89999

5840417171

65556

42223

56554

66656

1626171819

5335366263

•To others

U.S.Govt.

ob-liga-tions

1211111010

4038383431

22222

2726262625

1010101010

1212121212

1818181818

88888

23233

44444

77777

88877

1313131313

Otherse-

curi-ties

1818191819

178181196178178

77777

3738414041

1818192020

2221212121

5253535353

1111111212

55555

1111111111

4040414141

2323232423

4545454545

Realestateloans

146147148145146

510502502502503

113113113107107

296297298300300

210213216217218

8078757777

369368369370370

191193193193194

7474747475

138139139139139

9594959595

2,1782 1782 1802 1802,186

8079808079

Loansto

banks

9121344

3

255102169179245

7

232210

510

121

7

14112

44444

3114134729

63

1517

5

64

11141

34

128

18

82

24

Otherloans

223223220222221

1,1301,1241,1321,1111,108

315315317318320

264270263265267

237240239236238

239237240240240

468459456455456

221222220219218

139141141143145

181183182183184

200204205208200

838837838844842

233231229227227

Investments

Total

2,0112,0041,9881,9691,982

13,69413,39313,27813,03213,225

1,8571,8351 8261,8111,821

3,2153,2203,2213,1813,214

1,8351 8211 8381 8411,850

1 5601 5551 5651 5901 574

7,0377,0436 999

.6,8826,888

1,3341 3091,2911 3001,302

841848847846830

1 6621,6361 6391 6521,646

1 3891,3551 3541 3521,358

6,8046 7616 7736,7446,695

4,3154,3284,3334,2164,212

U. S. Government

Total

1,8591,8471,8261,8041,814

12,10811,80811,67711,44411,632

1,5091,4821,4741,4601,476

2,8492,8542,8512,8132,845

1,6841 6691 6871,6911,699

1,3601 3541,3611 3881 369

6,2686,2626 2036,0946,097

1,1621,1361,1191,1271,127

728734732728713

1,4271,4001 4041,4161,410

1,2571,2261 2241 2241,229

5,8665,8235,8175,7865,751

3,7923,7963,7883,6783,671

Bills

114100867675

1,215907794585692

180158158155147

113120126106126

148130143141146

808190

113110

738746668610614

7152485658

3825322515

173157160174165

128106104101107

222180186164147

523538529467461

Cer-tifi-

catesof in-debt-ed-ness

338303302297300

1,7411,6161,5041,4801,471

207188172168185

372347327311317

260251248249246

360337329330331

1,078985988942936

235210204210211

180187174178174

319296287283287

361324321318323

1,2431,1081,0911,0961,077

657588594550544

obligations

Notes

118145140136135

835944999988

1,018

127141143135131

308329330325334

128145147148149

123139147145144

683747754750758160177184181177

7285878786

165176185186187

104134136137134

605723734730735

420464459456457

Bonds2

1,2891,2991,2981,2951,304

8,3178,3418,3808,3918,451

995995

1,0011,0021,013

2,0562,0582,0682,0712,068

1,1481,1431,1491,1531,158

797797795800784

3,7693,7843,7933,7923,789

696697683680681

438437439438438

770771772773771

664662663668665

3,7963,8123,8063,7963,792

2,1922,2062,2062,2052,209

Othersecu-rities

152157162165168

1,5861,5851,6011,5881,593

348353352351345

366366370368369

151152151150151

200201204202205

769781796788791

172173172173175

113114115118117

235236235236236

132129130128129

938938956958944

523532545538541

* Separate figures for New York City are shown in the immediately preceding table and for the City of Chicago in this table. The figuresfor the New York and Chicago Districts, as shown in this table, include New York City and Chicago, respectively.

For other footnotes see preceding table.


WEEKLY REPORTING MEMBER BANKS—BY FEDERAL RESERVE DISTRICTS—ContinuedRESERVES AND LIABILITIES


Federal Reservedistrict and date

Re-serveswithFed-eralRe-

serveBanks

Cashin

vault

Bal-anceswithdo-

mesticbanks

De-mand

de-posits

ad-justed3

Demand deposits,except interbank


ships,andcor-

pora-tions

Statesand


Certi-fiedandOffi-cers'

checks,etc.

U. S.Gov-ern-ment

Time deposits,except interbank

Indi-vid-uals,part-ner-shipsandcor-pora-tions

Statesand


U. S.Gov-ern-mentand

PostalSav-ings

Interbankdeposits

Demand

Do-mes-tic

For-eign

Time

Bor-row-ings

Cap-italac-

counts

Bankdeb-its 4

BostonJan. 25Feb. 1Feb. 8Feb. 15Feb. 21

New York*Jan. 25 ,Feb. 1Feb. 8Feb. 15 ,Feb. 21

PhiladelphiaJan. 25Feb. 1Feb. 8Feb. 15Feb. 21

ClevelandJan. 25 ,.Feb. 1Feb. 8Feb. 15Feb. 21

RichmondJan. 25Feb. 1Feb. 8Feb. 15Feb. 21

AtlantaJan. 25Feb. 1Feb. 8Feb.15Feb. 21

Chicago*Jan. 25Feb. 1Feb. 8Feb. 15Feb. 21

St. LouisJan. 25Feb. 1Feb. 8Feb. 15Feb. 21

MinneapolisJan. 25Feb. 1Feb. 8Feb. 15Feb. 21

Kansas CityJan. 25Feb. 1Feb. 8Feb. 15Feb. 21

DallasJan. 25Feb. 1Feb. 8Feb. 15Feb. 21

San FranciscoJan. 25Feb. 1Feb. 8 , .Feb. 15Feb. 21

City of Chicago*Jan. 25Feb. 1Feb. 8Feb. 15Feb. 21

482477462454465

4,6624,9404,6834,8834,725

464468450445454

748726710745687

449457449456454

393386415415404

1,8761,7851,7791,7731,729

374384378376367

209203200210199

469470471492457

466469463454459

1,6451,6191,6181,5941,612

1,2891,2411,2271,2191,171

5247515051

170154170166166

4338414142

8274757479

6556646162

4136413940

102939996100

3026292728

1312121212

3127313029

3632353433

117111112120115

3833353438

8987829290

125121103128111

1079694124105

146135126153143

170145159172150

176163179199189

322291307339323

125113112117106

84888486

300263278271287

318282278316303

259265244258260

124143

152

2,4942,4692,4342,4402,410

17,08316,70216,58516,30516,449

2,1722,1142,1212,0652,092

3,1943,1653,1073,1143,066

2,0792,0622,0622,0682,064

1,7481,7301,7401,7871,732

6,5996,4666,3226,2656,247

1,4241,4071,4001,4011,400

844853843863817

1,9191,8951,8941,9411,915

2,0111,9841,9701,9701,988

6,9476,9206,8526,7116,668

4,1814,1154,0293,9553,957

2,4372,4212,3792,4232,376

17,35517,12216,81817,13716,997

2,2372,2282,1842,2382,181

3,2393,1973,1023,2043,154

2,0582,0402,0522,0842,055

1,6441,6211,6131,7021,662

6,4886,3306,1676,3956,181

1,5061,4791,4631,5241,476

815805806835791

1,8881,8461,8511,9391,878

1,9831,9361,9071,9861,957

6,5696,5756,4726,6656,422

4,1914,1044,0114,1414,009

179180179181180

553518505503491

9076868091

164165166164164

177184159171176

292301302313284

601598569577594

106109106103103

119138130123122

248249241250253

214212220225206

717726709696694

301304289285295

4145413546

706,023683836823

2424202525

5254525153

4038404038

2224212324

99107949994

1918151514

1317121910

2625262625

4037303537

186193187212198

4555474749

105110120130

474475479479479

660 2,323751781

2,3182,314

824 2,300873 2,310

130151156167178

152165173190204

929399107112

5055596689

400400400400407

1,3401,3401,3401,3411,343

561562566566567

526526527526527

420 2,588457 2,590476 2,605526 2,602542

5862657579

5769728092

84879195100

4851556368

251

2,592

471471473473474

248249249250250

385386386387388

361361361361361

4,900276 4,900301317344 4,916

4,9074,909

238259

295305

1,3611,3631,3761,3731,372

11211

9393929090

376377373373373

2626262626

271276270274270

2,8562,8162,7492,8282,807

359365360400355

458452444477462

397380407404391

534516557552539

1,4741,4091,4261,4841,415

695660660663621

308295297280279

825777799786775

693658654676642

457435442473435

1,0881,0321,0481,0821,036

2827262827

1,003987981996

1,034

1413121211

666

111113113115113

25

"ii120347170385167

71032419

127

2124

141361714

522

5239854413

316417

1032611

1131064

311326326327327

2,4792,4862,4882,4832,484

313314314314314

475475476475475

228229230230230

196197197197195

732735736733734

183182183183183

102102102102103

209209209210210

209208210209210

769770771754757

493496496492493

835855810790776

8,64010,07210,0198,0628,788

774830763701729

1,1021,1971,0151,0541,074

730738718695661

687711656668692

2,9472,9612,6932,7412,801

613593566539534

328357327320365

787747681723739

753689638635713

2,5082,5362,6402,3852,514

1,8801,8691,7151,7951,804

For footnotes see opposite page and preceding table.

MARCH 1950 341

NUMBER OF BANKING OFFICES ON FEDERAL RESERVE PAR LIST AND NOT ON PAR LIST,BY FEDERAL RESERVE DISTRICTS AND STATES

Federal Reservedistrict or State

Total banks onwhich checks aredrawn, and their

branches and offices

Banksi Branchesand offices1

On par list

Total

Banks Branchesand offices

Member


Nonmember


Not on par list(nonmember)


United States total:Dec. 31, 1946Dec. 31, 1947Dec. 31, 1948Dec. 31, 1949Jan. 31, 1950?

By districts andby States

Jan. 31, 1950 P

DistrictBostonNew YorkPhiladelphia.ClevelandRichmondAtlanta . . .ChicagoSt. LouisMinneapolisKansas CityDallasSan Francisco

StateAlabamaArizonaArkansasCaliforniaColorado

ConnecticutDelawareDistrict of Columbia.FloridaGeorgia

IdahoIllinoisIndianaIowaKansas

KentuckyLouisianaMaineMarylandMassachusetts

MichiganMinnesota. . . . . . . . .MississippiMissouriMontana

NebraskaNevadaNew Hampshire.New JerseyNew Mexico

New YorkNorth CarolinaNorth DakotaOhioOklahoma

OregonPennsylvaniaRhode IslandSouth Carolina ,

'" South Dakota

TennesseeTexasUtahVermontVirginia

WashingtonWest VirginiaWisconsinWyoming

14,04314,07814,07214,05114,051

485894837

1,1251,0111,1882,4911,4721,2781,7501,022498

2259

232195143

1093819186395

43887488664611

38316263163178

441681202593111

40987532951

638211150661384

6997318151168

2949005569312

12118055153

3,9814,1484,3334,5634,579

3198971502935032015941391101047

1,316

235220953

371541339

533

100164

417369116169

225664

2192

15112

756195222161

971814541

8952311110

135

151

11,95712,03712,06112,17812,187

485894837

1,125803584

2,4911,135679

1,741915498

1299

109195143

1093819125108

43885488664609

3835963163178

44126740527111

40987532951

6389763661376

69973186370

2038445569307

12117955153

3,6543,8234,0154,2904,304

31989715029337516359480691038

1,316

23526

9531

371541335

533

100164

415069116169

225612

2192

15112

756726

2161

97181453623

7652311110135

151

6,8946,9176,9126,8876,887

329768640700479351

1,001496478755624266

9256811892

6317157367

25505236161215

112463877142

2312073118084

14165228135

5585443424224

29742103362

825723140204

5310816439

2,9133,0513,1973,3883,398

2488281132532391422404226624

1,237

23392

9071

32532332

48344

25443777153

17365

2181

1362

70140

1891

87153323020

59521260

127

21

5,0635,1205,1495,2915,300

156126197425324233

1,490639201986291232

374417751

462145241

18380252503394

27113258636

210609

34727

2682

234816

804320

237152

40231

830

121272

2429

103

6871

38714

741772818902906

71693740

13621

3543843

41479

134

46

5109

56164

166

323916

52

11

1510

5532

627

10281363

17

29

50

8

'130*

2,0862,0412,0111,8731,864

327325318273275

208604

12838

337599

9107

5941

96

123" 14

61287

2

ioi' 23

41416266

52

11487

12316

98

9156

525

13

p Preliminary. * Excludes mutual savings banks, on a few of which some checks are drawn2 Includes branches and other additional offices at which deposits are received, checks paid, or moi

at military reservations (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.

1.mey lent, including "banking facilities"


COMMERCIAL PAPER AND BANKERS' ACCEPTANCES OUTSTANDING[In millions of dollars]

End of month

1948—December

1949—JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptemberOctober. . .NovemberDecember

1950—January

Commer-cial

paperout-

standing1

269

268268257249219199211230265278278257

258

Dollar acceptances outstanding

Totalout-

standing

259

262228215204195198194189207215251272

280

Held by

Accepting banks

Total

146

13711498888487908594

104118128,

134

Ownbills

71

666558595854575354576058

67

Billsbought

76

704940282733333240475870

68

Others

112

126114117116110111104104113110133144

146

Based on

Importsinto

UnitedStates

164

156134127119118121117117133140173184

190

Exportsfrom

UnitedStates

57

575151464447443737394449

49

Dollarex-

change

1

116222

(2)(2)

11

(2)

Goods stored in orshipped between

points in

UnitedStates

25

252322201717191821232530

32

Foreigncountries

12

1314141712131316141299

9

1 As reported by dealers; includes some finance company paper sold in open market. 2 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 EXCHANGEFIRMS CARRYING MARGIN ACCOUNTS

[Member firms of New York Stock Exchange. Ledger balances in millions of dollars]

End of month

1941—JuneDecember...








1949—February. . .MarchAprilMayJuneJulyAugustSeptember. .OctoberNovember. .December. .

1950—January

Debit balances

Customers'debit

balances(net)i

616600496543761789887

1,0411,2231,138

809540552578619550

3 527'5303 6263 660

6813 6903 6993 7403 7833813

881

3 901

Debitbalances inpartners'

investmentand trading

accounts

118979

1157

1112

75677

10

5

5

Debitbalances in

firminvestmentand trading

accounts

898686

154190188253260333413399312333315326312

419

400

Cash onhand

and inbanks

186211180160167181196209220313370456395393332349

280

306

Credit balances

Moneyborrowed2

395368309378529557619726853795498218223240283257

322532543 3293 355

4933 3993 40434183 4163445

523

3 493

Customers'credit balances *

Free

255289240270334354424472549654651694650612576486

3 56535513 5423 535

5283 5303 5483 5803 5863 596

633

3 669

Other(net)

6563565466659596

121112120120162176145112

129

159

Other credit balances

In partners'investmentand trading

accounts

17171615151415181429243024232028

20

26

In firminvestment

and tradingaccounts

754475

118

131317109

15115

9

15

In capitalaccounts

(net)

222213189182212198216227264299314290271273291278

260

271

1 Excluding balances with reporting firms (1) of member firms of New York Stock Exchange and other national securities exchanges and (2) offirms' own partners.

2 Includes money borrowed from banks and also from other lenders (not including member firms of national securities exchanges).3 As reported to the New York Stock Exchange. According to these reports, the part of total customers' debit balances represented by balances

secured by U. S. Government securities was (in millions of dollars): November, 63; December, 61; January, 46.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 lastcolumn 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 datain detail at semiannual dates prior to 1942.

MARCH 1950 343

OPEN-MARKET MONEY RATES IN NEW YORK[Per cent per annum]

Year,month, or

week

1947 average1948 average.1949 average

1949—February. .MarchApril . . .May. . . . . .JuneJuly .A u g u s t . . . .September.October. ...November.December .

1950—JanuaryFebruary . .

Week ending:Jan. 28 . . .Feb. 4 . . .Feb. 11 . . .Feb. 18 . . .Feb. 25 . . .

Primecom-

mercialpaper,4- to 6-months1

1.031.441.48

1.561.561.561.561.561.561.441.381.381.381.31

1.311.31

1M—1 %1M-1H

Primebank-

ers'accept-ances,

90days 1

.871.111.12

1.191.19J 19

:

L.19L 19L.06L.06L.06L.06L.06L.06

1.061.06

lVwlVie1 7 MlVic17M

Stockex-

changecallloanre-

new-als2

1.381.551.63

1.631.631.631.631.631.631.631.631.631.631.63

1.631.63

{¥'{¥

u. s Governmentsecurity yields

3-monthbills 3

.6041.0431.104

1.1631.1621.1551.1561.1580.9901.0271.0621.0441.0731.097

1.1001.130

1.1181.1191.1311.1321.137

9-to 12-monthcertifi-catesof in-

debted-ness

.881.141.14

1.221.221.201.191.201.041.071.081.091.091.10

1.121.15

1.131.141.141.151.15

3- to 5-year

taxableissues

1.321.621.43

1.571.541.531.491.421.261.261.341.381.371.37

1.391.44

1.421.441.431.451.44

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 beginningAug. 17, 1948.

3 Rate on new issues offered within period.Back figures.—See Banking and Monetary Statistics, Tables 120-121,

pp. 448-459, and BULLETIN for May 1945, pp. 483-490, and October1947, pp. 1251-1253.

BANK RATES ON BUSINESS LOANSAVERAGE OF RATES CHARGED ON SHORT-TERM LOANS

TO BUSINESSES BY BANKS IN SELECTED CITIES[Per cent per annum]

Area and period

Annual averages:19 cities:

19401941194219431944 . . . .19451946194719481949

Quarterly:19 cities:

I949—MarJuneSeptDec.

New York City:I949—Mar

JuneSeptDec

7 Northern and East-ern cities:

I949—MarJuneSeptDec.

11 Southern andWestern cities:

I949—MarJune . . .SeptDec

Allloans

2 . 12 02 . 22.62 42 . 22.12.12 . 52 7

2.702.742.632.65

2.422 352.322.38

2.682.862.642.67

3.123.173.073.03

Size of loan

$1,000-$10,000

4 . 34 . 34 . 44.44.34 . 34.24.24 . 44 6

4.624.634.624.53

4.224.224.234.14

4.634.674.714.63

4.794.804.744.66

$10,000-$100,000

3.03 . 03 . 23.43.33 . 23.13.13 . 53 . 7

3.643.703.643.61

3.423.433.413.35

3.663.643.633.65

3.753.893.793.74

$100,000-$200,000

2 . 01.92 . 22.52.62 . 32.22.52 . 83 . 0

2.893.042.982.98

2.662.782.742.73

2.892.982.933.00

3.043.263.183.12

$200,000and over

1.81.82 . 02.42.22 . 01.71.82 . 22 . 4

2.422.442.312.35

2.252.172.132.21

2.442.662.392.41

2.712.692.582.56

NOTE.—For description of series see BULLETIN for March 1949,pp. 228-237.

BOND YIELDS *[Per cent per annum]

Year, month, or week

U. S. Government(taxable)

7 to 9years

15years

Munic-ipal

(high-grade)2

Corpo-rate

(high-grade)3

Corporate (Moody's)4

Total

By ratings

Aaa Aa Baa

By groups

Indus-trial

Rail-road

Publicutility

Number of issues.

1947 average1948 average1949 average

1949—February..MarchAprilMayJuneJ u l y . . . . . .AugustSeptember.October. . .November.December.

1950—January...February..

Week ending:Jan. 28. . .Feb. 4 . . .Feb. 11. . .Feb. 18. . .Feb. 2 5 . . .

1-5

1.592.001.71

1.831.801.771.721.661.551.491.651.721.701.68

1.701.75

1.76

2.252.442.31

2.392.382.382.382.382.272.242.222.222.202.19

2.202.24

2.222.232.232.242.25

15

2.012.402.21

2.232.212.202.202.282.262.202.222.212.172.13

2.082.06

.07

.07

.06

.062.05

2.572.812.65

2.732.712.702.712.722.662.602.592.592.562.55

2.542.54

2.542.542.542.542.53

120

2.863.082.96

3.003.003.003.003.00

2.86

2.832.83

2.832.832.832.832.83

30

2.612.822.66

2.712.702.702.712.712.672.622.602.612.602.58

2.572.58

30

2.702.902.75

2.802.792.792.782.782.752.712.692.70

.68

2.582.582.58

582.58

2.67

2.652.65

2.652.662.662.652.65

30

2.873.123.00

3.053.053.053.043.043.032.962.952.942.932.89

2.852.86

2.852.852.862.862.85

30

3.243.473.42

3.453.473.453.453.473.463.403.373.363.353.31

3.243.24

3.233.233.243.243.24

40

2.672.872.74

2.792.782.782.782.782.752.702.682.682.672.65

2.632.63

2.632.632.632.632.64

40

3.113.343.24

3.243.273.273.263.293.293.213.193.203.203.14

3.073.08

3.073.083.083.093.08

40

2.783.032.90

2.992.972.962.95

.93

.89

.862.842.832.812.79

2.792.78

2.792.792.782.782.78

1 Monthly and weekly data are averages of daily figures, except for municipal bonds, which are based on Wednesday figures.2 Standard and Poor's Corporation. 3 U. S. Treasury Department.< Moody's Investors Service, week ending Friday. Because of limited number of suitable issues, the industrial Aaa, Aa, and A groups have

been reduced from 10 to 6, 6, and 9 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.


SECURITY MARKETS *


Number of issues .

1947 average1948 average1949 average

1949—FebruaryMarchAprilMayJuneJulyAugustSeptemberOctoberNovemberDecember

1950—JanuaryFebruary

Week ending:Jan. 28 .Feb. 4Feb 11Feb. 18Feb 25

Bond prices

U.S.Gov-ern-

ment 2

1-8

103.76100 84102.73

101.51101.67101.65101 62101.72103.29103 63103.86103 90104.22104.36

104.16103.62

103 86103.73103.73103.66103.45

Munic-ipal

(high-grade)3

15

132.8125 3128.9

128 6128.8129.1129.1127.5127.9129.1128.6128 8129.6130.3

131.4131.7

131 5131.5131.7131.7131.9

High-grade

12

103.298.7

101.9

100.5100.7101.0101.0100.9102.0103.0103.1102 8103.2103.7

104.0104.0

104 1104.0104.0104.0104.1

Corporate 4

Medium-grade

Total

14

97.592.192.6

92.791.991.791.991.791.892.693.393.793.594.5

96.396.4

96 596.696.596.496.3

Indus-trial

5

102.696.398.6

97.097.198.098.998.798.698.299.099.9

100.3101.0

101.8102.0

102 1102.1102.0102.0101.9

Rail-road

5

88.285 482.3

86.683.181.681.280.079.981.982.182.080.882.2

86.486.5

86 986.786.786.286.3

Publicutility

4

102.895 297.0

94.795.595.695.796.396.997.798.899.299.5

100.1

100.6100.9

100 5100.9100.9100.9100.8

Stock prices 5

Pre-ferred6

15

184.7168 7176.4

173.2172.2172.2173 2176.1176.6179 5182.1180 3179.8180.6

182.8182.4

183 3182.3182.3182.8182.3

Common (index, 1935-39 = 100)

Total

416

123124121

117118119118112118122124127129133

135137

134136137136137

Indus-trial

365

128131128

123124124124117124128130134137140

143144

141144145144145

Rail-road

20

10511597

100979796889194959896

101

108107

107107107107108

Publicutility

31

1039698

94959695939599

100101103104

106107

106107108107108

Volumeof trad-ing7 (in

thou-sands ofshares)

9531,1441,037

850859878819808938947

1,1351,3131,3231,739

1,8841,704

1,3771,8721,6182,0111,435

1 Monthly and weekly data are averages of daily figures, except for municipal bonds and for stocks, which are based on Wednesday figures.2 Average of taxable bonds due or callable in 15 years or more.3 Prices derived from average yields, as computed by Standard and Poor's Corporation, on basis of a 4 per cent 20-year bond.4 Prices derived from average yields, as computed by Standard and Poor's Corporation. 5 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.Back figures—See Banking and Monetary Statistics, Tables 130, 133, 134, and 136, pp. 475, 479, 482, and 486, respectively, and BULLETIN

for May 1945, pp. 483-490, and October 1947, pp. 1251-1253.

NEW SECURITY ISSUES[In millions of dollars]

Year or month

194119421943194419451946194719481949

1949—January. .FebruaryMarch. . .AprilMayJuneJulyAugust. . .SeptemberOctober. .NovemberDecember

1950—January..

Total(newandre-

fund-ing)

5,5462,1142,1694,2168,0068,645

39,691'10,2149,475

741525691952766

1 634764616749787521731

U,185

For new capital

Total(do-

mesticandfor-

eign)

2,8541,075

642913

1,7724,645

37,566'9,0797,909

642460595906687

1,540684311521639412513

817

Domestic

Total

2,8521,075

640896

1,7614,6357,2559,0707,880

642460595906687

1 540683293511639412513

817

Stateandmu-nici-pal

518342176235471952

2,2282,6042,803

192200174190339315244174314234229198

233

Fed-eral

agen-cies1

1,272108901526

127239294233

71426335124

9

69

30

Corporate

Total

1,062624374646

1,2643,5564,787

46,1724,844

442246395684296

1 201430119128405183315

553

Bondsand

notes

889506282422607

2,0843,567

45,2643,890

383240321516194

1 088382

6684

323124169

463

Stocks

17311892

224657

1,4721,219

908954

606

731671021134854448259

146

90

For-eign2

1

2171210681029

21810

For refunding

Total(do-

mesticandfor-

eign)

2,6931,0391,5273,3036,2344,0002,1251,1351,566

100659646799479

304228148109218

5 369

Domestic

Total

2,6891,0391,4423,2886,1733,8951,9481,1351,466

100659646799479

204228148109218

269

Stateandmu-nici-pal

435181259404324208

4482

104

1411711144

2257

1

Fed-eral

agen-cies1

698440497418912734422768943

97535544386256

195181535256

159

Corporate

Total

1,557418685

2,4664,9372,9531,482

284418

18

391

343122

8439135

105

108

Bondsand

notes

1,430407603

2,1784,2812,3521,199

257366

18

391

143022

8386935

101

96

Stocks

1261182

2886566012832852

20

15

22

4

12

For-eign2

4

861561

105177

101

101

r Revised.1 Includes publicly offered issues of Federal credit agencies, but excludes direct obligations of U. S. Treasury.2 Includes issues of noncontiguous U. S. Territories and Possessions.3 Includes 244 million dollars 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.5 Includes 100 million dollars of issues of the International Bank for Reconstruction and Development, which are not shown separately.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.

MARCH 1950 345

NEW CORPORATE SECURITY ISSUES1

PROPOSED USES OF PROCEEDS, ALL ISSUERS


Year or month

19341935193619371938.. .19391940194119421943194419451946.194719481949.

I949—JanuaryFebruary... .MarchApril . .MayJuneJulyAugustSeptemberOctoberNovemberDecember

1950—January

Estimatedgross

proceeds 2

3972,3324,5722,3102,1552,1642,6772,6671,0621,1703,2026,0116,9006,5777,1135,410

345321411698388

1,257475173174451223493

575

Estimatednet

proceeds 8

3842,2664,4312,2392,1102,1152,6152,6231,0431,1473,1425,9026,7576,4666,9945,322

336318403688380

1,244468168171445219484

567

Proposed uses of net proceeds

New money

Total

57208858991681325569868474308657

1,0803,2794,5915,9644,277

312220319553340

1,074430140118272163336

423

Plant andequipment

32111380574504170424661287141252638

2,1153,4094,2423,500

27417225340225495839311987

229134226

394

Workingcapital

2696

478417177155145207187167405442

1,1641,1821,722

777

384866

15185

1163721314329

111

29

Retirement of securities

Total

2311,8653,3681,1001,2061,6951,8541,583

396739

2,3894,5552,8681,352

307326

27

371

1844187

39591876

52

Bonds andnotes

2311,7943,143

9111,1191,6371,7261,483

366667

2,0384,1172,3921,155

240292

737

11340187

19581875

39

Preferredstock

712261908759

1281003072

351438476196

6734

2

541

201

1

12

Repaymentof

other debt

84170154111215

69174144138

7349

134379356488418

72544

12615

11612172

2920

6

53

Otherpurposes

11234936

7261928352747

133231168234301

1666

377984

12841866

39

PROPOSED USES OF PROCEEDS, BY MAJOR GROUPS OF ISSUERS


Year or month

193419351936193719381939.1940194119421943194419451946194719481949

1949—January....February...MarchAprilMayJuneJulyAugustSeptember..OctoberNovember. .December..

1950—January

Railroad

Totalnetpro-

ceeds

172120774338

54182319361

47160602

1,436704283617456

365487174945512016411031

93

Newmoney

2157

139228

2485

1152533246

102115129240546441

365087174945511316411027

27

Retire-ment ofsecuri-

ties

12054

5581103097

186108

15114500

1,320571355611

7

4

31

Allotherpur-

poses4

311077

1

18

38

154

4

35

Public utility

Totalnetpro-

ceeds

1301,2501,987

7511,2081,2461,1801,340

464469

1,4002,2912,1293,2123,0392,765

1181041792761929161369797

199144306

410

Newmoney

11306389

18043

245317145224069

7852,1882,7442,324

1181021252701718561349354

108120173

348


ties

771,1901,897

611943

1,157922993292423

1,3432,1591,252

939146249

236

1639

11

3644

569

16

Allotherpur-

poses4

4230275086471330272517639384

149191

1865

20136

482064

46

Totalnetpro-

ceeds

62774

1,2801,079

831584961828527497

1,0331,9693,6012,6862,7511,679

1621281143361002072494635

1635387

51

Industrial

Newmoney

2574

439616469188167244293228454811

2,2011,9742,1891,192

1393985

21592

1132362827

1182377

44


ties

3455076137322635373846389

199504

1,010981353

7544

22

241

216132

4

Allotherpur-

poses4

21508090

1364356

1211467176

148419359486444

218729

1216

9012187

30178

3

Real estate and financial

Totalnetpro-

ceeds

20122390

7116

102155944

21107206323286587421

20322358397633

623411160

12

Newmoney

4621857

89

42554

136185

164189485320

192921512860

95

225

1059

4


ties

72152

77

889

18

4426564243022

31

116

1

Allotherpur-

poses4

194

20715

10421

43

5695737279

1

711157

136

11

8

1 Estimates of new issues sold for cash in the United States.2 Gross proceeds are derived by multiplying principal amounts or number of units by offering price.8 Estimated net proceeds are equal to estimated gross proceeds less cost of flotation, i.e., compensation to underwriters, agents, etc., and

expenses. * Includes repayment of other debt and other purposes.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.


SALES, PROFITS, AND DIVIDENDS OF LARGE CORPORATIONS

MANUFACTURING CORPORATIONS


Y'ear or quarter

Annual1939 .19401941 .194219431944 . .1 9 4 5 . . . : . . . . .194619471948

Quarterly1947—i

234

234

1949—i2 . . .3

Assets of 10 million dollars and over(200 corporations)

Sales

10,59113,00618,29121,77128,24030,34826,53121,56231,14437,182

7,0207,6497,6948,781

8,6609,0039,314

10,204

9,3989,4419,502

Profitsbeforetaxes

1,2091,8443,1563,3953,6833,5312,4212,0334,0995,315

999978989

1,133

1,2181,2421,3311,523

1,3411,2201,313

Profitsaftertaxes

9971,2731,5191,2201,2601,2551,1291,2022,5213,310

604598614706

751770832958

823750799

Divi-dends

722856947760777848861943

1,1671,403

246271265386

285311307499

343354332

Assets of 50 millions dollars and over(82 corporations)

Sales

9,00811,13815,69118,54424,16025,85122,27817,65126,01531,465

5,8286,3626,4127,412

7,2707,5597,8778,759

8,0868,1878,224

Profitsbeforetaxes

1,0711,6382,7782,8763,1112,9821,9761,5733,4234,593

843807819954

1,0501,0581,1461,339

1,2021,1011,181

Profitsaftertaxes

8831,1271,3291,0561,0971,091

964932

2,1052,860

509495508593

649657717838

739677715

Divi-dends

656772854672688755764804

1,0001,210

216235226322

247269265429

303312293

Assets of 10-50 million dollars(118 corporations)

Sales

1,5831,8692,6003,2274,0804,4974,2533,9125,1295,717

1,1921,2871,2821,369

1,3901,4451,4371,445

1,3121,2541,277

Profitsbeforetaxes

139206378519571549445460676721

156171170179

168184186184

139119132

Profitsaftertaxes

114146190164164164165271416450

95104105112

102113115120

847384

Divi-dends

67839388889398

139167192

30353863

38424370

404239

PUBLIC UTILITY CORPORATIONS


Year or quarter

Annual19391940 . .194119421943 .19441945194619471948 . . . .

Quarterly1947 1

2 .34

194g—i2 . . . .34

1949—i23

Railroad

Operat-ing

revenue

3,9954,2975,3477,4669,0559,4378,9027,6288,6859,672

2,0402,1132,1782,354

2,2432,3632,5552,510

2,1452,2242,138

Profitsbeforetaxes

126249674

1,6582,2111,972

756271777

1,148

167190177242

144286395323

120184175

Profitsaftertaxes

93189500902873667450287479700

92123104160

72185246197

58115105

Divi-dends

126159186202217246246235236289

425037

106

575653

122

695550

Electric power

Operat-ing

revenue

2,6472,7973,0293,2163,4643,6153,6813,815

'•4,2914,708

'1,085'1,037"•1,036'1,133

1,2021,1181,1461,242

1,3071,2181,218

Profitsbeforetaxes

629692774847913902905964

'954983

'291'2461 9 3'225

284233211255

316272259

Profitsaftertaxes

535548527490502507534638

'643661

1 9 01 6 31 3 21 5 7

186156143176

206180173

Divi-dends

444447437408410398407458494492

1 2 21 2 11 1 61 3 5

131115115132

124136142

Telephone

Operat-ing

revenue

1.067L ,129L ,235L ,362,537

L ,641,803.992

2,1492,541

527478555589

607627641666

670695711

Profitsbeforetaxes

227248271302374399396277193269

67293858

64716469

627584

Profitsaftertaxes

191194178163180174177200131183

44212739

43484447

425055

Divi-dends

175178172163168168174171134181

40323230

39444750

505154

' Revised.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 assetsas 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 reportsof 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 areobtained from reports of the Federal Power Commission, except that quarterly figures on operating revenue and profits before taxes are partlyestimated 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 Tele-phone and Telegraph Company, the greater part of whose income consists of dividends received on stock holdings in the 30 companies. Data areobtained 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 seriesand 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 oi the BULLETIN for September 1944 (electric power).

MARCH 1950 347

SALES, PROFITS, AND DIVIDENDS OF LARGE MANUFACTURING CORPORATIONS, BY INDUSTRY


Industry

Annual

1946 1947 1948

Quarterly

1947 1948 1949

Nondurable goods industries

Total (94 corps.)1

SalesProfits before taxesProfits after taxesDividends

Selected industries:Foods and kindred products (28 corps.)

Sales.Profits before taxesProfits after taxesDividends

Chemicals and allied products (26 corps.)SalesProfits before taxesProfits after taxesDividends

Petroleum refining (14 corps.)SalesProfits before taxesProfits after taxesDividends

Durable goods industries

Total (106 corps.)2


Selected industries:Primary metals and products (39 corps.)


Machinery (27 corps.)SalesProfits before taxesProfits after taxesDividends

Automobiles and equipment (15 corps.)SalesProfits before taxesProfits after taxesDividends

8,9401,426

908449

2,715435254105

2,550463283180

2,08026921492

12,623607295494

5,429451270211

2,31037-997

3,72537-8136

11,3131,7871,167551

3,231421259128

3,108547337215

2,906456350127

19,8312,3121,355615

7,545891545247

3,963443270113

6,692809445195

13,3642,2081,474656

3,447410257135

3,563655408254

3,945721548172

23,8183,1071,836746

9,0661,174720270

4,781569334126

8,0931,131639282

2,816437287123

792985929

7751298054

7411209121

4,878552327141

1,83120112257

9841106726

1,65320011447

3,161490333183

9151157343

8321408959

85814711851

5,621643373203

2,07722714184

1,165136

37

1,92523611856

3,219546356133

835966129

8481519153

94719514133

5,440672395152

2,06024815060

1,0911131

7527

1,86524714253

3,289553362157

8611046432

8751559558

94218213345

5,714688408154

2,10023714560

1,1981448328

1,95125114651

3,324543362141

846996032

90416610459

97817113229

5,991788470166

2,30630418560

1,140118

7128

2,05630517565

3,532565394225

9041117142

93618311985

1,07717314166

6,673958564274

2,601385240

90

1,35117710542

2,221327176112

3,245501325146

804855230

89617410564

99316111931

6,153840498196

2,431370220

71

1,138126

7233

2,15130118079

3,049400259166

792895431

8571448766

9341199247

6,392820491188

2,17526916164

1,1811137032

2,601387229

76

3,179451295148

8371006329

89517810968

9421148631

6,323862504184

2,05022813061

1,122115

7131

2,708462267

80

1 Total includes 26 companies in nondurable goods groups not shown separately, as follows: textile mill products (10); paper and allied products(15); and miscellaneous (1).

2 Total includes 25 companies in durable goods groups not shown separately, as follows: building materials (12); transportation equipmentother 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

19391940194119421943194419451946194719481949

Profitsbeforetaxes

6 . 59 . 3

17.221.125.124.319.723.631.634.8

'28.8

Incometaxes

1.52 . 97 .8

11.714.413.511.29 . 6

12 513.6

1 1 . 4

Profitsaftertaxes

5 . 06 . 49 . 49 . 4

10.610.88.5

13.919.121.2

17.3

Cashdivi-dends

3 . 84 . 04 . 54 . 34 . 54.74.75 . 87 . 07 .98 .4

Undis-tributedprofits

1.22 . 44 95 . 16 .26.13.88.1

12 113.2'8.9

Quarter

1947—4

1948—i234

1949—12341 .

Profitsbeforetaxes

32.8

33.035.036.634.5

29.426.428.9

••29.5

Incometaxes

13.0

12.813.714.413.6

11.510.611.4

11.8

Profitsaftertaxes

19.8

20.221.322.220.9

17.915.817.5

17.7

Cashdivi-dends

7 .3

7 .67 .77 .98 .3

'8.3'8.2'8.1'8.9

Undis-tributedprofits

12.5

12 613.614.312.6

'9.6'7.6'9.4'8.8

*• Revised.1 Figures, except for cash dividends, are estimates of Council of Economic Advisers, based on preliminary data.Source.—Same as for national income series.


UNITED STATES GOVERNMENT DEBT—VOLUME AND KIND OF SECURITIES[On basis of daily statements of United States Treasury. In millions of dollars]

End of month

1943—JuneDec,

1944—JuneDec

1945—JuneDec

1946—JuneDec

1947—JuneDec

1948—JuneDec , , .

1949—FebMar .Apr. . . . . .MayJuneJulyAugSeptOctNovDec

1950—TanFeb

Totalgrossdirectdebt

136,696165,877201,003230,630258,682278,115269,422259,149258,286256,900252,292252,800252,721251,642251,530251,889252,770253,877255,852256,680256,778256,982257,130256,865256,368

Totalinterest-bearingdirectdebt

135,380164,508199,543228,891256,357275,694268,111257,649255,113254,205250,063250,579250,603249,573249,509249,890250,762251,880253,921254,756254,876255,124255,019254,869254,407

Marketable public issues x

Total2

95,310115,230140,401161,648181,319198,778189,606176,613168,702165,758160,346157,482156,766155,648155,450155,452155,147154,959155,552155,647155,362155,365155,123154,833154,764

Treasurybills

11,86413,07214,73416,42817,04117,03717,03917,03315,77515,13613,75712,22412,13411,64811,54211,54411,53611,53112,12412,31512,31712,32012,31912,33112,336

Certifi-cates ofindebt-edness

16,50122,84328,82230,40134,13638,15534,80429,98725,29621,22022,58826,52529,43428,80328,71028,71029,42729,24629,24630,44130,15530,15529,63629,31427,321

Treasurynotes

9,16811,17517,40523,03923,49722,96718,26110,0908,142

11,37511,3757,1313,5963,5963,5963,5963,5963,5963,5963,5963,5963,5968,2498,271

10,189

Treasurybonds

57,52067,94479,24491,585

106,448120,423119,323119,323119,323117,863112,462111,440111,440111,440111,440111,440110,426110,426110,426109,133109,133109,133104,758104,758104,758

Nonmarketable public issues

Total2

29,20036,57444,85550,91756,22656,91556,17356,45159,04559,49259,50661,38362,03361,99962,22762,52362,83963,87265,01165,19565,70565,92966,00066,53366,771

U. S;savingsbonds

21,25627,36334,60640,36145,58648,18349,03549,77651,36752,05353,27455,05155,66355,89356,01956,11656,26056,45356,53756,60056,67056,71756,70756,95857,217

Treasurytax andsavingsnotes

7,4958,5869,5579,843

10,1368,2356,7115,7255,5605,3844,3944,5724,6414,3834,4884,6924,8605,7056,7686,8977,3457,5277,6107,9067,988

Specialissues

10,87112,70314,28716,32618,81220,00022,33224,58527,36628,95530,21131,71431,80431,92631,83331,91432,77633,04933,35833,91433,81033,82933,89633,50232,871

Non-interest-bearingdirectdebt

1,3161,3701,4601,7392,3262,4211,3111,5003,1732,6952,229

• 2,220

2,1182,0682,0212,0002,0091,9961,9311,9231,9011,8582,1111,9971,962

Fullyguaran-teed in-terest-bearing

securities

4,0924,2251,5161,470

409553467331

83766951

22201920242224262526272424

1 Including amounts held by Government agencies and trust funds, which aggregated 5.357 million dollars on Jan. 31, 1950.2 Total marketable public issues includes Postal Savings and prewar bonds, and total nonmarketable public issues includes adjusted service

depositary bonds, Armed Forces Leave bonds, and 23^ per cent Treasury investment bonds, series A-1965, not shown separately.Back figures.—-See Banking and Monetary Statistics, Tables 146-148, pp. 509-512.

UNITED STATES GOVERNMENT MARKETABLE PUBLICSECURITIES OUTSTANDING FEBRUARY 28, 1950

[On basis of daily statements of United States Treasury,of dollars]

In millions

Issue and coupon rate

Treasury billsMar. 2, 1950.Mar. 9, 1950.Mar. 16, 1950.Mar. 23, 1950.Mar. 30, 1950.Apr. 6, 1950.Apr. 13, 1950Apr. 20, 1950Apr. 27, 1950May 4, 1950May 11, 1950May 18, 1950May 25, 1950

Cert, of indebtednessMar. 1,1950 1MApr. 1,1950 1MJune 1,1950 1HJuly 1,1950Sept. 15, 1950 iOct. 1 , 1 9 5 0 I

Jan. 1, 1951

Treasury notesApr. 1,1950 iy8Oct. 1, 1951 1MMar. 15, 1954 \%

Treasury bondsMar. 15, 1950-522.. 2Sept. 15, 1950-523. .2Sept. 15, 1950-52... 2Dec. 15, 1950 1June 15, 1951-543. .2Sept. 15, 1951-53... 2

Amount

1,0011,002

903901901905906903903

1,0031,0041,0041,001

2,922963

5,0195,6011,1976,248

5,373

3,5961,9184,675

1,9631,1864,9392,6351,6277,986

Issue and coupon rate

Treasury bonds—Cont.Sept. 15, 1951-553 3Dec. 15, 1951-533. . 2 ^Dec. 15, 1951-55 2Mar. 15, 1952-54... 2 ^June 15, 1952-54 2June 15, 1952-55... 2 ^Dec. 15, 1952-54 2June 15, 1953-55* 2June 15, 1954-563. .2%Mar. 15, 1955-603. .27/8Mar. 15, 1956-58... 2 ^Sept. 15, 1956-593. .2%Sept. 15, 1956-59... 2 MJune 15, 1958-633. .2%June 15, 1959-624. . 2 ^Dec. 15, 1959-624. .2%Dec. 15, 1960-653. .2%June 15, 1962-674. .2}4Dec. 15, 1963-684. . 2 ^June 15, 1964-694. .2Y2Dec. 15, 1964-694. .2)4Mar. 15, 1965-704. . 2 ^Mar. 15, 1966-714. . 2 ^June 15, 1967-724. .2Y2Sept. 15, 1967-72... 2}4Dec. 15, 1967-724. .2)4

Postal Savingsbonds 2)4,

Panama Canal Loan. 3

Total direct issues

Guaranteed securitiesFederal Housing Admin.Various

Amount

7551,118510

1,0245,8251,5018,662

725681

2,6111,449982

3,823919

5,2843,4701,4852,1182,8313,7613,8385,1973,4817,9672,716

11,689

110

50

154,764

15

1 Sold on discount basis. See table on Open-Market Money Rates,p . 344.

2 Called for redemption on Mar. 15, 1950.3 Partially tax exempt. 4 Restricted.

MARCH 1950

UNITED STATES SAVINGS BONDS[In millions of dollars]

Month

Fiscal yearending:June—1942 .

1943..194419451946 ,1947..1948 .1949..

1949—FebMar....AprMay. . .June. . .Ju ly . . .Aug... .Sept....OctNovD e c . . .

1950—JanFeb.. . .

Amountout-

standingat end of

month

10,18821,25634,60645,58649,03551,36753,27456,260

55,66355,89356,01956,11656,26056,45356,53756,60056,67056,71756,707

56,95857,217

Funds received from sales during

Allseries

51115149767

994789498891612208235141

599590454433485511449398388383495

707581

Series

38

11116444

E

,526,271,820,553,739,287,026,278

386415331322359378329299289286377

402361

1 U U

SeriesF

435758802679407360301473

3226191820171613131416

3831

Series

222222

I

G

032759876658465561907390

182149104

93107115104868684

103

267189

Redemp-tions andmaturities

Allseries

207848

2,3714,2986,7175,5455,1135 067

369440398415451425439411396415466

618417

Maturities and amounts outstanding February 28, 1950

Year ofmaturity

195019511952 ..1953195419551956195719581959196019611962 .Unclassified. .

Total

Allseries

7341,5603,9756,7818 7247,5645,5715,3775,6805,8083,3891,645

39811

57,217

SeriesD

734443

1,178

SeriesE

1,1163,9755,5296 2214,9702,5702,7193,0963,497

479

34,172

SeriesF

19950353461449127029447023352

3,660

SeriesG

1,0532 0002,0612,3862,1682,3132,0172,4401,412

345

18,196

349

OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES, DIRECT AND FULLY GUARANTEED

[Par value in millions of dollars]

End of month

Totalgrossdebt

(includ-ing guar-

anteedsecuri-ties)

48,49655,33276,991

140,796202,626259,115269,898259,487258,376256,981252,366252,854252,798

256,709256,805257,011257,160

Held byU. S. Government

agencies andtrust

Specialissues

4,7756,1207,885

10,87114,28718,81222,33224,58527,36628,95530,21131,71432,776

33,91433,81033,82933,896

Funds 1

Publicissues

2,3052,3752,7373,4514,8106,1286,7986,3385,4455,3975,5385,6035,498

5,5005,4775,4915,450

Total

41,41646,83766,369

126,474183,529234,175240,768228,564225,565222,629216,617215,537214,524

217,295217,518217,691217,814

FederalReserveBanks

2,4662,1842,6457,202

14,90121,79223,78323,35021,87222,55921,36623,33319,343

18,01017,31617,68218,885

Com-mercialbanks 2

16,10019,70026,00052,20068,40084,20084,40074,50070,00068,70064,60062,50063,000

66,50067,40066,90067,000

Held by the public

Mutualsavingsbanks

3,1003,4003,9005,3007,3009,600

11,50011,80012,10012,00012,00011,50011,600

11,60011,50011,40011,400

Insur-ancecom-

panies

6,5007,1009,200

13,10017,30022,70025,30025,30025,00024,30023,20021,50020,900

20,50020,50020,40020,500

Othercorpo-rations

and asso-ciations 3

2,5002,4005,400

15,50025,90030,90025,30022,40022,30021,20020,70021,40022,700

23,30023,40023,80022,400

Stateandlocal

govern-ments

400600900

1,5003,2005,3006,5006,3007,1007,3007,8007,9008,000

8,1008,1008,1008,100

Indi-viduals

10,30011,50018,40031,70046,50059,80064,10064,90067,10066,60067,00067,60068,900

69,20069,30069,30069,500

1940—June1941—June,1942—June1943—June1944—June.1945—June.1946—June.

D e c .1947—June.

D e c .1948—June.

D e c .1949—June.

1949—Sept,Oct..Nov.,D e c .

groups are estimated by the Treasury Department

SUMMARY DATA FROM TREASURY SURVEY OF OWNERSHIP OF SECURITIES ISSUED OR GUARANTEEDBY THE UNITED STATES •

[Interest-bearing public marketable securities* In millions of dollars]

End of month

Type ofsecurity:

Total:«1947—Dec1948—June

Dec1949—June....

Nov.. . .Dec

Treasury bills:1947—Dec.1948—June

D e c . . .1949—June....

Nov.. . .Dec

Certificates:1947—Dec1948—June

Dec1949—June....

Nov.. . .Dec

Treasury notes:1947—Dec1948—June

Dec1949—June....

Nov.. . .Dec

Treasury bonds:1947—Dec1948—June....

Dec1949—June

Nov.. . .Dec

Totalout-

stand-ing

165,791160,373157,496155,160155,380155,138

15,13613,75712,22411,53612,32012,31921,22022,58826,52529,42730,15529,636

11,37511,3757,1313,5963,5968,249

117,863112,462111,440110,426109,133104,758

U.S.Govt.agen-ciesandtrustfunds

5,2615,4025,4775,3745,3685,327

181569635211

30142426

2748

4

7473415

5,1735,3365,3405,2015,2185,217

Fed-eralRe-

serveBanks

22,55921,36623,33319,34317,68218,885

11,4338,5775,4874,3464,0004,829

6,7974,6166,0786,8575,8716,275

1,4771,968

791359298562

2,8536,206

10,9777,7807,5137,218

Com-mer-cial

banks*

61,37057,59955,35356,23759,83459,856

2,0522,3452,7942,8173,4713,514

6,5388,5529,0729,561

12,14111,520

5,3274,5313,0991,801

1,9485,569

47,42442,14640,37142,04242,25639,235

Mu-tualsav-ings

banks

11,55211,52210,87711,02910,74510,772

255850131115

200317256207

149169

9898844132

107

11,22611,04710,48610,76810,55210,480

Insur-ancecom-panies

22,89521,70519,81919,09018,46918,535

15411284605870

269479672602

585633

245223166104

92244

22,21320,88018,89118,31517,72617,579

Other

42,15442,77942,63744,08743,28241,763

1,4542,6503,7404,2374,7283,880

7,3868,610

10,42312,17411,38210,991

4,2244,5552,9841,244

1,1921,752

28,97426,84725,37526,32025,86825,029

End of month

Treasury bondsand notes, dueor callable:

Within 1 year:1947—Dec1948—June

Dec1949—June

OctNov.. . .Dec

1-5 years:1947—Dec1948—June

Dec1949—June....

OctNovDec

5—10 years:1949—Dec1948—June....

Dec1949—June....

Oc t . . . . .Nov.. . .Dec

After 10 years:1947—Dec1948—June....

Dec1949—June....

OctNov.. . .Dec

Totalout-

stand-ing

14,26313,41110,21611,22616,05916,05914,319

49,94846,12444,05339,17533,04933,04935,067

10,27010,46410,46415,06715,06715,06718,537

54,75753,83853,83848,55448,55448,55445,084

U.S.Govt.agen-ciesandtrustfunds

69199849645736

344318226212

187186186

370314314532

531528568

4,3934,6854,7104,4554,4654,4814,441

Fed-eralRe-

serveBanks

1,6932,070

861982

1,1421,142

878

1,3772,6363,2582,1211,6581,6581,922

426546434584

584584

1,388

8342,9217,2154,4524,4504,4283,593

Com-mer-cial

banks1

8,2445,9225,5717,021

10,57510,5959,014

33,41530,58028,04526,30422,64822,75924,907

6,0906,2516,3146,5876,7546,7986,995

5,0033,9223,5413,9334,0424,0523,887

Mu-tualsav-ings

banks

266171232236309288238

1,8761,8291,7691,2791,1301,0901,121

576506520

2,0021,9771,9682,640

8,6068,6398,0487,2937,2597,2386,588


316273329385581534468

3,0462,7902,5012,1241,6311,5891,641

880911997

1,7321,7301,7092,230

18,21117,12915,23014,17913,97613,98513,485

Other

3,6754,9563,1252,5533,3883,4433,685

9,8907,9718,2547,1355,7955,7675,290

1,9281,9361,8853,6303,4913,4804,716

17,71016,54215,09414,24214,36214,37013,090

* Figures include only holdings by institutions or agencies from which reports are received. Data for commercial banks, mutual savingsbanks, 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 relativelysmall amounts of nonmarketable issues) by all banks and all insurance companies for certain dates are shown in the table above.

1 Including stock savings banks.* Including Postal Savings and prewar bonds and a small amount of guaranteed securities, not shown separately below.


SUMMARY OF TREASURY RECEIPTS, EXPENDITURES, AND RELATED ITEMS


year ormonth

Fiscal year:194719481949

1949—Feb...Mar..Apr...May..June..July. .Aug...Sept..Oct.. .Nov. .Dec...

1950—Jan.. .Feb.. .

Netre-

ceipts

40,04342,21138,2463,3815,4351,3401,9454,7671,9462,4794,8321,8812,3444,1913,3662,972

Budgetex-

pendi-tures

39,2894 36,79137,057

2,6463,6212,7482,8224,5793,4343,5853,9953,1113,1273,7223,3232,496

surplus(+)ordeficit

+754+5,419+1,189

+736+1,814-1 ,408

-877+188

-1 ,488-1 ,106

+837-1 ,230

-783+469

+44+476

On basis

Trustac-

countsetc.i

— 1 103+2,706—3,495

-154-345-465

+9-588+30

+345-404+10

+299-272

+2+170

of daily statements of United States Treasury

Clear-ingac-

count1

+555-507+366

- 5 1+87

+213-324-173+218-133+20

+160- 3 6- 8 8

+589- 1 1

Increase

during period

Grossdebt

— 11 136-5 ,994

+478+101

-1 ,080-111+359+881

+1,107+1,975

+828+98

+204+148-265-497

Generalfund

balance

— 10,930+1,624-1 ,462

+631+476

-1 ,771-833+308-133

+1,081+1,281

-962-315+257+370+137

General fund of the Treasury (end of period)

Bal-ance

ingen-eralfund

3,3084,9323,4705,2915,7673,9953,1633,4703,3374,4185,6994,7374,4224,6795,0495,186

Assets

Total

3,7305,3703,8625,7196,1234,4283,5263,8623,6994,7676,0805,0804,7895,0335,4215,489

Deposits in

Fed-eralRe-

serveBanks2

1 2021,928

438

1,4231,4821,226

628438529610

1,176595517841677666

Spe-cial

depos-itaries

9621,7731,7712,6882,9241,5631,3131,7711,4852,5133,2262,8312,6322,5572,8983,146

Otherassets

1,5651,6701,6531,6071,7171,6391,5861,6531,6841,6441,6791,6541,6411,6351,8471,677

Totallia-bili-ties

422438392

428357433363392362349381343367354372303

Cash operatinginCOrT1 nnrl ontern 3

Cashin-

come

43 59145,40041,6283,8935,5551,4302,5954,7982,0813,1504,9152,0462,9654,2633,485

Cashoutgo

36 93136,49640,5773,2593,8503,1303,7094,550

r2,9663,7153,8473,2663,426

*>4,061P3.177

Excessincome(+)oroutgo

+6 659+8,903+1,051

+635+1,704-1 ,699-1 ,114

+248r-885-566

+1,068-1 ,220

-461P+202

P + 3 0 8

Fiscal yearor month

Fiscal year:1947 . . .19481949

1949—FebMar....Apr . . . .May. . .June.. .July....Aug.. . .SeptO c t . . . .NovD e c . . . .

1950—JanF e b . . . .

DETAILS OF1 TREASURY RECEIPTS

On basis of daily statements of United States Treasury

Income taxes

With-held

by em-ployers

10,01311,4369,8421,276

757562

1,119674554

1,161657564

1,134695

5881,309

Other

19,29219,73519,6411,4144,342

747424

3,145655407

3,237496355

2,5201,9571,032

Mis-cella-neous

internalrevenue

8,0498,3018,348

654720644656704653749714753722720

645599

SocialSecu-rity

taxes

2,0392,3962,487

438170

81410139

65404147

65356141

68544

Otherre-

ceipts 5

5,1154,2312,456

152143273141266135196131114161180222123

Totalre-

ceipts

44,50846,09942,7743,9356,1332,3062,7514,9282,0612,9174,8851,9932,7274,2553,4803,607

Deduct

Refundsof

taxes

3,0062,2722,838

273672891414155

57574549465967

238

SocialSecurityemploy-

menttaxes 6

1,4591,6161,690

2802675

3916

58381

762

3375

47398

Netre-

ceipts

40,04342,21138,2463,3815,4351,3401,9454,7671,9462,4794,8321,8812,3444,1913,3662,972

On basis of reports by collectors of internal revenue

Individual

income taxes

With-held

9,84211,53410,0561,922

156908

1,46533

8281,556

26952

1,40336

698

Other

9,5019,4647,996

9051,846

286140975167

99991122

90292

1,657

Corporation incomeand profits taxes

Normaland

surtax

6,0559,852

11,343292

2,529406232

2,159485270

2,256348226

2,256338

Excessand

otherprofits

3,622323211

3324101012

87

118677

Es-tateandgift

taxes

779899797

53105

636653486173535659

51

Exciseand

othermiscel-laneoustaxes

7,2857,4127,585

596646537645647587713645688672606594

Fiscal yearor month

Fiscal year:194719481949

1949 FebMar.Apr.MayJuneJuly . . . .AugSept.Oct.Nov.. .Dec

1950—Jan...Feb

DETAILS OF BUDGET EXPENDITURES AND TRUST ACCOUNTS

On basis of daily statements of United States Treasury

Total

39,2894 36,79137,057

2,6463,6212,7482,8224,5793,4343,5853,9953,1113,1273,7223,3232,496

Nationaldefense

16,76611,36411,809

9301,1091,043

9501,159

9871,134

985959

1,0241,0691,016

*>922

Budge t expenditures

Inter-est ondebt

4,9585,2115,339

141589178125

1,570322125544255306

1,008463161

Inter-na-

tionalfinance

andaid

4,9284,1433,011

276505125272524478421455389353347

286P282

Vet-erans'Ad-

minis-tration

6,4426,3176,791

545639547584517489518440504540515

509494

Aidto

agri-cul-ture

1,226782

2,661137261189438161

64327495242212311314

P124

Trans-fersto

trustac-

counts

1,36144,178

91621

753019

413330419

857

- 2 645

8

Other

3,6074,7976,530

614516592423630681730657676686499

690P505

Trus

Social Securityaccounts

Netre-

ceipts

3,2353,9183,722

43057

182592270489637

31172562

48291568

In-vest-ments

1,7852,2101,479

1188

- 9 218

39219946

151- 9 2

1377

- 2 985

Ex-pendi-tures

1,5091,6402,252

195252235233254243262265232256277

295267

t accounts, etc

Other

Re-ceipts

3,00945,598

1,992114115103120504100395513114

9768

121116

In-vest-ments

1,577850832

24129

38385

24265425

69

- 2 5-424-746

Expendi

ForeignEconomicCooper-

ation

3,000326

30403282

77

Other

2,4762,1091,646

141135196132253

93114113129

8260

568909

P Preliminary. rRevised.1 Excess of receipts ( + ) or expenditures (—). 2 Excluding items in process of collection beginning with July 1947.3 For description, see Treasury Bulletin for September 1947 and subsequent issues.4 Including 3 billion-dollar transfer to Foreign Economic Cooperation Trust Fund from which expenditures are made in later months.5 Including surplus property receipts and receipts from renegotiation of war contracts, which for fiscal years 1947-1949 amounted to 2,886,

1,929 and 589 million dollars and 279, 161 and 57 million, respectively.6 These are appropriated directly to the Federal old-age and survivors insurance trust fund.

MARCH 1950 351

GOVERNMENT CORPORATIONS AND CREDIT AGENCIES[Based on compilation by United States Treasury Department. In millions of dollars]

PRINCIPAL ASSETS AND LIABILITIES

Corporation or agency

Assets, other than interagency items *

Total CashLoans

re-ceiv-able

Com-modi-ties,sup-plies,and

mate-rials

Invest-ments

U.S.Govt.secu-rities

Othersecu-rities 2

Land,struc-tures,and

equip-ment

Otheras-sets Fully

guar-anteed

byU.S.

Liabilities, other thaninteragency items

Bonds, notes,and deben-

tures payable

Other

Otherliabil-ities

U. S.Gov-ern-mentinter-

est

Pri-vatelyownedinter-

est

All agencies:Dec. 31, 1948Mar. 31, 1949June 30, 1949Sept. 30, 1949

Classification by agency,Sept. 30, 1949

Department of Agriculture:Farm Credit Administration:

Banks for cooperativesFederal intermediate credit banksProduction credit corporationsAgricultural Marketing Act Revolving

FundFederal Farm Mortgage Corp

Rural Electrification AdministrationCommodity Credit CorporationFarmers' Home Administration *Federal Crop Insurance Corp

Housing and Home Finance Agency:Home Loan Bank Board:

Federal home loan banksFederal Savings and Loan Insurance Corp,Home Owners' Loan Corp

Public Housing Administration 5

Federal Housing AdministrationFederal National Mortgage Association.

Reconstruction Finance Corporation:Assets held for U. S. Treasury 6

Other7

Export-Import BankFederal Deposit Insurance CorpFederal Works AgencyTennessee Valley AuthorityAll other 8

21,71822,32422,23222,594

34165564

263

1,2772,32136742

701214312

1,704250640

8281,0092,1761,207171852

7,396

630 11,692475 12,228514 11,770379 11,720

627674

1,1401,596

274551

1,8542,0772,0042,069

3,5183,5153,5083,501

3,0603,0492,9462,933

24

337307351396

965884865856

51600

1,6631,9271,4871,074 20

18,88619,32019,682

,460

158

1,232834260

1,411

339

()10114

28829420637

2876

2,160

891

3,805

3402108

1741,376

1

154

1,193

3,385

6072

()7182143

10

204

()

(3)

33855

243514161856

711073781412

2714963

261

1,2771,97236338

96209296

1,68750635

828938

2,0691,169163838

7,384

166170172177

18

158

CLASSIFICATION OF LOANS BY PURPOSE AND AGENCY

Purpose of loan

To aid agricultureTo aid home ownersTo aid industry:

RailroadsOther

To aid financial institutions:Banks . . . . . .Other

Other . .Less: Reserve for losses

Total loans receivable (net)...

Sept. 30, 1949

Fed.FarmMort.Corp.

66

8

58

Fed.inter-medi-

atecreditbanks

551

(3)

551

Banksfor co-opera-tives

278

5

274

Com-modityCreditCorp.

956

122

834

RuralElec-

trifica-tion

Adm.

1,233

1

1,232

Farm-ers'

HomeAdm.

527

267

260

HomeOwn-ers'

LoanCorp.

291

3

289

PublicHous-

ingAdm.

(3)

1

2952

294

Fed.homeloan

banks

339

339

Recon-struc-tionFi-

nanceCorp.

(3)171

117379

(3)8

1729161

877

Ex-port-Im-portBank

2,168

7

2,160

Allother

5661

328

4

3,750108

5

4,553

Allagen-cies

3,6161,123

120407

4347

6,090494481

11,720

June 30,1949,

allagencies

3,847980

120364

4368

6,108488509

11,770

1 Assets are shown on a net basis, i. e., after reserve for losses.2 Totals for each quarter include the United States' investment of 635 million dollars in stock of the International Bank for Reconstruction

and Development and its subscription of 2,750 million to the International Monetary Fund.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.8 Figures for one small agency are for a date other than Sept. 30, 1949.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 theBULLETIN and Banking and Monetary Statistics, Table 152, p. 517.


BUSINESS INDEXES[The terms "adjusted" and "unadjusted" refer to adjustment of monthly figures for seasonal variation]

Year or month

Industrial production(physical volume)*1

1935-39 = 100

Total

Manu-factures

Dur-able

Non-dur-able

Min-erals

Constructioncontracts

awarded (value)2

1923-25 = 100

TotalResi-den-tial

Allother

Employment3

1939 = 100

Non-agri-cul-tural

Factory

Fac-torypay-rolls 31939 =

100

Freightcarload-

ings*1935-39

= 100

Depart-mentstoresales(val-

ue)* 41935-39

= 100

Con-sumers'prices3

1935-39= 100

Whole-salecom-

modityprices 3

1926= 100

Ad-justed

Unad-justed

Ad-justed

Ad-justed

Ad-justed

Ad-justed

Ad-justed

Ad-justed

Ad-justed

Ad-justed

Unad-justed

Unad-justed

Ad-justed

Ad-justed

Unad-justed

Unad-justed

1919.1920.1921.1922.1923.1924.1925.

1926.1927.1928.1929.1930.

1931.1932.1933.1934.1935.

1936.1937.1938.1939.1940.

1941.1942.1943.1944.1945.

1946.1947.1948.1949.

1948February. . .MarchAprilMayJuneJulyAugustSeptember. .OctoberNovember. .December...

1949J a n u a r y . . . .February. . .MarchAprilMayJuneJulyAugustSeptember. .October. . . .November. .December...

January.1950

194191188192192186191192195195192

191189184179174169161170174166173180

Pi 83

72755873888290

969599

11091

7558697587

10311389

109125

162199239235203

170187192

190188186192193187194197199195190

187185181177174170163174179169174178

P179

8493538110395107

11410711713298

6741546583

10812278109139

201279360353274

192220225P202

226229217221222219223225231229231

227225223212201194185193199175183204

P210

62605767726976

7983859384

7970798190

10010695109115

142158176171166

165172177P168

180177177178179169177178179178173

175173168162161161154165173177177175

P179

71836671988992

1001009910793

8067768086

9911297106117

125129132140137

134149155P135

155142147162159153159156158161156

149149136148145133123129119112141132

P131

636356798494122

12912913511792

6328253237

5559647281

122166684168

153157190211

187181181188201205201193184189180

174169175177181195209229246263265262

242

443044688195124

1211171268750

3713111221

3741456072

8982401626

143142162192

152148154165177187177165157154145

133123130141159176200228254269256255

245

799065888694120

135139142142125

8440374850

7074808189

1492359261102

161169214226

215208202206220219220216206217209

207207212206199210217230240259273268

239

88.689.479.784.492.991.794.1

97.598.098.1102.596.2

87.177.277.584.988.5

95.1101.495.4100.0105.8

119.4131.1138.8137.0132.3

136.7143.2145.9P142.0

145.1145.3144.6145.3145.9146.3146.7146.8146.8146.6146.2

144.9144.1143.4142.8142.1141.6141.0141.5142.2139.2

'139.9141.0

P140.8

156.6156.8153.8154.0154.9155.8155.6155.6155.3154.5152.1

149.3147.6145.6143.4140.8139.9138.9139.6141.3136.6

136.4139.2

P140.2

103.7104.179.788.2

100.993.797.0

98.996.796.9

103.189.8

75.864.471.383.288.7

96.4105.890.0

100.0107.5

132.8156.9183.3178.3157.0

147.8156.2155.2

PU1.6

156.3156.5152.3151.3153.3153.5156.3158.9157.6155.9153.5

148.9147.4145.3141.8138.2138.4136.9141.1143.7138.8

137.7140.5

P139.8

103.9124.280.286.0

109.1101.8107.3

110.5108.5109.8117.194.8

71.849.553.168.378.6

91.1108.984.7

100.0113.6

164.9241.5331.1343.7293.5

271.1326.9351.4

P325.5

343.8346.6334.9334.4345.6346.5360.1366.8366,7362.8360.7

345.9340.4332.8319.2312.8315.7312.8323.0335.1

r320.9'315.5331.7

'330.3

120129110121142139146

152147148152131

10578828992

10711189101109

130138137140135

132143138116

138130130142139138142139140137137

13112612012712411511011710592117115

117

83999293104104109

112113114116108

9675738288

10010799106114

133150168187207

264286302285

295292306'304'306312308••308»-310291302

295283'279293'291285280283289276

'277293

282

123.8143.3127.7119.7121.9122.2125.4

126.4124.0122.6122.5119.4

108.797.692.495.798.1

99.1102.7100.899.4

100.2

105.2116.5123.6125.5128.4

139.3159.2171.2169.1

167.5166.9169.3170.5171.7173.7174.5174.5173.6172.2171.4

170.9169.0169.5169.7169.2169.6168.5168.8169.6168.5168.6167.5

166.9

138.6154.497.696.7

100.698.1

103.5

100.095.496.795.386.4

73.064.865.974.980.0

80.886.378.677.178.6

87.398.8

103.1104.0105.8

121.1152.1165.1155.0

161.0161.6163.0164.2166.4168.8169.8168.9165.4164.0162.4

160.6158.1158.4156.9155.7154.5153.5152.9153.6152.2151.6151.3

151.6

* Average per working day. e Estimated. P Preliminary. r Revised.1 For indexes by groups or industries, see pp. 354-357. For points in total index, by major groups, see p. 376.2 Three-month moving average, based on F. W. Dodge Corporation data; for description of index, see BULLETIN for July 1931, p. 358. For

monthly data (dollar value) by groups, see p. 361.3 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. 363-366.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.

MARCH 1950 353

INDUSTRIAL PRODUCTION, BY INDUSTRIES(Adjusted for Seasonal Variation)

[Index numbers of the Board of Governors. 1935-39 average =• 100]

Industry

Industrial Production—Total

Manufactures—Total

Durable Manufactures

Iron and Steel1

Pig ironSteel . . .

Open hearthElectric

Transportation Equipment

Automobiles (including parts) . .(Aircraft; Railroad Equipment; Shipbuilding— Private

Nonferrous Metals and Products

Smelting and refining(Copper smelting; Lead refining; Zinc smelting;

Fabricating(Copper products; Lead shipments; Zinc shipments;

Aluminum products; Magnesium products; Tin

Lumber and Products

Furniture. . .

Stone, Clay, and Glass Products

Glass productsGlass containers

Clay products

Nondurable Manufactures

Textiles and Products

Textile fabricsCotton consumption . . . .

Nylon and silk consumption2

Wool textilesCarpet wool consumptionApparel wool consumption... . .

Woolen yarnWorsted yarn

Woolen and worsted cloth .

Leather and Products

Leather tanningCattle hide leathersCalf and kip leathers . . .Goat and kid leathersSheep and lamb leathers . . .

Shoes

Wheat flourCane sugar meltings 2

Manufactured dairy productsButterCheeseCanned and dried milk

1949

Jan.

191

198

227

228

218260197711

268

244

209

183

186

182

129

117154

204

183189208180

175

160

144123313

150225136125122130149

108

103114888593

111

160

135

14477

192126

Feb.

189

196

225

232

220267199755

262

241

206

185

200

180

123

107154

202

179184222176

173

157

142125305

143214130121118126141

113

107122858986

117

162

127

14580

190130

Mar.

184

193

223

233

221264202706

252

240

204

183

210

172

129

119150

195

173178208171

168

142

130120275

122198107105100112113

113

99110809078

123

162

113

15086

188146

Apr.

179

184

212

219

217240196551

240

235

203

167

209

151

126

118144

189

172179213164

162

129

119111240

1121719297

10192

107

106

96108748076

113

162

103

15488

199161

May

174

179

201

204

209218187438

232

220

184

145

200

123

126

120139

185

181189196157

161

123

114103214

11816399

10611298

116

101

95109767969

105

163

105

15386

189166

June

169

175

194

177

189182167293

225

240

211

133

193

108

123

114139

186

193206195152

161

126

116105217

120127110115118111126

105

97110758079

110

165

120

15181

176167

July

161

168

185

156

158162148259

217

249

225

127

180

105

115

104136

185

202223190140

154

120

10787

238

10991

109108113102118

96

8498557170

104

161

112

15178

171173

Aug.

170

178

193

178

170191165376

216

246

225

141

174

128

126

115148

183

192204183145

165

140

127111259

134141134129132126136

110

91104697278

123

166

109

15282

171172

Sept.

174

184

199

179

171193168373

224

252

231

157

175

150

132

119158

183

184195189146

173

155

140127294

139148138135128145140

115

100112778487

125

167

110

15186

167158

Oct.

166

176

175

102

233821

162

226

238

216

164

167

162

133

116165

184

193204182146

177

169

153134318

161178158154141174163

108

98106818593

115

165

111

14683

162140

Nov.

173

179

1 8 3

107137105359

217

'214

186

163

169

161

147

139163

183

184193191147

177

rl75

157138340

1 5 8186140

144135

158166

97

92100

778086

101

159

110

14786

176135

Dec.

180

188

204

201

198239194557

227

219

191

165

174

162

159

153170

187

182190206150

175

173

154134350

152193136134121153159

101

99112877876

103

159

105

14885

183142

1950

Jan.

P183

P193

P 2 1 0

204

201244192612

P247

P228

P177

P192

P171

vl45

134P166

P19O

P192206207

P158

P 1 7 9

P176

P158144354

P115

P158

P106

14785

184135

P Preliminary. r Revised.p rreiimmary. r Kevisea.1 Methods used in compiling the iron and steel group index have been revised beginning October 1949. A description of the new methods

may be obtained from the Division of Research and Statistics.2 Series included in total and group indexes but not available for publication separately.


INDUSTRIAL PRODUCTION, BY INDUSTRIES—CcmfciiH^(Adjusted for Seasonal Variation)

[Index numbers of the Board of Governors. 1935-39 average =100]

Industry1949

Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec

1950

Jan.

Manufactured Food Products—Continued

Meat packingPork and lardBeefVealLamb and mutton.

Other manufactured foodsProcessed fruits and vegetables.ConfectioneryOther food products

Alcoholic Beverages.

Malt liquorWhiskeyOther distilled spirits.Rectified liquors

Tobacco Products.

CigarsCigarettesOther tobacco products.

Paper and Paper Products.

Paper and pulpPulp

Groundwood pulpSoda pulpSulphate pulpSulphite pulp

PaperPaperboardFine paper2

Printing paperTissue and absorbent paperWrapping paperNewsprint.

Paperboard containers (same as Paperboard).

Printing and Publishing.

Newsprint consumptionPrinting paper (same as shown under Paper).

Petroleum and Coal Products.

Petroleum refining2

GasolineFuel oilLubricating oilKeroseneOther petroleum products 2.

CokeBy-product cokeBeehive coke

Chemical Products.

PaintsRayonIndustrial chemicalsOther chemical products 2 .

Rubber Products...

Minerals—Total.

Fuels

CoalBituminous coal.Anthracite

Crude petroleum

Metals.

Metals other than gold and silver.Iron ore(Copper; Lead; Zinc)2

GoldSilver

15216714711592

166138131179

181

168119328235

159

10221666

163

158188101107327145153182

15617215411287

169136136183

177

156118294283

160

10022066

158

15418396108309145149174

15316715511171

170154133181

187

176106249295

172

9924168

151

14717595106291142143163

14516014510655

171155123183

164

15291271247

162

9822465

146

14116688100274135138162

13714614410158

173156126185

174

16384

285270

170

9823671

144

1391659097273135135162

14115014411468

175173116185

169

16160

277267

172

11723369

143

1381599480

275122134164

15016414712777

168139108185

165

17142

200246

146

10119661

129

1261479987

256104122142

15316814813980

174151134187

172

16944292257

178

11124278

155

1481719999

302124144184

15818114613483

176137142191

174

16669182314

175

12523176

169

160179104102315133157203

15518413312985

175149132189

167

14372194369

165

12321772

176

168192104112340144164206

15418313213381

167rl33127182

187

17177149390

169

12022667

177

16819191113336145165210

15718513712586

P165131

181

173

17283

228240

149

205

167

16018098107•312138157193

15716115199

15815714798

15516013899

15115212397

149142115104

142139117105

133141109106

150144123101

16115713696

16817015096

16716815094

16616114594

155

153

153

149

153

151

152

154

155

161

149

156

144

156

151

151

159

156

165

162

160

153

159

152

228 221 213 209 207 202 198 203 208 198 '205 217

174206159196

170194150176

169186138167

170169126157

177166128138

177154145140

178159132142

177168131142

179180142160

180182152177

177182152177

180190153198

184177455

257

149309447

185176504

250

143309435

178173319

245

139300427

182173477

237

139265417

175169385

234

135259406

159158202

233

134249404

13914318

228

133252392

14615033

229

137257388

14514923

236

139276405

49507

240

143294414

10210423

243

•143318•417

15816158

246

141339424

193

149

156

13314588167

104

149

188

149

155

12914274

168

113

161

182

136

137

859352163

129

184

177

148

148

13314488156

145

210

178

145

149

136144105155

126

176

178

133

135

9910478153

124

175

175

123

126

838093

147

105

144

178

129

134

10210882149

102

140

202

119

122

586050154

98

133

'192

112

120

4931118156

59

'63

188

141

152

130133117163

76

91

193

132

136

9510363157

105

158

55

15417414610885

P165P125

'182

169

17088

259205

162

9722469

179

17119893118355148169209

16917515598

164

159

P179

15415669

'251

P354P433

P193

P131

P134

919669

P155

P115

For other footnotes see preceding page.

NOTE.—For description and back figures see B U L L E T I N for October 1943, pp. 940-984, September 1941, pp. 878-881 and 933-937, and August1940, pp. 753-771 and 825-882.

MARCH 1950 355

INDUSTRIAL PRODUCTION, BY INDUSTRIES(Without Seasonal Adjustment)

[Index numbers of the Board of Governors. 1935-39 average;=100]

Industry

Annual

1949 1948

1949

Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec,

1950

Jan.

P179

P189

P207

204

201244192612

P228

P247

P22S

Industrial Production—Total.

Manufacturers—Total

Durable M a n u f a c t u r e s . . . .

Iron and Steel 1

Pig ironSteel

Open hearth.Electric

Machinery

Transportation Equipment.

Automobiles (including parts)(Aircraft; Railroad equipment; Shipbuilding—

Private and Government)2

176

183

202

188

175199162460

234

237

207

192

198

225

208

196236183620

277

235

1 9 8

185

193

223

232

220267199755

262

241

206

181

190

221

233

221264202706

252

240

204

177

183

212

219

217240196551

240

235

203

174

179

202

204

209218187438

232

220

184

170

176

195

177

189182167293

225

240

211

163

169

186

156

158162148259

217

249

225

174

181

194

178

170191165376

216

246

225

179

189

200

179

171193168373

224

252

231

169

179

176

102

233821

162

226

238

216

174

'180

-183

'145

107137105359

217

'214

-•186

178

187

202

201

198239194557

227

219

191

Nonferrous Metals and Products.

Smelting and refining(Copper smelting; Lead refining; Zinc smelting;

Aluminum; Magnesium; Tin)2

Fabricating(Copper products; Lead shipments; Zinc ship-

ments; Aluminum products; Magnesiumproducts; Tin consumption)2

160

186

193

191

185

200

183

210

167

209

145

200

133

192

127

179

141

174

157

175

164

167

163

170

166

175

149 193 180 172 151 123 108 105 128 150 162 161 162

Lumber and Products.

Lumber. .Furniture.

Stone, Clay, and Glass Products.

Glass products. ,Glass containers

CementClay productsOther stone and clay products 2

Nondurable Manufactures. .

130

119152

188

185195197155

145

134168

206

198212193173

115

96154

187

175179168166

124

110150

185

173178171163

126

116144

186

172179202160

129

124139

190

190202206156

129

124139

188

191204209151

121

113136

187

196214209140

134

126148

190

197212207149

132158

191

188199219151

138

125165

'193r 1 9 7

210211154

144

134163

188

-186195206153

145

132170

181

172177187154

Textiles and Products.

Textile fabricsCotton consumptionRayon deliveriesNylon and silk consumption2. .Wool textiles

Carpet wool consumption..Apparel wool consumption.Woolen and worsted yarn..

Woolen yarnWorsted yarn

Woolen and worsted cloth.

168

147

134118280

177

170

155136312

168

157

142125305

164

142

130120275

159

129

119111240

160

123

114103214

161

126

116105217

156

120

10787

238

170

140

127111259

179

155

140127294

181

169

153134318

178

•175

157138340

174

173

154134350

Leather and Products.

Leather tanningCattle hide leathersCalf and kip leathers. . . .Goat and kid leathers. . .Sheep and lamb leathers.

Shoes..

Manufactured Food Products.

Wheat flourCane sugar meltings 2

Manufactured dairy products.ButterCheeseCanned and dried milk. . .Ice cream 2

135169124123120127136

106

97108778181112

163

113

169217175154140174163

111

10612179r89

94114

159

134

143214130121118126141

116

115131899395117

146

128

122198107105100112113

113

99110798976

123

145

111

112171929710192107

106

96108728375

113

148

99

1181639910611298116

101

95109737875

105

156

101

120127110115118111126

104

95105768178

110

165

115

10991109108113102118

94

8092557065104

172

111

134141134129132126136

110

90101727081

123

189

108

139148138135128145140

114

98110768486

125

190

120

161178158154141174163

108

99107838593115

177

118

158186140144135158166

TQ8

95105787791101

162

111

152193136134121153159

101

99112857972

103

155

10415083180154

14872166170

10471156117

12478170143

16089207182

203111253230

223112250230

22296210201

19790191177

15983171146

12172146113

9765132

9667

132109

P177

P192

Pl7l

P!30

pill166

>179

189201168

P158

174

'176

P15S144354

H15

>147

107

9571136109

P Preliminary. r Revised.1 Methods Used in compiling the iron and steel group index have been revised beginning October 1949. A description of the new methods

may be obtained from the Division of Research and Statistics.2 Series included in total and group indexes but not available for publication separately.


INDUSTRIAL PRODUCTION, BY INDUSTRIES—Continued(Without Seasonal Adjustment)

[Index numbers of the Board of Governors. 1935-39 average=100]

Industry

Manufactured Food Products—Continued

Meat packingPork and lard. . . . . .BeefVealLamb and mutton.

Other manufactured foodsProcessed fruits and vegetables.ConfectioneryOther food products

Alcoholic Beverages..

Malt liquorWhiskeyOther distilled spirits.Rectified liquors

Tobacco Products.

CigarsCigarettesOther tobacco products.

Paper and Paper Products. .

Paper and pulpPulp

Groundwood pulpSoda pulpSulphate pulpSulphite pulp

Paper.Paper boardFine paper 2

Printing paperTissue and absorbent paperWrapping paperNewsprint

Paperboard containers (same as Paperboard).

Printing and Publishing

Newsprint consumptionPrinting paper (same as shown under Paper).

Petroleum and Coal Products

Petroleum refining 2

GasolineFuel oilLubricating oilKeroseneOther petroleum products 2. . .

CokeBy-product cokeBeehive coke

Chemical Products.

PaintsR a y o n . . . . . . 'Industr ial c h e m i c a l s . . . .Other chemical products 2

Rubber Products. . .

Minerals—To tal.

Fuels

CoalBituminous coal.Anthracite

Crude petroleum. . . .

Metals.

Metals other than gold and silver.Iron ore(Copper; Lead; Zinc)2

GoldSilver

Annual

1949 1948

15117014412177

171145

184'

172

16480

220284

165

107224

69

156

15117596101301134147179

15515413499

155

155

209

176178142165

150148206

241

140286415

185

135

139

10310784157

107

147184

50

14115513312996

166143131179

182

162111312295

164

11022270

164

159182105108299149155-•185

164163148'96

154

145

218

168197161196

174168393

155306442

206

155

161

139147112172

167219

1949

Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec.

1491691419987

15386137174

159

141118176283

153

10020764

158

154183100108309145150174

15816314798

152

146

221

170194148185

185176504

141309435

188

143

155

12914274168

76

10181

14115514110470

15185123173

173

163106162295

163

9922468

151

148176102106291142143163

15516013899

156

157

213

169186136170

178173319

248

139300427

182

131

137

859352163

93

126110

13414613610453

15294102176

163

16091162247

153

9820965

146

14216797100274135138162

15115312399

157

163

170169132160

182173477

239

140265417

177

146

148

133144

156

134

194260

13814614410559

15710297181

182

18684171270

170

9823671

144

1391669897

273135135162

149142115105

158

168

207

177166133140

175169385

139259406

178

148

149

136144105155

142

207302

13915014211463

16513386187

190

20360172267

179

11724571

143

1381599580

275122135164

142141117106

148

155

202

177154145132

159158202

230

138249404

178

137

135

9910478153

150

222340

14014414912774

17618189189

188

21342116246

152

10120661

128

1251458887

256104122142

133136109104

133

134

198

178159131132

13914318

225

132252392

175

128

126

838093147

140

204324

13412914913678

203287144191

179

19244158257

184

11125475

155

1481698799

302124144184

150144123100

143

136

203

177168129136

14615033

226

135257388

178

134

134

10210882149

135

196305

14514315814889

207267184195

179

16869

249314

185

12524781

169

16017793102315133157203

16115713696

159

157

208

179180142159

14514923

238

138276405

202

123

122

586050154

128

179267

155173145147

r194193172198

180

13372

503369

171

12322577

176

16819197112340144164206

16817215096

169

171

198

180182152177

49507

245

143294414

"192

112

120

4931118156

17221413714281

174122150192

171

13277

312390

172

12023169

177

16819197113336145165210

16716815095

167

167

'205

177182152182

10210423

247

141318r 4 1 7

'188

141

152

130133117163

76

8754

18624413711884

P163102

151

13883

250240

138

8818858

'167

16018099107'312138157193

16615614592

162

159

217

180190151204

15816158

141339424

193

128

136

9510363157

P81

ri2

'57

1950

Jan.

18322914910090

152

174'

143

13988168205

162

9722468

179

17119897118355148167209

16917315598

158

147

v218

P179

15415669

P141P3S4P433

P193

P126

P134

919669

P155

P79

P9871

For other footnotes see preceding page.

NOTE.—For description and back figures see B U L L E T I N for October 1943, pp. 940-984, September 1941, pp. 878-881 and 933-937, and August1940, pp. 753-771 and 825-882.

MARCH 1950 357

FACTORY EMPLOYMENT, BY INDUSTRIES[Unadjusted, estimates of Bureau of Labor Statistics. Adjusted, Board of Governors]

[Thousands of persons]

Industry group or industry-Annual

1948 1949

1948

Dec.

1949

Jan. Feb. June July Aug. Sept. Oct. Nov. Dec.

1950

Jan.

ADJUSTED FOR SEASONALVARIATION

Manufacturing—TotalDurable goods

Primary metal industriesFabricated metal productsMachinery except electricalElectrical machineryTransportation equipmentLumber and wood products .Furniture and fixturesStone, clay, and glass products. .Instruments and related prod-

uctsMiscellaneous manufacturing in-

dustriesOrdnance and accessories

Nondurable goodsTextile-mill productsApparel and other finished tex-

tilesLeather and leather products.. .Food and kindred productsTobacco manufacturesPaper and allied productsPrinting, publishing and allied

industriesChemicals and allied products..Products of petroleum and coal.Rubber productsWITHOUT SEASONAL ADJUSTMENT

Manufacturing—TotalDurable goods

Primary Metal IndustriesBlast furnaces, steel works

and rolling millsNonferrous smelting and re-

fining, primaryNonferrous rolling, drawing

and alloyingFabricated Metal Products

Cutlery, hand tools andhardware

Heating apparatus andplumbers' supplies

Fabricated structural metalproducts

Machinery except ElectricalAgricultural machinery and

tractorsMetalworking machinery...Special-industry machin-

eryService-industry and house-

hold machinesElectrical Machinery

Electrical apparatus (gen-erating, etc.)

Communication equipment.Transportation Equipment

Motor vehicles and equip-ment

Aircraft and partsShip and boat building and

repairingLumber and wood products

Sawmills and planing mills..Millwork, plywood, etc

Furniture and fixturesHousehold furniture

Stone, Clay, and Glass Products. .Glass and glass products. . .Structural clay products. . .

Instruments and Related Products.Miscellaneous Manufacturing In-

dustriesOrdnance and Accessories

12,717

6,909

1,083812

1,203656

1,031752306448

200

394

24

5,808

1,275

1,049368

1,19793

405

501520192209

12,717

6,909

1,083

537

47

86

812

132

137

169

1,203

152187

159

156

656

251224

1,031

658167

123

752442105

306222

44812077

200

394

24

11,597

6,096

939701

1,001552987676272416

177

35420

5,501

1,136

1,022347

1,17287

382

495485188186

11,597

6,096

939

476

43

71

701

118

106

152

1,001

142158

131

115

552

211192

987

644189

85

67640196

272195

41610772

177

354

20

12,457

6,783

1,090789

1,173633

1,042724293449

192

374

24

5,674

1,218

1,020350

1,18091

403

501518191202

12,578

6,845

1,101

551

46

86

801

135

131

169

1,179

155185

154

147

643

240226

1,048

670186

106

720420104

297213

45111779

196

385

24

12,232

6,626

1,085759

1,149617

1,038677281438

190

368

24

5,6061,1881,005350

1,18190394

498511190199

12,201

6,640

1,090

550

46

85

767

131

117

165

1,155

155179

152

140

623

234217

1,038

665190

102

66738798

284202

43611276

190

366

24

12,093

6,508

1,072745

1,127601

1,021668275431

184

36123

5,585

1,172

1,024352

1,17588

387

495505191196

12,0746,5231,077

553

46

82

752

128

112163

1,133

154175

149

137607

233207

1,021

649190

100655380

9527819842911075

185

36323

11,4596,041

976686972521998679261407

178

34221

5,4181,083

999348

1,18689

373

496473187184

11,3376,022

971

523

45

64679

114

94

156977

145156

129

105518

200181995

646187

8868641094

25718140910573

176

33321

11,3785,978

948688948521

1,014669261406

176

32819

5,4001,096

992349

1,17588

374

492467185182

11,2115,894

934

506

42

62671

109

92

155939

140150

124

99505

196176

1,014

670192

86676407

9225317940010172

170

31319

11,4395,985

937698936517

1,012669266410

170

35218

5,4541,114

1,030354

1,16588

375

491470185182

11,5615,947

932

498

41

64688

111

100

155927

140147

123

98507

197173998

678185

80686415

9526318741210772

169

34718

11,5786,046

938708940534

1,010677276412

171

36218

5,5321,143

1,061352

1,17387

386

497480186167

11,7756,060

938

499

42

67708

114

110

156935

140149

122

102531

201182

1,017

686191

74

684416

9527719941410772

172

36618

'11,188'5,620

'556'674927

'543'983686280409

172

37218

'5,568'1,168

'1,051347

'1,18084

390

495483185

'185

11,368'5,651

'559

'131

39

70'677

116

116

'129922

128148

119

108'548

203'193'986

'666188

69689

'41498

28420641110871

174

38318

11,174'5,684

'733663913

'538'898'692279409

172

37017

'5,490'1,172

'1,025330

'1,14884

389

494478187

'183

11,283'5,713

'737

'320

38

'63666

116

113

'134908

125146

'117

109'546

202'200'898

'582'184

72

'692'41210128320741110870

174

38117

11,4005,910

944678926548892687285411

170

35217

5,4901,169

1,025341

1,14584

384

495477187183

11,5135,965

953

505

41

73688

119

112

142

11,4845,996

961688936548977659286405

171

34817

5,4881,162

1,029345

1,14884

380

494474186186

11,4566,007

966

695

931

IT?147

117

556

706?,00

898

185

69

68440410?

289

41310771

941

553

977

649

289

403

173

36317

171

34617

' Revised. 1 Annual figures for 1949 were computed by Board of Governors and are preliminary.NOTE.—Factory employment covers production (and related) workers only; data shown include all such workers employed full- and part-

time during the pay period ending nearest the 15th of the month.Figures for January 1950 are preliminary. Back data and data for industries not shown, without seasonal adjustment, may be obtained

from the Bureau of Labor Statistics. Back data, seasonally adjusted, for groups and the total may be obtained from the Division of Researchand Statistics.


FACTORY EMPLOYMENT, BY INDUSTRIES—Continued[Unadjusted, estimates of Bureau of Labor Statistics. Adjusted, Board of Governors]


Industry group or industry

Nondurable goods.

Textile-mill Products

Broad-woven fabric millsKnitting mills

Apparel and Other Finished TextilesMens' and boys' suits, coats and over-

Men's and boys' furnishingsWomen's and misses outerwear

Leather and Leather Products

Mieat products . . . . .Dairy productsCanning and preservingBakery products . . . .Beverage industries

Tobacco Manufactures

Paper and Allied ProductsPulp, paper and paperboard mills

Printing, Publishing and Allied Industries. ..

C o m m e r c i a l p r i n t i n g . . . . . .

Chemicals and Allied ProductsIndustrial inorganic chemicals

Drugs and medicines

Products of Petroleum and CoalPetroleum refining

Rubber ProductsTires and inner tubes

Annual

1948

5,808

1,275169615231

1,049

140251309

368235

1,197216111195196161

93

405211

501134166

52055

16460

192149

20996

1949 i

5,501

1,136140551213

1,022

128240294

347226

1,172231108181191151

87

382198

495141164

48552

14661

188149

18684

1948

Dec.

5,733

1,236158607220

1,040

135236315

354228

1,171247100147196

157

93

409210

509139170

52656

16560

189149

20693

1949

Jan.

5,561

1,200153590212

1,015

135225314

354233

1,097240

99118190146

90

398208

500136169

51956

16362

187149

20191

Feb.

5,551

1,190150582214

1,055

139241324

359235

1,073231100108189

145

88

391204

497137166

51355

16262

188150

19789

June

5,315

1,083132525203

959

122236258

339223

1,153226122169192152

84

369192

494142164

46452

13960

189150

18186

July

5,317

1,058127518200

942

116221263

342226

1,224227122220191169

82

365188

485141162

45351

13659

189150

17782

Aug.

5,614

1,092133530211

1,040

131235306

356234

1,350229116339194165

91

371191

486141161

45850

13560

190150

18081

Sept.

5,715

1,132140547219

1,082

133246319

354230

1,340230110322196157

94

384197

495144162

5014061

189149

16764

Oct.

'5,717rl, 168

••144565227

r1,083

129••252308

349224

r1,273236104

r232199149

92

392200

500144166

48852

14162

185148

T18781

Nov.

'5,570r1,184

147572230

'1,030

120r251279

332'209

r1,184243

991 5 9194146

89

393201

499145165

48551

14362

187148

r18781

Dec.

5,548

1 187149574227

1,045

129248296

344225

1,138252

96135189141

86

390200

502147168

48452

14462

185146

18782

1950

Jan.

5,449

1 174

1,039

348

1,072

84

384

496

481

183

188

For footnotes see preceding page.

HOURS AND EARNINGS OF FACTORY EMPLOYEES

[Compiled by Bureau of Labor Statistics]

Industry group

Average weekly earnings(dollars per week)

1949

Jan. Nov. Dec.

1950

Jan.

Average hours worked(per week)

1949

Jan. Nov. Dec.

1950

Jan.

Average hourly earnings(dollars per hour)

1949

Jan. Nov. Dec.

1950

Jan.

Manufacturing—Total

Durable goods

Primary metal industriesFabricated metal productsMachinery except electricalElectrical machineryTransportation equipmentLumber and wood productsFurniture and fixturesStone, clay, and glass productsInstruments and related productsMiscellaneous manufacturing industries.Ordnance and accessories

Nondurable goods

Textile-mill productsApparel and other finished products... .Leather and leather productsFood and kindred productsTobacco manufacturesPaper and allied productsPrinting, publishing and allied industriesChemicals and allied productsProducts of petroleum and coalRubber products

55.50

58.83

63.7258.2361.7257.0166.2349.8248.3454.5055.3650.7758.08

51.35

44.8943.1042.3053.6235.6955.5467.5957.7073.2956.89

-•54.74

'57.34

'57.83'57.02'59.3757.26'64.32'52.5250.72'55.28'56.48'51.7859.82

52.07

47.16'40.4140.0854.07'38.46"58.3170.95'59.43'72.08"58.06

56.40

59.56

62.9259.6261.2658.7167.7052.8752.4655.7957.0252.2760.85

52.73

47.6441.9741.9654.7838.8958.0472.6159.7871.4859.38

56.44

59.81

63.4060.4961.1859.0370.7347.6351.29•54.7156.3051.7960.90

52.78

47.0442.9742.6754.9739.5757.0970.7260.0972.6859.75

39.5

40.1

40.040.140.539.739.940.739.440.140.040.240.9

38.7

37.535.337.241.536.241.638.641.141.237.9

'39.3

'39.3

36.6'39.3'38.639.9

'38.7'41.0'41.2'40.040.0

'41.040.2

'39.3

39.535.735.1

'41.538.043.0

'38.6'41.5'40.038.5

40.0

40.3

39.440.539.740.640.241.442.140.440.140.940.7

39.5

39.835.937.041.538.242.839.441.639.839.3

39.8

40.3

39.640.639.640.642.039.341.039.539.4

39.3

39.236.237.341.338.642.138.541.540.238.9

1.405

1.467

1.5931.4521.5241.4361.6601.2241.2271.3591.3841.2631.420

1.327

1.1971.2211.1371.292

.9861.3351.7511.4041.7791.501

'1.393

-1.459

'1.580'1.451'i.5381.435

'1.662'1.281'1.2311.382

'1.412'1.2631.488

'1.325

1.194'1.1321.142

'1.303'1.012'1.356'1.8381.432

'1.802'1.508

1.410

1.478

1.5971.4721.5431.4461.6841.2771.2461.3811.4221.2781.495

1.335

1.1971.1691.1341.3201.0181.3561.8431.4371.7961.511

1.418

1.484

1.6011.4901.5451.4541.6841.2121.2511.3851.4291.2851.515

1.343

1.2001.1871.1441.3311.0251.3561.8371.4481.8081.536

r Revised.

NOTE.—Data are for production and related workers.«of Labor Statistics.

Figures for January 1950 are preliminary. Back data are available from the Bureau

MARCH 1950 359

EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS, BY INDUSTRY DIVISION[Unadjusted, estimates of Bureau of Labor Statistics. Adjusted, Board of Governors]


Year or month Total Manufac-turing Mining Contract

construction

Transporta-tion and

publicutilities

Trade 1 Finance Service 1

Federal,State, and

localgovernment

19411942194319441945.....1946194719481949

SEASONALLY ADJUSTED

1949—JanuaryFebruaryMarch..AprilMayJuneJulyAugustSeptemberOctoberNovemberDecember

1950—January

UNADJUSTED

1949—JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptemberOctoberNovemberDecember

1950—January

36,16439,69742,04241,48040,06941,41243,37144,20143,005

43,88143,65743,44543,26343,02742,89642,71142,86443,068

'42,163'42,37542,712

42,656

43,44943,06142,91842,96642,73142,83542,57342,99443,466'42,601'42,77243,695

42,221

12,97415,05117,38117,11115,30214,46115,24715,28614,148

14,81614,67114,50114,31614,09514,00713,91713,97914,108

13,70613,69113,943

14,025

14,78214,64914,475'14,17713,87713,88413,75714,11414,312

13,89213,80014,054

13,993

947983917883826852943981931

997995987987975965936949943591'912936

816

1,7902,1701,5671,0941,1321,6611,9822,1652,156

2,2152,1642,1402,1212,1162,1002,128

1672,188

203200

2,134

2,189

991986981984974968943956948593

'913936

2,0161,9261,9472,0362,1372,2052,2772,3402,3412,313

'2,2442.091

810 1,992

3,2483,4333,6193,7983,8724,0234,1224,1513,979

4,0904,0594,0084,0084,0244,0033,9683,9473,939

'3,877'3,8943,935

3,911

4,0544,0243,9753,9914,0214,0314,0073,9923,959'3,871'3,8913,935

3,878

7,5677,4817,3227,3997,6858,8159,1969,4919,436

9,4799,4659,4979,5169,4759,4569,3839,4209,453

'9,386'9,3049,403

9,398

9,3889,2929,3109,4789,3429,3369,2209,2139,409'9,505'9,60510,130

9,295

1,4621,4401,4011,3741,3941,5861,6411,7161,762

1,7401,7441,7491,7481,754756

1,754762

1,7801,7851,7851,788

1,780

1,7311,7351,7491,7571,7631,7741,7801,7801,771

1,7671,7671,770

1,771

3,5543,7083,7863,7953,8914,4084,7864,7994,782

4,7714,7844,7924,7924,8044,7864,7794,7884,7854,770

'4,7694,762

4,753

4,7234,7124,7204,7684,8044,8344,851

4,6225,4316,0496,0265,9675,6075,4545,6135,811

5,7735,7755,7715,7755,7845,8235,8465,8525,8725,8455,8205,811

5,784

5,7645,7375,7615,7755,813

836833

4,7944,7694,738

4,705

803738763893866783

6,041

5,777

' Revised.1 Data for the trade and service divisions, beginning with January 1947, are not entirely comparable with data shown for the earlier period

because of the shift of automotive repair services (230,000 employees in January 1947) from trade to services.NOTE.—Data include all full- and part-time wage and salary workers in nonagricultural establishments employed during the pay period

ending nearest the 15th of the month. Proprietors, self-employed persons, domestic servants, and personnel of the armed forces are excluded.January 1950 figures and 1949 averages are preliminary. Back unadjusted data are available from the Bureau of Labor Statistics; seasonallyadjusted 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]

Year or month

194219431944 . . .194519461947 . . .1948.. . .1949

1949—JanuaryFebruaryM archAprilMayJuneJulyAugustSeptemberOctoberNovemberDecember

1950—January

Total non-institutionalpopulation

102,460103,510104,480105,370106,370107,458108,482109,623

109,117109,195109,290109,373109,458109,547109,664109,760109,860109,975110,063110,169

110,256

Totallaborforce

60,23064,41065,89065,14060,82061,60862,74863,571

61,54661,89662,30562,32763,45264,86665,27865,10564,22264,02164,36363,475

62,835

Civilian labor force

Total

56,41055,54054,63053,86057,52060,16861,44262,105

60,07860,38860,81460,83561,98363,39863,81563,63762,76362,57662,92762,045

61,427

Employed 1

Total

53,75054,47053,96052,82055,25058,02759,37858,710

57,41457,16857,64757,81958,69459,61959,72059,94759,41159,00159,51858,556

56,947

In nonagricul-tural industries

44,50045,39045,01044,24046,93049,76151,40550,684

50,65150,17450,25449,99949,72049,92450,07351,44151,25451,29051,64051,783

50,749

Inagriculture

9,2509,0808,9508,5808,3208,2667,9738,026

6,7636,9937,3937,8208,9749,6969,6478,5078,1587,7107,8786,773

6,198

Unem-ployed

2,6601,070

6701,0402,2702,1422,0643,395

2,6643,2213,1673,0163,2893,7784,0953,6893,3513,5763,4093,489

4,480

Not in thelabor force

42,23039,10038,59040,23045,55045,85045,73346,051

47,57147,29846,98547,04646,00644,68344,38544,65545,63845,95345,70146,694

47,420

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 inter-

views of households on a sample basis. Data relate to the calendar week that contains the eighth day of the month. Back data are availablefrom the Bureau of the Census.


CONSTRUCTION CONTRACTS AWARDED, BY TYPE OF CONSTRUCTION[Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in millions of dollars]

Month

JanuaryFebruary!MarchAprilMayJuneJulyAugustSeptemberOctoberNovemberDecember

Year

Total

1948

615.2682.0689.8873.9970.8935.2962.7854.1762.2778.6611.2694.0

9,429.6

1949

483.0568.5747.6845.9885.4949.9947.8911.0

1,071.71,061.8

957.8929.0

10,359.3

Residentialbuilding

1948

238.1232.3276.5351.6369.8355.3349.7337.6279.7296.8264.0256.7

3,608.0

1949

159.1193.1251.8307.2351.3375 0344.8398.7503.5500.7435.2419.1

4,239.4

Nonresidential building

Factories

1948

54.171.955.382.291.9

103.872.977.753.670.749.656.3

839.8

1949

43.637.866.243.851.545.441.541.138.048.935.964.8

558.6

Commercial

1948

74.575.578 588.8

103.383 1

106.377.880.483.860.262.9

975.0

1949

62.658.888.492.068.570.973.464.4

103.982.858.660.7

885.0

Educational

1948

58.737.850 355.483.863 5

103.155.854.548.447.066.2

724.6

1949

38 144.760 468.476.081 491.272.978 683.662.366.9

824.4

Other

1948

53 387.265 0

111.2117.0113 8112.897.491.3

113.583.581.1

1,127.1

1949

77 680.6

112 4112.2124.6138 3144.299.6

124 5141.8

% 109.3110.8

1,375.9

Public worksand public

utilities

1948

136 6177.3164 3184.7205.0215 7217.9207.8202 7165.5106.9170.9

2,155.2

1949

102.0153.5168.4222.4213.5239.0252.7234.3223.1204.0256.4206.8

2,476.0

CONSTRUCTION CONTRACTS AWARDED, BY OWNERSHIP[Figures for 37 States east of the Rocky Mountains, as reported by theF. W. Dodge Corporation. Value of contracts in millions of dollars]

Month

January. . .February. .MarchAprilMayJuneJulyAugus t . . . .September.October. . .November.December .

Total

1947 1948 1949

572442597602675605660823650793715625

615682690874971935963854762779611694

483568748846885950948911

1,0721,062958929

Public ownership Private ownership

1947 1948 1949

16796

143177234226203218193209224207

Y e a r . . . . 7,760 9,430 10,359 2,296 3,107 3,718 5,464 6,323 6,641

197248181236298338335276259262199278

160252282319369375410316289332316299

1947 1948 1949

405346453425441379458605457584492418

419434509638673597628579503517413416

323317466527517574537595783730642630

LOANS INSURED BY FEDERAL HOUSING ADMINISTRATION[In millions of dollars]

Year or month

1941194219431944194519461947194819491949—January.. . .

February.. .MarchAprilMayJuneJulyAugustSeptember..OctoberNovember..December. .

1950—January

Total

1,1721,137

935875666755

1,7873,338

43,821269279283269279382317356309383

4 32343714337

Title I

Prop-ertyim-

prove-ment x

24914187

114171321534614594

354745343549405560655871

57

Loans

Smallhomecon-

struc-tion

2115

1

(3)(3 )

713

111

«

(3)

32211

1

Mortgages on

1- to 4-familyhouses(Title

II)

877691245216219347446880

1,855128123135127130151143172163188189206

228

Rentaland

grouphousing(Title

II)

136

(3)

43

7

7

(3)

War andVet-

erans'housing(TitleVI)2

13284603537272

85808

1,8361,339

9810810210911318113412684

1286790

51

1 Net proceeds to borrowers. 2 Mortgages insured under WarHousing Title VI through April 1946; figures thereafter representmainly mortgages insured under the Veterans' Housing Title VI(approved May 22, 1946) but include a few refinanced mortgagesoriginally written under the War Housing Title VI. Beginning withDecember 1947, figures include mortgages insured in connection withsale of Government owned war housing, and beginning with February1948 include insured loans to finance the manufacture of housing.

s Less than $500,000.4 Includes mortgages insured on new rental housing at or near mili-

tary 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 insuredloans. Figures include some reinsured mortgages, which are shown inthe month in which they were reported by FHA. Reinsured mortgageson rental and group housing (Title II) are not necessarily shown in themonth in which reinsurance took place.

CONSTRUCTION CONTRACTS AWARDED* BY DISTRICT

[Figures for 37 States east of the Rocky Mountains, as reported by theF. W. Dodge Corporation. Value of contracts in thousands of dollars]

Federal Reserve district

BostonNew YorkPhiladelphiaClevelandRichmondAtlantaChicagoSt. LouisMinneapolisKansas CityDallas

Total (11 districts)

1950

Jan.

43,891140,37452,96259,66693,36391,013103,27344,87811,36627,64062,429

730,855

1949

Dec.

39,746186,22261,58085,840110,84499,449123,84872,00427,07654,21468,207

929,030

Jan.

25,71377,84134,74544,37050,97360,73678,85231,68018,21415,51144,349

482,984

INSURED FHA HOME MORTGAGES (TITLE II) HELD INPORTFOLIO, BY CLASS OF INSTITUTION


End of month

1936—Dec1937—Dec1938—Dec1939—Dec1940—Dec1941—Dec1942—Dec1943—Dec

1944—JuneDec

1945—JuneDec

1946—JuneDec

1947—JuneDec

1948—JuneDec

1949—June. . . . .

Total

365771

1,1991,7932,4093,1073,6203,626

3,5543,399

3,3243,156

3,1022,946

2,8602,871

2,9883,237

3,894

Com-mer-cial

banks

228430634902

1,1621,4651,6691,705

1,6691,590

1,5701,506

1,4881,429

1,3861,379

1,4021,429

1,587

Mu-tualsav-ings

banks

8273871

130186236256

258260

265263

260252

245244

251265

305

Sav-ingsandloan

associ-ations

56110149192224254276292

284269

264253

247233

229232

245269

323


41118212342542789

1,0321,134

1,1191,072

1,0471,000

974917

889899

9731,113

1,431

Fed-eral

agen-cies 1

53277

153201234245

79

7368

4313

119

87

79

21

Other2

275390

133150179163159

150140

134122

122106

102110

110152

227

iThe RFC Mortgage Company, the Federal National MortgageAssociation, the Federal Deposit Insurance Corporation, and theUnited 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, exclud-ing terminated mortgages and cases in transit to or being audited at theFederal Housing Administration.

MARCH 1950 361

MERCHANDISE EXPORTS AND IMPORTS


January , .FebruaryMarch

AprilMay . .June

JulyAugustSeptember

OctoberNovemberDecember

Jan.-Dec

Merchandise exports *

1946

798670815

757851878

826883643

537986

1 097

9.740

1947

1,1141,1461,326

1,2941,4141,235

1 1551,1451,112

1,2351 1411,114

14,430

1948

1,0921,0851,139

1,1211,1031,014

1,019992926

1,023823

1,318

12,653

1949

1,104Pl.044Pl.177

Pl,166Pl.092Pi,104

P899P880P906

P850P836P943

P12.000

1950

P744

Merchandise imports 2

1946

394318385

406393382

431422377

394478529

4,909

1947

531437445

512474463

450400473

492455603

5,733

1948

547589675

532554625

564606560

600554720

7,124

1949

590P 5 6 7P633

P 5 3 5P 5 4 1J>526

P456P491P 5 3 1

P 5 5 9P 5 9 4P 6 0 5

P6.626

1950

P623

Excess of exports

1946

405352431

351457496

395461266

142508567

4.831

1947

583709882

782940772

705745639

743687511

8,696

1948

545496464

590549389

456386365

423269598

5,529

1949

514P477P 5 4 5

P631P552P 5 7 8

P443P389P375

P291i>242P338

P5.374

1950

P 1 2 1

P Preliminary.1 Including both domestic and foreign merchandise. Beginning January 1948, recorded exports include shipments under the Army Civilian

Supply Program for occupied areas. The average monthly value of such unrecorded shipments in 1947 was 75.9 million dollars.2 General imports including merchandise entered for immediate consumption and that entered for storage in bonded warehouses.Source.—Department of Commerce.Back figures.—See BULLETIN for March 1947, p. 318; March 1943, p. 261; February 1940, p. 153; February 1937, p. 152; July 1933, p. 431;

and January 1931, p. 18.

FREIGHT CARLOADINGS, BY CLASSES

[Index numbers, 1935-39 average = 100]

Annual19391940194119421943194419451946194719481949

SEASONALLYADJUSTED


1949—JanuaryFebruary . . . .March . .AprilMayJuneJuly

September. . .October. . . . .NovemberDecember. . .

1950— JanuaryUNADJUSTED


1949—JanuaryFebruary . . . .M!arch .AprilMayJune . .JulvAugustSeptember. . .OctoberNovemberDecember. . .

1950—January

Total

101109130138137140135132143138116

137137

13112612012712411511011710592

117115

117

141128

12011711112512511911512011499

120107

107

Coal

98111123135138143134130147141100

138131

13012479

129130

9879

1036042

13197

97

138131

13012479

129130

9879

1036042

13197

97

Coke

102137168181186185172146182184145

199192

1891871741881731501181231305496

148

151

199202

1981981751841711471151191285396

155

158

Grain

107101112120146139151138150136142

155147

125113139138150156177138125153152131

119

152138

125111128121132159212149140153149123

119

Live-stock

969691

104117124125129107

8877

9085

797577767370707779857572

70

11482

7660616866546073

1041319569

68

For-est

prod-ucts

100114139155141143129143153149123

144139

129112117119123122117125121124137134

118

141123

116107117119128127117131130131135119

106

Ore

110147183206192180169136181184151

174187

1751852362152151821771601452842

146

169

19158

444668

228267282284240218355145

42

Mis-cel-lane-ous

101110136146145147142139148146127

144148

141136138132126122120127125111119127

133

150139

129128131130127126121128135121124120

122

Mer-chan-disel.c.l.

9796

1006963676978756857

6662

606160595958555752545452

52

6860

575861605957555755565550

49

NOTE.—For description and back data, see BULLETIN for June 1941, pp.529-533. Based on daily average loadings. Basic data compiled by Associa-tion of American Railroads. Total index compiled by combining indexes forClasses with weights derived from revenue data of the Interstate CommerceCommission,

REVENUES, EXPENSES, AND INCOME OF CLASS IRAILROADS


Annual193919401941194219431944194519461947.19481949

SEASONALLYADJUSTED

1949—January...February..March . . . .AprilMayJuneJulyAugust. . . .September.October. . .November.December.

UNADJUSTED

1949—January...February..March . . . .AprilMayJuneJulyAugust...SeptemberOctober...November,December

Totalrailway

operatingrevenues

3,9954,2975,3477,4669,0559,4378,9027,6288,6859,672

P8.580

768740722742737748701697685623708712

731676739747741735701743695649705711

Totalrailwayexpenses

3,4063,6144,3485,9827,6958,3318,0477,0097,9048,670

P7.893

703688663689676677650659633592636632

697646674682683674650677631602629642

Netrailwayoperatingincome

589682998

1,4851,3601,106852620781

1,002P687

645159536171513852317281

333065655861506664477669

m Netincome

93189500902873667450287479698P436

34202621293819519039

12S414032422739382454

*>82

pPreliminary.

NOTE.—Descriptive material and back figures may be ob«tained from the Division of Research and Statistics. Basicdata compiled by the Interstate Commerce Commission.Annual figures include revisions not available monthly.


DEPARTMENT STORE STATISTICS[Based on retail value figures)

SALES AND STOCKS, BY FEDERAL RESERVE DISTRICTS[Index numbers, 1935-39 average =100]

Year or month UnitedStates

Federal Reserve district

Boston NewYorki

Phil-adel-phia

Cleve-land

Rich-mond

At-lanta

Chi-cago

St.Louis

Minne-apolis

KansasCity Dallas2

SanFran-cisco

SALES 319451946194719481949

SEASONALLY ADJUSTED


1950—January

UNADJUSTED


1950—January

STOCKS s19451946194719481949 '..[

SEASONALLY ADJUSTED


1950—January

UNADJUSTED


1950—January

207264286302285

295283

'279293

'291285280283289276

••277293

P282

226227254295287268218238299293339481

P216

166213255291270

'279276r282278273265256253'263270273271

'250265287285277256245254274297305244

P244

176221234239234

246234208251243242227234241211234239

P245

187180194256241232155173248234292418

153182202223210

221214226223219207193183195206219228

223

196202219218216199188192210232249205

198

169220239249233

'244'232'222242'234'236222234'238'223'227'237

229

'195192209237230224155171243243293401

183

160195225241221

'229224232230224218213204213216221227

227

'202218238237227206189204225244255207

200

184235261284271

283265272274271269261268277260267276

267

209199249284277256188201280279355472

198

150191220252233

241236238244240232224216232231231'232

P224

210231250254245218202212241265266'204

P195

201257281303281

311284279301295281274269279259266283

290

230227254304292265214234282274332465

215

156205243277256

274275285260267249228229242252258262

256

240255282265269244228242264287279219

224

235292304321307

'30830629430331531132630430629530531.1

P300

224239274309310287236243328314378541

198248289322301

294295305315304311302295295305295295

P291

269287314329309280282298309339'•327267

275344360386374

378374365389376368377360367376367382

P376

287314339393365323294324381395426642

188258306362339

360340348335336325319319337347352352

P357

324343365352332312300316347379395306

P321

193250275290271

289272266277275262258275283258262281

275

216212239280277262212228297271324438

206

159205246281260

271268264266265257253250252265261253

264

244260275273268247233242259288298237

238

227292314335317

290310309321335314325326332309300330

282

238261287327328283254280335331378504

232

166225274314296

303313323321296280267264280298308309

288

260282314321296280278287311333329259

248

185247273288275

265274267292273266261269276278267r293

203202241295279255211242307314310'438

P189

165212266326299

307306300305301301283290296298305292

P301

283294312310302291290287301313331270

P277

229287311326307

293311301314309309304299312301299322

P301

223252280311306284249275328325347506

P228

158209259301276

291282287283276268263264258278284277

265276293292281268257259263298313246

P258

275352374'404385

387393392374384385387'374'374'387'371403

P398

'307315353377373331310333404414442662

P315

190'251'320389362

'372'369'370'369'363'357'354'349'356'366'365351

P356

'346'362392388363336333346367384405323

P331

248311'337'353332

'341314329'334340335329333326337319339

314

271266289'332'323314280313331'339358'565

249

183238300346323

321327342331320313302309334325329321

322

293307335337331315311308334346365293

294

P Preliminary. ' Revised.1 Sales indexes revised; back figures available upon request from Federal Reserve Bank of New York.2 Sales and stocks indexes revised to reflect seasonal factor revisions.3 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.

MARCH 1950 363

DEPARTMENT STORE STATISTICS—ContinuedSALES AND STOCKS BY MAJOR DEPARTMENTS

Department

MAIN STORE—total

Silks velvets and synthetics

Domestics—muslins sheetincs . . . .

Small waresLaces, trimmings, embroideries, and ribbonsNotionsToilet articles drug sundries

Silverware and clocks 4

Art needleworkBooks and stationery • .

Books and magazines

Women's and misses' apparel and accessories.Women's and misses' ready-to-wear accessories.

Neckwear and scarfs

IMillinery .Women's and children's glovesCorsets and brassieres • •Women's and children's hosiery

Knit underwear . . . .Silk and muslin underwear, and slipsNegligees, robes, and lounging apparel

Infants' wear .

Women's and children's shoes . . . .Children's shoes 4

Women's shoes4 . .Women's and misses' ready-to-wear apparel.. . .

Women's and misses' coats and suitsCoats 4

Suits 4

Juniors' and girls' wearJuniors' coats suits and dressesGirls' wear

Women's and misses' dresses .Inexpensive dresses4

Better dresses 4

Blouses, skirts, and sportswearAprons, housedresses and uniformsFurs

Men's and boys' wearMen's clothingMen's furnishings and hatsBoys' wearMen's and boys' shoes and slippers . .

Housef urnishingsFurniture and bedding

M!attresses SDrinss and studio beds 4

Upholstered and other furniture 4

Domestic floor coverings

L i n o l e u m 4 . . . . . .Draperies, curtains, and upholsteryLamps and shades

Major household appliances . . . .Housewares (including minor appliances)

Radios, phonographs, television, records, e tc . 4 . .Radios, phonographs television 4 . . .Records, sheet music, and in s t rumen t s 4

Miscellaneous merchandise departments. . . .Toys, games, sporting goods, and cameras

Toys and gamesSporting goods and cameras

Luggage . . . .Candy 4

Num-ber ofstoresreport-

ing

360

360

320296193170186313282247245

349210247332324216281

76245279142240

357357313287172332343351350255289252334336249213224357345208200321291320346263273344290275

334257317305194

322247163172278151103302254254249264173232184145

323300243145262194

Per cent change froma year ago

(value)

Sales duringperiod

Dec .1949

- 3

- 3

- 9- 2 3- 2 4- 2 4- 2 0

- 3—4- 4- 1

- 3- 1 0

- 4- 5- 5- 7- 4- 4- 8+3

+4- 5- 3- 6- 9+4

0- 4

^+9- 1- 9—2

0- 4+1

- 8- 1 9- 2 2

— 7—7

- 1 0- 4- 9

— 1222

- 4

- 12

- 1+2

XIp- 9- 9

- 1 40o

+2+1- 4

1 fi,+20+32- 5

+1+3+4

- 4

Year1949

- 6

- 6

-11- 1 9- 2 1- 2 0- 1 6

- 5- 5- 5- 5

- 4- 1 6

- 6- 2- 4

— 11- 1

+1- 5+1

0+1- 7- 5—6

- 1 00

- 4—2—9- 6+3- 9- 7—4—2—5- 3—5- 8

— 14— 18

_ 5—7

— 10—4—8- 6

— 11—5— 1

- 1 1

—47

- 3- 3- 4

—7- 5

1_ 5

- 1 4- 1 4- 2 0

- 1—2—3

- 2 5- 51 i

+19+30-10

- 5- 3— 1

-10

- 7

Stocks(end ofmo.)

Dec.1949

- 5

- 5

- 4- 1 3- 1 6

- 5- 1 5

00

+1

+2- 4+5

0+3

0+9

0- 2+3+2+5- 3

0- 3- 2- 4

0+1

00

+4- 2- 4—2+3+1+4

o- 7—8—8—8—5

— 10-i

— 11- 7

— 15—6

c- 3

0—4+4

0- 3

—12- 1 6— 11— 14- 1 6- 1 5- 2 1

- 1— 1

2- 3 6

- 34-8

- 2 0- 2 1- 1 7

- 620

- 3- 7- 6

Ratio ofstocks to

sales l

December

1949

1.4

1.4

2.93 . 73 . 24 . 04 . 12 . 52 . 13 . 82.3

1.32.32.01.41.31.90.82.02 . 60.91.00.8

1.31.20.70 . 70 . 81.12 . 60 . 80 . 81.00.80.51.30 . 82 . 92.13 11.31.81.62 41.11 21.01 31.01 61.11 42.2

1 22 . 30.81.31.9

2 43.42 73 63.73.64.62.81 62 . 82.31.91 41.00.81.4

0.70.60 41.31.30.4

1948

1.4

1.5

2.73 . 22 . 93 . 23 . 92 . 42 . 03 . 72.3

1.32.21.81.31.21.80.71.92 . 40.90.90.8

1.21.20.70 . 60 . 91.02 . 60 . 70 . 81.00.80.51.30 . 72 . 72.03.0

ON

Co

1.42 . 41.11.21.01.31.01.71.21.42.1

1.22 . 40.81.31.9

2 84.23 14 34.03.85.02.91.62 . 83.71.91 4

l!41.6

0.70.60 41.31.40.4

Index numberswithout seasonal adjustment

1941 average monthly sales = 100 2

Sales duringperiod

1949

Dec.

374

242178178223138266312183273

447298361375544

251608479624

342407609632162453260328596592601649483463274

273209

375303475215

414252190

497294653474408

293192

205

246402350256431

563964

1,281749505

Nov.

247

200214202300149191199154216

234230241166265

223332243350

235238319233183236215179279327256279345223209

233291

294255351179

260156181

257233271289205

262210

248

269314231246292

297473641366222

1948

Dec.

384

266232235291173274325190276

463330375394570

275591485597

360421645698156465261342618545610714492464286

296259

401337494236

421258197

502299662464421

290187

224

245404344254450

559936

1,227768525

Stocks at endof month

1949

Dec.

553

694655572891568672661701625

599685709514718

656541470524

431488444443127480674255489592511351638352788

369375

401360465277

455346410

602675516597779

706671

747

698659965597822

383549449967661

Nov.

683

689678601810546679706630669

783817832692919

677836657843

558663664808155726717404768856739722831557907

447434

539411708317

583387491

828856793841938

768652

725

745757

1,094582953

6681,1111,2171,475

849

1948

Dec.

587

724746685912665677673679650

588704672516690

673526451508

446492458454132484668260494573488385655348

, 787

396411

425402469314

485361426

602711503599795

805791

901

709674981930855

4035614549987081

For footnotes see following page.


DEPARTMENT STORE STATISTICS—Continued

SALES AND STOCKS BY MAJOR DEPARTMENTS—Continued

Department

BASEMENT STORE—Total

Domestics £Hid blankets *

Women's and misses' ready-to-wear.Intimate apparel4

Coats and. suits 4

Dresses 4

Blouses skirts and sportswear4

Infants' wear 4

Men's and boys' wear . . . .Mien's wear 4

Mien's clothing 4

IVIen's furnishinss 4

Boys' wear 4

Housef urnishings

Shoes

NONMERCHANDISE—total4

Barber and beauty shop 4

Num-ber ofstores

report-ing

203

136

197173183176157123115

16214292

117120

102

126

178

76

Per cent change froma year ago

(value)

Sales duringperiod

Dec.1949

- 6

- 5

- 8- 6

-21- 9

e

- 6- 4

- 10

+2- 1

- 3

- 9

- 4

+8

Year1949

- 4

- 3

- 5- 4

-14- 2- 4- 4- 2

- 1- 1- 1

0- 1

- 1

- 5

- 2

+5

Stocks(end ofmo.)

Dec.1949

0

+3

- 3+1

-11- 3- 4- 6+1

+2+2- 2+5+5

+1

0

Ratio ofstocks to

sales *

December

1949

1.2

2.3

1.01.01.40.90.80.81.0

0.90.91.50.70.9

2.0

2.0

1948

1.1

2.1

0.91.01.20.80.80.81.0

0.90.91.60.70.9

1.9

1.8

Index numberswithout seasonal adjustment

1941 average monthly sales = 100 2

Sales duringperiod

1949

Dec.

320

310

486

230

229

Nov.

234

229

288

249

166

1948

Dec.

340

337

489

236

251

Stocks at endof month

1949

Dec.

381

301

452

448

460

Nov.

486

409

641

506

564

1948

Dec.

384

310

440

441

461

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 numberof 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 stocksindex is derived by applying to the sales index for each month the corresponding stocks-sales ratio. For description and monthly indexes ofsales 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 858were reversed.

3 For movements of total department store sales and stocks see the indexes for the United States on p. 363.4 Index numbers of sales and stocks for this department are not available for publication separately; the department, however, is included

n group and total indexes. a Data not available.NOTE.—Based on reports from a group of large department stores located in various cities throughout the country. In 1947, sales and stocks

at these stores accounted for about 50 per cent of estimated total department store sales and stocks. Not all stores report data for all of thedepartments shown; consequently, the sample for the individual departments is not so comprehensive as that for the total.

SALES, STOCKS, AND OUTSTANDING ORDERSAT 296 DEPARTMENT STORES *

Year or month

1939 average1940 average1941 average1942 average1943 average1944 average1945 average1946 average1947 average.......1948 average1949 average

1949—JanuaryFebruary.. . .MarchAprilMayJune.. iJulyAugustSeptember...OctoberNovember...December. . .

128136156179204227255318337

••352333

267255321348'322313234283334343397583

1950—January ?255

Amount(In millions of dollars)

Sales(totalfor

month)

Stocks(end ofmonth)

344353419599509535563715826912859

'797854919908874806756799861952990788

P788

Out-standing

orders(end ofmonth)

108194263530560729909552465350

389380313238207283390410501444350296

2>391

P Preliminary. r Revised.1 These figures are not estimates for all department stores in the

United States.Back figures.—Division of Research and Statistics.

WEEKLY INDEX OF SALES

[Weeks ending on dates shown. 1935-39 average =100]

Without seasonal adjustment

Apr.

M a y

June

July

Aug.

Sept.

19483

10.. .17.. .24 . . .

1.. .8 . . .

15 . . .22,. .29.. .

5 . . .12.. .19.. .26 . . .

3 . . .10.. .17. . .24. . .3 1 . . .

7 . . .14.. .21 . . .28.. .

4. . .11. . .18.. .25.. .

280. .298. .294..296. .300..330. .293. .295..297..282..304. .310..262. .265. .217. .236..231..235. .261..258. .271..255..308. .285. .337. .319

Apr

M a y

June

July

Aug.

Sept.

194929.. .

16. . .23.. .30 . . .

7 . . .14. . .2 1 . . .28 . . .

4 . . .11. . .18. . .25.. .

2 . . .9 . . .

16.. .2 3 . . .30 . . .

6 . . .13 . . .20 . . .27.. .

3 . . .10. . .1724.. .

301. .320..314..266..286. .334..285. .280..275. .259..288. .285. .247. .238..201..213..207..209..228. .218. .252. .252. .295..273. .315. .292

Oct

Nov.

Dec.

Jan.

Feb.

Mar.

194829

16 . . . .233 0 . . . .

61320 . . . .27

4 . . . .1118 . . . .2 5 . . . .19491.. .8

1 5 . . . .2229

5 . . . .121926 . . . .

5 . . . .12192 6 . . . .

327.336.331.344.319.320.346.371.347.485.564.576.473

.204

.272

.244

.230

.218

.229

.238

.227

.232

.244

.256

.261

.277

Oct

Nov.

Dec.

Jan.

Feb.

Mar.

194918

1 5 . . . .22.. . .2 9 . . . .

5 . . .12192 6 . . . .

3 . . . .1017 . . . .243 1 . . . .19507

142 1 . : . .2 8 . . . .

41 1 . . . .1 8 . . . .2 5 . . . .

4 . . . .1118.25

302.297.290.296.298.315.318.342.330.449.542.584.541.197

.205

.233

.230

.222'226.238.231.221.244

r Revised.NOTE.—For description of series and for back figures, see BULLETIN

for September 1944, pp. 874-875.

MARCH 1950 365

DEPARTMENT STORE STATISTICS—ContinuedSALES BY FEDERAL RESERVE DISTRICTS AND BY CITIES

[Percentage change from corresponding period of preceding year]

Jan.1950

Dec.1949

Year1949

Jan.1950

- 8— 11- 1 4

-3—2- 5

-t

+2- 2- 7+4- 4

- 1 0- 1 4

- 7+3+4- 8

P-1- 1 3+1

P-1- 1 0

0- 1+6+5- 5+1+1- 9- 1- 6- 2

0o

- 9+4- 8- 5

Dec.1949

- 4- 4- 7

0+2- 4

-t

+10- 2- 1+5+6- 6- 5+6

+7- 1

+-*- 1 52

- 8-«

- 4- 5

0+5+3+6+1

0+1

0+3+6- 5+1+9

0+2

Year1949

- 4- 7- 9

-4+1- 6- 3- 3

0- 9+4+2

- 1 2- 1 1

- 2- 3+2- 0

r — 3- 9

- 1 0- 1 0

- 7- 4- 1- 1- 5- 2- 5- 8- 9+1

0+2+1

- 1 1- 7- 5- 4- 7

Jan.1950

Dec.1949

Year1949

Tan.1950

+160

P+52

+7+6

+11P - 4

+2p-8p-4

P-26P-13

P-1—7- 5

- 6

(2)P-3

-1—5- 5

- 1 5- 7

+1

P-19P-18

- 6- 1 2- 1 2- 1 1- 1 3- 1 2

P-23

Dec.1949

+2+9+2+7

+12+4+4- 4+4

0- 2

- 1 3c

- 1+1- 2

0

+3+7+5+1+1- 8+3

+15

- 6—1+5

+20+2+2+5+8

- 1 1

Year1949

United States..BostonNew HavenPortlandBoston Area... .DowntownBoston

Springfield.....WorcesterProvidence

New YorkBridgeport1....Newark 1

AlbanyBinghamton....Buffalo 1

ElmiraNiagara Falls...New York City 1

Poughkeepsie...Rochester *Schenectady. . .Syracuse1

Utica

Philadelphia...Trenton 1

Lancaster x

Philadelphia * . .Reading1

Wilkes-Barre *..York i

ClevelandAkron 1

Canton *Cincinnati 1 . . . .Cleveland *Columbus 1

Springfield 1....Toledo iYoungstown *..

P-4

-1- 6

-i

+2

+2- 6- 9- 5-6- 8- 5

- 1 4- 1 7

- 7- 4-6- 8- 6

- 1 4- 3

2

-6- 5- 7- 5

- 1 3- 1 4

- 7- 7

o- 9

+2- 7- 5- 9

- 1 2

2-1

0- 3- 2

- 3- 1- 6

0-3—2- 1- 5- 4- 4- 4+1- 4+1- 5- 2+3- 2+3+2- 4+1- 2

- 5- 9- 7- 3- 7- 1-2

-6r-2- 4- 6

0—4- 6- 5- 7- 8- 6- 7- 9- 4- 7

- 5- 5- 7- 5+1- 4- 5- 5- 7- 5- 7

7- 1 0

- 77

- 5- 6—7_ 9

Cleveland-cont.Erie iPittsburgh *Wheeling i

RichmondWashington ! . . .BaltimoreHagerstownAsheville, N. C.RaleighWinston-Salem.Charleston, S.C.ColumbiaGreenville, S. C.LynchburgNorfolkRichmondCh'ls'ton.W.Va.Hunt ington. . . .

AtlantaBirmingham 1..MobileMontgomery 1..Jacksonville 1...Miami1

OrlandoTampa 1

Atlanta *AugustaColumbusMacon l

RomeSavannahBaton Rouge 1..New Orleans J . .J a c k s o n x . . . . . .MeridianBristolChattanooga1 . .Knoxville 1.....Nashville1

ChicagoChicago1

Peoria 1

Fort Wayne K.Indianapolis 1..Terre Haute *.Des Moines.. .Detroit1

Flint i . . . . v ..Grand Rapids.Lansing ,Milwaukee 1...Green Bay 1...Madison

St. LouisFort Smith. . . .Little Rock 1 . .EvansvilleLouisville 1

QuincyEast St. LouisSt. Louis iSt. Louis Area.SpringfieldMemphis 1....

Minneapolis.,Minneapolis \.St. Paul1

Duluth-Superior J

Kansas City..DenverPuebloHutchinson. . .TopekaWichitaKansas City..,JoplinSt. JosephLincolnOmaha

P-5- 4- 1- 6- 8

-17- 1- 8- 4- 3— 1

-17- 5-3- 9- 3- 6- 4+3- 1+1+1- 2- 9- 7- 4

- 4+

-f

(2)+10+3- 1+2+8+2+5

-3-3-2- 5- 2

+5- 5- 5—2- 5- 4+1-1- 5

0- 4+8

0+1

c

+1+4+2- 1+2

00

+1

+4+1+4

+10

- 7- 5- 6- 9- 4- 9

0- 7+5

-13- 6- 7

fj

—2-5-2-6

- 1 2- 4- 6

j- 6- 5

-13- 3- 5- 2

- 5

-6-6

-11

- 4- 2- 8- 7- 6- 8+3

Kansas City—cont.

Oklahoma City.Tulsa

DallasShreveportCorpus Christi..Dallas iFort WorthHouston 1

San Antonio

San Francisco..Phoenix1

T u c s o n . . . . . . . .Bakersfield1....Fresno x

Long Beach * . . .Los Angeles 1...Oakland and

Berkeley x

Riverside andSan Bernardino

Sacramento1...San Diego l . . . .San Francisco1.!San Jose1

Santa Rosa l . . .StocktonVallejo andNapa i

Boise andNampa

PortlandSalt Lake City \Bellingham 1. . .Everett *Seattle1

Spokane1

Tacoma J

Yakima1

- 6

- 5+1+3- 6- 2- 8- 4

- 6- 9

- 1 6- 7- 4- 7- 9

- 4

- 4r+2-2

-2- 3

r- 3

- 4

-12- 9

r-3- 4

-10- 2- 3+7

P Preliminary. r 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.

COST OF LIVINGConsumers' Price Index for Moderate Income Families in Large Cities

[Index numbers of the Bureau of Labor Statistics, 1935-39 average =100]

Year or month

1929

1933

1940194119421943. .1944 ,19451946 .19471948..1949

1' 949—JanuaryFebruary . . . .MarchAprilM a yJune...JulyAugustSeptemberOctoberNovemberDecember

1950—January

All items

122.5

92.4

100 2105.2116.5123 6125.5128.4139.3159 2171.2169.1

170.9169.0169.5169.7169.2169 6168.5168.8169 6168.5168.6167.5

166.9

Food

132.5

84.1

96 6105.5123.9138 0136.1139.1159.6193 8210.2201.9

204.8199.7201.6202.8202.4204.3201.7202.6204.2200.6200.8197.3

196.0

Apparel

115.3

87.9

101 7106.3124.2129 7138 8145.9160.2185 8198.0190.1

196.5195.1193 9192.5191.3190 3188.5187.4187 2186 8186.3185.8

185.0

Rent

141.4

100.7

104 6106.2108.5108 0108 2108.3108.6111 2117.4120.8

119.7119.9120.1120.3120.4120 6120.7120.8121 2121.5122.0122.2

122.6

Fuel, elec-tricity, andrefrigeration

112.5

100.0

99 7102.2105.4107 7109 8110.3112.4121 2133.9137.5

138.2138.8138.9137.4135.4135 6135.6135.8137.0138.4139.1139.7

140.0

Housefurnishings

111.7

84.2

100 5107.3122.2125.6136.4145.8159.2184.4195.8189.0

196.5195.6193.8191.9189.5187.3186.8184.8185.6185.2185.4185.4

184.7

Miscellaneous

104.6

98.4

101 1104.0110.9115 8121 3124.1128.8139 9149.9154.7

154.1154.1154 4154.6154.5154 2154.3154.8155 2155.2154.9155.5

155.1

Back figures.—Bure au of Labor Statistics, Department of Labor.


WHOLESALE PRICES, BY GROUPS OF COMMODITIES[Index numbers of the Bureau of Labor Statistics. 1926 =100]


192919301931193219331934193519361937193819391940194119421943194419451946194719481949

1949—JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptemberOctoberNovember. . . .December

1950—January

Week ending:1

1950—Jan. 3Jan. 10Jan. 17Jan. 24Jan. 31

Feb. 7Feb. 14Feb. 21

Allcom-modi-ties

95.386.473.064.865 974.980.080.886 378.677 178 687.398.8

103.1104 0105.8121.1152 1165.1155.0

160.6158.1158.4156.9155.7154.5153 5152.9153.6152 2151.6151.3

151.6

150.6151.4150 9150.7151.2

151.6152.2152.5

Subgroups

Farm Products:GrainsLivestock and poultryOther farm products

Foods:Dairy products. . . .Cereal products. .Fruits and vegetables. . . .MeatsOther foods

Hides and Leather Products:ShoesHides and skins. . .LeatherOther leather produ

Textile Products:ClothingCotton goods

cts

Hosiery and underwearSilkRayonWoolen and worstecOther textile prodm

Fuel and Lighting MaterAnthraciteBituminous coal.CokeElectricityGas .Petroleum products

goods..t̂s

ials:

Farmprod-ucts

104.988.364.848.251.465.378.880.986.468.565 367.782.4

105.9122.6123.3128.2148.9181.2188.3165.6

172.5168.3171.5170.5171.2168.8166.2162.3163.1159.6156.8155.3

155.3

153.9155.3153 4153.2155.5

157.2159.1158.9

Foods

99.990.574.661.060.570.583.782.185.573.670 471.382.799.6

106.6104.9106.2130.7168.7179.1161.6

165.8161.5162.9162.9163.8162.4161.3160.6162.0159 6158.9155.7

154.7

154.5155.9155 0154.5154.6

156.0156.8158.3

Annual

1948

. 199.2225 1162 1

179.3155.8143.4236 5147 6

189.7209 8188 2149.5

147 5207.1104.746 441.2

155.6182.9

130.9187 0207.1

66.389 2

122.1

1949

158.3185 8154 4

152.9145.3143.6210 2132 3

185.1192.2178 0143.2

145 6176.199.549 640.5

155.2179.5

137.0192 0222.2

112.2

Other commodities

Total

91.685.275.070.271.278.477.979.685.381.781 383.089.095.596.998.599.7

109.5135.2151.0147.3

152.9151.8150.7148.9146.8145.6145.0145.0145.3145 0

144 9145.4

145.8

145.1145.2145 2145.1145.2

145.1145.3145.3

Hidesand

leatherprod-ucts

109.1100.0

867?,80868995

10492

1qq66468

95 6100108117117116118

837571

137.2182188

48

180.4

184182180179179178177178181181180179

179

834q

88q1389

3

1949

Jan.

167.7194 7159 4

163 6148.0145.3214 2134 4

187.8198.7185 4145.4

147 7186 9102.550 141.8

161.6189.0

137.7196 5220.567.788 1

121.3

Dec.

160.9168 2145 0

154.4144.6132.5193 4132 6

184.3192.8178 1141.1

144 0178.498.449 939.6

146.9171.5

139.3193 9222.2

87 2108.5

Textileprod-ucts

90.480.366.3546472

q1- 8

q70.9717(i666Q71849(197

10(1^^6141

140

Hfi14.S14314?140139138138139

138138

138

137137137137137

137137137

1950

Jan.

160.2172 4142.6

148.8144.3134.4194.3131 0

184.3189.0177 6143.1

143.9178.798.550.139.6

146.9171.7

139.3196 0222.2

109.4

537788q4413784

1

8

5.201

.000

.4

.5

.4

.4

.4

.4

.4

.2

.0

Fueland

lightingmate-rials

83.078.567.570.366 373.373.576.277.676.573 171.776.278.580.883.084.090.1

108.7134.2131.7

137.1135.9134.3132.0130.1129.9129.9129.7130.0130 5

129 9130.5

131.3

130.1130.4130 5130.3103.4

130.5130.4130.5

Metalsand

metalprod-ucts

100.592.184.580.279.886.986.487.095.795.794 495.899.4

103.8103.8103.8104.7115.5145.0163.6170.2

175.6175.5174.4171.8168.4167.5167.9168.2168.2167 3167.3167.8

168.4

169.5169.5169.4169.3169.5

169.3169.3169.4

Build-ing

mate-rials

95.489.979.271.477.086.285.386.795.290.390 594.8

103.2110.2111.4115.5117.8132.6179.7199.1193.3

202.3201.5200.0196.5193.9191.4189.0188.2189.4189.2

189.6190.4

191.7

190.3190.3190.3190.3190.9

191.2191.5191.5

Chemi-cals and

alliedprod-ucts

9488797372757978827776

.073q1307600

77,08495949595

101127135118

126122121117118116118119117116

1 1 5

4Sq

4376

381798t770q

115.3

115.7

115.5116.0116.0115115

115115115

Subgroups

Metals and Metal Products:Agricultural mach. & equip...Farm marhlnervIron and steel..Motor vehiclesNonferrons metalsPlumbing and h

Building Materials:Brick and tile .CementLumber

eating

Paint and paint materialsPlumbing and heatinffStructural steel.Other building materials

Chemicals and Allied Product.Chemirais

v

Drugs and pharmarenricais. .Fertilizer materiMixed fertilizersOils and fats. . .

HousefurnisFurnishFurnitu

king Goocingsre

Miscellaneous:

als

is:

Auto tires and tubes . . .Cattle feed . . .Paper and pulpRubber crudeOther miscellane o u s . . . .

88

643

House-fur-nish-ing

goods

94.392.784.975.175.881.580.681.789.786.886 38 i94.3

102.4102.7104.3104.5111131

61

144.5145.2

148.1148.3148.0

r 0146.214=14'142

.10q

142.9143 0142 4144.1

144.8

Mis-cella-neous

82.677.769.864.462 569.768.370.577.873.374 877.382.089.792.293.694.7

100.3115.5120.5112.3

117.3115.3115.7115.6113.5111.0110.3109.8109.6109 0109.7110.7

110.0

Annual

1948

134.9136 9155.1168 0157.5147.8

156.3130 4313.0159.6147.8163.7167.6

126.7153.4116.1105.0206.5

148.3140.8

64.8253.6168.544.9

130.6

1949

144.0146 516e

17£7q

144.3'154

161131?8tf1511S417<3171

117i?,q119107173

151

6??O0160

37123

L8

780

.183

.7

41

.7q8

.30

q7

.80

.0

Rawmate-rials

97.584.365.655.156.568.677.179.984.872.070.271.983.5

100.6112.1113.2116.8134.7165.6178.4163.9

169.3165.8167.3165.8165.9164.5163.2161.3162.0160 3160.4

159.7

160.1

L949

Jan.

144.146169.175172.156.

162.1 3 3299.166.156.178.179.

122.150.120.108.146.

153.142.

6 5 .212.168.39.

128.

1

18S9

5q53q81

4871

48

503S1

Dec.

143.2145 9165.4176 7129.2154.6

161.9134 5

'285.2139.3154.6185.2169.2

114.6121.6117.9

106.5118.2

151.2136.9

64.3192.3156.037.8

121.1

Manu-fac-

turedprod-ucts

94.588.077.070.370.578.282.282.087.282.280.481.689.198.6

100.1100.8101.8116.1146.0159.4151.2

156.2154.0154.1153.0151.5150.7149.7149.4150.1149.1148.1147.9

148.2

1950

Jan.

143.3145.9167.3176.5128.6154.0

163.5134.8287.5139.0154.0191.6170.5

114.7121.5117.4104.9122.7

151.8137.5

64.3179.3155.939.1

120.5

r Revised.1 Weekly indexes are based on an abbreviated sample not comparable with monthly data.Back figures.—Bureau of Labor Statistics, Department of Labor.

MARCH 1950 367

GROSS NATIONAL PRODUCT, NATIONAL INCOME, AND PERSONAL INCOME[Estimates of the Department of Commerce. In billions of dollars]

RELATION OF GROSS NATIONAL PRODUCT, NATIONAL INCOME, PERSONAL INCOME, AND SAVING

Annual totals

1929 1933 1939 1941 1946 1947 1948 1949

Seasonally adjusted annual ratesby quarters

1948 1949

Gross national product

Less: Capital consumption allowancesIndirect business tax and related liabilities.Business transfer paymentsStatistical discrepancy

Plus: Subsidies less current surplus of govern-ment enterprises ,

Equals: National incomeLess: Corporate profits and inventory valuation

adjustmentContributions for social insuranceExcess of wage accruals over disbursements

Plus: Government transfer paymentsNet interest paid by governmentDividendsBusiness transfer payments

Equals: Personal incomeLess: Personal tax and related payments

FederalState and local.

Equals: Disposable personal incomeLess: Personal consumption expendituresEquals: Personal saving

103.8

7.0.6

- . 1

- . 187.4

10.3.2.0.9

1.05.8

.685.12.61.31.4

82.578.83.7

55.8

7.27.1

.71.2

C1)39.6

- 2 . 0.3.0

1.51.22.1

.746.6

1.5.5

1.045.246.3

- 1 . 2

91.3

8.19.4

.51.4

.572.5

5.82.1

.02.51.23.8

.572.6

2.41.21.2

70.267.52.7

126.4

9.311.3

.51.6

.1103.8

14.62.8

.02.61.34.5

.5!95.33.32.01.3

92.082.39.8

212.6

11.917.3

.64.2

.9179.6

18.36.0

.010.84.45.8

.6176.918.817.21.7

158.1147.810.3

235.7

13.718.7

.61.0

- . 1201.7

25.65.6

.011.14.47.0

.6193.521.519.61.9

172.0166.9

5.1

262.4

15.720.3

.6- . 3

.1226.2

32.65.1

.010.54.47.9

.6211.92119.02.1

190.8178.812.0

257.4

16.821.2

.6- 2 . 5

.3221.5

31.45.6

.011.64.78.4

.6209.818.616.22.4

191.2179.411.8

270.3

16.420.7

.6- 1 . 3

.4234.3

35.75.3

.19.94.58.3

.6216.620.418.22.2

196.2180.915.3

262.0

16.420.6

.6

.0

.3224.7

31.65.6

.111.24.58.3

.6212.018.616.22.4

193.4178.714.8

257.9

16.921.2

.6- 1 . 3

.3220.8

30.75.6

- . 311.74.68.2

.6210.018.616.22.4

191.4179.312.1

254.6

16.921.8

.6- 5 . 0

.3220.7

32.35.6

.011.94.78.1

.6208.218.616.22.4

189.5179.7

9.8

255.2

17.221.4

.6n.a.

.3n.a.

n.a.5.6

.011.84.78.9

.6209.318.616.12.5

190.7179.810.8

NATIONAL INCOME, BY DISTRIBUTIVE SHARES

Annual totals

1929 1933 1939 1946 1947 1948 1949

Seasonally adjusted annual ratesby quarters

1948 1949

National income

Compensation of employeesWages and salaries 2

PrivateMilitaryGovernment civilian

Supplements to wages and salariesProprietors' and rental income 3

Business and professionalFarmRental income of persons

Corporate profits and inventory valu;tion adjustment

Corporate profits before taxCorporate profits tax liabilityCorporate profits after tax

Inventory valuation adjustmentNet interest

87.4

50.850.245.2

.34.6

.619.78.35.75.8

10.39.81.48.4

.56.5

39.6

29.328.823.7

.34.9

.57.22.92.32.0

- 2 . 0.2.5

- . 4- 2 . 1

5.0

72.5

47.845.737.5

.47.82.1

14.76.84.53.5

5.86.51.55.0

— .74.2

103.8

64.361.751.5

1.98.32.6

20.89.66.94.3

14.617.27.89.4

- 2 . 64.1

179.6

117.0111.490.5

8.012.95.6

41.220.814.26.2

18.323.69.6

13.9- 5 . 2

3.0

201.7

127.6122.3104.8

4.013.65.3

45.123.115.46.5

25.631.612.519.1

- 6 . 03.4

226.2

140.3135.3116.1

3.915.25.0

49.524.518.46.6

32.634.813.621.2

- 2 . 23.8

221.5

141.1135.6114.6

4.216.85.5

44.824.014.16.7

31.428.811.417.32.64.2

234.3

144.913,9.8119.6

4.116.15.0

49.724.518.56.7

35.734.513.620.9

1.24.1

224.7

141.9136.5116.1

4.116.35.4

47.124.116.46.7

31.629.411.517.92.24.1

220.8

140.8135.4114.7

4.116.65.5

45.124.114.36.7

30.726.410.615.84.34.2

220.7

141.1135.6114.4

4.216.95.5

43.124.012.66.6

32.328.911.417.53.34.2

n.a.140.9135.3113.5

4.517.35.6

43.724.012.96.8

n.a.n.a.n.a.n.a.

4.3

r Revised.n.a. Not available.1 Less than 50 million dollars.2 Includes employee contributions to social insurance funds.3 Includes noncorporate inventory valuation adjustment.NOTE.—Details may not add to totals because of rounding.Source.—Figures in this table are the revised series. For an explanation of the revisions and a detailed breakdown of the series for the period

1929-38, see National Income Supplement to the Survey of Current Business, July 1947, Department of Commerce. For the detailed breakdownfor the period 1939-48, see Survey of Current Business, July 1949. For a discussion of the revisions, together with annual data for the period1929-38, see also pp. 1105-1114 of the BULLETIN for September 1947; data subsequent to 1938 shown in that issue of the BULLETIN have sincebeen revised.


GROSS NATIONAL PRODUCT, NATIONAL INCOME, AND PERSONAL INCOME—Continued[Estimates of the Department of Commerce. In billions of dollars]

GROSS NATIONAL PRODUCT OR EXPENDITURE

Gross national product

Personal consumption expendituresDurable goodsNondurable goodsServices

Gross private domestic investmentNew construction l

Producers' durable equipmentChange in business inventories

Net foreign investmentGovernment purchases of goods and

servicesFederal

WarNonwarLess: Government sales 2

State and local

1929

103.8

78.89.4

37.731.715.87 86.41.6

.8

8.51.3

} 1.3

7.2

1933

55.8

46.33.5

22.320.6

1.31 11.8

- 1 . 6.2

8.02.02.0

5 .9

1939

91.3

67.56.7

35.325.5

9.94 94.6

.4

.9

13.15.21.33 9

7 .9

Annua'

1941

126.4

82.39.8

44.028.518.36 87.73.91.1

24.716.913.83 2

7 .8

totals

1946

212.6

147.816.586.844.529.510 312.56.74.7

30.720.821.22 52.99.9

1947

235.7

166.922.096.248.831.113 817.2

.18.9

28.815.7

) 17.01 1.3

13.1

1948

262.4

178.823.5

102.253.145.017 920.76.51.9

36.720.921.5

.615.8

1949

257.4

179.424.498.956.134.717 319.7

- 2 . 3.0

43.425.425.8

.418.0

Seasonally adjusted annualby quarters

1948

4

270.3

180.922.9

103.354.848.017 921.29.01.0

40.323.423.8

.316.9

rates

1949

262.0

178.723.0

100.455.340.016 820.72.51.0

42.325.225.5

.317.1

2 '

257.9

179.323.699.855.933.216 420.0

- 3 . 21.2

44.226.426.7

.317.8

3'

254.6

179.725.797.656.532.117 419.6

- 5 . 0

43.225.025.8

.818.2

4

255.2

179.825.297.756.933.718.718.7

-3.7-2.0

43.725.025.2

.218.8

PERSONAL INCOME

[Seasonally adjusted monthly totals at annual rates]

Year or monthPer-sonal

income

85.1

46.6

74.068.372.678.395.3

122.7150.3165.9171.9176.9193.5211.9209.8

217.0

214.6211.3210.2210.5210.2209.4207.2209.1208.3207.0209.4211.5

Wages and salaries

Totalreceipts4

50.0

28.7

45.442.345.148.960.980.7

103.6114.9115.3109.4120.2133.1133.5

137.1

135.9134.0132.3133.9133.7132.9133.0133.4133.7132.7132.5134.1

Wage and salary disbursements

Totaldis-

ments

50.2

28.8

45.942.845.749.661.781.9

105.4117.1117.7111.5122.3135.2135.7

139.4

138.2136.3134.6136.0135.9135.2135.2135.6135.9134.9134.7136.3

Com-modityproduc-ing in-dustries

21.5

9 . 8

18.415.317.419.727.539.149.050.445.946.054.360.457.3

62.3

60.559.457.457.457.056.756.456.957.155.556.057.4

Distrib-utive

tries

15.5

8 . 8

13.112.613.314.216.318.020.122.724.730.835.239.240.2

40.0

40.339.539.440.740.940.340.540.540.540.239.539.6

Serviceindus-tries

8.2

5 .1

6 .96 .76 .97 .37 . 88 .69 .5

10.511.513.715.216.617.3

16.9

17.117.017.317.317.417.317.117.117.117.517.417 A

Gov-ern-ment

5.0

5.2

7.58.28 .28 .5

10.216.126.833.535.620.917.519.121.0

20.2

20.320.420.520.620.620.921.221.121.221.721.821.9

Less em-ployeecontri-butions

forsocialinsur-ance

.1

.2

.6

.6

.6

.7

.81.21.82 . 22 . 32 . 02 . 12 . 12 . 2

2 . 3

2 . 32 . 32 . 32 . 12 . 22 . 32 . 22 . 22 . 22 . 22 . 22 . 2

Otherlabor

income5

.5

.4

.5

.5

.5

.6

.6

.7

.91.31.51.61.82 . 02 . 1

2 . 0

2 . 02 . 12 . 12 . 12 . 12 . 12 . 12 . 12 . 12 . 12 . 22 . 2

Pro-prietors'

andrental

income6

19.7

7.2

15.414.014.716.320.828.432.835.537.541.245.149.544.8

50.3

48.546.646.245.045.245.142.843.942.742.944.943.4

Divi-dendsandper-

sonalinterestincome

13.3

8.2

10.38.79 .29 . 49 . 99 . 7

10.010.611.413.214.816.217.4

16.9

17.017.017.017.117.017.016.917.117.217.317.419.1

Trans-ter

pay-ments'

1.5

2 . 1

2 . 42 . 83 . 03 . 13 . 13 . 23 . 03 . 66 .2

11.411.711.112.2

10.7

11.211.612.612.412.212.312.412.612.612.012.412.7

Non-agricul-

turalincome8

1929

1933

193719381939 ;19401941194219431944.19451946194719481949

1948—December

1949—JanuaryFebruary r. . . .March r

Aprilr

May r

June r

Ju lyAugustr

September7*. . .October'-Novemberr. . .December?

76.8

43.0

66.562.166.371.586.1

109.4135.2150.5155.7158.5173.5188.8191.4

193.6

192.0191.0190.5191.8191.4190.5190.2191 A192.2190.3191.3194.1

P Preliminary. r Revised.1 Includes construction expenditures for crude petroleum and natural gas drilling.2 Consists of sales abroad and domestic sales of surplus consumption goods and materials.3 Less than 50 million dollars.4 Total wage and salary receipts, as included in "Personal income," is equal to total disbursements less employee contributions to social insur-

ance. Such contributions are not available by industries.5 Includes compensation for injuries, employer contributions to private pension and welfare funds, and other payments.6 Includes business and professional income, farm income, and rental income of unincorporated enterprise; also a noncorporate inventory

valuation adjustment.7 Includes government social insurance benefits, direct relief, mustering out pay, veterans' readjustment allowances and other payments, as

well as consumer bad debts, and other business transfers.8 Includes personal income exclusive of net income of unincorporated farm enterprise, farm wages, agricultural net rents, agricultural net

interest, and net dividends paid by agricultural corporations.

NOTE.—Details may not add to totals because of rounding.

Source.—Same as preceding page.

MARCH 1950 369

CONSUMER CREDIT STATISTICSTOTAL CONSUMER CREDIT, BY MAJOR PARTS[Estimated amounts outstanding. In millions of dollars]

End of yearor month

1929

1933

19391940194119421943194419451946194719481949P

1949—January. . .FebruaryMarchAprilMay

JulyAugust. . . . . .SeptemberOctoberNovemberDecember? . . . .

1950—Januarys

Totalconsumer

credit

7,628

3,912

7,9699,1159,8626,5785,3785,8036,637

10,19113,67316,31918 777

15,74815,32515,33515,59515.84316,12416,19816,45316,801

N 17,22117,81318,777

18,335

Instalment credit

Totalinstal-mentcredit

3,158

1,588

4,4245,4175,8873,0482,0012,0612,3644,0006,4348,600

10,891

8,4248,3398,4298,6308,8889,1239,3359,6229,897

10,16410,43910,891

10,830

Sale credit

Total

2,515

1,122

2,7923,4503,7441,617

882891942

1,6483,0864,5286,240

4,3704,3064,3644,5174,7184,8705,0105,2235,4385,6615,8806,240

6,163

Automobile

1,318

459

1,2671,7291,942

482175200227544

1,1511,9613,144

1,9651,9962,1052,2412,3862,4992,6102,7612,8762,9863,0853,144

3,179

Other

1,197

663

1,5251,7211,8021,135

707691715

1,1041,9352,5673,096

2,4052,3102,2592,2762,3322,3712,4002,4622,5622,6752,7953,096

2,984

Loans1

643

466

1,6321,9672,1431,4311,1191,1701,4222,3523,3484,0724,651

4,0544,0334,0654,1134,1704,2534,3254,3994,4594,5034,5594,651

4,667

Noninstalment credit

Totalnoninstal-

mentcredit

4,470

2,324

3,5453,6983,9753,5303,3773,7424,2736,1917,2397,7197,886

7,3246,9866,9066,9656,9557,0016,8636,8316,9047,0577,3747,886

7,505

Single-payment

loans8

2,125

776

1.468

111

1,488L,6011,369L,192L,255L.5202,2632,7072,9022,987

2,9042,8652,8162,7642,7392,7522,7682,7992,8082,8662,9272,987

3,002

Chargeaccounts

1,749

1,081

1,5441,6501,7641,5131,4981,7581,9813,0543,6123,8543,909

3,4573,1693,1213,2323,2353,2743,1233,0643,1233,1973,4543,909

3,506

Servicecredit

596

467

533560610648687729772874920963990

963952969969981975972968973994993990

997

P Preliminary.1 Includes repair and modernization loans insured by Federal Housing Administration.2 Noninstalment consumer loans (single-payment loans of commercial banks and pawnbrokers).NOTE.—Back figures by months beginning January 1929 may be obtained from Division of Research and Statistics.

CONSUMER INSTALMENT LOANS[Estimates. In millions of dollars]

Year or month

1929

1933

193919401941 . .19421943194419451946194719481949P

1949—January.. . .February . . .

April .May

JulyAugustSeptember . .OctoberNovember. .December?..

1950—January?...

Amounts outstanding(end ©f period)

Total

643

466

1,6321,9672,1431,4311,1191,1701,4222,3523,3484,0724,651

4,0544,0334,0654,1134,1704,2534,3254,3994,4594,5034,5594,651

4,667

Com-mercialbanks 1

43

29

523692784426316357477956

1,4351,7091,951

1,7051,6951,7201,7491,7881,8361,8661,8971,9221,9361,9441,951

1,958

Smallloancom-

panies

263

246

448498531417364384439597701817929

812806807815818827843851855858875929

931

Indus-trial

banks 2

21

Indus-trialloancom-

panies 2

9

121

13113213489676876

117166204250

202201203207213219225230235239244250

251

991041077259607098

134160175

159159161163165167169171172172173175

175

Creditunions

23

20

135174200130104100103153225312402

309308315323333346357369379385394402

403

Miscel-laneouslenders

95

50

969910291868893

109119131142

130130130131131132133134135135137142

142

Insuredrepairand

modern-izationloans8

200268285206123113164322568739802

737734729725722726732747761778792802

807

Loans made by principal lending institutions(during period)

Com-mercialbanks x

6801,0171,198

792639749942

1,7932,6363,0693,282

236215287278288303282294278272269280

270

Smallloancom-

panies

463

322

827912975784800869956

1,2311,4321,5341,737

112109142146135140155143128134161232

131

Indus-trial

banks 2

41

Indus-trialloancom-

panies *

3

202

261255255182151155166231310375418

312836333538353734343641

37

194198203146128139151210282318334

252530292828282927262831

27

Creditunions

38

32

237297344236201198199286428577712

424458586068596665596469

59

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 January amounted to 91 million dollars,and loans made during January were 11 million.

2 Figures include only personal instalment cash loans, retail automobile direct loans, and other retail direct loans. Direct retail instalmentloans are obtained by deducting an estimate of paper purchased from total retail instalment paper.

3 Includes only loans insured by Federal Housing Administration.


CONSUMER CREDIT STATISTICS—ContinuedCONSUMER INSTALMENT SALE CREDIT, EXCLUDING

AUTOMOBILE CREDIT[Estimated amounts outstanding. In millions of dollars]

End ofyear ormonth

Total,exclud-

ing auto-mobile

1929

1933

19391940 . .19411942194319441945194619471948 ."1949?

1949

January...February..March. . . .AprilMayJuneJulyAugustSeptember.October. . .November.December?

1950

January P. .

1,197

663

1,5251,7211,8021,135

707691715

1,1041,9352,5673,096

2,4052,3102,2592,2762,3322,3712,4002,4622,5622,6752,7953,096

2,984

Depart-mentstoresand

mail-order

houses

160

119

377439466252172183198337650874

1,010

815778756760771774766781818855906

1,010

978

Furni-ture

stores

583

299

536599619440289293296386587750935

704685675683704718730755784822858935

903

House-hold

appli-ance

stores

265

119

273302313188785051

118249387500

366353348351367382405417435454464500

484

Jewelrystores

56

29

931101207657565789144152163

141130124123123124121121121123127163

Allotherretailstores

133

97

246271284179111109113174305404488

379364356359367373378388404421440488

619

CONSUMER INSTALMENT CREDITS OF INDUSTRIALBANKS, BY TYPE OF CREDIT[Estimates. In millions of dollars]

Year or month

Outstanding at endof period:194719481949?

1949—January...February..March... .AprilM a y . . . . .JuneJulyAugust. . .SeptemberOctober...November.December?

1950—January?..

Volume extendedduring month:1949—January..,

February..March... .AprilMayJ u n e . . . . .JulyAugust. . .September.October...November.December?

1950—January?..

Total

233.5286.2343.2

283.4280.8282.9287.6294.7303.4309.4317.4323.7329.6336.3343.2

344.6

33.131.241.641.543.747.041.947.743.545.645.847.0

41.9

Retail instal-ment paper 2

Auto-mobile

50.066.693.6

66.166.067.770.773.376.178.882.985.388.791.793.6

96.1

7.67.6

11.312.011.912.311.314.112.513.713.711.9

12.3

Other

30.243.463.1

42.341.541.643.145.848.750.352.354.656.659.263.1

63.9

4.34.35.86.87.88.27.58.27.88.58.8

10.3

7.8

Repairand

modern-izationloans !

43.351.755.4

51.050.349.549.550.051.251.452.953.955.055.555.4

54.7

2.32.22.62.83.64.43.24.74.34.84.23.3

2.7

Personalinstal-mentcash

loans

110.0 *124.5131.1

124.0123.0124.1124.3125.6127.4128.9129.3129.9129.3129.9131.1

129.9

18.917.121.919.920.422.119.920.718.918.619.121.5

19.1

CONSUMER INSTALMENT CREDITS OF COMMERCIALBANKS, BY TYPE OF CREDIT[Estimates. In millions of dollars].

Year or month

Outstanding at end ofperiod:194719481949?

1949—JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptember....OctoberNovemberDecember?. . .

1950—January?Volume extended dur-

ing month:1949—January

FebruaryMarchAprilMayJuneJulyAugustSeptember....October.November....December?. . .

1950—January?

Total

2,7013,5634,416

3,5583,5173,5563,6293,7403,8523,9334,0444,1404,2474,3264,416

4,468

••427383517527568592541598568593576593

557

Automobileretail

Pur-chased

346570854

564572598631664688718754780811835854

867

6871

105113112109112127117125118113

113

Directloans

536736915

737737759785817843869890905915922915

922

••9590129129136135129134123123115105

116

Otherretail,pur-

chasedand

direct

Repairand

mod-erniza-

tionloans12

523751922

758724709712736750761778803839868922

954

100749499124124109114121136131154

137

Per-sonalinstal-mentcashloans

500636781

631626630636650676684711730755772781

780

323345485467507562706757

48

796870944

868858860865873895901911922927929944

945

132115144138142157141148145139145164

143

r Revised.

CONSUMER INSTALMENT CREDITS OF INDUSTRIALLOAN COMPANIES, BY TYPE OF CREDIT

[Estimates. In millions of dollars]

Year or month

Outstanding at endof period:194719481949?

1949—January...February.. .MarchAprilMayJuneJulyAugust. . . .September .OctoberNovember .December?.

1950—January?.. .

Volume extendedduring month:1949—January...

February . .MarchAprilMayJuneJulyAugustSeptember .October... .November .December?.

1950—January?.. .

Total

148.2177.1194.7

176.0176.1178.1180.9183.0185.7187.9190.1190.9191.2192.5194.7

194.8

25.725.131.831.432.031.130.831.127.928.328.731.3

27.7

Retail instal-ment paper 2

Auto-mobile

27.138.343.5

37.938.038.439.440.341.241.642.343.044.244.143.5

44.3

4.94.86.97.17.36.76.76.66.17.15.75.4

6.5

Other

17.123.731.4

23.222.923.424.125.926.728.529.630.030.230.531.4

31.1

2.72.83.84.05.24.85.24.73.93.94.04.4

3.3

Repairand

modern-izationloans i2

4.25.06.5

5.04.94.84.95.15.35.35.85.76.06.36.5

6.6

0.30.30.40.40.60.60.50.80.50.50.50.4

0.3

Personalinstal-mentcashloans

99.8110.1113.3

109.9110.3111.5112.5111.7112.5112.5112.4112.2110.8111.6113.3

112.8

17.817.220.719.918.919.018.419.017.416.818.521.1

17.6

p Preliminary. * Includes not only loans insured by Federal Housing Administration but also noninsured loans.2 Includes both direct loans and paper purchased.

MARCH 1950 371

CONSUMER CREDIT STATISTICS—Continued

FURNITURE STORE STATISTICS RATIO OF COLLECTIONS TO ACCOUNTS RECEIVABLE *

Item

Net sales:TotalCash salesCredit sales:

InstalmentCharge account

Accounts receivable, endof month:

TotalInstalment .

Collections duringmonth:

TotalInstalment

Inventories, end ofmonth, at retail value.

Percentage changefrom preceding

month

Jan.1950?

- 4 5- 4 7- 5 0- 3 7

- 3- 4

+6—2

0

Dec.1949

+30+46

+29+26

+10+12

+4+4

-10

Nov.1949

+4+6+5+3

+4+5

0

+3

Percentage changefrom correspondingmonth of preceding

year

Jan.1950?

+5- 1 4

+15- 6

+21+26

- 1

+2

- 1 0

Dec.1949

+3- 1 1

+11- 9

+17+22

- 6- 3

- 1 4

Nov.1949

0- 2 1+9

— 14

+15+19

- 8- 5

-16

P Preliminary.

Year or month

1948December

1949

FebruaryMarch

MayJuneJuly-AugustSeptemberOctoberNovemberDecember

1950Januarys

Depart-mentstores

23

222123232221192120202020

18

Instalment accounts

Furni-ture

stores

14

121214131312121211111110

10

House-hold ap-pliancestores

15

151415141414131412121212

12

Jewelrystores

20

141314141414131413141316

(2)

Chargeaccounts

Depart-mentstores

53

514955535353495152535452

49

P Preliminary.1 Collections during month as percentage of accounts outstanding at

beginning of month.2 Collection of these data for jewelry stores was discontinued

after December 1949.

DEPARTMENT STORE SALES, ACCOUNTS RECEIVABLE, AND COLLECTIONS

Year or month

Index numbers, without seasonal adjustment, 1941 average = 100

Sales during month

Total Cash Instal- Chargeaccount

Accounts receivableat end of month

Instal-ment

Chargeaccount

Collections duringmonth

Instal- Charge

Percentage of total sales

Cashsales

Instal-mentsales

Chargeaccount

sales

Averages of monthlydata:

19411942194319441945.1946194719481949

1948—December

1949—JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptember. . .OctoberNovember.. .December

1950—January?

100114130145162202214225213

381

174162203223207200149179214220r254372

164

100131165188211242237236216

408

182168r209231210'206157181'209'•214247380

162

10082716567101154192197

278

136131172188182168147195223242259325

174

100102103112125176200219213

370

171162204221210201141173217'221260373

164

100784638375088142165

176

163157152152153152151155165175189214

209

10091798494138174198196

281

219187180190191187163161182191213285

223

10010380706991133181200

212

212194210196196194179188191202211227

234

100110107112127168198222224

252

314235227209220222202184185214232245

318

485661646459555250

53

525151515051525049484850

49

79109109

433834323237394142

41

414242414242394042424342

p Preliminary. r Revised.NOTE.—Data based on reports from a smaller group of stores than is included in the monthly index of sales shown on p. 363.


CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOKSBANK CREDIT, MONEY RATES, AND BUSINESS *

Chartbookpage

1950

Jan.25

Feb. Feb. Feb.15

Feb.22 i

Chartbookpage

1950

Jan.25

Feb.1

Feb. Feb.15

Feb.22 i

WEEKLY FIGURES aRESERVE BANK CREDIT, ETC.

Reserve Bank credit, t o t a l . . . . 2U. S. Govt. securities, total.. 3

BillsNotes and certificatesBonds

Gold stockMoney in circulationTreasury cash and deposits. . .Member bank reserves, total. .2,

New York CityChicagoReserve city banksCountry banks

Required reservesExcess reserves, totale

New York CityChicagoReserve city banksCountry banks«. . .

MEMBER BANKS IN LEADING CITIESAll reporting banks:

Loans and investments 14U. S. Govt. securities, total. 14

Bonds 16Notes and certificates.... 16Bills 16

Other securities 18Demand deposits adjusted.. 14U. S. Govt. deposits 14Loans, total 14

Commercial. 18Real estate 18For purchasing securities:

Total 18U. S. Govt. securities. . 18Other securities 18

Other 18New York City banks:

Loans and investments 15U. S. Govt. securities, total. 15

Bonds, total holdings 17Due or callable—5 years 17

Notes and certificates. . . . 17Bills 17

Demand deposits adjusted.. 15U. S. Govt. deposits 15Interbank deposits 15Time deposits 15Loans, total 15

Commercial 19For purchasing securities:

To brokers:On U. S. Govts 19On other securities... 19

Toothers . . . 19Real estate and other . . . . 19

Banks outside New York City:Loans and investments 15U. S. Govt. securities, total.. 15

Bonds 17Notes and certificates 17Bills 17

Demand deposits adjusted.. 15U. S. Govt. deposits 15Interbank deposits 15Time deposits 15Loans, total 15

Commercial 19Real estate 19For purchasing securities. 19Other 19

MONEY RATES, ETC.

U. S. Govt. securities:Bills (new issues) 30Certificates 303-5 years 307-9 years; 3015 years or more 30, 32

Corporate bonds:Aaa 32Baa 32

High-grade municipal bonds. . 32

Stock prices (1935-39=100):Total 34Industrial 34Railroad 34Public utility 34

Volume of trading (mill, shares) 34

In billions of dollars

18.3017.763.686.957.13

24.4326.91

1.8616.424.421.166.334.50

15.62.80.03

(3).16.64

67.8238.0824.7410.123.225.16

48.512.23

24.5813.874.40

1.90.60

1.314.46

19.6210.747.335.682.331.08

15.50.64

3.781.627.514.87

.39

.71

.201.20

48.2027.3417.417.802.14

33.011.596.76

13.7317.079.004.13

.593.53

18.6217.863.766.997.10

24.4026.93

1.9616.534.391.156.254.37

15.531.00

- . 0 1- . 0 1

.11

.52

67.2737.6024.8010.042.765.19

47.772 AS

24.4913.924.40

1.94.66

1.284.46

19.2210.437.355.682.31

.7715.12

.733.731.627.424.92

.45

.69

.201.18

48.0527.1717.457.732.00

32.651.726.51

13.7417.079.004.13

.603.54

18.1517.663.706.986.97

24.3526.99

1.6816.274.371.156.244.47

15.46.81.01

(4).14.60

67.1437.3824.85

9.932.605.24

47.332.57

24.5213.894.40

1.90.59

1.314.45

19.1410.307.395.702.26

.6615.02

.753.661.627.454.91

.40

.70

.211.19

48.0027.0717.467.671.94

32.311.826.61

13.7717.078.984.14

.583.53

18.5817.783.827.046.92

24.3426.99

1.9816.404.301.126.224.46

15.381.02(3)

- . 0 1.14.59

66.9836.9824.86

9.812.315.23

46.932.76

24.7813.914.40

2.05.68

K 3 74.44

19.0010.107.405.692.23

.4714.72

.793.751.607.514.90

.46

.75

.191.17

47.9826.8717.467.581.83

32.211.976.77

13.7717.269.014.13

.653.54

18.0917.633.756.986.89

24.3.27 .02

1.6916.184.39l . l :6.2.4.49

P15.40P. 78

.07

.18P. 61

66.9937.1624.91

9.852.405.22

46.852.94

24.6013.854.41

1.97.54

1.434.44

19.1910.297.465.732.24

.5914.89

.833.71.617.524.88

.36

.80

.191.17

47.8026.8817.457.611.81

31.962.116.47

13.7917.088.984.14

.613.54

Per cent per annum

1.1181.131.421.732.22

1.1191.141.441.742.23

2.583.232.07

1.1311.141.431.742.23

2.583.242.06

1.1321.151.451.742.24

2.583.242.06

In unit indicated

134141107106

1.38

136144107107

1.87

137145107108

1.62

136144107107

2.01

1.137

2.25

2.583.242.05

137145108108

1.44

WEEKLY FIGURES *—Cont.

BUSINESS CONDITIONS

Wholesale prices:Indexes (1926=100):

Total 65Farm products 65Foods 65Other commodities 65

Basic commodities:(Aug. 1939=100):

Total 67Foodstuffs 67Industrial materials 67

Selected farm products:Wheat (cents per bushel). 68Corn (cents per bushel)... 68Cotton (cents per pound). 68Steers (dollars per 100

pounds) 68Cows (dollars per 100

pounds) 68Hogs (dollars per 100

pounds) 68Butter (cents per pound). 68Eggs (cents per dozen). . . 68

Production:Steel (% of capacity) 71Automobile (thous. cars ) . . . 71Crude petroleum (thous.

bbls.) 72Bituminous coal (mill, tons). 72Paperboard (thous. tons ) . . . 73Meat (mill, pounds) 73Electric power (mill. kw. hrs.) 75

Freight carloadings (thous. cars):Total 74Miscellaneous 74

Department store sales(1935-39=100) 75

MONTHLY FIGURES

DEPOSITS AND CURRENCY

Deposits and currencye

Total deposits and currency.Total deposits adjusted and

currency 6Demand deposits adjusted.. 6Time deposits adjusted 6Currency outside b a n k s . . . . 6U. S. Govt. deposits 5 6

Money in circulation, t o t a l . . . 7Bills of $50 and over 7$10 and $20 bills 7Coins, $1, $2, and $5 bills... 7

Turnover of demand deposits:6

New York CityOther leading cities

COMMERCIAL BANKS

Cash assetse7 9Loans and investments, totale . 9

Loanse 9U. S. Govt. securitiese 9Other securitiese 9

Holdings of U. S. Govt. se-curities :

Within 1 year:Total 10Bills 10Certificates 10Notes and bonds 10

Over 1 year:Total 10Notes and bonds (1-5 yrs.) 10Bonds (5-10 yrs.) 10Bonds (over 10 yrs.) 10

In unit indicated

150.7153.2154.5145.1

249.2309.4222.3

221.1130.031.3

30.15

15.68

16.8061.028.2

93.9134

4,8931.25208321

5,972

636327

222

151.2155.5154.6145.2

248.5310.0221.5

218.1129.731.4

30.20

15.95

17.2361.828.4

93.1120

4,8831.09203301

6,062

613322

226

151.6157.2156.0145.1

246.9308.1219.9

218.9129.231.7

30.05

16.35

17.4862.128.8

91.5118

4,887.42210283

5,970

569329

238

152.2159.1156.8145.3

247.8309.0221.0

221.4132.132.3

29.40

17.13

17.7662.429.8

90.7116

4,931.40206285

5,931

560326

231

152.5158.9158.3145.3

247.9307.5220.7

224.8133.232.4

29.13

17.2062,331.0

117

4,930.44201272

5,854

547320

221

1949

Nov. Dec.

1950

Jan.


P172.30

P168.60^85.50P58.00^25.10

P3.7O27.548.51

14.454.59

P174.10

P170.10P86.70P58.40P25.00

P4.0027.60

8.5814.414.62

P173.90

P170.00P86.80P58.70P24.50

P3.9026.94

8.4714.024.45

Annual rate

27.518.4

'•27.11 7 . 9

26.718.7


P27.00P120.20

P42.90P67AOP10.20

26.223.47

12.1410.61

33.6122.76

6.804.05

P28.10P120.90

2>43.30P67.30P10.30

24.063.51

11.529.03

35.7924.91

7.003.89

2*27.60^121.70P43.10P68.20PIO.40

"24.41P4.12m.29«9.00

"36.09"25.13.e7.O5«3.91

For footnotes see p. 376.

MARCH 1950 373

CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOKS—ContinuedBANK CREDIT, MONEY RATES, AND BUSINESS—Continued

Chartbookpage

1949

Nov. Dec.

1950

Jan.i

Chartbookpage

1949

Nov. Dec

1950

Jan.*

MONTHLY FIGURES—Gont.

MEMBER BANKS

All member banks :Loans and investments, total 12

Loans 12U. S. Govt. securities 12Other securities 12

Demand deposits adjustede 12Time deposits 12Balances due to banks 12Balances due from banks 12Reserves 12

Central reserve city banks :Loans and investments, total 12


Demand deposits adjusted« 12Time deposits.. 12Balances due to banks 12Reserves 12

Reserve city banks:Loans and investments, total 13


Demand deposits ad jus ted e . . . . . . . 13Time deposits 13Balances due to banks.. 13Balances due from banks 13Reserves 13

Country banks:Loans and investments, total 13


Demand deposits adjustede 13Time deposits 13Balances due from banks 13Reserves 13

CONSUMER CREDIT e

Consumer credit, total 20Single-payment loans 20Charge accounts. 20Service credit 20Instalment credit, total 20, 21

Instalment loans 21Instalment sale credit, total 21

Automobile 21Other 21

GOVERNMENT FINANCE

Gross debt of the U. S. Government:Total (direct and guaranteed) 22

Bonds (marketable issues) 22Notes, certificates, and bills 22Savings bonds, savings notes. . . . 22Special issues 22Guaranteed, noninterest-bearing

debt, etc 22Ownership of U. S. Govt. securities:

Total:Commercial bankse 23Fed. agencies and trust funds.. . 23F. R. Banks 23Individuals6 23Corporations and associations e. . 23Insurance companies e 23Mutual savings banks e 23State and local govts.e 23

Marketable public issues:By class of security:

Bills—Total outstanding 24Commercial bank and F. R.

Bank 24F. R. Bank 24

Notes and certificates—Totaloutstanding 24

Commercial bank and F. R.Bank 24

F. R. Bank 24


101.0035.9756.73

8.3072.3428.9811.165.60

16.12

24.739.15

13.911.67

18.932.744.935.54

38.0714.2220.862.99

25.6911.535.301.716.18

38.2112.6121.963.64

27.7214.723.754.41

17.812.933.45

.9910.444.565.883.092.80

257.01109.2946.0764.2433.83

3.57

66.9039.3217.6869.3023.8020.4011.408.10

12.32

7.474.00

33.75

20.266.17

101.7636.4056.97

8.3973.4029.1511.245.65

16.29

25.039.27

13.991.77

19.192.804.955.61

38.4814.4221.072.99

26.0911.645.351.756.25

38.2512.7121.913.64

28.1314.723.744.43

P18.78P2.99P3.91v. 99

P10.89P4.65J>6.24P3.14P3.10

257.16104.9250.2064.3233.90

3.82

67.0039.3518.8869.5022.4020.5011.408.10

12.32

8.344.83

37.89

23.936.84

102.4236.1657.75

8.5173.6529.211.605.89

16.5:

25.089.06

14.141.88

19.312.785.025.65

38.8014.3121.502.99

26.2611.705.51.8:6.3

38.5312.7822.11

3.6428.0814.793.904.51

P18.34

PlP I O

P4

P2.98

256104496433

3.69

P67P38

17P692>22P20^11

12.33

37.59

MONTHLY FIGURES—Cont.GOVERNMENT FINANCE—Cont.

Ownership of U. S. Govt. securities—Cont.Marketable public issues—Cont.

By class of security—Cont.Bonds—Total outstanding.... 24

Nonbank (unrestricted issuesonly), commercial bank,and F. R. Bank 24


F. R. Bank 24By earliest callable or due date:

Within 1 year-Total outstanding 25Commercial bank and F. R.

Bank . . . 25F. R. Bank 25

1-5 years—Total outstanding. 25Commercial bank and F. R.

Bank 25F. R. Bank 25

5-10 years—Total outstanding 25Nonbank (unrestricted issues

only), commercial bank,and F. R. Bank 25

Commercial Bank and F. R.Bank 25

F. R. Bank 25Over 10 years—Total outstand-

ing 25Nonbank (unrestricted issues

only), commercial bank,and F. R. Bank 25


F. R. Bank 25Cash income and outgo:

Cash income 26Cash outgo 26Excess of cash income or outgo.. . . 26

MONEY RATES, ETC.

Treasury bills (new issues)Corporate bonds:

AaaBaa

F. R. Bank discount rateCommercial paper

Stock yields:Dividends/price ratio:

Common stockPreferred stock

29

29292929

3333

Margin requirements (per cent) 35Stock prices (1935-39=100), total . . . 35Stock market credit (mill, dollars):

Bank loans 35Customers' debit balances 35, 36Money borrowed 36Customers' free credit balances.... 36

Volume of trading (mill, snares) 35BUSINESS CONDITIONS

Personal income (annual rates, bill,dollars):e 6

Total 48Wage and salary receipts 48Proprietors' income, dividends, and

interest 48All other 48

Labor force (mill, persons):e

Total 49Civilian 49

Unemployment 49Employment 49

Nonagricultural 49Employment in nonagricultural estab-

lishments (mill, persons):« 5

Total 50Manufacturing and mining 50Construction 50Transportation and utilities 50Trade 50Government 50

Hours and earnings at factories:Weekly earnings (dollars) 51Hourly earnings (dollars) 51Hours worked (per week) 51


109.29

65.48

49.787.51

58.65

37.2311.0133.05

24.421.66

15.07

10.36

7.38.58

48.60

9.49

8.484.43

2.973.43

*--.46

104.92

61.06

46.477.22

56.39

36.0411.9835.07

26.831.92

18.54

11.34

8.381.39

45.13

8.47

7.483.59

4.264.06

+ .20

104.92

«60.97e46.53

7.11

56.07

«35.4411.0335.09

*27.051.92

18.54

«11.33

1^36

45.13

8.40e7.423.51

3.493.18

+ .31

Per cent

1.073 1.097 1.100

2.603.351.501.38

2.583.311.501.31

6.86 6.583.89 3.88

2.573.241.501.31

6.503.83

In unit indicated

50129

429813445596

1.32

209.4132.5

'•62.3rl4.6

64.462.93.4

59.551.6

42.3814.602.20

r3.899.305.82

54.741.393»-39.3

50133

426881523633

1.74

P211.5P134.1

P62.5P14.9

63.562.0

3.558.651.8

42.7114.882.133.949.405.81

56.401.41040.0

50135

424901493669

1.88

62.861 A

4.556.950.7

P42.66P14.842>2.19P3.91P 9 . 4 0P5.78

^56.44Pl.418



CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOKS—Continued

BANK CREDIT, MONEY RATES, AND BUSINESS—Continued

Chartbookpage

1949

Nov. Dec.

1950

Jan.i

Chartbookpage Nov. Dec. Jan.1

1950

MONTHLY FIGURES—Gont.

BUSINESS CONDITIONS—Cont.

Industrial production:6

Total (1935-39 = 100) 52Groups (points in total index):

Durable manufactures 52Nondurable manufactures 52Minerals 52

Manufacturing production(1935-39 =100), total 53

Durable 53Nondurable 53

Selected durable manufactures(1935-39=100):

Nonferrous metals 54Steel 54Cement 54Lumber 54Transportation equipment 54Machinery 54

Selected nondurable manufactures(1935-39=100):

Apparel wool consumption 55Cotton consumption. 55Shoes 55Paperboard 55Newsprint consumption 55Manufactured food products . . . . 55Fuel oil 55Gasoline 55Industrial chemicals 55Rayon 55

Sales, inventories, and orders:Sales (bill, dollars):6

Manufacturing, total 56Durable 56Nondurable 56

Wholesale, total 57Durable 57Nondurable 57

Retail, total 57Durable 57Nondurable 57

Inventories (bill, dollars):8

Manufacturing, total 56Durable 56Nondurable 56

Wholesale 57Retail 57

New orders (bill, dollars)Durable 56-Nondurable 56

Construction contracts (3 mo. movingavg., mill, dollars):6

Total 58Residential 58Other . . . 58

Residential construction:Contracts awarded (mill, dollars):6

Total 591- and 2-family dwellings 59Other 59

Dwellings started (thous. units) . . . 59Value of construction activity (mill,

dollars):Total • 60Nonresidential:e

Public 60Private 60

Residential:e

Public 60Private 60

Freight carloadings:5

Total (1935-39 =100) 61Groups (points in total index):

Miscellaneous 61Coal 61All other 61

Department stores:Indexes (1935-39=100):«

Sales 62Stocks 62

296 stores:Sales (mill, dollars).. . . 63Stocks (mill, dollars) 63Outstanding orders (mill, dollars) 63Ratios to sales (months' supply):

Total commitments 63Stocks 63

In unit indicated

173

'•69.282.821.4

179••183177

169137191139'214217

140138101210153••159182177'417'316

17.37.0

10.37.51.85.7

10.63.37.3

30.513.616.89.1

14.3

7.410.8

1,088470618

46734911993

1,767

448580

24715

117

65.127.923.6

'277273

397990350

3.42.4

180

77.482.220.0

188204175

174239206153219227

136134103193152159190180424••335

16.87.09.97.31.75.6

10.53.17.4

30.913.817.19.0

13.7

6.49.9

1,076470607

50736414379

1,612

365535

22690

115

69.720.724.9

293271

'583'788296

1.9'1.4

P183

P79.6PS3.7P19.9

P193P210P!79

P1922442072>134J>247P228

144»115209159

P1580194P\79P433

P7AP10.P7.2Pl.6P5.7

P10.9P3.6P7.3

P30.8*13.8*17.0?8.9

P13.8

992451541

47035311780

1,496

333489

24650

117

73.020.623.

282272

255788391

4.63.1

MONTHLY FIGURES—Cont.

BUSINESS CONDITIONS—Cont.

Consumers' prices (1935-39=100):All items . . 64Food 64Apparel 64Rent , . . . 64Miscellaneous 64

Wholesale prices (1926=100):Total 65Farm products 65Food... 65Other commodities 65

Textile products 66Hides and leather p r o d u c t s . . . . . 66Chemicals and allied products.. . 66Fuel and lighting materials 67Building materials . 67Metals and metal p roducts . . . . . . 67Miscellaneous 66

Prices paid and received by farmers(1910-14=100):

Paid, etc 69Received 69

ash farm income (mill, dollars):Total 70Livestock and products 70Crops 70Govt. payments 70

INTERNATIONAL TRADE AND FINANCE

Exports and imports (mill, dollars):Exports 76Imports 76Excess of exports or imports 76

Short-term liabilities to and claims onforeigners reported by banks (bill,dollars):

Total liabilities 77Official 77

Invested in U. S. Treasury billsand certificates 77

Private 77Claims on foreigners 77

Foreign exchange rates:See p. 395 of this BULLETIN 78, 79

QUARTERLY FIGURES

GOVERNMENT FINANCE

Budget receipts and expenditures ofU. S. Treasury:

Expenditures, total 27National defense 27, 28Veterans' Administration 28International aid 28Interest on debt 28Allother 28

Receipts:Net receipts 27Individual income taxes 28Corporate income, etc 28Miscellaneous internal revenue.. 28Allother 28Tax refunds (deduct) 28

MONEY RATES

Bank rates on loans to business:All loans:

19 cities 31New York City 317 Northern and Eastern cities... 3111 Southern and Western cities.. 31

Loans of $l,000-$10,000:19 cities 31New York City 317 Northern and Eastern cities... 3111 Southern and Western cities.. 31

In unit indicated

168.6200.8186.3122.0154.9151.6156.8158.9144.9138.0180.8115.9129.9189.6167.3109.7

'246'237

3,0501,3161,722

12

P836P594P242

P5.S7P2.S2

P.79P3.05

P.83

167.5197.3185.8122.2155.5

151.3155.3155.7

145.4138.4179.9115.3130.5

190.4167.8110.7

246233

2,3261,1421,175

9

P9432>605P338

PS.97P2.91

P. 80P3.06

P.81

166.9196.0185.0122.6155.1

151.6155.3154.7145.8138.5179.3115.7131.3191.7168.4110.0

249235

?2,255Pl.139Pl.100

P16

J>744P623P121

1949

Apr.-June

July-Sept.

Oct.-Dec.


10.153.151.651.681.871.678.053.842.832.00

.841.46

11.013.111.451.35

.992.959.263.633.042.12

.63

.16

9.963.051.561.091.572.63

8.422.912.852.20

.61

.15

Per cent per annum

2.742.352.863.17

4.634.224.674.80

2.632.322.643.07

4.624.234.714.74

2.652.382.673.03

4.534.144.634.66


MARCH 1950 375

CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOKS—ContinuedBANK CREDIT, MONEY RATES, AND BUSINESS—Continued

Chartbookpage

1949

Apr.-June

July-Sept.

Oct.-Dec.

Chartbookpage

1949

Apr.-June

July-Sept.

Oct.-Dec.

QUARTERLY FIGURES—Cont.

MONEY RATES—Cotlt.

Bank rates on loans to business—Cont.Loans of $10,000-$100,000:

19 cities. 31New York City 317 Northern and Eastern cities . . 3111 Southern and Western cities. . 31

Loans of $100,000-$200,000:19 cities 31New York City 317 Northern and Eastern cities. . . 3111 Southern and Western cities. . 31

Loans of $200,000 and over:19 cities 31New York City 317 Northern and Eastern cities . . 3111 Southern and Western cities.. 31

Stock yields:Earnings/price ratio, common

stocks 33

Per cent Per annum

BUSINESS FINANCE

Corporate assets and liabilities (bill,dollars):e

Current assets, total 37Cash 37U. S. Goyt. securities 37Inventories 37Receivables 37

Current liabilities, total 37Notes and accounts payable 37Federal income tax liabilities.... 37

Net working capital 37Corporate security issues:

Total (bill, dollars)e 38New money, total (bill, dollars) e. . 38

Type of security (bill, dollars):Bonds 38Preferred stock 38Common stock 38

Use of proceeds (mill, dollars):Plant and equipment:

All issuers 39Public utility 39Railroad 39Industrial 39

Working capital:All issuers 39Public utility 39Railroad 39Industrial 39

Bonds (bill, dollars) :e

Public 38Private 38

Corporate profits, taxes, and dividends(annual rates, bill, dollars):e 5

Profits before taxes 40Profits after taxes (dividends and

undistributed profits) 40Undistributed profits 40

Corporate profits after taxes (quar-terly totals):

All corporations (bill, dollars) e. ... 41Large corporations, total (bill, dol-

lars) 41Manufacturing (mill, dollars):

Durable 41Nondurable. 41

Electric power and telephone(mill, dollars) 41

Railroads (mill, dollars) 41

3.703.433.643.89

3.042.782.983.26

2.442.172.662.69

13.80

3,643.413.633.79

2.982.742.933.18

2.312.132.392.58

P12.97

3.613.353.653.74

2.982.733.003.12

2.352.212.412.56

In unit indicated

123.324.314.845.737.156.632.710.666.7

2.311.97

1.58.15.25

1,6151,293

111182

3534

237

1.15.74

26.4

15.8

3 . 9

491259

230115

124.624.715.644.738.056.932.910.267.7

.81

.69

.53

.06

.11

59927780

241

894

.40

.24

28.9

17.5

1.1

504295

228105

1.15.78.55.11.12

588396

77112

183

106

.31

.52

'29.

1 7 .

QUARTERLY FIGURES—Cont.

BUSINESS FINANCE—Cont.

Plant and equipment expenditures(bill, dollars):* 8

All business 42Manufacturing and mining; rail-

roads and utilities 42Manufacturing and mining 42

Individual savings:e

Gross savings 43Liquid savings 43

Cash 43U. S. Govt. securities 43Other securities 43Insurance 43Debt liquidation 43

GROSS NATIONAL PRODUCT, ETC. e

Gross national product 6 44Govt. purchases of goods and serv-

ices 44Personal consumption expenditures 44

Durable goods 46Nondurable goods 46Services 46

Private domestic and foreign invest-ment 44

Gross private domestic invest-ment:

Producers' durable equipment. 45New construction 45Change in business inventories. 45

Net foreign investment 45Personal income, consumption, and

saving: 6

Personal income 47Disposable income 47

Consumption expenditures 47Net personal saving 47

SEMIANNUAL FIGURES

INSURED COMMERCIAL BANKS

Loans:Commercial 11Agricultural 11Real estate 11Consumer 11For purchasing securities:

To brokers and dealers 11To others 11

State and local government securities 11Other securities 11

In unit indicated


+8+0

+0+0+1- 1

.8

.9

.1

.2

.8

.4

.6

+10.6+1.7+1.9- 0 . 2+0.2+1.5- 1 . 6

Annual rates,in billions of dollars

nsi .9'•44.2

179.3f-23.6K>9.855.9

'34.4

•̂20.016.4

r -3.21.2

'210.0191.4179.312.1

1948

Dec.31

'•254.6

'43.2179.7'25.7'97.6'56.5

'31.8

19.617.4

r-5.0' - . 3

'208.2189.5179.7

'9.8

255.2

43.7179.825.297.756.9

31.7

18.718.7

- 3 . 7- 2 . 0

209.3190.7179.810.8

1949

June30

Dec.31


18.762.78

10.676.80

1.340.945.513.42

162

107

.29

.73

.89

.17

1.97053

.90

.76

.49

e Estimated. P Preliminary. ' Revised.1 For charts on pp. 22, 29, and 35, figures for a more recent period are available in the regular BULLETIN tables that show those series. Because

the Chart Book is usually released for duplication some time after the BULLETIN has gone to press, most weekly charts and several monthly chartsinclude figures for a more recent date than are shown in this table.

2 Figures for other than Wednesday dates are shown under the Wednesday included in the weekly period,s Deficiency of less than 5 million dollars. 4 Less than 5 million dollars.5 Revised to include balances with Federal Reserve Banks.6 Adjusted for seasonal variation.7 Revised. Cash assets, as shown here, exclude cash items in process of collection.8 Expenditures anticipated by business during the first quarter of 1950 are (in billions of dollars): All business, 3.8; manufacturing and

mining, railroads and utilities, 2.6; manufacturing and mining, 1.7.* 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.


CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOKS—ContinuedCONSUMER CREDIT

Chartbookpage1

1949

Nov.

1950

Jan.p

Chartbookpage1

1949

Nov. Dec? Jan.

1950

In millions of dollars In millions of dollars

Consumer credit outstanding, total... 3Instalment credit, total 3, 5

Instalment loans 5Instalment sale credit 5

Charge accounts 3Single-payment loans 3Service credit 3

Consumer credit outstanding, cumu-lative totals:2

Instalment credit 4Charge accounts 4Single-payment loans 4Service credit 4

Consumer instalment sale credit out-standing, cumulative totals:2

All other retailers 6Department stores and mail-order

houses 6Furniture and household appli-

ance stores 6Automobile dealers 6

17,81310,4394,5595,8803,4542,927

993

17,8137,3743,920

993

5,880

5,313

4,4073,085

18,77710,8914,6516,2403,9092,987

990

18,7777,8863,977

990

6,240

5,589

4,5793,144

18,33510,8304,6676,1633,5063,002

997

18,3357,5053,999

997

6,163

5,544

4,5663,179

Consumer instalment sale creditgranted, cumulative totals:2

By all other retailersBy department stores and mail-

order housesBy furniture and household appli-

ance storesBy automobile dealers

Consumer instalment loan credit out-standing, cumulative totals:2

Commercial and industrial banks.Small loan companiesCredit unionsMiscellaneous lendersInsured repair and modernization

loans

907

794

620431

4,5592,3711,4961,102

792

1,053

879

650392

4,6512,4501,5211,119

802

658-

581

479374

4,6672,4581,5271,124

807

P Preliminary.1 Annual figures for charts on pp. 9-19, inclusive, are published as they become available.2 The figures shown here are cumulative totals, not aggregates for the individual components. Aggregates for each component may be derived

by subtracting from the figure shown, the total immediately following it.

MARCH 1950 377

PAGE

International capital transactions of the United States... 380-385

Gold production.. 385

Reported gold reserves of central banks and governments. .. 386

Gold movements; gold stock of the United States.. 387

International Monetary Fund and Bank.. 388

Central banks 388-392

Money rates in foreign countries. .. 393

Commercial banks 394

Foreign exchange rates.. 395

Price movements:.

Wholesale prices.. 396

Retail food prices and cost of living. . . 397

Security prices... 397

Tables on the following pages include the principal available statistics of current significance relatingto 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 com-mercial 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 ReserveBanks from banks, bankers, brokers, and dealers in the United States in accordance with the TreasuryRegulation of November 12, 1934. Back figures for all except price tables, together with descriptivetext, may be obtained from the Board's publication, Banking and Monetary Statistics.

MARCH 1950 379

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATESNET 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—

1935—Dec. (Jan. 1, 1936).1936—Dec. 301937—Dec. 291938—Dec. (Jan. 4, 1939).1939—Dec. (Jan. 3, 1940).

1940—Dec. (Jan. 1, 1941).1941—Dec. 311942—Dec. 31 3

1943—Dec. 311944—Dec. 31

1945—Dec. 311946—Dec. 311947—Dec. 311948—Dec. 31

1949—Jan. 31Feb. 28Mar. 31Apr. 30May 31June 30July 31Aug. 31Sept. 30Oct. 31Nov. 30PDec. 31P

Total

1,440.72,667.43,501.13,933.05,112.8

5,807.95,354.15,980.27,267.17,728.4

8,802.88,009.58,335.28,560.6

8,652.08,712.48,638.08,589.88,468.78,559.08,449.48,526.28,485.98,653.78,648.78,771.1

Increase in foreign bankingfunds in U. S.

Total

631.5989.5

1,259.31,513.92,522.4

3,239.32,979.63,465.54,644.84,865.2

6,144.55,272.34,120.35,119.5

5,220.25,298.95,212.75,151.94,953.85,008.84,868.74,873.64,937.05,115.35,133.65,223.7

Official i

38.0140.1334.7327.0634.1

1,281.11,177.11,557.22,610.02,624.9

3,469.02,333.61,121.82,126.0

2,221.22,294.22,236.62,128.11,941.62,015.01,864.61,866.31,877.62,025.62,109.32,203.5

Other

593.5849.4924.6

1,186.91,888.3

1,958.31,802.61,908.32,034.82,240.3

2,675.52,938.72,998.52,993.6

2,999.03,004.72,976.13,023.83,012.22,993.83,004.13,007.23,059.53,089.73,024.33,020.2

Increase inbanking

funds of in-ternationalinstitutions

in U. S.

""i&.h"2,242.01,844.3

1,914.21,892.11,897.31,880.21,874.31,874.71,859.51,778.81,722.11,692.41,655.11,637.8

Decreasein U. S.bankingfunds

abroad

361.4431.5449.1510.1650.4

775.1791.3888.8877.6805.8

742.7427.2186.5116.8

139.3138.4152.5178.0249.4275.0287.5338.0318.0287.0302.9328.2

Foreignsecurities:

Returnof U. S.funds 2

125.2316.2583.2641.8725.7

803.8855.5848.2925.9

1,019.4

972.81,237.91,276.91,182.1

1,186.91,188.21,170.51,176.11,180.51,190.51,199.61,203.51,123.51,176.41,188.31,197.6

Domesticsecurities:Inflow offoreignfunds 2

316.7917.4

1,162.01,219.71,133.7

888.7626.7673 .3701.1911.8

798.7464.5367.0174.8

71.276.782.484.695.793.6

114.6211.1258.3255.9247.5259.7

Inflow inbrokeragebalances

6.012.947.547.680.6

100.9100.9104.4117.8126.3

144.1153.7142.4123.1

120.3118.1122.6118.9115.1116.3119.5121.2127.0126.8121.3124.0

TABLE 2.—TOTAL CAPITAL MOVEMENT, BY COUNTRIES

From Jan. 2, 1935tthrough—

1944—]}ec 311945—j)ec# 311946—Dec. 311947—Dec. 311948—Dec. 31


Interna-tional in-stitutions

453.82,067.31,677.1

1,672.51,650.51,639.61,622.61,616.71,619.11,615.91,630.61,623.71,594.91,558.91,541.7

Total

7,728.48,802.87,555.76,267.96,883.4

6,979.57,062.06,998.36,967.26,852.16,939.96,833.46,895.66,862.17,058.87,089.87,229.4

UnitedKing-dom

1,090.0892.5563.1437.0659.7

682.4689.7620.9558.7464.6533.5473.7479.2525.5587.3644.5680.8

France

585.7464.2384.8234.3

74.2

57.653.656.067.396.5

107.178.078.495.2

110.9125.3114.0

Neth-er-

lands

506.2539.7326.4213.8103.0

127.6122.9129.0120.9121.3134.8143.7128.7174.0189.6165.3171.0

Switz-er-

land

664.3722.3766.1839.3846.0

871.2859.9883.3925.5918.0910.5885.6898.5910.0933.8916.0943.3

Italy

63.1106.5287.5150.1335.9

383.7403.7396.8389.5372.8376.5381.3400.6291.4291.6297.1305.6

OtherEurope

1,172.51,311.81,246.31,100.61,122.2

1,145.81,192.91,167.91,153.01,104.71,080.11,083.51,097.01,089.61,093.91,103.81,150.7

TotalEurope

4,081.84,037.03,574.22,975.13,141.1

3,268.33,322.83,253.93,214.93,077.93,142.53,045.93,082.23,085.73,207.13,252.13,365.3

Can-ada

976.41,395.7

979.7688.6947.3

970.0996.4

1,006.4953.3942.3925.4909.3903.9893.5928.7944.7980.4

LatinAmerica

1,193.71,338.41,474.01,383.41,503.6

1,524.01,541.91,508.31,573.21,621.41,660.81,689.41,715.11,679.01,758.71,770.21,784.0

Asia

1,273.61,784.11,258.3

975.81,056.7

990.6963.4983.4996.4966.4955.5940.0955.5946.6899.6866.8850.3

Allother

203.0247.5269.6244.9234.9

226.7237.5246.4229.5244.1255.7248.9239.0257.2264.7256.0249.4

P Preliminary.1 This category made up as follows: through Sept. 21, 1938, funds held by foreign central banks at the Federal Reserve Bank of New York

and deposit accounts held with the U.S. Treasury; beginning Sept. 28, 1938, also funds held at commercial banks in New York City by centralbanks maintaining accounts at the Federal Reserve Bank of New York; beginning July 17, 1940, also funds in accounts at the Federal ReserveBank of New York which had been transferred from central bank to government names; beginning with the new series commencing with themonth of July 1942, all funds held with banks and bankers in the United States by foreign central banks and by foreign central governmentsand their agencies (including official purchasing missions, trade and shipping missions, diplomatic and consular establishments, etc.).

2 Beginning with 1947, these figures include transactions of international institutions, which are shown separately in Tables 5 and 6. Securitiesof such institutions are included in foreign securities.

3 The weekly series of capital movement statistics reported through July 1, 1942, was replaced by a monthly series commencing with July 1942.Since the old series overlapped the new by one day, the cumulative figures were adjusted to represent the movement through June 30 only. Thisadjustment, however, is incomplete since it takes into account only certain significant movements known to have occurred on July 1. Subsequentfigures 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 seeBULLETIN 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 Reportedby Banks in the United States, by Countries" are not strictly comparable with the corresponding figures for preceding months owing to changesin reporting practice of various banks. The cumulative figures in Tables 1, 2, and 3 of "Net Capital Movement to United States" have beenadjusted 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.


INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—ContinuedNET CAPITAL MOVEMENT TO UNITED STATES SINCE JANUARY 2, 1935—Continued

[Net movement from United States'; (—). In millions of dollars]

TABLE 3.—INCREASE IN FOREIGN BANKING FUNDS IN U. S., BY COUNTRIES


Inter-national

insti-tutions

TotalUnitedKing-dom

Neth-er-

lands

Switz-er-

landItaly Other

EuropeTotal

EuropeCan-ada

LatinAmerica Asia All

other

1944—Dec. 311945—Dec. 311946—Dec. 31.1947—Dec. 311948—Dec. 31


453.82,242.01,844.3

1,914.21,892.11,897.31,880.21,874.31,874.71,859.51,778.81,722.11,692.41,655.11,637.8

4,865.26,144.55,272.34,120.35,119.5

5,220.25,298.95,212.75,151.94,953.85,008.84,868.74,873.64,937.05,115.35,133.65,223.7

804.4646.4397.6264.9485.0

506.8515.6456.0376.4294.3349.1290.291.1377.6451.3495.3513.0

356.6229.9165.887.6

112.6

89.887.989.5

100.7104.1114.284.070.386.8

103.8103.091.4

193.1265.0208.2126.7106.1

112.1103.1109.691.395.4

104.3113.6102.0149.1166.3146.3153.2

221 A286.3359.0432.8525.3

546.9534.5551.3585.1569.8557.9531.1538.2545.1563.2544.9555.3

7.050.1

247.6132.8313.2

364.4389.5379.3373.8356.5364.0367.0381.0265.5266.3275.4285.3

611.2745.8687.2576.6574.8

594.0636.1599.2592.1544.8514.4514.2516.4501.0507.4513.7555.9

2,193.72,223.42,065.51,621.42,117.1

2,214.02,266.72,184.92,119.51,965.02,003.81,900.11,899.01,925.12,058.32,078.62,154.2

818.6,414.2823.9301.6667.2

727.8750.3763.3708.3688.5671.8640.7635.0719.6702.8717.0758.9

794.7924.9983.3

1,095.01,165.4

,173.9,194.6,147.8,212.6,191.7,216.9,230.8,246.4,197.8,294.9,318.2,315.7

888.61,369.11,135.7

877.3971.2

913.7889.2909.7921.1903.5900.7888.3897.0878.9835.9804.0784.2

169.7212.9263.9224.9198.6

190.8198.2207.0190.4205.1215.6208.8196.2215.7223.3215.8210.7

TABLE 4.—DECREASE IN U. S. BANKING FUNDS ABROAD, BY COUNTRIES

From Jan. 2, 1935, through—• TotalUnitedKing-dom

FranceNeth-

er-lands

Switz-er-

landItaly Other

EuropeTotal

EuropeCan-ada


other

1944—Dec. 31..1945—Dec. 31..1946—Dec. 31..1947—Dec. 31..1948—Dec. 31..

1949—Jan. 31..Feb. 28..Mar. 31..Apr. 30..May 31..June 30.July 31..Aug. 31.,Sept. 30..Oct. 31..Nov. 30PDec. 31 P

805.8742.7427.2186.5116.8

139.3138.4152.5178.0249.4275.0287.5338.0318.0287.0302.9328.2

266.1266.6244.3262.8267.5

267.7265.0258.2274.0260.4275.0271.5277.1235.2225.6237.2253.2

77.778.073.455.7

-39.9

-36.9-37.3-36.6-35.3-9 .0-7 .9-6 .0

9.10.911.026.928.0

18.3-17.7

-132.3-30.5-32.7

-12.7-6 .8-6 .2

7.16.8

13.914.412.711.812.612.313.4

6.85.2

-1.71.11.2

1.31.7

.31.01.91.81.81.94.54.13.54.3

26.226.210.65.5

10.8

7.01.95.13.43.5- . 5

.15.5

11.210.57.76.2

231.5235.1226.9190.9203.5

207.8212.5224.3214.9213.7214.2217.9227.6224.9221.1224.4224.1

626.6593.4421.3485.5410.3

434.2437.0445.1465.0477.3496.5499.8534.5498.5484.9512.0529.2

64.839.540.765.453.0

52.254.453.458.757.859.060.358.557.561.159.955.0

37.09.1

-58.8-346.3-348.6

-338.7-345.1-337-337-265-255-250-242.3-233-248-255.9-239.5

77.799.229.92.0

10.3

-1 .5-2 .4- . 9

-12.4-18.0-14.2-7 .5

2.4-4 .4- 6 . 1-7 .6

- . 31.5

-5.8-20.1-8.3

-9.1-6.4-6.6-7.0-7.6-7.4-7.7-5.2-6.5-6.4-6.9-9.0

TABLE 5.—FOREIGN SECURITIES: RETURN OF U. S. FUNDS, BY COUNTRIES(Net Purchases by Foreigners of Foreign Securities Owned in U. S.)


Inter-national

insti-tutions

TotalUnitedKing-dom

FranceNeth-

er-lands

Switz-er-

landItaly Other

EuropeTotal

EuropeCan-ada


other

1944—Dec. 311945—Dec. 311946—Dec. 31. . . .1947—Dec. 311948—Dec. 31

1949—Jan. 3 1 . .Feb. 28. .Mar. 31. .Apr. 30..May 31. .June 30..July 31. .Aug. 31. .Sept. 30..Oct. 31. .Nov. 30P .Dec. 31P.

-249.3-249.3

-249.3-249.3-265.3-265.3-265.3-265.3-265.3-265.3-265.3-265.3-265.3-265.3

1,019.4972.8

1,237.91,526.21,431.3

1,436.11,437.51,435.81,441.41,445.81,455.81,464.81,468.81,388.81,441.71,453.61,462.9

126.5117.796.894.984.9

82.582.081.880.980.981.479.177.172.871.471.4

51.051.250.247.142.9

42.842.942.942.943.042.842.842.943.242.943.043.2

33.633.026.0-3 .9- 9 . 1

-9 .3-9 .4-9 .0-9 .7

-10.1-10.0-9 .2-9 .5-9 .6-9 .7-9 .7-9 .3

44.545.231.216.3

-19.0

-18.7-17.9-17.0-16.4-15.7-15.4-16.4-14.1-12.0-9 .2-6 .6-4 .0

27.627.526.726.526.5

26.626.626.727.026.927.027.127.126.926.926.927.0

246.9249.2260.2275.8287.2

288.1289.0289.5290.1290.5295.0295.4296.2306.1307.4308.1311.7

530.1523.8491.2456.7413.3

414.3413.8415.0415.7415.5420.3421.1421.7431.7431.1433.2440.0

104.949.1

236.6441.8339.7

341.5341.6336.3337.0342.1344.4350.3352.4260.5312.9321.9320.9

302.0317.1448.4537.6578.3

580.0581.5583.4586.9586.4588.8591.0591.8593.5594.6595.4598.5

61.360.861.161.663.2

63.263.263.363.863.763.963.963.963.963.964.063.9

21.022.0

.728.436.9

37.137.437.838.038.138.438.639.139.139.239.239.5

p Preliminary.

MARCH 1950 381

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—ContinuedNET 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)


1944—Dec. 311945—Dec. 311946—Dec# 3i1947—Dec. 311948—Dec# 31

1949—Jan. 31Feb. 28Mar. 31 . . -.Apr 30May 31June 30July 31Aug. 31Sept. 30Oct. 31.Nov. 30PDec. 31 P

Inter-national

insti-tutions

74.582.1

7.67.67.67.67.79.7

21.7117 0166.9167.9169.1169.1

Total

911.8798.7464.5292.492.7

63.669.174.877.088.084.093.094.091.488.078.490.6

UnitedKing-dom

-125.4-157.9-194.9-203.8-194.7

—194.0-190.4-192.6-190.3— 188 2-188.7-186.5-185.2-182.1-179.9-176.6-173.9

France

77.381.774.924.7

—58.1

-54.8-56.4-56.6-57.7—58.2-58.5-58.8-60.7-61.7-63.0-63.8-64.9

Neth-er-

lands

239.0233.5207.0108.729.5

27.826.524.622.319.516.515.214.213.210.15.74 . 0

Switz-er-

land

368.5355.4337.9350.9311.0

314.9317.8324.4331.8338.8342.8346.0349.5348.1348.7348.9359.3

Italy

1.92 . 22.1

—15.0-15.0

-14.7-14.7-14.8-15.2-14.6-14.4-13.5-13.5-12.9-12.7-13.5-13.4

OtherEurope

72.468.057.343.145.7

45.344.744.644.844.745.445.245.146.246.546.347.9

TotalEurope

633.7582.9484.3308.7118.4

124.5127.5129.6135.8142 0143.1147.6149.5150.8149.7147.2159.0

Can-ada

—28.1—126.6-143.0—139.8—132.3

—171.0-168.7—165.8-170.6—166.2—168.6-162.5— 163.0-165.0-168.1-172.3-174.6

LatinAmerica

54.981.387.684.294.4

97.197.598.799.699.699.7

104.9104.2102.8101.098.095.9

Asia

240.5251.326.828.35.1

5.75.44.95.05.01.5

- 5 . 3—5.1- 5 . 3- 2 . 7— 1.7

3.0

Allother

10.79.98.8

11.07.2

7.37.57.37.27.78.38.38.48.18.07.27.4

TABLE 7.—INFLOW IN BROKERAGE BALANCES, BY COUNTRIES(The Net Effect of Increasesin Balances Held by Brokers

From Jan. 2, 1935, through—

1944—Dec. 311945—Dec. 311946—£)ec 31. .1947—Dec. 311948—Dec. 31

1949—Jan. 3iFeb 28Mar. 31Apr. 30May 31June 30July 31Aug. 31Sept. 30Oct. 31Nov. 30PDec. 31 P

Total

126.3144.1153.7142.4123.1

120.3118.1122.6118.9115.1116.3119.5121.2127.0126.8121.3

1124.0

UnitedKing-dom

18.519.819.218.217.0

17.017.017.316.817.217.217.117.117.717.517.117.1

in Foreign Brokerage Balances in U. S. and of Decreasesand Dealers in U. S. with Brokers and Dealers Abroad)

France

23.123.420.519.116.7

16.816.516.816.616.516.416.116.116.016.216.216.2

Neth-er-

lands

22.326.017.512.79.3

9.89.5

10.19.99.7

10.09.69.39.6

10.310.69.6

Switz-er-

land

23.030.339.638.227.5

26.823.824 324.023.123.523.222.824.427.025 328.4

Italy

.3

.4

.4

.3A

AA.5.5.55

.5

.6

.6

.5

.6

.6

OtherEurope

10.413.614.714.211.0

10.510.710.311.111.011.110.911.711.411.411.411.1

TotalEurope

97.7113.6112.0102.781.9

81.377.979 378.878.078.777.377.579.783.081 282.9

Can-ada

16.219.521.519.619.6

19.618.819 219.920.118.920.520.921.019.918 320.2

LatinAmerica

5.15.9

13.412.914 0

11.713.415 411.99.5

10 513.514.918 816.414 513.3

Asia

5.63.84.86.67.0

7.27.27 87.46.77.47.37.26.86.96 66.8

Allother

1.81.32.0

.7

.6

.5

.7

.8

.8

.8

.8

.8

.6

.7

.7

.7

.8

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

Date

1944—Dec.1945—Dec>1946—Dec.1947—Dec.1948—Dec.

1949—Jan.Feb.Mar.Apr.MayJuneJuly

313131. . .31 . . .31 . . .

31 . . .28...31 . . .30...31 . . .30...3 1 . . .

Aug. 3 1 . . .Sept.Oct.Nov.Dec.

30...3 1 . . .30P . .31P..

In-terna-tionalinsti-

tutions

21

111111111111

473.,262,864.

,934,912,917,900,894,894,879,798,742

3

703

112226571

,712.3,675,657

08

Total foreigncountries 2

Officialand

private

5,596.86,883.16,006.54,854.45,853.7

5,954.36,033.15,946.95,886.15,687.95,743.05,602^95,607.75,671.25,849.45,867.85,957.9

Official

3,335.24,179.33,043.91.832.12,836.3

2,931.53,004.52,946.92,838.42,651.92,725.32,574.92,576.62,587.92,735.92,819.62,913.8

UnitedKing-dom

865.7707.7458.9326.2546.3

568.2576.9517.3437.8355.6410.5351.6352.4438.9512.6556.7574.4

France

401310245167192

169168169180184194164150166183183171

.2

.0

.9

.7

.8

.9

.0

.7

.9

.3

.3

.1

.4

.9

.9

.1

.6

Neth-er-

lands

209281224143122

128119126107112120130118165182162169

.7

.6

.9

.3

.8

.7

.7

.2

.9

.0

.9

.2

.7

.7

.9

.9

.8

Switz-er-

land

239.3304 2372.6446.4538.9

560.5548.1564.9598.7583.4571.5544.7551.9558.7576.8558.5569.0

Italy

27.370 4

267.9153.1333.5

384.7409.8399.6394.1376.8384.3387.3401.3285.9286.6295.7305.6

OtherEurope

774.5909.1850.5739.8738.1

757.3799 A762.5755.4708.1677.6677.4679.6664.2670.7676.9719.1

TotalEurope

2,517.82,583.02,420.71,976.72,472.4

2,569.32,621.92,540.22,474.72,320.22,359.12,255.32,254.32,280.32,413.62,433.82,509.4

1

Can-ada

926.5,522.2931.8409.6775.2

835.7858.2871.2816.2796.4779.7748.7742.9827.5810.8824.9866.8

LatinAmerica

909.3

)

11

L.046.41,104.81,216.61,287.0

1,295.4L,316.11,269.41,334.21,313.3L,338.5U352.31,367.91,319.31,416.51,439.81,437.3

Asia

1,069.21,549.71,316.41,057.91,151.8

1,094.41,069.81,090.31,101.81,084.11,081.31,068.91,077.61,059.51,016.5

984.6964.8

Allother

174.0181.8232.8193.7167.4

159.6167.0175.8159.2173.9184.4177.6165.0184.5192.1184.6179.5

Preliminary.1 Amounts outstanding (in millions of dollars): foreign brokerage balances in U. S., 73.4; U. S. brokerage balances abroad, 26.3.2 Country breakdown is for "Official and private."


INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—ContinuedSHORT-TERM LIABILITIES TO AND CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES,

BY COUNTRIES—Continued[Amounts outstanding, in millions of dollars]

LIABILITIES TO FOREIGNERS—SUPPLEMENTARY DATA

Other Europe

Date

1944—Dec. 3 1 . . .1945—Dec. 3 1 . . .1946—Dec. 3 1 . . .1947—Dec. 31 . . .1948—Dec. 3 1 . . .

1949—Jan. 31 . . .Feb. 2 8 . . .Mar. 31 . . .Apr. 3 0 . . .May 31 . . .June 3 0 . . .July 3 1 . . .Aug. 31. . .Sept. 30.. .Oct. 3 1 . . .Nov. 30P . .Dec. 31P . .

OtherEurope

774.5909.1850.5739.8738.1

757.3799.4762.5755.4708.1677.6677.4679.6664.2670.7676.9719.1

Bel-gium

124.3185.0159.5124.9128.7

129.0163.3143.5148.1142.4124.0117.5142.2126.7125.3118.4121.1

Den-mark

14.825.966.552.844.7

48.849.844.340.633.732.833.732.031.831.835.438.0

Fin-land

7 . 15 .5

22.230.519.1

17.216.916.017.417.718.217.417.717.115.524.025.1

Ger-many1

6 . 87 . 07 .1

89.5178.9

186.2196.1188.3180.1159.9160.0169.6150.2147.8145.2141.6149.4

Greece

48.770.849.334.721.1

23.724.428.730.329.828.527.025.024.723.323.729.6

Luxem-bourg

18.622.322.621.716.0

14.114.112.814.314.414.213.914.113.813.513.113.6

Nor-way

220.8216.1123.556.277.7

77.581.283.283.074.069.065.962.460.862.666.469.4

Portu-gal

54.547.939.047.137.7

42 A39.439.539.333.433.033.830.331.333.933.938.1

Ru-mania

9 . 59 . 38 .98 .77 . 0

6 .25 .95 .96 . 57 . 06 . 96 . 86 . 87 . 16 . 76 .76 .7

Spain

43.431.716.412.813.6

15.514.714.912.813.3

9 . 811.38.29 . 6

10.810.715.7

Sweden

152.1210.1172.658.649.0

53.154.551.549.957.055.857.961.062.069.278.690.1

USSR

16.128.060.573.721.3

22.720.213.313.710.712.48.7

10.511.311.98.2

10.2

Yugo-slavia

5 .75 .7

12.412.119.9

14.913.312.0

7 .36 . 06 . 85 . 36 . 49 . 1

13.610.4

7 .6

Allother

52.143.789.9

116.5103.3

106.0105.7108.6112.0108.8106.2108.6112.8111.3107.4105.7104.7

Latin America

Date

1944—Dec. 3 1 . . .1945—Dec. 3 1 . . .1946—Dec. 31 . . .1947—Dec. 3 1 . . .1948—Dec. 31 . . .

1949—Jan. 3 1 . . .Feb. 2 8 . . .Mar. 3 1 . . .Apr. 3 0 . . .May 3 1 . . .June 3 0 . . .July 3 1 . . .Aug. 31. . .Sept. 30. . .Oct. 31. . .Nov. 30P . .Dec. 31* . .

LatinAmer-

ica

909.31,046.41,104.81,216.61,287.0

1,295.41,316.1

:

L,269.41,334.2L,313.3L,338.5L.352.31,367.91,319.31,416.51,439.81,437.3

Argen-tina

93.977.3

112.6236.2215.8

225.7226.9224.7225.0227.4229.8229.4228.6221.7227.7234.4201.1

Bo-livia

17.714.514.017.817.1

16.415.315.014.815.414.814.914.416.215.713.213.5

Brazil

140.8195.1174.0104.7123.7

120.1118.998.3

126.9117.2115.9118.1128.0145.0165.0216.9192.8

Chile

55.066.350.746.355.6

54.556.052.062.654.856.365.157.958.159.554.960.5

Co-lom-bia

83.679.257.846.154.0

55.549.142.439.445.751.959.849.051.057.670.185.9

CostaRica

7 . 46 . 97.77 . 38 .9

9 . 710.610.410.7

7 .56.67 .38 .68 .38.2

11.08.3

Cuba

139.3128.3153.5234.7219.4

218.8226.0224.5229.9167.8167.7174.8187.7179.6181.7*174.4164.2

FrenchWestIndiesandGui-ana

4 . 47 . 15 42 . 41.2

.9

.9

.7

.7

.6

.6

.9

.51.3

.8

.6

.5

Mex-ico

83.1116.4152.2139.2146.7

142.9138.6144.9138.4157.5162.6163.3175.5184.2185.7195.0214.6

Neth-er-

landsWestIndiesandSuri-nam

36.028.216.114.924.3

24.825.523.924.824.824.124.329.127.830.523.525.9

Pana-ma

69.188.777.270.371.8

72.272.878.877.173.470.063.164.669.172.774.274.3

Peru

27.743.940.941.852.6

51.050.446.050.653.052.955.958.359.461.453.353.8

Vene-zuela

31.549.774.078.0

121.7

122.4129.6113.4137.1171.3187.5162.0161.299.4

160.4129.2143.2

OtherLatinAmer-

ica

119.8144.8168.7176.8174.0

180.6195.7194.5196.2196.9197.8213.5204.4198.3189.6189.1198.6

Asia and All Other

Date

1944—Dec. 3 1 . . .1945—Dec. 31. . .1946—Dec. 31. . .1947—Dec. 31. . .1948—Dec. 3 1 . . .

1949—Jan. 3 1 . . .Feb. 2 8 . . .Mar. 3 1 . . .Apr. 3 0 . . .May 3 1 . . .June 3 0 . . .July 3 1 . . .Aug. 3 1 . . .Sept. 30. . .Oct. 3 1 . . .Nov. 30P ..Dec. 31* . .

Asia

1,069.21,549.61,316.41,057.91,151.8

1,094.41,069.81,090.31,101.81,084.11,081.31,068.91,077.61,059.51,016.5

984.6964.8

Chinaand

Man-chu-ria

427.3582.3431.9229.9216.2

190.1182.2179.0161.9147.0119.2125.3123.7124.1116.3113.4111.9

FrenchIndo-China

27.428.039.9

6 . 57.8

8.28 .37.78 . 05 . 56 .15 . 05 . 55 . 15 . 35 .25 .3

HongKong

22.927.444.939.851.1

57.352.953.452.655.767.778.980.982.381.582.685.7

India

22.133.443.562.451.8

42.442.852.051.655.560.954.269.159.952.656.463.3

Brit-ishMa-laya

1.31.2

17.311.012.9

11.410.110.512.312.212.512.312.411.611.410.18 .6

Japan

4 . 04 . 1

16.631.381.4

91.6121.6128.4123.2135.2141.6144.2152.8161.5189.5204.8214.6

Indo-nesia

110.5113.7127.169.341.5

41.038.834.733.531.536.127.129.027.220.517.816.4

Phil-ippineRe-

public

365.8629.1446.6488.6488.3

450.4402.5413.6426.8407.4387.6367.3363.7348.4334.1306.3297.3

Tur-key

23.752.554.737.617.5

18.719.520.617.220.215.318.213.615.112.111.2

9 . 8

OtherAsias

64.278.093.881.5

183.3

183.4191.2190.5214.8213.9234.3236.3226.9224.3193.3176.8151.8

Allother

174.0181.8232.8193.7167.4

159.6167.0175.8159.2173.9184.4177.6165.0184.5192.1184.6179.5

Aus-tra-lia

52.928.945.530.622.2

17.517.517.415.421.819.722.320.231.744.039.432.4

NewZea-land

3 . 54 . 38 .05 .95 . 3

4 . 34 . 74 . 65 . 35 .7

11.611.510.712.410.09 . 47 .8

Egyptand

Anglo-Egyp-tian

Sudan

7 .318.920.825.027.7

24.225.537.037.942.554.149.649.958.760.258.361.6

FrenchMo-

rocco

4 . 310.014.910.111.4

11.511.211.112.011.811.8

9 . 710.2

9 . 810.711.811.2

Unionof

SouthAfrica

8 . 36 . 4

47.246.415.8

12.612.315.110.012.39 . 17.36 . 75 . 85.76 . 96 . 0

Other

97.6113.496.475.884.9

89.495.890.678.779.978.177.267.266.261.558.760.4

p Preliminary.1 Beginning March 1947, figures include balances in accounts opened by occupation authorities for foreign trade purposes.2 Beginning January 1948, includes Pakistan, Burma, and Ceylon, previously included with India.

MARCH 1950 383


BY COUNTRIES—Continued

[Amounts outstanding, in millions of dollars]

CLAIMS ON FOREIGNERS

Date

1944—Dec. 311945—Dec. 311946—Dec 311947—Dec. 31 ..194g__Dec. 31

1949—jan. 31Feb. 28Mar. 31Apr. 30May 31June 30July 31 . . .Aug. 31Sept 30Oct. 31 . . .Nov. 30?Dec. 31P

Total

329 7392.8708.3948 9

1,018.7

996 1997.1983.0957 5886.1860.5848 0797.5817.5848 5832.6807.3

UnitedKing-dom

25.925.447.729.224.5

24 327.033.818 031.617 020 514.956.866 454.838.8

France

1.41.15.7

23.4119.0

116.0116.4115.7114.488.186.985.069.368.268.152.251.1

Neth-er-

lands

.336.3

151.049.151.4

31.425.424.911.511.84.74.26 . 06.96.16 . 35 .2

Switz-er-

land

1.32 . 99.87.06 . 9

6 . 86 . 47.87.16 .26.36.46 .23.64 04 . 63 . 8

Italy

. 3

.316.021.115.8

19.624.721.423.123.127.126.421.115.316 018.820.4

OtherEurope

78.374.682.8

118.9106.3

102.097.385.594.996.195.691.982.284.988 785.485.7

TotalEurope

107.5140.7312.9248.6323.8

300.0297.2289.1269.1256.8237.6234.3199.6235.7249 2222.1204.9

Can-ada

28.153.352.227.539.8

40.738.539.534.235.033.932.634.435.431 833.037.8

LatinAmer-

ica

131.0158.9226.8514.3516.6

506.7513.1505.1505.9433.8423.1418.8410.3401.9416 2423.9407.5

Asia

51.429.999.2

127 0118.8

128.3130.6131.4130 0141.4147.0143 2136.6126.7133 5135.2136.7

Allother

11.79 . 9

17.231.519.7

20 517.818.018 419.018.819 116.617.917 818.320.4

CLAIMS ON FOREIGNERS—SUPPLEMENTARY DATA

Other Europe

Date

1944—Dec 311945—Dec. 31. . .1946—Dec. 311947—Dec 311948—Dec. 31

1949—jan 3iFeb. 28Mar. 31Apr. 30May 31June 30 . . .July 31Aug. 31Sept. 30Oct 31Nov. 30PDec. 31*

OtherEurope

78.374 682.8

118.9106.3

102.097 385.594.996.195.691.982.284.988.785 485.7

Bel-gium

.7

.67 .5

15.021.4

20.418 518.116.518.318.917.913 614.116.112 613.4

Den-mark

C1)

2.2.6

1.51 31.71.4

.91.1

.91 0

.7

.77

.4

Fin-land

C1)(i)6 .28.03.4

3.84 23 . 03.94.94 84 . 95 56 . 68.69 28.2

Ger-many

33.933.930.430.530.5

29.629.529.829.629.829.829.929.730.330.322.122.1

Greece

.6

.712.410.61.2

.9

.8

.91.0

.81.01.0

.7

.8

.8

.71.7

Luxem-bourg

.1

.1

.1

.1C1)

.2

.1

0)C1)

.2

. 1

.2

.2

.1

.1

Nor-way

35.131.6

3.39.28.4

14.814.98.78.38.78.68 .17 .98 .07.37.57 .4

Por-tugal

.8

.51.01.1

.7

.7

.6

.6

.5

.5

.5

.5

.4

.4

.5

.7

.5

Ru-mania

C1).1.1

0)C1)

C1)(1)

12.012.012.010.7

8.27 . 17.07.07 .0

Spain

1.81.67 .2

.92.9

1.21.81.62.84.84.23 . 32 . 53 . 83.86.17 .0

Swe-den

.2

.94 . 95.41 4

1

1

.5

5L.4L.4

5548

2.12.12 . 4

USSR

0)(1)(1)

C 1 ) ' 1

C1)(1)

C1)(1)

C1)(1)

C1)C1)(1)

C1)

Yugo-slavia

0)(1)(1)

6.0

C1)(1)(1 )

C1)C1)(1)

C1).2

C1)

Allother

5.14 79 . 4

35.829.7

27.424 319.717.514.113 213.011 011.011.316 715.6

Latin America

Date

1944—Dec. 311945—Dec. 311946—Dec. 311947—Dec. 311948—Dec. 31

I949—jan# 31Feb. 28Mar 31Apr. 30May 31. . . .June 30July 31Aug. 31. .-.Sept. 30.Oct. 31Nov. 30PDec. 31P

LatinAmer-

ica

131.0158.9226.8514.3516.6

506.7513.1505.1505.9433.8423.1418 8410.3401.9416.2423.9407.5

Argen-tina

3 . 121.041.865.272.4

65.767.262.358.058.957.655.556.152.453.352.151.6

Bo-livia

1.81.32 . 32 . 02 . 7

2 . 92.22.62.52 . 63.02 72 . 22 . 32.51.92.2

Brazil

25.324.749.8

165.8165.4

171.4178.7167.0175 3159.5155.0158 9160.5162.2165.1161.9137.2

Chile

9 . 06 .6

14.627.815.2

15.416.015.415.012.512.210.911.811.412.011.715.6

Co-lom-bia

15.516.826.432.632.6

31.229.330.032.037.937.732.124.422.622.622.321.4

CostaRica

1.21.22 . 93 . 51.9

2 . 32.22.82.92 . 62.52.93 . 03 . 73.73.74.0

Cuba

47.433.325.7

108.683.1

84.081.984.979.320.621.020 317.617.520.026.427.5

FrenchWestIndiesandGui-ana

C1).1.2

0)0)

C1)0)0)(1)

0)0)(1)

.6C1)0)

.3C1)

Mexico

8.611.025.552.273.8

70.571.875.874.769.668.367.268.064.166.472.072.1

Nether-landsWestIndiesandSuri-nam

.3

.5

. 81S

4L.2L.2

3L.I

11

1.13.01.21.3

Pana-ma

81.11.34 . 74 . 6

4 . 34.34.34.44 . 44.54.54 . 64 . 65.45.35.3

Peru

1.21.93 . 74 . 34 . 4

4 . 95.15.85.56 . 06.17.96 . 96 . 46.35.85.8

Vene-zuela

5 . 16 . 18 .7

15.326.0

23.424.323.624.725.723.723 022.422.323.023.625.7

OtherLatin

Amer-ica

11 733.423 131.032 7

29 428.829.430 332 130.431 530 831.233.035.637.8

P Preliminary.1 Less than $50,000.



BY COUNTRIES—Continued[Amounts outstanding, in millions of dollars]

CLAIMS ON FOREIGNERS—SUPPLEMENTARY DATAAsia and All Other

Date

1944—Dec. 311945—£)ec# 311946—Dec> 3i1947—Dec. 311948—Dec. 31

1949—Jan. 31Feb. 28Mar. 31Apr. 30May 31June 30July 31Aug. 31Sept. 30Oct. 31Nov. 30PDec. 31 P

Asia

51.429.999.2

127.0118.8

128.3130.6131.4130.0141 4147.0143.2136.6126.7133.5135.2136.7

Chinaand

Man-chu-ria

1.51.0

53.940.824.2

22.721.619.718.218.018.416.817.818.016.516.316.5

FrenchIndo-China

(2 )

(2)(2)

' 3.1

.52

.4

.42

(2 )

.2

.1

.2

.4

.1

.3

HongKong

.9

.85 92 . 63 . 4

5.23.74 . 34.86 43 .23.73.43 . 43.84.23 . 6

India

22.37.5

12.029.620.4

21.320 920.420.920 021.020.019.716.818.817.017.3

Brit-ish

Ma-laya

. 1

.1

.2

.9

.4

.6

.9

.5

.7

.7

.6

.7

.4

.5

.5

.4

.6

Japan

.5

.5

.2

.915.9

22.927 734.934.337.439.433.821.8

9 . 610.19.5

13.2

Indo-nesia

1.51.41.0

.51.9

3.21.11.11.21 51.11.2

.5

.4

.4

.2

.2

Phil-ippine

Re-public

13.813.820.227.437.3

33.833.831.730.531.930.225.327.524.625.525.923.8

Tur-key

1 82.01.4

17 71 4

1.41 61.11.52.1

Q

11.714.519 414.31S 714.3

OtherAsia1

8 .82.74 46 . 3

13.8

16.719 117.217.723 332.429.830.933.743.346.146.8

Allother

11.79.9

17.231.519.7

20.517.818.018.419.018.819.116.617.917.818.320.4

Aus-tra-lia

61.7S 49 04 7

5.45 1S 85.5•> 35 45.04 S4 64.8S 47.9

NewZea-land

7.7

1 11 5

5

1.1S7

.88

1 01.21 41 0

.9S

.5

Egyptand

Anglo-Egyp-tian

Sudan

.2

.3

.4

.1

.4

.5

.4

.3

.5

.4

.4

.6

.2

.4

.5

.6

.2

FrenchMo-

rocco

(2).1

(2)" 5

.2

.2

.4

.2

.3

.5

.2

.3

.4

.4

.7

.4

.8

Unionof

SouthAfrica

9 .74.7

10.114.4

7 .9

6.45.14 . 14.34.64 . 64.23.64 . 03.84.34 . 5

Other

1.02.52.26 . 06 . 1

6.96.36 . 97.07.47 .27.76.57.57.27.06 . 4

P Preliminary.1 Beginning January 1948, includes Pakistan, Burma, and Ceylon, previously included with India.2 Less than $50,000.

GOLD PRODUCTIONOUTSIDE U. S. S. R.


Year ormonth

19411942194319441945 .194619471948 . .

1948—Dec1949—jan. m

FebMar...A p rMay. . . .JuneJuly. . .Aug .SeptOct.NovD e c . . . . . . .

Estimatedworld

productionoutside

U.S.S.R.i

1,265.61,125.7

871.5784.0738 5752.5766.5791.0

Production reported monthly

Totalreportedmonthly

1,110.4982.1774.1701.5683.0697.0705.5728.1

60.258.456.362.260.8

*-63.264 863.166 265.4

Africa

SouthAfrica

504.3494.4448.2429.8427.9417.6392.0405.5

33.132.931.034.633.434.334.835.535.734.834.734 034.0

Rho-desia

27.826.623.020.719.919.118.318.0

1.61.51.51.61.71.61.51.61.61.51.5

WestAfrica2

I grains32.429.219.718.418.920.519.323.4

2 . 02 . 02 . 02 . 01.91.91.91.81.91.91.92 02 . 0

BelgianCongo3

of gold V19.618.015.812.712.111.610.811.1

.91.01.11.11 01.11.11.11.21.11.01 11.1

North and South America

UnitedStates4

10 fine: i.209.2131.048.835.832.551.275.870.9

4 . 83 . 93 . 95 . 55 .75 . 65 . 55 .76 . 56 .27 .37 . 46 . 6

Can-ada

c, an ou187.1169.4127.8102.394.499.1

107.5123.5

11.410.810.812.011.411.612.011.412.6

•12.712.812 713.1

Mex-ico

nee of fit28.028.022.117.817.514.716.312.9

1.0.7

1.0.8.6

1.81 61.01 41.6

Colom-bia

le gold = v

23.020.919.819.417.715.313.411.7

. 814110010001

Chile

135.9.36 . 46 . 17 . 16 . 38 . 15 .95.7

.4

.7

.3

.54

.5

.4

.5

. 6

.6

Nica-ragua5

7.58.67.77.97.06.47.47 . 8

.6

.7

.6

. 6

.6

.6

.6

.6

.7

.7

.67

.6

Other

Austra-lia

52.440.426 323.023 028.932.831.2

2 . 82 . 42 . 32 . 4

r2 52 . 5

r3 72 . 3

r2 52 . 62 7

India6

10 09 . 18 86 . 65 94 . 66 . 16 5

66

.5

566

.66

.554

r Revised.Gold -production in U. S. S. R.: No regular Government statistics on gold production in U. S, S. R. are available, but data of percentage changes

irregularly given out by officials of the gold mining industry, together with certain direct figures for past years, afford a basis for estimating annualproduction as follows: 1934, 135 million dollars; 1935, 158 million; 1936, 187 million; 1937, 185 million; and 1938, 180 million.

1 Estimates of United States Bureau of Mines.2 Beginning 1942, figures reported by American Bureau of Metal Statistics. Beginning 1944, they are for Gold Coast only.3 Reported by American Bureau of Metal Statistics.4 Includes Philippine production received in United States through 1945. Yearly figures are estimates of United States Mint. Monthly

figures are estimates of American Bureau of Metal Statistics, those for 1948 having been revised by subtracting from each monthly figure $214,952so that aggregate for the year is equal to the yearly estimate compiled by the United States Mint.

5 Gold exports, reported by the Banco National de Nicaragua, which states that they represent approximately 90 per cent of total production.6 Monthly figures reported by American Bureau of Metal Statistics.NOTE.—For explanation of table and sources, see BULLETIN for June 1948, p. 731; February 1939, p. 151; July 1938, p. 621; June 1938,

p. 540; and April 1933, pp. 233-235; and Banking and Monetary Statistics, p. 524. For annual estimates compiled by the United States Mint forthese and other countries in the period 1910-1941, see Banking and Monetary Statistics, pp. 542-543.

MARCH 1950 385

REPORTED GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS[In millions of dollars]

End of month

United States

Treas- Total i

Ar-gen-tina2

Bel-gium Brazil Canada3 Chile Co-

lombia CubaCzecho-

slo-vakia

Den-mark Egypt France

1945—Dec.1946—Dec.1947—Dec.1948—Dec.

1949—Feb..Mar.Apr..May.June.July.Aug..Sept.Oct..Nov.Dec.

1950—Jan..

20.06520,52922,75424,244

24,29024,31424,33224,34224,46624,52024,60824,60224,58424,47924,42724,395

20,08320,70622,86824,399

24,46424,46824,46124,51124,63724,70524,77124,72824,68824,62624,56324,507

1,1971,072322

716735597624

635641647665704720718715720709698679

354354354317

317317317317317317317317317317317

361543294408

415415407417428436448460470484496

82654543

4444434444444443434340

12714583

191226279289

289289289289289289289299299

6161

38383232

323232323232323232323232

52535353

53535353535353535353

1,090796548548

548548548523523523523523523523523523

End of month Hun-gary India

274274274256

247247247247247247247247247247247

Iran

131127127124

124124124124124124124124124124

Italy

24285896

969696

112122122133252252252252252

Java

s 201s 180

178178178178178178178178178178178

Mexico

294181100

Nether-lands

NewZealand

Nor- Peru Portu-gal i

Ruma- SouthAfrica Spain

1945—Dec..1946—Dec.1947—Dec.1948—Dec.

1949—Feb..Mar..Apr..May.June.July.Aug..Sept..Oct...Nov..Dec.

1950—Jan...

243435

353535353536373840404141

270265231166

166166166166166166161161161195195229

23232323

2323232428282829303132

80917252

52525252525252515151

28242020

20202020202020202028

245193158

150146

269

P215

914939762183

182166175166149149135121119120128

110111111111

111101

968885858585858585

End of month

1945—Dec...1946—Dec...1947—Dec...1948—Dec..

1949—Feb...Mar..Apr...May.June.July..Aug..Sept..Oct...Nov..Dec...

1950—Jan...

Swe-den

48238110581

808080717171717070707070

Switz-er-

land

1,3421,4301,3561,387

1,3941,4081,4121,4321,4191,4571,5031,4851,4861,4951,504

Tur-key

241237170162

162162161161160160160159154154154154

UnitedKing-dom 6

Uru-guay

195200175164

164164164164161161161177178178

Vene-zuela

202215215323

323323323323323323323373373373373373

16othercoun-tries 7

192193195217

228229231232232233235235299

P299P319P321

Inter-nationalMone-tary

Fund

151,3561,436

1,4361,4361,4361,4401,4401,4481,4501,4501,4501,4511,4511,459

Bankfor In-terna-tionalSettle-ments

39323036

414950555560475247646868

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 Reservestatement "Member Bank Reserves, Reserve Bank Credit, and Related Items" and in theTreasury statement "United States Money, Outstanding and in Circulation, by Kinds."

2 Estimated dollar values derived by converting gold at home in amounts up to 1,224.4million pesos at the rate of 3.0365 pesos per U. S. dollar and all other gold at the rate of3.5447 pesos per U. S. dollar.

3 Figures as reported by Foreign Exchange Control Board and Minister of Finance.4 Total gold holdings are not available. _ Beginning April 1946, the series is new and repre-

sents gold held as reserve (25 per cent minimum) less gold in foreign currency liabilities.5 Figures are for following dates: 1946—Mar. 31, and 1947—Mar. 31.6 Gold holdings of Bank of England reduced to nominal amount by gold transfers to British

Exchange Equalization Account during 1939.7 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 trans-

fers affecting the reported data, see Banking and Monetary Statistics, pp. 524-535; for backfigures through 1941 see Table 160, pp. 544-555, in the same publication and for those sub-sequent to 1941 see BULLETIN for February 1950, p. 252. For revised back figures for Argen-tina and Canada, see BULLETIN for January 1949, p. 86, and February 1949, p. 196, re-spectively.

Government gold reserves not included inprevious figures

End of month

1945—Dec1946—Dec

1947—MarJ u n e . . . .SeptDec



UnitedKing-dom

12,47612,696

12.38012,41012,38312,079

!2,24111,92011,77711,856

11,91211,65111.42511,688

France

2 457

Belgium

217

1 Exchange Equalization Account holdings ofgold, U. S. and Canadian dollars, as reported byBritish Government.

2 France—Exchange Stabilization Fund; Bel-gium—Treasury.

NOTE.—For details regarding special internalgold transfers affecting the British and Frenchinstitutions, see p. 388, footnote 4, and p. 389,footnote 8. For available back figures, seeBanking and Monetary Statistics, p. 526, andBULLETIN for November 1947, p. 1433, and Feb-ruary 1945, p. 190.


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

Yearor

month

1942. .1943..1944..1945..1946..1947..1948..1949. .

1949—Jan...Feb...Mar..Apr...May. ,June. .July..Aug..Sept..Oct...Nov..,Dec...

1950—Jan. P.

Total

315.768.9

-845.4-106.331.1.5

1,866.31,680.4686.4

66.221.519.813.69.56.9

131.1257.498.156.17.6

-1.439.0

UnitedKing-dom

2.0.1

-695.5.2.5

488.41,095.4527.9

20.3

-.1121.8243.6101.540.7

.2

Bel-gium France

162.9

Neth-er-

lands

-.1

-.1

Swe-den

28.0

U.S.S.R.

11.3

33.727.9-4.5

Canada

208.966.946.253.1

344.1445.4-29.7

5.8

Argen-tina

.1-10.8-50.3

-134.0335.5103.3

Colom-bia

10.6

21.025.114.1

1.0

1.03.02.0

2.15.1

Mexico

40.0-3.3

-109.715.13.6

-7.115.8-4.5

.4

.4

.3

.4

.3

.4

.2

.5-8.3

.4

.4

.3

.4

Nica-ragua

8.77.57.77.47.37.67.96.9

.7

.6

.6

.6

.4

.6

.7

.7

.6

.5

.4

.5

.4

Vene-zuela

4.02.2

-55.3-56.1

.2-.8

-136.1-4.5

-4.0

-.1

-.2

NET GOLD IMPORTS TO UNITED STATES,

BY COUNTRIES—Continued

[Net gold exports from United States (—). In millions of dollars]

Gold valued at approximately $35 a fine ounce

Year ormonth

19421943194419451946194719481949

1949—Jan....Feb . . .Mar...Apr . .May. .June..July...Aug.. .Sept.Oct... .Nov...Dec...

1950—Jan. P. .

OtherLatin

AmericanRepublics

16.314.6

-10.87.0

- 8 0-17.1

7.36.4

.7

.6

.45

.4

.86

.65

.5

.34

.4

Aus-tralia

.5

.2

.2

. 1

.1

.6

.3

China

- 9 . 5-11 .9

-134.0—55.8— 14.0

-17 .3

—5 2

- 3 . 5- 7 . 0— 1 6

Philip-pineRe-

public

. 3

.1— 2

- 3 . 5- 2 . 5

- . 1

.4

.2- . 2— 2

.3- . 1— .2

- . 1

— 3.2

SouthAfrica

4.1.3

3.6.4

118.6410.7491.5190.7

46.721.121.319.46.39.5

12.722.39.5

12.73.35.8

Allothercoun-tries

8.9.8

30.2.5

1.3— 18.6

1 -63.52-39.3

- . 2- 1 . 8- 4 . 3- 5 . 2

- . 6- 4 . 5- 2 . 1- 3 . 9- 4 . 8- 1 . 1—2.4- 8 . 5337.1

P Preliminary.1 Includes net exports of 39.2 million dollars to Switzerland, 10.7

million to Greece, 8.3 million to French Indo-China, and 5.3 millionto other countries.

2 Includes net exports of 18.3 million dollars to Poland, 8.6 millionto French Indo-China, 6.6 million to Portuguese Asia, and 5.8 millionto other countries.

3 Includes imports of 43.1 million dollars of Thailand gold fromJapan and net exports of 3.0 million dollars to Poland and 3.0 millionto other countries.

NOTE.—For back figures see Banking and Monetary Statistics,Table 158, pp. 539-541, and for description of statistics see p. 524in the same publication.

ANALYSIS OF CHANGES IN GOLD STOCK OFUNITED STATES


p

1942.194319441945.194619471948.1949

eriod

1949—Feb...Mar...Apr . . .May. .June. .July...Aug.. .Sept...Oct....Nov...Dec. . .

1950—Tan....Feb.. . .

Gold stock atend of period

Treas-ury

22,72621,93820,61920,06520,52922,75424,24424,427

24,29024,31424,33224,34224,46624,52024,60824,60224,58424,47924,42724,395

P24.345

Total 1

22,73921,98120,63120,08320,70622,86824,39924,563

24,46424,46824,46124,51124,63724,70524,77124,72824,68824,62624,56324,507

P24.455

Increasein total

goldstock

-23.0-757.9

-1,349.8-547.8

623.13 2,162.1

1,530.4164.6

16.23 . 6

-6.549.7

126.167.366.5

-43.1-39.8-61.7-63.2-56.3

P - 5 1 . 5

Netgold im-port orexport(-)

31568

79

-845.4-106

31135

1,866.31,680

686

21191396

131.257

985 6 .

7- 1P39

(4)

44

586591411640

Ear-marked

gold: de-creaseor in-crease(-)

-458.4-803.6-459.8-356.7

465.4210.0

-159.2-495.7

-22.2-16 .7-17 .7

37.8121.6

-19 .9-208.5-154.8—89.1-63 .9-59 .4-93.2

5-50.4

Domes-tic goldproduc-tion 2

125.448.335.832.051.275.870.969.9

3.95.55.75.65.55.76.56.27.37.46.6(4)(4)

P Preliminary. x See footnote 1 on opposite page.2 Yearly figures through 1948 are estimates of United States Mint.

Figures for 1949 are estimates of American Bureau of Metal Statistics.3 Change includes transfer of 687.5 million dollars gold subscrip-

tion to International Monetary Fund.* Not yet available.5 Gold held under earmark at the Federal Reserve Banks for foreign

account, including gold held for the account of international institu-tions, amounted to 4,416.9 million dollars on Feb. 28, 1950. Goldunder earmark is not included in the gold stock of the United States.

NOTE.—For back figures and description of statistics, see Bankingand Monetary Statistics, Table 156, pp. 536-538, and pp. 522-523.

MARCH 1950 387

INTERNATIONAL MONETARY FUND AND INTERNATIONAL BANKFOR RECONSTRUCTION ANp DEVELOPMENT

[Millions of dollars]

International Fund

GoldMember currencies (balances with de-

positories and securities payable ondemand):

United StatesOther members

Unpaid balance of member subscriptions.Other assets.Member subscriptionsAccumulated net income

Net currency purchased 3

(Cumulative—millions of dollars)

Australian poundsBelgian francsBrazilian cruzeirosChilean pesosCosta Rican colonesCzechoslovakian koruny.Danish kronerEgyptian poundsEthiopian dollarsFrench francsIndian rupeesMexican pesosNetherlands guilders. . . .Nicaraguan cordobas....Norwegian kronerSouth African pounds. . .Turkish lirasPounds sterlingYugoslav dinars

Total.

1950

Jan.

1,459

1,30014,2661,018

18,047

- 3

1950

Jan.

20.011.437.58.8

- . 96.0

10.23.0

.6125.0100.022.5j75.4

9.610.05.0

300.09.0

753.1

1949

Oct. July Jan,

1,450

1,3114,2651,018

18,047

- 3

1,448

1,3404,1851,070

18,047

- 3

1,436

1,3914,0241,181(2)

8,034- 2

1949

Dec.

20.032.137.58.8

- . 96.0

10.23.0

.6125.0100.022.575.4

9.610.05.0

300.09.0

773.7

Nov.

20.032.137.58.8

- . 96.0

10.23.0

.6125.0100.022.575.4

9.610.05.0

300.09.0

773.7

Jan.

33.0

1.36.0

10.2

"" .3125.068.322.575.4

.59.6

10.05.0

300.0

675.8

International Bank

GoldMember currencies (balances with de-

positories and securities payable ondemand):

United StatesOther members

Investment securities (U. S. Govt. obli-gations)

Calls on subscriptions to capital stock* ..Loans (incl. undisbursed portions and

inch obligations sold under Bank'sguarantee)

Other assetsBonds outstandingLiability on obligations sold under guar-

anteeLoans—undisbursedOther liabilitiesSpecial reserveCapital *Accumulated net income

1949

Dec. Sept. June

38923

4485

7276

254

27162

411

,67020

44926

4545

676, 11254

27136

39

1,67017

59928

4535

6506

254

27124

48

1,67014

Dec.

81927

4295

5095

254

1046

1,6678

1 Includes 33 million dollars receivable for currency adjustmentsresulting from the devaluations in September.

2 Less than $500,000.3 As of Jan. 31, 1950, the Fund had sold 759.8 million U. S. dollars;

in addition, the Fund sold to the Netherlands 1.5 million poundssterling in May 1947 and 300 million Belgian francs in May 1948, andsold to Norway 200 million Belgian francs in June and July 1948.Repurchases amounted to 24.2 million dollars.

4 Excludes uncalled portions of capital subscriptions, amounting to6,679 million dollars as of Dec. 31, 1949, of which 2,540 million repre-sents the subscription of the United States.

CENTRAL BANKS

Bank of England

(Figures in millions ofpounds sterling)

1938—Dec. 281939—Dec. 271940—Dec. 251941—Dec. 311942—Dec. 301943—Dec. 291944—Dec. 271945—Dec. 261946—Dec. 251947—Dec. 311948—Dec. 29

1949—Feb. 23Mar. 30Apr. 27May 25June 29July 27Aug. 31Sept. 28Oct. 26Nov. 30Dec. 28

1950—Jan. 25

Assets of issuedepartment

Gold*

326.44 .2

.2

.2

.2

.2

.2

.2

.2

.2

.2

.2

.2

.2

.2

.2

.2

.2

.4

.4

.4

.4

.4

Otherassets 2

1

5 1

230.0580.0630.0780.0950.0

L,100.0L,250.01,400.0L,450.01,450.0L,325.0

L,300.01,300.0L,300.01,300.0L,300.0I,350.01,350.0L,300.0L,300.0L,300.0L,350.0

L,300.0

Assets of bankingdepartment

Notesandcoin

52.526.614.228.827.712.513.520.723.4

100.836.1

76.053.024.236.326.749.980.441.447.339.933.7

57.9

Dis-countsand ad-vances

28.54.34.06.43.52.55.18.4

13.615.216.7

32.119.913.725.927.015.310.423.623.315.314.8

14.7

Securi-ties

90.7176.1199.1267.8267.9307.9317.4327.0327.6331.3401.1

325.1362.1379.3381.4372.0381.6354.1368.7429.7437.8489.6

477.4

Notecircula-tion3

504.7554.6616.9751.7923.4

1,088.71,238.61,379.91,428.21,349.71,293.1

1,228.01,250.61,280.31,267.91,277.91,305.11,275.01,264.51,258.71,265.81,321.9

1,247.7

Liabilities of banking department

Deposits

Bankers'

101.0117.3135.7219.9223.4234.3260.7274.5278.9315.1314.5

295.7294.0289.9299.9294.5294.0277.6295.7298.5295.9299.2

291.7

Public

15.929.712.511.29.0

10.35.25.3

10.318.611.7

10.925.616.812.08.6

11.215.99.1

14.08.9

11.6

12.5

E.C.A.

17.4

17.66.7

.723.313.532.441.716.462.858.697.9

117.4

Other

36.842.051.254.148.860.452.358.557.395.592.1

90.690.192.090.490.991.091.293.9

107.3111.5111.2

110.2

Otherliabili-

ities andcapital

18.017.917.917.917.917.917.817.818.118.118.1

18.418.617.817.918.218.318.518.517.818.018.1

18.3

1 Through February 1939, valued at legal parity of 85 shillings a fine ounce; thereafter at market price, which fluctuated until Sept. 6, 1939,when it was officially set at 168 shillings per fine ounce. On June 9, 1945, the official buying price of the Bank of England for gold was raisedto 172 shillings and three pence, and on Sept. 19, 1949, it was raised to 248 shillings per fine ounce.

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 On Jan. 6, 1939, 200 million pounds sterling of gold (at legal parity) transferred from Bank to Exchange Equalization Account; on Mar. 1,

1939, about 5.5 million pounds (at current price) transferred from Exchange Account to Bank; on July 12, 1939, 20 million pounds transferredfrom Exchange Account to Bank; on Sept. 6, 1939, 279 million pounds transferred from Bank to Exchange Account.

5 Fiduciary issue decreased by 50 million pounds on Jan. 11, 1950. For details on previous changes see BULLETIN for February 1950, p. 254,April 1949, p. 450, and February 1948, p. 254.

NOTE.—For back figures see Banking and Monetary Statistics, Table 164, pp. 638-640; for description of statistics, see pp. 560-561 in samepublication.


CENTRAL BANKS—Continued

Bank of Canada

(Figures in millions ofCanadian dollars)

Assets

Gold

Sterlingand United

Statesdollars

Dominion and provin-cial government

securities

Short-term 1 Other

Otherassets

Notecirculation2

Liabilities

Deposits

Charteredbanks

Dominiongovern-ment

Other

Otherliabilities

andcapital3

1938—Dec. 31.1939—Dec. 30.1940—Dec. 31.1941—Dec. 31.1942—Dec. 31.1943—Dec. 31.1944—Dec. 30.1945—Dec. 31.1946—Dec. 31.1947—Dec. 31.1948—Dec. 31.

1949—Feb. 28.Mar. 31.Apr. 30.May 31.June 30..July 30.Aug. 31.Sept. 30.Oct. 31.Nov. 30.Dec. 31.

1950—Jan. 31.

185.9225.7

28.464.338.

200,49

.5

.6172.3156.8

1.02.0

.4

.482.361.1

62.52,

64.966.174.1

73.1

144.6181.9448.4391.8807.2787.6906.9

1,157.31,197.41,022.01,233.7

1,180.51,087.11,199.01,148.11,379.61,499.21,557.21,616.81,710.61,713.91,781.4

1,769.1

40.949.9

127.3216.7209.2472.8573.9688.3708.2858.5779.1

800.7812.1822.9836.2636.8499.5441.2421.2335.9221.5227.8

235.4

5.25.5

12.433.531.347.334.329.542.143.745.4

54.970.657.957.556.945.164.2

119.180.354.442.5

73.1

175.3232.8359.9496.0693.6874.4

1,036.01,129.11,186.21,211.41,289.1

1,221.91,245.31,264.71,263.81,270.01,271.01,269.71,290.71,293.51,283.01,307.4

1,259.2

200.6217.0217.7232.0259.9340.401.7521.2565.5536.2547.3

531.0540.3587.3571.2568.3566.9578.0611.5626.0544.7541.7

530.7

16.746.310.973.851.620.512.9

153.360.568.898.1

178.462.6

115.1101.4112.294.3

109.7141.066.127.230.7

94.3

3.117.99.56.0

19.117.827.729.893.867.581.0

79.684.880.865.273.773.861.864.177.484.1

126.9

145.8

9.313.328.535.124.055.4

209.1198.542.742.443.1

25.7119.093.096.7

111.890.699.2

109.8128.8116.8119.2

120.7

Bank of France

(Figures inmillions of francs)

1938—Dec. 29 . . .1939—Dec. 28 . . .1940—Dec. 26 . . .1941—Dec. 3 1 . . .1942—Dec. 3 1 . . .1943—Dec. 30 . . .1944—Dec. 28 . . .1945—Dec. 27 . . .1946—Dec. 26 . . .1947—Dec. 3 1 . . .1948—Dec. 30 . . .

1949—Feb. 24 . . .Mar. 3 1 . . .Apr. 28 . . .May 25 . . .June 30 . . .July 28 . . .Aug. 25 . . .Sept. 29 . . .Oct. 27 . . .Nov. 24. . .Dec. 29 . . .

1950—Jan. 26 . . .

Assets

Gold

87,26597,26784,61684,59884,59884,59875,151

129,81794,81765,22565,225

65,22565,22565,225

862,274§62,274862,274862,2748 62,2748 62,274862,2748 62,274

8 62,274

Foreignex-

change

821112423837374268

71230

53496774

7,77514,38036,67551,50453,00258,17461,943

59,719

Domestic bills

Openmarket5

1,8925,8187,8026,8128,4209,518

12,17017,98037,61867,39597,447

94,010134,911111,190118,855156,208137,189134,031138,787140,936143,794137,689

132,447

Special

1,7972,345

66112

1692948

3033,135

648,577

4,8162,5232,2351,876

8944,4864,144

15,09223,48628,16428,548

31,410

Other

7,8805,1493,6464,5175,3687,543

18,59225,54876,254

117,826238,576

257,345233,189290,365272,698258,294296,228255,099298,005305,454306,397335,727

335,845

Advances toGovernment 5

Current

ii^oo"63,90069,50068,25064,40015,850

67,900147,400150,900

154,100157,500155,300155,000166,900162,700165,000164,200152,700152,500157,900

159,900

Other

30,62730,473

112,317182,507250,965366,973475,447445,447480,447558,039558,039

558,039558,039558,039560,990560,990560,990560,990560,990560,990560,990560,990

560,990

Otherassets 5

14,02815,54918,57117,42416,99016,60120,89224,73433,13359,02457,622

47,69287,25458,08956,72981,04669,76467,73876,26181,42585,587

112,658

9 94,504

Liabilities

Notecircula-

tion

110,935151,322218,383270,144382,774500,386572,510570,006721,865920,831987,621

991,3341,045,0531,047,2771,043,1801,115,6081,134,4401,133,1291,210,6061,218,6971,203,7681,278,211

1,256,758

Deposits6

Govern-ment

5,0611,914

9841,517

770578748

12,048765733806

765750440890286195292201202153

1,168

42

E.C.A.

22,910

Other

25,59514,75127,20225,27229,93533,13737,85557,75563,46882,479

171,783

171,921180,103179,099170,018162,969157,714136,331140,548142,845173,396158,973

133,526

Otherliabil-itiesand

capital

2,7182,925

7 44,9867 68,474721,3187 15,596

7,0784,0877,213

10,94216,206

17,26012,78413,69314,40915,51815,66116,19915,75718,52220,56319,377

23,853

1 Securities maturing in two years or less.2 Includes notes held by the chartered banks, which constitute an important part of their reserves.3 Beginning November 1944, includes a certain amount of sterling and United States dollars.4 On May 1, 1940, gold transferred to Foreign Exchange Control Board in return for short-term Government securities (see BULLETIN for

July 1940, pp. 677-678).5 For explanation of these items, see BULLETIN for January 1950, p. 117, footnote 6.6 Beginning January 1950, when the Bank of France modified the form of presentation of its statement, the figures under this heading are

not strictly comparable with those shown for earlier dates.7 Includes the following amounts (in millions of francs) for account of the Central Administration of the Reichskreditkassen: 1940, 41,400;

1941, 64,580; 1942, 16,857; 1943, 10,724.8 Includes 9,293 million francs of gold earmarked as collateral against a loan. For details on devaluations and other changes in the gold

holdings of the Bank of France, see BULLETIN for June 1949, p. 747; May 1948, p. 601; May 1940, pp. 406-407; January 1939, p. 29; September1937, p. 853; and November 1936, pp. 878-880.

9 Includes advance to Stabilization Fund, amounting to 41.8 billion francs on Jan. 26.NOTE.—For back figures on Bank of Canada and Bank of France, see Banking and Monetary Statistics, Tables 166 and 165, pp. 644-645

and pp. 641-643, respectively; for description of statistics, see pp. 562-564 in same publication. For last available report from the Reichsbank(February 1945), see BULLETIN for December 1946, p. 1424.

MARCH 1950 389


Central Bank(Figures as of last report

date of month)

1950

Jan.

1949

Dec. Nov. Jan.


date of month)

1950

Jan.

1949

Dec. Nov. Jan.

Central Bank of the ArgentineRepublic (millions of pesos):

Gold reported separatelyOther gold and foreign exchange.Government securitiesRediscounts and loans to banks..Other assetsCurrency circulationDeposits—NationalizedOther sight obligationsOther liabilities and capital .

Commonwealth Bank of Aus-tralia (thousands of pounds):

Gold and foreign exchangeChecks and bills of other banks..Securities (inch Government and

Treasury bills)Other assetsNote circulationDeposits of Trading Banks:

SpecialOther.

Other liabilities and capitalAustrian National Bank (millions

of schillings):GoldForeign exchangeLoans and discountsClaim against GovernmentOther assetsNote circulationDeposits—Banks

OtherBlocked

National Bank of Belgium(millions of francs):

GoldForeign claims and balances (net)Loans and discountsConsolidated Government debt..Government securitiesOther assets -...Note circulationDeposits—Demand

E. C. AOther liabilities and capital

Central Bank of Bolivia—Mone-tary dept. (millions of bolivianos):

Gold at home and abroadForeign exchangeLoans and discountsGovernment securitiesOther assetsNote circulationDeposits.Other liabilities and capital

National Bank of Bulgaria 2

Central Bank of Chile (millionsof pesos):

Gold..Foreign exchange (net)Net claim on Intl. Fund 2

Discounts for member banks. . . .Loans to GovernmentOther loans and discountsOther assetsNote circulationDeposits—Bank

OtherOther liabilities and capital

Bank of the Republic of Colombia(thousands of pesos):

Gold and foreign exchangeNet claim on Intl. Fund 3

Paid-in capital—Intl. BankLoans and discountsGovernment loans and securities.Other assetsNote circulationDepositsOther liabilities and capital

6561,2751,793

28,466206

9,99920,174

5951,628

50155

1,6346,639

335,599

2201,5631,130

29,7459,0813,04734,9737,6565,71386,0921,848

3991,875

4172.

38334

239

35731

209

656,341,770,061147,128,604623,620

,838,213

,539,507,563

5051,5801,749

27,168202

9,16119,720

6331,690

399,1954,430

382,17230,150219,563

170 332,17044,799219,414

50144,657,70824

,721454,222,187

605266230991851108113742766430

,205581

,070686,363,537,744,320352504

50148

1,5146,454

245,465

4011,0421,282

31,0639,6573,15634,9915,8226,13685,5002,201

5412,582

(Oct.)1

95610499074898

2,386264247

1,199122

11,727

6912 ,0551,4475,1681,273

256544

215,24.1

246,34124,3671,370

174,067 232,414 239139,26955,589424,371169,33347,300

139.53:

476146.43:

844367370

292676340 462870753

194,47824,3671,370,255

140,58658,003

,459148,02947,572

4341,8691,750

22,691115

7,54717,250

5171,545

338,5552,675

351,40539,774202,105

326,42033,383170,502

5095

1,1296,256

45,669

485787593

27,74112,4445,19134,9973,8893,46682,9732,255\ 4172,083

95424071074132

,158297223

1,1761551

1,608768

1,2901,3564,609998329418

163,34524,3671,370

155,369133,74153,640326,901159,67345,260

National Bank of Costa Rica—Issue dept. (thousands of colones):

GoldForeign exchangeContributions to Intl. Fund and

to Intl. BankLoans and discountsSecuritiesOther assets.Note circulationDemand depositsOther liabilities and capital

National Bank of Czechoslovakia(millions of koruny):

Gold and foreign exchangeLoans and discountsOther assetsNote circulationDepositsOther liabilities and capital

National Bank of Denmark(millions of kroner):

GoldForeign exchangeContributions to Intl. Fund and

to Intl. BankLoans and discountsSecuritiesGovt. compensation account... .Other assetsNote circulationDeposits—Government


Central Bank of the DominicanRepublic (thousands of dollars):

GoldForeign exchange ( n e t ) . . . . . . . . .Net claim on Intl. Fund 3

Paid-in capital—Intl. BankLoans and discountsGovernment securitiesOther assetsNote circulationDemand depositsOther liabilities and capital

Central Bank of Ecuador(thousands of sucres):

GoldForeign exchange (net)Net claim on Intl. Fund 3

Credits—GovernmentOther

Other assetsNote circulationDemand deposits—Private banks


National Bank of Egypt (thou-sands of pounds):

GoldForeign exchangeLoans and discountsBritish, Egyptian, and other

Government securitiesOther assetsNote circulationDeposits—Government


Central Reserve Bank of El Salva-dor (thousands of colones):

Gold „.Foreign exchange (net)Net claim on Intl. Fund 3

Loans and discountsGovernment debt and securities..Other assetsNote circulationDepositsOther liabilities and capital

3,27324,69247,42867,668

6417,085

69379

6530

1014,751

3221,5521,9232,058

185

4,03011,5321,250

40278

4,3772 ,565

19,4374,381

255

11,54514,939

30,321102,90321,76710,293108,84376,0056,921

3,00425,06846,96566,626

8957,515

69380

6531

1134,761

2951,6271,8532,038

196

4,03011,0121,250

40704

4,3772,57519,5094,236

244

11,5457,497

30,321100,00123,03610,972101,84274,0007,530

3,16328,42847,11667,706

99210,010

69366

6528

1184,770

2871,5211,8202,180

179

4,03010,5391,250

40665

4,3772,09918,8483,896

257

278,-87.16.

269.137.116.376.112,105136

-94278,648 278,600

-79,08716,881

272,280 267,673131,063

135,746 124,822392,790 376,957

100,925110,285151,786

,085,420,105

89991856536198608730137958

43,20247,0671,5653,2145,2121,208

65,02030,5025,945

6,37612,59313,021

330,55040,438166,146121,994103,31711,520

43,25241,4901,5642,2595,2441,469

56,10533,2535,921

11,54316,956

30,32185,62525,1936,341

108,28261,2406,456

4,42026,45648,17670,489

5628,001

70177

6523

1255,052

1971,5172,0142,028

150

4,00110,4401,250

40136

5,000759

17,4044,056

166

277,74158,35816,882136,489111,08998,726355,946132,68769,923140,731

6,37613,8226,740

332,84122,625150,70989,291133,2629,142

36,22542,6891,5644,5765,3451,334

62,59123,2105,932

1 Latest month available.2 For last available report (January 1943), see BULLETIN for July 1943, p. 697.3 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.NOTE.—For details relating to individual items in certain bank statements, see BULLETIN for January 1950, p. 118.




date of month)

1950

Jan.

1949

Dec. Nov. Jan.

Centra l Bank(Figures as of last report

date of month)

19,50

Jan.

1949

Dec. Nov. Jan.

State Bank of Ethiopia1

Bank of Finland (millions of mark-kaa):

GoldForeign assets (net)Clearings (net)Loans and discountsSecuritiesOther assetsNote circulationDepositsOther liabilities and capital

Bank of German States*(millions of German marks):

Foreign exchangeLoans and discountsLoans to GovernmentOther assetsNote circulationDeposits—Government

BanksOther

Other liabilities and capitalBank of Greece (billions of drach-

mae) :Gold and foreign exchange (net).Loans and discountsAdvances—Government

OtherOther assetsNote circulationDeposits—Government

Reconstruction andrelief accts


Bank of Guatemala (thousands ofquetzales):

GoldForeign exchangeGold contribution to Int'l. Fund.Rediscounts and advances. . .Other assetsCirculation—Notes

CoinDeposits—Government

BanksOther liabilities and capital

National Bank of Hungary (mil-lions of forint):

GoldForeign exchangeDiscountsLoans—Treasury

OtherOther assetsNote circulationDemand deposits—Government..


Reserve Bank of India (millions ofrupees):

Issue department:Gold at home and abroadSterling securitiesIndian Govt. securitiesRupee coin.Note circulation

Banking department:Notes of issue department....Balances abroadBills discountedLoans to GovernmentOther assetsDepositsOther liabilities and capital. . .

Central Bank of Ireland (thousandsof pounds):

GoldSterling fundsNote circulation

269—3,218

-44637,360

1,0682,601

27,7902,0167,827

269-2,939-1,29740,302

1,0582,301

29,6062,5327,556

8463,8178,2781,3487,6561,0001,269

2114,152

269-3,399-1,97040,310

1,0581,652

28,6132,7406,566

9953,4397,9481,5357,3071,2471,041401

3,922

227115,509,001844,535576

27,2299,7581,2505,50118,69035,5803,1713,14111,1929,344

48:22

27,2298,8101,2506,47918,16135,7043,1573,20410,4269,437

48032

1,480839

2,266

27,2297,8461,2506,76116,27734,4573,1432,8798,62210,262

472

2888,746

2332,58

6,608566

2888,557

5532,629

16,494

786

4006,1034,152

54511,065

1362,159

543

1,0323,134

250

2,64646,99549,641

2,64649,01951,665

2888,342

2472,493

26,276

664

4006,0034,152

53810,754

3401,918

141

1,0453,083

235

2,64647,92750,57,

268978

-2,24434,502

9251,143

25,7822,1747,615

1,1131,4607,6602,3816,1251,4131,474230

3,371

35948

1,7411,435419

1,130251

320423

1,877

27,23017,4481,2504,19311,69534,0493,0524,16811,0769,471

41219517

3356,492

2902,735

4,206795

4067,5253,568

44111,731

2092,358

9947

1,0463,515

243

2,64642,70645,352

Bank of I taly (billions of lire):GoldForeign exchangeAdvances to TreasuryLoans and discountsGovernment securitiesOther assetsBank of Italy notesAllied military notesDeposits—Government

Demand. .Other..

Other liabilities and capital

Bank of J a p a n (millions of yen):Cash and bullionAdvances to GovernmentLoans and discountsGovernment securitiesReconversion Fin. Bk. bondsOther assetsNote circulationDeposits—Government

OtherOther liabilities

The Java Bank (millions of guilders):GoldForeign billsLoans and discountsAdvances to GovernmentOther assetsNote circulationDepositsOther liabilities and capital

Bank of Mexico (millions of pesos):Monetary reserve 5

"Authorized" holdings of secu-rities, etc

Bills and discountsOther assetsNote circulationDemand liabilitiesOther liabilities and capital

Nether lands Bank (millions ofguilders):

Gold eSilver (including subsidiary coin).Foreign assets (net)..Loans and discountsGovt. debt and securitiesOther assetsNote circulation—Old

NewDeposits—Government

BlockedE. C. AOther

Other liabilities and capitalReserve Bank of New Zealand

(thousands of pounds):GoldSterling exchange reserveAdvances to State or State un-

dertakingsInvestmentsOther assetsNote circulationDemand depositsOther liabilities and capital

Bank of Norway (millions of kroner):Gold

421

659213225510981

12175122287

54

421

665231235502

1,03315

160125263

61

188

100188

231646005900

21355,

12,22,10

3 6758365

1,52483

9351,410

785

,587176243

,197941651

87112

781194

,10074369

,009620

30624870478

316312037129621

4718870

,25776

935949

77

776

,774160236

,262841844

74011

685168

,250755

70,036583

55610779476

Foreign assets (net)Clearing accounts (net)Loans and discountsSecuritiesOccupation account (ne t ) . . .Other assetsNote circulationDeposits—Government

BanksBlockedOther

Other liabilities and capital.

420

656210225456932

19174122264

61

1,25995,79498,415

123,06722,07314,541

303,38220,26720,08910,971

4717464

1,10573

91279976

727

2,746155165

2,093814

74011

679153

,300702

71,981664

35643820369

3,77639,616

48,65448,094

5,82854,05186,4245,495

25376

-1104948

7,11489

2,1832,9021,348

58639

459

130

660166190260870

4978

10317335

90185,40261,092

190,46839,80611,357

341,57512,28722,96112,203

675

,898668195

,943758735

4394

310193

,300308109

,052265

5214705203

2,81643,454

49,06137,098

6,96650,40183,7355,260

233248

- 6 15853

7,814103

2,0653,910

976747177573

1 For last available report (July 1949), see BULLETIN for January 1950, p. 119.2 This statement represents combined figures for the Bank of the German States and the eleven Land Central Banks.3 Gold revalued on Jan. 18, 1950, from .334987 to .233861 grams of fine gold per guilder.4 Includes 189 million guilders of ECA counterpart funds.5 Includes gold, silver, and foreign exchange forming required reserve (25 per cent) against notes and other demand liabilities.6 Gold revalued on Sept. 19, 1949, from .334987 to .233861 grams of fine gold per guilder.

MARCH 1950 391



date of month)

1950

Jan.

1949

Dec. Nov. Jan.


date of month) Jan.

1949

Dec. Nov. Jan.

State Bank of Pakistan (millions ofrupees):

Issue department:Gold at home and abroad.. .Sterling securitiesPakistan Govt. securities. . .Govt. of India securities.. . .India currencyRupee coinNotes in circulation

Banking department:Notes of issue department. . .Balances abroadBills discountedLoans to GovernmentOther assetsDepositsOther liabilities and capital..

Bank of Paraguay—Monetary dept.(thousands of guaranies):

GoldForeign exchange (net)Net claim on Int'l. Fund 1

Paid-in capital—Int'l. BankLoans and discountsGovernment loans and securities.Other assetsNote and coin issueDemand depositsOther liabilities and capital

Central Reserve Bank of Peru(thousands of soles):

Gold and foreign exchange . . . . . .Net claim on Int'l. Fund x

Contribution to Int'l. BankLoans and discounts to banks. . .Loans to GovernmentOther assetsNote circulationDepositsOther liabilities and capital

Central Bank of the Philippines(thousands of pesos):

GoldForeign exchangeNet claim on Int'l. Fund *LoansDomestic securitiesOther assetsNote circulationDemand deposits—U. S. dollars3.

PesosOther liabilities and capital

Bank of Portugal (millions ofescudos):

GoldForeign exchange (net)Loans and discountsAdvances to GovernmentOther assetsNote circulationDemand deposits—Government..

E. C. AOther

Other liabilities and capitalNational Bank of Rumania 4

South African Reserve Bank(thousands of pounds):

Gold ,Foreign bills.Other bills and loansOther assetsNote circulationDeposits . . . .Other liabilities and capital

Bank of Spain (millions of pesetas) :GoldSilverGovernment loans and securities.Other loans and discounts

4461426533243253

,707

32469105

4454426533243271

1,631

57564113

33185680

600-3,0502,710-170

106,83212,3992,81489,16329,5973,375

600,291,710-92,189,400732,683,796,769

28695268

600-3,3512,710-92

104,1119,9032,27983,21327,8075,140

2509,26720,4952,238

151,492629,04198,054853,815298,020258,751

,721 2,721968 466,416

7,501109,17846,784134,103573,614

28696,59196,213

,502,047,197,697,575

,181,180466,246538,350194119,516,432

,410,151,394,652,358,110,140

935497,117,165

3,1519,074

4791,244542

8,165114107

3,6612,442

29,55543,92637,38626,24066,12262,2588,727

934497

15,7579,690

297515023971534

1,779

38914110393

1,11444

696-3722,710-92

69,6257,6362,73263,78816,8152,333

179,57520,4952,356

115,227726,28334,561755,005265,50957,983

2,721712,248

'162,627621,521

169,351

86,724

3,7058,434

4281,268475

8,313456

924

45,90421,93695,47811,31366,239100,7597,633

1,219500

15,7369,039

Bank of Spain—Cont.Other assetsNote circulationDeposits—Government

OtherOther liabilities and capital. . .

Bank of Sweden (millions of kronor):GoldForeign assets (net)Swedish Govt. securities and ad-

vances to National Debt Office6

Other domestic bills and advancesOther assetsNote circulationDemand deposits—Government..

OtherOther liabilities and capital. . . . .

Swiss National Bank (millions offrancs):

GoldForeign exchangeLoans and discountsOther assetsNote circulationOther sight liabilitiesOther liabilities and capital

Central Bank of the Republic ofTurkey (thousands of pounds):

GoldForeign exchange and foreign

clearingsLoans and discountsSecuritiesOther assetsNote circulationDeposits—Gold


Bank of the Republic of Uruguay(thousands of pesos):

GoldSilverPaid-in capital—Int'l. BankAdvances to State and govern-

ment bodiesOther loans and discountsOther assetsNote circulationDeposits—Government


Central Bank of Venezuela (mil-lions of bolivares):

GoldForeign exchange (net)Other assetsNote circulation—Central Bank.

National banks..Deposits.Other liabilities and capital

National Bank of the Kingdomof Yugoslavia 4

Bank for International Settle-ments (thousands of Swiss goldfrancs):

Gold in barsCash on hand and with banks. . .Sight funds at interestRediscountable bills and accept-

ances (at cost)Time funds at interestSundry bills and investmentsFunds invested in GermanyOther assetsDemand deposits (gold)Short-term deposits:

Central banks—Own account..Other

Long-term deposits: SpecialOther liabilities and capital

154964

,914140335

,111479264652

,255269

9463

,265,017399

4,12327,645

623,296

835

154907

3,304138340

3,287467440649

6,24026011589

4,5661,731

407

4,12126,456

9692,879

696

155823

3,054110476

3,109577272660

6,20225111076

4,3451,889

404

431,709 431,709 430,918

1478354578

914153308163

860139535798275040246479

137 102,488858,503

58,98191,214

885,833153,040

342,185 286,797160,249 216,436

890851971179125040

,04110863

8091

218183

20925.

1,

82.18,

273.297,

193,

3264,

228257

544659682

607325412201503292

323229909179

1,041208

61814

1204289

209,41933,980

2,861

73,35822,956

178,818297,201

1,98845,230

270,79311,785

313

118,625254,322238,285274,382

76,244277,220266,276

1,0419861

7131

257228

195,03418,244

7,044

26,07722,946

184,107297,201

1,94024,510

285,450 2384,193

228,909 228256,798 256

,8974,076

,909,202

3,95025,482

1,5262,920

516

177470

3,130173385

2,934728228446

5,83423315974

4,3071,521

473

454,458

104,151774,248213,188

57,499937,511153,035229,833283,165

248,84512,167

315

80,357247,671336,387265,622

71,884274,335313,900

16068

7592

29760

108,95527,468

1,207

16,86721,865

188,111297,201

2,23126,878

156,0261,075

228,909251,017

r Revised.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 For last available report from the central bank of Rumania (June 1944), see BULLETIN for March 1945, p. 286; and of Yugoslavia (February

1941), see BULLETIN for March 1942, p. 282.5 On Dec. 31, 1949, gold revalued from 172 to 248 shillings per fine ounce.6 Includes small amount of non-Government bonds.NOTE.—For details relating to individual items in certain bank statements, see BULLETIN for January 1950, p. 120.


MONEY RATES IN FOREIGN COUNTRIESDISCOUNT RATES OF CENTRAL BANKS


Dateeffective

In effect Dec. 31,1938

Jan. 4, 1939. .Apr. 17.May 11July 6 . .Aug. 24Aug. 29Sept. 28Oct. 26Dec. 15Jan. 25, 1940. .Apr. 9May 17Mar. 17, 1941. .May 29June 27Jan. 16, 1945. .Jan. 20Feb. 9Nov. 7, 1946. .Dec. 19Jan. 10, 1947. .

Aug. 27Oct. 9June 28, 1948. .Sept. 6Oct. 1May 27, 1949. .July 14 . .Oct. 6In effect Feb. 28,

1950

Central bank of—•

UnitedKing-dom

2

4

32

2

France

2V2

2

1 2,/

"i'5A

&2M

2z2 &3

3 ^ &43

3

Ger-many

4

•21/

il-5

11-4V1 1-4

U - 4

Bel-gium

2V>

432V2

2

3

3V2

3H

3H

Neth-er-

lands

2

3

2 i /

2H

Swe-den

2V,

3

3Y2

3

"ix

2V2

Switz-er-

land

IX

IX

Centralbank of—

AlbaniaArgentinaAustria .BelgiumBolivia

BulgariaCanada . .ChileColombiaCosta Rica.. . .Czechoslovakia

DenmarkEcuadorEl Salvador. . .EstoniaFinland

FranceGermanyGreeceHungaryIndia

RateFeb.28

3%5

3-4*!43

18*4

5H

3

1253

Dateeffective

Mar. 21, 1940Mar. 1, 1936Aug. 3, 1945Oct. 6, 1949Feb. 4, 1948

Aug. 1, 1948Feb. 8, 1944Dec. 16, 1936July 18, 1933Apr. 1, 1939Oct. 28, 1945

Jan. 15, 1946May 13, 1948Oct. 15, 1946Oct. 1, 1935July 1, 1949

Oct. 1, 1948July 14, 1949July 12, 1948Nov. 1, 1947Nov. 28, 1935

1 The lower rate applies to the Bankrate applies to the Land Central banks.

NOTE.—Changes since Jan. 31: None.

Centralbank of—•

IrelandItalyJapanJavaLatvia

Lithuania. . .MexicoNetherlands .New Zealand.NorwayPeru

Portugal. . . .Rumania. . . .South Africa.SpainSweden

Switzerland..TurkeyUnited King-

domU.S. S.R.. . .Yugoslavia. .

RateFeb.28

2Y2

5.1135

6

2 | |

6

?A3Y242V2

IX

24.1-3

Dateeffective

Nov. 23, 1943Apr. 9, 1949July 5, 1948Jan. 14, 1937Feb. 17, 1940

July 15, 1939June 4, 1942June 27, 1941July 26, 1941Jan. 9, 1946Nov. 13, 1947

Jan. 12, 1944Mar. 25, 1948Oct. 13, 1949Mar. 18, 1949Feb. 9, 1945

Nov. 26, 1936July 1, 1938

Oct. 26, 1939July 1, 1936Aug. 20, 1948

Deutscher Laender, and the higher

Month

OPEN-MARKET RATES


Canada

Treasurybills

3 months

United Kingdom

Bankers'acceptances

3 months

Treasurybills

3 months

Day-to-day

money

Bankers'allowance

on deposits

France

Day-to-day

money

Netherlands

Treasurybills 3

months

Day-to-day

money

Sweden

Loansup to 3months

Switzer-land

Privatediscount

rate

1942—Dec1943—Dec1944—Dec1945—Dec1946—Dec1947—Dec1948—Dec

1949—Jan.FebMarAprMayTuneJulyAugSeptOctNovDec

.52

.42

.37

.36

.40

.41

.41

.41

.42

.42

.49

.50

.51

.51

.51

.51

.51

.51

.51

1.031.031.03

.53

.53

.53

.56

.56

.56

.56

.58

.63

.63

.63

.67

.69

.69

.69

.69

1.011.011.00

.50

.50

.51

.52

.52

.52

.52

.51

.52

.52

.52

.52

.52

.52

.52

.52

1.001.001.02

.63

.63

.63

.63

.63

.63

.63

.63

.63

.63

.63

.63

.63

.63

.63

.63

1.421.651.531.331.192.042.00

2.092.082.102.122.43

1.211.131.25

1.231.391.381.291.281.321.431.251.151.071.161.32

.78

.53

.96

1.13.90

1.011.241.03

.83

.83

.911.01

.78

.931.03

.25

.25,25,25,25.38

1.63

1.631.631.631.631.631.501.501.501.501.501.501.50

NOTE.—For monthly figures on money rates in these and other foreign countries through 1941, see Banking and Monetary Statistics, Table 172,pp. 656-661, and for description of statistics see pp. 571-572 in same publication.

MARCH 1950 393

COMMERCIAL BANKS

United Kingdom1

(11 London clearingbanks. Figures inmillions of pounds

sterling)

Assets

Cashreserves

IMoney atcall andshortnotice

Bills dis-counted

Treasurydeposit

receipts 2 Securities Loans tocustomers

Otherassets

Liabilities

Deposits

Total Demand Time

Otherliabilities

andcapital

1942—December.1943—December.1944—December.1945—December.1946—December.1947—December.1948—December.

1949—January..February.March... .AprilMayJuneJulyAugust. . .September,October...November.December.

390422500536499502502

532481474500487481492492490499497532

142151199252432480485

481491482481498500492498518556548571

198133147369610793741

795860870799816786788797971

1,1621,2161,109

8961,3071,6671,5231,5601,2881,397

1,267989956

1,0251,0371,1421,1601,088903744688793

1,1201,1541,1651,2341,4271,4831,478

1,4871,4871,4961,5011,5021,5021,5121,5111,5161,5171,5171,512

794761772827994

1,2191,396

1,3831,4051,429445436

1,4611,4351,4381,4771,4761,4831,534

325349347374505567621

526519517540501562508510548511539579

3,6294,0324,5454,8505,6855,9356,200

6,0575,8175,8155,8865,8726,0255,9735,9226,0096,0506,0666,202

2,4292,7123,0453,2623,8233,9624,159

4,0333,8103,8033,8753,8693,9613 ,9393,8963,9593,9973,9774,161

1,2001,3191,5001,5881,8621,9722,041

2,0242,0072,0122,0112,0042,0642,0342,0262,0492,0532,0892,041

236245250265342396420

414414409405403410413412413414422427

Canada

(10 chartered banks.End of month figures

in millions ofCanadian dollars)

Assets Liabilities

Entirely in Canada

Cashreserves

Securityloans

Otherloans anddiscounts

Securityloans

abroadand netdue fromforeignbanks

Securities Otherassets

Notecircula-

tion

Deposits payable in Canadaexcluding interbank deposits

Total Demand Time

Otherliabilities

andcapital

1942—December..1943—December..1944—December..1945—December..1946—December..1947—December..1948—December..

1949—January. . .February. .MarchApril. . . . . .MayJuneJulyAugust....September.OctoberNovember.December..

387471550694753731749

740711718760776734751789789830758765

314892251136105101

90108819074727778103137119133

1,1681,1561,2111,2741,5071,9992,148

2,1312,1192,1292,1992,2022,1952,1882,1742,3042,3362,3562,271

231250214227132106144

131136136149154141143132190170161146

2,2932,9403,6114,0384,2323,8744,268

4,3114,3224,2854,2674,3424,3964,4604,5274,4634,3274,3954,345

657744782869

1,0391,1591,169

1,0541,0701,077987

1,0561,130952

1,0351,1291,1421,0841,058

60423426211816

161615151515151414141414

3,6574,3955,1375,9416,2526,4127,027

6,9426,9576,9277,0297,1317,1837,1307,2987,4747,4417,3887,227

1,9842,4472,7143,0762,7832,6712,970

2,8242,7972,6632,6902,7922,8532,7892,9263,0622,9882,9412,794

1,6731,9482,4232,8653,4693,7404,057

4,1184,1594,2644,3394,3394,3304,3414,3724,4124,4534,4474,433

1,0491,1721,2891,3861,5251,5441,537

1,5001,4942,4841,4081,4591,4711,4251,4071,4901,4881,4711,477

France

(4 large banks. Endof month figures inmillions of francs)

Assets

Cashreserves

1942—December.1943—December.1944—December.1945—December.1946—December.1947—December.1948—December.

1949—January. .February.March. . .AprilMayJuneJulyAugust...SeptemberOctober. .November

7,8108,54110,36514,73318,00722,59045,397

44,40444,19138,02439,48242,63639,51446,20541,27642,35841,53438,343

Due frombanks

3,6884,0864,94814,12818,94019,37835,633

34,36932,04833,72036,46936,34636,99538,62636,88838,39239,30143,810

Bills dis-counted

73,78690,90899,782155,472195,223219,386354,245

345,914343,684330,902368,937346,974363,168407,822395,351402,754451,597400,043

Loans

10,52214,24518,65136,62165,17086,875126,246

133,550141,296135,617129,306137,906134,226124,098128,804128,343120,353134,779

Otherassets

1,2211,2161,5214,783

17,44527,40934,030

36,08337,36239,72040,84644,34641,46643,85245,31043,07442,72446,063

Liabilities

Deposits

Total

91,673112,843128,734215,615291,945341,547552,221

548,335551,673528,241561,787551,958562,038601,745587,137595,353633,092597,316

Demand

91,350111,302126,555213,592290,055338,090545,538

541,420544,466520,846554,453544,870555,184595,063580,010588,687626,211589,900

Time

3241,5412,1792,0231,8903,4576,683

6,9167,2077,3947,3337,0886,8546,6827,1276,6666,8817,416

Ownaccept-ances

462428557

2,90415,69425,17530,638

30,69731,87632,12732,20833,37628,38429,70029,10525,64523,53725,032

Otherliabilities

andcapital

4,8925,7255,9777,2187,1458,916

12,691

15,28715,03317,61521,04722,87424,94829,15731,38733,92238,88140,690

1 From September 1939 through November 1946, this table represents aggregates of figures reported by individual banks for days, varying frombank 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 1H per cent through Oct. 20, 1945, and at % per cent thereafter.

NOTE.—For back figures and figures on German commercial banks, see Banking and Monetary Statistics, Tables 168-171, pp. 648-655, andfor description of statistics see pp. 566-571 in same publication.


FOREIGN EXCHANGE RATES[Averages of certified noon buying rates in New York for cable transfers. In cents per unit of foreign currency]

Year ormonth

194419451946194719481949

1949—Mar...Apr. . .May. .June. .July...Aug...Sept...Oct . . .Nov...Dec.. .

1950—Tan. . .Feb.. . .

Argentina(peso)

Basic

29.77329.77329.77329.77329.77329.774

29.77329.77329.77329.77329.77329.77329.77329.77829.77829.778

29.77829.778

Year or month

194419451946194719481949

1949—Mar. . .Apr.. . .May.. .June. . .July. . .AugSeptOctNovDec

1950—TanFeb

Year ormonth

194419451946194719481949

1949—Mar...Apr. . .May. .June..July...Aug...Sept...Oct . . .Nov...Dec...

1950—Jan. . .Feb . . .

Philip-pine

Republic(peso)

49.723

49.72149.72549.72449.73049.73849.74049.73949.73449.73849.687

49.61749.615

Prefer-ential"A"

20.695

" 2 6 ! 695*20.69520.695

20.69520.695

Ceylon(rupee)

27.839

30.11730.11730.11730.11730.11730.11730.11720 80420.85020.850

20.85020.850

Portu-gal

(escudo)

4.05014.02734.01833.8800

4.03244.03264.03274.03274.03284.01693.78623.48753.48103.4817

3.48563.4673

Prefer-ential"B"

25 12525.12525.12525.12525.12523.355

25.12525.12525.12525.12525.12525.12525.12517.45617.45617.456

17.45617.456

Colom-bia

(peso)

57.27257 01457.02057.00157.006

SouthAfrica(pound)

398 00399.05400.50400.74400.75366.62

400.75400.75400.75400.75400.75400.75342.48278.38278.38278.38

278.38278.38

Special

"26'.666'18.59120.00020.00020.00020.00020.00020.00020.00013.89613.89613.896

13.89613.896

Czecho-slovakia(koruna)

2.00602.00602.00602.0060

2.00602.00602.00602.00602.00602.00602.00602.00602.00602.0060

2.00602.0060

Spain(peseta)

9.1329.1329.132

Australia(pound)

Official

322.80322.80

32132132129:

3213232321323227'22.22.22,

22,22

Den-mark(krone)

20.87620.86420.85719.117

20.85420.85420.85420.85420.85420.85418.17714.49414.49414.494

14.49414.494

StraitsSettle-ments(dollar)

42.973

47.08347.16647.20847.18647.17446.86941.84632.60832.54732.692

32.71732.713

Free

321.17.34.00.22

5.80

L.21L.12L. 15LOOL.10L.03t.395.165.163.16

3.163.16

Belgium(franc)

2.28602.28292.28172.28162.2009

2.28282.27522.27502.27502.27502.27502.16841.99601.99801.9998

2.00031.9993

France(franc)

Official Free

1.9711.8409. 8407

.4929

.4671

.4671

.4671

.4671

.4671

.4671

.4671

.4671

Swe-den

(krona)

25.85927.82427.82425.480

27.82327.82327.82327.82327.82327.82324.00319.33319.33319.333

19.33319.333

.3240

.3017

.3136

.3106

.3038

.3032

.3025

.3025

.2949

.2861

.2862

.2862

.2863

.2863

Switz-erland(franc)

23.36323.36323.36323.314

23.36323.36323.36323.36323.36323.36323.28323.08523.17623.289

23.28123.264

"Banknotes"

account

2.1407

2.10002.16052.17912.22112.17522.19092.11151.99171.9969

India 1(rupee)

30.12230.12230.15530.16430.16927.706

30.16830.16830.16830.16830.16830.16827.24720.82320.87020.870

20.87020.870

Brazil(cruzeiro)

Official

6.05946.06026.0602

5.45.45. '

5 . '5.^5. '5.^5. '5j5. '5. '5. '5. '

5./5. '

Mexico(peso)

20.58120.58120.58120.57718.86012.620

14.33414.30312.52111.91111.56211.56911.57211.57011.57111.572

11.57211.572

UnitedKingdom

(pound)

Official

403 50403.50

Free

403.02403.28402.86403.13368.72

403.11403.00403.04402.85402.98402.89344.36280.09280.08280.07

280.07280.07

Free

5.14695.1802

403L406L406

1406L40614061406140614061406140614061406

14061406

Neth-erlands(guilder)

"37!933'37.81337.76037.66834.528

37.59837.65037.60937.61537.61137.60732.84526.30026.29526.289

26.27826.257

Canada(dollar)

Official

90.90990.90995.198

100.000100.00097.491

100.000100.000100.000100.000100.000100.00095.90990.90990.90990.909

90.90990.909

NewZealand(pound)

324.42323.46322.63322.29350.48365.07

399.12399.01399.05398.87399.00398.90340.95277.30277.30277.29

277.29277.29

Free

89.85390.48593.28891.99991.69192.881

93.26193.56695.15095.52194.54595.24892.72490.43189.86488.407

89.20589.820

Norway(krone)

20.17620.16020.15918.481

20.15820.15820.15820.15820.15820.15817.57214.01514.01514.015

14.01514.015

Uruguay(peso)

65.83065.83065.83065.83065.83065.830

65.83065.83065.83065.83065.83065.83065.83065.830

65.833

65.83365.833

53.50655.15956.28056.23956.18256.180

56.18056.18056.18056.18056.18056.18056.18056.180

56.180

56.18056.180

42.553

42.553

42.55342.553

1 Excludes Pakistan, beginning April 1948.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 January 1950, p. 123; October 1949,p. 1291; January 1949, p. 101; July 1947, p. 933; and February 1944, p. 209.

MARCH 1950 395

PRICE MOVEMENTS IN PRINCIPAL COUNTRIESWHOLESALE PRICES—ALL COMMODITIES

[Index numbers]

Year or month

1926

1937193819391940194119421943194419451946194719481949


1950—January

UnitedStates(1926 =

100)

100

867977798799

103104106121152165155

161158158157156155154153154152152151

152

Canada(1926 =

100)

100

857975839096

100103104109129153157

159158158158156156157156155157157157

157

Mexico(1939 =

100)

103110121146179199229242260285

270271275280284285289288294296294293

288

UnitedKingdom

(1930 =100)

1 124

109101103137153159163166169175192219230

221221221227231232229

r230'231237240

'241

245

France(1938 =

100)

106

89100105139171201234265375648989

1,712Pi,917

1,9461,8981,8721,8461,8901,8121,8541,9181,9582,002

P2,005P2.001

P2,063

Italy(1938 =

100)

94100104121136153

5,1595,443

^5,1745,6985,6565,5575,3935,2785,2155,0344,8894,912

*>4,837?4,826P4,794

Japan(1934-36average

= 1)

112222224

1648

128

191192192200203203204207211214213

Nether-lands

(July 1938-June 1939

= 100)

150

108102105131150157160164181251271281296

295295294295294294293292295297305306

Sweden(1935 =

100)

U26

114111115146172189196196194186199214

P216

217217216216215216215214

'216'218218

P219

Switzer-land

(July 1914= 100)

144

111107111143184210218223221215224233221

230229227224221220221220218215215213

P212

P Preliminary. r Revised.1 Approximate figure, derived from old index (1913 =100).Sources.—See BULLETIN for January 1950, p. 124; June 1949, p. 754; June 1948, p. 746; July 1947, p. 934; January 1941, p. 84; April 1937,

p. 372; March 1937, p. 276; and October 1935, p. 678.

WHOLESALE PRICES—GROUPS OF COMMODITIES

[Indexes for groups included in total index above]

Year or month

United States(1926=100)

Farmproducts Foods

Othercommod-

ities

Canada(1926=100)

Farmproducts

Raw andpartlymanu-

facturedgoods

Fully andchieflymanu-

facturedgoods

United Kingdom(1930=100)

FoodsIndus-trial

products

Netherlands(July 1938-June 1939=100)

FoodsIndus-

trial rawproducts

Indus-trial

finishedproducts

1926

193719381939.194019411942194319441945.1946194719481949


1950—January

100

8669656882106123123128149181188166

173168172171171169166162163160157155

155

100

8674707183100107105106131169179162

166162163163164162161161162160159156

155

100

8582818389969799100110135151147

153152151149147146145145145145145145

146

100

87746468738598107115124133150147

148145146148148150151146146145145144

144

100

84736775829099104106110131156161

163161162161160160161159158161161160

160

100

81787582899293949499117140142

143142141142142142142142142143143143

143

1029797133146158160158158158165181197

178178178186199202202202201'211213212

215

112104106138156160164170175184207242249

247247246251250249

r245244

••248r252••255••257

261

103121140157157159172200214231243

240242242243240233233230235244265270

112163177175174179193282328342369

373371369369367367364364365374376370

104126148154159163184261276283297

295295293294294296295295298297303304

«• Revised.Sources.—See BULLETIN for July 1947, p. 934; May 1942, p. 451; March 1935, p. 180; and March 1931, p. 159.


PRICE MOVEMENTS IN PRINCIPAL COUNTRIES—Continued

RETAIL FOOD PRICES[Index numbers]

Year ormonth

194119421943194419451946194719481949

1949-January...February..March. . . .AprilMay . . . .JuneJulyAugustSeptember.October...November.December.

1950-January. . .

UnitedS t a t e s

( 1 9 3 5 - 3 9= 1 0 0 )

1061241381361391 6 01 9 4210202

2 0 52 0 02 0 22 0 32 0 22 0 42 0 22 0 32 0 42 0 12 0 11 9 7

1 9 6

C a n -a d a

( 1 9 3 5 - 3 9= 1 0 0 )

1161271311311331 4 01 6 0196203

2 0 22 0 01 9 91 9 92 0 02 0 32 0 72 0 92 0 72 0 52 0 32 0 2

1 9 9

UnitedKing-dom(June

17, 1947= 100)

168161166168170169

1 101108114

108109108108114115116116117119119120

France(1938= 100)

149174224275377645

1,0431,662

P 1 , 8 1 4

1,9321,8451,7591,7381.725

:p

p

V

1 , 7 1 51 , 7 0 41 , 7 4 41 , 8 3 51 , 9 0 1L . 9 3 01 , 9 3 7

L , 9 2 1

N e t h e r -l a n d s

( 1 9 3 8 - 3 9= 1 0 0 )

1 9 32 1 1228249

2 4 32 4 62 4 72 4 82 5 62 6 02 5 12 4 62 4 42 4 42 5 12 5 7

Switz-er-

land(June1914= 100)

175200211215215210222230228

231229228227227228228228229229228227

COST OF LIVING[Index numbers]

Year ormonth

194119421943194419451946194719481949 . . . .

1949-January...February..March. . . .AprilMay

JulyAugust....September.October...November.December.

1950-January...

UnitedStates

(1935-39= 100)

105117124126128139159171169

171169170170169170169169170169169168

167

Can-ada

(1935-39= 100)

112117118119119124136155161

160160159159160161162163162162162162

161

UnitedKing-dom(June

17, 1947= 100)

199200199201203204

1 101108111

109109109109111111111111112112112113

France(1938= 100)

150175224285393645

1,0301 632

1,9351,8571,7811,7571,7381,7261,7151,7571,8271,885

P1 ,9122-1,920

Nether-lands

(1938-39= 100)

192199206219

215216217218221223219216216217221226

Switz-er-

land(June1914= 100)

174193203208209208217224222

224223222221222222221221222221221220

R218

v 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 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]

Year or month

Number of issues. . .

1942194319441945194619471948 . . . .1949 . . . . . .

1949—FebruaryMarchAprilMayJuneJulyAugustSeptember. . .OctoberNovember. . .December

1950—January

Bonds

UnitedStates i

(highgrade)

12

118.3120.3120.9122.1123.3

1103.298.7

101.9

100.5100.7101.0101.0100.9102.0103.0103.1102.8103.2103.7

104.0

Canada 2

(1935-39= 100)

(2)

100.7102.6103.0105.2117.2118.5105.0107.6

105.0105.6105.9105.9105.9106.6107.9108.9112.2112.1110.7

111.0

UnitedKingdom(December1921 =100)

87

127.3127.8127.5128.3132.1130.8129.9126.5

131.0130.8130.9130.4129.3127.1123.6122.7121.7118.9121.1

119.8

France(1938 =

100)

50

146.4146.6150.5152.1144.6132.0117.0

P109.4

111.9107.6109.0

107.9107.3108.4109.3110.5110.2

P109.9

2*109.5

Nether-lands 3

14

109.0105.6107.1

106.8

105.9103.0104.3106.3107.3107.3107.3106.9

108.0108.7109.4

110.1

C o m m o n s t o c k s

UnitedStates

(1935-39= 100)

416

69.491.999.8

121.5139.9123.0124.4121.4

117.2118.0118.5117.7112.0117.8121.8123.8127.3129.1132.7

135.1

Canada 4

(1935-39= 100)

106

64.283.583.899.6

115.7106.0112.5109.4

108.1106.4106.4105.399.6

104.2108.2109.6114.3118.2117.9

119.0

UnitedKingdom(1926=100)

278

75.384.588.692.496.294.692.087.6

91.788.788.488.985.384.084.085.688.286.587.8

87.7

France 5

(December1938=100)

5 295

479540551694875

1,1491,262Pj 1?O

V

V

1,2141,114L.1191,0501,0421,1221,168L.148L ,110L.0421,085

L.108

Nether-lands 6

(1938=100)

27

202.2211.2

195 .3

182.8180.7188.1188.8

190 .0196.3204.3209.6207.5203.6204.6

204.2

P Preliminary. r Revised1 New series beginning 1947, derived from average yields of 12 bonds on basis of a 2M 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 percent 20-year bond. Source.—Standard and Poor's Corporation; for compilations of back figures on prices of both bonds and common stocksin 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 yieldas calculated on the 15th of every month.

3 This index represents the reciprocals of average yields for 14 issues, including government, provincial, municipal, mortgage, and industrialbonds. The average yield in the base period (January-March 1937) was 3.39 per cent.

* This index is based on 95 common stocks through 1944; on 100 stocks, 1945-1948; and on 106 stocks beginning 1949.6 In September 1946 this index was revised to include 185 metropolitan issues, 90 issues of colonial France, and 20 issues of French com-

panies abroad. See "Bulletin de la Statistique G6ne>ale," 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.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.

MARCH 1950 397

BOARD OF GOVERNORSOF THE FEDERAL RESERVE SYSTEM

MARRINER S. ECCLES

M. S. SZYMCZAKERNEST G. DRAPER

THOMAS B. MCCABE? Chairman

R. M. EVANS

JAMES K. VARDAMAN, JR.

ELLIOTT THURSTON, Assistant to the Board CHESTER MORRILL, Special Adviser to the BoardWINFIELD W. RIEFLER, Assistant to the Chairman WOODLIEF THOMAS, Economic Adviser to the Board

OFFICE OF THE SECRETARYS. R. CARPENTER, SecretaryMERRITT SHERMAN, Assistant SecretaryKENNETH A. KENYON, Assistant Secretary

LEGAL DIVISIONGEORGE B. VEST, General CounselFREDERIC SOLOMON, Assistant General CounselJOHN C. BAUMANN, Assistant General Counsel

OFFICE OF THE SOLICITORJ. LEONARD TOWNSEND, SolicitorG. HOWLAND CHASE, Assistant Solicitor

DIVISION OF RESEARCH AND STATISTICSRALPH A. YOUNG, DirectorFRANK R. GARFIELD, Adviser on Economic ResearchARTHUR W. MARGET, Adviser on International

FinanceGUY E. NOYES, Assistant Director

FEDERALOPEN MARKET COMMITTEE

THOMAS B. MCCABE, ChairmanALLAN SPROUL, Vice ChairmanCHESTER C. DAVIS

ERNEST G. DRAPER

MARRINER S. ECCLES

JOSEPH A. ERICKSON

R. M. EVANS

J. N. PEYTON

M. S. SZYMCZAK

JAMES K. VARDAMAN, JR.

C. S. YOUNG

CHESTER MORRILL, SecretaryS. R. CARPENTER, Assistant SecretaryGEORGE B. VEST, General CounselWOODLIEF THOMAS, EconomistJOHN K. LANGUM, Associate EconomistALFRED C. NEAL, Associate EconomistJ. MARVIN PETERSON, Associate EconomistWILLIAM H. STEAD, Associate EconomistJOHN H. WILLIAMS, Associate EconomistROBERT G. ROUSE, Manager of System Open Mar\et

Account

DIVISION OF EXAMINATIONSEDWIN R. MILLARD, DirectorGEORGE S. SLOAN, Assistant DirectorC. C. HOSTRUP, Assistant Director

DIVISION OF BANK OPERATIONSROBERT F. LEONARD, DirectorJ. E. HORBETT, Assistant DirectorLOWELL MYRICK, Assistant Director

DIVISION OF PERSONNEL ADMINISTRATIONFRED A. NELSON, Director

DIVISION OF ADMINISTRATIVE SERVICESLISTON P. BETHEA, DirectorGARDNER L. BOOTHE, II, Assistant Director

FEDERALADVISORY COUNCIL

WALTER S. BUCKLIN, BOSTON DISTRICT

N. BAXTER JACKSON, NEW 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


CHAIRMEN,

Federal ReserveBank of

Boston

New York . . . . . .

Philadelphia

Cleveland

Richmond

Atlanta

Chicago

St. Louis

Minneapolis. a. .

Kansas Ci ty . . . .

Dallas

San Francisco...

DEPUTY CHAIRMEN, AND SENIOR OFFICERS

Chairman1

Deputy Chairman

Albert M. CreightonHarold D. Hodgkinson

Robert T. StevensWilliam I. Myers

Warren F. WhittierC. Canby Balderston

George C. BrainardA. Z. Baker

Charles P. McCormickJohn B. Woodward, Jr.

Frank H. NeelyRufus C. Harris

F. J. LundingJohn S. Coleman

Russell L. DearmontWm. H. Bryce

Roger B. ShepardW. D. Cochran

Robert B. CaldwellRobert L. Mehornay

J. R. PartenR. B. Anderson

Brayton WilburHarry R. Wellman

PresidentFirst Vice President

Joseph A. EricksonWilliam Willett

Allan SproulL. R. Rounds

Alfred H. WilliamsW. J. Davis

Ray M. GidneyWm. H. Fletcher

Hugh LeachJ. S. Walden, Jr.

W. S. McLarin, Jr.L. M. Clark

C. S. YoungE. C. Harris

Chester C. DavisF. Guy Hitt

J. N. Peyton0. S. Powell

H. G. LeedyHenry 0. Koppang

R. R. GilbertW. D. Gentry

C. E. EarhartH. N. Mangels

OF FEDERAL RESERVE BANKS

vice Jr

Robert B. Harvey2

E. G. HultE. 0. Latham

H. A. BilbyH. H. KimballL. W. KnokeWalter S. LoganA. PhelanKarl R. BoppL. E. DonaldsonRobert N. HilkertRoger R. ClouseW. D. FultonJ. W. Kossin

R. L. CherryR. W. Mercer3

W. R. Milford

P. L. T. BeaversV. K. BowmanJ. E. Denmark

Allan M. Black2

H. J. ChalfontNeil B. DawesW. R. Diercks

0. M. AtteberyWm. E. PetersonC. A. SchachtH. C. CoreE. B. LarsonH. G. McConnell

L. H. EarhartDelos C. JohnsR. L. Mathes

E. B. AustinR. B. ColemanH. R. DeMossW. E. Eagle

Albert C. AgnewJ. M. LeisnerS. A. MacEachronW. L. Partner

JLCSIUCIILS

Alfred C. NealCarl B. Pitman0. A. SchlaikjerR. F. Van AmringeH. V. RoelseRobert G. RouseV. WillisR. B. Wiltse

E. C. HillWm. G. McCreedyP. M. Poor man3

A. H. Laning3

Martin MorrisonPaul C. StetzelbergerDonald S. ThompsonC. B. StrathyK. Brantley WatsonEdw. A. WayneCharles W. WilliamsJoel B. Fort, Jr.T. A. LanfordE. P. ParisS. P. SchuesslerJohn K. Langum0. J. NetterstromA. L. OlsonAlfred T. SihlerW. W. TurnerPaul E. SchroederWilliam H. SteadC. M. StewartA. W. Mills3

Otis R. PrestonR. E. TowleSigurd UelandJohn Phillips, Jr.G. H. PipkinC. E. Sandy2

D. W. WoolleyW. H. HollowayWatrous H. IronsL. G. Pondrom3

C. M. RowlandMac C. SmythC. R. ShawH. F. SladeRonald T. Symms3

W. F. Volberg0. P. Wheeler

VICEFederal Reserve

Bank of

New York.

Cleveland

Richmond

Atlanta

Chicago

St. Louis

PRESIDENTS

Branch

Buffalo

CincinnatiPittsburgh

BaltimoreCharlotte

BirminghamJacksonvilleNashvilleNew Orleans

Detroit

Little RockLouisvilleMemphis

IN CHARGE OF BRANCHES OF FEDERAL RESERVE

Chief Officer

I. B. Smith4

W. D. FultonJ. W. Kossin

W. R. MilfordR. L. Cherry

P. L. T. BeaversT. A. LanfordJoel B. Fort, Jr.E. P. Paris

H. J, Chalfont

C. M. StewartC. A. SchachtPaul E. Schroeder

Federal ReserveBank of

Minneapolis....

Kansas C i ty . . . .

Dallas

San Francisco...

Branch

Helena

DenverOklahoma CityOmaha

El PasoHoustonSan Antonio

Los AngelesPortlandSalt Lake CitySeattle

BANKS

Chief Officer

R. E. Towle

G. H. PipkinR. L. MathesL. H. Earhart

C. M. RowlandW. H. HollowayW. E. Eagle

W. F. VolbergS. A. MacEachronW.L. PartnerC. R. Shaw

1 Also Federal Reserve Agent.MARCH 1950

2 Cashier. 8 Also Cashier. 1 General Manager.

399

FEDERAL RESERVE PUBLICATIONS

The material listed below may be obtained fromthe Division of Administrative Services, Board ofGovernors of the Federal Reserve System, Wash-ington 25, D. C. Remittance should be madepayable to the order of the Board of Governorsof the Federal Reserve System.

FEDERAL RESERVE BULLETIN. Issued monthly. Sub-

scription price in the United States and its pos-sessions, Bolivia, Canada, Chile, Colombia, CostaRica, 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 centsper copy; elsewhere $2.60 per annum or 25 centsper copy. Group subscriptions in the UnitedStates for 10 or more copies to one address, 15cents per copy per month, or $1.50 for 12 months.

FEDERAL RESERVE CHARTS ON BANK CREDIT, MONEY

RATES, AND BUSINESS. Issued monthly. $6.00per annum including historical supplementlisted below, or 60 cents per copy. In quantitiesof 10 or more copies of a particular issue forsingle 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 in-cludes supplement; single copies, 60 cents each.In quantities of 10 or more copies for single ship-ment, 50 cents each. (Domestic rates)

BANKING STUDIES. Comprising 17 papers on bank-ing and monetary subjects by members of theBoard's staff. August 1941; reprinted March1949. 496 pages. Paper cover. $1.00 per copy;in quantities of 10 or more copies for single ship-ment, 75 cents each.

BANKING AND MONETARY STATISTICS. Statistics of

banking, monetary, and other financial develop-ments. November 1943. 979 pages. $1.50 percopy. No charge for individual sections (un-bound).

1A more complete list, including periodical releases andreprints, appeared on pp. 1534-37 of the December 1949BULLETIN.

PROVISIONS OF STATE LAWS RELATING TO BANK RE-

SERVES as of December 31, 1944. 1945. 30 pages.

MONETARY AND BANKING REFORM IN PARAGUAY.

Includes translation of laws, accompanying re-ports, and introduction reviewing the monetaryhistory of Paraguay. July 1946. 170 pages.$1.00 per copy.

RULES OF ORGANIZATION AND RULES OF PROCEDURE

(Board of Governors of the Federal Reserve Sys-tem). September 1946. 31 pages.

T H E FEDERAL RESERVE ACT, as amended to Novem-ber 1, 1946, with an Appendix containing pro-visions of certain other statutes affecting theFederal Reserve System. 372 pages. 50 cents perpaper-bound copy; $1.00 per cloth-bound copy.

POSTWAR ECONOMIC STUDIES. (8 pamphlets)

No. 1. Jobs, Production, and Living Standards.

No. 2. Agricultural Adjustment and Income.

No. 3. Public Finance and Full Employment.

No. 4. Prices, Wages, and Employment.

No. 5. Private Capital Requirements.

No. 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 ormore for single shipment, 15 cents per pamphlet.

T H E FEDERAL RESERVE SYSTEM—ITS PURPOSES AND

FUNCTIONS. November 1947. 125 pages. 75cents per cloth-bound copy; in quantities of 10or more copies for single shipment, 50 cents each.Paper-bound copies available without charge.

DEBITS AND CLEARINGS STATISTICS, THEIR BACK-

GROUND AND INTERPRETATION. October 1947. 50

pages. 25 cents per copy; in quantities of 10 ormore copies for single shipment, 15 cents each.

DISTRIBUTION OF BANK DEPOSITS BY COUNTIES, as of

December 31, 1947. July 1948. 122 pages. Asof June 30, 1949. December 1949. 122 pages.

REGULATIONS OF THE BOARD OF GOVERNORS OF THE

FEDERAL RESERVE SYSTEM. Individual regulations

with amendments.


FEDERAL RESERVE PUBLICATIONS

REPRINTS(From Federal Reserve Bulletin unless preceded by an asterisk)

^STATEMENT ON BEHALF OF THE BOARD OF GOV-

ERNORS OF THE FEDERAL RESERVE SYSTEM BEFORE

THE JOINT COMMITTEE ON THE ECONOMIC REPORT.

Presented by Chairman Thomas B. McCabe onFebruary 14, 1949. 7 pages.

STATEMENT OF CHAIRMAN THOMAS B. MCCABE OF

THE BOARD OF GOVERNORS OF THE FEDERAL RE-

SERVE SYSTEM BEFORE THE SENATE BANKING AND

CURRENCY COMMITTEE, May 11, 1949. 6 pages.

N E W SERIES ON QUARTERLY SALES, PROFITS, AND

DIVIDENDS OF 200 LARGE MANUFACTURING COR-

PORATIONS, by Eleanor J. Stockwell. June 1949.5 pages.

RETAIL CREDIT SURVEY—1948. From June 1949BULLETIN with supplementary information fornine separate trades. 38 pages.

ESTIMATED LIQUID ASSET HOLDINGS OF INDIVIDUALS

AND BUSINESSES. July 1949. 2 pages.

1949 SURVEY OF CONSUMER FINANCES—

I. GENERAL FINANCIAL POSITION AND ECONOMIC

OUTLOOK OF CONSUMERS. June 1949. 13 pages.

II. DURABLE GOODS EXPENDITURES IN 1948 AND

BUYING PLANS FOR 1949. June 1949. 10 pages.

III. DISTRIBUTION OF CONSUMER INCOME IN 1948.

July 1949. 15 pages.

IV. CONSUMER OWNERSHIP AND USE OF LIQUID

ASSETS. August 1949. 16 pages.

V. HOME OWNERSHIP AND EXPENDITURES FOR

HOUSING. September 1949. 16 pages.

VI. OWNERSHIP OF AUTOMOBILES, STOCKS AND

BONDS, AND OTHER NONLIQUID ASSETS. October0

1949. 16 pages.

VII. ADDITIONAL DATA ON AUTOMOBILE OWNER-

SHIP. November 1949. 7 pages.VIII. DISTRIBUTION OF CONSUMER SAVING IN

1948. January 1950. 21 pages.

T H E BALANCE SHEET OF AGRICULTURE, 1949. Sep-

tember 1949. 11 pages.

* T H E EQUITY CAPITAL SITUATION. A personal

statement by Thomas B. McCabe, Chairman ofthe Board of Governors of the Federal Reserve

System, prepared at the request of a Subcommit-tee of the Committee on Banking and Currencyof the United States Senate. Submitted August5, 1949. 7 pages.

FINANCIAL POSITION AND BUYING PLANS OF CON-

SUMERS, July 1949. October 1949. 10 pages.

READJUSTMENT OF FOREIGN CURRENCY VALUES.

October 1949. 13 pages.

MEASUREMENTS OF SAVINGS, by Daniel H. Brill.November 1949. 8 pages.

NOTES ON FOREIGN CURRENCY ADJUSTMENTS. No-

vember 1949. 14 pages.

* REPLY OF THE CHAIRMAN OF THE BOARD OF GOV-

ERNORS OF THE FEDERAL RESERVE SYSTEM ( T O the

Questionnaire of the Joint Congressional Com-mittee on the Economic Report). November1949. 112 pages.

* STATEMENT OF MARRINER S. ECCLES BEFORE THE

SUBCOMMITTEE ON MONETARY, CREDIT AND FISCAL

POLICIES OF THE JOINT COMMITTEE ON THE ECO-

NOMIC REPORT AND SUPPLEMENTAL LETTER TO

SENATOR DOUGLAS. Presented November 22 andDecember 1, 1949. 9 pages.

* STATEMENT OF THOMAS B. MCCABE, CHAIRMAN OF

THE BOARD OF GOVERNORS OF THE FEDERAL RE-

SERVE SYSTEM, BEFORE THE SUBCOMMITTEE ON

MONETARY, CREDIT AND FISCAL POLICIES OF THE

JOINT COMMITTEE ON THE ECONOMIC REPORT.

Presented December 3, 1949. 10 pages.

A STUDY OF INSTALMENT CREDIT TERMS, by Milton

Moss. December 1949. 8 pages.

FRENCH EXCHANGE STABILIZATION FUND, by Robert

Solomon. January 1950. 5 pages.

INSURANCE OF COMMERCIAL BANK DEPOSITS. Feb-

ruary 1950. 5 pages.

STATEMENT BY THOMAS B. MCCABE, CHAIRMAN,

BOARD OF GOVERNORS OF THE FEDERAL RESERVE

SYSTEM ON S. 2822, A BILL " T O AMEND THE FED-

ERAL DEPOSIT INSURANCE ACT." February 1950.

5 pages.

STAFF STUDY ON ASSESSMENTS AND COVERAGE FOR

DEPOSIT INSURANCE. February 1950. 15 pages.

FEDERAL RECEIPTS AND EXPENDITURES FOR FISCAL

YEAR 1951. February 1950. 10 pages.

MARCH 1950 401

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