Federal Reserve Bulletin, 1947-02

F E D E R AL R E S E R VE BULLETIN FEBRUARY 1947 BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM WASHINGTON Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EDITORIAL COMMITTEE ELLIOTT THURSTON WOODLIEF THOMAS CARL E. PARRY The Federal Reserve BULLETIN is issued monthly under the direction of the staff editorial committee. This committee is responsible for interpretations and opinions expressed, except in official statements and signed articles. CONTENTS PAGE Review of the Month—The New Budget. 115-122 National Advisory Council Report on Participation of the United States in the Fund and the Bank to October 31, 1946. 123-129 Central Banking Laws for American Zone of Germany. 130-135 Directors of Federal Reserve Banks and Branches 136-148 Readjustment of Margin Requirements. 149-150 The Federal Register 150 Law Department: Margin Requirements for Purchasing Securities—Supplements to Regulations TandU. * 151 Foreign Funds Control: Treasury Department Regulation 151-152 Treasury Department Releases 152-154 Current Events 155 National Summary of Business Conditions. 156-157 Financial, Industrial, Commercial Statistics, U. S. (See p. 159 for list of tables) 159-213 International Financial Statistics (See p. 214 for list of tables) 214-231 Board of Governors and Staff; Open Market Committee and Staff; Federal Advisory Council. 232 Senior Officers of Federal Reserve Banks; Managing Officers of Branches 233 Map of Federal Reserve Districts. . 234 Federal Reserve Publications (See inside of bac\ cover) Subscription Price of BULLETIN A copy of the Federal Reserve BULLETIN is sent to each member bank without charge. The subscription price in the United States and its possessions, Bolivia, Canada, Chile, Colombia, Costa Rica, Cuba, Dominican Republic, Ecuador, Guatemala, Haiti, Republic of Honduras, Mexico, Newfoundland (including Labrador), Nicaragua, Panama, Paraguay, Peru, El Salvador, Uruguay, and Venezuela, is $2.00 per annum, or 20 cents per copy; elsewhere, $2.60 per annum or 25 cents per copy. Group subscriptions in the United States for 10 or more copies to one address, 15 cents per copy per month, or $1.50 for 12 months. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

VOLUME 33 February 1947 NUMBER 2 THE NEW BUDGET In his Budget Message, submitted to the TREASURY RECEIPTS AND EXPENDITURES Congress on January 10, 1947, the President BILLIONS OF DOL-ARS SUABTgRLY BILL!ONS OF DOLLARS 30 recommended a budget for the fiscal year TOTAL 1947-48 which shows declines from the cur- EXPENDITURES 25 - -V 100 rent year in both expenditures and receipts, r leaving a small excess of receipts. Thus 1 20 / 80 1947-48 would be the first fiscal year since / 1929-30 without a deficit and without expansionary effects of Government finance on 1 5 f RO F liquid asset holdings of the public. Budget / expenditures are estimated at 37.5 billion dol- 1 0 40 J / NET RECEfPTS lars, 5 billion less than indicated expenditures f for the fiscal year 1946-47. Net receipts, as- 5 K * j 20 suming scheduled expiration of wartime excise taxes, no change in tax laws, and a o 0 slightly higher level of national income than 1940 1941 1942 1943 1944 1945 1946 1947 1948 in the calendar year 1946, are estimated at Budget expenditures and net receipts. 1947-48 figures are estimated on the basis of the Budget Message. 37.7 billion dollars, 2.5 billion less than estigross national product) is now at a rate mates for the current fiscal year. close to the wartime peak and is more than double the dollar value of output for 1940. RECEIPTS AND EXPENDITURES FISCAL YEARS Federal expenditures comprise a much 1940-48 smaller proportion of the economy's total Expenditures recommended for the next expenditures now than during the war, but a fiscal year, as shown in the chart, compare considerably larger proportion than in prewith a wartime maximum of 100 billion dol- war years. Receipts of the Federal Governlars in the fiscal year 1944-45 and are four ment bear about the same relation to total times the 1939-40 expenditures. Estimated income of individuals and businesses as durreceipts are only 2.5 billion dollars below ing the war and a much larger proportion those for the current fiscal year and only than before the war. about 20 per cent below the 1944-45 total. CHANGES IN PUBLIC DEBT They are seven times the 1939-40 level. The nation's total annual output of goods With the budget approximately balanced and services measured in current dollars (the in the coming fiscal year and the Treasury's FEBRUARY 1947 115 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH cash position sharply reduced by the debt the net proceeds may be used for continuaretirement program of the past year, funds tion of retirement of marketable debt. As available for further reduction in the total shown in the preceding table, it is estimated public debt will be quite small under the that it may be possible to reduce marketable proposed budget. The total public debt, debt by about 2 billion dollars in the next will thus continue during the fiscal year fiscal year, if the President's budget recom- 1947-48 at about 260 billion dollars, compared mendations are followed. If recommendawith a maximum of 279 billion at the end tions for continuation of wartime excises and of February 1946, and 43 billion at the end for elimination of the postal deficit are of June 1940. adopted as well, an additional 1.5 billion From the beginning of the debt retirement dollars will become available. If the schedprogram in March 1946 to the end of that uled increase in pay-roll tax rates is again year, the marketable debt was reduced by 23 postponed, funds available for the retirement billion dollars; additional retirement of about of marketable debt would be reduced by 4 billion is estimated from January to June 600 million dollars. 1947. Even though the budget provides for The cooperative efforts of the Treasury and little surplus and reduction in the total public the Board of Governors of the Federal Redebt during the fiscal year 1947-48, it may be serve System made it possible to finance the expected that some additional funds will be war and to manage the public debt during available for retirement of marketable debt. the reconversion period at low and stable Such funds will be derived from investments interest rates. Concerning the continuation in special Treasury issues by various trust of this policy the President stated in his Budaccounts and by receipts from current sales get Message that: of savings bonds over and above redemptions. "Our debt-management policy is de- To the extent that these funds exceed reduc- signed to hold interest rates at the present tions in other forms of nonmarketable debt, low level and to prevent undue fluctuations in the bond market. This policy has eased BUDGET RECEIPTS AND EXPENDITURES AND CHANGE IN PUBLIC DEBT the financial problems of reconversion for FISCAL YEARS ENDING JUNE 30 both business and Government. The sta- [In billions of dollars] bility of the Government bond market has 1939-401944-451945-461946-47 »1947-48* been a major factor in the business confidence which has been of such value in Net receipts 5.4 46.5 43.0 40.2 37.7 Expenditures 1 9.3 100.4 63.7 42.5 37.5 achieving full production. Low interest Bu o d r g s e u t rp d l e u fi s c it ( + ( ) — ... ) -3.9 -53.9 -20.7 -2.3 + .2 rates have also relieved the burden on the Net expenditures in trust accounts, etc. + .4 + .8 -.5 -.4 -.4 taxpayer. The Treasury and the Federal Total deficit (-).... -3.5 -53.2 -21.2 -2.7 -.2 Reserve System will continue their effective Change in Treasurycash balance — .9 +4.5 -10.5 -11.7 -.4 control of interest rates." Change in debt: Total debt +2.5 +57.7 +10.7 -9.0 -.2 EXPENDITURE ESTIMATES Nonmarketable debt2 +2.1 + 16.8 +2.5 +8.0 +2.0 Marketable debt2. + .5 +40.9 +8.3 -17.0 -2.2 Budget expenditures for the current fiscal year are estimated at 42.5 billion dollars, or • As estimated in Budget Message. 1 Including net expenditures of wholly owned Government cor- about one billion above the revised budget esporations, etc. 2 Figures for 1946-47 and 1947-48 are estimated on basis of timate of August 1946. Expenditures for the Budget Message. 116 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH fiscal year 1947-48 are recommended at 37.5 war level. Outlays for general government billion dollars. Although this is 63 billion and for other functions not included in the dollars below the wartime peak and 5 bil- war category are but 2 billion dollars above lion below the estimate for the preceding those for the fiscal year 1939-40. fiscal year, it is still more than four times War and aftermath.—Of the 29 billion the prewar level. dollars estimated for national defense and The budget for 1947-48 presents a new expenditures arising from the aftermath and improved classification of Government of war, 11.3 billion is accounted for by expenditures by functional groups, cutting military expenditures, a decline of about 3.5 across departmental lines. Under the new billion from the current fiscal year. The classification, which is carried back for President indicated that the cost of maintainpast budgets beginning with 1938-39, the na- ing the present defense establishment with tional defense category is defined more nar- its larger forces, more complex mechanized rowly than heretofore. The table below equipment, occupation responsibilities and shows this new expenditure classification. developmental activities is necessarily much The broad expenditure classes of the budget greater than in prewar years. have been grouped here into those largely Expenditures for veterans are estimated at connected with war and its aftermath and 7.3 billion dollars; this is only slightly below those for the financing of other programs. the current fiscal year. Readjustment bene- The continued high level of expenditures fits of 3.5 billion dollars are provided for, is accounted for largely by outlays for na- including larger expenditures for education tional defense and other functions arising but a smaller amount for unemployment from the aftermath of war. As shown in the assistance. Pensions are estimated to require table, about 29 billion dollars of expenditures 2.5 billion, and the bulk of the remainder fall into this category. Increased expenditures goes to defray the cost of the Veterans' Adin this category also account for more than 90 ministration and the construction of hospitals per cent of the budget increase over its pre- and other facilities. Expenditures under international pro- BUDGET EXPENDITURES grams are estimated at 3.5 billion dollars FISCAL YEARS ENDING JUNE 30 [In millions of dollars] or about one-half the amount provided for in the budget for 1946-47; this includes 1.2 1939-40 1944-45 1946-47 e1947-48e billion for the loan to the United Kingdom, War and Aftermath 730 million for financing Export-Import National defense 1,497 84,526 14,726 11,256 Veterans 551 2,094 7,601 7,343 Interest 1,041 3,622 4,950 5,000 Bank loan programs, and 950 million for International affairs. . . . 50 677 6,394 3,510 Refunds 91 1,817 2,155 2,065 foreign relief. The decline from the current Total. . 3,230 92,736 35,826 29,174 year is due to completion of payments to the Other Programs International Fund and Bank and greatly General government.... 345 922 1,545 1,492 Social welfare 3,147 1,084 1,570 1,654 reduced relief programs. Transportation 565 3,407 905 1,530 Agricultural programs... 1,574 1,615 1,117 1,381 Natural resources 342 246 728 1,101 Interest payments on the public debt are Housing 28 -183 544 539 Other 66 571 288 657 estimated at 5 billion dollars, nearly 80 per Total.... 6,067 7,662 6,697 8,354 cent of which is attributable to debt incurred All functions 9,297 100,398 42,523 37,528 in World War II. Tax refunds will require 2 billion. This includes refunds for over- • As estimated in Budget Message. 117 FEBRUARY 1947 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH payment on personal income taxes and for counts for one-third of the increase over the adjustment of corporation income and ex- prewar level under the heading of general cess profits tax liabilities during the war government expenditures. years. Future level of expenditures.—Future Other programs.—Among the remaining changes in the level of Federal expenditures expenditures of 8.4 billion dollars for general will depend largely on the cost of national government and other functions, social wel- defense and war related programs. The fare expenditures of 1.7 billion rank as the President pointed out that: largest single item. This includes payments "the cost of peacetime services has risen to States under various Federal assistance strikingly as compared to these costs before programs and outlays for railroad retirethe war. Prewar figures can no longer be ment insurance. Recommended expendiused as a yardstick. Although Governtures of 1.5 billion dollars now classified ment wages have not been raised so much under transportation include programs in as private wages, the cost of supplies has communication, highway construction, the risen in line with the cost of goods in pripromotion of merchant marine, and aviation. vate markets. Further, the population to This includes provision for a 350 million be served has grown since 1939 by 10 mildollar deficit of the Post Office Department. lion people, adding proportionately to the Net expenditures for housing programs, demand for many public services." largely for veterans, are estimated at 540 million dollars, including payment of 440 Some items which are still substantial in million to be used by the Reconstruction the budget for 1947-48, such as veterans' Finance Corporation for purchase of mort- readjustment benefits or certain outlays for gages guaranteed by the Veterans' Admin- international reconstruction, may be conistration and the Federal Housing Admin- siderably reduced later on. Expenditures for istration. Further items include 440 million interest may be expected to decline somewhat for the Atomic Energy Commission and 660 with a continued debt retirement program, million for the conservation of natural re- but can hardly be expected to fall substansources and other programs. tially in the next few years. While it is suggested in the Budget Message that expendi- The agricultural programs of 1.4 billion tures of the War and Navy Departments for dollars reflect 330 million dollars for price the fiscal year 1947-48 are still above their support programs under the Commodity ultimate peacetime level, there is no indica- Credit Corporation, the remainder being tion as to the magnitude of possible future largely for rural electrification, conservation, reductions of expenditures. and improvement programs. Food subsidies, which were a substantial item in past bud- ESTIMATED RECEIPTS gets, have disappeared. General government, including mostly the Net receipts for the fiscal year 1947-48, exadministrative cost of the Government's cluding net appropriations to the Federal legislative, judicial and executive branches, old-age and survivors insurance trust fund, calls for 1.5 billion dollars. This figure in- are estimated at 37.7 billion dollars. This cludes 400 million dollars to defray the cost estimate is based on the assumption that of the War Assets Administration, which ac- profits, sales, and income payments will con- 118 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH tinue somewhat above the levels of calendar a somewhat higher level of total profits beyear 1946. The expected total falls short of fore tax. The estimated personal income tax the wartime peak by 9 billion dollars and is yield of 18.4 billion dollars is slightly higher 2.5 billion below the level of net receipts esti- than in the current fiscal year and just mated for the current fiscal year. slightly below the wartime peak of 1944-45. The revenue loss from 1945 income tax legis- TREASURY RECEIPTS lation was offset very largely by increased FISCAL YEARS ENDING JUNE 30 receipts resulting from a higher level of in- [In billions of dollars] come payments. Item 1939-40 1944-45 1946-47 e1947-48e Excise tax receipts have risen since the end of the war, due to a higher level of consumer Income and profit taxes: C In o d r i p v o id ra u t a io l. n . : . 1.0 19.1 17.9 18.4 expenditures and an increased supply of com- Excess profits 1 11.1 4.0 1.2 Other 2 1.3 5.3 5.2 7.1 modities subject to tax. The 6.6 billion dol- Estate and gift taxes .4 .6 .7 .7 lars of excise tax and customs receipts, esti- Excise taxes and customs.. 2.2 6.3 7.8 6.6 Social security taxes .8 1.8 2.0 2.7 mated for the fiscal year 1947-48 are 1.2 billion Receipts from renegotiated below the current year, reflecting largely the contracts 2.0 .4 .2 Sales of surplus property. . .1 2.3 1.1 Miscellaneous receipts3 • • • -• 1.3 1.3 1.7 scheduled expiration of wartime excises on Total receipts 5.9 47.7 41.6 39.7 July 1, 1947, provided for under present law. Net receipts4 5.4 46.5 40.2 37.7 The President, however, recommends that • As estimated in Budget Message. these taxes be continued for the time being, 1 Including declared value excess profits taxes. 2 Including capital stock and unjust enrichment taxes. in which case net receipts would be raised 3 Including proceeds from sales of Government owned property, repayments of subscriptions to capital stock of war corporations, by 1.1 billion dollars, giving an estimated interest and premiums on Government owned securities of Reconstruction Finance Corporation, and in 1947-48 return to the Treasury of certain capital funds amounting to 379 million dollars. total of 38.9 billion. 4 Total receipts less social security employment taxes which are appropriated directly to the Federal old-age and survivors insur- The yield from employment taxes is estiance trust fund. mated to rise sharply, due mostly to the The estimated reduction in Treasury re- scheduled increase in pay-roll tax rates. Conceipts from this year's level i's due largely to tributions to old-age benefit insurance under the expiration of wartime excise taxes, a de- present law are scheduled to increase, effeccline in receipts from the sale of surplus tive January 1,1948, from 2 to 5 per cent, of property, and a further shrinkage of excess which half is payable by employers and half profits tax collections. While the excess by employees. This increase in rates as proprofits tax was repealed for profits received vided in the Social Security Act of 1935 was during the calendar year 1946, payments on planned to be carried out in gradual stages, 1945 profits were still coming in during but has been repeatedly postponed by Conthe first half of the current fiscal year. For gressional action. Should it be postponed 1947-48, however, the excess profits tax will again, net receipts would not be affected but remain in the picture only through payment funds available for the retirement of marketof back taxes. Receipts from corporation able debt would be reduced by 600 million normal and surtax rates are estimated to dollars. increase above current fiscal year levels, re- Receipts from the disposal of surplus propflecting in part an increase in profits taxable erty are estimated to continue at over one under the normal and surtax rates due to billion dollars while those from contract repeal of the excess profits tax, and in part renegotiation are expected to decline to 200 FEBRUARY 1947 119 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH million dollars. An additional 239 million, per cent of the total. The increase in perincluded under miscellaneous receipts, is to sonal income tax collections alone accounts be obtained from proposed legislation for for more than one-half of the revenue gain payment to the Treasury of capital furnished over prewar levels. to Federal Deposit Insurance Corporation. The vast increase in the over-all yield of While 139 million dollars of this capital was the revenue structure is a reflection, in part, furnished originally by the Federal Reserve of the increase in national income but is due System, the Federal Reserve Banks have al- more largely to new tax legislation. Thus, ready replaced the funds from earnings in it may be estimated that the personal income recent years, and the Board of Governors, tax rates and exemptions which yielded one accordingly, has proposed that the Congress billion dollars in the fiscal year 1939-40 would authorize the Federal Deposit Insurance Cor- provide a yield of about 2.5 billion at present poration to repay this amount to the Treas- income levels. This compares with 18.4 bilury. The President's Message also sup- lion dollars derived under present rates and ports a further recommendation by the Board exemptions. The revenue structure as a of Governors for a repeal of the authority whole, which produced a net yield of 5.4 bilof the Federal Reserve Banks to make direct lion in the fiscal year 1939-40, would at loans to industry and the release to the Treas- present levels of income yield net receipts of ury of the fund of 139 million dollars now approximately 12 billion dollars. This comreserved for this purpose; this amount is also pares with about 32 billion dollars from included under miscellaneous receipts. present taxes, net of refunds and excluding excess profits tax receipts. CHANGES IN TAX STRUCTURE Calculations of this kind indicate that re- Major changes to date in the wartime turn to, or even approximation of, prewar tax structure include repeal of the excess tax rates and exemptions will not be posprofits tax and of the special wartime normal sible without a large deficit, even if substanrate and exemptions under the personal intial further reductions in expenditures should come tax. As compared with the prewar materialize. An increase of $100 in the period, the most significant development present exemption level of $500 of income has been the greatly increased importance of per person may be estimated to result in a the personal income tax. The number of revenue loss of about 1.5 billion dollars, taxable personal income tax returns exwhile the revenue loss from each point repanded from 4 million in 1939 to over 35 duction in the normal rate would be about million estimated for this year; payments 600 million dollars. The President's Meshave been placed largely on a current basis; sage states that there is no justification now and about one half of total collections are for tax reductions, since under present now made at the source. The yield of the economic conditions revenues should be personal income tax for the coming fiscal maintained in order to repay as much of the year is estimated at 18.4 billion dollars, or national debt as possible. about 50 per cent of total net receipts. This compares with less than one billion dollars in NEW BUDGET SETTING the prewar fiscal year of 1939-40, when the The message submitted on January 10, in personal income tax share was less than 20 some respects, marks the beginning of a new 120 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH phase in Federal budgeting. During the war over expenditures since the middle of 1946; years the level of Government expenditures that is, the inflationary pressure of a cash defiwas determined by military requirements, cit has been absent for some time. For the while tax receipts represented the maximum fiscal year 1947-48 the cash surplus is estithat seemed feasible under the circumstances. mated at 3 billion dollars, which is one bil- The resulting deficit was a residual to be met lion below the current year's figure. In apby borrowing. With the termination of war praising the impact of the proposed budget programs, expenditures fell off sharply, while upon income, prices and employment this receipts stayed up as a result of a continued cash surplus of 3 billion, rather than the abhigh level of economic activity and incomes. sence of an ordinary budget surplus, is the As a consequence, the deficit was rapidly re- significant factor. A continuation of the cash duced. surplus during conditions of high levels of Now that the process of more or less auto- employment and output will be an impormatic readjustment is at an end, a more tant factor in restricting further inflationary deliberate weighing of alternatives becomes forces. possible. This raises many questions that The economic issues of budget policy are will have to be faced in the future. How emphasized by the new setting of the Budget large will be the long-time requirements of Message. This year's Message is the first national defense ? What should be the mag- to be presented in conjunction with the nitude and composition of total Federal President's Economic Report to the Conexpenditures in relation to peacetime na- gress, provided for under the terms of the tional income ? What level and structure of Employment Act of 1946. At the same time, taxation is compatible with prosperity and Congressional machinery for the consideraeconomic progress ? How rapidly should the tion of budget appropriations has been overnational debt be retired, or under what cir- hauled by the Legislative Reorganization cumstances is a deficit justifiable? Act of 1946. Under this Act, Congress, at To show the impact of Federal finances on the beginning of each new term, will adopt a incomes of individuals and businesses, the legislative budget that will impose limitabudget presents figures that compare the tions upon total expenditures and borrowing. amount of cash obtained by the Treasury Specific appropriations and revenue legisfrom the public with the amount of cash paid lation must be fitted into this legislative out to the public. The receipt side shows tax budget. collections and miscellaneous other revenues, Realization of the budget estimates will while the expenditure side includes all those depend upon continuation of economic acitems that involve cash payments to the pub- tivity and incomes at a high level. The lic. Excluded are non-cash expenditures of economic background against which the the Government such as armed forces leave budget recommendations were prepared is bonds, appropriations to the Federal old-age outlined in the President's Economic Reand survivors insurance trust fund in excess of port. The picture as presented there is benefit payments, and payments to the Inter- mixed. On the one hand, production, prices, national Monetary Fund recovered through incomes, and holdings of liquid assets by the issuance of securities. On this cash basis businesses and individuals are at high levels, the budget has shown an excess of receipts and the use of credit by private borrowers is FEBRUARY 1947 121 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH increasing. On the other hand, some of the becoming available are satisfying some of forces of expansion have expended them- the shortages. However, it is suggested in selves. As a result of high prices and the the President's Budget Message that should narrowing margin between individual in- a recession occur, it would be a temporary comes and expenditures, the intensity of slump only, growing out of transition period demand has abated. At the same time in- difficulties and would call for no revision creasing supplies of goods and services now in budget policy. 122 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL ADVISORY COUNCIL REPORT ON PARTICIPATION OF THE UNITED STATES IN THE FUND AND THE BANK TO OCTOBER 31, 1946 Given below is the text of the National Advisory The Secretary of State, James F. Byrnes Council Report on Participation of the United States The Secretary of Commerce, W. Averell in the International Monetary Fund and the Inter- Harriman national Ban\ for Reconstruction and Development, The Chairman of the Board of Governors of After having been submitted to the Congress by the Federal Reserve System, Marriner S. Eccles President Truman, the Report was published as The Chairman of the Board of Directors of House Document No. 53 on January 13, 1947. the Export-Import Bank, William McChesney Martin, Jr. I. FUNCTIONS AND POWERS OF THE COUNCIL Two changes in the membership of the Council The National Advisory Council on International have occurred since the previous report. On June Monetary and Financial Problems was established 25, 1946, John W. Snyder succeeded Fred M. by the Congress in the Bretton Woods Agreements Vinson as Secretary of the Treasury, and on Octo- Act (59 Stat. 512; 22 U. S. C. 286b), approved by ber 7, 1946, W. Averell Harriman succeeded Henry the President on July 31, 1945. The statute directs A. Wallace as Secretary of Commerce. the Council to advise and consult with the representatives of the United States on the Bank and the By agreement the following serve as Alternates: Fund, and to coordinate their policies and those Andrew N. Overby, Special Assistant to the of the Export-Import Bank of Washington, and Secretary of the Treasury all other agencies of the Government "to the William L. Clayton, Under Secretary of extent that they make or participate in the making State for Economic Affairs of foreign loans, or engage in foreign financial, Arthur Paul, Assistant to the Secretary of exchange, or monetary transactions." Commerce J. Burke Knapp, Assistant Director of Re- II. ORGANIZATION OF THE COUNCIL search and Statistics, Board of Governors of the The organization and procedure followed in the Federal Reserve System Council's work were outlined in the report trans- Herbert E. Gaston, Vice Chairman of the mitted to the Congress on March 8, 1946 (H. Doc. Board of Directors of the Export-Import Bank No. 497, 79th Cong., 2d Sess.). The Council had established a Technical Committee on the Harold Glasser, Director of Monetary Research in Bank and the Fund, which was charged with the Treasury Department, is the Secretary of the the responsibility for the planning and the con- Council. sultation with representatives of foreign govern- B. United States Representatives on the Bank and ments, preparatory to the inaugural meetings of the the Fund Bank and the Fund. This Committee has now completed its tasks, and technical matters relating The Council, under the Bretton Woods Agreeto these institutions are considered by the Council ments Act, is assigned the responsibility of recom- Staff Committee. In other respects the procedures mending to the President general policy directives of the Council remain substantially unchanged. for the guidance of the representatives of the United States on the Fund and the Bank, after consultation A. Members of the Council with these representatives. The Council has the The present members of the Council, according further duty to advise and consult with the Presito law, are the following: dent and with the United States representatives The Secretary of the Treasury, John W. on the Bank and Fund regarding major problems Snyder, Chairman arising in the administration of these organizations. FEBRUARY 1947 123 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL ADVISORY COUNCIL REPORT The United States representatives have regularly ment, to deliver special non-negotiable, non-interest met with the Council and there has been a full bearing notes of the United States payable on deexchange of views on matters concerning these mand in exchange for dollars not needed by the institutions. Fund for its operations. The President nominated Fred M. Vinson, then The Articles of Agreement of the Bank [Article Secretary of the Treasury, as the first United States XI, Section 2(d)], require the payment of 1/100 Governor of the Bank and Fund, and William L. of 1 per cent of the capital subscription of each Clayton, then Assistant Secretary of State, as Alter- member country at the time of signature of the nate Governor; Emilio G. Collado, then Deputy Articles. These payments were treated in the same on Financial Affairs, State Department, was nomi- way as the initial payments to the Fund noted nated as the United States Executive Director of above. Accordingly, the United States paid the the Bank, and Harry D. White, then Assistant Bank $317,500 under this clause. Total payments Secretary of the Treasury, was nominated as the by all member countries aggregated $767,000. Executive Director of the Fund for the United Under Article II, Sections 7 and 8, the balance of States. The Senate confirmed these nominations 2 per cent of the capital subscription became payon February 6, 1946. able within sixty days after the Bank began opera- John W. Snyder was nominated to succeed Fred tions, i.e., on or before August 24, 1946. The M. Vinson as Governor of the Bank and the United States accordingly paid an additional $63,- Fund. This appointment was confirmed by the 182,500 to the Bank on June 28, 1946. The Bank, Senate on July 10, 1946. On the same date the in accordance with Article II, Sections 5, 7, and 8, Senate confirmed the appointments of John S. called for an additional 3 per cent ($95,250,000) as Hooker as United States Alternate Executive Di- of June 25, 1946, payable on or before November rector of the Bank, and George F. Luthringer as 25, 1946. This call was likewise paid on June 28, United States Alternate Executive Director of the 1946. The total paid to the Bank by the United Fund. States as of October 31, 1946, amounted, therefore, to $158,750,000. III. PAYMENTS MADE BY THE UNITED STATES TO As of September 25, 1946, the Bank called an THE FUND AND THE BANK additional 5 per cent of the capital subscription of In accordance with the Articles of Agreement all members payable by November 25, 1946, and of the Fund, each government signing the Agreeit has also given notice that it intends to make ment paid 1/100 of 1 per cent of its total subtwo additional calls of 5 per cent each, payable scription to the Fund in gold or United States by February 25, 1947, and May 26, 1947, respecdollars. These payments were held in a special tively. The United States payment on each of deposit account in the Treasury until the inaugural these calls will be $158,750,000, so that a total of meeting of the Board of Governors of the Fund, $635,000,000 will be paid in on capital subscription and on March 29, 1946, they were transferred to by the United States. The remainder of the United the Fund. The Fund has received a total of States subscription to the capital stock of the Bank $737,250 from these payments by members. The will not be called unless funds are needed to make United States paid $275,000 to the Fund under payments to investors to meet obligations of the this clause. Bank. The balance of the subscription of the United In accordance with the Bretton Woods Agree- States to the Fund will be paid in accordance with ments Act, the United States will exercise its option Article III, Section 3, and Article XX, Section 4(c), to deliver non-negotiable, non-interest bearing deof the Agreement, which provide for full payment mand notes in exchange for dollars not needed in on or before the date when the Fund begins exthe Bank's operations, as provided in Article V, change transactions. Funds for this purpose have Section 12, of the Bank Agreement. already been provided by Section 7 of the Bretton Woods Agreements Act. In accordance with IV. ACTIONS BY THE COUNCIL RELATING TO THE Section 7(c) of the Bretton Woods Agreements BANK AND THE FUND Act, the United States intends to exercise its option The Bretton Woods Agreements Act, Section under Article III, Section 5, of the Fund Agree- 4(b) (4), provides that— 124 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL ADVISORY COUNCIL REPORT ' 'Whenever, under the Articles of Agreement of these provisions. The Council also advised the the Fund or the Articles of Agreement of the Bank, United States Executive Director that it saw no the approval, consent or agreement of the United objection to the investment of these funds in short- States is required before an act may be done by term obligations of the United States, if the Bank the respective institutions, the decision as to found that it had adequate authority under its whether such approval, consent, or agreement shall Articles of Agreement to invest these funds in such be given or refused shall (to the extent such deci- securities. Subsequently the Bank invested $127,sion is not prohibited by Section 5 of this Act) 500,000 in short-term United States Government be made by the Council, under the general direction securities. of the President. No governor, executive director, Among the other subjects of discussion between or alternate representing the United States shall the Council and the United States Executive Divote in favor of any waiver of conditions under rector of the Bank has been the scope of the lend- Article V, Section 4, or in favor of any declaration ing operations of the International Bank. The of the United States dollar as a scarce currency Council has requested that certain applicants for under Article VII, Section 3, of the Articles of Export-Import Bank loans be directed to the Inter- Agreement of the Fund, without prior approval national Bank, and these applications are now of the Council." being considered by it. In the present formative period in the life of V. COUNCIL PARTICIPATION IN THE MEETINGS OF THE the Bank and Fund, no occasions have as yet arisen BOARDS OF GOVERNORS OF THE BANK AND THE FUND for formal action under this authority. The The Articles of Agreement of the Bank and of Council has contributed to the formulation of the the Fund entered into force on December 27, 1945, policies of these organizations through its con- with their signature by the required number of sultation with and advice to the United States countries. By December 31, 1945, 33 countries had Executive Directors and through its participation joined both the Bank and the Fund, while one in the meetings of the respective Boards of Gover- additional country, Colombia, had joined the Fund, nors. but not the Bank. The Bank and Fund have been informed that Soon thereafter the member countries appointed all communications between this Government and their respective Governors. Since the powers of the international organizations are to be sent the Bank and the Fund are vested in their redirectly to and from the Chairman of the National spective Boards of Governors, the next essential Advisory Council. step toward completing the initial organization On September 12, 1946, the Fund requested the was to call a meeting of these Boards. A large Chairman of the Council to communicate the par amount of preliminary work was necessary before value of the dollar for the purposes of the Fund this step could be taken. While the Government under Article XX, Section 4, of the Agreement. of the United States was empowered to call the The Secretary of the Treasury, as Chairman, ac- first meeting under the Articles, other governments cordingly communicated the par value of the had to be consulted on procedure. The preliminary dollar as 15 5/21 grains of gold, 9/10 fine, as work and consultation were entrusted to the Techproclaimed by the President of the United States nical Committee on the Bank and the Fund of the on January 31, 1934. National Advisory Council, acting under the Soon after the Bank opened for business on supervision of the Council. June 25, 1946, the United States Executive Direc- In accordance with the Articles of Agreement tor consulted the Council as to whether Article IV, of the Bank and the Fund, the President of the Section 2 (a) and (b) of the Articles of Agreement United States called the inaugural meeting of the required the Bank to obtain United States approval Boards of Governors. The meetings were held at in order to lend or invest dollars derived from the Savannah, Georgia, from March 8 to March 18, 2 per cent payable in gold or dollars by all members 1946. The Governors or Alternate Governors of on their capital subscription. The Council and all nations which had become members of the the United States Executive Director were in Bank and Fund were present. The United States agreement that such approval is not required under Governor was elected Chairman of the Boards of FEBRUARY 1947 125 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL ADVISORY COUNCIL REPORT both organizations. Secretary Vinson was assisted mission. The Chairmen and ranking minority in the work of the inaugural meeting by the Alter- members of the Senate and House Committees on nate Governor, the Executive Directors, members Banking and Currency were invited to attend both of the Council and their staffs, and a representa- meetings as advisers, and rendered valuable assisttive of the Securities and Exchange Commission. ance and counsel. Council agencies also provided the secretariat for The principal' matters on which action was taken the meeting. at these meetings were the admission of new mem- The inaugural meetings were concerned largely bers, changes in quotas and subscriptions, and the with the problems of organizing the international adoption of rules and regulations governing the bodies. The Boards of Governors adopted by- conduct of the Bank and the Fund. laws, established procedures, appointed committees, and delegated appropriate powers to the Executive VI. PRINCIPAL ACTIONS OF THE BANK AND THE FUND Directors, whose sessions began shortly after the The Executive Directors fixed June 25, 1946, close of the inaugural meeting of the Governors. It as the date upon which the Bank would formally was decided to hold the first annual meetings of begin operations, and called for the balance of the the Governors in Washington in September 1946, initial 2 per cent of the capital subscription. Mr. at which time appropriate actions could be taken Eugene Meyer (United States) was elected Presion the matters raised but not settled at Savannah. dent and took office on June 18, 1946. The Bank and the Fund have published reports The Executive Directors of the Fund at their of the proceedings of the inaugural meetings. first meeting on May 6, 1946, elected Mr. Camille The first annual meetings of the Board of Gov- Gutt (Belgium) as Managing Director. On Sepernors of the Bank and the Board of Governors of tember 12, 1946, the Fund announced that "it the Fund were held in Washington from September will shortly be in a position to begin exchange 27, 1946, to October 3, 1946, inclusive. The United transactions" (Article XX, Section 4), and re- States Governor, John W. Snyder, as Chairman of quested the members to communicate the par values both Boards of Governors, presided at the opening of their currencies. The Fund may begin exchange and closing joint sessions of the Bank and the transactions after the exchange parities have been Fund. He also presided at some of the separate agreed with the Fund by members having an meetings of the Board of Governors of each insti- aggregate of at least 65 per cent of the quotas tution. The Alternate Governor, William L. established at Bretton Woods. Clayton, Under Secretary of State for Economic Affairs, as at Savannah, spoke for the United States A. Admission of Members at meetings of the Boards of Governors. Four The United States has favored the early adtemporary Alternate Governors were appointed to mission to membership in the Bank and Fund of all represent the United States at various Committee peace-loving nations. The United States Governmeetings; they were: ment supported the extension until December 31, Marriner S. Eccles, Chairman of the Board 1946, of the period of time during which countries of Governors of the Federal Reserve System represented at Bretton Woods might accept mem- William McChesney Martin, Jr., Chairman bership in these institutions on the same terms as of the Board of Directors of the Export-Import the original signatories. During the Savannah Bank meeting, or shortly thereafter, five members joined Alfred Schindler, Under Secretary of Com- both the Fund and the Bank, viz., Cuba, Denmark, merce Nicaragua, Panama, and El Salvador. The exten- James J. Caffrey, Chairman of the Securities sion still applies to Australia, Haiti, Liberia, New and Exchange Commission Zealand, the USSR, and Venezuela. Colombia The Governors and Alternate Governors were joined the Fund but not the Bank, and is also assisted by the United States Executive Directors eligible under this extension to join the Bank.1 and their alternates and by the technical staffs of The United States has also supported the adthe agencies represented in the National Advisory 1 Editor's note:—Before Dec. 31, 1946, Colombia joined the Council and of the Securities and Exchange Com- Bank and Venezuela joined the Fund and the Bank. 126 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL ADVISORY COUNCIL REPORT mission of new members and at the first annual Bank for Reconstruction and Development [Intermeeting of the Boards of Governors in Washington national Monetary Fund] are indispensable to the applications were accepted from Italy, Lebanon, achievement of equity among its members and Syria* and Turkey. Quotas in the Fund for the equality among its personnel, new members were fixed at this time (Italy, 180 "Therefore: million dollars; Lebanon, 4.5 million; Syria, 6.5 mil- "The Board of Governors of the International lion; and Turkey, 43 million). Subscriptions Bank for Reconstruction and Development [Interto the capital stock of the Bank are in the same national Monetary Fund] recommends to the memamount as the Fund quota for each country. bers of the Bank [Fund] that necessary action be taken by them to exempt from national taxation B. Revisions of Quotas and Subscriptions salaries and allowances paid out of the budget of The Board of Governors of the Fund, with the the Bank [Fund] to the President [Managing Diconcurrence of the United States, voted during the rector], the Executive Directors and their Alter- Washington meeting to increase the quota of nates and to the staff of the Bank [Fund]." France in the Fund from 450 million dollars to 525 When the Congress is again in session, the Counmillion, and of Paraguay from 2 million to cil will give consideration to the problem raised 3.5 million, conditional upon application for pro- by this resolution insofar as the United States is portionate increases in their subscriptions to the concerned, in the light of the similar problem which Bank. The Board of Governors of the Bank ap- has arisen in the case of American citizens emproved increases in the bank subscription of France ployed by the United Nations and other internato 525 million dollars and of Paraguay to 1.4 million. tional bodies, of which the United States is a member. C. Functions and Remuneration of the Executive Directors D. Other Actions of the Bank and the Fund The United States has favored a broad delega- The Articles of Agreement of the Bank and of tion of powers to the Boards of Executive Directors the Fund provide that their principal offices are of both the Bank and the Fund and has supported to be located in the country with the largest subthe principle that the offices of Executive Directors scription and quota, respectively. Since these (and their Alternates) should be full-time posi- institutions are intergovernmental bodies, the tions. It is provided in the by-laws of the Bank United States delegation favored the location of and of the Fund that— their principal offices in Washington. This view "It shall be the duty of an Executive Director prevailed at the Savannah Conference. and his Alternate to devote all the time and atten- The United States representatives have shared a tion to the business of the Bank (Fund) that its substantial identity of view with the representainterests require, and, between them, to be con- tives of the other members of the Bank and the tinuously available at the principal office of the Fund on many other matters which have been Bank (Fund)." considered. The Boards of Governors of the Bank and of the At the first annual meeting the Governors of the Fund decided to fix the remuneration of Executive Fund also adopted a resolution on silver intro- Directors (and their Alternates) on the basis of duced by the Governor for Mexico. The conclusion full-time service, but where a Director or Alternate of this resolution is as follows: serves only on a part-time basis his remuneration "The Fund shall gather whatever material is is to be prorated according to the proportion of available and obtainable on the monetary uses of his time devoted to the institution. silver; the real function of silver coins; risks and The following resolution concerning national uncertainties of its monetary uses; possibilities of taxes on salaries and allowances was passed at cooperation in the use of silver for monetary purthe Savannah meeting by the Boards of Governors poses, etc. In general, the Fund shall gather maof the Bank and the Fund: terial, statistical or otherwise, which could be "Appropriate measures for the elimination or useful in facilitating discussions on the subject in equalization of the burden of national taxes upon an international conference among interested memsalaries and allowances paid by the International ber countries." FEBRUARY 1947 127 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL ADVISORY COUNCIL REPORT The Boards of Governors decided to hold their "The Executive Directors of the International next annual meetings at London in September Monetary Fund interpret the Articles of Agreement 1947. Officers were elected to hold office until the to mean that authority to use the resources of the end of the second annual meeting. The Governor Fund is limited to use in accordance with its purfor the United Kingdom was elected Chairman, poses to give temporary assistance in financing baland the Governors for China, France, India, and ance of payments deficits on current account for the United States were elected Vice Chairmen for monetary stabilization operations." the ensuing year. These interpretations appear to be fully responsive to the directives of Congress, so that, in the opinion VII. INTERPRETATIONS OF THE ARTICLES OF AGREEof the National Advisory Council, action for MENT OF THE BANK AND THE FUND amending the Articles of Agreement does not appear To carry out the requirement of Section 12 of necessary. the Bretton Woods Agreements Act, the United The Governor of the Fund for the United States Governor of the Bank at Savannah requested Kingdom also made a request for an interpretation, an interpretation "as to the authority of the Bank in response to which the Executive Board made to make or guarantee loans for programs of ecothe following interpretation on September 26, 1946: nomic reconstruction and the reconstruction of "The Government of the United Kingdom has monetary systems, including long-term stabilization stated its intention to maintain full employment loans." The Governors of the Bank, pursuant to and has requested an interpretation of the Articles Article IX(a) of the Agreement, invited the Execuof Agreement as to whether steps necessary to protive Directors to interpret the Articles in this tect a member from unemployment of a chronic respect. or persistent character, arising from pressure on The Executive Directors of the Bank approved a its balance of payments, shall be measures necessary report by their Committee on Interpretation, which to correct a fundamental disequilibrium. concluded that— "The Executive Directors interpret the Articles "Under the Articles of Agreement, the Bank has of Agreement to mean that steps which are necesauthority to make or guarantee loans for programs sary to protect a member from unemployment of of economic reconstruction and the reconstruction a chronic or persistent character, arising from of monetary systems, including long-term stabilipressure on its balance of payments, are among the zation loans." measures necessary to correct a fundamental dis- In accordance with the requirement of Section equilibrium; and that in each instance in which 13(a) of the Bretton Woods Agreements Act, the a member proposes a change in the par value of its United States Governor presented a request at the currency to correct a fundamental disequilibrium inaugural meeting for an interpretation of the Fund the Fund will be required to determine, in the light Articles of Agreement "as to whether the authority of all relevant circumstances, whether in its opinion of the Fund to use its resources extends beyond the proposed change is necessary to correct the current monetary stabilization operations to affundamental disequilibrium." ford temporary assistance to members in connection with seasonal, cyclical, and emergency fluctua- VIII. CONCLUSION tions in the balance of payments of any member The Bank and the Fund have now concluded for current transactions, and whether the Fund the preliminary phase of their work. The necessary has authority to use its resources to provide facilities machinery has been set up. The recruitment of for relief, reconstruction, or armaments, or to meet staff on a broad international basis is progressing a large or sustained outflow of capital on the part satisfactorily. The Executive Directors have chosen of any member." Pursuant to Article XVIII(a) able men as President of the Bank and Managing of the Agreement, the Board of Governors of the Director of the Fund. The Bank has called for Fund referred the matter to the Executive Directors. payment of the member subscriptions to its paid-in The Executive Directors of the Fund on Septem- capital, and should soon be ready to float securities ber 26, 1946, in accordance with Article XVIII of and make loans. The Fund has announced that it the Fund Agreement, made the following interpre- will shortly be in a position to begin exchange tation : operations and has asked the members to com- 128 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL ADVISORY COUNCIL REPORT municate the par values of their currencies. It is part of the representatives of the member counexpected that the Fund will reach agreement with tries. Differences of view have been reconciled by most members on the initial par values of their agreement after full discussion in the Boards of currencies. In view of the difficult problems which Executive Directors. The United States reprethe new organizations have had to face, they have sentatives on the Bank and Fund Boards have kept made satisfactory progress in carrying out the plans the Council fully informed of all important matters, formulated at Bretton Woods. and have ably represented the American point of From the point of view of the United States, view in the international institutions. The good the actions taken and policies adopted by the Bank working relations between these representatives and and the Fund are, in the opinion of the National the Council have assured effective implementation Advisory Council, satisfactory. On most issues of the policies established by the Congress in the there has been substantial unanimity on the Bretton Woods Agreements Act. FEBRUARY 1947 129 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKING LAWS FOR AMERICAN ZONE OF GERMANY Three regional central ban\s have been estab- mum reserve deposits with their respective regional lished in Bavaria, Wuerttemberg-Baden and Hesse, central ban\s. the three Laender (States) which ma\e up the In suggesting the adoption by the Laender of American zone of occupation in Germany. The the recent laws, the American Military Government laws, which were adopted in December 1946, be- followed the principle of economic decentralization came effective on ]anuary 1, 1947. The new insti- of Germany formulated by the Allied Governments tutions are designed to replace former regional of- in the Declaration of Potsdam. Announcement has fices of the Reichsban\ and will deal chiefly with been made that these laws are to be followed in due credit institutions and public agencies. Determina- course by legislation to bring about decentralization tion and coordination of policy among the three of German private credit institutions. ban\s is to be achieved by means of a joint Advisory A translation of the law establishing the Land Council. As the ban\s do not have the power of Central Ban\ of Wuerttemberg-Baden has been note issue, their establishment ma\es no change in received by the Board of Governors and is given the currency system of Germany. Though launched below. with capital funds supplied by the Laender, the new The wording of the three laws is identical except ban\s will eventually be owned by the local credit for a few differences in the laws of Bavaria and institutions, which are required to maintain mini- Hesse, which are indicated by footnotes. LAW ESTABLISHING THE LAND CENTRAL BANK OF WUERTTEMBERG-BADEN Proclaimed December 7, 1946 x In the Declaration of Potsdam dated 2 August II. FUNCTIONS 1945, the occupying powers established the prin- Sec. 2. Pending the establishment of a uniform ciple of economic decentralization of Germany. To system of issuing banknotes throughout Germany implement this principle in the field of credit, the the Land Central Bank shall have the following American Military Government requested as a first functions in accordance with Article VII (Sections step the establishment of independent Land Cen- 14 to 19): tral Banks in the three Laender of the American (1) To regulate the circulation of currency and Zone of Occupation in lieu of the former Reichsthe supply of credit; bank offices. Accordingly the following law is (2) To insure the solvency of credit institutions enacted simultaneously by the Laender of Bavaria, and to keep available reserves against deposits in Hesse and Wuerttemberg-Baden. credit institutions; (3) To execute cash transactions for the State I. LEGAL STATUS and other corporations created by public law, and Sec. 1.(1) The Land Central Bank of Wuert- to grant short-term credit to such public institutions temberg-Baden is a juridical person created by insofar as these tasks do not fall to other institupublic law with its situs in Stuttgart.2 It is au- tions; 3 thorized to establish branch offices within the (4) To attend to non-cash transfers and clearing borders of Wuerttemberg-Baden. of checks and to assist in financial transactions with other German Laender, and to facilitate these mat- (2) The Board of Directors shall decide in the ters after the re-introduction of international exmatter of the establishment of branch offices and change relations; their administration, subject to the approval of the Bank Supervisory Authority. (5) To attend to the safekeeping of securities, to hold them and to attend to their transfers. 1 Date of proclamation of the law for Wuerttemberg-Baden. The laws for Bavaria and Hesse were proclaimed on December 3 In tbe case of Bavaria, Section 2, Sub-section 3, in place 6 and 7 respectively. of "insofar as these tasks do not fall to other institutions" 2 The situs of the Land Central Bank of Bavaria is Munich; read "insofar as these tasks do not fall to the Bavarian State that of the Land Central Bank of Hesse is Wiesbaden. Bank." 130 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKING LAWS FOR AMERICAN ZONE OF GERMANY III. ORGANIZATION quired of the office of a judge. They shall have an official seal. Sec. 3. (1) The business of the Bank shall be (2) The notarial officials may attend to any ofconducted by the Board of Managers which shall ficial duties of a notary in matters concerning the consist of the President, the Vice-President and Land Central Bank. The authority to represent the required number of other officers. the Land Central Bank may be certified to by a (2) The Board of Managers shall require for its notarial official of the Bank. decision a bare majority of the votes cast; in case Sec. 6. (1) The salaries, old-age pensions and of a tie vote, the vote of the President shall prevail. pensions to survivors of the Board of Managers (3) The President and the Vice-President shall shall be regulated by contracts with the Land Cenbe appointed by the Minister President upon the tral Bank represented by the Board of Directors. recommendation of the Minister of Finance. The Such contracts with the President and Vice-Presiother members of the Board of Managers shall be dent are subject to the approval of the Minister appointed by the Board of Directors upon the President. recommendation of the President. (2) The legal status of the officers, employees (4) The term of office of the members of the and laborers of the Land Central Bank shall be Board of Managers shall be five years and they are fixed by a by-law to be adopted by the Board of eligible for reappointment. During the first five Managers with the consent of the Board of Direcyears of the life of the Land Central Bank, with tors. the exception of the President, a shorter term ma\ Sec. 7. (1) The entire management of the Land be prescribed by the by-laws for the members of Central Bank shall be supervised by the Board of the Board. Directors. The Board of Directors shall establish (5) Upon the recommendation of the Bank the principles underlying the execution of the Supervisory Authority the Board of Managers may functions of the Land Central Bank. In so doing for important reasons be recalled at any time by it shall be bound by the recommendations of the the appointing authority. Advisory Council (Section 8). Sec. 4. (1) The Land Central Bank shall be (2) The Board of Directors shall consist of nine represented at law and otherwise by the Board of members. The President shall be appointed from Managers. among its members by the Minister President upon (2) Declarations are binding upon the Land the recommendation of the Minister of Finance. Central Bank when made by two members of The President of the Land Central Bank shall be the the Board of Managers; such declarations may also Vice-President of the Board. Other members of be made by attorneys in fact designated by the the Board of Directors are: The head of the Bank Board of Managers. Supervisory Authority, one representative each from (3) The Board of Managers of the independent agriculture, trade and industry, from the workers branch offices shall represent the Land Central and the employees, all of whom are to be ap- Bank at law and otherwise within the field of ac- pointed by the Minister having jurisdiction in these tivity of the branch office managed by it. Declara- respective fields. In addition, the shareholders tions of these branch offices shall be binding upon shall elect one representative from private banking, the Land Central Bank when made by two manag- one from the credit cooperatives, and one from the ing officers. public law credit institutions. The procedure for (4) Suits may be instituted against an inde- the election shall be laid down in the enabling pendent branch office, arising out of the operation by-laws. of its business, before the court having jurisdiction (3) The initial term of office of the members of at the seat of such branch office. the Board of Directors, with the exception of the (5) Statements made to an authorized repre- Vice-President, shall be for one year; thereafter sentative of the Land Central Bank shall be the term of office may be fixed by the by-laws for deemed constructive notice to the Bank. a period not to exceed three years. Re-election is Sec. 5. (1) At the Land Central Bank and its permissible. agencies notarial officials may be appointed by the (4) The decisions of the Board of Directors President; they shall have the qualifications re- require a majority of the votes cast; in the event FEBRUARY 1947 131 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKING LAWS FOR AMERICAN ZONE OF GERMANY of a tie, the vote of the President shall prevail. A V. CAPITAL quorum shall consist of not less than one-half of Sec. 11. (1) The capital of the Land Central the members. Bank shall amount to thirty million Reichsmark 4 Sec. 8. (1) An Advisory Council shall be crerepresented by shares of stock. ated to be the coordinating body between the three (2) The original capital shall be subscribed to Laender Central Banks. Its functions shall be to by the Land Wuerttemberg-Baden. The Minister recommend uniform discount and interest rates of Finance shall be responsible for the rights ac- (Section 14, Sub-section 2), minimum reserve recruing from such investment. quirements (Section 15, Sub-section 2), principles (3) The Minister of Finance in agreement with underlying open market policy (Section 14, Subthe Board of Directors, within two years shall dissection 1, Paragraph 3), also uniform organization pose of the shares of stock to the credit institutions for transfers and check transactions. It shall also who are required to maintain minimum reserves pay special attention to the regulation of transfers (Section 15, Sub-section 2). The cooperative and to and from other German Laender and, after the private credit institutions as well as those created resumption of transactions with foreign countries, by public law shall participate equally in the purtransfers to and from them. chase of these shares; details shall be determined in (2) The Land Wuerttemberg-Baden shall be the by-laws. represented on the Advisory Council by the President of the Land Central Bank, the head of the VI. ANNUAL BALANCE SHEET AND DISTRIBUTION OF Bank Supervisory Authority and a member of the PROFITS Board of Directors appointed by that Board. The Sec. 12. (1) The annual balance sheet shall be decisions of the Advisory Council require a ma- prepared by the Board of Managers within three jority of the votes cast. In the event that a mem- months after the end of the fiscal year. It shall be ber is prevented from attending, he may be repre- subject to the approval of the Board of Directors. sented by an alternate. (2) The fiscal year shall be identical with the Sec. 9. (1) The Board of Managers and the calendar year. members of the Board of Directors as well as all Sec. 13. (1) The annual net profit shall be transother persons in the service of the Land Central ferred to the legal reserve until such reserve is Bank are prohibited from the disclosure of matters equivalent to one-tenth of the paid-in capital. pertaining to the organization of the Land Central (2) After the legal reserve has reached the Bank of which they have knowledge, particularly amount provided for in Sub-section 1, one-fifth of in respect to all business transactions of the Bank the net profits shall be added to the legal reserve and the extent of credits granted, even after their until the legal reserve equals one-tenth of the total separation from the services of the Bank. liabilities; in any event this sum shall be equal to (2) They may not give evidence in court regard- the total amount of the paid-in capital. From oneing such matters without the consent of the Bank half of the amount of net profits remaining, the Supervisory Authority. Such consent may only shareholders shall receive a dividend not exceeding be refused where the evidence would considerably 4 per cent on the capital stock held by them, acendanger the public welfare or render more diffi- cording to instructions to be issued by the Board cult the fulfillment of public tasks. The decision of of Directors. The remaining undistributed net the Bank Supervisory Authority shall be subject profits, unless used to create free reserves as deto review by the court in which the matter in ques- termined by the Board of Directors with the contion is pending. If it appears that the Bank Super- sent of the Minister of Finance, shall accrue to the visory Authority has unreasonably withheld con- Land Wuerttemberg-Baden. sent, the court may require the production of evi- (3) The legal reserve shall be used only to offdence or testimony without such consent. set depreciation and other losses. The existence of free reserves to offset depreciation and other losses IV. STATE SUPERVISION shall not prevent such use of the legal reserve. - Sec. 10. The Land Central Bank is subject to State supervision. This shall be exercised by the * The Land Central Bank of Bavaria is to be capitalized at fifty million Reichsmark; the Land Central Bank of Hesse at Bank Supervisory Authority. five million Reichsmark. 132 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKING LAWS FOR AMERICAN ZONE OF GERMANY VII. BUSINESS ACTIVITIES Where a debtor is in default on such loans the Sec. 14. (1) The Land Central Bank is author- Land Central Bank shall be entitled without ized to enter into business relations with credit in- special authorization or interference by a court to stitutions and public agencies in respect to the sell the security publicly through one of its offollowing: ficers or through any other officer authorized to carry out public auctions; or where the given se- 1. To buy and sell three-name bills of exchange curity has a market price or a quotation on a stock and checks where the signatories are known to be exchange, the sale may also be effected privately solvent. These bills of exchange shall mature not later than six months from the date of purchase; by one of the above officers or by a broker at the they shall be good commercial bills. The third sig- market price and the proceeds shall be used to nature required may be dispensed with provided cover costs, interest and capital. The Land Central collateral or other security is furnished to guaran- Bank shall also retain this right as against other tee payment; creditors and as against estates of bankrupt debtors. 2. To buy and sell treasury bills of the German 6. To grant credits to the State and, with the ap- Reich or German Laender which mature within proval of the Minister of Finance, to the Railroad six months from the date of purchase. The Board and Post Office Administrations as well as to other of Directors may fix the maximum amount of corporations created by public law according to Sectreasury bills which the Land Central Bank may tion 2, Sub-section 3, to cover temporary cash defikeep in its portfolio and on which it may grant cits. The aggregate of such loans shall not exceed loans in accordance with Paragraph 5 (c); one-fifth of the total deposits. 3. To buy and sell in the open market interest- (2) The rates of discount, interest and other bearing securities (loans of the State and of other considerations applicable to the aforementioned public corporations, bonds and municipal deben- transactions shall be fixed by the Board of Directures) in order to regulate the money market. The tors and promulgated by the Board of Managers. types of securities concerned shall be designated Sec. 15. (1) The Land Central Bank may accept by the Board of Directors after consultation with non-interest-bearing deposits for giro or other purthe Board of Managers; poses. 4. To buy and sell gold and foreign exchange sub- (2) Credit institutions having their situs or an ject to existing legal restrictions; agency within the Land are required to maintain 5. To grant, for not more than six months, interest- minimum deposits with the Land Central Bank bearing loans against the following securities (lom- as a reserve which shall bear a definite relation to bard loans): the deposit liabilities of such institution. The reserve requirements and the method of maintaining (a) Gold: not in excess of the official price subsuch reserves shall be determined by the Board of ject to existing legal restrictions; Directors. In establishing the amount of the re- (b) Bills of exchange corresponding to the reserves required it shall be permissible to differentiate quirements of Paragraph 1: not in excess of ninebetween different types of credit institutions and tenths of their face value; different forms of deposits. (c) Treasury bills issued by the German Reich or Sec. 16. (1) The Land Central Bank shall serve by German Laender corresponding to the requirements of Paragraph 2: not in excess of nine-tenths as a central clearing house for remittances and the of their face value; redemption of checks of the credit institutions of (d) Interest-bearing securities and registered the Land. The Land Central Bank shall maindebts as well as treasury notes of the German tain reciprocal accounts for clearing purposes with Reich or of a German Land with a maturity of one the Central Bank and other properly qualified inyear: not in excess of three-fourths of their current stitutions of the other German Laender. It shall quotation. In the absence of a quoted price the also handle clearing transactions with foreign coun- Board of Managers shall fix the loan value of the tries, subject to existing legal restrictions. securities according to the existing possibilities of (2) The Board of Directors may issue directives valuation. dealing with the organization and handling of FEBRUARY 1947 133 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKING LAWS FOR AMERICAN ZONE OF GERMANY clearing and check transfers within the Land and VIII. MONTHLY STATEMENT with other German Laender. Sec. 20. (1) The Land Central Bank shall pub- Sec. 17. (1) The Land Central Bank may relish regularly a statement of its assets and liabilities ceive and hold in custody any valuables, especially as of the end of each month. securities, on behalf of credit institutions and pub- (2) The published statement shall contain: lic agencies. Under assets: The amount of: (2) The Land Central Bank may serve as "Wert- Reichsbank-bills, papiersammelbank" (Central Collecting Agency for Rentenbank-bills, Securities) especially for the purpose of transfer of German coins, securities. To effect such purposes it may enter Allied Military Marks, into agreements with other "Wertpapiersammel- Postal check balances, banken." Balances with other Land Central Banks and (3) The Land Central Bank is prohibited from with German credit institutions outside of exercising voting rights of shares of stock held in the Land, its custody. Treasury bills and short-term treasury notes of Sec. 18. (1) The Land Central Bank, when the Reich, certifying a check drawn on it, assumes thereby Treasury bills and short-term treasury notes of full liability to the holder, drawer or endorser for the Laender, the redemption of the check. Other bills and checks, (2) The Land Central Bank shall certify a Other securities purchased in the open market. check only when it is covered by sufficient funds. Short-term loans (3) Payment of a certified check may not be re- (a) to the Government of the Land, fused even if, subsequent to certification, bank- (b) to Postal and Railroad Administrations, ruptcy proceedings have been initiated against the (c) to other public agencies, drawer of the check. Collateral loans, (4) The obligation of payment arising out of Gold (coins, bullion), the certification of a check shall cease if the check Foreign balances freely convertible, is not presented for payment within one month Foreign balances not freely convertible, from the date of issue. The requirements of Article and other assets; 40 of the Negotiable Instruments Law shall govern Under liabilities: proof of presentation. Capital stock, (5) Liability arising from the certification of a Reserves, check shall cease two years after the expiration of Deposits: the period within which the check must be pre- from credit institutions within the Land sented for payment. (a) required reserves, (6) The provisions governing jurisdiction and (b) excess reserves, procedure as set forth in the Negotiable Instru- from credit institutions in other German ments Law shall apply in actions on claims arising Laender, from certification. from public agencies, (7) Certification of a check does not create an from other domestic depositors, obligation to pay any tax or duty. from foreign depositors, Sec. 19. The Land Central Bank shall engage Other liabilities. only in transactions, in addition to those authorized In addition, all contingent liabilities resulting from by the provisions of Sections 14 to 18 inclusive, for bills of exchange which have been endorsed and the accounts of third parties after prior receipt of which are payable domestically shall be published. proper security, or for the purpose of conducting IX. PENAL PROVISIONS its own business operations, or for the benefit of its employees, or for the execution and liquidation of Sec. 21. (1) In the event that the members of permissible business transactions. the Board of Managers misrepresent or intention- 134 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKING LAWS FOR AMERICAN ZONE OF GERMANY ally conceal in the published monthly statements for the entries in the Registers of Deeds necessitated prescribed in Section 20 or in the annual state- thereby. Existing contracts of leases shall be asment, the true condition of the Land Central Bank, sumed by the Land Central Bank. they shall be liable to imprisonment, i.e., not ex- 2. The Land Central Bank shall be entitled, subject ceeding five years, or a fine not exceeding 100,000 to approval of Military Government, to take over Reichsmarks, or both. all other types of assets of the German Reichsbank (2) Prosecution shall be instituted at the request as well as its stock of Reichsbank notes located of the Bank Supervisory Authority. within the Land. 3. The Land Central Bank shall be authorized to assume all liabilities arising out of banking trans- X. CONCLUDING AND TEMPORARY PROVISIONS actions and duly recorded in the ledgers of the Sec. 22. The by-laws of the Land Central Bank Reichsbank branches within the Land. shall be enacted by the Board of Directors. Such 4. The Land Central Bank may assume the rights by-laws require the approval of the Bank Super- and liabilities of the German Reichsbank in respect visory Authority. to contracts of employment of officials, employees Sec. 23. (1) The Land Central Bank shall be and laborers of the German Reichsbank in accorddeemed a governmental agency. ance with the laws of the Land. (2) The provisions governing the liability of the 5. The Land Central Bank may grant pensions and State for the acts of its officials shall apply likewise dependent benefits to the personnel of the German to the Land Central Bank. Reichsbank entitled thereto and having their resi- Sec. 24. One insertion in the periodical used by dence within the Land and also to such officials and the Government of the Land for official publica- employees of the German Reichsbank who are not tions shall suffice in the case of the Land Central taken over by the Land Central Bank. Bank. Such publications shall be deemed effective (2) Regarding all other legal relationships the on the date of issue of the periodical. Land Central Bank shall not be deemed the legal Sec. 25. In respect to construction, housing, and successor of the German Reichsbank. leasing of property the Land Central Bank shall (3) The Board of Directors shall establish byhave all the privileges of the Land Wuerttemberglaws, subject to the approval of the Minister of Baden. Finance, implementing these provisions. Sec. 26. (1) When this law goes into effect the Sec. 27. The participation of the Land Central following legal consequences shall ensue, without Bank in the decentralization of other bank and prejudice to the subsequent settlement with the credit institutions shall be determined by special German Reichsbank regarding property rights: legislation. 1. Title to all real estate and all operating equip- Sec. 28. (1) This Law shall become effective on ment situated within the Land and belonging to 1 January 1947. the German Reichsbank shall devolve upon the (2) The Minister of Finance shall issue the legal Land Central Bank subject to approval by Military and administrative regulations necessary for imple- Government. No transfer fees shall be charged mentation of this Law. FEBRUARY 1947 135 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES F OLLOWING is a list of the directorates of the Federal Reserve Banks and Branches as at present constituted. The list shows, in addition to the name of each director, his business connection, the class of directorship, and the date when his term expires. Each Federal Reserve Bank has nine directors; three Class A and three Class B directors, who are elected by the stockholding member banks, and three Class C directors, who are appointed by the Board of Governors of the Federal Reserve System. Class A directors are representative of the stockholding member banks. Class B directors must be actively engaged in their district in commerce, agriculture, or some industrial pursuit, and may not be officers, directors, or employees of any bank. For the purpose of electing Class A and Class B directors, the member banks of each Federal Reserve district are classified by the Board of Governors of the Federal Reserve System into three groups, each of which consists of banks of similar capitalization, and each group elects one Class A and one Class B director. Class C directors may not be officers, directors, employees, or stockholders of any bank. One Class C director is designated by the Board of Governors as Chairman of the Board of Directors and Federal Reserve Agent and another as Deputy Chairman. Federal Reserve Bank Branches have either five or seven directors, of whom a majority are appointed by the board of directors of the parent Federal Reserve Bank and the others are appointed by the Board of Governors of the Federal Reserve System. Term District No. 1—Boston Expires Class A: Dec, 31 Allan Forbes President, State Street Trust Company, Boston, Mass 1947 Leon A. Dodge. President, The First National Bank of Damariscotta, Damariscotta, Me 1948 Allen W. Holmes.. ..President, The Middletown National Bank, Middletown, Conn 1949 Class B: Philip R. Allen Director, Bird & Son, inc., E. Walpole, Mass 1947 Frederick S. Blackall, Jr President and Treasurer, The Taft-Peirce Manufacturing Company, Woonsocket, R. 1 1948 Roy L. Patrick.. . .. .President, Rock of Ages Corporation, Burlington, Vt.. . . 1949 Class C: Albert M. Creighton1 Chairman of the Board 1947 Donald K. David2 Dean, Graduate School of Business Administration, Harvard University, Boston, Mass 1948 Harold D. Hodgkinson Vice President, General Manager and Chairman of Management Board, Wm. Filene's Sons Company, Boston, Mass. 1949 Class A' District No. 2—New York Harry H. Pond.. ..Chairman of the Board, The Plainfield Trust Company, Plainfield, N. J 1947 Howard A. Wilson. . . .President, Citizens National Bank and Trust Company of Fulton, Fulton, N. Y , 1948 Winthrop W. Aldrich.. . .Chairman of the Board, The Chase National Bank of the City of New York, New York, N. Y 1949 1 Chairman. 2 Deputy Chairman. 136 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES Term Expires Class B: Dec. 31 Charles E. Adams. . . .Chairman, Air Reduction Company, Inc., New York, N. Y. 1947 Carle C. Conway. . . .. .Chairman of the Board, Continental Can Company, Inc., New York, N. Y 1948 Lewis H. Brown. . . .Chairman of the Board, Johns-Manville Corporation, New York, N. Y 1949 Class C: Vacancy 1947 William I. Myers2 Dean, New York State College of Agriculture, Cornell University, Ithaca, N. Y 1948 Robert D. Calkins Associate Director, General Education Board, New York, N. Y 1949 Appointed by Federal Reserve Bank: Buffalo Branch Charles H. Norton President, Erie County Trust Company, East Aurora, N. Y. 1947 Charles H. Diefendorf President, The Marine Trust Company of Buffalo, Buffalo, N. Y 1948 Raymond F. Leinen Executive Vice President, Lincoln Rochester Trust Company, Rochester, N. Y 1949 C. George Niebank President, Bank of Jamestown, Jamestown, N. Y.. . 1949 Appointed by Board of Governors: Marion B. Folsom Treasurer, Eastman Kodak Company, Rochester, N. Y.. 1947 Carl G. Wooster Farmer, Union Hill, N. Y 1948 Thomas Robins, Jr President, Hewitt-Robins, Incorporated, Buffalo, N. Y... 1949 District No. 3—Philadelphia Class A: Howard A. Loeb. . . .. .Chairman, Tradesmens National Bank & Trust Company, Philadelphia, Pa 1947 George W. Reily President, Harrisburg National Bank, Harrisburg, Pa.. . , 1948 John B. Henning President, Wyoming National Bank, Tunkhannock, Pa.. 1949 Class B: Charles A. Higgins Chairman & President, Hercules Powder Company, Inc., Wilmington, Del 1947 Albert G. Frost President, The Esterbrook Pen Company, Camden, N. J.. . 1948 William J. Meinel President & General Manager, Heintz Manufacturing Company, Philadelphia, Pa 1949 Class C: C. Canby Balderston Dean, Wharton School of Finance and Commerce, University of Pennsylvania, Philadelphia, Pa 1947 Thomas B. McCabe1 President, Scott Paper Company, Chester, Pa 1948 Warren F. Whittier2 Agricultural Consultant, Chester Springs, Pa 1949 1 Chairman 2 Deputy Chairman. FEBRUARY 1947 137 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES Term District No. 4—Cleveland Expires Class A: Dec. 31 F. F. Brooks. . . .Chairman of the Board, Peoples First National Bank & Trust Company, Pittsburgh, Pa 1947 B. R. Conner . .President, The First National Bank of Ada, Ada, Ohio. . . 1948 H. B. McDowell. . .President, The McDowell National Bank of Sharon, Sharon, Pa 1949 Class B: George D. Crabbs... . .Industrialist, Cincinnati, Ohio 1947 Thomas E. Millsop President, Weirton Steel Company, Weirton, W. Va 1948 Ross Pier Wright... . . Secretary-Treasurer, Reed Manufacturing Company, Erie, Pa '. 1949 Class C: A. Z. Baker.., ..President, The Cleveland Union Stock Yards Company, Cleveland, Ohio 1947 Reynold E. Klages2. . ..President, Columbus Auto Parts Company, Columbus, Ohio 1948 Geo. C. Brainard1. . . .President and General Manager, Addressograph-Multigraph Corporation, Cleveland, Ohio 1949 Cincinnati Branch Appointed by Federal Reserve Bank: Walter H. J. Behm President, The Winters National Bank and Trust Company of Dayton, Dayton, Ohio 1947 Neil McElroy.. . . Vice President and General Manager, The Procter & Gamble Company, Cincinnati, Ohio „. .. . 1948 Spears Turley.. .Vice President and Trust Officer, State Bank and Trust Company of Richmond, Kentucky, Richmond, Ky 1948 Waldo E. Pierson... ..President, The First National Bank of Cincinnati, Cincinnati, Ohio.. 1949 Appointed by Board of Governors: Paul G. Blazer Chairman of the Board, Ashland Oil & Refining Company, Ashland, Ky 1947 Francis H. Bird. . . .Dean, College of Business Administration, University of Cincinnati, Cincinnati, Ohio 1948 S. Headley Shouse. .. . .Tobacco and livestock raiser, Lexington, Ky... 1949 Pittsburgh Branch Appointed by Federal Reserve Bank: T. C. Swarts , .Executive Vice President, Woodlawn Trust Company, Aliquippa, Pa 1947 Archie J. McFarland President, Wheeling Steel Corporation, Wheeling, W. Va. 1948 Laurence S. Bell Executive Vice President, The Union National Bank of Pittsburgh, Pittsburgh, Pa 1948 R. E. Bowie President, Security Trust Company, Wheeling, W. Va.., 1949 1 Chairman. 2 Deputy Chairman. 138 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES Term Expires Appointed by Board of Governors: Dec. 31 Josiah M. Koch Vice President, Quaker State Oil Refining Corporation, Oil City, Pa 1947 A. H. Burchfield, Jr Vice President and General Manager, Joseph Home Company, Pittsburgh, Pa 1948 Howard W. Jordan. . . . President, Pennsylvania Rubber Company, Jeannette, Pa... 1949 District No. 5—Richmond Class A: John A. Sydenstricker Cashier, First National Bank in Marlinton, Marlinton, W. Va 1947 James D. Harrison.. ..President, First National Bank of Baltimore, Baltimore, Md 1948 Warren S. Johnson... . .President, Peoples Savings Bank & Trust Company, Wilmington, N. C 1949 Class B: Edwin Malloy.. ..President and Treasurer, Cheraw Cotton Mills, Inc., Cheraw, S. C 1947 Charles C. Reed President, Williams & Reed, Inc., Richmond, Va 1948 H. L. Rust, Jr President, H. L. Rust Company, Washington, D. C.. . 1949 Class C: Charles P. McCormick2. . . .President and Chairman of Board, McCormick & Company, Inc., Baltimore, Md 1947 W. G. Wysor1... . .General Manager, Southern States Cooperative, Inc., Richmond, Va 1948 Vacancy.. 1949 Baltimore Branch Appointed by Federal Reserve Bank: W. Bladen Lowndes. . . .President, Fidelity Trust Company, Baltimore, Md 1947 Holmes D. Baker President, The Citizens National Bank, Frederick, Md.. . . 1948 George M. Moore Vice President, The Union National Bank of Clarksburg, Clarksburg, W. Va 1949 Eugene G. Grady.. . .Vice President, The Western National Bank of Baltimore, Baltimore, Md * 1949 Appointed by Board of Governors: James M. Shriver.. . , .President, The B. F. Shriver Company, Westminster, Md.. 1947 James E. Hooper. . ..Vice President, William E. Hooper and Sons Company, Baltimore, Md 1948 L. Vinton Hershey. . . .President, Hagerstown Shoe Company, Hagerstown, Md. 1949 Charlotte Branch Appointed by Federal Reserve Bank: N. S. Calhoun President, Security National Bank, Greensboro, N. C 1947 Angus E. Bird ...Chairman of Board, The Citizens & Southern National Bank of S. C, Charleston, S. C.! 1948 Allen H. Sims... ..Executive Vice President and Trust Officer, Citizens National Bank in Gastonia, Gastonia, N. C 1949 D. P. Tillett President, Union National Bank, Charlotte, N. C.. . 1949 1 Chairman. 2 Deputy Chairman. FEBRUARY 1947 139 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES Term Expires Appointed by Board of Governors: Dec. 31 Charles L. Creech Chairman of Board, B. F. Huntley Furniture Company, Winston-Salem, N. C 1947 R. Flake Shaw. . . .Executive Secretary, North Carolina Farm Bureau Federation, Greensboro, N. C 1948 W. A. L. Sibley. . .Vice President and Treasurer, Monarch Mills, Union, S. C. 1949 District No. 6—Atlanta Class A: . .President, The First National Bank of Mount Dora, Mount George J. White... Dora, Fla 1947 . .President, The First National Bank of Atlanta, Atlanta, R. C. Williams... Ga 1948 .Chairman of the Board, First National Bank in Meridian, W. D. Cook.. Meridian, Miss 1949 Class B: .President, Seaboard Refining Company, Ltd., New Orleans, Ernest T. George.. La 1947 . .Vice President and Treasurer,}. B. McCrary Company, Inc., J. A. McCrary... Atlanta, Ga 1948 . .Chairman of the Board, Avondale Mills, Birmingham, Ala. 1949 Donald Comer. . Class C: . .Executive Vice President and Secretary, Rich's, Inc., Frank H. Neely1... Atlanta, Ga 1947 . .President, Tennessee Burley Tobacco Growers Association, J. F. Porter2... Columbia, Tenn 1948 . .President, The Tulane University of Louisiana, New Rufus C. Harris. . Orleans, La 1949 Birmingham Branch Appointed by Federal Reserve Bank: Gordon D. Palmer President, The First National Bank of Tuscaloosa, Tuscaloosa, Ala 1947 M. B. Spragins.. . .President, The First National Bank of Huntsville, Huntsville, Ala 1948 James G. Hall... ..Executive Vice President, The First National Bank of Birmingham, Birmingham, Ala 1949 R. L. Adams.. . .President, Bank of York, York, Ala 1949 Appointed by Board of Governors: John C. Curry '. .Administrative Assistant to Algernon Blair, Contractor, Montgomery, Ala 1947 Wm. Howard Smith President, McQueen-Smith Farms, Prattville, Ala 1948 Vacancy 1949 1 Chairman. 2 Deputy Chairman. 140 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES Term Jacksonville Branch Expires Appointed by Federal Reserve Bank: Dec. 32 J. L. Dart ..President, The Florida National Bank of Jacksonville, Jacksonville', Fla 1947 J. S. Fairchild... ..Cashier, The First National Bank of Winter Garden, Winter Garden, Fla 1948 Max Losner.. . .President, The First National Bank of Homestead, Homestead, Fla 1949 H. S. Moody.. . .Executive Vice President, Manatee River Bank & Trust Company, Bradenton, Fla 1949 Appointed by Board of Governors: Walter J. Matherly Dean, College of Business Administration, University of Florida, Gainesville, Fla 1947 Charles S. Lee Planter and cattle raiser, Oviedo, Fla 1948 Vacancy 1949 Nashville Branch Appointed by Federal Reserve Bank: B. L. Sadler President, First National Bank in Harriman, Harriman, Tenn 1947 Edward Potter, Jr President, Commerce Union Bank, Nashville, Tenn 1948 L. R, Driver President, The First National Bank in Bristol, Bristol, Tenn 1949 W. G. Birdwell. . .. .Cashier, Citizens Bank & Trust Company, Carthage, Tenn. 1949 Appointed by Board of Governors: Clyde B. Austin President, The Austin Company, Inc., Greeneville, Tenn. 1947 H. C. Meacham Farmer, Franklin, Tenn 1948 W. Bratten Evans President, Tennessee Enamel Manufacturing Company, Nashville, Tenn 1949 New Orleans Branch Appointed by Federal Reserve Bank: J. F. McRae President, The Merchants National Bank of Mobile, Mobile, Ala 1947 T. G. Nicholson... .. .President, The First National Bank of Jefferson Parish at Gretna, Gretna, La 1948 John Legier... .. .President, National American Bank of New Orleans, New Orleans, La 1949 W. S. Johnson .. .Executive Vice President, First National Bank of McComb City, McComb, Miss 1949 Appointed by Board of Governors: H. G. Chalkley, Jr President, Sweet Lake Land and Oil Company, Inc., Lake Charles, La 1947 John J. Shaffer, Jr Planter, Ellendale, La 1948 D. P. Cameron President, The Merchants Company, Hattiesburg, Miss— 1949 FEBRUARY 1947 141 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES Term District No. 7—Chicago Expires Class A: Bee. 31 Vivian W. Johnson President, First National Bank, Cedar Falls, Iowa 1947 Walter J. Cummings Chairman, Continental Illinois National Bank and Trust Company of Chicago, Chicago, 111 1948 Horace S. French President, The Manufacturers National Bank of Chicago, Chicago, 111 1949 Class B: Nicholas H. Noyes Vice President in Charge of Finances, Eli Lilly and Company, Indianapolis, Ind 1947 William C. Heath President, A. O. Smith Corporation, Milwaukee, Wis 1948 Clarence W. Avery President and Chairman, The Murray Corporation of America, Detroit, Mich 1949 Class C: Simeon E. Leland.., . .Dean, College of Liberal Arts and Professor of Economics, Northwestern University, Evanston, 111.. 1947 Vacancy 1948 Paul G. Hoffman2 President, The Studebaker Corporation, South Bend, Ind.. 1949 Detroit Branch Appointed by Federal Reserve Bank: Charles T. Fisher, Jr President, The National Bank of Detroit, Detroit, Mich... 1947 Charles A. Kanter President, The Manufacturers National Bank of Detroit, Detroit, Mich 1948 Rudolph E. Reichert President, Ann Arbor Bank, Ann Arbor, Mich.. . 1948 Appointed by Board of Governors: Prentiss M. Brown. . Chairman, The Detroit Edison Company, Detroit, Mich... 1947 Ernest Gilbert Farmer, Waldron, Mich 1948 District No. 8—St. Louis Class A: Tom K. Smith. . .. .Chairman of Board, Boatmen's National Bank, St. Louis, Mo 1947 Phil E. Chappell. . . .President, Planters Bank & Trust Company, Hopkinsville, Ky 1948 G. R. Corlis. . .. .President, Anna National Bank, Anna, 111.. , 1949 Class B.- Louis Ruthenburg. . . .President and General Manager, Servel, Inc., Evansville, Ind 1947 A. Wessel Shapleigh President, Shapleigh Hardware Company, St. Louis, Mo. 1948 K. August Engel President, Arkansas Democrat Company, Little Rock, Ark. 1949 2 Deputy Chairman. 142 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES Term Expires Class C: Dec. 31 Douglas W. Brooks2. .President, The Newburger Company, Memphis, Tenn.. 1947 J. P. Redman . .Farmer, Cairo, 111 1948 Russell L. Dearmont1. . Chief Counsel for Trustee, Missouri-Pacific Lines, St. Louis, Mo.. 1949 Little Rock Branch Appointed by Federal Reserve Bank: Geo. S. Neal.. . . .President, Bank of Russellville, Russellville, Ark 1947 Chas. A. Gordon. .Vice President, Simmons National Bank, Pine Bluff, Ark. 1948 Lloyd Spencer.. . .President, First National Bank, Hope, Ark 1948 Emmet Morris. . .Chairman, Worthen Bank & Trust Company, Little Rock, Ark.... .'... 1949 Appointed by Board of Governors: S. M. Brooks. . .President, Brooks Advertising Agency, Little Rock, Ark. 1947 Cecil C. Cox . Farmer, Stuttgart, Ark 1948 Ralph E. Plunkett.. .President, Plunkett-Jarrell Grocer Company, Little Rock, Ark.... 1949 Louisville Branch Appointed by Federal Reserve Bank: Wallace M. Davis. . .Vice President, Citizens Fidelity Bank & Trust Company, Louisville, Ky 1947 Lee L. Persise. . . . .President, The State Bank of Salem, Salem, Ind 1948 H. Lee Cooper. . . .President, Ohio Valley National Bank, Henderson, Ky.. 1948 A. C. Voris . . .President, Citizens National Bank, Bedford, Ind 1949 Appointed by Board of Governors: E. J. O'Brien, Jr.. . . .President, E. J. O'Brien & Company, Louisville, Ky.. - 1947 Geo. O. Boomer... .. .President, The Girdler Corporation, Louisville, Ky.. .. 1948 Rosco Stone.. .Farmer, Hickman, Ky 1949 Memphis Branch Appointed by Federal Reserve Bank: W. P. Kretschmar. . .Chairman of Board, Commercial National Bank, Greenville, Miss 1947 Norfleet Turner... . .President, First National Bank, Memphis, Tenn.. . . 1948 H. W. Hicks . .President, First National Bank, Jackson, Tenn 1948 W. W. Campbell. . . President, National Bank of Eastern Arkansas, Forrest City, Ark .... 1949 Appointed by Board of Governors: J. Holmes Sherard President, jno. H. Sherard & Son, Sherard, Miss 1947 Leslie M. Stratton, Jr.. Executive Vice President, Stratton-Warren Hardware Company, Memphis, Tenn 1948 Hugh M. Brinkley.. , .Farmer, Hughes, Ark.. 1949 1 Chairman. 2 Deputy Chairman. FEBRUARY 1947 143 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES Term District No. 9—Minneapolis Expires Class A: Dec. 31 J. R. McKnight. . .President, Pierre National Bank, Pierre, S. D 1947 F. D. McCartney Vice President, First National Bank, Oakes, N. D 1948 Clarence E. Hill Chairman of the Board, Northwestern National Bank, Minneapolis, Minn 1949 Class B: J. E. O'Connell President, Eddy's Bakeries, Inc., Helena, Mont 1947 Ray C. Lange President, Chippewa Canning Company, Chippewa Falls, Wis 1948 Homer P. Clark.. ..Chairman of the Board, West Publishing Company, St. Paul, Minn 1949 Class C: Roger B. Shepard1 Chairman of the Board 1947 Paul E. Miller. . ..Director, Agricultural Extension Division, University of Minnesota, Minneapolis* Minn 1948 W. D. Cochran2. .. .. .W. D. Cochran Freight Lines, Iron Mountain, Mich.... 1949 Helena Branch Appointed by Federal Ikeserve Bank: B. M. Harris President, Yellowstone Bank, Columbus, Mont 1947 Theodore Jacobs President, First National Bank, Missoula, Mont 1948 E. D. MacHafiie President, State Publishing Company, Helena, Mont.. .. 1948 Appointed by Board of Governors: Malcolm E. Holtz Agriculturalist, Great Falls, Mont 1947 R. B. Richardson President, Western Life Insurance Company, Helena, Mont. 1948 District No. 10—Kansas City Class A: W. L. Bunten. .. ..Executive Vice President, Goodland State Bank, Goodland, Kan 1947 T. A. Dines... ...Chairman of the Board and President, United States National Bank, Denver, Colo 1948 M. A. Limbocker... . .Chairman of the Board and President, Citizens National Bank, Emporia, Kans 1949 Class B: L. C. Hutson... ...President and General Manager, Chickasha Cotton Oil Company, Chickasha, Okla 1947 Willard D. Hosford Vice President and General Manager, John Deere Plow Company, Omaha, Neb 1948 J. M. Bernardin. . . .Lumberman, Kansas City, Mo 1949 Class C.- Robert L. Mehornay2 President, North-Mehornay Furniture Company, Kansas City, Mo 1947 Lyle L. Hague Farmer and stockman, Cherokee, Okla 1948 Robert B. Caldwell1 Caldwell, Downing, Noble and Garrity, Kansas City, Mo. 1949 1 Chairman. 2 Deputy Chairman. 144 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES Term Denver Branch Expires Appointed by Federal Reserve Bank: Dec. 31 P. K. Alexander Vice President, The First National Bank of Denver, Denver, Colo 1947 J.D.Allen... ..President, The First National Bank of Eagle County, Eagle, Colo, 1948 Albert K. Mitchell. . . . Rancher, Albert, New Mexico ... 1948 Appointed by Board of Governors: W. A. Alexander. . . .Vice President and Assistant General Manager, The Denver Tramway Corporation, Denver, Colo 1947 M. E. Noonen. . . .Sheep rancher, Kremmling, Colo 1948 Oklahoma City Branch Appointed by Federal Reserve Bank: S. A. Bryant President, The Farmers National Bank, Cushing, Okla.. . . 1947 Hugh L. Harrell Vice President, First National Bank and Trust Company, Oklahoma City, Okla * . 1948 D. M. Tyler. . .First Vice President, Dewey Portland Cement Company, Dewey, Okla 1948 Appointed by Board of Governors: Lloyd Noble.... . .President, Noble Drilling Corporation, Tulsa, Okla.. 1947 Rufus J. Green. . . . Rancher and farmer, Duncan, Okla 1948 Omaha Branch Appointed by Federal Reserve Bank: George W. Holmes President, First National Bank, Lincoln, Neb 1947 Walter S. Byrne. . , . General Manager, Metropolitan Utilities District of Omaha, Omaha, Neb 1947 Fred W. Marble. . . .President, Stock Growers National Bank, Cheyenne, Wyo. 1948 Appointed by Board of Governors: L. E. Hum President, Fairmont Creamery Company, Omaha, Neb.*. •. 1947 Fred S. Wallace. . Farmer, Gibbon, Neb 1948 District No. 11—Dallas Class A: J. E. Woods Chairman of Board, Temple National Bank, Temple, Texas. 1947 Walter P. Napier Chairman of the Board, Alamo National Bank, San Antonio, Texas 1948 J. Edd McLaughlin Vice President, Security State Bank and Trust Company, Rails, Texas 1949 Class B: W. F. Beall... . .President and General Manager, 3 Beall Brothers 3, Department Stores, Jacksonville, Texas 1947 J. R. Milam President, The Cooper Company, Inc., Waco, Texas 1948 George L. MacGregor Chairman of the Board, President and General Manager, Dallas Power & Light Company, Dallas, Texas 1949 FEBRUARY 1947 145 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES Term Expires Class C: Dec. 31 G. A. Frierson Frierson Company Inc., Merchants, Frierson, La 1947 R. B. Anderson2 General Manager, W. T. Waggoner Estate, Vernon, Texas. 1948 J. R. Parten1 President, Woodlev Petroleum Company, Houston, Texas. 1949 El Paso Branch Appointed by Federal Reserve Bank: J. E. Moore President, First National Bank, Roswell, N. M 1947 W. S. Warnock Vice President, El Paso National Bank, El Paso, Texas. . 1948 W. Henry Wooldridge President, Lone Star Motor Company, El Paso, Texas 1948 George G. Matkin Vice President, State National Bank, El Paso, Texas 1949 Appointed by Board of Governors: ~ Hal Bogle Livestock and farming, Dexter, N. M 1947 Dorrance D. Roderick President, Newspaper Printing Corporation, El Paso, Texas. 1948 Hiram S. Corbett President, J. Knox Corbett Lumber Company, Tucson, Ariz 1949 Houston Branch Appointed by Federal Reserve Bank: John W. McCullough President, Hutchings-Sealy National Bank, Galveston, Texas 1947 James A. Elkins President, City National Bank, Houston, Texas 1948 B. C. Roberts President, Wharton Bank & Trust Company, Wharton, Texas 1948 Melvin RoufF. . ..First Vice President, Houston National Bank, Houston, Texas 1949 Appointed by Board of Governors: J. E. Wheat Attorney at Law, Woodville, Texas 1947 Ross Stewart .General Manager, C. Jim Stewart Sc Stevenson, Houston, Texas 1948 George A. Slaughter Farming, Wharton, Texas 1949 San Antonio Branch Appointed by Federal Reserve Bank: T. C. Frost Vice President, Frost National Bank, San Antonio, Texas.. 1947 Robert D. Barclay President, National Bank of Commerce, San Aatonio, Texas 1948 C. L. Skaggs.. . .President, The First National Bank of Weslaco, Weslaco, Texas 1948 Riley Peters... ..Executive Vice President, First State Bank, Kerrville, Texas 1949 Appointed by Board of Governors: J. M. Odom General Contractor, Austin, Texas 1947 Henry P. Drought Attorney at Law, San Antonio, Texas 1948 Holman Cartwright Livestock and farming, Twin Oaks Ranch, Dinero, Texas.. 1949 1 Chairman 2 Deputy Chairman. 146 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES Term District No. 12—San Francisco Expires Class A: Dec. 31 Chas. H. Stewart.. ..President, Portland Trust and Savings Bank, Portland, Ore 1947 Carroll F. Byrd... -.. Chairman of the Board and Executive Vice President, The First National Bank of Willows, Willows, Calif 1948 William W. Crocker. . . .President, Crocker First National Bank of San Francisco, San Francisco, Calif 1949 Class B: St. George Holden St. George Holden Realty Company, San Francisco, Calif. 1947 Reese H. Taylor President, Union Oil Company of California, Los Angeles, Calif 1948 Walter S. Johnson President, American Box Corporation of California, San Francisco, Calif 1949 Class C: Henry F. Grady1. . .. .President, American President Lines, Ltd., San Francisco, Calif 1947 Harry R. Wellman2 Director, Giannini Foundation of Agricultural Economics, University of California, Berkeley, Calif 1948 Brayton Wilbur. . .. .President, Wilbur-Ellis Company, San Francisco, Calif.. 1949 Los Angeles Branch Appointed by Federal Reserve Bank: F. E. Snedecor. . ... .President, The First National Bank of Corona, Corona, Calif 1947 M. Vilas Hubbard.. . .President, Citizens Commercial Trust and Savings Bank of Pasadena, Pasadena, Calif 1948 Frank L. King. . . .President, California Bank, Los Angeles, Calif 1948 Appointed by Board of Governors: Y. Frank Freeman. . ..Vice President, Paramount Pictures, Inc., Hollywood, Calif 1947 Fred G. Sherrill. . ..Vice President, J. G. Boswell Company, Los Angeles, Calif 1948 Portland Branch Appointed by Federal Reserve Bank: E. B. MacNaughton President, The First National Bank of Portland, Portland, Ore 1947 William C. Christensen. . . .President, The Commercial National Bank of Hillsboro, Hillsboro, Ore 1948 W. W. Flint. . . .President, The First National Bank of Cottonwood, Cottonwood, Idaho 1948 Appointed by Board of Governors: Aaron M. Frank...........President, Meier & Frank Company, Inc., Portland, Ore... 1947 R. B. Taylor..............Livestock and farming, Adams, Ore. 1948 1 Chairman. 2 Deputy Chairman. FEBRUARY 1947 147 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES Term Salt Lake City Branch Expires Appointed by Federal Reserve Bank: Dec. 31 D. F. Richards President, American National Bank of Idaho Falls, Idaho Falls, Idaho 1947 John A. Schoonover President, The Idaho First National Bank, Boise, Idaho... 1948 Chas. L. Smith President, The First National Bank of Salt Lake City, Salt Lake City, Utah 1948 Appointed by Board of Governors: Henry Aldous Dixon President, Weber College, Ogden, Utah 1947 Merle G. Hyer Livestock and farming, Lewiston, Utah. ... 1948 Seattle Branch Appointed by Federal Reserve Bank: Lawrence M. Arnold Chairman of the Board, Seattle-First National Bank, Seattle, Wash 1947 Fred C. Forrest... .. .Chairman of the Board and President, The First National Bank of Pullman, Pullman, Wash : 1948 Benj. N. Phillips President, First National Bank in Port Angeles, Port Angeles, Wash 1948 Appointed by Board of Governors: John T. Tenneson President, Superior Packing Company, Seattle, Wash 1947 John M. McGregor Manager, McGregor Land and Livestock Company, Hooper, Wash 1948 148 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

READJUSTMENT OF MARGIN REQUIREMENTS On January 17, 1947 the Board of Governors Notwithstanding industrial strife and other obamended its Regulations T and U to reduce margin stacles, the 1946 production of the economy reached requirements to 75 per cent, e-Qective February 1. new peacetime levels so that by the end of the year Details of the changes in the Regulations are given 10 million demobilized veterans, together with milon p. 151 of this BULETIN. At the time of the lions of those who had jobs in war industries, had been largely absorbed in peacetime production. amendment Chairman Eccles made the following Full and sustained production depends on an exstatement regarding economic conditions during tended period of industrial peace, the avoidance of the past year. further wage increases that bring about increased prices, and the downward adjustment of prices When the Board increased margin requirements which are now out of line. from 75 per cent to 100 per cent, effective January 21, 1946, accumulated and prospective inflationary The supply of goods and services is now more pressures had reached dangerous proportions be- nearly in balance with demand than was the case a cause of the vast expansion of the country's money year ago. Shortages in many important lines have supply resulting from war financing, the rising level been met and in many other lines are rapidly being of current incomes, the huge backlog of public overcome. The removal of various Government wants and needs, and the acute shortage of most controls in 1945 and 1946, together with tax reducgoods to satisfy this demand. Under these circum- tion and repeal of the excess profits tax, ushered stances, the Board felt that any growth in the use in a sharp rise in prices during the year just ended, of credit for the purpose of buying securities could so that the cost-of-living index rose from 129.9 in only intensify inflationary pressures. While it was January to 153.3 in December of 1946. This is approximately as much as the rise in prices during recognized that margin requirements would have the four preceding war years. As a result of higher only a minor influence in combating general inprices and of the narrowing margin between inflation, the Board nevertheless felt that it should dividual incomes and expenditures, the intensity of do what it could to curb inflationary developments demand has abated considerably. brought about by speculative activity in the stock markets. In contrast with the behavior of most prices, stock prices, which had risen sharply for several months In the intervening year economic conditions and prior to January 1946 and continued to rise someprospects have altered materially. The supply of what further after that time, subsequently declined money was reduced during the year as a result of materially. The level now is about the same as that a substantial decrease of the Government debt held existing when margin requirements were increased by the banking system. This has had a salutary to 75 per cent. At the same time, the volume of effect. Clearly this policy should be continued. By credit in the stock market has been substantially combining continued high levels of taxation with reduced until that used for carrying listed securities prudent economy in all Government expenditures, is at about the lowest level in the last 30 years. it will be possible to realize a budgetary surplus Undoubtedly the rise in stock prices and the subsewhich can be used to reduce further the public quent fall would have been much greater if the debt held by the banking system. This would Board had not increased the requirements, first from continue to have an anti-inflationary influence de- 50 to 75 per cent as of July 5, 1945, then from 75 pending upon the size of the surplus. to 100 per cent early in 1946. FEBRUARY 1947 149 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

READJUSTMENT OF MARGIN REQUIREMENTS It now appears that inflation has largely run its Board applies only to listed securities and specifies course, assuming that fiscal, labor and management that margin requirements shall be imposed for policies, such as I have indicated, are pursued. "the purpose of preventing the excessive use of Accordingly, some readjustment in margin require- credit" in such stock market operations. The Board ments is appropriate at this time. By its action the is not authorized to impose a permanent ban on Board has restored the 75 per cent level in effect margin trading. from July 5, 1945 until January 21, 1946. While it is evident from a large volume of cor- As I said in discussing this subject several months respondence which has come to me that there is a ago, this is not a one-way street. The present strong public sentiment against margin trading adjustment to changed economic conditions is under any conditions, it should be remembered that restrictive without being prohibitive. Further action the mandate which Congress gave to the Reserve will depend upon the course of economic events. THE FEDERAL REGISTER Following is an announcement regarding the Trade Practices, Food and Drugs, Foreign Rela- Federal Register which is printed in the BULLETIN tions, Housing, Labor Relations, Mineral Resources, by request: Procurement, Reconversion, Securities, Shipping, The Federal Register publishes daily the full Surplus Property, Taxation, Transportation, Wages text of Presidential Proclamations and Execu- and Hours. A sample copy of the Federal Register tive Orders and any order, regulation, notice, or and additional information may be secured on resimilar document promulgated by Federal Ad- quest to the Federal Register, National Archives, ministrative agencies which has general applic- Washington 25, D. C. Orders for copies at the ability and legal effect. A partial list of subjects rate of $1.50 a month and $15.00 a year may be sent covered includes: Agriculture, Aliens, Aviation, to the Superintendent of Documents, U. S. Govern- Business Credit, Communications, Customs, Fair ment Printing Office, Washington 25, D. C. 150 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT Administrative interpretations of banking laws, new regulations issued by the Board of Governors, and other similar material. Margin Requirements for Purchasing debit balance of a specialist's account, subject to Securities section 4(^) of Regulation T, as margin required Supplements to Regulations T and U for short sales of securities (other than exempted securities) shall be 50 per cent of the current market The Board of Governors of the Federal Reserve value of each such security. System, effective February 1, 1947, amended the Supplement to Regulation T entitled "Extension SUPPLEMENT TO REGULATION U and Maintenance of Credit by Brokers, Dealers, Effective February 1, 1947 and Members of National Securities Exchanges," and amended the Supplement to Regulation U For the purpose of section 1 of Regulation U, entitled "Loans by Banks for the Purpose of Pur- the maximum loan value of any stock, whether or chasing or Carrying Stocks Registered on a National not registered on a national securities exchange, Securities Exchange" so as to reduce the margin shall be 25 per cent of its current market value, as requirements for purchasing registered securities determined by any reasonable method. to 75 per cent. These requirements are applicable Loans to Specialists.—Notwithstanding the foreboth to purchases of securities and to short sales. going, a stock, if registered on a national securities The change restores margins to the levels prevailing exchange, shall have a maximum loan value of 50 from July 5, 1945, to January 21, 1946, at which per cent of its current market value, as determined time purchases were put on a cash basis and short by any reasonable method, in the case of a loan to a sales required to have 100 per cent margins. The member of a national securities exchange who is texts of the Supplements as thus amended are as registered and acts as a specialist in securities on the follows: exchange for the purpose of financing such mem- SUPPLEMENT TO REGULATION T ber's transactions as a specialist in securities. Effective February 1, 1947 Foreign Funds Control Maximum Loan Value for General Accounts The Treasury Department Regulation maximum loan value of a registered security (other The provisions of the Treasury Department reguthan an exempted security) in a general account, lation dealing with applications for licenses to ensubject to section 3 of Regulation T, shall be 25 gage in prohibited transfers of funds etc., were per cent of its current market value. amended on January 1, 1947. This regulation as Maximum Loan Value for Specialists' Accounts.— The maximum loan value of a registered security amended was published in the 1941 BULLETIN at page 621, and the recent amendment reads as fol- (other than an exempted security) in a specialist's lows: account, subject to section 4(#) of Regulation T, shall be 50 per cent of its current market value. Treasury Department Margin Required for Short Sales in General Ac- Foreign Funds Control counts.—The amount to be included in the adjusted January 1, 1947 debit balance of a general account, pursuant to sec- AMENDMENT OF REGULATIONS OF APRIL 10, 1940, AS AMENDED tion 3(J)(3) of Regulation T, as margin required UNDER EXECUTIVE ORDER NO. 8389, AS AMENDED.* for short sales of securities (other than exempted Section 130.3 is hereby amended to read as follows: securities) shall be 75 per cent of the current * Sec. 5(b), 40 Stat. 415, 966, Sec. 2, 48 Stat. 1, 54 Stat market value of each such security. 179, Sec. 301, 55 Stat. 839; 12 U.S.C. 95a, 50 TJ. S. C. App. Sup., 5(b); E.O. 8389, April 10, 1940, as amended by E.O. Margin Required for Short Sales in Specialists' Ac- 8785, June 14, 1941, E.O. 8832, July 26, 1941, E.O. 8963, Dec. 9, 1941, and E.O. 8998, Dec. 26, 1941, E.O. 9193, July 6, counts.—The amount to be included in the adjusted 1942, as amended by E.O. 9567, June 8, 1945; 3 CFR, Cum. Supp., 10 F.R. 6917. FEBRUARY 1947 151 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT Section 130.3 Licenses. Treasury Department All applications for licenses to engage in any transaction Foreign Funds Control prohibited by the Order or otherwise prohibited pursuant to December 27, 1946 Sections 3(a) or 5(b) of the Act of October 6, 1917 (40 Stat. 415), as amended, shall be filed in duplicate with the REVOCATION OF GENERAL LICENSE NO. 31 Federal Reserve Bank of New York, with the exception of Under Executive Order No. 8389, As Amended, Executive applications from the Territory of Hawaii which shall be Order No. 9193, As Amended, Section 5(b) of the Trading filed directly with the Secretary of the Treasury, Washington, with the Enemy Act, As Amended by the First War Powers D. C. The applicant shall furnish such information as shall Act, 1941, Relating to Foreign Funds Control* be requested of him by the Secretary of the Treasury or the General License No. 31 (31 CFR, Cum. Supp., 131.31) Federal Reserve Bank of New York. Licenses will be issued is hereby revoked. by the Secretary of the Treasury, acting directly or through any officers or agencies that he may designate, and by the JOSEPH J. O'CONNELL, JR., Acting Secretary of the Treasury. Federal Reserve Bank of New York, acting in accordance with such regulations rulings and instructions, as the Secre- Treasury Department tary of the Treasury may from time to time prescribe, in such cases or classes of cases as the Secretary of the Treasury Foreign Funds Control may determine. The Federal Reserve Bank of New York January 1, 1947 or the Secretary of the Treasury will advise the applicant REVOCATION OF PUBLIC CIRCULARS NOS. 7, 17, AND 27 of the decision respecting the application. Appropriate forms for applications and licenses will be prescribed by the Secre- Under Executive Order No. 8389, As Amended, Executive tary of the Treasury. Licensees may be required to file Order No. 9193, As Amended, Sections 3(a) and 5(b) reports upon the consummation of transactions. The decision of the Trading with the Enemy Act, As Amended by the of the Secretary of the Treasury with respect to an applica- First War Powers Act, 1941, Relating to Foreign Funds tion for license shall be final. Control** JOHN W. SNYDER, Public Circular No. 7 issued November 12, 1941, Public Secretary of the Treasury. Circular No. 17 issued March 13, 1942, and Public Circular No. 27 issued April 10, 1945 (Part 131 Appendix B), are Treasury Department Releases hereby revoked. JOHN W. SNYDER, The following releases relating to transactions Secretary of the Treasury. in foreign exchange, etc., in addition to those heretofore published in the Federal Reserve BULLETIN, Treasury Department have been issued by the Office of the Secretary of Foreign Funds Control the Treasury under authority of the Executive Order January 1, 1947 of April 10, 1940, as amended, and the Regulations REVOCATION OF GENERAL LICENSES NOS. 15, 20, 56, 58, 59, 60, issued persuant thereto: 61, 73, 75, AND 96 Under Executive Order No. 8389, As Amended, Executive Order No. 9193, As Amended, Section 5(b) of the Treasury Department Trading with the Enemy Act, As Amended by the First Foreign Funds Control War Powers Act, 1941, Relating to Foreign Funds Control.f December 27, 1946 * Sec. 5(b), 40 Stat. 415 and 966; Sec. 2, 48 Stat. 1; 54 Stat. 179; 55 Stat. 838; Ex. Order 8389, April 10, 1940, as AMENDMENT TO GENERAL LICENSE NO. 25 amended by Ex. Order 8785, June 14, 1941, Ex. Order 8832, Under Executive Order No. 8389, As Amended, Executive July 26, 1941, Ex. Order 8963, Dec. 9, 1941, and Ex. Order 8998, Dec. 26, 1941; Ex. Order 9193, July 6, 1942, as amended Order No. 9193, As Amended, Section 5(b) of the Trading by Ex. Order 9567, June 8, 1945; Regulations, April 10, 1940, with the Enemy Act, As Amended by the First War Powers as amended June 14, 1941, February 19, 1946, and June 28, 1946. Act, 1941, Relating to Foreign Funds Control* ** Sec. 3(a), 40 Stat. 412, Sec. 5(b), 40 Stat. 415, 966, Sec. 2, General License No. 25 (31 CFR, Cum. Supp., 131.25) is 48 Stat. 1, 54 Stat. 179, Sec. 301, 55 Stat. 839; 50 U.S.C. App. 3(a), 12 U.S.C. 95a, 50 U.S.C. App. Sup., 5(b); E.O. 8389, hereby amended to read as follows: April 10, 1940, as amended by E.O. 8785, June 14, 1941, E.O. A General license is hereby granted exempting all trans- 8832, July 26, 1941, E.O. 8963, Dec. 9, 1941, and E.O. 8998, Dec. 26, 1941, E.O. 9193, July 6, 1942, as amended by E.O. actions from the provisions of Section 2A(1) of the Order. 9567, June 8, 1945; 3 CFR, Cum. Supp., 10 F.R. 6917; Regulations, April 10, 1940, as amended June 14, 1941, February JOSEPH J. O'CONNELL, JR., 19, 1946, and June 28, 1946, 31 CFR, Cum. Supp., 130.1-7, 11 Acting Secretary of the Treasury. F.R. 1769, 7184. f Sec. 5(b), 40 Stat. 415, 966, Sec. 2, 48 Stat. 1, 54 Stat. *Sec. 5(b), 40 Stat. 415 and 966; Sec. 2, 48 Stat. 1; 54 179, Sec. 301, 55 Stat. 839; 12 U.S.C. 95a, 50 U.S.C. App. Stat. 179; 55 Stat. 838; Ex. Order 8389, April 10, 1940, as Sup., 5(b); E.O. 8389, April 10, 1940, as amended by E.O. amended by Ex. Order 8785, June 14, 1941, Ex. Order 8832, 8785, June 14, 1941, E.O. 8832, July 26, 1941, E.O. 8963, Dec. July 26, 1941, Ex. Order 8963, Dec. 9, 1941, and Ex. Order 9, 1941, and E.O. 8998, Dec. 26, 1941, E.O. 9193, July 6, 1942, 8998, Dec. 26, 1941; Ex. Order 9193, July 6, 1942, as amended as amended by E.O. 9567, June 8, 1945; 3 CFR, Cum. Supp., by Ex. Order 9567, June 8, 1945; Regulations, April 10, 1940, 10 F.R. 6917; Regulations, April 10, 1940, as amended June as amended June 14, 1941, February 19, 1946, and June 28, 14, 1941, February 19, 1946, and June 28, 1946; 31 CFR, 1946. Cum. Supp., 130.1-7, 11 F.R. 1769, 7184. 152 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT General Licenses Nos. 15, 20, 56, 58, 59, 60, 61, 73, 75, CERTAIN COMMUNICATIONS WITH GERMANY AND JAPAN AND and 96, (Sections 131.15, 131.20, 131.56, 131.58, 131.59, CERTAIN ACTS EXEMPTED FROM GENERAL RULING NO. 11 131.60, 131.61, 131.73; 131.75, and 131.96), are hereby (1) There are hereby exempted from the provisions of revoked. General Ruling No. 11: JOHN W. SNYDER, (a) Any communication of a financial, commercial, or Secretary of. the Treasury. business character with any person within Germany or Japan; Treasury Department (b) Any act involving any such communication; and Foreign Funds Control (c) Any act for the benefit or on behalf of any person January 1, 1947 within Germany or Japan; Provided, That any such communication or act is limited to AMENDMENT TO GENERAL LICENSE NO. 53 the ascertainment of facts or the exchange of information. Under Executive Order No. 8389, As Amended, Executive Order No. 9193, As Amended, Section 5{b) of the Trading (2) Attention is directed to Rules of Procedure Section with the Enemy Act, As Amended, by the First War Powers 501.6 (General Order No. 6) and the regulations thereunder Act, 1941, Relating to Foreign Funds Control.* issued by the Office of Alien Property, Department of Justice, pertaining to service of notice in certain court or administra- Paragraph (4) (a) of General License No. 53, (Paragraph tive actions or proceedings. (d)(l) of §131.53), is hereby amended to read as follows: JOHN W. SNYDER, 4 As used in this general license: Secretary of the Treasury. (a) The term "generally licensed trade area" shall include all foreign countries except the following: Treasury Department (i) Germany and Japan; Foreign Funds Control (ii) Bulgaria, Hungary, Roumania, and Italy; January 7, 1947 (iii) Sweden, Switzerland, Spain, Portugal, Liechten- AMENDMENT TO GENERAL LICENSE NO. 95 stein, and Tangier; (iv) France (including Monaco), Belgium, Norway, Under Executive Order No. 8389, As Amended, Executive Finland, the Netherlands, Czechoslovakia, Order No. 9193, As Amended, Section 5(b) of the Trading Luxembourg, Denmark, Greece, Poland, Estonia, with the Enemy Act, As Amended by the First War Powers Latvia, Lithuania, Austria, and Yugoslavia, but Act, 1941, Relating to Foreign Funds Control.* not including any colony or other non-European Paragraph (4) (a) of General License No. 95 (paragraph territory subject to the jurisdiction of any such (d)(l) of 31 CFR, 1945 Supp., 131.95) was amended on country except French West Africa, Algeria, January 7, 1947, to read as follows: Tunisia, and French Morocco. (4) Definitions. * * * JOHN W. SNYDER, (a) The term "country specified herein" means the follow- Secretary of the Treasury. ing: (i) France, effective October 5, 1945; Treasury Department (ii) Belgium, effective November 20, 1945; Foreign Funds Control (iii) Norway, effective December 29, 1945; January 2, 1947 (iv) Finland, effective December 29, 1945; (v) The Netherlands, effective February 13, 1946; PUBLIC CIRCULAR NO. 34 (vi) Czechoslovakia, effective April 26, 1946; Under Executive Order No. 8389, As Amended, Executive (vii) Luxembourg, effective April 26, 1946; Order No. 9193, As Amended, Sections 3(a) and 5(b) of (viii) Denmark, effective June 14, 1946; the Trading with the Enemy Act, Relating to Foreign (ix) Greece, effective October 15, 1946; Funds Control.^ (x) Switzerland, effective November 30, 1946; * Sec. 5(b), 40 Stat. 415, 966, Sec. 2, 48 Stat. 1, 54 Stat. (xi) Liechtenstein, effective November 30, 1946; 179, Sec. 301, 55 Stat. 839; 12 U.S.C. 95a, 50 U.S.C. App. (xii) Poland, effective January 7, 1947; Sup., 5(b); E.O. 8389, April 10, 1940, as amended by E.O. 8785, June 14, 1941, E.O. 8832, July 26, 1941, E.O. 8963, Dec. and each country specified herein shall be deemed to include 9, 1941, and E.O. 8998, Dec. 26, 1941, E.O. 9193, July 6, 1942, as amended by E.O. 9567, June 8, 1945; 3 CFR, Cum. Supp., any colony or other territory subject to its jurisdiction. 10 F.R. 6917; Regulations, April 10, 1940, as amended June 14, 1941, February 19, 1946, and June 28, 1946; 31 CFR, JOHN W. SNYDER, Cum. Supp., 130.1-7, 11 F.R. 1769, 7184. Secretary of the Treasury. t Sec. 3(a), 40 Stat. 412, Sec. 5(b), 40 Stat. 415, 966, Sec. 2, 48 Stat. 1, 54 Stat. 179, Sec. 301, 55 Stat. 839; 50 U.S.C. * Sec. 5(b), 40 Stat. 415, 966, Sec. 2, 48 Stat. 1, 54 Stat. App. 3(a), 12 U.S.C. 95a, 50 U.S.C. App. Supp., S(b); E.O. 179, Sec. 301, 55 Stat. 839; 12 U.S.C. 95a, 50 U.S.C. Apo. 8389, April 10, 1940, as amended by E.O. 8785, June 14, 1941, Supp., 5(b); E.O. 8389, April 10, 1940, as amended by E.O. E.O. 8832, July 26, 1941, E.O. 8963, Dec. 9, 1941, and E.O. 8785, June 14, 1941, E.O. 8832, July 26, 1941, E.O. 8963, 8998, Dec. 26, 1941, E.O. 9193, July 6, 1942, as amended by Dec. 9, 1941, and E.O. 8998, Dec. 26, 1941, E.O. 9193, July 6, E.O. 9567, June 8, 1945; 3 CFR, Cum. Supp., 10 F.R. 6917; 1942, as amended by E.O. 9567, June 8, 1945; 3 CFR, Cum. Regulations, April 10, 1940, as amended June 14, 1941, Febru- Supp., 10 F.R. 6917; Regulations, April 10, 1940, as amended ary 19, 1946, and June 28, 1946; 31 CFR, Cum. Supp. 130.1-7, June 14, 1941, February 19, 1946, June 28, 1946, and January 11 F.R. 1769, 7184. 1, 1947; 31 CFR, Cum. Supp., 130.1-7, 11 F.R. 1769, 7184. FEBRUARY 1947 153 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT Treasury Department (ix) Greece, effective October 15, 1946; Foreign Funds Control (x) Switzerland, effective November 30, 1946; (xi) Liechtenstein, effective November 30, 1946; January 16, 1947 (xii) Poland, effective January 7, 1947; AMENDMENT TO GENERAL LICENSE NO. 95 (xiii) Austria, effective January 16, 1947; Under Executive Order No. 8389, As Amended, Executive and each country specified herein shall be deemed to include Order No. 9193, As Amended, Section 5(b) of the Trading any colony or other territory subject to its jurisdiction. with the Enemy Act, As Amended by the First War Powers JOHN W. SNYDER, Act, 1941, Relating to Foreign Funds Control* Secretary of the Treasury. Paragraph (4) (a) of General License No. 95 (paragraph Treasury Department (d)(l) of 31 CFR, 1945 Supp., 131.95) was amended on Foreign Funds Control January 16, 1947, to read as follows: (4) Definitions. January 16, 1947 (a) The term "country specified herein" means the follow- REVOCATION OF GENERAL LICENSE NO. 84 ing: Under Executive Order No. 8389, As Amended, Executive (i) France, effective October 5, 1945; Order No. 9193, As Amended, Section 5{b) of the Trading (ii) Belgium, effective November 20, 1945; with the Enemy Act, As Amended by the First War Powers (iii) Norway, effective December 29, 1945; Act, 1941, Relating to Foreign Funds Control* (iv) Finland, effective December 29, 1945; General License No. 84 (31 CFR, Cum. Supp., 131.84) (v) The Netherlands, effective February 13, 1946; was revoked on January 16, 1947. (vi) Czechoslovakia, effective April 26, 1946; (vii) Luxembourg, effective April 26, 1946; JOHN W. SNYDER, (viii) Denmark, effective June 14, 1946; Secretary of the Treasury. * Sec. 5(b), 40 Stat. 415, 966, Sec. 2, 48 Stat. 1, 54 Stat. * Sec. 5(b), 40 Stat. 415, 966, Sec. 2, 48 Stat. 1, 54 Stat. 179, Sec. 301, 55 Stat. 839; 12 U.S.C. 95a, 50 U.S.C. App. 179, Sec. 301, 55 Stat. 839; 12 U.S.C. 95a, 50 U.S.C. App. Supp., 5(b); E.O. 8389, April 10, 1940, as amended by E.O. Supp., 5(b); E.O. 8389, April 10, 1940, as amended by E.O. 8785, June 14, 1941, E.O. 8832, July 26, 1941, E.O. 8963, 8785, June 14, 1941, E.O. 8832, July 26, 1941, E.O. 8963, Dec. 9, 1941, and E.O. 8998, Dec. 26, 1941, E.O. 9193, July 6, Dec. 9, 1941, and E.O. 8998, Dec. 26, 1941, E.O. 9193, July 6, 1942, as amended by E.O. 9567, June 8, 1945; 3 CFR, Cum. 1942, as amended by E.O. 9567, June 8, 1945; 3 CFR, Cum. Supp., 10 F.R. 6917; Regulations, April 10, 1940, as amended Supp., 10 F.R. 6917; Regulations, April 10, 1940, as amended June 14, 1941, February 19, 1946, June 28, 1946, and January June 14, 1941, February 19, 1946, June 28, 1946, and January 1, 1947; 31 CFR, Cum. Supp., 130.1-7, 11 F.R. 1769, 7184. 1, 1947; 31 CFR, Cum. Supp., 130.1-7, 11 F.R. 1769, 7184. 154 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT EVENTS Appointment of Mr. Clayton to the Board of Governors Admissions of State Banks to Membership in the Federal Reserve System The nomination of Mr. Lawrence Clayton of Boston, Massachusetts, to be a member of the Board The following State banks were admitted to of Governors of the Federal Reserve System for the membership in the Federal Reserve System during unexpired portion of the term ending February 1, the period December 16, 1946 to January 15, 1947: 1952, was confirmed by the Senate on February 10. Mr. Clayton has been President of the Clayton Georgia Securities Corporation of Boston for the past two Doraville -DeKalb State Bank years, and a director of the General Latex and Chemical Corporation of Cambridge, Massachusetts. Illinois He was born in Salt Lake City, Utah, March 1, Bluffs—Bank of Bluffs 1891, graduated from Stanford University in 1914 and from the Harvard Law School in 1917. Dur- Iowa ing the first World War he served with the 102nd Waverly—Waverly Savings Bank Field Artillery, 26th (Yankee) Division, and participated in the Second Battle of the Marne and St. Mihiel and Meuse-Argonne offensives. He Minnesota was discharged from the Army in July, 1919 with Grand Marais—Grand Marais State Bank the rank of major and subsequently has been a colonel in the Field Artillery Reserve. Missouri For ten years Mr. Clayton was in the commercial Tuscumbia—Bank of Tuscumbia ' banking business, and was vice president of the First National Bank of Ogden, Utah, at the time that Montana he came to Washington in December, 1934 as Valier—Farmers and Stockmens Bank, of Valier, Assistant to the Chairman of the Reserve Board, Montana a position he held until he resigned to enter investment banking at the beginning of 1945. He is a member of Phi Beta Kappa and Alpha Sigma Phi. New Yor\ Clarence—Bank of Clarence Appointment of Mr. Mangels as First Vice President of Federal Reserve Bank of San Francisco South Dakota Columbia—Columbia State Bank Mr. H. N. Mangels who has been a member of Warner—First State Bank of Warner, S. Dak. the staff of the Federal Reserve Bank of San Francisco since 1916, and an officer since 1920, was appointed First Vice President, effective January Virginia 1, 1947. Mr. Mangels succeeds Mr. C. E. Earhart Dinwiddie—The Farmers Bank of Dinwiddie who was appointed President of the Federal Reserve Fredericksburg—Farmers & Merchants State Bank of San Francisco. Bank FEBRUARY 1947 155 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS [Compiled January 27, and released for publication January 29] Industrial output declined slightly in December tion of textile products decreased about 7 per cent. owing mainly to a temporary reduction in coal Meat packing activity declined from the sharply supplies and to holiday influences. Value of retail advanced level reached in November, while output trade was maintained close to record levels. Whole- of most other manufactured foods showed a small sale prices of industrial products have advanced increase. Newsprint consumption increased, and somewhat further in recent weeks; prices of some production of most chemical and rubber products basic commodities, however, like butter, hides, and remained at advanced levels. silver, have shown further marked declines. Output of minerals in December was at the November rate. Owing to the termination of the INDUSTRIAL PRODUCTION two-and-a-half week work stoppage in the bitu- The Board's seasonally adjusted index of indus- minous coal industry on December 9 and the high trial production was 179 per cent of the 1935-39 rate of output in subsequent weeks, coal producaverage in December as compared with 182 in tion was 9 per cent larger in December than in November. November. Production of crude petroleum de- Output of durable goods decreased somewhat, creased slightly. reflecting chiefly a decline in production of iron EMPLOYMENT and steel owing to the bituminous coal work stop- Nonagricultural employment in December repage. In the early part of January steel operamained at the November level, after allowances tions were raised to the peak rates prevailing in for seasonal increases in trade and Government the middle of November. Activity in machinery post offices and the usual decline in construction and transportation equipment industries showed employment. Unemployment increased by about little change in December. Production of non- 200,000 persons. ferrous metal products increased somewhat further. CONSTRUCTION Activity in the furniture industry reached a new record level for the postwar period. Value of most types of construction contracts awarded, as reported by the F. W. Dodge Corpora- Output in industries manufacturing nondurable tion, declined further in December, reflecting goods declined to 168 per cent of the 1935-39 level, mainly seasonal influences. Residential awards and from 172 in November, owing in part to curtailed awards for public works and utilities, however, were operations during the Christmas week. Producmore than double the amounts in December 1945. INDUSTRIAL PRODUCTION PER CENT PHYSICAL VOLUME SEASONALLY ADJUSTED. I93S-39 • 100 DEPARTMENT STORE SALES AND STOCKS 260 1 • i80 180 160 160 1939 1940 1941 1942 1943 1944 1945 1946 1939 1940 1943 1944 1945 1946 1947 Federal Reserve index. Monthly figures, latest shown are Federal Reserve indexes. Monthly figures, latest shown are for December. for December. 156 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS Value of other contracts was substantially smaller materials and metal products generally showed the than in December 1945, but for the year 1946 largest increases in the early part of January. exceeded all previous years except 1942. Silver prices, however, declined considerably and a leading manufacturer of lower-priced automobiles DISTRIBUTION reduced prices slightly. Department store sales in December showed the Retail food prices declined somewhat further usual sharp increase and the Board's adjusted index from earlier peak levels and clearance sales bewas 272 per cent of the 1935-39 average. Total fore and after the Christmas holiday resulted in subsales in the fourth-quarter holiday shopping season stantial price reductions for various types of merwere 23 per cent larger than in the same period in chandise. Retail prices of most standard types of 1945 and for the year 1946 sales were 27 per cent goods, however, were maintained or increased greater than in 1945. Sales in the first three weeks further in this period. of January showed about the usual seasonal decline. Department store stocks showed a much smaller BANK CREDIT decline than usual in December and, according to Real estate and consumer loans at banks in leadpreliminary figures, were 70 per cent larger than ing cities continued to increase during December at the end of 1945. Outstanding orders for merand the first half of January. Commercial and chandise continued to decline and were about 30 industrial loans, following the rapid expansion of per cent smaller than on December 31, 1945. the summer and fall months, increased only slightly Loadings of railroad revenue freight in Decemfurther. Substantial reductions in holdings of Govber and the first three weeks of January exceeded ernment securities reflected largely the 3.3 billion the volume shipped during the corresponding dollar Treasury note retirement of mid-December. period in 1945-46 by about 10 per cent. Loadings Deposits at member banks increased in the early of grain products were the greatest on record for part of December but declined in the latter half of the month of December owing to large shipments the month as a result of income tax and other payfor export. ments. Member bank reserve balances showed COMMODITY PRICES similar fluctuation with little net change for the The general level of wholesale commodity prices period as a whole. Reserve funds which became advanced slightly further from the middle of available to banks through a post-holiday decline in December to the latter part of January reflecting currency in circulation and through increases in increases in prices of industrial products, offset in monetary gold stock were about offset by reductions part by decreases in prices of most livestock and in Government security holdings and an increase poultry products, grains, cotton, and canned fruits in Treasury deposits at the Reserve Banks. and vegetables. Among industrial products, prices of building GOVERNMENT SECURITY HOLDINGS OF BANKS IN LEADING CITIES IONS OF DOLLARS CONSUMERS' PRICES 1939-39-100 80 1939 1940 1941 1942 1943 1944 1945 1946 1939 1940 1941 1942 1943 1944 1945 1946 1947 Excludes guaranteed securities. Data not available prior to Feb. 8, 1939; certificates first reported on Apr. 15, 1942. Latest figures are for December. Wednesday figures, latest shown are for Jan. 22. FEBRUARY 1947 157 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FINANCIAL, INDUSTRIAL, AND COMMERCIAL STATISTICS UNITED STATES PAGE Member bank reserves, Reserve Bank credit, and related items 161 Federal Reserve Bank discount rates; rates on industrial loans, guarantee fees and rates under Regulation V; rates on time deposits; reserve requirements; margin requirements. . 162 Federal Reserve Bank statistics. . 163-166 Guaranteed war production loans 167 Deposits and reserves of member banks. . 167-168 Money in circulation 169-170 Gold stock; bank debits and deposit turnover 170 Deposits and currency; Postal Savings System; bank suspensions. 171 All banks in the United States, by classes. . . 172-173 All insured commercial banks in the United States, by classes. 174-175 Weekly reporting member banks 176-179 Commercial paper, bankers' acceptances, and brokers' balances. . 180 Money rates and bond yields 181 Security prices and new issues 182-183 Corporate earnings and dividends. . 184 Treasury finance 185-187 Government corporations and credit agencies. . 188 Business indexes. 189-198 Department store statistics. . 199-201 Consumer credit statistics. 202-204 Cost of living. . 204 Wholesale prices. 205 Gross national product, national income, and income payments 206 Current statistics for Federal Reserve chart book. . 207-209 Number of banking offices in the United States .... 210 Changes in number of banking offices in the United States. 211 Earnings and expenses of Federal Reserve Banks during 1946. 212-213 Tables on the following pages include the principal available statistics of current significance relating to financial and business developments in the United States. The data relating to the Federal Reserve Banks and the member banks of the Federal Reserve System are derived from regular reports made to the Board; index numbers of production are compiled by the Board on the basis of material collected by other agencies: figures for gold stock, money in circulation, Treasury finance, and operations of Government creuit agencies arc obtained principally from statements of the Treasury, or of the agencies concerned; data on money and security markets and commodity prices and other series on business activity are obtained largely from other sources. Back figures for banking and monetary tables, together with descriptive text, may be obtained from the Board's publication, Banking and Monetary Statistics; back figures for most other tables may be obtained from earlier BULLETINS. FEBRUARY 1947 159 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK RESERVES AND RELATED ITEMS BILLIONS OF DOLLARS WEDNESDAY FIGURES BILLIONS OF DOLLARS 30 30 10 J 0 1939 1940 1941 1942 1943 1944 1945 1946 J 0 1939 1940 1941 1942 1943 1944 1945 1946 Wednesday figures, latest shown are for Jan. 22. See p. 161. 160 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS [In millions of dollars] Reserve Bank credit outstanding Member bank reserve Treas- balances U. S. Government Treas- ury de- Other securities ury Money Treas- posits Non- Fed- Date c v o D a a a u n n i d s c n d - - e ts s Total T b a u re i n r l a y d ls s- o A th l e l r ot A h l e l r1 Total s G to o c ld k s r c t o e i a u n n u n r c g t - d - y - i c n t u io c la n ir - - h c i u o n a r l g s y d h s - F B s w e R e a d i r e n t e v - h k r e s al b p m e o r e s m d it e - s - c s o e R e a u r c r e a n v - - l e ts Total c E e x s - s2 certificates Monthly averages of daily figures: 1945—Oct 369 23,123 20,216 2,908 395 23,88820,048 4,261 27,943 2,259 448 1,388 483 15,675 1 057 Nov 636 23,333 20,390 2,943 420 24,38920,033 4,290 28,151 2,268 419 1,347 485 16,043 1,167 Dec. 381 23,708 20,649 3,059 654 24,74420,047 4,322 28,452 2 ,269 625 1,247 493 16,027 1 498 1946—Oct. . . 251 23,471 22,030 1,441 421 24,14320,330 4,546 28,588 2,274 444 947 597 16^167 863 Nov 351 23,674 22,116 1,558 498 24,52220,437 4,548 28,727 2,282 596 992 598 16^310 854 Dec. 305 23,767 22,401 1,366 674 24,74620,488 4,552 28,997 2 ,256 556 852 606 16,517 900 End of month figures: 1945—Oct. 31 439 23,276 20,379 2,898 272 23,98720,036 4,278 28,049 2,244 429 1,373 483 15,723 904 Nov. 30 775 23,472 20,393 3,079 450 24,69720,030 4,303 28,211 2,239 866 1,209 483 16,022 1,024 Dec. 31.... 249 24,262 21,196 3,067 580 25,09120,065 4,339 28,515 2,287 977 1,308 495 15,915 1,471 1946—Oct. 31 253 23,518 22,047 1,470 338 24,10920,402 4,549 28,600 2,285 628 1,020 595 15,931 567 Nov. 30 316 23,944 22,356 1,588 530 24,79120,470 4,551 28,861 2,269 620 951 598 16,513 1,063 Dec. 31.... 163 23,350 22,241 1,109 581 24,09320,529 4,562 28,952 2,272 393 822 607 16,139 562 Wednesday figures: 1946—Mar. 6 443 22,526 20,207 2,320 327 23,29720,232 4,451 27,957 2,284 612 1,153 531 15,444 924 Mar. 13 710 22,393 20,074 2,320 319 23,42320,232 4,456 27,946 2,260 501 1,210 530 15,663 1,112 Mar. 20 483 22,592 20,335 2,258 408 23,48320,233 4,467 27,889 2,267 774 1,230 540 15,484 929 Mar. 27.... 683 22,974 20,634 2,340 305 23,96320,257 4,478 27,842 2,298 1,397 1,226 540 15,395 995 Apr. 3 . 686 21,969 19, 603 2,366 280 22,93620, 255 4, 485 27,912 2, 271 533 1,013 550 15 396 1,072 Apr. 10 353 22,232 19,866 2,366 261 22,84620,253 4,492 27,955 2,259 260 1,161 550 15,406 940 Apr. 17 326 22,103 19,736 2,366 429 22,857 20,251 4,514 27,948 2,259 334 1,138 548 15,395 843 Apr. 24 324 22,304 19,874 2,430 274 22,90120,247 4,536 27,877 2,260 385 1,159 547 15,457 836 May 1 225 22,579 20,003 2,577 279 23,08420,251 4,535 27,888 2,267 409 1,010 548 15,747 1,111 May 8.... 207 22,732 20,134 2,598 279 23,21920,248 4,534 27,958 2,266 314 1,162 550 15,751 1,014 May 15.... 145 22,660 20,019 2,641 447 23,252 20,245 4,534 27,950 2,265 504 1,110 550 15,652 916 May 22.... 163 22,643 20,001 2,641 326 23,132 20,245 4,532 27,961 2,262 562 1,069 550 15,505 700 May 29 237 22,983 20,341 2,641 337 23,55620,242 4,533 28,106 2,265 681 1,038 553 15,689 830 June 5 252 22,780 20,129 2,651 417 23,45020,272 4,534 28,159 2,285 394 1,063 556 15,799 738 June 12.... 252 23,270 20,619 2,651 374 23,89620,271 4,537 28,128 2,280 860 969 557 15,909 833 June 19.... 252 22,691 20,187 2,503 512 23,45420,272 4,536 28,116 2,260 419 985 566 15,916 671 June 26 231 23,385 20,882 2,503 369 23,98620,269 4,539 28,135 2,262 970 950 569 15,910 867 July 3.... 239 23,003 21,652 1,351 453 23,69420,270 4,540 28,395 2,249 507 971 567 15,815 730 July 10.... 292 23,394 22,043 1,351 333 24,01920,271 4,537 28,335 2,254 664 1,116 568 15,889 825 July 17.... 204 23,230 21,879 1,351 462 23,89520,271 4,538 28,241 2,249 513 1,165 568 15,968 859 July 24.... 219 23,652 22,301 1,351 358 24,22920,269 4,539 28,187 2,263 674 1,473 563 15,877 753 July 31.... 246 23,633 22,282 1,351 286 24,16420,267 4,540 28,254 2,250 513 1,401 562 15,991 856 Aug. 7 258 23,593 22,242 1,351 283 24,13420,266 4,538 28,326 2,263 353 1,331 573 16,093 964 Aug. 14.... 263 23,575 22,224 1,351 400 24,23820,268 4,541 28,353 2,262 557 1,295 572 16,008 898 Aug. 21.... 229 23,486 22,135 1,351 394 24,10920,274 4,543 28,365 2,265 540 1,250 572 15,933 805 Aug. 28 216 23,606 22,256 1,351 279 24,102 20,280 4,543 28,376 2,274 620 1,214 574 15,867 714 Sept. 4 291 23,387 22,036 1,351 332 24,01120,284 4,543 28,506 2,281 293 1,188 581 15,989 778 Sept. 11 250 23,291 21,940 1,351 395 23,93520,288 4,545 28,499 2,280 199 1,122 581 16,086 754 Sept. 18.... 262 23,421 22,070 1,351 541 24,22420,288 4,545 28,453 2,265 359 1,111 588 16,280 872 Sept. 25.... 294 23,866 22,515 1,351 425 24,58520,301 4,547 28,448 2,279 928 1,212 590 15,975 724 Oct. 2.... 218 23,555 22,126 1,428 368 24,14020,306 4,546 28,526 2,301 357 1,045 597 16,166 934 Oct. 9 271 23,502 22,074 1,428 275 24,04820,305 4,544 28,608 2,270 483 920 598 16,019 766 Oct. 16 254 23,418 21,973 1,445 480 24,15220,304 4,545 28,597 2,274 524 868 596 16,142 855 Oct. 23.... 248 23,056 21,610 1,445 332 23,63620,388 4,546 28,585 2,270 369 972 595 15,779 435 Oct. 30 238 23,608 22,162 1,445 256 24,10120,399 4,548 28,588 2,285 462 1,006 595 16,111 737 Nov. 6. ... 376 23,515 22,020 1,494 216 24,107 20,405 4,548 28,750 2,276 408 967 599 16,060 637 Nov. 13.... 397 23,684 22,105 1,578 484 24,56520,420 4,548 28,761 2,294 577 1,044 599 16,259 838 Nov. 20.... 330 23,522 21,933 1,588 463 24,31420,461 4,548 28,689 2,285 633 1,021 597 16,098 618 Nov. 27 283 23,682 22,093 1,588 451 24,41620,469 4,548 28,815 2,271 665 953 598 16,131 643 Dec. 4 246 23,888 22,239 1,648 452 24,58520,477 4,550 28,906 2,288 679 917 600 16,222 669 Dec. 11 290 24,128 22,479 1,648 378 24,79620,450 4,551 28,946 2,270 626 875 601 16,479 874 Dec. 18.... 303 23,211 22,102 1,109 815 24,32820,477 4,554 29,019 2,208 237 770 609 16,517 656 Dec. 24.... 340 23,722 22,613 1,109 815 24,87720,527 4,554 29,163 2,2^8 547 848 612 16,530 913 Dec. 31 163 23,350 22,241 1,109 581 24,09320,529 4,562 28,952 2,272 393 822 607 16,139 562 Jan. 8 247 23,733 22,624 1,109 396 24,37520,531 4,561 28,748 2,281 401 966 614 16,457 903 Jan. 15.... 243 23,327 22,218 1,109 536 24,10520,567 4,560 28,518 2,291 409 967 615 16,431 850 Jan. 22 238 23,430 22,322 1,109 533 24,20120,692 4,559 28,369 2,295 862 1,004 613 16,308 P793 P Preliminary. 1 Includes industrial loans and acceptances purchased shown separately in subsequent tables. 2 End of month and Wednesday figures 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. FEBRUARY 1947 161 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANK DISCOUNT RATES [In effect January 31. Per cent per annum] Discounts for and advances to member banks Advances to individuals, partnerships, or corpora- Advances secured by tions other than member Government obligations and banks secured by direct Federal Reserve Bank d s i e sc c o ur u e n d t s by o f e a li n g d ib le a d p v a a p n e c r es Other [ s S e e c c u . r e 1 d 0 ( a b d )] vances obli ( g l a a t s i t o n p s a r. o f S e t c h . e 1 3 U ) . S. (Sees. 13 and 13a)1 Rate Effective Rate Effective Rate Effective Boston Apr. 27,1946 IK Oct. 27,1942 2 Mar. 29,1946 New York.... Apr. 25,1946 IK Oct. 30,1942 2K Apr. 6,1946 Philadelphia.. Apr. 25,1946 IK Oct. 17,1942 Mar. 23,1946 Cleveland May 3,1946 IK Sept. 12,1942 2 Mar. 9,1946 Richmond May 10,1946 IK Oct. 28,1942 2K Mar. 16,1946 Atlanta May 10,1946 IK Oct. 15,1942 Mar. 16,1946 Chicago Apr. 26,1946 IK Aug. 29,1942 2 Mar. 16,1946 St. Louis Apr. 26,1946 IK Mar. 14,1942 2 Mar. 16,1946 Minneapolis.. Apr. 26,1946 IK Oct. 30,1942 2 Mar. 23,1946 Kansas City.. Apr. 27,1946 IK Oct. 27,1942 2 Apr. 13,1946 Dallas May 10,1946 IK Oct. 17,1942 2 Mar. 16,1946 San Francisco Apr. 25,1946 IK Oct. 28,1942 2K Apr. 25,1946 1 Rates shown also apply to advances secured by obligations of Federal intermediate credit banks maturing within 6 months. NOTE.—Maximum maturities for discounts and advances to member banks are: 15 days for advances secured by obligations of the Federal Farm Mortgage Corporation or the Home Owners' Loan Corporation guaranteed as to principal and interest by the United States, or by obligations of Federal intermediate credit banks maturing within 6 months; 90 days for other advances and discounts made under Sections 13 and 13a of the Federal Reserve Act (except that discounts of certain bankers' acceptances and of agricultural paper may have maturities not exceeding 6 months and 9 months, respectively); and 4 months for advances under Section 10(b). The maximum maturity for advances to individuals, partnerships, or corporations made under the last paragraph of Section 13 is 90 days. Back figures.—See Banking and Monetary Statistics, Tables 115-116, pp. 439-443. FEDERAL RESERVE BANK BUYING RATES ON BILLS FEDERAL RESERVE BANK RATES ON INDUSTRIAL LOANS [Per cent per annum] AND COMMITMENTS UNDER SECTION 13b OF THE FEDERAL RESERVE ACT Maturity R Ja a n te . o 3 n 1 In g i e n f n fe in c g t — be- Pre ra v t i e ous [In e M ffe a c t t u r J i a ti n e u s ar n y o t 3L ex ce P e e d r i n c g e n f t i v p e e r y e a a n r n s um] To industrial or Treasury bills H Apr. 30, 1942 commercial To financing institutions Bankers' acceptances: businesses 1- 90 days 1 *Aug. 24, 1946 8 91-120 days 1 !Aug. 24. 1946 On discounts or 121-180 days 1 *Oct. 20, 1933 Federal purchases IX Reserve of 1 B N D a e c w a k t e Y fi o o g n u r k r w e . s h . i — ch S e r e a te B b a e n c k a in m g e e a f n fe d c ti M ve o n a e t ta th ry e F S e t d at e i r s a ti l c s R , es T er a v b e l e Ba 1 n 1 k 7, Bank lo O an n s1 co m m O e m n n t i s t- fo P in r o s w r t t i i h t o u i n c - h ma R in e- ing co m m O e m n n t i s tpp. 443-445; tion is portion obligated MEMBER BANK RESERVE REQUIREMENTS [Per cent of deposits] N Bo ew st o Y n ork 2 2 K K - - 5 5 K K - -l i X K K - - i i X Net demand deposits1 Time C Ph le i v la e d la e n l d phia... 2 2 K K - - 5 5 K K - - l i X X 6 K-lX Period in effect C r b e e c a s n i e n t t r y k r v a s e l R b e c a s i n e ty k rv s e C b o a u n n k t s ry m d b e e a p ( m n a o k l s b l s i e ) t r s S M A C R t h i t . i c l i n a c h L n n a m o e g t u a a o o i p n s o d lis. . . 2 2 2 2 2 K K K K K - - - - - 5 5 5 5 5 K K K K X - - - - - l i i i i X X X X X 1- ( 1 2) K 2K 8 -5 «K X x - - - 1 i i X x X J A M M u u a a n g y r e . . 2 1 1 1 6 1 , , , , 1 1 1 1 9 9 9 9 1 3 3 3 7 7 7 6 - - - - A A A F u e p p b g r r . . . . 3 1 2 1 5 0 8 5 , , , , 1 1 1 1 9 9 9 9 3 3 3 3 6 8 7 7 . . . . . . . . I 1 1 V 3 9K * 2 1 1 1 0 0 5 7K I 1 1 O 7 4 2 K K 4 3 K S D K a a a n l n l s a F a s r s a n C c i is ty co .. . . . I 2 2 2 K K K - - - 5 5 5 K K K - - - l l l X X X 8 K-lX Apr. 16, 1938-Oct. 31,1941.. 17K 12 5 1 Including loans made in participation with financing institutio Nov. 1, 1941-Aug. 19,1942.. 22H 20 14 6 2 Rate charged borrower less commitment rate. Aug. 20, 1942-Sept. 13, 1942.. 26 20 14 6 1 Rate charged borrower. Sept. 14, 1942-Oct. 2, 1942.. 24 20 14 6 * May charge rate charged borrower by financing institution, If Oct. 3, 1942 and after 22 20 14 6 lower. 20 5 Charge of X per cent is made on undisbursed portion of loan. 1 Demand deposits subject to reserve requirements, i. e., demand Back figures.—See Banking and Monetary Statistics, Table 118 deposits other than war loan deposits, minus cash items in process of pp. 446-447. collection and demand balances due from domestic banks. MARGIN REQUIREMENTS * MAXIMUM RATES ON TIME DEPOSITS [Per cent of market value] Maximum rates that may be paid by member banks as established by the Board of Governors under provisions of Regulation Q. July 5, Jan. 21 Effec- [Per cent per annum] Prescribed in accordance with 1945- 1946- tive Nov. 1,1933- Feb. 1,1935- Effective Securities Exchange Act of 1934 Jan. 20, Jan. 31, Feb. 1, Jan.31,1935 Dec.31,1935 Jan. 1, 1936 1946 1947 1947 Savings deposits 2K 2K Regulation T: Postal savings deposits 2K 2K For extensions of credit by brokers Other deposits payable: and dealers on listed securities 75 100 75 In 6 months or more 2K 2K For short sales 75 100 75 In 90 days to 6 months 2K Regulation U: In less than 90 days 2K 1 For loans by banks on stocks 75 100 75 NOTE.—Maximum rates that may be paid by insured nonmember 1 Regulations T and U limit the amount of credit that may be exbanks as established by the F. D. I. C, effective Feb. 1, 1936, are the tended on a security by prescribing a maximum loan value, which is a same as those in effect for member banks. Under Regulation Q the specified percentage of its market value at the time of the extension; the rate payable by a member bank may not in any event exceed the maxi- "margin requirements" shown in this table are the difference between mum rate payable by State banks or trust companies on like deposits the market value (100%) and the maximum loan value. under the laws of the State in which the member bank is located. Back figures.—See Banking and Monetary Statistics, Table 145, p. 504. 162 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRINCIPAL ASSETS AND LIABILITIES OF ALL FEDERAL RESERVE BANKS [In thousands of dollars] Wednesday figures End of month Item 1947 1946 1947 1946 1946 Jan. 29 Jan. 22 Jan. 15 Jan. 8 Dec. 31 Dec. 24 Dec. 18 January December January Assets Gold certificates. 17,829,17817,731,180 17,605,17617,565,17817,587,17717,587,17517,589,17817,829,17917,587,17717,188,565 Redemption fund for F. R. notes 797,720 798,173 806,151 813,249 794,116 794,130 793,736 797,722 794,116 794,423 Total gold certificate reserves.. . .18,626,89818,529,35318,411,327 18,378,427 18,381,305 18,382,91418,626,901 18,381,29317,982,988 Other cash 372,863 363,242 341,629 304,064 236,635 250,849 382,039 267,890 358,700 Discounts and advances: For member banks.. . 189,554 90,677 95,574 99,627 15,739 190,203 157,613 180,362 15,739 249,215 For nonmember banks, etc 127,340 147,340 147,340 147,340 147,340 150,340 145,340 127,340 147,340 45,040 Total discounts and advances 316,894 238,017 242,914 246,967 163,079 340,543 302,953 307,702 163,079 294,255 Industrial loans 563 534 604 529 550 541 579 589 550 1,799 U. S. Govt. securities: Bills: Under repurchase option 6,100,568 5,662,978 5,449,779 5,697,359 4,905,617 5,316,320 4,826,531 6,189,229 4,905,617 5,144,726 Other 9,473,650 9,409,030 9,387,611 9,431,976 9,839,366 9,828,846 9,828,746 9,462,980 9,839,366 7,721,064 Certificates: Special Other 7,180,012 7,249,512 7,380,512 7,494,512 7,496,012 7,468,012 7,447,012 7,180,012 7,496,012 8,046,711 Notes 355,300 355,300 355,300 355,300 355,300 355,300 355,300 355,300 355,300 1,404,700 Bonds 753,390 753,390 753,390 753,390 753,390 753,390 753,390 753,390 753,390 946,892 Total U. S. Govt. securities 23,862,921:0 23,430,21023,326,59223,732,53723,349,685 23,721,868 23,210,979 23,940,91123,349,68523,264,093 Other Reserve Bank credit outstanding. . . 333,920 532,013 534,615 395,265 579,780 813,985 813,802 504,653 579,780 415,960 Total Reserve Bank credit outstanding24,514,29724,200,77424,104,72524.375,29824,093,094 24,876,93724,328,313 24,753,85524,093,094 23,976,107 Liabilities Federal Reserve notes.. 24,389,26024,478,44224,610,45024,793,566 24,945,304 25,091,572 24,963,18124,386,52524,945,304 24,153,383 Deposits: Member bank — reserve account 16,123,52016,308,33116,431,32216,456,72316,138,87816,529,70516,516,78616,062,82716,138,878 15,681,691 U. S. Treasurer—general account 1,535,518 861,893 409,163 401,398 392,869 547,062 236,807 1,942,481 392,869 845,456 Foreign 678,945 730,631 710,843 647,734 508,016 519,705 525,969 641,682 508,016 888,398 Other 341,908 273,615 256,539 318,285 313,638 328,046 243,967 280,760 313,638 406,127 Total deposits 18,679,89118,174,470 17,807,867 17,824,14017,353,40117,924,51817,523,529 18,927,750 17,353,40117,821,672 Ratio of gold certificate reserves to deposit and F. R. note liabilities combined (per cent)... 43. 43.4 43.4 43.1 43.5 42.7 43.3 43.0 43.5 42.8 MATURITY DISTRIBUTION OF LOANS AND U. S. GOVERNMENT SECURITIES HELD BY FEDERAL RESERVE BANKS [In thousands of dollars] Within 16 to 30 31 to 60 61 to 90 91 days to 6 months 1 year to 2 years to Over Total 15 days days days days 6 months to 1 year 2 years 5 years 5 years Discounts and advances: Dec. 24 340,543 181,542 7,415 16,816 134,770 Dec. 31 163,079 12,552 2,505 116,382 31,640 Jan. 8 246,967 84,770 16,025 113,382 32,790 Jan. 15 242,914 81,922 24,952 118,190 17,850 Jan. 22 238,017 88,394 12,536 123,619 13,468 Industrial loans: Dec. 24 541 460 4 5 5 14 12 7 34 Dec. 31 550 470 4 4 5 14 12 7 34 Jan. 8 529 453 4 5 14 12 7 34 Jan. 15 604 528 4 5 14 12 7 34 Jan. 22 534 457 5 5 13 9 7 34 U. S. Government securities: Dec. 24 23,721,868 3,599,811 ,411,223 6,476,3375,293,969 ,300,906 3,590,832 320,400 148,350 580,040 Dec. 31 23,349,685 2,395,120 3,419,195 6,878,6854,688,157 ,300,906 3,618,832 320,400 148,350 580,040 Jan. 8 23,732,537 3,284,6774,065,463 5,308,7215,535,330 1,405,786 3,083,770 320,400 148,350 580,040 Jan. 15 23,326,592 3,281,333 4,014,820 5,297,670 5,308,423 ,330,286 3,045,270 320,400 148,350 580,040 Jan. 22 23,430,2105,062,4252,331,428 5,353,190 5,387,821 ,236,786 3,009,770 320,400 148,350 580,040 163 FEBRUARY 1947 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS [In thousands of dollars] Total Boston Y N o e r w k d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago L S ou t. is M ap in o n li e s - K C an it s y as Dallas F c S i r s a a c n n o - Assets Gold certificates: Dec. 24 17,587,175 761,940 5,126,110 854,006 ,123,671 ,119,8631,036,2073,275,033 575,139 360,809 597,888 472,4712,284,038 Dec. 31 17,587,177 726,779 5,061,375 858,145 ,124,166 ,103,1701,024,326 3,369,273 596,006 357,057 586,156 466,0642,314,660 Jan. 8 17,565,178 737,283 5,449,856 847,482 ,183,638 ,015,607 938,9152,913,176 575,049 343,833 589,013 456,5532,514,773 Jan. 15 17,605,176 753,181 5,479,974 825,621 ,169,843 ,003,117 948,5082,889,010 575,622 356,198 617,878 469,9392,516,285 Jan. 22 17,731,180 747,414 5,581,322 851,387 ,195,087 ,002,950 979,6742,858,792 577,563 365,831 630,937 473,1392,467,084 Redemption fund for F. R. notes: Dec. 24 794,130 55,555 124,008 61,009 77,620 59,914 46,254 136,658 46,456 21.360 34,017 25,003 106,276 Dec. 31 794,116 55,555 124,008 61,009 77,620 59,914 46,254 136,644 46,456 21,360 34,018 25,003 106,275 Jan. 8 813,249 55,421 123,433 60,782 77,449 60,892 46,104 156,445 46,392 21,338 33,967 24,950 106,076 Jan. 15 806,151 55,315 123,013 60,603 77,319 60,094 46,010 151,290 46,355 21,323 33,940 24,925 105,964 Jan. 22 798,173 55,218 122,620 60,431 77,199 59,370 45,901 145,154 46,315 21,305 33,911 24,893 105,856 Total gold certificate reserves: Dec. 24 18,381,305 817,495 5,250,118 915,0151,201,2911,179,7771,082,4613,411,691 621,595 382,169 631,905 497,474 ,390,314 Dec. 31 18,381,293 782,334 5,185,383 919,1541,201,7861,163,0841,070,580 3,505,917 642,462 378,417 620,174 491,067 ,420,935 Jan. 8 8,378,427 792,704 5,573,289 908,2641,261,0871,076,499 985,0193,069.621 621,441 365,171 622,980 481,503 620,849 Jan. 15 18,411,327 808,496 5,602,987 886,2241,247,1621,063,211 994,5183,040,300 621,977 377,521 651,818 494,864 ,622,249 Jan. 22 18,529,353 802,632 5,703,942 911,8181,272,2861,062,320 ,025,5753,003,946 623,878 387,136 664,848 498,032 ,572,940 Other cash: Dec. 24 236,635 19,777 44,617 17,615 20,966 20,759 17,218 26,562 13,056 4,596 15,826 10,565 25,078 Dec. 31 267,890 20,586 44,537 19,235 21,706 25,076 20,753 31,560 15,515 5,734 18,520 12,396 32,272 Jan. 8 304,064 25,586 51,325 21,696 27,974 25,847 23,718 39,096 16,528 6,049 18,428 14,938 32,879 Jan. 15 341,629 29,252 60,698 24,077 27,046 27,613 30,479 42,916 18,739 6,381 19,110 16,777 38,541 Jan. 22 363,242 30,256 65,931 23,593 34,782 26,938 30,086 47,554 20,151 6,194 19,081 17,045 41,631 Discounts & advances: Secured by U. S. Govt. securities: Dec 24. . 190,243 19,055 28.255 11,632 23,526 9,600 5,870 11,200 30,530 30,100 9,375 3.100 8,000 Dec. 31.. 15,779 1,285 2,680 4,217 2,316 901 550 280 3,450 100 Jan. 8.. 99,667 6,310 23,390 2,657 10,879 2,051 5,400 Y3.5O6 2,330 25,600 3,000 2,250 2.300 Jan. 15.. 95,614 13,365 29,785 3,478 14,004 3,150 1,801 9,301 5,180 9,000 2,400 1.750 2,400 Jan. 22.. 90,717 6,875 18,270 5,789 8,085 8,150 4,300 6,348 10,330 13,000 4,300 4,250 1,020 Other: Dec. 24.. 150,300 8,928 57,254 11,579 12,973 6,556 5,301 18,693 4,743 3,488 4,603 4.464 11,718 Dec. 31.. 147,300 8,736 56,255 11,330 12,694 6,415 5,187 18,291 4,641 3,413 4,504 4,368 11,466 Jan. 8.. 147,300 8,736 56,255 11,330 12,694 6,415 5,187 18,291 4,641 3,413 4,504 4.368 11,466 Jan. 15.. 147,300 8,736 54,480 11,056 12,694 6,689 5,596 18.563 4,778 3,413 4,778 4.505 12,012 Jan. 22.. 147,300 9,427 47,136 11,931 13,699 7,218 6,039 20,033 5,156 3,683 5,155 4,861 12,962 Industrial loans: Dec. 24 541 2 514 Dec. 31 550 27 523 Jan. 8 529 2 502 Jan. 15 60 2 57 Jan. 22 53 24 510 U. S. Govt. securities: Bills: Under repurchase option: Dec. 24. . 5,316,320 71,578 3,464,069 135,18' 75,456 55,161 14,550 931,026 101,592 35,108 103,273 10,940 318,380 Dec. 31.. 4,905,617 36,269 3,222,632 139,743 88,371 52,231 22,754 831,211 101,565 26,264 64,847 16.600 303,130 Jan. 8. 5,697,359 66,759 3,283,903 146,179 48,921 30,661 2222rr704 1,605,597 107,158 28,783 53,634 14,260 288,800 Jan. 15. 5,449,779 42,993 3,074,803 137,119 53,458 34,446 19,9041,590,065 101,818 24,873 29,430 13,140 327,730 Jan. 22. 5,662,978 58,873 3,052,612 149,608 53,108 48,456 16,7041,722,274 101,306 39,183 45,704 13,970 361,180 Other bills: Dec. 24.. 9,828,846 762,739 404,309 909,6251,354,329 746,298 679,1011,533,125 534,803 334,386 565,099 471,9071,533,125 Dec. 31 9,839,366 788,880 407,592 886,71 1,364,176 747,166 679,8231,531,641 529,694 347.989 583,552 471,3591,500,777 Jan. 8.. 9,431,976 825,431 227,43 863,2301,308,871 857,948 735,6911,247.366 570,924 368,407 632,935 508,6511,285,085 Jan. 15.. 9,387,611 833,439 216,761 888,8031,304,547 855,13: 733,3441,177,510 576,726 378,120 630,776 511,829 ,280,624 Jan. 22. 9,409,030 821,399 238,181 871,7811,306,634 856,492 734,47 1,173,532 576,174 378,726 631,819 519,49 1,300,318 Certificates: Dec. 24. .. 7,468,012 552,683 1,883,252 536,838 629,575 446,514 379,878 948,178 411,441 227,345 371,033 373,614 707,661 Dec. 31... 7,496,012 554,672 1.890,02 538,956 632,265 448,280 381,352 951,778 412,831 228,144 372,398 374,852 710,457 Jan. 8... 7,494,512 506,480 1,914,339 553,743 668,057 462,668 388,734 960,8r 400,727 218,328 357,793 334.611 728,215 Jan. 15.... 7,380,512 498,471 1,886,686 545,099 657,070 455,45 382,718 946,151 395,077 215,092 352,258 329.630 716,803 Jan. 22... 7,249,512 489,271 1,854,904 535,165 644,451 447,172 375,80 929,298 388,582 211,369 345,900 323,903 703,690 Notes: Dec. 24. .. 355,300 26,295 89,598 25,541 29,953 21,243 18,073 45,111 19,575 10,816 17,652 17,775 33,668 Dec. 31.... 355,300 26,291 89,585 25,546 29,968 21,248 18.075 45,113 19,567 10,814 17,651 17,767 33,675 Jan. 8 355,300 24,011 90,755 26,252 31,671 21,934 18,429 45,551 18,998 10,351 16,962 15,863 34,523 Jan. 15. 355,300 23,997 90,826 26,241 31,63: 21,926 18,424 45,548 19,019 10,354 16,958 15,868 34,507 Jan. 22.... 355,300 23,979 90,909 26,229 31,585 21,916 18,418 45,545 19,044 10,360 16,952 15,875 34,488 Bonds: Dec. 24 753,390 55,756 189.98' 54,15 63,513 45,045 38,323 95,654 41,507 22,935 37,431 37,691 71,391 Dec. 31. ... 753,390 55,748 189,958 54,168 63,546 45,054 38,328 95,659 41,492 22,929 37,428 37,675 71,405 Jan. 8.... 753,390 50,914 192,440 55,665 67,15 46,510 39,077 96,587 40,284 21,948 35,967 33,637 73,204 Jan. 15.... 753,390 50,883 192,590 55,642 67,073 46,492 39.067 96.582 40,329 21,956 35,958 33,648 73.170 Jan. 22.... 753,390 50,846 192,767 55,616 66,973 46,471 39,055 96,576 40,382 21,967 35,947 33,661 73,129 Total U.S. Govt. securities: Dec. 24 23,721,8681,469,051 6,031,215 ,661,3482,152,8261,314,261 ,129,9253,553,09- 1,108,918 630,5901,094,488 911,9272,664,225 Dec. 31. .. 23,349,6851,461,860 5,799,794 ,645,1302,178,3261,313,979 ,140,3323,455,4021,105,149 636,1401,075,876 918,2532,619,444 Jan. 8 23,732,5371,473,595 5,708,874 ,645,0692,124,67 1,419,721 ,204,6353,955,9181,138,091 647,81 1,097,291 907,0222,409,827 Jan. 15 23,326,5921,449,783 5,461,666 ,652,9042,113,780 .413,453 ,193,45 3,855,8561,132,969 650,3951,065,380 904,1152,432,834 Jan. 22 23,430,2101,444,368 5,429,373 ,638,399 2:,102,751 ,420,507 ,184,4613,967,2251,125,488 661,6051,076,322 906,9062.472,805 Total loans and securities: Dec. 24 24,062,952 ,497,061 6,116,724 ,685,0732,189,325 ,330,41 ,141,0963,582,98'1,144,191 664.1781,108,466 919,4912,683,943 Dec. 31 23,513,3141,471,908 5,858,729 ,661,2002,193,336 ,321,29 ,146,0693,473,6931,110,070 639,5531,083,830 922,6212,631,010 Jan. 8 23,980,0331,488,668 5,788,519 ,659,5582,148,250 ,428,187 ,215,2223,987,7091,145,062 676,8301,104,795 913,6402,423,593 Jan. 15 23,570,1101,471,911 5,545,9311,668,0152,140,478 ,423,292 ,200,8543,883,7201,142,927 662,8081,072,558 910,3702,447,246 Jan. 22 23,668,7611,460,694 5,494,7791,656,6292,124,535 ,435,8751,194,8003,993,6061,140,974 678,2881,085,777 916,0172,486,787 164 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS [In thousands of dollars] San Total Boston Y N o e r w k d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago L S ou t. is M ap in o n li e s - K C an it s y as Dallas F c r is a c n o - Due from foreign banks: Dec. 24 102 5 X46 7 8 4 3 11 3 2 3 3 7 Dec. 31 ... . 102 7 *34 8 9 5 4 14 3 3 3 3 9 Jan. 8 102 7 *34 8 9 5 4 14 3 3 3 3 9 Jan. 15 102 6 1 33 8 9 5 4 14 4 3 4 3 9 Jan. 22 102 6 *33 8 9 5 4 14 4 3 4 3 9 Federal Reserve notes of other Banks: Dec. 24 133,884 4,672 17,913 4,610 10,381 32,029 9,008 16,216 8,114 4,056 6,828 4,158 15,899 Dec. 31 163,385 5,897 19,882 8,181 10,825 37,399 14,290 22,944 9,669 4,338 7,583 4,815 17,562 Jan. 8 174,056 4,915 23,123 6,497 11,617 41,330 17,224 18,446 10,449 6,000 9,454 6,650 18,351 Jan. 15 175,567 6,497 26,227 7,112 13,060 41,817 17,076 19,045 8,585 5,540 9,365 4,711 16,532 Jan. 22 171,981 5,617 24,194 7,137 13,261 40,396 16,189 18,204 9,247 5,663 8,041 4,484 19,548 Uncollected items: Dec. 24 2,754,061 177,729 552,155 193,790 264,312 244,113 189,098 453,069 124,975 73,320 135,284 112,247 233,969 Dec. 31 2,599,574 193,426 576,280 157,813 227,369 227,699 168,736 387,336 148,065 62,219 136,969 100,078 213,584 Jan. 8 2,262,751 169,858 435,919 138,160 209,526 204,042 158,593 352,961 113,326 65,612 116,484 88,025 210,245 Jan. 15 2,820,247 218,058 590,335 154,287 281,479 221,769 180,547 479,762 142,022 74,087 135,291 101,987 240,623 Jan. 22 2,828,898 186,792 557,690 148,030 241,990 282,039 242,003 408,464 141,034 75,213 144,310 139,018 262,315 Bank premises: Dec. 24 32,519 1,301 8,477 3,170 3,886 2,693 1,526 3,064 2,013 1,270 2,527 798 1,794 Dec. 31. 32,406 1,297 8,459 3,170 3,850 2,686 1,526 3,057 2,011 1,240 2,527 795 1,788 Jan. 8 32,400 1,297 8,459 3,170 3,850 2,686 1,526 3,057 2,011 1,240 2,521 795 1,788 Jan. 15 32,400 1,297 8,459 3,170 3,850 2,686 1,526 3,057 2,011 1,240 2,521 795 1,788 Jan. 22 32,399 1,297 8,459 3,170 3,850 2,686 1,525 3,057 2,011 1,240 2,521 795 1,788 Other assets: Dec. 24 47,741 3,202 11,427 3,627 4,236 2,839 2,529 6,531 3,000 1,322 2,148 2,246 4,6?4 Dec 31 48,449 3,399 11,182 2,912 4,320 2,746 2,641 6,938 3,199 1,475 2,308 2,355 4,974 Jan. 8 44 030 2,845 10,502 2,701 4,244 2,606 2,429 6,291 2,889 1,203 2,068 1,837 4,415 Jan. 15 45,508 2,938 10,877 2,813 4,311 2,777 2,654 6,148 3,026 1,192 1,978 2,161 4,633 Jan. 22. 49,256 3,236 10,973 3,083 4,738 2,984 2,735 7,965 3,096 1,345 2,067 2,333 4,701 Total assets: Dec. 24 45,649,199 2,521,24212,001,4772,822,9073,694,4052,812,6312,442,9397,500 HI 1,916,9471,130,913 902,9871,546,9825,355,638 Dec. 31 45,006,413 2,478,85411,704,4862,771,6733,663,2012,779,9902,424,5997,431,4591,930,9941,092,9791,871,9141,534,1305,322,134 Jan. 8 45,175,863 2,485,88011,891,1702,740,0543,666,5572,781,2022,403,7357,477,1951,911,7091,122,1081,876,7331,507,3915,312,129 Jan. 15 45,396,890 2,538,45511,845,5472,745,7063,717,3952,783,1702,427,6587,474,9621,939,2911,128,7721,892,6451,531,6685,371,621 Jan. 22 45,643,992 2,490,53011,866,0012,753,4683,695,4512,853,2432,512,9177,482,8101,940,3951,155,0821,926,6491,577,7275,389,719 Liabilities Federal Reserve notes: Dec. 24 25,091,572 1,505,429 5,729,3601,711,8602,144,5191,791,9061,461,3484,602,3701,127,666 594,795 922,676 610,4702,889,173 Dec. 31 24,945,304 1,491,783 5,714,3641,699,2772,124,7311,781,9231,449,7744,573,1441,120,120 592,688 922,170 604,3112,871,019 Jan. 8 24,793,566 1,477,488 5,655,0781,684,9562,112,1911,767,7871,439,6504,568,7031,114,110 593,149 920,320 599,6152,860,519 Jan. 15 24,610,450 1,460,975 5,608,7731,676,6392,097,9081,752,8341,425,3524,539,5261,106,771 588,901 915,699 593,9562,843,116 Jan. 22 24,478,442 1,452,661 5,580,7371,667,0082,086,4101,743,6511,416,1714,520,4901,100,268 588,287 914,198 589,0662,819,495 Deposits: Member bank —reserve account: Dec. 24. 16,529,705 749,325 5,188,017 842,7351,203,557 739,570 742,6162,359,487 616,223 418,285 805,045 769,2922,095.553 Dec. 31. 16,138,878 715,408 4,903,039 818,1251,199,768 733,111 748,1012,366,137 607,336 398,589 772,506 783,0902,093,668 Jan. 8. 16,456,723 731,295 5,132,248 805,3281,214,182 742,905 749,6172,400,207 622,231 416,897 792,240 769,7852,079,788 Tan. 15. 16,431,322 751,193 5,086,844 796,0181,219,398 738,572 767,9922,341,076 625,411 423,899 787,624 777,7502,115,545 Jan. 22. .16,308,331 707,641 5,035,779 804,1311,210,872 726,822 750,8592,390,808 620,742 411,742 770,846 761,0442,117,045 U. S. Treasurer-general account: Dec. 24. 547,062 43,886 122,680 30,694 27,944 42,378 33,106 78,484 26,980 31,356 31,889 27,368 50,297 Dec. 31. 392,869 29,866 94,716 34,511 32,896 13,889 21,855 65,227 21,768 20,505 19,010 19,791 18,835 Jan. 8. 401,398 25,706 108,908 19,405 32,384 35,509 19,510 55,370 19,354 20,235 15,563 17,439 32,015 Jan. 15. 409,163 27,485 94,227 23,048 40,695 36,831 20,309 52,478 20,330 18,429 21,465 21,695 32,171 Jan. 22. 861,893 61,438 202,033 45,662 76,388 63,827 70,891 80,877 38,560 53,377 59,985 48,765 60,090 Foreign: Dec. 24. 519,705 31,697 2191,823 40,759 45,670 23,081 18,661 65,804 16,697 12,277 16,205 15,714 41,317 Dec. 31. 508,016 30,769 2189,873 39,555 44,320 22,398 18,109 63,860 16,203 11,914 15,727 15,250 40,038 Jan. 8. 647,734 40,259 2230,686 51,862 58,111 29,368 23,744 83,729 21,245 15,621 20,620 19,995 52,494 Jan. 15. 710,843 44,851 2236,842 56,424 64,784 34,133 28,561 94,737 24,381 17,415 24,381 22,988 61,346 Jan. 22. 730,63 43,657 2269,320 54,913 63,048 33,219 27,795 92,199 23,728 16,948 23,728 22,372 59,704 Other: Dec. 24. 328,046 5,189 241,208 3,404 10,841 4,615 1,988 2,716 7,582 1,974 170 578 47,781 Dec. 31. 313,638 5,027 224,947 2,424 10,896 2,317 1,814 4,303 9,338 2,527 635 869 48,541 Jan. 8. 318,285 6,208 220,186 2,493 11,378 4,068 3,353 3,822 10,318 2,707 762 2,549 50,441 Jan. 15. 256,539 3,229 168,362 2,126 11,780 3,942 1,960 4,405 8,462 2,669 412 540 48,652 Jan. 22. 273,615 2,527 189,332 2,375 10,693 3,045 2,565 4,565 8,768 2,639 541 688 45,877 Total deposits: Dec. 24. 17,924,518 830,097 5,743,728 917,5921,288,012 809,644 796,3712,506,491 667,482 463,892 853,309 812,9522,234,948 Dec. 31. 17,353,40 781,070 5,412,575 894,6151,287,880 771,715 789,8792,499,527 654,645 433,535 807,878 819,0002,201,082 Jan. 8. 17,824,140 803,468 5,692,028 879,0881,316,055 811,850 796,2242,543,128 673,148 455,460 829,185 809,7682,214,738 Jan. 15. 17,807,86 826,758 5,586,275 877,6161,336,657 813,478 818,8222,492,696 678,584 462,412 833,882 822,9732,257,714 Jan. 22. 18,174,470 815,263 5,696,464 907,0811,361,001 826,913 852,1102,568,449 691,798 484,706 855,100 832,8692,282,716 Deferred availability items: Dec. 24. 1,940,17 141,296 311,600 137,434 197,734 176,593 156,166 297,689 96,419 53,617 101,788 99,351 170,491 Dec. 31. 2,019,89 161,770 362,569 122,08 187,075 192,135 156,051 265,651 130,928 48,689 116,746 86,868 189,333 Jan. 8. 1,867,58 160,604 328,885 120,180 174,536 167,125 138,828 271,310 99,088 55,314 101,956 73,925 175,837 Jan. 15. 2,285,734 206,161 434,629 135,516 218,947 182,046 154,390 348,426 128,463 59,267 117,776 90,549 209,564 Jan. 22. 2,296,98 178,151 373,290 123,219 183,896 247,982 215,382 299,340 122,741 63,582 131,929 131,496 225,979 Other liab. inch accrued div.: Dec. 24. 17,018 826 5,853 953 1,488 651 636 2,656 537 871 513 567 1,467 Dec. 31. 9,392 448 2,811 528 824 385 365 1,886 364 285 332 241 923 Jan. 8. 10,05 503 2,708 532 862 460 402 2,498 349 315 381 318 729 Jan. 15. 10,736 641 3,017 506 819 720 379 2,470 362 269 365 368 820 Jan. 22. 10,162 506 2,329 545 931 476 444 2,403 354 539 374 415 846 1 After deducting $56,000 participations of other Federal Reserve Banks on Dec. 24; $68,000 on Dec. 31; and Jan. 8; $69,000 on Jan. 15; and Jan. 22. 2 After deducting $327,547,000 participations of other Federal Reserve Bankson Dec. 24; $317,868,000 on Dec. 31; $416,771,000 on Jan. 8; $473,- 686,000 on Jan. 15; and $460,997,000 on Jan. 22. 165 FEBRUARY 1947 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS—Continual [In thousands of dollars] Total Boston Y N o e r w k d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago L S ou t. is M ap in o n li e s - K C an it s y as Dallas F S r a a n ncisco Total liabilities: Dec. 24 44,973,286 2,477,64811,790,5412,767,8393,631,7532,778,7942,414,5217,409,2061,892,104 1,113,175 1,878,286 1,523,340 5,296,079 Dec. 31.... 44,327,993 2,435,07111,492,3192,716,5013,600,5102,746,1582,396,0697,340,2081,906,057 1,075,197 1,847,126 1,510,420 5,262,357 Jan. 8 44,495,351 2,442,06311,678,6992,684,7563,603,6442,747,2222,375,1047,385,6391,886,695 1,104,238 1,851,842 1,483,6265,251,823 Jan. 15.... 44,714,787 2,494,53511,632,6942,690,2773,654,3312,749,0782,398,9437,383,1181,914,180 1,110,849 1,867,722 1,507,846 5,311,214 Jan. 22.... 44,960,061 2,446,581 11,652,8202,697,8533,632,2382,819,0222,484,107 7,390,682 1,915,161 1,137,114 1,901,601 1,553,846 5,329,036 Capital Accts.: Capital paid in: Dec. 24. ... 185,921 11,094 64,994 13,926 18,304 7,827 7,074 22,353 6,104 4,031 6,159 6,852 17,203 Dec. 31.... 186,830 11,095 65,801 13,926 18,304 7,771 7,109 22,435 6,103 4,071 6,167 6,865 17,183 Jan. 8 187,620 11,112 65,823 13,960 18,420 7,831 7,148 22,518 6,114 4,119 6,207 6,883 17,485 Jan. 15.... 187,985 11,117 65,870 14,018 18,446 7,860 7,167 22,546 6,214 4,136 6,226 6,892 17,493 Jan. 22.... 188,323 11,120 65,887 14,064 18,469 7,888 7,191 22,585 6,227 4,135 6,249 6,902 17,606 Surplus (section 7): Dec. 24. ... 358,355 22,439 116,860 28,946 33,745 15,593 14,450 53,029 12,939 8,869 11,891 10,670 28,924 Dec. 31 439,823 27,557 136,549 34,720 41,394 20,676 18,663 65,078 16,577 10,997 15,729 13,777 38,106 Jan. 8.... 439,823 27,557 136,549 34,720 41,394 20,676 18,663 65,078 16,577 10,997 15,729 13,777 38,106 Jan. 15.... 439,823 27,557 136,549 34,720 41,394 20,676 18,663 65,078 16,577 10,997 15,729 13,777 38,106 Jan. 22.... 439,823 27,557 136,549 34,720 41,394 20,676 18,663 65,078 16,577 10,997 15,729 13,777 " 38,106 Surplus (section 13b): Dec. 24.... 27,428 3,012 7,205 4,501 1,007 3,326 762 1,429 527 1,073 1,137 1,307 2,142 Dec. 31 27,455 3,012 7,253 4,489 1,007 3,325 762 1,429 521 1,073 1,137 L.3O7 2,140 Jan. 8.... 27,455 3,012 7,253 4,489 1,007 3,325 762 1,429 521 1,073 1,137 L.3O7 2,140 Jan. 15 27,455 3,012 7,253 4,489 1,007 3,325 762 1,429 521 1,073 1,137 1,307 2,140 Jan. 22 27,455 3,012 7,253 4,489 1,007 3,325 762 1,429 521 1,073 1,137 1,307 2,140 Other cap. accts: Dec. 24. ... 104,209 7,049 21,877 7,695 9,596 7,091 6,132 14,114 5,273 3,765 5,514 i1,813 11,290 Dec. 31 24,312 2,119 2,564 2,037 1,986 2,060 1,996 2,309 1,736 1,641 1,755 1,761 2,348 Jan. 8.... 25,614 2,136 2,846 2,129 2,092 2,148 2,058 2,531 1,802 1,681 1,818 1,798 2,575 Jan. 15.... 26,840 2,234 3,181 2,202 2,217 2,231 2,123 2,791 1,799 1,717 1,831 L.846 2,668 Jan. 22.... 28,330 2,260 3,492 2,342 2,343 2,332 2,194 3,036 1,909 1,763 1,933 1,895 2,831 and cap. accts: Dec. 24.... 45,649,199 2,521,242 12,001,4772,822,9073,694,4052,812,6312,442,9397,500,1311,916,947 1,130,913 1,902,987 1,546,982 5,355,638 Dec. 31.... 45,006,413 2,478,85411,704,4862,771,6733,663,2012,779,9902,424,5997,431,459 1,930,994 1,092,979 1,871,914 1,534,1305,322,134 Jan. 8. ... 45,175,863 2,485,88011,891,1702,740,0543,666,5572,781,2022,403,7357,477,1951,911,709 1,122,108 1,876,733 1,507,3915,312,129 Jan. 15.... 45,396,890 2,538,45511,845,5472,745,7063,717,3952,783,1702,427,6587,474,962 1,939,291 1,128,772 1,892,645 1,531,6685,371,621 Jan. 22.... 45,643,992 2,490,53011,866,0012,753,4683,695,4512,853,2432,512,917 7,482,8101,940,395 1,155,082 1,926,649 1,577,727 5,389,719 Contingent liability on bills purchased for foreign correspondents: Dec. 24 6,511 417 12,168 540 606 306 248 872 221 163 215 208 547 Dec. 31 6,547 419 12,181 543 609 308 249 877 222 164 216 209 550 Jan. 8.... 7,776 476 l2,819 617 691 349 282 996 253 186 245 238 624 Jan. 15.... 7,794 499 l2,494 631 725 382 319 1,060 273 195 273 257 686 Jan. 22.... 7,054 452 12,257 571 656 346 289 959 247 176 247 233 621 Commit, to make indus. loans: Dec. 24 8 346 1,290 1,584 37 382 4,265 450 155 183 Dec. 31. . 8,309 1,281 1,596 37 382 4,225 450 155 183 Jan. 8 8 231 1,207 1,596 37 381 4,225 450 155 180 Jan. 15 8,156 1,133 1,596 36 381 4,225 450 155 180 Jan. 22.... 8,262 1,200 1,596 75 381 4,225 450 155 180 FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS' ACCOUNTS, BY WEEKS [In thousands of dollars] San Total Boston Y N o e r w k d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - la A n t t - a Chicago L S o t u . is M ap in o n li e s - K C an it s y as Dallas F ci r s a c n o - F.R.notes outstanding (issued to Bank): Dec. 24 25,763,342 ,541,590 ,863,9971,754,6772,192,647 ,840,5991,507,139 4,696,8551,166,141610,236 947,980640,6143,000,867 Dec. 31 25,741,606 ,537,175 ,876,6051,747,0792,191,393 1,835,0751,503,304 4,694,6211,160,309608,201 949,614641,2942,996,936 Jan. 8 25,640,254 ,529,981 ,848,6671,734,7202,185,1811,821,4811,490,372 4,692,5121,154,490 607,780 944,690637,3552,993,025 Jan. 15 25,504,804 ,525,054 ,800,4681,725,7452,176,5351,813,214 474,816 4,676,2131,147J609 607,328 940,867628,8712,988,084 Jan. 22 25,366,944 ,518,624 ,756,516 1,719,3962,152,5821,807,8591,466,1734,656,8181,141,567606,013 937,953623,3082,980,135 Collateral held against notes outstanding: Gold certificates: Dec. 24 11,053,000 455,0003,470,000 550,000 645,000 760,000 615,0002,020,000 300,000189,000 280,000169,0001,600,000 Dec. 31 11,053,000 455,000 3,470,000 550,000 645,000 760,000 615,000 2,020,000 330000,,000000 118899,,000000 280,000169,000 ,600,000 Jan. 8 10,753,000 455,0003,470,000 550,000 645,000 660,000 615,0001,620,000 300,000189,000 280,000169,0001,800,000 Jan. 15 10,878,000 455,0003,470,000 550,000 645,000 660,000 590,0001,720,000 330000,,000000 118899,,000000 280,000169,0001,850,000 Jan. 22 10,863,000 455,0003,470,000 525,000 645,000 660,000 590,0001,780,000 300,000189,000 280,000169,0001,800,000 Eligible paper: Dec. 24 146,447 19,055 28,255 11,632 9,500 30,530 30,100 9,375 8,000 Dec. 31 12,812 1,285 2,680 4.217 800 280 3,450 100 Jan. 8 67,53^ 6,310 23,390 2,657 1,950 2,330 25,600 3,000 2,300 Jan. 15 68,658 13,365 29,785 3,478 3,050 5,180 9,000 2,400 2,400 Jan. 22 67,634 6,875 18,270 5,789 8,050 10,330 13,000 4,300 1,020 U. S. Govt. sec: Dec. 24 15,226,59: 1,100,000 2,500,0001,200,0001,550,0001,100,000 900,000 2,700,000 951,592 425,000 700,000 500,0001,600,000 Dec. 31 15,226,565 1,100,000 2,500,0001,200,0001,550,0001,100,000 900,000 2,700,000 951,565 425,000 700,000 500,0001,600,000 Jan. 8 15,732,158 1,100,000 2,500,0001,200,0001,550,0001,200,000 900,000 3,100,000 957,158 425,000 700,000 500,0001,600,000 Jan. 15 15,626,8181,100,000 2,500,0001,200,0001,550,0001,200,000 900,000 3,000,000 951,818 425,000 700,000 500,000,1,600,000 Jan. 22 15,526,3061,100,000 2,500,0001,200,0001,550,0001,200,000 900,000 2,900,000 951,306 425,000 700,000 500,000 1,600,000 Total collateral: Dec. 24 26,426,039 1,574,055 5,998,2551,761,632 2,195,0001,869,5001,515,000 4,720,000 1,282,122 644,100 989,375 669,000 3,208,000 Dec. 31 26,292,377 1,556,285 5,972,6801,754,2172,195,0001,860,8001,515,000 4,720,000 1,251,845 614,000 983,450 669,000 3,200,100 Jan. 8 26,552,695 1,561,310 5,993,3901,752,6572,195,0001,861,9501,515,000 4,720,000 1,259,488 639,600 983,000 669,000 3,402,300 Jan. 15 26,573,476 1,568,365 5,999,7851,753,4782,195,0001,863,0501,490,000 4,720,000 1,256,998 623,000 982,400 669,000 3,452,400 Jan. 22 26,456,9401,561,875 5,988,2701,730,789 2,195,0001,868,0501,490,000 4,680,000 1,261,636 627,000 984,300 669,000 3,401,020 1 After deducting $4,343,000 participations of other Federal Reserve Banks on Dec. 24; $4,366,000 on Dec. 31; $4,957,000 on Jan. 8; $5,300,000 on Jan. 15; and $4,797,000 on Jan. 22. 166 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WAR PRODUCTION LOANS GUARANTEED BY WAR DE- MEMBER BANK RESERVES AND BORROWINGS PARTMENT, NAVY DEPARTMENT, AND MARITIME [Averages of daily figures. In millions of dollars] COMMISSION THROUGH FEDERAL RESERVE BANKS UNDER REGULATION V Central reserve [Amounts in thousands of dollars] All city 1sanks Re- Coun- Gua a r u a t n h t o e r e i d z e l d oans Gua lo ra a n n t s eed A a d m di o ti u o n n t al week e M nd o i n n t g h , T o h r ursday b m a b n e e k m r s - x New Chi- b s c a e i n r t v y k e s ba t n ry ks i to date outstanding available to York cago Date borrowers N b u e m r - Amount am To o t u a n l t g P u o te a r e r ti a d o n n - a u n n t d e m e e e r a n g g ts u re a e r - - To 1 t 9 a 4 l 5 r — es N e o rv ve e m s b h e e r ld: 16,043 4,262 950 6,381 4,450 outstanding December 16,027 4,118 939 6,394 4,576 1946—November 16,311 4,208 925 6,433 4,744 1942 December 16,517 4,270 938 6,515 4,794 June 30 565 310,680 81,108 69,674 137,888 Dec. 31 2,665 2,688,397 803,720 632,474 1,430,121 Nov. 21 16,303 4,208 924 6,422 4,750 1943 Nov. 28 16,306 4,234 931 6,438 4,703 June 30 4,217 4,718,818 1,428,2531,153,756 2,216,053 Dec. 5 16,337 4,211 940 6,445 4,741 Dec. 31 5,347 6,563,048 1,914,0401,601,518 3,146,286 D D e e c c . . 1 1 9 2 1 16 6 , , 6 4 5 4 8 4 4 4 , , 2 3 1 1 5 8 9 9 4 5 8 1 6 6 , ,4 5 9 3 9 0 4 4, , 8 7 5 8 9 1 1944 Dec. 26 16,552 4,300 921 6,537 4,794 June 30 6,433 8,046,672 2,064,3181,735,777 3,810,797 1947—Jan. 2 16,462 4,255 921 6,507 4,770 Dec. 30 7,434 9,310,582 1,735,9701,482,038 4,453,586 Jan. 9 16,471 4,239 924 6,517 4,792 1945 Exces8"reser ves: June 30 8,422 10,149,3151,386,8511,190,944 3,694,618 1945—November.... 1,167 27 5 300 835 Dec. 31 8,757 10,339,400 510,270 435,345 966,595 December 1,491 48 14 418 1,011 1946—November 854 19 7 203 625 1946 December 900 27 5 227 642 Jan. 31 8,761 10,340,275 427,278 363,048 764,093 Feb. 28 8,766 10,341,890 357,161 302,597 477,429 Nov. 21 828 15 4 187 622 Mar. 30 8,768 10,342,690 271,793 230,110 363,010 Nov. 28 818 25 6 200 587 Apr. 30 8,770 10,343,018 171,036 147,164 286,701 Dec. 5 839 16 6 204 613 May 31 8,771 10,344,018 116,077 100,316 147,815 Dec. 12 872 17 5 214 636 June 29 8,771 10,344,018 70,267 60,214 142,617 Dec. 19 928 27 6 207 688 July 31 8,771 10,344,018 55,771 48,391 72,373 Dec. 26 872 21 2 236 617 Aug. 31 8,771 10,344,018 44,510 39,253 56,083 1947—Jan. 2 897 28 6 244 619 Sept. 30 8,771 10,344,018 39,153 34,670 46,541 Jan. 9 910 15 5 257 633 Oct. 31 8,771 10,344,018 32,472 28,776 33,254 Nov. 30 8,771 10,344,018 28,902 25,592 32,416 Borrowings at Federal Dec. 31 8,771 10,344,018 18,996 17,454 28,791 Reserve Banks: 1945—November 592 216 281 95 NOTE.—The difference between guaranteed loans authorized and sum December 334 192 96 46 of loans outstanding and additional amounts available to borrowers 1946—November 211 28 1 128 54 under guarantee agreements outstanding represents amounts repaid December 157 6 104 46 and authorizations expired or withdrawn. Nov. 21 187 2 2 132 51 Nov. 28 171 2 2 110 57 INDUSTRIAL LOANS BY FEDERAL RESERVE BANKS Dec. 5 142 2 1 99 40 [Amounts in thousands of dollars] Dec. 12 134 2 86 46 Dec. 19 150 1 102 47 Applications Ap- Dec. 26 193 1 1 124 67 Date (last approved proved Loans Commit- Partici- 1947—Jan. 2 154 24 95 35 Wednesday to date but not out- ments pations Jan. 9 104 1 47 56 o o r f la p s e t r i d o a d y ) N b u e m r - Amount (a p m c le o o t m e u d - n 1 t) s (a ta m n o d u in n g t) 2 ( s a t m a o n u o d u t- i n n t g ) ( s a t m aonu o d u t-i n n t g ) co x u W nt e r e y k b ly a nk fi s g u a r r e e s es o t f i m e a x t c e e s s . s W re e s e e k rv ly e s f ig o u f r es a l o l f m bo e r m ro b w er i ng b s a n of k s a ll a n m d e m o - f ber banks and of country banks may include small amounts of Federal 1934 984 49,634 20,966 13,589 8,225 1,296 Reserve Bank discounts and advances for nonmember banks, etc. 1935 1,993 124,493 11,548 32,493 27,649 8^778 1936 2,280 139,829 8,226 25,526 20,959 7,208 1937 2,406 150,987 3,369 20,216 12,780 7,238 1938 2,653 175,013 1,946 17,345 14,161 12,722 1939 2,781 188,222 2,659 13,683 9,220 10,981 DEPOSITS OF COUNTRY MEMBER BANKS IN LARGE AND 1940 2,908 212,510 13,954 9,152 5,226 6^386 SMALL CENTERS^ 1941 3,202 279,860 8,294 10,337 14,597 19,600 [Averages of daily figures. In millions of dollars] 1942 June 24. .. 3,352 338,822 26,346 11,265 16,832 26,430 In places of 15.000 In places of under Dec. 31... 3,423 408,737 4,248 14,126 10,661 17,305 and over population 15,000 population 1943 June 30... 3,452 475,468 3,203 13,044 12,132 19,070 Demand Demand Dec. 31... 3,471 491,342 926 10,532 9,270 17,930 deposits Time deposits Time 1944 except deposits except deposits Tune 30... 3,483 510,857 45 11,366 4,048 11,063 inter- inter- Dec. 30... 3,489 525,532 1,295 3,894 4,165 2,706 bank 2 bank 2 1945 June 30... 3,502 537,331 70 3,252 5,224 2,501 December 1945 17,187 7,275 11,835 5,106 Dec. 31... 3,511 544,961 320 1,995 1,644 1,086 November 1946 15,932 8,234 12,258 5,795 1946 Jan. 31... 3,512 545,372 195 L.843 1,579 1,046 December 1946 15,855 8,189 12,151 5,783 Feb. 28... 3,513 546,149 545 L.590 1,575 976 Mar. 30... 3,519 547,581 755 L,536 2,063 1,014 Boston 1,920 869 353 228 Apr. 30... 3,520 551,512 4,095 1,486 1,631 1,034 New York 2,908 2,108 1,050 1,118 May 31... 3,520 551,890 45 1,310 5,393 1,229 Philadelphia 1,153 715 933 854 June 29... 3,524 552,711 615 L.210 5,366 1,110 Cleveland 1,366 890 1,074 797 July 31 ... 3,528 558,538 6,085 L.178 5,438 1,103 Aug. 31.... 3,533 559,974 5,195 1,158 5,981 1,427 Richmond 1,132 384 924 451 Sept. 30.... 3,535 563,779 8,115 1,106 6,254 1,455 Atlanta 1,560 479 698 203 Oct. 31... 3,537 564,587 4,475 1,078 8,654 3,105 Chicago 1,962 1,315 1,681 903 Nov. 30... 3,541 565,529 4,995 1.083 8,395 3,090 St. Louis 621 312 1,009 262 Dec. 31... 3,542 565,913 4,577 554 8,309 2,670 Minneapolis 575 283 756 419 1 Includes applications approved conditionally by the Federal Re- Kansas City 524 104 1,582 194 ser 1 v I e n c B l a u n d k e s s a in n d d u u st n r d ia e l r l c o o a n n s s i d p e a r s a t t i d o u n e b 3 y m a o p n p t l h ic s a o n r t . more, which are not S D a a n l la F s rancisco. . . 1,2 9 2 1 1 4 6 1 0 2 1 8 1,4 6 6 2 8 2 2 5 9 7 8 included in industrial loans outstanding in weekly statement of condition of Federal Reserve Banks. 1 Includes any banks in outlying sections of reserve cities that have NOTE.—The difference between amount of applications approved and been given permission to carry the same reserves as country banks. the sum of the following four columns represents repayments of ad- All reserve cities have a population of more than 15,000. vances, and applications for loans and commitments withdrawn or 2 Includes war loan deposits, shown separately f or all country banks expired. in the table on the following page. 167 FEBRUARY 1947 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPOSITS, RESERVES, AND BORROWINGS OF MEMBER BANKS [Averages of daily figures.1 In millions of dollars] Gross demand deposits De- Reserves with Federal Bor- Feder C al l a R ss e a s o n e f d r v b e a n d k istrict Total I b n a t n e k r- w G a U m o r d v . e e l e o n - S r t a n . n - Other j p m u D o a d s a d s e t e n i e - - - t d d s ' p m o N d d a s e e e i n t - - t s d * p T o d i s m e i - t e s5 m m a f b d r n d e a o a u c o s n m l e e - t - d i s c Total Reser q v u R e i e r B e - d anks c E e x s - s s r F i e R e o n a e r r w g e t a d v - s l - - e posits8 banks Banks First half of December 1946 All member banks 91,924 11,911 4,665 75,349 70,464 76,804 27,002 5,770 16,464 15,564 900 136 Central reserve city banks New York 23,098 4,115 1,218 17,765 16,468 20,576 1,455 55 4,221 4,202 19 2 Chicago 5,272 1,189 298 3,784 3,436 4,461 814 167 950 941 9 1 Reserve city banks 34,133 5,512 1,776 26,844 24,371 28,154 10,767 1,807 6,501 6,277 224 91 Boston 2,004 270 120 1,613 1,499 1,732 197 39 366 358 8 2 New York 566 29 30 507 473 479 303 24 117 114 3 4 Philadelphia , 2,329 325 121 1,883 1,734 1,979 233 80 419 410 9 6 Cleveland 3,831 482 236 3,113 2,876 3,197 1,255 168 734 715 19 7 Richmond 2,212 390 125 1,696 1,531 1,824 448 109 412 392 20 9 Atlanta 2,117 495 96 1,526 1,353 1,719 401 133 386 368 18 9 Chicago 3,987 506 241 3,240 2,975 3,183 1,953 306 795 754 42 30 St. Louis 2,021 594 104 1,322 1,140 1,630 319 107 356 345 10 11 Minneapolis 1,083 341 64 679 577 856 168 63 184 181 3 2 Kansas City 2,825 899 117 1,809 1,591 2,229 351 267 493 467 26 6 Dallas 2,341 565 91 1,685 1,536 1,898 321 206 430 399 31 4 San Francisco 8,818 616 431 7,770 7,085 7,428 4,819 304 1,809 1,775 34 2 Country banks 29,422 1,094 1,373 26,954 26,187 23,612 13,966 3,741 4,791 4 144 647 43 Boston 2,382 86 134 2,161 2,063 1,974 1,097 181 378 342 36 5 New York 4,092 83 247 3,763 3,615 3,422 3,226 286 754 673 82 16 Philadelphia 2,119 13 125 1,981 1,927 1,758 1,567 186 387 340 47 7 Cleveland 2,500 25 162 2,313 2,252 2,007 1,688 276 456 382 74 4 Richmond 2,228 141 97 1,991 1,909 1,739 834 320 339 294 46 2 Atlanta 2,467 190 92 2,186 2,119 1,974 681 343 360 317 42 1 Chicago 3,772 86 200 3,487 3,418 2,982 2,216 529 658 550 107 1 St. Louis 1,790 140 60 1,589 1,547 1,434 574 257 268 235 32 3 Minneapolis 1,435 81 65 1,288 1,251 1,130 702 207 235 200 35 Kansas City 2,212 87 68 2,058 2,036 1,718 298 408 311 258 52 Dallas 2,528 131 58 2,339 2,300 1,925 186 510 344 281 63 San Francisco 1,896 31 67 1,798 1,750 1,549 898 237 302 271 31 Second half of December 1946 All member banks 90,337 11,917 2,308 76,112 70,867 77,333 27,058 5,654 16,567 15,666 901 176 Central reserve city banks New York 23,074 4,228 565 18,281 16,752 20,966 1,457 61 4,315 4,281 35 Chicago 5,056 1,161 143 3,753 3,379 4,380 819 162 926 925 1 Reserve city banks 33,427 5,453 866 27,108 24,531 28,256 10,805 1,805 6,528 6,299 229 117 Boston 1,971 272 55 1,644 1,522 1,755 197 40 369 363 6 4 New York 553 27 15 512 477 477 304 26 118 114 4 2 Philadelphia 2,323 330 56 1,937 1,776 2,025 234 83 437 419 18 4 Cleveland 3,753 487 115 3,151 2,889 3,211 1,260 172 751 718 33 25 Richmond 2,127 368 60 1,699 1,533 1,811 445 102 406 389 17 10 Atlanta 2,073 502 46 1,525 1,346 1,721 401 131 384 368 16 7 Chicago 3,888 491 122 3,275 3,000 3,194 1,955 304 802 756 46 11 St. Louis 1,993 614 51 1,328 1,135 1,651 320 102 359 349 10 21 Minneapolis 1,027 323 33 671 576 836 169 63 183 177 5 21 Kansas City 2,764 886 60 1,818 1,587 2,205 351 274 484 462 22 9 Dallas 2,307 553 43 1,711 1,554 1,901 322 209 427 399 28 1 San Francisco 8,647 600 210 7,838 7,137 7,469 4,847 298 1,809 1,785 24 2 Country banks 28,780 1,076 734 26,970 26,205 23,731 13,978 3,626 4,797 4,161 636 48 Boston 2,336 85 69 2,182 2,082 1,997 1,096 176 380 345 35 8 New York 3,995 86 121 3,788 3,643 3,451 3,226 289 756 677 79 17 Philadelphia 2,081 13 75 1,993 1,936 1,767 1,571 185 393 342 52 8 Cleveland 2,433 25 87 2,320 2,258 2,012 1,688 277 457 383 74 5 Richmond 2,163 136 53 1,974 1,892 1,741 836 297 ' 334 294 40 2 Atlanta 2,430 189 47 2,194 2,130 1,975 683 352 355 318 38 1 Chicago 3,686 84 110 3,491 3,422 3,019 2,219 495 659 556 103 St. Louis 1,747 135 32 1,581 1,537 1,429 573 248 268 235 33 4 Minneapolis 1,386 77 36 1,273 1,239 1,127 703 192 237 200 37 1 Kansas City 2,170 81 37 2,051 2,029 1,728 298 387 316 260 56 1 Dallas 2,501 134 30 2,336 2,296 1,933 184 502 342 282 61 1 San Francisco 1,852 30 36 1,787 1,741 1,551 900 225 300 271 29 1 1 Averages of daily closing figures for reserves and borrowings and of daily opening figures for other columns, inasmuch as reserves required are based on deposits at opening of business. J Figures include Series E bond deposit accounts, but do not include certain other demand deposits of the U. S. Government with member banks and, therefore, differ from figures for U. S. Government deposits shown in other published banking data. See also footnote 3. • Preceding column minus (a) so-called "float" (total cash items in process of collection) and (b) U. S. Government demand deposits (other than war loan and Series E bond accounts) on the latest available call report date. 4 Demand deposits subject to reserve requirements, i. e., demand deposits other than war loan deposits, minus cash items in process of collection and demand balances due from domestic banks. * Includes some interbank and U. S. Government *tm«jieposits; the amounts on call report dates are shown in the Member Bank Call Report. 168 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

UNITED STATES MONEY IN CIRCULATION, BY DENOMINATIONS [Outside Treasury and Federal Reserve Banks. In millions of dollars] Total Coin and small denomination currency2 Large denomination currency2 End of year or in cir- Unasmonth cula- sorted tion1 Total Coin »$1 $2 $5 $10 $20 Total $50 $100 $500 $1,000 $5,000 $10,000 1933 5,519 4,167 442 402 33 719 1,229 1,342 1,360 364 618 125 237 8 10 8 1934 536 4,292 452 423 32 771 1,288 1,326 1,254 337 577 112 216 5 7 10 1935 5,882 4,518 478 460 33 815 1,373 1,359 1,369 358 627 122 239 7 16 5 1936 6,543 5,021 517 499 35 906 1,563 1,501 1,530 399 707 135 265 7 18 8 1937 6,550 5,015 537 505 33 905 1,560 1,475 1,542 387 710 139 288 6 12 7 1938 6,856 5,147 550 524 34 946 1,611 481 1,714 409 770 160 327 17 32 5 1939 7,598 5,553 590 559 36 1,019 1,772 576 2,048 460 919 191 425 20 32 2 1940 8,732 6,247 648 610 39 1,129 2,021 800 2,489 538 1,112 227 523 30 60 4 1941 11,160 8,120 751 695 44 1,355 2,731 545 3,044 724 1,433 261 556 24 46 4 1942 15,410 11,576 880 801 55 1,693 4,051 096 3,837 1,019 1,910 287 586 9 25 3 1943 20,449 14,871 ,019 909 70 1,973 5,194 5,705 5,580 1,481 2,912 407 749 9 22 2 1944 25,307 17,580 1,156 987 81 2,150 5,983 7,224 7,730 1,996 4,153 555 990 10 24 3 1945—August 27,685 20,141 1,236 1,003 73 2,301 6,826 8,700 7,546 2,180 4,038 466 832 8 22 2 September. 27,826 20,235 1,243 1,001 72 2,288 6,815 8,816 7,592 2,204 4,071 464 825 8 21 2 October.. . 28,049 20,381 1,252 1,000 71 2,274 6,779 9,004 7,671 2,243 4,123 461 816 7 21 2 November. 28,211 20,500 1,263 1,009 71 2,279 6,783 9,095 7,713 2,264 4,154 457 811 7 20 2 December. 28,515 20,683 1,274 1,039 73 2,313 6,782 9,201 7,834 2,327 4,220 454 801 7 24 2 1946—January... 27,917 20,126 1,261 985 69 2,217 6,568 9,027 7,794 2,316 4,224 445 779 7 22 3 February.. 27,954 20,139 1,264 982 68 2,211 6,570 9,044 7,816 2,322 4,248 443 772 9 22 1 March 27,879 20,045 1,269 984 67 191 6,547 8,986 7,834 2,327 4,267 442 768 9 22 1 April 27,885 19,997 1,280 987 66 6,509 8,981 7,889 337 4,309 439 773 22 1 May 28,120 20,171 1,291 999 67 199 6,586 9,029 7,950 352 4,356 438 775 21 1 June 28,245 20,248 1,300 998 67 191 6,604 9,087 7,998 364 4,387 438 781 22 2 July 28,254 20,185 1,311 990 67 166 6,552 9,099 8,071 377 4,437 436 790 21 2 August 28,448 20,271 1,319 992 66 2,165 6,571 9,159 8,178 402 4,509 436 802 20 2 September. 28,507 20,262 1,332 1,001 66 2,156 6,528 9,180 8,247 2,419 4,567 436 795 21 2 October... 28,600 20,273 1,345 1,000 65 2,148 6,494 9,221 8,329 2,436 4,645 434 784 21 2 November. 28,861 20,447 1,355 1,010 65 169 6,543 9,305 8,416 2,458 4,711 435 782 21 2 December. 28,952 20,437 1,361 1,029 67 2,173 6,497 9,310 8,518 2,492 4,771 438 783 26 3 1 Total of amounts of coin and paper currency shown by denominations less unassorted currency in Treasury and Federa.l Reserve Banks. 2 Includes unassorted currency held in Treasury and Federal Reserve Banks and currency of unknown denominations report;*ed 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] Money held in the Treasury Money in circulation1 Money Total out- held by standing, As security For Federal De 1 c 9 . 4 3 6 1, g a o s g l i a d lv i n a e s n r t d Tr c e a a s s h ury B R F an e e d k se e s r r a v a n e l d B R a a n e g s k e e s n r t a v s n e d De 1 c 9 . 4 3 6 1, No 1 v 9 . 4 3 6 0, De 1 c 9 . 4 3 5 1, certificates agents Gold. 20,529 18,431 2 2,098 Gold certificates 18,431 15,566 2,815 49 49 51 Federal Reserve notes . . . 25,742 110 960 24,672 24,580 24,388 Treasury currency—total 4,562 *2,218 63 268 4,231 4,232 4,075 Standard silver dollars 494 307 37 3 148 146 136 Silver bullion 1,911 1 ,911 Silver certificates and Treasury notes of 1890. . 3 2,218 207 2,011 2,007 1,873 Subsidiary silver coin 915 14 19 882 878 832 Minor coin . . . . . . .. 344 7 5 331 331 307 United States notes 347 4 27 316 319 316 Federal Reserve Bank notes 441 1 6 434 440 494 National Bank notes 112 1 1 110 111 117 Total—December 31 1946 (4) 20,648 2,272 15,566 4,043 28,952 November 30, 1946 (4) 20,578 2,269 15,494 3,806 28,861 December 31, 1945 . . (4) 19,967 2,287 15,047 4,189 *28]5i5" 1 Outside Treasury and Federal Reserve Banks. Includes any paper currency held outside the continental limits of the United States; totals for other end-of-month dates shown in table above, totals by weeks in table on p. 161, and seasonally adjusted figures in table on p. 170. 2 Includes $1,800,000,000 Exchange Stabilization Fund and $156,039,431 held as reserve against United States notes and Treasury notes of 1890; the balance resulting from reduction in weight of the gold dollar, also included, is not shown in the circulation statement beginning July 31, 1945. 8 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 on receipt); (iii) as security for outstanding silver certificates—silver in bullion and standard silver dollars of a monetary value equal to the face amount of such silver certificates; and (iv) as security for gold certificates—gold bullion of a value at the legal standard equal to the face amount of such gold certificates. Federal Reserve notes are obligations of the United States and a first lien on all the assets of the issuing Federal Reserve Bank. Federal Reserve notes are secured by the deposit with Federal Reserve agents of a like amount of gold certificates or of gold certificates and such discounted or purchased paper as is eligible under the terms of the Federal Reserve Act, or of direct obligations of the United States. Federal Reserve Banks must maintain a reserve in gold certificates of at least 25 per cent, including the redemption fund which must be deposited with the Treasurer of the United States, against Federal Reserve notes in actual circulation; gold certificates pledged as collateral may be counted as reserves. "Gold certificates" as herein used includes credits with the Treasurer of the United States payable in gold certificates. Federal Reserve Bank notes and national bank notes are in process of retirement. FEBRUARY 1947 169 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MONEY IN CIRCULATION WITH ADJUSTMENT FOR ANALYSIS OF CHANGES IN GOLD STOCK OF SEASONAL VARIATION UNITED STATES Outside Treasury and Federal Reserve Banks. In millions of dollars] [In millions of dollars] Date f u A o v n r m a a r s d o i e j a u a u t n s s i o o t t — e n n d al a A d v s j m a e u r a s o i s t a u e o t n d n io t a — n f l or C s a e h s d a e a j s r u n o i s g e n t e s a e l d * l i y n Period a p s G t e t o o r e o i c f n l o d k d d I i n n s c to r g e c o a k l s d e o i r m g N e o p x e l o p d t r o t rt c g r m e o c o a a E r l r d e s r a k e a : i r n e s ( d - - e d e — - ) m t d g i p D e o u o r s o n o c l t d - - - ic End of year figures: 1939 7,598 +742 19342 8,238 4,202.5 1,133.9 82.6 92.9 1940 8,732 +1,134 1935 10,125 1,887.2 1,739.0 .2 110.7 1941 11,160 +2,428 1936 •11,258 1,132.5 1,116.6 -85.9 131.6 1942 15,410 +4,250 1937 U2.760 1,502.5 1,585.5 -200.4 143.9 1943 20,449 +5,039 1938 14,512 1,751.5 1,973.6 -333.5 148.6 1944 25,307 +4,858 1939 17,644 3,132.0 3,574.2 -534.4 161.7 1945 28,515 +3,208 1940 21,995 4,351.2 4,744.5 -644.7 170.2 1946 1941 22,737 741.8 982.4 -407.7 169.1 1942 22,726 -10.3 315.7 -458.4 125.4 Monthly averages of daily 1943 21,938 -788.5 68.9 -803.6 48.3 figures: 1944 20,619 -1,319.0 -845.4 -459.8 35.8 1945 20,065 -553.9 -106.3 -356.7 32.0 1945—September . . 27,765 27,821 +291 1946 20,529 464.0 P311.5 465.4 P52.6 D O N e c o c t v o e e b m m e b r b e e r r 2 2 2 8 7 8 , , , 4 9 1 5 5 4 2 1 3 2 2 2 8 8 7 , , , 0 1 9 6 7 4 7 0 3 + + + 1 1 1 2 0 2 2 3 4 1946— M F Ja e a n b r u r c a u h r a y ry... 2 2 2 0 0 0 , , , 2 2 1 3 5 5 2 6 6 9 7 2 1 3 6 . . . 0 9 3 1 8 3 5 1 2 4 . . . 4 4 1 -1 - 1 5 2 9 . . . 8 5 7 3 4 3 . . . 6 3 0 1946— A O M M J A S F J J u u e a e p c u a a l n p n b t r y g y r o e t u i r c u e l u b a h s m e a r t y r r b y er 2 2 2 2 2 2 2 2 2 2 8 8 7 7 7 8 7 8 8 8 , , , , , , , , , , 3 1 2 9 9 9 4 9 1 5 5 4 8 7 2 4 7 5 1 8 2 0 1 8 3 4 8 8 3 8 2 2 2 2 2 2 2 2 2 2 7 8 8 8 7 8 8 8 8 8 , , , , , , , , , , 9 1 2 0 9 4 1 3 5 5 9 7 8 7 4 9 4 3 3 8 7 5 1 4 4 4 8 8 5 8 + + + -1 + + + + - + 1 1 1 9 3 2 5 5 5 4 5 5 0 6 0 7 7 3 3 1 6 1 6 1947— S O A A M J J D N J u u e c u p a e o a l n p t r y g n c v y o e i t u e u l e e b s m a m m e t r r b b b y e e e .. r r r . . . . . . . . P 2 2 2 2 2 2 2 2 2 2 0 0 0 0 0 0 0 0 0 0 , , , , , , , , , . 2 2 2 2 4 2 5 3 4 7 6 4 0 7 8 0 2 5 7 4 7 2 2 0 0 5 9 1 0 8 P2 - - - 6 5 9 2 2 1 1 3 5 9 7 9 6 8 5 3 9 . . . . . . 2 . 2 . . 1 . 7 7 4 1 2 3 3 P- - - 6 2 2 - 1 3 1 2 7 7 . 0 7 2 6 6 5 4 7 . . . . . . 6 . . 5 0 3 3 2 2 9 5 V 1 1 1 8 6 1 2 1 1 1 2 9 2 8 0 7 2 5 5 5 7 6 . . . . . . . . . . 0 8 1 5 3 1 0 7 5 1 P 8 3 3 3 4 5 4 6 2 . . . . . . . . . 2 2 3 4 0 0 9 9 8 1947— D N Ja e o n c v u e e a m m ry b b e e r r 2 2 2 8 8 8 , , , 9 7 5 9 2 4 7 7 3 2 2 2 8 8 8 , , , 6 7 4 4 1 5 1 0 8 -2 + + 5 6 5 2 9 3 1 p A Pr n e n l u im al i n fi a g r u y r . es are estimates of the United States Mint. Monthly figures are those published in table on p. 216 adjusted to exclude Philippine Islands production received in United States. 1 For end of year figures, represents change computed on absolute 2 Figures based on rate of $20.67 a fine ounce in January 1934 and amounts in first column. $35 a fine ounce thereafter. NOTE.—For discussion of seasonal adjustment factors and for back «Includes gold in the Inactive Account amounting to 27 million figures on comparable basis see September 1943 BULLETIN, pp. 822-826. dollars on Dec. 31, 1936, and 1,228 million on Dec. 31, 1937. Because of an apparent recent change in the seasonal pattern around < Not yet available. the year end, adjustment factors have been revised somewhat for dates * Gold held under earmark at the Federal Reserve Banks for foreign affected, beginning with December 1942; seasonally adjusted figures account including gold held for the account of international institutions for money in circulation, as shown in Banking and Monetary Statistics, amounted to 3,632.3 million dollars on Jan. 31, 1947. Gold under ear- Table 111, p. 414, and described on p. 405, are based'on an older series mark is not included in the gold stock of the United States. of adjustment factors. NOTE.—For back figures, see Banking and Monetary Statistics, Table 156, pp. 536-538, and for description of statistics see pp. 522-523 in the same publication. BANK DEBITS AND DEPOSIT TURNOVER [Debits in millions of dollars] Annual rate of Debits to demand Annual rate of Debits to total deposit accounts except turnover of total deposit accounts turnover of demand interbank accounts deposits except except interbank deposits except interinterbank and Government bank and Government Year and month Total, all New 140 Other New 333 other New 100 other New 100 other reporting York other reporting York reporting York leading York leading centers Cityi centers * centers2 City centers City cities City cities 1938 405 929 168 778 204 745 32 406 164,945 186 140 25 1 19 9 1939 423 932 171382 218 298 34,252 167,939 200,636 21 0 19 4 1940 445 863 171 582 236 952 37 329 167,373 217 744 17 1 18 6 1941 537 343 197 724 293 925 45,694 193,729 270,439 17.3 19 4 1942—old series" 607,071 210,961 342,430 53,679 200,337 308,913 18.0 18.4 1942—new series» 641,778 226,865 347,837 67,074 16.1 13.1 1943 792,937 296,368 419,413 77,155 16.5 11.7 258,398 369,396 20.5 17.4 1944 891,910 345,585 462,354 83,970 17.1 10.8 298,902 403,400 22.4 17.3 1945 . ... 974,102 404,543 479,760 89,799 18.3 9.7 351,602 412,800 24.2 16 1 1946 1,050,021 417,475 527,336 105,210 19.0 10.0 374,365 449,414 25.5 16.9 1945—December 101,577 45,035 47,774 8,766 23.1 10.9 37,046 41,070 31.8 19.5 1945—January 89,142 38,819 41,977 8,347 18.5 9.0 34,165 35,546 28.3 16 2 February 73,963 30,498 36,210 7,255 16.6 8.7 27,425 31,402 25.6 16 2 March 87,579 35,670 43,449 8,459 17.8 9.4 32,831 36,543 27.5 16.8 April 87,532 37,208 42,122 8,201 19.0 9.2 33,290 36,478 27.6 16 8 May 85,908 35,085 42,433 8,390 17.9 9.2 30,408 35,324 24.5 15 8 June 86,655 34,972 43,219 8,464 18.9 9.9 32,439 36,921 26 3 16 7 July 91,358 37,357 45,017 8,985 20.0 10.1 32,667 38,240 25.6 16 8 August . .... 82,704 30,216 43,683 8,805 16.3 9.6 28,127 37,858 21.6 16.0 September 83,295 31,397 43,155 8,743 19.3 10.7 27,864 36,578 23.7 17.1 October 91,340 33,913 47,671 9,756 18.7 10.6 29,401 40,057 22.1 16 7 November »"86,645 31,088 46,105 '9,452 19.9 11.6 28,843 39,325 24.1 18.2 December . .. 103,900 41,252 52,295 10,353 25.8 12.7 36,905 45,142 29.1 19.8 »• Revised. 1 National series for which bank debit figures are available beginning with 1919. 2 Annual figures for 1937-1942 (old series) include 133 centers; annual figures for 1942 (new series) and subsequent figures include 193 centers. • See page 717 of August 1943 BULLETIN for description of revision beginning with May 1942; deposits and debits of new series for first four months of 1942 partly estimated. NOTE.—Debits to total deposit accounts, except interbank accounts, have been reported since 1942 for 334 reporting centers; the deposits from which rates of turnover have been computed have likewise been reported by most banks and have been estimated for others. Debits to demand deposit accounts, except interbank and U. S. Government, and the deposits from which rates of turnover have been computed have been reported by member banks in 101 leading cities since 1935; yearly turnover rates in this series differ slightly from those shown in Banking and Monetary Statistics, Table 55, p. 254, due to differences in method of computation. 170 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPOSITS AND CURRENCY—ADJUSTED DEPOSITS OF ALL BANKS AND CURRENCY OUTSIDE BANKS [Figures partly estimated. In millions of dollars] Total Total Time deposits deposits demand United adjusted deposits Total Demand States Currency End of month c o u b u r a a r t n n s e d i n k d s c e y a c o u d u r j a u r t n s e s d i n t d e c e d y a d d e j p u o s s te it d s a d d e j p u o st s e it d s 1 d G e m o p v o e e s n r i t t n s - 2 Total b m C a e n o r k c m s ia - 8 l 4 M s b a a v u n i t n k u g s a 4 s l S S P y a o s v s t i e n ta m g l s 5 o b u a t n si k d s e banks 1929—June 55 171 26,179 51,532 22,540 381 28 611 19,557 8 905 149 3,639 December 54,713 26.366 51,156 22,809 158 28,189 19,192 8,838 159 3,557 1933—June 41,680 19 172 36,919 14,411 852 21 656 10,849 9,621 1,186 4,761 December 42,548 19^817 37,766 15,035 1,016 21,715 11,019 9,488 1,208 4,782 1937—june 57,258 30,687 51,769 25,198* 666 25,905 14,513 10,125 1,267 5,489 December. . . . 56,639 29,597 51,001 23,959 824 26,218 14,779 10,170 1,269 5,638 1938—June 56,565 29,730 51,148 24,313 599 26,236 14,776 10,209 1,251 5,417 December.... 58,955 31,761 53,180 25,986 889 26,305 14,776 10,278 1,251 5,775 1939—June 60,943 33,360 54,938 27,355 792 26,791 15,097 10,433 1,261 6,005 December.... 64,099 36,194 57,698 29,793 846 27,059 15,258 10,523 1,278 6,401 1940—June 66,952 38,661 60,253 31,962 828 27,463 15,540 10,631 1,292 6,699 December 70,761 42,270 63,436 34,945 753 27,738 15,777 10,658 1,303 7,325 1941—june 74,153 I 45,521 65,949 37,317 753 27,879 15,928 10,648 1 303 8,204 December. . . . 78,231 48,607 68,616 38,992 1,895 27,729 15,884 10,532 1,313 9,615 1942—June 81,963 52,806 71,027 41,870 1,837 27,320 15,610 10,395 1,315 10,936 December 99,701 62,868 85,755 48,922 8,402 28,431 16,352 10,664 1,415 13,946 1943—June 110,161 71,853 94,347 56,039 8,048 30,260 17,543 11,141 1,576 15,814 December 122,812 79,640 103,975 60,803 10,424 32,748 19,224 11,738 1,786 18,837 1944—June 136,172 80,946 115,291 60,065 19,506 35,720 21,217 12,471 2,032 20,881 December 150,988 90,435 127,483 66,930 20,763 39,790 24,074 13,376 2,340 23,505 1945—Tune . . 162,784 94 150 137,687 69,053 24,381 44,253 27,170 14,426 2,657 25,097 December.... 175,401 102]341 148,911 75,851 24,608 48,452 30,135 15,385 2,932 26,490 1946—January 176,500 102,900 150,400 76,800 24,600 49.000 30,500 15,500 3 000 26,100 February 177,300 102,500 151,200 76,400 25,000 49,800 31,100 15,700 3 000 26,100 March 173,600 101,100 147,500 75,000 22,400 50,100 31,300 15,800 3 000 26,100 April 174,400 103,700 148,200 77,500 20,000 50,700 31,600 16,000 3.100 26.200 May 173,500 104,900 147,200 78,600 17,400 51,200 32,000 16,100 3,100 26,300 June 171,237 105^992 144,721 79,476 13,416 51,829 32,429 16,281 3,119 26,516 Julyp 170,400 106 800 143,900 80,300 11,300 52,300 32,700 16,400 3,200 26,500 August? '•170,000 107^200 '143,400 80,600 10,200 '52,600 33,000 '16,400 3,200 26,600 September P. .. -"169,400 107,800 '142,900 81,300 8,700 '52,900 33,200 '16,500 3,200 26,500 October** '169,100 108,700 '142,600 82,200 7,200 '53,200 33,400 '16,600 3,200 26,500 NovemberP.. . . '168,500 109,500 '141,800 82,800 5,700 '53,300 33,400 '16,600 3,300 26,700 December P. . . 166,400 109.900 139,500 83,000 2,700 53.800 33,700 16,800 3,300 26,900 P Preliminary. ' Revised. 1 Includes demand deposits, other than interbank and U. S. Government, less cash items in process of collection. s Beginning with December 1938, includes United States Treasurer's time deposits, open account. 1 Excludes interbank time deposits and postal savings redeposited in banks. * Beginning June 1941, the commercial bank figures exclude and mutual savings bank figures include three member mutual savings banks. 6 Includes both amounts redeposited in banks and amounts not so redeposited; excludes amounts at banks in possessions. NOTE.—Except on call dates, figures are rounded to nearest 100 million dollars. See Banking and Monetary Statistics, p. 11, for description And Table 9, pp. 34-35, for back figures. POSTAL SAVINGS SYSTEM BANK SUSPENSIONS * [In millions of dollars] Member Nonmember Assets Total, banks banks banks End of month D it e o p r o s s ' - Cash U.S. se G cu o r v it e ie rn v m 3 ent Cash ti N on a- al State su I r n e - d in N s o u n re - d bal- in de- reances1 Total posi- serve tory Guar- funds, Number of banks suspended: banks Total .Di- an- etc2 1934-39 291 15 6 189 81 rect teed 1940 22 1 18 3 1941 8 4 3 1 1939—Dec... 1,279 1,319 53 1,192 1 046 146 74 1942 9 3 1940—Dec.. . 1,304 1,348 36 1,224 1 078 146 88 1943 4 2 2 1941—Dec. . 1,314 1,396 26 1,274 1 128 146 95 1944 1 1 1942—Dec... 1,417 1,464 16 1,345 1 220 126 102 1945 0 1943—Dec. . 1,788 1,843 10 1,716 1 716 118 1946 0 1944—Dec.. 2,342 2.411 8 2,252 2 252 152 1947—January 0 1945—Dec. . 2,933 3,022 6 2,837 2 837 179 Deposits of suspended banks 1946—Jan... 2,981 3,073 5 2,886 2 886 181 (in thousands of dollars):2 Feb. . 3,013 3 107 5 2,910 2 910 192 1934-39 125,991 14,61626,54844,348 40,479 Mar... 3,043 3,139 5 2,951 2 951 182 Apr.. . 3,066 3,161 5 2,966 2 966 189 1940 5,943 256 5,341 346 May.. 3,091 3,188 5 2,986 2 986 197 1941 3,726 3,144 503 79 June.. 3,120 3,220 5 3,026 3 026 188 1942 1,702 1,375 327 July. . 3,160 3,258 5 3,060 3 060 193 1943 6,223 4,982 1,241 Aug... 3,188 3,288 6 3,088 3 088 194 1944 405 405 Sept . 3,207 3,306 6 3,114 3,114 186 1945 0 Oct 3 232 3,337 6 3,134 3 134 197 1946 0 Nov P3,260 1Q47—January 0 Dec P3,277 1 Represents banks which, during the periods shown, closed temv Preliminary. porarily or permanently on account of financial difficulties; does not 1 Outstanding principal, represented by certificates of deposit. include banks whose deposit liabilities were assumed by other banks * Includes working cash with postmasters, 5 per cent reserve fund at the time of closing (in some instances with the aid of Federal Deposit and miscellaneous working funds with Treasurer of United States, ac- Insurance Corporation loans). crued interest on bond investments, and accounts due from late post- 2 Deposits of member banks and insured nonmember banks susmasters. pended are as of dates of suspension, and deposits of noninsured non- Back figures.—See Banking and Monetary Statistics, p. 519; for member banks are based on the latest data available at the time the description, see p. 508 in the same publication. suspensions were reported. Back figures.—See Banking and Monetary Statistics, pp. 283-292; for description, see pp. 281-282 in the same publication. 171 FEBRUARY 1947 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS IN THE UNITED STATES, BY CLASSES* LOANS, INVESTMENTS, DEPOSITS, AND NUMBER OF BANKS [Amounts in millions of dollars] Loans and investments Deposits Investments Other Class of bank and Number call date Total Loans G U o . ve r S n . - Other Total1 I b n a t n e k r * - De- of banks Total ment mand Time obligations All banks: 1938—Dec. 31.. 48,831 21,261 27,570 17,953 9,617 61,319 7,484 28,695 25,140 15,207 1939—Dec. 30.. 50,885 22,169 28,716 19,402 9,314 68,225 9,883 32,492 25,850 15,035 1940—Dec. 31. 54,170 23,751 30,419 20,983 9,436 75,963 10,941 38,518 26,504 14,895 1941—Dec. 31., 61,101 26,616 34,485 25,488 8,997 81,780 10,989 44,316 26,476 14,825 1942—Dec. 31., 78,137 23,915 54,222 45,932 8,290 99,796 11,318 61,395 27,083 14,682 1943—Dec. 31. 96,966 23,601 73,365 65,932 7,433 117,661 11,012 75,561 31,088 14,579 1944—Dec. 30. 119,461 26,015 93,446 85,885 7,561 141,449 12,245 91,644 37,559 14,535 1945—June 30. 129,639 27,979 101,661 93,657 8,004 151,033 12,605 96,725 41,702 14,542 Dec. 31., 140,227 30,355 109,872 101,295 8,577 165,612 14,065 105,923 45,623 14,553 1946—June 29. 136,572 31,486 105,087 95,911 9,175 159,171 12,311 98,043 48,817 14,567 All commercial banks: 1938—Dec. 31 38,669 16,364 22,305 15,071 7,234 51,041 7,484 28,695 14,862 14,652 1939—Dec. 30 40,667 17,243 23,424 16,300 7,124 57,702 9,883 32,492 15,327 14,484 1940—Dec. 31 43,922 18,792 25,130 17,759 7,371 65,305 10,941 38,518 15,846 14,344 1941—Dec. 31 50,722 21,711 29,011 21,788 7,223 71,248 10,989 44,316 15,944 14,277 1942—Dec. 31 67,391 19,217 48,174 41,373 6,801 89,132 11,318 61,395 16,419 14,136 1O43—Dec. 31 85,095 19,117 65,978 59,842 6,136 105,923 11,012 75,561 19,350 14,034 1944—Dec. 30 105,530 21,644 83,886 77,558 6,329 128,072 12,245 91,644 24,183 13,992 1945—June 30 114,505 23,672 90,833 84,069 6,764 136,607 12,605 96,725 27,276 14,000 Dec. 31 124,019 26,076 97,943 90,613 7,331 150,227 14,065 105,923 30,238 14,011 1946—June 29 119,448 27,130 92,318 84,473 7,845 142»890 12,311 98,043 32,536 14,026 All insured commercial banks: 1938—Dec. 31 37,470 16,021 21,449 14,506 6,943 49,772 7,254 27,849 14,669 13,655 1939—Dec. 30 39,289 16,863 22,426 15,566 6,859 56,069 9,523 31,483 15,063 13,531 1940—Dec. 31 42,556 18,394 24,161 17,063 7,098 63,461 10,539 37,333 15,589 13,438 1941—Dec. 31 49,288 21,258 28,030 21,046 6,984 69,411 10,654 43,061 15,697 13,426 1942—Dec. 31 66,240 18,903 47,336 40,705 6,631 87,803 11,144 60,504 16,154 13,343 1943—Dec. 31 83,507 18,841 64,666 58,683 5,983 104,094 10,705 74,309 19,081 13,270 1944—Dec. 30 103,382 21,352 82,030 75,875 6,155 125,714 12,074 89,761 23,879 13,263 1945—June 30 112,353 23,376 88,978 82,401 6,577 134,245 12,401 94,910 26,934 13,277 Dec.^1 121,809 25,765 96,043 88,912 7,131 147,775 13,883 104,015 29,876 13,297 1946—June 29 117,409 26,791 90,618 82,977 7,641 140,612 12,007 96,459 32,145 13,330 All member banks: 1938—Dec. 31 32,070 13,208 18,863 13,223 5,640 43,363 7,153 24,842 11,369 6,338 1939—Dec. 30 33,941 13,962 19,979 14,328 5,651 49,340 9,410 28,231 11,699 6,362 1940—Dec. 31 37,126 15,321 21,805 15,823 5,982 56,430 10,423 33,829 12,178 6,486 1941—Dec. 312 43,521 18,021 25,500 19,539 5,961 61,717 10,525 38,846 12,347 6,619 1942—Dec. 31 59,263 16,088 43,175 37,546 5,629 78,277 11,000 54,523 12,754 6,679 1943—Dec. 31 74,258 16,288 57,970 52,948 5,022 92,262 10,555 66,438 15,268 6,738 1944—Dec. 30 91,569 18,676 72,893 67,685 5,208 110,917 11,884 79,774 19,259 6,814 1945—June 30 99,426 20,588 78,838 73,239 5,599 118,378 12,230 84,400 21,748 6,840 Dec 31 107,183 22,775 84,408 78,338 6,070 129,670 13,640 91,820 24,210 6,884 1946—June 29 102,032 23,302 78,729 72,272 6,458 122,519 11,801 84,602 26,115 6,887 All national banks: 1938—Dec. 31... . 20,903 8,469 12,434 8,691 3,743 27,996 4,499 15,587 7,910 5,224 1939—Dec. 30... . 21,810 9,022 12,789 9,058 3,731 31,559 5,898 17,579 8,081 5,187 1940—Dec. 31 23,648 10,004 13,644 9,735 3,908 35,787 6,574 20,885 8,329 5,144 1941—Dec. 31... 27,571 11,725 15,845 12,039 3,806 39,458 6,786 24,350 8,322 5,117 1942—Dec. 31 37,576 10,183 27,393 23,744 3,648 50,468 7,400 34,499 8,570 5,081 1943—Dec. 31..., 47,499 10,116 37,382 34,065 3,318 59,961 7,158 42,605 10,196 5,040 1944—Dec. 30 58,308 11,480 46,828 43,292 3,536 71,858 8,056 50,900 12,901 5,025 1945—June 30... 63,177 12,369 50,808 47,051 3,757 76,533 8,251 53,698 14,585 5,015 Dec. 31.... 69,312 13,925 55,387 51,250 4,137 84,939 9,229 59,486 16,224 5,017 1946—June 29... 66,277 14,469 51,809 47,271 4,537 80,212 7,816 54,930 17,466 5,012 State member banks: 1938—Dec. 31 11,168 4,738 6,429 4,532 1,897 15,367 2,653 9,255 3,459 1,114 1939—Dec. 30 12,130 4,940 7,190 5,271 1,920 17,781 3,512 10,652 3,617 1,175 1940—Dec. 31 13,478 5,316 8,162 6,088 2,074 20,642 3,849 12,944 3,849 1,342 1941—Dec. 312 15,950 6,295 9,654 7,500 2,155 22,259 3,739 14,495 4,025 1,502 1942—Dec. 31 21,687 5,905 15,783 13,802 1,980 27,808 3,600 20,024 4,184 1,598 1943—Dec. 31 26,759 6,171 20,588 18,883 1,705 32,302 3,397 23,833 5,072 1,698 1944—Dec. 30 33,261 7,196 26,065 24,393 1,672 39,059 3,827 28,874 6,357 1,789 1945—June 30 36,249 8,219 28,030 26,188 1,842 41,844 3,980 30,702 7,163 1,825 Dec. 31 37,871 8,850 29,021 27,089 1,933 44,730 4,411 32,334 7,986 1,867 1946—June 29 35,754 8,834 26,921 25,000 1,921 42,307 3,986 29,672 8,649 1,875 * These figures do not include data for banks in possessions of the United States and therefore differ from those published by the Comptroller of the Currency and the Federal Deposit Insurance Corporation for national banks and insured banks, respectively. i 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. « During 1941 three mutual savings banks, with total deposits of 8 million dollars, became members of the Federal Reserve System. These banks are included in both "member banks" and "insured mutual savings banks," are not included in "commercial banks," and are included only once in "all banks. ' « Decreases in "noninsured nonmember commercial banks" figures reflect principally the admission to membership in the Federal Reserve System of one large bank with total loans and investments aggregating 554 million dollars on Dec. 31, 1942. * Beginning June 30, 1942, includes Bank of North Dakota, a nonmember bank not previously included in these statistics; on Dec. 31, 1941 its deposits, excluding interbank deposits, were 33 million dollars, and its loans and investments 26 million. Back figures.—See Banking and Monetary Statistics, Tables 1-7, pp. 16-23; for description, see pp. 5-15 in the same publication. 172 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS IN THE UNITED STATES, BY GLASSES*—Continued LOANS, INVESTMENTS, DEPOSITS, AND NUMBER OF BANKS [Amounts in millions of dollars] Loans and investments Deposits Investments Other Class of bank and Number call date Total Loans G U ov . e S rn . - Other Total1 I b n a t n e k r ^ - De- of banks Total ment secur- mand Time obliga- ities tions AH nonmember commercial banks: 1938—Dec. 31 6,598 3,156 3,442 1,848 1,594 7,678 331. 3,853 3,493 8,314 1939—Dec. 30 6,726 3,281 3,445 1,971 1,474 8,362 473 4,260 3,629 8,122 1940—Dec. 31 6,796 3,471 3,325 1,936 1,389 8,875 518 4,689 3,668 7,858 1941—Dec. 31 7,208 3,693 3,515 2,251 1,264 9,539 464 5,470 ,605 7,661 1942—Dec. 31 8,135 3,132 5,003 3,829 1,174 10,864 318 6,872 3,674 460 1943—Dec. 31 10,847 2,832 8,014 6,899 1,115 13,671 457 9,123 ,091 299 1944—Dec. 30 13,972 2,971 11,002 9,880 1,122 17,168 362 11,870 4,936 181 1945—June 30 15,091 3,087 12,005 10,839 1,166 18,242 375 12,326 5,541 163 Dec. 31 16,849 3,303 13,546 12,284 1,262 20,571 426 14,104 6,042 130 1946—June 29 17,430 3,830 13,600 12,212 1,388 20,387 510 13,441 6,436 7,142 Insured nonmember commercial banks: 1938—Dec. 31 5,399 2,813 2,586 1,283 1,303 6,409 101 3,007 3,300 7,317 1939—Dec. 30 5,348 2,901 2,447 1,238 1,209 6,729 113 3,252 3,365 7,169 1940—Dec. 31... 5,429 3,074 2,356 1,240 1,116 7,032 116 3,504 3,411 6,952 1941—Dec. 31... 5,774 3,241 2,533 1,509 1,025 7,702 129 4,215 3,358 6,810 1942—Dec. 31... 6,984 818 4,166 3,162 1,004 9,535 145 5,981 3,409 6,667 1943—Dec. 31 9,258 556 6,702 5,739 962 11,842 149 7,870 3,823 6,535 1944—Dec. 30. 11,824 678 9,146 8,197 949 14,809 190 9,987 4,632 6,452 1945—June 30 12,940 790 10,150 9,170 979 15,880 171 10,510 199 6,440 1946— D Ju e n c e . 3 2 1 9 1 1 5 4 , , 3 6 9 3 2 9 992 1 1 1 1 , , 6 9 4 0 7 1 1 1 0 0, , 7 5 1 8 6 4 1 1, , 1 0 8 6 5 3 1 1 8 8 , , 1 1 1 0 9 8 2 20 4 6 4 1 11 2 , , 8 1 5 9 7 6 6,0 6 4 8 5 0 6 6 , , 4 4 4 1 6 6 Noninsured nonmember commercial banks: 1938—Dec. 31 1,199 343 856 565 291 1,269 230 846 193 997 1939—Dec. 30 1,378 380 998 733 265 1,633 360 1,008 264 953 1940—Dec. 31 1,367 397 969 696 273 1,843 402 1,185 257 906 1941— Dec. 31.. . 1,434 452 982 742 239 1,837 335 1,255 247 851 1942—Dec. 31* < 1,151 314 837 667 170 1,329 173 891 265 793 1943—Dec. 31 1,588 276 1,312 1,160 153 1,829 307 1,253 269 764 1944—Dec. 30. 2,148 292 1,856 1,682 174 2,358 171 1,883 304 729 1945—June 30 2,152 297 1,855 1,668 187 2,362 204 1,815 343 723 Dec. 31 2,211 311 1,900 1,700 200 2,452 182 1,908 362 714 1946—June 29 2,038 339 1,699 1,496 204 2,279 303 1,584 391 696 All mutual savings banks: 1938—Dec. 31 10,162 4,897 5,265 2,883 2,382 10,278 10,278 555 1939—Dec. 30 10,218 4,926 5,292 3,102 2,190 10,523 10,523 551 1940—Dec. 31 10,248 4,959 5,289 3,224 2,065 10,658 10,658 551 1941—Dec. 312 10,379 4,905 5,474 3,700 1,774 10,532 10,532 548 1942—Dec. 31 10,746 4,698 6,048 4,559 1,489 10,664 10,664 546 1943—Dec. 31 11,871 4,484 7,387 6,090 1,297 11,738 11,738 545 1944—Dec. 30 13,931 4,370 9,560 8,328 1,232 13,376 13,376 543 1945—June 30 15,134 4,307 10,827 9,588 1,240 14,426 14,426 542 Dec. 31 16,208 4,279 11,928 10,682 1,246 15,385 15,385 542 1946—June 29 17,125 4,356 12,769 11,438 1,331 16,281 16,281 541 Insured mutual savings banks: 1938—Dec. 31 972 461 511 280 232 1,012 1,012 48 1939—Dec. 30 1,329 605 724 422 303 1,409 1,409 51 1 1 9 9 4 4 0 1 — — D D e e c c . . 3 3 1 12 1 1, , 6 6 9 5 3 5 6 6 4 3 2 7 1 1 , , 0 0 5 1 0 8 6 5 2 4 9 8 4 4 2 7 1 0 1 1 , , 7 8 8 1 9 8 1 1 , , 7 8 8 1 9 8 5 5 2 3 1942—Dec. 31 2,007 740 1,267 861 405 2,048 2,048 56 1943—Dec. 31 7,525 3,073 4,452 3,844 608 7,534 7,534 184 1944—Dec. 30 9,223 3,110 6,113 5,509 604 8,910 8,910 192 1945—Dec. 30 10,063 3,089 6,974 6,368 607 9,671 9,671 192 Dec. 31 10,846 3,081 7,765 7,160 606 10,363 10,363 192 1946—June 29 11,453 3,132 8,322 7,662 660 10,979 10,979 191 Noninsured mutual savings banks: 1938—Dec. 31 9,190 4,436 4,754 2,603 2,150 9,266 9,266 507 1939—Dec. 30 8,889 4,321 4,568 2,680 1,887 9,114 9,114 500 1940—Dec. 31 8,593 4,322 4,271 2,676 1,595 8,840 8,840 498 1941—Dec. 31 8,686 4,263 4,424 3,071 1,353 8,743 8,743 496 1942—Dec. 31 8,739 3,958 4,781 3,698 1,084 8,616 8,616 490 1943—Dec. 31 4,345 1,411 2,935 2,246 689 4,204 4,204 361 1944—Dec. 30 4,708 1,260 3,448 2,819 629 4,466 4,466 351 1945—June 30 5,071 1,218 3,853 3,220 633 4,754 4,754 350 Dec. 31 5,361 1,198 4,163 3,522 641 5,022 5,022 350 1946—June 29 5,671 1,224 4,447 3,777 671 5,302 5,302 350 For footnotes see p. 172. FEBRUARY 1947 173 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL INSURED COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES* LOANS AND INVESTMENTS [In millions of dollars] Loans Investments Com- Loans for U. S. Government obligations Oblimer- purchasing ga- Total cial, or carrying tions Cla c s a s l a l o n d d f a b te ank i m n lo a v e n a e n n d s t s t s - Total o c m p k p p i l i n u e n a e a e g d r - r - t n i - - - A t c u u g r l r - - i- b a d T s e e r n e e o r r o a d s s c k l u - - rit o T i e t e r h o s s - R l t o e a e s a t a - e n l s - s l C u o m a o n n e s - r O lo th an e s r Total Total Bills C o d c n e f e a e r e d t b t i s e i - n t s f s - D i - - ir N ec o t tes Bonds G t a e u n e a - d r- S p d s s a o t c u i i a o n l o a v b i t f d t l n i e - i - - ? s O r s t i e t h c i e u e r - s All insured commerical banks: 1940—Dec. 31.. 42,556 18,394 7,178 1,281 663 727 4468 4,077 24,161 17,063 662 2,756 9,925 ,719 608 491 1941—Dec. 31. . 49,28821,258 9,214 1,450 614 662 773 4,545 28,03021,046 988 3,15912,797 ,102 6513,333 1942—Dec. 31. . 66,240 18,903 7,757 1,642 950 597 46462,269 1,04247,33640,7054,462 6,727 5,79920,999 ,718 533 3098 1943—Dec. 31.. 83,507 18,841 7,777 1,505 1,414 922 4,4371,868 918 64,66658,6834,63613,218 7,67230,656 ,501 287 696 1944—Dec. 30. . 103,38221,352 7,920 1,723 2, ,2654,343 1 944 82,03075,8753,97115,30015,778 39,848 9783,4222,733 1945—Dec. 31.. 121,809 25,765 9,461 1,314 3,164 3,606 4 6772,361 ,18196,04388,9122,45519,07116,045 51,321 223,873 3258 1946—June 29.. 117,40926,791 10,334 1,366 2.4172,656 5 7383,0691.211 90,61882,977 1,22017,63712,004 52,092 24 3,9733,668 Member banks, total: 1940—Dec. 31.. 37,126 15,321 6,660 865 642 652 ,228 3,273 21,805 15,823 652 2,594 9,0913,486 013 2,970 1941—Dec. 31*. 43,521 18,021 8,671 972 594 598 3,494 3,692 25,50019,539 971 3,00711,7293,832 090 2,871 1942—Dec. 31.. 59,263 16,088 7,387 1,089 934 538 ,4231,847 870 43,175 4,363 6,285 5,40918,9482,540 2,965 664 1943—Dec. 31.. 74,258 16,288 7,421 1,023 1,398 839 3,2741,484 84857,97052^9484,36012,071 6,906 27,2652,345 729 2294 1944—Dec. 30. . 91,569 18,676 7,531 1,198 2,249 2,108 3,2091,505 87772,89367,685 3,748 13,98214,12734,927 902 857 350 1945—Dec. 31.. 107,18322,775 8,949 8553,133 3,378 ,4551,900 1,104 84,40878,3382,275 16,98514,27144,792 16 3254 815 1946—June 29.. 102,03223,302 9,685 8772,395 2,480 4,2672,464 1,13378,72972,272 1,072 15,29210,467 45,420 20 33073,151 Sept. 30.. 99,706 24,775 74.931 68.232 617 3,082 Dec. 31 P. 96,355 26,692 69,66363,040 ,549 3,074 New York City*: 1940—Dec. 31.. 10,910 3,384 2,125 465 190 130 468 7,527 6,044 207 1,245 2,9771,615 695 788 1941—Dec. 31. . 12,896 4,072 2,807 412 169 123 554 8,823 7,265 311 1,623 3,6521,679 729 830 1942—Dec. 31. . 17,957 4,116 2,546 787 193 117 303 14813,841 12,547 ,855 2,056 5,4201,071 593 701 1943—Dec. 31.. 19,994 4,428 2,515 1,054 323 107 252 15315,566 14,563 ,328 3,409 1,829 7,014 984 444 558 1944—Dec. 30. . 24,003 5,760 2,610 1,742 859 86 253 17918,243 17,179 913 3,740 3,745 8,592 189 468 596 1945—Dec. 31. . 26,143 7,334 3,044 2,453 ,172 80 287 29818,809 17,574 477 3,433 3,32510,337 1 606 629 1946—June 29.. 23,304 6,506 3,169 1,852 798 83 378 226 16,798 15,646 201 2,980 2,22910,234 1 535 618 Sept. 30.. 21,972 6,258 15,71414,410 693 611 Dec. 31 P. 20,834 6,368 14,465 13,308 557 601 Chicago:9 1940—Dec. 31.. 2,377 696 492 42 54 84 1,307 297 145 752 112 188 186 1941—Dec. 31. . 2,760 954 732 48 52 96 1,430 256 153 903 119 182 193 1942—Dec. 31.. 3,973 832 658 34 32 62 3,141 2,789 397 637 391 1,282 83 166 186 1943—Dec. 31. . 4,554 1,004 763 102 52 45 3,238 199 877 484 1,602 74 158 155 1944—Dec. 30.. 5,443 1,184 738 163 163 45 3,913 250 1,045 779 1,809 31 160 185 1945—Dec. 31. . 5,931 1,333 760 211 233 51 4,213 133 1,467 749 1,864 181 204 1946—June 29. . 5,167 1,329 804 188 185 76 3,485 14 1,042 529 1,900 153 200 Sept. 30.. 4,972 1,370 3,602 3,260 148 194 Dec. 31P. 4,765 1,499 3,266 2,912 167 187 Reservecitybanks: 1940—Dec. 31.. 13,013 5,931 2,589 263 115 2071,436 1,322 7,081 5,204 103 771 3,2811,049 984 893 1941—Dec. 31.. 15,347 7,105 3,456 300 114 1941,527 1,512 8,243 6,467 295 751 4,2481,173 956 820 1942—Dec. 31.. 20,915 6,102 2,957 290 97 1531,486 808 31214,813 13,0381,441 1,723 6,810 811 954 821 1943—Dec. 31. . 27,521 6,201 3,058 279 217 2671,420 658 30121,321 19,682 1,802 4,691 2,497 9,943 749 913 726 1944—Dec. 30. . 33,603 6,822 3,034 348 311 7771,379 660 31326,781 25,042 1,704 5,730 5,18111,987 440 1,000 740 1945—Dec. 31. . 40,108 8,514 3,661 205 4271,503 1,459 855 40431,59429,552 1,034 6,982 5,65315,878 51,126 916 1946—June 29. . 37,675 8,862 3,932 197 3211,142 1,743 1,073 45328,81326,585 410 6,038 4,01416,116 71,1941,034 Sept. 30.. 36,706 9,814 26.89224,614 ,2691,009 Dec. 31 P. 35,350 10,824 24,52622,750 1,2721,004 Country banks: 1940—Dec. 31. . 10,826 5,309 590 201 644 1,400 5,517 3,269 45 433 2,081 7101,146 1,102 1941—Dec. 31.. 12,518 5,890 659 183 823 1,530 6,628 4,377 110 481 2,926 8611,2221,028 1942—Dec. 31. . 16,419 ,038 772 161 797 674 39311,380 9,172 671 1,251 1,240 5,436 5741,252 956 1943—Dec. 31. . 22,188 ,654 713 197 725 528 38117,53415,465 1,032 3,094 2,096 8,705 5381,214 855 1944—Dec. 30. . 28,520 ,910 802 3101,719 547 35123,61021,552 882 3,466 4,42212,540 2411,230 829 1945—Dec. 31.. 35,002 ,596 648 4711,881 707 36329,407 26,999 630 5,102 4,54416,713 91 ,3421,067 1946—June 29.. 35,886 6,605 1,781 679 354 2,398 937 42229,281 26,556 447 5,231 3,69617,170 121,426 1,299 Sept. 30..36.056 7,334 28,72225,948 1 ,5071,268 Dec. 31 P. 35,405 8,001 27,40524,570 1,5521 ,283 Insured nonmember commercial banks: 1940—Dec. 31.. 5,429 3,074 518 416 751,240 803 2,356 1,240 10 162 834 234 595 521 1941—Dec. 31.. 5,774 3,241 543 478 641,282 854 2,533 1,509 17 152 1,069 271 563 462 1942—Dec. 31. . 6,984 2,818 370 553 591,225 422 173 4,166 3,162 99 442 390 2,053 179 569 435 1943—Dec. 31. . 9,258 2,556 356 482 821,165 385 70 6,702 5,739 276 1,147 766 3,395 156 560 403 1944—Dec. 30.. 11,824 2,678 389 525 1561,136 383 67 9,146 8,197 223 1,319 1,652 4,928 76 566 383 1945—Dec. 31. . 14,639 2,992 512 459 2281,224 460 7711,647 10,584 180 2,087 1,774 6,538 6 619 443 1946—June 29. . 15,392 3,491 649 1761,473 605 7911,901 10,716 147 2,346 1,538 6,682 4 667 518 9 Preliminary. * These figures do not include data for banks in possessions of the United States and therefore differ from those published by the Federal Deposit Insurance Corporation. 1 During the period Dec. 31, 1942-June 30, 1945, agricultural loans included loans to dealers, processors, and farmers' cooperatives covered by purchase agreements of the Commodity Credit Corporation, which are now classified as commercial and industrial loans; consequently, beginning Dec. 31, 1945, these items may not be entirely comparable with prior figures. 1 During 1941 three mutual savings banks with total deposits of 8 million dollars became members of the Federal Reserve System. These banks are included in "member banks" but are not included in "all insured commercial banks." 1 Central reserve city banks. 174 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL INSURED COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES*—Continued RESERVES AND LIABILITIES [In millions of dollars] Demand deposits Time deposits Re- Interbank serves Bal- De- deposits Certi- Indi- U. S. Indi- Class of bank with Cash ances mand U. S. States fied viduals, Gov- States viduals, Bor- Capiand Federal in with de- Gov- and and partner- Inter- ern- and partner- row- tal call date Re- vault do- posits ern- political offi- ships, bank ment polit- ships, ings acserve mestic ad- Do- For- ment subdi- cers' and cor- and ical and cor- counts Banks banks4 justed5 mestic4 eign visions checks, pora- Postal subdi- poraetc. tions Sav- visions tions ings All insured commercial banks'- 1940—Dec. 31. . 13,992 1,234 8,202 33,820 9,677 702 666 3,298 971 32,398 160 69 522 14,998 11 6,673 1941—Dec. 31. . 12,396 1,358 8,570 37,845 9,823 673 1,761 3,677 1,077 36,544 158 59 492 15,146 10 6,841 1942—Dec. 31.. 13,072 1,305 9,080 48,221 10,234 813 8,167 3,996 1,219 47,122 97 61 397 15,697 10 7,055 1943—Dec. 31.. 12,834 1,445 8,445 59,921 9,743 893 9,950 4,352 1,669 58,338 68 124 395 18,561 46 7,453 1944—Dec. 30. . 14,260 1,622 9,787 65,960 11,063 948 19,754 4,518 1,354 64,133 64 109 423 23,347 122 7,989 1945—Dec. 31.. 15,810 1,829 11,075 74,722 12,566 1,248 23,740 5,098 2,585 72,593 70 103 496 29,277 215 8,671 1946—June 29. . 15,999 1,471 9,102 78,281 10,584 1,346 12,941 5,807 2,320 75,391 77 107 552 31,487 83 9,068 Member banks, total: 1940—Dec. 31. . 13,992 991 6,185 30,429 9,581 700 616 2,724 913 29,576 141 56 435 11,687 3 5,698 1941—Dec. 312 . 12,396 1,087 6,246 33,754 9,714 671 1,709 3,066 1,009 33,061 140 50 418 11,878 4 5,886 1942—Dec. 31. . 13,072 1,019 6,147 42,570 10,101 811 7,923 3,318 1,142 42,139 87 56 332 12,366 5 6,101 1943—Dec. 31. . 12,835 1,132 5,450 52,642 9,603 891 9,444 3,602 1,573 51,820 62 120 327 14,822 39 6,475 1944— Dec. 30. . 14,261 1,271 6,354 57,308 10,881 945 18,509 3,744 1,251 56,270 58 105 347 18,807 111 6,968 1945—Dec. 31. . 15,811 1,438 7,117 64,184 12,333 1,243 22,179 4,240 2,450 62,950 64 99 399 23,712 208 7,589 1946—June 29. . 16,001 1,141 5,772 67,461 10,391 1,339 12,009 4,826 2,179 65,589 72 101 447 25,568 72 7,920 Sept. 30. . 15,792 1,382 5,660 68,818 10,042 1,370 7,763 4,763 1,796 67,129 72 104 491 26,150 77 8,077 Dec. 31P. 69 121 New York City* 1940—Dec. 31. . 7,057 102 122 11,062 4,032 641 48 370 471 11,357 5 51 768 1,615 1941—Dec. 31. . 5,105 93 141 10,761 3,595 607 866 319 450 11,282 6 29 778 1,648 1942—Dec. 31. . 4,388 72 82 11,899 3,209 733 4,186 263 448 12,501 3 23 711 1,727 1943—Dec. 31. . 3,596 92 61 13,899 2,867 810 3,395 252 710 14,373 4 5 26 816 29 1,862 1944—Dec. 30. . 3,766 102 76 14,042 3,179 851 6,722 199 361 14,448 11 7 17 977 96 1,966 1945—Dec. 31.. 4,015 111 78 15,065 3,535 1,105 6,940 237 1,338 15,712 17 10 20 1,206 195 2,120 1946—June 29. . 4,255 85 68 16,158 3,127 1,178 3,495 293 1,132 16,836 27 8 17 1,372 27 2,176 Sept. 30. . 4,015 129 61 16,119 2,954 1,213 2,112 246 768 16,657 27 7 17 1,400 5 2,196 Dec. 31 P. 17,216 Chicago:z ^ 1940—Dec. 31. . 1,051 42 319 1,941 997 8 90 174 27 1,905 5 8 496 270 1941—Dec. 31. . 1,021 43 298 2,215 1,027 8 127 233 34 2,152 476 288 1942—Dec. 31. . 902 39 164 2,557 1,105 12 665 178 38 2,588 2 453 304 1943—Dec. 31. . 821 38 158 3,050 972 14 713 174 44 3,097 2 i 505 326 1944—Dec. 30. . 899 43 177 3,041 1,132 16 1,400 167 33 3,100 i 619 354 1945—Dec. 31. . 942 36 200 3,153 1,292 20 1,552 237 66 3,160 719 377 1946—June 29. . 870 26 162 3,189 1,047 24 789 262 37 3,153 2 4 779 394 Sept. 30. . 900 24 156 3,287 1,026 24 525 234 44 3,335 2 1 792 397 Dec. 31P. 3 495 Reserve city banks: 1940—Dec. 31. . 4,027 396 2,741 9,581 3,919 49 327 995 228 9,468 107 19 226 4,505 1,904 1941—Dec. 31.. 4,060 425 2,590 11,117 4,302 54 491 1,144 286 11,127 104 20 243 4,542 1,967 1942—Dec. 31. . 4,940 365 2,202 14,849 4,831 63 1,982 1,319 385 15,061 63 22 169 4,805 2 2,028 1943—Dec. 31. . 5,116 391 1,758 18,654 4,770 63 3,373 1,448 475 18,790 41 56 151 5,902 2,135 1944—Dec. 30. . 5,687 441 2,005 20,267 5,421 70 6,157 1,509 488 20,371 33 40 154 7,561 2,327 1945—Dec. 31. . 6,326 494 2,174 22,372 6,307 110 8,221 1,763 611 22,281 30 38 160 9,563 2 2,566 1946—June 29. . 6,332 399 1,858 23,483 5,220 129 4,531 2,003 558 23,005 27 43 187 10,190 27 2,676 Sept. 30. . 6,278 471 1,777 23,849 5,089 125 2,971 1,955 543 23,601 28 42 219 10,381 30 2,731 Dec. 31P. 24 288 Country banks: 1940—Dec. 31. . 1,857 452 3,002 7,845 633 2 151 1,184 187 6,846 29 33 150 5,917 3 1,909 1941—Dec. 31. . 2,210 526 3,216 9,661 790 2 225 1,370 239 8,500 30 31 146 6,082 4 1,982 1942—Dec. 31. . 2,842 542 3,699 13,265 957 4 1,090 1,558 272 11,989 20 32 140 6,397 3 2,042 1943—Dec. 31. . 3,303 611 3,474 17,039 994 5 1,962 1,727 344 15,561 17 56 149 7,599 10 2,153 1944—Dec. 30. . 3,909 684 4,097 19,958 1,149 8 4,230 1,868 369 18,350 14 57 175 9,650 16 2,321 1945—Dec. 31. . 4,527 796 4,665 23,595 1,199 8 5,465 2,004 435 21,797 17 52 219 12,224 11 2,525 1946—June 29. . 4,543 631 3,684 24,630 997 8 3,194 2,269 453 22,594 18 48 242 13,226 18 2,674 Sept. 30. . 4,599 758 3,666 25,563 972 8 2,155 2,328 441 23,536 17 54 254 13,577 41 2,752 Dec. 31 P. 24 123 Insured nonmember commercial banks: 1940—Dec. 31.. 243 2,017 3,391 95 3 50 574 58 2,822 18 13 87 3,311 8 975 1941—Dec. 31. . 271 2,325 4,092 108 2 53 # 611 68 3,483 18 8 74 3,276 6 956 1942—Dec. 31 287 2,934 5 651 133 2 243 678 76 4*983 10 5 65 3*,339 5 955 1943—Dec. 31.. 313 2,996 7^279 141 2 506 750 96 6*518 6 4 68 3,750 6 979 1944—Dec. 30. . 352 3,434 8,652 182 3 1,245 775 103 7,863 6 4 76 4,553 10 1,022 1945—Dec. 31.. 391 3 959 10,537 233 5 1,560 858 135 9,643 4 97 5 579 7 1,083 1946—June 29. . 330 3,'332 10,'821 194 7 932 981 142 9,'802 5 6 105 5*934 11 1,149 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. 6 Demand deposits other than interbank and U. S. Government less cash items reported as in process of collection. For other footnotes see page 174. Back figures.—See Banking and Monetary Statistics, Tables 18-45, pp. 72-103 and 108-113. FEBRUARY 1947 175 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE LOANS AND INVESTMENTS [Monthly data are averages of Wednesday figures. In millions of dollars] Loans Investments For purchasing U. S. Government obligations or carrying securities Total C m o e m r- - I Date or month i l n m o a v n a e e n d n s s t t s - Total i t t a c n c a u r g i u i n d r a a r l a u d l i - l , - l s , - G U a t T l i o i n o o g . o b d v n a S - b - s t . . d ro e O a k c t l s u e t i e e h e r r r - s i s e s - rG U l t o T i i o g o b . o v a S n - - t . s o . t O h c t s u e t i e h e r r - s i s e - r e R l s o t e a a a n t l e s - b L a o t n o a k n ; s Other Total Total Bills c o d t a C n i e f e t f e e d e i b s i - r s - n t s - - - Note? Bonds1 O r s i e t t h c ie e u s r - Total—101 Cities 1945—December 67,752 15,746 7,148 1,881 854 4341,086 991,68452,00648,710 1,95811,196 9,080 26,4763,296 1946—August 59,927 14,992 8,336 823 6081,287 4541,352 1641,968 44,93541,487 762 8,825 4,871 27,0293,448 September 59,198 15,318 8,841 845 5321,125 4271,395 1232,030 43,88040,401 693 7,756 4,782 27,1703,479 October 58,383 15,685 9,495 704 430 973 4141,447 1352,08742,69839,234 833 6,643 4,531 27,2273,464 November. . . . 57,671 16,45010,044 888 409 866 4211,497 1712,15441,221 37,833 614 5,727 :4,395=27,0973,388 December.... 56,883 16,763 10,278 873 486 733 4271,542 2,26240,12036,724 746 5,373 3,601 27,0043,396 58,55416,093 9,759 800 408 920 4231,473 188 2,122 42,46139,044 660 6,729 4,472 27,1833,417 Nov. 6 57,609 16,256 9,846 835 420 900 4091,479 231 136 41,35337,967 5,918 4,435 27,1703,386 Nov 13 57,548 16,521 10,029 923 415 908 4051,493 211 41,02737,626 490 5,710 4,331 27,0953,401 Nov. 20 57,736 16,475 10,156 881 387 840 4531,503 98 41,261 37,881 779 5,640 4,381 27,0813,380 Nov. 27 57,791 16,548 10,143 913 412 814 4191,513 146 2,188 41,24337,859 741 5,641 4,432 27,0453,384 Dec. 4 57,583 16,606 10,171 925 422 794 4151,520 1482,21140,97737,623 671 5,532 4,345 27,0753,354 Dec. 11 57,641 16,703 10,287 875 398 767 4281,531 1882,22940,93837,572 596 5,497 4,427 27,0523,366 Dec. 18 56,865 16,894 10,351 753 603 723 4301,541 2,270 39,971 36,559 ,010 ,382 3,131 27,0363,412 Dec. 24 56,173 16,92010,334 866 579 700 4271.553 2,27839,25335.837 567 ,254 3,064 26,9523,416 Dec. 31 56,153 16,69410,251 947 428 682 1,563 672,32239,45936,029 ,202 3,038 26,9033,430 1947—Jan. 8 55,601 16,412 10,226 745 404 626 1,568 1082,30439,18935,802 646 5,225 3.043 26,8883,387 Jan. 15 56,073 16,452 10,339 669 388 611 4331,583 106 2,32339,621 36,231 ,044 5 ,203 3,025 26,9593,390 Jan. 22 56,036 16,483 10,444 616 382 585 4301,591 1192,316 39,55336,171 838 5,338 3,052 26,9433,382 New York City 1945—December. . . 23,875 6,837 2,792 1,529 6321,091 194 72 46217,03815,958 580 3,155 2,916 9,3071,080 1946—August 20,148 5,517 3,165 644 404 419 204 132 48514,631 13,545 160 2,541 1,391 9,4531,086 September. .. 19,870 3,346 660 341 370 178 99 50214,307 13,187 158 2,132 1,398 9,4991,120 October 19,627 3,557 545 266 316 168 112 51314,08012,963 301 1,872 1,320 9,470 1,117 November. . . 19,264 3,692 744 255 258 176 151 52113,395 12,340 155 1,521 1,337 9,3271,055 December. . . 19,082 5,943 3,781 708 330 189 172 141 54813,139 12,088 250 1,466 1,069 9,3031,051 Oct. 30 19,615 5,750 3,619 649 258 297 177 162 51713,865 12,789 94 1,960 1,337 9,3981,076 Nov. 6 19,261 5,820 3,627 692 259 274 163 212 52113,441 12,378 36 1,654 1,333 9,3551,063 Nov. 13 19,142 5,946 3,696 775 262 273 162 191 51513,196 12,136 26 1,517 1,280 9,313 1,060 Nov. 20 19,318 5,838 3,734 737 238 250 207 78 52113,480 12,430 344 1,442 1,330 9,314 1,050 Nov. 27 19,333 5,871 3,711 770 259 233 174 125 526 13,462 12,414 213 1,471 1,403 9,3271,048 Dec. 4 19,223 5,903 3,719 782 265 225 167 130 54213,32012,287 1,416 1,317 9,374 ,033 Dec. 11 19,150 5,932 3,778 738 244 219 170 169 53913,218 12,188 74 1,403 1,395 9,316 ,030 Dec. 18 19,300 6,044 3,826 594 443 182 173 197 55513,256 12,193 1,503 882 9,331 ,063 Dec. 24 18,861 6,036 3,801 694 420 166 173 160 54812,825 11,762 1,488 858 9,264 ,063 Dec. 31 18,878 5,801 3,776 734 273 155 179 51 55813,077 12,013 1,522 892 9,230 ,064 1947—Jan. 8 18,513 3,781 579 253 131 178 86 55112,880 11,833 187 1.5O5 929 9,212 1,047 Jan. 15 18,614 3,794 532 246 126 181 84 56413,012 11,965 362 1 ,482 927 9,194 1,047 Jan. 22 18,674 5,587 3,848 484 242 120 178 81 55913,087 12,050 368 1 ,549 968 9,165 1,037 Outside New York City 1945—December. . . 43,877 8,909 4,356 352 2221,469 2401,021 1,22234,96832,752 1,378 8,041 6,164 17,1692,216 1946—August 39,779 9,475 5,171 179 204 868 250 1,288 483 30,30427,942 602 6,284 3,480 17,576 2,362 September. . . 39,328 9,755 5,495 185 191 755 2491,328 528 29,573 27,214 535 5,624 3,384 17,6712,359 October 38,756 10,138 5,938 159 164 657 246 1,377 ,57428,61826,271 532 4,771 3,211 17,757 ,347 November. . . 38,407 10,581 6,352 144 154 608 2451,425 ,63327,82625,493 459 4,206 r3,058 17,7702,333 December. . . 37,801 10,820 6,497 165 156 544 2551,468 1,71426,981 24,636 496 3,907 2,532 17,7012,345 Oct. 30 38,939 10,343 6,140 151 150 623 2461,402 1,605 28,59626,255 566 4,769 3,135 17,7852,341 Nov. 6 38,348 10,436 6,219 143 161 626 2461,407 1,615 27,91225,589 408 4,264 3,102 17,8152,323 Nov. 13 38,406 10,575 6,333 148 153 635 2431,421 1,622 27,831 25,490 464 4,193 3,051 17,782 2,341 Nov. 20 38,418 10,637 6,422 144 149 590 2461,430 1,636 27,781 25,451 435 4,198 3,051 17,767 2,330 Nov. 27 38,458 10,677 6,432 143 153 581 2451,440 1,662 27,781 25,445 528 4,170 3,029 17,718 2,336 Dec. 4 38,360 10,703 6,452 143 157 569 248 ,447 1,669 27,65725,336 491 4,116 3,028 17,7012,321 Dec. 11 38,491 10,771 6,509 137 154 548 258 ,456 1,690 27,72025,384 522 4,094 3,032 17,736 2,336 Dec. 18 37,565 10,850 6,525 159 160 541 257 ,467 1,715 26,715 24,366 3,879 2,249 17,7052,349 Dec. 24 37,312 10,884 6,533 172 159 534 254 ,479 730 26,428 24,075 3,766 2,206 17,6882,353 Dec. 31 37,275 10,893 6,475 213 155 527 255 ,488 1,764 26,38224,016 517 3,680 2,146 17,6732,366 1947—Jan. 8 37,088 10,779 6,445 166 151 495 253 ,494 1,753 26,309 23,969 459 3,720 2,114 17,676 2,340 Jan. 15 37,459 10,850 6,545 137 142 485 252 ,508 1,7755<9 26,609 24,266 682 3,721 2,098 17,7652,343 Jan. 22 37,362 10,896 6,596 132 140 465 1,516 1,75 26,466 24,121 470 3,789 2,084 17,778 2,345 • Corrected. 1 Direct and guaranteed. Back figures.—See Banking and Monetary Statistics, pp. 127-227 176 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE—Continued RESERVES AND LIABILITIES [Monthly data are averages of Wednesday figures. In millions of dollars] Demand deposits, Time deposits, Interbankk except interbank except interbank deposit Reserves Bal- De- Indi- Indi- Domestic Date or month B s w F e R e a e r r i e a n d t v - h l k - e s C v a a in s u h lt b m a w a n d e n i o c s t - e t k h i s c s - j m p u a o d s a d e t s n - - e it d d s 1 s p p u v n c h a o a a i o e n i d l r r p r r d s a t - - - s - , - , S p s d s a i i o t u c i n o a v b l d a n i t - i l t e - s - s c C c h o a f e e e i n f t e e f r c d r c i t d s . - k i ' - s, u m G e . r o e n v n - s - t . s p p u v n c a h o a a o n i e i d r r l p r r d s a t - - - s - , - , S p s d s a i i o t u i c o n a v b l a n d i t - i l t e - s - s P U m G S e i a o n r . a n o e s n g v d n v S t - s - a t - . l m D a e n b - d ank T s ime b F e a i o n g r k n - s r B i o n o w g r s - - c C o i a t a u c a p - n l - ts B d i e a ts b n ' - k tions tions Total—101 Cities 1945—December.. 10,223 643 2,507 37,59137,884 1,957 1,359 16,242 9,200 100 43 0,795 30 1.145 348 4, 959 78,116 1946—August.... 10,181 597 2,14339,15539,264 2,223 1,156 6,607 0,066 144 58 9,368 1,287 220 5, 194 65.985 September . 10,228 618 2,10939,5 7839,846 2,235 1,195 5,421 0,093 150 58 9,298 1,321 207 5, 211 64,442 October 10,142 609 39,42539,827 2,258 1,139 4,621 0,154 148 59 9,288 1,302 175 5, 230 69,458 November.. 10,209 647 2,132 39,75140.448 2,280 1,193 3,45210,175 154 60 9,369 1,307 253 5, 251 68,168 December.. 10,369 673 2,17740,370 40,975 2,255 1,350 2,304 0,191 163 62 9,392 1,269 197 5, 251 82,047 Oct. 30.... 10,161 637 39,65339,851 2,308 1,130 4,64010,159 145 60 9,207 1,313 194 5, 230 15,177 Nov. 6.... 10,127 636 39,530 40,032 309 1,178 3,40110,180 144 60 9,350 1,332 334 5, 256 15,533 Nov. 13. 10,278 678 39,50140,661 298 1,198 3,42510,178 145 59 9,614 1,315 329 5, 249 14,967 Nov. 20.... 10,215 641 39,840 40,460 ,244 1,226 3,45910,185 163 60 9,391 1,292 194 5, 251 17,987 Nov. 27. ... 10,215 633 2,10840,135 40,638 2,270 1,170 3,52410,158 162 60 9,121 1,288 156 5, 249 15,929 Dec. 4.... 10,320 643 2,122 39,99940,178 2,248 1,217 3,31110,169 162 60 9,406 1,267 181 5, 257 15,852 Dec. 11... . 10,457 710 2,18440,32240,957 2,243 1,334 3,37510,169 161 61 9,337 1,249 219 5,248 15,707 Dec. 18... 10,469 710 2, 2' 2" 6" 41,010 41,840 2,275 1,481 1,48410,171 164 60 1,289 299 5, 253 21,663 Dec. 24.... 10,489 663 2.12i 53640,977 2,238 1,196 1,554 0,192 161 62 1,272 283 5,243 16.771 Dec. 31. . .. 10,111 639 2,234 39,98140,922 2,269 1,524 1,79510,256 165 69 9,415 1,271 6 5, 255 18,395 1947—Jan. 8... 10,4l7j 656 2,136 39,844 40,028 2,158 1,200 1.41610,292 173 69 9,430 1,281 133 5 249 17,780 Jan. 15... 10,330 626 2,333 40,100 40,999 2,222 1,312 1,48710,281 161 68 9.760 1,287 96 5 242 16,409 Jan. 22... 10,297 618 2,195 40,082 40,431 2 ,255 1,368 1,56710,296 150 70 9,445 1,304 124 5 249 16,717 New York City 1945—December. 3,636 106 13,54814,001 194 862 6,361 1,090 18 10 3,335 1,016 240 1 900 37,046 1946—August. . . 3,727 97 14,17214,523 211 661 2,331 1,255 16 7 2,878 1,132 129 1 982 28,127 September 3,763 109 14,35114,748 194 685 1,863 1,258 16 7 2,911 1,171 95 1 982 27,864 October... 3,709 106 14,37014,740 262 652 1,576 1,268 18 7 2,869 1,149 86 1 989 29,401 November. 3,732 119 14,51114,923 302 698 1,159 1,254 28 7 2,809 1,151 98 2 001 28,843 December. 3,802 121 14,73515,233 226 783 766 1,253 38 9 2,903 1,117 102 1 999 36,905 Oct. 30... 3,760 110 26 14,43614,723 323 648 1,577 1,256 18 7 2,816 1,154 122 1 985 6,243 Nov. 6... 3,692 117 14,35714,708 320 675 1,148 1,261 18 7 2,834 1,173 169 2 002 6,826 Nov. 13... 3,805 124 14,42114,912 305 687 1,150 1,256 18 7 2,825 1,159 146 2 002 6,112 Nov. 20... 3,728 113 14,60714,997 283 735 1,158 1,259 37 7 2,833 ],135 28 2 003 7,494 Nov. 27... 3,704 121 14,65815,076 299 693 1,180 1,2*1 38 7 2,747 1,136 50 1 996 6,788 Dec. 4... 3,770 114 14,53314,820 245 679 1,116 1,255 38 7 884 1,110 100 2 003 6,902 Dec. 11... 3,856 130 14,62315,090 241 810 1,134 1,248 38 7 819 1,098 106 2 000 6,674 Dec. 18... 3,893 130 15,08315,689 241 904 1,250 37 7 083 1,138 155 2 000 10,158 Dec. 24... 3,869 119 14,82315,231 200 676 504 1,253 38 7 850 1,121 151 1 994 7 647 Dec. 31... 3,622 113 14,61015,334 200 847 594 1,260 41 15 881 \, 120 1 996 8,285 1947—Jan. 8... 3,846 120 14,51314,845 176 675 456 1,275 41 15 2,903 1,131 51 1 997 7,665 Jan. 15... 3,776 104 14,45915,011 188 759 466 1 ,"270 30 15 3,023 1,132 22 1 997 6,800 Jan. 22... 3,762 111 14,51414,885 209 839 489 1,276 20 15 2,956 1,149 56 1 998 7,023 Outside New York City 1945—December. 6,58: 2,47824,04323,883 1,763 49: 9,881 8,110 82 33 7,460 129 108 3 059 41,070 1946—August. . . 6,454 500 2,11 24,98324,741 2,012 495 4,276 8,811 128 51 6,490 155 91 3 212 37,858 September 6,465 509 2,08025,22 25,098 2,041 510 3,558 8,835 134 51 6,387 150 112 3 229 36,578 October... 6,433 503 2,11125,05525,08 1,996 487 3,045 8,886 130 52 6,419 153 89 3,241 40,057 November. 6,477 528 2,105 25,24025,525 1,978 495 2,293 8,921 126 53 6,560 156 155 3,250 39,325 December. 6,567 552 2,14 25,63525,74: 2,029 567 1,538 8,938 125 53 6,489 152 95 3,252 45,142 Oct. 30... 6,401 52: 2,095 25,21725,128 1,985 482 3,063 8,903 127 53 6,391 159 72 3,245 8,934 Nov. 6... 6,435 519 2,06225,17325,324 1,989 503 2,253 8,919 126 53 6,516 159 165 3,254 8,707 Nov. 13... 6,473 554 2,17625,08025,749 1,993 511 2,275 8,922 127 52 6,789 156 183 3,247 8,855 Nov. 20... 6,487 528 2,100 25,23325,463 1,961 491 2,301 8,926 126 53 6,558 157 166 3,248 10,493 Nov. 27... 6,511 51 2,08025,47 25,562 1,971 477 2,344 8,91 124 53 6,374 152 106 3,253 9,141 Dec. 4... 6,550 529 2,097 25,46625,358 2,003 538 2,195 8,914 124 53 6,522 157 81 3,254 8,950 Dec. 11... 6,601 580 2,15 25,69' 25,86' 2,002 524 2,241 8,921 123 54 6,518 151 113 3,248 9,033 Dec. 18... 6,576 580 2,19325,92 26,151 2,034 577 1,003 8,921 127 53 6,499 151 144 3,253 11,505 Dec. 24... 6,620 544 2,09025,71325,746 2,038 520 1,050 8,939 123 55 6,369 151 132 3,249 9,124 Dec. 31... 6,489 526 2,20325,37125,588 2,069 677 1,201 8,996 124 54 6,534 151 6 3,259 10,110 1947—Jan. 8... 6,571 536 2,112 25,33125,183 1,982 525 960 9,01 132 54 6,527 150 82 3,252 10,115 Jan. 15... 6,554 522 2,30625,64125,988 2,034 553 1,021 9,011 131 53 6,737 155 74 3,245 9,609 Jan. 22... 6,535 50' 2,17025,56825,546 2,046 529 1,078 9,020 130 55 6,489 155 68 3,251 9,694 c Corrected. 1 Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection. 2 Monthly and weekly totals of debits to demand deposit accounts except interbank and U. S. Government accounts. 177 FEBRUARY 1947 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS—BY FEDERAL RESERVE DISTRICTS LOANS AND INVESTMENTS [In millions of dollars] Loans Investments For purchasing U. S. Government obligations or carrying securities Total Comloans mer- Federal Reserve and cial, To brokers Cerdistrict and date i m nv e e n s t t s - Total i t t a n a c r u g u d i n r a r l u d a - i l s - l , - G U a t l i o n i o o g . b d v n a - S - t s . d . e O a c t l s u t i e e h e r r - s i e s - r S U l t T o i i o g o b . o v a S n - - t . o s . t O h c t t e u i h r n e e s - s r e R l s e o t a a a l n t - s e banks O lo t a h n e s r Total Total Bills o d c n t f e a e i e f d t b i s i e - - n t s s - - Notes Bonds1 O s r e i t t c h i u e e - r s Boston Dec. 24 793 911 588 28 14 23 15 90 5 148 1,882 1,803 33 192 128 1,450 79 Dec. 31 792 886 578 23 11 20 13 91 4 146 1,906 1,827 57 194 127 1,449 79 Jan. 8 755 867 556 20 10 20 14 90 10 147 1, 1,811 25 214 127 1.445 77 Jan. 15 790 870 560 23 10 21 14 90 3 149 1,920 1,842 47 212 127 1,456 78 Jan. 22... 791 883 566 30 10 20 14 90 4 149 1,908 1,830 28 219 125 1,458 78 New York* Dec. 24 829 6,543 ,050 700 422 183 194 184 160 65014,286 3,123 158 1,553 99410,418 ,163 Dec. 31 866 6,306 022 741 276 171 199 185 51 66114,560 3,394 394 1,588 1,02810,384 ,166 Jan. 8............ 490 6,138 4,025 587 256 146 198 184 86 65614,352 3,203 195 1,580 1,065 10,363 ,149 Jan. 15 ........ 616 6,116 4,045 541 249 141 201 186 84 66914,500 3,352 395 1,550 1,06310,344 ,148 Jan. 22 ... . , 663 6,100 4,102 488 245 136 198 186 81 66414,563 3,425 381 1,624 1,10410,316 ,138 Philadelphia Dec. 24............ 296 657 385 9 22 11 7 46 7 170 1,639 1,425 63 186 97 1,079 214 Dec. 31 302 653 379 12 21 11 8 48 2 172 1,649 1,431 60 192 97 1,082 218 Jan. 8............ 285 656 380 10 21 10 8 48 4 175 1,629 1,413 49 203 75 1,086 216 Jan. 15....... 288 668 389 7 21 11 7 49 6 178 1,620 1,401 49 186 75 1,091 219 Jan. 22... 275 667 390 7 20 10 8 49 5 178 1,608 1,390 41 185 1,093 218 Cleveland Dec. 24 ... 601 660 47 24 101 12 219 206 3,332 3,040 31 390 220 2,399 292 Dec. 31............ 570 648 57 21 100 12 219 208 3,305 3,013 12 379 214 2,408 292 Jan. 8 594 650 40 18 99 18 218 205 3,346 3,052 24 395 215 2,418 294 Jan. 15 603 657 23 20 97 16 220 5 207 3,358 3,064 25 391 215 2,433 294 Jan. 22.... 620 1,258 665 19 18 94 15 222 20 205 3,362 3,067 25 389 216 2,437 295 Richmond Dec. 24. . 896 468 245 4 35 11 76 96 1,428 1,3441 9 196 104 1,035 84 Dec. 31 869 475 244 6 33 11 75 97 1,394 1,3101 6 183 88 1,033 84 Jan. 8. . 894 472 243 5 31 12 79 98 1,422 1,337 25 187 92 1,033 85 Jan. 15 902 478 248 5 31 12 80 99 1,424 1,340 21 194 91 1,034 84 Jan. 22 477 250 5 29 12 80 101 1,412 1,328 195 90 1,035 84 Atlanta Dec. 24 943 588 331 6 62 23 41 120 1,355 1,193 31 229 128 805 162 Dec. 31........ 928 595 339 7 65 22 42 117 1,333 1.171 31 221 123 796 162 Jan. 8............ 927 591 338 6 62 22 43 115 1,336 1,177 33 226 122 796 159 Jan. 15. ........... 948 588 338 6 60 22 43 114 1,360 1,201 38 240 123 800 159 Jan. 22 926 585 336 57 22 44 114 1,341 1,183 19 245 123 796 158 Chicago* Dec. 24. 047 '2,198 1,477 42 71 67 247 229 5,849 5,286 62 807 394 4,023 563 Dec. 31. 106 2,214 1,456 40 72 68 249 242 5,892 5,327 127 792 387 4,021 565 Jan. 8 016 1,445 41 66 66 244 5,837 5,283 96 774 385 4,028 554 Jan. 15 183 1,477 35 65 66 246 5,989 5,430 231 768 379 4,052 559 Jan. 22 127 2,221 1,503 37 62 252 244 5,906 5,351 122 803 379 4,047 555 St. Louis Dec. 24. ............ 879 731 427 4 33 15 102 146 1,148 1,012 16 93 137 766 136 Dec. 31............ 876 730 420 5 33 15 101 150 1,146 1,012 19 97 136 760 134 Jan. 8 870 726 433 5 31 15 101 138 1,144 1,009 14 101 135 759 135 Jan. 15 887 731 439 5 • 30 15 102 137 1,156 1,022 21 103 135 763 134 Jan. 22...... ..... 883 728 436 4 30 15 102 138 1,155 1,021 13 108 133 767 134 Minneapolis Dec. 24. 174 332 188 2 16 5 40 80 842 785 8 57 90 630 57 Dec. 31 174 334 187 2 16 5 40 82 840 784 16 47 88 633 56 Jan. 8. . 165 331 188 2 14 6 40 80 834 779 14 51 82 632 55 Jan. 15. 152 332 189 1 14 5 41 81 820 765 16 51 82 616 55 Jan. 22 153 333 188 1 15 6 4: 80 820 764 16 51 82 615 56 Kansas City Dec. 24. . .. , 124 552 356 4 23 9 61 97 ,572 1.407 30 325 201 851 165 Dec. 31 100 550 356 5 20 9 6: 96 ,550 1.385 42 305 190 848 165 Jan. 8 090 549 358 3 19 9 63 96 ,541 1,378 33 306 189 850 163 Jan. 15 139 556 364 4 19 9 63 96 ,583 1,421 65 311 172 873 162 Jan. 22 137 558 367 3 19 9 63 96 ,579 1,415 54 316 165 880 164 Dallas Dec. 24. 891 780 511 10 63 32 49 114 ,111 1,037 50 230 122 635 74 Dec. 31 867 787 517 7 56 33 50 123 ,080 1,002 32 223 119 628 78 Jan. 8 ,877 766 500 10 51 30 51 124 .111 1,033 41 241 119 632 78 Jan. 15 ,882 765 504 6 48 33 52 122 1,11 1,04. 45 242 120 636 74 Jan. 22 ,883 759 502 6 43 33 5: 123 1,124 1,047 44 247 120 636 77 San Francisco Dec. 24 ,700 1,891 1,116 25 79 3 398 222 4,809 4,382 76 996 449 2,861 427 Dec. 31 ,703 1,899 1,105 27 85 39 401 228 4,804 4,373 90 981 441 2,861 431 Jan. 8 ,638 1,889 1,110 27 77 33 402 226 4,749 4,327 97 947 437 2,846 422 Jan. 15 ,683 1,909 1,129 26 74 33 407 225 4,774 4,350 91 955 443 2,861 424 Jan. 22 ,689 1,914 1,139 26 70 31 409 224 4,775 4,350 87 956 2,863 425 City of Chicago* Dec. 24 ,740 1,460 1,099 34 42 58 51 112 3,280 2,925 32 523 161 2,209 355 Dec. 31 ,772 1,472 1,089 32 43 59 51 113 3,300 2,943 60 512 155 2,216 357 Jan. 8 ,719 1,435 1,07 34 39 57 50 113 3,284 2,936 80 499 152 2,205 348 Jan. 15 ,86: 1,442 1,102 29 37 57 50 114 3,420 3,068 197 503 152 2,216 352 Jan. 22 ,803 1,468 1,12 30 35 57 50 115 3,335 2,987 92 534 152 2,209 348 1 Direct and guaranteed. * Separate figures for New York City are shown in the immediately preceding table and for the City of Chicago in this table, The figures for the New York and Chicago Districts, as shown in this table, include New York City and Chicago, respectively. 178 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS—BY FEDERAL RESERVE DISTRICTS—Continued RESERVES AND LIABILITIES [In millions of dollars] Demand deposits, Time deposits, Interbank except interbank except interbank deposits Reserves Bal- De- Indi- Indi- Domestic d F i e s d tr e i r c a t l a R nd e se d r a v t e e B s w F e R a e e r n r i e a t d v k h - l - e s C v a a in s u h lt m b a w a n d e n i s c o t t e k - h i s c s p m u o a d s a d s t e n e i - - t d d s 1 s p p u v n c h a o a a o i e n i r d r l p r r d a s t - - - s - , - , S p s d s t a i i o a u c i o n v l t a b n d i e i l t - - s s - c C h c a o f e e e e i f n t e f c r r c d i d t s k - . i ' s - U m G e . r o e n v n S - - t . s u p p v c n a h o a o a i n e i d l r p r r r d s a - - - t s , - - , S p s d s a i i o t u i c o n a v l a b d n i t i l - t e - s - s P U m G S e i a o n . r a n o e s g n v d n v S t s - - a t - . l m D a e n b - d ank T s ime b F e a i o n g r k n - s r B i o n o w g r s - - c C o i a t a u c a p n - l - ts B d i e a ts b n 2 - k tions tions Boston (6 cities) Dec. 24 497 65 109 2,320 2,289 155 38 82 471 279 23 16 296 747 Dec. 31 453 64 121 2,273 2,254 163 47 92 473 293 23 3 296 827 Jan. 8 476 62 107 2,257 2,213 155 35 72 474 299 24 6 296 799 Jan. 15 497 59 120 2,318 2,305 152 43 79 475 295 27 7 297 702 Jan. 22 465 56 116 2,299 2,259 149 39 83 276 23 6 297 823 New York (8 cities)* Dec. 24 4,116 158 12816,194 6,459 393 711 5471,962 2,916 1,123 157 2,159 8,068 Dec. 31 3,864 151 12915,991 6,564 415 898 6421,974 2,948 1,123 2,162 8,763 Jan. 8 4,096 159 11415,867 6,043 373 712 4921,991 2,977 1,133 2,162 8,149 Jan. 15 4,032 141 11615,834 6,245 397 799 505 ,984 3,098 1,134 2,162 7,257 Jan. 22 4,008 148 10815,874 6,076 422 881 5291,991 3,026 1,152 2,163 7,506 Philadelphia (4 cities) Dec. 24 460 39 92 1,960 2,049 51 29 70 244 334 12 262 677 Dec. 31 446 37 100 1,903 2,032 46 29 91 246 367 13 263 814 Jan. 8 437 35 86 1,907 1,981 4. 30 71 244 341 11 263 684 Jan. 15 428 34 96 1,892 2,008 5; 46 74 244 358 11 263 903 Jan. 22 439 34 82 1,894 1,981 47 26 77 245 335 12 263 665 Cleveland (10 cities) Dec. 24 781 89 200 3,235 162 61 1341,341 495 19 492 1,102 Dec. 31 767 89 201 3,208 161 68 1631,353 491 489 1,250 Jan. 8 793 89 182 3,190 163 60 1371,355 468 490 1,093 Jan. 15 783 86 215 3,285 158 62 1431,353 496 489 1,015 Jan. 22 786 84 198 3,198 3,257 155 51 1511,354 476 489 1,086 Richmond (12 cities) Dec. 24 358 41 111 1,384 1,420 36 64 376 389 10 148 455 Dec. 31 346 42 114 1,347 1,391 94 46 72 374 397 147 483 Jan. 8 355 42 1,395 1,412 91 37 59 376 400 148 526 Jan. 15 351 41 1,423 1,434 114 33 62 376 390 148 457 Jan. 22 342 41 119 1,363 1,393 96 46 65 377 392 148 513 Atlanta (8 cities) Dec. 24 380 31 138 1,372 1,313 208 16 46 449 485 133 488 Dec. 31 383 31 138 1,341 1,29: 238 24 51 452 502 131 496 Jan. 8 375 32 148 1,365 1,271 226 21 40 452 490 131 535 Jan. 15 387 30 151 1,394 1,335 225 17 41 453 497 128 489 Jan. 22 377 31 157 1,379 1,306 231 20 43 453 483 131 487 Chicago (12 cities)* Dec. 24 1,470 101 379 5,528 5,531 473 88 225 ,000 1,570 633 2,177 Dec. 31 1,462 90 404 5,537 5,583 473 109 253 ,014 1,597 632 2,552 Jan. 8 1,479 100 381 5,443 5,412 44: 95 200 ,021 1,647 625 2,532 Jan. 15 1,423 98 402 5,496 5,575 453 101 212 ,020 1,723 621 2,409 Jan. 22 1,485 9 388 5,554 5,488 483 92 2282,023 1,632 622 2,427 St. Louis (5 cities) Dec. 24 351 25 100 1,149 1,249 77 20 51 370 612 144 475 Dec. 31 340 24 114 1,153 1,248 80 19 62 373 621 144 488 Jan. 8 352 23 106 1,162 1,234 80 17 48 374 620 144 504 Jan. 15 351 23 110 1,160 1,279 80 19 52 375 631 144 475 Jan. 22 348 22 110 1,156 1,247 76 18 55 376 620 144 503 Minneapolis (8 cities) Dec. 24 212 1 86 758 763 95 12 39 232 333 93 289 Dec. 31 196 11 90 765 772 97 13 46 234 336 93 310 Jan. 8 214 1 85 733 727 95 14 37 234 353 92 344 Jan. 15 211 1 92 730 735 97 13 40 234 361 92 360 Jan. 22 20 11 719 712 96 15 41 234 361 92 336 Kansas City (12 cities) Dec. 24 453 24 272 1,511 1,527 175 26 61 314 822 158 544 Dec. 31 425 22 289 1,466 1,465 178 40 67 314 827 158 627 Jan. 8 448 24 285 1,472 1,480 175 26 54 316 84 158 616 Jan. 15 441 24 318 1,503 1,540 173 28 58 316 885 158 604 Jan. 22 425 23 1,478 1,496 185 26 61 316 854 160 664 Dallas (9 cities) Dec. 24 402 27 230 1,511 1,507 125 30 43 298 541 152 485 Dec. 31 41 26 250 1,475 1,430 133 89 47 299 583 151 562 Jan. 8 399 2 231 1,500 1,471 127 25 39 301 538 151 519 Jan. 15 410 26 266 1,527 1,546 123 2 41 30: 559 151 461 Jan. 22 392 26 256 1,508 1,523 118 42 44 302 546 151 359 San Francisco (7 cities) Dec. 24 1,009 51 275 3,669 3,635 237 129 1922,135 44. 573 1,264 Dec. 31 1,012 52 284 3,610 3,68. 191 142 2092,150 453 589 1,223 Jan. 8 993 51 280 3,555 3,594 188 128 1672,154 454 589 1,479 Jan. 15 1,016 52 299 3,638 3,712 197 124 1802,149 467 589 1,277 Jan. 22. 1,023 50 28 3,660 3,689 19 112 1902,150 444 589 1,348 City of Chicago* Dec. 24 924 37 165 3,368 3,439 227 36 135 835 1,097 399 1,360 Dec. 31 926 28 175 3,351 3,48. 228 46 151 844 1,129 400 1,619 Jan. 8 932 35 170 3,311 3,384 206 37 114 846 1,159 400 1,634 Jan. 15 861 3- 169 3,328 3,472 46 122 844 1,210 396 1,526 Jan. 22 926 31 170 3,388 3,448 218 38 127 846 1,146 396 1,552 * See note on preceding page. 1 Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection. 2 Debits to demand deposit accounts except in interbank and U. S. Government accounts. 179 FEBRUARY 1947 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COMMERCIAL PAPER AND BANKERS' ACCEPTANCES OUTSTANDING [In millions of dollars] Dollar acceptances outstanding Held by Based on 2 Commercial End of month sta p o n a u d p t i e - n r g1 st T a o n o u d t t a i - n l g Total Accept O b in i w l g l n s banks bo B u il g ls ht ( a R F F c B e e o c a d s o r n e e u o r k r n v w a s t e l ) n Others I U m S i n t n p a i t o t t o e e r s d ts E U S f x n r t p o a i o m t te e r d s ts G U s o h n o i i d p t p e s p o d e s i d n t o t b s r e e F i d t n o w r i e e n e i g n o n r States countries 1945—November 156 145 107 58 49 38 100 15 23 6 December 159 154 112 64 48 42 103 18 26 7 1946—January 174 166 126 71 55 40 109 20 29 8 February 178 167 128 74 53 39 109 18 31 9 March 172 163 119 64 55 2 42 104 17 33 8 April 149 169 109 65 44 13 47 114 16 30 9 May 126 177 108 66 42 13 55 124 18 28 7 June 121 192 109 65 45 18 64 134 22 27 8 July 131 205 118 67 51 34 54 146 24 26 9 August 142 207 140 68 72 13 54 152 22 26 7 September 148 200 151 68 82 2 47 150 20 23 7 October 202 204 154 71 82 50 154 18 23 8 November 227 208 155 73 82 54 152 23 26 6 December 228 227 169 74 94 58 162 29 29 7 1 As reported by dealers; includes some finance company paper sold in open market. } Dollar exchange less than $500,000 throughout the period. Back figures.—See Banking and Monetary Statistics, Table 127, pp. 465-467; for description, see p. 427. CUSTOMERS' DEBIT BALANCES, MONEY BORROWED, AND PRINCIPAL RELATED ITEMS OF STOCK EXCHANGE FIRMS CARRYING MARGIN ACCOUNTS [Member firms of New York Stock Exchange. Ledger balances in millions of dollars] Debit balances Credit balances Customers' Debit Debit credit balances1 Other credit balances End of month Customers' balances in balances in Cash on debit partners' firm hand Money ba ( l n a e n t) c * es a in n a v d c e c t s o r t u a m d n e i ts n n g t a in n a v d c e c t s o r t u a m d n e i ts n n g t a b n a d n k i s n borrowed2 Free O (n th et e ) r a i I n n n a v d c p e c t a s o r t r a u m t d n n e i t e n s n r g t s' a in n a v d c I n e c t s f o r i t a u r m m d n e i ts n n g t I a n c ( c c n o a e u p t n ) it t a s l 1936—June 1,267 67 164 219 985 276 86 24 14 420 December... 1,395 64 164 249 1,048 342 103 30 12 424 1937—June 1,489 55 161 214 1,217 266 92 25 13 397 December... 985 34 108 232 688 278 85 26 10 355 1938—June 774 27 88 215 495 258 89 22 11 298 December... 991 32 106 190 754 247 60 22 5 305 1939—June 834 25 73 178 570 230 70 21 6 280 December... 906 16 78 207 637 266 69 23 7 277 1940—June 653 12 58 223 376 267 62 22 5 269 December... 677 12 99 204 427 281 54 22 5 247 1941—June 616 11 89 186 395 255 65 17 7 222 December... 600 8 86 211 368 289 63 17 5 213 1942—June 496 9 86 180 309 240 56 16 4 189 December... 543 7 154 160 378 270 54 15 4 182 1943—June 761 9 190 167 529 334 66 15 7 212 December... 788 11 188 181 557 354 65 14 5 198 1944—June 887 5 253 196 619 424 95 15 11 216 December... 1,041 7 260 209 726 472 96 18 8 227 1945—June 1,223 11 333 220 853 549 121 14 13 264 December... 1,138 12 413 313 795 654 112 29 13 299 1946—January.... 3 1,168 «734 3 727 February. .. 31,046 3 645 3 755 March 3 936 3 622 3 712 April 3 895 3 575 3 697 May »856 3 547 3 669 J Ju u l n y e 3 8 7 0 4 9 5 7 399 370 3 4 4 9 4 8 2 36 6 5 5 3 1 120 24 17 314 August 3 723 3377 3 647 September. . 3 631 3 305 3 729 October 3 583 3 253 3 720 November. . 3571 3 238 3 723 December... 537 5 311 453 217 693 118 30 10 289 1 Excluding balances with reporting firms (1) of member firms of New York Stock Exchange and other national securities exchanges and (2) or firms' own partners. 2 Includes money borrowed from banks and also from other lenders (not including member firms of national securities exchanges). 8 As reported to the New York Stock Exchange. According to these reports, the part of total customers' debit balances represented by balances secured by U. S. Government securities was (in millions of dollars) :October, 75; November, 80. NOTE.—For explanation of these figures see "Statistics on Margin Accounts" in BULLETIN for September 1936. The article describes the method by which the figures are derived and reported, distinguishes the table from a "statement of financial condition," and explains that the last column is not to be taken as representing the actual net capital of the reporting firms. Back figures.—See Banking and Monetary Statistics, Table 143, pp. 501-502, for monthly figures prior to 1942, and Table 144, p. 503, for data in detail at semiannual dates prior to 1942. 180 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OPEN-MARKET MONEY RATES IN NEW YORK CITY COMMERCIAL LOAN RATES [Per cent per annum] AVERAGES OF RATES CHARGED CUSTOMERS BY BANKS IN PRINCIPAL CITIES u. s Government [Per cent per annum] Stock security yields mo Y w n e e t a h e r k , , or m 4 m p P c - o a r o e t n p i r m o m t c e h i - r 6 e a , s - l 1 a a P b d c n e a r a 9 c c i r n y m 0 e s e k s ' p s e - 1 , t- ch n l c a e o r e a l a e x a s w n l - - * n l g - e m b o i 3 ll n - s t 3 h 9 d c m - o c e e t f a o r o b t t n t i i e e n 1 f t s i h d 2 - - - - 3 ta n - y x o t e o a t a e b r s 5 le - 1937 average1.... 19 T 2 o . c 5 t i a 9 ti l es Y N C 1. o i e 7 t r w y 3 k 1 W e 1 r c 3 n e S i . s t 2 o i t a e e 5 u n s r t d n hness 1938 average1 2.53 1.69 3.26 1939 ave: 2.78 2.07 3.51 1944 average ,73 .44 1.00 .375 .79 1.33 1 19 9 4 4 1 0 a a v v e e i r • a a g g e e. 2 2. . 5 6 4 3 2 1. . 9 0 7 4 1945 average .75 .44 1.00 .375 .81 1.18 1942 ave: 2.61 2.07 1946 average .81 .61 1.16 .375 .82 1.15 1943 ave: 72 2.30 3.13 1944 ave: 2.59 2.11 3.02 1946—January... .75 .44 1.00 .375 .79 1.10 1945 ave: 2.39 1.99 2.73 February.. .75 .44 1.00 .375 .76 1.03 1946 ave]age. 2.34 1.82 2.85 March .75 .44 1.00 .375 .79 .99 April .75 .44 1.00 .375 .81 1.12 1942—December. 2.63 2.09 2.63 3.26 May .75 .47 1.00 .375 ^83 1.18 June .75 .50 1.00 .375 .83 1.15 1943—March 2.76 2.36 2.76 3.24 July .77 .59 1.00 .375 .84 1.13 June 3.00 2.70 2.98 3.38 August.... .81 .71 1.38 .375 .84 1.14 September 2.48 2.05 2.71 2.73 September. .81 .81 1.38 .375 .85 1.22 December.. 2.65 2.10 2.76 3.17 October .88 .81 1.38 .375 .83 1.24 November. .94 .81 1.38 .376 .84 1.22 1944—March 2.63 2.10 2.75 3.12 December.. 1.00 .81 1.38 .375 .85 1.22 June 2.63 2.23 2.55 3.18 September. 2.69 2.18 2.82 3.14 1947—January. . . 1.00 .81 1.38 .376 .84 1.18 December.. 2.39 1.93 2.61 2.65 Week ending: 1945—March 2.53 1.99 2.91 Dec. 28 1 13/16 1X-1K .374 .85 1.18 June 2.50 2.20 2.80 Jan. 4 1 13/16 1X-1K .375 .84 1.18 September. 2.45 2.05 2.81 Jan. 11.... 1 13/16 1K-1M .376 .84 1.19 December.. 2.09 1.71 2.38 Jan. 18 1 13/16 IK-IK .376 .84 1.19 Jan. 25.... 1 13/16 1X-1K .376 .83 1.16 1946—March 2.31 1.75 2.34 2.93 June 2.41 1.84 2.51 2.97 1 2 T M h o e n t a h v l e y r a f g ig e u r r e a s t e a r o e n a v 9 e 0 r - a d g a e y s s o to f c w k ee e k x l c y h a p n r g e e v a t i i l m in e g l r o a a te n s s . was 1.50 S D e e p c t e e m m b b e e r r . . . 2 2 . . 3 3 3 2 1 1. . 8 8 5 3 2 2 . . 4 4 3 3 2 2. . 7 7 6 5 per cent beginning Aug. 2, 1946. Prior to that date it was 1.25 per cent. 3 Rate on new issues offered within period. * From Sept. 15 to Dec. 15, 1945, included Treasury notes of Sept 15, 1948, and Treasury bonds of Dec. 15, 1950; beginning Dec. 15, 1945, includes only Treasury bonds of Dec. 15, 1950. Back figures.—See Banking and Monetary Statistics, Tables 120-121, pp. 448-459, and the BULLETIN for May 1945, pp. 483-490. BOND YIELDS * [Per cent per annum] U. S. Government Corporate (Moody's)4 Ye o ar r , w m e o ek nth, 7 y e t a o r s 9 15 y o e v ar e s r and M (h i u p i n g a h i l c - - C (h r o a i r g t p e h o - - By ratings By groups grade)2 grade)3 Partial- Total T ab a l x e - e l x y e m ta p x t T ab a l x e - Aaa Aa A Baa In tr d i u al s- R ro a a i d l- u P t u i b li l t i y c Number of issues. 1-5 1-5 1-9 15 5 120 30 30 30 30 40 40 40 1944 average. . . . 1.94 1.92 2.48 1.86 2.60 3.05 2.72 2.81 3.06 3.61 2.80 3.39 2.97 1945 average. .. . 1.60 1.66 2.37 1.67 2.54 2.87 2.62 2.71 2.87 3.29 2.68 3.06 2.89 1946 average. . . . 1.45 (6) 2.19 1.64 2.44 2.74 2.53 2.62 2.75 3.05 2.60 2.91 2.71 1946—January. . 1.31 (6) 2.21 L .57 2.43 2.73 2.54 2.62 2.73 3.01 2.57 2.89 2.71 February.. 1.28 (6) 2.12 L.49 2.36 2.68 2.48 2.56 2.70 2.95 2.54 2.83 2.65 March... . 1.28 (6) 2.09 1.49 2.35 2.66 2.47 2.54 2.69 2.94 2.54 2.80 2.64 April 1.36 (•) 2.08 L.45 2.37 2.67 2.46 2.56 2.69 2 96 2.57 2.78 2.65 May 1.47 (6) 2.19 L.54 2.44 2.71 2.51 2.58 2.73 3.02 2.60 2.84 2.69 June 1.43 (6) 2.16 L .55 2.42 2.71 2.49 2.59 2.73 3.03 2.59 2.85 2.70 July 1.40 (6) 2.18 1.60 2.41 2.71 2.48 2.59 2.72 3.03 2.58 2.86 2.69 August. . . 1.46 (6) 2.23 L.65 2.44 2.73 2.51 2.62 2.74 3.03 2.58 2.89 2.70 September 1.55 (6) 2.28 L.75 2.50 2.79 2.58 2.68 2.80 3.10 2.64 2.98 2.75 October. . 1.56 (6) 2.26 1.84 2.51 2.82 2.60 2.70 2.84 3.15 2.65 3.05 2.76 November 1.58 (6) 2.25 1.80 2.51 2.82 2.59 2.69 2.84 3.17 2.66 3.05 2.77 December 1.56 (6) 2.24 1.97 2.55 2.83 2.61 2.69 2.83 3.17 2.66 3.04 2.77 1947—January.. 1.51 (6) 2.21 1.92 2.48 2.79 2.57 2.65 2.79 3.13 2.63 3.00 2.73 Week ending: Dec. 28.. . 1.53 (6) 2 22 1.99 2.56 2.82 2.60 2.68 2.82 3.16 2.66 3.03 2.76 Jan. 4... 1.53 (6) 2^22 1.98 2.53 2.81 2.59 2.67 2.81 3.16 2.65 3.03 2.75 Jan. 11... 1.52 (6) 2.22 1.94 2.50 2.80 2.58 2.66 2.80 3.14 2.64 3.01 2.75 Jan. 18... 1.51 (6) 2.22 1.92 2.49 2.79 2.57 2.65 2.78 3.14 2.62 3.00 2.73 Jan. 25... 1.49 (6) 2.20 1.91 2.47 2.78 2.56 2.63 2.78 3.13 2.62 3.00 2.71 based on Wednesday figure ,ues, the industrial Aaa, Aa, and A groups ha been from 10 to 6, 6, and 9 issues, respectively, r 1952-54, and March 1956-58. FEBRUARY 1947 181 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SECURITY MARKETS * Bond prices Stock prices5 Corporate 4 Common (index, 1935-39 = 100) V of o l t u ra m d e ing7 (in Year, month, or week U. S. Munic- thou- Gov- g ( r h i a p i d g a e h l ) - 8 H gr i a g d h e - Mediu I m nd - u a s n - d l R ow ai e l r - -gra P d u e blic fa D ul e t - ed fe P rr r e e- d8 Total In tr d ia u l s- R ro a a i d l- u P t u i b li l t i y c s s a h n a d r s e s o ) f Total trial road utility Number of issues 1-9 15 50 10 20 15 402 354 20 28 1944 average 100.25 135.7 120.9 114.7 120.5 107.3 116.3 59.2 175.7 100 102 101 90 971 1945 average 102.04 139.6 122.1 117.9 122.2 115.1 116.3 75.4 189.1 122 123 137 106 1,443 1946 average 104.77 140.1 123.4 118.5 123.6 117.0 114.9 76.7 198.5 140 143 143 120 1,390 1946—January 104.59 141.6 123.8 119.7 123.9 118.9 116.3 84.9 197.9 145 148 164 124 2,183 February 106.03 143.4 124.5 120.0 124.4 119.6 116.1 85.4 200.5 143 146 160 124 1,776 March 106.46 143.4 124.5 120.1 124.5 119.9 115.9 82.7 203.1 142 145 154 123 1,116 April 106.61 144.1 124.3 119.9 124.4 119.6 115.8 83.6 204.9 152 156 157 128 1,391 May 104.82 142.1 123.7 119.5 123.9 118.6 116.0 81.8 201.9 154 159 157 129 1,311 June 105.28 142.0 123.9 119.5 123.9 118.7 116.0 83.2 202.4 153 157 162 130 1,086 July 104.87 140.9 124.0 119.1 123.4 118.5 115.3 80.0 204.1 150 153 154 128 936 August 104.11 140.0 123.8 119.0 124.0 117.7 115.4 78.8 203.4 146 150 147 125 946 September 103.25 137.8 122.8 117.4 123.3 114.3 114.7 65.4 196.2 125 129 119 110 2,173 October 103.58 '136.0 121.8 115.8 122.2 112.3 112.9 62.7 191.6 122 126 110 107 1,256 November 103.71 136.8 121.6 115.9 122.5 112.7 112.6 63.6 189.3 121 124 113 106 1,191 December 103.87 133.4 121.5 115.9 123.0 112.9 111.9 67.7 186.2 126 129 119 110 1,320 1947—January 104.32 134.4 122.6 116.3 123.5 114.3 111 .2 68.3 187.3 125 129 115 111 998 Week ending: Dec. 28 104.14 133.0 121.5 116.0 123.2 113.1 111.6 69.3 186.7 127 130 119 110 1,164 Jan. 4 104.18 133.2 121.8 116.3 123.4 113.7 111.6 69.3 185.7 127 130 117 112 1,172 Jan. 11 104.23 134.0 122.3 116.1 123.2 114.0 111.3 69.3 187.2 127 130 116 112 953 Jan. 18 104.30 134.4 122.7 116.3 123.6 114.1 111.3 67.2 187.2 122 125 111 109 1,092 Jan. 25 104.45 134.6 122.9 116.5 123.5 114.7 111.2 67.5 187.2 124 127 114 110 820 r Revised. c Corrected. 1 Monthly and weekly data are averages of daily figures, except for municipal bonds and for stocks, which are based on Wednesday figures. 1 Average of taxable bonds due or callable in 15 years and over. 1 Prices derived from average yields, as computed by Standard and Poor's Corporation, on basis of a 4 per cent 20-year bond. * Prices derived from averages of median yields, as computed by Standard and Poor's Corporation. 1 Standard and Poor's Corporation. 8 Prices derived from averages of median yields on noncallable high-grade stocks on basis of a $7 annual dividend. T 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 the BULLETIN for May 1945, pp. 483-490. NEW SECURITY ISSUES [In millions of dollars] For new capital For refunding Total Domestic Domestic Year or month f ( i u a n r n n n e e g d d - w ) - m T e a ( f i o o d e g n s r o t d n - a t - ) i l c Total S n m a p t i n a c a u d t i l - e - a F c e g i e r e e a d n s l - 1 - Total Co B n r a o p o n t n o d e d r s a s te Stocks e F i o g r n - 2 m T e a ( f i o o d e g n s r t o n d a - t - ) i l c Total S n m a p t i n a c a u d l t i - e - a F c e g i e r e e a d s n l - 1 - Total Co B n r a p o o n o t n d e r d s a s te Stocks F ei o g r n - ' 1936 6,214 1,972 1,949 735 22 1,192 839 352 23 4,242 4,123 382 353 3,387 3,187 200 1937 3,937 2,138 2,094 712 157 1,225 817 408 44 1,799 1,680 191 281 1,209 856 352 1938 ,449 2,360 2,325 971 481 873 807 67 35 2,089 2,061 129 665 1,267 1,236 31 1939 ,790 2,277 2,239 931 924 383 287 97 38 3,513 3,465 195 1,537 733 1,596 137 1940 ,803 1,951 1,948 751 461 736 601 135 2 2,852 2,852 482 344 2,026 1,834 193 1941 5,546 2,854 2,852 518 1,272 1,062 889 173 1 2,693 2,689 435 698 1,557 1,430 126 1942 2,114 1,075 1,075 342 108 624 506 118 1,039 1,039 181 440 418 407 11 1943 2,174 642 640 176 90 374 282 92 "2 1,532 1,442 259 497 685 603 82 90 1944 4,216 913 896 235 15 646 422 224 17 3,303 3,288 404 418 2,466 2,178 288 15 1945 '7,991 1,772 1,761 471 26 M.264 •607 '657 12 -•6,219 r6,173 324 912 4,937 '4,281 '656 '46 1946 8,581 4,588 4,579 952 121 3,506 2,038 1,468 9 3,993 3,863 208 741 2,914 2,313 601 130 1945—December '851 '247 '244 80 165 110 '55 '605 '605 255 '348 ••292 55 1946—January. . '350 '204 '204 68 1 135 13 122 146 146 3 30 113 55 58 February. '436 12. 123 57 18 '48 5 '43 '313 '313 23 20 '270 '251 19 March. . . 562 '201 200 56 16 127 17 111 '361 338 31 23 284 238 46 23 April 1,097 '374 '374 61 22 290 118 172 723 698 10 326 363 277 85 25 May 1,022 '294 '286 103 7 176 '83 93 728 728 47 17 664 536 127 June '817 '429 '429 108 9 '312 115 197 '388 '388 16 41 '331 '266 65 July '981 '493 '493 124 '369 184 184 '488 '436 8 33 '395 '324 71 52 August. .. '560 419 419 64 354 196 159 141 126 1 33 '93 39 53 15 September '441 '242 '242 '71 170 '96 '75 '200 '200 17 38 145 143 1 October. . '562 r363 '36. 49 47 '267 '223 43 199 199 1 133 65 36 29 November 761 659 659 69 590 444 145 102 102 2 13 86 68 19 December 993 788 788 119 669 544 125 205 190 50 34 105 79 27 15 ' 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. 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. 182 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NEW CORPORATE SECURITY ISSUES * PROPOSED USES OF PROCEEDS, ALL ISSUERS [In millions of dollars] Proposed uses of net proceeds Year or month E p s r t o g i c r m o e s e a s d te s d 2 E p s r t o i n c m e e t a ed te s d 3 New money Retirement of securities Repa o y f ment Other Total P eq la u n ip t m an e d nt W ca o p rk it i a n l g Total Bo n n o d t s e a s nd Pr s e t f o e c r k red other debt purposes 1934 397 384 57 32 26 231 231 84 11 1935 . ... 2,332 2,266 208 111 96 1,865 1,794 71 170 23 1936 4,572 4,431 858 380 478 3,368 3,143 226 154 49 1937 2,310 2,239 991 574 417 1,100 911 190 111 36 1938 2,155 2,110 681 504 177 1,206 1,119 87 215 7 1939 2,164 2,115 325 170 155 1,695 1,637 59 69 26 1940 2,677 2,615 569 424 145 1,854 1,726 128 174 19 1941 2,667 2,623 868 661 207 1,583 1,483 100 144 28 1942 1,062 1,043 474 287 187 396 366 30 138 35 1943 1,170 1,147 308 141 167 739 667 72 73 27 1944 3,202 3,142 657 252 405 2,389 2,038 351 49 47 1945 6,011 5,902 1,080 638 442 4,555 4,117 438 134 133 1945—October 1,082 1,062 156 102 54 853 797 56 19 34 November 152 148 25 9 16 88 68 19 6 29 December 500 491 121 93 29 338 296 42 12 20 1946—January 253 245 111 63 49 118 56 62 5 10 February 297 291 37 17 20 238 222 16 2 15 March 417 405 99 55 44 287 257 30 2 17 April 682 666 213 148 65 376 320 56 57 21 May 844 825 153 91 62 630 514 116 28 14 June 663 643 245 169 77 317 285 32 14 67 July 672 655 327 198 129 258 218 40 46 25 August 497 488 331 126 206 98 77 21 50 10 September..... 267 261 138 101 37 98 38 60 18 6 October 383 377 263 160 104 48 36 12 61 5 November 629 617 511 329 183 81 74 6 6 19 PROPOSED USES OF PROCEEDS, BY MAJOR GROUPS OF ISSUERS [In millions of dollars] Railroad Public utility Industrial Other Year or month Total Retire- All Total Retire- All Total Retire- All Total Retire- All net New ment of other net New ment of other net New ment of other net New ment of other pro- money securi- pur- pro- money securi- pur- pro- money securi- pur- pro- money securi- purceeds ties poses4 ceeds ties poses4 ceeds ties poses4 ceeds ties poses4 1934 172 21 120 31 130 11 77 42 62 25 34 2 20 19 1935 120 57 54 10 1,250 30 1,190 30 774 74 550 150 122 46 72 4 1936 774 139 558 77 1,987 63 1,897 27 1,280 439 761 80 390 218 152 20 1937 338 228 110 1 751 89 611 50 1,079 616 373 90 71 57 7 7 1938 54 24 30 1,208 180 943 86 831 469 226 136 16 8 7 1 1939 182 85 97 1,246 43 1,157 47 584 188 353 43 102 9 88 5 1940 319 115 186 18 1,180 245 922 13 961 167 738 56 155 42 9 104 1941 361 253 108 1,340 317 993 30 828 244 463 121 94 55 18 21 1942 47 32 15 464 145 292 27 527 293 89 146 4 4 1943 160 46 114 469 22 423 25 497 228 199 71 21 13 4 4 1944 602 102 500 1,400 40 1,343 17 1,033 454 504 76 107 61 42 3 1945 1,436 115 1,320 2,291 69 2,159 63 1,969 811 1,010 148 206 85 65 56 1945—October 246 27 219 566 16 524 26 223 95 105 23 28 19 5 4 November.. 63 2 54 7 61 21 33 7 24 1 22 December. . 68 19 50 213 24 181 8 184 70 105 9 26 9 3 15 1946—January.... 7 7 43 1 43 181 98 68 15 13 6 7 February... 150 1 148 1 32 1 31 100 26 *9 15 9 9 March 192 2 190 78 1 76 126 94 13 19 10 2 8 April 98 1 97 ....... 138 6 119 13 412 198 157 56 18 7 3 9 M^ay 76 7 69 424 5 408 11 289 127 137 25 37 14 17 6 June 35 9 26 179 10 134 35 405 206 153 45 24 20 4 July 9 8 1 338 181 156 1 277 131 102 44 31 6 25 August 3 3 41 6 33 2 392 313 63 16 53 9 1 42 September.. 19 16 3 111 13 86 12 130 108 9 13 1 1 October.. .. 40 21 19 124 108 17 210 132 12 66 3 3 November.. 18 18 61 18 33 10 530 470 48 12 8 5 3 1 Estimates of new issues sold for cash in the United States. Figures for December will be published in the BULLETIN for March. 2 Gross proceeds are derived by multiplying principal amounts or number of units by offering price. 3 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. FEBRUARY 1947 183 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

QUARTERLY EARNINGS AND DIVIDENDS OF LARGE CORPORATIONS INDUSTRIAL CORPORATIONS [In millions of dollars] Net profits,1 by industrial groups P d r i o v f i i d ts e n a d n s d Manufacturing and mining Dividends Mis- Year or quarter Other Non- Oil cella- Total Iron Ma- Au- p tr o a r n ta s- - f m er e r t o a u ls s O du th ra e - r F be o v o e d r s - , pro in d g uc- In tr d ia u l s- O n t o h n e - r n s e e o rv u - s pr N of e i t ts1 Pre- Comand chin- tomo- tion and ble ages, and chemi- dura- ices2 ferred mon steel ery biles equip- prod- goods and refin- cals ble ment ucts tobacco ing goods Number of companies. 629 47 69 15 68 77 75 49 45 30 80 74 152 152 152 Annual 1939 1,465 146 115 223 102 119 70 151 98 186 134 122 847 90 564 1940 1,818 278 158 242 173 133 88 148 112 194 160 132 1,028 90 669 1941 2,163 325 193 274 227 153 113 159 174 207 187 152 1,137 92 705 1942 1,769 226 159 209 182 138 90 151 152 164 136 161 888 88 552 1943 1,800 204 165 201 180 128 83 162 186 170 149 171 902 86 556 1944 1,896 194 174 222 190 115 88 175 220 187 147 184 970 86 611 1945 1,925 188 163 243 169 108 88 199 223 187 154 203 989 85 612 Quarterly 1943—i 430 52 39 47 3 48 34 19 39 36 41 36 39 209 21 127 2 433 47 41 50 3 46 32 22 37 42 41 36 38 221 22 132 3 461 51 41 52 3 46 31 20 43 49 40 39 50 226 21 127 4 . . 477 53 45 53 3 41 31 23 43 58 47 38 44 246 22 170 1944—1 444 47 40 52 3 52 29 20 38 49 42 36 39 224 21 142 2 459 46 40 55 3 47 30 22 43 52 43 37 43 230 22 149 3 475 47 38 55 3 47 28 21 45 56 49 37 52 244 20 137 4 518 55 55 59 3 43 28 25 49 64 53 37 50 272 23 184 1945—i 492 49 38 63 3 50 31 21 45 62 48 39 45 250 20 142 3 2 5 43 0 9 8 3 5 7 3 3 4 5 2 4 7 6 7 s 3 3 4 6 7 2 23 7 2 20 1 5 4 0 6 6 61 4 4 43 5 3 37 8 4 53 7 2 22 6 4 9 2 21 2 1 1 4 4 3 5 4 485 49 47 58 3 36 27 26 58 37 51 40 58 246 22 182 1946—1 323 22 -19 -34 s-5 20 12 65 56 63 62 82 116 20 146 2 604 67 49 21 351 26 37 74 62 66 71 80 250 21 153 3 676 94 31 44 3 38 43 42 84 78 67 76 79 303 20 149 PUBLIC UTILITY CORPORATIONS [In millions of dollars] Railroad4 Electric. power6 Telephone6 Year or quarter r O e p v in e e r g n a u t e - I i b n n t e c c a f o o x o m m 7 re e e inc N o e m t e1 d D e i n v d i- s r O e p v in e e r n g a u t e - I i b n n t e c c a f o o x o m m 7 re e e inc N o e m t e1 d D e i n v d i- s r O e p v i e n e r n g a u t e - I i b n n t e c c a f o o x o m m 7 re e e inc N o e m t e1 d D e i n v d i- s Annual 1939 3,995 126 93 126 2,647 629 535 444 1,067 227 191 175 1940 4,297 249 189 159 2 797 692 548 447 I 129 248 194 178 1941 5,347 674 500 186 3,029 774 527 437 1,235 271 178 172 1942 7,466 1,658 902 202 3,216 847 490 408 1,362 302 163 163 1943 9,055 2,211 873 217 3,464 914 502 410 1,537 374 180 168 1944 9,437 1,971 668 246 3,618 915 499 390 1,641 399 174 168 1945 8,902 755 447 253 3,695 906 523 399 803 396 177 173 Quarterly 1943—i 2,091 515 214 29 864 254 136 99 366 88 42 40 2 2,255 608 244 52 835 221 118 100 382 96 44 42 3 2,368 653 250 36 859 210 114 99 391 94 45 43 4 2,340 435 166 100 906 228 133 113 398 96 48 43 1944 1 2,273 458 148 31 925 262 135 94 400 97 42 42 2 2,363 511 174 55 886 241 123 102 406 101 43 42 3 2,445 550 180 30 878 207 111 94 409 98 43 42 4 2,356 452 165 130 929 205 130 101 426 104 46 43 1945—i 2,277 425 139 30 971 292 139 102 436 115 46 41 2 2,422 504 187 72 909 233 123 96 444 109 45 44 3 2,231 229 125 29 887 211 116 92 449 103 44 43 4 1,972 -404 -4 123 928 171 145 109 474 70 43 46 1945—i 1,866 38 14 56 971 299 196 107 475 84 54 46 2 1,711 -54 -42 52 915 221 151 110 497 74 53 46 3 2,045 156 125 41 937 207 142 112 502 55 44 48 1 "Net profits" and "net income" refer to income after all charges and taxes and before dividends. 2 Includes 29 companies engaged in wholesale and retail trade (largely department stores), 13 in the amusement industry, 21 in shipping and transportation other than railroads (largely airlines), and 11 companies furnishing scattered types of service. 3 Partly estimated. ' Class I line-haul railroads, covering about 95 per cent of all railroad operations. 6 Class A and B electric utilities, covering about 95 per cent of all electric power operations. Figures include affiliated nonelectric operations. « Thirty large companies, covering about 85 per cent of all telephone operations. Series excludes American Telephone and Telegraph Company, the greater part of whose income consists of dividends received on stock holdings in the 30 companies. 7 After all charges and taxes except Federal income and excess profits taxes. Sources.—Interstate Commerce Commission tor railroads; Federal Power Commission for electric utilities (nonelectric operations and quarterly figures prior to 1942 are partly estimated); Federal Communications Commission for telephone companies (except dividends); published reports for industrial companies and for telephone dividends. Figures for the current and preceding year subject to revision. For description of data and back figures, see pp. 214-217 of the March 1942 BULLETIN. 184 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

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 d T g d i r o e r o e t b s a c t s l t i b n T d e d t i a o e r e r e r t b i a e c n t l s t g t- Total2 T M re b a a il r s l k u s e ry tab c l i C e e n a d e t d p n e r e t s e u i b f s b o t i s - - l f ic T is r s n e u o a e t s e s u 1 s ry Tr b e o a n s d u s ry N T o o n t m al2 arke s ta b a U b o v . l n i e n S d g s . p s ub T l t s i a r c a n e x v o i a s i t a s n s e u n u g s d r e s y s S i p ss e u c e ia s l i b n N e d t a e e o r r b n i e n t - s g t- s t g b e t e F u c e e e u r a a u d e r r r l i i a s l i t n y t n n i - g e - - s 1940—June 42,968 42,376 34,436 1,302 6,383 26,555 3,166 2,905 4,775 591 5,498 Dec. 45,025 44,458 35,645 1,310 6,178 27,960 3,444 3,195 5,370 566 5,901 1941—June 48,961 48,387 37,713 1,603 5,698 30,215 4,555 4,314 6,120 574 6,360 Dec 57,938 57,451 41,562 2,002 5,997 33,367 8,907 6,140 2,471 6,982 487 6,317 1942—June.... 72,422 71,968 50,573 2,508 3,096 6,689 38,085 13,510 10,188 3,015 7,885 454 4,548 Dec 108,170 107,308 76,488 6,627 10,534 9,863 49,268 21,788 15,050 6,384 9,032 862 4,283 1943—June 136,696 135,380 95,310 11,864 16,561 9,168 57,520 29,200 21,256 7,495 10,871 1,316 4,092 Dec. 165,877 164,508 115,230 13,072 22,843 11,175 67,944 36,574 27,363 8,586 12,703 1,370 4,225 1944—June.... 201,003 199,543 140,401 14,734 28,822 17,405 79,244 44,855 34,606 9,557 14,287 1,460 1,516 Dec, 230,630 228,891 161,648 16,428 30,401 23,039 91,585 50,917 40,361 9,843 16,326 1,739 1,470 1945—June 258,682 256,357 181,319 17,041 34,136 23,497 106,448 56,226 45,586 10,136 18,812 2,326 409 Dec 278,115 275,694 198,778 17,037 38,155 22,967 120,423 56,915 48,183 8,235 20,000 2,421 553 1946—Jan 278,887 277,456 199,633 17,042 41,502 19,551 121,358 57,168 48,588 8,107 20,655 1,431 545 Feb 279,214 277,912 199,810 17,032 41,413 19,551 121,635 57,206 48,692 8,043 20,897 1,301 539 Mar 276,012 274,748 197,063 17,047 40,399 18,261 121,177 56,550 48,733 7,365 21,135 1,264 542 Apr 273,898 272,711 195,079 17,054 38,408 18,261 121,177 56,408 48,828 7,144 21,224 1,188 533 May. . . . 272,583 271,440 193,487 17,041 36,828 18,261 121,177 56,472 48,917 7,127 21,481 1,143 542 June.... 269,422 268,111 189,606 17,039 34,804 18,261 119,323 56,173 49,035 6,711 22,332 1,311 467 July 268,270 267,039 187,596 17,023 37,720 13,351 119,323 56,399 49,320 6,669 23,045 1,231 324 Aug 267,546 266,359 186,350 17,024 36,473 13,351 119,323 56,566 49,447 6,688 23,443 1,187 370 Sept 265,369 264,217 184,338 17,007 34,478 13,351 119,323 56,025 49,545 6,096 23,854 1,152 391 Oct 263,532 262,415 182,318 16,987 32,478 13,351 119,323 56,081 49,624 6,003 24,015 1,117 378 Nov 262,277 260,925 180,328 17,000 30,475 13,351 119,323 56,343 49,709 5,978 24,254 1,352 362 Dec 259,149 257,649 176,613 17,033 29,987 10,090 119,323 56,451 49,776 5,725 24,585 1,500 331 1947—Jan 259,776 258,378 176,444 17,074 29,791 10,090 119,323 57,157 50,343 5,590 24,777 1,399 262 1 Including amounts held by Government agencies and trust funds, which aggregated 6,293 million dollars on Dec. 31, 1946. 2 Total marketable public issues includes Postal Savings and prewar bonds, and total nonmarketable public issues includes adjusted service, depositary, and Armed Forces Leave bonds not shown separately. Back figures.—See Banking and Monetary Statistics, Tables 146-148, pp. 509-512. UNITED STATES GOVERNMENT MARKETABLE PUBLIC UNITED STATES SAVINGS BONDS SECURITIES OUTSTANDING JANUARY 31, 1947 [In millions of dollars] On basis of daily statements of United States Treasury. In millions of dollars] Amount Fundsreceived from salesduring t R io e n d s e m an p d - Period out- maturities Issue and coupon rate Amount Issue and coupon rate Amount Month standing at end of Treasury bills* Treasury bonds—Cont. month All Series Series Series All Feb. 6, 1947 1,312 Dec. 15, 1949-53 V.2^ 1,786 series E F G series Feb. 13, 1947 1,314 Mar. 15, 1950-52 2 1,963 Feb. 20, 1947 1,314 Sept. 15, 1950-52 V.2K 1,186 Fiscal year Feb. 27, 1947 1,313 Sept. 15, 1950-52 2 4,939 ending: M M a a r r . . 1 6 3 , , 1 1 9 9 4 4 7 7 1 1 , , 3 3 1 1 5 6 J D u e n c e . 1 1 5 5 , , 1 19 9 5 5 0 1 -54 *..2 \ % y2 2 1 , ,6 6 2 3 7 5 june—19 19 4 4 0 1.''. 4 2 , , 3 9 1 0 4 5 1 I 4 1 9 0 2 9 203 67 395 1 1 1 4 4 8 Mar. 20, 1947 1,309 Sept. 15, 1951-53 2 7,986 1942.. 10,188 5 994 3,526 435 2,032 207 Mar. 27, 1947 1,317 Sept. 15, 1951-55" 3 755 1943.. 21,256 11 789 8,271 758 2,759 848 Apr. 3,1947... . 1,311 Dec. 15, 1951-53 V.2K 1,118 1944.. 34,606 15 498 11,820 802 2,876 2,371 Apr. 10, 1947 1,312 Dec. 15, 1951-55 2 510 1945.. 45,586 14 891 11,553 679 2,658 4,298 rA A p p r r . . 2 1 4 7 , , 1 1 9 9 4 4 7 7 1 1 , , 3 3 1 1 6 6 J M u a n r e . 1 15 5 , . 1 19 9 5 5 2 2 - - 5 5 4 4 ... iy 2 2 5 1 , , 8 0 2 2 5 4 1946.. 49,035 9 612 6,739 407 2,465 6,717 May 1, 1947 1,312 June 15, 1952-55... 2M 1,501 1946—Jan 48,588 960 641 40 278 629 Cert, of indebtedness Dec. 15, 1952-54 2 8,662 Feb.. . . 48,692 622 367 30 225 565 Feb. 1, 1947. 4,954 June 15, 1953-55* 2 725 Mar.... 48,733 626 371 27 228 634 Mar. 1947 % 3,133 June 15, 1954-56 V.2M 681 Apr 48,828 668 388 29 250 621 J A J u u p n ly r e . 1 1 1 9 9 9 4 4 4 7 7 7 V V V s 8 s 2 2 2 , , , 9 7 8 1 7 2 6 5 0 S M M e a a p r r t . . . 1 1 1 5 5 5 , , , 1 1 19 9 9 5 5 5 6 5 6 - - - 5 6 5 9 0 8 * .. . • . . . . 2 2 ! % % ^ 2 1 , , 6 9 4 1 8 4 1 2 9 M J J u u a l n y y e . . . . . . . . . 4 4 4 8 9 9 , , , 9 0 3 1 3 2 7 5 0 5 5 7 9 7 5 4 1 3 3 3 3 4 2 8 5 1 6 2 2 3 4 4 1 2 2 3 2 3 2 5 5 6 5 5 5 5 3 1 2 7 9 Aug. 1947 7A 1,223 Sept. 15, 1956-59... 2 M 3,823 Aug... . 49,477 590 347 25 217 478 Sept. 1947 7A 2,341 June 15, 1958-63 *..2M 919 Sept... 49,545 494 309 20 165 482 Oct. 1947 % 1,440 June 15, 1959-62'.. 2 M 5,284 Oct 49,624 519 327 24 169 489 Nov. 1947 % 1,775 Dec. 15, 1959-62 '..2M 3,470 Nov.... 49,709 453 294 20 139 418 Dec. 1947 V% 3,281 Dec. 15, 1960-65 *..2M 1,485 Dec 49,776 576 370 29 178 504 Jan. , 1948 % 3,134 June 15, 1962-67»-.. 2 H 2,118 1947—Jan 50,343 952 535 53 364 483 Dec. 15, 1963-68'..2M 2,831 Treasury notes June 15, 1964-69 r..2H 3,761 Maturities and amounts outstanding January 31, 1947 Mar. 15, 1947...... 1M 1,948 Dec. 15, 1964-69 «\.2H 3,838 S S S e e e p p p t t t . . . 1 1 1 5 5 5 , , , 1 1 1 9 9 9 4 4 4 7 7 8 1 \ \ J H y ^ 2 3 2 1 , , ,6 7 7 8 0 4 7 7 8 M M J S u e a a n p r r e t . . . 1 1 1 1 5 5 5 5 , , , , 1 1 1 1 9 9 9 9 6 6 6 6 7 5 6 7 - - - 7 - 7 7 7 2 0 1 2 r ' ' . . . . . . . . . 2 2 2 H H ^ 3 5 7 2 , , , , 4 1 7 9 8 9 1 6 1 7 6 7 m Y a e t a u r r i o t f y se A ri l e l s S C e - ri D es Se E ries Se F ries Se G ries Treasury Bonds Dec. 15, 1967-72 '..2^ 11,689 1947 372 372 Oct. 15, 1947-52 «..4M 759 1948 504 504 Dec. 15, 1947 ........ 2 701 Postal Savings 1949 806 806 MM ar. 155 , 191448-580.5. 022 1,115 bonds 2H 116 1950 981 981 Mar. 15, 1948-51«.. 2 1,223 Panama Canal Loan.3 50 1951 1,595 436 1,158 S Ju e n p e t. 1 1 5 5 , , 1 19 9 4 4 8 8 * 2 1 3,0 4 6 5 2 1 Total direct issues. .. 176,444 1 1 9 9 5 5 2 3 . . 4 8 ; , 4 0 9 8 9 7 4 6 , , 4 7 9 3 9 0 209 1,148 Dec. 15, 1948-50*... 571 Guaranteed securities 1954 10,636 7,852 560 2,224 June 15, 1949-51.... 1,014 Federal Housing Admin. 1955 9,415 6,466 620 2,329 Sept. 15, 1949-51.... 1,292 Various 1956 6,986 3,613 700 2,673 Dec. 15, 1949-51 2,098 1957 3,239 251 561 2,426 Dec. 15, 1949-52*.. 3 491 1958 2,962 324 2,638 1959 323 38 285 Unclassified. . -63 • Partially tax exempt. 1 ' S R o e ld st r o i n ct e d d is . count basis. See table on Open-Market Money Rates, Total 50,343 3,100 30,570 3,013 13,723 p. 181. FEBRUARY 1947 185 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES, DIRECT AND FULLY GUARANTEED [Estimates of the Treasury Department. Par value, in millions of dollars] Held by banks Held by nonbank investors End of month s i b e n T c e t u e a o r r r t e i i a t n s i l g t e - s Total b m C a e n o r k m c s ia - 1 l R F B e e a d s n e e r k r v a s e l Total vi I d n u d a i- ls p I c a n a o n s n m c u ie e r - s - M s b a a v u n i t n u k g a s s l a r c s O a o s a t o t r i n h o p c d e o n ia r - s - S l g e a o t o r n c a n v d a t - - e l a U m nd . e n S t t r . u a G s g t o e v n f e u c r i n e n d s - s tions ments Special Public 1940—June 47,874 18,566 16,100 2,466 29,308 9,700 6,500 3,100 '2,500 '400 4,775 2,305 1941—June 54,747 21,884 19,700 2,184 32,863 '10,900 7,100 3,400 2,400 '600 6,120 2,375 December 63,768 23,654 21,400 2,254 40,114 '13,600 8,200 3,700 4,400 '700 6,982 2,558 1942—June 76,517 28,645 26,000 2,645 47,872 '17,900 9,200 3,900 5,400 '900 7,885 2,737 December 111,591 47,289 41,100 6,189 64,302 '23,700 11,300 4,500 11,600 pl,000 9,032 3,218 1943—June 139,472 59,402 52,200 7,202 80,070 30,300 13,100 5,300 '15,500 '1,500 10,871 3,451 December 168,732 71,443 59,900 11,543 97,289 37,100 15,100 6,100 '20,000 '2,100 12,703 4,242 1944—June 201,059 83,301 68,400 14,901 117,758 45,100 17,300 7,300 '25,800 3,200 14,287 4,810 December 230,361 96,546 77,700 18,846 133,815 52,200 19,600 8,300 27,600 4,300 16,326 5,348 1945—June 256,766 105,892 84,100 21,792 150,874 58,500 22,700 9,600 29,900 5,300 18,812 6,128 December 276,246 114,862 r90,600 24,262 161,384 '63,500 24,400 10,700 '29,300 '6,500 20,000 7,038 1946—March 275,290 112,301 '•89,700 22,601 162,989 63,600 25,000 11,200 '28,400 '6,700 21,135 7,046 April 273,244 112,032 '89,300 22,732 161,212 63,100 25,000 11,300 '26,800 '6,700 21,224 7,045 May 271,983 110,632 '87,700 22,932 161,351 63,000 25,200 11,300 '26,600 '6,600 21,481 7,048 June 268,578 107,883 '•84,100 23,783 160,695 62,800 25,300 11,500 '25,600 '6,500 22,332 6,798 July 267,363 106,433 '82,800 23,633 160,930 62,900 25,400 11,600 '25,100 '6,400 23,045 6,666 August 266,729 105,146 '81,200 23,946 161,583 62,900 25,400 11,700 '25,100 '6,400 23,443 6,619 September 264,608 103,549 '79,500 24,049 161,059 62,700 25,400 11,700 '24,500 '6,300 23,854 6,524 October 262,792 101,918 '78,400 23,518 160,874 62,800 25,400 11,700 '24,200 '6,300 24,015 6,419 November 261,286 100,444 76,500 23,944 160,842 63,100 25,300 11,700 24,000 6,200 24,254 6,355 ' Revised. 1 Including holdings by banks in territories and insular possessions, amounting to 100 million dollars on June 30, 1942, and 500 million on Oct. 31, 1946. SUMMARY, DATA FROM TREASURY SURVEY OF OWNERSHIP OF SECURITIES ISSUED OR GUARANTEED BY THE UNITED STATES * [Public marketable securities. Par values in millions of dollars] U. S. U. S. Gov- Gov- Total m er e n n - t F e e ra d l - C m o e m r- - M tua u l - Insur- Total m er e n n - t F e e ra d l - C m o e m r- - M tua u l - Insur- End of month st o a u n t d - - a c g i e e n s - s R er e v - e b c a i n a k l s s in a g v s - c a o n m ce - Other End of month st o a u n t d - - a c g i e e n s - se R r e v - e b c a i n a k l s s in a g v s - c a o n m ce - Other ing and Banks 0) banks panies ing and Banks C1) banks panies trust trust funds funds Total:2 Treasury bonds: 1946—June.. 189,649 6,76823,78376,57811,22024,28547,015 Total: July.. 187,638 6,63623,63375,46511,33724,39346,174 1946—June.. 119,323 6,655 755 47,33510,74323,07330,764 Aug... 186,394 6,58423,94673,99311,42224,38146,068 July.. 119,323 6,494 755 47,66010,85523,17130,388 Sept.. 184,382 6,48924,04972,39011,44924,42945,574 Aug. . 119,323 6,451 755 47,85610,89323,14730,220 Oct.. . 182,362 6,38423,51871,34711,48724,38245,243 Sept.. 119,323 6,375 755 48,18610,93023,18229,895 Nov.. 180,372 6,32023,94469,52911,45924,28344,837 Oct.. . 119,323 6,257 755 48,38310,95823,21029,760 Nov.. 119,323 6,199 753 48,46910,98323,14229,777 Treasury bills: Maturing within 1946—June.. 17,039 314,466 1,142 3 1 1,424 5 years: July. . 17,023 714,406 1,225 1 1,384 1946—June.. 10,772 272 7,776 232 347 2,145 Aug... 17,024 714,739 925 1,352 Tulv 10 772 272 7,760 225 348 2,168 S O e c p t. t . . . . 1 1 7 6 , , 0 9 0 8 7 7 4 6 1 14 4 , , 5 7 9 1 5 1 1,1 9 2 3 6 9 1 1 1 1 , , 2 35 6 2 0 AS A eupgt. ' .. ' 1 1 2 0, , 7 0 7 6 2 4 2 27 7 2 3 8 7 , , 8 7 1 8 1 5 2 2 3 5 0 9 4 3 5 4 8 3 2 2 , , 1 2 4 6 4 3 Nov.. 17,000 6 15,025 848 1 1,121 Oct... 12,064 273 8 762 274 459 2,296 Nov.. 12,064 273 8,788 290 363 2,351 Certificates: Maturing in 5-10 1946—June.. 34,804 58 6,81316,676 243 576 10,439 years: July.. 37,720 83 7,87617,616 272 603 11,270 1946—June.. 44,928 1,133 31,545 1,905 3,337 7,013 Aug. . 36,473 74 7,85616,342 302 610 11,289 July. . 44,928 1,108 31,697 1,877 3,293 6,948 Sept.. 34,478 57 7,915 14,532 261 605 11,108 Aug... 44,928 1,108 31,814 1,828 3,247 6,925 Oct... 32,478 64 7,45213,343 252 521 10,846 Sept.. 43,636 1,100 30,797 1,779 3,130 6,828 Nov.. 30,475 56 7,33111,831 210 478 10,569 Oct... 43,636 1,096 30,826 1,772 3,135 6,807 Nov. . 43,636 1,057 30,753 1,804 3,152 6,869 Treasury notes: Maturing in 10-20 1946—June.. 18,261 9 1,748 11,396 227 623 4.258 years: July.. 13,351 7 596 8,938 206 604 3,000 1946—June.. 20,023 915 5,257 3,461 3,165 7,226 Aug. . 13,351 7 596 8,843 222 609 3,074 July.. 20,023 859 5,403 3,472 3,173 7.11& Sept.. 13,351 8 668 8,707 254 629 3,087 Aug... 20,023 833 5,455 3,454 3,197 7,084 Oct... 13,351 14 715 8,469 273 636 3,245 Sept.. 20,023 801 5,750 3,428 3,147 6,897 Nov.. 13,351 14 835 8,353 263 648 3,238 Oct.. . 20,023 751 5,978 3,390 3,106 6,798 Nov. . 20,023 745 6,080 3,389 3,081 6,727 Guaranteed Maturing after 20 securities: years: 1945— J j uulnye. . 4 4 3 3 9 9 1 1 3 4 3 3 1 1 3 3 4 5 1946— J J u u l n y e . . 4 4 3 3 , , 5 5 9 9 8 8 5 5 , , 0 0 9 1 1 1 2 2, . 7 7 9 5 9 8 5 5 , , 1 2 4 8 5 0 1 16 6 , , 3 2 5 2 7 31 1 4 4 , 3 1 8 5 1 2 Aug... 43 9 13 3 13 5 Aug.. 43,598 4,994 2,799 5,38016,36114',064 Sept 44 9 13 3 14 5 Sept.. 43,598 4,956 2,828 5,46316,44913,905 Oct. 44 9 12 3 14 5 Oct. 43,598 4,892 2,817 5,52216,50513*862 Nov.. 45 9 13 3 14 6 Nov.. 43,598 4,876 2,848 5,49916,54513i830 * Figures include only holdings by institutions or agencies from which reports are received. Data for commercial banks, mutual savings banks, and the residual "other" are not entirely comparable from month to month. Since June 1943 the coverage by the survey of commercial banks has been expanded. Figures in column headed "other" include holdings by nonreporting banks and insurance companies as well as by other investors. Estimates of total holdings (including relatively small 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. On Nov. 30, 1946, commercial banks reporting to the Treasury held 18,658 million dollars of U. S. Government securities due or callable within one year out of a total of 57,966 million outstanding. 2 Including 196 million dollars of Postal Savings and prewar bonds not shown separately below. 186 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SUMMARY OF TREASURY RECEIPTS, EXPENDITURES, AND RELATED ITEMS [On basis of daily statements of United States Treasury. In millions of dollars] Period W I h n e c i l t o d h m 2 - e O ta t x h e e s r 1 n i c r M n n e e e n t u l v o a i e l e s u e a l r - 1 - - - s S S t r a o e i x c c ty e i u a s - l O ce r t i e h p - e t r s c T e r o i e p t - a t l s ce N r ip e e - t t s3 d t I e o e e n s n r b - t - t a f W i a e c d t n n t i e e i a d s - v s r e - c T f t o e e r r a u r a u t c s n c n s - . t t t s s o - O p tu e e t n r h x e d - e s r i- e b i x T u t p u o d e r t g n e a e s l d t - D c e i f t i- c T e o a r t u c u c n - . s 4 t t s C f a h g e b u n i a e r a n n a n c n l d - l e - ge c g d r I r e i e n o n a b - s s t s e Fiscal year ending June 1944 8,39326,262 5,291 1,7513,71145,408 44 2, ,039 556 3,540 93,744 49,595 -4,051 + 10,662 64,307 June 1945.... 10,28924,884 6,949 1,793 3,82447,740 46, 3,617 90,029 1,646 5,113 100,405 53,948 +798 +4,529 57,679 June 1946 9,392 21,493 7,725 1,7143,91544,239 43 4,72248,542 1,918 9,837 65,019 21,981 +781 -10,460 10,740 1946—January. . . 554 2,201 645 51 397 3,848 3,819 309 3,417 684 482 4,891 1,073 -276 -577 772 February.. 1,086 1,704 584 310 191 3,875 3,678 118 148 543 3,510 + 168 +39 +534 327 March 658 4,180 649 100 176 5,762 5,747 646 23 1,383 4,602+1,146 +462 -1,593 -3,201 April 485 1,118 642 65 424 2,734 2,677 174 200 1,316 4,251 1,573 +254 -3,433 -2,114 May 966 442 615 285 690 2,998 2,73. 106 95 1,294 3,677 944 -139 -2,398 -1,316 June 650 2,742 615 76 399 4,482 4,479 ,395 2,442 5 1,671 5,513 1,034 -103 -4,298 -3,161 July 514 974 695 67 349 2,600 2,539 249 190 631 2,444 4,514 1,975 +918 -2,209 -1,152 August.... 1,070 443 679 302 223 2,717 2,434 122 1,509 13 152 2,796 363 +98 -989 -724 September. 705 2,845 656 89 186 4,481 4,478 648 1,100 32 1,070 2,851 +1,627 -318 -868 -2,177 October 557 847 752 74 386 2,617 2,544 160 1,481 48 1,335 3,023 479 +215 -2,101 -1,837 November. 1,111 332 669 290 236 2,639 2,364 105 1,436 27 989 2,557 193 +43 -1,405 -1,255 December.. 766 2,120 722 89 416 4,113 4,107 952 1,580 21 1,065 3,618 +490 -525 -3,163 -3,128 1947—January. .. 546 2,117 693 58 445 3,860 3,820 343 1,412 71 1,180 3,005 +814 -232 +1,210 +628 Details of trust accounts, etc. General fund of the Treasury (end of period) Social Security accounts Net ex- Other Assets penditures Period c N e r i e e p - t ts I m n e v n es ts t- p t e u E n r x e d - s i- i c G n i o n m o u c g v n h e e t a e n s r c c t n o - k - f - ce R i e p - ts I m n e v n es t t s - p t e u E n r x e d - s i- Total F p e D o d i s n e e i - r ts al s p p D o e i s n c e i i - t a s l a O s t s h e e ts r l T ia t o i b e t i s a li l - B ge f a u n l i a n n e n d ra c l e agencies Reserve deposi- Banks taries Fiscal year ending: June 1944.... 3,202 2,816 380 4,403 1,851 1,313 192 20,775 1,442 18,007 1,327 607 20,169 June 1945 3,239 2,757 453 1,178 3,820 2,444 -571 25,119 1,500 22,622 997 421 24,698 June 1946 2,940 1,261 1,618 -952 4,726 2,407 2,550 14,708 1,006 12,993 708 470 14,238 1946—January... 178 -36 178 -9 810 583 548 25,851 1,011 24,030 810 424 25,427 February. . 355 -13 178 9 393 225 309 26,414 1,209 24,447 758 453 25,961 March 64 87 174 -635 181 72 85 24,743 2,160 21,776 807 376 24,367 April 135 -60 155 A 326 133 -18 21,293 1,124 19,502 667 359 20,935 May 465 72 158 181 390 165 419 18,859 1,230 16,949 681 323 18,536 June 232 359 140 8 466 253 41 14,708 1,006 12,993 708 470 14,238 July 276 103 137 -l,O74 »586 331 6 448 12,444 702 10,961 781 415 12,029 August.... 492 122 135 66 108 192 -12 11,431 872 9,842 716 391 11,040 September. 57 271 112 -67 216 46 228 10,524 1,445 8,377 702 353 10,171 D O N c e o t c v o e e b m m er b b e e r r . . . 4 1 3 7 5 0 1 9 2 - 8 3 5 7 7 1 1 1 0 0 1 4 9 6 -1 - 1 2 1 6 7 1 1 1 2 2 5 5 7 5 2 2 6 6 6 0 2 3 6 3 7 5 1 8 6 3 8 , , , 9 9 3 6 2 9 5 0 3 8 6 7 2 8 7 2 4 3 5 2 6 , , , 4 5 9 8 7 3 7 0 6 6 6 6 5 6 8 5 8 4 3 4 3 0 1 2 0 8 3 3 6 8 , , , 5 6 0 0 6 7 2 5 0 1947—January... 219 45 126 239 123 165 5,102 1,620 2,736 746 391 4,711 1 Details on collection basis given in table below. 2 Withheld by employers (Current Tax Payment Act of 1943). 8 Total receipts less social security employment taxes which are appropriated directly to the Federal old-age and survivors insurance trust fund. * Excess of receipts (+) or expenditures (—). • Adjustment in classification. Not comparable with back figures. Back figures.—See Banking and Monetary Statistics Tables 150-151 pp. 513-516. INTERNAL REVENUE COLLECTIONS CASH INCOME AND OUTGO OF THE [On basis of reports of collections3. In millions of dcliars] UNITED STATES TREASURY Individual Corporation income [In millions of dollars] income taxes and profits taxes Estate Excise and Period W he it l h d - Other N su o a r r n t m d ax al E pr x o c f e it s s s p O t r a o t x h f e i e t s r s t a a g n x if d e t s c o e th l t l e a a r x n e m e s o i u s s - Period in C c a o s m h e o C u a t s g h o E o c x u a o c t s f g e h s o s Fiscal year ending: Fiscal year ending: June 1940 982 1,121 27 360 2,000 June—1940 7,019 9,555 2,536 1941 1,418 1,852 164 37 407 2,547 1941 9,298 14,031 4,733 1942 3,263 3,069 1,618 57 433 3,405 1942 15,374 34,717 19,342 1943 686 5,944 4,521 5,064 84 447 4,124 1943 25,485 79,253 53,769 1944 7,823 10,438 5,284 9,345 137 511 4,842 1944 48,254 94,296 46,043 1945 10,264 8,770 4,880 11,004 144 643 6,317 1945 51,332 96,263 44,931 1946 9,858 8,847 4,640 7,822 91 677 7,036 1946 48,103 65,904 17,800 1945—December. . 27 560 744 1,398 13 45 466 1945—December.... 4,407 5,303 896 1946—January.... 604 1,743 301 536 6 61 582 1946—January 3,993 5,630 1,637 February... 1,848 991 128 236 4 54 543 February 4,277 3,921 -356 March 154 1,883 1,006 1,268 9 84 555 March 5,950 4,169 -1,782 April 708 508 157 324 5 66 549 April 2,934 4,171 1,237 May 1,245 175 82 157 3 64 577 May 3,492 4,383 891 June 30 1,053 744 994 16 63 548 June 4,736 5,046 310 July 858 375 192 330 4 74 634 July 2,703 2,923 219 August 1,339 77 142 204 4 58 631 August 3,016 2,928 -88 September.. 30 1,198 692 978 10 43 604 September 4,698 2,988 -1,710 October 1,062 234 232 344 4 57 706 October 2,803 2,850 47 November.. 1,243 80 122 123 3 49 612 November. .. . 2,892 2,276 -616 December. . 27 420 752 925 9 62 652 December.... 4,257 3,643 -614 187 FEBRUARY 1947 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOVERNMENT CORPORATIONS AND CREDIT AGENCIES [Based on compilation by United States Treasury Department. In millions of dollars] PRINCIPAL ASSETS AND LIABILITIES Liabilities, other than Assets,other than interagency itemsi interagency items Com- Bonds, notes, U. S. Primodi- Invest- Land, and deben- Gov- vately Corporation or agency Total Cash L c a r o e b e i a - l v n e - s m p s t a l u i a n i e p e t d s - e s , - , G U se o . c v u S m t - . . en O s ts e t c h u e - r s e t m u t a q r r n e u u e d n i c s p t - , - c U h u t n r a t i d e r b g d i - s e - s O s a t e s h t - e s r a t g F n u u u t r e a e ll e r s y - d pa O ya t b h l e e r O li i a t t i b h e i e s l r - i m n e e r t e s e n n t r - t - o in w e t s n e t r e - d rials rities rities by U.S. All agencies: Dec. 31, 1945 33,844 925 5,290 2,288 1,683 32521,017 4721,845 555 1,113 4,212 27,492 472 Mar. 31, 1946 33,325 1,279 5,069 1,918 1,789 28520,784 4601,741 536 1,133 4,959 26,218 479 June 30, 1946 29,869 1,305 5,381 1,550 1,767 43917,438 3851,605 325 1,234 4,939 22,889 482 Sept 30 1946 29,569 1,157 5,949 1,429 1,836 39016,973 2991,536 377 1,250 3,37724,069 496 Classification by agency, Sept. 30, 1946 Department of Agriculture: Farm Credit Administration: Banks for cooperatives 269 22 203 43 1 25 235 9 Federal intermediate credit banks. 388 22 320 43 3 315 2 72 Federal land banks 1,163 41 959 139 5 19 808 37 77 242 Production credit corporations.... 117 1 68 48 117 Regional Agricultural Credit Corp. 15 13 2 1 14 Others 24 2 18 3 2 21 Federal Farm Mortgage Corp . 151 9 138 5 3 3 145 Rural Electrification Administration 500 7 489 4 500 Commodity Credit Corp 1,414 513 29 578 5 9 281 334 1,390 -310 Farm Security Administration 454 52 324 16 5 56 6 448 Federal Crop Insurance Corp 15 5 7 3 6 9 Federal Surplus Commodities Corp... 3 3 3 National Housing Agency: Federal Home Loan Bank Administration: Federal home loan banks 386 20 235 130 1 102 55 124 105 Federal Savings and Loan Insurance Corp . . . 173 1 168 4 3 170 Home Owners' Loan Corp 728 21 669 17 15 2 3 5 23 700 Federal Public Housing Authority and affiliate: Federal Public Housing Authority 533 11 279 I 8 227 2 6 2 531 Defense Homes Corp. 60 1 1 58 1 59 Federal Housing Administration 191 34 25 ' "ii7 1 15 34 10 147 Federal National Mortgage Association. 6 6 6 R F.C Mortgage Company 23 14 7 2 I... 1 23 Reconstruction Finance Corp.4 5,047 17 737 742 48 164 2,975 111 253 781 4,267 Export-Import Bank 1,035 84 945 6 153 882 Federal Deposit Insurance Corp 1 053 12 2 1,030 9 28 886 139 Federal Works Agency 272 2 79 144 47 272 Tennessee Valley Authority 760 24 1 8 723 4 8 751 U. S. Maritime Commission: Maritime Commission activities 3,728 101 3 69 3 3,300 9 244 144 3,585 War Shipping Adm. activities 8,487 97 12 7,766 156 455 646 7,840 All other 2,573 43 470 13 24 160 1,743 7 112 75 2,497 CLASSIFICATION OF LOANS BY PURPOSE AND AGENCY Sept. 30, 1946 Purpose of loan b F l a a e n n d k d . s M C F F a o e o r r d r m p t . . . b c i m F n r a a e e t e n t e d d e d k r i i . - s - t f o B t o i p r a v e n e r c k s a o s - - C m C C r o o o e d r m d p i i t - . t y t A R r E t i i f u d l o i e r m c n c a a - . l - A F S r e a d i c t r m y m u- . H C O L e o o o w rs m r a ' n p n e - . P H A F u i o u n e b u t g d l h s i . c . - b h l F a o o e n a m d k n . e s R a a a . f F f t n i e l d . s i C - . B p p I E o a m o x r n - r t - t k - o A th l e l r a c g A i e e l n l s - 3 a 0 g , J e u a n 1 l n c l 9 e i 4 e 6 s To aid agriculture 1,026 168 320 204 29 489 485 (2) 139 2,860 2,873 To aid home owners 682 21 1 704 760 To aid industry: Railroads 153 18 171 195 Other 140 42 182 197 To aid financial institutions: Banks 12 7 20 23 Other 235 2 237 235 Foreign loans 249 "'983' "406' 1,632 972 Other 279 245 (2) 117 641 686 Less: Reserve for losses. 67 29 (2) 1 (2) (2) 160 13 66 38 123 498 561 Total loans receivable (net) 959 138 320 203 29 489 324 669 279 235 757 945 601 5.949 5.381 1 Assets are shown on a net basis, i.e., after reserves for losses. 2 Less than $500,000. 3 Includes Agricultural Marketing Act Revolving Fund and Emergency Crop and Feed Loans. * Includes U. S. Commercial Company and War Damage Corp. By action of the Board of Directors of the Reconstruction Finance Corp. all assets and liabilities of the Rubber Development Corp. were transferred to former Corporation effective July 1, 1946. NOTE.—This table is based on the revised form of the Treasury Statement beginning Sept. 30, 1944, which is on a quarterly basis. Quarterly figures are not comparable with monthly figures previously published. Monthly figures on the old reporting basis for the months prior to Sept. 30, 1944, may be found in earlier issues of the BULLETIN (see p. 1110 of the November 1944 BULLETIN) and in Banking and Monetary Statistics, Table 152. p. 517. 188 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BUSINESS INDEXES _The terms "adjusted 'and "unadjusted" refer to adjustment of monthly figures for seasonal variation] In (p d h u y s s t i r c ia a l l v p o ro lu d m uc e t ) i * o n 2 Co c n o s n t t r r u a c c t t i s on Employment4 1935-39=100 awarded (value)2 ic>39=100 Depart- Income 1923-25=100 Fac- ment Whole- Y an e d ar 1 ( m v 9 p a 3 e a l 5 n y u - - t e 3 s ) 9 1 f M ac a tu n r u e - s Resi- Non- 1 r t 9 p o o 3 a l r l v y 9 s4 = c 1 F a = 9 i r r n 3 1 e l g o 5 i 0 s g a - 0 * 3 d h 9 - t u s s ( t e v a o l ) a e r * l e s - 5 p m c 1 r s o i o a 9 c m d l 2 e e i 6 s - t 4 y C 1 l = 9 i o v 3 1 s i 5 t n 0 o - g 0 3 f 4 9 Month =100 Total Min- Total den- All agri- Factory 100 1935-39 =100 D ab u l r e - N du o r n - - erals tial other t c u u r l a - l =100 able Ad- Ad- Unad- Ad- Ad- Ad- Ad- Ad- Ad- Ad- Ad- Unad- Unad- Ad- Ad- Unad- Unadjusted justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed 1919 72 84 62 71 63 44 79 103.8 103.2 120 83 138.6 124.5 1920 75 93 60 83 63 30 90 104.2 123.5 129 99 154.4 143.2 1921 . 58 53 57 66 56 44 65 79 8 79.7 110 92 97.6 127.7 1922 73 81 67 71 79 68 88 88.2 85^5 121 94 96*7 119!7 1923 88 103 72 98 84 81 86 101.0 108.4 142 105 100.6 121.9 1924 82 95 69 89 94 95 94 93.8 101.2 139 105 98* l 122.2 1925 90 107 76 92 122 124 120 97.1 106.6 146 110 103.5 125!4 1926 96 114 79 100 129 121 135 98.9 109.9 152 113 100.0 126.4 1927 95 107 83 100 129 117 139 96.8 107.9 147 114 95.4 124.0 1928 99 117 85 99 135 126 142 96^9 109.1 148 115 96 7 122.6 1929 122.9 110 132 93 107 117 87 142 102.6 103.1 117.1 152 117 95.3 122.5 1930 109.1 91 98 84 93 92 50 125 95.5 89.8 94.7 131 108 86.4 119.4 1931 92 3 75 67 79 80 63 37 84 86 1 75.8 71.8 105 97 73.0 108 7 1932 70.6 58 41 70 67 28 13 40 75! 5 64.4 49.5 78 75 64^8 97!6 1933 68.9 69 54 79 76 25 37 76 0 71.3 53.1 82 73 65 9 92.4 1934 78.7 75 65 81 80 32 12 48 83.8 83.1 68^3 89 83 74^9 9517 1935 87.1 87 83 90 86 37 21 50 87.6 88 7 78.6 92 88 80.0 98.1 1936 101.3 103 108 100 99 55 37 70 94.9 96.4 91.2 107 100 80.8 99.1 1937 107 7 113 122 106 112 59 41 74 100 9 105.8 108 8 111 107 86.3 102 7 1938 98.5 89 78 95 97 64 45 80 94.4 9o!o 84^7 89 99 78^6 100! 8 1939 105.4 109 109 109 106 72 60 81 100.0 100.0 100.0 101 106 77.1 99.4 1940 113 S 125 139 115 117 81 72 89 104.7 107.5 114.5 109 114 78.6 100 2 1941 138.0 162 201 142 125 122 89 149 117*5 132.1 167.5 130 133 87^3 105.2 1942.. 174.6 199 279 158 129 166 82 235 126. 7 154.0 245.2 138 149 98 8 116.5 1943 213.0 239 360 176 132 68 40 92 132 4 177.7 334.4 137 168 103 !l 123.6 1944 233 4 235 353 171 140 41 16 61 130 8 172.4 345.7 140 186 104.0 125.5 1945 P239.1 203 274 166 137 68 26 102 125*7 149.5 288.4 135 207 105.8 128^4 1946 P17Q P192 P164 P1284 "139 4 132 P264 121.1 139.3 1944 January.. . 227.2 243 240 369 176 139 55 29 76 132.5 178.8 178.3 351.6 145 174 103.3 124.2 February.. 232 4 244 240 367 177 142 45 21 64 132.4 178.5 178.0 352.7 142 172 103.6 123.8 March.... 231.9 241 238 364 175 139 40 17 59 131.8 176.6 176.2 350.5 140 '179 103.8 123.8 April 231.1 239 237 361 172 140 36 17 52 131.1 174.5 173.8 345.0 138 175 103.9 124.6 May 232 1 236 236 356 169 143 33 16 46 130 9 173.3 172.3 345.3 138 185 104.0 125 1 June 233.9 235 236 354 169 142 34 15 50 131.1 172^5 172^2 346.6 139 177 104.3 125!4 July 233.2 230 232 347 165 139 38 14 57 130.8 171.4 171.9 339.6 142 186 104.1 126.1 August.... 234.0 232 235 348 168 142 41 13 63 130.8 170.9 172.0 343.1 142 187 103.9 126.4 September 232.5 230 234 342 168 143 39 13 61 129.9 169.3 170.1 341.9 139 '190 104.0 126.5 October. . . 235.5 232 234 344 169 143 42 13 65 129.2 168.1 168.5 343.8 137 193 104.1 126.5 November. 237.5 232 232 341 173 143 46 13 73 128.9 167.3 167.7 341.0 141 201 104.4 126.6 December. 239.0 232 230 343 173 137 51 14 81 r129.3 168.0 168.3 346.7 137 '199 104.7 127.0 1945 January.. . 241.9 234 230 345 175 140 48 14 75 130.1 168.1 167.7 345.6 144 198 104.9 127.1 February.. 245.2 236 232 346 176 141 59 13 96 130.3 168.0 167.5 344.8 139 208 105.2 126.9 March.... 244.1 235 232 345 176 142 72 15 118 130.6 166.5 166.0 341.7 145 '216 105.3 126.8 April 242.3 230 229 336 174 140 70 18 112 129.0 163.8 163.0 333.3 141 '184 105.7 127.1 Mt. ay-^ 241.9 225 225 323 173 138 58 20 89 1 ?8 3 160.8 159.8 318.7 141 190 106.0 128.1 June 244.6 220 220 308 173 144 50 22 73 127*4 157 2 156 9 314.6 140 106 1 129.0 July 243.4 210 211 292 165 143 54 23 79 126*4 15l!7 152'l 298! 7 139 215 105.9 129*4 August... . 236.0 186 188 239 157 140 61 24 91 125.4 147.6 148.7 267.3 128 200 "105.7 129.3 September 229.0 167 171 194 156 134 69 26 104 119.3 127.8 128.5 224.2 127 '203 105.2 128.9 October. . . 231.4 162 164 186 154 124 83 36 121 119.2 127.2 127.6 222.9 118 213 105.9 128.9 November. 235.7 168 167 191 158 138 94 44 134 120.4 127.8 128.2 222.9 133 222 106.8 129.3 December, 234.1 163 161 185 156 133 108 56 150 '120.9 128.1 128.4 226.2 127 '219 107.1 129.9 1946 January.. . 233.5 160 156 166 161 141 107 61 145 123.5 130.7 130.2 229.2 133 227 107.1 129.9 February.. 231.7 152 148 138 167 141 136 95 169 122.0 122.4 121.9 210.5 126 251 107.7 129.6 March.... 234.7 168 164 183 166 137 147 129 161 125.0 130.3 129.9 232.9 139 '257 108.9 130.2 April 236.4 165 163 190 164 104 170 172 168 126.3 136.6 135.9 249.2 109 252 110.2 131.1 May 239.7 159 159 175 161 115 169 179 161 127.4 138.0 136.9 247.8 106 258 111.0 131.7 June 240.9 170 171 193 162 139 174 177 172 128.3 139.6 139.3 257.1 133 '276 112.9 133.3 July 250.6 172 174 202 157 146 165 161 168 128.8 140.6 141.0 261.2 139 273 124.7 141.2 August. . . 252.1 177 180 208 164 144 158 157 158 130.8 143.8 145.0 278.3 141 290 129.1 144.1 September 246.6 '179 184 '211 165 146 151 147 155 131.4 145.9 146.7 '284.1 138 '270 124.0 145.9 October. .. 254.5 181 184 213 '168 145 145 140 148 '131.7 146.4 146.8 286.0 139 257 134.1 '148.6 November. P259.3 182 182 '213 172 136 139 122 152 132.3 148,7 149.1 291.4 137 '272 139.6 '152.2 December. P179 P176 .209 *168 P136 ,149 P139 ,156 P132.3*>149.3P149.6 140 P274 140.9 153.3 * Average per working day. P Preliminary. ' Revised. c Corrected. 1 Department of Commerce series on value of payments to individuals, -937, and October 1943, pp. 958-984; id May 1946, p. 529; for department stores sales, June 1944, pp. 549-561, 189 FEBRUARY 1947 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION, BY INDUSTRIES (Adjusted for Seasonal Variation) [Index numbers of the Board of Governors. 1935-39 average = 100] 1945 1946 Industry Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec, Industrial Production—Total. 168 163 160 152 168 165 159 170 172 177 181 182 Manufactures—Total 173 169 163 154 173 176 167 176 177 '183 '185 188 191 Durable Manufactures 191 185 166 138 183 190 175 193 '201 208 '211 '213 213 Iron and steel 167 164 102 43 169 159 109 154 179 183 184 183 '177 158 Pig iron 158 164 100 48 168 142 86 178 186 184 183 174 Steel 178 172 108 46 176 175 126 167 190 195 195 194 192 172 Open hearth. 160 155 95 38 161 148 142 168 169 171 170 •162 144 Electric 306 293 199 106 286 363 319 343 343 381 366 369 •404 371 Machinery 231 232 217 188 207 225 230 241 243 254 '261 r268 271 Manufacturing Arsenals and Depots1. Transportation Equipment 252 217 220 199 209 245 239 238 241 242 240 r236 235 *232 Automobiles5 137 95 107 98 114 161 162 167 176 182 188 185 >187 (Aircraft: Railroad cars; Locomotives; Shipbuilding—Private and Government) i Nonferrous Metals and Products. 148 147 151 139 141 132 130 137 148 156 168 179 187 vl95 Smelting and refining 147 140 140 128 123 109 109 132 138 146 150 155 P158 (Copper smelting; Lead refining; Zinc smelting; Aluminum; Magnesium; Tin)1 Fabricating 148 150 155 144 148 141 139 147 155 163 176 191 200 (Copper products; Lead shipments; Zinc shipments; Aluminum products; Magnesium products; Tin consumption)1 Lumber and products. . 96 92 108 119 125 130 129 133 129 135 137 136 142 '142 Lumber. . 83 72 95 108 117 123 123 127 121 126 129 127 135 132 Furniture. 123 131 135 139 142 144 142 146 144 152 152 155 157 160 Stone, Clay, and Glass Products. 158 164 172 185 192 190 175 190 192 197 204 200 202 '203 Glass products 175 181 190 216 221 214 193 209 218 215 238 227 226 Plate glass 4 3 29 106 136 130 133 119 129 114 161 158 152 135 Glass containers 235 244 247 255 251 243 213 240 249 251 265 250 251 Cement 113 119 131 149 152 152 127 155 155 159 162 156 162 177* Clay products 119 124 144 144 150 148 140 148 147 150 150 149 150 150 Gypsum and plaster products. . , 181 182 197 201 204 202 187 194 187 215 212 '212 219 '216 A O b th r e a r s i s v t e o n a e n d a n a d sb c e l s a t y o s p r p o r d o u d c u t c s t 1 s . . . 215 217 199 197 217 221 222 232 233 242 235 242 245 •248 Nondurable Manufactures. . . 158 156 161 167 166 164 161 162 157 164 165 168 172 168 Textiles and Products 146 143 151 159 162 161 164 165 144 162 C166 168 173 160 Textile fabrics 135 132 140 149 150 148 152 153 132 151 155 156 162 148 Cotton consumption 133 125 138 146 147 144 149 152 127 149 153 155 164 141 N Ra y y lo o n n a d n e d li v s e il r k ie c s onsumption1.. . 226 228 233 234 241 245 247 240 233 233 236 242 249 243 Wool textiles 150 149 171 173 169 174 174* 144 173 181" r178 181* Carpet wool consumption. 89 104 110 135 138 122 134 137 101 137 144 143 161 Apparel wool consumption. 193 184 200 222 229 224 231 225 192 226 239 230 230 Woolen and worsted yarn.. 160 156 158 175 174 171 176 175 143 173 180 '177 178 Woolen yarn 163 159 160 177 176 172 180 178 147 178 183 177 178 Worsted yarn 156 152 154 171 171 169 170 170 138 165 176 176 177 Woolen and worsted cloth. 154 153 155 170 173 174 176 178 151 176 184 181 181 Leather and Products, 116 111 117 133 134 131 127 128 103 120 119 117 121 Leather tanning 109 114 115 126 120 115 104 107 99 101 101 97 110 Cattle hide leathers 125 131 131 146 140 135 124 128 117 119 114 103 121 Calf and kip leathers... . 83 92 92 99 84 84 75 75 66 70 81 78 91 Goat and kid leathers. . . 51 49 54 64 62 54 49 45 45 49 51 '67 70 Sheep and lamb leathers. 140 139 151 146 148 134 118 128 125 124 134 141 137 Shoes 109 118 130 128 120 138 144 142 142 142 106 133 131 Manufactured Food Products... 153 154 146 156 '156 150 160 156 153 145 139 150 147 136 W Ca h n e e a s t u f g lo a u r r meltings1 133 136 149 163 122 120 100 109 127 131 135 135 145 •150 Manufactured dairy products. P154 131 P116 P117 P122 J>129 P120 P129 P136 137 143 146 146 Butter 65 59 59 58 59 65 62 62 73 74 79 79 77 79 Cheese 149 143 151 150 153 173 166 167 168 169 168 164 1-172 171 Canned and dried milk. . . 146 136 130 131 144 163 163 174 178 173 163 142 143 Ice cream included in total and group indexes but not available for publica r plants classified in the automobile and automobile parts industries 190 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION, BY INDUSTRIES—Continued (Adjusted for Seasonal Variation) [Index numbers of the Board of Governors. 1935-39 average = 100] 1945 1946 Industry Nov. Dec Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec Manufactured Food Products—Continued Meat packing 155 155 131 178 140 130 120 85 165 138 38 115 163 151 Pork and lard 153 171 146 205 149 157 151 97 190 141 24 116 179 151 Beef 158 138 122 153 132 101 90 65 145 139 41 107 150 162 Veal 189 138 87 87 80 72 68 60 132 134 81 140 160 138 Lamb and mutton. 135 148 105 184 157 132 94 126 121 110 93 131 116 Other manufactured foods 152 159 165 165 167 164 156 151 153 151 150 154 P161 Processed fruits and vegetables. 128 138 145 146 163 165 158 162 175 155 rl43 167 162 Confectionery 113 137 145 143 139 132 136 123 109 107 110 123 Other food products 165 168 174 174 173 169 159 153 154 158 159 156 164J-167 A Icoholic Beverages 216 212 231 238 176 169 155 161 176 174 227 206 213 Malt liquor 199 197 199 197 127 117 109 123 12S 123 197 179 194 202 W O Re t h h c i e t s i r f k i e e d y d is t l i i l q le u d o r s s pirits. 4 2 2 2 8 7 3 3 3 2 1 4 7 3 3 4 0 4 3 1 3 9 3 1 6 1 4 5 1 1 2 2 6 4 5 4 3 1 0 7 0 1 0 0 4 3 0 5 9 9 6 6 3 3 5 8 6 2 7 0 3 3 4 6 6 3 7 1 3 4 7 2 6 7 6 5 4 42 2 5 7 6 6 4 3 6 8 7 1 4 1 2 4 4 6 6 1 0 8 4 19 6 6 1 3 4 Industrial Alcohol from Beverage Plants1. Tobacco Products 154 112 143 156 161 154 163 153 155 157 173 169 148 Cigars 110 87 104 111 110 110 108 99 110 112 127 131 Cigarettes 194 139 185 205 217 205 219 200 181 202 205 226 216 192 Other tobacco products. 94 64 71 69 65 69 71 76 72 79 76 79 72 81 Paper and Paper Products. 142 134 133 140 148 146 142 146 136 147 150 152 P153 Paper and pulp 138 132 130 136 143 141 138 142 131 142 144 146 Pulp Groundwood pulp 1 15 1 3 4 1 9 3 5 7 1 9 3 3 1 1 9 4 6 4 1 9 5 8 6 15 9 5 6 1 9 5 2 0 1 9 6 9 1 1 9 4 6 7 1 9 5 8 6 1 10 6 1 2 1 1 0 6 6 3 P14 Soda pulp 103 100 102 104 111 112 100 107 101 110 111 108 Sulphate pulp 223 195 167 203 239 235 223 250 229 238 249 244 Sulphite pulp 131 120 125 130 132 131 133 137 122 132 136 141 Paper 136 131 130 135 141 139 136 139 129 140 142 144 145 Paperboard 158 143 145 155 165 166 160 164 155 169 172 172 175 168 Fine paper 79 78 81 82 82 85 84 85 72 85 85 89 90 Printing paper 132 132 134 139 144 144 141 143 127 134 138 144 14? Tissue and absorbent paper 145 149 146 141 149 143 143 142 138 151 152 155 156 Wrapping paper 140 140 128 135 138 126 128 132 124 135 133 135 136 Newsprint 81 86 86 86 86 86 83 83 84 83 87 85 84 87 Paperboard containers (same as Paperboard). Printing and Publishing. 114 112 123 127 126 124 124 129 128 132 130 Newsprint consumption 96 92 102 108 110 108 108 116 121 123 117 119 120 Printing paper (same as shown under Paper). Petroleum and Coal Products.. l 74 P!66 vl7l vl74 '178 '182 '181 P177 Petroleum refining 2 Gasoline 147 140 131 129 130 133 138 140 144 149 146 145 148 Fuel oil 164 164 171 176 172 172 168 170 166 164 165 160 161 Lubricating oil 133 123 129 130 141 135 132 146 135 152 153 159 147 O K t e h ro er s e p n e e troleum products1. . 144 157 180 190 183 161 167 175 172 162 155 163 150 Coke 148 154 116 91 151 113 73 137 160 165 166 167 15? By-product coke 144 150 111 85 145 116 75 133 155 159 161 160 14* Beehive coke 276 286 296 295 337 18 16 276 336 369 352 406 274*>253; Chemical Products. 228 230 234 232 232 235 231 233 235 237 235 238 243v244- Paints 142 142 145 147 148 150 143 146 150 153 149 148 Soap 124 127 130 126 122 121 121 122 120 117 114 111 P120- Rayon 244 246 251 255 256 260 261 256 255 262 267 271 P272 E In x d p u lo st s r i i v a e l s c a h n e d m i a c m al m s unition1. 370 378 384 379 382 392 383 389 396 395 395 403 P417 Other chemical products1 Rubber Products 192 205 215 216 221 219 215 218 211 221 •234 •234 243v245 Minerals—Total 138 133 141 141 137 104 US 139 146 144 146 145 136 '136 Fuels 143 137 146 149 145 108 124 149 153 150 151 150 140P141 Coal 149 132 150 152 159 32 73 142 153 149 155 152 118 Bituminous coal. 159 142 159 160 168 10 60 156 159 156 163 160 116 130 Crud A e n p th e r t a r c o i l t e e um.... 1 1 4 1 1 2 1 9 3 4 9 1 1 4 1 4 4 1 1 2 4 1 7 1 12 3 5 8 121 125 86 1 1 2 5 8 4 1 15 2 1 0 1 1 2 4 5 9 1 1 4 2 9 4 P1 1 4 2 7 1 146 149 153 Metals.. 109 108 107 93 89 103 107 111 111 P108 76 63 78 Metals other than gold and silver. 163 159 159 135 132 147 148 153 157 I ( r C o o n p p or e e r; Lead; Zinc)1 111 89 114 Gold Silver p Preliminary. r Revised. * Series included in total and group indexes but not available for publication separately. 2 This series is in process of revision. NOTE.—For description and back figures see BULLETIN for October 1943, pp. 940-984, September 1941, pp. 878-881 and 933-937, and August 1940, pp. 753-771 and 825-882. FEBRUARY 1947 191 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION, BY INDUSTRIES (Without Seasonal Adjustment) [Index numbers of the Board of Governors. 1935-39 average = 100] Industry Nov. Dec Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec Industrial Production—Total.. 167 161 156 148 164 163 159 171 174 180 184 184 182 P!76 Manufactures—Total 173 167 160 151 170 174 167 176 178 186 190 191 191 vl84 Durable Manufactures. .. 192 184 164 136 182 190 175 194 203 210 213 215 213 Iron and Steel. . . 167 164 102 43 169 159 109 154 183 184 183 '177 158 Pig iron 158 164 100 48 168 142 86 144 178 186 184 183 174 Steel 178 172 108 46 176 175 126 167 190 195 195 194 '192 172 Open hearth. 160 155 95 38 161 148 98 142 168 169 171 170 '162 144 Electric 306 293 199 106 286 363 319 343 343 381 366 369 '404 371 Machinery 231 232 217 188 207 225 230 241 243 254 261 '269 271 P273 Manufacturing Arsenals and Depots1. Transportation Equipment 252 217 220 209 245 239 238 241 242 •240 '236 235 Automobiles 2 137 95 107 114 162 167 176 182 185 187 (Aircraft; Railroad cars; Locomotives; Shipbuilding—Private and Government)1 Nonferrous Metals and Products 148 147 151 139 141 132 130 137 148 156 168 179 187 Smelting and refining 148 141 140 128 123 109 109 110 131 138 150 155 (Copper smelting; Lead refining; Zinc smelting; Aluminum; Magnesium; Tin)1 Fabricating 148 150 155 144 148 141 139 155 163 191 200 (Copper products; Lead shipments; Zinc shipments; Aluminum products; Magnesium products; Tin consumption)1 Lumber and Products. . . 86 99 110 120 129 141 137 144 147 142 139 '129 Lumber 81 63 80 95 108 122 126 138 133 140 144 136 131 114 Furniture... . 123 131 135 139 142 144 142 146 144 152 152 155 157 160 Stone, Clay, and Glass Products... 162 159 163 174 184 187 180 191 193 204 212 209 206 '197 Glass products 176 169 186 210 221 214 204 207 211 223 242 232 228 Plate glass 4 3 29 106 136 130 133 119 129 114 161 158 152 135 Glass containers 237 227 242 247 251 243 228 237 239 261 270 258 254 Cement 122 108 107 113 125 145 134 166 171 179 188 181 175 161 Clay products 123 128 134 138 143 144 140 147 147 154 156 158 155 '155 Gypsum and plaster products 183 186 190 191 197 198 190 198 187 215 216 218 224 '223 Abrasive and asbestos products 215 217 199 197 217 221 222 232 233 242 235 242 245 '248 Other stone and clay products * Nondurable Manufacture... 158 154 157 162 162 161 160 162 159 166 172 172 173 166 Textiles and Products 146 143 151 161 164 165 144 168 173 Textile fabrics 135 132 140 149 150 148 152 153 132 151 155 156 162 '148 Cotton consumption 133 125 138 146 147 144 149 152 127 149 153 155 164 141 Rayon deliveries 226 228 233 234 241 245 247 240 233 233 236 242 249 243 Nylon and silk consumption 1 Wool textiles 150 149 153 171 173 169 174 174 144 173 C181 178 181 Carpet wool consumption 89 104 110 135 138 122 134 137 101 137 144 143 161 Apparel wool consumption 193 184 200 222 229 224 231 225 192 226 239 230 230 Woolen and worsted yarn 160 156 158 175 174 171 176 175 143 173 180 177 178 Woolen yarn 163 159 160 177 176 172 180 178 147 178 183 177 178 Worsted yarn 156 152 154 171 171 169 170 170 138 165 176 176 177 Woolen and worsted cloth 154 153 155 170 173 174 176 178 151 176 C184 181 181 Leather and Products. 117 111 117 137 134 131 127 127 101 119 118 117 122 Leather tanning 113 113 115 136 119 114 105 104 94 100 99 98 114 Cattle hide leathers 130 131 134 157 140 135 124 123 110 115 111 104 125 Calf and kip leathers 86 90 90 104 82 81 72 77 66 73 80 '80 94 Goat and kid leathers 50 49 54 67 62 56 48 46 45 47 51 '67 68 Sheep and lamb leathers... 148 132 140 160 144 131 127 127 116 127 131 141 145 Shoes 120 109 118 138 142 142 142 130 128 144 106 133 131 Manufactured Food Products 151 149 143 145 139 137 137 158 157 139 161 164 164 Wheat flour 134 135 149 165 104 143 146 P148 Cane sugar meltings 1 119 125 130 147 Manufactured dairy products. P100 P85 P101 P134 P160 P189 P197 P175 P151 P120 Butter 50 47 49 51 54 66 80 86 89 81 76 68 62 Cheese 112 103 112 123 138 180 222 237 207 189 171 148 129 123 Canned and dried milk. . . 105 105 105 118 141 184 227 240 207 179 150 115 103 Ice cream p Preliminary. r Revised. c Corrected. * Series included in total and group indexes but not available for publication separately. 2 This series is currently based upon man-hour statistics for plants classified in the automobile and automobile parts industries and is designed to measure productive activity during the month in connection with assembly of passenger cars, trucks, trailers, and busses; production of bodies, parts, and accessories, including replacement parts; and output of nonautomotive products made in the plants covered. Recently the level shown by this series has been much higher relative to prewar than the level shown by factory sales of new passenger cars and trucks. The difference is accounted for in part by a sharp increase in production of replacement parts and by other changes in the composition of output. It appears, however, that the series overstates the current level of total output in these industries. Study is being'made of production and man-hour statistics in an endeavor to arrive at a more accurate measure of over-all production in these industries. 192 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION, BY INDUSTRIES—Continued (Without Seasonal Adjustment) [Index numbers of the Board of Governors. 1935-39 average = 100] 1945 1946 Industry Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov Dec. Manufactured Food Products—Continued Meat packing ... 171 182 155 171 129 120 120 84 154 122 37 117 181 175 Pork and lard 179 225 191 201 138 143 151 97 167 108 19 109 210 199 Beef 164 138 125 141 120 95 90 63 147 141 44 117 156 162 Veal . . .202 130 81 76 75 71 70 60 132 132 89 160 172 130 Lamb and mutton 135 145 111 186 154 128 96 117 116 107 100 136 116 103 Other manufactured foods ... 158 156 152 150 148 145 140 141 162 173 ^188 173 P165 P157 Processed fruits and vegetables 118 108 94 92 89 101 103 125 228 255 '315 216 149 P125 Confectionery 134 139 149 144 129 110 104 91 89 115 142 161 Other food products . . ... 173 171 167 166 166 162 156 154 157 161 163 164 \12 P171 Alcoholic Beverages... 201 188 198 211 162 164 157 174 187 174 237 221 196 Mialt liquor 154 157 163 178 118 123 124 154 160 141 199 166 149 161 Whiskey 83 130 131 125 100 96 60 61 65 56 71 68 64 Other distilled spirits 467 301 280 314 241 214 211 213 219 230 526 624 401 Rectified liquors 427 343 396 416 401 409 387 367 426 427 461 460 463 Industrial Alcohol from Beverage Plants1 . . Tobacco Products 157 104 142 148 152 147 164 159 145 161 166 179 172 138 Cigars . . 110 87 104 111 110 109 110 108 99 110 112 127 131 109 Cigarettes 198 128 185 193 202 190 219 210 190 212 219 235 221 177 Other tobacco products 97 57 70 67 65 69 71 77 72 77 81 85 83 63 Paper and Paper Products. 142 134 133 141 148 146 142 147 136 147 150 152 P153 Paper and pulp 138 131 130 137 143 141 138 142 131 142 144 146 P148 Pulp 153 137 131 145 157 156 151 162 146 154 160 162 Groundwood pulp . . . 121 96 96 100 105 106 100 100 86 86 90 98 Soda pulp 103 100 102 104 111 112 100 107 101 110 111 108 Sulphate pulp 223 195 167 203 239 235 223 250 229 238 249 244 Sulphite pulp 131 120 125 130 132 131 133 137 122 132 136 141 Paper 136 131 130 136 141 139 136 139 128 140 142 144 145 Paperboard 158 143 145 155 165 166 160 164 155 169 172 172 175 168 Fine paper 79 78 81 82 82 85 84 85 72 85 85 89 90 Printing paper 132 132 134 139 144 144 141 143 127 134 138 144 142 Tissue and absorbent paper 145 145 144 147 149 144 143 145 133 151 152 156 156 Wrapping paper .... 140 140 128 135 138 126 128 132 124 135 133 135 136 Newsprint 82 84 86 86 86 88 83 84 82 82 87 85 85 85 Paperboard containers (same as Paperboard) Printing and publishing ...118 114 114 122 129 129 126 129 115 123 128 135 135 P134 Newsprint consumption 104 96 94 106 114 114 112 115 104 111 119 125 129 126 Printing paper (same as shown under Paper). . Petroleum and Coal Products ...PI 74 PI 72 P166 P161 P171 P166 P163 PI 74 P178 P182 P181 P179 P177 Petroleum refining2 Gasoline 147 140 131 129 130 133 138 140 144 149 146 145 148 P148 Fuel oil . . . . 164 164 171 176 172 172 168 170 166 164 165 160 161 Lubr eating oil 133 122 125 129 139 141 137 146 133 151 153 159 147 Kerosene . ... 148 162 184 200 187 165 169 164 160 155 154 163 155 Other petroleum products l Coke 148' 154' "\\6 91 151 113 73 137 160 165 166 167 152 By-product coke 144 150 111 85 145 116 75 133 155 159 161 160 148 Beehive coke 276 286 296 295 337 18 16 276 336 369 352 406 274 P253 Chemical Products 230 231 233 233 234 237 231 231 232 233 235 240 244 P245 Paints 140 142 142 145 148 151 147 150 149 151 148 148 149 P151 Soap . . 125 127 127 124 122 119 117 119 119 119 119 116 115 P120 Rayon 244 246 251 255 256 260 261 256 255 262 267 271 279 P272 Industrial chemicals ... ... 370 378 384 379 382 392 383 389 396 395 395 403 411 P417 Kxplosives and ammunition l Other chemical products1 . Rubber Products ... 192 205 215 216 221 219 215 218 211 221 r234 r234 243 P245 Mitt era Is— To ta I 134 126 134 134 130 99 115 141 150 147 149 141 135 P131 Fuels . 143 137 146 149 145 108 124 149 153 150 151 150 140 P141 Coal . . 149 132 150 152 159 32 73 142 153 149 155 152 118 P128 Bituminous coal 159 142 159 160 168 10 60 156 159 156 163 160 116 P130 Anthracite 112 94 114 121 125 121 125 86 128 120 125 124 123 P121 Crude petroleum 141 139 144 147 138 146 149 153 154 151 149 149 150 P147 Metals 80 61 60 47 44 46 62 95 126 132 136 126 P105 P73 Metals other than gold and silver 111 79 78 58 56 61 89 143 188 189 192 180 P145 Iron ore 108 50 50 22 28 58 116 233 295 282 282 252 174 58 (Copper* Lead* Zinc)* Gold . ... 34 34 33 32 30 28 28 30 44 55 60 51 Silver 52 47 40 30 17 9 13 20 35 48 59 59 P Preliminary. r Revised. * Series included in total and group indexes but not available for publication separately. 2 This series is in process of revision. NOTE.—For description and back figures, see BULLETIN for October 1943, pp. 940-984, September 1941, pp. 878-881 and 933-937, and August 1940, pp. 753-771 and 825-882. 193 FEBRUARY 1947 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FACTORY EMPLOYMENT AND PAY ROLLS, BY INDUSTRIES (Without Seasonal Adjustment) [Index numbers of the Bureau of Labor Statistics, 1939=100] Factory employment Factory pay rolls Industry group or industry 1945 1946 1945 1946 Nov. I Dec Aug. | Sept. | Oct. | Nov. | Dec. Oct. I Nov. I Dec Aug. | Sept. | Oct. | Nov, Total 128.2 128.4{ 145.0 146.7 146.8 149.1149.6 222.9\ 222 9 226. 278.3 284. 286.0 291.4 Durable goods.... 143.5 141 166 168. 169.3 171.9 172.1 243. 241.8 240.0 3"7.0 313.9 317. 320.8 Nondurable goods. 116. 118.4] 128.4 129.5 129.0 131^ 131.9 202.6 204.5 212.7 250.2 254.9 255.1 262.7 Iron and Steel and Products , 126.6 130.. 144.5 146.9 145.5 148.9 147.2 207. 210.4 220.5 255.8'263.2]263.2\ 270.0 Blast furnaces, steel works, etc 111 115 124 124 122 124 169 174 181 204 206 203 209 Steel castings 170 174 167 169 162 170 290 282 297 295 298 290 314 Tin cans and other tinware. ...... 111 117 140 141 133 130 186 186 202 270 274 249 230 Hardware , 97 103 129 133 136 139 184 178 196 257 267 278 282 Stoves and heating equipment , 105 111 123 129 131 134 180 182 198 234 248 259 265 Steam, hot-water heating apparatus 139 145 158 161 166 170 230 238 254 290 307 326 328 Stamped and enameled ware 115 121 142 147 147 150 200 209 280 289 301 303 Structural and ornamental metal 222 work 120 124 156 158 155 160 187 188 272 275 274 275 196 Electrical Machinery 184.9 186.9 202.8\ 209.4 215.2 219.2\ 221.8 289.1 301.9 365.1 382.7\393.1 400.6 Electrical equipment 166 162 161 166 170 172 254 265 308.5 283 298 304 308 Radios and phonographs. 132 144 190 196 204 212 218 238 262 370 390 406 427 Machinery except Electrical , 172.4\ 172.9 199.0\ 202.5\206.5\209.5 210.9 284.1 283.3 258 348.8 362.2 373.5\ 375.5 Machinery and machine-shop 288. 7\ M R A M P E T u n r e g a a p a f m g r c c r c r i i i h h o c p n t g o i i u d s e e n n r l u s r e e s t a c u - a t t t t r n s o o o a d r o o l s , l l t s e u a x r c c b c l i e u n s d s e i o s n r g ie s tractors.... 2 2 1 1 1 1 1 1 1 8 1 2 6 3 4 6 5 1 2 9 1 5 2 1 2 1 2 1 1 1 1 1 2 1 4 0 6 4 8 6 7 7 6 7 5 5 4 1 2 2 1 2 1 1 1 1 7 3 0 4 6 6 4 7 2 5 0 1 8 9 6 6 2 2 1 2 1 1 1 1 7 0 3 6 4 6 4 8 1 5 7 9 3 6 8 0 2 2 1 2 1 1 1 1 8 3 0 3 6 7 8 5 1 7 8 9 9 2 3 2 2 2 2 1 1 1 1 1 4 8 1 4 6 7 5 8 1 2 0 3 3 2 6 7 2 2 2 3 1 2 3 2 7 5 5 8 3 8 2 6 1 5 9 6 0 0 0 8 2 2 3 1 2 2 3 2 3 8 7 7 3 6 6 2 1 5 6 0 3 3 7 9 4 2 2 2 2 3 2 1 4 0 7 4 6 3 9 6 5 6 9 9 5 5 8 4 4 2 4 2 2 3 2 3 3 8 8 5 1 5 5 1 8 8 1 7 6 7 4 4 2 4 4 2 2 3 3 2 9 4 8 3 8 7 2 5 3 4 5 6 6 0 2 4 3 4 4 2 3 3 2 2 1 5 4 8 9 6 7 3 1 3 2 0 2 9 7 4 4 3 4 2 3 3 2 2 5 0 4 3 9 8 8 7 1 1 2 7 1 3 1 0 Transportation Equipment, except Autos. 361.3] 338.0\ 284.0\ 276.3] 277.1 281.5 283.2 713.5\ 583.5 577.2 533.0\504.9\520.9\ 510.7 Aircraft, except aircraft engines.... 306 304 338 352 358 366 537 507 520 641 664 673 672 Aircraft engines 300 246 309 311 322 329 444 390 346 498 508 530 478 Shipbuilding and boatbuilding 413 382 229 201 195 194 893 638 641 422 347 355 338 Automobiles 130.5 96.4 180.9 188.8\ 185.0\ 185.9,185.4 171.i 192.2 135 5 307 .< 318.2 307.5 310.9 Nonferrous Metals and Products , 139.3 142.2 170.9 172.9 175.4 177.3 178.9 230.4 243.5 250.4 312 A\ 319.6]326.3 333.2 Primary smelting and refining. 124 134 136 140 142 222 215 213 240 247 251 257 Alloying and rolling, except aluminum , 137 141 157 159 158 159 223 239 247 283 285 287 291 Aluminum manufactures , 163 173 210 211 215 216 235 254 267 351 358 362 374 Lumber and Timber Basic Products.... 115.0\ 118.6 149.41 149.2 150.71 152.8\152.4 199.0 194.8\199.4 307.1 306.9 313.5\ 305.4 Sawmills and logging camps 67 69 82 81 81 81 117 114 114 171 168 169 163 Planing and plywood mills 84 87 101 103 104 106 140 137 145 196 200 208 205 Furniture and Lumber Products 97.7 102.6 118.1 118.2 119.8\ 122.1 123.9 168.8\ 173.2 188.1 239.3 243.4 252.7 256.8- Furniture 85 90 104 103 105 106 147 151 164 210 212 220 223 Stone, Clay and Glass Products 106.5 109.1 137.8\ 138.7 139.9\ 140.0 139.7 183.2 175.9 181.7 253.2]259.8 264.0\ 267.4 Glass and glassware 110 113 149 149 151 150 196 170 182 255 269 274 279 Cement 85 89 122 122 120 121 139 135 136 207 213 205 207 Brick, tile, and terra cotta 83 88 112 112 112 110 133 139 148 220 224 228 222 Pottery and related products 120 123 143 145 146 147 187 188 195 252 258 262 263 Textile-Mill and Fiber Products 92.9\ 97.3 104.7] 106.0\ 107.0\ 108.4\109.6 171.3\ 174.8 188.0 231.0 237.2'242.9\ 247.9 Cotton goods except small wares... 101 107 114 115 116 118 199 200 216 276 282 285 294 Silk and rayon goods 71 73 77 78 78 79 143 142 149 181 181 189 191 Woolen and worsted manufactures. 96 99 104 107 108 109 178 184 200 234 243 244 243 Hosiery 64 66 72 72 73 74 105 109 113 141 144 150 155 Dyeing and finishing textiles 81 89 95 96 96 97 137 143 164 188 187 195 202 A pparel and Other Finished Textiles. 117.8\ 118.9 132.9\ 135.3 137.4 137.2 139.1 213.5] 208.0\215.0277.5 288.2 288.9 288.5-' Men's clothing, n.e.c 81 81 90 90 91 93 141 137 141 183 187 189 207 Shirts, collars, and nightwear... 72 72 77 77 78 81 131 132 134 163 168 173 188 Women's clothing, n.e.c 75 75 78 80 80 77 142 136 141 170 176 171 154 Millinery 74 75 77 79 78 68 135 110 119 138 147 139 100 Leather and Leather Products. 92.5 95.2\ 102.0\ 102.4\ 101.5 102.5 103.8 165.0\ 165.3 179.2 198.2]203.3 198.1 201.& Leather 86 90 89 89 88 87 151 146 162 161 160 159 161 Boots and shoes 80 82 89 87 89 ; 144 146 157 175 182 175 179 Food and Kindred Products 127.0\126.2 136.5 135.4 125.7 131.4 130.4 215.9\ 214.9\220.4 250.3 242.7 228.6 248. & Slaughtering and meat packing. 110 123 115 79 70 115 173 185 215 202 118 111 216 Flour 125 125 119 120 123 125 224 212 221 239 249 255 254 Baking 110 110 103 105 105 108 I 177 181 181 184 188 191 199 Confectionery 111 111 98 105 112 115 188 198 202 187 204 212 227 Malt liquors 150 148 145 150 147 148 226 225 227 232 244 235 237 Canning and preserving 93 80 154 182 129 98 I 252 179 167 387 467 325 213 Toba C C c i c i g o g a a r r M s et a t n e u s factures. 1 8 2 6 9 7 8 .2 1 8 6 2 7 9 0 .8 1 9 2 7 1 3 6 .7 1 9 2 7 3 3 9 .5 1 9 8 2 5 1 4 .8\ 1 9 8 2 7 3 6 .6 97.9 1 2 1 1 8 5 8 9 1.7\ 1 2 1 7 0 4 2 8 9 .2 1 1 1 6 8 4 4 5 9 .1 1 2 1 8 1 6 6 9 7 .2 1 2 1 9 2 8 6 7 1 .0\2 2 1 0 3 9 7 9 2 .4\ 2 2 1 4 2 7 .T 194 NOTE.—Indexes for major groups and totals have been adjusted to final 1944 data made available by the Bureau of Employment Security of the Federal Security Agency. Back data and data for industries not here shown are obtainable from the Bureau of Labor Statistics. Underlying figures are for pay roll period ending nearest middle of month and cover production workers only. Figures for December 1946 are preliminary. 194 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FACTORY EMPLOYMENT AND PAY ROLLS, BY INDUSTRIES—Continued (Without Seasonal Adjustment) [Index numbers of the Bureau of Labor Statistics, 1939=100] Factory employment Factory pay rolls Industry group or industry 1945 1946 1945 1946 Nov. Dec. Aug. Sept. Oct. Nov. Dec. Oct. Nov. Dec. Aug. Sept. Oct. Nov. Paper and Allied Products 122.9 126.3 137.8 138.6 140.2 142.9 144.5 206.9 211.0 219.0 253.9 257.1 265.8 273.9 Paper and pulp 108 111 122 122 122 124 187 190 197 228 228 235 240 Paper goods n.e.c 115 118 123 124 126 128 • 184 186 198 216 226 234 241 Paper boxes 116 118 126 126 130 133 193 197 203 234 236 245 254 Printing and Publishing 105.9 108.1 117.0 117.6 120.1 121.6 122.6 150.7 158.5 163.2 190 5 195.2 200 3 205 5 Newspaper periodicals 101 103 110 111 113 114 133 138 142 169 176 179 182 Book and job 113 116 125 126 129 131 169 178 185 210 216 221 228 Chemicals and Allied Products 169.1 169.2 164.9 167.9 170.5 173.7 173.4 284.9 281.8 283.4 290.5 298.3 303.5 311.8 Drugs, medicines, and insecticides. 175 178 189 190 194 195 266 269 276 314 317 332 342 Rayon and allied products 118 120 119 119 120 122 186 189 194 206 211 210 215 Chemicals, n.e.c. 159 162 169 168 170 173 261 261 267 288 290 294 301 Explosives and safety fuses 361 297 173 177 178 174 626 527 470 273 293 292 282 Ammunition small arms 264 233 116 174 161 160 472 488 437 201 339 326 332 Cottonseed oil 136 128 71 86 115 134 265 306 280 159 197 275 339 112 120 112 119 117 118 250 240 258 275 297 280 277 Products of Petroleum and Coal 131.3 132.3 143.4 143.8 142.8 142.6 142.5 198.0 222.9 222.2 246.3 250.3 245.8 245.7 Petroleum refining ... 131 131 137 137 136 136 190 216 213 229 233 228 227 Coke and by-products 103 107 119 119 119 119 163 181 190 218 220 215 217 Rubber Products 160.1 168.2 187.5 192.8 198.7 202.9 204.6 254.2 257.8 275.5 343.2 370.9 368.5 385.1 Rubber tires and inner tubes 169 178 190 197 204 207 240 240 257 311 349 346 360 Rubber goods, other 119 124 139 142 145 147 204 209 225 278 282 289 292 Miscellaneous Industries 142.2 147.3 173.9 175.7 178.9 181.5 181.5 243.1 251.1 266.7 326.9 337.0 348.4 353.6 Instruments, scientific 202 203 191 189 187 187 346 325 332 330 331 332 332 Photographic apparatus . . 125 130 148 147 147 147 189 198 204 245 239 247 253 For footnotes see page 194. FACTORY EMPLOYMENT (Adjusted for Seasonal Variation) [Index numbers of the Board of Governors, 1939=100] 1945 1946 Group Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Total 127.8 128.1 130.7 122.4 130.3 136.6 138.0 139.6 140.6 143.8 145.9 146.4 148.7 P149.3 Durable 143.3 141.2 144.4 122.9 138.6 151.6 154.6 158.1 161.2 165.9 168.3 169.2 171.8 P172.1 Nondurable 115.6 117.8 119.8 122.0 123.7 124.7 124.8 125.0 124.4 126.5 128.2 128.4 130.6P131.3 Preliminary. NOTE.—Back figures from January 1939 may be obtained from the Division of Research and Statistics. HOURS AND EARNINGS OF PRODUCTION WORKERS IN MANUFACTURING INDUSTRIES [Compiled by the Bureau of Labor Statistics] Average hours worked per week Average hourly earnings (cents per hour) Industry group 1945 1946 1945 1946 Oct. Nov, July Aug. Sept. Oct. Nov Oct. Nov. July Aug. Sept. Oct. Nov. All Manufacturing 41.6 41.2 39.7 40.5 40. 40.4 98.5 99.0 109.3 111 2 112.6 113.0 113.9 Durable Goods 41.6 41.1 39.3 40.5 40.3 40.6 40.1 106.3 106.4 117.7 118.6 120.1 120.2 121.0 Iron and Steel and Products 42 42 38 39.9 39. 40.3 40.0 107 108.2 121.6 122.2 124.1 123.9 124.7 Electrical Machinery 41.1 41 39.4 40.6 40.8 40. 40.6 103 103.9 115.8 116.9 118.5 118.7 119.2 Machinery Except Electrical 43.0 42 40.4 40.9 41.1 41. 40.9 111 112.4 123.2 124.6 126.0 126.5 127.1 Transportation Equipment Except Autos. 39.1 37.4 39.3 39.7 38.8 40.0 38.4 125.0 124.4 136.6 135.9 135.6 135.7 136.2 Automobiles 38.4 37.8 37.8 39.2 38. 38.2 38.0 121.9 121.7 135.4 137.3 138.5 137.7 139.5 Nonferrous Metals and Products 43.2 43.2 40.0 40.8 40.7 41.0 41.1 104.8 105.8 116.6 117.7 119.2 119.4 120.2 Lumber and Timber Basic Products 42.2 40 39.1 41.8 41.4 41.9 40.5 78.4 78.9 91.0 92.8 93.5 93.0 Furniture and Finished Lumber Products. 42.7 42.0 41.0 41.9 41.8 42.2 41.7 84.1 84.4 93.7 95.7 99.3 100.1 Stone, Clay, and Glass Products 42.5 42.0 39.5 40.7 40.5 40.6 40.3 93.2 92.8 105.7 106.3 108.7 109.6 111.6 Nondurable Goods. 41.5 41.3 40.1 40.4 40.3 40.2 40.2 90.9 91.8 100.9 103.6 105.0 105.5 106.5 Textiles—Mill and Fiber Products 40.4 40.3 39.6 40.1 40.0 40.2 40.2 77.3 78.6 87.7 92.4 94.0 94.8 95.5 Apparel and Other Finished Products.... 36.7 36.1 36.0 37.0 36.9 36. 36.6 87.5 86.4 94.1 98.6 101.0 99.7 99.9 Leather and Manufactures 40.9 39.6 38.2 37.8 38.2 37.5 37.1 85.2 85.7 95.4 97.2 98 98.7 100.4 Food and Kindred Products 44.1 44.4 43.8 43.7 43.0 42.4 42.8 89.5 90.8 98.6 101.5 101.3 103.5 104.7 Tobacco Manufactures 42.0 40.4 39.1 38.6 39.5 40.3 39.7 79.3 80.7 85.1 88.5 89.3 90.5 92.4 Paper and Allied Products 45.8 45.7 42.8 43.4 43.0 43.4 43.3 89.7 90.2 100.7 102.0 103.7 105.0 106.4 Printing, Publishing and Allied Industries. 41.6 41.7 40.2 40.8 41.0 41.0 41.0 115.5 117.1 128.7 129.9 131.5 132.5 134.2 Chemicals and Allied Products 43.3 42.5 40.7 40.8 40.9 41.3 41.2 99.1 99.1 109.8 110.2 111.0 110.3 111.3 Products of Petroleum and Coal 42.6 44.0 40.0 40.3 40.4 40.4 40.3 120.4 121.7 135.5 134.7 136.8 134.7 135.0 Rubber Products 41.4 40.2 39.2 39.4 40.6 39.4 40.1 110.0 111.2 129.2 129.5 132.3 131.3 132.2 Miscellaneous Industries 42.0 41.9 40.5 41.0 41.1 41.4 41.0 95.7 96.5 104.8 105.7 107.6 108.8 109.7 NOTE.—Back figures are available from the Bureau of Labor Statistics. FEBRUARY 1947 195 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ESTIMATED EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS, BY INDUSTRY DIVISION [Thousands of persons] Transporta- Finance, Federal, Year and month Total M t a u n r u in fa g c- njng Co t n io st n r * uc- ti p o u n b a li n c d Trade an s d e r m vi i c s e c , el- Sta l t o e c , a a l nd utilities laneous government 1939 30,353 10,078 845 1,753 2,912 6,618 4,160 3,988 1940 31,784 0,780 916 1,722 3,013 6,906 4,310 4,136 1941 35,668 12,974 947 2,236 3,248 7,378 4,438 4,446 1942 38,447 15,051 970 2,078 3,433 7,263 4,447 5,203 1943 40,185 17,381 891 1,259 3,619 7,030 4,115 5,890 1944 39,689 17,111 835 679 3,761 7,044 4,348 5,911 1945 38,144 15J06O 779 834 3,822 7,173 4,589 5,887 1946 P38,966 P14.088 P783 Pl.722 P3.944 P7.853 P5.144 P5,432 SEASONALLY ADJUSTED 1942—September 39,171 15,644 962 2,077 3,448 7,227 4,382 5,431 October. . 39,452 15,798 954 2,136 3,484 7,224 4,330 5,526 November. 39,597 16,048 944 2,095 3,503 7,132 4,255 5,620 December. '39,871 16,333 933 2,041 3,525 7,136 4,229 '5,674 1943—January.... 40,081 16,653 927 1,899 3,540 7,133 4,146 5,783 February. .. 40,154 16,901 924 1,734 3,556 7,064 4,146 5,829 March 40,358 17,123 915 1,604 3,574 7,110 4,121 5,911 April 40,248 17,215 908 1,476 3,588 7,006 4,110 5,945 May 40,170 17,267 893 1,358 3,597 6,988 4,102 5,965 Tune 40,298 17,431 893 1,263 3,620 7,017 4,112 5,962 July 40,435 17,618 888 1,164 3,634 7,061 4,127 5,943 August 40,288 17,648 878 1,082 3,639 7,015 4,110 5,916 September. . 40,032 17,608 876 1,020 3,633 7,006 4,079 5,810 October. . .. 40,067 17,689 869 936 3,671 7,006 4,078 5,818 November. . 40,143 17,769 859 891 3,683 7,000 4,119 5,822 December. . '40,003 17,634 863 864 3,687 6,962 4,127 '5,866 1944—January. .. 40,219 17,675 862 830 3,720 7,096 4,170 5,866 February.. 40,202 17,669 862 786 3,780 7,043 4,173 5,889 March. . . . 40,016 17,535 852 737 3,780 7,046 4,165 5,901 April 39,796 17,322 848 719 3,763 6,982 4,257 5,905 May 39,737 17,191 843 673 3,768 6,997 4,363 5,902 June 39,789 17,116 848 677 3,765 7,012 4,475 5,896 July 39,693 17,006 833 653 3,753 7,084 4,505 5,859 August. .. . 39,711 17,000 830 648 3,762 7,059 4,514 5,898 September. 39,440 16,804 822 627 3,735 7,065 4,488 5,899 October. . . 39,220 16,675 812 609 3,748 7,077 4,384 5,915 November. 39,127 16,612 808 611 3,771 7,052 4,359 5,914 December. '39,239 16,747 802 619 3,789 7,015 4,304 '5,963 1945-- January 39,489 16,696 805 633 3,797 7,210 4,394 5,954 February 39,558 16,684 802 658 3,848 7,164 4,404 5,998 March 39,651 16,640 796 691 3,846 7,214 4,438 6,026 April 39,169 16,384 765 736 3,811 7,004 4,466 6,003 May 38,953 16,092 732 782 3,802 7,056 4,513 5,976 June 38,683 15,749 798 828 3,795 7,039 4,521 5,953 July 38,356 15,255 784 868 3,801 7,117 4,558 5,973 August 38,070 14,944 780 858 3,803 7,121 4,597 5.967 September 36,223 13,094 780 883 3,774 7,215 4,603 5,874 October 36,184 13,048 714 940 3,806 7,258 4,745 5,673 November 36,538 13,110 789 984 3,871 7,315 4,894 5,575 December '36,703 13,059 798 1,085 3,916 7,335 4,936 r5,574 1946—January... 37,471 13,236 814 1,230 3,956 7,673 5,034 5,528 February.. 37,016 12,536 812 1,385 3,987 7,697 5,082 5,517 March. . . . 37,931 13,272 801 1,462 3,990 7,757 5,127 5,522 April 38,335 13,848 508 1,597 3,939 7,775 5,166 5,502 May 38,663 13,955 717 1,708 3,873 7,763 5,134 5,513 June 38,947 14,098 811 1,837 3,878 7,788 5,055 5,480 July 39,095 14,174 815 1,882 3,904 7,898 5,026 5,396 August. . . . 39,690 14,510 824 1,936 3,942 7,973 5,084 5,421 September. '39,887 '14,662 823 1,965 '3,891 7,998 5,155 5,393 October. . . '39,965 14,761 '823 ••1,907 '3,967 '7,959 5,261 r5,287 November. 40,168 14,970 824 1,810 4,007 7,988 5,297 5,272 December. 40,147 15,018 816 1,797 4,002 7,941 5,317 5,256 UNADJUSTED 1945--May 38,880 16,012 728 798 3,802 7,021 4,513 6,006 June 38,767 15,749 794 845 3,833 7,004 4,589 5,953 July 38,474 15,331 784 911 3,858 6,975 4,672 5,943 August 38,172 15,019 784 927 3,860 6,979 4,666 5,937 September. .. . 36,398 13,159 784 945 3,831 7,143 4,603 5,933 October 36,327 13,048 718 1,006 3,825 7,331 4,698 5,701 November 36,779 13,110 793 1,014 3,871 7,571 4,845 5,575 December. . . . 37,463 13,059 802 1,042 3,896 7,959 4,936 5,769 1946—January.. 37,013 13,236 810 1,132 3,897 7,481 4,984 5,473 February. 36,509 12,536 808 1,260 3,907 7,505 5,031 5,462 March. . . 37,469 13,206 801 1,345 3,930 7,617 5,076 5,494 April 38,121 13,779 505 1,517 3,919 7,759 5,140 5,502 May 38,612 13,885 713 1,742 3,873 7,724 5,134 5,541 June 39,056 14.098 807 1,874 3,917 7,749 5,131 5,480 July 39,260 14,245 815 1,976 3,963 7,740 5,152 5,369 August. . . 39,871 14,583 828 2,091 4,001 7,814 5,160 5,394 September. '40,134 '14,735 827 2,103 '3,949 7,918 5,155 5,447 October. . . '40,175 14,761 -827 n, 040 '3,987 '8,O3Q 5,208 r5,313 November 40,453 14,970 828 1,864 4,007 8,268 5,244 5,272 December 40,918 15,018 820 1,725 3,982 8,616 5,317 5,440 * Includes Contract Construction and Federal Force Account Construction. •fcT TT J* i 1 J_J__ "1 J 1 T»* ._ _ JT T —1 . C* x _ i • .L I T7-~.i.I 196 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSTRUCTION CONTRACTS AWARDED, BY TYPE OF CONSTRUCTION [Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in millions of dollars] Nonresidential building Residential Public works Total building and public Month Factories Commercial Educational Other utilities 1945 1946 1946 1945 1946 1945 1946 1945 1946 1945 January. 140.9 357.5 19.5 89.7 45.2 104.7 69.0 4.9 18.1 23.9 25.8 39.8 50.2 February, 147.0 387.4 19.3 102.1 66.6 97.7 77.5 3.0 17.1 17.6 28.3 32.0 64.7 March 328.9 697.6 26.9 275.2 160. 113.7 112.7 4.6 11.4 36.3 40.9 90.6 143.6 April 395.8 734.9 42.7 370.6 174. 105.1 75.1 4.3 18.0 49.9 37.9 111.9 128.1 May 242.5 952.4 47.2 463.6 43.4 140.5 88.7 5.1 23.4 29.4 38.3 107.9 197.9 June 227.3 807.9 41.8 332.2 25.5 159.4 55.2 10.5 23.5 35.6 35.2 95.0 202.4 July 257.7 718.0 46.3 281.2 51.5 129.3 72.8 13.4 35.7 36.9 45.8 89.9 153.1 August 263.6 679.9 42.7 284.0 75.5 109.4 56.6 10.4 7.8 32.0 37.7 77.5 184.4 September 278.3 619.9 42.6 293.8 98.3 73.7 50.0 10 18.8 27.0 27.1 54.6 156.4 October 316.6 573.2 59.9 235.1 85.4 140.2 41.0 18.6 12.6 30.8 31.5 61.1 112.8 November 370.1 503 7 88.4 221.1 107 73.6 36.1 7.0 15.1 30.0 36.0 74.0 121.8 December 330.7 457.3 86.1 193.4 92.6 69.9 38.6 19.7 27.3 19.8 51.0 115.9 Year 3,299.3 7489.7 563.5 3142.1 1,027.0 1317.3 346.4 773.2 100.2 221.4 376.8 404.4 .4 1631.3 CONSTRUCTION CONTRACTS AWARDED, BY OWNERSHIP CONSTRUCTION CONTRACTS AWARDED, BY DISTRICT [Figures for 37 States east of the Rocky Mountains, as reported by the [Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in millions of dollars] F. W. Dodge Corporation. Value of contracts in thousands of dollars] Total Public ownership Private ownership 1946 1945 Month 1944 1945 1946 1944 1945 1946 1944 1945 1946 Federal Reserve district Dec. Nov. Dec. January.... 159 141 358 122 75 47 37 66 311 February... 137 147 387 109 74 56 28 73 331 March 176 329 698 133 221 146 43 107 551 Boston 37,772 34,760 14,889 April 179 396 735 133 309 127 46 87 608 New York 85,761 95,577 43,388 May 144 243 952 98 148 197 46 95 756 Philadelphia 17,800 27,592 13,452 June 164 227 808 122 82 215 42 146 593 Cleveland 38,140 42,851 49,626 J A u u l g y ust 1 16 9 9 1 2 26 5 4 8 6 7 8 1 0 8 1 12 4 5 8 1 6 0 7 8 2 2 0 0 2 5 4 4 4 2 1 1 4 9 9 6 5 47 1 5 6 A Ri t c la h n m ta ond 5 6 4 2 , , 1 15 4 9 8 6 5 2 2 , , 7 3 8 3 2 3 3 3 3 0 , , 7 1 1 8 7 9 September.. 176 278 620 127 43 187 49 235 433 Chicago 67,015 86,018 65,384 October.... 145 317 573 102 61 134 43 256 439 St. Louis 19,141 24,725 30,211 November. . 165 370 504 103 61 130 62 309 373 Minneapolis 11,082 20,511 14,568 December .. 188 331 114 62 74 269 Kansas City 20,919 26,849 12,413 Dallas 43,341 29,747 22,848 Year 1,994 3,299 1,435 1,311 559 1,988 Total (11 districts) 457,278 503,745 330,685 LOANS INSURED BY FEDERAL HOUSING ADMINISTRATION [In millions of dollars] INSURED FHA HOME MORTGAGES (TITLE II) HELD IN PORTFOLIO, BY CLASS OF INSTITUTION Title I Loans Mortgages on [In millions of dollars] Year or month Total p P m e r i r o m r e o t v n y p - e t - - s S h c t t m o i r o o u m n a n c - l e - l l f h ( a - o T m t I u o I i ) t s i 4 l l e y e - s h R g ( o a T e r I u n o n D i s d u t t i l a p n e l g W V h ( e o a T V t u e r i s I r a t a ) i l n n i e n d g s' End of month Total b C m c a o i n e a m r k l - s - b M s t i a n u a n g v u a k s l - - s a a S l i s a t o n s a i n a o g o v d n c s n - i s - p I c a n a o n n s m c u i e e - r s - a F c e g i e r e e a d s n l - 1 - Other1 1 1 9 9 3 3 5 6 . .... 5 3 5 2 7 0 2 2 4 2 6 4 3 9 0 4 9 2 2 1 19 9 3 3 7 6 — — D D e e c c . 3 7 6 7 5 1 4 2 3 2 0 8 2 8 7 1 5 1 6 0 1 4 1 1 8 3 5 2 5 2 3 7 1 1 1 9 9 9 3 3 3 7 8 9 9 4 6 9 5 9 5 4 4 2 1 0 6 6 8 0 0 1 2 3 5 4 4 66 7 2 9 3 4 4 5 1 8 1 1 1 1 9 9 3 3 8 9 — — D D e e c c 1 1 , , 1 7 9 9 9 3 9 6 0 3 2 4 3 7 8 1 1 19 4 2 9 3 2 4 1 2 2 15 7 3 7 1 9 3 0 3 1940 1,026 251 26 736 13 1940—Mar 1,949 971 90 201 392 171 124 1941 . . .. 1,186 262 21 877 13 13 June 2,075 1,026 100 208 432 182 127 1942 1,137 141 15 691 6 284 Sept 2,232 1,093 111 216 480 190 141 1 19 9 4 4 4 3 . . . 9 8 4 8 2 6 1 9 2 6 5 1 2 21 4 6 3 7 5 6 3 0 7 1 Dec 2,409 1,162 130 224 542 201 150 1945 684 189 219 3 272 1941—Mar 2,598 1,246 146 230 606 210 160 1945—Dec 55 23 4K 20 1 11 S Ju e n p e t 2 2 , , 9 7 4 5 2 5 1 1 , , 3 4 1 0 8 0 1 1 5 7 7 1 2 2 3 4 7 6 6 7 6 2 8 2 2 22 2 5 0 1 1 5 7 4 8 1946—Jan 56 17 27 12 Dec 3,107 1,465 186 254 789 234 179 Feb *.. 46 14 24 8 Mar 48 13 28 7 1942—Mar 3,307 1,549 201 264 856 237 200 Apr 58 21 28 1 8 June 3,491 1,623 219 272. 940 243 195 May 80 39 31 1 10 Dec 3,620 1,669 236 276 1,032 245 163 June 83 40 37 6 July 80 42 33 1 5 1943—June 3,700 1,700 252 284 1,071 235 158 Aug 55 25 26 4 Dec 3,626 1,705 256 292 1,134 79 159 Sept 63 32 s 26 * 4 Oct 85 47 33 6 1944—June 3,554 1,669 258 284 1,119 73 150 Nov 67 35 26 7 Dec 3,399 1,590 260 269 1,072 68 140 Dec 76 40 28 9 1945—June 3,324 1,570 265 264 1,047 43 134 •Less than $500,000. Dec 3,156 1,506 263 253 1,000 13 122 1 Mortgages insured under War Housing Title VI through April 1946—June 3,102 1,488 260 247 974 11 122 1946; figures thereafter represent mainly mortgages insured under the Veterans' Housing Title VI (approved May 22, 1946) but include a few refinanced mortgages originally written under the War Housing 1 The RFC Mortgage Company, the Federal National Mortgage Title VI. Association, the Federal Deposit Insurance Corporation, and the NOTE.—Figures represent gross insurance written during the period United States Housing Corporation. and do not take account of principal repayments on previously insured 2 Including mortgage companies, finance companies, industrial banks, loans. Figures include some reinsured mortgages, which are shown in endowed institutions, private and State benefit funds, etc. the month in which they were reported by FHA. Reinsured mortgages NOTE.—Figures represent gross amount of mortgages held, excludon rental and group housing (Title II) are not necessarily shown in the ing terminated mortgages and cases in transit to or being audited at the month in which reinsurance took place. Federal Housing Administration. 197 FEBRUARY 1947 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MERCHANDISE EXPORTS AND IMPORTS [In millions of dollars] Merchandise exports1 Merchandise imports2 Excess of exports Month 1942 1943 1944 1945 1946 1942 1943 1944 1945 1946 1942 1943 1944 1945 1946 January 482 749 1,124 903 j>799 254 230 300 334 P394 228 519 824 569 P405 February 483 728 1,107 887 P670 254 234 314 325 P318 230 494 793 561 P352 March 637 988 1,197 1,030 P815 272 249 358 365 P384 365 739 839 665 P431 April 717 989 1,231 1,005 P757 235 258 352 366 P407 482 732 879 639 P35O May 542 1,092 1,455 1,135 P851 191 282 386 372 P397 351 810 1,069 763 P453 June 650 1,003 1,297 870 P878 215 296 331 360 P386 434 707 965 511 P492 July 659 1,265 1,197 893 P825 214 302 294 356 P433 446 963 903 537 P392 August 705 1,280 1,191 737 P883 187 318 304 360 P425 518 962 887 378 P457 September.... 732 1,269 1,194 514 P643 196 289 282 335 P3 76 536 981 912 180 P267 October 803 1,238 1,144 455 P537 200 329 328 344 P399 603 909 815 111 P138 November.... 788 1,073 1,187 639 P987 168 312 323 322 P482 620 761 863 317 P506 December.. .. 883 1,288 939 P736 359 282 347 P297 524 1,005 591 P439 Jan.-Nov 7,196 11,676 13,323 9,070 P8.644 2,386 3,099 3,573 3,839 4,400 4,811 8,577 9,749 5,231 P4.244 P Preliminary. 1 Including both domestic and foreign merchandise. 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 April 1944, p. 389; April 1940, p. 347; February 1937, p. 152; July 1933, p. 431; and January 1931, p. 18. FREIGHT CARLOADINGS BY CLASSES REVENUES, EXPENSES, AND INCOME OF CLASS I RAILROADS [Index numbers: 1935-39 average = 100] [In millions of dollars] For- Mis- Mer- Total CoalCoke Grain s L t i o v c e k - p u e r c o s t t d s - Ore l c o a e u n l s e - - c l d h .c i a s . n e l. - r o r e p a T v i e o e l r w n t a a u t a l i e y n s g e r x a T p i o l e w t n a a s l e y s o r i p a n i N e c l r o w e a m t t a i y e ng in N co e m t e Annual 1939 101 98 102 107 96 100 110 101 97 Annual 1940 109 111 137 101 96 114 147 110 96 1939 3,995 3,406 589 93 1941 130 123 168 112 91 139 183 136 100 1940 4,297 3,614 682 189 1942 138 135 181 120 104 155 206 146 69 1941 5,347 4,348 998 500 1943 137 138 186 146 117 141 192 145 63 1942 7,466 5,982 1,485 902 1944 140 143 185 139 124 143 180 147 67 1943 9,055 7,693 1,362 874 1945 135 134 172 151 "125 129 169 142 r69 1944 9,437 8,343 1,093 668 1946 132 130 146 138 129 143 136 138 79 1945 P8.902 P8,052 P850 P447 SEASONALLY ADJUSTED SEASONALLY ADJUSTED 1945—October. . 118 109 113 158 122 109 134 125 69 November 133 148 167 167 145 110 134 133 74 1945—September. 691 655 36 4 December. 127 133 164 153 r139 106 117 130 74 October... 657 620 37 3 November. 668 608 61 30 1946—January.. 133 148 127 152 126 122 118 134 78 December. 628 674 -36 -56 February., 126 152 107 150 158 126 94 121 78 March. . . , 139 155 165 141 140 134 121 143 78 1946—January... 655 567 88 51 April 109 26 95 112 143 143 66 143 81 February.. 635 555 80 51 May 106 68 62 126 114 125 66 123 74 March.. . . 651 667 -16 -45 June 133 146 140 126 118 149 137 135 81 April 566 562 4 -28 July 139 145 177 139 166 153 164 141 78 May 515 524 -9 -41 August 141 152 184 131 118 157 162 145 77 June 639 586 53 20 September 138 160 183 125 91 154 164 139 75 July 651 603 48 16 October. . 139 155 183 142 128 146 157 139 79 August. . . 664 613 51 18 November 137 117 166 147 136 151 157 148 83 September. 673 605 68 37 December. 140 132 155 162 122 156 145 148 81 October. . . 663 606 57 25 November. 663 601 62 UNADJUSTED 1945—October. . 128 109 111 158 188 115 215 136 72 UNADJUSTED November 136 148 167 164 183 108 114 139 75 December. 119 133 "173 144 135 94 36 123 71 1945—September. 679 636 43 9 October... 697 645 52 19 1946—January.. 123 148 L33 152 120 109 29 123 74 November. 661 600 61 34 February. 119 152 114 147 126 121 24 113 75 December. 614 651 -37 -75 March 132 155 166 130 111 134 35 136 79 April 107 26 93 99 127 143 50 141 82 1946—January... 641 570 71 34 May 107 68 61 111 103 130 103 125 74 February.. 579 521 58 29 June 137 146 138 128 96 155 213 139 81 March.... 646 667 -20 -49 July 143 145 172 166 135 153 263 142 78 April 567 557 10 -21 August. .. 145 152 177 142 113 165 243 146 77 May 533 537 -5 -37 September 149 160 181 140 120 166 245 150 79 June 612 574 38 15 October. . , 149 155 180 142 197 154 216 151 82 July 674 611 63 32 November 141 117 166 144 171 148 169 154 84 August. . . 710 629 82 53 December. 131 132 163 152 118 139 45 139 78 September. 660 593 67 39 October... 710 625 85 57 November. 658 594 64 r Revised. NOTE.—For description and back data, see pp. 529-533 of the BULLETIN for June 1941. Based on daily average loadings. Basic data compiled by Associa- P Preliminary. r Revised. tion of American Railroads. Total index compiled by combining indexes for NOTE.—Descriptive material and back figures may be obclasses with weights derived from revenue data of the Interstate Commerce tained from the Division of Research and Statistics. Basic Commission. data compiled by the Interstate Commerce Commission. Annual figures include revisions_not available monthly. 198 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORE STATISTICS [Based on value figures] SALES AND STOCKS BY FEDERAL RESERVE DISTRICTS [Index numbers, 1935-39 average=100] Federal Reserve district Year or month United States Boston Y N o e r w k d P e h l i p l h a i - a C l l a e n v d e- m Ri o c n h d - l A a t nt - a SALES* 1939 106 104 101 104 106 109 113 1940 . . ... 114 108 106 111 114 120 123 1941 133 126 119 129 138 144 145 1942 149 140 128 143 153 170 162 1943 168 148 135 151 167 194 204 1944 186 162 150 167 182 215 244 1945 207 176 169 184 201 236 275 1946 P264 221 P220 P257 P289 P345 SEASONALLY ADJUSTED 1945—December '219 188 182 185 218 '244 297 1946—January 227 186 194 205 220 262 308 February 251 200 '207 221 236 283 331 March ... '257 218 '215 244 246 294 328 April 252 210 '221 224 244 276 327 May 258 213 '228 232 256 276 329 June .. '276 232 '243 253 273 303 365 July 273 227 236 254 260 307 343 August 290 246 259 250 286 306 365 September '270 226 '205 241 249 298 367 October 2S7 216 179 229 248 286 348 November '272 230 '231 253 266 200 '347 December 274 231 232 230 277 293 362 UNADJUSTED 1945—December 352 323 307 328 338 '410 466 1946—Tanuary 179 147 155 158 167 197 246 February 207 156 174 174 194 227 292 March 238 197 206 219 237 264 315 April 255 223 219 228 253 281 336 May 248 211 214 222 243 274 313 June 253 216 221 228 257 266 306 July 208 157 158 175 203 219 275 August 242 184 189 195 249 253 321 September 278 237 214 246 251 316 374 October 278 240 202 2=59 265 312 372 November 336 284 301 319 333 369 '416 December 441 398 392 409 430 493 569 STOCKS* 1939 102 99 97 96 99 107 107 1940 108 105 102 99 106 113 115 1941 131 124 123 119 130 139 140 1942 179 165 181 167 182 191 178 1943 155 142 143 141 144 175 161 1944 162 147 150 148 151 190 185 1945 . .. 166 153 160 150 156 198 188 1946 P213 P182 P195 P205 P250 P258 SEASONALLY ADJUSTED 1945—December 158 139 150 146 149 192 189 1945—January 167 145 162 149 157 207 184 February 171 154 166 153 163 201 192 March 177 157 170 160 174 206 201 Aoril 189 171 180 172 178 217 220 200 177 190 182 192 233 239 June 211 181 204 194 209 243 252 July 223 187 213 203 213 264 267 August 221 186 214 205 208 264 271 September. 226 192 200 210 221 262 277 October 237 207 102 217 232 274 207 November . . ... 255 200 217 '220 240 208 330 December 274 205 235 211 258 319 348 UNADJUSTED 1945—December . . 136 127 137 124 124 160 155 1946—-January 146 132 144 130 138 177 166 February 158 145 156 148 151 190 179 starch 172 154 171 160 168 205 201 April 188 164 182 175 183 218 217 May 200 173 192 184 194 228 232 June 205 174 192 184 201 232 July 223 179 196 192 213 260 August 238 198 218 213 225 297 September 250 210 216 231 246 294 October 267 231 217 247 268 312 November 277 236 247 '242 263 316 December 235 186 213 179 214 266 Ot 3S Ot nO nO is c C a h g i- o Lo S u t i . s M a i po n l n i e s - K C a i n t s y as Dallas F c S r i a a s n c n o - 107 111 106 105 112 109 116 119 109 110 116 117 135 143 123 127 138 139 149 158 129 149 157 169 161 179 148 184 212 200 176 200 164 205 '245 221 193 227 185 229 '276 244 P250 P292 P247 287 P353 P306 206 239 199 244 '286 256 209 234 212 249 306 269 241 281 236 261 339 300 243 286 246 275 336 297 237 272 22S 273 352 291 234 277 252 289 342 305 253 305 248 288 368 315 254 300 253 281 381 323 281 330 259 300 381 324 263 313 265 321 376 313 250 293 2^4 2^7 340 319 261 294 2*2 356 '^20 264 303 252 303 348 317 320 365 305 366 '466 407 167 192 158 199 248 214 193 236 182 238 299 253 226 264 223 255 316 258 242 281 235 273 335 287 234 272 242 272 322 284 245 274 236 265 313 288 198 234 204 239 290 266 236 284 232 279 332 292 268 316 287 311 395 326 268 313 281 312 384 330 318 371 302 340 434 '376 409 463 387 455 567 504 103 102 103 99 106 106 111 108 110 105 113 113 134 134 138 125 130 137 186 176 171 159 161 187 160 152 151 152 159 172 161 159 169 157 177 177 159 166 165 158 190 182 P205 P225 P212 P210 P25O P238 147 155 155 154 198 176 163 160 166 165 179 183 165 175 162 163 190 190 168 185 166 183 195 190 179 193 183 184 208 215 191 211 186 194 239 217 199 222 207 212 253 218 213 231 224 206 252 250 210 234 219 201 262 240 220 240 227 219 267 249 235 264 244 234 274 270 249 274 240 303 206 256 292 291 302 364 334 132 130 136 126 166 144 140 138 151 143 161 161 150 158 155 147 169 167 163 180 167 165 185 177 179 193 174 179 202 212 191 211 185 191 227 225 195 222 200 212 246 221 209 240 228 230 272 265 225 255 232 225 296 263 305 244 266 245 246 299 281 333 263 295 271 266 310 299 347 274 293 279 '266 324 313 293 231 246 255 248 306 274 ' Revised. P Preliminary. * 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. 199 FEBRUARY 1947 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORE STATISTICS—Continued SALES, STOCKS, AND OUTSTANDING ORDERS WEEKLY INDEX OF SALES [As reported by 296 department stores in various Federal Reserve [Weeks ending on dates shown. 1935-39 average = 100] districts] Without seasonal adjustment Amount (In millions of dollars) 1943 1944 1945 1946 Aug. .131 Aug. 5... ..137 Aug. 4 .167 Aug. 3... ..217 Out- u'.'..'1.3'1. 12... . .148 11 .176 10... ..228 Year or month ( S t f a o o l t r e a s l ( S e t n o d c k o s f s o t r i a d n n e g d rs - Sept. 2 28 4 1.... . . . 1 1 1 4 4 6 5 6 9 Sept. 2 1 6 2 9... . . . . 1 1 1 4 9 7 9 4 1 Sept. 2 1 5 1 8.... . . . 1 1 1 8 2 9 2 4 4 2 3 1 4 1 7 . . . . . . . . . . . . . . 2 2 2 5 3 8 5 9 1 month) month) (end of 11 .156 9.'.'...177 8.... .177 Sept. 7... . .264 month) 18.... .179 16... ..196 15 .213 14... ..293 25 .176 23 193 22 220 21 280 Oct. 2.... .175 30;;! .!l96 29'.'.'.'.!209 28... ..257 1939 average 128 344 9.... .188 Oct. 7... ..218 Oct. 6 .242 Oct. 5... ..277 1940 average 136 353 108 16.... .189 14... ..221 13.... .245 12... ..281 1941 average 156 419 194 23 .194 21... . .209 20 .237 19 295 1942 average 179 599 263 30 .187 28.!. . .207 27'.'.'...233 26... ..287 1943 average 204 508 530 Nov. 6.... .202 Nov. 4... . .215 Nov. 3.... .236 Nov. 2... . .277 1944 average 227 534 560 13.... .211 11... ..231 10.... .261 9... ..314 1945 average 255 564 728 20 .223 18... . .252 17 .275 16... ..342 1946 average P318 P714 P907 27.... .201 25... ..236 24.... .258 23... . .363 Dec. 4.... .269 Dec. 2... ..304 Dec. 1 .326 30... ..334 1945—July 191 592 722 11 .297 9 365 8 .401 Dec. 7... . .475 August 213 626 670 18 .321 16... . .377 IS 433 14... . .519 September 243 621 652 25 .274 23 369 22 .421 21... . .532 October 298 625 700 30 123 29 .158 28... . .281 November 334 '603 779 December 429 462 '765 1944 1945 1946 1947 Jan. 1.... .110 Jan. 6... ..145 Jan. 5.... .135 Jan. 4... . .188 1946—January 224 491 896 8.... .143 13... . .166 12 .188 11... ..232 February 239 533 979 15 .146 20... ..160 19 .191 18... . . 223 March 301 582 974 22.... .144 27... ..161 26.... .188 25... ..220 April 319 644 910 29 .137 Feb. 3 163 Feb. 2 197 Feb. 1... May 304 674 934 Feb. 5.... .146 10... . .172 9.... .214 8.. . June 304 699 1048 12 .142 17... . .176 16 .209 15... July 244 735 1073 19... .142 24... . .177 23 .213 22. August 303 806 1012 26 . 146Mar. 3... . .182 Mar. 2. .217 Mar. 1 September 309 828 960 Mar. 4... . .153 10 204 9 233 8. October 341 879 845 11 .160 17... . .214 16.... .243 15 November 404 919 691 December P776 P558 NOTE.—Revised series. For description and back figures see pp. 874-875 of BULLETIN for September 1944. P Preliminary. r Revised. Back figures.—Division of Research and Statistics. SALES BY FEDERAL RESERVE DISTRICTS AND BY CITIES [Percentage change from corresponding period of preceding year] Dec. Nov. Year Dec. Nov. Year Dec. Nov. Year Dec. i Nov. Year 1946 1946 1946 1946 1946!1946 :1946 1946 1946 1946|1946 1946 United States..P+24 +24 +21 Cleveiand-cont, Chicago P +26; +27J+29 Kansas City— Toledo1 +21 +23, +23 Chicago1 +24 + 24|+29 cont. Boston +22 +28 +26 Youngstown 1. . +20 +22; +24 Peoria1 P+26! +27|+31 Oklahoma City. + 151 + 19 + 19 New Haven.... +25 +35 +27 Erie1 +18 +21| +21 Fort Wayne1J (2) | +313+33 Tulsa +20; Portland +12 +21 +21 Pittsburgh *. .. . +30 +27; +30 Indianapolis ij +27 +21 +25 +25 +22 Boston Area. . . +24 +27 +27 Wheeling1 + 18 +25: +27 Terre Haute 1:z>+24 +20 +28 Dallas +22, +24 +28 Downtown i Des Moines. JP+26 +28I+31 Shreveport +24| +22 +26 Boston.. . . +23 +26 +26 Richmond +17 +16 +21 Detroit1 i +24 +25 +27 Corpus Christi. . +381 +51 +31 Springfield + 17 +23| +20 Washington x... + 10 + 17! + 17 Flint1 ! +53| +50 +34 Dallas1 +22 +21 +31 Worcester +17 +32! +27 Baltimore +21 + 16! +22 Grand Rapids +54| +39+38 Fort Worth +21 +20 +24 Providence.... +19 +25| +23 Raleigh, N. C... +27 +26! +25 Lansing i +33, +32+31 Houston l +26 +30 +34 Winston-Salem. +32 +36i +30 Milwaukee1..! +23 +27+32 San Antonio + 19 +23 +27 New York. +28 +28\ +30 Charleston, S. C + 10 +4| +6 Green Bay1..?'+27: +27+34 Bridgeport1.... +26 +37i +33 Greenville.S.C. +21 + 14 + 19 Madison. . . .j +28 +24+26 San Francisco . . '+21 +20 +25 Newark x +26 +29i +30 Lynchburg +20 +16 +24 Phoenix1 +22 +20 +29 A B Bu l i b n ff a g a n h lo y a m * ton. . . + + + 2 2 2 6 0 8 + + + 3 2 1 8 5 9 i | + + + 4 2 3 3 9 0 N R R i o o c r a h f n o m o lk k o e n d , + + + 2 2 1 9 6 6 + -+ 1 22 1 . | + + + 2 3 9 7 3 S F L t. o i t r L t t l o e S u R m is o i t c h k . 1.! \p+ + - 2 3 9 5 ! ! t + + - 4 1 2 9 4+ + + 2 2 9 0 9 T F B r u a e c k s s e n o r o n s f l ield1 P P P + + + 1 1 1 3 6 8 + + + 2 1 1 7 7 7 + + + 2 3 2 7 1 7 N El i m ag i a ra ra Falls. . + + 1 1 8 1 + +1 3 7 0 J 1 + + 2 1 2 2 C W ha . r V le a ston, + 14 + +27 Q Ev u a in n c s y ville.. .! + + 2 3 0 3 ! | + +2 2 0 l|+ + 2 2 6 9 L L o o s n g A B ng e e a l c e h s x 1 . . . .. . . . p+ +1 2 3 3 + + 2 1 2 7 + + 2 2 9 2 New York City 1 +28 +26 +29 Clarksburg +28 +26! +30 Louisvillel... +27| +30 +30 Oakland and P R o o u c g h h e k s e te e r p J. s i . e . . . . + +2 2 7 3 + +3 2 3 9 \ + +3 3 0 3 Huntington +21 +16 +24 S E t a . s L t o S u t. i L sx o . u . i . s P + + 7 30 7 ! + + 7 2 2 5 + + 3 5 0 4 R B iv e e r r k s e i l d e e y a * nd p+21 + 15 +22 Schenectady. .. +15 +331 +24 Atlanta +22 +19 +26 St. Louis Area +3l| +26 +30 San Bernardino. + 18 +20 P C W S U T Y L A P R C C C S C h le y h p i r a t l e i a o o k i l v e i r e n i n l r a a n l c r r e a l v k i n c d u c o d a k a l t c n e e a i t e o a d m i i n u g n l o s n l n s n e a 1 s p - f n b n d t g l n x e B i h e p a 1 u e 1 d i l r a t h l s a 1 i d 1 r 1 i . * a . r . 1 . . . e . . 1 . 1 . . . . . . . + + + + + + + + + + + + + + + + 2 2 2 3 3 2 2 3 3 2 3 2 2 1 1 1 4 0 8 1 7 7 3 1 2 1 9 5 5 0 8 9 '+ + 4 + + + + + + + + + + + + : 4 2 2 2 3 2 2 3 3 2 2 4 1 1 1 4 2 6 0 0 8 5 4 1 0 6 4 3 6 5 ! + + + + + + + + + + + + + + + + 2 2 3 3 3 3 2 3 1 3 3 2 2 2 2 1 5 4 0 3 8 5 6 4 9 0 1 9 9 8 8 4 J O A T A M M M M C N J C B B N B K a a a o r u t a i r e h n a c o a o i c l r l i w m l t g a s o a a c k b s k a m n u o h m u t x n o t i s n s n t m p o t l v i s n v d O o g o e a t i n l a t i i b o x a , R n o n a n l 1 l r l g 1 u l x l v m l o T o e h e s e i o 1 u a e 1 e a ll g m n g r n e y a n e s 1 1 1 1 1 1 . . . . . . . . . . . . . . . . , . + + + + + + + + + + + + + + + + + + 2 2 3 2 1 3 2 2 2 2 2 2 2 1 1 1 1 4 5 1 7 7 3 2 4 9 7 0 4 3 3 9 5 4 7 • + + + + + + + + + + + + + + + + + + 2 2 2 2 2 3 2 2 2 2 1 1 1 1 1 1 1 4 5 4 1 4 8 9 5 1 2 3 8 7 9 6 9 5 6 ! ' ! | ; , 1 > ' + + + + + + + + + + + + + + + + + + 2 2 2 3 3 2 3 3 2 2 2 2 3 3 2 1 1 2 3 0 2 2 9 9 5 6 6 8 6 2 1 6 8 8 7 M K D S M W M S D H T J S O P K a o S i p t u u t o n m e u a n . . i i p e u r e l n p s n c n t u i l n m J a b a p P n e c h i v n s o t h n s e l e k e a h i a g h e p o s a t r a s a a r - i f a u e h i p p s i o p l e i C o o o 1 r C s h l . x l n i 1 l d . i . i . t i t s . . . s . y y . . . . . . . . . . . . . l . p+ + + + + + + + + + + + + + 2 2 2 3 1 3 2 1 2 3 2 2 1 4 7 4 6 9 2 3 5 5 6 3 4 0 2 | r r + + + + + + + + + + + + + + + + 2 2 2 2 2 3 3 3 2 2 1 2 1 1 1 1 6 1 4 6 0 0 2 4 0 2 3 9 1 6 0 9 1 J 1 1 1 1 J J ' ! ! i 1 J I ! + + + + + + + + + + + + + + + + 3 2 2 3 2 3 2 2 3 3 3 3 1 2 2 1 3 5 5 5 9 3 6 6 1 2 5 0 4 5 0 7 V S S S S S S S P S S T E Y B B N N a a a a a t e a o p a a o v e a o n n n l n a l c r o c l i k a e a t l c s l t t t r e o k m F i i r p l a e t J k D L a n m j l a e m a o r o a t e a p g m n R i a t o a n 1 a s e k t a a h d * n n n e 1 e a o e x e g l a d 1 1 c n s n m o C i d a t l s 1 o i x c . t l y . o . . r . . 1 . . . . .i ! J l ' I P p P P P ^ P P - + + + + + + + + + + + + + 1 ( + 2 2 2 2 2 2 2 2 2 2 1 3 1 2 2 8 ) 3 7 6 5 4 6 5 2 9 9 4 4 7 + + + + + + + + + + + + + + + 1 2 2 2 2 3 1 2 2 2 2 1 1 1 7 5 5 0 6 3 8 2 7 5 8 1 6 2 6 3 + + + + + + + + + + + + + + + 3 2 2 2 3 2 2 2 1 3 2 2 1 3 1 0 9 0 5 0 7 6 8 9 1 4 4 0 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. 3 Eleven months in 1946. 200 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORE STATISTICS—Continued SALES AND STOCKS BY MAJOR DEPARTMENTS 194 w 1 i t a h v o e u ra t I g n s e d e e a m x so o n n n u a t l m h l a b y d e s j r u s a s le tm s= e 1 n 0 t 0 1 Pe a r c y e e n a t r a c g h o an ( g v e a l f u r e o ) m Rat to io s o a f l e s s t 2 ocks Department r o N e f p u o s m t r o t b i r n e e r g s Sal m es o d n u th ring Sto o c f k m s o at n t e h nd Sale p s e r d io u d ring m S (e t n o o d n c t k o h s f ) November 11 1946 1946 1945 Nov. mos. Nov. 1946 1945 Nov. Oct Nov. Nov. Oct. Nov. 1946 1946 1946 GRAND TOTAL—entire store3 357 +21 +25 +52 2.4 1.9 MAIN STORE—total 357 258 218 214 633 609 413 +21 +26 +53 2.4 1.9 Women's apparel and accessories.. 354 248 234 224 567 574 378 +11 + 15 +50 2.3 1.7 Coats and suits 336 264 313 232 468 523 310 + 14 + 18 +54 1.8 1.3 Dresses 339 203 221 187 329 327 189 +9 + 16 + 75 1.6 1.0 Blouses, skirts, sportswear, etc 329 243 252 227 705 725 450 +7 + 12 +55 2.9 2.0 Juniors' and girls' wear 315 288 264 261 679 747 453 + 10 + 13 +50 2.4 1.7 Infants' wear 317 360 323 301 800 804 611 +20 +9 +31 2.2 2.0 Aprons, housedresses, uniforms 291 160 138 147 491 430 308 +9 + 17 +58 3.1 2.1 Underwear, slips, negligees 339 321 229 282 642 605 327 + 14 + 13 +96 2.0 1.2 Corsets, brassieres 336 233 248 202 649 609 394 + 15 +20 +64 2.8 2.0 Hosiery (women's and children's). .. 348 182 171 150 260 244 130 +21 + 14 +98 1.4 0.9 Gloves (women's and children's).... 331 293 208 288 986 993 610 +2 + 5 +62 3.4 2.1 Shoes (women's and children's) 245 224 227 208 643 590 439 +8 +24 +46 2.9 2.1 Furs 270 225 194 223 716 863 613 + 1 + 17 + 17 3.2 2.7 Neckwear and scarfs 251 345 276 325 839 888 691 +6 +8 +20 2.4 2.2 H M H a a i n l n l d d in k b e e a r r g y c s h i a e n f d s small leather goods. . 2 3 1 8 2 7 9 4 5 2 2 1 9 3 9 9 2 2 2 1 1 4 9 7 2 1 6 2 2 1 1 7 8 6 3 5 1, 6 0 1 4 7 8 9 6 5 1, 6 2 0 1 4 0 3 4 6 9 4 1 7 3 6 8 0 3 + + + 1 4 7 0 + + + 1 1 1 4 7 0 + + + 3 1 1 6 3 6 3 2 1 . . . 6 0 8 0 3 2 . . . 9 4 2 Men's and boys' wear 328 274 210 227 648 608 387 +21 +34 +68 2.4 1.7 Men's clothing 239 234 210 193 326 302 175 +22 +35 +91 1.4 0.9 Men's furnishings, hats, caps 313 299 203 241 775 713 436 +24 +43 + 77 2.6 1.8 Boys' clothing and furnishings 288 299 243 267 894 879 630 + 12 + 13 +43 3.0 2.3 Men's and boys' shoes and slippers.. 184 223 192 198 654 628 467 + 13 +44 +41 2.9 2.4 Home furnishings 315 244 207 167 656 620 366 +46 +57 +79 2.7 2.2 Furniture, beds, mattresses, springs. 239 189 164 158 609 575 358 +20 +41 + 70 3.2 2.3 Domestic floor coverings 262 210 188 141 449 421 275 +49 +59 +59 2.1 2.0 Draperies, curtains, upholstery 295 250 240 202 801 764 404 +23 +30 +98 3.2 2.0 Major household appliances 221 289 281 71 249 231 34 +309 +510 +665 0.9 0.4 Domestics, blankets, linens, etc 301 261 212 191 640 582 322 +37 +41 +98 2.4 1.7 Lamps and shades 232 283 210 243 870 844 597 + 16 +35 +46 3.1 2.4 China and glassware 235 202 140 179 720 684 503 + 13 +28 +44 3.6 2.8 Housewares 231 304 254 204 965 948 547 +49 +69 +79 3.2 2.6 Piece goods 295 284 273 233 620 546 294 +22 + 108 2.2 1.3 Cotton wash goods 125 216 223 169 501 444 203 +28 + 13 + 135 2.3 1.3 Small wares 340 261 193 242 857 785 708 +8 + 13 +21 3.3 2.9 Lace, trimmings, embroideries, ribbons 129 295 265 279 1,008 1,012 820 +6 +9 +20 3.4 3.0 Notions 226 226 211 190 763 748 593 + 19 + 19 +28 3.4 3.1 Toilet articles, drug sundries, and prescriptions, 323 195 148 188 809 672 735 +4 +8 + 11 4.1 3.9 Jewelry and silverware 306 305 225 256 968 929 695 + 19 +31 +41 3.2 2.7 Art needlework 237 253 217 244 756 765 585 +4 +4 +28 3.0 2.4 Stationery, books, and magazines 236 345 211 346 879 855 805 0 +5 + 10 2.6 2.3 Miscellaneous 306 368 194 286 691 660 486 +29 +32 +43 1.9 1.7 Luggage 239 263 162 185 835 706 410 +42 +54 + 104 3.2 2.2 BASEMENT STORE—total 208 216 189 175 492 496 344 +23 +20 +44 2.3 1.9 Women's apparel and accessories 190 209 191 179 436 458 336 + 17 + 12 +30 2.1 1.9 Men's and boys' clothing and furnishings , 162 247 191 196 589 585 374 +26 +32 +60 2.4 1.9 Home furnishings , 138 232 203 165 554 546 306 +41 +38 +84 2.4 1.8 Piece goods 51 301 284 245 574 551 314 +23 + 15 +91 1.9 1.2 Shoes 129 146 138 123 502 480 398 + 19 + 19 +27 3.4 3.2 1 The 1941 average of monthly sales for each department is used as a base in computing the sales index for that department. The stocks index is derived by applying to the sales index for each month the corresponding stock-sales ratio. For description and monthly indexes of sales and stocks by department groups for back years, see pp. 856-858 of BULLETIN for August 1946. The titles of the tables on pages 857 and 858 were reversed. 2 The ratio of stocks to sales is obtained by dividing stocks at the end of the month by sales during the month and hence indicates the number of months' supply on hand at the end of the month in terms of sales for that month. 8 For movements of total department store sales and stocks see the indexes for the United States on p. 81. SALES, ACCOUNTS RECEIVABLE AND COLLECTIONS 'ndex numbers, without seasonal adjustment, 1941 average = 100 Percentage of total sales Year and month Sales during month Ac a c t o e u n n d t s o f r e m ce o iv n a th ble Collec m tio o n n s t h during Cash I m ns e t n a t l- C ac h c a o r u g n e t - Total Cash I m ns e t n a t l- a C c h c a o r u g n e t I m ns e t n a t l- a C c h c a o r u g n e t I m ns e t n a t l- a C c h c a o r u g n e t sales sales sales 1945—November 212 271 100 165 41 113 78 143 63 4 33 December 270 >"355 '•109 '203 48 144 '81 148 64 4 32 1946—January 142 186 64 106 45 108 82 190 '64 4 '32 February. 152 191 72 122 44 100 75 140 62 4 34 March 190 233 84 162 43 114 83 138 60 4 36 April 205 249 96 175 45 126 82 154 60 4 36 May . . .. 194 234 85 169 45 129 83 168 59 4 37 June 193 233 81 169 46 133 81 167 59 4 37 July 156 192 74 130 45 119 79 165 61 4 35 August 193 234 99 164 48 127 84 152 60 4 36 September 197 229 97 180 50 145 87 152 57 4 39 October 218 249 119 202 55 156 101 186 56 5 39 November 257 297 146 233 62 176 109 197 57 5 38 December? 330 384 199 293 75 221 117 205 57 5 38 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. 199. 201 FEBRUARY 1947 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSUMER CREDIT STATISTICS TOTAL CONSUMER CREDIT, BY MAJOR PARTS [Estimated amounts outstanding. I r millions of dollars] Instalment credit & End o r o f y e m ar onth co c T n r s o e u d ta m i l t er ins T ta o l t m al ent Sale credit Loans1 p S a lo i y n a m g n l s e e 2 n - t a C cc h o a u rg n e ts S c e r r e v d i i c t e credit Total Automobile Other 1929 7,637 3,167 2,515 1,318 1,197 652 2,125 1,749 596 1930 6,839 2,706 2,032 928 1,104 674 1,949 1,611 573 1931 ... 5,528 2,214 1,595 637 958 619 1,402 1,381 531 1932 4,082 1,515 999 322 677 516 962 1,114 491 1933 3,905 1,581 1,122 459 663 459 776 1 081 467 1934 . 4,378 1,849 1,317 576 741 532 875 1,203 451 1935 5,419 2,607 1,805 940 865 802 1,048 1,292 472 1936 6,771 3,501 2,436 1 289 1,147 1,065 1,331 1 419 520 1937 .. 7,467 3,947 2,752 1,384 1,368 1,195 1,504 1,459 557 1938 7,030 3,578 2,313 970 1,343 1,265 1,442 1,487 523 1939 7,981 4,436 2,792 1,267 1,525 1,644 1,468 1,544 533 1940 9,153 5,455 3,450 1 729 1,721 2,005 1,488 1 650 560 1941 9,8^9 5,924 3,744 1,942 1,802 2,180 1,601 1,764 610 1942 6,485 2,955 1,491 482 1,009 1,464 1,369 1,513 648 1943 . . 5,338 1,961 814 175 639 1,147 1,192 1 498 687 1944 5,777 2,039 835 200 635 1,204 1,251 1,758 729 1945 6,734 2,365 903 227 676 1,462 1,616 1,981 772 1946P 9,773 4,004 1,568 545 1,023 2,436 1,879 3 027 863 \ 94.5—November 6,344 2,190 805 219 586 1,385 1,556 1,835 763 December 6,734 2,365 903 227 676 1,462 1,616 1,981 772 1946—January 6,506 2,364 877 235 642 1,487 1,659 1,701 782 February 6,564 2,408 879 245 634 1,529 1,671 1,692 793 March 6,978 2,507 905 264 641 1,602 1,695 1 972 804 Anril 7,315 2,652 957 289 668 1,695 1,710 2,138 815 May 7,507 2,789 1,004 318 686 1,785 1,708 2,188 822 June 7,762 2,908 1,035 336 699 1,873 1,697 2 327 830 July '7,842 '3,030 '1,071 365 '706 1,959 1,695 2,281 836 August '8,149 '3,176 '1,125 394 '731 2,051 1,714 2,418 841 September ... . '8.383 '3,300 '1,180 425 '755 2,120 1,740 2,495 848 October 8,713 3,466 1,263 466 797 2,203 1,773 2,621 853 November P 9,195 3,660 1,362 505 857 2,298 1,818 2,859 858 December? 9,773 4,004 1,568 545 1,023 2,436 1,879 3,027 863 ' Preliminary. r Revised. 1 Includes repair and modernization loans insured by Federal Housing Administration. 2 Noninstalment consumer loans (single-payment loans of commercial banks and pawnbrokers). CONSUMER INSTALMENT LOANS [Estimates. In millions of dollars] Amounts outstanding Loans made by principal lending institutions (end of period) (during period) Insured Year or month Total m b C a e o n r m c k i s a - 1 l S c l m o o a m a n l - l b In t a r d n i u a k l s s - 2 I c n t lo o r d i m a u a n l s - - u C n r i e o d n i s t l M l a e n n is e d c o e e u r l s s - m i r z e o a a p n d ti a d e o i r r n n- m b C a e o n rc m k i s a - 1 l S c l m o o a m a n l - l b In t a r d n i u a k l s s - 2 I c n t lo o r d i a m a u n l s - - u C n r i e o d n i s t panies2 loans1 panies2 1929 652 43 263 21Q 32 95 463 4 42 1930 674 45 287 218 31 93 503 380 41 1931 619 39 289 184 29 78 498 340 38 1932 516 31 257 143 27 58 376 250 34 1933 459 29 232 121 27 50 304 202 33 1934 532 44 246 125 32 60 25 69 384 234 42 1935. 802 88 267 156 44 79 168 130 423 288 67 1936 1,065 161 301 191 66 102 244 248 563 354 105 1937. 1,195 258 350 221 93 125 148 368 619 400 148 1938 1,265 312 346 129 95 112 117 154 460 604 238 176 179 1939 1,644 523 435 131 99 147 96 213 680 763 261 194 257 1940. 2,005 692 505 132 104 189 99 284 1,017 927 255 198 320 1941 2,180 784 535 134 107 217 102 301 1 198 983 255 203 372 1942 1,464 426 424 89 72 147 91 215 792 798 182 146 247 1943. 1,147 312 372 67 59 123 86 128 636 809 151 128 228 1944 1,204 358 388 * 68 60 122 88 120 744 876 155 139 230 1945 1,462 471 445 76 70 128 93 179 938 978 166 151 228 2,436 958 615 118 99 184 110 352 1 791 1,270 231 211 339 1945—November. . 1,385 448 409 73 67 124 90 174 94 97 15 14 21 December... 1,462 471 445 76 70 128 93 179 101 133 18 16 23 1946—January.... 1,487 494 446 76 70 127 93 181 104 76 14 14 19 February. . . 1,529 522 452 78 71 128 94 184 105 80 14 14 19 March 1,602 564 462 82 73 132 95 194 132 103 18 16 24 April 1,695 608 482 85 76 137 97 210 138 105 18 16 25 May 1,785 656 492 88 78 142 98 231 148 97 19 16 28 June 1,873 700 506 92 79 149 99 248 148 99 19 17 28 July 1 959 745 520 96 81 154 100 263 156 106 20 17 29 August 2,051 792 535 100 84 158 102 280 164 110 20 18 30 September. . 2,120 825 544 103 86 164 103 295 156 98 20 18 31 October 2,203 864 555 108 90 170 104 312 176 107 21 19 34 November?. 2,298 907 574 112 95 175 106 329 172 122 22 20 33 December?. 2,436 958 615 118 99 184 110 352 192 167 26 26 39 ? Preliminary. x 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 December amounted to 67 million dollars, and loans made during December were 10 million. 2 Figures include only personal instalment cash loans, retail automobile direct loans, and other retail direct loans. Direct retail instalment loans are obtained by deducting an estimate of paper purchased from total retail instalment paper. 8 Includes only loans insured by Federal Housing Administration. 202 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSUMER CREDIT STATISTICS—Continued CONSUMER INSTALMENT SALE CREDIT, EXCLUDING CONSUMER INSTALMENT CREDITS OF COMMERCIAL AUTOMOBILE CREDIT BANKS, BY TYPE OF CREDIT [Estimates. In millions of dollars] [Estimated amounts outstanding. In millions of dollars] E y m e n o a d r n t o o h f r in e m T g x o o c a t l b u a u il d l t e , o - - D s o m m e t a r o p n a e d r a i d n e e l r t r - s t- F s t t u u o r r r n e e i s - H a s a h t p o o n o p u r c l l s e d e i e s - - J s e t w or e e l s ry s o r t e t o h t A r a e e l i r l l s Year or month Total c P h A a u u s r t e r - o e d m ta o D i l l o b i a i r l n e e c s t i !c r d O h e p a i t a t r u n h a e s r d i e c e - l r t d , e R l m r e t o a o n i p a n i d o a n d z - n s i a 1 r - i m s l c n P o o a s e a e n s t n r n a a h - s t l lhouses Outstanding at end of 1 1 1 1 1 1 1 1 1 9 9 9 9 9 9 9 9 9 2 3 3 3 3 3 3 3 3 9 2 1 5 7 4 6 3 0 . . . . .. 1 1 1 , , , , 1 1 1 3 9 6 6 8 7 9 0 4 7 6 5 6 6 4 7 4 7 7 8 3 5 1 8 3 1 2 1 1 1 1 1 1 5 1 1 5 6 0 3 8 4 5 4 9 6 0 3 8 6 6 5 3 2 4 5 4 3 3 4 3 1 9 6 3 0 8 5 1 9 3 9 9 6 6 3 4 4 2 3 1 2 2 1 1 1 1 2 0 2 6 5 1 3 7 8 2 7 1 5 5 9 1 1 5 4 4 3 6 5 2 3 4 5 7 5 0 8 6 9 5 0 6 2 1 1 1 1 1 1 1 9 3 1 1 4 1 7 3 3 7 2 0 0 1 5 4 3 6 per 1 1 1 1 1 1 1 1 i 9 9 9 9 9 9 9 9 o 4 4 4 4 4 4 4 3 d 2 5 6 4 3 0 1 9 : P 1 1 1 1 , , , , 6 5 4 0 8 5 5 7 9 5 6 9 4 3 5 1 4 0 4 3 5 1 9 4 2 4 3 1 1 1 1 1 5 6 5 3 8 1 8 1 7 5 5 6 6 3 2 3 1 1 1 1 5 3 9 8 4 2 6 0 3 9 9 1 6 3 4 2 2 2 1 1 9 8 1 3 6 4 5 7 7 8 7 3 8 3 5 5 2 2 2 1 2 1 8 5 2 3 8 0 4 5 3 4 1 4 9 9 7 4 3 4 4 2 2 3 2 5 5 2 4 2 0 4 8 5 1 1 5 2 2 7 9 2 j 1938 L,343 302 485 266 70 220 1945—November. 694 62 135 90 116 291 1939 ,525 377 536 273 93 246 December. . 731 65 146 97 121 302 1 1 9 9 4 4 0 1 L L ,8 ,7 0 2 2 1 4 4 6 3 6 9 6 5 1 9 9 9 3 3 1 0 3 2 1 1 1 2 0 0 2 2 8 7 4 1 1946— F J e a b n r u u a a ry ry .. . . . 7 8 7 0 1 9 7 7 0 4 1 1 5 6 5 4 1 11 0 1 7 1 13 2 1 5 3 3 2 1 9 4 1 1 1 1 1 9 9 9 9 9 4 4 4 4 4 2 3 5 6 4 ? . 1 1 , , 0 0 6 6 6 0 2 3 3 7 9 3 9 5 6 3 2 1 1 1 7 3 5 8 9 2 9 2 3 8 3 2 2 3 2 7 9 6 8 6 1 1 8 3 9 1 2 3 3 1 1 9 0 0 3 4 1 6 2 7 7 7 6 5 4 7 0 1 1 1 1 1 0 0 5 6 0 1 7 9 1 0 A J J M M u u p l a n a r y y e i r l ch.... 1 1 1 , , , 1 0 0 9 8 6 2 9 4 7 4 5 3 6 1 1 1 1 9 8 1 2 0 7 2 5 4 8 2 2 2 1 1 4 1 2 9 7 5 2 8 3 9 1 1 1 1 1 5 4 6 1 2 4 2 7 7 7 1 1 1 1 1 6 5 7 8 4 1 1 3 3 0 3 4 4 3 4 2 4 7 5 0 3 5 8 3 2 1945 August. 1,247 138 263 179 198 469 November. 586 173 262 12 47 92 September. 1,313 149 276 188 211 489 December. 676 198 283 14 74 107 October 1,387 161 294 201 225 506 1946 N D o ec v e e m m b b e er r ? P 1 1 , , 4 5 6 6 7 4 1 18 7 6 3 3 3 1 3 5 9 2 2 3 1 3 4 2 23 5 8 4 5 5 2 5 7 2 January... 642 189 272 14 66 101 February.. 634 184 274 14 62 100 Volume extended dur- March 641 188 279 14 59 101 ing month: April 668 200 288 15 60 105 1945—November. 140 14 29 21 16 60 May 686 206 295 16 61 108 December. 147 14 32 24 13 64 A J J t. u u u "n l • y g •e' ust.... » •• 6 7 7 9 0 3 9 1 6 • '2 • 2 2 2 1 1 1 0 2 2 2 3 9 9 0 9 9 8 2 2 1 1 3 7 6 6 6 3 4 3 1 1 1 1 1 1 1 0 5 1946— F M J e a a b n r r c u u h a a r r y y . . . . . 1 1 1 5 8 5 7 8 5 2 1 1 0 8 9 4 3 3 1 4 5 2 2 2 5 7 4 2 1 1 0 4 5 8 6 6 2 3 3 September. ••755 ••235 311 25 65 119 April 212 29 46 32 22 83 October. . . 797 257 322 27 66 125 May 226 29 52 38 22 85 November? 857 285 337 28 72 135 June 217 24 50 36 22 85 December? 1,023 339 368 30 125 161 July 240 30 53 44 23 90 August... . 253 36 58 38 27 94 CONSUMER INSTALMENT CREDITS OF INDUSTRIAL September. 243 33 55 41 25 89 BANKS, BY TYPE OF CREDIT October. . . 277 38 65 47 29 98 Novemberp 270 37 65 46 27 95 [Estimates. [n millions of dollars] December? 304 44 71 53 25 111 Retail instal- Repair Persona] ment paper 2 and instal- CONSUMER INSTALMENT CREDITS OF INDUSTRIAL Year and month Total modern- ment LOAN COMPANIES, BY TYPE OF CREDIT m A o u b to il - e Other i l z o a a t n io s n 1 l c o a a s n h s [Estimates. In millions of dollars] Retail instal- Repair Personal Outstanding at end ment paper» and instalof period: Year and month Total modern- ment 1941—June 202.5 53.5 18.4 18.2 112.4 Auto- ization cash December... . 196.8 49.3 18.8 18.6 110.1 mobile Other loans J loans 1942—June 162 4 34.3 16.3 16 5 95 3 December... . 125.4 21.4 12.8 15.6 75.6 Outstanding at end 1943—June 100.2 14.4 8.8 14.1 62.9 of period: December... 91.8 12.6 7.7 14.0 57.5 1944 67.1 10.5 3.8 1.1 51.7 1944—Tune 89.6 12.5 6.8 12.9 57.4 1945 76.7 11.0 4.0 1.5 60.2 December... . 92.0 13.0 7.8 13.4 57.8 1946? 109.1 15.0 8.1 2.4 83.6 1 1 9 9 4 4 6 5 — — D J N a e o n c v u e e a m m ry b b e e r r. . .. . . 1 1 1 0 0 0 4 0 5 . . . 1 9 6 1 1 1 3 4 3 . . . 6 1 8 9 9 9 . . . 0 8 9 1 1 1 7 6 8 . . . 2 8 0 6 6 6 3 1 3 . . . 5 3 6 1945— D N e o c v e e m m b b e e r r. . . . . 7 76 3 . . 7 8 1 11 0 . . 0 6 4 4 . . 0 0 1 1. . 5 6 5 60 7 . . 2 6 February... 107.3 14.6 10.0 18.2 64.5 1946—January.... 77.5 11.2 4.0 1.5 60.8 March 112.8 15.4 10.9 19.1 67.4 February... 78.4 11.2 4.1 1.6 61.5 April 118.1 16.8 11.8 20.2 69.3 March 81.0 11.6 4.2 1.6 63.6 May 122.4 17.6 12.7 21.2 70.9 April 83.2 12.1 4.5 1.6 65.0 June 127.4 18.5 13.7 22.0 73.2 May 85.6 12.6 4.8 1.7 66.5 July 132 6 19 9 13 8 23 1 75 8 June 87.5 12.7 5.2 1.7 67.9 August 138^5 21.3 14!l 24^2 78^9 July 89.0 13.0 5.4 1.9 68.7 September. . . 142.9 22.1 14.7 25.4 80.7 August 93.1 13.6 5.6 2.0 71.9 October 150.6 24.4 15.7 26.7 83.8 September. . 95.3 13.8 6.2 2.0 73.3 November*.. . 155.9 26.2 16.7 27.4 85.6 October 99.7 14.5 7.0 2.2 76.0 December?. . . 163.1 27.5 17.9 28.4 89.3 November?.. 104.3 14.9 8.2 2.3 78.9 December?.. 109.1 15.0 8.1 2.4 83.6 Volume extended during month: Volumes extended 1 19 9 4 4 6 5 — — D J N a e o n c v u e e a m m ry b b e er r . . .. . . 2 1 1 1 9 8 . . . 9 3 6 3 3 3 . . . 0 1 1 2 2 1 . . . 2 0 6 1 1 1 . . . 9 6 8 1 1 1 2 2 4 . . . 8 1 6 19 d 4 u 5 r — in D g N e o m c v e e o m m nt b b h e e : r r . . . . . 1 1 6 7 . . 2 8 2 2 . . 7 7 0 1 . . 8 1 0 0 . . 2 2 1 1 2 4 . . 2 1 February.... 18.0 3.0 1.7 1.6 11.7 1946—January.... 15.6 2.6 0.7 0.1 12.2 March 23.3 3.8 2.2 2.4 14.9 February. . . 15.2 2.4 0.8 0.1 11.9 April 23.6 4.2 2.4 2.5 14.5 March 18.3 3.0 0.9 0.2 14.2 May 24.4 3.9 2.8 2.5 15.2 April 18.0 3.1 .0 0.2 13.7 June 23.8 3.9 2.7 2.3 14 9 May 18.4 3.2 .2 0.2 13.8 July 26.3 4.7 2.8 2.6 16.2 June 18.3 2.7 .2 0.2 14.2 August . . . 26 7 4.7 3 0 2.8 16.2 July 19.6 3.3 .4 0.3 14.6 September. . . 25.2 4.3 2.7 2.7 15.5 August 20.5 3.5 .1 0.3 15.6 October 28.8 5.5 3.5 3.3 16.5 September. . 20.0 3.4 .4 0.3 14.9 November?... 28.5 5.2 3.6 2.8 16.9 October 22.5 4.0 .8 0.3 16.4 DecemberP. . . 32.0 5.6 4.0 2.6 19.8 November?.. 23.2 4.1 .9 0.2 17.0 December?. . 27.7 3.4 1.7 0.3 22.3 1 Includes not only loans insured by Federal Housing Administration but also noninsured loans. Preliminary. p Revised. 1 Includes both direct loans and paper purchased. FEBRUARY 1947 203 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSUMER CREDIT STATISTICS—Continued FURNITURE STORE STATISTICS RATIO OF COLLECTIONS TO ACCOUNTS RECEIVABLE * Percentage change Charge Pe f r ro c m en m ta p o g r n e e c t h e c d h i a n n g ge m fro o m nt h c o o r f r e p sp re o c n e d d i i n n g g Instalment accounts accounts year Item 1 D 9 e 4 c 6 . ? N 19 o 4 v 6 . 1 O 9 c 4 t 6 . 1 D 9 e 4 c 6 . ? N 19 o 4 v 6 . 1 O 9 c 4 t 6 . Year and month D s m e to p e r a n e r t s t- F s t t u u o r r r n e e i s - h H p o s l t o l i o d a u r n s e a c e s p e - - J s e t w o e re lr s y D s m e to p e r a n e r t s t- Net sales: 1945 Total +21 +3 + 15 +42 +34 +37 November.. . 41 27 51 35 67 Cash sales +24 +5 + 14 +23 +28 +35 December. . . ••37 24 48 46 61 Credit sales: Instalment + 15 +6 + 19 +36 + 29 +26 1946 Charge account +31 -3 + 14 +93 +63 +67 January 32 25 52 32 61 February 31 24 52 29 60 Accounts receivable, at March 35 27 54 32 64 end of month: April 35 28 56 32 63 Total +11 + 7 +3 +40 +36 +36 May 34 27 55 34 62 Instalment . . + 11 + 7 +3 +28 +25 +25 June 33 26 55 33 60 July 32 26 56 32 57 Collections during August 35 26 55 33 59 month: September... 34 25 52 31 56 Total -1 0 + 12 +41 +37 +42 October 37 27 '52 32 60 Instalment -1 +4 + 12 +33 +30 +29 November. . . 37 27 48 34 59 December?. . 35 26 48 42 54 Inventories, end of month, at retail value. -3 +2 +8 +77 +65 +57 p Preliminary. r Revised. 1 Ratio of collections during month to accounts receivable at begin- * Preliminary. ning of month. COST OF LIVING Consumers' Price Index for Moderate Income Families in Large Cities [Index numbers of the Bureau of Labor Statistics, 1935-39 average = 100] Fuel, Year or month All items Food Clothing Rent electricity, House Miscellaneous and ice furnishings 1929 122.5 132.5 115.3 141.4 112.5 111.7 104.6 1930 119.4 126.0 112.7 137.5 111.4 108.9 105.1 1931 108.7 103.9 102.6 130.3 108.9 98.0 104.1 1932 97.6 86.5 90.8 116.9 103.4 85.4 101.7 1933 92.4 84.1 87.9 100.7 100.0 84 2 98.4 1934 95.7 93.7 96.1 94.4 101.4 92.8 97.9 1935 98.1 100.4 96.8 94.2 100.7 94.8 98.1 1936 99.1 101.3 97 6 96.4 100.2 96.3 98.7 1937 . .. 102.7 105 3 102 8 100.9 100.2 104 3 101.0 1938 100.8 97.8 102.2 104.1 99.9 103.3 101.5 1939 99.4 95 2 100 5 104.3 99.0 101 3 100.7 1940 100.2 96.6 101.7 104.6 99.7 100.5 101.1 1941 105.2 105 5 106 5 105.9 102.5 108 2 104.0 1942 . 116.5 123.9 124.2 108.5 105.4 122.2 110.9 1943 123.6 138.0 129.7 108.0 107.8 125.6 115.9 1944... 125.5 136.1 138.8 108.2 109.8 136.4 121.3 1945 128.4 139 1 145 9 108.3 110.3 145 8 124.1 1946 .. 139.3 159.6 160.2 108.6 112.4 159.2 128.9 1945—April 127.1 136.6 144 1 109.8 144 9 123.8 May ... . 128.1 138.8 144.6 110.0 145.4 123.9 June 129.0 141.1 145 4 108.3 110.0 145 8 124.0 July . 129.4 141.7 145.9 111.2 145.6 124.3 August 129.3 140.9 146.4 111.4 146.0 124.5 September 128.9 139.4 148 2 iO8.3 110.7 146 8 124.6 October 128 9 139 3 148 5 110 5 146 9 124 7 November . . . 129.3 140.1 148.7 110.1 147.6 124.6 December 129.9 141.4 149.4 108.3 110.3 148.3 124.8 1946—January 129.9 141.0 149.7 110.8 148.8 125.4 February 129 6 139 6 150 5 111 0 149 7 125 6 March . . ... 130.2 140.1 153.1 108.4 110.5 150.2 125.9 April 131.1 141.7 154.5 110.4 152.0 126.7 May 131 7 142 6 155 7 110 3 153 7 127 2 June ... ... 133.3 145.6 157.2 108.5 110.5 156.1 127.9 July 141.2 165.7 158.7 113.3 157.9 128.2 August 144.1 171.2 161.2 108.7 113.7 160 0 129.8 September 145.9 174.1 165.9 108.8 114.4 165.6 129.9 October. 148.6 180.0 '168.1 114.4 168.5 131.0 November 152.2 187.7 r171 0 r114 8 r171 0 132.5 December 153.3 185.9 176.5 115.5 177.1 136.1 r Revised. Back figures.—Bureau of Labor Statistics, Department of Labor. 204 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WHOLESALE PRICES, BY GROUPS OF COMMODITIES [Index numbers of the Bureau of Labor Statistics. 1926 = 100] Other commodities All Year, month, or week m c t o i o e m d s i - - F p u r a c o r t d m s - Foods Total H p l i r e d o a e d t s h u e c a r n ts d p T ro e d x u ti c le ts m F li u a g e t h e l t r i a i n a n g l d s a p n M r d o e d m t u a c e ls t t a s l m B a u t i e ld ri i a n l g s p c C a r a o l h l s l d e ie u m a d c n i t - d s in f H u g r o n g u i o s s o h e d - - s l M an is e c o e u l s - 1929 95.3 104.9 99.9 91.6 109.1 90.4 83.0 100.5 95.4 94.0 94.3 82.6 1930.. . 86.4 88.3 90.5 85.2 100.0 80.3 78.5 92.1 89.9 88.7 92.7 77.7 1931 73.0 64.8 74.6 75.0 86.1 66.3 67.5 84.5 79.2 79.3 84.9 69.8 1932 64.8 48.2 61.0 70.2 72.9 54.9 70.3 80.2 71.4 73.9 75.1 64.4 1933 65.9 51.4 60.5 71.2 80.9 64.8 66.3 79.8 77.0 72.1 75.8 62.5 1934 74.9 65.3 70.5 78.4 86.6 72.9 73.3 86.9 86.2 75.3 81.5 69.7 1935 80.0 78.8 83.7 77.9 89.6 70.9 73.5 86.4 85.3 79.0 80.6 68.3 1936 80.8 80.9 82.1 79.6 95.4 71.5 76.2 87.0 86.7 78.7 81.7 70.5 1937 86.3 86.4 85.5 85.3 104.6 76.3 77.6 95.7 95.2 82.6 89.7 77.8 1938 78.6 68.5 73.6 81.7 92.8 66.7 76.5 95.7 90.3 77.0 86.8 73.3 1939 77.1 65.3 70.4 81.3 95.6 69.7 73.1 94.4 90.5 76.0 86.3 74.8 1940 78.6 67.7 71.3 83.0 100.8 73.8 71.7 95.8 94.8 77.0 88.5 77.3 1941 87.3 82.4 82.7 89.0 108.3 84.8 76.2 99.4 103.2 84.4 94.3 82.0 1942 98.8 105.9 99.6 95.5 117.7 96.9 78.5 103.8 110.2 95.5 102.4 89.7 1943 103.1 122.6 106.6 96.9 117.5 97.4 80.8 103.8 111.4 94.9 102.7 92.2 1944 104/0 123.3 104.9 98.5 116.7 98.4 83.0 103.8 115.5 95.2 104.3 93.6 1945 105.8 128.2 106.2 99.7 118.1 100.1 84.0 104.7 117.8 95.2 104.5 94.7 1945—December.. 107.1 131.5 108.6 100.5 118.9 101.4 84.8 105.6 119.5 96.1 104.7 94.8 1946—January... 107.1 129.9 107.3 100.8 119.4 101.6 84.9 105.7 120.0 96.0 106.2 95.3 February. . 107.7 130.8 107.8 101.3 119.6 102.2 85.1 106.6 120.9 95.9 106.5 95.6 March 108.9 133.4 109.4 102.2 119.8 104.7 85.0 108.4 124.9 96.0 106.9 95.6 April 110.2 135.4 110.8 103.3 119.8 107.9 86.1 108.8 126.5 96.1 107.5 95.7 May 111.0 137.5 111.5 103.9 120.4 108.8 86.1 109.4 127.8 96.5 108.3 97.0 June 112.9 140.1 112.9 105.6 122.4 109.2 87.8 112.2 129.9 96.4 110.4 98.5 July 124.7 157.0 140.2 109.5 141.2 118.1 90.3 113.3 132.1 99.3 111.9 101.3 Aiieust.... 129.1 161.0 149.0 111.6 138.9 124.0 94.4 114.0 132.7 98.4 112.6 102.0 September. 124.0 154.3 131.9 112.2 141.6 125.7 94.3 114.2 133.8 98.4 113.6 102.1 October. . . 134.1 165.3 157.9 115.7 142.4 128.6 94.2 125.7 134.8 90.9 115.3 104.0 November. 139.6 169 8 165.4 120.6 172.5 131.3 94.5 129.7 145.5 118.9 118.2 106.5 December. . 140.9 168.1 160.1 124.7 176.7 134.7 96.1 134.7 157.8 125.7 120.2 108.9 Week ending: 1946—Sept. 7... 122.0 150.4 130.7 110.8 139.6 117.3 95.1 113.6 133.1 97.9 114.1 101.3 Sept. 14. .. 121.7 151.8 128.1 111.0 139.7 117.5 95.2 113.6 133.3 97.9 114.3 101.9 Sept. 21. .. 123.8 155.1 131.9 112.1 139.4 123.7 95.3 114.2 133.9 98.4 114.7 101.8 Sept. 28... 124.4 156.6 133.0 112.4 140.9 125.4 95.1 114.2 134.0 98.2 115.0 101.8 Oct. f5... 125.1 158.0 135.5 112.6 141.1 125.9 95.0 114.2 134.1 98.6 115.1 102.2 Oct. 12... 126.0 160.2 137.7 112.6 141.3 126.1 95.0 114.2 134.1 98.8 115.3 102.2 Oct. 19... 135.1 160.1 175.6 112.8 141.5 126.3 95.0 114.4 134.2 98.8 115.7 102.5 Oct. 26... 135 9 170.1 169.9 113.1 143.3 126.5 95.0 114.4 134.2 99.5 115.9 103.7 Nov. 2... 134.8 166.5 165.9 114.0 143.3 127.3 94.8 114.4 137.4 103.5 117.3 105.4 Nov. 9... 134.8 166.0 162.5 115.5 158.7 130.2 94.7 114.4 140.0 110.2 117.5 104.9 Nov. 16. .. 135.8 167.3 164.1 116.2 150.2 129.5 94.8 116.3 140.4 122.3 117.6 104.6 Nov. 23... 137.3 172.1 165.0 116.9 158.6 129.6 94.9 117.2 142.0 123.1 118.0 106.1 Nov. 30. . . 139.1 170.3 163.6 121.1 165.0 130.7 95.8 131.8 144.3 123.7 118.3 106.7 Dec. 7 . . . 139.1 169.2 161.7 121.6 166.9 131.7 96.0 132.2 145.2 124.0 118.7 106.9 Dec. 14. .. 139.7 168.7 161.3 122.9 170.7 132.5 96.1 132.7 151.1 125.4 120.0 107.9 Dec. 21. . . 139 8 170.7 159.5 123.4 170.9 132.8 96.9 133.3 151.9 125.6 120.5 108.1 Dec. 28. .. 139.6 167.7 159.1 123.9 171.3 133.3 97.0 133.9 154.6 126.1 120.5 107.7 1947—Tan. 4.... 139.1 166.1 156.4 124.1 171.3 133.5 97.0 134.2 156.1 126.6 120.9 107.8 Jan. 11 140.0 1 65.8 158.1 125.0 171.2 133.2 98.0 135.5 158.1 126.8 121.4 109.0 Jan. 1.8.... 140.8 166.0 157.8 126.6 171.7 135.7 98.3 136.7 164.5 127.1 122.4 109.5 Jan. 25 140.3 164.2 155.9 127.0 170.7 135.7 98.5 137.7 165.5 127.4 122.5 110.0 1945 1946 1945 1946 Subgroups Subgroups Dec. Sept. Oct. Nov. Dec. Dec. Sept. Oct. Nov. Dec. Farm products: Metals and Metal Products: Grains 133.2 170.6 174.2 165.4 163 0 Agricultural implements 98 1 108 6 108 7 112 5 117 1 Livestock and poultry 129.6 150.4 174.6 197.4 194.7 Farm machinery 99.1 109.8 109.9 113.8 118.6 Other farm products 131.3 151.1 156.1 153.3 152.5 Iron and steel 101.0 113.5 113 7 114.0 117.4 Foods: Motor vehicles l '.. 112.8 '142.8 146.5 151.0 Dairy products 113.8 169.1 185.5 182.9 180.0 Nonferrous metals ... . 85.8 ioi.4 101.8 118.4 129.3 Cereal products 95 7 127.4 128.5 136.1 139 5 Plumbing and heating 95 0 107 2 107 2 107.2 114 9 Fruits and vegetables 128.7 115.5 122.5 139.5 134.5 Building Materials: Meats 107.9 131.3 191.4 202 8 188.2 Brick and tile 116.7 127.7 127.8 129.1 130.0 Other foods.. 100 6 115 5 136 2 141.4 189 0 Cement . . ' 100 5 106 5 106 5 107 0 106 9 Hides and Leather Products: Lumber 157.8 178.2 178.9 192.1 227.2 Shoes 126.9 144.8 145.2 162.9 169.9 Paint and paint materials 107.8 116.7 119.2 151.3 155.4 Hides and skins 117.6 151.5 153.0 221.0 216.5 Plumbing and heating 95.0 107.2 107.2 107.2 114.9 104.1 138.5 138.5 178.1 185.0 Structural steel 107.3 120.1 120.1 120.1 120.1 Other leather products 115.2 115.8 118.6 123.5 123.6 Other building materials 105.9 121.4 122.5 125.3 131.8 Textile Products: Chemicals and Allied Products: Clothing 107 4 122.9 125.5 127.9 130.0 Chemicals 97.1 98.6 98.8 106.9 111.8 Cotton goods 125 5 166.6 172.9 174.7 181.6 Drugs and Pharmaceuticals 112.3 110.3 111.5 152.8 181.2 Hosiery and underwear 73.5 88.7 88.8 89.3 96.9 Fertilizer materials 81.9 90.2 91.9 96.3 95.1 Silk 126.5 125.7 115.0 103.2 Mixed fertilizers 86.6 90.0 90.5 91.1 93.6 Rayon 30 2 30.2 30.2 30.2 33.8 Oils and fats 102.0 103.3 111.1 191.0 203.0 Woolen and worsted goods... 112.7 113.9 116.6 117.7 119.0 Housefurnishing Goods: Other textile products 101 9 126.7 130.6 161.3 168.1 Furnishings 107.9 119.4 121.3 124.4 126.3 Fuefand Lighting Materials: Furniture 101.6 107.5 109.2 111.8 113.9 Anthracite 103.4 113.5 113.5 113.5 113.7 Miscellaneous: Bituminous coal 125.0 137.0 137.2 137.4 138.9 Auto tires and tubes 73.0 73.0 73.0 73.0 73.0 Coke 134 9 147 5 147.5 147 5 147.5 - Cattle feed 159.6 201.8 217.2 210.8 193.8 Electricity 68 7 64.7 109.3 121.9 124.6 127.7 136.4 Gas 77.7 80.6 80.8 84.4 Rubber, crude 46.2 46.2 46.2 46.2 46.2 Petroleum products 61.6 73.0 73.1 73.4 75.8 Other miscellaneous 98.9 106.5 108.2 113.3 117.0 ' Revised. * Revision made beginning October 1946 Back figures.—Bureau of Labor Statistics, Department of Labor. FEBRUARY 1947 205 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GROSS NATIONAL PRODUCT, NATIONAL INCOME, AND INCOME PAYMENTS [Estimates of the Department of Commerce. In billions of dollars] Annual totals Seasonally b a y d j q u u st a e r d t e a rs nnual rates 1945 i 1939 1940 1942 1943 1944 1945 i 1946P Gross national product 88.6 97.1 120.2 152.3 187.4 197.6 199.2 194.0 205.1 208.2 198.2 185.2 Government expenditures for goods and services 16.0 16.7 26.5 62.7 93.5 97.1 83.6 35.0 96.5 99.8 81.0 57.2 Federal Government 7.9 18.6 55.3 86.2 89.5 75.7 88.7 92.0 73.0 49.3 War 1.4 2.8 13.3 50.3 81.3 83.7 69.4 82.9 85.7 66.4 42.6 Nonwar 6.5 6.1 5.3 5.0 4.9 5.7 6.3 5.8 6.3 6.6 6.7 State and local governments 8.1 7.9 7.9 7.4 7.4 7.7 7.9 7.8 7-. 8 7.9 8.0 Private gross capital formation 10.9 14.8 19.1 7.6 2.5 2.0 9.1 32.0 3.6 6.6 11.2 15.0 Construction 3.6 4.3 5.3 2.9 1.6 1.6 2.6 8.0 1.8 2.3 2.9 3.7 Residential 2.0 2.4 2.8 1.3 0.6 0.5 0.7 3.0 0.3 0.5 0.9 1.4 Other 1.6 2.0 2.5 1.6 1.0 1.1 1.9 5.0 1.5 1.8 2.0 2.3 Producers durable equipment 5.5 6.9 8.9 5.1 3.1 4.0 26.6 2 13.0 25.2 26.1 26.7 28.3 Net change in business inventories. . 0.9 1.8 3.5 -0.5 -0.6 -1.7 0.6 6.0 -2.5 -0.7 0.3 0.8 Net exports of goods and services.. . 0.8 1.5 1.2 -1.5 -1.8 -0.6 5.0 -0.8 -0.8 1.5 2.5 Net exports and monetary use of gold and silver 0.2 0.3 0.2 0.1 () -0.1 -0.1 -0.1 -0.1 -0.1 -0.1 Consumer goods and services 61.7 65.7 74.6 82.0 91.3 98.5 106.4 127.0 105.0 101.8 106.0 113.0 Durable goods 6.4 7.4 9.1 6.3 6.6 6.7 7.7 14.0 7.4 7.1 7.4 9.0 Nondurable goods 32.6 34.4 40.1 47.9 55.1 60.0 65.6 77.0 65.0 61.5 65.1 70 6 Services 22.7 23.9 25.4 27.8 29.7 31.8 33.1 36.0 32.6 33.2 33.5 33.3 Gross national product 88.6 97.1 120.2 152.3 187.4 197.6 199.2 194.0 205.1 208.2 198.2 185.2 Deductions: Business tax and nontax liabilities... 10.4 12.4 18.5 23.1 27.4 29.7 25.0 Depreciation and depletion 6.2 6.4 7.0 7.6 8.0 8.2 Other business reserves 0.8 0.7 0.8 0.6 0.5 0.5 Capital outlay charged to current expense 0.7 0.9 1.3 0.8 0.9 Adjustments: For inventory revaluation -0.4 -0.4 -3.2 -2.1 -0.2 -0.1 -4.0 • For discrepancies 0.0 -0.4 -1.1 -0.2 1.5 -2.2 -1.0 National income 77.6 96.9 122.2 149.4 160.7 161.0 164.0 167.6 166.2 158.4 150.7 Additions: -70.8 Transfer payments 2.6 2.5 2.7 3.2 5.3 11.0 Deductions: 2.4 Corporate savings 1.8 4.0 4.4 5.5 5.4 7.0 Contributions to social insurance 0.4 funds 2.0 2.1 2.6 3.2 3.8 3.9 4.0 Income payments to individuals 70.8 76.2 92.7 117.3 143.1 156.8 160.7 163.7 163.7 163.2 158.6 156.9 Income payments to individuals 70.8 76.2 92.7 117.3 143.1 156.8 160.7 163.7 163.7 163.2 158.6 156.9 Personal taxes and nontax payments 3.1 3.3 4.0 6.7 18.6 19.4 21.2 19.2 22.1 21.7 20.7 20.1 Federal 1.3 1.4 2.0 4.7 16.6 17.4 State and local 1.9 1.9 2.0 2.0 2.0 2.1 Disposable income of individuals 67.7 72.9 88.7 110.6 124.6 137.4 139.6 144.5 141.6 141.5 137.9 136.9 Consumer expenditures 61.7 65.7 74.6 82.0 91.3 98.5 106.4 127.0 105.0 101.8 106.0 113.0 Net savings of individuals 6.0 7.3 14.2 28.6 33.3 38.9 33.1 17.5 36.6 39.7 31.9 23.9 National income 70.8 77.6 96.9 122.2 149.4 160.7 161.0 164.0 167.6 166.2 158.4 150.7 Total compensation of employees 48.1 52.3 64.5 84.1 106.3 116.0 114.5 109.0 119.6 118.3 113.0 105.7 Salaries and wages 44.2 48.6 60.8 80.8 103.1 112.8 111.4 106.0 116.4 115.1 110.0 102.7 Supplements 3.8 3.7 3.7 3.3 3.2 3.2 3.1 3.0 3.2 3.2 3.0 2.9 Net income of proprietors 11.2 12.0 15.8 20.6 23.5 24.1 25.6 30.0 26.3 25.8 25.1 26.0 Agricultural 4.3 4.4 6.3 9.7 11.9 11.8 12.5 15.0 13.3 13.2 12.2 12.1 Nonagricultural 6.9 7.6 9.6 10.9 11.6 12.3 13.1 15.0 13.0 12.6 12.9 13.9 Interest and net rents 7.4 7.5 8.0 8.8 9.7 10.6 11.8 13.0 11.4 11.7 11.9 12.2 Net corporate profits 4.2 5.8 8.5 8.7 9.8 9.9 9.0 12.0 10.4 10.4 8.4 6.8 Dividends 3.8 4.0 4.5 4.3 4.3 4.5 4.5 5.0 Savings 0.4 1.8 4.0 4.4 5.5 5.4 4.5 7.0 p Annual figures for 1946 are preliminary; revised quarterly figures are not yet available for publication. 1 Revised figures. Unadjusted quarterly data have not yet been revised; unrevised data and annual totals for all components appear in BULLETIN for July 1946, p. 806. 2 Based on new sources and not precisely comparable with previous years. 3 Less than 50 million dollars. NOTE.—Detail does not always add to totals because of rounding. For a general description of above series see the Survey of Current Business for May and August 1942 and March 1943. Back figures: For annual totals 1929 through 1938, see the Survey of Current Business, May 1942 and April 1944. For quarterly estimates 1939 through 1944 see the Survey of Current Business for April 1944 and February 1946. 206 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOK ON BANK CREDIT, MONEY RATES, AND BUSINESS 1946 1947 1946 1947 Chart Chart book book page Dec. Dec. Jan. Jan. Jan. page Dec. Dec. Jan. Jan. Jan. 24 24 31 WEEKLY FIGURES* In billions of dollars WEEKLY FIGURES—Gont. In unit indicated RESERVES AND CURRENCY BUSINESS CONDITIONS Reserve Bank credit, total 24.? 24.09 24.38 24.11 24.20 Steel production (% of capacity)... 37 72. 87.7 89.7 91.2 91.8 U. S. Govt. securities, total. . 23.35 23.73 23.33 23.43 Electric power prod. (mill. kw. hrs.). 37 4,442 4,,557744 4,,885533 4,8574,856 Bills 14.74 15.13 14.84 15.07 Freight carloadings (thous. cars)... 45 628 687 831 828 Certificates 3 7.47 7.50 7.49 7.38 7.25 Department store sales (1935-39 Notes 3 .36 .36 .36 .36 .36 = 100) 45 281 188 232 223 220 Bonds 3 .75 .75 .75 .75 .75 Wholesale prices (1926 = 100): Discounts and advances 2 .34 .16 .25 .24 .24 Total 49139.6 139.1140.0140.8140.3 Gold stock 20.53 20.53 20.53 20.57 20.69 Farm products 49167.7 166.1165.8166.0164.2 Money in circulation 19.16 28.95 28.75 28.52 28.37 Other than farm and food 49 123.9 124.1125.0126.6127.0 Treasury cash 2 2.26 2.27 2.28 2.29 2.30 Treasury deposits 2 .55 .39 .40 .41 .86 Member bank reserves 16.14 16.46 16.43 16.31 1946 Required reserves 15.62 15.58 15.55 15.58 P15.52 Excess reserves8 .91 .56 .90 .85 P. 79 Excess reserves (weekly aver- Oct. Nov. Dec* age): Total* 5 .87 .90 .91 P.96 v. g MONTHLY FIGURES N Ch ew ic a Y go o rk City 5 5 () .02 . . 0 0 3 1 . . 0 0 1 1 . .0 0 1 2 . . 0 0 1 1 RESERVES AND CURRENCY In billions of dollars Reserve city banks 5 .24 .24 .26 .28 .24 Country banks • 5 .62 .62 .63 P. 66 P. 63 Reserve Bank credit 6 24.14 24.52 24.75 Gold stock 6 20.33 20.44 20.49 MEMBER BANKS IN LEADING CITIES Money in circulation 6 28.59 28.73 29.00 Treasury cash 6 2.27 2.28 2.26 Total—101 cities: Treasury deposits 6 .44 .60 .56 Loans and investments 14 56.15 55.60 56.07 56.04 Member bank reserves, total 6, 7 16.17 16.31 16.52 U. S. Govt. obligations 14 35.83 36.03 35.80 36.23 36.17 Central reserve city banks 13 5.08 5.13 5.21 Demand deposits adjusted... 14 40.54 39.98 39.84 40.10 40.08 Reserve city banks 13 6.36 6.43 6.52 U. S. Govt. deposits 14 1.62 1.86 1.49 1.56 1.64 Country banks 13 4.73 4.74 4.79 Loans 14 16.92 16.69 16.41 16.45 16.48 Required reserves, total 7 15.30 15.46 15.62 New York City: Central reserve city banks 13 5.06 5.11 5.18 Loans and investments 15 18.86 18.88 18.51 18.61 18.67 Reserve city banks 13 6.17 6.23 6.29 U. S. Govt. obligations, total. 15 11.76 12.01 11.83 11.97 12.05 Country banks 13 4.07 4.12 4.15 Bonds and guaranteed Excess reserves, total 7 .85 .90 securities 16 9.26 9.23 9.21 9.19 9.17 Balances due from banks: Notes and certificates 16 2.35 2.41 2.43 2.41 2.52 Reserve city banks 13 1.79 1.79 1.81 Bills 16 .15 .37 .19 .36 .37 Country banks 13 3.73 3.77 3.68 Demand deposits adjusted... 1 14.82 14.61 14.51 14.46 14.51 Money in circulation, total 8 28.60 28.86 28.95 U. S. Govt. deposits 1 .51 .61 .47 .48 .50 Bills of $50 and over 8 8.33 8.42 8.52 Interbank deposits 15 3.97 4.00 4.04 4.16 4.11 $10 and $20 bills 8 15.71 15.85 15.81 Time deposits 15 1.29 1.30 1.32 1.30 1.30 Coins, $1, $2 and $5 bills 8 4.56 4.60 4.63 Loans, total 1 6.04 5.80 5.63 5.60 5.59 Commercial 17 3.80 3.78 3.79 3.79 3.85 For purchasing securities: ALL BANKS IN U. S. Brokers'—on U.S. Govts. 16 .69 .73 .58 .53 .48 Brokers'—on other secur- Total deposits and currency 9 '169.10 P168.50 P166.40 ities 16 .42 .27 .25 .25 .24 Demand deposits 9 P82.20 P82.80 P83.00 Toothers 17 .34 .33 .31 .31 .30 Time deposits 9 P53.20 P53.30 P53.80 All other 17 .68 .71 .72 ..72 Currency outside banks 9 P26.50 P26.70 P26.90 100 cities outside New York: U. S. Govt. deposits 9 P7.2O P5.7O P2.7O Loans and investments 1537.31 37.28 37.09 37.46 37.36 U. S. Govt. obligations, total3 1524.08 24.02 23.97 24.27 24.12 Bonds and guaranteed CONSUMER CREDIT securities 1617.69 17.67 17.68 17.76 17.78 U D T I L n i o . e m t A N C F B a m e S o n o i e r o l . l a r l b s m l t o G n s d , e a p t m d s e n t o h u o p k e a v e r d t o r c n r t a e c s . d h d l p i i e a t d a o s p s c l e s i o e p n i r s t o g t s i i s t f s i s i a t c e s d a c j t u e u r s s i t ti e e d s . . . . . 1 1 1 1 1 1 1 1 5 5 7 5 7 6 7 6 2 1 6 9 6 5 1 3 1 5 0 . . . . . . . . . . 1 5 1 0 9 5 2 7 8 4 0 5 2 6 7 3 3 1 8 2 2 1 9 6 6 5 5 0 3 1 1 . . . . . . . . . . 7 1 8 4 1 2 8 2 3 5 9 1 2 8 5 6 3 7 7 2 1 2 9 6 6 0 5 3 5 1 1 . . . . . . . . . . 1 7 0 7 4 2 8 0 3 4 5 8 0 1 4 8 3 6 3 6 2 1 9 6 6 3 5 0 5 1 1 . . . . . . . . . . 5 8 9 1 2 0 0 8 6 6 5 5 2 4 9 7 2 3 4 8 2 1 9 6 6 5 3 6 1 0 . . . . . . . . . . 6 1 1 8 3 5 6 9 4 9 7 5 3 7 1 7 0 0 7 9 Co S S C I n n e i h s n s r I I u a g v t n n a m r l i s s A O g e c l t t e m e e a a u t r p h l l t e c a a m m o e c n r c y r m r e t e e c m e d n n o o d c i t e t u b t i r n t n i e s l , l t o d a t e s t a l i l o ^ t n o , t s a a c t n l r o e s t d a i l t , total 18, 1 1 1 1 1 1 1 1 1 9 8 9 9 8 8 8 9 9 8. . . . . . . . 7 4 2 8 8 2 4 7 6 1 7 6 0 5 0 7 7 2 P P P P P P 3 2 i P 9 2 I P P . . . . . . . . . 6 8 8 5 2 3 3 8 8 6 6 2 1 6 0 0 6 6 P P P P P P P 3 p 4 l I 9 2 I P . . . . . . . . . 0 5 0 8 7 0 4 8 5 7 2 3 0 8 7 4 6 5 TREASURY FINANCE MONEY RATES, ETC. Per cent per annum U. S. Govt. obligations outstanding, U. S. Govt. securities: total interest-bearing 20 262.79 261.29 257.98 N B C B B o o i e o l r n n l t t s e d d i s f s s ( i n c ( ( e a 1 7 w t 5 e -9 s y i s y e s a e u r a e s r s s ) a ) n d over) .24, 2 2 2 2 2 6 4 4 4 4 2 1 1 .3 . . . . 1 2 5 8 7 8 2 3 5 4 2 1 1 .3 . . . . 1 2 5 7 8 8 2 3 5 4 2 1 1 .3 . . . . 5 1 2 7 8 2 9 2 6 4 2 1 1 .3 . . . . 1 5 2 8 7 9 1 2 4 6 2 1 1 .3 . . . 4 1 2 7 9 6 0 6 By S S N B p a c o o v e l n t a c i e d s n i s s a s g , e l s s c ( i m e b s o r s o f a t u n i r e f s k d i s e c e s c a " t u a a te b r n s i l d t , e i e a t i s a n s : x s d u n e b s o i ) l t ls e . s . . . . . . 2 2 2 2 0 0 0 0 1 5 6 2 1 6 2 4 9 . . . . 8 0 3 0 2 2 2 8 1 5 6 2 1 6 0 4 9 . . . . 2 8 3 3 5 3 2 4 1 5 2 5 1 7 6 4 9 . . . . 1 4 5 3 1 5 9 2 Co A H B rp a a ig o a a h ra g te r a b d o e n ( d 5 s : issues) 2 2 2 6 6 6 2 2 3 . . . 1 6 5 6 0 6 2 3 2 . . . 1 5 5 6 9 3 3 2 2 . . . 1 5 5 4 8 0 2 3 2 . . . 5 1 4 7 4 9 2 3 2 . . .4 5 1 7 6 3 By W 5 5 5 - - m 2 1 y it 0 0 e a h a t i y y r u n s e e r i a a 5 a t r r i n s s y e d s e : a o r v s e r 2 2 2 2 0 0 0 0 1 4 6 7 0 3 3 4 7 . . . . 7 8 9 4 4 1 1 1 1 4 6 7 0 3 3 2 7 . . . . 8 9 4 7 1 2 1 4 1 6 4 7 0 1 1 1 5 . . . . 7 3 6 3 1 0 4 1 Within 1 year 20 59.08 57.09 54.08 Certificates 20 32.48 30.47 29.99 In unit indicated Bills 20 16.99 17.00 17.03 Holdings of U. S. Govt. obligations: Commercial banks 21 78.40 76 50 Stock prices (1935-39 = 100): Fed. agencies and trust funds. ... 21 30.43 30^61 30.92 Total 27 127 127 127 122 124 Federal Reserve Banks 21 23.52 23.94 23.35 Industrial 27 130 130 130 125 127 Mutual savings banks 21 11.70 11.70 Railroad 27 119 117 116 111 114 Insurance companies 21 25.40 25 .30 Public utility 27 110 112 112 109 110 Other investors, total 21 93.30 93 20 Volume of trading (mill, shares). 27 1.16 1.17 .95 109 .82 Marketable issues 21 39.40 39'. 20 For footnotes see p. 209. FEBRUARY 1947 207 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOK—Continued Chart 1946 Chart book book page Oct. Nov. Dec* page Oct. Nov. Dec. MONTHLY FIGURES—Gont. Per cent per annum MONTHLY FIGURES—Gont. In unit indicated MONEY RATES, ETC. BUSINESS CONDITIONS Cont. Corporate Aaa bonds 23 2.60 2.59 2.61 F. R. Bank discount rate (N. Y.) 23 1.00 1.00 1.00 Residential contracts (mill, dollars):5 Treasury bills (new issues) 23 Total 42 220 236 244 Public 42 18 6 15 Private, total 42 202 230 229 In unit indicated 1- and 2-family dwellings 42 189 173 208 Other 42 13 57 21 Stock prices (1935'-39=100): Value of construction activity (mill, Total 27 122 121 126 dollars): Industrial 27 126 124 129 Total 49C 1,064 980 908 Railroad 27 110 113 119 Residential: Public utility. 27 107 106 110 Public 49C 63 63 55 Volume of trading (mill, shares) 27 1.26 1.19 132 Private 49C 330 320 300 Brokers' balances (mill, dollars): Nonresidential: Credit extended customers 29 583 571 537 Public 49C 231 185 161 Money borrowed 29 253 238 217 Private 49C 440 412 392 Customers' free credit balances. .. 29 720 723 693 Freight carloadings:5 Total (1935-39=100) 43 139 137 140 BUSINESS CONDITIONS Groups (points in total index): Income payments (mill, dollars) :5 Miscellaneous 43 76.1 81.0 81.2 Total 30 14,245P14.516 Coal 43 32.9 24.8 28.0 S O a t l h a e r r i es and wages 3 3 0 0 9 5, , 2 0 2 2 1 4 P P 9 5 . . 1 4 0 1 6 0 Depa A r l t l m o e t n h t e r s tores (1935-39=100) :5 43 29.8 30.7 31.0 Cash farm income (mill, dollars"): Sales 44 257 '272 274 T L o iv t e a s l tock and products 3 3 1 1 C3 1, , 5 3 0 4 3 7 2 1, , 5 9 8 3 7 5 P P I 2 . . 4 5 4 1 2 0 Ex S p t o o r c t k s s a nd imports (mill, dollars): 44 237 255 274 Crops 31 1,829 1,335 P1,050 Exports 46 ?537 P987 A Ci r v G m i o l e i v d an t . f o l p a r a c b y e o s m r e ( f m o n r t i c s ll e , p (m er i s l o l, n p s) e rsons): 3 3 1 2 2. 1 2 5 2. 1 0 3 1 P . 18 9 E Im x E c p e x o s c r s l t u s o d f i ng ex L po en rt d s - L e e x a c s l e u d e in x g p o L rt e s n . d .. - 4 4 6 6 P P 3 5 9 2 9 9 P P 9 4 7 8 8 2 To M ta a l le 3 3 3 2 4 5 1 9 . . 8 0 4 5 2 9 . . 0 0 5 42 8 . . 0 4 Cost L o e f a l s i e v i e n x g p o (1 rt 9 s 35-39=100): 46 P13Q P496 Female 33 17.2 17.0 16.4 All items 47 148.6 152.2 ,153.3 U Em ne p m lo p y lo m y e m nt e nt 3 3 2 2 57 2. . 0 0 57 1. . 9 0 56 2 . . 3 1 C Fo lo o t d h ing 4 4 7 7 1 1 8 68 0 . . 1 0 1 1 8 7 7 1 . . 7 0 ' 1 1 7 7 6 1 . . 5 0 Nonagricultural 33 48.4 49.1 49.1 Rent 47 Ind G T u o r s D o t t a u r u l A i p r a s a ( g l 1 b r ( i 9 p l p c e 3 r u o o 5 m l i d t n - u u 3 a ts r n c 9 a t u = i l i n f o 1 a n 0 t c : o 0 t 5 u t ) a r l e s i ndex): 35, 4 3 3 5 9 3 B '8 8 1 0 . 8 . 6 1 8 80 7 1 . . 8 9 9 2 P7 P 9 1 7 . 7 . 1 9 2 Wh O T F o a o t l h r t e m a e s l r a l p t e h r o a p d n ri u c f c e a t s r s m ( 1 a 9 n 2 d 6 = fo 1 o 0 d 0 ): 4 4 4 9 9 9 1 1 1 1 6 34 5 5 . . . 1 7 3 1 1 1 3 2 6 9 0 9 . . . 6 6 8 1 1 12 4 6 4 0 8 . . . 7 9 1 Machinery and trans, equip.. . 49B '43.7 43.9 P43.9 Iron and steel 49B 20.1 19.5 17.4 Nonferrous metals, lumber, and building materials 49B 17.0 17.6 P17.8 Nondurable manufactures 35 '78.6 80.7 P78.9 Textiles and leather 49 B 21.5 22.2 P2O.5 Apr.- July- Oct. Food, liquor, and tobacco 49 B '21.9 23.0 P22.9 QUARTERLY FIGURES June Sept. Dec. Chemicals, petroleum, rubber, Mi P n a e a p r n a e d l r s a c n o d al p p r r i o n d ti u n c g t s 35, 4 4 4 9 9 9 B B B ' 2 1 2 2 3 2 . . . 0 2 0 2 2 1 0 2 3 . . . 7 2 4 P P P 1 2 2 3 2 O . . . 1 5 7 RECEIPTS A U N . D S E . X T P R E E N A D S I U T R U Y RES OF THE In billions of dollars New orders, shipments, and inven- Budget receipts and expenditures: tories (1939=100): Total expenditures 49D H3.48 6 9.33 69.16 S N h e T T D D N i w p o o u u o m t t o r r n a a a a e r d l l b b d n u l l e t r e e s r a : s b : le 3 3 3 3 3 6 6 6 6 6 2 2 2 2 2 2 3 4 6 4 7 1 9 3 4 2 2 2 2 2 6 3 6 5 7 1 4 8 4 8 Int M C N I e n o e r i d N n s t r i c p a a v r . l o t e i i d i r c r o n a u e e n t t a v i e e a p l e r l t n n i s i n d n u a c e c l e o f o r e m c m e n o v e s e l e e l t e n t a a c u x x t e i e e o s s n s, total 4 4 4 4 4 4 9 9 9 9 9 9 D D D D D D 9 8 3 7 2 1 . . . . . . 8 0 1 7 8 4 9 7 9 2 7 8 9 3 8 3 2 2 . . . . . . 4 4 8 8 5 0 5 7 0 7 6 4 [, 9 4 3 2 7 2 . . . . . . 0 0 7 5 1 5 2 7 2 0 4 2 Inventories: Total : 36 197 200 Per cent per annum D N u o r n a d b u l r e a ble 3 3 6 6 2 1 1 8 2 4 2 1 1 8 6 7 MONEY RATES Factory employment and pay rolls Bank rates on customer loans: Ho W H ( u 1 o r e 9 P E s u e 3 a m r k a y 9 l l n y p = y d r l 1 o o e e 0 l e a y a l a 0 r s m r n r ) n n : i e i n i n n n g t g g s s s ( ( a c d t e o n l f t l a s a c ) r t s o ) ries: 3 3 3 3 9 9 8 8 ' 4 2 1 1 5 8 1 4 . 6 3 6 6 . . . 8 0 0 8 2 4 1 1 9 5 4 1 9 1 . 3 . . . 7 1 4 9 4 P P P 4 1 1 6 4 1 . 9 4 8 . . 3 6 4 O S N T o o t e h u w ta e t h r l, Y e N r 1 o n 9 o r k r a c t n i h C t d e i i e r t s W y n e a s n t d e r E n a c s i t t e ie rn s cities. 2 2 2 2 3 5 5 5 2 2 2 1 . . . . 4 5 9 8 1 1 7 4 2 2 2 1 . . . . 3 7 4 8 2 5 3 3 2 2 2 1 . . . . 8 3 7 4 5 3 6 3 Hours worked (per week) 39 40.4 40.2 P40.9 Nonagricultural employment (mill, SECURITY MARKETS In millions of dollars persons). * Total 40 40.0 40.2 P40.1 Corporate security issues:7 Manufacturing and mining 40 15.6 15.8 Net proceeds: Trade 40 8.0 8.0 P7 9 All issues , 28 2,134 1,404 Government 40 5.3 5.3 P5.3 Industrial 28 1,106 798 Transportation and utilities 40 4.0 4.0 Railroad , 28 209 31 Construction 40 1.9 1.8 i.8 Public utility 28 741 490 Construction contracts (3 mo. moving New money: average, mill, dollars):5 All issues 28 611 796 Total 41 593 568 P610 Industrial , 28 532 551 Residential 41 258 226 P257 Railroad 28 18 28 Other 41 336 343 P353 Public utility 28 21 200 For footnotes see 209 208 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOK— Continued 1946 1946 Chart Chart book book page June Sept. Dec. page June Sept. Dec. 29 30 31 29 30 31 CALL DATE FIGURES In billions of dollars CALL DATE FIGURES—Cont. In billions of dollars ALL MEMBER BANKS CLASSES OF BANKS CONT. Loans and investments, total 10 102.03 99.71 P96.36 Country banks: U. S. Govt. obligations, total 10 72.27 68.23 P63.04 Loans and investments, total 13 35.89 36.06 P35.41 Bonds 11 45.42 (8) U. S. Govt. obligations 13 26.56 25.95 P24.57 Certificates 11 15 29 (8) Other securities 13 2 73 2.77 P2.84 Notes 11 10 47 (S) Loans 13 6.61 7.33 P8.00 Bills 11 1.07 (8) Demand deposits adjusted 13 24.63 25.56 Guaranteed obligations 11 .02 (8) Time deposits ...... 13 13.53 13.90 Other securities, total 10 6.46 6.70 P6.62 State and local government obliga tions 11 3.31 3.62 1946 11 3 IS 3 08 Loans total 10 23.30 24.78 P26.69 SELECTED DATES C R o ea m l m e e st r a c t i e al 1 1 1 1 9 4 . . 6 2 9 7 ( ( 8 8 ) ) A Ju p n r. e - J S u e l p y t - . O De c c t . - Agricultural . . 11 .88 (8) For purchasing securities: FARM REAL ESTATE VALUES In unit indicated Brokers 11 2.40 (*) To others 11 2.48 (S) Cash farm income (bill, dollars, annual Consumer 11 2.46 basis'* 49A 23 0 24 7 Demand deposits adiusted 10 67.46 68.82 Farm real estate values (1912-14= 100) 49A 9 147 9152 CLASSES OF BANKS Prices received and paid by farmers: Prices paid (1910-14=100) 49A M85 201 211 Central reserve city banks: Prices received (Aug. 1909-July Loans and investments, total 12 28.47 26.94 P25.60 1914=100) 49A 214 245 267 U, S. Govt. obligations 12 19.13 17.67 P16.22 12 1 51 1 6S PI SI Loans.. ...... 12 7 84 7 63 P7.87 1944[ 1945 Demand deposits adjusted 12 19.35 19.41 Time deposits 12 2.21 2.25 In unit indicated Reserve city banks: Loans and investments, total 12 37.68 36.71 P35.35 TJ S Govt obligations 12 26 59 24 61 P>2 25 Cash farm income (bill, dollars) 49A 21. C) 21.6 Other securities 12 2.23 2 28 P2 . 28Farm transfers (number per 1000 Loans 12 8.86 9.81 P10.8? farms): Demand deposits adjusted 12 23.48 23.85 Total 49A 53.4 56.4 Tim deposits 12 10.45 10.67 Voluntary sales and trades 49A 51.5 54.9 cCorrected. ^Estimated. P Preliminary. r Revised. 1 Figures for other than Wednesday dates are shown under the Wednesday included in the weekly period. 2 Less than $5,000,000. 1 Corrected figures for earlier dates are: Nov. 27, 25.45; Dec. 4, 25.34; Dec. 11, 25.38; and Dec. 18, 24.37. < For charts on pages 20, 23, and 27, figures for a more recent period are available in the regular BULLETIN tables that show those series. 5 Adjusted for seasonal variation. 6 Revised to include Government corporation expenditures. 7 Figures for the October-December quarter will be published in the BULLETIN for March. 3 Figures available for June and December dates only. 9 As of July 1 and Nov. 1. FEBRUARY 1947 209 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NUMBER OF BANKING OFFICES IN THE UNITED STATES Commercial banks x Mutual savings Non- A re l - l Member banks Nonmember banks x banks re b p a o n rt k i s ng p b o an rt k in s g Total Total 2 ti N on a- al State 2 Total su In re - d in N su o r n e - d1 su I r n e - d 2 in N su o r n e - d ( n n o o n n i m ns e u m re b d e ) r Banks (Head Offices) Dec. 31, 1942 14,682 14,136 6,679 5,081 1,598 7,460 6,667 793 56 490 130 Dec. 31, 1943 14,579 14,034 6,738 5,040 1,698 7,299 6,535 764 184 361 119 Dec. 31 1944 14,535 13,992 6,814 5,025 1,789 7,181 6,452 729 192 351 120 Dec. 31, 1945 14,553 14,011 6,884 5,017 1,867 7,130 6,416 714 192 350 112 Dec. 31, 1946P 14,586 14,045 6,900 5,007 1,893 7,148 6,457 691 191 350 111 Branches and Additional Offices' Dec. 31, 1942 . . .. 3,739 3,602 2,615 1,592 1,023 987 935 52 35 102 Dec. 31, 1943 3,933 3,797 2,793 1,741 1,052 1,004 952 52 95 41 Dec. 31 1944 . . . 4,064 3,924 2,892 1,813 1,079 1,032 978 54 99 41 Dec. 31, 1945 4,090 3,947 2,909 1,811 1,098 1,038 981 57 101 42 Dec. 31, 1946 v 4,138 3,980 2,913 1,781 1,132 1,067 1,005 62 115 43 P Preliminary. 1 Excludes banks (shown in last column) that do not report to State banking departments, principally as follows on the latest date: 10 "cooperative" banks in Arkansas and 99 unincorporated (private) banks in Georgia, Iowa, Michigan, and Texas. 2 The State member bank figures and the insured mutual savings bank figures both include three member mutual savings banks. These banka are not included in the total for "Commercial banks" and are included only once in "All reporting banks." * Includes all branches and other additional offices at which deposits are received, checks paid, or money lent. Includes offices at military reservations, consisting mostly of "banking facilities" provided through arrangements made by the Treasury Department with banks designated as depositaries and financial agents of the Government; the number of such offices on the above dates was 40, 233, 308, 241, and 85, respectively. NOTE.—Prior to February 1946, statistics on number of banking offices were published quarterly. For back figures, see Banking and Monetary Statistics, Tables 1 and 14, pp. 16-17 and 52-53, and descriptive text, pp. 13-14. NUMBER OF BANKS CLASSIFIED ACCORDING TO FEDERAL RESERVE PAR LIST STATUS, BY DISTRICTS AND STATES On par list * On par listI Not Not F di e s d t e ri r c a t l o R r e S se t r a v te e Total i Mem- Non- p o a n r State Total i Mem- Non- p o a n r Total ber member list1 Total ber member list1 banks banks banks banks United States total: Kentucky 386 386 114 272 Dec. 31, 1942... 14,123 11,413 6,670 4,743 2,710 Louisiana 155 53 43 10 Dec. 31, 1943. . . 14,021 11,492 6,729 4,763 2,529 Maine 63 63 38 25 Dec. 31, 1944... 13,989 11,544 6,806 4,738 2,445 Maryland 170 170 79 91 Dec. 31, 1945. . . 14,002 11,869 6,877 4,992 2,133 Massachusetts 186 186 149 37 Dec. 31, 1946?.. 14,043 11,957 6.894 5,063 2,086 Michigan 443 443 228 215 r By districts and Minnesota 674 258 208 50 416 W by States Mississippi 203 38 30 8 165 Dec. 31t 1946 * Missouri 593 521 181 340 72 Montana 110 109 77 32 1 Boston 490 490 336 154 New York 936 936 801 135 Nebraska 409 401 145 256 Philadelphia 846 846 649 197 Nevada 8 8 6 2 Cleveland 1,168 1,168 722 446 New Hampshire. 64 64 52 12 New Jersey 343 343 294 49 Richmond 1,013 785 475 310 228 New Mexico. . . . 44 44 31 13 Atlanta 1,144 516 331 185 628 Chicago 2,473 2,416 999 1,417 57 New York 666 666 578 88 St. Louis 1,467 1,111 495 616 356 North Carolina.. 204 85 53 32 119 North Dakota... 150 44 41 3 106 Minneapolis 1,272 592 470 122 680 Ohio 674 674 426 248 Kansas City 1,750 1,731 753 978 19 Oklahoma 383 373 220 153 Dallas 981 868 595 273 113 San Francisco 503 498 268 230 5 Oregon 68 68 33 35 Pennsylvania... 1,009 1,009 769 240 Rhode Island. . 20 20 11 9 South Carolina. 149 54 29 25 95 South Dakota.. 169 67 63 4 102 Tennessee 294 191 81 110 103 Texas 868 806 550 256 62 Alabama.. 219 106 85 21 113 Utah 59 59 34 25 Arizona. . . 10 10 5 5 Vermont 71 71 40 31 Arkansas.. 227 97 66 31 Virginia 315 304 203 101 11 California. 192 192 112 80 Colorado. . 141 141 92 49 Washington... 122 117 54 63 5 West Virginia. 180 177 108 69 3 Connecticut 114 114 63 51 Wisconsin. . . . 554 442 163 279 112 Delaware 39 39 17 22 Wyoming 55 55 37 18 Dist. of Columbia.. 20 20 16 4 Florida 174 110 70 40 64 Georgia 370 87 60 27 283 P Preliminary. 1 Represents banks on which checks are drawn, except that it excludes Idaho... 47 47 25 22 both member and nonmember mutual savings banks on a few of which Illinois. . 870 868 500 368 some checks are drawn. Indiana. 488 488 238 250 The total in this table differs from total commercial banks in pre- Iowa 659 659 164 495 ceding table because the commercial bank total excludes some banks on Kansas.. 612 610 213 397 which checks are drawn, namely, those that do not report to State banking departments (see footnote 1 of preceding table), and includes industrial banks and nondeposit trust companies whether or not checks are drawn on them. Back figures.—See annual reports and Banking and Monetary Statistics, Table 15, and descriptive text, pp. 14-15. 210 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CHANGES IN NUMBER OF BANKING OFFICES IN THE UNITED STATES [Figures for last date shown are preliminary] Commercial banks Mutual savings banks All Member banks Nonmember banks2 banks Total Total1 ti N on a- al m S e t m a b te er1 Total su I r n e - d3 in N su o r n e - d3 su I r n e - d1 in N s o u n re - d Banks (Head Offices) Dec. 31, 1933 . . . .. 15,029 14,450 6,011 5,154 857 8,439 8, 1:39 579 Dec. 31, 1934 16,063 15,484 6,442 5,462 980 9,042 7,699 1,343 68 511 Dec. 31, 1941 14,825 14,277 6,619 5,117 1,502 7,661 6,810 851 52 496 Dec. 31, 1942 . . . . .. 14,682 14,136 6,679 5,081 1,598 7,460 6,667 793 56 490 Dec. 31, 1943 14,579 14,034 6,738 5,040 1,698 7,299 6,535 764 184 361 Dec. 31, 1944 . . 14,535 13,992 6,814 5,025 1,789 7,181 6,452 729 192 351 Dec. 31, 1945 14,553 14,011 6,884 5,017 1,867 7,130 6,416 714 192 350 Dec. 31, 1946 14,586 14,045 6,900 5,007 1,893 7,148 6,457 691 191 350 Branches and Additional Offices4 Dec. 31, 1933 2,911 2,786 2,081 1,121 960 705 7C5 12 Dec. 31, 1934. 3,133 3,007 2,224 1,243 981 783 5 7 83 Dec. 31, 1941 3,699 3,564 2,580 1,565 1,015 984 932 52 32 103 Dec. 31, 1942 3,739 3,602 2,615 1,592 1,023 987 935 52 35 102 Dec. 31, 1943 . . 3,933 3,797 2,793 1,741 1,052 1,004 952 52 95 41 Dec. 31, 1944 4,064 3,924 2,892 1,813 1,079 1,032 978 54 99 41 Dec. 31, 1945 4,090 3,947 2,909 1,811 1,098 1,038 981 57 101 42 Dec. 31, 1946 . . 4,138 3,980 2,913 1,781 1,132 1,067 1,005 62 115 43 Bank Changes during 1946 Increase in number of banks: Primary organizations (new banks)6 +142 + 142 +30 +21 +9 + 112 +97 + 15 Resumption of business by banks previously placed in voluntary liquidation +2 +2 +2 + 1 + 1 Decrease in number of banks: Consolidations and absorptions -95 -94 -55 -40 -15 -39 -36 Voluntary liquidations7 -16 -16 -5 -3 -2 -11 -8 -3 Inter-class bank changes: Conversions— National into State -2 -2 +2 +2 State into national +3 + 14 —ii * -3 -3 Federal Reserve membership8 Admissions of State banks +56 +56 -56 -51 -5 Withdrawals of State banks . -11 -11 + 11 + 10 + 1 Federal deposit insurance9 Admissions of State banks +30 -30 Withdrawals of State banks -1 + 1 Net increase or decrease in number of banks. +33 +34 + 16 -10 +26 +18 +41 -23 -1 Branch Changes during 1946 Increase in number of branches: De novo branches + 156 + 141 +88 +51 +37 +53 +49 +4 + 14 De B cr a e n a k s s e c in o n n v u e m rte b d e r in of to b b r r a a n n c c h h e e s s : +54 +54 +45 +22 +23 +9 +7 +2 Branches discontinued -17 -17 -6 -2 -11 -11 Inter-class branch changes: -4 F F r r o o m m n n a a t t i i o o n n a a l l t t o o S no ta n t m e e m m e b m er ber -1 - - 1 1 + 1 + 1 + 1 From State member to national + 11 —ii" From nonmember to State member. . . . +11 -11 -10 -1 Ba E n s k t i a n b g l i o s f h f e ic d es at military reservations: + 1 + 1 + 1 + 1 +n Reopened as a banking facility at a veterans' hospital . +7 + 7 +6 +5 + 1 + 1 Discontinued -153 -153 -140 -117 -23 -13 -13 Inter-class changes + 1 -1 Net increase or decrease in number of branches +48 -{-33 +4 -30 +34 +29 +24 +5 + 14 + 1 I I 1 The State member bank figures and the insured mutual savings bank figures both include three member mutual savings banks that became members of the Federal Reserve System during 1941. These banks are not included in the total for "commercial banks" and are included only once in "all banks." 2 Includes unincorporated (private) banks reporting to State banking departments. 3 Federal deposit insurance did not become operative until Jan. 1, 1934. 4 Covers all branches and other additional offices at which deppoossitists aarere rreecceeiviveedd, , cchneecckKs sp paaidid, , oor r mmoonneeyy lelennt.t , Oufnfiicceess aat t mmiilliittaarryy rreesseerrvvaattiioonnss >rovided through arrangements made by the Treasury1 Department with banks rru~~—f ±u^~ u~~u:— f~~;i.v: :~ each case operated by two national dy. u .separate ngures not ava.na.uit: ior uraucnes oi msureu anu iiomrisureu uaiiKs. 6 Exclusive of new banks organized to succeed operating banks. 7 Exclusive of liquidations incident to succession, conversion, and absorption of banks. 8 Exclusive of conversions of national banks into State bank members, or vice versa. Such changes do not affect Federal ! ship; they are included under "conversions." 9 Exclusive of insured nonmember banks converted into national banks or admitted to Federal Reserve membership, or A changes do not affect Federal Deposit Insurance Corporation membership; they are included in the appropriate groups under changes." Back figures.—See Banking and Monetary Statistics, Tables 1 and 14, pp. 16-17 and 52-53, and descriptive text, pp. 13-14. FEBRUARY 1947 211 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EARNINGS AND EXPENSES OF FEDERAL RESERVE BANKS DURING 1946 System Boston New York d P e h lp il h a i - a Cleveland Richmond Atlanta Current Earnings Discounted bills $2,497,339 $136,277 $858,542 $148,391 $237,266 $133,717 $95,400 Purchased bills 42,872 42,872 Industrial loans 37,676 3,233 33,435 134 864 Commitments to make industrial loans 15,298 150 82 3,456 1,527 U. S. Government securities 147,124,827 9,508,955 36,485,676 10,599,88713,510,504 9,107,158 7,597,185 All other 667,021 10,782 56,441 10,040 122,219 12,483 26,133 Total current earnings.'. 150,385,033 9,659,397 37,443,53110,791,835 3,873,579 9,255,749 7,718,718 Current Expenses Operating expenses: Salaries: Officers 3,134,646 156,311 650,772 165,658 258,577 216,857 209,879 Employees 48,666,323 ,848,299 11,460,819 ,071,662 4,195,236 2,865,285 2,553,083 Retirement System contributions 4,932,727 293,458 1,206,588 313,148 428,687 289,706 282,323 Legal fees 15,957 37 8,568 5,046 788 Directors' fees and expenses 136,212 8,298 11,430 7,760 9,018 8,392 15,103 Federal Advisory Council, fees and expenses , 16,903 1,550 937 642 1,157 996 848 Traveling expenses (other than of directors and members of Federal Advisory Council) 579,042 32,336 73,645 26,225 52,342 50,501 46,903 Postage and expressage 6,696,927 652,791 1,023,192 469,628 582,575 587,427 504,887 Telephone and telegraph 507,411 22,458 90,876 32,168 46,527 25,512 43,757 Printing, stationery, and supplies 3,179,437 251,258 652,945 217,192 201,910 175,016 228,228 Insurance 459,16 27,242 111,782 23,813 39,111 34,301 20,356 Taxes on real estate 1,615,314 150,293 438,362 91,436 144,256 85,397 69,460 Depreciation (building) 999,910 55,832 221,060 143,275 115,376 85,552 42,548 Light, heat, power, and water 585,756 40,057 121,894 35,804 71,840 39,471 37,345 Repairs and alterations 424,912 11,411 37,798 60,932 34,639 15,713 32,437 Rent 900,066 22,222 19,451 84,888 130,032 21,699 88,338 Furniture and equipment 785,831 61,153 138,899 48,042 36,956 34,794 94,701 All other 2,712,510 145,251 230,200 207,564 307,917 151,212 204,916 Total operating expenses 76,349,051 4,780,220 16,490,687 5,008,405 6,661,202 4,687,831 4,475,900 Less reimbursement for certain fiscal agency and other expenses 25,855,805 1,332,002 4,592,072 1,304,222 2,116,357 1,499,256 1,833,860 Net operating expenses 50,493,246 3,448,218 11,898,615 3,704,183 4,544,845 3,188,575 2,642,040 Assessment for expenses of Board of Governors 2,259,784 144,443 750,764 186,602 210,659 105,239 87,185 Federal Reserve currency: Original cost 3,891,470 227,762 1,002,412 342,092 173,491 315,577 267,025 Cost of redemption ... 590,60 35,568 88,242 30,741 53,578 44,421 56,593 Total current expenses 57,235,107 3,855,991 13,740,033 4,263,618 4,982,573 3,653,812 3,052,843 Profit and Loss Current net earnings 93,149,926 5,803,406 23,703,498 6,528,217 8,891,006 5,601,937 4,665,875 Additions to current net earnings: Profits on sales of U. S. Government securities 1,807,989 129,579 433,503 138,165 180,206 114,920 94,994 Recoveries of, and withdrawals from allowances for, losses on industrial loans (net) 94,514 565 116,186 699 All other 143,822 1,381 15,559 89,140 4,806 3,153 5,660 Total additions 2,046,325 131,525 565,248 227,305 184,973 118,772 100,654 Deductions from current net earnings: Charge-offs on bank premises 53,678 26,364 Retirement System (salary computation adjustment) 2,086,896 126,378 531,195 143 304 179,676 120,162 99,309 Reserves for contingencies 376,200 33 735 63,914 33 026 28,616 35,848 31,380 All other 155,542 4,259 8,031 2.487 97,714 24,260 12,147 Total deductions. . . 2,672,316 164,372 603,140 178,817 332,370 180,270 142,836 Net deductions 625,991 32,847 37,892 +48,488 147,397 61,498 42,182 Net earnings 92,523,935 5,770,559 23,665,606 6,576,705 8,743,609 5,540,439 4,623,693 Paid to U. S. Treasury (Sec. 13b) 67,054 2, 63,166 872 Dividends paid 10,962,160 649, ,865,093 1,094,157 457,887 411,467 Transferred to surplus (Sec. 13b) .' 27,708 48,026 -11.840 -427 Transferred to surplus (Sec. 7) 81,467,013 5,118,666 19,689,321 5,774,105 7,648,580 5,082,979 Surplus (Sec. 7), January 1 358,355,245 22,438,554116 859,80528,945, 33,745,11715,593,07214,450,586 Additions, as above 81,467,013 5,118 666 19689,321 5,774,105 7,648,580 082,979 4,212,226 Surplus (Sec. 7), December 31 439,822,258 27,557,220136,549,126 34,719,890 41,393,69720,676,05118,662,812 1 Net losses. 212 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EARNINGS AND EXPENSES OF FEDERAL RESERVE BANKS DURING 1946 Chicago St. Louis Minneapolis K C an it s y as Dallas Fra S n a c n isco Current Earnings $404,338 $133,926 $88,389 $109,270 $43,739 $108,084 Discounted bills ••• — Purchased bills Industrial loans 282 7,702 1,013 1,086 Commitments to make industrial loans 20,683,338 7,115,299 4,084,184 6,968,717 5,991,157 15,472,767 U. S. Government securities 147,233 62,140 6,786 160,276 8,115 44,373 All other 21,235,191 7,319,067 4,179,359 7,238,273 6,044,024 15,626,310 Total current earnings Current Expenses Operating expenses: Salaries: 400,078 211,024 171,409 207,265 184,288 302,528 Officers 7,704,157 ,851,796 1,409,876 2,463,712 2,379,042 4,863,356 Employees 727,427 289,880 138,302 258,887 246,644 457,677 Retirement System contributions -506 17 433 1,521 53 Legal fees ' 8,389 9,843 13,118 17,735 10,201 16,925 Directors' fees and expenses 1,429 1,350 1,560 1,949 1,135 3,350 Federal Advisory Council, fees and expenses Traveling expenses (other than of directors and mem- 78,047 53,146 35,592 40,112 37,084 53,109 bers of Federal Advisory Council) 809,111 328,059 233,461 380,673 340,515 784,608 Postage and expressage 38,540 40,751 22,471 40,828 34,675 68,848 Telephone and telegraph 494,275 199,799 79,600 182,049 157,801 339,364 Printing, stationery, and supplies 72,645 32,780 9,457 20,216 29,097 38,367 Insurance 225,737 67,910 80,990 101,656 38,311 121,506 Taxes on real estate 71,148 50,833 29,086 70,312 36,584 78,304 Depreciation (building) 68,034 39,265 22,576 38,139 35,613 35,718 Light, heat, power, and water 49,476 46,187 24,220 71,975 16,449 23,675 Repairs and alterations 276,772 19,192 17,565 33,903 19,487 166,517 Rent 129,087 80,277 19,172 51,792 52,752 38,206 Furniture and equipment 519,521 206,530 124,818 154,988 139,038 320,555 All other 11,673,367 4,528,639 2,433,273 4,136,624 3,760,237 7,712,666 Total operating expenses Less reimbursement for certain fiscal agency and 4,820,022 1,636,178 840,128 1,361,123 1,468,281 3,052,304 other expenses 6,853,345 2,892,461 1,593,145 2,775,501 2,291,956 4,660,362 Net operating expenses 303,484 76,771 55,330 75,547 73,305 190,455 Assessment for expenses of Board of Governors Federal Reserve currency: 534,368 260,483 92,857 113.755 105,067 456,581 Original cost 98,147 34,589 13,205 28,859 32,022 74,642 Cost of redemption 7,789,344 3,264,304 1,754,537 2,993,662 2,502,350 5,382,040 Total current expenses Profit and Loss 13,445,847 4,054,763 2,424,822 4,244,611 3,541,674 10,244,270 Current net earnings Additions to current net earnings: 231,046 86,925 51,048 88,083 77,998 181,522 Profits on sales of U. S. Government securities Recoveries of, and withdrawals from allowances for, 122,897 losses on industrial loans (net) li!090 3,294 1,341 7,200 97 101 All other 243,136 67,322 52,389 95,283 78,095 181,623 Total additions Deductions from current net earnings: Charge-offs on bank premises 281,169 116,949 125,622 101,493 188,832 Retirement System (salary computation adjustment) 45,982 16,805 15,406 15,839 45,478 Reserves for contingencies 1,064 2,212 354 575 1,350 All other 328,215 135,966 111,381 141,382 117,907 235,660 Total deductions 85,079 68,644 58,992 46,099 39,812 54,037 Net deductions 13,360,768 3,986,119 2,365,830 4,198,512 3,501,862 10,190,233 Net earnings 866 Paid to U. S. Treasury (Sec. 13b) 1,311,792 353,160 238,372 361,190 393,903 1,010,956 Dividends paid -5,297 -286 -2,468 Transferred to surplus (Sec. 13b) 12,048,976 3,638,256 2,127,458 3,837,608 3,107,093 9,181,745 Transferred to surplus (Sec. 7) 53,028,930 12,938,821 8,869,500 11,891,485 10,669,643 28,923,947 Surplus (Sec. 7), January 1 12,048,976 3,638,256 2,127,458 3,837,608 3,107,093 9,181,745 Additions, as above 65,077,906 16,577,077 10,996,958 15,729,093 13,776,736 38,105,692 Surplus (Sec. 7), December 31 FEBRUARY 1947 213 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL FINANCIAL STATISTICS PAGE Gold reserves of central banks and governments 215 Gold production. 216 Gold movements 216 International capital transactions of the United States. . 217-222 Central banks 223-226 Money rates in foreign countries. 227 Commercial banks 228 Foreign exchange rates. 229 Price movements: Wholesale prices 230 Retail food prices and cost of living. . 231 Security prices. . 231 Tables on the following pages include the principal available statistics of current significance relating to gold, international capital transactions of the United States, and financial developments abroad. The data are compiled for the most part from regularly published sources such as central and commercial bank statements and official statistical bulletins, some data are reported to the Board directly. Figures on international capital transactions of the United States are collected by the Federal Reserve Banks from banks, bankers, brokers, and dealers in the United States in accordance with the Treasury Regulation of November 12, 1934. Back figures for all except price tables, together with descriptive text, may be obtained from the Board's publication, Banking and Monetary Statistics. 214 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS [In millions of dollars] End of month U S n ta i t t e e s d t g A i e n r n a - - 1 1 g B iu e m l- Brazil B In ri d ti i s a h Canada Chile lo C m o b - ia Cuba C v z s a e l k o c - h ia o- m De a n rk - Egypt France m G a e n r- y Greece 1938—Dec 14,512 431 581 32 274 192 30 24 83 53 55 2,430 29 27 1939—Dec 17,644 466 609 40 274 214 30 21 1 56 53 55 2,709 29 28 1940—Dec 21,995 353 734 51 274 27 30 17 1 58 52 52 2,000 29 28 1941—Dec 22,737 354 734 70 274 5 31 16 1 61 44 52 2,000 29 28 1942—Dec 22,726 X658 735 115 274 6 36 25 16 61 44 52 2,000 29 28 1943—Dec... 21,938 *939 734 254 274 5 54 59 46 61 44 52 2,000 29 28 1944—Dec 20,619 il.lll 329 274 6 79 92 111 61 44 52 1,777 29 28 1945—Dec 20,065 403 716 354 274 7 82 127 191 61 38 52 1,090 1946—Feb 20,232 398 747 362 274 6 82 129 201 61 38 52 1,090 Mar 20,256 397 755 361 274 6 82 131 201 61 38 52 1,090 Apr 20,251 392 763 361 274 7 83 132 201 61 38 52 1,090 May.... 20,242 398 761 360 274 5 82 133 201 61 38 52 796 June 20,270 406 761 359 274 6 83 134 201 61 38 52 796 July.... 20,267 407 756 358 274 6 81 135 201 61 38 52 796 Aug 20,280 407 750 357 274 7 73 141 201 61 38 52 796 Sept 20,305 722 355 274 7 73 142 211 38 52 796 Oct 20,402 726 354 274 71 143 38 52 796 Nov. 20,470 726 354 7 71 144 38 796 Dec. 20,529 735 7 145 38 End of month H ga u r n y - (P I e r r a s n ia) Italy Japan Java Mexico N l e a t n h d e s r- Ze N a e la w nd N w o a r y - Peru Poland Po g r a t l u- Ru n m ia a- A So fr u ic th a Spain 1938—Dec 37 26 193 164 80 29 998 23 94 20 85 69 133 220 3 525 1939—Dec 24 26 144 164 90 32 692 23 94 20 <84 69 152 249 1940—Dec 24 26 120 164 140 47 617 23 *84 20 59 158 367 1941—Dec 24 26 6 164 235 47 575 23 21 59 182 366 42 1942—Dec 24 34 *216 39 506 23 25 59 203 634 42 1943—Dec 24 92 203 500 23 31 60 260 706 91 1944—Dec 24 128 222 500 23 32 60 267 814 105 1945—Dec 131 294 270 23 28 60 269 914 110 1946—pe|3 126 284 270 23 28 60 269 982 111 Mar.. 124 257 270 23 28 60 1,014 111 Apr 124 254 270 23 28 1,046 111 May.... 124 250 270 23 25 1,080 111 June 124 235 270 23 23 1,046 111 July.... ?124 229 270 23 23 I,027 111 Aug 218 270 23 23 1,001 111 Sept 213 265 23 24 970 111 Oct 200 265 23 24 965 111 Nov 191 265 23 24 941 Dec. 181 265 23 24 End of month S d w en e- S la w e n r i d - tz * - T k u ey r- U K d n i o i n t m g ed - g U u r a u y - V zu e e n l e a - Y sl u av g i o a - B.I.S. O t c r o i t e u h s n e 7 r - Government go p l r d e vi r o e u s s e rv f e ig s1 u re n s ot included is 1 1 9 9 3 3 9 8 — — D D e e c c.. . 3 3 2 0 1 8 7 54 0 9 1 2 2 9 9 2,69 8 0 1 6 6 9 8 5 5 2 2 5 5 7 9 14 7 1 1 6 7 6 8 End of month U S n ta i t t e e s d U K d n i o i n t m g ed - France g B iu e m l- 1940—Dec 160 502 88 1 90 29 82 12 170 1941—Dec.. . . 223 665 92 1 100 41 *83 12 166 1942—Dec 335 824 114 1 89 68 21 185 1938--Dec... 80 2 759 331 44 1943—Dec.. , . 387 •965 161 1 121 89 45 229 1939--Mar. .. 154 1,732 559 1944—Dec 463 1,158 221 1 157 130 37 245 M^ay 477 1945—Dec.. , , 482 1,342 241 1 195 202 39 247 June... 85 17 Sept.. . 164 3 876 1946—Feb 481 1,345 241 1 195 212 39 247 Dec.... 156 17 Mar.. . . 478 1,361 241 1 195 212 39 245 1940--June... 86 17 Apr.. . . 476 1,363 241 1 198 212 39 242 Dec... 48 292 17 May. . . 473 1,374 241 1 204 215 39 P239 1941--June... 89 17 June... 473 1,376 240 1 204 215 39 P238 Dec... 25 < 151 17 July.... 470 1,393 240 1 205 215 41 P238 1942--June... 8 17 Aug.. . . 474 1,396 240 1 205 215 41 P238 Dec... 12 17 Sept 472 1,412 C237 1 40 P238 1943--June 11 17 Oct 469 1,408 236 1 40 P238 Dec 43 17 Nov.... 426 1,418 235 1 40 P238 1944-—June.... 21 17 Dec... 381 Pi,144 32 P238 Dec 12 17 1945--Mar.... 32 June.... 81 17 e Corrected. P Prelirninary. Sept.. . . 20 1 Figures through March 1940and for T}prf*mY\*»r 1942, December 1943, and December 1944 Dec 18 17 include, in addition to gold of the Centra Rank held at home, gold of the Central Bank held 1946--Mar.... 54 abroad and gold belonging to tha Argentine Stabilization Fund, June... . 71 2 On May 1, 1940, gold belongng to Bank of Canada transferred to Foreign Exchange Control Board. Gold reported since that time is golc held by Minister of Finance, • Figure for December 1938 isthat officially reported on Apr. 30, 1938. 1 Reported at infrequent intervals or on de- 4 Figures relate to last official report dates for the respective countries, as follows: Java— layed basis: U. S.—Exchange Stabilization Fund Jan. 31, 1942; Norway—Mar. 30, 1940; Poland--July 31, 1939; Yugoslavia—Feb. 28, 1941. (Special A/c No. 1); U. K.—Exchange Equali- 6 Figure for February 1941; beginning Mar. 29,1941, gold reserves no longer reported sepa- zation Account; France—Exchange Stabi ization rately. Fund and Rentes Fund; Belgium—Treasilry. « Beginning December 1943, includes gold hol<iings of Swiss Government. Current pre- 2 Figure for end of September. liminary figures represent Bank loldings only. » Reported figure for total British gold 1-eserves 7 These countries are: Albania, Algeria, AustraIia, Austria through Mar. 7, 1938, Belgian on Aug. 31, 1939, less reported holdings cf Bank Congo, Bolivia, Bulgaria, China Costa Rica begnning July 1943, Danzig through Aug. 31, of England on that date. 1939, Ecuador, El Salvador, Estonia, Finland, Guatemala, Iceland, Ireland beginning February « Figure for Sept. 1, 1941. 1943, Latvia, Lithuania, Morocco, and Siam. I"igures for certain of these countries have NOTE.—For available back figures and for debeen carried forward from last previous official reilort. tails regarding special internal gold ti'ansfers 8 Gold holdings of Bank of Enj;land reduced to llominal amount by gold transfers to British affecting the British and French institutejns, see Exchange Equalization Account during 1939. Banking and Monetary Statistics, p. 526, and NOTE.—For back figures, see Itanking and Monttary Statistics, Tables 156-160, pp. 536-555, BULLETIN for February 1945, p. 190. and for a description of figures, ireluding details regarding special internal gold transfers affecting the reported data, see pp. 524-535 in the sam<s publication. FEBRUARY 1947 215 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOLD PRODUCTION OUTSIDE U. S. S. R. [In thousands of dollars] Estimated Production reported monthly world Year or production Total 1 Africa North and South America Other month U o .S ut . s S i . d R e .1 r m ep o o n r th te l d y I S A o f u ri t c h a d R e h s o i - a A W fr e ic s a t 2 C B o el n g g i o an 3 U St n a i t t e e s d 4 C ad a a n * - M ic e o x 6 - Co b lo ia m- Chile r N ag ic u a a - 7 Au li s a t 8 ra- B In ri d ti i s a h 9 $1=15* /ngrains of gold*/ii fine; i. i'., ati ounce of finegold:==$^35. 1936 971,514 833,895 396,768 28,053 16,295 7,386 15 2,509131 181 7.6 465 13,632 9,018 807 40,118 11 661 1937 1 041 576 893,384 410,710 28,296 20,784 8,018 168,159 143 367 79 591 15,478 9,544 848 46,982 11,607 1938 1,136,360 958,770 425,649 28,532 24,670 8,470 178,143 165 379 3? 306 18,225 10,290 1 557 54,264 11 784 1939 1,208,705 1,020,297 448,753 28,009 28,564 8,759 196,391 178 303 29 19,951 11,376 3 506 56,182 11 078 1940 1 297,3491,094,264 491,628 29,155 32,163 3 8,862 210,109 185 890 30 878 22,117 11,999 4?9 55.878 10 157 1941 1 288 9451 089 395 504,268 27,765 32,414 209,175 187 081 77 969 22,961 9,259 7,5?5 51,039 9 940 1942 966,132 494,439 26,641 29,225 130,963 169 446 78 019 20,882 6,409 8 6?3 42,525 960 1943 760,527 448,153 23,009 19,740 48,808 127 796 7? 055 19,789 6,081 7 715 28,560 8 870 1944 682,061 429,787 20,746 18,445 35,778 107 30 > 17 779 19,374 7,131 7 865 16,310 6 1945 645 323 427,862 19 888 18,865 32,511 q? 794 17,734 6,282 6,985 16,450 ,950 1945—Nnv 54,686 36,005 1,595 1,400 3,82 2 7 1,224 396 59? 1,435 490 54,896 35,043 1,597 1,470 3,635 8 391 1,140 1,096 634 1,365 1946 — Tan 55 758 35,892 1,584 1,610 3,984 8 346 1,492 683 1,470 17S Feb 50 981 32 971 1 473 1 610 3 283 8 01 3 1,309 549 443 1 330 Mar 50 656 30,871 1,574 1,645 3,639 8 677 1,473 770 608 1,400 Apr 53 900 34 793 1 609 1 645 3 226 8 338 1,193 451 580 1,435 630 May 55,857 36,740 1,609 1,610 3,158 8 41? 1,350 425 488 1,610 455 54 749 35 732 1 654 1 715 3 416 g 703 1 094 342 563 1 540 400 July 57,193 36,657 1,643 1,750 3,99 3 8 384 1,335 665 456 1,785 Aug 60,795 35,553 1,646 1,750 8,310 8 09^ 1,048 377 448 3,080 490 Sept 34 509 1 578 1 715 6,798 8 047 1,425 379 1 025 490 Oct 35 922 1,785 5,9 30 8 1,332 6S4 1,925 Nov 33,823 4,903 657 Gold production in U. S. S. R.: No regular Government statistics on gold production in U. S. S. R. are available, but data of percentage changes irregularly given out by officials of the gold mining industry, together with certain direct figures for past years, afford a basis for estimating annual production as follows: 1934, 135 million dollars; 1935, 158 million; 1936, 187 million; 1937, 185 million; 1938, 180 million. 1 Annual figures through 1940 are estimates of U. S. Mint; annual figure for 1941 based on monthly estimates of American Bureau of Metal Statistics. 2 Beginning April 1941, figures are those reported by American Bureau of Metal Statistics. Beginning January 1944. they represent Gold Coast only. 3 Beginning May 1940, monthly figures no longer reported. 4 Includes Philippine Islands production received in United States. Annual figures are estimates of United States Mint. Monthly figures represent estimates of American Bureau of Metal Statistics, those for 1945 having been revised by subtracting from each monthly figure $197,193 io that aggregate for year is equal to annual estimate compiled by Bureau of the Mint. 5 Figures for Canada beginning 1945 are subject to official revision. 6 Beginning April 1942, monthly figures no longer reported. 7 Gold exports, reported by the Banco Nacional de Nicaragua, which states that they represent approximately 90 per cent of total production. 8 Beginning December 1941, figures are those reported by American Bureau of Metal Statistics. For the period December 1941-December 1943 they represent total Australia; beginning January 1944, Western Australia only. 9 Beginning May 1940, figures are those reported by American Bureau of Metal Statistic?. NOTE.—For explanation of table and sources, see BULLETIN for February 1939 p. 151; July 1938, p. 621; June 1938, p. 540; April 1933, pp. 233-235; and Banking and Monetary Statistics, p. 524. For annual estimates compiled by the United States Mint for these and other countriei in the period 1910-1941, see Banking and Monetary Statistics, pp. 542-543. GOLD MOVEMENTS UNITED STATES [In thousands of dollars at approximately $35 a fine ounce] Net imports from or net exports (—) to: Year Total Other Philmo o n r th im n p e o t rts U K d n i o i n m t g ed - France g B iu el m - i •t N lae e nr~ t d h s - S; J Swe- ! I S l w a i n t d z- Canada Mexico c A a L n m a t e R i r n i e - - p i I i p s n - - e t A ra u l s i - a A So fr u ic th a Japan I B n is r d h i i t a - c o o A th u l e n l r publics lands tries 1936 1,116,584 174,0931 573,671 3,351 71,0061 2 7,511 72,648 39,966 30,790 21,513 23,280 8 77,892 20,85(5 1937 1,585,50." 891,531!-13,710 90,859 6,461 6 54,452 111,480 38,482 39,48525,427 34,713 181246,46450,762 8,910 1938 1,973,569 l-,208,728j 81,135 15,488163,049 60,146 1,363 76,315 36,472 65,231 27,880 39,162 401 168,74016.159 13,301 1939 3,574,151 1,826,403 3,798165,122 341,618 28,715 86,987 612,949 33,610 57,02035,636 74,250 22,862 165,60550.956 168,623 1940 4,744,472 633,083 241,778 977 63,260 161,489 90,320 2,622,330 29,880 128,25938,627103,777 184,756111,739 49,989 »284,208 1941 982,378 3,779! 1 1 ! 1,747 899 412,056 16,791 61,862 42,678 67,492 292,893 9,444 9,665 »63,O71 1942 315,678 1,955 ....' ! j 5 208,917 40,016 39,680 321 528 4,119 129 20,008 1943 68,938 88 66,920 -3,287 13,489 152 307 -8,731 1944 -845,392 I -695,483; 46,210 -109,695 -108,560 199 3,572 18,365 1945 -106,250 160 53,148 15,094 -41,748 103 106 357 ^-133,471 1946 Jan. 154,070 151,270 391 1,729 23 654 Feb. 82,439 80,629 126 1,479 11 191 Mar. 31,396 25,265 75 1,386 3,267 1,366 Apr. -20,534 222 149 637 9 •-21,586 May -27,028 -1;- 127 34 -33 13 '-27,155 June 36,329 -4. 32,277 29 902 11 2 •3,112 July 6,347 -1 . 639 476 2,328 41 •2,865 Aug. 15,210 649 516 -8,502 "-6 15 19,886 -236 •2,887 Sept. -7,629 197 82 -29,198 17,902 -398 •3,785 Oct. 24,182 2 134 198 4,523 19,912 -682 103 Nov. 77,903 383 25,248 1,065 621 38,601 -430 •12,415 Dec. —61,193 2 27,473 449 .110,276 -151 17 18,883 -868 6 3,279 p Preliminary. 1 Includes $28,097,000 from China and Hong Kong, $15,719,000 from Italy, $10,953,000 from Norway, and $13,854,000 from other countries. 2 Includes $75,087,000 from Portugal, $43,935,000 from Italy, $33,405,000 from Norway, $30,851,000 from U. S. S. R., $26,178,000 from Hong Kong, $20,583,000 from Netherlands Indies, $16,310,000 from Yugoslavia, $11,873,000 from Hungary, $10,416,000 from Spain, and $15,570,000 from other countries. s Includes $44,920,000 from U. S. S. R. and $18,151,000 from other countries. * Includes $133,980,000 to China and $509,000 from other countries. *Includes $27,567,000 to China and $5,981,000 from other countries. « Includes imports from U. S S. R. as follows: April, $5,625,000; June, $2,813,000; July, $2,813,000; August, $2,821,000; September, $3,372,000; November, $11,793,000; December, $4,492,000. 7 Includes $27,229,000 to China and $75,000 from other countries. NOTE.—For back figures see Banking and Monetary Statistics, Table 158, pp. 539-541, and for description of statistics, set p. 524 in tht taiat publication. 216 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES NET CAPITAL MOVEMENT TO UNITED STATES SINCE JANUARY 2, 1935 [Net movement from United States, ( —). In millions of dollars] TABLE 1.—TOTAL CAPITAL MOVEMENT, BY TYPES Increase in foreign banking Decrease Foreign Domestic funds in U. S. in U. S. securities: securities: Inflow in From Jan. 2, 1935, through— Total banking Return Inflow of brokerage funds of U. S. foreign balances Total Official i Other abroad funds funds 1935—Mar. (Apr. 3) 265 9 64 1 4.4 59.7 155 0 31 8 -6.2 21 1 Tune (Tulv 3} 632.5 230.3 22.6 207.7 312.8 43.7 15.8 29.8 Sept. (Oct. 2) 920.2 371.5 16.3 355.2 388.6 40.1 90.3 29.8 Dec. (Jan. 1, 1936) 1,440.7 631.5 38.0 593.5 361.4 125.2 316.7 6.0 1936—Mar. (Apr. 1) 1 546 3 613 6 79.6 534.0 390.3 114 4 427.6 4 June (July 1) 1,993.6 823.4 80.3 743.1 449.0 180.5 524.1 16.5 Sept. 30 2,331.9 947.1 86.0 861.1 456.2 272.2 633.3 23.2 Dec 30 2,667.4 9.89.5 140.1 849.4 431.5 316.2 917.4 12.9 1937—Mar 31 2,998.4 1,188.6 129.8 1,058.8 411.0 319.1 1,075.7 4.1 June 30 3 639 6 1 690 1 293.0 1,397.1 466 4 395 2 1,069.5 18 3 Sept. 29 3,995.5 1,827.2 448.2 1,379.0 518.1 493.3 1,125.1 31.9 Dec. 29 .. 3,501.1 1,259.3 334.7 924.6 449.1 583.2 1,162.0 47.5 193g—Mar. 30 .. 3 301 3 1,043.9 244.0 799.9 434.4 618.5 1,150.4 54.2 June 29 3,140 5 880 9 220.6 660.4 403.3 643.1 1,155.3 57 8 Sept. 28 3,567.2 1 275 4 282.2 993.2 477.2 625.0 1,125.4 64 1 Dec. (Jan. 4. 1939) 3,933.0 1,513.9 327.0 1,186.9 510.1 641.8 1,219.7 47.6 1939—Mar. 29 4,279 4 1 829 4 393.2 1,436.2 550 5 646.7 1,188.9 63 9 June 28 4,742.0 2,194.6 508.1 1,686.5 607.5 664.5 1,201.4 74.0 Sept. 27 5,118 2 2 562 4 635.0 1,927.3 618 4 676 9 1,177.3 83 1 Dec. (Jan. 3, 1940) 5,112.8 2,522.4 634.1 1,888.3 650.4 725.7 1,133.7 80.6 1940—Mar. (Apr. 3) 5,207.8 2 630 9 631.0 1,999.9 631 6 761.6 1,095.0 88 7 Tune (Tuly 3) 5,531.3 2,920.7 1,012.9 1,907.8 684.1 785.6 1,042.1 98.9 Sept. (Oct. 2) 5,831.2 3,175.9 1,195.4 1,980.5 773.6 793.1 987.0 101 6 Dec. (Jan. 1, 1941) 5,807.9 3 239 3 1,281.1 1,958.3 775 1 803.8 888.7 100 9 1941—Mar. (Apr. 2) 5,607.4 3,229.7 1,388.6 1,841.0 767.4 812.7 701.8 95.9 June (July 2) 5,660 1 3 278 0 1.459.8 1,818.2 818 6 834 1 631.2 98 2 Sept. (Oct. 1) 5,612.6 3 241 8 1,424.0 1,817.7 805 3 841.1 623.5 100 9 Dec. 31 5,354.1 2 979 6 L,177.1 1,802.6 791.3 855.5 626.7 100 9 1942—Mar. (Apr. 1) 5,219.3 2 820 9 1,068.9 1,752.0 819 7 849.6 624.9 104 3 June 302 5,636 4 3 217 0 1,352.8 1,864.2 842 3 838 8 632.0 106 2 Sept. 30 5,798.0 3 355 7 L.482.2 1,873.5 858 2 830 5 646.1 107 5 Dec. 31 5,980.2 3,465.5 1,557.2 1,908.3 888.8 848.2 673.3 104.4 1943—Mar 31 6,292 6 3 788 9 1,868.6 1,920.3 898 7 810 5 685.9 108 6 June 30 6,652.1 4 148 3 2,217.1 1,931.2 896 9 806 8 687.9 112 1 Sept. 30 6,918.7 4,278 0 2,338.3 1,939.7 888 6 929.3 708.1 114 8 Dec. 31 7,267.1 4,644.8 2,610.0 2,034.8 877.6 925.9 701.1 117.8 1944—Mar. 31 7,611.9 5 034 4 3,005.0 2,029.4 868 0 904 1 685.8 119 6 June 30 7,610.4 5,002.5 2,812.2 2,190.3 856.6 929.8 702.4 119.1 Sept 30 7,576 9 4 807 2 2,644 8 2,162.3 883 5 1,026 2 737 8 122 2 Dec 31 7,728.4 4,865.2 2,624.9 2,240.3 805.8 1,019.4 911.8 126.3 1945—yan 3i 7,908.1 4,999.6 2,744.4 2,255.2 848.2 1,025.2 909.0 126.1 Feb. 28 7,983 6 5 159 6 2,859.6 2,300.0 859 8 989 3 845.0 129 9 Mar 31 8,002.6 5,219.4 2,865.1 2,354.3 848.5 983.7 820.6 130.5 Apr. 30 8,079 7 5 289 5 2,920.2 2,369.2 844 7 1,012 6 802.5 130 4 May 31 8,131.6 5,335.4 2,964.9 2,370.5 845.7 1,032.0 785.0 133.6 June 30 8,422.8 5,671.0 3,313.2 2,357.9 760.4 1,011.2 848.4 131.8 July 31 8,641.7 5,846.2 3,482.4 2,363.9 810.2 1,015.0 843.2 127.1 Aug. 31 8,711.9 5 922 4 3,513.6 2,408.8 829.0 999 7 831.6 129 1 Sept. 30 8,858 6 6 042 2 3,554 9 2,487.2 865 3 998 2 818 4 134 6 Oct. 31 8,965.4 6 214 0 3,593.0 2,620.9 875.5 946.5 795.1 134 4 Nov. 30 8,828 1 6 122 9 3,431.0 2,691.9 804 2 983.0 779 1 139 0 Dec 31 8,802.8 6,144.5 3,469.0 2,675.5 742.7 972.8 798.7 144.1 1945—jan> 3i 8,822.9 6,234.7 3,601.6 2,633.2 729.2 1,097.8 625.9 135.1 Feb 28 8,775.1 6,173.0 3,473.9 2,699.1 728.7 1,067.2 672.4 133.9 Mar. 31 8,730 8 6 169 3 3,455.2 2,714.1 703 6 1,073 0 645 1 139 9 Apr 30 8,674.4 6,124.6 3,344.7 2,780.0 701.2 1,076.1 630.7 141.7 May 31 .. 8,405.8 5,896.2 3,119.6 2,776.5 644.8 1,104.2 619.7 140.9 Tune 30 . .. 8,319.0 5,853.5 3,042 9 2,810.7 624.5 1,084.7 615.0 141.4 July 31 8,477.0 6,149.7 3,386 6 2,763.2 574.1 1,106.1 506.1 140.9 Aug 31 6,000.3 3,197.6 2,811.7 555.3 1,122.7 492.2 146.8 Sept 30 8,231.9 5,930.8 3,083.3 2,847.5 520.9 1,151.5 478.3 150.4 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 Philippine accounts held with the U. S. Treasury; beginning Sept. 28, 1938, also funds held at commercial banks in New York City by central banks maintaining accounts at the Federal Reserve Bank of New York; beginning July 17, 1940, also funds in accounts at the Federal Reserve Bank of New York which had been transferred from central bank to government names; beginning with the new series commencing with the month of July 1942, all funds held with banks and bankers in the United States by foreign central banks and by foreign central governments and their agencies (including official purchasing missions, trade and shipping missions, diplomatic and consular establishments, etc.); beginning Jan. 31. 1946, accounts of international institutions; and beginning Feb. 28. 1946, Italian special deposit account held with the U. S. Treasury. '- - 2 The weekly series of capital movement statistics reported through July 1, 1942, was replaced by a monthly series commencing with July 1942. Since the old series overlapped the new by one day, the cumulative figures were adjusted to represent the movement through June 30 only. This adjustment, however, is incomplete since it takes into account only certain significant movements known to have occurred on July 1. Subsequent figures are based upon new monthly series. For further explanation, see BULLETIN for January 1943, p. 98. NOTE.—Statistics reported by banks, bankers, brokers, and dealers. For full description of statistics see Banking and Monetary Statistics, pp. 558-560; for back figures through 1941 see Tables 161 and 162, pp. 574-637, in the same publication, and for those subsequent to 1941 see BULLETIN for September 1945, pp. 960-974. 217 FEBRUARY 1947 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued NET CAPITAL MOVEMENT TO UNITED STATES SINCE JANUARY 2, 1935—Continued [Net movement from United States, (—). In millions of dollars] TABLE 2.—TOTAL CAPITAL MOVEMENT, BY COUNTRIES From Jan. 2, 1935, through— Total U K d n i o i n m t g ed - France N la e e n r t d - h s - S l w a e n r it - d z- m G a e n r- y Italy E O u t r h o e p r e E T u o r t o a p l e C a a d n a - A L m a e t r i i n ca Asia* ot A he ll r1 1935—Dec. (Jan. 1, 1936). . . 440.7 554.9 210.2 114.5 130.4 36.6 24.0 130.0 1,200.6 () 70.9 156.5 12.7 1936—Dec. 30 667.4 829.3 299.5 229.7 335.5 83.1 45.6 228.5 2,051.3 150.5 201.2 243.0 21.4 1937—Dec. 29 501.1 993.7 281.7 311.9 607.5 123.9 22.1 312.2 2,653.0 106.3 410.6 315.4 15.9 1938—Dec. (Jan. 4, 1939). . . 933.0 ,183.8 339.6 328.6 557.5 140.5 32.2 472.0 3,054.2 155.3 384.6 302 36.2 1939—Dec. (Jan. 3, 1940). . . 112.8 ,101.3 468.7 470.3 773.0 165.9 58.0 752.9 3,790.1 229.4 483.4 522.6 87.4 1940—Dec. (Jan. 1, 1941). . . 807.9 865.2 670.3 455.6 911.5 175.9 55.4 922.7 4,056.6 411.7 606.8 642.6 90.2 1941—Dec. 31 354.1 674.1 639.9 464.4 725.7 179.9 50.5 891.8 3,626.3 340.5 567.5 691.1 128.6 1942—Dec. 31 980.2 837.8 625.9 474.0 592.1 179.5 48.1 850.9 3,608.1 425.1 835.8 932.9 178.3 1943—Dec. 31 267.1 ,257.7 636.8 487.7 629.1 178.6 48.2 954.8 4,192.8 760.3 951.0 ,161.6 201.4 1944—Dec. 31 728.4 ,090.0 585.7 506.2 664.3 179.1 63.1 993.3 4,081.8 976.41,193.7 ,273.6 203.0 1945—Oct. 31 ,965.4 937.8 510.9 523.8 705.2 179.5 98.0 1,118.1 4,073.2 1,419.21,404.7 ,804.3 264.1 Nov. 30 ;,828.1 888.7 469.8 526.3 709.8 179.4 100.8 1,127.8 4,002.6 1,434.31,336.5 ,801.7 253.0 Dec. 31 ,802.8 892.5 464.2 539.7 722.3 179.7 106.5 1,132.1 4,037.0 1,395.71,338.4 ,784.1 247.5 1946—Jan. 31 ,822.9 858.3 553.6 538.4 728.6 179.6 107.3 1,142.9 4,108.7 1,342.61,345.1 ,780.5 246.0 Feb. 28 ,775.1 804.7 531.6 525.8 731.1 179.4 133.5 1,125.5 4,031.7 1,357.01,350.7 ,764.9 270.9 Mar. 31 ,730.8 719.1 515.1 536.5 728.8 179.3 136.2 1,116.7 3,931.7 1,370.51,391.5 ,716.5 320.6 Apr. 30 ,674.4 709.5 453.3 528.2 730.4 179.3 159.0 1,140.0 3,899.6 347.71,400.9 ,723.1 303.1 May 31 ,405. 585.8 464.1 426.3 725.4 179.2 165.7 1,152.2 3,698.7 306.21,431.5 ,677.5 291.9 June 30 ,319.0 485.3 432.5 411.9 737.0 179.3 170.4 138.3 3,554.8 294.01,471.6 ,560.3 438.4 July 31 ,477.0 756.0 419.4 389.4 741.0 179.6 196.9 108.5 3,790.7 259.51,486.1 ,492.1 448.5 Aug. 31 ,326.3 624.1 393.2 377.7 752.5 179.6 201.0 1,085.2 3,613.3 204.31,566.2 ,425.4 517.0 Sept. 30 ,231.9 665.1 421.1 371.2 745.9 179.3 203.5 1,064.6 3,650.6 1,158.51,544.8 ,365.9 512.2 TABLE 3.—INCREASE IN FOREIGN BANKING FUNDS IN U. S., BY COUNTRIES From Jan. 2,1935, through— Total U K d n o i i n m t g e - d France N la e e n r t d - h s - S l w a e n r it - d z- m G a e n r- y Italy E O u t r h o e p r e E T u o r t o a p l e C a a d n a - A L m a e t r i i n ca Asia* ot A he ll r1 1935—Dec. (Jan. 1, 1936) . . . 631.5 128.6 129.6 55.7 72.4 7.3 60.7 453.5 46.0 33.5 87.0 11.5 1936—Dec. 30 989.5 163.5 144.2 65.9 109.8 2.7 23.0 79.7 588. o 86. 149.3 149.4 15.2 1937—Dec. 29 1,259.3 189.3 111.8 76.3 288.4 9.6 6.9 109.4 791.^ 76.3 166.3 217.0 8.0 1938—Dec. (Jan. 4, 1939) . . . 1,513.9 364.0 155.3 87.9 205.1 -11.8 1.7 208.6 LOIO.7 101.6 127.6 251.8 22.2 1939—Dec. (Jan. 3, 1940). . . 2,522.4 376.1 256.1 190.9 362.7 -20.1 19.7 470.0 1,655.4 174.5 215.1 417.0 60.5 1940—Dec. (Jan. 1, 1941) . . . 3,239.3 293.3 458.0 160.3 494.7 -22.9 -.9 603.7 1,986.3 334.1 326.4 531.2 61.3 1941—Dec. 31 979.6 328.6 416.5 161.0 326.2 -23.1 -3.4 561.1 1,766.9 273.1 296.7 541.4 101.6 1942—Dec. 31 3,465.5 493.3 394.5 170.0 166.3 -22.7 — 6.2 502.5 1,697.5 399.5 482.8 743.9 141.9 1943—Dec. 31 4,644.8 939.4 404.1 176.7 192.7 -23.7 -6.9 589.0 2,271.2 704.7 578.7 928.2 162.0 1944—Dec. 31 4,865.2 804.4 356.6 193.1 221.4 -23.4 7.0 634.7 2,193.7 818.6 794.7 888.6 169.7 1945—Oct. 31 6,214.0 678.9 280.2 211.4 266.5 -23.2 41.7 729.9 2,185.4 443.9 976.2 ,382.8 225.7 Nov. 30 6,122.9 638 247.1 253.0 272.0 -23.4 45.1 738.2 2,170.3 437.8 924.2 ,373.7 216.8 Dec. 31 6,144.5 646 229.9 265.0 286.3 -23.3 50.1 769.1 2,223.4 414.2 924.9 ,369.1 212.9 1946—Jan. 31 6,234.7 617 318.2 277.3 297.5 -23.3 50.8 757.6 2,295.8 242.8 929.4 ,554.5 212.3 Feb. 28 6,173.0 569 300.5 265.6 298.3 -23.5 77.2 742.0 2,229.2 241.8 922.0 ,542.9 237.0 Mar. 31 6,169.3 492 284.3 278.4 303.2 -23.6 80.2 738.0 2,152.8 251.8 972.4 ,505.0 287.3 Apr. 30 6,124.6 492 225.7 278.3 306.5 -23.6 103.1 760.9 2,143.0 236.2 956.2 ,518.7 270.6 May 31 5,896.2 373.0 239.5 251.8 305.3 -23.7 110.2 777.6 2, 1,140.3 986.5 ,475.0 260.6 June 30 5,853.5 273.7 205.8 239.5 314.6 -23.9 116.6 771.5 1897.9 1,155.8 ,029.7 ,360.8 409.3 July 31 6,149.7 599.7 195.1 217.5 318.8 -23.8 145.2 742.2 2,194.8 1,052.8 ,306.8 418.9 Aug. 31 6,009.3 464.0 170.6 210.5 341.1 -23.8 154.0 715.0 2,031.4 1,105.0 ,256.9 504.4 Sept. 30 5,930.8 509.0 195.4 222.4 333.1 -23.8 158.6 703.2 2,097.9 1,069.61,059.2 ,215.8 488.3 TABLE 4.—DECREASE IN U. S. BANKING FUNDS ABROAD, BY COUNTRIES From Jan. 2, 1935, through— Total U K d n o i i n m t g ed - France N la e e n r t d - h s - S l w a e n r i - t d z- m G a e n r- y Italy E O u t r h o e p r e E T u o r t o a p l e C a a d n a - A L m a e t r i i n ca Asia* ot A he ll r1 1935—Dec. (Jan. 1, 1936) 361.4 208.8 48.1 -.4 1.6 29.7 13.7 8.8 310.2 -4.6 20.1 37.3 -1.6 1936—Dec. 30 431.5 178.0 62.0 -3.3 2.7 66.0 16.3 22.0 343.7 36.9 24.9 30.4 -4.4 1937—Dec. 29 449.1 207.4 65.3 -4.4 2.6 105.1 6.5 26.9 409.3 -21.7 51.6 18.7 -8.7 1938—Dec. (Jan. 4, 1939) 510.1 206.2 68.4 -5.6 2.6 141.7 13.7 33.8 460.9 35.9 66.8 -46.5 -7.0 1939—Dec. (Jan. 3, 1940) 650.4 252.2 73.8 12.9 2.9 177.8 15.5 28.4 563.5 56.5 52.6 -21.5 o 1940—Dec. (Jan. 1, 1941) 775.1 269.2 74.6 17.7 6.5 191.6 25.3 49.8 634.7 60.3 43.2 34.8 2.1 1941—Dec. 31 791.3 271.2 76.9 17.6 5.4 196.8 25.8 53.6 647.4 62.7 17.7 64.7 -1.2 1942—Dec. 31 888.8 279.4 77.8 18.1 6.6 196.7 26.2 56.8 661.5 58.6 68.3 93.8 6.6 1943—Dec. 31 877.6 272.1 77.9 18.3 5.1 196.9 26.2 60.0 656.5 55.1 55.7 102.7 7.5 1944—Dec. 31 805.8 266.1 77.7 18.3 6.8 196.9 26.2 34.6 626.6 64.8 37.0 77.7 -.3 1945—Oct. 31 875. 270.5 78.1 18.0 5.1 196.9 26.4 69.4 664.4 60.7 54.4 91.7 4.2 Nov. 30 804. 266.1 78.0 -17.9 6.5 196.9 26.2 68.8 624.6 54.9 22.2 99.9 2.6 Dec. 31 742. 266.6 78.0 -17.7 5.2 196.9 26 2 38.3 593.4 39.5 9.1 99.2 1.5 1946—Jan. 31 729.2 266.2 78.3 -17.1 1.9 196.9 26.2 65.9 618.3 18.5 3.3 88.5 .6 Feb. 28 728. 265.7 78.4 -17.5 3.2 196.9 26.2 61.1 614.0 21.6 6.8 85.5 .9 Mar. 31 703. 263.4 78.3 -17.1 2.5 196.9 26.1 57.9 608.1 30.0 -10.4 75.5 .4 Apr. 30 701.2 260.4 78.2 -24.7 1.6 196.9 26.0 61.0 599.3 28.2 1.9 71.9 -.2 May 31 644.8 259.4 78.2 -99.9 .1 196.9 25.5 58.5 518.8 42.8 10.0 74.7 -1.5 June 30 624.5 261.5 78.1 -100.7 1.6 196.9 24.1 51.3 512.9 39.3 3.3 72.8 3.9 July 31 574.1 216.2 75.7 -101.0 1.4 196.9 22.2 45.9 457.3 50.6 -2.4 71.9 -3 4 Aug. 31 555.3 226.2 76.0 -102.9 3.4 196.9 17.8 49.1 466.5 49.3 -17.3 61.1 -4.2 Sept. 30 520.9 226.7 76.1 -117.4 2.6 196.9 15.9 39.5 440.3 42.6 -14.6 56.4 -3.7 1 Prior to Jan. 3, 1940, the figures under Asia represent Far East only, the remaining Asiatic countries being included under "All other." • Inflow less than $50,000. 218 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued NET CAPITAL MOVEMENT TO UNITED STATES SINCE JANUARY 2, 1935—Continued [Net movement from United States, (—). In millions of dollars] TABLE 5.—FOREIGN SECURITIES: RETURN OF U. S. FUNDS, BY COUNTRIES (Net Purchases by Foreigners of Foreign Securities Owned in U. S.) From Jan. 2, 1935, through— Total U K d n i o i n t m g ed - France N la e e n r t d - h s - S l w a e n r i - t d z- m G a e n r- y Italy E O u t r h o e p r e E T u o ro ta p l e C a a d n a - A L m a e t r i i n ca Asia1 ot A h l e l r1 1935—Dec. (Jan. 1, 1936) . . . 125.2 67.8 6.8 7.4 -1.2 13.3 2.9 46.1 143.1 -39.7 12.7 7.9 1.1 1936—Dec. 30 316.2 116.1 18.2 10.4 13.7 22.5 9.4 87.9 278.3 1.7 15.7 17.0 3.5 1937—Dec. 29 583.2 136.8 22.8 21.2 30.4 26.6 13.5 115.2 366.4 10.5 175.0 24.5 6.8 1938—Dec. (Jan. 4, 1939). . . 641.8 127.7 26.1 27.3 36.1 33.5 22.0 167.8 440.6 -9.7 167.4 33.8 9.7 1939—Dec. (Jan. 3, 1940) . . . 725.7 125.5 42.1 29.4 45.0 36.6 27.6 189.0 495.2 -7.6 184.0 42.8 11.3 1940—Dec. (Jan. 1, 1941). . . 803.8 128.6 43.4 31.0 46.0 36.5 28.1 196.4 510.0 25.0 202.3 53.0 13.5 1941—Dec. 31 855.5 127.6 51.6 31.5 44.3 36.5 28.1 201.8 521.3 35.4 221.1 61.2 16.6 1942—Dec. 31 848.2 125.4 52.4 31.6 44.9 36.5 28.0 207.6 526.3 -3.0 245.4 61.5 18.0 1943—Dec. 31 925.9 127.6 50.6 33.0 44.7 36.5 27.9 210.1 530.3 41.2 272.3 62.2 19.9 1944—Dec. 31 1,019.4 126.5 51.0 33.6 44.5 36.5 27.6 210.4 530.1 104.9 302.0 61.3 21.0 1945—Oct. 31 946.5 119.2 51.1 33.7 45.5 36.5 27.6 211.1 524.6 23.4 314.9 61.8 21.9 Nov. 30 983.0 119.1 51.1 33.0 45.0 36.5 27.6 210.4 522.7 59.6 317.4 61.5 21.8 Dec. 31 972.8 117.7 51.2 33.0 45.2 36.5 27.5 212.8 523.8 49.1 317.1 60.8 22.0 1946—Jan. 31 1,097.8 115.0 51.1 33.4 44.9 36.5 27.3 212.5 520.7 176.8 317.6 60.9 21.9 Feb. 28 1,067.2 113.9 51.0 33.4 45.0 36.5 27.3 212.6 519.7 144.3 320.5 60.6 22.1 Mar. 31 1,073.0 112.4 51.1 33.1 45.0 36.5 27.3 212.9 518.3 149.1 323.1 60.4 22.1 Apr. 30 1,076.1 110.8 51.2 33.2 45.1 36.5 27.3 213.1 517.2 147.8 328.8 60.0 22.5 May 31 1,104.2 110.9 51.1 33.3 44.9 36.5 27.3 213.3 517.3 169.8 334.4 59.9 22.9 June 30 1,084.7 109.7 51.0 33.2 45.0 36.7 27.3 213.8 516.7 147.0 338.1 59.8 23.0 July 31 1,106.1 107.3 50.9 33.1 44.9 36.9 27.3 221.5 521.9 160.5 341.0 59.7 23.0 Aug. 31 1,122.7 101.5 49.9 31.4 36.4 36.9 27.1 220.7 503.8 174.5 378.2 59.7 6.5 Sept. 30 1,151.5 100.4 49.9 30.3 37.4 36.9 27.1 221.3 503.4 181.0 390.3 59.4 17.4 TABLE 6.—DOMESTIC SECURITIES: INFLOW OF FOREIGN FUNDS, BY COUNTRIES (Net Purchases by Foreigners of U. S. Securities) From Jan. 2, 1935, through— Total U K d n i o i n t m g ed - France N la e e n r t d - h s - S l w a e n r i - t d z- m G a e n r- y Italy E O u t r h o e p r e E T u o ro ta p l e C a a d n a - A L m a e t r i i n ca Asia1 ot A h l e l r1 1935—Dec. (Jan. 1, 1936). . . 316.7 149.8 23.4 50.5 55.1 -5.4 -.1 12.9 286.2 2.8 3.7 21.4 2.6 1936—Dec. 30 917.4 367.7 64.7 157.6 200.2 -7.5 -3.3 38.5 818.0 32.6 15.5 44.1 7.1 1937—Dec. 29 ,162.0 448.7 70.3 213.8 275.3 -17.4 -4.9 55.7 1,041.6 37.6 18.2 54.7 9.8 1938—Dec. (Jan. 4, 1939). . . ,219.7 472.6 76.9 212.1 304.1 -22.8 -5.5 56.6 1,094.1 25.7 23.7 65.2 11.1 1939—Dec. (Jan. 3, 1940). . . ,133.7 328.1 76.6 227.7 344.7 -28.2 -4.9 60.4 1,004.4 -2.6 30.1 87.6 14.3 1940—Dec. (Jan. 1, 1941). . . 888.7 157.1 74.4 233.2 348.1 -29.1 2.7 64.9 851.3 -18.4 25.6 17.6 12.6 1941—Dec. 31 626.7 -70.1 74.9 236.7 336.4 -30.1 -.1 67.3 615.0 -44.7 28.1 17.5 10.9 1942—Dec. 31 673.3 -77.6 80.5 236.9 360.5 -30.9 -.1 75.3 644.7 -45.1 35.2 27.7 10.9 1943—Dec. 31 701.1 -100.3 82.7 239.9 367.3 -30.8 .6 86.3 645.7 -58.2 40.5 62.5 10.6 1944—Dec. 31 911.8 -125.4 77.3 239.0 368.5 -30.8 1.9 103.2 633.7 -28.1 54.9 240.5 10.7 1945—Oct. 31 795.1 -149.9 78.3 235.5 360.9 -30.7 1.9 96.4 592.4 -126.4 54.6 264.4 10.0 Nov. 30 779.1 -154.0 70.4 234.0 358.1 -30.6 1.6 98.0 577.4 -136.8 65.8 263.1 9.4 Dec. 31 798.7 -157.9 81.7 233.5 355.4 -30.4 2.2 98.5 582.9 -126.6 251.3 9.9 1946—Jan. 31 625.9 -161.9 81.8 228.6 354.0 -30.4 2.4 93.7 568.3 -114.5 73.0 9.9 Feb. 28 672.4 -164.7 77.0 228.1 353.8 -30.4 2.4 96.8 562.8 -69.6 97.6 71.9 9.7 Mar. 31 645.1 -169.2 77.2 226.1 346.1 -30.4 2.1 94.7 546.5 -80.3 98 71.3 9.4 Apr. 30 630.7 -173.0 74.0 225.8 345.2 -30.5 2.0 91.9 535.4 -83.9 102.7 67.7 8.9 May 31 619.7 -176.7 71.1 225.2 342.8 -30.5 2.1 89.8 524.0 -66.3 89.7 63.8 8.5 June 30 615.0 -179.0 73.3 224.0 342.3 -30.4 1.8 88.8 520.9 -66.8 90.3 62.1 8.4 July 31 506.1 -186.2 73.4 223.6 342.1 -30.4 1.7 85.6 509.8 -147.7 86.1 49.7 8.3 Aug. 31 492.2 -186.7 73.0 222.9 335.6 -30.4 1.6 86.8 502.8 -150.3 87.5 43.4 8.8 Sept. 30 478.3 -189.7 77.6 220.1 335.8 -30.4 1.7 86.4 501.6 -153.9 91.5 30.5 8.6 TABLE 7.—INFLOW IN BROKERAGE BALANCES, BY COUNTRIES (The Net Effect of Increases in Foreign Brokerage Balances in U. S. and of Decreases in Balances Held by Brokers and Dealers in U. S. with Brokers and Dealers Abroad) From Jan. 2, 1935, through— Total U K d n i o i n m t g ed - France N la e e n r t d - h s - S l w a e n r i - t d z- m G a e n r- y Italy E O u t r h o e p r e E T u o ro ta p l e C a a d n a - ^ A • m La e t r i i n ca Asia1 ot A h l e l r1 1935—Dec. (Jan. 1, 1936) 6.0 () 2.4 1.3 2.5 1.4 7.6 -4.5 1.0 2.9 1936—Dec. 30 12.9 4.0 10.4 -.9 9.1 .4 22.6 -7.6 -4.2 2.1 1937—Dec. 29 47.5 11.5 11.5 5.0 10.8 5.0 44.0 3.5 -.5 .5 1938—Dec. (Jan. 4, 1939) 47.6 13.4 12.9 6.8 9.6 5.2 47.9 1.8 -.9 -1.5 1939—Dec. (Jan. 3, 1940) 80.6 19.4 20.1 9.3 17.8 5.0 71.6 8.7 1.6 -3.4 1940—Dec. (Jan. 1, 1941) 100.9 17.0 19.9 13.4 16.2 7.9 74.3 10.7 9.2 6.0 .7 1941—Dec. 31 100.9 16.8 19.9 17.6 13.5 8.0 75.7 14.1 3.9 6.3 .8 1942—Dec. 31 104.4 17.4 20.7 17.5 13.7 8.7 78.1 15.2 4.2 6.0 .9 1943—Dec. 31 117.8 18.8 21.5 19.9 19.3 9.4 89.1 17.6 3.8 6.0 1.3 1944—Dec. 31 126.3 18.5 23.1 22.3 23.0 10.5 97.7 16.2 5.1 5.6 1.8 1945—Oct. 31 134.4 19.1 23.2 25.2 27.3 11.3 106.4 17.6 4.5 3.6 2.2 Nov. 30 139.0 19.3 23.1 24.1 28.2 12.4 107.5 18.8 6.9 3.4 2.4 Dec. 31 144.1 19.8 23.4 26.0 30.3 13.6 113.6 19.5 5.9 3.8 1.3 1946—Jan. 31 135.1 21.3 24.2 16.2 30.3 13.1 105.6 19.0 5.5 3.6 1.5 Feb. 28 133.9 20.7 24.7 16.2 30.9 13.1 105.9 18.9 3.9 3.9 1.3 Mar. 31 139.9 20.0 24.1 16.1 32.1 13 106.0 19.9 8.2 4.5 1.3 A M p a r y . 3 3 1 0 1 1 4 4 1 0 . . 7 9 1 1 9 9. . 2 1 2 2 4 4 . . 2 3 1 1 5 6 . . 7 0 3 32 2 . . 2 0 8 1 13 2 . .9 1 1 0 0 4 5 . . 8 0 1 1 9 9 . . 6 4 1 1 0 1 . . 9 3 4 4 . . 1 8 1 1 . . 4 3 June 30 141.4 19:3 24.3 15.9 33.4 12.9 106.3 18.5 10.2 4.8 1.5 July 31 140.9 18.9 24.4 16.1 33.8 GO 13.2 107.0 19.8 8.5 3.9 1.7 Aug. 31 146.8 19.2 23.7 15.8 35.9 (2) 13.7 108.9 19.1 12.9 4.4 1.6 Sept. 30 4150.4 18.6 22.1 15.7 36.9 14.2 107.5 19.2 18.3 3.7 1.6 1 Prior to Jan. 3, 1940, the figures under Asia represent Far East only, the remaining Asiatic countries being included under "All other." « Inflow less than $50,000. » Outflow less than $50,000. * Amounts outstanding Sept. 30, in millions of dollars: foreign brokerage balances in United States, 106.5; United States brokerage balances abroad, 33.0. FEBRUARY 1947 219 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued SHORT-TERM FOREIGN LIABILITIES AND ASSETS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES [In millions of dollars] LIABILITIES Total1 Date O a ff n ic d ial Official U K d n o in i m t g e - d France N la e e n r t d - h s - S l w a e n r i - t d z- m G a e n r- y Italy E O u t r h o e p r e E T u o r t o a p l e C a a d n a - A L m a e t r i i n ca Asia 2 ot A he ll r 2 private 1934—Dec* 669.7 92.4 76.9 33.9 12.9 13.7 29.9 18.8 46.8 232.9 99.3 122.8 202.8 12.0 1935—Dec* 1.301.1 130.3 205.5 163.5 68.6 86.1 29.0 26.1 107.5 686.3 145.3 156.3 289.8 23.4 1936—Dec. 30 1,623.3 232.5 235.7 176.3 78.8 123.5 32.0 41.7 126.3 814.3 186.1 263.9 331.9 27.1 1937—Dec. 29 1,893.1 427.1 261.5 143 9 89.1 302.1 39.0 25.7 156.0 1,017.1 175.6 280.9 399.5 20.0 1938—Dec.3 2,157.8 473.8 436.1 187.4 101.8 218.8 17.8 20.4 255.5 1,237.8 201.8 248.5 435.5 34.1 1939—Dec* 3,221.3 781.0 448.2 288.2 204.9 376.3 9.5 38.5 516.9 1,882.6 274.6 336.0 655.7 72.5 1940—Dec3 3,938.2 1,418.9 365.5 490.1 174.3 508.4 6.7 17.9 650.6 2,213.5 434.3 447.3 769.9 73.3 1941—Dec. 31 3,678.5 1,314.9 400.8 448.6 174.9 339.9 6.6 15.4 608.0 1,994.0 373.2 417.7 780.0 113.6 1942—Dec. 31.... 4,205.4 2,244.4 554.6 432.3 186.6 184.2 7.5 12.1 643.4 2,020.7 507.4 597.7 930.0" 149.6 1943—Dec. 31.... • 5,374.9 3,320.3 1,000.8 439.9 193.3 210.6 6.5 11.3 722.1 2,584.5 812.6 693.71,108.8 175.3 1944—Dec. 31 5,596.8 3,335.2 865.7 401.2 209.7 239.3 6.8 27.3 767.7 2,517.8 926.5 909.31,069.2 174.0 1945—Oct. 31.... 6,952.5 4,303.3 740.2 360.3 228.1 284.4 7.1 62.0 862.9 2,545.0 1,551.81,097.7 1,563.4 194.6 Nov. 30.... 6,861.4 4,141.3 699.6 327.3 269.6 290.0 6.9 65.4 871.2 2,529.9 1,545.71,045.7 1,554.4 185.7 Dec. 31.... 6,883.1 4,179.3 707.7 310.0 281.6 304.2 7.0 70.4 902.1 2,583.0 1,522.2 1,046.41,549.7 181.8 1946—Jan. 31.... ^6,993.2 4,331.8 679.0 398.3 293.9 315.5 6.9 71.1 890.6 2,655.4 1,350.7 1,050.91.735.1 4201.1 Feb. 28.... 6,931.4 4,204.1 630.5 380.7 282.2 316.2 6.8 97.5 875.0 2,588.8 1,349.7 1,043.51,723.6 225.8 Mar. 31 6,927.8 4,185.4 553.8 364.5 295.0 321.2 6.6 100.5 871.0 2,512.4 1,359.7 1,094.0 1,685.6 276.1 Apr. 30.... 6,883.1 4,074.9 553.4 305.8 294.9 324.4 6.6 123.4 894.0 2,502.5 1,344.11,077.71,699.3 259.4 May 31 6,654.6 3,849.9 434.4 319.7 268.4 323.2 6.5 130.5 910.6 2,393.2 1,248.2 1,108.11,655.7 249.4 June 30 6,612.0 3,773.1 335.1 286.0 256.1 332.5 6.4 137.0 904.5 2,257.4 1,263.81,151.31,541.4 398 1 July 31 6,908.2 4,116.8 661.1 275.2 234.1 336.7 6.4 165.5 875.3 2,554.41,284.31,174.41,487.5 407.7 Aug. 31 6,767.8 3,927.8 525.3 250.8 227.1 359.0 6.5 174.3 848.0 2,391.0 1,219.61,226.61,437.5 493.2 Sept. 30 6,689.3 3,813.6 570.3 275.5 239.0 351.1 6.4 178.9 836.2 2,457.41,177.51,180.71,396.4 477.1 LIABILITIES—SUPPLEMENTARY DATA Other Europe Date E O u t r h o e p r e g B iu el m - m D a en rk - l F a i n n d - Greece5 L b u o x u e rg m 5 - N w o a r y - P g o a rt l u 5 - m R an u i - a5 Spain5 SwedenUSSR5 s Y la u v g i o a - 5 o A th l e l r 1939—Dec. (Jan. 3, 1940) . . 516.9 159.2 28.1 21.4 56.3 142.2 109.8 1940—Dec (Jan 1,1941).. 650.6 144.8 17.3 16.5 48.7 235.4 187 9 1941 Dec 31 608.0 117.3 18.1 5.7 65 2 210 7 191 0 1942—Dec 31 643.4 121.8 17.7 7.9 39.3 18.3 132 A 35.7 9.4 17.5 153.5 14.3 17 7 57 9 1943—Dec. 31 722.1 122.9 13.9 7.7 43.5 18.4 158.9 53.4 9.3 31.8 163.2 12.3 9.9 76.9 1944—Dec. 31 767.7 124.3 14.8 7.1 48.7 18.6 220.8 54.5 9.5 43.4 152.1 16.1 5.7 52.1 j 945—Oct 31 862.9 195.6 20.1 6.7 68.7 22.9 182.7 45.2 9.2 24.4 213.5 24.4 5 2 44 5 Nov. 30 871.2 183.0 24.3 6.2 71.0 23.0 182.9 48.5 9.2 31.2 217.2 24.8 5.4 44.3 Dec 31 902.1 185.0 25.9 5.5 70.8 22.3 216.1 47.9 9.3 31.7 210.1 28.0 5 7 43 7 1946 F T e a b n 3 2 1 8 . . 8 8 9 7 0 5 .0 6 1 1 8 6 4 7 .6 9 4 41 0 . . 6 1 1 6 0 . . 6 7 6 7 9 0 . . 7 0 2 22 2 . . 4 3 1 1 7 7 6 5 . . 5 0 4 4 7 5 . . 5 3 9 9. . 2 3 3 3 7 7 . . 1 4 2 2 1 1 4 2 .9 0 2 2 9 8 .5 7 6 6 6 3 4 4 6 8 4 4 Mar 31 871.0 166.3 44.2 11.2 74.9 22.3 174.0 45.4 9.2 35.4 205 2 24 8 6 8 51 2 Apr 30 894.0 176.4 47.4 10.1 76.7 22.0 159.3 49.7 10.0 36.2 200.0 44.9 7.7 53.6 May 3i 910.6 177.8 48.6 11.9 75.5 22.1 161.6 49.5 10.2 35.5 196.0 57.4 7 3 57 4 June 30 904.5 175.7 49.7 11.2 72.3 22.6 161.1 48.6 10.0 32.3 191.7 59.5 7.4 62.3 July 31 875.3 169.0 50.4 11.9 64.1 22.9 148.9 47.6 10.9 20.7 204.4 50.2 8.3 65.9 Aug 31 848.0 160.1 52.1 13.1 60.1 22.8 142.3 50.2 8.5 18.2 196.3 47.9 8 7 67 7 Sept. 30 836.2 158.7 56.8 13.6 64.4 21.7 140.8 49.1 8.7 18.9 183.1 37.5 8.5 74.7 Latin America Neth- French er- Date A L i m a c t a e in r- A t r i g n e a n- li B v o ia - 6 Brazil Chile l b C o i m o a - 6 - C R o ic s a ta 6 Cuba I W G n a d n u e i i d s - e t s M ic e o x- l W I a a n n n d e d d i s e s t s P m an a a 7 - Peru6 z V u e e n l e a - 6 A O L i m a t c h t a e i e n r r ana6 Surinam6 1939—Dec.(Jan. 3, 1940) 336.0 57.7 36.4 26.8 37.0 58.8 34.0 85.3 1940—Dec.(Jan. 1, 1941) 447.3 115.4 36.2 28.5 47.9 55.0 58.7 105.6 1941—Dec. 31 417.7 75.7 50.5 27.3 62.5 37.7 42.1 121 8 1942—Dec 31 597.7 67.6 10.8 67.7 34.5 A3 4 12.4 100.3 4 9 95 7 20 7 36 9 17 7 20 9 64 2 1943—Dec. 31 693.7 69.8 12.6 98.7 54.0 67 1 12.2 70.4 2.6 70.4 41 2 57 6 17 4 24 2 95 4 1944 Dec 31 909.3 93.9 17.7 140.8 55.0 8S 6 7.4 139.3 4 4 83 1 36 0 69 1 27 7 31 5 119 8 1945—Oct 31 1,097.7 77.2 17.9 179.2 63.6 83 1 6 6 145.4 7 3 164 3 33 6 90 5 42 6 48 5 138 1 Nov.30 1,045.7 82.3 15.6 185.6 71.4 84 S 7.1 136.5 6.6 111 8 31 0 90 7 45 9 38 3 138 3 Dec 31 1,046.4 77.3 14.5 195.1 66.3 79 9 6 9 128 3 7 1 116 4 28 2 88 7 43 9 49 7 144 8 1945—jan 31 1,050.9 94.8 13.6 192.3 66.6 8? 4 6 0 122.2 7 2 125 9 20 9 89 4 43 4 36 o 150 3 Feb 28 1,043 5 80 0 13 4 199.6 64 6 80 6 5 7 120 5 7 1 128 3 22 8 87 5 45 0 42 4 146 0 Mar 31 1,094.0 83.9 13.6 210.6 63.9 77 s 6 3 139.5 6 6 140 7 20 7 91 2 41 9 41 3 156 3 Apr. 30 1,077.7 84.1 12.7 206.8 60.3 7? 4 6.0 152.7 6.6. 122 3 21 7 90 3 39 8 49 5 157 4 May 31 1.108.1 92.6 11.9 222.0 55.3 69 6 6.9 163.7 7.0 119.8 19.2 88 9 40 3 50 3 160 5 June 30 1,151.3 116.6 10.7 218.8 59.3 66 6.7 169.6 7.0 137 1 16 7 87 1 40 6 46 1 168 6 July 31 1,174.4 124.4 12.3 231.1 62.1 7S 2 6.8 167.0 7.6 135.3 14.7 84 8 39 2 42 3 171 5 Aug 31 t,226.6 147.9 11.5 255.9 53.9 67 4 6 5 175.6 7 4 143 1 14 1 84 3 38 8 50 9 169 4 Sept.30 1,180.7 144.5 13.5 231.0 51.2 65.2 6.7 160.6 7.8 142.2 13.7 85.4 39.1 52.5 167.3 For footnotes sec p. 221. 220 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued SHORT-TERM FOREIGN LIABILITIES AND ASSETS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES—Continued [In millions of dollars] LIABILITIES—SUPPLEMENTARY DATA—Continued Asia and All Other Date Asia C M c a r h h n i a i u a d n n - a - F C I r n h e d i n n o c a - h 1 H K o o n n g g I C B n l m a o d e n u n a y i d r , a 1 - - , l M t B a i r s y i a h - a - 1 Japan I N n l E a d e e a n r i t s - e d h t s s - 1 i l p P a p I h n s i - i d n l s - e T k u ey r- 1 O A t s h i e a r ot A h l e l r2 A t l r u i a s a - - N l Z a e e n a w d - A S E E t a u n i g g n a d g y y d n a l p p o n t - - F r r M o e c o n c - c o h S A U o f n o u r f i i t o c h a n Other 1939—Dec. (Jan.3, 1940) 655.7 167.0 71.4 165. 4 193.4 58.5 72.5 ... 1940—Dec. 1941— ( D J e a c n . . 3 1 1 , . 1 . 9 4 . 1 . ) 7 7 6 8 9 0 . . 9 0 2 1 0 5 7 6 . . 5 8 9 6 1 1. . 6 1 ..... 11 69 0. 3 9 2 1 2 9 6 8 . . 8 6 1 26 6 4 2 . . 9 4 1 7 13 3 .3 6 .... •. • •# m 1942—Dec. 31 930.0 360.9 *27.'i 41.6 13. i i. 6 4!8 160.' 4 254.7 29.9 149! 6 23.1 4.8 "6." 8 *12 1 ii 6 "91 .8 1943—Dec. 31 1,108.8 574.2 27.4 23.9 18.2 .9 4. 1 110. 1 259.1 35.4 55!5 175.3 25.3 5.1 6. 1 10 3 4 5 124 .1 1944—Dec. 31 1,069.2 427.3 27.4 22.9 22.1 1.3 4. 0 110. 5 365.8 23.7 64.2 174.0 52.9 3.5 7.3 4 3 8.3 97.6 1945—Oct. 31 1,563.4 591.7 27.5 21.7 33.2 L.O 4. 2 104. 4 645.4 50.5 83.7 194.6 29.0 3.7 17. 3 7 7 6 4 130 .4 Nov.30 1,554.4 581.4 27.5 22.1 34.6 L.O 4. 1 103. 8 659.747.2 73.0 185.7 30.2 4.3 19. 6 9 4 8 0 114 .2 Dec. 31 1,549.6 582.3 28.0 27.4 33.4 1.2 4. 1 113. 7 629.152.5 78.0 181.8 28.9 4.3 18.9 10 0 6 4 113 .4 1946—Jan. 31 1,735.1 756.3 28.2 30.5 29.4 L.7 4. 0 110. 0 642.857.3 75.1 32O1.129.6 4.0 19. 4 9.7 6 3 3132 .1 Feb. 28 1,723.6 738.0 34.6 31 8 36 7 6 3 9 100 7 635.7 62.2 78 4 225.8 26.1 4.0 19. 6 10 \ 9 1 157 .0 Mar. 31 1,685.6 732.1 37.9 34!8 25> l!5 3!8 99! 0 598! 466! 1 86!3 276.1 24.3 3.8 18. 9 10 3 9 5 209 .3 Apr. 30 1,699.3 717.0 38.0 36.4 34.6 L.6 3. 7 102. 1 617.066.9 81.9 259.4 26.6 3.8 17 9 11 3 8 9 190 .9 May 31 1,655.7 695.4 39.0 35.4 37.6 L.4 3.7 103. 6 580.2 72.0 87.4 249.4 23.8 4.8 16. 8 12 4 11.3 180 .4 June 30 1,541.4 657.0 43.6 37.8 36.1 L.6 3. 5 100. 2 505.569.3 86.8 398.1 24.4 7.5 17 7 11 2 12 8 324 .5 July 31 1,487.5 611.9 47.2 33.2 33.2 2.2 9. 2 114. 3 482.464.5 89.5 407.7 28.7 6.4 17. 7 11 5 10 1 333 .3 Aug. 31 1,437.5 561.8 55.0 34.1 28.3 10.3 13. 4 120. 1 466.962.9 84.6 493.2 33.6 5.2 19 0 11 6 13 4 410 .3 Sept. 30 1,396.4 525.3 42.9 37.9 35.8 9.3 9. 5 128. 9 465.2 61.0 80.6 477.1 39.9 5.5 20 2 13.4 24.5 373 .6 1 Prior to June 30, 1942, included under "Other Asia." » Country breakdown not available until June 30, 1942. • See footnote 4 below. Footnotes to table on p. 220. 1 Country breakdown is for "Official and private." 2 Prior to fan S, W40, the figures under ^sia represent Far East onlv, the remaining Asiatic countries being included under "All other." 3 Report dates for these years are as follows: 1934—Jan. 2, 1935; 1935—Jan. 1, 1936; 1938—Jan. 4, 1939; 1939—Jan. 3, 1940; and 1940— Jan. 1, 1941. 4 These figures are not strictly comparable with the corresponding figures for preceding months due to inclusion for first time of the accounts of international institutions. The cumulative figures in Tables 1, 2, and 3 of "Net Capital Movement to United States" have been adjusted to exclude the unreal movement introduced by this change. 6 Prior to June 30, 1942, included under "All other." 6 Prior to June 30, 1942, included under "Other Latin America." 7 Included "Canal Zone" prior to June 30, 1942. NOTE.—Certain of the figures are not strictly comparable with the corresponding figures for preceding months owing to changes in reporting practice of various banks. The cumulative figures in Tables 1, 2, and 3 of "Net Capital Movement to United States" have been adjusted to exclude the unreal movements introduced by these changes. For further explanation see Banking and Monetary Statistics, pp. 578-584, and BULLE- TIN for September 1945, pp. 967-970. ASSETS Date Total U K d n o i i n m t g ed - France N la e e n t r d h s - S l w a e n r i - t d z- m G a e n r y - Italy E O u t r h o e p r e E T u o ro ta p l e C a a d n a - A L i m a c t a e in r- Asia1 ot A h l e l r1 1934—Dec. (Jan. 2, 1935) 1,139.9 296.9 80.5 18.6 8.2 231.7 27.2 80.0 743.2 96.3 174.6 117.4 8.5 1935—Dec. (Jan. 1, 1936) 778.6 88.1 32.5 19.0 6.6 202.0 13.5 71.2 433.0 100.9 154.5 80.1 10.1 1936—Dec. 30 672.6 114.1 16.8 21.9 5.4 165.1 10.9 57.8 392.1 59.4 141.1 67.2 12.9 1937—Dec. 29 655.0 84.8 13.5 23.0 5.5 126.1 20.8 52.9 326.5 118.0 114.4 78.9 17.2 1938—Dec. (Jan. 4, 1939) 594.0 86.0 10.3 24.2 5.5 89.4 13.5 45.9 274.9 60.4 99.1 144.1 15.5 1 19 9 4 3 0 9 — — D D e e c c . . ( ( J J a a n n . . 3 1 f , 1 1 9 9 4 4 0 1 ) ) . . . . . . 5 3 0 8 8 4 . . 7 0 3 2 9 3 . . 9 0 4 4 . . 2 9 5. .9 7 5 1. . 5 2 5 39 3 . . 6 4 1 2 1 . . 0 8 5 29 1 . . 9 4 1 1 7 0 2 1 . . 2 0 3 3 9 6 . . 7 0 1 1 1 2 3 2. . 7 3 1 1 7 1 4 7 . . 1 8 9 6 . . 3 4 1941 -Dec. 31 367.8 20.9 1.8 1.1 2.6 34.4 1.5 26.2 SS.4 33.6 148.3 87.9 9.7 1942—Dec. 31 246.7 12.6 1.3 .5 1.5 34.0 .4 22.3 72.6 34.3 99.7 35.3 4.8 1943-Dec. 31. 257.9 19.9 1.1 .4 3.0 33.9 .4 19.0 77.6 37.8 112.2 26.3 3.9 1944—Dec. 31 329.7 25.9 1.4 .3 1.3 33.9 .3 44.4 107.5 28.1 131.0 51.4 11.7 1945—Oct. 31 260.0 21.5 1.0 .6 3.0 33.9 .1 9.6 69.8 32.2 113.6 37.3 7.2 Nov. 30 331.3 25.9 1.1 36.5 1.6 33.9 .3 10.2 109.6 38.0 145.8 29.1 8.8 Dec. 31 392.8 25.4 1.1 36.3 2.9 33.9 .3 40.8 140.7 53.3 158.9 29.9 9.9 1946—Jan. 31 406.3 25.9 .8 35.7 6.2 33.9 .3 13.1 115.8 74.3 164.7 40.6 10.8 Feb. 28 406.8 26.3 .7 36.1 4.9 33.9 .4 17.9 120.2 71.3 161.2 43.6 10.5 Mar. 31 431.9 28.6 .7 35.8 5.6 33.9 .4 21.1 126.1 62.9 178.4 53.6 11.0 Apr. 30 434.3 31.6 .9 43.4 6.5 33.8 .6 18.0 134.8 64.7 166.1 57.1 11.6 May 31 490.7 32.6 .9 118.5 8.0 33.9 1.0 20.5 215.3 50.1 158.0 54.4 12.9 June 30 511.0 30.5 .9 119.4 6.5 33.9 2.4 27.7 221.2 53.6 164.7 56.2 15.3 July 31 561.4 75.8 3.4 119.6 6.7 33.9 4.3 33.2 276.8 42.2 170.4 57.1 14.8 Aug. 31 580.2 65.8 3.1 121.5 4.7 33.9 8.8 29.9 267.7 43.6 185.3 68.0 15.6 Sept. 30 614.6 65.3 3.0 136.0 5.5 33.9 10.7 39.6 293.9 50.3 182.6 72.7 15.1 * Prior to Jan. 3, 1940, the figures under Asia represent Far East only, the remaining Asiatic countries being included under "All other." NOTE.—The figures in this table are not fully comparable throughout since certain changes or corrections took place in the reporting practice of reporting banks on Aug. 12, 1936, and Oct. 18, 1939. (See Banking and Monetary Statistics, Table 161, pp. 589 and 591.) On June 30, 1942, reporting practice was changed from a weekly to a monthly basis. For further information see BULLETIN for September 1945, pp. 971-974. 221 FEBRUARY 1947 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued SHORT-TERM FOREIGN LIABILITIES AND ASSETS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES—Continued [In millions of dollars] ASSETS—SUPPLEMENTARY DATA Other Europe Date E O u t r h o e p r e g B iu el m - m D a en rk - l F a i n n d - Greece1 L b u o x u e r m g1 - N w o a r y - tu P g o a r- l1 Ru- Spain: S d w e e n - USSR1 s Y la u v g i o a - 1 o A th l e l r 1939—Dec. (Jan. 3, 1940) 51.4 6.5 3.2 1.4 3.6 8.7 28.0 1940—Dec. (Jan. 1, 1941) 29.9 1.5 .3 1.8 .9 1.0 24.5 1941—Dec. 31 26.2 1.1 1.9 .5 .6 22.1 1942—Dec. 31 22.3 .8 5.6 1.1 .2 2.4 3.2 .4 8.4 1943—Dec. 31 19.0 .7 () 7.6 .6 .2 1.4 3.2 .2 5.0 1944—Dec. 31 44.4 .7 (*) .6 35.1 .8 1.8 A 5.1 1945—Oct. 31.., 9.6 .5 1.5 .6 .1 .2 (*) 1.0 .5 5.0 Nov. 30... 10.2 .6 1.5 .6 .1 .4 () .9 1.0 4.9 Dec. 31... 40.8 (2) () .7 31.6 .5 1.6 .9 4.7 1946— F j e an b . . 3 2 1 8 . . . . 1 1 3 7. . 9 1 2.6 1 1 . . 0 0 1 1 . . 3 4 .7 4. . 2 1 . . 4 4 1 1 . . 8 4 1 1 . . 1 1 4 4 . . 9 8 Mar. 31... 21.1 3.6 1.1 1.2 6.2 .4 () 1.5 1.3 4.9 Apr. 30... 18.0 1.1 .6 2.0 .2 .4 1.4 2.4 5.0 May 31... 20.5 .1 2.0 1.5 1.2 .6 A 2.1 3.0 5.1 June 30... 27.7 .1 4.4 1.1 .3 .5 .1 2.9 5.6 5.0 July 31. . . 33.2 8.8 .2 4.3 1.6 .6 .7 .1 4.2 7.6 5.0 Aug. 31... 29.9 .3 4.0 2.1 .5 .7 3.3 5.5 4.3 Sept. 30... 39.6 3.5 12.6 1.0 3.6 5.5 5.5 Latin America French Nether- Date A L i a m c t a i e n r- A t r i g n e a n- li B v o ia - 1 Brazil Chile l b C o i m o a - ' - C R o ic s a ta * Cuba I W G n a d n u e i d i s e - t s Mexico I l W n a a d n n e d i d s e s t s P m an a4 a- Peru' z V u e e n l e a - ' O A L i a m t c h t a i e e n r r ana* Surinam' 1939—Dec. (Jan. 3, 1940)... 113.3 16.8 32.2 9.7 10.5 5.9 1.0 .... 37.2 1940—Dec. (Jan. 1, 1941).. 122.7 11.9 33.1 13.4 11.7 6.1 2.1 44.4 1941—Dec. 31 148.3 16.8 38.0 14.9 11.3 7.6 2.4 57.3 1942—Dec. 31 99.7 6.9 "3.Y 16.7 15.3 20.7 .6 8.3 .2 4.8 * .3 2.1 2 8 3.9 14 2 1 I9 9 4 4 4 3 — —D D e ec c # . 3 3 1 1 1 1 1 3 2 1 . . 2 0 1 3 5 . . 1 3 L . . 8 8 2 1 5 8 . . 3 9 1 9 6 . . 0 6 1 1 2 5 . . 2 5 1. . 2 7 2 47 0 . . 4 1 ( ( * 2) ) 1 8 1 . . 6 2 .3 5 1. . 1 8 1 1. . 2 4 3 5 . . 8 1 1 8 1 . . 7 7 I945—Oct. 31 113.6 10.8 8 18.2 6.8 14.2 1.4 17.0 (5) 9 7 .4 .8 1 3 5 7 25 4 Nov. 30 145.8 20.5 1 ? 22 0 7 2 19 4 1.2 27 2 10 6 .3 1 0 1 7 6 1 27 3 Dec. 31 158.9 21.0 3 24.7 6.6 16.8 1.2 33.3 .1 11.0 .5 1.1 1.9 6.1 33.4 1946— F ja e n b . 3 2 1 8 1 1 6 6 4 1 . . 7 2 2 1 4 8 . . 2 0 7 5 2 2 6 9 . . 8 7 7 6 .2 0 1 1 7 8 . . 5 1 1 1 . . 4 5 3 3 3 2 .9 9 . . 1 1 1 1 0 3 .9 5 . . 3 4 2 1 .8 9 3 3 .5 3 6 6 .9 6 2 2 9 5 .9 5 Mar 31 178.4 24.7 2.7 30.0 7 1 20 1 1 4 M 1 1 14 3 .5 2 9 3 8 7 7 26 1 Apr. 30 166.1 26.8 2.9 31.9 7.0 20.0 1.4 22.9 .1 14.1 .4 1.1 3 6 7.4 26.6 May 31 ... 158 0 20.4 2.0 30.9 • 6 7 21 2 1 2 27 6 1 5 1 1 3 8 7 7 21 ? Tune 30 164.7 20.4 3.1 28.4 8.0 23.2 1.5 20 3 (2) 1s? 0 .4 1.8 3 S 7 9 22.1 July 31 170.4 27.9 4.4 28.6 7.5 21.3 2.1 25.7 (2) 15.2 .5 1.6 3.4 8.1 24.0 AUJ? 31 185.3 25.6 3.2 41.3 10.6 22.6 0.8 15 6 17 2 .4 1 .3 3 6 8.1 25.8 Sept 30 182.6 21.4 2.6 37.2 14.5 23.8 1.7 21.1 (2) 22.0 .4 .9 3.0 7.0 27.0 Asia and All Other India, Egypt Date Asia C M c a h h n a i u d n n - a - F C I r n h e i d n n o c a - h » H K o o n ag g C B a m n e u a y d r , - - M l B t a is r y a i h a - - 5 Japan N l E a e e n a r t s d - h t s - i l P a p n I h p s d i i - * l n - ) eT ke u y r- 5 O A t s h i e a r ot A he ll r* A t l u r ia a s - - N l Z a e e n a w d - A E t a n i g n a g y d n l p o - -F r M r o e c o n c - c o h A U S f n o r o i u i o f c t a n h Other ria lon* Indies* Sudan 1939—Dec. (Jan. 3, 1940) 174.1 22.0 1.0 102.1 26.4 21.6 9.3 1940—Dec. (Jan. 1, 1941) 117.8 23.7 1.7 55.8 22.6 14.0 6.4 1 1 9 9 4 4 2 1 — — D D e e c c . . 3 3 1 1 3 8 5 7. . 9 3 2 1 3 1 .5 1 V) 3. . 1 9 ' 2.2 " .7 18 . . 5 9 " 1.6 2 1 3 4 . . 0 4 1 8 1 2 9 . . 0 5 9 4 . . 7 8 1.6 *7 . i * (*) ' i.i 1.2 1943—Dec 31 .... 26.3 1 7 (2) 1.0 2.0 5 .5 7 13 9 3 ? 1.8 3 9 .5 .1 (2) 2 4 .7 1944—Dec. 31 ... . 51.4 1.5 (2) .9 22.3 .1 .5 L.5 13.8 1.8 8.8 11.7 .6 .2 .2 9.7 1.0 1945—Oct. 31 37.3 1.2 .8 7.2 .1 .5 4 13.0 1 6 11.4 7.2 .7 6 .2 4.1 1 5 Nov. 30 29.1 1.7 .2 .8 7.1 .1 .5 4 13.7 1 7 2.0 8.8 .9 7 .2 (2) 5.0 1.9 Dec. 31 29.9 1.0 .8 7.5 .5 4 13.8 ? 0 2.7 9.9 1.7 7 .3 .1 4.7 2.5 1946—Jan. 3i 40.6 7.7 (2) 1.1 7.9 .3 1 4 18.5 1 0 2.5 10.8 2.1 6 .2 .1 5.0 2.9 Feb 28 43.6 9.7 (2) .8 7.0 .3 .3 4 20.1 1.1 2 8 10.5 1.8 7 .3 I 5 3 2 4 Mar. 31 53.6 22.8 .2 1.5 6.8 .2 .3 4 16.0 1 1 3.3 11.0 1.3 7 .2 .1 5 8 2 9 Apr 30 57.1 25.6 1.5 7.2 .2 .3 1.4 16.1 .9 3.9 11.6 1.5 .6 .2 .1 6.7 2.6 May 31 54 4 22 6 2 0 6.6 3 .3 1 4 16 7 .9 3 6 12 9 1.8 .6 2 7 8 2 5 June 30 56.2 23.9 2.0 7.4 .1 .3 1.4 16.7 .0 3.5 15.3 1.9 .6 .3 8.5 3.9 Tuly 31 57. 1 19.0 .1 2.2 9.4 1.7 .3 1.2 18.5 .9 3.0 14.8 2.9 1.1 .3 !i 8.0 2.5 Aug 31 68. 0 28 6 2.0 10.8 .1 .3 1.3 19.2 ,0 3 9 15.6 2.9 1.2 4 (2) 8 1 3 0 Sept. 30 72.7 34.7 c-) 3.2 11.7 .2 .3 1.2 16.6 .9 3.9 15.1 3.3 1.2 .3 7.7 2.5 1 Prior to June 30, 1942, included under "All other." » Less than $50,000. 1 Prior to June 30, 1942, included under "Other Latin America." « Included "Canal Zone" prior to June 30, 1942. 1 Prior to June 30, 1942, included under "Other Asia." 8 Country breakdown not available until June 30, 1942. 222 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS Assets"of issue department Assets of banking department Liabilities of banking department Bank of England Note (Fi p gu o r u e n s d i s n s m ter il l l i i n o g n ) s of Gold* a O ss th et e s r 2 Cash reserves a c n o D d u is n a - t d s - Se t c ie u s ri- ci t r i c o u n l 3 a- Deposits l O ia ti t b e h i s e li r - Coin Notes Bankers' Public Other 1935—Dec. 25. 200.1 260.0 .6 35.5 8.5 94.7 424.5 72.1 37.1 18.0 1936—Dec. 30. 313.7 200.0 .6 46.3 17.5 155.6 467.4 150.6 39.2 18.0 1937—Dec. 29. 326.4 220.0 .8 41.1 9.2 135.5 505.3 120.6 36.6 18.0 1938—Dec. 28. 326.4 230.0 .8 51.7 28.5 90.7 504.7 101.0 15.9 36.8 18.0 1939—Dec. 27. 4 .2 580.0 1.0 25.6 4.3 176.1 554.6 117.3 29.7 42.0 17.9 1940—Dec. 25. .2 5630.0 .9 13.3 4.0 199.1 616.9 135.7 12.5 51.2 17.9 1941—Dec. 31. .2 5 780.0 .3 28.5 6.4 267.8 751.7 219.9 11.2 54.1 17.9 1942—Dec. 30. .2 5950.0 .9 26.8 3.5 267.9 923.4 223.4 9.0 48.8 17.9 1943—Dec. 29. .2 5 1,100.0 .9 11.6 2.5 307.9 ,088.7 234.3 10.3 60.4 17.9 1944—Dec. 27. .2 51,250.0 1.9 11.6 5.1 317.4 ,238.6 260.7 5.2 52.3 17.8 1945—Dec. 26. .2 51,400.0 .4 20.3 8.4 327.0 ,379.9 274.5 5.3 58.5 17.8 1946—Jan. 30 .2 1,400.0 .5 68.8 5.5 289.6 ,331.4 279.7 11.0 55.9 17.9 Feb. 27 .2 1,400.0 .9 77.1 7.4 236.7 ,323.1 234.5 16.7 53.0 18.0 Mar. 27 .2 1,400.0 .8 71.9 20.0 238.7 ,328.3 249.1 9.9 54.0 18.5 Apr. 24 .2 1,400.0 .0 52.0 22.4 256.3 ,348.3 253.4 7.4 53.1 17.8 May 29 .2 1,400.0 .5 58.6 16.7 250.9 ,341.7 244.8 7.4 57.4 18.0 June 26 .2 1,400.0 .8 36.4 12.5 315.2 ,363.9 286.0 5.3 56.5 18.1 July 31 .2 1,400.0 .4 13.4 15.8 288.0 ,386.9 238.7 7.1 54.4 18.3 Aug. 28 .2 1,400.0 .1 32.7 9.9 343.4 ,367.5 307.6 7.0 54.0 18.4 Sept. 25 .2 1,400.0 .2 41.5 18.8 324.6 1,358.7 302.9 9.3 55.5 18.5 Oct. 30 .2 1,400.0 .0 38.5 9.5 327.2 1,361.8 292.7 8.2 57.5 17.8 Nov. 27 .2 51,400.0 .1 34.2 25.3 333.9 1,366.0 310.1 10.1 56.3 17.9 Dec. 25 .2 61,450.0 1.3 22.1 13.6 327.6 1,428.2 278.9 10.3 57.3 18.1 Assets Liabilities Bank of Canada Dominion and provincial government Deposits (Figures in millions of Sterling securities Canadian dollars) Gold and S t U at n e i s ted a O s t s h e e ts r circ N ul o a t t e ion1' lia O bi t l h it e i r es8 dollars S te h r o m rt 8 - Other Ch b a a r n te k r s ed D g o o m ve in rn io - n Other ment 1935—Dec. 31.. 180.5 4.2 30.9 83.4 8.6 99.7 181.6 17.9 7.7 1936—Dec. 31.. 179.4 9.1 61.3 99.0 8.2 135.7 187.0 18.8 2.1 13.4 1937—Dec. 31.. 179.8 14.9 82.3 91.6 21.7 165.3 196.0 11.1 3.5 14.4 1938—Dec. 31.. 185.9 28.4 144.6 40.9 5.2 175.3 200.6 16.7 3.1 9.3 1939—Dec. 30.. 225.7 64.3 181.9 49.9 5.5 232.8 217.0 46.3 17.9 13.3 1940—Dec. 31.. 38.4 448.4 127.3 12.4 359.9 217.7 10.9 9.5 28.5 1941—Dec. 31.. 200.9 391.8 216.7 33.5 496.0 232.0 73.8 6.0 35.1 1942—Dec. 31.. .5 807.2 209.2 31.3 693.6 259.9 51.6 19.1 24.0 1943—Dec. 31.. .6 787.6 472.8 47.3 874.4 340.2 20.5 17.8 55.4 1944—Dec. 30.. 172.3 906.9 573.9 34.3 1,036.0 401.7 12.9 27.7 209.1 1945—Dec. 31.. 156.8 1,157.3 688.3 29.5 1,129.1 521.2 153.3 29.8 198.5 1946—Jan. 31. 101.8 1,143.8 686.2 33.2 f, 088.1 505.9 187.2 34.2 149.6 Feb. 28. 95.2 1,155.2 688.8 48.0 1,086.7 522.9 201.7 56.4 119.6 Mar. 30. 95.2 1,296.2 559.9 39.4 1,102.2 518.1 149.2 89.1 132.1 Apr. 30. 24.1 1,348.0 553.0 48.6 1,114.4 555.8 183.3 62.7 57.4 May 31. 2.0 1,230.0 541.1 52.9 1,109.5 493.9 87.1 78.5 57.2 June 29. 2.0 1,218.5 540.7 30.8 1,114.0 500.5 57.9 85.6 34.2 July 31. 1.8 1,276.6 541.8 31.4 1,117.9 532.5 69.1 90.1 42.1 Aug. 31. 1.7 1,257.7 530.8 44.1 1,127.4 521.1 69.1 79.7 37.1 Sept. 30. .7 1,259.1 523.9 38.3 1,147.5 511.3 27.4 87.8 48.0 Oct. 31. .9 1,301.5 521.5 40.1 1,156.9 538.6 36.6 85.2 46.7 Nov. 30. .9 1,283.8 605.0 40.9 1,161.1 579.5 63.9 79.4 46.8 Dec. 31. 1.0 1,197.4 708.2 42.1 1,186.2 565.5 60.5 93.8 42.7 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; the latter rate remained in effect until June 9, 1945, when it was raised to 172 shillings and three pence. 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 transferred from Exchange Account to Bank; on Sept. 6, 1939, 279 million pounds transferred from Bank to Exchange Account. 5 Fiduciary issue increased by 50 million pounds on June 12, 1940, Apr. 30, Aug. 30, and Dec. 3, 1941, and Apr. 22 and July 28, 1942; by 70 million pounds on Dec. 2, 1942; and by 50 million pounds on Apr. 13, Oct. 6, and Dec. 8, 1943, Mar. 7, Aug. 2, and Dec. 6, 1944, May 8, July 3, and Dec. 10, 1945, and on Dec. 10, 1946. 6 Securities maturing in two years or less. 7 Includes notes held by the chartered banks, which constitute an important part of their reserves. 8 Beginning November 1944, includes a certain amount of sterling and United States dollars. 9 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). NOTE.—For back figures on Bank of England and Bank of Canada, see Banking and Monetary Statistics, Tables 164 and 166, pp. 638-640 and pp. 644-645, respectively; for description of statistics see pp. 560-564 in same publication. * FEBRUARY 1947 223 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS—Continued Assets Liabilities Bank of France Advances to Domestic bills Government Deposits mill ( i F o i n g s u o re f s f r i a n ncs) Gold* F ch o e r a x e n - i g g e n m O ar p k e e n t2 Special2 Other c F u c o p o r a s t t o s i c 3 o - n Other2 a O s t s h e e ts r ci N t r i c o o u n t l e a- G m ov e e n r t n- C.A.R.* Other l O ia t t i b h e i s e li r - 1935—Dec. 27... 66,296 1,328 5,800 9,712 11,705 81,150 2,862 8,716 2,113 1936—Dec. 30... 60,359 1,460 5,640 1,379 8,465 17,698 12,642 89,342 2,089 13,655 2,557 1937—Dec. 30... 58,933 911 5,580 652 10,066 31,909 11,733 93,837 3,461 19,326 3,160 1938—Dec. 29... 87,265 821 7,422 1,797 7,880 20,627 18,498 110,935 5,061 25,595 2,718 1939—Dec. 28... 597,267 112 11,273 2,345 5,149 34,673 20,094 151,322 1,914 14,751 2,925 1940—Dec. 26... 584,616 42 43,194 661 3,646 72,317 63,900 23,179 218,383 984 41,400 27,202 3,586 1941—Dec. 31... 84,598 38 42,115 12 4,517 142,507 69,500 22,121 270,144 1,517 64,580 25,272 3,894 1942—Dec. 31... 84,598 37 43,661 169 5,368 210,965 68,250 21,749 382,774 770 16,857 29,935 4,461 1943—Dec. 30... 84,598 37 44,699 29 7,543 326,973 64,400 21,420 500,386 578 10,724 33,137 4,872 1944—Dec. 28... 75,151 42 47,288 48 18,592 426,000 15,850 «35,221 572,510 748 37,855 7,078 1945—Dec. 27... 5129,817 68 23,038 303 25,548 426,000 639,122 570,006 12,048 57,755 4,087 1946—Jan. 31... 129,817 69 26,081 220 27,415 426,000 644,818 592,436 5,781 52,046 4,156 Feb. 28... 129,817 69 27,247 160 30,945 426,000 646,744 605,156 1,014 50,743 4,070 Mar. 28... 129,817 69 25,524 46 32,647 426,000 16,000 HO, 985 613,434 781 52,516 4,357 Apr. 25... 129,817 5 25,810 36,579 426,000 19,000 638,614 616,102 732 53,653 5,337 May 29... 594,817 5 63,090 45,512 426,000 11,200 HI, 848 625,809 745 51,845 4,072 June 27... 94,817 5 64,985 46,204 426,000 13,400 642,053 629,181 750 53,265 4,268 July 25... 94,817 6 64,769 45,324 426,000 8,600 H0,915 612,879 717 59,829 7,006 Aug. 29... 94,817 5 64,474 61,657 426,000 8,600 H5,049 633,327 779 62,282 4,213 Sept. 26... 94,817 6 70,577 546 62,567 426,000 28,100 644,703 667,567 804 54,743 4,201 Oct. 31... 94,817 5 71,224 3,124 63,127 426,000 46,600 652,693 696,924 814 55,612 4,241 Nov. 28... 94,817 6 74,739 3,344 67,396 426,000 55,500 647,116 704,796 824 58,549 4,748 1 Gold revalued on Dec. 26, 1945, on basis of 134,027.90 francs per fine kilogram. For details on previous devaluations see BULLETIN for May 1940, pp. 406-407; January 1939, p. 29; September 1937, p. 853; and November 1936, pp. 878-880. 2 For explanation of this item, see BULLETIN for July 1940, p. 732. 3 By a series of Conventions between the Bank of France and the Treasury, dated from Aug. 25, 1940, through July 20, 1944, advances of 441,000 million francs were authorized to meet the costs of the German army of occupation. 4 Central Administration of the Reichskreditkassen. 5 In each of the weeks ending Apr. 20 and Aug. 3, 1939, 5,000 million francs of gold transferred from Exchange Stabilization Fund to Bank of France; in week ending Mar. 7, 1940, 30,000 million, in week ending Oct. 11, 1945, 10,000 million, in week ending Dec. 27, 1945, 53,000, and in week ending May 2, 1946, 35,000 million francs of gold transferred from Bank of France to Stabilization Fund. 6 Includes 9,447 million francs charged to the State to reimburse the Bank for the gold turned over by it to the National Bank of Belgium on Dec. 22, 1944. NOTE.—For back figures see Banking and Monetary Statistics, Table 165, pp. 641-643; for description of statistics see pp. 562-563 in same publication. For last available report from the Reichsbank (February 1945) see BULLETIN for December 1946, p. 1424. Central Bank 1946 1945 Central Bank 1946 1945 (Figures as of last report (Figures as of last report date of month) date of month) Dec. Nov. Oct Dec. Dec. Nov. Oct. Dec. Commonwealth Bank of Australia Central Bank of the Argentine —Continued Republic (millions of pesos): Deposits of Trading Banks: Gold reported separately 3,505 3,537 1,223 Special 259,179258,857 233,831 Other gold and foreign exchange. 2,027 2,069 3,366 Other 23,744 23,282 32,971 Government securities 860 860 866 Other liabilities 121,071 133,393150,442 Temporary advances to Govt.. . 87 84 National Bank of Belgium Rediscounts and loans to banks1. 7,572 6,633 (millions of francs): Other assets 2,333 2,297 154 Gold 32,226 31,809 31,817 31,383 Currency circulation 2 3,716 3,676 ,830 Foreign exchange 5,648 4,894 3,723 3,684 Deposits—Member bank 455 969 ,765 Loans to Government 49,158 49,882 50,859 =42,270 Government 546 560 436 Other loans and discounts 5,166 5,053 4,055 1,769 Nationalized x 10,892 9,528 Claim against Bank of Issue 64,597 64,597 64,597 64,597 Other 146 146 203 Other assets 2,581 2,239 2,358 cl,346 Certificates of participation in Note circulation 72,165 71,703 71,439 70,376 Government securities 1 2 167 Demand deposits 6,218 6,025 5,174 3,444 Other liabilities 599 208 Blocked accounts 3 79,250 79,281 79,342 70,082 Other liabilities 1,744 1,465 1,454 1,147 Central Bank of Bolivia—Mone- Commonwealth Bank of Aus- tary Dept.4(millions of bolivianos): tralia (thousands of pounds): Gold at home and abroad 920 Gold and foreign exchange 218,131 217,560176,712 Foreign exchange 244 Checks and bills of other banks. . 2,151 2,189 1,063 Loans and discounts 185 Securities (incl. Government and Government securities 431 Treasury bills) 374,372386,558 426,160 Other assets 18 Other assets 7,521 6,905 13,272 Note circulation 1,625 Note circulation 198,180 197,680199,964 Deposits 166 Other liabilities 7 0 Corrected. 1 Government decree of Apr. 24, 1946, provided for the guarantee of all deposits registered in the name of the Central Bank. 2 By decree of May 24, 1946, the Central Bank became responsible for all subsidiary money. 8 Includes increment resulting from gold revaluation, notes forfeited to the State, and frozen old notes and current accounts. 4 Effective Jan. 1, 1946, a change in the Organic Law of the Banco Central de Bolivia divided the institution into Monetary (central banking functions) and Commercial Banking Departments. 224 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS—Continued Central Bank 1945 Central Bank 1945 (Figures as of last report (Figures as of last report date of month) Dec. Nov. Oct. Dec. date of month) Dec. Nov Oct. Dec. National Bank of Bulgaria 1 Central Reserve Bank of El Salva- Central Bank of Chile (millions dor (thousands of colones): of pesos): Gold 32,773 33,008 Gold 326 326 340 Foreign exchange 38,099 37,382 Discounts for member banks... 533 451 ,447 Loans and discounts 1,651 2,113 Loans to Government ,048 ,048 701 Government debt and securities. 6,023 6,337 Other loans and discounts 819 883 605 Other assets 1,840 1,725 Other assets ,811 ,807 ,738 Note circulation 43,844 46,022 Note circulation ,299 ,24, ,892 Deposits 29,417 27,655 Deposits—Bank 569 591 416 Other liabilities 7,126 6,887 Other 200 216 198 Bank of Finland i Other liabilities 470 466 325 Bank of Greece (billions of drach- Bank of the Republic of Colombia mae): (thousands of pesos): Gold and foreign exchange (net). 891 941 Gold 254,428252 824250, 561 Loans and discounts 18 14 Foreign exchange 54,051 53 950 55, 806 Advances—Government 498 484 Loans and discounts 35,973- 34 895 32, 748 Other 586 556 Government loans and securities 85,696 84 975 85, 549 Other assets 51 42 Other assets 36,989 39 749 41, 529 Note circulation 468 505 Note circulation 260,069 231 678 224 938 Deposits—Government 61 78 Deposits 164,037 195 201 436 Other 133 113 Other liabilities 43,031 39 238 38 819 Other liabilities 1,382 1,341 National Bank of Costa Rica— Bank of Guatemala (thousands of Issue dept. (thousands of colones): . quetzales): Gold ,267 Gold 28,476 28,476 Foreign exchange ,70. Foreign exchange 16,197 15,403 Loans and discounts 728 Rediscounts and advances 1,780 1,600 Securities 745 Other assets 3,450 3,285 Other assets 651 Circulation—Notes 28,500 27,803 Note circulation 084 Coin 2,712 2,690 Demand deposits 075 Deposits—Government 4,411 4,652 Other liabilities 402 Banks 11,804 11,331 National Bank of Czechoslovakia Other liabilities 2,476 2,288 in Prague (millions of koruny): National Bank of Hungary (thou- Gold 520 520 ,517 iands of forint): Foreign exchange 507 297 869 Gold 238,982283,982 Loans and discounts 722 514 ,520 Foreign exchange 54,942 54,378 Other assets 495 708 ,557 Discounts 456,086398,903 Note circulation—Old 933 936 ,192 Loans—Treasury 342,070342,070 New 772 665 ,233 Other 909 Deposits—Old 573 515 ,224 Other assets 408,010384,459 New 883 203 ,18' Note circulation 937,228842,667 Other liabilities 083 718 ,627 Demand deposits—Government. 67,432 48,741 National Bank of Denmark Other 38,019 24,691 (millions of kroner): Other liabilities 502,410548,601 Gold 83 83 83 83 Reserve Bank of India (millions of Foreign exchange 119 132 140 88 rupees): Clearing accounts (net) 112 100 94 121 Issue department: O S L G N D e o t e o o c h a p v t u e e n o t r r . s s i c t c i a a i i t o r e s s n c s m s — d u e p t l G d s a e t i n o i s o s c v a n o e t u r i n o n m n ts e a n cc t ount 2. . . 2 7 1 , , , 6 5 6 1 1 5 6 3 2 1 1 6 3 3 3 3 8 , , , 5 5 7 1 1 6 6 0 2 0 1 : 8 5 5 9 7 , , , 5 7 5 1 1 7 1 5 2 0 0 2 7 1 2 1 1 , , ,7 6 5 1 3 1 6 8 4 7 7 1 1 8 7 5 Bank S G N R I i n n t u o o e d g l p r t i d e l e a i d e n n a c e g t i c p G r h o c a s o o i u e r n m v t l c m a t u e . t r i e i a o s n t e n n i t e c d : s u a ri b t r ie o s ad. . . 1 1 1 1 , , 3 9 4 5 2 5 5 7 1 4 3 2 8 1 4 1 1 1 2 , , 0 6 5 1 1 4 8 0 5 7 3 9 4 4 4 Ce ( n th t O G F L O r o o o t a o t u h h r a l l s e d e e n a i B r r s g n a n l d a a i n s s a n e s k b d o e x i t f l c O o d s i h t s f i i t a s u e h n c E s c e o g r r c u e e u s n a ( ) t : n s d e o t r ) 3,6 1 8 6 2 5 ,6 2 6 0 7 0 2 2 1 4 2 1 2 1 6 , , ,6 2 0 4 6 0 2 1 9 8 8 4 8 2 8 9 ; , , , ,6 2 3 8 4 0 Central B N T L O B D O r o a a o t e t e h h l a n p t a a e e e n k o n s s r r s s u c o i o l a e t r t i f o f s y s s a s b i I e G a s b i r t s b l i s e o u i l r t l l v e o i s a e e a d n s d r d e d n is p m c ( a t o e h r u n t o m t n u t s e e a n d n t . . . d s . . 4 5 , , 6 9 7 3 3 3 0 9 5 0 1 5 7 9 6 2 8 5 5 , , 6 9 1 3 2 1 2 5 8 4 3 3 2 2 0 4 3 4 Note circulation 352! 335 of pounds): Na s t a i n D O o d n t e s h a m e o l r a f n l B p d ia o a b u d n i e n k li p d ti o s e o s ) s : f it s Egypt (thou- 2 3 8 9 3 , . 2 2 5 9 3 Bank S G N t o o o e l t r f d e l i I n c t g i a r l c f y u u n la ( d m t s io il n lions of lire): 3 4 9 1 2 , , , 0 7 6 6 1 4 8 4 6 3 40 7 2 , , , 6 9 6 2 7 4 0 4 6 ( 3 3 J 9 6 2 u , , , l 0 3 6 y 0 5 ) 4 5 8 ' 6 3 3 8 6 2 , , , 9 2 6 3 8 4 3 7 6 G L Fo o o r a l e d n i s g n a n e d x c d h i a s n co g u e nts 1 6 4 6 , 0 5 2 8 7 4 8 8 1 A G Fo o d r l v e d a ig n n c e e s x — ch T a r n e g a e sury 459 5 , , 9 9 5 2 9 2 3 6 1 O O N D B t r e t o G h h i p t t e e e i o o s r r v s h c i a l e i , t i r s r s a c s n — b u e E m i t l l g s G O a i e y t t n t o i i p h e o t v s t e n e i s r a r e n n c , m u r e i a t n i n t e d s other 3 1 1 0 8 2 4 1 1 5 5 8 1 9 3 0 3 8 3 3 7 2 5 0 9 6 1 0 5 6 4 8 3 1 1 2 6 0 4 4 1 1 7 0 3 2 0 , , , , , . L A G O D B o l a t o e l h a n p i v e e n k o e d r s r s o n i a a m t f m s s n s i — I d e l e t i n t a t G d s a t l O i y r o s s y t c v e h n o c e n e o u u r r o t n r n e t i G m e t s t s s i o e e v s nt t. agencies 3 9 1 2 8 2 1 6 1 9 8 2 9 8 , , , , , , , 1 5 3 8 3 7 5 2 4 7 1 1 2 4 5 5 3 2 6 7 Demand 66,75 Other 131,659 Other liabilities 12,420 r Revised. 1 For last available report from central bank of Bulgaria (January 1943), see BULLETIN for July 1943, p, 697; and of Finland (August 1943), see BULLETIN for April 1944, p. 405. 2 In December 1945, State-guaranteed German assets, formerly included in "Clearing accounts" and "Other assets," were transferred to Government compensation account. « Latest month available. 225 FEBRUARY 1947 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS—Continued Central Bank 1946 1945 Central Bank 1946 1945 (Figures as of last report (Figures as of last report date of month) date of month) Dec. Nov. Oct Dec. Dec. Nov. Oct Dec. Bank of Japan * Bank of Spain—Continued Bank of Java 1 Note circulation 21,521 18,961 Bank of Mexico (millions ot pesos) : Deposits—Government 714 538 Metallic reserve 2 698 697 769 Other 3,480 324 "Authorized" holdings of securi- Other liabilities 562 627 ties, etc 1,633 1,645 2,040 Bank of Sweden (millions of kronor): Bills and discounts 530 520 420 Gold 839 939 1,035 ,062 Other assets 180 144 63 Foreign assets (net) 650 842 865 758 Note circulation 1,726 1,690 1,731 Swedish Govt. securities and ad- Demand liabilities 1,067 1,097 1,346 vances to National Debt Office6 1,820 ,145 961 ,500 Other liabilities 248 220 215 Other domestic bills and advances 172 217 50 32 Netherlands Bank (millions of Other assets 654 859 968 ,120 guilders): Note circulation 2,877 :,576 2,622 ,782 Gold 700 699 699 713 Demand deposits—Government. 706 900 582 831 Silver (including subsidiary coin) 1 1 1 1 Other 169 146 290 122 Foreign bills ,536 ,507 4,529 4,539 Other liabilities 382 381 385 739 Loans and discounts 153 158 162 167 Swiss National Bank (millions of Other assets 97 99 104 119 francs): Note circulation—Old 237 260 261 327 Gold 4,950 ,921 4,895 ,777 New ,744 ,615 2,576 1,386 Foreign exchange 158 148 169 165 Deposits—Government ,210 ,252 1,333 2,493 Loans and discounts 248 114 121 198 Blocked 134 110 119 482 Other assets 124 94 86 110 Other 590 687 663 368 Note circulation 4,091 ,898 3,858 , 835 Other liabilities 571 541 542 483 Other sight liabilities 1,164 ,055 1,095 ,110 Reserve Bank of New Zealand Other liabilities 226 324 318 306 (thousands of pounds): Central Bank of the Republic of Gold 2,802 2,802 2,802 2,802 Turkey (thousands of pounds): Sterling exchange reserve 90,551 88,356 84,248 82,881 Gold 7 658,370659,430300,926 Advances to State or State un- Foreign exchange and foreign dertakings 28,426 26,910 33,866 32,504 clearings 190. 145,218 59.206 Investments 3,948 3,949 3,949 4,951 Loans and discounts 794, 795,555743,049 Other assets 960 716 1,073 1,003 Securities 165, 165,504 926 Note circulation 50,194 46,206 45,832 46,215 Other assets 87, 86,838 191 Demand deposits 71,607 71,675 75,040 73,212 Note circulation 918, 911,848 425 Other liabilities 4,887 4,852 5,067 4,713 Deposits—Gold 196 196,456 821 Bank of Norway * Other 246, 221,107 953 Bank of Paraguay—Monetary Other liabilities 535! 523,134189100 Dept. (thousands of guaranies): Bank of the Republic of Uruguay8 Gold 3,415 3,415 3,323 (thousands of pesos): Foreign exchange 35,441 34,058 28,471 Gold 310,856 295,704 Loans and discounts 100 4,841 Silver 13,481 13648 Government loans and securities 9,727 10,145 Advances to State and govern- Other assets 1,151 900 404 ment bodies 15,221 ,252 Note circulation 30,917 30,325 27,121 Other loans and discounts 113,252 ,688 Demand deposits 15,410 14,257 18,503 Other assets 359,977 ,083 Other liabilities 3,507 3,552 1,560 Note circulation 191,867 ,507 Central Reserve Bank of Peru Deposits—Government 46,458 ,631 (thousands of soles): Other 250,522 ,023 Gold and foreign exchange 141,468164,432156,505 Other liabilities 323,941 ,214 Discounts 49,378 45,138 25,668 Central Bank of Venezuela (thou- Government loans 632,174622,686570,366 sands of bolivares): (Aug.) Other assets 24,800 24,865 17,900 Gold a 557,080517,093 Note circulation 577,662569,071502,185 Foreign exchange (net) 24,319 64,658 Deposits 226,410244,563233,833 Credits to national banks 10!157 Other liabilities 43,748 43,487 34,420 Other assets 34,339 11,234 Bank of Portugal (millions of es- Note circulation—Central Bank. 403,884375!379 cudos): (Mar.)8 National banks. 7,776 9 813 Gold * 1,423 1,422 Deposits 195,263211! 131 Other reserves (net) 7,087 6,850 Other liabilities 8,816 6,820 Nonreserve exchange 9,842 9,797 National Bank of the Kingdom Loans and discounts 297 299 of Yugoslavia * Government debt 1,018 1,020 Bank for International Settle- Other assets 693 710 ments10 (thousands of Swiss gold Note circulation 7,824 8,166 francs): Other sight liabilities 11,703 11,125 Gold in bars 97,125 122,998123,042118,285 Other liabilities 834 808 Cash on hand and on current National Bank of Rumania l account with banks 8,822 ,868 4,095 41,' South African Reserve Bank Sight funds at interest 142 140 141 10,; (thousands of pounds): Rediscountable bills and accept- Gold 5 231,148237,118110,909 ances (at cost) 26,381 5, 6,363 81790 Foreign bills 18,068 21,219 59,04 Time funds at interest 15,125 10, 5,849 750 Other bills and loans 5,734 4,956 3,604 Sundry bills and investments. . .307,530309, 314,591 935 Other assets 12,256 9,514101,737 Other assets 1,782 34 93 Note circulation 64,295 64,639 67,879 Demand deposits (gold) 18,954 20,730 942 Deposits 196,492200,707202,593 Short-term deposits (various Other liabilities 6,419 7,461 4,822 currencies): Bank of Spain (millions of pesetas): Central banks for own ac- Gold 1,213 1,210 count 5,619 402 2,989 670 Silver 550 59 Other 1,230 234 1,209 495 Government loans and securities 15,794 15,510 Long-term deposits: Special ac- Other loans and discounts 5,826 4,192 counts 229,001 229, 229,001 001 Othe*- assets 2,894 1,940 Other liabilities 202,103 200, 200,185 301 1 For last available report from the central bank of Japan (September 1941), see BULLETIN for March 1942, p. 281; of Java (January 1942), see BULLETIN for March 1943, p. 278; of Norway (March 1940) and Yugoslavia (February 1941), see BULLETIN for March 1942, p. 282; and of Rumania (June 1944), see BULLETIN for March 1945, p. 286. »Includes gold, silver, and foreign exchange forming required reserve (25 per cent) against notes and other demand liabilities. 3 Latest month available. 4 Valued at average cost beginning October 1940. * Gold revalued in June 1946 from approximately 85 to 172 shillings per fine ounce. 6 Includes small amount of non-Government bonds. 7 Gold revalued on Sept. <T, 1946, from 1,406.58 to 3,150.77 Turkish pounds per fine kilogram. 8 Issue and banking departments consolidated. » Beginning October 1944 a certain amount of gold formerly reported in the Bank's account shown separately for account of the Government, M See BULLETIN for December 1936, p. 1025. 226 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MONEY RATES IN FOREIGN COUNTRIES DISCOUNT RATES OF CENTRAL BANKS [Per cent per annum] Central bank of—• ef D fec a t t i e ve U K d n i o i n t m g ed - Francem G a e n r- y g B i e u l m - N la e e n r t - d h s - S d w e e n - S l w a e n r i - t d z- ba C n e k n t o r f a — l I R J 3 a a 1 n te . ef D fec a t t i e ve ba C n e k n t o r f a — l R J 3 a a 1 n te . eff D ec a t t i e ve In effect Dec. 31, Albania 5K Mar. 21, 1940 Ireland 2K Nov. 23, 1943 Jan 1 . 9 36 28, 1937 2 2 4 4 2 2 2K IK A Be rg lg e i n u t m ina 3y2 M De a c r . . 1 1 9 , , 1 1 9 9 3 4 6 6 J I a ta p l a y n 4 3.29 S A e p p r t . . 1 7 1 , , 1 1 9 9 4 3 4 6 June 15 6 Bolivia 6 Nov. 8, 1940 Java 3 Jan. 14, 1937 July 7 5 Latvia 5 Feb. 17, 1940 Aug 4 4 Sept 3 3K Nov 13 May 10, 1938 4 Bulgaria 4K Aug. 14, 1946 Lithuania.... 6 July 15, 1939 May 13 Canada IK Feb. 8, 1944 Mexico 4K June 4, 1942 M Se a p y t. 3 2 0 8 3 3 C C h o i l l o e mbia 3-4 4 y2 J D u e l c y . 1 16 8 , , 1 1 9 9 3 3 3 6 N N e e t w h Z er e l a a l n a d n s d . . 2K J Ju u l n y e 2 2 6 7 , , 1 1 9 9 4 4 1 1 Oct. 27 "2H Costa Rica 3 Apr. 1, 1939 Norway IK Jan. 9, 1946 Nov. 25 2% Czechoslovakia 2K Oct. 28, 1945 Peru 2K Aug. 1, 1940 Jan. 4,1939... 2 Apr. 17 4 May 11 3 July 6 ... 2K Denmark 3K Jan. 15, 1946 Portugal 2K Jan. 12, 1944 Aug. 24 4 Ecuador May 26, 1938 Rumania May 8, 1944 Aug. 29 ....... 3 El Salvador... 3 Mar. 30, 1939 South Africa. 3 June 2, 1941 Sept. 28 Estonia 4^ Oct. 1, 1935 Spain 4 Dec. 1, 1938 Oct. 26 2 Finland 4 Dec. 3, 1934 Sweden 2K Feb. 9, 1945 Dec. 15 3 Jan 25 1940 2 Apr 9 May 17 3*4 France IK Switzerland.. IK Nov. 26, 1936 M M a a y r 2 1 9 7 19 . 4 . 1 .. IK 3 Germany & 3 2 K ^ J A a p n r . . 1 9 0 , , 1 1 9 94 4 7 0 U Tu n r i k te e d y King- 4 July 1, 1938 June 27 2K Greece 10 Aug. 16, 1946 dom 2 Oct. 26, 1939 Jan. 16 1945 IK Hungary 7 Aug. 1, 1946 U. S. S. R.. . . 4 July 1, 1936 Jan. 20 1H India 3 Nov. 28, 1935 Yugoslavia . . 2K Aug. 1, 1946 Feb. 9 2V, Nov. 7, 1946. . Jan 10 1947 & \ 2 y }Ai rais N ed O f T ro E m .— C 1^ h a t n o g e 1 s ^ sin p e e e r c D en e t c . f o 3 r 1 r T F r r e a a n s c u e r — y O a n n d J a sh n o . rt 1 - 0 te , r r m a te c o w m a m s e r s c p i l a it l b a i n ll d s In effect Jan. 31, IK representing sales, anc to 2 }i per cent for other commerical paper. 1947 " 2 " &2K 3K' "ly' "\y OPEN-MARKET RATES [Per cent per annum] United Kingdom Germany Netherlands Sweden Sw la it n z d er- Month Bankers' Treasury Day-to- Bankers' Private Day-to- Private Money Loans Private acceptances bills day allowance discount day discount for up to 3 discount 3 months 3 months money on deposits rate money rate 1 month months rate 1929—Nov.. 5.35 5.30 5.15 4-3K 6.89 7.79 4.26 4.17 5K-7 3.32 1930—Nov 2.18 2.15 2.01 1 4.79 5.48 1.31 1.29 3K-5K 1.16 1931—Nov 5.75 5.55 4.96 4 8.00 8.69 1.59 1.73 6-7 y 1.77 1932—Nov .89 .82 .73 K 3.88 4.80 .37 1.00 3y~sy 2 1.50 1 1 9 9 3 3 4 3 — — N N oOvV 1. . 0 45 5 . .2 9 9 4 . . 7 6 5 8 K K 3 3 . . 8 6 8 3 5 4 . . 1 2 8 1 . . 4 6 5 3 1 1 . . 0 0 0 0 2K 3 - -5 4K 2 1 1 .5 5 0 0 1935—Nov .57 .55 .75 K 3.01 3.07 3.15 3.00 2K-5 2.44 1936—Nov .56 .55 .75 K 3.00 2.79 .85 1.55 2K-5 1.46 1937—Nov.. .59 .58 .75 K 2.88 2.65 .13 .50 2K-5 1.00 1938—Nov .66 .67 .75 K 2.88 2.58 .14 .50 2K-5 1.00 1939—Nov 1.96 1.18 1.00 K 2.65 2.19 1.75 2.41 2K-5 1.25 1940—Nov 1.03 1.02 1.00 2.25 1.93 2.25 2.75 3K-5K 1.25 1941—Nov 1.03 1.00 1.00 K 2.13 1.75 3-5 K 1.25 1942 —Nov 1 03 1 00 1 00 XA 2 13 1 75 3-5 K 1 25 1943—Nov!. 1.03 1.00 1.00 2.13 1.88 3-5 K 1.25 1944 Nov 1 03 1 00 1 00 K 2 13 3-5 K 1 25 1945 Nov S3 51 63 K 2K-5 1.25 1945 Dec 53 50 63 23^-5 1 25 1946 Jan 53 50 63 2^-5 1 25 Feb 53 51 63 V 2^-5 1 25 Mar 53 51 63 1/ 2}4~4}4 1 25 53 51 63 2Y>-V/^ 1 25 May 53 .51 63 {/ 2y>-±y2 1 25 53 50 63 1/ 1 25 July 53 51 63 w 2V>-±y<l 1 25 Aug 53 51 63 1/ 2 3^-4 ^ 1.25 Sept 53 51 63 1/ 1 25 Oct 53 51 6^ {/ 21^_4i^ 1 25 Nov .53 .51 .63 K 2K-4K 1.25 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. 227 FEBRUARY 1947 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COMMERCIAL BANKS United Kingdom l Assets Liabilities ( b m 1 a 1 i n l l L k io s o s . n n t e s d r o l F o i n f n ig g c p u ) l o r e e u a s n r i d i n n s g re C se a r s v h es M c n o a s l o n h l t e o i a y c r n t e a d t B co il u ls n d te i d s- T r d e r e e c p a e o s ip u s t i r t s y 2 Securities c L u o s a to n m s e to rs a O s t s h e e ts r Total D D e e p m o a s n it d s Time lia O b t i h li e ti r es 1939—December. 274 174 334 609 1,015 290 2,441 1,398 1,043 256 1940—December. 324 159 265 314 771 924 293 2,800 1,770 1,030 250 1941—December. 366 141 171 758 999 823 324 3,329 2,168 1,161 253 1942—December. 390 142 198 896 1,120 794 325 3,629 2,429 1,200 236 1943—December. 422 151 133 1,307 1,154 761 349 4,032 2,712 1,319 245 1944—December. 500 199 147 1,667 1,165 772 347 4,545 3,045 1,500 250 1945—December. 536 252 369 1,523 1,234 827 374 4,850 3,262 1,588 265 1946—January.. 496 249 361 1,493 1,230 840 333 4,729 3,135 1,594 271 February. 483 243 340 1,468 1,241 847 338 4,684 3,078 1,606 276 March... . 493 254 379 1,443 1,246 863 353 4,749 3,143 1,606 281 April 509 271 433 1,449 1,282 841 367 4,865 3,242 ,623 287 May 509 301 470 1,374 1,322 856 356 4,894 3,239 ,655 292 June 524 315 526 1,302 1,382 894 399 5,045 3,351 ,694 296 July 532 305 522 1,382 1,406 885 386 5,113 3,389 ,724 304 August. . . 553 313 464 1,511 1,393 906 369 5,198 3,427 ,771 310 September 553 280 405 1,671 1,393 930 379 5,302 3,502 ,800 308 October.. . 557 312 472 1,629 1,403 944 390 5,397 3,563 , 833 310 November 574 324 497 1,628 1,410 964 433 5,503 3,632 ,870 328 Assets Liabilities Canada (10 chartered banks. Entirely in Canada Se lo c a u n ri s ty e D x e c p lu o d s i i n ts g p i a n y te a r b b le a n i k n d C e a p n o a s d it a s En C d a i n n o a f d m m i i a l o n li n o d t n h o s l l f o a ig f rs u ) res Cash Security Other d a a u n b e d r o fr n a o e d m t Securities O as t s h e e t r s ci N r ti c o o u t n l e a- lia O b t i h li e ti r es reserves loans l d o i a sc n o s u a n n t d s f b o a re n i k g s n Total Demand Time 1939—December. 292 53 1,088 132 1,646 612 85 2,774 1,033 1,741 963 1940—December. 323 40 1,108 159 1,531 570 80 2,805 1,163 1,641 846 1941—December. 356 32 1,169 168 1,759 653 71 3,105 1,436 1,669 962 1942—December. 387 31 1,168 231 2,293 657 60 3,657 1,984 1,673 1,049 1943—December. 471 48 1,156 250 2,940 744 42 4,395 2,447 1,948 1,172 1944—December. 550 92 1,211 214 3,611 782 34 5,137 2,714 2,423 1,289 1945—December. 694 251 1,274 227 4,038 869 26 5,941 3,076 2,865 1,386 1946—January. . 665 210 1,213 209 4,100 793 25 810 2,848 2,963 ,354 February. 669 200 1,194 206 4,119 845 25 830 2,752 3,078 ,379 March... . 650 148 1,181 214 4,197 803 25 781 2,611 3,170 ,387 April 722 152 1,160 221 4,243 876 24 898 2,660 3,238 ,452 May 642 125 1,187 197 4,304 907 24 882 2,576 3,306 ,456 June 637 115 1,188 159 4,275 896 23 756 2,393 3,364 ,490 July 696 96 1,230 121 4,298 876 23 887 2,476 3,411 ,407 August. . . 665 98 1,249 128 4,336 865 23 892 2,426 3,466 1,428 September 676 91 1,284 122 4,375 960 22 6,037 2,513 3,524 1,449 October.. . 699 97 1,341 126 4,471 959 22 6,201 2,724 3,477 1,470 November 730 117 1,476 128 4,496 931 22 6,362 2,902 3,460 1,493 Assets Liabilities France (4 o m f l i a m l r l g i o o e n n s t b h a o n f f i k g f s u r . a r e n s c E s i ) n n d re C se a r s v h es Du b e a n f k ro s m B co il u ls n t d e i d s- Loans O as t s h e e ts r Deposits ac O c w ep n t- lia O b t i h li e ti r es Total Demand Time 1939—December 4,599 3,765 29,546 7,546 2,440 42,443 41,872 571 844 4,609 1940—December 6,418 3,863 46,546 8,346 2,229 62,032 61,270 762 558 4,813 1941—December 6,589 3,476 61,897 8,280 2,033 76,675 75,764 912 413 5,187 1942—December 7,810 3,458 73,917 10,625 2,622 91,549 91,225 " 324 462 6,422 1943—December 8,548 4,095 90,897 14,191 2,935 112,732 111,191 1,541 428 7,506 1944—December 10,365 4,948 99,782 18,653 2,190 128,758 126,578 2,180 557 6,623 1945—November 11,898 6,859 145,110 32,165 6,325 190,759 188,748 2,010 2,618 8,980 December 14,602 13,804 155,025 36,166 7,363 213,908 211,871 2,037 2,898 10,151 1946—January 15,312 13,871 153,227 40.123 5,022 216,729 214,842 1,887 3,371 7,455 February 15,005 14,393 157,420 41,119 6,627 222,059 220,219 1,840 4,607 7,898 March 14,444 14,462 168,708 40,017 8,466 231,499 229,784 1,715 6,007 8,590 Aoril 14,443 15,827 173,773 40,976 10,114 239,182 237,481 702 6,774 9,177 May 15,295 15,988 175,903 41,772 11,738 243,228 241,569 ,659 7,879 9,589 June 17,472 16,114 184,633 42,674 12,708 255,173 253,386 ,787 8,330 10,096 July 14,985 17,873 182,107 50,747 14,160 260,371 258,574 ,797 9,527 9,973 August 14,830 16,991 181,770 53,861 15,676 262,160 260,461 ,699 10,376 10,592 September 16,553 17,723 177,269 55,935 16,319 262,130 260,366 765 10,798 10,871 October 15,505 18,389 183,716 61,262 18,618 273,488 271,672 1,816 12,490 11,513 1 Through August 1939, averages of weekly figures; beginning September 1939, end-of-month figures, representing aggregates of figures reported by individual banks for days, varying from bank to bank, toward the end of the month. 2 Represent six-month loans to the Treasury at \V% per cent through Oct. 20, 1945, and at Y% per cent thereafter. NOTE.—For back figures and figures on German commercial banks, see Banking and Monetary Statistics, Tables 168-171, pp. 648-655, and for description of statistics see pp. 566-571 in same publication. 228 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FOREIGN EXCHANGE RATES [Averages of certified noon buyingrates inNew York for cable transfers. In cents per unit of foreign currency! Argentina Australia Brazil Canada Chile China Year or month (peso) (pound) g B iu el m - (cruzeiro1) g B a u r l i - a (dollar) (peso) S ( h y a u n a g n - Co b l i o a m- Official S E p x e p c o ia rt l Official Free (franc) Official Free (lev) Official Free Official Export hai) (peso) 1938 32 597 389.55 3.3788 5.8438 1.2424 99.419 5.1716 4.0000 21.360 55.953 1939 30.850 353.38 3.3704 6.0027 5!l248 21.2111 96.018 5.1727 4.0000 11.879 57.061 1940 29.773 2322.80 305.16 23.3760 6.0562 5.0214 290.909 85.141 5.1668 4.0000 6.600 57.085 1941 29.773 223 .*704' 322.80 321.27 6.0575 5.0705 90.909 87.345 25.1664 24.0000 25.313 57.004 1942 29.773 23.704 322.80 321.50 6.0584 5.1427 90.909 88.379 57.052 1943 29.773 24.732 322.80 2321.5O 6.0586 5.1280 90.909 89.978 57.265 1944 29.773 25.125 322.80 6.0594 5.1469 90.909 89.853 57.272 1945 29.773 25.125 <322.80 2321.'i7 22! 2860 6.0602 5.1802 90.909 90.485 57.014 1946 . . .. 29.773 25.125 321.34 2.2829 26.0602 5.2762 95.198 93.288 57.020 1946—jan 29.773 25.125 321.41 2.2840 6.0602 5.1802 90.909 90.712 56.980 Feb 29.773 25.125 321.41 2.2845 6.0602 5.1802 90.909 90.695 56.980 Mar 29.773 25.125 321.41 2.2845 6.0602 5.1829 90.909 90.747 56.980 Apr 29.773 25.125 321.40 2.2844 6.0602 5.1902 90.909 90.764 57.032 May 29.773 25.125 321.38 2.2846 6.0602 5.1900 90.909 90.679 57.021 June 29.773 25.125 321.41 2.2847 6.0602 5.1902 90.909 90.597 57.007 July 29.773 25.125 321.41 2.2847 36.0602 5.2283 98.347596.662 57.007 Aug . . 29.773 25.125 321.41 2.2847 5.3675 100.000 °6.784 57.007 Sept 29.773 25.125 321.38 2.2803 5.4053 100.000 96.254 57.007 Oct 29.773 25.125 321 27 2 2798 5 4053 100.000 95 953 57.007 Nov 29.773 25.125 321.19 2.2797 5.4053 100.000 95.182 57.065 Dec 29.773 25.125 321 07 2 2795 5 4053 100.000 95.444 57.140 Year or month s C ( l k z o o e v r c u a h k n o a ia - ) ( m D kr e a o n r n k - e) ( l m F a k i a n a n r ) d - k- F (f r r a an n c c ) e ( m m G re a a e i r c n r k h - y ) s- G (d r m e ra a e c ) c h e - ( H K do o o l n n la g g r) ( H p g e a u n r n g y - o) ( I r n u d p i e a e) I ( t li a r l a y ) J ( a y p en an ) ( M p i e c e s o x o - ) e N ( r g l e e u a r t i n ) l h d d - - s (p l Z N o a e e u n a w n d - d) 1938 3.4674 21.825 2.1567 2.8781 40.164 .8958 30.457 19.727 36.592 5.2605 28.451 22.122 55.009 392.35 1939 23.4252 20.346 1.9948 2.5103 40.061 .8153 27.454 19.238 33.27° 5.1959 25.963 19.303 53.335 354.82 1940 219.308 1.8710 22.0827 40.021 2.6715 22.958 18.475 30.155 5.0407 23.436 18.546 253.128 306.38 1941 22.0101 239.968 224.592 219.770 30.137 25.0703 223.439 20.538 322.54 1942 30 122 20 569 322.78 1943 30 122 20 577 324.20 1944 30.122 20.581 324.42 1945 21.9711 30 122 20.581 '23 7.*933 323.46 1946 n .0060 220.876 .8409 30.155 2 .4434 20.581 37.813 322.63 1946—Jan .8410 30 122 20.580 37.933 322.70 Feb 620.877 .8410 30.122 20.581 37.926 322.70 Mar 7 2.0060 20.877 .8410 30.122 8!4434 20.580 37.789 322.70 Apr 2.0060 20.877 . 8409 30.139 .4434 20.580 37.789 322.69 M^ay 2.0060 20.877 .8408 30.182 .4434 20.575 37.789 322.67 June 2.0060 20.877 .8409 30.182 9 .4434 20.572 37.789 322.70 July 2.0060 20.877 .8409 30 182 20.587 37.789 322.70 Aug 2.0060 20.877 .8408 30.185 20.596 37.789 322.70 Sept 2.0060 20.877 8408 30 170 20.578 37.789 322.67 Oct 2.0060 20.877 .8409 30 156 20.574 37.789 322.56 Nov 2.0060 20.877 .8408 30 15S 20.583 37.789 322.48 Dec 2.0060 20.869 8/107 30 152 20.584 37.789 322.36 United Uruguay Year or month N (k o ro rw ne a ) y P (z o l l o a t n y d ) ( P es o g c r a u t d l u o - ) R ( u n le m i u a ) a- ( A S po o fr u u i n c th d a ) ( S pe p s a e i t n a) m S S (d e t e o r t l a n t l l a i t e t s r s - ) ( S k d r w e o n e n - a) ( e S f r r w l a a n i n t c z d ) - Off K ic ( i i p a n o l g u d n o d F m ) ree Con ( - peso N ) co o n n - - Y ( s d l u a in g v a o i r a - ) trolled trolled 1938 24.566 18.860 4.4267 .7325 484.16 5.600 56.917 25.197 22.871 488.94 64.370 2.3115 1939 23.226 218.835 4.0375 .7111 440.17 10.630 51.736 23.991 22.525 443.54 62.011 236.789 2.2716 1940 222 709 3.7110 2.6896 397.99 9.322 46.979 23.802 22.676 2403.50 383.00 65.830 37.601 2.2463 1941 24 0023 398.00 29.130 47.133 223.829 223.210 403.50 403.18 65.830 43.380 22.2397 1942 398 00 246 919 403.50 403.50 65.830 52.723 1943 398.00 403.50 2403.50 65.830 52.855 1944 398 00 403 50 65.830 53.506 1945 399.05 2403.50 2403.02 65.830 55.159 1946 220.176 24.0501 400.50 29.132 225.859 223.363 403.28 65.830 56.280 1946—Jan 400.50 403.38 65.830 56.290 Feb 6 20.202 64.0501 400.50 69.132 6 23.8526 23.363 403.38 65.830 56.290 Mar 20.202 4.0501 400.50 9.132 23.852 23.363 403.38 65.830 56.290 Apr 20.202 4.0501 400.50 9.132 23.852 23.363 403.35 65.830 56.290 May 20.197 4.0501 400 50 9 132 23.852 23.363 403.32 65.830 56.287 June 20 161 4.0501 400.50 9.132 23.852 23.363 403.37 65.830 56.272 July......... 20.161 4.0501 400.50 9.132 W26.195 23.363 403.37 65.830 56.272 Aug 20.161 4.0501 400.50 9.132 27.819 23.363 403.36 65.830 56.272 Sept 20.161 4.0501 400.50 9.132 27.820 23.363 403.32 65.830 56.271 Oct 20.161 4.0501 400.50 9.132 27.819 23.363 403.20 65.830 56.272 Nov 20.161 4.0501 400.50 9.132 27.821 23.363 403.09 65.830 56.272 Dec 20.161 4.0501 400.50 9.132 27.821 23.363 402.94 65.830 56.272 1 Prior to Nov. 1, 1942, the official designation of the Brazilian currency unit was the "milreis." 2 Average of daily rates for that part of the year during which quotations were certified. 3 Based on quotations through July 19. Official rate abolished as of July 22. * Based on quotations through July 19 and from July 25-31. 6 On July 5, 1946, Canada reduced its official buying rate for one U. S. dollar from 1.10 to 1.00 Canadian dollar. 6 Based on quotations beginning Feb. 5. 7 Based on quotations beginning Mar. 9. 8 Based on quotations beginning Mar. 22. 9 Based on quotations through June 12. i° As of July 13, 1946, the Swedish Riksbank reduced its selling rate for one U. S. dollar from 4.20 to 3.60 kronor. 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 developments affecting the averages during 1942 and 1943, see BULLETIN for February 1943, p. 201, and February 1944, p. 209. FEBRUARY 1947 229 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRICE MOVEMENTS IN PRINCIPAL COUNTRIES WHOLESALE PRICES—ALL COMMODITIES [Index numbers] Year or month U ( S 1 n t 1 9 i a 0 2 t t 0 6 e e ) d = s C ( a 1 1 9 n 0 2 a 0 6 d ) = a K U ( i 1 n n 1 9 i 0 g 3 t 0 d 0 e ) o d = m F (1 r 1 9 a 0 1 n 0 3 c ) e = Ge (1 r 1 9 0 1 m 0 3 a ) n = y ( I 1 1 t 9 0 a 2 0 l 8 ) y = ( J 1 O 9 c a 1 0 t 0 p 0 o 0 a b ) n = er ( J J N u l u e = n l a t e y n 1 h d 0 1 e 1 s 0 9 r 9 l ) 3 - 3 8 9 - S ( w 1 1 9 e 3 0 d 5 0 e ) n = ( S J w u = l i l a t 1 y n z 0 1 d 0 e 9 r ) 1 - 4 1926.. 100 100 M24 695 134 237 150 M26 144 1933.. 66 67 86 398 93 63 180 89 2 90 91 1934 75 72 88 376 98 62 178 90 2 96 90 1935 . 80 72 89 338 102 68 186 87 100 90 1936 81 75 94 411 104 76 198 91 102 96 1937 86 85 109 581 106 89 238 108 114 111 1938 79 79 101 653 106 95 251 102 111 107 1939 77 75 103 707 107 99 278 105 115 111 1940. 79 83 137 « 901 110 116 311 131 146 143 1941 87 90 153 112 132 329 150 172 184 1942. 99 96 159 114 157 189 210 1943 103 100 163 116 160 196 218 1944 104 103 166 118 164 196 223 1945 106 104 169 181 194 221 1946 121 175 1946—January 107 105 172 236 185 215 February 108 105 172 241 185 213 March 109 106 172 242 185 214 April 110 108 173 244 185 213 May 111 109 173 245 185 213 June 113 109 173 249 186 213 July 125 110 177 252 186 214 August 129 109 177 257 185 215 September 124 109 177 P259 185 213 October 134 111 178 P262 186 217 November 140 111 179 190 219 December 141 180 P Preliminary. 1 New weighted index of 400 articles. For detailed description of the articles included and of the weight coefficients used in the index, see Maandschrift for 1941, pp. 663-664. Yearly averages 1926-1938 are calculated from old index, 1926-30 =100. 'Approximate figure, derived from old index (1913 =100). 8 Average based on figures for 5 months: no data available since May 1940, when figure was 919. Sources.—See BULLETIN for 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] United States Canada United Kingdom Germany (1926=100) (1926=100) (1930=100) (1913=100) Year or month Raw and Fully and Indus- Farm Other Farm partly chiefly Indus- Agricul- trial raw Indusproducts Foods commod- products manu- manu- Foods trial tural and semi- trial finities factured factured products products finished ished goods goods products products 1§26 100 100 100 100 100 100 129 130 150 1933 51 61 71 51 57 70 83 87 87 88 113 1934 65 71 78 59 64 73 85 90 96 91 116 1935 . 79 84 78 64 66 73 87 90 102 92 119 1936 81 82 80 69 71 74 92 96 105 94 121 1937 86 86 85 87 84 81 102 112 105 96 125 1938 . 69 74 82 74 73 78 97 104 106 94 126 1939 65 70 81 64 67 75 97 106 108 95 126 1940 68 71 83 68 75 82 133 138 111 99 129 1941 82 83 89 73 82 89 146 156 112 100 133 1942... 106 100 96 85 90 92 158 160 115 102 134 1943 123 107 97 98 99 93 160 164 119 102 135 1944 123 105 99 107 104 94 158 170 122 103 136 1945 128 106 100 110 106 94 158 175 1946 149 131 110 158 184 1946—January 130 107 101 110 106 95 157 180 February 131 108 101 110 107 95 157 179 March 133 109 102 110 107 96 158 179 April 135 111 103 111 108 99 159 180 May .. 138 112 104 112 109 99 159 181 June 140 113 106 113 110 99 159 181 July 157 140 110 114 110 99 161 185 August . ... 161 149 112 111 108 100 159 186 September 154 132 112 111 108 100 158 188 October 165 158 116 113 112 101 157 189 November 170 165 121 113 113 101 157 191 December 168 160 125 156 193 Sources.—See BULLETIN for May 1942, p. 451; March 1935, p. 180; and March 1931, p. 159. 230 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRICE MOVEMENTS IN PRINCIPAL COUNTRIES—Continued RETAIL FOOD PRICES COST OF LIVING [Index numbers] [Index numbers] United Switz- United Switz- United Can- King- Ger- Nether- er- United Can- King- Ger- Nether- er- Year or States ada dom many lands land Year or States ada dom many lands land month (1935-39 (1935-39 (July (1913-14 (1911-13 (June month (1935-39 (1935-39 (July (1913-14 (1911-13 (June =100) =100) 1914 =100) =100) 1914 =100) =100) 1914 =100) =100) 1914 =100) =100) =100) =100) 1936 101 98 130 122 120 120 1936 99 98 147 125 U32 130 1937 105 103 139 122 127 130 1937 103 101 154 125 137 137 1938 98 104 141 122 130 130 1938 101 102 156 126 139 137 1939 95 101 141 123 130 132 1939 99 102 158 126 140 138 1940 97 106 164 128 150 146 1940 100 106 184 130 154 151 1941 106 116 168 129 177 175 1941 105 112 199 133 175 174 1942 124 127 161 132 191 200 1942 117 117 200 137 187 193 1943 138 131 166 134 198 211 1943 124 118 199 139 195 203 1944 136 131 168 138 215 1944 126 119 201 141 208 1945 139 133 170 215 1945 128 119 203 209 1946 160 P140 169 P210 1946 139 P124 204 P208 i946-January.. . 141 133 169 210 1946— Tanuarv 130 120 203 207 February.. 140 133 169 208 February.. 130 120 203 206 March. . . . 140 133 169 206 IVtarch 130 120 203 205 April 142 135 169 206 April 131 121 203 205 May 143 138 169 208 132 122 204 206 June 146 142 169 209 June 133 124 203 207 July 166 144 171 209 Tulv 141 125 205 207 August.... 171 145 171 209 August 144 126 205 207 September. 174 143 168 209 September. 146 126 203 207 October.. . 180 147 168 215 October . 148 127 203 212 November. 188 147 168 216 November 152 127 203 212 December. 186 P146 168 P216 December. 153 P127 204 P212 p Preliminary. 1Revised index from March 1936 (see BULLETIN for April 1937, p. 373). Sources.—See BULLETIN for May 1942, p. 451; October 1939, p. 943; and April 1937, p. 373. SECURITY PRICES [Index numbers except as otherwise specified] Bonds Common stocks (1926=100) Year or month ( U S p d n t e ri a r i c i t t v e e e e ) d s 1 d 1 ( K D 9 U i 2 e n n 1 c g e i = t d m 1 e o 0 d b m 0 e ) r (19 F 3 r 8 a = n 1 c 0 e 0)2 G ( e a p v r ri e m c r e a a ) g n 3 e y N la et n h d e s r 4 - ( U 1 = S 9 n 1 t 3 a i 0 5 t t 0 e e - ) 3 d s 9 U K n i i n t g e - d m G a e n r- y (19 F 3 r 8 a = n 1 c 0 e 0)2 (1 N 9 l e 3 a t 0 n h = d e 1 s r 0 - 0) dom Number of issues. . 15 87 50 3139 8 402 278 (5) 2 284 100 1939 113.8 112.3 114.2 99.0 90.9 94.2 75.9 94.1 112 89.7 1940 115.9 118.3 «114.2 100.7 7 77.9 88.1 70.8 114.6 • 140 895.0 1941 117.8 123.8 •143.4 103.0 84.3 80.0 72.5 136.8 •308 129.1 1942 118.3 127.3 146.4 6103.3 94.7 69.4 75.3 142.1 479 131.5 1943 120.3 127.8 146.6 98.5 91.9 84.5 145.0 540 151.0 1944 120.9 127.5 150.5 10 103.7 99.8 88.6 145.4 551 10 151.4 1945 122.1 128.3 152.1 121.5 92.4 453 1946 123.4 132.1 139.9 96.2 1946—January.... 123.8 129.1 148.6 102.4 144.8 95.2 433 February.. . 124.5 130.1 148.6 105.0 143.3 94.9 461 March 124.5 129.9 147.5 105.3 141.8 93.8 452 April 124.3 131.7 146.1 105.9 151.6 95.2 448 May 123.7 132.6 147.3 105.0 154.3 97.6 532 June 123.9 132.0 146.3 100.9 153.2 99.5 540 123.2 July 124.0 132.2 143.5 100.3 149.6 99.2 569 115.9 August 123.8 132.2 142.8 103.0 146.4 97.6 583 109.8 September. . 122.8 132.5 142.1 125.4 94.7 933 October 121.8 133.0 139.9 122.3 93.0 1,051 November. . 121.6 134.6 141.0 120.6 95.3 1,080 December... 121.5 134.7 125.5 97.8 1 Figures represent calculated prices of a 4 per cent 20-year bond offering a yield equal to the monthly average yield for 15 high-grade corporate bonds. Source.—Standard and Poor's Corporation; for compilations of back figures on prices of both bonds and common stocks in the United States see Banking and Monetary Statistics, Table 130, p. 475, and Table 133, p. 479. 2 Published by the Ministry of National Economy with new base of 1938= 100. Figures are for the last Friday of each month. The number of bonds included in the new index was increased to 50 (formerly 36). The index for stocks was based on 300 issues until Dec. 6, 1945, when five banks were nationalized; on 295 issues until July 4, 1946, when 11 insurance companies were nationalized; and on 284 issues thereafter. For complete information on the composition of the bond and stock indexes see "Bulletin de la Statistique Generale" December 1942, pp. 511-513, and July-August 1942, pp. 364-371, respectively. For back figures for both indexes from 1938 through 1941 on a monthly basis see "Bulletin de la Statistique Generale" for October-December 1944, pp. 274-276. • Since Apr. 1, 1935, the 139 bonds included in the calculation of the average price have all borne interest at 4K per cent. The series prior to that date is not comparable to the present series, principally because the 169 bonds then included in the calculation bore interest at 6 per cent. • Indexes of reciprocals of average yields. For old index, 1929-1936, 1929= 100; average yield in base year was 4.57 per cent. For new index beginning January 1937, January-March 1937=100; average yield in base period was 3.39 per cent. 6 This number, originally 329, has declined as the number of securities eligible for the index has diminished. In May 1941 it was down to 287. • Average based on figures for 5 months; no data available June-Dec. 7 Average based on figures for 7 months; no data available May-Sept. • Average based on figures for 9 months; no data available May-July. 9 Average based on figures for 10 months; no data available Jan.-Feb. 10 Average based on figures for 8 months; no data available Sept.-Dec. Sources.—See BULLETIN for November 1937, p. 1172; July 1937, p. 698; April 1937, p. 373; June 1935, p. 394; and February 1932, p. 121. FEBRUARY 1947 231 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM MARRINER S. ECCLES, Chairman RONALD RANSOM, Vice Chairman M. S. SZYMCZAK JAMES K. VARDAMAN, JR. ERNEST G. DRAPER LAWRENCE CLAYTON R. M. EVANS ELLIOTT THURSTON, Assistant CHESTER MORRILL, Special Adviser to the Chairman to the Board of Governors LEO H. PAULGER, Special Adviser to the Board of Governors OFFICE OF THE SECRETARY DIVISION OF BANK OPERATIONS S. R. CARPENTER, Secretary EDWARD L. SMEAD, Director BRAY HAMMOND, Assistant Secretary J. R. VAN FOSSEN, Assistant Director MERRITT SHERMAN, Assistant Secretary J. E. HORBETT, Assistant Director LEGAL DIVISION GEORGE B. VEST, General Counsel DIVISION OF SECURITY LOANS J. LEONARD TOWNSEND, Assistant General Counsel CARL E. PARRY, Director BONNAR BROWN, Assistant Director DIVISION OF RESEARCH AND STATISTICS WOODLIEF 7'HOMAS, Director RALPH A. YOUNG, Assistant Director DIVISION OF PERSONNEL ADMINISTRATION CHANDLER MORSE, Assistant Director FRED A. NELSON, Director J. BURKE KNAPP, Assistant Director DIVISION OF EXAMINATIONS ROBERT F. LEONARD, Director DIVISION OF ADMINISTRATIVE SERVICES EDWIN R. MILLARD, Assistant Director LISTON P. BETHEA, Director GEORGE S. SLOAN, Assistant Director GARDNER L. BOOTHE, II, Assistant Director FEDERAL FEDERAL OPEN MARKET COMMITTEE ADVISORY COUNCIL MARRINER S. ECCLES, Chairman CHAS. E. SPENCER, JR., BOSTON DISTRICT ALLAN SPROUL, Vice Chairman ERNEST G. DRAPER W. RANDOLPH BURGESS, NEW YORK DISTRICT R. M. EVANS DAVID E. WILLIAMS, PHILADELPHIA DISTRICT HUGH LEACH W. S. MCLARIN, JR. JOHN H. MCCOY, CLEVELAND DISTRICT J. N. PEYTON RICHMOND DISTRICT RONALD RANSOM M. S. SZYMCZAK J. T. BROWN, ATLANTA DISTRICT JAMES K. VARDAMAN, JR. EDWARD E. BROWN, CHICAGO DISTRICT C. S. YOUNG JAMES H. PENICK, ST. LOUIS DISTRICT CHESTER MORRILL, Secretary S. R. CARPENTER, Assistant Secretary HENRY E. ATWOOD, MINNEAPOLIS DISTRICT GEORGE B. VEST, General Counsel JAMES M. KEMPER, KANSAS CITY DISTRICT J. LEONARD TOWNSEND, Assistant General Counsel WOODLIEF THOMAS, Economist ED H. WINTON, DALLAS DISTRICT E. A. KINCAID, Associate Economist JOHN K. LANGUM, Associate Economist RENO ODLIN, SAN FRANCISCO DISTRICT EARLE L. RAUBER, Associate Economist O. P. WHEELER, Associate Economist WALTER LICHTENSTEIN, Secretary JOHN H. WILLIAMS, Associate Economist ROBERT G. ROUSE, Manager of System Open Market Account HERBERT V. PROCHNOW, Acting Secretary 232 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CHAIRMEN, DEPUTY CHAIRMEN, AND SENIOR OFFICERS OF FEDERAL RESERVE BANKS Federal Reserve Chairman1 President Bank of Deputy Chairman First Vice President Vice Presidents Boston Albert M. Creighton Laurence F. Whittemore E. G. Hult Carl B. Pitman Donald K. David William Willett J. C. Hunter2 0. A. Schlaikjer New York Allan Sproul E. 0. Douglas A. Phelan William I. Myers L. R. Rounds J. W. Jones H. V. Roelse H. H. Kimball Robert G. Rouse L. W. Knoke V. Willis Walter S. Logan R. B. Wiltse Philadelphia.... Thomas B. McCabe Alfred H. Williams Robert N. Hilkert C. A. Mcllhenny Warren F. Whittier W. J. Davis E. C. Hill P. M. Poorman2 Wm. G. McCreedy C. A. Sienkiewicz Cleveland George C. Brainard Ray M. Gidney W. D. Fulton B. J. Lazar Reynold E. Klages Wm. H. Fletcher J. W. Kossin Martin Morrison A. H. Laning3 W. F. Taylor Donald S. Thompson Richmond W. G. Wysor Hugh Leach R. L. Cherry R.W. Mercer Charles P. McCormick J. S. Walden, Jr. Claude L. Guthrie3 W. R. Milford E. A. Kincaid C. B. Strathy Edw. A. Wayne Atlanta... ... Frank H. Neely W. S. McLarin, Jr. P. L. T. Beavers Joel B. Fort, Jr. J. F. Porter L. M. Clark V. K. Bowman T. A. Lanford H. F. Conniff E. P. Paris S. P. vSchuessler Chicago C. S. Young Allan M. Black2 John K. Langum Paul G. Hoffman Charles B. Dunn Neil B. Dawes 0. J. Netterstrom W. R. Diercks A. L. Olson J. H. Dillard Alfred T. Sihler E. C. Harris St. Louis Russell L. Dearmont Chester C. Davis 0. M. Attebery William B. Pollard Douglas W. Brooks F. Guy Hitt A. F. Bailey C. A. Schacht Wm. E. Peterson William FI. Stead C. M. Stewart Minneapolis. . . . Roger B. Shepard J. N. Peyton H. G. McConnell E. W. Swanson W. D. Cochran 0. S. Powell A. W. Mills3 R. E. Towle Otis R. Preston Sigurd Ueland Harry I. Ziemer Kansas City.... Robert B. Caldwell H. G. Leedy 0. P. Cordill John Phillips, Jr. Robert L. Mehornay Henry 0. Koppang L. H. Earhart G. H. Pipkin Delos C. Johns D. W. Woolley3 Dallas J. R. Parten R. R. Gilbert E. B. Austin3 W. E. Eagle R. B. Anderson W. D. Gentry R. B. Coleman W. H. Holloway H. R. DeMoss Watrous H. Irons L. G. Pondrom San Francisco... Henry F. Grady C. E. Earhart W. N. Ambrose C. R. Shaw Harry R. Wellman H. N. Mangels D. L. Davis H. F. Slade J. M. Leisner3 W. F. Volberg W. L. Partner Oliver P. Wheeler VICE PRESIDENTS IN CHARGE OF BRANCHES OF FEDERAL RESERVE BANKS Federal Reserve Federal Reserve Bank of Branch Chief Officer Bank of Branch Chief Officer New York Buffalo I. B. Smith4 Minneapolis. . . . Helena R. E. Towle Cleveland Cincinnati B. J. Lazar Pittsburgh J. W. Kossin Kansas City. ... Denver G. H. Pipkin Oklahoma City 0. P. Cordill Richmond Baltimore W. R. Milford Omaha L. H. Earhart Charlotte K. L. Cherry Atlanta Birmingham P. L.' T. Beavers Jacksonville T. A. Lanford Dallas El Paso W. E. Eagle Nashville Joel B. Fort, Jr. Houston L. G. Pondrom New Orleans E. P. Paris San Antonio W. H. Holloway Chicago Detroit E. C. Harris San Francisco... Los Angeles * W. N. Ambrose St. Louis Little Rock A. F. Bailey Portland D. L. Davis Louisville C. A. Schacht Salt Lake City W. L. Partner Memphis William B. Pollard Seattle C. R. Shaw 1 Also Federal Reserve Agent. 2 Cashier. 3 Also Cashier. 4 General Manager. FEBRUARY 1947 233 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE SYSTEM BOUNDARIES OF FEDERAL RESERVE DISTRICTS AND THEIR BRANCH TERRITORIES BOUNDARIES OF FEDERAL RESERVE DISTRICTS BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM w w FEDERAL RESERVE BANK CITIES FEDERAL RESERVE BRANCH CITIES 1 3 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis