Federal Reserve Bulletin, 1947-03

F E D E R AL E S E RV ULL MARCH 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—Postwar Revival in Bank Lending. 235-243 Values and Limitations of Consumer Financial Surveys for Economic Research, by Ralph A. Young and Duncan McC. Holthausen. 244-252 Business Loans of Member Banks, by Albert R. Koch. 253-263 Commercial Bank Activity in Consumer Instalment Financing, by Frieda Baird. . 264-269 Law Department: Consumer Credit: Automobile License Taxes and Fees.. 270 Kitchen Cabinets . . . . .. 270 v Sets and Groups of Articles 270 Status of Rulings Made Prior to Revision of Regulation. 271-273 Foreign Funds Control—Treasury Department Regulation. 273-274 Banking Studies 274 Current Events 275 National Summary of Business Conditions. 276-277 Financial, Industrial, Commercial Statistics, U. S. (See p. 279 for list of tables). 279-330 International Financial Statistics (See p. 331 for list of tables). 331-349 Board of Governors and Staff; Open Market Committee and Staff; Federal Advisory Council 350 Senior Officers of Federal Reserve Banks; Managing Officers of Branches. 351 Map of Federal Reserve Districts. 352 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 Do clu ., _ , „ , ........ __..„„..„, ____ , $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 March 1947 NUMBER 3 POSTWAR REVIVAL IN BANK LENDING Postwar revival of bank lending activities among major types of business, real estate, proceeded at an accelerated pace during 1946. and consumer loans. By class of bank the The volume of outstanding loans at all com- highest over-all percentage expansion was at mercial banks increased by over 5 billion dol- country banks. Loans to commercial and lars—the largest shown in any twelve-month industrial businesses, which is the largest period since 1919-20, when a similar expan- single category, increased nearly 50 per cent. sion occurred. Total loans outstanding at LOANS AT MEMBER BANKS, BY TYPE OF LOAN the end of 1946 amounted to nearly 32 CALL REPORT OATES BH-L1OHS OF DOLLARS billion dollars, which is the highest level since 1930. Growth in total loans occurred despite a substantial reduction in loans for purchasing and carrying securities. Most of this reduction represented liquidation of loans on Government securities, a segment of bank credit which had expanded rapidly in connection with financing the recent war. Outstanding bank loans to businesses, farm operators and owners, urban real estate owners, and con- ——-•- ———?—-—^T**—"" AGRICULTURAL* ,*•—— sumers rose sharply, as is shown in the chart, and reached a total of nearly 28 billion dollars at the year end. Both the aggregate increase in these loans during 1946 and the amount 1939 1940 1941 1942 1943 1944 1945 1346 outstanding at the year's close established new records in the history of American Total loans and "other" loans are not shown. Latest figures are for Dec. 31, 1946. banking. Owing to the broad base of credit demand Bank credit extended to consumers and loans created by the high level of economic activity to owners of urban real estate rose by about and inflationary conditions, expansion of pro- 60 per cent. Loans on farm real estate inducer, ownership, and consumer credit was creased somewhat; only agricultural prodistributed throughout all areas of the coun- duction loans failed to show marked growth. try, among banks both large and small, and This reflected in part the high level of farm MARCH 1947 235 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH income during the year and the unusually sumer loans. Again the increase was folhigh proportion that farm income was of lowed by a decline, in 1942 and early 1943. national income. From this it would appear As shown in the chart, however, these inthat the expansion of bank lending was creases did not raise the volume of loans associated primarily with business and con- outstanding to levels even close to the lowsumption activities in urban communities. est level of the years 1920-31. Expansion in bank loans in 1946 both con- TOTAL LOANS AT ALL COMMERCIAL BANKS tributed to the attainment of a high level ILUONS OF DOLLARS SELECTEO CALL REPORT DATES of production of goods and services and, by expanding further deposits of businesses and individuals, added somewhat to existing in- J i flationary pressures. Bank borrowers probs/ ably used loan proceeds to a certain extent in financing inventory speculation although \ there is no clear indication that such speculation was widespread. Restraint on total loan expansion was exerted by the Board's regulations affecting consumer and security loans and by moderate pressure on reserves as a result of Treasury debt retirement. Banks 1 1 1 1 1 i i i i i i 1.1 i i i i 1 t 1 1 were able, however, to obtain reserve funds with which to support the additional deposits June 30, 1919-22; June 30 and December 31 thereafter. Latest figure is for Dec. 31, 1946. created by the increase in their loans by selling short-term Government securities to the During the middle and late war period Federal Reserve Banks. total loan voltrme was sustained primarily by a strong demand for loans for purchasing and carrying Government securities. These TRENDS IN BANK LENDING loans were made during war loan drives and, Prior to the recent increase in bank lending although substantially retired in interim activities, which began shortly before the end months, they showed a gradual growth over of the war, the volume of loans at banks had the war period. The volume of bank loans been maintained for about ten years at a outstanding during the war was further suplevel only slightly above that brought about ported by war production loans guaranteed by the severe liquidation of the great depres- by the Armed Services through Federal Resion in the early thirties. In 1936 and the serve Banks under Regulation V. These first half of 1937 increasing economic activity loans attained a peak of about 2 billion dolresulted in some growth in loans, reflecting lars in 1943 and 1944 and were almost enprimarily credit extended to business con- tirely repaid by the early part of 1946. cerns but to some extent loans on securities. The current upsurge in loan volume, This increase was followed by a decline in which reflects lending to businesses, real 1938. Again in the 1940-41 defense period, estate owners, and consumers, began about an increase in loan volume occurred, reflect- the middle of 1945 with the initial revival ing growth in business, real estate, and con- occurring in business loans. All major cate- 236 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH gories of loans except those for agricultural tion with the financing of the recent war, are production and for purchasing and carry- now the major form of bank assets and acing securities rose sharply, particularly in count currently for about three-quarters of the second half of 1946. total commercial bank credit outstanding as Total loans at all commercial banks are compared with one-quarter in 1920. The now nearly 3 billion dollars larger than at the strength of the current demand for bank loan peak after World War I, reached about credit is the more noteworthy in view of the mid-1920. Current data on various types of exceptional volume of liquid assets already loans, available for member banks of the held by a large number of businesses and Federal Reserve System, are not strictly com- consumers. parable with figures available in 1920, partly LOANS TO BUSINESSES because of changes in classification and partly because of an increase in the relative im- Most striking of the recent developments portance of member banks in the commer- in bank lending has been the widespread cial banking structure. On the basis of avail- revival in demand for bank credit by comable information, however, loans to commer- mercial and industrial concerns. Expansion cial and industrial businesses appear to be in bank loans to businesses began in mid-1945 larger at the present time than during the and has continued almost uninterrupted. inflationary business boom that followed Growth was particularly rapid in the last World War I. Bank loans on real estate are half of 1946 when most of the year's increase over five times larger than the amount esti- of almost 5 billion dollars took place. Almated for 1920, and bank loans to consumers, though bank loans to business ordinarily which were of minor importance then, are increase during this period of the year, only currently in excess of 3.7 billion dollars. Of a sm^ll part of the rise in 1946 can be atthe major types of bank loans, loans for pur- tributed to seasonal factors. At the end of chasing and carrying securities alone are COMMERCIAL AND INDUSTRIAL LOANS smaller than at the apex of the inflation after AT MEMBER BANKS World War I. This reflects to a considerable BILLIONS OF DOLLARS CALL REPORT DATES extent differences in the methods of financing the two wars. The amount of bank credit originating in loans is not as important today in relation to the total national product as during the post-World War I inflation or the prosperity years of the middle and late 1920's. Total bank credit originating in loans and investments, however, and accordingly the volume of deposits and currency at the disposal of businesses and consumers, is considerably larger than in these earlier periods, even in relation to a much greater national product. Bank investments, consisting primarily of 1939 1940 1941 1942 1943 1944 1945 1946 Government securities purchased in connec- Latest figures are for Dec. 31, 1946. 237 MARCH 1947 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH the year outstanding loans to commercial try banks, however, business loans showed a and industrial businesses at all insured com- percentage growth larger than that in mercial banks, on the basis of preliminary financial centers. This increase at country estimates, reached a record high of approxi- banks illustrates the breadth of business loan mately 14 billion dollars. demands since it involved credit extension Revitalization of bank lending to business to thousands of small firms in retail trade has occurred at large and small banks in all and service industries as well as in manufacsections of the country, reflecting heightened turing. demand for bank credit by virtually all kinds Much of the expansion in business loans and sizes of enterprise. The general charac- in the months immediately following the ter of expanding business credit demand end of the war appears to have reflected an throughout the country is further indicated increase in outstanding loans maturing in by the large increase in such loans in all over one year, principally at New York Federal Reserve districts and at all classes City banks. These banks do almost as much of banks, as is shown in the chart and the of this type of lending as all other banks table. Increases in commercial and indus- combined, and consequently carry a larger trial loans during 1946 ranged from 16 per proportion of term advances to businesses cent at city banks in the Boston District to than do banks in other sections of the coun- 86 per cent at country banks in the Santry. Although term-loan financing is be- Francisco District. City banks, which hold coming more popular among small- and approximately four-fifths of the outstanding medium-size enterprises, most of the dollar amount of such loans, accounted for the volume of such loans is outstanding to large preponderance of the increase. At coun- concerns, and the increase in term loans during the last half of 1945 reflected especially COMMERCIAL AND INDUSTRIAL LOANS AT MEMBER BANKS financial adjustments of these companies in BY FEDERAL RESERVE DISTRICTS * connection with expansion and reconversion [In millions of dollars] to peacetime operations. Central reserve and Country banks During 1946 term loans at city banks have reserve city banks not been as important a factor in bank loan Change, Change, expansion as in 1945. Data from banks re- Federal Dec. 1945 to Dec. 1945 to R d e is s t e r r ic v t e Amount Dec. 1946 Amount Dec. 1946 porting loans advanced in the first 15 days Dec. 31, Dec. 31, 1946 Per- 1946 Per- of the last month in each quarter indicate Amount cent- Amount centage age that there was considerable reduction last year in the volume of term loans extended at Boston 471 +64 +15.7 274 +106 +63.1 New York 4,205 +1,088 +34.9 433 +184 +73.9 New York City banks. Some growth in term Philadelphia. . 363 +137 +60.6 179 +76 +73.8 lending over 1945 came about, however, in Cleveland 612 +216 +54.5 163 +73 +81.1 Richmond. . .. 247 +72 +41.1 203 +74 +57.4 banks outside New York City according to Atlanta 330 +88 +36.4 250 +87 +53.4 Chicago 1,564 +488 +45.4 224 +93 +71.0 reports from banks in 18 cities outside New St. Louis 432 +107 +32.9 118 +39 +49.4 Minneapolis .. 162 +57 +54.3 77 +32 +71.1 York. Despite the over-all reduction in the Kansas City.. 357 +123 +52.6 99 +43 +76.8 volume of term loans granted, they probably Dallas 517 +169 +48.6 194 +42 +27.6 San Francisco. 1,461 +647 +79.5 219 +101 +85.6 contributed substantially in 1946 to the in- Total 10,721 +3.256 +43.6 2,433 +949 +63.9 crease in the amount of bank loans outstanding since repayments on term loans previ- 1 Including open market paper. 238 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH ously made appear to have been considerably obviated resort to bank financing. Funds less than the amount of such loans extended held by some enterprises in excess of current during the year. operating needs are not ordinarily available to other units in the business population, REASONS FOR INCREASED BUSINESS BORROWING which may be obliged to seek bank credit to implement their business plans. Moreover, Revival of business demand for bank loans many concerns desired to retain a liquid posihas resulted from a combination of factors tion even if it meant incurring additional inmany of which are manifestations of the debtedness. current boom in private business activity. Increases in prices of materials and supplies CHARACTERISTICS OF OUTSTANDING BANK and in wages have been sharp, and inasmuch LOANS TO BUSINESS as these affect business operating costs cash requirements have risen concurrently. In- For some time there has been increasing ventories have increased in physical volume recognition of the need of the banking comas well as in value both at manufacturing munity and the public for more compreconcerns and at wholesale and retail trade hensive factual information on bank loans to establishments. In financing an expanded commerce and industry and on banking pracvolume of sales, businesses also have ad- tices in this field. The sharp revival in the vanced additional credit to customers, and in commercial lending activities of banks durretail trade instalment sale and charge ac- ing the postwar transition makes such inforcount credit to consumers has risen very mation extremely timely. rapidly. Programs for modernization and Through the cooperation of its member expansion of plant and equipment have been banks the Federal Reserve System conducted undertaken by many manufacturing, trade, a survey of member bank loans to commerand service businesses, and frequently at cial and industrial concerns outstanding on greater total cost than had been anticipated November 20, 1946, and a summary of some due to rising construction and equipment of the results is given in an article elsewhere prices. Special drains on the cash balances in this BULLETIN. Additional articles are of businesses have also resulted from strikes, scheduled to discuss the various aspects of material shortages, and transportation delays. bank lending covered by the survey and will All of these factors, however, are associated appear in subsequent issues of the BULLETIN. with inflationary expansion in economic ac- The survey was carried out by sampling tivity, and as in other boom periods they have methods with participation of individual combined to bring about the current expan- banks on a voluntary basis. The response sion in bank loans to business concerns. of member banks included in the sample was The rise in bank loans, as stated earlier, extremely gratifying and the System is inhas happened despite the relatively large debted to these banks for their generous covolume of liquid assets held by many busi- operation in supplying the information renesses. Such assets, however, are not evenly quested. distributed among individual concerns and, Pervasiveness in business demand for bank while they have doubtless reduced the volume credit and in bank lending to businesses is of business credit demands, they have not evidenced by information obtained in the MARCH 1947 239 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH survey. An estimated 673 thousand loans years, although for some time banks have were outstanding to commercial and indus- helped to finance consumer borrowing by trial concerns as of November 20, 1946, or making loans to other lending agencies. an average of one loan for every 4 to 5 busi- Bank loans to consumers, after a moderate ness establishments. Loans were widely dis- increase in 1945, rose by almost 1.5 billion tributed in all areas of the country and among dollars in 1946. Banks lend to consumers businesses engaged in all kinds of activities through both instalment loans and singleand of all sizes. Two-thirds of these busi- payment loans. Some of the instalment loans ness loans were to concerns with total assets are made directly to consumers while a part of less than 50 thousand dollars and 90 per is represented by retail paper purchased from cent to concerns with less than 250 thou- dealers or other lenders. sand in total assets, indicating the extent to All types of consumer credit at commercial which banks are financing small businesses banks expanded sharply in 1946. Automoprimarily in trade and service industries. bile paper increased by one and a half times Of the dollar amount of outstanding business and other retail paper showed gains almost credit extended by banks, 55 per cent origi- as large. Repair and modernization loans nated with enterprises with assets under 5 doubled over the year and personal instalmillion dollars, a group that is comprised ment cash loans increased by about 75 per of medium-size and small concerns. Manucent. Much of the expansion, which was facturing and mining concerns were inwidely distributed throughout the country, debted for over 40 per cent of outstanding reflects the growing volume of durable goods business loans, and wholesale trade, retail available to consumers and the marked intrade, and public utilities companies followed crease in prices of such goods. in importance as bank borrowers. Most of the rise in bank credit to consumers has taken place in instalment type BANK LOANS TO CONSUMERS CONSUMER INSTALMENT CREDIT A postwar development of considerable in- [Estimated amount outstanding. In millions of dollars] terest is the marked expansion in bank loans to consumers. This type of loan was rela- Outstanding at commercial banks1 Total tively unimportant at banks until recent End of year amount outstanding Amount Percentage of total TOTAL CONSUMER CREDIT AT COMMERCIAL BANKS1 1941 5,924 1,891 32 1942 2,955 970 33 [Estimated amount outstanding. In millions of dollars] 1943 1,961 606 31 1944 2,039 651 32 1945 2,365 835 35 Instalment credit 1946 3,992 1,725 43 Total y E o e n a f d r s b c c u r a o a e m n t d n k e - i s t r i c T m n r s o e e t d t a n a i l t t l - m A o u b to il - e O re t t h a e il r e R m r t a e n i n o p o iz d d a n a i - r - i s m n P o s e e n t r a n a - l t l - S m l p i o n a a e g y n n l - e s t - pa 1 p In e cl r u , d e w s i h nd ic us h tr ia m l a o n r d e M o t r h ri a s n P la d n o B u a b nk l s e . d and at the year end was close to the record level of 1941 3,401 1,891 770 307 253 561 1,510 1942 2,262 970 280 156 170 364 1,292 1941. Recent growth in consumer instal- 1943 1,740 606 149 76 103 278 1,134 1944 1,856 651 169 83 96 303 1,205 ment paper held by commercial banks has 1945 2,307 835 225 107 138 365 1,472 1946 3,730 1,725 552 250 282 641 2,005 been considerably greater than at other lend- 1 Includes industrial and Morris Plan Banks. ing institutions, and, as is shown in the table, 240 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH banks now hold about 43 per cent of such out the country, with particularly large inpaper as compared with about one-third dur- creases reported in the South and West. The ing the war period. Another article else- growth in farm real estate loans at commerwhere in this BULLETIN describes in some cial banks in 1945 reflected chiefly an increase detail the scope of bank activities in con- in the average size of loans, but in 1946 it sumer financing at the middle of last year. was due largely to an increase in the number of farm mortgages. During the first half REAL ESTATE LOANS of 1946 the average size of farm real estate loans recorded by banks, according to esti- Commercial bank lending to real estate mates of the United States Department of owners, which had shown little change over Agriculture, advanced 10 per cent while the the war period despite increasing activity in number of such loans increased by 53 per real estate markets, began to increase about cent. As with urban mortgages, a growing mid-1945 and grew rapidly in 1946. Such proportion of farm mortgage lending is being loans increased by approximately 2.5 billion done by commercial banks, reflecting pardollars during the year and are currently at ticularly the decline in these loans at Feda record high of over 7 billion, or approxieral lending agencies, but also more rapid mately 50 per cent above the previous high growth at banks in farm real estate loans of December 1941, which followed the prithan for other private farm mortgage lendvate building boom in the defense period. ers. Banks currently hold a larger propor- Expansion in bank mortgage loans retion of farm mortgage debt than at any time flected increased lending on both urban and in the past 20 years. farm real estate, but particularly lending on urban property. The amount of com- DECLINE IN SECURITY LOANS mercial bank recordings of nonfarm mortgages under $20,000 this past year was about During 1946 a substantial repayment was two and a half times as large as in 1945, ac- made of the large volume of commercialcording to estimates prepared by the Federal bank loans for purchasing and carrying se- Home Loan Bank Administration. Over 25 curities outstanding at the beginning of the per cent of the nonfarm mortgages recorded year. Following the Victory Loan drive in were made by commercial banks as compared December 1945 such loans amounted to with 19 per cent in the previous year, indi- about 7 billion dollars, of which approxicating that banks were handling an increas- mately 5 billion represented loans on Governing share of the mortgage business that ac- ment securities. About half of these loans companied the sharp rise in real estate values. were to brokers and dealers and the re- The increase in outstanding loans on urban mainder to various other borrowers. Over real estate did not fully reflect the increased the year a gradual liquidation has occurred lending owing to the fact that repayments in these loans both to brokers and to others, on mortgage loans were at an abnormally and at the end of 1946 they were considerhigh level. ably less than half as large as at the post- Commercial bank holdings of farm real drive peak. estate mortgages also rose substantially dur- Bank loans for purchasing and carrying ing the year. The rise was general through- other securities also underwent a marked re- MARCH 1947 241 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH duction during the year. This reflected in ever, the addition of new deposits from the part the establishment in January of maxi- increase in bank loans in itself was a further mum margin requirements for buying and inflationary factor. In addition, some of the carrying listed securities under the Board's funds made available through bank loans Regulations T and U, which in effect pro- were used by businesses to bid for scarce mahibited further extensions of credit in this terial and labor resources or by consumers to area. The decline in stock prices, which be- swell the demand for goods in short supply gan in June, also contributed to further without resulting in any substantial addition gradual liquidation of stock market credit. to the national product. In other words, by Inasmuch as economic conditions and borrowing from banks some producers were prospects had altered materially by early able to bid away productive resources from 1947, the Board on January 17 amended its others who in turn were induced by active regulations on margin requirements, effec- business conditions to seek additional credit tive February 1, to permit credit on the basis with which to protect their own operations. of 75 per cent margins. This action was Some businesses and individuals, moreover, taken in view of an apparent abatement in were encouraged by inflationary price adthe strength of general inflationary forces vances to seek loans for purposes of inventory and some increase in the strength of anti- speculation and these loans not only added inflationary forces, reflected in reduced in- nothing to production but tended to reduce tensity of the demand for goods. total output. Similarly, for many consumer Reduction in security loans affected pri- items, there appears to have been adequate marily banks in the financial centers inas- demand to support a rising volume of sales much as these banks handle the bulk of such at stable prices without the extension of addiloans. As a consequence of substantial re- tional consumer credit. payments of these loans in 1946, total loans Restraint on the expansion of certain types at New York City banks declined during of bank loans has been effected by the Board's the year. At banks in Chicago and some Regulation W, which prescribes minimum reserve cities total loans showed little change down-payment and maximum repaymentor increased only moderately. Thus growth period terms for particular kinds of conin other loans at these banks was also offset sumer loans, and by Regulations T and U, at least in part by the decline in security which set margin requirements for loans loans. for purchasing and carrying listed stocks. Some measure of restraint on the availability BANK LOANS AND GENERAL CREDIT of bank credit to private borrowers may also DEVELOPMENTS have been exerted since the early Spring of Strength in the demand for bank credit 1946 by the Treasury's program of retiring stems largely from forces accompanying a public debt. high level of economic activity and rising Retirement of debt out of the Treasury's prices. Many of the loans extended by banks excess cash balance has put the reserve posiin 1946 facilitated the expansion in produc- tion of banks under moderate pressure. Altion of goods and services during the year and though debt retirement out of the accumuin this way contributed to overcoming infla- lated Treasury cash balance increased further tionary pressures. At the same time, how- the deposits of businesses and individuals, 242 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH banks were able to expand their reserves with down considerably. Total loans at commerwhich to meet resulting added requirements cial banks, which are usually reduced someby selling short-term Government securities what during January and February, have to the Reserve Banks. The year's total ex- continued to increase slightly, reflecting pripansion of deposits and currency held by the marily further growth in loans to businesses. public amounted to nearly 13 billion dollars, Except for the limitations placed by selecor nearly two-thirds of the average annual tive-type credit controls on consumer credit increase during war years. About half of and security loans and aside from the moderthis expansion represented a shift of funds ate reserve pressures resulting from Treasury from Treasury balances to private accounts, debt retirement operations, banks as a whole while the remainder has reflected net expanhave been largely free to expand their loan sion of loan portfolios of banks. Further portfolios whenever there was suitable oppordebt retirement can be accomplished only out tunity to do so. Additional reserves could be of a budget surplus and such retirement will obtained as needed by selling short-term Govreduce, rather than increase, deposit balances ernment securities, which the Reserve Banks of the public. stood ready to purchase at prevailing rates. In the first two months of 1947 there has Bank holdings of such securities are still been a budget surplus, partly for seasonal reasons, and Treasury deposits at commercial large, moreover, and these constitute a potenbanks and the Reserve Banks have increased tial source of reserve funds on which banks by almost 3 billion dollars despite further may build additional deposits through furdebt retirement. Accordingly, deposits of ther bank credit expansion should the condibusinesses and individuals have been drawn tions favorable to such expansion continue. MARCH 1947 243 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

VALUES AND LIMITATIONS OF CONSUMER FINANCIAL SURVEYS FOR ECONOMIC RESEARCH by RALPH A. YOUNG and DUNCAN MCC. HOLTHAUSEN * Economic science has been singularly handi- savings and interest and the conversion of these capped in its development by the absence of quan- elements by Keynes into the subjective factors affecttitative information on consumer spending-saving ing the propensity to consume. This development patterns. Four decades ago, Alvin Johnson wrote:1 has contributed to a change in ideas as to the amount of liquid assets possible for an advanced . . . Most economists believe that the existand rich industrial society to assimilate without ing high average of material welfare would undue and unmanageable inflationary effects. Conhave been impossible but for the vast accumuceptual progress may also be recognized in a lations of the past, and that the future progress sharpening of the distinction and the relation beof the working class, as indeed of all classes of tween individual and aggregate social saving, and society, depends upon the continued increase in the development of a more sophisticated frameof capital. Now if this is true the greatest imwork for the accounting of social savings.2 portance attaches to the study of the forces Quantitatively, progress has been in three direcgoverning the development of habits of saving tions. First, we have developed time-series measin society at large. This seems so obvious that ures of aggregate social product and major compoone would naturally expect to find numerous nents thereof, including output by types of goods, bulky volumes devoted to the psychology of total income payments, disposable income, conthrift and to the economic and sociological sumer expenditures, consumer and business saving, conditions under which it flourishes. and changes in liquid asset holdings. We have As a fact, however, no such volumes are further had some opportunity to examine the to be found. One aspect of the question—the secular and cyclical interrelations between these effect upon savings of variations in the interest magnitudes and to develop at least provisional genrate—has of late years received an immense eralizations concerning these interrelations. amount of attention. Otherwise little progress Second, important benchmark observations of has been made beyond the position taken by consumption-saving patterns have been developed John Rae 70 years ago. One may summarize through enumerative surveys of consumer budgets. the accepted treatment of the subject as follows: Scientific workers have recently commenced to different races, social classes, individuals, show exploit systematically the insights that are afforded varying degrees of thrift. Saving is condiby relating the information that is available from tioned, on the subjective side, by intelligence, various budget surveys over the past 50 years. education and regard for the welfare of one's There is thus beginning to emerge a quantitative dependents; on the objective side, by security image of longer-term shifts in consumption-saving of property and certainty of life, and by the patterns for urban consumers and of shorter-period reward for saving in the form of interest. shifts for both urban and farm consumers. The decades since this passage was penned have Third, a technique has been evolved for taking not been without progress in the enlargement of periodic observations, at reasonable cost, of conour stock of conceptual and quantitative knowledge sumption-saving patterns for small, representative concerning consumption-saving patterns. Con- samples of families and individuals. A recent ceptually the progress has come by means of a development in such surveys has been the concurclarification of the psychological elements compris- rent recording of attitudinal, motivational, and ing the time-preference or impatience theory of expectative considerations that influence consumer behavior. This supplement is designed to objec- * Paper presented before the American Statistical Association, Atlantic City, N. J., Jan. 25, 1947. 2 See Gottfried Haberler, Consumer Instalment Credit and 1 "Influences Affecting the Development of Thrift," Political Economic Fluctuations (National Bureau of Economic Re- Science Quarterly, Vol. 22 (1907), pp. 224-25. search, New York, 1942), Appendix A, pp. 179-94. 244 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

VALUES AND LIMITATIONS OF CONSUMER FINANCIAL SURVEYS tivize the consumption factors that economic litera- behavior, the need of which Alvin Johnson recogture has heretofore described as subjective. nized 40 years ago. These developments sum up to an impressive stock of scientific progress. We know immensely SURVEY VALUES FOR DESCRIPTIVE ECONOMICS more than was known only 40 years ago although Consumer surveys of financial patterns are diffiwe are far short of what we ought to know. But cult to appraise because their significance is manywith the momentum that has been gathered there sided. From the viewpoint of descriptive-functional is every reason to anticipate that the achievement economic theory, their most general value is the of the next four decades in studying the economic, specific information made available concerning the sociological, and psychological aspects of saving consumer-saving pattern by income class according will surpass that of the past four. to the particular definitions of saving and income Surveys of consumer financial patterns (liquid that are employed. They provide a body of data asset holdings), such as the Federal Reserve Board with which to develop factual answers to quite of Governors sponsored last year and is again spon- basic but simple questions. Heretofore these quessoring this year, are examples of the small sample tions have been answered, if at all, only from gensurvey technique. They are directed to obtaining eral observation or from hunch. Is it true, for financial information on consumer income, saving, example, that most consumers will usually respond forms of saving, liquid asset holdings, and major to a change in income status during a given period expenditures by various economic, psychological, by saving a part of the net increment or offsetting and sociological characteristics. In addition, they a net decrement by reducing saving? are assembling data on consumer attitudes, motives, The evidence from a single survey suggests that, and expectations related to and affecting consumer at least in some circumstances, an increase in indecisions as to saving, types of saving—liquid and come, unless a significantly large increase, will not nonliquid—incurrence of debt, and expenditure for be reflected in increased saving for many consumers, durable goods. but that more people will save less when income is The first survey of this type was conducted for reduced. If the fall in income is substantial, more the Board of Governors by the Division of Program than a majority of the consumers experiencing Surveys in the United States Department of Agri- lower incomes may reduce their saving. This culture; the second is being carried out by the Sur- pattern, of course, may be unique and relate only vey Research Center of the University of Michigan, to 1945-46. Quite different patterns have probably using the same method and under the direction of characterized other periods. Nevertheless, the obpersonnel formerly associated with the Department servation implies that, while aggregate individual of Agriculture. The survey technique employed, saving may rise or fall with corresponding changes which is a blend of the enumerative-economic and in aggregate income payments, in some situations the socio-psychological approach, was developed the increase in saving may be less than proportional in the past several years in connection with various to an increase in income payments, and more nearly special phases of the Government's work during proportional to a decrease in income, especially to wartime. The data assembled relate to the crucial a large decline in income. variables, constants, and coefficients of consumption Again, consider the questions: Does the consumpanalysis, in short, to the essentials with which to tion-saving pattern vary significantly as between test strategic assumptions and propositions of ac- savers having similar incomes but different ages cepted economic theory in this area. Moreover, and education? Do the self-employed and profesthey constitute a body of factual materials which sional workers tend to save a larger proportion of may suggest new theories, e. g., a theory of the income than other workers with similar incomes? formation of consumer expectations.3 Taken to- Do farmers and people in rural areas who set aside gether, the survey results represent an important a "nest eggf for the future save more or less of and long-delayed step in rounding out our stock their incomes than people having similar incomes of fundamental information on consumer-saving who live in metropolitan areas? How important are habitual practices with respect to saving for 8 A suggestion of Professor Fritz Machlup, of the University savers whose current income is comparable? of Buffalo. MARCH 1947 245 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

VALUES AND LIMITATIONS OF CONSUMER FINANCIAL SURVEYS Results of the Board's first survey indicate that spend, save for interest, save to save, or what? How people who have more education, who are self-em- does size and composition of family affect saving ployed (including farmers) or are professional or and savings motives? Again, what considerations white collar workers, who live in rural communi- influence the saver's choice of alternative savings ties, and who have regular savings plans tend to media? Which of his savings assets does he regard save more than other people with similar money as being liquid and what considerations affect his income. By age group for people with similar holding of liquid assets? Who are the dissavers incomes, in contrast, the variation shown in impa- and what are their characteristics ? How variable is tience as to present consumption was not as pro- thriftiness over time and what personal and ex nounced as might have been expected. These ternal factors influence this variation? findings are in part consistent with and in part in- If consumer financial surveys of the type under consistent with preconceptions of accepted descrip- discussion could be repeated at regular intervals for tive theory. However, they need further testing to a long enough period, an underpinning of observaestablish them firmly, particularly the observation tion would be developed for the questions raised. relating to saving by age group. The potential contribution of such information for As a third example, take the questions: Do some descriptive-functional economic theory seems selfpersons within the same income group save a smaller evident. Certainly, were factual answers available, proportion of income than others in the same theorists would be compelled to be more critical in group? If persons have large holdings of liquid their formulations; there would be much less latiassets, do they typically save a smaller proportion of tude for the ex cathedra generalization of a priori their incomes than others in their income class with imagination. small holdings of liquid assets? In other words, For purposes of delimiting subject matter, the does equality of income combined with large hold- social science theorist has special responsibility as ings of liquid assets tend to be associated with a arbiter and guardian of fundamental terms and high propensity to consume, i.e., a low saving rate? their definitions. The accepted canons of a good Obviously, no conclusive tests of these primary ques- definition are: (1) that it should accord as far as tions can be designed on the basis of a single cross- possible with common understanding, and (2) that section survey. it should be helpful in the exploration or explana- Analysis of information from the 1946 survey tion of things. While economic literature in recent suggests, however, that among individuals with years reflects an especially active concern about the similar incomes and large liquid asset holdings, terms income, expenditure, and saving, it would there are substantial differences in saving rates. appear that scientific usage has not yet succeeded in This finding, although restricted to consumption- meeting effectively both of these standards of a saving patterns of 1945 when many goods were in good definition, particularly in the case of the term short supply, may indicate that the sense of security saving. contributed by large holdings of liquid assets Survey interviews with consumers (in 1946) alone does not necessarily bring about a higher pro- indicate, for example, that few individuals repensity to consume. We may or may not have a gard mortgage or other debt repayments, payments higher propensity to consume in the years ahead, of insurance premiums, or increases in checking but if we do, the data for 1945 suggest that other accounts, as additions to savings, or new debts infactors as well as holdings of liquid assets will ac- curred as dissavings. Although there have also been count for it. This matter obviously merits further some differences in scientific usage of the term savconsideration and analysis. ing, the above items, generally excluded from Other examples can be cited of simple questions common usage of the term, are included as saving relevant to descriptive economic theory which may under the scientific definition of the term. Survey be answered from surveys of consumer finances. interviews show that most commonly saving means For instance, what are the various motives that in- additions during a period to savings accounts and fluence people to save and what is their relative im- to holdings of building and loan shares, Governportance? Do people save for security, save for ment bonds, and other securities. The difference posterity, save to spend, save what they do not between the common and scientific understanding 246 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

VALUES AND LIMITATIONS OF CONSUMER FINANCIAL SURVEYS of the term saving requires that inquiries and re- ing directly how savings behave during different sponses related to saving must be clearly understood phases of the cycle. We have to rely on very genby both interviewer and respondent and every care eral considerations which cannot provide a precise should be taken to maintain consistency of terms in answer to the above question(s)." In other words, successive surveys. It also suggests that analysis the most that a business cycle scholar can hope to should explore differences in results that might be do today with this critical phase of business cycle produced by variations in definition. In any case processes, is to offer his best judgment on the the desirability of further clarification of terms "probability" of how various groups of consumers such as income, expenditure, and saving is indicated behave and what their plans and expectations are if the professional statement of the economics of during successive cycle stages. saving and thrift is to be made generally intelligible There are good reasons for believing that variato the public. tions in consumption-saving-debt processes will play a larger role in future business instability than in SURVEY VALUES FOR BUSINESS CYCLE STUDY the past. Consumer expenditures at postwar in- One of the important values of consumer finan- come levels will possibly involve a higher proporcial surveys is the information they promise to yield tion of expenditure on durable goods than at prefor business cycle study. For example, because of war levels. Second, consumer credit facilities are the greater cyclical variation in consumer expendi- more ample than in any former period. Third, ture for durable than nondurable goods, we need more consumers than ever before have a backlog of to develop new information by income groups re- liquid assets on which to draw for down payments garding time changes in expenditure for durable and full cash payments on durable goods and houses goods. Also, we need to know more about time and, therefore, a wider latitude of choice in timing changes in consumer debt for the groups that buy their purchases of these goods. Finally, the servicmost heavily on credit because variations in such ing of our huge public war debt will withdraw debt seem to exercise an amplifying effect in cyclical purchasing power from some consumers and add swings. Since initiating or amplifying impulses in to the purchasing power of others, affecting in uncycles may apparently originate in changes in con- certain ways the stability of production and emsumer saving and liquid asset holdings, another ployment. urgent need is for periodic data relating to them If this interpretation of prospects is valid, there by income and other consumer characteristics. is urgency in expanding our knowledge of con- Finally, we need additional information by income sumption-saving-debt patterns and expectations for groups about changes in consumer attitudes, plans, business cycle study. The need is to understand and expectations. Are the "rich" more "cycle con- these factors better not only for their own sake but scious" than other groups with respect to spending also to gain insight into the instability of consumer and saving? Are skilled or unskilled workers gen- expenditures for durables. In addition, their undererally given to light-hearted and improvident spend- standing will be essential to assessing the incidence ing in time of prosperity and enforced frugality and on consumption and saving of servicing the public debt retirement in time of depression ? Or, is there debt. The knowledge thus gained can definitely a definable variation in the climate of public opinion aid in shaping economic policies designed to that pervades the psychology and affects the be- counteract partially variations in expenditures for havior of a majority of consumers in all groups? durables. Furthermore, data that will help to show In dealing with the consumption phase of busi- who pays whom in servicing the public debt will ness cycles in his distinguished synthesis of modern be the elementary facts with which to evolve debt business cycle theory, Gottfried Haberler raises the management policies that will be as little destabilizquestion as to how the proportion of income saved ing as possible. The method of consumer financial by various groups varies during different stages of surveys promises to be a practicable way of developcycles. "Unfortunately, for the lack of statistical ing some of the specific information which future data," he states,4 "there is no possibility of measur- conditions will probably require that we possess for studying effectively the consumption phases of busi- 4 "Prosperity and Depression" (League of Nations, 1941), p. 319. ness cycles. MARCH 1947 247 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

VALUES AND LIMITATIONS OF CONSUMER FINANCIAL SURVEYS SURVEY VALUES FOR CURRENT ECONOMIC ANALYSIS add to funds available from income for expenditure on durable goods and housing. The immediate occasion for the sponsorship of a (5) Use of liquid assets for down payments on consumer financial survey by the Federal Reserve durable goods and houses would add significantly Board of Governors was of course the insights that to available funds from income for spending. might be gained in connection with current eco- (6) Transfers of liquid assets to other forms of nomic developments. The commitment was made investment would exert some inflationary pressure on an experimental basis and was prompted by the in investment and realty markets. crucial intangibles in the current situation growing out of almost four years of war effort and finance. All in all, the picture presented by the survey as How "hot" were wartime accumulations of liquid of the first quarter of last year was one of strong assets in the hands of consumers? 5 How impatient inflationary developments in consumer goods and were consumers to fill their deferred and current investment markets over the months then ahead. demands for durable goods and housing? What As matters have turned out, the composite indicawas their willingness to incur debt? Did they plan tions of plans and expectations of various consumer to reduce their saving? What was the inflationary groups as assembled in the survey proved a more potential of postwar consumer spending? accurate prognosis of consumer income, expendi- The first survey showed a relatively high concen- ture, saving, and debt developments in 1946 than tration of holdings of liquid assets but in all prob- was offered by many experts in forecasting. ability a lower concentration than characterized the Whether other surveys, made under varying cirprewar period. The wider distribution was ap- cumstances and conditions, would prove as sensitive parently to be accounted for by the changing dis- in foreshadowing future consumer financial develpersion of income at rising income levels during opments can only be determined by repeated exwartime. At the same time, liquid asset holdings periment. It is obvious enough that the indications were widely distributed among income classes, of such surveys can constitute only one body of consumers with annual incomes below $5,000 hold- reference data for analyzing the current economic ing nearly two-thirds of the liquid asset holdings, drift, and that it would be foolhardy to rest shortexcluding currency, of individuals. The important term projections on consumer interview evidence finding with regard to liquid asset holdings was alone. that most consumers regarded them as permanent or rainy-day reserves, not to be disposed of in SURVEY VALUES FOR BANK CREDIT, MONETARY, capricious or improvident spending. In addition to AND FISCAL POLICY these primary findings, there were a number of A final important value of consumer financial items of information foreshadowing developments surveys is in connection with bank credit, monetary, of the year. For example: and fiscal policy. Under present conditions, effec- (1) Consumer purchases in 1946 would be paid tive regulation of the money supply by the Federal for mainly out of income. Reserve is no longer possible on the basis of the (2) Expenditures, including those for durables, flexible application of its traditional instruments. would be at such a level in relation to income for Individuals and businesses hold approximately most groups that the volume of saving would 140 billion dollars of liquid assets that can be used decline. at will to increase current expenditures, and con- (3) Anticipated rises in consumer prices at pre- version of bond holdings into cash can serve to vailing standards of living, in addition to a higher increase the money supply, both directly and ingeneral propensity to consume because of a backlog directly. In addition, the commercial banks have of deferred demands and many urgent current large holdings of Governments which can be sold needs, would contribute to the decline in saving. to the Reserve Banks, thus increasing bank reserves (4) The use of instalment and mortgage credit for purposes of increasing their holdings of higherduring the year would be substantial, and would yield assets, thereby expanding bank credit and the money supply. 5 Sumner H. Slichter, Present Savings and Postwar Markets (1943), pp. 43-73. Slichter classifies wartime savings as "hot," With total liquid asset holdings of individuals "warm," or "cold" according to their possible use for spending amounting to 140 billion dollars, it is obvious purposes. 248 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

VALUES AND LIMITATIONS OF CONSUMER FINANCIAL SURVEYS that the basis of central banking interest in cur- The full utility of survey information for bank rent surveys of consumer finances is immediate credit, monetary, and fiscal policy will not be and real. Furthermore, that interest is necessarily assessable critically until the results of several sucheightened by the consideration that sizable sums cessive surveys, made under varying economic conare held by middle- and lower-income groups whose ditions, are available for comparative analysis. possible spending inclinations are uncertain. It was a matter of not inconsiderable importance from Do CONSUMERS PLAN? the standpoint of monetary and fiscal policy to While the value of surveys of consumer financial know the relative concentration of liquid asset hold- patterns may generally be recognized, it is true that ings by income groups at the beginning of 1946 some observers remain particularly skeptical about and to find that holders for the most part were not the value of surveying consumer attitudes and exinclined to spend them. It was also reassuring to pectations with respect to spending and saving. find that the inflationary threat of this potential The skeptics include economists, publicists, and money supply may not have been as serious, even businessmen. Fundamentally, their skepticism rests though serious enough, as had been thought by on a doubt whether consumers commonly plan, in many. any legitimate sense of that term, even though the Current surveys of consumer finances also have skeptics might admit that they themselves engage direct usefulness for central bank policy in selective in consumer planning. This part of the surveys credit areas. The 1946 survey showed the possi- sponsored by the Federal Reserve is their most exbility of a sizable conversion of liquid assets into perimental phase, and how much reliance can be investments, which confirmed the desirability of placed upon the mass expectations reported by conmaintaining reasonably high margin requirements sumers is indeed a proper question to raise.6 to prevent securities speculation from becoming an The case against the concept of consumer planinflationary menace to the whole economy. ning as one meaningful enough to permit enumera- The 1946 survey was also useful in connection tion and statistical analysis of consumer plans may with consumer credit regulation. It made possible be summarized as follows. The concept of advance rough estimates of consumer demand during the planning is without content except when a plan is year for durable goods and for instalment credit directed to a given end, such as profit, and when to finance purchases of such goods. It further possible deviations in plans because of unforeseen showed what consumer groups were impatient to contingencies can be allowed for initially within a acquire durables and to incur debt to do so. This margin of tolerance that conforms to some standards information indicated that strong inflationary pres- of reasonableness. Even though the typical consures would be present during the year in the sumer is aware that he will have future wants, he durable goods markets, which were characterized does not know in detail what these wants will be. by short supplies, and pointed to a continuing need From this point of view he is largely a creature of for restraining "deficit spending" by consumers, habit, of impulse, of response to social background, i.e., consumer credit expansion, so far as possible standards and whims of fashion, of reaction to salesuntil conditions of short supplies were remedied. manship and advertising. To put the case ex- From these illustrations, it is obvious that con- tremely, the consumer is a complex of wants, pressumer financial surveys can serve a helpful function ent and future, without any too fixed a priority of desires either in the present or in the future. in framing current central bank and fiscal policy. While he might in the present indicate unsatisfied Structural changes in the economy, referred to desires, his expectations in general would have little earlier, give the information assembled virtually a relation to later action, and therefore would be strategic importance. For instance, the size of the without value as an indication of future behavior. public debt makes it imperative that we develop a As a creature of unlimited desire, his array of quantitative picture of interclass transfers of funds future wants and the priority he would tend to put in servicing that debt. However, further surveys upon them in the present would be restricted only are necessary to test the validity of the methodology and also to provide an adequate retrospective basis 6 J. R. Hicks' consideration of consumer planning under dyfor evaluating the significance of current results. namic conditions has been suggestive in weighing this question here. See his Value and Capital (Oxford, 1939), pp. 226-30. MARCH 1947 249 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

VALUES AND LIMITATIONS OF CONSUMER FINANCIAL SURVEYS by the scope of his imagination as to his future made for successive periods, the changes in the well-being. number of uncertain replies is a significant item of The case that consumer plans are meaningful information. data and are appropriately recorded in interview For surveys of consumer plans and expectations surveys may be set forth as follows. Admittedly, to yield significant information, it is not essential the qualities of foresight and forbearance differ that there be a high probability that the large mawidely from one individual to another, and also the jority of consumers will realize expectations based capacity to articulate plans. While individuals may on present plans. What is essential is that people not plan future expenditures as a whole in any generally do plan some aspects of future expendidetail, they are certainly aware that they will have tures, have expectations as to the realization of their continuing expenditures for major classes of wants. plans, and are giving some account to these plans It is reasonable to think, furthermore, that future in present consumption. The patterns into which expenditure related to current consumption, or pres- these plans and expectations fall is an empirical ent expenditure related to future consumption, is matter that we desire to know something about. more or less consciously and definitely planned. We also want to know how sensitive these plans Cultural patterns and social standards are merely and expectations are to changing economic condiconditioning influences affecting such planning. tions. Beyond this, we want to find out whether Purchases of items of high unit value are illustra- the patterns have enough consistency at different tions of the latter type of planning. They are in- times to indicate the prevalence of a generally optifrequently repeated in a consumer's lifetime and mistic or a generally pessimistic climate of opinion, are in the nature of events, to be thought about, and whether this climate changes systematically talked about, and planned for some time in advance during the successive stages of business cycles, of expenditure. Experience from last year's survey A single survey of consumer plans and expectaindicates that consumers do plan certain major ex- tions has limited usefulness in testing the validity of penditures. Respondents' replies in regard to the the general concept of consumer planning. A numpossible purchase of consumer durable goods or ber of annual surveys and their results assessed comhouses were in most cases a very positive "no" or paratively will be needed before a proper interpre- "yes" accompanied by a statement as to why pur- tation can be established. In addition, it would be chases would not be made, or as to the type of pur- helpful if direct evidence could be obtained by chase contemplated. A further example is the dis- interim surveys to determine the frequency with cipline which instalment and mortgage debt im- which consumers realized their previously expressed poses on future expenditure and which makes plans. But in the meantime we must resolve the necessary advance planning. Provision through sav- problem in terms of limited survey experience and ing for future personal or family contingency, for general considerations. The weight both of survey health, for education, for vacation and travel are experience and of general considerations is on the other illustrations of consumer action that clearly side of accepting the concept of consumer planning have a large element of foresight or planning about as a useful working hypothesis. them. LIMITATIONS OF THE SURVEY Survey interview experience shows that consumers, of course, state their plans with varying An interview survey such as the national survey degrees of firmness. Plans for certain major ex- of liquid assets is subject to a number of limitations. penditures often appear to represent very conscious These limitations may be classified as: (1) limitaand definite planning; in contrast, saving plans are tions of a technical nature, and (2) limitations for not so frequently described in definite terms. Con- public understanding and for public relations. sumers also express differences in the likelihood of attainment of plans. A significant number of con- TECHNICAL LIMITATIONS sumers are generally uncertain about plans for 1. Small sample.—In all, about 3,000 interviews some items and respond "not sure" or "it depends." are used in the Federal Reserve Board's survey of Despite the lack of finality about plans in these consumer financial patterns. The smallness of the cases, the replies are still useful data; if surveys are samples precludes the derivation of any detailed 250 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

VALUES AND LIMITATIONS OF CONSUMER FINANCIAL SURVEYS regional or State estimates. In addition, there are antecedents or consequences as are of primary indefinite limits to the number and variety of tabula- terest." The spending unit was chosen as a basis tions that can be made for samples of this size. for the Board's surveys in the belief that it best When finer breakdowns are made, the number served the objectives of a study of consumer finanof cases in any particular cell becomes too small for cial behavior. It may not be the best unit, howadequate representation, particularly when the ever, for studying certain specific objectives of the range of the sample data is great, e.g., income and surveys, for example, the demand for housing and liquid asset holdings. certain related consumer durables. In addition, 2. Coverage of the survey.—To obtain information this unit presents some difficulties in making comabout a person's annual income, saving during the parisons of the size distribution of income and year, and volume of bank desposits and bonds held saving with other surveys, especially those of earlier is a time-consuming process even when the miniperiods, which used a different or modified unit of mum of information needed for technical accuracy survey enumeration. is requested from the respondent. A survey de- 4. Phrasing of questions.—As in all attitudinal signed to find out about certain consumer attitudes, surveys, extreme care must be exercised in framing motives, and expectations in relation to this financial questions to insure a clear understanding of the information must necessarily use an interviewing questions by people of all socio-economic groups, procedure that maintains as well as possible the and to prevent "putting answers into the mouths" good-will and spontaneous cooperation of the reof respondents. Perhaps one of the most difficult spondent. To do this, interviews are designed so problems encountered in this respect relates to inas not to average more than one hour. The variety formation on saving, whether attitudinal or finanof attitudinal questions and the detail of financial cial. The average person has relatively little idea as information on any particular questionnaire is to the meaning of saving as it has come to be used in therefore limited and much additional information that might be useful in the over-all analysis of re- modern economic literature. In the Board's survey, sults must be eliminated during the careful review a complete itemization of the many components of and screening of the questionnaire form. This limi- saving in the previous year is requested in order tation can be remedied of course by special supple- to develop a meaningful aggregate from each intermentary surveys, but such a procedure adds con- view. However, discussing motives for saving or siderably to cost. the volume of saving anticipated makes for diffi- 3. Basic unit.—In the Board's surveys, the basic culties of interpretation when the term means difunit adopted for interviews is the spending unit. ferent things to different people. The results of any A spending unit may consist of a financially inde- such attitudinal or expectative inquiries must, pendent single individual, or of several related per- therefore, be used with caution. sons who live in the same household and who pool 5. Analysis must be telescoped in time Expectatheir major items of income and expense. The tions of people regarding the future spending of spending unit concept differs in one important re- liquid assets, future income and saving, and other spect from the family unit as used by the Census variables are made in the light of a particular cur- Bureau in that it tends to identify as individual rent situation at the date of the interview. Deviaspending units the married son or daughter living tion from an individual's expectations of future with parents as well as single sons or daughters income, prices, or other factors may change that who are financially independent. In a survey reindividual's anticipated behavior as a consumer. lating consumers' plans and attitudes to financial Thus the survey data regarding future expectadata, it is essential that each unit surveyed is retions and plans refer to attitudes as of one specific sponsible for and controls the allocation of its own date—the time of interview—and changes in underincome and the disposition of its assets. lying conditions may affect the significance of a As Simon Kuznets once indicated in discussing particular set of results. "The Why and How of Income Distribution," 7 different types of units may be needed to "establish 7 Income Size Distributions in the United States, Pt. I, Vol. V of Studies in Income and Wealth (National Bureau of the relation between income received and such of its Economic Research, 1943). 251 MARCH 1947 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

VALUES AND LIMITATIONS OF CONSUMER FINANCIAL SURVEYS PUBLIC RELATIONS LIMITATIONS terns have been interpreted by some groups in a manner that has led to considerable misunder- 1. Public incredulity concerning the reliability of standing of the basic data. As an example, the results—The results of the first Federal Reserve basic unit for presentation of the survey results survey, as based upon 3,000 interviews, have been was the spending unit. Nevertheless, the family the subject of wide-spread skepticism, and in some unit was widely identified with the survey statiscases still are, both on the part of the public tics in published statements based upon the Board's at large and also by many economists. The size original reports. Since there were approximately of a sample is only one of several considerations 46 million spending units and 38 million family that influence the accuracy of results. It has been units at the beginning of 1946, income distributions pointed out many times that millions of cases did as well as distributions of other financial statistics not prevent the Literary Digest from having a seriobviously can vary substantially depending upon ous bias in its poll in the 1932 presidential election. whether the spending or family unit is used as a This widespread skepticism as to the reliability of basis for results. results from so small a sample stems in large part A further illustration is the emphasis placed from the lack of familiarity with scientific samupon the concentration of liquid asset holdings and pling procedures. Every sample is subject to sampling error. But accurate results from small the conclusions drawn therefrom. After the Board's samples may be achieved for specific purposes first report, there was a widespread belief that bethrough the elimination of bias by using area cause of the concentration of these assets the presampling, stratification of the universe, overinter- conceived notion that they would be used to finance viewing of units the variation of which may affect the backlog of demand for consumer durable goods the results greatly, and other refinements of scien- was a myth. Data subsequently published showed tific sampling methods. that these accumulated savings were dispersed 2. Interest of public groups in income and savings through all income groups; that many spending statistics.—The distribution of income, saving, and units with moderate incomes held substantial liquid assets by economic units is information that amounts; and that, in the aggregate, the spending is in great demand by Government agencies, busi- by holders of liquid assets would be substantial. ness establishments and associations, labor organ- Greater precautions in presentation and explanation izations, and many special interest groups. In the of survey results than were taken last year will be course of the past year the results of the Federal desirable to maximize the usefulness to the public Reserve's first survey of consumer financial pat- of further surveys. 252 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BUSINESS LOANS OF MEMBER BANKS by ALBERT R. KOCH Near the end of 1946 the member banks of the greater share of the number and dollar volume of Federal Reserve System had an estimated 673,000 loans to small concerns was to unincorporated enterloans outstanding to business concerns. These loans prises, while corporations were the dominant legal totaled over 13 billion dollars, or about one-third form of business among larger borrowers. more than at mid-year. This was undoubtedly a The amount of bank credit employed in financing greater number and dollar volume of loans to busi- medium and small business is undoubtedly greater ness enterprises than had ever before been on the now than in prewar years. The proportion of busibooks of commercial banks. ness loans extended to this group of enterprises has These new data about bank loans provide the probably declined, however, in view of the large basis for a better understanding of recent credit de- volume of bank credit currently being extended to velopments by supplying important material not larger companies. The survey data, of course, prootherwise available concerning outstanding loans in vide no direct evidence as to whether or not all of various industries. Taken alone, the statistics do not the legitimate and proper credit needs of medium disclose whether the present large volume of loans and small business are being adequately met by the is excessive, or whether the borrowing was incurred commercial banking system. The positive survey for speculative or other unsound purposes. Judg- finding on this subject is that as of late 1946 the ments on whether present bank credit to business is accommodation of the credit needs of medium and excessive must be based on the relationship of bank- small concerns was an important activity of the loan data to such relevant information as level of banking system, even though the proportion of output, price situation, and character of credit de- small to total business borrowers was probably less mands. Specific purposes for which individual con- than the proportion of small enterprises in the total cerns borrowed bank funds are not revealed by the business population. survey. These could only be ascertained through a Reflecting their greater size and loan capacity, study of the over-all financial record of borrowers, large banks lent primarily to large business corwhich would show the various sources of funds porations and the dollar volume of these loans was available to them and also the various uses to wh;ch a substantial portion of total loans. Since banks are these funds were applied. generally prohibited by law from lending to any Bank loans outstanding to commercial and indus- one borrower in excess of a specified proportion of trial concerns late in 1946 were distributed among capital, the medium- and small-size banks lent prinall types of industries. Loans to manufacturers of cipally to medium and small business enterprises, metal products, foods and related products, and and, in view of the large number of banks and enterpetroleum, chemical, and rubber products, to whole- prises in these groups, they were responsible for salers of foods, liquors, tobacco, and drugs and the preponderance of the number of loans. Loans of apparel and other dry goods, and to sales finance to large borrowers by the large banks were concencompanies were the heaviest in dollar volume; most trated in the heavy manufacturing industries, while of these amounts went to large corporations. The a large proportion of the loans of small banks went largest number of loans was to small retail stores to small retailers. and to service concerns. The importance of long-term business loans in These business loans of member banks were dis- contemporary bank lending is indicated by the fact tributed among businesses of all sizes, as well as that at the date of the survey more than one-third among corporations and unincorporated enterprises. of the volume of total outstanding business notes in Medium and small business units, defined as those banks or almost 4.5 billion dollars, had an initial with total assets of less than 5 million dollars each, maturity of over one year. Moreover, these loans accounted for the great bulk of the total number provided a significant source of funds for medium of loans and over half of the total amount. The and small concerns as well as for large business MARCH 1947 253 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BUSINESS LOANS OF MEMBER BANKS corporations. Indeed, as of the date of the survey, lished some district analyses of the survey data in almost 30 per cent of the bank loans outstanding to their Monthly Reviews. This article, which is the very small enterprises, those with total assets of first of a series to be published on the national under $50,000 each, was long-term. aspects of the study, contains a brief discussion of There was little difference in the industrial char- several of the basic magnitudes developed in the acter of bank borrowers in 1946, as compared with course of the survey. Subsequent articles will deal 1942, the date of an earlier Federal Reserve sur- more fully with additional phases of bank loans to vey of business loans made on a somewhat dif- commercial and industrial concerns, such as their ferent basis. Of the small differences, the most sig- regional distribution, the interest rates charged, nificant was the relative increase in importance of loans to small businesses, term loans, and types of industries that had little or no direct connection security for loans. with war production. Apparently such concerns are now engaged in carrying out needed expansion TYPE OF BUSINESS OF BORROWERS which had to be postponed during the war years. Manufacturing and mining concerns were re- These estimates are based on a nation-wide sursponsible for the largest proportion of the total vey of loans as of November 20, 1946, conducted by dollar volume and the second largest proportion of the Board of Governors of the Federal Reserve Systhe total number of loans outstanding to business tem and the Federal Reserve Banks.1 The broad concerns at Federal Reserve member banks as of purpose of this survey was to collect a comprehen- November 20, 1946. The category accounting for sive body of information on the magnitude and the largest number of loans was retail trade. For characteristics of current bank lending to business the purpose of identifying the type of business of enterprise and on the role commercial banks are bank borrowers, all loans in the survey were classiplaying in financing businesses of various sizes in fied, first, into eight broad industrial groups of different industries and regions during the first post- borrowers, and, secondly, into sub-categories within war expansion in economic activity. certain of these broad groups. The survey was made possible through the co- As is shown in Table 1, manufacturing and minoperation of almost 2,000 member banks that par- ing companies had 116,000, or 17 per cent of the ticipated voluntarily in submitting survey schedules. total number of bank loans outstanding at the date These included all of the large banks, which were of the survey; these loans amounted to 5.7 billion asked to report on all of their large loans and on a dollars, or 43 per cent of the aggregate dollar volsample of their small loans, whereas the small banks ume of all loans. Within manufacturing and minwere represented by a sample of reporting banks, ing, the loans were fairly evenly distributed among which were requested to submit data on all loans durable and nondurable goods industries. Such outstanding to businesses. This sample of banks nondurable goods subgroups as food, liquor, and included 26 per cent of all Federal Reserve member tobacco, and petroleum, coal, chemicals, and rubber, banks and held 83 per cent of the total "commercial for example, were heavy borrowers. These large and industrial" loans outstanding at all member commodity-using industries required considerable banks on June 29, 1946. From the sample data thus outside financing during the last half of 1946 to secured, estimates for all banks were made on the finance increased purchases of inventory at a higher basis of well-established statistical procedures. price level. Several Federal Reserve Banks have already pub- Durable goods industries such as automobile, automobile parts, and electrical and other machin- 1 The survey of bank loans to industrial and commercial businesses, on which this article is based, was planned by the ery also accounted for a sizable amount of borrow- Board's Division of Research and Statistics in consultation with the Federal Reserve Banks and other interested agencies. The ings. Many concerns in these industries which in information was collected and compiled into district totals at normal prewar years obtained little or no money the Reserve Banks and national totals were prepared at the Board's offices. from commercial banks found it necessary to bor- Supervision of the survey, analysis of results, and preparation of articles are under the general direction of Ralph A. Young, row in 1946 to help finance the gap between the end Assistant Director of the Division of Research and Statistics. Richard Youngdabl c>f the Division has been largely respon- of mass military sales and the beginning of mass sible for the supervision of the collection and tabulation of inforsales to the postwar civilian market. mation. A copy of the form used in the survey with accompanying instructions for its completion is appended to this article. Retail trade concerns, which accounted for the 254 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BUSINESS LOANS OF MEMBER BANKS largest portion of the total number of business loans, accounted for approximately equal amounts of the 38 per cent, held only 11 per cent of the total dol- total dollar volume of retail trade loans. Trade lar volume of such loans. This reflected the domi- concerns, particularly apparel, dry goods, and denant role of such establishments in the total popu- partment stores, customarily borrow heavily in the lation of business establishments—almost one-half late fall and early winter to finance the large inven- —as well as their characteristically small size and tory holdings and customer accounts receivable consequently small average financial requirements. which accumulate prior to Christmas. Although Within retail trade it was the small food, liquor, large in absolute amount because of high-level inventories and accounts receivable, such borrowing TABLE 1 was probably less than usual this year relative to BUSINESS LOANS OF MEMBER BANKS, NOVEMBER 20, 1946 sales because of the substantial profits made and BY BUSINESS OF BORROWER resultant savings retained by these concerns. [Estimates of outstanding loans] Wholesale trade concerns, public utility companies, and sales finance companies were responsible Amount Number of of loans ! loans for most of the remaining dollar volume of loans, while small service concerns accounted for a large Business of borrower m d i o l I o l l n l i f a o r n s s i c b d e P u i n s e t t t i r a r o - g i n - e s th a I o n n u d - s c b d e P u i n s e t t t i r a r o - i g n - e n ne u s m s b a e re r a o i f n s w m h a i l c l h l o i a n n te s r . e s W t r h a o te le c s h a a le r g t e r s a d a e re , t a h s e su b m u e si d to have considerable effect on the volume of borrow- All borrowers 13,189 100.0 673 100.0 ing, accounted for the second largest share, 18 per Retail trade, total 1,472 11.2 253 37.6 cent of the total dollar volume but only 13 per cent Food, liquor, tobacco, and drugs 396 3.0 82 12.2 of the total number of loans. The principal whole- Apparel, dry goods, and department stores. 420 3.2 34 5.1 sale trade borrowers were dealers in nondurable and Home furnishings, metal products, and building semidurable products such as food, liquor, tobacco, materials 284 2.2 58 8.6 Automobiles, parts, and drugs, apparel, dry goods, and home furnishings. filling stations 199 1.5 45 6.7 All other 173 1.3 34 5.1 Wholesale trade, total 2,411 18.3 88 13.1 SIZE OF BUSINESS OF BORROWERS Food, liquor, tobacco, and drugs 1,010 7.7 31 ! 4.6 Large concerns, that is those with total assets of Apparel and dry goods. . 570 4.3 9 1.3 Home furnishings, metal 5 million dollars or more each, were responsible for products, and building materials 308 2.3 22 3.3 the greatest part of the dollar volume of bank loans Automobiles, parts, and petroleum 102 0.8 8 1.2 to commercial and industrial concerns outstanding All other 422 3.2 17 2.5 near the year end 1946, but small concerns, those Manufacturing and mining, with total assets of under $250,000 each, had by total 5,650 42.8 116 17.2 Food, liquor, and to- far the greatest number of loans outstanding at bacco 1,536 11.6 18 2.7 Textiles, apparel, and that date. For every loan outstanding to a large leather 484 3.7 16 2.4 Metals and metal prod- concern there were over 50 loans outstanding to ucts 1.629 12.4 29 4.3 Petroleum, coal, chem- small concerns as defined above. The dollar amount All i c o al t s h , e a r nd r . u . b . b . er 1,0 9 6 3 1 9 8 7 . . 0 1 4 1 0 3 5 1 . . 9 9 of the average loan to the large business, however, was over 90 times that of the loan to the smaller Public utilities 1,222 9.3 38 5.6 Services 490 3.7 76 11.3 concern. To indicate the varying size of businesses Construction 446 3.4 43 6.4 Sales finance 779 5.9 7 1.0 that borrowed from banks, all borrowers were clas- All other l 719 5.4 52 7.7 sified in one or another of Rwc size groups and the 1 Includes a small number and amount of loans unclassified survey data classified into these size groups. The by business of borrower. NOTE.—Detailed figures may not add to totals because of results of this classification are summarized in rounding. Data are preliminary and subject to minor re- Table 2. visions. The survey data indicate that, as of late 1946, 55 tobacco, and drug stores which were responsible for per cent of the total dollar volume of loans was to the greatest share of the total number of retail trade concerns with assets of under 5 million dollars each. loans. This group of concerns and the group of There is some evidence that this percentage, allarger apparel, dry goods, and department stores though still large, is lower than it was before the MARCH 1947 255 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BUSINESS LOANS OF MEMBER BANKS war. According to a recent study of the National population, it also indicates that financing of small Bureau of Economic Research, some 70-80 per cent business is an important activity of banks. The of the total amount of bank credit to business data collected in the survey do not show, howaround 1940 is estimated to have been used by ever, whether there still remained a significant companies with assets of less than 5 million dollars.2 number of small businesses with legitimate and Part of this decrease in the proportion of loan vol- proper bank credit needs which were unsatisfied. ume going to small- and medium-size enterprises In all probability the proportion of small borrowmay have been the result of an increase in the aver- ers to total business borrowers at banks was less age size of concerns since 1940. However, it is not than the proportion of all small concerns to the TABLE 2 BUSINESS LOANS OF MEMBER BANKS, NOVEMBER 20, 1946, BY SIZE AND BUSINESS OF BORROWER [Estimates of outstanding loans] Size of borrower (Total assets in thousands of dollars) All Business of borrower businesses1 Under 750- 5,000 Under 750- 5,000 50 50-250 250-750 5,000 and over 50 50-250 250-750 5,000 and over A mount of loans As percentage of In millions of dollars industry total Retail trade 1,458 471 408 146 154 279 32.3 28.0 10.0 10.6 19.1 Wholesale trade 2,400 171 536 401 544 748 7.1 22.3 16.7 22.7 31.2 Manufacturing and mining.. 5,631 187 594 547 1,141 3,162 3.3 10.5 9.7 20.3 56.2 Public utilities 1,203 72 80 59 108 884 6.0 6.7 4.9 9.0 73.5 478 144 138 48 59 89 30.1 28.9 10.0 12.3 18.6 Construction 444 86 169 77 93 19 19.4 38.1 17.3 20.9 4.3 Sales finance 774 9 52 59 115 539 1.2 6.7 7.6 14.9 69.6 All other 636 86 182 109 154 105 13.5 28.6 17.1 24.2 16.5 All borrowers * 13,022 1,226 2,158 1,445 2,368 5,825 9.4 16.6 11.1 18.2 44.7 Number of loans, in thousands As percentage of industry total Retail trade 251 197 46 5 2 1 78.5 18.3 2.0 0.8 0,4 Wholesale trade 86 40 32 9 4 1 46.5 37.2 10.5 4.7 1.2 Manufacturing and mining.. 115 52 37 12 9 5 45.2 32.2 10.4 7.8 4.3 Public utilities 38 27 7 1 1 2 71.1 18.4 2.6 2.6 5.3 Services 76 61 12 2 1 80 3 15.8 2.6 1.3 Construction 43 27 12 3 1 62 8 27.9 7.0 2.3 (a) Sales finance 6 1 2 1 1 l 16 7 33.3 16.7 16.7 16.7 All other 45 27 13 3 2 60.0 28.9 6.7 4.4 All borrowers * 662 433 162 36 20 11 65.4 24.5 5.4 3.0 1.7 1 Excludes a small number and amount of loans unclassified by size and business of borrower. 2 Less than 500. • Less than 0.05 per cent. NOTE.—Detailed figures may not add to totals because of rounding. certain that such an increase did occur; although total business population. The National Bureau most concerns in operation during the war period of Economic Research has estimated as of 1939, that grew considerably, many new, small enterprises 88.5 per cent of the manufacturing concerns and have begun operating since V-J Day. 99.5 per cent of the retail trade concerns had assets Almost 90 per cent of the number of loans was of under $250,000 each.3 At the date of the loan to concerns with assets of under $250,000 each and survey 77.5 per cent of the number of loans to two-thirds to those with assets of under $50,000 manufacturers and 96.8 per cent of the number of each. Thus, at the end of 1946 commercial banks loans to retailers were to borrowers with assets of were making a large number of loans to small and under $250,000 each. very small enterprises. While this reflects the pre- The proportions for 1946, however, may not be ponderance of small firms in the total business as far apart as indicated by these ratios, for two reasons. In the first place, the survey covered the 2 Neil H. Jacoby and Raymond J. Saulnier, Business Finance and Banking (National Bureau of Economic Research, 1947), p. 8. *Ibid., p. 25. 256 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BUSINESS LOANS OF MEMBER BANKS number of business loans outstanding rather than the size of business borrower. As would be exthe number of individual business borrowers. Since pected, large banks tend to lend to large industrial some borrowers, particularly large ones, had more companies while small banks lend to small concerns. than one loan outstanding at the date of the survey, This direct variation of size of bank with size of the distribution of loans by size of borrower under- business results in part from the different economic estimates the importance of the number of small, and geographical characteristics of large and small relative to large, borrowers. Secondly, as was noted lenders and borrowers. Large banks, located in above, the size distribution of the business popu- metropolitan areas, are well equipped to service lation may have shifted upward since the prewar large industrial enterprises operating nation-wide period. businesses. Medium and small banks in the smaller communities are best able to handle the credit needs SIZE OF LENDING BANK of local enterprises. Large banks were responsible for the highest proportion of the dollar volume of loans outstanding. TABLE 4 Smaller banks, on the other hand, accounted for BUSINESS LOANS OF MEMBER BANKS, NOVEMBER 20, 1946 the greatest number of loans, primarily to medium BY SIZE OF BANK AND BUSINESS OF BORROWER and small businesses. To examine the characteris- [Estimates of outstanding loans] TABLE 3 Size of bank (Total deposits in millions of dollars) BUSINESS LOANS OF MEMBER BANKS, NOVEMBER 20, 1946 Business of All BY SI [ Z E E s t O im F a B te A s N K of A o N u D ts t S a I n ZE d in O g F l B o O a R n R s] OWER borrower banks1 Un 2 der 2-10 10-100 1 5 0 0 0 0 - o a 5 v n 0 e d 0 r Size of bank (Total deposits in Size of borrower millions of dollars) A mount of loans (Total assets in All In millions of dollars tho d u o s l a la n r d s s ) of banks1 Un 2 der 2-10 10-100 1 5 0 0 0 0 - o a 5 v n 0 e d 0 r W Re h t o ai l l e s t a r l a e d e trade.... 2 1, , 4 4 7 1 2 1 3 1 8 0 2 1 9 5 3 4 5 6 5 1 8 1 2 7 9 5 9 7 8 2 8 8 0 5 Manufacturing and mining 5,650 15 189 883 1,670 2,893 Amount of loans Public utilities 1,222 6 51 139 280 747 In millions of dollars Services 490 8 90 162 115 115 Construction 446 6 72 193 141 34 Sales finance 779 1 10 141 303 324 Under 50 1,228 62 417 510 158 80 All other 683 5 50 199 195 234 50-250 . . 2,160 21 372 1,073 494 200 250-750 1,446 4 66 542 575 258 All borrowers1. 13,150 89 909 2,886 3,759 5,511 750-5,000 2,370 1 44 471 1,065 790 5,000 and over 5,827 (2) 3 258 1,435 4,130 As Percentage of total for bank-size group All borrowers1. 13,031 88 902 2,855 3,728 5,459 Retail trade 11.2 42.7 32.2 19.3 8.0 5.2 As percentage of total for bank-size group Wholesale trade 18.3 11.2 16.9 21.2 20.1 16.0 Manufacturing and mining 43.0 16.9 20.8 30.6 44.4 52.5 Under 50 9.4 70.5 46.2 17.9 4.2 1.5 Public utilities 9.3 6.7 5.6 4.8 7.4 13.6 50-250 16.6 23.9 41.2 37.6 13.3 3.7 Services 3.7 9.0 9.9 5.6 3.1 2.1 250-750 11.1 4.5 7.3 19.0 15.4 4.7 Construction 3.4 6.7 7.9 6.7 3.8 0.6 750-5,000 18.2 1.1 4.9 16.5 28.6 14.5 Sales finance 5.9 1.1 1.1 4.9 8.1 5.9 5,000 and over 44.7 (3) 0.3 9.0 38.5 75.7 All other 5.6 5.5 6.9 5.2 4.2 All borrowers1. 100.0 100.0 100.0 100.0 100.0 100.0 All borrowers1. 100.0 100.0 100.0 100.0 100.0 100.0 1 Excludes a small amount of loans unclassified by size of 1 Excludes a small amount of loans unclassified by size of bank and size of borrower. bank and business of borrower. 2 Less than $500,000. NOTE.—Detailed figures may not add to totals because of 3 Less than 0.05 per cent. rounding. NOTE.—Detailed figures may not add to totals because of rounding. This variation is also due in part to the statutory limitation on the size of loan that a bank may make tics of loans at different size banks, the data were to a single borrower. Subject to some exceptions, a grouped into five classes based on total deposits of the lending institution. The results of these member bank is not permitted by law to lend any groupings are presented in Tables 3 and 4. one business concern an amount in excess of 10 per The principal factor affecting the character of cent of the bank's unimpaired capital stock and the business lending of banks of different sizes is surplus. 257 MARCH 1947 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BUSINESS LOANS OF MEMBER BANKS Whereas over three-fourths of the dollar volume Manufacturing and mining, as Table 5 shows, is of loans of banks with total deposits of 500 million the broad industrial category in which most term dollars or more were to business concerns with lending occurs. As of the date of the survey over total assets of 5 million dollars or more each, over two-fifths of the total bank loans to concerns of this 70 per cent of the dollar volume of loans of banks kind had a maturity of over a year, and these conwith total deposits of under 2 million dollars each cerns were responsible for over half of the total went to business concerns with total assets of under $50,000. TABLE 5 This size factor, moreover, affects the industrial LONG-TERM BUSINESS LOANS OF MEMBER BANKS, NOVEMdistribution of the loans of different size banks; it BER 20, 1946, BY SIZE AND BUSINESS OF BORROWER is the industries dominated by large concerns which [Estimates of outstanding loans] are usually serviced by large banks and those domi- Size of business (Total assets nated by small concerns which are usually serviced in thousands of dollars) All by small banks. Thus, heavy borrowers from large Business of borrower busib li a q n u k o s r , in to c b lu a d c e co d , l p ar e g tr e o le m u a m n , u fa a c u t t u o r m er o s b il i e n , t a h n e d fo m o a d - , nesses U d 5 e n 0 r - 5 25 0 0 - 2 7 5 5 0 0 - 5 7 , 5 0 0 0 - 0 5 o a ,0 v n 0 e d 0 r > chinery industries, large wholesalers, large public A mount of long-term loans utilities, and large sales finance companies. Smaller 7M millions of dollars banks service predominately small retailers, and Retail trade 410 142 81 30 28 USespecially those selling food, home furnishings, and Wholesale trade 223 22 48 26 35 91 Manufacturing and mining 2,361 45 94 94 3061,821 electrical appliances; small manufacturers of food, Public utilities 937 37 33 31 69 767 metal, lumber, and paper products; small service S C e o r n v s ic tr e u s ction 22 5 8 7 6 1 3 6 5 2 2 8 1 8 6 30 4 69 1 establishments, including laundries, repair shops of Sales finance 70 1 2 4 10 55. All other 190 27 49 26 37 51 all kinds, and places of amusement; and small AH borrowers1 4,476 353 386 235 519 2,983; building contractors. As -percentage of total short- and long' term loans for each industry-size group LONG-TERM BANK LOANS Retail trade 28.1 30.1 19.9 20.5 18.2 45.9» It has been general knowledge that during the Wholesale trade 9.3 12.9 9.0 6.5 6.4 12.2 Manufacturing and mining 41.9 24.1 15.8 17.2 26.8 57.6 late thirties business loans with a maturity of over Public utilities 77.9 51.4 41 3 52.5 63.9 86.8- Services 47.7 43.8 37.7 33.3 50.8 77.5 one year, often called "term loans," increased in Construction 12.8 18.6 16.6 10.4 4.3 S.S importance relative to loans with a shorter maturity. S A a ll l e o s t f h i e n r ance . 2 9 9 . . 0 9 3 1 1 1 . . 4 1 2 3 6 . . 8 9 2 6 3 . . 8 9 2 8 4 . . 7 0 4 1 8 0 . . 6 2 Available evidence indicates, however, that al- All borrowers1 34.4 28.8 17.9 16.3 21.9 51.2 though the dollar volume of term loans in late 1946 was much larger than in 1940, the ratio of 1 Excludes a small amount of loans unclassified by size and business of borrower and maturity of loan. term to total loans in 1946 was about the same as term loans of all member banks outstanding at that it was before the war.4 The survey data indicate time. Within manufacturing and mining such that, near the peak of 1946 lending activity, member loans were most common among concerns making, banks of the Federal Reserve System had long-term metal and metal products, and petroleum compaloans of 4.5 billion dollars outstanding. This nies. Among the other types of enterprise in which amount was 34 per cent of their total business loan term loans were responsible for a substantial proporvolume at that time. Since there is some evidence tion of total loans were public utilities and servthat long-term lending decreased relative to'shortice companies. Indeed, in the case of public utiliterm lending during the last half of 1946 and that ties the dollar volume of loans outstanding at the many long-term loans were wholly or partly redate of the survey with a maturity of over a year tired during this period, the relative importance of was three and one-half times that of short-term term loans at this time was probably less than it loans. Wholesale trade, sales finance, and construcwas six months earlier. tion companies on the other hand were small users 4 See, for example, Neil H. Jacoby and Raymond J. Saulnfer, of long-term bank credit at the time of the survey* Term Lending to Business (National Bureau of Economic Re- One of the most striking findings of the survey search, 1942). 258 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BUSINESS LOANS OF MEMBER BANKS is the relatively large proportion of the term loans The relative importance of corporate and noncorthat was made to businesses with assets of under porate borrowing varied greatly from industry to $50,000 each. It was generally assumed prior to industry, ranging from 86 per cent corporate and the survey that long-term loans were a much more 14 per cent noncorporate for sales finance companies important source of funds relative to short-term to 42 per cent corporate and 58 per cent noncorpoloans for large than for small concerns. Although rate in construction. Even within broad industrial it is true that the largest size group of business con- groups the ran^e of variation was great. In apcerns, those with total assets of 5 million dollars parel, dry goods, and department stores, for exor more each, had the largest proportion, over 50 ample, corporate borrowing was over twice as per cent, of long-term to total loans, the smallest size group had the second largest proportion, almost TABLE O 30 per cent. Businesses with total assets between BUSINESS LOANS OF MEMBER RANKS, NOVEMBER 20, 1946 $50,000 and 5 million dollars each accounted for BY LEGAL FORM AND BUSINESS OF BORROWER over one billion dollars, or one-fourth of the term [Estimate of outstanding loans] loans outstanding at the time of the survey. Term Amount of loans loans amounted to 19 per cent of the total borrowing of these concerns. In millions As percentage of of dollars l industry total It is also striking that term loans were an impor- Business of borrower tant part of the total loans of small businesses in Unin- Uninmost broad industrial groups. Three of the indus- Cor- corpo- Cor- corpopora- rated pora- rated trial groups in which term loans to small businesses tions busi- tions businesses nesses were most prominent were public utilities, services, and retail trade. In retail trade such loans were Retail trade 657 812 44.7 55.3 Wholesale trade 1,599 815 66.2 33.8 resorted to most frequently by food and liquor Manufacturing and mining. 4,706 948 83.2 16.8 stores, and automobile and auto parts dealers. A S P e u r b v l i i c c e s utilities 1,0 2 4 1 1 0 2 1 8 8 2 4 4 8 2 5 . . 7 0 5 1 7 5 . . 3 0 sizable portion of these long-term loans to small Construction 193 265 42.1 57.9 Sales finance 673 107 86.3 13.7 concerns was undoubtedly loans on or secured by All other 366 320 53.4 46.6 real estate. In contrast, the long-term loans to large All borrowers1 9,444 3,731 71.7 28.3 concerns were generally either unsecured or se- 1 Excludes a small amount of loans unclassified by legal form cured by plant and equipment. and business of borrower. NOTE.—Detailed figures may not add to totals because of The largest banks, those with demand deposits rounding. of 500 million dollars or more each, were not only large as noncorporate borrowing, while in the case responsible for the principal term loan volume but of automobile dealers, auto accessory stores, and also had the largest proportion of their loans in longfilling stations noncorporate borrowing was over term form. It was the middle-size banks, however, two and one-half times corporate borrowing. The which were responsible for most of the long-term principal determinant of the industrial variation lending to small business. of this ratio was presumably the relative impor- LEGAL FORM OF BUSINESS OF BANK BORROWERS tance of different legal forms of enterprise in the The loan survey has also provided information total populations of firms within individual indusfor the first time on the legal form of business of tries. bank borrowers, and thus permits a comparison of The relative importance of different legal forms the proportions of total bank loans that are made of business borrowers also varied greatly with size to corporations and unincorporated enterprises re- of borrower and size of lending institution. Again, spectively. From Table 6 it can be seen that, as because of differences in the character of the busiof late 1946, 72 per cent of the dollar volume of ness population, corporations were predominant all outstanding bank loans to business were to cor- among large borrowers and unincorporated enterporations and 28 per cent to unincorporated firms. prises more important among small borrowers. That is to say, for every dollar borrowed from a Corporate borrowers were also relatively more imbank by an unincorporated business there were 2/4 portant among the customers of large banks than dollars borrowed by a corporation. they were among those of small banks. MARCH 1947 259 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BUSINESS LOANS OF MEMBER BANKS CHANGES IN THE TYPE OF BUSINESS OF BANK early 1942, the date of the previous survey. In BORROWERS SINCE 1942 general, it appears that the greatest relative growth in bank indebtedness was in those industries that In the spring of 1942 the Board of Governors and had little or no war connection, such as retail trade the Federal Reserve Banks conducted a survey and nondurable goods manufacturing. covering the commercial and industrial loans of It should be remembered that loans with a mamember banks. Although the data gathered in that turity over one year were omitted from this comsurvey are not strictly comparable to those collected parison. Since the extent of such lending increased in the current survey,5 a rough comparison can be from 1942 to 1946 and since such loans are most made between the two sets of data to indicate the common among public utility and durable goods differences that have occurred in the industrial charmanufacturers, the growth in the total bank indebtacter of business bank borrowers.6 The earlier suredness of these concerns relative to that of all other vey was undertaken at the beginning of the concerns is underestimated in a comparison that participation of this country in the war, in part to covers only short-term indebtedness. ascertain the extent to which the banks were engaged in the early war financing of business enter- COVERAGE OF THE SURVEY prise, while the current survey was undertaken in part to determine the role banks were playing in The sample banks selected for the survey, as is business finance during the first postwar period of indicated in Table 7, varied in size from very small general economic expansion. to very large institutions. Moreover, they were The most striking feature of the comparison is located in all sections of the nation. the lack of change in the industrial character of These banks were selected in a stratified, random business bank borrowers from 1942 to 1946. In manner consistent with established sampling proceboth periods, manufacturing concerns contributed dures. All member banks with deposits over 100 about two-fifths, the largest single industrial share, million dollars were included. The smaller banks of the total loan volume. Trade concerns were the were classified into three size groups and the samsecond most important group of borrowers and their ples in each size group were chosen so that the rerelative importance was probably somewhat greater sults for each group would possess approximately in late 1946 than in early 1942. This may very well the same degree of reliability. In selecting the have reflected the fact that the seasonal peak in samples of the smaller banks, such individual chartrade borrowings occurs in the late fall. acteristics as geographic and size-of-city location, The most significant change among the remaining broad industrial groups was the decrease in TABLE 7 borrowing of construction concerns relative to that SURVEY COVERAGE OF MEMBER BANKS AND THEIR , "COM- MERCIAL AND INDUSTRIAL" LOANS OUTSTANDING, JUNE 29, 1946 of other businesses. This decrease may have been BY SIZE OF BANK in part the result of seasonal factors, but it was probably due in part to the sharp increase in, and "Commercial and induslarge volume of, construction for war purposes in Member banks * trial" J u l n o e a n 2 s 9 , o u 1 t 9 s 4 t 6 a n * ding, Size of bank (Dollar figures in millions) 5 The primary difference between the two surveys is that, (Total deposits a c a c w o n u h n d g r e f r i i r e v n r e n e e e a n t d n s e s d w i t u n a o r a t v l e t l s e . h o y e a m n A e t a s h a d e r e c s y l l e i a e c d s w r o s u n i e r f s d r i i u e e n r d g d v c i e f o a y a f l e s l r e o d e c " n a n t c e e t c o a d - e m m w o o m is e n n e r t t r e h a h c l i a c l a p t o l e l l o t r l a h e i a o c n e n d t s d e f d i o o i r n f u s o t d t n s t u t i s a m s u n n t r e e r d v i , w i e a n y l i g " n l o w a t f o h o n a n e s s r i o n f m do il l l l i a o r n s) s U S T n t o a i i n t t t a e e l s d s v u I e n r y - c s e u P n r i e v n t r a e - g y e b m a b a I e n e n l m l r ks - s b u a r I n v n k e s y c s b e u P a n r i e n n v t r a k e - g s y e Call Report purposes while the current survey included (1) "commercial and industrial" loans other than open market paper and loans to, or loans covered directly or indirectly by purchase Under 2 1,870 308 17 $60 $11 18 agreement of, the Commodity Credit Corporation, and (2) real 2-10 4,204 825 20 635 131 21 estate loans made for commercial and industrial purposes. A 10-100 1 .397 668 47 2,000 1,019 51 third difference is that, whereas the earlier survey did not ob- 100-500 143 137 96 2,750 2,676 97 tain information on loans of less than $5,000 at very large 500 and over... 25 25 100 4,240 4,240 100 banks, loans of less than $2,500 at smaller banks in larger cities, and loans of less than $1,000 at banks in cities of less All banks.... 7,639 1,963 26 $9,685 $8,077 83 than 100,000 population, the current survey obtained data on all large loans and on a sample of small loans as described in the last section of this article. 1 Includes branches of certain member banks which were con- 8 The comparison here presented has been restricted to the sidered to be separate lending institutions for sampling purposes. dollar volume of short-term loans, since the inclusion of loans Excludes some banks with no "commercial and industrial" loans with a maturity of over one year would make any comparison outstanding. of outstanding loans with new loans meaningless. 2As denned for Call Report purposes. 260 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BUSINESS LOANS OF MEMBER BANKS percentage of assets in business loans, and State or ticipating banks that sampled their smaller loans, national bank status were taken into account. In the characteristics of the sample data were expanded some Federal Reserve districts the bank sample was to cover those of all business loans of that size at increased somewhat to assure its adequacy for these banks on the basis of the relationship between regional analyses. the dollar amount of the sample loans to that of The selection of the loan sample at the partici- total business loans of that size outstanding in these pating banks was also accomplished in a stratified, banks at the date of the survey. random fashion. Each bank with total deposits over The sample bank estimates were in turn raised 100 million dollars reported on all of its business to the over-all estimates by Federal Reserve district loans over one million dollars and on every sixth and by bank-size group on the basis of the relationship between the outstanding "commercial and insmaller loan. Banks with total deposits from 10 dustrial" loans of the sample banks to those of all to 100 million dollars reported on all of their loans member banks on the last Call Report date, June 29, over $100,000 and on every sixth smaller loan. All 1946. other participating banks included data on their The survey covered bank loans to all business entire business loan portfolio. concerns except agricultural enterprises. It there- Two steps were involved in deriving the over-all fore included not only the major portion of "comestimates of commercial loans from the sample mercial and industrial5* loans as defined by bank data. First, the characteristics of the samples of regulatory agencies for regular reporting purposes 7 business loans of the participating banks that rebut also real estate loans made for commercial and ported on only a portion of their smaller loans industrial purposes. The latter type of loan is were expanded to represent those of all business included in another classification in the regular loans of that size at these banks. Secondly, the rebank statistical reports. sulting estimates for the participating banks were raised to cover all member banks in each Federal 7 Open market paper and loans to, or loans covered directly or indirectly by purchase agreement of, the Commodity Credit Reserve district and bank-size group. For the par- Corporation, which are included in the "commercial and industrial" loan classification, were excluded from this survey. MARCH 1947 261 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REPORTING FORM AND INSTRUCTIONS SURVEY OF BANKING LOANS TO COMMERCIAL AND INDUSTRIAL CONCERNS OUTSTANDING ON NOVEMBER 20, 1946 Page 1 This survey provides for the analysis of your *'commercial and industrial" loans made to individuals for business purposes), and all commercial and loans (as defined for Schedule A, Item 1 of the Call Report) and real estate industrial loans as defined in Schedule A, Item 1, of the Call Report instrucloans made to commercial and industrial concerns (including real estate loans tions. Such loans include all business loans to individuals, partnerships and made to individuals for business purposes), outstanding on November 20, 1946. corporations, whether secured or unsecured, or whether for the purpose of Please mail the completed worksheet forms to your Federal Reserve Bank on financing capital expenditures or current operations. Such loans do not, howor before December 4, 1946. ever, include loans which, according to information available at the reporting A column is provided on the worksheet for entering the names of your bank, represent money borrowed for the purpose of purchasing or carrying borrowers. This column is for your convenience and should be detached and U. S. Government or other securities. In accordance with the Call Report saved but not returned to the Federal Reserve Bank. instructions the types of business for which loan balances are to be reported The information on individual loans supplied on this schedule will be should exclude financial institutions such as building and loan associations, treated as confidential by your Reserve Bank. The results of the survey will insurance companies, and such other institutions as hospitals and educational be published only in the form of aggregates for groups of banks. A copy of organizations. C these results will be sent to you. Loans made for business purposes in your G. I. loan and consumer credit Loans to commercial and industrial concerns are defined herein to include departments, if any, should be included as commercial and industrial loans. real estate loans to commercial and industrial concerns (including real estate Please fill out the general questionnaire on page 4 of this form. s > Page 2 INSTRUCTIONS Code for Column 10a check in the appropriate column. Estimate assets if no bal- Column 1. List the dollar amount outstanding of each Ma M nu l. f a F c o tu o r d i , n g li q a u n o d r , M a i n n d in t g obacco. ance sheet is available. 00 M2. Textile, apparel, and leather. Column 16. Indicate by a check if the business was formed o commercial and industrial loan drawn into your sample of M3. Iron, steel, and non-ferrous metals and their products; elec- after 1942. loans. See enclosed sampling instructions. A series of notes trical and other machinery; and automobiles and other covering one advance of funds to a borrower should be re- transportation equipment and parts. Column 17. Indicate by a check if the borrower is a corported as one loan.1 M M5 4 . . A Pe l t l r o o l t e h u e m r , (i c n o c a lu l, d i c n h g e m lu ic m al b s e , r; a n f d u rn ru it b u b r e e r ; . paper; printing and poration. w Column 2. State the month, day and year the loan was publishing; and stone, clay, and glass). Column 18. Indicate by a check if this is a participation made, or last renewed, if renewed. Wholesale Trade loan. w Wl. Food, liquor, tobacco, and drugs. w Column 3. Enter the month, day and year the loan is due. W2. Apparel, dry goods, shoes and related raw materials. Column 19. Write in this column whether the loan is un- If a serial or instalment loan, insert date last payment is due. W3. Home furnishings, furniture, and electrical appliances; hard- secured or the nature of the security, if secured. The followware; machinery and metal products; lumber and building ing list may be helpful as a guide. If the loan is secured by w Columns 4-7. Indicate by a check in the proper column materials; and plumbing and heating equipment. several kinds of security, write "several" and indicate the priw m h en et t h e o r f t a h e s e lo ri a e n s i o s f to n o b te e s , r e b p y ai d a p b p y ro x a im sin at g e l l e y p e a q y u m a e l n i t n , s b ta y lm p e a n y t - W W5 4 . . A A l u l t o o m th o e b r i le ( s i n a c n lu d d i p n a g r ts f , a r a m n d fe p e e d t , r ol f e u u e m l, . jewelry, and paper). mary security. 2! r Retail Trade payments, or by unequal instalments. (If the latter, please Rl. Food, liquor, tobacco, restaurants, and drug stores. Unsecured Unlisted stocks explain terms in column 20.) R2. Apparel, dry goods, shoes, department stores, mail-order Endorsed Assignment of government Columns 8-9. Indicate the rate charged on the loan in the houses, variety stores, and general stores. Comaker claims R3. Home furnishings, furniture, and electrical appliance stores; appropriate column. If charge is on an interest basis, show hardware and farm implement dealers; lumber and build- Trust receipt (indicate items Accounts receivable the annual rate in percent in column 8; if note was discounted, ing material dealers; and plumbing and heating equipment covered) Oil runs insert the annual discount rate in column 9. If more than dealers. Chattel mortgage (indicate Life insurance one rate was charged under a serial note or other arrange- R4. Au t t i o o m n o s. bile dealers and auto accessory stores, and filling sta- items covered) Savings account ment, show the lowest and the highest rate and give details R5. All other (including farm feed, fuel dealers and jewelry Bonded warehouse receipts Federal G. I. loan in column 20. stores). Field warehouse receipts State G. I. loan Other Other warehouse receipts V, V-T, or T loans Column 10. Refer to the table which follows and select the 01. Transportation companies (railroad, etc.) communication com- Plant or other real estate R. F. C. participation business classification of the borrower. Enter the number panies, and other public utilities. I opposite the classification in column 10a. Include only one 02. Services (including hotels; repair services; amusements; per- U. S. Government Securities R. F. C. blanket guarantee code number; use code referring to largest part of borrower's s p o ro n f a e l s s a i n o d n a d l o s m e e rv st i i c c e s s ) e . rvices; and medical, legal, and other L O i t s h t e e r d b s o to n c d k s s F. g R ua . ra B n a t n e k e participation or business. Indicate by a word or two the borrower's principal 03. Building and road construction contractors and subcontracline or activity in column 10b. tors. Column 20. Use this column to five details of special repay- 04. Sales finance companies. z Columns 11-15. Indicate the size of the borrower, as meas- 05. All other (including forestry; fishing; and real estate). ment or interest provisions, or other charges to the borrower, ured by approximate total assets as of some recent date, by a if any. Digitized for FRAS1 ESmRa ll banks reported on all of their loans. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Page 3 Form F. R. 643 Form approved Budget Bureau No. 55-4604 CONFIDENTIAL PART I - SCHEDULE OF LOANS TO COMMERCIAL AND INDUSTRIAL COMCERHS OUTSTANDING NOVEMBER 20, 1946. (Expires February 28, 1947) n Name of Bank City till OUT THIS BOX OS FIRST SHEET ONLY Total amount of."commercial and industrial" loans outstanding on November 20, 1946. DETACfl (Schedule A, item l of the Call Report) BEFORE F. R. District a. Open Market paper S_ b. Loans to, or loans covered directly or indirectly by purchase MAILING agreement of, the Commodity Credit Corporation . , $— NOT£: Please read the enclosed sampling instructions c. All other "commercial and industrial" loans (other than real and the instructions on opposite page before completing estate loans to be reported in 2 below), $_ t 1 h 9 i 4 s 6 o fo n r m e . a ch En s t a e m r p le b el l o o w a n i d n r f a o w r n m at f i r o o n m y a o s u r o ; f t November 20, d. Total (Schedule A, item j of the Call Report), $_ (1) "commercial and industrial" loans (Schedule A, s p I a t p e e m r l p u o r f c h t a h s e ed C a a ll n d R C e . p C o . r C t . ) l o o t a h n e s r . than open market 2. Total amount of real estate loans made for commercial and industrial (2) Teal estate loans made for commercial and in- purposes outstanding on November 20, 1946 . . $_ dustrial purposes. 3. Total amount of "commercial and industrial" loans outstanding on w June 29, 1946. « • *- CO APPROXIMATE TOTAL N ( A D M E E T AC O H F A B N OR D R O S W A E V R E) L D O O A L ( N L O A M R I O T U A T M S C O T E U A N N N T T D S I ) O N F G N N I M L D E E F R ( A A A W W E O D T S E E R - R E E T D D E , ) - MA E M D " N N D D ( A A D T D U E I N T E E E - " P D - E R ) M P O E A N N Y R E T - EP ( A C Y H M E E C N K T O i I Q N M U N E E A - T ) L H E M S , O E 0 U T D U N N A A T - L L S - INT R ( E A A E R T P N E E P C T A S R E O N T R O N L C P U U H D R A % M A I L I N R S A ) G C I T E O E D N UNT S B I T C F T U N I I O R R S S O N D O U E I N - E M R C N S T - ESS OF F C U T B I A R I D O T T F E R I H I N R O E - - O N R WER ASSE ' T C S HE O CK F O B N OR E R ) OWER F C B A O N 1 H U F R E 9 I E T S M S 4 F C E I E S 2 K R - D C R C I A O H F T R E I P C O A O K N - P T C P A I L I H T A S O C I E I A R I F C O N A - - K N S C ( E O S C L E U L E R A T I I E T N R Y S A T L P R L U E F C D O T G R I E O D L N O S A A ) S N R l P E ( C R P U H O E A S A V X Y E R P I M G L S E T E A N I H C S I T O I O , N N S M S O M S E C I R O P O N F E L T R I C U S N A M I O T A N N T E L H Y R T E E ) O R ST o 2 1Q A 16 20 (SIAMPLE) Lane Packing Co. 15,000 12/3/U5 12/3/46 w Page 4 g 2. Does your bank regularly engage in purchasing from PART II — GENERAL QUESTIONNAIRE manufacturers or distributors instalment paper arising from the sale of : (FILL OUT THIS FORM ON FIRST SHEET ONLY) (a) Industrial or commercial machinery and equipment. Yes or No State, if convenient, the amount of such paper 1. In connection with your firm commitments to make you now hold $ commercial and industrial loans where the borrower is (b) Farm machinery, implements, and equipment. Yes or No . paying you a commitment fee: State, if convenient, the amount of such paper (a) What is the amount of the unused portion of you now hold. . } such credit lines as of November 20, 1946?.... $.. 3. What is the approximate aggregate amount of your (b) What was the aggregate original amount avail- credit lines available, but not in use, to commercial and able under the above credit lines?. f .. industrial customers as of November 20, 1946?. $ 1 Small banks reported on all of their loans. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COMMERCIAL BANK ACTIVITY IN CONSUMER INSTALMENT FINANCING by FRIEDA BAIRD Over the past two decades commercial banks have When regulation of consumer credit was introgradually enlarged their consumer instalment fi- duced in September 1941, approximately 12,750 nancing and during the past year have greatly ac- insured and noninsured banks reported some holdcelerated the rate of expansion in this field. At ings of consumer instalment paper. Total instalthe end of 1946 around 11,500 insured banks held ment paper held by banks amounted to about 1.9 about 1.7 billion dollars of consumer instalment billion dollars, roughly equivalent to 9 per cent paper or more than 40 per cent of the estimated of their total loans and discounts, and about 30 total instalment credit outstanding. per cent of total instalment receivables reported In 1929 bank instalment financing was largely in at time of registration.3 During the wartime conthe hands of industrial or Morris Plan banks. Par- traction of consumer credit, instalment receivables ticipation by commercial banks was on a very minor of banks declined along with those of other lendscale, with probably fewer than 200 operating con- ing institutions. However, banks gradually gained sumer credit departments. The total year-end in importance in comparison with other lending instalment paper holdings of commercial banks institutions, and by mid-1945 accounted for apamounted to less than 45 million dollars of loans proximately 35 per cent of the consumer instalment plus an unknown but comparatively small amount credit outstanding. The banks' share of this type of purchased retail paper. Commercial and indus- of lending has expanded rapidly in the postwar trial banks together probably held less than 200 revival of consumer instalment financing and at million dollars of consumer instalment paper.1 the close of 1946 accounted for approximately 43 per cent of the total. Beginning in the mid-thirties, the number of commercial banks, apart from industrial banks, RECENT DEVELOPMENTS IN BANK PARTICIPATION participating in consumer instalment financing in- IN CONSUMER INSTALMENT FINANCING creased rapidly. The National Bureau of Economic Research estimated that in 1938 about 1,500 banks A directory of banks actively engaged in conhad consumer or personal loan departments. That sumer instalment lending was recently issued by many other commercial banks were financing con- the American Bankers Association.4 Some 8,800 sumers as one of their various loan activities is banks, or somewhat less than two-thirds of all evidenced by data covering all consumer instalment commercial banks in the country, are listed as parpaper held by insured banks, first collected by the ticipating in various types of consumer instalment Federal bank supervisory authorities in 1940. At financing. About 8,500 are insured banks and that time in the neighborhood of 11,500 insured nearly 300 are noninsured institutions. commercial and industrial banks reported that they A substantially higher proportion of insured comheld some consumer instalment paper.2 mercial banks are currently engaged in one or more types of instalment financing than is indi- 1The 1929 estimate of instalment paper held by banks is a cated by the listing in the A.B.A. directory. Tabularough approximation and is not entirely comparable with the 1946 figure since the latter relates only to insured banks and tion of call report data for all insured banks reincludes purchased retail instalment paper. Data on the amount of purchased paper held by banks at the end of 1929 are not veals that nearly 11,400 banks held some consumer available but the total was probably small. Moreover, 1929 data instalment paper on June 29, 1946, while less than do not provide separate estimates for instalment paper held by industrial banks, as distinguished from industrial loan com- 2,000, or 15 per cent of the total number, reported panies. 2 The term "commercial banks," as used in the Federal Re- none. These figures represent a moderate decline serve Board summaries of banking statistics and in Federal Deposit Insurance Corporation tabulations of condition reports of insured banks, includes a considerable number of industrial and 3 The figures for instalment receivables held by banks at time Morris Plan banks; mutual savings banks are excluded. This of registration differ slightly from data published in the Federal usage will be followed in the remainder of this article in order Reserve BULLETIN, May 1942, pp. 434-37, owing to reclassificato give a more complete account of the role of "banks," as dis- tion of some registrants following first publication. tinguished from other lending institutions, in the consumer credit 4 Consumer Installment Lending Directory, 1946 Edition, pubfield. For the purpose^ of monthly consumer credit estimates, lished by Consumer Credit Department, The American Bankers separate series are maintained for industrial and commercial Association. This directory includes a certain number of indusbanks. See pp. 322-323 of this BULLETIN. trial and Morris Plan banks. 264 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COMMERCIAL BANK ACTIVITY IN CONSUMER INSTALMENT FINANCING from the end of 1941 in both the number and the some 1,600 banks, or slightly more than the esti percentage of insured banks reporting some per- mated number in 1938, may be presumed to have sonal instalment loans and retail instalment paper, had such departments at the end of June 1946. This and therefore probably do not include all insured number of banks accounted for almost 85 per cent banks that are prepared to engage in instalment of total instalment loans outstanding at insured financing when consumers' durable goods are banks at that time. readily available. In view of the fact that postwar More than half of the consumer instalment loans expansion of instalment credit had not reached full of insured commercial banks in June 1946 was held momentum by the end of June 1946, a tabulation by 195 institutions or about 2 per cent of the total of condition reports as of six months later might number of banks participating in such financing. show more insured banks engaged in the business. Most large banks and nearly all banks in urban and Consumer instalment loans held by banks increased metropolitan centers, however, are engaged in the by almost 900 million dollars during 1946, repre- business today. Nearly all of the banks having senting the most rapid rate of expansion in any deposits of over 25 million dollars held some conperiod since banks have participated extensively in sumer instalment paper at the end of June 1946, the financing of consumers. and in the aggregate these large banks accounted for nearly 60 per cent of the total held by all in- CONCENTRATION OF COMMERCIAL BANK HOLDINGS sured banks. About 95 per cent of the banks OF CONSUMER INSTALMENT PAPER situated in population centers of 25,000 or more made consumer instalment loans and held around Consumer instalment paper held by banks is 75 per cent of the total amount outstanding. concentrated largely in the portfolios of about 900 While bank activity in consumer instalment institutions, each of which held $200,000 or more in financing is heavily concentrated in the hands of instalment paper. These banks accounted for about a comparatively small number of large banks situ- 75 per cent of the total amount held by insured ated in urban centers and especially equipped and commercial banks, although their total assets departmentalized to conduct the business on a amounted to something less than 55 per cent of volume basis at low cost, many other banks effect the aggregate for all insured banks. additional diversification of their loan portfolios Because consumer instalment financing involves by doing some consumer instalment financing. routinized procedure of credit selection and col- Of about 9,700 insured banks having under $100,000 lection, it is most effectively conducted through in consumer instalment loans at mid-1946, nearly specialized consumer loan or personal loan departtwo-thirds held less than $20,000. They were ments. Whether departmentalization is ecomainly small banks with less than 10 million dolnomically justified, however, depends upon a wide lars in deposits and situated in centers of less than variety of factors including size and location of 25,000 population. bank, number of employees, type of instalment Reflecting the fact that consumer instalment paper solicited, whether instalment paper is acfinancing is essentially an urban phenomenon, a quired principally from dealers or represents loans majority of the insured commercial banks not now made directly to consumers, as well as the total engaged in instalment lending are situated in amount of instalment business handled. Discussmaller communities. More than 90 per cent of sions in banking circles suggest that $200,000 of those banks reporting no consumer instalment instalment loans outstanding is close to the minipaper were in centers of less than 10,000 populamum necessary for a separate consumer loan departtion, and in such centers nearly one-fifth of all ment to break even at an annual charge of $6.00 insured banks had no consumer instalment loans. per $100 advanced. It is reasonably safe to assume, therefore, that insured banks with $200,000 of GENERAL CHARACTERISTICS OF BANK instalment paper on their books include a majority INSTALMENT LOAN PORTFOLIOS of those operating separate consumer instalment loan departments. If a minimum of say $100,- The consumer instalment business of banks with 000 of instalment loans outstanding is judged ade- small portfolios of instalment paper differs conquate to warrant a specialized department, then siderably from that of banks with substantial hold- MARCH 1947 265 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COMMERCIAL BANK ACTIVITY IN CONSUMER INSTALMENT FINANCING ings. Condition reports give a three-way classifica- portion for banks having less than one million doltion of consumer instalment paper into retail auto- lars outstanding probably ranges from 5 to 15 mobile, other or diversified retail instalment in- per cent. cluding repair and modernization paper, and per- Single-payment loans to individuals exceed the sonal instalment loans. In June 1946 retail auto- consumer instalment loan portfolio of most banks mobile instalment paper was the largest com- by a substantial margin. When banks were grouped ponent in the instalment portfolios of banks having by amount of consumer instalment paper held, inless than $20,000 outstanding and made up nearly stalment loans outstanding exceeded single-payment half of the total. At banks with as much as one loans only at banks holding in excess of 5 million million dollars invested in instalment loans, auto- dollars of instalment paper. In the case of banks mobile paper was the smallest component, making whose instalment paper amounted to less than up less than one-fourth of the total amount out- $20,000, there were $6.00 of loans to individuals standing. on a single-payment basis to every $1.00 on in- Retail automobile paper accounted for the major stalment terms. For banks holding more than part of the instalment paper held by commercial 5 million dollars of instalment paper, nearly $2.00" banks in smaller population centers, a characteristic out of every $3.00 of total loans to individuals were attributable in considerable part to the relatively represented by instalment notes. high unit income such paper yields in relation to Instalment loans, however, constitute a steadily collection costs. In banks situated in centers of increasing proportion of total loans to individuals 500,000 population and over, automobile paper con- as the size of the instalment portfolio increases. stituted only about one-fifth of the instalment credit This shift reflects not only variation in loan pracoutstanding. The ability of banks in large metro- tices among banks of differing size and operating politan areas to handle instalment paper of lower situation, but also the amount of effort which some unit return on a volume basis partly explains their banks have made to put loans for consumption purrelatively larger holdings of diversified retail instal- poses on a scheduled repayment basis. A part of ment paper and personal instalment loans. While the recent growth in consumer instalment loans this pattern of portfolio composition relates to a at commercial banks may represent a conversion period when automobile paper was being generated of noninstalment credit to an instalment basis in relatively small volume, it would generally char- rather than a net addition to credit extended to acterize a situation in which automobile production individuals. The relatively small rise in singleand sales were at much higher levels. This would payment loans of commercial banks, estimated at result partly from the active demand in urban areas about 35 per cent during 1946 compared with an for other types of consumer credit, and partly from increase of more than 100 per cent in instalment the intense competition for automobile paper which loans outstanding at banks, tends to support this commercial banks in urban centers meet from other interpretation. Since mid-1942 it has been the financing institutions, particularly sales finance policy of the bank supervisory agencies to encompanies. courage the regular amortization of loans to in- Among the banks having instalment portfolios dividuals. in excess of one million dollars and also among Consumer instalment paper, on the average,, banks in population centers of more than 500,000 represented a comparatively small percentage of people, diversified retail instalment paper accounted total loans and discounts of commercial banks enfor about two-fifths of their consumer instalment gaged in such lending in June 1946. Aside from paper. Repair and modernization paper was a larger banks in communities of less than 2,500 or more element in the diversified financing of these banks than 500,000 population, consumer instalment than of banks with comparatively small instalment paper ranged on the average from around 7 to portfolios. Estimates based on a sample of com- nearly 8 per cent of total loans and discounts of mercial banks indicate that from 20 to 30 per cent banks active in instalment financing. Similar perof the instalment loan portfolios of banks having centages are found when banks are grouped by size one million dollars or more outstanding consist of of deposits, except that in the largest size class— repair and modernization paper while the pro- banks with 100 million dollars or more of deposits 266 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COMMERCIAL BANK ACTIVITY IN CONSUMER INSTALMENT FINANCING —consumer instalment paper averaged only 3 per total number, were not engaged to some extent in cent of all loans. Inasmuch as banks of this size instalment financing. are located in the larger financial centers and are The relative importance of consumer instalment chiefly engaged in commercial and industrial lend- paper in loan portfolios of commercial banks also ing, their consumer instalment business is bound differs widely among Federal Reserve districts. In to make up a small fraction of total loans even the Richmond, Minneapolis, Philadelphia, and San when it is large in dollar volume. For banks hav- Francisco Districts consumer instalment loans were ing instalment portfolios of $20,000 or less, con- a considerably higher-than-average percentage of sumer instalment paper averaged less than 2 per total loans and discounts; and in the New York cent of total loans, but for banks having more than District, with its large banks in the country's printhis amount outstanding, the average ranged from cipal financial center, they constituted a much 5 to 7 per cent of the total. lower-than-average percentage. The ratio of con- That these averages conceal wide variations in the sumer instalment loans to total loans and discounts percentage ratios for individual banks is evident was 5 per cent for all insured commercial banks from an analysis of the ratios for 373 banks having engaged in instalment business with a low of about half a million dollars or more invested in instalment 3 per cent for banks in the New York District and paper. Consumer instalment paper constituted a high of nearly 8 per cent for those in the Richless than 10 per cent of total loans at 167 of these mond District. These regional differences reflect banks, from 10 to 40 per cent at 165 banks, and differences in banking practices and in the charranged from 40 to around 95 per cent of total acter of the bank credit market. loans for the remaining 41 banks. The proportion The composition of instalment loan portfolios of all insured banks having 40 per cent or more of varies considerably from one section of the country total loans in consumer instalment paper is probably to another. In the Boston, New York, Philadelsmall. At the end of 1941, only 4 per cent of the total phia, and Richmond Districts, personal instalment number of banks engaged in instalment lending had loans predominate, constituting 50 per cent or consumer instalment paper amounting to 40 per more of all instalment loans outstanding. Retail cent or more of total loans, while at approximately automobile paper accounts for two-fifths or more of 60 per cent of these banks consumer instalment the instalment paper in three Western Districts— paper constituted less than 10 per cent of total loans Kansas City, Dallas, and San Francisco. Diversiand discounts. fied retail instalment financing, which is heavily Gross bank earnings on consumer instalment weighted with repair and modernization loans, is paper typically exceed gross returns from a com- about 40 per cent of all consumer instalment paper parable dollar volume of commercial and other in the Chicago, Minneapolis, and New York Dispaper. Consequently the importance of consumer tricts, but only around 20 per cent in the Richinstalment business to total bank earnings is sig- mond and Dallas Districts. To some extent nificantly greater than the ratio of such paper to these geographic differences reflect variations in total loans indicates. consumers' demand for instalment financing. Large wage-earning and salaried groups account REGIONAL VARIATION IN BANK INSTALMENT in part for the predominance of personal instal- FINANCING ment loans in the portfolios of banks in the in- Commercial bank activity in consumer instal- dustrial areas of the East and South. Differences ment financing varies considerably by regions, as in demand likewise may account for the greater is shown by tabulation of June 29, 1946 call data relative importance of retail automobile paper in by Federal Reserve districts. The proportion of the portfolios of banks in the West and Southwest. banks reporting no consumer instalment loans was At present, however, regional differences in the type of paper held are largely due to the selective highest in those districts having a relatively large character of banks' instalment financing. Many number of small independent unit banks situated banks, including some with large holdings of inin small towns and rural communities. In the San stalment paper, specialize in particular types of Francisco District, where branch banking largely instalment business. Consequently, the lending prevails, only 33 banks, or about 7 per cent of the MARCH 1947 267 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COMMERCIAL BANK ACTIVITY IN CONSUMER INSTALMENT FINANCING policies of a few institutions largely determine the posit accounts and not immediately applied to recomposition of bank instalment portfolios in the duce the face amount of the note have not been area. deducted. Consequently the amount due from consumers on instalment paper held by banks at TABULATION OF CONSUMER LOANS OF INSURED the end of June 1946 is overstated by approximately BANKS 65 million dollars. Inasmuch as the monthly con- Consumer loans to individuals as reported by all sumer credit estimates for commercial and indusinsured commercial banks on June 29, 1946 con- trial banks presented on pages 322-323 of this BULdition reports are summarized in the following LETIN are on a net basis and include an allowance for tables. Instalment loans outstanding as shown here instalment credit at noninsured banks, they are not represent gross amounts; that is, borrowers' instal- entirely comparable with the data presented in the ment payments which are held in special de- following tables. CONSUMER LOANS OUTSTANDING AT COMMERCIAL BANKS ON JUNE 29, 1946 [As reported by all insured banks including insured industrial banks] DISTRIBUTION OF CONSUMER INSTALMENT LOANS PERCENTAGE DISTRIBUTION OF CONSUMER INSTALMENT LOANS, BY TYPE OF LOAN Instalment loans Total assets Percentage of total Number Total of Amount Per- Amount Per- Other instalbanks (In centage (In centage Retail retail; Personal ment millions) of total millions) of total m au ob to il - e re a p nd air i m ns e t n al t - m l i o l ( l a I i n o n n s s) By Size of Instalment Loan Portfolio modernization Instalment loans: None 1 970 $ 8,222 6 Less than $20,000. 6,310 $ 47 4 25,777 17 By Size of Instalment Loan Portfolio 20,000-99,999 3,430 154 12 23,280 15 100,000-199,999... 715 101 8 12,061 8 200,000-499,999... 537 167 13 14,560 10 500,000-999,999... 178 124 10 10,982 7 Instalment loans: 1,000,000 and over. 195 679 53 55,861 37 Less than $20,000 45 15 40 $ 47 20,000-199,999 36 18 46 255 Total 13,335 $1,272 • 100 $150,743 100 200,000-999,999 27 25 48 291 1,000,000 and over 23 40 37 679 By Size of Population Center Total 28 31 41 $1,272 Number of banks Instalment loans Percentage i l m n o N s a e t o n n a s l t - l m s o I t a e n a n n - l- s t A m m il ( l I o i n o u n n s t ) o c f e P n e t t o a r- g ta e l o a b d f s u i s s t b e t i a r o t i s n n - 1 k Population: By Size of Population Center Under 10,000 40 21 39 $ 209 10,000-24,999 31 23 46 101 Population: 25,000-99,999 27 25 48 190 Under 10,000 1,815 8,542 $ 209 16 16 100,000-499,999 27 34 39 313 10,000-24,999 67 1,127 101 8 7 500,000 and over 21 39 40 459 25,000-99,999 32 869 190 15 12 100,000-499,999.. . 23 517 313 25 19 Total 28 31 41 $1,272 500,000 and over. . 33 310 459 36 46 Total 1,970 11,365 $1,272 100 100 By Size of Bank By Size of Bank Total deposits of banks Total deposits of banks (in millions): (in millions): 5 L 2 1 1 5 0 0 e t 0 s o t t s o o a 1 t n 2 h 1 0 d 5 0 a 0 n o v $ e 5 r .... 1,81 9 2 2 1 3 8 1 7 1 8 1 9 ? 6 4 1 1 6 0 1 6 ? 4 5 8 6 , % 2 2 4 1 1 0 9 3 5 7 5 5 8 8 6 3 1 1 1 1 9 6 2 4 9 5 1 1 1 4 3 9 0 4 5 L 2 1 1 5 0 0 e t 0 s o t t s o o a 1 t n h 2 1 0 d 5 0 a n 0 o v $ e 5 r 3 3 2 2 2 9 0 4 4 4 4 2 3 2 1 1 6 1 6 7 4 4 5 4 3 4 4 0 5 5 $ 2 4 2 1 1 0 9 3 5 7 5 5 8 8 6 Total 1,970 11,365 $1,272 100 100 Total 28 31 41 $1,272 1 Excludes assets of banks that reported no instalment loans. 268 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COMMERCIAL BANK ACTIVITY IN CONSUMER INSTALMENT FINANCING CONSUMER LOANS OUTSTANDING AT COMMERCIAL BANKS ON JUNE 29, 1946—Continued [As reported|by all insured banks including insured industrial banks] PERCENTAGE RATIO OF CONSUMER INSTALMENT LOANS CONSUMER INSTALMENT AND SINGLE-PAYMENT LOANS TO TOTAL LOANS AND DISCOUNTS Loans to individuals Percentage of total (In millions) loans to individuals Instalment loans Total loans and Instal- Single- Instal- Singledisc ( o I u n nts 2 Amount Pe o r f c e t n o t t a a g l e ment payment ment payment millions) (In loans and millions) discounts By Size of Instalment Loan Portfolio By Size of Instalment Loan Portfolio Instalment loans: None $ 100 100 Less than $20,000 $ 47 267 15 85 Instalment loans: 20,000-199,999 255 442 37 63 Less than $20,000 $ 4,063 $ 47 1.2 200,000-999,999 291 436 40 60 20,000-99,999 3,408 154 4.5 1,000,000-4,999,999. . . . 338 352 49 51 100,000-199,999 2,047 101 4.9 5,000,000 and over 341 201 63 37 200,000-499,999 2,517 167 6.6 500,000-999,999 1,918 124 6.5 Total $1,272 $1,798 41 59 1,000,000 and over 11,702 679 5.8 Total $25,655 $1,272 5.0 By Size of Population Center By Size of Population Center Population: Under 10,000 $ 209 $ 272 43 57 10,000-24,999 101 114 47 53 Population: 25,000-99,999 190 206 48 52 Under 2,500 $ 1,584 $ 84 5.3 100,000-499,999 313 361 46 54 2,500-9,999 1,904 125 6.6 500,000 and over 459 845 35 65 10,000-24,999 1,446 101 7.0 25,000-49,999 1,154 82 7.1 Total $1,272 $1,798 41 59 50,000-99,999 1,382 108 7.8 100,000-499,999 4,764 313 6.6 500,000 and over 13,421 459 3.4 By Size of Bank Total $25,655 $1,272 5.0 Total deposits of banks (in millions): By Size of Bank Less than $5 $ 205 $ 233 47 53 5 to 10 . . .. 158 149 51 49 10 to 25 176 205 46 54 Total deposits of 25 to 100 238 326 42 58 banks {in millions): 100 and over 495 885 36 64 Less than $5 $ 2,896 $ 205 7.1 5 to 10 1,865 158 8.5 Total $1,272 $1,798 41 59 10 to 25 . 2,267 176 7.8 25 to 100 3,319 238 7.2 100 and over 15,308 495 3.2 Total $25,655 $1,272 5.0 PERCENTAGE RATIO OF CONSUMER INSTALMENT AND SINGLE-PAYMENT LOANS TO TOTAL LOANS TYPES OF CONSUMER INSTALMENT LOANS, BY DISTRICTS AND DISCOUNTS, BY DISTRICTS [Amounts in millions of dollars] [Amounts in millions of dollars] Number of Percentage of total Loans to Percentage of total banks instalment loans Total individuals loans and discounts Federal loans and Federal Total Reserve dis- R D e is s t e r r i v c e t i l m n o N s a e t o n a n l s t - l m s o I t a e n a n n l - - s t i l m n o s a e t n a n s l t - m R au o e t b t o a il i - e l m r r O o e e a t d t p n h a e a d i e r i l r r n ; - i s m n P o s e e n t r n a a - l t l - Bost D on istrict $ c ou 1 n 3 ts 0 2 2 I $ m n s e t n al t 6 - 5 pa S $ y i n m g e 1 le n 3 - t 0 2 I m n 5 s e . t 0 n a t l- p S a 1 i y 0 n m g .0 l e e n - t ization New York 8,072 228 456 2.8 5.6 Philadelphia. . . 1,160 80 170 6.9 14.7 Boston 37 413 $ 65 21 29 50 Cleveland 1,787 106 111 5.9 6.2 New York 76 858 228 9 39 52 Richmond 1,231 93 170 7.6 13.8 Philadelphia. . . 148 694 80 17 30 53 Atlanta 1,270 78 98 6.1 7.7 Cleveland 196 953 106 22 31 47 Chicago 3,462 159 196 4.6 5.7 Richmond 187 812 93 30 19 51 St. Louis 1,174 63 112 5.4 9.5 Atlanta 134 924 78 32 23 45 Minneapolis. . . 615 45 27 7.3 4.4 Chicago 357 1,990 159 26 44 30 Kansas City.. . 1,002 57 60 5.7 6.0 St. Louis 324 1,077 63 36 32 32 Dallas 1 267 74 57 5.8 4.5 Minneapolis 128 1,105 45 30 42 28 San Francisco.. 3,309 223 111 6.7 3.4 Kansas City. . . 249 1,259 57 40 24 36 Total3. ... $25,651 $1,271 $1,698 5.0 6.6 Dallas 100 815 74 44 21 35 San Francisco. . 33 461 223 40 28 32 2 Figures relate only to banks reporting some consumer instalment Total 3.... 1,969 11,361 $1,271 28 31 41 3 Excludes figures for five banks in possessions of the United States. MARCH 1947 269 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. Consumer Credit the other hand, a refrigerator and a vacuum cleaner or a radio and a chair clearly would not be deemed Automobile License Taxes and Fees sets even if offered in combination. Similarity of Taxes and fees payable as a prerequisite to obtain- design would be a contributing factor, confirming ing license plates in the name of the purchaser of the determination made on functional grounds and a used automobile, when paid as part of the cash helping to decide doubtful cases. But some variaprice, may be added in computing the appraisal tion in design would be possible without necessarily guide value under Part 4 of the Supplement to excluding the items from being considered to be Regulation W. a set. In many instances, one or both of the items would have appreciably less utility or worth to the Kitchen Cabinets purchaser if acquired separately, as for example In view of recent developments in the type of in the case of a rug-pad and rug but not in the kitchen cabinets currently being marketed in vol- case of a lamp-table and table lamp. ume, the Board has reviewed its previous rulings The second requisite is that the items shall be (1941 Federal Reserve BULLETIN, p. 848 and 1946 commonly merchandised as a single unit. This Federal Reserve BULLETIN, p. 1240) and has con- requisite refers to the merchandising practices of cluded that kitchen cabinets should no longer be the particular seller, and practices in the particular considered to be "furniture" for purposes of Regu- trade would be significant in throwing light on the lation W. practices of the seller. The essential consideration is how the items are offered to customers. In this Sets and Groups of Articles connection, such matters as the ways in which the In reply to a recent request for its advice regard- items are advertised, ticketed, and priced would be ing the application of section 6(h) of Regulation W important. When they are available at a price covering "Sets and Groups of Articles" the Board which is less than the total of the prices for the expressed the following views. components if bought separately or when it is only In determining whether several items are to be seldom that the seller is willing to sell them considered a single "article" for purposes of Regula- separately, there would be a strong indication that tion W, as a "set, group, or assembly," three basic the items are to be considered a set. In some cases, requisites must be considered: the same items will be offered both as sets and for individual purchase, as when a tank type vacuum 1. The items must be so related as to constitute cleaner and a motor-driven brush type vacuum a set, group, or assembly; cleaner are offered separately and also in combina- 2. They must be commonly merchandised as a tion at a reduced price. single unit; and The third requisite is self-explanatory. 3. They must be sold or delivered at substantially In order for section 6(h) of Regulation W to the same time. be applicable to the items as a set, all three requisites The first requisite is that the items shall be re- must be present. For example, a sofa and matchlated. This is principally a matter of function. ing lounge chair or bed-springs and mattress might Examples which would be included are components meet fully the requirement that they be related, of a sectional bookcase, dining-room table and ex- but the method of offering might be such that tension leaves, lounge chair and matching ottoman, they are separately priced, without reduction when living-room, dining-room, and bedroom suites. On bought in combination, and the customer has a 270 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT free choice as to whether he will buy one or the subject to the regulation. The renewal or revision other or both. In such cases, the items would of a loan which was originally more than $2,000 not be considered to be a set even though bought is not subject to the regulation even though the at the same time. balance at the time of renewal or revision is less than $2,000. If instead of renewing or revising Status of Rulings Made Prior to Revision of Regulation such an obligation, the lender makes one instalment loan of less than $2,000, part of the proceeds of The revision of Regulation W which became which are to be used to pay off the old obligation, effective December 1, 1946 made obsolete a number only the part of the loan representing new money of published rulings, and many rulings had already is subject to the regulation. In such cases, however, become obsolete before that date. Moreover, in it would ordinarily be better practice for the lendrevising the regulation, the questions involved in ing institution to keep the two credits separate. a number of other rulings were covered by the text of the revised regulation so that there would no Delay in delivery.—If the article sold is not going longer be any need to refer to the rulings them- to be delivered until a date subsequent to the date selves. Of the rulings which continue to be ap- of the contract, the maximum maturity may be plicable, the more important are summarized below. calculated from the date of delivery and the first The summaries are arranged in approximately the instalment may fall due one month after the date same order as the provisions of the revised regula- of delivery with, of course, the usual option under tion to which they relate. section 6(b) of making the 15-day adjustment permitted by that section with respect both to the Isolated transaction—Although an automobile maximum maturity and the date of the first instalsalesman may sell his demonstrator as an isolated ment. transaction on terms which do not comply with the regulation, the dealer-employer, if a Registrant, Record of instalment sale The "Record of Inmay not purchase the resulting obligation unless it stalment Sale" described in section 6(c) need not complies with the requirements of the regulation. be on a single sheet of paper and need not use the Of course, if the relation of the salesman and the terminology used in that section. The cash price dealer is such that the automobile is in effect the may be shown as a total without itemizing taxes property of the dealer rather than of the salesman, and accessories, but the accessories must be identithe sale would be subject to the regulation. fied. Bank discounting obligation—A bank which dis- Agreement to convert charge account—The sale counts an obligation is not required to ascertain of a listed article in a charge account with an agreewhether the lender is licensed under the regulation. ment or understanding that the credit will later be converted into an instalment contract violates sec- Excess down payment—A purchaser who has tions 3(a) and 6(7). made a down payment in excess of the amount required by the regulation may not later have the Side loan to make down payment.—The words excess applied as part of the down payment on "any other extension of credit" in section 6(;) inanother listed article. clude but are not confined to other extensions of instalment credit. Add-on sale over $2,000 An add-on sale of a listed article having a cash price of $900 which is Investment securities—Savings pass books are not consolidated with an existing obligation of $1,200 "investment securities" under section 7(/). resulting in a total credit of more than $2,000, is Loans to carry securities.—The word "carrying" not subject to the regulation, and therefore no down in section 7(/) means the refinancing of any inpayment is required in connection with the add-on debtedness originally incurred for the purpose of sale. However, if the total credit is less than $2,000, purchasing investment securities. the down payment is required. Section 7(/) would not exempt a loan made by a Loan over $2,000.—A loan over $2,000 is .not credit union secured by its shares to enable the borsubject to the regulation even if a part of it is rower to purchase such shares if there were an to be used to pay off an indebtedness which was agreement that the borrower would be permitted MARCH 1947 271 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT to withdraw any portion of the share account at himself, the transaction is exempt from the regulaany time if the credit union felt that the loan was tion because the regulation does not apply to the otherwise adequately secured, because such a loan sale of an unlisted article. However, if the seller would have a dual purpose and not the single of an unlisted article takes an instalment note paypurpose mentioned in section 7(/). able to a bank or finance company, the transaction (if for $2,000 or less) is subject to the regulation Single payment or instalment credit An extenas an instalment loan. sion of credit, which upon its face is repayable in Notes payable to insurance agents for premiums only one scheduled payment, is an extension of are not subject to the regulation, because insurance instalment credit if at the time it is made the lender is not a listed article. However, an instalment loan and the borrower have an understanding that the by a bank for the purpose of paying such premiums borrower will be required to make only a partial is subject to the regulation, except as provided in payment at maturity and that the balance will be section 7(e). renewed. However, if a Registrant makes a sale on credit under an agreement which does not expressly "Principal amount" defined—The phrase "prinprovide for instalment payments by the customer, cipal amount" (of a loan) in section S(h)(6) means the transaction need not be treated as an "instal- the principal amount lent, excluding any interest, ment sale" even though the customer has previously finance charges, service charges and insurance costs, made partial, divided, or serial payments in his whether or not deducted in advance. For example, account, or, regardless of previous practice, indi- if a borrower received $1,950 and signs a note on cates an intention to do so in this instance, pro- a discount basis for $2,040, the loan is in a principal vided there is no bilateral understanding between amount of less than $2,000. the customer and the seller that the customer is The phrase "principal amount" (of a sale) in required to make payments in such manner. Like- section 8(^)(5) has a similar meaning and refers wise, an ordinary bank loan evidenced by a promis- to the deferred balance (that is, the difference besory note payable in full at maturity is not an "in- tween the down payment and the cash price). stalment" loan subject to the regulation even though Listed articles—The classification "automobiles" the bank may anticipate that at the maturity of includes station wagons and the "JeeP Station the note it may accept partial payment and a re- Wagon" (trade name). It does not include trailers, newal note, provided the bank makes no commitambulances, hearses or jeeps. ment to do so and the transaction is entered into in good faith and not as a means of evading the The classification "mechanical refrigerators" does regulation. not include cabinets tQ hold or display ice cream and other products for sale; nor coin operated Lease with option to purchase.—A lease with an machines for dispensing beverages; nor water cooloption to purchase is an "extension of credit" within ers; nor milk coolers designed for household use. the meaning of the regulation, and the lessor should The classification "mechanical refrigerators" inobtain the down payment and periodic payments cludes a system consisting of one or more cabinets, which would be required in the event of a sale. each of which has less than 12 cubic feet capacity If the lessee decides not to exercise his option to and a separate mechanical refrigeration unit servpurchase, the Registrant may return to him the ing these cabinets, even though the total capacity difference between these payments and the amount of the system is more than 12 cubic feet. of rental agreed upon. Of course, the regulation The classification "air conditioners, room unit" does not apply to a bona fide rental without an includes portable units of 1 horse power or less. option to purchase. Repair and replacement parts for automobiles, Obligation payable to seller or financial institution. refrigerators and other listed articles are not them- —If the seller of a listed article takes an instalment selves listed articles. note in payment, the transaction is a sale subject The classification "household furniture" includes to the regulation, whether the note is payable to mirrors, unpainted furniture, kitchen or breakfast the seller or to a bank or finance company. If the room sets, and swings. It does not include pictures, seller of an unlisted article takes a note payable to chinaware, cooking utensils or silver-plated flat- 272 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT ware. A piece of furniture, such as a table, lamp 1941 BULL. 982 Instalments in Decreasing or a bed having a radio built into it, is to be classi- Amounts. fied in accordance with the relative value of the 1941 BULL. 1092 Balloon Note. component parts so that if the value of the radio 1941 BULL. 985 Transferring Equity to is greater than the value of the lamp as a separate New Purchaser. piece of furniture, the article should be classified as 1942BULL. 206 Only One Statement of a radio. Furniture of the type used in households Borrower Required. is subject to the regulation even though the particular piece may be sold for use in an office, hospital, 1943BULL. 595 Advances to Insurance Agents. store or other commercial building. 1942BULL. 1185 Defaulted Obligations. Calculating down payment on automobiles—Taxes 1942BULL. 103 Loan to Make Excess and fees payable as a prerequisite to obtaining Down Payment. license plates may be included in the "cash price" of the automobile. 1946 BULL. 613 New Jersey Veterans Loans. The equity in a used car may be used as a down payment on another car, and for this purpose the 1941 BULL. 977 Consumer Subject to Pendealer may accept the first car and pay of? the con- alties for Violation of tract on it. However, if the owner obtains a loan Regulation. to pay of! the contract on his old car, and in addi- 1941 BULL. 846, 978 Collateral Trust Notes Setion uses the car as a trade-in, the loan would vio- cured by Noncomplying late section 6(;). Instalment Sales Paper. Calculating down payment on other articles 1946BULL. 874 Credit to Repair House When an article is traded in on a listed article other and Install Listed Arthan an automobile, Part 5 of the Supplement re- ticle. quires that the value of the article traded in (or 1941 BULL. 1092 Listed Article Sold as Part the value of the purchaser's equity in it) be deof House. ducted in order to ascertain the net price to be used 1942 BULL. 9 Accessories Sold with in calculating the down payment or loan value of Automobile. the article being purchased. However, Part 5 of the Supplement does not prohibit the seller from 1941 BULL. 982 Fictitious Price of Autotaking back an article which is unsatisfactory to mobile. the purchaser if the seller allows the full purchase 1941 BULL. 1091 Cooking Stoves for Comprice as a credit against the price of the new article. mercial Use. Of course, if the price of the new article in such a 1941 BULL. 979 Hand Irons not Listed. case is inflated in order to offset depreciation in 1941 BULL. 1218 Refrigerator Locker Plant. the original article, the transaction would violate Part 5 and section 6(7). 1941 BULL. 986 Ice Refrigerator. In addition to those summarized above, there 1941 BULL. 987 Coin Operated Phonograph. are a number of published rulings which, although not obsolete, deal with special situations and are not 1941 BULL. 987 Decorative Fireplace. of general interest. These rulings, which are arranged in the order in which the subjects are Foreign Funds Control dealt with in the regulation, were published in the Treasury Department Release Federal Reserve BULLETIN at the following pages: The following release relating to transactions in 1941 BULL. 983 Credit Sales by Organizations Engaged in Other foreign exchange, etc., in addition to those hereto- Lines of Business. fore published in the Federal Reserve BULLETIN, 1941 BULL. 1093 Slight Deficiency in Down has been issued by the Office of the Secretary of Payment. the Treasury under authority of the Executive 273 MARCH 1947 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT Order of April 10, 1940, as amended, and the (a) were issued or guaranteed prior to December 7, Regulations issued pursuant thereto: 1941, by the United States or any state, territory, district, possession, or other political subdivision, Treasury Department agency or instrumentality of or in the United States Foreign Funds Control or by any partnership, association, corporation January 16, 1947 or other organization organized or having its principal place of business in the United States; or GENERAL LICENSE NO. 87, AS AMENDED (b) were issued prior to December 7, 1941, and are Under Executive Order No. 8389, As Amended, Executive payable in the United States exclusively or al- Order No. 9193, As Amended, Section 5(b) of the Trad- ternatively in United States dollars, regardless of ing with the Enemy Act, As Amended by the First War the nature or location of the issuer; Powers Act, 1941, Relating to Foreign Funds Control.* General License No. 87 (31 CFR, 1943 Supp., 131.87) was provided that this exception shall not be deemed to preclude amended on January 16, 1947, to read as follows: transactions with respect to securities or evidences thereof which are physically situated in Great Britain, Canada, New- EXEMPTIONS FROM SECTION 2A (2) OF THE ORDER AND FROM foundland, or Bermuda, or to which Form TFEL-2 has been GENERAL RULING NO. 5 attached, or with respect to which a certification under para- (1) Transactions exempted from Section 2A (2) of the graph (1) of General License No. 95 has been issued. Order. A general license is hereby granted exempting all (2) Exemption of certain currencies and securities from transactions from the provisions of Section 2A (2) of the General Ruling No. 5. The following currencies and securi- Order, except transactions with respect to any securities or ties are hereby exempted from the provisions of General evidences thereof which, whether in registered or bearer Ruling No. 5: form, are transferable or assignable and which either * Sec. 5(b), 40 Stat. 415, 966, Sec. 2, 48 Stat. 1, 54 Stat. 179, (a) United States currency in denominations of $20 or Sec. 301, 55 Stat. 839; 12 U. S. C. 95a, 50 U. S. C. App. Supp., less and all foreign currencies; and 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. 9, (b) All securities other than those to which the ex- 1941, and E. O. 8998, Dec. 26, 1941, E. O. 9193, July 6, 1942, ception of paragraph (1) hereof applies. as amended by E. O. 9567, June 8, 1945; 3 CFR, Cum. Supp., 10 F. R. 6917; Regulations, April 10, 1940, as amended June 14, JOHN W. SNYDER, 1941. February 19, 1946, June 28, 1946 and January 1, 1947; 31 CFR Cum. Supp., 130, 1-7, 11 F. R. 1769, 7184. Secretary of the Treasury. BANKING STUDIES Copies of a paper-bound reprint of Banking Federal Reserve System has accumulated during its Studies are now available for distribution. The quarter century of operation, and particularly dur- 496-page volume, comprising seventeen papers on ing the past decade." Copies may be purchased banking and monetary subjects written by members for $1.00 each, or for 75 cents each in group orders of the Board's staff, was published in August 1941. of 10 or more for single shipment. Orders should As stated in the preface, the purpose of the studies be sent to the Division of Administrative Services, is "to present in brief form and simple language Board of Governors of the Federal Reserve System, the substance of a large mass of information bear- Washington 25, D. C. ing on banking and monetary problems that the 274 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT EVENTS Federal Reserve Meetings Avery of Detroit, Michigan, as a Class C director A meeting of the Presidents of the Federal Re- of the Federal Reserve Bank of Chicago for the serve Banks was held in Washington on February remaining portion of the three year term ending December 31, 1948. He was also designated as 25 and 26, 1947, and on February 28 the Presidents Chairman and Federal Reserve Agent of the Bank met with the Board of Governors. for the remaining portion of the year 1947. On February 27 and 28 and March 1 meetings Mr. Avery is Chairman of the Board and Presiof the Federal Open Market Committee were held. dent of the Murray Corporation of America. He At the meeting on March 1, Marriner S. Eccles has previously served as a director of the Detroit 'was re-elected as Chairman of the Committee and Branch of the Federal Reserve Bank of Chicago Allan Sproul as Vice Chairman. The representaand subsequently as a Class B Director at Chicago. tive members of the Committee elected by the Federal Reserve Banks for the period of one year, Appointment of Branch Director beginning March 1, 1947, are Laurence F. Whitte- The Board of Governors of the Federal Reserve more, Allan Sproul, Ray M. Gidney, Chester C. System on March 12, 1947, announced the appoint- Davis, and John N. Peyton, Presidents of the ment of Mr. W. T. Bland of Lake Jem, Florida, as a Federal Reserve Banks of Boston, New York, director of the Jacksonville Branch of the Federal Cleveland, St. Louis, and Minneapolis, respectively. Reserve Bank of Atlanta for the unexpired portion The members of the executive committee are Mar- of the term ending December 31, 1949. Mr. Bland riner S. Eccles, Chairman; Allan Sproul, Vice is a citrus fruit grower and nurseryman. Chairman; Ernest G. Draper; James K. Vardaman, Admissions of State Banks to Membership in the Jr.; and Chester C. Davis. Federal Reserve System The Federal Advisory Council met in Washing- The following State banks were admitted to ton on March 9-11. The annual organization meetmembership in the Federal Reserve System during ing of the Council was held on March 9, at which the period January 16, 1947 to February 15, 1947: Edward E. Brown, Chairman of the First National Bank of Chicago, was re-elected President, C. E. Georgia Spencer, Jr., President of the First National Bank Blackshear—The Blackshear Bank of Boston, was re-elected Vice President, Walter Colquitt—Citizens Bank Lichtenstein was reappointed Secretary, and Herbert V. Prochnow was appointed Acting Secretary. Louisiana The Council met with the Board of Governors of Bastrop—Bastrop Bank & Trust Co. the Federal Reserve System on March 11. New Yor\ Death of Director Dobbs Ferry—Dobbs Ferry Bank Mr. D. P. Tillett, President, Union National Ohio Bank, Charlotte, North Carolina, who had served as a director of the Charlotte Branch of the Federal Niles—The Dollar Savings Bank Company Reserve Bank of Richmond since January 1, 1947, Oklahoma died on February 27, 1947. Cleo Springs—Cleo State Bank, Cleo Springs Appointment of Class C Director South Carolina and Designation as Chairman and Federal Reserve Agent Darlington—Citizens Bank of Darlington Texas The Board of Governors, on March 6, 1947, announced the appointment of Mr. Clarence W. Houston—Hampton Oaks State Bank 275 MARCH 1947 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS {Compiled February 25, and released for publication February 27] Industrial output reached a new record peace- ing materials was maintained at an unusually high time level in January—one-sixth higher than at the level for this season, and activity in the nonferrous beginning of last year. Dollar volume of retail metals, machinery, and transportation equipment sales during January and the early part of February industries was maintained close to the December was substantially larger than in the same period rate. last year, reflecting mainly increased prices. Prices Production of nondurable goods was at a rate of of agricultural commodities have risen in recent 177 per cent of the 1935-39 average in January as weeks, following earlier declines, and prices of compared with 173 in November and December. building materials have shown further increases. Activity in the chemicals, foods, and paper and printing industries reached new postwar peak INDUSTRIAL PRODUCTION rates in January, while output of most textile and Total output at factories and mines in January leather products was below earlier peak rates. was at a rate of 188 per cent of the 1935-39 average, Output of bituminous coal, after being curtailed according to the Board's seasonally adjusted index, in November and December, increased in January as compared with 181 in December and with the to the highest level in twenty years and was 9 per previous peacetime peak of 183 in November. The cent above a year ago. Production of metals adlarge rise in January reflected chiefly sharp gains vanced somewhat, while output of anthracite and in output of coal, iron, and steel. Production of crude petroleum declined slightly. these materials had been curtailed in November and December owing to the bituminous coal work stoppage. EMPLOYMENT Production of iron and steel in January was in Employment in manufacturing and most other the largest volume since May 1945. Steel mill nonagricultural industries continued to show little operations averaged 93 per cent of capacity and change in January, after allowing for the usual were at a slightly higher scheduled rate during seasonal variation. The number of persons unemthe first three weeks of February. Output of build- ployed increased further to a level of 2.4 million. INDUSTRIAL PRODUCTION WHOLESALE PRICES PHYSICAL VOLUME SEASONALLY ADJUSTED. 1935-39*100 1926- 100 i • * FAfm PRODLCTS11]/ w j ^/ \ ALL COMMODITES DS ES - S3 J - 100 60 i 1943 1945 1947 1939 1941 1943 1945 1947 1942 1943 1944 1945 Federal Reserve indexes. Groups are expressed in terms Bureau of Labor Statistics' indexes. Weekly figures, latest of points in the total index. Monthly figures, latest shown are shown are for week ending Feb. 22. for January. 276 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS CONSTRUCTION COMMODITY PRICES Value of construction contracts awarded, as re- Prices of farm products and foods, which deported by the F. W. Dodge Corporation, increased clined from the middle of December to the latter by one-fourth in January following a marked de- part of January, have risen since that time, reflecting cline during the preceding seven months. About partly severe weather conditions and increased one-half of the increase was accounted for by public Federal export allocations for grains. Wholesale nonresidential construction, reflecting chiefly large prices of most industrial products have shown little awards for Veterans' hospitals. Residential con- change but building material prices have increased tracts expanded by one-third due principally to further. awards for several large apartment projects. BANK CREDIT Income tax collections greatly increased Treasury DISTRIBUTION deposits at the Reserve Banks in January and the Value of department store sales in January and first half of February and placed member banks the early part of February was maintained close to under moderate reserve pressure. A post-holiday the level prevailing since last June, after allowance return flow of currency of about 900 million dollars is made for the usual seasonal changes. Sales durand an increase in monetary gold stock supplied ing the first seven weeks of this year were 17 per some reserve funds to member banks and there cent larger than the same period last year. Sales was a decline in required reserves. To maintain at other retail stores were at a relatively higher level their reserve positions, however, banks sold shortcompared with last year, reflecting mainly advanced term Government securities to the Reserve Banks. prices for foods and increased supplies of such durable goods as automobiles and hardware. Unit Bank deposits were also reduced by tax collecsales of numerous nondurable goods apparently tions, notwithstanding the return flow of currency. have declined somewhat from earlier advanced At member banks in leading cities demand delevels. posits adjusted declined by 1.3 billion dollars in the four weeks ending February 19. Commercial Freight carloadings increased somewhat further in January, reflecting chiefly increased shipments of and industrial loans continued to expand during coal, iron, steel, and lumber. Shipments of most January and early February; the rate of increase manufactured products and agricultural commodi- was more moderate than during last summer and ties showed little change. Shortages of cars con- fall. Government security holdings declined furtinued to limit the movement of some classes of ther, reflecting Treasury debt retirement and bank freight. sales of bills and certificates. MEMBER BANK RESERVES AND RELATED ITEMS MEMBER BANKS IN LEADING CITIES LLIONS OF DOLLARS BIL T LIONS OF DOLL, S OF DOLLARS BILLIONS OF D MONEY IN ^ CIRCULATION _,-' ; ^ *V GOLD STOCK ; / *^ MEMBER BANK RESERVEBALANCES : ERVE BANK : CREDIT j IP40 1941 1942 1943 1944 1945 1946 1947 1940 1941 1942 1943 1944 1945 1946 1947 Wednesday figures, latest shown are for Feb. 26. Demand deposits (adjusted) exclude U. S. Government and interbank deposits and collection items. Government securities include direct and guaranteed issues. - Wednesday figures, latest shown are for Feb. 26. MARCH 1947 277 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 281 Federal Reserve Bank discount rates; rates on industrial loans, guarantee fees and rates under Regulation V; rates on time deposits; reserve requirements; margin requirements 282 Federal Reserve Bank statistics 283-286 Guaranteed war production loans 287 Deposits and reserves of member banks 287-288 Money in circulation 289-290 Gold stock; bank debits and deposit turnover 290 Deposits and currency; Postal Savings System; bank suspensions. . 291 All banks in the United States, by classes 292-293 All insured commercial banks in the United States, by classes.... 294-295 Weekly reporting member banks 296-299 Commercial paper, bankers' acceptances, and brokers' balances. . 300 Money rates and bond yields 301 Security prices and new issues 302-303 Corporate earnings and dividends 304 Treasury finance 305-307 Government corporations and credit agencies 308 Business indexes 309-318 Department store statistics 319-321 Consumer credit statistics 322-324 Cost of living 324 Wholesale prices 325 Gross national product, national income, and income payments. . 326 Current statistics for Federal Reserve chart book 327-329 Number of banking offices in the United States.... 330 Tables on the following pages include the principal available statistics of current significance relating to financial and business developments in the United States. The data relating to the Federal Reserve Banks and the member banks of the Federal Reserve System are derived from regular reports made to the Board; index numbers of production are compiled by the Board on the basis of material collected by other agencies; figures for gold stock, money in circulation, Treasury finance, and operations of Government credit agencies are obtained principally from statements of the Treasury, or of the agencies concerned; data on money and security markets and commodity prices and other scries 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. MARCH 1947 279 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS BILLIONS OF DOLLARS WEDNESDAY FIGURES BILLIONS OF DOLLARS 30 f*4 j*fr£^^ y 1939 1940 1941 1942 1943 1944 1945 1946 1947 TOTAL RESERVE BANK HOLDINGS OF U. S. GOVERNMENT SECURITIES 15 10 1939 1940 1941 1942 1943 1944 1945 1946 1947 Wednesday figures, latest shown are for Feb. 26. See p. 281. 280 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 [Iri millions of dollars] Reserve Bank credit outstanding Member bank reserve balances U. S Government Treas- Treas- Other Date co D a a u n i d s n d - - ts se T c u r u e r r a i y t s i - es ot A h l e l r1 Total s G to o c ld k s r t c o e u a u n u r n y r c t d - - y - M i c n t u o i c o l n a i n e r - y - T h c i u r o n a e r l g s a y d h s s - - u F p r w e R o y d i s e e t d i - h r t e s a - l b p m N e o r e o s m n d it - e - s - s F e R e a e r r c e a d v - - l - e Total Exvances Total b a i n l d ls o A th l e l r ing Banks counts cess2 certificates Monthly averages of daily figures: 1945—Nov 636 23,333 20,390 2 943 420 24,38920,033 4,29C 28 151 2, 268 419 1 347 485 16,043 1,167 Dec. 381 23,70S 20,649 3 059 654 24,74420,047 4,'322 28 ,'452 2,' 269 625 1J247 493 16,027 l!498 1946— N ja o n v # 2 3 3 5 2 1 2 2 3 3 , , 5 6 9 7 0 4 2 2 1 2 , , 1 1 4 1 7 6 2 1 5 4 5 4 8 3 4 4 7 9 6 8 2 24 4 , , 5 2 2 9 2 82 2 0 0, , 4 1 3 0 7 6 4 4 , , 3 5 7 4 5 8 2 28 8 , , 7 1 2 5 7 8 2 2 , ^ 2 2 6 8 5 2 6 5 4 9 8 6 1,2 9 8 9 2 2 5 5 0 9 5 8 1 1 5 6 , , 9 3 2 1 1 0 1,3 8 1 5 1 4 Dec. 305 23,767 22,401 1 366 674 24,74620,488 4^52 28^997 2^256 556 852 606 16,517 900 1947—Jan. 252 23,632 22,523 1 109 564 24,431 20,624 4,560 28,543 2,290 780 989 614 16,399 850 End of month figures: 1945—Nov.30.... 775 23,472 20,393 3 079 450 24,697 20,030 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—Jan. 31. ... 294 23,264 20,913 2 352 418 23,97620,156 4,406 27,917 2,293 845 1,295 506 15,682 1,089 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 1947—Jan. 31... . 308 23,941 22,832 1 109 506 24,75420,748 4,559 28,262 2,258 1,942 922 614 16,063 663 Wednesday figures: 1946—Apr. 3 . 686 21,969 19, 603 2,366 280 22, 93620, 25 S 4, 485 27,912 2 271 533 1.01.7 550 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 23,13220,245 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 19.111 252 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 2 S,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 24,134 20,266 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 24,10220,280 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 24,152 20,304 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 24,565 20,420 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 4,5^0 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 2.2S8 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 1947—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 16,308 726 Jan. 29.... 317 23,863 22,754 1,109 335 24,51420,808 4,559 28,265 2,325 1,536 1,021 612 16,124 663 Feb. 5.... 278 23,412 22,303 1,109 359 24,05020,749 4,559 28,295 2,320 1,162 863 622 16,095 P728 Feb. 12.... 393 23,803 22,694 1,109 442 24,63820,751 4,558 28,346 2,335 1,711 938 623 15,994 P738 Feb. 19 342 23,918 22,773 1,145 414 24,67420,770 4,556 28,276 2,324 2,358 649 623 15,770 P606 Feb. 26.... 392 24,044 22,861 1,183 326 24,761 20,322 4,556 28.262 1 ,381 2,372 1,218 624 15,781 P693 P Preliminary. 1 Includes industrial loans and acceptances purchased shown separately in subsequent tables. 8 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. MARCH 1947 281 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANK DISCOUNT RATES [In effect February 28. Per cent per annum] Discounts for and advances to member banks Advances to individuals, partnerships, or corpora- Advances secured by tions other than member Federal Reserve Bank G d s o i e s v c c e o u r r u n e n m d t s e b n o y t f e o l a b i n g li i d g b a l a e ti d o p v n a a s p n a e c n r e d s Other [ s S e e c c u . r e 1 d 0 ( a b d )] vances b o a b n l k i ( g s l a a t s s i t o e c n p u s a r r e o . d f S e t b c h . y e 1 U 3 d ) i . r e S c . t (Sees. 13 and 13a)1 Rate Effective Rate Effective Rate Effective Boston Apr. 27,1946 Oct. 27,1942 2 Mar. 29,1946 New York.... Apr. 25,1946 IK Oct. 30,1942 2% 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 Fe a b te . o 2 n 8 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 F it e ie b s r ua n r o y t 2 e 8 x . c ee P d e in r g c e f n iv t e p e y r e a a r n s num] To industrial or T B r a e n a k s e u r r s y ' a b c il c ls eptances: H Apr. 30, 1942 c b o u m si m ne e s r s c e ia s l To financing institutions 1- 90 days 1 iAug. 24, 1946 91-120 days 1 iAug. 24. 1946 On discounts or 121-180 days 1 iOct. 20, 1933 Federal purchases Reserve of 1 N D e a w te Y o o n r k w . hich rate became effective at the Federal Reserve Bank Bank lo O an n s1 co m m O e m n n t i s t- fo P r o r w ti h on ich Re- co m m O e m n n i t t s - Back figures.—See Banking and Monetary Statistics, Table 117, institu- maining pp. 443-445. tion is portion obligated MEMBER BANK RESERVE REQUIREMENTS [Per cent of deposits] N Bo ew sto Y n ork 2 2 K K - - 5 5 K K - - i lK ( ( 2 2 ) ) ( ( 3 3 ) ) K K - - i itf Net demand deposits1 Philadelphia... 2K-5 K-1K *2 (3) K-ltf Time Cleveland 2K-5 K-lX (2) (3) *K-itf Period in effect C r b e e c a s n i e n t t r y k r v s a 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 a e p ( n m a o k l s b l s i e ) ts r S A C R t h i t . c l i a h c L n a m o g t u a o o i n s d 2 2 2 2 K K K ^- - - - 5 5 5 5 K H K X - - - - 1 l 1 i H J X X < l- ( l 2) K ( ( 3 3 ) ) «K K K - - - 1 i i M K tf Minneapolis. . . 2K-5 K-lK (2) («) K-lK J A u u n g e . 2 16 1 , , 1 1 9 9 1 3 7 6 - - A F u eb g . . 1 2 5 8 , , 1 1 9 9 3 3 6 7 . . . . 1 13 9K 1 1 0 5 1 7 0K 4 3 K D K a a l n l s a a s s City... 2 2K K - - 5 5 K K- - l i K ^ ( ( 2 2 ) ) ( (« 3) ) 5K K - - 1 i K X Mar. 1, 1937-Apr. 30, 1937.. 22H 17K 12X 5K San Francisco.. 2K-5 K-iK (2) (3) «K-1K May 1, 1937-Apr. 15,1938.. 26 20 14 6 Apr. 16, 1938-Oct. 31,1941.. 22^ 17K 12 5 1 Including loans made in participation with financing institutions. Nov. 1, 1941-Aug. 19, 1942.. 26 20 14 6 2 Rate charged borrower less commitment rate. Aug. 20, 1942-Sept. 13, 1942.. 24 20 14 6 1 Rate charged borrower. Sept. 14, 1942-Oct. 2, 1942.. 22 20 14 6 * May charge rate charged borrower by financing institution, it Oct. 3, 1942 and after 20 20 14 6 lower. 6 Charge of % 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# 282 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRINCIPAL ASSETS AND LIABILITIES OP ALL FEDERAL RESERVE BANKS [In thousands of dollars] Wednesday figures End of month Item 1947 1947 1946 Feb. 26 Feb. 19 Feb. 12 Feb. 5 Jan. 29 Jan. 22 Jan. 15 February January February Assets Gold certificates. 18,290,18017,803,18017,779,17517,779,17817,829,17817,731,18017,605,176 ,220,17617,829,17917,266,563 Redemption fund for F. R. notes 794,877 793,316 794,126 795,861 797,720 798,173 806,151 793,183 797,722 782,368 Total gold certificate reserves. . . . 19,085,05718,596,49618,573,30118,575,03918,626,89818,529,35318,411,32719,113,35918,626,90118,048,931 Other cash 3377710 337,736 332,362 358,755 372,863 363,242 341,629 350,633 382,039 357,973 Discounts and advances: For member banks.. . 260,449 210,985 260,666 146,415 189,554 90,677 95,574 223,901 180,362 307,400 For nonmember banks, etc 131,800 131,800 132,300 132,300 127,340 147,340 147,340 131,800 127,340 40,000 Total discounts and advances 392,249 342,785 392,966 278,715 316,894 238,017 242,914 355,701 307,702 347,400 Industrial loans 994 639 637 633 563 534 604 996 589 1,546 U. S. Govt. securities: Bills: Under repurchase option 6,145,915 6,125,230 6,258,559 6,017,207 6,100,568 5,662,978 5,449,779 6,201,107 6,189,229 5,196,921 Other 9,529,200 9,495,990 9,506,360 9,462,980 9,473,650 9,409,030 9,387,611 9,529,244 9,462,980 7,841,189 Certificates: Special Other 7,185,784 7,151,784 6,929,284 6,823,284 7,180,012 7,249,512 ,380,512 ,188,784 7,180,012 7,546,211 Notes 429,300 391,300 355,300 355,300 355,300 355,300 355,300 444,300 355,300 1,372,700 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 24,043,58923,917,69423,802,89323,412,16123,862,92023,430,21023,326,592 ,116,825 23,940,91122,903,913 Other Reserve Bank credit outstanding. . . 324,535 413,328 441,315 358,305 333,920 532,013 534,615 372,124 504,653 395,313 Total Reserve Bank credit outstanding24,761,36724,674,44624,637,81124,049,814 24,514,29724,200,77424,104,725 24,845,646 24,753,855 23,648,172 Liabilities Federal Reserve notes.. 24,310,00824,332,01724,405,22424,382,70824,389,260 24,478,44224,610,450 24,320,156 24,386,525 24,130,539 Deposits: Member bank — reserve account 15,781,15' 15,769,65615,993,80516,094,89216,123,52016,308,33116,431,322 15,895,089 16,062,82715,537,355 U. S. Treasurer—general account 2,371,785 2,358,361 1,710,853 1,161,989 1,535,518 861,893 409,163 2,491,224 1,942,481 829,035 Foreign 485,25 414,236 525,842 605,403 678,945 730,631 710,843 418,399 641,682 781,274 Other 732,983 234,904 411,681 257,273 341,908 273,615 256,539 684,278 280,760 411,230 Total deposits 19,371,18218,777,15718,642,18118,119,55718,679,89118,174,470 17,807,867 19,488,99018,927,75017,558,894 Ratio of gold certificate reserves to deposit and F. R. note liabilities combined (per cent).. 43.1 43.2 43.4 43.4 43.6 43.0 43.3 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: Jan. 29 316,894 182,075 109,050 22,344 3,425 Feb. 5 278,715 137,446 108,350 23,344 9,575 Feb. 12 392,966 339,062 20,425 19,369 14,110 Feb. 19 342,785 299,246 17,765 23,849 1,925 Feb. 26 392,249 248,870 28,144 114,520 715 Industrial loans: Jan. 29 563 486 4 5 14 9 34 Feb. 5 633 561 5 5 14 9 32 Feb. 12 637 566 4 4 14 9 32 Feb. 19 639 568 3 6 13 9 32 Feb. 26 994 921 4 5 14 6 32 U. S. Government securities: Jan. 29 23,862,9205,227,2482,415,2225,368,7475,614,8571,215,2862,972,770 320,400 148,350 580,040 Feb. 5 23,412,161 3,464,4432,958,1535,655,0334,769,8141,550,4313,965,497 320,400 148,350 580,040 Feb. 12 23,802,893 485,4363,119,7105,654,3814,872,6481,550,4314,071,497 320,400 148,350 580,040 Feb. 19 23,917,694 108,823 2,459,1555,609,2374,847,261 ,550,4314,293,997 320,400 148,350 580,040 Feb. 26 24,043,5894,162,755 2,422,2665,692,6754,838,6751,550,4314,327,997 320,400 148,350 580,040 MARCH 1947 283 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 l i p l h a i - a C l l a e nd v - e m Ri o c n h d - Atlanta Chicago Lo S u t i . s M a i p n ol n i e s - Ka Ci n t s y as Dallas F c S r i a a sc n n o - Assets Gold certificates: Jan. 29 17,829,178 785,158 5,397,913 830,4351,265,2701,011,592 998,3712,988,760 583,039 368,335 626,281 469,9032,504,121 Feb. 5 17,779,178 736,772 5,456,309 846,1631,218,873 986,0511,007,4382,967,761 595,564 357,093 648,315 461,7962,497,043 Feb. 12 17,779,175 731,859 5,240,891 868,3421,208,6291,002,7221,005,2863,183,910 581,420 356,264 637,898 462,5352,499,419 Feb. 19 17,803,180 759,911 5,389,174 870,8431,275,716 986,660 949,9783,183,863 576,405 343,905 590,218 455,6142,420,893 Feb. 26 18,290,180 763,136 5,878,520 862,5151,310,487 987,807 948,3453,134,407 600,216 344,632 612,690 456,8332,390,592 Redemption fund for F. R. notes Jan. 29 797,720 55,100 122,128 60,223 77,056 60,448 45,781 144,968 46,268 21,287 33,873 24,859 105,729 Feb. 5 795,861 55,012 121,764 60,079 76,931 59,781 45,685 144,824 46,235 21,273 33,843 24,831 105,603 Feb. 12 794,126 54,931 121,410 59,933 76,831 59,172 45,603 144,657 46,201 21,257 33,817 24,807 105,507 Feb. 19 793,316 54,845 121,063 9,787 76,724 58,503 45,512 145,504 46,169 21,241 33,781 24,779 105,408 Feb. 26 794,877 54,822 120,935 59,770 76,670 60,486 45,447 145,428 46,163 21,233 33,773 24,767 105,383 Total gold certificate reserves: Jan. 29 18,626,898 840,258 5,520,041 890,6581,342,3261,072,0401,844,1523,133,728 629,307 389,622 660,154 494,7622,609,850 Feb. 5 18,575,039 791,784 5,578,073 906,2421,295,8041,045,8321,053,1233,112,585 641,799 378,366 682,158 486,6272,602,646 Feb. 12 18,573,301 786,790 5,362,301 928,2751,285,4601,061,8941.050,8893,328,567 627,621 377,521 671,715 487,3422,604,926 Feb. 19 18,596,496 814,756 5,510,237 930,6301,352,4401,045,163 995,4903,329,367 622,574 365,146 623,999 480,3932,526,301 Feb. 26 19,085,057 817,958 5,999,455 922,2851,387,1571,048,293 993,7923,279,835 646,379 365,865 646,463 481,6002,495,975 Other cash: Jan. 29 372,863 32,459 65,158 22,844 32,196 25,922 34,836 49,974 19,805 7,885 19,484 18,686 43,614 Feb. 5 358,755 30,758 69,202 19,728 33,964 22,193 30,079 50,277 18,639 7,087 16,876 17,455 42,497 Feb. 12 332,362 30,511 63,534 15,697 29,578 21,113 31,027 46,752 16,493 6,918 14,864 15,428 40,447 Feb. 19 337,736 30,407 65,044 19,292 32,477 19,729 27,804 45,197 16,640 7,385 14,700 14,525 44,536 Feb. 26 337,710 29,102 60,444 21,440 29,659 22,606 30,060 46,432 17,189 8,764 12,535 13,834 45,645 Discounts & advances: Secured by U. S. Govt. securities: Jan. 29.. 189,594 14,262 64,030 8,879 11,123 22,650 6,630 710 17,360 28,600 6,300 4,250 4,800 Feb. 5.. 146,415 11,950 27,785 7,369 22,000 15,700 1,730 14,510 4,820 24,900 8,701 2,025 4,925 Feb. 12.. 260,666 15,150 126,125 11,651 31,615 20,525 1,430 10,285 8,310 22,700 3,350 2,525 7,000 Feb. 19.. 210,985 11,230 21,875 17,226 22,574 16,295 1,430 56,285 10,145 33,200 11,945 6,025 2,755 Feb. 26.. 260,444 18,090 94,710 8,845 9,314 19,015 1,400 26,885 23,385 28,500 2,900 6,025 21,380 Other: Jan. 29.. 127,300 8,147 40,736 10,311 11,839 6,238 5,219 17,313 4,456 3,183 4,455 4,201 11,202 Feb. 5.. 132,300 8,467 42,336 10,716 12,304 6,483 5,424 17,993 4,631 3,308 4,630 4,366 11,642 Feb. 12.. 132,300 8,467 42,336 10,716 12,304 6,483 5,424 17,993 4,631 3,308 4,630 4,366 11,642 Feb. 19.. 131,800 8,435 42,176 10,676 12,258 6,458 5,404 17,925 4,613 3,295 4,613 4,349 11,598 Feb. 26.. 131,800 8,435 42,176 10,676 12,258 6,458 5,404 17,925 4,613 3,295 4,613 4,349 11,598 Industrial loans: Jan. 29 563 24 539 Feb. 5 633 24 609 Feb. 12 637 24 613 Feb. 19 639 24 615 Feb. 26 994 21 973 U. S. Govt. securities: Bills: Under repurchase option: Jan. 29.. 6,100,568 68,322 3,357,848 166,970 52,718 59,774 21,7041,742,975 109,014 41,408 70,255 29,580 380,000 Feb. 5. . 6,017,207 55,502 3,327,920 145,805 69,135 38,649 11,6541,750,645 92,661 47,203 66,755 31,058 380,220 Feb. 12.. 6,258,559 73,749 3,487,276 158,524 85,836 40,539 18,0541,760,160 99,637 30,933 54,191 24,840 424,820 Feb. 19.. 6,125,230 63,650 3,299,072 170,454 81,616 46,034 18,0551,785,208 100,475 39,327 61,829 31,485 428,025 Feb. 26. . 6,145,915 71,123 3,440,774 155,184 51,076 47,479 14,6551,764,453 92,623 29,755 43,498 29,915 405,380 Other bills* Jan. 29.. 9,473,650 844,428 253,731 895,6901,312,931 860,594 737,8951,161,208 584,988 380,554 634,964 521,3641,285,303 Feb. 5.. 9,462,980 841,254 251,163 928,6501,311,891 859,917 737,3311,122,530 602,194 380,252 634,445 511,3351,282,018 Feb. 12.. 9,506,360 851,921 261,602 921,8161,316,118 862,671 739,6261,128,114 604,319 381,479 636,556 515,7861,286,352 Feb. 19.. 9,495,990 838,650 278,046 919,2101,315,107 862,013 739,0781,126,779 564,181 363,791 636,051 491,4371,361,647 Feb. 26. . 9,529,200 854,979 286.037 958,9491,318,343 864,121 740,8351,131,054 578,073 375,388 637,667 489,4481,294,306 Certificates: Jan. 29.... 7,180,012 484,389 1,838,038 529,896 637,758 442,776 372,141 920,358 385,134 209,396 342,527 320,866 696,733 Feb. S 6,823,284 459,344 1,751,433 502,859 603,424 420,221 353,324 874,467 367,430 199,260 325,213 305,271 661,038 Feb. 12 6,929,284 466,786 1,777,175 510,893 613,622 426,923 358,915 888,102 372,692 202,272 330,357 309,905 671,642 Feb. 19.... 7,151,784 482,507 1,830,710 527,828 635,310 441,046 370,685 916,742 383,589 208,567 341,186 319,596 694,018 Feb. 26 7,185,784 484,998 1,838,464 530,481 638,863 443,257 372,513 921,133 385,124 209,504 342,866 321,046 697,535 Notes: Jan. 29.... 355,300 23,970 90,955 26,222 31,559 21,911 18,415 45,543 19,058 10,362 16,949 15,878 34,478 Feb. 5 355,300 23,919 91,200 26,185 31,421 21,882 18,398 45,535 19,133 10,376 16,934 15,896 34,421 Feb. 12 355,300 23,934 91,125 26,196 31,464 21,890 18,403 45,538 19,110 10,372 16,939 15,890 34,439 Feb. 19 391,300 26,400 100,165 28,880 34,760 24,132 20,281 50,158 20,987 11,412 18,667 17,486 37,972 Feb. 26 429,300 28,975 109,836 31,693 38,167 26,481 22,255 55,031 23,008 12,517 20,484 19,180 41,673 Bonds: Jan. 29 753,390 50,826 192,863 55,602 66,919 46,460 39,048 96,572 40,412 21,972 35,941 33,668 73,107 Feb. 5.... 753,390 50,718 193,384 55,523 66,627 46,398 39,012 96,554 40,569 22,001 35,908 33,707 72,989 Feb. 12 753,390 50,751 193,224 55,547 66,717 46,417 39,023 96,560 40,521 21,992 35,918 33,695 73,025 Feb. 19 753,390 50,829 192,852 55,603 66,925 46,462 39,049 96,573 40,408 21,971 35,941 33,667 73,110 Feb. 26 753,390 50,849 192,753 55,618 66,981 46,473 39,056 96,576 40,378 21,966 35,948 33,660 73,132 Total U.S. Govt. securities: Jan. 29 23,862,9201,471,935 5,733,4351,674,3802,101,8851,431,5151,189,7193,966,6561,138,606 663,6921,100,636 921,3562,469,621 Feb. 5 23,412,161 1,430,737 5,615,1001,659,0222,082,4981,387,0671,159,2033,889,7311,121,987 659,0921,079,255 897,2672,430,686 Feb. 12 23,802,8931,467,141 5,810,4021,672,9762,113,7571,398,4401,174,0213,918,4741,136,279 647,0481,073,961 900,1162,490,278 Feb. 19 23,917,6941,462,036 5,700,8451,701,9752,133,7181,419,6871,187,148S,975,4601,109,640 645,0681,093,674 893,6712,594,772 Feb. 26 24,043,5891,490,924 5,867,8641,731,9252,113,4301,427,8111,189,3143,968,2471,119,206 649,1301,080,463 893,2492,512,026 Total loans and securities: Jan. 29 24,180,3771,494,368 5,838,2011,694,1092,124,8471,460,4031,201,0523,984,6791,160,422 695,4751,111,391 929,8072,485,623 Feb. 5 23,691,5091,451,178 5,685,2211,677,7162,116,8021,409,2501,166,8733,922,2341,131,438 687,3001,092,586 903,6582,447,253 Feb. 12 24,196,4961,490,782 5,978,8631,695,9562,157,6761,425,4481,180,8753,946,7521,149,220 673,0561,081,941 907,0072,508,920 Feb. 19 24,261,1181,481,725 5,764,8962,730,4922,168,5501,442,4401,193,9824,049,6701,124,398 681,5631,110,232 904,0452,609,125 Feb. 26 24,436,8321,517,470 6,004,7501,752,4192,135,0021,453,2841,196,1184,013,0571,147,204 680,9251,087,976 903,6232,545,004 284 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] 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 i a s a c n n o - Due from foreign banks: Jan 29 102 i ii g 9 5 4 14 4 3 4 3 9 Feb. 5 102 6 I 33 8 9 5 4 14 4 3 4 3 9 Feb 12 102 1 33 g 9 5 4 14 4 3 4 3 9 Feb. 19. 102 6 133 8 9 5 4 14 4 3 4 3 9 Feb 26 102 6 1 33 8 9 5 4 14 4 3 4 3 9 Federal Reserve notes of other Banks: Jan. 29 167,268 4,430 21,331 5,427 12,244 41,684 17,623 15,427 9,455 5,823 7,683 4,346 21,795 Feb. 5. 141,126 4,273 18,988 4,296 9,834 42,438 13,027 11,922 7,283 4,933 5,446 5,118 13,568 Feb. 12. 127,057 3,904 15,921 3,723 9,439 35,744 15,785 8,228 7,941 3,954 6,059 3,547 12,812 Feb. 19 123,795 2,789 16,387 5,256 7,017 31,474 14,330 11,503 6,362 3,858 5,156 4,473 15,190 Feb. 26 121,248 2,873 13,866 4,443 6,650 28,783 14,909 10,985 7,736 4,823 5,896 4,596 15,688 Uncollected items: Jan. 29 2,405,155 172,889 426,119 129,287 236,689 206,305 170,750 421,688 120,234 64,464 125,507 93,278 237,945 Feb. 5 2,247,196 175,627 430,033 140,300 194,821 188,360 155,115 368,810 104,727 53,146 117,066 85,893 233,298 Feb. 12 2,399,812 229,113 416,687 125,515 191,519 252,974 204,893 350,933 148,038 58,375 141,188 92,281 188,296 Feb. 19 2,701,134 204,949 543,405 159,876 246,255 217,410 181,059 455,706 129,461 71,027 125,579 114,223 252,184 Feb. 26 2,500,674 171,599 473,005 144,586 244,646 214,391 172,294 433,691 117,674 63,245 134,785 110,199 220,559 Bank premises: Jan. 29 32,343 1,292 8,459 3,158 3,841 2,679 1,522 3,050 2,007 1,237 2,521 795 1,782 Feb. 5 32,316 1,292 8,441 3,158 3,841 2,679 1,522 3,050 2,007 1,237 2,515 792 1,782 Feb. 12 32,316 1.292 8,441 3,158 3,841 2,679 1,522 3,050 2,007 1,237 2,515 792 1,782 Feb. 19 32,316 1,292 8,441 3,158 3,841 2,679 1,522 3,050 2,007 L.237 2,515 792 1,782 Feb. 26 32,269 1,287 8,441 3,146 3,840 2,672 1,519 3,043 2,003 L,235 2,515 792 1,776 Other assets: Jan. 29 52,563 3,373 12,212 3,203 4,936 3,138 2,829 8,269 3,195 1,397 2,266 2,649 5,096 Feb. 5 43,469 2,878 10,073 2,712 4,317 2,668 2,471 5,766 2,874 ,207 2,029 1,943 4,531 Feb. 12 44,957 2,988 10,682 2,818 4,437 2,798 2,538 5,961 2,890 1,249 2,101 1,919 4,576 Feb. 19 46,965 3,021 10,960 3,030 4,657 2,833 2,669 6,248 2,972 1,334 2,203 2,212 4,826 Feb. 26 49,010 3,314 11,816 3,048 4,711 2,927 2,746 6,552 3,063 1,378 2,278 2,278 4,899 Total assets* Jan. 29...... 45,837,569 2,549,075 11,891,5542,748,6943,757,0882,812,1762,472,7687,616,8291,944,4291,165,9061,929,0101,544,3265,405,714 Feb. 5 45,089,512 2,457,79611,800,0642,754,1603,659,3922,713,4252,422,2147,474,6581,908,7711,133,2791,918,6801,501,4895,345,584 Feb. 12 45,706,403 2,545,38611,856,4622,775,1503,681,9592,802,6552,487,5337,690,2571,954,2141,122,3131,920,3871,508,3195,361,768 Feb. 19 46,099,662 2,538,945 11,919,4032,851,7423,815,2462,761,7332,416,8607,900,7551,904,4181,131,5531,884,3881,520,6665,453,953 Feb. 26 46,562,902 2,543,60912,571,8102,851,375 3,811,6742,772,9612,411,4427,793,6091,941,2521,126,2381,892,4521,516,9255,329,555 Federal Reserve notes: Jan. 29 24,389,260 1,450,146 5,558,9561,662,4412,080,832 1,734,3491,408,4354,508,3191,096,545 586,434 911,280 585,5492,805.974 Feb. 5 24,382,708 1,450,753 5,555,7161,660,3932,077,3991,732,5161,410,4604,510,207 1,096,825 587,277 913,768 586,8732,800,521 Feb. 12 24,405,224 1,447,976 5,556,7221,665,7432,089,945 1,723,7661,405,4244,524,8061,095,255 588,628 912,647 585,2202,809,092 F F e e b b . . 2 1 6 9 2 2 4 4 , , 3 3 3 1 2 0 , , 0 0 1 0 7 8 l 1f' 4 ,4 4 4 5 9f^ 4 8 7 5 6 3 5 5 , , 5 5 4 4 0 5 , 4 1 4 6 8 61 1, , 6 6 6 6 2 1 , [ 5 4 1 5 0 4 2 2 , , 0 0 8 8 1 2 , , 7 5 5 3 4 4 1 1 , , 7 7 1 1 9 6 , , 0 5 9 9 5 0 1 1, , 4 4 0 0 1 2 , , 9 7 4 5 5 6 4 1 , , 5 5 0 1 7 6 , , 1 8 8 8 1 21 1, , 0 0 9 9 1 4 , , 4 3 4 7 5 3 5 5 8 8 8 7 , , 3 9 2 3 7 0 9 9 0 1 9 0 , 4 8 4 7 2 5 5 58 8 2 2 , , 2 5 2 1 7 32 2 , , 7 7 8 7 9 2 , ,5 2 5 9 9 0 Deposits: Member bank —reserve account: Jan. 29.. 16,123,520 720,771 5,025,551 794,1361,204,393 702,713 717,9972,332,949 608,815 401,688 775,607 744,3922,094,508 Feb. 5.. 16,094,892 700,924 5,019,041 788,7001,199,962 695,741 732,7272,330,564 609,615 408,853 792,150 742,9862,073,629 Feb. 12.. 15,993,805 699,576 4,978,290 778,7681,170,565 692,914 735,7582,335,745 611,344 407,093 774,492 751,3872,057,873 Feb. 19.. 15,769,656 698,845 4,838,774 790,3771,188,997 692,820 716,5512,295,544 601,057 406,165 77'0,176 739,9032,030,447 Feb. 26. . 15,781,157 703,006 4,924,566 784,5251,161,570 712,143 730,4432,309,940 621,057 403,837 757,646 725,0061,947,418 U. S. Treasurer-general account: Jan. 29.. 1,535,518 124,502 240,446 68,210 145,538 123,418 115,103 276,301 68,437 84,676 72,773 83,527 132,587 Feb. 5. . 1,161,989 56,549 294,348 77,779 90,962 61,951 75,176 168,151 54,657 60,729 62,656 50,593 108,438 Feb. 12.. 1,710,853 104,035 426,541 128,579 140,010 66,292 82,441 389,007 55,498 49,988 49,787 47,084 171,591 Feb. 19.. 2,358,361 138,759 584,651 173,101 221,064 105,683 78,163 582,878 50,227 50,198 52,250 57,557 263,830 Feb. 26. . 2,371,785 153,685 693,746 181,718 236,149 98,694 62,482 439,617 69,801 50,978 60,693 66,054 258,168 Jan. 29.. 678,945 41,035 2245,494 51,594 59,238 31,211 26,116 86,627 22,294 15,924 22,294 21,020 56,098 Feb. 5.. 605,403 37,274 2211,910 46,835 53,773 28,332 23,706 78,636 20,237 14,455 20,237 19,081 50,927 Feb. 12.. 525,842 32,069 2187,614 40,248 46,210 24,347 20,372 67,576 17,391 12,422 17,391 16,397 43,805 Feb. 19.. 414,236 24,711 2154,187 30,934 35,517 18,713 15,658 51,939 13,367 9,547 13,367 12,603 33,693 Feb. 26.. 485,257 30,630 2162,321 38,425 44,118 23,245 19,450 64,516 16,603 11,860 16,603 15,655 41,831 Other: Jan. 29.. 341,908 2,795 258,995 2,240 9,839 2,802 2,379 5,778 8,540 2,374 1,454 911 43,801 Feb. 5.. 257,273 2,397 177,199 2,348 10,822 3,091 1,642 5,275 7,664 3,174 1,328 788 41,545 Feb. 12.. 411,681 42,854 187,691 1,727 6,475 3,121 41,486 4,772 46,333 2,295 34,602 723 39,602 Feb. 19.. 234,904 2,110 156,416 2,049 7,423 2,624 1,533 3,645 6,730 2,391 1,899 531 47,553 Feb. 26.. 732,983 1,960 649,768 2,244 7,609 1,933 1,357 6,153 6,554 2,641 632 956 51,176 Total deposits: Jan. 29 18,679 891 889 103 5,770,486 916,1801,419,008 860,144 861,5952,701,655 708,086 504,662 872,128 849,8502,326,994 Feb. 5 18,119!557 797,144 5,702^498 915^662l]355',519 789,115 833,2512,582,626 692,173 487,211 876,371 813,4482,274,539 Feb. 12 18,642,181 878,534 5,780,136 949,3221,363,260 786,674 880,0572,797,100 730,566 471,798 876,272 815,5912,312,871 Feb. 19 18,777,157 864,425 5,734,028 996,4611,453,001 819,840 811,9052,934,006 671,381 468,301 837,692 810,5942,375,523 Feb. 26 19,371,182 889,281 6,430,4011 006 9121,449,446 836,015 813,7322,820,226 714,015 469,316 835,574 807,6712,298,593 Deferred availa- X |VvUj7 X £* bility items: Jan. 29 2,071,337 165,147 345,736 113,711 192,864 182,816 173,300 311,858 114,064 56,341 120,021 84,503 210,976 Feb. 5 1,888,993 164,863 325,296 121,665 162,026 156,862 149,072 286,732 93,949 40,342 102,891 76,743 208,552 Feb. 12 . 1,958,599 174,048 302,381 103,469 164,071 257,181 172,513 273,012 102,493 43,105 105,734 82,990 177,602 Feb. 19 2,287,908 184,129 426,678 137,056 215,650 187,666 172,587 354,360 112,746 56,329 111,068 102,902 226,737 Feb. 26 2,176,241 159,292 376,895 125,089 214,615 185,020 166,015 370,219 109,716 50,394 120,872 102,267 195,847 Other liab. incl. accrued div.: Jan. 29 11,330 529 2,835 628 1,012 532 529 2,597 401 453 441 485 888 Feb. 5 10,997 887 2,663 614 977 546 428 2,388 437 379 420 360 898 Feb. 12 11,882 567 3,025 697 1,081 589 489 2,429 470 669 464 390 1,012 Feb. 19 11,120 613 2,739 671 1,063 517 477 2,311 411 423 431 452 1,012 Feb. 26 12,382 709 3,249 760 1,176 591 541 2,527 490 366 462 501 1,010 1 After deducting $69,000 participations of other Federal Reserve Banks on Jan. 29; Feb. 5; Feb. 12; Feb. 19; and Feb. 26. 2 After deducting $433,136,000 participations of other Federal Reserve Banks on Jan. 29; $393,178,000 on Feb. 5; $337,881,000 on Feb. 12; $259,- 693,000 on Feb. 19; and $322,582,000 on Feb. 26. MARCH 1947 285 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS—Continutd [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 - Total liabilities: Jan. 29.... 45,151,818 2,504,925 11,678,0132,692,9603,693,7162,777,8412,443,8597,524,429 ,919,096 ,147,8901,903,870 ,520,3875,344,832 Feb. 5 44,402,255 2,413,647 11,586,1732,698,3343,595,9212,679,0392,393,2117,381,953 ,883,3841,115,209 1,893,450 1,477,424 5,284,510 Feb. 12.... 45,017,886 2,501,125 11,642,2642,719,2313,618,357 2,768,2102,458,4837,597,347 ,928,784 ,104,2001,895,117 1,484,191 5,300,577 Feb. 19 45,408,202 2,494,64311,703,6112,795,6983,751,4682,727,1182,387,725 7,807,559 ,878,911 ,113,3801,859,066 1,496,4615,392,562 Feb. 26.... 45,869,813 2,499,13512,355,6932,795,2153,747,7712,738,2162,382,2337,700,1531,915,666 1,108,006 1,867,050 1,492,666 5,268,009 Capital Accts.: Capital paid in: Jan. 29.... 188,584 11,133 65,925 14,078 18,498 7,906 7,222 22,616 6,239 4,140 6,273 6,912 17,642 Feb. 5.... 188,848 11,137 65,964 14,092 18,510 7,919 7,231 22,670 6,248 4,148 6,290 6,971 17,668 Feb. 12.... 189,042 11,152 66,004 14,108 18,552 7,925 7,237 22,683 6,251 4,154 6,294 7,004 17,678 Feb. 19 190,528 11,153 67,213 14,127 18,604 7,981 7,245 22,713 6,267 4,171 6,295 7,021 17,738 Feb. 26.... 190,708 11,162 67,218 14,151 18,620 8,032 7,252 22,738 6,276 4,179 6,299 7,029 17,752 Surplus (section 7): Jan. 29 439,823 27,557 136,549 34,720 41,394 20,676 18,663 65,078 16,577 10,997 15,729 13,777 38,106 Feb. 5.... 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 Feb. 12 439,823 27,557 136,549 34,720 41,394 20,676 18,663 65,078 16,577 10,997 15,729 13,777 38,106 Feb. 19 439,823 27,557 136,549 34,720 41,394 20,676 18,663 65,078 16,577 10,997 15,729 13,777 38,106 Feb. 26.... 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): Jan. 29 27,455 3,012 7,253 4,489 1,007 3,325 762 1,429 521 1,073 1,137 1,307 2,140 Feb. 5.... 27,455 3,012 7,253 4,489 1,007 3,325 762 1,429 521 1,073 1,137 1,307 2,140 Feb. 12 27,455 3,012 7,253 4,489 1,007 3,325 762 1,429 521 1,073 1,137 1,307 2,140 Feb. 19 27,455 3,012 7,253 4,489 1,007 3,325 762 1,429 521 1,073 1,137 1,307 2,140 Feb. 26 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.: Jan. 29 29,889 2,448 3,814 2,447 2,473 2,428 2,262 3,277 1,996 1,806 2,001 1,943 2,994 Feb. 5.... 31,131 2,443 4,125 2,525 2,560 2,466 2,347 3,528 2,041 1,852 2,074 2,010 3,160 Feb. 12 32,197 2,540 4,392 2,602 2,649 2,519 2,388 3,720 2,081 1,889 2,110 2,040 3,267 Feb. 19.... 33,654 2,580 4,777 2,708 2,773 2,633 2,465 3,976 2,142 1,932 2,161 2,100 3,407 Feb. 26 35,103 2,743 5,097 2,800 2,882 2,712 2,532 4,211 2,212 1,983 2,237 2,146 3,548 Total liabilities and cap. accts.: Jan. 29 45,837,569 2,549,075 11,891,5542,748,6943,757,0882,812,1762,472,7687,616,829 1,944,429 1,165,906 1,929,010 1,544,3265,405,714 Feb. 5.... 45,089,512 2,457,796 11,800,0642,754,1603,659,3922,713,4252,422,2147,474,6581,908,771 1,133,279 1,918,680 1,501,489 5,345,584 Feb. 12 45,706,403 2,545,386 11,856,4622,775,150 3,681,9592,802,6552,487,5337,690,257 1,954,214 1,122,313 1,920,387 1,508,319 5,361,768 Feb. 19 46,099,662 2,538,945 11,919,4032,851,7423,815,2462,761,7332,416,8607,900,755 1,904,418 1,131,553 1,884,388 1,520,666 5,453,953 Feb. 26 46,562,902 2,543,609 12,571,8102,851,3753,811,6742,772,9612,411,442 7,793,6091,941,252 1,126,238 1,892,452 1,516,925 5,329,555 Contingent liability on bills purchased for foreign correspondents: Jan. 29.... 6,583 421 !2,1O7 533 612 323 270 895 231 165 230 217 579 Feb. 5.... 6,975 446 *2,232 565 649 342 286 949 244 174 244 230 614 Feb. 12.... 7,063 452 12,260 572 657 346 290 961 247 177 247 233 621 Feb. 19.... 8,547 547 *2,735 692 795 419 351 1,162 299 214 299 282 752 Feb. 26 8,841 566 22,829 716 822 433 362 1,202 310 221 310 292 778 Commit, to make indus. loans: Jan. 29.... 8,244 1,189 1,596 75 381 4,225 450 148 180 Feb. 5.... 8,172 1,117 1,596 75 381 4,225 450 148 180 Feb. \2.... 8,162 1,113 1,596 73 380 4,225 450 148 177 Feb 19 8 067 1,166 1,596 73 380 4,225 450 177 Febl 26.'.'.'. 8489 1,288 1,596 73 380 4,225 450 177 FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS' ACCOUNTS, 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 - 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 S r a a n ncisco F.R.notes outstanding (issued to Bank): Jan. 29 25,258,995 1,512,0255,745,0181,710,8132,146,0861,797,1501,454,379 4,638,721 ,138,129605,243 937,698 617,2022,956,531 Feb. 5 25,166,655 1,505,8285,734,6171,704,0412,139,0671,789,2961,448,352 4,622,881 ,134,271604,024 933,501611,4582,939,319 Feb. 12 25,117,892 1,498,1045,732,069 1,706,9032,139,8501,771,9971,445,7314,615,700 ,132,186 603,684 933,232609,3792,929,057 Feb. 19 25,043,638 1,493,1125,714,653 1,704,3522,135,3481,767,6261,441,520 4,602,349 ,127,677603,469 931,382608,2732,913,877 Feb. 26 25,015,346 1,488,0655,709,3021,703,7152,133,574 1762,6571,444,2124,595,976 ,131,031602,497 931,565608,3312,904,421 Collateral held against notes outstanding: Gold certificates: Jan, 29 10,838,000 455,000 3,470,000 525,000 645,000 660,000 590,0001,755,000 300,000 189,000 280,000 169,000 1,800,000 Feb. 5 10,888,000 455,000 3,470,000 525,000 645,000 660,000 590,0001,755,000 300,000189,000 280,000 169,0001,850,000 Feb. 12 10,863,000 455,000 3,470,000 525,000 645,000 660,000 590,000 1,730,000 300,000189,000 280,000 169,0001,850,000 Feb. 19 10,688,000 455,000 3,470,000 525,000 645,000 660,000 590,000 1,710,000 300,000184,000 280,000169,0001,700,000 Feb. 26 10,653,000 455,000 3,470,000 525,000 645,000 625,000 590,0001,710,000 300,000184,000 280,000169,0001,700,000 Eligible paper: Jan. 29. 166,781 14,262 64,030 8,879 22,550 17,360 28,600 6,300 4,800 Feb. 5 106,049 11,950 27,785 7,369 15,600 4,820 24,900 8,700 4,925 Feb. 12 214,711 15,150 126,125 11,651 20,425 8,310 22,700 3,350 7,000 Feb. 19 124,671 11,230 21,875 17,226 16,295 10,145 33,200 11,945 2,755 Feb. 26 216,825 18,090 94,710 8,845 19,015 23,385 28,500 2,900 21,380 U. S. Govt. sec: Jan. 29 15,534,0141,100,000 2,500,0001,200,0001,550,0001,200,000 900,0002,900,000 959,014425,000 700,000500,0001,600,000 Feb. 5 15,377,661 1,100,000 2,400,0001,200,0001,550,0001,160,000 900,0002,900,000 942,661425,000 700,000500,0001,600,000 Feb. 12 15,384,63" 100,000 2,,440000,,0000001,200,0001,550,000 1,160,000 900,0002,900,000 949,637425,000 700,000500,0001,600,000 Feb. 19 15,385,475 ,100,000 2,,440000,,0000001,200,0001,550,000 1,160,000 900,0002,900,000 950,475 425,000 700,000500,0001,600,000 Feb. 26 15,327,623 ,100,0002,400,0001,200,0001,500,000 1,160,000 900,0002,900,000 942,623 425,000 700,000500,0001,600,000 Total collateral: Jan. 29. 26,538,795 ,569,262 6(,034,0301,733,8792,195,000 ,882,5501,490,0004,655,0001,,276,374 642,600 986,300669,0003,404,800 Feb. 5 26,371,710 ,556666,,9950 5,897,7851,732,369 2,195,000 ,835,6001,490,0004,655,0001,247,481638,900 988,700669,0003,454,925 Feb. 12 26,462,348 1,570,150 5,.9 96,'1,1251,736,6512,195,000 1,840,4251,490,0004,630,000 1,257,947 636,700 983,350669,0003,457,000 Feb. 19 26,198,146 1,556666,,223300 55,,889911,,?8751,742,226 2,195,0001,836,2951,490,0004,610,000 1,260,620 642,200 991,945669,0003,302,755 Feb. 26 26,197,448 1,573,090 5,964,,:7101,733,845 2,145,000 ,804,0151,490,0004,610,0001^266,008 637,500 982,900669,0003,321,380 i After deducting $4,476,000 participations of other Federal Reserve Banks on Jan. 29; $4,743,000 on Feb. 5; $4,803,000 on Feb. 12; $5,812,000 on Feb. 19; and $6,012,000 on Feb. 26. 286 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 banks Re- Month, or mem- serve 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 ending Thursday ba b n e k r si New Chi- b c a i n ty ks ba t n ry ksx to date outstanding available to York cago borrowers Date under guar- 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 o n u te t m s e t e a a n n g t d s re in e- g To 1 1 t 9 9 a 4 4 l 5 6 r — — es D J e a r e n v c u e e s a m ry b h e e r ld: 1 1 5 6 , , 9 0 2 2 1 7 4 4 , , 1 0 1 5 8 4 9 9 3 2 9 1 6 6, , 3 3 5 9 7 4 4 4 , , 5 5 7 9 6 0 December 16,517 4,270 938 6,515 4,794 1942 1947—January 16,399 4,207 929 6,501 4,762 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 1946—Dec. 26 16,552 4,300 921 6,537 4,794 1947—Jan 2 16,462 4,255 921 6,507 4,779 Jan. 9 16,471 4,239 924 6,517 4,792 1943 Jan. 16 16,548 4,216 933 6,571 4,829 June 30 4,217 4,718,818 1,428,2531,153,756 2,216,053 Jan. 23 16,499 4,230 939 6,558 4,773 Dec. 31 5,347 6,563,048 1,914,0401,601,518 3,146,286 Jan. 30 16,214 196 928 6,423 4,668 Feb. 6 16,209 177 918 6,408 4,706 1944 Feb. 13 16,062 4,116 910 6,355 4,682 June 30 6,433 8,046,672 2,064,318 1,735,777 3,810,797 Dec. 30 7,434 9,310,582 1,735,9701,482,038 4,453,586 Excess reserves: 1945—December 1,491 48 14 418 1,011 1946—January 1,311 7 8 337 958 1945 December 900 27 5 227 642 June 30 8,422 10,149,315 1,386,851 1,190,944 3,694,618 1947—January 850 3 4 227 616 Dec. 31 8,757 10,339,400 510,270 435,345 966,595 1946—Dec. 26 872 21 — 2 236 617 1946 1947—Jan. 2 897 28 6 244 619 June 29 8,771 10,344,018 70,267 60,214 142,617 Jan. 9 910 15 5 257 633 Dec. 31 8,771 10,344,018 18,996 17,454 28,791 Jan. 16 971 17 6 276 672 Jan. 23 886 15 5 243 623 Jan. 30 739 13 4 179 543 1947 Feb. 6 845 14 5 224 602 Jan. 31 8,771 10,344,018 18,025 16,654 22,424 Feb. 13 819 14 4 210 591 NOTE.—The difference between guaranteed loans authorized and sum Borrowings at Federal of loans outstanding and additional amounts available to borrowers Reserve Banks: under guarantee agreements outstanding represents amounts repaid 1945—December 334 192 96 46 and authorizations expired or withdrawn. 1946—January 185 94 66 25 December 157 6 104 46 1947—January 106 2 60 43 1946—Dec. 26 193 1 124 67 1947—Jan. 2 154 24 95 35 Jan. 9 104 1 47 56 INDUSTRIAL LOANS BY FEDERAL RESERVE BANKS J Ja a n n . . 2 1 3 6 1 8 0 8 1 1 4 4 5 7 5 4 5 1 [Amounts in thousands of dollars] Jan. 30 147 7 84 56 Feb. 6 149 4 85 60 Applications Ap- Feb. 13 240 68 101 71 Date (last approved proved Loans Commit- Partici- W o o r f e d la p n s e e t r s i d d o a a d y y ) N b u e m r - to d A at m e ount ( b a p m u c le o t o t m e u n d - n o 1 t t ) s (a ta m o n u o d t u i - n n g t) 2 ( s a m t m a o n e u o n d t u - t i n s n t g ) ( s a p t m a a o t n u o i d o t u - i n n n s t g ) c b R o e e r 1 u s W n e b r t a e v r n y e e k k b s l B y a a a n n n k f d k i s g u o a d r f r i e e s c s c e o o s u o u t n i f n m t t r s e y a x t e a c b s e n a . s d n s k W a s r d e e m v s e a e a k n r y l v c y e e i s n f s i c g f l o u o u f r r d e e s n a s l o o l m f n m a b m l o e l e r m m a ro m b b w e e o r i r u n n b g b t a s a s n o n k o f k s f s , a F ll e a e t m n d c d e . e r m a o l - f 1934 984 49,634 20,966 13,589 8 225 1,296 1935 1,993 124,493 11,548 ,493 97 649 ft 778 1 1 1 9 9 9 3 3 3 8 7 6 2 2 2 , , , 6 2 4 5 0 8 3 6 0 1 1 1 7 5 3 0 5 9 , , , 9 0 8 8 1 2 7 3 9 3 8 1 , , , 9 3 2 4 6 2 6 9 6 2 ? 1 0 7 5, , ,3 5 2 4 2 1 5 6 6 2 1 0 4 9 7 1 5 8 6 9 0 1 12 7 7 , ,7 2 2 2 0 3 2 8 8 DEPOSITS OF COUNT SM RY A L M L E C M E B N E T R E R BA S1 NKS IN LARGE AND 1939 2,781 188,222 2,659 ,683 9 220 10 981 [Averages of daily figures. In millions of dollars] 1940 2,908 212,510 13,954 9,152 5 226 6,386 1941 3,202 279,860 8,294 10,337 14 597 10 600 In places of 15,000 In places of under and over population 15,000 population 1942 June 24... 3,352 338,822 26,346 11,265 16 832 26,430 Demand Demand Dec. 1 9 3 43 1... 3,423 408,737 4,248 14,126 10 661 17,305 d e e i x n p c t o e e s r p i - t t s de T p i o m s e its d e e i x n p c t o e e s r p i - t ts de T p i o m s e its June 30... 3,452 475,468 3,203 13,044 12 132 19,070 bank2 bank2 Dec. 31... 3,471 491,342 926 10,532 9 270 17,930 1944 January 1946 ••17,480 7,415 •12,146 5,200 J D u e n c e . 3 3 0 0 . . . . . . 3 3, , 4 4 8 8 9 3 5 5 1 2 0 5 , , 8 5 5 3 7 2 1,29 4 5 5 1 3 1, , 3 8 6 9 6 4 4 4 0 1 4 6 8 5 11 2 , ,7 0 0 6 6 3 December 1946 15,855 8,189# 12,151 5,783 January 1947 15,526 8,263 12,021 5,851 1945 June 30... 3,502 537,331 70 3,252 5 224 2,501 Boston 1,876 874 347 229 Dec. 31... 3,511 544,961 320 1,995 1 644 1,086 New York 2,828 2,128 1,025 1,132 Philadelphia.... 1,120 724 910 865 1946 Cleveland 1,336 902 1,058 805 Mar. 30... 3,519 547.581 755 1,536 2 063 1,014 June 29... 3,524 552,711 615 1,210 5,366 1,110 Richmond 1,095 390 902 458 Sept. 30.. 3,535 563,779 8,115 1,106 6,254 1,455 Atlanta 1,555 481 694 206 Dec. 31... 3,542 565,913 4,577 554 8,309 2,670 Chicago 1,926 1,328 1,680 912 St. Louis 607 314 1,011 265 1947 Jan.31.... 3,545 568,540 4,795 593 8,217 2,677 Minneapolis 560 287 747 425 Kansas City 517 104 1,585 194 1 Includes applications approved conditionally by the Federal Re- S D a a n l la F s rancisco. . . 1,2 9 0 0 1 5 6 1 0 2 2 9 1,4 6 5 1 2 0 30 5 2 7 serve Banks and under consideration by applicant. 2 Includes industrial loans past due 3 months or more, which are not included in industrial loans outstanding in weekly statement of con- r Revised. dition 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 for all country banks expired. in the table on the following page. 287 MARCH 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- De- mand Reserve Banks rowmand Net bal- ings Class of bank U. S. de- de- Time ances at Federal Re a s n e d rve district Total I b n a t n e k r- w G a m o r d v e e l e o n - r t a n n - Other j p u o a s d s t i e - t d s ' p m o d s a e i n - ts d * po d s e i - ts5 m f d r d e o u o s m e t - ic Total qu R i e re - d c E e x s - s s F e e R e r r e a d v - l - e posits* banks Banks First half of January 1947 All member banks 89,296 12,086 2,047 75,162 70,208 76,687 27,296 5,807 16,473 15,557 916 94 Central reserve city banks New York 22,437 4,228 484 17,725 16,391 20,610 1,482 57 4,228 4,211 17 1 Chicago 4,976 1,185 117 3,673 3,335 4,358 829 165 930 921 8 Reserve city banks 33,134 5,556 745 26,833 24,317 28,078 10,892 1,872 6,516 6,269 247 54 Boston 1,924 280 45 1,599 1,483 1,723 198 42 362 356 6 2 New York 556 29 13 514 480 482 307 27 118 115 3 Philadelphia 2,286 333 44 1,909 1,753 2,004 237 83 425 415 10 Cleveland 3,723 487 105 3,131 2,885 3,211 1,273 168 759 719 41 9 Richmond 2,123 375 50 1,697 1,533 1,812 441 108 411 389 22 1 Atlanta 2,060 514 37 1,509 1,333 1,712 405 138 389 367 22 4 Chicago 3,878 506 110 3,261 2,998 3,198 1,972 315 796 758 38 14 St. Louis 1,987 629 47 1,312 1,132 1,658 323 105 360 351 9 7 Minneapolis 1,024 332 29 663 565 833 171 65 178 177 1 13 Kansas City 2,736 907 51 1,778 1,552 2,177 353 288 482 457 26 2 Dallas 2,291 567 37 1,687 1,541 1,874 325 237 432 394 38 1 San Francisco 8,547 597 176 7,773 7,062 7,393 4,888 297 1,803 1,772 32 1 Country banks 28,748 1,117 701 26,930 26,164 23,641 14,092 3,714 4,800 4,156 644 39 Boston 2.332 94 57 2,180 2,080 1,998 1,102 182 380 346 34 5 New York 3,949 91 102 3,756 3,606 3,419 3,256 288 751 674 77 21 Philadelphia 2,064 13 82 1,969 1,919 1,745 1,585 191 389 339 49 4 Cleveland 2,430 26 93 2,310 2,252 2,006 1,704 278 453 383 70 4 Richmond 2,144 133 56 1,956 1,876 1,725 846 294 335 292 43 2 Atlanta 2,448 202 41 2,205 2,135 1,982 684 363 367 319 48 1 Chicago 3,694 87 104 3,504 3,435 3,010 2,239 520 660 556 104 St. Louis 1,758 137 31 1,590 1,550 1,437 577 253 272 236 36 Minneapolis 1,390 79 36 1,275 1,237 1,119 710 200 235 199 35 Kansas City 2,190 84 40 2,066 2,043 1,731 297 401 312 260 52 Dallas 2,493 139 29 2,326 2,288 1,923 186 508 345 280 65 i San Francisco 1,856 31 31 1,794 1,744 1,546 905 235 301 271 31 Second half of January 1947 All member banks 89,042 11,885 2,265 74,892 70,158 76,556 27,333 5,686 16,329 15,542 787 117 Central reserve city bank New York 22,358 4,196 508 17,654 16,362 20,555 1,466 51 4,188 4,199 -11 Chicago 5,005 1,174 126 3,705 3,379 4,390 831 166 927 928 Reserve city banks 33,123 5,426 833 26,864 24,475 28,120 10,902 1,858 6,487 6,278 209 66 Boston 1,930 265 52 1,613 1,501 1,726 198 41 362 357 5 2 New York 555 29 14 512 480 486 307 22 117 116 1 1 Philadelphia 2,279 321 47 1,911 1,767 2,012 235 77 423 417 6 3 Cleveland 3,754 478 119 3,157 2,912 3,227 1,276 171 761 722 39 10 Richmond 2,089 354 55 1,680 1,530 1,791 443 104 399 385 14 7 Atlanta 2,051 491 40 1,521 1,351 1,704 406 142 383 365 18 7 Chicago 3,905 - 503 126 3,276 3,023 3,226 1,980 308 801 764 37 4 St. Louis 1,992 618 52 1,322 1,141 1,658 324 104 359 351 8 10 Minneapolis 1,006 333 31 642 553 825 171 63 178 175 2 14 Kansas City 2,758 909 57 1,792 1,560 2,192 354 283 477 460 17 3 Dallas 2,295 549 40 1,706 1,556 1,867 326 241 424 393 31 2 San Francisco 8,508 575 200 7,733 7,102 7,406 4,882 302 1,802 1,774 28 2 Country banks 28,556 1,088 799 26,669 25,942 23,491 14,134 3,612 4,726 4,137 589 48 Boston 2,296 88 65 2,144 2,052 1,973 1,104 173 365 343 22 8 New York 3,935 87 114 3,735 3,593 3,410 3,264 281 747 673 74 23 Philadelphia 2,022 12 87 1,923 1,876 1,708 1,593 184 381 335 47 5 Cleveland 2,417 33 103 2,281 2,225 1,990 1,709 274 444 381 63 3 Richmond .V . 2,114 130 62 1,923 1,847 1,701 850 286 321 289 32 4 Atlanta 2,448 196 47 2,205 2,131 1,982 691 352 363 319 44 Chicago 3,688 83 122 3,483 3,421 2,999 2,242 513 653 554 99 St. Louis 1,746 131 37 1,578 1,543 1,429 581 247 268 235 33 Minneapolis 1,382 79 42 1,261 1,224 1,113 713 193 234 199 35 Kansas City 2,187 87 50 2,050 2,028 1,727 299 392 310 260 50 Dallas 2,494 135 33 2,326 2,286 1,923 185 503 341 280 60 San Francisco 1,827 29 37 1,760 1,716 1,537 903 214 300 269 30 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. • Demand deposits subject to reserve requirements, i. e.f 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 time deposits; the amounts on call report dates are shown in the Member Bank Call Report. 288 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 smal] denomination currency1 Large denomination currency* 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 . .. 5 536 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 1,481 1,714 409 770 160 327 17 32 5 1939 7,598 5,553 590 559 36 1,019 1,772 1,576 2,048 460 919 191 425 20 32 2 1940 8 732 6,247 648 610 39 1,129 2,021 1,800 2,489 538 1,112 227 523 30 60 4 1941 11,160 8,120 751 695 44 1,355 2,731 2,545 3,044 724 1,433 261 556 24 46 4 1942 15 410 11,576 880 801 55 1,693 4,051 4,096 3,837 1,019 1,910 287 586 9 25 3 1943 20,449 14,871 1,019 909 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—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 2,191 6,547 8,986 7,834 2,327 4,267 442 768 9 22 1 April 27,885 19,997 1,280 987 66 2,173 6,509 8,981 7,889 2,337 4,309 439 773 8 22 1 May 28 120 20,171 1,291 999 67 2,199 6,586 9,029 7,950 2,352 4,356 438 775 8 21 1 June . . .. 28,245 20,248 1,300 998 67 2,191 6,604 9,087 7,998 2,364 4,387 438 781 8 22 2 July 28,254 20,185 1,311 990 67 2,166 6,552 9,099 8,071 2,377 4.437 436 790 8 21 2 August 28,448 20,271 1,319 992 66 2,165 6,571 9,159 8,178 2,402 4,509 436 802 8 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 8 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 8 21 2 November... 28,861 20,447 1,355 1,010 65 2,169 6,543 9,305 8,416 2,458 4,711 435 782 8 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 8 26 3 1947—January..... 28,262 19,808 1,337 972 63 2,074 6,284 9,077 8,457 2,460 4,757 434 774 9 23 3 1 Total of amounts of coin and paper currency shown by denominations less unassorted currency in Treasury and Federal Reserve Banks. 2 Includes unassorted currency held in Treasury and Federal Reserve Banks and currency of unknown denominations reported by the Treasury as destroyed. * Paper currency only; $1 silver coins reported under coin. Back figures.—See Banking and Monetary Statistics, Table 112, pp. 415-416. UNITED STATES MONEY, OUTSTANDING AND IN CIRCULATION, BY KINDS [On basis of circulation statement of United States money. In millions of dollars] Money held in the Treasury Money in circulation1 Money Total out- held by standing, As security For Federal Ja 1 n 9 . 4 3 7 1, g a o s g l i d a lv in 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 l e d B R a a n e g k s e e s n r t a v s n e d Ja 1 n 9 . 4 3 7 1, De 1 c 9 . 4 3 6 1, Ja 1 n 9 . 4 3 6 1, certificates agents Gold 20 748 18 676 »*> 073 Gold certificates 18,676 15,811 2,815 49 49 51 Federal Reserve notes 25,228 108 1 006 24,114 24,672 23,867 Treasury currency—total 4,559 32,207 77 382 4,100 4,231 3,999 Standard silver dollars 494 294 49 4 147 148 136 Silver bullion 1,913 1,913 Silver certificates and Treasury notes of 1890.. *2,207 290 1,917 2,011 1,828 Subsidiary silver coin 916 16 37 864 882 819 Minor coin 344 8 10 327 331 306 United States notes . . .. . 347 4 35 308 316 307 Federal Reserve Bank notes 435 (5) 6 429 434 487 National Bank notes 111 1 1 110 110 117 Total—January 31, 1947 (4) 20,883 2,258 15,811 4,204 28,262 December 31, 1946 (4) 20,648 2,272 15,566 4,043 28,952 January 31, 1946 (4) 20,142 2,293 15,168 4,457 27,917 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. 281, and seasonally adjusted figures in table on p. 290. 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. 1 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 of explanation of these duplications. 5 Less than $500,000. NOTE.—There are maintained in the Treasury—(i) as a reserve for United States notes and Treasury notes of 1890— $156,039,431 in gold bullion; (ii) as security for Treasury notes of 1890—an equal dollar amount in standard silver dollars (these notes are being canceled and retired on receipt); (iii) as security for outstanding silver certificates—silver in bullion and standard silver dollars of a monetary value equal to the face amount of such silver certificates; and (iv) as security for gold certificates—gold bullion of a value at the legal standard equal to the face amount of such gold certificates. Federal Reserve notes are obligations of the United States and a first lien on all the assets of the issuing Federal Reserve Bank. Federal Reserve notes are secured by the deposit with Federal Reserve agents of a like amount of gold certificates or of gold certificates and such discounted or purchased paper as is eligible under the terms of the Federal Reserve Act, or of direct obligations of the United States. Federal Reserve Banks must maintain a reserve in gold certificates of at least 25 per cent, including the redemption fund which must be deposited with the Treasurer of the United States, against Federal Reserve notes in actual circulation; gold certificates pledged as collateral may be counted as reserves. "Gold certificates" as herein used includes credits with the Treasurer of the United States payable in gold certificates. Federal Reserve Bank notes and national bank notes are in process of retirement. MARCH 1947 289 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] Ear- Do- Date f u A o n r m a s d o e j u a u n s s o t t — e n d al a A d s j m e u a s o s t u e o n d n t a — l for C s a e h d a a s ju n o s g n t e a e l d l i y n Period a s G t t o o e c l n d k d I i n n c r g e o a l s d e im g N o p e l o t d rt g m o a ld rk : e d d e- m g e o s l t d ic variation variation series 1 of stock or export or in- due* (-) crease ( — )tion1 End of year figures: 1939 7,598 +742 1936 211,258 1,132.5 1,116.6 —85 9 131.6 1940 8,732 + 1,134 1937 212,76O 1,502.5 1,585.5 —200 4 143.9 1941 11,160 +2,428 1938 14,512 1,751.5 1,973.6 —333 5 148.6 1942 15,410 +4,250 1939 17,644 3,132.0 3 574.2 —534 4 161.7 1943 20,449 +5,039 1940 21,995 4,351.2 4,744.5 —644 7 170.2 1944 25,307 +4,858 1941 22,737 741.8 982.4 —407 7 169.1 1945 28,515 +3,208 1942 22,726 -10.3 315.7 —458 4 125.4 1946 28,952 +437 1943 21,938 — 788 5 68.9 —803 6 48.3 1944 20,619 -1,319.0 -845.4 —459 8 35.8 Monthly averages of daily 1945 20,065 — 553 9 — 106 3 — 356 7 32 0 figures: 1946 , 20,529 464.0 311.5 465 4 56.9 1945— N O o ct v o e b m er ber 2 2 7 8 , , 9 15 4 1 3 2 28 7 , , 0 9 6 4 7 3 + + 1 1 2 2 4 2 1946—February... 20,232 76.3 82.4 -5.8 3.3 December 28,452 28,170 +103 March 20,256 23.9 31.4 19.7 3.6 April 20,251 -5.2 —20.5 15 1 3.2 1946— M A F Ja e p a n b r r u i r c l u a h r a y ry 2 2 2 2 8 7 7 7 , , , , 1 9 9 9 5 4 1 2 8 4 3 3 2 2 2 2 8 7 7 8 , , , , 0 9 9 1 9 7 4 4 7 4 4 8 + -1 + - 1 9 3 5 5 6 0 3 1 M J J A u u u a n ly g y e u st . . 2 2 2 2 0 0 0 0 , , , 2 2 2 2 4 6 8 7 2 7 0 0 — - 2 1 3 8 3 9 . 2 . . 2 1 1 — 3 1 2 6 6 5 7 . . . 3 2 0 3 6 2 1 8 7 0 5 . . 0 1 5 0 3 3 8 4 . . . . ' 3 4 0 2 May 27,978 28,175 +27 September.. 20,305 25.3 -7.6 12.3 6.8 June 28,140 28,281 +106 October.... 20,402 96.7 24.2 115.7 5.9 July 28,281 28,338 +57 November.. 20,470 67.7 77.9 127.5 4.9 August 28,352 28,494 +156 December. . 20,529 59.4 -61.2 82.8 6.3 S O e c p to te b m er ber 2 2 8 8 , , 5 4 8 7 8 8 2 2 8 8 , , 5 5 3 8 5 8 + + 5 4 3 1 1947— F T e a b n r u u a a r r y y . . . . . . . P 2 2 0 0 , . 7 3 4 3 8 0 P— 2 4 1 1 9 8 . . 3 4 p-1 ( 6 3) .8 4 -6 1 8 9 4 6 . . 5 1 ( ( 3 3 ) ) D N e o c v e e m m b b e e r r 2 2 8 8 , , 9 7 9 2 7 7 2 2 8 8 , , 7 6 1 4 0 1 + +6 5 9 3 Int p e r P n r a e t li i m on in al a r M y— on c e h t a a n ry g e Fu r n e d fl . ects primarily gold subscription to 1947—January 28,543 28,458 -252 1 Annual figures are estimates of the United States Mint. Monthly February 28,300 28,300 -158 f P ig h u il r i e p s p i a n r e e I t s h la o n se d s p p u r b o li d s u h c e t d i on i n rec ta e b iv le e d o i n n p U . n 3 i 3 te 4 d ad S j t u a s t t e e s d . to exclude 2 Includes gold in the Inactive Account amounting to 27 million 1 For end of year figures, represents change computed on absolute dollars on Dec. 31, 1936, and 1,228 million on Dec. 31, 1937. amounts in first column. 3 Not yet available. NOTE.—For discussion of seasonal adjustment factors and for back 4 Gold held under earmark at the Federal Reserve Banks for foreign figures on comparable basis see September 1943 BULLETIN, pp. 822-826. account including gold held for the account of international institutions Because of an apparent recent change in the seasonal pattern around amounted to 4,316.8 million dollars on Feb. 28, 1947. Gold under earthe year end, adjustment factors have been revised somewhat for dates mark is not included in the gold stock of the United States. affected, beginning with December 1942; seasonally adjusted figures NOTE.—For back figures, see Banking and Monetary Statistics, Table for money in circulation, as shown in Banking and Monetary Statistics, 156, pp. 536-538, and for description of statistics see pp. 522-523 in Table 111, p. 414, and described on p. 405, are based on an older series the same publication. of adjustment factors. 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 1 centers 2 City centers City cities City cities 1938 405,929 168,778 204,745 32,406 164,945 186,140 25.1 19.9 1939 423,932 171,382 218,298 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 1946—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 '12.6 36,905 45,142 29.1 19.8 1947—January 93,505 34,305 49,147 10,053 20.6 11.6 31,084 41,925 24.2 17.9 r Revised. 1 National series for which bank debit figures are available beginning with 1919. * Annual figures for 1937-1942 (old series) include 133 centers; annual figures for 1942 (new series) and subsequent figures include 193 centers. 1 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. 290 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] Knd of month c a d o u d b e T u r j a p a u r o t n n o s e s t d i s k n a t d e i l s c t e d s y c a d d o u d e e T u r j a p m t u o r n o s s e t a d i s a t n n e i d l c t d d e s y a d d e T j p u o o s t s a te i l t d s a D d d e e j p u m o s a t s e n it d d s 2 d G U e S m o p n t v a o e i e t t s n e e r i t s d n ts - 3 Total b m C a e n T o r k c m i s m i a - 4 l e ' depo M s b a s a i v u n t i t s n k u g s a 5 s l S S P y a o s v t s i e n t m a g l s « C o b u u r a t r n s e i k n d s c e y 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 ,186 4,761 December 42,548 19,817 37,766 15,035 1,016 21,715 11,019 9,488 ,208 4,782 1937—June 57,258 30,687 51,769 25,198 666 25.905 14,513 10.125 ,267 5,489 December 56,639 29,597 51,001 23,959 824 26,218 14,779 10,170 ,269 5,638 1938—June 56,565 29,730 51,148 24,313 599 26,236 14.776 10,209 ,251 5,417 December 58,955 31,761 53,180 25,986 889 26,305 14,776 10,278 ,251 5,775 1939—June 60,943 33,360 54,938 27,355 792 26,791 15,097 10.433 ,261 6,005 December 64,099 36,194 57,698 29,793 846 27,059 15,258 10.523 ,278 6,401 1940—June 66,952 38,661 60,253 31,962 828 27,463 15,540 10.631 ,292 6,699 December 70,761 42,270 63,436 34,945 753 27,738 15,777 10,658 ,303 7,325 1941—June 74,153 45,521 65,949 37,317 753 27,879 15,928 10,648 . 303 8,204 December 78,231 48,607 68,616 38,992 1,895 27,729 15.884 10,532 ,313 9,615 1942—June 81,963 52,806 71,027 41,870 1,837 27,320 15,610 10,395 ,315 10.936 December 99,701 62,868 85,755 48,922 8,402 28,431 16.352 10,664 ,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—June 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—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 July? 170,400 106,800 143,900 80,300 11,300 52 300 32 700 16,400 200 26 500 August? 170,000 107,200 143,400 80,600 10,200 52,600 33 000 16 400 200 26 600 September? 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 November? 168,500 109,500 141,800 82,800 5,700 53,300 33,400 16,600 3,300 26.700 December? 166,400 109,900 139,500 83,000 2,700 53,800 33,700 16,800 3,300 26,900 1947—January (Jan. 29) P1. 165,200 108,300 139,100 82,200 2,800 54,100 33,900 16,900 3,300 26,100 NOTE.Except on call dates, figure and Table 9, pp. 34-35, for back figures. POSTAL SAVINGS SYSTEM BANK SUSPENSIONS * [In millions of dollars] Member Nonmember Assets Total, banks banks Depos- U. S. Government banks Na- State In- Non- End of month itors' Cash securities Cash tional sured insured bal- in de- reances1 Total posi- serve tory Di- Guar- funds, Number of banks suspended: banks Total rect t a e n e - d etc.* 1934-39 291 15 6 189 81 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 6 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 8 152 1947—jan _Feb 0 1945—Dec.. . 2,933 3,022 6 2,837 2,837 179 Deposits of suspended banks 1946—Feb... 3 013 3,107 5 2,910 2,910 192 (in thousands of dollars):2 Mar... 3,043 3,139 5 2,951 2,951 182 1934-39 125,991 14,61626,548 44,348 40,479 Apr.. . 3 066 3,161 5 2,966 2,966 189 May.. 3,091 3,188 5 2,986 2,986 197 1940 5,943 256 5,341 346 June.. 3,120 3,220 5 3,026 3,026 188 1941 3 726 3,144 503 79 July. . 3,160 3,258 5 3,060 3,060 193 1942 1,702 1,375 327 Aug... 3,188 3,288 6 3,088 3,088 194 1943 6,223 4,982 1,241 Sept.. 3,207 3,306 6 3,114 3,114 186 1944 .... 405 405 Oct 3 235 3 337 6 3 134 3,134 197 1945 0 Nov... 3,260 3,360 6 3,151 3,151 204 1946 0 Dec... ?3,277 1947—Jan.-Feb 0 1947—Jan.... ?3,331 1 Represents banks which, during the periods shown, closed temporarily or permanently on account of financial difficulties; does not P Preliminary. include banks whose deposit liabilities were assumed by other banks 1 Outstanding principal, represented by certificates of deposit. at the time of closing (in some instances with the aid of Federal Deposit 8 Includes working cash with postmasters, 5 per cent reserve fund Insurance Corporation loans). and miscellaneous working funds with Treasurer of United States, ac- 2 Deposits of member banks and insured nonmember banks suscrued interest on bond investments, and accounts due from late post- pended are as of dates of suspension, and deposits of noninsured nonmasters. member banks are based on the latest data available at the time the Back figures.—See Banking and Monetary Statistics, p. 519; for suspensions were reported. description, see p. 508 in the same publication. Back figures.—See Banking and Monetary Statistics, pp. 283-292; for description, see pp. 281-282 in the same publication. MARCH 1947 291 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 Olass of bank Number cal a l n d d ate Total Loans Total G U m ov . e e n r S t n . - s O e t c h u e r r - Total1 I b n a t n e k r ^ - m D a e n - d Time of banks obliga- ities tions AH 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—Dec. 31... 140,227 30,355 109,872 101,295 8,577 165,612 14,065 105,923 45,623 14,553 1946—Tune 29... 136,572 31,486 105,087 95,911 9,175 159,171 12.311 98,043 48,817 14,567 Dec. 31 e ., 131,900 35,800 96,100 86,700 9,400 155,150 12,500 91,950 50,700 14,586 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 1043—-Dec. 31 85,095 19,117 65,978 59,842 6,136 105,923 11,012 75,561 19,350 14,034 IQ44—Dec. 30 105,530 21,644 83,886 77,558 329 lr>8,072 12,245 91,644 24.183 13,99? 1945—Dec. 31 124,019 26,076 97,943 90,613 7,331 150,227 14,065 105,023 30,238 14,011 1946—June 29 119,448 27,130 92,318 84,473 7,845 142.800 12,311 08,043 32,536 14,026 Dec. 31« 114,200 31,250 82,950 74,900 8,050 138,300 12,500 91,950 33,850 14,045 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 1041—Dec. 31 49,288 21,258 28,030 21,046 6,984 60,411 10,654 43,061 15.607 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 1043—Dec. 31 83,507 18,841 64,666 58,683 5,983 104,094 10,705 74,300 19.C81 13,270 1944_Dee. 30 103,382 21,352 82,030 75,875 6,155 125,714 12,074 89,761 23,879 13,263 1945—Dec. 31 121,809 25,765 96,043 88,912 7,131 147,775 13,88? 104,015 20,876 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 AH member banks: 1038—Dec. 31... 32,070 13,208 18,863 13,223 5,640 43,363 7,153 24,842 11.360 6,338 1939—Dec. 30... 33,941 13,962 19,970 14,328 5.651 40,340 9.410 28,231 11,600 6,362 1040—Dec. 31... 37,126 15,321 21,805 15,823 5.982 56,430 10,423 33,829 12,178 6,486 1041—Dec. 312 43 521 18,021 25,500 19,530 5,961 61.717 10.525 38,846 12,347 6,619 1042—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 52,048 5,022 92,262 10,555 66,438 15,268 6,738 1044—Dec. 30.. 91,569 18,676 72,893 67,685 5,208 110,017 11,884 79,774 19,259 6,814 1045—Dec. 31... 107,183 22,775 84,408 78,338 6,070 120,670 13,640 91,820 24,210 6,884 1946—Tune 29... 102 032 23,302 78,729 72.272 6,4*8 122,519 11,801 84.602 26,115 6,887 Dec. 31... 96,362 26,606 69,666 63,042 6,625 118,170 12,060 78.920 27,190 6,900 All national banks: 1038—Dec. 31 20,903 8,469 12,434 8,601 3,743 27,006 IS,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 1040—Dec. 31 . . 23,648 10.004 13,644 9,735 3,908 35,787 6,574 20,885 8,329 5,144 1941—Dec. 3\ 27,571 11,725 15,845 12,039 3,806 39,458 6, 786 24,350 8,322 5,117 1042—Dec. 31 37,576 10,183 27,393 23,744 3,648 50,468 7,400 34 400 8,570 5,081 1043—Dec. 31 47,490 10.116 37,382 34,065 3,318 59,061 7,158 42,605 10,196 5,040 1044—Dec. 30 58,308 11,480 46,828 43,292 3,536 71,858 8,056 50,000 12,901 5,025 1945—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 Dec. 31 63,723 17,272 46,451 41,658 4,793 78,775 8,169 52,194 18,412 5,007 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. 31* 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—Dec. 31 37,871 8,850 29,021 27.089 1,933 44,730 4,411 32,334 7,986 1,867 1946—Tune 29 35,754 8,834 26,921 25,000 1,921 42,307 3,986 29,672 8,649 1,875 Dec. 31 32,639 9,424 23,216 21,384 1,832 39,395 3,890 26,726 8,779 1,893 « Estimated. Figures have been rounded to nearest 50 million. * T h e, - . - . . . -- . . . . . • . . of the Cur 1-BeRi- 525 million at all insured commercial banks. 2 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." 8 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. 292 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS IN THE UNITED STATES, BY CLASSES*—Continued LOANS, INVESTMENTS, DEPOSITS, AND NUMBER OF BANKS [Amounts in millions of dollars] Loans and investments Deposits 1 Investments Other Class of bank and o N f u b m a b n e k r s call date Total Loans Total G U m ov . e e n S r t n . - s O e t c h u e r r - Total1 I b n a t n e k r- 1 m D a e n - d Time obliga- ities tions All 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 L 264 9 539 464 5 470 3 605 7,661 1942—Dec. 31 8,135 3,132 5,003 3 829 1,174 10,864 318 6,872 3 674 7,460 1943—Dec 31 .... 10,847 2,832 8 014 6 899 L 115 13 671 457 9 123 4 091 7,299 1944—Dec. 30 .. 13,972 2,971 11 002 9 880 [ 122 17,168 362 11 870 4 936 7,181 1945—Dec. 31 16,849 3,303 13,546 12 284 1,262 20,571 426 14,104 6 042 7,130 1946—June 29 17,430 3,830 13,600 12,212 1,388 20,387 510 13,441 6,436 7,142 Dec. 31 • . 17,850 4,550 13,300 11,850 4S0 20,150 450 13,050 6,650 7,148 Insured nonmember commercial banks: 1938—Dec 31 5,399 2,813 2 586 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 2,818 4 166 3 162 1 004 9 535 145 5 981 3 409 6,667 1943—Dec 31 9,258 2,556 6,702 5,739 962 11,842 149 7,870 3,823 6,535 1944—Dec 30 11,824 2,678 9 146 8 197 949 14 809 190 9 987 4 632 6,452 1945—Dec. 31 14,639 2,992 11,647 10 584 1,063 18,119 244 12 196 5 680 6,416 1946—June 29 15,392 3,491 11,901 10,716 1,185 18,108 206 11,857 6,045 6,446 Noninsured nonmember commercial banks: 1938—Dec 31 1,199 343 856 565 291 1 269 230 8^6 193 997 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 1 1 9 9 4 4 1 2 — —D D e e c c . 3 3 1 1s 4 1 1 , , 4 1 3 5 4 1 3 4 1 5 4 2 9 8 8 3 2 7 7 6 4 6 2 7 2 1 3 7 9 0 1 1 ,3 8 2 3 9 7 3 1 3 7 5 3 1 8 2 9 5 1 5 2 26 4 5 7 8 7 5 9 1 3 1943—Dec. 31 1,588 276 1 312 1 160 153 1 829 307 1 253 269 764 1944—i>c 30 2,148 292 1,856 1,682 174 2,358 171 1.883 304 729 1945—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 AH mutual savings banks: 1938—Dec 31 10,162 4 897 5 265 2 883 2 38^ 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 2?4 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 8 378 1 232 13 376 13,376 543 1945—Dec 3\ 16,208 4,279 11 028 10 682 1 246 15 385 15 385 542 1946—Tune 29 17,125 4,356 12 769 11 438 1 331 16 281 16 281 541 Der 31 • 17,700 4,550 13,150 11,800 1,350 16,850 16,850 541 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 1940—Dec 31 1,655 637 1,018 548 470 1,818 1,818 53 1941—Dec 312 1,693 642 1,050 629 421 1,789 1,789 52 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 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 193Q—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—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. 292. 293 MARCH 1947 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 L. S. Government obligations Oblimer- purchasing ga- Total cial, or carrying tions Class of bank loans in- Agri- securities Real- Direct of and and clud- Con- StatesOther call date i m nv e e n s t t s - Total o m p i k n e a e g n r t - - t c a u u l r l l - - b a T e r n o r o d s k- o T th o - l t o e a a s t - e ns s l u o m an e s r loans Total Total Bills C o d c e f a e r t b t i e i n t f s - i - - Notes Bonds G t a e u n e a d - r- p s a o c u n l a b i d l t - i- r s i e t c ie u s pa- deal- ers ed- diviper1 ers ness sions All insured commercial banks: 104O T)ec 31 42,556 18,394 7,1781,281 663 727 4,468 4,077 24,161 17,063 662 2,756 9,9253,7193 6083,491 1941—Dec. 31. . 49[288 21,258 9,214 1,450 614 662 4,773 4,545 28,030 21,046 988 3,15912,7974,1023^6513,333 1942—Dec. 31. . 66,240 18,903 7,7571,642 950 597 4,646 2,269 1,04247,336 40,705 4,462 6,727 5,79920,9992,7183,5333,098 1943—Dec. 31.. 83,507 18,841 7,7771,505 1,414 922 4,437 1,868 918 64,666 58,683 4,63613,218 7,67230,6562,5013,2872,696 1944—Dec. 30 . 103,382 21,352 7,9201,7232,2692,2654,343 1,888 944 82,030 75,875 3,971 15,300 15,77839,848 978 3,4222,733 1945—Dec. 31. .121,809 25,765 9,461 1,3143,1643,6064,677 2,361 1,18196,043 88,912 2,455 19,071 16,04551,321 223,8733,258 1946—June 29.. 117,409 26,791 10,3341,3662,4172,6565,7383,069 1,21190,618 82,977 1,220 17,637 12,00452,092 24 3,9733,668 Member banks, total: 37,126 15,321 6,660 865 642 652 3,228 3 273 21,805 15,823 652 2,594 9,0913,4863,013 2,970 1 1 1 j. ~ 9 9 9 T 4 4 4 ^ 1 J 2 0 L — —T D D x^ \ t e e ;ev c cc- « . . 3 * 33 -9 1 1 1 * . - 2 .. . • 5 4 9 3 ,' 5 2 2 6 1 3 1 1 8 6 , , 0 0 2 8 1 8 8 7 , , 6 3 7 8 1 71,0 9 8 7 9 2 9 5 3 9 4 4 5 5 3 9 8 8 3 3, , 4 4 2 9 3 4 1,84 3 7 [692 870 4 2 3 5 , , 1 5 7 0 5 0 3 1 7 9 , , 5 53 4 9 6 4,3 9 6 71 3 6,285 5 3 , ,0 4 0 0 7 9 1 1 1 8 , , 7 9 2 4 9 8 3 2 [ 8 5 3 4 2 0 3 2^ 0 96 9 5 02 2, , 6 8 6 7 4 1 1943—Dec. 31. . 74,258 16,288 7,421 1,023 1,398 839 3,274 1,484 848 57,970 52,948 4,36012,071 6,90627,2652,3452,729 2,294 1944—Dec. 30. . 91,569 18,676 7,5311,198 2,2492,1083,209 1,505 877 72,893 67,685 3,74813,982 14,12734,927 902 2,857 2,350 1945—Dec. 31. . 107,183 22,775 8,949 855 3,1333,3783,455 1,900 1,10484,408 78,338 2,27516,985 14,27144,792 163,2542,815 1946—Tune 29.. 102,032 23,302 9,685 877 2,3952,4804,267 2,464 1,13378,729 72,272 1,072 15,292 10,46745,420 203,3073,151 Sept. 30.. 99,706 24.775 74,931 68,232 .... . 3,617 3,082 Dec. 31. . 96,362 26,696 13^54 884 1^5061 [4675^3583^308i[62669,666 63,042 iil67 10i043 * 5[60246\219 3,5483,077 New York City*: 1940—Dec. 31. . 10,910 3,384 2,125 6 465 190 130 468 7,527 6,044 207 1,245 2,977 1,615 695 788 1 1 JL 0 9 Zr 4 4 T 1 ^ 2 ± — r D 1 \ —e e 'c V c - . \^ • 3 3 v 1 1 / X . a . • 1 1 7 2 ^ 9 8 5 9 7 6 4 4 , , 0 1 7 1 2 6 2 2 , ,8 5 0 4 7 6 21 8 4 7 1 8 2 7 1 1 6 9 9 3 1 11 2 7 3 30 5 3 54 148 1 8 3 , , 8 8 2 4 3 1 1 7 2 [5 2 4 6 7 5 1,8 3 5 1 5 1 2,144 2 1 , ,6 0 2 5 3 6 3 5 , , 6 4 5 2 2 0l 1 [ 0 6 7 7 1 9 5 72 9 9 3 8 7 3 0 0 1 1943—Dec. 31.. 19,994 4,428 2,515 24 1,054 323 107 252 153 15,566 14,563 1,328 3,409 1,829 7,014 984 444 558 1944—Dec. 30.. 24,003 5,760 2,610 30 1,742 859 86 253 179 18,243 17,179 913 3,740 3,745 8,592 189 468 596 1945—Dec. 31.. 26,143 7,334 3,044 2,4531,172 80 287 298 18,809 17,574 477 3,433 3,32510,337 1 606 629 1946—Time 29. . 23,304 6,506 3,169 1,852 798 83 378 226 16,798 15,646 201 2,980 2,229 10,234 1 535 618 Sept. 30.. 21.972 6,258 15,714 14,410 . 693 611 Dec. 31.. 20,834 6,368 4^078 1,096 "389 "99 "455 *25014,465 13,308 "387 *i[725 992 i6*,2O2 557 601 Chicago:* 1940—Dec. 31.. 2,377 696 492 5 42 54 19 8 1,681 1,307 297 145 752 112 188 186 1 19 9 4 4 2 1 — — D £) eeCct. 3 3 1 1 .# . . 2 3 , , 7 9 6 7 0 3 9 8 5 3 4 2 6 73 5 2 8 6 6 4 3 8 4 5 3 2 2 2 2 2 3 62 96 18 3 1 , , 1 80 4 6 1 2 1 , ,4 7 3 8 0 9 3 2 9 5 7 6 637 3 1 9 5 1 3 1,2 9 8 0 2 3 1 8 1 3 9 1 1 8 6 2 6 1 1 8 9 6 3 1943—Dec. 31.. 4,554 1,004 763 6 102 52 22 45 14 3,550 3,238 199 877 484 1,602 74 158 155 1944—Dec. 30. . 5,443 1,184 738 17 163 163 24 45 34 4,258 3,913 250 1,045 779 1,809 31 160 185 1945—Dec. 31.. 5,931 1,333 760 2 211 233 36 51 40 4,598 4,213 133 1,467 749 1,864 181 204 1946—June 29. . 5,167 1,329 804 1 188 185 43 76 32 3,837 3,485 14 1,042 529 1,900 153 200 Sept. 30.. 4,972 1,370 3 602 3 260 148 194 Dec. 31. . 4,765 1,499 1,094 3 117 101 51 105 29 3,266 2,912 60 498 146 2,207 167 187 Reserve cUy banks 1940—Dec. 31 . 13,013 5,931 2,589 263 115 207 1,436 1,322 7,081 5,204 103 771 3,281 1 049 984 893 1941—Dec. 31.. 15,347 7,105 3,456 300 114 194 1,527 1,512 8,243 6,467 295 751 4,248 1,173 956 820 1942—Dec. 31. . 20,915 6,102 2,957 290 97 153 1,486 808 312 14,813 13,038 1,441 "l, 253 1,723 6,810 811 954 821 1943—Dec. 31.. 27,521 6,201 3,058 279 217 267 1,420 658 301 21,321 19,682 1,802 4,691 2,497 9,943 749 913 726 1944—Dec. 30.. 33,603 6,822 3,034 348 311 777 1,379 660 313 26,781 25,042 1,704 5,730 5,181 11,987 440 1,000 740 1945—Dec. 31.. 40,108 8,514 3,661 205 427 1,503 1,459 855 404 31,594 29,552 1,034 6,982 5,65315,878 5 1,126 916 1946—Tune 29. . 37,675 8,862 3,932 197 321 1,142 1,743 1,073 453 28,813 26,585 410 6,038 4,014 16,116 71,194 1,034 Sept. 30.. 36,706 9,814 26,892 24,614 1,269 1,009 Dec. 31. . 35,351 10,825 5^548 201 "264 704 2',237i',436 '435 24,527 22,250 441 '3,799 i',99316 ',013 41,272 1,004 Country banks: 1940—Dec. 31. . 10,826 5,309 1,453 590 21 201 1,644 1,400 5,517 3,269 45 433 2,081 710 1,146 1,102 1941—Dec. 31. . 12,518 5,890 1,676 659 20 183 1,823 1,530 6,628 4 377 110 481 2,926 861 1,222 1,028 1942—Dec. 31. . 16,419 5,038 1,226 772 17 161 1,797 674 393 11,380 9,172 671 1,251 1,240 5,436 574 1,252 956 1943—Dec. 31. . 22,188 4,654 1,084 713 25 197 1,725 528 381 17,534 15,465 1,032 3,094 2,096 8,705 538 1,214 855 1944—Dec. 30. . 28,520 4,910 1,149 802 32 310 1,719 547 351 23,610 21,552 882 3,466 4,422 12,540 241 1,230 829 1945—Dec. 31 35 002 5,596 1,484 648 42 471 1,881 707 363 29,407 26,999 630 5,102 4,544 16,713 9 1 3421,067 1946—June 29. . 35,886 6,605 1,781 679 34 354 2,398 937 422 29,281 26,556 447 5,231 3,69617,170 12 l',4261,299 Sept. 30.. 36,056 7,334 28,722 25,948 1,507 1,268 Dec. 31. . 35,412 8,004 2,433 681 "*29 " 2732^9701,312 *30627,408 24,572 *279'4!626 "2,47017^797 61,551 1,285 Insured nonmember commercial banks: 1940—Dec. 31. . 5,429 3,074 518 416 21 751,240 803 2,356 1,240 10 162 834 234 595 521 1941—Dec. 31. . 5,774 3,241 543 478 20 64 1,282 854 2,533 1,509 17 152 1,069 271 563 462 1942—Dec. 31. . 6,984 2,818 370 553 16 59 1,225 422 173 4,166 3,162 99 442 390 2,053 179 569 435 1943—Dec. 31.. 9,258 2,556 356 482 16 82 1,165 385 70 6,702 5,739 276 1,147 766 3,395 156 560 403 1944—Dec. 30. . 11.824 2,678 389 525 21 156 1,136 383 67 9,146 8,197 223 1,319 1,652 4,928 76 566 383 1945—Dec. 31. . 14,639 2,992 512 459 31 228 1,224 460 77 11,647 10,584 180 2,087 1,774 6,538 6 619 443 1946—June 29. . 15,392 3,491 649 488 21 176 1,473 605 79 11,901 10,716 147 2,346 1,538 6,682 4 667 518 * 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. 8 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." » Central reserve city banks. 294 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 Federa in Wlth 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 1Cserve 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 3,99f 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 1,24823,740 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 1,34612,941 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 61( 2,724 913 29,576 141 56 435 11,687 5,698 1941—Dec. 312 12,396 1,087 6,246 33,754 9, 7lz 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 10,88] 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 1,24322,179 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 1,33912,009 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. 31.. 16,015 1,576 5,936 70,24310,644 1,353 2,672 4,915 2,207 69,127 62 114 551 26,525 30 8,095 New York Cityfi 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 23 711 1,727 1943—Dec. 31. . 3,596 92 61 13,899 2,867 810 3,395 252 710 14,373 4 c; 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 11< 2 9S4 1 213 2,112 246 768 16,657 27 7 17 1,400 c 2,196 Dec. 31.. 4,046 131 87 16,429 3,031 1,195 651 218 942 17,216 20 15 39 1,395 2,205 Chicago:3 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 1 505 326 1944—Dec. 30. . 899 43 177 3,041 1,132 16 1,400 167 33 3,100 1 619 354 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 1S^? 2 779 394 Sept. 30.. 900 24 156 3,287 1,026 24 525 234 44 3,335 2 1 792 397 Dec. 31. . 928 29 172 3,356 1,130 24 152 228 47 3,495 2 4 823 404 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. 31. . 6,337 532 1 923 24,221 5,417 127 991 2 077 693 24,288 25 43 235 10,580 4 2,729 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. . 4,703 883 3 753 26,237 1,067 8 877 2 391 524 24,128 17 55 272 13,727 26 2,757 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 6 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 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 P. 294. Back figures.—See Banking and Monetary Statistics, Tables 18-45, pp. 72-103 and 108-113. 295 MARCH 1947 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 Com- Total Date or month i l n o a v n a e n d s s t- i m c n i d e a u r l - , s - I j a T n o d b d r e o a k l e e r r s s To others Real Loans t C if e i- r- Other ments Total trial, estate to Othei Total cates secut a a c u g u n r r l d a i - - l G U t l i o i o o g . b n v a S - - s t . . O c t s u t i e h e r - s i e - r U ^ l t o i i o g o b . v a S n - - t . s . O c t s u t i e h e r - s i e - r loans banks Total Bills o d n e f e e d b i s - n t s - - Notes Bonds1 rities Total—101 Cities 1946—January 68,066 15,367 7,272 1,675 7742,345 4321,102 631,70452,699 49,325 1,84912,518 7,981 26,9773,374 September. ., 59,198 5,318 8,841 845 5321,125 4271,395 1232,030 43,88040,401 7,756 4,782 27,1703,479 October. 8,383 15,685 9,495 704 430 973 4141,447 1352,087 42,69839,234 6,643 4,531 27,2273,464 November. . 7,671 6,450 10,044 888 409 866 4211,497 171 41,221 37,833 614 5,727 4,395 27,0973,388 December. . . 6,883 6,763 10,278 873 486 733 4271,542 1622,262 40,12036,724 746 5,373 3,601 27,0043,396 1947—January. :5,879 6,530 10,377 697 389 596 4321,584 1342,321 39,34935,960 730 5,253 3,054 26,923 ,389 1946—Dec. 4. 57,583 16,606 10,171 925 422 794 4151,520 1482,21140,977 37,623 671 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. -.6,86516,89410,351 753 603 723 4301,541 2232,270 39,971 36,559 ,010 5,382 3,131 27,036 3,412 Dec. 24. 56,173 16,920(10,334 866 579 700 4271.553 1832,278 39,25335,837 567 5,254 3,064 26,952 ,416 Dec. 31. 6,153 16,694 10,251 947 428 682 4341,563 672,32239,459 36,029 886 5,202 3,038 26,9033,430 1947—Jan. 8 5,601 16,412 10,226 745 404 626 4311,568 1082,30439,18935,802 646 5,225 26,8883,387 Jan. 15 56,073 16,452 10,339 669 388 611 4331,583 1062,32339,621 36,231 ,044 5,203 26,9593,390 Jan. 22 56,036 16,48 10.444 616 382 585 4301,591 119 2,31639,55336,171 838 5,338 26,9433,382 Jan. 29 55,805 16,77410,499 758 382 562 436 1,597 2012,33939,031 35,636 392 5,245 3,096 26,9033,395 Feb. 5 55,567 16,589 10,573 551 368 561 426 1,602 1722,336 38,97835,592 508 5,027 3,126 26,9313,386 Feb. 12 55,286 16,76010,673 673 362 557 4291,613 972,35638,52635,139 305 4,759 3,136 26,9393,387 Feb. 19 55,116 16,793 10,648 684 415 553 4321,621 1122,32838,32334,949 398 4,527 3,096 26,9283,374 Feb. 26 55,056 16,885 10,712 723 363 555 4151,633 2,33638,171 34,790 361 4,408 3,104 26,9173,381 New York City i946—January 23,754 6,412 2,837 1,317 570 918 185 45 47717,342 16,244 553 3,492 2,699 9,5001,098 September 19,870 5,563 3,346 660 341 370 178 99 50214,307 13,187 158 2,132 1,398 9,499 1,120 October 19,627 5,547 3,557 545 266 316 168 112 51314,08012,963 301 1,872 1,320 9,4701,117 November 19,264 5,869 3,692 744 255 258 176 151 52113,395 12,340 155 1,521 1,337 9,327 1,055 December 19,082 5,94 3,781 708 330 189 172 141 54813,139 12,088 250 1,466 1,069 9,3031,051 1947—January 18,610 5,676 3,827 558 246 123 181 103 56312,93411,893 242 1,511 960 9,1801,041 1946—Dec. 4. . 19,223 5,903 3,719 782 265 225 167 130 54213,32012,287 180 1,416 1,317 9,3741,033 Dec. 11. . 19,150 5,932 3,778 738 244 219 170 169 53913,21812,188 74 1,403 1,395 9,3161,030 Dec. 18. . 19,300 6,044 3,826 594 443 182 173 197 55513,256 12,193 477 1,503 882 9,331 1,063 Dec. 24. . 18,861 6,036 3,801 694 420 166 173 160 54812,825 11,762 152 1,488 858 9,264 1,063 Dec. 31. . 18,878 5,801 3,776 734 273 155 179 51 55813,07712,013 369 1,522 892 9,230 1,064 1947—Jan. 8. . 18,513 5,633 3,781 579 253 131 178 86 55112,88011,833 187 1,505 929 9,212 1,047 Jan. 15.. 18,614 5,602 3,794 532 246 126 181 84 13,012 11,965 362 1,482 927 9,194 ,047 Jan. 22.. 18,674 5,587 3,848 484 242 120 178 81 13,087 12,050 368 1,549 968 9,165 1,037 Jan. 29. . 18,639 5,88: 3,883 637 244 117 185 164 57812,757 11,724 52 1,507 1,015 9,150 1,033 Feb. 5 18,444 5,634 3,913 438 238 116 173 113 569 12,81011,786 111 1,422 1,049 9,2041,024 Feb. 12 18,279 5,775 3,956 560 239 118 178 74 57512,50411,483 5 1,198 1,065 9,215 1,021 Feb. 19 18,224 5,769 3,924 556 260 116 179 94 564 12,455 11,440 144 1,030 1,059 9,207 1,015 Feb. 26 18,191 5,85 3,968 606 231 11 169 118 57112,33411,323 14 1,017 1,080 9,212 1,011 Outside New York City 1946—January 44,312 8,955 4,435 358 204 1,427 2471,039 181,22735,35733,081 1,296 9,026 5,282 17,4772,276 September 39,328 9,755 5,495 185 191 755 2491,328 241,528 29,57327,214 535 5,624 3,384 17,671 ,359 October 38,756 10,138 5,938 159 164 657 2461,377 231,574 28,61826,271 532 4,771 3,211 17,757 ,347 November 38,407 10,581 6,352 144 154 608 2451,425 201,633 27,82625,493 459 4,206 3,058 17,770 ,333 December 37,801 10,820 6,497 165 156 544 2551,468 211,714 26,981 24,636 496 3,907 2,532 17,701 ,345 1947—January 37,269 10,854 6,550 139 143 473 2511,509 311,758 26,41524,067 488 3,742 2,094 17,7432,348 1946—Dec. 4 38,36010,703 6,452 143 157 569 248 1,447 181,669 27,65725,336 491 4,116 3,028 17,7012,321 Dec. 11 38,491 10,771 6,509 137 154 548 2581,456 19 1,69027,72025,384 522 4,094 3,032 17, ,336 Dec. 18 37,565 10,850 6,525 159 160 541 2571,467 26 1,71526,71524,366 533 3,879 2,249 17,7052,349 Dec. 24 37,312 10,884 6,533 17 159 534 254 1,479 23 1,"73"0'26,42824,075 415 3,766 2,206 17,6882,353 Dec. 31 37,275 10,893 6,475 213 155 527 255 1• ,4•8 —8 161,764 26,38224,016 517 3,680 2,146 17,673 2,366 1947—Jan. 8 37,088 10,779 6,445 166 151 49 2531,494 1,75326,30923,969 459 3,720 2,114 17,6762,340 Jan. 15 37,459 10,850 6,545 13 142 485 2521,508 1,75926,60924,266 682 3,721 2,098 17,7652,343 Jan. 22 37,362 10,896 6,596 13 140 465 2521,516 1,75726,46624,121 470 3,789 2,084 17,7782,345 Jan. 29 37,166 10,89 6,616 121 138 445 2511,523 1,76126,27423,912 340 3,738 2,081 17,7532,362 Feb. 5 37,123 10,955 6,660 113 130 44. 2531,528 1,76726,16823,806 39 3,605 2,07 17,7272,362 Feb. 12 37,007 10,985 6,7r 11 123 439 2511,538 1,78126,02223,656 300 3,561 2,071 17,724 2,366 Feb. 19 36,892 11,02 6,724 128 155 437 2531,545 1,764 25,86823,509 254 3,497 2,037 17,7212,359 Feb. 26 36,865 11,028 6,744 117 132 438 2461,556 1,76525,83 23,46' 34 3,391 2,024 17,7052,370 1 Direct and guaranteed. Back figures.—See Banking and Monetary Statistics, pp. 127-227. 296 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, Interbank except interbank except interbank deposit3 Reserves Bal- De- Indi- Indi- Domestic Date or month B s w F e R e a e r i r e a n t d v - h l k - e s C v a a in s u h lt m b a w a n d e n i o c s t e - k h ti s s c j m p u a o d s a d t e s n e i - - t d d s 1 s p p u v n h c a a o a i o e n i d r l r p r r d s t a - - - s - , - , S p s d s a i i o t u c i o n a v l b a n i d t i l t - e - s - s c C c h a o f e e e i f e n t e f r r c c i d t s d . - k i ' - s, U m G er . o e n v n S - - t . s p p u v n c h a o a a o i n 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 c i o n a v l b a n d i t i - l t e - s - s P U m G S e i a o n . r a o n e s n g v n d 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 t a s b n ' - k tions tions Total—101 Cities 1946—January... 10,218 592 2,43137,64837,888 1,997 1,254 16,237 9,372 102 44 10,790 31 1,189 200 4,995 69,711 September . 10,228 618 2,10939,57839,846 2,235 1,195 5,421 10,093 150 58 9,298 28 1,321 207 5,211 64,442 October 10,142 609 2,13939,42539,827 2,258 1,139 4,621 10,154 148 59 9,288 28 1,302 175 5,230 69,458 November.. 10,209 647 2,13239,75140,448 2,280 1,193 3,45210,175 , 154 60 9,369 27 1,307 253 5,251 68,168 December.. 10,369 673 2,17740,37040,975 2,255 1,350 2,30410,191 163 62 9,392 27 1,269 197 5,251 82,047 1947—January... 10,305 635 2,18039,98240,331 2,243 1,299 1,544 10,291 159 69 9,382 27 1,290 160 5,248 73,009 1946—Dec. 4.... 10,320 643 2,12239,99940,178 2,248 1,217 3,311 10,169 162 60 9,406 27 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 27 1,249 219 5,248 15,707 Dec. 18.... 10,469 710 2,22641,01041,840 2,275 1,481 1,484 10,171 164 60 9,582 27 1,289 299 5,253 21,663 Dec. 24.... 10,489 663 2,12040,53640,977 2,238 1,196 1,554 10,192 161 62 9,219 27 1,272 283 5,243 16.771 Dec. 31.... 10,111 639 2,23439,98140,922 2,269 1,524 1,795 10,256 165 69 9,415 27 1,271 6 5,255 18,395 1947—Jan. 8.... 10,417 656 2,13639,84440,028 2,158 1,200 1,416 10,292 173 69 9,430 27 1,281 133 5,249 17,780 Jan. 15.... 10,330 626 2,33340,10040,999 2,222 1,312 1,487 10,281 161 68 9,760 27 1,287 96 5,242 16,409 Jan. 22.... 10,297 618 2,19540,08240,431 2,255 1 ,368 1,567 .10,296 150 70 9,445 27 1,304 124 5,249 16,717 Jan. 29.... 10,177 639 2,05539,90239,866 2,339 1,314 1,706 10,295 153 69 8,891 27 1,288 288 5,249 16,375 Feb. 5.... 10,173 581 2,02339,42439,269 2,321 1,122 1,845 10,313 161 70 8,910 27 1,292 244 5,268 17,184 Feb. 12 10,090 609 2,03339,10539,306 2,345 1,168 1,901 10,324 163 70 8,832 27 1,288 263 5,271 12,854 Feb. 19.... 9,924 610 2,08738,75839,271 2,233 1,205 1,922 10,360 166 70 8,897 25 1,315 214 5,268 18,996 Feb. 26 9,999 617 2,05238,68639,143 2,289 1,167 2,00610,393 164 70 8,745 25 1,295 309 5,271 15,307 New York City 1946—January... 3,654 91 28 13,53413,934 214 739 6,263 1,118 20 10 3,356 1 1,059 119 1,922 34,165 September . 3,763 109 29 14,35114,748 194 685 1,863 1,258 16 7 2,911 1 1,171 95 1,982 27,864 October 3,709 106 28 14,37014,740 262 652 1,576 1,268 18 7 2,869 1 1,149 86 1,989 29,401 November.. 3,732 119 27 14,51114,923 302 698 1,159 1,254 28 7 2,809 1 1,151 98 2,001 28,843 December.. 3,802 121 30 14,73515,233 226 783 766 L ,253 38 9 2,903 1 1,117 102 1,999 36,905 1947—January... 3,780 112 25 14,49214,879 200 77? 486 L.273 27 15 2,922 1 1,138 71 1,998 31,084 1946—Dec. 4 3,770 114 25 14,53314,820 245 679 1,116 1,255 38 7 2,884 1 1,110 100 2,003 6,902 Dec. 11.... 3,856 130 27 14,62315,090 241 810 1,134 L,248 38 7 2,819 1 1,098 106 2,000 6,674 Dec. 18 3,893 130 33 15,08315,689 241 904 481 1,250 37 7 3,083 1 1,138 155 2,000 10,158 Dec. 24 3,869 119 30 14,82315,231 200 676 504 1,253 38 7 2,850 1 1,121 151 1,904 7,647 Dec. 31.... 3,622 113 31 14,61015,334 200 847 594 L.260 41 15 2,881 1 1,120 1,996 8,285 1947—Jan. 8 3,846 120 24 14,51314,845 176 675 456 1,275 41 15 2,903 1 1,131 51 1,997 7,665 Jan. 15.... 3,776 104 27 14,45915,011 188 759 466 L,270 30 15 3,023 1 1,132 22 1,997 6,800 Jan. 22.... 3,762 111 25 14,51414,885 209 839 489 L ,276 20 15 2,956 1 1,149 56 1 ,998 7,023 Jan. 29 3,735 113 23 .14,48314,776 226 815 536 L ,271 18 15 2,803 1 1,141 155 1,998 6,991 Feb. 5.... 3,755 103 20 14,27114,549 182 659 573 1,272 18 15 2,822 1 1,146 130 2.007 7,817 Feb. 12.... 3,679 105 22 14,10014,450 178 692 587 1,271 18 15 2,734 1 1,149 122 2,008 5,238 Feb. 19.... 3,595 102 27 13,98014,439 171 707 591 1,276 19 15 2,788 1 1,170 35 2,004 7,787 Feb. 26.... 3,681 106 27 14,04214,509 172 674 602 1,281 18 15 2,684 1 1,155 130 2,002 6,176 Outside New York City 1946—January... 6,564 501 2,40324,11423,954 1,783 515 9,974 8,254 82 34 7,434 30 130 81 3,073 35,546 September . 6,465 509 2,08025,22725,098 2,041 510 3,558 8,835 134 51 6,387 27 150 112 3,229 36,578 October 6,433 503 2,11125,05525,087 1,996 487 3,045 8,886 130 52 6,419 27 153 89 3,241 40,057 November.. 6,477 528 2,10525,24( 25,525 1,978 495 2,293 8,921 126 53 6,560 26 156 155 3,250 39,325 December.. 6,567 552 2,14725,63525,742 2,029 567 1,538 8,938 125 53 6,489 26 152 95 3,252 45,142 1947—January... 6,525 523 2,15525,49025,452 2,043 527 1,058 9,018 132 54 6,460 26 152 89 3,250 41,925 1946—Dec. 4.... 6,550 529 2,097 25,46625,358 2,003 538 2,195 8,914 124 53 6,522 26 157 81 3,254 8,950 Dec. 11.... 6,601 580 2,157 25,69925,867 2,002 524 2,241 8,921 123 54 6,518 26 151 113 3,248 9,033 Dec. 18 6,576 580 2,19325,92726,151 2,034 577 1,003 8,921 127 53 6,499 26 151 144 3,253 11,505 Dec. 24 6,620 544 2,09025,71325,746 2,038 520 1,050 8,939 123 55 6,369 26 151 132 3,249 9,124 Dec. 31.... 6,489 526 2,20325,37125,588 2,069 677 1,201 8,996 124 54 6,534 26 151 6 3,259 10,110 1947—Jan. 8.... 6,571 536 2,11225,33125,183 1,982 525 960 9,017 132 54 6,527 26 150 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 .26 155 74 3,245 9,609 Jan. 22.... 6,535 507 2,17025,56825,546 2,046 529 1,078 9,020 130 55 6,489 26 155 68 3,251 9,694 Jan. 29.... 6,442 526 2,03225,41925,090 2,113 499 1,170 9,024 135 54 6,088 26 147 133 3,251 9,384 Feb. 5.... 6,418 478 2,00325,15324,720 2,139 463 1,272 9,041 143 55 6,088 26 146 114 3,261 9,367 Feb. 12.... 6,411 504 2,01125,00524,856 2,167 476 1,314 9,053 145 55 6,098 26 139 141 3,263 7,616 Feb. 19 . < 6,329 508 2,06024,77824,832 2,062 498 1,331 9,084 147 55 6,109 24 145 179 3,264 11,209 Feb. 26.... 6,318 511 2,02524,64424,634 2,117 493 1,404 9,112 146 55 6,061 24 140 179 3,269 9,131 * Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection. 8 Monthly and weekly totals of debits to demand deposit accounts except interbank and U. S. Government accounts. 297 MARCH 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 merd 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 i#n m a v e n e n d s t t- Total i t t a c n a c u r g i u i d n r a a r l d u a l i - l , - l s , - G U a t T l i o i n o o . o g b d v n a - S b - s t . . d r e o O a k : t l u s e t i e e h e r r r - i s s e s - r G U l t T o o i i . b v o g o S a t - n o . - . s t O h c e t t s u i r h e r e i e s - s - r e l R s o e t a a a n t l s e b L a o t n a o k n ! :O l t o h a e n r s Total Total Bills o d c C n t f e a e i e d e f b t s i i e r - n - t s - s - - Notes Bonds1 O s r e i t t c h i u e e - s r Boston Jan. 29 ,765 881 571 1 10 19 15 91 149 1,884 1,802 18 209 125 1,450 82 Feb. 5 ,78< 900 572 12 20 1 91 147 1,886 1,802 30 200 120 1,452 84 Feb. 12 ,76 892 575 16 20 1 91 162 1,869 1,784 12 19 120 1,458 85 Feb. 19 ,741 871 569 16 10 20 14 92 146 1,870 1,783 20 185 120 1,458 87 Feb. 26 ,736 881 569 13 10 20 14 92 16 14 1,855 1,766 11 178 120 1,457 89 New York* J F F F F a e e e e n b b b b . . . . . 2 2 1 1 5 9 6 2 9 , , 4 6 2 2 1 3 3 6 0 7 7 1 5 5 1 6 6 6 6 6 , , , , , 1 2 2 3 3 5 9 9 7 9 2 2 6 9 7 4 4 4 4 4 , , , , , 2 2 1 1 1 1 2 8 6 3 9 3 8 6 5 5 6 4 6 4 6 1 6 4 : 1 1 3 1 2 2 2 2 2 4 3 4 6 4 1 4 2 4 7 1 1 1 1 1 3 3 3 3 3 : 1 3 2 3 2 2 1 1 1 0 0 8 9 9 5 0 8 9 4 1 1 1 1 1 8 9 8 8 8 9 0 6 6 1 1n 9 1 7 6- 4 8 4 4 6 6 6 6 6 8 7 7 7 8 1 7 0 6 5 L [ 1 . 3 3 4 3 4 , , , , , 7 9 2 9 2 9 6 8 1 3 : 9 5 3 4 1 1 . - - 2 2 2 3 3 , , , , , 8 7 6 1 0 4 9 7 5 9 5 2 1 9 8 1 1 1 5 6 1 1 9 0 6 1 7 1 1 1 1 1 , , , , , 5 1 2 1 5 1 1 0 9 8 5 1 0 9 1 1 1 1 1 , , , , , 2 1 1 1 1 9 9 2 5 9 5 . 0 9 8 1 1 1 1 1 0 0 0 0 0 , , , , , 3 3 3 3 2 3 3 4 3 8 3 2 6 0 4 , , , , , 1 1 1 1 1 2 2 2 2 3 1 4 1 6 6 Philadelphia Jan. 29 ,261 669 395 6 19 11 49 180 1,592 1,371 184 71 1,093 221 Feb. 5 ,255 670 398 5 18 12 49 179 1,585 1,363 42 159 71 1 ,091 222 Feb. 12 ,234 680 407 5 17 11 50 18C 1,554 1,331 29 151 71 1,080 223 Feb. 19 ,20 681 406 5 19 12 49 180 1,526 1,305 21 137 68 1,079 221 Feb. 26 ,196 673 401 3 18 11 49 181 1,523 1,301 27 137 65 1,072 222 Cleveland Jan. 29 ,610 1,25 667 18 18 93 16 222 203 3,358 3,061 20 388 2,437 297 Feb. 5 ,610 1,262 674 18 18 93 16 223 205 3,348 3,052 18 378 216 2,440 296 Feb. 12 ,590 1,262 684 19 17 90 16 223 206 3,328 3,031 3 370 216 2,442 297 Feb.19 ,579 1,262 685 17 24 90 16 224 206 3,317 3,022 3 354 214 2,451 295 Feb. 26 61 1,266 693 16 19 90 15 225 208 3,351 3,054 25 353 208 2,468 297 Richmond Jan. 29 ,8s; 478 252 4 12 80 101 1,405 1,321 4 188 89 1,040 84 Feb. 5 ,879 474 251 4 27 12 81 99 1,405 1,320 18 182 1,031 85 Feb. 12 ,877 478 254 4 27 12 80 100 1,399 1,314 16 179 1,031 85 Feb. 19 876 482 254 4 27 12 81 101 1,394 1,309 12 178 86 1,033 85 Feb. 26 879 486 255 4 27 12 82 102 1,393 1,308 13 178 85 1,032 85 Atlanta J F a e n b . . 2 5 9 9 9 1 1 1 1 5 5 8 8 2 6 3 3 3 4 8 0 6 6 5 5 5 4 2 2 2 2 4 4 4 4 1 1 1 1 3 4 1 1 , , 3 3 2 2 9 5 1 1 , , 1 16 7 7 1 2 1 2 2 2 2 2 3 9 4 1 12 2 2 0 8 7 0 9 0 9 1 15 5 8 8 Feb. 12 915 582 340 5 54 22 44 112 1,333 1,175 18 235 121 801 158 Feb. 19 912 581 340 5 54 22 44 111 1,331 1,173 16 236 120 801 158 Feb. 26 912 580 338 5 55 22 44 111 1,332 1,174 18 234 120 802 158 -Chicago* Jan. 29 ,097 2,222 1,494 38 60 67 254 245 5,875 5,315 102 793 381 4,039 560 Feb. 5 ,072 2,231 1,507 32 63 67 255 247 5,841 5,283 107 757 379 4,040 558 Feb. 12 ,053 2,243 1,523 29 63 68 256 246 5,810 5,252 91 745 373 4,043 558 Feb. 19 ,029 2,283 1,535 43 62 69 256 246 5,746 193 51 735 362 4,045 553 Feb. 26 ,980 2,272 1,542, 33 61 65 258 247 5,708 5,155 96 649 363 4,047 553 St. Louis Jan. 29 870 724 434 5 27 14 103 138 1,146 1,011 11 101 133 766 135 Feb. 5 854 723 431 4 27 15 103 140 1,131 996 20 90 136 750 135 Feb. 12 858 725 435 4 27 14 103 139 1,133 997 11 97 141 748 136 Feb. 19 859 727 436 27 14 103 137 1,132 997 6 103 142 746 135 Feb. 26 855 722 435 26 14 104 137 1,133 998 4 103 141 750 135 Minneapolis Jan. 29 157 335 191 14 42 81 822 765 57 81 615 57 Feb. 5 158 342 198 14 40 81 816 759 54 80 617 57 Feb. 12 153 343 203 14 42 77 810 752 50 80 613 58 Feb.19 146 346 204 14 43 78 800 743 50 78 614 57 Feb. 26 149 348 205 14 43 79 801 743 48 77 614 58 Kansas City Jan. 29 118 561 369 18 64 1,557 1,394 319 162 882 163 Feb. 5 111 560 370 18 64 1,551 1,386 314 160 882 165 Feb. 12 115 559 369 18 64 95 ,556 1,393 310 160 885 163 Feb. 19 125 563 372 17 64 95 ,562 1,398 308 167 884 164 Feb. 26 136 561 371 18 64 95 ,575 1,410 308 167 884 165 Dallas Jan. 29 863 755 504 40 53 120 ,108 1,031 246 118 636 77 Feb. 5 858 754 504 39 54 118 ,104 1,025 245 118 634 79 Feb. 12 859 752 502 39 55 117 ,107 1,029 241 117 637 78 Feb. 19 855 752 503 39 55 115 ,103 1,025 242 117 638 78 Feb. 26 850 755 506 40 55 114 ,095 1,017 241 112 635 78 San Francisco Jan. 29 639 1,914 1,146 64 409 226 4,725 4,300 937 439 425 Feb. 5 636 1,939 1,162 62 412 236 4,697 904 442 421 Feb. 12 606 1,948 1,164 61 418 241 4,658 897 451 422 Feb. 19 582 1,953 1,161 60 421 243 4,629 4,209 884 427 420 Feb. 26 575 1,962 1,168 61 427 238 4,613 4,193 "426 2,823 420 City of Chicago* Jan. 29 761 1,465 ,113 35 51 115 2,945 521 153 2,209 351 Feb. 5 759 1,471 ,122 38 51 116 2,937 487 156 2,213 351 Feb. 12 738 1,480 ,136 39 51 116 3,258 2,907 473 154 2,217 351 Feb. 19 721 1,513 ,143 38 51 116 3,208 2,862 462 149 2,219 346 Feb. 26 651 1,495 1,143 37 51 118 3,156 2,811 376 149 2,221 345 i 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. 298 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 n e d s e d r a v t e e B s w F e R e a e r i r n e a t d v h k - l - e s C v a a s u h lt m a b w n e d a i s c o n t t e - h k 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 i o e n i d r r l p r r d s a t - - - s - , - , p s t d s a i o a i u c i n o t l v a b d i n e i l t - s - s - C h c o f a e e e e i f n t e r f c r c d d i t s k - . i ' - s, U m G e . r o e n S v n - - t . u p p v n c h a a o o a i e n i d l p r r 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 a d n t i - i l e t - s - s P U m G S e a i o n . r a n o e s n g v d v n S t - s - a - t . l m D a e b n - d ank T s ime a F e a i o n g r n k - s B in o g r s - c C o i a a t u c a p - n l - ts B d i e t a s b n * - k tions tions Boston (6 cities) Jan. 29 466 57 103 2,260 2,216 148 39 93 476 5 261 24 12 292 720 Feb 5 459 55 103 2,256 2,214 148 34 102 477 6 268 2? 10 298 775 Feb. 12 460 56 105 2,233 2,208 146 37 105 477 6 271 29 10 298 6S4 Feb. 19 461 55 105 2,215 2,196 143 37 107 477 6 265 8 299 764 Feb. 26 468 55 101 2,212 2,182 142 36 110 477 6 260 22 13 298 648 New York (8 cities)* Jan. 29 3,997 151 102 15,844 15,954 456 852 580 ,986 23 28 2,870 1,143 183 2,163 7,413 Feb. 5 4,001 139 99 15,622 15,699 423 694 620 1,987 24 28 2,892 2 1,148 142 2,173 8,282 Feb. 12 3,963 141 107 15,475 15,608 484 727 635 1,987 24 28 2,799 2 1,151 152 2,173 S,589 Feb. 19 3,837 138 111 15,318 15,597 403 747 640 1,992 25 28 2,856 1 1,173 50 2,169 ,381 Feb. 26 3,934 141 10815,375 15,652 408 710 652 1,998 24 28 2,747 1,157 159 2,168 6,584 Philadelphia (4 cities) Jan. 29 432 36 84 1,886 1,969 40 27 80 245 22 1 322 10 6 263 652 Feb. 5 426 32 78 1,859 1,933 43 25 84 246 22 1 319 10 8 264 661 Feb. 12 417 34 80 1,840 1,907 47 29 87 246 22 1 306 10 11 265 5?2 Feb. 19 433 34 88 1,813 1,932 46 32 88 261 22 1 312 10 14 264 717 Feb. 26 424 35 83 1,780 1,882 48 25 90 273 23 1 308 10 11 264 620 Cleveland (10 cities) Jan. 29 792 85 190 3,187 3,210 158 58 1631,354 32 1 460 6 9 490 1,031 Feb. 5 779 80 195 3,143 3,138 167 50 171 1,357 37 1 465 6 19 491 1,053* Feb.12 756 82 186 3,082 3,132 162 50 179 1,358 41 1 457 6 25 491 782 Feb. 19 776 85 190 3,095 3,154 160 55 181 1,361 43 1 16 491 1,269 Feb. 26 747 85 181 3,096 3,156 161 61 200 1,360 41 1 459 4 492 979 Richmond (12 cities) Jan. 29. 326 42 111 1,358 1,363 98 32 69 378 6 6 352 16 148 46? Feb. 5 320 37 116 1,343 1,350 97 32 72 379 6 6 352 13 148 482 Feb. 12 327 41 120 1,344 1,366 99 33 75 380 6 6 360 17 148 433 Feb. 19 324 39 114 1,340 1,357 98 39 76 381 6 6 354 13 149 833 Feb. 26 340 40 117 1,347 1,369 101 29 82 381 6 6 355 4 15 643 Atlanta (8 cities) Jan. 29 365 31 134 1,366 1,258 238 17 46 454 4 ^ 440 1 5 131 478 Feb. 5 371 28 143 1,357 1,244 238 17 49 454 4 4 461 1 132 485 Feb. 12 365 31 144 1,351 1,279 236 15 51 454 4 468 1 132 437 Feb. 19 354 31 161 1,357 1,280 232 18 51 455 465 1 133 498 Feb. 26 358 32 154 1,356 1,268 240 17 54 455 4 460 1 133 472 Chicago (12 cities)* Jan 29 1,442 97 384 5,545 5,447 498 90 250 2 024 10 8 1,557 27 623 4f 7 Feb. 5 .... 1,440 86 370 5,466 5,351 492 82 284 2 099 10 8 1,533 •y 27 13 6?S 382 Feb.12.. 1,450 93 372 5,452 5,403 472 88 2882,033 10 8 1,546 3 2f 8 625 1,766 Feb. 19 1,419 93 383 5,345 5,360 455 89 2872,037 10 8 1,557 26 54 623 89? Feb. 26 1,442 90 396 5,353 5,375 480 85 305 2,038 10 8 1,544 28 25 624 r 31 7 St. Louis (5 cities) Jan. 29 344 24 99 1,150 1,221 79 18 61 376 587 8 16 144 469 Feb. 5 345 21 104 1,135 1 197 83 2C 68 377 2 595 8 144 4^8 Feb. 12 347 23 102 1,132 1,219 80 19 70 377 596 6 145 442 F Fe e b b . .1 2 9 6 3 3 6 4 0 0 2 2 3 4 1 9 0 9 2 1 1 , , 1 1 3 3 4 8 1 1 , , 2 2 1 1 7 1 8 8 4 4 2 1 2 8 7 7 1 5 3 3 7 7 8 8 ; 2 5 5 8 8 2 4 20 8 1 1 4 4 5 5 5 4 1 4 4 4 Minneapolis (8 cities) Jan. 29 200 12 83 717 700 100 13 45 234 335 29 93 Feb. 5 205 10 80 725 109 11 48 23S 328 2-5 9? •tn Feb.12 202 11 714 697 97 12 49 329 23 92 '_ * Feb.19 203 11 79 694 688 94 1? 49 23? 334 33 93 375 Feb. 26 ... 202 12 79 698 689 99 13 50 23f 338 28 93 278 Kansas City (12 cities) Jan. 29 .... 436 25 255 1,491 1,458 195 2 65 316 \ 2 798 c; 150 575 Feb. 5 443 21 249 1,465 1,438 189 24 69 31" 805 8 159 Feb. 12 433 23 266 1 471 1 470 189 27 7 31" 81 5 1 ^O •tJt Feb. 19 . . 429 24 266 1,458 1,45" 192 2<5 318 824 12 159 652 Feb. 26 420 25 26 1,461 1,458 205 32 75 317 826 160 572 Dallas (9 cities) Jan. 29 384 27 23 1,493 1,470 125 37 48 302 20 503 153 551 Feb. 5 387 25 214 1,477 1,445 129 26 50 30 22 498 153 451 Feb.12 ... 392 25 213 1,471 1,467 126 25 54 30. 2€ 503 153 Feb. 19 385 26 214 1,471 1,474 123 28 5. 302 20 490 c 153 571 Feb 26 377 27 21 1,460 1,456 121 28 57 302 20 484 c 154 475 San Francisco (7 cities^ Jan. 29 993 52 3,605 3,600 204 104 2062,150 31 406 54 500 .785 Feb. 5 997 47 272 3,576 3,570 203 107 2282,154 31 394 55 589 ,707 Feb.12 978 49 26> 3,540 3,550 207 2372,15" 31 382 51 6 500 .003 Feb. 19 963 51 27" 3,518 3,565 203 104 2452,162 31 395 51 1 590 .5.30 Feb. 26 927 51 259 3,410 3,439 200 109 2562,178 31 380 49 26 591 ,275 City of Chicago* Jan. 29 .. 899 33 3 369 3,410 221 39 13" 847 1 086 23 307 519 Feb. 5 894 30 162 3,344 3,368 214 34 155 849 2 2 1 .078 23 309 «?45 Feb 12 909 33 161 3,318 3,389 207 36 162 851 2 2 1,090 23 300 .044 Feb. 19 . 894 32 163 3 275 3,390 191 33 160 853 1 100 22 397 778 Feb.26 919 27 160 3,230 3,362 198 34 175 854 2 2 1,076 24 3 397 ,417 * 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 interbank and U. S. Government accounts. MARCH 1947 299 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 c o a d s o r e n e u o r k r n w v a s t e l ) n Others I U S m i t n n p a i t o t t o e e r s d ts E U S f x n t r p a o i o t t m e e r s d ts G U s o h n o i i d p t p e s p o d e s i d t n c> t b s r e e F i t d n o w r e i e n e i g n o n r States countries 1945—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 December 228 227 169 74 94 58 162 29 29 7 1947—Tanuarv 236 241 183 85 98 58 172 35 27 8 1 As reported by dealers; includes some finance company paper sold in open market. 2 Dollar exchange less than S500.000 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 balances investment investment and in borrowed2 In partners' Infirm (net)i an a d c c t o ra u d n i ts ng an a d c c t o ra u d n i t n s g banks Free O (n th et e ) r a in n v d e t s r t a m d e in n g t a in n v d e t s r t a m d e in n g t I a n c c ( c n o a u e p n t i ) t t a s l accounts accounts 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—February. . . 8 1,046 8 645 8 755 March 8 936 8 622 8 712 April 8 895 8 575 »697 May «856 8 547 8 669 June 809 7 399 370 498 651 120 24 17 314 July 8 745 8 442 8 653 August 8 723 8 377 8 647 * September. . 8 631 8 305 8 729 October 8 583 8 253 8 720 November. . 8571 8 238 8 723 December... 537 5 311 453 217 693 118 30 10 289 1947—January.... 8 533 8210 *687 i Excluding balances with reporting firms (1) of member firms of New York Stock Exchange and other national securities exchanges and (2) of firms' own partners. * 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): November, 80; December, 74; January, 69. 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. 300 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 e h r k , , or m ^ m p P c o t a r o e o n p i r m m t e c e h i r - e - a s , l 1 a a P b d c n e a r a 9 c i c r n y m e 0 s e k s p ' s e - 1 , t- ch n l c a e o r a e a l e x a n w s l - - n 2 l g - e mo 3 n - th 9 d c m o - c e e t f a o b o r t t n t i e i e n 1 f t s d h i 2 - - - - 3 t n a y - x o t e o a t a e b r 5 s le - 1937 average' 1 T 9 2 o . c 5 t i a t 9 i l es Y N C 1. o i e 7 t r w y 3 k e E 7 N r c a 2 n O o i s . t r 8 t i t a e t e h 8 h n s r e n - d r 1 W e 1 r c 3 n e i S . t s 2 i a t o e e 5 n u s r d t n hness 1938 average1 2.53 1.69 2.75 3.26 1939 average. ... 2.78 2.07 2.87 3.51 1940 average.... 2.63 2.04 2.56 3.38 1944 average .73 .44 1.00 .375 .79 1.33 1941 average.... 2.54 1.97 2.55 3.19 1945 average .75 .44 1.00 .375 .81 1.18 1942 average 2.61 2.07 2.58 3.26 L946 average .81 .61 1.16 .375 .82 1.15 1943 average 2.72 2.30 2.80 3.13 1944 average.... 2.59 2.11 2.68 3.02 1946—February. . .75 .44 1.00 .375 .76 1.03 1945 average.... 2.39 1.99 2.51 2.73 March .75 .44 1.00 .375 .79 .99 1946 average.... 2.34 1.82 2.43 2.85 .75 .44 1.00 .375 .81 1.12 May .75 .47 1.00 .375 .83 1.18 1942—December. 2.63 2.09 2.63 3.26 June .75 .50 1.00 .375 .83 1.15 July .77 .59 1.00 .375 .84 1.13 1943—March 2.76 2.36 2.76 3.24 August .81 .71 1.38 .375 .84 1.14 June 3.00 2.70 2.98 3.38 September. .81 .81 1.38 .375 .85 1.22 September 2.48 2.05 2.71 2.73 October .88 .81 1.38 .375 .83 1.24 December. 2.65 2.10 2.76 3.17 November. .94 .81 1.38 .376 .84 1.22 December.. 1.00 .81 1.38 .375 .85 1.22 1944_March 2.63 2.10 2.75 3.12 June 2.63 2.23 2.55 3.18 1947—January... 1.00 .81 1.38 .376 .84 1.18 September 2.18 2.82 3.14 February.. 1.00 .81 1.38 .376 .85 1.18 December. 1.93 2.61 2.65 Week ending: 1945—March.... 2.53 1.99 2.73 2.91 Feb. 1... 1 13/16 i y±—\y2 .376 .85 1.17 June 2.50 2.20 2.55 2.80 Feb. 8... 1 13/16 1 y^—\yc. .376 .84 1.17 September 2.45 2.05 2.53 2.81 Feb. 15... 1 13/16 l ^£—1M .376 .85 1.18 December. 2.09 1.71 2.23 2.38 Feb. 22... 1 13/16 l y±—\^/> .376 .85 1.18? Mar. 1... 1 13/16 l yi-\y .376 .85 1.20 1946—March.... 2.31 1.75 2.34 2.93 2 June 2.41 1.84 2.51 2.97 1 Monthly figures are averages ofweekly prevailing rates. S D e e p c t e e m m b b e e r r . 2 2 . .3 3 2 3 1 1 . . 8 8 5 3 2 2 . . 4 4 3 3 2 2 . . 7 7 6 5 1 The average rate on 90-day stock exchange time loans cvas 1.50 pe 1 r c R e a n t t e b o e n gi n n n e i w ng i s A su u e g s . o 2 f , f 1 e 9 re 4 d 6 . wi P th ri i o n r p to er t io h d at date it was 1.25 per cent. 1 Prior to March 1939 figures were reported monthly on a basis not 4 From Sept. 15to Dec. 15, 1945included Treasury notesof Sept. strictly comparable with the current quarterly aeries. 15, 1948, and Treasury bonds of Dec. 15,1950; beginning Dec. 15, Back figures.—See Banking and Monetary Statistics, Tables 124-125, 1945, includes only Treasury bonds of Dec.15, 1950. pp. 463-464; for description, see pp. 426-427. Back figures.—See Banking and Monetary Statistics, Tables120-121, pp. 448-459, and the BULLETIN forMay 1945, pp. 483-490. BOND YIELDS * [Per cent per annum] U. S. Government Corporate .Moody's)4 Munic- Corpo- Year, month, 7 to 9 15 years and ipal rate By ratings 3y groups or week years over (high- (highgrade)2 grade)3 Total T ab ax le - P e l x a y e r t m t i a a x p l t - T ab ax le - 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.... M.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—February.. 1.28 (6) 2.12 1.49 2.36 2.68 2.48 2.56 2.70 2.95 2.54 2.83 2.65 A M p a r r il ch.... 1 1 . . 2 3 8 6 8n 2 2 . . 0 0 9 8 1 1. . 4 4 5 9 2 2. . 3 3 7 5 2 2 . . 6 6 7 6 2 2 . . 4 4 7 6 2 2 . . 5 5 6 4 2 2. . 6 6 9 9 2 2 . . 9 9 4 6 2 2 . . 5 5 7 4 2 2 . . 7 8 8 0 2 2. . 6 6 5 4 May L.47 2.19 1.54 2.44 2.71 2.51 2.58 2.73 3.02 2.60 2.84 2.69 June L.43 2.16 1.55 2.42 2.71 2.49 2.59 2.73 3.03 2.59 2.85 2.70 July L.40 8 2.18 1.60 2.41 2.71 2.48 2.59 2.72 3.03 2.58 2.86 2.69 August. .. L.46 2.23 1.65 2.44 2.73 2.51 2.62 2.74 3.03 2.58 2.89 2.70 S O N e o c p t v t o e e b m m e b b r. e e . r r L L L . . . 5 5 5 5 6 8 ( ( (6 6 6 ) ) ) 2 2 2. . . 2 2 2 5 6 8 1 1 1 . . . 7 8 8 5 0 4 2 2 2 . . . 5 5 5 1 1 0 2 2 2 . . . 8 8 7 2 2 9 2 2 2. . . 5 6 5 9 0 8 2 2 2 . . . 7 6 6 0 9 8 2 2 2 . . . 8 8 8 0 4 4 3 3 3 . . . 1 1 1 5 7 0 2 2 2 . . . 6 6 6 5 4 6 3 2 3 . . . 0 0 9 5 5 8 2 2 2 . . .7 7 7 7 5 6 December L.56 ( 6 ) 2.24 1.97 2.55 2.83 2.61 2.69 2.83 3.17 2.66 3.04 2.77 8 1947—January.. L .51 () 2.21 1.92 2.48 2.79 2.57 2.65 2.79 3.13 2.63 3.00 2.73 February . L.49 ( 6 ) 2.21 1.99 2.48 2.78 2.55 2.64 2.79 3.12 2.61 3.00 2.72 Week ending: F F e e b b . . 1 8 . . . . . . L L . . 4 4 9 9 ( ( 6 6) ) 2 2 . . 2 2 1 1 1 1 . .9 9 2 1 2 2 . . 4 4 6 6 2 2 . . 7 7 7 7 2 2 . . 5 5 6 6 2 2. . 6 6 4 3 2 2. . 7 7 8 8 3 3 . . 1 1 2 2 2 2 . . 6 6 2 2 2 2. . 9 9 9 9 2 2. . 7 7 2 1 F F e e b b . . 2 1 2 5 . . . . . . 1 L . . 4 4 9 9 ( (6 8 ) ) 2 2 . . 2 2 1 1 2 1 . . 0 9 4 5 2 2. . 4 4 9 7 2 2 . . 7 7 8 8 2 2. . 5 5 5 5 2 2 . . 6 6 5 4 2 2 . .7 8 9 0 3 3 . . 1 1 2 3 2 2. . 6 6 0 1 3 3 . . 0 0 0 1 2 2 . . 7 7 2 3 Mar. 1... 1.49 ( 6 ) 2.21 2.05 2.49 2.79 2.55 2.65 2.80 3.14 2.61 3.02 2.73 1 Monthly and weekly data are averages of daily figures, except for municipal bonds, which are based on Wednesday figures. 2 Standard and Poor's Corporation 3 U. S. Treasury Department. * Moody's Investors Service, week ending Friday. Because of limited number of suitable issues, the industrial Aaa, Aa, and A groups have been reduced from 10 to 5, 6, and 9 issues, respectively, and the railroad Aaa, Aa, and A groups from 10 to 6, 6, and 9 issues, respectively. 6 Beginning Dec. 15, 1945, includes Treasury bonds of June 1952-54, June 1952-55, December 1952-54, and March 1956-58. 6 No partially tax-exempt bonds due or callable in 15 years and over. Back figures.—See Banking and Monetary Statistics, Tables 128-129, pp. 468-474, and the BULLETIN for May 1945, pp. 483-490. MARCH 1947 301 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SECURITY MARKETS1 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- G er o n v - - g ( r h i a p i d g a e h l ) - 3 H gr i a g d h e - Mediu I m nd - u a s- nd l R ow ai e l r - -gra P d u e blic fa D ul e te - d fe P rr r e e d - * 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 20 15 15 402 354 20 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 ,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 ,390 1946—February 106.03 143.4 124.5 120.0 124.4 119.6 116.1 85.4 200.5 143 146 160 124 ,776 March 106.46 143.4 124.5 120.1 124.5 119.9 115.9 82.7 203.1 142 145 154 123 ,116 April 106.61 144.1 124.3 119.9 124.4 119.6 115.8 83.6 204.9 152 156 157 128 ,391 May 104.82 142.1 123.7 119.5 123.9 118.6 116.0 81.8 201.9 154 159 157 129 ,311 June 105.28 142.0 123.9 119.5 123.9 118.7 116.0 83.2 202.4 153 157 162 130 ,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 February 104.35 188.9 129 133 119 111 1,176 Week ending: Feb. 1 104.35 134.6 122.9 116.5 123.6 114.5 111.4 68.9 187.7 128 132 119 112 1,302 Feb. 8 104.39 134.4 122.8 117.0 123.5 114.7 112.8 70.3 189.2 130 134 120 112 1,464 Feb. 15 104.31 133.8 122.6 116.8 123.6 114.3 112.5 69.9 189.2 131 136 123 112 1,209 Feb. 22 104.35 132.1 122.6 116.8 123.8 114.2 112.3 69.2 189.2 129 132 119 111 916 Mar. 1 104.38 131.9 188.2 125 129 114 110 996 1 Monthly and weekly data are averages of daily figures, except for municipal bonds and for stocks, which are based on Wednesday figures. 2 Average of taxable bonds due or callable in 15 years and over. 8 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. 6 Standard and Poor's Corporation. 1 Prices derived from averages of median yields on noncallable high-grade stocks on basis of a $7 annual dividend. 7 Average daily volume of trading in stocks on the New York Stock Exchange. Back figures.—See Banking and Monetary Statistics, Tables 130, 133, 134, and 136, pp. 475, 479, 482, and 486, respectively, and 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 d o o e g n o r s t n d - a t - ) i l c Total S n a m 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 s n l - 1 - Total Co B r a p o n o n d r d a s te Stocks e F i o gn r- 2 m T e a ( f i o d o e g n s r o t n d a - t - ) i l q Total S n a m t i n a c u d t i - e - a F c e g i e r e e a d n s l - 1 - Total Co B r a p o n o n d r d a s te Stocks F ei o g r n - 2 notes notes 1936 6,214 1,972 1,949 735 22 1,192 839 352 23 4,242 382 353 3,38 3,187 200 119 1937 3,937 2,138 2,094 712 157 1,225 817 408 44 799 191 281 1,209 856 352 119 1938 4,449 2,360 2,325 971 481 873 807 67 35 2,089 129 665 1,267 1,236 31 28 1939 5,790 2,277 2,239 931 924 383 287 97 38 3,513 195 1,537 1,733 1,596 137 48 1940 4,803 1,951 1,948 751 461 73o 601 135 2 2,852' 482 344 2,026 1,834 193 1941 5,546 2,854 2,852 518 1,272 1,062 889 173 1 2,693 435 698 1,55 7 1,430 126 1942 2,114 L.O75 1,075 342 108 624 506 118 1,039 181 440 418 407 11 1943 2,174 642 640 176 90 374 282 92 1,532 259 497 685 603 82 90 1944 4.216 913 896 235 15 646 422 • 224 3,303 404 418 2,466 2,178 288 15 1945 ,991 1,772 1,761 471 26 1,264 607 65 7 6,219 324 912 4,937 4,281 656 46 1946 8,581 4,588 4,579 952 121 3,506 2,038 1,468 3,993 208 741 2,914 2,313 601 130 1946—February 436 123 123 57 18 48 5 43 313 23 20 270 251 19 March. . . 562 201 200 56 16 127 17 111 361 31 23 284 238 46 23 April 1,09/ 374 374 61 22 290 118 172 723 10 326 363 277 85 25 May 1,022 294 286 103 7 176 83 93 728 47 17 664 536 127 June 817 429 429 108 9 312 115 197 388 16 41 331 266 65 July 981 493 493 124 369 184 184 488 8 33 395 324 71 52 August . . 560 419 419 64 354 196 159 141 1 33 '93 39 53 15 September 441 242 242 71 170 '96 75 200 17 38 145 143 1 October. . 562 363 363 49 47 267 223 43 199 1 133 65 36 29 November 761 659 659 69 590 444 145 102 2 13 86 68 19 December 993 788 788 119 669 544 125 205 50 34 105 79 27 15 1947—January.. 636 498 48/ 215 252 208 139 22 103 84 18 1 Includes publicly offered issues of Federal credit agencies, but excludes direct obligations of U. S. Treasury. 3 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. 302 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NEW CORPORATE SECURITY ISSUES1 PROPOSED USES OF PROCEEDS, ALL ISSUERS [In millions of dollars] Proposed uses of net proceeds Estimated Estimated Year or month gross net New money Retirement of securities proceeds2 proceeds3 Repayment Other of purposes 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 s and Pr s e t f o e c r k red other debt 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 j 4,117 438 134 133 1946 6,500 6,358 3,003 2,012 991 2,728 2,258 469 408 219 1945—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 '720 ••703 327 198 129 '305 '265 40 46 25 August '527 ••518 ••344 126 '219 '115 '94 21 50 10 September..... 267 261 138 101 37 98 38 60 18 6 October 383 377 ••202 160 '43 48 36 12 ••122 5 November 629 617 511 329 183 81 74 6 6 19 December 818 807 623 557 66 114 97 17 59 12 1947—January 312 306 178 131 46 120 82 38 7 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 1946 693 129 560 3 2,052 761 1,207 83 3,395 2,000 903 451 258 113 56 89 1945—December. . 68 19 50 213 24 181 8 184 70 105 9 26 9 3 15 1046— Tatiuarv 7 7 43 1 43 181 98 68 15 13 6 7 February... 150 1 148 1 32 1 31 100 26 59 15 9 9 March 192 2 190 78 1 76 126 94 13 19 10 2 8 April 98 1 97 138 6 119 i3 412 198 157 56 18 7 3 9 May 76 7 69 424 5 408 11 289 127 137 25 37 14 17 June 35 9 26 179 10 134 35 405 206 153 45 24 20 4 July 9 8 1 338 181 156 1 '325 131 '150 44 31 6 25 August 3 3 41 6 33 2 '422 '326 '80 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 '71 12 '127 3 3 November.. 18 18 61 18 33 10 530 470 48 12 8 5 3 December.. 47 35 10 2 483 411 72 266 145 17 64 52 32 15 4 1947—January 33 28 5 45 15 27 3 217 128 83 5 12 7 5 1 ' Revised. 1 Estimates of new issues sold for cash in the United States. 2 Gross proceeds are derived by multiplying principal amounts or number of units by offering price. > Estimated net proceeds are equal to estimated gross proceeds less cost of flotation, i.e., compensation to underwriters, agents, etc., and expenses. 4 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. MARCH 1947 303 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 - , pr i o n 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- ices 2 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 »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 '41 31 23 43 58 47 38 44 246 22 170 1944—l 444 47 40 52 »52 29 20 38 49 42 36 39 224 21 142 2 459 46 40 55 347 30 22 43 52 43 37 43 230 22 149 3 475 47 38 55 »47 28 21 45 56 49 37 52 244 20 137 4 518 55 55 59 « 43 28 25 49 64 53 37 50 272 23 184 1945—i 492 49 38 63 » 50 31 21 45 62 48 39 45 250 20 142 2 508 53 42 77 »47 27 21 46 64 45 38 47 269 22 145 3 439 37 35 46 «36 23 20 50 61 43 37 53 224 21 143 4 485 49 47 58 8 36 27 26 58 37 51 40 58 246 22 182 1946—i 323 22 -19 -34 8-5 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 44 838 43 42 84 78 67 76 79 303 20 149 PUBLIC UTILITY CORPORATIONS [In millions of dollars] Railroad4 Electric power1 Telephone* Year or quarter r O e p v i e n e r g n a u t e - I i b n n t e c c a f o o o x m m r ' e 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 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 * 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 1,129 248 194 178 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 1,803 396 177 173 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 1946—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 "Net profits" and "net income" refer to income after all charges and taxes and before dividends. * 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. 8 Partly estimated. * Class I line-haul railroads, covering about 95 per cent of all railroad operations. 8 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 for railroads; Federal Power Commission ror 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. 304 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] Marketable public issues1 Nonmarketable public issues Total Fully 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 d e d t i a e r e r e r b i e c n t s t g t- Total2 Tre b a il s l u s ry c i C e n a d e t d e n r e t s e i b f s o t i s - - f Tr n e o a t s e u s ry Tr b e o a n s d u s ry Total2 s b a U o v . n i n d S g s . s T t s a r a n x e v o a i t a s n e u n g s r d s y 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 c u e e e u a r a d e r r r i i a s i t n 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—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 10,0Q0 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 2*2, Feb 261,418 258,113 175,410 17,048 28,784 10,090 ' 119,323 57,765 50,717 5,570 24,938 3,305 181 1 Including amounts held by Government agencies and trust funds, which aggregated 6,343 million dollars on Jan. 31, 1947. 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 FEBRUARY 28, 1947 [In millions of dollars] [On basis of daily statements of United States Treasury. In millions of dollars] Redemp- Amount Fundsreceived from sales during tions and Issue and coupon rate Amount Issue and coupon rate Amount Month sta o n u d t- ing Period maturities at end of Treasury bills1 Treasury bonds—< month All Series Series Series All Mar. 6, 1947.. 1,316 Dec. 15, 1949-53* 1,786 series E F G series Mar. 13, 1947.. 1,315 Mar. 15, 1950-52., 1,963 Mar. 20, 1947.. 309 Sept. 15, 1950-52' 1,186 Fiscal year Mar. 27, 1947.. 317 Sept. 15, 1950-52.. 4,939 ending: Apr. 3, 1947. 311 Dec. 15, 1950 2,635 June—1940.. 2,905 1,109 114 Apr. 10, 1947. 312 June 15, 1951-54* 1,627 1941.. 4,314 1,492 203 67 395 148 Apr. 17, 1947. 316 Sept. 15, 1951-53.. 7,986 1942.. 10,188 5,994 3,526 435 2,032 207 Apr. 24, 1947. 316 Sept. 15, 1951-55* 755 1943.. 21,256 11,789 8,271 758 2,759 848 May 1,1947.. 1,312 Dec. 15, 1951-53* 1,118 1944.. 34,606 15,498 11,820 802 2,876 2,371 May 8, 1947. 1,310 Dec. 15, 1951-55., 510 1945.. 45,586 14,891 11,553 679 2,658 4,298 May 15, 1947. 1,302 Mar. 15. 1952-54.. 1,024 1946.. 49,035 9,612 6,739 407 2,465 6,717 May 22, 1947. 1,312 June 15, 1952-54.. 5,825 May 29, 1947. 1,302 June 15, 1952-55., 1,501 1946—Feb.. .. 48,692 622 367 30 225 565 Dec. 15, 1952-54.. 8,662 Mar.... 48,733 626 371 27 228 634 Cert, of indebtedness June 15, 1953-55 *. 725 Apr 48,828 668 388 29 250 621 Mar. 1, 1947 % 3,133 June 15, 1954-56*. 681 May... 48,917 594 345 24 225 552 Apr. 1, 1947 7A 2,820 Mar. 15, 1955-60*. 2,611 June... 49,035 571 321 24 226 519 June 1, 1947 K 2,775 Mar. 15, 1956-58.. 1,449 July... 49,320 753 386 31 335 537 S J A u e u l p y g t . . 1 1 1 , , , 1 1 1 9 9 9 4 4 4 7 7 7 V V H 8 8 2 2 1 , , , 9 2 3 2 1 4 3 6 1 S J S u e e n p p e t t . . 1 1 1 5 5 5 , , , 1 1 1 9 9 9 5 5 5 8 6 6 - - - 6 5 5 3 9 9 * . * . . , 3, 9 8 9 1 2 8 9 2 3 A S O e u c p t g . t . . . . . . . . . . 4 4 4 9 9 9 , , , 5 4 6 4 7 2 5 7 4 4 5 5 1 9 9 9 4 0 3 3 3 2 4 0 7 7 9 2 2 2 4 5 0 2 1 1 1 6 6 7 9 5 4 4 48 8 7 2 9 8 Oct. 1,1947 K 1,440 June 15, 1959-62', 5,284 Nov 49,709 453 294 20 139 418 Nov. 1, 1947 1,775 Dec. 15, 1959-62'. 3,470 Dec... 49,776 576 370 29 178 504 Dec. 1, 1947 3,281 Dec. 15, 1960-65*. 1,485 1947—Jan 50,343 952 535 53 364 483 F Ja e n b . . 1 1 , , 1 1 9 9 4 4 8 8 V % 8 3 3 , , 1 9 3 4 4 7 J D u e n c e . 1 1 5 5 , , 1 1 9 9 6 6 3 2 - - 6 6 8 7 ' ' . . 2 2 , , 1 8 1 3 8 1 Feb... . 50,717 712 394 41 378 398 T S S S M r e e e e a p p p a r t t t s . . . . u 1 1 1 1 r 5 5 5 5 y , , , , 1 1 1 n 1 9 9 9 9 o 4 4 4 4 t 7 7 8 7 e s 1 I t \ H K y \i i 3 2 1 1 , , , , 6 7 7 9 8 4 0 4 7 8 7 8 J J S D M M u u e e n a n a p c r r e e t . . . . 1 1 1 1 1 1 5 5 5 5 5 5 , , , , , , 1 1 1 1 1 1 9 9 9 9 9 9 6 6 6 6 6 6 7 6 7 4 5 4 - - - - - - 7 7 6 7 7 6 2 1 0 9 9 2 ' ' ' ' ' . . . . . .. . . 2 2 2 H ^ ^ 3 3 3 5 2 7 , , , , , , 7 1 4 8 7 9 6 9 8 1 3 6 1 7 1 6 8 7 m Y a e t a u r M r i o t a f y turities s a e A n ri d l e l s amount S C s e - r o D i u es tstandi S n e g E r ie F s ebrua S ry e F ri 2 e 8 s , 1947 Se G ries Treasury Bonds Dec. 15, 1967-72'..2K 11,689 1947 338 338 O D S M M S D J D J D u u e e c e e e e a a n n p p t c c c c r r e . e t t . . . . . . . . 1 1 1 1 1 1 1 1 1 1 1 5 5 5 5 5 5 5 5 5 5 5 , , , , , , , , , , , 1 1 1 i 1 1 1 1 1 1 1 9 9 9 9 9 9 9 9 9 9 9 4 4 4 4 4 4 4 4 4 4 4 8 9 8 7 7 8 9 9 9 8 8 « - - * - - - - - - 5 5 5 5 5 5 5 5 2 2 0 1 1 1 1 0 « V V ' .. . 2 . 4 \ i 3 M % % y 2 2 2 ^ 2 2 2 2 3 2 1 1 1 1 , , , , , , 4 0 5 2 1 0 4 0 2 7 7 1 9 9 7 2 1 5 6 9 5 0 1 5 2 1 3 4 1 9 2 8 1 G P P F o a u V b e s n T a d o t a a a r e o n r m i l r a t d o a a n a s u l S l t s a H d e C v i e o r a i d u e n n c s g s t a i n s e l i g c s L u s A o r u d i a e t m n 2 s ie 3 . . i . n s ^ 3 . . . 175,4 1 1 1 5 4 0 6 0 6 1 1 1 1 1 1 1 1 1 1 1 1 9 9 9 9 9 9 9 9 9 9 9 9 4 4 5 5 5 5 5 5 5 5 5 5 8 9 0 2 1 5 3 4 7 6 8 9. . . 1 4 9 8 6 3 1 2 0 | , , . , , , , 5 3 4 9 5 5 9 0 5 9 8 6 9 4 7 2 7 9 5 4 0 0 8 4 2 5 7 1 2 2 8 9 0 5 5 1 5 9 8 4 8 0 0 3 1 5 7 7 4 6 6 3 7 1 , , , , , , 1 6 4 4 5 7 6 5 8 0 6 9 7 2 5 6 8 8 3 6 2 5 6 6 5 3 2 5 9 5 1 2 7 0 7 7 5 6 3 9 8" 2 2 2 2 2 1 , , , , ,1 3 4 6 6 5 2 4 2 1 3 6 6 1 6 9 2 2 4 2 8 ' Unclassified. . -57 • Partially tax exempt. • 1 " S R o e ld s tr o i n c t d ed is . count basis. See table on Open-Market Money Rates, Total 50,717 3,068 30,708 3,034 13.964 p. 301. MARCH 1947 305 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 e b n T c e t u e a o r r r t e i i a t n s i l g e t- s Total b m C a e n o r k c m s ia - l i 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 t o s a i t o t o r i n h o p n c d e o n i s a r - s - m S l g e a o t e o r n c a n n v d a t - t - e l s a S U m n p d e . e c n S t i t a r . u l a G s g t o e P v n f u e u c b r n i n e l d i s - c s 1940—June 47,874 18,566 16,100 2,466 29,308 9,700 6,500 3,100 2,500 400 4,775 ,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 ,737 December 111,591 47,289 41,100 6,189 64,302 23,700 11,300 4,500 11,600 1,000 9,032 3,218 1943—June 139,472 59,402 52,200 7,202 80,070 30,300 13,100 5,300 15,500 500 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 ,810 December 230,361 96,546 77,700 18,846 133,815 52,200 19,600 8,300 27,600 4,300 16,326 ,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 90,600 24,262 161,384 63,500 24,400 10,700 29,300 6,500 20,000 7,038 1946—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 6,4'9 November 261,286 100,444 76,500 23,944 160,842 63,100 25,300 11,700 24,000 6,200 24.254 6 3S5 December 257,980 97,050 73,700 23,350 160,930 63,400 25,300 11,800 23,500 6,100 24,585 6,338 1 Including holdings by banks in territories and insular possessions, amounting to 100 million dollars on June 30, 1942, and 500 million on Nov. 30, 1946. SUMMARY DATA FROM TREASURY SURVEY OF OWNERSHIP OF SECURITIES ISSUED OR GUARANTEED BY THE UNITED STATES * [Public marketable securities. In millions of dollars] U. S. U. S. Gov- Gov- Total ern- Fed- Com- Mu- Insur- Total ern- Fed- Com- Mu- Insurout- ment eral mer- tual ance out- ment eral mer- tual ance End of month stand- agen- Re- cial sav- com- Other End of month stand- agen- Re- cial sav- com- Other ing cies serve banks ings panies ing cies serve banks ings panies and Banks (!) banks and Banks 0) banks trust trust funds funds Type of Maturities3 of security: Treasury bonds and Total:' 1944—Dec 162,843 5,338 18,846 72,045 8,183 18,761 39,670 notes: 1945—Dec 198,820 7,00924,262 82,830 10,49123,183 51,046 Within 1 year: 1946—June 189,649 6,76823,783 76,578 11,22024,285 47,015 1944—Dec 6,737 83 646 4.016 34 171 1,790 Oct 182,362 6,38423,518 71,347 11,487 24,382 45,243 1945—Dec 15,222 185 2,017 9,956 63 235 2,761 Nov.. . .180 372 6,32023,94469,529 11,459 24,283 44,837 1946—June 10,119 4 1,431 5,655 116 495 2,418 Dec 176,658 6,302 23,350 66,962 11,52124,34644,177 Oct 10,362 67 432 6,048 242 615 2,960 Treasury bills: Nov.. . . 10,362 37 552 5,965 230 620 2,960 1944—Dec 16,428 6 11,148 4,113 1 1 1,159 Dec 7,802 29 72 4,341 181 591 2,591 1945—Dec 17,037 512,831 2,476 1 1,723 1- 5 years: 1946—June.... 17,039 314,466 1,142 3 1 1,424 1944—.Dec 34,965 580 1,55723,490 866 1,884 6,589 Oct 16*987 6 14,595 1,126 1 1,260 1945—Dec 35,376 408 693 25,165 701 1,742 6,673 Nov.. . . 17^000 6 15,025 848 1 1,121 1946—June 35,055 443 797 25,285 709 1,506 6,319 Dec 17^033 214,745 1,187 ii 1,088 Oct 38,643 504 800 27,930 975 2,097 6,338 Certificates: Nov 38,643 504 800 27,874 1,016 2,023 6,428 1944—Dec 30,401 62 4,887 15,032 136 310 9,974 Dec 39,570 576 831 28,470 1,047 2,101 6,550 1945—Dec 38,155 38 8,364 18,091 91 360 11,211 5-10 years: 1946—June.... 34,804 58 6,813 16,676 243 576 10,439 1944—Dec 37,909 725 366 19,953 3,447 3,787 9,633 Oct 32,478 64 7,452 13,343 252 521 10,846 1945—Dec 33,025 787 210 21,007 2,058 2,902 6,061 Nov.. . . 30,475 56 7,331 11,831 210 478 10,569 1946—June.... 32,847 716 135 21,933 1,609 2,822 5,632 Dec 29,987 64 7,496 11,221 257 490 10,459 Oct 28,911 629 103 17,844 2,046 2,918 5,368 Treasury notes: Nov.. . . 28,911 614 103 17,921 2,037 2,896 5,337 1944—Dec 23,039 60 1,56615,411 336 568 5.098 Dec 27,283 529 72 16,657 2,042 2,826 5,156 1945—Dec 22,967 8 2,120 15,701 179 576 4,383 .0-20 years: 1946—June 18,261 9 1,74811,396 227 623 4,258 1944—Dec 23,817 2,098 145 3,391 3,186 8,204 6,793 Oct 13,351 14 715 8,469 273 636 3,245 1945—Dec 34,985 2,779 90 3,691 5,523 10,996 11,905 Nov.. . . 13,351 14 835 8,353 263 648 3,238 1946—June 37,189 3,400 83 3,308 6,026 12,547 11,829 Dec 10,090 6 355 6,120 211 603 2,796 Oct 32,384 2,989 78 2,420 5,276 11,654 9,969 Treasury bonds: Nov.. . . 32,384 2,978 78 2,421 5,283 11,668 9,959 1944—Dec 91,585 5,173 1,24336,508 7,704 17,859 23,098 Dec 32,384 2,975 78 2,433 5,303 11,708 9,886 1945—Dec 120,423 6,915 947 46,535 10,217 22.230 33,579 After 20 years: 1946—June 119,323 6,655 755 47,335 10,74323,07330,764 1944—Dec 11,194 1,748 95 1,066 509 4,381 3,394 Oct 119,323 6,257 755 48,383 10,95823,210 29,760 1945—Dec 24,781 2,764 57 2,418 2,051 6,933 10,559 Nov.. . .119,323 6,199 753 48,469 10,98323,142 29,777 1946—June 22,372 2,103 57 2,550 2,510 6,325 8,826 Dec 119,323 6,186 753 48,408 11,049 23,226 29,700 Oct 22,372 2,083 57 2,610 2,691 6,557 8,374 Nov.. . . 22,372 2,080 55 2,642 2,679 6,583 8,332 Dec 22,372 2,084 55 2,632 2,687 6,602 8,313 * 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" included holdings by nonreporting banks and insurance companies as well as by other investors. Estimates of total holdings by (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 Dec. 31, 1946, commercial banks reporting to the Treasury held 16,760 million dollars of U. S. Government securities due or callable within one year out of a total of 54,952 million outstanding. 2 Including Postal Savings and prewar bonds and a small amount of Guaranteed securities, not shown separately below. 3 Classification has been revised (1) to include notes and bonds and (2) to include callable issues as of their first call dates. 306 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 i c l t o d h 2 m - e O ta t x h e e s r 1 n c r M n e e e n u v l o a i l e s e u l a 1 - - - s S S t r a o e i x c c ty e i u a s - l c O e t i h p e ts r 1 c T e r o i e p t - a t l s ce N ip e t t s3 d t I e o e e n s n r b t - - t a f W i a c e d t n n t i e a i e d s - v r s e - : T f o t e e r r a u r a u t c s n c n - s . t t s t 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 e n 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 G b In a d f e d u l c u n e a n r r e c n e d i r r n a c e a e g s l a e s p e ( e G + ( r d i ) r e — o o b d o s t ) s r Fiscal year ending: June 1944 8,393 26,262 5,291 1,751 3,711 45,408 44,149 2,609 87,039 556 3,540 93,744 49,595 -4,051 +10,662 +64,307 June 1945 10.289 24,884 6,949 1,793 3,824 47,740 46,457 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 1,714 3,915 44,239 43,0384,722 48,542 1,918 9,83 7 65,019 21,981 +781 -10.46C + 10,740 1946—February. . . 1,086 1,704 584 310 191 3,875 3,678 118 2,702 148 543 3,510 +168 +39 +534 +327 March 658 4,180 649 100 176 5,762 5,747 64<^ 2,550 23 1,383 4,602 + 1,146 +462 — 1,593—3,201 April 485 1,118 642 65 424 2,734 2,677 174 2,560 200 1,316 4?, 251 1,573 +254 -3,433 -2,114 May 966 442 615 285 690 2,998 2,733 10£ 2,182 95 1,294 3,677 944 —139 — 2,398— 1,316 June 650 2,742 615 76 399 4,482 4,479 1,395 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 1,190 631 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 1,152 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 16C) 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 34.^ 1,412 71 1.180 3,005 +814 -232 + 1.2K) +628 February.. . 1.376 1,845 666 387 368 4,643 4,378 12< 1.457 16 2 350 3,946 +432 +348 +2,422 1,642 Details of trust accounts, etc. General fund of the Treasury (end of period) Social Security accounts Net ex- Other Assets penditures Period in check- De- De- Total Balance c N e r i e e p - t ts I m n e v n e t s s t- p t e E u n r x e d - s i- c G i o n m o u g v n e e t a n s r c t n o - - f ce R i e p - ts I m nv e e n s ts t- p t e u E n r x d e - s i- Total R F p e e o d s i s n e e i r r t v s a e l d s p p e o e p i s n c o i i s t a s i l - a O s t s h e e ts r lia ti b e i s li- ge fu n i n n e d ral agencies 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—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 -4 326 133 -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 5—1,074 B 586 331 8 448 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 October 159 -5 116 -116 155 26 78 8.393 773 6,936 684 323 8,070 November. . 430 87 104 -2 127 60 265 6,965 824 5,487 655 300 6.665 December.. , 71 237 109 17 125 26 331 3.920 682 2,570 668 418 3,502 1947—January.... 219 45 126 239 123 44 121 5,102 1,620 2, 736 746 391 4,711 February... 440 87 123 -21 361 265 7,478 2,561 3,363 1,554 344 7,134 1 Details on collection bais given in table below. 2 Withheld by employers (Current Tax Payment Act of 1943). 3 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 ( —). 5 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 collections. In millions of dollars] UNITED STATES TREASURY Individual Corporation income [In millions of dollars] income taxes and profits taxes Estate Excise and and other mis- Excess Period W he it ld h- 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 ta g x if e t s cel t l a a x n e r s ous Period in C c a o s m h e o C u a t s g h o o c u a o t s f g h o 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 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 Anril 708 508 157 324 5 66 549 April 2.934 4,171 1,237 May. .... 1,245 175 82 157 3 64 577 May , 3,492 383 891 June 30 1,053 744 994 16 63 548 June 4,736 046 310 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, $50 47 November. 1,2-13 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 1947—January. . . 657 2,196 250 266 66 639 1947—January.. . 3,948 2,827 -1,121 MARCH 1947 307 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 Assets,other than interagency items1 Li i a n b t i e l r i a ti g e e s, n c o y th e it r e m th s an Com- Bonds, notes, U. S. Primodi- Invest- Land, and deben- Gov- vately Corporation or agency Loans ties, ments struc- Undis- Other tures payable Other m er e n n - t owned Total Cash c a e b i l v e - m p a l a n ie t d e s - , G U se o . c v u S t - . . O se t c h u e - r e m a q n e u d n ip t - ch u a te rg d es s a e s t - s a F g n u u te a ll e r y - d Other li i a ti b e i s l- in e t s e t r- est 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 1,836 390 16,973 299 1,536 377 1,250 3,377 24 069 496 Dec. 31 1946 30,409 1,398 6,649 1,265 1,873 547 16,924 339 1,414 261 1,252 3,58824,810 498 Classification by agency, Dec. 31, 1946 Department of Agriculture:2 Farm Credit Administration: Banks for cooperatives 300 24 231 (3) 1 33 256 10 Federal intermediate credit banks. 346 22 273 47 4 293 2 51 1 114 37 919 136 5 16 756 40 77 240 Production credit corporations.... 117 1 70 46 (*) 117 Regional Agricultural Credit Corp. 15 13 1 (3) (3) 14 Agricultural Marketing Act Revolving Fund 2 (3) 1 1 (3) 2 Federal Farm Mortgage Corp 133 10 120 3 3 3 127 Rural Electrification Administration. 538 6 527 (3) 5 (2) 538 Commodity Credit Corp 1,284 514 109 463 4 190 217 1,160 92 Farmers' Home Corp 475 84 315 (3) 19 56 7 468 Federal Crop Insurance Corp 24 5 9 10 14 10 National Housing Agency: Federal Home Loan Bank Administration: F F e e d d e e r r a a l l h S o a m vi e n g lo s a n a n b d a n L k o s an In- 473 33 293 145 «• 1 169 71 124 108 surance Corp 176 2 17? 3 4 173 Fede H ra o l m P e u O bl w ic n e H rs o ' u L s o in a g n C A o u rp thority 676 15 624 17 15 2 3 5 (3) 21 651 and affiliate: Federal Public HousingAuthority 537 13 278 8 227 3 8 3 534 Defense Homes Corp 57 1 1 (3) 56 (3) 1 56 F Fe e d d e e r r a a l l N H a o t u io si n n a g l A M d o m rt i g n a i g s e tr a A ti s o s n ociation. 19 6 6 35 26 6 122 (2) 1 (3) 13 36 8 152 5 R.F.C. Mortgage Company 23 (3) 14 7 2 1 22 Reconstruction Finance Corp.4 5,016 53 720 667 48 159 2,854 207 306 978 4,038 Export-Import Bank 1,253 3 1,241 (3) 9 183 1 071 Federal Deposit Insurance Corp 1,061 7 2 (3) 1,045 (3) 7 2 919 139 Federal Works Agency 268 2 75 144 (3) 47 (3) 268 Tennessee Valley Authority 758 19 1 8 727 (3) 4 9 750 U. S. Maritime Commission: Maritime Commission activities .... 3,938 265 2 72 3 3 301 24 270 276 3,662 War Shipping Adm. activities5 8,360 183 30 7,764 98 286 733 7,627 All other6 3,263 52 ""870 14 20 324 1,813 4 168 (3) 73 3,190 CLASSIFICATION OF LOANS BY PURPOSE AND AGENCY Dec. 31, 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 p i a r 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 R A r E t i i f u d l o i e r m c n c a a - l . - H C F e a o o r r s r m ' m p e . - 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 F l a o o e n m a d k n . e s R a a a . f F t f n i e d l . s i C - . B p p E I 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 S , e a e n 1 l p c l 9 t i 4 . e 6 s , To aid agriculture 986 149 273 232 120 528 588 (3) 9 2,884 2,860 To aid home owners 636 22 1 659 704 To aid industry: Railroads 153 18 171 171 Other 151 41 192 182 To aid financial institutions: 12 7 19 20 Other 293 2 295 237 Foreign loans 235 1,249 800 2,284 1,632 Otber 278 232 (3) 113 623 641 Less: Reserve for losses. 67 29 (3) 1 11 (3) 273 13 66 11 478 498 Total loans receivable (net) 919 120 273 231 109 527 315 624 278 293 740 1,241 978 6,649 5,949 1 Assets are shown on a net basis, i.e., after reserves for losses. 2 Federal Surplus Commodities Corp. has been liquidated. 3 Less than $500,000. * Includes U. S. Commercial Company and War Damage Corp. 6 Figures are for Nov. 30, 1946, with the exception of those for lend-lease and UNRRA activities. • Figures for Inland Waterways Corp. and the Virgin Islands Co., which are included in this group, are for Nov. 30, 1946, and June 30 1946, respectively. 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. 308 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] Income In (p d h u 1 y s 9 s t i r 3 c i 5 a a - l l 3 v p 9 o r = o l 1 u d 0 m u 0 c e t ) i * o n 2 aw 1 C a 9 o r c 2 d n o 3 e s n - d t t 2 r r u 5 a ( c = c v t t a 1 i s o l 0 u n 0 e)2 Em 19 p 3 lo 9 y = m 10 e 0 nt4 Fac- D m ep e a n r t t- Whole- M Y a o n e n a d t r h 1 ( m v 9 p a 3 e a = l 5 n y 1 u - 0 t - e 3 s 0 ) 9 1 Total Du f M a r- c a tu n r u N e d - s u o r n - - M era in ls - Total R d ti e e a n s l i - - o A th l e l r N t a c u g u o r r l a n i - - l - Factory 1 r t 9 p o 1 o 3 a l 0 r l 9 y s y 0 * =] c 1 F a 9 i r r n 3 e l = g o 5 i 1 s g a - 0 * 3 d h 0 9 - t [1 = u s 9 s ( e t a v 1 3 ) o l * a 5 0 e r l - e 0 s 5 - 39 p m = c 1 r s o 1 i o 9 a c m d 0 l 2 e e i 0 s 6 - t * y [ 1 C l = 9 i o v 3 1 s i 5 t n 0 - g o 0 3 4 f 9 able 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. 103.2 120! 83 138.6 124.5 1920... 75 93 60 83 63 30] 90 104. 123.5 129 99 154.4 143.2 1921. .. 58 53 57 66 56 44 65 79. 79.7 110 92 97.6) 127.7 1922... 73 81 67 71 79 68 88 88. 85.5 121 94 96.7 119.7 1923... 88 103| 72 98i 84 81 86 101. 108.4 142 105 100.61 121.9 1924... 82 95 69 89 94 95 94 93. 101.2 139 105 98.1 122.2 1925... 90 107 76 92 122 124 120 97. 106.6J 146 110 103.5 125.4 1926. .. 96 114] 79 100 129 121 135 98. 109.9 152 113 100.0| 126.4 1927... 95 107 83 100 129 117 139 96. 107.9 147 114 95.4 124.0 1928. .. 99 117) 85 99 135 126| 142 96, 109.1 148 115 96.7 122.6 1929 122.9 110 132 93 107 117 87 142 102.6 103, 117.1 152 117 95.3| 122.5 1930... 109.1 91 98 84 93 92 50 125 95.5 89, 94.7 131 108 86.4 119.4 1931 92.3 75 67 79 80 63 37 84 86.1 75, 71.8 105 97 73.01 108.7 1932. .. 70.6 58 41 70 67 28 13 40 75.5 64, 49.5 78 75 64.8 97.6 1933 68.9 69 54 79 76 25 11 37 76.0 71, 53.1 82 73 65.9 92.4 1934... 78.7 75 65 81 80 32 12 48 83.8 83, 68.3 89 83 74.91 95.7 1935... 87.1 8 83 90 86 37 21 50 87.6 88, 78.6 92 88 80.0| 98.1 1936 101.3 103 108 100 99 55 37 70 94.9 96, 91.2 107 lOOJ 80.8 99.1 1937 107.7 113 122 106 112 59 41 74 100.9 105, 108.8 111 107 86.31 102.7 1938 98.5 89 78 95 97 64 45 80 94.4 90, 84.7 89 99 78.61 100.8 1939 105.4 109 109 109 106 72 601 81 100.0 100, 100.0) 101 106 77 A 99.4 1940... 113.5 12 139 115 117 81 72 89 104.7 107. 114.5 109 114 78.6 100.2 1941 138.0) 162 201 142 125 122 89 149 117.5 132. 167.5 130 133 87.3 105.2 1942 174.6 199 279 158 129 166 82 235 126.7 154. 245.2 138 149 98.8 116.5 1943 213.0 239 360| 176 132 68 40 92 132.4 177. 334.4 137 168 103.1 123.6 1944 233.4 235 353 171 140 41 16 61 130.8 172. 345.7 140 186 104.0 125.5 1945... 239.1 203 274 166 137 68 26 102 125.7 149, 288.4 135 207 105.8 128.4 1946 P245.1 P170 P192 P165 P134 153 143 161 '128.3 P139, P260.7 132 264 121.1 139.3 1944 April 231.1 239 23 361 172 140 •36 131.2] 174.5 173.8 345.0 138 175 103.9 124.6 May 232.1 236 236 356 169 143 33 131 .1 173.3 172.3 345.3 138 185 104.0 125.1 June 233.9 235 236 354 169 142 34 131.2 172.5 172.2 346.6 139 177 104.3 125.4 July 233.2 230| 232 347 165 139 38 130.0 171.4 171.9 339.6 142 186 104.1 126.1 August.... 234.0 232 235 348 168 142 41 130.7 170.9 172.0 343.1 142 187 103.9 126.4 September 232.5 230 234 342, 168 143 130.0 169.3 170.1 341.9 139 190 104.0 126.5 October. . . 235.5 232 234 344 169 143 129.5 168.1 168.5 343.8 137 193 104.1 126.5 November. 237.5 232 232 341 173 143 if 129.1 167.3] 167.7 341.0 141 201 104.4 126.6 December. 239.01 232 230 343 173 137 129.2] 168.0 168.3 346.7 1371 199 104.7 127.0 1945 January... 241.9 2341 230 345 175 140 48 75 130.2 168.1 167.7 345.6 144 198 104.9 127.1 February.. 245.2 236 232 346 176 141 59 96 130.5 168.0) 167.5 344.8 139 208 105.2 126.9 March. . . . 244.1 235, 232 345, 176j 142 72 118 130.5 166.5] 166.0 341.7 145 216 105.3 126.8 April 242. 230| 229 336| 174 140 70 112 129.1 163 163.0 333.3 141 184 105.7 127.1 May 241.9 225 22. 323 173 138 58 89 128.5 160.81 159.8 318.7 141 190 106.0 128.1 June 244.6 2201 220 308 173 144 50 73 127.6 157.2] 156.9 314.6 140 203 106.1 129.0 July 243.4 210 211 292 165 143 54 79 126.5 151 152.1 298.7 139! 215 105.91 129.4 August.... 236.0 186 188 239 157 140 61 91 125.3 147.6 148.7 267.3 128 200 105.7 129.3 September 229.0 167 171 194] 156! 134 69 104 119.4 127.8 128.5 224.2 127 203 105.2 128.9 October. .. 231.4 162 164 186| 154 124 83 121 119.? 127.2 127.6 222.9 118 213 105.9J 128.9 November. 235.7 168 167 191 158 138 94 134 120.3! 127.8 128.2 222.9 133 222 106.81 129.3 December. 234.1 163 161 185 156J 133 108 150 120.8 128.1 128.4 226.2 127 219 107.1 129.9 1946 January.. . 233.5 160 156 166| 161 141 107 61 145 123.6 130.7 130.2 229.2 133 227 107.1 129.9 February.. 231.7 152 148 138 167 141 136 95 169 122.1 122.4 121.9 210.5 126 251 107.7 129.6 March.... 234.7 168 164 183 166 137 147 129 161 124.9 130.3 129.9 232.9 139 257 108.9 130.2 April 236.4 165! 163 190 164 104 170 172 168 126.4 136.6 135.9 249.2 109 252 110.2 131.1 May 239.7 159 159 175 161 115 169 179 161 127.6 138.0 136.9 247.8 106, 258 111.0 131.7 June 240.9 170i 171 193] 162 139 174 177 172 128.4 139.6 139.3 257.1 133 276 112.9 133.3 July 250.6 172 174 202 157 146] 165 161 168 128.9 140.6 141.0 261.2 139 273 124.7 141.2 August 252.1 177 180 208 164! 144 158 157 158 130.6 143.8 145.0 278.3 141 290 129.1 144.1 September 246.6! 179| 184 ••212 165 146 151 147 155 131.5 145.9 146.7 284.1 138 270 124.0] 145.9 October... 254.5 181 184 '214 168 145 1451 140] 148 131.6 146.4 146.8 286.4 139 257 134.1 148.6 November. 259.2 183 183 2141 173 136 139 122 152 132.0 148.7 149.1 291.8 137 272 r139.7 152.2 December. 261.6J 182 179 210 173 136 154 143 163 131.7 149.61 149.9 300.1 140 274 140.9] 153.3 1947 January... P263.6 Pl88j P184 P220 P177 P145 P148 P144 P151 1*132.5 Pl50.0|P149.5 150 265 141.5 153.1 * Average per working day. P Preliminary. »• Revised. 1 Department of Commerce series on value of payments to individuals. 1 For indexes by groups or industries, see pp. 310-313. For points in total index, by major groups, see p. 328. » Based on F. W. Dodge Corporation data; for description, see p. 358 of BULLETIN for July 1931; by groups, see p. 317 of this BULLETIN. * The unadjusted indexes of employment and pay rolls, wholesale commodity prices, and cost of living are compiled by or based on data of the Bureau of Labor Statistics. Nonagricultural employment covers employees only and excludes personnel in the armed forces. * For indexes by Federal Reserve districts and other department store data, see pp. 319-321. Back figures in BULLETIN.—For industrial production, August 1940, pp. 825-882, September 1941, pp. 933-937, and October 1943, pp. 958-984; for factory employment, January and December 1943, pp. 14 and 1187, respectively, October 1945, p. 1055, and May 1946, p. 529; for department stores sales, June 1944, pp. 549-561. MARCH 1947 309 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] 1947 Industry Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec, Jan. Industrial Production—Total. 163 160 152 168 165 159 170 172 177 179 181 183 182 P188 Manufactures—Total 169 163 154 173 176 167 176 177 184 185 188 191 190 >196 Durable Manufactures 185 166 138 183 190 175 193 -202 208 212 '214 214 P220 Iron and steel 164 102 43 169 159 109 154 r180 '184 '185 '184 '178 P193 Pig iron 164 100 48 168 142 86 144 178 186 184 183 174 152 192 Steel 172 108 46 176 175 126 167 190 -196 '196 '195 '193 rl74 207 Open hearth. 15S 95 38 161 148 98 142 '169 -170 -172 -171 '163 -145 177 Electric 293 199 106 286 363 319 343 343 381 366 369 404 -381 422 Machinery 232 217 188 207 225 230 241 243 254 261 268 271 275 P275; Manufacturing Arsenals and Depots1.. . Transportation Equipment 217 220 199 209 245 239 238 241 242 240 '237 235 235 Automobiles2 95 107 98 114 161 162 167 182 188 185 187 187 (Aircraft: Railroad cars; Locomotives; Shipbuilding—Private and Government)1 Nonferrous Metals and Products. 141 '139 132 •128 '159 •172 '184 •192 197 P200 Smelting and refining -137 128 '108 •105 •140 -150 '161 '168 •175 181 P185 (Copper smelting; Lead refining; Zinc smelting; Aluminum; Magnesium; Tin)1 Fabricating 150 '156 '146 -147 141 •138 163 176 191 '199 204 (Copper products; Lead shipments; Zinc shipments; Aluminum products; Magnesium products; Tin consumption)1 Lumber and products. 92 108 119 130 129 135 137 136 142 141 Lumber. . 72 95 108 117 123 123 127 121 126 129 127 135 132 Furniture. 131 135 139 142 144 142 146 144 152 152 155 157 160 Stone, Clay, and Glass Products. 164 172 185 192 100 192 197 204 200 202 207 P212 Glass products 181 190 216 221 214 193 200 218 215 238 227 226 232 245 Plate glass 3 29 106 136 130 133 119 129 114 161 158 152 135 149 Glass containers 244 247 255 251 243 213 240 249 251 265 250 251 265 278 Cement 119 131 149 152 152 127 155 155 159 162 156 162 177 182 Clay products 124 144 144 150 148 140 148 147 150 150 149 150 152 P173 Gypsum and plaster products. . . . 182 197 201 204 20? 187 104 187 215 212 212 '219 218 P232 Abrasive and asbestos products... 217 199 197 217 221 222 232 233 242 235 -241 '252 262 P264 Other stone and clay products1. . . Nondurable Manufactures 156 161 167 164 161 162 T57 165 168 -173 173 P177 Textiles and Products.. 143 162 '145 '174 164 P174 Textile fabrics 132 140 149 •151 •149 '153 -154 '133 -152 -156 -157 '163 152 Cotton consumption 125 138 146 147 144 149 152 127 149 153 155 164 141 161 Rayon deliveries '229 •235 •237 •245 •249 '251 -245 '239 -240 -242 '248 '256 '254 260 Nylon and silk consumption1.. . Wool textiles 149 153 171 173 169 174 144 173 181 178 181 180 Carpet wool consumption. 104 110 135 138 122 134 101 137 144 143 161 165 Apparel wool consumption. 184 200 222 229 224 231 7.25 192 226 239 230 2 30 223 Woolen and worsted yarn.. 156 158 175 174 171 176 175 143 173 180 177 178 176 Woolen yarn 159 1*0 177 176 172 180 178 147 178 183 177 178 172 Worsted yarn 152 154 171 171 169 170 170 138 165 176 176 1~7 180 Woolen and worsted cloth. 153 155 170 173 174 176 178 151 176 184 181 181 181 Leather and Products. 111 134 131 127 128 103 120 119 117 121 115 Leather tanning 114 115 t26 120 115 104 107 99 101 101 97 110 110 Cattle hide leathers 131 131 146 140 135 124 128 117 119 114 103 121 122 Calf and kip leathers 92 92 99 SI 84 75 75 66 70 81 78 91 94 Goat and kid leathers. . . 49 54 64 62 54 49 45 45 49 51 67 70 68 Sheep and lamb leathers. 139 151 146 148 134 118 128 125 124 H4 141 137 131 Shoes 109 118 138 144 142 142 142 106 131 130 '129 117 P119 133 Manufactured Food Products. 153 154 160 156 150 136 146 161 P164 147 Wheat flour 136 149 163 122 120 109 127 135 145 155 Cane sugar meltings1 131 Manufactured dairy products. P131 P116 '122 P120 '129 '136 '143 >146 J'146 P148 Butter 59 59 58 59 65 62 62 73 "137 79 79 77 79 82 Cheese 14^ 151 150 153 173 166 167 168 74 168 164 172 172 178 Canned and dried milk. . . 136 130 131 144 163 163 174 178 169 163 142 143 148 147 Ice cream 173 P Preliminary. r Revised. Series included in total and groun indexes but not available for publication senaratei. 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. 310 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 1947 Industry Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Manufactured Food Products—Continued Meat packing 155 131 178 140 130 120 85 165 138 38 115 163 151 163 Pork and lard 171 146 205 149 157 151 97 190 141 24 116 179 151 172 Beef 138 122 153 132 101 90 65 145 139 41 107 150 162 164 Veal 138 87 87 80 72 68 60 132 134 81 140 160 138 133 Lamb and mutton 148 105 184 157 132 94 126 121 110 93 131 116 105 108 Other manufactured foods 159 165 165 167 164 156 151 153 151 150 154 160P167 P169 Processed fruits and vegetables 138 145 146 163 165 158 162 175 155 143 167 ••159 169 P167 Confectionery 137 145 143 139 132 136* 123 109 107 110 123 135 Other food products 168 174 174 173 169 159 153 154 158 159 156 164 172 P176 Alcoholic Beverages 212 231 238 176 169 155 161 176 174 227 206 213 234 241 Malt liquor 197 199 197 127 117 109 123 128 123 197 179 194 202 183 Whiskev , 130 131 125 100 96 60 61 65 56 71 68 64 158 188 Other distilled spirits 274 431 524 370 356 352 343 377 4^6 384 241 191 333 623 Rectified liquors 343 396 416 401 409 387 367 426 427 461 460 463 426 408 Tobacco Products ... .... 112 143 156 161 154 163 153 140 155 157 173 169 148 158 Cigars . .... 87 104 111 110 109 110 108 99 110 112 127 131 109 112 Cigarettes 139 185 205 217 205 219 200 181 202 205 226 216 192 208 Other tobacco products 64 71 69 65 69 71 76 72 79 76 79 81 72 69 Paper and Pat>er Products 134 133 140 148 146 142 146 136 147 150 152 153 150 P155 Paper and pulp . 132 130 136 143 141 138 142 131 142 144 146 147 146 PI 49 Pulp 137 131 144 156 155 150 161 147 162 163 162 159 Ground wood pulp 95 93 96 98 96 92 99 96 98 101 106 9* 98 Soda pulp 100 102 104 111 112 100 107 101 110 111 108 109 109 Sulphate pulp ... 195 167 203 239 235 223 250 229 238 249 244 248 236 Sulphite pulp 120 125 130 132 131 133 137 122 132 136 141 139 139 Paper 131 130 135 141 139 136 139 129 140 142 144 145 144 147 Panerboard 143 145 155 165 166 160 164 155 169 172 172 175 168 179 Fine oaper 78 81 82 82 85 84 85 72 85 85 89 90 86 83 Printing paper 132 134 139 144 144 141 143 127 138 144 142 155 153 Tissue and absorbent paper 149 146 141 149 143 143 142 138 151 152 155 156 152 148 W N r ew a s p n p r i i n n g t paper ... ... 1 8 4 6 0 1 8 2 6 8 1 8 3 6 5 1 8 3 6 8 126V 1 8 2 3 8 1 8 3 3 2 1 8 2 4 4 1 8 3 3 5 1 8 33 7 13 8 5 5 13 8 6 4 1 8 3 7 4 1 8 3 7 7 Printing and Publishing 112 118 123 127 126 124 129 124 129 128 132 130 138 P138 Newsprint consumption 92 102 108 110 108 108 116 121 123 117 119 118 120 122 Printing paper (same as shown under Paper) Petroleum and Coal Products PI 72 P166 net P171 P166 P163 P174 P178 P182 P181 P179 Pi 77Pi 74 Petroleum refining2 Gasoline 140 131 129 130 133 138 140 144 149 146 145 148 148 Pi 44 Fuel oil 164 171 176 172 172 168 170 166 164 165 160 161 167 Lubricatins oil 123 129 130 141 135 132 146 135 1 52 153 1 59 147 154 157 180 190 183 161 167 175 172 162 155 163 150 162 Other ttetroleum oroducts* Coke 154 116 91 151 113 73 137 160 165 166 167 152 143 Bv-nroduct coke 150 111 85 145 116 75 133 155 159 161 160 148 139 Beehive coke . . . . .. 286 296 295 337 18 16 276 336 369 352 406 r272 278 P'383 Chemical Products 230 234 232 232 235 231 233 235 237 235 238 243 247 P251 Paints 142 145 147 148 150 143 146 150 153 149 148 150 153 P155 Soap 127 130 126 122 121 121 122 120 117 114 111 128 P135 Ravon 246 251 255 256 260 261 256 255 262 267 271 279 281 P288 Industrial chemicals 378 384 379 382 392 383 389 396 395 395 r402 411 422 P425 Rubber Products 205 215 216 221 219 215 218 211 221 234 234 243 248 P245 Minerals—Total 133 141 141 137 104 115 139 146 144 146 145 136 136 P145 Fuels 137 146 149 145 108 124 149 153 150 151 150 140 141 P!50 Coal 132 150 152 159 32 73 142 153 149 155 152 118 128 P162 Bituminous coal 142 159 160 168 10 60 156 159 156 163 160 116 130 P173 Anthracite 94 114 121 125 121 125 86 128 120 125 124 123 121 P118 Crude petroleum 139 144 147 138 146 149 153 154 151 149 149 150 147 P144 Metals 108 107 93 89 76 63 78 103 107 111 111 117P108- P112 Metals other than gold and silver 159 159 135 132 111 89 114 147 148 153 157 169P153 (Copper* Lead* Zinc)1 Gold . 33 35 36 35 32 32 32 44 50 52 44 44 48 40 29 17 9 13 21 35 49 58 60 58 p Preliminary. r Revised. 1 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. 878-88*1 and 933-937, and August 1940, pp. 753-771 and 825-882. MARCH 1947 311 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. L935-39 average =100] Annual 1946 1947 Industry 1946 1945 Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Industrial Production—Total 170 203 148 164 163 159 171 174 180 184 184 '183 179 P184 Manufactures—Total 177 214 151 170 174 167 176 178 186 190 191 '192 188 P192 Durable Manufactures 192 274 136 181 190 175 194 203 210 214 215 '214 209 P217 Iron and Steel 150 183 43 169 159 109 154 '180 '184 '185 '184 '178 159 193 Pig iron 146 175 48 168 142 86 144 178 186 184 183 174 152 192 Steel 162 200 46 176 175 126 167 190 '196 '196 '195 '193 '174 207 Open hearth 140 167 38 161 148 98 142 '169 '170 '172 '171 '163 '145 177 Electric 322 434 106 286 363 319 343 343 '381 366 369 404 '381 422 Machinery 240 343 188 207 225 230 241 243 254 261 268 271 275 T275 Transportation Equipment 232 487 199 209 245 239 238 241 242 240 237 235 235 P230 Automobiles2 159 180 98 114 161 162 167 176 182 188 185 187 187 P182 (Aircraft; Railroad cars; Locomotives; Shipbuilding—Private and Government)1 ... Nonferrous Metals and Products 157 204 '141 '139 132 '128 137 '150 '159 '172 '184 '192 198 P200 Smelting and refining 140 173 128 '121 '108 '105 110 '139 '150 '161 '167 '176 182 P185 (Copper smelting; Lead refining; Zinc smelt- Fabricating 164 216 '146 '147 141 '138 147 155 163 176 191 '199 204 (Copper products; Lead shipments; Zinc shipments; Aluminum products; Mag- 131 109 110 120 129 131 141 137 144 147 142 139 129 P128 Lumber 122 98 95 108 122 126 138 133 140 144 136 131 114 P112 Furniture 147 133 139 142 144 142 146 144 152 152 155 157 160 Stone, Clay, and Glass Products 192 163 174 184 187 180 191 193 204 212 209 '207 201 P201 Glass products 216 180 210 221 214 204 207 211 223 242 232 228 218 241 Plate glass 125 50 106 136 130 133 119 129 114 161 158 152 135 149 Glass containers 248 226 247 251 243 228 237 239 261 270 258 254 247 273 Cement 154 97 113 125 145 134 166 171 179 188 181 175 161 148 Clay products 148 119 138 143 144 140 147 147 154 '155 158 155 158 161 Gypsum and plaster products 204 177 191 197 198 190 198 187 215 216 218 '223 224 223 Abrasive and asbestos products 229 269 197 217 221 222 232 233 242 235 241 '252 262 Nondurable Manufacture 165 166 162 162 161 160 162 159 166 172 172 '174 171 P172 Textiles and Products . . ... 162 146 '160 162 161 '165 165 '145 '163 '168 '169 '174 164 P174 Textile fabrics 151 134 149 '151 '153 '154 '133 '152 '156 '157 '163 152 P162 Cotton consumption . ... 147 137 146 147 144 149 152 127 149 153 155 164 141 161 Rayon deliveries . 245 '219 '237 '245 '249 '251 '245 '239 '240 '242 248 '256 '254 260 Nylon and silk consumption l Wool textiles 171 143 171 173 169 174 174 144 173 181 178 181 180 Carpet wool consumption 133 58 135 138 122 134 137 101 137 144 143 161 165 Apparel wool consumption . . . 221 210 222 229 224 231 225 192 226 239 230 230 223 Woolen ard worsted yarn 171 151 175 174 171 176 175 143 173 180 177 178 176 Woolen yarn 173 157 177 176 172 180 178 147 178 183 177 178 172 "Worsted yarn 168 142 171 171 169 170 170 138 165 176 176 177 180 Woolen and worsted cloth 173 154 170 173 174 176 178 151 176 184 181 181 181 Leather and Products 122 117 137 134 131 127 127 101 119 118 117 '123 114 Leather tanning 109 113 136 119 114 105 104 94 100 99 98 114 109 Cattle hide leathers. . 125 128 157 140 135 124 123 110 115 111 104 '126 122 Calf and kip leathers 82 88 104 82 81 72 77 66 73 80 80 94 92 Goat and kid leathers 56 56 67 62 56 48 46 45 47 51 67 68 68 Sheep and lamb leathers .... . 134 141 160 144 131 127 127 116 127 131 141 145 125 Shoes 131 119 138 144 142 142 142 106 133 131 130 '129 117 P119 Manufactured Food Products 149 150 145 139 139 137 137 161 164 164 158 '158 155 P151 Wheat flour 133 132 165 119 116 96 104 125 130 147 143 146 153 P155 Cane sugar meltings 1 Alanufactured dairy products 131 141 P101 P134 P160 P189 P197 P175 P151 P120 P96 P95 P95 Butter . ... 68 81 51 54 66 80 86 89 81 76 68 59 62 68 Cheese 165 168 123 138 180 222 237 207 189 171 148 129 '124 132 Canned and dried milk 157 188 118 141 184 227 240 207 179 150 115 103 114 119 Ice cream ... P Preliminary. Revised. 1 Series included in total and group indexes but notavailable for publication separately, 2 This series is currently based upon man-hour statistics for plants classified in the automobile and autoi bil t i d ti d i d id dti tiit di th 312 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] Annual 1946 1947 Industry 1946 1945 Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov Dec. Jan. Manufactured Food Products—Continued Meat packing . ... 130 143 171 129 120 120 84 154 122 37 117 181 175 191 Pork and lard 144 139 201 138 143 151 97 167 108 19 109 210 199 225 Beef 117 149 141 120 95 90 63 147 141 44 117 156 162 168 Veal 104 134 76 75 71 70 60 132 132 89 160 172 130 124 Lamb and mutton 122 131 186 154 128 96 117 116 107 100 136 116 103 115 Other manufactured foods 158 154 150 148 145 140 141 162 173 188 173 166 P163 Processed fruits and vegetables 158 132 92 89 101 103 125 228 255 315 216 '147 132 p109 Confectionery 130 127 144 129 110 104 91 89 115 142 161 159 Other food products 163 164 166 166 162 156 154 157 161 163 164 172 175 P169 A Icoholic Beverages 191 178 211 162 164 157 174 187 174 237 221 196 210 206 Malt liQuor 153 162 178 118 123 124 154 160 141 199 166 149 161 150 Whiskey 87 66 125 100 96 60 61 65 56 71 68 64 158 188 Other distilled spirits 319 288 314 241 214 211 213 219 230 526 624 401 366 405 Rectified liquors . . . . 420 331 416 401 409 387 367 426 427 461 460 463 426 408 Tobacco Products 156 136 148 152 147 164 159 145 161 166 179 172 138 157 Cigars 112 95 111 110 109 110 108 99 110 112 127 131 109 112 Cigarettes 204 170 193 202 190 219 210 190 212 219 235 221 177 208 Other tobacco products 73 92 67 65 69 71 77 72 77 81 85 83 63 68 Paper and Paper Products 145 139 141 148 146 142 147 136 147 150 152 153 150 P155 Paper and pulp . . ... 141 135 137 143 141 138 142 131 142 144 146 147 146 P149 Pulp 154 153 145 157 156 151 162 146 154 160 162 162 159 Groundwood pulp 97 114 100 105 106 100 100 86 86 90 98 101 99 Soda pulp 107 99 104 111 112 100 107 101 110 111 108 109 109 Sulphate pulp . 230 224 203 239 235 223 250 229 238 249 244 248 236 Sulphite pulp 133 132 130 132 131 133 137 122 132 136 141 139 139 Paper 139 132 136 141 139 136 139 128 140 142 144 145 144 147 Paperboard 164 154 155 165 166 160 164 155 169 172 172 175 168 179 84 79 82 82 85 84 85 72 85 85 89 90 86 83 Printing paper 140 127 139 144 144 141 143 127 134 138 144 142 155 153 147 144 147 149 144 143 145 133 151 152 156 156 147 147 Wrapping paper 132 135 135 138 126 128 132 124 135 133 135 136 134 137 Newsprint 85 80 86 86 88 83 84 82 82 87 85 85 85 87 Paperboard containers (same as Paperboard) 127 108 122 129 129 126 129 115 123 128 135 135 141 P133 Newsprint consumption 114 89 106 114 114 112 115 104 111 119 125 129 126 114 Printing paper (same a*? shown under Paper) P173 P236 P161 P171 P163 P174 P178 P182 P181 P179 PI 77 P!74 Gasoline . . . 140 145 129 130 133 138 140 144 149 146 145 148 148 P144 Fuel oil 167 167 176 172 172 168 170 166 164 165 160 161 167 Lubricating oil . 143 131 129 139 141 137 146 133 151 153 159 147 152 Kerosene 168 131 200 187 165 169 164 160 155 154 163 155 167 Coke 136 157 91 151 113 73 137 160 165 166 167 152 143 By-product coke 132 152 85 145 116 75 133 155 159 161 160 148 139 Beehive coke . . 271 322 295 337 18 16 276 336 369 352 406 ••272 278 P383 Chemical Products 236 284 233 234 237 231 231 232 233 235 240 244 248 P250 Paints 148 138 145 148 151 147 150 149 151 148 148 149 153 Soap 120 130 124 122 119 117 119 119 119 119 116 128 P\32 Rayon . . 262 240 255 256 260 261 256 255 262 267 271 279 281 P288 Industrial chemicals 394 392 379 382 392 383 389 396 395 395 r402 411 422 P425 Rubber Products . . 225 211 216 221 219 215 218 211 221 234 234 243 248 P245 Minerals—Total 134 137 134 130 99 115 141 150 147 149 147 135 131 P139 Fuels 142 143 149 145 108 124 149 153 150 151 150 140 141 P150 Coal 130 137 152 159 32 73 142 153 149 155 152 118 128 P162 Bituminous coal 133 144 160 168 10 60 156 159 156 163 160 116 130 P173 119 107 121 125 121 125 86 128 120 125 124 123 121 Crude petroleum 148 146 147 138 146 149 153 154 151 149 149 150 147 P144 Metals . .. 88 101 47 44 46 62 95 126 132 136 126 105 P74 P75 Metals other than gold and silver 123 151 58 56 61 89 143 188 189 192 180 144 P92 155 192 22 28 58 116 233 295 282 282 252 174 58 Gold . 25 32 30 28 28 30 44 55 60 51 49 Silver P37 52 30 17 9 13 20 35 48 59 59 58 P Preliminary. ' Revised. 1 Series included in total and group indexes but not available for publication separately. * 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. MARCH 1947 313 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 Annual 1946 1947 Annual 1945 1946 1945 19461 Jan. Oct. Nov. Dec Jan. 1945 19461 Dec. Jan. Oct. Nov. Dec, Total 149.h 139.4 130.2 146.8 149 149.9 149.5 288.4 260.7 226. 229 286.4 291.8 300.1 Durable goods 188.5 156.6 144.1 169.4 172 0 172 3 172.8 366.6 280. 240.0 243.0 318 5 321.6 328.3 Nondurable goods. 118.8 125.8 119.2 129.0 131. 132.2 131.2 211.9 241.0 212.7 215.7 255.1 262.6 272.4 Iron and Steel and Products 153.8 135.2 131.9 145.5 148.9 147. 150.4 278.5 232.9 220.5 216.1 263.. 270.0 265.5 Blast furnaces, steel works, etc 117.9 113.5 116 122 124 120 206.0 180.7 181 173 203 209 194 Steel castings 207.6 158.5 175 162 170 171 369.9 274.4 297 264 291 316 315 Tin cans and other tinware 125.0 125.1 120 133 130 131 213.8 225.1 202 208 249 233 245 Hardware 116.6 125.0 107 136 139 139 234.6 244.3 196 203 278 282 286 Stoves and heating equipment. 121.9 117.1 112 131 134 132 226.0 217.5 198 197 259 265 263 Steam, hot-water heating apparatus 160.: 150.6 145 166 170 168 297.1 275.4 254 239 326 328 310 Stamped and enameled ware 138.8 134.4 125 148 151 151 274.4 260.1 228 301 303 Structural and ornamental metal 317 work 159.8 142.1 126 160 161 287. 240. 194 274 275 293 Electrical Machinery 240.1 189. 183.7 215.2 219.2 222.0 426., 330. 308.5 302.6 393.1 400.6 Electrical equipment 204.5 149.0 161 170 172 174 364.0 253. 262 259 304 308 414.3 Radios and phonographs. 216.0 179.8 151 203 210 214 408.8 345. 258 272 409 427 317 Machinery except Electrical 204.3 190.4 180.9 206.0 209.5 211.3 368.8 329. 288. 297.5 375.5 449 Machinery and machine-shop 384.8 products 196.7 172.1 165 183 187 188 350.0 299. 265 273 334 337 347 Engines and turbines 303.3 210.3 209 240 245 245 589.7 399. 364 371 482 492 501 Tractors 171.2 153.2 171 172 172 174 262.1 227. 235 249 269 270 271 Agricultural, excluding tractors 146.6 139.1 140 152 156 161 283.0 237. 249 234 277 281 291 Machine tools 182.0 162.8 159 169 163 164 320.0 271. 245 262 292 283 288 Machine-tool accessories 225. 191.5 182 204 206 205 374.1 310.1 279 284 343 343 350 Pumps 260.1 224.2 218 237 241 243 525.1 413.9 406 395 453 451 468 Refrigerators 123 158.6 135 181 182 186 221.0 254.7 198 164 311 301 305 Transportation Equipment, except Autos 916.4 291.8 326.9 277.2 281.6 287.2 287.8 1865.9 529.3 577., 559.1 522.4 511.5 550.0 Aircraft, except aircraft engines... , 1062.0 327.5 299 361 369 365 2040.8 601.6 520 514 681 680 683 Aircraft engines 1535.4 292.1 240 322 329 325 2578.6 459. 346 357 530 478 527 Shipbuilding and boatbuilding. 961. 260.7 360 193 193 206 2016.8 462.0 641 603 354 337 398 A utomobiles 146.6 158.3 103.5 185.2 186.1 185.1 177.9 247.6 254.0 135.5 153.5 312.3 315.8 324.5 Nonferrous Metals and Products 164.6 159.0 145.3 175.4 177.2 178.9 178.5 306.1 290.4 250.4 256.1 326.3 332.5 344.1 Primary smelting and refining 135.7 124 140 142 144 249.5 219.5 213 216 251 257 269 Alloying and rolling, except aluminum 163.2 143.9 144 158 159 161 302.5 258.8 247 254 287 291 305 Aluminum manufactures 194.2 215 216 218 420.0 325.6 267 269 362 374 385 L umber and Timber Basic Products.. . . 121.1 140.2 122., 151.2 153.5 151.9 152.0 218.3 272.6 199.4 207.7 314.5 306.9 312.4 Sawmills and logging camps 73.0 77.3 70 81 82 80 132.8 150.4 114 118 170 164 163 Planing and plywood mills 91.2 97.7 89 104 106 105 156.5 183.4 145 149 208 205 215 Furniture and Lumber Products. 101.7 114.8 106.0 119.8 122.1 123.9 125.5 187.1 227.8 188.1 192.9 252.7 256.8 266.9- Furniture 90.4 100.9 94 105 106 108 165.8 199.5 164 169 220 223 231 Stone, Clay and Glass Products 108.4 131.6 U4.3 139.9 140.0 140.5 141.7 184.3 237.2 181.7 185.4 264.0 267.4 274.& Glass and glassware 122.4 145.1 125 151 150 149 195.2 250.8 182 192 274 279 285 Cement 75.2 111.5 92 120 121 122 122.4 183.4 136 135 205 207 209 Brick, tile, and terra cotta 75.3 104.1 92 112 110 110 126.6 197.5 148 155 228 222 225 Pottery and related products 116.9 138.0 126 146 147 149 184.4 236.1 195 196 262 263 274 Textile-Mill and Fiber Products 94.0 104.5 98.6 107.0 108.4 109.4 109.3 174.2 223.8 188.0 190.7 242.9 247.9 255.7 Cotton goods except small wares.. 104.7 113.4 108 116 118 118 204.6 259.3 216 217 285 294 301 Silk and rayon goods 72.0 76.5 73 78 79 80 139.4 173.2 149 149 189 191 198 Woolen and worsted manufactures 94.7 105.9 100 108 109 110 184.5 235.6 200 207 244 243 253 Hosiery 61.8 71.3 67 73 74 75 101.0 137.0 113 116 150 155 158 Dyeing and finishing textiles 85.3 94.8 91 96 97 97 147.0 185.5 164 168 195 202 210 Apparel and Other Finished Textiles. 116.7 131.0 121.0 137.4 137.2 139.2 140.3 210.6 267.0 215.0 228.0 288.9 288.5 298.3 Men's clothing, n.e.c 87.1 88.8 83 91 93 94 153.7 179.2 141 148 189 207 211 Shirts, collars, and nightwear... 69.5 76.3 72 78 81 82 127.2 162.5 134 136 173 188 198 Women's clothing, n.e.c 74.3 78.0 76 80 77 78 136.3 161.5 141 149 171 154 159 Millinery 75.1 76.8 81 78 68 73 122.2 131.6 119 147 139 100 117 Leather and Leather Products 91.1 101.9 97.4 101.5 102.1 103.6 104.3 167.6 200.5 179.2 185.2 198.1 200.1 216.8 Leather 83.5 90.5 92 88 87 91 148.8 162.5 162 163 159 161 175 Boots and shoes 78.5 87.8 84 87 89 148.1 179.7 157 164 175 178 195 Food and Kindred Products 124.8 126.0 123.0 125.7 131.4 131.2 126.7 206.7 225.5 220.4 215.0 228.6 248.1 259.2 Slaughtering and meat packing. 110.8 109.6 127 70 115 125 181.7 183.5 215 218 111 216 237 Flour 120.9 119.8 127 124 125 124 210.9 229.0 221 228 256 256 268 Baking 110.0 106.1 110 105 108 110 173.5 184.3 181 180 191 199 209 Confectionery 109.4 104.4 106 112 115 118 187.6 195.6 202 191 212 227 241 Malt liquors 144.4 145.9 152 147 148 149 217.1 224.5 227 228 235 237 251 Canning and preserving 98.6 100.5 69 129 98 86 195.5 234.3 167 144 325 213 200 Tobacco Manufactures. 87.4 92.0 87.0 95.8 97.6 98.3 94.9 164.7 187.1 164.1 166.7 207.4 212.7 222.0 Cigarettes 125.7 121.6 118 124 126 126 203.5 219.5 185 201 239 247 255 Cigars 65.5 76.7 69 81 83 84 136.6 170.5 149 146 192 194 207 1 Annual indexes for 1946 were computed by the Board of Governors and are preliminary. 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 January 1947 are preliminary. 314 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 Annual 1946 1945 1945 1946: Jan. Oct. Nov. Dec. Jan. 1945 19461 Dec. Jan. Oct. Nov. Dec Paper and Allied Products 119.5 1*6.6 128.6 140.2 142.9 144.3 143.4 202.1 247.9 219.0 221.7 265A 273.9 281.7 Paper and pulp 105.8 120.3 114 122 124 124 183.3 220.3 197 198 235 240 245 Paper goods, n.e.c 115.4 123.3 118 126 128 128 189.9 219.9 198 202 234 241 250 Paper boxes 112.1 125.3 120 130 133 134 184.7 227.7 203 204 245 254 261 Printing and Publishing 99.9 116 3 109.4 120.1 121.6 122.8 121.8 144.3 187.4 163.2 165.7 200.3 205.5 214.9 Newspaper periodicals 94.2 109 6 103 113 114 115 126.1 165.5 142 144 179 182 190 Book and job 106.8 124.7 118 129 131 132 162.0 209.0 185 189 221 228 239 Chemicals and Allied Products 211.9 169.2 169.7 170.5 173.7 174.9 176.0 370.5 294.4 283.4 285.2 303.5 311.8 322.1 Drugs, medicines, and insecticides 179.3 188.9 182 194 195 196 274.4 312.9 276 281 332 342 351 Rayon and allied products 112 9 121.1 123 120 122 121 184.0 204.0 194 197 210 215 216 Chemicals, n.e.c 162.8 168.8 165 170 173 177 284.8 286.8 267 273 294 301 313 Explosives and safety fuses 996.1 187.0 239 178 175 178 1509.7 295 0 470 361 292 283 299 Ammunition, small arms 1040.1 174.8 226 161 160 156 2049.0 336.9 437 428 326 332 327 Cottonseed oil 104.3 91.6 117 115 135 125 222.1 210.4 280 253 278 341 329 Fertilizers 120.6 128.0 133 117 118 123 276.0 300.0 258 283 280 277 305 Products of Petroleum and Coal 127.2 139.6 134.0 142.8 142.6 142.1 141.7 223.2 237.4 222.2 220.9 245.8 245.7 246.6 Petroleum refining 126.3 135.2 132 136 136 136 216.8 224.1 213 211 228 227 233 Coke and by-products 101.7 113.1 110 119 119 116 183.7 200.4 190 192 216 218 197 Rubber Products 163.1 187.4 172.7 198. 202.9 204.7 202.4 291.4 339.3 275.5 290.1 368.5 385.1 402.3 Rubber tires and inner tubes 167.1 194.3 182 204 207 207 279.8 317. 257 273 346 360 372 Rubber goods, other 128.6 136.2 127 145 147 149 234.6 262.6 225 232 289 292 309 Miscellaneous Industries 160.9 168. 150.4 178.9 180.8 182.1 178.6 305.1 316.4 266.7 271.0 348.4 351.8 361.2 Instruments, scientific 414.9 193.4 200 186 176 184 770.8 331.3 332 330 332 311 335 Photographic apparatus 147.0 140.9 127 147 147 147 243.2 230.8 204 199 247 253 253 For footnotes see page 314. FACTORY EMPLOYMENT (Adjusted for Seasonal Variation) [Index numbers of the Board of Governors, 1939=100] 1945 1946 1947 Group Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Total 128.1 130.7 122.4 130.3 136 6 138 0 139 6 140 6 143 8 145.9 146 4 148 7 149 6 z»150 0 Durable 141.2 144.4 122 9 138.6 151 6 154 6 158.1 161.2 165.9 168.3 169.3 171.9 172.4 P173.1 Nondurable 117.8 119.8 122 0 123.7 124.7 124.8 125.0 124.4 126.5 128.2 128.4 130.5 131.6 P131.9 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 Nov. Dec. Aug. Sept. Oct. Nov. Dec. Nov. Dec. Aug. Sept. Oct. Nov. Dec. 41.2 41.5 40.5 40.3 40.5 40.2 40.9 99.0 99.4 111.2 112.6 113.0 113.9 114.5 Durable Goods . . .. 41 1 41 4 40.5 40.3 40.7 40.2 40.8 106.4 106.6 118.6 120.1 120.2 121.0 121.2 Iron and Steel and Products 42.1 42.5 39.9 39.7 40.3 40.0 39.8 108.2 109.1 122.2 124.1 123.9 124.7 124.8 Electrical Machinery . . ... ... 41 3 41 5 40.6 40.8 40.7 40.6 41.1 103.9 105.0 116.9 118.5 118 6 119.0 119.8 Machinery Except Electrical 42 6 42 9 40 9 41.1 41.5 40.9 41 4 112.4 113.4 124.6 126.0 126 6 127.2 127.7 Transportation Equipment Except Autos. . 37.4 39.7 39.7 38.8 40.0 38.4 40.7 124.4 123.9 135.9 135.6 135.9 136.4 136.0 Automobiles 37 8 36.0 39 2 38.5 38.8 38.5 39.7 121.7 122.0 137.3 138.5 137.6 139.4 139.5 Nonferrous Metals and Products 43.2 43.3 40.8 40.7 40.9 41.0 41.8 105.8 106.3 117.7 119.2 119.5 120.3 120.8 Lumber and Timber Basic Products 40 5 39 0 41 8 41.4 41.9 40.6 42.0 78.9 81.4 92.8 93.5 93.6 93.1 92.3 Furniture and Finished Lumber Products.. 42.0 42.5 41.9 41.8 42.2 41.7 42.2 84.4 85.9 95.7 97.7 99.0 99.9 100.8 Stone, Clay, and Glass Products 42.0 41.9 40.7 40.5 40.6 40.3 41.0 92.8 93.9 106.3 108.7 109.6 111.5 112.0 41.3 41.5 40.4 40.3 40.2 40.2 41.0 91.8 92.7 103.6 105.0 105.6 106.5 107.6 Textiles—Mill and Fiber Products 40.3 40.7 40.1 40.0 40.2 40.2 40.9 78.6 79.5 92 A 94.0 94.8 95.5 95.9 Apparel and Other Finished Products 36.1 36.4 37.0 36.9 36.8 36.6 37.0 86.4 87.5 98.6 101.0 99.7 99.9 100.7 Leather and Manufactures 39.6 40.6 37.8 38.2 37.5 37.1 39.2 85.7 88.1 97.2 98.2 98.7 100.4 101.7 Food and Kindred Products 44 4 45 3 43 7 43 0 42.4 42.8 44 4 90.8 91.5 101.5 101.3 103 5 104.7 105.8 Tobacco Manufactures 40.4 39.1 38.6 39.5 40.3 39.7 40.2 80.7 80.6 88.5 89.3 90.5 92.4 94.7 Paper and Allied Products 45.7 45.6 43.4 43.0 43.4 43.3 43.8 90.2 91.0 102.0 103.7 105.0 106.5 107.1 Printing, Publishing and Allied Industries.. 41.7 41.5 40.8 41.0 41.0 41.0 41.4 117.1 118.8 129.9 131.5 132.5 134.2 137.3 Chemicals and Allied Products 42.5 42.5 40.8 40.9 41.3 41.3 41.6 99.1 100.1 110.2 111.0 110.2 111.2 113.3 Products of Petroleum and Coal 44 0 42 9 40 3 40 4 40.4 40.3 40.1 121.7 123.6 134.7 136 8 134 7 135.1 137.4 Rubber Products 40.2 40.9 39.4 40.6 39.4 40.1 41.2 111.2 111.3 129.5 132.3 131.3 132.2 133.0 ^Miscellaneous Industries . 41.9 42.1 41.0 41.1 41.4 41.0 41.4 96.5 98.5 105.7 107.6 108.8 109.7 110.3 NOTE.—Preliminary January 1947 figures for average hours and earnings are: All manufacturing, 40.5 and 115.6; Durable, 40.3 and 122.0; Nondurable, 40.6 and 109.0, respectively. Back figures are available from the Bureau of Labor Statistics. MARCH 1947 315 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ESTIMATED EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS, BY INDUSTRY DIVISION [Thousands af persons] Transporta- Finance, Federal, Year and month Total M t a u n r u in fa g c- Mining 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 10,780 916 lf722 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 38,417 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 15,060 779 834 3,822 7,173 4,589 5,887 1946 P38.950 »14,090 P782 Pi,711 P3.944 *7,851 *5,140 "5,432 SEASONALLY ADJUSTED 1943—January 40,098 16,670 927 1,899 3,540 7,133 4,146 5,783 February .... 40,133 16,880 924 1,734 3,556 7,064 4,146 5,829 March 40,328 17,093 915 1,604 3,574 7,110 4,121 5,911 April . .. 40,263 17,200 908 1,476 3,588 7,006 4,110 5,975 May 40,221 17,288 893 1,358 3,597 6,988 4,102 5,995 Tune 40,360 17,493 893 1,263 3,620 7,017 4,112 5,962 July 40,425 17,608 888 1,164 3,634 7,061 4,127 5,943 August 40,248 17,608 878 1,082 3,639 7,015 4,110 5,916 September 40,022 17,569 876 1,020 3,633 7,006 4 079 5,839 October 40,103 17,696 869 936 3,671 7,006 4,078 5,847 November 40,186 17,812 859 891 3,683 7,000 4,119 5,822 December 40,056 17,687 863 864 3,687 6,962 4,127 5,866 1944—Tanuary 40,177 17,633 862 830 3,720 7,096 4,170 5,866 February .... 40,210 17,677 862 786 3,780 7,043 4,173 5,889 March 39,974 17,493 852 737 3,780 7,046 4,165 5,901 April 39,808 17,304 848 719 3,763 6,982 4,257 5,935 May 39,785 17,209 843 673 3,768 6,997 4,363 5.932 Tune 39,823 17,150 848 677 3,765 7,012 4,475 5,896 July 39,734 17.047 833 653 3,753 7,084 4,505 5,859 August 39,683 16,972 830 648 3,762 7,059 4.514 5,898 September. 39,474 16,809 822 627 3,735 7,065 4,488 5,928 October 39,299 16,724 812 609 3,748 7,077 4,384 5.945 November 39,176 16,661 808 611 3,771 7,052 4.359 5,914 December . . 39,204 16,712 802 619 3,789 7,015 4,304 5,963 1945—January 39,534 16,741 805 633 3,797 7,210 4,394 5.954 February 39,603 16,729 802 658 3,848 7,164 4,404 5.998 March 39,613 16,602 796 691 3,846 7,214 4,438 6,026 April 39,1£6 16,371 765 736 3,811 7,004 4,466 6.033 May 39,006 16,115 732 782 3,802 7,056 4,513 6,006 June 38,717 15,783 798 828 3,795 7,039 4,521 5,953 July 38,390 15,289 784 868 3,801 7,117 4,558 5,973 August 38,038 14,912 780 858 3,803 7,121 4,597 5,967 September.... ... 36,245 13,087 780 883 3,774 7,215 4,603 5,903 October 36,179 13,015 714 940 3,806 7,258 4,745 5,701 November . . 36,505 13,077 789 984 3,871 7,315 4,894 5,575 December 36,669 13,025 798 1,085 3,916 7,335 4,936 5,574 1945—Tanuary 37,511 13,276 814 1,230 3,956 7,673 5,034 5.528 February 37,057 12,577 812 1,385 3,987 7,697 5,082 5,517 March 37,906 13,247 801 ,462 3,990 7,757 5,127 5,522 Anril .... 38,365 13,850 508 1,597 3,939 7,775 5,166 5.530 May 38,728 13,992 717 1,708 3,873 7,763 5,134 5,541 J T u u l n y e . 3 3 8 9 , , 9 12 8 4 3 1 14 4 , , 2 1 0 3 3 4 8 81 1 5 1 1 1, , 8 8 8 3 2 7 3 3 , , 9 8 0 7 4 8 77,,879888 5 5 , , O 05 ? 5 6 5 5 , , 3 4 9 8 6 0 A Se u p g t u e s m t ber 3 39 9 , , 9 6 0 4 7 8 1 14 4 , , 6 4 5 6 5 8 8 8 2 2 4 3 1 1 , , 9 9 6 3 5 6 3 3, , 8 9 9 4 1 2 7 7 , . 9 99 7 8 3 55.,105845 5 5 , ,4 4 2 ^0 1 October 39,957 14,726 823 1,907 3,967 7,960 5.261 5,313 November 40,061 14,930 824 1,755 4, COS 7,980 5,297 5,270 December 39,983 15,011 815 1,710 3,997 7,935 5,260 5.255 1947—Jam,iarv 40,207 15,079 835 1,639 3,999 8,165 5,269 5,221 UNADJUSTED 1945—juiy 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 1945—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 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 40,134 14,735 827 2,103 3,949 7,918 5,155 5,447 October 40,178 14,763 827 2,040 3,987 8.040 5,208 5,313 40,381 14,967 828 1,808 4,005 8,259 5,244 5,270 40,795 15,048 819 1,642 3,977 8,610 5,260 5,439 39,657 15,033 831 1,508 3,939 7,961 5,216 5,169 * Includes Contract Construction and Federal Force Account Construction. P Preliminary. NOTE.—Unadjusted data compiled by Bureau of Labor Statistics. Estimates for manufacturing have been adjusted to levels indicated by final 1944 data made available by the Bureau of Employment Security of the Federal Security Agency. Estimates include all full- and part-time wage and salary workers in nonagricultural establishments employed during the pay period ending nearest the 15th of the month. Proprietors self-employed persons, domestic servants, and personnel of the armed forces are excluded. January 1947 figures are preliminary. For back seasonally adjusted estimates see BULLETIN for June 1944, p. 600. Back unadjusted data are available from the Bureau of Labor Statistics. 316 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 nublic Month Factories Commercial Educational Other utilities 1945 1946 1945 1946 1945 1946 1945 1946 1945 1946 1945 1946 1945 1946 January 140.9 357.5 19.5 89.7 45.2 104.7 7.5 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 8.5 77.5 3.0 17.1 17.6 28.3 32.0 64.7 March . . .. 328.9 697.6 26.9 275.2 160.4 113.7 10.0 112.7 4.6 11.4 36.3 40.9 90.6 143.6 April 395.8 734.9 42.7 370.6 174.5 105.1 12.3 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 9.5 88.7 5.1 23.5 29.4 38.3 107.9 197.9 June 227.3 807.9 41.8 332.2 25.5 159.4 18.8 55.2 10.5 23.5 35.6 35.2 95.0 202.5 July 257 7 718 0 46 3 281.2 51.5 129.3 19 8 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 25.5 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 45.5 50.0 10.2 18.8 27.0 27.1 54.6 156.4 October 316 6 573 2 59 9 235 1 85 4 140 2 60 8 41 0 18 6 12 6 30 8 31 5 61 1 112.8 November 370.1 503 7 88.4 221.1 107.9 73.6 62.8 36.1 7.0 15.1 30.0 36.0 74.0 121.8 330.7 457.3 86.1 193.4 92.6 69.9 65.5 38.6 8.2 19.7 27.3 19.8 51.0 115.9 Year 3,299.3 7489.7 563.5 3142.1 1,027.0 1317.3 346.4 773.2 100.2 221.4 376.8 404.4 885.4 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 F. W. Dodge Corporation. Value of contracts in millions of dollars] [Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in thousands of dollars] Total Public ownership Private ownership Month 1947 1946 1945 1946 1947 1945 1946 1947 1945 1946 1947 Federal Reserve district Jan. Dec. Jan January.... 141 358 572 75 47 167 66 311 405 February... 147 387 74 56 73 331 March 329 698 221 146 107 551 Boston 35,350 37,772 17,663 April 396 735 309 127 87 608 New York 135,456 85,761 54,726 May 243 952 148 197 95 756 Philadelphia. . . 20,890 17,800 19,371 June. ..... 227 808 82 215 146 593 Cleveland 47,716 38,140 38,289 Julv 258 718 108 202 149 516 Richmond 65,614 62,159 36,842 August 264 680 67 205 196 475 Atlanta 59,128 54,148 29,042 September. . 278 620 43 187 235 433 Chicago 62,117 67,015 72,259 October 317 573 61 134 256 439 St. Louis 43,436 19,141 21,740 November. . 370 504 61 130 309 373 Minneapolis. . . 11,600 11,082 12,786 December.. . 331 457 62 109 269 348 Kansas City. . . 19,990 20,919 19,103 Dallsas 70,331 43,341 35,680 Year 3,2997,490 1,311 1 ,754 1,988 5,735 Total (11 districts) 571,628 457,278 357,501 LOANS INSURED BY FEDERAL HOUSING ADMINISTRATION [In millions of dollars] NOTE.—Data for most recent month preliminary. Title I Loans Mortgages on INSURED FHA HOME MORTGAGES (TITLE II) HELD IN PORTFOLIO, BY CLASS OF INSTITUTION 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 s t ) i 4 l l e e y - s h R g ( o a T e r I u n o n I i s d t u ) t i l a n p e l g W V h ( e o a T V t u e r i s I r t a a ) i l n n i e n d g s' End of month Total [In C m m o e m i r l - l - ions M s t u a o v a u f l - - dol S l i a a n a n r g v s d s ] - I a n n s c u e r- F e e ra d l - Other' cial ings loan com- agenbanks banks associ- panies cies1 1935 320 224 94 2 ations 1936 557 246 309 2 1937 495 60 424 11 1938 694 160 13 473 48 1936—Dec 365 228 8 56 41 5 27 1939 954 208 25 669 51 1937—Dec 771 430 27 110 118 32 53 1940 1,026 251 26 736 13 1938—Dec 1,199 634 38 149 212 77 90 1941 . 1,186 262 21 877 13 13 1939—Dec 1,793 902 71 192 342 153 133 1942 1,137 141 15 691 6 284 1943 942 96 1 243 # 601 1940—Mar 1,949 971 90 201 392 171 124 1944 .. . . 886 125 216 7 537 June 2,075 1,026 100 208 432 182 127 1945 684 189 219 4 272 Sept 2,232 1,093 111 216 480 190 141 1946 797 363 * 347 3 84 Dec 2,409 1,162 130 224 542 201 150 1945—Dec 55 23 * 20 1 11 1941—Mar 2,598 1,246 146 230 606 210 160 1946—Jan 56 17 * 27 12 June 2,755 1,318 157 237 668 220 154 Feb 46 14 * 24 8 Sept 2,942 1,400 171 246 722 225 178 Mar 48 13 * 28 * 7 Dec 3,107 1,465 186 254 789 234 179 Apr 58 21 * 28 1 8 May 80 39 * 31 1 10 1942—June 3,491 1,623 219 272 940 243 195 83 40 37 6 Dec 3,620 1.669 236 276 1,032 245 163 Tulv 80 42 * 33 i 5 A Se u p g t. 5 6 5 3 3 2 2 5 * * 2 2 6 6 * 4 4 1943— D Ju e n c e 3 3 , , 7 62 0 6 0 1 1, , 7 7 0 0 5 0 2 2 5 5 2 6 2 29 8 2 4 1 1 . , 0 1 7 3 1 4 23 7 5 9 1 15 5 9 8 Oct 85 47 * 33 6 Nov 67 35 * 26 7 1944—June 3,554 1,669 258 284 1,119 73 150 Dec 76 40 * 28 9 Dec 3,399 1,590 260 269 1,072 68 140 1947—Jan 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 13 122 194 1 6 M ; o f r i t g g u a r g e e s s th in e s r u ea re f d te r un r d ep er r es W en a t r m H a o i u n s l i y n g m T or it t l g e a g V es I i t n h s r u o r u e g d h u A n p d r e i r l 1946—June 3,102 1,488 260 247 974 11 122 the Veterans' Housing Title VI (approved May 22, 1946) but include a few refinanced mortgages originally written under the War Housing iThe 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 * 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. MARCH 1947 317 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 ••750 1,124 903 P799 254 230 '301 334 P394 228 '520 '823 569 P405 February 483 728 1,107 887 P670 254 234 314 325 P318 230 494 793 ', 561 P352 March 637 r992 1,197 1,030 P815 272 249 358 365 P384 365 '743 839 665 P431 April 717 989 1,231 1,005 P757 235 258 '361 366 P407 482 732 '870 639 P350 May 542 1,092 1,455 1,135 P851 191 282 386 372 P397 351 810 1,069 763 P453 June 650 1,003 1,296 870 P878 215 296 '332 360 P386 434 707 965 511 P492 July 659 1,265 1,197 893 P826 214 302 294 356 P434 446 963 903 537 P392 August 705 1,280 1,191 737 P883 187 318 304 360 P426 518 962 887 378 P457 September 732 1,269 1,194 514 P643 196 289 282 335 P3 78 536 981 912 180 P265 October 803 -1,237 1,144 455 P537 200 329 '329 344 P3 94 603 '908 815 111 P143 November 788 1,072 1,185 639 P987 168 312 323 322 P481 620 '760 '862 317 P506 December 883 1,286 '938 736 Pl.094 359 282 '336 297 P536 524 '1,004 '602 439 P558 Jan.-Dec '"8,079 12,965 14,259 9,806 P9,738 2,745 3,381 '3,919 4,136 P4.934 5; 335 '9,584 10,339 5,670 4,804 P Preliminary. ' Revised. 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 1 RAILROADS [Index numbers: 1935-39 average = 100] [In millions of dollars] For- Mis- Mer- Total Coal Coke Grain s L t i o v c e k - p u e r c s o t t d s - Ore l c o a e u l n s - e- c l d h .c i a s .1 n e . - r o r e p a T v i e e o 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 N i e c l r o w e a m t t a i y e n g ; ! 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 69 1944 9,437 8,343 1,093 668 1946 132 130 146 138 129 143 136 138 79 1945 8,899 8,049 849 447 1946 P7.627 P7,008 P619 P287 SEASONALLY ADJUSTED SEASONALLY 1945—November. 133 148 167 167 145 110 134 133 74 ADJUSTED December. 127 133 164 153 139 106 117 130 74 1945—October... 657 620 37 3 1946—January... 133 148 127 152 126 122 118 134 78 November. 668 608 61 30 February.. 126 152 107 150 158 126 94 121 78 December. 628 674 -36 -56 March. . . . 139 155 165 141 140 134 121 143 78 April 109 26 95 112 143 143 66 143 81 1946—January... 655 567 88 51 May 106 68 62 126 114 125 66 123 74 February.. 635 555 80 51 June 133 146 140 126 118 149 137 135 81 March.. . . 651 667 -16 -45 July 139 145 177 139 166 153 164 141 78 April 566 562 4 -28 August... . 141 152 184 131 118 157 162 145 77 May 515 524 -9 -41 September. 138 160 183 125 91 154 164 139 75 Tune 639 586 53 20 October. . . 139 155 183 142 128 146 157 139 79 July 651 603 48 16 November. 137 117 166 147 136 151 157 148 83 August. . . 664 613 51 18 December. 140 132 155 162 122 156 145 148 81 September. 673 605 68 37 October. . . 663 606 57 25 1947—January... 150 163 175 157 123 163 176 152 77 November. 663 601 62 29 December. 658 578 80 UNADJUSTED 1945—November. 136 148 167 164 183 108 114 139 75 UNADJUSTED December. 119 133 173 144 135 94 36 123 71 1945—October... 697 645 52 19 1946—January... 123 148 133 152 '121 109 '30 123 74 November. 661 600 61 '35 February.. 119 152 114 147 126 121 24 113 75 December. 614 ••572 '-42 -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 1947—January.., 138 163 184 157 118 147 44 139 74 November. 658 594 64 38 December. 637 534 103 r Revised. NOTE.—For description and back data, see pp. 529-533 of the BULLETIN for p Preliminary. June 1941. Based on daily average loadings. Basic data compiled by Associa- NOTE.—Descriptive material and back figures may be obtion of American Railroads. Total index compiled by. combining indexes for tained from the Division of Research and Statistics. Basic classes with weights derived from revenue data of the Interstate Commerce data compiled by the Interstate Commerce Commission. Commission. Annual figures include revisions not available monthly. 318 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 United Year or month States Boston Y N o e r w k d P e h l i p l h a- ia C l l a e n v d e- m Ri o c n h d - la A n t t - a c C a h g i o - L S ou t. is M ap i o n l n is e- K C a i n t s y as Dallas F c S i r s a a c n n o - SALES* 1939 106 104 101 104 106 109 113 107 111 106 105 112 109 1940 114 108 106 111 114 120 123 116 119 109 110 116 117 1941 133 126 119 129 138 144 145 135 143 123 127 138 139 1942 149 140 128 143 153 170 162 149 158 129 149 157 169 1943 168 148 135 151 167 194 204 161 179 148 184 212 200 1944 186 162 150 167 182 215 244 176 200 164 205 245 221 1945 207 176 169 184 201 236 275 193 227 185 229 276 244 1946 264 221 220 236 257 289 345 250 292 247 287 353 306 SEASONALLY ADJUSTED 1946—January 227 186 194 205 220 262 308 209 234 212 249 '304 '266 February 251 200 207 221 236 283 331 241 281 236 261 339 300 March 257 218 215 244 246 294 328 243 286 246 275 336 297 April 252 210 221 224 244 276 327 237 272 225 273 352 291 May 258 213 228 232 256 276 329 234 277 252 289 342 305 June 276 232 243 253 273 303 365 253 305 248 288 368 315 July 273 227 236 254 260 307 343 254 300 253 281 381 323 August 290 246 259 250 286 306 365 281 330 259 300 381 324 September 270 226 205 241 249 298 367 263 313 265 321 376 313 October 257 216 179 229 248 286 348 250 293 254 207 349 319 November 272 230 231 253 266 2°0 347 261 294 252 283 356 320 December 274 231 232 '229 277 293 '363 264 303 '251 '299 348 317 1947—January 265 215 228 244 256 291 341 245 278 261 284 364 313 UNADJUSTED 1946—January 179 147 155 158 167 '196 246 167 192 158 199 '246 '212 February 207 156 174 174 194 227 292 193 236 182 238 299 253 March 238 197 206 219 237 264 315 226 264 223 255 258 April 255 223 219 228 253 281 336 242 281 235 273 335 287 May 248 211 214 222 243 274 313 234 272 242 272 322 284 June 253 216 221 228 257 266 306 245 274 236 265 313 288 July 208 157 158 175 203 219 275 198 234 204 239 290 266 August 242 184 189 195 249 253 321 236 284 232 279 332 292 September 278 237 214 246 251 316 374 268 316 287 311 395 326 October 278 240 2H2 2^9 265 312 372 268 313 281 312 384 330 November 336 2*4 319 360 416 318 371 302 340 4*4 376 December 441 398 392 '408 430 493 '570 409 463 '385 '448 567 504 1947—January 209 170 183 188 194 218 273 196 228 195 227 295 249 STOCKS* 1939 102 99 97 96 99 107 107 103 102 103 99 106 106 1940 108 105 102 99 106 113 115 111 108 110 105 113 113 1941 131 124 123 119 130 139 140 134 134 138 125 130 137 1942 179 165 181 167 182 191 178 186 176 171 159 161 187 1943 155 142 143 141 144 175 161 160 152 151 152 159 172 1944 162 147 150 148 151 190 185 161 159 169 157 177 177 1945 166 153 160 150 156 198 188 159 166 165 158 190 182 1946 213 182 195 191 205 250 258 205 225 211 210 250 238 SEASONALLY ADJUSTED 1946—January 167 145 '164 149 157 207 184 163 160 166 165 179 183 February 171 154 '167 153 163 201 192 165 175 162 163 190 190 March 177 157 '172 160 174 206 201 168 185 166 183 195 190 April 189 171 180 172 178 217 220 179 193 183 184 208 215 May 200 177 '189 182 192 233 239 191 211 186 194 239 217 June '210 181 '200 194 209 243 252 199 222 207 212 253 218 July '222 187 '208 203 213 264 267 213 231 224 206 252 250 August 221 186 '210 205 208 264 271 210 234 219 201 262 240 O Se c p to te b m er ber 2 2 2 * 6 7 2 1 0 9 7 2 2 1 0 0 0 2 2 2 1 1 0 7 2 2 2 * 1 2 2 2 6 J 2 4 2 2 7 0 7 7 2 2 2 3 0 5 2 2 4 6 0 4 2 2 2 4 7 4 2 2* 1 4 9 2 2 6 7 7 4 2 2 4 7 9 0 November 209 '221 220 240 3*0 240 274 2^0 24O 206 December 274 205 '238 '219 258 319 348 256 292 '281 364 334 '303 1947—January 197 233 208 257 312 311 262 291 285 327 327 293 UNADJUSTED 1946—January 146 132 144 130 138 177 166 140 138 151 143 161 161 February 158 145 156 148 151 190 179 150 158 155 147 169 167 March 172 154 171 160 168 205 201 163 180 167 165 185 177 April 188 164 182 175 183 218 217 179 193 174 179 202 212 May 200 173 192 184 194 228 232 191 211 185 191 227 225 June 205 174 192 184 201 232 255 195 222 200 212 246 221 July 223 179 196 192 213 260 275 209 240 228 230 272 265 August 238 198 218 213 225 297 292 225 255 232 225 296 263 September 250 210 216 231 246 294 305 244 266 245 246 299 281 October 267 231 217 247 268 312 333 263 295 271 266 310 299 November 277 236 247 242 263 316 347 274 293 279 266 324 313 December 235 186 213 '187 214 266 293 231 246 '246 248 306 274 1947—January 235 180 205 181 225 266 280 225 250 260 254 294 288 ' Revised. * Figures for sales are the average per trading day, while those for stocks are as of the end of the month or the annual average. NOTE.—For description and monthly indexes for back years for sales see BULLETIN for June 1944, pp. 542-561, and for stocks see BULLETIN for June 1946, pp. 588-612. MARCH 1947 319 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 AT 296 DEPARTMENT STORES [Weeks ending on dates shown. 1935-39 average=100] Amount Without seasonal adjustment (In millions of dollars) 1943 1944 1945 1946 Out- Sept. 4 160 Sept. 2 .194 Sept. 1.. ..194 Aug. 31 ..281 Year or month m ( S o t f a o o n l t r e t a h s l ) m ( S e t o n o n d c t k h o s ) f ( s o e t r n i a d n d n e g d r o s - f Oct 2 1 1 5 1 8 2 . .1 1 1 1 7 7 7 5 9 6 5 6 2 3 1 3 0 6 9 ..1 1 1 1 7 9 9 9 7 6 3 6 2 2 1 2 9 5 8 . . . . . . 1 2 2 2 7 1 2 0 7 3 0 9 Sept. 2 1 2 7 4 8 1 . . . . . . . . . . . . . . . . . . 2 2 2 2 6 5 9 8 4 7 3 0 month) 9 188 Oct 7 218 Oct. 6 ..242 Oct. 5... ..277 16.. ...189 14... ..221 13.. ..245 12. ...281 23 194 21 209 20 . .237 19... ..295 1939 average 128 344 30 187 28 207 77 ..233 26... ..287 1940 average 136 353 108 Nov. 6.. ...202 Nov. 4... ..215 Nov. 3.. ..236 Nov. 2... ..277 1941 average 156 419 194 13 211 11 231 10 ..261 9... ..314 1942 average 179 599 263 20 223 18 . 252 17 ..275 16 ..342 1943 average 204 508 530 27.. ...201 25... ..236 24.. ..258 23 363 1944 average 227 534 560 Dec 4 269 Dec 2 304 Dec. 1. ..326 30... ..334 1945 average 255 564 728 11.. ...297 9... ..365 8 ..401 T>er. 7... ..475 1946 average 318 714 907 18.. ...321 16... ..377 15.. ..433 14... ..519 25 974 23 369 ?? ..421 21... ..532 1945—September. 243 621 652 30... ..123 29.. ..158 28... ..281 October 298 625 700 November.. 334 603 779 1944 1945 194(5 1947 December. , 429 462 ••766 Jan. 1 110Jan. 6... ..145 Jan. 5.. ..135 Jan. 4... ..188 8 14.* 13 166 1? . .188 11... ..232 1946—January 224 491 '899 15 146 20 .160 19 . .191 18... ..223 February.., 239 533 979 22.. ...144 27... ..161 26.. ..188 25... ..220 March 301 582 974 29.. ...137 Feb. 3... ..163 Feb. 2.. ..197 Feb. 1... ..217 April , 319 644 910 Feb. 5.. ...146 10... . .172 9.. ..214 8... ..219 May 304 674 934 12.. ...142 17... ..176 16.. . .209 15... ..246 June , 304 699 1048 19.. ...142 24... ..177 23.. ..213 22... ..216 July 244 735 1073 26.. ...146 Mar. 3... . .182 Mar. 2.. ..217 Mar. 1... August....-, 303 806 1012 Mar. 4.. ...153 10... ..204 9.. ...233 8... September. 309 828 960 11.. ... 160 17... ..214 16.. ...243 15 October... 341 879 845 18.. ...172 24... ..226 23.. ..255 22 November. 404 919 691 25.. ...182 31... ..230 30.. ...257 29 December., 526 776 557 Apr. 1.. .. .212 Apr. 7... ..181 Apr. 6.. ...272 Apr. 5... 8.. ...208 14... ..156 13.. ..282 12 1947—January P256 P767 P613 NOTE.—Revised series. For description and back figures P Preliminary. * Revised. 874-875 of BULLETIN for September 1944. 'Back figures.—Division of Research and Statistics. SALES BY FEDERAL RESERVE DISTRICTS AND BY CITIES [Percentage change from corresponding period of preceding year] Tan. Dec. Year Dec. Year Dec. jYear Jan. Dec. Year 1947 1946 1946 1946 1946 1946 11946 1947 1946 1946 United States..p+i7 +24 +27 CleveJand-cont, Chicago . \p+17 +26 +29 Kansas City— Boston +15 +22 +26 T Y o o l u e n do g s i town1. . + + 1 1 5 9 + +2 2 0 1 + +2 2 4 3 P C e h o ic r a ia g 1 o l...• J I + + 2 14 6 i + + 2 2 7 4 J ;+ + 2 3 9 1 O c k o l n a t h . oma City.. +5 +15 +19 P N o e r w tl a H nd aven.... + + 1 1 4 2 + + 1 2 2 5 + + 2 2 1 7 E Pi r t i t e s 1 burgh1 + + 1 8 9 + + 1 3 8 0 + + 2 3 1 0 F In o d r i t a W na a p y o n l e i s 1 +21; + + 3 2 0 7 1 I + + 2 3 5 3 Tulsa +11 +20 +22 Boston Area. .. +18 +24 +27 Wheeling1 +6 + 18 +27 Terre Haute + 17 +24^+28 Dallas +20 +22 +28 Downtown Des Moines. P+22 +26!+31 Shreveport +6 +24 +26 Boston.... +16 +23 +26 Richmond +U +17 +21 Detroit1 +23 +24+27 Corpus Christi. . +40 +38 +31 Springfield +11 + 17 +20 Washingtonx... +5 +10 +17 Flint1 +40 •+54|+34 Dallas1 +19 +22 +31 Worcester +18 +17 +27 Baltimore +12 +21 +22 Grand Rapidi +281 +54! +38 Fort Worth +22 +21 +24 Providence. .. . +5 +19 +23 Raleigh, N.C... +23 +27 +25 Lansing.... -+-27]+33|+31 Houston l +30 +26 +34 Winston-Salem. +38 +32 +30 Milwaukee K. +10 +23J+32 San Antonio.... +16 + 19 +27 New York. +18 +28 +30 Charleston, S. C n +10 +6 Green Bay l.. +41 +271+34 Bridgeportl +24 +26 +33 Greenville.S.C. +10 +21 + 19 Madison.... +13 +28J+26San Francisco ..p+18 +21 +25 N E A B B l e i u l m b n w f a f g i a a n r h a l r y o a k 1 m x ton. . . + + + + + 2 1 1 1 9 1 3 4 4 + + + + + 2 2 2 2 1 6 0 6 8 8 + + + + + 2 2 4 3 3 2 9 3 0 0 N C L R R y h i o o c n a r a h f r n c o m l h o e lk b k o s e u t n o r d n g , + + + + 2 1 1 1 2 6 7 6 + + + + 2 2 2 1 9 6 0 6 + + + + 2 3 2 9 7 3 4 S F L Q t. o i u t r L i t t n l o e c S u y m i R s o it c h k . 1 . . p+ + + - 1 2 1 3 9 4 9 • + + + — 2 2 5 9 3 1 J + 4 + • 2 2 9 6 T P F L B u h r o a e c n o k s s g e e n o n r o n s B i x f x e i 1 e a l c d h l. 1. . . . . . . P P + + + + + 1 1 1 2 1 2 4 5 7 1 + + + + + 1 1 2 1 1 5 9 1 3 8 '+ + + + + 3 2 2 2 2 0 2 7 7 9 N S U P S R N y o c o e t i i r a u h w c c a g g h e a c a Y h e n u r s k e s a o t e e c e r e k r t F 1 a p * a C d s l i y l i e s t . . . y . . . . ! + + + + + + + 2 1 1 1 1 1 1 9 7 6 7 9 9 6 + + + + + + + 3 1 2 2 2 2 1 7 5 7 1 8 3 1 + + + + + + + 2 3 2 2 3 3 1 4 0 9 4 8 3 2 A C H M B t W l l a u i o a r n n . b r m t k t i V a i l s i n e b a n g u g t r o h g n aml... + + + + 1 1 9 4 4 1 + + + + + + 2 2 2 1 2 1 5 1 8 9 2 4 + + + + + + 2 2 3 1 2 2 4 7 0 8 3 6 S S L S M E E t t p o v a . . e r s u a L L m i t n i n o s o S s p g u v u t v f h i . i i i s i l s i e L l l s » A l e l o 1 e d . 1 . r u . . . . e . . . . . i . . . a . s P P + + + + + + + 1 3 2 1 2 1 3 1 3 3 1 1 3 3 5 + + + + + + + 3 3 1 7 2 2 3 0 7 1 9 7 0 3 , 1 1 | + + + + + + + 5 3 2 3 3 3 2 4 0 9 0 0 6 9 S S O L R S a B a o i a n v a c s k e n e r r A l D a r k a s B m n n e i i l e d g d e e e g e e r y a n n l o a » n e t a 1 o n s d r l 1 d d ino. p P + + 2 21 0 + + + + + 1 2 2 9 9 8 4 3 • + + + + + 2 2 2 2 1 9 9 0 0 0 P T L P R h h i r a e l e n i a a l n d d c a t e a i d o n l s p e n g t h l e 1 1 p i r a h 1 . i .. a1.. + + + + + 2 1 2 1 1 1 8 5 9 8 + + + + + 3 1 2 2 2 1 8 3 8 4 + + + + +2 3 2 3 3 5 4 8 3 0 J A O T M M a a r t c i o l l m a a k a n m n n s p t d o g t a i o a 1 n o 1 1 v m i e ll r e y 1 J . . . . . . . + + + + + + 2 1 1 1 9 1 1 5 4 1 + + + + + + 3 2 2 1 2 2 7 7 9 3 4 1 + + + + + + 3 2 3 3 2 2 2 2 6 2 9 0 M D M S i S u t n . i u l n n u p P n e t e a e h a r p a - u i p o o l l o 1 r i . l s J i . . s . . . . 1 + + + + 2 1 2 2 7 8 4 3 + + + + 2 3 2 2 3 1 6 4 J J 1 + + + + 3 2 3 3 3 5 5 3 V S S S S N a a a t a o n n n l a l c t e p a k J F j o a o t r R o x s a a n e o n n 1 s c d a is 1. c o . 1 . . . . + + + + -1 2 2 1 2 0 7 5 6 0 + + + + - 2 2 3 2 5 8 0 0 3 Wilkes-Barre1.. +14 +31 +35 Augusta +7 +32 +35 Kansas City.. +14 •+21 +25 Boise and York1 +20 +20 +26 Columbus +1 +15 + 17 Denver +27 +361+35 Nampa +22 +25 Macon 1 + 14 +14 +26 Pueblo +22 +4+14 Portland +25 +26 Cleveland +16 +27 +28 Baton Rouge1...| + 10 +20 +28 Hutchison... + 13 +15 +20 Salt Lake City 1. +28 +30 Akron1 +8 +19 +19 New Orleans1... I +33 +23 +26 Topeka +22 +19+21 Bellingham * +27 +27 Canton1 +28 +39 +30 Bristol, Tenn... +19 +27 +28 Wichita +3 + 121+17 Everett * +23 +33 Cincinnati1.... +19 +25 +31 Jacksonx +19 +17 +22 Joplin + 13 +321+26 Seattle1 +19 +19 Cleveland» +15 +32 +29 Chattanooga1.. +18 +23 +31 Kansas City. +6 +24+25 Spokane1 +34 +31 Columbusl.... +12 +25 +29 Knoxville1 +8 +4 +9 St. Joseph... +6 +361+32 Tacoma1 +13 '+16 Springfield1 +7 +10 +14 Nashville1 0 +24 +36 Omaha +32 +25J+30 Yakima1 +24 +24 +15 P Preliminary. ' Revised. 1 Indexes for these citiesmay be obtained on request from the Federal Reserve Bank in the district in which the city is located. 1 Data not available. 320 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 Index numbers Percent change from Ratio of stocks 194 w 1 i t a h v o e u r t a g s e e a m so o n n a t l h l a y d j s u a s le tm s= e 1 n 0 t 0 1 a year ago (value) to sales2 Department r o N e f p u o s m r to 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 S m (e t n o o d n c k t o h s f ) December 1946 1946 Dec. Year Dec. 1946 1945 Dec. Nov. Dec. Dec. Nov. Dec. 1946 1946 1946 GRAND TOTAL—entire store3 360 +22 +25 +66 1.5 1.1 MAIN STORE—total 360 343 258 280 536 633 317 +22 +26 +68 1.6 1.1 Women's apparel and accessories.. 357 316 248 275 442 567 289 +15 +15 +54 1.4 .0 Coats and suits 339 193 264 166 383 468 323 + 16 + 18 +21 2.0 .9 Dresses 342 221 203 190 283 329 173 + 16 + 16 +64 1.3 .9 Blouses, skirts, sportswear, etc 332 342 243 323 554 705 364 +6 + 11 +53 1.6 .1 Juniors' and girls' wear 313 328 288 308 486 679 357 +7 +12 +36 1.4 .2 Infants' wear 319 433 360 358 641 800 487 +21 +11 +32 1.4 .4 Aprons, housedresses, uniforms 295 235 160 219 421 491 243 +8 + 16 +73 1.8 1.1 Underwear, slips, negligees 342 539 321 429 437 642 167 +26 +16 + 155 0.8 0.4 Corsets, brassieres 340 237 233 189 632 649 378 +25 +20 +65 2.7 2.0 Hosiery (women's and children's). .. 351 251 182 171 233 260 82 +46 + 17 + 182 0.9 0.4 Gloves (women's and children's).... 334 508 293 493 666 986 316 +3 +5 + 113 1.3 0.6 Shoes (women's and children's) 250 267 224 226 631 643 360 +18 +23 +75 2.4 1.6 Furs 274 221 225 221 517 716 497 0 +14 +4 2.3 2.3 Neckwear and scarfs 250 598 345 580 490 839 388 +3 +7 +24 0.8 0.7 Handkerchiefs 291 690 299 657 607 1,075 480 +5 +8 +25 0.9 0.7 Millinery 176 152 192 141 151 186 137 +8 +14 +7 1.0 1.0 Handbags and small leather goods. . 327 410 232 388 402 649 291 +6 + 15 +36 1.0 0.8 Men's and boys' wear 331 434 274 346 487 648 214 +26 +33 +125 1.1 0.6 Men's clothing 240 239 234 174 320 326 122 +37 +35 + 164 1.3 0.7 Men's furnishings, hats, caps 316 586 299 462 509 775 189 +27 +39 +169 0.9 0.4 Boys' clothing and furnishings 292 403 299 362 705 894 438 + 11 + 13 +60 1.8 1.2 Men's and boys' shoes and slippers.. 186 379 223 308 549 654 302 +23 +39 +80 1.4 1.0 Home furnishings 316 266 244 174 657 656 339 +53 +56 +94 2.4 1.9 Furniture, beds, mattresses, springs. 239 169 189 133 672 609 351 +27 +40 +90 4.0 2.7 Domestic floor coverings 264 189 210 121 506 449 273 +57 +59 +79 2.7 2.3 Draperies, curtains, upholstery 297 214 250 164 790 801 385 +30 +30 +106 3.7 2.3 Major household appliances 229 345 289 83 300 249 46 +317 +470 +563 0.9 0.5 Domestics, blankets, linens, etc 307 279 261 218 644 640 272 +28 +39 + 137 2.3 1.2 Lamps and shades 236 344 283 295 736 870 493 + 17 +32 +49 2.1 1.7 China and glassware 209 284 202 247 665 720 410 + 15 +26 +63 2.3 1.7 Housewares 238 387 304 244 909 965 525 +58 +67 + 75 2.4 2.1 Piece goods 298 242 284 189 709 620 310 +28 +14 +125 2.9 1.7 Cotton wash goods 127 202 216 135 617 501 235 +50 + 15 + 142 3.0 1.9 Small wares 344 447 261 429 648 857 511 +4 +11 +26 1.4 1.2 Lace, trimmings, embroideries, ribbons 120 347 295 328 785 1,008 619 +6 +8 +19 2.3 2.0 Notions 230 289 226 240 664 763 511 +20 +19 +27 2.3 2.2 Toilet articles, drug sundries, and prescriptions 325 426 195 433 610 809 515 +6 + 18 1.4 1.2 Jewelry and silverware 308 535 305 477 717 968 506 +12 +27 +41 1.3 1.1 Art needlework 241 254 253 257 699 756 514 -1 +4 +34 2.7 2.0 Stationery, books, and magazines 239 556 345 563 600 879 507 -1 +3 +19 1.1 0.9 Miscellaneous 310 557 368 439 513 691 307 +27 +31 +66 0.9 0.7 Luggage 241 474 263 332 650 835 279 +43 +52 + 127 1.4 0.9 BASEMENT STORE—total 210 271 216 225 393 492 263 +21 +20 +50 1.4 1.2 Women's apparel and accessories 190 262 209 229 322 436 259 + 14 + 12 +25 1.2 1.1 Men's and boys' clothing and furnishings 163 380 247 300 444 589 231 +27 +31 +95 1.2 0.8 Home furnishings 139 218 232 162 532 554 274 +35 +38 +95 2.4 1.7 Piece goods 52 264 301 199 644 574 294 +33 +16 + 123 2.4 1.4 Shoes 130 201 146 164 413 502 306 +23 +20 +37 2.1 1.8 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. » For movements of total department store sales and stocks see the indexes for the United States on p. 319. SALES, ACCOUNTS RECEIVABLE, AND COLLECTIONS Index numbers, without seasonal adjustment, 1941 average = 100 Percentage of total sales Accounts receivable Collections during Year and month Sales during month at end of month " month Instal- Charge- Cash ment account Instal- Charge Instal- Charge Instal- Charge sales sales sales Total Cash ment account ment account ment account 1945—December 270 355 109 203 48 144 81 148 64 4 32 1946—January '143 187 64 "107 r44 108 '84 ••189 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 75 224 117 205 57 5 38 1947—January? 162 187 108 144 75 175 118 252 57 6 37 9 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. 319. MARCH 1947 321 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. In millions of dollars] Instalment credit En o d r m of o n y t e h ar co c T n r s o e u t d a m i l t1 er ins T ta o l t m al ent Sale credit Loans2 p S a l i o y n a m g n l s e e 3 - nt 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 J 740 596 1930 6,839 2,706r 2,032 928 1 104 674 1 949 L 611 573 1931 .. 5,528 2,214 1,595 637 958 619 1 402 L 381 531 1932 ' ' 4 ,,082 1,515;* 999 322 677 516 962 L 114 491 1933 3,905 1,581* 1,122 459 663 459 776 L 081 467 1934 . 4,378 1,849 1,317 576 741 532 «7t; L 203 451 1935.. . ' ' 5,419 2,607 1,805 940 865 802 I 048 L 292 472 1936 6,771 3,501 2,436 1 289 1 147 1 065 L 331 L 419 520 1937 . 7,467 3,947 2,752 1 384 1 368 1,195 L 504 L 459 557 1938 " ' ' 7,030 3,578 2,313 970 1,343 1,265 L 442 L 487 523 1939 7,981 4,436 2,792 1 267 1 525 1 644 L 468 L 544 533 1940.. . 9,153 5,455 3,450 1 729 1 721 2 005 L 488 L 650 560 1941 ' ' 9,899 5,924 3,744 1 942 1 802 2 180 L 601 764 610 1942 6,485 2,955 1,491 482 1 009 1 &.f>± L 369 L 513 648 1943 . . 5,338 1,961 814 175 639 L 147 L 192 L 498 687 1944 5,781 2,039 835 200 635 L 204 255 L 758 729 1945 6,637 2,365 903 227 676 I 462 [ 51Q L 981 772 1946?. 9,964 3,992 1,561 544 1 017 > 431 055 5 054 863 1946—January 6,427 2,364 877 235 642 11,487 580 [ 701 782 February 6,534 2,408 879 245 634 1,529 641 L 692 793 March 6,988 2,507 905 264 641 ]L 602 705 07? 804 April 7,376 2,652 957 289 668 L ,695 I 771 2 138 815 7,618 2,789 1,004 318 686 1,785 819 2 188 822 June 7,911 2,908 L.O35 336 699 1,873 ,846 2,327 830 July 8,007 3,030 1,071 365 706 .959 2 281 836 August 8,318 3,176 1,125 394 731 2,051 1 883 2 418 841 8,554 3,300 1,180 425 755 2,120 1 911 2,495 848 October. . 8,890 3,466 1,263 466 797 2,203 1 950 2 621 853 November 9,375 3,655 L.359 505 854 2,296 2 003 2,859 858 December P. 9,964 3,992 1,561 544 1,017 2,431 2,055 3,054 863 1947—January? 9,790 4,059 1,567 581 986 2,492 2,107 2,758 866 P Preliminary. 1 Revised to include new estimates of single-payment loans. 2 Includes repair and modernization loans insured by Federal Housing Administration. 3 Revised from April 1943 to date. Estimates of single-payment loans at commercial banks adjusted to call report figures for Dec. 31, 1945, and June 29, 1946. CONSUMER INSTALMENT LOANS [Estimates. In millions of dollars] Amounts outstandirg Loans made by principal lending institutions (end of period) (during period) Insured Year or month Total m b C a e o n rc m k i s - a 1 l p S c l a m o o n a m a i n e l - l s b In t a r d n ia u k l s s - 2 p I c a n t lo o r n d i a m i u a e n l s - s - 2 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 l z o e o a a p a n d t n a i d e o s i r r n 8 n- m b C a e o n r m c k i s - a 1 l p S c l a m o o n a m a i n e l - l s b In t a r d n i u a k l s s - 2 p I c n a t lo r o n d i a m i u a e n l s - s - 2 u C n r i e o d n i s t 1929 652 43 263 2'0 32 95 463 413 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 1946? 2.431 956 616 117 98 184 110 350 1,790 1,271 231 210 339 1946—January.... L.487 494 446 76 70 127 93 181 104 76 14 14 19 February.. . L ,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 L ,873 700 506 92 79 149 99 248 148 99 19 17 28 July . . 950 745 520 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. . 2,296 907 574 112 94 175 106 328 172 122 22 20 33 December? . 2,431 956 616 117 98 184 110 350 191 168 26 25 39 1947—January?... 2.492 995 620 122 102 185 110 358 186 99 22 2C 32 ? Preliminary. * Figures include only personal instalment cash loans and retail automobile direct loans shown on the following page, and a small amount of other retail direct loans not shown separately. Other retail direct loans outstanding at the end of January amounted to 67 million dollars, and loans made during January were 10 million. a 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. 1 Includes only loans insured by Federal Housing Administration. 322 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 [Estimated amounts outstanding. In millions of dollars] [Estimates. In millions of dollars] Depart- Automobile Other Repair Pery E m e n o a d r n t o o h r f in e m T g x o o c a l t b u a u i d l l t e , o - - s o m m t a r o n a e d r i d n e e l t r - s 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 ha u s r e r - e d ta D i l l o i a r n ec s t c r d h e p a i t a r u n a e s r d i c e - l t d , e l m r t a o n o i a n i o d n d z n - s a 1 - i s m l n c o o a s a e n s t n n a a h s t l l houses Outstanding at end of 1929 1,197 160 583 265 56 133 period: 1930 1,104 155 539 222 47 141 1939 1,093 218 164 155 209 347 1931 958 138 454 185 45 136 1940 1,450 311 253 217 247 422 1932 677 103 313 121 30 110 1941 1,694 411 310 288 234 451 1933 663 119 299 119 29 97 1942 845 136 123 143 154 289 1 19 9 3 3 5 4 8 7 6 4 5 1 1 18 4 6 6 3 3 1 3 4 6 1 1 3 7 1 1 4 3 0 5 1 13 1 2 5 1 19 9 4 4 4 3 5 55 1 9 4 5 5 7 5 9 8 9 1 6 7 8 5 8 8 3 9 2 2 2 4 1 5 1936 1,147 256 406 255 56 174 1945 731 65 146 97 121 302 1 1 9 9 3 3 7 8 1 1 , , 3 3 6 4 8 3 3 3 1 0 4 2 4 4 6 8 9 5 3 2 0 6 7 6 6 7 8 0 2 2 1 2 0 0 1946? 1,562 185 339 232 254 552 1939 1,525 377 536 273 93 246 1946—January.. . 771 70 155 107 125 314 1940 1,721 439 599 302 110 271 February.. 809 74 164 111 131 329 1941 1,802 466 619 313 120 284 March.... 871 82 179 117 140 353 1942 1,009 252 391 130 77 159 April 946 97 193 127 151 378 1943 639 172 271 29 66 101 May 1,025 108 212 142 161 402 1944 635 183 269 13 70 100 June 1,093 115 228 154 173 423 1945. 676 198 283 14 74 107 July 1,164 124 245 167 183 445 1946? 1,017 338 366 29 124 160 August 1,247 138 263 179 198 469 September. 1,313 149 276 188 211 489 1946 October 1,387 161 294 201 225 506 January... 642 189 272 14 66 101 November 1,467 173 315 214 238 527 February.. 634 184 274 14 62 100 December? 1,562 185 339 232 254 552 M Ap a ri r l ch.... 6 6 4 6 1 8 2 1 0 8 0 8 2 2 7 8 9 8 1 1 4 5 5 6 9 0 1 10 0 5 1 1947—January?.. 1,640 201 363 251 260 565 May 686 206 295 16 61 108 Volume extended dur- June 699 210 299 17 63 110 ing month: July 706 212 299 21 63 111 1946—January... 157 19 34 27 14 63 August 731 221 308 23 64 115 February.. 155 18 35 24 15 63 September. 755 235 311 25 65 119 March.... 188 20 41 25 20 82 October. . . 797 257 322 27 66 125 April 212 29 46 32 22 83 November. 854 284 337 27 72 134 May...... 226 29 52 38 22 85 December? 1,017 338 366 29 124 160 June 217 24 50 36 22 85 July 240 30 53 44 23 90 Janu 19 a 4 r 7 y?.. 986 337 351 28 115 155 S A e u p g t u e s m t ber. 2 2 4 5 3 3 3 3 3 6 5 5 8 5 3 4 8 1 2 2 7 5 9 8 4 9 October. . . 277 38 65 47 29 98 CONSUMER INSTALMENT CREDITS OF INDUSTRIAL November. 270 37 65 46 27 95 BANKS, BY TYPE OF CREDIT December? 303 44 70 53 26 110 [Estimates. In millions of dollars] 1947—January?.. 301 48 75 55 22 101 Retail instal- Repair Personal 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 2 and instalof period: Year or month Total modern- ment K 19 ~ 4 1—J D u e n c e ember... 2 1 0 9 2 6. . 8 5 4 5 9 3. . 5 3 1 1 8 8 . . 4 8 1 1 8 8 . . 6 2 1 1 1 1 0 2 . . 1 4 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 1942—June 162.4 34.3 16.3 16.5 95.3 December... 125.4 21.4 12.8 15.6 75.6 1943—June 100.2 14.4 8.8 14.1 62.9 Outstanding at end December... 91.8 12.6 7.7 14.0 57.5 of period: 1944— D Ju e n c e ember... 9 8 2 9 . . 0 6 1 1 2 3 . . 5 0 6 7 . . 8 8 1 1 2 3 . . 9 4 5 57 7 . . 8 4 1 1 9 9 4 4 4 5 6 7 7 6. . 7 1 1 1 0 1 . . 5 0 3 4 . . 8 0 1 1 . . 5 1 5 6 1 0 . . 7 2 1945—June 94.6 12.8 7.7 14.2 59.9 1946? 108.4 15.0 7 A 2.4 83.6 December... 104.1 13.8 9.8 17.2 63.3 1946—January 77.5 11.2 1.0 1.5 60.8 1946— A F M M J e p a a a b r r y n i c r l u u h a a r r y y . . . . . . . 1 1 1 1 1 1 1 0 0 2 8 5 2 7 2 . . . . . 6 1 8 3 4 1 1 1 1 1 6 5 4 4 7 . . . . . 8 4 6 1 6 1 1 1 1 9 0 1 0 2 . . . . . 9 0 8 9 7 2 1 2 1 1 0 8 1 8 9 . . . . . 2 2 2 0 1 6 6 6 6 7 4 7 3 9 0 . . . . . 5 6 4 3 9 J F A M M u e p n a a b r y r e i r c l u h ary. . . . 8 8 8 8 7 7 3 1 5 8 . . . . . 2 5 0 6 4 1 1 1 1 1 2 2 1 2 1 . . . . . 7 6 2 1 6 1 1 1 1 . . . . 2 5 8 1 1 1 1 1 1 . . . . . 7 7 6 6 6 6 6 6 6 6 6 7 5 3 1 . . . . . 5 9 0 6 5 June 127.4 18.5 13.7 22.0 73.2 July 89.0 13.0 5.2 1.9 68.7 July 132.6 19.9 13.8 23.1 75.8 August 93.1 13.6 5.4 2.0 71.9 August 138.5 21.3 14.1 24.2 78.9 September. . . 95.3 13.8 5.6 2.0 73.3 September. . 142.9 22.1 14.7 25.4 80.7 October 99.7 14.5 5.2 2.2 76.0 October 150.6 24.4 15.7 26.7 83.8 November 103.7 14.9 7.0 2.3 78.9 November... 156.1 26.2 16.7 27.5 85.7 December?... 108.4 15.0 7.6 2.4 83.6 December?.. 162.7 27.5 17.8 28.3 89.1 1947—January?.... 112.0 15.5 7 3. . 0 4 2.5 86.0 1947—January? . . . 168.1 29.6 18.7 28.8 91.0 Volume extended Volumes extended 19 d 4 u 6 r — in A J J S O N A M D F M g u u - e e u c p o e J l a n a p b t g y r c m a v y o r e t i e r u c n e l e b u o m s h m u m e t n a a r b r b t b r h e y e y e r : . r r . ? . . . . . . . . . . . . , 2 2 2 2 2 2 2 3 2 2 1 1 6 4 5 6 1 3 3 3 8 8 8 8 . . . . . . . . . . . . 7 2 4 2 6 3 8 5 3 8 6 0 4 3 4 5 3 4 4 5 5 3 3 3 . . . . . . . . . . . . 6 9 5 2 9 2 7 7 3 1 0 8 3 3 3 2 3 2 2 2 2 2 1 1 . . . . . . . . . . . . 5 6 7 0 7 7 8 7 8 6 4 2 3 2 2 2 2 2 2 2 2 2 1 1 . . . . . . . . . . . . 3 7 6 8 5 8 6 3 8 6 5 4 1 1 1 1 1 1 1 1 1 1 1 1 9 5 6 6 6 6 5 4 4 2 1 4 . . . . . . . . . . . . 5 3 2 5 2 9 2 9 5 7 9 1 19 d 4 u 6 r — in D N J O J A S F A M M J g u u e e a e c u o p l n a a c p n t m b y g r v y o r e e t i u u c r e l e b m o a u h s m m e n r t b a y r t b b e r h e y r e : ? r r . . . . . . . . . . . . . . 2 2 2 2 2 1 1 1 1 1 1 1 6 0 3 2 0 9 8 8 8 8 5 5 . . . . . . . . . . . . 2 5 5 0 0 6 4 3 0 2 3 6 3 3 3 3 4 4 3 3 3 2 2 2 . . . . . . . . . . . . 4 3 4 5 1 0 2 7 0 1 4 6 3 3 3 t 1 L L l L L L . . . . . . . O . . . . . l 6 2 9 7 8 7 4 2 4 8 0 0 0 0 0 0 0 0 0 0 0 0 . . . . . . . . . . . . 2 2 2 2 1 3 3 1 3 2 3 3 1 1 1 1 1 1 1 1 1 1 1 2 4 5 4 4 3 2 4 3 1 7 6 0 . . . . . . . . . . . . 2 2 2 6 9 7 6 8 9 0 9 4 1947—January? . . . 29.8 6.5 3.7 2.9 16.7 1947—January?.. . . 22.2 3.6 ).8 0.2 16.6 1 Includes not only loans insured by Federal Housing Administration but also noninsured loans. ? Preliminary. * Includes both direct loans and paper purchased. MARCH 1947 323 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSUMER CREDIT STATISTICS—COH/IHM^ FURNITURE STORE STATISTICS RATIO OF COLLECTIONS TO ACCOUNTS RECEIVABLE * Percentage change Charge Percentage change from corresponding Instalment accounts accounts from preceding month of preceding Item 1 J 9 a 4 n 7 . P m D 1 o 9 e n 4 c t 6 . h N 19 o 4 v 6 . 1 J 9 a 4 n 7 . ^ D y 19 e e 4 a c r 6 . N 19 o 4 v 6 . Year and month D s m e to p e r a n e r t s t- F st t u u o r r r n e e i s - h H p s o l t o l i o d a u r n s e a c e s p e - - J s e t w or el e r s y D s m e to p e r a n e r t s t- Net sales: 1945 Total -40 +21 +3 +21 +41 +34 December. .. 37 24 48 46 61 C C a re sh d it s a s l a e l s es: -43 +26 +5 +2 +22 +28 1946 Instalment -43 +15 +6 +19 +37 +29 January '33 25 52 32 61 Charge account -39 +30 +56 +87 +63 M Fe a b r r c u h ary 3 3 5 1 2 2 7 4 5 5 4 2 2 3 9 2 ' 6 6 4 1 Accounts receivable, at April 35 28 56 32 63 end of month: May 34 27 55 34 62 Total -7 +11 +7 +36 +41 +36 June 33 26 ••56 33 60 Instalment -4 +11 + 7 +31 +28 +25 J A u u ly gust 3 3 2 5 2 2 6 6 ' '5 57 4 3 3 2 3 5 5 7 9 Collections during September... 34 25 '51 '30 56 month: October 37 27 52 32 60 Total +2 -1 0 +30 +39 +37 November... 37 27 '47 '33 59 Instalment e -1 +4 + 17 +32 +30 December. . . 35 26 47 44 54 Inventories, end of 1947 month, at retail value. +4 -4 +2 +76 +74 +65 January?... . 29 22 44 26 52 p Preliminary. ' Revised. Preliminary. 1 Collections during month as percentage of accounts outstanding at beginning 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 el a e n ct d r i i c c i e ty, furn H i o sh u i s n e gs Miscellaneous 1929 122.5 132.5 115.3 141.4 112.5 111.7 104.6 119.4 126.0 112.7 137.5 111.4 108.9 105.1 1930 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—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, 128.9 139.4 148.2 108.3 110.7 146.8 124.6 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. 110.3 148.3 124.8 3 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, 152.2 187.7 171.0 114.8 171.0 132.5 December, 153.3 185.9 176.5 115.5 177.1 136.1 1947—January... 153.1 183.8 178.3 108.8 117.3 178.5 136.6 Back figures.—Bureau of Labor Statistics, Department of Labor. 324 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 = 1001 Other commodities All Year, month, or week m c t o o i m e 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 a c r n ts d p T ro e d xt u i c le ts m F li u a g e t h l e t r i a n i n a g l d s a p n M r d o e d m t u a e c ls t t a s l m B a u t i e ld r i i n al g s p c C r a a o h l l s d l e i m e u a d c n i t - d s in f H u g r o g n u o i s s o e h 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 1946.. 121.1 148.9 130.7 109.5 137.2 116.3 90.1 115.5 132.6 101.4 111.6 100.3 1946—January 107 129.9 107.3 100.8 119.4 101.6 84.9 105.7 120.0 96.0 106.2 95.3 February 107 130.8 107.8 101 119.6 102.2 85.1 106.6 120.9 95.9 106.5 95.6 March 108 133.4 109.4 102.2 119.8 104.7 85.0 108.4 124.9 96.0 106.9 95.6 April. 110 135.4 110.8 103.3 119.8 107.9 86.1 108.8 126.5 96.1 107.5 95.7 May 111 137.5 111.5 103.9 120.4 108.8 86.1 .109.4 127.8 96.5 108.3 97.0 June 112 140.1 112.9 105.6 122.4 109.2 87.8 112.2 129.9 96.4 110.4 98.5 July 124 157.0 140.2 109.5 141.2 118.1 90.3 113.3 132.1 99.3 111.9 101.3 August 129 161.0 149.0 111.6 138.9 124.0 94.4 114.0 132.7 98.4 112.6 102.0 September 124 154.3 131.9 112.2 141.6 125.7 94.3 114.2 133.8 98.4 113.6 102.1 O N c o t v o e b m er ber 1 13 3 4 9 , 1 1 6 65 9 . . 3 8 1 1 6 57 5 . . 9 4 1 1 2 1 0 5 . . 7 8 1 1 4 72 2 . . 5 4 1 1 2 3 8 1 . . 6 3 9 94 4 . . 5 2 ' ' 1 1 3 2 0 5 . . 2 8 1 1 3 4 4 5 . . 8 5 1 9 1 9 8 .9 .9 1 1 1 1 5 8 . . 3 2 1 10 0 6 4 . . 5 0 December 140. 168.1 160.1 124.7 176.7 134.7 96.1 134.7 157.8 125.7 120.2 108.9 1947—January 141, 165.0 156.2 127.6 175.1 136.6 97.7 138.0 169.7 128.1 123.3 110.3 Week ending: 1946—Oct. 5 125. 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. 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. 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. 170.1 169.9 113.1 143.3 126.5 95.0 114.4 134.2 99.5 115.9 103.7 Nov. 2 .... 134 166.5 165.9 114.0 143.3 127.3 94.8 114.4 137.4 103.5 117.3 105.4 Nov. 9 134 166.0 162.5 115.5 158.7 130.2 94.7 114.4 140.0 110.2 117.5 104.9 Nov. 16 135, 167.3 164.1 116.2 159.2 129.5 94.8 116.3 140.4 122.3 117.6 104.6 Nov. 23 137, 172.1 165.0 116.9 158.6 129.6 94.9 117.2 142.0 123.1 118.0 106.1 Nov. 30 139 170.3 163.6 121.1 165.0 130.7 95.8 131.8 144.3 123.7 118.3 106.7 Dec. 7 139 169.2 161.7 121.6 166.9 131.7 96.0 132.2 145.2 124.0 118.7 106.9 Dec. 14 139 168.7 161.3 122.9 170.7 132.5 96.1 132.7 151.1 125.4 120.0 107.9 Dec. 21 139 170.7 159.5 123.4 170.9 132.8 96.9 133.3 151.9 125.6 120.5 108.1 Dec. 28 139, 167.7 159.1 123.9 171.3 133.3 97.0 133.9 154.6 126.1 120.5 107.7 1947—Jan. 4 139 166.1 156.4 124.1 171.3 133.5 97.0 134.2 156.1 126.6 120.9 107.8 Jan. 11 140 165.8 158.1 125.0 171.2 133.2 98.0 135.5 158.1 126.8 121.4 109.0 Jan. 18 140 166.0 157.8 126.6 171.7 135.7 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 Feb. 1 140. 164.8 154.1 127.5 171.0 135.8 98.5 138.3 168.6 127.8 122.8 109.9 Feb. 8 141, 165.5 156.7 128.1 172.9 137.7 98.6 138.3 170.6 127.6 123.0 110.0 Feb. 15 143. 168.9 160.9 128.1 173.6 135.5 98.6 138.4 172.8 128.3 123.0 110.0 Feb. 22 144. 171.7 162.5 128.3 175.8 135.4 98.6 138.4 172.6 129.2 125.3 110.7 Annual 1947 Annual 1946 1947 Subgroups Subgroups 1945 1946 Jan. Dec Jan. 1945 1946 Jan. Dec Jan. Farm Products: Metals and Metal Products: Grains 129.7 155.6 133. 163.0 162.6 Agricultural implements.. . 97.8 105.5 98.1 117.1 117.5 Livestock and poultry 132.5 155.6 131 .5 194.7 189.6 Farm machinery 98.8 106.7 99.1 118.6 119.0 Other farm products 124.3 142.0 126.9 152.5 149.7 Iron and steel 99.2 110.3 101.2 117.4 123.9 Foods: Motor vehicles * 112.8 112.8 151.0 151.3 Dairy products 111.1 145.8 115.0 180.0 164.6 Nonferrous metals 85.8 99! 7 85.7 129.3 130.5 Cereal products 95.2 114.5 95.8 139.5 139.9 Plumbing and heating 93.4 103.8 95.0 114.9 117.0 Fruits and vegetables 122.8 129.9 125.7 134.5 135.6 Building Materials: Meats 107. 145.9 108.1 188.2 183.4 Brick and tile 112.4 122.9 116.9 130.0 132.2 Other foods 96.6 111.9 96.2 139.0 141.1 Cement 99.4 104.1 101.1 106.9 108.3 Hides and Leather Products: Lumber 155.1 178.4 158.5 227.2 249.9 Shoes 126.4 141.7 127.9 169.9 170.6 Paint and paint materials. 106.9 118.5 107.8 155.4 171.2 Hides and skins 117.0 147.4 117.6 216.5 198.5 Plumbing and heating 93.4 103.8 95.0 114.9 117.0 Leather 102.2 128.6 103.8 185.0 181.6 Structural steel 107.3 118.4 107.3 120.1 127.7 Other leather products 115.2 117.0 115.2 123.6 140.3 Other building materials... 104.4 118.6 106.6 131.8 139.0 Textile Products: Chemicals and Allied Products: Clothing 107 119.3 107.4 "129.8 132 Chemicals 96.1 99.8 97.1 111.8 112.7 Cotton goods 121 150.5 125.6 181.6 184.6 Drugs and Pharmaceuticals 109.0 120.8 112.1 181.2 181.7 Hosiery and underwear 71.7 82.1 75.2 96.9 99 Fertilizer materials. .... 81.6 87.4 81.9 95.1 99.9 Silk 103.2 101 Mixed fertilizers 86.6 88.2 86.6 93.6 95.5 Rayon 30.2 30.7 30.2 33.8 33 Oils and fats 102.0 119.1 101.7 203.0 210.6 Woolen and worsted goods. . . 112.7 115.7 112.7 119.0 120 House furnishing Goods: Other textile products 101.1 122. 101.9 168.1 169.9 Furnishings 107 6 116.6 109.7 126.3 128.4 Fuel and Lighting Materials: Furniture 10.1.5 106.4 102.8 113.9 118.2 Anthracite 99.0 109.0 103.9 113.7 114 Miscellaneous: Bituminous coal 123.1 132.5 125.1 138.9 142.6 Auto tires and tubes 73.0 73.0 73.0 73.0 73.0 Coke 132.5 140.4 134.9 147.5 152.5 Cattle feed 159.6 191.1 159.6 193.8 181.7 Electricity 62.3 69.2 Paper and pulp 108.8 119.4 112.0 136.4 141.9 Gas 77.9 77.4 83.1 Rubber, crude 46.2 46.2 46.2 46.2 51.2 Petroleum products 63.5 67.5 61.5 75.8 76.5 Other miscellaneous 98.9 104.3 98.9 117.0 118.1 1 Revision made beginning October 1946 r Revised. Back figures.—Bureau of Labor Statistics, Department of Labor. MARCH 1947 325 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] Seasonally adjusted annual rates Annual totals by quarters 1946 2 1939 1940 1941 1942 1943 1944 1945 i 1946 2 1 2 3 4 Gross national product 88.6 97.1 120.2 152.3 187.4 197.6 199.2 194.0 183.7 190.2 196.6 204.7 Government expenditures for goods and services 16.0 16.7 26.5 62.7 93.5 97.1 83.6 34.7 39.6 36.7 31.3 30.8 Federal Government 7.9 8.8 18.6 55.3 86.2 89.5 75.8 25.2 31.1 27.7 21.5 20.3 War 1 4 2 8 13 3 50 3 81 3 83.7 69.4 16.2 23 8 19 2 12 0 10.0 Nonwar . 6.5 6.1 5 3 5 0 4.9 5.7 6.3 8.9 7 3 8 6 9 5 10.3 State and local governments 8.1 7.9 7.9 7.4 7.4 7.7 7.9 9.5 8.5 9.0 9.8 10.5 Private gross capital formation 10.9 14.8 19.1 7.6 2.5 2.0 9.1 32.1 23.1 31.4 35.7 37.9 Construction 3.6 4.3 5.3 2.9 1.6 1.6 2.6 7.9 6.5 8.0 8.3 8.8 Residential 2.0 2.4 2 8 1 3 0.6 0.5 0.7 Other 1 6 2 0 2 5 1 6 1 0 1 1 1 9 Producers durable equipment 5.5 6.9 8.9 5.1 3.1 4.0 36.6 3 12.8 3 9.5 3 12.0 314.0 315.6 Net change in business inventories. . 0.9 1.8 3.5 -0.5 -0.6 -1.7 -0.6 6.5 4.0 8.6 9.7 Net exports of goods and services.. . 0.8 1.5 1.2 -1.5 -1.8 ' 3.4 Net exports _ and monetary use of 4.9 7.4 4.8 3.8 gold and silver 0.2 0.3 0.2 0.1 (0 -0.1 3.7 Consumer goods and services 61.7 65.7 74.6 82.0 91.3 98.5 106.4 127.2 122.1 129.6 136.0 Durable goods 6.4 7 4 9 1 6 3 6.6 6.7 7.7 14.1 121.0 13 1 15 0 16 7 Nondurable goods 32.6 34.4 40.1 47.9 55.1 60.0 65.6 77.3 7115 .17 74.0 78.3 81.8 Services 23.9 25.4 29.7 31.8 33.1 35.8 34.2 35.0 36.3 37.5 22.7 27.8 Gross national product 97.1 120.2 187.4 197.6 199.2 194.0 183.7 190.2 196.6 204.7 Deductions: 88.6 152.3 Business tax and nontax liabilities .. 12 4 18 5 27.4 29.7 28 6 25.0 Depreciation and depletion 160..24 6.4 7.0 273 .61 8.0 8.2 8.0 7.2 Other business reserves 0.8 0.7 0 8 0.6 0.5 0.5 0.5 0.4 Capital outlay charged to current expense 0 7 0 9 1 3 1 1 0 8 0 9 1 l 2.0 Adjustments: For inventory revaluation -0.4 -0.4 -3.2 -2.1 -0.2 -0.1 -3.5 For discrepancies 0.0 -0.4 — 1.1 -0.2 1.5 —2.2 0.1 -2.1 National income 70.8 77 6 96 9 122 2 149.4 160.7 161.0 165.0 Additions: Transfer payments 2.4 2.6 2.5 2.7 3.2 5.3 8.1 11.0 Deductions: Corporate savings 0.4 1.8 4.0 4.4 5.5 5.4 4.5 6.9 Contributions to social insurance funds 2.0 2.1 2.6 3.2 3.8 3.9 3.8 4.0 Income payments to individuals 70.8 76.2 92.7 117.3 143.1 156.8 160.8 165.1 156.7 160.6 167.8 173.4 Income payments to individuals 70.8 76.2 92.7 117.3 143.1 156.8 160.8 165.1 156.7 160.6 167.8 173.4 Personal taxes and nontax payments.... 3.1 3.3 4.0 6.7 18.6 19.4 21.2 19.1 18.6 18.7 19.4 19.8 Federal 1.3 1.4 2.0 4.7 16.6 17.4 19.0 17.0 16.4 16.6 17.2 17.7 State and local 1.9 1.9 2.0 2.0 2.0 2.1 2.1 2.1 2.1 2.1 2.2 2.2 Disposable income of individuals 67.7 72.9 88.7 110.6 124.6 137.4 139.6 146.0 138.1 141.9 148.4 153.6 Consumer expenditures 61.7 65.7 74.6 82.0 91.3 98.5 106.4 111 .2 121.0 122.1 129.6 136.0 Net savings of individuals 6.0 7.3 14.2 28.6 33.3 38.9 33.1 18.8 17.1 19.8 18.8 17.6 National income 70.8 77.6 96.9 122.2 149.4 160.7 161.0 165.0 152.9 158.5 169.4 177.5 Total compensation of employees 48.1 52.3 64.5 84.1 106.3 116.0 114.5 109.8 Salaries and wages 44.2 48.6 60 8 80.8 103.1 112.8 111.4 106.6 Supplements 3.8 3 7 3 7 3 3 3 2 3.2 3 1 3 3 Net income of proprietors 11.2 12.0 15.8 20.6 23.5 24.1 25.6 30.2 Agricultural 4.3 4.4 6 3 9.7 11.9 11.8 12.5 14 9 Nonagricultural 6.9 7.6 9.6 10.9 11.6 12.3 13.1 15.3 Interest and net rents 7.4 7.5 8 0 8.8 9.7 10.6 11.8 13 0 Net corporate profits 4.2 5.8 8.5 8.7 9.8 9.9 9.0 12.0 Dividends 3.8 4.0 4.5 4.3 4.3 4.5 4.5 5.1 Savings 0.4 1.8 4.0 4.4 5.5 5.4 4.5 6.9 1 Revised figures. Quarterly unadjusted data for all components, which have not yet been revised, and revised figures for the quarterly adjusted series appear in the BULLETIN for July 1946, p. 806, and January 1947, p. 88, respectively. 2 Revised figures. Quarterly unadjusted data have not yet been published. 8 Based on new sources and not precisely comparable with previous years. 4 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. 326 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 1947 1947 Chart Chart book book page Jan. Feb. Feb. Feb. Feb. page Jan. Feb. Feb. Feb. Feb. 29 12 19 26 29 12 26 WEEKLY FIGURES1 In billions of dollars WEEKLY FIGURES—Gont. In unit indicated RESERVES AND CURRENCY BUSINESS CONDITIONS Reserve Bank credit, total 24.51 24.05 24.64 24.67 24.76 Jteel production (% of capacity) 3. . 37 93.6 93.4 93.7 94.1 94.4 U. S. Govt. securities, total.. 23.86 23.41 23.80 23.92 24.04|[Electric power prod. (mill. kw. hrs.). 37 ,7774,801 4,7784,778 Bills 15.57 15.48 15.76 15.62 15.68 Freight carloadings (thous. cars)... 45 835 767 800 777 850 Certificates 7.18 6.82 6.93 7.15 7.19|Department store sales (1935-39 Notes .36| .36j .36| .39 .43 = 100) 45 219] 246 216| Bonds .75 .75 .75' .75 .75 Wholesale prices (1926 = 100): Discounts and advances .32 .281 .39 .34i .39 Total 49 40.3141.7 143.1 144.3 146.4 Gold stock 20.81 20.75 20.75 20.77 20.32 Farm products 49 64.8165 5168.9 171.7 176.1 Money in circulation 28.27 28.30 28.35 28.28 28.26 Other than farm and food 49] 27.5128.1 128.1 128.31128.7 Treasury cash 2.33 2.32 2.34 2.32 1.38 Treasury deposits 1.54 1.16 1.71 2.36 2.3 M Re e q m u b ir e e r d b r a e n s k e rv re e s s erves 1 1 5 6. . 1 4 2 6 J1 1 5 6 . . 3 1 7 0| P 1 1 5 5 . . 9 2 9 6| '1 1 5 5 . . 1 7 6 7 '1 1 5 5 . . 0 7 9 8 1946 1947 Excess reserves* P. 73 '.741 P.61 P. 69 Excess reserves (weekly aver- Nov. I Dec. Jan.* age): Total" N Ch ew ic a Y go ork City .01 () .01 () .01 R M ES O ER N V T E H S L A Y N D F C IG UR U R R EN E C S Y In billions of dollars Reserve city banks .18 .22 .21 Country banks* P. 59 P.5 (Reserve Bank credit 6 24.52 24.75 24.43 old stock 6 20.44 20.49 20.62 MEMBER BANKS IN LEADING CITIES |Money in circulation 28.73 29.00 28.54 To U L D U L ta o o . . e l a a m — S S n n . . a s s 1 G G n 0 a d o 1 o n v v d d c t t e . . i i t p n o i d o e v b e s s e p l i : i s t o g s t s m a i t a t i e s o d n n j t u s s sted.,. 5 3 3 1 5 5 1 9 6 . . . . . 7 8 9 6 7 7 1 0 4 7 5 3 3 1 9 5 5 1 6 . . . . . 9 4 5 5 5 2 2 7 9 9 5 3 3 1 5 1 9 5 6 . . . . . 9 1 1 3 7 7 0 6 5 3 3 1 4 5 8 1 6 . . . . . 9 9 1 7 7 , : 9 6 9 ( [ T R M T r e r e C R C e e q a m a e e o u s s s n i u b u u r e t e n e r r r r r y y d t a v r l e b y c r d a r e a c e e b n s s i p s a k e h t o e y n r r s v r k v b i e e t s e a s s s e , n c r k t i v o t s y e t s a , b l a to n t k a s l 6, 6 " 6 1 1 5 2 6 4 6 5 . . . . . . . 1 2 4 7 3 4 6 3 8 3 4 1 6 0 1 1 5 2 6 4 6 5 . . . . . . . 2 5 7 2 5 6 5 1 2 9 6 2 2 6 1 1 2 5 6 4 6 5 . ! . . . 5 4 5 2 7 1 7 0 0 5 9 8 4 6 Ne L U w o . a S Y n . o s G r a k o n v d C t . i i t o n y b v : l e i s g t a m ti e o n n t s s , total. 1 1 1 11 8 . . 7 6 2 4 1 1 8 1. . 7 4 9 4 1 1 8 1 . . 2 4 8 8 1 11 8 . . 4 2 4J 18.1 C R C e e o s n u e t n r r t v a r l e y r c e b i s a ty e n r k v b s e a n c k it s y banks 13 5 6 4 . . . 1 1 2 1 2 3 5 6 4 . . . 2 1 1 9 8 5 5 6 4. . .2 1 1 7 3 5 Bo s n e d c s u r a it n i d e s guaranteed 16 9.15 9.20 9.22 9.21 | B Ex a c la e n ss c e r s e s d e u r e v e f s r , o m to t b al anks: .85 .90 85 U D In . e t N B m e S i o r . l a b l t n G s e a d s n o k v a d n t e . d d p e d o p c e s e o p i r s t o s t i i s t f s i a i t c d s a j t u e s s t ed... 1 1 1 1 1 6 6 1 2 3 4 . . . . . 5 9 5 0 4 . 2 . 5 8 1 2 3 4 . . . . 9 4 5 1 9 1 1 2 3 4 . . . . . 2 8 0 6 0 6 8 9 0 1 1 2 3 3 . . . . • 9 0 9 6 1 6 9 8 1 4| iM $ o R C B 1 n i e o l 0 e s l u y s e a n r o n t i v n r f d e y $ c $ c b i 5 i 2 r a 0 t c 0 y n u a k b l b n a s i a d l t l n i s o o k n v s , e r t otal 1 1 3 8 3 8 8 2 1 8 3 8 1 5 . . . . . 4 7 7 8 8 2 9 7 5 6 2 1 3 8 8 5 1 . . . . . 5 8 6 9 8 2 1 8 5 1 2 1 8 8 3 5 1 . . . . . 4 8 6 2 3 6 6 6 6 6 Time deposits 1 1.29 1.29 1.30 1.30 Coins, $1, $2 and $5 bills 8 4.60 4.63 4.45 Loans, total 1 5.88 5.63 5.78 5.77 Commercial 17 3.88 3.91 3.96 3.92 For purchasing securities: ALL BANKS IN U. S. Brokers'—on U.S. Govts. .56 .56 100 L o c A a it n l i l T B s e o s o r a i o t o t o n h i k t d e u e e h s t r r s e i s n i r ' d — s v e e o s N n tm e o w e t n h Y t e s r o s r e k c : ur- 1 1 1 7 7 6 37. . . 1 2 3 4 0 37. . . . 1 7 2 2 6 9 4 37. . . . 0 7 2 3 2 2 4 0 36. . . . 8 7 2 3 9 3 6 0 | T T U D ^ i u o . e m r t m S a r e . e l a n G d n d c d e e o y p p v d o o o t e s . s u i p i t d t t o s s s e s i p d a it o e n s s d b i t a s c n u k r s rency. , , , ^ ^ P P 1 8 P 6 5 2 2 8 3 6 5 . . . . . 7 8 5 7 30 O 0 0 O P P P 1 P 2 8 6 5 P 6 3 3 6 2 . . . . . 9 8 4 0 7 0 0 0 0 O P1 P * P > 6 2 8 P 5 2 6 5 I 4 . . . . 8 2 2 1 1 0 0 0 0 0 U. S. Govt. obligations, total 23.91 23.81 23.6 23.51 Bonds and guaranteed CONSUMER CREDIT securities 17.7: 17.73 17.73 17.72 D U In . e t N B m e S i r o . l a b l t G s n e a d s n o k v a d n t e . d d p e d o p c e s o e p i r s t o t s i i s t f s i i a t c s d a j t u es s ted... 1 1 1 1 5 6 5 6 2 5 6 5 1 . . . . . 2 8 2 4 3 2 2 6 4 2 2 5 6 5 1 . . . . . 3 6 2 1 4 3 8 6 5 0 2 6 5 5 1 . . . . . 3 2 6 0 3 7 7 4 3 0 2 6 5 4 1 . . . . . 3 2 5 7 2 9 8 3 8 5 C S S C I o n i n e h n s r s a g v t u a r l m i g e c lm e e e p r e a c a c n c r y r e t c m e d o d c i e u t r i n t n e , t d t s t i l o t o , t a a t n l o s t al 18, 1 1 1 1 1 8 8 8 8 9 2 2 3 . . . . . 3 0 6 8 8 8 0 6 6 6 P P P P 3 2 9 3 P . . . . . 0 9 9 0 8 6 6 9 5 6 P P P P 2 2 9 4 P . . . . . 0 8 7 1 7 6 7 6 1 9 Time deposits 15 9.16| 9.18 9.19 9.2 Instalment loans 19 2.30 vl. 43 P2.49 Loans, total 1510.89 10.96 10.99 11.02 Instalment sale credit, total.... 19 1.36 Pi.56 Pi 57 C Fo o r m p m u e r r c c h i a a s l ing securities. . 1 1 6. . 6 9 2 6 6. . 6 9 6 4 6. . 7 9 2 6. . 7 9 2 7 A O u th to er m obile 1 1 9 9 . . 8 5 5 1 P P l . . 0 5 2 4 P V .5 9 8 9 All other 1 3.32 33.5 3.34 3.33 MONEY RATES, ETC. Per cent per annum TREASURY FINANCE U. N C B B B S e i o o o . l r n n l t t s G e d d i s f s s o ( i n c v ( ( e a 1 t 7 w t . 5 e -9 s s i y e s y e c s a e u u r a r e s i r s t s ) i a ) e n s d : over).24, 2 2 2 2 2 6 4 4 4 4 2 1 1 . . . . 3 . 2 4 1 7 8 1 9 7 6 5 2 1 1 . . . . 3 . 2 4 1 7 8 1 9 7 6 4 2 1 1 . . . . 3 . 2 4 1 7 8 1 9 8 6 5 2 1 1 . . . . 3 . 2 4 1 7 8 1 9 8 6 5 2 1 1 .3 . . . . 2 4 2 7 8 C 1 |U. B S y . t N S S B o p a c G o o t l v e a n t a o c i e l d s n v i s s a s i g t , e n l . s s c ( t i o m e e b s o b r r s o f a e t l u i n r i s f e s gg k d t i e s a c e s c b t a t i u e a a t o e r a b n n i s r d l t s , e i i n e a t g o i s a n s : u x s d t u s n e b t s a o i ) n l t l d e s i s . n . . g . . . . , 2 2 C 1 2 1 6 6 5 2 1 1 6 0 4 9 . . . . . 2 3 2 3 8 9 2 5 4 3 2 1 5 5 5 2 1 7 6 4 7 9 . . . . . 1 4 5 3 9 1 5 9 2 8 Co A H B rp a a ig o a a h r a g te r a b d o e n ( d 5 s : issues) 2 2 2 6 6 6 2 3 2 . . . 1 4 5 2 6 6 2 3 2 . . . 1 4 5 2 6 6 2 2 3 . . . 5 1 4 5 2 7 2 3 2 . . . 1 4 5 3 9 5 2 3 2 . . . 1 5 4 4 5 ' 1 By 5 5 5 - - m 1 2 y 0 0 e a a t y y u rs e e r i a a a t r r i n s s e d s : over 2 2 2 C C C 1 6 4 7 0 3 3 2 7 . . . . 9 7 8 4 2 4 1 1 1 6 4 7 0 1 1 5 1 . . . . 7 3 6 3 1 1 4 0 Within 5 years 2C 57.09 54.08 In unit indicated W C Bi e i l r l t t s h i f in ic a 1 t e y s e ar 2 2 2 C € 0 3 1 0 7 . . 4 0 7 0 2 1 9 7 . . 9 0 9 3 S V t o o R T I P l c n u u o a k d m b i t u l a l r e i l s o p c t o r a r i f u d i c a t t e l i r s l a i d ty i ( n 1 g 9 3 ( 5 m -3 il 9 l, = sh 1 a 0 r 0 e ) s : ). 2 2 2 2 2 7 7 1. 1 1 1 3 3 1 2 0 2 2 8 1 1. 1 1 1 1 4 3 2 3 1 6 4 0 0 1 1. 1 1 1 1 2 3 1 2 3 1 1 2 3 6 1 1 1 1 . 1 1 3 2 9 1 9 2 9 2 1. I 0 K 0 Ho O F F M I C l n e d e o t s u M h d d i m u n t . e e u r g a r m r a a a s r a g n i k e l l n o e r c e s v c R n f e t a i e a c e a U v c s i b s l e i o t . l e n o s e b m r S g r v a a s s . i p e n s n , a G s b k d t n u B o s a o i e t n t a e v s r a n s k t u l . k s s s o t b f l u ig n a d ti s o . n .. s . : 2 2 2 2 2 2 2 9 3 2 2 3 7 1 3 3 5 0 9 6 1 . . . . . . . 2 9 3 6 2 5 7 0 4 0 1 0 0 0 3 23 0 . . 3 9 5 2 For footnotes see p. 329 MARCH 1947 327 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOK—Continued Chart 1946 1947 Chart 1946 1947 book book page Nov. Dec. Jan.* page Nov. Dec. Jan MONTHLY FIGURES—Cont. Per cent per annum MONTHLY FIGURES—Cont. In unit indicated MONEY RATES, ETC. BUSINESS CONDITIONS—Cont. Corporate Aaa bonds 23 2.59 2.61 2.57 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 42 236 244 343 Public 42 6 15 17 Private, total 42 230 229 326 In unit indicated 1- and 2-family dwellings 42 173 208 258 Other 42 57 21 68 Stock prices (1935-39=100): Value of construction activity (mill, Total 27 121 126 125 dollars): Industrial 27 124 129 129 Total 49C 980 908 801 Railroad 27 113 119 115 Residential: Public utility ... 27 106 110 111 Public 49C 63 55 40 Volume of trading (mill, shares) 27 1.19 1.32 1.00 Private 49C 320 300 273 Brokers' balances (mill, dollars): Nonresidential: Credit extended customers 29 571 537 533 Public 49C 185 161 128 Money borrowed 29 238 217 210 Private 49C 412 392 360 Customers' free credit balances... 29 723 693 687 Freight carloadings:5 Total (1935-39=100) 43 137 140 150 BUSINESS CONDITIONS Groups (points in total index): Income payments (mill, dollars) :6 Miscellaneous 43 81.0 81.2 83.3 Total 30 14,512 14,643P14.758 Coal 43 24.8 28.0 34.7 Salaries and wages 30 9,144 9,257 P9.293 All other 43 30.7 31.0 31.8 Other 30 5,368 5,386 P5.465 Department stores (1935-39=100) :5 Cash farm income (mill, dollars): Sales 44 272 274 265 Total 31 2,935 2,493 P2.180 Stocks 44 '256 274 268 Livestock and products 31 1,587 1,424 Pi,310 Exports and imports (mill, dollars): Crops 31 1,335 1,051 Exports 46 P987 P1,094 Govt. payments 31 13 18 P36 Excluding Lend-Lease exports... 46 P979 P1,086 Armed forces (mill, persons) 32 2.0 1.9 1.7 Imports 46 P481 P536 Civilian labor force (mill, persons): Excess of exports excluding Lend- Total 32 59.0 58.4 57.8 Lease exports 46 P498 P550 Male 33 42.0 42.0 41.9 Cost of living (1935-39=100): Female 33 17.0 16.4 15.9 All items 47 152.2 153.3 153.1 Unemployment 32 1.9 2.1 2 4 Food 47 187.7 185.9 183.8 Employment 32 57.0 56.3 55.4 Clothing 47 171.0 176.5 178.3 Nonagricultural 33 49.1 49.1 48.9 Rent 47 108.8 Agricultural 33 7.9 7.2 6.5 Wholesale prices (1926=100): Industrial production:5 Total 49 139.7 140.9 141.5 Total (1935-39=100) 35, 49B 183 182 P188 Farm products 49 169.8 168.1 165.0 Groups (points in total index): Other than farm and food 49 120.7 124.7 127.6 Durable manufactures 35 '•81. 2 79.8 P83.4 Machinery and trans, equip.. . 49 B '43.9 44.3 P43.9 Iron and steel 49B 19.6 17.5 Nonferrous metals, lumber, and 1946 building materials 49 B 17.7 18.0 P18.2 Nondurable manufactures 35 '81.0 81.0 P83.1 Textiles and leather 49 B '22.3 21.1 '22.1 Food, liquor, and tobacco 49B 23.7 P24.5 Apr.- July- Oct. Chemicals, petroleum, rubber, QUARTERLY FIGURES June Sept. Dec. and coal products 49B 22.4 22.7 P22.9 Mi P n a e p ra e l r s and printing 35, 4 4 9 9 B B 2 1 0 3 . . 7 2 2 1 0 3 . ^ 7 6 P P 1 2 3 2 . . 7 0 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 inventories (1939=100): Budget receipts and expenditures: New orders: Total expenditures 49D 13.48 9 33 9.16 Total 36 234 P229 National defense 49D 7.19 3 80 4.50 Durable 36 254 P254 Net receipts 49D 9.89 9 45 9.02 Shipments: Internal revenue collections, total 49D 8.07 8 47 7.72 Total 36 267 Individual income taxes 49D 3.72 3.87 3.07 Durable 36 278 P287 Corporate income taxes 49D 2.48 2 56 2.52 Nondurable. 36 259 P265 Misc. internal revenue 49D 1.87 2.04 2.14 Inventories: Total 36 200 P2O3 Durable 36 216 Per cent per annum Nondurable 36 187 P189 MONEY RATES Factory employment and pay rolls (1939=100): Bank rates on customer loans: Pay rolls 38 291.8 300.1 Total, 19 cities 23 2.41 2.32 2.33 Employment 38 149.1 149.9 P149.5 New York City 25 1.84 1.83 1.85 Hours and earnings at factories: Other Northern and Eastern cities. 25 2.51 2.43 2.43 Weekly earnings (dollars) 39 45.78 46.86 P46.79 Southern and Western cities 25 2.97 2.75 2.76 Hourly earnings (cents) 39 113.9 114.5 P115.6 Hours worked (per week) 39 40.2 40.9 P40.5 No p n e a rs g o ri n c s u ) l .6 tural employment (mill. SECURITY MARKETS In millions of dollars Total 40 40.1 40.0 P40.2 Corporate security issues: Manufacturing and mining 40 15.8 15.8 P15.9 Net proceeds: Trade 40 8.0 7.9 All issues 28 2,134 1,482 1,801 Government 40 5.3 5.3 P5!2 Industrial 28 1,106 '876 966 Transportation and utilities 40 4.0 4.0 P4.0 Railroad 28 209 31 105 Construction 40 1.8 1.7 Public utility 28 741 490 668 Construction contracts (3 mo. moving New money: average, mill, dollars) :6 All issues 28 611 '809 1,336 Total 41 568 631 P606 Industrial 28 532 '564 686 Residential 41 226 263 P265 Railroad 28 18 28 74 Other 41 343 368 P341 Public utility 28 21 200 537 For footnotes see p, 329 328 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 96.36 Country banks: U. S. Govt. obligations, total 10 72.27 68.23 63.04 Loans and investments, total 13 35.89 36.06 35.41 Bonds 11 45.42 (6) 46.22 U. S. Govt. obligations 13 26.56 25.95 24.57 Certificates 11 15.29 (6 10.04 Other securities 13 2.73 2.77 2.84 Notes 11 10.47 (6 5.60 Loans 13 6.61 7.33 8.00 Bills 11 1.07 (6 1.17 Demand deposits adjusted 13 24.63 25.56 26.24 Guaranteed obligations 11 .02 (6 .01 Time deposits 13 13.53 13.90 14.07 Other securities, total 10 6.46 6.70 6.63 State and local government obligations 11 3.31 3.62 3.55 1946 Other securities 11 3.15 3.08 3.08 Lo C R a o n ea m s, l m t e o s e t t r a a c l t i e a l 1 1 1 0 1 1 2 9 4 3 . . . 6 2 3 9 7 0 2 ( ( 4 6 J . ) 78 2 1 5 6 3 . . . 3 7 1 6 0 5 SELECTED DATES A Ju p n r. e - J S u e l p y t - . O D c e t c .- . Agricultural 11 .88 .88 Fo B r r p o u k r e c r h s a sing securities: 11 2.40 (6) 1.51 FARM REAL ESTATE VALUES In unit indicated Co T n o su o m th e e r r s 1 1 1 1 2 2 . . 4 4 8 6 ( (6 6 ) 3 1. . 4 3 7 1 Ca b s a h s i f s a ) r m income (bill, dollars, annual 49A 21.9 ••23.5 27.5 Demand deposits adjusted 10 67.46 68.82 70.24 Farm real estate values (1912-14= 100) 49A 147 U52 CLASSES OF BANKS Prices received and paid by farmers: Prices paid (1910-14=100) 49A '185 201 211 Central reserve city banks: Prices received (Aug. 1909-July Lo U an . s S a . n G d o v in t. v e o s b t l m ig e a n ti t o s, n s to tal 1 1 2 2 2 1 8 9 . . 4 1 7 3 7 1 6 7. , 6 9 7 4 2 1 5 6. . 2 6 2 0 1914=100) 49A 214 245 267 Other securities 12 1.51 1 65 1.51 Loans 12 7.84 7.63 7. 1945 1946 Demand deposits adjusted 12 19.35 19.41 19.78 Time deposits 12 2.21 2.25 2.30 In unit indicated Reserve city banks: Loans and investments, total 12 37.68 36.71 35.35 U. S. Govt. obligations 12 26.59 24.61 22.2 =Cash farm income (bill, dollars) 49A 21.6 24.8 Other securities 12 2.23 7.28 2.28 Farm transfers (number per 1000 Loans 12 8.86 9.81 10.82 farms): Demand deposits adjusted 12 23.48 23.85 24.22 Total 49A 56.4 Time deposits 12 10.45 10.67 10.88 Voluntary sales and trades 49A 54.9 « 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. 8 Capacity base changed effective Jan. 8, 1947. Revised figures for earlier weeks are: Jan. 8, 90.3; Jan. 15, 91.8; and Jan. 22, 92.5. 4 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 Figures available for June and December dates only. 7 As of July 1 and Nov. 1. MARCH 1947 329 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NUMBER OF BANKING OFFICES IN THE UNITED STATES Commercial banks 1 Mutual savings Non- All Member banks Nonmember banks x banks reporting re- banks porting Total (nonmember banks 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 noninsured) 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 1946 14,586 14,045 6,900 5,007 1,893 7,148 6,457 691 191 350 111 Jan. 31 1947? 14,595 14,054 6,906 5,007 1,899 7,151 6,462 689 191 350 111 Branches and Additional Offices« DPP 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 Deo 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 r 4,139 3,981 2,913 1,781 1,132 1,068 1,006 62 115 43 Jan. 31, 1947? 4,150 3,991 2,924 1,789 1,135 1,067 1,005 62 116 43 P Preliminary. r Revised. 1 Excludes banks (shown in last column) thatdo 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. ' The State member bank figures and the insured mutual savings bank figures both include three member mutual savings banks. These banks 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 Moneary 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 listl On par list1 Not Not F di e s d t e ri r c a t l o R r e S se ta rv te e Total» Mem- Non- p o a n r State Total i Mem- Non- p o a n r Total ber member list1 Total ber member list* 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 10 102 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 Jan. 31,1947P.... 14,053 11,970 6,900 5,070 2,083 M M i i c n h n i e g s a o n ta 4 67 4 5 3 4 26 4 0 3 2 2 0 2 9 8 2 5 1 1 5 415' Mississippi 204 38 30 8 166 ^lissouri 593 521 182 339 72 Montana 110 109 77 32 1 By districts and by States Nebraska 409 401 145 256 8 Jan 31 1947P Nevada s 8 6 2 New Hampshire.. . . 65 65 52 13 Boston 491 491 336 155 New Jersey 343 343 294 49 New York .. 936 936 802 134 New Mexico 44 44 31 13 Philadelphia 847 847 649 198 Cleveland 1 167 1 167 721 44*6 New York 666 666 579 87 North Carolina 204 85 53 32 119 Richmond 1,013 786 475 311 227 North Dakota 151 44 41 3 107 Atlanta 1,147 521 333 188 626 Ohio 674 674 426 248 Chicago 2,472 2,415 998 1,417 57 Oklahoma 383 373 221 152 ib St. Louis 1,469 1,111 497 614 358 Oregon 70 70 33 37 Minneapolis 1,274 595 471 124 679 Pennsylvania 1,009 1,009 768 241 Kansas City 1 748 1,729 754 975 19 Rhode Island 20 20 11 9 Dallas 983 870 595 275 113 South Carolina 149 54 29 25 95 San Francisco 506 502 269 233 4 South Dakota 169 67 63 4 102 Tennessee . ... 294 191 81 110 103 Texas. 870 808 550 258 62 Utah 59 59 34 25 Vermont 71 71 40 31 Virginia 315 305 203 102 10 Alabama .. . 219 107 85 22 112 Washington 122 118 54 64 4 Arizona 10 10 5 5 West Virginia 180 177 108 69 3 Arkansas 228 97 66 31 131 Wisconsin 554 443 163 280 111 California 193 193 113 80 Wyoming 55 55 37 18 Colorado 141 141 92 49 Connecticut 114 114 63 51 P Preliminary. Delaware 39 39 17 22 1 Represents banks on which checks are drawn, except that it excludes Dist. of Columbia... 20 20 16 4 both member and nonmember mutual savings banks on a few of whirh Florida 176 112 71 41 64 some checks are drawn. Georgia . 371 89 61 28 282 The total in this table differs from total commercial bank« '« nrp. ceding table because the commercial bank total excludes some Danks on Idaho 47 47 25 22 which checks are drawn, namplv. thnsp that dn r\nt rpnnrt to State Illinois 869 867 500 367 2 banking departments (see footnote 1 of preceding table), anc includes Indiana .. 488 488 238 250 industrial banks andI nondeposit trust companies whethe 659 659 164 495 checks are drawn on them. 610 608 213 395 2 Back figures.—See annual reDorts and Bankine and Mon tarv Statistics, Table 15, and descriptive text, pp. 14-15 330 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PAGE Gold reserves of central banks and governments. . 333 Gold production. . 334 Gold movements. . 334 International capital transactions of the United States. . 335-340 Central banks . 341-344 Money rates in foreign countries. . 345 Commercial banks 346 Foreign exchange rates. . 347 Price movements: Wholesale prices 348 Retail food prices and cost of living. . 349 Security prices. .. 349 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. MARCH 1947 331 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 ed s t g i e n n a - 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 ch i - a o- m D a en r - k Egypt France Ger- Greece 1938—Dec... 14,512 431 581 32 274 192 30 24 83 53 55 2,430 29 27 1 19 9 4 3 0 9 — — D D e e c c . . . . . . 2 1 1 7 , , 9 6 9 4 5 4 4 3 6 5 6 3 6 7 0 3 9 4 4 5 0 1 2 2 7 7 4 4 214 3 3 0 0 2 1 1 7 1 1 5 5 6 8 5 5 3 2 5 5 5 2 2 2 , , 7 0 0 0 9 0 2 2 9 9 2 2 8 8 1941—Dec... 22,737 354 734 70 274 27 31 16 1 61 44 52 2,000 29 28 1942—Dec... 22,726 !658 735 115 274 5 36 25 16 61 44 52 2,000 29 28 1943—Dec... 21,938 l939 734 254 274 6 54 59 46 61 44 52 2,000 29 28 1944—Dec... 20,619 329 274 5 79 92 111 61 44 52 ,777 29 28 1945—Dec... 20,065 403 '716* 354 274 6 82 127 191 61 38 52 ,090 7 1946— Feb... 20,232 398 747 362 274 6 82 129 201 61 38 52 ,090 Mar.. 20,256 397 755 361 274 6 82 131 201 61 38 52 ,090 Apr... 20,251 392 763 361 274 7 83 132 201 61 38 52 ,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 P424 722 355 274 7 73 142 211 38 52 796 Oct.. . 20,402 P460 726 354 274 7 71 143 221 38 52 796 Nov... 20,470 726 354 274 7 71 144 221 38 53 796 Dec... 20,529 735 354 274 7 65 145 226 38 796 1947—Jan... 20,748 723 354 274 7 147 796 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 Nor- Peru Poland Po g r a t l u- Ru ma- A S f o r u i t c h a Spain 1938—Dec 37 193 164 80 29 998 23 94 20 85 69 133 220 3 525 1939—Dec 24 144 164 90 32 692 23 94 20 <84 69 152 249 1940—Dec 24 120 164 140 47 617 23 «84 20 59 158 367 1941—Dec 24 *164 235 47 575 23 21 59 182 366 42 1942—Dec 24 <216 39 506 23 25 59 203 634 42 1943—Dec 24 203 500 23 31 60 260 706 91 1944—Dec 24 222 500 23 32 60 267 814 105 1945—Dec 294 270 23 28 60 269 914 110 1946—Feb 284 270 23 28 60 269 982 111 Mar.... 257' 270 23 28 60 ,014 111 Apr 254 270 23 28 ,046 111 May.... 250 270 23 25 ,080 111 June 235 270 23 23 ,046 111 July.... 229 270 23 23 ,027 111 Aug 218 270 23 23 ,001 111 Sept.. . . 213 265 23 24 970 111 Oct 200 265 23 24 965 111 Nov 191 265 23 24 941 111 Dec 181 265 23 24 939 1947—Jan 170 265 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 m t g ed - U gu 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 5 7 4 0 9 1 2 2 9 9 2,690 6 6 9 8 5 5 2 2 5 5 7 9 1 7 4 1 17 6 8 6 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 90 29 82 12 170 1941—Dec.. 223 665 92 100 41 *83 12 166 1942—Dec.. 335 824 114 89 68 21 185 1938—Dec 80 2 759 331 44 1943—Dec.. 387 •965 161 121 89 45 229 1939—Mar 154 1,732 559 1944—Dec.. 463 1,158 221 157 130 37 245 May 477 1945—Dec.. 482 1,342 241 195 202 39 247 June.... 85 17 Sept.. . . 164 »876 1946—Feb.. 481 1,345 241 195 212 39 247 Dec 156 17 Mar.. 478 1,361 241 195 212 39 245 1940—June 86 17 Apr.. 476 1,363 241 198 212 39 242 Dec 48 292 17 May. 473 1,374 241 204 215 39 239 1941—June 89 17 June. 473 1,376 240 204 215 39 238 Dec 25 * 151 17 July.. 470 1,393 240 205 215 41 238 1942—June 8 17 Aug.. 474 1,396 240 205 215 41 P238 Dec 12 17 Sept.. 472 1,412 2?7 205 40 P238 1943—June 11 17 Oct... 469 1,408 236 205 40 P238 Dec 43 17 Nov.. 426 1,418 235 200 40 P238 1944—June 21 17 Dec. 381 1,430 237 32 P238 Dec 12 17 1947—Jan... 348 1945—Mar 32 June 81 17 Sept 20 p Preliminary. Dec 18 17 1 Figures through March 1940 and for December 1942, December 1943, and December 1944 1946—Mar 54 include, in addition to gold of the Central Bank held at home, gold of the Central Bank held June 71 abroad and gold belonging to the Argentine Stabilization Fund. Sept 113 2 On May 1, 1940, gold belonging to Bank of Canada transferred to Foreign Exchange Control Board. Gold reported since that time is gold held by Minister of Finance. • Figure for December 1938 is that 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 Stabilization rately. Fund and Rentes Fund; Belgium—Treasury. • Beginning December 1943, includes gold holdings of Swiss Government. 2 Figure for end of September. 7 These countries are: Albania, Algeria, Australia, Austria through Mar. 7, 1938, Belgian 1 Reported figure for total British gold reserves Congo, Bolivia, Bulgaria, China, Costa Rica beginning July 1943, Danzig through Aug. 31, on Aug. 31, 1939, less reported holdings of Bank 1939, Ecuador, El Salvador, Estonia, Finland, Guatemala, Iceland, Ireland beginning February of England on that date. 1943, Latvia, Lithuania, Morocco, and Siam. Figures for certain of these countries have 4 Figure for Sept. 1, 1941. been carried forward from last previous official report. NOTE.—For available back figures and for de- 8 Gold holdings of Bank of England reduced to nominal amount by gold transfers to British tails regarding special internal gold transfers Exchange Equalization Account during 1939. affecting the British and French institutions, see NOTE.—For back figures, see Banking and Monetary Statistics, Tables 156-160, pp. 536-555, Banking and Monetary Statistics, p. 526, and and for a description of figures, including details regarding special internal gold transfers affect- BULLETIN for February 1945, p. 190. ing the reported data, see pp. 524-535 in the same publication. MARCH 1947 333 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 j Production reported monthly Y m e o a n r t o h r p U r o o . w S u d o t . u S s r i c l . d d R t e i . o 1 n r m e T p o o o n t r t a h te l l d y || A So fr u ic th a d R e h s o i - A a fric A a W fri e c s a t 2 I I C B o e n lg g i p a a n U St n a i t t e e s d 4 I I C a a d N n a - s orth M a ic n e o x d 8 - So iC ut o h b l o ia A m m - I I eri C ca hile I I r N ag ic u a a - 7 Au li s a t 8 r O a- t I I h e B I r n ri d ti i s a h 9 $1=15$/n grains of gold Vio fine; i. e., an ounce of fine gold=$35. 1938 1,136,360 958,770 425,649 28,532 24,670 8,470 178,143165,379 32,306 18,225 10,290 1,557 54,264 11,284 1939 1,208,705 1,020,297 448,753 28,009 28,564 8,759196,391178,303 29,426 19,951 11,376 3,506 56,182 11,078 1940 1,297.349 1,094,264 491,628 29,155 32,163 3 8,862210,109185,890 30,878 22,117 11,999 5,429 55,878 10,157 1941 1,288,945 1,089,395 504,268 27,765 32,414 209,175187,081 27,969 22,961 9,259 7,525 51,039 9,940 1942 966,132 494,439 26,641 29,225 130,963169,446 28,019 20,882 6,409 8,623 42,525 8,960 1943 760,527 448,153 23,009 19,740 48,808127,796 22,055 19,789 6,081 7,715 2£5,560 8,820 1944 682,061 429,787 20,746 18,445 35,778102,302 17,779 19,374 7,131 7,865 16,310 6,545 1945 , 645,323 427,862 19,888 18,865 32,511 92,794 17,734 6,282 6,985 16,450 5,950 1945—Dec.. 54,896 35,043 1,597 1,470 3,635 8,391 1,140 1,096 634 1,365 525 1946—Jan.. . 55,758 35,892 1,584 1,610 3,984 8,346 1,492 683 522 1,470 175 Feb.. , 50,981 32,971 1,473 1,610 3,283 8,013 1,309 549 443 ;,330 Mar.. 50,656 30,871 1,574 1,645 3,639 8,677 1,473 770 608 L.400 Apr... 53,900 34,793 1,609 1,645 3,226 8,338 1,193 451 580 ,435 630 May.. 55,857 36,740 1,609 1,610 3,158 8,412 1,350 425 488 1,610 455 June.. 54,749 35.732 1,654 1,715 3,416 8,203 1,094 342 563 1,540 490 July.. 57,193 36,657 1,643 1,750 3,993 8,384 1,335 665 456 1,785 525 Aug... 60,795 35,553 1,646 1,750 8,310 8,092 1,048 377 448 5,080 490 Sept.. 57,221 34,509 1,578 1,715 6,798 8,047 1,425 354 379 L,925 490 Oct... 59,463 35,922 1,579 1,785 5,930 8,429 1,332 1,384 654 1,925 525 Nov.. 33,823 1,820 4,900 8,092 657 L.925 315 Dec... 34,184 1,820 6,255 7,235 559 490 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:"l934, 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. * 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. * Includes Philippine Islands production received in United States. Annual figures are estimates of United States Mint. Monthly figurei represent estimates of American Bureau of Metal Statistics, those for 1945 having been revised by subtracting from each monthly figure $197,193 so that aggregate for year is equal to annual estimate compiled by Bureau of the Mint. 6 Figures for Canada beginning 1945 are subject to official revision. 6 Beginning April 1942, monthly figures no longer reported. 1 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. 8 Beginning May 1940, figures are those reported by American Bureau of Metal Statistics. 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 countries 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 ouncej 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 e - d France g B iu el m - N la e e n r t - d h s - S d w e e n - S l w a er n i - 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 1938 1,973,569 1,208,728 81,135 15,488163,049 60,146 1,363 76,315 36,472 65,23127,880 39,162 401168,74016,159 13,301 1939 3,574,151 1,826,403 3,798165,122341,618 28,71586,987 612,949 33,610 57,02035,636 74,250 22,862165,60550,956 168,623 1940 4,744,472 633,083 241,778 977 63,260161,48990,3202,622,330 29,880 128,25938,627103,777184,756111,73949,989 J284.208 1941 982,378 3.779 1 1 1,747 899 412,056 16,791 61,86242,678 67,492292,893 9,444 9,665 «63,071 1942 315,678 1,955 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 -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 311,494 458 -14 -6 344,130 3,591 -134,405 -156 41118,550 -2',613 -18,083 1946 Feb. 82,439 80,629 126 1,479 -1 3 11 191 Mar. 31,396 36 25,265 75 1,386 -2 3 3,267 1,366 Apr. -20,534 34 222 149 637 9 s«-21,586 May -27,028 -1 -6 127 34 -33 -8 13 '-27,155 June 36,329 -4 32,277 29 902 11 2 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 6 3,785 Oct. 24,182 2 -8 134 198 4,523 19 912 -682 103 Nov. 77,903 383 25,248 1,065 621 38,601 -430 612,415 Dec. -61,193 2 27,473 449-110,276 -151 17 18,883 -868 6 3,279 1947 Jan.* -16,820 — 9 6 51,174 443 -97.579 -132 32,544 -374 -2,899 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. * 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. 3 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. 5 Includes $27,567,000 to China and $5,981,000 from other countries. e Includes imports from U. S. S. R. as follow*: 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, see p. 524 in the same publication. 334 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 banting 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 <3f 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 duly 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 1935—Mar (Apr. 1) . . .. 1,546.3 613.6 79.6 534.0 390.3 114 4 427 6 4 Tune (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 2,667.4 989.5 140.1 849.4 431.5 316.2 917.4 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 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 g 1939—Mar. 29 4,279.4 1,829.4 393.2 1L.436.2 550 5 646.7 1,188.9 63 9 June 28 4,742.0 2,194.6 508.1 1L.686.5 607 5 664 5 1,201 4 74 0 Sept. 27 5,118.2 2,562.4 635.0 11,927.3 618 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 11,999.9 631 6 761 6 1,095 0 88 7 Tune (Tuly 3) 5,531.3 2,920.7 11,012.9 L.907.8 684 1 785 6 1,042.1 98 9 Sept. (Oct. 2) 5,831.2 3,175.9 L.195.4 1L.980.5 773.6 793 1 987.0 101 6 Dec. (Jan. 1, 1941). 5,807.9 3,239.3 L,281.1 1L.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 Tune (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 1,177.1 L.802.6 791 3 855 5 626.7 100 9 1942—Mar. (Apr. 1) 5,219.3 2,820.9 1,068.9 11,752.0 819.7 849 6 624.9 104 3 June 302 5,636.4 3,217.0 1,352.8 L.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 L.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—jan. 31 7,908.1 4,999.6 2,744 4 2,255.2 848 2 I 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 S A e u p g t . 3 3 0 1 8 8 , , 7 8 1 5 1 8 . . 9 6 5 6 , ,0 9 4 2 2 2 . . 2 4 3 3, , 5 5 5 1 4 3 . . 9 6 \ 2 2, , 4 4 8 0 7 8 . . 2 8 8 8 2 6 9 5 . . 0 3 9 99 9 8 9 . . 2 7 8 8 3 1 1 8 . . 6 4 1 13 2 4 9 .1 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 1946—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 A M p a r r . 3 3 0 1 8 8, , 6 7 7 3 4 0 . . 4 8 6 6 , , 1 1 2 6 4 9 . . 6 3 3 3 , , 4 3 5 4 5 4 . . 2 7 \ 2 2, , 7 7 8 1 0 4 . . 0 1 7 7 0 0 1 3 . . 2 6 1 1, , 0 0 7 7 6 3 .0 1 6 6 3 4 0 5 . . 7 1 1 14 3 1 9 .9 7 J M J u u n a ly y e 3 3 3 1 0 1 'r8 8 8 , , , 3 4 4 9 3 0 6 8 5 . . 2 2 8 6 5 5 , , , 1 8 8 4 9 5 9 6 3 . . . 7 2 5 3 3 3 , , , 0 3 1 4 8 1 2 6 9 . . . 9 6 6 \ > 2 J. , , 7 8 7 6 1 7 3 0 6 . . . 2 7 5 F 5 6 6 7 4 2 4 4 4 . . . 1 8 5 1 1 L , , 1 1 1 0 0 2 3 4 5 . 2 9 3 6 5 6 1 0 1 9 6 5 . . . 7 1 0 1 1 1 4 4 4 0 1 0 .9 9 4 Aug.31 >-8,345.5 6,009.3 3,197.6 2,811.7 555.3 rL,141.9 492.2 146 8 Sept. 30 '8,251.1 5,930.8 3,083.3 >,847.5 520.9 r ,170.7 478.3 150.4 Oct 31 8,281.3 5,925.3 3,041.4 I,884.0 533 9 ,196.9 472.1 153.1 p Revised. 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 banksOmaintaining accounts at the Federal Reserve Bank of New York; beginning July 17, 1940, also funds in accounts at the Federal Reserve Bankiof 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. Thii 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. MARCH 1947 335 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 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). . . 440.7 554.9 210.2 114.5 130.4 36.6 24.0 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 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 2,653.0 106.3 410.6 315.4 15.9 1938—Dec. (Jan. 4, 1939) . . . ,933.0 1,183.8 339.6 328.6 557.5 140.5 32.2 3,054.2 155.3 384.6 302.7 36.2 1939—Dec. (Jan. 3, 1940). . . ,112.8 1,101.3 468.7 470.3 773.0 165.9 58.0 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 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 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 3,608.1 425.1 835.8 932.9 178.3 1943—Dec. 31 ,267.1 1,257.7 636.8 487.7 629.1 178.6 48.2 4,192.8 760.3 951.0 1,161.6 201.4 1944—Dec. 31 ,728.4 1,090.0 585.7 506.2 664.3 179.1 63.1 4,081.8 976.4 ,193.7 1,273.6 203.0 1945—Nov. 30 ,828.1 8 8 8 9 8 2 . . 7 5 469.8 526.3 709.8 179.4 100.8 4,002 1,434.3 1,336.5 ,801.7 253.0 Dec. 31 ,802.8 858.3 464.2 539.7 722.3 179.7 106.5 4,037.0 1,395.7 1,338.4. ,784.1 247.5 1946— A M M J F J u a e p a a n n b r y r e . . . . 3 3 3 3 2 3 1 1 0 0 8 1 , , , , , , 7 8 4 3 7 6 3 2 3 7 0 7 0 5 8 2 5 4 . . . . . . 2 9 8 4 5 4 8 7 7 8 8 0 1 0 4 5 5 9 9 . . . . . 7 1 8 5 3 5 5 4 5 4 4 5 3 6 1 3 5 3 1 4 5 2 3 . . . . . . 6 6 1 1 5 3 5 5 5 4 4 5 3 3 2 2 1 2 8 6 1 6 5 8 . . . . . . 4 5 9 2 3 8 7 7 7 7 7 7 2 3 2 3 3 2 8 1 8 7 0 5 . . . . . . 6 1 8 0 4 4 1 1 1 1 1 1 7 7 7 7 7 7 9 9 9 9 9 9 . . . . . . 6 2 3 4 3 3 1 1 1 1 1 1 0 3 7 3 5 6 6 7 0 3 9 5 . . . . . . 2 3 7 4 5 0 , , , 1 1 1 1 5 4 1 3 2 6 0 8 . . . . 7 2 0 3 4 3 4 3 3 , , , , , 1 0 9 8 5 6 0 3 3 9 5 9 8 1 1 9 4 8 . ~ 7 • 1 1 1 1 ' 1 , , , , , 3 3 3 3 3 , " 3 4 7 4• 0 5 1 " 7 0 2 6 7 3 . . . . . . 6 7 5 2 0 2 ' 1 1 1 1 1 1 , , , , , , 3 4 3 3 4 4 4 0 5 9 3 7 5 0 0 1 1 1 . . . . . . 1 7 9 5 5 6 , , , , , , 7 7 7 7 5 6 8 1 6 2 7 6 0 6 4 3 7 0 . . . . . . 5 5 9 1 5 3 2 3 3 4 2 2 4 2 0 3 7 9 6 3 0 8 0 1 . . . . . . 0 1 4 6 9 9 July 31 ,496.2 756.0 419.4 389.4 741.0 179.6 196.9 ,108.5 3,790 rl 278 ^1,486.1 ,492.1 448.5 Aug. 31 ,345.5 624.1 393.2 377.7 752.5 179.6 201.0 ,085.2 3,613 l]3! 1,566.2 ,425.4 517.0 Sept. 30 ,251.1 665.1 421.1 371.2 745.9 179.3 203.5 ,064.6 650 l,177.71,544.8 ,365.9 512.2 Oct. 31 ,281.3 736.3 433.1 352.2 756.3 180.0 213.4 ,068.7 3,740.01,110.6 ,326.6 534.5 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 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 Asia1 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. 30 989 163.5 144.2 65.9 109.8 2.7 23.0 79.7 588.9 86.8 149.3 149.4 15.2 1937—Dec. 29 1,259 189.3 111.8 76.3 288.4 9.6 6.9 109.4 791.7 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 1,010.7 101.6 127.6 251.8 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 -.9 603.7 1,986.3 334.1 326.4 531.2 61.3 1941—Dec. 31 2,979.6 328.6 416.5 161.0 326.2 -23.1 -3.4 561.1 1,766.9 273.1 296.7 541.4 101.6 1942—Dec. 31 3,465 493.3 394.5 170.0 166.3 -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—Nov. 30 6,122.9 638.3 247.1 253.0 272.0 -23.4 45.1 738.2 2,170.3 ,437.8 924.2 ,373.7 216.8 Dec. 31 6,144.5 646.4 229.9 265.0 286.3 -23.3 50.1 769.1 2,223.4 ,414.2 924.9 ,369.1 212.9 1946—Jan. 31 6,234.7 617.7 318.2 277.3 297.5 -23.3 50.8 757.6 2,295.8 ,242.8 929.4 ,554.5 212.3 Feb. 28 6,173.0 569.2 300.5 265.6 298.3 -23.5 77.2 742.0 2,229.2 ,241.8 922.0 ,542.9 237.0 Mar. 31 6,169.3 492.4 284.3 278.4 303.2 -23.6 80.2 738.0 2,152.8 ,251.8 972.4 ,505.0 287.3 Apr. 30 6,124.6 492.1 225.7 278.3 306.5 -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 2,033.7 ,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 1 ,155.8 ,029.7 ,360. 409.3 July 31 6,149.7 599.7 19-5.1 217.5 318.8 -23.8 145.2 742.2 2. ,176.4 ,052. ,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 ,111.6 ,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 ,069.6 ,215.8 488.3 Oct. 31 5,925.3 576.8 204.5 199.1 345.5 -23.4 168.6 712.1 2,183.0 995.41,058.9 ,178.7 509.3 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 Asia1 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 -.8 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. 31 279.4 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—Nov. 30 804.2 266.1 78.0 -17.9 6.5 196.9 26.2 68.8 624.6 54.9 22.2 99.9 2.6 Dec. 31 742.7 266.6 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. 28 728.7 265.7 78.4 -17.5 3.2 196.9 26.2 61.1 614.0 21.6 6.8 85.5 .9 Mar. 31 703.6 263.4 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 Oct. 31 533.9 235.5 75.1 -109.1 3.7 196.9 16.0 35.1 453.1 43.2 -14.1 54.8 -3.1 ' Revised. 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. 336 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued N ET C A P I T AL M O V E M E NT TO U N I T ED S T A T ES S I N CE J A N U A RY 2, 1 9 3 5 —C o n t i n u ed [Net movement from United States, (—). In millions of dollars] T A B LE 5 . — F O R E I GN S E C U R I T I E S: R E T U RN OF U. S. F U N D S, BY C O U N T R I ES (Net Purchases by Foreigners of Foreign Securities Owned in U. S.) From Jan. 2, 1935, through— Total U K n d i i o n m t g e - d France N la e e n r t - d h s - S l w e a i r n - t d z- m G a e n r- y Italy E O u t r h o er pe E T u o r t o al pe C a a da n- Am La e t r i i n ca Asia1 ot A h ll er1 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 ,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—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 ,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 ,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 ,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 ,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 ,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 ,103.9 109.7 51.0 33.2 45.0 36.7 27.3 213.8 516.7 166.2 338.1 59.8 23.0 • July 31 ,125.3 107.3 50.9 33.1 44.9 36.9 27.3 221.5 521.9 179.7 341.0 59.7 23.0 Aug. 31 . . ,141.9 101.5 49.9 31.4 36.4 36.9 27.1 220.7 503.8 193.7 378.2 59.7 6.5 Sept. 30 ,170.7 100.4 49.9 30.3 37.4 36.9 27.1 221.3 503.4 ••200.2 390.3 59.4 17.4 Oct. 31 ,196.9 98.3 49.5 29.1 34.5 36.9 26.8 221.1 496.2 207.7 414.2 59.4 19.3 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 n d i o i m t n ed g- France N la e e n r t - d h s - Sw l e a i r t n - d z- m G a e n r- y Italy E O u t r h o er pe E T u o r t o al pe C a a da n- A Lat m in erica Asia1 ot A h ll er1 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—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 Oct. 31 472.1 -193.4 81.6 216.8 334.7 -30.4 1.6 86.4 497.2 -155.7 93.4 29.7 7.5 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) United Neth- Switz- From Jan. 2, 1935, through- Total K d i o n m g- France la e n r d - s la e n r- d 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). . . 6.0 (*) 2.4 1.3 2.5 1.4 7.6 -4.5 1.0 2.9 -.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 2.1 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.S 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—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 13.3 106.0 19.9 8.2 4.5 1.3 Apr. 30 141.7 19.2 24.3 15.7 32.0 13.1 104.8 19.4 11.3 4.8 .3 May 31 140.9 19.1 24.2 16.0 32.2 12.9 105.0 19.6 10.9 4.1 .4 June 30 141.4 19.3 24.3 15.9 33.4 12.9 106.3 18.5 10.2 4.8 .5 July 31 140.9 18.9 24.4 16.1 33.8 13.2 107.0 19.8 8.5 3.9 .7 Aug. 31 146.8 19.2 23.7 15.8 35.9 13.7 108.9 19.1 12.9 4.4 .6 Sept. 30 150.4 18.6 22.1 15.7 36.9 -. 3 14.2 107.5 19.2 18.3 3.7 1.6 Oct. 31 4153.1 19.2 22.4 16.3 37.9 14.1 110.4 20.1 17.1 4.0 1.5 r Revised. 1 Prior to Jan. 3, 1940, the figures under Asia represent Far East only, the remaining Asiatic countries being included under "All other." 2 4 A In m fl o o u w n t l s e s o s u t t h st a a n n d $ i 5 n 0 g , 00 O 0 c . t. 31, in # m » i O lli u o t n fl s o w o f le d s o s l l t a h rs a : n fo $ r 5 e 0 ig ,0 n 0 0 b . rokerage balances in United States, 107.8; United States brokerage balances abroad, 31.6. MARCH 1947 337 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 i o 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 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 Asia2 ot A he l r l 2 private I934—Dec 3 . . . 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.3 1,301.1 130.3 205^5 163! 5 68.6 86 !l 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—Dec3 . . . 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—Decs . ... 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—Dec.3 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 2,584.5 812.6 693.7 1,108.8 175.3 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—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 1,545.71,045.71,554.4 185.7 Dec. 31 6,883.1 4,179.3 707.7 310.0 281.6 604.2 7.0 70.4 902.1 2,583.0 1,522.21,046.41,549.7 181.8 1946—Jan. 31.... 46,993.2 4,331.8 679.0 398.3 293.9 315.5 6.9 71.1 890.6 2,655.41,350.71,050.91,735.1 <201.1 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 71,043.51,723.6 225.8 Mar. 31 6,927.8 4,185.4 553.8 364.5 295.0 321.2 6.6 100.5 871.0 2,512.41,359.71,094.01,685.6 276.1 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 1,248.21,108.11,655.7 249.4 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 2,457.4 1,177.51,180.71,396.4 477.1 Oct. 31.... 56,679.5 3,771.6 638.1 284.6 215.7 5359.1 6.8 188.9 845.1 2,538.31,103.31,180.51,359.3 498.1 LIABILITIES—SUPPLEMENTARY DATA Other Europe Date E O u t r h o e p r e g B iu el m - m De a n rk - l F a i n n d - Greece6 L b u o x u e rg m 6 - N w o a r y - Po ga rt l u 6 - m R an u i - a6 Spain6 SwedenUSSR6 s Y la u v g i o a - 6 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 18.3 132.4 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 1945—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—jan> 3i 890.6 184.9 40.1 6.6 70.0 22.3 176.5 47.5 9.3 37.1 214.0 29.7 6.3 46.4 Feb. 28 875.0 167.6 41.6 10.7 69.7 22.4 175.0 45.3 9.2 37.4 212.9 28.5 6.6 48.4 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 31 910.6 177.8 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 Oct 31 845.1 177.0 54.9 17.0 58.4 21.6 136.0 48.8 8.7 20.2 159.9 46.4 8.4 87.8 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 - 7 Brazil Chile l b C o i m o a - ? - C R o ic s a ta 7 Cuba I W n a d n e i d s e t s M ic e o x- l W I a n n d e d i s e s t s P m an a a 8 - Peru7 V zu e e n l e a - 7 A O L m a th t e i e n r r - Gui- and ica ana7 Surinam7 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 43.4 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 83.6 7.4 139.3 4.4 83.1 36.0 69.1 27.7 31.5 119.8 1945—Nov. 30 1,045 82.3 15.6 185.6 71.4 84.5 7.1 136.5 6.6 111.8 31.0 90.7 45.9 38.3 138.3 Dec. 31 1,046 77.3 14.5 195.1 66.3 79.2 6.9 128.3 7.1 116.4 28.2 88.7 43.9 49.7 144.8 1946—Jan. 31 1,050 94.8 13.6 192.3 66.6 82.4 6.0 122.2 7.2 125.9 20.9 89.4 43.4 36.0 150.3 Feb. 28 1,043 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 83.9 13.6 210.6 63.9 77.5 6.3 139.5 6.6 140.7 20.7 91.2 41.9 41.3 156.3 Apr. 30 1,077 84.1 12.7 206.8 60.3 72.4 6.0 152.7 6.6 122.3 21.7 90.3 39.8 49.5 152.4 May 31 1,108 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 1,151 116.6 10 218.8 59.3 66.3 6.7 169.6 7.0 137.1 16.7 87.1 40.6 46.1 168.6 July 31 1,174 124.4 12.3 231.1 62.1 75.2 6.8 167.0 7.6 135.3 14.7 84.8 39.2 42.3 171.5 Aug. 31 1,226 147.9 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 1,180 144.5 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 Oct. 31 1,180 147.9 14.3 223.5 49.8 61.5 7.1 158.0 6.7 133.2 13.6 84.6 43.8 68.7 167.6 For footnotes see p. 339. 338 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 In r h e d i n n o c a - h 1 H K o o n n g g I C B n m l a o d e n u n a y i d r a , 1 - - , l M t B a is r y a i h - a - 1 Japan I N n l E a e d e a n r i t s d - e 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 he ll rz A t l r u i a a s - - 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 n o c - c o h S U A o f n o u r i f 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. • Ob*. (Jan. 1, 1941) 769.9 207 5 91.1 .-... 110.3 198.6 162.4 73. 3 ....... ...... ...»... 1941—Dec. 31 . 780.0 156.8 61.6 69.9 226.8 264.9 113.6 ...... . ...... 1942—Dec. 31 930.0 360 9 27.4 41.6 13.'1 ' 1.6 4.8 160.'4 254.729.9 36.2 149.6 23. 1 4.'8 6.8 12.'i 11.0 91.8 1943—Dec. 31 1,108.8 574 2 27.4 23.9 18. 2 .9 4.1 110.1 259.135.4 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 4.0 110.5 365.823.7 64.2 174.0 52. 9 3. 5 7.3 4.3 8.3 97.6 1945—Nov.30 1,554.4 581 4 27.5 22.1 34. 6 1.0 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 1.7 4.0 110.0 642.857.3 75.1 3201.1 29. 6 4.0 19.4 9.7 6.3 3132.1 Feb. 28 1,723.6 738 0 34.6 31.8 36 7 1.6 3.9 100.7 635.762.2 78.4 225.8 26. 1 4.0 19.6 10.1 9.1 157.0 Mar.31 1,685.6 732 1 37.9 34.8 25. 7 1.5 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 1.6 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 1.4 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 1.6 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 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 9.5 128.9 465.261.0 80.6 477.1 39. 9 5. 5 20.2 13.4 24.5 373.6 Oct. 31 1,359.3 490 1 37.7 35.6 33 3 9.5 14.1 133.4 466.658.6 80.5 498.1 41. 1 5. 5 21.8 13.3 29.4 386.9 » 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. 338. 1 Country breakdown is for "Official and private." 2 Prior to Jan. 3, 1940, the figures under Asia represent Far East only, the remaining Asiatic countries being included under "All other." * 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 These figures are not strictly comparable with the corresponding figures for preceding months due to exclusion of an account amounting'to $4,322,000, which should not have been reported as "foreign." 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." T Prior to June 30, 1942, included under "Other Latin America." 8 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 i o 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 he ll r* 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 1939—Dec. (Jan. 3, 1940) 508.7 39.9 4.9 3.7 5.2 53.4 11.8 51.4 172.2 39.7 113.3 174.1 9.3 1940—Dec. (Jan. 1, 1941) 384.0 23.0 4.2 .9 1.5 39.6 2.0 29.9 101.0 36.0 122.7 117.8 6.4 1941—Dec. 31 367.8 20.9 1.8 1.1 2.6 34.4 1.5 26.2 88.4 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—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 Oct. 31 601.6 56.5 3.9 127.7 4.5 33.9 10.5 44.0 281.0 49.7 182.1 74.3 14.5 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. 339 MARCH 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 fin millions of dollars] ASSETS—SUPPLEMENTARY DATA Other Europe Date E O u t r h o e p r e g B i e um l- m De a n 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 - t P ug o a r- l1 m R an u i - a1 Spain1 S d w en e- USSR1 s Y la u v g i o a1 ot A h l o 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 l 1 9 .5 22 1 1942—Dec. 31 22.3 8 5.6 i.i .2 2.4 (*) 3.2 .4 (*) 8 8 4 1943—Dec. 31 19.0 7 (J) 7.6 .6 .2 1.4 8 3.2 .2 (S) 5.0 1944—Dec. 31 44.4 .7 .6 35.1 .8 1.8 .2 5.1 1945—Nov. 30 10.2 .6 1.5 .6 1 .4 .9 1 0 .1 4 9 1946— D Ja e n c . . 3 3 1 1 4 1 0 3. . 1 8 1.8 .6 ( 1 2> .0 1 (8) .3 . . 7 7 31.6 .1 . . 4 5 (? 1 1 . . 8 6 1. . 1 9 $ 4 4 . . 8 7 Feb. 28 17.9 2.6 1.0 1.4 .8 4.2 .4 1.4 1.1 4.9 Mar 31 21.1 3 6 1.1 1.2 .8 6 2 .4 1 5 1 3 4 9 Apr. 30 . . .. 18.0 4.6 1.1 .6 2.0 .2 .4 .1 1.4 2.4 5.0 May 31 20.5 5.0 .1 2.0 1.5 1.2 .6 .1 2.1 3.0 I 5.1 June 30 27.7 7.7 .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 (2) 5.0 Aug. 31 29.9 9.1 .3 4.0 2.1 .5 .7 3.3 5.5 4.3 Sept 30 39.6 6.9 .2 3.5 12.6 .7 1.0 3.6 5.5 (2) 5.5 Oct. 31 44.0 7.2 .4 4.3 12.6 .7 1.3 7.2 4.1 6.1 Latia 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 - 3 Brazil Chile l b C o i m a o » - - C R o ic s a ta 3 Cuba I W G a n a n d n u e a i d i s e 3 - t s Mexico I l n W S n a a a u d n n e m r i d d s i e - 3 s t s P m an a a 4 - Peru' z V u e e n la e- * O A L i m a t c h t a e i e n r r - 1 1 1 9 9 9 4 3 0 9 4 — 1 D r — ec > er De ( c " ( T Jan a n 3 1 1 3 1 1 9 9 4 4 1) 0). .... 1 1 1 2 1 4 2 3 8 . . 3 3 7 1 1 1 6 1 6 . . . 8 9 8 3 3 3 2 3 8 . . 1 0 2 1 1 9 3 4 . . . 7 4 9 1 1 1 1 0 1 . . . 7 5 3 5 6 7 . . . 9 6 1 2 2 1 .0 4 1 4 5 3 7 4 7 2 4 3 1942—Dec. 31 99.7 6.9 3.0 16.7 15.3 20.7 .6 8.3 .2 4.8 .3 2.1 2 8 3.9 14.2 1943—Dec. 3i 112.2 15.3 1.8 18.9 16.6 12.2 .7 20.1 (*) 11.2 .5 1.1 1.4 3.8 8.7 1944—Dec# 31 131. f 3.1 1.8 25.3 9.0 15.5 1.2 47.4 (*) 8.6 .3 .8 1.2 5.1 11.7 1945 Nov 30 . «. 145 8 20.5 1.2 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 1.3 24.7 6.6 16.8 1.2 33.3 11.0 .5 1.1 1.9 6.1 33.4 1946— F ja e r b ij . 3 2 1 8 1 1 6 6 4 1 . . 7 2 2 1 4 8 . . 2 0 1 1 . . 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 0 3 . . 5 9 . . 3 4 2 1 . . 8 9 3 3 .5 3 6 6 . . 6 9 2 2 9 5.9 5 Mar 31 178.4 24.7 2.7 30.0 7.1 20.1 1.4 37.1 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 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 13.5 .5 1 l 3 8 7 7 21 2 June 30 164.7 20.4 3.1 28.4 8.0 23.2 1.5 29.3 (a) 15.0 .4 1.8 3.5 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 Aug. 31 185.3 25.6 3.2 41.3 10.6 22.6 9.8 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 Oct. 31 182.1 22.5 2.2 40.4 13.8 21.0 2.6 27.9 .5 17.6 .4 .9 2.7 4.8 24.9 Asia and iMl Other Date Asia C M c a h r h n i i a d u a n n a - - F C I r n h e d i n n o c a h - « H K o o n n g g I C B n l a m o e u d n a d n , y i r * - - a, l M B t a i y r a s - h i a - & Japan I N l n E a e e d a n r t i - s d t e h s - s5 i l P p a I h p n s i i - d l- ne s k T e u y r 5 - O A t s h i e a r ot A h ll er6 A t l u r ia a s - - N Z la e e n a w d -A E S E n g t a u g i g y nd d a y n l pt a p o n - - F r r M o e c n o c c - o h U A S f n o r o i f u i o c n th a Other 1939—Dec. (Jan. 3, 1941) 174 1 22.0 1.9 .... 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 1 2 — — D D e ec c. 3 3 1 1 3 8 5 7 . . 3 9 2 1 3 1 . . 5 1 I 3. . 1 9 2.2 .7 18.9 .5 1.6 2 1 3 4. . 4 0 1.8 1 2 9 . . 0 5 9 4 . .8 7 1.0 .7 .1 1.7 1.2 1943—Dec 31 26.3 1.7 1.0 2.0 .5 .5 1.7 13.9 3 ? 1.8 3.9 .5 .2 .1 2 4 7 1944—Dec. 31 51.4 1.5 .9 22.3 .1 .5 1.5 13.8 1 8 8.8 11.7 .6 .2 9.7 1.0 1945—Nov. 30 29.1 1.7 .2 .8 7.1 .1 .5 1.4 13.7 1.7 2.0 8.8 .9 .7 .2 5.0 1.9 1946—jan F . eb 31 28 . . 4 2 43 0 9 . . 6 9 6 9 7 1 . .0 7 7 ( ( 2 2 ) ) 1. . . 8 1 8 7 7 7 . . . 5 9 0 . . . 1 1 3 . . .5 3 3 1 1 1 . . 4 4 4 2 1 1 0 8 3 . . . 5 1 8 ? 1 1 0 0 1 2 2 2 .5 8 7 1 l 0 n 9 * 8 9 2 1 1 7 1 8 .6 7 7 3 3 2 1 1 5 5 4 7 0 3 2 2 2 5 9 4 Mar 31 53.6 22.8 .2 1.5 6.8 .2 .3 1.4 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 9 3 5 15 3 1 9 6 3 2 8 5 3 * July 31 57.1 19.0 .1 2.2 9.4 1.7 .3 1.2 18.5 Q 3.9 14 8 2 9 1 1 .3 1 8 0 2 5 Aug 31 68.0 28.6 2.9 10.8 .1 .3 1.3 19.2 .9 3.9 15.6 2.9 1.2 .4 (2) 8.1 3.0 Sept 30 .... 72.7 34.7 3.2 11.7 .2 .3 1.2 16.6 Q 3 9 15 1 3 3 1 2 .3 (2) 7 7 2 5 Oct. 31 74.3 34.6 6.5 10.1 .2 .5 1.0 16.0 1.3 4.0 14.5 2.7 1.0 .4 8.4 2.0 1 Prior to June 30, 1942, included under "Ail other." 2 Less than $50,000. 3 Prior to June 30, 1942, included under "Other Latin America." • Included "Canal Zone" prior to June 30, 1942. 5 Prior to June 30, 1942, included under "Other Asia." 6 Country breakdown not available until June 30, 1942. 340 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 (Fig p u o r u e n s d i s n s m ter il l l i i n o g n ) s of Other Cash reserves co D u is n - ts Securi- ci t r i c o u n l 3 a- Deposits Other Gold* assets2 Coin Notes a v n a d n c a e d s - ties Bankers' Public Other lia ti b e i s li- 1935—Dec. 25. 200.1 260.0 .6 35.5 8.5 94.7 424.5 72.1 12.1 37.1 18.0 1936—Dec. 30. 313.7 200.0 .6 46.3 17.5 155.6 467.4 150.6 12.1 39.2 18.0 1937—Dec. 29. 326.4 220.0 .8 41.1 9.2 135.5 505.3 120.6 11.4 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. « .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 5 630.0 .9 13.3 4.0 199.1 616.9 135.7 12.5 51.2 17.9 1941—Dec. 31. .2 6 780.0 .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 51,100.0 .9 11.6 2.5 307.9 1,088.7 234.3 10.3 60.4 17.9 1944—Dec. 27. .2 61,250.0 1.9 11.6 5.1 317.4 1,238.6 260.7 5.2 52.3 17.8 1945—Dec. 26. .2 5 1,400.0 .4 20.3 8.4 327.0 1,379.9 274.5 5.3 58.5 17.8 1946—Feb. 27, .2 1,400.0 .9 77.1 7.4 236.7 1,323.1 234.5 16.7 53.0 18.0 Mar. 27. .2 1,400.0 .8 71.9 20.0 238.7 1,328.3 249.1 9.9 54.0 18.5 Apr. 24. .2 1,400.0 1.0 52.0 22.4 256.3 1,348.3 253.4 7.4 53.1 17.8 May 29. .2 1,400.0 1.5 58.6 16.7 250.9 1,341.7 244.8 7.4 57.4 18.0 June 26. .2 1,400.0 1.8 36.4 12.5 315.2 363.9 286.0 5.3 56.5 18.1 July 31. .2 1,400.0 1.4 13.4 15.8 288.0 386.9 238.7 7.1 54.4 18.3 Aug. 28. .2 1,400.0 1.1 32.7 9.9 343.4 367.5 307.6 7.0 54.0 18.4 Sept. 25, .2 1,400.0 1.2 41.5 18.8 324.6 358.7 302.9 9.3 55.5 18.5 Oct. 30, .2 1,400.0 1.0 38.5 9.5 327.2 361.8 292.7 8.2 57.5 17.8 Nov. 27. .2 1,400.0 1.1 34.2 25.3 333.9 366.0 310.1 10.1 56.3 17.9 Dec. 25. .2 51,450.0 1.3 22.1 13.6 327.6 1,428.2 278.9 10.3 57.3 18.1 1947—Jan. 29. 1,450.0 1.0 85.8 25.4 271.0 1,364.5 288.4 16.0 60.6 18.3 Assets Liabilities Bank ot 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 u o la t t e ion7 lia O bi t l h it e i r es8 dollars S te h r o m rt * - 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 .8 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—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 1947—Jan. 31. 1.0 1,196.8 718.8 39.3 1,138.6 533.3 150.1 82.9 51.0 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 statistic? see pp. 560-564 in same publication. MARCH 1947 341 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS—Continued Assets Liabilities Bank of France Domestic bills A G d o v v a e n rn ce m s en to t Deposits mill ( i F on ig s u o r f e s f ra in ncs) Gold* F ch o e a r 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 o 3 - n Other2 a O s t s h e e ts r ci N t r i c o o u t n 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... 60.3S9 1,460 5,640 i,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 «40,985 613,434 781 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 11,200 641,848 625,809 745 51,845 4,072 June 27... 94,817 5 64,985 46,204 426,000 13,400 •42,053 629,181 750 53,265 4,268 July 25... 94,817 6 64,769 45,324 426,000 8,600 «40,915 612,879 717 59,829 7,006 Aug. 29... 94,817 5 64,474 61,657 426,000 8,600 645,049 633,327 779 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 Dec. 26P. . 94,817 7 77,621 3,135 76,254 426,000 67,900 647,577 721,865 765 63,468 7,213 p Preliminary. * 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. * 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. « Central Administration of the Reichskreditkassen. 6 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 million, and in week ending May 2, 1946, 35,000 million francs of gold transferred from Bank of France to Stabilization Fund. •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^!945) see BULLETIN for December 1946, p. 1424. Central Bank 1947 1946 Central Bank 1947 1946 (Figures as of last report (Figures as of last report date of month) Jan. Dec. Nov. Jan. date of month) Jan. Dec. Nov. Jan, Commonwealth Bank of Australia Central Bank of the Argentine —Continued Republic (millions of pesos): Deposits of Trading Banks: Gold reported separately 3,505 1,209 Special 274,740268, 194259,179236,780 Other gold and foreign exchange. 9,027 3 456 Other 9<? 927 28 693 93 744 39 865 Government securities 860 866 Other liabilities 117,750119, 314121,071150,617 Temporary advances to Govt.. . 87 41 National Bank of Belgium Rediscounts and loans to banks1. 7 57? (millions of francs): 2,333 148 Gold 31,684 32, 226 31,809 31,943 Currency circulation ^ . 3,716 2,871 Foreign exchange 7 578 5 648 4 894 3 120 Deposits—Member bank 455 1,799 Loans to Government 48,823 49, 158 49,882 e5 0,904 Government .... 546 477 Other loans and discounts 4,841 5, 166 5,053 2,868 Nationalized * 10 80? Claim against Bank of Issue 64,597 64, 597 64,597 64,597 Other 146 204 Other assets 9 655 o S«1 2 239 '1 632 Certificates of participation in Note circulation 7S 7? 16S 71,703 72',470 1 166 Demand deposits 5,579 6,218 6,025 3,119 Other liabilities 6?8 205 Blocked accounts3 70 296 70 ?S0 79 281 78 081 Other liabilities . . .. 1,970 1,744 1,465 1,393 Central Bank of Bolivia—Mone- Commonwealth Bank of Aus- tary Dept.4(millions of bolivianos): tralia (thousands of pounds): Gold at home and abroad 920 913 Gold and foreign exchange 219,803223, 67? 218,131 177,460 Foreign exchange 295 449 Checks and bills of other banks. . 2,331 4, 270 2,151 1,610 Loans and discounts 237 45 Securities (incl. Government and Government securities 431 534 390,205 386, 76.S 374,37?, 419,092 Other assets 20 8 Other assets 6,758 9 4?S 7 S?1 15,813 Note circulation 1 637 1 605 197,680?07 430 198 180 193,714 Deposits 259 345 Other liabilities 7 ltral banking; " -EViicX-Civc Jan. A, iytu, a. cuaugc in cue wigan. functions) and Commercial Banking Departments. 342 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS—Continued Central Bank 1947 Central Bank 1947 1946 (Figures as of last report (Figures as of last report date of month) Jan. Dec. Nov. Jan. date of month) Jan. Dec. Nov. Jan. National Bank of Bulgaria x Central Reserve Bank of El Salva- Central Bank of Chile (millions dor (thousands of colones): of pesos): Gold 32,699 32,737 32,984 Gold 297 326 384 Foreign exchange 40,251 38,292 38,135 Discounts for member banks 636 533 337 Loans and discounts 4,895 1,920 2,017 Loans to Government 824 ,048 701 Government debt and securities. 5,352 5,837 6,325 Other loans and discounts ,098 819 614 Other assets 1,416 1,835 1,740 Other assets ,827 ,811 1,843 Note circulation 49,531 45,461 47,181 Note circulation ,565 ,299 2,798 Deposits 22,636 27,978 27,099 Deposits—Bank 456 569 554 Other liabilities 12,446 7,183 6,921 Other 217 200 206 Bank of Finland 1 Other liabilities 445 470 320 Bank of Greece (billions of drach- Bank of the Republic of Colombia mae): (thousands of pesos): Gold and foreign exchange (net). 891 Gold 256,684 254,428 252,824224,077 Loans and discounts 18 Foreign exchange 48,042 051 ,950100,958 Advances—Government 498 Loans and discounts 31,063 973 ,895 7,600 Other 586 Government loans and securities 92,104 696 ,975 67,273 Other assets 51 Other assets 33,151 989 ,749 28,618 Note circulation 468 Note circulation 235,258 069 ,678188,636 Deposits—Government 61 Deposits 183,082 037 ,479198,041 Other 133 Other liabilities 42,705 031 ,238 41,850 Other liabilities 1,382 National Bank of Costa Rica— Bank of Guatemala (thousands of Issue dept. (thousands of colones): quetzales): Gold 11,324 316 ,276 33,745 Gold 28,477 28,477 28,476 Foreign exchange 5,192 699 ,161 4,164 Foreign exchange 20,044 18,175 16,197 Loans and discounts 64,623 502 ,728 51,385 Rediscounts and advances 1,048 2,212 1,780 Securities 5,294 196 ,745 Other assets 4,619 3,533 3,450 Other assets 1,317 338 ,651 1,448 Circulation—Notes 29,668 29,280 28,500 Note circulation 70,474 371 ,084 75,483 Coin 2,741 2,730 2,712 Demand deposits 11,150 728 ,075 9,632 Deposits—Government 4,664 4,788 4,411 Other liabilities 6,125 952 ,402 5,628 Banks 14,247 13,092 11,804 National Bank of Czechoslovakia Other liabilities 2,869 2,508 2,476 in Prague (millions of koruny): National Bank of Hungary (mil- Gold and foreign exchange 2. . .. 5,746 ,926 4 2,519 lions of forint): Loans and discounts 7,965 ,899 6 3,833 Gold 284 284 284 Other assets 124,277124,257 122,419 Foreign exchange 66 55 55 Note circulation—Old 932 933124 1,583 Discounts 475 495 456 New 41,965 39, 27,355 Loans—Treasury 342 342 342 Deposits—Old 72,281 75; 86,401 Other New..., 13,735 10 3,187 Other assets 441 423 408 Other liabilities 9,075 10,244 Note circulation 1,017 968 937 National Bank of Denmark Demand deposits—Government. 89 108 67 (millions of kroner): Other 33 53 38 Gold 83 83 83 Other liabilities 469 471 502 Foreign exchange 119 132 100Reserve Bank of India (millions of Clearing accounts (net) 112 100 114 rupees): Loans and discounts 23 25 68 Issue department: S G e o c v u t r . i c ti o e m s pensation account3... , 1 5 1 6 3 6 5 1 6 0 8 9 ,6 8 1 5 1 S G t o e l r d li n a g t h s o e m cu e r i a t n ie d s abroad.. . 11, 4 3 4 5 4 3 11, 4 3 4 5 4 3 11, 4 3 4 5 4 3 Other assets 118 117 132 Indian Govt. securities 578 578 578 Note circulation ,633 562 ,516 Rupee coin 211 220 101 Deposits—Government ,653 ,705 ,891 Note circulation 12,246 12,010 11,997 Other ,682 ,667 ,524 Banking department: Other liabilities 165 200 262 Notes of issue department. . 341 586 480 Central Bank of Ecuador Balances abroad 4,874 4,860 5,421 (thousands of sucres): Treasury bills discounted... 4 26 63 Gold 289,642242 288,889 Loans to Government 1 8 Foreign exchange (net) 106,578105 47,999 Other assets 675 ' ' '502 467 Loans and discounts 200^19 2071256 161,034 Deposits 5,645 5,761 6,187 Other assets 150 778103,411 Other liabilities 249 215 252 Note circulation 361,696 355 523319,405 Central Bank of Ireland (thousands Demand deposits 348 451251,527 of pounds): Other liabilities 36 192 30,400 Gold 2,646 2,646 2,646 2,646 National Bank of Egypt (thou- Sterling funds 37,054 39,068 37,974 34,918 sands of pounds): Note circulation 39,700 41,714 40,620 37,564 Gold 6 375 6,241 Bank of Italy (millions of lire): Q y) Foreign exchange 16 088 18,721 Gold 526 Loans and discounts 5 289 3,42 Foreign exchange 5,991 British, Egyptian, and other Advances—Treasury 459,923 Government securities 305 746 300,898 Other Govt. agencies 29,747 Other assets 26 797 25,031 Loans and discounts 28,545 Note circulation 140 101139,389 Government securities 82,813 Deposits—Government 82 964 53,750 Other assets 29,312 Other 122 053146,905 Bank of Italy notes 311,125 Other liabilities 15 179 14,269 Allied military notes 96,373 Deposits—Government 18,526 Demand 66,753 Other 131,659 Other liabilities 12,420 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 Gold not reported separately beginning Dec. 31, 1946. 8 In December 1945, State-guaranteed German assets, formerly included in "Clearing accounts" and "Other assets," were transferred to Government compensation account. ^ Latest month available. MARCH 1947 343 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS—Continued Central Bank 1947 1946 Central Bank 1947 1946 (Figures as o last report (Figures as of last report date of month) Jan. Dec. Nov. Jan. date of month) Jan. Dec. Nov. Jan Bank of Japan * Bank of Spain—Continued Bank of Java l Note circulation 21,804 18,436 Bank of Mexico (millions of pesos): Deposits—Government 396 729 Metallic reserve 2 696 715 698 761 Other 3,575 3,552 "Authorized" holdings of securi- Other liabilities 555 520 ties, etc 1,856 ,896 1,633 2,039 Bank of Sweden (millions of kronor): Bills and discounts 501 485 530 405 Gold 768 839 939 1,060 Other assets 117 135 180 59 Foreign assets (net) 583 650 842 800 Note circulation 1,719 ,804 1,726 1,696 Swedish Govt. securities and ad- Demand liabilities 1,063 ,055 1,067 1,348 vances to National Debt Office6 1,722 1,820 1,145 ,254 Other liabilities 387 372 248 219 Other domestic bills and advances 148 172 217 68 Netherlands Bank (millions of Other assets 582 654 859 ,091 guilders): Note circulation 2,693 2,877 2,576 ,587 Gold 700 700 699 713 Demand deposits—Government. 560 706 900 897 Silver (including subsidiary coin) 1 1 1 1 Other 171 169 146 85 Foreign bills ,600 4,536 4,507 4,573 Other liabilities 378 382 381 704 Loans and discounts 152 153 158 146 Swiss National Bank (millions of Other assets 103 97 99 145 francs): Note circulation—Old 237 237 260 309 Gold 4,936 4,950 4,921 4,757 New ,681 2,744 2,615 1,716 Foreign exchange 166 158 148 185 Deposits—Government ,387 1,210 1,252 2,116 Loans and discounts 86 248 114 145 Blocked 106 134 110 301 Other assets 79 124 94 84 Other 598 590 687 543 Note circulation 3,883 4,091 3,898 3,615 Other liabilities 547 571 541 592 Other sight liabilities 1,163 1,164 1,055 1,261 Reserve Bank of New Zealand Other liabilities 221 226 324 296 (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 94,573 90,551 88,356 75,681 Gold 7 663,277658,370 300,926 Advances to State or State un- Foreign exchange and foreign dertakings 27,386 28,426 26,910 40,937 clearings 196,613190, 70,909 Investments 3,948 3,948 3,949 12,620 Loans and discounts 774,000794. 747,282 Other assets 1,709 960 716 980 Securities 168,605165! 173,735 Note circulation 47,705 50,194 46,206 44,172 Other assets 93,136 87 36,870 Demand deposits 77,757 71,607 71,675 84,033 Note circulation 930, 677 918,584 885,014 Other liabilities 4,956 4,887 4,852 4,816 Deposits—Gold 181,840196, 91,821 Bank ot Norway * Other 244,423246, 145,109 Ba D n e k p t o . f (t P ho a u r s a a g n u d a s y o — f M gu o a n ra e n ta ie r s y ): Bank O o th f e t r h l e ia R bi e l p iti u e b s lic of Uruguay8 538,691535, 207,777 Gold 1,870 1,870 3,415 3,323 (thousands of pesos): Foreign exchange 36,694 36,266 35,441 25,671 Gold 303,184295,704 Loans and discounts 2,198 1,798 100 3,009 Silver 13,385 13,882 Government loans and securities 9,899 9,922 9,727 10,142 Advances to State and govern- Other assets 2,703 2,705 1,151 475 ment bodies 20,784 11,397 Note circulation 32,708 31,938 30,917 26,011 Other loans and discounts 115,061 97,799 Demand deposits 13,514 13,784 15,410 14,731 Other assets I 349,695 326,079 Other liabilities 7,142 6,839 3,507 1,878 Note circulation J 196,696 173,916 Central Reserve Bank of Peru Deposits—Government 40,567 37,687 (thousands of soles): Other 250,744253,998 Gold and foreign exchange 141,468159,503 Other liabilities 314,102 279,260 Discounts 49,378 36,770 Central Bank of Venezuela (thou- Government loans 632,174572,692 sands of bolivares): (Sept.) Other assets 24,800 19,514 Gold 9 557,080 547,582 Note circulation 577,662501,008 Foreign exchange (net) 40,854 35,963 Deposits 226,410253,103 Other assets 33,223 17,794 Other liabilities 43,748 34,367 Note circulation—Central Bank. 406,955375,936 Bank of Portugal (millions of es- j National banks. 7,372 9,223 cudos): (Mar.)3 Deposits 188,615209,144 Gold * 1,423 1,422 Other liabilities 28,215 7,037 Other reserves (net) 7,087 6,933 National Bank of the Kingdom Nonreserve exchange 9,842 9,919 of Yugoslavia » Loans and discounts 297 292 Bank for International Settle- Government debt 1,018 1,018 ments10 (thousands of Swiss gold Other assets 693 732 francs): Note circulation 7,824 7,913 Gold in bars 97,125122,998 120,197 Other sight liabilities 11,703 11,543 Cash on hand and on current Other liabilities 834 859 account with banks 8,822 5,868 42,146 National Bank of Rumania l Sight funds at interest 142 140 11,395 South African Reserve Bank Rediscountable bills and accept- (thousands of pounds): ances (at cost) 26,381 5,601 81,345 Gold s 230,681 231,148115,203 Time funds at interest 15,125 10,825 2,750 Foreign bills 11,044 18,068 56,582 Sundry bills and investments. . . 307,530309,942 197,054 Other bills and loans 5,762 5,734 3,976 Other assets 1,782 73 99 Other assets 12,430 12,256106,926 Demand deposits (gold) 18,954 20,679 16,972 Note circulation 65,708 64,295 65,831 Short-term deposits (various Deposits 186,066 196,492211,446 currencies): Other liabilities 8,142 6,419 5,410 Central banks for own ac- Bank of Spain (millions of pesetas): count 5,619 4,402 3,671 Gold 1,220 1,213 Other 1,230 1,234 1 516 Silver 516 597 Long-term deposits: Special ac- Government loans and securities 15,819 15,695 counts 229,001229,001229 001 Other loans and discounts 5,714 3,891 Other liabilities 202,103200,130 203 824 Other assets 3,062 1,841 JFor 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 Rum 2 a I n n ia c lu (J d u e n s e g o 1 l 9 d 4 , 4 ) s > i r l v s e e r e , B an U d L L f E or T e I i N g n f o e r x M ch a a r n c g h e 1 fo 94 rm 5, i n p g . 2 re 8 q 6 u . ired reserve (25 per cent) against notes and other demand liabilities. » Latest month available. 4 Valued at average cost beginning October 1940. s 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. 9, 1946, from 1,406.58 to 3,150.77 Turkish pounds per fine kilogram. 8 Issue and banking departments consolidated. 9 Beginning October 1944, a certain amount of gold formerly reported in the Bank's account shown separately for account of the Government. io See BULLETIN for December 1936, p. 1025. 344 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 - d tz- ba C n e k n tr o a f— l R F 2 e a b 8 t . e ef D fec a t t i e ve ba C n e k n tr o a f— l R F 2 e a 8 b te . ef D fec a t t i e ve In effect Dec. 31, Albania 5rK Mar. 21, 1940 Ireland 2K Nov. 23, 1943 1936 2 2 4 2 2 2K IK Argentina Mar. 1, 1936 Italy 4 Sept. 11, 1944 Jan. 28, 1937 4 Belgium Dec. 19, 1946 Japan 3.29 Apr. 7, 1936 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 sy 2 Nov. 13 3 May 10 1938 4 Bulgaria 4K Aug. 14, 1946 Lithuania.... 6 July 15, 1939 May 13 2H Canada IK Feb. 8, 1944 Mexico 4K June 4, 1942 S O M e c a p t y . t . 2 2 3 7 8 0 . ... 3 '"i 3 y 2 C C C o o h l i s o l t e a m b R i i a ca 3-4 4 3 y2 A J D u e p l c y r . . 1 1 8 1 6 , , , 1 1 1 9 9 9 3 3 3 3 9 6 N N N o e e w r th w Z e a r e y l a a l n a d n s d . . 2 2 IK K K J J J u a u n l n y . e 2 2 9 6 7 , , , 1 1 1 9 9 9 4 4 4 1 1 6 Nov 25 Czechoslovakia 2K Oct. 28, 1945 Peru 5 Aug. 1. 1940 Jan. 4,1939 . 2 Apr 17 4 May 11 3 July 6 iy Denmark 3K Jan. 15, 1946 Portugal 2K Jan 12, 1944 Aug. 24 4 2 Ecuador cTune 8, 1943 Rumania. . . . 4 May 8, 1944 Aug. 29 3 El Salvador. . 3 Mar. 30, 1939 South Africa. 3 June 2, 1941 Sept. 28 3 Estonia 4^ Oct. 1, 1935 Spain 4 Dec. 1, 1938 O De c c t . . 2 1 6 5 2 3 Finland 4 Dec. 3, 1934 Sweden 2K Feb. 9, 1945 Jan 25 1940 2 Apr 9 May 17 3K France \y A Switzerland.. IK Nov. 26, 1936 Mar. 17, 1941 &2X Jan. 10, 1947 Turkey 4 July 1, 1938 May 29 3 Germany. . . ., 3M Apr. 9, 1940 United King- June 27 2% Greece 10 Aug. 16, 1946 dom 2 Oct. 26, 1939 Jan 16, 1945 Hungary 7 Aug. 1, 1946 U. S. S. R.. . . 4 July 1, 1936 Jan 20 IK India 3 Nov. 28, 1935 Yugoslavia . . 2K Aug. 1, 1946 Feb. 9 2K Nov 7 1946 2K Jan. 10, 1947 IX c Corrected. &2>< NOTE.—Changes since Jan. 31: None. In effect Feb. 28, 1947 2 & I 2 X ^ 2K 2K IK 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—Dec 4.76 4.75 4.23 3K-3 6.98 8.14 3 52 3.87 5-7 3.15 1 1 9 9 3 3 1 0 — — D D e e c c 5 2 . . 8 3 5 0 5 2 . . 6 3 0 4 4 1 . .6 2 0 7 4 1 4 7 . . 8 3 2 3 5 8 . .4 5 5 4 1 1 . . 3 5 9 7 1 1 . . 5 8 9 6 3K-5K 1 1 . . 1 7 8 5 1932—Dec 1.02 1.04 .81 3.88 4.91 .37 1.00 6-7 % 1.50 1933—Dec 1.06 1.15 .77 3.88 4.97 .52 1.00 3K5K 1.50 1934—Dec .57 .47 .70 3.50 4.28 .60 1.00 2K-4K 1.50 1935—Dec .71 .68 .75 3.00 3.15 3.20 3.08 2K-5 2.50 1936—Dec .83 .84 .78 3.00 3.05 .76 1.48 2K-5 1.25 1937—Dec .75 .75 .75 2.88 2.96 .13 .50 2K-5 1.00 1938—Dec .96 .93 .80 2.88 2.86 .13 .50 2K-5 1.00 1939—Dec 1.23 1.24 1.03 2.63 2.39 2.25 2.75 3-5 1.25 1940—Dec 1.03 1.01 1.00 2.25 1.95 2.25 2.75 3K-SK 1.25 1 1 9 9 4 4 1 2 — — D D e e c c 1 1 . . 0 0 3 3 1 1 . . 0 0 1 1 1 1 . . 0 0 3 0 2 2 . . 1 1 3 3 1 1. . 9 9 6 8 3-5^ 1 1 . . 2 2 5 5 1943—Dec 1.03 1.01 1.00 2.13 1.92 3-5 K 1.25 1944—Dec 1.03 1.00 1.02 2.13 3-5K 1.25 1945—Dec .53 .50 .63 2K 3 - -5 5 ' V2 1.25 1946—Jan... .53 .50 .63 2M5 1.25 Feb... .53 .51 .63 2^-5 1.25 Mar.. .53 .51 .63 2K4 1.25 Apr... .53 .51 .63 1.25 May. .53 .51 .63 1.25 June. .53 .50 .63 1.25 July.. .53 .51 .63 1.25 Aug.. .53 .51 .63 1.25 Sept.. .53 .51 .63 1.25 Oct... .53 .51 .63 1.25 Nov.. .53 .51 .63 -4K 1.25 Dec. .53 .50 .63 1.25 NOTE.—For monthly figures on money rates in these and other foreign countries through 1941, see Banking and Monetary Statistics, Table 172!,, pppp. 656-661, and for description of statistics see pp. 571-572 in same publication. MARCH 1947 345 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COMMERCIAL BANKS United Kingdom 1 Assets Liabilities (11 London clearing b m a i n ll k io s s . n t e s r F o li f i n g g p u ) o re u s n d in s re C se a r s v h es M c o n a s l n o h l t e o i a y c r n t e a d t B co il u ls n t d e i d s- T r d e r e c e p e a o i s p s u t i r t s y 2 Securities c L u o s a to n m s e to rs O as 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 I 043 256 1940—December 324 159 265 314 771 924 293 2,800 1,770 ,030 250 1941—December 366 141 171 758 999 823 324 3,329 2,168 L,161 253 1942—December 390 142 198 KQ6 1,120 794 325 3,629 2,429 L.200 236 1943—December 422 151 133 1,307 1,154 761 349 4,032 2,712 ,319 245 1944—December 500 199 147 L.667 1,165 772 347 4 545 3,045 L 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 ,230 840 333 4,729 3,135 1,594 271 February . .. 483 243 340 1,468 ,241 847 338 4,684 3,078 L,606 276 March 493 254 379 1,443 ,246 863 353 4,749 3,143 1,606 281 April 509 271 433 1,449 ,282 841 367 4,865 3,242 1,623 287 May 509 301 470 1,374 322 856 356 4 894 3,239 L 655 292 June 524 315 526 1,302 ,382 894 399 5,045 3,351 1,694 296 July 532 305 522 1,382 ,406 885 386 5,113 3,389 1,724 304 August 553 313 464 1,511 ,393 906 369 5 198 3,427 I 771 310 September 553 280 405 1,671 ,393 930 379 5,302 3,502 1,800 308 October. 557 312 472 1,629 ,403 944 390 5,397 3,563 1,833 310 November 574 324 497 1 .628 ,410 964 433 5 503 3,632 .870 328 December 499 432 610 1,560 1,427 994 505 5,685 342 Assets Liabilities Canada Entirely in Canada Security Deposits payable in Canada (10 chartered banks. loans excluding interbank deposits En C d a i n n o a f m d m i i a l o n li n o d t n h o s l f l o a ig f r u s) res Cash Security Other d a a u n b e d r o fr n a o e d m t Securities ass i ets . 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 1,646 512 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 1,759 553 71 3 105 1,436 1L.669 962 1942—December 387 31 1,168 231 ,293 (557 60 3,657 1,984 1,673 1,049 1943—December 471 48 1,156 250 2 940 744 42 4 395 2 447 948 1,172 1944—December 550 92 1,211 214 ,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 5,810 2,848 2,963 1,354 February 669 200 1,194 206 4 119 345 25 5 830 2,752 3 078 1,379 March 650 148 1,181 214 4,197 803 25 5,781 2,611 3,170 1,387 April 722 152 1,160 221 4 243 876 24 5 898 2 660 3 238 1,452 May 642 125 1,187 197 4,304 907 24 5 882 2,576 3,306 1,456 June 637 115 1,188 159 4,275 896 23 5,756 2,393 3,364 1,490 July 696 96 1,230 121 4 298 876 23 5 887 2,476 3 411 1,407 August 665 98 1,249 128 4,336 865 23 5,892 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 December 753 136 1,507 132 4,232 1,039 21 6,252 2,783 3,469 1,525 Assets Liabilities France (4 large banks. End Deposits of month figures in Cash Due from Bills dis- Other Own Other millions of francs) reserves banks counted assets Total Demand Time ances liabilities 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 6? 032 6L.27O 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 11? 732 11L.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 7,360 213,908 211,871 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 42C 41,119 6,627 222,059 220,219 1,840 4,607 7,898 March 14,444 14,462 168,70? 40,017 8,466 231,499 229,784 1,715 6,007 8,590 April 14,443 15,827 173,773 40,976 10,114 239,182 237,481 1,702 6,774 9,177 May 15 295 15,988 175 902 41,772 11,738 243,228 241,569 1,659 7,879 9,589 June 17,472 16,114 184,632 42,674 12,708 255,173 253,386 1,787 8,330 10,096 July 14,985 17,873 182,10" 50,747 14,160 ?60 371 258,574 1,797 9,527 9,973 August 14 830 16 991 181 770 53,861 15,676 262,160 260,461 1,699 10,376 10,592 September 16,553 17,723 177,269 55,935 16,319 262,130 260,366 1,765 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 From September 1939 through November 1946, this table represents aggregates of figures reported by individual banks for days, varying from bank to bank, toward the end of the month. After November 1946, figures for all banks will be compiled on the third Wednesday of each month, except in June and December, when the statements will give end-of-month data. 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. 346 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FOREIGN EXCHANGE RATES [Averages of certified noon buying rates inNew York for cable transfers. Incents 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!1248 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 6.000 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 2321.50 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 2322.80 2321.17 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—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 Alay . 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 36.060245.2283 598 347596 662 57.007 Aug 29.773 25.125 321.41 2.2847 5.3675 100.000 96.784 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 1947—Jan 29.773 25.125 321.06 2.2790 5.4382 100.000 95.078 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 k D r e a o n n rk - e) ( l F m a k i a n a n r ) d - k- F (f r ra a n 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 33.279 5.1959 25.963 19.303 53.335 354.82 1940 . . 219.308 1.8710 22.0827 40.021 '.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 20.581 237.933 323.46 1946 22.0060 220.876 .8409 30.155 2 .4434 20.581 37.813 322.63 1946—Feb 620.877 .8410 30 122 20.581 37.926 322.70 Mar 72.0060 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 May 2.0060 20.877 .8408 30.182 .4434 20.575 37.789 322.67 June 2.0060 20.877 8409 30 182 » 4434 20.572 37.789 322.70 July 2.0060 20.877 .8409 30 182 20.587 37.789 322.70 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 30.155 20.583 37.789 322.48 Dec 2.0060 20.869 .8407 30.152 20.584 37.789 322.36 1947—jan 2.0060 20.867 .8408 30 157 20.582 37.789 322.35 K U in n g it d e o d m 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) S S m (d e t e o r t l a n t l l i a t e t s r s - ) ( S k d r w e o n e n - a) ( e S f r r w a la n it n c z ) d - Offic ( i p a o l und F ) ree Con ( - peso N ) co o n n - - Y ( s d l u a in v g a i o 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 502403 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—Feb 620.202 64.0501 400.50 6 9.132 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 i°26.195 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 1947—Jan 20.161 4.0501 400.63 9.132 27.822 23.363 402.93 65.830 56.264 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. 5 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. 10 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. 347 MARCH 1947 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 m 1 0 3 a ) n = y (1 I 1 9 t 0 2 a 0 8 l ) 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 1 0 1 e s 9 0 9 r 3 ) 3 i - 8 9 - S ( w 1 1 9 e 0 3 d 0 5 e ) = n * ( S J w u = l i l a t y 1 n z 0 d e 1 0 r 9 ) 1 - 4 1926 100 100 2 124 695 134 237 150 2 126 144 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 8 901 110 116 311 131 146 143 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 121 109 175 P251 P186 215 1946—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 . . 124 109 177 250 185 213 October 134 111 178 262 1?6 217 November. 140 111 170 P264 190 219 December 141 112 180 P266 P192 219 1947—January ... . 142 182 P194 P219 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. 2 Approximate figure, derived from old index (1913 =100). » 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=100A 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 1926 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 149 131 110 112 109 99 158 184 1946—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 .... 168 160 125 114 113 102 156 193 1947—January 165 156 128 157 196 Sourees.See BULLETIN for May 1942, p. 451; March 1935, p. 180; and March 1931, p. 159. 348 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 l 132 130 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 160 140 169 210 1946 139 124 204 208 1946-February.. 140 133 169 208 1946-FebruarV.. 130 120 203 206 March.. .. 140 133 169 206 March 130 120 203 205 April 142 135 169 206 April 131 121 203 205 May 143 138 169 208 May 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 ••149 127 203 212 November. 188 147 168 216 November. 152 127 203 212 December. 186 146 168 216 December 153 127 204 212 1947-January.. . 184 P146 168 1947-January... 153 P127 204 P212 P Preliminary. T Revised. 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 d p e n r t i 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 er ) (19 F 3 r 8 a = n 1 c 0 e 0)2 G (a e p v r ri m e c r e a a ) g n 3 e y N la e n th d e s* r- ( U 1 S = 9 n 1 t 3 a 0 i 5 t t 0 e e -3 ) s d 9 U K n i i n t g ed - 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 «139 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 '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 •103.3 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 w 151.4 1945 122.1 128.3 152.1 121.5 92.4 453 1946 123.4 132.1 139.9 96.2 1946—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. . 122.8 132.5 142.1 101.8 125.4 94.7 933 110.9 October 121.8 133.0 139.9 99.4 122.3 93.0 1,051 111.4 November. . 121.6 134.6 141.0 120.6 95.3 1,080 December... 121.5 134.7 125.5 97.8 1947—January.... 122.6 135.0 125.2 98.6 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" for 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 "Buletin de la Statistique Generale" for October-December 1944, pp. 274-276. 1 Since Apr. 1, 1935, the 139 bonds included in the calculation of the average price have all borne interest at \% 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. 4 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. 8 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. 349 MARCH 1947 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 DIVISION OF RESEARCH AND STATISTICS BONNAR BROWN, Assistant Director WOODLIEF THOMAS, 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 ROBERT V. FLEMING, 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 J. LEONARD TOWNSEND, Assistant General Counsel JAMES M. KEMPER, KANSAS CITY DISTRICT 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 JOHN H. WILLIAMS, Associate Economist WALTER LICHTENSTEIN, Secretary ROBERT G. ROUSE, Manager of System Open Mar\ct Account HERBERT V. PROCHNOW, Acting Secretary 350 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 4 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. Schuessler 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 H. 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. Austin W. H. Holloway R. B. Anderson W. D. Gentry R. B. Coleman Watrous H. Irons H. R. DeMoss L. G. Pondrom3 W. E. Eagle Mac C. Smyth 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 0. 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 R. L. Cherry Atlanta Birmingham P. L. T. Beavers Jacksonville T. A. Lanford Dallas El Paso Mac C. Smyth Nashville Joel B. Fort, Jr. Houston W. H. Holloway New Orleans E. P. Paris San Antonio W. E. Eagle 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. MARCH 1947 351 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 I > BOUNDARIES OF FEDERAL RESERVE DISTRICTS BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM FEDERAL RESERVE BANK CITIES w 1 FEDERAL RESERVE BRANCH CITIES Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis