Federal Reserve Bulletin, 1947-04

F E D E R AL E S E RV BULLETIN APRIL 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—France and Italy: Patterns of Reconstruction 353-366 Economic Survey of the United Kingdom 367-391 Annual Report of the Bank of Canada 392-397 Federal Reserve Charts on Bank Credit, Money Rates, and Business 397 New Guatemalan Bank Law, by David L. Grove 398-401 Methods of Restricting Monetization of Public Debt by Banks 402-404 Proposed Retirement of Investment by Reconstruction Finance Corporation in Preferred Capital of Banks 404 Current Events 405 National Summary of Business Conditions 406-407 Financial, Industrial, Commercial Statistics, U. -S. (See p. 409 for list of tables) 409-465 International Financial Statistics (See p. 466 for list of tables) 466-483 Board of Governors and Start; Open Market Committee and Staff; Federal Advisory Council 484 Senior Officers of Federal Reserve* Banks; Managing Officers of Branches 485 Map of Federal Reserve Districts. 486 Federal Reserve Publications (See inside of bac\ cover) Subscription Price of BULLETIN eluding Labrador), Nicaragua, Panama, Paraguay, Peru, El Salvador, Uruguay, and Venezuela, is $2.00 per annum, or 20 cents per copy; elsewhere, $2.60 per annum or 25 cents per copy. Group subscriptions in the United States for 10 or more copies to one address, 15 cents per copy per month, or $1.50 for 12 months. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

VOLUME 33 April 1947 NUMBER 4 FRANCE AND ITALY: PATTERNS OF RECONSTRUCTION During the winter of 1946-47 economic re- of labor, destruction and undermaintenance covery from the destruction wrought by the of capital equipment, and drastic reduction war suffered a temporary relapse all over of supplies of raw materials and fertilizers. Europe. The dramatic coal crisis in Great In addition, the swollen money supply, Britain has called renewed attention to the which was a heritage of war and occupation, acute power shortage that prevails through- was generating acute inflationary pressures. out Europe. Largely for lack of adequate This, together with the general administrafuel and power, European countries have tive disruption, led to a near-breakdown of been unable in recent months to maintain the official allocating and rationing maeven the inadequate rate of industrial pro- chinery. duction achieved last fall, while at the same Old economic ills peculiar to each country time they have faced impending food short- were aggravated by the war: France's manages, and remained in the grip of chronic power problem became more acute through monetary and financial instability. Neither the loss by agriculture and industry of one France nor Italy was able to escape from million workers between 1938 and 1946. In this general predicament. At the same time, Italy, the dangerous economic and social however, adoption of the Constitution in cleavage between the relatively wealthy France and the signature of the peace treaty North and the rest of the country was acfor Italy strengthened the feeling in these centuated by the concentration of war detwo major Continental nations that the in- struction in Centraland Southern Italy. security of the immediate postwar period might finally be coming to an end. REVIVAL OF OUTPUT When Germany collapsed, both France, Recovery in the immediate post-liberation victim of German spoliation for over four period in European countries has been aptly years, and Italy, battleground of the opposing compared to the process that takes place in armies for almost two years, were econom- an anthill that has been disrupted. Such ically prostrate. In 1945, national output activities as removing mines and debris, rein both countries was estimated at 40 to 50 building bridges, and repairing damaged railper cent below the 1938 level. At the end road tracks, industrial plants, and dwellings of the war both countries were suffering have tended to be carried out through numfrom disruption of transportation and dras- berless individual, local, and regional inititically lowered productivity in agriculture atives, although even this "spontaneous" and industry owing to physical exhaustion process could not have occurred or would APRIL 1947 353 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH have been considerably delayed without out- In both countries the industries that have side aid. reached the highest levels of activity as com- Industrial production. These early reha- pared with prewar are those directly conbilitation activities laid the groundwork for cerned with electric power generation, transthe more complex tasks of industrial recov- portation (trucks and rolling stock), and, ery, in which the availability of fuel and raw to a lesser degree, with exports (textiles). materials acquired dominant importance. In- A lag is evident in Italian iron and steel outdustrial production began to assume signifi- put, which had been overexpanded during cant proportions in France in the second half the thirties, while Italian cement production of 1945, and in Italy toward the spring of is held back by coal shortages. The earlier 1946. September and October 1946 were the start of industrial recovery in France is rebest postwar months for Italy and France, flected both in the generally higher levels of respectively, with production indexes (based output attained and in the slower rate of on 1938) reaching 68 for Italy and 93 for growth during 1946. France. Output declined in the following Coal shortage. French coal output has atmonths owing mainly to the effect of weather tained high levels, surpassing even the preconditions on the production of hydroelectric war production of one million tons a week. power. There are indications that produc- At the time of liberation, French domestic tion began to rise again in several branches production was reduced to a rate of only 30 million tons a year. A major effort on the part of the miners, spurred by various in- INDUSTRIAL PRODUCTION centives, and the use of over 50,000 German [Index numbers, 1938 = 100] prisoners, led to a more rapid recovery of coal France Italy production in France than in any other Eu- Industry Jan. Oct. Jan. Oct. ropean country. In the month of October 1946 1946 1946 1946 1946, output reached 118 per cent of the General index1 65 93 28 66 1938 level in spite of a 25 per cent drop in Se C le o ct a e l d industries: 100 118 61 average output per worker. Total coal sup- E Pi l g e c i t r r o i n city 1 3 3 8 4 1 7 3 4 2 109 4 * 1 2 3 0 1 plies for the year 1946 remained, however, Steel 45 87 25 55 Passenger automobiles ' 4 30 5 32 about one-sixth below prewar, since only Trucks 111 206 115 202 300 527 118 339 half the normal imports were obtainable; Cement 56 130 13 44 Glass 87 119 114 175 France relied upon imports for about one- Cotton spinning 51 91 30 2 67 98 175 4 63 third of her total coal consumption before Paper 40 78 24 46 Sulphuric acid 55 76 39 60 the war. Italy, with her weak position Sodium carbonate 52 131 20 72 further impaired through the loss of the * For France, index calculated by the Institut National de la Statistique et des Etudes Economiques; for Italy, estimate based Arsa mines in Istria, is producing only about on two indexes, one given by the Italian Confederation of Industry, the other by the Institute of Economic Studies of Milan. one-tenth of her prewar consumption of 14 2 September figures. million tons, and has therefore been parof French industry as early as January, ticularly vulnerable to the general European whereas the relapse in Italian industrial ac- shortage of coal. tivity, which relies more heavily on water British coal, the chief outside source of power, was both more severe and more per- supply for both France and Italy before the sistent. war, has not been available on any substantial 354 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH scale* Deliveries from the Ruhr have re- of further industrialization, agricultural remained disappointingly small; Ruhr coal form, and emigration. production has not yet reached more than The manpower shortage in France is due 50 per cent of the prewar level, and there partly to a long-term decline in the employhas been a continuing problem of allocation able population, but mainly to an internal as between German requirements and for- shift away from industry and toward governeign needs. Silesian coal, for which Italy, ment employment and the distributive trades. unlike France, had been an increasingly im- Output in various industries (such as mining, portant market before the war, failed to iron and steel, and machinery) is already reach either country in significant quantities. limited by the lack of available manpower, Despite the high shipping costs involved, the and this condition will be accentuated by the United States has therefore been the principal scheduled departure of a large proportion of source of European imports in recent the 440,000 German prisoners of war lent to months; shipments of American coal, how- France by the United States, and of 17,000 ever, have been erratic and have remained Polish workers, half of whom are miners. below schedules because of the coal and The seriousness of the situation has led the maritime strikes. trade unions to accept a return to the 48-hour Thus coal has been and still is the major week (with pay for 50 hours) from the 40bottleneck of production in both France and hour week which they had secured in the Italy. Moreover, high priorities have been thirties after prolonged struggles. established for the requirements of mines, Agriculture and food consumption. Varyrailroads, power plants, and food processing ing weather conditions in the past two seaindustries, and, as a result, general manufac- sons make appraisal of agricultural recovery turing has been forced to bear the brunt of difficult. After the disastrous droughts of shortages and irregularities of supply. 1945, favorable weather prevailed in 1946, Manpowa* problems. In France shortage resulting in wheat crops of 6.1 million tons of manpower ranks with the scarcity of coal for Italy and of 6.7 million for France. These as a major economic problem, whereas Italy figures are 46 and 70 per cent, respectively, has approximately two million unemployed. above those for 1945, but still 20 and 15 per An agreement has been reached, after con- cent below average prewar levels. In France, siderable delay, for the immigration into this year's harvest is likely to be severely af- France of 200,000 Italian workers during fected by the extensive winter killing of wheat 1947. Italian labor is also in great demand during the recent cold waves. Prewar proin other European countries, and large num- duction levels can be restored only gradually bers might be absorbed by South America. in both countries through increased avail- An agreement was signed in February with ability of fertilizers, draft animals, and agri- Argentina that may result, during the next cultural machinery. Relatively large food five years, in the emigration of 250,000 imports will therefore be required during the Italian workers. Unemployment in the next few years. North should be largely eliminated by ex- In both countries serious problems were panding industrial activity, but the chronic created by the diversion of grains from huoverpopulation of the agricultural South can man to animal consumption, either through probably be absorbed only by a combination increased sowings of fodder grains at the APRIL 1947 355 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH expense of wheat or through direct animal ment regulations, these controls functioned feeding of wheat. This development was with a fair degree of success as long as the caused both by the relatively low official essentials of life were available through the price of wheat and by the comparative ease rationing systems. In the course of liberawith which animal products could be mar- tion, however, the general disorganization keted through illicit channels. of distribution transformed the black mar- The following table shows approximate ket, formerly a source of luxuries for the levels of food consumption for urban con- well-to-do, into an essential part of the dissumers in both countries. The French calory tribution system. The more complete totals conceal the seriousness of specific short- breakdown of controls in Italy led to abanages, particularly of dairy products and eggs. donment of rationing for all commodities In Italy, the insufficiency of caloric consump- except bread, pasta, fats, and sugar. In tion is aggravated by the even more inade- France, shifts in basic policies led to several quate supply of protective foodstuffs. cycles of relaxation and tightening of controls, as in the case of bread, meat, and ESTIMATED AVERAGE DAILY CONSUMPTION BY URBAN wine. Gradually, a tendency emerged for CONSUMERS * the official prices of rationed goods to rise [In calories] toward the black market prices, but the con- France Italy tinued existence of dual price levels and 1938 2,600 2,400 shifts in the comparative importance of the 1946 2,200 1,750 Official 1946 rations 1,250 900 two markets in consumers' budgets serve to complicate analysis of the inflationary process. 1 Exclusive of wine. The character of monetary developments On the whole, despite the physical and was quite similar in the two countries alhuman obstacles to recovery, economic activ- though the expansion of money supply since ity has made substantial progress since the 1938 was about nine-fold in France and more end of the war. The most important re- than forty-fold in Italy at the end of 1946. pairs of industrial plant have been carried In relation to wholesale price movements two out, inventories have been gradually rebuilt, periods can be distinguished for France: a and consumption levels raised. However, period of rapid increase in the money supply much remains to be done and even these which left the rise in prices far behind, follimited accomplishments have been placed lowed by a period during which the prices in periodic jeopardy by grave disturbances rose faster than the money supply. By the arising from unsolved monetary and finan- end of 1944, prices had increased by 175 per cial problems. cent as against an increase in the money supply by more than 400 per cent. During the THE COURSE OF INFLATION two subsequent years, the opposite relation- In both France and Italy rationing sys- ship prevailed, as is shown in the accompanytems, as well as price and other economic con- ing chart. Between December 1944 and Detrols, were instituted at the outbreak of the cember 1946, prices increased by over 200 war. Despite the magnitude of the wartime per cent and the money supply by only 70 inflationary forces and the difficulties of per cent, closing the gap between the two. obtaining public compliance with govern- In Italy, the rise in wholesale prices had 356 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH already surpassed the expansion of the money in favor of a simple exchange of old against supply by the time of liberation. Subse- new currency issues designed (1) to ascertain quently, the cycle repeated itself once more. for the purposes of a capital levy (the so- During the first half of 1946 the money sup- called national solidarity tax) the amount of liquid funds held by individuals, and (2) to MONEY SUPPLY, PRICES, AND INDUSTRIAL PRODUCTION IN FRANCE AND ITALY SINCE LIBERATION cancel the notes that were not presented for PE W R O C E S N C T ALE INDEX NUMBERS, 1938- 100 exchange (including those looted by the Ger- - ITAl Y - mans). Within this limited scope the opera- - - - —• • •» SUPPLY^ tion was quite successful. In Italy an ex- 3.000 3,000 change of currency was in turn proposed, WHOLESALE PRICES 2,000 1 2,000 shelved, announced as impending, and finally FRANCE 1 renounced in March 1947. 1,000 1,000 700 - MONEY SUPPLY __ J-K -.j^*^ — 700 The main obstacle in both countries to a 500 - - 500 more far-reaching currency reform appears - - 300 300 to have been the political power held by $00 200 the peasants, who are known to have hoarded INDUSTRIAL PRODUCTION huge quantities of bank notes. In France 100 ! 100 70 - FRANCE 1 -^"" ' \/ - 70 and Italy it would probably be necessary - . 1 50 50 at least to offer government bonds in sub- / ITALY 30 30 stitution for the blocked portion of cur- / 20 20 rency holdings and bank deposits, and to the extent that the bank notes or deposits are already firmly held, this would mean in- Money supply.—France: Includes currency circulation and bank and postal checking deposits; total bank deposits estimated curring to no purpose a substantial added by doubling deposits of big four banks; Italy: Includes currency circulation and bank and postal checking deposits; adjusted for interest burden. But the main argument on circulation of bankers' checks and similar instruments. Wholesale prices.—France: Provisional index of official wholesale prices of the part of Ministers Pleven and Corbino, the the Statistique Generate de la France with 1938 weights; Italy: Wholesale price index calculated by the Center for Business most active opponents of blocking measures Statistics, Florence. Industrial production.—See footnote 1 to table on page 354; figures beginning November 1946 are estimated on basis of fragmentary data. in France and Italy, was that increased out- For each country the various series are shown for the months for which data are available since liberation (France, Septem- put of goods and services would take the ber 1944; Italy, April 1945). Latest figures shown are for January 1947. pressure off prices and that, in the meantime, no action should be taken that might hamper ply increased substantially, whereas prices business in financing increased production. actually declined slightly; from July until Adherents of this view apparently believed the end of the year a new series of price rises that the idle currency and deposits were was accompanied by a relatively slower inbeing hoarded because of a genuine prefercrease in the money supply. ence for liquid assets, and not because there Neither country has followed the example was nothing to buy. If, however, these idle of several smaller European nations in forcmeans of payment were only being held in ing the transfer to blocked accounts of excess anticipation of the return of consumers' goods currency holdings and bank deposits owned to the market, the first stages of industrial by the public.1 Measures of this type were recovery might have been expected to usher widely debated in France and finally rejected in a period of great upward pressure on prices 1See Robert W. Bean, "Results of Monetary Reforms in West- rather than to relieve the price tension. Price ern Europe," in the BULLETIN for October 1946, pp. 1115-1122. APRIL 1947 357 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH developments, particularly during the sec- with considerable ingenuity but with varyond half of 1946, suggest that blocking meas- ing success. ures in anticipation of this critical period The following table shows estimates of might have served a useful purpose, even if public expenditures and receipts in France price controls and rationing had been a great and Italy for recent years. The receipts figdeal more effective than they actually were. ures exclude, however, substantial amounts Business enterprises have lately shown a of special revenues realized by the Governmarked need for bank credit in both coun- ments concerned through the sale to the pubtries. It is extremely difficult to distinguish lic of imported goods (or foreign exchange) in this process between credits called for by financed from foreign sources. Such forrising prices and higher levels of economic eign financing includes grants, credits, and, activity and those designed to finance, di- in the case of France, liquidation of official rectly or indirectly, speculative activities such gold and exchange reserves. Only the reas the accumulation of excessive inventories. maining deficits have had to be financed by But there is little doubt that the expansion of internal borrowing. bank credit to private borrowers has created a new source of inflationary pressure. In FRENCH AND ITALIAN PUBLIC EXPENDITURES AND RECEIPTS {In billions of francs and lire] France, the monetary authorities have recently attempted to discriminate against 1938 1945 1946 1947 speculative transactions by instituting differ- France 1 Expenditures^ 107.5 535 877 1,150" ential discount rates on advances by the Bank Receipts 54.6 221 485 550 Deficit 52.9 314 392 600 of France and by requiring business enter- 1938-39 I944-454 1945-46 1946-47« prises seeking bank credit to prove that Italy* Expenditures 39.9 332 509 900 they cannot raise the necessary funds by ac- Receipts 27.6 48 128 290 Deficit 12.3 284 381 610 celerating their sales. However, the excess of public expenditures 2 1 I F n r c e l n u c d h in f g is c d a e l f i y c e it a s r o b f e g lo in c s a l J a b n od u i a e r s y a 1 n . d subsidies to nationalized enterprises, as well as certain reconstruction expenditures not over revenue, rather than expansion of bank provided for in the budget. 8 Official estimate composed of 660 billion francs ordinary, 360 credit for business purposes, has remained billion extraordinary, and 130 billion special account expenditures; 40 percent of non-ordinary expenditures have been made continthe principal and continuing source of infla- gent upon the balancing of the ordinary budget. 4 Liberated territory only. tionary pressure. • Latest estimates, inclusive of reconstruction expenditures of 300 billion lire, given by the Italian Minister of Finance. 6 Italian fiscal year begins July 1. THE INTRACTABLE DEFICIT In spite of strenuous efforts, the French As might be expected at a time of low and Italian Governments have had to resort national income and large reconstruction ex- to direct advances from their central banks penditures, budgetary deficits have proved in order to finance their needs. This tradito be the most recalcitrant of all postwar tional method of inflationary finance, howproblems. In both France and Italy, each ever, has been kept within relatively modest new Minister of Finance has sought to intro- limits and has amounted to only about 10 duce drastic corrective measures, but each and 15 per cent, respectively, of the total time within a few months a new crisis has increase in the public debt since liberation arisen. Long-term and short-term borrow- in Italy and France. In both countries early ing, fiscal reform, increases in tax rates, and post-liberation bond issues were successful, capital levies—all these have been attempted and financing thereafter has proceeded 358 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH mainly through short-term issues, supported in particular, this situation has caused offiwhen necessary by central bank purchases cial concern in view of the lack of manpower in the open market. In view of the extended in industry. The gradual dismissal of 50,000 powers of the French and Italian Govern- wartime civil servants ordered by the Blum ments over the banking systems, non-renewal Government in December 1946 marked the of short-term Treasury paper is no longer, first real attempt to remedy the situation. as was true during the inflation of the twen- (2) In order to keep consumers' prices ties, the constant dread of Finance Ministers. down, substantial subsidies have been paid Nonetheless, an excess of redemptions over to producers in France on a large number subscriptions occurred in France in the sec- of food and industrial products and transond half of 1946 partly as a result of increased portation services; in Italy, direct subsidies demands for bank credit on the part of are granted mainly on wheat. In 1946, these business. payments absorbed from 20 to 25 per cent of While no such difficulties were apparent in total French and Italian budgetary receipts. Italy, the rapid rise in the volume of floating Expenditures for subsidies have recently been debt during 1946 was causing concern to reduced since it is held in both countries that the Government. A somewhat unusual issue their contribution to the general inflationary of perpetual bonds was launched in Italy to- process through the budget deficit has been ward the end of 1946 with the double pur- outweighing their retarding effect on the rise pose of consolidating a portion of the short- in prices of specific commodities. term debt and of raising new money. Hold- (3) In both countries widespread tax evaings of these securities were declared exempt sion has been a corollary of "under-thefrom the capital levy which was then im- counter" sales and other black market transpending and has since been enacted. This actions. provision permitted the Finance Ministry to (4) The Treasuries of both countries have set the interest yield on the loan as low as been burdened by heavy obligations arising 3.6 per cent, or about one and one-half per from the deficits of local and regional bodies, cent below the long-term market rate. The numerous semi-autonomous agencies, and loan attracted 231 billion lire, of which 119 the railroads. In France the first year of billion was short-term paper tendered for ex- operation of a number of nationalized enterchange, leaving 112 billion of cash subscrip- prises ended with sizable deficits which had tions. The simultaneous decrease in banks' to be financed by the Treasury. reserves with the Bank of Italy indicates that (5) Revenues have not kept pace with the the banks may have provided around one- constant advance of prices because of diffifourth of the cash subscriptions in addition culties in adapting the tax system. In both to their participation in the consolidation. countries reassessment of real property lagged In addition to the task of reconstructing behind the rise in values, while the pay-aswar-ravaged economies, the fundamental you-go principle was only partially applied in cause of the budgetary predicament, there income taxation. has been a number of specific obstacles to (6) In France, the budget continues to be fiscal recovery in both countries: burdened by heavy military expenditures (26 (1) The war left in its wake an overex- per cent of all expenditures in 1946), the panded government apparatus. In France, scheduled reduction of which in 1947 is APRIL 1947 359 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH rendered problematical by events in Indo- ages did not permit fulfillment of original China. A special factor in Italy, on the other goals, considerable import surpluses, largely hand, is the large outlays for the unemployed. financed through United States aid, were The discussion of both the inflationary and achieved in 1946. The following table prethe budgetary problems would be incomplete sents estimates of the balances of payments without reference to a number of hopeful of the two countries for that year. symptoms. In both countries, tax receipts ESTIMATED FRENCH AND ITALIAN BALANCES OF more than doubled between January and No- PAYMENTS IN 1946 I In millions of dollars] vember 1946, while the rate of increase of ordinary expenditures has been materially Francel Italy Item slower. An important factor in dealing with Credits Debits Credits Debits the general inflationary situation is the growing conviction shown by the workers and Goods and services: Estimated exports and imtheir representatives that increases in nominal ports (including freight)2. . 550 2,540 400 850 U. S. surplus property 300 160 Services ' 150* 170 '"'is' 20 wages are futile under present circumstances. Total 700 3,010 425 1,030 In Italy a six-month labor "truce," stabilizing Donations: wages and outlawing strikes, was signed be- Interim U. S. supply program 9 58 UNRRA (including freight) . . 380 tween the trade unions and the employers in Private donations 50* 130 October 1946. In France, the unions have Total 50 568 abandoned their plea for a general wage in- Credits utilized (net): Lend-lease "pipeline" credit. . 240 Export-Import Bank loans. . . 621 22' crease after having obtained an adjustment U. S. surplus property credits. 300 160 Other credits 4 96 of sub-standard wages. No final judgment Total 1,257 182 can yet be rendered on the attempt, ini- Other accruals: tiated by the Blum Government in January Reimbursement for net troop pay 5 144 1947 and recently followed by the Italian Total foreign aid (1,307) (894) Government, to lower prices through direct Net sales (or accruals) of gold and foreign assets 6 1,003 289 administrative decree, but it is already clear Total credits and debits. . . 3,010 3,010 1,319 1,319 that the accelerated rise in French prices, which in the latter part of 1946 threatened 1 Data for France and French Colonies. 2 These figures are based on official estimates which differ subto turn into a runaway inflation, has been stantially from the official customs statistics. The latter contain defects resulting, in Italy, from the multiplicity of exchange rates, arrested. in France, from valuation of imports at subsidized domestic prices, and in both countries from the still disrupted state of custom operations. 3 Program financed through lend-lease appropriations to bridge INTERNATIONAL FINANCIAL POSITION the gap in essential supplies to Italy between the termination of the U. S. Army's civilian supply program late in 1945 and the start of UNRRA aid. The harassing difficulties of the domestic * France drew 106 million dollars on the 243 million credit granted by Canada in addition to the 40 million drawn in 1945, monetary and financial situation are matched incurred debts of about 120 million under payments agreements, and received long-term and short-term investments of approximately 100 million dollars. On the other hand she repaid about 230 by another no less fundamental problem that million dollars on foreign credits; of this sum 200 million was paid on the 600 million dollar post-liberation credit from the United confronts the French and Italian economies. Kingdom, the remainder of which was funded. 5 Includes 4 million dollar reimbursement by Canada; remainder This is the task of financing the huge import from the United States. Does not include 101 million made available in December 1946-January 1947 as counterpart of earlier surplus which results from pressing needs U. S. military expenditures in Italy for purposes other than troop for imported food, raw materials, and equippay6 . Residual item—includes errors and omissions. ment, on the one hand, and from still re- It is evident that foreign aid made a fundaduced exporting capacity on the other. Al- mental contribution toward balancing the though financing difficulties and world short- French and Italian international accounts. 360 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH Total aid, in the form of grants, loans, or doubtedly made more progress toward interother devices, amounted to 1,307 million dol- national equilibrium. While the revival of lars for France and to 894 million for Italy. Italian exports has indeed been remarkable, After account is taken of the share of other the need to export was very much greater in countries in the provision of UNRRA aid, Italy than in France; at the same time, private donations, and loans, the United Italian imports had to be much more severely States contribution to recovery in France curtailed. France, being able to borrow and Italy during 1946 may be estimated at abroad and to call upon her large gold and 1,200 and 720 million dollars, respectively. foreign asset holdings, could afford a broader These figures are highly significant both for and more constructive import program and the two countries under review and for the the allocation of a larger fraction of domes- United States. They amount to 40 and tic production to internal capital formation 70 per cent, respectively, of the total foreign and the raising of consumption levels. Italy, requirements of France and Italy during being largely dependent upon foreign dona- 1946, and together they account for almost tions and having practically no external one-third of the total amount of gifts and resources of her own, found it necessary to loans made available to foreign countries by confine imports largely to subsistence rethe United States during that year. quirements and to rebuild minimum work- While financing the import surplus has ing balances in gold and foreign exchange. been the dominant balance of payments prob- Moreover, approximately one-third of the lem for both countries, the table also reveals foreign exchange earned by Italy in 1946 substantial differences in the structure of their represented inconvertible sterling balances international accounts which may be sumwhich were accumulated only because the marized as follows: sterling area was unable to provide the prod- (1) Whereas French exports paid for only ucts required by the Italian import program. a little over one-fifth of imports, Italian ex- Prospects for 1947. In 1947 both France ports accounted for almost half of imports. and Italy will continue to need outside aid to (2) Almost all of the foreign aid given to meet minimum requirements for food, raw France took the form of interest-bearing and materials, and industrial equipment, but the repayable loans, while the bulk of the assist- amount of such assistance, while considerance to Italy was provided through nonre- able, is likely to be smaller than in 1946. payable grants. At the beginning of the year, France still (3) Most strikingly, whereas France had had 574 million dollars available from the to supplement foreign aid by liquidating a Export-Import Bank credit of 650 million large portion of her gold and foreign asset extended in June 1946. Of this amount 450 holdings, Italy appears to have accumulated million dollars was scheduled for disbursesubstantial amounts of foreign exchange durment in 1947, and further surplus property ing 1946. and similar credits are expected to be received It should not be inferred from these differ- from the United States during the year. The ences, however, that Italy's international eco- sum of 97 million dollars also remained availnomic position is more favorable than that able to France at the beginning of the year of France. In many respects France has un- on its Canadian credit. In December 1946, 361 APRIL 1947 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH Argentina granted France a new credit of but neither country is likely to use these 134 million dollars subject to the signing of facilities to the full. a commercial agreement, and early in 1947 a In France, liquidation of gold and foreign private medium-term revolving credit equiva- assets will continue to supplement foreign lent to 50 million dollars was obtained in aid, but to a greatly reduced extent. The London to finance the purchase of wool in Government expects to obtain 405 million the British Empire. Finally, France has ap- dollars from this source during 1947. In plied for a 500 million dollar loan from the view of the reduced level of gold reserves, International Bank for Reconstruction and most of this amount will have to be derived Development. from the sale of private foreign assets requi- Italy received 101 million dollars in De- sitioned in the course of 1946. Italy will cember 1946-January 1947 as reimbursement probably spend a portion of her sterling balfor earlier United States military lira expend- ances, a part of which have recently been itures for purposes other than troop pay, made convertible into dollars, but will seek to and further small amounts will accrue from retain her other still inadequate external rethis source. Approximately 130 million dol- serves accumulated during 1946. lars remained available at the end of 1946 If all these factors are taken into account, as the unfulfilled portion of the UNRRA it appears unlikely that during 1947 total forprogram, and Italy is one of the six countries eign aid and use of existing foreign reserves scheduled to receive post-UNRRA relief out will exceed 1,600 million dollars for France of the 350 million dollar appropriation now and 600 million for Italy. On the other under consideration by the Congress. On hand, both countries (and especially Italy) the understanding that funds will be forth- must strive to increase imports above the coming from this source to meet Italy's relief 1946 level if they are to attain lasting results needs, the Export-Import Bank earmarked, in economic reconstruction. It is clear, therein January 1947, 100 million dollars for loans fore, that both countries must seek considerto finance specific export-oriented branches ably increased current receipts through exof Italian industry. In addition, Italy may ports and a revival of revenue from tourist seek assistance from the International Bank and other service items. This conclusion of which she has recently become a member, brings into sharp focus the problem of for- Transfers on credit terms of United States eign trade and exchange. surplus vessels will provide considerable bal- FOREIGN TRADE AND EXCHANGE ance of payments relief for both countries by reducing their dollar outlays for freight. The For both France and Italy significant United States Maritime Commission has ap- changes have taken place since prewar days proved the sale to France and Italy of 75 and in the composition of trade, as shown by 100 Liberty ships, respectively. By April the following table. 1947, all vessels contracted for had been deliv- The trade of both countries has been ered to France, and 50 to Italy. greatly affected by loss of the German mar- As members of the International Monetary ket, particularly with regard to exports. For Fund, France and Italy may draw 131 mil- France this is reflected in the relative delion and 45 million dollars, respectively, dur- crease in exports of raw materials, and more ing 1947 to meet short-term requirements, particularly in the drastic reduction of iron 362 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH ore shipments to the Ruhr. In the case of kets and as sources of supply. The latter Italy, exports of foodstuffs have been affected development has affected Italy more than since Germany was one of the principal pre- France because of her greater dependence on war markets for Italian fruits and vegetables. this area for both imports and exports. Italian exports have been redirected both to PERCENTAGE DISTRIBUTION OF FRENCH AND ITALIAN the United States and to Western and North- FOREIGN TRADE BY COMMODITY GROUPS, 1938 AND 1946 ern Europe. Although intra-European trade is being Imports Exports conducted within a framework of payments 1938 1946 1938 1946 agreements calling for a high degree of bilat- France > eral balancing, an appreciable degree of mul- Foodstuffs 10 20 13 21 Raw materials2 71 50 39 20 tilateralism persisted in the trade structure Finished products 19 30 48 59 of both countries. Trade between France Total 100 100 100 100 and Italy became so unbalanced that toward Italy Foodstuffs 13 33 32 22 the end of 1946 France was required to trans- Raw materials ^ 48 48 8 8 Finished products 39 19 60 70 fer to Italy 8 million dollars in gold. During Total .... 100 100 100 100 1946, both countries achieved significant ex- 1 Excluding trade with Colonies. port surpluses with Switzerland (France 32 2 Including semi-finished products. million dollars and Italy 31 million2) and The result for both countries is greater reli- with Belgium (73 and 7 million dollars, reance on exports of manufactures, a develop- spectively 3). The Italian export surplus of ment that, if permanent, may well render approximately 100 million dollars with the their foreign trade more sensitive to foreign sterling area has already been mentioned. competition and to fluctuations of demand. Because of price inflation and the unrelia- The import statistics of both countries re- bility of the 1946 value statistics, recourse to flect the low level of domestic food produc- weighted volume indexes is necessary in tion. For the two other commodity groups, order to obtain an approximate measure of the data show significant differences between the recovery of exports. Such indexes, exthe two countries: Italy, confronted by clusive of Colonial trade, have been estipressing needs for food and raw materials mated for 1946 at 38 for France and at 45 for and obtaining her imports mainly through Italy (1938 = 100). A comparison between foreign relief, suffered a drastic reduction in these figures and the average level for 1946 imports of manufactured goods; France, on of the production curves shown in the chart the other hand, was able to launch the Mon- on page 357 shows that Italian exports appear net Plan of Modernization and Equipment to have recovered almost pan passu with inby importing considerable quantities of capi- dustrial production, while the French export tal goods. volume lagged behind industrial output. With respect to the distribution of imports Exchange controls. The success of the and exports by countries, it is clear that the Italian export drive was facilitated by the importance of the United States as a supplier exchange rate and exchange control policies has increased greatly, while Central and followed by that government. Both coun- Eastern Europe have, at least for the present, 2 According to Swiss trade statistics. lost much of their importance both as mar- 3 According to Belgian trade statistics. 363 APRIL 1947 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH tries started the year 1946 with newly and allocations for export on the British model. substantially devalued currencies, the franc Difficulties in enforcing these allocations having been reduced in value from 50 to have been encountered because of the attrac- 119 to the dollar in December 1945 and the tive prices offered for the same goods in the lira from 100 to 225 to the dollar in January domestic black market. 1946. Exchange controls were not relaxed On the basis of what is known concerning at the time of the devaluation, but in March import requirements and of available means 1946 the Italian Government introduced a of financing, it would appear that France major innovation by permitting exporters to must achieve a relatively much larger expansell 50 per cent of their receipts of "hard" sion of exports from the 1946 level than Italy. foreign currencies on the open market in It is true that the first condition for in- Italy, provided that the purchasers of the creased exports is increased production. But exchange used it within a specified period much will depend on whether or not proof time for the import of essential commodi- ducers will find sufficient incentives for sendties. Italian traders, who had had some ing a large portion of their output abroad experience with a similar system in 1937-39, at competitive prices. This is recognized as quickly organized a foreign exchange mar- an important prerequisite for fulfillment of ket where dollars, pound sterling, and Swiss the goals set by the Monnet Plan. francs were regularly traded at "free export rates." The free market value of the dollar PLANS AND GOALS has recently been quoted around 530 lire The Monnet Plan of Modernization and as compared with the official rate of 225 lire, Equipment was published in December 1946 so that the average return per dollar to the and adopted as the official program of the exporter has been 377 lire. This is tanta- French Government in January 1947. But mount to a devaluation of the lira by forty its outlines had been known for some time per cent for export transactions, and com- in advance, and had formed the basis for parable treatment has recently been extended presentation of the French case in the loan to tourist expenditures, emigrant remittances, negotiations with the United States last and capital transfers. This additional deval- spring. uation as well as the incentive of obtaining The Plan declares that, in view of prevailrelatively free disposition over foreign ex- ing low productivity in France, extensive change resources gave a powerful stimulus re-equipment and modernization is necessary to Italian exports and, in particular, contrib- to prevent stagnation and restrictionism from uted to the expansion of shipments to hard spreading gradually throughout the French currency countries. economy. The French public is exhorted to France has recently taken a very limited postpone certain consumption expenditures step in the same direction by permitting the and submit to regulations now in order to textile and automotive industries to retain achieve a greatly increased flow of consumer 10 per cent of their foreign exchange pro- goods and restoration of economic freedoms ceeds to pay for imports of industrial equip- once the investment plan has been carried ment. On the whole, however, France has out. tried to foster exports through priority allo- The Plan is the result of a cooperative cations of raw materials and through direct effort on the part of French Government, in- 364 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH dustry, and labor. It does not detail a rigid the national income cannot be increased sigprogram for every branch of economic activ- nificantly. Of the total proposed investment ity for the next four years, but rather sets about three billion dollars is expected to be goals for such aggregate magnitudes as na- financed through foreign credits (two biltional income, investment, labor force, and lion) and liquidation of foreign assets (one required foreign aid. It provides specifically, billion), while the remaining 16 billion is to however, for considerable expansion and be provided by domestic savings. At present, modernization of the French internal trans- difficulties are faced in both directions. The portation system and of five fundamental needed foreign financing is not yet assured, branches of French industry. In these indus- while the internal investment program is entries it is planned to attain by 1950 the fol- dangered by the unwillingness to save that is lowing percentage increases in production characteristic of inflationary conditions, as over 1938: coal, 37; electricity, 79; steel, 77; well as by the competition of other governcement, 255; and agricultural machinery, 371 ment expenditures for available savings. per cent. The execution of these programs The recent decision of Finance Minister is recognized to be dependent upon obtain- Schuman to reduce by 40 per cent the scheding the necessary manpower through adop- uled expenditures under the Monnet Plan, tion of the 48-hour week, an active immigra- pending the balancing of the ordinary tion policy, and transfers of French labor to budget, illustrates the interdependence beindustry from agriculture, government serv- tween the Plan and the achievement of ices, and the distributive trades. monetary and financial stability. However, With the exception of agricultural machin- in spite of difficulties and possible departures ery, the branches of industry toward which from original schedules, the Monnet Plan will the main effort of the Plan is to be directed leave its mark on the economic structure of are either nationalized (railways, coal mines, France and of Europe. electricity) or highly concentrated (iron and Planning on the part of the Italian Governsteel, cement). This as well as the national- ment has so far been confined largely to the ization of the major commercial banks and advance preparation and submission to Allied insurance companies should facilitate the agencies of detailed import requirements. channelling of investment funds toward These programs aim at a general increase in their planned uses. economic activity, but no comprehensive at- Total net investment, inclusive of expend- tempt has been made to recast Italy's indusitures for reconstruction and deferred main- trial structure, which was seriously distorted tenance, is planned for the four years 1947- by the self-sufficiency drive of the thirties. 1950 at the equivalent to about 19 billion No decision has yet been taken with respect dollars, of which 3.7 billion is scheduled for to nationalization of industry or to the future 1947. This outlay is expected to lead to an functions of the Institute of Industrial Reconincrease in the national income from 25 bil- struction (IRI), the agency that owns a malion dollars in 1947 to 31 billion in 1950. If jority interest in many of Italy's leading this objective appears somewhat modest, it banking and industrial enterprises. Workers' should be remembered that agriculture will councils have functioned in many important continue to play an important part in the Northern Italian factories since liberation, French economy and that its contribution to but their legal status remains undefined. A APRIL 1947 365 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH beginning of agrarian reform has been made aims in view, but with a unanimity and conby providing for allocation of uncultivated tinuity that can hardly be explained by mere land to farmers and by introducing long tactical considerations. It may be that the overdue changes into the mezzadria (share- idea of a national economic goal appeals farming) contract. But, on the whole, the strongly to the French people because of the solution of this, as well as many other prob- frustrating lack of direction from which they lems, remains in abeyance. suffered during the interwar period. Italy, It is well recognized that in Italy, which on the contrary, emerged cruelly disillueven before the war had one of the lowest sioned from a long period of excessive "dystandards of living in Europe, modernization namism," and the considerable progress of the economy and substantial raising of achieved in Italian reconstruction has resulted consumption levels are essential long-run largely from the confluence of individual venrequirements for economic and social sta- tures, with or without encouragement from bility. But political deadlock, incomplete the State. sovereignty, and the very magnitude of the Notwithstanding these differences in approblems left as the legacy of Fascism, have proach to the long-run problem of reconprevented the Italian Government from de- struction, both countries now face largely veloping an integrated economic and social similar tasks of achieving continued expanprogram. sion of output, of halting the inflationary Economic policy has thus been widely di- process, and of balancing their international vergent in the two countries. In France accounts. The solution of these problems parties bitterly opposed to each other in the will require continued effort on the part of political field have rallied around the Mon- the peoples of both nations and continued net Plan, doubtless with different ultimate cooperation from abroad. 366 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ECONOMIC SURVEY OF THE UNITED KINGDOM Printed below is the text of a British White Paper In the second part of this Paper an account is (Cmd. 7046) presented to Parliament in February given of the accomplishments of the country during under the title "Economic Survey for 1947." The the first 18 months of peace, and they are achievepaper is even broader in scope than the title implies ments of which we can justly feel proud. since it includes, in addition to a detailed survey The vigour with which the reconstruction of the of the economic situation existing in the United industrial life of this country has been undertaken Kingdom at the beginning of 1947, a review of de- has resulted in placing a severe strain upon the velopments since the end of the war, an outline of national resources of fuel and power. The hard economic objectives for the current year, and a gen- weather of the last month has shown on what nareral discussion of the techniques, principles, and row margins we have been compelled to operate. limitations of planning within the framewor\ of We have not yet had time to remedy the effects of the war or to make good past neglects in this a democratic society. essential industry. FOREWORD BY THE PRIME MINISTER At the same time we are compelled to expand our production if we are to obtain the essential IN July 1945 the present Government was reimports of food, raw materials and machinery turned to office after nearly six years of total war. which are vital to maintain our standard of living Even before the war many of our basic industries even at its present level. were suffering from lack of modernised equipment The last part of the Paper shows the task which and there was heavy and persistent unemployment lies before the country for this year, 1947. It is especially in the development areas. The country stated as frankly and accurately as is possible with failed to take advantage of this surplus labour to the statistics available. bring its industrial undertakings up to date. It is the duty of any democratic Government to During the war the maintenance of our industake the people frankly into its confidence, however tries—apart from those engaged in the production difficult the position of the country may be. of munitions—was of necessity neglected. Many This White Paper explains what has to be done civilian industries were concentrated and hundreds to rebuild our economy on firm foundations. The of factories were taken over for storage or for wartask is certainly a heavy one but the Government time production. is confident that it is possible of achievement if it The repair and renewal of our transport could is faced with knowledge and understanding and not be carried out despite the enormous loads that with the same determination to succeed that marked it was carrying for war purposes. the country's effort during the war and has in- Millions of tons of our shipping were lost by spired the people during the difficulties of the past enemy action and hundreds of thousands of houses month. and buildings were destroyed by bombing. The Government alone cannot achieve success. In the last year of the war, when victory came in Everything will depend upon the willing co-operasight, we used all the shipping and transport we tion and determined efforts of all sections of the could possibly spare in order to bring the war to an population. end as quickly as possible. As a result when peace It is essential that all should understand that the came our stocks of foods and of many materials maintenance and raising of the standard of life of had been reduced to very low levels. the people depends upon the extent to which every The country had been warned during the course individual plays his or her part in contributing to of the Election of the difficulties that lay ahead, and the sum of goods and services available to the nation. that the ways of peace would prove themselves It is for this reason that the Government have laid as hard maybe as the paths of war. bare the facts in this White Paper. They call upon APRIL 1947 367 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ECONOMIC SURVEY OF THE UNITED KINGDOM every man and woman in the country to devote modernised and expanded. More machine-power themselves unflinchingly to the task which faces us, increases the output per man-hour, and thus the confident that they can achieve victory in the eco- national resources. The production and mainnomic field as in the six years of war they triumphed tenance of capital equipment is technically called over the enemy. ''investment." (iv) Personal Consumption,—The regular con- I. ECONOMIC PLANNING sumption needs of the people must be met by the INTRODUCTORY production, importation, transport and distribution of goods, and by the supply of services, such as 1. The object of economic planning is to use the banking, entertainment and facilities for travelling. national resources in the best interests of the nation as a whole. How this is done must depend upon (v) Public Services.—There must be enough men the economic circumstances of the country, its stage and women to carry on the services provided by of political development, its social structure and its public authorities, such as education, posts and methods of government. The proper system of telephones, police, street cleaning and the public economic planning for the United Kingdom must administration generally. start from this fact, and cannot follow some theo- There are now special needs under (iii) resulting retical blueprint. The following paragraphs defrom the war-time destruction and from six years' scribe what has been done so far. They do not interruption of the repair, maintenance and developlay down any hard-and-fast system, but rather exment of machinery, factories, houses, shops and plain the attempts which have been and are being other buildings. made to arrive at the best system of economic planning for this country. 4. These are the claims upon the nation's work. If more is required for one of these claims, it can 2. There are over 20 million workers in this be obtained only at the expense of the others, unless country. They work with the aid of a vast capital the total amount of work done is increased. If the equipment of factories, mines, railways, power total resources are reduced, by unemployment or stations, farms and buildings, which has been by a fall in the output per man-year, then less of gradually built up over the last hundred years. They use raw materials drawn from all over the these requirements can be met. world. This man-power, and the materials and 5. An examination of how to carry out the equipment it uses, constitute the national resources. purpose of economic planning so as to achieve full Together they produce goods and services to a value employment was made during the war, and the of well over 8,500 million pounds a year; this is the results were given in the White Paper on Employvalue of the total amount of work done by the ment Policy (Cmd. 6527) issued by the Coalition nation. Government in May 1944. 3. This body of workers and the goods and serv- 6. Shortly after the end of the war, the present ices they produce must satisfy five main national Government began to build up administrative maneeds:— chinery for economic planning. Some account of (i) Defence.—There must be enough men and this was given in the debate in the House of Comwomen in the Armed Forces to carry out our mili- mons on 27th and 28th February, 1946. tary commitments, and enough equipment must be 7. This organisation came into being at a time produced for them. when the main national need was to carry out (ii) Payment for Imports.—At least half our demobilisation, to convert the munitions industries, food is imported, and most of the basic materials and to set the civilian economy moving again. Its for industry. Enough exports must be produced first task was to examine the rapidly changing to pay for them. situation, and to guide it as far as possible so as (iii) Capital Equipment and Maintenance.—The to ensure that first things came first. This Paper capital equipment of the nation—houses, machinery, describes what has happened in the eighteen months power plant, roads, etc.—must be continually re- since the war ended, and lays down what is repaired and maintained, and should be steadily quired in 1947. 368 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ECONOMIC SURVEY OF THE UNITED KINGDOM THE KIND OF PLAN planning, of which the following are the chief elements:— 8. There is an essential difference between totalitarian and democratic planning. The former sub- (i) An organisation with enough knowledge and ordinates all individual desires and preferences to reliable information to assess our national resources the demands of the State. For this purpose, it and to formulate the national needs. uses various methods of compulsion upon the in- (ii) A set of economic "budgets" which relate dividual which deprive him of the freedom of these needs to our resources, and which enable the choice. Such methods may be necessary even in Government to say what is the best use for the a democratic country during the extreme emergency resources in the national interest. of a great war. Thus the British people gave their (iii) A number of methods, the combined effect war-time Government the power to direct labour. of which will enable the Government to influence But in normal times, the people of a democratic the use of resources in the desired direction, without country will not give up their freedom of choice to interfering with democratic freedoms. their Government. A democratic Government must 13. This system makes full use of the successful therefore conduct its economic planning in a manwar-time experience in managing the nation's econer which preserves the maximum possible freenomic resources. Certain peace-time problems, such dom of choice to the individual citizen. as control of balance of payments, can be handled 9. Moreover, our methods of economic planning by much the same techniques as were used for must have regard to our special economic conallocating our resources of man-power, materials ditions. Our present industrial system is the result and shipping during the war. Over the economy of well over a century's steady growth, and is of a as a whole, however, the circumstances are entirely very complex nature. The decisions which de- different. During the war, the Government could termine production are dispersed among thousands direct labour and was the direct purchaser of a of organisations and individuals. The public is large part of the nation's production. These two accustomed to a wide range of choice and quality factors gave the Government a control over the in what it buys. Above all, our national existence course of production which no longer exists. The depends upon imports, which means that the goods Government's influence in peace-time must be exwe export in return must compete with the rest ercised by other less drastic measures. of the world in price, quality and design, and that 14. The main emphasis so far has been laid upon our industry must adapt itself rapidly to changes relatively short-term planning—planning for the in world markets. next year ahead. This was the most urgent need— 10. It follows that it is of the first importance a guide to the vast number of decisions which had that planning in this country should be as flexible to be taken in the short-term allocation of resources. as possible. In our determination to avoid the But exactly the same approach can be and is being waste of unemployment we must not destroy the applied to the longer-term problem, in order to essential flexibility of our economic life. secure a balanced development of the economy as 11. There are a number of basic industries and a whole. It is too early yet to formulate the national services—coal, power, steel, agriculture, transport, needs over, say, a five-year period with enough building—the efficient development of which is precision to permit the announcement of a plan in fundamental to our entire productive activity. A sufficient detail to be a useful practical guide to long-term plan is being developed for each of industry and the public. There are still too many these industries. It must be one of the chief aims major uncertainties, especially in the international of the Government's economic plan to see that these economic field. But a considerable amount of work programmes are pressed forward as fast as possible, is being done on these lines, in order to clarify the and kept in proper relationship with each other national objectives for a longer period ahead than and with the rest of the economy. is covered by this Paper, and to provide a frame- 12. Starting from these considerations, the Gov- work for the long-term decisions of Government ernment is seeking to develop a system of economic and industry. APRIL 1947 369 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ECONOMIC SURVEY OF THE UNITED KINGDOM How THE PLAN IS MADE the other the export target. The latter is a claim on the man-power "budget." 15. For a broad analysis of the national position, 19. The investment statement compares the estieconomic "budgets" are prepared for the period mate of what is required to be spent on capital under discussion (at present the following year) equipment and maintenance, with the labour and setting out resources and requirements in terms of— materials available for the industries which produce (i) Man-power; equipment, such as building and engineering. The (ii) National income and expenditure. production of the engineering industry must be The man-power budget compares the estimated divided between these home needs and the export future working population with the number of market. It is also necessary to make sure that the workers required, industry by industry. The na- plans under this head are consistent with the funds tional income and expenditure budget compares the which are estimated to become available for financestimated value of the national production of goods ing capital work, which is an item in the national and services with the value of all the goods and income "budget." services required. 20. The statements for fuel and power, steel and 16. These economic "budgets" are prepared by a other scarce materials show the effect upon the central staff, working with representatives of the whole economy of shortages of these basic supplies. Government Departments concerned under an Offi- 21. At the present time, a first comparison always cial Committee. On the resources side, the Min- shows a large excess of requirements over resources. istry of Labour forecasts the working population, This means that, unless action is taken to increase and an estimate is made on the best evidence avail- resources or to curtail requirements, there will be able of the prospective value of output. In regard a scramble for labour and goods. At the end of to requirements, the position is less simple. Some, the period under consideration, it will, of course, such as the man-power for the Armed Forces, be found that these economic budgets will have originate within the Governmental machine. Others balanced: no more goods can in the end be sold originate outside the areas of Governmental control, than are produced, and no more men and women but are sponsored by Government Departments; can be employed than are ready to work. The for example, the Ministry of Transport is respon- gap between resources and requirements will in sible for stating the requirements of the railways the end be closed by some of the requirements for equipment and maintenance, and the Ministry being left unsupplied. But if the process of closing of Food for stating the estimated expenditure by the gap is left to chance, some vital requirements the public on food. Others again, where no Gov- are sure .to be squeezed out by the less essential. ernment control operates, are estimates of what For example, if women who are needed in the the market will claim. textile mills go to work in shops, the whole popula- 17. These statements are supplemented by analy- tion will go short of clothing and curtains and ses of particular problems; e.g.:— sheets. 22. These economic "budgets" are entirely dif- (i) Foreign exchange; (ii) Investment {i.e., capital equipment and ferent in character from the Chancellor of the Exmaintenance); chequer's yearly Budget. They deal with man-years (iii) Fuel and power, steel, timber, and other of work and quantities of goods; these may be scarce materials. totalled in terms of money, for that is the only way to add up the host of things which constitute 18. The foreign exchange statement compares the national production and consumption, but the our import requirements with our prospective in- money figures are really a short-hand for expresscome from exports, visible and invisible. Considera- ing production. The economic budgets must baltion of this statement, in relation to the rate at ance themselves ultimately, for it is impossible to which we can afford to spend the United States consume more than is produced; the real question and Canadian credits, provides the basis for decid- is how the balance is brought about. The Chaning on the one hand the import programme, and on cellor's Budget, on the other hand, deals solely with 370 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ECONOMIC SURVEY OF THE UNITED KINGDOM money; it is his estimate of the Government revenue exercise direct influence. The level of Governand expenditure, and forecasts a net surplus or ment expenditure approved by Parliament, and the deficit on the transactions of the Central Govern- expenditure of other public authorities, determines ment. The economic "budgets" have a considerable the amount of production of a wide range of goods bearing upon the Chancellor's Budget, but the two and services, e.g., education, public housing, supforms of national account are entirely different and plies for the Armed Forces; the policies of the socialshould not be confused. ised industries and services have a substantial effect upon the whole economy, and are ultimately subject ATTAINING A BALANCE to Government control. The Government's fiscal policy can exert indirect influence over the course of 23. The two economic "budgets" and the various production. There are now a large number of special statements described in the preceding section are first considered by the Official Committee direct controls, the purpose of which is to allocate referred to in paragraph 16. They must be balanced, scarce resources of all kinds between the various by measures to increase resources or to curtail re- applicants for their use—rationing, raw material quirements. Otherwise less essentials will push controls, building licensing, production controls, essentials out of the queue. Too many luxuries import licensing, capital issues control, etc. Other will be produced, and not enough food and clothes controls again, such as price control, influence the and coal; too many toys and not enough children's course of production by limiting profit margins. boots; too many greyhound tracks and not enough 27. This control apparatus, taken as a whole, can houses; too much for home consumption and not have a substantial effect upon the course of the enough exports to buy our essential imports. national economy. But the controls cannot by them- 24. Resources can be increased by increasing the selves bring about very rapid changes or make very labour force, or by a bigger output per man-year, fine adjustments in the economic structure. To do or by a combination of the two. On the other hand, this, they would have to be much more detailed in a reduction in the labour force or a reduction in their application and more drastic in their scope. the output per man-year—by lower efficiency or by Indeed, the task of directing by democratic methods shorter hours or increased holidays unaccompanied an economic system as large and complex as ours by a compensating increase in hourly output—re- is far beyond the power of any Governmental duces the total resources, and means that even less machine working by itself, no matter how efficient of the requirements can be met than before. it may be. Events can be directed in the way that 25. Planning the allocation of resources between is desired in the national interest only if the Govthe various national requirements is at present a ernment, both sides of industry and the people task of deciding which out of a number of claim- accept the objectives and then work together to ants must go short—in other words, which are the achieve the end. more important national priorities. It is precisely 28. This Section would be incomplete without the same problem, only on a national scale, as the some reference to relative wage levels and conhousewife has to solve every week. On one side are ditions of work in different industries, since these the resources which we have to spend. On the other are of great importance in their effect on the disside are the things upon which we want to spend tribution of the labour force throughout the industhem. The two must be made to match. After trial structure. The Government, in full association full examination of possible means of attaining a with both sides of the National Joint Advisory balance, the Official Committee submits to Ministers Council, recently issued a White Paper (Cmd. 7018) a report on the whole position. Ministers then which contained a full statement of the economic decide what measures should be taken, and their considerations affecting relations between employers decisions form the basis for subsequent action. and workpeople. This paper was intended to assist 26. The apparatus of Government controls is both sides of industry in assessing their responsibiliused to guide the economy in the direction which ties in the light of the economic situation of the is indicated by the plan. Over an important part country as a whole. It need only be said here that of the national economy, the Government can it is essential that costs and prices should be held 371 APRIL 1947 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ECONOMIC SURVEY OF THE UNITED KINGDOM steady and if possible reduced and therefore that, or 2l/i per cent of the insured population; outside while the Government adheres to its long-term the Development Areas unemployment has not, in objective of raising the standard of living of the general, exceeded ll/ per cent. 2 people, any further general increases in wages and 32. The total employed population at the end profits must be accompanied by a corresponding of 1946 was some 2 millions less than in June 1945, increase in production. partly because women had left industry, partly be- 29. The Government's conception of planning as cause many demobilised men and women were still described in this paper follows clearly from the dif- on release leave, and partly because there were more ference between totalitarian planning and demo- unemployed. But the total was still over 1 million cratic planning as set out in paragraph 8. Under greater than in June 1939, mainly because of the democracy, the execution of the economic plan must big fall in unemployment. be much more a matter for co-operation between 33. The industrial distribution of this man-power the Government, industry and the people, than of is set out in Table A. The number in manufacturrigid application by the State of controls and com- ing industry and building is somewhat larger than pulsions. The Government must lay down the eco- it was before the war, but within this field there nomic tasks for the nation; it must say which things has been a very considerable switch from the textile are the most important and what the objectives of and clothing industries to the metal and engineering policy should be, and should give as much informa- industries; there is substantially more employment tion as possible to guide the nation's economic in agriculture, public utilities and transport, but activity; it must use its powers of economic control less in mining. The increase in the total employed to influence the course of development in the desired population and much of the additional man-power direction. When the working pattern has thus made available by a considerable reduction in disbeen set, it is only by the combined effort of the tribution and other consumers' services has been whole people that the nation can move towards its absorbed by the increase of the defence and public objective of carrying out the first things first, and services. so make the best use of its economic resources. 34. These changes resulted in a substantial expansion of the national production throughout 1946. II. REVIEW OF PERIOD JULY 1945—DECEMBER 1946 This cannot yet be translated into precise terms of GENERAL national income; the national income and expenditure figures for 1946 will be published as usual in 30. At the end of the war 42 per cent of the the National Income White Paper which is issued nation's man-power was in the Armed Forces or at the time of the Budget. Nor is it possible to was directly engaged in supplying them. Only 2 make a comprehensive comparison with pre-war. per cent were producing exports and less than 8 But in Table B an analysis is made of production per cent were providing and maintaining the nain the fourth quarters of 1945 and 1946 and pre-war, tion's capital equipment. The nation's main task for those items for which comparable figures are was to demobilise this war structure and to set the available. At the end of 1946:— civilian economy moving. 31. This has been done with very little disloca- (i) Production of coal (deep-mined and opention. By the end of 1946, over 4% million men cast) was 5 per cent above the level of a year ago and women had been demobilised from the Forces. and of gas and electricity about 15 per cent above This, when balanced against the intake, has re- end-1945. Gas production was about 30 per cent duced the size of the Forces by nearly 3% million above 1938 and electricity production nearly 70 men and women; in addition, the number engaged per cent above, but coal production was 18 per cent in producing munitions was reduced by over 3% below 1938. millions. The proportion of the nation's man-power (ii) The quantity of freight carried by the railin the Armed Forces or directly engaged in supply- ways had fallen in the last year but was still of the ing them had fallen from 42 per cent to less than order of 25 per cent more ton-miles a week than 10 per cent. In this process, the number of un- in 1938. There were about 20 per cent more goods employed in Great Britain never exceeded 400,000 vehicles on the road than pre-war. 372 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ECONOMIC SURVEY OF THE UNITED KINGDOM (iii) Steel production was as great as in previous supplies of fish increased by two-thirds during 1946, peak years and, despite the lack of imports, steel and at the end of the year were above the pre-war consumption was higher than at any previous peace- level. time period. Consumption of non-ferrous metals 35. This summary indicates how far the nation (except for lead) had increased steadily since the had got by the end of 1946 in the development of last quarter of 1945, and was substantially above peace-time production. By the end of the year the the pre-war level. rate of national output was probably not signifi- (iv) The merchant shipbuilding industry was cantly below pre-war over the economy as a whole. engaged to its full capacity, and employment was This in itself imposes a heavy strain on our basic considerably greater than in 1938; the pre-war out- industries—and particularly on coal and power— put of passenger cars had been nearly recovered which by the end of the year was becoming critical and output of commercial vehicles had increased by despite all the efforts which were made to strengthen them. 50 per cent above pre-war. Production of agricultural tractors had been maintained above the high 36. However, this expansion of production has levels reached during the war, and was more than given us a start with each of the tasks of recondouble pre-war; in the last year output of agricul- struction of the British economy—exports, industural machinery as a whole had increased by more trial re-equipment, repair of war damage, housing, than one-third. and an increased flow of consumer goods. The changes in man-power classified broadly according (v) The output of certain building materials was to the use made of its products are shown in still substantially less than pre-war; notably, brick Table C. production was only two-thirds of the 1938 level, although it had trebled in the last 12 months. IMPORTS AND EXPORTS Cement output, on the other hand, had practically 37. The increased need for exports has been of recovered the pre-war level, and output of plaster- first importance from the start. The development board had exceeded it. of our overseas economic position was set out in a (vi) The number of new permanent houses com- previous White Paper embodying the Statistical pleted had risen to 8,000 a month (plus 12,000 Material presented during the Washington Negotiatemporaries); the rate in 1937 and 1938 was 30,000 tions (Cmd. 6707). We have lost gold and foreign a month. But 200,000 houses were under construc- investments and have incurred new debt to an extion at the end of 1946, and a vast amount of repair tent which implies a worsening of our pre-war work was also being done. capital position in relation to the rest of the world (vii) Production of cotton yarn, still 40 per cent by nearly 6,000 million pounds (this includes the full United States and Canadian credits, the need below pre-war, had increased by 12 per cent in the for which has arisen from the war). The loss of last year; the woollen industry at the end of 1946 income from foreign investments which this has was absorbing raw material at a rate nearly 40 per involved, and the loss of net shipping income, and cent above the previous year but nearly 20 per cent the reduction in our export trade to a level conbelow pre-war; rayon yarn output increased by 30 siderably short of 50 per cent of pre-war volume at per cent in 1946 and was 50 per cent above 1938. the end of the war, left us in a highly dangerous (viii) The agricultural output in 1946 was subtrade position. Our income from exports at the stantially below 1945, because of the bad harvest end of the war, indeed, was enough to finance only conditions. Production of cereals was nevertheless one-quarter of our pre-war volume of imports. The 50 per cent above pre-war, potatoes more than first need was a rapid expansion of our export double, sugar-beet 28 per cent above pre-war and trade in order to buy the food and raw materials vegetables 30 per cent above pre-war. Milk output which we needed from abroad. was 5 per cent above 1945, and 20 per cent above 38. Particular priority was therefore given to 1938; production of livestock products was about exports, even of products for which there was a the same as in 1945 and greatly below pre-war; pressing need at home. This has been, and will APRIL 1947 373 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ECONOMIC SURVEY OF THE UNITED KINGDOM continue to be, necessary, for without these exports 1938 1946 we cannot afford the imported supplies which we (In millions of pounds) Receipts— must have. Our exports expanded very satisfac- From exports and re-exports torily; at the same time, imports did not rise as (f.o.b.) 533 900 fast as had been expected, for we had to contend From interest, profits and with serious world shortages of food and raw ma- dividends1 175 60 From other sources (net) ... 61 —10 terials. The volume of our imports and exports— as shown by index-numbers representing the quan- 769 950 tity of our imports and exports allowing for changes in prices—developed as follows:— Deficit 70 450 1 Excluding oil, shipping, insurance. Volume of Imports and Exports (1938=100) 40. This deficit of 450 million pounds in 1946 Exports Imports has been covered mainly by drawings of 600 million 1945— dollars (150 million pounds) on the United States 3rd quarter 46.2 61.7 and of 540 million dollars (130 million pounds) 4th quarter . 55.8 53.0 on the Canadian credits. 1946— 41. Our balance of payments in 1946 has been 1st quarter 84.2 63 .2 2nd quarter 98.0 68.7 more favourable than expected. But this is largely 3rd quarter 104.3 70.1 because we have been unable to obtain alt the food 4th quarter 111.2 72.2 and raw materials that we need. Moreover, during 1946 as a whole, the rate of expansion of our exports 39. At the time of the Loan negotiations in Washhas been no more than enough to balance the ington, it was estimated that our adverse balance rate of expansion of our imports. At the end of in 1946 would be about 750 million pounds. The 1946, exports were running at 110-115 per cent of export drive developed faster than had been expected pre-war volume; but these exports, together with when these estimates were made, and imports fell our invisible exports, were not enough to pay for below earlier expectations, so the deficit for 1946 imports even at 70-75 per cent of 1938 volume. is now estimated at around 450 million pounds. Full balance of payments figures for 1946 will be pub- CAPITAL EQUIPMENT AND MAINTENANCE lished in the National Income White Paper next April, but the following very provisional figures1 42. Of great importance also was the restoration illustrate the position:— of the nation's capital equipment, which had worked 1938 1946 at great pressure throughout the war, with entirely (In millions of pounds) insufficient maintenance. Our houses and buildings Payments— had been heavily battered from the air. The need For imports (f.o.b.) 826 1,100 was great for re-equipment of mines, public utilities Net overseas Government exand transport, for housing, and for the maintenance penditure 13 300 and replacement of industrial plant and buildings. 839 1,400 The engineering industry had to get free of muni- 1 Derived largely from Exchange Control operations, showing tions contracts, and convert for civil work; the payments made and receipts obtained during the year. For building and building material industries had been imports and exports, these figures differ from the monthly trade returns, which are a valuation of goods entering and leaving the drastically scaled down and had to be expanded country. The import payments are recorded f.o.b., whilst the trade returns record c.i.f. values, including cost of freight, insur- again. ance, etc., on shipment here. On this basis, the shipping "receipts" are our net foreign exchange earnings for shipping—the excess of 43. Some expansion of the building and civil what foreigners pay us for shipping over what we pay them—and engineering industries had been achieved in 1944-45, do not include freight earned by British ships in bringing imports to this country as in pre-war balance of trade statistics. The in order to deal with the repair crisis caused by item of receipts from other sources is not strictly comparable with the 1938 figure; it is the net result of a large number of current bombing, and in order to make a start with site transactions (some of an abnormal character resulting from the end of the war) much wider in scope than those included in the preparation for housing. In June 1945 there were 1938 figures; it includes the net shipping receipts, the net foreign exchange earnings of the oil companies and tanker fleets, film 520,000 employed male operatives aged 16 years and remittances, expenses of tourists abroad, insurance, commissions, remittances by foreign workers, etc. over—probably not much more than half the pre- 374 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ECONOMIC SURVEY OF THE UNITED KINGDOM war labour force. The rate of intake through 1945- the engineering industry was already making muni- 46 was very fast, however, and by the end of the tions. year the labour force had risen to 943,000—not far 46. It is too early yet to say how much capital short of pre-war. The distribution of this force was equipment and maintenance work of this sort was as follows:— done in 1946. It was probably much the same as June December in a normal pre-war year. But this does not go 1945 1946 far towards making up arrears from six years' de- (In thousands) ferred maintenance. New house construction and conversions 60 355 War damage repair 219 167 CONSUMPTION Industry, agriculture, commerce, 47. The public's need for more goods and services utilities 61 165 * was hardly less urgent. Food supplies had been Other (mainly maintenance and repair of houses) 180 256l maintained throughout the war at a level which was nutritionally adequate, but no better than that. In Total employed male opera- the six years of war the people had received less tives aged 16 and over 2. . 520 943 than four years' normal supply of clothing and less 1 Figures at end-October. 8 This is a much narrower definition of building labour than that than three years' supply of household goods. Much which relates to the total man-power in building and civil engineer- more was required, both for increasing consumption ing in Table A and elsewhere in this paper. now and for making good accumulated shortages. Virtually the entire increase in the building labour 48. There has, in fact, been a considerable instrength has been put into new housing and induscrease in supplies. This is shown by the level of trial building; the expansion in general maintenance retail sales, which at the end of 1946 were running and repair has been almost all offset by the tapering- at about 20 per cent by value above the figure of off of war damage work. It is significant, however, a year ago. Taking price changes into account, that it has been necessary continuously to use over the amount of goods sold is probably not more than half the building labour force on maintenance and 10-15 per cent below pre-war. war damage and other repair of houses. 49. But the improvement has been limited 44. The effect of the building activity during the throughout by the world shortage of food and by period under review was that by the end of 1946 the slowness of recovery of the labour force in the nearly 300,000 family units of accommodation had consumer goods industries—especially textiles and been made available; 58,000 permanent and 92,000 clothing—which had been radically cut down durtemporary houses had been completed, and 202,000 ing the war. There would have been far more permanent houses were under construction. Build- goods in the shops if more workers had gone back ing work had been done for industry, agriculture, to these industries. The volume of exports of the commerce, and public utilities to a value of around scarcest consumer goods has been small and a switch 100 million pounds. Factory building work to the of these supplies from exports to the home market value of 10 million pounds had been carried out would have made little difference to home conin the Development Areas, excluding major iron sumers but would have seriously jeopardised any and steel projects. hope of re-building the export markets in the future. 45. Industry's needs of plant, machinery and 50. Food consumption has been dominated by vehicles were also very pressing. The engineering the world supply situation. Compared with a year industries were better able to make a quick start ago, much more fish and fruit are available to the on civil production than the industries which had public; much the same amount of sugar, milk, meat, lost most of their workers during the war, they eggs and tea, but less cheese, bacon and fats. In ended the war with good equipment and an ex- broad terms, the diet remains much the same as panded labour force. By the end of 1946 the labour it was a year ago; increases in some of the supplies force engaged in satisfying this type of need was which provide more variety have been offset by a well above the normal pre-war level, and, of course, decline in certain basic foods. was far above that of mid-1939, when much of 51. There has been a very substantial increase in APRIL 1947 375 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ECONOMIC SURVEY OF THE UNITED KINGDOM clothing and household supplies since the end of in prices, is over 50 per cent above pre-war. In a the war. In clothing and footwear there has been similar category is the consumption of tobacco, now an increase of around 40-50 per cent; in furniture 30 to 35 per cent above pre-war. and furnishings of 150 per cent; supplies for the 56. On balance, although consumers' standards home market of hardware have doubled. The have not increased as fast as had been hoped, there amount of footwear and clothing in the present has been considerable improvement. At least part ration period is about three-quarters of pre-war of the shortage which now exists results from the and in hardware and hollow-ware and other do- unprecedentedly high level of purchasing power of mestic supplies the pre-war level has now been the mass of the population. reached. Supplies of manufactured goods for consumers are still small in relation to the demand, PUBLIC SERVICE but supplies of many products are now coming 57. The public service has expanded slightly since forward at a rate which allows a start to be made the end of the war, and now employs 2,130,000 men in making up war-time arrears. Throughout this and women, compared with 1,465,000 in June 1939. field there has been a great improvement in the This covers a varied range of workers—teachers, amounts which the public can buy. policemen, street-cleaners, storekeepers, Post Office 52. There is much more purchasing power in workers, firemen in addition to officials of all grades people's pockets than ever before, and it is more in national and local government. Of the present evenly distributed. Full employment, the introduc- total, just over one-fifth are civil servants (excluding tion of minimum standards of living supported by the Post Office). This is more than double the presubsidies, higher rates of national insurance benefits war figure, but is the inevitable result of the exand old age pensions, family allowances and re- pansion of the Government's responsibilities in the distribution of income through taxation all con- economic field—rationing systems must be maintribute to this fact. Subsidies and family allow- tained as long as severe shortages continue, and the ances alone amounted to 450 million pounds in winding-up of war-time activities takes time and 1946, which meant a substantial increase in effective man-power. Continuous efforts are made to reduce purchasing power. the claim which public administration makes upon the national resources, but a high level of employ- 53. The weight of purchasing power in relation ment in this field compared with pre-war is bound to the supplies available is shown by the fact that to continue. nearly one-third of the total of people's incomes is either taken as direct taxes or is saved. Before the THE EIGHTEEN MONTHS' RESULTS war, this proportion was about one-sixth. This shows how important a part has been played by the 58. On a broad view of the last eighteen months, people's saving in 1946; if an attempt were made the result has been that:— to use all this purchasing power, the goods would (i) The defence sector (Armed Forces and munivanish even more rapidly from the shops. tions) has been cut to a little over one-fifth of its 54. It is clear that to overcome shortages in the size at the end of the war. shops, it would be necessary for far more plentiful (ii) Exports have expanded to 110-115 per cent supplies to be available than before the war. For of 1938 volume, an amount still insufficient to pay a large section of the people, however, the present for imports at 70-75 per cent of 1938 volume. food and clothing rations are more than they could (iii) A normal pre-war year's work of industrial normally afford even in good pre-war years, and are equipment and maintenance has been done in 1946. much more than they could afford in years of de- (iv) Homes have been provided, by new building pression. and repair, for nearly 300,000 families, and the way 55. The effect of this heavy purchasing power has been cleared for as fast an expansion in househas been very apparent in the consumption of serv- building as the material supplies will permit. ices. This is shown in the very high figures of (v) There has been little change on balance in passenger travel and in the level of expenditure on food consumption, but a considerable expansion in entertainments which, even adjusted for the increase supplies of manufactured goods to the home civilian 376 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ECONOMIC SURVEY OF THE UNITED KINGDOM market, to levels ranging from two-thirds to over We lost less men than some of our Allies; we were 100 per cent of pre-war. saved from enemy occupation. But our losses, though less obvious, are very real, and are now 59. This is the way in which the national remaking themselves felt—first, in our import-export sources have been used in 1946. In certain respects, problem and, second, in the need for rebuilding the general balance has not been unsatisfactory. our basic industries. We must find means to pay A beginning has been made with each of the major for imports which we formerly got in return for objectives of reconstruction. By the end of the year, our overseas investments, and we must make up the change-over to civil production was well on the six years' arrears of industrial equipment. These way to completion. Aided by a favourable record are basic things, and to put them right is a huge of industrial peace, a high level of industrial acjob of work—especially as we must at the same time tivity had been achieved. rebuild our battered housing, restore our depleted 60. The expansion of production and consumpflocks and herds and produce more clothing and tion throughout 1946 put a heavy strain in particular household goods. upon coal and power supplies, but also upon steel, 63. We could live without new radio sets and transport, and other basic industries and services. furniture, but we cannot live without imported food. Coal production in the year as a whole exceeded We could indeed at a pinch live without new houses the production of 1945 by 3.6 per cent. But it did and holidays, but our national existence becomes not grow nearly fast enough to match the growing quite impossible if we cannot produce enough coal consumption as the conversion of industry and the and electric power. restoration of the civil economy got under way. 64. Those things which are fundamental to our The by no means unfavourable industrial results national life must come first. The danger in our for 1946 were achieved only by a draft of 5 million present situation is that there is so much that we tons on coal stocks. In a sense, indeed, we have want to do, and so much that seems important that been living on a coal overdraft. The demand for too little effort will be concentrated on the things power likewise exceeded the capacity of the power that are really vital. stations; the demand for transport was up to the 65. The Government has examined the national limit of what could be carried by the railways' deneeds for 1947, and has decided that first importance pleted rolling-stock; the demand for steel was more must be attached to payment for imports and to than could be produced or imported. Indeed, our basic industries and services, particularly coal and basic industries and services were limiting the napower. These requirements are explained below, tion's productive effort. By the end of 1946 we and are then related to the Government's general had reached a stage at which further expansion of plan for the lay-out of our national resources in 1947, our productive effort was vitally necessary, but was which is a series of practical targets, in some cases extremely difficult unless industry could obtain more expressed in man-power, and in others in terms of coal and power. production. The Government intends to discuss the implications of the plan with the representatives III. THE SITUATION IN 1947 of both sides of industry in order to develop the GENERAL best possible means of carrying it out. This Paper 61. The central fact of 1947 is that we have not does not go into detail industry by industry. Its enough resources to do all that we want to do. We purpose is to give the broad pattern of national work have barely enough to do all that we must do. at which the Government considers the nation Whether we reckon in man-power, coal, electricity, should aim. It is a framework, not a blueprint. steel, or national production as a whole, the conclusion is unavoidable. To get all we want, pro- IMPORTS AND EXPORTS duction would have to be increased by at least 25 66. Imports and exports are of fundamental imper cent. This is clearly impossible in 1947. portance, now and for some years to come. Failure 62. There is no reason for surprise about this. to build up our export trade in the next two or We have come through six years of all-out effort. three years so that we can afford to buy enough APRIL 1947 377 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ECONOMIC SURVEY OF THE UNITED KINGDOM imports would mean continued food rationing, reflects both increased quantities and increased much less smoking and private motoring, wide- prices. Growth of imports on this scale involves spread unemployment for lack of raw materials risks. But when supplies of so many essential foodand inability to re-equip industry with the most stuffs and materials are unobtainable, it would be modern machinery. unwise to create further shortages by stringent im- 67. We need more imports in 1947. In the last port restrictions. year we have been getting 70 per cent of the 1938 70. There are other claims upon our foreign exquantities, and have had to draw on stocks. The change resources. The expenditure abroad of the 1947 import programme provides an expansion to Armed Forces; our share of the cost of Germany; 80-85 per cent of 1938 volume. But much more expenditure on relief; advances for rehabilitation; than that would be needed to increase rations con- grants for Colonial development and welfare—all siderably. these, like imports, must be paid for by exports. 68. Our imports are limited both by what is Likewise, Government receipts from claims arising available and by what we can afford in foreign out of the war, sales of surplus military stores exchange. At present, our imports of food (up to abroad, etc., earn us foreign exchange. The excess the requirements for a certain basic consumption of Government overseas expenditure over Governlevel), feeding-stuffs and essential raw materials ment receipts from overseas may be of the order of are limited primarily by world shortages. Our 175 million pounds in 1947, but much of the expenditure and receipts depends upon happenings imports of additional food beyond the basic level, throughout the world which are outside the control tobacco, petrol and consumers goods are determined of the Government; any figure is therefore a very by what we can afford. Both considerations affect broad estimate at this stage. our imports of machinery and equipment for industry, agriculture, mining, shipping, etc., but 71. We expect to have to find in all some 1,625 normally import is permitted if the machine is of million pounds of foreign exchange in 1947—1,450 million for imports and 175 million for net overessential importance and cannot be supplied in comseas Government expenditure. This must be parable conditions from United Kingdom produccovered by our exports and re-exports, by our intion. As world supplies improve, our imports will visible income, or by borrowing from abroad. For be fixed entirely by what we can afford. We must reasons explained below, the Government concontinue to control their total volume tightly. siders that it would be unsafe to plan in 1947 to The Programme for 1947 borrow more than 350 million pounds net. Our net invisible income may yield 75 million pounds. 69. The 1947 import programme is as follows:— This leaves 1,200 million to be provided by re- Millions ceipts from exports and re-exports. of pounds (f.o.b.) 72. Our exports and re-exports in the latter part Food and supplies for agriculture 725 of 1946 were running at a rate of about 1,100 mil- Raw materials and supplies for industry.. . 525 lion pounds a year. We cannot now expect an ex- Machinery and equipment (including ships) 60 pansion in the first half of 1947. This is all the Petroleum products 55 Tobacco 50 more reason why a strong effort must be made to Consumer goods 35 recapture the lost ground and to bring about a substantial recovery in the second half of 1947. Total 1,450 J Otherwise we shall be faced with the inescapable 1 For definitions see footnote to paragraph 39. Estimated film remittances of 18 million pounds are debited against net invisible alternatives of cutting down our essential imports income in paragraph 7t. or drawing dangerously fast upon the United States This is not a forecast. The programme is con- and Canadian credits. We must enter 1948 with tinuously changing with supply conditions and a much narrower gap between our imports and our prices; the figures above show the pattern to which exports than there will be in the year 1947 as a the importing Government Departments are now whole. The Government has, therefore, set an exworking. The substantial expansion over 1946 port target of 140 per cent of the 1938 volume to 378 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ECONOMIC SURVEY OF THE UNITED KINGDOM be reached by the end of 1947 as against the end- But now many of the Eastern Hemisphere coun- 1946 level of 110415 per cent of 1938. tries have no gold or dollars or essential goods with 73. Export targets are being worked out for the which to pay; to others we owe large debts which individual industries to correspond with the global we shall have to repay gradually, and the surplus in target, and will be discussed with them shortly. our trade with such countries is used up in this It will be extremely difficult to achieve this target. way. We, therefore, shall not be able wholly to This year, we cannot export coal. In order to use our surpluses with Eastern Hemisphere counget the total volume of exports up to 140 per cent tries against our deficits with Western Hemisphere of the 1938 level by the end of 1947, the volume of countries. To the extent that this occurs, the drain exports of manufactured goods must therefore rise on our dollars will exceed the total deficit of 350 to about 165 per cent of the 1938 level. Our ex- million pounds. ports of steel and cotton textiles will not expand 77. This dollar problem within our total balance further this year. Special reliance must therefore of payments can be wholly solved only by the be placed upon a further substantial growth of economic recovery of Europe and the Far East and engineering, vehicle, chemical and miscellaneous the establishment of equilibrium in all the major exports. trading countries' balances of payments. The first 74. The labour force in manufacturing industry is necessary to enable us to adjust the present disalready employed on orders for export is about 50 tortion in the source of supply of our essential per cent above the pre-war level and is capable of imports. Both are necessary to enable the Eastern further expansion provided that fuel and power sup- Hemisphere countries to make their currencies conplies are adequate. But these export targets will not vertible and so allow us to use our surpluses with be achieved at all readily, and in some cases it will them in order to match our deficits with the West. be impossible to meet them without a reduction in 78. The United States and Canadian credits the amount of production available for the home must last us not only until we have ourselves estabmarket. lished a stable balance of payments and are ex- The Dollar Problem porting as much as we import; they must last until this special dollar problem is also solved. No one 75. This lay-out of imports and exports ends with can predict how long this will be. But we cera prospective deficit of 350 million pounds to be tainly cannot assume that world recovery will be met by borrowing from abroad. This is itself conrapid enough to provide a quick answer to our siderable alongside the 955 million pounds remaindifficulties. ing of the United States and Canadian credits at Targets for the Future the beginning of the year. But the drain upon these credits in 1947 threatens to be much larger than 79. Four conclusions follow for 1947:— this. After the middle of this year our convertibil- (i) The export target of 140 per cent of 1938 ity obligations under the Anglo-American Financial volume by the end of the year is of prime impor- Agreement may result in some loss of dollars. tance; 76. Moreover, our dollar position is much more (ii) Exports to the Western Hemisphere (and difficult than would appear from our total balance some European countries with which we have of payments. We are now drawing some 42 per deficits, viz., Sweden, Switzerland, Portugal) are of cent of our imports from the Western Hemisphere, particular importance, for they earn dollars or the which is now the main source of the food and raw equivalent and pay for our essential imports from materials that we must have. But we are selling those countries; there only 14 per cent of our exports. We are thus (iii) Close import control must be maintained, running large deficits with these countries. These particularly of products which come predominantly must be settled in dollars or their equivalent. To from the Western Hemisphere; much of the Eastern Hemisphere, on the other hand, (iv) Home production must be increased along we tend to sell more than we buv. In a world lines which contribute to these policies; agriculture fully recovered from war, this would provide us and shipping are of major importance for this (see with the means to settle our deficits with the West. paragraphs 104-110). APRIL 1947 379 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ECONOMIC SURVEY OF THE UNITED KINGDOM 80. In the longer view, it is abundantly dear depends upon these basic industries and services. that a further expansion, both of imports and of A general expansion of production is impossible exports, will be needed. The long-term target for without them. exports still stands at 175 per cent of 1938 volume. Coal The exact increase of exports required will in the 83. The present crisis underlines the basic imlong run depend upon the relative prices of importance of coal, and of power derived from coal. ported foods and raw materials and exported manu- Exports, industrial re-equipment, housing, the factures. But it is clear that a very large increase supply of consumer goods, transport and distribuwill be needed. The difficulty of maintaining extion all depend upon coal. The 1947 industrial ports on this scale, year in and year out, is entirely problem is fundamentally a problem of coal. insoluble unless British industry is able to compete 84. In each of the last three years we have entered in quality, price and design throughout the entire the winter with lower coal stocks than the year range of manufactured goods. Quality, price and before. In the year 1946, we drew upon stocks to design will be of crucial importance when the the extent of 5 million tons. Our production was sellers' market becomes a buyers' market and we 189 million tons, but consumption was 194 million have to face keen competition everywhere. tons, with inland consumption nearly up to the 81. The basic fact of our position over the next peak pre-war level. Now there are no more stocks few years, and indeed in the longer-term future, is to draw upon. This means that a large tonnage that we must devote at least 25 per cent of our out of our coal production in 1947 must be used to manufacturing capacity to the production of exbuild up stocks, in order to start next winter in ports. This means a smaller supply for the home safety. market, unless production is increased. We shall 85. We cannot afford to set a lower production indeed require to export more than this if we are target for 1947 than 200 million tons of coal, deepto get the imports which we need for improving mined and open-cast. Even this increase over 1946 our standards of living. But 25 per cent of our will be difficult to secure after the present wideproduction of manufactured goods must be a first spread dislocation of production and transport. charge. A large part of our production is ex- But a production of 200 million tons would be clusively for the home market; this means that the barely enough for current use and for stock. We industries which can export will have to plan for shall be able to get through with 200 million tons a much larger long-term export proportion than only with the most drastic economy in less essential 25 per cent and a far larger proportion than they uses. Production of 200 million tons is an indevoted to exports before the war. There is nothdispensable minimum. It will be a hard target ing temporary about our need for exports; confor the miners to reach, but it will meet only our centration upon exports must become a permanent minimum requirements. part of our normal industrial life. Without exports, 86. The following are the main lines on which we cannot get food and we cannot get raw materials, the Government proposes to handle this problem. and without these, we cannot hope to increase our The first is an increase in the labour force. This standard of living—or even maintain it. will be difficult to secure. In the normal course of events the labour force would tend to fall because BASIC INDUSTRIES AND SERVICES of the high proportion of older men in the industry, 82. Of equal importance to exports is the need to and the loss of ballotees and optants. Last year restore the full efficiency and productive power of recruitment roughly balanced the loss from deaths, our basic industries and services. We need an all- retirement, etc., but this was achieved only because round expansion in production, but this is impos- of the return of a large number of miners from the sible without coal, steel, power and transport. The Forces. If no special steps were taken to recruit work of physical reconstruction depends upon the more miners, a substantial decline in the labour building industry. British agriculture is of decisive force would take place in 1947. importance both for the food problem and for the 87. The policy of the National Coal Board is to foreign exchange problem. Our whole structure make the industry attractive enough to draw the 380 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ECONOMIC SURVEY OF THE UNITED KINGDOM necessary number of recruits, but these measures more coal. We must also hasten the day when will take some time to mature. The Government we shall have a margin of coal for export; the loss can make the industry more attractive by providing of our coal exports since pre-war days is roughly more houses for miners and this the Government equivalent in value to the whole of our wheat imintends to do. Underground coal miners will be ports. Moreover, our stocks must be built to a exempt from call-up to the Forces for the next five safe level. There is bound to be continuous anxiety years. The agreement of the National Union of about supplies until the National Coal Board's long- Mineworkers has been secured for the employment term reorganisation plans begin to produce results. of Poles in the mines, and recruitment is now in 93. The Government looks to a combination of progress. Taking all these measures into account, measures in 1947 to balance the coal budget. It the Government's target is to increase the mining intends to increase the labour force substantially; labour force from the present level of 695,000 to to press on with the conversion to oil burning, and 730,000 by the end of 1947. to reduce drastically the less essential uses of coal, gas and electricity. But above all, the Government 88. Increased output per man-year is as imporlooks to increased output per man. The whole intant as the recruitment of more miners. This can dustrial programme depends upon the miners, and be partially realised by the re-deployment of labour the Government is confident that the miners will in the mines. Last year output of deep-mined coal not fail the country in this hour of need. was 259 tons per man compared with 308 tons in the peak pre-war year, 1937. In the next crucial Power nine months, before the increased labour force can 94. The immediate power crisis of course results become fully effective in production the only means from lack of coal. But even when there is enough of getting the increased coal output that we must coal to run the power stations to full capacity, there have is by increased output per man. will still be an electricity shortage. This results 89. The trend of production in recent months is partly from a great expansion of consumption by encouraging. But only by a sustained effort industry and by domestic consumers, and partly through the spring and summer months can from insufficient maintenance work during the war, enough stocks be built up to keep industry going and postponement of the normal expansion of genand to see us through next winter. The Government erating plant. In 1938, electricity production by therefore gives high priority to all measures which authorised undertakings was at its pre-war peak can contribute to increased coal production, such of 24,000 million units; in 1946, it was 41,000 milas the production and import of mechanised mining lion units. In January, it was running 15 per cent equipment and plant for open-cast coal production. above last year, and was still not enough to meet the 90. Next, the Government will take all possible demand. measures to secure economy in the use of coal. It 95. There is comparatively little more plant for gives high priority to the conversion of engines and meeting this demand than there was before the war. plant to oil burning. There will be sufficient sup- The Central Electricity Board has less than 9 milplies of fuel oil to meet the maximum practicable lion kilowatts of plant in service; this winter, the oil conversion programme. deficit is 1.4 million kilowatts. In this situation, 91. The Government will take effective and periodic load-shedding is unavoidable. In the next drastic measures to reduce non-industrial con- few years, demand is expected to rise steadily. In sumption of coal, gas and electricity. This is in- spite of a substantial programme for the production evitable in order, on the one hand, to provide the of generating plant, which will provide 0.8 milstocks for next winter and, on the other, to reduce lion kilowatts of plant in 1947 and 2.6 million kilothe cuts on industry to the unavoidable minimum. watts by the end of 1949, the position is likely to 92. To sum up, coal is the basis of our whole get worse in the next two years. There will be programme. In 1948 and in 1949 we shall need some relief in Scotland in 1949 from the hydroeven more coal than in 1947. The expansion of electric development in the North of Scotland. But industry will require more power, more steel pro- in the country as a whole, unless restrictions are duction, more railway transport, all of which means imposed, the deficit is likely to rise to 1.6 million APRIL 1947 381 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ECONOMIC SURVEY OF THE UNITED KINGDOM kilowatts in the winter of 1947-48, and in the fol- therefore intends to discourage the further expanlowing winter to 1.7 million kilowatts. sion of this group of industries in 1947, relying upon 96. Although high priority is already given to increased output per man-year to expand their prothe production of new generating plant, it will duction to the limits of the available raw material. take some years to make up the arrears. In the 101. The precarious balance in the steel position meantime the Government will do everything it is achieved only by cutting steel exports to the can to increase generating plant by the use of minimum. This is a sound policy while steel is smaller units and by emergency measures. Drastic scarce. It is better to export finished goods consteps will be taken to keep down the non-industrial taining steel than to export steel as such. But it is load. necessary that the industry should before long be Steel in a position to contribute directly to the purchase of our imports; an extra million tons of steel would 97. The steel shortage results from lack of imbuy our whole sugar import requirements. The ports and from lack of coal to maintain maximum industry's long-term development plan assumes production of steel. In 1946, steel output was home consumption of some 9/4 million tons of nearly 12% million ingot tons, compared with the finished steel a year—a level which would have pre-war peak of 13 million tons. In 1947, there been reached in 1947 if there had been enough is capacity for a considerable increase, but the coal coal—and 2lA million tons of finished steel exports; shortage is cutting down production. It is hoped, this would need 16 million ingot tons of steel a however, that output for the year will not be far year, some of which would in normal years be supbelow the 1946 level. With imports, the supply of plied from abroad. finished steel for consumption here should not be significantly less than 9 million tons, after allow- Railways and Shipping ing for essential exports, e.g., for food packing and for supplying the British oil industry overseas. 102. The railways also have a large back-log of 98. Consumption before the war never exceeded re-equipment and maintenance work to be done. 8^4 million tons of finished steel. In 1946, it was In the summer before the outbreak of war, the rail- 8.1 million tons, but rose to an annual rate of 9.2 ways carried 326 million ton-miles of traffic a week. million tons in the fourth quarter. The amount During the war, the average was nearly 450 milavailable in 1947 as a whole should be appreciably lion ton-miles a week. The load is still running at above that of 1946. nearly 400 million ton-miles a week. The railways 99. On this basis, there should be no serious gap also had to carry a steadily increasing number of between the supplies available in 1947 and the passengers. At the same time, their normal equipessential needs of the major steel-consuming in- ment programmes were drastically cut; the railway dustries. This estimate assumes that there is no workshops were converted to munitions production; significant expansion in the labour force of these there was neither steel nor timber nor manpower industries, and takes into account the limitations for maintenance on anything approaching the norlikely to be imposed on their output by other mal scale. shortages. 103. As a result, the shortage of serviceable roll- 100. Continued expansion of the big steel-con- ing-stock has seriously curtailed railway capacity suming industries, however, might well increase throughout the winter. Moreover, the condition of demand for steel (and indeed for non-ferrous the permanent way and shortage of timber sleepers metals) to a point at which it became quite un- may, in a few months' time~ make it necessary to manageable. The available steel (apart from spe- impose speed restrictions in the interests of safety. cial types) will probably suffice to meet the neces- These arrears of maintenance must be made good sary increase in output per man-year by the existing as soon as possible; otherwise increased production labour force of these industries. But an expansion of coal and steel will be held up for lack of transin their total labour force, besides preventing an port. increase in the under-manned industries, would risk 104. The restoration of our shipping is another being frustrated by lack of steel. The Government major task. The merchant fleet in British owner- 382 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ECONOMIC SURVEY OF THE UNITED KINGDOM ship is 13.9 million gross tons, compared with 17.4 target acreages are similar to those of 1945. Except million gross tons at the beginning of the war, but for milk, the supply of which is steadily increasing, this is supplemented for the time being by a sub- output of livestock products in the year from 1st stantial tonnage which we are operating on bare- June, 1947, will be little above that of the current boat charter. Previously, the fleet was a significant livestock year. But the Government's policy is to earner of foreign exchange; other countries paid us switch back as soon as it can. Any additional feedmore for carrying their imports than we paid them ing-stufls which become available in the next few for carrying ours. This year, it will probably earn months will be used in the main to increase pig a small balance in our favour (if we are given and poultry breeding stock. Present restrictions reasonable time to redeliver to the United States upon retention of grain by growers must continue the ships on bareboat charter) but the import pro- for the 1947 harvest, but farmers will be allowed to gramme is greatly reduced. If we were importing retain some of their millable wheat and barley from at a higher level, we should be incurring heavy the 1948 harvest. foreign exchange costs for shipping as well as for 109. More agricultural workers are required. We the imports themselves. shall soon be losing the 130,000 prisoners of war, 105. Therefore we must build more ships. The one-half of whom are in effect regular workers. shipbuilding industry is of just the same importance The Government's plans for getting foreign labour as an earner of foreign exchange as an industry (see paragraph 125) should help. But the longproducing entirely for export. Last year, it pro- term solution can lie only in the establishment of duced nearly 1 million gross tons of ships—about a prosperous and highly efficient agriculture. The the same as in 1938. The target for 1947, achieve- Government will take what steps it can to provide ment of which depends upon increased output per more houses for agricultural workers. The agriman-year and upon adequate supplies of materials, cultural machinery industry is expanding, and fittings and other components, is 1%. million gross foreign exchange is allowed for the import of matons, with a large repair programme in addition. chines required for improving efficiency; the further increase of output per man-year offers the best Agriculture prospect of satisfying the industry's man-power 106. The net output of British agriculture in- problems. creased by about 35 per cent2 during the war; in- 110. Allotments and gardens made a considertensive mechanisation made British agriculture able contribution to the food problem during the among the most highly mechanised in the world, war. The need for this important source of fruit with 190,000 tractors compared with the pre-war and vegetables remains as great as in the war years. 60,000; output per man-year rose by 10-15 per cent. The problem now is to adjust the industry to Building post-war needs, while retaining the war-time gains * 111. The building labour force has expanded in efficiency and developing them still further. nearly to the pre-war level, but output per man-year 107. The Government's policy, both to save is far below pre-war. Raw materials are a serious foreign exchange and for good farming, is to switch limitation upon production—first, timber; second, our production, as rapidly as the cereals position structural steel; third, clay products. It was anpermits, from the production of crops for direct nounced earlier that the building labour force human consumption to the production of livestock (in terms of total man-power) would be expanded and livestock products, especially pigs and poultry. to 1,400,000; the Government has now decided to The import of 1,000 pounds worth of feeding base the national building programme in 1947 on stuffs will save nearly 2,000 pounds worth of ima labour force of 1,300,000. ports of livestock products. 112. Timber supplies are critical. We rely almost 108. The world cereal shortage has delayed this entirely upon imports. Two-thirds of the requirepolicy. This year we must still have a large proments of softwoods are for the building programme; duction of wheat, potatoes and sugar-beet, and the supplies in 1947 will be about 10 per cent above 2 This refers to the value of net output at constant prices; in those in 1946, but will be only some 75 per cent of terms of calories, the output increased by about 70 per cent. APRIL 1947 383 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ECONOMIC SURVEY OF THE UNITED KINGDOM minimum requirements—and less in the first half pone some schemes which are in themselves of of 1947. Moreover, the shortage will last for some great value to industry, or of great social value, years. Timber economy is thus very important as but this is unavoidable. a long-term policy; a wide range of such economies 116. The need for careful scrutiny of capital —e.g., concrete floors—is now in operation. equipment projects becomes greater, rather than 113. The shortage of timber hits the housing less, as the pressure upon building and engineering programme hardest. At present, 60 per cent of the resources increases. Apart from the big programmes labour force is allocated to housing and 40 per cent for re-equipment of basic industries and services, to other building work. The programme for house- the most important projects on the industrial side building in 1947 aims at the provision of 240,000 are those which yield a quick return in terms of inpermanent and 60,000 temporary houses. There creased output per man-year, especially in the may be insufficient timber to meet this programme. under-manned industries. Long-term projects must New construction other than housing is limited by inevitably take second place to projects which will supplies of structural steel as well as by timber. quickly help to solve the special difficulties which Moreover, new projects need power. Close conare limiting the expansion of the total national protrol will therefore continue to be maintained over duction and are distorting its balance. This general new construction projects in order to prevent more principle must underlie our planning in 1947. from being started than can be completed. The 117. The Government is aiming at a distribu- Government attaches special importance, however, tion of work on capital equipment and maintenance to the completion of the new factories under conin 1947 on the following lines:— struction or scheduled for construction in the De- Per cent velopment Areas; these factories put men and Construction— women back to work. Housing 20 114. Scarcity of materials is a major obstacle to New industrial building 6 the 1947 building programme. It is not yet clear Other building and maintenance, including war damage repairs. . 22 how far this will prevent attainment of the housing target, but the Government proposes to meet the Plant— situation if it arises by moderating the further im- Electricity, gas, Post Office 9 mediate expansion of the building labour force and Roads, bridges, docks, harbours, by taking up any slack which may develop by re- canals, etc 4 Railways, commercial road laxing restrictions on work which uses little scarce vehicles, shipping and civil material, including maintenance and repair. There aviation 15 is ample work to be done, at output per man-year Plant for industry, mining and far above the present level. agriculture 24 52 The Capital Equipment Programme Statistics are not yet sufficiently comprehensive to 115. The provision of new equipment and main- enable the investment expenditure to be estimated tenance for the basic industries and services, the with great precision. But some indication of the building programme, and the work of industrial scale of programme at which the Government is re-equipment generally represent a formidable task aiming may be expressed in the objective that durfor the nation for many years ahead. It cannot all ing the year 1947 at least 15 per cent more capital be done at once. There is not enough man-power, equipment and maintenance work (apart from new steel and building and engineering capacity, espe- housing and housing maintenance) must be done cially as a large part of the latter must be used for than was done in a normal pre-war year. exports. The Government must therefore maintain close control of this type of work; otherwise THE OBJECTIVES FOR 1947 the building and engineering industries will be 118. Having examined our economy as a whole, jammed, and not even the work of highest priority the Government has sought to frame a balanced will be done. The exercise of this control may post- series of objectives for 1947. They are:— 384 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ECONOMIC SURVEY OF THE UNITED KINGDOM (i) Defence.—The nation's defence needs are Man-power examined in a separate White Paper (Cmd. 7042). 120. In order to reach these objectives—and at This provides for a reduction in the Armed Forces present output per man-year—we shall require a from the December 1946 level of 1,427,000 to larger labour force than can be expected to be avail- 1,087,000 by the end of March 1948 and a fall able unless special measures are taken to increase it. in the numbers of workers needed for supplying Moreover, the present distribution of the labour them. force, by industries and by places, is not satisfactory; (ii) Payment for Imports.—Exports must be a wide range of industries are under-manned, while raised to 140 per cent of 1938 volume by the end others are getting too much man-power in relation of 1947 (paragraph 79). to the raw materials available; in Wales, unemploy- (iii) Capital Equipment and Maintenance.—The ment before the power crisis was 7l/ 2 per cent, while housing programme is 240,000 new permanent in London and the Midlands it was 1 per cent, and houses and 60,000 temporary houses in 1947, as the number of new vacancies notified to the Labour explained in the Housing White Paper (Cmd. Exchanges every week far exceeded any possibility 7021). The amount of capital equipment and of filling them. We have to look at the problem both in terms of total man-power and in terms of maintenance work (other than work on houses) is its distribution. to exceed that of a normal pre-war year by at least 15 per cent (paragraph 117). 121. The labour force in civil employment at the (iv) Consumption.—Food supplies will not in- end of 1946 was 18,122,000. Unless special measures are taken to increase it, this force is unlikely to crease much in 1947, because of world shortages. exceed 18,300,000 in 1947. It will reach this level The shortage of the most important manufactured at about the middle of the year. In terms of total consumer goods such as clothing and household texman-power, the gains to civil employment from subtiles, pottery and furniture, will necessarily consequent demobilisation will be offset by the raising tinue. A steady effort must be made to increase of the school-leaving age and other losses to the supplies, but progress will inevitably be patchy, labour force. and will depend mainly upon the extent of the fuel 122. It would be possible, by delaying the raising and labour shortages in the various industries which of the school-leaving age a few months, to give the produce these goods. productive system an additional 160,000 juveniles. (v) Public Service.—Programmes for education, The Government has decided that the long-term public health and national insurance are to go forloss to the nation would outweigh the immediate ward, and a proper degree of efficiency of the pubgain from this step; the education of children of this lic services is to be maintained, with special attenage suffered severely in the war and their interests— tion to economy in man-power. and the long-term interests of the nation—cannot be sacrificed. 119. The achievement of all of these objectives 123. For the purpose of estimation, the Governdepends upon the basic industries and services, and ment has assumed that unemployment at the end of in particular coal, power, steel and transport. Fail- 1947 will be 400,000, or 2l/ per cent of the insured ure in any of these—and particularly failure to pro- 2 population. In the Development Areas, where unduce 200 million tons of coal in 1947—will set back employment results from the fact that there are not the entire productive effort. Indeed, the possibility enough factories, the percentage will be higher than of securing these objectives depends upon the eflort this. The cost to the nation in 1947 of this legacy of the miners. They are difficult objectives. They from the past of unbalanced geographical distribucall for a rapid recovery from the present industrial tion of our industry is equivalent to the loss of the standstill, and then a sustained expansion for the labour of 120,000 men throughout the year. The rest of the year. This will not be at all easy. But Government is taking energetic steps to remedy this the objectives are very modest in relation to the state of affairs by building new factories, and there nation's needs. We cannot afford to fail on any of is every reason to hope that unemployment in these them. And they all depend upon coal. areas will be appreciably less at the end of 1947 than APRIL 1947 385 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ECONOMIC SURVEY OF THE UNITED KINGDOM it is now. But until the new factories have come finding accommodation for them, particularly if into full operation, unemployment in the Develop- they are accompanied by dependents. But foreign ment Areas will nevertheless be well above the rate labour is the only substantial additional source of in the rest of the country. man-power which is open to us—especially for the 124. The prospective labour force of 18,300,000 under-manned industries—and the Government inmen and women at December 1947 falls substan- tends and believes that with the full co-operation of tially short of what is needed to reach the national British employers and workers these difficulties can objectives. The Government therefore appeals to be overcome. women who are in the position to do so to enter in- 126. The Government is planning on the basis dustry. By doing so they will actively help in the of at least an additional 100,000 workers from all national effort. This applies in particular to those these sources by the end of 1947, giving a proswho enter the under-manned industries such as tex- pective total civil employment of 18,400,000. tiles. To encourage this, these industries will need Distribution of Workers to adjust their conditions of work to suit, so far as possible, the convenience of women with household 127. There is also the problem of getting this responsibilities and to accept, as they did in the war, man-power into the right places. Expansion of the services of women on a part-time basis.3 The the coal-mining labour force is priority number one. Government also appeals to those who can do so to The next greatest need is for an expansion of the contribute to the national task by staying on at their other under-manned industries, and particularly of work instead of retiring. It is to encourage this that agriculture and the textile industries. Employment the pensions arrangements provided in the National in the metal-using industries is already far in excess Insurance Act offer special inducements to old peo- of the pre-war level and should not be expanded ple to postpone retirement, and it would be generally further, except in certain special instances. The desirable if other pensions schemes which make building labour force should, likewise, not be exretirement compulsory at a specified age were panded much further, but more workers are needed amended so as to allow retirement to be postponed, to produce building materials. Although conwith some suitable improvement in the rate of sumers' services, such as distribution, catering, enpension. This need to increase the working popu- tertainment, etc., are still well below their pre-war lation is not temporary; it is a permanent feature level, they are tending to attract too much of the of our national life. man-power that is becoming available as the result 125. Foreign labour can make a useful contribu- of demobilisation, and it is of the utmost importance tion to our needs. The old arguments against that only moderate increases should occur in these foreign labour are no longer valid. There is no services in the immediate future. danger for years to come that foreign labour will 128. The Government has no direct control over rob British workers of their jobs. The Government the way in which man-power moves; it can seek intends to seek every means of employing in civilian to influence the movement in a number of ways, work the Poles who are here or who are coming but the ideal distribution of man-power would here and who are unwilling to return to their own involve changes of such magnitude that it would country. It also intends to extend the recruitment be impossible to bring them about by any means of displaced persons from the Continent to work short of complete war-time direction. Even if direchere. The Government is prepared to ensure that tion were used, the transfer of labour would be foreign labour will not be introduced into specific limited by lack of accommodation. The following employment while British labour is available. The table sets out a distribution of man-power at endrecruitment of displaced persons for industrial em- 1947. This is neither an ideal distribution nor a ployment is obviously limited by their suitability forecast of what will happen; it represents the for work of the kind for which British workers are approximate distribution which is needed to carry not available, by their ignorance of the English out the objectives in paragraph 118 and which the language and above all by the serious difficulty of Government considers can be achieved if the nation 3 The Ministry of Labour will give information locally where as a whole sets itself to achieve them. and when part-time workers are needed. 386 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ECONOMIC SURVEY OF THE UNITED KINGDOM Distribution of Man-power1 ployed in national and local government; a thorough review is now taking place. Dec. 1946 Dec. 1947 (Thousands) 130. Balanced national production requires a big Coal industry2. .. 730 770 increase in the labour force of some industries and Public utilities 258 275 Transport 1,373 1,370 limitation of the expansion of others. The need Agriculture and fishing 1,081 1,120 for more miners dominates the whole scene. Our Building and civil engineering3. 1,250 1,300 food position depends upon more workers in agri- Building materials and equipculture. The housing programme depends upon ment 628 650 Metals and engineering 2,811 2,840 more workers in the building materials industries, Textiles and clothing 1,405 1,475 as well as upon timber. The clothing ration de- Other manufactures 2,186 2,225 pends upon more workers in the cotton and woollen Distribution and consumers' industries; the supply of cups and saucers upon services 4,270 4,325 Public service4... 2,130 2,050 more workers in the pottery industry. On the other hand, further expansion in the number of Total civil employment. . 18,122 18,400 building workers, or in the number of engineering 1 Definitions as in Table A. workers, would threaten to cause under-employ- 2 Includes administrative and all other workers engaged in the industry. The number of wage-earners on colliery books was ment for lack of materials. 692,000 at December 1946, and the target is to raise this to 730,000 131. Now that direction of labour has been abanat December 1947. 3 Includes all workers in the industry. The number of male doned, there is no single measure which the Govoperatives aged 16 and over was 943,000 at December 1946, and the target for December 1947 is 1,000,000. ernment can adopt to bring about these adjustments. 4 National and local government, including Post Office, Fire Service and Police. The problem of certain under-manned industries 129. The main considerations underlying this can be greatly eased by the introduction of new distribution are:— machinery and by the provision of better amenities for the workers in them. As much as possible is (i) Special importance and difficulty attach to being done on these lines. But these are for the coal-mining, agriculture, public utilities; the high most part measures which cannot yield quick results. rate of loss of men from the mines makes even a small increase of the existing man-power an ex- Output per Man-year tremely difficult target. 132. The size and the distribution of the labour (ii) It is desirable that further immediate expan- force are important, but what ultimately counts is sion of the building labour force should be limited the output which the nation produces. We shall because of shortage of timber and other materials; not attain the objectives described in paragraph 118 special effort will be needed to meet the target for without an increase of output per man-year. In building materials. coal and in building, as shown above, output per (iii) It is desirable that further expansion of man-year is far below pre-war; in agriculture, on the engineering and other metal-using industries the other hand, it is appreciably above pre-war. In should be limited, not only because the workers manufacturing industry the evidence is not clear; are needed elsewhere, but also because shortage of the experience of different industries—and probably steel and certain non-ferrous metals will in any of different firms in the same industry—varies case limit additional useful employment in these widely. The absence of precise facts on this vital industries. question seriously hinders remedial action. The (iv) Employment in textiles and clothing is still Government therefore proposes to invite the repre- 400,000 below pre-war. The proposed increase is sentative organisations of industry to co-operate as much as can be expected in one year. with it in an attempt to establish the facts, now (v) It is desirable that the expansion of the that the first stages of the reconversion have been labour force engaged in transport, distribution and completed. consumers' services should as far as possible be 133. It is clear, however, that there is room for limited. improvement, and that a relatively small improve- (vi) A reduction is assumed in the numbers em- ment all round can have a big effect upon the total APRIL 1947 387 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ECONOMIC SURVEY OF THE UNITED KINGDOM national production. In the longer view, increased The Distribution of Resources output per man-year is the only way to expand pro- 137. If the objectives are reached, the national duction and the standard of living. The way to production will reach a high level in 1947, despite effect this is by the organised combined effort of the coal crisis. The approximate distribution of men, management and machines. Our record of the national income might be summarised as folindustrial peace since the end of the war is one of lows:— which we can be proud. But more is called for Percentage of national than the absence of industrial unrest. It is necessary income to build up the factories into productive units of the 1938 1945 1947 highest efficiency. This is a matter in which the Personal consumption.... 78 54 Government is giving industry what assistance it Defence1 7 49 11 can. With this direct object, it has allocated large Other public expenditure.. 10 7 Capital equipment and resources to industrial equipment and maintenance maintenance 16J-2 6 20 work in 1947 and is ready to make foreign exchange Less depreciation —10 — 6 — 7 available for imports of machinery which increase Imports -18 -10^ -17 efficiency. But the job must mainly be one for in- Exports and re-exports.... 113^2 ^XA 14 Other net overseas receipts. 5 — 4 — 1 dustry itself. 134. For this purpose also, the Government at- Total 100 100 100 taches great importance to the introduction of sys- ^The defence figure for 1947 represents gross cost of the Services; tems of payment and other arrangements which sales of surplus military stores are credited against other items in the table. provide the maximum incentive to increase output. 138. This table shows the broad distribution of 135. Over a wide range of the nation's economic national effort at which the Government is aiming activity—transport, distribution, and services genin 1947. It indicates the relationship between the erally—the idea of output per man-year is less prevarious targets in total terms of national work—the cise than in industry, where it can be measured in high level of industrial re-equipment and building terms of the number of things produced. But the work which must be done, the increased exports need for the greatest possible efficiency and economy which are needed to offset our loss of other overin the use of man-power in these services is no less seas income, the growth in defence and public servthan in manufacturing industry, mining, building ice compared with pre-war, the proportion devoted and agriculture. The claim which the services make to personal consumption about midway between upon the nation's man-power must be kept as small the last pre-war year and the last war year. This as possible, in order that man-power should be availis the broad lay-out. It shows how the results of able for the production of goods. Increased effithe national productive effort are distributed beciency in the supply of services is just as important tween the various national needs. But the bigger as increased output per man-year in the production the total production, the larger the amount availof goods. able to be distributed. 136. In considering the grave problems presented by the economic "budgets" of requirements and re- IV. CONCLUSION sources, the Government has fixed national objec- 139. In this Paper the Government has set out tives which cannot be achieved without an increase its conclusions on the economic state of the nation in output per man-year. Action which serves to and has fixed targets and objectives for 1947. The reduce output per man-year in any industry is central problem is coal and power and upon this directly endangering the attainment of these ob- everything else depends. The second problem is jectives. The nation cannot afford shorter hours to expand the nation's labour force, to increase its of work unless these can be shown to increase out- output per man-year and, above all, to get men and put per man-year. Greater leisure is a very desirable women where they are needed most. These are thing, but it is not at the moment a prime essential the essentials for increased national production. like imported food. It is not as important as coal or Next is the problem of payment for our imports clothing or housing. and the necessary condition here is a steady recovery 388 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ECONOMIC SURVEY OF THE UNITED KINGDOM of our exports towards the target level of 140 per effort by all the British people. This is a critical cent of 1938 volume which must be reached by the moment in our affairs. Success demands effort and, end of the year. Unless we concentrate upon these even more, a constructive and flexible approach by really important things we may never restore the both sides of industry to the problem of production. foundations of our national life. The objectives in There is now no place for industrial arrangements this Paper embody the Government's determination which restrict production, prices or employment. to put first things first. Such regulations and traditions grew up as a means 140. It is the Government's responsibility to lay of protecting those engaged in industry from the down the national tasks, and to use all means at effects of a shortage of work and of empty order its disposal to ensure that they are accomplished. books. But now there is no such shortage, nor need But the Government cannot achieve them by itself. there ever be under a policy of full employment. The tasks are for the nation as a whole, and only There is more than enough work for industry to do. the combined efforts of everyone can carry them There is so much to be done, indeed, that the Govthrough. The Government therefore invites the ernment's main difficulty is that of ensuring that attention of industry and the public to its plans; what is needed most is done first. Against this it intends to arrange discussion with both sides of background there is no justification for action by each industry of the problems which arise from either side of industry which limits production. On them; it will welcome constructive criticism, and the other hand, if the entire strength of industry— it is ready to modify its plans if a case for doing mining, manufacture, building, agriculture and so is made out. There is nothing rigid or final in services—is whole-heartedly exerted for the attainthese plans; they are a working pattern for the ment of the objectives set out in this Paper, the nation which will be adapted and modified as con- Government is confident that our present difficulties ditions require and as experience shows necessary. will be overcome and that we shall succeed in carry- 141. These plans call for a great constructive ing out the great tasks before us. TABLE A.—DISTRIBUTION OF TOTAL MAN-POWER* IN GREAT BRITAIN [In thousands] Distri- Distri- 1939 1945 1946 1946 bution 1939 1945 1946 1946 bution June June June Dec. 1947 June June June Dec. 1947 Dec. Dec. Coal industry1 773 738 736 730 770 Distribution 2 887 1 958 ?,170 9 304 Public utilities ... . 242 196 240 258 275 Other consumers' services4.... 2,225 1,598 1,884 1,966 )4,325 Transport 1,233 1,252 1,368 1,373 1,370 Public service5 1,465 2,030 2,099 2,130 2,050 Agriculture and fishing 950 1,041 1,078 1,081 1,120 Total in civil employment 18,000 16 416 17,41518,1??18,400 Building and civil engineering2 1,310 722 1,184 1,250 1,300 Armed Forces and Auxiliary Services 480 s,090 9,039 1 4? 7 1,170 Building materials and equipment 645 446 575 628 650 Total in employment.... 18,48021,506 19,44719,54919,570 Metals and engineering3 2,278 3,345 2,715 2,811 2,840 Textiles and clothing 1,803 1,150 1,330 1,405 1,475 Demobilised men and women Food, drink and tobacco 654 518 566 597 not yet in employment 40 700 300 100 Chemicals 266 423 315 324 Insured unemployed 103 376 6SO8 400 Other manufacturing indus- 2,225 Total working populatries 1,269 999 1,155 1,265 tion . 19,750 21,64920,52320,24720,070 * Males 14-64; females 14-59. Includes employers and self-employed as well as employees. Excludes private domestic servants. Includes part-time workers, two being counted as one unit. Figures for past dates exclude prisoners-of-war, but include such other foreign workers as have entered civilian employment; the figures for December, 1947, include a further allowance for such foreign workers. 1 The corresponding figures for the number of wage-earners on colliery books are (in thousands); June, 1939, 735 (at work); June, 1945, 711; June, 1946, 699; December, 1946, 692; target for December, 1947, 730. 2 The corresponding figures for employed male operatives aged 16 and over are (in thousands); June, 1945, 520; June, 1946, 890; December, 1946, 943; target for December, 1947, 1,000. 3 Metal and engineering industries principally engaged in the manufacture of capital goods: includes motor, cycle and aircraft industry ; excludes constructional engineering, general ironfounding, heating and ventilating apparatus, brass wares, etc. (all in "building materials and equipment"); excludes electrical apparatus, carriages, carts, etc., watches, clocks, etc., scientific and photographic apparatus (all in "other manufactures"). 4 Entertainment and sport, hotels and catering, laundries, commerce and finance, professional and personal services. 5 Includes non-industrial civil servants and industrial staffs of Government Departments who are not classified to a particular industry; all Post Office Staff (except those engaged in factories manufacturing apparatus); employees of N. A. A. F. I.; British civilian employees of U. N. R. R. A. and Allied Control Commission; Police, N. F. S., Civil Defence; all employees of local authorities (including teachers) other than those employed in trading departments. 6 Estimate for 31st December, 1946. APRIL 1947 389 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ECONOMIC SURVEY OF THE UNITED KINGDOM TABLE B.—TRENDS IN INDUSTRIAL ACTIVITY AND HOME MARKET SUPPLIES 1945 1946 Unit1 1937 1938 4th Qr. 4th Qr. Industrial Activity— Fu E G C el l o a e s a a c l n t o r o d u i u c t P p t it p o u y i u t v t e g r e ( n in e c r . a o te p d en-cast) 0 M M 0 i i 0 l l l l i i t o o o n n n s k T w he . r h m rs s . W W M. . . A A A . . . 2 24 2 , , 8 2 5 7 3 3 0 1.8 2 2 4 2 , , 6 4 2 0 3 4 5 1.9 3 3 , , 6 4 1 3 4 5 9 1.2 3 4 , , 7 0 9 1 4 2 4 6.5 Steel Output of ingots and castings 000 tons W.A. 250 200 238 252 Non-ferrous Metals {home consumption) Virgin aluminium 000 tons M.A. 3.3 3.7 7.3 11.8 Virgin copper 25.1 21.5 23.3 30.9 Virgin zinc 17.4 15.4 14.8 20.0 Refined lead 28.8 27.0 21.6 16.9 Tin metal 2.16 1.52 1.4* 2.38 Engineering Products {output) M I. a C c . h e i n ne g in to e o s ls, metal-working Number M.A. 83 6 , , 2 6 6 4 0 5 8 1 3 3 , , 9 6 4 4 6 2 Agricultural tractors 1,496 836 1,940 2,967 Passenger cars 32,000 28,000 3,708 26,313 Commercial vehicles 9,843 8,764 10,382 13,880 Locomotives 30 62 68 Civil aircraft 18 92 Me T rc o h n a n n a t ge S u h n i d pb er u il c d o in n g struction (100 gross tons and over). 000 gross tons M.A. 1,000 41,465 41,763 Timber {softwood consumption) 000 standards M.A. 8 67 •85 Building Materials {output) Bricks Millions MA. 650 119 396 Cement 000 tons M.A. 643 388 618 New Houses completed P T e e r m m p a o n r e a n ry t Number M.A. s30,825 529,971 6 6 2 7 2 8 4 1 1 7 1 , , 9 75 3 5 4 Textiles Cotton yarn output Million Ib. W.A. 23.7 12.1 13.5 Rayon yarn output (inc. staple fibre) M.A. 13.1 11.1 13.2 17.2 Wool (home consumption) '73.5 «44.6 •61.2 Leather Production of finished leather 000 tons M.A. «8.0 •9.2 Home Market Supplies- Footwear q In u d a e n x t i o ty f = 1 1 9 0 4 0 5 7 175 s 101 8 145 O Fu th rn er it u cl r o e t h a i n n d g furnishings ' 7 2 3 0 5 0 0 8 8 1 1 1 1 2 3 8 8 2 1 4 4 0 6 W Ha o r v d e w n a c re loth for clothing—wool Mill. sq. yds. M.A. 72 7 O 2 O 5 • » 1 96 7.1 » 8 1 2 9 1 2 .5 —other 7 85 »36.0 •52.1 Footwear (exc. rubber) Million pairs M.A. 10.7 7.8 9.6 Utility furniture 000 unit values M A 1,994 4,045 Radio sets 000 145 23 103 Motor cycles Number u 3,890 123,360 4,580 Pedal cycles 000 134 1049 "81 Household coal 000 tons W.A. 626 631 Transport— Railways Tra P f a fi s c s e o n r g ig er i n j a o t u in rn g e o y n s main-line railways— Millions M.A. 101.3 96.5 1O122.1 10110.9 Merchandise Million tons W.A. 0.93 0.81 1.23 1.13 Minerals 1.10 0.88 0.9 1.05 Coal, coke and patent fuel 3.49 3.20 2.81 2.87 Total ton-miles of freight carried Million ton-miles " 309 406 380 Roads Goods vehicles licensed 000 (end of period) 13468 467 563 Agriculture- Movement off farms— Aver, of 1936/7-1938/9 1945 Year 1946 Year Wheat 000 tons W.A. 14.0 39.6 27.1 Barley 10.1 32.1 28.6 Oats 2.3 6.7 7.1 Potatoes 52.4 110.3 116.5 Milk Million gallons M.A. (1937) (1938) 96.7 104.1 118.6 124.6 Animals purchased for slaughter- Cattle 000 W.A. 37.8 37.0 32.7 33.5 Calves 000 15.3 16.1 26.9 27.8 Sheep and lambs 000 176.3 191.6 121.0 137.0 Pigs 000 99.7 96.3 31.7 27.6 Fuller details of most of the series above will be found in the Monthly Digest of Statistics. In comparing the figures for the fourth quarters of 1945 and 1946 with the pre-war annual averages, it should be noted that many of the series are subject to some degree of seasonal variation and that on this account the fourth quarter normally shows higher figures than the average for the year. 1 M.A.=monthly average; W.A.=weekly average. ' September—October. * 4th Quarter only. • July—August. 8 October—November. 10 Third quarter. * End December. u New registrations. * Year ending 30th March. 12 January—March, 1946. * Average for whole year. 18 February, 1939. 7 Figures relate to 1935 and are only roughly comparable with 1945-6 figures. 390 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ECONOMIC SURVEY OF THE UNITED KINGDOM TABLE C.—ANALYSIS OF MAN-POWER IN EMPLOYMENT IN GREAT BRITAIN [In thousands] H939 1945 1946 1946 1939 1945 1946 1946 June June June Dec. June June June Dec. 1. MILITARY— HOME CIVIL USE (contd.)— Armed Forces and Auxiliary (b) Consumers' goods and services— Services 480 5,090 2,032 1,427 Food, drink and tobacco 604 416 498 544 Equipment and supplies for Forces Textiles and clothing 1,334 693 973 1,081 (manufacturing industry) 21,270 3,830 716 459 Chemicals 140 144 206 230 Other manufactures 832 442 788 889 Agriculture and fishing 950 1,041 1,078 1,081 Total Military. 1,750 8,920 2,748 1,886 Distribution 2,887 1,958 2,170 2,304 Other consumers' services 2,225 1,598 1,884 1,966 2. EXPORT— Metals and engineering. . 390 149 654 705 Total Consumers' goods Other manufactures 600 261 657 761 and services 8,972 6,292 7,597 8,095 Coal industry 160 14 12 10 (c) General purpose goods and Total Export. 1,150 424 1,323 1,476 services— Coal industry (excluding export). . 613 724 726 720 3. HOME CIVIL USE— Public utilities 242 196 240 258 (a) Investment— Transport 1,233 1,252 1,367 1,373 Metals and engineering , 1,200 703 1,683 1,822 Building and civil engineering.., 1,310 722 1,184 1,250 Total General purpose 2,088 2,172 2,333 2,351 Building materials and equipment 545 243 480 539 Total Home civil use 14,115 10,13213 277 14,057 Total Investment. 3,055 1,668 3,347 3,611 4. PUBLIC SERVICE 1,465 2,030 2,099 2,130 Total in Employment 18,480 21,506 19,44719,549 1 The division into supplies for Forces, export and home civil use, is only approximate. * The numbers engaged on work for the Forces at June, 1939 were substantially in excess of the normal pre-war level, on account of war preparations. For scope of table and definitions of industry groups, see notes in Table A. APRIL 1947 391 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE BANK OF CANADA The Annual Report of the Ban\ of Canada for Dominion Government domestic bond issues outthe year 1946 was submitted to the Canadian Min- standing, which showed annual increases ranging ister of Finance, the Honorable D. C. Abbott, on from 440 million dollars to 3,550 million in the February 11, 1947, by Mr. Graham Ford Towers, preceding six years, rose by only 208 million in 1946. Governor of the Ban\. The greater part of the The amount of deposit certificates held by banks text of the report is given h ere with.x was again reduced, as in 1945. The net sum borrowed by the Dominion Government in any year NOTES IN CIRCULATION differs, of course, from the amount of borrowed The Bank of Canada note issue at the end of money it actually uses during that year by the December, 1946 was $1,186,201,681, up $57,102,increase or decrease in its cash balance; and in 1946 433 from the same date a year before. Of the total there was a substantial use of funds which had been amount of our notes outstanding, 1,009.3 million raised in the final Victory Loan campaign late in dollars were held by the public, and 176.9 million 1945. However, even on the basis of the Doby the chartered banks. The increase in notes held minion's net utilization of money borrowed in by the public was less in 1946 than in any year since Canada there was a drop from 2,600 million dol- 1938. lars in 1945 to 625 million in 1946. SECURITY MARKETS In the Dominion Government's first postwar Medium- and long-term Government bond prices public financing a new security was offered— rose sharply in Canada during the first two months namely, Canada Savings Bonds. These 10-year of 1946, and yields fell to a new low, while a similar registered bonds are issued in denominations from movement was taking place in New York and $50 to $1,000 and bear an annual coupon of 2% per London. The Canadian market remained relatively cent, which is somewhat above the current market stable over the rest of the year with the longest rate. However, they are sold only to individuals, dated Dominion Government issue selling at prices and holdings are limited to $2,000 per person. The to yield approximately 2.60 per cent as compared bonds are redeemable on demand at any branch with about 2.90 per cent at the end of 1945. The bank in Canada at par plus interest. London market showed further strength in the The Canada Savings Bond was designed to inlast quarter, and at the end of December the yield corporate those features of both Victory bonds and on the longest U. K. Government issue with a fixed War Savings certificates most desired by individual maturity was slightly less than 2.40 per cent as savers. The chief purpose of its issue is to facilitate compared with about 2.95 per cent a year before. the continuance of regular personal saving habits In the United States, Government bonds retained developed in wartime. During the initial selling only part of their early rise, but yields remain lower period from October 15 to November 15, about in that country than in the United Kingdom or 1,100,000 individuals subscribed for a total of 467 Canada. million dollars. About 600,000 employed persons Provincial, municipal and corporate bond prices subscribed through the payroll savings plan, some rose to record levels in Canada during 1946 and 200,000 persons entered into a programme of regucreated a situation very favourable to refinancing. lar saving under the monthly savings plan, and In addition, the return of the Canadian dollar to about 300,000 made cash purchases. The books will par at mid-year removed the exchange deterrent to remain open until further notice to accommodate calling issues with a New York payment feature. people who were not able to subscribe during the As a result, the volume of bonds refunded to lower initial campaign. rates in the Canadian market during 1946 was more During 1946 the totals of provincial, municipal than twice as large as in any previous year. and corporate bonds outstanding were again rei Portions of the report not given here include discussions of the profit and loss accounts of the Bank and its reserves and invest- duced. New issues of common and preferred stock ments, and notes on personnel matters. For previous reports, reached the largest volume for many years, but see BULLETIN for April 1945, April 1944, March 1943, etc. 392 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE BANK OF CANADA were exceeded in amount by redemptions of pre- creased by 228 million, while Government deposits ferred stock. declined by 511 million. Although stock market buying in recent years In Canada, as in most other countries, people is said to have been largely on a cash basis, at the have in recent years chosen to hold an increasing end of January, 1946, brokers' loans were up by amount of their accumulated savings in the form one-half from their level of four months before. of interest-bearing savings deposits. The chartered In the circumstances the stock exchanges considered banks' scope for employing such funds in making it wise to increase their minimum margin require- commercial loans has been relatively limited; and ments to 50 per cent, with 100 per cent required on in order to be able to pay interest on their savings low-priced issues. At the end of 1946, brokers' deposits they have found it necessary to invest in loans were 49 million dollars as compared with the Dominion Government securities of a longer term peak of 69 million in January, and a level of 40-45 and higher return than the Treasury bills, deposit million dollars in the middle of 1945. certificates or other special short-term issues sold directly to them by the Government. MONETARY CONDITIONS The relationship between savings deposits and In 1946 there was no monetary expansion aris- holdings of market issues of Government bonds is, ing out of direct bank financing of Government of course, largely automatic in countries where requirements. However, the volume of money con- savings bank business is handled mainly by special tinued to rise, though at a greatly reduced rate, as noncommercial banking institutions. In the case the public converted some of its liquid assets from of Canada where the chartered banks carry on both Government securities into savings deposits. savings and commercial banking under one roof, During the course of the year the Dominion an agreement was made with the Government Government reduced the amount of deposit cer- early in 1946 recognizing the link between savings tificates held by the chartered banks by 250 million deposits and holdings of market issues of Governdollars. In addition, 177 million dollars of Victory ment securities. The banks agreed that their inbonds held temporarily at the end of 1945 in con- vestments in Dominion Government direct and nection with customers' purchases under the official guaranteed issues (other than Treasury bills, deinstalment plans, were eliminated from bank port- posit certificates and Treasury notes) would not folios during 1946. Bank loans made to enable sub- average more than 90 per cent of the amount of scribers to purchase Victory (or Canada Savings) their Canadian personal savings deposits. The bonds at the time of issue declined by 136 million banks also agreed that their earnings on such bonds dollars during the year, and call loans to brokers should not exceed the cost of operating their savand dealers were reduced by 116 million. On the ings business by more than a moderate profit other hand, the chartered banks increased their margin. Canadian loans, excluding the categories mentioned The agreement places the chartered banks, in above, by 359 million dollars during 1946, bought respect of their savings business, in approximately 473 million of Dominion Government securities the same position as if they were separate savings (other than deposit certificates which have been institutions carrying 10 per cent of their deposits mentioned above) and increased their non-Gov- in the form of cash and other non-earning assets. ernmental security holdings by 113 million. Jt follows also that any Dominion Government The net effect of the changes mentioned in the securities held by the chartered banks as the counterpreceding paragraph, and the 58 million dollar in- part of current account deposits are necessarily crease in their cash reserves referred to elsewhere limited to Treasury bills, deposit certificates, and in this report was to increase chartered bank assets short-term Treasury notes which are currently bearby some 324 million dollars during the year. This ing interest at % per cent per annum. roughly accounts for the increase of 346 million in The agreement became effective on March 31, total Canadian deposits with the chartered banks 1946. Since then the chartered banks as a whole which took place over the same period. Public have bought a little less in the way of Dominion savings deposits alone increased by 604 million dol- Government market issues than would bring their lars during 1946, and public demand deposits in- portfolios up to 90 per cent of the rising level of APRIL 1947 393 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE BANK OF CANADA personal savings deposits. This reflects the oppor- ESTIMATED NATIONAL EXFENDITURE1 tunities which the banks have had in recent months [Calendar years, in billions of dollars] to increase their "commercial" loans. 1938 1944 1945 19462 Excluding loans in connection with Victory (and Gross private investment Canada Savings) bond purchases, we estimate that (inch investment in inventories) ..' 6 1.4 loans to merchandisers increased by nearly three- Personal expenditure on quarters during the year and to manufacturers as consumers' goods and a group by more than one-third. Loans to indi- services 3.7 6.2 6.8 7.4 viduals against securities, and "other" loans (mainly Government expenditure on goods and services3 8 4.0 2.4 1.7 personal) increased by more than one-half. Taking Exports of goods and into account both personal loans and loans to indi- services 1.4 4.5 4.6 3.4 viduals to carry securities, the banks probably have a higher proportion of loans to individuals, as dis- Total 6.4 15.3 14.4 13.9 Less—Expenditures abroad tinct from loans for business and other purposes, included above4 1.3 3.5 2.9 2.8 than at any previous time. Gross national expenditure. 5.1 11.8 11.5 11.1 RECONVERSION In many ways the transition from war to peace has taken place more successfully than could have ESTIMATED NATIONAL PRODUCTION 1 [Calendar years, in billions of dollars] been expected two years ago. Since V-E Day, 1938 1944 1945 19462 700,000 men and women have been demobilized Salaries and wages 2.5 5.1 5.0 5.1 from the armed services, and with the plant, equip- Military pay and allowment, and 900,000 workers engaged in war produc- ances 1.1 1.1 .3 tion, have very largely been absorbed into peacetime Investment income (before work. This process of reconversion has required corporate taxes) 7 1.8 2.0 1.8 Net income from farms and innumerable adjustments from an industrial and other individual enterparticularly a human point of view, and there have prises 8 1.9 1.7 2.0 been serious localized stoppages of production in both Canada and the United States which have Net national product at factor cost 4.0 9.9 9.8 9.2 limited the expansion of civilian output over a wide Indirect taxes .6 1.1 1.0 1.2 area. But in general the shifts and adjustments of Depreciation 5 .8 .7 .7 this transition period have taken place with a relatively small reduction in total output, and without Gross national product at market prices (=gross substantial or prolonged unemployment. national expenditure)... 5.1 11.8 11.5 11.1 As the following table from Dominion Bureau of Statistics data shows, the reductions in war 1 Based on National Accounts; Income and Expenditure; 1938- 1946, and Balance of International Payments statements published expenditure and in exports (partly Government by the Dominion Bureau of Statistics. Minor adjustments have been made in the Bureau figures in the process of rounding off, in financed) have largely been made up by increased order to eliminate the residuals arising from errors and omissions. private investment and increased expenditure for 3 2 P In r c e l l u im di i n n g a r t y h . e change in Wheat Board inventories. consumers' goods and services. This in turn has * Including the import content of expenditures shown in the table. served to maintain production and income at a high level, as shown in the second of the follow- available. This reduction in the volume of employing tables. ment was, however, almost entirely accounted for Insofar as prices have risen, the table below by voluntary withdrawals from the working force, tends to understate the slight shrinkage in the over- since total unemployment in November was only all physical volume of output which has taken place. slightly above its record low wartime level. It is As shown below, the number of people at work true that there have been serious shortages of declined by about 7 per cent from the war-stretched labour in some areas and occupations, while surtotal at April, 1945, to November, 1946, which is pluses of labour existed in certain other cases, but the latest month for which full labour force data is in general the large redistribution of manpower 394 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE BANK OF CANADA involved in reconversion has taken place relatively sale price index was 33 per cent higher than on V-J smoothly. Day, as compared with a 41 per cent increase in the index over the preceding six years. The foods ESTIMATED DISTRIBUTION OF POPULATION— component of this index increased by 42 per cent 14 YEARS AND OVER1 between last June and December. The cost of [Thousands] living index increased by 15 per cent during the June April Nov. same period. 1939 1945 1946 Armed services 10 740 50 CANADIAN PRICE INDEXES1 Wage and salary earners in war Aug. Aug. Dec. industry 900 1939 1945 1946 Wage and salary earners in General wholesale prices... 100 144 155 civilian industry 1,990 1,910 3,150 Wholesale food prices.... 100 151 158 Employers and workers on Cost of living 100 120 126 own account 490 440 510 Agriculture—male workers UNITED STATES PRICE INDEXES1 only 1,210 1,010 2960 Aug. Aug. June Dec. 1939 1945 1946 1946 Total number at work—as General wholesale prices... 100 141 151 188 above 3,700 5,000 4,670 Wholesale food prices 100 158 168 238 Unemployed 650 80 120 Cost of living 100 131 135 156 Students 630 460 3 590 Homemakers, women in agri- 1 Dominion Bureau of Statistics and U. S. Department of Labor indexes converted to the base August 1939=100. culture and all others 3,280 3,410 3,780 Although it would appear that United States Total population—14 years prices of some commodities have reached or passed and over 8,260 8,950 9,160 their peak, many primary commodity price increases 1 Based on data from the Dominion Bureau of Statistics and the have not yet worked their way through to the prices De 2 p R ar e t f m lec e t n s t s o ea f s L on ab al o l u y r . low employment in agriculture. of end-products. 3 Approximately 65,000 students who were also at work were For various technical reasons the Canadian and excluded from this heading and included with the employed groups above. United States indexes shown above are only roughly comparable. Nevertheless, it is clear that United PRICES States prices are substantially higher than Canadian One of the principal dangers of the reconversion ones at the present time. Obviously this spread period has been that prices and costs would be dis- could not be maintained indefinitely, even if controls torted by postwar inflation resulting from temporary were retained in Canada. The return of the shortages of goods on one side and a great accumula- Canadian dollar to parity with the U. S. dollar tion of demand, backed by wartime savings, on the last July reduced but did not remove the upward other. Any excessive run-up of prices and costs pressure on Canadian prices arising out of the rapid would set the stage for a subsequent deflation. It increase in the United States price level. would affect different economic groups very un- However, many observers in the United States are equally, and the resulting distortions would neces- expecting a considerable reduction in the case of sitate fresh adjustments before the basis would exist some of the more extravagant price increases which for a balanced and stable prosperity. took place during 1946. If this occurs, and Cana- Price increases in Canada since the end of the dian and United States prices in general come towar have been moderate. Despite a reduction in gether at a less inflated level, Canada's efforts to Government subsidy payments, the general whole- make an orderly transition from war to peace will sale price index on the latest available calculation, have borne fruit. It is particularly important that for December, 1946, was only 8 per cent higher Canada should try to come through the transition than on V-J Day, and the cost of living index was period with a price and cost structure which will only 5 per cent higher. not be a drag on her postwar development, either In the United States, early removal of controls externally through hampering her exports, or inwas accompanied by much larger price increases ternally by creating a lack of balance among the than in Canada. By December, the general whole- various sectors of her economy. APRIL 1947 395 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE BANK OF CANADA FOREIGN TRADE AND EXCHANGE be normal for Canada to have a deficit in its current account balance of payments with the United One of the principal factors in our present pros- States, and this deficit is likely to average higher perity is the high level of our exports, which in in the future than it has in the past. Other things 1946 were nearly two and a half times the total for being equal, the rise in world prices from the pre- 1938. About one-third of our 1946 exports were war level will increase the absolute size of the deficit. financed under Canada's export credit programme. Moreover, the more successful we are in maintain- Out of total credits authorized of some 1,845 miling a high level of employment and income, the lion dollars, about 1,000 million remained unspent greater our tendency to import from the United at the end of 1946. States is likely to be. The trade figures of recent This export credit programme was designed as a months are a tangible reminder of this tendency. transitional measure to help relieve appalling short- Our imports from the United States.in the fourth ages of food and essential supplies in Allied counquarter of 1946 were about 430 million dollars as tries, and to assist our traditional cash customers compared with less than 500 million in the whole to re-establish themselves as such. It was also deyear 1937 and less than 900 million in the whole signed to assure markets for our surplus products year 1929. during the transition period. In the absence of To a considerable extent this upsurge of imports the credits, only a part, perhaps only a relatively represents a process of filling up pipe lines and moderate part, of the goods whose export is so accumulating minimum stocks of goods which are financed could be exported for cash, or could be just now becoming available in quantity in the utilized in Canada. United States market and are not yet available else- Our export credits are part of a broad interna- where. I believe it is a matter of availability of tional programme involving the International Mone- goods, rather than price considerations related to a tary Fund, the International Bank for Reconstruc- lower exchange rate, which has prompted this movetion and Development, United States foreign loans ment, and there are already indications that the and the proposed International Trade Organization. peak has been passed. Nevertheless it seems clear The purpose of this programme is to rebuild and that we must contemplate a much higher level of revitalize the multilateral trading system, on which imports from the United States than in any previous Canada's employment and standard of living so peacetime period. The prospects for a substantially greatly depend. Canada's part represents an invest- higher level of exports to the United States depend ment which it is in her own self-interest to make. on the outcome of the forthcoming trade negotia- But her export credits are obviously a transition tions, as well as on business conditions in the United measure. Canada cannot continue indefinitely to States. sell on credit in overseas markets while she is in- During the transition period, while our overseas curring a substantial cash deficit in her balance of customers are being financed largely on credit, we payments with the United States. shall have to meet most of our balance of payments Canada has had a deficit in her current account deficit with the United States out of our own retransactions with the United States in every year sources. Fortunately we reached the end of the from 1926 to 1943. In 1944 and 1945 there were war with large U. S. dollar reserves. This gives us small surpluses caused by special wartime factors. the opportunity to follow now the kind of multi- The average deficit over this 20-year period was lateral nonrestrictive trading policy which it is 165 million dollars a year and the largest deficits so greatly in our interest that other countries should (for example 437 million in 1929) occurred in years adopt. It is obvious, however, that the successful of peacetime prosperity. The only peacetime years functioning of this policy depends on our being in which there was an approach towards balance able to realize, in due course, sufficient cash (i.e. were years of unemployment, stagnation and low freely convertible currency) from our overseas trade imports, such as 1933-36. to meet our requirements in the United States. Unless some developments occur which would The extent to which overseas countries can pay produce a major change in the character of our cash for their net imports from Canada will depend trading relationships with the United States, it will in turn on how soon they can restore their capacity 396 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE BANK OF CANADA to produce and to export to cash markets. In trade policy by that country. Further than this, January, 1947, the United Kingdom took the wel- contemporary events vividly illustrate the high come step of making current sterling spent in cer- degree of interdependence among all the important tain countries, including Canada, convertible into trading countries of the world. For example, the U. S. dollars. It is to be hoped that as time goes United Kingdom anxiously awaits the recovery of on other countries will be able to undertake similar its important customers in Western Europe, so that obligations, but we should not conclude that this it can obtain from them either the imports upon alone would solve all our exchange problems. Un- which its standard of living and export capacity less such countries are able to produce and sell depend, or convertible currency with which it can enough in other cash markets, their undertaking purchase those imports elsewhere. Canada, like might have to be maintained through limitation of other countries, has a vital interest in the United imports. States situation but it is clear that the early restora- It is a commonplace that all countries have a tion of a high level of production in the United tremendous stake in the maintenance of prosperity Kingdom and Western Europe is also of primary in the United States and the adoption of a liberal concern to us. FEDERAL RESERVE CHARTS ON BANK CREDIT, MONEY RATES, AND BUSINESS The Board of Governors of the Federal Reserve scription price of $9.00. Individual copies of System announces the publication of monthly issues monthly issues will be sold at $1.00 each; in quanof the Federal Reserve Charts on Bank Credit, tities of 10 or more copies for single shipment there Money Rates, and Business, beginning in June 1947. will be a special price of 75 cents each. Orders for The Chart Book will contain approximately 75 copies should be sent to the Division of Adminispages and the charts will be plotted from the latest weekly and monthly data available. trative Services, Board of Governors of the Federal Copies will be offered for sale at an annual sub- Reserve System, Washington 25, D. C. APRIL 1947 397 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NEW GUATEMALAN BANK LAW by DAVID L. GROVE1 In the Federal Reserve BULLETIN for March 1946, tern of the obligations which it may accept and that the text of new Guatemalan monetary and central of the credit instruments in which it may invest. banking legislation was presented, together with a A single institution may operate as both a comdiscussion of the relation of this legislation to a mercial and mortgage bank, but must conduct its comprehensive plan of financial reform. Further operations through separate departments, each of progress toward implementing the plan has now which must have its own capital and its own acbeen made as a result of the recent enactment of counting. The distinctive and highly specialized naa new Bank Law, which was signed by President ture of the asset and liability operations of capitaliza- Arevalo on December 5, 1946, and will henceforth tion banks, on the other hand, makes it desirable govern the activities of all banks other than the to require them to operate as individual institutions, Bank of Guatemala.2 rather than in conjunction with a commercial or mortgage bank.3 The new Bank Law represents a considerable The new Bank Law permits only the commercial departure from the earlier banking legislation of banks to hold checking deposits of the public. These the country. It embodies modern developments in deposits form part of the money supply and, as far banking theory and practice, but adapts them to the as the commercial banks are concerned, have their local environment in which they are to be applied. origin in the following three types of operations: Guatemala is a small agricultural country whose (1) the purchase of gold or foreign exchange; (2) economic life is chiefly dependent upon the exthe receipt of domestic monetary obligations (e.g., portation of two products, cofTee and bananas, the notes and coin); and (3) credit operations. Operademand for which is subject to great fluctuations tions of the first type increase the money supply, over the economic cycle and the supply of which but at the same time increase the international reis subject to the vagaries of weather and of insect serves of the banking system. They represent the pests. The new law endeavors to provide the domestic monetization of international assets. The Guatemalan banking system with sufficient flexisecond type of operation does not increase the money bility to satisfy the credit needs of the country, supply, but simply alters its composition (the ratio which have not been met adequately in the past, of notes and coin to checking deposits). In these but it also provides instruments of control which two types of operation, the commercial banks orwill enable the authorities to check undesirable dinarily play a purely passive role. In the third credit expansion. Some of the provisions of the type of operation, however, they play a decidedly new law would appear to be equally applicable active role. At times, the increase in the money elsewhere, but are not to be found in other banking supply resulting from their credit operations might legislation. be highly desirable and contribute greatly to the General structure of the new banking system. The maintenance or restoration of internal stability. At new law recognizes only three types of bank: (1) other times, however, credit expansion might commercial banks; (2) mortgage banks; and (3) equally well lead to disequilibrating pressure on capitalization banks. It requires that every bank domestic prices and incomes which would give rise be chartered as one of these three, and clearly stipu- 3 The liability operations of capitalization banks consist of lates the operations which each type may conduct. selling policies under the terms of which the policy-holder For each of the three types of bank, a definite co- agrees to pay the bank specified premiums and the bank, on the other hand, agrees to return to the policy-holder a definite ordination is established between the maturity pat- amount of capital when the policy has matured or when its number has been drawn in the lotteries which the bank conducts periodically. The lottery feature introduces an element *At the request of the Government of Guatemala, the Board of chance which is not present in other types of deposit acof Governors of the Federal Reserve System made the services counts. Inasmuch as the liability operations of the capitalization of Mr. Grove available to assist the Guatemalan authorities in banks resemble those of insurance companies more than they the formulation of this law. Mr. Grove is an economist in the do those of banks, it is not surprising that their investments are Board's Division of Research and Statistics. also similar. They consist for the most part of loans to policy- 2 The Bank of Guatemala is the new Government-owned holders against their policies, of purchases of bonds, and of central bank. the construction of housing projects for sale or for rent. 398 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NEW GUATEMALAN BANK LAW to a loss of international reserves and a weakening ings deposits, long-term deposits, the sale of bonds of the exchange rate. Because of these possible to the public, and from bank capital. * In order repercussions from the credit operations of the com- that the savings of the public may most effectively mercial banks, the central bank authorities must be channeled into credit operations of this sort, the have adequate instruments at their disposal to curb law provides that only the mortgage banks may any expansion which would run contrary to mone- receive savings deposits or issue bonds. These tary policy. banks need such funds and have an interest in The ability of the central bank to force a con- encouraging the development of savings. The comtraction in the credit operations of the commercial mercial banks, on the other hand, have almost banks would be made easier if the portfolios of always had an abundance of free resources and these institutions could contain only short-term have had no desire to encourage savings or time assets. The strictness of the new law in this re- deposits, on which interest would have to be paid. spect, however, has had to be tempered by recogni- New method of determining capital requirements. tion of the desperate need of the country for It has traditionally been held that inasmuch as the medium- and long-term agricultural credit, and of purpose of bank capital is to protect the depositors the inadequate resources which the public can put against loss, the adequacy of a bank's capital may at the disposal of the banking system for this purbe measured by the ratio between its capital, or its pose. Because of these circumstances, the comcapital and surplus together, and the amount of its mercial banks are to be allowed to participate to obligations; accordingly, the greater the amount of some extent in financing medium- and long-term the obligations of a bank, the greater should be credit, in the following ways: its capital and surplus. In conformity with this (1) The commercial banks are to be permitted premise, the banking legislation of many countries to grant a limited amount of loans with maturities limits the total volume of deposits that a bank may in excess of one year but not exceeding three years. accept to a specified multiple of the capital of the In order to prevent an unhealthy concentration of bank. There is an alternative approach, however, resources in these less liquid loans, however, the which recognizes that inasmuch as losses result from Monetary Board of the Bank of Guatemala has the asset depreciation, the magnitude of the losses which authority to limit the volume of such loans to a a bank may incur is related directly to the quantity certain percentage either of the deposits of the bank and quality of its assets, and not to the volume of or of its capital and surplus. its deposits. (2) The commercial banks may purchase the The new Bank Law of Guatemala adopts this bonds issued by the mortgage banks, thereby placing alternative approach in measuring the adequacy of additional resources at the disposal of these latter bank capital and surplus. Articles 20 and 21 read institutions. Here again, however, adequate safe- as follows: guards are established, since a commercial bank "Article 20. In order to promote the solvency may not invest in bonds with maturities exceeding of the banks with respect to their depositors and three years an amount which is greater than 20 creditors, every bank must maintain an amount per cent of its total deposit obligations, and the of paid-in capital and surplus equivalent, at least, Monetary Board can lower this percentage if it conto the sum of the following percentages: siders this advisable. (3) In the case of banks which operate as both (a) 5 per cent of its investments in securities commercial and mortgage banks, any excess capital issued or guaranteed by the Government; or surplus of one department may be transferred (b) 10 per cent of its investments in other securito the other department. In this way, the capital ties or in loans; and and surplus of such banks may be fully utilized in (c) 50 per cent of its investments in furnishings, meeting changing demands for various types of real estate and other fixed assets. credit. "The investments which the banks make in bonds The bulk of the medium- and long-term credit or securities issued by the Bank of Guatemala for operations will, nevertheless, be financed chiefly by purposes of monetary stabilization, the unutilized the mortgage banks with funds obtained from sav- balance of lines of credit granted, and advances APRIL 1947 399 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NEW GUATEMALAN BANK LAW authorized against collateral in the form of obliga- prohibit the distribution of profits and, if the tions of the bank itself, up to the value of such col- gravity of the deficiency justifies it, may also relateral, shall be excepted from the above require- strict or prohibit new investments by the bank, so ments. long as the deficiency persists. In cases in which "Article 21. If the investments to which the pre- the deficiency exceeds 50 per cent of the legal receding article refers are of doubtful recovery, in quirements or is of a continuing or frequently rethe opinion of the Superintendent of Banks, the curring character, the Monetary Board may initiate latter may order, in each case, the setting up of action to force the bank into liquidation, unless the special reserves or allowances, in proportions which bank presents a recovery plan and is able to ofier exceed the percentages indicated in said article, in sufficient guarantee that it can carry it out successorder to cover the risk to the extent necessary." fully. Under the system of capital requirements dis- It should be noted that no capital requirements cussed above, the determination of the value of are established for cash assets or their equivalent, bank assets will assume a new importance and and that certain types of investments which from significance, for it will directly afTect the amount a practical standpoint are riskless are specifically of each bank's required capital and surplus. The excepted from the capital requirements applicable volume of credit operations which a bank may to other investments. It should also be noted that undertake will, to a considerable extent, be dethe capital requirements are additive, so that the termined by the decisions of the bank examiners capital and surplus of a bank must be equal to with respect to the value and quality of the assets the sum of the individual capital requirements for of the institution. each of the asset categories. Techniques of selective credit control. The new In effect, what the system does is to require that, Bank Law furnishes the monetary authorities with of the amount invested by a bank in any "risksome powerful instruments for selective credit conbearing" asset, at least a specified percentage must trol. Among these are the power to establish be supplied by the shareholders, and only the reboth absolute portfolio ceilings and maximum rates mainder may come from the depositors and other of increase in the portfolios of the banks. Furthercreditors of the bank. The larger the risk inmore, these two instruments are made even sharper volved, the larger the percentage of funds which by allowing the monetary authorities to apply such should be supplied by the shareholders and, corceilings and such maximum rates of increase to respondingly, the smaller the share which should any group or sub-group of loans or investments. be supplied by the depositors and other credi- If, at the time such measures are applied, there tors. With this method of determining capital reexist marked differences in the reserves of the quirements, there is no necessity for the law to banks, the Monetary Board is permitted to auestablish any minimum absolute capital requirethorize greater percentage increases to banks which ments. Before a prospective bank can be granted have previously expanded credit less vigorously. a charter, however, it must satisfy the Monetary During the past few years, portfolio ceilings have Board that the amount of capital with which it been used in Mexico with some measure of success. will begin operations is large enough to justify the The most novel instrument of selective credit establishment of the institution. control contained in the new legislation, however, The capital requirements for the different cateis one based on the system of capital requirements gories of assets are inevitably somewhat arbitrary. discussed earlier in this article. The pertinent Nevertheless, the ratios which were adopted were clauses read as follows: those which appeared most reasonable on the basis of the general character of bank investments in "Article 80. In order to control the general Guatemala and the past experiences of the banks volume of credit and to promote a distribution in that country. adequate for the interests of the national economy, If the capital and surplus of a bank fall below the Monetary Board may: the minimum capital requirements, the Monetary (a) Modify the minimum capital and surplus Board, after hearing the opinion of the Superin- requirements, but in no case may they be reduced tendent of Banks, is required either to limit or to levels below those indicated in Article 20. 400 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NEW GUATEMALAN BANK LAW (b) Select groups or sub-groups of investments plied, the total investments of a bank would be in securities or in credits of any sort and fix differ- limited either by the minimum reserve requireent percentages for distinct categories." ments or by the minimum capital requirements. Which of the two requirements "pinched" the bank To the extent that this system of control over first would depend upon several factors. A bank capital requirements is used selectively, it should might very well have such a small capital and be useful in helping the monetary authorities to surplus relative to its deposits, or have so many minimize the transfer of * funds from productive low-grade investments, that, in order to comply and other useful loans into speculative and purely with the minimum capital requirements, it would inflationary types of activity during times of great be forced to maintain excess reserves (or to invest prosperity. If the monetary authorities are of the in bonds of the central bank, if they are available, opinion that an excessively large amount of funds since there are no capital requirements with respect is being invested in certain kinds of loans, the to these securities). The opposite situation would capital requirements against such loans can be arise when a bank has a large capital and surplus raised, while leaving the percentages unchanged relative to its deposits, or when its resources are for other types of loans. Similarly, at times when invested chiefly in high-grade investments; in such credit expansion is desirable, the percentages can case the expansion of its credit operations would be made lower for the particular types of loans ordinarily be limited not by considerations of which the monetary authorities wish to encourage. solvency but by considerations of liquidity. The banks will always be able to maximize their When the reserve requirements against deposits investments, and thus in most cases their earnings, and the capital requirements against assets are by investing their resources in types of credit operations which have the lowest capital requirements. raised above the levels required for liquidity or solvency, respectively, the purpose in both in- Capital requirements against assets compared with stances is that of credit control. But the total reserve requirements against deposits. As an instru- volume of credit creation by banks which have a ment for general credit control, the system of comparatively large capital and surplus relative to capital requirements against asset holdings does their deposit obligations, or which have comparanot conflict with, but rather reinforces, the system tively small excess reserves, can more effectively of flexible reserve requirements against deposits be controlled by the use of flexible reserve requirewhich is contained in the central bank law.4 Just ments, while the total volume of credit creation as the system of capital requirements establishes by banks with a relatively small capital and surminimum requirements for purposes of solvency plus, or with large excess reserves, can more readily and permits the imposition of higher requirements be controlled by the use of flexible capital requirefor purposes of credit control, so the system of ments. Both instruments of control can of course reserve requirements against deposits establishes be used simultaneously. minimum requirements for purposes of liquidity and permits the imposition of higher percentages Official text of the Bank Law. The official text of for purposes of credit control. the new Bank Law, as translated from the Diario In a situation in which the higher requirements de Centro America (Guatemala City, December 23, for purposes of credit control were not being ap- 1946) is available upon request from the Division of Administrative Services, Board of Governors of * See Articles 64-68 of the Organic Law of the Bank of Guatemala, a translation of which was published in the Fed- the Federal Reserve System. eral Reserve BULLETIN for March 1946, pp. 270-88. APRIL 1947 401 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

METHODS OF RESTRICTING MONETIZATION OF PUBLIC DEBT BY BANKS * NATURE AND CAUSE OF DEBT MONETIZATION Board's 1945 Annual Report, these tendencies have In connection with financing the war there was been suspended. The reason for this is that the a tremendous increase in holdings of Government Treasury, in retiring over 20 billion dollars of securities by commercial banks and by the Federal maturing debt out of war loan deposit accounts Reserve Banks. To a large extent this increase was with commercial banks, accumulated during the necessary in order to facilitate financing of the war Victory Loan Drive, has put some pressure on the and to provide the expanded money supply needed reserve positions of banks. Retirement of securities by the wartime economy. These holdings are held by Federal Reserve Banks with funds drawn mostly short-term securities but banks also hold from commercial banks tends to reduce member some longer-term bonds. bank reserves. In order to maintain their reserve To maintain a stable market for Government positions, banks have had to sell securities to the securities, the Federal Reserve System adopted a Federal Reserve. At the same time banks have policy of maintaining the level of interest rates. been increasing their loans to businesses, to con- The supported rates ranged from 2l/i per cent on sumers, and on real estate, and they have needed long-term securities, purchased mostly by individuals funds for this purpose. While banks had to sell and savings institutions, down to % per cent on one- securities to meet these needs and have had many year certificates, generally owned by banks and of their short securities retired, they have not sold other holders seeking liquidity. In addition, 90-day additional amounts in order to buy longer-term Treasury bills, mostly held by Federal Reserve Government securities. Banks, were kept at % per cent. PROBLEM FOR FUTURE Although some efforts were made to restrict bank With the debt-retirement program approaching purchases of securities, various aspects of war finance an end, there may be in the future a resumption of made it attractive for banks to increase their holdthe tendency on the part of'banks to sell short-term ings. For example, because of the supported market securities to the Federal Reserve in order to buy and the differential in rates, banks increasingly longer-term securities. This would mean a readopted the practice of selling short-term low-rate sumption of the practice of creating bank reserves securities to Federal Reserve Banks, thus creating through monetizing the public debt and expanding additional reserve funds which were used to purcredit by many times the amounts sold. It would chase longer-term securities in the market. The also mean a resumption of the decline in long-term reserves thus created could provide the basis for an interest rates. The initiative with regard to this expansion in commercial bank credit of between six practice rests with the banks, which hold large and ten times the increase in reserves. amounts of Treasury certificates and of Treasury As long as the Reserve System stood ready to purnotes and bonds maturing during the next few chase short-term securities at the prevailing rates, years. At the same time there are substantial the short-term rates could not rise. The banks could amounts of bonds held by nonbank investors elicontinue to sell short-term securities and buy longer gible for bank purchase and a number of restricted ones, thus both expanding the amount of bank issues which will become eligible at varying times credit and reducing long-term interest rates. This in the future. The Federal Reserve under present practice—known as "playing the pattern of rates"— powers and policies could not prevent such a deresulted in "monetization of the debt." velopment. EFFECT OF DEBT-RETIREMENT PROGRAM It would be undesirable, particularly in a period During the past year, since the preparation of the of inflationary pressures, to have the long-term interest rates forced down through monetization of * Statement of Chairman Eccles to the Banking and Currency Committee of the House prepared in reply to questions with the debt. A decline in long-term interest rates rerespect to proposals made in the 1945 Annual Report of the Board of Governors of the Federal Reserve System regarding sulting from an excess of savings over the demand the problem of monetization of the public debt by banks and for investment funds would be desirable, but a deways of dealing with that problem. 402 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

METHODS OF RESTRICTING MONETIZATION OF PUBLIC DEBT BY BANKS cline because of bank credit expansion would be preferable to the fourth solution of permitting debt undesirable. Such a development would be an in- monetization and the resulting decline in longflationary influence; it would also reduce the return term rates to continue. on savings and, therefore, impose a serious burden As for the third suggestion for checking the on individuals and institutions, such as insurance decline in long-term rates by issuing more longcompanies, schools, and benevolent agencies, that term securities, it should be pointed out that if are dependent on interest returns for their incomes. these securities are issues of the conventional market Should long-term rates decline much lower, many types, even though not eligible for purchase by of the functions performed by these institutions banks, investors, in order to purchase the new would have to be taken over by Government, thus securities, will sell existing holdings of eligible issues leading in the direction of socialism. to banks. Banks in turn would sell short-term securities to the Reserve System and be able to SOLUTIONS FOR THE PROBLEM purchase many times that amount of longer securi- There are various ways of dealing with this probties. As a result, monetization of the debt would lem; those generally suggested are as follows: be encouraged rather than discouraged. (1) The proposals made by the Board in its 1945 Marketable issues, moreover, with Federal Re- Annual Report would restrict, by one device or serve support, can be readily liquidated at par and another, the ability of banks to shift from short- thus are in effect demand obligations with the high term securities to long-term securities and thus limit rate of return. Because of the difference between the extent to which banks could monetize the debt. long- and short-term rates, prices of long-term bonds (2) The Reserve System could lift the present rise for many years after their issuance and holders support level for the short-term interest rate and of these bonds can sell them at a premium, thus thus permit that rate to rise to a level at which obtaining not only the 2/4 per cent coupon rate banks would no longer be induced to sell short- but also an additional amount which may give a term securities to the Reserve System in order to return of as high as 3 per cent. The use of this purchase longer-term securities in the market. solution would raise the interest cost to the Treasury (3) It has been suggested that the decline in long- and would encourage debt monetization for years term rates might be checked by issuance of sufficient to come by putting out marketable issues which in amounts of long-term securities. the future could be sold to banks at a premium. (4) Monetization of the debt could be permitted This remedy deals with effects, not with causes. to continue until long-term interest rates declined A rise in short-term rates would be more effective to a level at which it would no longer be attractive and less expensive to the Treasury than this method. for banks to sell short and buy longer securities. Such long-term bonds as need to be issued to The Board's proposals would offer a solution absorb the savings of the public should be in a nonstriking at the basic cause of the problem, which is marketable form, redeemable on demand prior to the great expansion in bank holdings of Govern- maturity at a discount so as to give a lower yield ment securities that can be readily converted into if not held until maturity. These bonds would be bank reserves at the will of the banks. A rise in similar to the present Series G savings bonds with short-term interest rates would remove another broader limits on amounts to be purchased and with cause; namely, the differential in interest rates, substantially longer maturities. A reasonable rate which encourages shifting short securities to the could thus be paid for genuine long-term savings Reserve Banks and the buying of longer ones and and thus protect individuals and institutions decreates premiums on long-term securities.1 Action pendent on savings for their income. Holders to permit the short rate to rise would be definitely would also be safeguarded against loss in case of 1 While this step would be effective in discouraging monetiza- necessary liquidation before maturity, but would tion of the public debt, it would not by itself insure against banks monetizing private debt, i.e., selling Government secu- not be guaranteed a high coupon rate, plus perhaps rities to the Reserve System for the purpose of obtaining funds to make loans or purchase corporate securities, thus creating a premium, on short-term, highly liquid investments. reserves which could provide the basis for a multiple credit expansion. If attractive loans or other investments were available, it is doubtful whether a rise in interest rates would deter CONCLUSION banks from selling Government securities in order to acquire these assets. In any event the rise might need to be so great In summary, my view is that a fundamental as to unstabilize and perhaps demoralize the entire Government bond market. solution to the problem of debt monetization rests APRIL 1947 403 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

METHODS OF RESTRICTING MONETIZATION OF PUBLIC DEBT BY BANKS in some such measures as those proposed by the of debt monetization and declining long-term rates, Board in its Annual Report. In the absence of then an increase in short-term rates may not be legislation toward this end, it would be desirable to needed at all. permit some rise in short-term interest rates if neces- Additional investment outlets for long-time savsary to prevent long rates from declining further as ings should be provided in the form of a nonmarketa result of public debt monetization by banks. This able obligation of the Series G type, but further does not necessarily mean that a rise in short-term issues of long-term marketable securities should be rates is imminent. In case there is no resumption avoided. PROPOSED RETIREMENT OF INVESTMENT BY RECONSTRUCTION FINANCE CORPORATION IN PREFERRED CAPITAL OF BANKS The Reconstruction Finance Corporation has ex- shall appreciate the cooperation of your Board pressed the desire to have its investments in the in encouraging the State member banks to preferred capital of banks retired as quickly as this retire RFC's investments where, in your opincan be done on a basis consistent with the public ion, it can be done on a basis consistent with interest. Letters setting forth its views with re- the best interests of the institutions concerned. spect to retirements were addressed to the Comp- The Board's reply expressed wholehearted controller of the Currency, the Federal Deposit Incurrence in the position of the Reconstruction Fisurance Corporation and the Board of Governors nance Corporation. In transmitting copies of the of the Federal Reserve System, the letter to the correspondence to the President of each Federal Re- Board dated March 11, 1947, reading as follows: serve Bank, the Board pointed out that the invest- This Corporation feels that its investments ment of Government funds in the capital of banks in preferred stock, debentures and capital notes through purchases by the Reconstruction Finance of banks should now be retired as promptly as Corporation was purely an emergency measure possible, consistent with safe banking practices. following the Banking Holiday in 1933 to provide The conditions which motivated this Corpora- temporary assistance until the banks could put their tion to waive retirement requirements during houses in order and that such funds were not inthe war do not now exist. tended to form a part of the permanent capital of Private funds seemingly are presently avail- a bank. able to supply the capital needs of banks and Each Federal Reserve Bank has been requested this would appear to be an appropriate time for to cooperate with the Reconstruction Finance Corthese institutions to rely thereon for their full poration in the program and to review the cases requirements. of State member banks in its district in which the However, we are not at this time contacting Corporation owns preferred capital with a view to the banks directly on this subject but we wish having concrete plans developed, wherever possible, to emphasize to you our desire to have our in- for the retirement of such capital where it can be vestments retired as quickly as possible. We done on a basis consistent with the public interest. 404 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT EVENTS Change in Board's Staff Mr. Holt is President and Treasurer of Radio Mr. Leo H. Paulger, Special Adviser to the Board Station WAPI (Voice of Alabama, Inc.), Birmingof Governors, retired as a member of the Board's ham, Alabama. staff, under the provisions of the Federal Reserve Admissions of State Banks to Membership in the Retirement System, April 1, 1947. He joined the Federal Reserve System Board's staflf in January 1932, and served con- The following State banks were admitted to tinuously as Director of the Division of Examinamembership in the Federal Reserve System during tions until August 1946, when he was made Special the period February 16, 1947 to March 15, 1947: Adviser to the Board of Governors. Louisiana Appointment of Branch Director Jennings—Jeff Davis Bank & Trust Company The Board of Governors of the Federal Reserve System on April 1, 1947, announced the appoint- Montana ment of Mr. Thad Holt of Birmingham, Alabama, Culbertson—Culbertson State Bank of Culbertson, as a director of the Birmingham Branch of the Montana Federal Reserve Bank of Atlanta for the unexpired Froid—First State Bank of Froid portion of the term ending December 31, 1949. Sheridan—Bank of Sheridan APRIL 1947 405 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS [Compiled March 25, and released for publication March 27] Industrial output and employment were main- Output of manufactured food products declined tained in February and the early part of March at somewhat in February, after allowance for the the record peacetime levels reached in January. usual seasonal changes, owing largely to a reduc- Value of department store sales has continued at tion in the processing of fruits and vegetables. a seasonally adjusted rate close to the level prevail- Activity showed little change at textile mills, and ing since early last summer. Wholesale commodity also in industries producing chemicals, rubber prices have advanced further. products, and most other nondurable manufactures. Minerals production was maintained at the Janu- INDUSTRIAL PRODUCTION ary rate, as a 6 per cent decline in coal output was Industrial production, as measured by the Board's offset in the total by increased production of crude seasonally adjusted index, was maintained in Feb- petroleum and metals. ruary at the January rate of 188 per cent of the CONSTRUCTION 1935-39 average. Output of durable manufactures was slightly Value of construction contracts awarded in Febabove the January rate, owing mainly to increased ruary was about the same as in December, acactivity in the automobile industry and to a some- cording to the F. W. Dodge Corporation. Awards what greater than seasonal gain in production of in January had been about one-fourth higher, owing lumber and other building materials. The num- mainly to several large public and private projects. ber of automobiles and trucks assembled reached a Value of awards for private nonresidential connew postwar peak which was about the same as the struction continued to show little change from the 1941 average. reduced levels reached in November. The maxi- The Board's index of steel production showed a mum amount of this general type of activity perslight gain in February as a 9 per cent increase in mitted under Federal orders was raised substantially output at electric furnaces more than offset a 2 on January 10. per cent decline in production at open hearth fur- DISTRIBUTION naces. In March scheduled operations continued Department store sales in February and the first to advance, reaching a new postwar high of 97 half of March showed about the usual seasonal per cent of capacity in the last week of the month. advance and the Board's adjusted index of sales INDUSTRIAL PRODUCTION CONSTRUCTION CONTRACTS AWARDED 260 PHYSICAL VOLUME SEASONALLY ADJUSTED. 1935-3! - MILLIONS OF DOLLARS MILLIONS OF E» - r 240 240 - - f 220 \ 220. - - > J - / I - - / V - - J - J - - 1939 1940 1941 1942 194? J944 1945 ' I94§ 1947 1939 1941 1943 1945 1947 1939 1941 1943 1945 1947 Federal Reserve index. Monthly figures, latest shown are for February. Latest figures shown are for February. 406 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS during the first quarter of the year is likely to posits at Federal Reserve Banks increased in Febbe at about the same average level as during the ruary as a result of large tax payments. This fourth quarter of last year, when the index was shift of funds to Treasury accounts at the Reserve close to 270 per cent of the 1935-39 average. Value Banks put a drain on member bank reserves, which of department store stocks showed a greater than was offset in part by a decline in required reserves seasonal increase in February and the preliminary and in part by an increase in Reserve Bank holdadjusted stocks index reached a level of 280 per cent ings of Government securities. In the first half of of the 1935-39 average. March, however, when Treasury deposits at the Shipments of coal and most other classes of Reserve Banks were drawn down in connection revenue freight declined somewhat in February, with cash retirement of about 3 billion dollars of owing in part to severe weather conditions, and maturing securities, member bank reserve positions then advanced during the first two weeks of were eased considerably and Reserve Bank holdings March. Loadings of forest products, however, of Government securities declined sharply. Comwere considerably above the January rate through- pletion of the United States payment to the Interout this period. national Monetary Fund in February resulted in a decline in the total monetary gold stock of the COMMODITY PRICES Treasury and in offsetting changes in other Treas- Wholesale commodity prices continued to rise ury and Federal Reserve accounts without affecting during February and the first half of March. The member bank reserve balances. Bureau of Labor Statistics' index of wholesale Commercial and industrial loans increased prices at 149 (1926 = 100) was one-third above the further at banks in leading cities. Real estate loans level of last June. There were sharp increases to rose moderately. Holdings of Government securia new high level of 184 in the index for farm ties were reduced further in February through sales products and the average of prices of commodities to maintain reserve position and were increased other than farm products continued to rise. somewhat early in March as purchases of Treasury bills and certificates were larger than the amount BANK CREDIT of retired issues held by these banks. Deposits of businesses and individuals at commercial banks declined sharply and Treasury de- MEMBER BANKS IN LEADING CITIES BILLIONS OF DOLLARS BILLIONS OF DOLLARS WHOLESALE PRICES 1 PE 8 T) 0 CENT 1926-100 i1 PER 160 J FAIRU PRODLCTS}1 i 4 J40 ( i f 120 / | ALLCOMMODITIES^I /t jf\ /\FOODS 100 —\ )THER CCMMODITI fiO €0 1940 1941 1942 1943 1944 1945 1946 1947 i .1939 1940 1941 1942 1943 1944 1945 1946 1947 Demand deposits (adjusted) exclude U. S. Government and interbank deposits and collection items. Government securities Bureau of Labor Statistics' indexes. Weekly figures, latest include direct and guaranteed issues. Wednesday figures, shown are for week ending Mar. 26. latest shown are for Mar. 26. APRIL 1947 407 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 411 Federal Reserve Bank discount rates; rates on industrial loans, guarantee fees and rates under Regulation V; rates on time deposits; reserve requirements; margin requirements 412 Federal Reserve Bank statistics 413-416 Guaranteed war production loans 417 Deposits and reserves of member banks 417-418 Money in circulation 419-420 Gold stock; bank debits and deposit turnover 420 Deposits and currency; Postal Savings System; bank suspensions 421 All banks in the United States, by classes 422-423 All insured commercial banks in the United States, by classes 424-425 Weekly reporting member banks 426-429 Commercial paper, bankers' acceptances, and brokers' balances 430 Money rates and bond yields 431 Security prices and new issues 432-433 Corporate earnings and dividends 434 Treasury finance 435-437 Government corporations and credit agencies 438 Business indexes 439-448 Department store statistics 449-451 Consumer credit statistics 452-454 Gross national product, national income, and income payments 455 Wholesale prices 456 Cost of living 457 Current statistics for Federal Reserve chart book 458-460 Number of banking offices in the United States 461 Group Banking—number, deposits, and branches of group banks, December 31, 1945 462 Chain banking—number, deposits, and branches of chain banks, December 31, 1945 463 All member banks—assets and liabilities on December 31, 1946, by class of bank 464 Assets and liabilities of insured commercial banks in United States and possessions December 31, 1946, June 29, 1946, and December 31, 1945.. 465 Tables on the following pages include the principal available statistics of current significance relating to financial and business developments in the United States. The data relating to the Federal Reserve Banks and the member banks of the Federal Reserve System are derived from regular reports made to the Board; index numbers of production are compiled by the Board on the basis of material collected by other agencies; figures for gold stock, money in circulation, Treasury finance, and operations of Government credit agencies are obtained principally from statements of the Treasury, or of the agencies concerned; data on money and security markets and commodity prices and other series on business activity are obtained largely from other sources. Back figures for banking and monetary tables, together with descriptive text, may be obtained from the Board's publication, Banking and Monetary Statistics; back figures for most other tables may be obtained from earlier BULLETINS. APRIL 1947 409 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 1939 1940 1941 1942 1943 1944 1945 1946 1947 TOTAL RESERVE BANK HOLDINGS OF U. S. GOVERNMENT SECURITIES 1939 1940 1941 1942 1943 1944 1945 1946 1947 Wednesday figures, latest shown are for Mar. 26. See p. 411. 410 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS [In millions of dollars] Reserve Bank credit outstanding Member bank reserve Date c v o D a a a u n n i d s c n d - - e ts s To U t . a l S. s e G T c b a u u r o i e n r r v l i y a d l e t s s i r - e n s m o e A t n h t l e l r ot A h l e l r1 Total s G to o c ld k s T r t c o e u r i a u n n u e r n r y g c a t d - - y s - - M i c n t o u i o c n la n i e r - y - T h c i u r o n a e r l g s y a d h s s - - u F T B p s r w e r o e R y a d e r i s e n e t a v i - d h k r t s e e s a s - - lIbe p m N : o i r e o s m i n d t - ! e - - c O s F o e R e a t u e r c r e h a d v n - - e l - e t r s To b ta a l lanc c e E e s s x s - 2 certificates Monthly averages of daily figures: 1945—Dec 38123,708 20,649 3,059 65424,744!20,047 4,322 28,452 2,269] 625 1,247 49316,027 1,498 1946—Jan 23223,590 21,147 2,443 476J24,298],20,106 4,375 28,158 2,265 648 1,282 50515,921 1,311 Feb 36723,150 20,811 2,340 41723,934 20,19 4,426| 27,944 2,307 856 1,248 51715,685 1,131 Dec 30523,767 22,401 1,366 67424,74620,488 4,552 28,997 2,256 556 852 60616,517 900 1947—Jan 25223,632 22,523 1,109 564 24,43120,624 4,560 28,543 2,290 780 989 61416,399 850 Feb 339 23,824 22,690] 1,135 438124,60120,7261 4,558 28,3001 2,2141 1,895 846] 62316,006 805 End of month figures: 1945—Dec. 31... 249 24,262 21,196 3,067 580 25,091 20,065; 4,339 28,515 2,287 977 1,308 49515,915 1,471 1946—Jan. 31... 29423,264 20,913 2,352 418 23,976 20,156 4,406 27,917 2,293 845 1,295 50615,682 1,089 Feb. 28... 34722,904 20,584! 2,320 397 23,648 20,232 4,451 27,954 2,301 829 1,193 51915,537 1,014 Dec. 31... 16323,350 22,241 1,109 581 24,093 20,529 4,562 28,952 2,272 393 822 60716,139 562 1947—Jan. 31... 30823,941 22,832 1,109] 506 24,754 20,748 4,559 28,262 2,258 1,942 922 61416,063 663 Feb. 28. .. 35624,117 22,919 1,198 373124,846 20,330 4,558 28,304 1,317 2,491 1,103] 62415,895 847 Wednesday figures: 1946—May 1... 225 22,579 20,003 2,577 279 23,084 20,251 ,535 27,888 2,267 409 1,010 15,747 1,111 May 8... 22,732 20,134 2,598 279 23,219 20,248 ,534 27,958 2,266] 314 1,162 55015,751 1,014 May 15... 22,660 20,019 2,641 44 23,252 20,245 ,5341 27,950 2,265 504]1,1101 55015,652 916 May 22... 16322,643 20,001 2,641 326 23,132 20,245 ,5321 27,961 2,262 562 1,069 55015,505 700 May 29... 23722,983 20,341 2,641 337 23,556 20,242 ,533 28,1061 2,265 681 1,038 55315,689] 830 June 5... 252 22,780 20,129 2,651 417 23,450 20,272 ,534 28,159 2,285 394 1,063 55615,799 738 June 12... 23,270 20,619 2,651 374j23,896 20,271 ,537 28,128 2,280 860 969 55715,909 833 June 19... 22,691 20,187 2,503 512 23,454 20,27 4,536 28,116 2,260, 419 985 56615,916 671 June 26... 23123,385 20,882 2,503 369[23,986 20,269 4,539 28,135 2,262 970 950 15,910 867 July 3... 23923,003 21,652 1,351 453123,694 20,270 4,540 28,395 2,249 507 971 56715,815 730 July 10... 29223,394 22,043 1,351 333|24,019 20,271 4,537 28,335 2,254 664 ,116 56815,889] 825 July 17... 20- 23,230 21,879 1,351 462 23,89520,271 4,538 28,241 2,249 513 ,165 56815,968 859 July 24... 21<23,652 22,301 1,351 358 24,22920,269 4,539 28,187 2,263 674 ,473 56315,877 753 July 31... 24623,633 22,282 1,351 286 24,16420,26' 4,540 28,254| 2,250 513 ,401 56215,991 856 Aug. 7... 25823,593 22,242 1,351 24,13420,266 4,538 28,326 2,263 353 ,331 57316,093 964 Aug. 14... 26323,575 22,224 1,351 400 24,23820,268 4,541 28,353! 2,262 557 ,295 57216,008 898 Aug. 21... 22923,486 22,135 1,351 394 24,10920,274 4,54- 28,365 2,265 540 ,250 57215,933 805 Aug. 28... 21623,606 22,256 1,351 279 24,10220,280 4,543 28,376 2,274 620 ,214 57415,867 714 I Sept. 4... 29123,387 22,036 1,351 33 24,01120,284 4,543 28,506 2,281 293 ,188 58115,989 778 Sept. 11... 25023,291 21,940 1,351 39 23,935!20,288 4,545 28,499 2,280 199, ,122 58116,086 754 Sept. 18... 26223,421 22,070 1,351 541|24,224|20,288 4,54: 28,453] 2,265 359 ,111 58816,280] 872 Sept. 25... 29423,866 22,515 1,351 425 24,58520,301 4,547 28,448 2,279 928 ,212 590|15,975 724 Oct. 2... 21823,555 22,126 1,428 368 24,14020,306 4,546 28,526 2,301 357 1,045 59716,166 934 Oct. 9... 27123,502 22,074 1,428 275 24,04820,30f 4,544 28,608 2,270 483 920 59816,019 766 Oct. 16... 254|23,418 21,973 1,445 480 24,152]20,304 4,54. 28,597 2,274 524 868 59616,142 855 Oct. 23... 24823,056 21,610 1,445 332 23,63620,388 4,5461 28,585 2,270 3691 972 59515,779 435 Oct. 30... 23823,608 22,162 1,445 256 24,101 20,399 4,548j 28,588 2,285 462 1,006 59516,111 737 Nov. 6... 37623,515 22,020 1,494 216 24,10720,40! 4,548 28,750 2,276 408] 967 599]16,060 637 Nov. 13. .. 39723,684 22,105 1,578 484 24,56520,420 4,548 28,761 2,294 577 1,044 599J16,259 838 Nov. 20. .. 33023,522 21,933 1,588 463 24,31420,461 4,548 28,689) 2,285 633 1,021 59716,098 618 Nov. 27... 28323,682 22,093 1,588 451 24,41620,469 4,548| 28,815 2,271 665 953 59816,131 643 Dec. 4... 246123,888 22,239 1,648 452 24,58520,477 4,550 28,906 2,288 679 917 60016,222 669 Dec. 11... 29024,128 22,479 1,648 378 24,79620,450 4,551 28,946 2,270 626| 875 60116,479 874 Dec. 18... 30323,211 22,102 1,109 815 24,32820,477 4,554] 29,019 2,208 237 770; 60916,517 656 Dec. 24... 34023,722 22,613 1,109 815 24,877 20,527 4,554 29,163 2,2^8i 547 848 612]16,530] 913 Dec. 31... 23,350 22,241 1,109 581 24,093|20,529 4,562 28,952 2,272 393 822 16,139 562 1947—Jan. 8... 24' 23,733 22,624 1,109 396 24,375 20,531 4.561 28,748 2,281 401 966| 61416,457 903 Jan. 15... 24323,327 22,218 1,109 536 24,10520,567 4,560| 28,5181 2,291 409] 967 61516,431 850 Jan. 22... 23823,430 22,322 1,109 533 24,20120,692 4,559 28,369i 2,295 862 1,004 61316,308 726 Jan. 29... 31 23,863 22,754 1,109 335 24,51420,808 4,559 28,265 2,325 1,536 1,021 61216,124 663 Feb. 5... 27823,412 22,303 1,109 359| 24,05020.749J 4,559 28,295 2,3201 1,162 863 62216,095 761 Feb. 12... 39323,803 22,694 1,109 442, 24,63820,751 4,558 28,346 2,335 1,711 938 62315,994 779 Feb. 19... 34223,918 22,773 1,145 414 24,6742O,77O| 4,556 28,276 2,324 2,358 649 62315,770 614 Feb. 26... 39224,044 22,861 1,183 326 24,76120,322 4,556 28,262 1,381 2,372 1,218 62415,781 703 Mar. 5... 239|23,242 22,044| 1,198 323 23,804 20,376' 4,557 28,335 1,331 1,407 1,108] 626]15,930 800 Mar. 12. .. 23723,247 22,050 1,198 295 23,780|20,403 4,557 28,330 1,335! 1,429; 1,172 627 15,847 718 Mar. 19. .. 23422,411 21,3061 1,105 402 23,047 20,413 4,557 28,242 1,335 713 1,148 636j15,943 P775 Mar. 26... 28722,810 21,704 1,105 390 23,486 20,438 4,5561 28,170 1,355 1,600 1,060 637 15,658 P630 * Preliminary. i Includes industrial loans and acceptances purchased shown separately in subsequent tables. * 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. APRIL 1947 411 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANK DISCOUNT RATES [In effect March 31. Per cent per annum] Discounts for and advances to member banks Advances to individuals, partnerships, or corpora- Advances secured by tions other than member Federal Reserve Bank G d o s i e s v c c e u o r r n u e m n d t s e b n o y t f o e a l b i n g li d i g b a l a e t d i o v p n a a s n p a c er e n s d Other [ s S e e c c u . re 1 d 0 (b a ) d ] vances b o a b n li k g ( s l a a t s i s t o e n c p s u a r r o e . d f S t e b h c y e . 1 U d 3 . i ) r S e . ct (Sees. 13 and 13a)1 Rate Effective Rate Effective Rate Effective Boston Apr. 27,1946 Oct. 27,1942 Mar. 29, 1946 New York Apr. 25,1946 Oct. 30,1942 Apr. 6,1946 Philadelphia... Apr. 25,1946 Oct. 17,1942 2 Mar. 23, 1946 Cleveland May 3,1946 Sept. 12,1942 2 Mar. 9, 1946 A Ri t c la h n m ta ond M M a a y y 1 1 0 0 , , 1 1 9 9 4 4 6 6 O O c c t t . . 2 1 8 5 , , 1 1 9 9 4 4 2 2 2K M M a a r r . . 1 1 6 6 , , 1 1 9 9 4 4 6 6 Chicago Apr. 26,1946 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 2 Apr. 25, 1946 2K 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 Rate on In effect be- Previous Maturities not exceeding five years Maturity Mar. 31 ginning— rate [In effect March 31. Per cent per annum] Treasury bills H Apr. 30, 1942 To industrial or Bankers acceptances: commercial To financing institutions 1- 90 days l xAug 24, 1946 businesses 91-120 days l xAug. 24, 1946 121-180 days l *Oct. 20, 1933 Federal On p d u i r s c c h o a u s n e t s s or Reserve of 1 B N a D e c a w k t e Y fi o o g n u rk r w . es h . i — ch S e r e a te B b a e n c k a in m g e e a ff n e d c tiv M e o n a e t ta th ry e F S e t d a e ti r s a t l i cs R , es T er a v b e l e B 1 a 1 nk 7, Bank lo O an n s l co m m O e m n n t i s t- fo P r o w rti h o ic n h Re- co m m O e m n n t i s tpp. 443-445. institu- maining tion is portion MEMBER BANK RESERVE REQUIREMENTS obligated [Per cent of deposits] Boston 2^-5 Net demand deposits1 Time N Ph e i w la d Y e o l r p k hia. . . 2 2K ^- - 5 5 X-iX Period in effect C r b e e c a s n i e n t t r y k r v a s e l R b e c a s i n e ty r k v s e C b o a u n n k t s ry d m b e a e p ( n m a o k l s b l s i e ) ts r A S C R C t h l i t . e c l i a v h c L n a e m o g t l u a a o o i n n s d d 2 2 2 2 2 K K K ^ ^ - - - - - 5 5 5 5 5 K K X Xi - X - K \ 1 X K & ( C ) O 8 « K K X Y K I - - - H l - 1 X i i t X # f Minneapolis. . . 2K5 June 21, 1917—Aug 15, 1936.. 13 10 • 7 3 Kansas City.. . Aug. 16, 1936-Feb. 28, 1937.. 19K 15 10K 4^ Dallas 2K-5 Mar. 1, 1937-Apr. 30, 1937.. 22H 17^ 5X San Francisco.. 2K-5 May 1, 1937-Apr. 15, 1938.. 26 20 14 6 A O S N A e p c u o p t r g v . . t . . . 2 1 1 1 3 4 6 0 , , , , , 1 1 1 1 1 9 9 9 9 9 4 4 4 3 4 2 1 2 8 2 - - - - a A O O S n e u c c d p t t g . . t a . . f 1 t 3 1 e 2 9 3 1 r , , , , 1 1 1 1 9 9 9 9 4 4 4 4 1 2 2 2 . . . . . . . . 2 2 2 2 2 2 6 2 0 4 H 2 2 2 2 0 0 0 0 1 1 1 1 1 2 4 4 4 4 5 6 6 6 6 lojww 2 3 4 1 e e M R R I rr n .. a a c a t t l e e y u d c c c i h h n h a a g a r r r g g l g e o e e d d a n b r b s a o o m t r r e r r a o o d w w c e h e e a i r r n r . l g e p e s a d s r t c i b o c o m ip r m r a o t i i w t o m n er e w n b t i t y h r a f f t i i e n n . a a n n c c i i n n g g ii i nn n s s t t i i t t u u t t i i o o n n, s . if 6 Charge of yi per cent is made on undisbursed portion of loan. t l 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 3 MAXIMUM RATES ON TIME DEPOSITS Maximum rates that may be paid by member banks as established by [Per cent of market value] the Board of Governors under provisions of Regulation Q. [Per cent per annum] July 5, Jan. 21, Effec- Prescribed in accordance with 1945- 1946- tive Nov.1,1933- Feb.l, 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 For short sales 75 100 75 In 90 days to 6 months.... 2K \* Regulation U: In less than 90 days 2K X 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. 412 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRINCIPAL ASSETS AND LIABILITIES OF ALL FEDERAL RESERVE BANKS [In thousands of dollars] Wednesday figures End of month Item 1947 1947 1946 Mar. 26 Mar. 19 Mar. 12 Mar. 5 Feb. 26 Feb.19 Feb. 12 March February March Assets Gold certificates. 18,391,42918,371,42718,369,92818,370,17718,290,18017,803,180 17779,17518,445,43018,220,176 17,299,058 Redemption fund for F. R. notes 790,071 792,318 791,410 793,182 794,877 793,316 794,126 776,070 793,183 775,977 Total gold certificate reserves. . . 19,181,50019,163,74519,161,33819,163,35919,085,05718,596,496 18,573,30119,221,50019,113,35918,075,035 Other cash 319,695 334,456 329,000 333,485 337,710 337,736 332,362 308,076 350,633 344,295 Discounts and advances: For member banks... 154,816 102,069 105,434 107,253 260,449 210,985 260,666 405,757 223,901 586,479 For nonmember banks, etc 131,800 131,800 131,800 131,800 131,800 131,800 132,300 131,800 131,800 40,000 Total discounts and advances 286,616 233,869 237,234 239,053 392,249 342,785 392,966 537,557 355,701 626,479 Industrial loans 1,032 1,040 1,041 981 994 639 637 1,081 996 1,497 Acceptances purchased. 2,016 U. S. Govt. securities: Bills: Under repurchase option 5,833,111 5,344,204 5,792,443 5,530,824 6,145,915 6,125,230 6,258,559 5,629,806 6,201,107 5,354,007 Other 9,453,604 9,4/5,144 9,486,114 9,529,244 9,529,200 9,495,990 9,506,360 9,459,714 9,529,244 7,926,456 Certificates: Special Other 6,417,618 6,486,618 6,771,118 6,984,118 7,185,784 7,151,784 6,929,284 6,398,618 7,188,784 6,954,014 Notes 351,800 351,800 444,300 444,300 429,300 391,300 355,300 351,800 444,300 1,463,300 Bonds 753,390 753,390 753,390 753,390 753,390 753,390 753,390 753,390 753,390 902,942 Total U. S. Govt. securities 22,809,52322,411,15623,247,36523,241,87624,043,58923,917,69423,802,89322,593,328 24,116,82522,600,719 Ot c h r e e r d it R o e u s t e s r t v a e n di B ng a . n k . . 388,678 400,530 294,457 322,191 324,535 413,328 441,315 298,949 372,124 399,312 Total Reserve Bank credit outstanding23,485,84923,046,59523,780,09723,804,10124,761,36724,674,44624,637,81123,430,91524,845,64623,630,023 Liabilities Federal Reserve notes.. 24,142,85224,219,72524,303,396 24,337,76924,310,008 24,332,01724,405,224 24,161,60524,320,15623,993,246 Deposits: Member bank — reserve account 15,657,76915,942,86415,846,863 15,929,54415,781,15715,769,656 15,993,80515,264,23115,895,08914,852,§68 U. S. Treasurer—general account 1,600,115 712,555 1,429,303 1,407,187 2,371,785 2,358,361 1,710,853 2,013,772 2,491,224 1,592,925 Foreign 458,279 513,352 523,315 395,529 485,257 414,236 525,842 381,057 418,399 752,447 Other 601,249 634,981 648,194 712,649 732,983 234,904 411,681 590,383 684,278 460,470 Total deposits 18,317,41217,803,75218,447,67518,444,90919,371,18218,777,15718,642,181 18,249,44319,488,990 17,658,710 Ratio of gold certificate reserves to deposit and F. R. note liabilities combined (per cent).. 45. 45.6 44.8 44.8 43.7 43.1 43.1 45.3 43.6 43.4 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: Feb. 26 392,249 248,870 28,144 114,520 715 Mar. 5 239,053 103,234 22,484 112,920 415 Mar. 12 237,234 112,389 6,845 114,620 3,380 Mar. 19 233,869 93,666 133,615 5,838 750 Mar. 26 Mar. 26 286,616 150,267 118,506 6,240 11,603 Industrial loans: Feb. 26 994 921 4 4 5 14 6 8 32 Mar 5 981 913 4 5 14 6 7 32 Mar 12 1,041 972 4 5 14 6 8 32 Mar 19 1,040 970 4 5 15 7 7 32 Mar. 26 Mar. 26 1,032 962 4 4 5 15 3 7 32 U. S. Government securities: Feb. 26 24,043,589 4,162,755 2,422,2665,692,675 4,838,675 1,550,4314,327,997 320,400 148,350 580,040 Mar. 5 23,241 876 3,491,5383,136,3314,722,725 4,943,380 2,218,729 3,680,383 320,400 148,350 580,040 Mar 12 23,247,365 3,470,674 3,191,6504,826,722 4,978,917 2,126,729 3,603,883 320,400 148,350 580,040 Mar 19 22,411,156 4,174,321 2,214,882 4,603,705 4,891,346 2,078,1293,399,983 320,400 148,350 580,040 Mar. 26 Mar. 26 22,809,523 4,098,615 2,404,1314,783,249 5,060,626 2,055,629 3,358,483 320,400 148,350 580,040 APRIL 1947 413 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS [In thousands of dollars] San Total Boston Y N o e r w k d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago L S o t u . is M ap in o n li e s - K C an it s y as Dallas F c r is a c n o - Assets Gold certificates: 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 Mar. 5 18,370,177 744,155 5,951,188 867,2351,246,3921,023,667 969,6233,050,072 601,202 376,542 660,911 453,8552,425,335 Mar. 12 18,369,928 738,900 5,903,121 882,5711,259,8671,035,359 970,9652,955,624 606,668 400,037 655,554 459,3772,501,885 Mar. 19 18,371,427 724,149 6,243,716 834,7451,212,0711,019,422 950,2702,805,644 577,602 366,565 656,992 453,3872,526,864 Mar. 26 18,391,429 704,602 5,738,343 847,8871,242,1221,095,391 995,5783,151,279 584,975 373,231 656,301 461,6712,540,049 Redemption fund for F. R. notes: 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 Mar. 5. 793,182 54,737 120,613 59,629 76,565 59,854 45,368 145,286 46,130 21,220 33,749 24,740 105,291 Mar. 12. 791,410 54,641 120,219 59,468 76,435 59,125 45,267 145,119 46,086 21,454 33,719 24,705 105,172 Mar. 19 792,318 55,516 119,718 59,754 76,268 60,180 45,121 144,930 46,036 21,436 33,681 24,670 105,008 Mar. 26 790,071 55,414 119,281 59,572 76,141 59,324 45,015 144,767 45,997 21,420 33,645 24,642 104,853 Total gold certificate reserves: 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 Mar. 5 19,163,359 798,892 6,071,801 926,8641,322,9571,083,5211,014,9913,195,358 647,332 397,762 694,660 478,5952,530,626 Mar. 12 19,161,338 793,541 6,023,340 942,0391,336,3021,094,4841,016,2323,100,743 652,754 421,491 689,273 484,0822,607,057 Mar. 19 19,163,745 779,665 6,363,434 894,4991,288,3391,079,602 995,3912,950,574 623,638 388,001 690,673 478,057.2,631,872 Mar. 26. , 19,181,500 760,016 5,857,624 907,4591,318,2631,154,7151,040,5933,296,046 630,972 394,651 689,946 486,3132,644,902 v»/t F ** e c b r . C c 2 is 6 n.. 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 Mar. 5 333,485 31,051 64,375 21,698 33,835 19,086 25,123 46,722 15,939 7,945 11,130 12,916 43,665 Mar. 12 329,000 30,544 65,024 21,824 29,752 17,400 27,643 44,246 14,913 8,906 10,157 13,551 45,040 Mar. 19. 334,456 29,805 68,638 24,703 33,298 15,986 25,844 42,200 15,621 7,700 10,118 13,202 47,341 Mar. 26 319,695 28,213 64,885 23,806 29,456 16,336 26,715 37,585 15,314 7,843 10,280 12,955 46,307 Discounts & advances: Secured by U. S. Govt. securities: Feb. 26. . 260,449 18,090 94,710 8,845 9,314 19,015 1,400 26,885 23,385 28,500 2,900 6,025 21,380 Mar. 5. . 107,253 13,945 29,582 3.375 5,251 10,500 1,100 12,835 840 22,250 400 2,025 5,150 Mar. 12 105,434 16,695 36,340 2,960 3,699 10,000 1,000 19,535 4,180 450 1,275 9,300 Mar. 19!! 102,069 11,650 19^420 3^260 8,339 10,150 800 12,275 13,150 12,300 5,250 375 5,100 Mar. 26.. 154,816 16,165 33,038 5,710 21,113 17,610 2,250 6,550 20,040 21,200 4,300 100 6,740 rv)jjt.i|i,ep F rr.. eb. 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 Mar. 5.. 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 Mar. 12.. 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 Mar. 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 Mar. 26. . 131,800 7,744 49,520 9,801 11,253 5,929 4,961 16,456 4,235 3,025 4,235 3,993 10,648 Industrial loarm* J.11U.UOL1 i.CLl 1VJC11.1.O * Feb. 26 994 21 973 Mar. 5. 981 21 960 Mar. 12 1,041 21 1 020 Mar. 19 1,040 21 1,019 Mar. 26 1,032 IS 1,014 U. S. Govt. securities: Bills: Under repurchase option: 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 Mar. 5.. 5,530,824 41,216 3,099,768 131,272 25,935 28,463 7,1051,728,009 76,369 19,506 47,398 24,693 301,090 Mar. 12. . 5,7 92,443 47,970 3,188,413 131,032 50,360 32,353 10,8051,838,379 85,501 29,290 45,518 22,452 310,370 Mar. 19. . 5,344,204 44,595 2,739,044 119,127 56,435 41,238 23,7051,833,962 85,349 33,527 58,052 27,845 281,325 Mar. 26. . 5,833,111 50,314 3,246,798 146,431 54,530 44,383 20,6051,718,566 98,625 34,579 79,592 29,658 309,030 Other lilies• VJlllcI iJlilS. 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 FMeabr.. 256.. .. 9,529,244 847,041 342,667 916,4181,318,347 864,124 740,8371,114,476 605,440 382,127 637,669 524,042 1,236,056 Mar. 12. . 9,486,114 889,147 304,209 943,9501,314,144 861,386 738,5551,084,980 603,328 380,907 635,570 513,8011,216,137 Mar. 19. . 9,475,144 879,946 305,580 954,8341,313,075 860,689 737,9751,079,152 602,791 380,597 635.036 523,2121,202,257 Mar. 26. . 9,453,604 901,604 281,092 953,1941,310,976 859,322 736,8351,065,501 601,736 379,988 633,988 540,1571,189,211 v_/ F cr e L b ii . i ca 2 t 6 es. 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 Mar. 5 6,984,118 470,883 1,789,292 515,228 619,571 430,532 361,890 895,198 375,050 203,765 333,092 312,214 677,403 Mar. 12 6,771,118 455,939 1,737,541 499,091 599,092 417,067 350,658 867,798 364,467 197,710 322,756 302,900 656,099 Mar. 19 6,486,618 435,712 1,669,682 477,346 571,030 398,936 335,567 831,158 350,713 189,696 308,873 290,551 627,354 Mar. 26 6,417,618 430,872 1,652,909 472,120 564,402 394,575 331,929 822,282 347,282 187,734 305,526 287,533 620,454 Notes* 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 Mar. 5 444,300 29,956 113,827 32,777 39,414 27,388 23,022 56,949 23,859 12,962 21,190 19,862 43,094 Mar. 12 444,300 29,917 114,012 32,749 39,311 27,367 23,009 56,942 23,915 12,973 21,179 19,875 43,051 Mar. 19 351,800 23,631 90,555 25.889 30,970 21,636 18,199 45,077 19,021 10,288 16,752 15,758 34,024 Mar. 26 351,800 23,620 90,609 25,881 30,939 21,630 18,195 45,076 19,037 10,291 16,748 15,762 34,012 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 Mar. 5 753,390 50,795 193,015 55,579 66,834 46,442 39,038 96,566 40,458 21,980 35,931 33,679 73,073 Mar. 12 753,390 50,730 193,327 55,532 66,659 46,405 39,016 96,556 40,552 21,998 35,912 33,702 73,001 Mar. 19 753,390 50,606 193,926 55,442 66,322 46,334 38,974 96,535 40,734 22,032 35,874 33,747 72,864 Mar. 26 753,390 50,582 194,041 55,424 66,257 46,321 38,966 96,531 40,769 22,039 35,867 33,755 72,838 Total U. S. Govt. securities: 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 Mar. 5 23,241,8761,439,891 5,538,5691,651,2742,070.1011,396,9491,171,8923,891,1981,121,176 640,3401,075,280 914,4902,330,716 Mar. 12. 23,247,3651,473,703 5,537,5021.662,3542,069,5661,384,5781,162,0433,944,6551,117,763 642,8781,060,935 892,7302,298,658 Mar. 19 22,411,1561,434,490 4,998,7871,632,6382,037,8321,368,8331,154,4203,885,8841.098,608 636,1401,054,587 891,1132,217,824 Mar. 26 22,809,5231,456,992 5,465,4491,653,0502,027,1041,366,2311,146,5303,747,9561,107,449 634,631i.071,721 906,8652,225,545 Total loans and securities: 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 Mar. 5 23,481,9101,462,292 5,610,3271,666,2852,087,6101,413,9071,178,3963,921,9581,126,629 665,8851,080,293 920,8642,347,464 Mar. 12 23,485,6401,498,854 5,616,0181,677,0102,085,5231,401,0361,168,4473,982,1151,126,556 646,1731,065,998 898,3542,319,556 Mar. 19 22,646,0651,454,596 5,060,3831,647,5932,058,4291,385,4411,160,6243,916,0841,116,371 651,7351,064.450 895,8372,234,522 Mar. 26 23,097,1711,480,919 5,548,0071,669,5752,059,4701,389,7701,153,7413,770,9621,131,724 658,8561,080,256 910,9582,242,933 414 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 S ra an ncisco Due from foreign banks: Feb. 26 102 6 l 33 8 9 5 4 14 4 3 4 3 9 Mar. 5 102 6 133 8 9 5 4 14 4 3 4 3 9 Mar. 12 102 6 i 33 8 9 5 4 14 4 3 4 3 9 Mar. 19 102 6 1 33 8 9 5 4 14 4 3 4 3 9 Mar. 26 102 6 133 8 9 5 4 14 4 3 4 3 9 Federal Reserve notes of other Banks: 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 Mar. 5 107,851 2,735 14,196 3,598 5,418 24,474 13,309 11,412 5,477 3,784 5,108 4,012 14,328 Mar. 12 107,733 3,211 15,027 4,202 5,930 21,095 12,719 10,851 7,182 3,824 5,019 4,222 14,451 Mar. 19 114,505 2,888 15,803 6,268 5,643 19,996 14,650 12,229 7,166 4,412 6,040 4,341 15,069 Mar. 26 110,712 2,766 16,023 5,671 6,263 17,096 12,306 12,553 7,469 4,179 5,203 4,827 16,356 Uncollected items: 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 Mar. 5 2,276,317 177,938 403,322 129,586 205,848 189,055 157,966 397,270 107,704 60,227 125,965 116,305 205,131 Mar. 12 2,410,540 196,421 463,510 133,892 221,889 204,035 172,293 382,997 117,994 64,561 130,631 96,146 226,171 Mar. 19 2,879,604 236,686 523,503 185,226 261.760 272,053 209,206 470,126 130,504 75,257 140,666 111,859 262,758 Mar. 26 2,464,104 192,955 500,237 148,103 213,092 219,540 172,055 395,806 118,691 61,288 126,831 100,144 215,362 Bank premises: Feb. 26 32,269 1,287 8,441 3,146 3,840 2,672 1,519 3,043 2,003 1,235 2,515 792 1,776 Mar. 5 32,232 1,287 8,422 3,146 3,831 2,672 1,519 3,043 2,003 1,235 2,509 789 1,776 Mar. 12 32,232 1,287 8,422 3,146 3,831 2,672 1,519 3,043 2,003 1,235 2,509 789 1,776 Mar. 19 32,232 1,287 8,422 3,146 3,831 2,672 1,519 3,043 2,003 1,235 2,509 789 1,776 Mar. 26 32,202 1,287 8,422 3,134 3,831 2,665 1,515 3,044 2,002 1,235 2,509 789 1,769 Other assets: 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 Mar. 5 47,241 3,171 11,400 3,149 4,534 2,820 2,604 6,403 2,994 1,348 2,288 1,997 4,533 Mar. 12 48,853 3,326 12,009 3,234 4,664 2,877 2,670 6,595 3,073 1,390 2,345 2,028 4,642 Mar. 19 . . 40,627 2,634 9,882 2,450 3,891 2,353 2,327 5,646 2,454 1,201 1,922 1,841 4,026 Mar. 26 41,929 2,586 10,457 2,515 4,022 2,494 2,380 5,872 2,470 1,254 1,982 1,822 4,075 Total assets: Feb. 26 44,562,902 2,543,60912,571,8102,851,3753,811,6742,772,9612,411,4427,793,6091,941,2521,126,2381,892,4521,516,9255,329,555 Mar. 5 44,442,497 2,477,372 12,183,8762,754,3343,664,0422,735,5402,393,912 7,582,1801,908,0821,138,1891,921,9571,535,4815,147,532 Mar. 12 44,575,438 2,527,190 12,203,3832,785,3553,687,9002,743,6042,401,527 7,530,6041,924,4791,147,5831,905,9361,499,1755,218,702 Mar. 19 44,211,336 2,507,567 12,050,0982,763,8933,655,2002,778,1082,409,5657,399,9161,897,7611,129,5441,916,3821,505,9295,197,373 Mar. 26 45,247,415 2,468,74812,005,6882,760,2713,634,4062,802,6212,409,3097,521,8821,908,6461,129,3091,917,0111,517,8115,171,713 I labilities Federal Reserve notes: Feb. 26 24,310,008 1,449,853 5,545,1481,662,4542,082,5341,716,5901,401,9454,507,1811,091,445 587,930 910,142 582,2272,772,559 Mar. 5 24,337,769 1,452,409 5,558,2641,662,6352,084,6961,714,6301,402,3914,502,9561,095,661 591,949 915,026 585,4472,771,705 Mar. 12 24,303,396 1,452,012 5,542,0021,660,8312,088,9661,712,4951,398,2364,501,4011,092,683 591,751 914,253 583,4802,765,286 Mar. 19 24,219,725 1,446,667 5,530,8551,653,6902,079,4881,704,8441,394,5314,492,8981,090,121 591,178 910,448 579,9172,745,088 Mar. 26 24,142,852 1,445,233 5,519,1061,649,9042,073,7561,696,0161,387,3514,479,0741,083,048 590,170 907,909 576,7082,734,577 Deposits: Member bank —reserve account: 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 Mar. 5. . 15,929,544 709,287 4,906,504 790,475 733378 748^3772^310^068 604,896 414,883 800,724 752,6621,962,193 Mar. 12.. 15,846,863 685,328 4,918,652 784,034l!l67]441 732,733 737,6082,287,242 597,796 411,794 785,453 735,7982,002,984 Mar. 19. . 15,942,864 713,844 4,952,567 804,5551,165,058 724,138 737,5492,281,804 596,262 407,366 793,230 755,7812,010,710 Mar. 26. . 15,657,769 683,185 4,855,511 780,1581,146,521 690,381 720,9242,282,692 596,972 400,104 775,425 741,9211,983,975 U S Treasurer-general account: Feb. 26.. 2,371,785 153,685 693,746 181,718 236,149 98,694 62,482 439,617 69,801 50.97S 60,693 66,054 258,168 Mar. 5. . 1,407,187 91,839 388,298 102,424 97,022 62,960 49,708 305,448 63,565 50,274 55,014 49,630 91,005 Mar. 12. . 1,429,303 125,007 400,049 116,280 117,577 55,983 53,956 255,410 72,259 55,837 47,381 46,912 82,652 Mar. 19. . 712,555 53,040 189,801 41,028 64,745 47,319 28,758 93,147 39,347 34,936 35,878 25,968 58,588 Mar. 26. . 1,600,115 82,700 362,031 101,517 138,444 159,104 82,978 289,367 67,941 53,579 79,479 67,323 115,652 Foreign: Feb. 26.. 485,257 30,630 U62.321 38,425 44,118 23,245 19,450 64,516 16,603 11,860 16,603 15,655 41,831 Mar. 5. . 395,529 24,172 2141,206 30,252 34,734 18,301 15,313 50,793 13,072 9,337 13,072 12,325 32,952 Mar. 12. . 523,315 32,944 2175,975 41,337 47,460 25,006 20,923 69,405 17,861 12,758 17,861 16,841 44,944 Mar. 19. . 513,352 32,209 2173,682 40,424 46,413 24,454 20,461 67,872 17,467 12,476 17,467 16,469 43,958 Mar. 26. . 458,279 28,606 2156,896 35,863 41,176 21,695 18,153 60,215 15,496 11,069 15,496 14,611 39,003 Other: 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 Mar. 5. . 712,649 1,723 633,556 2,861 8,709 7,279 2,056 3,244 6,809 2,934 1,705 2,214 39,559 Mar. 12. . 648,194 2,157 565,849 2,569 7,258 5,525 1,498 6,156 6,447 2,425 1,448 1,044 45,818 Mar. 19. . 634,981 2,994 550,494 4,205 7,219 3,637 1,735 5,672 6,550 1,938 2,367 858 47,312 Mar. 26. . 601,249 3,561 525,453 2,812 7,594 4,957 2,511 5,975 6,695 2,550 1,561 760 36,820 Total deposits: 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 Mar. 5 18,444,909 827,021 6,069,564 926,012 1,336,562 821,918 815,4542,669,553 688,342 477,428 870,515 816,8312,125,709 Mar. 12 18,447,675 845,436 6,060,525 944,2201,339.736 819,247 813,9852,618,213 694,363 482,814 852,143 800,5952,176,398 Mar. 19 17,803,752 802,087 5,866,544 890,212 1,283,435 799,548 788,5032,448,495 659,626 456,716 848,942 799,0762,160,568 Mar. 26 18,317,412 798,052 5,899,891 920,3501,333,735 876,137 824,5662,638,249 687,104 467,302 871,961 824,6152,175,450 bility items: 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 Mar. 5 1,954,228 152,795 336,817 108,742 177,680 163,625 146,297 313,762 97,939 50,190 110,517 108,485 187,379 Mar, 12 2,116,185 184,460 381,018 123,159 193,897 176,331 159,411 314,681 111,197 54,112 113,525 90,327 214,067 Mar. 19 2,479,176 213,489 432,742 162,772 226,866 238,148 196,575 362,141 121,909 62,882 130,976 102,048 228,628 Mar. 26 2,075,528 179,893 365,683 132,705 161,272 194,737 167,310 307,797 112,231 53,040 110,991 91,475 198,394 Other liab. incl. accrued div.: Feb. 26 12,382 709 3,249 760 1,176 591 541 2,527 490 366 462 501 1,010 Mar. 5 11,253 648 2,922 667 1,092 565 474 2,243 479 372 430 415 946 Mar. 12 12,345 658 3,203 762 1,170 632 519 2,376 498 612 482 421 1,012 Mar. 19 11,687 677 3,023 733 1,152 570 508 2,199 455 438 451 487 994 Mar. 26 13,207 731 3,783 790 1,275 650 568 2,344 543 429 500 554 1,040 1 After deducting 569,000 participation of other Federal Reserve Banks on Feb. 26; Mar. 5; Mar. 12; Mar. 19; and Mar. 26. •After deducting $322,582,000 participations of other Federal Reserve Banks on Feb. 26; $253,967,000 on Mar. 5; $347,023,000 on Mar. 12; $339,360,000 on Mar. 19 and $301,074,000 on Mar. 26. APRIL 1947 415 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS-—Continued [In thousands of dollars] San Total Boston Y N o e r w k d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago L S ou t. is M ap in o n li e s - K C an it s y as Dallas F c r is a c n o - Total liabilities: Feb. 26 45,869,813 2,499,135 12,355,6932,795,2153,747,7712,738,2162,382,2337,700,1531,915,6661,108,0061,867,0501,492,6665,268,009 Mar. 5 44,748,159 2,432,873 11,967,5672,698,0563,600 0302,700,7382,364,6167,488,5141,882,4211,119,9391,896,4881,511,1785,085,739 Mar. 12 44,879,601 2,482,566 11,986,7482,728,9723,623,7692,708,705 2,372,151 7,436,6711,898,7411,129,2891,880,4031,474,8235,156,763 Mar. 19 44,514,340 2,462,920 11,833,1642,707,407 3,590,9412,743,1102,380,117 7,305,7331,872,1111,111,2141,890,8171,481,5285,135,278 Mar. 26 44,548,999 2,423,909 11,788,4632,703,7493,570,0382,767,5402,379,795 7,427,4641,882,9261,110,9411,891,3611,493,3525,109,461 Capital accts.: Capital paid in: 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 Mar. 5 190,817 11,162 67,218 14,162 18,624 8,036 7,264 22,741 6,278 4,180 6,301 7,036 17,815 Mar. 12 190,862 11,156 67,219 14,164 18,628 8,046 7,273 22,749 6,282 4,184 6,306 7,036 17,819 Mar. 19 190,901 11,160 67,219 14,165 18,641 8,051 7,274 22,751 6,288 4,186 6,308 7,037 17,821 Mar. 26. ... 190,879 11,166 67,228 14,105 18,644 8,054 7,274 22,752 6,288 4,186 6,309 7,052 17,821 Surplus (section 7): 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 Mar. 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 Mar. 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 Mar. 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 Mar. 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): 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 Mar. 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 Mar. 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 Mar. 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 Mar. 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.: 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 Mar. 5 36,243 2,768 5,289 2,907 2,987 2,765 2,607 4,418 2,285 2,000 2,302 2,183 3,732 Mar. 12. ... 37,697 2,899 5,614 3,010 3,102 2,852 2,678 4,677 2,358 2,040 2,361 2,232 3,874 Mar. 19 38,817 2,918 5,913 3,112 3,217 2,946 2,749 4,925 2,264 2,074 2,391 2,280 4,028 Mar. 26 40,259 3,104 6,195 3,208 3,323 3,026 2,815 5,159 2,334 2,112 2,475 2,323 4,185 Total liabilities and cap. accts.: Feb. 26 46,562,902 2,543,609 12,571,8102,851,3753,811,6742,772,9612,411,442 7,793,6091,941,2521,126,2381,892,4521,516,9255,329,555 Mar. 5 45,442,497 2,477,372 12,183,8762,754,3343,664,0422,735,5402,393,912 7,582,1801,908,0821,138,1891,921,9571,535,4815,147,532 Mar. 12 45,575,438 2,527,190 12,203,3832,785,3553,687,9002,743,6042,401,527 7,530,6041,924,4791,147,5831,905,9361,499,1755,218,702 Mar. 19 45,211,336 2,507,567 12,050,0982,763,8933,655,2002,778,1082,409,565 7,399,9161,897,7611,129,5441,916,3821,505,9295,197,373 Mar. 26. ... 45,247,415 2,468,748 12,005,6882,760,2713,634,4062,802,6212,409,309 7,521,8821,908,6461,129,3091,917,0111,517,8115,171,713 bility on bills purchased for foreign correspondents: Feb. 26 8,841 566 12,829 716 822 433 362 1,202 310 221 310 292 778 Mar. 5 9,529 610 !3,049 772 886 467 391 1,296 334 238 334 314 838 Mar. 12 9,212 590 12,948 746 857 451 378 1,253 322 230 322 304 811 Mar. 19 9,007 577 12,882 730 838 441 369 1,225 315 225 315 297 793 Mar. 26 8,753 560 22,801 709 814 429 359 1,191 306 219 306 289 770 Commit, to make indus. loans: Feb. 26.... 8~189 1,288 1,596 73 380 4,225 450 17/ Mar. 5 8,149 1,300 1,569 73 380 4,200 450 177 Mar. 12. ... 8,206 1,241 1,689 73 380 4,200 450 173 Mar. 19. ... 8,205 1,242 1,689 71 38( 4,200 45 ( 173 Mar. 26. . . . 8,210 1,247 l]689 71 380 4^200 450 173 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 ou t. is M a i p n ol n i e s - K C an it s y as Dallas F c S r is a a c n n o - F.R. notes outstanding (issued to Bank): Feb. 26 25,015,346 1,488,065 ,709^3021,703,715 ,133,574 1,762,6571,444,2124,595,976 1,131,031602,497 931,565608,331 ,904,421 Mar. 5 24,983,982 1,486,734 ,717,4041,702,568 ,134,266 1,756,3391,440,0914,580,438 1,129,648604,093 931,788607,310 ,893,303 Mar. 12 24,972,281 1,487,118 ,715,5431,701,476 ,140,1731,755,1711,438,5034,577,111 1,126,364604,677 933,355605,718 ,887,072 Mar. 19 24,916,305 1,485,722 ,707,907 1,701,130 ,131,7141.746,3241,433,7224,565,270 1,124,937604,322 929,981601,834 ,883,442 Mar. 26 24,835,630 1,478,601 ,701,385 1,690,7902,125,001 1,737,2121,427,1934,557,158 1,122,415603,722 926,758601,1442,864,251 Collateral held against notes outstanding: Gold certificates: Feb. 26 10,653,000 455,0003,470,000 525,000 645,000 625,000 590,000 1,710,000 300,000 184,000 280,000169,0001,700,000 Mar. 5 10,633,000 455,0003,470,000 525,000 645,000 625,000 590,000 1,690,000 300,000 184,000 280,000169,0001,700,000 Mar. 12 10,783,000 455,0003,470,000 525,000 645,000 625,000 590,000 l,690,C00 300,000 184,000 280,000169,0001,850,000 Mar. 19 10,783,000 405,0003,470,000 525,000 645,000 625,000 590,000 1,690,000 300,000 184,000 280,000169,0001,900,000 Mar. 26 10,783,000 455,0003,470,000 525,000 645,000 625,000 590,000 1,690,000 300,000 184,000 280,000169,0001,850,000 Eligible paper: Feb. 26 216,825 18,090 94,710 8,845 19,015 23,385 28,500 2,900 21,380 Mar. 5 86,042 13,945 29,582 3,375 10,500 840 22,250 400 5,150 Mar. 12 79,925 16,695 36,340 2,960 10,000 4,180 450 9,300 Mar. 19 80,280 11,650 19,420 3,260 10,150 13,150 12,300 5,250 5,100 Mar. 26 124,803 16,165 33,038 5,710 17,610 20,040 21,200 4,300 6,740 U. S. Govt. sec: Feb. 26 15,327,623 1,100,0002,400,000 1,200,000 1,500,0001,160,000 900,0002,900,000 942,623425,000 700,000500,0001,600,000 Mar. 5 15,311,369 1,100,0002,400,000 1,200,0001,500,0001,160,000 900,0002,900,000 926,369425,000 700,000500,0001,600,000 Mar. 12 15,320,501 1,100,0002,400.000 1.200,000 1,500,000 1,160,000 900,000 2,900,000 935,501 425,000 700,000500,0001,600,000 Mar. 19 15,320,349 1,100,000 2,400.000 1,200,0001,500,0001,160,000 900,000 2,900,000 935,349 425,000 700,000 500,0001,600,000 Mar. 26 15,033,625 1,100,0002,400,000 1,200,0001,500,0001,160,000 900,0002,900,000 948,625425,000 700,000 500,0001,300,000 Total collateral: Feb. 26 26,197,448 1,573,0905,964,7101,733,845 ,145,000 1,804,0151,490,0004,610,000 1,266,008637,500 982,900 669,0003,321,380 Mar. 5 26,030,411 1,568,9455,899,5821,728,3752,145,000 1,795,5001,490,0004,590,000 1,227,209631,250 980,400 669,0003,305,150 Mar. 12 26,183,426 1,571,6955,906,3401,727,9602,145,000 1,795,0001,490,0004,590,000 1,239,681609,000 980,450 669,0003,459,300 Mar. 19 26,183,629 1,516,6505,889,4201,728,2602,145,000 1,795,1501,490,0004,590,000 1,248,499621,300 985,250669,0003,505,100 Mar. 26 25,941,428 1,571,1655,903,0381,730,710 2,145,000 1,802,6101,490,000 4,590,0001,268,665630,2C0 984,300 669,0003,156,740 i After deducting $6,012,000 participations of other Federal Reserve Banks on Feb. 26; $6,480,000 on Mar. 5; $6,264,000 on Mar. 12; $6,125,000 on Mar. 19; and $5,952,000 on Mar. 26. 416 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 dollarsl COMMISSION THROUGH FEDERAL RESERVE BANKS UNDER REGULATION V Central reserve [Amounts in thousands of dollars] All city banks Re- C Guaranteed loans Guaranteed Additional week e M nd o i n ng th , T o h r ursday m b e e m r - s c e i r t v y e V" t . r o y iinauthorized loans amount banks* New Chi- banks banks1 to date outstanding available to York cago borrowers Date under guar- N b u e m r - Amount a T m o o t u a n l t g P u o t a e r r t e i 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 t 9 al 4 6 r — es F e J e a rv n b u e ru s a a ry h ry eld: 1 1 5 5 , , 6 9 8 2 5 1 4 4 , , 0 0 3 5 7 4 9 9 0 2 1 1 6 6 , , 2 35 3 7 5 4 4 , , 5 5 9 1 0 1 1947—January 16,399 4,207 929 6,501 4,762 1942 February 16,006 4,110 905 6,324 4,667 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 Jan. 23 16,499 4,230 939 6,558 4,773 Jan. 30 16,214 4,196 928 6,423 4,668 Feb. 6. 16,209 4,177 918 6,408 4,706 1943 Feb. 13 16,062 4,116 910 6,355 4,682 June 30 4,217 4,718,818 1,428,2531,153,756 2,216,053 Feb. 20 15,946 4,074 906 6,305 4,662 Dec. 31 5,347 6,563,048 1,914,0401,601,518 3,146,286 Feb. 27 15,830 4,072 892 6,244 4,622 Mar. 6 16,055 4,101 896 6,319 4,739 1944 Mar. 13 16,024 4,085 890 6,340 4,709 June 30 6,433 8,046,672 2,064,3181,735,777 3,810,797 Dec. 30 7,434 9,310,582 1,735,9701,482,038 4,453,586 Excess reserves: 1946—January 1,311 7 8 337 958 February 15 8 269 839 J D u e n c e . 1 3 3 9 0 1 45 8 8 , , 4 7 2 5 2 7 1 1 0 0 , , 1 3 4 3 9 9 , , 3 4 1 0 5 0 , 5 3 1 8 0 6 , ,8 2 5 7 1 0 1, 4 1 3 9 5 0 , , 3 9 4 4 5 4 3, 9 6 6 9 6 4 , , 5 6 9 1 5 8 1947— F Ja e n b u ru a a ry ry 8 8 5 0 0 5 17 3 4 4 2 2 2 0 7 5 6 5 1 7 6 8 Jan. 23 886 15 5 243 623 1946 Jan. 30 739 13 4 179 543 June 29 8,771 10,344,018 70,267 60,214 142,617 Feb. 6 845 14 5 224 602 Dec. 31 8,771 10,344,018 18,996 17,454 28,791 Feb. 13 819 14 4 210 591 Feb 20 789 13 5 200 571 1947 Feb. 27 735 12 3 177 543 J F a e n b . . 2 3 8 1 8 8 , , 7 7 7 7 1 1 1 1 0 0 , , 3 3 4 4 4 4 , , 0 0 1 1 8 8 1 1 4 8 , , 2 02 3 5 8 1 1 3 6 , , 2 6 3 5 7 4 2 2 2 1 , , 4 18 2 3 4 M M a a r r . . 1 6 3 9 8 4 9 7 4 1 1 1 0 5 4 2 2 3 6 4 6 6 6 6 4 5 6 Borrowings at Federal NOTE.—The difference between guaranteed loans authorized and sum Reserve Banks: of loans outstanding and additional amounts available to borrowers 1946—January 185 94 66 25 under guarantee agreements outstanding represents amounts repaid February 324 134 134 54 and authorizations expired or withdrawn. 1947—January 106 2 60 43 February 203 27 1 115 60 Jan. 23 88 47 41 Jan. 30 147 7 84 56 Feb. 6 149 4 85 60 INDUSTRIAL LOANS BY FEDERAL RESERVE BANKS Feb. 13 240 68 101 71 [Amounts in thousands of dollars] Feb. 20 216 20 2 138 56 Feb. 27 223 15 3 128 77 Applications Ap- Mar. 6 147 5 1 76 65 Date (last approved proved Loans Commit- Partici- Mar. 13 114 7 48 59 Wednesday to date but not out- ments pations o o r f la p s e t r i d o a d y ) N b u e m r - Amount (a p m c l o e o t m e u d - n 1 t) s (a ta m n o d u in n g t) 2 ( s a t m a o n u o d u t- i n n t g ) ( s a t m a o n u o d u t- i n n t g ) c b o er u lW n b t e a r e n y k k b l s y a a n n k f d i s g u a o r r f e e s c e o s o u t f n i m tr e a y x t c e b e s a . s n s k W s r e e m s e e k a r y v ly e i s f n i c g o l u u f r d e e s a l s o l m f m a b l o l e r m r a o m b w e o r i u n n g b s t a s o n o f k f s a l F l a e n m d d e e r m a o l - f Reserve Bank discounts and advances for nonmember banks, etc. 1934 984 49,634 20 966 13,589 8,225 1 296 1935 1,993 124,493 11 548 ,493 ?7 649 ft778 1936 2,280 139,829 8 226 25,526 20,959 7 208 1937 2,406 150,987 369 ,216 780 7 238 DEPOSITS OF COUNTRY MEMBER BANKS IN LARGE AND 1938 2,653 175,013 946 17,345 14,161 12 722 SMALL CENTERS1 1939 2,781 188,222 659 ,683 0,220 10 981 1940 2,908 212,510 13 954 9 s 226 6 386 [Averages of daily figures. In millions of dollarsl 1941 . ... 3,202 279,860 8 294 10,337 14 597 10 600 In places of 15,000 In places of under 1942 and over population 15,000 population June 24... 3,352 338,822 26 346 11,265 16 832 26 430 Dec. 31... 3,423 408,737 4 248 14,126 10 661 17 305 Demand Demand 1943 d e e x p c o e s p i t ts Time d e e x p c o e s p i t ts Time June 30... 3,452 475,468 3 203 13,044 12 132 19 070 inter- deposits inter- deposits Dec. 31... 3,471 491,342 926 10,532 9 270 17 930 bank' bank2 1944 June 30... 3,483 510,857 45 11,366 4 048 11 063 February 1946 '17,488 7,528 12,175 5,271 Dec. 30. .. 3,489 525,532 1 295 3,894 4 165 2 706 January 1947 15,526 8,263 12,021 5,851 1945 February 1947 15,315 8,315 11,889 5,893 June 30... 3,502 537,331 70 3,252 5 224 2 501 Dec. 31... 3,511 544,961 320 1,995 1 644 1 086 Boston 1,834 876 333 230 New York 2,815 2,141 1,015 1,136 1946 Philadelphia.... 1,088 730 897 872 Mar. 30... 3,519 547.581 755 1,536 2 063 1,014 Cleveland 1,317 907 1,051 809 June 29... 3,524 552,711 615 1,210 5 366 1,110 Sept. 30.... 3,535 563,779 8,115 1,106 6 254 1,455 Richmond.... 1,070 393 884 463 Dec. 31... 3,542 565,913 4,577 554 8 309 2,670 Atlanta 1,552 486 691 211 Chicago 1,901 1,334 1,674 917 1947 St. Louis 609 320 1,003 268 Jan. 31 3.545 568,540 4,795 593 8 217 2,677 Feb. 28.... 3,548 569,487 4,795 996 8 186 2,729 Minneapolis 549 289 748 430 Kansas City 514 104 1,579 195 1 Includes applications approved conditionally by the Federal Re- S D a a n l la F s rancisco. . 1,1 8 7 9 1 5 6 1 0 3 4 0 1,4 5 3 8 0 4 30 5 3 8 serve Banks and under consideration by applicant. J 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. 417 APRIL 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 Bormand Reserve Banks row- Feder C al l a R ss e a s o n e f d r v b e a n d k istrict Total I b n a t n e k r- w G a U m o r d v . e e l e o n - S r t a n . n - Other j p m u o a d s a t d s e n e i - - t d d s 3 p m o N d d a s e e e i n - - t t d s4 p T o d i s m e i - t e s5 m a f b r d d n e o a u o c s m l e - e t - i s c Total 1 qu R i e r - ed c E e x s - s s F i e R e n a e r r g e a t d v - s l - e posits* banks Banks First half February 1947 All member banks 87,640 11,386 2,664 73,589 68,964 75,093 27,413 5,457 16,133 15,274 859 198 Central reserve city banks: New York 22,036 4,087 602 17,347 16,084 20,157 1,457 49 4,149 4,119 30 40 Chicago 4,895 1,098 153 3,644 3,339 4,287 835 155 912 907 5 Reserve city banks 32,448 5,165 983 26,300 23,977 27,490 10,937 1,734 6,378 6,154 224 99 Boston 1,897 253 63 1,581 1,477 1,694 198 38 356 351 5 2 New York 547 27 16 504 472 478 307 21 116 114 2 1 Philadelphia 2,224 306 53 1,864 1,725 1,962 236 71 412 407 5 8 Cleveland 3,684 465 136 3,084 2,848 3,158 1,287 162 745 709 36 17 Richmond 2,051 335 63 1,652 1,504 1,745 445 106 392 376 16 15 Atlanta 2,015 478 45 1,491 1,330 1,675 407 138 382 359 23 4 Chicago . 3,847 474 155 3,219 2,965 3,158 1,987 289 795 751 45 14 St Louis 1,952 603 63 1,285 1,114 1,620 326 100 356 344 12 6 Minneapolis 981 312 36 634 553 810 172 56 174 172 2 19 Kansas City 2,681 869 66 1,747 1,541 2,161 355 255 476 453 23 6 Dallas 2,218 514 49 1,655 1,515 1,824 327 208 413 384 28 2 San Francisco 8,350 529 238 7,583 6,932 7,204 4,890 289 1,759 1,734 25 6 Country banks 28,261 1,036 926 26,299 25,565 23,159 14,184 3,518 4,694 4,093 601 59 Boston 2,260 86 77 2,097 2,003 1,929 1,105 167 363 336 27 10 New York 3,939 84 131 3,723 3,576 3.377 3,274 294 749 669 80 31 Philadelnhia 1,997 13 96 1,888 1,840 1,673 1,600 184 375 330 45 5 Cleveland 2,400 32 115 2,253 2,198 1,959 1,714 276 442 377 65 5 Richmond 2,076 124 71 1,882 1,809 1,669 855 272 319 285 34 2 Atlanta 2.425 190 56 2,180 2,106 1,959 695 345 360 316 44 1 Chicago 3.652 77 143 3,431 3,365 2,960 2,249 493 644 549 95 1 St Louis 1,724 122 44 1,558 1,521 1,406 583 240 265 232 33 2 1,366 74 51 1,242 1,209 1,098 718 187 234 197 37 1 Kansas Citv 2,175 81 59 2,035 2,013 1,717 300 381 312 258 54 1 Dallas 2,458 128 38 2,292 2,253 1,905 187 480 335 278 57 1 San Francisco 1,789 26 45 1,718 1,672 1,505 904 199 296 265 31 Second half of February 1947 All member banks 87,274 11,319 2,846 73,109 68,111 74,252 27,525 5,377 15,860 15,118 742 209 Central reserve city banks: New York 21,827 4,037 625 17,166 15,842 19,868 1,468 46 4,065 4,062 3 11 Chicago 4,885 1,109 160 3,616 3,252 4,214 838 150 897 893 4 3 Reserve city banks 32,367 5,159 1,052 26,157 23,605 27,099 10,982 1,747 6,261 6,079 182 133 Boston 1,884 249 66 1,569 1,453 1,668 198 36 348 346 2 2 New York . .. 552 26 17 509 473 478 307 21 116 114 1 2 Philadelnhia 2,192 307 56 1,829 1,671 1.907 255 71 407 397 10 6 Cleveland 3,719 463 148 3,108 2,838 3,146 1,292 164 740 707 34 8 Richmond 2,058 333 68 1,656 1,504 1,752 446 97 394 377 17 13 Atlanta 2,038 477 48 1,513 1,333 1,667 408 148 372 358 14 3 Chicago 3,833 482 166 3,185 2,899 3,097 1,994 293 774 739 35 41 St Louis • • • 1,929 590 65 1,275 1,096 1,589 318 99 346 337 9 13 Minneapolis 981 318 37 626 529 790 172 57 171 168 3 21 Kansas Citv 2,724 888 70 1,766 1,533 2,163 355 265 468 454 14 4 Dallas 2,219 502 53 1,664 1,508 1,804 327 209 403 380 23 5 San Francisco 8,238 524 258 7,457 6,768 7,038 4,909 286 1,723 1,702 20 14 Country banks 28,195 1,015 1,009 26,171 25,413 23,070 14,236 3,434 4,636 4,084 552 62 Boston 2,243 84 82 2,077 1,981 1,908 1,107 164 357 334 24 12 New York 3,886 84 141 3,661 3,516 3,333 3,281 280 727 663 63 31 Philadelphia 1,999 13 104 1,883 1,832 1,669 1,605 180 374 330 44 4 Cleveland 2,393 25 123 2,245 2,187 1,951 1,719 266 436 376 59 5 Richmond • . 2,077 122 78 1,878 1,802 L,663 857 270 318 284 34 3 Atlanta 2 440 189 61 2,190 2,113 L,968 699 341 362 318 45 Chicago 3,651 76 157 3,418 3,342 >,942 2.255 486 638 547 90 1 St. Louis 1,743 119 51 1,573 1,533 L,419 593 235 264 234 30 2 Minneapolis 1,374 73 55 1,246 1,212 1,101 721 187 231 197 34 1 D Ka a n ll s a as s . C .. i . ty 2 2, , 4 1 4 7 3 0 1 7 2 9 4 6 4 6 2 2 2 , , 2 0 7 2 7 5 2 2 , , 2 0 3 0 8 3 1 1, , 9 7 0 0 7 4 2 1 9 8 9 8 3 4 8 6 3 0 3 3 0 3 8 1 2 2 5 7 7 8 5 5 2 3 i' San Francisco 1,772 26 49 1,698 1,654 L.5O2 911 184 289 265 24 I 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. demand balances due from domestic banks. 6 Includes some interbank and U. S. Government time deposits; the amounts on call report dates are shown in the Member Bank Call Report, 418 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

UNITED STATES MONEY IN CIRCULATION, BY DENOMINATIONS [Outside Treasury and Federal Reserve Banks. In millions of dollars] Total Coin and small denomination currency2 Large denomination currency1 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 ,019 1,772 1,576 2,048 460 919 191 425 20 32 2 1940 8,732 6,247 648 610 39 ,129 2,021 1,800 2,489 538 112 227 523 30 60 4 1941 11,160 8,120 751 695 44 ,355 2,731 2,545 044 724 1,433 261 556 24 46 4 1942 15,410 11,576 880 801 55 ,693 4,051 4,096 837 1,019 ,910 287 586 9 25 3 1943 20,449 14,871 1,019 909 70 ,973 5,194 5,705 580 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—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 ,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 ,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 ,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 ,291 999 67 199 6,586 9,029 7,950 352 4,356 438 775 8 21 1 June 28,245 20,248 ,300 998 67 191 6,604 9,087 7,998 364 4,387 438 781 8 22 2 July 28,254 20,185 ,311 990 67 166 6,552 9,099 8,071 377 4,437 436 790 8 21 2 August.... 28,448 20,271 ,319 992 66 2,165 6,571 9,159 8,178 402 4,509 436 802 8 20 2 September. 28,507 20,262 ,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 ,345 1,000 65 148 6,494 9,221 8,329 2,436 4,645 434 784 8 21 2 November. 28,861 20,447 ,355 1,010 65 169 6,543 9,305 8,416 2,458 4,711 435 782 8 21 2 December. 28,952 20,437 ,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 ,337 972 63 2,074 6,284 9,077 8.457 2,460 4,757 434 774 9 23 3 February.. 28,304' 19,873 ,337 967 64 2,090 6,336 9,079 8,434 2,456 4,755 433 769 6 14 3 1 Total of amounts of coin and paper currency shown by denominations less unassorted currency in Treasury and Federal Reserve Banks. 8 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 Fe 1 b 9 . 4 2 7 8, g a o s g l i d a lv in a e s r n t d Tr c e a a s s h ury B R F an e e d k se s e r r a v a n e l d B R a a n e g k s e e s n r t a v s n e d Fe 1 b 9 . 4 2 7 8, Ja 1 n 9 . 4 3 7 1, Fe 1 b 9 . 46 28, certificates agents Gold 20 330 19 162 21 168 Gold certificates 19,162 16,298 2,815 49 49 51 Federal Reserve notes • • 24,989 81 792 24,116 24,114 23,868 Treasury currency—total 4,558 32,220 68 351 4,139 4,100 4,035 Standard silver dollars . ... 494 304 39 4 147 147 136 1,915 1,915 Silver certificates and Treasury notes of 1890. . 32,220 265 1 ,955 1,917 1,865 Subsidiary silver coin 916 16 36 864 864 820 Minor coin 346 9 10 327 327 307 United States notes 347 3 30 314 308 307 Federal Reserve Bank notes 430 1 5 424 429 484 National Bank notes 110 1 1 109 110 116 Total Februarv 28 1947 (4) 21 382 1,317 16,298 3,959 28,304 Tannarv 31 1947 CO 20 883 2 258 15 811 4,204 28,262 February 28, 1946 (4) 20,247 2,301 15,233 4,397 27,954 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. 411, and seasonally adjusted figures in table on p. 420. 2 Includes $156,039,431 held as reserve against United States notes and Treasury notes of 1890. * 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. 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 Reserve Bank. Federal Reserve notes are secured by the deposit with Federal Reserve agents of a like amount of gold certificates or ot 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 419 APRIL 1947 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MONEY IN CIRCULATION WITH ADJUSTMENT FOR ANALYSIS OF CHANGES IN GOLD STOCK OF SEASONAL VARIATION UNITED STATES (Outside Treasury and Federal Reserve Banks. In millions of dollars] [In millions of dollars] Date f u A o v n r m a a s r d o i e j a u a u t n s s i o o t t — e n n d al a A d v s j m a e u r a s o i s t a u e o t n d n io t a — n l for C s a e h s d a e a s j r u n o i s g e n t s e a e l d 1 l i y n Period , a p s G t t e o o r o e i c f l n o d k d d I i n n s c to r g e c o a k l s d e o i r m g N ( e - o p x ) e l o p d t r o t rt c g m r o c e o a E l r a r d e r a k s : a i r e n e s - d d e - ( e - - ) m t g d p i D e o o u r s o n o l c t d - i - 1 - c 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 212,760 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 Vf onthly 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— D N e o c v e e m m b b e e r r 2 28 8 , , 4 1 5 5 2 1 2 2 8 8 , , 0 1 6 7 7 0 + + 1 1 2 0 4 3 1946— A M p a r r i c l h 2 2 0 0 , , 2 2 5 5 6 1 - 2 5 3 .2 .9 -2 3 0 1 . . 5 4 1 1 9 5 . . 7 1 3 3 . . 2 6 1946— O A A S M J J M N F J u u e a e c p u o a a l n p n b t r y g v y r o e t i u r u c e l e b u a h s m m e r a t y r r b b y e e r r 2 2 2 2 2 2 2 2 2 2 2 8 7 8 8 7 7 7 8 8 8 8 , , , , , , , , , , , 5 3 9 2 4 9 9 1 9 1 7 5 8 7 8 7 4 1 4 2 5 2 2 8 8 1 8 0 3 4 7 8 3 2 2 2 2 2 2 2 2 2 2 2 7 8 8 8 7 8 8 8 8 8 8 , , , , , , , , , , , 9 1 9 4 2 1 0 3 5 6 5 9 7 4 9 8 4 7 3 3 4 8 7 5 4 4 1 8 4 8 5 1 8 + + + -1 + + + + + + - 1 1 1 9 3 2 5 5 5 5 4 5 5 0 6 0 7 7 3 3 3 1 6 1 6 1947— A S O J J M F D M N J u u a e e c u e o a l a n n p b t y g c v y r o e u t r e u c e e b a u m h s m m e r t a y r b . b r b . e y e e . r . . r r . . . . . . . . J> 2 2 2 2 2 2 2 2 2 2 2 0 0 0 0 0 0 0 0 0 0 0 , , , , , , , , , , 2 2 2 4 , 2 5 3 7 4 3 4 6 4 0 7 8 0 2 4 7 3 6 7 2 2 0 0 5 9 8 0 0 2 '-4 P 2 1 1 - - 6 2 2 9 5 1 1 3 3 9 8 7 8 5 6 9 3 9 1 . . . . . 2 . . . . 1 2 . . 7 1 2 7 3 4 3 8 - - - P 2 6 - 1 3 1 2 7 ( 7 2 7 1 6 4 6 6 5 4 7 0 ) . . . . . . . 6 . . 0 2 8 . 3 3 2 2 9 4 - 5 6 2 1 1 1 8 8 0 6 2 1 1 1 2 9 2 4 8 0 3 7 5 5 7 2 6 . . . . . . . . . . 8 0 5 1 5 5 7 5 3 1 0 ( ( 4 4 8 3 3 4 6 4 5 6 7 ) ) . . . . . . . . . 3 2 4 0 3 9 9 6 8 December 28,997 28,710 +69 v Preliminary. 1947— M F Ja e a n b r u r c u a h r a y ry 2 2 2 8 8 8 , , , 2 3 5 7 0 4 3 0 3 2 2 2 8 8 8 , , , 3 4 3 5 5 0 8 8 0 - - 2 1 + 5 5 5 2 8 8 f P ig h 2 1 u i l A I r i n e p n s c p n l i u a n u r d e a e e l s I f t s i h g l g a o u o n s r l e d d e s s p i a n p u r e b ro t l h i e d s e s u h t c e im I t d n i o a a n i t c n e t s i r v t e o a e c f b e l i A t e v h c e e d c o U o n u i n n n i p t t e . U d a 4 n m 6 i S t 8 o e t a u d t n a e t d s S i n j t u M g a s t t i e e t n s o d t . . 2 to 7 M e m o x n c il l t l u h io d l n y e dollars on Dec. 31, 1936, and 1,228 million on Dec. 31. 1937. 1 For end of year figures, represents change computed on absolute » Change reflects primarily gold subscription to International Monamounts in first column. etary Fund. NOTE.—For discussion of seasonal adjustment factors and for back * Not yet available. figures on comparable basis see September 1943 BULLETIN, pp. 822-826. 5 Gold held under earmark at the Federal Reserve Banks for foreign Because of an apparent recent change in the seasonal pattern around account including gold held for the account of international institutions the year end, adjustment factors have been revised somewhat for dates amounted to 4,113.3 million dollars on Mar. 31, 1947. Gold under earaffected, beginning with December 1942; seasonally adjusted figures mark is not included in the gold stock of the United States. for money in circulation, as shown in Banking and Monetary Statistics, NOTE.—For back figures, see Banking and Monetary Statistics, Table Table 111, p. 414, and described on p. 405, are based on an older series 156, pp. 536-538, and for description of statistics see pp. 522-523 in of adjustment factors. the same publication. BANK DEBITS AND DEPOSIT TURNOVER [Debits in millions of dollars] Annua 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 City* centers * centers2 City centers City cities City cities 1938 405,929 168,778 204,745 32,406 164,945 186,140 25.1 19.9 1939 423,932 171,382 218,298 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 3 607,071 210,961 342,430 53,679 200,337 308,913 18.0 18.4 1942—new series 3 641,778 226,865 347,837 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—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 February. . . 81,577 29,745 43,206 8,626 20.4 11.5 27,129 37,672 24.5 18.6 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. 8 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. 420 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] de T p o o t s a i l ts d d e T e p m o o t a s a n i l t d s United Time deposits adjusted adjusted Total Demand States Currency End of month c o u u r a t r n s e d i n d c e y c o u u r a t r n s e d i n d c e y a d d e j p u o s s t i e t d s a d d e j p u o s s te it d s 1 d G e m o p v o e e s n r i t n ts - 2 Total b m a C n e o r k m c s i « a < l M s b a a v u n i t k n u s g a 4 s l S S P y a s o v t s i e n t m a g l s * o b u a t n si k d s e banks banks 1929—June.. 55,171 26,179 51,532 22,540 381 28,611 19,557 8,905 149 3,639 December 54.713 26,366 51,156 22,809 158 28,189 19,192 8,838 159 3,557 1933—June 41,680 19,172 36,919 14,411 852 21,656 10,849 9,621 1,186 4,761 December 42,548 19,817 37,766 15,035 1,016 21,715 11,019 9,488 1,208 4,782 1937—June 57,258 30,687 51,769 25,198 666 25,905 14,513 10,125 1,267 5,489 December 56,639 29,597 51,001 23,959 824 26,218 14,779 10,170 1,269 5,638 1938—June 56,565 29,730 51,148 24,313 599 26,236 14,776 10,209 1,251 5,417 December 58,955 31,761 53,180 25,986 889 26,305 14,776 10,278 1,251 5,775 1939—June 60,943 33,360 54,938 27,355 792 26,791 15,097 10,433 1,261 6,005 December 64,099 36,194 57,698 29,793 846 27,059 15,258 10,523 1,278 6,401 1940—June 66,952 38,661 60,253 31,962 828 27,463 15,540 10,631 292 6,699 December 70,761 42,270 63,436 34,945 753 27,738 15,777 10,658 1,303 7,325 1941—June 74,153 45,521 65,949 37,317 753 27,879 15,928 10,648 1,303 8,204 December 78,231 48,607 68,616 38,992 1,895 27,729 15,884 10,532 1,313 9,615 1942—June 81,963 52,806 71,027 41,870 1,837 27,320 15,610 10,395 1,315 10,936 December 99,701 62,868 85,755 48,922 8,402 28,431 16,352 10,664 1,415 13,946 1943—June 110,161 71,853 94,347 56,039 8,048 30,260 17,543 11,141 576 15,814 December 122,812 79,640 103,975 60,803 10,424 32,748 19,224 11,738 786 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 5O.7CO 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 3,200 26,500 August? 170,000 107,200 143,400 80,600 10,200 52,600 33,000 16,400 3,200 26,600 September? 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? '•167,100 '110,400 140,300 >-83,600 2,700 '54,000 '33,900 16,800 3,300 '26,800 1947—January (Jan. 29)? -•166,000 •109,000 139,800 »-82,800 2,800 '54,200 ••34,000 16,900 3,300 "26,200 February (Feb. 26)P 165,300 107,200 139,100 81,000 3,400 54,700 34,300 17,000 3,400 26,200 ings banks, description POSTAL SAVINGS SYSTEM BANK SUSPENSIONSI [In millions of dollars] Member Nonmember \ssets banks banks Total, all End of month D i e to p r o s s ' - Cash U. S s . e G cu o r v i e ti r e n s ment Cash banks ti N on a- al State su In re - d in N s o u n r - ed bal- in de- reances1 Total posi- serve b t a o n ry ks Total T JL -A » ; i- G a u n a - r- f e u t n c d 2 s, Num 1 b 9 e 3 r 4 o - f 3 9 banks suspended: 291 15 6 189 81 rect teed 1940 . 22 1 18 3 1939—Dec. . 1,279 1,319 53 1,192 1,046 146 74 1 1 9 9 4 4 2 1 9 8 4 3 6 3 1 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 1 19 9 4 4 4 5 — — D D e e c c . . . . . 2 2 , , 3 9 4 3 2 3 3 2, ,0 4 2 1 2 1 6 8 2 2, t8 2 3 5 7 2 2 2 , , 2 8 5 3 2 7 1 1 7 5 9 2 1947—jan -Mar 0 Deposits of suspended banks 1946—Mar... 3,043 3,139 5 2,951 2,951 182 (in thousands of dollars) :2 Apr.. . 3,066 3,161 5 2,966 2,966 189 1934-39 125,991 14,61626,54844,348 40,479 May. . 3,091 3,188 5 2,986 2,986 197 June. . 3,120 3,220 5 3,026 3,026 188 1940 . ... 5,943 256 5,341 346 July. . 3,160 3,258 5 3,060 3,060 193 1941 3,726 3,144 503 79 Aug.. . 3,188 3,288 6 3,088 3,088 194 1942 1,702 1,375 327 Sept.. 3,207 3,306 6 3, 114 3,114 186 1943 .. . 6,223 4,982 1,241 Oct.. . 3,235 3,337 6 3, 134 3,134 197 1944 405 405 Nov... 3,260 3,360 6 3, 151 3,151 204 1945 0 Dec.. . 3,284 3,387 6 3, 182 3,182 200 1946 0 1947—Jan ?3,331 1947—jan _Mar . . 0 Feb ?3,358 1 Represents banks which, during the periods shown, closed temporarily or permanently on account of financial difficulties; does not r 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 2 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. APRIL 1947 421 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS IN THE UNITED STATES, BY GLASSES* LOANS, INVESTMENTS, DEPOSITS, AND NUMBER OF BANKS [Amounts in millions of dollars] Loans and investments Deposits Investments Other Class of bank Number cal a l n d d ate U. S. Inter- of banks Total Loans Total G o m o b v l e i e g n r a t n - - s O i e t t c i h e u e s r r - TotaU bank1 m D a e n - d Time tions All banks: 1938—Dec. 31 48,831 21,261 27,570 17,953 9,617 61,319 7,484 28,695 25,140 15,207 1939—Dec. 30 50,885 22,169 28,716 19,402 9,314 68,225 9,883 32,492 25,850 15,035 1940—Dec. 31 54,170 23,751 30,419 20,983 9,436 75,963 10,941 38,518 26,504 14,895 1941—Dec. 31 61,101 26,616 34,485 25,488 8,997 81,780 10,989 44,316 26,476 14,825 1942—Dec. 31 78,137 23,915 54,222 45,932 8,290 99,796 11,318 61,395 27,083 14,682 1943—Dec. 31 96,966 23,601 73,365 65,932 7,433 117,661 11,012 75,561 31,088 14,579 1944—Dec. 30 119,461 26,015 93,446 85,885 7,561 141,449 12,245 91,644 37,559 14,535 1945—Dec. 31 140,227 30,355 109,872 101,295 8,577 165,612 14,065 105,923 45,623 14,553 1946—June 29 136,572 31,486 105,087 95,911 9,175 159,171 12,311 98,043 48,817 14,567 Dec. 31c 131,730 35,680 96,050 86,590 9,460 155,940 12,640 92,500 50,800 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 1944—Dec. 30 105,530 21,644 83,886 77,558 6,329 178,072 12,245 9t,644 24,183 13,99? 1945—Dec. 31 124,019 26,076 97,943 90,613 7,331 150,227 14,065 105,923 30,238 14,011 1946—June 29 119,448 27,130 92,318 84,473 7,845 142.890 12,311 98 043 32,536 14,026 Dec. 31* 114,050 31,140 82,910 74,810 8,100 139,070 12,640 92,500 33,930 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 13,43* 1941—Dec. 31 49,288 21,258 28,030 21,046 6,984 69,411 10,654 43,061 15,697 13,426 1942—Dec. 31 66,240 18,903 47,336 40,705 6,631 87,803 11,144 60,504 16,154 13,343 1943—Dec. 31 83,507 18,841 64,666 58,683 5,983 104,094 10,705 74,309 19,081 13,270 1944—Dec. 30 103,382 21,352 82,030 75,875 6,155 125,714 12,074 89,761 23,879 13,263 1945—Dec. 31 121,809 25,765 96,043 88,912 7,131 147,775 13,883 104,015 29,876 13,297 1946—June 29 117,409 26,791 90,618 82,977 7,641 140,612 12,007 96,459 32,145 13,330 Dec. 31 112,178 30,733 81,445 73,554 7,891 136.990 12,320 91,144 33,526 13,354 All member banks: 1938—Dec. 31 32,070 13,208 18,863 13,223 5,640 43,363 7,153 24,842 11,369 6,338 1939—Dec. 30 33,941 13,962 19,979 14,328 5,651 49,340 9,410 28,231 11,699 6,362 1940— Dec. 31 37,126 15,321 21,805 .01,823 5,982 56,430 10,423 33,829 12,178 6,486 1941—Dec. 31« 43,521 18,021 25,500 19 ,"539- 5,961 61,717 10,525 38,846 12,347 6,619 1942—Dec. 31 59,263 16,088 43,175 37,546 5,629 78,277 11,000 54,523 12,754 6,679 1943—Dec. 31 74,258 16,288 57,970 52,948 5,022 92,262 10,555 66,438 15,268 6,738 1944—Dec. 30 91,569 18,676 72,893 67,685 5,208 110,917 11,884 79,774 19,259 6,814 1945—Dec. 31 107,183 22,775 84,408 78,338 6,070 129,670 13,640 91,820 24,210 6,884 1946—June 29 102,032 23,302 78,729 72,272 6,458 122,519 11,801 84,602 26,115 6,887 Dec. 31 96,362 26,696 69,666 63,042 6,625 118,170 12,060 78,920 27,190 6,900 All national banks: 1938—Dec. 31 20,903 8,469 12,434 8,691 3,743 27,996 4,499 15,587 7,910 5,224 1939—Dec. 30 21,810 9,022 12,789 9,058 3,731 31,559 5,898 17,579 8,081 5,187 1940—Dec. 31 23,648 10,004 13,644 9,735 3,908 35,787 6,574 20,885 8,329 5,144 1941—Dec. 31 27,571 11,725 15,845 12,039 3,806 39,458 6,786 24,350 8,322 5,117 1942—Dec. 31 37,576 10,183 27,393 23,744 3,648 50,468 7,400 34,499 8,570 5,081 1943—Dec. 31 47,499 10,116 37,382 34,065 3,318 59,961 7,158 42,605 10,196 5,040 1944—Dec. 30 58,308 11,480 46,828 43,292 3,536 71,858 8,056 50,900 12,901 5,025 1945—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—June 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 * Partly estimated. Figures have been rounded to nearest 10 million. * These figures do not include data for banks in possessions of the United States and therefore differ from those published by the Comptroller of the Currency and the Federal Deposit Insurance Corporation for national banks and insured banks, respectively. i Beginning June 30, 1942, excludes reciprocal bank balances, which on Dec. 31, 1942, aggregated 513 million dollars at all member banks and 525 million at all insured commercial banks. * During 1941 three mutual savings banks, with total deposits of 8 million dollars, became members of the Federal Reserve System. These banks are included in both "member banks" and "insured mutual savings banks," are not included in "commercial banks," and are included only once in "all banks." > Decreases in "noninsured nonmember commercial banks" figures reflect principally the admission to membership in the Federal Reserve System of one large bank with total loans and investments aggregating 554 million dollars on Dec. 31, 1942. •Beginning June 30, 1942, includes Bank of North Dakota, a nonmember bank not previously included in these statistics; on Dec. 31, 1941, its deposits, excluding interbank deposits, were 33 million dollars, and its loans and investments 26 million. Back figures.—See Banking and Monetary Statistics, Tables 1-7, pp. 16-23; for description, see pp. 5-15 in the same publication. 422 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 Investments Other Class of bank Number cal a l n d d ate Total Loans G U ov . e S rn . - Other Total* I b n a t n e k r ^ - of bank9 Total o m bl e ig n a t - s i e t c ie u s r- m D a e n - d Time tions All nonmember commercial banks: 1938—Dec 31 6,598 3,156 3 442 1 848 J 594 7,678 331 3,853 3 493 8,314 1939—Dec. 30 6,726 3,281 3,445 1,971 [ 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 L ,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 L 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— D ju e n c e 2 3 9 1e 1 1 7 7 , , 7 4 0 3 0 0 3 4, , 4 8 4 3 0 0 1 1 3 3 , , 2 6 6 0 0 0 1 1 1 2 , 7 2 7 1 0 2 I L . 3 4 8 9 8 0 2 2 0 0 , , 9 3 2 8 0 7 5 5 8 1 0 0 1 1 3 3 5 4 8 4 0 1 6 6 ,7 4 6 3 0 6 7 7 , , 1 14 4 2 8 Insured nonmember commercial banks: 1938—Dec. 31. 5,399 2,813 2,586 1 283 L 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 I 116 7,032 116 3 504 3 411 6,952 1941—Dec. 31 5,774 3,241 2,533 1,509 L 025 7,702 129 4 215 3 358 6,810 1942—Dec 31 .... 6,984 2,818 4,166 3,162 OO4. 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 Dec. 31 15,831 4,040 11,791 10,524 1,268 18,836 260 12,225 6,351 6,457 Noninsured nonmember commercial banks: 1938—Dec 31 . .. 1,199 343 856 565 291 1,269 230 846 193 997 1939—Dec. 30 1,378 380 998 733 265 1,633 360 1,008 264 953 1940_Dec. 31 1,367 397 969 696 273 1,843 402 1 185 257 906 1941—Dec 31 . . 1,434 452 982 742 239 1,837 335 1,255 247 851 1942—Dec. 31'* 1,151 314 837 667 170 1 329 173 891 265 793 1943—Dec 31 . . 1,588 276 1,312 1,160 153 1,829 307 1,253 269 764 1944—Dec. 30 2,148 292 1,856 1,682 174 2,358 171 1,883 304 729 1945—Dec. 31 2,211 311 1,900 1,700 200 2 452 182 1 908 362 714 1946— D J e un c e 2 3 9 1e 2 1 , ,8 0 7 3 0 8 3 4 3 0 9 0 1 1 , , 6 4 9 7 9 0 1 1 , ,4 2 9 5 6 0 2 2 0 2 4 0 2 2 , , 2 0 7 8 9 0 3 3 0 2 3 0 1 1 , , 3 5 5 8 0 4 3 4 9 1 1 0 6 6 9 9 6 1 All mutual savings banks: 1938—Dec. 31 . 10,162 4 897 5 265 2 883 2 382 10 278 10 278 555 1939_Dec. 30 10,218 4,926 5 292 3 102 2 190 10 523 10 523 551 1940—Dec. 31 10,248 4,959 5 289 3 224 2 065 10 658 10 658 551 1941—Dec. 312 10,379 4 905 5 474 3 700 1 774 10 532 10 532 548 1942—Dec. 31 10,746 4,698 6 048 4 559 1489 10 664 10 664 546 1943—Dec 31 11,871 4 484 7 387 6 090 1' 297 11 738 11 738 545 1944—Dec. 30 13,931 4,370 9 560 8 328 1 232 13 376 13 376 543 1945—Dec. 31 16,208 4,279 11 928 10 682 1246 15 385 15 385 542 1946— D yu e n c e 3 2 1 9 * 1 1 7 7, , 1 6 2 8 5 0 4 4 ,5 3 4 5 0 6 1 1 3 2 ,1 7 4 6 0 9 1 1 1 1 , 7 4 8 3 0 8 1 1, 3 3 6 3 0 1 1 1 6 6 , 8 2 7 8 0 1 1 1 6 6 ,8 2 7 8 0 1 5 5 4 4 1 1 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 1409 51 1 1 9 9 4 4 0 1 — — D D e e c c . 3 3 1 12 1 1 ,6 6 9 5 3 5 6 64 3 2 7 1 1 0 0 5 1 0 8 6 5 2 4 9 8 4 4 2 7 1 0 1 1 7 8 8 1 9 8 1 1 7 8 8 1 9 8 5 5 3 2 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—Tune 29 11,453 3 132 8 322 7 662 660 10 979 10 979 191 Dec 31 .... 11,891 3,250 8,641 7,946 695 11,428 11,428 191 Noninsured mutual savings banks: 1938—Dec 31 9 190 4 436 4 754 2 603 2 150 9 266 9 266 507 1939—Dec 30 8 889 4 321 4 568 2 680 1 887 9 114 9 114 500 1940—Dec. 31 8 593 4 322 4 271 2 676 1 595 8 840 8 840 498 1941—Dec 31 8 686 4 263 4 424 3 071 1 353 8 743 8 743 496 1942—Dec 31 8 739 3 958 4 781 3 698 1 084 8 616 8 616 490 1943—Dec. 31 4,345 1,411 2,935 2,246 689 4,204 4,204 361 1944—Dec 30 . . .. 4 708 1 260 3 448 2 819 A0Q 4 466 4 466 351 1945—Dec. 31 5,361 1,198 4,163 3,522 641 5,022 5,022 350 1946— D J e un c e 3 2 1 9 e 5 5 , ,6 7 7 9 1 0 1 1 , , 2 2 9 2 0 4 4 4 , , 5 4 0 4 0 7 3 3 , , 7 8 7 3 7 0 6 6 7 7 1 0 5 5 , , 3 4 0 4 2 0 5 5 , , 3 4 0 4 2 0 3 3 5 5 0 0 For footnotes see p. 422. APRIL 1947 423 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL INSURED COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES* LOANS AND INVESTMENTS [In millions of dollars] Loans Investments Com- Loans for u. S. Government obligations Oblimer- purchasing ga- Total cial, or carrying tions Cla c s al s a l o n d f d a t b e ank i m l n a e o v n n a es n t d t s s - Total o c p l i i u e n n d g n - - - A t c a g u u l r l r l i - - - b s r T e o o c k u - rities j l t C o a e S a t a " j n _ e s s l C u o o m a n e n - r s O l t o h a e n r s Total Total Ce c r a t t i e f s D i i - rect Gu a a n- r- S po t a l o a n i t t d f i e - ?O r s t i e t h c i e u e r - s m k a e r t - a e n r d s ot 1 h u - ]Bills o d f e b i t n - - Notes Bonds teed s c u a b l p p e a r - 1 d e e r a s l- ers n e e d s - s d s i i v o i n - ? All insured commercial banks: 1 10 9 4 4 0 1 —D n e Pr c . 3 3 1 1. . 4 4 9 2 [ 5 28 5 8 6 2 1 1 8 , , 2 3 5 9 8 4 9 7, [2 1 1 7 4 81 1 , , 2 4 8 5 1 0 6 6 6 1 3 4 6 7 6 2 2 7 4 4, , 4 77 6 3 8 4 4 , ,5 3 4 7 5 7 2 28 4, , 1 0 6 3 1 02 1 1 7, , 0 0 6 4 3 6 9 6 8 6 8 2 2 3 , ,1 7 5 5 9 6 1 9 2 , , 9 7 2 9 5 7 3 4[ 7 l0 1 2 93 3 , ] 6 6 0 5 8 13 3 [ 4 3 9 33 1 1942—Dec. 31. . 66,240 18,903 7,7571,642 950 5974,6462,2691,04247,33640,705 4,462 6,727 5,79920,9992,-7183,5333,098 1943—Dec. 31. . 83,507 18,841 7,7771,5051,414 9224,4371,868 91864,66658,683 4,63613,218 7,67230,6562,5013,2872,696 1944—Dec. 30. .103,382 21,352 7,9201,7232,2692,2654,3431,888 94482,030 75,875 3,97115,30015,77839,848 9783,4222,733 1945—Dec. 31..121,809 25,765 9,461 1,3143,1643,6064,6772,361 1,18196,043 88,912 2,45519,07116,04551,321 223,8733,258 1946—Tune 29. .117,409 26,791 10,3341,3662,4172,6565,7383,0691,21190,618 82.977 1,22017,63712,00452,092 243,9733,668 Dec. 31. .112,178 30,733 14,0161,3581,5171,6097,1034,031 1,09881,445 73,554 1,27112,288 6,78053,200 154,2983,592 Member banks, to 1 1 t 9 9 a 4 4 l 0 1 : —D D e f» c r . 3 3 1 12. 4 3 3 7 , , ' 1 5 2 2 6 11 1 8 5, ,0 3 2 2 1 1 8 6 ,' 6 6 6 7 0 1 9 8 7 6 2 5 5 6 9 4 4 2 5 6 9 5 8 2 3 3, , 2 4 2 9 8 4 3 3 , ,2 69 7 2 3 2 2 1 5 , , 8 5 0 0 5 0 1 1 9 5, ,5 8 3 2 9 3 9 6 7 5 1 2 3 2 , , 0 5 0 9 7 4 1 9 1, ,0 7 9 2 1 9 3 3, , 8 4 3 8 2 63 3 , ! 0 0 1 9 3 02 2 ^ 9 87 7 1 0 1942—Dec. 31. . 59,263Il6,088 7,3871,089 934 53834231,847 87043,175 M ,546 4,363 6]285 5,40918,9482,5402,9652,664 1943—Dec. 31. . 74,258 16,288 7,421 1,0231 ,398 8393 2741,484 84857,97052,9484,36012,071 6,90627,2652,3452,7292,294 1944—Dec. 30. . 91,569 18,676 7,531 1,1982,2492,10832091,505 87772,893 67,685 3,74813,98214,12734,927 9022,8572,350 1945—Dec. 31. .107,183 22,775 8,949 8553,1333,37834551,9001,10484,408 78,3382,27516,98514,27144,792 163,2542,815 1946—Tune 29.. 102,032 23,302 9,685 8772,3952,48042672,4641,13378,729 722721;O7215,29210,46745,420 203,3073,151 Sept. 30..99,706 24775 74 68 -,56173082 Dec. 31. . 96!362 26,696 13,154 8841,5061,467535833081,02069,666630421,16710,043 5,60246,219 113]5483^077 N 1 e 9 w 4 0 Y — o D r e k c . C i 31 t . y * . : 10,910 3,384 2,125 6 465 190 130 At8 7527 6044 207 1,245 2,9771,615 695 788 1941—Dec. 31.. 12,896 4,072 2807 8 412 169 123 554 8823 7265 311 1,623 3,6521,679 729 830 1942—Dec. 31. . 17,957 4,116 2,546 21 787 193 117 303 14813841125471,855 2,144 2,056 5,4201,071 593 701 1943—Dec. 31.. 19,994 4,428 2,515 241,054 323 107 252 15315566145631,328 3,409 1829 7.014 984 444 558 1944—Dec. 30.. 24,003 5,760 2610 301,742 859 86 253 1791824317179 913 3 740 3 745 8,592 189 468 596 1945—Dec. 31. . 26,143 7334 3044 2,4531,172 80 287 2981880017574 477 3433 332510,337 1 606 629 1946—Tune 29. . 23304 6506 3 169 1,852 798 83 378 2261679815646 201 2980 222910234 1 535 618 Sept. 30.. 21972 6258 1571414410 693 611 Dec 31 20834 6368 4078 1,096 389 99 455 '2561446513308 387 1725 99210, 20? 1 557 601 C1h9i4cOag o:D*pp 31 2377 696 492 5 42 54 19 84 1681 1307 297 145 752 112 188 186 1X zf9T"vf4 1—J_/tD7V-.e» c«J1. • •31. . 2 760 954 732 6 48 52 22 96 1806 1430 256 153 903 119 182 193 1942—Dec. 31. . 3973 832 658 6 34 32 23 62 18 3 141 2789 397 637 391 282 83 166 186 1943—Dec. 31. . 4554 004 763 6 102 52 22 45 14 3550 3238 199 877 484 602 74 158 155 1944—Dec. 30. . 5443 184 738 17 163 163 24 45 34 4258 3913 250 1045 779 809 31 160 185 1945—Dec. 31. . 5931 333 760 2 211 233 36 51 40 4598 4213 133 1467 749 864 181 204 1946—June 29. . 5 167 329 804 1 188 185 43 76 32 3837 3485 14 1042 529 900 153 200 Sept. 30.. 4972 370 360^ 3260 148 I94 Dec. 31. . 4 765 1499 1094 3 117 101 51 105 29 3266 2912 60 498 146 2207 167 187 Reserve cUy banks 1940—Dec. 31 .13013 5931 2589 263 115 207 436 1,322 7081 5204 103 771 32811,049 984 893 1941 "Dec 3115347 7105 3456 300 114 194 527 1,512 8243 6467 295 751 42481173 956 820 1 J. 9 Zr 4 ^ 2 X —De -l~ c 'v . ^^ « 3 \ 1 J . A. . • +20915 6 102 2957 290 97 153 486 808 31214813130381,441 2253 1723 6810 '811 954 821 1943—Dec. 31.. 27521 6201 3058 279 217 2671420 658 30121321196821,802 4691 2497 9943 749 913 726 1944—Dec. 30.. 33603 6822 3034 348 311 777 379 660 3132678125042I704 5 730 5 18111987 4401000 740 1945—Dec. 31.. 40108 8514 3661 205 42715031459 855 40431594295521034 6982 5 65315878 51126 916 1946—June 29. . 37675 8862 3932 197 32111421,7431073 4532881326585 410 6038 401416116 711941034 Sept. 30..36706 9 814 2689224614 12691009 Dec. 31. . 35,35110825'5548"261 "264 7042,237i436"435 2452722250 441 3 799 i99316013 ' 412721004 C 1 o 9 u 4 n 0 t — r D y e b c a . n 3 k 1 s . : . 10,826 5 309 1,453 590 21 2011,644 wo 5517 3269 45 433 2081 71011461102 1941—Dec. 31. . 12518 5,890 1,676 659 20 1831,823 1,530 6628 4377 110 481 2926 86112221028 1942—Dec. 31. . 16,419 5,038 1,226 772 17 1611,797 674 39311,380 9,172 671 i251 1240 5436 5741252 956 1943—Dec. 31. . 22188 4654 1084 713 25 1971,725 528 38117534154651032 3094 2096 8 705 5381214 855 1944—Dec. 30. . 28,520 4910 1149 802 32 3101,719 547 3512361021,552 882 3466 442212540 2411230 829 1945—Dec. 31. . 35,002 5596 1484 648 42 4711,881 707 36329,40726999 630 5 102 454416713 913421067 1946—June 29. . 35,886 6605 1,781 679 34 3542,398 937 42229,28126,556 447 5,231 369617170 121426[299 Sept. 30. 36,056 7,334 28,72225,948 1 5071^268 Dec. 31..' 35,412 8004 2,433"681 "*29 2732970 312"306 27,40824,572 279 4020 2"47017797 "<5I t551[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 64L,282 854 2,533 1,509 17 152 1,069 271 563 462 1942—Dec. 31. . 6,984 2,818 370 553 16 59 225 422 173 4,166 3,162 99 442 390 2053 179 569 435 1 1 9 9 4 4 4 3 — — D D e e c c . . 3 3 0 1 . . . .1 9 1 , , 2 8 5 2 8 4 2 2 , , 5 6 5 7 6 8 3 3 5 8 6 9 4 5 8 2 2 5 2 1 1 6 1 8 5 2 6 I f 1 1 6 3 5 6 3 3 8 8 5 3 6 7 7 0 6 9 , , 7 1 0 4 2 6 5 8 , , 7 1 3 9 9 7 2 2 7 2 6 3 1 1 , 3 1 1 4 9 7 1, 7 6 6 5 6 2 3 4 3 9 9 2 5 8 15 7 6 6 5 56 6 6 0 4 3 0 8 3 3 1945—Dec. 31. .14,639 2,992 512 459 31 228 224 460 7711,64710,584 180 2,087 1774 6538 6 619 443 1946—Tune 29.. 15,392 3,491 649 488 21 176[ f 473 605 7911,90110,716 147 2,346 1,538 6682 4 667 518 Dec. 31. . 15,831 4,040 862 474 12 142 748 723 7911,79110,524 104 2247 1179 6991 3 752 516 * These figures do not include data for banks in possessions of the United States and therefore differ from those published by the Federal Deposit Insurance Corporation. 1 During the period Dec. 31, 1942-June 30, 1945, agricultural loans included loans to dealers, processors, and farmers' cooperatives covered by purchase agreements of the Commodity Credit Corporation, which are now classified as commercial and industrial loans; consequently, beginning Dec. 31, 1945, these items may not be entirely comparable with prior figures. 1 During 1941 three mutual savings banks with total deposits of 8 million dollars became members of the Federal Reserve System. These banks are included in "member banks" but are not included in "all insured commercial banks." • Central reserve city banks. 424 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*—Con tinned RESERVES AND LIABILITIES [In millions of dollars] Demand deposits Time deposits Re- Bal- De- Interbank Cla c s a s l a l o n d d f a b te ank F s B s w e e R e a r d r i n v e e t v h - k e r e s s al v C a i a n u s l h t b m a w a n d e n i c o s k t e t - h s i s c * j p m u a o d s a d t s e n e i - - t d d s 5 m D es d o t e - ic p 4 osi F e t i s o g r n - U m G e . r o e n S v n - - t . p v s S o i u a t s l b a i n i t o t d d i e c n i s - a s l c C h c o a e f e e e i f n t e c f r r c i d d k s t - . ' i s - , p a v n s a i p t I d h d i r n o o t u i d r n p c n a a i o e s s - l - , r s r - - , I b n a t n e k r- P U m G S e a o . a r n o e s n v d S n v t - - a t - . l v s S p i a u i s o t c n i b a l a o d i t d l t n e - i s s - p a v n s a p i t I h d d i r n o o t i u d r n p c n a a i o e s s - - l , r r s - - , r B i o n o w g r s - - c C o a t u a c a l - n pi t - s ings All insured commercial banks: 1940—Dec. 31. . 13,992 1,234 8,202 33,820 9,677 702 666 3,298 971 32,398 160 69 522 14,998 11 6,673 1941—Dec. 31. . 12,396 1,358 8,570 37,845 9,823 673 1,761 3,677 1,077 36,544 158 59 492 15,146 10 6,841 1942—Dec. 31. . 13,072 1,305 9,080 48,221 10,234 813 8,167 3,996 1,219 47,122 97 61 397 15,697 10 7,055 1943—Dec. 31. . 12,834 1,445 8,445 59,921 9.743 893 9,950 4,352 1,669 58,338 68 124 395 18,561 46 7,453 1944—Dec. 30.. 14,260 11,622 9,787 65,960 11,063 948 19,754 4,518 1,354 64,133 64 109 423 23,347 122 7,989 1945—Dec. 31.. 15,810 1,829 11,075 74,722 12,566 1,248 23,740 5,098 2,585 72,593 70 103 496 29,277 215 8,671 1946—Tune 29. . 15,999 1.471 9,102 78,281 10,584 1,346 12,941 5,807 2,320 75,391 77 107 552 31,487 83 9,068 Dec. 31. . 16,013 2,012 9,481 82,085 10,888 1,364 2,930 5,967 2,361 79,887 68 119 664 32,742 39 9,286 Member banks, total: 13,992 991 6,185 30,429 9,581 700 616 2,724 913 29,576 141 56 435 11,687 3 5,698 11994410——DDeecc.. 33112.. . 12,396 1,087 6,246 33,754 9,714 671 1,709 3,066 1,009 33,061 140 50 418 11,878 4 5,886 1942—Dec. 31.. 13,072 L,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 L.132 5,450 52,642 9,603 891 9,444 3,602 1,573 51,820 62 120 327 14,822 39 6,475 1944—Dec. 30. . 14,261 1,271 6,354 57,308 10,881 945 18,509 3,744 1,251 56,270 58 105 347 18,807 111 6,968 1945—Dec. 31.. 15,811 1,438 7,117 64,184 12,333 1,243 22,179 4,240 2,450 62,950 64 99 399 23,712 208 7,589 1946—June 29.. 16,001 1,141 5,772 67,461 10,391 1,339 12,009 4,826 2,179 65,589 72 101 447 25,568 72 7,920 Sept. 30.. 15,792 1,382 5,660 68,818 10,042 1,370 7,763 4,763 1,796 67,129 72 104 491 26,150 77 8,077 Dec. 31. . 16,015 1,576 5,936 70,243 10,644 1,353 2,672 4,915 2,207 69,127 62 114 551 26,525 30 8,095 New York City:* 1940 Dec 31 7,057 102 122 11,062 4,032 641 48 370 471 11,357 5 51 768 1,615 1941—Dec. 31. . 5,105 93 141 10,761 3,595 607 866 319 450 11*282 6 29 778 1*648 1942—Dec. 31. . 4,388 72 82 11,899 3,209 733 4,186 263 448 12,501 3 23 711 1,727 1943—Dec. 31.. 3,596 92 61 13,899 2,867 810 3,395 252 710 14,373 4 5 26 816 "*29 1.862 1944—Dec. 30. . 3,766 102 76 14,042 3,179 851 6,722 199 361 14,448 11 7 17 977 96 1,966 1945—Dec. 31.. 4,015 111 78 15,065 3,535 1,105 6,940 237 1,338 15,712 17 10 20 1,206 195 2,120 1946—June 29. . 4,255 85 68 16,158 3,127 1,178 3,495 293 1,132 16,836 27 8 17 1,372 27 2,176 Sept. 30.. 4,015 129 61 16,119 2,954 1,213 2,112 246 768 16,657 27 7 17 1,400 5 2,196 Dec. 31. . 4,046 131 87 16,429 3,031 1,195 651 218 942 17,216 20 15 39 1,395 2,205 Chicago:* 1940—Dec. 31. . 1,051 42 319 1,941 997 8 90 174 27 1,905 5 g 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 L,292 20 1,552 237 66 3*160 719 377 1946—June 29. . 870 26 162 3,189 1,047 24 789 262 37 3*153 2 1 779 394 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 L .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 g 975 1941—Dec. 31. . 271 2,325 4,092 108 2 53 611 68 3 ".483 18 g 74 3*276 956 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 4 68 3 750 979 1944—Dec 30 352 3,434 8,652 182 3 1,245 775 103 7 i 863 5 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 51579 7 1946—Tune 29 330 3,332 10,821 194 7 932 981 142 9^802 5 105 5,934 11 1 \ 140 Dec. 31 437 3,547 11,842 244 11 258 1.052 154 10*761 6 5 113 6*232 9 1,193 Beginning June 30, 1942, excludes reciprocal bank balances, which on Dec. 31, 1942, aggregated 513 million dollars at all member banks and 525 million at all insured commercial banks. 5 Demand deposits other than interbank and U. S. Government less cash items reported as in process of collection. For other footnotes see p. 424. Back figures.—See Banking and Monetary Statistics, Tables 18-45, pp. 72-103 and 108-113. 425 APRIL 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 Com- or carrying securities U. S. Government obligations Total mer- To brokers Date or month i m n lo a v e n a e n n d s t s t s - Total i t t a c n a c u r g i u i d n r a a r l u a d l i - l , - l s , - G a U t l i o i n o o g . b d n v a S - - s t . d . e O a c t l u i t e h e r r s i e s - rG U l t T o i i o g o b . o v a n - S - t s o . . t O h c t e u t i h e r n s s e - r e l R s o t a e a n a te l sb L a o t n o a k n s s Other Total Total Bills o d c C n t e f e a i e e f d b t i s i r e - n - t s - s - - Notes Bonds1 O s ri e t t h c ie e u s r - Total—101 Cities 1946—February 68,124 15,142 7,368 1,568 7032,137 1,120 1,73052,98249,576 1,56512,853 7,924 27,2343,406 October. . . 58,383 15,685 9,495 704 430 973 4141,447 1352,08742,69839,234 833 6,643 4,531 27,2273,464 November. 57,671 16,45010,044 888 409 866 4211,497 1712,15441,221 37,833 614 5,727 4,395 27,0973,388 December. 56,883 16,763 10,278 873 486 733 4271,542 1622,26240,12036,724 746 5,373 3,601 27,0043,396 1947—January... 55,879 16,530 10,377 697 389 596 4321,584 134 2,32139,349 35,960 730 5,253 3,054 26,9233,389 February.. 55,256 16,756 10,651 657 377 557 4261,617 1322,33938,50035,118 393 4,680 3,116 26,9293,382 1946—Dec. 31. . . 56,153 16,69410,251 947 428 682 4341,563 672,32239,459 36,029 886 5,202 3,038 26,9033,430 1947—Jan. 8. 55,601 16,412 10,226 745 404 626 4311,568 1082,30439,189 35,802 646 5,225 3,043 26,8883,387 Jan. 15. 56,073 16,452 10,339 669 388 611 4331,583 1062,32339,621 36,231 1,044 5,203 3,025 26,9593,390 Jan. 22. 56,036 16,483 10,444 616 382 585 4301,591 1192,31639,553 36,171 838 5,338 3,052 26,9433,382 Jan. 29. 55,805 16,774 10,499 758 382 562 4361,597 2012,33939,031 35,636 392 5,245 3,096 26,9033,395 Feb. 5. . 55,567 16,589 10,573 551 368 561 1,602 1722,33638,97835,592 508 5,027 3,126 26,9313,386 Feb. 12. . 55,286 16,760 10,673 673 362 557 429161 972,35638,526 35,139 30= 4,759 3,136 26,9393,387 Feb. 19.. 55,116 16,793 10,648 684 415 553 432 1122,32838,323 34,949 398 4,527 3,096 26,9283,374 Feb. 26.. 55,056 16,885 10,712 723 363 555 1482,33638,171 34,790 361 4,408 3,104 26,9173,381 Mar. 5. . 55,417 16,669 10,802 407 399 536 4191,638 2,33038,74835,301 898 4,355 3,145 26,9033,447 Mar. 12. . 55,589 16,82010,995 372 382 522 4171,646 2,344 38,76935,299 776 4,466 3,185 26,8723,470 Mar. 19. . 55,549 16,807 11,077 312 357 514 4171,660 1172,35338,74235,258 1,191 4,613 2,570 26,8843,484 Mar. 26.. 55,171 16,921 11,070 351 392 512 1,670 1512,35538,25034,695 738 4,484 2,564 26,9093,555 New York City 1946—February 23,702 6,305 2,908 1,257 522 816 195 60 48317,39' 16,300 438 3,582 2,747 9,5331,097 October. . . 19,627 5,547 3,557 545 266 316 168 112 51 14,080 12,963 301 ,872 1,320 9,470 1,117 November. 19,264 5,869 3,692 744 255 258 176 151 52113,395 12,340 155 ,521 1,337 9,327 1,055 December. 19,082 5,943 3,781 708 330 189 172 141 54813,139 12,088 250 ,466 1,069 9,303 1,051 1947—January 18,610 5,676 3.827 558 246 123 181 12,934 11,893 24! ,511 960 9,180 1,041 February 18,285 5,759 3,940 540 242 116 175 100 57012,526 11,508 68 ,167 1,063 9,210 1,018 1946—Dec. 31. 18,878 5,801 3,776 734 273 155 51 55813,077 12,013 369 1,522 892 9,230 1,064 1947—Jan. 8. 18,513 5,633 3,781 579 253 131 178 86 55112,880 11,833 187 1,505 929 9,212 1,047 Jan. 15. 18,614 5,602 3,794 532 246 126 181 84 56413,012 11.96J 362 1,482 92 9,194 1,047 Jan. 22. 18,674 5,587 3,848 484 242 120 178 81 55913,087 12,050 368 1,549 968 9,165 1,037 Jan. 29. 18,639 5,882 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 56912,81011,786 111 1,422 1,049 9,204 1,024 Feb. 12.. 18,279 5,775 3,9o6 560 239 118 178 / 74 57 12,504 11,48; 5 1,198 ,065 9,215 1,021 F F e e b b . . 2 1 6 9 . . . . 1 18 8 , , 1 2 9 2 1 4 5 5, , 8 7 5 6 7 9 3 3 , , 9 9 2 6 4 8 5 6 5 0 6 6 2 23 6 1 0 1 1 1 1 6 7 1 1 7 6 9 9 1 9 1 4 8 5 57 6 1 41 1 2 2 , , 4 3 5 3 5 4 1 1 1 1, , 3 4 2 4 3 0 14 1 4 4 1 1, , 0 0 1 3 7 0 , , 0 0 5 8 9 0 9 9, , 2 2 1 0 2 7 1 1 , , 0 0 1 1 5 1 Mar. 5 18,334 5,645 4,029 308 271 107 167 120 56712,689 11,621 268 1,016 ,129 9,208 1,068 Mar. 12 18,365 5,712 4,149 287 243 101 166 123 56612,653 11,578 235 1,052 ,141 9,150 1,075 Mar. 19 18,586 5,631 4,172 217 229 100 167 102 56512,955 11,884 665 1,215 782 9,222 1,071 Mar. 26 18,410 5,716 4,157 260 249 98 169 132 57312,69411,571 296 1,201 795 9,279 1,123 Outside New York City 1946—February. . .. 44,422 8,837 4,460 311 1811,321 2461,056 1,24735,585 33,276 1,12' 9,271 5,17 17,7012,309 October. . . 38,756 10,138 5,938 159 164 657 2461,377 1,57428,618 26,271 532 4,771 3,211 17,7572,347 November. 38,407 10,581 6,352 144 154 608 2451,425 1,633 27,826 25,493 459 4,206 3,058 17,7702,333 December. 37,801 10,820 6.497 165 156 544 2551,468 1,714 26,981 24,636 496 3,907 2,532 2,345 17,701 1947—January 37,269 10,854 6,550 139 143 473 2511,509 1,758 26,415 24,067 3,742 2,094 17,743 2,348 February 36,971 10,997 6,711 11 135 441 2511,541 1,769 25,97423,610 325 3,513 2,053 17,7192,3o4 1946—Dec. 31. 37,275 10,89^ 6,475 213 155 527 2551,488 1,764 26,382 24,016 517 3,680 2,146 17,6732,366 1947—Jan. 8. 37,088 10,779 6,445 166 151 495 2531,494 1,753 26,309 23,969 459 3,720 2,114 17,676 2,340 Jan. 15. 37,459 10,850 6,545 137 142 485 2521,508 1,759 26,609 24,266 68 3,721 2,098 17,7652,343 Jan. 22. 37,36: 10,896 6,596 132 140 465 2521,516 1,757 26,466 24,121 470 3,789 2,084 17,7782,345 Jan. 29. 37,166 10,892 6,616 121 138 445 2511,523 1,761 26,27423,912 340 3,738 2,081 17,7532,362 Feb. 5 37,123 10,955 6,660 11 130 445 25. 1,528 1,767 26,168 23,806 397 3,605 2,07 17,7272,362 Feb. 12 37,00" 10,985 6,717 113 123 439 25 1,538 1,781 26,022 23,656 300 3,561 2,071 17,7242,366 Feb. 19 36,892 11,024 6,724 128 155 437 2531,545 1,764 25,868 23,509 254 3,49 2,03^ 17,7212,359 Feb. 26 36,865 11,028 6,744 117 132 438 2461,556 1,765 25,837 23,467 347 3,391 2,024 17,705 2,370 Mar. 5 37,083 11,024 6,773 99 128 429 1,562 1,76326,059 23,680 630 3,339 2,016 17,6952,379 Mar. 12 37,224 11,108 6,846 85 139 421 2511,569 1,778 26,11623,721 541 3,414 2,044 17,7222,395 Mar. 19 36,963 11,176 6,905 95 128 414 2501,581 1,788 25,78723,374 526 3,398 1,788 17,662 2,413 Mar. 26 36,761 11,205 6,913 91 143 414 1,592 1,782 25,556 23,124 442 3,283 1,769 17,630 2,432 1 Direct and guaranteed. Back figures.—See Banking and Monetary Statistics, pp. 127-227, 426 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 deposits Reserves Bal- De- Indi- Indi- Domestic Date or month B s w F e R a e i e r e r n t d a v - k h - l e s v C a a i u s n l h t m a b w e n d a i s c o n t t e - k i h s s c m p u o a d a s s e d t n i - e - t d d s 1s p p u v n c a h a o a i o e i n r r l d r r p d t a s - s - - - , - , S p s d t s a o i i i a u l n c o v t i b a d i n t e - l - s - s c C h c e o a f e e e f r t n i f r c t c i d e s k i . - d ' s - , U m G e . e o r n v n S - - t . s p p u v n c a h o a a i e o i n r r l d r r p d t s a - s - - - , - , S p s t d s a o i i a i u l c n o v t i a b d i n e t - l - s s - U P m G S e i a o o . e a r n n s v n n v g t d S - - t - a s l . m D a e n b - d ank T s ime b F e a o i n g r k - n s r B i o o n w r g - - s co C i a u a t c n a p - t - l s B d i a t e s n 2 k tions tions Total—101 Cities 1946—February ..10,060 580 2,27137,66537,822 2,144 117016,377 9,482 119 4510,121 29 1,221 303 5,031 58,827 October 10,142 609 2,13939,42539,827 2,258 1 139 4,62110,154 148 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 , 10305 635 2,18039,98240,331 2,243 1 299 154410,291 159 69 9,382 27 1,290 160 5,248 73,009 February ..10,046 604 2,04938,99339,247 2,297 I 166 191810,347 163 70 8,846 26 1,297 258 5,270 64,801 1946—Dec. 31....10111 639 223439,98140,922 2,269 1524 179510,256 165 69 9,415 27 1,271 6 5,255 18",395 1947—Jan. 8....10417 656 2 13639 84440 028 2,158 1 200 141610,292 173 69 9,430 27 1,281 133 5,249 17,780 Jan. 15....10330 626 2 33340 10040,999 2,222 1 312 148710.281 161 68 9,760 27 1,287 96 5,242 16,409 Jan. 22....10297 618 2 19540 08240 431 2,255 1 368 156710,296 150 70 9,445 27 1,304 124 5,249 16,717 Jan. 29....10177 639 205539 90239 866 2 339 1,314 1 70610,295 153 69 8,891 27 1,288 288 5,249 16,375 Feb. 5....10173 581 2 02339 42439 269 2 321 1,122 184510,313 161 70 8910 27 1,292 244 5,268 17,184 Feb. 12....10090 609 2 03339 10539 306 2 345 1,168 190110,324 163 70 8 832 27 1,288 263 5,271 12 854 Feb. 19.... 9 924 610 208738 75839 271 2 233 1,205 192210,360 166 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 Mar. 5....9 963 584 2 12438 58838 767 2 294 1,193 2 13710,428 190 70 9,155 25 1,289 160 5,279 18 566 Mar. 12... 9 955 644 2 24838 78639 484 2 255 1,110 2 21310,416 190 69 9 237 25 1,316 124 5,278 15,740 Mar. 19....10008 625 2 20739 00539 495 2 281 1,147 190510,403 190 69 9 186 24 1,306 165 5,276 17 630 Mar. 26.... 9 897 620 2 00338 82638 915 2 407 1,056 197110,395 196 69 8,532 23 1,292 232 5,284 16,406 New York City 1946—February . 3628 94 251360013950 264 712 6252 1,132 24 10 3,141 1 1,092 143 1,937 27,425 October... 3,709 106 281437014 740 262 652 1576 1,268 18 7 2,869 1 1,149 86 1,989 29,401 November. 3 732 119 2714 51114923 302 698 159 1,254 28 7 2809 1 1,151 98 2,001 28,843 December. 3 802 121 3014 73515 233 226 783 766 1,253 38 9 2903 1 1,117 102 1,999 36,905 1947—January. . 3.780 112 251449214 879 200 77? 486 1 273 27 15 2922 1 1,138 71 1998 31 084 February . 3 677 104 241409914 487 176 683 588 1 275 18 15 2 757 1 1,155 105 2 005 27,129 1946—Dec. 31... 3622 113 311461015334 200 847 594 1,260 41 15 2881 1 1,120 1,996 8285 1947—Jan. 8... 3 846 120 241451314845 176 675 456 1,275 41 15 2903 1 1,131 51 1997 7,665 Jan. 15... 3,776 104 271445915011 188 759 466 1 270 30 15 3023 1,132 22 1997 6 800 Jan. 22... 3,762 111 251451414885 209 839 489 1 276 20 15 2956 1,149 56 1998 7 023 Jan. 29... 3,735 113 2314 48314 776 226 815 536 1 271 18 15 2 803 1,141 155 1998 6 991 Feb. 5... 3,755 103 2014,27114549 182 659 573 1 272 18 15 2 822 1,146 130 2 007 7 817 Feb. 12... 3,679 105 2214,10014 450 178 692 587 1 271 18 15 2 734 1,149 122 2 008 5 238 Feb. 19... 3,595 102 2713,98014439 171 707 591 1 276 19 15 2 788 ,170 35 2 004 7 787 Feb. 26... 3,681 106 271404214509 172 674 602 1 281 18 15 2 684 1,155 130 2 002 6 176 Mar. 5... 3,676 103 271402014 396 183 710 635 1 293 15 2 843 1,147 84 2 005 8 151 Mar. 12... 3,652 109 271400114519 176 596 649 1 283 16 15 2 884 1,172 42 2 005 6 700 Mar. 19... 3,680 103 3014 22114 758 152 611 579 1 274 17 15 2925 1,160 84 2 003 7 089 Mar. 26... 3,639 105 3314 26714 661 197 586 591 1 272 18 15 2 633 1,148 112 2 001 6 537 Outside New York City 1946—February . 6,432 486 2,24624,06523872 1880 45810,125 8350 95 35 6980 28 129 160 3094 31402 October... 6,433 503 2,11125,05525,087 1996 487 3,045 8 886 130 52 6 419 27 153 89 3 241 40,057 November. 6,477 528 2,10525,24025,525 1978 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 6460 26 152 89 3 250 41,925 February . 6,369 500 2,02524,89424,760 2,121 483 1,330 9 072 145 55 6 089 25 142 153 3 265 37 672 1946—Dec. 31... 6,489 526 2,20325,37 25,588 2,069 677 1,201 8996 124 54 6534 26 151 6 3,259 10,110 1947—Jan. 8... 6,57 53 2,11225,33 25,183 1,982 525 960 9 017 132 54 6 527 26 150 82 3 252 10,115 Jan. 15... 6,55 52 2,30 25,64 25,988 2,034 553 1,02 9 011 131 53 6,737 26 155 74 3,245 9,609 Jan. 22... 6,53 50 2,17025,56825,546 2,046 529 1,078 9,020 130 55 6,489 26 155 68 3,251 9,694 Jan. 29... 6,44 52 2,03 25,41925,090 2,113 499 1,17C 9 024 135 54 6,088 26 147 133 3,251 9,384 Feb. 5... 6,418 47 2,00 25,15324,720 2,139 463 1,27 9,041 14. 55 6,088 26 146 114 3,261 9,367 Feb. 12... 6,41 50 2,01 25,00524,856 2,16 476 1,314 9,053 145 55 6,098 26 139 141 3,263 7,616 Feb. 19... 6,329 50 2,06024,77824,83 2,062 498 1,33 9,084 14 55 6,109 24 145 179 3,264 11,209 Feb. 26... 6,31 51 2,02 24,64 24,634 2,11 493 1,40 9,112 146 55 6,061 24 140 179 3,269 9,131 Mar. 5... 6,28 48 2,09 24,56 24,37 2,11 483 1,50 9,135 17 55 6,312 24 142 76 3,274 10,415 Mar. 12... 6,30 53 2,22 24,78 24,96 2,079 514 1,56 9,133 17 54 6,353 24 144 82 3,273 9,040 Mar. 19... 6,32 52 2,17 24,78 24,73 2,12° 53 1,32 9,129 17 54 6,261 24 146 81 3,273 10,541 Mar. 26... 6,25 51 1,97 24,55 24,25 2,21 47 1,38 9,12. 17 54 5,899 2. 144 120 3,283 9,869 * Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection. 1 Monthly and weekly totals of debits to demand deposit accounts except interbank and U. S. Government accounts. 427 APRIL 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 d F i e s d tr e i r c a t l a R nd es e d r a v t e e n T l m a o v o n a e e t n d n a s s t t l s - Total i C t t a m c n a c r u g o i i u d n r e a a r m l u a d r l i - l , - - s l , - - G a U t T l i o i n o o g . o b d n v a - S b - s t d . . r e o O a k c t l s u e i t e e e h r r r - i s s e s - r G U l t o T i i o g o b . o v a n - S - t s o . . ! t O h c t e u t i h e r n s s e - r e l R s o t e a a a n t l e s ] b L a o t n o a k n s sO lo th an er s Total Total Bills o c d C n t f e a e i e e f d t b i i s e r - n - t s - s - - Notes Bonds1 O s ri e t t h c ie e u s r - Boston Feb. 26 736 881 569 13 10 20 14 92 16 147 1,855 1,766 11 178 120 1,457 Mar. 5 767 882 577 14 10 20 15 93 7 146 1,885 1,795 40 175 119 1,461 Mar. 12 782 887 582 13 10 20 14| 93 6 149 1,895 1,8031 39 183| 117 1,464 Mar. 19 784| 899| 596 14 10 20| 14 93 4 148 1,885 1,791 46 187 95 1,463 Mar. 26 772 901 592 16 11 20 14 93 7 148 1,871 1,774| 31 186 94 1,463 New York* Feb. 26 171 6,379| 4,229' 611 234 132 188] 190| 118 67713,792 2,671 17 1,101 1,220 0,333 Mar. 5 330 6,16 4,293 311 274 122 186 188 120 673 4,163 2,985 284 1,106 1,271 0,324 Mar. 12 381 6,248 4,417 290 253 116 185 190| 123 67414,133 2,948| 270 1,135 1,283 0,260 Mar. 19 579 6,159 4,440 219 232 114 186 192 102 67414,420 3,237 691 1,293 915 0,338 Mar. 26 ,409 6,248 4,426 262 253 112 188 191 133 68314,161 2,923] 325 1,277 927 0,394 Philadelphia Feb. 26 ,196 673 401 3 18 11 7 49 3 181 1,523] 1,301 27 13 65 1,072 Mar. 5 ,24: 685 410 4 18 11 7 50 3 182 1,55 1,339 56 143 65 1,075 Mar. 12 ,241 690 414 2 18 11 7 50 4 184 1,551 1,335 49 146 65 1,075 Mar. 19 ,254| 692 422 2 17 10 7 51 2 181 1,562 1,346 54 155 65 1,072 Mar. 26 ,232 694 425 2 18 10 7 50 2 180 1,538 1,322 27 155 65 1,075 Cleveland Feb. 26 ,617 1,266 693 19 90 15 225. 208 3,351 3,054 25 353] 208 2,468 Mar. 5 ,633 1,269 6961 19 89 16 225 208 3,364| 3,064 52 34: 209 2,461 Mar. 12 ,628 1,277 709 20 87 16 225 206 3,351 3,051 31 348 209 2,463 Mar. 19 ,598 1,282 714 18 88 15 225 208 3,316 3,016 27 350 179 2,460] Ric M hm a o r. n d 26 ,615 1,301 720 23 89 16 225 208 3,314| 3,004| 32 334| 175 2,463 Feb. 26 ,879 486 255 4 27 12 82 102 1,393 1,308 13 85 1,032 Mar. 5 ,914 479 251 4 27 13 8: 101 1,435 1,3491 66 84 1,025 Mar. 12 ,924 48: 253 4 26 13 8: 103 1,442 1,356 67 17 84 1,028 Mar. 19 ,908 488 257 28 13 80 104 1,420 1,334 57 173 78 1,026 Mar. 26 ,860 490 258 26 13 10. 1,370 1,283 18 166 76 1,023 Atlanta Feb. 26 .91 580 338 55 22 44 Ill 1,332 1,174] 18 234| 120 802 Mar. 5 ,915, 578 337 53 22 45 110 1,337 1,178 27 232 122 797 Mar. 12 .924| 581 339 53 23 45 110 1,343 1,1841 28 240 122 794 Mar. 19 ,94 585 341 52 22 46 113 1,359] 1,182 21 250 115 796 Mar. 26 ,919j 58 342 52 23 45 113 1,332 1,172 14 251 115 792 Chicago* Feb. 26 ,980 2,272 1,542 61 65 258 24 5,708 5,155 96 649 363 4,047 Mar. 5 ,098 2,252 1,543 59 68 258 24 5,846 5,284 186 672 363 4,063 Mar. 12 ,079 2,273 1,572 56 68 260 250 5,806 5,240 116 691 366 4.067 Mar. 19 ,968 2,301 1,579 55 68 262 255 5,667 5,096 99 643 319 4,035 Mar. 26 ,919| 2,299 1,581 58 68 264 255 5,620 5,033 130 578 320 4,005 St. Louis Feb. 26 ,855 72: 435 26 14 104 137 1,133 998 4 103 141 750] Mai 5. ,866 720 431 25 10J 136 1.146 1,010 20 95 144 751 Mai 12. . . ,887 720 432 24 1 105 136 1,16 1,030 17 100 154 759 Ma:. 19... ,868 723 430 24 1 106 140 1,14: 1,010 2 97 125 766 Mi M nn a < : 'ap 2 o 6 l . i s . . ,835 716 42 24 14 107 137 1,119 985 1 94| 118 761 Feb. 26. 149 348j 205 14' 6 43 79 801 743, 4 48 77 614 Mar. 5 157 350 207 14 6 4. 78 80 748] 14 44| 77 613 Mar. 12 137 35. 210 14 6 43 81 782 723 9 40 77 597 Mar. 19 13 359 214 13 6 4.' 775 716 41 75 595 Mar. 26 131 360 214 13 6 43 771 711 43 74 592 Kansas City Feb. 26 136 561 371 18 6 95 1,575 ,410 308 167 884 Mar. 5 119 561 372 18 6 9 1,558 ,394| 301 165 880 Mar. 12 139 566 37 18 64 9 1,573] ,408 304] 172 879 Da M M lla a a s r r . . 2 1 6 9 1 10 2 C 2| 5 5 7 7 1 0 3 3 8 8 1 1 1 1 8 8 6 6 5 5 9 9 5 4 1 1. , 5 5 3 5 C , , 3 3 8 6 6 3 3 3 0 0 ' 5 1 1 5 4 3 8 8 7 7 7 4 Feb. 26 850 755 506 40 55 11 1,095 ,017 241 11 635 Mar. 5 840 754| 506 40 55 11 1,086 ,005 226 109 635 Mar. 12 854] 755 507 39 55 11 1.099 ,016 229 114 63 Mar. 19 840 756 508 37 56 114 1.08 ,001 236 97 638 Mar. 26 838 753 506 36 5 1,085 1,002 233 99 643 San Francisco Feb. 26 575 1,962 1,168 61 42 238 4,61? 4,193 878 426 2,823 Mar. 5 536 1,972 1,179 58 430 241 4.564] 4,150 845 41 2,818 Mar. 12 613 1,986 1,18. 10 58 43. 24? 4,62 4,205 873 422 2,849 Mar. 19 55C 1,992 1,195 55 44 239 4,55? 4,14: 875 354 2,818 Mar. 26 541 2,002 1,200 5. 448 23 4,53- 4,123 862 354 2,824 City of Chicago* Feb. 26 65 1,495 1,143 37 51 118 3.15' 2,811 65 37 149 2,221 Mar. 5 740 1,481 1,148 37 51 11 3,25' 2,905 148 374] 149 2,234 Mar. 12 71 1,489 1,168 35 51 11 3,22 2,864 87 392' 152 2,233 Mar. 19 62< 1,511 1,170 35 51 12 3,11 2,756 73 334| 148 2,201 Mar. 26 54< 1,5041 1,171 39 52 11' 3,03e 2,662 6C 281 143 2,178 1 Direct and guaranteed. • Separate figures for New York City are shown in the immediately preceding table and for the City of Chicago in this table. The figure* for the New York and Chicago Districts, as shown in this table, include New York City and Chicago, respectively. 428 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 r i e n a 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 s o c t t e k - h i s c s j p m u a o d s a d t s e n e i - - t d d s 1 s p p u v n c a h o a a o i n e i r d r l p r r d a s t - - - s - , - , S p s d s t a i i o a u i c o n v l t a b n d i e i l t - - s s - c C h c a o f e e e e i f n t e c f r r c d i d t k s . - i ' s - , U m G e e o . r v n n S - - t . s p u p v n c h a o a o a n i e i d p l r r r r d s a - - - s t , - - S p s d s t a i i o a u i c o n v l t a b n d i e i l t - - s s - P U m G S i o e a n . r a s n o e g n t v d S n v a s - - t - . l m D a e n b - d ank T s ime F ei o g r n - r B i o n o w g r s - - c C o i a t u a c a p n - l - ts B d i e a ts b n 2 - k tions tion? Boston (6 cities) Feb. 26 468 55 101 2,212 2,182 142 36 110 47 260 22 1 298 648 Mar. 5 464 55 109 2,222 2,190 140 33 116 478 277 22 13 299 730 Mar. 12 443 60 114 2,223 2,225 138 38 117 478 282 22 12 299 702 Mar. 19 470 59 108 2,245 2,244 144 38 98 478 298 21 10 299 831 Mar. 26 452 59 101 2,215 2,191 145 3 105 478 280 21 13 300 736 New York (8 cities)* Feb. 26 3,934 141 10815,37515,652 408 710 1,998 2,74' 1,157 159 2,168 6,584 Mar. 5 3,908 136 11615,34315,531 408 747 2,011 2,910 1,149 98 2,171 8,626 Mar. 12 3,901 148 11515,35415,696 418 031 2,001 2,951 1,175 66 2,171 7,173 Mar. 19 3,931 140 11915,57015,931 384 652 1,992 2,989 1,162 95 2,169 7,635 Mar. 26 3,879 141 11615,60415,817 420 625 6601,989 2,696 1,150 123 2,167 6,980 Philadelphia (4 cities) Feb. 26 424 35 83 1,780 1,882 48 25 90 273 308 10 11 264 620 Mar. 5 418 33 80 1,795 1,881 45 22 93 274 332 10 3 265 686 Mar. 12 418 36 92 1,791 1,902 49 19 94 273 349 10 3 265 606 Mar. 19 436 34 83 1,828 1,916 56 35 79 274 347 10 2 262 710 Mar. 26 417 35 79 1,791 1,871 72 23 86 272 333 9 3 262 654 Cleveland (10 cities) Feb. 26 747 85 3,096 3,156 161 61 1,360 459 5 4 492 979 Mar. 5 771 80 188 3,111 3,131 159 52 2121,363 474 4 1 493 1,121 Mar. 12 753 88 3,088 3,166 158 60 2161,363 485 4 2 492 994 Mar. 19 753 87 3,081 3,129 162 56 1841,363 472 4 6 489 1,131 Mar. 26 ;-.•••• 743 83 181 3,081 3,106 163 46 1881,362 448 4 24 493 1,036 Richmond (12 cities) Feb. 26 340 40 117 1,347 1,369 101 29 381 355 5 15 149 643 Mar. 5 342 37 121 1,379 1,405 90 29 382 363 5 7 149 808 Mar. 12 341 41 135 1,399 1,430 92 29 382 369 5 9 149 448 Mar. 19 340 39 119 1,383 1,404 95 37 382 364 5 150 521 Mar. 26 321 42 113 1,332 1,345 102 30 382 333 6 14 150 496 Atlanta (8 cities) Feb. 26 358 32 154 1,356 1,268 240 17 455 460 133 472 Mar. 5 362 29 174 1,361 1,260 242 19 455 478 133 500 Mar. 12 361 33 1,379 1,298 243 19 456 485 133 475 Mar. 19 367 31 1,392 1,276 264 23 455 480 133 563 Mar. 26 363 33 153 1,389 1,249 266 19 455 442 134 504 Chicago (12 cities)* Feb. 26 1,442 90 396 5,353 5,375 480 85 305 ,038 1,544 624 2,317 Mar. 5 1,394 88 386 5,290 5,239 490 87 318 ,044 1,632 627 2,669 Mar. 12 1,403 98 5,297 5,353 465 90 327 ,045 1,620 627 2,283 Mar. 19 1,392 94 5,252 5,246 474 99 277 ,045 1,602 628 2,708 Mar. 26 1,416 327 5,224 5,142 520 80 2792,044 1,508 630 2,812 St. Louis (5 cities) Feb. 26 360 1,138 1,217 84 22 75 378 584 145 444 Mar. 5 342 113 1,140 1,197 86 19 79 379 597 145 532 Mar. 12 333 113 1,154 1,248 84 20 81 379 593 145 447 Mar. 19 329 108 1,145 1,225 83 19 68 379 575 146 558 Mar. 26 339 98 1,147 1,212 83 18 70 379 532 146 475 Minneapolis (8 cities) Feb. 26 202 79 698 689 99 13 50 236 338 93 278 Mar. 5 205 83 698 682 106 13 52 236 354 93 341 Mar. 12 214 86 713 709 107 13 53 236 355 93 324 Mar. 19 193 84 704 690 106 13 45 236 339 93 364 Mar. 26 197 80 694 673 112 14 47 237 328 93 328 Kansas City (12 cities) Feb. 26 420 261 1,461 1,458 205 32 75 317 826 160 572 Mar. 5 452 266 1,464 1,448 199 29 79 318 837 160 598 Mar. 12 442 267 1,480 1,488 193 26 81 318 834 160 569 Mar. 19 433 261 1,467 1,460 196 26 68 318 819 161 666 Mar. 26 434 255 1,471 1,442 199 24 318 786 162 582 Dallas (9 cities) Feb. 26 377 211 1,460 1 ,456 121 28 57 302 484 154 475 Mar. 5 390 229 1 ,462 1,466 130 26 59 303 503 154 492 Mar. 12 381 255 1,494 1,498 120 25 61 303 502 153 448 Mar. 19 397 251 1,507 1,493 126 40 51 303 493 154 517 Mar. 26 389 1,491 1,460 128 34 53 302 472 154 485 San Francisco (7 cities) Feb. 26 927 3,410 3,439 200 109 2562,178 380 591 1,275 Mar. 5 915 3,323 3,337 199 117 2802,185 398 590 1,463 Mar. 12 965 291 3,414 3,471 188 140 2,182 412 591 1,271 Mar. 19 967 293 3,431 3,481 191 109 2,178 408 592 1,426 Mar. 26 947 277 3,387 3,407 197 106 2862,177 374 593 1,318 City of Chicago* Feb. 26 919 3,230 3,362 198 34 175 854 1,076 397 1,417 Mar. 5 853 3,183 3,272 198 38 181 857 1,142 400 1,664 Mar. 12 859 160 3,169 3,323 181 42 185 857 1,130 399 1,393 Mar. 19 853 183 3,125 3,252 183 43 151 857 1,128 399 1,699 Mar. 26 99 3,042 3,155 179 35 156 855 1,072 401 1,539 * 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. APRIL 1947 429 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 Accepting banks R F B e e a d s n e e r k r v a s e l Others Im in p t o o rts Ex fr p o o m rts G s o h o i d p p s p o e s i d n t o t b s r e e i d t n w i e n e n or Total O bi w ll n s bo B u il g ls ht ( a F c o co r u o n w t) n U S n ta i t t e e s d U S n ta i t t e e s d United Foreign States countries 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—January 236 241 183 85 98 58 172 35 27 8 February 243 230 171 76 95 59 164 35 24 7 1 As reported by dealers; includes some finance company paper sold in open market. 1 Dollar exchange less than $500,000 throughout the period. Back figures.—See Banking and Monetary Statistics, Table 127, pp. 465-467; for description, see p. 427. CUSTOMERS' DEBIT BALANCES, MONEY BORROWED, AND PRINCIPAL RELATED ITEMS OF STOCK EXCHANGE FIRMS CARRYING MARGIN ACCOUNTS [Member firms of New York Stock Exchange. Ledger balances in millions of dollars] Debit balances Credit balances Customers' Debit Debit credit balances1 Other credit balances End of month Customers' balances in balances in Cash on debit partners' firm hand Money ba ( l n a e n t c )1 es a in n a v d c e c t s o r t u a m d n e i ts n n g t a in n a v d c e c t s o r t u a m d n e i ts n n g t a b n a d n k i s n borrowed2 Free O (n th et e ) r a i I n n n v d p e t a s r t r a m t d n e i e n n r g t s' a in n v d I e n t s f r i t a r m m d e in n g t I a n c ( c c n o a e u p t n ) it 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—March 3 936 3 622 3712 April 3895 3 575 3697 May 3 856 3 547 3 669 June 809 7 399 370 498 651 120 24 17 314 July 3 745 3442 3653 August 3 723 3377 3 647 September. . 3 631 3 305 3 729 October 3583 3 253 3 720 November. . 3 571 3 238 3 723 December... 537 5 311 453 217 693 118 30 10 289 1947—Tanuary ... *533 »210 •687 February... 3573 3217 3 681 1 Excluding balances with reporting firms (1) of member firms of New York Stock Exchange and other national securities exchanges and (2) of firms' own partners. 2 Includes money borrowed from banks and also from other lenders (not including member firms of national securities exchanges). 8 As reported to the New York Stock Exchange. According to these reports, the part of total customers' debit balances represented by balances secured by U. S. Government securities was (in millions of dollars): December, 74; January, 69; February, 66. 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. 430 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OPEN-MARKET MONEY RATES IN NEW YORK CITY COMMERCIAL LOAN RATES [Per cent per annum] AVERAGES OF RATES CHARGED CUSTOMERS BY BANKS IN PRINCIPAL CITIES U.S. Government [Per cent per annum] Stock security yields mo Y w n e e t a h ek r , , or m 4 m p P c o - a r e o t n p i r m o m t e c h e i r - e a - , s l 1 a a P b d c n e a r a 9 c r i c n y s m 0 e e ' k s p s e - 1 , t- ch n l c a e o r e a e l a x a s w n - l - * n l g - e m b o i 3 ll n - s t * h 9 d c m - o c e e t f a o o b r t t n t i i e e n f 1 t s i d h 2 - - - - 3 t n a - y x o t e o a t a e b r s 5 le - 1937 average1. 1 T 9 2 o . c 5 t i a t 9 i l es Y N C 1. o e i 7 t r w 3 y k e E 7 N r c 2 a O n o i s . t 8 r i t t a e t e h 8 n h s r e d - n r 1 W e 1 r c 3 n e S i . t s 2 o i a t e 5 e u n s r t d h n ness 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 1946 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—March .75 .44 1.00 .375 .79 .99 1945 average., 2.39 1.99 2.51 .73 April ... .75 .44 1.00 .375 .81 1.12 1946 average. , 2.34 1.82 2.43 2.85 May .75 47 1.00 .375 .83 1.18 June .75 .50 1.00 .375 .83 1.15 1943—March 2.76 2.36 2.76 3.24 July .77 .59 1.00 .375 .84 1.13 June 2.70 2.98 3.38 August.... .81 .71 1.38 .375 .84 1.14 September. 2.05 2.71 2.73 September. .81 .81 1.38 .375 .85 K22 December.. 2.10 2.76 3.17 October .88 .81 1.38 .375 .83 1.24 November. .94 .81 1.38 .376 .84 1.22 1944—March 2.63 2.10 2.75 3.12 December.. 1.00 .81 1.38 .375 .85 1.22 June 2.23 2.55 3.18 September. 2.18 2.82 3.14 1947—January... 1.00 .81 1.38 .376 .84 1.18 December.. 2.39 1.93 2.61 2.65 February.. 1.00 .81 1.38 .376 .85 1.18 March.... 1.00 .81 1.38 .376 .82 1.17 1945—March 2.53 1.99 2.73 2.91 June 2.50 2.55 2.80 Week ending: September. 2.45 2.53 2.81 Mar. 1... 1 13/16 ltf-1 K .376 .85 1.20 December.. 2.09 1.71 2.23 2.38 Mar. 8... 1 13/16 IK-IK .376 .84 1.20 Mar. 15... 1 13/16 i^-i K .376 .83 1.18 1946—March 2.31 2.34 2.93 Mar. 22... 1 13/16 l^-i % .376 .81 1.15 June 2.41 2.51 2.97 Mar. 29... 1 13/16 1X-1X .376 .81 1.14 September. 2.32 2.43 2.75 December.. 2.33 1.85 2.43 2.76 1 8 T M h o e n t a h v l e y r a f g ig e u r r e a s t e a r o e n a v 9 e 0 r - a d g a e y s s o t f o c w k e e e k x l c y h a p n r g ev e ai t l i i m ng e r lo a a te n s s . was 1.50 1947—March . 1.82 per 1 c R e a n t t e b o e n g in n n ew in g i s A su u e g s . o 2 f , f 1 er 9 e 4 d 6 . wi P th r i i n o r p to e r t i h od at . date it was 1.25 per cent. 1 Prior to March 1939 figures were reported monthly on a basis not 4 From Sept. 15 to Dec. 15, 1945, included Treasury notes of Sept. strictly comparable with the current quarterly series. 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, Tables 120-121, pp. 448-459, and the BULLETIN for May 1945, pp. 483-490. BOND YIELDS 1 [Per cent per annum] U. S. Government Corporate (Moody's)4 Ye o a r r , w m e o ek nth, 7 y e t a o r s 9 15 y o e v ar e s r and M (h i u p i n g a h i l c - - C (h r o a i r g t p e h o - - By ratings iy groups grade)2 grade)' Total Partial- T ab ax le - e l x y e m ta p x 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 L.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 L .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 L.64 2.44 2.74 2.53 2.62 2.75 3.05 2.60 2.91 2.71 1946—March 1.28 (6) 2.09 L.49 2.35 2.66 2.47 2.54 2.69 2.94 2.54 2.80 2.64 April 1.36 1 2.08 L.45 2.37 2.67 2.46 2.56 2.69 2.96 2.57 2.78 2.65 May 1.47 2.19 L.54 2.44 2.71 2.51 2.58 2.73 3.02 2.60 2.84 2.69 June 1.43 2.16 L.55 2.42 2.71 2.49 2.59 2.73 3.03 2.59 2.85 2.70 July 1.40 2.18 L.60 2.41 2.71 2.48 2.59 2.72 3.03 2.58 2.86 2.69 August. .. 1.46 (6) 2.23 1.65 2.44 2.73 2.51 2.62 2.74 3.03 2.58 2.89 2.70 September 1.55 (6) 2.28 1.75 2.50 2.79 2.58 2.68 2.80 3.10 2.64 2.98 2.75 October. . 1.56 (6) 2.26 1.84 2.51 2.82 2.60 2.70 2.84 3.15 2.65 3.05 2.76 November 1.58 (6) 2.25 1.80 2.51 2.82 2.59 2.69 2.84 3.17 2.66 3.05 2.77 December 1.56 (6) 2.24 1.97 2.55 2.83 2.61 2.69 2.83 3.17 2.66 3.04 2.77 1947—January. . 1.51 (6) 2.21 1.92 2.48 2.79 2.57 2.65 2.79 3.13 2.63 3.00 2.73 February . 1.49 (6) 2.21 1.99 2.48 2.78 2.55 2.64 2.79 3.12 2.61 3.00 2.72 March.... 1.47 (6) 2.19 2.02 2.49 2.79 2.55 2.64 2.80 3.15 2.61 3.02 2.73 Week ending: 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 Mar. 8... 1.48 (6) 2.20 2.02 2.50 2.79 2.55 2.65 2.80 3.14 2.61 3.02 2.74 Mar. 15... 1.47 (6) 2.19 2.03 2.51 2.79 2.55 2.65 2.80 3.15 2.61 3.02 2.74 Mar. 22... 1.46 (6) 2.19 2.02 2.49 2.79 2.55 2.65 2.81 3.15 2.61 3.02 2.74 Mar. 29... 1.45 o 2.18 2.00 2.48 2.78 2.54 2.64 2.80 3.15 2.60 3.02 2.73 1 Monthly and weekly data are averages of daily figures, except for municipal bonds, which are based on Wednesday figures. * 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. 5 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. APRIL 1947 431 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SECURITY MARKETS 1 Bond prices Stock prices* Corporate Common (index, 1935-39 = 100) Volume of trad- Year, month, or week U. S. Munic- ing7 (in Gov- ipal Medium- and lower-grade Pre- thoum e e rn n - t2 g ( r h a i d g e h ) - 1 H gr i a g d h e - Total In tr d i u al s- R ro a a i d l- P ut u i b li l t i y c fa D ul e t - ed ferred* Total In tr d ia u l s- R ro a a i d l- P ut u i b li l t i y c s s a h n a d r s e s o ) f Number of issues 1-9 15 50 10 20 20 15 15 402 354 20 28 1944 average 100.25 135.7 120.9 114.7 120.5 107.3 116.3 59.2 175.7 100 102 101 90 971 1945 average 102.04 139.6 122.1 117.9 122.2 115.1 116.3 75.4 189.1 122 123 137 106 1,443 1946 average 104.77 140.1 123.4 118.5 123.6 117.0 114.9 76.7 198.5 140 143 143 120 1,390 1946—March 106.46 143.4 124.5 120.1 124.5 119.9 115.9 82.7 203.1 142 145 154 123 1,116 April 106.61 144.1 124.3 119.9 124.4 119.6 115.8 83.6 204.9 152 156 157 128 1,391 May 104.82 142.1 123.7 119.5 123.9 118.6 116.0 81.8 201.9 154 159 157 129 1,311 June 105.28 142.0 123.9 119.5 123.9 118.7 116.0 83.2 202.4 153 157 162 130 1,086 July 104.87 140.9 124.0 119.1 123.4 118.5 115.3 80.0 204.1 150 153 154 128 936 August 104.11 140.0 123.8 119.0 124.0 117.7 U5.4 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 104.35 133.1 122.7 116.8 123.7 114.3 112.4 69.3 =189.0 129 133 119 111 1,176 March 104.61 132.5 122.4 116.6 123.7 113.6 112.5 66.0 188.1 124 128 110 107 841 Week ending: Mar. 1 104.38 131.9 122.5 116.6 123.7 114.0 112.0 67.4 188.2 125 129 114 110 996 Mar. 8 104.47 132.4 122.2 116.5 123.7 113.9 111.9 66.7 188.7 127 131 114 109 985 Mar. 15 104.56 132.3 122.2 116.3 123.7 113.3 111.9 64.9 188.7 122 126 109 107 890 Mar. 22 104.66 132.4 122.6 116.6 123.7 113.4 112.8 65.9 187.7 122 126 108 106 692 Mar. 29 104.74 132.8 122.7 117.0 123.7 113.6 113.5 66.3 187.2 124 128 108 107 824 c Corrected. 1 Monthly and weekly data are averages of daily figures, except for municipal bonds and for stocks, which are based on Wednesday figures. * Average of taxable bonds due or callable in 15 years and over. • 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. • Prices derived from averages of median yields on noncallable high-grade stocks on basis of a $7 annual dividend. 1 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 or May 1945, pp. 483-490. NEW SECURITY ISSUES [In millions of dollars] For new capital For refunding Total Domestic Domestic (new Total Total Year or month f i u a r n n n e g d d - ) - m e ( a f i d o e g n s o r d n - t - ) ic Total S n m a p t i n a c a u d t i l - e - a F c e g i e r e e a d 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 g r n - 2 m e ( a f i d o e g n s o r n d - t - ) ic Total S n m a p t i n a c a u d i t 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 g r n - 1 notes notes 1936 6,214 1,972 1,949 735 22 1,192 839 352 23 4,242 4,123 382 353 3,387 3,187 200 119 1937 3,937 2,138 2,094 712 157 1,225 817 408 44 1,799 1,680 191 281 1,209 856 352 119 1938 4,449 2,360 2,325 971 481 873 807 67 35 2,089 2,061 129 665 1,267 1,236 31 28 1939 5,790 2,277 2,239 931 924 383 287 97 38 3,513 3,465 195 1,537 1,733 1,596 137 48 1940 4,803 1,951 1,948 751 461 736 601 135 2 2,852 2,852 482 344 2,026 1,834 193 1941 5,546 2,854 2,852 518 1,272 1,062 889 173 1 2,693 2,689 435 698 1,557 1,430 126 4 1942 2,114 1,075 1,075 342 108 624 506 118 1,039 1,039 181 440 418 407 11 1943 2,174 642 640 176 90 374 282 92 2 1,532 1,442 259 497 685 603 82 90 1944 4,216 913 896 235 15 646 422 224 17 3,303 3,288 404 418 2,466 2,178 288 15 1945. . 7,991 1,772 1,761 471 26 1,264 607 657 12 6,219 6,173 324 912 4,937 4,281 656 46 1946 8,581 4,588 4,579 952 121 3,506 2,038 1,468 9 3,993 3,863 208 741 2,914 2,313 601 130 1946—February. 436 123 123 57 18 48 5 43 313 313 23 20 270 251 19 March. . . 562 201 200 56 16 127 17 111 1 361 338 31 23 284 238 46 "*23 April 1,097 374 374 61 22 290 118 172 723 698 10 326 363 277 85 25 May 1,022 294 286 103 7 176 83 93 8 728 728 47 17 664 536 127 June 817 429 429 108 9 312 115 197 388 388 16 41 331 266 65 July 981 493 493 124 369 184 184 488 436 8 33 395 324 71 52 August... 560 419 419 64 354 196 159 141 126 1 33 93 39 53 15 September 441 242 242 71 170 96 75 200 200 17 38 145 143 1 October. . 562 363 363 49 47 267 223 43 199 199 1 133 65 36 29 November 761 659 659 69 590 444 145 102 102 2 13 86 68 19 December 993 788 788 119 669 544 125 205 190 50 34 105 79 27 "15 1947—January.. 636 498 487 215 21 252 208 44 10 139 135 11 22 103 84 18 4 February. 3 305 249 249 96 34 118 75 44 3 56 56 1 24 31 8 22 (3) 1 Includes publicly offered issues of Federal credit agencies, but excludes direct obligations of U. S. Treasury. * Includes issues of noncontiguous U. S. Territories and Possessions. 3 Excludes two foreign offerings totaling 122 million dollars for which information on portion taken in the United States is not available. 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. 432 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NEW CORPORATE SECURITY ISSUES * PROPOSED USES OF PROCEEDS, ALL USERS [In millions of dollars] Proposed uses of net proceeds Estimated Estimated Vear or month gross net New money Retirement of securities proceeds2 proceeds8 Repayment Other of 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 Bon n d o s t e a s nd Pr s e t f o e c r k red other debt purposes 1934 397 384 57 32 26 231 231 84 11 1935 2,332 2,266 208 111 96 1,865 1,794 71 170 23 1936 4,572 4,431 858 380 478 3,368 3,143 226 154 49 1937 2,310 2,239 991 574 417 1,100 911 190 111 36 1938 2,155 2,110 681 504 177 1,206 1,119 87 215 7 1939 2,164 2,115 325 170 155 1,695 1,637 59 69 26 1940 2,677 2,615 569 424 145 1,854 1,726 128 174 19 1941 2,667 2,623 868 661 207 1,583 1,483 100 144 28 1942 1,062 1,043 474 287 187 396 366 30 138 35 1943 1,170 1,147 308 141 167 739 667 72 73 27 1944 3,202 3,142 657 252 405 2,389 2,038 351 49 47 1945 6,011 5,902 1,080 638 442 4,555 4,117 438 134 133 1946 6,500 6,358 3,003 2,012 991 2,728 2,258 469 408 219 1946—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 Tune 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 '322 ••316 '183 '138 '45 120 '81 38 '11 2 February 208 202 148 101 47 34 18 16 15 5 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 1 1 9 9 3 3 7 8 33 5 8 4 22 2 8 4 1 3 1 0 0 1 1 7 2 5 0 1 8 1 8 8 9 0 9 6 4 1 3 1 5 8 0 6 1,0 8 7 3 9 1 4 6 6 1 9 6 3 2 7 2 3 6 1 9 3 0 6 7 1 1 6 57 8 7 7 7 1939 182 85 97 1,246 43 1,157 47 584 188 353 43 102 9 88 51 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 «3,355 2,000 903 451 258 113 56 89 1946—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 13 412 198 157 56 18 7 3 9 May 76 7 69 424 5 408 11 289 127 137 25 37 14 17 6 June 35 9 26 179 10 134 35 405 206 153 45 24 20 4 July 9 8 i 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 C226 145 17 64 52 32 15 4 1947— F J e an b u r a u r a y ry... 33 8 28 7 2 5 '4 6 3 7 '1 4 4 7 '2 1 6 8 3 2 '2 1 2 1 9 3 '•1 8 3 8 6 '84 8 1 r9 6 '1 1 1 4 r5 6 5 6 2 1 r Revised. c Corrected. 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. * 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. APRIL 1947 433 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] Profits and Net profits,1 by industrial groups dividends Manufacturing and mining Dividends Year or quarter Mis- Other Non- Oil cella- Total Iron Ma- Au- t p r o a r n t s a - - 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 2^3 187 154 203 989 85 612 1946 2,565 282 168 130 136 141 146 356 288 273 302 342 1,148 82 657 Quarterly 1944—i 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 55 347 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 77 347 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 3 36 27 26 58 37 51 40 58 246 22 182 1946—1 323 22 -19 -34 3-5 20 12 65 56 63 62 82 116 20 146 2 604 67 49 21 '51 26 37 74 62 66 71 80 250 21 153 3 r698 '96 '32 '42 3 38 r41 r41 r93 •"77 67 r77 r93 r310 20 149 4 941 97 108 102 3 53 54 56 124 93 77 91 87 471 21 209 PUBLIC UTILITY CORPORATIONS [In millions of dollars] Railroad * Electric power 5 6 Telephone 7 Year or quarter Income Income Income Operat- before Net Divi- Operat- before Net Divi- Operat- before Net Diviing income income1 dends ing income income1 dends ing income income1 dends revenue tax* revenue tax8 revenue tax8 Annual 1939 3,995 126 93 126 2 647 629 535 444 J 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 L.362 302 163 163 1943 9,055 2,211 873 217 3,464 913 502 410 L ,537 374 180 168 1944 9,437 1,971 668 246 3,615 902 507 398 L.641 399 174 168 I945 8,902 755 447 253 3,681 905 534 407 803 396 177 173 1946 7,627 273 289 235 3,828 953 645 454 1,992 275 200 182 Quarterly I944—1 2,273 458 148 31 930 265 137 98 400 97 42 42 2 2,363 511 174 55 890 245 127 105 406 101 43 42 3 2,445 550 180 30 882 207 114 95 409 98 43 42 4 2,356 452 165 130 913 185 129 100 426 104 46 43 1945—1 2,277 425 139 30 966 288 142 101 436 115 46 41 2 2,422 504 187 72 909 230 125 95 444 109 45 44 3 2,231 229 125 29 888 205 119 96 449 103 44 43 4 1,972 -404 -4 123 917 181 148 115 474 70 43 46 1946—1 1,866 38 14 56 970 299 196 107 475 84 54 46 2 1,711 -54 —42 52 920 221 151 110 497 74 53 46 3 2,045 156 125 41 936 207 142 112 502 55 44 r45 4 . 2,005 • 132 192 85 1,002 226 156 125 519 62 49 45 r Revised. 1 "Net profits" and "net income" refer to income after all charges and taxes and before dividends. 2 Includes 29 companies engaged in wholesale and retail trade (largely department stores), 13 in the amusement industry, 21 in shipping and transportation other than railroads (largely airlines), and 11 companies furnishing scattered types of service. ' Partly estimated. 4 Class I line-haul railroads, covering about 95 per cent of all railroad operations. 6 Class A and B electric utilities, covering about 95 per cent of all electric power operations. Figures include affiliated nonelectric operations. 6 For the years 1943 to date, series has been revised to agree with annual data published by the Federal Power Commission. As a result, most quarterly figures differ somewhat from those shown in previous BULLETINS. 7 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. 8 After all charges and taxes except Federal income and excess profits taxes. Sources.—Interstate Commerce Commission for railroads; Federal Power Commission for electric utilities (quarterly figures on operating revenue and on income before income tax 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 BULLETIN for March 1942 and also p. 1126 of the BULLETIN for November 1942 (telephone companies) and p. 908 of the BULLETIN for September 1944 (electric utilities). 434 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 End of month d T g d i r o r e o e t b s a c t s l t i b n d T e d t i a o e r e r e r t b i a e c n t l s t g t- Total2 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 i t 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 S d g s . s T t s a r a n e x v t a i a t 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 F u c e e e u a r a u d e r r r l i i a s l i t n y t n n i - g e - - s 1940—June 42,968 42,376 34,436 1,302 6,383 26,555 3,166 2,905 4,775 591 5,498 Dec. , , , 45,025 44,458 35,645 1,310 6,178 27,960 3,444 3,195 5,370 566 5,901 1941—June 48,961 48,387 37,713 1,603 5,698 30,215 4,555 4,314 6,120 574 6,360 Dec. 57,938 57,451 41,562 2,002 5,997 33,367 8,907 6,140 2,471 6,982 487 6,317 1942—June 72,422 71,968 50,573 2,508 3,096 6,689 38,085 13,510 10,188 3,015 7,885 454 4,548 Dec 108,170 107,308 76,488 6,627 10,534 9,863 49,268 21,788 15,050 6,384 9,032 862 4,283 1943—June 136,696 135,380 95,310 11,864 16,561 9,168 57,520 29,200 21,256 7,495 10,871 J,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 11,460 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 J.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 {,421 553 1946—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 :,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 L ,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 L.352 362 Dec 259,145 257,649 176,613 17,033 29,987 10,090 119,323 56,451 49,776 5,725 24,585 1,500 331 1947—Tan 259,776 258,378 176,444 17,074 29,791 10,090 119,323 57,157 50,343 5,590 24,777 ,399 262 Feb 261,418 258,113 175.41C 17,048 28,784 10,090 119,323 57,765 50,717 5,570 24,938 ?,3f5 181 Mar. 259,124 255,800 172,462 17,038 27,792 8,142 119,323 58,156 50,945 5,443 25,183 3,324 175 lollars on Feb. 28, 1947. 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 MARCH 31, 1947 [In millions of dollars! [On basis of daily statements of United States Treasury. In millions of dollars] Amount Funds received from sales5 during t R io e n d s e m an p d - Issue and coupon rate Amount Issue and coupon rate Amount out- renou maturities Month standing at end of Treasury bills * Treasury bonds—Cont. month All Series Series Series All Apr. 3, 1947. 1,311 Dec. 15, 1949-53 *..2^ 1,786 series E F G series Apr. 10, 1947. 1,312 Mar. 15, 1950-52 2 1,963 A A p p r r . . 2 1 4 7 , , 1 1 9 9 4 4 7 7 . . 1 1 , , 3 3 1 1 6 6 S S e e p p t t . . 1 15 5 , , 1 19 9 5 5 0 0 - - 5 5 2 2 *.. 2 H 2 4 1 , , 9 1 3 8 9 6 Fiscal year May 1, 1947. 1,312 Dec. 15, 1950 Wi 2,635 ending: M M a a y y 1 8 5 , , 1 19 9 4 4 7 7 . .. 1 1 , , 3 3 0 1 2 0 J S u e n p e t. 1 1 5 5 , , 1 1 9 9 5 5 1 1 - - 5 5 3 4 *.. 2% 2 7 1 , , 9 6 8 2 6 7 June— 1 1 9 9 4 4 1 0 . . . . 4 2 , , 3 9 1 0 4 5 1 1 , , 4 1 9 0 2 9 203 67 395 1 1 4 1 8 4 May 22, 1947. 1,312 Sept. 15, 1951-55*... .3 755 1942.. 10,188 5,994 3 526 435 2 032 207 May 29, 1947. 1,302 Dec. 15, 1951-53*.. 2 % 1,118 1943.. 21,256 11,789 8 271 758 2 759 848 June 5, 1947.. 1,315 Dec. 15, 1951-55 2 510 1944.. 34,606 15,498 11 820 802 2 876 2,371 June 12, 1947. 1,307 Mar. 15, 1952-54... 2)4 1,024 1945.. 45,586 14,891 11 553 679 2 658 4,298 June 19, 1947.. 1,317 June 15, 1952-54 2 5,825 1946.. 49,035 9,612 6 739 407 2 465 6,717 C A J e u p r n t r e , . o 2 f 6 , 1 in 1 , d 94 e 1 7 b 9 . t . ed 4 n 7 e % ss 2 1 , ,3 8 0 2 8 0 J J J D u u u e n n n c e e e . 1 1 1 1 5 5 5 5 , , , , 1 1 1 19 9 9 9 5 5 5 5 2 4 2 3 - - - - 5 5 5 5 4 6 5 5 * . * . . . . . 2 . 2 . % M .2 2 8 1 , , 6 5 6 7 0 8 6 2 1 1 5 2 1946— A M M p a a r y . r . . . . . . . . . . 4 4 4 8 8 8 , , , 9 8 7 1 2 3 7 8 3 5 6 6 9 6 2 4 8 6 3 3 3 7 4 8 1 5 8 2 2 2 9 4 7 2 2 2 2 5 2 5 0 8 5 6 6 5 2 3 2 1 4 June 1, 1947 2,775 Mar. 15, 1955-60*..2 % 2,611 June.. . 49,035 571 321 24 226 519 A Ju u ly g . 7 2 1 , ,2 9 2 1 3 6 S M e a p r t . . 1 1 5 5 , , 1 1 9 9 5 5 6 6 - - 5 5 9 8 ... 2H % 1, 9 44 8 9 2 A Ju u l g y. . .. . . . 4 4 9 9 , , 4 3 7 2 7 0 5 7 9 5 0 3 3 3 4 8 7 6 3 2 1 5 3 21 3 7 5 5 4 3 7 7 8 Sept. 2,341 Sept. 15, 1956-59 3,823 Sept.... 49,545 494 309 20 165 482 Oct. 1,440 June 15, 1958-63 919 Oct.. . . 49,624 519 327 24 169 489 Nov. 1,775 June 15, 1959-62 5,284 Nov 49,709 453 294 20 139 418 Dec. 3,281 Dec. 15, 1959-62 3,470 Dec... 49,776 576 370 29 178 504 Jan. 3,134 Dec. 15, 1960-65 1,485 1947—Jan 50,343 952 535 53 364 483 Feb. 3,947 June 15,1962-67 2,118 Feb 50,717 712 394 41 278 398 Mar. 2,142 Dec. 15, 1963-68 2,831 Mar.... 50,945 616 372 35 209 449 June 15, 1964-69 3,761 Treasury notes Dec. 15, 1964-69 *.. 2)4 3,838 Maturities and amounts outstanding March 31, 1947 S S S e e e p p p t t t . . . 1 1 1 5 5 5 , , , 1 1 1 9 9 9 4 4 4 7 7 8 \ \ \ Y % y 2 2 3 2 1 , , ,6 7 7 8 0 4 7 7 8 J M M u a a n r r e . . 1 1 1 5 5 5 , , , 1 1 1 9 9 9 6 6 6 7 6 5 - - - 7 7 7 2 1 0 r ' '. . . . . . 2 2 2 ^ ^ ^ 3 5 7 , , , 4 1 9 8 9 6 1 7 7 m Y a e t a u r r i o t f y se A ri l e l s S C e - ri D es Se E ries Se F ries Se G ries Treasury Bonds S D e e p c t . . 1 1 5 5 , , 1 1 9 9 6 6 7 7 - - 7 7 2 2 ' . . .. . 2 2 M V2 1 2 1 , , 7 6 1 8 6 9 Oct. 15, 1947-52* AH 759 1947 308 308 Dec. 15, 1947* 2 701 Postal Savings 1948 505 505 M M a a r r . . 1 1 5 5 , , 1 1 9 94 4 8 8 - - 5 5 0 1* .2% 2 1 1 , , 1 2 1 2 5 3 Pa b n o a n m d a s Canal Loan 2 . Y 3 2 1 5 1 0 6 1 1 9 9 4 5 9 0 9 80 8 7 1 9 80 8 7 1 June 15, 1948 \% 3,062 1951.. 1,588 436 1,151 Sept. 15, 1948 • 2XA 451 Total direct issues.... 172,462 1952 4,455 4,455 Dec. 15, 1948-50*.... 2 571 1953 7,999 6,648 208 1,144 June 15, 1949-51 2 1,014 Guaranteed securities 1954 10,486 7,722 552 2,212 Sept. 15, 1949-51 2 1,292 Federal Housing Admin. 1955 9,261 6,334 614 2,313 Dec. 15, 1949-51 2 2,098 Various 1956 6,852 3,504 693 2,655 Dec. 15, 1949-52 *..3K 491 1957 3,938 976 552 2,410 1958 2,946 321 2,624 1959 885 113 772 • Partially tax exempt. Unclassified. . -65 *• Restricted, i Sold on discount basis, See table on Open-Market Money Rates, ' Total 50,945 3,037 30,790 3,052 14,130 p. 431. 435 APRIL 1947 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 ]Heldby 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 l i g t e - s Total b m C a e n o r k c m s ia - > l R F B e e a d s n e e r k r v a s e l Total vi I d n u d a i- ls p I c a n a o n s n m c u ie e r - s - M s b a a v u n i t n u k g s a s l a r c O s a t o s a i t t o o r i n h p o n c d e o n i s r a - 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 i m n p s d s . e e u c n S e t i t r . a s u l a G s g t o e v P n i f s e u u c s r i b n u n e d l e s - i s s c 1940—June 47,874 18,566 16,100 2,466 ?9,308 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 n ,600 8 ?00 3,700 4,400 700 6,982 9,558 1942—June 76,517 28,645 26,000 2,645 47,872 17,900 9 ?00 3,900 5,400 900 7,885 7,737 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 SO,300 13 100 5,300 15,500 1,500 10,871 ^,451 December 168,732 71,443 59,900 11,543 97,289 37,100 15 100 6,100 20,000 2,100 1? 703 4,242 1944—June 201,059 83,301 68,400 14,901 117,758 45,100 17,300 7,300 25,800 3,200 14,287 4,810 December 230,361 96,546 77,700 18,846 133,815 52,200 19,600 8,300 27,600 4,300 16,326 5,348 1945—june 256,766 105,892 84,100 21,792 1S0,874 S8,500 7? 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 7,048 194<5—May 271,983 110,632 87,700 22,932 161,351 63,000 75,700 11,300 26,600 6,600 71 481 7,048 June 268,578 107,883 84,100 23,783 160,695 6?,800 7.5,300 11,500 25,600 6,500 77 33? 6,798 July 267,363 106,433 82,800 23,633 160,930 6?,900 ?S 400 11,600 25,100 6,400 ?^ 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 6?,700 75,400 11,700 24,500 6,300 7S 854 6,524 October 262,792 101,918 78,400 23,518 160,874 6?,800 75 400 11,700 24,200 6,300 74 015 6,419 November 261,286 100,444 76,500 23,944 160,842 63,100 ?,S 300 11,700 24,000 6,200 74 254 6,355 December 257,980 97,050 73,700 23,350 160,930 63,300 25,300 11,800 23,400 6,200 24,585 6,338 1947—January 258,640 96,941 73,000 23,941 161,699 64,100 25,400 11,900 23,000 6,200 24,777 6,389 1 Including holdings by banks in territories and insular possessions, amounting to 100 million dollars on June 30, 1942, and 500 million on Dec. 31, 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 C1) banks and Banks 0) banks trust trust funds funds Type of Maturities3 of Treasury security: bonds and T T C T T r r r o e e 1 1 1 1 e 1 1 1 1 e 1 1 1 1 1 1 1 1 r t a 9 a 9 t a 9 9 9 9 9 9 9 9 9 9 9 9 9 a 9 i s s s 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 l f 4 u u : u i 4 5 4 5 6 4 7 6 5 7 4 5 7 7 6 ' 6 c r r r — — — — — — — — — — — — — — — y a y y — t N D N D D D D e D D N D N D J D D D J J J J J J n b b J u a u s a a a u e e e e i e e o e e o e o o o o e e e u : n n n n n n n l c c c c c c c c c c c c v v t n v v n l e e e e s d . . e : s . . s . : . . : . . . . . - 1 1 1 1 1 1 2 2 3 3 3 3 2 2 1 1 1 1 1 1 1 1 1 1 7 7 6 8 8 9 9 9 0 8 0 2 3 4 8 3 0 0 7 6 7 7 7 7 6 6 2 0 9 8 , , , , , , , , , , , , , , , , , , , , , , , , 2 4 7 1 4 9 3 9 0 8 0 0 0 0 0 4 8 3 6 0 4 6 0 8 6 0 9 5 5 7 8 6 3 0 3 3 3 9 9 2 4 7 4 0 9 5 7 2 1 1 1 1 5 5 7 7 9 3 4 7 9 0 0 8 3 2 9 0 0 8 4 0 5 6 6 6 6 7 , , , , , , 3 3 1 3 0 7 3 6 6 3 5 5 6 5 0 3 0 0 1 6 2 9 4 0 8 8 8 6 6 2 0 6 4 8 9 2 2 8 0 2 2 2 2 1 1 1 2 2 4 8 6 7 1 7 1 7 3 3 4 3 3 5 4 8 , , , , , , , , , , , , , , , , , , , , , 1 5 7 3 2 6 9 4 7 3 1 3 9 8 8 8 0 8 1 4 8 3 3 7 2 6 4 6 5 6 9 4 4 8 8 5 3 1 4 4 2 6 3 4 3 5 5 8 0 6 8 2 2 6 5 4 1 0 7 0 1 6 3 6 4 5 1 8 5 5 5 3 88 6 1 1 1 1 1 6 6 1 1 1 1 7 7 4 8 6 6 2 1 1 1 5 5 1 6 1 2 5 6 6 1 8 9 2 6 2 , , , , , , , , , , , , , , , , , , , , , , 8 1 1 1 1 3 1 1 2 4 4 0 7 3 4 6 9 0 8 8 5 0 5 8 5 3 2 6 8 4 9 3 2 1 1 0 5 9 7 2 6 7 9 3 3 4 2 2 4 7 0 0 5 2 1 1 3 7 1 6 2 6 8 6 2 1 1 3 6 0 5 9 0 8 8 1 1 1 1 1 8 1 1 1 0 1 , , , , , , 1 5 2 5 4 4 3 2 2 2 2 2 2 2 1 1 1 8 9 5 2 2 9 3 5 2 9 6 7 4 1 1 7 3 9 3 5 9 0 1 1 6 7 7 1 3 3 3 0 1 9 6 7 2 2 2 2 2 1 3 4 4 4 8 4 , , , , 2 1 2 7 4 5 5 5 4 4 6 6 3 3 6 5 3 3 8 8 8 6 7 7 6 9 2 7 7 4 1 6 0 9 3 4 1 5 3 1 7 3 6 8 0 1 3 6 8 8 0 0 3 6 9 6 1 5 4 4 3 4 4 7 1 1 4 9 3 4 , , , , , , , , , , , , , , , , , , , , , , , , 4 4 7 5 7 0 2 1 5 8 1 3 1 2 2 0 4 9 0 8 0 7 6 8 3 5 6 6 9 9 5 5 6 3 7 8 2 1 3 1 2 7 4 3 8 2 7 9 9 9 7 6 6 8 8 9 9 7 7 3 1 1 8 5 4 4 6 8 8 3 0 2 W 1 5 0 i - 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 - t 1 2 9 9 - 9 9 9 9 9 9 9 9 9 9 9 9 9 h 0 5 0 n 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 i n 4 5 5 4 5 4 5 6 7 4 7 7 6 6 6 o y y y — — — — — — — — — — — — — — — t e e e 1 e a a a N D D N D N N D D D D D D D D D J J J J J J J s y r r r a u a : a u u u s s e e e e e e o s o o e e e e e e e o n n n n n n n : : : c c c c c c c c c c c c a v v v v e e e e r . . : . . . . . . . . . 3 3 3 3 3 3 3 2 2 2 3 3 3 2 3 3 3 1 1 1 2 8 5 3 6 4 7 7 7 5 9 8 9 7 4 0 3 7 7 2 0 5 2 , , , , , , , , , , , , , , , , , , , , , , , 8 9 1 3 3 9 0 0 8 9 2 2 7 9 3 8 6 8 3 5 5 1 2 1 8 8 8 8 1 5 2 4 6 8 8 0 3 0 0 7 4 6 1 7 2 7 7 5 9 4 4 1 5 5 7 5 3 3 9 6 3 2 2 2 7 9 0 2 0 2 3 2 2 2 , , , , , 4 0 7 9 9 4 5 5 6 5 5 5 4 5 1 7 7 7 0 7 9 7 7 2 2 4 3 7 1 7 0 8 2 2 0 8 8 2 8 1 9 8 0 5 8 9 9 3 7 4 8 4 6 8 3 9 9 4 0 5 5 7 6 2 1 1 , , , 0 5 4 5 6 6 8 8 3 8 2 7 1 1 1 1 5 3 5 0 4 3 6 9 9 9 3 1 3 8 0 4 7 7 7 7 7 7 7 7 1 2 0 6 1 6 0 7 3 5 0 1 3 3 5 2 2 2 2 8 8 2 2 2 2 2 2 2 2 1 1 1 1 9 4 5 5 4 4 3 3 5 5 1 1 3 6 8 8 7 6 7 9 , , , , , , , , , , , , , , , , , , , , , , , 3 3 9 0 6 4 6 9 4 3 4 8 1 2 9 9 0 6 4 3 9 4 8 9 9 4 1 0 5 5 6 2 0 3 2 7 6 8 3 0 5 5 9 2 7 7 1 1 1 6 0 6 5 5 1 8 3 1 1 5 5 3 7 7 3 0 8 0 4 2 3 5 6 5 3 1 1 1 , . , , , , , , , 0 0 5 2 1 4 2 8 0 6 0 0 0 3 0 0 1 1 7 7 1 3 4 6 2 8 8 0 4 0 6 8 3 1 3 4 5 0 4 0 8 2 6 1 7 2 3 9 1 6 1 4 0 8 3 3 3 9 6 7 6 6 7 6 8 6 6 1 1 1 1 2 2 2 3 8 2 2 2 2 2 1 1 1 0 2 1 1 , , , , , , , , , , , , , , , , , 7 7 8 8 8 9 8 5 1 8 1 0 4 6 5 5 2 2 1 9 7 6 5 4 8 0 0 0 2 0 9 2 8 0 2 9 9 8 3 2 7 0 0 9 6 4 1 1 2 7 2 2 6 6 8 6 4 3 1 5 3 5 0 1 4 8 6 7 8 1 1 2 2 2 6 9 5 5 5 4 9 2 2 6 6 6 6 6 9 1 6 6 1 1 , , , , , , , , , , , , , , , , , , , , , , , 1 6 3 3 6 7 4 5 7 9 9 5 4 5 6 0 5 6 9 7 8 9 8 5 1 3 3 3 9 9 6 1 6 6 8 2 5 7 5 6 3 5 9 0 8 2 6 9 1 1 1 8 2 3 7 0 0 9 6 8 3 0 3 8 5 9 9 3 6 1 1 1 1 9 9 9 9 4 4 4 4 4 5 7 6 — — — — N D D D J J a u e e e o n n c c c v e .. . , 1 1 1 1 1 9 2 1 1 1 1 1 0 9 9 9 9 , , , , , , 5 4 3 3 3 3 8 2 2 2 2 2 5 3 3 3 3 3 5 6 6 6 6 6 , , , , , , 1 9 1 1 6 1 7 1 9 8 9 5 3 5 9 6 2 5 ,2 9 7 7 7 7 4 4 5 5 5 5 3 7 5 3 3 3 3 4 4 4 4 4 6 6 7 8 8 8 , , , , , , 5 5 3 4 5 4 3 0 3 0 1 6 5 8 5 8 4 9 1 1 1 7 0 1 1 , , , , , 7 2 0 1 9 7 0 1 4 2 8 4 7 4 9 0 3 3 2 1 2 2 2 2 2 7 3 3 3 3 , , 2 2 8 0 2 1 4 2 5 3 7 42 9 6 9 0 3 2 3 3 3 0 3 1 0 5 7 1 4 7 9 7 6 1 9 0 8 9 4 1 4 0 Af 1 t 1 1 1 e 9 9 9 9 r 4 4 4 4 7 4 5 2 6 — — — 0 — y D D J N D J a e e e u o n e a c c n v r c s e . . : . . . . . . . 3 2 1 2 2 2 2 4 2 1 2 2 , , , , , , 3 3 7 1 3 3 8 7 9 8 7 7 4 2 4 1 2 2 2 2 2 1 2 2 , , , , , , 9 7 7 1 0 0 7 4 6 0 8 8 6 4 3 8 0 4 9 5 7 5 5 5 7 8 7 5 2 2 1 2 2 2 , , , , , , 4 4 0 5 6 6 3 1 6 5 4 3 1 8 6 0 2 2 5 2 2 2 2 , , , , , 0 5 6 6 3 5 5 1 8 7 1 0 1 0 7 9 9 11 4 6 6 1 6 6 , , , , , , 3 9 3 6 5 7 8 2 3 0 8 3 1 5 3 2 3 3 1 9 3 8 8 8 0 , , , , , , 3 3 3 8 5 8 9 1 3 2 5 5 3 4 2 9 6 8 1947—Jan.... 22,372 2,090 2,65: 2,705 6,621 8,248 * 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) all banks and all insurance companies for certain dates are shown in the table above. 1 Including stock savings banks. On Jan. 31, 1947, commercial banks reporting to the Treasury held 16,128 million dollars of U. S. Government securities due or callable within one year out of a total of 54,784 million outstanding. s Including Postal Savings and prewar bonds and a small amount of Guaranteed securities, not shown separately below. 1 Classification has been revised (1) to include notes and bonds and (2) to include callable issues as of their first call dates. 436 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 m 2 - e O ta t x h e e s r 1 n i c r M n n e e e n u t v l o a i e l e s e u l a r 1 - - - - s S S t r a o e i x c c ty e i u a s - l O ce r t i e h p - e t r s c T e r o i e p t - a t l s ce N r ip e e - t t s3 d t I e o e e n s n r b t - - t a f W i a e c d t n n i t e e a i d s - v s r e - c T f t o e e r r a u r a u t c s n c n s - . t t t s s o - O p tu e e t n r h x e d - e s r i- e b i x T u t p u o d e r t g e n a e s l d t - D o p r l e u f s i u s c + r i - t c T e o a r t u c c u n - . s * t t s G b In d a f d e u c l u n e a n r r c e n e d i r r n a c e a s g e a l 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 8,39326,262 5,291 1,7513,711 408 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 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 3,915 239 43,038 4,722 48,542 1,918 9,837 65,019 21,981 +781 -10,460+10,740 1946—March 658 4,180 649 100 176 5,762 5,747 646 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 2,733 106 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 ,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 ,509 13 1,152 2,796 363 +98 -989 -724 September. 705 2,845 656 89 186 4,481 4,478 648 ,100 32 1,070 2,851 +1,627 -318 -868 -2,177 October 557 847 752 74 386 2,617 2,544 160 ,481 48 1,335 3,023 479 +215 -2,101 -1,837 November. 1,111 332 669 290 236 2,639 2,364 105 ,436 27 989 2,557 193 +43 -1,405 -1,255 December.. 766 2,120 722 89 416 4,113 4,107 952 ,580 21 1,065 3,618 +490 -525 -3,163 -3,128 1947—January... 546 2,117 693 58 445 3,860 3,820 343 1,412 71 1,180 3,005 +814 -232 +1,210 +628 February.. 1,376 1,845 666 387 368 4,643 4,378 124 1.457 16 2,350 3,946 +432 +348 +2,422 +1,642 March .... 785 3,865 682 118 275 5,724 5,701 626 1,428 1 1,438 3,492 +2,209 -139 -224 -2,294 Details of trust accounts, etc. General fund of the Treasury (end of period) Social Security accounts Net ex- Other Assets penditures Period c N e r i e e p - t ts I m n e v n e t s s t- p t e u E n r x e d - s i- i c a G n i o g n m o u e c g v n n h e e t a c e n s r i c c t n e - o k s - f - ce R i e p - ts I m nv e e n s ts t- p t e u E n r x e d - s i- Total R F p e e D o d s i s n e e e i r - r t v s a e l d s p p e D o e p i s n c o e i i - s t a s i l - a O s t s h e e ts r l T ia t o i b e t i s a li l - B ge f a u n l i a n n e n d ra c l e 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—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 -1.074 « 586 331 B448 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 41 224 7,478 2,561 3,363 1,554 344 7,134 March'. ... 83 201 134 -75 207 19 7,233 2,369 3,292 1,571 323 6,909 ! 1 Details on collection basis given in table below. 2 Withheld by employers (Current Tax Payment Act of 1943). 8 Total receipts less social security employment taxes which are appropriated directly to the Federal old-age and survivors insurance trust fund. * Excess of receipts (+) or expenditures (—). B 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 l h d - Other N su o a r r n t m d ax al E pr x o c f e it s s s p O t r a o t x h f e i e t s r s ta g x if e t s cel t l a a x n e e 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 or in- Fiscal year ending: come + Tune 1940 982 1 121 27 360 2 000 1941 1 418 1,852 164 37 407 2 547 Fiscal year ending 1942 .... 3,263 3,069 1,618 57 433 3,405 June—1940 7,019 9,555 2,536 1943 686 5,944 4,521 5,064 84 447 4,124 1941 9,298 14,031 4,733 1944 7,823 10,438 5,284 9,345 137 511 4,842 1942 15,374 34,717 19,342 1945 . . . 10,264 8,770 4,880 11,004 144 643 6,317 1943 25,485 79,253 53,769 1946 9,858 8,847 4,640 7,822 91 677 7,036 1944 48,254 94,296 46,043 1945 51,332 96,263 44,931 1946—February... 1,848 991 128 236 4 54 543 1946 48,103 65,904 17,800 March 154 1,883 1,006 1,268 9 84 555 April 708 508 157 324 5 66 549 1946—February.. 4,277 3,921 +356 May . . 1,245 175 82 157 3 64 577 March 5,950 4,169 +1,782 June 30 1,053 744 994 16 63 548 April 2,934 4,171 1,237 July 858 375 192 330 4 74 634 May 3,492 4,383 891 August 1,339 77 142 204 4 58 631 June 4,736 5,046 310 September.. 30 1,198 692 978 10 43 604 July 2,703 2,923 219 October 1,062 234 232 344 4 57 706 August 3,016 2,928 +88 November.. 1,243 80 122 123 3 49 612 September. 4,698 2,988 +1,710 December.. 27 420 752 925 9 62 652 October... 2,803 2,850 47 November. 2,892 2,276 +616 1947—January 657 2,196 250 266 6 66 639 December. 4,257 3,643 +614 February... 1,971 1,082 177 127 3 84 595 1947—January... 3,948 2,827 +1,121 February.. 5,163 3,690 + 1,474 437 APRIL 1947 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOVERNMENT CORPORATIONS AND CREDIT AGENCIES [Based on compilation by United States Treasury Department. In millions of dollars] PRINCIPAL ASSETS AND LIABILITIES 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 Corporation or agency Total Cash L c a o r e b e i a - l v n e - s m m C p s t a l u i o o a n i e p e t m d d s - e s i , - , - - G U se o . c v I u S m n t - . . v e e n O s t s s t e t - c h u e - r s t e L m u t a q a r r n e u u n e d n i c d s p t - , , - c U h u t n r a t i d e r b g d i - s e - s O s a t e s h t - e s r a t B F g u n a u u o r t n e a e l n d l r e s d y - d s d p , e a n b y O o e a t t n b h e - l e s e , r O li i a t t i b h e i e s l r - in U m G e e t r . o e s e n S v t n r - . - - t o v in P w a e t r t s n e i e t - e r l - d y rials rities rities by U.S. All agencies: Dec. 31, 1945 33,844 925 5,290 2,288 1,683 325 21,017 472 1,845 555 1,113 4,21227,492 472 Mar 31 1946 33,325 1,279 5,069 1,918 1 789 285 ?0 784 460 1 741 536 1,133 4,95926,218 479 June 30 1946 29,869 1,305 5,381 1,550 1 767 439 17 438 385 1,605 325 1,234 4,93922,889 482 Sept 30 1946 29,569 1,157 5,949 1,429 1,836 39016,973 2991,536 377 1,250 3,37724,069 496 Dec 31 1946 30,409 1,398 6,649 1,265 1,873 54716,924 3391,414 261 1,252 3,58824,810 493 Classification by agency, Dec. 31, 1946 Department of Agriculture-.2 Farm Credit Administration: Banks for cooperatives 300 24 231 43 (3) (3) 1 33 256 10 Federal intermediate credit banks. 346 22 273 47 4 293 2 51 Federal land banks 1,114 37 919 136 5 16 756 40 77 24G Production credit corporations.... 117 1 70 46 117 Regional Agricultural Credit Corp. 15 13 1 (3) (3) (3) 14 Agricultural Marketing Act Revolving Fund 2 1 1 (") 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 3 190 217 1,160 —92 Farmers' Home Corp.. 475 84 315 19 56 7 468 Federal Crop Insurance Corp 24 5 9 10 14 10 National Housing Agency: Federal • Home Loan Bank Administration: Federal home loan banks 473 33 293 145 (3) 1 169 71 124 108 Federal Savings and Loan Insurance Corp 176 2 172 3 4 173 Home Owners' Loan Corp 676 15 624 17 15 2 3 5 (3) 21 651 Federal Public Housing Authority and affiliate: Federal Public HousingAuthority 537 13 278 8 227 3 8 3 534 Federa D l e H f o en u s s e in g H o A m d e m s in C i o s r t p ration 19 5 6 7 35 1 26 1 ( ( 3 3 ) ) 122 (2) 56 1 v' (3) 13 36 8 1 15 5 2 6 Federal National Mortgage Association. 6 6 (3) 5 R.F.C. Mortgage Company 23 (3) 14 7 (3) 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 All W o a t r h e S r h 6 ipping Adm. activities5 8 3, ,3 26 6 3 0 1 5 8 2 3 *870 3 1 0 4 20 324 7 1 , , 7 8 6 1 4 3 98 4 2 1 8 6 6 8 ••(3T 73 7 3 3 3 7 , , 1 6 9 2 0 7 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 i p 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 A R 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 a m d k n . e s R a a a . f F f t n i e l d . s i C - . B p p 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 e a 1 n p l 9 c l t i 4 . e 6 s , To aid agriculture 986 149 273 232 120 528 588 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: Banks 12 7 19 20 Other 293 2 295 237 Foreign loans 235 1,249 800 2,284 1,632 Other 278 232 113 623 641 Less: Reserve for losses. 67 29 1 11 273 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. 8 Less than $500,000. 4 Includes U. S. Commercial Company and War Damage Corp. 5 Figures are for Nov. 30, 1946, with the exception of those for lend-lease and UNRRA activities. 6 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. 438 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BUSINESS INDEXES [The terms "adjusted" and "unadjusted" refer to adjustment of monthly figures for seasonal variation] In (p d h u 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 C a o r c d n o e s n d t t r r u a ( c v c t t a i s o lu n e)8 Em 19 p 3 l 9 o — ym 10 en 0 t4 Depart- Income 1923-25=100 Fac- ment Whole- M Y a o n e n a d t r h 1 ( m v 9 p a 3 = e a l 5 1 n y 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 y 9 y 0 s4 = c 1 F a = 9 i r r n 3 1 e l g o 5 i 0 s g a - 0 * 3 h d 9 t - 1 = u 9 s s ( e v t 3 a 1 o ) a l 5 * 0 e l r - - e 0 s 3 s 9 p m = c 1 r s o 1 i o a 9 c m d 0 l 2 e e 0 i 6 s - t 4 y C 1 l = 9 i o v 3 1 s i 5 t n 0 - g o 0 3 * f 9 able able ju A s d te - d ju A s d te - d U ju n s a te d d - ju A s d te - d ju A s d te - d ju A s d te - d ju A s d te - d ju A s d te - d j m u A st d e - d ju A s d te - d ju A s d te - d U ju n s a te d d - U ju n s a te d d - ju A s d te - d ju A s d te - d U ju n s a te d d - U ju n s a te d d - 1919 72 84 62 71 63 44 79 103 103.2 120 83 138.6 '123.8 1920 75 93 60 83 63 30 90 104 123.5 129 99 154.4 ••143.3 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 98 84 81 86 101 108.4 142 105 100.6 121.9 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 97 106.6 146 110 103.5 125.4 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 73.0 108.7 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 75 65 81 80 32 12 48 83.8 83 68.3 89 83 74.9 95.7 1935 87.1 87 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 91.2 107 100 80.8 99.1 1937 107.7 11 122 106 112 59 41 74 100.9 105 108.8 111 107 86.3 102 7 1938 98.5 89 78 95 97 64 45 80 94.4 90 84.7 89 99 78.6 100.8 1939 105.4 109 109 109 106 72 60 81 100.0 100 100.0 101 106 77.1 99.4 1940 113.5 125 139 115 117 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 20. 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 161P128.3 P139 P260.7 132 264 121.1 139.3 1944 May 232.1 236 236 356 169 143 131 .1173.3 172.3 345.3 138 185 104.0 125.1 June 233.9 235 236 354 169 142 131.2 172.5 172.2 346.6 139 177 104.3 125.4 July 233.2 230 232 347 165 139 130.9 171.4 171.9 339.6 142 186 104.1 126.1 August.... 234.0 232 235 348 168 142 130.7 170.9 172.0 343.1 142 187 103 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. 237.5 232 232 341 173 143 129.1 167.3 167.7 341.0 141 201 104.4 126.6 December. 239.0 232 230 343 173 137 129.2 168.0 168.3 346.7 137 199 104.7 127.0 1945 January... 241.9 234 230 345 175 140 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.... 244.1 235 232 345 176 142 72 118 130.5 166 5 166.0 341.7 145 216 105.3 126.8 April 242.3 230 229 336 174 140 70 112 129 1 163.8 163.0 333.3 141 184 105.7 127.1 May 241.9 225 22!= 323 173 138 58 89 128.5 160.8 159.8 318.7 141 190 106.0 128.1 June 244.6 220 220 308 173 144 50 73 127.6 157.2 156.9 314.6 140 20S 106.1 129 0 July 243.4 210 211 292 165 143 54 79 126.5 151.7 152.1 298.7 139 215 105.9 129.4 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 83 121 119.2 127.2 127.6 222.9 118 213 105.9 128.9 November. 235.7 168 167 191 158 138 94 134 120.3 127.8 128.2 222.9 133 222 106.8 129.3 December. 234.1 163 161 185 156 133 108 150 120.8 128.1 128.4 226.2 127 219 107.1 129.9 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 .9210.5 126 ••250 107.7 129.6 March... 234.7 168 164 183 166 137 147 129 161 124.9 130 129.9 232.9 139 257 108.9 130.2 April 236.4 165 190 164 104 170 172 168 126.4 136.6 135 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 240.9 170 171 193 162 139 174 177 172 128.4 139 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 246.6 179 184 212 165 146 151 147 155 131 145 9 146.7 284.1 138 270 124.0 145.9 October. .. 254.5 181 184 214 168 145 145 140 148 131.6 146.4 146.8 286 4 139 257 134.1 148.6 November. 259.2 183 183 214 173 136 139 122 152 132.0 148 7 149.1 291.6 137 272 139.7 152.2 December. 261.6 182 '180 ••211 174 ••137 154 143 163 131.5 149.5 149.8 299.5 140 274 140.9 153.3 1947 January... 263.6 188 184 221 177 146 146 144 148 131.8 150.3 149.8 300.3 150 265 141.5 153.1 February.. P262.9 vl8S P184 P222 P176 P145 P149 P149 P131.6P151.0P15O.5 14 268 144.6 152.8 * Average per working day. P Preliminary. r Revised. 1 Department of Commerce series on value of payments to individuals. 2 For indexes by groups or industries, see pp. 440-443. For points in total index, by major groups, see p. 459. « Based on F. W. Dodge Corporation data; for description, see p. 358 of BULLETIN for July 1931; by groups, see p. 447 of this BULLETIN. 4 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. 6 For indexes by Federal Reserve districts and other department store data, see pp. 449-451 . 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. APRIL 1947 439 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] 1946 Industry Feb. Mar Apr. May June Industrial Production—Total 152 168 165 159 170 Manufactures—Total 154 173 176 167 176 Durable Manafactures.... 138 183 190 175 193 Iron and Steel ... 43 169 159 109 154 Pig iron 48 168 142 86 144 Steel . . . 46 176 175 126 167 Open hearth. 38 161 148 98 142 Electric 106 286 363 319 343 Machinet y 188 207 225 230 241 Manufacturing, Arsenals and Depots^- Transportation Equipment ... . 199 209 245 239 238 Automobiles- . . . .. 98 114 161 162 167 (Aircraft; Railroad cars; Locomotives; Shipbuilding— Nonferrous Metals and Products 141 139 132 128 137 Smelting and refining 128 121 108 105 110 (Copper smelting; Lead refining; Zinc smelting; Aluminum* ^Magnesium Tin)* Fabricating 146 147 141 138 147 (Copper products; Lead shipments; Zinc shipments; Aluminum products; Magnesium products; Tin Lumber and Products 119 125 130 129 133 Lumber . 108 117 123 123 127 Furniture 139 142 144 142 146 Stone, Clay, and Glass Products 185 192 190 175 190 Glass products . 216 221 214 193 209 Plate glass 106 136 130 133 119 Glass containers . .. 255 251 243 213 240 Cement 149 152 152 127 155 Clay products 144 150 148 140 148 Gypsum and plaster products 201 204 202 187 194 Abrasive and asbestos products 197 217 221 222 232 Other stone and clay products* . . Nondurable ^Manufactures 167 166 164 161 162 Textiles and Products 160 162 161 165 165 Textile fabrics 149 151 149 153 154 Cotton consumption 146 147 144 149 152 Rayon deliveries 237 245 249 251 245 Nylon and silk consumption* Wool textiles 171 173 169 174 174 Carpet wool consumption 135 138 122 134 137 Apparel wool consumption. 222 229 224 231 225 ^Voolen and worsted yarn 175 174 171 176 175 Woolen yarn 177 176 172 180 178 ^Vorsted varn 171 171 169 170 Woolen and worsted cloth 170 173 174 176 Leather and Products 133 134 131 127 Leather tanning 126 120 115 104 Cattle hide leathers . 146 140 135 124 Calf and kip leathers 99 84 84 75 Goat and kid leathers 64 62 54 49 Sheep and lamb leathers 146 148 134 118 Shoes ... 138 144 142 142 ^Manufactured Food Products . 160 156 153 145 Wheat flour 163 122 120 100 Cane sugar meltings* Manufactured dairy products P122 P129 P120 Butter 58 59 65 62 Cheese 150 153 173 166 Canned and dried milk 131 144 163 163 Ice cream 000 O= July Aug. Sept Oct. No\. 172 177 179 181 183 177 184 185 188 191 202 208 212 214 214 180 184 185 184 178 178 186 184 183 174 190 196 196 195 193 169 170 172 171 163 343 381 366 369 404 -243 254 261 268 271 241 242 240 237 235 176 182 188 185 187 151 159 172 184 192 140 150 161 168 175 155 163 176 191 198 120 135 137 156 142 121 126 129 127 135 144 152 152 155 157 192 197 204 200 202 218 215 238 227 226 129 114 161 158 152 249 251 265 250 251 155 159 162 156 162 147 150 150 149 150 187 215 212 212 233 242 235 241 157 164 165 168 145 163 168 169 133 152 156 157 127 149 153 155 239 240 242 248 144 173 181 178 101 137 144 143 192 226 239 230 143 173 180 177 147 178 183 177 138 165 176 176 151 176 184 181 103 120 119 117 107 99 101 101 97 128 117 119 114 103 75 66 70 81 78 45 45 49 51 67 128 125 124 134 141 142 106 133 131 130 139 150 147 136 146 109 127 131 135 135 P129 P136 P137 P143 P146 62 73 74 79 79 167 168 169 168 164 174 178 173 163 142 nC ot 1947 Dec. Jan. Feb. 182 188 vl88 190 196 i196 -211 221 P222 159 '192 192 152 193 191 174 r206 208 145 177 174 381 '413 451 '276 276 P278 235 229 P232 187 181 P187 197 203 P204 181 183 P187 r203 212 141 142 P145 132 131 P136 160 161 P163 '210 218 P219 232 245 235 135 149 154 265 278 263 177 182 202 152 168 P164 226 P230 264 P267 173 174 177 PI 76 174 164 172 P171 163 152 159 P159 164 141 161 161 256 254 '261 P260 181 180 171 161 165 155 230 223 214 178 175 167 178 171 161 177 180 175 181 181 173 121 115 116 110 110 112 121 122 127 91 94 96 70 68 68 137 130 117 129 117 118 156 '162 161 P157 145 155 162 P158 P146 P147 P148 P149 77 79 82 80 172 172 178 184 143 148 147 152 P Preliminary. r Revised. * Series included in total and group indexes but not available for publication separated. 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. 440 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] 1946 1947 Industry Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec Jan. Feb. Manufactured Food Products—-Continued Meat packing 178 140 130 120 85 165 138 38 115 163 151 163 159 Pork and lard 205 149 157 151 97 190 141 24 116 179 151 172 165 Beef 153 132 101 90 65 145 139 41 107 150 162 164 167 Veal 87 80 72 68 60 132 134 81 140 160 138 133 121 Lamb and mutton. 184 157 132 94 126 121 110 93 131 116 105 108 104 Other manufactured foods 165 167 164 156 151 153 151 150 154 160 168 165 Processed fruits and vegetables. 146 163 165 158 162 175 155 143 167 160 "170 157 137 Confectionery 143 139 132 136 123 109 107 110 123 135 147 138 Other food products 174 173 169 159 153 154 158 159 156 164 172 171 Alcoholic Beverages 238 176 169 155 161 176 174 227 206 213 234 241 223 Malt liquor 197 127 117 109 123 128 123 197 179 194 202 183 157 Whiskey 125 100 96 60 61 65 56 71 68 64 158 188 179 Other distilled spirits. 524 370 356 352 343 377 426 384 241 191 333 623 695 Rectified liquors 416 401 409 387 367 426 427 461 460 463 426 408 372 Industrial Alcohol from Beverage Plants^. . Tobacco Products. . . 156 161 154 153 140 157 173 169 168 Cigars 111 110 109 110 108 99 110 112 127 131 109 112 110 Cigarettes 205 217 205 219 200 181 202 205 226 216 192 208 228 Other tobacco products. 69 65 69 71 76 72 79 76 79 81 72 69 67 Paper and Paper Products 140 148 146 142 146 136 147 150 152 153 150 156 Paper and pulp 136 143 141 138 142 131 142 144 146 147 146 150 P156 Pulp 144 156 155 150 161 147 156 162 163 162 159 166 '150 Groundwood pulp 96 98 96 92 99 96 98 101 106 96 98 99 Soda pulp 104 111 112 100 107 101 110 111 108 109 109 109 Sulphate pulp 203 239 235 223 250 229 238 249 244 248 236 252 Sulphite pulp 130 132 131 133 137 122 132 136 141 139 139 145 Paper 135 141 139 136 139 129 140 142 144 145 144 147 148 Paperboard 155 165 166 160 164 155 169 172 172 175 168 179 181 Fine paper 82 82 85 84 85 72 85 85 89 90 86 83 83 Printing paper 139 144 144 141 143 127 134 138 144 142 155 153 155 Tissue and absorbent paper 141 149 143 143 142 138 151 152 155 156 152 148 142 Wrapping paper 135 138 126 128 132 124 135 133 135 136 134 137 137 Newsprint 86 86 86 83 83 84 83 87 85 84 87 89 Paperboard containers (same as Paperboard) . Printing and Publishing 123 127 126 124 129 124 129 128 132 130 138 138 P!40 Newsprint consumption 108 110 108 108 116 121 123 117 119 118 120 122 125 Printing paper (same as shown under Paper). Petroleum and Coal Products. . P!61 P!66 P163 Pi 74 I 78 P182 P181 P177 P!78 I 79 Petroleum refining2 Gasoline 129 130 133 138 140 144 149 146 145 148 148 142 Fuel oil 176 172 172 168 170 166 164 165 160 161 167 167 Lubricating oil 130 141 135 132 146 135 152 153 159 147 154 160 Kerosene 190 183 161 167 175 172 162 155 163 150 162 175 Other petroleum products1. Coke 91 151 113 73 137 160 165 166 167 152 143 171 By-product coke 85 145 116 75 133 155 159 161 160 148 139 163 Beehive coke 295 337 18 16 276 336 369 352 406 272 278 P404 Chemical Products. 232 232 235 231 233 235 237 235 238 243 '249 254 v254 Paints 147 148 150 143 146 150 153 149 148 150 152 154 Soap 126 122 121 121 122 120 117 114 111 115 128 131 P135 Rayon 255 256 260 261 256 255 262 267 271 279 281 288 P291 Industrial chemicals 379 382 392 383 389 396 395 395 402 411 422 430 P435 Explosives and ammunition1. . . . Other chemical products1 Rubber Products 216 221 219 215 218 211 221 234 234 243 '252 247 P247 Minerals—Total 141 137 104 115 139 146 144 146 145 136 -137 146 P145 Fuels 149 145 108 124 149 153 150 151 150 140 141 151 P150 Coal 152 159 32 73 142 153 149 155 152 118 128 162 Bituminous coal. 160 168 10 60 156 159 15o 163 160 116 130 173 P162 Crud A e n p t e h t r r a o c le it u e m 1 1 2 4 1 7 1 1 2 3 5 8 121 125 86 1 1 5 2 4 8 1 15 2 1 0 1 1 2 4 5 9 1 14 2 9 4 1 1 2 5 3 0 1 1 2 4 1 7 1 1 1 4 8 6 P1 1 0 4 7 9 Metals. 93 89 146 149 153 103 107 111 111 117 111 P115 Metals other than gold and silver. 135 132 76 63 78 147 18 153 1.57 169 153 P160 I ( r C o o n p p or er e ; Lead; Zinc)1 111 89 114 Gold Silver..' 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. 878-881 and 933-937, and August 1940, pp. 753-771 and 825-882. APRIL 1947 441 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION, BY INDUSTRIES (Without Seasonal Adjustment) [Index numbers of the Board of Governors. 1935-39 average = 100] 1947 Industry Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. DecJan. Feb. Industrial Production—Total. 148 164 163 159 171 174 180 184 184 183 '180 184 P184 Manufactures—Total 151 170 174 167 176 178 186 190 191 192 188 192 P192 Durable Manufactures. . . 136 181 190 175 194 203 210 214 215 214 209 218 P219 Iron and Steel 43 169 159 109 154 180 184 185 184 178 159 '192 192 Pig iron 48 168 142 86 144 178 186 184 183 174 152 -193 191 46 176 175 126 167 190 196 196 195 193 174 -•206 208 Steel 38 161 148 98 142 169 170 172 171 163 145 177 174 Open hearth. 106 286 363 319 343 343 366 369 404 381 '413 451 Machinery Electric 188 207 225 230 241 243 254 261 268 271 '276 276 P278 Manufacturing Arsenals and Depots l Transportation Equipment 199 209 245 238 241 242 240 237 235 235 229 P232 Automobiles2 98 114 161 162 167 176 182 188 185 187 187 181 P187 (Aircraft; Railroad cars; Locomotives; Shipbuilding- Private and Government)1 Nonferrous Metals and Products. 141 139 132 128 137 150 159 172 184 192 r197 203 P204 Smelting and refining. ............. . 128 108 105 110 139 150 161 167 176 183 P187 (Copper smelting; Lead refining; Zinc smelting; Aluminum; Magnesium; Tin)1 Fabricating # • • • • 146 147 141 138 147 155 163 176 191 198 '203 212 (Copper products; Lead shipments; Zinc shipments; Aluminum products; Magnesium products; Tin consumption)1 Lumber and Products. 110 120 129 131 141 137 144 147 142 139 129 126 P132 Lumber... 95 108 122 126 138 133 140 144 136 131 114 107 Furniture. 139 142 144 142 146 144 152 152 155 157 160 161 163 Stone, Clay, and Glass Products. 174 184 187 180 191 193 204 212 209 207 •204 '207 P2O5 Glass products 210 221 214 204 207 211 223 242 232 228 218 241 229 Plate glass 106 136 130 133 119 129 114 161 158 152 135 149 154 Glass containers 247 251 243 228 237 239 261 270 258 254 247 273 255 Cement 113 125 145 134 166 171 179 188 181 175 161 148 153 Clay products 138 143 144 140 147 147 154 155 158 155 158 156 156 Gypsum and plaster products... 191 197 198 190 198 187 215 216 218 219 226 •216 •219 Abrasive and asbestos products. 197 217 221 222 232 233 242 235 241 252 263 264 '267 Other stone and clay products 1. Nondurable Manufacture. 162 162 161 160 162 159 166 172 172 174 172 172 171 Textiles and Products 160 162 161 165 165 145 163 168 169 174 164 172 Textile fabrics 149 151 149 153 154 133 152 156 157 163 152 159 159 Cotton consumption 146 147 144 149 152 127 149 153 155 164 141 161 161 Rayon deliveries 237 245 249 251 245 239 240 242 248 256 254 261 '260 Nylon and silk consumption >.., Wool textiles 171 173 169 174 174 144 173 181 178 181 180 171 Carpet wool consumption. . 135 138 122 134 137 101 137 144 143 161 165 155 Apparel wool consumption. 222 229 224 231 225 192 226 239 230 230 223 214 Woolen and worsted yarn. . 175 174 171 176 175 143 173 180 177 178 175 167 Woolen yarn 177 176 172 180 178 147 178 183 177 178 171 161 Worsted yarn 171 171 1,69 170 170 138 165 176 176 177 180 175 Woolen and worsted cloth.. 170 173 174 176 178 151 176 184 181 181 181 173 Leather and Products. 157 134 131 127 127 101 119 118 117 123 114 116 Leather tanning 136 119 114 105 104 94 100 99 98 114 110 113 Cattle hide leathers 157 140 135 124 123 110 115 111 104 126 122 129 Calf and kip leathers 104 82 81 72 77 66 73 80 80 94 92 95 Goat and kid leathers 67 62 56 48 46 45 47 51 67 68 68 68 Sheep and lamb leathers. 160 144 131 127 127 116 127 131 141 145 124 109 Shoes 138 142 142 142 106 133 131 130 144 129 117 118 Manufactured Food Products. 145 139 137 137 161 164 164 158 141 139 158 157 149 W Ca h n e e a t s u f g lo a u r r . m . e . l - tings x 165 119 116 96 104 125 130 147 143 146 153 162 159 Manufactured dairy products. P85 101 134 160 189 197 175 151 120 P96 P95 P95 107 Butter 51 54 66 80 86 89 81 76 68 59 62 68 71 Cheese 123 138 180 222 237 207 189 171 148 129 124 132 151 Canned and dried milk. . . 118 141 184 227 240 207 1/9 150 115 103 114 119 137 Ice Cream P Preliminary. r Revised. * Series included in total and group indexes but not available for publication separately. 2 This series is currently based upon man-hour statistics for plants classified in the automobile and automobile parts industries and is designed to measure productive activity during the month in connection with assembly of passenger cars, trucks, trailers, and busses; production of bodies parts, and accessories, including replacement parts; and output of nonautomotive products made in the plants covered. 442 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. 19.35-39 average = 100] 1946 Industry eb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec Jan. Feb. Manufactured Food Products—Continued Meat packing 171 120 120 84 154 122 37 117 181 175 191 152 P B o ee rk f and lard 2 1 0 4 1 1 1 1 3 2 8 0 1 9 4 5 3 1 9 5 0 1 9 6 7 3 1 14 6 7 7 1 14 0 1 8 4 1 4 9 1 11 0 7 9 2 1 1 5 0 6 1 1 9 6 9 2 2 1 2 6 5 8 1 1 5 6 3 2 Veal 76 75 71 70 60 132 132 89 160 172 130 124 106 Lamb and mutton. 186 154 128 96 117 116 107 100 136 116 103 115 105 Other manufactured foods 150 148 145 140 141 162 173 188 173 166 164 150 144 Processed fruits and vegetables. 92 89 101 103 125 228 255 315 216 147 132 102 P86 Confectionery 144 129 110 104 91 89 115 142 161 159 149 142 Other food products 166 166 162 156 154 157 161 163 164 172 175 165 160* Alcoholic Beverages. 211 162 164 157 174 187 174 237 221 196 210 206 195 Malt liquor 178 118 123 124 154 160 141 199 166 149 161 150 142 Whiskey 125 100 96 60 61 65 56 71 68 64 158 188 179 Other distilled spirits. 314 241 214 211 213 219 230 526 624 401 366 405 417 Rectified liquors 416 401 409 387 367 426 427 461 460 463 426 408 372 Industrial Alcohol from Beverage Plants i Tobacco Products 148 152 147 164 159 145 161 166 179 172 138 157 160 Cigars 111 110 109 110 108 99 110 112 127 131 109 112 Cigarettes 193 202 190 219 210 190 212 219 235 221 177 208 215 Other tobacco products. 67 65 69 71 77 72 77 81 85 83 63 68 65 Paper and Paper Products. 141 148 142 147 136 147 150 152 153 150 156 vl57 Paper and pulp 137 143 i 138 142 131 142 144 146 147 146 150 P P a u p lp e S G S S P r o u u a r d o l l p p p a u e h h n r p i b a d t : u t o e w • e l a • p o p r • p d o u • u , d l • l p p • p •• u . lp 1 2 1 1 1 1 1 4 0 0 5 3 0 3 5 3 0 5 0 4 6 1 1 2 1 1 1 1 5 0 1 3 4 6 3 7 5 1 9 1 5 2 2 1 1 1 1 1 1 3 1 0 3 5 6 3 5 i 6 2 6 9 6 1 1 2 1 1 1 1 5 2 0 0 3 3 6 1 3 0 0 3 6 0 1 1 2 1 1 1 1 6 0 0 5 3 3 6 2 7 0 0 7 9 4 1 2 1 1 1 1 8 0 4 2 2 5 2 6 1 6 9 2 5 8 1 2 1 1 1 1 8 5 3 1 3 6 4 4 6 8 0 2 9 0 1 2 1 1 1 1 9 4 6 1 4 3 7 0 9 0 1 2 6 2 1 2 1 1 1 1 9 6 4 0 4 7 4 8 2 1 8 4 2 4 1 2 1 1 1 1 1 6 0 0 4 3 4 7 2 1 9 8 9 5 5 1 2 1 1 1 1 9 5 3 0 3 6 4 9 9 6 9 9 8 4 2 1 1 1 1 1 1 5 0 6 0 4 4 7 2 3 7 9 5 7 9 1 1 8 4 1 8 Fine paper 82 82 85 84 85 72 85 85 89 90 86 83 83 Printing paper 139 144 144 141 143 127 134 138 144 142 155 153 155 W Tis ra su p e p i a n n g d p a a b p s e o r rbent paper 1 1 3 4 5 7 1 1 4 3 9 8 1 12 4 6 4 1 1 2 4 8 3 1 1 4 3 5 2 1 1 3 2 3 4 1 1 5 3 1 5 1 1 3 5 3 2 1 13 5 5 6 1 13 5 6 6 1 1 4 3 7 4 1 1 4 3 7 7 1 1 4 3 7 7 Newsprint 86 86 83 84 82 82 87 85 85 85 87 89 Paperboard containers (same as Paperboard). Printing and Publishing. 122 129 126 135 135 141 133 138 Newsprint consumption 106 114 112 111 125 129 126 114 122 Printing paper (same as shown under Paper). Petroleum and Coal Products 161 171 '166 163 '174 178 182 181 >179 '177 178 vl79 Petroleum refining2 Gasoline 129 149 145 142 Fuel oil 176 164 160 Lubricating oil 129 151 159 Kerosene 200 155 163 Other petroleum products1. Coke 73 137 160 165 166 167 143 By-product coke 75 133 155 159 161 160 139 16 276 336 369 352 406 278 P404 Beehive coke Chemical Products.. . 234 231 231 232 233 235 240 •250 P254 Paints 145 148 151 150 151 148 148 149 '152 151 P153 Soap 124 122 119 119 119 119 116 116 128 129 *>134 Rayon 255 256 260 256 262 267 271 279 281 288 P291 Industrial chemicals 379 382 392 389 395 395 402 411 422 430 P435 Explosives and ammunition * Other chemical products l. .. Rubber Products... 216 221 219 215 218 211 221 234 234 243 '252 247 P247 Minerals—Total. 134 130 99 US 141 ISO 147 149 141 135 132 140 P140 JFuels 149 145 108 124 149 153 150 151 150 140 141 151 P150 Coal 152 159 32 73 142 153 149 155 152 118 128 162 P151 Bituminous coal. 160 168 10 60 156 159 156 163 160 116 130 173 P162 Anthracite 121 125 121 125 86 128 120 125 124 123 121 118 P107 Crude petroleum 147 138 146 149 153 154 151 149 149 150 147 146 .Metals. 47 44 46 62 95 126 132 136 126 105 76 P78 P80 Metals other than gold and silver. 58 56 61 89 143 188 189 192 180 144 92 P97 I ( r C o o n p o p r e e r; Lead; Zinc)1 22 28 58 116 233 295 282 282 252 174 58 69 Gold Silver P Preliminary. r Revised. l Series included in total and group indexes but not available for publication separately. 2 This series is in process of revision. NOTE.—For description and back figures, see BULLETIN for October 1943, pp. 940-984, September 1941, pp. 878-881 and 933-937, and August 1940, pp. 753-771 and 825-882. APRIL 1947 443 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 1947 1945 1946 1947 Jan. Feb. Oct. Nov. Dec Jan. Feb Dec. Jan. Feb. Oct. Nov. Dec. Jan. Total 130.2 121.9 146.8 149.1 149.8 149.8 150.5 226.2 229.2 210.5 286.4 291.6 299.5 300.3 Durable goods 144.1 122.6 169.4 171.8 172.1 173.1 174.7 240.0 243.0 199.6 318.5 321.3 327.3 329.2 Nondurable goods 119.2 121.4 129.0 131.2 132.2 131.4 131.4 212.7 215.7 221.3 255.1 262.6 272.4 272.0 Iron and Steel and Products 131.9 85.0 145.5 148.9 147.4 150.4 220.5 216.1 127.2 263.2 270.0 265.5 276.7 Blast furnaces, steel works, etc 116 44 122 124 120 124 181 173 48 203 209 194 209 Steel castings 175 87 162 170 171 168 297 264 149 291 316 315 303 Tin cans and other tinware 120 91 133 130 131 132 202 208 149 249 233 245 244 Hardware 107 108 136 139 139 140 196 203 196 278 282 286 289 Stoves and heating equipment 112 95 131 134 132 136 198 197 159 259 265 265 277 Steam, hot-water heating apparatus 145 114 166 170 168 172 254 239 204 326 328 313 326 Stamped and enameled ware , 125 106 151 152 153 222 228 192 301 303 321 Structural and ornamental metal 148 318 work 91 160 162 196 134 274 275 293 155 288 Electrical Machinery 183.7 134.2 219.2 222.0 222.0 221.9 308.5 302.6 211.1 393.1 400.6 414.3 Electrical equipment 161 93 215.2 172 174 175 262 259 139 304 308 317 408.7 Radios and phonographs 151 149 170 210 214 213 258 272 272 409 427 449 317 203 424 Machinery except Electrical 180.9 157.2 206.0 209.5 213.2 215.4 288.7 297.5 255.3 373.5 375.5 384.8 390.0 Machinery and machine-shop products 165 146 183 187 188 188 265 273 239 334 337 347 349 Engines and turbines 209 133 240 245 245 244 364 371 231 482 492 501 492 Tractors 171 81 172 172 174 175 235 249 105 269 270 271 273 Agricultural, excluding tractors 140 107 152 156 161 164 249 234 166 277 281 291 296 Machine tools 159 160 169 165 165 163 245 262 258 292 286 291 283 Machin«-tool accessories 182 181 204 206 205 204 279 284 279 343 343 351 343 Pumps 218 196 237 241 243 242 406 395 350 453 451 468 465 Refrigerators 135 125 181 183 186 194 198 164 168 311 302 306 346 Transportation Equipment, except Autos. 326.9 294. 277.2 281.6 287.2 287.1 287.7 577.2 559.1 491.5 522.4 511.5 550.0 543.0 Aircraft, except aircraft engines 299 296 361 369 365 365 520 514 521 681 680 683 675 Aircraft engines 240 239 322 330 326 335 346 357 369 530 484 534 542 Shipbuilding and boatbuilding 360 329 193 193 206 205 641 603 530 354 337 399 394 Automobiles 103.5 185.2 184.5 182.- 179.4 185.0 135.5 153.5 142.4 312.3 513.6 316.6 306.4 Nonferrous Metals and Products 145.3 126.8 175.4 177.2 179.1 179.9 181.9 250.4 256.1 228.7 326.3 332.5 343.1 341.5 Primary smelting and refining 124 118 140 142 144 145 213 216 204 251 257 269 267 Alloying and rolling, except aluminum 144 107 158 160 162 162 247 254 192 287 290 302 301 Aluminum manufactures 179 111 215 216 218 218 267 269 182 362 374 385 384 L umber and Timber Basic Products 122.3 124.0 151.2 153.5 152. 152.0 152. 199.4 207.7 219.9 314.5 306.9 313.5 315.5 Sawmills and logging camps 70 70 81 82 80 79 114 118 123 170 164 164 163 \ Planing and plywood mills 89 91 104* 106 105 106 145 149 161 208 205 215 216 Furniture and Lumber Products........ 106.0 108.1 119.8 122.1 123.9 126.0 127.4 188.1 192.9 200.4 252.7 256.8 266.9 269.6 Furniture 94 95 105 106 108 109 164 169 177 220 223 231 234 Stone, Clay and Glass Products 114.3 121.4 139.9 140.0 140.5 140.9 140.6 181.7 185.4 204.6 264.0 267.4 274.0 271.9 Glass and glassware 125 142 151 149 149 149 1S2 192 237 274 277 283 283 Cement 92 94 120 121 122 122 136 135 142 205 207 209 198 Brick, tile, and terra cotta 92 93 112 110 110 111 148 155 158 228 222 225 227 Pottery and related products , 126 130 146 147 149 150 195 196 210 262 263 274 270 Textile-Mill and Fiber Products 98.6 101.2 107.0 108.4 109.4\109.5 109.7 188.0 190.7 203.7 242.9 247.9,255.7 256.3 Cotton goods except small wares.. 108 110 116 118 118 119 216 in 230 285 294 301 304 Silk and rayon goods 73 74 78 79 80 80 149 149 158 189 191 198 200 Woolen and worsted manufactures 100 103 108 109 110 109 200 207 227 244 243 253 252 Hosiery 67 69 73 74 75 75 113 116 125 150 155 158 157 Dyeing and finishing textiles , 91 93 96 97 97 98 164 168 178 195 202 210 213 Apparel and Other Finished Textiles. . . , 121.0 125.8 137.4 137.2 139.2 140.7 143. 215.0228.0 240.2 288.9 288.5 298.3 308.2 Men's clothing, n.e.c 83 85 91 93 94 94 141 148 158 189 207 211 209 Shirts, collars, and nightwear. 72 73 78 81 82 82 134 136 148 173 188 198 193 Women's clothing, n.e.c 76 79 80 77 79 141 149 153 171 154 159 172 Millinery , 81 86 78 68 119 147 153 139 100 117 140 Leather and Leather Products 97.4 100.4 101.5 102.1 103.6 105.2 106.2 179.2 185.2 194.5 198.1 200.1 216.8 219.0 Leather 92 95 87 91 92 162 163 165 159 161 175 179 Boots and shoes 84 86 88 89 92 157 164 174 175 178 195 198 Food and Kindred Products 123.0 122.2 125.7 131.4 131.2 126.4 121.9 220.- 215.0 211.5 228.6 248.1 259.2 252.4 Slaughtering and meat packing 127 126 70 115 125 128 215 218 199 111 216 237 268 'Flour 127 127 124 125 124 123 221 228 242 256 256 268 268 Baking 110 110 105 108 110 108 181 180 181 191 199 209 201 Confectionery 106 103 112 115 118 114 202 191 183 212 227 241 226 Malt liquors 152 154 147 148 149 146 227 228 238 235 237 251 235 Canning and preserving 69 67 129 98 86 70 167 144 137 325 213 201 158 Tobacco Manufactures Cigarettes Cigars 444 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 1946 19-45 1946 1947 Jan. Feb. Oct. Nov. Dec.Jan. Feb Jan. Feb. Oct. Nov. Dec Jan. Paper and Allied Products 128.6 131.0 140.2 143.3 144.3 144.2 144.5 219.0 221. \ 226.2 265.8 273.9 281.7 281.6 Paper and pulp 114 116 122 124 125 125 197 198 204 235 240 245 246 Paper goods, n.e.c 118 121 126 128 127 126 198 202 205 234 240 249 246 Paper boxes 120 120 130 133 134 132 203 204 204 245 255 262 258 Printing and Publishing 109.4 112.1 120.1 121.6 122.8 122.1 123.0 163.2 165.; 171.2 200.3 205.5 214.9 210.7 Newspaper periodicals 103 105 113 114 115 114 142 144 149 179 182 190 185 Book and job ;. 118 121 129 131 132 132 185 189 194 221 228 239 235 Chemicals and Allied Products 169.7 170.3 170.5 173.7 174.9 176.3 177.1 283.4 285.2 284.7 303.5 311.8 322.1 326.9 Drugs, medicines, and insecticides 182 186 194 195 196 199 276 281 297 332 342 351 355 Rayon and allied products 123 124 120 122 121 122 194 197 197 210 215 216 220 Chemicals, n.e.c 165 165 170 173 177 179 267 273 273 294 301 313 321 Explosives and safety fuses 239 212 178 175 177 185 470 361 325 292 283 299 320 Ammunition, small arms 226 198 161 160 156 156 437 428 384 326 332 327 332 Cottonseed oil 117 101 115 135 125 115 280 253 215 278 341 329 297 Fertilizers 133 152 117 118 123 137 258 283 336 280 277 305 328 Products of Petroleum and Coal 134.0 130.8 142.8 142.6 142.1 141.. 142.3 222.2 220.9 221.3 245.8 245.7 246.6 249.0 Petroleum refining 132 132 136 136 136 135 213 211 217 228 227 233 231 Coke and by-products 110 91 119 118 115 118 190 192 162 216 216 196 220 Rubber Products 172.7 177.1 198.7 202.9 204.7 203.5 203.0 275.5 290.1 292.1 368.5 385.1 402.3 396.3 Rubber tires and inner tubes 182 187 204 207 207 204 257 273 272 346 360 372 364 Rubber goods, other 127 129 145 147 149 148 225 232 234 289 292 309 303 Miscellaneous Industries 150.4 155.4 178.9 180.8 182.1 178.2 179.0 266.7 271.0 278.1 348.4 351.8 361.2 354.6 Instruments, scientific 200 201 186 176 184 182 332 330 322 332 311 335 330 Photographic apparatus 127 130 147 147 147 147 204 199 205 247 253 253 254 For footnotes sev p. 444. FACTORY EMPLOYMENT {Adjusted for Seasonal Variation) [Index numbers of the Board of Governors, 1939=100] 1946 1947 Group Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Total 130.7 122.4 130.3 136.6 138.0 139.6 140.6 143.8 145.9 146.4 148.7 149.5 150.3 P151.0 Durable 144.4 122.9 138.6 151.6 154.6 158.1 161.2 165.9 168.3 169.3 171.7 172.1 173.4 P175.O Nondurable 119.8 122.0 123.7 124.7 124.8 125.0 124.4 126.5 128.2 128.4 130.5 131.6 132.1 P132.1 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 weekly hours Average hourly earnings (cents per hour) Industry group 1947 Jan. Sept. Oct. Nov Dec. Jan. Dec. Jan. Sept. Oct. Nov. Dec. Jan. All Manufacturing. . . 41.5 41.0 40.3 40.5 40.2 40.9 40.5 99.4 100.4 112.6 113.0 113.9 114.5 115.8 Durable Goods 41.4 40.8 40.3 40.7 40.2 40.8 40.5 106.6 107.0 120.1 120.2 121.0 121.3 122.2 Iron and Steel and Products 42.5 41.1 39.7 40.3 40.0 39.8 40.1 109.1 109.5 124.1 123.9 124.7 124.8 126.2 Electrical Machinery 41.5 41.3 40.8 40.7 40.6 41.1 40.5 105.0 105.3 118.5 118.6 119.1 119.8 120.2 Machinery Except Electrical 42.9 42.0 4*1.1 41.5 40.9 41.4 41.4 113.4 113.9 126.0 126.6 127.3 127.7 128.3 Transportation Equipment Except Autos. 39.7 40.0 38.8 40.0 38.4 40 40.3 123.9 123.1 135.6 135.9 136.4 136.2 135.5 Automobiles 36.0 37.5 38.5 38.8 38.6 39 38.9 122.0 123.0 138.5 137.6 139.4 139.4 138.9 Nonferrous Metals and Products 43.3 43.3 40.7 40.9 40.9 41.6 41.1 106.3 106.6 119.2 119.5 120.4 120.9 121.7 Lumber and Timber Basic Products 39.0 38.8 41.4 41.9 40.6 41 40.7 81.4 83.0 93.5 93.6 93.1 93.1 96.3 Furniture and Finished Lumber Products. 42.5 41.8 41.8 42.2 41.7 42 41.7 85.9 86.4 97.7 99.0 99.9 100.7 101.5 Stone, Clay, and Glass Products 41.9 40.7 40.5 40.6 40.3 41.0 40.4 93.9 94.2 108.7 109.6 111.4 111.9 112.5 Nondurable Goods 41.5 41.2 40.3 40.2 40.3 41.0 40.6 92.7 94.1 105.0 105.6 106.5 107.6 109.2 Textiles—Mill and Fiber Products 40.7 40.4 40.0 40.2 40.2 40.9 40.5 79.5 80.3 94.0 94.8 95.5 95.9 97.0 Apparel and Other Finished Products.... 36.4 36.7 36.9 36.8 36.6 37.0 36.7 87.5 90.6 101.0 99.7 99.8 100.6 103.7 Leather and Manufactures 40.6 39.9 38.2 37.5 37.1 39.1 39.2 88.1 90.4 98.2 98.7 100.4 101.8 102.5 Food and Kindred Products 45.3 44.9 43.0 42.4 42.9 44.4 43.6 91.5 92.1 101.3 103.5 104.6 105.8 108.3 Tobacco Manufactures 39.1 39.3 39.5 40.3 39.7 40.2 39.3 80.6 82.4 89.3 90.5 92.4 94.7 93.7 Paper and Allitd Products 45.6 44.3 43.0 43.4 43.3 43.7 43.2 91.0 92.8 103.7 105.0 106.4 107.1 108.5 Printing, Publishing and Allied Industries. 41.5 41.1 41.0 41.0 41.0 41.5 41.0 118.8 120.0 131.5 132.5 134.3 137.4 137.9 Chemicals and Allied Products 42.5 42.0 40.9 41.3 41.3 41.6 41.4 100.1 101.5 111.0 110.2 111.2 113.3 114.3 Products of Petroleum and Coal 42.9 41.7 40.4 40.4 40.3 40.1 40.2 123.6 124.9 136.8 134.7 135.1 137.5 138.4 Rubber Products 40.9 41.7 40.6 39.4 40.0 41.1 40.7 111.3 112.1 132.3 131.3 132.2 132.9 133.2 Miscellaneous Industries 42.1 41.8 41.1 41.4 41.1 41.6 41.0 98.5 99.1 107.6 108.8 109.8 110.3 111.9 NOTE.—Preliminary February 1947 figures ffoorr aavverage weekly hours and hourly earnings are: All Manufaiccttuurriinngg,, 44(0.2 and 116.5; Durable, 40.2 and 122.4; Nondurable, 40.2 and 110 2, respectilviveely. Back figures are available from the Bureau of Labor Statistics. 445 APRIL 1947 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ESTIMATED EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS, BY INDUSTRY DIVISION [Thousands of persons] Transporta- Finance, Federal, Year and month Total M t a u n r u in f g ac- Mining Co t n io s n tr * 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 1,722 3,013 6,906 4,310 4,136 1941 35,668 12,974 947 2,236 3,248 7,378 4,438 4,446 1942 38,447 15,051 970 2,078 3,433 7,263 4,447 5,203 1943 40,185 17,381 891 1,259 3,619 7,030 4,115 5,890 1944 39,689 17,111 835 679 3,761 7,044 4,348 5,911 1945 38,144 15,060 779 834 3,822 7,173 4,589 5,887 1946 P38.944 »14,087 *782 i»l, 709 *3,944 *7,850 *5,140 »5,432 SEASONALLY ADJUSTED 1943—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 June 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—January... 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 June 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 F<ebruary.. 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 39,186 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 4,507 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 1946—January... 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 1,462 3,990 7,757 5,127 5,522 April 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 ,763 5,134 5,541 June 38,983 14,134 811 1,837 3,878 ,788 5,055 5,480 July 39,124 14,203 815 1,882 3,904 ,898 5,026 5,396 August. ... 39,648 14,468 824 1,936 3,942 7,973 5,084 5,421 September. 39,907 14,655 823 1,965 3,891 7,998 5,155 5,420 October. . . 39,957 14,726 823 1,907 3,967 7,060 5,261 5,313 November. 40,060 14,922 824 1,755 4,005 7,987 5,207 5,270 December. 39,915 14,989 815 1,684 3,996 7,916 5,260 5,255 1947—January 40,011 15,094 831 1,560 3,903 8.068 5,? 45 5,220 February , 39,953 15,160 830 1,456 4,005 8,039 5,251 5,212 UNADJUSTED 1945— N O D S A e o e c u p c t v g o t e e u e b m m s m e t b r b b e e e r r r 3 3 3 3 3 6 7 6 6 8 , , , , , 7 4 3 1 3 7 6 2 7 9 9 3 7 2 8 1 1 1 1 1 3 3 3 3 5 , , , , , 1 0 1 0 0 5 5 1 1 4 9 9 9 0 8 7 8 7 7 7 9 0 1 8 8 3 2 8 4 4 1 1 1 , , , 9 0 0 9 0 4 1 0 4 2 2 4 6 5 7 3 3 3 3 3 , , , , , 8 8 8 8 8 3 7 2 6 9 1 1 5 0 6 7 6 7 7 7 , , , , , 5 1 9 9 3 7 4 7 5 3 1 3 9 9 1 ' 4 4 4 4 4 , , , , , 8 6 6 9 6 4 0 6 3 9 5 3 6 6 8 5 5 5 5 5 , , , , , 7 9 5 7 9 0 3 7 6 3 1 7 5 9 3 1946—January... 37,013 13,236 810 1,132 3,897 7,481 4,984 5,473 February.. 36,509 12,536 808 1,260 3,907 7,505 5,031 5,462 March.... 37,469 13,206 801 1,345 3,930 7,617 5,076 5,494 April 38,121 13,779 505 1,517 3,919 7,759 5,140 ,502 May 38,612 13,885 713 1,742 3,873 7,724 5,134 5,541 June 39,056 14,098 807 1,874 3,917 ,749 5,131 5,480 July 39,260 14,245 815 1,976 3,963 7,740 5,152 5,369 August 39,871 14,583 828 2,091 4,001 7,814 5,160 5,394 September. 40,134 14,735 827 2,103 3,949 7,918 5,155 5,447 October. . . 40,178 14,763 827 2,040 3,987 8,040 5,208 5,313 November. 40,381 14,959 828 1,808 4,005 8,267 5,244 5,270 December. . 40,726 15,026 819 1,617 3,976 8,589 5,260 5,439 1947—January 5,168 February 5,160 * Includes Contract Construction and Federal Force Account Construction. NOTE.—Unadjusted data compiled by Bureau of Labor Statistics, 446 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSTRUCTION CONTRACTS AWARDED, BY TYPE OF CONSTRUCTION [Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in millions of dollars] Nonresidential building Residential Public works Total building and public Month Factories Commercial Educational Other utilities 1946 1947 1946 1947 1946 1947 1946 1947 1946 1947 1946 1947 1946 1947 January 357.5 571.6 89.7 257.4 104.7 86.5 69.0 38.3 18.1 19.7 25.8 55.9 50.2 113.9 February 387.4 442.2 102.1 208.4 97.7 73.9 77.5 46.4 17.1 13.5 28.3 9.4 64.7 90.5 March 697.6 275.2 113.7 112.7 11.4 40.9 143.6 April 734.9 370.6 105.1 75.1 18.0 37.9 128.1 May 952.4 463.6 140.5 88.7 23.5 38.3 197.9 June 807.9 332.2 159.4 55 2 23 5 35 2 202 5 July 718.0 281.2 129.3 72.8 35.7 45.8 153.1 August 679.9 284.0 109.4 56 6 7 8 37 7 184 4 September . . . .. 619 9 293 8 73 7 50 0 18 8 27 1 156 4 October 573 2 235.1 140 2 41 0 31 5 112 8 November 503.7 221.1 73.6 36 1 15 1 36 0 121 8 December 457.3 193.4 69.9 38.6 19.7 19.8 115.9 Year 7,489.7 3,142.1 1,317.3 773.2 221.4 404.4 1,631.3 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 January.... 141 358' 572 75 47 167 66 311 405 Feb. Jan. Feb. February. . . 147 387 74 56 73 331 March 329 698 221 146 107 551 Boston 24,252 34,290 26,026 April 396 735 309 127 87 608 New York 64,273 136,516 42,037 J M u a n y e 2 2 4 2 3 7 9 8 5 0 2 8 14 8 8 2 2 1 1 9 5 7 * 1 9 4 5 6 5 7 9 5 3 6 P C h le i v la e d la e n lp d hia. . 6 2 1 5 , , 0 3 8 7 3 9 4 2 8 0, , 2 2 0 5 5 6 4 1 9 5 , , 9 2 0 3 9 5 July 258 718 108 202 149 516 Richmond. . . . 49,097 65,613 53,206 August 264 680 67 205 196 475 Atlanta 47,026 59,118 39,005 September. . 278 620 43 187 235 433 Chicago 68,110 63,252 69,463 O N D c o e t c v o e e b m m er b b e e r r . . .. . 3 3 3 3 7 1 1 0 7 4 5 5 5 0 7 7 4 3 6 6 6 2 1 1 1 1 10 3 3 9 0 4 3 2 2 6 0 5 9 9 6 4 3 3 3 4 7 9 8 3 M S K t a . i n n L n s o a e s u a i p s C o i l t i y s. . . . 1 1 1 1 3 9 , , , 8 3 5 3 7 4 1 8 0 4 1 1 6 6 0 , , , 7 4 9 4 3 4 1 8 4 2 1 1 1 9 4 , , , 0 4 5 4 1 2 2 8 6 Year 3,299 7,490 1,311 1,754 1,988 5,735 Dallas 58,228 70,255 37,532 Total (11 districts) 442,197 571,628 387,399 LOANS INSURED BY FEDERAL HOUSING ADMINISTRATION [In millions of dollars] INSURED FHA HOME MORTGAGES (TITLE II) HELD IN Title I Loans Mortgages on 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 o m i r o o u m n a n c - l e - l l f h ( a - o T m t I u o D i s t i 4 l l e y e - s h R g ( o a T e r I u n o n I i s d u t ) t i l a p n e l g W V h ( e o a T V t u e r i s I r a t a ) i l n n e n i d g s' End of month Total [In C m c m o i e a m i r l l - l - ions M s t i n u a o g v a u f s l - - dol S l l i a a o n a n r a g v s d n s ] - I c a n o n s m c u e - r- a F e g e r e a d n l - - Other' banks banks associ- panies cies1 1935 . . 320 224 94 2 ations 1936 557 246 309 2 1 1 1 1 1 9 9 9 9 9 4 3 3 4 3 1 7 9 0 8 . . . 1 1 , , 1 0 9 4 6 8 2 9 5 9 5 4 6 4 6 2 2 2 1 6 6 0 5 6 2 0 8 1 0 2 2 2 1 1 6 5 3 4 8 4 6 7 7 2 6 7 3 7 4 9 3 6 5 4 1 1 1 1 8 3 3 1 13 1 1 1 1 9 9 9 9 3 3 3 3 7 9 6 g — — — — D D D D e e e e c c c c. . . 1 1 , , 1 7 3 7 9 9 6 7 5 9 1 3 9 2 4 6 0 3 2 3 0 8 4 2 2 3 7 7 8 8 1 1 1 1 5 1 9 4 6 0 9 2 2 3 1 1 4 4 1 2 1 8 2 1 3 5 7 2 7 5 3 1 9 5 2 3 0 3 7 3 1 1 1 1 1 9 9 9 9 9 4 4 4 4 4 5 6 4 2 3 , .... 1, r 1 7 9 8 6 3 9 4 8 8 2 7 6 8 4 3 1 1 1 6 9 2 4 8 3 6 5 1 9 15 1 # 6 2 2 2 3 9 1 1 4 4 1 6 9 7 3 * 6 4 7 3 2 5 2 6 * 3 8 7 - 0 8 7 4 2 1 5 1940— J S D M u e e a n p c r e . t . . . 2 2 2 1 , , , , 2 0 9 4 4 3 7 0 2 5 9 9 1 1 1 , , , 1 0 0 9 6 2 9 7 2 6 3 1 1 1 1 9 0 1 3 0 0 1 0 2 2 2 2 0 0 1 2 1 8 6 4 3 4 4 5 9 3 4 8 2 2 2 0 2 1 1 1 0 8 7 9 1 2 1 0 1 1 1 1 2 5 4 2 7 0 1 4 1945—p M re a b r 4 4 6 8 1 1 3 4 2 2 4 8 • 8 7 1941— J M un ar e 2 2, , 7 5 5 9 5 8 1 1 , , 2 3 4 1 6 8 1 1 5 4 7 6 2 23 3 7 0 6 6 0 6 6 8 2 2 1 2 0 0 1 15 6 4 0 Apr 58 21 28 1 8 Sept 2,942 1,400 171 246 722 225 178 May 80 39 31 1 10 Dec 3,107 1,465 186 254 789 234 179 June 83 40 37 6 July 80 42 33 1 5 1942—June 3,491 1,623 219 272 940 243 195 Aug 55 25 26 4 Dec. 3,620 1,669 236 276 1,032 245 163 Sept 63 32 26 * 4 Oct. 85 47 33 6 1943—June 3,700 1,700 252 284 1,071 235 158 Nov. . .. 67 35 26 7 Dec 3,626 1,705 256 292 1,134 79 159 Dec m 40 28 9 1947— F j e an b 8799 3 4 9 4 * 3 27 0 1 1 3 6 1944— D ju e n c e 3 3 , , 3 5 9 5 9 4 1 1 , , 5 6 9 6 0 9 2 2 6 5 0 8 2 2 6 8 9 4 1 1, , 0 1 7 1 2 9 6 7 8 3 1 1 5 4 0 0 r Revised. 1945— D Ju e n c e 3 3, , 1 3 5 2 6 4 1 1, , 5 5 0 7 6 0 2 2 6 6 5 3 2 2 6 5 4 3 1 1 , , 0 0 4 0 7 0 4 1 3 3 1 12 3 2 4 •Less than $500,000. 1 Mortgages insured under War Housing Title VI through April 1946—June 3,102 1,488 260 247 974 11 122 1946; figures thereafter represent mainly mortgages insured under the Veterans' Housing Title VI (approved May 22, 1946) but include a few refinanced mortgages originally written under the War Housing 1 The RFC Mortgage Company, the Federal National Mortgage Title VI. Association, the Federal Deposit Insurance Corporation, and the NOTE.—Figures represent gross insurance written during the period United States Housing Corporation. and do not take account of principal repayments on previously insured 2 Including mortgage companies, finance companies, industrial banks, loans. Figures include some reinsured mortgages, which are shown in endowed institutions, private and State benefit funds, etc. the month in which they were reported by FHA. Reinsured mortgages NOTE.—Figures represent gross amount of mortgages held, excludon rental and group housing (Title II) are not necessarily shown in the ing terminated mortgages and cases in transit to or being audited at the month in which reinsurance took place. Federal Housing Administration. 447 APRIL 1947 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MERCHANDISE EXPORTS AND IMPORTS [In millions of dollars] Merchandise exports1 Merchandise imports2 Excess of exports Month 1943 1944 1945 1946 1947 1943 1944 1945 1946 1947 1943 1944 1945 1946 1947 January 750 1,124 903 799 Pi,107 230 301 334 394 P533 520 823 569 405 P574 February 728 1,107 887 P670 234 314 325 P318 494 793 561 P352 March 992 1,197 1,030 P815 249 358 365 P385 743 839 665 P431 April 989 1,231 1,005 P757 258 361 366 P407 732 870 639 P350 May 1,092 1,455 1,135 P851 282 386 372 P397 810 1,069 763 P453 June 1,003 1,296 870 P878 296 332 360 P386 707 965 511 P492 July 1,265 1,197 893 P826 302 294 356 P434 963 903 537 P392 August 1,280 1,191 737 P883 318 304 360 P425 962 887 378 P458 September 1,269 1,194 514 P643 289 282 335 P3 78 981 912 180 P265 October 1,237 1,144 455 P537 329 329 344 P394 908 815 111 P143 November 1,072 1,185 639 P988 312 323 322 P482 760 862 317 P506 December 1,286 938 736 P1,O97 282 336 297 P536 1,004 602 439 P561 Jan.-Dec 12,965 14,259 9,806 P9.742 3,381 3,919 4,136 P4.935 9,584 10,339 5,670 P4.807 P Preliminary. 1 Including both domestic and foreign merchandise. 2 General imports including merchandise entered for immediate consumption and that entered for storage in bonded warehouses. Source.—Department of Commerce. Back figures.—See BULLETIN for April 1944, p. 389; April 1940, p. 347; February 1937, p. 152; July 1933, p. 431; and January 1931, p. 18. FREIGHT CARLOADINGS BY CLASSES REVENUES, EXPENSES, AND INCOME OF CLASS I [Index numbers: 1935-39 average = 100] RAILROADS [In millions of dollars] For- Mis- Mer- Total Coal Coke Grain s L to iv c e k - p u e r c o s t t d s - Ore l c o a e u n l s - e- c I d h .C i a s . n e I. - o r p a T i e o l r w t a a t a l i y ng e r x a T p i o l e w t n a a s l e y s o r p ai N e l r w e a t t a i y ng in N co e m t e revenues income 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 P289 SEASONALLY ADJUSTED SEASONALLY ADJUSTED 1945—December. . . 127 133 164 153 139 106 117 130 74 1945—November.. 668 608 61 30 1946— F Ja e n b u r a u r a y ry.... 1 1 3 2 3 6 1 15 4 2 8 1 1 2 0 7 7 1 1 5 5 2 0 1 1 2 5 6 8 1 1 2 2 2 6 1 9 1 4 8 1 1 3 2 4 1 7 7 8 8 December.. 628 '664 -36 r-68 ]March .... 139 155 165 141 140 134 121 143 78 1946—January 655 567 88 51 April 109 26 95 112 143 143 66 143 ' 81 February.., 635 555 80 51 May 106 68 62 126 114 125 66 123 74 March 651 667 -16 -45 June 133 146 140 126 118 149 137 135 81 April 566 562 4 -28 July 139 145 177 139 166 153 164 141 78 May 515 524 -9 —41 August . . 141 152 184 131 118 157 162 145 77 June 639 586 53 20 September... 138 160 183 125 91 154 164 139 75 July 651 603 48 16 October 139 155 183 142 128 146 157 139 79 August 664 613 51 18 November... 137 117 166 147 136 151 157 148 83 September.. 673 605 68 37 December. . . 140 132 155 162 122 156 145 148 81 October 663 606 57 25 November., 663 601 62 29 1947—January 150 163 175 157 123 163 176 152 77 December. 658 '523 '135 98 February.... 142 149 171 147 111 166 172 145 76. 1947—January .. 698 624 74 P37 UNADJUSTED UNADJUSTED 1945—December. . . 119 133 173 144 135 94 36 123 71 1945—November.. 661 600 61 35 1946— F Ja e n b u r a u ry ary.... 1 11 2 9 3 1 15 4 2 8 1 1 3 1 3 4 1 1 5 4 2 7 '1 1 2 2 1 6 1 1 0 2 9 1 '3 2 0 4 1 1 2 1 3 3 7 7 4 5 December.. 614 ••656 -42 '-79 March 132 155 166 130 111 134 35 136 79 1946—January 641 '574 '67 34 April 107 26 93 99 127 143 50 141 82 February.. 579 521 58 29 1^1 ay 107 68 61 111 103 130 103 125 74 March. 646 667 -20 -49 June 137 146 138 128 96 155 213 139 81 April 567 557 10 -21 July 143 145 172 166 135 153 263 142 78 May , 533 537 -5 -37 August 145 152 177 142 113 165 243 146 77 June 612 574 38 15 September... 149 160 181 140 120 166 245 150 79 July .674 611 63 32 October 149 155 180 142 197 154 216 151 82 August. . . , 710 629 82 53 November.. . 141 117 166 144 171 148 169 154 84 September. 660 593 67 39 December. . . 131 132 163 152 118 139 45 139 78 October... 710 625 85 57 November. 658 594 64 38 1947—January 138 163 184 157 118 147 44 139 74 December. 637 534 103 89 February.... 133 149 182 144 89 159 43 136 74 1947—January . . 686 628 58 P29 ' Revised. NOTE.—For description and back data, see pp. 529-533 of the BULLETIN for P Preliminary. ' Revised. 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. 448 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORE STATISTICS [Based on value figures] SALES AND STOCKS, BY FEDERAL RESERVE DISTRICTS [Index numbers, 1935-39 average = 100] Federal Reserve district Year or month U S n t i a t t e e d s Boston Y N o e r w k d P e h l i p l h a i - a C l l a e n ve d - m Ri o c n h d - l A a t n - ta c C a hi g - o Lo S u t i . s M a i po n l n i e s - K C a i n t s y as Dallas F c S r i a a sc 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—February '250 200 207 221 236 »-282 331 241 281 236 261 '338 300 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 2S7 216 179 229 248 286 348 250 293 254 297 349 319 272 230 231 253 266 200 347 261 294 2*2 283 356 320 December 274 231 232 229 277 293 363 264 303 251 299 348 317 1947—Tanuary 265 215 228 244 256 291 341 245 278 ••262 '281 '363 313 February 268 219 224 242 256 281 338 262 290 262 274 347 328 UNADJUSTED 1946—February 207 156 174 174 194 227 292 193 236 182 238 '297 '252 March 238 197 206 219 237 264 315 226 264 223 255 316 258 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 278 240 202 259 265 312 372 268 313 281 312 384 330 November 336 284 301 319 333 360 416 318 371 3O2 340 434 376 December 441 398 392 408 430 493 570 409 463 385 448 567 504 1947—Tanuary.. . 209 170 '182 188 194 218 273 196 228 ••196 r225 '294 249 February. .. . 222 171 188 191 210 226 298 210 244 202 249 306 276 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—February 171 154 167 ••152 163 201 192 165 175 162 '162 190 190 March .... 177 157 172 160 174 206 201 168 185 166 183 195 190 Aoril 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 September 226 192 200 210 221 262 277 220 240 227 219 267 249 October 237 207 102 217 232 274 297 215 2*4 244 234 274 270 November 2*6 209 221 220 240 208 330 240 274 2^0 2^0 303 2O6 December 274 205 238 219 258 319 348 256 292 281 303 364 334 1947—Tanuary 268 197 '234 >-216 257 312 311 262 291 285 r298 327 r315 February 275 206 249 221 261 306 335 264 296 276 294 343 330 UNADJUSTED 1946—February '157 145 '155 148 151 190 179 150 158 155 '146 169 167 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 267 231 217 247 268 312 333 263 205 271 266 310 299 November 277 236 247 242 263 316 347 274 201 270 266 324 313 December 235 186 213 187 214 266 293 231 246 246 248 306 274 1947—Tanuary 235 180 '206 '188 225 266 280 225 250 260 '258 294 '277 February 252 194 231 215 242 289 311 240 266 264 261 305 290 ' 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. APRIL 1947 449 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) Out- 1945 1946 1945 1946 Year or month ( S t a o l t e a s l ( S e t n o d c k o s f st i a n n g d- May 1 5 2 . . . . . . . .. . 1 1 9 9 6 3 May 1 4 1.... .2 ? 7 48 4 Nov. 1 3 0 . .. . . . . .. . 2 2 6 3 1 6 Nov. 9 2. . . . . . ..3 2 1 7 4 7 for month) orders 19... ..178 18 .246 17... ..275 16... ..342 month) (end of 26... ..182 25.... .245 24... ..258 23... ..363 month) June 2... ..169 June 1.... .223 Dec. 1... ..326 30... ..334 9... ..196 8.... .273 8... ..401 Dec. 7... ..475 16... ..206 15.... .283 15... ..433 14... ..519 1939 average 128 344 23... ..183 22.... .248 22... ..421 21... ..532 1940 average 136 353 108 30... ..173 29 .239 29... ..158 28... ..281 1941 average 156 419 194 July 7... ..153 July 6.... .192 1942 average 179 599 263 14... ..167 13.... .210 1946 1947 1943 average 204 508 530 21... ..157 20 .201 Jan. 5... ..135 Jan. 4... ..188 1944 average 227 534 560 28... ..153 27.... .204 12... ..188 11... ..232 1945 average 255 564 728 Aug. 4... ..167 Aug. 3.... .217 19... ..191 18.. ...223 1946 average 318 714 907 11... ..176 10.... .228 26... ..188 25... ..220 18 124 17 1W Feb. 2... ..197 Feb. 1... .217 1946—January... 224 491 899 25... ..182 24.... .255 9... ..214 8... ..219 February.. 239 533 979 Sept. 1... ..194 31.... .281 16... ..209 15... .'245 March 301 582 974 8... ..177 Sept. 7 .264 23... ..213 22... ..216 April 319 644 910 15... ..213 14 .293 Mar. 2... ..217 Mar. 1... ..238 May 304 674 934 22... ..220 21.... .280 9... ..233 8... ..254 June 304 699 1048 29... ..209 28.... .257 16... ..243 15... ..267 July 244 735 1073 Oct. 6... ..242 Oct. 5 .277 23... ..255 22... ..285 August.... 303 806 1012 13... ..245 12... .281 30... ..257 29... September 309 828 960 20... ..237 19.... .295 Apr. 6... ..272 Apr. 5... October... 341 879 845 27. . .233 26. .287 13... . .282 12 November 404 919 691 20 289 19 December. 526 776 557 27".'.'.'.'.232 26... 1947—January.. 256 769 619 February., P251 P839 »601 r Revised. NOTE.—Revised series. For description and back figures see pp. 874-875 of BULLETIN for September 1944. v Preliminary. Back figures.—Division of Research and Statistics. SALES BY FEDERAL RESERVE DISTRICTS AND BY CITIES [Percentage change from corresponding period of preceding year] F 19 eb 4 . 7 1 Ja 94 n 7 . m T 19 w o 4 s o . 7 F 19 eb 4 . 7 1 Ja 94 n 7 . m T 19 w o 4 s o . 7 F 1 e 9 b 4 . 7 [ i 1 J 9 a 4 n 7 . m T 19 w o 4 s o . 7 F 19 eb 4 . 7 J 1 a 9 n 47 . m T 19 w o 4 s o 7 . United States.. p+7 +17 iC T le o v l e e l d a o n 1 d-cont. +9 +15 +12 C C h h ic i a ca g g o o l... . +; + + 1 1 4 7 + + 1 1 3 1 Ka c n o s n a t s . City— Boston p+9 +15 Youngstownl. . +20 + 19 +19 Peoria1 +81 +26 + 17 Oklahoma City. +4 +5 +5 W D S P P N B p o r o o e o r o r w s w i r t t n v c l o n B g a i e H n t d f n s o o i t d a e e w s e A l v n t r d n o r e c e n e n a . . . . . . . . . . . . . . . + + + + + 1 1 6 2 4 3 7 + + + + + + + 1 1 1 1 1 1 5 6 4 2 8 1 8 + + + + + + + + 1 1 1 1 1 4 4 5 3 2 0 6 2 R W W W E P R B ic i r a a h h i t a i l l n t e m s e e t s s i 1 h i e b m o t g l i o u n i h n o n n r d , g r g - g e N t S 1 h o . a 1 n C l 1 e m ... . . I 1 | | + + + + - - - 1 5 1 2 1 1 1 9 0 4 1 + + + + + + + + 3 2 1 1 1 6 S 5 3 8 1 2 9 + + + + + + + 2 1 1 6 3 9 2 5 5 6 0 M T G L F D D F In a o e l e r e i d i n a r l s r t n i r w n t s r a e t W M i o d 1 n a n H i u a g o a t R k p 1 a y i a e o n u n e p l e t i e e i s s * 1 d . . . 1 s . l . P P P + + + + + + + + + 2 2 2 1 5 9 3 8 3 7 2 5 0 \ | '+ + + + + + + + + 2 2 2 1 1 2 4 2 1 . 4 2 5 7 1 0 3 0 + + + + + + + + £ 2 3 1 1 1 9 9 6 3 3 6 4 D S T D H S C F a h a o u o l o a n l r r l r l a u e s t p l s a A s v a W u t e s s n o l p o t n C o o r 1 r t n h h t i r o isti. . + + + + + - 4 1 3 2 3 5 0 0 2 • + + + + + + + + 1 1 2 3 1 4 1 6 2 6 2 0 9 0 9 1 | ! ! + + + + + + + + 2 2 1 7 4 7 9 1 9 0 1 New York +8 +18 +13 Charleston, S. C. — 12 n -10 Green Bay l.. +5 +41 +28 N A E B B B l l e i u r m b n i w f d a f g i a a g n r h a l r y e a o k p m 1 o i t r o t1 n. . . + + + 1 + + 1 ° 1 o 2 6 3 5 • + + + + + + 2 2 1 1 1 9 4 1 2 3 4 + + + + + + 1 1 1 1 7 5 6 7 1 4 G L N R C R y o h i o r c e n a a r h f e n r c o m l n h o e l v k b k o s i e t u n l o l r d e n g . , S.C... + - - - - 7 4 3 4 7 + + + + + 2 1 1 1 1 2 6 7 0 6 + + + + + 1 3 3 6 6 4 S M Q F L t. o i u a t r L i t d t n l o e i c S u s y o m i R s n o i . t c h . k . . 1 . . . P P P P + + - + - + 1 1 7 3 1 0 6 6 6 1; ! + + + + - 1 2 1 1 3 9 4 3 9 + + + -1 + 1 1 1 0 6 1 2 2 S T P F L B an r u h o a e c n o k s s F g e e n o r n r o B n s a i f x x n e i 1 e a c l i c d s h c l 1 o .. P P + + + + + + 1 1 1 8 7 2 2 5 0 r+ + + • + + H 1 2 1 1 1 6 2 8 ' 1 4 i \ + + ++ + + 1 1 1 1 9 7 7! 2 3 N N P R o e o ia u w c g g h a Y h e r k a o s e t r e k e F r p a l C . s l i l i . e s t . . . y . . . 1 + + + + 1 1 1 9 4 5 0 + + + + 1 1 1 1 6 9 7 9 + + + + 1 1 1 1 3 5 7 4 1 C H W l u a n . r k t V i s n b a g u t r o g n I j (2 - ) 4 0 + + 1 9 4 (2 + + ) 2 7 S E L E t o v a . s u a L t n i s S o s v v t u . i i i l l L l s l e l e o . 1 . u . . . . . is . P+ + + + 4 10 4 5 7+ + + + 1 3 2 1 3 3 1 5 3 + + + + 1 2 8 9 2 0 4 O L R B o i a v s k e e l r A r a k s n n e i d d l g e e e a y a l n l e n d s d 1.... P+ + 10 5r+ + 1 2 9 1 + + 1 1 5 1 Schenectady. .. +12 + 17 + 15 Atlanta ! +2 +11 +6 St. Louis Area +5 +23 + 14 San Bernardino. +4 +19 +11 U Sy ti r c a a cusex + + 2 4 2 + + 1 2 6 9 + + 2 1 5 0 M Bi o r b m il i e n gham1... j j +2 2 + + 1 4 +3 0 S M p e ri m ng p f h i i e s l 1 d . . . . . . + + 1 1 1 3 + + 8 5 S Sa a n c r D am ie e g n o t 1 o1 + - 4 1 + + 15 3 + + 1 1 0 P T L P h h r i a l e i n a l n d c a t e d a o l s e p n t l h e p 1 i r h a 1 i . a .. *. . + + ++ - 1 1 31 0 0 32 | + ++ + + + + 1 2 2 1 52 9 0 8 0 5 + + 1 1 8 4 J O T M M a a r c o i l m a k a n m n s t p g o d i a o n o 1 1 m vi e ll r e y 1 *... ! | i + + + + + 1 1 3 2 3 7 1 + + + + + 2 1 1 1 1 9 4 1 5 + + + + + 1 1 1 7 8 5 1 1 M D M S i S t u 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 J s i . . s . . . . J + + + + 1 1 6 9 7 1 | ! j * + + + + 2 2 2 1 4 7 8 4 j ; J+ + + + 2 1 1 1 3 7 2 5 V S S S S a a t a a o n n n l c l t e F a k J j o t o r R o a s a n e n o n 1 c s d i a s l. c o . x . . . . p+ + - + 1 1 1 3 8 | 4 j 1 r + + + + 3 1 2 2 2 7 9 0 + + + + 2 2 1 8 6 3 1 Reading1 +19! +21 +20 Atlantal 0 + 7 +3 Napa1 — 22 -18 -20 Wilkes-Barre1.. + 12 +14 + 13 Augusta +2 + 1 +2 Kansas City.. +5:r+/3J +9 Boise and York1 + l| +20 + 10 Columbus + 1 + 14 -7 Denver +13! +n\ +20 Nampa +9| + 19 +14 C A S C C C C le p l o a k i v e r n n l r e i v u o c n l t e a o m i g n l n n a n 1 f b d i n n 1 e u d a l d s t * l i 1 . 1 . . .. . . . + + + + + + - 2 1 5 9 6 6 7 \ 3 j + + + + + + 1 + 1 1 1 2 7 6 3 2 9 5 8 + + + + + + + 1 2 1 1 2 9 2 0 2 1 / , J M N J C N K B B a r e a h a n a c i w t s o a c s k o h t o t x s n o t v n O o v a l i , i n R n l r * l l x l l T o • o e e e 1 o u 1 e a g n g n a n e s 1 1 1 . . . . . . . . . . . . . - + + + - — 1 - 6 7 4 5 3 0 1 3 + + + + + + + 3 1 1 1 1 1 3 8 8 0 9 9 5 0 + + + + + + + - 1 1 1 7 8 6 1 2 0 4 1 , ' W T J H S O P K o t u o m u a . p i e p c n t l J a b c e h i s o h n l k h a i o a s t s a i a e s p o C h n it . . . . y . . . + - + + + 1 - - 1 3 1 0 8 0 1 0 1 . ! + • + + + + + 2 + 2 1 + 1 2 2 3 2 3 6 6 3 6 ! \ 1 1 + + + + - 1 4 9 6 7 5 S S Y P S T E B a p o e a v a e l o a r c k l e t t l k t o i r l L i t m a a e m n l a n n e t g a k 1 a e t d h l e 1 1 x a C m i l t . y . . 1 . . P + + + + + + + 1 + 2 1 1 0 5 4 9 5 1 8 1 1 • + + + + + + + + 2 2 3 1 2 1 1 9 9 1 5 1 0 6 4 + + + + + + + + 1 1 1 2 1 1 1 5 4 2 6 7 8 4 1 p Preliminary. f Revised. 1 Indexes for these cities may be obtained on request from the Federal Reserve Bank in the district in which the city is located. 2 Data not available. 450 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 Percent change Ratio of Index numbers from a year ago stocks to without seasonal adjustment (value) sales l 1941 average monthly sales = 100 2 Sales during Stocks" Sales during Stocks at end Department N of u m s b to e r r e period ( m e o n n d t o h f ) January month of month reporting 1947 1946 1947 1946 Jan. Year Jan. 1947 1946 1947 1947 1946 Jan. Dec. Jan. Jan. Dec. Jan. GRAND TOTAL—entire store 3. . . 353 +14 +25 +55 3.1 2.3 MAIN STORE—total 353 +14 +26 +57 3.2 2.3 167 343 147 533 536 337 Women's apparel and accessories 350 +5 +15 +37 2.5 2.0 169 316 160 430 442 311 Coats and suits 333 +2 + 18 + 17 1.8 1.6 207 193 202 374 383 325 Dresses 335 + 1 + 16 +38 1.6 1.2 178 221 176 292 283 209 Blouses, skirts, sportswear, etc 329 +2 + 11 +23 2.8 2.3 187 342 184 529 554 442 Juniors' and girls' wear 279 + 12 +16 2.9 2.4 162 328 166 473 486 409- Juniors' coats, suits, dresses 229 -8 + 13 + 15 2.4 1.9 184 275 201 434 434 372 Girls' wear 235 +5 + 11 + 19 3.8 3.4 146 403 139 558 588 474r Aprons, housedresses, uniforms 288 + 1 + 16 +63 2.3 1.4 178 235 176 405 421 247 Underwear, slips, negligees 300 +6 + 16 +92 2.5 1.4 162 539 152 413 437 204 Knit underwear 159 + 16 + 14 +85 2.4 1.5 183 411 158 440 465 211 Silk and muslin underwear, slips 181 +3 + 16 + 100 2.5 1.3 164 545 159 411 403 192 Negligees, robes, lounging apparel 154 +20 + 15 +47 2.4 1.9 161 724 ^135 382 492 '250 Infants' wear 314 + 19 + 11 +22 2.9 2.8 212 433 178 609 641 500 Shoes (women's, children's) 240 + 13 +23 +78 3.8 2.4 175 267 155 675 631 380 Furs 269 +2 + 14 2.4 2.6 155 221 152 382 517 393 Neckwear and scarfs 252 +5 + 7 +6 2.4 2.4 191 598 181 453 490 399^ Handkerchiefs 287 + 1 +8 + 14 4.9 4.4 113 690 112 554 607 499 Millinery 173 -2 + 14 -4 1.5 1.6 118 152 121 181 151 185 Gloves (women's, children's) 329 + 1 +5 +78 4.6 2.6 126 508 125 584 666 338. Corsets, brassieres 334 + 14 +20 +58 2.4 1.8 244 237 213 597 632 373 Hosiery (women's, children's) 344 +25 + 17 + 111 2.1 1.3 121 251 97 256 233 115 Handbags, small leather goods 322 -2 + 15 + 16 3.6 3.1 101 410 103 365 402 315 Men's and boys' wear 323 +19 +33 +113 3.7 2.1 134 434 112 498 487 230 Men's clothing 234 +44 +35 + 181 2.4 1.3 151 239 104 372 320 129- Men's furnishings, hats, caps 308 + 10 +39 + 131 3.9 1.9 126 586 115 494 509 21a Boys' clothing and furnishings 285 +5 + 13 +49 5.6 3.9 121 403 115 673 705 449 Men's and boys' shoes, slippers 179 + 10 +39 + 106 4.8 2.5 130 379 118 622 549 310- Home furnishings ." 311 +32 +56 +86 3.8 2.7 181 266 137 680 657 36& Furniture, beds, mattresses, springs 238 + 14 +40 +85 4.8 3.0 146 169 128 696 672 372 Domestic floor coverings 263 +42 +59 +91 3.4 2.6 165 189 116 566 506 288 Draperies, curtains, upholstery 293 + 10 +30 +78 5.2 3.2 149 214 135 772 790 445 D M o a m jo e r s t h i o cs u , s e b h la o n ld k e a t p s p , l l i i a n n e c n e s s , etc w 3 23 0 1 0 + + 23 1 3 4 + + 4 3 7 9 0 + +1 4 0 2 6 7 2 1 . . 9 5 1 1 . . 0 6 2 2 7 2 3 1 3 2 4 7 5 9 1 8 9 2 3 4 6 1 3 2 2 3 6 0 4 0 4 30 7 0 1 Linens and towels 198 +2 +34 +95 3.8 2.0 203 313 199 770 731 388- Domestics-muslins, sheetings 169 +37 +47 + 100 1.3 0.9 300" 218 220 402 381 187 Blankets, comforters, spreads 179 +6 +37 + 136 3.7 1.7 187 290 177 692 736 297 Lamps and shades 233 + 11 +32 +35 4.5 3.7 154 344 138 693 736 510 China and glassware 237 + 19 +26 +74 5.2 3.6 134 284 113 697 665 394 Housewares 232 +20 +67 +55 4.2 3.3 206 387 172 868 909 561 Piece goods 292 +19 +14 +88 2.6 1.7 276 242 232 728 709 397 Silks, rayons, and velvets 104 + 18 +9 + 102 2.2 1.3 259 225 219 576 557 290 Woolen dress goods 86 +6 +25 + 115 3.0 1.4 310 285 292 924 799 433 Cotton wash goods 124 +21 + 15 + 111 2.4 1.4 260 202 214 646 617 302 Small wares 338 +5 +11 +21 4.0 3.4 150 447 143 593 648 485 Lace, trimmings, embroideries, and ribbons. . 121 +5 +8 +6 4.0 3.9 172 347 164 690 785 623 Notions 223 + 12 + 1° + 19 3.3 3.1 186 289 166 613 664 509 Toilet articles, drug sundries, and prescriptions 322 0 +6 + 14 4.1 3.6 130 426 130 536 610 468 Jewelry and silverware 304 +6 +27 +36 5.0 3.9 134 535 127 675 717 488 Jewelry 212 -2 + 13 + 13 5.0 4.4 125 605 128 631 714 552 Silverware 129 +22 +82 +67 4.4 3.2 149 389 123 657 688 354 Art needlework 234 + 11 +4 +24 3.2 2.9 194 254 175 626 699 486 Stationery, books, magazines 235 +4 +3 + 13 3.5 3.2 157 556 151 556 600 480 Stationery 142 +9 +4 +9 3.8 3.8 145 551 133 553 573 500 Books, magazines 108 -2 + 1 +16 2.9 2.4 167 467 170 490 560 416 Miscellaneous 299 +5 +31 +59 4.2 2.8 123 557 118 519 513 320 Toys and games 154 -27 +38 +42 12.4 6.4 36 987 50 449 424 308 Sporting goods, cameras 58 +27 +78 + 111 6.4 3.9 82 625 65 527 944 250 Luggage 246 + 17 +52 +91 4.4 2.7 143 474 122 631 650 313 BASEMENT STORE—total 207 +14 +20 +37 2.7 2.3 142 271 124 384 393 278 Women's apparel and accessories 190 +7 + 12 + 14 2.2 2.1 140 262 130 312 322 271 Men's and boys' clothing and furnishings 163 + 18 +31 +77 3.5 2.3 127 380 108 446 444 253 -Home furnishings 138 +24 +38 +70 3.0 2.2 174 218 140 529 532 301 Piece goods 52 +23 + 16 +103 2.7 1.6 261 264 212 695 644 339 Shoes 131 +35 +20 +34 3.9 3.9 110 201 82 432 413 323 0 Corrected. 1 The ratio of stocks to sales is obtained by dividing stocks at the end of the month by sales during the month and hence indicates the number of months' supply on hand at the end of the month in terms of sales for that month. • J 2 ^he 1941 avera£e of monthly sales for each department is used as a base in computing the sales index for that department. The stocksindex is derived by applying to the sales index for each month the corresponding stocks-sales ratio. For description and monthly indexes 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. 3 For movements of total department store sales and stocks see the indexes for the United States on p. 449. NOTE.—Based on reports from a group of large department stores located in various cities throughout the country. In 1945 sales and stocks at these stores accounted for about 50 per cent of estimated total department store sales and stocks. However, not all stores reported data for all of the departments shown; consequently, the sample for the individual departments is not so comprehensive as that for the total. APRIL 1947 451 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 T c n r s o e u t d m a i l t er ins T ta o lm ta e l nt Sale credit Loans1 p S a l i o y n a m g n l s e e 2 - 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 1 749 596 1930 6 839 2,706 2 032 928 1 104 674 1 949 I 611 573 1931 5,528 2,214 1 595 637 958 619 1 402 I 381 531 1932 4 082 1,515 999 322 677 516 962 1 114 491 1933 3 905 1,581 1 122 459 663 459 776 L 081 467 1934 4,378 1,849 1 317 576 741 532 875 I 203 451 1935 5,419 2,607 1,805 940 865 802 1 048 I 292 472 1936 6 771 3,501 2 436 1 289 1 147 1 065 1 331 L 419 520 1937 7,467 3,947 2,752 1,384 1,368 1,195 1,504 1,459 557 1938 7,030 3,578 2,313 970 1,343 1,265 1 442 I 487 523 1939 7 981 4,436 2 792 1 267 1 525 1 644 L 544 533 1940 9,153 5,455 3,450 1,729 1,721 2,005 1,488 L.650 560 1941 9 899 5 924 3 744 1 942 1 802 2 180 L 601 L 764 610 1942 6,485 2,955 1,491 482 1,009 1,464 1,369 L ,513 648 1943 5,338 1,961 814 175 639 1,147 L 192 L 498 687 1944 5 781 2,039 835 200 635 1 204 L 255 L 758 729 1945 6,637 2,365 903 227 676 1,462 1,519 L ,981 772 1946.. . 9,959 3,986 1,559 544 1,015 2,427 ',055 S.054 864 1946—January 6,427 2,364 877 235 642 1,487 580 L 701 782 February 6,534 2,408 879 245 634 1,529 641 1,692 793 March 6 988 2,507 905 264 641 1,602 705 97? 804 April 7,376 2,652 957 289 668 1,695 771 2,138 815 May .. 7,618 2,789 1,004 318 686 1,785 ,819 2,188 822 June 7,911 2,908 1,035 336 699 1,873 2,327 830 July r8 006 r3,029 rl,070 365 '705 1,959 1 860 2,281 836 August '8,317 '3,175 '1,124 394 '730 2,051 1,883 2,418 841 September '8,551 '3,297 '1,177 425 '752 2,120 1,911 2,495 848 October. ... '8 888 '3,464 rl 261 466 '795 2,203 1 950 2 621 853 November '9 373 '3,654 '1,358 505 '853 2,296 '2 002 2,859 858 December 9,959 3,986 1,559 544 1,015 2,427 2,055 3,054 864 1947—TanuaryP . . 9 771 4 049 1 567 581 986 2,482 2 089 2,764 869 February P 9,712 4,142 1,602 625 977 2,540 2,093 2,602 875 P Preliminary. ' Revised. 1 Includes repair and modernization loans insured by Federal Housing Administration. 2 Noninstalment consumer loans (single-payment loans of commercial banks and pawnbrokers). CONSUMER INSTALMENT LOANS [Estimates. In millions of dollars] Amounts outstanding Loans made by principal lending institutions (end of period) (during period) Insured Year or month Total m b C a e o n r m c k i s a - * 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 n a l t o o r n d i a m i u a e n l s - s - 2 U C n re io d n it s 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 i a d e o s i r r n 1 n- m b C a e o n rc m k i s a - * 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 n a l t o 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 1929 652 43 263 219 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 93 125 148 368 619 409 148 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 2,427 958 616 117 98 184 110 344 1,790 1,271 231 210 339 1946—January.... 1,487 494 446 76 70 127 93 181 104 76 14 14 19 February... 1,529 522 452 78 71 128 94 184 105 80 14 14 19 March . .. 1,602 564 462 82 73 132 95 194 132 103 18 16 24 April 1,695 608 482 85 76 137 97 210 138 105 18 16 25 May 1,785 656 492 88 78 142 98 231 148 97 19 16 28 June 1,873 700 506 92 79 149 99 248 148 99 19 17 28 July 1,959 745 520 96 81 154 100 263 156 106 20 17 29 August 2,051 792 535 100 84 158 102 280 164 110 20 18 30 September. . 2,120 825 544 103 86 164 103 295 156 98 20 18 31 October 2,203 864 555 108 90 170 104 312 176 107 21 19 34 November. . 2,296 907 574 112 94 175 106 328 172 122 22 20 33 December. . 2,427 958 616 117 98 184 110 344 191 168 26 25 39 1947—January P. . . 2.482 996 620 122 102 185 110 347 188 100 22 20 33 February?.. 2,540 1,036 620 125 105 190 110 354 182 91 21 20 33 P 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 February amounted to 71 million dollars, and loans made during February were 11 million. J 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. * Includes only loans insured by Federal Housing Administration. 452 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 Per- E y m e n o a d n r 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- r t 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 s l e d e i e s - - J s e t w or e e lr s y s o r t e A t o h t r a l e l e i r 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 r a u n a e s r d i c e - l t d , e l m r o t a n i a o n o i n d z d n s a - 1 - i s m l n c o o a s e a n s t n n a a h s t l l houses Outstanding at end of 1929 1,1V 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 1934 741 146 314 131 35 115 1943 514 55 81 68 89 221 1935 865 186 336 171 40 132 1944 559 57 99 75 83 245 1936 1,147 256 406 255 56 174 1945 . . 731 65 146 97 121 302 1937 1,368 314 469 307 68 210 1946 1,563 185 339 232 254 553 1 19 9 3 3 9 8... . 1 1, , 5 3 2 4 5 3 3 3 7 0 7 2 5 4 3 8 6 5 2 2 7 6 3 6 9 7 3 0 2 2 4 2 6 0 1946—January 771 70 155 107 125 314 1940 1,721 439 599 302 110 271 February... 809 74 164 111 131 329 1 1 1 1 1 9 9 9 9 9 4 4 4 4 4 2 3 4 1 5 ... . . . 1 1 , . 8 0 6 6 6 0 0 3 7 3 5 6 9 2 9 4 2 1 1 1 6 7 5 9 8 2 2 8 3 6 6 2 3 2 2 1 8 7 9 6 3 1 1 9 9 3 1 1 2 3 1 1 9 0 3 4 3 1 6 7 7 2 7 6 4 0 7 0 2 1 1 1 1 8 0 0 0 5 7 1 0 9 4 J J A M M u u p a n l a y r y r e i c l h 1 1 1 ^ ,1 0 9 0 8 6 9 4 7 2 4 6 1 3 5 1 1 1 9 1 2 0 8 7 5 4 8 2 2 2 2 1 1 1 4 2 9 7 2 5 8 3 9 1 1 1 1 1 6 5 1 4 2 7 4 7 2 7 1 1 1 1 1 8 5 4 6 7 3 0 3 1 1 3 4 4 3 4 0 7 4 2 5 5 3 3 2 8 1946 1,015 338 366 28 123 160 S A e u p g t u e s m t ber.. 1 1 , * 2 3 4 1 7 3 1 14 3 9 8 2 2 7 6 6 3 1 1 7 8 9 8 2 1 1 9 1 8 4 4 6 8 9 9 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.. 1,563 185 339 232 254 553 A M p 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 1 0 0 1 5 1947—January*.. . 1,642 203 362 251 260 566 May 686 206 295 16 61 108 February?.. 1,712 220 388 258 269 577 June 699 210 299 17 63 110 Volume extended dur- July .. . '705 212 299 '20 63 111 ing month: August.... '730 221 308 '22 64 115 1946—January.... 157 19 34 27 14 63 September. '752 235 311 '23 65 '118 February... 155 18 35 24 15 63 October.. . '795 257 322 '25 66 125 March 188 20 41 25 20 82 November. '853 284 337 '26 72 134 April 212 29 46 32 22 83 December. 1,015 338 366 28 123 160 May 226 29 52 38 22 85 1947 June 217 24 50 36 22 85 TanuaryP.. 986 338 352 27 114 155 July 240 30 53 44 23 90 February?. 977 340 350 • 27 106 154 A Se u p g t u e s m t ber.. 2 2 5 4 3 3 3 3 6 3 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?.. . 305 50 76 55 23 101 February?. . 289 47 78 47 24 93 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 Auto- Other ization cash [Estimates. In millions of dollars] mobile loans * loans Retail instal- Repair Personal Outstanding at end ment paper 2 and instalof period: Year or month Total modern- ment 1941—June 202.5 53.5 18.4 18.2 112.4 Auto- ization cash December... 196.8 49.3 18.8 18.6 110.1 mobile Other loans * loans 1942—June 162 4 34.3 16.3 16.5 95 3 December..., 125.4 21.4 12.8 15.6 75.6 1943— D ju e n c e ember... 1 9 0 1 0 . . 8 2 1 12 4 . . 6 4 8 7 . . 8 7 1 14 4 . . 0 1 6 5 2 7 . . 9 5 Ou o t f s t p a e n r d i i o n d g : at end 1944—June 89.6 12.5 6.8 12.9 57.4 1944 67.1 10.5 3.8 1.1 51.7 December... 92.0 13.0 7.8 13.4 57.8 1945 76.7 11.0 4.0 1.5 60.2 1945—June 94 6 12.8 7.7 14.2 59 9 1946 108.4 15.0 7.4 2.4 83.6 December.... 104.1 13.8 9.8 17.2 63.3 1946—January... 77.5 11.2 4.0 1.5 60.8 1946—January 105.6 14.1 9.9 18.0 63.6 February. . 78.4 11.2 4.1 1.6 61.5 February. . . . 107.3 14.6 10.0 18.2 64.5 March 81.0 11.6 4.2 1.6 63.6 March 112.8 15.4 10.9 19.1 67.4 April 83.2 12.1 4.5 1.6 65.0 April 118.1 16.8 11.8 20.2 69.3 May 85.6 12.6 4.8 1.7 66.5 May 122 4 17.6 12.7 21.2 70 9 June 87.5 12.7 5.2 1.7 67.9 June 127.4 18.5 13.7 22.0 73.2 July 89.0 13.0 5.4 1.9 68.7 July ... 132 6 19.9 13.8 23.1 75 8 August. . . . 93.1 13.6 5.6 2.0 71.9 August 138.5 21.3 14.1 24.2 78.9 September. 95.3 13.8 6.2 2.0 73.3 September. .. 142.9 22.1 14.7 25.4 80.7 October 99.7 14.5 7.0 2.2 76.0 October 150.6 24.4 15.7 26.7 83.8 November.. 103.7 14.9 7.6 2.3 78.9 November.... 156.1 26.2 16.7 27.5 85.7 December.. 108.4 15.0 7.4 2.4 83.6 December. . .. 162.7 27.5 17.8 28.3 89.1 1947—•January?. . 112.2 15.6 8.0 2.5 86.1 1947—January? .... 168.1 29.5 18.6 28.9 91.1 February P . 115.7 16.7 8.4 2.5 88.1 February* 172.6 31.2 19.6 29.8 92.0 Volume extended Volume extended during month: during month: 1946— J J M F M J u u a e l a n a n y b y r e u c r a h u r y ary .. . . . . .. 2 2 2 2 2 1 1 4 6 3 3 3 8 8 . . . . . . . 4 3 6 3 8 6 0 4 3 4 3 3 3 3 . . . . . . . 2 7 9 9 8 1 0 2 2 2 2 2 1 1 . . . . . . . 8 4 7 7 2 8 6 2 2 2 2 2 1 1 . . . . . . . 6 5 5 8 6 3 4 1 1 1 1 1 1 1 6 4 4 5 4 1 2 . . . . . . . 2 2 9 5 9 7 1 1946— J J A A F M M J u u e a u p a l a n n b y g r y r e i u r u c l u a h s r t a y r . y . . . . 2 1 1 1 1 1 1 1 0 9 8 8 8 8 5 5 . . . . . . . . 5 6 3 4 0 2 3 6 3 3 3 3 2 3 2 2 . . . . . . . . 5 3 2 7 1 0 4 6 0 0 0 1 1 1 1 1 . . . . . . . . 4 1 2 9 2 7 0 8 0 0 0 0 0 0 0 0 . . . . . . . . 2 2 3 3 2 2 1 1 1 1 1 1 1 1 1 1 5 4 3 4 3 4 1 2 . . . . . . . . 6 2 7 2 6 8 2 9 A S O e c u p t g o t u e b s m e t r ber. . . 2 2 2 6 5 8 . . . 7 2 8 4 4 5. . . 5 7 3 3 3 2 . . . 5 0 7 3 2 2 . . . 3 7 8 1 1 1 5 6 6 . . . 5 2 5 N O Se c o p t v o t e e b m m er b b e e r r. .. 2 2 2 2 3 0 . . . 5 0 0 4 3 4 . . . 1 4 0 1 1 1 . . . 7 8 4 0 0 0 . . . 3 2 3 1 1 1 4 6 7 . . . 9 4 0 November 28.5 5.2 3.6 2.8 16.9 December.. 26.2 3.4 1.6 0.3 20.9 December 31.2 5.6 3.7 2.6 19.3 1947— F Ja e n b u ru a a ry ry ? P . . . . . . . 2 2 7 9 . . 2 1 6 6. . 1 4 3 3 . . 5 5 2 2 . . 4 4 1 16 5 . . 8 2 1947—• F Ja e n b u ru a a ry ry t 2 2 2 2 . . 3 4 3 3 . . 6 8 1 1 . . 6 8 0 0. . 2 2 1 16 6 . . 7 8 1 Includes not only loans insured by Federal Housing Administration but also noninsured loans. Preliminary. ' Revised. 2 Includes both direct loans and paper purchased. APRIL 1947 453 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSUMER CREDIT STATISTICS—Continued FURNITURE STORE STATISTICS RATIO OF COLLECTIONS TO ACCOUNTS RECEIVABLE 1 Pe f r ro ce m n m ta p o g r n e e c t h e c d h i a n n g ge m f P ro o e m n rc t h e c n o o t y a r f r e g e a e p s r p r c e o h c n e a d d n i i g n n e g g Instalment accounts a C c h co ar u g n e ts Item Feb. Jan. Dec. Feb. Jan. Dec. Year and month D s m e to p e r a n e r t s t- F s t t u u o r r r n e e i s - h H p o l o l i d a u n s a c e p e - - J s e t w or e e lr s y D s m e t p o e r a n e r t s t- 1947P 1947 1946 1947?' 1947 1946 stores Net sales: 1946 Total .. . +6 -39 +21 +17 +20 +41 January 33 25 52 32 61 C C r a e s d h it s a s l a e l s es: -3 -43 +26 -4 +3 +22 F M e a b r r c u h ary ' ' 3 3 6 2 2 2 7 4 5 5 4 2 2 3 9 2 6 6 1 4 Instalment +7 -43 +15 +20 +19 +37 April 35 28 56 32 63 Charge account +23 -38 +30 +47 +53 +87 M Ju a n y e 3 3 3 4 2 2 6 7 5 5 6 5 3 3 4 3 6 6 2 0 Accounts receivable, at July 32 26 57 32 57 end of month: August 35 26 54 33 59 Total +2 -6 +11 +40 +37 +41 September... 34 25 51 30 56 Instalment -1 -4 +11 +30 +30 +28 O N c o t v o e b m er ber... 3 3 7 7 2 2 7 7 5 4 2 7 ' 3 3 2 4 6 5 0 9 Collections during December. .. 35 26 47 44 54 month: Total -8 +1 -1 +30 + 29 +39 1947 Instalment -9 -6 -1 +17 +17 +32 J F a e n b u r a u r a y ryP... 2 2 8 9 2 2 2 3 4 4 7 2 2 2 5 6 5 5 1 2 Inventories, end of month, at retail value. +7 +4 -4 +73 + 72 +74 P Preliminary. ' Revised. 1 Collections during month as percentage of accounts outstanding at Preliminary. beginning of month. DEPARTMENT STORE 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 Cash Instal- Chargement account Total Cash I m ns e t n a t l- a C c h c a o r u g n e t I m ns e t n a t l- a C c h c a o r u g n e t I m ns e t n a t l- a C cc h o a u r n g t e sales sales sales i 1946—January 143 187 64 107 44 108 84 189 64 4 32 February 152 191 72 122 '43 100 '77 140 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 '292 75 224 117 205 57 5 38 1947—January 163 188 106 146 75 176 118 251 57 6 37 FebruaryP 159 180 110 144 74 154 112 194 56 6 38 P Preliminary. ' Revised. NOTE.—Data based on reports from a smaller group of stores than is included in the monthly index of sales shown on p. 449. 454 FEDERAL RESERVE BULLETIN 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] Annua totals Seasonally adjusted annual rates by quarters 1946 * 1939 1940 1941 1942 1943 1944 1945 1 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 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 l 1 9 Producers durable equipment . 5.5 6 9 8.9 5.1 3.1 4.0 *6.6 *12.8 «9.5 »12.0 «14.O "15.6 Net change in business inventories. . 0 9 1.8 3.5 -0.5 -0.6 -1.7 -0.6 6.5 3.4 4.0 8.6 9.7 Net exports of goods and services.. . 0.8 1.5 1.2 -1.8 Net exports and monetary use of -0.5 4.9 3.7 7.4 4.8 3.8 gold and silver 0.2 0 3 0 2 0 1 (4) —0 1 Consumer goods and services 61 7 65.7 74.6 82.0 91.3 98.5 106.4 127.2 121.0 122.1 129.6 136.0 Durable goods 6.4 7.4 9.1 6.3 6.6 6.7 7.7 14.1 11.7 13.1 15.0 16.7 32.6 34.4 40.1 47.9 55.1 60.0 65.6 77.3 75.1 74.0 78.3 81.8 Services .. .... 22.7 23.9 25.4 27.8 29.7 31.8 33.1 35.8 34.2 35.0 36.3 37.5 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 Deductions: Business tax and nontax liabilities... 10.4 12 4 18 5 23.1 27.4 29.7 28 6 25.0 Depreciation and depletion ... . 6 2 6 4 7 0 7 6 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 1 2.0 Adjustments: For inventory revaluation -0 4 —0 4 —3 2 —2 1 —0 2 —0 1 (4) —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: 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 *> 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 98.5 106.4 127.2 121.0 122.1 129.6 136.0 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 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 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 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 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 on unrevised basis and revised figures for the quarterly adjusted series appear in the BULLETIN for July 1946, p. 806, and January 1947, p 88, respectively. * Revised figures. Quarterly unadjusted data have not yet been published. * Based on new sources and not precisely comparable with previous years. * 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. APRIL 1947 455 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WHOLESALE PRICES, BY GROUPS OF COMMODITIES [Index numbers of the Bureaii of LaborStatistics. 1926=100] Other commodities All Farm Year, month, or week com- prod- Foods Chemimodi- ucts Hides and Textile Fuel and Metals Building cals and House- Miscelties Total leather products lighting and metal materials allied furnish- laneous products materials products products ing goods 1929 . . ... 95.3 104 9 99.9 91.6 1C9.1 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. iy 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 9o.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 82.1 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 1 129 9 107.3 100.8 119.4 101.6 84.9 105.7 120.0 96.0 106.2 95.3 February 107.7 130.8 107.8 101.3 119.6 102.2 85.1 106.6 120.9 95.9 106.5 95.6 March 108.9 133.4 109.4 102.2 119.8 104.7 85.0 108.4 124.9 96.0 106.9 95.6 110 2 135 4 110 8 103 3 119 8 107.9 86 1 108.8 126.5 96.1 107.5 95.7 May 111 0 137 5 111.5 103.9 120.4 108.8 86.1 109.4 127.8 96.5 108.3 97.0 June 112 9 140 1 112.9 105.6 122.4 109.2 87.8 112.2 129.9 96.4 110.4 98.5 Tulv . .. 124.7 157.0 140.2 109.5 141.2 118.1 90.3 113.3 132.1 99.3 111.9 101.3 August 129 1 161 0 149 0 111 6 138 9 124 0 94.4 114.0 132.7 98.4 112.6 102.0 September 124 0 154 3 131.9 112.2 141.6 125.7 94.3 114.2 133.8 98.4 113.6 102.1 October 134.1 165.3 157.9 115.8 142.4 128.6 94.2 125.8 134.8 99.9 115.3 104.0 November 139 7 169 8 165 4 120 7 172 5 131 3 94 5 130.2 145.5 118.9 118.2 106.5 December 140.9 168.1 160.1 124.7 176.7 134.7 96.1 134.7 157.8 125.7 120.2 108.9 1947—January 141 5 165 0 156.2 127.6 175 1 136.6 97.7 138.0 169.7 128.1 123.3 110.3 February 144.6 170.4 162.0 128.6 173.8 138.0 97.9 138.6 174.8 129.3 124.6 110.9 Week ending: 1946—Nov. 16 135 8 167 3 164.1 116.2 159 2 129.5 94.8 116.3 140.4 122.3 117.6 104.9 Nov. 23 137.3 172 1 165.0 116.9 158.6 129.6 94.9 117.2 142.0 123.1 118.0 106.1 Nov. 30 139.1 170.3 163.6 121.1 165.0 130.7 95.8 131.8 144.3 123.7 118.3 106.7 D.c. 7 139.1 169.2 161.7 121.6 166.9 131.7 96.0 132.2 145.2 124.0 118.7 106.9 Dec 14 139 7 168 7 161 3 122 9 170 7 132 5 96 1 132.7 151 1 125.4 120.0 107.9 Dec. 21 ... 139.8 170.7 159.5 123.4 170.9 132.8 96.9 133.3 151.9 125.6 120.5 108.1 Dec. 28 139.6 167.7 159.1 123.9 171.3 133.3 97.0 133.9 154.6 126.1 120.5 107.7 1947—Jan. 4... , 139.1 166.1 156.4 124.1 171.3 133.5 97.0 134.2 156.1 126.6 120.9 107.8 Jan. 11 140 0 165 8 158 1 125 0 171 2 133 2 98 0 135.5 158.1 126.8 121.4 109.0 Jan 18 140.8 166.0 157.8 126.6 171.7 135.7 98.3 136.7 164.5 127.1 122.4 109.5 Jan. 25 140.3 164.2 155.9 127.0 170.7 135.7 98.5 137.7 165.5 127.4 122.5 110.0 Feb. 1 140.3 164 8 154.1 127.5 171.0 135.8 98.5 138.3 168.6 127.8 122.8 109.9 Feb. 8 141.7 165.5 156.7 128.1 172.9 137.7 98.6 138.3 170.6 127.6 123.0 110.0 Feb. 15 143 1 168 9 160 9 128 1 173 6 135 5 98 6 138.4 172 8 128.3 123.0 110.0 Feb.22 144.3 171.7 162.5 128.3 175.8 135.4 98.6 138.4 172.6 129.2 125.3 110.7 Mar. 1 146.4 176.1 167.5 128.7 174.1 137.0 98.6 138.6 173.0 129.3 125.5 111.2 Mar. 8 148 7 181 8 170 7 129 4 174 2 137 4 98 8 139.7 175 3 130.6 126.1 111.9 Mar 15 148.3 184.2 166.5 130.0 175.7 138.3 98.8 140.2 175.3 131.7 126.1 113.0 Mar. 22 149.0 182.9 166.2 131.3 174.9 138.7 101.7 140.3 176.7 133.0 126.6 114.6 Mar. 29 . . 149.4 183.8 166.5 131.9 174.2 138.7 103.5 140.3 177.0 132.8 126.6 114.9 1946 1947 1946 1947 Subgroups Subgroups Feb. Nov. Dec Jan. Feb. Feb. Nov. Dec, Jan. Feb Farm Products: Metals and Metal Products: Grains 133.9 165.4 163.0 162.6 171.1 Agricultural implements.. . 98.1 112.5 117.1 117.5 117.6 Livestock and poultry 132.7 197.4 194.7 189.6 201.5 Farm machinery 99.2 113.8 118.6 119.0 119.0 Other farm products 127.9 153.3 152.5 149.7 150.5 Iron and steel 103.3 114.0 117.4 123.9 125.0 Foods: Motor vehicles l 112.8 148.2 151.0 151.3 151.2 Dairy products 115.8 182.9 180.0 164.6 161.8 Nonferrous metals 85.7 118.4 129.3 130.5 131.3 Cereal products 96.1 136.1 139.5 139.9 141.3 Plumbing and heating 95.1 107.2 114.9 117.0 117.1 Fruits and vegetables 127.5 139.5 134.5 ••131.6 134.2 Building Materials: Meats 108.1 202.8 188.2 183.4 199.5 Brick and tile 116.9 129.1 130.0 132.2 132.3 Other foods 96.5 141.4 139.0 141.1 146.0 Cement 101.5 107.0 106.9 108.3 109.9 Hides and Letther Products: Lumber 160.1 192.1 227.2 249.9 263.6 Shoes 128.2 162.9 169.9 170.6 171.5 Paint and paint materials.. 107.8 151.3 155.4 171.2 173.9 Hides and skins 117.6 221.0 216.5 198.5 191.4 Plumbing and heating 95.1 107.2 114.9 117.0 117.1 Leather 103.9 178.1 185.0 181.6 181.1 Structural steel 113.7 120.1 120.1 127.7 127.7 Other leather products 115.2 123.5 123.6 140.3 137.1 Other building materials... . 107.2 125.3 131.8 139.0 141.5 Textile Products: Chemicals and Allied Pioducti,: Clothing 109.4 127.9 129.8 132.4 132.7 Chemicals 97.0 106.9 111.8 112.7 113.8 Cotton goods 125.8 174.7 181.6 184.6 193.7 Drugs and Pharmaceuticals 111.5 152.8 181\2 181.7 182.5 Hosiery and underwear 75.3 89.3 96.9 99.3 100.0 Fertilizer materials 81.9 96.3 95.1 99.9 99.2 Silk 115.0 103.2 101.2 80.2 Mixed fertilizers 86.6 91.1 93.6 95.5 96.3 Rayon 30.2 30.2 33.8 33.8 37.0 Oils and fats 101.8 191.0 203.0 210.6 214.3 Woolen and worsted goods... 112.7 117.7 119.0 120.8 121.9 Housefurnishing Goods: Other textile products 102.0 161.3 168.1 169.9 170.1 Furnishings 110.1 124.4 126.3 128.4 129.6 Fuel and Lighting Materials: Furniture 102.9 111.8 113.9 118.2 119.5 Anthracite 104.0 113.5 113.7 114.7 114.8 Miscellaneous: Bituminous coal 125.1 137.4 138.9 142.6 143.3 Auto tires and tubes 73.0 73.0 73.0 73.0 73.0 Coke 134.9 147.5 147.5 152.5 155.1 Cattle feed 159.6 210.8 193.8 181.7 178.6 Electricity 71.3 65.2 65.8 Paper and pulp 113.7 127.7 136.4 141.9 143.4 Gas 79.1 84.4 83.1 *8(h8 Rubber, crude 46.2 46.2 46.2 51.2 52.9 Petroleum products 61.6 73.4 75.8 76.5 76.6 Other miscellaneous 98.9 113.3 117.0 118.1 118.8 1 Revision made beginning October 1946. r Revised. Back figures.—Bureau of Labor Statistics, Department of Labor. 456 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COST OF LIVING Consumers' Price Index for Moderate Income Families in Large Cities [Index numbers of the Bureau of Labor Statistics, 1935-39 average = 100] Year or month All items Food Clothing Rent el a e F n ct d u r e i i c l c , i e ty, furn H is o h u i s n e gs Miscellaneous 1929 122.5 132.5 115.3 141.4 112.5 111.7 104.6 1930 119.4 126.0 112.7 137.5 111.4 108.9 105.1 1931 108.7 103.9 102.6 130.3 108.9 98.0 104.1 1932 97.6 86.5 90.8 116.9 103.4 85.4 101.7 1933 92.4 84.1 87.9 100.7 100.0 84.2 98.4 1934 95.7 93.7 96.1 94.4 101.4 92.8 97.9 1935 98.1 100.4 96.8 94.2 100.7 94.8 98.1 1936 .... 99.1 101.3 97.6 96.4 100.2 96.3 98.7 1937 102.7 105.3 102.8 100.9 100.2 104.3 101.0 1938 100.8 97.8 102.2 104.1 99.9 103.3 101.5 1939 . .. 99 4 95 2 100.5 104.3 99.0 101.3 100.7 1940 100.2 96.6 101.7 104.6 99.7 100.5 101.1 1941 105.2 105.5 '106.3 '106.2 •102.2 '107.3 104.0 1942 .. 116.5 123.9 124.2 108.5 105.4 122.2 110.9 1943 123 6 138 0 129.7 108.0 ••107.7 125.6 ••115.8 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 ••128.8 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 ... 129.4 141.7 145.9 111.2 145.6 124.3 129.3 140.9 146.4 111.4 146.0 124.5 128.9 139.4 148.2 108.3 110.7 146.8 124.6 October 128.9 139.3 148.5 110.5 146.9 124.7 November 129.3 140.1 148.7 110.1 147.6 124.6 129.9 141.4 149.4 108.3 110.3 148.3 124.8 1946—January.. . 129.9 141.0 149.7 110.8 148.8 125.4 February 129.6 139.6 150.5 111.0 149.7 125.6 130.2 140.1 153.1 108.4 110.5 150.2 125.9 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 3 185.9 176.5 115.5 177.1 136.1 153.1 183.8 178.3 108.8 117.3 178.5 136.6 February 152.8 182.3 180.2 108.9 117.5 179.6 136.7 'Revised. Back Figures. — Bureau of Labor Statistics, Department of Labor. APRIL 1947 457 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 Feb. Mar. Mar. Mar. Mar. page Feb. Mar. Mar. Mar. Mar. 26 12 19 26 26 12 19 WEEKLY FIGURES i In billions of dollars WEEKLY FIGURES-—Cont. In unit indicated RESERVES AND CURRENCY BUSINESS CONDITIONS Reserve Bank credit, total .... 2 14.76 23.80 23.78 23.05 23.49 iteel production (% of capacity). ... 94.4 94.4 95.8 96.4 97.0 U. S. Govt. securities, total.. 3 >4.04 23.24 23.25 22.41 22.81 Electric power prod. (mill. kw. hrs.). 779977 4,7874,764 4,759 Bills 3 5.68 15.06 15.28 14.82 15.29 reight carloadings (thous. cars) 850 806 841 844 82.9 Certificates 3 7.19 6.98 6.77 6.49 6.42 epartment store sales (1935-39 Notes 3 .43 .44 .44 .35 .35 = 100) 238 254 267 286 283 Bonds 3 .75 .75 .75 .75 .75 Vholesale prices (1926=100): Discounts and advances 2 .39 .24 .24 .23 .29 Total 46.4 148.7148.3149.0149.4 Gold stock 2 20.32 20.38 20.40 20.41 20.44 Farm products 76.1181.8184.2 182.9 183.8 Money in circulation 2 28.26 28.34 28.33 28.24 28.17 Other than farm and food 28.7 129.4il30.0 131.3131.9 Treasury cash 2 1.38 1.33 1.34 1.34 1.36 Treasury deposits 2 2.37 1.41 1.43 .71 1.60 Member bank reserves 4 5.78 15.93 15.85 15.94 15.66 1946 1947 Required reserves 4 5.08 15.13 15.13P15.17 15.03 Excess reserves • 4 .70 .80 .72 .78 .6. Excess reserves (weekly aver- Dec. Jan. Feb.8 age): Total* 5 .74 .95 .89 P.94 .New York City 5 .01 .01 .01 .02 MONTHLY FIGURES In billions of dollars Chicago 5 RESERVES AND CURRENCY Reserve city banks 5 .18 .27 .23 .22 Country banks • 5 .54 .67 .65 P.70 Reserve Bank credit 6 24.75 24.43 24.60 Gold stock 6 20.49 20.62 20.73 MEMBER BANKS IN LEADING CITIES Money in circulation 29.00 28.54 28.30 Treasury cash 6 2.26 2.29 2.21 Total—101 cities: Treasury deposits .56 .78 1.90 Loans and investments 1455.06 55.42 55.59 55.55 55.17 Member bank reserves, total 6, 16.52 16.40 16.01 U. S. Govt. obligations 34.79 35.30 35.30 35.26 34.70 Central reserve city banks 13 5.21 5.14 5.01 Demand deposits adjusted.. . 1438.69 38.59 38.79 39.01 38.83 Reserve city banks 13 6.52 6.50 6.32 U. S. Govt. deposits 14 2.08 2.21 2.28 1.97 2.0 Country banks 13 4.79 4.76 4.67 Loans 1416.89 16.67 16.82 16.81 16.92 Required reserves, total 15.62 15.55 15.20 New York City: Central reserve city banks 5.18 5.13 4.99 Loans and investments 1518.19 18.33 18.37 18.59 18.41 Reserve city banks 13 6.29 6.27 6.12 U. B S o . n G d o s v a t n . d o b g li u g a a r t a io n n te s e , d total. 1511.32 11.62 11.58 11.88 11.57 C Ex o c u e n s t s r y r e b se a r n v k e s s , total 1 4. . 1 9 5 0 4. . 1 8 5 5 4. . 0 8 9 0 securities 16 9.21 9.21 9.15 9.22 9.28 Balances due from banks: Notes and certificates 16 2.10 2.15 2.19 2.00 2.00 Reserve city banks 1 1.81 1.86 1.74 Bills 16 .01 .27 .24 .67 .30 Country banks 1 3.68 3.66 3.48 Demand deposits adjusted... 14.04 14.02 14.00 14.22 14.27 Money in circulation, total 28.95 28.26 28.30 U. S. Govt. deposits 15 .62 .65 .66 .59 .61 Bills of $50 and over 8.52 8.46 8.43 Interbank deposits 15 3.84 3.99 4.06 4.09 3.78 110 and $20 bills 15.81 15.36 15.41 Time deposits 15 1.30 1.31 1.30 1.29 1.29 Coins, $1, $2, and $5 bills 4.63 4.45 4.46 Loans, total 15 5.86 5.65 5.71 5.63 5.72 Commercial 17 3.97 4.03 4.15 4.17 4.16 For purchasing securities: ALL BANKS IN U. S. Brokers'—on U.S. Govts. 16 .61 .31 .29 .22 .26 P167.1O ^166.00 P165.30 Brokers'—on other secu- otal deposits and currency ! P83.60 P82.80 P81.00 rities 16 .23 .27 .24 .23 .25 Demand deposits 9 P54.00 P54.20 P54.7O To others 17 .29 .27 .27 .27 .27 Time deposits 9 P26.80 P26.20 P26.20 All other 17 .77 .76 .77 .75 .78 Currency outside banks 9 P2.7O P2.80 P3.40 100 cities outside New York: U. S. Govt. deposits 9 Loans and investments 36.87 37.08 37.23 36.96 36.76 U. S. Govt. obligations, total. 1523.47 23.68 23.72 23.37 23.12 CONSUMER CREDIT Bonds and guaranteed securities 1617.71 17.70 17.72 17.66 17.63 Consumer credit, total 1 9.96 P9.77 P9.71 Notes and certificates 16 5.42 5.36 5.46 5.19 5.05 Single payment loans 1? 2.06 P2.09 P2.09 Bills 16 .35 .63 .54 .53 .4 Charge accounts 1 3.05 P2.76 P2.60 D U. e m S. a n G d o v d t e . p d o e s p it o s s i a t d s justed.. . 1 1 2 1 4 . . 4 6 6 4 2 1 4 . . 5 5 6 7 2 1 4 . . 6 7 2 9 2 1 4 . . 3 7 8 8 24 1. . 4 5 3 6 S In e s rv ta ic lm e e c n re t d c i r t edit, total 18, I 1 1 J 3. . 9 8 9 6 P P 4 . . 8 0 7 5 P P 4 . . 8 1 8 4 Interbank deposits 1 6.23 6.48 6.52 6.43 6.0 Instalment loans I1 2.43 P2.48 P2.54 Time deposits 1 9.26 9.31 9.31 9.30 9.3C Instalment sale credit, total.... 1' 1.56 Pi.57 Pl.60 Loans, total 1 11.03 11.02 11.11 11.17 11.2 Automobile 1 .54 P.58 P.63 Commercial 1 6.74 6.77 6.85 6.91 6.9 Other 1' 1.02 P.99 P.98 For purchasing securities... 1 .93 .91 .90 .89 .9< All other 1 3.35 3.34 3.37 3.38 3.3« TREASURY FINANCE MONEY RATES, ETC. Per cent per annum U. S. t o G ta o l v i t n . t o e b re li s g t- a b ti e o a n r s i n o g utstanding, 2 257.98 258.64 258.29 U. C N B B S e i o o . l r l n t t G s e d i s f o s ( i n c v ( a e t 7 . t w e - s 9 s i e s c y s u e u r a e i r s t s ) i ) e s: 2 2 2 2 4 4 4 4 1 1 .3 . . . 4 2 7 8 9 0 5 6 1 1 .3 . . . 2 4 7 8 0 8 4 6 1 1 .3 . . . 4 1 7 8 7 8 3 6 1 1 .3 . . . 1 4 7 8 5 6 1 6 1 1 .3 . . . 1 4 7 8 - t By S N S B c p a o o l v e n t a c i e s d n i s s s a g , e l s s c ( i m b e s o r o s f a t u n i r f s e d k i e s s c e c a t a u a t n e r b d i s l t , e i t e a a i s x n s : d s n u o e b s t i ) e l l s s . . . . . . . . 2 2 2 2 { i ' i 1 5 5 2 1 6 7 4 9 . . . . 4 3 5 1 5 2 9 1 1 5 5 2 1 6 7 4 9 . . . . 3 9 1 7 2 6 6 8 1 5 5 2 1 7 5 4 9 . . . . 7 9 3 9 7 2 2 4 Co B rp o o n r d a s t e ( 1 b 5 o y n e d a s r : s and over) .24, 26 2.21 2.20 2.19 2.19 2.1, By 5 m ye a a tu rs r i a ti n e d s : over 2i 105.31 105.30 105.30 A H B a i a g a a h grade (5 issues) 2 2 2 6 6 6 2 2 3 . . . 4 5 1 9 5 4 2 3 2 . . . 1 5 5 4 0 5 2 2 3 . . . 1 5 5 5 1 5 2 3 2 . . . 1 4 5 5 9 5 2 3 2 . . . 4 1 5 , 5 W W 5 - - 2 1 i i 0 t t 0 h h i i y y n n e e a a 5 1 r r s s y y e ea a r r s 2 2 2 2 < < i i 5 6 4 7 4 1 1 1 . . . . 7 0 6 3 1 8 4 0 6 5 4 7 1 3 1 1 . . . . 7 9 6 1 0 1 3 4 6 4 5 7 1 1 2 0 . . . . 7 6 8 1 0 3 8 1 Certificates 2< 29.99 29.79 28.78 In unit indicated Bills 2 17.03 17.07 17.05 Holdings of U. S. Govt. obligations: Commercial banks 2 73.70 73.00 Stock prices (1935-39=100): Fed. agencies and trust funds. ... 2 30.92 31.17 31.31 Total 27 125 127 122 122 Federal Reserve Banks 2 23.35 23.94 24.12 Industrial 27 129 131 126 126 Mutual savings banks 2 11.80 11.90 Railroad 27 114 114 109 108 Insurance companies 2 25.30 25.40 Public utility 27 110 109 107 106 Other investors, total 2 92.90 93.20 Volume of trading (mill, shares). 2 1.00 .99 .89 .69 Marketable issues 2 38.40 38.10 For footnotes see p. 460. 458 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 1947 1946 1947 Chart Chart book book page Dec. Jan. Feb.» page Dec. Jan. Feb, MONTHLY FIGURES— Cont. Per cent Per annum MONTHLY FIGURES—Gont. In unit indicated MONEY RATES, ETC. BUSINESS CONDITIONS—Cont. Corporate Aaa bonds 23 2.61 2.57 2.55 F. R. Bank discount rate (N. Y.) 23 1.00 1.00 1.00 Residential contracts (mill, dollars):4 Treasury bills (new issues) 23 .375 .376 .376 Total 42 244 343 270 Public 42 15 17 20 Private, total 42 229 326 250 In unit indicated 1- and 2-family dwellings 42 208 258 220 Other 42 21 68 30 Stock prices (1935-39=100): /alue of construction activity (mill, Total 27 126 125 129 dollars): Industrial 27 129 129 133 Total 49C 889 801 743 Raliroad 27 119 115 119 Residential: Public utility 27 110 111 111 Public 49 C 51 40 29 Volume of trading (mill, shares) 27 1.32! 1.00 1.18 Private 49C 297 273 256 Brokers' balances (mill, dollars): Nonresidential: Credit extended customers 29 537 533 573 Public 49C 150 128 113 M Cu o s n t e o y m e b r o s r ' r o fr w ee e d c redit balances.... 2 2 9 9 2 6 1 9 7 3 2 68 1 7 0 2 68 1 1 7 reight P r c i a v r a lo te adings:4 49C 391 360 345 Total (1935-39=100) 43 140 150 142 BUSINESS CONDITIONS Groups (points in total index): Income payments (mill, dollars):4 Miscellaneous 43 81.2 83.3 79.4 Total 30 14,643 14,756 P14,716 Coal 43 28.0 34.7 31.8 Salaries and wages 30 9,257 9,296 P9,344 All other 43 31.0 31.8 30.9 Other 30 5,386 5.460 P5.372 Department stores (1935-39=100) :4 Cash farm income (mill, dollars): Sales 44 274 265 268 Total 31 2,493 2,180 Pl.705 Stocks 44 274 268 275 Livestock and products 31 1,424 1,310 Pl.139 Exports and imports (mill, dollars): Crops 31 1,051 834 P522 Exports 46 Pl.097 Pl.107 Govt. payments 31 18 36 P44 Excluding Lend-Lease exports... 46 Pl.089 Pl.098 Armed forces (mill, persons) 32 1.9 1. 1.6 Imports 46 P536 P533 Civilian labor force (mill, persons): Excess of exports excluding Lend- Total 32 58.4 57.8 58.0 Lease exports 46 P553 P565 Male 33 42.0 41.9 42.1 Cost of living (1935-39=100): Female 33 16.4 15.9 15.9 All items ; 47 153.3 153.1 152.8 Unemployment 32 2.1 2.4 2.5 Food 47 185.9 183.8 182.3 Employment 32 56.3 55.4 55.5 Clothing 47 176.5 178.3 180.2 Nonagricultural 33 49.1 48.9 48.6 Rent 47 108.8 108.9 Agricultural 33 7.2 6.5 6.9 Wholesale prices (1926=100): Industrial production:* Total 49 140.9 141.5 144.6 Total (1935-39=100) 35, 49B 182 188 P188 Farm products 49 168.1 165.0 170.4 Groups (points in total index): Other than farm and food 49 124.7 127.6 128.6 Durable manufactures 35 •79.9 83.6 P84.2 Machinery and trans, equip 49 B '44.4 44.1 P44.5 Iron and steel 49B 17.5 21.1 21.1 No b n u f i e l r d r i o n u g s m m a e t t e a r l i s a , l s lu mber, and 49 B 18.0 18.5 P18.7 1946 1947 Nondurable manufactures 35 r81.4 82.7 P82.2 Textiles and leather 49 B 21.1 21.9 P21.9 C Fo h o em d, ic li a q l u s, o r p , e a t n ro d l e to u b m a , c c r o u bber, 49B '23.9 24.0 23.3 July- Oct- Jan.and coal products 49 B '22.9 23. 23. QUARTERLY FIGURES Sept. Dec. Mar. Paper and printing 49 B 13.6 13. P13.9 Minerals. 35, 49B '20.8 22.2 P22.0 RECEIPTS AND EXPENDITURES OF THE New orders, shipments, and inven- U. S. TREASURY In billions of dollars tories (1939=100): New orders: Budget receipts and expenditures: T D o u t r a a l b le 3 3 6 6 2 26 3 3 6 P P 2 2 4 6 1 8 To N ta a l t i e o x n p a e l n d d e it f u en re s s e 4 4 9 9 D D 9 3 . . 3 8 3 0 9 4 . . 1 5 6 0 1 4 0 . . 3 6 0 3 Shipments: Net receipts 49D 9.45 9.02 13.90 Total 36 276 P273 Internal revenue collections, total., 49D 8.47 7.7?. Durable 36 290 P294 Individual income taxes 49D 3.87 3.07 Nondurable 36 266 P259 Corporate income taxes 49D 2.56 2.52 Inventories: Misc. internal revenue 49D 2.04 2.14 Total 36 204 P208 Durable 36 221 P225 Nondurable 36 190 P193 MONEY RATES Per cent per annum Factory employment and pay rolls (1939=100): Bank rates on customer loans:1 Pay rolls 38 299.5 300.3 Total, 19 cities 23 232 233 Employment 38 149.8 149.8 P150.5 New York City 25 1.83 1.85 1.82 Hours and earnings at factories: Other Northern and Eastern cities. 25 243 243 Weekly earnings (dollars) 39 46.86 46.9- P46.79 Southern and Western cities 25 2 75 2 76 Hourly earnings (cents) 39 114. 115.8 P116.5 Hours worked (per week) 39 40.9 40.5 P40.2 Nonagricultural employment (mill, SECURITY MARKETS In millions of dollars persons) :4 Total 40 39.9 40.0 P40.0 Corporate security issues: Manufacturing and mining 40 15.8 15.9 P16.0 Net proceeds: Trade 40 7.9 8.1 P8.0 All issues 28 1,482 1,801 Government 40 5.3 5.2 P5.2 Industrial 28 876 966 Transportation and utilities 40 4.0 4.0 P4.0 Railroad 28 31 105 Construction 40 1.7 1.6 Pl.5 Public utility 28 490 668 Construction contracts (3 mo. moving New money: average, mill, dollars) :4 All issues 28 809 1,336 Total 41 631 599 P61 Industrial 28 564 686 Residential 41 263 265 P274 Railroad 28 28 74 Other 41 368 334 Public utility 28 200 537 For footnotes see p. 460. 459 APRIL 1947 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOK— Continued 1946 Chart Chart book book page June Sept. Dec. page June Sept. Dec. 29 30 31 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 :ountry banks: U. S. Govt. obligations, total 10 72.27 68.23 63.04 Loans and investments, total 13 35.89 36.06 35.41 C B e o r n t d if s i cates 1 1 1 1 4 1 5 5. . 2 4 9 2 (5 ( ) 5j 4 1 6 0 . . 2 0 2 4 O U. t h S e . r G se o c v u t. r i o ti b e l s i gations 1 1 3 3 26 2. . 7 5 3 6 2 2 5 . . 7 9 7 5 2 2 4 . . 8 5 4 7 Notes 11 10.47 (5) 5.60 Loans 13 6.61 7.33 8.00 Ot G B he i u l r l a s s r a e n cu te r e it d ie o s, b t l o ig t a a t l ions 1 1 1 0 1 1 6 1 . . . 4 0 0 6 7 2 ( (6 5 5 ) ).70 6 1. . . 1 6 0 7 3 1 T D i e m m e a n d d e p d o e s p it o s sits adjusted 1 1 3 3 2 13 4 . . 5 6 3 3 2 1 5 3. . 9 5 0 6 2 1 6 4. . 0 2 7 4 State and local government obligations 11 3.31 3.62 3.55 1946 Other securities 11 3.15 3.08 3.08 Loans, total 10 23.30 24.78 26.70 SELECTED DATES Commercial 11 9.69 (B) 13.15 Apr.- July- Oct.- Real estate 11 4.27 5.36 June Sept. Dec. Agricultural 11 .88 (*) .88 For purchasing securities: Brokers 11 2.40 1.51 FARM REAL ESTATE VALUES In~unit indicated Toothers 11 2.48 (5) 1.47 Consumer 11 2.46 (5) 3.31 ash farm income (bill, dollars, annual Demand deposits adjusted 10 67.46 6&.82 70.24 basis 49A 21.9 23.5 27.5 Farm real estate values (1912-14= 100) 49A « 147 « 152 CLASSES OF BANKS Prices received and paid by farmers: Prices paid (1910-14=100) 49 A 185 201 211 Central reserve city banks: Prices received (Aug. 1909-July Loans and investments, total 12 28.47 26.94 25.60 1914=100) 49A 214 245 267 U. S. Govt. obligations 12 19.13 17.67 16.22 Other securities 12 1.51 1.65 1.51 Loans 12 7.84 7.63 7.87 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 inve^tmeints, total 12 37.68 36.71 35.35 U. S. Govt. obligations 12 26.59 24.61 22.25 Cash farm income (bill, dollars) 49A 21.6 Other securities 12 2.23 2.28 2.28 Farm transfers (number per 1000 Loans 12 8.86 9 81 10.82 farms): Demand deposits adjusted 12 23.48 2385 24.22 Total 49A 56.4 Time deposits 12 10.45 1067 10.88 Voluntary sales and trades 49A 54.9 • Estimated. v 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. * 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. • Adjusted for seasonal variation. 8 Figures available for June and December dates only. 6 As of July 1 and Nov. 1. 460 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NUMBER OF BANKING OFFICES IN THE UNITED STATES Commercial banks l p b o a A r n r e t k l - i l n s g Total Total * Mem t b i N e o r n a - a b l anks State * To N ta o l nmem su I b n r e e - r d ban i k n N s s u * o r n e - d1 s M u I r u n e t - d u b 2 a a l n s k a i s n v N s in u o g r n e s - d ( n n o r o e n b n p N i a m n o o n s r e n t k u m i - s r n e b g d e ) r Banks (Head Offices) Dec. 31, 1942 14,682 14,136 6,679 5,081 1,598 7,460 6,667 793 56 490 130 Dec. 31, 1943 14,579 14,034 6,738 5,040 1,698 7,299 6,535 764 184 361 119 Dec 31 1944 14,535 13,992 6,814 5,025 1,789 7,181 6,452 729 192 351 120 Dec. 31, 1945 14,553 14,011 6,884 5,017 1,867 7,130 6,416 714 192 350 112 Dec. 31, 1946 *• 14,585 14,044 6,900 5,007 1,893 7.147 6,457 690 191 350 111 Feb 28 1947 P 14,601 14,061 6,915 5,011 1,904 7,149 6,458 691 191 349 110 Branches and Additional Offices* Dec. 31, 1942 3,739 3,602 2,615 1,592 1,023 987 935 52 35 102 Dec 31 1943 3.933 3,797 2,793 1,741 1,052 1,004 952 52 95 41 Dec. 31, 1944 4,064 3,924 2,892 1,813 1,079 1,032 978 54 99 41 Dec 31 1945 4,090 3,947 2,909 1,811 1,098 1,038 981 57 101 42 Dec 31, 1946 * 4,138 3,981 2,913 1,781 1,132 1,068 1,006 62 115 42 Feb. 28, 1947? 4,159 4,000 2,930 1,792 1,138 1,070 1,008 62 117 42 p Preliminary. r Revised. 1 Excludes banks (shown in last column) that do not report to State banking departments, principally as follows on the latest date: 10 "cooperative" banks in Arkansas and 98 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." 1 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, . 9, and 79, 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 list * On par listI Not Not F d e is d t e ri r c a t l o R r e S se t r a v te e Total1 Mem- Non- p o a n r State Total! Mem- Non- p o a n r Total ber member list i 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 2,710 156 55 44 11 101 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 Feb. 28, 1947P... 14,060 11,983 6,909 5,074 2,077 Michigan . 443 443 228 215 Minnesota .... 677 263 209 54 414 Mississippi 205 30 8 167 593 521 182 339 72 Montana .... . 110 109 79 30 1 By districts and by States Nebraska ... . 409 401 145 256 8 Feb. 28, 1947? Nevada 8 8 6 2 New Hampshire.... 66 66 52 14 Boston 492 492 336 156 New Jersey 343 294 49 New York 935 935 801 134 New Mexico 44 44 31 13 Philadelphia 847 847 649 198 Cleveland 1,167 1,167 722 445 New York 665 665 578 87 North Carolina 204 85 53 32 119 Richmond 1,013 786 476 310 227 North Dakota 151 44 41 3 107 Atlanta 1,150 525 336 189 625 Ohio 674 674 427 247 Chicago 2,474 2,417 999 1,418 57 Oklahoma 383 221 152 10 St. Louis 1,468 1,110 497 613 358 70 70 33 37 Minneapolis 1,276 599 473 126 677 Pennsylvania 1,009 1,009 768 241 Kansas Citv 1 748 1,729 754 975 19 Rhode Island 20 20 11 9 Dallas 984 874 597 277 110 South Carolina 149 54 30 24 95 San Francisco 506 502 269 233 4 South Dakota 169 68 63 5 101 Tennessee 294 191 81 110 103 Texas 871 811 551 260 60 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 181 178 108 70 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... 19 19 16 3 both member and nonmember mutual savings banks on a few of which Florida 177 113 72 41 64 some checks are drawn. Georgia . . 371 91 63 28 280 The total in this table differs from total commercial ban!cs in oreceding table because the commercial bank total excludes some banks on Idaho 47 47 25 22 which checks are drawn, namelv. those that do not reoort to State Illinois 869 867 501 366 2 banking departments (see footnote 1 of Drecedine table), ancl includes Indiana 489 489 238 251 industrial banks and nondeoosit trust comoanies whether or not Iowa 659 659 164 495 checks are drawn on them. Kansas 610 608 213 395 2 Back figures.—See annual reports and Banking and Monetary StatisticstiTab\e 15, and descriptive text, pp. 14-15 APRIL 1947 461 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GROUP BANKING1—NUMBER, DEPOSITS, AND BRANCHES OF GROUP BANKS, DECEMBER 31, 1945 Number of group banks8 ( D in e p t o h s o i u ts s a o n f d g s r o ou f p d o b l a la n r k s s ) 3 Group ba a n d k d s i t o io p n e a ra l ti o n f g fi c b e r s anches or Non- Nonmember 1STumber of branches4 Num- Num- member ber of Geographic division ber and State2 gro o u f ps2 T ta o l - ti N o al n a- -m S b t e e a m r te - su In re - d s N u in o re - n d - Total National m S e t m at b e er su In re - d s N u i o n re n - d - N ba u o n m f ks - T ta o l - h o c f e I i f n t a i y c d eo c h f o e f I t i u y n a c n d e - c u c t t o I o o i i u n g e n u s n - - s - c u n c t o o o I o i u n g n u n n - - s - - r t m t e i v a a o s i a r t e n l y - i r s - ties United States 33 387 215 49 116 718,142,375 15,029,1042,182,838899,997 30,436 67 861 236 62 105 458 58 New England 4 31 16 7 5 3 2,301,285 2,038,898 215,066 19,958 27,363 15 87 54 32 1 Maine 1 3 1 2 22,806 2,880 19 926 3 4 3 1 New Hampshire... 1 4 4 28,014 28,014 Massachusetts.... 2 24 12 7 4 i 2,250,465 2,010,884 215,066 17,078 7,437 12 83 54 29 Middle Atlantic... 6 45 15 17 12 l 2,589,278 814,9541,537,893236,096 335 17 98 74 15 8 1 New York 3 32 7 14 10 l 1,344,065 89.221 1,029,041225,468 335 15 95 71 15 8 1 Pennsylvania 3 13 8 3 2 1,245 213 725 733 508 852 10 628 2 3 3 East North Central 3 32 24 4 3 i 1,144,245 I 115 712 20 920 7,613 4 27 25 2 Ohio 1 19 14 4 1 323 158 300 739 20 920 1 499 1 13 11 2 Illinois 1 1 16,633 16 633 Wisconsin 2 12 9 2 804,454 798,340 6,114 3 14 14 West North Central 6 138 81 7 49 l 2,402,427 ,151,184 58,651189,854 2,738 6 26 6 2 7 11 Minnesota 3 86 47 5 33 1,669,457 1 560 809 20 472 85,438 2 738 2 6 6 Iowa 4 4 164,197 164,197 Missouri 3 8 2 2 4 155 092 ^40 138 38 179 76 775 North Dakota 24 15 9 145 388 123 744 21,644 South Dakota 11 9 2 137,471 133,333 4,138 4 20 2 7 11 Nebraska 5 4 1 130,822 128,963 1,859 South Atlantic.... 5 41 24 3 13 1,269,563 "1,000,411 140,425128,727 8 20 5 15 6 Dist. of Columbia.. 1 1 13,878 13,878 Virginia . . .. 1 1 48 891 48,891 1 5 5 1 West Virginia... 4 2 i 1 20,789 16,503 2,440 1,846 South Carolina 1 1 91 357 91 357 1 5 2 3 Georgia 2 18 9 i 8 619 350 444 536 121 38653 428 4 10 3 7 3 Florida 3 16 12 I 2 l 475,298 448,015 16,599 10,684 2 2 East South Central. 2 18 13 2 3 451,181 413,948 18,606 18,627 3 12 12 2 Kentucky . 1 5 3 2 151,866 133 260 18 606 1 8 8 Tennessee ... . 1 13 10 3 299,315 280,688 18,627 2 4 4 2 West South Central 3 11 3 1 7 771,811 665,075 48,432 58,304 1 1 Oklahoma .. 1 2 2 13,186 13,186 Texas 2 9 3 1 5 758 625 665 075 48 432 45 118 1 1 Mountain ... . 2 35 19 6 10 849,601 684,675 86,038 78,888 6 40 3 3 13 21 5 Alontana 22 13 5 4 239 441 158 855 68 510 12 076 Idaho 1 1 124,593 124 593 1 16 3 13 Wyoming .. 1 1 4,522 4,522 Arizona 2 1 1 80 684 69 987 10 697 1 4 1 1 2 1 Utah 2 6 3 "" i 2 274,105 215,733 17,528 40,844 2 9 1 4 4 4 Nevada ... . 3 1 2 126,256 115,507 10,749 2 11 1 2 4 4 Pacific 2 36 20 2 14 6,362,984 6,144,247 56,807161,930 7 551 57 8 76 410 44 Washington 1 5 3 2 125 571 123 710 1 861 1 8 6 2 3 Oregon 10 5 5 645 306 629 611 15 695 1 39 7 1 4 27 California 1 21 12 2 7 5,592,107 5,390,926 56,807 144,374 5 504 50 7 66 381 41 1 The term "group banking" indicates a type of multiple office banking structure in which three or more independently incorporated banks are controlled directly or indirectly by a corporation, business trust, association, or similar organization. 2 A group operating in more than one State has been assigned to the State in which the principal office of the controlling interest is located, but each constituent bank has been assigned to the State in which it operates. Only those States are listed in which one or more "group banks" were in operation. 8 Included in the group figures are some banks that dominate the respective groups rather than being subsidiary banks; some of these are comparatively large banks. 4 Includes all branches and other additional offices at which deposits are received, checks paid, or money lent, except offices at military reservations The latter consist mostly of "banking facilities" provided through arrangements made by the Treasury Department with banks designated as depositaries and financial agents of the Government; they are shown in the last column. Back figures.—See^Banking and Monetary Statistics, Tables 78-84, pp. 312-322, and descriptive text, pp. 295-296; also BULLETIN for June 44, p. 614. 462 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CHAIN BANKING1—NUMBER, DEPOSITS, AND BRANCHES OF CHAIN BANKS, DECEMBER 31, 1945 Deposits of chain banks Chain banks operating branches or Number of chain banks2 (in thousands of dollars) additional offices Num- m N em on b - er Nonmember Number of branches3 Num- Geographic division ber ber of and State2 ha o i f ns2 T ta o l - N io al a n - -m S b t e e a m r te - su In re - d s N u in o r - e n d - Total National m S e t m at b e er su In re - d N su i o n re n - d - S )a J o u n f m ks - T ta o l -! h e c f e I i f n a t i y c d ee c h f o f e I t i u y n a c n d e - c u c t t o o I o i i u n g e n u s - n - s - c u n c t t o I o o o i i n u g e n n u s - n - - s - o r m t t e f i v a a f o s i a i r t e l c n y - i r e - s - s United States 115 522 205 50 228 39 4,628,101 2,973,755 941,782579,469 133,095 45 74 23 35 15 1 t 10 New England 11 1 126,466 Z 35,454 8,460 3,221 79,33 2 1 1 1 New Hampshire 95,75 26,77 68,985 Massachusetts. . . 30,71 8,68 8,46 3,221 10,346 i 1 1 Middle Atlantic... 32 23 6 i 405,39 294,23 91,52 19,638 8 17 4 11 2 2 New York 22,03 10,41 10 26 1,351 2 New Jersey 119,01 37,75 81,26 2 4 Pennsylvania.... 2 20 264,35 246,C6 18,287 8 1 5 2 1 East North Central 2 7 3( 1 26 783,26 547,C8 146,74 73,891 15,54 < 25 17 2 1 Indiana 192,98 142,61 3 95 35,962 10,45 4 Illinois 2 1 317,48 298,87 5 68 7,836 5,08 Michigan 1 n 150,69 6,58 133,58 10,531 4 16 13 * * 1 Wisconsin 2 13 122,09 99,01 3,52 19,562 2 4 1 West North Centra 4 23 6 1 129 2 1,931,38 1.012,82 569,32 315,614 33,61 16 25 1 17 7 1 Afinnesota . . "l 7 2 44 349,33 '253,67 1,17 91,021 3,45 Iowa .. 3 26 208,66 49,19 83,21 66,330 9,91 17 14 3 M No is r s th o u D ri akota 3 1 1 I 9 69 5 8 6 0 6 8 2 1 2 9 2 5 4 5 7 3 446 49 3 5 4 4 4 14 6 8 8 1 58 A 3 1 1 South Dakota 1 24,74 6 53 18,213 -2 3 Nebraska 2 1 1 251,11 212,436 3 5C 27,428 7,73 ; \ 1 Kansas 3 1 342,82 279,505 28 39 24,006 10,92 South Atlantic. . . 3 1 16 585,66 487,907 23,45 74,301 4 4 Georgia 18,19 18,190 2 1 12 567,47 487,907 23,45 56,111 4 East South Central 1 19,79 12,775 7,019 Alabama 1 19,79 12,775 7,019 West South Centra 1 7 4 26 436,32 358,159 32,23 41,326 4,60 2 2 Oklahoma 3 2 158 60 151,892 6 713 Texas I 4 2 19 277,72 206,267 32 23 34 613 4 60 2 2 Mountain 3 I 10 249,57 163,400 63 02 23 144 4 1 3 1 j^Iontana 40 84 12,000 23 67 5 17^ Idaho 36,19 32,592 3,601 2 4 1 3 'Wyoming 27,46 27,462 1 101,24 56,632 31,80 12,814 Utah 43,82 34,714 7,55 1,556 1 Pacific 2: l: 90,23 61,916 7,CC 21,315 Washington 17,90 9,748 1,09 7,057 22 97 14 837 1 49 6 646 California 49,35 37,331 4,41 7,612 1 The term "chain banking" indicates a type of multiple office banking structure in which three or more independently incorporated banks are controlled by the same individual or individuals. 2 A chain operating in more than one State has been assigned to the State in which the principal banking office of the controlling interest is located, but each constituent bank has been assigned to the State in which it operates. Only those States are listed in which one or more "chain banks" were in operation. 8 Includes all branches and other additional offices at which deposits are received, checks paid, or money lent, except offices at military reservations. The latter consist mostly of "banking facilities" provided through arrangements made by the Treasury Department with banks designated as depositaries and financial agents of the Government; they are shown in the last column. Back figures.—See Banking and Monetary Statistics, Tables 78-84, pp. 312-322, and descriptive text, pp. 295-296; also BULLETIN for June 1944, p. 615. APRIL 1947 463 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL MEMBER BANKS—ASSETS AND LIABILITIES ON DECEMBER 31, 1946, BY CLASS OF BANK [Amounts in thousands of dollars] Central reserve city New m Y e o m rk ber b C an h k ic s ago m R b e e c a s m i n e ty k b rv s e e r C m b o e a u m n n k b t s r e y r m b e a A m n ll k b s er n m b a e t a A m i n o l k b l n s e a r l A m b ll e a m n S k b ta s e t r e ASSETS Loans and investments 20,833,761 4,765,255 35,351,303 35,411,670 96,361,989 63,722,648 32,639,341 Loans (including overdrafts) 6,368,305 1,498,905 10,824,736 8,003,724 26,695,670 17,272,081 9,423,589 United States Government direct obligations. . 13,306,538 2,911,834 22,245,986 24,566,012 63,030,370 41,650,009 21,380,361 Obligations guaranteed by United States Government 1,133 4,478 5,834 11,445 7,780 3,665 Obligations of States and political subdivisions. 557,158 167,466 1,272,097 1,550,788 3,547,509 2,656,141 891,368 Other bonds, notes, and debentures 506,053 915,562 1,203,797 2,803,256 1,983,278 819,978 Corporate stocks (including Federal Reserve 177,844 Bank stock) 94,574 88,444 81,515 273,739 153,359 120,380 9,206 Reserves, cash, and bank balances 6,237,661 11,653,824 10,150,596 29,586,897 20,012,043 9,574,854 Reserve with Federal Reserve Banks 4,045,991 1,544,816 6,337,225 4,703,341 16,014,569 10,606,847 5,407,722 Cash in vault 131,179 928,012 532,407 883,142 1,575,556 1,079,589 495,967 Demand balances with banks in United States (except private banks and American 28,828 branches of foreign banks) 84,803 170,097 1,908 054 3,737,538 5,900,492 4,456,383 1,444,109 Other balances with banks in United States. . . 2,520 1,436 15,420 15,826 35,202 25,144 10,058 Balances with banks in foreign countries 25,268 2,323 24,659 3,893 56,143 34,096 22,047 Cash items in process of collection 1,947,900 414,120 2,836,059 806,856 6,004,935 3,809,984 2,194,951 Hue from own foreign branches 1,684 4,669 6,353 4,669 1,684 Bank premises owned and furniture and fixtures. . . 163,805 15,705 279,320 330,409 789,239 506,688 282,551 Other real estate owned 595 7,768 5,872 14,235 8,478 5,757 Investments and other assets indirectly representing bank premises or other real estate 3,058 171 46,409 10,935 60,573 45,464 15,109 Customers' liability on acceptances 63,617 5,805 42,574 4,999 116,995 73,257 43,738 Income accrued but not yet collected 64,576 14,819 95,333 43,753 218,481 136,358 82,123 Other assets 11,663 2,624 41,479 30,198 85,964 52,633 33,331 Total assets. 27,380,420 6,349,195 47,522,679 45,988,432 27,240,726 84,562,238 42,678,488 LIABILITIES Demand deposits 23,253,345 5,075,500 33,592,864 28,995,650 90,917,359 60,322,001 30,595,358 Individuals, partnerships, and corporations 17,215,559 3,494,803 24,287,862 24,128,481 69,126,705 45,426,114 23,700,591 United States Government: War loan and Series E bond accounts.... 615,220 148,498 908,598 800,937 2,473,253 1,556,138 917,115 . Other 35,858 3,791 82,588 76,511 198,748 161,385 37,363 States and political subdivisions 218,410 228,013 2,076,962 2,391,115 4,914,500 3,697,139 1,217,361 Banks in United States 3,030,551 1,129,542 5,417,405 1,066,629 10,644,127 7,458,171 3,185,956 Banks in foreign countries 1,195,250 23,652 126,882 7,660 1,353,444 670,191 683,253 Certified and officers' checks, cash letters of credit and travelers' checks, etc 942,497 47,201 692,567 524,317 2,206,582 1,352,863 853,719 Time deposits 1,469,193 829,393 10,883,639 14,070,317 27,252,542 18,452,654 8,799,888 Individuals, partnerships, and corporations..., 1,395,134 823,443 10,580,235 13,726,634 26,525,446 17,903,707 8,621,739 United States Government 14,807 2,000 41,836 51,856 110,499 87,473 23,026 Postal savings 746 2,735 3,481 2,929 552 States and political subdivisions 39,441 3,950 235,400 272,179 550,970 417,534 133,436 Banks in United States 1,011 25,421 16,913 43,346 35,211 8,135 Banks in foreign countries 18,800 18,800 5,800 13,000 Total deposits 24,722,538 5,904,893 44,476,503 43,065,96! 118,169,901 78,774,655 39,395,246 Due to own foreign branches 194,878 194,878 160,164 34,714 Bills payable, rediscounts, and other liabilities for borrowed money 3,781 26,348 30,129 20,047 10,082 Acceptances outstanding 71,555 6,409 48,922 5,218 132,104 83,267 48,837 Dividends declared but not yet payable 21,882 1,750 15,601 13,899 53,132 34,109 19,023 Income collected but not yet earned 11,592 3,093 40,278 26,391 81,354 56,619 24,735 Expenses accrued and unpaid 107,833 24,917 143,607 80,018 356,375 222,981 133,394 Other liabilities 44,825 4,415 65,268 13,554 128,06: 72,748 55,314 Total liabilities. 25,175,103 5,945,477 44,793,960 43,231,395 119,145,935 79,424,590 39,721,345 CAPITAL ACCOUNTS Capital 602,325 144,250 950,916 994,284 2,691,775 1,752,071 939,704 Surplus 1,126,487 158,350 1,174,863 1,135,745 3,595,445 2,271,959 1,323,486 Undivided profits 374,414 54,454 400,200 458,200 1,287,268 784,733 502,535 Other capital accounts 102,091 46,664 202,740 168,808 520,303 328,885 191,418 Total capital accounts 2,205,317 403,718 2,728,719 2,757,037 8,094,791 5,137,648 2,957,143 Total liabilities and capital accounts 27,380,420 6,349,195 47,522,679 45,988,43; 127,240,726 84,562,238 42,678,488 MEMORANDA Par or face value of capital 602,325 144,250 950,916 994,495 2,691,986 1,752,221 939,765 Capital notes and debentures. 1,200 10,700 9,742 21,642 21,642 First preferred stock 31,807 45,57. 77,382 38^653 38,729 Second preferred stock 400 5,645 6,045 3,024 3,021 Common stock , 601,125 144,250 908,009 933,533 2,586,91~ 1,710,544 876,373 Retirable value of capital: First preferred stock. . 35,386 98,559 133,945 52,169 81,776 Second preferred stock. 400 10,158 10,558 4,122 6,436 Demand deposits adjusted l 16,428,566 3,355,897 24,221,332 26,237,05 70,242,852 46,666,132 23,576,720 Pledged assets (and securities loaned) 1,578,96 430,979 4,818,968 4,935,93; 11,764,84^ 8,690,344 3,074,503 Number of banks 3 14 355 6,49' 6,901 5,007 1,893 Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection. 464 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ASSETS AND LIABILITIES OF INSURED COMMERCIAL BANKS IN UNITED STATES AND POSSESSIONS DECEMBER 31, 1946, JUNE 29, 1946, AND DECEMBER 31, 1945 [Amounts in thousands of dollars] December 31, 1946 June 29, 1946 December 31, 1945 All Banks not All Banks not All Banks not insured members insured members insured members commercial Federal Re- commercial Federal Re- commercial Federal Rebanks1 serve System banks1 serve System banks1 serve System ASSETS Loans and investments 112,208,350 15,860,994 117,438,074 15,420,383 121,835,372 14,665,494 Loans (including overdrafts) 30,739,973 4 046,599 26,796,235 3,496,006 25,768,677 2,995,662 United States Government direct obligations... 73 559,881 10 540,624 82,974,112 10 733,066 88,911,711 10,599,036 Obligations guaranteed by United States Government 15,027 3,582 23,742 3,729 21,669 5,964 Obligations of States and political subdivisions.. 4 300,705 754,113 3,975,354 669,452 3,874,729 621,404 Other bonds, notes, and debentures 3 295,002 492,008 3,354,207 493,931 2 938,313 417,751 Corporate stocks (including Federal Reserve Bank stock) 297,762 24,068 314,424 24,199 320,273 25,677 Reserves, cash, and bank balances 33,704,314 4 119,728 31,853,309 3 776,078 34,302,704 4,459,355 Reserve with Federal Reserve Banks 16 013,442 15,999,368 15 810,286 Cash in vault 2 014,710 439,379 1,473,274 332,381 1 831,755 394,096 Demand balances with banks in United States (except private banks and American branches of foreign banks) 9 428,590 3 529,026 9,036,691 3 303,071 11006,547 3,930,001 Other balances with banks in United States. . . 60,399 25,197 72,555 35,455 75,427 36,185 Balances with banks in foreign countries 56,777 634 34,086 544 24,017 645 Cash items in process of collection 6 130,396 125,492 5,237,335 104,627 5 554,672 98,428 Due from own foreign branches 6 353 9 959 7 321 Bank premises owned and furniture and fixtures. . . 902,457 113,281 899,703 113,019 902,925 115,299 Other real estate owned 20,326 6,091 24,903 8,005 31,239 11,928 Investments and other assets indirectly representing bank premises or other real estate 64,442 3,869 67,350 3,838 69,172 4,434 Customers' liability on acceptances 118,339 1,344 92,056 1,368 66,459 851 Income accrued but not yet collected 230,023 11,542 240,990 11,948 252,033 12,555 Other assets 109,939 23,984 117,022 24,673 115,175 24,223 Total assets. 147 364,543 20 140,833 150,743,366 19 359,312 157 582,400 19,294,139 LIABILITIES Demand deposits 103 416,303 12 498,944 108,408,358 12 076,461 117 847,138 12,451,674 Individuals, partnerships, and corporations. . . . 79 902,589 10 775,884 75,404,533 9 815,766 72 605,736 9,655,650 United States Government: War loan and Series E bond accounts 2 709,074 235,821 12,718,443 898,133 23 476,945 1,531,822 Other 223,248 24,500 225,491 36,919 266,147 32,178 States and political subdivisions 5 968,462 1 053,962 5,808,920 982,709 5 099,450 859,029 Banks in United States 10 888,080 243,953 10,584,438 193,853 12 566,058 232,745 Banks in foreign countries 1364,022 10,578 1,346,281 7,357 1 247,905 5,279 Certified and officers' checks, cash letters of credit, and travelers' checks, etc 2 360,828 154,246 2,320,252 141,724 2 584,897 134,971 Time deposits 33 612,986 6 376,063 32,240,406 6 068,666 29 963,844 5,703,808 Individuals, partnerships, and corporations.. . 32 761,111 6 251,282 31,504,915 5 952,253 29 295,108 5,597,071 United States Government 114,327 3,828 101,923 4,510 98,277 2,535 Postal savings 5,023 1,542 4,592 1,234 4.926 1,439 States and political subdivisions 664,522 113,554 552,104 105,502 495,967 97,080 Banks in United States 49,199 5,853 51,259 5,154 51,957 5,674 Banks in foreign countries 18,804 4 25,613 13 17,609 9 Total deposits 137,029,289 18,875,007 140,648,764 18,145,127 147 810,982 18,155,482 Due to own foreign branches 194 878 208 409 211,181 Bills payable, rediscounts, and other liabilities for borrowed money 38,888 8,759 83,229 10,989 215,300 7,206 Acceptances outstanding 133,458 1,354 109,799 1,427 76,824 859 Dividends declared but not yet payable 57,497 4,365 48,428 1,978 56,508 3,513 Income collected but not yet earned 101.261 19,907 78,908 15,523 58,280 12,036 Expenses accrued and unpaid 381,709 25,344 394,189 22,331 367,271 20,954 Other liabilities 139,523 11,507 102,037 10,812 113,658 9,379 Total liabilities. 138,076,503 18,946,243 141,673,763 18,208,187 148,910,004 18,209,429 CAPITAL ACCOUNTS Capital 3,141,878 450,103 3,070,706 442,541 3 032,331 439,967 Surplus 4 060,047 465,789 3,932,822 428,709 3 784,722 402,488 Undivided profits 1 495,456 208,317 1,485,019 213,854 1 293,271 177,537 Other capital accounts 590,659 70,381 581,056 66,021 562,072 64,718 Total capital accounts 9,288,040 1,194,590 9,069,603 1,151,125 8,672,396 1,084,710 Total liabilities and capital accounts. 147,364,543 20,140,833 150,743,366 19,359,312 157,582,400 19,294,139 MEMORANDA Demand deposits adjusted2 82,101,483 11,858,600 78.296,370 10,835,572 74.735,411 10,551,222 Pledged assets (and securities loaned) 13,664,608 1,899,861 23,895,648 2,449,032 32,517,937 2,645,484 Number of banks 13,359 6,462 13,335 6,451 13,302 6,421 1 Excludes three mutual savings banks, State bank members of the Federal Reserve System, which are included in member bank figures on opposite page. 2 Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection. 465 APRIL 1947 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL FINANCIAL STATISTICS PAGE Gold reserves of central banks and governments 467 Gold production... 468 Gold movements 468 International capital transactions of the United States 469-474 Central banks 475-478 Money rates in foreign countries 479 Commercial banks . 480 Foreign exchange rates.... 481 Price movements: Wholesale prices 482 Retail food prices and cost of living 483 Security prices 483 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. 466 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS [In millions of dollars] End of month U S n ta i t t e e s d t g A in e r n a - ^ - g B iu e m l- Brazil Canada Chile lo C m o b - ia Cuba C v z s a e l k o c - i h a o- m De a n rk - Egypt France m G a e n r y - Greece H ga u r n y - 1938—Dec 14,512 431 581 32 192 30 24 83 53 55 2,430 29 27 37 1939—Dec 17,644 466 609 40 214 30 21 1 56 53 55 2,709 29 28 24 1940—Dec 21,995 353 734 51 27 30 17 1 58 52 52 2,000 29 28 24 1941—Dec 22,737 354 734 70 5 31 16 1 61 44 52 2,000 29 28 24 1942—Dec 22,726 1658 735 115 6 36 25 16 61 44 52 2,000 29 28 24 1943—Dec 21,938 »939 734 254 5 54 59 46 61 44 52 2,000 29 28 24 1944—Dec 20,619 U.lll 329 6 79 92 111 61 44 52 1,777 29 28 24 1945—Dec 20,065 403 "716" 354 7 82 127 191 61 38 52 1,090 1946—Mar 20,256 397 755 361 6 82 131 201 61 38 52 1,090 Apr 20,251 392 763 361 7 83 132 201 61 38 52 1,090 May 20,242 398 761 360 5 82 133 201 61 38 52 796 June 20,270 406 761 359 6 83 134 201 61 38 52 796 July.... 20,267 407 756 358 6 81 135 201 61 38 52 796 Aug 20,280 407 750 357 7 73 141 201 61 38 52 796 Sept.. . . 20,305 P424 722 355 7 73 142 211 61 38 52 796 Oct ... 20,402 P460 726 354 7 71 143 221 61 38 52 796 Nov... . 20,470 P483 726 354 7 71 144 221 61 38 53 796 Dec 20,529 P563 735 354 7 65 145 226 38 796 1947—Jan 20,748 *645 723 354 "6 63 147 38 796 Feb 20,330 691 354 7 125 32 796 End of month India (P I e r r a s n ia) Italy Japan Java Mexico N l e a t n h d e s r- Ze N a e la w nd N w o ay r- Peru Poland Po g r a t l u- Ru n m ia a- A So fr u ic th a Spain 1938—Dec 274 26 193 164 80 29 998 23 94 20 85 69 133 220 •525 1939—Dec 274 26 144 164 90 32 692 23 94 20 <84 69 152 249 1940—Dec 274 26 120 164 140 47 617 23 *84 20 59 158 367 1941—Dec 274 26 6 164 235 47 575 23 21 59 182 366 42 1942—Dec 274 34 •216 39 506 23 25 59 203 634 42 1943-Dec 274 92 203 500 23 31 60 260 706 91 1944—Dec 274 128 222 500 23 32 60 267 814 105 1945—Dec 274 131 294 270 23 28 60 269 914 110 1946—Mar 274 124 257 270 23 28 60 1,014 111 Apr 274 124 254 270 23 28 1,046 111 May 274 124 250 270 23 25 1,080 111 June 274 124 235 270 23 23 1,046 111 July.... 274 124 229 270 23 23 1,027 111 Aug 274 218 270 23 23 1,001 111 Sept.... 274 213 265 23 24 970 111 Oct 274 200 265 23 24 965 111 Nov.. . . 274 191 265 23 24 941 111 Dec 274 181 265 23 24 939 111 1947—Jan 274 170 265 23 24 886 Feb 148 245 851 End of month S d w e e n - S la w e n r i d - tz 6 - T k u ey r- U K n d i i o n t m g e - d Uru- V z e ue n l e a - Y sl u av g i o a - B.I.S. O c tr o t i u h e n e s - ' r Government go p l r d e v r io es u e s rv f e ig s u 1 re n s ot included in 1 1 9 9 3 3 8 9 — — D D e e c c . . . . 3 3 2 0 1 8 7 5 0 4 1 9 2 2 9 9 2,6 » 9 1 0 6 6 9 8 5 5 2 2 5 5 7 9 14 7 1 1 6 7 6 8 End of month U S n ta it t e e d s U K d n i o i n t m e g d - France g B iu e m l- 1940—Dec.. , 160 502 88 1 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—Mar.. 478 1,361 241 195 212 39 245 Dec. 156 17 Apr... 476 1,363 241 198 212 39 242 1940—june 86 17 May. 473 1,374 241 204 215 39 239 Dec . 48 292 17 June. 473 1,376 240 204 215 39 238 1941—jllne 89 17 July.. 470 1,393 240 205 215 41 238 Dec 25 <151 17 Aug.. 474 1,396 240 205 215 41 238 1942—June 8 17 Sept.. 472 1,412 237 205 40 237 Dec 12 17 Oct... 469 1,408 236 205 40 ^237 1943—June 11 17 Nov.. 426 1,418 235 200 40 J»237 Dec 43 17 Dec. 381 1,430 237 32 *>236 1944—June 21 17 1947—Jan... 348 1,432 238 28 P236 Dec 12 17 Feb.. 324 1945—Mar 32 June 81 \7 Sept 20 " inc 1 P l u F P d i r g e e , u l r i in m es a i t n d h a d r r i o y t u . i o g n h t M o a g r c o c l C h d o o 1 r f 9 r e 4 t c h 0 t e e a d C n . d e n fo tr r a l D B ec a e n m k b h e e r l d 1 9 at 4 2 h , o D m e e c , e g m ol b d e r o f 1 9 th 4 e 3 , C a e n n d t r D al e c B e a m n b k e h r e 1 l 9 d 44 1946— J D M u e a n c r t 7 1 S4 1 8 17 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- 5 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: Alabama, Algeria, Australia, Austria through Mar. 7, 1938, Belgian 3 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 * Figure for Sept. 1, 1911. been carried forward from last previous official report. 8 Gold holdings of Bank of England reduced to nominal amount by gold transfers to British NOTE.—For available back figures and for de- Exchange Equalization Account during 1939. tails regarding special internal gold transfers NOTE.—For back figures, see Banking and Monetary Statistics, Tables 156-160, pp. 536-555, affecting the British and French institutions, see and for a description of figures, including details regarding special internal gold transfers affect- Banking and Monetary Statistic*, p. 526, and ing the reported data, see pp. 524-535 in the same publication. BULLETIN for February 1945, p. 190. APRIL 1947 467 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOLD PRODUCTION OUTSIDE U. S. S. R. [In thousands of dollars] Estimated Production reported monthly Year or production Total 1 Africa North and South America Other month U o . u S t . s S i . d R e .1 r m ep o o n r th te l d y 1 1 A So fr u ic th a d R e h s o ia - A W fr e ic s a t 3 C B o el n g g i o an 1 U St n a i t t e e s d * C ad a a n * - M ic e o x * - Co b lo ia m- Chile r N ag ic u a a - 7 Au li s a t " ra- B In ri d t i i a s * h I $i=255/ii grains of gold 9/ufine; i. t'., att outce of finegold=$35. 1938 1,136,360 958,770 425,649 7?5,532 24,670 8,470 178.143165,379 32 306 18.225 10 790 1 557 54 764 11,784 1939 1,208,7051,020,297 448,753 ?,}5,009 28,564 8,759196,391178,303 29 426 1<),95t 11 376 3,506 56,182 11,078 1940 1,297 3491,094,264 491,628 ?<),155 32,163 •8,862210,109185,890 30 878 V>,117 11 999 5,479 55 878 10 157 1941 1 288 9451 089 395504,268 T7.765 32,414 209,175187,081 77 969 V5,961 Q ?S9 7 51,039 Q,940 1942 966,132 494,439 26,641 29,225 130,963169,446 78 019 ?(),882 6 409 8,673 4? 575 8 960 1943 760,527 448,153 23,009 19,740 48,808127,796 77 055 1<),789 6 081 7 71S 78,560 8,870 1944 682,061 429,787 20,746 18,445 35,778102,302 17 779 1<>,374 7 131 7,865 16,310 <S, S4S 1945 r646,914 427,862 19.888 18,865 32,511'94,385 rf, 734 6 787 6 98S 16,450 5,950 1946 417,647 20,475 56,890 98,994 i =>,300 6,355 21,595 4,585 1946 ^^ 50 981 32 971 L 473 1 610 3,283 8,013 1,309 54Q 443 1,330 Mar 50 656 30871 L 574 1,645 3,639 8,677 1,473 770 608 1,400 Apr 53 900 34 793 1,609 1,645 3,226 8,338 ,193 451 580 1,435 630 May 55,857 36,740 1,609 1,610 3,158 8,412 350 475 488 1 610 June 54 749 35 732 I 654 1,715 3,416 8,203 ,094 34? 563 1,540 490 July 57,193 36,657 1,643 1,750 3,993 8,384 335 665 456 1 785 S?S Aug 60 795 35 553 L 646 1,750 8,310 8,092 1L,048 377 448 3,080 490 Sept 57 221 34 509 1,578 1,715 6,798 8,047 1,425 3S4 379 1,Q?S 490 Oct 59 463 35 922 579 1,785 5,930 8,429 L.332 1 384 654 1,925 575 Nov 33 823 1 820 4,900 8,092 L, 161 6S7 1,075 315 Dec 34 184 1,820 6,255 •7,961 L.088 55Q ? 170 490 1947-—Jan 34,020 1,785 7,612 r Revised. Gold production in U. S. S. R.: No regular Government statistics on gold production in U. S. S. R. are available, but data of percentage changes Irregularly given out by officials of the gold mining industry, together with certain direct figures for past years, afford a basis for estimating annual production as follows: 1934, 135 million dollars; 1935, 158 million; 1936, 187 million; 1937, 185 million; 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 1 Beginning April 1941, figures are those reported by American Bureau of Metal Statistics. Beginning January 1944, they represent Geld Coast only. 8 Beginning May 1940, monthly figures no longer reported. 4 Includes Philippine Islands production received in United States. Annual figures are estimates of United States Mint. Monthly figures represent estimates of American Bureau of Metal Statistics, those for 1945 having been revised by subtracting from each monthly figure $197,193 BO 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. • Beginning April 1942, monthly figures no longer reported. T 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. • 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 ounce] Net imports from or net exports (—) to: Year Total Other Philmo o n r th im n p e o t rts U K d n i o i n m t g ed - France g B iu el m - N la e e n r t d - h s - S d w e e n - S l w a e n r i - t d z- Canada Mexico c p A a L u n m a b t l e R i i r n c i e s - - l p a i I n i p s n d - - e s 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 t o A r th i u e l e n l s r - 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 2284.20S 1941 982,378 3,779 1 1 1,747 899 412,056 16,791 61,86242,678 67,492292,893 9,444 9,665 363,071 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 "lO3 106 357 4-133,471 1946 311,494 458 — 14 —6 344.130 3,591 —134,405 -156 41118,550 -2,613 -18,083 1946 Mar. 31,396 36 25,265 75 1,386 -2 3 3,267 1,366 Apr. -20,534 34 J 222 149 637 9 5«-21,586 May -27,028 i -6 127 34 -33 -8 13 »-27,15& June 36,329 -4 32,277 29 902 11 2 July 6,347 -1 639 476 2,328 41 6 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 e 3.785 Oct. 24,182 2 -8 134 198 4,523 19,912 -682 103 N De o c v . . -6 7 1 7 , , 1 9 9 0 3 3 383 2 2 27 5 , , 4 2 7 4 3 8 1,0 4 6 4 5 9-110,2 6 7 2 6 1 -151 3 1 8 8 , , 6 8 0 8 1 3 •••••• - - 8 43 6 0 8 H « 2 3 . , 4 2 1 7 5 9 1947 Tan. -16,820 -2 6 51,174 443 -97,579 -132 32,544 -374 -2,899 Feb.P 20,361 9 30 319 222 — 30 341 -49 37,490 556s 16 734 9 Preliminary, i 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.f $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. » 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. 8 Includes $27,567,000 to China and $5,981,000 from other countries. 6 Includes imports from U. S. S. R. as follows: April, $5,625,000; June, $2,813,000; July, $2,813,000; August, $2,821,000; September, $3,372,000? November, $11,793,000; December, $4,492,000. 7 Includes $27,229,000 to China and $75,000 from other countries. 8 Includes 114,000,000 to China and $2,734,000 to other countries. NOTE.—For back figures see Banking and Monetary Statistics, Table 158, pp. 539-541, and for description of statistics, see p. 524 in the same publication. 468 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATBS NET CAPITAL MOVEMENT TO UNITED STATES SINCE JANUARY 2, 1935 [Net movement from United States, (—). In millions of dollars] TABLE 1.—TOTAL CAPITAL MOVEMENT, BY TYPES Increase in foreign banking Decrease Foreign Domestic funds in U. S. in U. S. securities: securities: Inflow in From Jan. 2, 1935, through— Total banking Return Inflow of brokerage funds of U. S. foreign balances Total Official i Other abroad funds funds 1935—Mar. (Apr. 3) 265.9 64.1 4.4 59.7 155.0 31.8 -6.2 21.1 June (July 3) 632.5 230.3 22.6 207.7 312.8 43.7 15.8 29.8 Sept. (Oct. 2) 920.2 371.5 16.3 355.2 388.6 40 1 90.3 29 8 Dec. (Jan. 1, 1936) 1,440.7 631.5 38.0 593.5 361.4 125.2 316.7 6.0 1936—Mar. (Apr. 1) 1,546.3 613.6 79.6 534.0 390.3 114.4 427.6 4 June (July 1) 1,993.6 823.4 80.3 743.1 449.0 180.5 524.1 16 5 Sept. 30 2,331.9 947.1 86.0 861.1 456.2 272.2 633.3 23.2 Dec. 30 2,667.4 989.5 140.1 849.4 431.5 316.2 917.4 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 June 30 3,639.6 1,690.1 293.0 1,397.1 466.4 395.2 1,069.5 18 3 Sept. 29 3,995.5 1,827.2 448.2 1,379.0 518.1 493.3 1,125.1 31 9 Dec. 29 3,501.1 1,259.3 334.7 924.6 449.1 583 2 1,162.0 47 5 1938—Mar. 30 3,301.3 1,043.9 244.0 799.9 434.4 618.5 L,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 L.219.7 47 6 1939—Mar. 29 4,279.4 1,829.4 393.2 1,436.2 550 5 646.7 1,188.9 63 9 June 28 4,742.0 2,194.6 508.1 1,686.5 607.5 664.5 1,201.4 74 0 Sept. 27 5,118.2 2,562 4 635.0 1,927.3 618 4 676 9 1,177.3 83 1 Dec. (Jan. 3, 1940) 5,112.8 2,522.4 * 634.1 1,888.3 650 4 725.7 1,133.7 80 6 1940—Mar. (Apr. 3) 5,207.8 2,630.9 631.0 1,999.9 631 6 761.6 1,095.0 88 7 June (July 3) 5,531.3 2,920.7 1,012.9 1,907.8 684.1 785.6 1,042.1 98 9 Sept. (Oct. 2) 5,831.2 3,175 9 1,195.4 1,980.5 773 6 793 1 987.0 101 6 Dec. (Jan. 1, 1941) 5,807.9 3,239.3 1,281.1 1,958.3 775.1 803.8 888.7 100 9 1941—Mar. (Apr. 2) 5,607.4 3,229.7 1,388.6 1,841.0 767 4 812.7 701.8 95 9 June (July 2) 5,660.1 3,278.0 1,459.8 1,818.2 818.6 834.1 631.2 98 2 Sept. (Oct. 1) 5,612.6 3,241 8 L,424.0 1,817.7 805 3 841 1 623.5 100 9 Dec. 31 5,354.1 2,979.6 1,177.1 1,802.6 791.3 855.5 626.7 100 9 1942—Mar. (Apr. 1) 5,219.3 2,820.9 1,068.9 1,752.0 819.7 849 6 624.9 104 3 June 30 * 5,636.4 3,217.0 1,352.8 1,864.2 842.3 838.8 632.0 106 2 Sept. 30 5,798.0 3,355 7 L.482.2 1,873.5 858 2 830 5 646.1 107 5 Dec. 31 5,980.2 3,465.5 1,557.2 1,908.3 888.8 848.2 673.3 104 4 1943—Mar. 31 6,292.6 3,788 9 1,868.6 1,920.3 898.7 810.5 685.9 108 6 June 30 6,652.1 4,148.3 2,217.1 1,931.2 896.9 806.8 687.9 112 1 Sept. 30 6,918.7 4,278 0 2,338.3 1,939.7 888 6 929 3 708.1 114 8 Dec. 31 7,267.1 4,644.8 2,610.0 2,034.8 877.6 925.9 701.1 117 8 1944—Mar. 31 7,611.9 5,034 4 3,005.0 2,029.4 868.0 904.1 685.8 119 6 June 30 7,610.4 5,002.5 2,812.2 2,190.3 856.6 929.8 702.4 119 1 Sept 30 7,576.9 4,807 2 2,644 8 2,162.3 883 5 1,026 2 737.8 122 2 Dec. 31 7,728.4 4,865.2 2,624.9 2,240.3 805.8 1,019.4 911.8 126 3 1945—Mar. 31 8,002,6 5,219 4 2,865.1 2,354.3 848.5 983.7 820.6 130 5 June 30 . 8,422.8 5,671.0 3.313.2 2,357.9 760.4 1,011.2 848.4 131 8 Sept. 30 8,858 6 6 042 2 3,554 9 2,487.2 865 3 998 2 818.4 134 6 Dec. 31 8,802.8 6,144 5 3,469.0 2,675.5 742.7 972.8 798.7 144 1 1946— Jan. 31 8,822.9 6,234 7 3,601.6 2,633.2 729.2 1,097.8 625.9 135 1 Feb. 28 8,775.1 6,173.0 3,473.9 2,699.1 728.7 1,067.2 672.4 133 9 Mar. 31 8,730.8 6,169 3 3,455.2 2,714.1 703.6 1,073 0 645.1 139 9 Apr. 30 8,674 4 6,124 6 3,344.7 2,780.0 701.2 1,076 1 630.7 141 7 May 31 8,405.8 5,896.2 3,119.6 2,776.5 644.8 1,104.2 619.7 140 9 June 30 8,338 2 5,853.5 3,042.9 2,810.7 624.5 1,103 9 615.0 141 4 July 31 8,496.2 6,149.7 3,386.6 2,763.2 574.1 1,125.3 506.1 140.9 Aug.31 ••8,344 2 6,009 3 3,197.6 2,811.7 ••554.0 1,141.9 492.2 146 8 Sept 30 '8 250 1 5 930 8 3,083.3 2.847.5 r519 8 1,170 7 478.3 1*0 4 Oct. 31 '8 280,2 5,9?5 3 3.041.4 2,884.0 '532.8 1,196.9 472.1 1S3 1 Nov. 30 8,270.4 5,936.8 2,974.1 2,962.7 492 9 1,231 5 454.4 154.7 r 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 banks maintaining accounts at the Federal Reserve Bank of New York; beginning July 17, 1940, also funds in accounts at the Federal Reserve Bank of New York which had been transferred from central bank to government names; beginning with the new series commencing with tht 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 I, 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. Thli adjustment, however, is incomplete since it takesinto 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. APRIL 1947 469 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 1J K d n i o i n t m g ed - France N la e e n r t d - h s - S l w a e n r i - t d z- m G a e n r- y Italy E O u t r h o e p r e E T u o 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 r* 1935—Dec.(Jan. 1, 1936). .. 1,440.7 554.9 210.2 114.5 130.4 36.6 24.0 130.0 1,200.6 70.9 156.5 12.7 1936—Dec 30 2,667 4 829.3 299.5 229.7 335.5 83.1 45 6 228.5 2,051.3 150.5 201.2 243.0 21.4 1937—Dec 29 3,501.1 993.7 281.7 311.9 607.5 123.9 22 1 312.2 2,653.0 106.3 410.6 315.4 15.9 1938—Dec.(Jan.4,1939)... 3,933.0 1,183.8 339.6 328.6 557.5 140.5 32.2 472.0 3,054.2 155.3 384.6 302.7 36.2 1939—Dec.(Jan.3, 1940). .. 5,112.8 1,101.3 468.7 470.3 773.0 165.9 58.0 752.9 3,790.1 229.4 483.4 522.6 87.4 1940—Dec.(Jan. 1,1941)... 5.807.9 865.2 670.3 455.6 911.5 175.9 55.4 922.7 4,056.6 411.7 606.8 642.6 90.2 1941—Dec 31 5,354.1 674.1 639.9 464.4 725.7 179.9 50.5 891.8 3,626.3 340.5 567.5 691.1 128.6 1942—Dec. 31. . 5,980.2 837.8 625.9 474.0 592.1 179.5 48.1 850.9 3,608.1 425.1 835.8 932.9 178.3 1943—Dec. 31.. 7,267.1 1,257.7 636.8 487.7 629.1 178.6 48.2 954.8 4,192.8 760.3 951.0 1,161.6 201.4 1944—Dec 7,728.4 1,090.0 585.7 506.2 664.3 179.1 63.1 993.3 4,081.8 976.4 1,193.71,273.6 203.0 1945—Dec 31 8,802.8 892.5 464.2 539.7 722.3 179.7 106.5 1,132.1 4,037.0 ,395.7 1,338.41,784.1 247.5 1946—Jan. 31.. 8,822.9 858.3 553.6 538.4 728.6 179.6 107.3 1,142.9 4,108.7 1,342.6 1,345.11,780.5 246.0 Feb. 28.. 8,775.1 804.7 531.6 525.8 731.1 179.4 133.5 1,125.5 4,031.7 1,357.0 1,350.7 1,764.9 270.9 Mar 31 . 8,730.8 719.1 515.1 536.5 728.8 179.3 136.2 1,116.7 3,931.7 1,370.5 1,391.51,716.5 320.6 Apr. 30. . 8,674.4 709.5 453.3 528.2 730.4 179.3 159.0 1,140.0 3,899.6 1,347.7 1,400.91,723.1 303.1 May 31... 8,405.8 585.8 464.1 426.3 725.4 179.2 165.7 1,152.2 3,698.7 1,306.2 1,431.5 1,677.5 291.9 June 30 . 8,338.2 485.3 432.5 411.9 737.0 179.3 170.4 1,138.3 3,554.8 1,313.2 1,471.61,560.3 438.4 Julv 31.. 8,496.2 756.0 419.4 389.4 741.0 179.6 196.9 1,108.5 3,790.7 1,278.7 1,486.11,492.1 448.5 Aug.31... '8,344.2 624.1 393.2 '376.4 752.5 179.6 201.0 1,085.2 '3,612.0 1,223.5 1,566.21,425.4 517.0 Sept 30 . '8.250.1 665.1 421.1 '370.1 745.9 179.3 203.5 1,064.6 '3,649.5 1,177.7 1,544.81,365.9 512.2 Oct 31 . '8,280.2 736.3 433.1 '351.1 756.3 180.0 213.4 1,068.7 '3,738.9 1,110.6 1,569.61,326.6 534.5 Nov.30 8,270.4 640.9 401.7 322.8 760.9 180.4 228.0 1,069.1 3,603.8 1.O67.C1,546.41,327.4 725.8 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 Asia* ot A he ll r1 1935—Dec. (Jan. 1, 1936)... 631.5 128.6 129.6 55.7 72.4 -.8 7.3 60.7 453.5 46.0 33.5 87.0 11.5 1936—Dec. 30 989.5 163.5 144.2 65.9 109.8 2.7 23.0 79.7 588.9 86.8 149.3 149.4 15.2 1937—Dec. 29 ,259.3 189.3 111.8 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). .. ,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) . .. ,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). .. ,239.3 293.3 458.0 160.3 494.7 -22.9 -.9 603.7 1,986.3 334.1 326.4 531.2 61.3 1941—Dec. 31 ,979.6 328.6 416.5 161.0 326.2 -23.1 -3.4 561.1 1,766.9 273.1 296.7 541.4 101.6 1942—Dec. 31 r465.5 493.3 394.5 170.0 166.3 -22.7 -6.2 502.5 1,697.5 399.5 482.8 743.9 141.9 1943—Dec. 31 ,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 ,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—Dec. 31 ,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 ,234.7 617.7 318.2 277.3 297.5 -23.3 50.8 757.6 2,295.8 1,242.8 929.4 ,554.5 212.3 Feb. 28 ,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 ,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 ,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 ,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 ,853.5 273.7 205.8 239.5 314.6 -23.9 116.6 771.5 1,897.9 ,155.8 ,029.7 ,360.8 409.3 July 31 ,149.7 599.7 19-5.1 217.5 318.8 -23.8 145.2 742.2 2,194.8 ,176.4 ,052.8 ,306.8 418.9 Aug. 31 ,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 ,930.8 509.0 195.4 222.4 333.1 -23.8 158.6 703.2 2.097.9 ,069.6 ,059.2 ,215.8 488.3 Oct. 31 ,925.3 576.8 204.5 199.1 345.5 -23.4 168.6 712.1 2,183.0 995.4 ,058.9 ,178.7 509.3 Nov. 30 ,936.8 485.5 181.2 185.8 353.2 -23.0 185.2 716.1 2,084.0 937.4 ,029.3 ,183.9 702.3 TABLE 4,—DECREASE IN U. S. BANKING FUNDS ABROAD, BY COUNTRIES From Jan. 2, 1935, through— Total U K d n o in i m t g e - d France N la e e n r t d - h s - S l w a e n r i - t d z- m G a e n r- y Italy E O u t r h o e p r e E T u o r t o a p l e C a a d n a - A L m a e t r i i n ca Asia* 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. 31 888.8 279.4 77.8 18.1 6.6 196.7 26.2 56.8 661.5 58.6 68.3 93.8 6.6 1943—Dec. 31 877.6 272.1 77.9 18.3 5.1 196.9 26.2 60.0 656.5 55.1 55.7 102.7 7.5 1944—Dec. 31 805.8 266.1 77.7 18.3 6.8 196.9 26.2 34.6 626.6 64.8 37.0 77.7 -.3 1945—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 '554.0 226.2 76.0 •-104.2 3.4 196.9 17.8 49.1 '465.2 49.3 -17.3 61.1 -4.2 Sept. 30 '519.8 226.7 76.1 "-118.4 2.6 196.9 15.9 39.5 '439.2 42.6 -14.6 56.4 -3.7 Oct. 31 '532.8 235.5 75.1 •-110.2 3.7 196.9 16.0 35.1 452.0 43.2 -14.1 54.8 -3.1 Nov. 30 492.9 236.1 75.0 -120.2 1.8 196.9 13.7 32.1 435.4 40.0 -32.2 54.1 -4.4 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 Inflow less than $50,000. 470 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Con tinned NET CAPITAL MOVEMENT TO UNITED STATES SINCE JANUARY 2, 1935—Continued [Net movement from United States, (—). In millions of dollars] TABLE 5.—FOREIGN SECURITIES: RETURN OF U. S. FUNDS, BY COUNTRIES (Net Purchases by Foreigners of Foreign Securities Owned in U. S.) From Jan. 2, 1935, through— Total U K d n 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 ro ta p l e C a a d n a - A L m a e t r i i n ca Asia1 ^ o A th l e l r1 1935—Dec. (Jan. 1, 1936) . .. 125.2 67.8 6.8 7.4 -1.2 13.3 2.9 46.1 143.1 -39.7 12.7 7.9 1.1 1936—Dec. 30 316.2 116.1 18.2 10.4 13.7 22.5 9.4 87.9 278.3 1.7 15.7 17.0 3.5 1937—Dec. 29 583.2 136.8 22.8 21.2 30.4 26.6 13.5 115.2 366.4 10.5 175.0 24.5 6.8 1938—Dec. (Jan. 4, 1939) . .. 641.8 127.7 26.1 27.3 36.1 33.5 22.0 167.8 440.6 —9.7 167.4 33.8 9.7 1939—Dec. (Jan. 3, 1940). .. 725.7 125.5 42.1 29.4 45.0 36.6 27.6 189.0 495.2 -7.6 184.0 42.8 11.3 1940—Dec. (Jan. 1, 1941) . .. 803.8 128.6 43.4 31.0 46.0 36.5 28.1 196.4 510.0 25.0 202.3 53.0 13.5 1941—Dec. 31 855.5 127.6 51.6 31.5 44.3 36.5 28.1 201.8 521.3 35.4 221.1 61.2 16.6 1942—Dec. 31 848.2 125.4 52.4 31.6 44.9 36.5 28.0 207.6 526.3 -3.0 245.4 61.5 18.0 1943—Dec. 31 925.9 127.6 50.6 33.0 44.7 36.5 27.9 210.1 530.3 41.2 272.3 62.2 19.9 1944—Dec. 31 1,019.4 126.5 51.0 33.6 44.5 36.5 27.6 210.4 530.1 104.9 302.0 61.3 21.0 1945—Dec. 31 972.8 117.7 51.2 33.0 45.2 36.5 27.5 212.8 523.8 49.1 317.1 60.8 22.0 1946—Jan. 31 1,097.8 115.0 51.1 33.4 44.9 36.5 27.3 212.5 520.7 176.8 317.6 60.9 21.9 Feb. 28 1,067.2 113.9 51.0 33.4 45.0 36.5 27.3 212.6 519.7 144.3 320.5 60.6 22.1 Mar. 31 1,073.0 112.4 51.1 33.1 45.0 36.5 27.3 212.9 518.3 149.1 323.1 60.4 22.1 Apr. 30 1,076.1 110.8 51.2 33.2 45.1 36.5 27.3 213.1 517.2 147.8 328.8' 60.C 22.5 May 31 1,104.2 110.9 51.1 33.3 44.9 36.5 27.3 213.3 517.3 169.8 334.4 59. S< 22.9 June 30 1,103.9 109.7 51.0 33.2 45.0 36.7 27.3 213.8 516.7 166.2 338.1* 59.8 23.0 July 31 1,125.3 107.3 50.9 33.1 44.9 36.9 27.3 221.5 521.9 179.7 341.0 59.7 23.0 Aug. 31 1,141.9 101.5 49.9 31.4 36.4 36.9 27.1 220.7 503.8 193.7 378.2- 59.7 6.5 Sept. 30 1.170.7 100.4 49.9 30.3 37.4 36.9 27.1 221.3 503.4 200.2 390.3 59.4 17.4 Oct. 31 1,196.9 98.3 49.5 29.1 34.5 36.9 26.8 221.1 496.2 207.7 414.2 59.4 19.3 Nov. 30 1.231.5 95.0 49.1 27.5 31.0 36.9 26.7 220.3 486.5 226.4 439.9' 59.5 19.3 TABLE 6.—DOMESTIC SECURITIES: INFLOW OF FOREIGN FUNDS, BY COUNTRIES (Net Purchases by Foreigners of U. S. Securities) 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) . .. 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 1,162.0 448.7 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) . .. 1,219.7 472.6 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). .. 1,133.7 328.1 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 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 — ]l 75 3 644 7 —45 1 35 2 27 7 10 9 1943—£)ec 3i 701.1 -10D.3 82.7 239.9 367.3 -30.8 .6 86.3 645.7 —58.2 40.5 62.5 10.6 1944—D^ 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 1 1 9 9 4 4 5 5 — — T j j> an e.c > 3 3 1 1 6 7 2 9 5 8 . . 9 7 - - 1 1 5 6 7 1 . . 9 9 8 8 1 1 . . 7 8 2 2 3 2 3 8 . . 5 6 3 3 5 5 5 4 . . 4 0 - — 3 3 0 0 .4 .4 2 2 . . 2 4 9 9 8 3. . 7 5 5 5 8 6 2 8 . . 9 3 - -1 1 1 2 4 6 . . 5 6 8 8 1 9 . . 3 3 2 7 5 3 1 . . 0 3 9 9 . . 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 2 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 52Q.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 Nov 30 454.4 -194.9 74.3 213.6 336.3 -30.4 2.0 85.9 486.7 -158.2 94.1 25.0 6.9 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- ds 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 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 h l e l r1 1935—Dec. (Jan. 1, 1936). .. 6.0 2.4 1.3 2.5 -.2 .1 1.4 7.6 -4.5 1.0 2.9 -.9 1935—Dec. 30 12.9 4.0 10.4 — .9 9.1 — .7 .3 4 22 6 — 7 6 —4 2 2 1 1937—Dec 29 47.5 11.5 11.5 5.0 10.8 .1 5.0 44.0 3.5 — .5 .5 1938—Dec. (Jan. 4, 1939) . .. 47.6 13.4 12.9 6.8 9.6 — .2 .2 5.2 47.9 1.8 -.9 -1.5 1939—Dec. (Jan. 3, 1940) . .. 80.6 19.4 20.1 9.3 17.8 .1 5.0 71.6 8.7 1.6 -3.4 2!l 1940—Dec. (Jan. 1, 1941) . .. 100.9 17.0 19.9 13.4 16.2 — .2 .2 7.9 74.3 10.7 9.2 6.0 .7 1941—Dec 3i 100.9 16.8 19.9 17.6 13.5 -.2 .2 8.0 75.7 14.1 3.9 6.3 .8 1942—Dec. 31 104.4 17.4 20.7 17.5 13.7 — .1 .2 8 7 78 1 15 2 4 2 6 0 Q 1943—Dec 3i 117.8 18.8 21.5 19.9 19.3 -.2 .3 9.4 89.1 17.6 3.8 6.0 L.3 1944—Dec 31 126.3 18.5 23.1 22.3 23.0 00 .3 10.5 97.7 16.2 5.1 5.6 L.8 1945—Dec 31 144.1 19.8 23.4 26.0 30.3 .4 13.6 113.6 19.5 5.9 3.8 1.3 1946—Tan 31 135.1 21.3 24.2 16.2 30.3 .4 13.1 105.6 19.0 5.5 3.6 L.5 Feb 28 133.9 20.7 24.7 16.2 30.9 .4 13.1 105 9 18 9 3 9 3 9 Mar. 31 139.9 20.0 24.1 16.1 32.1 § .4 13.3 106 0 19 9 8.2 4.5 Apr 30 141.7 19.2 24.3 15.7 32.0 .5 13.1 104.8 19.4 11.3 4.8 L.3 May 31 140.9 19.1 24.2 16.0 32.2 ( 2 ) .5 12.9 105.0 19.6 10.9 4.1 L.4 June 30 141.4 19.3 24.3 15.9 33.4 .5 12.9 106 3 18 5 10 2 4 8 s July 31 140.9 18.9 24.4 16.1 33.8 .5 13.2 107.0 19.8 8.5 3.9 1 7 Aug. 31 146.8 19.2 23.7 15.8 35.9 .5 13.7 108.9 19.1 12.9 4.4 L.6 Sept 30 150.4 18.6 22.1 15.7 36.9 -. 3 .3 14.2 107 5 19 2 18.3 3 7 6 Oct. 31 153.1 19.2 22.4 16.3 37.9 .5 14.1 110.4 20.1 17.1 4.0 1.5 Nov. 30 4154.7 19.2 22.0 16.1 38.6 .5 14.8 111.2 21.5 15.3 5.0 1.8 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. a Outflow less than $50,000. 4 Amounts outstanding Nov. 30, in millions of dollars: foreign brokerage balances in United States, 108.3; United States brokerage balances abroad, 30.5. APRIL 1947 471 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 ll r 2 private 1934—Dec8 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 8 1,301.1 130 3 205 5 163 5 68 6 86 1 29.0 26 1 107.5 686 3 145 3 156 3 289.8 23 4 1936—Dec. 30.... 1,623.3 232.5 235! 7 176!3 78^8 123^5 32.0 41! 7 126.3 814^3 186! 1 263! 9 331! 9 27'.\ 1937—Dec. 29.... 1,893.1 427.1 261.5 143.9 89.1 302.1 39.0 25.7 156.0 1,017.1 175.6 280.9 399.5 20.0 1938—Dec* ..... 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—Dec8 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 8 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 l,994lo • 373.2 417^7 780 !o in!6 1942—Dec. 31.... 4,205.4 2,244.4 554.6 432.3 186.6 184.2 7.5 12.1 643.4 2,020.7 507.4 597.7 930.0 149.6 1943—Dec. 31.... 5,374.9 3,320.3 1,000.8 439.9 193.3 210.6 6.5 11.3 722.1 2,584.5 812.6 693.71,108.8 175.3 1944—Dec. 31... 5,596.8 3,335.2 865.7 401.2 209.7 239.3 6.8 27.3 767.7 2,517.8 926.5 909.31,069.2 174.0 1945—Dec. 31.... 6,883.1 4,179.3 707.7 310.0 281.6 304.2 7.0 70.4 902.1 2,583.0 1,522.2 1,046.41,549.7 181.8 1946—Jan. 31.... <6,993.2 4,331.8 679.0 398.3 293.9 315.5 6.9 71.1 890.6 2,655.4 1,350.7 1,050.9 1,735.1 <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 1,349.7 1,043.51,723.6 225.8 Mar. 31.... 6,927.8 4,185.4 553.8 364.5 295.0 321.2 6.6 100.5 871.0 2,512.4 1,359.7 1,094.0 1,685.6 276.1 Apr. 30 6,883.1 4,074.9 553.4 305.8 294.9 324.4 6.6 123.4 894.0 2,502.5 1,344.11,077.7 1,699.3 259.4 May 31.... 6,654.6 3,849.9 434.4 319.7 268.4 323.2 6.5 130.5 910.6 2,393.2 1,248.2 1,108.11,655.7 249.4 June 30 6,612.0 3,773.1 335.1 286.0 256.1 332.5 6.4 137.0 904.5 2,257.4 1,263.8 1,151.31,541.4 398.1 July 31 6,908.2 4,116.8 661.1 275.2 234.1 336.7 6.4 165.5 875.3 2,554.4 1,284.31,174.41,487.5 407.7 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 1,177.51,180.7 1 ,,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 52,538.3 1,103.31,180.51,359.3 498.1 Nov. 30.... 6,691.0 3,704.4 546.8 261.4 202.4 366.8 7.3 205.5 849.1 2,439.31,045.31,150.81,364.5 691.1 LIABILITIES—SUPPLEMENTARY DATA Other Europe Date E O u th ro e p r e g B iu e m l- m De a n rk - l F a i n n d - Greece6 L b u o x u e rg m 8 - N w o a r y - P g o a 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—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 1945— F ja e n b . 3 2 i 8 8 8 7 9 5 0 . . 0 6 1 1 8 6 4 7 . . 9 6 4 4 1 0 . . 6 1 1 6 0 . . 6 7 6 7 9 0 . . 7 0 2 22 2 . . 4 3 1 1 7 7 6 5 . . 5 0 4 4 7 5 . . 5 3 9 9 . . 2 3 3 3 7 7 . . 4 1 2 2 1 1 2 4 . . 9 0 2 2 9 8 . . 7 5 6 6 . . 6 3 4 4 8 6 . . 4 4 Mar 31 871.0 166.3 44.2 11.2 74.9 22.3 174.0 " 45.4 9.2 35.4 205.2 24.8 6.8 51.2 Apr. 30 894.0 176.4 47.4 10.1 76.7 22.0 159.3 49.7 10.0 36.2 200.0 44.9 7.7 53.6 May 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 Nov. 30 849.1 186.0 57.0 18.6 55.5 21.8 123.1 43.5 9.0 15.3 165.4 53.2 10.4 90.3 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 - 7 - 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- W l 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 Surinanr 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—Dec. 31 ,046.4 77.3 14.5 195.1 66.3 79.2 6.9 128.3 7.1 116.4 28.2 43.9 49.7 144.8 1946—Jan. 31 ,050.9 94.8 13.6 192.3 66.6 82.4 6.0 122.2 7.2 125.9 20.9 43.4 36.0 150.3 Feb. 28 ,043.5 80.0 13.4 199.6 64.6 80.6 5.7 120.5 7.1 128.3 22.8 45.0 42.4 146.0 Mar. 31 ,094.0 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 ,077.7 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 ,108.1 92.6 11.9 222.0 55.3 69.6 6.9 163.7 7.0 119.8 19.2 88.9 40.3 50.3 160.5 June 30 ,151.3 116.6 10.7 218.8 59.3 66.3 6.7 169.6 7.0 137.1 16.7 87.1 40.6 46.1 168.6 July 31 ,174.4 124.4 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 1,226.6 147.9 11.5 255.9 53.9 67.4 6.5 175.6 7.4 143.1 14.1 84.3 38.8 50.9 169.4 Sept. 30 1,180.7 144.5 13.5 231.0 51.2 65.2 6.7 160.6 7.8 142.2 13.7 85.4 39.1 52.5 167.3 Oct. 31 1,180.5 147.9 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 Nov. 30 1,150.8 131.4 13.6 205.6 50.5 60.7 8.6 159.1 6.0 143.2 13.5 84.1 40.7 67.3 166.7 For footnotes see p. 473. 472 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued SHORT-TERM FOREIGN LIABILITIES AND ASSETS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES—Continued [In millions of dollars] LIABILITIES—SUPPLEMENTARY DATA—Continued Asia and All Other Date Asia C M c a r h h n i a i u a d n n - a - F C I r n h e d i n n o c a - h 1 H K o o n n g g I C B n a l m o d n e u n a y d i r , a 1 - - , M l B t a is r y a i h a - - 1 Japan I N l n E a e d e n a r t i d s - e h t s s - 1 i l P p a I h n p s i - i d l n - s eT k u ey r- 1 O A t s h i e a r ot A h l e l r2 A t l u r ia s a - - N Z la e e n a w d - A E S E t a n u g i g n a g d y y d n l a p p o n t - - F r r M o e c o n c - c o h S A U o f n o u r 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. (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 0 113 6 1942—Dec. 31'.'.'.'.'. 930.0 360^9 "27 4 41'. 6 13.1 T.0 4!8 160.4 254.7 29. 9 36.2 149.6 23 1 4.8 6.8 12.1 11.0 91.8 1943—Dec. 31 1,108.8 574.2 27 4 23.9 18.2 9 4. 1 110.1 259.1 35. 4 55.5 175 .3 25 3 5.1 6.1 10.3 4.5 124 .1 1944—Dec. 31 1,069.2 427.3 27 4 22.9 22.1 1.3 4. 0 110.5 365.823. 7 64.2 174.0 52 9 3.5 7.3 4.3 8.3 97.6 1945—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 3.9 100.7 635.7 62. 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. 7 102.1 617.0 66.9 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 l!6 3.5 100.2 505.569. 3 86.8 398 .1 24 4 7.5 17.7 11.2 12.8 '324.5 July 31 1,487.5 611.9 47 2 33.2 33.2 2. 2 9. 2 114.3 482.464. 5 89.5 407 .7 28 7 6.4 17.7 11.5 10.1 333 .3 Aug. 31 1,437.5 561.8 55 0 34.1 28.3 10. 3 13. 4 120.1 466.9 62.9 84.6 493 .2 33 6 5.2 19.0 11.6 13.4 410 .3 Sept. 30 1,396.4 525.3 42 9 37.9 35.8 9. 3 9. 5 128.9 465.2 61.0 80.6 477 .1 39 9 5.5 20.2 13.4 24.5 373 .6 Oct. 31 1,359.3 490.1 37 7 35.6 33.3 9. 5 14. 1 133.4 466.658. 6 80 c 498 .1 41 1 5.5 21.8 13.3 29.4 386 .9 Nov. 30 1,364.5 456.5 36 2 46.1 40.1 17. 2 14. 1 134.5 466.364. 89. 2 691 .1 35 1 5.7 22.3 14.5 52.2 561 .2 1 Prior to June 30, 1942, included under "Other Asia." 2 Country breakdown not available until June 30, 1942. 3 See footnote 4 below. Footnotes to table on p. 472. 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." 3 Report dates for these years are as follows: 1934—Jan. 2, 1935; 1935—Jan. 1, 1936; 1938—Jan. 4, 1939; 1939—Jan. 3, 1940; and 1940— Jan. 1, 1941. 4 These figures are not strictly comparable with the corresponding figures for preceding months due to inclusion for first time of the accounts of international institutions. The cumulative figures in Tables 1, 2, and 3 of "Net Capital Movement to United States" have been adjusted to exclude the unreal movement introduced by this change. 5 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. • Prior to June 30, 1942, included under "All other." 7 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 t m g ed - France N la e e n r t d - h s - S l w a e n r i - t d z- m G a e n r- y Italy E O u t r h o e p r e E T u o ro ta p l e C ad an a - A L m i a c t a e in r- Asia1 ot A h l e l r1 1934—Dec. (Jan. 2, 1935) 1,139.9 296.9 80.5 18.6 8.2 231.7 27.2 80.0 743.2 96.3 174.6 117.4 8.5 1935—Dec. (Jan. 1, 1936) 778.6 88.1 32.5 19.0 6.6 202.0 13.5 71.2 433.0 100.9 154.5 80.1 10.1 1936—Dec. 30 672.6 114.1 16.8 21.9 5.4 165.1 10.9 57.8 392.1 59.4 141.1 67.2 12.9 1937—Dec. 29 655.0 84.8 13.5 23.0 5.5 126.1 20.8 52.9 326.5 118.0 114.4 78.9 17.2 1938—Dec. (Jan. 4, 1939) 594.0 86.0 10.3 24.2 5.5 89.4 13.5 45.9 274.9 60.4 99.1 144.1 15.5 1939—Dec. (Jan. 3, 1940) 508.7 39.9 4.9 5.7 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—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 '581.5 65.8 3.1 '122.8 4.7 33.9 8.8 29.9 '269.0 43.6 185.3 68.0 15.6 Sept. 30 r615.7 65.3 3.0 '137.1 5.5 33.9 10.7 39.6 '294.9 50.3 182.6 72.7 15.1 Oct. 31 ••602.7 56.5 3.9 '128.8 4.5 33.9 10.5 44.0 ••282.1 49.7 182.1 74.3 14.5 Nov. 30 642.6 55.9 4.1 138.8 6.3 33.9 12.9 46.9 298.8 52.9 200.2 75.0 15.8 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." 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. APRIL 1947 473 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued SHORT-TERM FOREIGN LIABILITIES AND ASSETS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES—Continued [In millions of dollars] ASSETS—SUPPLEMENTARY DATA Other Europe Date E O u t r h o e p r e g B iu e m l- m D a en rk - l F a i n n d - Greece1 L b u o x u e r m g1 - N w o a r y - tu P g o a r- l1 m R an u i - a1 Spain: S d w en e- USSR1 s Y la u v g i o a - 1 o A th l e l r 1939—Dec. (Jan. 3, 1,940). 51.4 6.5 3.2 1.4 3.6 8.7 28.0 1940—Dec. (Jan. 1, 1941). 29 1.5 .3 1 .9 1.0 24.5 1941—Dec. 31 26.2 1.1 00 1.9 5 .6 22.1 1942—Dec. 31 22.3 .8 5.6 1.1 .2 2.4" 3.2 .4 8.4 1943—Dec. 31 19.0 .7 8 7.6 .6 .2 1.4 3.2 .2 5.0 1944—Dec. 31 44.4 .7 •6 35.1 .8 1.8 .2 5.1 1945—Dec. 31. 40.8 .6 () () .7 31.6 .5 1.6 .9 4.7 1946—Jan. 31. 13.1 1.8 1.0 1.3 .7 .1 .4 1.8 1.1 4.8 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 l.i .6 2.0 .2 .4 1.4 2.4 5.0 May 31. 20.5 5.0 .1 2.0 1.5 1.2 .6 2.1 3.0 5U June 30. 27.7 7.7 .1 4.4 1.1 .3 .5 2.9 5.6 5.0 July 31. 33.2 8.8 .2 4.3 1.6 .6 .7 4.2 7.6 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 5.5 Oct. 31. 44.0 7.2 .4 4.3 12.6 .7 1.3 7.2 4.1 6.1 Nov. 30. 46.9 7.7 .5 5.9 13.0 2.1 .9 6.5 3.9 6.2 Latin America French Nether- 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 - 8 Brazil Chile l b C o i m a o * - - C R o ic s a t * a Cuba I W G a n a n d n u e a i d i s e 1 - t s Mexico I l W n S n a a a u d n n e m r i d d s i e s - 1 t s P m an a a 4 - Peru* V zu e e n la e * - O A L i a m t c h t a i e e n r r - 1939—Dec. (Jan. 3,1940)... 113.3 16.8 32.2 9.7 10.5 5.9 1.0 37.2 1940—Dec. (Jan. 1, 1941)... 122.7 11.9 33.1 13.4 11.7 6.1 2.1 44.4 1941—Dec. 31 148.3 16.8 38.0 14.9 11.3 7.6 2.4 57.3 1942—Dec. 31 99.7 6.9 3.6 16.7 15.3 2O!7 .6 8 3 2 4 8 3 2 1 2^8 3.9 14 2 1943—jyeCt 3i 112.2 15.3 1.8 18.9 16.6 12.2 .7 20.1 (2) 11.2 5 1.1 1.4 3.8 8.7 r 1944— Dec. 31 131.0 3.1 1.8 25.3 9.0 15.5 1.2 47.4 (2) 8.6 .3 .8 1.2 5.1 11.7 1945—Dec, 31 158.9 21.0 1.3 24.7 6.6 16.8 1.2 33.3 .1 11.0 5 1.1 1.9 6.1 33 4 I945—jan. 31 164.7 24.2 1.7 26.8 7.0 17.5 1.4 33.9 .1 10.5 3 1.9 3.3 6.6 29.5 Feb. 28 161.2 18.0 1.5 29.7 6.2 18.1 1.5 32.9 .1 13.9 .4 2.8 3.5 6.9 25.9 Mar. 31 178.4 24.7 2.7 30.0 7.1 20 1 1 4 37 1 1 14 3 5 2 9 3 8 7 7 26 1 Apr. 30 166.1 26.8 2.9 31.9 7.0 20 0 1 4 22 9 1 14 1 4 1 1 3 6 7 4 26 6 May 31 158.0 20.4 2.0 30.9 6.7 21.2 1.2 27.6 .1 13 5 5 1.1 3.8 7 7 21.2 June 30 164.7 20.4 3.1 28.4 8.0 23.2 1.5 29.3 (2) 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 2 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 Nov. 30 200.2 24.0 2.0 43.9 14.0 19.8 2.5 41.1 .1 20.6 .5 .8 2.7 6.6 21.7 Asia and All Other Date Asia C M c a r h h n i a i a u d n n - a - F C I r n h e d i n n o c a - h 5 H K o o n n g g I C B n a m d n e u a y i d r a , - - , M l t B a is y r a h i a - - ' Japan I N l n E a e d e n a r i t d s - e h t s s - 5 i l P p a I h n p s i i d - l n s - eT k u ey r- 5 O A t s h i e a r ot A h l e l r6 A t l r u ia a s - -N Z la e e n a w d - A E E t a g n i g n a g y y d n l p p o t - , F r r M o e c n o c c - o h S U A o f o n u r i f i o t c h n a Other lon* Sudan 1939—Dec. (Jan. 3, 1940) 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 1941—Dec. 31 87.9 23.5 3.1 18.9 23.0 19.5 9.7 1942—Dec. 31 35.3 11.1 .9 2.2 .7 1.6 14.4 1.8 2.0 4.8 1.0 .7 1.7 1.2 1 1 9 9 4 4 4 3 — — D D e e c c . . 3 3 1 1 5 2 1 6 . . 4 3 1 1 . . 5 7 1. . 0 9 22 2 . . 3 0 . . 5 1 1 1 . . 7 5 1 1 3 3 . . 9 8 3 1 . . 2 8 1. 1 3 1 . . 9 7 . . 6 5 . . 2 2 9 2 . . 7 4 .7 1.0 1945—Dec. 31. 29.9 1.0 7.5 .1 1.4 13.8 2.0 2.7 9.9 1.7 .7 4.7 2.5 1946—Jan. 31. 40.6 7.7 1.1 7.9 .1 1.4 18.5 1.0 2.5 10.8 2.1 .6 5.0 2.9 Feb. 28. 43.6 9.7 () .8 7.0 .3 1.4 20.1 1.1 2.8 10.5 1.8 .7 5.3 2.4 Mar. 31. 53.6 22.8 .2 1.5 6.8 .2 1.4 16.0 1.1 3.3 11.0 1.3 .7 5.8 2.9 Aor. 30. 57.1 25.6 1.5 7.2 .2 1.4 16.1 .9 3.9 11.6 1.5 .6 6.7 2.6 May 31. 54.4 22.6 2.0 6.6 .3 1.4 16.7 .9 3.6 12.9 1.8 .6 7 2.5 June 30. 56.2 23.9 () 2.0 7.4 .1 1.4 16.7 .9 3.5 15.3 1.9 .6 8.5 3.9 July 31. 57.1 19.0 2.2 9.4 1.7 1.2 18.5 .9 3.9 14.8 2.9 1.1 8.0 2.5 Aug. 31. 68.0 28.6 00 2.9 10.8 .1 1.3 19.2 .9 3.9 15.6 2.9 1.2 8.1 3.0 Sept. 30. 72.7 34.7 ) 3.2 11.7 .2 1.2 16.6 .9 3.9 15.1 3.3 1.2 7.7 2.5 Oct. 31. 74.3 34.6 6.5 10.1 .2 1.0 16.0 1.3 4.0 14.5 2.7 1.0 8.4 2.0 Nov. 30. 75.0 40.8 4.0 9.1 .2 .9 14.7 .9 4.2 15.8 3.1 .9 9.1 2.4 1 Prior to June 30, 1942, included under "All other." ' Less than $50,000. • Prior to June 30, 1942, included under "Other Latin America." < Included "Canal Zone" prior to June 30, 1942. 6 Prior to June 30, 1942, included under "Other Asia." • Country breakdown not available until June 30, 1942. 474 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS Assets of issue Assets of banking department Liabilities of banking department department Bank of England Note (Fig p u o r u e n s d s in s t m er il l l i i n o g n ) s of Gold* Other C C o a i s n h rese N rv o e te s s a c v n o a D d n u i c s n a - e t d s s - Se t c ie u s ri- ci t r i c o u n l * a- Bankers' D P e u p b o l s ic its Other l O ia t t i b h e i s e li r - 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 •630.0 .9 13.3 4.0 199.1 616.9 135.7 12.5 51.2 17.9 1941—Dec. 31. .2 •780.0 .3 28.5 6.4 267.8 751.7 219.9 11.2 54.1 17.9 1942—Dec. 30. .2 •950.0 .9 26.8 3.5 267.9 923.4 223.4 9.0 48.8 17.9 1943—Dec. 29. .2 ,100.0 .9 11.6 2.5 307.9 ,088.7 234.3 10.3 60.4 17.9 1944—Dec. 27. .2 ,250.0 1.9 11.6 5.1 317.4 ,238.6 260.7 5.2 52.3 17.8 1945—Dec. 26. .2 .400.0 .4 20.3 8.4 327.0 ,379.9 274.5 5.3 58.5 17.8 1946—Mar. 27. .2 ,400.0 .8 71.9 20.0 238.7 ,328.3 249.1 9.9 54.0 18.5 Apr. 24. .2 ,400.0 1.0 52.0 22.4 256.3 ,348.3 253.4 7.4 53.1 17.8 May 29. .2 ,400.0 1.5 58.6 16.7 250.9 ,341.7 244 8 7.4 57.4 18.0 June 26. .2 ,400.0 1.8 36.4 12.5 315.2 ,363.9 286.0 5.3 56.5 18.1 July 31. .2 ,400.0 1.4 13.4 15.8 288.0 .386.9 238.7 7.1 54.4 Aug. 28. .2 ,400.0 1.1 32.7 9.9 343.4 ,367.5 307.6 7.0 54.0 Sept. 25. .2 ,400.0 1.2 41.5 18.8 324.6 ,358.7 302.9 9.3 . 55.5 Oct. 30. .2 ,400.0 1.0 38.5 9.5 327.2 ,361.8 292.7 8.2 57.5 Nov. 27. .2 ,400.0 1.1 34.2 25.3 333.9 ,366.0 310.1 10.1 56.3 17.9 Dec. 25. .2 •1,450.0 1.3 22.1 13.6 327.6 1,428.2 278.9 10.3 57.3 18.1 1947—Jan. 29. .2 1,450.0 1.0 85.8 25.4 271.0 1,364.5 288.4 16.0 60.6 18.3 Feb. 26* .2 1,450.0 .9 74.7 16.0 294.6 1,375.6 285.2 22.4 60.1 18.4 Assets Liabilities Bank of Canada Dominion and provincial government Deposits (Figures in millions of Sterling securities Canadian dollars) Gold and S t U at n e i s ted a O s t s h e e ts r rirc N ul o a t t e ion7 lia O bi t l h it e i r es* dollars Short- Chartered Dominion term1 Other banks g m ov e e n r t n- Other 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 ,036.0 401.7 12.9 27.7 209.1 1945—Dec. 31.. 156.8 1,157.3 688.3 29.5 ,129.1 521.2 153.3 29.8 198.5 1946—Mar. 30. 95.2 1,296.2 559.9 39.4 ,102.2 518.1 149.2 132.1 Apr. 30. 24.1 1,348.0 553.0 48.6 ,114.4 555.8 183.3 57.4 May 31. 2.0 1,230.0 541.1 52.9 ,109.5 493.9 87.1 57.2 June 29. 2.0 1,218.5 540.7 30.8 ,114.0 500.5 57.9 85.6 34.2 July 31. 1.8 1,276.6 541.8 31.4 ,117.9 532.5 69.1 90.1 42.1 Aug. 31. 1.7 1,257.7 530.8 44.1 ,127.4 521.1 69.1 79.7 37.1 Sept. 30. .7 1,259.1 523.9 38.3 ,147.5 511.3 27.4 87.8 48.0 Oct. 31. .9 1,301.5 521.5 40.1 ,156.9 538.6 36.6 85.2 46.7 Nov. 30. .9 1,283.8 605.0 40.9 ,161.1 579.5 63.9 79.4 46.8 Dec. 31. 1.0 1,197.4 708.2 42.1 ,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 Feb. 28. 1.0 1,172.3 738.9 47.6 1,137.9 493.6 215.7 75.3 37.3 P Preliminary. i 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. s Securities and silver coin held as cover for fiduciary issue, the amount of which is also shown by this figure. 8 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. 6 Fiduciary issue increased by 50'million pounds on June 12, 1940, Apr. 30, Aug. 30, and Dec. 3, 1941, and Apr. 22 and July 28, 1942; by 70 million pounds on Dec. 2, 1942; and by 50 million pounds on Apr. 13, Oct. 6, and Dec. 8, 1943, Mar. 7, Aug. 2, and Dec. 6, 1944, May 8, July 3, and Dec. 10, 1945, and on Dec. 10, 1946. 6 Securities maturing in two years or less. 7 Includes notes held by the chartered banks, which constitute an important part of their reserves. 8 Beginning November 1944, includes a certain amount of sterling and United States dollars. 9 On May 1, 1940, gold transferred to Foreign Exchange Control Board in return for short-term Government securities (see BULLETIN for July 1940. pp. 677-678). NOTE.—For back figures on Bank of England and Bank of Canada, see Banking and Monetary Statistics, Tables 164 and 166, pp. 638-640 and pp. 644-645, respectively; for description of statistics see pp. 560-564 in same publication. APRIL 1947 475 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 e n 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 o p r s a t t o s i * c o - n Other* a O s t s h e e ts r ci N t r i c o o u n t l e a- G m ov e e n r t n- C.A.R.* Other l O ia t t i b h e i s e li r - 1935—Dec. 27... 66,296 1,328 5,800 9,712 11,705 81,150 2,862 8,716 2,113 1936— Dec. 30... 60.3S9 1,460 5,640 1,379 8,465 17,698 12,642 89,342 2,089 13,655 2,557 1937—Dec. 30... 58,933 911 5,580 652 10,066 31,909 11,733 93,837 3,461 19,326 3,160 1938—Dec. 29... 87,265 821 7,422 1,797 7,880 20,627 18,498 110,935 5,061 25,595 2,718 1939—Dec. 28... 597,267 112 11,273 2,345 5,149 34,673 20,094 151,322 1,914 14,751 2,925 1940—Dec. 26... 584,616 42 43,194 661 3,646 72,317 63,900 23,179 218,383 984 41,400 27,202 3,586 1941—Dec. 31... 84,598 38 42,115 12 4,517 142,507 69,500 22,121 270,144 1,517 64,580 25,272 3,894 1942—Dec. 31... 84,598 37 43,661 169 5,368 210,965 68,250 21,749 382,774 770 16,857 29,935 4,461 1943—Dec. 30... 84,598 37 44,699 29 7,543 326,973 64,400 21,420 500,386 578 10,724 33,137 4,872 1944—Dec. 28... 75,151 42 47,288 48 18,592 426,000 15,850 •35,221 572,510 748 37,855 7,078 1945—Dec. 27... 5129,817 68 23,038 303 25,548 426,000 639,122 570,006 12,048 57,755 4,087 1946—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 16,000 640,985 613,434 781 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 13,400 642,053 629,181 750 53,265 4,268 July 25... 94,817 6 64,769 45,324 426,000 8,600 840,915 612,879 717 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. 26*.. 94.817 7 77,621 3,135 76,254 426,000 67.900 647,577 721.865 765 63,468 7.211 1947—Jan. 30... 94,817 5 75,500 2,209 82,674 426,000 55,200 654,507 730,253 789 55,020 4,849 v Preliminary. 1 Gold revalued on Dec. 26, 1945, on basis of 134,027.90 francs per fine kilogram. For details on previous devaluations see BULLETIN for May 1940, pp. 406-407; January 1939, p. 29; September 1937, p. 853; and November 1936, pp. 878-880. * 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. * 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. 8 Includes 9,447 million francs charged to the State to reimburse the Bank for the gold turned over by it to the National Bank of Belgium on Dec. 22, 1944. NOTE.—For back figures see Banking and Monetary Statistics, Table 165, pp. 641-643; for description of statistics see pp. 562-563 in same publication. For last available report from the Reichsbank (February 1945) see BULLETIN for December 1946, p. 1424. Central Bank 1947 1946 Central Bank 1947 1946 (Figures as of last report (Figures as of last report date of month) Feb. Jan. Dec. Feb. date of month) Feb. Jan. Dec. Feb. Commonwealth Bank of Australia Central Bank of the Argentine —Continued Republic (millions of pesos): Deposits of Trading Banks: Gold reported separately 3.279 3,596 1,209 Special 274 740268 194247 553 Other gold and foreign exchange. 2,257 2,050 3,438 Other 28,927 28,693 35,481 Government securities 939 906 866 Other liabilities 117 750119 314152 934 Temporary advances to Govt.. . 32 39 41National Bank of Belgium Rediscounts and loans to banks1. 8,469 8,060 (millions of francs): Other assets 2,086 2 113 ' i48 Gold. 31 684 32 226 32 728 Currency circulation 2 4,041 4,065 2,940 Foreign exchange 7,578 5,648 4,575 Deposits—Member bank 385 286 1 833 Loans to Government 48 823 49 158C49 894 Government 647 593 398 Other loans and discounts 4,841 5,166 2,128 Nationalized * 11,150 11.07S Claim against Bank of Issue 64 597 64 597 64 597 Other 206 80 161 Other assets r2 268 r2^335 ci 727 Certificates of participation in Note circulation 73 334 72,165 73,14^ Government securities 1 161 Demand deposits 5,579 6,218 2,675; 633 664 208 Blocked accounts3 79 296 79 250 78 4^4 Other liabilities r\ 583 r\ 49g 1,398 Central Bank of Bolivia—Mone- Commonwealth Bank of Aus- tary Dept.4 (millions of bolivianos): tralia (thousands of pounds): Gold at home and abroad 920 917 Gold and foreign exchange 219,803223,672 185,800 Foreign exchange 339 566 Checks and bills of other banks. . 2,331 4,270 2,034 Loans and discounts 303 4 Securities (incl. Government and Government securities 431 533 Ot T he re r a a s s u s r e y t s bills) 39 6 0 . , 7 2 5 05 8 38 9 6 , , 4 2 2 6 5 542 1 3 9 , , 2 10 4 7 0 O N t o h t e e r c a ir s c s u et l s a tion f .. . 1,683 9 1,623 8 Note circulation 197.680207,430194,214 Deposits 306 404 Other liabilities 12 561 • Corrected. r Revised. 1 Government decree of Apr. 24, 1946, provided for the guarantee of all deposits registered in the name of the Central Bank. 2 By decree of May 24, 1946, the Central Bank became responsible for all subsidiary money. 1 Includes increment resulting from gold revaluation, notes forfeited to the State, and frozen old notes and current accounts. * Effective Jan. 1, 1946, a change in the Organic Law of the Banco Central de Bolivia divided the institution into Monetary (central banking functions) and Commercial Banking Departments 476 FEDERAL RESERVE BULLETIN 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 of last report (Figures as of last report date of month) Feb. Jan. Dec. Feb. date of month) Feb. Jan. Dec. Feb. National Bank of Bulgaria i Central Reserve Bank of El Salva- Central Bank of Chile (millions dor (thousands of colones): of pesos): Gold 35,156 32,699 32,958 Gold 287 297 384 Foreign exchange 45,988 40,251 39,069 Discounts for member banks... 660 636 287 Loans and discounts 4,265 4,895 1,360 Loans to Government 824 824 701 Government debt and securities. 5,729 5,352 6,307 Other loans and discounts 1,044 1,098 645 Other assets 6,204 1,416 1,720 Other assets 1,861 1,82'/ 892 Note circulation 54,726 49,531 48,789 Note circulation 3,407 3,565 850 Deposits 30,640 22,636 25,811 Deposits—Bank 612 456 545 Other liabilities 11,977 12,446 6,814 Other 210 217 188Bank of Finland i Other liabilities 446 445 326 Bank of Greece (billions of drach- Bank of the Republic of Colombia mae): (Nov.)3 (thousands of pesos): Gold and foreign exchange (net). 891 Gold 256,684254,428 Loans and discounts 18 Foreign exchange 48,042 54.052 Advances—Government 498 Loans and discounts 31,063 35,973 Other 586 Government loans and securities 92,104 85,696 Other assets 51 Other assets 33,151 36,989 Note circulation 468 Note circulation 235,258260,069 Deposits—Government 61 Deposits . 183,082164,037 Other 133 Other liabilities 42,705 43,031 Other liabilities 1,382 National Bank of Costa Rica— Bank of Guatemala (thousands of Issue dept. (thousands of colones): quetzales): Gold 11,324 11,316 Gold 28,477 28,477 Foreign exchange 5,192 -3,o99 Foreign exchange 20,044 18,175 Loans and discounts 64,623 64,502 Rediscounts and advances 1,048 2,212 Securities 5,294 5,196 Other assets 4,619 3,533 Other assets 1,317 1,338 Circulation—Notes 29,668 29,280 Note circulation 70,474 72,371 Coin 2,741 2,730 Demand deposits 11,150 7,728 Deposits—Government 4,664 4,788 Other liabilities 6,125 5,952 Banks 14,247 13,092 National Bank of Czechoslovakia Other liabilities 2,869 2,508 in Prague (millions of koruny): National Bank of Hungary (mil- Gold and foreign exchange 2. . .. 5,405 5,746 4,926 741 lions of forint): Loans and discounts 6,440 7,965 7,899 636 Gold 284 284 284 Other assets 124,365 24,277 24,257 ,941 Foreign exchange 98 66 55 Note circulation—Old 932 932 933 298 Discounts 488 475 495 New 42,951 41,965 43,589 765 Loans—Treasury 340 342 342 Deposits—Old , 72,035 72,281 73.439 482 Other New 10,776 13,735 10,0t)8 643 Other assets 410 441 "423 Other liabilities 9,516 9,075 9,053 131 Note circulation 1,093 1,017 968 National Bank of Denmark Demand deposits—Government. 64 89 108 (millions of kroner): Other. 52 33 53 Gold 83 83 83 Other liabilities 411 469 471 Foreign exchange 111 119 130Reserve Bank of India (millions of Clearing accounts (net) 117 112 121 rupees): Loans and discounts 24 23 30 Issue department: Securities 100 113 8. Gold at home and abroad... 444 444 444 Govt. compensation account... ,544 7,566 ,611 Sterling securities 11,353 11,353 11.253 Other assets 14C 118 130 Indian Govt. securities 578 578 578 Note circulation ,549 1,63 ,509 Rupee coin 207 211 132 Deposits—Government ,736 2,653 ,72 Note circulation 12,258 12,246 11,959 Other ,667 3,682 ,695 Banking department: Other liabilities 166 165 256 Notes of issue department. . 326 341 449 Central Bank of Ecuador Balances abroad 4,699 4,874 5,853 (thousands of sucres): Treasury bills discounted... 28 4 26 Gold 289,642 853 Loans to Government 1 Foreign exchange (net) 106,578 972 Other assets 700 675 " 503 Loans and discounts 200,519 892 Deposits 5,492 5,645 6,530 Other assets. 150,715 691 Other liabilities 260 249 302 Note circulation 361,696 470 lentral Bank of Ireland (thousands Demand deposits 348,973 641 of pounds): Other liabilities 30,785 296 Gold 2,646 2,646 2,646 2,646 National Bank of Egypt (thou- Sterling funds. . 37,064 37,054 39,068 35,196 sands of pounds): (Nov.) Note circulation 39,710 39,700 41,714 37,842 Gold 6,375 6,241 Bank of Italy (millions of lire): (July* F L o o r a e n i s g n a n e d x c d h i a s n co ge unts. 1 5 6 , , 2 0 8 8 9 8 16 2 , , 1 7 3 0 7 9 F G o o r l e d ign exchange 526 British, Egyptian, and other Advances—Treasury 4559,,999213 Government securities...... 305,746304,309 Other Govt. agencies 29,747 Other assets. 26,797 27,55' Loans and discounts 28,54; Note circulation 140,101137,792 Government securities 82,813 Deposits—Government 82,964 51,37 Other assets 29,312 Other 122,053151,72 Bank of Italy notes 311,125 Other liabilities 15,179 16,063 Allied military notes 96,373 Deposits—Government 18,526 Demand 66,75 Other 131,659 Other liabilities 12.420 c Corrected. 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. a Gold not reported separately beginning Dec. 31, 1946. 3 Latest month available. APRIL 1947 477 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) Feb. Jan. Dec. Feb. date of month) Feb. Jan. Dec. Feb. Bank of Japan * Bank of Spain—Continued Bank of Java » Note circulation 22,777 18,479 Bank of Mexico (millions of pesos): Deposits—Government 1,431 427 Metallic reserve 2 691 696 715 758 Other 3,915 3,848 ''Authorized" holdings of securi- Other liabilities 764 542 ties, etc ,669 1,856 1,896 1,998 Bank of Sweden (millions of kronor): O Bi t l h ls e r a a n s d s e d t i s scounts 5 1 2 0 3 3 5 1 0 1 1 7 4 1 8 3 5 5 40 4 6 7 G Fo o r l e d ign assets (net) 4 7 4 1 0 5 5 7 8 6 3 8 8 6 3 5 9 0 lv0 7 6 7 0 1 Note circulation ,703 1,719 1,804 1,707 Swedish Govt. securities and ad- Demand liabilities ,061 1,063 1,055 1,323 vances to National Debt Office6 1,969 1,722 1,820 1,213 Other liabilities 222 387 372 179 Other domestic bills and advances 128 148 172 42 Netherlands Bank (millions of Other assets 622 582 654 1,121 guilders): Note circulation 2,678 2,693 2,877 2,506 Gold 647 700 700 713 Demand deposits—Government. 506 560 706 953 Silver (including subsidiary coin) 1 1 1 1 Other 316 171 169 73 Foreign bills 4,525 ,600 4,536 4,650 Other liabilities 375 378 382 674 Loans and discounts 151 152 153 152 Swiss National Bank (millions of Other assets 112 103 97 128 francs): Note circulation—Old 237 237 237 302 Gold 4,951 4,936 4,950 4,722 New 2,695 ,681 2,744 1,949 Foreign exchange 162 166 158 198 Deposits—Government 1,270 ,3*7 1,210 1,806 Loans and discounts 78 86 248 116 Blocked 95 106 134 359 Other assets 78 79 124 84 Other 618 598 590 544 Note circulation 3,8*5 3,8?3 4,091 3,589 Other liabilities 520 547 571 683 Other sight liabilities 1,163 1,163 1,164 1,232 Reserve Bank of New Zealand Other liabilities 222 221 226 300 (thousands of pounds): Central Bank of the Republic of Gold 2,802 2,802 2,80: Turkey (thousands of pounds): Sterling exchange reserve 94,573 90,551 73,703 Gold' 663,277 300,926 Advances to State or State un- Foreign exchange and foreign dertakings 27,386 28,426 41,632 clearings 196,613 64,919 Investments 3,948 3,948 12,861 Loans and discounts 774,000 60,1*7 Other assets 1,709 960 1 .624 Securities 168,605 171,958 Note circulation 47,705 50,194 43,516 Other assets 93,136 45,536 Demand deposits 77,757 71,607 84,154 Note circulation 930,677 898,014 Other liabilities 4,956 4.887 4,952 Deposits—Gold 181,840 91,821 Bank of Norway 1 Other 244,423 138,816 Bank of Paraguay—Monetary Other liabilities 538,691 214,835 Dept. (thousands of guaranies): Bank of the Republic of Uruguay8 Gold 1,870 1,870 3,323 (thousands of pesos): Foreign exchange 36,694 36,266 26,903 Gold 303,184295,704 Loans and discounts 2,198 1,798 3.563 Silver 13,385 13,783 Government loans and securities 9,899 9,922 10,111 Advances to State and govern- Other assets 2,703 2,705 465 ment bodies 20,784 15,693 Note circulation 32,708 31,938 26,579 Other loans and discounts 115,061 99,062 Demand deposits 13,514 13,784 15,020 Other assets 349,695313,047 Other liabilities 7,142 6,839 2,766 Note circulation 196,696181.886 Central Reserve Bank of Peru Deposits—Government 40,567 37,854 (thousands of soles): ) Other 250,744248,623 Gold and foreign exchange 141,468 159,422 Other liabilities 314,102268,926 Discounts 49,378 38,225 Central Bank of Venezuela (thou- Government loans 632.174572,249 sands of bolivares): "Sept." Other assets 24,800 29.481 Gold 9 557,080 547,S82 Note circulation 577,662503,690 Foreign exchange (net) 40,854 41,897 Deposits 226.410253,185 Other assets 33,223 15,494 Other liabilities 43,748 42,502 Note circulation—Central Bank. 406,955 373.278 Bank of Portugal (millions of es- National banks. 7,372 9,142 cudos): (Mar.)' Deposits 188,615214,917 Gold* 1,423 1,423 Other liabilities 28,215 7,636 O N t o h n e r r e re se se rv rv e es e x ( c n h e a t n ) ge 9 7 ,v8 O 4 8 2 7 9 7 , , 9 0 1 1 5 8 Na o t f i o Y n u a g l o B sl a a n v k ia 1 of the Kingdom Loans and discounts 297 297 Bank for International Settle- Government debt 1,018 1,018 ments10 (thousands of Swiss gold Other assets 693 690 francs): Note circulation 7,824 7,885 Gold in bars 86.850 97,125 120,197 Other sight liabilities 11,703 11,646 Cash on hand and on current Other liabilities 834 830 account with banks 13,121 8,822 43,241 National Bank of Rumania * Sight funds at interest 141 142 11,397 South African Reserve Bank Rediscountable bills and accept- (thousands of pounds): ances (at cost) 26,511 26,381 81,708 Gold e 217,600 230,681 119,189 Time funds at interest 13,332 15,125 2,750 Foreign bills 10,274 11,044 54,151 Sundry bills and investments. . . 320.249 307,530 196,091 Other bills and loans 6,034 5,762 4,026 Other assets 3,422 1,782 103 Other assets 20,635 12,430 111,470 Demand deposits (gold) 18,947 18,954 16,958 Note circulation 63,511 65,708 66,134 Short-term deposits (various Deposits 184,256 186,066 217,854 currencies): Other liabilities 67,775 8,142 4,849 Central banks for own ac- Bank of Spain (millions of pesetas): count 10,306 5,619 3,664 Gold 1,213 1,213 Other 1,416 1,230 1,592 Silver 516 585 Long-term deposits: Special ac- Government loans and securities 17,722 15,826 counts 229,001 229,001 229,001 Other loans and discounts 6,455 3,840 Other liabilities 203,954202,103 204,271 Other assets 2,982 1,832 *For last available report from the central bank of Japan (September 1941), see BULLETIN for March 1942, p. 281; of Java (January 1942), see BULLETIN for March 1943, p. 278; of Norway (March 1940) and Yugoslavia (February 1941), see BULLETIN for March 1942, p. 282; and of Rumania (June 1944), see BULLETIN for March 1945, p. 286. 2 Includes gold, silver, and foreign exchange forming required reserve (25 per cent) against notes and other demand liabilities. 8 Latest month available. * Valued at average cost beginning October 1940. 6 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. • 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. 478 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— Rate Rate ef D fec a t t i e ve U K d n i o i n t m g ed - France m 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 M 3 a 1 r. ef D fec a t t i e ve ba C n e k n tr of a — l M 3 a 1 r. ef D fe a ct t i e ve In effect Dec. 31, Albania sy 2 Mar. 21, 1940 Ireland 2K Nov. 23, 1943 1936 2 2 4 2 2 2K IK Argentina 3% Mar. 1, 1936 Italy 4 Sept. 11, 1944 Jan. 28, 1937 4 Belgium 3 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 3K Nov. 13 3 May 10, 1938... 4 Bulgaria Aug. 14, 1946 Lithuania 6 July 15, 1939 May 13 2K Canada IK Feb. 8, 1944 Mexico 4K June 4, 1942 May 30 "3 Chile Dec. 16, 1936 Netherlands . 2K June 27, 1941 Sept. 28 3 Colombia 4 2 July 18, 1933 New Zealand. IK July 26, 1941 Oct. 27 2K Costa Rica 3 Apr. 1, 1939 Norway 2K Jan. 9, 1946 Nov. 25 Czechoslovakia 2K Oct. 28, 1945 Peru 5 Aug. 1, 1940 Jan. 4,1939... 2 3 Apr. 17 4 May 11 3 July 6 2K 3K Jan. 15, 1946 Portugal 2K Jan. 12, 1944 Aug. 24 4 June 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 4K Oct. 1, 1935 4 Dec. 1, 1938 Oct. 26. 2 4 Dec. 3, 1934 Sweden 2K Feb. 9, 1945 Dec. 15 3 Jan. 25, 1940 2 Apr. 9 3K May 17 3x/ France IK Switzerland.. IK Nov. 26, 1936 Mar. 17, 1941. . IK jan."l6,'i947* Turkey 4 July 1, 1938 May 29 •• — 3 Germany 3K Apr. 9, 1940 United King- June 27 10 Aug. 16, 1946 dom 2 Oct. 26, 1939 Jan. 16, 1945... 11/ Hungary 7 Aug. 1, 1946 U.S.S.R.... 4 July 1, 1936 Jan. 20 IK 3 Nov. 28, 1935 Yugoslavia .. 2K Aug. 1, 1946 Feb. 9 2K Nov. 7, 1946 2K Jan. 10, 1947 IK NOTE.—Changes since Feb. 28: None. In effect Mar. 31, IK 1947 2 3K 2K 2K IK OPEN-MARKET RATES [Per cent per annum] United Kingdom Germany Netherlands1 Sweden Switzerland Month Bankers' Treasury Day-to- Bankers' Private Day-to- Treasury Day-to- Loans Private acceptances bills day allowance discount day bills day up to 3 discount 3 months 3 months money on deposits rate money 3 months money months rate 1932—Jan.. 5.52 4.94 4.20 6.94 7.86 1.68 1933—Jan.. .87 .76 .73 3.88 4.98 1.50 1934—Jan.. 1.01 .90 .86 3.88 4.74 1.50 1935—Jan-- .36 .26 .66 3.51 3.82 1.50 1936—Jan.. .56 .53 .75 3.00 2.81 2.48 1937—Jan.. .56 .54 .75 3.00 2.54 1.25 1938—Jan.. .54 .51 .75 88 2.98 1.00 1939—Jan.. .55 .53 .75 2.88 2.46 1.00 1940—Tan.. 1.10 1.09 1.02 2.50 2.03 1.25 1941—Jan.. 1.03 1.01 1.00 2.25 1.73 1.25 1942—Jan.. 1.03 1.01 1.04 2.13 1.92 1.25 1943—Jan.. 1.03 1.01 1.08 2.13 1.84 1.25 1944—Jan.. 1.03 1.01 1.08 2.13 1.89 1.25 1945—Jan.. 1.03 1.01 1.00 2.13 1.25 1946—Jan.. .53 .50 .63 1.01 1.00 1.25 1946—Feb.. .53 .51 .63 1.18 .00 Mar. .53 .51 .63 1.05 .00 Apr.. .53 .51 .63 .90 .50 May .53 .51 .63 1.27 .93 June .53 .50 .63 1.42 .00 July. .53 .51 .63 1.52 .31 Aug. .53 .51 .63 1.41 .18 Sept. .53 .51 .63 1.30 .00 Oct.. .53 .51 .63 1.07 .90 1.25 Nov. .53 .51 .63 1.01 .78 1.25 Dec. .53 .50 .63 1.21 .78 1.25 1947—Jan.. .53 .50 1.4 .77 1.25 IIC BULLETIN through October 1941. see Banking and Monetary Statistics. Table 172, APRIL 1947 479 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COMMERCIAL BANKS United Kingdom * Assets Liabilities ( b m 1 a 1 i n l l L k io o s n . n s d o F o n f ig c p u l o r e e u a s n r i d i n n s g Cash M ca o l n l e a y n d at Bills dis- T d r e e p a o su si r t y Securities Loans to Other Deposits Other sterling) reserves n s o h t o ic rt e counted receipts2 customers assets Total Demand Time liabilities 1939—December ... . 274 174 334 609 1,015 290 2,441 1,398 1.043 256 1940—December 324 159 265 314 771 924 293 2,800 1,770 ,030 250 1941—December 366 141 171 758 999 823 324 3,329 2,168 ,161 253 1942—December • * 390 142 198 X96 ,120 794 325 3,629 2,429 1,200 236 1943—December 422 151 133 ,307 ,154 761 349 4,032 2,712 ,319 245 1944_December 500 199 147 ,667 ,165 772 347 4,545 3,045 L.500 250 1945—December 536 252 369 ,523 ,234 827 374 4,850 3,262 ,588 265 194<5—February 483 243 340 ,468 ,241 847 338 4,684 3,078 ,606 276 March 493 254 379 ,443 ,246 863 353 4,749 3,143 1,606 281 April 509 271 433 ,449 ,282 841 367 4,865 3,242 1,623 287 May 509 301 470 ,374 ,322 856 356 4,894 3,239 1,655 292 June 524 315 526 ,302 ,382 894 399 5,045 3,351 11,694 296 July 532 305 522 ,382 ,406 885 386 5,113 3,389 1,724 304 August 553 313 464 L ,511 ,393 906 369 5,198 3/427 L ,771 310 September 553 280 405 L ,671 ,393 930 379 5,302 3,502 L.800 308 October. 557 312 472 L.629 ,403 944 390 5,397 3,563 L.833 310 November 574 324 497 L,628 ,410 964 433 5,503 3,632 L,870 328 499 432 610 L.560 .427 994 505 5,685 3,823 L.862 342 1947—January 475 428 624 1,563 1,427 1,008 454 5,629 3,749 1,880 348 Assets Liabilities Canada Security Deposits payable in Canada (10 chartered banks. Entirely in Canada loans excluding interbank deposits End of month figures abroad Note Ca in n a m di i a l n li o d n o s l l o a f rs) Cash Security Other d a u n e d f n ro e m t Securities assets cir ti c o u n la- liabilities reserves loans l d o i a s n co s u a n n t d s f b o a re n i k g s n Total Demand Time 1939—December 292 53 1,088 132 1,646 612 85 2,774 1,033 1.741 963 1940—December 323 40 1,108 159 1,531 570 80 2,805 1,163 1,641 846 1941—December 356 32 1,169 168 1,759 653 71 3,105 1,436 1,669 962 1942—December .... 387 31 1,168 231 2,293 657 60 3,657 1,984 1,673 1,049 1943—December 471 48 1,156 250 2,940 r44 42 4,395 2,447 L.948 1,172 1944—December 550 92 1,211 214 3,611 ;r8? 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—February 669 200 1,194 206 4,119 tU5 25 5,830 2,752 3,078 1,379 March 650 148 1,181 214 4,197 I$03 25 5,781 2,611 3,170 1,387 April 722 152 1,160 221 4,243 I*76 24 5,898 2,660 3,238 1,452 642 125 1,187 197 4,304 907 24 5,882 2,576 3,306 1,456 June 637 115 1,188 159 4,275 I596 23 5,756 2,393 3,364 1,490 July 696 96 1,230 121 4,298 I*76 23 5,887 2,476 3,411 1,407 August 665 98 1,249 128 4,336 i*65 23 5,892 2,426 3,466 1,428 September ... 676 91 1,284 122 4,375 <)60 22 6,037 2,513 3,524 1,449 October 699 97 1,341 126 4,471 359 22 6,201 2,724 3,477 1,470 November .. 730 117 1,476 128 4,496 <P31 22 6,362 2,902 3,460 1,493 December 753 136 1,507 132 4,232 1,<339 21 6,252 2,783 3,469 1,525 1947—January 689 134 1,481 134 4,369 ?60 21 6,233 2,700 3,533 1,514 Assets Liabilities France (4 large banks. End Deposits of month figures in Cash Due froirl Bills dis- Other Own Other millions of francs) reserves banks counted assets Total Demand Time ances liabilities 1939—December 4,599 3,765 29,54£ 7,546 2,440 47 443 41,872 571 844 4,609 1940—December 6,418 3,863 46,54* 8,346 2,229 62 032 61,270 762 558 4,813 1941—December 6,589 3,476 61,895r 8,280 2,033 76 675 75,764 912 413 5,187 1942—December 7,810 3,458 73,91'r 10,625 2,622 91 549 91,225 324 462 6,422 1943—December 8,548 4,095 90,89'i 14,191 2,935 112 732 111,191 1,541 428 7,506 1944—December 10,365 4,948 99,78:> 18,653 2,190 128 758 126,578 2,180 557 6,623 1945—December .... 14,602 13,804 155,021> 36,166 7,360 213 908 211,871 2,037 2,898 10,151 *» 1945—January .... 15,312 13,871 153,227 40,123 5,022 216 729 214,842 1,887 3,371 7 455 February 15,005 14,393 157,420 41,119 6,627 222 059 220,219 1,840 4,607 7,898 March 14,444 14,462 168,708 40,017 8,466 231,499 229,784 1,715 6,007 8,590 April 14,443 15,827 173,773 40,976 10,114 239,182 237,481 1,702 6,774 9,177 May 15,295 15,988 175,903 41,772 11,738 243,228 241,569 1,659 7,879 9,589 June 17,472 16,114 184,633 42,674 12,708 255,173 253,386 1,787 8,330 10,096 July 14,985 17,873 182,107 50,747 14,160 260,371 258,574 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 November 16,909 18,423 187,560 63,941 21,116 281,576 279,703 1,872 14,370 12,004 * From September 1939 through November 1946, this table represents aggregates of figures reported by individual banks for days, varying from bank to bank, toward the end of the month. After November 1946, figures for all banks are compiled on the third Wednesday of each month, except in June and December, when the statements will give end-of-month data. 1 Represent six-month loans to the Treasury at 13^ 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. 480 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FOREIGN EXCHANGE RATES [Averages of certified noon buyingraces in New York tor cable transfers. In cents per unit of foreign currency] Argentina Australia Brazil Canada Chile China Year or month (peso) (pound) g B iu e m l- (cruzeiro1) g B a u ri l 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!i248 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 '296! 909 85.141 5.1668 4.0000 6.000 57.085 1941 29.773 '»23.'704' 322.80 321.27 6.0575 5.0705 90.909 87.345 J5.1664 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 a322.803 321.1722.2860 6.0602 5.1802 90.909 90.485 57.014 1946 29.773 25.125 321.34 2.2829 26.0602 (4) 95.198 93.288 57.020 1945—Mar. .. . 29.773 25.125 321.41 2.2845 6.0602 5.1829 90.909 90.747 56.980 Apr 29.773 25.125 321.40 2.2844 6.0602 5.1902 90.909 90.764 57.032 May 29.773 25.125 321.38 2.2846 6.0602 5.1900 90.909 90.679 57.021 June 29.773 25.125 321.41 2.2847 6.0602 5.1902 90.909 90.597 57.007 July 29.773 25.125 321.41 2.28475 6.0602 6 98.3476 96.662 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 Feb 29.773 25.125 320.91 2.2797 5.4404 100.000 95.692 57.041 Year or month C s ( l f z c o o e v r c a u h k n o a ia - ) ( m D kr e a o n r n k - e) ( l m F a k i a n a n r ) d - k- F (f r r a an n c c ) e m ( m G re a a e i r c n r k h - y ) s- G (d r m e ra a e c ) c h e - ( H K do o o l n n la g g r) ( H p g e a u n r n g y - o) ( I r n u d p i e a e) I (l t i a ra ly ) 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 Z l 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 s.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 *2.0060 220.876 .8409 30.155 2 .4434 20.581 37.813 322.63 1946—Mar 7 2.0060 20.877 .8410 30.122 8.4434 20.580 37.789 322.70 Apr 2.0060 20.877 .8409 30.139 .4434 20.580 37.789 322.69 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 Aug 2.0060 20.877 .8408 30.185 20.596 37.789 322.70 Sept 2.0060 20.877 .8408 30.170 20.578 37.789 322.67 Oct 2.0060 20.877 .8409 30.156 20.574 37.789 322.56 Nov 2.0060 20.877 .8408 30.155 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 Feb 2.0060 20.866 .8408 30 153 20.574 37.789 322.20 United Uruguay Year or month N (k o ro rw ne a ) y P (z o l l o a t n y d ) ( P es o g c r a u t l d u o - ) R ( u n le m i u a ) a- ( S A p o o fr u u i n t c h d a ) ( S pe p s a e i t n a) m S S (d e t o e r t l a n t l l a i t e t s r s - ) ( S k d r w e o n e n - a) ( e S f r r w a la n it n c z ) d - Off K ic ( i i p a n o l g u d n o d F m ) ree Con ( - peso N ) co o n n - - Y ( s d l u a in g v a o i r a - ) trolled trolled 1938 24.566 18.860 4.4267 .7325 484.16 5.600 56.917 25.197 22.871 488.94 64.370 2.3115 1939 23.226 H8.835 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 '.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 398.00 403.502403.50 65.830 52.855 1944 398.00 403.50 65.830 53.506 1945 399.05 2403.50 3403.02 65.830 55.159 1946 220.176 24.0501 400.50 29.132 225.859 223.363 403.28 65.830 56.280 1946—Mar 20.202 4.0501 400.50 9.132 23.852 23.363 403.38 65.830 56.290 Apr 20.202 4.0501 400.50 9.132 23.852 23.363 403.35 65.830 56.290 May 20.197 4.0501 400.50 9.132 23.852 23.363 403.32 65.830 56.287 June 20.161 4.0501 400.50 9.132 23.852 23.363 403.37 65.830 56.272 July 20.161 4.0501 400.50 9.132 W26.195 23.363 403.37 65.830 56.272 Aug 20.161 4.0501 400.50 9.132 27.819 23.363 403.36 65.830 56.272 Sept 20.161 4.0501 400.50 9.132 27.820 23.363 403.32 65.830 56.271 Oct 20.161 4.0501 400.50 9.132 27.819 23.363 403.20 65.830 56.272 Nov 20.161 4.0501 400.50 9.132 27.821 23.363 403.09 65.830 56.272 Dec 20.161 4.0501 400.50 9.132 27.821 23.363 402.94 65.830 56.272 1947—Jan 20.161 4.0501 400.63 9.132 27.822 23.363 402.93 65.830 56.264 Feb 20.161 4.0501 400.75 9.132 27.822 23.363 402.74 65.830 56.262 1 Prior to Nov. 1, 1942, the official designation of the Brazilian currency unit was the "milreis." • Average of daily rates for that part of the year during which quotations were certified. a At the end of June 1945 official rates for the Australian and British pounds were abolished, and after this date quotations are buying rates in the New York market. The rates shown represent averages for the second half of 1945 and are comparable to those quoted before 1940. 4 The rate quoted after July 22, 1946, is not strictly comparable to the "free" rate shown before that date. The average for the "free" rate for July 1 -19 is 5.1902, and for Jan. 1-July 19, 5.1860, while the average for the new rate for July 25-31 is 5.330, and for July 25-Dec. 31, 5.3955. • Based on quotations through July 19. Official rate abolished as of July 22. • On July 5, 1946, Canada reduced its official buying rate for one U. S. dollar from 1.10 to 1.00 Canadian dollar 7 Based on quotations beginning Mar. 9. 8 Based on quotations beginning Mar. 22. 9 Based on quotations through June 12. *• As of July 13, 1946, the Swedish Riksbank reduced its selling rate for one U. S. dollar from 4.20 to i.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. APRIL 1947 481 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 M ( e 1 x 1 9 0 2 i 0 9 c ) o « i K U ( i 1 n n 1 9 i 0 g 3 t 0 d 0 e ) o d = m F ( r 1 1 9 a 0 3 n 0 8 c ) e = * - (1 I 1 9 t 0 2 a 0 8 l ) y = ( J 1 a 1 9 p 0 3 a 0 3 n ) = * ( J J N u l u e n l a t e y n h d 1 1 e s 9 9 r 3 3 - * 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 ) - 14 = 100) 1926 100 100 »124 106 132 150 • 126 144 1933 66 67 90 86 61 63 100 89 « 90 91 1934 75 72 95 88 58 62 99 90 « 96 90 1933 80 72 95 89 52 68 103 87 100 90 1936 81 75 101 94 63 76 110 91 102 96 1937 86 85 119 109 89 89 133 108 114 111 1938 79 79 126 101 100 95 140 102 111 107 1939 77 75 127 103 105 99 155 105 115 111 1940 79 83 128 137 139 116 173 131 146 143 1941 87 90 136 153 171 132 183 150 172 184 1942 99 96 148 159 201 197 157 189 210 1943 . .... 103 100 182 163 234 209 160 196 218 1944 104 103 227 166 265 233 164 196 223 1945 106 104 247 169 375 296 181 194 221 1946 121 109 286 175 647 1 406 J»251 186 215 1945—March 109 106 236 172 548 869 242 185 214 April 110 108 241 173 559 1,344 244 185 213 May 111 109 243 173 624 1,396 245 185 213 June 113 109 242 173 604 1.436 249 186 213 July 125 110 250 177 571 1,574 252 186 214 August 129 109 249 177 698 1,643 257 185 215 September 124 109 254 177 727 1,789 259 185 213 October 134 111 257 178 822 1 787 262 186 217 140 111 263 179 804 1 948 264 190 219 December 141 112 265 180 839 2 063 P266 192 219 1947—January........ 142 *114 312 182 P865 194 219 February ... ... 145 310 183 * Preliminary. 1 Weighted index of 32 articles, published by the Office of Economic Studies of the Bank of Mexico. 1 New weighted index of 1.35 articles. For detailed description of the index bee "Bulletin de la Statistique Gene"rale," January-March 1945, pp. 35-53. Yearly averages for 1926 and for 1933-1937 arc calculated from old index, 1913 = 100. 1 Bank of Japan index on new basis. Yearly average for 1926 is calculated from old index, October 1914 = 100. 4 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. 8 Approximate figure, derived from old index (1913 =100). 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 Netherlands1 (1926=100) 1926-100] (1930=100) (July 1938-June 1939 = 100) Year or month Raw and Fully and Indus- Farm Other Farm partly chiefly Indus- Indus- trial products Foods commod- products manu- manu- Foods trial Foods trial raw finished ities factured factured products products products goods goods 1926 100 100 100 100 100 100 1933 51 61 71 51 57 70 83 87 1934 65 71 78 59 64 73 85 90 1935 . . ... 79 84 78 64 66 73 87 90 1936 81 82 80 69 71 74 92 96 1937 86 86 85 87 84 81 102 112 1938, 69 74 82 74 73 78 97 104 1939 65 70 81 64 67 75 97 106 103 112 104 1940 68 71 83 68 75 82 133 138 121 163 126 1941 82 83 89 73 82 85 146 156 140 177 148 1942 106 100 96 85 90 92 158 160 157 175 154 1943 123 107 97 98 99 93 160 164 157 174 159 1944 123 105 99 107 104 94 158 170 159 179 163 1945 .... 128 106 100 110 106 94 158 175 172 193 184 1946 149 131 110 112 109 99 158 184 1945—March 133 109 102 110 107 96 158 179 191 260 254 April 135 111 103 111 108 99 159 180 192 266 256 May 138 112 104 112 109 99 159 181 186 270 258 June 140 113 106 113 110 99 159 181 192 286 259 July 157 140 110 114 110 99 161 185 198 289 260 August 161 149 112 111 108 100 159 186 205 292 266 September 154 132 112 111 108 100 158 188 207 293 268 October 165 158 116 113 112 101 157 189 214 298 269 November 170 165 121 113 113 101 157 191 December 168 160 125 114 113 102 156 193 1947—January, 165 156 128 *>114 *>115 P104 157 196 170 162 129 P115 P119 P107 158 197 P Preliminary. 1 Source is Maandschrift van het Centraal Bureau voor de Statistiek, October 1946, p. 666. Sources.—See BULLETIN for May 1942, p. 451; March 1935, p. 180; and March 1931, p. 159. 482 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- France1 Nether- er- United Can- King- France* Nether- er- Year or States ada dom (1938 lands land Year or States ada dom (1938 lands land month (1935-39 (1935-39 (July =100) (1911-13 (June month (1935-39 (1935-39 (July =100) (1911-13 (June =100) =100) 1914 =100) 1914 =100) =100) 1914 =100) 1914 =100) =100) =100) =100) 1936 101 98 130 120 120 1936 99 98 147 «132 130 1937 105 103 139 127 130 1937 103 101 154 137 137 1938 98 104 141 100 130 130 1938 101 102 156 100 139 137 1939 95 101 141 108 130 132 1939 99 102 158 108 140 138 1940 . 97 106 164 129 150 146 1940 100 106 184 129 154 151 1941 106 116 168 149 177 175 1941 105 112 199 150 175 174 1942 124 127 161 174 191 200 1942 117 117 200 175 187 193 1943 138 131 166 224 198 211 1943 124 118 199 224 195 203 1944 136 131 168 275 215 1944 126 119 201 285 208 1945 139 133 170 377 215 1945 128 119 203 393 209 1946 160 140 169 645 210 1946 139 124 204 645 208 1946-March 140 133 169 480 206 1946-March 130 120 203 490 205 April 142 135 169 481 206 April 131 121 203 491 205 May 143 138 169 543 208 May 132 122 204 547 206 June 146 142 169 577 209 June 133 124 203 577 207 July 166 144 171 576 209 July 141 125 205 576 207 August.... 171 145 171 743 209 August 144 126 205 730 207 September. 174 143 168 800 209 September. 146 126 203 785 207 October... 180 147 168 866 215 October... 149 127 203 858 212 November. 188 147 168 851 216 November. 152 127 203 856 212 December. 186 146 168 861 216 December. 153 127 204 865 212 1947-January... 184 P146 168 216 1947-January... 153 P127 204 212 February.. 182 P147 February.. 153 P128 P203 P Preliminary. 1 Weighted index of 29 articles for retail food and of 34 articles for cost of living for Paris. For detailed description of the indexes see "Bulletin de la Statistique Generate," February-March 1946, pp. 70-73. * Revised 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 t n e r a r i i c i t t v e e e e s ) d d 1 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) G ( e a p r v r m e ic r a e a n g ) y e 2 N la e n th d e s r ' - ( U 1 S = 9 n t 1 3 a i 0 5 t t 0 e e -3 ) d s 9 U K n i i n t g ed - Ger- 1 (D 9 F 3 e r 8 a ce = n m c 1 e 0 b 4 0 e ) r (1 N 9 l e 3 a t 0 n h = d e 1 s r 0 - 0) dom many dumber of issues. . 15 87 50 M39 8 402 278 (6) 4 295 100 1939 113.8 112.3 114.2 99.0 90.9 94.2 75.9 94.1 112 89.7 1940 115.9 118.3 « 114.2 100.7 7 77.9 88.1 70.8 114.6 e 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 6 103.3 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 i° 103.7 99.8 88.6 145.4 551 i° 151.4 1945 122.1 128.3 152.1 121.5 92.4 453 1946 ... . 123.4 132.1 144.6 139.9 96.2 694 1946—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... 121.5 134.7 142.6 125.5 97.8 1,244 1947—January.... 122.6 135.0 P142.1 125.2 98.6 Pi,068 February. . . 122.7 128.7 P Preliminary. 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 Since Apr. 1, 1935, the 139 bonds included in the calculation of the average price have all borne interest at 4}4 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. 1 8 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. 4 In September 1946 this index was revised to include 185 issues of metropolitan and 90 issues of colonial France. See "Bulletin de la Statistique Generale," September-November 1946, p. 424. 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. 6 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 March 1947, p. 349; November 1937, p. 1172; July 1937, p. 698; April 1937, p. 373; June 1935, p. 394; and February 1932, p. 121. APRIL 1947 483 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 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 OPEN MARKET COMMITTEE ADVISORY COUNCIL MARRINER S. ECCLES, Chairman CHAS. E. SPENCER, JR., BOSTON DISTRICT ALLAN SPROUL, Vice Chairman Vice President LAWRENCE CLAYTON CHESTER C. DAVIS W. RANDOLPH BURGESS, NEW YORK DISTRICT ERNEST G. DRAPER DAVID E. WILLIAMS, PHILADELPHIA DISTRICT R. M. EVANS RAY M. GIDNEY 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 LAURENCE F. WHITTEMORE President CHESTER MORRILL, Secretary JAMES H. PENICK, ST. LOUIS DISTRICT S. R. CARPENTER, Assistant Secretary GEORGE B. VEST, General Counsel HENRY E. ATWOOD, MINNEAPOLIS DISTRICT J. LEONARD TOWNSEND, Assistant General Counsel WOODLIEF THOMAS, Economist JAMES M. KEMPER, KANSAS CITY DISTRICT PAUL W. MCCRACKEN, Associate Economist ALFRED C. NEAL, Associate Economist ED H. WINTON, DALLAS DISTRICT WILLIAM H. STEAD, Associate Economist RENO ODLIN, SAN FRANCISCO DISTRICT DONALD S. THOMPSON, Associate Economist JOHN H. WILLIAMS, Associate Economist WALTER LICHTENSTEIN, Secretary ROBERT G. ROUSE, Manager of System Open Market Account HERBERT V. PROCHNOW, Acting Secretary 484 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CHAIRMEN, DEPUTY CHAIRMEN, AND SENIOR OFFICERS OF FEDERAL RESERVE BANKS Federal Reserve Chairman1 President Bank of Deputy Chairman First Vice President Vice Presidents Boston Albert M. Creighton Laurence F. Whittemore E. G. Hult Carl B. Pitman Donald K. David William Willett J. C. Hunter2 0. A. Schlaikjer New York Allan Sproul E. 0. Douglas A. Phelan William I. Myers L. R. Rounds J. W. Jones H. V. Roelse H. H. Kimball Robert G. Rouse L. W. Knoke V. Willis Walter S. Logan R. B. Wiltse Philadelphia Thomas B. McCabe Alfred H. Williams Robert N. Hilkert C. A. Mcllhenny Warren F. Whittier W. J. Davis E. C. Hill P. M. Poorman2 Wm. G. McCreedy C. A. Sienkiewicz Cleveland George C. Brainard Ray M. Gidney W. D. Fulton B. J. Lazar Reynold E. Klages Wm. H. Fletcher J. W. Kossin Martin Morrison A. H. Laning3 W. F. Taylor Donald S. Thompson Richmond W. G. Wysor Hugh Leach R. L. Cherry R.W. Mercer Charles P. McCormick J. S. Walden, Jr. Claude L. Guthrie3 W. R. Milford E. A. Kincaid C. B. Strathy Edw. A. Wayne Atlanta Frank H. Neely W. S. McLarin, Jr. P. L. T. Beavers Joel B. Fort, Jr. J. F. Porter L. M. Clark V. K. Bowman T. A. Lanford H. F. Conniff E. P. Paris S. P. Schuessler Chicago Clarence W. Avery 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. Pondrom8 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 O. 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. 8 Cashier. * Also Cashier. 4 General Manager. 485 APRIL 1947 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 § 90 ==r BOUNDARIES OF FEDERAL RESERVE DISTRICTS BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES 'JC BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM ® FEDERAL RESERVE BANK CITIES • FEDERAL RESERVE BRANCH CITIES I Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis