Federal Reserve Bulletin, 1947-05

F E D E R AL R E S E RV ULL MAY 1947 BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM 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 Financing the Postwar Business Expansion. 487-497 Federal Reserve Charts on Consumer Credit. 497 Term Lending to Business by Commercial Banks in 1946, by Duncan McC. Holthausen ... 498-517 Transfer to Treasury of Excess Earnings of Federal Reserve Banks. 518-519 Direct Exchange of Maturing Treasury Bills for New Issues. 520 Federal Reserve Guarantee of Business Loans Made by Chartered Banks, by Marriner S. Eccles. . 521-523 Regional Distribution of Business Loans. 524-527 Member Bank Earnings, 1946. 528-530 Law Department: Termination of Licensing of Member Banks—Presidential Proclamation 531-532 Consumer Credit—Conviction for Violating Regulation W. . 532 Suit Regarding Condition of Membership. . 532-540 Foreign Funds Control—Treasury Department Releases. 540-544 Current Events. 545 National Summary of Business Conditions. 546-547 Financial, Industrial, Commercial Statistics, U. S. (See p. 549 for list of tables) 549-613 International Financial Statistics (See p. 614 for list of tables) . 614-631 Board of Governors and Staff; Open Market Committee and Staff; Federal Advisory Council. 632 Senior Officers of Federal Reserve Banks; Managing Officers of Branches. . 633 Map of Federal Reserve Districts. 634 Federal Reserve Publications (See inside of bac\ cover) Subscription Price of BULLETIN A copy of the Federal Reserve BULLETIN is sent to each member bank without charge. The subscription price in the United States and its possessions, Bolivia, Canada, Chile, Colombia, Costa Rica, Cuba, Dominican Republic, Ecuador, Guatemala, Haiti, Republic of Honduras, Mexico, Newfoundland (including Labrador), Nicaragua, Panama, Paraguay, Peru, El Salvador, Uruguay, and Venezuela, is $2.00 per annum, or 20 cents per copy; elsewhere, $2.60 per annum or 25 cents per copy. Group subscriptions in the United States for 10 or more copies to one address, 15 cents per copy per month, or $1.50 for 12 months. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN VOLUME 33 May 1947 NUMBER 5 FINANCING THE POSTWAR BUSINESS EXPANSION Business activity has expanded greatly since dented volume of expenditures on business the spring of 1946 in response to the stimula- assets. Current profits and, as a result, retion of a large postwar civilian demand for tained earnings have been unusually large goods and services. As a result of this in- and growing. Business holdings of cash and creased activity, as well as of advancing prices Government securities at the war's end were and a sharp reduction in corporate taxes, busi- at an all-time high. Bank loans to businesses ness profits after taxes reached new high have increased greatly as banks have sought levels by the end of 1946. In this period to maintain earnings. The capital markets expenditures by business for plant, equip- and private investment institutions have abment, and inventories have been in unprece- sorbed new security issues readily and at dented volume. In order to finance the great prices generally favorable for business. increase in assets, business in general has The working capital of businesses has ininvested the largest annual volume of re- creased further during the past year, continutained earnings in history, has drawn upon ing the steady growth that commenced in the its large wartime accumulation of cash and prewar defense period. The recent increase, Government securities, has borrowed from however, does not necessarily reflect a further banks, and has floated new issues of securities. strengthening of financial position. Although Plant and equipment expenditures in 1946 tax liabilities have been reduced greatly, holdwere 80 per cent above the total for 1945 and ings of cash and United States Government about one-third above the prewar peak in securities have been drawn down somewhat, 1929; they have continued at a high level so and inventories and accounts receivable built far this year. Inventory accumulation was up. To the extent that the increase in workespecially rapid from mid-1946, when- prices ing capital represents merely higher values began to rise sharply, to the end of the year. of inventories and receivables accompanying The expansion in the dollar volume of inven- the rising price level, it indicates a possible tories has continued in 1947 but at a slower source of difficulty in the business financial rate. Accounts receivable of businesses have situation in case prices decline. mounted rapidly for more than a year, repre- The financial position of business in early senting the additional accommodation of 1947 reflected in marked degree the boom customers as operations expanded. conditions that had developed from the sharp The ready availability of a large volume of advances in business activity and in prices funds, both within businesses and from out- since mid-1946. Corporate profits were at side sources, has contributed to the unprece- record levels for most companies. As indi- MAY 1947 487 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FINANCING THE POSTWAR BUSINESS EXPANSION cated above, these profits reflected not only operating revenues) was approximately the large volume of operations and the equal to that in 1945, which included heavy rising level of prices, but also substantially war expenditures, and was almost 75 per lower taxes as compared with the war period. cent larger than that in the previous peace- Since further revision in corporate tax rates time peak year, 1929. Lines which were able is not expected this year, any change in the to supply civilian demands promptly experibusiness financial situation depends primarily enced substantial increases in dollar sales, on developments in business activity and in while other lines were characterized by a the relation of prices to costs. slower increase. Further inflationary developments would In most nondurable manufacturing lines, extend recent tendencies in business finance, in trade, and in service industries, sales were with the financial strength of many enter- above wartime peaks by early 1946 and rose prises becoming increasingly dependent on further during the year. Since the end of continuing inflation or at least maintenance 1946, sales in many of these lines have shown of existing prices. A leveling off in prices signs of leveling off. In contrast, in durable with activity maintained at current levels goods manufacturing groups, where reconwould eventually eliminate profits from in- version problems were complicated by work ventory accumulation, but would permit in- stoppages and material shortages, sales creases in profits in those industries in a dropped to a very low level during the early position to reduce costs as a result of recent part of 1946; thereafter, however, as operatimprovements in plant and equipment and ing problems were surmounted in one inthe improved supply situation. Increases in dustry after another, sales began to increase rates of pay agreed to in leading manufac- substantially and by the close of 1946 were at turing industries this spring will presumably a new peacetime high in many of these inoperate to increase the cost of doing busi- dustries. The only broad industrial segment ness in those industries at any particular vol- of business that was unable to exceed its warume of operations; at the same time they will time level of revenues by the close of 1946 increase the incomes of people who generally was the railroad group; this was primarily spend a large share of their incomes cur- the result of a sharp decline in passenger rently. A decline in activity, incomes, and traffic, no increase in passenger rates, and prices, would probably be accompanied by a only a small increase in freight rates. Operreduction in profits and by a weakening in ating revenues of public utilities other than business financial position. railroads continued high throughout the year. Thus, at the end of 1946 sales were at peak CHARACTER OF FINANCIAL NEEDS levels in almost all important industrial During the past year expectations of high groups. This situation has continued in the levels of peacetime operations were the most first quarter of 1947, with sales in the durable influential factor affecting plans for business goods lines reaching still higher peaks but expenditures. These plans were generally with sales in some other lines leveling off or fulfilled in spite of reconversion problems, perhaps even declining somewhat. work stoppages, and material shortages in Plant and equipment expenditures. Busiseveral important lines. For business as a ness expenditures on plant and equipment, as whole, the dollar volume of 1946 sales (and the chart indicates, rose sharply during the 488 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FINANCING THE POSTWAR BUSINESS EXPANSION BUSINESS EXPENDITURES ON NEW PLANT AND EQUIPMENT most equipment and because new expendi- BILLIONS OF DOLLARS BILLIONS OF DOLLARS tures on them can be temporarily postponed without materially affecting production in the short-run. Such fluctuations are an important contributing factor to changes in total business activity. Larger plant and equipment expenditures during the past year have been characteristic of concerns of all sizes and in all types of business. The largest dollar volume of expenditures, as in most previous years, was made by manufacturing and mining companies, but the greatest relative increase in expenditures occurred among trade and service establishments. Numerous new firms, many of them owned and operated by veterans, made their appearance in the latter JAN.-MAR. APR-JUN. JUL-SEP. OCT.-DEC JAN-MAR. APR-JUN. JUL.-DEC* fields during the year. Expenditures of pub- 1946 - 1947 -*•' ANTICIPATED lic utility companies increased only moder- Securities and Exchange Commission and Department of ately until the last part of the year. Although Commerce estimates. Figures for 1947 represent expenditures anticipated by businesses. Commercial and miscellaneous it is difficult to segregate precisely expendiincludes trade, service, finance, communications, and transportation other than railroads. tures on plant from those on equipment, the past year to provide additional facilities for latter probably approximated two-thirds of meeting the new high level of postwar de- the total in 1946. This is similar to the promand for goods and services and to cover portion that characterized the prewar period. increased equipment prices and construction Sales to businesses of surplus war plant and costs. The total of such expenditures, ex- machinery owned by the Government thus cluding those of agricultural enterprises, is far have required a relatively small volume estimated by the Securities and Exchange of financing. According to the War Assets Commission and the Department of Com- Administration such sales totaled about 900 merce at approximately 12 billion dollars in million dollars in 1946, about half of total 1946, 80 per cent above the 1945 total and business expenditures on used plant and one-third larger than that of 1929, the previ- equipment but only seven per cent of exous peak peacetime year. Even though the penditures on new facilities. The major porrise in expenditures leveled off during- the tion of these sales, probably about threelast part of 1946, partly because of the sea- fourths, was for cash, the remainder being sonal influence, such expenditures reached for credit. The War Assets Administration their quarterly peak in the last three months inventory and probable future acquisitions of the year when they attained an annual of surplus war plant and equipment on Febrate of 15 billion dollars. ruary 28, 1947, totaled 1.5 billion dollars, Business expenditures on plant and equip- valued at the February rate of recovery on ment characteristically fluctuate greatly, pri- cost. It will become increasingly difficult marily because of the durability of plant and to dispose of these facilities at the current MAY 1947 489 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FINANCING THE POSTWAR BUSINESS EXPANSION recovery rate because of their lack of con- MANUFACTURING AND TRADE INVENTORIES vertibility and their inaccessibility. [Averages of end-of-month figures; in billions of dollars] Business plans, as reflected in anticipated Manufacturing Trade expenditures shown on the chart, call for cone si q d u e i r p a m bl e e n f t ur in th e 1 r 9 4 e 7 x , p p e a n r d t i i t c u u r l e a s r ly o n d p u l r a in n g t a t n h d e Quarter f m T a i c a o n t n t u g a u r l - - D i g n t u o r d r i o a u e d b s s s - le d i g N u n t o r d r o i o a u e n b d s s - l s - e W s h a o le le- Retail first half of the year. Although the postwar investment programs of many companies are 1946—Jan.-Mar.. 16.6 8.1 8.4 4.3 6.2 Apr .-June. 17.0 8.6 8.4 4.5 6.9 nearing completion and those of other con- July-Sept. 18.5 9.3 9.2 4.8 8.0 Oct.-Dec.. 19.9 10.0 9.9 5.7 9.1 cerns are being postponed because of high 1947—Jan.-Mar.. 21.2 10.8 10.4 6.5 9.4 costs, the programs of concerns in many pub- NOTE.—Based on monthly estimates of the Department of lic utility and manufacturing industries indi- Commerce. Detailed figures may not add to totals because of rounding. These figures, unlike those used fn the gross national cate continuation for a period of relatively product tabulations for all businesses, are not adjusted for inventory revaluations. large business expenditures on fixed facilities. Expenditures by railroads, electric light and largely in the first half, civilian-type invenpower companies, and telephone companies, tories of concerns in these industries probably for example, are expected to increase consid- increased by about 10 billion .dollars in 1946. erably in 1947. There is great need in these The proportion of this increase represented industries for replacement of obsolete equip- by additions to physical stocks may have been ment and also for expansion of properties in as high as two-thirds or as low as one-third, order to meet the larger civilian demands for the remainder being a reflection of higher their services. prices. The largest relative increase in the Inventory accumulation. The rapid growth dollar volume of manufacturing and trade in the inventory holdings of business since the inventories in 1946 occurred among retailers end of the war has been an important factor of durable goods. More recently the largest in the current business boom. Business con- relative increase has occurred among wholecerns of all types have been striving to regain salers. In the case of manufacturers, particuadequate stocks of peacetime goods and sup- larly those in durable goods industries, the plies, which had been depleted during the rising inventory holdings were represented war period. Growth in the dollar volume of primarily by purchased materials. inventories, as is shown in the table, was par- In many instances, expansion in inventory ticularly pronounced during the last half of holdings has been poorly balanced as a result 1946, when prices were rising rapidly; it has of material shortages, delays in the producslackened somewhat during recent months. tion process, and protective buyng. As long The Department of Commerce monthly as the prevailing shortages of metals and estimate of inventories of manufacturing and other raw materials exist, many concerns in trade concerns showed an increase of over basic industries will probably experience 8y billion dollars during 1946, almost 50 per difficulties in maintaining balanced stocks 2 cent above the growth in 1941, the largest of purchased materials, goods-in-process, and previous annual increase since the series began finished goods. t in 1939. Taking into account the ll/ billion Future tendencies in inventory accumula- 2 dollars of war inventories that were liqui- tion will of course vary considerably among dated by manufacturers during the year, industries. In many manufacturing indus- 490 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FINANCING THE POSTWAR BUSINESS EXPANSION tries, inventories relative to sales are still continue to receive shipments of goods from below the prewar relationship. In other suppliers to cover orders placed at higher lines, particularly in wholesale and retail levels of output. trade, there has been increasing evidence dur- The recent rapid inventory accumulation ing recent months that inventories are be- at higher and higher prices may have had coming large relative to sales. Clearance sales weakening effects on the finances of some and retrenchment in purchasing are both enterprises. Such accumulation has been becoming more prevalent in the distribution accompanied by a substantial increase in busifields as a result of some consumer resistance ness debt to banks; thus obligations fixed in to higher prices or actual inability to pay dollars have been assumed*in acquiring assets them, and the increasing availability of goods that have been rising in value but may in the for fairly prompt delivery. future decline. In that event, monetary Although inventories in some industries losses, which may be substantial, would are still low relative to sales, as compared materially affect the financial position of inwith the relationship between the two items debted companies. Many companies, parin previous periods, such comparisons are ticularly the larger ones, are sufficiently liquid subject to important qualifications in judgto retire outstanding bank debt promptly ing the adequacy of current inventory levels. under these conditions, and some companies In the first place, the wartime experience of have provided in advance for inventory manufacturers in improving production losses by setting aside valuation reserves from methods, together with a wider application prior year earnings. Other companies, less of inventory controls and further integration conservatively financed, may need to amorof industrial operations, may have permatize inventory debt and losses gradually in nently reduced industrial inventory requirethe period following any abrupt price decline. ments in relation to sales. Secondly, records Other requirements for funds. Two other of past business cycles show that inventory developments increasing business requireholdings are not susceptible to prompt conments for funds in 1946 were the expansion traction in the event of recession in prices of customer financing and the payment of and sales volume. In those circumstances, the previous year's income and excess profits inventories in some lines and of some types taxes. In increasing their accounts receivquickly prove to be excessive. able, business concerns provided additional In all probability, further inventory accupurchasing power to customers, including mulation will continue, although the rate of ultimate consumers, and hence tended to increase may be expected to slacken considstrengthen the demand for goods and serverably. An important problem raised by the latter prospect is the weakening effects that ices. Of course, a large part of the increase a slower growth in inventory may have on in the accounts receivable of many business demands for products of many industries concerns represented additional debts of and on total expenditures in the economy. other businesses; such receivables were If sales volume should recede as a result of •matched by an increase in accounts paysuch a development, further inventory accu- able of businesses, a source of funds. Income mulation would not be retarded immediately; taxes payable on 1945 earnings were substanmanufacturing and trade concerns would tially in excess of taxes incurred in 1946; con- MAY 1947 491 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FINANCING THE POSTWAR BUSINESS EXPANSION sequently, payments to the Federal Govern- by considerably more than the 50 per cent ment in 1946, even after tax credits received shown for all corporations. during the year, were larger than amounts In addition to the 7 billion dollars of recurrently set aside for taxes. tained earnings, corporations set aside about the same amount of revenues for depreciation FINANCING THE EXPANSION of plant and equipment. This latter sum was Availability of an unusual volume of inter- a little more than half of total corporate exnal funds within businesses and a large vol- penditures for plant and equipment during ume of funds from outside sources seeking the year. investment contributed to the unusually high The unusually large volume of retained levels of plant and equipment expenditures, earnings during 1946 was "retained" only in inventory accumulation, and customer fi- the sense that it was not paid out in dividends nancing reached in 1946. The heavy use of to stockholders. In a year like 1946 retained external financing at a time when earnings earnings and depreciation allowances do not and liquid assets were at record levels is represent unused, or idle, funds. In the war typical of a period of rapidly expanding busi- years a part of current retained earnings and ness activity, when the increase in assets of also a part of current depreciation allowances businesses exceeds their internal sources of were set aside as additional holdings of liquid funds. In the aggregate, however, the larg- assets, that is, cash and United States Governest part of the recent high level of business ment securities. During 1946, however, busiinvestment expenditures has been financed nesses reduced their aggregate liquid asset through internal funds obtained from cur- holdings. In effect, the entire amount of rent operations and from previously accu- earnings retained during 1946, together with mulated liquid assets. all amounts received during the year from Retained earnings. The retained earnings external sources and some amounts accumuof all corporations in 1946—that is, receipts lated in liquid form during the war years, after deductions of all costs, taxes, and divi- had been used by the year end to help finance dends—have been estimated by the Depart- the increase in business assets. ment of Commerce at approximately 7 bil- Reduction in liquid assets. At the beginlion dollars, more than 50 per cent larger than ning of 1946 liquid assets, that is, cash and retained earnings in 1945. In addition, cor- United States Government securities, held by porations received tax credits and refunds of all businesses, unincorporated enterprises as Federal income and excess profits taxes paid well as corporations, totaled almost 75 billion in earlier years which may have amounted dollars. This was over 3l/ times the volume 2 to between one-half and one billion dollars. of liquid assets held by businesses at the end Retained earnings in 1946 were larger than of 1939 and only slightly below the all-time in the preceding year in the case of most peak level reached in mid-1945. broad industrial groups. The notable excep- During 1946 liquid assets were drawn tion was railroads, whose retained earnings down 10-15 per cent. Practically all of were considerably smaller in 1946 than in the this decrease occurred in holdings of United preceding year. In other industries, such as States Government securities, while the volthe important nondurable manufacturing ume of business cash balances at the end of and trade groups, retained earnings increased the year was only slightly below that at the 492 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FINANCING THE POSTWAR BUSINESS EXPANSION beginning. A portion of these securities with total assets of 5 million dollars and were tax notes used for the payment of 1945 over, and reflected primarily borrowings by taxes. large manufacturing companies and by pub- That the use of liquid asset holdings was lic utilities to meet reconversion costs, to exnot greater, in view of the large volume of pand inventories and receivables, and to meet business investment during the year, can be higher costs than anticipated for expenditure explained in part at least by the large reten- programs on plant and equipment. The retion of current earnings and in part by the maining volume went to medium-sized and uneven distribution of liquid assets among small concerns, both incorporated and uninindividual companies. Many concerns most corporated, especially those in various lines in need of funds had only a small volume of of manufacturing and of wholesale and retail liquid assets on hand. Many others, more- trade. The character and magnitude of the over, retained the increased liquidity they increase in bank lending to businesses during had acquired during the prosperous war 1946 was discussed at greater length in the years, perhaps until they could be more cer- March BULLETIN. An article in this BULLETIN tain about future long-term business condi- discusses bank loans to businesses for terms tions. of more than a year. As a consequence, the liquid asset holdings During the first quarter of 1947 borrowing of business in the aggregate are still high from banks continued to increase at a rapid relative to day-to-day operating needs meas- rate. The continued large, though diminured by prewar standards. This is indicated ished, increase in the dollar volume of busiby the fact that aggregate business liquid ness inventories was the primary reason asset holdings in 1939 averaged 11 per cent for this growth in business loans during the of annual sales, as compared with about 17 first quarter. Thus far in 1947, at city banks, per cent of sales in 1946 as a whole and 14-15 loans with a maturity of more than a year per cent during the last quarter. In the case appear to have made up a smaller proporof continued business expansion these assets tion of new loans than they did in 1945 and may be used to finance additional investment 1946. in inventory, plant, and equipment. In the The extremely liquid position of banks, case of a recession they will provide the im- with their large holdings of short-term mediate resources if cash disbursements tem- United States Government securities, which porarily exceed cash receipts. In the latter may be sold or pledged against advances at case, the increased business liquidity may the Federal Reserve Banks, has enabled have the effect of reducing the need for forced them to increase their loan portfolios greatly liquidation and of delaying businesses in and will permit a further increase if the demaking the price cuts, cost reductions, and mand arises. Even in the event of a recession other readjustments that generally accom- the decline in business loans of banks would pany recessions. probably lag behind that of general business Business loans from ban\s. Business ex- activity since in the early stages of a downpansion in 1946 was accompanied by an in- turn cash receipts of businesses tend to fall crease of over 4 billion dollars in business more sharply and quickly than cash outlays. borrowings from banks. Probably about half New security issues. Businesses also made of this volume went to large concerns, those substantial use of the security markets in MAY 1947 493 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FINANCING THE POSTWAR BUSINESS EXPANSION 1946 and obtained in this manner the largest with large offerings by public utility comamount of financing since 1929. Total offer- panies. ings of securities aggregated 6.4 billion dol- Market developments had an important lars, 3.0 billion for new money and 3.4 billion effect on the types of security financing in for refunding and other refinancing pur- 1946. Under the impetus of a rising stock poses. New money financing was almost market during the early part of the year, three times as large in 1946 as in the previous stock offerings were numerous, and the year's year, while refunding operations decreased total of preferred and common issues equaled considerably from the peak volume of 1945. two billion dollars, the largest volume since Although some corporations floated securi- 1929. After the sharp decline in stock prices ties to obtain new money, others appear to in late* August and early September there have made sizable retirements of securities was some shift from stock to bond financing from cash. and from'public to private placements, but Durable goods manufacturers, especially the total volume of new financing continued automobile and machinery companies, ac- high. counted for a large portion of the dollar There has been a large number of mediumvolume of the new money issues in 1946. sized and small security issues floated during As public utility concerns began to make the past year although a few very large issues large expenditures on fixed facilities in the have accounted for the major portion of the latter part of the year, their financing through total volume of financing. During the fifteen new security issues increased sharply. As is months January 1946-March 1947 issues of shown in the table, security offerings for new less than 1 million dollars each accounted money were unusually large in the last quar- for over half the number but only 5 per cent ter of 1946, accounting for about 45 per cent of the dollar volume of all offerings for new of the total volume for the year. Financing money. in this quarter reflected further large offer- Security issues in the first quarter of 1947 ings by manufacturing companies together were substantially below the average volume in the last two quarters of 1946. This reflected CORPORATE SECURITY ISSUES FOR NEW MONEY in part at least the usual first quarter lull [In millions of dollars] while corporations awaited the release of Manufacturing year-end audited financial statements to preand mining sent when registering new issues with the Rail- Public Quarter Total1 Durable Non- roads utilities Securities and Exchange Commission. Sizgoods durable indus- goods able new issues are in prospect. Telephone tries industries companies are expected to obtain through the 1946—Jan.-Mar 248 90 130 10 3 sale of securities the major portion of the Apr.-June.... 611 270 260 18 21 July-Sept.. . . 809 450 110 28 200 funds they require to carry out their large Oct.-Dec 1,336 • 420 270 74 537 expansion program. 1947—Jan.-Mar 673 170 110 43 284 1 Includes small amounts for an "All other" group (primarily BUSINESS PROFITS DURING THE EXPANSION trade, service, finance, and air transport companies), which is not shown. Aggregate corporate profits before taxes, NOTE.—Securities and Exchange Commission estimates of net proceeds of new issues, except for distribution between durable according to preliminary Department of and nondurable goods manufacturing and mining industries, which was prepared by the Board's Division of Research and Statistics Commerce estimates shown in the chart, on the basis of Commercial and Financial Chronicle data. 494 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FINANCING THE POSTWAR BUSINESS EXPANSION CORPORATE PROFITS earnings in 1946 was the reduction in tax BILLIONS OF DOLLARS liabilities. The excess profits tax was re- •^-—PROFITS BEFORE TAXES pealed and corporate normal rates reduced I TAXES J-^-PROFITS AFTER TAXES from 40 to 38 per cent, effective at the begin- 9 DIVIDENDS I RETAINED EARNIN68 ning of 1946. Moreover, special tax credits representing further adjustments of wartime taxes, not included in Department of Commerce tax estimate for 1946, also reduced the 1946 tax liabilities. Over-all annual earnings figures of necessity obscure variations in profits within 10 the year, both among industries and among individual companies within industries. The first and second halves of 1946, however, were characterized by much different price, cost, and, as a result, profit conditions. In the first half, with selling prices still subject to control 1939 1940 1941 1942 1943 1944 1945 1946* and with operating costs increasing, unit *£ PRELIMINARY. Department of Commerce estimates. Taxes are Federal and costs in many industries rose faster than unit State income taxes. prices. Moreover, because of reconversion were somewhat smaller in 1946 than in 1945, problems and work stoppages in several imin spite of an approximately equal volume portant industries, the over-all sales volume of business, and were subtantially less than in of all businesses dropped. 1943 and 1944. Since tax liabilities were In the second half of the year, however, much lower, however, profits after taxes in- with controls removed, selling prices rose subcreased about one-third in 1946 and were stantially. Since there is a lag between the larger than in any previous year. With divi- purchase of materials and sale of products, dends only moderately larger than in the profits before taxes during this period inpreceding year, the volume of current re- cluded a sizable volume, probably several biltained earnings, as was indicated earlier, rose lion dollars, of inventory profits. In addiby about 50 per cent. tion, total business sales increased sharply not Net worth, which measures the financial only because of the price rise but also because interest of the owners of corporations, has reconversion and other transitional producprobably increased 20-25 per cent since 1939. tion difficulties had been surmounted and the Profits before taxes in relation to net worth number of work stoppages had declined to declined in 1946, continuing a decline that an unusually low level. Thus, during the has been in process since 1943. The ratio of second half of 1946, unit profit margins profits after taxes to net worth, however, widened, reflecting rapidly rising unit selling rose sharply in 1946; this ratio was prob- prices combined with more slowly rising ably in excess of the war peak in 1943 and material costs, lower overhead costs per unit, considerably in excess of the previous peace- and increased labor productivity. time peak. Available quarterly data on the profits after An important factor affecting business taxes of large corporations, as shown in the MAY 1947 495 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FINANCING THE POSTWAR BUSINESS EXPANSION table, indicate a sharp upward trend in earn- lines were above the high end-of-1946 levels, ings throughout the year in most broad in- and further expenditures were made on busidustry groups. The variation in profitability ness assets, principally inventories, plant, and equipment. There are indications, however, QUARTERLY PROFITS AFTER TAXES OF LARGE CORPORATIONS that business investment of some types and [Indexes, quarterly average for 1945 = 100] in some areas is leveling off or declining. Although the postwar expenditure plans Manufacturing and mining of many companies in durable goods manu- Quarter Durable du N r o a n b - le ra C i l l a r s o s a d I s ut O il t it h i e e r s l facturing and public utility industries indigoods goods cate continued large plant and equipment exindus- industries tries penditures throughout 1947, the programs of many other industries are nearing comple- 1945—Jan.-Mar 105 102 132 106 Apr.-June 111 101 177 96 tion or are being deferred. A slackened July-Sept 82 100 113 92 Oct.-Dec 101 98 -22 107 growth, or possibly even a decline, in total 1946—Jan.-Mar -2 129 12 141 business expenditures on new plant and Apr .-June 104 143 -40 115 July-Sept 121 165 114 105 Oct.-Dec 196 202 170 115 equipment during coming months may therefore be expected. 1 Electric power and telephone companies. NOTE.—Based on profits data which appear on p. 574 of this In many lines new and outstanding orders BULLETIN. for products are leveling off, and the rate of inventory accumulation is declining, even from industry to industry was much more though the current over-all relationship of pronounced during the early months of 1946 inventories to sales is still below what was than at the end of the year when most indusconsidered normal in prewar years. Further tries were'experiencing unusually high levels voluntary inventory accumulation will be of profits after taxes. Only the railroads and more selective; if metals and other basic raw a relatively few industries manufacturing materials now in short supply become availdurable goods experienced sharp reductions able in sufficient quantity, some additional in such profits from the year 1945 to 1946. accumulation of these materials is probable. Data available for about 500 individual Should sales fall markedly below current relarge manufacturing corporations indicate ceipts of goods, the resulting involuntary acthat company-to-company variations in 1946 cumulation of inventories at present high profits after taxes, in terms of the percentage prices would have serious implications for change from 1945, reflected for the most part future business developments. industrial differences rather than any wide Of major importance for aggregate busidifference of profits experience among comness sales during the coming months is the panies within a given industry. Within most prospective level of consumer and export deindustries the variation was scattered around mands for which trends may change from a high rate of increase in earnings from those prevailing in late 1946. Current con- 1945 to 1946. sumer demands in some lines, especially at the retail distribution level, are not as strong CONCLUSION as in 1946. Demands for goods for export, In the first quarter of 1947 the volume of however, are likely to remain substantial business activity rose further, profits in many throughout 1947. If, at prevailing prices, the 496 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FINANCING THE POSTWAR BUSINESS EXPANSION over-all level of demand should prove inade- after taxes. This increase in profits has been quate for the supply of goods and services cur- relatively greater than that in other income rently being produced, and if aggregate sales shares. A reduction, even though moderate, volume should decrease materially from its in the volume of operations and in prices present level, many businesses would experi- from present levels would result similarly in ence an adverse change in financial position a greater relative decline in business profits and would consequently make substantial than in other income shares. If, however, alterations in investment programs. business receipts remain large in consequence In looking ahead it should be recognized of a continued high, or rising, level of prices, that lower taxes, a large volume of operations, their distribution as between profits and other and rising prices have been the crucial ele- income shares would have an important ments in the recent business financial situa- bearing upon the maintenance of a high level tion and in the increase in business profits of employment. FEDERAL RESERVE CHARTS ON CONSUMER CREDIT The Board of Governors of the Federal Reserve Each month the Federal Reserve BULLETIN will System now has available for distribution a Chart include a table of data for bringing the charts up to date. See page 600 of this issue. Book on Consumer Credit. The book contains 19 The price of the Chart Book is 50 cents per copy. charts showing consumer credit by major parts and In group orders of ten or more copies for single related data compiled by the Board and other shipment, there is a special price of 35 cents each. agencies. These charts contain information avail- Orders for copies should be sent to the Division of able as of April 15, 1947, and provide space for Administrative Services, Board of Governors of the plotting data through 1948. Federal Reserve System, Washington 25, D. C. MAY 1947 497 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

TERM LENDING TO BUSINESS BY COMMERCIAL BANKS IN 19461 by DUNCAN MCC. HOLTHAUSEN One of the most significant developments in lender. The smaller term loan is often arranged to banking during recent years has been the expand- finance expenditures on equipment or facilities that ing use of the term loan to finance the medium- in turn are pledged as collateral for the loan, but and longer-term credit and capital needs of busi- the loan so secured may also be for working capital ness. A term loan as defined in this article covers purposes. While the practice is not yet widespread, loans to business with a maturity at time of making many smaller term loans are likewise arranged of more than one year. Under this criterion, all under special loan agreements. Term loan arrangebusiness loans at member banks having an original ments difler considerably as between borrowers bematurity in excess of 12 months are regarded as cause the loan plan is adapted to financing the term loans whether or not they are secured or un- diversified needs of borrowers. secured and irrespective of the borrower's purpose in obtaining the loan. SUMMARY OF RESULTS The most common feature of term loans is a plan During 1946 the term loans of member banks for serial or instalment repayments under a pre- were an important factor in business credit supply. determined schedule. The larger term loan is fre- Close to the end of the year member banks held quently unsecured and is made under an agree- an estimated 144,000 term loans amounting to 4.6 ment which sets forth the arrangements and under- billion dollars. Thus loans with an original mastandings between the borrower and lender at the turity of more than one year accounted for one-fifth time of the loan. The term loan agreement is of the number and one-third of the dollar amount based in part upon a careful analysis of the bor- of all member bank loans outstanding to business rower's operations and financial position, including concerns. This volume of outstanding term credit an estimate of his probable earnings and the pros- to business concerns, as estimated from the results pects of the industry in which he is engaged. The of the nation-wide sample survey of commercial purpose of the analysis and of the agreement ac- bank business loans outstanding on November 20, companying the loan is, of course, to set the con- 1946, was probably at least double the prewar volditions of the financing acceptable to both borrower ume of term loans. and lender and to minimize the credit risk of the Term loans made during the 12 months prior irrhis article dealing with the term lending of banks is the to the date of the survey accounted for threesecond in a series covering the results of the nation-wide fourths of the number and two-thirds of the sample survey of business loans outstanding as of Nov. 20, 1946. The survey was conducted by the Board of Governors volume of all term loans outstanding on November of the Federal Reserve System and the Federal Reserve Banks. The first article of this series, published in the March Federal 20, 1946. This was a period when total business Reserve BULLETIN, summarized the over-all results of the survey, such as the estimated volume of business loans at loans increased sharply, accompanying a rapid exmember banks, the types and sizes of businesses served, and the classes of banks extending business credit. See Albert R. pansion in business assets, particularly of such cur- Koch, "Business Loans of Member Banks," Federal Reserve BULLETIN, March 1947. In addition, the size of the sample, rent assets as receivables and inventories. The the method for estimating totals shown, and questionnaire de- expansion of bank loans over these months was tails were described. Subsequent articles, which deal with special phases of bank largely the result of the short-term credit needs of loans to business, such as types of security for loans, interest rates charged, and loans to small business, will appear in forth- business. Since the number and amount of term coming issues of the BULLETIN. The survey of bank loans to industrial and commercial busi- loan disbursements increased considerably, it is nesses, on which this article is based, was planned by the Board's Division of Research and Statistics in consultation with evident that the medium-term credit needs of busithe Board's Divisions of Bank Operations and of Examinations, the Federal Reserve Banks, and other interested agencies. The ness were likewise substantial during this period. information was collected and compiled into district totals at Between May and October 1946, member banks the Reserve Banks and national totals were prepared at the Board's offices. disbursed an average of 300 million dollars per Supervision of the survey, analysis of results, and preparation of articles are under the general direction of Ralph A. month on term loans, or at a rate of 3.6 billion Young, Assistant Director of the Division of Research and Statistics. Richard Youngdahl, of the Division, has been annually. It is possible that price disturbances and largely responsible for the supervision of the collection and tabulation of information. weaknesses in the securities markets in the last half FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

TERM LENDING TO BUSINESS BY COMMERCIAL BANKS IN 1946 of 1946 brought to banks some business credit de- cluding producers of metal products and manufacmands that under more favorable securities market turers of petroleum, chemical, and rubber products conditions would have been satisfied through in- were important term borrowers. Retail trade borvestment banking channels. A concurrent increase rowers, although indebted for almost three-fifths of in private placements of corporate notes and bond the number of term loans outstanding, owed only issues with insurance companies was reported dur- one-tenth of the total amount. Term loans were an ing this period. important source of funds for public utilities and Of the 4.6 billion dollars of member bank term transportation companies (including the airlines). loans outstanding near the end of 1946, final pay- Relatively new businesses, that is, those organments on approximately one-half will be due by the ized since 1942, accounted for a significant proend of 1951. The loans thus maturing include four- portion of the number of term loans. Over onefifths of the total number of term loans outstand- half the term credit made available by banks to the smallest business establishments was to relatively TABLE 1 new concerns. TERM LOANS OF MEMBER BANKS TO BUSINESS, NOVEMBER 20, The term loan is a well-established and accepted 1946, BY YEAR OF FINAL PAYMENT type of credit for small as well as large businesses. [Estimates of outstanding loans] Business enterprises with less than $250,000 of assets had outstanding an estimated 133,000 term Year loan or final o A f m lo o a u n n s t l N of u m lo b an er s d P i e s r tr c i e b n u t t a i g o e n loans or 90 per cent of the total number of member instalment matures (In (In bank term loans to business. Large business estabmillions) thousands) Amount Number lishments, particularly those having assets of 5 million dollars or more each, accounted for the major Loans past due $ 13 0.8 0.3 0.6 Loans with final pay- proportion of the dollar amount of term borrowing ment due in: from member banks. 1946 32 2.7 0.7 1.9 1947 437 39.0 9.6 27.0 The largest business concerns obtained a greater 1948 460 32.6 10.1 22.6 1949 326 19.1 7.2 13.2 proportion of their bank funds on a term 1950 454 10.0 10.0 6.9 basis (over one year) than did smaller business 1951 577 14.4 12.7 9.9 1952 261 4.3 5.7 3.0 establishments. Approximately one-half of the total 1953 327 3.1 7.2 2.1 1954 214 2.8 4.7 1.9 bank borrowings of concerns with assets of 5 mil- 1955 691 4.3 15.2 2.9 lion dollars or more were term loans. For smaller 1956 675 9.7 14.8 6.7 businesses, with the exception of the very small 1957 or later 90 1.7 2.0 1.2 establishments with assets of less than $50,000, the All term loans. . . $4,558 144.4 100.0 100.0 corresponding proportion was no more than one- 1 Balances outstanding Nov. 20, 1946 on loans whose final pay- fifth. It is noteworthy that the very small business ment falls due in the year indicated. NOTE.—Detailed figures may not add to totals because of concerns obtained one-third of their bank borrowrounding. ings on a term basis. ing. Within this five-year period, instalment repay- The spread of term loan usage to small business ments will also have been made in substantial establishments in recent years has had its countervolume on term loans having a last instalment due part in the extent to which smaller banks make after 1951. No more than 2 per cent of the number loans on a term basis. In the very smallest size-ofof loans outstanding at the date of the survey will bank classification (deposits under 2 million dollars mature in more than 10 years. A distribution of each) as many as one-half of all banks had outterm loans by date of final payment is presented in standing term loans. Almost three-fourths of all Table 1. The number and amount of term loans member banks had term loans outstanding to busipast due and unpaid as of November 20, 1946 was ness on the date of the survey. negligible. Member banks in the Federal Reserve districts Manufacturing and mining concerns accounted of the two largest financial centers in the United for over one-half the amount but no more than one- States—New York and Chicago—held three-fifths seventh of the number of term loans outstanding of the estimated total dollar amount of term loans near the end of 1946. The industrial groups in- outstanding at all member banks. Large banks in MAY 1947 499 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

TERM LENDING TO BUSINESS BY COMMERCIAL BANKS IN 1946 these two districts lent heavily to industries outside helps to maintain active turnover of the bank's loan their own districts, often in cooperation with cor- assets. respondent banks. Banks in the San Francisco The characteristics of term loans, such as security District were especially active in using the term taken, maturity, repayment basis, and interest loan to finance local business activity. In other dis- charges, depend in large part upon the size of tricts where term lending was local in character loan granted (closely related to size of borrower), there wras considerable variation in the volume of and, secondly, upon the type of business borrowing term lending relative to total bank loans to busi- the funds. ness. At least 90 per cent of the term loans made dur- The proportion of outstanding term loans that ing 1946 were small in size, averaging $3,700. The represented credits in cooperation with banks or small term, loan is typically secured by real estate other lending institutions appears to have been con- or a chattel mortgage on equipment. It is repaysiderably smaller in 1946 than it was before the able on an equal instalment basis and matures war. Approximately one-third of the amount of all within five years. The interest charges are about term loans outstanding near the close of 1946 rep- double those for very large loans. An interesting resented participating credits as compared with at development in the extension of small term loans least one-half in 1940. This smaller proportion of has been the increasing use of the loan agreement term loans involving participation of other lenders, by which the borrower covenants to follow certain however, probably represented joint arrangements prescribed policies as noted below for large loans. between a larger number of banks than formerly; The large term loan is most frequently an unit also represented an absolute dollar amount of secured note accompanied by a term loan agreeterm loans much the same as in 1940 since the total ment. The lender relies upon the general financial of all term loans doubled in this period. The strength and earning prospects of the borrower. proportion of outstanding term credits made by The agreement usually restricts the pledging of banks in cooperation with agencies of the Fed- fixed assets by the borrower, limits any other longeral Government, including the Reconstruction term borrowing while the term loan is in effect, Finance Corporation and Federal Reserve Banks, and requires that the borrower maintain certain was nominal, amounting to 63 million dollars out of liquidity standards as well as provide the lender a total 4.6 billion dollars. Such loans were made with periodic financial statements. Sometimes there to businesses in all size groups and probably would is provision for lump-sum payment at maturity, not have been arranged in the amounts obtained but more often the loan takes the form of a group without the participation of these agencies. of serial notes maturing at different dates or a Term loans appear to be an outgrowth of and, single note amortized on an instalment basis. A in some cases, a substitute for, two types of bank considerable number of these large term loans are earning assets that are considerably less important made by groups of participating banks; insurance today than they were 20 years ago. One is the companies may be members of a group and take up short-term loan made with an informal under- the longer maturities, such as those coming due in standing that it will be renewable as long as the more than 10 and in cases more than 15 years. borrower maintains a satisfactory credit standing. The revolving credit arrangement, whereby the The other is the corporate bond or debenture borrowing business acquires the right to borrow a held by banks as investments. Term loans, made specified maximum amount for a stated period of under prescribed repayment plans, are generally time (usually one to three years), is a form of term sounder assets than short-term notes made with the loan not fully covered by the survey. Under this expectation that they would be renewable at ma- plan amounts borrowed on the line of credit are turity or than long-term corporate bonds or de- evidenced by individual notes, in most cases of bentures repayable in lump sum at maturity. Al- shorter term than the period of commitment, and a though the amortization feature does not protect commitment fee is paid by the borrower to the the lender from the fundamental credit weaknesses bank on any unused portion of the maximum of a particular borrower, it does require advance amount that the lending institution obligates itself planning of payments on the borrower's part and to make available. As the notes mature they can be 500 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

TERM LENDING TO BUSINESS BY COMMERCIAL BANKS IN 1946 replaced by new notes. To the extent that notes term credit as compared to short-term credit. The maturing within one year were issued under re- possibility of default on short-term loans (normally volving credit arrangements, they were not included renewable) when repayment is accelerated during as term loans in this survey. periods of sharp business contraction, encouraged One interesting trend in term lending during the desire for medium-term credit repayable over 1946 has been the development of a revolving credit a period of several years on an instalment basis.3 agreement with provision for conversion to a term In addition, developments beginning with the terloan basis upon the termination of the period of mination of warfare in the European Theatre and the bank's commitment to lend a stipulated sum. accelerating after V-J Day stimulated the widespread Under this arrangement the note or notes due for use of the term loan. Metal product manufacturers payment at the end of the commitment period may and many other war contractors were in need of be converted to*a term loan. If the borrower con- medium-term funds for reconversion and replaceverts to a term loan, he uses the proceeds to cancel ment purposes. Individuals organizing the nuthe old obligation, and generally repays the new loan merous new retail and service establishments, inin 3 to 10 years under a prescribed repayment plan. cluding members of the medical professions who Where a considerable period of time may elapse were equipping offices after military service, needed between the negotiation of the term credit arrange- small credit advances. New but small truckment and the disbursement of funds to the bor- ing concerns were also in need of funds. Rapidly rower, it is customary to cover the stand-by period expanding industries, such as commercial airlines, with a firm commitment by the bank to advance required substantial sums to finance equipment the funds when called upon. Usually a commission purchases and hangar installations. fee is charged by the bank for this commitment Manufacturing and mining concerns were inperiod. Firm commitments for which a fee is debted for slightly more than one-half of the 4.6 charged also arise where a bank arranges to make billion dollars of business term loans outstanding at advances from time to time until a date when all of member banks on November 20, 1946. As Table 2 the funds that the borrower intends to borrow under shows, however, these concerns represented only the agreement have been advanced and the term one-seventh of the total number of term borrowers. loan arrangement goes into effect.2 Retail trade enterprises accounted for the largest According to the survey results, the total volume proportion of the total number of term loans or of member bank funds available to borrowers under nearly two-fifths of the 144,000 outstanding. These commitments where the borrower was paying a com- loans to retailers were small in size and amounted mitment fee amounted to 2 billion dollars as of to one-tenth of the total dollar amount of term November 20, 1946. Of this sum about one-third loans outstanding. Service establishments also achad already been drawn down. While a consider- counted for a sizable number of term loans and for able proportion of the funds under such commit- a small proportion of the total dollar amount outments was probably for conventional term loans, a standing. Public utilities (including transportation sizable amount was likely accounted for by various companies) were important users of term loans. revolving credit arrangements not included as term Their notes payable to banks on a term basis, used credit in this survey. in substantial part for refunding purposes, included one-fifth of the dollar volume and one-eighth of the TYPE OF BORROWER USING TERM LOANS number of term loans. The wholesale trades and As a method of obtaining medium- and longer- sales finance companies, which customarily rely very term credit, term loans by banks are a source heavily on short-term borrowing, were responsible of funds for many different types of business for only a small fraction of either volume or number enterprise. In recent years business establishments of term loans. have indicated an increasing preference for medium- Of the broad industrial groups, public utilities showed the largest proportion of term loans rela- 2 A statement describing the development and use of the stand-by credit as a method of lending by banks is given by 3 For a discussion of changes affecting the volume and nature George Champion in the Report */ the Committee on Bank of business demands for external financing in recent years, Bee Credit Practices (Proceedings of the Thirty-Fifth Annual Con- Neil H. Jacoby and Raymond J. Saulnier, Business Finance and vention, Association of Reserve City Bankers, 1946), pp. 29-36. Banking (National Bureau of Economic Research, 1947). MAY 1947 501 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

TERM LENDING TO BUSINESS BY COMMERCIAL BANKS IN 1946 TABLE 2 TERM LOANS OF MEMBER BANKS TO BUSINESS, NOVEMBER 20, 1946, BY BUSINESS OF BORROWER [Estimates of outstanding loans] As a percentage of all Amount Number Percentage loans to each of loans of loans distribution business group * Business of borrower (In (In millions) thousands) Amount Number Amount Number Retail trade, total $ 408 53.9 9.0 37.3 27.8 21.3 Food, liquor, tobacco, and drugs 135 24.6 3.0 17.0 34.1 30.0 Apparel, dry goods, and department stores 120 4.5 2.6 3.1 28.4 13.3 Home furnishings, metal products, and building materials.... 56 8.6 1.2 6.0 20.1 14.8 Automobiles, parts, and filling stations 69 10.8 1.5 7.5 *34.7 24.3 All other 28 5.4 0.6 3.7 16.0 15.8 Wholesale trade, total 224 9.8 4.9 6.8 9.3 11.2 Food, liquor, tobacco, and drugs 101 3.8 2.2 2.6 10.0 12.2 Apparel and dry goods 27 0.4 0.6 0.3 4.7 4.5 Home furnishings, metal products, and building materials.... 38 2.3 0.8 1.6 12.3 10.6 Automobiles, parts, and petroleum 32 1.5 0.7 1.1 31.3 18.8 All other 26 1.8 0.6 1.2 6.2 10.3 Manufacturing and mining, total 2,371 21.1 52.0 14.6 41.8 18.3 Food, liquor, and tobacco 392 2.5 8.6 1.8 25.4 14.5 Textiles, apparel, and leather 100 1.4 2.2 1.0 20.4 8.9 Metals and metal products 712 6.0 15.6 4.2 43.5 20.6 Petroleum, coal, chemicals, and rubber 759 2.6 16.6 1.6 71.0 19.5 All other 409 8.5 9.0 5.9 43.4 21.2 Public utilities (including transportation companies) 960 16.9 21.1 11.7 78.0 44.0 Services 233 24.1 5.1 16.7 47.3 31.5 Construction 65 7.7 1.4 5.3 14.2 18.0 Sales finance 74 0.2 1.6 0.2 9.4 3.3 All other * 223 10.6 4.9 7.4 31.9 28.4 All term borrowers $4,558 144.4 100.0 100.0 34.4 21.5 1 All loans include member bank loans to business with maturities of one year or less as well as term loans. 2 Includes a small amount and number of loans unclassified by business of borrower. NOTE.—Detailed figures may not add to totals because of rounding. tive to their total bank borrowings (three-fourths) 98 per cent of the number of member bank term and manufacturing and mining concerns the next loans represented advances to enterprises having largest (two-fifths). Within manufacturing and assets of less than 5 million dollars. That the vast mining, there was wide variation in the relative use majority of term loans are extended to small busiof term loans as a type of bank credit. They ness is further emphasized by the fact that enteramounted to three-fourths of total borrowings in prises having assets of less than $250,000 accounted the petroleum, coal, chemicals, and rubber group, for 90 per cent of the number of term loans outand to one-fourth in the food, liquor, and tobacco, standing or about 133,000. Although these loans and the textile groups. amounted to no more than one-sixth of the dollar Size of borrower. The importance of the large amount of term loans outstanding, the term loan is business enterprise in the dollar volume of bank a well-established and accepted type of transacterm lending is shown in Table 3, which indicates tion for making credit available to small businesses. that two-thirds of the amount of all term loans out- While loans to all such businesses were not a large standing on the date of the survey were to con- proportion of total term loans outstanding, their cerns with total assets of 5 million dollars or more. relative importance to individual small concerns was Within this group, manufacturing and mining com- probably high because alternative financial sources panies and public utilities accounted for practically for long-term credit are not readily available to all of the term borrowing (2.6 billion of the total of these enterprises. 3 billion). As Table 3 makes clear, however, term borrow- The bank loan with a maturity of more than one ing has not become equally prevalent among all year has become increasingly available to medium- sizes of borrowers. The lower half of this table inand small-size enterprises. At the time of the survey dicates the percentage of all business borrowings 502 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

TERM LENDING TO BUSINESS BY COMMERCIAL BANKS IN 1946 TABLE 3 TERM LOANS OF MEMBER BANKS TO BUSINESS, NOVEMBER 20, 1946, BY BUSINESS AND SIZE OF BORROWER [Estimates of outstanding loans] Size of borrower Size of borrower (Total assets, in thousands of dollars) (Total assets, in thousands of dollars) All All Business of borrower busi- businesses1 Under 50- 250- 750- 5,000 nesses1 Under 50- 250- 750- 5,000 50 250 750 5,000 and 50 250 750 5,000 and over over Amount of term loans, inmillions Number of term loans, in thousands Retail trade $ 404 $142 $ 82 $ 31 $ 21 $ 128 53.4 45.7 6.6 •0.7 0.2 0.2 Wholesale trade 223 22 48 26 36 91 9.7 5.8 2.8 0.6 0.3 0.1 Manufacturing and mining 2,367 45 95 95 308 1,824 20.9 10.7 5.0 1.6 1.5 2.0 Public utilities (including transportation companies) 939 37 33 31 70 768 16.6 11.4 2.2 0.6 0.5 1.8 Services 229 63 52 16 30 69 23.6 19.7 3.3 0.5 0.1 All other 325 45 79 38 57 107 17.8 11.8 4.3 1.2 0.4 0.1 All term borrowers x $4,487 $354 $388 $237 $522 $2,987 142.0 105.1 24.2 5.3 3.1 4.3 As a percentage of all loans to each business-size grou3p Retail trade 27.8 30.2 19.9 20.9 14.2 45.9 21.3 23.2 14.4 14.2 11.6 33.0 Wholesale trade 9.3 14.1 9.0 6.4 6.5 12.0 11.2 14.4 8.7 7.1 7.6 8.8 Manufacturing and mining 41.9 24.2 15.9 17.3 26.9 57.5 18.2 20.7 13.5 13.1 17.6 38.4 Public utilities (including transportation companies) 77.9 51.9 40.8 53.0 64.7 86.6 42.4 42.1 33.3 47.0 56.3 83.1 Services . . . 47 7 43 4 37.4 32.5 50 3 77 4 31 2 32.2 27 1 27 0 25.7 37 7 All other 17 4 24.6 19.4 15.6 15.4 16.1 18.7 21.2 15.8 17.7 10.3 7.4 All term borrowers x 34.3 29.2 17.9 16.3 21.9 51.0 21.5 24.3 15.0 14.6 15.5 38.8 1 Excludes a small amount of loans unclassified by business and size of borrower. 2 Less than 50. 3 All loans include member bank loans to business with original maturities of one year or less as well as term loans. NOTE.—Detailed figures may not add to totals because of rounding. from banks that is in the form of term loans, both the survey, more than a third of the amount and by number and dollar amounts. Two-fifths of the number of term loans outstanding at member number and one-half of the amount of total bank banks to small enterprises (assets under $250,000) borrowings of concerns with assets of 5 million dol- were to businesses organized after 1942. As Table lars or above were term loans. For businesses 4 indicates, the proportion was especially high— with assets from $50,000 to 5 million dollars no 54 per cent of the number and 48 per cent of the more than one-seventh of the number and one-fifth dollar volume—in the case of such borrowers of the amount of their bank credit was term credit, having less than $50,000 of assets. Predominant and it would appear that the smaller the size of the in number among these newly organized borrowers borrower within this group the less frequently term were retailers and service establishments. Term credit was used. Very small business establish- loans to relatively new enterprises were much less ments (assets under $50,000), however, had one- important in volume and number for businesses quarter of the number and somewhat more of the with total assets of $250,000 or more. This is reavolume of their bank borrowings on a term basis. sonable since most new businesses are very small It is noteworthy that term loans were such a establishments and not many of them would have high proportion of total loans to very small busi- expanded into medium-size or large units between nesses. Outstanding term loans to these concerns, 1943 and the end of 1946. the majority of which were retail and service estab- Businesses organized since 1942 accounted for a lishments, were of small average size—about $3,500. larger proportion of the total number of term loans It is likely that a substantial volume of this type of outstanding than their numerical weight in the lending to business was done through personal loan total business population would suggest. It is or consumer credit departments of banks. estimated that these new firms made up about one- Businesses organized after 1942. On the date of quarter of the total business population at the time MAY 1947 503 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

TERM LENDING TO BUSINESS BY COMMERCIAL BANKS IN 1946 TABLE 4 TABLE 5 TERM LOANS OF MEMBER BANKS TO BUSINESS, NOVEMBER 20, TERM LOANS OF MEMBER BANKS TO BUSINESS, NOVEMBER 20, 1946, BY SIZE AND I)ATE OF ORGANIZATION OF BORROWER 1946, BY BUSINESS AND CORPORATE STATUS OF BORROWER [Estimates of outstanding loans] [Estimates of outstanding loans] Size of borrower (Total assets, in After 1942 or After 1942 or Business of borrower Incor- Unincor- Incor- Unincorthousands of 1942 before 1942 before porated porated porated porated dollars) Amount of loans Amount of loans Percentage dis- In millions Pe t r io c n en w ta i g th e i n d e is a t c r h ibu- In millions tr e ib a u ch ti o b n u s w in it e h s i s n • business group group Retail trade . . $ 192 $216 47.1 52.9 Under 50 $170 $ 184 48.1 51.9 Wholesale trade 158 67 70.3 29.7 50-250 101 287 26.1 73.9 Manufacturing and mining, 2,158 214 91.0 9.0 250-750 32 206 13.3 86.7 Food, liquor, and tobacco 366 25 93.6 6.4 750-5,000 35 486 6.7 93.3 Metals and metal prod- 5,000 and over. . . 44 2,943 1.5 98.5 ucts 655 57 92.0 8.0 Petroleum, coal, chem- All borrowers 1. $382 $4,106 8.5 91.5 icals, and rubber 679 80 89.4 10.6 All other manufacturing and mining 457 51 89.9 10.1 Number of loans Public utilities (including transportation companies) 873 86 91.1 8.9 Percentage distribu- Services 121 112 51.9 48.1 In thousands tion within each All other 215 145 59.8 40.2 business group All term borrowers x. . . . $3,718 $839 81.6 18.4 Under 50 56.8 48.2 54.1 45.9 50-250 4.9 19.3 20.1 79.9 Number of loans 250-750 0.5 4.7 10.1 89.9 750-5,000 0.1 2.9 4.6 95.4 5,000 and over. . . 0.1 4.3 2.0 98.0 Percentage distribution within All borrowers 1. 62.4 79.5 44.0 56.0 In thousands each business group 1 Excludes a small amount of loans unclassified by size and date Retail trade 4.0 49.9 7.4 92.6 of organization of borrower. Wholesale trade 2.2 7.6 22.7 77.3 NOTE.—Detailed figures may not add to totals because of Manufacturing and mining. 7.8 13.3 37.1 62.9 rounding. Food, liquor, and tobacco 1.0 1.6 38.9 61.1 Metals and metal products 2.7 3.3 45.0 55.0 of the survey and accounted for over two-fifths of Petroleum, coal, chemicals, and rubber 1.3 1.3 48.6 51.4 the number of term loans outstanding. Of the All other manufacturing and mining 2.9 7.1 28.9 71.1 142,000 term loans classified as to whether or not Public utilities (including the borrower was in business in 1942, it is estimated transportation companies) 4.6 12.2 27.6 72.4 that as many as 62,000 were to relatively new con- Services 1.8 22.4 7.5 92.5 All other 3.2 15.3 17.3 82.7 cerns. It is shown in Table 4, however, that these All term borrowers x. . . . 23.7 120.6 16.4 83.6 same loans were a relatively small part of the dollar volume of all term loans; they amounted to less 1 Excludes a"small amount of loans unclassified by business and than one-tenth of the 4.6 billion dollars outstand- corporate status of borrower. NOTE.—Detailed figures may not add to totals because of ing on November 20, 1946. rounding. Corporate status of business. The larger dollar Table 5 indicates that 82 per cent of the volume volume of term loans outstanding near the end of was corporate borrowing, while 84 per cent of the 1946 was to corporations but the greater number of number was noncorporate borrowing. these loans was to unincorporated establishments. The corporate form of organization is especially frequent in manufacturing and the public utilities CHARACTERISTICS OF TERM LOANS (including transportation), where the amount of Traditional methods of cr.dit appraisal and the term lending was greatest. Even in these groups, form of credit instrument used by banks in adhowever, a large proportion of the number of term vancing 30-, 60-, and 90-day notes to businesses are loans was to unincorporated borrowers. For all not adequate for term loan transactions. The term term loans outstanding on the date of the survey, loan is a specialized type of lending designed to fit 504 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

TERM LENDING TO BUSINESS BY COMMERCIAL BANKS IN 1946 the particular needs and requirements of individual Approximately 4,300 of the term loans closed borrowers. The average term loan does not mature during 1946 were for amounts of $100,000 or for several years from time of making and com- above. They totaled 2.5 billion dollars, or almost mercial banks extending this type of credit must four-fifths of the total amount of all term disburseplace considerable emphasis on the financial and ments by member banks. For the most part loans industrial prospects of the borrower. Among the of this large size were made to business enterprises major items to be considered are future earning with assets of $750,000 or more. power, ability to meet scheduled payments, ability The size distribution of term loans given in to maintain a prudent level of liquidity for oper- Table 6 is based on loans outstanding on Novemating purposes, continuity of management, existing ber 20, 1946 but made in the preceding 12 months. and future competitive position within the indus- Thus, except for repayments during the year, try, and assurance that assets will not be pledged the size-of-loan figures represent the original to the detriment of the term loan creditor. Less amounts of term loans made by member banks in emphasis is given to the debtor's ability to retire 1946. debt from sales receipts over a period of a few TABLE 6 months and to his short-run liquidity and working capital position. Because of these features of term TERM LOANS MADE BY MEMBER BANKS TO BUSINESS, NOVEMBER 1945-NOVEMBER 1946, BY SIZE OF LOAN1 credit, loans are often covered by an agreement under which the borrower covenants to follow pre- Amount Number Percentage scribed financial policies. Size of loan of m a lo d a e ns of m l a o d a e ns distribution (In dollars) (In (In Term loan characteristics thus differ substantially millions) thousands) Amount Number from those of loans maturing within one year. The differences relate to repayment method, nature Less than 500 $ 3 10.4 0.1 8.6 500-999 9 13.3 0.3 11.1 of security, interest charges, and type of loan agree- 1,000-4,999 122 54.6 3.8 45.6 5,000-9,999 103 16.7 3.2 13.9 ment. Term loan agreements usually provide for 10,000-24,999 165 12.9 5.1 10.7 25,000-49,999 136 4.9 4.2 4.1 maintenance of a standard current position by the 50,000-99,999 161 2.9 5.0 2.5 100,000-499,999 527 2.9 16.3 2.4 debtor, limit other long-term indebtedness, assure 500,000-999,999 4C0 0.8 12.4 0.6 1,000,000 and over 1,616 0.6 49.8 0.5 provision to the lender of adequate financial information on the borrower's affairs, require accel- All term loans $3,242 119.9 100.0 100.0 eration of debt retirement under certain conditions, 1 Estimates of term loans made from Nov. 1, 1945 through Nov. 20, and deal with other matters relevant in particular 1946 and outstanding on the latter date; excludes that portion of term loans made during this period but paid in full or in part cases. The following sections present the informa- before the date of the survey. NOTE.—Detailed figures may not add to totals because of tion about term loan characteristics provided by the rounding. commercial and industrial loan survey. Original term of loan. The maturity at time of Size of loan. About 90 per cent of all term loans making of about one-fifth of the number of term made in 1946 were for amounts less than $25,000. In the 12 months prior to the survey there were loans arranged during 1946 was over Rve years. roughly 107,000 of such loans made and they Such loans numbered approximately 25,000 and totaled only 400 million dollars or about 13 per cent accounted for slightly more than one-half the total of the estimated amount of all term loans made by amount of term loans made. member banks to business during the year. These Banks with total deposits of 500 million dollars loans, which were extended primarily to business or more extended a higher proportion of the establishments with less than $250,000 of assets, total amount of term loans for periods of over five averaged $3,700 in size. years than did banks of any other size. Loans to Less than one-tenth of the number and amount petroleum companies and public utilities accounted of term loans made in the 12-month period pre- for a large volume of long-maturity loans for ceding the survey varied in size from $25,000 to this size of bank. In the financing of food, liquor, $99,999. The borrowers to whom these loans were and tobacco manufacturers, a considerable volume made were not concentrated in either the small of loans was also extended with final maturities of or the large size groups of business concerns. more than five years. MAY 1947 505 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

TERM LENDING TO BUSINESS BY COMMERCIAL BANKS IN 1946 Repayment provisions. An overwhelming ma- outstanding but only 7 and 6 per cent respectively jority of all term loans outstanding near the end of the number. Single-payment notes were imof 1946 were repayable on an equal instalment portant in the construction and the food, liquor, basis. Some 84 per cent of the number of term and tobacco industries. In this latter group, a borrowers were repaying their notes on an equal number of the single-payment notes possibly originstalment basis; these loans accounted for 43 per inated in connection with revolving credit arrangecent of the total volume of term lending outstand- ments. Loans repaid in unequal instalments, probing. In general, the term loans to retail trade and ably "balloon" type notes with large final payments, service establishments had equal instalment repay- were relatively more important in petroleum lendment provisions. Single-payment notes and un- ing than in any other type of business credit. equal instalment repayment notes each accounted The nature of security. Some type of security for nearly 20 per cent of the volume of term loans was held by commercial banks in the case of 82 TABLE 7 TERM LOANS OF MEMBER BANKS TO BUSINESS, NOVEMBER 20, 1946, BY TYPE OF SECURITY AND SIZE OF BORROWER [Estimates of outstanding loans] Size of borrower Size of borrower (Total assets, in thousands of dollars) (Total assets, in thousands of dollars) All All Type of security ro b w or e - rs Un 5 d 0 er 5 25 0- 0 2 7 5 5 0 0 - 5 7 , 5 0 0 0 - 0 5 o a , v 0 n e 0 d r 0 ro b w or e - d Un 5 d 0 er 5 25 0- 0 2 7 5 5 0 0 - 5 7 , 5 0 0 0 - 0 5 o a , v 0 n e 0 d r 0 Amount of loans, in millions Number of loans, in thousands Unsecured $2,638 $ 44 $ 31 $ 48 $222 $2,292 26.1 19.0 2.6 0.8 1.1 2.6 Secured 1,851 310 357 190 299 695 115.8 85.9 21.6 4.5 2.0 1.8 All term loans l. . 4,488 354 388 238 521 2,987 141.9 105.0 24.2 5.3 3.1 Secured: Endorsed and co-maker 74 12 7 12 23 20 7.2 6.1 0.7 0.2 0.1 () Inventory 57 3 4 12 15 24 1.4 1.0 0.2 0.1 0.1 0.1 Equipment 446 107 73 40 75 150 51.0 42.8 5.4 1.3 0.6 0.8 Plant and other real estate. . . 583 164 220 73 67 59 45.2 29.9 12.7 1.9 0.6 0.1 Stocks and bonds 306 8 11 8 36 243 2.4 1.3 0.6 0.1 0.2 0.2 Accounts receivable, assignment of claims, life insurance 141 8 13 13 25 5.0 3.0 1.1 0.3 0.2 0.4 Oil runs • • • 131 1 4 13 41 0.6 0.1 0.1 0.2 0.2 ( Government participation or guarantee 62 6 25 16 10 1.6 0.7 0.6 0.2 0.1 Other security 49 1 1 2 7 1.4 1.1 0.2 0.1 (2) Percentage distribution of all loans Unsecured 58.8 12.5 8.1 20.1 42.7 76.7 18.4 18.1 10.8 15.5 35.1 59.2 Secured 41.2 87.5 91.9 79.9 57.3 23.3 81.6 81.9 89.2 84.5 64.9 40.8 All term loans *. . 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 Percentage distribution of all secured term loans Secured: Endorsed and co-maker 4.0 3.9 1.9 6.5 7.7 2.9 6.2 7.1 3.1 5.5 1.9 Inventory 3.1 0.8 1.1 6.3 4 9 3.5 1.2 1.1 0.9 3.3 3.5 Equipment 24.1 34.6 20.4 21.1 25.2 21.6 44.1 49.8 24.9 30.2 47.2 Plant and other real estate. . . 31.5 52.8 61.7 38.4 22.5 8.5 39.1 34.7 58.7 43.2 6.4 Stocks and bonds 16.6 2.7 3.0 4.5 11.9 35.0 2.1 1.6 2.9 2.4 10.1 Accounts receivable, assignment of claims, life insurance 7.6 2.5 3.6 6.7 8.5 11.9 4.3 3.5 5.0 6.7 22.0 Oil runs 7.1 0.3 1.1 6.7 13.8 10.4 0.5 0.1 0.5 3.6 2.0 Government participation or guarantee 3.4 2.0 7.0 8.5 3.3 0.7 1.3 0.8 3.0 3.7 1.4 Other security 2.7 0.4 0.2 1.3 2.2 5.5 1.2 1.2 0.9 1.2 5.5 All secured term loans... 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 1 Excludes a small amount of loans not classified by type of security and size of borrower. 2 Less than 50. NOTE.—Detailed figures may not add to totals because of rounding. 506 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

TERM LENDING TO BUSINESS BY COMMERCIAL BANKS IN 1946 per cent of the total number of term loans outstand- 31 per cent of these loans, and chattel mortgages ing on November 20, 1946. Although the un- or real estate for another 30 per cent. A little over secured loans outstanding were relatively small in 10 per cent of the volume of secured loans of the number, their average size was considerably larger largest banks were oil production loans commonly than the secured type and they made up 59 per cent termed "oil run" loans. of the total dollar amount. The most important In the case of banks with deposits of less than types of security used were plant or other real 10 million dollars each, about 90 per cent of the estate, chattel mortgages (particularly on equip- volume of term loans was secured. These advances ment), and stocks and bonds including securities were primarily loans to retail and service establishof affiliated companies. These three types of security ments, and were secured by either real estate or were used for 72 per cent of the volume of secured chattel mortgages on equipment. The smaller the loans. bank the more important were chattel and real Small businesses most often pledged real estate estate mortgages as types of security. or equipment as security for their term loans. The largest volume of loans participated in or These two types of security, as Table 7 shows, guaranteed by the Federal Government was reaccounted for over four-fifths of the number and ported by banks with 10 to 100 million dollars of amount of secured term loans to business enter- total deposits. As much as 8 per cent of their prises with assets of less than $250,000 each. outstanding term loans was guaranteed or par- The term loans of large business establishments ticipated in by the Government. were primarily unsecured. Three-fourths of the Interest charges. Interest on an individual term amount of term loans outstanding to businesses loan is usually at a flat per annum rate applicable with assets of 5 million dollars or more was to the entire period of the loan. A graduated unsecured; a sizable proportion of the loans to con- schedule with lower rates on the shorter instalcerns with assets of $250,000 to $750,000 was also ments, however, is adopted in some cases, parunsecured. ticularly in connection with the large term loan. Where term loans to large businesses were The large term loan may also provide that the secured, the types of security pledged differed con- interest rate charged will maintain a constant difsiderably from the security advanced by the small ferential above the rediscount rate at the Federal business concern except for chattel mortgages or Reserve Bank of the lending bank's district. Thus, assignments of title on equipment. Equipment if the Reserve Bank rediscount rate is raised, the items accounted for almost one-half the number interest rate charged on the outstanding term loan of secured term loans of the largest businesses. balance will be correspondingly increased. Large businesses frequently financed the purchase The average rate of interest charged by member of machinery and equipment such as commercial banks for term loans made in 1946 was 2.7 per cent. refrigeration and air conditioning, printing, textile, As would be expected, the rate of interest varied and other plant machinery, airplanes and other inversely with the size of loan. Table 8 indicates transportation equipment, and hotel furnishings, that average interest charged on term loans of by a term loan repayable on an instalment basis and various sizes ranged from 2.0 per cent per annum secured by the item purchased. Stocks and bonds, on amounts of 1 million dollars and over to 9.1 per particularly those of affiliated companies, were a cent on amounts of less than $500. For term loans relatively important type of security for large in the size classification of $1,000 to $4,999, the business enterprises. These same concerns, how- average rate charged was 6.0 per cent. Many loans ever, rarely pledged real estate as collateral for a in the smaller size groups were consumer credit term loan. type loans. Rates charged by large and small banks The extent to which banks of various sizes made were very similar on term loans of less than $5,000. use of the sectored loan in financing business reflects, For term loans of larger size, borrowers paid someof course, the character of the medium- and long- what lower rates when obtaining funds from the term credit market to which they cater. O#nly 28 larger banks, except when the funds were obtained per cent of the term loans of the largest banks were from a number of banks of various sizes under the secured. Stocks and bonds were the collateral for same loan agreement. MAY 1947 507 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

TERM LENDING TO BUSINESS BY COMMERCIAL BANKS IN 1946 TABLE 8 survey banks with total deposits of 100 million dollars or more held approximately 33,000 term loans AVERAGE INTEREST RATES ON TERM LOANS MADE BY MEMBER amounting in total to 3.7 billion dollars. Member BANKS TO BUSINESS, NOVEMBER 1945-NOVEMBER 1946, BY SIZE OF LOAN 1 banks with total deposits below 100 million dollars held an estimated 112,000 term loans amount- Size of loan Average ing in total to 900 million dollars. The average interest rate (In dollars) (Per cent) number of term loans held by the larger banks was approximately 200 and by the small banks about 20. Less than 500 9.1 500-999 7.9 1,000-4,999 6.0 5,000-9,999 5.1 TABLE 9 10,000-24,999 4.6 25,000-49,999 4.3 ESTIMATED NUMBER OF MEMBER BANKS WITH TERM LOANS 50,000-99,999 3.9 100,000-499,999... 3.1 TO BUSINESS, AND NUMBER AND AMOUNT OF TERM LOANS, 500,000-999,999... 2.4 NOVEMBER 20, 1946, BY SIZE OF BANK 1,000,000 and over 2.0 All term loans 2.8 Member banks with term loans 1 Includes term loans made from Nov. 1, 1945 through Nov. 20, Size of bank All As a per- 1946 and outstanding on the latter date; excludes that portion (Total deposits, mem- centage o b an e f f n o t u e r r a e m l t r h a l e o t e a d n a o s t f e m i o a n f d t e e t r h e d e s u t r , s i u n n r g o v e t t y h t . i h s e p T s e h t r a i i s o t e d t d a b b r u l a e t t e m p . a e i a d M s u i a r n e n s y f u t l s h l m e o a r e l l f i f n e lo c t p a iv n a e r s t i o n f m do il l l l i a o r n s) s ba b n e k r s1 N be u r m i - m b o e a f m n k a b l s e l r A o m f ( l o I o n u a n n t s o N f u ( m I lo n b a e n r s were consumer credit type loans where the charge was on a discount in each millions) thousands) basis and the stated rate was therefore less than the effective rate. group The relation of rates, when term loans of similar U 2- n 1 d 0 er 2 4 2 , ,0 2 0 8 7 0 3 1 , ,0 2 2 8 2 3 5 7 0 6 . . 9 7 $ 25 2 3 0 4 6 6 . . 3 0 size are distributed by the maturity of the loans, 10-100 1,401 1,206 86.1 571 59.5 100-500 144 138 95.8 963 22.1 that is from over one to ten years or more, reflected 500 and over. ... 25 25 100.0 2,751 10.5 the security used for the loans in the case of loans All member banks 7,857, 5,674 72.2 $4,558 144.4 of smaller size. Real estate loans accounted for the bulk of the smaller term loans maturing 1 Includes branches of certain member banks which were considered to be separate lending institutions for sampling purposes. in over five years; and the interest rates paid by borrowers for these loans were somewhat lower than The industrial composition of the term loan portthe rates for chattel mortgage and most other folios of the banks of different sizes indicates that secured loans that were of shorter maturity. Insmall banks catered to the financial needs of the terest rates charged on similar sizes of loans above smaller types of enterprise, particularly retail, $50,000 showed little variation by maturity. wholesale, and service establishments, while large banks served industries heavily weighted with large CLASSES OF BANKS EXTENDING TERM CREDIT enterprises, such as the manufacturing and mining Size of bank. It is estimated that 5,700 member group and public utilities. Table 10 shows the banks held some term loans near the end of 1946. amount of term credit extended by banks of various This was almost three-fourths of all member banks. sizes to different types of business enterprise. The proportion of banks extending term loans The.average size of the term loans outstanding varied directly by size of bank. Approximately 50 varied greatly not only for banks of different sizes per cent of the smallest member banks (deposits but for businesses of different types. Thus the under 2 million dollars) had some term loans while over-all average for banks with deposits of 500 100 per cent of the largest banks (deposits of 500 million dollars or more was $263,000, with the million dollars and above) held term loans at the amount ranging by type of business borrower from time of the survey. approximately $40,000 for retailers to over 1 million As Table 9 indicates, banks with total deposits dollars for certain types of manufacturers. It should of 100 million dollars or more supplied four-fifths be pointed out that these averages are based on of the total dollar amount of term loans to busi- bank holdings and, because of participations, do not nesses, while banks with total deposits of less than fully reflect the average indebtedness of term bor- 100 million dollars supplied four-fifths of the num- rowers as shown by their books. Since participaber of term loans. Thus as of the date of the tion of many banks in large individual term loans 508 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

TERM LENDING TO BUSINESS BY COMMERCIAL BANKS IN 1946 TABLE 10 TERM LOANS OF MEMBER BANKS TO BUSINESS, NOVEMBER 20, 1946, BY BUSINESS OF BORROWER AND SIZE OF BANK [Estimates of outstanding loans] Size of bank (Total deposits, in millions of dollars) All Business of borrower banks1 Under 2 2-10 10-100 100-500 500 and over Amount of loans, in millions Retail trade $ 408 $ 9 $ 83 $127 $ 66 123 Wholesale trade 224 1 21 55 55 92 Manufacturing and mining 2,371 3 47 164 542 ,615 Food, liquor, and tobacco 392 1 7 36 83 265 Metals and metal products 712 1 13 44 186 468 Petroleum, coal, chemicals, and rubber 759 (2) 3 31 133 . 592 All other manufacturing and mining 509 1 25 53 140 290 Public utilities (including transportation companies). . 960 2 23 71 187 677 Services 233 2 46 63 40 81 Allother 360 2 33 92 72 162 All term borrowers *... $4,557 $20 $253 $571 $962 $2,751 Average size of loans, in thousands Retail trade $3 $ 4 $ 6 $ 11 43 Wholesale trade 23 5 7 13 37 123 Manufacturing and mining 113 4 9 21 121 611 Food, liquor, and tobacco 154 7 11 31 177 1,195 Metals and metal products 118 5 10 20 124 587 Petroleum, coal, chemicals, and rubber 293 2 8 36 159 1,238 All other manufacturing and mining , 52 4 7 12 84 253 Public utilities (including transportation companies). 57 2 5 11 49 572 Services 10 3 5 7 12 41 All other 21 4 7 10 26 151 All term borrowers * $ 32 $3 $ 5 $10 $ 44 $ 263 1 Excludes a small amount of loans unclassified by business of borrower and size of bank. 2 Less than $500,000. NOTE.—Detailed figures may not add to totals because of rounding. to big corporations is not uncommon, the average businesses. Because of the large size and long size of term loans computed from bank records maturity of many term loans, individual banks is smaller than a corresponding average computed cooperate with other lenders (often their correfrom the records of borrowers. However, inasmuch spondent banks) in order to stay within maximum as participation among banks in individual term loan limits and to maintain diversification of loan loans was probably not frequent in the cases of the risks. Where term loans of more than several relatively small loans made by banks to small busi- million dollars are extended, it is not uncommon nesses, the average size of term loans cited here for for 20 to 30 banks to participate. Although large these borrowers probably approximates closely their New York City and Chicago banks usually handle average term indebtedness. For retail, service, and such loans, the participants may include a number wholesale lines, the average term loan was $8,000, of the largest banks located in other metropolitan $10,000, and $23,000 respectively. areas as well as a number of the smaller corre- The direct relationship between size of bank spondent banks. and size of borrower is shown by Table 11. By dollar volume, at least one-third of the bank The larger banks extended the greater part of term loans outstanding near the end of 1946 were their term credit to borrowers of large size, and participating credits. These credits included less the smaller banks extended their term credit mainly than 5 per cent of the total number of term loans, to borrowers of small size. but the average size of the outstanding notes held Cooperation among banks in term lending. As of by participating banks was roughly $240,000. This the date of the survey, a substantial portion of the was twelve times the size of the average term loan term loans outstanding at the various banks was that involved no participation among lenders. the result of participation with other banks and Table 12 shows the dollar totals of loans made with lending institutions in extending credit to large the cooperation of other lenders and their percentage MAY 1947 509 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

TERM LENDING TO BUSINESS BY COMMERCIAL BANKS IN 1946 relationship to total term loans both by size of bank A nominal proportion of the volume of particiand by size of borrower. While participations are pating credits were loans made in cooperation with more frequently arranged in the case of large bor- agencies of the Federal Government, including the rowers, it is interesting to note that the practice Reconstruction Finance Corporation and the Fedextends even to concerns having assets of under eral Reserve Banks. $50,000. IMPORTANCE OF FINANCIAL CENTERS IN TABLE 11 TERM LENDING TERM LOANS OF MEMBER BANKS TO BUSINESS, NOVEMBER 20, In most Federal Reserve districts the pattern of 1946, BY SIZE OF BORROWER AND SIZE OF BANK member bank loans to business followed the pat- [Estimates of outstanding loans] tern of local business activity. Important excep- Size of bank (Total deposits, tions to this generalization were found in the two Size of borrower in millions of dollars) (Total assets, All largest financial centers in the United States— in thousands banks * of dollars) 500 New York and Chicago—where the very large Under 2-10 10- 100- and 2 100 500 over banks lent heavily to industries located outside their own districts. Member banks in the New Amount of loans, in millions York and Chicago Districts held three-fifths of the Under 50 $ 354 $17 $137 $144 $ 45 I 11 amount of all term loans outstanding on the date 50-250 388 3 89 199 83 13 of the survey. As shown by Table 13, in both these 250-750 238 (2) 19 93 94 31 750-5,000 521 (2) 5 74 220 222 districts at least 40 per cent of the volume of total 5,000 and over 2,987 (2) 1 52 495 2,440 business loans held by banks was in term loans. All term borrowers J $4,488 $20 $251 $562 $938 $2,717 Term lending to medium- and small-size businesses appeared to be most highly developed in Percentage distribution the San Francisco Federal Reserve District. Mem- Under 50 7.9 82.2 54.7 25.6 4.8 0.4 ber banks in this district had an estimated 41,000 50-250 8.6 17.1 35.5 35.5 8.9 0.5 250-750 5.3 0.3 7.5 16.6 10.1 1.2 term loans in their portfolios on the date of the 750-5,000 11.6 0.2 2.1 13.1 23.5 8.2 5,000 and over 66.6 0.1 0.2 9.2 52.8 89.8 survey. This was double the estimated number All term bor- for banks in any other single district and included rowers * 100.0 100.0 100.0 100.0 100.0 100.0 slightly more than one-quarter of the estimated 1 Excludes a small amount of loans unclassified by size of bor- total number outstanding throughout the country. rower and size of bank. The average size of term loans was considerably 2 Less than $500,000. NOTE.—Detailed figures may not add to totals because of smaller in the San Francisco District ($11,500) rounding. TABLE 12 TERM LOANS OF MEMBER BANKS ON A PARTICIPATION BASIS, NOVEMBER 20, 1946 BY SIZE OF BANK AND SIZE OF BORROWER [Estimates of outstanding loans] Loans in cooperation Loans in cooperation with other lenders with other lenders (Total deposi S ts iz , e i n o f m b il a l n io k ns of dollars) In pe o r f A c e t s n o t a t a a g l e (Total asse S t i s z , e i n o f t h b o o u r s r a o n w d e s r of dollars) In pe o r f A c e t s n o a t t a a g l e millions term loans of millions term loans to each group each group Under 2 $ 1 3.6 Under 50 $ 14 3.8 2-10 34 13.5 50-250 42 10.8 10-100 97 16.9 250-750 . . . 37 15.4. 100-500 . . . 349 36.2 750-5 000 137 26.3 500 and over 1,079 39.2 5,000 and over 1,321 44.2 All banks. $1,560 34.2 All borrowers * $1,550 34.5 1 Excludes a small amount of loans unclassified by size of borrower and by participation. NOTE.—Detailed figures may not add to totals because of rounding. 510 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

TERM LENDING TO BUSINESS BY COMMERCIAL BANKS IN 1946 than in either New York or Chicago ($94,000 and Bureau of Economic Research, total term loan $39,500 respectively). balances of all commercial banks (both member The term lending operations of New York and and nonmember banks) amounted to 2.4 billion Chicago banks were characterized chiefly by sub-dollars at the end of 1940.4 With a liberal allowstantial credit extensions to industries providing ance of 300 million dollars for nonmember banks, metal and metals products, petroleum, coal, chemi- it is estimated that total term loan balances of all cals, rubber, and public utility services. In con- commercial banks amounted to approximately 4.9 trast, member banks of the San Francisco District billion dollars near the close of 1946. The increase lent approximately as much to retail trade and in term loan volume may be somewhat overstated TABLE 13 TERM LOANS OF MEMBER BANKS TO BUSINESS, NOVEMBER 20, 1946, BY FEDERAL RESERVE DISTRICT [Estimates of outstanding loans] As a percentage of total • Amount Number Percentage distribution business loans by member Federal Reserve district of loans of loans banks in each district 1 (In (In millions) thousands) Amount Number Amount Number Boston $ 240 9.2 5.3 6.4 32.1 18.3 New York 2,022 21.5 44.4 14.9 43.8 18.8 Philadelphia 115 4.9 2.5 3.4 20.4 12.2 Cleveland 333 9.3 7.3 6.4 39.6 17.8 Richmond 116 7.1 2.5 4.9 23.4 16.8 Atlanta 79 6.5 1.7 4.5 14.0 14.2 Chicago 740 18.7 16.2 13.0 40.2 24.4 St. Louis . . .. 135 6 6 3 0 4 5 24 6 22 7 Minneapolis 59 5.1 1.3 3.5 25.0 25.6 Kansas City 103 6.7 2.3 4.6 24.5 19.3 Dallas 138 7.6 3.0 5.3 21.2 17.3 San Francisco 479 41.3 10.5 28.6 28.0 33.3 All districts $4,558 144.4 100.0 100.0 34.4 21.5 1 Total business loans include member bank loans with original maturities of one year or less as well as term loans. NOTE.—Detailed figures may not add to totals because of rounding. service establishments and to manufacturers in as the National Bureau estimate for 1940 may not the food and liquor industries as they did to public have adequately covered real estate loans. utilities and manufacturers of metal products. Certain limited comparisons can be made be- Term loans were less important as a part of the tween the results of the 1946 survey and data for business lending of member banks in the Atlanta the year 1941 covering the term lending of approxiand Philadelphia Districts than in other districts. mately 100 of the largest banks as reported by the The number and amount of term loans relative to National Bureau.5 By combining certain data in total bank borrowings of the various types of busi- the 1946 survey for the two largest sizes of banks ness were consistently low in these two districts, (100-500 million dollars and 500 million dollars where less than one-seventh of the number and and above), a basis is provided for comparing some one-fifth of the amount of all business loans were of the 1946 information with that of the 1941 on a term basis. survey. COMPARISON WITH TERM LENDING OF BANKS IN 4 See Neil H. Jacoby and Raymond J. Saulnier, Term Lend- PREVIOUS YEARS ing to Business (National Bureau of Economic Research, 1942), and Financing Equipment for Commercial and Industrial Enterprise (National Bureau of Economic Research, The amount of term loans outstanding near the 1944). The figure of 2.4 billion dollars includes the National Bureau estimate of commercial and industrial equipment paper, close of 1946 was roughly double that of any prewar which was excluded from the term loan outstanding estimate contained in Term Lending to Business. year. According to estimates made by the National 5 Ibid. MAY 1947 511 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

TERM LENDING TO BUSINESS BY COMMERCIAL BANKS IN 1946 It is evident that banks holding term loans today turity of term loans has changed in any noticeable participate with other lenders in extending term manner or that there have been any significant credit to a much smaller degree than in 1941. At changes in the provisions for repayment of these that time about two-thirds of the volume of loans loans since before the war.6 The bulk of term was made with the cooperation of other lenders. loans in 1940 and 1946 were repayable in equal, or Today the fraction is no more than one-third. substantially equal, instalments. There appears to be very little difference in the Average interest rates on term loans appear to types of companies financed through term credit be somewhat lower today than they were in 1942. by large banks five years ago and today, with the A survey by the Federal Reserve System of the possible exception of sales finance companies. The loans closed by member banks between April 15 term borrowings of these companies were consider- and May 15, 1942 showed that business borrowers ably larger in 1941, reflecting the greater volume then paid an average rate of 3.0 per cent for their and longer term of consumer instalment receivables term loans.7 This compares with an average of 2.8 held at that time. Manufacturing and mining per cent paid by term borrowers on loans made by establishments and public utilities received the bulk member banks during 1946. By size of business, of bank term funds in both periods; retail and the greatest differential occurs in loans to firms with wholesale establishments borrowed relatively small assets of 5 million dollars or more. In 1942 amounts. Two-thirds of the dollar amount of loans these firms borrowed at a rate of 2.5 per cent and was unsecured in both years, and the secured loans in 1946 at a rate of 2.1 per cent. in both periods were most frequently backed by plant and other real estate, by chattel mortgages e This is also confirmed by a survey of outstanding term loans on equipment, and by stocks and bonds. There is of reporting member banks made by the Federal Reserve Syssome evidence, however, that stocks and bonds are tem as of Apr. 19, 1939. See "Term Loans by Banks to Commercial and Industrial Concerns," Federal Reserve BULLETIN, not used as widely for security purposes today. July 1939, pp. 560-62. 7 See G. L. Bach, "Interest Rates at Member Banks," Federal There are few indications that the original ma- Reserve BULLETIN, November 1942, p. 1097. The tables listed below are not included with the 17. Term Loans of Member Banks to Business, text of this article but will be found in the appendix November 20, 1946, by Size of Bank and Corporate Status of Borrower. following. 18. Term Loans Made by Member Banks to Busi- 14. Term Loans Made by Member Banks to Busi- ness during each Month from November 1945 through October 1946, by Size of Bank. ness, November 1945-November 1946, by 19. Term Loans of Member Banks to Business, Original Maturity of Loan and Size of Bank. November 20, 1946, by Type of Security and 15. Term Loans of Member Banks to Business, Size of Bank. November 20, 1946, by Business of Borrower 20. Amount of Term Loans of Member Banks to Business, November 20, 1946, by Business of and Repayment Method. Borrower and Federal Reserve District. 16. Term Loans of Member Banks to Business, 21. Number of Term Loans of Member Banks to November 20, 1946, by Size of Bank and Re- Business, November 20, 1946, by Business of payment Method. Borrower and Federal Reserve District. 512 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APPENDIX TABLES TABLE 14 TERM LOANS MADE BY MEMBER BANKS TO BUSINESS, NOVEMBER 1945-NOVEMBER 1946 BY ORIGINAL MATURITY OF LOAN AND SIZE OF BANK X Size of bank Size of bank (Total deposits, in millions of dollars) (Total deposits, in millions of dollars) Original maturity of loan ba A nk ll s2 ba A n i k l s2 Under 2-10 100 1 5 0 0 0 0 - 500 and Under 2-10 1 10 0 0 - 1 5 0 0 0 0 - 50 o 0 v e a r nd Original amount of loans made Number of loans In millions In thousands 1-2 years » 592 $ 5 $ 47 $ 98 $130 $ 313 54.2 2.2 16.0 21.9 9.0 5.1 2-5 years 888 83 160 252 388 41.2 1.7 14.8 16.6 5.5 2.5 5-10 years 1,541 7 75 168 307 982 21.0 1.3 7.4 8.6 2.8 0.9 Over 10 years 220 1 11 22 39 147 3.6 0.2 1.2 1.7 0.4 0.1 All term loans2 $3,242 $18 $217 $447 $728 $1,831 119.9 5.4 39.4 48.8 17.7 8.5 Percentage distribution 1-2 years 18.3 24.7 21.5 21.9 17.9 17.1 45.2 41.2 40.6 44.9 50.6 59.6 2-5 years 27.4 29.2 38.5 35.7 34.6 21.2 34.3 31.8 37.6 34.1 31.1 29.1 5-10 years 47.5 40.4 34.7 37.6 42.2 53.7 17.5 23.9 18.9 17.6 15.7 10.0 Over 10 years 6.8 5.8 5.3 4.8 5.3 8.0 3.0 3.0 3.0 3.4 2.5 1.3 All term loans 2 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 1 Estimates of term loans made from Nov. 1, 1945 through Nov. 20, 1946 and outstanding on the latter date; excludes that portion of term loans made during this period but paid in full or in part before the date of the survey. 2 Excludes a small amount of loans unclassified by maturity of loan and size of bank. NOTE.—Detailed figures may not add to totals because of rounding. TABLE 15 TERM LOANS OF MEMBER BANKS TO BUSINESS, NOVEMBER 20, 1946, BY BUSINESS OF BORROWER AND REPAYMENT METHOD [Estimates of outstanding loans] All Single Serial Equal Unequal1 Several Business of borrower methods payment note instalment instalment notes Amount of loans In millions Percentage distribution within"each"business group Retail trade $ 407 7.5 7.4 66.4 13.8 4.9 Wholesale trade 224 14.0 20.9 51.3 12.9 1.0 Manufacturing and mining 2,370 24.7 15.3 31.9 21.1 7.0 Food, liquor, and tobacco 392 33.4 18.1 24.2 17.2 7.1 Metals and metal products 712 31.4 10.7 35.2 16.3 6.5 Petroleum, coal, chemicals, and rubber 759 26.1 15.6 21.2 31.2 6.0 All other manufacturing and mining 509 6.4 19.1 49.3 16.0 9.3 Public utilities (including transportation companies) 949 11.5 16.2 49.4 20.3 2.5 Services 230 7.5 6.0 70.7 12.7 3.1 All other 360 22.4 6.2 45.2 22.6 3.6 All borrowers *; . $4,541 18.8 13.8 42.6 19.6 Number of loans In thousands Percentage distribution within each business group Retail trade 54.0 6.5 2.1 86. 4.3 0.7 Wholesale trade 9.8 10.4 3.5 80. 4.8 0.6 Manufacturing and mining 21.0 10.4 4.3 75.9 8.3 1.1 Food, liquor, and tobacco 2.5 12.2 5.1 72.7 9.1 0.8 Metals and metal products 6.0 9.8 4.1 77.6 7.3 1.3 Petroleum, coal, chemicals, and rubber 2.5 15.6 4.8 60.4 17.5 1.8 All other manufacturing and mining 9.9 9.0 4.1 79.7 6.3 0.9 Public utilities (including transportation companies) 16.9 3.6 3.2 87.5 5.1 0.6 Services 24.1 4.1 1.6 89.7 4.4 0.2 All other 18.4 8.5 6.6 78.0 0.6 All borrowers * 144.2 6.8 3.1 84.1 5.3 0.6 1 Excludes a small amount of loans unclassified by business of borrower and repayment method. NOTE.—Detailed figures may not add to totals because of rounding. MAY 1947 513 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

TERM LENDING TO BUSINESS BY COMMERCIAL BANKS IN 1946 TABLE 16 TABLE 17 TERM LOANS OF MEMBER BANKS TO BUSINESS, NOVEMBER 20, TERM LOANS OF MEMBER BANKS TO BUSINESS, NOVEMBER 20, 1946, BY SIZE OF BANK AND REPAYMENT METHOD 1946, BY SIZE OF BANK AND CORPORATE STATUS OF BORROWER [Estimates of outstanding loans] [Estimates of outstanding loans] S m ( i p z T i o e l o l s i t o i o a t f s n l , s b d i a e o n n - f k me A th ll ods S m p in a e g y n l - t e S n e o r t i e al i E m n q s e t u a n a l t l - i e n U q s u t n a a - l l - S n e o v t e e r s al m (T il o S l t i i o a z l n e s d o e o f p f o b d s a o i n t l s l k , a r i s n ) I p n o c r o a r t - ed U p n o in ra c t o e r d - I p n o c r o a r t - ed U p n o i r n a c te o d rdollars) ment Amount of loans Amount of loans Percentage distri- In millions bution within In Percentage distribution within each bank group millions each bank group Under 2 % 2 $ 18 10.6 89.4 Under 2 $ 20 12.7 3.5 77.4 6.4 2-10 46 207 18.2 81.8 2-10 253 6.2 3.6 83.7 6.1 0.4 10-100 280 290 49.1 50.9 10-100 569 7.7 6.1 73.9 10.6 1.8 100-500 . 769 193 79.9 20.1 100-500 962 21.5 12.0 50.0 14.6 1.9 500 and over 2,620 131 95.2 4.8 500 and over. 2,738 21.4 17.1 29.5 24.6 7.4 All banks1 $3,718 $839 81.6 18.4 All banks1. $4,541 18.8 13.8 42.6 19.6 5.1 Number of loans Number of loans Percentage distri- In thou- Percentage distribution within In thousands bution within sands each bank group each bank group Under 2 6.3 15.1 1.6 78.0 5.3 Under 2 0.3 6.0 5.4 94.6 2-10 46.0 7.4 2.6 85.3 4.7 0.1 2-10 3.3 42.7 7.2 92.8 10-100 59.5 6.3 2.9 84.9 5.1 0.8 10-100 9.7 49.7 16.4 83.6 100-500 22.0 6.0 4.2 82.8 6.4 0.5 100-500 6.8 15.3 30.7 69.3 500 and over. 10.4 4.4 5.7 81.4 6.1 2.3 500 and over 3.5 6.9 33.7 66.3 All banks1. 144.2 6.8 3.1 84.1 5.3 0.6 All banks1 23.7 120.6 16.4 83.6 1 Excludes a small amount of loans unclassified by size of bank 1 Excludes a small amount of loans unclassified by size of bank and repayment method. and corporate status of borrower. NOTE.—Detailed figures may not add to totals because of NOTE.—Detailed figures may not add to totals because of rounding. rounding. TABLE 18 TERM LOANS MADE BY MEMBER BANKS TO BUSINESS, NOVEMBER 1945-OCTOBER 1946, BY MONTH AND BY SIZE OF BANK1 Size of bank Size of bank (Total deposits, in millions of dollars) (Total deposits, in millions of dollars) All All Month and year banks banks Under 2-10 1 10 0- 0 1 5 0 0 0 0 - .500 and Un 2 der 2-10 1 10 0- 0 1 5 0 0 0 0 - 50 o 0 v e a r nd Amount of loans, in millions Number of loans, in thousands 1945 November $ 181 $ 1 $ 6 $ 16 $ 28 130 3.9 0.2 1.0 1.8 0.6 0.2 December. 299 09 7 20 53 220 3.9 0.2 1.1 1.5 0.7 0.4 1946 January.. 122 l 10 22 26 63 5.8 1.9 2.5 0.9 0.4 February. 82 l 11 22 19 30 5.8 2.1 2.4 0.8 0.3 March.. .. 177 l 14 24 34 103 8.0 0.4 2.6 3.4 1.1 0.6 April 248 l 24 38 60 124 11.1 0.4 3.7 4.6 1.5 0.8 May 349 l 17 39 68 223 11.0 0.4 3.8 4.5 0.8 June 280 2 21 38 44 175 10.8 0.5 3.4 4.5 0.9 July 328 3 20 44 71 190 11.4 0.6 3.4 4.8 0.7 August. . . 230 2 20 45 62 102 12.0 0.5 4.1 4.7 1.7 0.9 September 308 2 21 40 56 190 11.7 0.5 4.3 4.3 1.7 0.8 October... 401 2 28 49 117 204 14.5 0.6 4.7 5.8 2.1 1.2 Total.. . $3,004 $17 $199 $399 $636 $1,754 110.0 4.8 36.0 45.0 16.2 8.0 1 Estimates of term loans made during this period and outstanding on Nov. 20, 1946, except that portion of term loans made during this period but paid in full or in part before the date of the survey. 2 Less than $500,000. NOTE.—Detailed figures may not add to totals because of rounding. 514 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

TERM LENDING TO BUSINESS BY COMMERCIAL BANKS IN 1946 TABLE 19 TERM LOANS OF MEMBER BANKS TO BUSINESS, NOVEMBER 20, 1946, BY TYPE OF SECURITY AND SIZE OF BANK [Estimates of outstanding loans] Size of bank Size of bank (Total deposits* in millions of dollars) (Total deposits, in millions of dollars) Type of security ba A n l k l sl ba A n l k l si Under 10- 100- 500 and Under 10- 100- 500 and 2 2-10 100 500 over 2 2-10 100 500 over Amount of loans, in millions Number of loans, in thousands Unsecured. $2,650 $ 2 $ 30 $101 $540 $1,976 26.4 0.8 8.3 9.8 4.5 2.9 Secured 1,908 18 223 470 423 774 118.0 5.5 37.8 49.7 17.6 7.5 All term loans l. 4,558 20 253 571 963 2,751 144.4 6.3 46.0 59.5 22.1 10.5 Secured: Endorsed and co-maker 75 (2) 6 15 23 30 7.2 0.2 1.5 2.0 1.1 2.4 Inventory 61 (2) 2 10 19 30 1.5 0.1 0.6 0.5 0.4 0.1 Equipment 458 5 63 111 115 164 52.0 2.2 16.6 21.6 8.5 3.1 Plant and other real estate. . . 594 11 136 243 123 80 46.1 2.6 16.9 20.3 5.1 1.2 Stocks and bonds 310 (2) 3 18 48 241 2.5 0.1 0.6 1.1 0.4 0.3 Accounts receivable, assignment of claims, life insurance 149 1 4 21 39 5.1 0.2 0.9 2.2 1.5 0.3 Oil runs 131 00 1 11 33 0.6 (3) (3) 0.3 0.2 0.1 Government participation or guarantee 63 1 8 40 12 1.6 0.1 0.4 1.0 0.1 () Other security 69 (2) (2) 2 11 1.4 0.1 0.3 0.7 0.3 0.1 Percentage distribution of all term loans Unsecured. 58.1 10.4 11.9 17.8 56.1 71.8 18.3 12.5 18.0 16.5 20.6 28.0 Secured... 41.9 89.6 88.1 82.2 43.9 28.2 81.7 87.5 82.0 83.5 79.4 72.0 All term loans * 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 Percentage distribution of all secured term loans Secured: Endorsed and co-maker 3.9 1.7 2.7 3.2 5.5 3.9 6.1 3.5 4.0 4.0 6.3 32.4 Inventory 3.2 0.8 0.8 2.2 4.4 3.9 1.3 1.3 1.5 0.9 2.1 1.1 Equipment 24.0 26.4 28.4 23.6 27.1 21.2 44.0 40.5 43.9 43.6 48.1 40.9 Plant and other real estate. . . 31.1 60.0 61.0 51.7 29.2 10.4 39.0* 47.6 44.8 40.8 28.9 15.9 Stocks and bonds 16.2 1.3 1.3 3.7 11.4 31.1 2.1 1.2 1.6 2.3 2.4 3.3 Accounts receivable, assignment of claims, life insurance 7.8 2.9 2.0 4.4 9.1 10.8 4.3 3.1 2.5 4.4 8.6 4.4 Oil runs 6.9 0.2 0.2 2.3 7.8 11.2 0.5 0.3 0.1 0.5 1.1 0.8 Government participation or guarantee 3.3 6.2 3.6 8.4 2.9 0.3 1.3 1.4 1.0 2.0 0.8 0.1 Other security 3.6 0.4 0.2 0.4 2.5 7.2 1.2 0.9 0.7 1.5 1.7 1.1 All secured term loans. .. 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 1 Excludes a small amount of loans unclassified by type of security and size of bank. JLess than $500,000. 3 Less than 50. NOTE.—Detailed figures may not add to totals because of rounding. MAY 1947 515 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

TERM LENDING TO BUSINESS BY COMMERCIAL BANKS IN 1946 TABLE 20 AMOUNT OF TERM LOANS OF MEMBER BANKS TO BUSINESS, NOVEMBER 20, 1946, BY BUSINESS OF BORROWER AND FEDERAL RESERVE DISTRICT [Estimates of outstanding loans] Business of borrower tr d A i i c s l - l ts B to os n - Y N o e r w k a P p d h h e i i l l a - - C la le n v d e- m Ri o c n h d - la A n t t - a c C a h g i- o L S ou t. is n M o e l a i i n p s - - K C s a i a t n s y - D l a a l s - F c S r is a a c n n o - Amount of loans, in millions Retail trade, total 408 • 30 $ 123 $ 11 $ 25 $ 22 $ 9 $ 58 $ 17 $ 8 $ 18 $ 13 $ 73 Food, liquor, tobacco, and drugs 135 14 33 4 9 9 5 29 Apparel, dry goods, and department 3 15 6 stores 120 65 2 C1) 3 6 Home furnishings, metal products, 1 15 3 and building materials 56 2 2 16 Automobiles, parts, and filling sta- 3 11 5 tions 69 5 7 3 2 19 All other 28 1 2 11 1 1 2 4 1 5 Wholesale trade, total 224 5 86 15 10 29 10 3 10 11 34 A Fo p o p d a , r e l l i q a u n o d r , d t r o y b a g c o c o o d , s and drugs.. . 1 2 0 7 1 0) 2 3 2 6 1 C1) 8 1 3 1 C1) 5 1 2 1 5 1 C1) 1 4 5 0 2 ) 1 Home furnishings, metal products, 0) Au a t n o d m b o u b i i l l d es in , g p a m rt a s t , e a ri n a d ls petroleum. 3 3 2 8 C1) 1 5 4 3 4 1 3 6 7 2 1 1 1 1 2 1 3 5 All other « 26 10 1 1 1 3 0) 3 2 5 1 Manufacturing and mining, total 2,371 133 1,104 72 179 29 21 438 57 22 37 62 217 F T M o e e o x t d t a i , l l s e l s i a q , n u a d o p r p m , a a e r n e ta d l, l t a p o n r b d o a d c l u e c c a o t t s her 3 7 1 9 1 0 2 2 0 2 2 1 2 9 1 3 1 2 3 6 8 9 9 1 1 1 1 9 3 3 8 5 1 2 8 6 5 0) 7 1 6 6 1 0 2 1 1 1 9 6 1 4 4 3 0) 4 4 3 5 1 6 5 1 6 1 Petroleum, coal, chemicals, and rubber 759 27 412 23 40 1 5 150 9 4 22 46 20 All other 409 43 156 6 22 10 6 55 11 7 7 7 79 Public utilities (including transportation companies) 960 515 81 21 124 37 22 20 58 Services 23^ 66 8 5 39 5 9 12 49 Construction 65 9 1 6 5 3 6 21 Sales finance 74 34 6 C1) 19 1 1 5 Allother2 223 86 17 29 6 12 22 All borrowers $4,558 $240 $2,022 $115 $333 $116 $79 $740 $135 $59 $103 $138 $479 As a percentage of all loans to each business-district group8 Retail trade, total 27.8 29 1 36.9 14 3 25 3 21 3 10 6 33.5 29.7 20.1 25.8 17.8 29.7 Food, liquor, tobacco, and drugs.. . 34.1 42.7 36.1 16 4 33 8 33 6 14 8 43.5 35 2 42.9 27.6 22.2 38.5 Apparel, dry goods, and department stores 28.4 29.0 43.6 15.7 27.1 145 4.3 27.5 129 3.5 20.8 17.5 18.9 Home furnishings, metal products, and building materials 20.1 12.5 21.4 106 13.5 14.4 9 6 30.8 19.2 16.7 31.0 12.6 24.3 Automobiles, parts, and filling stations 34.7 22.3 35.5 14.9 31.1 29.5 14.5 50.9 57.0 43.3 35.1 15.8 40.8 All other 16.1 11.4 25.9 9.6 9.4 10.3 9.9 20.5 19.6 13.1 11.3 20.4 13.6 Wholesale trade, total 9.3 3.8 10.5 6.1 19.1 7.9 7.3 11.6 6.1 6.7 9.3 7.9 8.9 Food, liquor, tobacco, and drugs.. . 10.0 3.2 12.0 3.8 30.5 4.6 9.3 8.3 14.3 5.4 7.7 10.5 9.9 Apparel and dry goods 4.8 0.1 6.5 0.3 12.2 3.3 1.2 9.8 12.0 3.0 11.1 1.2 0.2 Home furnishings, metal products, and building materials 12.3 13.4 7.8 14.4 14.4 18.5 9.7 17.7 16.8 20.7 8.2 10.2 10.4 Automobiles, parts, and petroleum. 31.1 3.4 57.6 2.4 13.6 14.4 18.8 39.8 26.7 9.8 42.2 15.8 29.3 All other 6.2 7.2 9.0 3.3 13.6 12.4 5.2 6.2 0.5 1.2 5.1 9.3 8.7 Manufacturing and mining, total 41.8 40.9 50.4 28.0 44.8 26.6 13.4 47.8 34.4 25.3 30.3 26.7 30.6 Food, liquor, and tobacco 25.4 23.2 27.9 20.8 43.8 30.0 13.4 28.6 28.5 17.8 10.1 6.9 20.5 Textiles, apparel, and leather 20.4 27.1 17.5 32.2 14.8 24.4 1.1 32 8 13.2 31.4 5.1 13.1 5.9 Metals and metal products 43.6 33.2 54.0 24.6 42.8 27.7 17.8 45 3 45.9 15.8 14.0 18.9 33.5 Petroleum, coal, chemicals, and rubber 71.0 68.0 89.9 49.1 59.6 7.1 36.8 76 4 33.8 74.8 52.6 34.7 67.3 Allother 43.4 64.1 53.4 15.6 40 32.1 11.7 46 2 40.0 26.9 53.6 27.6 40.3 Public utilities (including transportation companies) 78.3 68.1 88.5 32.0 84.4 60.5 45.1 84 3 86.5 72.5 57.8 49.4 68.4 Services 47.3 57.6 49.8 27.8 27.8 45.0 20.0 60 4 35.2 29.9 41.0 34.6 60.8 Construction 14.4 11.6 15.2 6.4 4.5 14.7 17.1 9 7 11.5 26.4 10.9 13.7 18.9 Sales finance 9.4 10.3 11.0 2.4 9.6 7.3 0.5 15 2 1.3 0.6 3.3 12.2 Allother* 30.9 37.7 43.6 21.6 34.1 31.6 12.2 24 8 13.3 23.2 28.2 23.2 38.5 All borrowers. 34.4 32.1 43.8 20.4 39.6 23.4 14.0 402 24.6 25.0 24.5 21.2 28 0 i Less than $500,000. * Includes a small amount of loans unclassified by business of borrower. » All loans include member bank loans to business with original maturities of one year or less as well as term loans. 516 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

TERM LENDING TO BUSINESS BY COMMERCIAL BANKS IN 1946 TABLE 21 NUMBER OF TERM LOANS OF MEMBER BANKS TO BUSINESS, NOVEMBER 20, 1946 BY BUSINESS OF BORROWER AND FEDERAL RESERVE DISTRICT [Estimates of outstanding loans] Business of borrower tr d A i i c s l - t l s B to os n - Y N o e r w k a P p d h h e i i l l a - - C la le n v d e- m Ri o c n h d - la A n t t - a c C a h g i- o L S ou t. is n M o e l a i i n p s - - K C s a i a t n s y - D l a a l s - F c S r is a a c n n o - Number of loans, in thousands Retail trade, total 13.9 2.9 8.5 1.8 3.6 2.5 2.5 7.5 2.5 2.0 2.4 2.1 Food, liquor, tobacco, and drugs.. . 24.6 1.4 3.9 0.8 1.9 1.3 1.3 3 A 1.1 0.9 0.9 0.9 Apparel, dry goods, and department stores 4.5 0.3 0.8 0.2 0.3 0.2 0.2 0.5 0.2 0.1 0.2 0.2 1.2 Home furnishings, metal products, and building materials 8.6 0.3 1.2 0.3 0.4 0.3 0.4 1.2 0.5 0.3 0.4 0.3 2.9 Automobiles, parts, and filling stations tO.8 0.5 1.6 0.3 0.7 0.5 0.3 1.6 0.6 0.5 0.5 0.5 3.3 All other 5.4 0.4 1.1 0.2 0.3 0.2 0.2 0.8 0.1 0.2 0.3 0.2 1.5 Wholesale trade, total 9.8 0.6 1.4 0.3 0.6 0.5 0.5 1.3 0.4 0.3 0.6 0.6 2.8 Food, liquor, tobacco, and drugs.. . 3.8 0.2 0.4 0.1 0.2 0.1 0.2 0.5 0.2 0.1 0.3 0.3 1.1 Apparel and dry goods 0.4 (x) 0.1 C1) 0) 0) C1) 0.1 0) C1) 0) 0.1 0.1 Home furnishings, metal products, and building materials 2.3 0.2 0.3 C1) 0.2 0.1 0.1 0.4 0.1 0) 0.1 0.1 0.6 Automobiles, parts, and petroleum. 1.5 0) 0.1 C1) 0.1 0.1 0.2 0.1 0.1 0.1 0.1 0.6 All other 1.8 0.1 0.4 0.1 0.2 0.1 0.1 0.1 0.1 0) 0.1 0.1 0.5 Manufacturing and mining, total 21.1 1.3 3.1 0.7 1.5 1.0 0.6 3.2 1.1 0.6 0.9 1.1 6.0 Food, liquor, and tobacco f 5 0.1 0.3 0.1 0.1 0.2 0.1 0.3 0.2 0.1 0.1 0.1 0.8 Textiles, apparel, and leather 1.4 0.1 0.5 0.1 0) 0.1 (») 0.1 0) 0) P) C1) 0.2 M Pe e tr ta o l l s e u a m nd , m c e o t a a l l , pr c o h d e u m c i t c s als, and 6.0 0.4 0.8 0.2 0.7 0.2 0.1 1.3 0.2 0.2 0.2 0.2 1.5 rubber 2.6 0.1 0.3 0.1 0.2 0.1 0.1 0.2 0.3 0.1 0.3 0.5 0.3 All other 8.5 0.5 1.1 0.2 0.5 0.4 0.3 1.2 0.4 0.2 0.3 0.3 3.3 Public utilities (including transportation companies) 16.9 1.4 2.1 0.7 1.3 1.3 0.6 2.1 1.0 0.8 0.7 0.6 4.3 Services 24.1 1.7 3.9 0.8 1.4 1.0 0.9 2.8 0.9 0.8 1.4 1.4 7.1 Construction 7.7 0.5 0.9 0.2 0.3 0.3 0.4 0.7 0.3 0.3 0.4 0.6 2.7 Sales finance 0.2 C1) C1) 0) (x) C1) 0) 0) C1) 0) $?. 0.1 Allother2 10.6 0.8 1.5 0.3 0.6 0.6 1.0 0.4 ' 0.3' 0.3 2.5 All borrowers 44.4 9.2 21.5 4.9 9.3 7.1 6.5 18.7 6.6 5.1 6.7 7.6 41.3 As a percentage of all loans to each business-district group 3 Retail trade, total 21.3 16.2 21.1 10.7 16.9 15 9 14.7 24.4 22.4 24.2 18.8 15.0 33.4 Food, liquor, tobacco, and drugs. . . 30.0 23.7 26 A 16.2 27.3 26.1 24.4 35.6 30.3 35.9 22.9 20.7 45.6 Apparel, dry goods, and department stores 13.3 12.1 12.4 7.8 11.6 8.5 13.2 13.9 13.1 14.8 14.2 23.4 Home furnishings, metal products, and building materials 14.8 9.7 14.8 7.2 8.5 9.9 9.8 16.6 18.6 16.8 12.6 10.1 23.2 Automobiles, parts, and filling stations 24.3 16.7 27.2 10.0 19.4 17.8 10.6 31.4 24.1 29.1 22.5 17.5 35.6 All other 15.8 12.4 20.9 8.1 9.6 11.8 15.3 12.4 14.3 18.8 8.2 28.9 Wholesale trade, total 11.2 7.9 6.1 11.6 7.9 6.8 14.8 11.5 14.2 11.7 12.6 17.2 Food, liquor, tobacco, and drugs... 12.2 9.0 9.5 7.4 12.6 6.1 5.8 15.5 11.6 19.2 13.8 14.8 17.8 Apparel and dry goods 4.5 2.9 2.4 4.4 2.9 2.9 15.2 3.5 10.3 8.0 16.2 7.8 Home furnishings, metal products, and building materials 10.6 10.1 8.9 4.3 11.8 6.4 8.2 19.7 13.3 9.9 6.6 8.6 12.9 Automobiles, parts, and petroleum. 18.8 6.6 11.4 7.9 5.8 16.1 11.0 21.4 23.8 21.8 19.2 16.5 36.8 AH other 10.3 11.7 10.0 6.8 13.4 16.9 7.1 5.4 5.8 5.6 9.8 8.9 15.0 Manufacturing and mining, total 2.2 15.2 13.6 10.3 17.1 15.3 9.6 23.2 21.4 20.7 19.2 26.3 Food, liquor, and tobacco 14.5 16.6 14.7 9.2 8.1 15.6 10.1 17.2 16.6 17.0 12.1 17.0 Textiles, apparel, and leather 8.9 8.7 6.7 12.1 14.1 13.5 2.5 16.3 15.0 18.2 6.8 11.0 Metals and metal products 20.6 17.1 17.2 12.2 22.9 16.3 15.6 23.4 22.3 21.1 17.4 26.1 Petroleum, coal, chemicals, and rubber 19.5 18.1 23.4 8.0 12.1 12.0 139 24.6 28.0 60.2 23.7 37.4 All other 21.2 16.4 16.9 9.9 17.7 16.5 8.7 26.5 21.2 18.9 22.3 32.0 Public utilities (including transportation companies) 44.0 39.4 44.1 26.2 39.5 39.9 35.6 49.8 42.7 52.5 30.9 36.9 60.2 Services 31.5 25.5 28.4 19.1 26.2 23.7 20.5 32.5 30.3 30.8 26.6 32.4 49.7 Construction 18.0 16.3 16.0 10.9 12.1 13.6 12.7 14.7 18.3 20.2 14.6 16.1 28.7 Sales finance 3.3 3.5 1.7 0.4 2.1 4.9 3.7 3.1 3.1 3.6 2.4 9.7 All other* 20.5 21.9 18.3 16.2 11.2 14.2 18.5 23.6 22.2 28.1 20.5 14.9 40.2 All borrowers... 21.5 18.3 18.8 12.2 17.8 16.8 14.2 24.4 22.7 25.6 19.3 17.3 33.3 1 Less than 50. 2 Includes a small number of loans unclassified by business of borrower. 8 All loans include member bank loans to business with original maturities of one year or less as well as term loans. MAY 1947 517 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

TRANSFER TO TREASURY OF EXCESS EARNINGS OF FEDERAL RESERVE BANKS The Board of Governors of the Federal Reserve that is, of transferring excess earnings of the Re- System, under date of April 24, 1947, made the serve Banks to the Treasury. Under these provifollowing announcement: sions, which were repealed in 1933, each Federal As a result of operations essential to Government Reserve Bank was required to pay a franchise tax financing during and since the war, and operations to the Government equal to 90 per cent of its net required by the needs of business and the public earnings after it had accumulated a surplus equal for credit and currency, earnings of the twelve to its subscribed capital. To the end of 1932, the Federal Reserve Banks have been at relatively high Federal Reserve Banks had paid franchise taxes levels. On the basis of present estimates, it is ex- to the United States Treasury amounting to 149 pected that net earnings of the Federal Reserve million dollars, and at that time the Federal Reserve Banks for 1947, after payment of the statutory Banks had accumulated surplus accounts of 278 dividends to member banks, will aggregate more million dollars, as compared with subscribed capital than 60 million dollars. In view of these facts, and aggregating 302 million. In the amendment of of the fact that at the end of 1946 the surplus of the Federal Reserve Act, contained in the Banking each Federal Reserve Bank was equal to its sub- Act of 1933, providing for the establishment of the scribed capital, the Board has decided to invoke Federal Deposit Insurance Corporation, Congress the authority, granted to it under Section 16 of required each Federal Reserve Bank to pay an the Federal Reserve Act, to levy an interest charge amount equal to one-half of its surplus on January on Federal Reserve notes issued by the Federal 1, 1933, as a subscription to the capital stock of the Reserve Banks. The purpose of this interest charge FDIC on which no dividends would be paid. These is to pay into the Treasury approximately 90 per stock subscriptions amounted to 139 million dollars cent of the net earnings of the Federal Reserve and reduced the surplus of the Federal Reserve Banks for 1947. Banks to an equivalent figure, or considerably less This action will add about 60 million dollars to than one-half of their subscribed capital. Congress, the receipts of the Government for this calendar therefore, eliminated the franchise tax in order to year. The initial payment covering the first quarter permit the Federal Reserve Banks to restore their of 1947 will be made on April 24, and will amount surplus accounts from future earnings. to approximately $15,269,000. Net earnings for the next ten years were relatively Section 16, paragraph 4, of the Federal Reserve small, and at the end of 1944 the combined surplus Act provides that each Federal Reserve Bank shall accounts of the Federal Reserve Banks were less pay such rate of interest as may be established by than 75 per cent of their subscribed capital. During the Board of Governors of the Federal Reserve Sys- the next two years, however, net earnings increased tem on the amount of its outstanding notes less substantially, due primarily to large holdings of the amount of gold certificates held by the Fed- Government securities accumulated through open eral Reserve Agent as collateral security. The Board market operations. This made possible transfers has now decided to establish such rates of interest to surplus accounts which increased the combined as will make it possible to transmit to the Treasury surplus of the Federal Reserve Banks to $439,823,approximately 90 per cent of the net earnings after 000 at the end of 1946, as compared with subscribed dividends of each of the Federal Reserve Banks for capital of $373,660,000. 1947. Under the circumstances, the Board concluded The authority to levy an interest charge on Fed- that it would be appropriate for the Federal Reserve eral Reserve notes not covered by gold certificates Banks to pay to the Treasury the bulk of their net has not been used previously, chiefly because of the earnings after providing for necessary expenses and existence, prior to 1933, of so-called franchise tax the statutory dividend. In effect, this will involve provisions of the law which had a similar effect; paying currently to the Treasury funds which, 518 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

TRANSFER TO TREASURY OF EXCESS EARNINGS OF FEDERAL RESERVE BANKS under existing law, would otherwise come to it only recommended that Congress authorize the Federal in the event of liquidation of the Federal Reserve Deposit Insurance Corporation to repay the 139 Banks. The Federal Reserve Act still provides million dollars of capital furnished by the Federal that, in case of liquidation of a Federal Reserve Reserve Banks, and accepted the proposal of the Bank, any surplus remaining after the payment Board of Governors that Congress at the same time of all claims shall be paid to the Treasury. It is authorize the payment of this sum to the Treasury expected that the present payments will be made instead of to the Reserve Banks. Similarly, the at quarterly intervals. By invoking its authority President in his Budget Message concurred in the under Section 16 of the Federal Reserve Act, the Board's further recommendation that Congress re- Board is able to accomplish the same results as lease to the Treasury general fund approximately were accomplished by the payment of a franchise 139 million dollars earmarked for payments to the tax, i.e., the transfer of excess earnings to the Gov- Reserve Banks to enable them to make loans to ernment. The payments can thus be reflected in industry under Section 13b of the Federal Reserve current revenues and taken into account in the Gov- Act. Legislation has been introduced in Congress ernment's budget without further legislation. to repeal Section 13b and to substitute therefor In the event of restoration of a franchise tax by authority for the Reserve Banks, upon request of the Congress, the Board would, of course, withdraw any commercial bank, to guarantee in part loans the requirement that Federal Reserve Banks pay made by such bank to business enterprises.1 If this interest on Federal Reserve notes, as there would legislation be enacted, the Federal Reserve Banks be no justification for utilizing both means of would rely upon their own surplus funds for this accomplishing the same purpose—namely, payment purpose, without resort to Government funds. of excess earnings of the Federal Reserve Banks to the Treasury. 1A statement by Chairman Eccles to the Senate Banking and Currency Committee regarding this legislation appears on In his Budget Message for 1948 the President p. 521 of this BULLETIN. MAY 1947 519 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DIRECT EXCHANGE OF MATURING TREASURY BILLS FOR NEW ISSUES On April 25, 1947, the United States Treasury would be purchased in the open market as at Department issued the statement immediately fol- present. lowing to the effect that bidders for new Treasury FEDERAL OPEN MARKET COMMITTEE bills could offer either maturing bills or cash in The Treasury Department this week revised its exchange for the new issues. On the same day Treasury bill-offering circular so as to permit the Federal Open Market Committee of the Fedbidders for Treasury bills to obtain new Treasury eral Reserve System announced that it had authorbills by the exchange of an equivalent amount of ized the Federal Reserve Ban\s to place with the maturing bills, to the extent that their tenders are Treasury wee\ly tenders for new issues in amounts accepted. Concurrently the Federal Open Market not exceeding their wee\ly maturities. The reasons Committee has authorized the Federal Reserve for this action are given in the second statement re- Banks to place weekly tenders for bills in an amount printed below. not exceeding the amount of their weekly maturi- TREASURY DEPARTMENT ties. The Federal Reserve Banks will receive the WASHINGTON same percentage allotment of bills as will other Secretary of the Treasury Snyder announced bidders at the same price. Acquisitions of bills today that beginning with the issue of Treasury by the Federal Reserve Banks, in this manner, will bills to be dated May 1, 1947, and until further represent the replacement of bills originally purnotice, the Treasury will invite tenders for bills in chased in the market and, like other exchanges of exchange for maturing bills as well as for cash, maturing securities for new securities, would not with equal treatment accorded all tenders, whether be subject to the limitation contained in subsection the bidders offer to exchange maturing bills or to (b) of Section 14 of the Federal Reserve Act. pay cash for the new bills bid for. Cash adjust- No new credit will be made available to the ments will be made for differences between the Treasury by the Federal Reserve Banks as a result par value of maturing bills accepted in exchange of this change in procedure, nor will new reserve and the issue price of the new bills. funds be placed at the disposal of the banks of The bills to be dated May 1 will be in the amount the country. Funds which have already been proof 1,100 million dollars, about 200 million less vided to the market through bill purchases will not than the amount maturing on that date. be increased by this action. The procedure for accepting exchange as well These related actions were taken to relieve a as cash tenders is being adopted to facilitate weekly situation which has become less and less approprirefunding operations in bills. The bill holdings ate, as weekly maturities of bills held by the Federal of the Federal Reserve Banks recently were 15 Reserve Banks have increased, until recently they billion dollars out of a total of 17 billion outstand- have ordinarily been more than 1.1 billion dollars ing. Under existing procedure, the Federal Reserve out of a total weekly maturity of 1.3 billion. In Banks replace their weekly maturing bill issues, in the past the market has taken all of each week's large part, by purchasing new issues from security offerings of Treasury bills and has promptly sold dealers, who ordinarily bid for amounts greatly in to the Federal Reserve Banks that portion of the excess of market needs. This is done solely to offering which it did not wish to hold. Thus the facilitate the bill operation, as the dealers charge Federal Reserve Banks indirectly replaced part or no commission for this service, and obtain only the all of their Treasury bill maturities. Such a pronominal profit from the transaction which is avail- cedure means that the market places tenders for able to anyone. Under the new procedure the new issues of bills in amounts bearing no relation Federal Reserve Banks will be in a position to bid to market requirements, the excess being taken directly on an exchange basis for new issues in for the purpose of immediate sale to the Federal amounts not in excess of those required to replace Reserve Banks. In these circumstances, a more maturing issues of bills originally acquired in the direct method of replacing maturing bills held by market. the Federal Reserve Banks has been deemed Any addition to Federal Reserve holdings of bills desirable. 520 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE GUARANTEE OF BUSINESS LOANS MADE BY CHARTERED BANKS by MARRINER S. ECCLES Chairman of the Board of Governors of the Federal Reserve System The statement given below was made by Chair- many enterprises whose financing needs have ordiman Eccles before the Banking and Currency Com- narily been met through current borrowings now mittee of the Senate on April 17, 1947. need a funding of their short-term obligations into I am glad to have an opportunity to appear here a term loan. this morning in order to urge the passage of S. 408. Owners of small enterprises, as a rule, prefer to The bill has two sections. The first one repeals obtain funds on a loan rather than on an equity Section 13b of the Federal Reserve Act and pro- basis because they do not wish their stock ownervides for the return to the Treasury of approxi- ship to be diluted or to run the risk of losing conmately 139 million dollars that was set aside from trol of the business. Term loans amortized out of the gold increment to enable Federal Reserve Banks profits meet this need. This type of financing is to make direct loans to industrial and commercial particularly suitable for small businesses that need a businesses. The second section of the bill substi- substantial period of time to retire loans by gradual tutes for the direct lending authority a provision repayment from earnings. which would enable Federal Reserve Banks to guar- There has been considerable objection from some antee in part loans by chartered banks particularly of the larger banks to S. 408 on the ground that the to small- and medium-size businesses that need capi- smaller banks, in cases where the amount of the tal for periods up to ten years. loan was beyond their legal limit, would resort to It is important to emphasize that the principal the guarantee even though the loan was of such purpose of the bill is to make term loans espe- quality that it could be made without the guarantee cially to smaller businesses for the purpose of provid- by giving participations to their correspondent ing them with necessary capital that they could not banks or other banks in the community. In order otherwise obtain. It will fill a gap in private financ- to meet this objection, the Board recommends that ing that now exists in enabling these enterprises to the Committee adopt the suggestion of the Federal obtain essential financing. The costs of going to Advisory Council of the Federal Reserve System by the capital markets for small business are prohibi- inserting in the bill a provision that the guarantee tive. Likewise, many banks properly feel that they shall only be available "when it appears to the satiscannot extend some term credits for from five to ten faction of such Federal Reserve Bank that the busiyears without some protection as provided by this ness enterprise is unable to obtain requisite financial bill. It amounts to a form of spreading the risk assistance on a reasonable basis from the usual by providing insurance for a fee. It is not the pur- sources." pose of this bill, however, to provide guarantees The Board also favors the recommendation of for either short- or long-term financing which banks the Federal Advisory Council that the bill be can and should extend without assistance. amended to provide that the guarantee be re- The basic need of the smaller, independently stricted to "chartered banking institutions" only owned business enterprises is for long-term funds. and not to "any financing institution" as provided Some businesses need funds for modernization of in the bill. plant and equipment and additional facilities. The It should be borne in mind that the Reserve need also arises from the sharp increase in prices System has had the authority under 13b for the and greatly expanded volume of business resulting past thirteen years to make direct loans or to make in a much larger volume of accounts receivable and commitments to purchase loans made by private of inventories. Because of these various factors banks. On principle, we feel that the private banks MAY 1947 521 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE GUARANTEE OF BUSINESS LOANS MADE BY CHARTERED BANKS should originate and make the loans based on their institutions in all parts of the country would have credit judgment, and that neither the Federal Re- convenient access to a guaranteeing agency if serve Banks nor any other governmental agency needed. The Federal Reserve System, which is a should extend such credits directly. permanent organization created by Congress and Section 13b, moreover, is not adapted to present- responsible to Congress, is especially qualified to day needs. It limits the extension of credit to loans provide this service because of its close contacts and for working capital only and provides that loans daily relationships with banking institutions. Its cannot be made for more than five years and can be responsibilities for maintaining sound credit condimade only to established businesses. tions, so far as its powers permit, make it the appro- The proposed bill does not call for Government priate agency for this purpose. appropriations and, therefore, no drain on the Fed- As in the case of war production loans under the eral budget is involved. The Reserve Banks would V-loan program, a maximum interest rate would be use their surplus funds as a basis for the guarantees, set for guaranteed loans. The present maximum and should losses be sustained they would first come rate under Section 13b is 5 per cent and it is conout of the fund created by the guarantee fees templated that the initial maximum rate under the charged. If this were not adequate, losses would new legislation would be the same. Within this be met out of the Reserve Banks' net earnings or limit, which may be subject to change with changsurplus. I am sure that this responsibility placed ing conditions, interest rates would be determined on the officers and directors of the Reserve Banks, by the borrower and the bank. Guarantee fees under regulations and supervision of the Board of charged would be specified percentages of the in- Governors, will not encourage easy and unsound terest rate, graduated according to the percentage credits on the part of the private banks. of the loan guaranteed. The method would be Under Section 13b Federal Reserve Banks handled similar to that used in the V-loan program, when some 3500 applications for commitments and adguarantee fees ranged from 10 to 30 per cent of the vances, aggregating about 560 million dollars. interest rate, according to the percentage of the Similarly, under the V-loan program, 8771 authoriguarantee. This has been and would be the operatzations for guarantees of war production loans, ing procedure. aggregating nearly 10.5 billion dollars, were It is evident, therefore, that the lending banks handled. The interest and fees collected in conmust carry some portion of the loans without guarnection with this total of about 11 billion dollars antee and this will be a deterrent on their making of operations were more than sufficient to cover exundesirable and risky loans. The steeply graduated penses and losses and to show some profit. In other words, the record is not one of loose lending. guarantee fees will induce banks to carry as much This bill, of course, does not place the Reserve of the risks as possible and thus cause them to exer- Banks in competition with the private banking sys- cise careful judgment and prudence in passing upon tem. Credit judgment and responsibility would re- credits. main primarily with the lending bank. Loans Business and credit conditions at present and at guaranteed would originate with local banks deal- some other times may not be such as to require exing with local people whom they know and with tensive use of the guarantee authority. However, whose character, capability and capacity they would the Reserve Banks should have a stand-by service be familiar. A Federal Reserve Bank could not of this kind to render to business and industry guarantee any loan unless requested to do so by the when necessary. The amount of long-term funds local bank. If approved by the Reserve Bank the that individual enterprises may need is often relaguarantee would be made promptly available with- tively small. Many loan demands do not exceed out referring the matter to any agency in Wash- $10,000 and relatively few exceed $100,000. The ington. Each loan would have to be passed upon bill is intended and designed primarily to help by the Federal Reserve Bank. There would be no the smaller enterprises. The larger ones, as a rule, blanket approval. The twelve Federal Reserve do not need this sort of assistance because they can Banks and their twenty-four branches provide a re- go to the capital market and raise funds either by gional organization through which local financing bonds or equity financing. 522 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE GUARANTEE OF BUSINESS LOANS MADE BY CHARTERED BANKS The guarantee service, as provided in this bill, to the Federal Reserve Banks. The proposal is the would be available in the future, as it has been in result of long and extensive experience which the the past, without discrimination for all banks, Federal Reserve System has had in connection with whether members of the Federal Reserve System or the loan guarantee principle. It is a tried and not. tested principle exemplified in Federal Housing It would be ill-advised and shortsighted, in my Administration loans as well as in loans to veterans* opinion, for Congress to repeal Section 13b in order This bill is a means of aiding the private banking that the 139 million dollars of Government funds system of this country to meet particularly the thereunder may be returned to the Treasury and longer-term financing needs of the smaller business fail to provide this proposed alternative authority institutions without assuming excessive risks. MAY 1947 523 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REGIONAL DISTRIBUTION OF BUSINESS LOANS Information on regional variation in the char- of the amount of all loans in the New York District acteristics of outstanding business loans has become to 40 per cent in the Minneapolis District. These available through the survey of member banks con- differences reflect largely variations in the economies ducted by the Federal Reserve System, as of No- of the districts, for example, the greater importance vember 20, 1946. Analysis of the survey findings for of agriculture in some districts than others. They each Federal Reserve district is being made by the also result to some extent from variations in the Reserve Banks, and the results are being published scope of banking connections and operations. Thus in their monthly reviews. Regional differences in concentration of business loans at New York and term lending to business are examined in an article Chicago banks results in part from the national elsewhere in this BULLETIN, and regional variations character of their lending function. in business loans with respect to type of security National as compared with more local scope in pledged, interest rates charged, and loans to small lending is also reflected in part in the distribution businesses will be analyzed in subsequent BULLETIN of loans by Federal Reserve districts and by size articles. To facilitate general regional comparisons, of business, as is shown in Table 2. Member banks data on bank loans to commercial and industrial in the New York District make almost twice as concerns are presented below for each Federal Relarge a percentage of the number of their business serve district and classified by size and business of loans to establishments with assets of 5 million dolborrower. lars or more as do all member banks in the country, Loans are of more importance relative to total and at banks in that district such loans constitute 68 assets at banks in some sections of the country than per cent of the amount of loans to businesses as in others. Moreover, the composition of bank loans compared with 45 per cent for all member banks. In all districts close to two-thirds of the number differs in important respects among areas. In NOof business loans are made to enterprises with assets TABLE 1 of less than $50,000. In amount, however, these MEMBER BANK LOANS AND INVESTMENTS, NOVEMBER 20, 1946 loans vary by district from less than 5 per cent to [Estimates, dollar amounts in millions] 16 per cent of all business loans. Business loans In all districts business loans are distributed Total broadly among all types of businesses. Generally, loans Total Percentage of Federal Reserve and loans differences among districts in the proportion of the district i m nv e e n s t t s - Amount Total loans number of loans made to retail, wholesale, manuve a s n t d m i e n n - ts T lo o a t n a s l facturing, and other business enterprises are moderate, as is shown in Table 3. Considerable varia- Boston $ 4,865 $ 1,416 $ 749 15 53 tion is indicated, however, when special segments New York 28,481 8,146 4,615 16 57 Philadelphia 5,333 1,261 565 11 45 of these major business groups are examined, re- Cleveland 7,914 1,914 841 11 44 Richmond 4,461 1,126 497 11 44 flecting wide differences in the economic charac- Atlanta 4,365 1,167 565 13 48 Chicago 14,712 3,422 1,840 13 54 teristics of the areas. Thus banks in the Dallas St. Louis 3,667 1,121 547 15 49 Minneapolis 2,677 587 237 9 40 District make a large number of loans to concerns Kansas City 4,181 981 418 10 43 Dallas 3,885 1,295 652 17 50 producing petroleum, coal, chemical, and rubber San Francisco. . . 13,569 3,976 1,711 13 43 products; and banks in the Chicago and Cleveland All districts. . . $98,110 $26,412 $13,237 13 50 Districts make a relatively greater number of loans to metal producers and fabricators than do banks vember 1946, as is indicated in Table 1, for all in other areas. member banks as a group business loans constituted In dollar terms differences among districts in the one-half of total loans. The proportion varied industrial pattern of business loans are very sharp. among Federal Reserve districts from 57 per cent Bank loans to retail trade establishments, for ex- 524 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REGIONAL DISTRIBUTION OF BUSINESS LOANS ample, ranged by districts from 7 per cent of the fifth in the Richmond District, while loans to dollar amount of all business loans in the New wholesale trade companies varied from 9 per cent York District to 21 per cent in the Richmond Dis- of business loans in the Cleveland District to 29 trict. Manufacturing and mining concerns ac- per cent in the St. Louis District. Table 4 shows counted for half of the amount of business loans the composition of business loan portfolios of in the Chicago District and only a little over one- member banks in each Federal Reserve district. TABLE 2 BUSINESS LOANS AT MEMBER BANKS, NOVEMBER 20, 1946, BY FEDERAL RESERVE DISTRICT AND SIZE OF BORROWER [Estimates of outstanding loans] Size of borrower (Total assets, in Size of borrower (Total assets, in thousands of dollars) thousands of dollars) All All Federal Reserve district busi- businesses1 Un 5 d 0 er 5 25 0- 0 2 7 5 5 0 0 - 5 7 , 5 0 0 0 - 0 5 o a , v 0 n e 0 d r 0 nesses1 Un 5 d 0 er 5 25 0- 0 2 7 5 5 0 0 - 5 7 , 5 0 0 0 - 0 5 o a ,0 v n 0 e d 0 r .4 mount of loans Number of loans In miliions In thousands Boston $ 743 $ 87 $ 136 $ 95 $ 148 $ 277 49.8 34.5 11.1 2.5 1.2 0.5 New York 4,547 211 390 277 565 3,105 112.9 74.9 25.2 5.4 3.9 3.6 Philadelphia 565 73 97 63 112 220 40.0 28.1 8.6 1.6 1.1 0.4 Cleveland 825 91 132 73 138 390 50.5 34.7 11.0 2.7 1.2 0 9 Richmond 486 74 144 92 89 87 41.7 24.7 12.0 3.1 1.3 0.7 Atlanta 556 88 169 95 110 93 44.5 26.8 12.8 2.9 1.4 0.7 Chicago 1,836 132 244 197 390 872 76.1 50.2 17.6 4.5 2.4 1.4 St. Louis 545 64 128 114 107 131 28.6 18.6 7 .1 1.8 0.6 0 4 IVIinneaoolis 233 34 53 23 62 62 19.8 14.5 4.0 0.7 0.4 0.2 Kansas City 418 67 113 74 71 93 34.7 23.9 7.7 1.7 1.0 0.4 Dallas 629 82 156 125 170 97 40.5 25.2 10.5 2.7 1.6 0.6 San Francisco. . 1,696 212 408 226 421 429 123.7 77.7 33.9 6.6 3.9 1.5 All districts $13,079 $1,215 $2,171 $1,455 $2,383 $5,856 662.7 433.9 161.7 36.0 19.9 11.2 As a percentage of district total Asa percentage of district total Boston 100.0 11.7 18.3 12.8 19.9 37.3 100.0 69.3 22.2 5.0 2.4 1.0 New York 100 0 4 6 8 6 6.1 12.4 68 3 100.0 66.4 22.3 4.7 3.4 3.2 Philadelphia 100.0 12.9 17.2 11.2 19.8 38.9 100.0 70.4 21.6 4.1 2.9 1.0 Cleveland 100.0 11.0 16.0 8.8 16.7 47.3 100.0 68.8 21.9 5.3 2.3 1.7 Richmond 100.0 15.2 29.6 18.9 18.3 17.9 100.0 59.2 28.8 7.3 3.0 1.6 Atlanta 100.0 15.8 30.4 17.1 19.8 16.7 100.0 60.1 28.8 6.4 3.2 1.5 Chicago 100 0 7.2 13 3 10.7 21 2 47 5 100.0 66.0 23.2 5.9 3.1 1.8 St Louis 100 0 11 7 23 5 20.9 19 6 24 0 100.0 65.2 25 0 6.4 2.2 1.3 Minneapolis 100.0 14.6 22.7 9.9 26.6 26.6 100.0 72.9 20.3 3.5 2.1 1.2 Kansas City 100 0 16 0 27 0 17.7 17 0 22 2 100.0 69.0 22 2 4.8 2.8 1.3 Dallas 100.0 13.0 24.8 19.9 27.0 15.4 100.0 62.3 25.9 6.6 3.8 1.4 San Francisco 100.0 12.5 24.1 13.3 24.8 25.3 100.0 62.8 27.4 5.3 3.2 1.2 All districts 100.0 9.3 16.6 11.1 18.2 44.8 100.0 65.5 24.4 5.4 3.0 1.7 1 Excludes a small amount and number of loans not classified by size of borrower. NOTE.—Detailed figures may not add to totals because of rounding. MAY 1947 525 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REGIONAL DISTRIBUTION OF BUSINESS LOANS TABLE 3 NUMBER OF BUSINESS LOANS AT MEMBER BANKS, NOVEMBER 20, 1946, BY BUSINESS OF BORROWER AND FEDERAL RESERVE DISTRICT [Estimates of outstanding loans] Business of borrower Total1 B to o n s- Y N o e r w k P p d h h e i l i l - a a- C la le n v d e- m Ri o c n h d - la A n t t - a c C a h g i o - L S ou t. is a M p n o e in - li - s K C s a a it n s y - Dallas F c S r is a a c n n o - Number of loans In thousands Retail trade, total 252.6 18.1 40.2 16.7 21.1 15.6 17.2 30.6 11.3 8.1 12.6 14.0 47.1 Food? liquor tobacco, and drugs 81.8 5.7 14.7 4.9 7.1 4.9 5.5 9.6 3.1 2.4 4.1 4.2 14 9 Apparel, dry goods, and department stores.. 33.8 2.9 •6.8 2.4 2.4 2.7 2.7 3.6 1.3 1.1 1.3 1.5 5.0 Home furnishings, metal products, and buildincr materials . .. ... 58.2 3.5 7.8 3.7 4.8 3.1 4.2 7.1 2.8 2.0 3.2 3.3 12.7 Automobiles, parts, and filling stations 44.5 3.1 5.8 3.2 3.4 2.6 2.8 5.1 2.4 1.6 2.4 2.8 9.4 All other 34.3 2.8 5.1 2.5 3.5 2.2 2.0 5.1 1.1 1.1 1.6 2.1 5.2 Wholesale trade total 87.9 6.7 17.2 5.0 5.4 6.0 6.8 8.4 3.8 1.9 5.3 5.1 16.2 Food Honor tobacco and dru&s 31.1 2.5 4.2 1.9 1.8 2.4 2.6 3.2 1.4 0.6 2.1 2.0 6.3 Apparel and dry goods . •. • 9.4 0.8 4.1 0.5 0.2 0.7 0.7 0.5 0.3 0.1 0.3 0.4 0.8 Home furnishings, metal products, and buildincr materials . . . 22.1 2.0 3.9 1.1 1.6 1.7 1.7 2.1 0.8 0.4 1.4 1.1 4.3 8.1 0.5 0.9 0.5 0.5 0.5 0.7 0.7 0.5 0.4 0 8 0 6 1 5 AH other 17.2 1.0 4.1 1.0 1.2 0.7 1.2 1.9 0.9 0.4 0.8 1.0 3.2 Manufacturing and tninins total . ... 115.9 8.3 22.8 7.0 9.1 6.3 6.7 13.6 5.0 2.7 4.8 6.8 22.9 Food liauor and tobacco 17.5 0.6 2.1 0.8 1.2 1.1 1.4 2.0 1.1 0.4 1.0 1.0 4.8 Textiles apparel and leather 15.6 1.7 7.9 1.1 0.3 0.8 0.6 0.7 0.3 0.2 0.1 0.5 1.5 IV^etals and metal oroducts 29.2 2.5 4.9 1.6 3.2 1.0 0.8 5.7 0.8 0.8 1.1 1.2 5.6 Petroleum, coal, chemicals, and rubber 13.3 0.6 1.4 1.3 1.7 0.8 0.4 0.7 1.0 0.1 1.5 2.8 0.9 AIT ntht*r 40.3 2.9 6.4 2.1 2.7 2.6 3.5 4.5 1.8 1.2 1.2 1 3 10 2 Public utilities. . 38.4 3.6 4.8 2.7 3.2 3.2 1.6 4.2 2.2 1.6 2.4 1.7 7.1 Services * 76.5 6.7 13.7 4.0 5.3 4.3 4.3 8.7 2.8 2.7 5.3 4.4 14.3 Construction 42.9 2.9 5.9 2.2 2.7 2.6 2.8 5.1 1.6 1.5 2.7 3.4 9.5 Sales finance 6.9 0.4 1.3 0.3 0.4 0.4 0.7 1.1 0.4 0.2 0.5 0.8 0.6 All other 2 51.8 3.8 8.4 2.1 5.0 4.2 5.5 4.9 1.7 1.1 1.2 7.6 6.3 All borrowers... ... 672.8 50.5 114.3 40.0 52.1 42.5 45.6 76.6 28.9 19.9 34.8 43.8 123.9 As apercentage of district total •Retail trade total 37.5 35.8 35.2 41.8 40.4 36.7 37.7 40.0 39.2 40.8 36.2 32.0 37.9 Fond Honor tobacco and druss 12.1 11.3 12.9 12.2 13.6 11.6 12.1 12.5 12.9 12.3 11.7 9.7 12.0 Apparel, dry goods, and department stores.. . 5.0 5.7 6.0 6.1 4.6 6.4 5.8 4.8 4.5 5.3 3.8 3.5 4 0 Home furnishings, metal products, and 8.7 7.0 6.8 9.3 9.1 7.3 9.2 9.3 9.8 10.0 9.2 7.5 10.2 Automobiles, parts, and filling stations 6.6 6.2 5.1 8.0 6.5 6.1 6.1 6.7 8.2 7.9 6.8 6.4 7.5 All other 5.1 5.6 4.4 6.2 6.6 5.3 4.5 6.7 3.8 5.3 4.7 4.9 4.2 Wholesale trade total 13.1 13.3 15.1 12.5 10.4 14.2 15.0 11.0 13.1 9.6 15.3 11 6 13 1 Food liouor tobacco and drugs 4.6 4.9 3.7 4.8 3.5 5.7 5.7 4.2 4.7 3.1 5.9 4.6 5.1 1 4 1.5 3 6 1.3 0 5 1 7 1 5 0 6 0 9 0 6 0 9 0 8 0 7 Home furnishings, metal products, and 3.3 3.9 3.4 2.7 3.1 4.0 3.7 2.7 2.8 2.2 4.0 2.5 3.5 Automobiles Darts and petroleum . . . 1.2 1.1 0.8 1.3 1.0 1.2 1.5 1.0 1.6 1.8 2.2 1.5 1.2 All other 2.6 1.9 3.6 2.4 2.3 1.6 2.6 2.5 3.1 1.9 2.3 2.2 2.6 Mdftufdctuvifig Gttd tnittifig, total 17.2 16.4 19.9 17.4 17.4 14.8 14.6 17.8 17.3 13.6 13.9 15.6 18.5 Food linuor and tobacco 2.6 1.2 1.8 2.0 2.3 2.5 3.1 2.6 3.9 2.1 2.9 2.3 3.9 Textiles aooarel and leather 2.3 3.3 6.9 2.8 0.5 1.9 1.2 1.0 0.9 0.8 0.2 1.1 1.2 Metals and metal products 4.3 5.0 4.3 3.9 6.1 2.3 1.8 7.4 2.9 3.9 3.2 2.8 4.5 Petroleum, coal, chemicals, and rubber 2.0 1.2 1.3 3.3 3.3 2.0 0.9 1.0 3.5 0.5 4.2 6.4 0.7 All other 6.0 5.7 5.6 5.4 5.2 6.1 7.6 5.8 6.1 6.3 3.4 3.0 8.2 Public utilities . . . 5.7 7.1 4.2 6.8 6.2 7.4 3\5 5.4 7.8 8.1 6.9 3.9 5.8 Services - 11.4 13.3 12.0 9.9 10.3 10.0 9.5 11.3 9.8 13.7 15.2 10.0 11.5 Construction . . .. 6.4 5.7 5.2 5.5 5.1 6.0 6.3 6.6 5.6 7.6 7.6 7.8 7.7 Sales finance 1 0 0 8 1 1 0.7 0 7 1 l 1 4 1 5 1 2 1 0 1 4 1 8 0 5 All other2 7.7 7.6 7.3 5.4 9.5 9.8 12.0 6.4 6.0 5.5 3.5 17.3 5.0 All borrowers 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 1 Revised. 2 Includes a small number of loans not classified by business of borrower. NOTE.—Detailed figures may not add to totals because of rounding. 526 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REGIONAL DISTRIBUTION OF BUSINESS LOANS TABLE 4 AMOUNT OF BUSINESS LOANS AT MEMBER BANKS, NOVEMBER 20, 1946, BY BUSINESS OF BORROWER AND FEDERAL RESERVE DISTRICT [Estimates of outstanding loans] Business of borrower Total1 Bos- Y N o e r w k P p d h h e i l i l - a a- C la le n v d e- m Ri o c n h d - la A n t t - a Chi- L S ou t. is a M p n o e in - li - s K C s a a it n s y - Dallas F c r S i a s a n c n - o Amount of loans In millions Retail trade, total $ 1,470 $102 $ 333 $ 80 $101 $105 $88$ 173 $ 58 $ 69 $ 74$ 252 Food, liquor, tobacco, and drugs 397 33 92 23 28 28 21 36 13 21 21 75 Apparel, dry goods, and department stores 422 34 149 23 29 33 16 54 14 13 15 30 Home furnishings, metal products, and building materials 279 12 37 12 16 17 29 37 11 16 18 70 Automobiles, parts, and filling stations.... 199 12 26 13 16 15 12 22 13 9 10 46 All other 173 9 29 9 12 12 10 25 7 10 11 31 Wholesale trade, total 2,422 137 817 79 107 132 250 158 103 133 379 Food, liquor, tobacco, and drugs 1,015 49 297 31 25 58 53 137 38 51 49 209> Apparel and dry goods 572 51 329 12 5: 16 33 18 11 4 38 54- Home furnishings, metal products, and building materials 309 59 24 27 19 26 36 10 17 19 49* Automobiles, parts, and petroleum 102 25 5 6 4 6 18 2 6 7 10> All other 424 106 17 17 9 14 41 96 26 21 56 Manufacturing and mining, total 5,670 325 2,189 258 399 111 155 915 164 123 232 711 Food, liquor, and tobacco 1,539 48 607 54 80 27 51 209 67 38 37 296 Textile, apparel, and leather 488 82 224 39 10 24 24 32 7 2 10 21 Metals and metal products 1,632 87 607 76 190 19 19 358 35 27 27 167 Petroleum, coal, chemicals, and rubber. . . . 1,069 40 458 47 67 11 12 196 27 42 131 30 All other 942 68 293 41 54 30 49 120 28 13 26 196 Public utilities (incl. transportation companies) 1,226 41 581 48 96 39 47 147 43 37 41 84 Services. 492 38 132 17 29 22 26 64 13 23 35 80 Construction 454 20 58 14 25 39 33 47 22 25 46 106 Sales finance 782 44 307 41 60 29 24 126 42 23 37 42 All others 721 42 197 19 51 46 59 117 47 15 53 57 All borrowers... $13,237 $749 $4,615 $565 $841 $497 $565 $1,840 $547 $237 $418 $652 $1,711 As a percentage of district total Retail trade, total 11.1 13.6 7.2 14.2 12.0 21.1 15.6 9.4 10.6 17.3 16.5 11.4 14.7 Food, liquor, tobacco, and drugs 3.0 4.4 2.0 4.1 3.3 5.6 3.7 2.0 2.4 3.0 5.0 3.2 4.4 Apparel, dry goods, and department stores. 3.2 4.5 3.2 4.1 3.4 6.6 2.8 2.9 2.6 5.1 3.1 2.3 1.8 Home furnishings, metal products, and building materials 2.1 1.6 0.8 2.1 1.9 3.4 5.1 2.0 2.0 4.2 3.8 2.8 4.1 Automobiles, parts, and filling stations. . . 1.5 1.6 0.6 2.3 1.9 3.0 2.1 1.2 2.4 2.1 2.2 1.5 2.7 All other 1.3 1.2 0.6 1.6 1.4 2.4 1.8 1.4 1.3 3.0 2.4 1.7 1.8 Wholesale trade, total 18.3 18.3 17.7 15.6 9.4 21.5 23.4 13.6 28.9 16.5 24.6 20.4 22.1 Food, liquor, tobacco, and drugs 7.7 6.5 6.4 5.5 3.0 11.7 9.4 7.4 6.9 7.2 12.2 7.5 12.2 Apparel and dry goods 4.3 6.8 7.1 2.1 0.6 3.2 5.8 1.0 2.0 0.4 1.0 5.8 3.2 Home furnishings, metal products, am building materials 2 3 2.4 1.3 4.2 3.2 3.8 4.6 2.0 1.8 1.7 4.1 2.9 2.9 Automobiles, parts, and petroleum 0.8 1.1 0.5 0.9 0.7 0.8 1.1 1.0 0.4 3.4 1.4 1.1 0.6 All other 3.2 1.5 2.3 3.0 2.0 1.8 2.5 2.2 17.6 4.2 6.2 3.2 3.3 Manufacturing and mining, total 42.8 43.4 47.4 45.7 47.4 22.3 27.4 49.7 30.0 37.1 29.4 35.6 41.6 Food, liquor, and tobacco 11.6 6.4 13.2 9.6 9.5 5.4 9.0 11.4 12.2 10.5 9.1 5.7 17.3 Textiles, apparel, and leather 3.7 10.9 4.9 6.9 1.2 4.8 4.2 1.7 1.3 5.5 0.5 1.5 1.2 Metals and metal products 12.3 11.6 13.2 13.5 22.6 3.8 3.4 19.5 6.4 8.4 6.5 4.1 9.8 Petroleum, coal, chemicals, and rubber. . . 8.1 5.3 9.9 8.3 8.0 2.2 2.1 10.7 4.9 2.1 10.0 20.1 1.8 All other 7.1 9.1 6.3 7.3 6.4 6.0 8.7 6.5 5.1 10.5 3.1 4.0 11.5 Public utilities.. 9.3 5.5 12.6 8.5 11.4 7.8 8.3 8.0 7.9 8.9 8.9 6.3 4.9 Services 3.7 5.1 2.9 3.0 3.4 4.4 4.6 3.5 2.4 5.5 5.5 5.4 4.7 Construction. . . 3.4 2.7 1.3 2.5 3.0 7.8 5.8 2.6 4.0 5.5 6.0 7.1 6.2 Sales Finance... 5.9 5.9 6.7 7.3 7.1 5.8 4.2 6.8 7.7 2.5 5.5 5.7 2.5 All other2 5.5 5.6 4.3 3.4 6.1 9.3 10.4 6.4 8.6 6.8 3.6 8.2 3.3 All borrowers. 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 1 Revised. 2 Includes a small amount of loans not classified by business of borrower. NOTE.—Detailed figures may not add to totals because of rounding. .MAY 1947 527 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK EARNINGS, 1946 Net profits after taxes of member banks of the was largely the result of the increase in total capital Federal Reserve System aggregated 758 million dol- accounts during the year. About two-thirds of net lars in 1946, a decrease of 30 million from the peak profits was retained by the banks to strengthen reached in the preceding year. The decline in the their capital positions and the remainder, amount- •dollar amount of net profits resulted largely from a ing to 267 million dollars, was distributed as cash reduction in profits and recoveries on securities dividends. sold; net current operating earnings were larger In recent years, the excess of profits on securities in 1946 than in 1945. As shown in the table below, sold and recoveries on loans and securities over net profits of country banks increased by 31 mil- losses and charge-ofrs, largely due to profits from lion dollars, but there were decreases of 58 million operations in Government securities, has been a subat central reserve city banks and of 4 million at stantial portion of net profits of member banks. reserve city banks. On the average, net profits The maximum excess occurred in 1945, when it amounted to 9.6 per cent of capital accounts as amounted to 224 million dollars cr 28 per cent of compared with 10.9 per cent in 1945; this decline net profits. In 1946, the net from this source aggre- MEMBER BANK EARNINGS, BY CLASS OF BANK, 1945 AND 1946 [Dollar amounts in millions] Central reserve city banks Total Res b er a v n e ks city Co b u a n n t ks ry New York Chicago 1945 1946 1945 1946 1945 1946 1945 1946 1945 ^Earnings $2,102 $2,403 $432 $456 $105 $111 $783 $895 $782 $940 On U. S. Government securities. 997 1,054 222 210 53 52 367 381 355 411 On other securities 139 148 24 24 10 9 47 52 58 63 On loans 588 772 106 125 25 31 228 304 229 313 All other 378 429 80 97 17 19 141 158 140 153 Expenses 1,268 1,469 216 250 56 63 479 558 517 596 Salaries and wages 580 699 117 141 25 30 217 266 221 262 Interest on deposits 183 212 6 7 7 72 82 98 114 All other 505 558 93 102 24 190 210 198 220 Net current earnings before income taxes 835 934 216 206 48 304 337 265 344 Profits and recoveries 454 356 129 71 26 23 150 127 149 135 Recoveries on securities 113 54 48 10 6 6 37 20 23 17 Profits on securities 239 183 68 41 10 6 75 61 86 75 Recoveries on loans 56 64 11 4 3 20 24 23 25 All other 46 55 9 6 7 17 22 17 17 Losses and charge-offs 230 247 40 44 20 21 95 101 75 82 On securities 118 115 15 13 17 11 48 45 37 47 O A n ll l o o th a e n r s 6 4 5 7 6 7 2 0 18 7 1 1 2 9 2 1 6 4 2 2 3 3 2 2 9 7 2 1 3 5 1 1 7 9 Profits before income taxes 1,058 1,043 305 233 55 50 359 363 340 397 Taxes on net income 270 285 91 75 16 13 90 99 73 98 Net profits 788 758 214 158 39 37 268 264 267 298 G a sh d i v i d e n ds d e c l a r ed 1 246 267 73 75 13 14 88 99 71 79 Ratios (per cent): Net current earnings before income taxes to average total capital accounts 11.5 11.9 10.7 9.5 13.6 12.2 12.5 12.7 11.0 13.0 Net profits to average total capital accounts 10.9 9.6 10.6 7.3 10.8 9.5 11.0 9.9 11.0 11.2 Earnings on U. S. Government securities to average holdings 1.39 1.48 1.29 1.35 1.33 1.48 1.36 1.46 1.50 1.58 Earnings on loans to average holdings 2.97 3.18 1.68 1.85 2.13 2.22 3.16 3.23 4.49 4.65 1 Includes interest on capital notes and debentures. 528 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK EARNINGS, 1946 gated 109 million dollars, less than half of the 1945 reserve city banks reported decreases of 20 and 12 amount but higher than in any other year. This per cent respectively. The table below shows, by decline reflected a decrease in profits and recoveries class of bank, selected earning assets as of Decemon securities, while losses and charge-offs increased ber 31, 1945 and 1946. somewhat. All classes of banks reported decreases Earnings on United States Government securities in the excess of profits and recoveries on securities, totaled 1,054 million dollars, an increase of only etc., over losses and charge-offs. At central reserve 57 million over 1945 and the smallest gain reported city banks the decline was 65 million; at reserve since the war financing program began. This incity banks 29 million; and at country banks 21 mil- crease reflected large returns received in the early lion dollars. part of the year; with the decline in holdings of Total current earnings of member banks totaled Government securities, earnings from this source 2,403 million dollars in 1946, an increase of 301 were declining during the year. The average yield million or 14 per cent over the previous year. While on member bank holdings increased from 1.39 per all classes of banks reported increases, there were cent in 1945 to 1.48 per cent in 1946, reflecting the noteworthy differences by class of bank as a result decline in holdings of lower-yield securities. Banks of shifts in holdings of loans and investments. in central reserve cities were most affected by the Current earnings increased 6 per cent at central Treasury's debt retirement program, and as a result reserve city banks, 14 per cent at reserve city banks, their earnings on United States Government securiand 20 per cent at country banks. ties were 13 million dollars less than in the preced- The increase in gross earnings occurred notwith- ing year. Reserve city and country banks reported standing a decrease of 11 billion dollars in total increases of 14 and 56 million dollars respectively earning assets of member banks during the year. in earnings from this source. Member bank holdings of short-term, low-yield Earnings on loans aggregated 772 million dollars, United States Government securities were reduced an increase of 184 million or 31 per cent over 1945. by nearly one-half and loans on Government securi- Central reserve city banks reported an increase of ties made at low rates also declined. There were 19 per cent, reserve city banks an increase of 33 increases in holdings of higher-yield assets such as per cent, and country banks an increase of 37 per commercial and industrial, consumer, and real cent. Average yields on loans increased at all estate loans and, to a lesser extent, of higher-yield classes of banks, probably reflecting increased hold- United States Government securities. These changes ings of higher-yield loans more than rising interest occurred at all classes of banks. Country banks rates. Yields on loans for all member banks averincreased their aggregate earning assets by a small aged 3.18 per cent in 1946 as compared with 2.97 amount during the year but central reserve and per cent in the preceding year. MEMBER BANK LOANS AND INVESTMENTS, BY CLASS OF BANK, DECEMBER 31, 1945 AND 1946 [In billions of dollars] Central reserve city banks Reserve city Country banks banks New York Chicago 1946 1945 Total loans and investments. 107.2 96.4 26.1 20.8 5.9 40.1 35.4 35.0 35.4 Loans 22.8 26.7 7.3 6.4 1.3 1.5 8.5 10.8 5.6 8.0 Commercial and industrial 8.9 13.2 3.0 4.1 0.8 1.1 3.7 5.5 1.5 2.4 Consumer 1.9 3.3 0.3 0.5 0.1 0.1 0.9 1.4 0.7 1.3 Real estate 3.5 5.4 0.1 0.1 0) 0.1 1.5 2 2 1.9 3.0 All other (mostly on securities) 8.5 4.8 3.9 1.7 0.5 0.2 2.5 1.6 1.5 1.3 U. S. Government securities 78.3 63.0 17.6 13.3 4.2 2.9 29.6 22.2 27.0 24.6 Treasury bills, notes, and certificates. 33.5 16.8 7.2 3.1 2.3 0.7 13.7 6.2 10.3 6.8 Bonds and guaranteed obligations. 44.8 46.2 10.3 10.2 1.9 2.2 15.9 16.0 16.7 17.8 Other securities 6 1 6.6 1.2 1.2 0.4 0.4 2.0 2.3 2.4 2.8 1 Less than 50 million. MAY 1947 529 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK EARNINGS, 1946 Current expenses of all member banks totaled million dollars, an increase of almost 100 million 1,469 million dollars in 1946, an increase over 1945 over 1945. Reserve city and country banks reported of 201 million or 16 per cent. Corresponding in- increases of 33 and 78 million dollars while cencreases occurred at all classes of banks. Most of tral reserve city banks showed small decreases. the increase, 119 million dollars, was in salaries Taxes paid or accrued on net income aggregated and wages; it accompanied the granting of higher 285 million dollars, 15 million more than in 1945. rates of pay and an increase of over 25,000 or about Increases of 8 and 25 million dollars reported by 10 per cent in the number of officers and employees. reserve city and country banks respectively more The average salary paid also increased by about 10 than offset the 18 million dollar decrease reported per cent. A growth of over 4 billion dollars in by banks in central reserve cities. The reported intime deposits resulted in a 29 million dollar increase crease in taxes occurred despite repeal of the excess in interest on deposits, even though the average profits tax effective January 1, 1946 and somewhat rate of interest paid was slightly lower than in lower profits before income taxes. 1945. Other current expenses, including taxes other than on net income, were 52 million dollars higher Comparative earnings figures for selected years than in 1945. since 1929 are given in the accompanying table. De- Net current earnings before income taxes and tailed figures of earnings and related items, together before allowances for profits, recoveries, losses, and with selected ratios, will be found on pp. 602-613 charge-offs on securities and loans amounted to 934 of this BULLETIN. MEMBER BANK EARNINGS, SELECTED YEARS, 1929-46 [Dollar amounts in millions] 1 1929 1932 1937 1938 1939 1940 1941 1942 1943 1944 1945 1946 Item Earnings $2,399 $1,554 $1,321 $1,274 $1,296 $1,323 $1,417 $1,487 $1,650 $1,874 $2,102 $2,403 O O n n t i o e U s t . h l e S r . s G ec o u v r e i r ti n e m s ent securi- 1 J 47. 458 481 448 444 431 445 540 766 960 \ / 9 1 9 3 7 9 1,0 1 5 4 4 8 On loans 2 1,563 851 553 544 560 595 665 649 563 563 588 772 Service charges on deposit ac- Ot c h o e u r n e t a s rnings 2 ... | 363 245 1 f 2 4 4 5 3 23 5 2 1 23 5 7 4 23 5 8 9 24 6 2 5 23 6 0 8 24 7 5 6 26 8 5 6 29 8 1 7 3 1 2 0 8 0 Expenses2 1,684 1,143 902 890 895 921 988 1,002 1,039 1,127 1,268 1,469 Salaries and wages 464 357 372 380 388 400 426 461 487 525 580 699 Interest on time deposits 3. . . . 445 302 174 171 159 147 140 128 124 144 183 212 Interest on interbank and demand deposits 314 132 6 Taxes other than on net income 2 112 67 86 82 85 100 129 81 84 83 83 82 Other expenses - 348 285 263 257 262 273 293 331 344 375 422 476 Net current earnings 2.. 715 410 419 384 401 402 429 485 611 747 835 934 Recoveries, profits on securities, etc 137 113 256 279 327 303 278 188 312 318 454 356 Losses and charge-offs 2 295 778 338 398 380 356 318 223 251 232 230 247 Profits before income taxes. . . } « e> m / 451 673 833 1,058 1,043 Taxes on net income « « «. « \ 68 115 184 270 285 Net profits 557 -255 337 265 347 349 390 383 557 649 788 758 Cash dividends declared 4.. 387 245 201 198 207 210 211 203 208 226 246 267 Number of banks at end of year. . 8,522 6,816 6,341 6,338 6,362 6,486 6,619 6,679 6,738 6,814 6,884 6,900 1 Not available prior to 1945. 2 The following changes in reporting are reflected beginning with 1942: (a) earnings on loans include service charges and fees on. loans, previously included in other earnings; (b) taxes on net income, previously included with other taxes in expenses, are a separate item; (c) recurring depreciation on real estate, previously included in losses and charge-offs, is included in other expenses. 3 Beginning with 1938, interest on time deposits includes interest on interbank time deposits; interest (if any) on demand deposits is included in other expenses. * Includes interest on capital notes and debentures. 530 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT Administrative interpretations of banking laws, new regulations issued by the Board of Governors, and other similar material. Termination of Licensing of Member Banks WHEREAS by December 30, 1933, the Secretary of the Treasury had acted upon all requests for Presidential Proclamation licensing of member banks of the Federal Reserve The President of the United States on April 7, System; and 1947, issued a Proclamation, effective as of March WHEREAS on December 31, 1945, the Secretary 15, 1947, excluding member banks from the scope of the Treasury issued a General License to transact of the Presidential Proclamations of March 6 and normal banking business to all banks thereafter March 9, 1933, and the Executive Order of March authorized to begin business by the Comptroller 10, 1933. of the Currency and to all State banks thereafter This Proclamation has the effect of terminating admitted to membership in the Federal Reserve the authority of the Secretary of the Treasury to System, and thereby dispensed with the requireissue regulations requiring the licensing of member ment of an individual license for each new member banks. However, member banks remain subject bank of the Federal Reserve System; and to restrictions relating to payments in gold and WHEREAS it is no longer necessary, or in the withdrawals of currency for hoarding. interest of government internal management, for The text of the Proclamation is as follows: the Secretary of the Treasury to license the transaction of normal banking business: PROCLAMATION 2725 Now, THEREFORE, I, HARRY S. TRUMAN, President AMENDING THE PROCLAMATIONS OF MARCH 6 AND of the United States of America, acting under and MARCH 9, 1933, AND THE EXECUTIVE ORDER OF by virtue of the authority vested in me by section MARCH 10, 1933, TO EXCLUDE FROM THEIR SCOPE 5(b) of the Trading with the Enemy Act of Octo- MEMBER BANKS OF THE FEDERAL RESERVE SYSTEM ber 6, 1917, 40 Stat. 415, as amended, and section 4 of the act of March 9, 1933, 48 Stat. 2, and by BY THE PRESIDENT OF THE UNITED STATES virtue of all other authority vested nvme, do hereby, OF AMERICA in the interest of the internal management of the WHEREAS on March 10, 1933, the President of Government, proclaim, order, direct, and declare the United States, in pursuance of the program to that the said proclamations of March 6 and March permit resumption of banking operations follow- 9, 1933, and Executive Order of March 10, 1933, as ing the Bank Holiday Proclamations No. 2039 of amended, are further amended to exclude from March 6 and No. 2040 of March 9, 1933, respectheir scope banking institutions which are members tively, issued Executive Order No. 6073 which, of the Federal Reserve System: Provided, however, among other things, authorized the Secretary of the that no banking institution shall pay out any gold Treasury to permit any member bank of the Fedcoin, gold bullion, or gold certificates, except as eral Reserve System and any other banking instiauthorized by the Secretary of the Treasury, or tution organized under the laws of the United allow the withdrawal of any currency for hoarding. States to perform any or all of their usual banking This proclamation shall become effective as of functions except as otherwise prohibited; and March 15, 1947. WHEREAS on December 30, 1933, the President of the United States issued Proclamation No. 2070 IN WITNESS WHEREOF, I have hereunto set my which excluded from the scope of the said proc- hand and caused the seal of the United States of lamations of March 6 and March 9, 1933, and the America to be affixed. Executive Order of March 10, 1933, all banking in- DONE at the City of Washington this seventh stitutions which were not members of the Federal day of April in this year of our Lord nineteen hun- Reserve System; and dred and forty-seven, and of the Independence of MAY 1947 531 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT the United States of America the one hundred and contempt in violating the injunction should be seventy-first. reversed. On the contrary, it is clear that the judg- (SEAL) HARRY S. TRUMAN ments below must be upheld upon the direct au- By the President: thority of Howat v. Kansas, 258 U. S. 181, 189, 190, DEAN ACHESON, wherein Chief Justice Taft thus expressed the unani- Acting Secretary of State. mous opinion of the Supreme Court: "An injunction duly issuing out of a court of general juris- Consumer Credit diction with equity powers upon pleadings properly Conviction for Violating Regulation W invoking its action, and served upon persons made parties therein and within the jurisdiction, must be In the Federal Reserve BULLETIN for July 1946, obeyed by them however erroneous the action of at page 750, there was published an opinion by the the court may be, even if the error be in the assump- District Court of the United States for the Eastern tion of the validity of a seeming but void law going District of Michigan, Southern District, finding to the merits of the case. It is for the court of first Consumers Home Equipment Co. and A. B. Chereinstance to determine the question of the validity ton, its President, had violated the terms of an inof the law, and until its decision is reversed for junction issued by such court on July 19, 1945, error by orderly review, either by itself or by a restraining defendants from violations of Regulahigher court, its orders based on its decision are tion W. to be respected, and disobedience of them is con- On defendants' appeal, the United States Circuit tempt of its lawful authority, to be punished. Court of Appeals for the Sixth Circuit by its opinion Gompers v. Buc\s Stove & Range Co., 221 U. S. of April 7, 1947, affirmed the judgments of the 418, 450; Toy Toy v. Hop\ins, 212 U. S. 542, 548. lower court. The text of the opinion is as follows: See also United States v. Shipp, 203 U. S. 563, 573." No. 10286 This language was quite recently quoted with approval by Chief Justice Vinson, in writing the UNITED STATES CIRCUIT COURT OF APPEALS opinion of the Supreme Court in United States v. SIXTH CIRCUIT United Mine Workers of America, . . . U. S. . . . , [March 6, 1947], 67 S. Ct. 677, 696. Cf. authorities AVERY B. CHERETON AND CONSUMERS HOME EQUIPcited by the Chief Justice in footnotes 58 and 59 MENT COMPANY, Appellants, of the opinion. v. The judgments of the District Court are affirmed. THE UNITED STATES OF AMERICA, Appellee. Suit Regarding Condition of Membership APPEAL FROM THE UNITED STATES DISTRICT COURT FOR THE EASTERN DISTRICT OF MICHIGAN Peoples Bank v. Eccles, et al. Decided April 7, 1947. On April 14, 1947, the United States Court of Appeals for the District of Columbia reversed the Before ALLEN, MARTIN AND MILLER, Circuit District Court which had refused to enjoin the Judges. members of the Board of Governors from enforcing PER CURIAM. We meet here appeals by a cor- a condition of membership imposed upon Peoples poration and an individual who controlled its poli- Bank, Lakewood Village, California, at the time of cies from judgments of conviction and sentence for its admission to the Federal Reserve System. The criminal contempt, in the wilful and deliberate Court of Appeals by a divided vote held that the violation of an injunction in a civil action. condition was invalid if construed literally. How- From the evidence in the record, there is no ever, the Court held that if the condition were condoubt whatever that appellants wilfully violated the strued in the manner stated in its opinion, there injunction. They contend that the regulation which would be no inconsistency between it and the they were enjoined from violating is not supported statute. The Court therefore remanded the case to by statutory authority; but that, if it is, the Act of the District Court for the entry of a judgment so Congress is unconstitutional. In either event, it construing the condition and denying the injuncdoes not follow that their conviction for criminal tion. The opinions are printed below. 532 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT UNITED STATES COURT OF APPEALS ment, and whether the corporate powers were con- DISTRICT OF COLUMBIA sistent with the purposes of the Act, as required by Title 12, § 322, U. S. C. A. In like manner the No. 9338 Board of Governors considered the financial history PEOPLES BANK, Appellant, and condition of the bank, the adequacy of its capiv. tal structure, its future earnings' prospects, the gen- MARRINER S. ECCLES, RONALD RANSOM, M. S. SZYM- eral character of its management, the convenience CZAK, JOHN K. MCKEE, ERNEST G. DRAPER AND and need of the community to be served by the RUDOLPH M. EVANS, Appellees. bank, and whether its corporate powers were consistent with the purposes of the statute, as required APPEAL FROM THE DISTRICT COURT OF THE UNITED by Title 12, §264, subsections (e) (2) and (g). STATES FOR THE DISTRICT OF COLUMBIA The bank, being fully qualified in those respects at the time of application, was eligible for membership Argued November 27, 1946. Decided April 14, in the Federal Reserve System, and the Board of 1947. Governors necessarily so found when it later per- Mr. Samuel B. Stewart, Jr., for appellant. Mr. mitted the institution to become a member. Joseph William Burns also entered an appearance But the bank was not immediately admitted. for appellant. Under date of February 12, 1942, the secretary of Mr. J. Leonard Townsend, Assistant General the Board of Governors instructed the Federal Re- Counsel, Board of Governors of the Federal Re- serve Bank of San Francisco to inform the appliserve System, with whom Mr. Edward M. Curran, cant that the Board "is unwilling to approve the United States Attorney at the time the brief was application on the basis of the information now filed, was on the brief, for appellees. before it." No reason for the refusal was given, Before EDGERTON, CLARK and WILBUR K. MIL- and its basis was not discovered by the Peoples LER, J. J. Bank until late in February, 1942, when one of WILBUR K. MILLER, }.: The principal question in its directors had a personal conference in Washingthis case is whether a drastically restrictive condi- ton with two members of the Board and its secretion upon a state bank's membership in the Federal tary. The director's affidavit includes the following: Reserve System was validly imposed by the Board "During the course of my conversation with of Governors of the System. A secondary questhe said Board members and Secretary I recall tion is whether the state member bank is prevented that statements were made to the efTect that Secreby waiver or by estoppel from challenging the tary Morgenthau was opposed to increasing the validity of the condition. number of banking offices of Bank of America The Peoples Bank of Lakewood Village, Caliand that it was stated that there was considerable fornia, was incorporated in 1941 under the laws of agitation against increasing the banking interests that state, after the State Superintendent of Banks of bank holding companies—so much so, that had found that public convenience and advantage there was a prospect that legislation would be would be promoted by its establishment at the introduced to curb the expansion of bank holding proposed location. A license actually to transact companies. It was also stated in substance that business would not be granted, the Superintendent upon assurances that the Peoples Bank was indeadvised, until deposit insurance had been obtained pendent of Bank of America and Transamerica through membership in the Federal Deposit Insur- Corporation the Board might be disposed to reance Corporation or in the Federal Reserve System. consider the application." Accordingly, the Peoples Bank forwarded on November 28, 1941, an application for admission to The bank asked the Board to reconsider, and the Federal Reserve System, using the printed form furnished information concerning changes in the furnished by the System and supplying all the data ownership of its shares which had occurred after thereby required. the filing of its original application. By letter dated In acting upon the application the Board of Gov- March 11, 1942, the Federal Reserve Bank of San ernors considered the financial condition of the Francisco informed the Peoples Bank "that the applying bank, the general character of its manage- Board of Governors will be glad to reconsider your MAY 1947 533 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT application upon a definite showing by the directors says not only is not standard, having never been of your bank" that five conditions set out in the imposed before or since, but invalid as well, is as letter had been met. These conditions are shown follows: in the margin.1 "4. If, without prior written approval of the The bank complied with those requirements. Board of Governors of the Federal Reserve Sys- In meeting the third requirement contained in the tem, Transamerica Corporation or any unit of the letter of March 11, 1942, each shareholder of the Transamerica group, including Bank of America bank signed the following letter: National Trust and Savings Association, or any holding company affiliate or any subsidiary "I, the undersigned, being a stockholder of thereof, acquires, directly or indirectly, through the Peoples Bank, Lakewood Village, California, the mechanism of extension of loans for the purdo hereby state that I have no arrangements, expose of acquiring bank stock, or in any other pressed or implied, with respect to the sale or manner, any interest in such bank, other than transfer of the stock of the Bank which I own such as may arise out of usual correspondent bank to either the Transamerica Corporation, or any relationships, such bank, within 60 days after organization affiliated or closely identified with written notice from the Board of Governors of Transamerica Corporation, or any other Bank the Federal Reserve System, shall withdraw from Holding Company group, and that I do not membership in the Federal Reserve System." intend to enter into any such agreements or understandings." Since the conditions in the commitment of May 6, 1942, were substantially those contained in the Some weeks thereafter, on May 6, 1942, the San Francisco Reserve Bank's letter of March II, Board approved the application for membership, 1942, already met, no additional action by the apsubject to three conditions which it clearly had the pellant bank was necessary specifically to meet the statutory right to impose, and subject to a fourth formal conditions in the communication of May 6, condition which, sharply challenged, is the storm 1942. Having been in other respects ready for center of this litigation. The first three conditions, many months to function as a banking institution, standard in character and usually imposed on state the Peoples Bank opened its doors and began busibanks applying for membership, are shown in the margin.2 Condition No. 4, which the appellant ness activity soon after it became a member of the System pursuant to the commitment. In 1944, the proscribed Transamerica Corporation, without the knowledge or assistance of the bank, acquired 540 shares of its capital stock, being oPuPVsJt. OhJ-LJe.J-'yr UpA1Ur ovLlJiUbs iok3L4Vn^A-&s H.Ao X U.J.fXJ this letter. slightly more than 10 per cent of the total of the 5,000 shares authorized, issued and outstanding. tne x ransamerica group. The bank immediately reported that fact to the "3. That neither Transamerica Corporation nor amry organization affiliated or closely identified with Transameriiccaa CCoorrppoorraa-- Board and asked to be relieved of Condition No. 4 tion or any other bank holding company group has any interest, direct or indirect, in the applicant bank, and that the bank is which, in view of Transamerica's acquisition of in no manner obligated to any such organization. "4. That all stockholders have stated in writing that they stock, made it possible for the Board immediately have no agreements or understandings, expressed or implied, with respect to the sale or transfer of the stocky of the bank to to demand that the bank withdraw from the System. As withdrawal would result in automatic cancellation of deposit insurance, the bank regarded the literal enforcement of Condition No. 4 as a death sentence. When the Board refused to revoke the provision, the Peoples Bank sued its members in the District iy it at trie nine 01 auimssion to uiemucrsmp. "2. The net capital and surplus funds of such bank shall be Court of the United States for the District of Coadequate in relation to the character and condition of its assets tions or otherwise) notes, bonds, mortgages, certificates, or other evidences of indebtedness representing real estate loans or S jy y s B t i e c m m. . participations therein, either with or without a guarantee, in- "3. Such bank shall not engage as a business in issuing or dorsement, or other obligation of such bank or an affiliated selling either directly or indirectly, (through affiliated corpora- corporation." 534 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT lumbia to have the condition adjudged invalid, and character, integrity and ability of its management to enjoin its enforcement. are not assailed. No statute, state or federal, forbids The Board members moved to dismiss the com- it to own shares of the Peoples Bank or any other plaint on the ground that it presented no justiciable bank. controversy. After that motion had been de- The basis for the imposition of this unusual and nied,3 an answer was filed pleading that the com- unqualified prohibition against Transamerica's acplaint showed on its face (a) that the bank was quiring shares of the bank in question is shown by estopped to deny the validity of Condition No. 4, the record to be the fact that for some time federal (b) that in imposing Condition No. 4 the Board bank regulatory authorities, including the Board, exercised the administrative discretion confided to have regarded further expansion of Transamerica it by § 9 of the Federal Reserve Act,4 and (c) the as undesirable and unsound. Moreover, we are so validity of Condition No. 4. With this answer in advised by the following statement in the appellees' the record, the Board members moved for judg- brief: ment on the pleadings. The bank countered with "In this case the record shows that the Board a motion for summary judgment and filed in sup- had reason to believe that appellant, at the time port numerous affidavits and exhibits in which the it applied for membership in the System, was factual background of the controversy is shown. under or was about to come under the manage- Upon consideration of the several motions, the ment of Transamerica Corporation, the bank ex- District Court's opinion was that the bank "cannot pansion program of which the Board, the Compnow attack the validity of the condition to which troller of the Currency, and the Federal Deposit it voluntarily agreed." Being of that view, the Insurance Corporation ail believed to be unsound. court entered judgment for the Board members, on Condition No. 4 was therefore designed to prethe pleadings, and denied the bank's motion for vent that corporation from taking over appellant's summary judgment. The Peoples Bank appeals. afTairs after it came into the System." We first consider the question whether the Board The fact is, however, that the record does not of Governors had the power to attach Condition show that the Board had reason to believe that ap- No. 4 to the membership of the Peoples Bank in the pellant, at the time its application was filed, was Federal Reserve System. under or was about to come under the management Under the literal language of the condition, the of Transamerica. The purpose of Condition No. 4, Board's right to expel the bank becomes absolute therefore, was primarily to check the growth of the moment Transamerica acquires a stock interest, Transamerica, which the Board considered to be without a previous finding that Transamerica's acalready too large. quisition of shares would, or probably would, ad- Whether the Board of Governors has the power, versely affect the bank. Nor is the effectiveness in the effort to implement its theory that the enof the Board's power to expel under Condition No. largement of bank holding companies should be 4 made to depend upon the acquisition by Transforbidden, to deny to Transamerica its right, otheramerica of a controlling interest in the bank. The wise entirely legal, to purchase and own shares in ownership by that corporation of any number of the Peoples Bank, depends on whether the Federal shares, however small, sets the condition in motion Reserve Act expressly or impliedly confers such and gives rise to the power of expulsion. authority. In other words, the validity of Condi- This striking denunciation of Transamerica tion No. 4 as a curb to the growth of a bank holding makes pertinent an inquiry into the nature of that company depends upon whether the Congress inorganization. The record discloses it to be a large tended to authorize the Board to arrest the extension corporation, owning extensive interests in many of such companies. banks and in other corporations as well. It is a If such a legislative intent does not appear, grave substantial stockholder in the Bank of America, doubt arises as to the right of the Board to form which for several years has been one of the two such an intent for itself. Furthermore, if a conor three largest banks in the nation. The financial trary intent on the part of Congress be found, soundness of Transamerica is not challenged. The unquestionably the Board's assumption of the power 3 Peoples Bank v. Eccles, 64 F. Supp. 811. to check the expansion of bank holding companies * 12 U. S. C. A. § 321. MAY 1947 535 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT amounts to an invasion of the legislative field. All case, has added significance when considered in the the Board's power springs from the statute. An light of certain legislative history of the Federal administrative agency may have a wide latitude Reserve Act. From that history it is learned that within which to function, and may be authorized the Congress, quite deliberately and because of to prescribe regulations which must be observed by what it considered an abuse of a power which it had those subject to its jurisdiction. But its regulations theretofore granted to the Board in broad general must fall within the limits of the authorizing stat- terms, provided that the Board of Governors may ute, and must be such as will carry into effect the only impose such conditions upon a bank's admiswill of Congress.5 The broad discretion confided sion to the System as are within and pursuant to to the Board of Governors continues only so long the legislative intent in adopting the Act. as it acts within its statutory scope. When the Prior to 1927, the governing body of the Federal Board reaches the border of the Federal Reserve Act Reserve System had the very broadest power to it must stop, for to go beyond would be to impinge attach conditions to a bank's entry into the System. on Congressional prerogatives. The statutory language6 on the subject was: We turn to the Federal Reserve Act to see "The Federal Reserve Board, subject to such whether it manifests an intent on the part of Con- conditions as it may prescribe, may permit the gress to forbid bank holding companies to expand, applying bank to become a stockholder." either by prohibiting them from owning minority stock interests in state member banks, or by the At a hearing before a subcommittee of the Senate use of any other device. We find no such prohibi- Committee on Banking and Currency in February, tion. The Act goes no further, with respect to 1926, Senator Carter Glass stated that the Federal limiting the activity of a holding company, than to Reserve Board (predecessors of appellees here) "has provide that one which owns a majority of the usurped the legislative functions of Congress." An shares of a member bank may not vote such shares amendment to restrict the power of the Board to without first obtaining a permit from the Board of impose conditions upon membership was being Governors. The Congress has thus expressly con- considered. Senator George Wharton Pepper, of ferred upon the Board the right to supervise and Pennsylvania, who favored such an amendment, curb a holding company when, through the owner- said in the Senate on February 23, 1925: ship of a controlling interest, it is in a position to ". . . the committee thinks that the discretion dominate a bank's management and to dictate its of the Federal Reserve Board in the premises policy. It was not deemed necessary to give the should be a discretion exercised pursuant to the Board the right to prevent or restrict voting by a provisions and conditions of the Act; that is, that holding company having less than a majority inter- there was no intent of Congress, when the Fedest, as no such provision appears in the statute. eral Reserve Act was passed, to create in the Obviously the legislators did not share the Board's Federal Reserve Board a body to prescribe any apprehension that harm might come to a member kind of conditions it pleased as conditions prebank from the votes of a holding company having cedent to admissibility to the Federal Reserve less than control. System, but rather to confer upon the Federal This limited statutory restriction upon bank hold- Reserve Board authority to make regulations ing companies, which contrasts strikingly with the pursuant to the Act fixing the terms upon which broad restraint imposed by the Board in the present banks might become members of the Federal Reserve System." 5 Manhattan General Equipment Co. v. Commissioner of Internal Revenue, 297 U. S. 129, 134, where the Supreme Court The Board of Governors desired to retain the said: "The power of an administrative officer or board to admin- right to impose any conditions it chose upon memister a federal statute and to prescribe rules and regulations to that end is not the power to make law—for no such power bership and expressed its unqualified disapproval can be delegated by Congress—but the power to adopt regulations to carry into effect the will of Congress as expressed by of the amendment proposed. Nevertheless, in 1927 the statute. A regulation which does not do this, but operates the Congress amended the provision to read as to create a rule out of harmony with the statute, is a mere nullity. Lynch v. Tilden Produce Co., 265 U. S. 315, 320- follows: 322; Miller v. United States, 294 U. S. 435, 439-440, and cases cited. And not only must a regulation, in order to be valid, be consistent with the statute, but it must be reasonable. Inter- 6 40 Stat. 233, Public Law 25, 65th Congress, approved Tune national Ry. Co. v. Davidson, 257 U. S. 506, 514." 21, 1917. 536 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT "The Board of Governors of the Federal Re- So there is no statutory bar to the expansion of serve System, subject to the provisions of this bank holding companies such as Transamerica. title and to such conditions as it may prescribe No Congressional enactment forbids Transamerica pursuant thereto, may permit the applying bank or any similar corporation to acquire and own any to become a stockholder of such Federal Reserve number of shares of the Peoples Bank or any mem- Bank."7 ber or nonmember bank. Although the Board has requested Congress to authorize it to prevent Moreover, the Board of Governors has expressly the further growth of Transamerica and like organrecognized that it has no statutory power to prevent izations, Congress has withheld that authority. Its the expansion of bank holding companies. An exfailure to enact the restrictive legislation strongly ample of this recognition is found in the testimony recommended by the Board of Governors shows a of the appellee, Marriner S. Eccles, chairman of legislative intent that acquisition of bank shares the Board of Governors, before the Committee on by holding companies shall not be unlawful. Banking and Currency of the House of Representa- But nevertheless Condition No. 4 imposed by the tives on April 5, 1943. He said that he had given Board of Governors in this case singles out one considerable thought to the operation and developholding company and prohibits it from owning any ment of Transamerica and that he did not look shares of the member bank, however few in numupon it as a wholesome undertaking. He stated ber. As has been shown, the avowed purpose was his opinion to be that Transamerica, in its purchase to prevent further expansion of Transamerica, in of the stock of banks and of the stock of corporathe face of the fact that the Board has expressly tions having nothing to do with banks, was pursurecognized its lack of power in that respect and has ing an improper and unsound policy. He added, unsuccessfully sought to obtain such power from the however, that the Board did not have, and had Congress. Inevitably, it follows that if the Board's never sought from Congress, any power or authority to deal with that situation. sole purpose here was to prevent the enlargement of Transamerica, the condition imposed was not In his appearance before the same committee on expressive of, but contrary to, a plainly evident leg- May 10, 1943, Eccles was asked by Congressman islative intent. If that were its sole purpose, Con- Patman: ". . . unless you can get better cooperadition No. 4 is invalid. tion out of Transamerica you would look with We find, however, that the Board members take favor upon advocating legislation that would curb the position that their purpose in imposing the conthe bank holding companies?" He replied, "That dition was not only to check the extension of Transwould give the Board the power to require what america, but also to protect the bank by preventing they would consider a policy in the public interest." That answer constituted an admission of the Board's Transamerica from taking over its affairs. The lack of power to curb holding companies, although appellees state in their brief, as we have heretofore its members considered that such curbing would be shown, that "Condition No. 4 was therefore dein the public interest. signed to prevent that corporation (Transamerica) Further recognition by the Board of its lack of from taking over appellant's affairs after it came the authority which it attempted to exercise by the into the System." The appellees' brief then adds, imposition of Condition No. 4 appears in its annual "Thus the Condition is directly related to 'managereport for the year 1943. After saying "there is now ment' and 'financial condition,' two of the subjects no effective control over the expansion of bank which the Board is specifically required to consider holding companies or in any other field in which in passing upon membership applications. Under they may choose to expand," the Board of Gov- such circumstances the Condition has even that ernors recommended to Congress "that immediate direct statutory sanction which appellant's argulegislation be enacted preventing further expansion ment would require." In this connection, it is of existing bank holding companies or the creation noted from the record that on January 28, 1946, the of new bank holding companies." That recom- Board of Governors adopted the following resolumendation has not been followed and no such legis- tion: lation has been enacted by the Congress. "Upon consideration of the latest report of examination of the Peoples Bank, Lakewood Vil- 7 44 Stat. 1229, 12 U. S. C. A. 321. MAY 1947 537 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT lage, California, from which the Board concluded determination what action, if any, might be necesthat there had been no substantial change in the sary pursuant thereto. Considerations of the pubcontrol, management or policy of the bank re- lic interest demanded that the Condition be sulting from the acquisition by Transamerica imposed; the same considerations will determine Corporation of certain shares of the bank's stock, when, if ever, the Condition need be enforced." the Board, by unanimous vote, decided that there With the controversial Condition No. 4 thus was no present need in the public interest for any properly evaluated by the Board itself, it is at once action by the Board with respect to the condition seen that the condition means no more, and gives of membership of the bank relating to acquisition the Board no greater authority, than standard Conof its stock by Transamerica Corporation." dition No. 1, which is that "subject bank at all times The quoted resolution, in our view, administra- shall conduct its business and exercise its powers tively interprets Condition No. 4 as meaning that, with due regard to the safety of its depositors, if the Board should decide that a substantial change, . . ." That is to say, if at any time a member against the public interest, has occurred in the bank shall appear to the Board of Governors to be pursuing unsound or unsafe bank policies, the bank's management, control or policy because of Board may require it, after hearing, to withdraw Transamerica's stock ownership, it must withdraw from the System. Title 12, U. S. C. A., §327, from the System after notice to do so. For obvious expressly provides that if a member bank has failed reasons, the Board could properly reach such a decito comply with the provisions of certain sections of sion only after a full and fair hearing. the Federal Reserve Act, or the regulations of the It is, of course, apparent that the resolution of Board of Governors made pursuant thereto, or has January 28, 1946, adopted nearly two years after ceased to exercise banking functions without a Transamerica acquired its shares and after the bank receiver or liquidating agent having been appointed, had during the same period unsuccessfully sought the Board shall have power, after hearing, to require relief from the harsh condition, was primarily inthe bank to surrender its stock in the Federal Retended as an aid to the appellees' motion to dismiss serve Bank and to forfeit all rights and privileges the complaint. It was adopted soon after the suit of membership. was filed and was attached to the motion to dismiss. If Condition No. 4 were given a literal inter- As indicative of the absence of a justiciable conpretation, instead of the rational construction placed troversy, the resolution was not convincing to Mr. on it by the resolution of January 28, 1946, it Justice Holtzofif, of the District Court, whose opinwould clothe the Board with arbitrary power to ion8 points out that the sword of Damocles is still expel the bank without a hearing upon the happensuspended over the bank with the Board claiming ing of a contingency which had not adversely afthe right at any time to cut the thread. Indeed, the fected in any manner either the bank's position or appellees state in their brief that action under the the safety of its depositors. So construed, the concondition is "now justified by the facts." dition is not authorized by the Act. In regarding the resolution as an administrative With respect to the meaning of Condition No. 4 interpretation of the condition, we are supported by and the method by which the Board could invoke the appellees who state in their brief: it, the appellees, having made the concession here- "Condition No. 4, however, is not self-execut- tofore quoted from their brief, make yet another ing, as appears on its face. And the Board, in which seems to us to be of extreme importance: affixing the Condition in the light of the opinion "Even should appellant, if and when it receives which it then entertained as to the potential dansuch notice, take no action pursuant thereto, its ger of Transamerica affiliation, did not by so membership could not be summarily forfeited. acting declare in advance what its administrative Section 9 of the Act (46 Stat. 250, 251, c. 207, decision might be if and when Transamerica U. S. C, Title 12, § 327) provides that, while the should acquire some of appellant's shares. In Board may order such a forfeiture, it can only affixing the Condition—by agreement with apdo so 'after hearing' and a finding that appellant pellant—the Board intended to leave to future 'has failed to comply with the provisions of ... [the law] or the regulations of the Board of 8 Peoples Bank v. Eccles, 64 F. Supp. 811. 538 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT Governors of the Federal Reserve System made and operated under a franchise containing a pursuant thereto. . . .' Appellant's alleged dan- proviso for annual payment of royalties to the isger is thus rendered even more remote." land government. Later the bus line questioned the authority of the Public Service Commission to Nothing in the condition itself requires the recondition the franchise upon the payment of royalstrained interpretation of it contained in the apties. The Circuit Court of Appeals did not go so pellees' language just quoted. The condition does far as to hold that estoppel had arisen, but was not in so many words compel the construction content to say "It is doubtful whether the bus line placed upon it by the resolution of January 28, 1946, is now in a position to raise this issue." nor does it afford a hearing to the bank which the As justifying its doubt, the court cited United appellees now admit should be accorded. The ap- Fuel Gas Company v. Railroad Commission, 278 pellant's alleged danger, which the appellees say U. S. 300 (also cited to us by the appellees) and "is thus rendered even more remote," was not re- Wall v. Parrott Silver and Copper Company, 244 mote as long as the unqualified denunciation of U. S. 407. In our view neither decision furnishes Transamerica was insisted upon by the appellees, a basis for the doubt which the Circuit Court of and was regarded by them as a part of the bank's Appeals expressed. In the Railroad Commission contractual obligations. case, the Supreme Court's holding on the point we We have heretofore stated our conclusion to be now discuss was that those "who have procured that Condition No. 4, as a mere device to check action by a state commission under a state statute the growth of a holding company, finds no foundamay not assail that action in a federal court of tion in the statute. We hold that it has validity equity on the ground that that statute, or the one only as a statement that, if the Board of Governors creating the commission, is void under the state should determine, after hearing, that Transamerconstitution." In the Parrott case the Supreme ica's ownership of the bank's shares has resulted in Court said that "The appellants by their action in a change for the worse in the character of the bank's instituting a proceeding for the valuation of their personnel, in its banking policies, in the safety of stock, pursuant to those statutes, which is still pendits deposits or in any other substantial way, it may ing, waived their right to assail the validity of require the bank to withdraw from the Federal them." Reserve System. Only in that sense can the condition be regarded as having been imposed pur- Obviously the principle announced in these two suant to the Act. It is assumed that the Board cases, which is the same rule found in the other would not resort to the drastic penalty of expul- Supreme Court decisions cited by the appellees, does sion until it had exhausted the other disciplinary not apply where the litigant charges that the adminand corrective processes prescribed by the Federal istrative body has exceeded the authority conferred Reserve Act.9 upon it by a statute, but does not attack the validity We turn now to the argument of the appellees of the statute. that by accepting and enjoying membership with Whether estoppel has arisen, whether waiver has Condition No. 4 attached, the bank is estopped to occurred, depends entirely upon whether Condition question its validity or has waived invalidity or No. 4 is valid or invalid. No administrative body the right to assert it. Appellees' position is not has authority to contract with a regulated corporasustained by the Supreme Court cases cited by tion in a manner contrary to the statute which is them.10 Those cases dealt with situations in which being administered, nor in a way which does not litigants were attacking the constitutionality of give efTect to the intent of Congress. The regustatutes or orders under which they had accepted lated corporation, by accepting such an invalid conprivileges. Their remaining authority, White Star dition imposed by a regulatory authority, does not Bus Line v. People of Puerto Rico, 75 F. (2d) 889, thereby waive the right to rely on the statute, and was a case in which the bus company had accepted the right later to denounce the provision which contravenes it. 9 Title 12, U. S. C. A. §§264 (i)(l)(2), 301 and 77. i° Pierce Oil Corporation v. Phoenix Refining Co., 259 U. S. The remaining question is whether a justiciable 125; United Fuel Gas Co. v. Railroad Commission, 278 U. S. controversy was shown. The appellees maintain 300; St. Louis Malleable Casting Co. v. Prendergast Construction Co., 260 U. S. 469; Hurley v. Commission of Fisheries, that there was none, saying that an indispensable 257 U. S. 223. MAY 1947 539 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT element of justiciability is a showing of either posi- remanded ,for the entry of a judgment construing tive action or a threat to take such action by the that proviso in a manner consistent with its true responsible officials involved. We need not elab- meaning as conceded by the appellees and as stated orate upon the opinion of the learned justice of the in this opinion. When that is done, there will be District Courtlx which rejected that contention in no ground for restraining the appellees from endenying the appellees' motion to dismiss the com- forcing the condition, nor will the bank have any plaint. The resolution of January 28, 1946, dis- need for such injunctive relief. claiming an immediate purpose to enforce Condi- Reversed and remanded. tion No. 4, protected the bank from literal enforce- EDGERTON, }., dissenting: I think the Board had ment of the condition only on that day; for the authority to impose the condition of which appelappellees argue in this court that enforcement is lant now complains. However that may be, I "now justified by the facts," although the resoluthink it clear that since the Board has not taken tion has not been rescinded, and a different one or threatened any action to enforce this condition has not been adopted. there is no controversy over which the courts have To those acquainted with the realities of banking, jurisdiction. I do not reach the question of estoppel. it is plain that public knowledge in the bank's service area of the existence of Condition No. 4 Foreign Funds Control does incalculable harm to the bank. It is generally Treasury Department Releases realized that nothing could more quickly cause The following releases relating to transactions in depositors to lose confidence in a banking instituforeign exchange, etc., in addition to those heretotion than withdrawal of federal deposit insurance. It is equally true that the confidence of depositors fore published in the Federal Reserve BULLETIN, have been issued by the Office of the Secretary of is undermined and weakened when they know the Treasury under authority of the Executive that their insurance may be withdrawn on short Order of April 10, 1940, as amended, and the notice, without a hearing, and for a cause having Regulations issued pursuant thereto: no relation whatever to the safety of their deposits. In such circumstances a positive threat by the Board Treasury Department to enforce the condition is not necessary to do the FOREIGN FUNDS CONTROL harm. The threat is implicit in the condition itself, March 4, 1947 and the harm is present and continuing, due to the AMENDMENT TO GENERAL LICENSE NO. 94 mere existence of the condition. Under Executive Order No. 8389, As Amended, Executive Order No. 9193, As Amended, Section 5(b) of the- But with the amelioration of the ill-chosen lan- Trading with the Enemy Act, As Amended by the First guage of Condition No. 4, which the appellees now War Powers Act, 1941, Relating to Foreign Funds concede to be proper and which they claim is ex- Control.* pressive of their original intention in adopting it, General License No. 94 (Section 131.94) is hereby the mere presence of the condition will not con- amended to read as follows: tinue to be harmful to the bank. With the provi- CERTAIN COUNTRIES GENERALLY LICENSED sion construed to have the meaning which we have (1) Blocked countries generally licensed subject to certain said is the only significance properly attributable conditions. A general license is hereby granted licensing all blocked countries and nationals thereof (excepting the folto it, the bank's public will know that it is subject lowing countries and nationals thereof: Portugal, Spain,. to expulsion from the System only for reasons Sweden and Tangier) to be regarded as if such countries which would justify expulsion of any member bank. were not foreign countries designated in the Order, pro- We hold, therefore, that a justiciable controversy vided that was shown by the pleadings; that the District Court (a) any property in which on effective date hereof erred in reaching the conclusion that the bank any of the following had an interest: (i) anyblocked country (including countries licensed1 "cannot now attack the validity of the condition to which it voluntarily agreed." As the District * Sec. 5(b), 40 Stat. 415, 966, Sec. 2, 48 Stat. 1, 54 Stat- 179, Sec. 301, 55 Stat. 839; 12 U. S. C. 95a, 50 U. S. C. App- Court should have proceeded to interpret Condition Supp., 5(b); E. O. 8389, April 10, 1940, as amended by E. O. 8785, June 14, 1941, E. O. 8832, July 26, 1941, E. O. 8963, No. 4, its decree will be set aside and the cause Dec. 9, 1941, and E. O. 8998, Dec. 26, 1941, E. O. 9193, July 6, 1942, as amended by E. O. 9567, June 8, 1945; 3 CFR, Cum. Supp., 10 F. R. 6917; Regulations, April 10, 1940, as amende* 11 Justice Alexander Holtzoff in Peoples Bank v. Eccles, 64 June 14, 1941, February 19, 1946, June 28, 1946, and Janu- F. Supp. 811. arv 1, 1947; 31 CFR, Cum. Supp., 130.1-7, 11 F. R. 1769. 7184. 540 FEDERAL RESERVE BULLETIN? Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT hereby) or person therein; or (ii) any other partner- Ruling No. 11A pertaining to dealings in certain property ship, association, corporation, or other organization, in which there is any interest of Germany or Japan or certain which was a national of a blocked country (in- nationals thereof. cluding countries licensed hereby) by reason of JOHN W. SNYDER, the interest of any such country or person therein; Secretary of the Treasury. or Treasury Department (b) any income from such property accruing on or after FOREIGN FUNDS CONTROL the effective date hereof March 4, 1947 shall continue to be regarded as property in which a blocked country or national thereof has an interest and no payment, REVOCATION OF PUBLIC CIRCULAR NO. 34 Under Executive Order No. 8389, As Amended, Executive transfer, or withdrawal or other dealing with respect to such Order No. 9193, As Amended, Section (5b) of the property shall be effected under, or be deemed to be authorized by, this paragraph. the Trading with the Enemy Act, As Amended by the (2) Transactions under other licenses authorized without First War Powers Act, 1941, Relating to Foreign Funds regard to certain restrictions. With respect to property sub- Control* ject to the proviso of paragraph (1), any transaction not in- Public Circular No. 34 (part 131 Appendix B) issued volving any excepted country or national thereof which is January 2, 1947, is hereby revoked. authorized under any license (other than General Licenses JOHN W. SNYDER, Nos. 1, 1A, 4, 27 and 30A or any other license to the extent Secretary of the Treasury. that it merely authorizes transfers between blocked accounts of the same person or changes in the form of property held Treasury Department in a blocked account) may be effected without regard to any FOREIGN FUNDS CONTROL terms of such license relating to the method of effecting such March 4, 1947 transaction. AMENDMENT TO GENERAL RULING NO. 11A (3) Certain other transactions authorized. This license Under Executive Order No. 8389, As Amended, Executive also authorizes any transaction which could be effected under Order No. 9193, As Amended, Sections 3(a) and 5{b) of General License No. 53 if the countries licensed hereby were the Trading with the Enemy Act, As Amended by the members of the generally licensed trade area, provided that First War Powers Act, 1941, Relating to Foreign Funds this paragraph shall not be deemed to authorize any pay- Controls ment, transfer, or withdrawal, or other dealing with re- General Ruling No. 11A (Part 131 Appendix A) is hereby spect to any property which is subject to the proviso of amended to read as follows: paragraph (1). (4) General Ruling No. 17 not waived with regard to REGULATIONS LIMITING DEALINGS IN OR WITH RESPECT TO certain countries. This license shall not be deemed to waive CERTAIN GERMAN AND JAPANESE PROPERTY the requirements of General Ruling No. 17 with respect (1) Special restrictions on dealings in certain German and to blocked property held in any account maintained in the Japanese property. Except as authorized by a license expressly name of any bank or other financial institution located in referring to this general ruling, the transfer, or withdrwal of, Switzerland or Liechtenstein, unless such property has been or other dealing in, or the exercise of any right, power or certified under paragraph (1) of General License No. 95. privilege with respect to, or the effecting of any payment or (5) Applicability of license to nationals of countries transfer of credit involving, any property in the United licensed hereby who are also nationals of excepted countries. States on December 31, 1946 in which on that date any of Paragraphs (1) and (2) shall not apply with respect to any the following had any interest, or any income from such national of a country licensed hereby who is also a national property accruing on or after December 31, 1946, is hereby of any excepted country, provided, however, that for the prohibited: purpose only of this license the following shall be deemed (a) The Government of Germany or Japan, and any not to be nationals of an excepted country: agent, instrumentality, or representatives of either (a) Any individual residing in a country licensed Government; hereby: * Sec. 3(a), 40 Stat. 412, Sec. 5(b), 40 Stat. 415, 966, Sec. 2, (b) Any partnership, association, corporation, or other 48 Stat. 1, 54 Stat. 179, Sec. 301, 55 Stat. 839; 50 U. S. C. organization, organized under the laws of a App. 3(a), 12 U. S. C. 95a, 50 U. S. C. App. Supp., 5(b); E. O. 8389, April 10, 1940, as amended by E. O. 8785, June 14, country licensed hereby. 1941, E. O. 8832, July 26, 1941, E. O. 8963, Dec. 9, 1941, and E. O. 8998, Dec. 26, 1941, E. O. 9193, July 6, 1942, as amended (6) Definition. As used in this license, the term "ex- by E. O. 9567, June 8, 1945; 3 CFR, Cum. Supp., 10 F. R. cepted country" shall mean any country excepted in para- 6917; Regulations, April 10, 1940, as amended June 14, 1941, February 19, 1946, and June 28, 1946, and January 1, 1947; graph (1). 31 CFR, Cum. Supp., 130.1-7, 11 F. R 1769, 7184, 12 F. R. 6. (7) Effective date. The effective date of this general t Sec. 3(a), 40 Stat. 412, Sec. 5(b), 40 Stat. 415, 966, Sec. 2, license shall be December 7, 1945, except that it shall be 48 Stat. 1; 54 179; 55 Stat. 838; Sec. 3, Pub. No. 485, 79th Cong.; Ex. Order 8389, April 10, 1940, as amended by Ex. October 5, 1945 as to France, November 20, 1945 as to Order 8785, June 14, 1941, Ex. Order 8832, July 26, 1941, Ex. Belgium, November 30, 1946 as to Switzerland and Liechten- Order 8963, Dec. 9, 1941 and Ex. Order 8998, Dec. 26, 1941; Ex. Order 9193, July 6, 1942, as amended by Ex. Order 9567, stein and December 31, 1946 as to Germany and Japan. June 8, 1945; Ex. Order 9747, July 3, 1946; Regulations, April (8) Restrictions of General Ruling No. 11 A. Attention 10, 1940, as amended June 14, 1941, February 19, 1946, June 28, 1946, and January 1, 1947; 31 CFR, Cum. Supp., 130.1-7, is directed to the special restrictions contained in General 11 F. R. 1769, 7184, 12 F. R. 6. MAY 1947 541 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT (b) Any individual who is a citizen or subject of Ger- Public Circular No. 25 (Part 131 Appendix B) is hereby many or Japan and who at any time on or since amended to read as follows: January 1, 1945 has been within the territory of (1) Communications and transactions with or by enemy any country against which the United States has nationals exempted from General Ruling No. 11 under declared war (Germany, Italy, Japan, Bulgaria, certain conditions. There are hereby exempted from the Hungary and Rumania); prohibitions contained in paragraphs (1) and (2) of Gen- (c) Any partnership, association, corporation, or other eral Ruling No. 11: organization which is organized under the laws (a) Any trade or communication with an enemy of, or which at any time on or since January 1, natibnal; 1945 has had its principal place of business in, (b) Any act or transaction involving any trade or any territory of Germany or Japan; communication with an enemy national; (d) Any partnership, association, corporation, or other (c) Any financial, business, trade, or other commercial organization which is organized under the laws of act or transaction by or on behalf of an enemy any foreign country other than Germany or Japan national; and which is a national of Germany or Japan by reason of the interest therein of any Government provided, however, that the exemption herein granted shall or person specified in (a), (b), or (c) above. not apply to any transaction which is prohibited by the Order or General Ruling No. 11A or by any other ruling (2) Continued applicability of certain general licenses or regulation (other than General Ruling No. 11) issued and general rulings. The following general licenses and by the Secretary of the Treasury pursuant to Section 5(b) general rulings shall continue applicable notwithstanding of the Trading with the Enemy Act, as amended, unless the provisions of paragraph (1) of this general ruling: such transaction is licensed by the Secretary of the Treasury. (a) General License No. 1; A license authorizing any prohibited transaction will not (b) General License No. 2 only with respect to payment require a waiver of General Ruling No. 11. or reimbursement for normal service charges (as (2) General License No. 32 not applicable to certain retherein defined) other than interest due; mittances. The provisions of General License No. 32 shall (c) General License No. 5; not be deemed to authorize any remittance to any citizen (d) General License No. 27; or subject of any country against which the United States (e) General License No. 29 only with respect to Gen- has declared war (Germany, Italy, Japan, Bulgaria, Hungary eral Licenses Nos. 2, 5 and 27; and Rumania) who is within any such country. (f) General License No. 30; (3) Attention directed to Rules of Office of Alien Prop- (g) General License No. 30A; erty. Attention is directed to Section 501.6-2 of the Rules (h) General Ruling No. 16; of Procedure of the Office of Alien Property (Regulation (i) General Ruling No. 19. 2 under General Order No. 6), which requires that when legal notice is sent to enemy countries, a copy must in certain (3) Continued applicability of certain specific licenses. cases be sent to the Office of Alien Property. Any specific license conferring generally licensed national status on any person shall continue applicable, notwith- JOHN W. SNYDER, Secretary of the Treasury. standing the provisions of paragraph (1) of this general ruling. Treasury Department (4) Definitions. As used herein, FOREIGN FUNDS CONTROL March 4, 1947 (a) The term "property" shall have the meaning prescribed in Section 130.2 (c) of the Regulations AMENDMENT TO GENERAL LICENSE NO. 95 under the Order; Under Executive Order No. 8389, As Amended, Executive (b) The term "transfer" shall have the meaning pre- Order No. 9193, As Amended, Section 5(b) of the Tradscribed in paragraph (5) (a) of General Ruling ing with the Enemy Act, As Amended by the First War No. 12. Powers Act, 1941, Relating to Foreign Funds Control.* JOHN W. SNYDER, General License No. 95 (Section 131.95) is hereby Secretary of the Treasury. amended as follows: Treasury Department E. O. 8389, April 10, 1940, as amended by E. O. 8785, June 14, FOREIGN FUNDS CONTROL 1941, E. O. 8832, July 26, 1941, E. O. 8963, Dec. 9, 1941, and E. O. 8998, Dec. 26, 1941, E. O. 9193, July 6, 1942, as amended March 4, 1947 by E. O. 9567, June 8, 1945; CFR, Cum. Supp., 10 F. R. 6917; Regulations, April 10, 1940, as amended June 14, 1941 Febru- AMENDMENT TO PUBLIC CIRCULAR NO. 25 ary 19, 1946, and June 28, 1946 and January 1, 1947; 31 CFR, Under Executive Order No. 8389, As Amended, Executive Cum. Supp., 130.1-7, 11 F. R. 1769, 7184, 12 F. R. 6. Order No. 9193, As Amended, Sections 3(a) and 5(b) of * Sec. 5(b), 40 Stat. 415, 966, Sec. 2, 48 Stat. 1, 54 Stat. 179, Sec. 301, 55 Stat. 839; 12 U. S. C. 95a, 50 U. S. C. App. the Trading with the Enemy Act, As Amended by the Supp., 5(b); E. O. 8389, April 10, 1940, as amended by E. O. First War Powers Act, 1941, Relating to Foreign Funds 8785, June 14, 1941, E. O. 8832, July 26, 1941, E. O. 8963, Dec. 9, 1941 and E. O. 8998, Dec. 26, 1941, E. O. 9193, July Control* 6, 1942, as amended by E. O. 9567, June 8, 1945; 3 CFR, Cum. Supp., 10 F. R. 6917; Regulations, April 10, 1940, as amended * Sec. 3(a), 40 Stat. 412, Sec. 5(b), 40 Stat. 415, 966, Sec. 2, June 14, 1941, February 19, 1946, June 28, 1946, and January 48 Stat. 1, 54 Stat. 179, Sec. 301, 55 Stat. 839; 50 U. S. C. 1, 1947; 31 CFR, Cum. Supp., 130.1-7, 11 F. R. 1769, 7184, App. 3(a), 12 U. S. C. 95a, 50 U. S. C. App. Supp., 5(b); 12 F. R. 6. 542 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT (1) Paragraph (3) of General License No. 95 is amended (xii) Poland, effective January 7, 1947; to read as follows: (xiii) Austria, effective January 16, 1947; (xiv) Sweden, effective March 28, 1947; (3) Application of license to certain nationals of countries specified herein. This license shall not apply and each country specified herein shall be deemed to include with respect to any national of a country specified any colony or other territory subject to its jurisdiction. herein who is a national of another foreign country JOHN W. SNYDER, designated in the Order and not specified herein, Secretary of the Treasury. provided, however, that for the purposes only of this license the following shall be deemed nationals Treasury Department only of a country specified herein: FOREIGN FUNDS CONTROL (a) Any individual residing in a country speci- March 28, 1947 fied herein; AMENDMENT TO GENERAL LICENSE NO. 94 (b) Any partnership, association, corporation, or Under Executive Order No. 8389, As Amended, Executive other organization, organized under the Order No. 9193, As Amended, Section 5{b) of the Tradlaws of a country specified herein. ing with the Enemy Act, As Amended by the First War (2) The following paragraph is added after Paragraph Powers Act, 1941, Relating to Foreign Funds Control* (4) of General License No. 95: General License No. 94 (Section 131.94) is hereby (5) Restrictions of General Ruling No. 11 A. Attention amended to read as follows: is directed to the special restrictions contained in General Ruling No. 11A pertaining to dealings in CERTAIN COUNTRIES GENERALLY LICENSED certain property in which there is any interest of (1) Blocked countries generally licensed subject to certain Germany or Japan or certain nationals thereof. conditions. A general license is hereby granted licensing all blocked countries and nationals thereof (excepting the JOHN W. SNYDER, following countries and nationals thereof: Portugal, Spain, Secretary of the Treasury. and Tangier) to be regarded as if such countries were not Treasury Department foreign countries designated in the Order, provided that FOREIGN" FUNDS CONTROL (a) any property in which on the effective date hereof March 28, 1947 any of the following had an interest; (i) any blocked country (including countries licensed AMENDMENT TO GENERAL LICENSE NO. 95 Under Executive Order No. 8389, As Amended, Executive hereby) or person therein; of (ii) any other partnership, association, corporation, or other organization, Order No. 9193, As Amended, Section 5(b) of the Tradwhich was a national of a blocked country (ining with the Enemy Act, As Amended by the First War cluding countries licensed hereby) by reason of the Powers Act, 1941, Relating to Foreign Funds Control* interest of any such country or person therein; or Paragraph (4) (a) of General License No. 95 (Paragraph (b) any income from such property accruing on or (d)(l) of 31 CFR, 1945 Supp., 131.95) is hereby amended after the effective date hereof to read as follows: shall continue to be regarded as property in which a block (4) Definitions. * * * country or national thereof has an interest and no payment, (a) The term "country specified herein" means the transfer, or withdrawal or other dealing with respect to such following: property shall be affected under, or be deemed to be author- (i) France, effective October 5, 1945; ized by, this paragraph. (ii) Belgium, effective November 20, 1945; (2) Transactions under other licenses authorized without (iii) Norway, effective December 29, 1945; regard to certain restrictions. With respect to property sub- (iv) Finland, effective December 29, 1945; ject to the proviso of paragraph (1), any transaction not (v) The Netherlands, effective February 13, involving any excepted country or national thereof which 1946; is authorized under any license (other than general licenses (vr) Czechoslovakia, effective April 26, 1946; Nos. 1, 1A, 4, 27 and 30A or any other license to the extent (vii) Luxembourg, effective April 26, 1946; that it merely authorizes transfers between blocked accounts (viii) Denmark, effective June 14, 1946; of the same person or changes in the form of property held (ix) Greece, effective October 15, 1946; in a blocked account) may be effected without regard to (x) Switzerland, effective November 30, 1946; any terms of such license relating to the method of effecting (xi) Liechtenstein, effective November 30, 1946; such transaction. * Sec. 5(b), 40 Stat. 415, 966, Sec. 2, 48 Stat. 1, 54 Stat. * Sec. 5(b), 40 Stat. 415, 966, Sec. 2, 48 Stat. 1, 54 Stat. 179, Sec. 301, 55 Stat. 839; 12 U. S. C. 95a, 50 U. S. C. App. 179, Sec. 301, 55 Stat. 839; 12 U. S. C. 95a, 50 U. S. C. App. Supp., 5(b); E. O. 8389, April 10, 1940, as amended by E. O. Supp., 5(b); E. O. 8389, April 10, 1940, as amended by E. O. 8785, June 14, 1941, E. O. 8832, July 26, 1941, E. O. 8963, 8785, June 14, 1941, E. O. 8832, July 26, 1941, E. O. 8963, Dec. 9, 1941 and E. O. 8998, Dec. 26, 1941, E. O. 9193, July Dec. 9, 1941 and E. O. 8998, Dec. 26, 1941, E. O. 9193, July 6, 1942, as amended by E. O. 9567, June 8, 1945; 3 CFR, Cum. 6, 1942, as amended by E. O. 9567, June 8, 1945; 3 CFR, Cum. Supp., 10 F. R. 6917; Regulations, April 10, 1940, as amended Supp., 10 F. R. 6917; Regulations, April 10, 1940, as amended June 14, 1941, February 19, 1946, June 28, 1946, and January June 14, 1941, February 19, 1946, June 28, 1946, and January 1, 1947;31 CFR, Cum. Supp., 130.1-7, 11 F. R. 1769, 7184, 1, 1947; 31 CFR, Cum. Supp., 130.1-7, 11 F. R. 1769, 7184, 12 F. R. 6. 12 F. R. 6. MAY 1947 543 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT (3) Certain other transactions authorized. This license ing with the Enemy Act, As Amended by the First War also authorizes any transaction which could be effected under Powers Act, 1941, Relating to Foreign Funds Control.* General License No. 53 if the countries licensed hereby were General License No. 87 (§131.87) is hereby amended to members of the generally licensed trade area, provided that read as follows: this paragraph shall not be deemed to authorize any payment, transfer, or withdrawal, or other dealing with respect to EXEMPTIONS FROM SECTION 2A (2) OF THE ORDER AND any property which is subject to the proviso of paragraph (1). FROM GENERAL RULING NO. 5 (4) General Ruling No. 17 not waived with regard to certain countries. This license shall not be deemed to waive (1) Transactions exempted from Section 2A (2) of the the requirements of General Ruling No. 17 with respect to Order. A general license is hereby granted exempting all blocked property held in any account maintained in the transactions from the provisions of Section 2A (2) of the name of any bank or other financial institution located in Order, except transactions with respect to any securities or Switzerland, Liechtenstein, or Sweden unless such property evidences thereof which, whether in registered or bearer has been certified under paragraph (1) of General License form, are transferable or assignable and which either No. 95. (a) were issued or guaranteed prior to December 7, (5) Applicability of license to nationals of countries li- 1941, by the United States or any state, territory, censed hereby who are also nationals of excepted countries. district, possession, or other political subdivision, Paragraphs (1) and (2) shall not apply with respect to any agency or instrumentality of or in the United States national of a country licensed hereby who is also a national or by any partnership, association, corporation or of any excepted country, provided, however, that for the other organization organized or having its principal purpose only of this license the following shall be deemed place of business in the United States; or not to be nationals of an excepted country: (b) were issued prior to December 7, 1941, and are (a) Any individual residing in a country licensed payable in the United States exclusively or alhereby; ternately in the United States dollars, regardless (b) Any partnership, association, corporation, or other of the nature or location of the issuer; organization, organized under the laws of a country licensed hereby. provided that this exception shall not be deemed to preclude transactions with respect to securities or evidences thereof (6) Definition. As used in this license, the term "exwhich are physically situated in Great Britain, Canada, cepted country" shall mean any country excepted in para- Newfoundland, or Bermuda, or to which Form TFEL-2 graph (1). has been attached, or with respect to which a certification (7) Effective date. The effective date of this general under paragraph (1) of General License No. 95 has been license shall be December 7, 1945, except that it shall be issued. October 5, 1945 as to France, November 20, 1945 as to Belgium, November 30, 1946 as to Switzerland and Liechten- (2) Exemption of currency and certain securities from stein, December 31, 1946 as to Germany and Japan, and General Ruling No. 5. The following currency and securities March 28, 1947 as to Sweden. are hereby exempted from the provisions of General Ruling (8) Restrictions of General Ruling No. 11 A. Attention No. 5: is directed to the special restrictions contained in General (a) All currency; and Ruling No. 11A pertaining to dealings in certain property (b) All securities other than those to which the exin which there is any interest of Germany or Japan or certain ception of paragraph (1) hereof applies. nationals thereof. JOHN W. SNYDER, JOHN W. SNYDER, Secretary of the Treasury. Secretary of the Treasury. Treasury Department *Sec. 5(b), 40 Stat. 415, 966, Sec. 2, 48 Stat. 1, 54 Stat. 179, Sec. 301, 55 Stat. 839; 12 U. S. C. 95a, 50 U. S. C. App. FOREIGN FUNDS CONTROL Supp., 5(b); E. O. 8389, April 10, 1940, as amended by E. O. April 4, 1947 8785, June 14, 1941, E. O. 8832, July 26, 1941, E. O. 8963, Dec. 9, 1941 and E. O. 8998, Dec. 26, 1941, E. O. 9193, July 6, 1942, as amended by E. O. 9567, June 8, 1945; 3 CFR, Cum. AMENDMENT TO GENERAL LICENSE NO. 87 Supp., 10 F. R. 6917; Regulations, April 10, 1940, as amended Under Executive Order No. 8389, As Amended, Executive June 14, 1941, February 19, 1946, June 28, 1946, and January 1, 1947; 31 CFR, Cum. Supp., 130.1-7, 11 F. R. 1769, 7184, Order No. 9193, As Amended, Section 5(b) of the Trad- 12 F. R. 6. 544 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT EVENTS Resignation of Class C Director and Chairman and Appointment of Branch Director Federal Reserve Agent On April 10, 1947, the Federal Reserve Bank of The Board of Governors accepted the resignation Richmond appointed Mr. George S. Crouch, Presof Mr. Henry F. Grady, President, American Presi- ident, Union National Bank, Charlotte, North Carodent Lines, Ltd., San Francisco, California, as a lina, a director of the Charlotte Branch, to succeed Class C director and Chairman and Federal Reserve Mr. D. P. Tillett, deceased, for the unexpired por- Agent of the Federal Reserve Bank of San Fran- tion of the term ending December 31, 1949. cisco, effective May 1, 1947. Mr. Grady had served Death of Director as a Class C director and Chairman and Federal Reserve Agent since January 1, 1942. Mr. H. B. McDowell, President, The McDowell National Bank of Sharon, Sharon, Pennsylvania, Designation of Chairman and Federal Reserve Agent who had served as a Director of the Pittsburgh Branch of the Federal Reserve Bank of Cleveland The Board of Governors, on May 5, 1947, anfrom January 1, 1936, through December 31, 1937, nounced the designation of Mr. Brayton Wilbur, of and as a Class A Director of the Federal Reserve San Francisco, California, as Chairman and Federal Bank of Cleveland since January 1, 1938, died on Reserve Agent of the Federal Reserve Bank of San April 14, 1947. Francisco for the remaining portion of the year 1947. Admissions of State Banks to Membership in the Mr. Wilbur is President of the Wilbur-Ellis Federal Reserve System Company. He has served as a Class C director of the Federal Reserve Bank of San Francisco since The following State banks were admitted to July 5, 1944. membership in the Federal Reserve System during the period March 16, 1947 to April 15, 1947: Election of Class B Director Kansas On April 22, 1947, the Federal Reserve Bank of La Crosse—The Farmer's and Merchants State Chicago announced the election of Mr. Wm. J. Bank of Rush County Grede, President, Grede Foundries, Inc., Milwau- Ohio kee, Wisconsin, as a Class B director to fill the Celina—The Citizens Banking Company unexpired portion of the term ending December Deshler—The Corn City State Bank 31, 1949. Mr. Grede succeeds Mr. Clarence W. A very who was appointed a Class C director and Tennessee Chairman and Federal Reserve x\gent. Savannah—Citizens Bank MAY 1947 545 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS [Compiled April 25, and released for publication April 29] Industrial output and factory employment were years. Output of most nonferrous metals at smeltunchanged in March. Value of retail trade con- ers and refineries continued to expand, following tinued to show little change, after allowing for holi- increases earlier in domestic mine production. day buying. The general level of wholesale com- The Board's seasonally adjusted index of output modity prices declined slightly in the first three of nondurable manufactures again declined by one weeks of April, following increases in February and point in March to a level of 175 per cent of the the early part of March. 1935-39 average. Production in most lines was at the February rate or declined very slightly. Output INDUSTRIAL PRODUCTION of textile-mill and leather products in February and March remained somewhat below last year's The Board's seasonally adjusted index of induspeak rates. trial production in March was at a level of 189 per cent of the 1935-39 average for the third consecutive Minerals production increased slighdy in March month. to a level of 147 per cent of the 1935-39 average, reflecting a continued advance in output of crude Output of durable manufactures continued to petroleum, and a slight increase in coal production. show a very slight gain in March, reaching a level Bituminous coal output dropped sharply during the of 223 per cent of the 1935-39 average. Activity in first two weeks of April, as work was curtailed at the iron and steel industries advanced in March mines in a dispute over safety conditions, but subafter a slight decline in February. Steel mill operasequently increased. tions averaged 94 per cent of capacity in March and they have been maintained at about this rate EMPLOYMENT during most of April. Activity in the machinery and transportation equipment industries also showed The number of employees in most lines of nona slight gain in March. Output of passenger cars agricultural activity in March remained at about totalled 303,000, and of trucks, 117,000. Lumber the level of other recent months, after allowance production continued to advance and, in March, for usual seasonal changes. Total nonagricultural was at the highest level for this season in almost 20 employment of about 42,500,000 persons was 7 per cent higher than the level a year ago. The number INDUSTRIAL PRODUCTION PHYSICAL VOLUME SEASONALLY ADJUSTED, 1935-39*100 DEPARTMENT STORE SALES AND STOCKS DOLLAR VOLUME SEASONALLY ADJUSTED, 1335-59-100 1941 1943 1945 1947 1939 1941 1943 1945 1947 1939 1940 1941 1942 1943 1944 1945 1946 1947 Federal Reserve indexes. Monthly figures, latest shown are Federal Reserve indexes. Monthly figures, latest shown are for March. for March. 546 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS of persons unemployed showed a slight seasonal The consumers' price index of the Bureau of decline in March to 2,330,000. Labor Statistics advanced two per cent from February 15 to March 15, reflecting chiefly increases CONSTRUCTION in food prices. Since that time prices of foods have Total value of construction contracts awarded, as declined somewhat and price reductions have been reported by the F. W. Dodge Corporation, was announced for certain other products by manufacabout one-third larger in March than in February, turers and distributors. reflecting chiefly seasonal influences, but one-sixth TREASURY FINANCE AND BANK CREDIT smaller than in March 1946. The reduction from a year ago was in awards for private nonresidential During March and April the Treasury continued construction, which were exceptionally large at that its program of debt retirement, using an excess of time. Value of residential awards increased by tax receipts over budget expenditures and drawabout one-third from February to March and was ing upon balances at commercial banks and Federal slightly larger than in the same period last year. Reserve Banks. Retirements, which aggregated Since a year ago building costs have increased con- about 4.8 billion dollars, included notes maturing siderably and the number of dwelling units con- on March 15, a portion of certificates maturing tracted for in March was somewhat less than the March 1 and April 1, and 200 million of Treasury March 1946 volume. Construction activity con- bills each on April 17 and 24. A further reduction tinued to decline after allowance for seasonal variaof 200 million was announced for the bill issue to tion. mature May 1. DISTRIBUTION Federal Reserve holdings of Government securi- Value of department store sales during the six ties declined by more than 2.2 billion dollars in the weeks preceding the Easter holiday was three per eight weeks ending April 23, while holdings of cent larger than during the corresponding number member banks in leading cities showed little change. of weeks before Easter last year, reflecting chiefly The reserve position of member banks was maina sharply higher level of sales of household appli- tained in this period by the reduction in Treasury ances and men's clothing. Value of sales of most balances at Federal Reserve Banks. other goods sold at department stores was about Bank deposits and currency in circulation, which the same as a year ago, although prices were gen- had declined considerably in January and February, erally higher than at that time. Retail sales of auto- showed some net increase in March and the first mobiles, radios, and office and farm equipment both half of April. Commercial loans increased further in unit and dollar volume continued far in excess in March but declined in April. Real estate and of last year's levels. consumer loans increased moderately. Freight carloadings rose in March owing mainly to increased shipments of grain and miscellaneous LOANS AT MEMBER BANKS IN LEADING CITIES freight. Shipments of coal dropped sharply at the beginning of April and then recovered to the March rate during the week ending April 19. Shipments of forest products declined considerably during the first three weeks of April, while loadings of most other classes of freight showed little change. COMMODITY PRICES Wholesale prices of basic commodities generally declined from the middle of March to the latter part of April, with the largest decreases shown for hogs, fats and oils, coffee, print cloths, and steel scrap. Prices of corn, cotton, and copper, on the other 1940 1941 1942 1943 1944 1945 1946 1947 hand, were at about the same level on April 24 as in the middle of March. Excludes loans to banks. Wednesday figures, latest shown are for Apr. 23. MAY 1947 547 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 551 Federal Reserve Bank discount rates; rates on industrial loans, guarantee fees and rates under Regulation V; rates on time deposits; reserve requirements; margin requirements 552 Federal Reserve Bank statistics 553-556 Guaranteed war production loans 557 Deposits and reserves of member banks. .. 557-558 Money in circulation ' 559-560 Gold stock; bank debits and deposit turnover 560 Deposits and currency; Postal Savings System; bank suspensions. ., . 561 All banks in the United States, by classes 562-563 All insured commercial banks in the United States, by classes. . 564-565 Weekly reporting member banks 566-569 Commercial paper, bankers' acceptances, and brokers' balances. . 570 Money rates and bond yields 571 Security prices and new issues 572-573 Corporate earnings and dividends. . 574 Treasury finance 575-577 Government corporations and credit agencies . 578 Business indexes 579-588 Department store statistics. . . - 589-591 Consumer credit statistics. . 592-594 Cost of living 595 Wholesale prices 596 Gross national product, national income, and income payments. . 597 Current statistics for Federal Reserve chart books. . 598-600 Number of banking offices in the United States. . 601 Member bank earnings, 1946. 602-612 Insured commercial bank earnings, 1943-1946. 613 Tables on the following pages include the principal available statistics of current significance relating to financial and business developments in the United States. The data relating to the Federal Reserve Banks and the member banks of the Federal Reserve System are derived from regular reports made to the Board; index numbers of production are compiled by the Board on the basis of material collected by other agencies; figures for gold stock, money in circulation, Treasury finance, and operations of Government credit agencies are obtained principally from statements of the Treasury, or of the agencies concerned; data on money and security markets and commodity prices and other scries on business activity are obtained largely from other sources. Back figures for banking and monetary tables, together with descriptive text, may be obtained from the Board's publication, Banking and Monetary Statistics; back figures for most other tables may be obtained from earlier BULLETINS. MAY 1947 549 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 MONEY IN CIRCULATION RESERVE BANK CREDIT MEMBER BANK RESERVE BALANCES TREASURY CASH AND DEPOSITS NONMEMBER DEPOSITS 1939 1940 1941 1942 1943 1944 1945 1946 1947 TOTAL RESERVE BANK HOLDINGS OF U. S. GOVERNMENT SECURITIES 15 10 1939 1940 1941 1942 1943 1944 1945 1946 1947 Wednesday figures, latest shown are for Apr. 23. See p. 551. 550 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 v co a D a a n u n i d s c n d - - e ts s To U t . a l S. s e G T c b a u o u r i e n r v r l i a y 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 T s r t c o e r u i a u e n n u r n a y r g c t d - - s y - - M i c n t u o i o c l n a n i e r - y - T h c i u r o n a e r l g s a y d h s s - - F u T B p e s r w r R o e y d a e r i s e e n a t v i - d r h k t s e a e s s - - l b p m N e o r e o s m d n it e - s - - c O s F o e R e a t e u r c r h e a d v n - - e l - e t r s To b t a a l l ance E s xcertificates Monthly averages of daily figures: 1946—Jan.. 23,590 21,147 476 24,29820,106 4,375 28,158 2,265 648 1,282 50515,921 1,311 Feb.. 36: 23,150 20,811 41723,93420,197 4,426 27,944 2,307 856 1,248 51715,685 1,131 Mar. 56622,549 20,243 41823,53320,237 4,464 27,913 2,274 809 1,167 53615,536 1,031 1947—Jan.. 25: 23,632 22,523 56424,43120,624 4,560 28,543 2,290 780 989 61416,399 850 Feb. 33< 23,824 22,690 43824,60120,726 4,558 28,300 2,214 1,895 846 62316,006 805 Mar. 30722,978 21,831 1,147 436 23,72120,406 4,557 28,273 1,332 1,344 1,097 63316,006 871 End of month figures: 1946—Jan. 31. . . 29423,264 20,913 2,352 41823,97620,156 4,406 27,917 845 1,295 50615,682 1,089 Feb. 28... 34' 22,904 20,584 2,320 397 23,64820,232 4,451 27,954 829 1,193 51915,537 1,014 Mar.30... 22,601 20,234 2,366 403 23,63020,256 4,480 27,879 1,593 1,213 54014,853 627 1947—Jan. 31. . . 23,941 22,832 1,109 506 24,754 20,748 4,559 28,262 1,942 922 61416,063 663 Feb. 28... 35624,117 22,919 1,198 373 24,84620,330 4,558 28,304 2,491 1,103 62415,895 847 Mar. 31. .. 53822,593 21,488 1,105 30023,43120,463 4,559 28,230 1,336 2,014 971 63815,264 344 Wednesday figures: 1946—June 5... 22,780 20,129 2,651 23,45020,272 4,534 28,159 2,285 394 1,063 55615,799 738 June 12. . . 25223,270 20,619 2,651 37423,89620,271 4,537 28,128 2,280 860 969 55715,909 833 June 19. .. 25: 22,691 20,187 2,503 51: 23,45420,272 4,536 28,116 2,260 419 985 56615,916 671 June 26... 23,385 20,882 2,503 36923,98620,269 4,539 28,135 2,262 970 950 56915,910 867 231 July 3. .. 23,003 21,652 1,351 453 23,694 20,270 4,540 28,395 2,249 507 971 56715,815 730 July 10. . . 23923,394 22,043 1,351 333 24,01920,271 4,537 28,335 2,254 664 1,116 56815,889 825 July 17. .. 23,230 21,879 1,351 46: 23,89520,271 4,538 28,241 2,249 513 1,165 56815,968 859 July 24. . . 23,652 22,301 1,351 358 24,22920,269 4,539 28,187 2,263 674 1,473 56315,877 753 July 31. . . 24623,633 22,282 1,351 28624,16420,267 4,540 28,254 2,250 513 1,401 56215,991 856 Aug. 7... 25823,593 22,242 1,351 28324,13420,266 4,538 28,326 2,263 353 1,331 57316,093 964 Aug. 14. .. 26323,575 22,224 1,351 40024,23820,268 4,541 28,353 2,262 557 1,295 57216,008 898 Aug. 21. . . 22923,486 22,135 1,351 39424,10920,274 4,543 28,365 2,265 540 1,250 57215,933 805 Aug. 28... 21623,606 22,256 1,351 27924,10: 20,280 4,543 28,376 2,274 620 1,214 15,867 714 Sept. 4. . . 29123,38 22,036 1,351 33: 24,01120,284 4,543 28,506 2,281 293 1,188 58115,989 778 Sept.11... 25023,291 21,940 1,351 39523,93520,288 4,545 28,499 2,280 199 1,122 58116,086 754 Sept.18. .. 26: 23,421 22,070 1,351 541 24,22420,288 4,545 28,453 2,265 359 1,111 58816,280 872 Sept.25... 29423,866 22,515 1,351 42524,58520,301 4,547 28,448 2,279 928 1,212 59015,975 724 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 27524,048 20,305 4,544 28,608 2,270 483 920 59816,019 766 Oct. 16. .. 25423,418 21,973 1,445 48024,15220,304 4,545 28,597 2,274 524 868 59616,142 855 Oct. 23... 24823,056 21,610 1,44. 332 23,63620,388 4,546 28,585 2,270 369 972 59515,779 435 Oct. 30... 23: 23,608 22,162 1,445 25624,10120,399 4,548 28,588 2,285 462 1,006 16,111 737 Nov. 6... 37623,515 22,020 1,494 21624,10720,405 4,548 28,750 2,276 408 967 59916,060 637 Nov. 13. .. 39723,684 22,105 1,578 48424,56520,420 4,548 28,761 2,294 577 1,044 59916,259 838 Nov.20... 33023,522 21,933 1,588 46324,314 20,461 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. . . 24623,88; 22,239 1,648 45: 24,58520,477 4,550 28,906 2,288 679 917 600 16,222 669 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 81524,32820,477 4,554 29,109 2,208 237 770 60916,517 656 Dec. 24 34023,722 22,613 1,109 815 24,87720,527 4,554 29,163 2,258 547 848 61216,530 913 Dec. 31.... 23,350 22,241 1,109 581 24,09320,529 4,562 28,952 2,272 393 822 60716,139 562 1947—Jan. 8 23,733 22,624 1,109 396 24,37520,531 4,561 28,748 2,281 401 966 61416,457 903 Jan. 15 23,32 22,218 1,109 536 24,10520,567 4,560 28,518 2,291 409 967 61516,431 850 Jan. 22.... 238 23,430 22,322 1,109 53324,20120,692 4,559 28,369 2,295 862 1,004 61316,308 726 Jan. 29 31723,86: 22,754 1,109 24,51420,808 4,559 28,265 2,325 1,536 1,021 61216,124 663 Feb. 5 27823,412 22,303 1,109 35924,05020,749 4,559 28,295 2,320 1,162 863 62216,095 761 Feb. 12 23,803 22,694 1,109 44224,63820,751 4,558 28,346 2,335 1,711 938 62315,994 779 Feb. 19 34223,918 22,773 1,145 41424,67420,770 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 15,781 703 Mar. 5 23923,242 22,044 1,198 323 23,80420,376 4,557 28,335 ,331 1,407 ,108 62615,930 800 Mar.12 23723,247 22,050 29523,780 20,403 4,557 28,330 ,335 1,429 ,172 15,847 718 Mar.19 234 22,411 21,306 402 20,413 4,557 28,242 ,335 713 ,148 15,943 673 Mar.26.... 287 22,810 21,704 39023,486 20,438 4,556 28,170 ,355 1,600 ,060 63715,658 559 Apr. 2 429 21,938 20,833 391 22,758 20,486 4,557 28,247 946 ,093 64215,540 563 Apr. 9 277 22,893 21,171 33922,893 20,497 4,559 28,250 753 ,033 15,934 886 Apr. 16 21,905 20,800 46822,474 20,583 4,558 28,163 613 879 64115,987 P833 Apr. 23 21,829 20,724 1,105 25922,230 20,621 4,558 28,105 1,338 482 1,021 64315,820 J>672 p'Preliminary. 1 Includes industrial loans and acceptances purchased shown separately in subsequent tables. 2 End of month and Wednesday figures are estimates. Back figures.—See Banking and Monetary Statistics. Tables 101-103, pp. 369-394; for description, see pp. 360-366 in the same publication. MAY 1947 551 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANK DISCOUNT RATES [In effect April 30. Per cent per annum] Discounts for and advances to member banks Advances to individuals, partnerships, or corpora- Advances secured by tions other than member Government obligations and Other secured advances banks secured by direct Federal Reserve Bank d s i e s c c u o r u e n d t s b o y f e a li n g d ib l a e d v p a a n p c e e r s [Sec. 10(b)] oblig (l a a t s io t n p s a r o . f S t e h c e . 1 U 3 . ) S. (Sees. 13 and 13a)1 Rate Effective Rate Effective Rate Effective Boston Apr. 27,1946 IK Oct. 27,1942 Mar. 29,1946 New York.... Apr. 25,1946 IK Oct. 30,1942 Apr. 6,1946 Philadelphia.. Apr. 25,1946 IK Oct. 17,1942 Mar. 23,1946 Cleveland May 3,1946 IK Sept. 12,1942 Mar. 9,1946 Richmond.... May 10,1946 IK Oct. 28,1942 Mar. 16,1946 Atlanta May 10,1946 IK Oct. 15,1942 \* Mar. 16,1946 S D S M C K a t h a a . i n l i n n c l L n s a a F o a s e g r u s a a o i p n s C o c i l i i s t s y c . o . . . A A A M A A p p p p p a r r r r r y . . . . . 1 2 2 2 2 2 0 5 6 6 6 7 , , , , , , 1 1 1 1 1 1 9 9 9 9 9 9 4 4 4 4 4 4 6 6 6 6 6 6 I I I I I I K K K K K K A O O M O O c c c c u a t t t t g r . . . . . . 1 2 2 1 3 2 4 9 8 7 0 7 , , , , , , 1 1 1 1 1 1 9 9 9 9 9 9 4 4 4 4 4 4 2 2 2 2 2 2 2 2 2 2 2 2 K A A M M M M p p a a a a r r r r r r . . . . . . 2 1 2 1 1 1 5 3 6 6 6 3 , , , , , , 1 1 1 1 1 1 9 9 9 9 9 9 4 4 4 4 4 4 6 6 6 6 6 6 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 Apr. 30 ginning— rate [In effect April 30. Per cent per annum] Treasury bills H Apr. 30, 1942 To industrial or Bankers acceptances: commercial To financing institutions 1- 90 days l !Aug 24, 1946 businesses 91-120 days l *Aug. 24, 1946 % 121-180 days l K)ct. 20, 1933 Federal On discounts or Reserve purchases of 1 B N D a e c a w k t e Y f i o g o n u r k r w e . s h . i — ch S e ra e t e B b a e n c k a in m g e e a f n fe d c ti M ve o n a e t ta th ry e F S e ta d t e is ra ti l c s R , es T e a r b v l e e B 1 a 1 n 7 k , 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 2K-5 K-i K-i Net demand deposits1 Time P N h e i w la d Y e o l r p k hia.. . 2 2 K K - - 5 5 Ki () Kl Period in effect C r b e e c a s n i e n t t r y k r v a s e l R b e c a s i n e ty k rv s e C b o a u n n k t s ry m d b e a e p ( n m a o k l s b l s i e ) ts r A S C C R t h l i t . e c l i a v c h 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 M K K K K - - - - - 5 5 5 5 5 2 4 K ( 2 ) -5 Minneapolis. .. 2K-5 l-i K June 21, 1917—Aug.15, 1936.. 13 10 7 3 Kansas City... 2K-5 Aug. 16, 1936-Feb. 28,1937.. 19K 15 IOK 4K Dallas 2K-5 Mar. 1, 1937-Apr. 30, 1937.. 22K 17# 5* San Francisco.. 2K-5 May 1, 1937-Apr. 15,1938.. 26 20 6 A O A S N e c p u o p t r g v . . t . . . 2 1 1 4 1 0 3 6 , , , , , 1 1 1 1 1 9 9 9 9 9 4 4 3 4 4 2 2 1 8 2 - - - - a O A O S n e c u c d p t t g . . t a . . ft 3 1 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 0 4 2^ 2 2 2 2 1 0 0 0 0 7K 1 1 1 1 1 4 4 2 4 4 5 6 6 6 6 low 2 8 4 1 e M R R I r n . a a a c t t y l e e u d c c c i h h n h a a g a r r r g g l g e e o 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 r i 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 e n r 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 i i n n s s t t i i t t u u t t i i o o n n s , . if 5 Charge of }i per cent is made on undisbursed portion of loan. 1 Demand deposits subject to reserve requirements, i. e., demand Back figures.—See Banking and Monetary Statistics, Table 118, deposits other than war loan deposits, minus cash items in process of pp. 446-447. collection and demand balances due from domestic banks. MARGIN REQUIREMENTS * MAXIMUM RATES ON TIME DEPOSITS [Per cent of market value] Maximum rates that may be paid by member banks as established by the Board of Governors under provisions of Regulation Q. [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 2K For short sales 75 100 75 In 90 days to 6 months.... 2K Regulation U: In less than 90 days 2K 1 For loans by banks on stocks 75 100 75 NOTE.—Maximum rates that may be paid by insured nonmember banks as established by the F. D. I. C, effective Feb. 1, 1936, are the same as those in effect for member banks. Under Regulation Q the rate payable by a member bank may not in any event exceed the maxi- margin requirements snown in tms La Die are tne ain mum rate payable by State banks or trust companies on like deposits thee mmaarrkkeett vvaalluuee ((110000%%)) aanndd tthhee mmaaxxiimmuumm llooaann vvaalluuee.. under the laws of the State in which the member bank is located. BBaacckk figfiugruerse.s—SeSee eB Baannkkiinngg aanndd MMoonneettaarryy SSttaattiissttiiccss , TTaable 145, p. 504 552 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 Apr. 30 Apr. 23 Apr. 16 Apr. 9 Apr. 2 Mar. 26 Mar. 19 April March April Assets Gold certificates. 18,815,17618,660,17718,625,17718,498,17418,475,42718,391,42918,371,42718,815,17618 445,430 ,346,060 Redemption fund for F. R. notes 721,334 723,380 720,709 759,445 774,179 790,071 792,318 721,334 776,070 750,570 Total gold certificate reserves.... 19,536,51019,383,55719,345,88619,257,61919,249,60619,181,50019,163,74519,536,51019,221,500 18,096,630 Other cash 276,061 276,960 288,467 283,278 301,828 319,695 334,456 276,061 308,076 333,581 Discounts and advances: For member banks.. . 103,364 119,397 77,664 130,481 292,376 154,816 102,069 103,364 405,757 239,131 For nonmember banks, etc 21,800 21,800 22,800 146,800 136,800 131,800 131,800 21,800 131,800 40,000 Total discounts and advances 125,164 141,197 100,464 277,281 429,176 286,616 233,869 125,164 537,557 279,131 Industrial loans 1,109 1,038 1,102 1,058 1,085 1,032 1,040 1,109 1,081 1,447 Acceptances purchased. 13,196 U. S. Govt. securities: Bills: Under repurchase option 5,383,( 5,157,256 4,988,253 5,409,671 5,424,742 5,833,111 5,344,204 5,383,668 5,629 5,102,789 Other 9,716,885 9,900,85510,052,094 9,953,364 9,459,714 9,453,604 9,475,144 9,716,885 9,459 8,558,485 Certificates: Special Other 5,651,218 5,665,718 5,759 718 5,807,718 5,948,418 6,417,618 6,486,618 5,651,218 6,398, 6,504,896 Notes 351,800 351 351, 800 351,800 351,800 351,800 351,800 351,800 351, 1,662,700 Bonds 753,390 753 753 390 753,390 753,390 753,390 753,390 753,390 753, 902,942 Total U. S. Govt. securities 21,856,96121,829,01921,905,25522,275,943 21,938,06422,809,523 222,411,15621,856,96122,593 328 22,731,812 Other Reserve Bank credit outstanding. . . 222,117 258,453 467, 267 338,260 389,744 388,678 400,530 222,117 298 949 331,812 Total Reserve Bank credit outstanding22,205,35122,229,70722,474,08822,892,54222,758,06923,485,84923,046,595 22,205,35123,430 91523,357,398 Liabilities Federal Reserve notes.. 24,022,26224,024,86124,085,33024,170,12024,185,30924,142,85224,219,725 24,022,26224,161 60523,924,800 Deposits: Member bank — reserve account 15,825,71215,819,74315,987,36815,933,68415,540,34815,657,76915,942,864 15,825,71215,264,23115,605,871 U. S. Treasurer—general account 618,860 481, 613, 488 753,357 946,355 1,600,115 712,555 618,860 2,013, 678,668 Foreign 552,526 558 395 796 500,721 520,389 458,279 513,352 552,526 381, 749,726 Other 472,756 461, 483 345 532,354 572,539 601,249 634,981 472,756 590 416,574 Total deposits 17,469,85417,321,97017,479,99717,720,11617,579,63118,317,41217,803,752 17,469,854 18,249,44317,450,839 Ratio of gold certificate reserves to deposit and F. R. note liabilities combined (percent).. . 47.1 45.2 45.6 45.3 43.7 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 91 days to 6 months 1 year to2 years to Over Total 15 days days days days 6 months to 1 year 2 years 5 years 5 years Discounts and advances: Mar. 26 286,616 150,267 118,506 6,240 11,603 Apr. 2 429,176 406,166 9,761 951 12,298 Apr. 9 277,281 241,637 10,615 996 24,033 Apr. 16 100,464 70,057 3,455 2,911 24,041 Apr. 23 141,197 109,449 4,783 3,911 23,054 Industrial loans: Mar. 26 1,032 962 4 4 5 3 32 Apr. 2 1,085 1,015 4 4 5 3 7 32 Apr. 9 1,058 993 4 4 3 7 32 Apr. 16 1,102 1,036 4 5 3 7 32 Apr. 23 1,038 974 4 5 3 7 32 U. S. Government securities: Mar. 26 22,809,523 4,098,615 ,404,1314,783,249 5,060,62<!6 2,055,6293,358,483 320,400 148,350 580,040 Apr. 2 21,938,064 3,015,066 2,288,7455,084,7975,488,1341,551,1593,461,373 320,400 148,350 580,040 Apr. 9 22,275,943 3,544,545 ,337,1715,054,5235,393,082 1,478,459 3,419,373 320,400 148,350 580,040 Apr. 16 21,905,255 3,309,046 ,390,9175,048,599 244,071 1,458,459 3,405,373 320,400 148,350 580,040 Apr. 23 21,829,019 3,355,217 2,421,115 5,035,8915,153,674 1,432, ,381,873 320,400 148,350 580,040 MAY 1947 553 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS [In thousands of dollars] Total Boston Y N o e r w k d P e h l i p l h a i - a C l l a e n ve d - m Ri o c n h d - Atlanta Chicago Lo S u t i . s M a i p n ol n i e s - Ka C n it s y as Dallas F c S r i a a s n c n - o - Assets Gold certificates: 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 Apr. 2. 18,475,427 740,028 5,960,993 805,5181,123,596 977,381 929,1573,422,126 568,156 392,314 634,734 455,1892,466,235 Apr. 9 18,498,174 743,940 5,441,822 835,7701,116,242 956,121 922,7783,949,665 576,216 388,636 615,199 455,3762,496,409 Apr. 16 18,625,177 724,422 5,535,306 823,5861,194,307 949,194 921,1244,004,634 561,755 372,349 632,448. 448,2652,457,787 Apr. 23 18,660,177 735,931 5,687,688 837,6061,167,321 918,298 902,2333,984,425 555,600 380,786 622,735 434,9092,432,645 Redemption fund for F. R. notes: 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 Apr. 2 774,179 55,328 118,919 59,427 76,031 58,592 44,906 130,640 45,960 21,405 33,608 24,608 104,755 Apr. 9 759,445 55,235 118,547 60,510 75,917 57,828 44,810 116,500 45,920 21,391 33,577 24,569 104,641 Apr. 16 720,709 55,157 118,208 60,325 75,819 59,253 44,706 77,356 45,877 21,374 33,549 24,537 104,548 Apr. 23 723,380 55,043 117,732 60,157 75,672 58,505 44,469 82,181 45,831 21,354 33,506 24,493 104,437 Total gold certificate reserves: 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 Apr. 2 19,249,606 795,356 6,079,912 864,9451,199,6271,035,973 974,0633,552,766 614,116 413,719 668,342 479,7972,570,990 Apr. 9 19,257,619 799,175 5,560,369 896,2801,192,1591,013,949 967,5884,066,165 622,136 410,027 648,776 479,9452,601,050 Apr. 16...... 19,345,886 779,579 5,653,514 883,9111,270,1261,008,447 965,8304,081,990 607,632 393,723 665,997 472,8022,562,335 Apr. 23. 19,383,557 790,974 5,805,420 897,7631,242,993 976,803 946,7024,066,606 601,431 402,140 656,241 459,4022,537,082 Other cash: 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 Apr. 2 301,828 26,509 63,541 20,977 30,609 14,344 25,064 31,844 13,865 6,863 9,627 13,075 45,510 Apr. 9 283,278 24,783 60,301 20,517 26,238 16,648 24,446 27,884 11,877 6,973 8,413 11,704 43,494 Apr. 16 288,467 23,357 62,963 21,246 28,482 15,583 23,443 27,913 13,011 6,620 9,554 12,544 43,751 Apr. 23 276,960 21,179 58,220 18,905 24,682 16,706 25,340 27,992 12,973 7,061 9,391 10,817 43,694 Discounts & advances: Secured by U. S. Govt. sec M u a ri r t . i e 2 s 6 : . . 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 Apr. 2. . 291,976 7,960 48,240 13,549 10,387 15,385 3,350 174,315 6.690 5,000 5,300 100 1,700 Apr. 9. . 130,085 16,536 57,692 10,875 8,314 4,945 1,800 16,915 4,559 5,000 1,650 1,099 700 Apr. 16.. 77,270 17,095 21,352 12,235 4,913 4,670 4,100 1,465 4,040 2,000 2,100 200 3,100 Apr. 23.. 119,006 14,407 19,872 12,195 12,488 13,760 10,450 375 12,740 10,800 7,320 1,399 3,200 Other: 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 Apr. 2. . 137,200 8,064 51,120 10,206 11,718 6,174 5,166 17,536 4,410 3,150 4,410 4,158 11,088 Apr. 9. . 147,196 8,755 53,776 11,081 12,722 6,703 5,609 19,001 4,788 3,420 4,788 4,515 12,038 Apr. 16.. 23,194 755 14,776 956 1,098 578 484 1,999 413 295 413 389 1,038 Apr. 23. . 22,191 691 14,456 875 1,005 529 443 1,859 378 270 378 357 950 Industrial loans: Mar. 26 1,032 18 1,014 Apr. 2 1,085 18 1,067 Apr. 9 1,058 18 1,040 Apr. 16 . 1,102 18 1,084 Apr 23 1,038 15 1,023 U. S. Govt. securities: Bills: Under repurchase option: 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 Apr. 2 5,424,742 45,446 3,193,207 140,781 58,948 57,963 33,1051,316,888 106,354 42,156 65,067 25,427 339,400 Apr. 9. .5,409,671 43,282 3,541,257 147,106 69,625 37,178 12,6751,101,385 76,904 24,126 45,454 17,999 292,680 Apr. 16.. 4,988,253 69,707 3,244,532 132,406 31,780 37,448 3,675 978,985 87,074 27,556 26,020 25,810 323,260 Apr. 23. . 5,157,256 76,532 3,191,322 143,529 44,580 43,378 14,2751,094,277 89,704 21,884 39,512 24,533 373,730 Other bills: 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 Apr. 2 . 9,459,714 893,579 222,372 987,6421,429,884 936,965 790,346 683,366 643,495 392,729 680,033 569,6361,229,667 Apr. 9.. 9,953,364 911,390 341,340 987,7801,477,709 968,277 816,514 806,839 681,220 406,707 704,053 572,2191,279,316 Apr. 16..10,052,094 891,229 365,1331,000,2971,487,274 974,539 821,748 855,239 682,542 409,503 708,857 566,4871,289,246 Apr. 23.. 9,900,855 892,074 328,685 982,8981,472,622 964,946 813,731 833,718 667,072 405,221 701,498 564,3551,274,035 Certificates: 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 Apr. 2 5,948,418 409,275 1,522,982 424,589 534,491 366,472 305,608 794,667 307,159 170,104 276,011 265,647 571,413 Apr. 9 5,807,718 399,405 1,488,736 414,010 521,019 357,589 298,186 776,436 300,169 166,113 269,217 259,475 557,363 Apr. 16 5,759,718 396,038 1,477,052 410,400 516,423 354,559 295,654 770,215 297,785 164,752 266,899 257,370 552,571 Apr. 23 5,665,718 389,445 1,454,161 403,336 507,427 348,624 290,696 758,033 293,113 162,087 262,362 253,246 543,188 Notes: 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 Apr. 2 351,800 24,205 90,072 25,111 31,611 21,674 18,074 46,998 18,166 10,060 16,324 15,711 33,794 Apr. 9 351,800 24,194 90,180 25,078 31,560 21,661 18,062 47,032 18,183 10,062 16,308 15,718 33,762 Apr. 16 351,800 24,190 90,217 25,067 31,543 21,656 18,058 47,045 18,188 10,063 16,302 15,720 33,751 Apr. 23 351,800 24,182 90,293 25,044 31,508 21,647 18,050 47,068 18,200 10,064 16,291 15,725 33,728 Bonds: 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 Apr. 2 753,390 51,836 192,892 53,776 67,695 46,415 38,706 100,648 38,903 21,545 34,958 33,645 72,371 Apr. 9. ... 753,390 51,811 193,123 53,706 67,587 46,387 38,681 100,722 38,939 21,549 34.923 33,660 72,302 Apr. 16 753,390 51,803 193,203 53,682 67,550 46,377 38,672 100,747 38,951 21,550 34,912 33,665 72,278 Apr. 23.... 753,390 51,786 193,365 53,633 67,474 46,358 38,655 100,798 38,976 21,553 34,887 33,675 72,230 Total U. S. Govt. securities: Mar. 26 22,809,5231,456,992 5,465,4491,653,0502,027,1041,366,2311,146,5303,747,9561,107,449 634,6311,071,721 906,8652,225,545 Apr. 2 21,938,0641,424,341 5,221,5251,631,8992,122,6291,429,4891,185,8392,942,5671,114,077 636,5941,072,393 910,0662,246,645 Apr. 9 22,275,9431,430,082 5,654,6361,627,6802,167,5001,431,0921,184,1182,832,4141,115,415 628,5571,069,955 899,0712,235,423 Apr. 16 21,905,2551,432,967 5,370,1371,621,8522,134,5701,434,5791,177,8072,752,2311,124,540 633,4241,052,990 899,0522,271,106 Apr. 23 21,829,0191,434,019 5,257,8261,608,4402,123,6111,424,9531,175,4072,833,8941,107,065 620,8091,054,550 891,5342,296,911 Total loans and securities: 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 Apr. 2 22,368,3251,440,383 5,320,8851,656,7212,144,7341,451,0481,194,3553,134,4181,125,177 644,7441,082,103 914,3242,259,433 Apr. 9 22,554,2821,455,391 5,766,1041,650,6762,188,5361,442,7401,191,5272,868,3301,124,762 636,9771,076,393 904,6852,248,161 Apr. 16 22,006,8211,450,835 5,406,2651,636,1272,140,5811,439,8271,182,3912,755,6951,128,993 635,7191,055,503 899,6412,275,244 Apr. 23 21,971,2541,449,132 5,292,1541,622,5332,137,1041,439,2421,186,3002,836,1281,120,183 631,87911,062,248 893,2902,301,061 554 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 la le n v d e- m Ri o c n h d - Atlanta Chicago L S ou t. is M ap in o n li e s - K C an it s y as Dallas F c S r i a s a c n n o - - Due from foreign banks: Mar. 26 102 6 l33 8 9 5 4 14 4 3 4 3 9 Apr. 2 102 6 I 33 8 9 5 4 14 4 3 4 3 9 Apr. 9. 102 6 I 33 8 9 5 4 14 4 3 4 3 9 Apr. 16 102 6 133 8 9 5 4 14 4 3 4 3 9 Apr. 23 102 6 1 33 8 9 5 4 14 4 3 4 3 9 Federal Reserve notes of other Banks: 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 Apr. 2 97,297 3,151 14,849 4,370 6,499 14,687 13,719 10,439 5,905 2,891 5,022 3,851 11,914 Apr. 9 98,113 2,382 12,641 5,560 5,523 12,498 14,120 12,326 7,032 2,900 6,140 4,619 12,372 Apr. 16 97,585 2,734 12,669 5,198 6,226 12,769 12,275 13,815 7,670 3,516 5,477 3,705 11,531 Apr. 23 100,437 2,702 17,652 4,992 5,411 14,052 10,474 12,023 7,538 3,233 5,119 4,149 13,092 Uncollected items: 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 Apr. 2 2,409,610 206,909 445,839 174,103 230,350 204,624 161,462 388,856 109,565 58435 122,737 87^557 219,473 Apr. 9 2,298,464 182,827 442,386 154,125 204,878 195,550 159,618 394,592 101,168 61,254 112,051 96,536 193,479 Apr. 16 2,938,460 248,838 648,585 177,641 267,323 254,331 187,711 477,720 130,983 61,823 135,133 117,711 230,661 Apr. 23 2,345,910 195,204 481,497 141,494 206,311 196,129 153,380 364,585 100,750 55,154 122,659 118,193 210,554 Bank premises: 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 Apr. 2 32,151 1,283 8,404 3,134 3,822 2,665 1,515 3,038 1,999 1,232 2,503 787 1,769 Apr. 9 32,151 1,283 8,404 3,134 3,822 2,665 1,515 3,038 1,999 1,232 2,503 787 1,769 Apr. 16. 32,151 1,283 8,404 3,134 3,822 2,665 1,515 3,038 1,999 1,232 2,503 787 1,769 Apr. 23 32,131 1,283 8,404 3,122 3,822 2,658 1,514 3,038 1,999 1,232 2,503 787 1,769 Other assets: 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 Apr. 2 38,646 2,501 9,624 2,290 3,903 2,235 2,236 5,199 2,340 1,061 1,756 1,584 3,917 Apr. 9 40,358 2,614 10,226 2,362 4,043 2,376 2,292 5,373 2,425 1,094 1,803 1,713 4,037 Apr. 16 41,886 2,874 10,062 2,477 4,220 2,445 2,468 5,678 2,575 1,188 1,782 1,896 4,221 Apr. 23 42,593 2,813 10,408 2,613 4,098 2,635 2,592 5,685 2,582 1,168 1,753 1,966 4,280 Total assets: Mar. 26 45,247,4152,468,74812,005,6882,760,2713,634,4062,802,6212,409,3097,521,882 1,908,6461,129,3091,917,0111,517,8115,171,713 Apr. 2 44,497,5652,476,09811,943,0872,726,5483,619,5532,725,5812,372,4187,126,5741,872,9711,128,6481,892,0941,500,9785,113,015 Apr. 9 44,564,3672,468,46111,860,4642,732,6623,625,2082,686,4312,361,1107,377,722 1,871,4031,120,4601,856,0831,499,9925,104,371 Apr. 16 44,751,3582,509,50611,802,4952,729,7423,720,7892,736,0722,375,6377,365,8631,892,8671,103,8241,875,9531,509,0895,129,521 Apr. 23. 44,152,9442,463,29311,673,7882,691,4303,624,4302,648,2302,326,3067,316,0711,847,4601,101,8701,859,9181,488,6075,111,541 Liabilities Federal Reserve notes: Mar. 26 ... . 24,142,852 1,445,233 5,519,1061,649,9042,073,7561,696,0161,387,3514,479,074 1,083,048 590,170 907,909 576,7082,734,577 Apr. 2 24,185,309 1,448,304 5,536,3781,650,3032,076,0631,695,0251,389,9214,488,175 1,086,098 591,943 910,217 577,7482,735,134 Apr. 9 24,170,1201,449,934 5,524,4691,647,8102,073,0481,693,7871,386,5244,487,237 1,084,706 591,704 911,625 577,4692,741,807 Apr. 16 24,085,330 1,447,084 5,509,6771,641,9462,065,457 1,683,0591,379,8124,477,315 1,081,867 589,557 907,024 573,3972,729,135 Apr. 23 24,024,861 1,445,997 5,496,0541,637,4512,060,5091,671,1851,373,9794,474,869 1,077,678 588,916 905,674 573,0932,719,456 Deposits: Member bank —reserve account: Mar. 26.. 15,657,769 683,185 4,855,511 780,158 1,146,521 690,381 720,9242,282,692 596,972 400,104 775,425 741,9211,983,975 Apr. 2. . 15,540,348 695,016 4,881,053 783,0301,175,025 729,969 732,4592,045,810 584,776 400,175 785,979 752,2331,974,823 Apr. 9 . 15,933,684 702,673 4,959,242 794,569 1,194,941 712,761 753,7782,277,557 609,130 406,313 773,311 762,074 1,987,335 Apr. 16. . 15,987,368 728,730 4,925,084 788,389 1,230,444 730,716 740,3472,284,622 610,083 401^430 781^202 756^3322,009,989 Apr. 23.. 15,819,743 720,534 4,889,390 789,1731,196,063 701,474 720,2812,302,549 587,760 401,572 767,649 735,9212,007,377 U. S. Treasurer-general account: 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 Apr. 2. . 946,355 63,875 273,833 50,895 61,841 65,397 49,514 125,433 47',763 55',746 46',353 47^537 58,168 Apr. 9. . 753,357 69,837 169,131 63,739 57,051 43,827 24,405 140,752 35,155 38,085 28,756 32,743 49,876 Apr. 16.. 613,488 39,854 120,692 52,481 75,701 42,628 37,588 78,423 33,318 27,291 32,317 34,453 38,742 Apr. 23. . 481,668 28,313 84,179 29,685 50,523 37,442 29,649 64,888 33,760 28,225 28,982 23,600 42,422 Foreign: 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 Apr. 2. . 520,389 33,081 2171,457 41,527 47,679 25,121 21,020 69,725 17,944 12,817 17,944 16,918 45,156 Apr. 9.. 500,721 31,260 2171,118 39,222 45,032 23,727 19,853 65,854 16,948 12,105 16,948 15,979 42,675 Apr. 16.. 395,796 24,828 2132,607 31,334 35,976 18,955 15,860 52,610 13,539 9,671 13,539 12,766 34,111 Apr. 23. . 558,764 35,068 2186,751 44,294 50,856 26,795 22,421 74,371 19,139 13,671 19,139 18,046 48,213 Other* 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 Apr. 2. . 572,539 2,542 493,148 4,090 10,201 5,451 3,072 3,861 7,229 2,210 1,791 2,836 36,108 Apr. 9. . 532,354 2,990 457,884 2,235 6,959 5,438 1,909 4,120 6,585 2,381 2,058 1,424 38,371 Apr. 16.. 483,345 2,688 404,418 1,637 6,758 4,972 1,884 7,056 6,623 2,568 1,997 1,093 41,651 Apr. 23. . 461,795 2,836 389,201 2,087 6,920 3,892 2,254 4,818 6,281 2,264 1,272 839 39,131 Total deposits: Mar. 26 18,317,412 798,052 5,899,891 920,350 1,333,735 876,137 824,5662,638,249 687,104 467,302 871,961 824,6152,175,450 Apr. 2 17,579,631 794,514 5,819,491 879,542 1,294,746 825,938 806,0652,244,829 657,712 470,948 852,067 819,5242,114,255 Apr. 9 17,720,116 806,760 5,757,375 899,765 1,303,983 785,753 799,9452,488,283 667,818 458,884 821,073 812,2202,118,257 Apr. 16 17,479,997 796,100 5,582,801 873,8411,348,879 797,271 795,6792,422,711 663,563 440,960 829,055 804,6442,124,493 Apr. 23 17,321,970 786,751 5,549,521 865,239 1,304,362 769,603 774,6052,446,626 646,940 445,732 817,042 778,4062,137,143 Deferred availability items: 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 Apr. 2 2,019,968 187,725 366,402 139,275 183,017 168,841 146,287 296,879 102,853 46,113 103,555 78,788 200,233 Apr. 9 1,960,306 166,113 357,399 127,455 182,148 170,985 144,416 305,338 92,518 50,914 97,062 85,178 180,780 Apr. 16 2,471,295 220,610 488,172 156,284 240,454 219,804 169,880 368,895 121,075 54,442 113,535 105,922 212,222 Apr. 23 2,087,559 184,422 405,058 130,942 193,341 171,372 147,335 297,319 96,376 47,640 110,750 111,898 191,106 Other liab. incl. accrued div.: Mar. 26 13,207 731 3,783 790 1,275 650 568 2,344 543 429 500 554 1,040 Apr. 2 13,106 739 3,298 811 1,226 632 563 2,060 528 1,232 505 419 1,093 Apr. 9 12,842 719 3,412 830 1,399 677 573 2,054 530 500 507 567 1,074 Apr. 16 12,722 770 3,748 784 1,256 619 549 1,988 515 373 501 527 1,092 Apr. 23 15,271 1,043 4,801 827 1,370 670 597 2.157 526 1,058 519 573 1,130 1 After deducting $69,000 participations of other Federal Reserve Banks on March 26; April 2; April 9; April 16; and April 23. 2 After deducting $301,074,000 participations of other Federal Reserve Banks on March 26; $348,623,000 on April 2; $329,269,000 on April 9; $263,052,000 on April 16; and $371,853,000 on April 23. MAY 1947 555 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] Total Boston Y N o ew rk - d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago L S ou t. is M ap in o n li e s - K C an it s y as Dallas F c S r i a s a n c n o - - Total liabilities: Mar. 26 . .. 44,548,999 ,423,909 1,788,463 ,703,7493,570,038 2,767,540 ,379,795 ,427,464 ,882,926 ,110,941 ,891,361 ,493,352 ,109,461 Apr. 2 43,798,014 ,431,282 1,725,569 ,669,931 ,555,0522,690,436 ,342,836 ,031,943 ,847,191 ,110,236 ,866,344 ,476,479 ,050,715 Apr. 9 43,863,384 ,423,526 1,642,655 ,675,860 ,560,5782,651,202 ,331,458 ,282,912 ,845,572 ,102,002 ,830,267 ,475,434 ,041,918 Apr. 16 44,049,344 ,464,564 1,584,398 ,672,8553,656,0462,700,753 ,345,920 ,270,909 ,867,020 ,085,332 ,850,115 ,484,490 ,066,942 Apr. 23 43,449,661 ,418,213 1,455,434 ,634,459 ,559,582 2,612,830 ,296,516 ,220,971 ,821,520 ,083,346 ,833,985 ,463,970 ,048,835 Capital Accts.: Capital paid in: 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 Apr. 2 190,945 11,167 67,227 14,110 18,652 8,059 7,274 22,753 6,293 4,187 6,330 7,053 17,840 Apr. 9 191,085 11,166 67,228 14,202 18,665 8,059 7,275 22,763 6,293 4,189 6,330 7,071 17,844 Apr. 16 191,163 11,166 67,237 14,205 18,669 8,061 7,291 22,777 6,294 4,194 6,348 7,076 17,845 Apr. 23 191,184 11,166 67,247 14,204 18,669 8,063 7,291 22,778 6,300 4,194 6,349 7,078 17,845 Surplus (section 7): 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 Apr. 2.... 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 Apr. 9.... 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 Apr. 16.... 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 Apr. 23.... 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): 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 Apr. 2.... 27,455 3,012 7,253 4,489 1,007 3,325 762 1,429 521 1,073 1,137 1,307 2,140 Apr. 9 27,455 3,012 7,253 4,489 1,007 3,325 762 1,429 521 1,073 1,137 1,307 2,140 Apr. 16.... 27,455 3,012 7,253 4,489 1,007 3,325 762 1,429 521 1,073 1,137 1,307 2,140 Apr. 23 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.: 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 Apr. 2.... 41,328 3,080 6,489 3,298 3,448 3,085 2,883 5,371 2,389 2,155 2,554 2,362 4,214 Apr. 9 42,620 3,200 6,779 3,391 3,564 3,169 2,952 5,540 2,440 2,199 2,620 2,403 4,363 Apr. 16 43,573 3,207 7,058 3,473 3,673 3,257 3,001 5,670 2,455 2,228 2,624 2,439 4,488 Apr. 23 44,821 3,345 7,305 3,558 3,778 3,336 3,074 5,815 2,542 2,260 2,718 2,475 4,615 r|J VLUkfCodl l 1l1lc aL VU^il l1l1X il"c 1o DO and cap. accts.: Mar. 26 45,247,415 2,468,748 12,005,6882,760,2713,634,4062,802,6212,409,309 7,521,882 1,908,646 1,129,309 1,917,011 1,517,8115,171,713 Apr. 2 44,497,565 2,476,098 11,943,0872,726,5483,619,5532,725,5812,372,4187,126,574 1,872,9711,128,648 1,892,094 1,500,9785,113,015 Apr. 9 44,564,367 2,468,461 11,860,4642,732,6623,625,2082,686,4312,361,1107,377,722 1,871,403 1,120,460 1,856,083 1,499,9925,104,371 Apr." 16.... 44,751,358 2,509,50611,802,4952,729,7423,720,7892,736,0722,375,637 7,365,863 1,892,867 1,103,824 1,875,953 1,509,0895,129,521 Apr. 23.... 44,152,944 2,463,293 11,673,7882,691,4303,624,4302,648,2302,326,3067,316,071 1,847,460 1,101,8701,859,918 1,488,6075,111,541 Contingent liability on bills purchased for foreign correspondents: Mar. 26 8,753 560 !2,801 709 814 429 359 1,191 306 219 306 289 770 Apr. 2 8,314 532 ^,660 674 773 407 341 1,131 291 208 29 274 732 Apr. 9.... 8,092 518 12,589 655 753 397 332 1,101 283 202 283 267 712 Apr. 16 8,015 513 !2,565 649 745 393 329 1,090 281 200 28 264 705 Apr. 23 8,001 512 12,561 648 744 392 328 1,088 280 200 280 264 704 Commit, to make indus. loans: Mar. 26. .. 8,210 1,247 1,689 71 380 4,200 45 173 Apr. 2 . . 7,129 1,193 1,589 7 lv- 3,641 45 173 Apr. 9... 7,150 1,220 1,586 7 13 3^641 45 170 Apr. 16... 7,104 1,176 1,586 69 13 3,640 45 170 Apr. 23... 7,35 1,235 1,761 82 13 3,64C 45 170 FEDERAL RESERVE NOTES- FEDERAL RESERVE AGENTS' ACCOUNTS, BY WEEKS [In thousands of dollars] San Total Boston Y N o ew rk - 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 ap i o n l n i e s - K C an it s y as Dallas F c r is a c n o - F. R. notes outstanding (issued to Bank): Mar. 26 24,835,630 ,478,601 ,701,3851,690,7902,125,0011,737,2121,427,193 4,557,1581,122,415 603,722 926,758601,144 ,864,251 Apr. 2 24,843,563 ,481,035 ,695,2981,703,0852,121,7921,738,4961,427,572 4,563,0781,122,221603,503 928,871601,859 ,856,753 Apr. 9 24,816,945 ,481,263 ,694,8231,698,6722,120,1471,738,4121,426,411 4,560,0501,117,837602,972 929,510 600,416 ,846,432 Apr. 16 24,773,072 ,481,543 ,690,7471,688,9752,118,0751,729,1321,421,375 4,553,3151,114,954602,672 931,524596,402 ,844,358 Apr. 23 24,726,055 ,482,309 ,683,2491,683,6652,110,0471,725,1101,415,880 4,547,5011,115,579 601,895 927,863596,2052,836,752 Collateral held against notes outstanding: Gold certificates: Mar. 26 10,783,000 455,0003,470,000 525,000 645,000 625,000 590,0001,690,000 300,000184,000 280,000169,000 1,850,000 Apr. 2 11,213,000 455,0003,470,000 525,000 645,000 625,000 590,0002,170,000 300,000184,000 280,000169,0001,800,000 Apr. 9 11,388,000 455,0003,470,000 500,000 645,000 625,000 590,0002,370,000 300,000184,000 280,000169,0001,800,000 Apr. 16 ,.. 12,138,000 455,0003,470,000 500,000 645,000 625,000 590,0003,070,000 300,000184,000 280,000169,0001,850,000 Apr. 23....... 12,063,000 455,000 3,470,000 500,000 645,000 700,000 590,000 2,970,000 300,000184,000 280,000169,0001,800,000 Eligible paper: Mar. 26 124,803 16,165 33,038 5,710 17,610 20,040 21,200 4,300 6,740 Apr. 2........ 218,72- 7,960 48,240 13,549 15,285 115,000 6,690 5,000 5,300 1,700 Apr. 9 101,857 16,536 57,692 10,875 4,845 4,559 5,000 1,650 700 Apr. 16 66,49 17,09. 21,352 12,235 4,570 4,040 2,000 2,100 3,100 Apr. 23 94,294 14,407 19,872 12,195 13,760 12,740 10,800 7,320 3,200 U. S. Govt. sec.: Mar. 26 15,033,625 1,100,0002,400,0001,200,0001,500,0001,160,000 900,000 2,900,000 948,625425,000 700,000 500,0001,300,000 Apr. 2 14,441,354 1,100,0002,400,0001,200,0001,500,0001,160,000 900,000 2,300,000 956,354425,000 700,000 500,0001,300,000 Apr. 9 14,281,904 1,100,0002,400,0001,200,0001,500,000.1,130,000 900,000 25,,:200,000 926,904 425,000 700,000 500,0001,300,000 Apr. 16 13,542,074 1,100,0002,400,0001,200,0001,500,0001,130,000 850,0001,500,000 937,074425,000 700,000 500,000 300,000 Apr. 23 13,644,704 1,100,0002,400,0001,200,0001,500,0001,130,000 850,0001,600,000 939,704425,000 700,000500,0001,300,000 Total collateral: Mar. 26 25,941,428 1,571,1655,903,0381,730,7102,145,0001,802,6101,490,000 ,590,0001,268,665630,200 984,300669,000 3,156,740 Apr. 2 25,873,07? 1,562,9605,918,2401,738,5492,145,0001,800,2851,490,0004,585,0001,263,044614,000 985,300669,000 3,101,700 Apr. 9 25,771,76 1,571,5365,927,6921,710,8752,145,0001,759,8451,490,0004,570,0001,231,463614,000 981,650669,000 3,100,700 Apr. 16 25,746,56i [,572,0955,891,35: 1,712,2352,145,0001,759,5701,440,0004,570,0001,241,114611,000 982,100669,0003,153,100 Apr. 23 25,801,99: l,569,407l5,889,87:1,712,1952,145,0001,843,7601,440,000 4,570,0001,252,444619,800 987,320669,000 3,103,200 1 After deducting $5,952,000 participations of other Federal Reserve Banks on March 26; $5,654,000 on April 2; $5,503,000 on April 9; $5,450,000 on April 16; and $5,440,000 on April 23. 556 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WAR PRODUCTION LOANS GUARANTEED BY WAR DE- MEMBER BANK RESERVES AND BORROWINGS PARTMENT, NAVY DEPARTMENT, AND MARITIME [Averages of daily figures. In millions of dollars] COMMISSION THROUGH FEDERAL RESERVE BANKS UNDER REGULATION V Central reserve [Amounts in thousands of dpllars] All city banks Re- Month, or mem- serve Coun- Gua a r u a t n h t o e r e i d z e l d oans Gua lo ra a n n t s eed A a d m di o ti u o n n t al week ending Thursday ba b n e k r s1 New Chi- b c a i n ty ks ba t n ry ksl 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 te a r e r ti a d o n n - a o n u te m ts e t e a a n n g t d s re in e- g To 1 t 9 al 4 6 r — es M F er e a v b r e r c u s h ar h y eld: 1 1 5 5 , , 5 6 3 8 6 5 3 4 , ,0 9 3 7 7 0 9 8 0 5 1 8 6 6 , , 1 2 6 3 9 5 4 4 , , 5 5 3 1 9 1 1947—February 16,006 4,110 905 6,324 4,667 1942 March 16,006 4,129 877 6,308 4,693 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 F F e e b b . . 2 2 0 7 . . . . 1 1 5 5 , , 9 8 4 3 6 0 4 4 , ,0 0 7 7 2 4 9 8 0 9 6 2 6 6 , , 3 2 0 4 5 4 4 4 , , 6 6 6 2 2 2 Mar. 6.. 16,055 4,101 896 6,319 4,739 1943 Mar. 13.. 16,024 085 890 6,340 4,709 June 30 4,217 4,718,818 1,428,2531,153,756 2,216,053 Mar. 20.. 16,194 168 892 6,364 4,771 Dec. 31 5,347 6,563,048 1,914,040 1,601,518 3,146,286 Mar. 27.. 15,872 136 869 6,254 4,612 Apr. 3.. 15,710 101 795 6,211 4,603 1944 Apr. 10.. 15,933 4,094 873 6,293 4,673 June 30 6,433 8,046,672 2,064,318 1,735,777 3,810,797 Dec. 30 7,434 9,310,582 1,735,970 1,482,038 4,453,586 Excess reserves: 1946—February. 1,131 15 269 839 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 1,3 5 8 1 6 0 , ,2 8 7 5 0 1 1,1 4 9 3 0 5 , , 9 34 4 5 4 3,6 9 9 6 4 6 , , 6 5 1 9 8 5 1947— M M Fe a a b r r r c c u h h a . . r . . y . . . . . 1, 8 8 0 7 3 0 1 5 1 2 1 1 1 7 -6 4 4 2 2 2 1 2 0 7 5 5 6 8 5 1 3 7 2 0 8 Feb. 20 789 13 5 200 571 1946 Feb. 27 735 12 3 177 543 June 29 8,771 10,344,018 70,267 60,214 142,617 Mar. 6 947 11 5 266 665 Dec. 31 8,771 10,344,018 18,996 17,454 28,791 Mar. 13 894 10 4 234 646 Mar. 20 935 15 4 218 698 1947 Mar. 27 739 13 4 166 556 Jan. 31 8,771 10,344,018 18,025 16,654 22,424 Apr. 3 768 14 6 187 561 Feb. 28 8,771 10,344,018 14,238 13,237 21,183 Apr. 10 899 14 16 248 621 Mar. 31 8,771 10,344,018 11,746 10,965 15,392 Borrowings at Federal Reserve Banks: NOTE.—The difference between guaranteed loans authorized and sum 1946—February 324 134 1 134 54 u a o n n f d d l e o r a a u n g t s h u o a o r r u i a z t n s a t t t a e i n e o d ns a in g g r e e x e a p m n ir d e e d n a ts d o d r o it u i w o ts i n t t a h a l n d d r a a i m n w g o n u . r n e t p s re a s v e a n i t l s a b a le m o to u n b ts o rr r o e w pa e i r d s 1947— M M .Fe a a b r r c c ru h h ary 5 2 1 2 0 7 6 3 3 29 2 2 7 7 1 3 4 3 2 1 1 1 6 1 3 6 5 3 6 5 5 0 4 4 Feb. 20 216 20 2 138 56 INDUSTRIAL LOANS BY FEDERAL RESERVE BANKS Feb. 27 223 15 3 128 77 Mar. 6 147 5 1 76 65 [Amounts in thousands of dollars] Mar. 13 114 7 48 59 Mar. 20 91 2 45 44 W o D r e a l d t a n e s e t s ( d l d a a a s y y t A a p t p p o p l i r d c o a a v t t i e e o d ns b p u c r A o t o m p v n - e - o d t sta L o n o u d a t i n - n s g2 C m o o m e u n m t- ts it- P pa a o t r u i t o t i - c n i s - A A M p p a r r r . . . 2 1 7 3 0 4 1 1 2 3 5 1 1 3 8 6 5 2 1 2 8 5 0 5 9 5 7 4 2 7 6 5 5 8 4 7 of period) N b u e m r - Amount (a p m le o te u d n 1 t) (amount) ( s a t m an o d u i n n t g ) ( s a t m an o d u i n n t g ) 1Weekly figures of excess reserves of all member banks and of country banks are estimates. Weekly figures of borrowings of all mem- 1934 984 49,634 20,966 13,589 8,225 1,296 ber banks and of country banks may include small amounts of Federal 1935 1,993 124,493 11,548 32,493 27,649 8,778 Reserve Bank discounts and advances for nonmember banks, etc. 1936 2,280 139,829 8,226 25,526 20,959 7,208 1937 2,406 150,987 3,369 20,216 12,780 7,238 1938 2,653 175,013 1,946 17,345 14,161 12,722 DEPOSITS OF COUNTRY MEMBER BANKS IN LARGE AND 1939 2,781 188,222 2,659 13,683 9 220 10 981 SMALL CENTERSi 1940 2,908 212,510 13,954 9,152 5,226 6,386 1941 3,202 279,860 8,294 10,337 14 597 19 600 [Averages of daily figures. In millions of dollars] 1942 In places of 15,000 In places of under June 24... 3,352 338,822 26,346 11,265 16,832 26,430 and over population 15,000 population Dec. 31... 3,423 408,737 4,248 14,126 10,661 17,305 Demand Demand June 1 9 3 43 0... 3,452 475,468 3,203 13,044 12,132 19,070 d e e x p c o e s p it t s Time d e e x p c o e s p i t ts Time Dec. 31... 3,471 491,342 926 10,532 9,270 17,930 inter- deposits inter- deposits bank » bank 2 1944 June 30... 3,483 510,857 45 11,366 4,048 11,063 Dec. 30... 3,489 525,532 1,295 3,894 4,165 2,706 March 1946 ••17,372 7,679 '12,148 5,316 February 1947 *-15,311 8,315 '•11,893 -5,894 1945 June 30... 3,502 537,331 70 3,252 5,224 2,501 March 1947... 15,315 8,366 11,836 5,917 Dec. 31... 3,511 544,961 320 1,995 1,644 1,086 Boston 1,835 880 328 230 1946 New York 2,801 2,152 991 1,138 Mar. 30... 3,519 547,581 755 1,536 2,063 1,014 Philadelphia 1,095 735 898 878 June 29... 3,524 552,711 615 1,210 5,366 1,110 Cleveland 1,318 913 1,053 814 Sept. 30.... 3,535 563,779 8,115 1,106 6,254 1,455 Dec. 31... 3,542 565,913 4,577 554 8,309 2,670 Richmond 1,073 394 880 466 Atlanta 1,574 488 693 212 1947 Chicago 1,885 1,344 1,678 924 J F a e n b. . 3 2 1 8.... 3 3 , , 5 5 4 4 5 8 5 56 6 9 8 , , 4 5 8 4 7 0 4 4 , , 7 7 9 9 5 5 5 9 9 9 3 6 8 8 , , 1 2 8 1 6 7 2 2 , , 6 7 7 2 7 9 St. Louis 626 327 990 268 Mar. 31. .. 3,548 569,825 4,595 1,081 8,160 2,727 Minneapolis 550 290 754 429 Kansas City 513 105 1,583 197 ser 1 v I e n c B l a u n d k e s s a a n p d p l u ic n a d t e io r n c s o n a s p i p d r e o ra v t e i d o n c b o y n d a it p i p o l n i a c l a ly n t. by the Federal Re- S D a a n l la F s rancisco . . . 1,1 8 5 9 1 4 6 1 0 3 6 2 1,4 5 1 7 5 2 3 5 0 9 1 s Includes industrial loans past due 3 months or more, which are not included in industrial loans outstanding in weekly statement of con- Revised. dition of Federal Reserve Banks. 1 Includes any banks in outlying sections of reserve citie9 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. MAY 1947 557 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPOSITS, RESERVES, AND BORROWINGS OF MEMBER BANKS [Averages of daily figures.1 In millions of dollars] Gross demand deposits De- Reserves with Federal Bor- De- mand Reserve Banks 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 a t . n n - Other j p m u o a d s a e t d s 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 e i m - t e s5 m a f e b d n d r s a o c u o l t - e m e - i s c Total qu R i e r - ed Ex- s F i e R e n a e r r e g t a d v - s l - e posits* banks Banks First half March 1947 All member banks 87,594 11,603 3,158 72,833 68,019 74,212 27,674 5,611 16,074 15,127 947 115 Central reserve city banks New York 21,947 4,143 687 17,116 15,836 19,969 1,477 46 4,095 4,083 13 Chicago 4,856 1,146 179 3,532 3,196 4,189 841 157 895 888 7 Reserve city banks 32,439 5,290 1,172 25,977 23,550 27,119 11,079 1,803 6,346 6,089 257 52 Boston 1,902 258 70 1,574 1,458 1,678 199 40 353 347 6 2 New York 552 26 19 508 475 478 308 24 117 114 3 1 Philadelphia 2,196 325 60 1,811 1,661 1,911 264 77 406 398 8 1 Cleveland 3,733 479 175 3,079 2,837 3,162 1,296 163 747 710 37 2 Richmond 2,125 345 75 1,704 1,553 1,809 447 102 408 389 19 7 Atlanta 2,061 493 52 1,516 1,347 1,685 408 160 385 361 24 1 Chicago 3,871 498 179 3,194 2,922 3,127 2,028 302 795 747 48 12 St. Louis 1,944 599 70 1,274 1,103 1,600 319 104 356 339 16 2 Minneapolis 1,007 334 40 634 536 811 170 60 176 172 3 9 Kansas City 2,729 892 76 1,761 1,538 2,170 356 267 480 455 24 Dallas 2,230 506 57 1,668 1,520 1,802 327 226 420 380 40 ' "l San Francisco 8,088 533 300 7,255 6,601 6,887 4,957 279 1,704 1,675 29 12 Country banks 28,352 1,024 1,119 26,208 25,437 22,934 14,276 3,605 4,738 4,067 670 58 Boston 2,257 87 89 2,081 1,980 1,902 1,111 172 363 333 30 14 New York 3,897 83 171 3,642 3,489 3,292 3,290 292 736 658 77 30 Philadelphia 2,014 13 109 1,891 1,841 1,664 1,611 195 383 330 53 3 Cleveland 2,408 25 132 2,251 2,194 1,946 1,726 278 445 376 70 3 Richmond 2,092 121 81 1,889 1,813 1,658 859 287 333 284 50 3 Atlanta 2,478 198 71 2,209 2,130 1,966 700 371 372 317 55 Chicago 3,678 76 175 3,427 3,355 2,931 2,266 510 654 546 108 1 St. Louis 1,756 123 57 1,577 1,536 1,418 595 243 270 234 36 1 Minneapolis 1,388 74 61 1,254 1,219 1,096 719 200 237 197 40 1 Kansas City 2,190 77 76 2,036 2,013 1,703 302 392 315 257 59 Dallas 2,438 122 44 2,272 2,233 1,894 189 465 336 277 60 1 San Francisco 1,756 25 52 1,680 1,635 1,464 909 201 293 260 34 1 Second half of March 1947 All member banks 86,959 11,379 2,826 72,754 68,100 74,267 27,680 5,412 15,942 15,142 800 227 Central reserve city banks: New York 22,112 4,116 622 17,373 16,141 20,221 1,462 73 4,160 4,132 28 35 Chicago 4,630 1,133 151 3,346 3,022 4,041 841 118 859 859 63 Reserve city banks 32,247 5,143 1,044 26,059 23,705 27,139 11,087 1,793 6,272 6,093 179 78 Boston 1,924 266 63 1,595 1,464 1,698 199 34 357 352 5 2 New York 544 25 16 504 473 476 307 22 115 114 1 1 Philadelphia 2,214 330 51 1,833 1,684 1,940 268 76 411 404 7 4 Cleveland 3,670 469 150 3,051 2,812 3,131 1,296 159 724 704 20 11 Richmond 2,092 331 65 1,697 1,544 1,792 447 95 398 385 13 10 Atlanta 2,044 476 45 1,523 1,358 1,689 407 149 376 362 14 4 Chicago 3,862 471 157 3,235 2,977 3,144 2,033 313 786 751 36 8 St. Louis 1,897 564 62 1,271 1,102 1,569 319 99 342 333 9 19 Minneapolis 980 318 33 629 537 797 173 58 172 170 2 11 Kansas City 2,678 866 68 1,745 1,530 2,148 357 254 465 451 14 4 Dallas. 2,221 498 49 1,674 1,534 1,804 326 230 409 380 30 San Francisco 8,120 531 286 7,303 6,691 6,952 4,955 303 1,717 1,688 30 Country banks 27,970 986 1,009 25,975 25,231 22,866 14,289 3,429 4,651 4,059 592 51 Boston 2,242 85 80 2,077 1,966 1,890 1,111 168 357 331 26 14 New York 3,855 83 154 3,619 3,475 3,295 3,292 274 725 659 66 25 Philadelphia 1,999 13 98 1,889 1,837 1,664 1,615 190 379 330 50 3 Cleveland 2,385 25 120 2,241 2,186 1,951 1,729 265 442 377 65 2 Richmond 2,052 116 71 1,865 1,789 1,647 860 268 320 282 38 3 Atlanta 2,441 187 65 2,189 2,127 1,967 700 354 359 317 41 Chicago 3,601 73 161 3,367 3,299 2,910 2,269 473 634 544 91 St. Louis. 1,715 115 50 1,549 1,510 1,405 596 224 266 232 33 Minneapolis 1,365 71 55 1,239 1,206 1,097 719 183 233 197 37 Kansas City 2,154 74 70 2,011 1,990 1,695 302 373 315 255 60 Dallas 2,420 120 39 2,261 2,221 1,886 192 460 333 276 58 San Francisco 1,740 25 45 1,670 1,627 1,460 905 197 287 259 28 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. 2 Figures include Series E bond deposit and, therefore, differ from figures for U. S. • Preceding column minus (a) so-callec v F than war loan and Series E bond accounts) on the latest available call report date. * Demand deposits subject to reserve requirements, i. e., demand deposits other than war loan deposits, minus cash items in process of collection and demand balances due from domestic banks. 6 Includes some interbank and U. S. Government time deposits; the amounts on call report dates are shown in the Member Bank Call Report. 558 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 currency1 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 ,229 1,342 1,360 364 618 125 237 8 10 8 1934 5,536 4,292 452 423 32 771 ,288 1,326 1,254 337 577 112 216 5 7 10 1935 5,882 4,518 478 460 33 815 ,373 1,359 1,369 358 627 122 239 7 16 5 1936 6,543 5,021 517 499 35 906 ,563 1,501 1,530 399 707 135 265 7 18 8 1937 6,550 5,015 537 505 33 905 ,560 1,475 1,542 387 710 139 288 6 12 7 1938 6,856 5,147 550 524 34 946 1,611 1,481 1,714 409 770 160 327 17 32 5 1939 7,598 5,553 590 559 36 1,019 1,772 1,576 2,048 460 919 191 425 20 32 2 1940 8,732 6,247 648 610 39 1,129 2,021 1,800 2,489 538 112 227 523 30 60 4 1941 11,160 8,120 751 695 44 1,355 2,731 2,545 3,044 724 1,433 261 556 24 46 4 1942 15,410 11,576 880 801 55 1,693 4,051 4,096 3,837 1,019 1,910 287 586 9 25 3 1943 20,449 14,871 1,019 909 70 1,973 5,194 5,705 5,580 1,481 2,912 407 749 9 22 2 1944 25,307 17,580 1,156 987 81 2,150 5,983 7,224 7,730 1,996 4,153 555 990 10 24 3 1945—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 7,794 316 4,224 445 779 7 22 3 February.. 27,954 20,139 1,264 982 68 2,211 6,570 9,044 7,816 322 4,248 443 772 9 22 1 March 27,879 20,045 1,269 984 67 2,191 6,547 8,986 7,834 327 4,267 442 768 9 22 1 April 27,885 19,997 1,280 987 66 2,173 6,509 8,981 7,889 337 4,309 439 773 8 22 1 May 28,120 20,171 1,291 999 67 2,199 6,586 9,029 7,950 352 4,356 438 775 8 21 1 June 28,245 20,248 1,300 998 57 2,191 6,604 9,087 7,998 364 4,387 438 781 8 22 2 July 28,254 20,185 1,311 990 67 2,166 6,552 9,099 8,071 2,377 4,437 436 790 8 21 2 August 28,448 20,271 1,319 992 66 2,165 6,571 9,159 8,178 402 4,509 436 802 8 20 2 September. 28,507 20,262 1,332 1,001 66 2,156 6,528 9,180 8,247 2,419 4,567 436 795 8 21 2 October... 28,600 20,273 1,345 1,000 65 2,148 6,494 9,221 8,329 2,436 4,645 434 784 8 21 2 November. 28,861 20,447 1,355 1,010 65 2,169 6,543 9,305 8,416 2,458 4,711 435 782 8 21 2 December. 28,952 20,437 1,361 1,029 67 2,173 6,497 9,310 8,518 2,492 4,771 438 783 26 3 1947—January... 28,262 19,808 1,337 972 63 2,074 6,284 9,077 8,457 2,460 4,757 434 774 23 3 February.. 28,304 19,873 1,337 967 64 2,090 6,336 9,079 8,434 2,456 4,755 433 769 14 3 March. . . . 28,230 19,807 1,344 969 63 2,085 6,309 9,036 8,424 2,447 4,754 432 771 14 1 1 Total of amounts of coin and paper currency shown by denominations less unassorted currency in Treasury and Federal Reserve Banks. 2 Includes unassorted currency held in Treasury and Federal Reserve Banks and currency of unknown denominations reported by the Treasury as destroyed. * Paper currency only; $1 silver coins reported under coin. Back figures.—See Banking and Monetary Statistics, Table 112, pp. 415-416. UNITED STATES MONEY, OUTSTANDING AND IN CIRCULATION, BY KINDS [On basis of circulation statement of United States money. In millions of dollars! Money held in the Treasury Money in circulation1 Money Total out- held by standing, As security For Federal Mar. 31, against Treasury Federal Reserve Mar. 31, Feb. 28, Mar. 31, 1947 go s l i d lv e a r nd cash B R an e k se s r a v n e d Ba a n g k e s n t a s nd 1947 1947 1946 certificates agents Gold 20 463 19 270 21 193 Gold certificates 19,270 16,406 2,815 48 49 51 Federal Reserve notes 24,836 75 763 23,999 24,116 23,741 Treasury currency—total 4,559 «2,225 69 308 4,183 4,139 4,087 Standard silver dollars 494 308 35 4 147 147 137 1 917 1 917 Silver certificates and Treasury notes of 1890. . 2 2,225 229 1,996 1,955 1,917 Subsidiary silver coin .... 919 19 31 869 864 824 Minor coin 347 11 9 328 327 309 United States notes 347 3 29 314 314 306 Federal Reserve Bank notes 426 1 5 421 424 479 National Bank notes 110 1 1 108 109 116 Total March 31 1947 i 21,495 1,336 16,406 3,886 28,230 February 28 1947 21,382 1,317 16,298 3,959 28,304 March 31 1946 20,310 2,288 15,260 4,464 27,879 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. 551, and seasonally adjusted figures in table on p. 560. 2 Includes $156,039,431 held as reserve against United States notes and Treasury notes of 1890. 1 To avoid duplication, amount of silver dollars and bullion held as security against silver certificates and Treasury notes of 1890 outstanding is not included in total Treasury currency outstanding. * 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 bullion; (ii) as security for Treasury notes of 1890—an equal dollar amount in standard silver dollars (these notes are being canceled and retired on receipt); (iii) as security for outstanding silver certificates—silver in bullion and standard silver dollars of a monetary value equal to the face amount of such silver certificates; and (iv) as security for gold certificates—gold bullion of a value at the legal standard equal to the face amount of such gold certificates. Federal Reserve notes are obligations of the United States and a first lien on all the assets of the issuing Federal Reserve Bank. Federal Reserve notes are secured by the deposit with Federal Reserve agents of a like amount of gold certificates or of gold certificates and such discounted or purchased paper as is eligible under the terms of the Federal Reserve Act, or of direct obligations of the United States. Federal Reserve Banks must maintain a reserve in gold certificates of at least 25 per cent, including the redemption fund,which must be deposited with the Treasurer of the United States, against Federal Reserve notes in actual circulation; gold certificates pledged as collateral may be counted as reserves. "Gold certificates" as herein used includes credits with the Treasurer of the United States payable in gold certificates. Federal Reserve Bank notes and national bank notes are in process of retirement MAY 1947 559 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MONEY IN CIRCULATION WITH ADJUSTMENT FOR ANALYSIS OF CHANGES IN GOLD STOCK OF SEASONAL VARIATION UNITED STATES [Outside Treasury and Federal Reserve Banks. In millions of dollars] [In millions of dollars] Date f u A o v n r m a a r s d o i e j a u a u t n s s i o o t t — e n n d al a A d v s j m a e u r a s o i s t a u e o t n d n io t a — n f l or C s a e h s d a e a j s r u n o i s e g n t s e a e x l d l i y n Period a p s G t e t 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 g m o c o a E r l r d e r a k a : i r n e s - d e d - e- m d g p D e o u r s o o l c t d - - i - c crease (—) tion! 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 H2.760 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 Monthly averages of daily 1945 20,065 -553.9 -106.3 -356.7 32.0 figures: 1946 . 20,529 464.0 311.5 465.4 56.9 1945—December 28,452 28,170 +103 1946—April 20,251 -5.2 -20.5 15.1 3.2 1946— A O D M A M J J S F N J u u e e p u e c o a a l n a p b c t y r g n v y e o i t r e r u e l u e c b u m m s m a e h a t r b . r b r b . y . e y . e e . r . . . . r r . . . . . . . , 2 2 2 2 2 2 2 2 2 2 2 2 8 8 8 7 7 8 7 8 8 8 7 8 , , , , , , , , , , , , 2 5 1 9 9 3 9 9 1 4 9 7 8 1 2 5 5 8 7 9 4 7 4 2 1 3 3 2 8 8 8 7 0 8 4 7 2 2 2 2 2 2 2 2 2 2 2 2 8 8 7 7 8 8 8 8 8 8 8 8 , , , , , , , , , , , , 7 9 1 0 9 4 2 1 3 5 6 5 1 9 7 7 4 9 8 4 3 3 4 8 0 7 5 4 4 4 1 8 8 5 1 8 + + + -1 + + + + - + + + 1 1 1 9 3 2 5 5 5 5 6 5 0 5 4 6 0 7 7 3 6 3 9 1 6 3 1 1947— J A S O J M D F A N M J u u e a e c u p e o l a n a n p t b y g c r v y r o e u t i e r u c l e e b a u m h s m m e r t a y r b b b r e y e e r r . r . . . . . . . . * 2 2 2 2 > 2 2 2 2 2 2 2 0 2 0 0 0 0 0 0 0 0 0 0 0 , , , , , , , , , , , 2 2 2 4 2 4 5 7 3 4 3 ,7 4 6 7 0 8 2 6 0 4 7 3 7 2 7 0 2 0 9 3 5 8 0 0 4 '-4 P 2 1 3 1 - - 6 2 9 2 5 1 1 3 1 3 9 8 7 8 6 5 9 3 9 2 1 . . . . . 2 . . . 1 . . . . 2 7 1 7 3 2 4 5 5 3 P - - - 2 6 - 1 1 I 3 1 7 2 2 4 7 5 7 1 6 ) 6 6 5 7 4 0 3 . . . . . . . . 6 . 0 2 . . 8 3 2 3 9 2 4 6 ( - 5 6 ) 1 2 1 1 2 8 8 6 2 1 9 1 1 0 2 7 2 4 8 0 7 5 5 6 7 2 2 3 . . . . . . . . . . . . 8 0 5 1 5 7 0 5 1 3 O 5 ( ( 4 4 8 3 3 6 4 5 5 4 6 7 ) ) . . . . . . . . . . 3 2 4 3 9 5 0 9 6 8 1947— F J e a b n r u u a a r r y y .. . 2 2 8 8 , , 3 5 0 4 0 3 2 2 8 8 , , 4 3 5 0 8 0 - - 2 1 5 5 2 8 1 P A Pr n e n l u im al i n fi a g r u y r . es are estimates of the United States Mint. Monthly A M p a r r il ch.. . 2 2 8 8 , , 1 2 8 7 5 3 2 2 8 8 , , 4 3 1 5 2 8 + + 5 5 8 4 f P i h g 2 i u l I r i n p e c p s l i u a n r d e e e s I t s h l g a o o n s l d d e s p in p u r b o t l h i d s e u h c e I t d n i o a i n c n t i r v t e a e c b e l i A e v c e c d o o n u i n n p t . U a 6 n m 1 it 6 o e u d n a t d S in j t u g a s t t e e t s o d . 2 to 7 e m x i c l l l u io d n 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 3 Change reflects primarily gold subscription to International Monamounts in first column. etary Fund. NOTE.—For discussion of seasonal adjustment factors and for back 4 Not yet available. figures on comparable basis see September 1943 BULLETIN, pp. 822-826. 6 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 3,841.3 million dollars on Apr. 30, 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] Annual rate of Debits to demand Annual rate of Debits to total deposit accounts except turnover of total deposit accounts turnover of demand interbank accounts deposits except except interbank deposits except interinterbank and Government bank and Government Year and month Total, all New 140 Other New 333 other New 100 other New 100 other reporting York other reporting York reporting York leading York leading centers City* centers 1 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 1945—March 87,579 35,670 43,449 8,459 17.8 9.4 32,831 36,543 27.5 16.8 87,532 37,208 42,122 8,201 19.0 9.2 33,290 36,478 27.6 16.8 \lay • .•. 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—Tanuary '•93,495 34,305 49,147 '10,043 20.6 11.6 31,084 41,925 24.2 17.9 February '•81,573 29,745 43,206 r8,622 20.4 11.5 27,129 37,672 24.5 18.6 March 93,323 33,547 49,962 9,814 20.4 12.0 31,822 43,719 25.3 19.2 * Revised 1 National series for which bank debit figures are available beginning with 1919. 8 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 depositsfrom 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. 560 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 T em ot a a n l d United Time deposits End of month a c o u d u r j a u r t n s e s d i n t d e c e d y c a d o u d e u r j a p u r t n o e s s d i s n t d i e c t e d s y a d d e T j p o u o s t s a te i l t d s a D d d e e j p u m o s a s te n it d d s 1 d G e S m o p t v a o e e t s n e r i t s n ts - 2 Total b m a C e n o r k m c s i » al * M s b a a v u n i t k n u s g a * s l S S P y a s o v t s i e n t m a g l s * C o b u u a r t r n s e i k n d s c e y 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 ,278 6,401 1940—June 66 952 38 661 60 253 31 962 828 27,463 15,540 10,631 ,292 6,699 December. 70 761 42 270 63 436 34 945 753 27,738 15,777 10.658 ,303 7,325 1941—June 74 153 45 521 65 949 37 317 753 27,879 15,928 10,648 ,303 8,204 December. 78 231 48 607 68 616 38 992 1,895 27,729 15,884 10,532 ,313 9,615 1942—June 81 963 52 806 71 027 41 870 1,837 27,320 15,610 10,395 ,315 10,936 December. 99 701 62 868 85 755 48 922 8,402 28,431 16,352 10.664 ,415 13,946 1943—June 110 161 71 853 94 347 56 039 8,048 30,260 17,543 11,141 1,576 15.814 December. 122 812 79 640 103 975 60 803 10,424 32,748 19,224 11,738 1.786 18,837 1944—June 136 172 80 946 115 291 60 065 19,506 35,720 21,217 12,471 2,032 20,881 December. 150 988 90 435 127,483 66 930 20,763 39,790 24,074 13,376 2,340 23.505 1945—June 162.784 94 150 137,687 69 053 24,381 44,253 27,170 14,426 2,657 25,097 December. 175 401 102 341 148,911 75 851 24,608 48,452 30,135 15,385 2,932 26.490 1946—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 170,700 106,700 144,300 80,300 11,600 52,400 32,800 16,400 3,200 26,400 August.... 170,600 107,200 144,000 80,600 10,700 52,700 33,100 16,400 3,200 26,600 September. 170,200 107,900 143,700 81,400 9,300 53,000 33,300 16,500 3,200 26,500 October... 170,000 108,900 143,500 82,400 7,900 53,200 33,500 16,500 ,200 26.500 November. 169,500 109,700 142,800 83,000 6,400 53,400 33,500 16,600 ,300 26,700 December. 167,107 110,044 140,377 83,314 3,103 53,960 33,808 16,869 3,283 26,730 1947—January (Jan. 29) P r{65,900 M08,600 139,800 >"82,500 54,200 r33,900 "•17,000 3,300 '•26,100 February (Feb. 26) v r\6S,400 '106,800 '139,200 >-80,600 »-3,900 54,700 r34,200 '17,100 3,400 26,200 March (Mar. 26) v. 165.100 106,400 139,100 80,400 3,800 51,900 34,300 17,200 3,400 26,000 r Revised P Preliminary. 1 Includes demand deposits, other than interbank and U. S. Government, less cash items in process of collection. 2 Beginning with December 1938, includes United States Treasurer's time deposits, open account. 3 Excludes interbank time deposits and postal savings redeposited in banks. * Beginning June 1941, the commercial bank figures exclude and mutual savings bank figures include three member mutual savings banks. 6 Includes both amounts redeposited in banks and amounts not so redeposited; excludes amounts at banks in possessions. NOTE.—Except on call dates, figures are rounded to nearest 100 million dollars. See Banking and Monetary Statistics, p. 11, for description and Table 9, pp. 34-35. for back figures. POSTAL SAVINGS SYSTEM BANK SUSPENSIONSL [In millions of dollars] Member Nonmember Assets banks banks Total, all End of month D i b t e o p a r l o - s s ' - i C n a d sh e- U. S. s e G cu o r v i e ti r e n s ment C r a e s - h banks ti N on a- al State su In re - d in N s o u n r - ed ances1 Total posi- serve b t a o n ry ks Total r D ec i- t G t a e u n e a - d 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 1940 22 1 18 3 1941 8 4 3 1 1939—Dec... 1,279 1,319 53 1,192 1,046 146 74 1942 9 6 3 1940—Dec.. . 1,304 1,348 36 1.224 1,078 146 88 1943 4 2 2 1941—Dec.. . 1,314 1,396 26 1,274 1,128 146 95 1944 1 1 1942—Dec.. . 1,417 1,464 16 1,345 1,220 126 102 1945 0 1943—Dec. . 1,788 1,843 10 1,716 1,716 118 1946 0 1944—Dec. . 2,342 2,411 8 2.252 2,252 152 1947—Jan.-Apr 0 1945—Dec... 2,933 3,022 6 2,837 2,837 179 Deposits of suspended banks 1946—Apr.. . 3,066 3,161 5 2,966 2,966 189 (in thousands of dollars) :2 May. . 3,091 3,188 5 2,986 2,986 197 1934-39 125,991 14,61626,54844,348 40,479 June.. 3,120 3,220 5 3,026 3,026 188 July.. 3,160 3,258 5 3.060 3,060 193 1940 5,943 256 5,341 346 Aug.. . 3,188 3,288 6 3,088 3,088 194 1941 3,726 3,144 503 79 O S N D e e o c p c v t . . t . . . . . . . . 3 3 3 3 , , . , 2 2 2 2 0 3 6 8 7 5 0 4 3 3 3 3 , . , , 3 3 3 3 3 0 8 6 7 6 7 0 6 6 6 6 3 3 3 3 , , , , 1 1 1 1 8 1 3 5 2 4 4 1 3 3 3 3 , , , , 1 1 1 1 8 1 3 5 2 4 4 1 2 1 2 1 9 0 0 8 7 4 0 6 1 1 1 1 9 9 9 9 4 4 4 4 2 5 3 4 6 1, , 7 2 4 0 2 0 2 3 5 0 4,982 1 1 , , 3 2 4 7 4 0 5 1 5 327 1946 o 1947— F Ja e n b . .. P 3 3 , . 3 3 3 5 1 8 3,436 6 3,234 3,234 196 1947—jan .Apr 0 Mar ?3,379 1 Represents banks which, during the periods shown, closed temporarily or permanently on account of financial difficulties; does not v 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. MAY 1947 561 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS IN THE UNITED STATES, BY CLASSES* LOANS, INVESTMENTS, DEPOSITS, AND NUMBER OF BANKS [Amounts in millions of dollars] Loans and investments Deposits Investments Other Class of bank and Number call date Total Loans Total G o U m o b v l . e i e g n S r a t n . - - s O e it t c i h e u e s r r - Total1 I b n a t n e k r ^ - m D a e n - d Time of banks 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. 31 131,702 35,649 96,054 86,562 9,492 155,904 12,667 92,439 50,798 14,585 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 6,329 128,072 12,245 91,644 24,183 13,992 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. 31 113,998 31,123 82,875 74,784 8,092 139,035 12,667 92,439 33,929 14,044 All Insured commercial banks: 1938—Dec. 31 37,470 16,021 21,449 14,506 6,943 49,772 7,254 27,849 14,669 13,655 1939—Dec. 30 39,289 16,863 22,426 15,566 6,859 56,069 9,523 31,483 15,063 13,531 1940—Dec. 31 42,556 18,394 24,161 17,063 7,098 63,461 10,539 37,333 15,589 13,438 1941—Dec. 31 49,288 21,258 28,030 21,046 6,984 69,411 10,654 43,061 15,697 13,426 1942—Dec. 31 66,240 18,903 47,336 40,705 6,631 87,803 11,144 60,504 16,154 13,343 1943—Dec. 31 83,507 18,841 64,666 58,683 5,983 104,094 10,705 74,309 19,081 13,270 1944—Dec. 30 103,382 21,352 82,030 75,875 6,155 125,714 12,074 89,761 23,879 13,263 1945—Dec. 31 121,809 25,765 96,043 88,912 131 147,775 13,883 104,015 29,876 13,297 1946—June 29 117,409 26,791 90,618 82,977 641 140,612 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 15,823 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 * 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. a 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. 562 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 and Number call date Total Loans Total G o U m o b v l . e i e g n S r a t n . - - s O i e t t c i h e u e s r r - Total1 I b n a t n e k r- ! m D a e n - d Time of banka tions All nonmember commercial banks: 1938—Dec. 31 6,598 3,156 3,442 1,848 1,594 7,678 331 3,853 3 493 8,314 1 1 9 9 4 3 0 9 — — D D e e c c . 3 3 0 1 6 6 , , 7 72 9 6 6 3 3 , , 2 4 8 7 1 1 3 3 , , 4 3 4 2 5 5 1 1 , , 9 9 7 3 1 6 1 1 ,3 4 8 7 9 4 8 8 , , 3 8 6 7 2 5 4 5 7 1 3 8 4 4 ,6 2 8 6 9 0 3 3 6 6 2 6 9 8 8 7 8 12 5 2 8 1941—Dec. 31 7,208 3,693 3,515 2,251 1,264 9,539 464 5,470 3 605 7,661 1942—Dec 31 8,135 3,132 5,003 3 829 1 174 10,864 318 6 872 3 674 7 460 I943—Dec. 31 10,847 2,832 8,014 6,899 1 115 13,671 457 9 123 4 091 7,299 I944—Dec. 30 13,972 2,971 11,002 9,880 1,122 17,168 362 11,870 4 936 7,181 I945—Dec. 31 16,849 3,303 13,546 12,284 1,262 20,571 426 14,104 6 042 7,130 1946—june 29 17,430 3,830 13,600 12,212 1,388 20,387 510 13,441 6,436 7,142 Dec 31 17,651 4,430 13,221 11,753 1,468 20,881 608 13,519 6,754 7,147 Insured nonmember commercial banks: 1938—Dec 31 5,399 2,813 2,586 1,283 1,303 6,409 101 3,007 3,300 7,317 I939—Dec. 30 5,348 2,901 2,447 1,238 1 209 6,729 113 3 252 3 365 7 169 1940—Dec. 31 5,429 3,074 2,356 1,240 1 116 7,032 116 3 504 3 411 6,952 1941—Dec. 31 5,774 3,241 2,533 1,509 1 025 7,702 129 4,215 3 358 6,810 1942—Dec. 31 6,984 2,818 4,166 3,162 1,004 9,535 145 5,981 3,409 6,667 I943—Dec. 31 9,258 2,556 6,702 5,739 962 11,842 149 7 870 3 823 6,535 I944—Dec. 30 11,824 2,678 9,146 8,197 949 14,809 190 9 987 4 632 6,452 I945—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 Nonlnsured nonmember commercial banks: 1938—Dec. 31 1,199 343 856 565 291 1,269 230 R4fl 193 997 I939—Dec. 30 1,378 380 998 733 265 1,633 360 [ 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 11,255 247 851 1942—Dec. 318 * 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 I944—Dec. 30 2,148 292 1,856 1,682 174 2,358 171 11,883 304 729 I945—Dec. 31 2,211 311 1,900 1,700 200 2,452 182 I 908 362 714 1946—June 29 2,038 339 1,699 1,496 204 2,279 303 1,584 391 696 Dec 31 .. 1,820 390 1,430 1,229 201 2,045 347 1QZ 403 690 All mutual savings banks: 1938—Dec. 31 10,162 4,897 5,265 2 883 2 382 10 278 10 278 555 1939_Dec. 30 10,218 4,926 5,292 3,102 2 190 10 523 10 523 551 1940—Dec. 31 . 10,248 4,959 5 289 3 224 2 065 10 658 10 658 551 1941—Dec. 312 10,379 4,905 5,474 3 700 1 774 10 532 10 532 548 1942—Dec. 31 10,746 4,698 6,048 4,559 1 489 10 664 10 664 546 I943—Dec. 31 11,871 4,484 7,387 6 090 1 297 11 738 11 738 545 I944—Dec. 30 13,931 4,370 9,560 8 328 1232 13 376 13 376 543 I945—Dec 31 16,208 4 279 11 928 10 682 1 246 15 385 15 385 542 1946—jUne 29 17,125 4,356 12 769 11 438 1 331 16 281 16 281 541 Dec. 31 17,704 4,526 13,179 11,778 1,400 16,869 16,869 541 Insured mutual savings banks: 1938—Dec 31 972 461 511 280 232 1 012 1 012 48 I939—Dec. 30 1,329 605 724 422 303 1 409 1 409 51 1940—Dec. 31 1,655 637 1 018 548 470 1 818 1 818 53 1941—Dec. 312 1,693 642 1,050 629 421 1,789 1 789 52 1942—Dec. 31 2,007 740 1,267 861 405 2,048 2,048 56 I943—Dec 31 7,525 3 073 4 452 3 844 608 7 534 7 534 184 1944—Dec. 30 9,223 3,110 6,113 5,509 604 8,910 8,910 192 1945—Dec 31 10 846 3 081 7 765 7 160 606 10 363 10 363 192 1946—June 29 11,453 3,132 8,322 7,662 660 10,979 10,979 191 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 I939—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 I944—Dec. 30 4,708 1,260 3,448 2,819 629 4,466 4,466 351 I945—Dec 31 ... 5,361 1,198 4,163 3,522 641 5,022 5,022 350 1946—June 29 5,671 1,224 4,447 3,777 671 5,302 5,302 350 Dec 31 5,813 1,275 4,538 3,833 705 5,442 5,442 350 For footnotes see p. 562. MAY 1947 563 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL INSURED COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES* LOANS AND INVESTMENTS [In millions of dollars] Loans Investments Com- Loans for L. S. Government obligations Oblimer- purchasing ga- Total cial, or carrying tion? Class of bank loans in- securities Real- Direct of cal a l nd date in a v n e d st- Total c i l n u g d- t c- u .u.1 r l - - To t e a s t - e su C m on e - r( l . o Jt a n n e s r Total Certifi- Guar- S a ta n t d e?O se th cu er ments open- al1 brok- loans loans Total cates an- politi- rities m k p a e a r t - - d a e n e r a d s l- o e 1 t r h 0 s - Bills o d f e e d b i - n t- - Notes Bonds teed ds c uiv a b l i-peri ers ness sion? All insured commercial banks: 42 556 18,394 7 1781,281 663 727 4,468 4; 377 24,161 17,063 662 2,756 9,925 3,719 3 6083 401 iy4u—uec. oi.. 49 288 21 2589 2141,450 614 662 4,773 4, 545 28,030 21,046 988 3^15912,7974*1023 6510 , 4V1 11iv 9a4 4A - 2ii — —TD u^e ea^c c». . 3^j11 i . . . . 66,240 18!903 7,'7571,642 950 597 4,646 2,269 1,042 47,336 40,705 4,462 '6^727 5,79920^9992^7183,'53333^ 303983 1943—Dec. 3i,. 83,507 18,841 7,7771,505 1,414 922 4,437 1,868 918 64,666 58,683 4,636 13,218 7,672 30,6562,501 3,2872,696 1944—Dec. 30. .103,382 21,352 7,9201,723 2,2692,2654,343 1,888 944 82,030 75,875 3,971 15,300 15,77839,848 978 3,422 2,733 1945—Dec. 31. .121,809 25,765 9,461 1,314 3,164 3,6064,677 2,361 1,181 96,043 88,912 2,455 19,071 16,04551,321 22 3,8733,258 1946—Tune 29 . 117,409 26,791 10,3341,366 2,417 2,6565,7383,069 1,211 90,618 82,977 1,220 17,637 12,00452,092 24 3.9733,66* Dec. 31. . 112,178 30,733 14,0161,358 1,517 1,609 7,1034,031 1,098 81,445 73,554 1,271 12,288 6,78053,200 154,298 3,592 Member banks, total: 37,126 15,321 6,660 865 642 652 3,228 3, 273 21,805 15,823 652 2,594 9,091 3,4863,013 2,970 11994401——DDeecc.. 33112... 43,521 18,021 8,671 972 594 598 3,494 3, 592 25,500 19,539 971 3,007 11,7293,8323,0902,871 1942—Dec. 31. . 59,263 16,088 7,3871,089 934 538 3,4231,847 870 43,175 37,546 4,363 '6^285 5,409 18,9482,540 2,9652,664 1943—Dec. 31.. 74,258 16,288 7,421 1,023 1,398 839 3,2741,484 848 57,970 52,948 4,360 12,071 6,90627,265 2,345 2,729 2,294 1944—Dec. 30.. 91,569 18,676 7,5311,198 2,2492,1083,2091,505 877 72,893 67,685 3,748 13,982 14,127 34,927 902 2,8572,350 1945—Dec. 31.. 107,183 22,775 8,949 855 3,133 3,3783,4551,900 1,104 84,408 78,338 2,275 16,985 14,271 44,792 16 3,2542,815 1946—Tune 29.. 102,032 23,302 9,685 877 2,3952,4804,267 2,464 1,133 78,729 72,272 1,072 15,292 10,467 45,420 20 3,3073,151 «•• . Sept. 30 99,706 24,775 74,931 68 232 3,617 3 082 Dec'31.'.' 96^362 26,696 13,154 "884i',506i',4675',3583',308i',62669,666 63,042 1467 10,043 '5,602 46,219 .... . 3^5483^077 N 1 1i 1 lV yO Q 9 e r 4A 4 4r w i U0 1 2 — — Y - o T T L D u ) > r f»/ fe e » k rc rc > c d « C . . O3 ^ 3 i J t 1 1 1 1 y I . . * • . . • 1 1 1 7 2 0 ^ ,9 8 9 1 5 9 0 7 6 4 4 3 ^ ,3 0 1 8 7 1 4 2 6 2 2 2 ^ ,1 5 8 2 4 0 5 6 7 21 6 8 4 4 7 1 6 8 2 5 7 1 1 1 6 9 9 9 0 3 1 1 11 3 2 7 0 3 30 4 5 3 6 5 8 4 148 1 8 7 3 , , , 5 8 8 2 2 4 7 1 3 1 6 7 2 , ! 0 2 5 4 6 4 4 7 S 1,8 2 3 5 1 0 5 1 7 2,144 2 1 1 ' , , 2 0 6 4 5 2 5 6 3 5 2 3, , U 6 9 5 7 2 7 2 61 1 1 * , , 6 6 0 1 7 7 5 9 1 6 5 7 9 9 2 5 3 9 7 8 7 3 8 0 0 8 1 1943—Dec. 31.. 19,994 4,428 2,515 24 1,054 323 107 252 153 15,566 14,563 1,328 3,409 1,829 7.014 984 444 558 1944—Dec. 30.. 24,003 5,760 2,610 30 1,742 859 86 253 179 18,243 17,179 913 3,740 3,745 8,592 189 468 596 1945—Dec. 31.. 26,143 7,334 3,044 2,453 1,172 80 287 298 18,809 17,574 477 3,433 3,325 10,337 1 606 629 1946—Tune 29.. 23,304 6,506 3,169 1,852 798 83 378 226 16,798 15,646 201 2,980 2,229 10,234 1 535 618 Sept. 30.. 0Z1l ,Ov 7/ 0I 6 6^ 3 2 6 5 8 8 4^078 i',096 "389 "99 "455 "250 1 14 5 ^ ,7 4 1 6 4 5 1 13 4 ^ 4 3 1 0 0 8 "387 ' 1^725 "992 10*202 i AOQv.'1Z J0C1I 1 1 Dec. 31. . 20,834 557 601 C 1IV0 h ^J i v/ c lJ a — go XT : "^) * *evC». 3O1X • • 2 2 ^ 7 3 6 7 0 7 9 6 5 9 4 6 4 7 9 3 2 2 5 6 4 4 8 2 5 5 4 2 2 1 2 9 9 8 6 4 1 1 , 8 6 0 8 6 1 1 1 , , 4 3 3 0 0 7 2 2 9 5 7 6 1 1 5 4 3 5 9 7 0 5 3 2 1 1 1 1 9 2 1 1 8 8 2 8 1 1 9 8 3 6 11994412——DDeecc.. 3311.... 3,973 832 658 6 34 32 23 62 18 3,141 2,789 397 "'637 391 1,282 83 166 186 1943—Dec. 31. . 4,554 1,004 763 6 102 52 22 45 14 3,550 3,238 199 877 484 1,602 74 158 155 1944—Dec. 30.. 5,443 1,184 738 17 163 163 24 45 34 4,258 3,913 250 1,045 779 1,809 31 160 185 AftAK Df»r 31 5,931 1,333 760 2 211 233 36 51 40 4,598 4 213 133 1,467 749 1,864 181 204 X V^rO^^X-fcC OX • . 5] 167 1,329 804 1 188 185 43 76 32 3,837 3,485 14 1,042 529 1,900 153 200 1946— S D T e u e p n c t e . . 3 3 2 1 0 9 . . . . 4 4 *: , ,O 7 V 6 7 / 5 0 L 1 1, 4 3 9 7 9 0 1,094 ""3 1x7 ioi "SI "165 "*29 3 3 ^ 6 2 Q 66 2 3 2 ,9 2 1 6 2 0 60 498 146 2,207 11 1 4 6 Ao 7 S. 1 18 9 7 4 Reserve city banks 1 iiQv 9 4A 4 Un 1 — —T D u")*e e »rc c « . . 3 3J1I 1 .. . 1 15 3 ^ 0 3 1 47 3 5 7 , , 9 1 3 0 1 5 3 2 , \ 5 4 8 5 9 6 3 2 0 6 0 3 1 1 1 1 5 4 2 1 0 9 7 4 1 1, , 5 4 2 3 7 6 1 1, , * .$ > 2 1 2 2 8 7 , ,0 2 8 4 1 3 5 6^ 2 46 0 7 4 2 1 9 0 5 3 7 7 7 5 1 1 4 3 ^ ,2 2 8 4 1 8 1 l] ,0 l7 4 3 9 9 9 8 5 4 6 8 8 9 2 3 0 1942—Dec. 31.. 20,915 6,102 2,957 290 97 153 1,486 808 312 14,813 13,038 1,441 2,253 1,723 6,810 811 954 821 1943—Dec. 31. . 27,521 6,201 3,058 279 217 267 1,420 658 301 21,321 19,682 1,802 4,691 2,497 9,943 749 913 726 1944—Dec. 30.. 33,603 6,822 3,034 348 311 777 1,379 660 313 26,781 25,042 1,704 5,730 5,181 11,987 440 1,000 740 1945—Dec. 31.. 40,108 8,514 3,661 205 427 1,503 1,459 855 404 31,594 29,552 1,034 6,982 5,653 15,878 5 1,126 916 1946—Tune 29. . 37,675 8,862 3,932 197 321 1,142 1,743 1,073 453 28,813 26,585 410 6,038 4,014 16,116 71,194 1,034 Sept. 30.. 36 706 9,814 26,892 24,614 1 2691 009 Dec. 31. . 35 ,'35110^825 5^548 201 264 704 2,237 1,436 "435 24,'527 22 ,'250 441 3,799 1,993 16,013 41,'2721,'OO4 C 10 o 4 u .n n try D f b »r a n 3 k 1 s: 10 826 5,309 1 453 590 21 201 1,644 1/ too 5,517 3,269 45 433 2,081 710 1 1461 102 11 ly 99 ^ 44 tU 12 —— L DD /C ee V cc I .. o 33 x 11 . . . • .. 1 1 2 6 i ,4 5 1 1 9 8 5 5 , , 8 0 9 3 0 8 1 1 , , 6 2 7 2 6 6 6 7 5 7 9 2 2 1 0 7 1 16 8 1 3 1 1, , 7 8 9 2 7 3 67 1 4 ,.530 393 1 6 1 , , 6 3 2 8 8 0 9 4 , , 1 3 7 7 2 7 6 1 7 1 1 0 1,251 1,2 4 4 8 0 1 2 5 , , 9 4 2 3 6 6 8 5 6 7 1 4 1 1 ^ ,2 2 5 2 2 2 l|0 9 2 5 8 6 1943—Dec. 31.. 22,188 4,654 1,084 713 25 197 1,725 528 381 17,534 15,465 1,032 3,094 2,096 8,705 538 1,214 855 1944—Dec. 30.. 28,520 4,910 L,149 802 32 310 1,719 547 351 23,610 21,552 882 3,466 4,422 12,540 241 1,230 829 1945—Dec. 31.. 35,002 5,596 1,484 648 42 471 1,881 707 363 29,407 26,999 630 5,102 4,544 16,713 9 1,342 1,067 1946—Tune 29. . 35,886 6,605 L.781 679 34 354 2,398 937 422 29,281 26,556 447 5,231 3,696 17,170 12 1,426 1,299 Sept. 30.. 36,056 7,334 28,722 25,948 1 5071,268 Dec. 31.. 35,412 8,004 "2 ',433 681 29 273 2,970 1,312 306 27,408 24,572 279 4,020 2,470 17,797 61,551 1,285 Insured nonmember commercial banks: •tQA.0 DPP 31 5,429 3,074 518 416 21 75 1,240 803 2,356 1,240 10 162 834 234 595 521 IVrrvf UCti OX • . 5*774 3,241 543 478 20 64 1,282 854 2,533 1,509 17 152 1,069 271 563 462 1X0V4^.r1X XT-i/eCrC O3X1 • • 6^984 2,818 370 553 16 59 1,225 422 173 4,166 3,162 99 442 390 2,053 179 569 435 11994432——DDeecc.. 3311.... 9,258 2,556 356 482 16 82 1,165 385 70 6,702 5,739 276 1,147 766 3,395 156 560 403 1944—Dec. 30.. 11,824 2,678 389 525 21 156 1,136 383 67 9,146 8,197 223 1,319 1,652 4,928 76 566 383 1945—Dec. 31. . 14,639 2,992 512 459 31 228 1,224 460 77 11,647 10,584 180 2,087 1,774 6,538 6 619 443 1946—Tune 29.. 15,392 3,491 649 488 21 176 1,473 605 79 11,901 10,716 147 2,346 1,538 6,682 4 667 518 Dec. 31. . 15,831 4,040 862 474 12 142 1,748 723 79 11,791 10,524 104 2,247 1,179 6,991 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. s 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. 564 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL INSURED COMMERCIAL B4NKS IN THE UNITED STATES, BY CLASSES*—Continued RESERVES AND LIABILITIES [In millions of dollars] Demand deposits Time deposits Re- Ba1- De- [nterbank 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 v n e e t v h e k - r e s a s l v C a i a u n s l h t b m a w a n d e n i c o s t k e t - h i s s c 4 j p m u o a d s a d s t e n e i - - t d d s 5 m D es d o ti e - c p 4 osi F e ts i o g r n - U m G er o . e n S v n - . - t p v S s o i u a t l s a i b n i t o t d i d e c n i s a - s l C h c o a f e e e e i f n t e f c r r c i d d k s t - . i ' s - , v a a s n i p I t d h r d i n o o t u i d n r p c n a a i e s o s l - - , r s r - , - b [n a t n e k r- U P m G S e a i o n r . a n e o n s g v n d v S t - s a - t - . l v S s p i a u i s o t c n a i b l a o i d t d t l e n - i s s - p a v n s a i p t I h d d r i n o o t i u d r n p c n a a i e o s s - l - , r r s - - , r B in o o w g r s - - c C o a t u a a c n - l p t i- s 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 1C,234 813 8,167 3,996 1 219 47, 122 97 61 397 15,697 10 7,055 1943—Dec. 31.. 12 834 1,445 8,445 59,921 9,743 893 9 950 4,352 1 669 58,338 68 124 395 18,561 46 7,453 1944—Dec. 30.. 14 260 1,622 9,787 65,960 11,063 948 19 754 4,518 1 354 64,133 64 109 423 23,347 122 7,989 1945—Dec. 31.. 15 810 1,829 11,075 74 722 12,566 1 248 23 740 5,098 2 585 72,593 70 103 496 29,277 215 8,671 1946—June 29.. 15 999 1.471 9, 102 78 281 1C,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 1C,888 1 364 2 930 5,967 2 361 79,887 68 119 664 32,742 39 9 286 Member banks, total: 1940—Dec. 31.. 13992 991 6 185 30 429 9,581 700 616 2,724 913 29,576 141 56 435 11,687 3 5 698 1941—Dec. 312 12 396 1,087 6 246 33 754 S 671 1 709 3,066 1 009 33,061 140 50 418 11,878 4 5 886 1942—Dec. 31.. 13 072 1,019 6 147 42 570 10,101 811 7 923 3,318 1,142 42, 139 87 56 332 12,366 5 6 101 1943—Dec. 31.. 12 835 1,132 5 450 52 642 9,603 891 9 444 3,602 1,573 51, 820 62 120 327 14,822 39 6 475 1944—Dec. 30.. 14 261 1,271 6 354 57 308 10,881 945 18 509 3,744 1,251 56,270 58 105 347 18,807 111 6 968 1945—Dec. 31.. 15 811 1,438 7 117 64 184 12,333 1,24322 179 4,240 2,450 62 950 64 99 399 23,712 208 7 589 1946—June 29.. 16 001 1,141 5 772 67 461 10,391 1,339 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 51 768 615 1941—Dec. 31.. 5 105 93 141 10 761 3,595 607 866 319 450 11 282 ( 29 778 648 1942—Dec. 31. 4 388 72 82 11 899 3,209 733 4 186 263 448 12 501 23 711 727 1943—Dec. 31. 3 596 92 61 13 899 2,867 810 3 395 252 710 14 373 4 5 26 816 29 862 1944—Dec. 30. 3 766 102 76 14 042 3,179 851 6 722 199 361 14 448 11 7 17 977 96 966 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 17 1,400 c 2,196 Dec. 31. 4,046 131 87 16 429 3,031 1,195 651 218 942 17 216 20 15 39 1,395 2,205 Chicago:2 1940—Dec. 31. 1,051 42 319 1 941 997 8 90 174 27 1 905 1 g 496 270 1941—Dec. 31. 1,021 43 298 2 215 L.027 8 127 233 34 2 152 47( 288 1942—Dec. 31. 902 39 164 2 557 1,105 12 665 178 38 2 58? 2 45.' 304 1943—Dec. 31. 821 38 158 3 050 972 14 713 17^ 4< 3 097 ] 50' 326 1944—Dec. 30. 899 43 177 3,041 1,132 16 1,400 167 3c 3 100 ] 619 354 1945—Dec. 31. 942 36 200 3,153 1,292 20 1,552 237 66 3 160 719 377 1946—June 29. 870 26 16? 3,189 L,047 24 789 262 37 3 153 1 779 394 Sept.30. 900 24 156 3,287 1,026 24 525 234 44 3 335 \ ] 792 397 Dec. 31. 928 29 172 3,356 1,130 24 152 228 47 3 495 2 1 823 404 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 1,302 54 491 1,144 286 11,127 104 20 243 4,542 1,967 1942—Dec. 31. 4,940 365 2,202 14,849 1,831 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 1,770 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 5,307 110 8,221 1.763 611 22,281 30 38 160 9,563 [ 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 L.955 543 23,601 28 42 219 10,381 3( 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 2,729 Country banks: 1940—Dec. 31. 1,857 452 3,002 7,845 633 151 1,184 187 6,846 29 33 150 5,917 1,909 1941—Dec. 31. 2,210 526 3,216 9,66 790 225 1,370 239 8,500 30 31 146 6,082 t 1,982 1942—Dec. 31. 2,842 542 3,699 13,265 957 i 1,090 1,558 272 11,989 20 32 140 6,397 ; 2,042 1943—Dec. 31. 3,303 611 3,474 17,039 994 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 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 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 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 2,155 2.328 441 23,536 17 54 254 13,577 41 2,752 Dec. 31. 4,703 883 3,753 26,23 1,067 877 2,391 524 24,128 17 55 272 13,727 26 2,757 Insured nonmember commercial banks: 1940—Dec. 31. 243 2,017 3,39 95 50 57- 51 2,822 18 13 87 3,31 973 1941—Dec. 31'. 271 2,325 4,092 108 5. 61 61 3^48i 1; j 74 3,276 95(3 1942—Dec. 31 287 2,934 5,65 133 24c 678 7i 4[93; 11 5 65 3', 33* 1 955 1943—Dec. 31. 313 2,996 7,279 141 506 750 91 ^51! 68 3175( 1 979 1944—Dec. 30. 352 3,434 g,652 182 1,245 m 10v 7* 86^ ( 76 4,55^ 11 1,022 1945—Dec. 31. 391 3,959 10,537 233 1,561 851 13« 9!64^ 97 5^57c 1[083 1946—june 29 330 3,332 10,821 194 932 981 14' 9] 80' ( 105 5^93 1 11145 Dec. 31. 437 3,547 11,842 244 1 258 ]L.052 154 10!76 6 5 13 6^23? 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. 6 Demand deposits other than interbank and U. S. Government less cash items reported as in process of collection. For other footnotes see p. 564. Back figures.—See Banking and Monetary Statistics, Tables 18-45, pp. 72-103 and 108-113. MAY 1947 565 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 or carrying securities U. S. Government obligations Com- 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 r u g i u i d n r a a r l u d a l i - l , - l s , - G U a t l i o i n o o g . b d S n v a - . - s t d . e O a c t l s u t i e e h e r r - i 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 s u e t i e h e r r - s s i e - r e R l s o t e a a a n t l e 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 i s r e - n - t s - s - - Notes Bonds1 O s r e i t t h c i u e e r s - Total—101 Cities 1946—March 66,928 15,340 7,475 1,756 711 ,986 1,140 611,780 51,588 1,11912,393 7,502 27,1323,442 November. . . 57,671 16,450 10,044 888 409 866 4211,497 1712,15441,221 37,833 614 5,727 4,395 27,0973,388 December. . . 56,883 16,763 10,278 873 .486 733 4271,542 2,26240,12036,724 746 5,373 3,601 27,0043,396 1947—January 55,879 16,530 10,377 697 389 596 4321,584 1342,32139,349 35,960 730 5.253 3,054 26,9233,389 February.... 55,256 16,756 10,651 657 377 557 4261,617 13221339 38,50035,118 393 4,680 3,116 26,929 3,382 March 55,431 16,804 10,986 360 383 521 4181,653 1372,346 38,62735,138 901 4,479 2,866 26,8923,489 1947—Jan. 29 55,805 16,77410,499 758 382 562 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 4261,602 1722,336 38,97835,592 508 5,027 3,126 26,9313,386 Feb. 12 55,286 16,76010,673 673 362 557 4291,613 972,356 38,52635,139 305 4,759 3,136 99 ,387 Feb. 19 55,116 16,793 10,648 684 415 553 4321,621 112 2,3'2 838,32334,949 398 4,527 3,096 26,928 3,374 Feb. 26 55,056 16,885 10,712 72 363 555 1,633 1482,33638,171 34,790 361 4,408 3,104 26,9173,381 Mar. 5 55,417 16,669 10,802 407 399 536 1,638 1382,330 38,74835,301 898 4,355 3,145 26,9033,447 Mar. 12 55,589 16,82010,995 372 382 522 1,646 1422.344 38,76935,299 776 4,466 3,185 26,8723,470 Mar. 19 55,549 16,807 11,077 312 357 514 1,660 1172,353 38,74235,258 1,191 4,613 2,570 26,8843,484 Mar. 26 55,171 16,921 11,070 351 392 512 4201,670 1512,355 38,25034,695 738 4,484 2,564 26,909 3,555 Apr. 2 54,831 17,147 11,170 388 405 516 4211,689 164 2,394 37,68434,140 641 ,031 2,491 26,9773,544 Apr. 9 54,931 17,096 11,163 393 369 496 4181,699 176 2,38237,83534,296 725 ,063 2,508 27,000 3,539 Apr. 16 55,300 16,935 11,077 377 360 491 1,708 1072,39638,36534,814 1,097 136 2,476 27,105 3,551 Apr. 23 55,200 16,782 10,967 302 368 495 1,718 1172,398 38,41834,865 918 4,308 2,479 27,,160 3,553 New York City 1946—March 23,189 6,483 2,981 1,435 728 190 48 16,706 15,608 199 3,449 2,573 9,387 ,098 November... 19,264 5,869 3,692 744 255 258 176 151 52113,395 12,340 155 1,521 1,337 9,3271,055 December 19,08: 5,943 3,781 708 330 189 172 141 54813,139 12,088 250 1,466 1,069 9,3031,051 1947—January 18,610 5,676 3,827 558 246 123 181 103 56312,934 I1,893 242 1,511 960 9,1801,041 February 18,285 5,759 3,940 540 242 116 175 100 57012,52611,508 68 1,167 1,063 9.2101,018 March 18,424 5,676 4,127 268 248 102 167 119 56812,748 11,664 366 1,121 962 9,2151,084 1947- •Jan. 29 18,639 5,88: 3,883 637 244 117 185 164 57812,757 11,724 52 1,507 1,015 9,1501,033 Feb. 5 18,444 5,634 3,913 438 238 116 173 113 56912,810 11,786 111 1,422 1,049 9,204 1,024 Feb. 12 18,279 5,775 3,956 560 239 118 178 74 57512,504 11,483 5 1,198 1,065 9,215 1,021 Feb. 19 18,224 5,769 3,924 556 260 116 179 94 56412,455 11,440 144 1,030 1,059 9,207 1,015 Feb. 26 18,191 5,857 3,968 606 231 117 169 118 57112,33411,323 14 1,017 1,080 9,212 1,011 Mar. 5 18,334 5,64i 4,029 308 271 107 167 120 56712,689 11,621 268 1,016 1,129 9,208 ,068 Mar. 12 18,365 5,712 4,149 287 243 101 166 123 56612,653 11,578 235 1,052 1,141 9,150 ,075 Mar. 19 18,586 5,631 4,172 217 229 100 167 102 56512,955 11,884 665 1,215 782 9,222 ,071 Mar. 26 18,410 5,716 4,157 260 249 98 169 132 57312,69411,571 296 1,201 795 9,279 ,123 Apr. 2 18,357 5,861 4,233 289 267 99 172 149 57312,496 11,385 271 983 757 9,374 ,111 Apr. 9. . 18,224 5,843 4,227 304 238 97 169 156 57312,381 11,260 119 982 762 9,397 ,121 Apr. 16. . 18,350 5,668 4,168 280 230 96 168 73 57612,682 11,559 421 954 709 9,475 ,123 Apr. 23 18,427 5 ,545 4,080 214 240 97 166 98 57412,? 11,767 465 1,068 721 9,513 ,115 Outside New York City 1946—March 43,739 8,857 4,494 321 1841,258 1 ,073 1,27334,88232,538 8,944 4,929 17,7452,344 November. . . 38,407 10,581 6,352 144 154 608 1,425 1,63327,826 25,493 459 4,206 3,058 17,7702,333 December. . . 37,801 10,820 6.497 165 156 544 2551,468 1,71426,981 24,636 496 3,907 2,532 17,7012,345 1947—January 37,269 10,854 6,550 139 143 473 2511,509 1,75826,415 24,067 488 3,742 2,094 17.743 2,348 February 36,971 10,997 6.711 117 135 441 2511 .541 .76025.97423,610 325 3.513 2,053 17,7192, 3f>4 March 37,007 11,128 6,859 92 135 419 2511,576 1,77825,87923,474 535 3,358 1,904 17,6772,405 1947—Jan. 29 37,166 10,892 6,616 121 138 445 2511,523 1,76126,27423,912 340 3,738 2,081 17,7532,362 Feb. 5 37,123 10,955 6,660 113 130 445 2531,528 1,76726,16823,806 397 3,605 2,077 17,7272,362 Feb. 12 37,007 10,985 6,717 113 123 439 2511,538 1,78126,02223,656 300 3,561 2,071 17,7242,366 Feb. 19 36,892 11,024 6,724 128 155 437 2531,545 1,76425,86823,509 254 3,497 2,037 17,7212,359 Feb. 26 36,865 11,028 6,744 117 132 438 2461,556 1,76525,837 23,467 347 3,391 2,024 17,7052,370 Mar. 5 37,083 1,024 6,773 99 128 429 2521,562 1,76326,059 23,680 630 3,339 2,016 17,6952,379 Mar. 12 37,224 1,108 6,846 85 139 421 2511,569 1,77826,116 23,721 541 3,414 2,044 17,7222,395 Mar. 19 36,963 1,176 6,905 95 128 414 2501,581 1,78825,78723,374 526 3,398 1,788 17,6622,413 Mar. 26 36,761 1,205 6,913 91 143 414 2511.592 1,78225,55623,124 442 3,283 1,769 17,630 2,432 Apr. 2 36,474 1,286 6,937 99 138 417 2491,610 1,82125,18822,755 370 3,048 1,734 17,6032,438 Apr. 9 36,707 1,253 6,936 89 131 399 1,620 1,80925,45423,036 606 3,081 1,746 17,6032,438 Apr. 16 36,950 1,267 6,909 97 130 395 1,631 1,82025,683 23,255 676 3,182 1,767 17,630 2,412 Apr. 23 36,773 1,237 6,887 128 398 1,642 1,82425,53623,098 453 3,240 1,758 17,6472,438 1 Direct and guaranteed. Back figures.—See Banking and Monetary Statistics, pp. 127-227, 566 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- Date or month B s w F e R e a e r r i n e a d t v - h k l - e s v C a i a u n s l h t m b a w a n d e n o i c s t - e k t h i s s c j m p u a o d s a d e t s n e - i - t d d s s p p u v c n a h o a a o i n e i d r r l p r r d s a t - - - s - , - , S p s d s a t i i o u i a o c n v l b t a d n i i e - t l - s - s c C h c o a f e e e e i f n t e f r c c r d i t d s k . - i ' - s u m G er . o e n v n - s - t . s p p u v c n a h o a a o i n e i r d r l p r r d s a t - - - s - , - , S p s d s a t i i o u i c a o n v l b a t n d i i - e l t - s - s P U m G S e i a o n . r a o n e s n g v v d t n S - s a - - t . l m D t D e i o c s - e - man F e d i o g r n - Time r B i o n o w g r s - - co C i a u a t c a p n - l - ts B d it e a s b n 2 - k tions tions Total—101 Cities 1946—March 9,930 2,16537,38637,413 2,177 1,167 15,119 9,566 126 9,7871,222 5,059 69,374 November.. 10,209 647 2,13239,75140,448 2,280 1,193 3,45210,175 154 9,3691,284 253 5,251 68,168 December.. 10,369 673 2,17740,370 40,975 2,255 1,350 2,30410,191 163 9,3921,249 197 5,251 82,047 1947—January... 10,305 635 2,180 39,98240,331 2,243 1,299 1,544 10,291 159 9,382 1,271 160 5,248 73,009 February .. 10,046 604 2,04938.99339,247 2,297 1,166 1,918 10,347 163 8.846 1,277 258 5,270 64,801 March 9,956 618 2,14638,80139,165 2,309 1,127 2,057 10,410 192 9,028 1,279 170 5,279 75,541 1547—Jan. 29.... 10,177 639 2,05539,90239,866 2,339 1,314 1,706 10,295 153 8,891 ,269 288 5,249 16,375. Feb. 5.... 10,173 581 2,02339,42439,269 2,321 1,122 1,845 10,313 161 8,910 1,274 244 17,184 Feb. 12.... 10,090 609 2,03339,10539,306 2,345 1,168 1,901 10,324 163 8,832 1,267 263 12,854 Feb. 19.... 9,924 610 2,08738,758 39,271 2,233 1,205 1,922 10,360 166 8,897 1,294 214 18,996 Feb. 26.... 9,999 617 2,05238,686 39,143 2,289 1,167 2,006 10,393 164 8,745 1,273 309 5,271 15,307 Mar. 5.... 9,963 584 2,12438,58838,767 2,294 1,193 2,137 10,428 190 9,155 1,267 160 5,279 18,566 Mar. 12.... 9,955 644 2,24838,78639,484 2,255 1,110 2,213 10,416 190 9,237 1,294 124 5,278 15,740 Mar. 19.... 10,008 625 2,20739,00539,495 2,281 1,147 1,905 10,403 190 9,186 1,284 165 5,276 17,630 Mar. 26 9,897 620 2,003 38,826 38,915 2,407 1,056 1,971 10,395 196 8,532 1,272 232 5,284 16,406 Apr. 2.... 9,730 589 2,09338,19738,307 2,438 1,217 1,707 10,435 193 8,813 1 ,294 353 5,303 20,083 Apr, 9.... 10,073 643 2,109 38,66738,717 2,399 1,072 1,758 10,452 212 8,947 1,279 192 5,307 14,089 Apr. 16.... 10,108 606 2,236 39,21339,971 2,401 1,156 1,780 10,452 216 68 8,989.1,287 69 5,304 16,154 Apr. 23.... 10,013 625 2,06739,54739,513 2,458 1,133 1,529 10,457 213 8,527 1,296 97 5,308 16,148 New York City 1946—March 3,563 13,44513,790 701 5,723 1,136 3,014 1,097 322 1,943 32,831 November.. 3,732 119 14,51114,923 302 1,159 1,254 2,809 1,129 98 2,001 28,843 December.. 3,802 121 14,73515,233 226 783 766 1,253 2,903 1,097 102 1,999 36,905 1947—January... 3.780 112 14,49214,879 200 77? 486 ,273 2,922 1.119 71 1,998 31,084 February .. 3,677 104 14,09914,487 176 683 588 ,275 2,757 1,135 105 2,005 27,129 March 3,662 105 14,12714,583 177 626 614 ,281 2,821 1,135 81 2,003 31,822 1947—Jan. 29.... 3,735 113 14,48314,776 815 536 ,271 2,803 1,122 155 1,998 6,991 Feb. 5.... 3,755 14,27114,549 182 659 573 ,272 2,822 1 ,128 130 2,007 7,817 Feb. 12.... 3,679 105 14,10014,450 178 692 587 ,271 2,734 1,128 122 2,008 5,238 Feb. 19.... 3,595 102 13,98014,439 171 707 591 ,276 2,788 1,149 35 2,004 7,787 Feb. 26 3,681 106 14,04214,509 172 674 602 ,281 2,684 ,133 130 2,002 6,176 Mar. 5.... 3,676 103 14,02014,396 183 710 635 ,293 2,8431,125 84 2,005 8,151 Mar. 12.... 3,652 109 14,00114,519 176 596 649 ,283 2,8841,150 42 2,005 6,700 Mar. 19.... 3,680 10; 14,22114,758 152 611 579 ,274 2,9251.138 84 2,003 7,089 Mar. 26.... 3,639 105 14,26714,661 19 586 591 ,272 2,6331,128 112 2,001 6,537 Apr. 2.... 3,633 100 11 14,23414,661 186 677 514 ,280 2,7371,149 102 2,010 9,094 A A p p r r . . 1 9 6 . . . . . . . . 3 3 , , 6 6 5 8 1 6 1 10 0 2 9 251 1 3 4 , , 9 1 9 1 2 0 1 1 4 4 , , 3 6 8 9 2 4 1 1 8 9 1 1 5 65 7 2 8 5 53 2 5 9 , ,2 2 7 7 5 8 2 2 , , 8 8 3 4 3 8 1 1 , , 1 1 3 4 8 6 8 3 0 1 2 2 , , 0 00 1 7 1 5 6 , , 6 5 0 0 2 3 Apr. 23.... 3,649 10 = 14,401 14,719 212 627 454 ,273 2,7171 ,158 27 2,007 6,570 Outside New York City 1946—March 6,367 2,129 23,94123,623 1,947 9,396 8,430 6,773 125 186 3,116 36,543 November.. 6,477 528 2,10525,24025,525 1,978 2,293 8,921 126 6,560 15 3,250 39,325 December.. 6,567 552 2,14725,63525,742 2,029 1,538 8,938 125 6,489 152 95 3,252 45,142 1947—Tanuary.. . 6,525 523 2,155 25,49025,452 2,043 527 1,058 9,018 132 6,460 152 89 3,250 41,925 February .. 6,369 500 2,025 24,89424,760 2,121 483 1,330 9,07 145 6.089 142 153 3,265 37,672 March 6,294 513 2,117 24,67424,582 2,132 501 1,443 9,129 175 6,207 144 89 3,276 43,719 Jan. 29.... 6,442 526 2,032 25,419 25,090 2,113 499 1,170 9,024 135 6,088 133 3,251 9,384 Feb. 5.... 6,418 478 2,00 25,15324,720 2,139 463 1,272 9,041 143 6,088 146 114 3,261 9,367 Feb. 12.... 6,411 504 2,01125,00524,856 2,167 476 1,314 9,053 145 6,098 139 141 3,263 7,616 Feb. 19.... 6,329 508 2,06024,77824,835 2,062 498 1,331 9,084 147 6,109 14J 179 3,264 11,209 Feb. 26.... 6,318 511 2,02524,64424,634 2,117 493 1,404 9,112 146 6,061 140 179 3,269 9,131 Mar. 5.... 6,287 481 2,09724,56824,371 2,111 483 1.50: 9,135 173 6,312 142 76 3,274 10,415 Mar. 12.... 6,303 535 2,22124,78524,965 2,079 514 1,564 9,133 174 6,353 144 82 3,273 9,040 Mar. 19.... 6,328 52 2,17724,78424,737 2,129 536 1,326 9,129 173 6,261 146 81 3,273 10,541 Mar. 26.... 6,258 515 1,97024,55924,254 2,210 470 1,380 9,123 178 5,899 144 120 3,283 9,869 Apr. 2.... 6,097 489 1,98023,96323.646 2,252 540 1,193 9,155 17/ 6,076 145 251 3,293 10,989 Apr. 9.... 6,287 534 2,08424,67524,335 2,218 494 1,229 9,174 195 6,114 141 112 3,296 8,487 Apr. 16.... 6,457 504 2,20925,10325,277 2,210 504 1,245 9,177 200 6,141 141 38 3,297 9,651 Apr. 23.... 6,364 520 2,04125,14624,794 2,246 506 1,075 9,184 198 5,810 138 70 3,301 9,578 * Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection. • Monthly and weekly totals of debits to demand deposit accounts except interbank and U. S. Government accounts. MAY 1947 567 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS—BY FEDERAL RESERVE DISTRICTS LOANS AND INVESTMENTS [In millions of dollars] Loans Investments For purchasing U. S. Government obligations or carrying securities Total Comloans mer- Federal Reserve and cial, To brokers To others Cerdistrict and date in m v e e n s t t s - Total i t t a n a c r u g i n d u r a r d u l a i l - - l s , - G U a t l i o i n o o . g b d v n a S - - s t . . de O a c t l s u t i e h e e r r - s i e s - r G U l t o i i o g o b . v a S n - - t . s . O c t s u t i e h e r - s i e - r e l R s o t e a a a n t l e s L 3a o t n o a k n s sO lo th an e s r Total Total Bills o d c n t f e a e i e f d t b i s e i - - t n s s - - Notes Bonds1 O r s i e t t h c ie e u s r - Boston Mar. 26 2,772 901 592 16 11 20 14 93 7 148 1,871 1,774 31 186 94 1,463 97 Apr 2 2,846 954 622 17 11 22 15 102 5 160 1,892 1,794 38 168 91 1 ,497 98 Apr. 9 . . 2,869 959 628 14 10 21 15 102 11 158 1,910 1,809 48 170 90 1,501 101 Apr. 16 2,846 953 622 12 10 21 15 103 11 159 1,893 1,793 39 177 89 1,488 100 Apr. 23 2,847 938 612 13 9 21 15 103 6 159 1,909 1,807 36 195 90 1,486 102 New York* Mar. 26 . . .. 20,409 6,248 4 426 262 253 112 188 191 133 683 14,161 12,923 325 1,277 927 10,394 1 238 Apr. 2 20,363 6,395 4,505 291 270 113 191 192 149 684 13,968 12,742 320 1,060 887 10,475 1,226 Apr 9 20,241 6 379 4 501 306 241 111 188 192 156 684 13,862 12,626 170 1,060 893 10,503 1 236 Apr. 16 . . .. 20,351 6,203 4 439 282 234 110 187 190 73 688 14,148 12,910 457 1,033 834 10,586 1 238 Apr. 23 20,418 6 080 4 350 216 243 111 185 190 98 687 14,338 13,108 495 1,148 846 10,619 1 230 Philadelphia Mar 26 2,232 694 425 2 18 10 7 50 2 180 1,538 1,322 27 155 65 1,075 216 Apr 2 . .. 2,222 689 419 1 18 11 7 51 2 180 1,533 1,317 30 155 58 1,074 216 Apr. 9 2,219 689 418 19 11 7 51 2 181 1,530 1,323 39 152 63 1,069 207 Apr. 16 2,228 692 420 18 11 7 52 2 182 1,536 1,330 48 149 63 1,070 206 Apr. 23 2,229 696 421 1 18 11 7 52 4 182 1,533 1,323 38 155 52 1,078 210 Cleveland Mar. 26 4,615 1,301 720 20 23 89 16 225 208 3,314 3,004 32 334 175 2,463 310 Apt- 2 4,592 1 308 726 21 22 85 16 226 212 3,284 2,971 34 305 171 2,461 313 Apr 9 4,567 1,301 729 15 19 84 16 226 212 3,266 2,954 26 285 166 2,477 312 Apr. 16 4,608 1,314 720 17 19 84 17 228 15 214 3,294 2,982 57 271 166 2,488 312 Apr. 23 4,601 1,303 718 21 20 85 17 228 214 3,298 2,986 57 261 165 2,503 312 Richmond Mar 26 1,860 490 258 5 26 13 82 1 105 1,370 1,283 18 166 76 1,023 87 Apr. 2 1,827 492 258 5 25 13 83 1 107 1,335 1,244 5 151 74 1,014 91 Apr 9 . .. 1,860 493 259 5 24 13 83 1 108 1,367 1,277 23 167 74 1,013 90 Apr 16 1,860 494 256 5 24 16 84 1 108 1,366 1,276 22 166 74 1,014 90 Apr. 23 1,844 493 257 5 24 15 84 1 107 1,351 1,260 13 170 71 1,006 91 Atlanta Mar 26 1,919 587 342 1 7 52 23 45 4 113 1,332 1,172 14 251 115 792 160 Apr 2 . . .. 1,886 584 338 1 7 52 23 45 4 114 1,302 1,143 5 237 111 790 159 Apr 9 1,899 580 337 1 6 50 23 45 4 114 1,319 1,161 22 236 112 791 158 Apr. 16 1,924 577 336 1 5 49 22 45 3 116 1,347 1,189 27 247 118 797 158 Apr. 23 1,910 575 334 1 6 49 23 46 4 112 1,335 1,177 19 246 115 797 158 Chicago* Mar 26 7,919 2,299 1 581 40 33 58 68 264 255 5,620 5,033 130 578 320 4,005 587 Apr 2 7,782 2,325 1 590 45 28 67 67 265 263 5,457 4,878 56 511 306 4,005 579 Apr 9 7 889 2 306 1 584 45 27 55 67 266 262 5,583 5,005 140 544 311 4,010 578 Apr 16 8,060 2,327 1,596 53 28 53 66 267 264 5,733 5,143 202 605 315 4,021 590 Apr. 23 7,968 2,320 1,591 44 28 56 65 269 267 5,648 5,054 55 654 323 4,022 594 St. Louis Mar 26 1,835 716 425 1 6 24 14 107 2 137 1,119 985 12 94 118 761 134 Apr 2 715 422 1 6 24 14 107 1 140 1,098 964 2 87 118 757 134 Apr 9 1,840 708 415 1 6 24 14 108 1 139 1,132 999 38 89 117 755 133 Apr. 16 1,834 705 408 2 6 24 14 109 1 141 1,129 997 32 89 125 751 132 Apr 23 L,836 701 406 1 5 24 14 109 2 140 1,135 1,003 34 84 129 756 132 Minneapolis Mar 26 L, 131 360 214 2 13 6 43 82 771 711 2 43 74 592 60 Apr 2 L,113 357 212 2 12 6 44 81 756 695 2 34 73 586 61 Apr 9 L ,128 356 211 1 12 6 44 82 772 711 18A 34 73 586 61 Apr 16 . . L.120 354 210 1 12 6 44 81 766 706 12W 35 73 586 60 Apr 23 L.118 353 207 2 11 6 44 83 765 704 9 36 73 586 61 Kansas City Mar 26 2,100 570 381 1 3 18 8 65 94 1,530 1,363 37 305 147 874 167 Apr 2 2,087 570 381 3 17 8 66 95 1,517 1,349 45 288 142 874 168 Apr 9 . . 2,106 567 376 3 17 8 66 97 1,539 1,373 69 287 145 872 166 Apr 16 2,125 560 371 3 17 9 66 94 1,565 1,399 81 300 145 873 166 Apr 23 2,112 561 371 3 17 9 66 95 1,551 1,385 65 302 145 873 166 Dallas Mar 26 1,838 753 506 5 36 35 57 1 113 1,085 1,002 27 233 99 643 83 Apr 2 1,820 750 506 5 35 35 57 1 111 1,070 986 35 209 102 640 84 Apr 9 1 826 747 506 5 34 36 58 1 107 1,079 995 40 211 106 638 84 Apr 16 . .. 1,826 739 500 5 34 35 58 1 106 1,087 1,002 32 219 110 641 85 Apr 23 . . .. 1,829 737 498 5 34 35 59 1 105 1,092 1,007 33 223 110 641 85 San Francisco Mar 26 . .. 6,541 2,002 1 200 8 26 54 28 448 1 237 4,539 4,123 83 862 354 2,824 416 Apr 2 6,480 2,008 1,191 11 28 53 26 451 1 247 4,472 4,057 69 826 358 2,804 415 Apr 9 6,487 2,011 1,199 11 27 53 25 458 238 4,476 4,063 92 828 358 2,785 413 Apr 16 .... 6,518 2,017 1 199 10 26 52 25 462 243 4,501 4,087 88 845 364 2,790 414 Apr 23 6,488 2,025 1 202 5 24 52 26 468 247 4,463 4,051 64 834 360 2,793 412 City of Chicago* Mar 26 4,540 1,504 1,171 39 25 39 59 52 119 3,036 2,662 60 281 143 2,178 374 Apr 2 4,437 1,524 1,175 45 22 47 57 52 126 2,913 2,547 4 235 131 2,177 366 Apr 9 4,559 1,504 1,169 45 21 35 58 52 124 3,055 2,689 95 271 135 2,188 366 Apr 16 4,712 1,523 1,181 53 23 33 56 52 125 3,189 2,812 144 324 139 2,205 377 Apr. 23 4,646 1,513 1,178 43 23 36 56 52 125 3,133 2,752 33 363 145 2,211 381 1 Direct and guaranteed. * Separate figures for New York City are shown in the immediately preceding table and for the City of Chicago in this table. The figures for the New York and Chicago Districts, as shown in this table, include New York City and Chicago, respectively. 568 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- Demand d F i e s d tr e ic ra t l a R nd e se 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 va a in s u h lt m b a w a n d e n o i s c t t - k e 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 h a o a a o i e n i r d r l p r r d a s t - - - s - , - , S p s d s t a i i o a u c i o n v t l b a n i d e i - l t - s s - c C h c a o e f e e e i f n t e c f r c r d i d k t s . - i ' s - , U m G e . r o e n v n S - - t . s u p p v n c h a o a o a i n e i d l p r r r r d s a - - - t s , - - , S p s d s t a i i o u a c i o n v l b t a n d i e i - l t - s s - P U m G S e o i a n r . a n o s e n g v t v d n S a - s - - t l . m D ti e o c s - - F ei o g r n - Time r B i o n o w g r s - - c C o i a t a u c a p - n l - ts B d i e a ts b n 2 - k tions tions Boston (6 cities) Mar. 26 452 59 101 2,215 2,191 145 37 105 478 280 21 13 300 736 Apr. 2 479 59 112 2,326 2,301 154 44 93 496 272 23 9 310 824 Apr. 9 479 64 104 2,329 2,295 152 61 98 496 278 22 15 310 780 Apr. 16 502 63 121 2,333 2,340 155 51 98 496 292 21 11 311 790 Apr. 23 500 64 108 2,343 2,300 168 44 86 496 284 20 10 311 747 New York (8 cities)* Mar. 26 3,879 141 11615,60415,817 420 625 6601,989 2,696 1,130 123 2,167 6,980 Apr. 2 3,878 136 19915,58415,806 447 718 5711,997 2,800 1,152 125 2,177 9,719 Apr. 9 3,952 148 11415,35415,537 433 611 5881,996 2,896 1,141 126 2,177 5,993 Apr. 16 3,903 139 13115,48815,895 452 693 5951,993 2,912 1,148 43 2,174 6,992 Apr. 23 3,882 143 11815,75715,891 444 667 505 ,992 2,779 1,160 32 2,174 7,1C0 Philadelphia (4 cities) Mar. 26 417 35 79 1,791 1,871 72 23 86 272 333 9 3 262 654 Apr. 2 415 32 91 1,811 1,882 73 21 73 276 319 10 4 261 779 Apr. 9 421 36 80 1,789 1,849 75 18 80 278 326 10 5 262 557 Apr. 16 423 32 92 1,796 1,898 70 20 81 278 334 10 5 261 611 Apr. 23 425 33 81 1,830 1,878 79 27 70 278 305 10 5 261 638 Cleveland (10 cities) Mar. 26 743 83 181 3,081 3,106 163 46 ,362 448 4 24 493 1,036 Apr. 2 755 81 169 3,070 3,084 168 58 1651,363 461 4 23 492 1,147 Apr. 9 771 85 179 3,050 3,054 164 61 1711,366 466 4 22 493 955 Apr. 16 794 82 195 3,126 3,206 164 62 1741,366 485 4 1 493 1,147 Apr. 23 776 83 184 3,142 3,178 162 56 1501,367 449 4 9 493 1,088 Richmond (12 cities) Mar. 26 321 42 113 1,332 1,345 102 30 75 382 333 6 14 150 496 Apr. 2 350 38 112 1,341 1,346 107 31 65 382 331 5 10 150 535 Apr. 9 330 42 121 1,360 1,372 104 29 68 383 345 6 151 410 Apr. 16 344 39 118 1,363 1,393 102 38 68 382 347 6 151 463 Apr. 23 328 42 117 1,363 1,360 105 38 59 382 315 6 151 471 Atlanta (8 cities) Mar. 26 363 33 153 1,389 1,249 266 19 50 455 442 7 134 504 Apr. 2 365 30 162 1,368 1,237 263 18 44 455 443 7 134 517 Apr. 9 379 33 166 1,373 1,262 252 17 45 456 470 7 134 447 Apr. 16 374 30 172 1,401 1,310 256 16 46 456 463 7 135 504 Apr. 23 362 32 141 1,396 1,271 258 17 41 456 418 7 135 517 Chicago (12 cities)* Mar. 26 1,416 89 327 5,224 5,142 520 80 2792,044 1,508 30 5 630 2,812 Apr. 2 1,176 87 283 4,539 4,509 496 131 2362,044 1,656 29 167 . 631 3,396 Apr. 9 1,399 99 368 5,185 5,133 495 92 2422,050 1,579 28 14 632 2,125 Apr. 16 1,403 92 403 5,383 5,404 510 90 2452,055 1,587 28 1 631 2,426 Apr. 23 1,439 93 372 5,420 5,294 536 86 2,058 1,493 28 632 2,339 St. Louis (5 cities) Mar. 26 339 24 1,147 1,212 83 18 70 379 532 146 475 Apr. 2 325 22 123 1,135 1,204 82 20 61 380 553 146 499 Apr. 9 346 24 107 1,161 1,223 79 18 62 381 562 145 415 Apr. 16 347 22 104 1,161 1,274 78 16 63 382 551 145 460 Apr. 23 330 23 101 1,162 1,232 76 16 54 382 530 146 500 Minneapolis (8 cities) Mar. 26 197 12 80 694 673 112 14 47 237 328 93 328 Apr. 2 198 11 82 703 674 115 13 39 237 327 93 323 Apr. 9 201 12 83 718 688 120 13 40 238 330 93 291 Apr. 16 197 12 82 723 703 114 11 41 238 312 94 328 Apr. 23 204 11 74 726 692 113 11 36 238 303 94 318 Kansas City (12 cities) Mar. 26 434 25 255 1,471 1,442 199 24 72 318 786 162 582 Apr. 2 434 22 255 1,445 1,430 189 26 66 319 802 161 604 Apr. 9 431 24 271 1,467 1,457 181 24 68 319 814 161 522 Apr. 16 437 23 274 1,501 1,505 182 24 66 319 808 161 599 Apr. 23 429 24 264 1,487 1,481 187 25 57 319 798 162 608 Dallas (9 cities) Mar. 26 389 27 223 1,491 1,460 128 34 53 302 472 154 485 Apr. 2 397 24 224 1,484 1,450 140 27 45 303 473 155 460 Apr. 9 406 26 240 1,492 1,462 139 26 47 303 491 155 427 Apr. 16 401 24 252 1,497 1,514 124 26 47 303 492 155 494 Apr. 23 377 27 233 1,485 1,487 125 33 40 303 473 155 484 San Francisco (7 cities) Mar. 26 947 50 277 3,387 3,407 197 106 286 2,177 374 593 1,318 Apr. 2 958 47 281 3,391 3,384 204 110 249 2,183 376 1,280 Apr. 9 958 50 276 3,389 3,385 205 102 249 2,186 390 1,167 Apr. 16 983 48 292 3,441 3,529 194 109 256 2,184 406 2 593 1,340 Apr. 23 961 50 274 3,436 3,449 205 113 220 2,186 380 1 1,338 City of Chicago* Mar. 26 897 25 99 3,042 3,155 179 35 156 855 1,072 2 401 1,539 Apr. 2 654 25 51 2,383 2,520 189 52 131 854 1,204 164 40: 2,311 Apr 9 865 32 157 3,071 3,166 183 134 859 1,116 1 40: 1,320 Apr. 16 868 30 173 3,221 3,373 202 135 862 1,131 40: 1,483 Apr. 23».:..... 892 31 162 3,260 3,311 214 115 864 1,057 1 ,416 • See note on preceding page. 1 Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection. 1 Debits to demand deposit accounts except interbank and U. S. Government accounts. MAY 1947 569 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 J 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 Accept O in w g n banks Bills ( R F F B e e o a d s r e n e o r k r v w a s e l n Others I U m i n n p i t o t o e r d ts E U f x n r p o i o t m e r d ts G s o h o i d p p s p o e s i d t n o t b s r e e i d t n w i e n e n or Total bills bought account) States States United Foreign States countries 1946—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 8 227 208 155 73 82 54 152 23 26 6 December 228 227 169 74 94 58 162 29 29 ? 1947—January 236 241 183 85 98 58 172 35 27 8 February 243 230 171 76 95 59 164 35 24 7 March 266 228 170 75 95 58 158 36 27 7 1 As reported by dealers; includes some finance company paper sold in open market. * Dollar exchange less than $500,000 throughout the period. Back figures.—See Banking and Monetary Statistics, Table 127, pp. 465-467; for description, see p. 427. CUSTOMERS' DEBIT BALANCES, MONEY BORROWED, AND PRINCIPAL RELATED ITEMS OF STOCK EXCHANGE FIRMS CARRYING MARGIN ACCOUNTS [Member firms of New YorkStock Exchjinge. Ledger balances in millions of dollars] Debit balances Credit balances Customers' Debit Debit credit balances1 Other credit balances End of month Customers balances in balances in Cash on debit partners' firm hand Money ba ( l n a e n t) c * es a in n a v d c e c t s o r t a u m d n e i t n s n g t a in n a v d c e c t s o r t a u m d n e i t n s n g t a b n a d n k i s n borrowed2 Free O (n th et e ) r a i I n n n a v d c p e c t a s o r t r a u m t d n n e i t e s n n r g t s' a in n a v d c I e n c t s o r f t a u i m r d n m e i t n s n g t I a n c ( c c n o a e u p t n ) it t a s l 1936—June 1,267 67 164 219 985 276 86 24 14 420 December.. 1,395 64 164 249 1,048 342 103 30 12 424 1937—June., 1,489 55 161 214 1,217 266 92 25 13 397 December.. 985 34 108 232 688 278 85 26 10 355 1938—June 774 27 88 215 495 258 89 22 11 298 December.. 991 32 106 190 754 247 60 22 5 305 1939—June 834 25 73 178 570 230 70 21 6 280 December... 906 16 78 207 637 266 69 23 7 277 1940—June 653 12 58 223 376 267 62 22 5 269 December.. 677 12 99 204 427 281 54 22 5 247 1941—June 616 11 89 186 395 255 65 17 7 222 December.. 600 8 86 211 368 289 63 17 5 213 1942—June 496 9 86 180 309 240 56 16 4 189 December.. 543 7 154 160 378 270 54 15 4 182 1943—June 761 9 190 167 529 334 66 15 7 212 December.. 788 11 188 181 557 354 65 14 5 198 1944—June 887 5 253 196 619 424 95 15 11 216 December.. 1,041 7 260 209 726 472 96 18 8 227 1945—June 1,223 11 333 220 853 549 121 14 13 264 December.. 1,138 12 413 313 795 654 112 29 13 299 1946— April 3895 3 575 3 697 May 3 856 »547 3 669 June 809 7 399 370 498 651 120 24 17 314 July 8 745 3 442 3653 August 3 723 3 377 3 647 September. . 8631 3 305 »729 October 3583 3 253 3 720 November. . 3571 3 238 3723 December... 537 5 311 453 217 693 118 30 10 289 3 533 «?10 • 687 February... 3573 3217 3681 March 3 576 3216 3677 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. » Includes money borrowed from banks and also from other lenders (not including member firms of national securities exchanges). « 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): January, 69; February, 66; March, 65. 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. 570 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 Prime Prime ex- 7 Other 11 Southmo Y w n e e t a h ek r , , or m 4 m p - c o a o e t n p r o m t c e h i - r 6 a , s - l 1 a a b d c n e a a 9 c r c n y s 0 e e ' k s p s - 1 , t- ch n l c a o r a e e a l a w n s - l n 2 l g - e m b o i 3 l n - ls th ' 9 c m - o c e t f a o o r t t n i i e 1 n f t s h i 2 - - - 3 ta n - y x o t e o a t a e b r s 5 le - 1 T 9 o c t i a ti l es Y N C o e it r w y k e E N r c a n o i s t r t i a t e e h n s r - d n W er c n e it s i t a e e n s r d n debted- 1937 average1. 2.59 1.73 2.88 3.25 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 L944 average .73 .44 L00 .375 .79 .33 1941 average., 2.54 1.97 2.55 3.19 1945 average .75 .44 LOO .375 .81 4 .18 1942 average. , 2.61 2.07 2.58 3.26 1946 average .... .81 .61 L.16 .375 .82 .15 1943 average. 2.72 2.30 2.80 3.13 1944 average. 2.59 2.11 2.68 3.02 1946—April .75 .44 LOO .375 81 .12 1945 average. , 2.39 1.99 2.51 2.73 May .... .75 .47 LOO .375 .83 .18 1946 average. 2.34 1.82 2.43 2.85 June .75 .50 LOO .375 .83 L15 July .77 .59 LOO .375 .84 L13 1943—March 2.76 2.36 2.76 3.24 August .81 .71 L.38 .375 .84 L.14 June 3.00 2.70 2.98 3.38 September. .81 .81 L.38 .375 .85 L22 September 2.48 2.05 2.71 2.73 October .88 .81 L.38 .375 .83 L24 December.. 2.65 2.10 2.76 3.17 November. .94 .81 L.38 .376 .84 L.22 December.. 1.00 .81 L.38 .375 .85 L.22 1944—March 2.63 2.10 2.75 3.12 June 2.63 2.23 2.55 3.18 1947—January... 1.00 .81 1.38 .376 .84 1.18 September. 2.69 2.18 3.14 February.. 1.00 .81 L.38 .376 .85 L18 December.. 2.39 1.93 2.65 March.... 1.00 .81 1.38 .376 .82 L17 April 1.00 .81 1.38 .376 .83 L17 1945—March 2.53 2.73 2.91 June 2.50 2.55 2.80 Week ending: September. 2.45 2.05 2.53 2.81 Mar. 29.... 13/16 IK-IK .376 .81 L14 December.. 2.09 1.71 2.23 2.38 Apr. 5 13/16 1 5^—1 "*/ .376 .81 L.16 Apr. 12 13/16 15^—1 J^ .376 .82 L.16 1946—March 2.31 1.75 2.34 2.93 Apr. 19 13/16 IK-IK .376 .83 L18 June 2.41 1.84 2.51 2.97 Apr. 26.... 13/16 IK-IK .376 .83 L17 September. 2.32 1.83 2.43 2.75 December.. 2.33 1.85 2.43 2.76 1 1 M Th o e n t a h v l e y r a fi g g 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 re g v e ai t l i i m ng e r lo a a te n s s . was 1.50 1947—March , 2.31 1.82 2.37 2.80 per cent beginning Aug. 2,1946. Prior to that date it was 1.25 per cent. 1 Rate on new issues offered within period. 1 Prior to March 1939 figures were reported monthly on s basis not * 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, Tablei 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 i [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 to a rs 9 15 y o e v ar e s r and M (h i u p i n g a i h 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 a l x e - e l x y e m ta p x t T ab ax le - Aaa Aa A Baa In tr d ia u l s- R ro a a i d l- u P t u i b li l t i y c Number of issues. 1-5 1-5 1-9 15 5 120 30 30 30 30 40 40 40 1944 average.... 1.94 1.92 2.48 1.86 2.60 3.05 2.72 2.81 3.06 3.61 2.80 3.39 2.97 1945 average.... 61.60 1.66 2.37 1.67 2.54 2.87 2.62 2.71 2.87 3.29 2.68 3.06 2.89 1946 average.... 1.45 (6) 2.19 1.64 2.44 2.74 2.53 2.62 2.75 3.05 2.60 2.91 2.71 1946—April 1.36 88 2.08 L45 2.37 2.67 2.46 2.56 2.69 2.96 2.57 2.78 2.65 May 1.47 (8) 2.19 L54 2.44 2.71 2.51 2.58 2.73 3.02 2.60 2.84 2.69 J Ju u l n y e 1 1. . 4 4 0 3 ( (6 e ) ) 2 2 . . 1 1 6 8 L L. 6 .5 0 5 2 2 . . 4 4 2 1 2 2 . . 7 7 1 1 2 2 . . 4 4 9 8 2 2 . . 5 5 9 9 2 2. . 7 7 2 3 3 3 . . 0 0 3 3 2 2 . . 5 5 9 8 2 2 . . 8 8 5 6 2 2 . . 7 6 0 9 August. .. 1.46 (6) 2.23 .65 2.44 2.73 2.51 2.62 2.74 3.03 2.58 2.89 2.70 September 1.55 () 2.28 .75 2.50 2.79 2.58 2.68 2.80 3.10 2.64 2.98 2.75 October. . 1.56 (*) 2.26 L84 2.51 2.82 2.60 2.70 2.84 3.15 2.65 3.05 2.76 November 1.58 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 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 (8) 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 ?..79 ? .55 ? 64 7 80 3.1.5 2.61 3.02 2.73 April 1.47 CO 2.19 1 .98 2.47 2.78 2.53 2.63 2.81 3.16 2.60 3.03 2.71 Week ending: Mar. 29.... 1.45 (6) 2.18 2.00 2.48 2.78 2.54 2.64 2.80 3.15 2.60 3.02 2.73 Apr. 5 1.46 ( ) 2.19 1.99 2.47 2.78 2.53 2.63 2.80 3.16 2.60 3.03 2.72 Apr. 12.... 1.45 (6) 2.18 1.99 2.47 2.78 2.53 2.63 2.81 3.16 2.60 3.04 2.72 Apr. 19.... 1.48 (6) 2.20 1.98 2.47 2.78 2.53 2.63 2.81 3.16 2.60 3.04 2.71 Apr. 26. .. 1.47 C) 2.20 1.97 2.47 2.78 2.53 2.63 2.80 3.16 2.60 3.03 2.71 i Monthly and weekly data are averages of daily figures, except for municipal bonds, which are based on Wednesday figures. * Standard and Poor's Corporation. * 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. * 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. MAY 1947 571 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SECURITY MARKETS1 Bond prices Stock prices5 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 ) - 3 H gr i a g d h e - Indus- Rail- Public fa D ul e te - d ferred* 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 s s a h n a d r s e s o ) f Total trial road utility Number of issues 1-9 15 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—April 106.61 144.1 124.3 119.9 124.4 119.6 115.8 83.6 204.9 152 156 157 128 1,391 May 104.82 142.1 123.7 119.5 123.9 118.6 116.0 81.8 201.9 154 159 157 129 1,311 June 105.28 142.0 123.9 119.5 123.9 118.7 116.0 83.2 202.4 153 157 162 130 1,086 July 104.87 140.9 124.0 119.1 123.4 118.5 115.3 80.0 204.1 150 153 154 128 936 August 104.11 140.0 123.8 119.0 124.0 117.7 115.4 78.8 203.4 146 150 147 125 946 September 103.25 137.8 122.8 117.4 123.3 114.3 114.7 65.4 196.2 125 129 119 110 2,173 October 103.58 136.0 121.8 115.8 122.2 112.3 112.9 62.7 191.6 122 126 110 107 1,256 November 103.71 136.8 121.6 115.9 122.5 112.7 112.6 63.6 189.3 121 124 113 106 1,191 December 103.87 133.4 121.5 115.9 123.0 112.9 111.9 67.7 186.2 126 129 119 110 1,320 1947—January 104.32 134.4 122.6 116.3 123.5 114.3 111.2 68.3 187.3 125 129 115 111 998 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 April 104.57 133.2 122.8 116.5 123.5 113.2 112.7 64.0 186.5 119 123 102 105 912 Week ending: 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 Apr. 5 104.69 133.0 122.7 116.9 123.6 113.7 113.4 67.2 187.2 124 128 108 107 709 Apr. 12 104.77 133.0 122.8 116.5 123.6 113.3 112.7 65.2 187.2 121 124 104 105 864 Apr. 19 104.48 133.2 122.8 116.4 123.4 113.2 112.4 62.1 186.2 116 120 99 103 1,290 Apr. 26 104.44 133.4 123.0 116.3 123.4 113.0 112.6 62.9 186.2 118 122 101 104 811 1 Monthly and weekly data are averages of daily figures, except for municipal bonds and for stocks, which are based on Wednesday figures. 8 Average of taxable bonds due or callable in 15 years and over. 1 Prices derived from average yields, as computed by Standard and Poor's Corporation, on basis of a 4 per cent 20-year bond. 4 Prices derived from averages of median yields, as computed by Standard and Poor's Corporation. 8 Standard and Poor's Corporation. • Prices derived from averages of median yields on noncallable high-grade stocks on basis of a $7 annual dividend. T Average daily volume of trading in stocks on the New York Stock Exchange Back figures.—See Banking and Monetary Statistics, Tables 130, 133, 134, and 136, pp. 475, 479, 482, and 486, respectively, and the BULLETIN^ for May 1945, pp. 483-490. NEW SECURITY ISSUES [In millions of dollars] For new capital For refunding Total Domestic Domestic Year or month f ( i u a n r n n n e e g d d - w ) - m T e ( a f i o d o e g n s t o r n d a - t - ) i l c 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 n r a p o o n o t n d e r d s a s te Stocks e F i o g r n - 2 m T e ( a f i o d o e g n s t r o n d a - t - ) i l c Total S n m a p t i n a c a u d t i l - e - a F c e g i e r e e a d s n l - 1 - Total Co B n r a p o o n o t n d e r d s a s te Stocks e F i o g r n - 2 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 2S 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 "l 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—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 "is 1947—January.. 636 498 487 215 21 252 208 44 10 139 135 11 22 103 84 18 4 February. •305 249 249 96 34 118 75 44 »56 56 1 24 31 8 22 (») March. . . 855 635 614 293 12 310 265 44 21 220 191 2 50 140 136 4 29 1 Includes publicly offered issues of Federal credit agencies, but excludes direct obligations of U. S. Treasury. 1 Includes issues of noncontiguous U. S. Territories and Possessions. » 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 •ubject to revision. Back figures.—See Banking and Monetary Statistics, Table 137. p. 487. 572 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NEW CORPORATE SECURITY ISSUES 1 PROPOSED USES OF PROCEEDS, ALL ISSUERS [In millions of dollars] Proposed uses of net proceeds Estimated Estimated Year or month gross net New money Retirement of securities proceeds2 proceeds3 Repa o y f ment Other Total P eq la u n ip t m an e d nt W ca o p rk it i a n l g Total 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—March 417 405 99 55 44 287 257 30 2 17 April 682 666 213 148 65 376 320 56 57 21 May 844 825 153 91 62 630 514 116 28 14 June 663 643 245 169 77 317 285 32 14 67 July 720 703 327 198 129 305 265 40 46 25 August 527 518 344 126 219 115 94 21 50 10 267 261 138 101 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 '265 ••260 '206 »-105 '101 34 18 16 15 5 March 450 442 285 153 132 121 110 11 31 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 1937 338 228 110 1 751 89 611 50 1,079 616 373 90 71 57 7 7 1938 54 24 30 1 208 180 943 86 831 469 226 136 16 8 7 1 1939 182 85 97 1,246 43 1,157 47 584 188 353 43 102 9 88 5 1940 319 115 186 18 1,180 245 922 13 961 167 738 56 155 42 9 104 1941 361 253 108 1 340 317 993 30 828 244 463 121 94 55 18 21 1942 47 32 15 464 145 292 27 527 293 89 146 4 4 1943 160 46 114 469 22 423 25 497 228 199 71 21 13 4 4 1944 602 102 500 1,400 40 1,343 17 1,033 454 504 76 107 61 42 3 1945 1,436 115 1,320 2,291 69 2,159 63 1,969 811 1,010 148 206 85 65 56 1946 .... 693 129 560 3 2,052 761 1,207 83 3,355 2,000 903 451 258 113 56 89 1946—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 1 338 181 156 1 325 131 150 44 31 6 25 August 3 3 41 6 33 2 422 326 80 16 53 9 1 42 September.. 19 16 3 111 13 86 12 130 108 9 13 1 1 October 40 21 19 124 108 17 210 71 12 127 3 3 November.. 18 18 61 18 33 10 530 470 48 12 8* 5 3 December.. 47 35 10 2 483 411 72 226 145 17 64 52 32 15 4 1947—January 33 28 5 43 14 26 3 229 136 84 9 11 5 5 1 February... 8 7 2 67 47 18 2 •"119 r95 8 16 '66 r58 6 2 March 12 9 1 2 332 223 107 2 90 52 5 33 9 1 8 r Revised. 1 Estimates of new issues sold for cash in the United States. 2 Gross proceeds are derived by multiplying principal amounts or number of units by offering price. 1 Estimated net proceeds are equal to estimated gross proceeds less cost of flotation, i.e., compensation to underwriters, agents, etc., and expenses. 4Includes 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. MAY 1947 573 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 ta s- - f m er e r t o a u ls s O du th ra e - r F be o v o e d r s - , pr i o n d g uc- In tr d ia u l s- O n t o h n e - r n s e e o rv u - s pr N of e i t ts1 Pre- Comand chin- tomo- tion and ble ages, and chemi- dura- ices 2 ferred mon steel ery biles equip- prod- goods and refin- cals ble ment ucts tobacco ing goods Number of companies. 629 47 69 15 68 77 75 49 45 30 80 74 152 152 152 Annual 1939 1,465 146 115 223 102 119 70 151 98 186 134 122 847 90 564 1940 1,818 278 158 242 173 133 88 148 112 194 160 132 1,028 90 669 1941 2,163 325 193 274 227 153 113 159 174 207 187 152 1,137 92 705 1942 1,769 226 159 209 182 138 90 151 152 164 136 161 888 88 552 1943 1,800 204 165 201 180 128 83 162 186 170 149 171 902 86 556 1944 1,896 194 174 222 190 115 88 175 220 187 147 184 970 86 611 1945 1,925 188 163 243 169 108 88 199 223 187 154 203 989 85 612 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 $47 30 22 43 52 43 37 43 230 22 149 3 475 47 38 55 3 47 28 21 45 56 49 37 52 244 20 137 4 518 55 55 59 »43 28 25 49 64 53 37 50 272 23 184 1945—i 492 49 38 63 «50 31 21 45 62 48 39 45 250 20 142 2 508 53 42 77 •47 27 21 46 64 45 38 47 269 22 145 3 439 37 35 46 «36 23 20 50 61 43 37 53 224 21 143 4 485 49 47 58 »36 27 26 58 37 51 40 58 246 22 182 1946—i 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 3 698 96 32 42 S38 41 41 93 77 67 77 93 310 20 149 4 941 97 108 102 '53 54 56 124 93 77 91 87 471 21 209 PUBLIC UTILITY CORPORATIONS [In millions of dollars] Railroad 4 « Electric power 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 taxs revenue tax* revenue tax8 Annual 1939 3,995 126 93 126 2,647 629 535 444 1,067 227 191 175 1940 4,297 249 189 159 2,797 692 548 447 1,129 248 194 178 1941 5,347 674 500 186 3,029 774 527 437 1 235 271 178 172 1942 7,466 1,658 902 202 3,216 847 490 408 1,362 302 163 163 1943 9,055 2,211 873 217 3,464 913 502 410 1,537 374 180 168 1944 9,437 1,972 667 246 3,615 902 507 398 1,641 399 174 168 1945 8,902 756 450 246 3,681 905 534 407 1,803 396 177 173 1946 7,627 273 289 235 3,828 953 645 454 1,992 275 200 182 Quarterly 1944—l 2,273 458 152 31 930 265 137 98 400 97 42 42 2 . . .. 2,363 508 172 55 890 245 127 105 406 101 43 42 3 2,445 550 176 43 882 207 114 95 409 98 43 42 4 2,356 455 168 116 913 185 129 100 426 104 46 43 1945—i 2,277 430 149 31 966 288 142 101 436 115 46 41 2 2,422 514 199 68 909 230 125 95 444 109 45 44 3 2,230 237 127 28 888 205 119 96 449 103 44 43 4 1,973 -426 -25 118 917 181 148 115 474 70 43 46 1946—1 1,869 39 14 56 970 299 196 107 <• 475 84 54 46 2 1,703 -57 -45 52 920 221 151 110 497 74 53 46 3 2,047 161 128 41 936 207 142 112 502 55 44 45 4 2,008 130 191 85 1,002 226 156 125 519 62 49 45 1 "Net profits" and" "net income" refer to income after all charges and taxes and before dividends. 1 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. 8 For the years 1944 to date, series has been revised to agree with annual data published by the Interstate Commerce Commission. As a result, most quarterly figures differ somewhat from those shown in previous BULLETINS. 8 Class A and B electric utilities, covering about 95 per cent of all electric power operations. Figures include affiliated nonelectric operations. 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). 574 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 e r o e t b s a c t s l t i b n T d e d t i a o e r e r e t r 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 n a e t d e r e t s i b f o i t - - f Tr n e o a t s e u s ry T b re o a n s d u s ry Total2 sa U v . in S g . s T t s a r a e x v a i a s n u n g r d s y S is p s e u c e ia s l b in N e d t a e e o r r b n i e n t - s g t- t g b t e F u e e e a r a u d e r r l i s a l i n y t n n - g - edness bonds n-. tes securities 1940—June.... 42,968 42,376 34,436 1,302 6,383 26,555 3,166 2,905 4,775 591 5,498 D c. 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 2AY\ 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 ,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 ,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 ,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 ,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 ',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 5.421 553 1946—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 ,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 ,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 ,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 ,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 ,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 ,117 378 Nov 262,27: 260,925 180,328 17,000 30,475 13,351 119,32? 56,343 49,709 5,978 24,254 ,352 362 Dec 259,140 257,649 176.613 17,033 29,987 10,090 119,323 56,451 49,776 5,725 24,585 ,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 261,418 258,113 175.410 17,048 28,784 10,090 119,323 57,765 50,717 S.57O 24,938 3; 305 181 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 Apr 257,701 254,427 170,535 16,610 26,294 8,142 119,323 58,612 51,117 5,477 25,280 3,275 171 1 1 T In o c t l a u l d m ing ar k am eta o b u l n e t s p u h b el l d ic b is y s u G e o s v i e n r c n lu m d e e n s t P a o g s e t n a c l ie S s a v a i n n d g s t r a u n s d t f p u r n e d w s a , r w b h o ic n h d s a , g a g n r d e g t a o t t e a d l 6 n , o 3 n 4 m 2 a i r u k u e u t u a u b l U e u u p < u n b » li c u u is s ± u v e ic s u i . n o c x lu , d i* e < s ± # ad . justed 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 APRIL 30, 1947 [In millions of dollars] [On basis of daily statements of United States Treasury. In millions of dollars] Redemp- Funds received from sales during Amount tions and Issue and coupon rate Amount Issue and coupon rate Amount out- .reriou maturities Month standing at end of Treasury bills i Treasury bonds—Cont. month Ml Series Series Series All May 1, 1947 1,312 Dec. 15, 1949-52 2..3J/g 491 series E F G series May 8,1947 1,310 Dec 15, 1949-53 2..2H 1,786 May 15, 1947 1,302 Mar. 15, 1950-52 2 1,963 Fiscal year May 22, 1947 1.312 Sept. 15, 1950-52 2..2^ 1,186 May 29, 1947 1,302 Sept. 15, 1950-52 2 4,939 ending: J J u u n n e e 1 5 2 , , 1 1 9 9 4 4 7 7 1 1 , , 3 3 1 0 5 7 D Ju e n c e . 1 15 5 , , 1 1 9 95 5 0 1 -54 2..2 t M y2 2 1 , , 6 6 3 2 5 7 june—19 19 4 4 0 1 . . . . 4 2 , , 3 90 1 5 4 1 1 4 1 9 0 2 9 203 67 395 1 1 4 1 8 4 June 19, 1947 1,317 Sept. 15, 1951-53 2 7,986 1942.. 10,188 5 994 3 526 435 2,032 207 June 26, 1947 1.308 Sept. 15, 1951-55 2... .3 755 1943.. 21,256 11 789 8 271 758 2,759 848 July 3, 1947 1,303 Dec 15, 1951-53 2..2 }4 1,118 1944.. 34,606 15 498 11 820 802 2,876 2,371 July 10, 1947 1,314 Dec 15, 1951-55 2 510 1945.. 45,586 14 891 11 553 679 2,658 4,298 July 17, 1947 1,108 Mar. 15, 1952-54... 2H 1,024 1946.. 49,035 9 612 6 739 407 2,465 6,717 C J J J J A S O D N F M A e u u u a e e u c p o r e n a l l n p b t t y y g c r v r . e , . . t . . . . . o 2 f 4 1 1 1 1 1 1 1 1 1 1 1 , , , , , , , , , , , , i n 1 1 1 1 1 1 1 1 1 1 1 1 9 9 d 9 9 9 9 9 9 9 9 9 9 4 4 4 4 4 4 4 4 4 4 e 4 4 7 7 7 7 8 7 7 7 7 8 b 8 8 . . t . . e . dness 3 2 3 3 2 2 2 1 1 1 1 1 , , , , . , , , , , , , 2 1 7 7 1 9 1 3 9 2 4 3 7 2 0 2 4 7 4 1 3 8 4 4 5 3 0 1 0 5 2 6 4 1 1 7 J J J J D J S S J J M D D M D u u u u u u u e e e e e e a n a n n n n n n p p c c c c r r e e e e e e e t t . . . . . . 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 , , , , , , , , , , , , , , , 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 5 6 5 5 6 5 5 5 5 6 5 5 5 5 5 9 3 5 3 2 4 6 0 2 9 8 2 6 2 6 - - - - - - - - - - - - - - - 6 6 5 6 6 5 6 6 5 6 5 5 5 5 5 2 8 5 7 0 6 2 5 9 3 4 4 9 5 8 2 . 2 3 2 3 . 2 2 a 2 3 . . . . . . . . . . . . . . . . . . . 2 . . 2 . . 2 . 2 . 2 2 2 2 . . . 2 2 2 } ^ V % l M 1 . H y \ / 2 ^ ^ \ 2 2 4 i 2 2 i % 3 5 3 8 2 5 2 2 1 1 1 , , , , , , , , , , , 4 1 8 2 4 6 8 8 6 9 9 6 5 7 4 1 3 7 8 8 1 1 8 2 2 8 6 2 0 4 8 1 0 4 5 1 9 1 2 5 3 5 2 1 9 1 1 9 9 4 4 6 7 — — J M S A J A O A N D F M J u u a e e p c e p u o a n n l a b p t r c r g y v y e r . . . t . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . p4 4 4 4 4 5 4 4 4 4 5 5 5 8 8 9 9 9 0 0 1 9 9 9 9 0 ,8 , , , , , , , , , , , , 9 0 4 7 7 1 5 3 7 3 9 6 2 1 3 7 1 0 1 4 2 7 4 4 2 8 7 5 7 7 9 7 5 0 6 5 3 4 6 5 5 5 9 5 4 5 4 5 7 6 7 6 7 5 9 9 1 7 7 5 9 1 5 1 8 1 2 0 4 9 6 2 3 4 2 3 6 3 3 3 3 3 5 3 3 2 3 3 3 3 2 4 8 4 3 2 8 0 9 7 4 7 9 1 5 8 7 5 7 6 9 4 0 9 2 4 2 2 2 3 3 2 5 2 2 2 4 2 3 4 9 4 3 1 5 3 0 4 0 1 9 5 2 2 2 3 2 3 2 2 1 1 1 1 1 2 5 2 3 1 7 6 0 3 6 6 7 9 5 0 6 5 7 8 4 9 9 9 5 8 1 6 5 5 5 4 4 4 4 5 4 3 4 4 5 2 1 3 8 7 1 8 8 0 9 5 4 2 1 9 7 2 8 8 9 3 4 8 5 9 Treasury notes J D u e n c e 1 1 5 5 , , 1 1 9 9 6 6 4 4 - - 6 6 9 9 3 * . . . 2 .2 3 Y ^ 2 3 3 , ,7 8 6 3 1 8 Maturities and amounts outstanding April 30, 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 V t \ y / \ 2 2 i 3 2 1 , , ,6 7 7 8 0 4 7 7 8 M J M u a a n r r e . . 1 1 1 5 5 5 , , , 1 1 1 9 9 9 6 6 6 6 5 7 - - - 7 7 7 0 2 1 * 3 3 . . . . . . 2 2 2 H Y ^ 2 5 3 7 , , , 1 4 9 9 8 6 7 1 7 m Y a e t a u r r i o t f y se A ri l e l s S O e D ries 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 3 .. . . . 2 2 V ^ 2 1 2 1 , . 7 6 1 8 6 9 1947 281 281 Oct. 15, 1947-52 2 .4^ 759 1948 506 506 Dec. 15, 1947 2 2 701 Postal Savings 1949 808 808 Mar. 15, 1948-50 2 1,115 bonds 2Y2 116 1950.. 980 980 Mar. 15, 1948-51 2 .2% 1,223 Panama Canal Loan. 3 50 1951 1,583 436 1,147 June 15, 1948 \% 3,062 1952 4,429 4,429 S D e e p c t . 1 1 5 5 , , 1 1 9 9 4 4 8 8 - 2 5 0 2.. 2 .. 2 Y2 4 5 5 7 1 1 Total direct issues... , 170,535 1 19 9 5 5 4 3 1 7 0 , , 9 4 5 0 1 0 6 7 , , 6 6 0 4 2 4 2 5 0 5 7 0 * ' "1 2 , , 1 20 4 7 2" June 15, 1949-51 2 1,014 Guaranteed securities 1955 9,179 6,262 612 2,306 Sept. 15, 1949-51 2 1,292 Federal Housing Admin. 1956 6,777 3,439 689 2,648 Dec 15, 1949-51 2 2,098 Various 46 1957 4,251 1,298 550 2,403 1958 2,937 320 2,617 1959 1,108 146 962 1 Sold on discount basis. See table on Open-Market Money Rates, Unclassified. . -73 p. 571. 2 Partially tax exempt. Restricted. Total 51,117 3,010 30,821 3,074 14,284 MAY 1947 575 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES, DIRECT AND FULLY GUARANTEED [Estimates of the Treasury Department. Par value, in millions of dollars] Held by banks Held by nonbank investors End of month s i b e n T c e t u e a o r r r t e i i a t n s i l g t e - s Total b m C a e n o r k m c s ia - 1 l R F B e e a d s n e e r k r v a s e l Total vi I d n u d a i- ls p I c a n a o n s n m c u ie e r - s - M s b a a v u n i t n u k g a s s l a r c O s a o a s t t o r i n h p o c d e o n ia r - s - S l g e a o t o r n c a n v d a t - e - l a U m nd . e n S t t r . u a G s g t o e v n f e u c r i n e n d s - s tions ments Special Public i i 1940—June 47,874 18,566 16,100 2,466 29,308 9,700 6,500 3,100 2,500 400 4,775 2,305 1941—June 54,747 21,884 19,700 2,184 32,863 10,900 7,100 3,400 2,400 600 6,120 2,375 December 63,768 23,654 21,400 2,254 40,114 13,600 8,200 3,700 4,400 700 6,982 2,558 1942—June 76,517 28,645 26,000 2,645 47,872 17,900 9,200 3,900 5,400 900 7,885 2,737 December 111,591 47,289 41,100 6,189 64,302 23,700 11,300 4,500 11,600 1,000 9,032 3,218 1943—June 139,472 59,402 52,200 7,202 80,070 30,300 13,100 5,300 15,500 1,500 10,871 3,451 December 168,732 71,443 59,900 11,543 97,289 37,100 15,100 6,100 20,000 2,100 12,703 4,242 1944—June 201.059 83,301 68,400 14,901 117,758 45,100 17,300 7,300 25,800 3,200 14,287 4,810 December 230,361 96,546 77,700 18,846 133,815 52,200 19,600 8,300 27,600 4,300 16,326 5,348 1945—June 256,766 105,892 84,100 21,792 150,874 58,500 22,700 9,600 29,900 5,300 18,812 6,128 December 276,246 114,862 90,600 24,262 161,384 63,500 24,400 10,700 29,300 6,500 20,000 7,048 1946—June 268,578 107,883 84,100 23,783 160,695 62,800 25,300 11,500 25,600 6,500 22,332 6,798 1946—July 267,363 106,433 82,800 23,633 160,930 62,900 25,400 11,600 25,100 6,400 23,045 6,666 August 266,729 105,146 81,200 23,946 161,583 62,900 25,400 11,700 25,100 6,400 23,443 6,619 September 264,608 103,549 79,500 24,049 161,059 62,700 25,400 11,700 24,500 6,300 23,854 6,524 October 262,792 101,918 78,400 23,518 160,874 62,800 25,400 11,700 24,200 6,300 24,015 6,419 November 261,286 100,444 76,500 23,944 160,842 63,100 25,300 11,700 24,000 6,200 24,254 6,355 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 February 258,294 95,917 71,800 24,117 162,377 64,500 25,400 12,000 22,900 6,200 24,938 6,374 1 Including holdings by banks in territories and insular possessions, amounting to 100 million dollars on June 30, 1942, and 500 million on Jan. 31, 1947. 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- End of month s T t o i a o n u n t g t a d - l - a m e a c g r n i e e e n d n n s - t - B s F e R e a e r r n e a d v - k l - e s b C m c a o C i n e a 1 m ) r k l - s - b M s t i a n u a n g v a u k s l - - s p I c a n a o n s n m c u i e e - r s - Other End of month s T t o i a o n u n t g t a d - l - a m e a c g r n i e e e n d n n s - t - B s F e R e a e r r n e a d v - k l - e s b C m c a o 0 i n e a m ) k r l - s - b M t i a n u n g a u k s l - s p I c a n a o n n s m c u i e e - r s - Other trust trust funds funds Type of Maturities of security: Treasury T T r o 1 e 1 1 1 1 t a a 9 9 9 9 9 s l 4 4 4 4 4 : u 7 2 6 4 4 5 r — — y — — — J J D D F D a b u D e e e e n i n b l c c c . e e l . s . . . . c . . : . . . . . . . .. . . . . . . 1 1 1 1 1 1 1 8 7 7 9 7 6 6 9 6 5 2 8 6 , , , , , , , 4 6 6 8 4 8 4 2 4 4 5 5 2 9 8 9 3 8 6 0 0 5 6 6 6 6 7 . , , , , 0 3 3 3 3 7 0 5 3 0 3 6 9 2 8 7 2 8 2 2 1 2 1 2 2 4 3 1 3 8 4 3 . , , , , , , 3 8 2 7 9 1 1 5 4 6 4 8 4 1 0 6 2 1 8 3 7 6 7 6 8 6 7 5 4 2 6 2 6 6 , , , , , , , , 8 5 3 9 4 0 1 42 3 5 1 6 7 4 2i 3 0 5 2 8 5 6 1 1 1 1 1 8 1 0 1 1 1 , , , , , , 1 5 4 5 6 2 8 2 9 9 6 2 3 1 5 1 7 0 2 2 2 2 1 2 3 4 4 8 4 4 , . , , , , 1 3 3 7 3 2 8 3 6 4 8 7 . 9 1 6 5 3 4 3 5 4 4 4 4 1 7 1 9 4 3 3 , , , , . , , 0 1 8 0 6 6 1 1 7 3 4 5 7 0 9 5 7 8 6 0 6 W 1- i 1 1 1 1 t 5 9 9 9 9 h b n 4 4 4 4 i y n 4 5 7 6 o o e — — — — n t a 1 e d r F D D D J J s s y s a u : e : e e e e n n b c c c a a e r n : d 1 1 6 7 7 7 5 0 , , , , , , 8 7 8 8 2 1 0 3 0 0 2 1 2 2 2 2 7 9 1 2 8 2 8 2 4 9 3 9 5 9 2 1, , 4 0 6 1 3 1 4 6 7 7 1 7 6 1 2 2 4 4 9 5 4 4 , , , , , , 3 3 4 0 6 9 7 4 0 1 5 5 3 1 0 6 5 6 1 1 1 1 3 8 6 1 6 5 4 1 3 6 6 6 5 4 5 5 2 1 8 9 9 8 7 3 1 1 5 3 1 5 2 2 2 2 2 1 , , , , , , 5 7 5 5 4 7 9 0 9 5 1 6 0 4 1 6 8 1 C Tr e 1 1 e 1 1 1 1 1 r a 9 9 9 t 9 9 9 9 i s 4 4 4 4 4 4 f 4 u i 5 4 7 7 6 6 c 5 r — — — — — — a y — t F e F D D D D J J n T J s D a a e e u e e e o : e u n n b b c c c e n t n c e c e e . s . . . . : . . . . . . . 3 3 2 2 2 3 1 1 1 1 1 9 8 9 0 4 8 7 7 7 7 7 , , , , , , , , , , , 7 4 1 9 8 7 0 0 0 0 0 9 0 5 8 0 8 3 3 4 3 7 1 1 5 7 4 4 3 9 8 7 4 1 5 6 3 6 0 7 8 4 8 2 0 9 1 1 1 1 1 8 6 4 7 7 7 4 4 2 5 5 , , , , , , , , , . , 8 1 8 3 4 1 8 7 4 6 7 8 1 8 8 9 6 3 4 6 5 3 9 3 7 0 6 4 1 5 6 2 0 1 1 1 1 1 1 1 2 8 0 5 1 6 1 1 , , , , , , , , , 2 2 0 0 1 6 1 5 5 1 4 1 2 9 3 9 7 4 8 3 2 7 2 1 1 2 5 6 2 7 9 0 6 2 2 2 2 1 5 9 9 7 4 3 7 1 1 3 3 6 4 4 4 3 5 3 5 7 9 7 6 1 4 7 0 6 0 0 1 1 1 1 1 9 1 0 0 0 0 1 1 1 , , , , , , , , , 2 7 0 4 5 9 4 5 4 8 7 1 2 8 5 2 3 5 6 9 7 6 3 1 8 4 9 9 9 2 6 9 4 5 1 1 - 1 1 1 1 1 1 1 9 9 9 9 9 9 9 9 0 4 4 4 4 4 4 4 4 4 5 7 6 4 5 7 6 y — — — — — — — — ea D F D D D D D J J J J r a u a u e s e e e e e e n n n n b : c c c c c c e e ... 3 3 3 2 3 3 3 3 2 3 3 2 3 7 7 9 9 9 7 5 4 5 , , , , , , , , , , , 8 0 9 2 9 0 5 5 5 2 3 4 2 0 8 6 5 7 7 7 8 7 7 5 9 3 5 5 0 0 0 3 6 5 5 4 5 5 5 5 7 7 4 7 8 2 2 2 1 0 7 8 7 4 8 3 9 5 9 6 8 6 0 8 3 1, 3 2 5 6 8 8 8 1 7 5 3 6 1 3 3 3 9 7 7 9 7 1 6 0 1 5 1 3 2 2 7 2 2 2 2 2 2 1 2 2 1 1 1 1 8 5 6 8 9 8 5 3 6 , , , , , , , . , , , 8 9 0 1 1 9 2 6 3 4 4 7 3 0 5 8 6 5 8 2 7 9 1 3 7 3 6 5 7 5 8 0 0 3 2 2 2 1 1 1 1 , , , , , , , , 6 4 0 0 0 1 0 0 8 7 7 0 4 4 5 4 2 4 8 0 6 0 9 2 8 8 7 3 7 6 1 6 9 3 2 2 2 2 2 2 2 1 1 1 , , , , , , , , , , , 8 9 7 8 8 7 1 8 5 1 1 2 4 0 8 0 8 0 2 3 0 0 2 2 2 1 4 6 6 7 1 1 8 9 5 6 6 5 4 6 6 6 6 6 , , , , , , , , , , , 6 6 7 1 9 0 3 5 5 6 6 3 1 3 5 6 1 6 8 5 3 7 1 6 6 2 3 9 3 9 0 8 3 Tr 1 1 1 e 1 a 9 9 9 9 s 4 4 4 4 u 5 4 7 6 r — — — — y F D D D J b J a e e e e u o n b c c c n n d e. s . : .. 2 2 1 1 1 1 8 2 3 0 0 0 , , , , , , 2 9 0 0 0 0 6 6 3 9 9 9 1 7 9 0 0 0 6 1 9 8 6 6 0 1 2 1 1 , , , 5 7 1 3 3 4 6 4 2 5 5 4 6 8 0 5 5 4 1 1 1 6 6 6 1 5 5 , , , , , , 1 1 0 3 4 7 2 6 9 9 1 0 0 8 6 1 6 1 2 3 2 1 1 1 2 3 1 9 8 7 7 6 1 7 8 9 6 5 5 5 5 6 2 9 9 0 7 6 3 6 8 3 6 8 5 2 2 , , ,7 7 0 2 3 7 6 5 9 5 9 8 4 7 8 8 6 310 1 1 1 1 -2 9 9 9 9 0 4 4 4 4 7 5 4 6 y — — — — ea T F D D D J r u a e s e e e n n b : c c c e 3 3 3 3 2 2 4 7 2 2 3 7 , , , , , , 8 9 1 3 3 2 1 8 8 8 8 8 7 5 9 4 4 3 3 2 2 2 2 , , , , , 9 7 4 9 0 5 7 7 7 9 0 2 5 9 6 8 0 9 1 9 8 4 7 7 7 0 3 5 8 2 8 1 3 3 3 2 2 6 , , , , , , 3 6 3 4 4 9 9 9 3 0 3 2 1 1 3 1 8 8 2 5 5 3 6 5 , , , , , , 3 0 1 5 0 3 1 3 8 2 2 0 1 7 6 6 3 3 1 1 1 1 2 8 1 1 0 2 , , , , , , 8 7 7 2 5 9 0 4 0 3 9 0 3 7 8 3 6 4 1 1 4 9 6 9 1 1 , , , , , , 9 8 7 8 9 8 1 0 8 9 2 5 5 5 9 6 3 8 1 1 1 1 9 9 9 9 4 4 4 4 4 6 7 5 — — - - T D F D D a J e e e e u n b c c c ne.... 1 1 1 1 1 9 1 2 1 1 1 1 9 0 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 9 8 1 7 5 9 2 6 5 3 3 5 1,2 9 7 7 7 7 4 4 5 5 5 5 3 7 5 3 3 3 3 4 4 4 4 4 6 7 8 8 6 8 , , . , , , 3 5 5 4 4 5 3 0 0 1 7 3 5 8 8 4 7 51 1 1 1 1 7 0 0 1 1 1 , , , , , , 7 2 7 1 0 1 1 0 8 4 4 2 7 4 4 3 9 0 2 2 1 2 2 2 2 3 3 3 7 3 , , , , , , 2 3 2 2 0 8 3 0 2 4 7 5 0 7 6 9 3 9 ; :2 3 2 2 2 3 3 0 9 9 9 3 , , , , , ,, 0 7 7 4 5 4 9 6 7 0 0 9 8 4 9 0 8 4 Af 1 1 t 1 1 e 9 9 9 9 r 4 4 4 4 4 5 7 2 6 — — — 0 — F y T D D D J e e a e e e u a b n c c c n rs e : ..., 3 2 1 2 2 2 2 4 2 1 2 2 , , , , , , 3 3 7 1 3 3 7 8 8 7 9 7 2 4 1 2 4 2 2 2 2 2 1 2 , , , , , , 9 7 7 0 1 0 4 7 6 8 0 9 8 6 4 4 3 0 9 5 5 5 7 5 5 7 7 5 8 5 2 2 2 2 2 1 , , , , , , 4 0 6 4 6 5 6 3 3 5 1 5 6 2 3 2 8 0 5 2 2 2 2 , , , , ,3 0 5 5 7 6 2 5 1 0 0 8 1 3 0 9 5 7 1 4 6 6 6 6 1 , , , , , , 6 3 6 9 3 7 2 0 8 2 3 5 1 1 2 5 3 0 1 9 8 8 8 3 0 , , , , , , 3 8 8 3 2 5 1 2 2 5 9 4 3 5 9 4 6 8 Feb... . 22,37 2,091 55 2,653 2,732 6,640 8,202 * Figures include only holdings by institutions or agencies from which reports are received. Data for commercial banks, mutual savings banks and the residual "other" are not entirely comparable from month to month. Since June 1943 the coverage by the survey of commercial banks has been expanded. Figures in column headed "other" include holdings by nonreporting banks and insurance companies as well as by other investors. Estimates of total holdings (including relatively small amounts of nonmarketable issues) by all banks and all insurance companies for certain dates are shown in the table above. 1 Including stock savings banks. On Feb. 28, 1947, commercial banks reporting to the Treasury held 15,136 million dollars of U. S. Government securities due or callable within one year out of a total of 53,750 million outstanding. 2 Including Postal Savings and prewar bonds and a small amount of Guaranteed securities, not shown separately below. 576 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SUMMARY OF TREASURY RECEIPTS, EXPENDITURES, AND RELATED ITEMS [On basis of daily statements of United States Treasury. In millions of dollars] Period W I h n e c i l t o d h m 2 - e O ta t x h e e s r 1 n i c r M n n e e e n t u v l o a i e l e s e u a l r 1 - - - - s S S t r a o e i x c c ty e i u a s - l O ce r t i e h p - e t r s c T e r o i e p t - a t l s ce N i r p e e t - t s* 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 i a s d - v s r e - c T f t o e e r r a u r u a 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 T x u t p u o d e r t g e n a e s l d t - s B ( d u + e u r ) f d p i c g l o u i e t s r t c T e o a r t u c c u n - . s * t t s G b In d a f e d u c l u n e a r n r c e n e d i r r a n c e a s e g 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 1,751 3,711 45,408 44,149 2,609 87,039 556 5,369 95,573 -51,424 — 2,222+10,662+64,307 June 1945.... 10,289 24,884 6,949 1,793 3,82447,740 46,457 3,61790,029 1,646 5,106 100,397 -53,941 +791 +4,529+57,679 June 1946 9,392 21,493 7,725 1,7143,91544,239 43,038 4,722 48,542 1,918 8,532 63,714 -20,677 +524 -10,460+10,740 1946—April 485 1,118 642 65 424 2,734 2,677 174 2,560 200 1,334 4,268 -1,591 +272 -3,433 -2,114 May 966 442 615 285 690 2,998 2,733 106 2,182 95 1,481 3,864 -1,131 +48 -2,398 -1,316 June 650 2,742 615 76 399 4,482 4,4791,395 2,442 5 1,510 5,352 -873 -264 -4,298 -3,161 July 514 974 695 67 349 2,600 2,539 249 1,190 631 1,574 3,644 -1,105 +48 -2,209 -1,152 August 1,070 443 679 302 223 2,717 2,434 122 1,509 13 1,288 2,932 -499 +234 -989 -724 September. 705 2,845 656 89 186 4,481 4,478 648 1,100 32 974 2,755 +1,723 -414 -868 -2,177 October 557 847 752 74 386 2,617 2,544 160 1,481 48 1,276 2,965 -420 + 156 -2,101 -1,837 November. 1,111 332 669 290 236 2,639 2,364 105 1,436 27 961 2,529 -165 + 15 -1,405 -1,255 December.. 766 2,120 722 89 416 4,113 4,107 952 1,580 21 1,110 3,662 +445 -480 -3,163 -3,128 1947—January... 546 2,117 693 58 445 3,860 3,820 343 1,412 71 1,28 3,113 +706 -125 +1,210 +628 February.. 1,376 1,845 666 387 368 4,643 4,378 124 1,457 16 2,318 3,914 +464 +317 +2,422 +1,642 March .... 785 3,865 682 118 275 5,724 5,701 626 1,42; 1,544 3,598 +2,102 -33 -224 -2,294 April 584 1,012 638 75 315 2,624 2,556 141 1,728 2,085 4,001 -1,445 +269 -2,598 -1,423 Details of trust accounts, etc. General fund of the Treasury (end of period) Social Security accounts Net ex- Other Assets penditures in check- 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- c a G o i g n m o u e g v n n e e t c a n s r i c t n e o - 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 a s 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 n a n e n d ra c l e Banks taries « Fiscal year ending: June 1944 3,202 2,816 380 2,874 1,851 1,313 -108 20,775 ,442 18,007 1,327 607 20,169 June 1945 3,239 2.757 453 1,553 3,820 2,444 -938 25,119 ,500 22,622 997 421 24,698 June 1946 2,940 1,261 1,618 95 4,735 2,407 2,817 14,708 ,006 12,993 708 470 14,238 1946—April 135 -60 155 9 326 133 -48 21,293 ,124 19,502 667 359 20,935 May.... 465 72 158 -57 388 165 468 18,859 ,230 16,949 681 323 18,536 June.... 232 359 140 93 469 253 121 14,708 ,006 12,993 708 470 14,238 July 276 103 137 -204 586 331 448 12,444 702 10,961 781 415 12,029 August 492 122 135 -70 108 192 -12 11,431 872 9,842 716 391 11,040 September. . 57 271 112 29 216 46 228 10,524 1,445 8,377 702 353 10,171 October 159 -5 116 -58 155 26 78 8,393 773 6,936 684 323 8,070 November. . 430 87 104 26 127 60 265 6,965 824 5,487 655 300 6.665 December... 71 237 109 -27 125 26 331 3,920 682 2,570 668 418 3,502 1947—January.... 219 45 126 131 123 44 121 5,102 1,620 2,736 746 391 4,711 February... 440 87 123 11 361 41 224 7,478 2,561 3,363 1,554 344 7,134 March 83 201 134 -32 207 17 2 7,233 2,369 3,292 1,571 323 6,909 April. . . . 157 5 133 -60 197 4,707 842 2,317 1,548 395 4,312 r Revised. 1 Details on collection basis given in table below. 2 Withheld by employers (Current Tax Payment Act of 1943). • 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 (—). 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 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 i s ts s p O t r a o t x h f e i e t s r s ta a g x n if d e t s c o e th l t l e a a r x n e e m s o i u s s - Period in C c a o s m h e o C u a t s g h o eo o E m f x in c c e e - ( a s s + s h ) or Fiscal year ending: outgo (—) June 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—March 154 1,883 1,006 1,268 9 84 555 1946 48,103 65,904 -17,800 April . 708 508 157 324 5 66 549 May 1,245 175 82 157 3 64 577 1946—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 March 81 1,967 1,712 80 3 103 541 1947—January 3,948 2,827 +1,121 February.., 5,163 3,690 + t,474 March 5,975 3,352 +2,623 MAY 1947 577 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOVERNMENT CORPORATIONS AND CREDIT AGENCIES [Based on compilation by United States Treasury Department. In millions of dollars] PRINCIPAL ASSETS AND LIABILITIES Liabilities, other than Assets,other than interagency itemsI interagency items Com- Bonds, notes, U. S. Pri- Corporation or agency Loans m ti o e d s, i- I m nv e e n s ts t- s L t a ru n c d - , Undis- Other tu a r n e d s d p e a b y e a n b - le Other G m er o e n v n - - t o v w at n e e ly d Total Cash c a e b i l v e - m p r s a l i u a n i a p e t d l - e s s , - G U r s i e o t . c i v e u S s t - . . O r s i e t t c h ie u e s - r e t m u a q r n e u e d n i s p t , - ch u a te rg d es s a e s- ts b a g F y n u u t a e l U l r e y - . d S. Other li i a ti b e i s l- in e t s e t r- est All agencies: Dec. 31 1945 33,844 925 5,290 2,288 1,683 325 21,017 472 1,845 555 1.113 4,212 27,492 472 Mar. 31 1946 33,325 1,279 5,069 1,918 1,789 285 20,784 460 1,741 536 1,133 4,959 26,218 479 Jurle 30 1946 29,869 1,305 5,381 1 550 1 767 439 17,438 385 1,605 325 1,234 4,939 22,889 482 Sept 30 1946 29,569 1,157 5,949 1,429 1,836 390 16,973 299 1,536 377 1,250 3,377 24,069 496 Dec 31 1946 30.409 1,398 6,649 1,265 1,873 547 16,924 339 1,414 261 1,252 3,58824,810 498 Classification by agency, Dec. 31, 1946 Department of Agriculture:2 Farm Credit Administration: 300 24 231 43 1 33 256 10 Federal intermediate credit banks. 346 22 273 47 4 293 51 Federal land banks 1,114 37 919 136 5 16 756 40 77 240 Production credit corporations.... 117 1 70 46 117 Regional Agricultural Credit Corp. 15 13 1 (3) (3) 14 Agricultural Marketing Act Revolving Fund 2 1 1 (3) 2 Federal Farm Mortgage Corp 133 10 120 3 3 3 127 Rural Electrification Administration. 538 6 527 (3) 5 (2) 538 Commodity Credit Corp 1,284 514 109 463 4 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 «, 21 651 Federal Public Housing Authority and affiliate: D Fe e d fe e n ra se l P H u o b m lic e s H C o o u r s p ingAuthority 53 5 7 7 13 1 278 1 (') 8 22 5 7 6 (3) 3 8 3 1 53 5 4 6 F Fe e d d e e r r a a l l N H a o t u io si n n a g l A M d o m rt i g n a i g s e tr a A ti s o s n ociation. 19 6 6 35 26 6 (3) 122 (2) 1 (3) 13 36 8 15 5 2 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 47 (3) 268 Tennessee Valley Authority 758 19 1 8 727 4 " 9 750 U. S. Maritime Commission: W Ma ar r it S i h m i e p p C in o g m A m d is m si . o a n c a ti c v ti i v t i i t e i s e 5 s .... 3 8 9 3 3 6 8 0 2 1 6 8 5 3 2 3 7 0 2 3 3 7 3 7 0 6 1 4 9 2 8 4 2 2 7 8 0 6 2 7 7 3 6 3 3 7 , , 6 62 6 7 2 All other" 3,263 52 870 14 20 324 1,813 4 168 (3) 73 3,190 CLASSIFICATION OF LOANS BY PURPOSE AND AGENCY Dec. 31, 1946 Purpose of loan b F l a a e n n d k d . s M C F F a o e o r r d r m p t . . . b c i m F n r a a e e t e n t e d d e d k r i i . - s - t f o B t o 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 m r d p i i - t . t y t R A r E t i i f u l d o i e r c m 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 I E o a m o x r n r - t - t k - o A th l e l r a c g A i e e l n l s - 3 a 0 g S , e e a n 1 p l c 9 l t i . 4 e 6 s , To aid agriculture 986 149 273 232 120 528 588 (3) 9 2,884 2,860 T T o o a a i i d d h in o d m u e s t o r w y: ners . 636 22 1 659 704 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 i",249 800' 2,284 1,632 Other 278 232 (3) 113 623 641 Less: Reserve for losses. 67 29 (3) 1 11 (3) 273 13 66 11 478 498 Total loans receivable (net) 919 120 273 231 109 527 315 624 278 293 740 1,241 978 6,649 5,949 1 Assets are shown on a net basis, i.e., after reserves for losses. 2 Federal Surplus Commodities Corp. has been liquidated. 3 Less than 1500,000. 4 Includes U. S. Commercial Company and War Damage Corp. 6 Figures are for Nov. 30, 1946, with the exception of those for lend-lease and UNRRA activities. 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. 578 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] Industrial production Construction (physical volume)* 2 contracts Employment* 1935-39=100 awarded (value)' 1939=100 Depart- M Y a o n e n a d t r h 1 ( I m = v 9 n p a 3 c 1 e a l 5 o n y 0 u - m t - 0 e 3 s ) e 0 1 Total D ab u f l M a r e - c a tu n r u N e d - s u o r n - - M era in ls - Tota 1 l 923 R d - t 2 i e e a 5 n s l i - = - 10 o 0 A th l e l r N t a c u g u o r r l a n - i l - - Factory 1 r F t 9 p o 1 o a 3 a l 0 r c l y y 9 s 0 - 4 = c 1 F a = 9 i r r n 3 1 e l g o 5 i 0 s g a - 1 0 3 h d 9 t - 1 u 9 m s s ( e 3 t a v = o ) e l 5 a * 1 e n r - l 0 e s - 5 t 3 0 9 W p m = c 1 r s h o 1 o i a 9 o c m d l 0 2 e l e i 0 e 6 - s t - 4 y C 1 l = 9 i o v 3 1 s i 5 t 0 r - g 0 o 3 * f 9 able Ad- Ad- Unad- Ad- Ad- Ad- Ad- Ad- Ad- Ad- Ad- Unad- Unad- Ad- Ad- Unad- Unadjusted justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed 1919 72 84 62 71 63 44 79 103 103.2 120 83 138.6 123.8 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 87 142 102.8 103 117.1 152 117 95.3 122.5 1930 109.1 91 98 84 93 92 50 125 '95.7 89 94.7 131 108 86.4 119.4 1931 92.3 75 67 79 80 63 37 84 '86.3 75 71.8 105 97 73.0 108.7 1932 70.6 58 41 70 67 28 13 40 '75.7 64 49.5 78 75 64.8 97.6 1933 68.9 69 54 79 76 25 11 37 '76.1 71 53.1 82 73 65.9 92.4 1934 78.7 75 65 81 80 32 12 48 '84.0 83 68.3 89 83 74 9 95.7 1935 87.1 87 83 90 86 37 21 50 '87.8 88 78.6 92 88 80.0 98.1 1936 101.3 103 108 100 99 55 37 70 '95.1 96 91.2 107 100 80.8 99.1 1937 107.7 113 122 106 112 59 41 74 101.1 105 108.8 111 107 86.3 102.7 1 1 1 1 1 1 1 1 1 9 9 9 9 9 9 9 9 9 4 3 4 4 3 4 4 4 4 1 5 8 2 9 6 3 4 0 , .. P2 2 2 2 1 1 1 1 9 4 3 1 3 7 1 3 0 8 5 9 3 4 3 8 5 3 . . . . . . . . 1 1 5 6 0 4 0 4 P 2 2 2 1 1 1 1 1 3 8 0 3 7 9 0 2 6 5 9 3 9 0 9 9 5 2 P 2 3 3 2 1 2 1 1 0 9 7 5 6 7 3 7 0 1 2 9 3 0 4 9 8 9 P1 1 1 1 1 1 1 1 9 7 6 5 1 4 6 7 0 5 1 5 8 5 2 6 6 9 P1 1 1 1 1 1 1 1 9 2 2 3 3 4 3 1 0 7 5 9 4 7 0 2 7 6 1 1 1 6 8 6 4 6 5 6 2 7 4 1 8 1 8 3 6 2 2 1 4 8 8 4 4 6 2 7 1 5 9 2 0 3 0 6 2 6 2 1 1 1 9 6 3 8 8 6 8 0 4 2 1 5 0 9 1 1 2 9 • 1 1 1 1 1 1 1 ' 1 9 1 3 3 3 3 0 0 3 4 9 4 7 2 1 5 0 8 . . . . . . . . . 6 4 4 0 0 1 8 0 8 - '1 • 1 1 1 1 1 1 1 4 9 3 7 0 7 5 0 5 2 0 2 2 7 7 4 0 1 ' ' 2 2 2 3 3 1 1 1 8 9 6 4 3 4 1 6 0 4 3 6 5 4 5 4 7 0 . . . . . . . . . 7 2 4 4 4 7 5 5 0 1 1 1 1 1 1 1 1 8 0 3 0 3 3 3 3 4 9 1 2 9 0 8 5 7 0 2 1 1 2 1 1 1 1 9 6 4 3 0 6 1 0 8 9 4 9 3 7 8 4 6 6 1 1 1 1 9 8 2 0 0 7 0 7 7 1 8 3 7 7 5 8 4 8 . . . . . . . . 8 1 1 1 8 3 6 6 0 1 1 1 1 1 1 1 1 9 2 3 0 2 1 2 0 0 8 9 9 5 5 6 0 3 0 . . . . . . . . 4 2 5 2 3 5 6 8 4 1944 June 233.9 235 236 354 16*9 142 137.2 172.5 172.2 346.6 139 177 104.3 125.4 July 233.2 230 232 347 165 139 136.7 •171.3 171.9 339.6 14? 186 104.1 126.1 August 234.0 232 235 348 168 142 136.5 •170.7 172.0 343.1 142 187 103 9 126.4 September 232.5 230 234 342 168 143 136.0 169.3 170.1 341.9 139 190 104.0 126.5 October. . . 235.5 232 234 344 169 143 135.5 168.1 168.5 343.8 137 193 104 1 126.5 November. 237.5 232 232 341 173 143 135.4 •167.2 167.7 341.0 141 201 104.4 126.6 December. 239.0 232 230 343 173 137 135.9 168.0 168.3 346.7 137 199 104.7 127.0 1945 January... 241.9 234 230 345 175 140 48 75 136.2 '168.8 '168.2 '347.0 144 198 104.9 127.1 February.. 245.2 236 232 346 176 141 59 96 136.6 '169.3 '168.7 '347.5 139 208 105 2 126.9 March 244.1 235 232 345 176 142 72 118 136.4 '168.3 '167.7 '345.7 145 216 105.3 126.8 April 242.3 230 229 336 174 140 70 112 135.8 '166.0 '165.2 '338.5 141 184 105.7 127.1 May 241.9 225 225 323 173 138 58 89 •134.8 '163.6 '162.5 '324.9 141 190 106.0 128.1 June 244.6 220 220 308 173 144 50 73 134.2 '160.3 '160.0 '321.8 140 203 106.1 129.0 July 243 4 210 211 292 165 143 54 79 132.9 '155.0 '155.6 '306.6 139 215 105.9 129.4 August 236.0 186 188 239 157 140 61 91 •131.8 -150.4 '151.7 '273.6 128 200 105.7 129.3 September 229.0 167 171 194 156 134 69 104 125.8 '130.1 '130.8 '228.7 127 203 105.2 128.9 October... 231.4 162 164 186 154 124 83 121 125.4 '129.5 '129.9 '227.7 213 105.9 128.9 November. 235.7 168 167 191 158 138 94 134 126.5 '130.1 '130.5 '227.7 222 106.8 129.3 December. 234.1 163 161 185 156 133 108 150 127.0 '130.6 '130.9 '231.4 219 107.1 129.9 1946 January... 233.5 160 156 166 161 141 107 61 145 129.0 '133.2 '132.6 '234.1 227 107.1 129.9 February.. 231.7 152 148 138 167 141 136 95 169 127.2 '124.4 '123.9 '214.3 126 250 107.7 129.6 March 234.7 168 164 183 166 137 147 129 161 130.5 '132.6 '132.1 '238.3 139 '258 108 9 130.2 April 236.4 165 163 190 164 104 170 172 168 •132.4 '139.4 '138.5 -"254.8 109 252 110.2 131 May 239.7 159 159 175 161 115 169 179 161 133.5 140.7 '139.6 '253.5 106 258 111 0 131 June 240.9 170 171 193 162 139 174 177 172 134.5 '142.2 '141.9 •"262.8 133 276 112.9 133.3 July 250.6 172 174 202 157 146 165 161 168 134.9 '143.0 '143.6 -"267.1 139 273 124.7 141.? August 252.1 '178 180 208 164 144 158 157 158 136.6 '146.3 '147.7 -"284.4 141 290 129.1 144.1 September 246.6 ••180 184 212 165 146 151 147 155 137.7 '148.6 '149.5 '290.3 138 270 124.0 145.9 October. .. 254.5 ••182 184 214 168 145 145 140 148 138.1 '149.1 -•149.6 -•292.8 139 257 134.1 148.6 November. 259.2 183 183 214 173 136 139 122 152 139.0 '151.5 '•152.0 -•298.2 137 272 139.7 152.2 December. 261.6 182 180 211 174 137 154 143 163 139.3 '152.4 '152.8 -"306.2 140 274 140.9 153.3 1947 January... 263.6 '189 ••185 221 177 146 146 144 148 139.2 '153.4 '152.7 '307.3 150 265 141.5 '153.3 February.. 263.6 189 185 222 176 146 151 152 149 139.6 '154.5 '153.8 -•310.7 142 '269 144.6 '153.2 March P263.0 P186 P223 P175 P147 P133 P133 P133P140.0,P154.4 P153.8 146 P277 149.6 156.3 * Average per working day. P Preliminary. ' Revised. 1 Department of Commerce series on value of payments to individuals. 2 For indexes by groups or industries, see pp. 580-583. For points in total index, by major groups, see p. 599. * Based on F. W. Dodge Corporation data; for description, see p. 358 of BULLETIN for July 1931; by groups, see p. 577 of this BULLETIN. * The unadjusted indexes of employment and pay rolls, wholesale commodity prices, and cost of living are compiled by or based on data of the Bureau of Labor Statistics. Nonagricultural employment covers employees only and excludes personnel in the armed forces. 6 For indexes by Federal Reserve districts and other department store data, see pp. 589-591 . Back figures in BULLETIN.—For industrial production, August 1940, pp. 825-882, September 1941, pp. 933-937, October and 1943, pp. 9S8-984; for factory employment, January and December 1943, pp. 14 and 1187, respectively, and October 1945, p. 1055; for department stores sales, June 1944, pp. 549-561. MAY 1947 579 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 1947 Industry Mar. Apr. May June July Aug. Sept. Oct. No\. Dec Jan. Feb Mar, Industrial Production—Total. 168 165 159 170 172 178 180 182 183 182 189 189 P189 Manufactures—Total 173 176 167 176 177 184 186 188 191 190 196 197 P197 Durable Manufactures 183 190 175 193 202 208 212 214 214 211 221 222 Iron and Steel 169 159 109 154 180 184 185 184 178 159 192 '191 194 Pig iron 168 142 86 144 178 186 184 183 174 152 193 191 194 Steel 176 175 126 167 190 196 195 193 174 206 '207 207 Open hearth. 161 148 98 142 169 170 172 171 163 145 177 174 179 Electric 286 363 319 343 343 381 366 369 404 381 413 r446 412 Machinery 207 225 230 241 243 254 261 268 271 276 276 276 P278 Manufacturing Arsenals and Depots1, Transportation Equipment 209 245 239 238 241 242 240 237 235 235 229 233 P234 Automobiles2 114 161 162 176 182 188 185 187 187 181 190 P191 (Aircraft; Railroad cars; Locomotives; Shipbuilding— Private and Government) x Nonferrous Metals and Products. 139 132 128 137 151 159 172 184 192 197 203 203 P200 Smelting and refining 121 108 105 110 140 150 161 168 175 181 183 188 P191 (Copper smelting; Lead refining; Zinc smelting; Aluminum; Magnesium; Tin)1 Fabricating 147 138 147 155 163 191 203 212 210 (Copper products; Lead shipments; Zinc shipments; Aluminum products; Magnesium products; Tin consumption)1 Lumber and Products . 125 130 133 129 135 137 136 142 141 142 147 P148 Lumber.. . 117 123 123 127 121 126 129 127 135 132 131 137 P138 Furniture. 142 144 142 146 144 152 152 155 157 160 161 P166 Stone, Clay, and Glass Products. 192 190 175 190 192 197 204 200 202 210 r219 219 P218 Glass products 221 214 193 209 218 215 238 227 226 232 245 235 242 Plate glass 136 130 133 119 129 114 161 158 152 135 149 154 159 Glass containers 251 243 213 240 249 251 265 250 251 265 278 263 270 Cement 152 152 127 155 155 159 162 156 162 177 182 -•203 192 Clay products 150 148 140 148 147 150 150 149 150 152 168 164 P162 Gypsum and plaster products... 204 202 187 194 187 215 212 212 215 '219 '228 232 P228 A O b th r e as r iv st e o n an e d a n a d sb c e l s a t y o s p p ro ro d d u u c c ts t 1 s . . . 217 221 222 232 233 242 235 241 252 263 -•271 260 P259 Nondurable Manufactures. 166 164 161 162 157 164 165 168 173 174 177 176 P175 Textiles and Products 162 161 H5 165 145 163 168 174 164 173 P172 Textile fabrics 151 149 153 154 133 152 156 157 163 152 -160 R N C a o y y t l t o o o n n n a d c n e o d l n i v s s e u il r m k ie p s c t o io n n sumption1.... 2 1 4 4 5 7 2 1 4 4 9 4 2 1 5 4 1 9 2 1 4 5 5 2 2 1 3 2 9 7 2 1 4 4 0 9 2 1 4 5 2 3 2 1 4 5 8 5 2 1 5 6 6 4 2 1 5 4 4 1 '2 1 6 6 2 1 2 1 6 6 0 1 P2 1 7 6 O 0 Wool textiles 173 169 174 174 144 173 181 178 181 180 171 177 Carpet wool consumption. . 138 122 134 137 101 137 144 143 161 165 155 172 Apparel wool consumption. 229 224 231 225 192 226 239 230 230 223 214 222 Woolen and worsted yarn. . 174 171 176 175 143 173 180 177 178 175 r166 169 Woolen yarn 176 172 180 178 147 178 183 177 178 171 '160 158 Worsted yarn 171 169 170 170 138 165 176 176 177 180 175 184 Woolen and worsted cloth.. 173 174 176 178 151 176 184 181 181 181 173 179 Leather and Products. 134 131 127 128 103 120 119 117 121 115 H6 119 Leather tanning 120 115 104 107 99 101 101 97 110 110 112 118 Cattle hide leathers 140 135 124 128 117 119 114 103 121 122 127 134 Calf and kip leathers 84 84 75 75 66 70 81 78 91 94 96 98 Goat and kid leathers.... 62 54 49 45 45 49 51 67 70 68 '67 81 Sheep and lamb leathers. 148 134 118 128 125 124 134 141 137 130 117 108 Shoes 144 106 133 117 118 120 142 142 142 131 130 129 Manufactured Food Products. 156 150 162 161 157 P157 153 145 139 136 146 156 W Ca h n e e a t s u f g lo a u r r meltings1 122 120 100 109 127 131 135 135 145 155 162 158 P166 Manufactured dairy products. P122 P120 P129 P136 P137 P143 P146 P146 P147 P148 Pi 49 P153 Butter 59 65 62 62 73 74 79 79 77 79 82 85 Cheese 153 173 166 167 168 169 168 164 172 172 178 185 198 Canned and dried milk... 144 163 163 174 178 173 163 142 143 148 147 152 164 Ice cream P Preliminary. «• Revised. i 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. 580 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 Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec Jan. Feb. Mar. Manufactured Food Products—Continued Meat packing 140 130 120 85 165 138 38 115 163 151 163 159 149 Pork and lard 149 157 151 97 190 141 24 116 179 151 172 165 143 Beef 132 101 90 65 145 139 41 107 150 162 164 167 169 Veal 80 72 68 60 132 134 81 140 160 138 133 121 122 Lamb and mutton. 157 132 94 126 121 110 93 131 116 105 108 104 101 Other manufactured foods 167 164 156 151 153 151 150 154 160 168 Processed fruits and vegetables. 163 165 158 162 175 155 143 167 160 170 157 137 P152 Confectionery 139 132 136 123 109 107 110 123 135 147 138 Other food products 173 169 159 153 154 158 159 156 164 172 171 P166 Alcoholic Beverages. 176 169 155 161 176 174 227 206 213 254 241 223 208 Malt liquor 127 117 109 123 128 123 197 179 194 202 183 157 160 Whiskey 100 96 60 61 65 56 71 68 64 158 188 179 151 Other distilled spirits. . 370 356 352 343 377 426 384 241 191 333 623 695 619 Rectified liquors 401 409 387 367 426 427 461 460 463 426 408 372 314 Industrial Alcohol from Beverage Plants1 Tobacco Products 161 154 163 153 140 155 157 173 169 148 168 158 Cigars 110 109 110 108 99 110 112 127 131 109 112 110 98 Cigarettes 217 205 219 200 181 202 205 226 216 192 208 228 216 Other tobacco products. 65 69 71 76 72 79 76 79 81 72 69 67 66 Paper and Paper Products .^. . 148 146 142 146 136 147 150 152 153 150 156 157 159 Paper and pulp 143 141 138 142 131 142 144 146 147 146 150 151 153 Pulp 156 155 150 161 147 156 162 163 162 159 166 171 Groundwood pulp 98 96 92 99 96 98 101 106 96 98 99 100 Soda pulp 111 112 100 107 101 110 111 108 109 109 109 109 Sulphate pulp 239 235 223 250 229 238 249 244 248 236 25? 260 Sulphite pulp 132 131 133 137 122 132 136 141 139 139 145 150 Paper 141 139 136 139 129 140 142 144 145 144 147 148 151 Paperboard 165 166 160 164 155 169 172 172 175 168 179 181 180 Fine paper 82 85 84 85 72 85 85 89 90 86 83 83 88 Printing paper. 144 144 141 143 127 134 138 144 142 155 153 155 160 Tissue and absorbent paper , 149 143 143 142 138 151 152 155 156 152 148 142 151 Wrapping paper 138 126 128 132 124 135 133 135 136 134 137 137 139 Newsprint 86 86 83 83 84 83 87 85 84 87 89 89 Paperboard containers (same as Paperboard) . Printing and Publishing. 126 124 129 124 129 128 132 130 138 140 Newsprint consumption 108 108 116 121 123 117 119 118 122 125 Printing paper (same as shown under Paper) Petroleum and Coal Products. . '171Pi 66 Pi 74 P178 P182 P181 P179 •277 P178 P180 '185 Petroleum refining2 Gasoline 130 133 138 140 144 149 146 145 148 148 142 143 Fuel oil 172 172 168 170 166 164 165 160 161 167 170 Lubricating oil 141 135 132 146 135 152 153 159 147 154 160 162 Kerosene 183 161 167 175 172 162 155 163 150 162 175 185 Other petroleum products1 Coke 151 113 73 137 160 165 166 167 152 143 172 By-product coke 145 116 75 133 155 159 161 160 148 139 163 165 Beehive coke 337 18 16 276 336 369 352 406 272 278 410 413 Chemical Products. 232 235 231 233 235 237 235 238 243 249 •253 Paints 148 150 143 146 150 153 149 148 150 152 154 P156 Soap 122 121 121 122 120 117 114 111 115 128 131 136 P136 Rayon 256 260 261 256 255 262 267 271 279 281 288 290 P289 Industrial chemicals 382 392 383 389 396 395 395 402 411 422 "429 429 Explosives and ammunition1. Other chemical products1... . Rubber Products.. . 221 219 215 218 211 221 234 234 243 252 247 Minerals—Total. 137 104 115 139 146 144 146 145 136 137 146 146 P147 Fuels 145 108 124 149 153 150 151 150 140 141 151 150 P152 Coal 159 32 73 142 153 149 155 152 118 128 162 151 p\53 Bituminous coal. 168 10 60 156 159 15o 163 160 116 130 173 162 163 Anthracite 125 121 125 86 128 120 125 124 123 121 118 107 113 Crude petroleum 138 154 151 149 149 150 147 146 150 151 146 149 153 Metals. 89 103 107 111 111 117 111 117 122 '117 76 63 78 Metals other than gold and silver. 132 147 148 153 157 169 153 158 166 I ( r C o o n p p or e e r; Lead; Zinc)1 111 89 114 Gold Silver v Preliminary. r Revised. * Series included in total and group indexes but not available for publication separately. 2 This series is in process of revision. NOTE.—For description and back figures see BULLETIN for October 1943, pp. 940-984, September 1941, pp. 878-881 and 933-937, and August 1940, pp. 753-771 and 825-882. MAY 1947 581 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] 1946 1947 Industry Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar Industrial Production—Total... 164 163 159 171 174 180 184 184 183 180 '185 185 P186 Manufactures—Total 170 174 167 176 178 186 rl91 191 192 188 192 193 P194 Durable Manufactures 181 190 175 194 203 210 214 215 214 209 218 219 P221 Iron and Steel 169 159 109 154 180 184 185 184 178 159 192 r191 194 Pig iron 168 142 86 144 178 186 184 183 152 193 191 194 Steel 176 175 126 167 190 196 196 195 193 174 206 '207 207 Open hearth. 2 1 8 6 6 1 3 1 6 4 3 8 31 9 9 8 3 1 4 4 3 2 3 1 4 6 3 9 3 1 8 7 1 0 3 1 6 7 6 2 3 1 6 7 9 1 4 1 0 6 4 3 3 1 8 4 1 5 4 1 1 7 3 7 " 1 4 7 4 4 6 4 1 1 7 2 9 Electric Machinery 207 225 230 241 243 254 261 268 271 276 276 276 v278 Manufacturing Arsenals and Depots l Transportation Equipment. 209 241 238 241 242 240 237 235 235 229 233 v234 Automobiles2 114 167 176 182 187 190 (Aircraft; Railroad cars; Locomotives; Shipbuilding- Private and Government)! Nonferrous Metals and Products. 139 132 128 137 150 159 172 192 203 203 v200 Smelting and refining 121 108 105 110 139 150 182 P191 (Copper smelting; Lead refining; Zinc smelting; Aluminum; Magnesium; Tin)1 Fabricating 141 138 155 163 191 198 203 (Copper products; Lead shipments; Zinc shipments; Aluminum products; Magnesium products; Tin consumption)1 Lumber and Products. 120 129 131 137 144 147 142 139 Lumber.. . 108 122 126 138 133 140 144 136 131 114 107 118 '126 Furniture. 142 144 142 146 144 152 152 155 157 160 161 167 '166 Stone, Clay, and Glass Products 184 187 180 191 193 204 212 209 207 203 208 205 >209 Glass products 221 214 204 207 211 223 242 232 228 218 241 229 242 Plate glass 136 130 133 119 129 114 161 158 152 135 149 154 159 Glass containers 251 243 228 237 239 261 270 258 254 247 273 255 270 Cement 125 145 134 166 171 179 188 181 175 161 148 154 157 Clay products 143 144 140 147 147 154 155 158 155 158 156 P155 Gypsum and plaster products... 197 198 190 198 187 215 216 218 219 224 218 P219 A O b th ra er s i s v t e o n a e n d a n a d sb c e l s a t y o s p r p o r d o u d c u t c s t x s . . 217 221 222 232 233 242 235 241 252 263 •2 VI 260 P259 Nondurable Manufacture. 162 161 160 162 15) 166 172 172 174 172 172 171 P171 Textiles and Products.... 165 163 174 173 172 Textile fabrics 151 149 153 154 133 152 156 157 163 152 '160 P158 Cotton consumption 147 144 149 152 127 149 153 155 164 141 161 160 Rayon deliveries 245 249 251 245 239 240 242 248 256 254 "262 260 P27O Nylon and silk consumption *.. . Wool textiles 173 169 174 174 144 173 181 178 181 180 171 177 Carpet wool consumption. . 138 122 134 137 101 137 144 143 161 165 155 172 Apparel wool consumption. 229 224 231 225 192 226 239 230 230 223 214 222 Woolen and worsted yarn. . 174 171 176 175 143 173 180 177 178 175 166 169 Woolen yarn 176 172 180 178 147 178 183 177 178 171 160 158 Worsted yarn 171 169 170 170 138 165 176 176 177 180 175 184 Woolen and worsted cloth.. 173 174 176 178 151 176 184 181 181 181 173 179 Leather and Products. 134 131 127 127 101 119 118 117 123 114 116 123 Leather tanning 119 114 105 104 94 100 99 98 114 110 113 127 Cattle hide leathers 140 135 124 123 110 115 111 104 126 122 130 145 Calf and kip leathers 82 81 72 77 66 73 80 80 94 92 95 102 Goat and kid leathers.... 62 56 48 46 45 47 51 67 68 68 '67 84 Sheep and lamb leathers. 144 131 127 127 116 127 131 141 145 124 109 119 Shoes 142 142 133 131 130 129 117 118 120 144 142 106 Manufactured Food Products. 139 137 164 164 158 158 157 149 140 vl40 139 137 161 Wheat flour 116 96 130 147 143 146 153 162 160 P163 Cane sugar meltings l 119 104 125 Manu B f u a t c t t e u r red dairy products.. PlO 5 l 4 P1 6 34 6 P1 8 60 0 P18 8 9 6 P1 8 97 9 P17 8 5 1 P15 7 1 6 P1 6 2 8 0 59 P 6 95 2 P 6 95 8 71 P12 7 7 7 * Cheese 138 180 222 237 20/ 1F9 171 148 129 124 132 151 178 Canned and dried milk. . . 141 184 227 240 207 1/9 150 115 103 114 119 137 161 Ice Cream P Preliminary. r Revised. l 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. 582 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION, BY INDUSTRIES—Continued (Without Seasonal Adjustment) [Index numbers of the Board of Governors. 1935-39 average = 100] 1946 1947 Industry Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb Mar Manufactured Food Products—Continued Meat packing , 129 120 120 84 154 122 37 117 181 175 191 152 138 Pork and lard 138 143 151 97 167 108 19 109 210 199 225 162 133 Beef 120 95 90 63 147 141 44 117 156 162 168 153 154 Veal 75 71 70 60 132 132 89 160 172 130 124 106 115 Lamb and mutton. 154 128 96 117 116 107 100 136 116 103 115 105 99 Other manufactured foods 148 145 140 141 162 173 188 173 166 164 150 '143 '142 Processed fruits and vegetables. . 89 101 103 125 228 255 315 216 147 132 102 86 Confectionery 129 110 104 91 89 115 142 161 159 149 142 Other food products 166 162 156 154 157 161 163 164 172 175 165 159 Alcoholic Beverages. 162 164 157 174 187 174 237 221 196 210 206 187 Malt liquor 118 123 124 154 160 141 199 166 149 161 150 142 149 Whiskey 100 96 60 61 65 56 71 68 64 158 188 179 151 Other distilled spirits. 241 214 211 213 219 230 526 624 401 366 405 417 403 Rectified liquors 401 409 387 367 426 427 461 460 463 426 408 372 314 Industrial Alcohol from Beverage Plants1 Tobacco Pi oducts 152 147 164 159 145 161 179 172 138 157 160 J49 Cigars 110 109 110 108 99 110 112 127 131 109 112 110 98 Cigarettes 202 190 219 210 190 212 219 235 221 177 208 215 201 Other tobacco products. 65 69 71 77 72 77 81 85 83 63 68 65 66 Paper and Papei Products. 148 146 142 147 136 147 150 152 153 150 156 157 159 Paper and pulp 143 141 138 142 131 142 144 146 147 146 150 151 Pulp 157 156 151 162 146 154 160 162 162 159 167 171 153 Groundwood pulp 105 106 100 100 86 86 90 98 101 99 103 104 Soda pulp 111 112 100 107 101 110 111 108 109 109 109 109 Sulphate pulp 239 235 223 250 229 238 249 244 248 236 252 260 Sulphite pulp 132 131 133 137 122 132 136 141 139 139 145 150 Paper 141 139 136 139 128 140 142 144 145 144 147 148 151 Paperboard 165 166 160 164 155 169 172 172 175 168 179 181 180 Fine paper 82 85 84 85 72 85 85 89 90 86 83 83 88 Printing paper 144 144 141 143 127 134 138 144 142 155 153 155 160 Tissue and absorbent paper 149 144 143 145 133 151 152 156 156 147 147 147 151 Wrapping paper 138 126 128 132 124 135 133 135 136 134 137 137 139 Newsprint 86 83 84 82 82 87 85 85 85 89 89 Paperboard containers (same as Paperboard) . Printing and Publishing. 129 129 126 129 115 123 128 135 135 141 145 Newsprint consumption 114 114 112 115 104 111 119 125 129 126 129 Printing paper (same as shown under Paper). . Petroleum and Coal Products. P171 P!63 Pi 74 Pi 78 P!82 P181 P179 H77 P180 Petroleum refining 2 Gasoline 130 133 138 140 144 149 146 145 148 148 142 143 P139 Fuel oil. 172 172 168 170 166 164 165 160 161 167 '166 170 Lubricating oil 139 141 137 146 133 151 153 159 147 152 155 160 Kerosene 187 165 169 164 160 155 154 163 155 167 179 194 Other petroleum products1. Coke 151 113 73 137 160 165 166 167 152 143 171 172 By-product coke 145 116 75 133 155 159 161 160 148 139 163 165 Beehive coke 337 18 16 276 336 369 352 406 272 278 410 413 P409 Chemical Products. . 234 237 231 231 232 233 240 252 P254 Paints 148 151 147 150 149 151 148 148 149 152 154 P156 Soap 1.22 119 117 119 119 119 119 116 116 128 134 P136 Rayon 256 260 261 256 255 262 267 271 279 281 288 290 P289 Industrial chemicals 382 392 383 389 396 395 395 402 411 422 r429 429 P429 Explosives and ammunition * Other chemical products x. . . Rubber Products. . . 221 219 215 218 211 221 234 234 252 247 246 Min era Is—Total. 130 99 115 141 150 147 149 147 135 132 '141 141 P142 Fuels. 145 108 124 149 153 150 151 150 140 141 151 150 P152 Coal. 159 32 73 142 153 149 155 152 118 128 162 151 i 53 Bituminous coal. 168 10 60 156 159 156 163 160 116 130 173 162 163 Anthracite 125 121 125 86 128 120 125 124 123 121 118 io; 113 Crude petroleum 138 146 149 153 154 151 149 149 150 147 146 151 150 Metals. 44 46 62 95 126 132 136 126 105 76 80 P82 P83 Metals other than gold and silver. 56 61 89 143 188 189 192 180 144 92 97 104 ( I C ro o n p p o e re r; Lead; Zinc)1 28 58 116 233 295 282 282 252 174 58 69 73 'hi' Gold 54 56 Silver 55 65 p Preliminary. r Revised. J Series included in total and group indexes but not available for publication separately. * This series is in process of revision. NOTE.—For description and back figures, see BULLETIN for October 1943, pp. 940-984, September 1941, pp. 878-881 and 933-937 and Ai-e 1940. pp. 753-771 and 825-882. MAY 1947 583 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 1946 1947 1946 1947 Feb. Mar. Nov. Dec. Jan Feb Mar. Jan. Feb. Mar. Nov. Dec. Jan. Feb. Total -123.9-132.1-152.0-152.8-1527-1538 153.8 -234.1-214.3-238.3-298.2-306.2-307.3-310.7 Durable goods '125.2'141.7-176.7 -•177.0'178 o'180 1 180.6 '249.9 '204.2'244.8 '331.1 '337.3 '339.8'344.5 Nondurable goods '122.8 '124.4'132.5 '133.6 '132 9'133 1 132.7 '218.7'224.1 '232.1 '266.0 '275.8 '275.5 ''277.7 Iron and Steel and Products -88.4-132.4-154.9-153.4-1565-1575 158.2 -223.7-132.6-225.1 -280.8-276.2-287.9-287.8 Blast furnaces, steel works, etc 44 117 124 120 124 124 173 48 189 209 194 209 209 Steel castings 87 129 170 171 168 165 264 149 213 316 315 303 293 Tin cans and other tinware 91 105 130 131 131 130 2C8 149 178 233 245 243 239 Hardware 108 112 139 139 140 143 203 196 209 282 286 289 298 Stoves and heating equipment 95 103 134 132 136 137 197 159 182 265 265 277 274 Steam, hot-water heating apparatus 114 121 170 168 174 173 239 204 218 328 313 331 332 Stamped and enameled ware 106 119 151 152 153 155 228 192 219 303 321 318 318 Structural and ornamental metal work 91 129 160 161 162 163 194 134 211 275 293 288 294 Electrical Machinery -136.1-146.6-227.6-230.6-230.6-232.0 230.9 -313.5-214.2-232.3 -416.0-430.2-424.6-422.5 Electrical equipment 93 103 172 174 175 176 259 139 1'55 308 317 317 314 Radios and phonographs 149 157 210 215 213 213 272 272 286 427 448 423 418 Machinery except Electrical -163.0-172.3-217.7-219.6-221.0 -22 3.0 224.8 -308.5-264.0-287.3 -390.1-399.9-405.4-408.3 Machinery and machine-shop products 146 155 187 188 188 190 273 239 258 337 347 349 349 Engines and turbines 133 135 245 245 244 244 371 231 231 492 501 492 493 Tractors 81 129 172 174 175 176 249 105 199 270 271 273 274 Agricultural, excluding tractors 107 109 156 161 164 167 234 166 170 281 291 296 310 Machine tools 160 156 165 165 163 161 262 258 257 286 291 283 279 Machine-tool accessories 181 182 206 205 204 199 284 279 291 343 351 343 333 Pumps 196 202 241 243 243 245 395 350 359 451 468 467 485 Refrigerators 125 125 183 186 194 191 164 168 200 302 306 346 325 Transportation Equipment, except Autos -305.1-299.9-292.4-298.2-298.2 -298.4 299.4 -579.3-509.4-525.5-531.1-571.2-564.1-559.3 Aircraft, except aircraft engines... 296 294 369' 365 365 360 514 521 524 680 683 675 674 Aircraft engines 239 252 330 326 335 325 357 369 384 484 534 542 513 Shipbuilding and boatbuilding. 329 316 193 206 205 204 603 530 549 337 399 394 376 Automobiles. .. -106.8-115.3-193.3-192.3-187.7-196.5 197.4 -159.1-147.6-173.0-325.7-328.9-321.1-337.3 Nonferrous Metals and Products -128.2-141.4-184.0-185.8-186.9 -188.9 187.9 -262.5-226.9-252.1-345.3-356.3-354.8-361.0 Primary smelting and refining. 118 105 142 145 146 150 216 204 182 257 271 270 282 Alloying and rolling, except aluminum 107 113 160 162 162 164 254 192 200 290 302 301 308 Aluminum manufactures 111 178 216 218 218 216 269 182 299 374 385 384 377 L umber and Timber Basic Products -116.0-118.6-142.4-140.8-140.8 -142.2 143.5 -194.4-205.6-219.1-284.7-290.6-292.2-310.4 Sawmills and logging camps 70 72 82 80 79 80 118 123 132 164 164 163 176 Planing and plywood mills 91 91 106 105 106 106 149 161 165 205 215 216 218 Furniture and Lumber Products -112.7-114.6-127.7-129.6-131.8 -134.6 134.3 -201.1-208.9-217.9-268.5-279.1-282.1-292.3 Furniture 95 97 106 108 109 Ill 169 177 184 223 231 235 243 Stone, Clay and Glass Products -124.7-128.3-143.9-144.4-144.9 -144.5 144.2 -190.4-210.0-223.1-274.8-281.6-280.0-278.4 Glass and glassware 142 146 149 149 149 146 192 237 247 277 283 283 271 Cement 94 99 121 122 122 121 135 142 155 207 209 198 201 Brick, tile, and terra cotta 93 96 110 110 111 111 155 158 169 222 225 227 227 Pottery and related products 130 132 147 149 150 152 196 210 217 263 274 270 279 Textile-Mill and Fiber Products -100.6-102.2-107.6-108.6-1086 -109 1 108.3 -189.6-202.5-211.4-246.0-253.7-254 3 -262 0 Cotton goods except small wares.. 110 112 118 118 119 119 217 230 242 294 301 304 309 Silk and rayon goods 74 75 79 80 80 80 149 158 164 191 198 201 207 Woolen and worsted manufactures 103 106 109 110 109 109 207 227 234 243 253 252 275 Hosiery 69 70 74 75 75 76 116 125 129 155 158 156 158 Dyeing and finishing textiles 93 94 97 97 99 99 168 178 181 202 210 215 217 Apparel and Other Finished Textiles. . . -123.7-126.4-134.6-136.6-138.1 -141 7 142.0 -224.2-2 36.1-259.1-283.2-292.7-302.4-315.5 Men's clothing, n.e.c 85 87 93 94 94 95 148 158 170 207 211 209 210 Shirts, collars, and nightwear 73 74 81 82 82 -85 136 148 153 188 198 193 199 Women's clothing, n.e.c 79 80 77 78 79 82 149 153 173 154 159 172 183 Millinery 86 88 68 73 78 84 147 153 170 100 117 140 166 Leather and Leather Products -101.1-103.1-102.9-104.4-1060 -106.5 106.2 -186.5-195.9-20 3.6-201.6-218.3-220.6-222.9 Leather 95 93 87 91 92 92 163 165 164 161 175 179 186 Boots and shoes 86 88 88 89 92 92 164 174 183 178 195 198 199 Food and Kindred Products -124 1 -122.8-133.5-133.3-1284 124.2 123.5 -218.3-214.7-209.7-252.0-263.3-256.4-243.0 Slaughtering and meat packing... 126 122 115 125 128 124 218 199 191 216 237 268 238 Flour 127 122 125 124 123 124 228 242 214 256 268 268 262 Baking 110 110 108 110 108 106 180 181 183 199 209 201 195 Confectionery 103 106 115 118 114 114 191 183 186 227 241 226 230 Malt liquors 154 143 148 149 146 145 228 238 200 237 252 236 234 Canning and preserving 67 63 98 86 70 61 144 137 132 213 201 158 138 Tobacco Manufactures -87.3 -87.9 -97.6 -98.3 -961 -954 91.9 -166.7-165.2-171.3-212.7-222.0-209.4-201.0 Cigarettes 116 117 126 126 124 122 201 194 202 247 255 242 234 Cigars 72 73 83 84 82 83 146 149 156 194 207 195 186 Paper and Allied Products -132.5-134.4-144.3-145.7-1456 -1459 145.8 -224.3-228.0-235.4-276.6-284.5-284.3-287.4 Paper and pulp 116 118 124 125 125 126 198 204 208 240 245 246 251 Paper goods, n.e.c 121 123 128 127 126 127 202 205 212 240 249 246 247 Paper boxes 120 121 133 134 132 131 204 204 213 255 262 258 257 - Revised. NOTE.—Revised indexes shown here for major groups and totals were released by the Bureau of Labor Statistics in April 1947. These indexes have been adjusted to final 1945 data made available by the Bureau of Employment Security of the Federal Security Agency. Back data and data for industries not here shown are obtainable from the Bureau of Labor Statistics. Underlying figures are for pay roll period ending nearest middle of month and cover production workers only. Figures for March 1947 are preliminary. 584 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 1947 1946 1947 Feb. Mar. Nov. Dec. Jan. Feb. Mar. Jan. Feb. Mar. Nov. Dec. Jan. Feb. Printing and Publishing rll6.2 nn .7 r126.6 '127.9 '127.2 '128.1 129.0 '172.2 '177.4 '183.8 '214.0 '223.9 '219.6 '221.7 Newspaper periodicals . ... 105 107 114 115 114 116 144 149 154 182 190 185 191 Book and job 121 122 131 132 132 131 189 194 200 228 239 235 234 Chemicals and Allied Products rl85.8 '187.3 '190.9 '192.5 '195.6 '197.0 196.5 r310.7 '310.7 '317.0 '345.0 '357.0 '362.9 '372.5 Drugs, medicines, and insecticides. 186 186 195 196 199 198 281 297 301 342 351 355 365 Rayon and allied products 124 124 122 121 122 122 197 197 200 215 216 220 236 Chemicals nee 165 166 173 177 179 179 273 273 276 301 313 321 324 Explosives and safety fuses . . . 212 200 175 177 185 188 361 325 310 283 299 320 308 Ammunition, small arms 198 194 160 156 156 155 428 384 377 332 327 332 334 Cottonseed oil 101 92 135 124 114 108 253 215 198 341 327 295 281 Fertilizers ... 152 168 118 123 137 149 283 336 387 277 305 328 361 Products of Petroleum and Coal r134.2 r140.4 r146.6 r146.1 r145 3 r146 0 144.6 '226.7 '227 1 r237.2 '252.6 '250.9 '253.9 '256 8 Petroleum refining 132 133 136 136 135 135 211 217 218 227 230 228 229 Coke and by-products 91 115 118 115 118 120 192 162 210 216 197 221 229 Rubber Products r174 ? '178.7 '198.8 '200.1 '198.8 '198.2 196.2 '286.0 '287.7 r298.2 r377.4 '392.2 '386.3 '386.0 Rubber tires and inner tubes 187 192 207 206 204 201 273 272 281 360 369 361 358 Rubber goods, other 129 132 147 149 148 148 232 234 242 292 309 303 305 Miscellaneous Industries r156 8 r161 9 '182 0 r183 2 r179 2 r180 8 181 1 r273 6 r280 6 '295 7 r354 0 r363 3 '316 6 '319 8 Instruments scientific 201 205 176 184 182 182 330 322 346 311 335 330 326 Photographic apparatus 130 136 147 147 147 146 199 205 215 253 253 254 250 For footnotes see p. 584. FACTORY EMPLOYMENT {Adjusted for Seasonal Variation) [Index numbers of the Board of Governors, 1939=100] Group and year Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Annual Total. .1945.. 168.8 169.3 168.3 166.0 163.6 160.3 155.0 150.4 130.1 129.5 130.1 130.6 151.8 1946 133.2 124.4 132.6 139.4 140.7 142.2 143.0 146.3 148.6 149.1 151.5 152.4 142.0 1947 ... . 153 4 154 5 P154 4 Durable.. .1945 227.4 228.2 226.2 221.8 216.7 209.8 201.1 192.7 148.2 146.2 146.9 145.1 192.5 1946 148.4 125.8 142.2 156.2 159.2 162.3 165.2 169.7 172.7 173.8 176.4 177.1 160.8 1947 . 178.6 180 7 P181 2 Nondurable. . 1945 122.6 122.9 122.6 122.1 121.8 121.2 118.7 117.2 115.8 116.4 116.9 119.2 119.7 1946 121.2 123.4 125.1 126.1 126.2 126.3 125.6 127.8 129.6 129.7 131.8 133.0 127.2 1947 133.6 133.8 P133.4 P Preliminary. NOTE.—Revised indexes based on new Bureau of Labor Statistics data released in April 1947. Back figures from January 1939 may be obtained from the Division of Research and Statistics. HOURS AND EARNINGS OF PRODUCTION WORKERS,IN MANUFACTURING INDUSTRIES [Compiled by the Bureau of Labor Statistics] Average hours worked per week Average hourly earnings (cents per hour) Industry group 1946 1947 Jan. Feb. Oct. Nov. Jan. Feb. Jan. Feb. Oct. Nov. Dec. Jan. Feb. All manufacturing. . 41.0 40.5 40.5 40.2 40.9 40.6 40 4 100.4 100.2 113.0 113.9 114.8 116.1 117.0 Durable goods. 40.8 40.0 40.7 107.0 106.4 120.2 121.0 121.6 122.5 122.9 Iron and Steel Products 41.1 39.1 40.3 40.1 40.0 109.5 108.4 123.9 124.7 124.8 126.2 125.9 Electrical Machinery 41.3 40.3 40.7 40.6 40.5 39.9 105.3 102.9 118.6 119.1 119.5 120.0 120.3 Machinery Except Electrical 42.0 41.4 41.5 40.9 41.4 113.9 114.7 126.6 127.3 127.7 128.3 129.0 Transportation Equipment Except Autos 40.0 39.0 40.0 38.4 40.6 123.1 123.4 135.9 136.4 136.2 135.5 136.3 Automobiles 37.5 34.5 38.8 38.6 39.4 38.9 38.8 123.0 124.8 137.6 139.4 139.5 139.1 140.1 Nonferrous Metals and Products 43.3 43.2 40.9 40.9 41.7 41.1 41.1 106.6 109.1 119.5 120.4 121.0 121.9 122.3 Lumber and Timber Basic Products 38. 40.1 41.9 40.6 41.7 40.7 42.1 83.0 83.6 93.6 93. 93.1 96.3 97.9 Furniture and Finished Lumber Products 41.8 42.3 42.2 41.7 42.2 41.8 42.0 86.4 87 1 99.0 99.9 100.7 101.4 102.0 Stone, Clay, and Glass Products 40.7 41.1 40.6 40.3 41.0 40.2 94.2 96.7 109.6 111.4 111.9 112.4 112.9 Nondurable goods 41.2 40.9 40.2 40.3 41.1 40.6 40.4 94.1 95.3 105.6 106.5 107.7 109.3 110.6 Textiles—Mill and Fiber Products 40.4 40.5 40.2 4G. 2 40.9 40.5 40.4 80.3 83.3 94 95.5 95.9 97.0 99.7 Apparel and Other Finished Products. . . 36.7 36.5 36.8 36.6 37.0 36.7 37.0 90.6 92.2 99.7 99.8 100.6 103.7 104.9 Leather and Manufactures 39.9 40.4 37.5 37.1 39.1 39.2 39.4 90.4 90.7 98.7 100.4 101.8 102.5 102.3 Food and Kindred Products 44.9 44.3 42.4 42.9 44.4 43.6 42.7 92.1 92.4 103.5 104.6 105. 108.4 108.7 Tobacco Manufactures 39.3 38.5 40.3 39.7 40.2 39.2 37.8 82.4 83.2 90.5 92 A 94.7 93.8 93.7 Paper and Allied Products 44.3 43.9 43.4 43.3 43.7 43.2 43.2 92.8 93.7 105.0 106.4 107.1 108.5 109.6 Printing, Publishing and Allied Industries 41.1 40.8 41.0 41.0 41.5 ,41.0 40.2 120.0 122.1 132.5 134.3 137.4 137.9 141.3 Chemicals and Allied Products 42.0 41.7 41.3 41.3 41.6 41.4 41.4 101.5 102.1 110.2 111.2 113.3 114.3 116.3 Products of Petroleum and Coal 41.7 41.6 40.4 40.3 40.0 40.2 40.1 124.9 128.6 134.7 135.1 136.2 137.2 138.1 Rubber Products 41.7 40.8 39.4 40.0 41.1 40.7 40.6 112.1 112.9 131. 132.2 133.1 133.3 133.6 Miscellaneous Industries 41.8 41.8 41.4 41.1 41.6 41.1 41.0 99.1 98.5 108.8 109.8 110.3 112.0 112.3 NOTE.—Preliminary March 1947 figures for average weekly hours and hourly earnings are: All Manufacturing, 40.3 and 117.9; Durable, 40.4 and 123.6; Nondurable, 40.1 and 111.7, respectively. Back figures are available from the Bureau of Labor Statistics. MAY 1947 585 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ESTIMATED EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS, BY INDUSTRY DIVISION [Thousands of persons] Transporta- Finance, Federal, Year and month Total M t a u n r u in fa g c- Mining co C n o st n r t u r c a t c io t n 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 30,287 10,078 845 1,150 2,912 6,705 4,610 3,987 1940 32,031 10,780 916 1,294 3,013 7,055 4,781 4,192 1941 36,164 12,974 947 1,790 3,248 7,567 5,016 4,622 1942 39,697 15,051 983 2,170 3,433 7,481 5,148 5,431 1943. 42,042 17,381 917 1,567 3,619 7,322 5,187 6,049 1944 41,480 17,111 883 1,094 3,798 7,399 5,169 6,026 1945 39,977 15,302 826 1,082 3,872 7,654 5,274 5,967 1946 40,712 14,365 836 1,493 4,023 8,448 5,954 5,595 SEASONALLY ADJUSTED 1943—January 41,508 16,634 934 2,016 3,540 7,281 5,178 5,925 February 41,801 16,880 935 1,956 3,556 7,300 5,176 5,998 March 42,079 17,093 931 1,877 3,574 7,351 5,168 6,085 April 42,155 17,200 922 1,777 3,588 7,344 5,179 6,145 May 42,141 17,288 908 1,677 3,597 7,306 6,162 June 42,318 17,493 915 1,575 3,620 7,326 206 6,183 July 42,291 17,608 915 1,491 3,634 7,335 172 6,136 August 42,160 17,608 912 1,424 3,639 7,315 183 6,079 September 41,992 17,569 915 1,369 3,633 7,314 5,211 5,981 October 42,057 17,696 910 1,279 3,671 7,325 5,185 5,991 November 42,157 17,812 901 1,247 3,683 7,355 5,186 5,973 December 41,972 17,687 907 1,233 3,687 7,316 5,201 5,941 1944—January. 42,008 17,643 900 1,224 3,720 7,309 5,197 6,015 February 41,999 17,637 901 1,174 3,741 7,347 5,194 6,005 March 41,896 17,503 896 1,129 3,775 7,412 ,182 5,999 April 41,652 17,314 892 1,097 3,799 7,370 5,170 6,010 May 41,571 17,219 890 1,098 3,809 7,361 5,179 6,015 June 41,545 17,140 895 1,092 3,815 7,374 5,193 6,036 July 41,391 17,037 885 1,088 3,803 7,391 5,147 6,040 August 41,327 16,952 886 1,081 3,810 7,406 5,157 6,035 September 41,181 16,809 878 1,061 3,827 7,422 5,178 6,006 October • 41,036 16,714 865 1,040 3,820 7,441 5,146 6,010 November 41,014 16,661 859 1,036 3,819 7,462 5,145 6,032 December 41,171 16,712 852 1,031 3,835 7,486 5,151 6,104 1945—January 41,260 16,808 848 1,044 3,838 7,487 5,159 6,076 February 41,377 16,856 845 1,049 3,849 7,536 5,158 6,084 March 41,325 16,783 844 1,048 3,858 7,558 5,137 6,097 April 41,131 16,607 806 1,051 3,862 7,577 5,136 6,092 May 40,832 16,405 769 1,049 3,858 7,545 5,140 6,066 June 40,652 16,087 843 1,060 3,867 7,551 5,169 6,075 July 40,261 15,641 832 1,072 3,869 7,587 5,197 6,063 August 39,917 15,217 832 1,093 3,864 7,635 5,238 6,038 September 38,108 13,341 833 1,093 3,876 7,733 5,270 5,962 October 37,990 13,267 762 1,109 3,861 7,793 5,437 5,761 November 38,321 13,334 843 1,148 3,912 7,882 5,534 5,668 December 38,474 13,297 855 1,166 3,952 7,936 5,631 5,637 1946—January 39,057 13,547 864 1,192 3,992 8,096 5,696 5,670 February 38,523 12,797 864 1,210 3,983 8,213 5,776 5,680 March 39,525 13,482 857 1,280 4,003 8,364 5,840 5,699 April 40,105 14,124 542 1,384 4,011 8,371 5,984 5,689 May 40,443 14,274 753 1,424 3,946 8,386 5,965 5,695 June 40,751 14,400 864 1,473 3,956 8,426 5,961 5,671 July 40,856 14,475 873 1,535 3,991 8,464 5,975 5,543 August 41,361 14,745 886 1,601 4,042 8,573 5,984 5,530 September 41,698 14,953 884 1,648 4,064 8,609 5,990 5,550 October 41,823 15,019 883 1,670 4,093 8,581 6,054 5,523 November 42,108 15,233 883 1,679 4,101 8,639 6,098 5,475 December 42,176 15,310 874 1,731 4,091 8,630 6,119 5,421 1947—January 42,157 15,426 883 1,665 4,076 8,598 6,071 5,438 February 42,277 15,535 881 1,640 4,053 8,637 6,107 5,424 March 42,401 15,541 880 1,676 4,044 8,704 6,111 5,445 UNADJUSTED 1945—October 38,192 13,307 762 1,164 3,861 7,871 5,437 5,790 November 38,613 13,367 843 1,171 3.912 8,118 5,534 5,668 December 39,210 13,331 855 1,108 3,932 8,491 5,631 5,862 1946—January 38,745 13,499 864 1,085 3,932 8,056 5,696 5,613 February 38,148 12,751 864 1,101 3,943 8,090 5,776 5,623 March 39,184 13,433 857 1,203 3,983 8,197 5,840 5,671 April 39,908 14,045 542 1,356 3,991 8,329 5,984 5,661 May 40,258 14,159 753 1,438 3,946 8,302 5,965 5,695 June 40,680 14,371 864 1,532 3,996 8,342 5,961 5,614 July 40,877 14,526 873 1,627 4,051 8,337 5,975 5,488 August 41,466 14,876 886 1,713 4,103 8,402 5,984 ,502 September 41,848 15,035 884 1,747 4,064 8,523 5,990 ,605 October 42,065 15,064 883 1,753 4,093 8,667 6,054 5,551 November 42,439 15,271 883 1,713 4,101 8,898 6,098 5,475 December 42,928 15,348 874 1,644 4,071 9,234 6,119 5,638 1947—January 41,795 15,372 883 1,515 4,015 8,555 6,071 5,384 February 41,850 15,481 881 1,492 4,012 8,507 6,107 5,370 March 42,068 15,487 880 1,575 4,024 8,573 6,111 5,418 Includes Federal Force Account Construction 586 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 12 6 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 Mar. Feb. Mar. January.... 141 358 572 75 47 167 66 311 405 February. . . 147 387 442 74 56 96 73 331 346 March 329 698 597 221 146 143 107 551 453 Boston 36,796 24,252 35,059 April 396 735 309 127 87 608 New York 89,896 64,273 108,996 May 243 952 148 197 95 756 Philadelphia 40,585 25,379 37,248 June 227 808 82 215 146 593 Cleveland 66,446 61,083 75,677 July 258 718 108 202 14<) 516 Richmond 73,793 49,097 89,105 August. 264 680 67 205 196 475 Atlanta 51,570 47,026 63,544 September. . 278 620 43 187 235 433 Chicago 104,362 68,110 113,331 October 317 573 61 134 256 439 St I ouis 23,365 19,540 60,027 N D o ec v e e m m b b e e r r . . .. . 3 3 3 7 1 0 5 45 0 7 4 6 6 1 2 1 1 0 3 9 0 3 2 0 6 9 9 3 3 7 4 3 8 M Ka in n n sa e s a p C o i l t i y s 3 1 6 4 , , 8 2 2 1 5 8 1 1 1 3 , , 8 3 3 7 1 8 2 3 2 0 , , 2 6 4 2 1 1 Dallas 58,899 58,228 61,744 Year. ..:. 3,299 7,490 1,3111,754 1,988 5,735 Total (11 districts) 596,755 442,197 697,593 LOANS INSURED BY FEDERAL HOUSING ADMINISTRATION [In millions of dollars] Title I Loans Mortgages on INSURED FHA HOME MORTGAGES (TITLE II) HELD IN PORTFOLIO, BY CLASS OF INSTITUTION Prop- Small l-to4- Rental War and [In millions of dollars] Year or month Total erty home family and Veterans' im- con- houses group housing Mu- Savprove- struc- (Title housing (Title Com- tual ings Insur- Fedment tion ID (Title VI)1 End of month Total mer- sav- and ance eral Other' ID cial ings loan com- agenbanks banks associ- panies cies1 1935 320 224 94 2 ations 1936 557 246 309 2 1937 495 60 424 11 1938 694 160 13 473 48 1936—Dec 365 228 8 56 41 5 27 1939 954 208 25 669 51 1937—Dec. 771 430 27 110 118 32 53 1940 1,026 251 26 736 13 193g—Dec 1,199 634 38 149 212 77 90 1941 1 186 262 21 877 13 13 1939—Dec. . . 1,793 902 71 192 342 153 133 1942 1,137 141 15 691 6 284 1 1 9 9 4 4 4 3 9 8 4 8 2 6 1 9 2 6 5 1 2 2 4 1 3 6 (2) 7 5 6 3 0 7 1 1940— J M u a n r e 2 1 , , 0 9 7 4 5 9 1,0 9 2 71 6 1 9 0 0 0 2 2 0 0 1 8 3 4 9 3 2 2 1 18 7 2 1 1 12 2 7 4 1945 684 189 219 4 272 Sept 2,232 1,093 111 216 480 190 141 1946 798 363 (2) 347 3 85 Dec. 2,409 1,162 130 224 542 201 150 1946—March 48 13 (2) 28 (2) 7 1941—Mar 2,598 1,246 146 230 606 210 160 April 58 21 (2) 28 1 8 June 2,755 1,318 157 237 668 220 154 May 80 39 v2) 31 1 10 Sept 2,942 1,400 171 246 722 225 178 June 83 40 37 6 Dec. 3,107 1,465 186 254 789 234 179 July 80 42 (2) 33 5 August 55 25 (2) 26 4 1942—June 3,491 1,623 219 272 940 243 195 September.. 63 32 (2) 26 4 Dec. 3,620 1,669 236 276 1,032 245 163 October 85 47 (2) 33 6 November.. 67 35 (2) 26 7 1943—June 3,700 1,700 252 284 1,071 235 158 December. . 77 40 (2) 28 9 Dec 3,626 1,705 256 292 1,134 79 159 1947—January. . . . 89 44 30 16 February... 79 39 '"{*)" 27 13 1944—June 3,554 1,669 258 284 1,119 73 150 March 86 40 28 18 Dec 3,399 1,590 260 269 1,072 68 140 1 Mortgages insured under War Housing Title VI through April 1945— D Ju e n c e 3 3, , 1 3 5 2 6 4 1 1 , , 5 5 7 0 0 6 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 1946; figures thereafter represent mainly mortgages insured under a th e fe w V e r t e e f r i a n n a s n ' c e H d o u m si o n r g tg a T g i e tl s e o V ri I g i ( n a a p l p ly r ov w e r d it te M n ay un 2 d 2 e , r 1 t 9 h 4 e 6 W ) b a u r t H in o c u l s u in d g e 1946—June 3,102 1,488 260 247 974 11 122 Title VI. 2 Less than $500,000. iThe RFC Mortgage Company, the Federal National Mortgage NOTE.—Figures represent gross insurance written during the period Association, the Federal Deposit Insurance Corporation, and the and do not take account of principal repayments on previously insured United States Housing Corporation. loans. Figures include some reinsured mortgages, which are shown in » Including mortgage companies, finance companies, industrial banks, the month in which they were reported by FHA. Reinsured mortgages endowed institutions, private and State benefit funds, etc. on rental and group housing (Title II) are not necessarily shown in the NOTE.—Figures represent gross amount of mortgages held, excludmonth in which reinsurance took place ing terminated mortgages and cases in transit to or being audited at the Federal Housing Administration MAY 194 587 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 ,124 903 799 PI.116 230 301 334 394 P533 520 823 569 405 *583 February 728 ,107 887 670 Pl.153 234 314 325 318 P435 494 793 561 352 »718 March 992 ,197 1,030 P815 249 358 365 P385 743 839 665 P431 April 989 ,231 1,005 P757 258 361 366 P407 732 870 639 P350 May 1,092 ,455 1,135 P851 282 386 372 P397 810 1,069 763 P453 June 1,003 ,296 870 P878 296 332 360 P386 707 965 511 P492 July 1,265 ,197 893 P826 302 294 356 P434 963 903 537 P392 August 1,280 ,191 737 P883 318 304 360 P425 962 887 378 P458 September 1,269 ,194 514 P643 289 282 335 P378 981 912 180 P265 October 1,237 ,144 455 P537 329 329 344 P394 908 815 111 P143 November 1,072 ,185 639 P988 312 323 322 P482 760 862 317 P506 December 1,286 938 736 P1,097 282 336 297 P536 1,004 602 439 P561 Jan.-Feb 1,478 2,231 1,789 1,469 P2.259 464 615 659 711 P968 1,014 1,616 1,130 757 Pl.301 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 1 RAILROADS [Index numbers: 1935-39 average = 100] [In millions of dollars] For- Mis- Mer- TotalCoalCoke s L t i o v c e k - p u e r c o s t t d s - Ore l c a e n l e - - c l d h .c i a s . n e l. - o r p a T i e o l r w t a a t a l i y ng ra T i o lw ta a l y o r p a N i e l r w e a t t a i y ng in N co e m t e revenues expenses 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 1946—January 133 148 127 152 126 122 118 134 78 February 126 152 107 150 158 126 94 121 78 1945—December.. 628 664 -36 -68 March 139 155 165 141 141 134 121 143 78 April 109 26 95 112 143 143 66 143 81 1946—January 655 567 88 51 May 106 68 62 126 114 125 66 123 74 February... 635 555 80 51 June 133 146 140 126 118 149 137 135 81 March 651 667 -16 -45 July 139 145 177 139 166 153 164 141 78 April 566 562 4 -28 A S O e u c p g to t u e b s m e t r ber. .. 1 1 1 4 3 3 1 8 9 1 1 1 5 5 6 2 5 0 1 1 1 8 8 8 3 3 4 1 1 1 3 2 4 1 5 2 1 1 9 1 2 1 8 8 1 1 1 5 4 5 7 6 4 1 1 1 6 6 5 2 4 7 1 1 1 4 3 3 5 9 9 7 7 7 7 5 9 M J Ju u a l n y y e 5 6 6 1 5 3 5 1 9 5 6 5 2 0 8 4 3 6 - 4 5 9 8 3 — 2 1 4 0 6 1 November... 137 117 166 147 136 151 157 148 83 August.... 664 613 51 18 December. 140 132 155 162 122 156 145 148 81 September.. 673 605 68 37 October.... 663 606 57 25 1947—January 150 163 175 157 123 163 176 152 77 November.. 663 601 62 29 February.... 142 149 171 147 111 166 172 145 76 December. . 658 523 135 98 March 146 147 180 159 121 159 171 151 78 1947—January .. . 608 624 74 ••42 UNADJUSTED February... 697 631 65 P33 1946—January 123 148 133 152 121 109 30 123 74 UNADJUSTED February.... 119 152 114 147 126 121 24 113 75 March 132 155 166 130 111 134 35 136 79 1945—December.. 614 656 -42 — 79 April 107 26 93 99 127 143 50 141 82 May 107 68 61 111 103 130 103 125 74 1946—January 641 574 67 '30 June 137 146 138 128 96 155 213 139 81 February... 579 '529 '51 29 July 143 145 172 166 135 153 263 142 78 March 646 667 -20 —49 August 145 152 177 142 113 165 243 146 77 April 567 557 10 —21 September... 149 160 181 140 120 166 245 150 79 May 533 537 -5 -37 October 149 155 180 142 197 154 216 151 82 June 612 574 38 15 November... 141 117 166 144 171 148 169 154 84 July 674 611 63 32 December. . . 131 132 163 152 118 139 45 139 78 August.... 710 629 82 53 September.. 660 593 67 39 1047—January 138 163 184 157 118 147 44 139 74 October... 710 625 85 57 February.... 149 182 144 89 159 43 136 74 November.. 658 594 64 38 March 137 147 182 146 96 159 50 144 79 December. 637 534 103 89 1947—January .. 686 628 58 29 r Revised. February.. 636 593 43 P15 NOTE.—For description and back data, see pp. 529-533 of the BULLETIN for June 1941. Based on daily average loadings. Basic data compiled by Association of American Railroads. Total index compiled by combining indexes for P Preliminary. r Revised. classes with weights derived from revenue data of the Interstate Commerce NOTE.—Descriptive material and back figures may be ob- Commission. tained from the Division of Research and Statistics. Basic data compiled by the Interstate Commerce Commission. Annual figures include revisions not available monthly. 588 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORE STATISTICS [Based on value figures] SALES AND STOCKS, BY FEDERAL RESERVE DISTRICTS [Index numbers, 1935-39 average=100] Federal Reserve district United Year or month States Boston Y N o e r w k d P e h l i p la h - ia C l l a e n v d e- m Ri o c n h d - la A n t t - a c C a h g i o - L S ou t. is M ap i o n l n is e- K C a i n ty sas Dallas F c S r is a a c n n o - SALES* 1939. 106 104 101 104 106 109 113 107 111 106 105 112 109 1940. 114 108 106 111 114 120 123 116 119 109 110 116 117 1941. 133 126 119 129 138 144 145 135 143 123 127 138 139 1942. 149 140 128 143 153 170 162 149 158 129 149 157 169 1943. 168 148 135 151 167 194 204 161 179 148 184 212 200 1944. 186 162 150 167 182 215 244 176 200 164 205 245 221 1945. 207 176 169 184 201 236 275 193 227 185 229 276 244 1946. 264 221 220 236 257 289 345 250 292 247 287 353 306 SEASONALLY ADJUSTED 1946—March ••258 218 215 244 246 '298 328 243 286 246 275 '334 '296 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 2*7 216 179 229 248 286 348 2*0 29* 2*4 207 349 310 November. 272 230 231 253 266 2°0 347 261 294 2*2 2«3 356 320 December.. 274 231 232 229 277 293 363 264 303 251 299 348 317 1947—January. . 265 215 228 244 256 291 341 245 278 262 281 313 February. '2*9 219 224 '243 256 281 338 262 200 r?ftl '272 347 '*30 March 277 237 229 271 257 307 346 259 294 280 300 347 340 UNADJUSTED 1946—March 238 197 206 219 237 '268 315 226 264 223 255 '314 258 April 255 223 219 228 253 281 336 242 281 23* 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 2*0 26* 312 372 268 31* 2*1 312 384 330 November. 336 284 3O1 319 3*3 3 (SO 416 31R 371 *O2 340 4*4 376 December.. 441 398 392 408 430 493 570 409 463 385 448 567 504 1947—January.. 209 170 182 188 194 218 273 106 228 225 204 240 February. 222 171 188 M02 210 2^6 208 210 244 '?47 306 March 265 227 229 255 262 292 346 248 288 259 285 337 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—March 177 157 172 160 174 206 201 168 185 166 ••180 195 190 April 189 171 180 172 178 217 220 179 193 183 184 208 215 May 200 177 189 182 192 233 239 191 211 186 104 2*9 217 June 210 181 200 194 209 243 252 199 222 207 212 2*3 218 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 2*7 207 1O2 217 232 274 207 2*5 2*4 244 2*4 274 270 November. 2*6 200 221 220 240 2^8 330 240 274 2*0 240 101 2<>6 December.. 274 205 238 219 258 319 348 256 292 281 303 364 334 1947—January.. 268 197 234 257 '315 311 262 291 315 February. 275 206 249 '225 261 '307 335 264 206 '207 March 274 211 242 230 264 295 322 263 288 268 301 336 UNADJUSTED 1946—March 172 154 171 160 168 205 201 163 180 167 '162 185 177 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 238 198 218 213 225 297 292 225 255 232 225 206 263 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 2*6 ?10 200 November. 277 2*6 247 242 263 316 347 274 20^ 270 266 324 31* December.. 235 186 213 187 214 266 293 231 246 246 248 306 274 1947—January 235 180 206 188 225 '268 280 225 250 '256 258 294 277 February '253 194 231 '218 242 '290 '312 240 266 ?64 rlfg 30* 200 March 265 207 241 230 254 295 322 255 279 269 271 326 312 ' 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. MAY 1947 589 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 f a o o l t r e a s l m ( S e t o n o n d c t k h o s ) f s o t r i a d n n e g d rs - June 1 9 6 2 . . . . . . . . . . . . . . . 1 1 2 9 6 0 6 9 6 June 1 8 5 1 . . . . . . . . .. . . . . . 2 2 2 7 2 8 3 3 3 Dec. 1 8 5 1 . . . . . . . . . . . . . . . 4 4 3 0 3 2 1 3 6N De o c v . . 3 1 0 4 7 . . . . . . . . .. . . . . . 5 4 3 1 7 3 9 5 4 month) (end of 23.....183 22.....248 22.....421 21.....532 month) 30.....173 29.....239 29.....158 28.....281 July 7.....153July 6.....192 14.....167 13.....210 1946 1947 1939 average 128 344 21.....157 20.....201Jan. 5.....135Jan. 4.....188 1940 average. 136 353 108 28.....153 27.....204 12.....188 11.....232 1941 average. 156 419 194 Aug. 4 .167Aug. 3.....217 19.....191 18.....223 1942 average 179 599 263 11.....176 10.....228 26.....188 25.....220 1943 average 204 508 530 18.....124 17.....239Feb. 2.....197Feb. 1.....217 1944 average 227 534 560 25 .182 24.....255 9.....214 8.....219 1945 average 255 564 728 Sept. 1.....194 31.....281 16.....209 15....'246 1946 average. 318 714 907 8.....177Sept. 7.....264 23.....213 22.....216 15.....213 14.....293Mar. 2.....217Mar. 1.....238 1946—February., 239 533 979 22 .220 21.....280 9.....233 8.....254 March 301 '583 ••971 29.....209 28.....257 16.....243 15.....267 April 319 644 910 Oct. 6.....242Oct. 5.....277 23.....255 22....••286 May , 304 674 934 13 .245 12.....281 30.....257 29.....283 June 304 699 1048 20 .237 19.....295Apr. 6.....272Apr. 5.....319 July 244 735 1073 72..... 233 26.....287 13.....282 12.....265 August 303 806 1012 Nov. 3 .236Nov. 2 ..277 20.....289 19. ....271 September 309 828 960 10.....261 9. .. ..314 27.....232 26.....265 October. . . 341 879 845 17 275 16 342May 4. . .. 248May 3 November 404 919 691 24.....258 23.....363 11. ....274 10... December. 526 776 557 18 246 17 25.....245 24 1947—January.. 256 769 619 February.. 250 838 603 March. . . . P332 P865 r Revised. NOTE.—Revised series. For descriotion and back figures see pp 874-875 of BULLETIN for September 1944. P Preliminary. r Revised. Back figures.—Division of Research and Statistics. SALES BY FEDERAL RESERVE DISTRICTS AND BY CITIES [Percentage change from corresponding period of preceding year] 1 M 94 a 7 r. F 19 eb 4 . 7 ( t T 1 m h 94 r o e 7 s e . M 19 a 47 r. F 19 e 4 b 7 . T m 1 h 9 o r 4 s e 7 . e I M 19 a 4 r 7 . F 19 e 4 b. 7 T m 1 h 9 o r 4 s e 7 . e 1 M 94 ar 7 United States..p+12 +7 + 12 Cleveiand-cont. Chicago p+10 +9 + 12 Kansas City— Toledo1 + 15 +9 + 13 CChhicaig1 o 1... +9+9 +8 + 10 cont. Boston + 15 +9 + 14 Youngstownl. . +8| +20 + 15 Peoria1 + 13 + 11 + 16 Oklahoma City. +4 +4 +5 P N o e r w tl a H n a d ven + -2 7 +6 + + 8 2 P E i r t ie ts x burgh1 + + 1 9 1 + + 1 1 1 4 + + 1 9 4 F In o d r i t a W na a p y o n l e is 1 . * j ! + + 1 4 0 + + 3 6 +# Tulsa +5 '+3 +6 Boston Area. .. +21 + 14 + 18 Wheeling1 + 1 Terre Haute A P+7 +3 +9 Dallas +7 +3 +9 Downtown DesMoines. + 12 + 10 + 14 Shreveport +4 +2 +4 Boston.... +21 + 11 + 16 Richmond , +9! +7 Detroit1 \ +8 '•+7!'+12 Corpus Christi . + 15 +5 + 18 W Sp o ri r n c g e f s i t e e l r d +9 + -2 7 + + 1 6 2 W Ba a l s ti h m in o g r t e on l + 10 + + 8 4 G Fl r i a n n t d 1 Rapids + + 1 1 4 4'+ + 3 2 2 5 + +2 2 1 6 D Fo a r l t l a W s1 orth + + 4 1 -4 0 + + 5 7 Providence + 11 +2 +4 Raleigh, N.C.... +9 + 12 Lansing.... + 11 +22 + 18 Houston x +20 + 12 +20 W N N N A B E P R B B e o l e o i i u e l r w m a b n u i w w c f d g a f g g h i a Y a g n a r Y h h e a l r r y e o s a o k k a o p r t m 1 e e r k x o k e F r . t r p o a l t . C x s l n i l . i . e s t . . . . y . . . . J I + + + + + + 1 + + + + + 1 1 1 1 1 \ 3 7 9 6 9 0 0 0 1 1 + + + + + + + + + + 1 1 1 1 1 1 2 9 8 6 5 4 5 0 3 0 + + + + + + + + + + + 1 1 1 1 1 1 1 1 2 8 8 7 3 2 4 2 3 2 1 W C C H C G L N R R W y l h h i o o r u i a c e n a r a a n . n r h f e r r n c s k o t V m l l n h t o i s e e l o v k n a b b k o s s n i e t u g u t n l o o - l r r d t S e n g n g o . a , , n S l S e . .C . . m . C . . . . . . . + + (2 + t i + + ) 1 1 3 9 4 l ! 0 9 | ( + - 2 - 1 - - - + ) 4 3 1 2 . 4 7 0 1 + + (2 + + + + + + - 2 ) 1 9 2 8 7 5 4 5 4 7 S S Q E L E M F L G M t. t o o v a i u r . i a t e s u r a i l t d t L t n w e l i n e s i n c L S o s S a s v y v u o t u o R m B i . u i l k i n o l l L a s i i e . e l c 1 y s t o e e 1 . h k . . u . . x . > . . . . . i i . . s . ! | P + + P + + + - + 1 + 1 7 + + - 1 1 2 1 1 9 1 4 8 3 8 6 5 1 0 + r + + - + + + + 1 + + 4 - 4 1 1 7 6 6 4 5 3 9 7 0 6 + + + + + + + + - + + 1 8 2 1 1 1 1 1 1 1 1 3 8 0 2 3 0 0 1 4 S T O F R S P L L B a B n r a u h o o i a a e v n s c n k o k e s e s g F e r l e A n r k o a A r n r o s s n n n e B a i i f n l d g x d x i n e e e t e e 1 y c a o l a l i d n e s a n c * c s d n J h i 1 o d o 1 . . . . . . . . . . '+ + + + + + + + + 1 2 2 1 1 1 1 9 5 8 3 0 5 8 2 1 + + + + + + + + + 1 1 1 1 5 2 2 3 9 0 0 5 4 + + + + + + + + + 1 1 1 1 1 1 1 8 9 0 5 8 3 4 4 6 Schenectady... + 13 + 12 + 14 Atlanta + 10 +2 +8 St. Louis Area; +13J +5 + 13 San Bernardino.j + 15 +4 + 13 S U y ti r c a a cusel + + 8 9 + + 2 4 2 + + 1 9 8 M Bi o r b m il i e ngham1... + + 1 1 3 5 - + 2 2 + + 7 5 S M p e ri m ng p f h ie i l s d 1 ... . . P + + 5 1 + -1 2 + + 3 7 S Sa a n c ra D m ie e g n o to l 1.... I | + + 1 9 7 + -1 4 + + 1 4 2 P T h r il e a n d t e o l n p h l ia.. + + 1 9 6 + 10 + + 1 8 5 J M M ac i o a k n m s t o g iJ n o v m i e ll r e y 1 1 . . . . . . . + + + 1 1 4 7 5 + + + 1 3 2 1 + + + 1 1 5 1 3 M M St i . n i n n P n e e a a a u p p l o o 1 l . l i . i s . s . J| + + 1 7 7 + + + 1 1 6 1 9 + + + 2 1 1 1 2 7 S S S a a a n n n ta F J o r R a se n o 1 c s i a s l. c o . 1 . . . . + + (2 2 1 ) 7 4 + + + 1 3 3 8 3 + + + 1 2 1 0 5 1 L P R h a e n i a l c d a a i d s n e t g e l 1 p r h J i . a . x .. . + + + 1 1 1 8 2 5 + + + 2 1 1 2 2 0 + + + 1 1 1 7 7 6 O T A a r t l l m a a n n p d t a o a J l + + + 1 8 5 4 + + 1 7 0 3 + + + 1 1 4 0 6 D S u u lu p t e h r - iorl .. +7 + 13 V S N t a o l a l c e k p jo t a o l. a n nd + - 3 9 0 + 14 +27 Wilkes-Barrel. +24 + 12 + 18 Augusta + 1 +2 + 1 Kansas City.. + 12! r _j_4 +9 Boise and York1 +9 + 1 + 10 Columbus + 15 r+3 + 11 Denver +21j + 13 +20 Nampa +15 +9 + 14 Macon x + 12 -6 +5 Pueblo +25! -3 + 15 Portland + 12 + 18 + 16 C A le k v r e o l n a n 1 d.. .. + + 1 2 1 + +9 6 + + 1 5 2 N B e a w to n O R rl o e u a g n e s 1 1 . . . . . . + + 1 7 9 + 0 1 + + 1 1 1 3 T H o u p tc ek h a ison.. til + + 1 1 0+ + 1 6 3 S B a e l l t l i L n a g k h e a m C i x. t y . J . . . P + + 1 9 1 + + 5 4 + + 1 1 3 2 Canton1 + 18 + 13 + 19 Bristol, Tenn.... +4 -3 +6 Wichita -10 —3 Everett1 +20| + 11 + 16 S C C C p o l i r e n l i u v n c m e g i l n f b a i n u e n s l a d d * t 1 • i . 1 1 . . . . . . . . + + + 1 1 9 1 2| + + + -2 5 7 6 + + + + 1 1 1 1 2 0 0 J C N K a a h n c s o a k h t x s v t o v a i n i l n l l e l i o e o » 1 g . a . 1 .. . . + + + 1 6 3 8 3 ' + + -I 5 3 + + + 9 8 3 J S K o t a . p n l J i s o n a s s e p C h i . t y . . . + 11 + + -1 8 0 1 + + + 1 6 9 0 S S T p e a a o c t o k t m a le n 1 a e 1 l p + + 4 + - 2 1 1 7 8 R 6 ! i ! + + + + 2 1 9 5 1 0 + + + 2 1 1 6 0 0 O! P Preliminary. ' 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. ' Data not available. ** Two months 1947. 590 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 Per cent change Ratio of Index numbers from a yearago stocks to without seasonal adjustment (value sales 1 1941 average monthly sales=10C2 Department o N f u s m t b or e e r s Sal p e e s r d i u o r d ing m S e t n o o d n c t k o h s f ) February Sal p e e s r d i u o r d ing Sto o c f k m s o a n t t h end eporting F 1 e 94 b 7 . m T 1 o 9 w 4 s o 7 . F 1 e 94 b 7 . 1947 1946 1947 1946 1947 1946 Feb. Jan. Feb. Feb. Jan. Feb. GRAND TOTAL—entire store3 353 +5 +9 +57 3.5 2.3 MAIN STORE—total 353 +4 +9 +60 3.6 2.4 160 167 154 579 533 361 Women's apparel and accessories 350 -5 0 +43 3.1 2.1 158 169 166 493 430 343 Coats and suits 334 -16 -7 +43 2.4 1.4 183 207 219 447 374 313 Dresses 336 -10 -4 +46 2.4 1.4 160 178 177 376 292 256 Blouses, skirts, sportswear, etc 331 -8 -3 +20 3.6 2.8 169 187 185 613 529 515 Juniors' and girls' wear 309 -9 -6 + 18 3.5 2.7 164 162 181 576 473 484 Juniors' coats, suits, dresses 218 -12 -10 + 18 2.9 2.2 179 184 203 518 434 431 Girls' wear 237 -5 0 +22 4.4 3.5 155 146 162 694 558 571 Aprons, housedresses, uniforms 288 -6 -2 +74 3.0 1.6 151 178 160 456 405 262 Underwear, slips, negligees 335 + 1 +4 +97 2.7 1.4 165 162 163 454 413 228 Knit underwear 162 +7 + 11 + 102 2.8 1.4 169 183 158 475 440 232 Silk and muslin underwear, slips 183 -5 -1 + 114 2.8 1.2 167 164 175 463 411 214 Negligees, robes, lounging apparel 159 +5 + 12 +44 2.6 1.9 151 161 143 392 382 269 Infants' wear ^ 314 + 12 + 15 +26 3.4 3.0 208 212 187 706 609 553 Shoes (women's, children's) 246 -1 +6 +91 4.7 2.4 159 175 160 742 675 384 Furs 269 +4 +3 n 2.9 3.2 125 155 121 359 382 382 Neckwear and scarfs 251 -2 + 1 + 10 2.6 2.3 197 191 201 515 453 465 Handkerchiefs 290 0 0 + 10 4.3 3.9 141 113 142 609 554 544 Millinery 176 -9 -6 +6 2.1 1.8 126 118 138 266 181 247 Gloves (women's, children's) 328 o -3 +74 5.3 2.8 127 126 137 674 584 385 Corsets, brassieres ^ 334 +7 + 11 +70 3.0 1.9 218 244 203 658 597 380 Hosiery (women's, children's) 344 +3 + 13 + 114 2.5 1.2 113 121 110 289 256 136 Handbags, small leather goods 322 -9 -6 + 12 3.5 2.8 116 101 127 405 365 360 Men's and boys' wear 327 +16 +17 +130 4.4 2.2 133 134 115 579 498 250 Men's clothing 235 +50 +47 +259 3.3 1.4 143 151 95 469 372 131 Men's furnishings, hats, caps 310 +7 +8 + 132 4.2 1.9 133 126 124 552 494 235 Boys' clothing and furnishings 285 -5 0 +64 7.0 4.0 116 121 122 811 673 490 Men's and boys' shoes, slippers 181 +2 +6 + 110 5.6 2.7 124 130 122 691 622 327 Home furnishings 313 +16 +24 +86 4.2 2.6 170 181 146 715 680 386 Furniture, beds, mattresses, springs 235 +4 +9 +94 4.5 2.4 158 146 152 714 696 369 Domestic floor coverings 261 + 19 +29 +99 3.9 2.3 161 165 136 629 566 318 Draperies, curtains, upholstery 294 -4 +3 +71 5.4 3.0 152 149 158 826 772 479 Major household appliances 230 + 192 +211 +452 1.6 0.8 262 273 90 419 412 72 Domestic, blankets, linens, etc 301 -4 +6 +107 4.2 1.9 156 221 162 655 632 315 Linens and towels 199 -14 -5 +95 5.6 2.4 135 203 168 754 770 385 Domestics-muslins, sheetings 172 +9 +24 + 144 2.2 1.0 195 300 178 429 402 173 Blankets, comforters, spreads 184 -4 +2 + 116 5.0 2.2 142 187 147 710 692 327 Lamps and shades 232 -5 +3 +29 4.8 3.5 146 154 154 707 693 548 China and glassware 234 +7 + 13 +85 6.1 3.5 123 134 115 748 697 404 Housewares 235 +9 + 14 +49 4.6 3.4 202 206 185 937 868 632 Piece goods 294 +9 +14 +113 2.7 1.4 286 276 261 774 728 363 Silks, rayons, and velvets 108 +4 + 10 + 146 2.4 1.0 265 259 255 624 576 252 Woolen dress goods 87 +16 + 11 + 121 2.6 1.4 337 310 291 890 924 402 Cotton wash goods 126 + 12 + 17 +147 2.7 1.2 252 260 225 689 646 279 Small wares 338 +3 +4 +17 4.0 3.5 152 150 148 610 593 521 Lace, trimmings, embroideries, and ribbons. . . 121 0 +2 + 10 4.3 4.0 187 172 187 813 690 731 225 + 12 + 12 +20 3.7 3.4 176 186 156 659 613 543 Notions •.••.•••• 325 -3 -1 + 12 4.4 3.8 124 130 127 546 536 490 Toilet articles, drug sundries, and prescriptions 301 -1 +2 +30 4.6 3.5 153 134 155 709 675 548 Jewelry and silverware 208 -4 •? + 11 4.4 3.8 156 125 163 683 631 617 Jewelry 130 +5 + 13 +65 4.4 2.8 153 149 146 680 657 408 Silverware 238 +9 + 10 + 19 3.6 3.3 178 194 164 638 626 544 Art needlework 246 +8 +6 + 10 3.2 3.2 172 157 159 554 556 506 Stationery, books, magazines 156 + 17 + 13 +7 3.3 3.6 169 145 144 551 553 511 Stationery 93 -4 -3 + 12 3.0 2.6 161 167 168 482 490 444 Books, magazines Miscellaneous 301 0 +2 +58 4.2 2.6 126 123 126 530 519 329 Toys and games 154 -12 -18 +35 8.0 5.2 61 36 69 489 449 356 Sporting goods, cameras 62 +22 +24 + 111 6.7 3.9 99 82 81 668 527 307 Luggage 249 + 1 +9 +77 5.0 2.8 132 143 131 657 631 376 BASEMENT STORE—total 208 +7 +10 +38 3.3 2.5 134 142 125 439 384 317 Women's apparel and accessories 191 + 1 +4 +20 2.8 2.4 133 140 132 374 312 314 Men's and boys' clothing and furnishings. 162 + 16 + 17 +72 4.1 2.8 123 127 107 507 446 288 Home furnishings 133 + 13 + 19 +61 3.4 2.4 157 174 139 546 529 338 Piece goods 53 + 13 + 18 + 127 2.9 1.4 264 261 234 753 695 358 Shoes 127 + 17 +26 +36 5.0 4.3 95 110 81 474 432 347 1 The ratio of stocks to sales is obtained by dividing stocks at the end of the month by sales during the month and hence indicates the number of months' supply on hand at the end of the month in terms of sales for that month. 2 The 1941 average of monthly sales for each department is used as a base in computing the sales index for that department. The stocks index is derived by applying to the sales index for each month the corresponding stocks-sales ratio. For description and monthly indexes of sales and stocks by department groups for back years, see 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. 589. 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. MAY 1947 591 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 million^3 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 a m i l t er ins T ta o l t m al ent 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 1,611 573 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 11,081 467 1934 4,378 1,849 1,317 576 741 532 875 1,203 451 1935 5,419 2,607 1,805 940 865 802 1,048 1,292 472 1936 6,771 3,501 2,436 1,289 1,147 1,065 1,331 11,419 520 1937 7,467 3,947 2,752 1,384 1,368 1,195 1 504 I 459 557 1938 7,030 3,578 2,313 970 1,343 1,265 1 442 ,487 523 1939 7,981 4,436 2,792 1,267 1,525 1,644 1,468 ,544 533 1940 9,153 5,455 3,450 1,729 1,721 2,005 1 488 650 560 1941 9,899 5,924 3,744 1,942 1,802 2,180 1 601 764 610 1942 6,485 2,955 1,491 482 L.009 1,464 1,369 ,513 648 1943 5,338 1,961 814 175 639 1,147 1 192 498 687 1944 5,781 2,039 835 200 635 1,204 1 255 758 729 1945 6,637 2,365 903 227 676 1,462 1,519 .981 772 1946 r9,958 '3,985 '1,558 544 ''1,014 2,427 2 055 3 054 864 1946—February 6,534 2,408 879 245 634 1,529 1,641 1,692 793 March 6,988 2,507 905 264 641 1,602 1,705 1,972 804 April 7,376 2,652 957 289 668 1,695 1,771 2,138 815 Alay 7 618 2,789 1,004 318 686 1,785 1 819 2 188 822 June 7,911 2,908 1,035 336 699 1,873 1,846 2,327 830 July 8,006 3,029 1,070 365 705 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 1,261 466 795 2,203 1,950 2,621 853 November 9,373 3,654 1,358 505 853 2,296 2,002 2,859 858 December . '9,958 '3,985 '1,558 544 '1,014 2,427 2,055 3,054 864 1947—January 9,783 4,061 1,566 581 985 2,495 2,089 2,764 869 February P 9,716 4,160 1,609 631 978 2,551 2,080 2,602 874 March? 10,047 4,329 1,691 689 1,002 2,638 2,066 2,775 877 P Preliminary. r Revised. 1 Includes repair and modernization loans insured by Federal Housing Administration. 2 Noninstalment consumer loans (single-payment loans of commercial banks and pawnbrokers). CONSUMER INSTALMENT LOANS [Estimates. In millions of dollars] A-mounts outstanding Loans made by principal lending institutions (end of period) (during period) Insured Year or month Total m b C a e o n r m c k i s a - 1 l p S c l a m o o n a m a i n e l - l s b In t a r d n ia u k l s s - 2 p I c a n 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 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 a o a a p n d t n i a d e o s i r r n 8 n- m b C a e o n r m c k i s - a 1 l p S c l a m o o n a m a i n e l - l s b In t a r d n i u a k l s s - 2 p I c a n t lo o r n d i a m i a u 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 4 1 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 40o 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—February. . . 1,529 522 452 78 71 128 94 184 105 80 14 14 19 A!arch 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 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.... 2.495 996 620 122 102 185 110 360 188 100 22 20 33 February?.. 2,551 1,036 620 125 105 190 110 365 182 91 21 20 33 March? 2,638 1,088 627 128 108 196 111 380 217 123 25 24 39 P Preliminary. x Figures include only personal instalment cash loans and retail automobile direct loans shown on the following page, and a small amount of other retail direct loans not shown separately. Other retail direct loans outstanding at the end of March amounted to 72 million dollars, and loans made during March were 13 million. 8 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. 592 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSUMER CREDIT STATISTICS—Continued CONSUMER INSTALMENT SALE CREDIT, EXCLUDING CONSUMER INSTALMENT CREDITS OF COMMERCIAL AUTOMOBILE CREDIT BANKS, BY TYPE OF CREDIT [Estimates. In millions of dollars] [Estimated amounts outstanding, In millions of dollars] Depart- Automobile Other Repair Perment House- retail retail, and sonal E y m e n o a d r n t o o h f r in e m T g x o o c a l t b u a u i d l l t , e o - - s o m a t r o n a d r i d e e l r - s F s t t u u o r r r n e e i s - a s a h t p o n o p r c l l e d e i s - J s e t w or e e l s ry 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 - d D lo i a r n ec s t c d h p a ir a u n e s r d c e - t d e l m r o t n i a o o i n d z n s a - 1 - i l m c n o a s a e s t n n a h s t lhouses Outstanding at end of 1929. 1,197 160 583 265 56 133 period: 1930 1,104 155 539 222 47 141 1939 1,093 218 164 155 209 347 1931 958 138 454 185 45 136 1940 . 1,450 311 253 217 247 422 1932... 677 103 313 121 30 110 1941 1,694 411 310 288 234 451 1933 663 119 299 119 29 97 1942 845 136 123 143 154 289 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 J 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 0 7 2 7 4 53 8 6 5 2 2 7 6 3 6 9 7 3 0 2 2 4 2 6 0 1946—February... 809 74 164 111 131 329 1 1 1 1 1 1 1 9 9 9 9 9 9 9 4 4 4 4 4 4 4 6 2 0 5 3 1 4 .. . rl 1 L L ,0 , , . 7 6 6 6 8 0 1 2 3 0 3 7 0 4 1 5 9 6 2 9 '3 4 4 2 1 1 1 3 6 3 7 5 8 9 7 2 2 3 8 6 9 6 2 5 3 2 3 2 1 7 9 9 8 6 6 1 1 3 9 6 9 9 3 3 1 0 1 2 3 2 1 1 9 0 8 3 2 3 4 1 1 1 6 7 2 1 7 7 2 6 7 3 0 4 0 0 2 2 1 1 1 1 1 7 8 0 5 0 0 6 1 9 7 0 0 1 4 J S A J M A M u u e p u a a l n p r y g y r e i t u c l e h s m t ber.. I * ' , 0 9 8 0 ' 1 2 3 9 4 2 7 6 4 1 5 3 6 1 4 7 3 1 1 1 1 1 9 1 8 4 2 0 3 7 5 2 9 8 8 4 2 2 2 2 2 1 1 2 1 4 7 6 7 9 2 6 3 8 5 9 3 1 1 1 1 1 1 1 5 4 1 8 7 2 6 2 4 7 8 9 7 7 2 1 1 1 1 1 1 1 4 5 6 9 7 8 1 0 1 1 8 3 3 3 3 4 4 4 4 4 7 0 2 5 6 4 8 2 9 9 8 3 3 5 October 1,387 161 294 201 225 506 1946 November 1,467 173 315 214 238 527 February.. 634 184 274 14 62 100 December. . 1,563 185 339 232 254 553 M Ap a ri r l ch.... 6 6 4 6 1 8 2 1 0 8 0 8 2 2 7 8 9 8 1 1 4 5 5 6 9 0 1 1 0 0 5 1 1947—January 1,642 203 362 251 260 566 May .. 686 206 295 16 61 108 February*.. 1,707 220 388 258 263 578 June 699 210 299 17 63 110 MarchP 1,801 243 417 268 274 599 July 705 212 299 20 63 111 Volume extended dur- August.... 730 221 308 22 64 115 ing month: September. 752 235 311 23 65 118 1946—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. '1,014 '337 366 28 123 160 Mz. ayJ 226 29 52 38 22 85 J F a e n b 1 u ru 9 a 4 a r 7 r y y .. P . . 9 9 7 8 8 5 3 3 3 3 7 8 3 3 5 4 2 9 3 2 0 7 1 10 1 7 4 1 1 5 5 4 5 J J A u u u l n y g e ust 2 2 2 1 4 5 7 0 3 2 3 3 4 0 6 5 5 5 0 3 8 3 4 3 8 4 6 2 2 2 7 2 3 9 9 8 0 4 5 March? . . . 1,002 356 354 30 104 158 September.. 243 33 55 41 25 89 October.... 277 38 65 47 29 98 November. . 270 37 65 46 27 95 CONSUMER INSTALMENT CREDITS OF INDUSTRIAL December. . 303 44 70 53 26 110 BANKS, BY TYPE OF CREDIT 1947—January 305 50 76 55 23 101 [Estimates. In millions of dollars] February?.. 288 47 77 47 24 93 March P 345 61 90 51 29 114 Retail instal- Repair Personal ment paper2 and instal- CONSUMER INSTALMENT CREDITS OF INDUSTRIAL Year and month Total modern- ment LOAN COMPANIES, BY TYPE OF CREDIT m A o u b to il - e Other i l z o a a t n io s n 1 l c o a a s n h s [Estimates. In millions of dollars] Retail instal- Repair Personal Outstanding at end ment paper 2 and instalof period: Year or month Total modern- ment 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 1 loans 1942—June 162.4 34.3 16.3 16.5 95.3 1 1 1 9 9 9 4 4 4 4 3 5 — — — D D D J J J u u u e e e n n n c c c e e e e e e m m m b b b e e e r r r . . . . . . . . . , . , 1 1 9 8 9 9 0 2 1 9 4 2 0 5 . . . . . . 6 6 8 2 0 4 2 1 1 1 1 1 1 2 2 4 2 3 . . . . . . 5 4 6 4 0 8 1 8 6 7 7 7 2 . . . . . . 8 8 7 7 8 8 1 1 1 1 1 1 4 4 2 4 5 3 . . . . . . 2 9 1 0 6 4 5 5 6 5 5 7 7 7 2 9 7 5 . . . . . . 5 9 9 4 8 6 O 1 1 1 9 9 9 u 4 o 4 4 t 5 f 4 6 s t p a e n r d i i o n d g : at end 1 6 7 0 7 6 8 . . . 1 7 4 1 1 1 1 0 5 . . . 0 5 0 3 4 7 . . . 8 0 4 . . . 5 1 4 5 6 8 0 1 3 . . . 2 7 6 December... . 104.1 13.8 9.8 17.2 63.3 1946—February. . . 78.4 11.2 4.1 .6 61.5 1946—February 107.3 14.6 10.0 18.2 64.5 March 81.0 11.6 4.2 .6 63.6 March , 112.8 15.4 10.9 19.1 67.4 April 83.2 12.1 4.5 .6 65.0 April 118.1 16.8 11.8 20.2 69.3 May 85.6 12.6 4.8 .7 66.5 May 122.4 17.6 12.7 21.2 70.9 June 87.5 12.7 5.2 .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 S N J A O D u e u c o e l p t y g c v o t e u e e b m s m m e t r b b b e e e r r r . . . . . . . . , , 1 1 1 1 1 1 3 3 4 6 5 5 2 8 2 0 2 6 . . . . . . 6 5 6 9 7 1 2 2 1 2 2 2 1 6 9 2 7 4 . . . . . . 2 9 3 1 5 4 1 1 1 1 1 1 3 4 4 6 7 5 . . . . . . 8 1 7 8 7 7 2 2 2 2 2 2 4 5 3 6 7 8 . . . . . . 2 4 1 7 5 3 8 8 8 7 8 7 5 0 9 5 3 8 . . . . . . 7 7 1 9 8 8 1947— A S N D O J e u c o e a p t g c v o n t u e e e b u s m m m e a t r b r b b y e e e . r r r . . . . . . . . . . . 1 1 1 9 9 9 0 1 0 3 5 9 3 2 8 . . . . . . 7 1 3 2 7 4 1 1 1 1 1 1 3 3 4 4 5 5 . . . . . . 5 6 8 9 0 6 5 6 8 7 7 7 . . . . . . 6 2 0 6 4 0 2 2 2 2 2 2 . . . . . . 0 0 5 3 4 2 8 7 8 7 7 7 3 1 6 3 6 8 . . . . . . 6 9 1 0 3 9 1947—January .... 168.1 29.5 18.6 28.9 91.1 February P . . 115.5 16.5 8.4 2.5 88.1 February*... 172.6 31.3 19.6 29.6 92.1 March?. . . . 118.6 17.1 2.6 90.1 MarchP 177.6 33.8 19.3 30.3 94.2 Volume extended Volume extended during month: 19 d 4 u 6 r — in A N M J J A S M O D F g u u e p e u c o e a l n a p m b r t y g v c r e y o i t r c u l e e e . o b u h s m m m e n a t . r r t b b b . y h e e . e : r . r r . . . . . . . . . . 2 2 2 2 2 2 2 1 3 2 2 3 6 4 3 6 5 3 8 1 8 8 . . . . . . . . . . . 6 7 2 4 3 3 0 8 2 5 8 4 3 3 3 3 4 4 4 5 5 5 . . . . . . . . . . . 2 9 9 0 8 7 5 6 7 2 3 2 2 2 3 3 2 2 3 2 3 1. . . . . . . . . . . 7 2 6 7 5 7 4 8 0 7 8 2 2 2 2 2 2 3 2 2 2 1 . . . . . . . . . . . 7 6 6 3 5 4 3 5 6 8 8 1 1 1 1 1 1 1 1 1 1 1 5 6 9 6 6 1 5 4 4 6 4 . . . . . . . . . . . 5 2 2 9 7 2 9 3 5 5 9 1946— D N J J A O A S M M F u u e e c u p o e a l a n p c t y g r b v y r e o i e t u c r l e b e u m h s m e m t a r b r b b y e e e . r r r . . . . . . . . . . 2 2 2 2 2 1 1 1 1 1 1 6 0 3 2 0 5 8 8 9 8 8 . . . . . . . . . . . 2 5 2 5 0 0 4 0 6 3 3 3 3 3 3 3 3 3 2 2 4 4 . . . . . . . . . . . 2 5 4 4 0 3 1 7 4 1 0 0 0 1 1 1 1 1 1 1 1 1 . . . . . . . . . . . 2 2 6 4 7 8 8 9 0 1 4 0 0 0 0 0 0 0 0 0 0 0 . . . . . . . . . . . 2 3 2 2 2 3 3 1 3 2 3 1 1 1 1 1 1 1 1 1 1 2 5 1 4 4 4 3 3 6 7 0 4 . . . . . . . . . . . 6 2 2 9 9 7 8 4 0 9 6 1947— F M Ja e a n b r u r c u a h a ry P ry . . . P . . . . . . . 3 2 2 1 7 9 . . . 8 4 1 6 6 7 . . . 2 5 4 3 3 3 . . . 5 4 5 2 2 2 . . . 7 4 4 1 1 1 5 8 6 . . . 4 1 8 1947— M F J e a a b n r u r c u a h a r P y r y . . P . . . . . . . 2 2 2 5 2 2 . . . 8 2 4 3 3 3 . . . 9 9 6 1 1 1 . . . 7 6 8 0 0 0 . . . 2 3 2 1 1 1 6 9 6 . . . 5 9 8 1 Includes not only loans insured by Federal Housing Administration but also noninsured loans. p Preliminary. r Revised. 2 Includes both direct loans and paper purchased. MAY 1947 593 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 * Pe f r ro c m en ta p g re e c e c d h i a n n g ge f P ro e m rc e c n o t r a r g e e s p c o h n a d n i g n e g [nstalment accounts a C c h co ar u g n e ts month month of preceding Item 1 M 94 a 7 r P . F 19 e 4 b 7 . 1 J 9 a 4 n 7 . 1 M 94 a 7 r. ? y F 19 e e a 4 b r 7 . 1 J 9 a 4 n 7 . 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 s o l t o l i o d a u r n s a e c e p s e - - J s e t w o e re lr s y D s m e t p o e r a n e r t s t- Net sales: 1946 Total + 16 +5 -39 + 16 + 17 +20 February . 32 24 52 29 61 Cash sales + 13 -4 -43 -10 -5 +3 March '37 27 54 32 64 Credit sales: April '36 28 56 32 63 Instalment + 19 +8 -43 +23 +21 +19 May 34 27 55 34 62 Charge account +3 +20 -38 +38 +46 +53 J J u ul n y e 3 3 3 2 2 2 6 6 5 5 6 7 3 3 3 2 6 5 0 7 Accounts receivable, at August 35 26 54 33 59 end of month: 34 25 51 30 56 Total +3 +2 -6 +42 +41 +37 October 37 27 52 32 60 I nstalment + 1 -1 -4 +34 +30 +30 November . ... 37 27 47 34 59 December 35 26 47 44 54 Collections during month: 1947 Total + 10 -8 + 1 +26 +30 +29 January 29 23 47 26 52 Instalment + 15 -9 -6 + 16 + 17 +17 February 28 21 42 25 51 March? 32 25 46 27 56 Inventories, end of month, at retail value. + 1 + 7 +4 +64 + 71 +72 p Preliminary. r Revised. 1 Collections during month as percentage of accounts outstanding at p Preliminary beginning of month. DEPARTMENT STORE SALES, ACCOUNTS RECEIVABLE, AND COLLECTIONS Index numbers, without seasonal adjustment, 1941 average = 100 Percentage of total sales Year and month Sales during month A a c t c o e u n n d t s o r f ec m e o iv n a t b h k Collec m tio o n n s t h during Cash Instal- Chargesales ment 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 c h c a o r u g n e t sales sales 1941 average 100 100 100 100 100 100 100 100 48 43 1942 average 114 131 82 102 78 91 103 110 56 38 1943 average 130 165 71 103 46 79 80 107 61 34 1944 average 145 188 66 111 38 84 70 112 64 32 1945 average 162 211 68 124 37 94 69 127 64 32 1946 average 202 243 101 176 50 138 89 168 59 37 1946-February 152 191 72 122 43 100 77 140 62 34 March 190 233 84 162 43 '113 '85 138 60 36 April 205 249 96 175 45 126 82 154 60 36 May 194 234 85 169 45 129 83 168 59 37 June 193 233 81 169 46 133 81 167 59 37 July 156 192 74 130 45 119 79 165 61 35 August 193 234 99 164 48 127 84 152 60 36 September 197 229 9? 180 50 145 87 152 57 39 October 218 249 119 202 55 156 101 186 56 39 November. . . 257 297 146 233 62 176 109 197 57 38 December... . 330 384 199 292 75 224 117 205 57 38 1947—January 163 188 106 146 75 176 118 251 57 February. . . . 159 179 109 144 74 154 112 195 56 March? 210 236 152 191 76 161 128 185 56 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 589. 594 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] Fuel, Year or month All items Food Clothing Rent electricity, -louse Miscellaneous and ice ishings 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—June 129.0 141.1 145.4 108.3 110.0 145.8 124.0 July 129.4 141.7 145.9 111.2 145.6 124.3 August 129.3 140.9 146.4 111.4 146.0 124.5 September 128.9 139.4 148.2 108.3 110.7 146.8 124.6 October. .. 128.9 139.3 148.5 110.5 146.9 124.7 November. 129.3 140.1 148.7 110.1 147.6 124.6 December. 129.9 141.4 149.4 108.3 110.3 148.3 124.8 1946—January.. . 129.9 141.0 149.7 110.8 148.8 125.4 February.. 129.6 139.6 150.5 111.0 149.7 125.6 March 130.2 140.1 153.1 108.4 110.5 150.2 125.9 April 131.1 141.7 154.5 110.4 152.0 126.7 May 131.7 142.6 155.7 110.3 153.7 127.2 June 133.3 145.6 157.2 108.5 110.5 156.1 127.9 July 141.2 165.7 158.7 113.3 157.9 128.2 August 144.1 171.2 161.2 108.7 113.7 160.0 129.8 September 145.9 174.1 165.9 108.8 114.4 165.6 129.9 October. . . 148.6 180.0 168.1 114.4 168.5 131.0 November. 152.2 187.7 171.0 114.8 171.0 132.5 December, 153.3 185.9 176.5 115.5 177.1 136.1 1947—January... '153.3 183.8 '179.0 108.8 117.3 179.1 '137.1 February.. '153.2 182.3 '181.5 108.9 117.5 180.8 '137.4 March 156.3 189.5 184.3 109.0 117.6 182.3 138.2 ' Revised. Back Figures.—Bureau of Labor Statistics, Department of Labor. MAY 1947 595 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WHOLESALE PRICES, BY GROUPS OF COMMODITIES [Index numbers of the Bureau of Labor Statistics. 1926 = 100] Other commodities All Farm Year, month, or week m c t o i o e m d s i - - p u r c o t d s - Foods Total H l i e d a e t s h e a r nd Textile F li u g e h l ti a n n g d an M d e m ta e l t s al Building c C al h s e m an i d - f H ur o n u is s h e- - Miscelproducts products materials products materials allied ing goods laneous products 1929 95.3 104 9 99.9 91.6 109.1 90.4 83.0 100.5 95.4 94.0 94.3 82.6 1930 86.4 88.3 90.5 85.2 100.0 80.3 78.5 92.1 89.9 88.7 92.7 77.7 1931 73.0 64.8 74.6 75.0 86.1 66.3 67.5 84.5 79.2 79.3 84.9 69.8 1932 64.8 48.2 61.0 70.2 72.9 54.9 70.3 80.2 71.4 73.9 75.1 64.4 1933 65.9 51 4 60.5 71.2 80.9 64.8 66.3 79.8 77.0 72.1 75.8 62.5 1934 74.9 65.3 70.5 78.4 86.6 72.9 73.3 86.9 86.2 75.3 81.5 69.7 1935 80.0 78.8 83.7 77.9 89.6 70.9 73.5 86.4 85.3 79.0 80.6 68.3 1936 80.8 80 9 82 1 79.6 95.4 71 5 76.2 87.0 86.7 78.7 81.7 70.5 1937 86.3 86.4 85.5 85.3 104.6 76.3 77.6 95.7 95.2 82.6 89.7 77.8 1938 78.6 68.5 73.6 81.7 92.8 66.7 76.5 95.7 90.3 77.0 86.8 73.3 1939 77.1 65.3 70.4 81.3 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 c82.O 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—March 108 9 133 4 109 4 102.2 119 8 104 7 85 0 108.4 124 9 96.0 106.9 95.6 April 110.2 135 4 110.8 103.3 119.8 107.9 86.1 108.8 126.5 96.1 107.5 95.7 May 111.0 137 5 111 .5 103.9 120.4 108 8 86.1 109.4 127.8 96.5 108.3 97.0 June 112.9 140.1 112.9 105.6 122.4 109.2 87.8 112.2 129.9 96.4 110.4 98.5 July 124 7 157 0 140.2 109.5 141.2 118 1 90.3 113.3 132.1 99.3 111.9 101.3 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 March . 149 6 182 6 167.6 131.3 174.6 139 6 100 8 140 6 177.5 132.2 125.8 115.3 Week ending: 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 1 2£. 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 Apr 5 148 8 181 2 164.4 132.3 174 3 139 3 103 9 140 3 177 8 134.5 126.7 115.7 Apr. 12 . 148 1 180.1 163.0 132.1 173.8 139 6 104.0 140.3 177.9 134.5 126.7 114.3 Apr. 19 147.2 175.4 162.2 132.4 172.5 138.8 104.1 140.9 178.4 132.5 128.1 115.6 Apr. 26 146.8 177.6 160.3 132.0 171.9 137.8 103.9 140.8 178.0 130.5 128.6 115.2 1947 1946 1947 Subgroups Subgroups Mar. Dec Jan. Feb. Mar. Mar. Dec Jan. Feb. Mar. Farm Products: Metals and Metal Products: Grains 136.7 163.0 162.6 171.1 203.3 Agricultural implements. . . . 98.5 117.1 117.5 117.6 116.8 Livestock and poultry 133.5 194.7 189.6 201.5 216.0 Farm machinery 99.6 118.6 119.0 119.0 118.2 Other farm products 131.4 152.5 149.7 150.5 155.8 Iron and steel 107.0 117.4 123.9 125.0 126.9 Foods: Motor vehicles l 112.8 151.0 151.3 r151.3 151.2 Dairy products 116.1 180.0 164.6 161.8 157.6 Nonferrous metals 86.1 129.3 130.5 131.3 139.0 Cereal products 96.2 139.5 139.9 141.3 150.4 Plumbing and heating 95.1 114.9 117.0 117.1 117.9 Fruits and vegetables 133.1 134.5 131.6 134.2 141.5 Building Materials: Meats 109.6 188.2 183.4 199.5 207.3 Brick and tile 117.4 130.0 132.2 132.3 132.4 Other foods 97.7 139.0 141.1 146.0 152.8 Cement 102.3 106.9 108.3 109.9 112.3 Hides and Leather Products: Lumber 167.6 227.2 249.9 263.6 269.3 Shoes 128.6 169.9 170.6 171.5 171. Paint and paint materials... 107.8 155.4 171.2 173.9 176.1 Hides and skins 117.6 216.5 198.5 191.4 192. Plumbing and heating 95.1 114.9 117.0 117.1 117.9 Leather 104.0 185.0 181.6 181.1 183. Structural steel 120.1 120.1 127.7 127.7 127.7 Other leather products 115.2 123.6 140.3 137.1 137. Other building materials.... 112.3 131.8 139.0 141.5 143.5 Textile Products: Chemicals and Allied Pioduct:,: Clothing 109.5 129.8 132.4 132.7 133.0 Chemicals 97.0 111.8 112.7 113.8 114.5 Cotton goods 132.9 181.6 184.6 193.7 196.6 Drugs and Pharmaceuticals. 111.7 181.2 181.7 182.5 182.7 Hosiery and underwear 75.5 96.9 99.3 100.0 100.8 Fertilizer materials 81.9 95.1 99.9 99 2 101.8 Silk 103.2 101.2 80.2 73.2 Mixed fertilizers 86.6 93.6 95.5 96.3 96.3 Rayon 30.2 33.8 33.8 37.0 37.0 Oils and fats 102.1 203.0 210.6 214.3 231.5 Woolen and worsted goods... 112.7 119.0 120.8 121.9 127.5 Housefurnishing Goods: Other textile products 109.6 168.1 169.9 170.1 175.1 Furnishings 110.9 126.3 128.4 129.6 131.4 Fuel and Lighting Materials: Furniture 102.9 113.9 118.2 119.5 120.0 Anthracite 104.0 113.7 114.7 114.8 114.9 Miscellaneous: Bituminous coal 125.2 138.9 142.6 143.3 143.6 Auto tires and tubes 73.0 73.0 73.0 73.0 73.0 Coke 134.9 147.5 152.5 155.1 155.2 Cattle feed 159.6 193.8 181.7 178.6 238.4 Electricity 68.3 65.8 Paper and pulp 113.7 136.4 141.9 143.4 145.1 Gas 79.6 83.1 80.8 84.3 Rubber, crude 46.2 46.2 51.2 52.9 52.9 Petroleum products 61.2 75.8| 76.5 76.6 Other miscellaneous 98.9 117.0 118.1 118.8 122.2 1 Revision made beginning October 1946. T Revised. c Corrected. Back figures.—Bureau of Labor Statistics, Department of Labor. 596 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] Seasonally adjusted annual rates Annual totals by quarters 1946 * 1939 1940 1941 1942 19*43 1944 1945» 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 9.5 8.5 9.0 9.8 10.5 Private gross capital formation 10.9 14.8 19.1 7.6 2.5 2.0 9.1 32.1 23.1 31.4 35.7 37.9 Construction 3.6 4.3 5.3 2.9 1.6 1.6 2.6 7.9 6.5 8.0 8.3 8.8 Residential 2 0 2 4 2 8 1 3 0 6 0.5 0 7 Other 1 6 2.0 2 5 1 6 1.0 1.1 1.9 5.5 6.9 8.9 5.1 3.1 4.0 •6.6 *12.8 •9.5 »12.0 114 0 »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 -1.5 -1.8 }o. Net exports and monetary use of s 4.9 3.7 7.4 4.8 3.8 gold and silver 0.2 0.3 0.2 0.1 -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 Nondurable goods . . . 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 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 0.0 -0.4 — 1 1 -0.2 1.5 -2.2 0.1 -2.1 National income 70.8 77.6 96.9 122.2 149.4 160.7 161.0 165.0 Additions: Transfer payments 2 4 2 6 2 5 2 7 3.2 5.3 8.1 11.0 Deductions: Corporate savings 0 4 1 8 4 0 4 4 5.5 5.4 4.5 6 9 Contributions to social insurance funds 2.0 2.1 2 6 3.2 3.8 3.9 3.8 4.0 Income payments to individuals 70.8 76.2 92.7 117.3 143.1 156.8 160.8 165.1 156.7 160.6 167.8 173.4 Income payments to individuals 70.8 76.2 92.7 117.3 143.1 156.8 160.8 165.1 156.7 160.6 167.8 173.4 Personal taxes and nontax payments 3.1 3.3 4.0 6.7 18.6 19.4 21.2 19.1 18.6 18.7 19.4 19.8 Federal 1.3 1.4 2.0 4.7 16.6 17.4 19.0 17.0 16.4 16.6 17.2 17.7 State and local 1 9 1 9 2 0 2 0 2.0 2.1 2.1 2.1 2 1 2 1 2 2 2 2 Disposable income of individuals 67.7 72.9 88.7 110.6 124.6 137.4 139.6 146.0 138.1 141.9 148.4 153.6 Consumer expenditures .. .. 61.7 65.7 74.6 82.0 91.3 98.5 106.4 127.2 121.0 122.1 129.6 136.0 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 Salaries and wages 44.2 48.6 60.8 80.8 103.1 112.8 111.4 106.6 3 8 3.7 3 7 3 3 3.2 3.2 3.1 3.3 Net income of proprietors 11.2 12.0 15.8 20.6 23.5 24.1 25.6 30.2 Agricultural 4.3 4 4 6 3 9.7 11.9 11.8 12.5 14.9 Nonagricultural 6 9 7 6 9 6 10 9 11 6 12 3 13 1 15 3 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 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. 3 Revised figures. Quarterly unadjusted data have not yet been published. » Based on new sources and not precisely comparable with previous years. 4 Less than 50 million dollars. NOTE.—Detail does not always add to totals because of rounding. For a general description of above series see the Survty 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. MAY 1947 597 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOKS BANK CREDIT, MONEY RATES, AND BUSINESS 1947 1947 Chart Chart book book page Mar. Apr. Apr. Apr. Apr. page Mar. Apr. Apr. Apr. Apr. 26 16 23 26 16 WEEKLY FIGURES i In billions of dollars WEEKLY FIGURES*—Gont. In unit indicated RESERVES AND CURRENCY BUSINESS CONDITIONS Reserve Bank credit, total .... 23.49 22.76 22.89 22.47 22.23 Steel production (% of capacity) 97.0 95.4 95.1 94.5 95.0 U. S. Govt. securities, total.. 22.81 21.94 22.28 21.91 21.83 Electric power prod. (mill. kw. hrs.). 4,729 4,693 4,620 4,660 4,668 Bills 3 15.29 14.88 15.36 15.04 15.06 reight carloadings (thous. cars).... 829 758 866 894 Certificates 3 6.42 5.95 5.81 5.76 5.67 Department store sales (1935-39 Notes 3 .35 .35 .35 .35 .35 = 100) 283 319 265 271 265 Bonds 3 .75 .75 .75 .75 .75 Wholesale prices (1926=100): Discounts and advances 2 .29 .43 .28 .10 .14 Total 149.4148.8148.1147.2146.8 Gold stock 2 20.44 20.49 20.50 20.58 20.62 Farm products 183.8181.2180.1175.4177.6 Money in circulation 2 28.17 28.25 28.25 28.16 28.11 Other than farm and food 131.9132.3132.1132.4132.0 Treasury cash 2 1.36 1.33 1.34 1.33 1.34 Treasury deposits 2 1.60 .95 .75 .61 .48 M Re e q m u b ir e e r d b r a e n s k er v re e s s e rves 4 4 1 1 5 5 . . 1 6 0 6 1 15 4 . . 5 9 4 8 1 1 5 5 . . 9 0 3 5 P 1 1 5 5 . . 9 1 9 5P 1 1 5 5 . . 8 1 2 5 1947 Excess reserves • 4 .56 .56 .89 P.83 P.6 Excess reserves (weekly aver- Jan. Feb. Mar.4 age): Total • 5 .74 .77 .90 P.90 P.77 New York City 5 .01 .01 .01 .02 .01 MONTHLY FIGURES In billions of dollars Chicago 5 (2) .01 .02 (2) () RESERVES AND CURRENCY Reserve city banks 5 .17 .19 .25 .26 .20 Country banks e 5 .56 .56 .62 P.61 p. 55 Reserve Bank credit 6 24.43 24.60 23.72 Gold stock 6 20.62 20.73 20.41 MEMBER BANKS IN LEADING CITIES Money in circulation 28.54 28.30 28.27 Treasury cash 6 2.29 2.21 1.33 Total—101 cities: Treasury deposits 6 .78 1.90 1.34 Loans and investments 14 55.17 54.85 54.93 55.30 55.21 Member bank reserves, total 6,"" 16.40 16.01 16.01 U. S. Govt. obligations 14 34.70 34.15 34.30 34.81 34.8 Central reserve city banks 5.14 5.01 5.01 Demand deposits adjusted... 14 38.83 38.21 38.67 39.21 39.5! Reserve city banks 6.50 6.32 6.31 U. S. Govt. deposits 14 2.04 1.78 1.83 1.85 1.5' Country banks 4.76 4.67 4.69 Loans 14 16.92 17.15 17.10 16.94 16. 7 Required reserves, total 15.55 15.20 15.13 New York City: Central reserve city banks 5.13 4.99 4.98 Loans and investments 15 18.41 18.36 18.22 18.35 18.43 Reserve city banks 6.27 6.12 6.09 U. S. Govt. obligations, total. 15 11.57 11.39 11.26 11.56 11.7 Country banks 4.15 4.09 4.06 Bonds and guaranteed Excess reserves, total .85 .80 .87 securities 16 9.28 9.37 9.40 9.48 9.5 Balances due from banks: Notes and certificates 16 2.00 1.74 1.74 1.66 1.79 Reserve city banks 13 1.86 1.74 1.80 Bills 16 .30 .27 .12 .42 .47 Country banks 1" 3.66 3.48 3.51 Demand deposits adjusted... 1 14.27 14.23 13.99 14.11 14.40 Money in circulation, total 28.26 28.30 28.23 U. S. Govt. deposits, 1 .61 .53 .54 .55 .4 Bills of $50 and over 8 8.46 8.43 8.42 Interbank deposits * 15 3.78 3.89 3.97 3.99 3.88 $10 and $20 bills 8 15.36 15.41 15.35 T L i o m an e s d , e to p t o a s l its3 1 1 5 5 5 1 . . 7 2 2 9 5 1 . .3 8 2 6 5 1 . . 8 3 4 2 5 1 . . 6 3 7 1 5 1 . . 5 3 . 1 c Coins, $1, $2, and $5 bills 8 4.45 4.46 4.46 Commercial 1 4.16 4.23 4.23 4.17 4.08 For purchasing securities: ALL BANKS IN U. S. B B r r o o k k e e r r s s ' ' — — o o n n U ot . h S e . r G s o e v c t u s - . 1 .26 .29 .30 .28 .21 Total deposits and currency 9 P165.90 P165.40 P165.10 100 c A it l i l T e o s o r t o i o h t t u i e h e t r s s e i r d s e New York: 1 1 1 7 7 6 . . . 2 2 7 7 5 8 . . . 2 8 2 7 0 7 . . . 2 8 2 4 1 7 . . . 2 7 2 3 3 6 . . .7 2 2 5 4 6 U D T C i u . e m r m S r e . e a n n G d c d e o y p v d o o t e s . u p it d t o s s e s i p d it o e s s b it a s nks 9 9 9 9 P P P P 8 5 2 2 4 3 6 . . . . 2 5 1 1 0 0 0 0 P P P P 8 5 2 3 0 4 6 . . . . 9 7 2 6 H 0 0 0 P P P P 8 5 2 3 0 4 6 . . . . 8 4 9 0 0 0 0 0 Loans and investments 15 36.76 36.49 36.71 36.95 36.7 U. S. Govt. obligations, total. 23.12 22.77 23.04 23.26 23.10 CONSUMER CREDIT Bonds and guaranteed securities 16 17.63 17.61 17.60 17.63 Consumer credit, total 18 9.78 P9.72 P10.05 Notes and certificates 16 5.05 4.79 4.83 4.95 Single payment loans 18 09 J»2.08 P2.O7 Bills 16 .44 .37 .61 .68 Charge accounts 18 2.76 *2.60 P2.78 Demand deposits adjusted.. . 15 24.56 23.97 24.68 25.10 Service credit 18 .87 P.87 P. 88 U. S. Govt. deposits 15 1.43 1.25 1.28 1.30 Instalment credit, total 18, 19 4.06 P4.16 P4.33 Interbank deposits8 1 6.07 6.22 6.26 6.28 Instalment loans 19 2.50 P2.55 P2.64 Time deposits3 1 9.30 9.36 9.39 9.40 Instalment sale credit, total.... 19 1.57 Pl.61 Pi. 69 Loans, total 1 11.21 11.29 11.25 11.27 Automobile 19 .58 P. 63 P. 69 Commercial 1 6.91 6.94 6.94 6.91 Other 19 .99 >.98 Pi. 00 For purchasing securities... 1 .90 .90 .87 .87 All other 1 3.39 3.45 3.45 3.49 3.50 TREASURY FINANCE MONEY RATES, ETC. Per cent per annum U. S. Govt. obligations outstanding, total interest-bearing 20 258.64 258.29 255.98 U. S. Govt. securities: By classes of securities: Bills (new issues) 24 .376 .376 .376 .376 .376 Bonds (marketable issues) 20 119.32 119.32 119.32 C N B e o o r n t t e d i s f s i c ( a 7 te -9 s years) 2 2 2 4 4 4 1 1. . . 4 1 8 5 4 1 1 1 . . . 1 4 8 6 6 1 1 1 . . . 1 4 8 6 5 2 1 1 . . . 1 4 8 8 8 3 1 1. . . 4 1 8 7 3 N S Sp a o v e t c i e n i s a g , l s c i b e s r o s t u n i e f d i s s c a a t n e d s, ta a x n d n b o i t l e ls s .... 2 2 2 0 0 0 5 5 2 7 6 4 . . . 1 7 9 6 8 6 5 5 2 5 4 7 . . . 9 7 9 4 7 2 5 5 2 2 8 5 . . . 9 1 1 7 6 8 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 2.18 2.19 2.18 2.20 2.20 By 5 m ye a a tu rs r i a ti n e d s : over 20 105.30 105.30 103.34 High grade (5 issues) 26 2.48 2.47 2.47 2.47 2.47 5-20 years 20 61.70 61.70 59.74 Aaa 26 2.54 2.53 2.53 2.53 2.53 5-10 years...'. 20 41.63 41.63 39.67 Baa 26 3.15 3.16 3.16 3.16 3.16 W W i i t t h h i i n n 5 1 y y e e a a r r s 2 2 0 0 5 7 3 1 . . 9 1 1 4 5 7 2 0. . 1 8 1 8 6 4 9 9 . . 1 9 2 3 Certificates 20 29.79 28.78 27.79 In unit indicated Bills ;. .. 20 17.07 17.05 17.04 Holdings of U. S. Govt. obligations: Commercial banks 21 73.00 71.80 Stock prices (1935-39=100): Fed. agencies and trust funds. ... 21 31.17 31.31 31.57 Total 27 124 124 121 116 118 Federal Reserve Banks 21 23.94 24.12 22.59 Industrial 27 128 128 124 120 122 Mutual savings banks 21 11.90 12.00 Railroad 27 108 108 104 99 10 Insurance companies 21 25.40 25.40 Public utility 27 107 107 105 103 104 Other investors, total 21 93.20 93.70 Volume of trading (mill, shares). 27 .82 .71 .86 1.29 Marketable issues 2 38.10 38.00 For footnotes see p. 600. 598 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOKS—Continued BANK CREDIT, MONEY RATES, AND BUSINESS--C ontinued 1947 1947 Chart Chart book book page Jan. Feb. Mar." page Jan. Feb. Mar. MONTHLY FIGURES—Cont. Per cent Per annum MONTHLY FIGURES—Gont. In unit indicated MONEY RATES, ETC. BUSINESS CONDITIONS—Cont. ^oroorate Aaa bonds 23 2.57 2.55 2.55 F. R. Bank discount rate (N. Y.) 23 1.00 1.00 1.00 Residential contracts (mill, dollars) :5 Treasury bills (new issues) 23 .376 .376 .376 Total 42 343 270 249 Public 42 17 20 13 Private, total 42 326 250 236 In unit indicated 1- and 2-family dwellings 42 258 220 197 Other 42 68 30 39 Stock prices (1935-39=100): Value of construction activity (mill, Total 27 125 129 124 dollars): Industrial 27 129 133 128 Total 49C 800 745 786 Railroad 27 115 119 110 Residential: Public utility 27 111 111 107 Public 49C 38 32 24 Volume of trading (mill, shares) 27 1.00 1.18 .84 Private... 49C 273 247 260 Brokers' balances (mill, dollars): Nonresidential: Credit extended customers 29 533 573 576 Public 49C 128 119 146 Money borrowed 29 210 217 216 Private 49C 361 347 356 Customers' free credit balances.... 29 687 681 677 reight carloadings:5 Total (1935-39=100) 43 150 142 146 BUSINESS CONDITIONS Groups (points in total index): Income payments (mill, dollars):5 Miscellaneous 43 83.3 79.4 82.8 Total 30 14,756 14,754P14,725 Coal 43 34.7 31.8 31.3 O Sa t l h a e r r i es and wages 3 3 0 0 9 5 , , 2 4 9 6 6 0 9 5 , , 3 3 5 98 6 P P 9 5 , . 3 3 8 4 3 2 Depa A r l t l m o e t n h t e r s tores (1935-39=100) :5 43 31.8 30.9 31.6 Cash farm income (mill, dollars): Sales 44 265 269 277 Total 31 2,180 1,745 Pl,903 Stocks 44 268 275 274 Livestock and products »31 1 ,310 1,179 J>l,310 Exports and imports (mill, dollars): Crops 31 834 522 P527 Exports 46 Pi,153 Pi ,327 Govt. payments 31 36 44 P66 Excluding Lend-Lease exports... 46 Pl.107 Pi,150 Pi,326 Armed forces (mill, persons) 32 1.7 1.6 1.6 Imports 46 P533 P435 P444 Civilian labor force (mill, persons): Excess of exports excluding Lend- Total 32 57.8 58.0 58.4 Lease exports 46 P574 P715 P882 Male 33 41.9 42.1 42 .4Cost of living (1935-39=100): Female 33 15.9 15.9 16.0 All items 47 153.3 153.2 156.3 Unemployment 32 2.4 2.5 2.3 Food 47 183.8 182.3 189.5 Employment 32 55.4 55.5 56.1 Clothing 47 179.0 181.5 184.3 Nonagricultural 33 48.9 48.6 48.8 Rent 47 108.8 108.9 109.0 Agricultural 33 6.5 6.9 7.2Wholesale prices (1926=100): Industrial production:5 Total 49 141.5 144.6 149.6 Total (1935-39=100) 35, 49B '189 189 P189 Farm products 49 165.0 170.4 182.6 Groups (points in total index): Other than farm and food 49 127.6 128. 131.3 Durable manufactures 35 '83.8 84.1 P84.6 Machinery and trans, equip.... 49B 44.1 44.3 P44.6 Iron and steel 49B 21.1 21.0 21.3 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 49B 18.5 18.7 1946 1947 Nondurable manufactures 35 '82.8 82.5 P82.2 Textiles and leather 49 B 21.9 22.1 P22.0 Food, liquor, and tobacco 49B 24.0 23.3 P23.0 Chemicals, petroleum, rubber, July- Oct.- Jan.and coal products 49 B 23.2 23.2 P23.1 QUARTERLY FIGURES Sept. Dec. Mar. Paper and printing 49 B 13.7 13.9 P14.1 Minerals 35, 49B 22.2 22.2 P22.3 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: Total 36 242 P255 Total expenditures 49D 9.33 9.16 10.63 Durable 36 270 P293 National defense 49D 3.80 4.50 4.30 Shipments: Net receipts 49D 9.45 9.02 13.90 Total 36 275 P292 Internal revenue collections, total.... 49D 8.47 7.72 12.61 Durable 36 293 P314 Individual income taxes 49D 3.87 3.07 7.95 Nondurable. 36 263 P277 Corporate income taxes 49D 2.56 2.52 2.62 Inventories: Misc. internal revenue 49D 2.04 2.14 2.03 Total 36 208 P211 Durable 36 225 P230 Nondurable 36 194 P195 MONEY RATES Per cent per annum Factory employment and pay rolls (1939=100): Bank rates on customer loans: Pay rolls 38 '307.3 '310.7 Total. 19 cities 23 2.32 233 2.31 Employment 38 '152.7 '153.8 P153.8 New York City 25 1.83 1.85 1.82 Hours and earnings at factories: Other Northern and Eastern cities. 25 2.43 243 2.37 Weekly earnings (dollars) 39 47.09 47.28 P47.47 Southern and Western cities 25 2.75 2 76 2.80 Hourly earnings (cents) 39 116.1 117.0 P117.9 Hours worked (per week) 39 40.6 40.4 M0.3 Nonagricultural employment (mill. SECURITY MARKETS In millions of dollars persons):5 Total 40 '42.2 '42.3 P42.4 Corporate security issues: Manufacturing and mining 40 '16.3 '16.4 P16.4 Net proceeds: Trade 40 '8.6 '8.6 All issues 28 1,482 1,801 1,018 Government 40 '5.4 '5.4 Industrial 28 876 «! 966 438 Transportation and utilities 40 '4.1 '4.1 P4.0 Railroad 28 31 105 53 Construction 40 '1. '1.6 P1.7 Public utility 28 490 668 442 Construction contracts (3 mo. moving New money: average, mill, dollars):5 All issues 28 809 1.336 673 Total 41 599 618 P545 Industrial 28 564 686 283 Residential 41 265 280 P245 Railroad 28 28 74 43 Other 41 334 338 P300 Public utility 28 200 537 284 For footnotes see p. 6C0. MAY 1947 599 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOKS—Continued BANK CREDIT, MONEY RATES, AND BUSINESS—Continued 1946 1946 Chart Chart book book page June Sept. Dec. page June Sept. Dec. 29 30 31 29 30 31 CALL DATE FIGURES In billions of dollars CALL DATE FIGURES—Cont. In billions of dollars ALL MEMBER BANKS CLASSES OF BANKS Cont. Loans and investments, total 10 102.03 99.71 96.36 Country banks: U. S. Govt. obligations, total 10 72.27 68.23 63.04 Loans and investments, total 13 35.89 36.06 35.41 Bonds . . 11 45.42 46.22 U. S. Govt. obligations 13 26.56 25.95 24.57 Certificates 11 15.29 10.04 Other securities 13 2.73 2.77 2.84 Notes 11 10 47 5.60 Loans 13 6 61 7 33 8 00 Bills 11 1.07 (6) 1.17 Demand deposits adjusted 13 24 63 25 56 26.24 Guaranteed obligations 11 .02 (6) .01 Time deposits .... 13 13 53 13 90 14 07 Other securities, total 10 6.46 6.70 6.63 State and local government obligations 11 3 31 3.62 3.55 1946 1947 Other securities 11 3.15 3.08 3.08 Loans, total 10 23.30 24.78 26.70 SELECTED DATES Commercial 11 9.69 13.15 July- Oct.- Jan.- Real estate 11 4.27 5.36 Sept. Dec. Mar. Agricultural 11 .88 (6) .88 For purchasing securities: Brokers 11 2 40 (6) 1 51 FARM REAL ESTATE VALUES In unit indicated To others 11 2.48 1.47 Consumer 11 2.46 (6) 3 31 Cash farm income (bill, dollars, annual Demand deposits adjusted 10 67 46 68 82 70 24 basis 49A 23.5 '28.8 28.8 Farm real estate values (1912-14= CLASSES OF BANKS Dr 1 ic 0 e 0 s ) received and paid by farmers: 49A 7 152 (7) 7 159 Prices paid (1910-14=100) 49A 201 211 '221 Central reserve city banks: Prices received (Aug. 1909-July Loans and investments, total 12 28.47 26.94 25.60 1914—100) 49A 245 267 267 U. S. Govt. obligations 12 19.13 17.67 16.22 De O L m o th a a n e n r d s s d e e c p u o r s it i i t e s s adjusted 1 1 1 2 2 2 1 1 7 9 . . . 5 8 3 1 4 5 1 7 1 9 . . . 6 6 4 5 3 1 1 1 7 9 . . . 5 8 7 1 7 8 1945 1946 Time deposits 12 2 21 2 25 2 30 In unit indicated Reserve city banks: Loans and investments, total 12 37.68 36.71 35.35 U. S. Govt. obligations 12 26.59 24.61 22.25 Cash farm income (bill, dollars) 49A 21.6 24.8 Other securities 12 2.23 2.28 2.28 Farm transfers (number per 1000 Loans 12 8 86 9 81 10 82 farms) * Demand deoosits adjusted 12 23'.48 23'.85 24.22 Total 49 A 56.4 Time deposits 12 10.45 10.67 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. » Interbank time deposits are excluded from interbank deposits and included in time deposits beginning Apr. 2; on that date they totaled 21 million and 23 million dollars for New York City and for 100 cities outside New York, respectively. 4 For charts on pages 20, 23, and 27, figures for a more recent period are available in the regular BULLETIN tables that show those series. 5 Adjusted for seasonal variation. 6 Figures available for June and December dates only. 7 As of Nov. 1, 1946 (September quarter) and Mar. 1, 1947 (March quarter); no data available for December quarter since surveys are made only three times a year. CONSUMER CREDIT * Chart 1947 book page1 Jan. Mar.? (In millions of dollars) (In millions of dollars) Consumer credit outstanding, total. . . 3 9,783 9,716 10,047 Consumer instalment sale credit Instalment credit, total 3, 5 4,061 4,160 4,329 granted, cumulative totals:2 Instalment loans 5 2,495 2,551 2,638 By automobile dealers 286 298 377 Instalment sale credit 5 1,566 1,609 1,691 By furniture and household appli- Charge accounts 3 2,764 2,602 2,775 ance stores 183 186 240 Single-payment loans 3 2,089 2,080 2,066 By department stores and mail- Service credit 3 869 874 877 order houses 122 119 156 Consumer credit outstanding, cumu- By all other retailers 58 56 73 lative totals:2 Consumer instalment loan credit out- Instalment credit 4 9,783 9,716 10,047 standing, cumulative totals:2 Charge accounts 4 5,722 5,556 5,718 Commercial and industrial banks 2 ,495 2,551 2,638 Single-payment loans 4 2,958 2,954 2,943 Small loan companies 1,377 1,390 1,422 Service credit 4 869 874 877 Credit unions 757 770 795 Consumer instalment sale credit out- Miscellaneous lenders 572 580 599 standing, cumulative totals:2 Insured repair and modernization Automobile dealers 6 1,566 1,609 1,691 loans 360 365 380 - Furniture and household appliance stores 6 985 978 1,002 Department stores and mailorder houses 6 606 599 618 All other 6 269 261 262 P Preliminary. l Annual figures for charts on pages 9-19, inclusive, will be published as soon as they become available. 2 The figures shown here are cumulative totals, not aggregates for the individual components. Aggregates for each component may be derived by subtracting from the figure shown, the total immediately following it. * Copies of the Chart Book may be obtained at a price of 50 cents. 600 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 Mutual savings Non- All Member banks Nonmember banks 1 banks reporting re- banks p b o an rt k in s g Total Total2 ti N on a- al State2 Total su In re - d in N su o r n e - d1 su I r n e - d 2 in N s o u n re - d ( n n o o n n i m ns e u m re b d e ) r Banks (Head Offices) Dec. 31, 1942 14,682 14 136 6,679 5,081 1,598 7,460 6,667 793 56 490 130 Dec. 31, 1943 14,579 14,034 6,738 5,040 1,698 7,299 6,535 764 184 361 119 Dec. 31, 1944 14,535 13 992 6,814 5,025 1,789 7,181 6,452 729 192 351 120 Dec. 31, 1945 14,553 14,011 6,884 5,017 1,867 7,130 6,416 714 192 350 112 Dec. 31, 1946 14,585 14,044 6,900 5,007 1,893 7,147 6,457 690 191 350 111 Mar. 31 1947P 14,596 14,055 6,917 5,011 1,906 7,141 6,457 684 191 350 109 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 Mar. 31, 1947P 4,176 4,013 2,945 1,799 1,146 1,068 1,007 61 .120 43 P Preliminary. 1 Excludes banks (shown in last column) that do not report to State banking departments, principally as follows on the latest date: 10 "cooperative" banks in Arkansas and 97 unincorporated (private) banks in Georgia, Iowa, Michigan, and Texas. J The State member bank figures and the insured mutual savings bank figures both include three member mutual savings banks. These banks are not included in the total for "Commercial banks" and are included only once in "All reporting banks." • Includes all branches and other additional offices at which deposits are received, checks paid, or money lent. Includes offices at military reservations, consisting mostly of "banking facilities" provided through arrangements made by the Treasury Department with banks designated as depositaries and financial agents of the Government; the number of such offices on th- above dates was 40, 233, 308,241, 79, and 77, respectively. NOTE.—Prior to February 1946, statistics on number of banking offices were published quarterly. For back figures, see Banking and Mont' tary Statistics, Tables 1 and 14, pp. 16-17 and 52-53, and descriptive text, pp. 13-14. NUMBER OF BANKS CLASSIFIED ACCORDING TO FEDERAL RESERVE PAR LIST STATUS, BY DISTRICTS AND STATES On par listl On par list1 Not Not F di e s d t e ri r c a t l o R r e S se ta rv te e Total * Mem- Non- p o a n r State Total * Mem- Non- p o a n r Total ber member list1 Total ber member list* banks banks banks banks United States total: Kentucky . . 386 386 114 272 Dec. 31, 1942 14,123 11,413 6,670 4,743 2,710 Louisiana 157 56 45 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 169 169 79 90 Dec. 31, 1945 14,002 11,869 6,877 4,992 2,133 Massachusetts 183 183 148 35 Dec. 31,1946 14,043 11,957 6,894 5,063 2,086 Mar. 31, 1947P.. . 14,054 11,988 6,911 5,077 2,066 Michigan 443 443 228 215 Minnesota 678 264 209 5"5 414 Mississippi . . 205 .38 30 8 167 Missouri 592 521 181 340 71 M^ontana .. 110 110 80 30 By districts and by States Nebraska 409 409 145 264 Mar 31 1947* Nevada 8 g 6 2 New Hampshire. .. . 65 6S 52 13 Boston 488 488 335 153 New Jersey 343 343 294 49 New York 934 934 800 134 New Mexico 45 45 32 13 Philadelphia 845 845 648 197 Cleveland 1,166 1,166 722 444 New York 664 664 577 87 North Carolina 204 85 53 32 119 Richmond . . 1,012 785 476 309 227 North Dakota 151 44 41 3 107 Atlanta 1 1*51 527 337 190 624 Ohio 673 673 427 246 Chicago 2,476 2,419 999 1,420 57 Oklahoma 383 373 222 151 10 St. Louis 1,468 1,111 498 613 357 Oregon 70 70 33 37 Minneaoolis 1 277 601 474 127 676 Pennsylvania 1,007 1,007 767 240 Kansas City 1 747 1 736 754 982 11 Rhode Island 20 20 11 9 Dallas 984 874 599 275 110 South Carolina 149 54 30 24 95 San Francisco 506 502 269 233 4 South Dakota 169 68 63 5 101 Tennessee 294 191 82 109 103 Texas 870 810 551 259 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 192 192 113 79 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 92 63 29 279 The total in this table differs from total commercial banl:s in preceding table because the commercial bank total excludes some banks on Idaho 48 48 25 23 which checks are drawn, namelv. those that do not report to State Illinois 869 867 501 366 2 banking departments (see footnote 1 of preceding table), and includes fndiana 489 489 238 251 industrial banks and nondeposit trust companies whether or not Iowa 661 661 164 497 checks are drawn on them. Kansas 610 608 214 394 2 annual reports and Banking and JMonetary Statistics, Table 15, and descriptive text, pp. 14-15 MAY 1947 601 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK EARNINGS, 1946 ALL MEMBER BANKS, BY CLASSES [Amounts in thousands of dollars] Central reserve All All city member banks Reserve All member banks ] n m a e ti m o b n e a r l m S e t m at b e er m c e i m ty ber m Co em un b t e r r y banks banks New York Chicago banks banks 1943 1944 1946 Year 1946 Earnings 1,650,170 1,873,768 2,102,177 2,402,532 1,568,151 834,381 456,238 110,795 895,418 940,081 Interest and dividends on securities: U O . t h S e . r Government 765,828 959,787 9 1 9 3 6 9 , , 8 3 0 6 2 8 1,0 1 5 47 3 , , 5 5 8 3 6 2 6 1 9 0 8 2 , , 6 4 6 1 2 2 35 4 4 5 , , 8 1 7 7 0 4 20 2 9 3 , , 8 9 3 3 6 1 52 8 , , 3 5 1 3 0 4 380,550 4 6 1 2 0, , 8 6 3 3 6 4 Interest and discount on 52,487 loans 552,128 548,274 571,776 760,668 506,020 254,648 121,937 29,784 310,510 Service charges and fees on 298,437 loans 10,849 14,900 16,386 11,717 7,702 4,015 2,782 951 2,628 Service charges on deposit 5,356 accounts 76,407 85,500 87,499 99,634 69,103 30,531 8,624 1,394 53,402 Other charges, commissions, 36,214 fees, etc 45,137 53,206 63,833 67,827 44,475 23,352 9,073 809 25,557 32,388 Trust department 96,333 104,333 112,134 131,195 50,397 80,798 47,270 11,497 48,785 23,643 Other current earnings 103,488 107,768 114,379 130,373 89,380 40,993 32,785 5,516 48,032 44,040 Expenses 1,038,787 1,126,733 1,267,633 1,468,550 947,813 520,737 250,312 63,137 558,760 596,341 Salaries—officers 174,877 187,503 208,237 242,422 158,207 84,215 37,219 8,777 77,949 118,477 Salaries and wages—others.. 312,125 337,440 371,374 457,020 283,748 173,272 104,261 20,908 188,077 143,774 Directors' and committee members' fees 8,706 9,514 10,757 12,401 8,187 4,214 1,314 150 2,373 8,564 Interest on time deposits. . . 123,707 144,103 182,874 211,603 143,224 68,379 6,846 8,480 82,004 114,273 Interest on borrowed money 353 967 2,286 2,175 1,101 1,074 796 51 829 499 Taxes other than on net income 84,282 82,844 83,476 81,819 54,233 27,586 9,209 4,344 33,340 34,926 Recurring depreciation on banking house, furniture, and fixtures 33,472 34,939 34,004 34,034 23,176 10,858 4,113 704 11,912 17,305 Other current expenses 301,265 329,423 374,625 427,076 275,937 151,139 86,554 19,723 162,276 158,523 Net current earnings before income taxes 611,383 747,035 834,544 933,982 620,338 313,644 205,926 47,658 336,658 343,740 Recoveries, profits on securities, etc 312,333 318,133 453,785 355,805 214,345 141,460 70,837 23,201 126,677 135,090 Recoveries on securities.... 81,812 82,821 113,221 53,587 33,804 19,783 9,706 6,475 20,185 17,221 Profits on securities 93,854 116,267 238,835 183,010 110,266 72,744 40,718 6,085 60,811 75,396 Recoveries on loans 72,533 72,540 55,918 63,742 41,280 22,462 11,087 3,400 24,134 25,121 All other 64,134 46,505 45,811 55,466 28,995 26,471 9,326 7,241 21,547 17,352 Losses and charge-offs 250,972 232,183 229,856 246,962 155,386 91,576 43,560 20,632 100,505 82,265 On securities 101,559 97,146 117,785 115,455 74,605 40,850 12,754 11,439 44,723 46,539 On loans 63,360 60,283 46,541 61,492 44,485 17,00 12,207 3,578 28,930 16,777 All other 86,053 74,754 65,530 70,015 36,296 33,719 18,599 5,615 26,852 18,949 Profits before income taxes. 672,744 832 985 1,058,473 1,042,825 679,297 363,528 233,203 50,227 362,830 396,565 Taxes on net income 115,491 183,715 270,062 285,026 185,451 99,575 75,046 12,993 98,681 98,306 Federal 102,976 169,136 250,281 264,512 173,913 90,599 64,786 12,993 93,015 93,718 State 12,515 14,579 19,781 20,514 11,538 8,976 10,260 5,666 4,588 Net profits... 557,253 649,270 788,411 757,799 493,846 263,953 158,157 37,234 264,149 298,259 Cash dividends declared 208,368 226,002 245,934 266,647 169,741 96,906 75,076 14,050 98,697 78,824 On preferred stock 2 10,828 9,687 8,262 5,873 2,423 3,450 34 2,104 3,735 On common stock 197,540 216,315 237,672 260,774 167,318 93,456 75,042 14,050 96,593 75,089 Loans 16,229,00017,682,000 19,815,000 24,258,000 15,222,000 9,036,000 6,736,0001,387,000 9,400,000 6,735,000 U. S. Government securities. .. 48,182, .0,324,000 71,795,000 71,217,000 46,726, ( '4,491,00015,509,000 3,537,000 26,129,00026,042,000 Other securities 5,286,000 5,131,000 5,566,000 6,384,000 4,489,000 1,895,000 1,182,000 364,000 2,182,000 2,656,000 Real estate assets 1,071,000 974,000 903,000 868,000 554,000 314,000 174,000 16,000 330,000 348,000 Cash assets 23,243,000 24,482,000 26,700,000 29,171,000 19,578,000 9,593,000 6,402,0001,452,00011,208,00010,109,000 Total assets 94,299,000 108,920,000 125,132,000 132,315,00086,827,000 45,488,00030,137,000 6,778,00049,431,000 45 ,969,000 Time deposits 14,176,000 17,198,000 21,487,000 25,905,000 17,409,000 8,496,000 1,382,000 777,00010,374,00013,372,000 Total deposits 87,381,000 101,-484,000116,983,000 123,453,000 81,309,000 42,144,00027,443,000 6 348,00046,485,00043,178,000 Total capital accounts 6,304,000 6,712,000 7,243,000 7,868,000 4,881,000 2,987,000 2,167,000 392,000 2,657,000 2,652,000 Number of officers 36,398 37,693 39,903 42,512 29,616 12,896 3,116 716 10,580 28,100 Number of employees 190,354 193,279 207,460 230,44: 147,206 83,236 43,884 ,917 91,272 86,369 Number of banks. 6,738 6,814 6,884 6,900 5,007 1,893 37 14 355 6,494 1 Includes figures for all banks that were members of the Federal Reserve System at the end of the year (including those becoming members during the year whose returns may cover operations for only part of the year); and in addition includes appropriate adjustments for member banks in operation during part of the year but not at the year end. 2 Includes interest on capital notes and debentures. NOTE.-—The figures of assets, deposits, and capital accounts are averages of the amounts reported for every call date in the current year and the final call date in the preceding year except for the omission of the spring call in 1944 and the fall call in 1946. Averages are distorted in 1945 because three of the call dates were in or near bond drives, when deposits, loans, and investments were at their peaks for the year. The number of officers, employees, and banks are as of the end of the year. Real estate assets are comprised of banking house and equipment, other real estate owned, and items indirectly representing bank premises or other real estate. Cash assets are comprised of cash, balances? with other banks (including reserve balances), and cash items in process of collection. Total capital accounts are comprised of the aggregate book value of capital stock, capital notes and debentures, surplus, undivided profits, reserves for contingencies, and other capital reserves. 602 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK EARNINGS, 1946—Continued ALL MEMBER BANKS, BY FEDERAL RESERVE DISTRICTS [Amounts in thousands of dollars] Federal Reserve district Item Boston Y N o ew rk 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 St. Louis M ap in o n li e s - K C an it s y as Dallas Fra S n a c n isco Earnings .. 132,286 648,097 146,220 202,235 110,277 114,881 336,371 90,259 66,451 101,503 105,947 348,005 Interest and dividends on securities: U. S. Government 56,445 298,258 65,838 92,228 49,527 45,196 164,271 36,601 31,746 42,324 36,575 134,523 Other ... 7,424 35,791 14,445 16,538 4,865 8,610 21,273 6,346 2,921 5,497 4,636 19,240 Interest and discount on loans 40,096 182,816 39,990 58,086 36,953 38,189 93,858 32,829 18,928 35,865 46,992 136,066 Service charges and fees on loans ... 464 3,373 324 793 259 527 2,291 317 228 227 283 2,631 Service charges on deposit accounts 5,993 18,759 4,242 7,632 5,666 5,894 15,162 3,491 3,526 6,347 5,407 17,515 Other charges, commissions, fees, etc. 2,804 13,297 2,682 4,594 4,100 6,793 8,460 3,514 4,448 3,093 3,778 10,264 Trust department 9,546 53,573 12,431 11,497 4,657 2,994 15,769 2,962 1,724 2,312 1,423 12,307 Other current earnings.... 9,514 42,230 6,268 10,867 4,250 6,678 15,287 4,199 2,930 5,838 6,853 15,459 Expenses .... 82,442 381,195 89,828 127,367 67,732 70,404 212,190 54,513 41,641 59,167 62,574 219,497 Salaries—officers 14,021 58,703 14,871 18,432 12,434 11,639 33,345 10,688 8,406 13,478 13,693 32,712 Salaries and wages—others 24,328 138,392 25,514 33,234 18,954 19,211 62,013 15,067 10,571 16,140 16,967 76,629 Directors' and committee members' fees 855 3,077 1,555 1,138 800 586 1,473 589 456 561 612 699 Interest on time deposits. 12,120 34,753 14,253 23,992 10,647 9,074 39,458 6,833 7,405 4,591 3,532 44,945 Interest on borrowed money 91 1,018 74 197 110 85 275 129 63 84 17 32 Taxes other than on net inincome 3,858 15,255 5,212 14,734 4,288 4,914 12,056 3,866 1,781 3,173 5,349 7,333 Recurring depreciation on banking house, furniture and fixtures .... 2,174 8,011 2,835 3,132 1,878 2,059 4,033 1,255 791 1,445 1,839 4,582 Other current expenses... 24,995 121,986 25,514 32,508 18,621 22,836 59,537 16,086 12,168 19,695 20,565 52,565 Net current earnings before income taxes 49,844 266,902 56,392 74,868 42,545 44,477 124,181 35,746 24,810 42,336 43,373 128,508 Recoveries, profits on securities, etc. .... 19,688 117,815 34,297 37,223 11,860 13,047 48,598 14,115 7,115 11,388 10,261 30,398 Recoveries on securities. . 1,880 16,292 9,083 3,642 1,158 874 10,048 2,196 1,085 2,947 1,199 3,183 Profits on securities 9,900 69,621 15,886 18,273 6,822 8,144 22,088 8,263 2,313 4,609 4,733 12,358 Recoveries on loans 5,685 18,460 4,226 6,135 2,335 1,795 6,543 2,028 1,532 2,507 2,531 9,965 All other . . .... 2,223 13,442 5,102 9,173 1,545 2,234 9,919 1,628 2,185 1,325 1,798 4,892 Losses and charge-offs. . . 20,352 66,385 20,807 19,552 6,352 9,593 37,548 8,849 5,646 8,392 8,708 34,778 On securities .... 5,301 27,041 12,826 12,081 3,053 5,548 22,025 5,546 2,887 4,954 4,026 10,167 On loans 3,652 16,750 1,808 2,861 1,295 1,719 5,920 1,961 1,054 2,084 2,516 19,872 All other 11,399 22,594 6,173 4,610 2,004 2,326 9,603 1,342 1,705 1,354 2,166 4,739 Profits before income taxes 49,180 318,332 69,882 92,539 48,053 47,931 135,231 41,012 26,279 45,332 44,926 124,128 Taxes on net income.... 16,276 97,264 17,491 21,721 13,123 12,988 33,132 10,391 6,847 11,333 12,291 32,169 Federal 13,701 85,261 17,491 21,721 13,018 12,521 33,099 10,381 6,007 10,557 12,267 28,488 State 2,575 12,003 105 467 33 10 840 776 24 3,681 Net profits 32,904 221,068 52,391 70,818 34,930 34,943 102,099 30,621 19,432 33,999 32,635 91,959 Cash dividends declared. 16,182 90,558 18,818 19,563 11,137 9,542 30,488 9,038 6,007 9,167 11,078 35,069 On preferred stock 2 115 2,535 483 675 97 164 797 190 55 25 73 664 On common stock 16,067 88,023 18,335 18,888 11,040 9,378 29,691 8,848 5,952 9,142 11,005 34,405 Loans 1,268,000 8,197,0001,095,000 1,734,000 998,000 1,073,000 3,076,000 990,000 501,000 871,0001,202,000 3,254,000 U. S. Government securities 3,652,00020,923,0003,954,000 5,734,0003,296,0003,052,00011,006,0002,490,0002,047,0003,034,0002,513,000 9,517,000 Other securities 204,000 1,662,000 533,000 632,000 209,000 368,000 1,028,000 276,000 136,000 287,000 193,000 855,000 Real estate assets 56,000 262,000 68,000 83,000 49,000 48,000 76,000 27,000 17,000 24,000 45,000 112,000 Cash assets . . ... 1.296,000 7,916,0001,428,000 2,117,0001,460,0001,632,000 4,171,000 1,224,000 819,0001,765,0001,862,000 3,480,000 Total assets.... 6,509,00039,120,0007,106,00010,322,0006,028,0006,193,00019,407,0005,017,0003,528,0005,991,0005,822,00017,271,000 Time deposits 1,245,000 4,761,000 1,712,000 2,836,0001,223,0001,041,000 4,781,000 863,000 824,000 626,000 485,000 5,506,000 Total deposits 5,980,00035,809,0006,497,000 9,521,0005,677,0005,879,00018,345,0004,735,0003,340,0005,698,0005,531,00016,443,000 Total capital accounts 476,000 2,746,000 573,000 752,000 327,000 287,000 986,000 258,000 176,000 280,000 277,000 730,000 Number of officers 2,257 7,283 2,998 3,497 2,500 2,160 5,526 2,385 2,035 3,241 2,959 5,671 Number of employees 13,210 62,927 13,793 17,073 10,844 11,117 31,356 8,918 6,363 9,671 9,781 35,389 Number of banks 337 801 649 722 475 331 1,002 495 470 754 595 269 See footnotes on p. 602. MAY 1947 603 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK EARNINGS, 1946—Continued RESERVE CITY MEMBER BANKS,* BY FEDERAL RESERVE DISTRICTS [Amounts in thousands of dollars] Federal Reserve district Item 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 St. Louis M ap in o n li e s - K C an it s y as Dallas Fra S n a c n i sc - o Earnings 51,094 18,653 58,356 107,389 47,037 49,936 104,745 43,808 22,888 51,724 51,769 288,019 Interest and dividends on securities: U. S. Government 18,857 7,768 25,479 49,619 22,721 18,752 54,542 16,467 11,908 23,554 19,511 111,372 Other 3,512 787 5,328 1,485 3,860 4,483 3,006 2,976 1,495 16,953 Interest and discount on 7,758 844 loans 16,126 6,173 14,413 13,303 16,940 29,038 16,978 16,464 22,358 111,195 Service charges and fees on 29,029 6,420 loans 364 56 183 57 412 920 199 70 121 2,412 Service charges on deposit 480 82 accounts 1,055 919 1,164 2,250 1,842 6,179 1,052 2,103 1,355 14,519 Other charges, commissions, 2,991 785 fees, etc 1,192 449 761 2,054 1,930 3,055 3,427 1,470 973 1,549 8,054 Trust department 5,158 635 8,504 9,417 3,175 1,927 1,919 2,556 643 1,970 1,194 10,967 Other current earnings 4,830 1,866 2,524 6,041 2,116 3,148 4,237 2,080 1,363 3,614 4,186 12,547 Ex S S D p a a i e l l r a n a e r r s c i i e e t e s o s s — r a s' o n f d f a i n w ce d a r g s c e o s— mm ot i h tt e e r e s. 2 1 8 4 0 , , , 7 6 2 2 0 8 2 2 1 13 4 1 , , , 6 5 4 6 0 9 0 1 3 3 1 5 5 3 , , , 7 2 6 1 3 1 6 8 9 6 2 5 0 7 , , , 8 6 1 6 4 2 2 4 2 29 9 4 , , , 7 7 8 0 7 6 9 7 8 30 4 8 , , , 5 1 7 6 2 63 7 9 7 2 1 8 3 , , , 8 7 2 8 2 3 9 9 6 26 4 8 , , , 3 0 7 2 5 1 8 3 2 14 4 1 , , , 0 9 9 8 9 3 6 4 3 9 3 3 30 9 4 , , , 1 5 4 5 6 5 6 9 4 30 4 , , 1 77 6 8 4 1 6 8 2 5 1 5 , , , 8 9 7 8 4 2 7 6 9 members' fees 123 92 242 263 239 168 319 125 85 155 121 441 Interest on time deposits. .. 1,677 2,155 1,429 10,094 3,177 3,560 14,348 2,460 1,413 2,199 2,325 37,167 Interst on borrowed money. 27 17 40 146 72 56 215 91 57 75 10 23 Taxes other than on net income 1,160 639 2,004 8,094 2,191 2,482 3,348 2,000 1,869 2,781 6.200 Recurring depreciation on banking house, furniture, and fixtures 628 363 760 1,360 710 861 1,240 499 216 705 886 3,684 Other current expenses 10,224 4,282 12,428 18,139 8,671 10,548 20,454 8,388 4,740 11,130 10,375 42,897 Net current earnings before income taxes 22,372 5,052 22,618 41,527 17,330 19,369 32,856 17,480 8,849 21,568 21,605 106,032 Recoveries, profits on securities, etc 5,517 5,827 17,840 21,608 5,605 6,444 11,570 8,386 3,551 7,373 6,448 26,508 Recoveries on securities 309 1,557 6,887 1,518 340 486 1,520 1,573 302 2,270 781 2,642 Profits on securities 1,806 2,848 7,917 8,843 3,765 4,051 8,059 4,880 1,208 3,371 3,555 10,508 Recoveries on loans 2,295 1,005 1,106 3,978 767 882 1,053 1,197 543 1,126 1,052 9,130 All other 1,107 417 1,930 7,269 733 1,025 938 736 1,498 606 1,060 4,228 Losses and charge-offs 12,206 3,481 12,210 11,585 2,481 4,846 8,222 4,685 1,740 4,803 3,439 30,807 On securities 1,989 2,429 7,474 7,297 708 3,086 4,793 2,870 895 3,051 1,655 8,476 On loans 1,752 755 401 1,551 615 860 1,249 1,229 470 1,048 694 18,306 All other 8,465 297 4,335 2,737 1,158 900 2,180 586 375 704 1,090 4,025 Profits before income taxes 15,683 7,398 28,248 51,550 20,454 20,967 36,204 21,181 10,660 24,138 24,614 101,733 Taxes on net income 6,245 1,570 8,062 11,769 5,838 5,944 9,258 6,032 2,978 6,770 7,591 26,624 Federal 4,920 1,376 8,062 11,769 5,823 5,735 9,258 6,026 2,538 6,342 7,591 23,575 State 1,325 194 15 209 6 440 428 3,049 Net profits 9,438 5,828 20,186 39,781 14,616 15,023 26,946 15,149 7,682 17,368 17,023 75,109 Gash dividends declared. .. 7,634 1,822 9,718 12,058 5,367 4,679 7,743 5,284 2,536 4,542 6,059 31,255 On preferred stock2 18 110 8 611 22 90 570 52 30 2 26 565 On common stock 7,616 1,712 9,710 11,447 5,345 4,589 7,173 5,232 2,506 4,540 6,033 30,690" Loans 672,000 196,000 546,0001,113,000 470,000 592,000 900,000 631,000 243,000 540,000 745,000 2,752,000 U. S. Government securities. . 1,307,000 523,0001,589,000 3,176,0001,599,0001,292,000 3,839,0001,168,000 755,0001,713,0001,255,000 7,915,000 Other securities 41.000 31,000 194,000 267,000 76,000 164,000 253,000 128,000 45,000 166,000 67,000 751,000 Real estate assets 18,000 11,000 22,000 47,000 26,000 22,000 25,000 13,000 7,000 15,000 29,000 95,000 Cash assets 551,000 188,000 699,0001,213,000 698,000 737,000 1,407,000 628,000 339,000 992,000 891,000 2,865,000 Total assets.... 2,613,000 952,000 3,073,000 5,832,000 2,878,000 2,821,000 6,443,000 2,576,0001,394,000 3,433,000 2,991,00014,426,000 Time deposits 185,000 294,000 213,0001,211,000 432,000 388,000 1,882,000 309,000 161,000 337,000 309,000 4,654,000 Total deposits 2,383,000 889900,,000000 2,,881100,,000000 5,,333311,,000000 2,,771133,,000000 2,,667766,,000000 6,130,000 2!,424,0001,313,0003,,226644,,000000 2,883300,,00000013,721,000 Total capital accounts 199,000 59,000 236,000 467,000 152,000 127,000 286,000 134,000 73,000 159,000 151,000 614,000 Number of officers 503 220 569 799 609 552 1,096 518 264 662 573 4,215 Number of employees 4,895 2,439 6,522 9,282 5,307 4,873 11,699 4,764 2,471 5,170 4,585 29,265 Number of banks 10 24 30 33 21 78 50 35 33 * Not including central reserve city banks. See footnotes on p. 602. 604 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK EARNINGS, 1946—Continued COUNTRY MEMBER BANKS, BY FEDERAL RESERVE DISTRICTS [Amounts in thousands of dollars] Federal Reserve district Item 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 St. Louis M ap in o n li e s - K C a i n ty sas Dallas Fran S c a i n sco Earnings 81,192 173,206 87,864 94,846 63,240 64,945 120,831 46,451 43,563 49,779 54,178 59,986 Interest and dividends on securities: U. S. Government 37,588 80,654 40,359 42,609 26,806 26,444 57,419 20,134 19,838 18,770 17,064 23,151 Other 3,912 11,073 9,117 3,380 4,750 8,256 3,340 2,077 2,521 3,141 Interest and discount on 8,780 2,287 loans 23,970 54,706 25,577 23,650 21,249 35,036 15,851 12,508 19,401 24,634 Service charges and fees on 29,057 24,871 loans 100 535 141 202 115 420 118 146 157 162 Service charges on deposit 313 219 accounts 4,938 9,216 3,078 3,416 4,052 7,589 2,439 2,741 4,244 4,052 Other charges, commissions, 4,641 2,996 fees, etc 1,612 3,775 1,921 2,540 2,170 3,738 4,224 2,044 3,805 2,120 2,229 2,210 Tiust department 4,388 5,668 3.927 2,080 1,482 1,067 2,353 406 361 342 229 1,340 Other current earnings 4,684 7,579 3,744 4,826 2,134 3,530 5,534 2,912 2,119 2,087 2,224 2,667 Expenses 53,720 117,282 54,090 61,505 38,025 39,837 77,164 28,185 27,602 29,011 32,410 37,510 Salaries—officers 9,340 19,924 9,655 10,790 7,555 7,476 15,842 6,675 6.413 8,909 8,915 6,983 Salaries and wages—others. 14.126 29,638 11,895 13,110 9,186 10,482 17,866 6,315 5,608 6,686 8,079 10,783 Directors' and committee members' fees 732 1,671 1,313 875 561 418 1,004 464 371 406 491 258 Interest on time deposits... 10,443 25,752 12,824 13,898 7,470 5,514 16,630 4,373 5,992 2,392 1,207 7,778 Interest on borrowed money 64 205 34 51 38 29 9 38 6 9 7 9 Taxes other than on net income 2,698 5,407 3,208 6,640 2,097 2,432 4,364 1,866 1,209 1,304 2,568 1,133 Recurring depreciation on banking house, furniture, and fixtures 1,546 3,535 2,075 1,772 1,168 1,198 2,089 756 575 740 953 898 Other current expenses.... 14,771 31,150 13,086 14,369 9,950 12,288 19,360 7,698 7,428 8,565 10,190 9,668 Net current earnings before income taxes 27,472 55,924 33,774 33,341 25,215 25,108 43,667 18,266 15,961 20,768 21,768 22,476 Recoveries, profits on securities, etc 14,171 41,151 16,457 15,615 6,255 6,603 13,827 5,729 3,564 4,015 3,813 3,890 Recoveries on securities.... 1,571 5,029 2,196 2,124 818 388 2,053 623 783 677 418 541 Profits on securities 8,094 26,055 7,969 9,430 3,057 4,093 7,944 3,383 1,105 1,238 1,178 1,850 Recoveries on loans 3,390 6,368 3,120 2,157 1,568 913 2,090 831 989 1,381 1,479 835 All other 1,116 3,699 3,172 1,904 812 1,209 1,740 892 687 719 738 664 Losses and charge-offs 8,146 19,344 8,597 7,967 3,871 4,747 8,694 4,164 3,906 3,589 5,269 3,971 On securities 3,312 11,858 5,352 4,784 2,345 2,462 5,793 2,676 1,992 1,903 2,371 1,691 On loans 1,900 3,788 1,407 1,310 680 859 1,093 732 584 1,036 1,822 1,566 All other 2,934 3,698 1,838 1,873 846 1,426 1,808 756 1,330 650 1,076 714 Profits before income taxes. 33,497 77,731 41,634 40,989 27,599 26,964 48,800 19,831 15,619 21,194 20,312 22,395 Taxes on net income 10,031 20,648 9,429 9,952 7,285 7,044 10,881 4,359 3,869 4,563 4,700 5,545 Federal 8,781 19,099 9,429 9,952 7,195 6,786 10,848 4,355 3,469 4,215 4,676 4,913 State 1,250 1,549 90 258 33 4 400 348 24 632 Net profits 23,466 57,083 32,205 31,037 20,314 19,920 37,919 15,472 11,750 16,631 15,612 16,850 Gash dividends declared. . . 8,548 13,660 9,100 7,505 5,770 4,863 8,695 3,754 3,471 4,625 5,019 3,814 On preferred stock 2 97 2,391 475 64 75 74 227 138 25 23 47 99 On common stock 8,451 11,269 8,625 7,441 5,695 4,789 8,468 3,616 3,446 4,602 4,972 3,715 Loans 596,000 1,265,000 548,000 621,000 527,000 481,000 789,000 359,000 258,000 331,000 457,000 502,000 U. S. Government securities. . ,345,000 4,892,0002,366,000 2.,558,000 ,697,000 1,760,000 3,630,000 1,322,0001,292,000 1,322,000 1,258,000 1,601,000 Other securities 164,000 450,000 340,000 365,000 133,000 204,000 412,000 148,000 92,000 121,000 126,000 104,000 Real estate assets 38,000 78,000 45,000 36,000 23,000 26,000 35,000 14,000 10,000 10,000 16,000 17,000 Cash assets 745,000 1,326,000 729,000 904,000 763,000 894,000 1,313,000 596,000 480,000 774,000 971,000 616,000 Total assets.... 3,897,000 8,031,000 4,033,000 4,490,000 3,149,000 3,372,000 6,187,000 2,441,0002,135,000 2,558,000 2,831,0002,845,000 Time deposits 1,060,000 3,085,000 1,500,000 1,625,000 791,000 653,000 2,122,000 554,000 663,000 289,000 177,000 852,000 Total deposits 3,596,000 7,476,0003,686,000 4,190,000 2,964,000 3,203,000 5,,886677,,000000 2,311,0002,027,000 2,434,000 2,700,0002,721,000 Total capital accounts 274,000 520,000 337,000 285,000 175,000 160,000 308,000 124,000 103,000 122,000 126,000 119,000 Number of officers 1,754 3,947 2,429 2,698 1,891 1,608 3,714 1,867 1,771 2,579 2,386 1,456 Number of employees 8,315 16,604 7,271 7,791 5,537 6,244 10,740 4,154 3,892 4,501 5,196 6,124 Number of banks 326 754 625 692 442 310 910 474 461 560 236 See footnotes on page 602. MAY 1947 605 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK EARNINGS, 1946—Continued ALL MEMBER BANKS, BY SIZE OF BANK [Amounts in thousands of dollars] Size group—total deposits (in thousands of dollars) Item Total i 1,000 and 1,000- 2,000- 5,000- 10,000- 25,000- 50,000- Over under 2,000 5,000 10,000 25,000 50,000 100,000 100,000 Earnings 2,379,613 8,411 45,798 176,714 191,828 263,081 193,529 174,716 1,325,536 Interest and dividends on securities: U. S. Government 1,044,780 2,934 17,812 74,434 83,245 115,684 84,496 75,562 590,613 Other 144,778 501 2,905 12,612 14,037 18,065 11,119 9,540 75,999 Interest and discount on loans. . 756,269 3,782 18,349 64,361 65,524 83,782 61,917 54,722 403,832 Service charges and fees on loans 11,652 33 123 484 694 778 684 555 8,301 Service charges on deposit accounts 99,141 487 2,760 10,920 11,682 16,027 11,247 8,323 37,695 Other charges, commissions, fees, etc 67,404 426 2,393 7,416 6,742 8,262 5,582 4,915 31,668 Trust department 125,897 25 53 856 2,673 7,322 8,344 9,525 97,099 Other current earnings 129,692 223 1,403 5,631 7,231 13,161 10,140 11,574 80,329 Expenses 1,456,761 5,391 28,800 110,075 121,738 169,329 125,420 112,478 783,530 Salaries—officers 240,367 1,963 9,010 28,211 25,339 29,662 20,404 17,529 10.8,249 Salaries and wages—others 453,459 607 4,138 20,216 27,408 44,254 36,779 34,635 285,422 Directors' and committee members' fees 12,320 121 699 2,347 2,072 2,108 1,136 809 3,028 Interest on time deposits 210,293 780 5,230 22,003 24,872 32,970 20,544 15,167 88,727 Interest on borrowed money 2,168 2 10 66 76 124 198 148 1,544 Taxes other than on net income. 81,076 323 1,691 6,523 7,172 9,640 7,126 6,524 42,077 Recurring depreciation on banking house, furniture, and fixtures 33,895 174 843 3,240 3,445 4,864 3,029 3,388 14,912 Other current expenses 423,183 1,421 7,179 27,469 31,354 45,707 36,204 34,278 239,571 Net current earnings before income taxes 922,852 3,020 16,998 66,639 70,090 93,752 68,109 62,238 542,006 Recoveries, profits on securities, etc 348,176 709 4,364 19,659 25,858 40,461 29,728 30,642 196,755 Recoveries on securities 52,927 84 752 2,578 3,730 4,775 3,851 4,752 32,405 Profits on securities 181,900 286 1,847 10,009 13,969 23,355 16,860 19,004 96,570 Recoveries on loans 63,289 254 1,191 4,167 4,878 7,028 4,936 4,201 36,634 All other 50,060 85 574 2,905 3,281 5,303 4,081 2,685 31,146 Losses and charge-offs.. 245,874 551 2,936 13,153 15,997 22,579 18,410 18,459 153,789 On securities 115,162 199 1,443 7,102 9,586 13,452 9,650 10,901 62,829 On loans 61,230 224 919 3,088 3,111 4,021 3,678 3,305 42,884 All other 69,482 128 574 2,963 3,300 5,106 5,082 4,253 48,076 Profits before income taxes. . . . 1,025,154 3,178 18,426 73,145 79,951 111,634 79,427 74,421 584,972 Taxes on net income. 282,250 519 3,239 14,117 19,127 30,135 22,811 21,595 170,707 S F t e a d t e e ral 2 2 6 0 1, , 8 4 3 1 2 8 49 2 7 2 3,0 1 5 8 9 0 13, 6 4 5 6 2 5 18,3 7 6 6 3 4 28 1 , , 8 25 77 8 21, 9 89 18 3 20 1 , ,0 5 9 0 1 4 1 1 5 5 5 , , 5 1 3 7 3 4 Net profits. 742,904 2,659 15,187 59,028 60,824 81,499 56,616 52,826 414,265 Cash dividends declared 263,348 824 4,151 14,874 14,992 20,891 15,280 13,766 178,570 On preferred stock 2 5,847 14 65 312 477 803 757 1,138 2,281 On common stock 257,501 810 4,086 14,562 14,515 20,088 14,523 12,628 176,289 Loans 640,530 64,152 358,596 1,427,074 1,574,967 2,261,136 1,808,695 1,781,50917,364,401 U. S. Government securities 869,414 179,91? 1,102,681 4,545,076 4,856,124 6,796,318 5,020,568 4,519,120 35,849,615 Other securities 608,588 19,401 118,246 547,997 650,088 833,544 535,482 451,286 3,452,544 Real estate assets 861,535 2.044 11,032 48,612 59,553 105,574 74,508 81,381 478,831 Cash assets 29 501,049 570,128 2,053,885 1,988,126 2,751,922 2,244,760 2,251,964 17,525,796 114,468 Total assets 126,907,738 2,161,981 8,628,815 9,138,58512,769,764 9,709,972 9,112,26375,006,178 380,180 Time deposits 27,177,239 580,734 2,548,045 3,058,237 4,189,229 2,679,055 1,998,99212,037,698 Total deposits 117;870,029 85,249 2,013,266 8,088,389 8,562,07711,958,154 9,114,556 8,550,75669,234,307 Total capital accounts 063,269 348,524 145,556 523,651 550,750 763,556 545,462 512,932 4,990,511 Number of officers 42,262 30 1 , ,0 8 0 5 9 1 3,568 8,640 5,917 5,357 3,107 2,362 12,302 Number of employees. 229,347 668 3,683 14,144 16,683 25,227 20,235 18,807 129,900 Number of banks included. 6,855 469 1,345 2,503 1,217 772 261 121 167 1 Totals are for all banks that submitted reports covering the entire year, except 3 trust companies. 2 Includes interest on capital notes and debentures. NOTE.—The figures for assets, deposits, capital accounts, number of officers and employees, and number of banks are as of the end of year. See note on p. 602 regarding the composition of real estate assets, cash assets, and total capital accounts. FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK EARNINGS, 1946—Continued NATIONAL BANKS, BY SIZE OF BANK [Amounts in thousands of dollars] Size group—total deposits (in thousands of dollars) Item Total i 1,000 and 1,000- 2,000- 5,000- 10,000- 25,000- 50,000- Over under 2,000 5,000 10,000 25,000 50,000 100,000 100,000 Earnings 1,565,230 6,155 32,027 133,062 140,416 189,672 118,713 119,848 825,337 Interest and dividends on securities: U. S. Government 697,391 2,119 12,444 57,071 62,358 85,318 53,501 52,533 372,047 Other 102,213 418 2,254 10,118 10,809 13,409 7,374 6,688 51,143 Interest and discount on loans. 505,059 2,764 12,606 46,915 46,677 58,260 36,757 37,675 263,405 Service charges and fees on loans 7,687 21 86 340 418 428 484 469 5,441 Service charges on deposit accounts 68,922 352 1,950 8,216 8,547 11,951 7,286 5,793 24,827 Other charges, commissions, fees, etc 44,33' 299 1,644 5,522 4,830 6,090 3,529 3,629 18,796 Trust department 50,37 25 27 542 1,501 4,525 3,357 4,330 36,065 Other current earnings 89,247 157 1,016 4,338 5,276 9,691 6,425 8,731 53,613 Expenses 945,588 3,921 19,993 82,486 88,059 120,779 75,995 75,802 478,553 Salaries—officers 157,730 1,432 6,197 20,923 18,500 21,305 12,405 11,689 65,279 Salaries and wages—others 283,165 442 2,962 15,311 19,789 31,511 21,991 22,507 168,652 Directors' and committee members' fees 8,161 89 497 1,813 1,527 1,502 683 522 1,528 Interest on time deposits 142,869 578 3,577 16,385 17,639 22,792 11,788 10,342 59,768 Interest on borrowed money 1,101 2 9 48 51 59 75 113 744 Taxes other than on net income 54,138 226 1,131 4,938 5,173 7,115 4,297 4,599 26,659 Recurring depreciation on banking house, furniture, and fixtures 23,130 131 620 2,547 2,516 3,542 1,898 2,428 9,448 Other current expenses 275,294 1,021 5,000 20,521 22,864 32,953 22,858 23,602 146,475 Net current earnings before income taxes 619,64: 2,234 12,034 50,576 52,357 68,893 42,718 44,046 346,784 Recoveries, profits on securities, etc 213,701 528 3,226 14,803 18,227 27,066 17,309 18,063 114,479 Recoveries on securities 33,766 70 567 2,058 2,985 2,995 1,690 2,345 21,056 Profits on securities 109,884 211 1,359 7,577 9,440 16,174 10,110 11,580 53,433 Recoveries on loans 41,088 183 89f 3,099 3,470 5,051 3,289 2,539 22,561 All other 28,963 64 404 2,069 2,332 2,846 2,220 1,599 17,429 Losses and charge-offs 155,194 435 2,198 10,437 12,416 16,355 10,077 11,156 92,120 On securities 74,517 161 1,149 5,860 7,838 10,125 5,157 7,848 36,379 On loans 44,416 177 644 2,273 2,086 2,731 2,281 1,622 32,602 All other 36,261 97 405 2,304 2,492 3,499 2,639 1,686 23,139 Profits before income taxes 678,149 2,327 13,062 54,942 58,168 79,604 49,950 50,953 369,143 Taxes on net income 185,184 389 2,301 10,679 14,023 21,756 13,998 14,666 107,372 Federal 173,654 369 2,158 10,145 13,470 20,846 13,502 14,093 99,071 State 11,530 20 143 534 553 910 496 573 8,301 Net profits 492,965 1,938 10,761 44,263 44,145 57,848 35,952 36,287 261,771 Gash dividends declared 169,500 612 3,037 11,632 11,446 15,160 9,131 9,027 109,455 On preferred stock2 2,41 8 35 158 192 391 180 431 1,017 On common stock 167,088 604 3,002 11,474 11,254 14,769 8,951 8,596 108,438 Loans 17,220,346 45,969 242,589 1,033,043 1,119,774 1,574,073 1,083,308 1,251,78810,869,802 U. S. Government securities 41,501,651 127,376 761,470 3,447,509 3,613,465 5,022,697 3,227,265 3,136,53722,165,332 Other securities 4,777,48: 15,745 87,162 431,167 496,593 632,317 359,793 333,896 2,420,809 Real estate assets 558,330 1,612 8,373 37,852 42,957 75,628 43,409 52,739 295,760 Cash assets 19,932,530 80,699 397,407 1,554,866 1,495,507 2,065,049 1,507,596 1,668,13411,163,272 Total assets 84,256,266 271,552 1,497,865 6,509,234 6,775,092 9,384,897 6,236,327 6,461,516 47,119,783 Time deposits 18,378,487 60,621 390,602 1,887,262 2,159,966 2,930,433 1,625,703 1,372,180 7,951,720 Total deposits 78,487,566 247,191 1,389,428 6,092,630 6,350,054 8,805,295 5,879,039 6,081,039 43,642,890 Total capital accounts 5,119,993 23,607 106,085 404,527 406,690 546,765 329,006 348,598 2,954,715 Number of officers 29,465 730 2,443 6,462 4,373 3,902 1,905 1,563 8,087 Number of employees 146,546 479 2,612 10,695 12,124 18,067 12,259 12,185 78,125 Number of banks included 4,975 923 1,876 902 573 172 107 See footnotes on p. 606. MAY 1947 607 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK EARNINGS, 1946—Continued STATE MEMBER BANKS, BY SIZE OF BANK [Amounts in thousands of dollars] Size group—total deposits (in thousands of dollars) Item Total i 1,000 and 1,000- 2,000- 5,000- 10,000- 25,000- 50,000- Over under 2,000 5,000 10,000 25,000 50,000 100,000 100,000 Earnings 814,383 2,256 13,771 43,652 51,412 73,409 74,816 54,868 500,199 Interest and dividends on securities: U. S. Government 347,389 815 5,368 17,363 20,887 30,366 30,995 23,029 218,566 Other 42,565 83 651 2,494 3,228 4,656 3,745 2,852 24,856 Interest and discount on loans. 251,210 1,018 5,743 17,446 18,847 25,522 25,160 17,047 140.427 Service charges and fees on loan; 3,965 12 37 144 276 350 200 86 2,860 Service charges on deposit accounts 30,219 135 810 2,704 3,135 4,076 3,961 2,530 12,868 Other charges, commissions, fees, etc 23,065 127 749 1,894 1,912 2,172 2,053 1,286 12,872 Trust department 75,525 26 314 1,172 2,797 4,987 5,195 61,034 Other current earnings 40,445 ' 66 387 1,293 1,955 3,470 3,715 2,843 26,716 Expenses 511,173 1,470 8,807 27,589 33,679 48,550 49,425 36,676 304,977 Salaries—officers 82,637 531 2,813 7,288 6,839 8,357 7,999 5,840 42,970 Salaries and wages—others 170,294 165 1,176 4,905 7,619 12,743 14,788 12,128 116,770 Directors' and committee members' fees 4,159 32 202 534 545 606 453 287 1,500 Interest on time deposits 67,424 202 1,653 5,618 7,233 10,178 8,756 4,825 28,959 Interest on borrowed money 1,067 1 18 25 6. 123 35 800 Taxes other than on net income. 26,938 560 1,585 1,999 2,525 2,829 1,925 15,418 Recurring depreciation on banking house, furniture, and fixtures 10,765 43 223 693 929 1,322 1,131 960 5,464 Other current expenses 147,889 400 2,179 6,948 8,490 12,754 13,346 10,676 93,096 Net current earnings before income taxes 303,210 786 4,964 16,063 17,733 24,859 25,391 18,192 195,222 Recoveries, profits on securities, etc 134,475 181 1,138 4,856 7,631 13,395 12,419 12,579 82,276 Recoveries on securities 19,161 14 185 520 74.r 1,780 2,161 2,407 11,349 Profits on securities 72,016 75 488 2,432 4.529 7,181 6,750 7,424 43,137 Recoveries on loans 22,201 71 295 1,068 1,408 1,97 1,647 1,662 14,073 All other 21,097 21 170 836 949 2,457 1,861 1,086 13,717 Losses and charge-offs 90,680 116 738 2,716 3,581 6,224 8,333 7,303 61,669 On securities 40,645 38 294 1,242 1,748 3,327 4,493 3,053 26,450 On loans 16,814 47 275 815 1,025 1,290 1,397 1,683 10,282 All other 33,221 31 169 659 808 1,607 2,443 2,567 24,937 Profits before income taxes. . . 347,005 851 5,364 18,203 21,783 32,030 29,477 23,468 215,829 Taxes on net income 97,066 130 938 3,438 5,104 8,379 8,813 6,929 63,335 Federal 88,178 128 901 3,320 4,893 8,031 8,391 6,411 56,103 State 8,888 2 37 118 211 348 422 518 7,232 Net profits 249,939 721 4,426 14,765 16,679 23,651 20,664 16,539 152,494 Gash dividends declared 93,848 212 1,114 3,242 3,546 5,731 6,149 4,739 69,115 On preferred stock 2 3,435 6 30 154 285 412 577 707 1,264 On common stock 90t413 206 1,084 3,088 3,261 5,319 5,572 4,032 67,851 Loans 9,420,184 18,183 116,007 394,031 455,193 687,063 725,387 529,721 6,494,599 U. S. Government securities 21,367,763 52,536 341,211 1,097,567 1,242,659 1,773,621 1,793,303 1,382,583 13,684,283 Other securities 1,831,106 3,656 31,084 116,830 153,495 201,227 175,689 117,390 1,031,735 Real estate assets 303,205 432 2,659 10,760 16,596 29,946 31,099 28,642 183,071 Cash assets 9,568,519 33,769 172,721 499,019 492,619 686,873 737,164 583,830 6,362,524 Total assets.... 42,651,472 108,628 664,116 2,119,581 2,363,493 3,384,867 3,473,645 2,650,747 27,886,395 Time deposits 8,798,752 24,628 190,132 660,783 898,271 1,258,796 1,053,352 626,812 4,085,978 Total deposits 39,382,463 101,333 623,838 1,995,759 2,212,023 3,152,859 3,235,517 2,469,717 25,591,417 Total capital accounts 2,943,276 7,244 39,471 119,124 144,060 216,791 216,456 164,334 2,035,796 Number of officers 12,797 279 1,125 2,178 1,544 1,455 1,202 799 4,215 Number of employees 82,801 189 1,071 3,449 4,559 7,160 7,976 6,622 51,775 Number of banks 1,880 627 199 89 60 See footnotes on p. 606. 608 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK EARNINGS, 1946—Continued RATIOS OF ALL MEMBER BANKS, BY CLASSES [Computed from aggregate dollar amounts; ratios expressed as percentages] Central reserve All member banks nat A io ll nal S A ta l t l e city b a m n e k m s ber Re c s i e ty rve Country member member member member banks banks New banks banks York Chicago 1943 1944 1945 Year 1946 Summary ratios: Percentage of total capital accounts: Net current earnings before income taxes.... 9.7 11.1 11.5 11.9 12.7 10.5 9.5 12.2 12.7 13.0 Profits before income taxes 10.7 12.4 14.6 13.3 13.9 12.2 10.8 12.8 13.7 15.0 Net profits 8.8 9.7 10.9 9.6 10.1 7.3 9.5 9.9 11.2 Cash dividends declared 3.3 3.4 3.4 3.4 3.5 3.2 3.5 3.6 3.7 3.0 Percentage of total assets: Total earnings 1.7 1.7 1.7 1.8 1.8 1.8 1.5 1.6 2.0 Net current earnings before income taxes.... .6 .7 .7 .7 .7 .7 .7 .7 .7 Net profits .6 .6 .6 .6 .6 .6 .5 .5 .6 Sources and disposition of earnings: Percentage of total earnings: Interest and dividends on: U O . t h S e . r G se o c v u e r r i n ti m es ent securities1 46.4 51.2 | / 4 6 7. 6 4 4 6 3 . . 1 9 4 6 4 . . 5 6 4 5 2 . . 4 5 4 5 6 . . 3 0 4 7 7 . . 7 2 42.5 4 6 3 . . 7 7 Earnings on loans 34.1 30.1 28.0 32.2 32.8 31.0 27.3 27.7 33.3 Service charges on deposit accounts 4.6 4.6 4.2 4.4 3.7 1.9 1.3 5.7 Other current earnings 14.9 14.1 13.8 11.7 17.4 19.5 16.1 10.6 Total earnings 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 Salaries and wages 29.5 28.0 27.6 29.1 28.2 30.9 31.0 26.8 29. 27.9 Interest on time deposits 7.5 7.7 8.7 8.8 9.1 8.2 1.5 7.7 9. 12.1 Other current expenses 25.9 24.4 24.0 23.2 23.3 22.4 22.5 23.5 23.4 23.1 Total expenses 63.0 60.1 60.3 61.1 62.4 54.9 57.0 62.4 63.4 60.4 Net current earnings before income taxes.. 37.0 399 39.7 37.6 45.1 43.0 37.6 36.6 39.6 Net recoveries and profits 3.8 4.6 10.7 4.5 3.7 5.9 6.0 2.3 2.9 5.6 Taxes on net income 7.0 9.8 12.9 11.9 11.8 11.9 16.4 11.7 11.0 10.5 Net profits 33.8 34 7 37.5 31.5 31.5 31.6 34.7 33.6 29.5 31.7 Rates of earnings on securities and loans: Percentage of total securities: Interest and dividends on securities 1.4 15 1.5 1.6 1.5 1.4 1.6 1.5 1.6 Net recoveries and profits .1 2 .3 .1 .2 .2 .03 .1 .2 Percentage of U. S. overnment securities: Interest on U. S. Government securities1.... 1.4 1.5 1.4 1.4 1.5 Percentage of total loans: Earnings on loans 3.5 3 2 3.0 3.2 3.4 2.9 1.9 2.2 3.2 4.6 Net recoveries (or losses —) .1 1 .05 .01 -.02 .1 -.02 -.01 -.1 .1 Distribution of assets: Percentage of total assets: U. S. Government securities 51.1 554 57.4 53.8 53.8 53.8 51.5 52.2 52.9 56.7 Other securities 5.6 4 7 4.4 4.8 5.2 4.2 3.9 5.4 4.4 5.8 Loans 17.2 162 15.8 18.3 17.5 19.9 22.4 20.5 19.0 14.7 Cash assets 24.6 225 21.3 22.0 22.5 21.1 21.2 21.4 22.7 22.0 Real estate assets 1.1 9 .7 .7 .6 .7 .6 .2 .7 Other ratios: Total capital accounts to: Total assets 6.7 6 2 5.8 5.6 6.6 7.2 5.8 5.4 5.8 Total assets less Government securities and cash assets 27.6 278 27.2 24.6 23.8 26.2 26.3 21.9 22.0 27.0 Total deposits 7.2 6 6 6.2 6.4 6.0 7.1 7.9 6.2 5.7 6.1 Time to total deposits 16.2 169 18.4 21.0 21.4 20.2 5.0 12.2 22.3 31.0 Interest on time deposits to time deposits .9 8 .9 .8 .5 1.1 .9 1 Not available prior to 1945. NOTE.—-The ratios in this and the following three tables were computed from the dollar aggregates shown in preceding tables. Many of these ratios vary substantially from the average cf individual bank ratios, which will be published in a subsequent issue, in which each bank's figures—regardless of size or amount—are weighted equally and in general have an equally important influence on the result. In the ratios based on aggregates, presented here, the experience of those banks in each group whose figures are largest have a much greater influence than that of the many banks with smaller figures. (For example, the 100 largest member banks have total earnings which, combined, are approximately equal to those of all the other member banks, numbering 6,800.) Ratios based on aggregates shew combined results for the banking system as a whole and, broadly speaking, are the more significant for purposes of general analyses of credit and monetary problems, while averages of individual ratios are useful primarily to those interested in studying the financial results of operations of individual banks. MAY 1947 609 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK EARNINGS, 1946— Continued RATIOS OF ALL MEMBER BANKS, BY FEDERAL RESERVE DISTRICTS [Computed from aggregate dollar amounts; ratios expressed as percentages] Federal Reserve district Item Boston Y N o e r w k P p d h h e i i l l a a - - C la le n v d e- m Ri o c n h d - la A n t t - a c C a h g i o - L S ou t. is n M o e l a i i n p s - - K C s a a it n s y - Dallas F c S i r s a a c n n o - Summary ratios: Percentage of total capital accounts: Net current earnings before income taxes 10.5 9.7 9.8 10.0 13.0 15.5 12.6 13.9 14.1 15.1 15.7 17.6 Profits before income taxes 10.3 11.6 12.2 12.3 14.7 16.7 13.7 15.9 14.9 16.2 16.2 17.0 Net profits 6.9 8.1 9.1 9.4 10.7 12.2 10.4 11.9 11.0 12.1 11.8 12.6 Cash dividends declared 3.4 3.3 3.3 2.6 3.4 3.3 3.1 3.5 3.4 3.3 4.0 4.8 Percentage of total assets: Total earnings 2.0 1.7 2.1 2.0 1.8 1.9 1.7 1.8 1.9 1.7 2.0 Net current earnings before income taxes .7 Net profits .5 Sources and disposition of earnings: Percentage of total earnings: Interest and dividends on: U. S. Government securities 42.7 46.0 45.0 45.6 44.9 39.3 48.8 40.6 47.8 41.7 34.5 38.7 Other securities 5.6 5.5 9.9 8.2 4.4 7.5 6.3 7.0 4.4 5.4 4.4 5.5 Earnings on loans 30.7 28.7 27.6 29.1 33.7 33.7 28.6 36.7 28.8 35.6 44.6 39.9 Service charges on deposit accounts. 4.5 2.9 2.9 3.8 5.1 5.1 4.5 3.9 5.3 6.3 5.1 5.0 Other current earnings 16.5 16.8 14.6 13.3 11.8 14.3 11.7 11.8 13.7 11.1 11.4 10.9 Total earnings 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 Salaries and wages 29.0 30.4 27.6 25.5 28.4 26.9 28.4 28.5 28.6 29.2 28.9 31.4 Interest on time deposits. 9.2 5.4 9.7 11.9 9.7 7.9 11.7 7.6 11.1 4.5 3.3 12.9 Other current expenses. . . 24.1 23.0 24.1 25.6 23.3 26.5 23.0 24.3 23.0 24.6 26.8 18.8 Total expenses 62.3 58.8 61.4 63.0 61.4 61.3 63.1 60.4 62.7 58.3 59.1 63.1 Net current earnings before income taxes 37.7 41.2 38.6 37.0 38.6 38.7 36.9 39.6 37.3 41.7 40.9 36.9 Net recoveries and profits (or losses —) -.5 7.9 9.2 8.7 5.0 3.0 3.3 5.8 2.2 3.0 1.5 -1.3 Taxes on net income 12.3 15.0 12.0 10.7 11.9 11.3 9.8 11.5 10.3 11.2 11.6 9.2 Net profits 24.9 34.1 35.8 35.0 31.7 30.4 30.4 33.9 29.2 33.5 30.8 26.4 Rates of earnings on securities and | loans: Percentage of total securities: Interest and dividends on securities 1.7 1.5 1.7 1.6 1.6 1.5 1.6 1.6 1.4 1.5 1.5 Net recoveries and profits .2 .3 .3 .2 .1 .1 .1 .2 .02 .1 .1 .1 Percentage of U. S. Government securities: Interest on U. S. Government securities 1.5 1.7 1.6 1.5 1.5 1.5 1.5 1.6 1.4 1.5 1.4 Percentage of total loans: Earnings on loans 3.2 2.3 3.7 3.4 3.7 3.6 3.1 3.3 3.8 4.1 3.9 4.3 Net recoveries (or losses — )l. .2 .1 .01 .02 .01 .1 .05 .0 -.3 Distribution of assets: Percentage of total assets: U. S. Government securities. 56.1 53.5 55.6 55.6 54.7 49.3 56.7 49.6 58.0 50.6 43.2 55.1 Other securities 3.1 4.2 7.5 6.1 3.5 5.9 5.3 5.5 3.9 4.8 3.3 5.0 Loans 19.5 21.0 15.4 16.8 16.6 17.3 15.8 19.7 14.2 14.5 20.6 18.8 Cash assets 19.9 20.2 20.1 20.5 24.2 26.4 21.5 24.4 23.2 29.5 32.0 20.1 Real estate assets .9 .7 1.0 .8 .4 .5 .5 .4 .8 .6 Other ratios: Total capital accounts to: Total assets 7.3 7.0 7.3 5.4 4.6 5.1 5.1 5.0 4.7 4.8 4.2 Total assets less Government securities and cash assets 30.5 26.7 33.2 30.4 25.7 19.0 23.3 19.8 26.6 23.5 19.1 17.1 Total deposits 8.0 7.7 8.8 7.9 5.8 4.9 5.4 5.4 5.3 4.9 5.0 4.4 Time to total deposits 20.8 13.3 26.4 29.8 21.5 17.7 26.1 18.2 24.7 11.0 8.8 33.5 Interest on time deposits to time deposits 1.0 .7 .8 .9 .9 .8 .9 .7 .7 .8 1 Ratios of less than .005 are shown as .0. 610 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK EARNINGS, 1946—Continued RATIOS OF RESERVE CITY MEMBER BANKS,* BY FEDERAL RESERVE DISTRICTS [Computed from aggregate dollar amounts; ratios expressed as percentages] Federal Reserve district Item New Phila- Cleve- Rich- At- Chi- St. Min- Kan- San Boston York p d h e i l- a land mond lanta cago Louis n o e l a i p s - C s i a t s y Dallas F c r is a c n o - Summary ratios: Percentage of total capital accounts: Net current earnings before income taxes 11.2 8.6 9.6 8.9 11.4 15.3 11.5 13.0 12.1 13.6 14.3 17.3 Profits before income taxes 7.9 12.5 12.0 11.0 13.5 16.5 12.7 15.8 14.6 15.2 16.3 16.6 Net profits 4.7 9.9 8.6 8.5 9.6 11.8 9.4 11.3 10.5 10.9 11.3 12.2 Cash dividends declared 3.8 3.1 4.1 2.6 3.5 3.7 2.7 3.9 3.5 2.9 4.0 5.1 Percentage of total assets: Total earnings 2.0 2.0 1.8 1.6 1.8 1.6 1.6 1.5 1.7 2.0 Net current earnings before income taxes .7 Net profits .5 Sources and disposition of earnings: Percentage of total earnings: Interest and dividends on: U. S. Government securities 36.9 41.7 43.7 46.2 48.3 37.6 52.1 37.6 52.0 45.5 37.7 38.7 Other securities 6.9 4.2 9.1 7.2 3.2 7.7 4.3 6.9 3.7 5.7 2.9 5.9 Earnings on loans 32.3 33.4 25.0 27.5 28.4 34.7 28.6 39.2 28.4 32.0 43.4 39.4 Service charges on deposit accounts 2.0 4.9 2.0 2.8 4.8 3.7 5.9 2.4 3.4 4.1 2.6 5.0 Other current earnings 21.9 15.8 20.2 16.3 15.3 16.3 9.1 13.9 12.5 12.7 13.4 11.0 Total earnings 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 Salaries and wages 29.1 32.4 32.3 25.9 31.1 25.8 30.5 29.1 30.4 27.1 26.4 31.8 Interest on time deposits 3.3 11.6 2.4 9.4 6.8 7.1 13.7 5.6 6.2 4.3 4.5 12.9 Other current expenses 23.8 28.9 26.5 26.0 25.3 28.3 24.4 25.4 24.7 26.9 27.4 18.5 Total expenses 56.2 72.9 61.2 61.3 63.2 61.2 68.6 60.1 61.3 58.3 63.2 Net current earnings before income taxes 43.8 27.1 38.8 38.7 38.8 31.4 38.7 41.7 36.8 Net recoveries and profits (or losses —) -13.1 12.6 9.6 9.3 6.7 3.2 3.2 8.4 7.9 5.0 5.8 -1.5 Taxes on net income 12.2 8.4 13.8 11.0 12.4 11.9 8.9 13.7 13.0 13.1 14.6 9.2 Net profits 18.5 31.3 34.6 37.0 31.1 30.1 25.7 34.6 33.6 33.6 32.9 26.1 Rates of earnings on securities and loans: Percentage of total securities: Interest and dividends on securities 1.7 1.5 1.7 1.4 1.6 1.4 1.5 1.6 1.4 1.6 1.5 Pe N rc e e t n t r a e g c e o v o e f r U ie . s S a . n d G o p v r e o r f n it m s ent securi- .01 .4 .1 .2 .1 .1 .3 .1 .1 .2 .1 ties: Interest on U. S. Government securities 1.4 1.6 1.6 1.4 1.4 1.6 1.4 1.6 1.4 Percentage of total loans: Earnings on loans 2.5 2.7 2.7 2.8 2.9 3.3 2.7 2.7 3.1 3.0 4.1 Net recoveries (or losses -)1 .1 .2 .o: .0 -.o: -.01 .03 .01 .05 -.3 Distribution of assets: Percentage of total assets: U. S. Government securities 50.0 54.9 51.7 54.5 55.6 45.8 59.6 45.3 54.2 49.9 42.0 54.9 Other securities 1.6 3.3 6.3 4.6 2.6 5.8 3.9 5.0 3.2 4.8 2.2 5.2 Loans 25.7 20.6 17.8 19.1 16.3 21.0 14.0 24.5 17.4 15.7 24.9 19.1 Cash assets 21.1 19.7 22.7 20.8 24.3 26.1 21.8 24.4 24.3 28.9 29.8 19.9 Real estate assets. .7 1.2 .7 .9 .4 .5 .5 .4 1.0 .7 Other ratios: Total capital accounts to: Total assets 7.6 6.2 7.7 8.0 5.3 4.5 4.4 5.2 5.2 4.6 5.0 4.3 Total assets less Government securities and cash assets 26.4 24.5 30.1 32.4 26.2 16.0 23.9 17.2 24.3 21.8 17.9 16.8 Total deposits 8.4 6.6 8.4 8.8 5.6 4.7 4.7 5.5 5.6 4.9 5.3 4.5 Time to total deposits 7.8 33.0 7.6 22.7 15.9 14.5 30.7 12.7 12.3 10.3 10.9 33.9 Interest on time deposits to time deposits .9 .7 .7 .7 .9 .9 .7 .8 .8 * Not including central reserve city banks. 1 Ratios of less than .005 are shown as .0. MAY 1947 611 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK EARNINGS, 1946—Continued RATIOS OF COUNTRY MEMBER BANKS, BY FEDERAL RESERVE DISTRICTS [Computed from aggregate dollar amounts; ratios expressed as percentages] Federal Reserve district Item Boston Y N o ew rk - P d h e il l a - - C l l a e n v d e- m Ri o c n h d - la A n t t - a c C a h g i o - L S ou t. is n M ea in p - - K s a a n s - Dallas F S r a a n nphia olis City cisco Summary ratios: Percentage of total capital accounts: Net current earnings before income taxes 10.0 10.8 10.0 11.7 14.4 15.7 14.2 14.7 15.5 17.0 17.3 18.9 Profits before income taxes 12.2 14.9 12.4 14.4 15.8 16.9 15.8 16.0 15.2 17.4 16.1 18.8 Net profits 8.6 11.0 9.6 10.9 11.6 12.5 12.3 12.5 11.4 13.6 12.4 14.2 Cash dividends declared 3.1 2.6 2.7 2.6 3.3 3.0 2.8 3.0 3.4 3.8 4.0 3.2 Percentage of total assets: Total earnings 2.1 2.1 2.0 1.9 2.0 1.9 2.0 1.9 1.9 2.1 Net current earnings before income taxes .8 Net profits .6 Sources and disposition of earnings: Percentage of total earnings: Interest and dividends on: U. S. Government securities 46.3 46.6 45.9 44.9 42.4 40.7 47.5 43.3 45.5 37.7 31.5 38.6 Other securities 4.8 6.4 10.4 9.3 5.3 7.3 6.8 7.2 4.8 5.1 5.8 3.8 Earnings on loans 29.6 31.9 29.3 31.0 37.7 32.9 29.3 34.4 29.0 39.3 45.8 41.8 Service charges on deposit accounts. 6.1 5.3 3.5 4.9 5.4 6.2 6.3 5.3 6.3 8.5 7.5 5.0 Other current earnings 13.2 9.8 10.9 9.9 9.2 12.9 10.1 9.8 14.4 9.4 9.4 10.8 Total earnings 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 Salaries and wages 28.9 28.6 24.5 25.2 26.5 27.7 27.9 28.0 27.6 31.3 31.4 29.6 Interest on time deposits 12.9 14.9 14.6 14.6 11.8 8.5 13.8 9.4 13.8 4.8 2.2 13.0 Other current expenses 24.4 24.2 22.5 25.0 21.8 25.1 22.2 23.3 22.0 22.2 26.2 19.9 Total expenses 66.2 67.7 64.8 63.9 58.3 59.8 Net current earnings before income taxes 33.8 35.2 38.7 36.1 39.3 36.6 37.5 Net recoveries and profits (or losses —) 7.4 12.6 9.0 8.0 3.7 2.9 4.3 3.4 .9 -2.7 -.1 Taxes on net income 12.3 11.9 10.7 10.5 11.5 10.9 9.0 9.4 8.9 9.2 8.7 9.3 Net profits 28.9 33.0 36.7 32.7 32.1 30.7 31.4 33.3 26.9 33.4 28.8 28.1 Rates of earnings on securities and loans: Percentage of total securities: Interest and dividends on securities. 1.7 1.8 1.6 1.6 1.6 1.6 1.6 1.5 1.5 1.5 Net recoveries and profits (or losses —) x .4 .2 .1 .1 .1 .1 -.01 .0 -.1 .04 Percentage of U. S. Government securities: Interest on U. S. Government securities 1.6 1.7 1.7 1.5 1.6 1.5 1.5 Percentage of total loans: Earnings on loans 4.0 4.4 4.7 4.7 4.5 4.4 4.5 4.4 4.9 5.9 5.4 5.0 Net recoveries (or losses —) .3 .2 .3 .1 .2 .01 .1 .03 .2 .1 -.1 — .1 Distribution of assets: Percentage of total assets: U. S. Government securities 60.2 60.9 58.7 57.0 53.9 52.2 58.7 54.2 60.5 51.7 44.4 56.3 Other securities 4.2 5.6 8.4 8.1 4.2 6.0 6.7 6.1 4.3 4.7 4.5 3.7 Loans 15.3 15.8 13.6 13.8 16.7 14.3 12.8 14.7 12.1 12.9 16.1 17.6 Cash assets 19.1 16.5 18.1 20.1 24.2 26.5 21.2 24.4 22.5 30.3 34.3 21.7 Real estate assets 1.0 1.0 1.1 .7 .6 .6 .5 .4 .6 .6 Other ratios: Total capital accounts to: Total assets 7.0 6.5 8.4 6.3 5.6 4.7 5.0 4.8 4.8 4.5 4.2 Total assets less government securities and cash assets 34.0 28.7 35.9 27.7 25.4 22.3 24.8 23.7 28.4 26.4 20.9 18.9 Total deposits 7.6 7.0 9.1 6.8 5.9 5.0 5.2 5.4 5.1 5.0 4.7 4.4 Time to total deposits 29.5 41.3 40.7 38.8 26.7 20.4 36.2 24.0 32.7 11.9 6.6 31.3 Interest on time deposits to time deposits 1.0 .9 .9 .9 .9 .7 .9 1 Ratios of less than .005 are shown as 0. 612 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BANK EARNINGS, 1946 INSURED COMMERCIAL BANKS IN UNITED STATES AND POSSESSIONS, 1943-1946 [Amounts in thousands of dollars] All insured commercial banks1 F B ed an er k a s l n R o e t s m er e v m e b S e y r s s t o em f Item 1945 1946 1943 1944 1945 1946 Earnings 1,959,481 2,214,905 2,482,278 2,862,875 310,399 341,443 380,435 460,730 Interest and dividends on securities: O U. t h S e . r Government 861,412 1,090,253 1,1 1 3 6 2 7, , 1 9 9 7 8 7 1, 1 2 7 18 6 , , 5 6 1 2 7 0 96,000 130,633 1 2 3 7 6 , , 8 3 7 4 2 5 1 2 6 9 5 , , 0 2 7 1 1 9 Interest and discount on loans 692,305 680,708 707,738 936,554 140,669 132,557 136,069 175,986 Service charges and fees on loans 13,513 17,320 18,860 14,564 2,668 2,423 2,475 2,848 Service charges on deposit accounts.... 95,332 107,375 109,789 124,696 18,977 21,875 22,290 25,062 Other charges, commissions, fees, etc.... 67,533 78,485 90,617 97,995 22,423 25,283 26,791 30,173 Trust department 104,710 112,486 120,317 140,340 8,388 8,155 8,184 9,146 Other current earnings 124,676 128,278 134,782 153,589 21,274 20,517 20,409 23,225 Expenses 1,256,025 1,356,680 1,522,778 1,762,634 218,087 230,189 255,415 294,378 Salaries—officers 225,142 240,354 266,018 309,220 50,441 52,886 57,818 66,836 Salaries and wages—others 356,958 386,346 424,881 521,709 44,993 48,933 53,534 64,721 Directors' and committee members' fees. 11,775 12,907 14,610 16,936 3,074 3,395 3,855 4,537 Interest on time deposits 163,900 186,773 233,321 268,624 40,430 42,798 50,600 57,185 Interst on borrowed money 502 1,112 2,448 2,364 149 145 162 189 Taxes other than on net income 99,915 97,307 98,683 96,314 15,684 14,472 15,216 14,505 Recurring depreciation on banking house, furniture, and fixtures 40,008 41,845 40,329 40,850 6,551 6,910 6,329 6,821 Other current expenses 357,825 390,036 442,488 506,617 56,765 60,650 67,901 79,584 Net current earnings before income taxes 703,456 858,225 959,500 1,100,241 92,312 111,254 125,020 166,352 Recoveries, profits on securities, etc... 353,015 361,726 509,329 408,608 41,038 43,636 55,601 52,819 Recoveries on securities 91,891 92,778 122,364 59,515 10,200 9,967 9,149 5,929 Profits on securities 103,143 129,834 266,764 208,700 9,363 13,582 27,947 25,704 Recoveries on loans 85,664 84,224 67,014 74,499 13,202 11,684 11,098 10,758 All other 72,317 54,890 53,187 65,894 8,273 8,403 7,407 10,428 Losses and charge-offs 290,645 265,881 264,122 283,175 39,924 33,704 34,270 36,220 On securities 116,383 110,439 132,870 132,254 15,006 13,296 15,086 16,805 On loans 75,223 70,090 55,901 71,253 11,908 9,807 9,360 9,761 All other 99,039 85,352 75,351 79,668 13,010 10,601 9,824 9,654 Profits before income taxes... 765,826 954,070 1,204,707 1,225,674 93,426 121,186 146,351 182,951 Taxes on net income 127,865 202,821 298,795 323,328 12,390 19,106 28,733 38,302 Federal 114,316 187,032 277,538 301,048 11,354 17,896 27,257 36,536 State 13,549 15,789 21,257 22,280 1,036 1,210 1,476 1,766 Net profits 637,961 751,249 905,912 902,346 81,036 102,080 117,618 144,649 Cash dividends declared 233,490 253,193 274,438 298,983 25,164 27,192 28,504 32,336 On preferred stock2 14,324 13,645 11,769 8,345 3,510 3,959 3,507 2,472 On common stock 219,166 239,548 262,669 290,638 21,654 23,233 24,997 29,864 Loans 18,380,838 20,310,112 23,500,772 27,768,295 2,650,862 2,630,161 2,823,335 3,512,756 U. !3. Government securities 50,315,698 67,231,161 82,417,236 81,835,381 4,494,776 6,913,337 9,338,27010,628,667 Other securities 6,321,794 6,088,482 6,623,089 7,556,923 988,843 958,551 998,984 1,174,201 Real estate assets 1,276,278 1,141,301 1,038,834 994,060 200,495 167,404 141,081 126,475 Cash assets 26,774,094 28,042,727 31,236,090 33,286,775 3,316,204 3,562,451 4,080,815 4,118,387 Total assets 103,370,189123,168,863145,217,438151,896,770 11,677,49114,260,81817,416,71319,598,095 Time deposits 17,627,615 21,415,276 26,979,470 31,939,078 3,624,839 4,228,321 5,192,631 6,049,512 Total deposits 95,506,221114,682,390135,948,387141,829,67810,663,90713,208,70616,306,74818,391,872 Total capital accounts 7,246,433 7,718,193 8,334,670 9,010,013 971,423 1,006,413 1,058,344 1,143,475 Number of officers 55,309 56,494 59,119 62,697 18,921 18,811 19,226 20,195 Number of employees 225,647 229,37 245,275 271,395 35,311 36,115 37,831 40,974 Number of banks 13,274 13,268 13,30! 13,359 6,539 6,457 6,462 1 Excludes three mutual savings banks, State bank members of the Federal Reserve System, which are included in member bank figures on preceding pages. 2 Includes interest on capital notes and debentures. NOTE.—The figures of assets, deposits, and capital accounts are averages of the amounts reported for call dates at the beginning, middle, and end of each year. The number of officers, employees, and banks are as of the end of each year. MAY 1947 613 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL FINANCIAL STATISTICS PAGE Gold reserves of central banks and governments.... 615 Gold production... 616 Gold movements 616 International capital transactions of the United States... 617-622 Central banks .. 623-626 Money rates in foreign countries... 627 Commercial banks . 628 Foreign exchange rates.... 629 Price movements: Wholesale prices . . 630 Retail food prices and cost of living. .. 631 Security prices. .. 631 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 arc reported to the Board directly. Figures on international capital transactions of the United States arc collected by the Federal Reserve Bankj 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. 614 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS [In millions of dollars] End of month U S n ta i t t e e s d t g A i e n r n a - - 1 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 D a e r n k - 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 »7 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—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 111 355 7 73 142 211 61 38 52 796 Oct 20,402 P460 726 354 7 71 143 221 61 38 52 796 24 Nov.. .. 20,470 P483 726 354 7 71 144 221 61 38 53 796 24 Dec 20,529 J>563 735 354 7 65 145 226 38 53 796 24 1947—Jan 20,748 *645 723 354 6 63 147 38 796 24 Feb 20,330 P706 691 354 7 54 125 32 796 24 Mar.. . .20,463 633 7 126 ?696 27 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 a r y - Peru Poland Po g r a t l u- Ru n m ia a- A So fr u ic th a Spain 1938—Dec 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—Dtc 274 128 111 500 23 32 60 267 814 105 1945—Dec 274 131 294 270 23 28 60 269 914 110 1946—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 24 886 111 Feb 274 148 245 23 851 Mar.. . . 274 149 197 23 End of month S d w en e- S la w e n r i d - tz * - T k u ey r- U K d n i o i n t m g ed - g U u r a u y - V zu e e n l e a - Y sl u av g i o a - B.I.S. O c tr o t i u h e n s e 7 - r Government go p l r d e v r io e u se 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 2,69 8 0 1 6 6 9 8 5 5 2 2 5 5 7 9 14 7 1 1 6 7 6 8 End of month U S n ta 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 1 100 41 «83 12 166 1942—Dec 335 824 114 1 89 68 21 185 1938—Dec 80 2 759 331 44 1943—Dec 387 •965 161 1 121 89 45 229 1939—Mar.... 154 1,732 559 1944—Dec 463 1,158 221 1 157 130 37 245 May 477 1945—Dec 482 1,342 241 1 195 202 39 247 June.... 85 17 Sept.. . . 164 «876 1946—Apr 476 1 .363 241 1 198 212 39 242 Dec 156 17 May 473 ,374 241 1 204 215 39 239 1940—June 86 17 June.... 473 1,376 240 1 204 215 39 238 Dec 48 292 17 July 470 L.393 240 1 205 215 41 238 1941—June 89 17 Aug 474 L.396 240 1 205 215 41 238 Dec 25 < 151 17 Sept 472 L,412 237 1 205 215 40 237 1942—June 8 17 Oct 469 L.408 236 1 205 215 40 237 Dec 12 17 Nov 426 L.418 235 1 200 215 40 237 1943—June 11 17 Dec 381 1,430 237 1 215 32 240 Dec 43 17 1947—Jan 348 1,432 238 1 28 P239 1944—June 21 17 Feb 324 A31 238 1 28 P239 Dec 12 17 Mar 265 1 P239 1945—Mar 32 June 81 17 Sept 20 P 1 F P i r g e u li r m es i n th ar r y o . ugh March 1940 amd for December 1942, December 1943, and December 1944 1946— D M e a c r 5 1 4 8 17 include, in addition to gold of the* Central Bank held at home, gold of the Central Bank held Junt 71 abroad and gold belonging to the Argentine Stabilization Fund, Sept 113 i On May 1, 1940, gold belongitig 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- * Figures relate to last official I•eport dates for the respective countries, as follows: Java— laved 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- * 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, in:ludes gold holdings of Swiss Government. 2 Figure for end of September. 7 These countries are: Albania Algeria, Australia, Austria through Mar. 7, 1938, Belgian 8 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, Estorlia, 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, 1941. been carried forward from last previous official report, « 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 <luring 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, in<; uding details regarding special internal gold transfers affect- Banking and Monetary Statistics, p. 526, and ing the reported data, see pp. 514-535 in the same publication. BULLETIN for February 1945, p. 190, MAY 1947 615 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 Africa North and South America Other month U o . u S t . s S i . d R e .i r m ep o o n r th te l d y 1 S A o f u ri t c h a d R e h s o i - a A W fr e ic s a t 2 C B o el n g g ia o n ' U St n a i t t e e s d * C ad an a - 1 M ico e " x- Co b lo ia m- Chile r N ag ic u a a - 7 Au li s a t 8 r a-j i B In ri d t i i a sh 9 $1=15* tngrains of gold 91\j fine; i. t., an ounce of finegold=$.15. 1938 1,136,360 958,770 425,649 28,532 24,670 8,470 178.143 165,379 32,306 18,225 10,290 1,557 54,264 11,284 1939 1 208 7051 020 297448 753 28 009 28 564 8,759 196,391 178.303 29,426 19,951 11,376 3,506 56,182 11,078 1940 1 297 3491 094,264491,628 29 155 32,163 •8,862 210.109 185.890 30.878 22.117 11,999 5,429 55.878 10,157 1941 1 288 9451 089 395504 268 27 765 32 414 209,175 187,081 27,969 22,961 9,259 7,525 51.0.39 9,940 1942 966,132 494,439 26,641 29,225 130,963 169,446 28,019 20,882 6,409 8,623 42,525 8,960 1943 760 527 448 153 23 009 19 740 48.808 127,796 22,055 19,789 6,081 7,715 28,560 8 820 1944 682 061 429 787 20 746 18,445 35,778 102,302 17,779 19,374 7,131 7,865 16,310 6,545 1045 646,914 427,862 19.888 18,865 32.511 94 385 17,734 6,282 6,985 16 450 5,950 1946 417,647 19,061 20,475 56,890 98,994 '15,301 ••6,357 21,595 4,585 1946 —Mar 50 656 30 871 1 574 1,645 3,639 8,677 1,473 770 608 1L400 Apr. 53,900 34,793 1.609 1,645 3,226 8,338 1,193 451 580 1.435 630 May 55,857 36,740 1,609 1,610 3,158 8,412 1,350 425 488 1,610 455 June 54,749 35,732 1,654 1,715 3.416 8.203 1,094 342 563 1,540 490 July ., 57,193 36,657 1,643 1,750 3,993 8,384 1,335 665 456 785 525 Aug 60 795 35.553 1,646 1,750 8,310 8,092 1.048 377 448 5.080 490 Sept 57 721 34 509 1 578 1 715 6,798 8,047 1.425 354 379 1,925 490 Oct 59 463 35 922 1 579 1,785 5,930 8,429 1.332 1,384 654 1,925 N"ov 55 424 33 823 1 577 1 870 4,900 8,092 1,161 1 203 657 I 925 315 Dec 34,184 1,585 1,820 6,255 7,961 1,088 559 2,170 490 1947—jan r34 021 1 524 1,785 7,612 8,184 1,423 2,205 Feb .... . 19,965 5,483 490 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 « Beginning April 1941, figures are those reported by American Bureau of Metal Statistics. Beginning January 1944. they represent Gold Coast only. • Beginning May 1940, monthly figures no longer reoorted. 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 so that aggregate for year is equal to annual estimate compiled by Bureau of the Mint. * Figures for Canada beginning 1945 are subject to official revision. 6 Beginning April 1942, monthly figures no longer reported. 7 Gold exports, reported by the Banco Nacional de Nicaragua, which states that they represent approximately 90 per cent of total production. 1 Beginning December 1941, figures are those reported by American Bureau of Metal Statistics. For the period December 1941-December 1943 they represent total Australia; beginning January 1944, Western Australia only. 9 Beginning May 1940, figures are those reported by American Bureau of Metal Statistics. NOTE.—For explanation of table and sources, see BULLETIN for February 1939, p. 151; July 1938, p. 621; Tune 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 \n 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 t m g ed - France g B iu e m l- 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 t r A h u ie 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 22,862 165,60550,956 168,623 1940 4,744,472 633,083 241,778 977 63,260161,48990,3202,622,330 29,880 128,25938,627 103,777 184,756111,73949,989 2284,208 1941 982,378 3,779 1 1 1,747 899 412,056 16,791 61,86242,678 67,492292,893 9,444 9,665 363,071 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 -41,748 103 106 357 4-133,471 1946 311,494 458 -14 -6 344,130 3,591 -134,405 -156 41118,550 -2,613 -18,083 1946 Apr. -20,534 34 222 149 637 9 5«-21,586 May -27,028 -1 -6 127 34 -33 -8 13 »-27.155 June 36,329 -4 32,277 29 902 11 2 July 6,347 -1 639 476 2,328 41 «2,865 Aug. 15,210 649 516 -8,502 -6 15 19,886 -236 62,887 Sept. -7,629 197 82 —29,198 17,902 -398 • 3,785 Oct. 24,182 2 -8 134 198 4,523 19,912 -682 103 Nov. 77,903 383 25,248 1,065 621 38,601 -430 H2.415 Dec. -61,193 2 27,473 449-110,276 -151 17 18,883 -868 •3,279 1947 Jan. -16,820 —2 6 51,174 443 -97,579 -132 32,544 -374 -2,899 Feb. 20,361 9 30,319 222 -30,341 -49 37,490 -556 8-16,734 Mar.p 153,634 -120 -31 1 101,642 221 -13,269 -129 66,674 -1,140 -214 P 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., $26,178 000 from Hon? 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. 6 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. i Includes $27,229,000 to China and $75,000 from other countries. 8 Includes $14,000,000 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. 616 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES NET CAPITAL MOVEMENT TO UNITED STATES SINCE JANUARY 2, 1935 [Net movement from United States, (—). In millions of dollars] TABLE 1.—TOTAL CAPITAL MOVEMENT, BY TYPES Increase in foreign banking Decrease Foreign Domestic funds in U. S. in U. S. securities: securities: Inflow in From Jan. 2, 1935, through— Total banking Return Inflow of brokerage funds of U. S. foreign balances TotaJ Official» Other abroad funds funds 1935—Mar. ((pA pr. 3)) 265.9 64.1 4.4 59.7 155.0 31.8 -6.2 21.1 JJ une ((JJul ly 33)) 632.5 230.3 22.6 207.7 312.8 43.7 15.8 29.8 SS ept. ((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 A 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 1,150.4 54.2 June 29 3,140.5 880.9 220.6 660.4 403.3 643.1 1,155.3 57.8 Sept. 28 3,567.2 1,275.4 282.2 993.2 477.2 625.0 1,125.4 64.1 Dec. (Jan. 4, 1939). 3,933.0 1,513.9 327.0 1,186.9 510.1 641.8 1,219.7 47.6 1939—Mar. 29 4,279.4 1,829.4 393.2 1,436.2 550.5 646.7 1,188.9 63.9 June 28 4.742.0 2,194.6 508.1 1,686.5 607.5 664.5 1,201.4 74.0 Sept. 27 5,118.2 2,562.4 635.0 1,927.3 618.4 676.9 1,177.3 83.1 Dec. (Jan. 3, 1940). 5,112.8 2,522.4 634.1 1,888.3 650.4 725.7 1,133.7 80.6 1940—Mar. (Apr. 3) 5,207.8 2,630.9 631.0 1,999.9 631.6 761.6 1,095.0 88.7 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 1,424.0 1,817.7 805.3 841.1 623.5 100.9 Dec. 31 5,354.1 2,979.6 1,177.1 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 2 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 1,482 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 ,097.8 625.9 135.1 Feb. 28 ,. 8,775.1 6,173.0 3,473.9 2,699.1 728.7 ,067.2 672.4 133.9 Mar. 31 8,730.8 6,169.3 3,455.2 2,714.1 703.6 ,073.0 645.1 139.9 Apr. 30 8,674.4 6,124.6 3,344.7 2,780.0 701.2 ,076.1 630.7 141.7 May 31 8,405.8 5,896.2 3,119.6 2,776.5 644.8 ,104.2 619.7 140.9 June 30 8,338.2 5,853.5 3,042.9 2,810.7 624.5 ,103.9 615.0 141.4 July 31 8,496.2 6,149.7 3,386.6 2,763.2 574.1 ,125.3 506.1 140.9 Aug.31 8,344.2 6,009.3 3,197.6 2,811.7 554.0 ,141.9 492.2 146.8 Sept. 30 8,250.1 5,930.8 3,083.3 2,847.5 519.8 ,170.7 478.3 150.4 Oct. 31 280.2 5 925 3 3,041.4 2,884.0 532 8 1,196.9 472.1 153.1 Nov. 30 8,270.4 5,936.8 2,974.1 2.962 7 492.9 1.231.5 454 4 154.7 Dec. 31 8,009.5 5,726.1 2,787.4 2,938.7 427.2 1,237.9 464.5 153.7 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 centra' banks maintaining accounts at the Federal Reserve Bank of New York; beginning July 17, 1940, also funds in accounts at the Federal Reserve Bank of New York which had been transferred from central bank to government names; beginning with the new series commencing with the month of July 1942, all funds held with banks and bankers in the United States by foreign central banks and by foreign central governments and their agencies (including official purchasing missions, trade and shinning missions, diplomatic and consular establishments etc.); beginning Jan. 31, 1946, accounts of international institutions; and beginning Feb. 28, 1946, Italian special deposit account held with the U. S. Treasury, 2 The weekly series of capital movement statistics reported through July 1, 1942, was replaced by a monthly series commencing with July 1942, Since the old series overlapped the new by one day, the cumulative figures were adjusted to represent the movement through June 30 only. This adjustment, however, is incomplete since it takes into account only certain significant movements known to have occurred on July 1. Subsequent figures are based upon new monthly series. For further explanation, see BULLETIN for January 1943, p. 98. NOTE.—Statistics reported by banks, bankers, brokers, and dealers. For full description of statistics see Banking and Monetary Statistics, pp. 558-560; for back figures through 1941 see Tables 161 and 162, pp. 574-637, in the same publication, and for those subsequent to 1941 tee BULLETIN for September 1945, pp. 960-974. MAY 1947 617 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 2.—TOTAL CAPITAL MOVEMENT, BY COUNTRIES From Jan. 2,1935, through— Total U K n d i i o n t m g e - d France N la e e n r t d - h s - S l w a e n r i - t d z- m G a e n r- y Italy E O u t r h o e p r e E T u o r t o a p l e C a a d n a - A L m a e t r i i n ca Asia1 ot A he ll r1 1935—Dec. (Jan. 1, 1936) . .. 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. 30 829.3 299.5 229.7 335.5 83.1 45.6 228.5 2,051.3 150.5 201.2 243.0 21.4 1937—Dec. 29 993.7 281.7 311.9 607.5 123.9 22.1 312.2 2,653.0 106.3 410.6 315.4 15.9 1938—Dec. (Jan. 4, 1939). ..3,933.0 ,183.8 339.6 328.6 557.5 140.5 32.2 472.0 3,054.2 155.3 384.6 302 36.2 1939—Dec. (Jan. 3, 1940). ..5,112.8 ,101.3 468.7 470.3 773.0 165.9 58.0 752.9 3,790.1 229.4 483.4 522.6 87.4 1940—Dec. (Jan. 1, 1941). ..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 ,257.7 636.8 487.7 629.1 178.6 48.2 954.8 4,192.8 760.3 951.0 ,161.6 201.4 1944—Dec. 31 7,728.4 ,090.0 585.7 506.2 664.3 179.1 63.1 993.3 4,081.8 976.4 ,193.7 ,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 1,395.7 ,338.4 ,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 ,342.6 ,345.1 ,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 ,357.0 ,350.7 ,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 ,370.5 ,391.5 ,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 ,347.7 ,400.9 ,723.1 303.1 May 31 8,405.8 585.8 464.1 426.3 725.4 179.2 165.7 1,152.2 .,698.7 ,306.2 ,431.5 ,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 ,313.2 ,471.6 ,560.3 438.4 July 31 8,496.2 756.0 419.4 389.4 741.0 179.6 196.9 1,108.5 3,790.7 ,278.7 ,486.1 ,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 ,223.5 ,566.2 ,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 ,177.7 ,544.8 ,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 ,110.6 ,569.6 1,326.6 534.5 Nov. 30 8,270.4 640.9 401.7 322.8 760.9 180.4 228.0 1,069.1 .,603.8 ,067.0 ,546.4 ,327.4 725.8 Dec. 31 8,009.5 563.1 384.8 326.4 766.1 183.8 287.5 1,062.5 3,574.2 979.7 ,474.0 ,258.3 723.4 TABLE 3.—INCREASE IN FOREIGN BANKING FUNDS IN U. S., BY COUNTRIES From Jan. 2,1935, through— Total U K d n o i i n m t g e - d France N la e e n r t d - h s - S l w a e n r i - t d z- m G a e n r- y Italy E O u t r h o e p r e E T u o r t o a p l e C a a d n a - A L m a e t r i i n ca Asia1 ot A he ll r1 1935—Dec. (Jan. 1, 1936) . ..631.5 128.6 129.6 55.7 72.4 -.8 60.7 46.0 33.5 87.0 11.5 1936—Dec. 30 989.5 163.5 144.2 65.9 109.8 2.7 79.7 86.8 149.3 149.4 15.2 1937—Dec. 29 ,259.3 189.3 111.8 76.3 288.4 9.6 109.4 76.3 166.3 217.0 8.0 1938—Dec. (Jan. 4, 1939). .. ,513.9 364.0 155.3 87.9 205.1 -11.8 208.6 101.6 127.6 251.8 22.2 1939—Dec. (Jan. 3, 1940). .. ,522 376.1 256.1 190.9 362.7 -20.1 470.0 174.5 215.1 417.0 60.5 1940—Dec. (Jan. 1, 1941) . .. ,239.3 293.3 458.0 160.3 494.7 -22.9 603.7 334.1 326.4 531.2 61.3 1941—Dec. 31 ,979.6 328.6 416.5 161.0 326.2 -23.1 561.1 273.1 296.7 541.4 101.6 1942—Dec. 31 ,465 493.3 394.5 170.0 166.3 -22.7 502.5 399.5 482.8 743.9 141.9 1943—Dec. 31 ,644.8 939.4 404.1 176.7 192.7 -23.7 589.0 704.7 578.7 928.2 162.0 1944—Dec. 31 ,865.2 804 356.6 193.1 221.4 -23.4 634.7 818.6 794.7 888.6 169.7 1945—Dec. 31 ,144.5 646.4 229.9 265.0 286.3 -23.3 769.1 2,223.4 ,414.2 924.9 ,369.1 212.9 1946—Jan. 31 ,234.7 617.7 318.2 277.3 297.5 -23.3 757.6 2,295.8 ,242.8 929.4 ,554.5 212.3 Feb. 28 173.0 569.2 300.5 265.6 298.3 -23.5 742.0 2,229.2 ,241.8 922.0 ,542.9 237.0 Mar. 31 ,169.3 492.4 284.3 278.4 303.2 -23.6 738.0 2,152.8 ,251.8 972.4 ,505.0 287.3 Apr. 30 124.6 492.1 225.7 278.3 306.5 -23.6 760.9 2,143.0 ,236.2 956.2 ,518.7 270.6 May 31 896.2 373.0 239.5 251.8 305.3 -23.7 777.6 2,033.7 ,140.3 986.5 ,475.0 260.6 June 30 853.5 273.7 205.8 239.5 314.6 -23.9 771.5 1,897.9 ,155.8 ,029.7 ,360.8 409.3 July 31 ,149.7 599.7 19-5.1 217.5 318.8 -23.8 742.2 2,194.8 ,176.4 ,052.8 ,306.8 418.9 Aug. 31 , 009.3464.0 170.6 210.5 341.1 -23.8 715.0 2,031.4 ,111.6 ,105.0 ,256.9 504.4 Sept. 30 ,930.8 509.0 195.4 222.4 333.1 -23.8 703.2 2,097.9 ,069.6 1,059.2 ,215.8 488.3 Oct. 31 ,925.3 576.8 204.5 199.1 345.5 -23.4 712.1 2,183.0 995.4 ,058.9 1,178.7 509.3 Nov. 30 ,936.8 485.5 181.2 185.8 353.2 -23.0 716.1 2.084.0 937.4 029.3 .183.9 702.3 Dec. 31 726.1 397.6 165.8 208.2 359.0 -23.1 710.3 2,065.5 823.9 983.3 ,135.7 717.7 TABLE 4^—DECREASE IN U. S. BANKING FUNDS ABROAD, BY COUNTRIES From Jan. 2, 1935, through— Total U K d n o i i n m t g e - d France N la e e n r t d - h s - S l w a e n r i - t d z- m G a e n r- y Italy E O u t r h o e p r e E T u o r t o a p l e C a a d n a - A L m a e t r i i n ca Asia1 ot A he ll r1 1935—Dec. (Jan. 1, 1936)... 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 1.8 196.9 13.7 32.1 435.4 40.0 -32.2 54.1 -4.4 Dec. 31 427.2 244.3 73.4 -132^3 -1.7 200.4 10.6 26.6 421.3 40.7 -58.8 29.9 -5.8 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. 618 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued NET CAPITAL MOVEMENT TO UNITED STATES SINCE JANUARY 2, 1935—Continued [Net movement from United States, (—). In millions of dollars] TABLE 5.—FOREIGN SECURITIES: RETURN OF U. S. FUNDS, BY COUNTRIES (Net Purchases by Foreigners of Foreign Securities Owned in U. S.) From Jan. 2, 1935, through— Total U K d n i o i n t m g ed - France N la e e n r t d - h s - S l w a e n r i - t d z- m G a e n r- y Italy E O u t r h o e p r e E T u o ro ta p l e C a a d n a - A L m a e t r i i n ca Asia1 ot A h l e l r1 1935—Dec. (Jan. 1, 1936) . . . 125.2 67.8 6.8 7.4 -1.2 13.3 2.9 46.1 143.1 -39.7 12.7 7.9 1.1 1936—Dec. 30 316.2 116.1 18.2 10.4 13.7 22.5 9.4 87.9 278.3 1.7 15.7 17.0 3.5 1937—Dec. 29 583.2 136.8 22.8 21.2 30.4 26.6 13.5 115.2 366.4 10.5 175.0 24.5 6.8 1938—Dec. (Jan. 4, 1939) . . . 641.8 127.7 26.1 27.3 36.1 33.5 22.0 167.8 440.6 -9.7 167.4 33.8 9.7 1939—Dec. (Jan. 3, 1940) . . . 725.7 125.5 42.1 29.4 45.0 36.6 27.6 189.0 495.2 -7.6 184.0 42.8 11.3 1940—Dec. (Jan. 1, 1941). . . 803.8 128.6 43.4 31.0 46.0 36.5 28.1 196.4 510.0 25.0 202.3 53.0 13.5 1941—Dec. 31 855.5 127.6 51.6 31.5 44.3 36.5 28.1 201.8 521.3 35.4 221.1 61.2 16.6 1942—Dec. 31 848.2 125.4 52.4 31.6 44.9 36.5 28.0 207.6 526.3 -3.0 245.4 61.5 18.0 1943—Dec. 31 925.9 127.6 50.6 33.0 44.7 36.5 27.9 210.1 530.3 41.2 272.3 62.2 19.9 1944—Dec. 31 ,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 ,097.8 115.0 51.1 33.4 44.9 36.5 27.3 212.5 520.7 176.8 317.6 60.9 21.9 Feb. 28 ,067.2 113.9 51.0 33.4 45.0 36.5 27.3 212.6 519.7 144.3 320.5 60.6 22.1 Mar. 31 ,073.0 112.4 51.1 33.1 45.0 36.5 27.3 212.9 518.3 149.1 323.1 60.4 22.1 Apr. 30 ,076.1 110.8 51.2 33.2 45.1 36.5 27.3 213.1 517.2 147.8 328.8 60.0 22.5 May 31 ,104.2 110.9 51.1 33.3 44.9 36.5 27.3 213.3 517.3 169.8 334.4 59 S 22.9 June 30 ,103.9 109.7 51.0 33.2 45.0 36.7 27.3 213.8 516.7 166.2 338.1 59.8 23.0 July 31 ,125.3 107.3 50.9 33.1 44.9 36.9 27.3 221.5 521.9 179.7 341.0 59.7 23.0 Aug. 31 ,141.9 101.5 49.9 31.4 36.4 36.9 27.1 220.7 503.8 193.7 378.2 59.7 6.5 Sept. 30 ,170.7 100.4 49.9 30.3 37.4 36.9 27.1 221.3 503.4 200.2 390.3 59.4 17.4 Oct. 31 ,196.9 98.3 49.5 29.1 34.5 36.9 26.8 221.1 496.2 207.7 414.2 59.4 19.3 Nov. 30 ,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 Dec. 31 ,237.9 96.8 50.2 26.0 31 .2 36.9 26.7 223.3 491.2 236.6 448.4 61.1 .7 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 -.1 67.3 615.0 -44.7 28.1 17.5 10.9 1942—Dec 31 673.3 -77.6 80.5 236.9 360.5 -30.9 -.1 75.3 644.7 -45.1 35.2 27.7 10.9 1943—Dec 31 701.1 -100.3 82.7 239.9 367.3 -30.8 .6 86.3 645.7 -58.2 40.5 62.5 10.6 1944—Dec. 31 911.8 -125.4 77.3 239.0 368.5 —30 8 1.9 103 2 633 7 —28 1 54 9 240 5 10 7 1945—Dec 31 798.7 -157.9 81.7 233.5 355.4 -30.4 2.2 98 5 582.9 -126.6 81.3 251.3 9.9 1946—Jan 31 625.9 -161.9 81.8 228.6 354.0 -30.4 2.4 93.7 568.3 -114.5 89.3 73.0 9 9 Feb 28 672.4 -164.7 77.0 228.1 353.8 -30.4 2.4 96.8 562.8 -69.6 97.6 71.9 9.7 Mar 31 645.1 -169.2 77.2 226.1 346.1 —30 4 2.1 94 7 546.5 —80 3 98 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 88.8 520.9 —66 8 90.3 62 1 8 4 July 31 506.1 -186.2 73.4 223.6 342.1 -30.4 1.7 85.6 509.8 -147.7 86.1 49.7 8 3 Aug. 31 492.2 -186.7 73.0 222.9 335.6 -30.4 1.6 86.8 502.8 -150.3 87.5 43.4 8 8 Sept 30 478.3 -189.7 77.6 220.1 335.8 —30.4 1.7 86.4 501.6 — 153 9 91.5 30 5 8 6 Oct 31 472.1 -193.4 81.6 216.8 3^4.7 -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 ?5 0 6 9 Dec. 31 464.5 -194.9 74.9 207.0 337.9 -30.4 2.1 87.7 484.3 -143.0 87.6 26.8 8.8 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 do in m g- France la e n r d - s la e n r- d m G a e n r- y Italy E O u t r h o e p r e E T u o ro ta p l e C a a d n a - A L m a e t r i i n ca Asia1 ot A h l e l r1 1935—Dec. (Jan. 1, 1936). . . 6.0 0) 2.4 1.3 2.5 -.2 .1 1.4 7.6 -4.5 1.0 2.9 -.9 1936—Dec. 30 12.9 4.0 10.4 -.9 9.1 — .7 .3 .4 22.6 — 7 6 —4.2 2.1 (8) [937—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 .3 1939—Dec. (Jan. 3, 1940) . . . 80.6 19.4 20.1 9.3 17.8 -.1 .1 5.0 71.6 8.7 1.6 -3.4 2.1 1940—Dec. (Jan. 1, 1941) . . . 100.9 17.0 19.9 13.4 16.2 — .2 .2 7.9 74.3 10.7 9.2 6.0 .7 1 1 9 9 4 4 1 2 — — D D e e c c 3 3 1 1 1 1 0 0 0 4 . . 9 4 1 1 7 6 . . 4 8 2 1 0 9 . . 7 9 1 17 7 . . 5 6 1 1 3 3 . . 7 5 - — .2 l . . 2 2 8 8 .0 7 7 7 8 5 .7 1 1 1 5 4 .1 2 4 3 .9 ? % 6 6 .3 0 9 g 1943—Dec 31 117.8 18.8 21.5 19.9 19.3 — .2 .3 9.4 89.1 17 6 3 8 6 0 1 3 1944—Dec 31 126.3 18.5 23.1 22.3 23.0 .3 10.5 97.7 16.2 5.1 5.6 1.8 194c—Dec 31 . .. 144.1 19.8 23.4 26.0 30.3 .4 13.6 113.6 19.5 5.9 3.8 1.3 194/j—Tan 31 , . 135.1 21.3 24.2 16.2 30.3 .4 13 1 105 6 19 0 5 5 3 6 1 5 Feb 28 133.9 20.7 24.7 16.2 30.9 (3) .4 13.1 105.9 18 9 3 9 3 9 1 3 Mar. 31 139.9 20.0 24.1 16.1 32.1 .4 13.3 106.0 19.9 8.2 4.5 1.3 Apr 30 141.7 19.2 24.3 15.7 32.0 (3) .5 13 1 104 8 19 4 11 3 4 8 1 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 1 4 June 30 141.4 19.3 24.3 15.9 33.4 (2) .5 12.9 106.3 18.5 10.2 4 8 1 5 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 1 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 1 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. 30 154.7 19.2 22.0 16.1 38.6 <*) .5 14.8 111.2 21.5 15.3 5.0 1.8 Dec 31 * 153.7 19.2 20.5 17.5 39.6 .4 14.6 112.0 21.5 13.4 4.8 2.0 1 Prior to Jan. 3, 1940, the figures under Asia represent Far East only, the remaining Asiatic countries being included under "All other." s Inflow less than $50,000. * Outflow less than $50,000. 4 Amounts outstanding Dec. 31, in millions of dollars: foreign brokerage balances in United States, 109.1; United States brokerage balances abroad, 32.2. MAY 1947 619 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— Dec.« 669.7 92.4 76.9 33.9 12.9 13.7 29.9 18.8 46.8 232.9 99.3 122.8 202.8 12.0 1935—Dec.' 1,301.1 130.3 205.5 163.5 68.6 86.1 29.0 26.1 107.5 686.3 145.3 156.3 289.8 23.4 1936—Dec. 30 1,623.3 232.5 235.7 176.3 78.8 123.5 32.0 41.7 126.3 814.3 186.1 263.9 331.9 27.1 1937—Dec. 29 1,893.1 427.1 261.5 143.9 89.1 302.1 39.0 25.7 156.0 1,017.1 175.6 280.9 399.5 20.0 1938—Dec* 2,157.8 473.8 436.1 187.4 101.8 218.8 17.8 20.4 255.5 1,237.8 201.8 248.5 435.5 34 1 1939—Dec.« 3,221.3 781.0 448.2 288.2 204.9 376.3 9.5 38.5 516.9 1,882.6 274.6 336.0 655.7 72.5 1940—Dec.V ... 3,938.2 1,418.9 365.5 490.1 174.3 508.4 6.7 17.9 650.6 2,213.5 434.3 447.3 769.9 73.3 1941—Dec. 31 3,678.5 1,314.9 400.8 448.6 174 9 339.9 6.6 15.4 608.0 1,994.0 373.2 417.7 780.0 113.6 1942—Dec. 31 4,205.4 2,244.4 554.6 432.3 186.6 184.2 7.5 12.1 643.4 2.020.7 507.4 597.7 930.0 149.6 1943—Dec. 31 5,374.9 3,320.3 1,000.8 439 9 193.3 210.6 6.5 11.3 722.1 2,584.5 812.6 693.7 1,108.8 175.3 1944—Dec. 31.... 5,596.8 3,335.2 865,7 401.2 209.7 239.3 6.8 27.3 767.7 2.517.8 926.5 909.31.069.2 174.0 1945—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 1,522.21,046.41,549.7 181.8 1946—Jan. 31... •6,993.2 4,331.8 679 0 398.3 293 9 315.5 6.9 71.1 890.6 2.655.4 1,350.7 1,050.91,735.1 «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 81.349 71.043.51,723.6 225.8 Mar. 31.... 6,927.8 4,185.4 553.8 364.5 295 0 321.2 6.6 100 5 871.0 2,512.4 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 51,344.11,077 71.699.3 259.4 May 31 6,654.6 3,849.9 434 4 319.7 268.4 323.2 6.5 130.5 910.6 2.393.2 1,248.2 1,108.11.655.7 249.4 June 30... 6,612.0 3,773.1 335.1 286.0 256.1 332.5 6.4 137.0 904.5 2,257.4 1 263.81.151 31.541.4 398.1 July 31... 6,908.2 4,116.8 661.1 275.2 234.1 336.7 6.4 165.5 875.3 2,554.4 1 284.31 174.41,487.5 407.7 Anp\ 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 2,439.31,045.31,150.8 1,364.5 691.1 Dec. 31.... 6,480.3 3,517.6 458.9 245.9 224.9 372.6 7.1 267.9 843.4 2,420.7 931.8 1,104.81,316.4 706.5 LIABILITIES—SUPPLEMENTARY DATA Other Europe Date E O u t r h o e p r e g B iu el m - m D a e r n k - l F a i n n d - Greece6 L bo ux u e rg m " - 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 ot A h 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 1 19 9 4 4 4 3 — — D D e ec c . 3 3 1 1 . 7 76 2 7 2 . . 7 1 1 1 2 2 2 4 . . 9 3 1 1 3 4 . . 9 8 7 7 .7 1 4 48 3 . . 7 5 1 1 8 8 . . 4 6 2 1 2 5 0 8 . . 8 9 5 54 3 .4 5 9 9 . . 5 3 3 43 1 . . 4 8 1 1 6 5 3 2 . . 2 1 1 1 6 2 . . 1 3 9 5 . . 9 7 5 7 2 6 1 9 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 I945—jan# 31 890.6 184.9 40.1 6.6 70.0 22.3 176.5 47.5 9.3 37.1 214.0 29.7 6.3 46.4 Feb 28 875.0 167.6 41.6 10 7 69.7 22.4 175.0 45.3 9.2 37.4 212.9 28.5 6.6 48 4 Mar. 31 871 .0 166.3 44.2 11.2 74.9 22.3 174.0 45.4 9.2 35.4 205.2 24.8 6.8 51.2 894.0 176.4 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 57.4 904 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 1?3.1 43.5 9.0 15.3 165.4 53.2 10 4 90 3 Dec 31 843.4 159.5 66.5 22.2 49.3 22.6 123.5 39.0 8.9 16.4 172.6 60.5 12.4 89.9 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 G n an d u e i d i s e - t ? M ic e o x- l W I a a n n n d e d d i s e s t ? P m an a a 8 - Peru7 V zu e e n l e a - 7 A O L i m a t c h t a e i e n r r ana7 Surinam7 1939—Dec. (Jan. *, 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 I943—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 I944—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 I945—Dec. 31 1,046.4 77.3 14.5 195.1 66.3 79.2 6.9 128.3 7.1 116.4 28.2 88.7 43.9 49.7 144.8 1946—jan. 31 1.050.9 94.8 13.6 192.3 66.6 82.4 6.0 122.2 7.2 125.9 20.9 89.4 43.4 36.0 150.3 Feb. 28 1,043.5 80 0 13.4 199.6 64.6 80.6 5 7 120.5 7 1 128 3 22 8 87 5 45 0 42 4 146 0 Mar 31 1.094.0 83.9 13.6 210 6 63.9 77.5 6.3 139.5 6.6 140.7 20.7 91.2 41.9 41.3 156.3 Apr. 30 1.077.7 84.1 12.7 206.8 60.3 72.4 6.0 152.7 6.6 122.3 21.7 90.3 39.8 49.5 152.4 May 31 1.108.1 92.6 11.9 222.0 55.3 69.6 6 9 163.7 7.0 119 8 19 2 88 9 40 3 50 3 160 5 June 30 1,151.3 116.6 10.7 218.8 59.3 66.3 6 7 169.6 7.0 137.1 16.7 87 1 40.6 46 1 168.6 July 31 1.174.4 124.4 12.3 231.1 62.1 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 U3.2 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 1 S9.1 6.0 143.2 13.5 84.1 40.7 67.3 166.7 Dec 31 1,104.8 112.6 14.0 174.0 50.7 57.8 7.7 153.5 5.4 152.2 16.1 77.2 40.9 74.0 168.7 For footnotes see p. 621. 620 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 n in 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 i d 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 i t d s - e h t s s - 1 i l P p a I h n p s i - d i l n - s eT k u ey r- 1 O A t s h i e a r ot A he ll r2 A t l u r ia a s- - 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 n o c c - o h S U A o f n o u r i f i t o c h n a 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 69.9 226.8 264.9 113.6 1942—Dec. 31 930.0 360.9 27.4 41.6 13.1 1.0 4.8 160.4 254.729.9 36.2 149.6 23.1 4.8 6.8 12.1 11.0 91.8 1943—Dec. 31 ,108.8 574.2 27.4 23.9 18.2 .9 4.1 110.1 259.135.4 55.5 175.3 25.3 5.1 6.1 10.3 4.5 124.1 1944—Dec. 31 ,069.2 427.3 27.4 22.9 22.1 1.3 4.0 110.5 365.8 23.7 64.2 174.0 52.9 3.5 7.3 4.3 8.3 97.6 1945—Dec. 31 ,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 1,735 756.3 28.2 30.5 29.4 1.7 4.0 110.0 642.8 57.3 75.1 3201 29.6 4.0 19.4 9.7 6.3 3132.1 Feb. 28 1,723 738.0 34.6 31.8 36.7 1.6 3.9 100.7 635.762.2 78.4 225 26.1 4.0 19.6 10.1 9.1 157.0 Mar. 31 1,685 732.1 37.9 34.8 25.7 1.5 3.8 99.0 598.4 66.1 86.3 276 24.3 3.8 18.9 10.3 9.5 209.3 Apr. 30 1,699 717.0 38.0 36.4 34.6 1.6 3.7 102.1 617.0 66.9 81.9 259 26.6 3.8 17.9 11 8.9 190.9 May 31 655 695.4 39.0 35.4 37.6 1.4 3.7 103.6 580.272.0 87.4 249 23.8 4.8 16.8 12 11.3 180.4 June 30 541 657.0 43.6 37.8 36.1 1.6 3.5 100.2 505.5 69.3 86.8 398 24.4 7.5 17.7 11 12.8 324.5 July 31 487 611.9 47.2 33.2 33.2 2.2 9.2 114.3 482.4 64.5 89.5 407 28.7 6.4 17.7 11.5 10.1 333.3 Aug. 31 437 561.8 55.0 34.1 28.3 10.3 13.4 120.1 .466.9 62.9 84.6 493 33.6 5.2 19.0 11.6 13.4 410.3 Sept. 30 396 525.3 42.9 37.9 35.8 9.3 9.5 128.9 465.2 61.0 80.6 477 39.9 5.5 20.2 13.4 24.5 373.6 Oct. 31 359 490.1 37.7 35.6 33.3 9.5 14.1 133.4 466.6 58.6 80.5 498 41.1 5.5 21.8 13.3 29.4 386.9 Nov. 30 1,364 456.5 36.2 46.1 40.1 17.2 14.1 134.5 466.364.3 89.2 691 35.1 5.7 22.3 14 52.2 561.2 Dec. 31 1,316.4 431.9 39.9 44.9 43.5 17.3 16.6 127.1 446.6 54.7 93.8 706.5 45.5 8.0 20.8 14.9 47.2 570.1 1 Prior to June 30, 1942, included under "Other Asia." 2 Country breakdown not available until June 30, 1942. 8 See footnote 4 below. Footnotes to table on p. 620. 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. 6 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 rotal U K d n i o i n m t g ed - France N la e e n r t d - h s - S l w a e n r i - t d z- m G a e n r- y Italy E O u t r h o e p r e E T u o ro ta p l e C a a d n a - A L m i a c t a e in r- Asia1 ot A h l e l r1 1934—Dec. (Jan. 2, 1935) 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 Tune 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. 30 615.7 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 Dec. 31 708.3 47.7 5.7 151.0 9.8 30.4 16.0 52.5 312.9 52.2 226.8 99.2 17.2 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. MAY 1947 621 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, 1940) 51.4 6.5 3.2 1.4 3.6 8.7 28.0 1940—Dec. (Jan. 1, 1941) 29.9 1.5 .3 1.8 .9 1.0 24.5 1941—Dec. 31 26.2 1.1 1.9 .5 .6 22.1 1942—Dec. 31 22.3 .8 5.6 1.1 .2 2.4 8 3.2 .4 (2) 8.4 1 1 9 9 4 4 3 4 — — D D e e c c . . 3 3 1 1 4 1 4 9 . . 4 0 . . 7 7 8 7 ( .6 . . 6 6 35. . 1 2 1. . 4 8 3 1 . . 2 8 . . 2 2 8 5 5. . 1 0 1945—Dec. 31 40.8 .6 .7 31.6 .5 ( 2 ) 1.6 .9 4.7 1946—Jan. 31 13.1 1.8 1 ( . ) 0 1.3 .7 .1 .4 8 1.8 1.1 ( 2 ) 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 1.1 .6 2.0 .2 .4 1.4 2.4 8 5.0 May 31 20.5 5.0 .1 2.0 1.5 1.2 .6 .1 2.1 3.0 5.1 J Ju u l n y e 3 3 1 0 3 2 3 7 . . 2 7 8 7 . . 8 7 . . 2 1 4 4 . . 3 4 1 1. . 6 1 . . 3 6 . . 5 7 . . 1 1 2 4 . . 9 2 5 7 . . 6 6 8 () 5 5 . . 0 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 8 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 Dec. 31 52.5 7.5 .5 6.2 12.4 3.3 1.0 7.2 4.9 () 9.4 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 - ' Brazil Chile l b C o i m a o * - - C R o ic st a a ' Cuba I W G n a d n u e i d i s e - t s Mexico I l W S n a a u d n n e r i d d s i e s - t s P m an a a 4 - Peru* V zu e e n l e a - ' O A L i a m t c h t a i e e n r r ana' nam' 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 3.0 16.7 15.3 20.7 .6 8.3 .2 4.8 2.1 2.8 3.9 14.2 1 1 1 9 9 9 4 4 4 4 5 3 — — — D D D e e e c c c . . . 3 3 3 1 1 1 1 1 1 1 5 3 2 8 1 . . . 2 9 0 2 1 3 1 5 . . . 1 0 3 1 1 1 . . . 8 3 8 2 2 1 4 8 5 . . . 9 7 3 1 9 6 6 . . . 0 6 6 1 1 1 2 5 6 . . . 2 5 8 1 1 . . . 2 2 7 4 2 3 7 0 3 . . . 4 1 3 ( ( 2 2 ) ) 1 1 8 1 1 . . . 6 2 0 1 1 . . . 1 1 8 1 1 1 . . . 2 9 4 3 6 5 . . . 1 1 8 3 1 8 1 3 . . . 7 4 1946—Jan. 31 164.7 24.2 1.7 26.8 7.0 17.5 1.4 33.9 10.5 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 13.9 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 14.3 2.9 3.8 7.7 26.1 Apr. 30 166.1 26.8 2.9 31.9 7.0 20.0 1.4 22.9 14.1 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 13.5 1.1 3.8 7.7 21.2 A J J u u u l n g y e . 3 3 3 1 0 1 1 1 1 6 7 8 4 0 5 . . . 7 4 3 2 2 2 0 7 5 . . . 4 9 6 4 3 3 . . . 1 2 4 2 2 4 8 1 8 . . . 6 3 4 1 8 7 0 . . . 0 5 6 2 2 2 3 2 1 . . . 2 6 3 9 2 1. . . 5 8 1 2 2 1 5 9 5 . . . 7 3 6 ( ( 2 2 ) ) 1 1 1 5 5 7 . . . 2 2 0 1 1 1 . . . 6 8 3 3 3 3 . . . 5 4 6 8 7 8 . . . 1 1 9 2 2 2 4 2 5 . . . 0 1 8 S O e c p t. t . 3 3 0 1 1 1 8 8 2 2 . . 6 1 2 2 1 2 . . 4 5 2 2. . 2 6 3 4 7 0 . . 2 4 1 1 3 4. . 5 8 2 21 3 . , 0 8 2 1. . 7 6 2 2 1 7 . . 1 9 (2)' 2 1 2 7 . . 0 6 . . 9 9 3 2 . . 0 7 4 7 . . 8 0 2 24 7 . . 9 0 Nov. 30 200.2 24.0 2.0 43.9 14.0 1Q.8 2.5 41.1 20.6 .8 2.7 6.6 21.7 Dec. 31 226.8 41.8 2.3 49.8 14.6 26.4 2.9 25.5 1.3 3.7 8.7 23.1 Asia and All Other Date Asia M : c a h r h n i a i a u n d 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 , - - , l M 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 d i - l n : - eT k u e r y - 5 O A t s h i e a r ot A h l e l r6 A t l r i u a a s - -N Z la e e n a w d - A E E t a i n g 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 f i i t o 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 .5 1.6 14.4 1.8 2.0 4.8 1.0 .7 "8 1.7 1.2 1943—Dec. 31 26.3 1.7 8 1.0 2.0 .5 .5 1.7 13.9 3.2 1.8 3.9 .5 .2 2.4 .7 1944—Dec. 31 51.4 1.5 .9 22.3 .1 .5 1.5 13.8 1.8 8.8 11.7 .6 .2 9.7 1.0 1945—Dec. 31 29.9 1.0 7.5 .1 .5 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 .3 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 .3 1.4 20.1 1.1 2.8 10.5 1.8 .7 5.3 2.4 Mar. 31. 53.6 22.8 1.5 6.8 .2 .3 1.4 16.0 1.1 3.3 11.0 1.3 .7 5.8 2.9 Apr. 30. 57 25.6 1.5 7.2 .2 .3 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 .3 1.4 16.7 .9 3.6 12.9 1.8 .6 7.8 2.5 June 30. 56.2 23.9 2.0 7.4 .1 .3 1.4 16.7 .9 3.5 15.3 1.9 .6 8,5 3.9 July 31. 57.1 19.0 2.2 9.4 1.7 .3 1.2 18.5 .9 3.9 14.8 2.9 1.1 8.0 2.5 Aug. 31. 68.0 28.6 2.9 10.8 .1 .3 1.3 19.2 .9 3.9 15.6 2.9 1.2 8.1 3.0 Sept. 30. 72. 34.7 () 3.2 11.7 .2 .3 1.2 16.6 g 3.9 15 3.3 7.7 2.5 O N c o t v . . 3 3 1 0 . . 7 75 4 . . 0 3 4 3 0 4 . . 8 6 <*) 4 6. . 5 0 1 9 0 . . 1 1 . . 2 2 . . 5 2 1. . 0 9 1 14 6 . .0 1.3 4 4. . 2 0 1 1 4 5 . . 5 8 2 3 . . 7 1 9 8 . . 1 4 2 2 . . 0 4 Dec. 31. 99. 53.9 5.9 12.0 .2 .2 1.0 20.2 4. 17.2 3.4 10.1 2.2 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. 'JPrior to June 30, 1942, included under "Other Asia." 1 Country breakdown not available until June 30, 1942. 622 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 i s n s m ter il l l i i n o g n ) s o Gold* a O ss th e e ts r 1 C C o a i s n h rese N rv o e te s s a c v n o a D d u n i s n c 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 3-5 5 8.5 94. 7 474[ 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 SOS 120. 6 11.4 36.6 18.0 1938—Dec. 28 326.4 230.0 .8 S1 7 28.5 90. 7 504I- 7 101.0 15.9 36.8 18.0 1939—Dec. 27 *.2 580.0 1.0 75 6 4.3 176.1 554I 6 117.3 29.7 42.0 17.9 1940—Dec. 25 .2 •630 0 ,9 13. 4.C 199.1 61 f 9 135. 7 12.5 51.2 17.9 1941—Dec. 31 .2 •780.0 .3 28. 5 6.4I 267 8 7S1 7 219. 9 11.2 54.1 17.9 1942—Dec. 30 .2 • 950.0 .9 76 8 3.5 267.9 <>??t 4 223. 4 9.0 48.8 17.9 1943—Dec. 29 .2 •1 100 0 .9 11. 6 2.5 307 9 ,08?\ 7 234. 10.3 60.4 17.9 1944—Dec. 27 .2 •1 250 0 1.9 11. 6 5.1 317 4 ; 6 260. 7 5.2 52.3 17.8 1945—Dec. 26 .2 M 400.0 .4 70 3 8.4\ 327 0 37<!> 9 274. 5 5.3 58.5 17.8 1946—Apr. 24 .2 400.0 1.0 5? 0 22.4[ 256 1 253. 4 7.4 53.1 17.8 May 29 .2 400.0 1.5 58 6 16.'r 250.9 1,341.7 244 8 7.4 57.4 18.0 .2 ,400.0 1.8 36 4 12.;» 315.2 1L,363.9 286 0 5.3 56.5 18.1 July 31 .2 ,400.0 1.4 13 4 15.1\ 288 0 > 9 238 7 7.1 54.4 18.J Aug 28 .2 ,400.0 1.1 32 7 9.5) 343.4 L.36"r.5 307 6 7.0 54.0 18.4 Sept. 25 .2 ,400.0 1.2 41 5 18. i\ 324,6 1 \ 7 302 9 9.3 55.5 18.5 Oct. 30 .2 ,400.0 1.0 38 5 9.! 327 2 ,361 8 292 7 8.2 57.5 17.1 Nov. 27 .2 ,400 0 1.1 34 25.:I 333 9 > 0 310 1 10 1 56 3 17 9 Dec. 25 .2 •1 ,450.0 1.3 22 1 13.6 327 6 ,47?\ 1 278 9 10.3 57.3 18.1 1947— F ja e n b , 2 2 9 6 . . 2 2 1 1 , . 4 4 5 5 0 0 . . 0 0 1. . 0 9 8 7 5 4 8 7 2 1 5 6 . . 0 <:l 2 2 7 9 1 4 0 6 L , , 1 3 6 7 4 « \ > S .6 2 2 8 8 8 5 4 2 2 16 2 .4 0 6 6 0 0 . . 6 1 1 1 8 8 . . 3 4 Mar. 26 .2 1,450.0 .6 59 5 11.1 338 7 L,39().7 286 4 10.6 94.4 18.5 Assets Liabilities Bank of Canada Dominion and provincial government Deposits (Figures in millions of Sterling securities Canadian dollars) and United Other Note Other States assets circulai.ion7 liabilities' dollars S te h r o m rt 1 - Other Ch b a a r n t k er s ed D g o o m ve in rn io - n Other ment 1935—Dec. 31 180.5 4.2 30.9 83.4 8.6 99 7 181.6 17.9 .8 7.7 1936—Dec. 31 179.4 9.1 6 .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 21.7 165 196.0 11.1 3.5 14 4 193g—Dec. 31 185.9 28.4 144.6 40.9 5.2 175 200.6 16.7 3.1 9 3 1939—Dec. 30 225.7 64.3 18 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 3599 217.7 10 9 9 5 28 5 1941—Dec. 31 200.9 39 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 11,036 0 401.7 12.9 27.7 209 1 1945—Dec. 31 156.8 1,157.3 688.3 29.5 1,129 1 521.2 153.3 29.8 198.5 1946—Apr. 30 24.1 1,348.0 553.0 48.6 1,114 4 555.8 183.3 62.7 57.4 May 31 2.0 1,230.0 541.1 52.9 1,109 5 493.9 87 1 78 5 57 2 June 29 2.0 1,218.5 540.7 30.8 L, 1140 500.5 57.9 85.6 34.2 July 31 1.8 1,276.6 541.8 31.4 1,117 9 532.5 69.1 90.1 42.1 Aug 31 1.7 1,257.7 530.8 44.1 1,127.4 521.1 69 1 79 7 37 1 Sept. 30 .7 1,259.1 523.9 38.3 1,147 5 511.3 27.4 87.8 48.0 Oct. 31 .9 1,301.5 521.5 40.1 L,156 Q 538.6 36.6 85.2 46.7 Nov. 30 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 L.186 565.5 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 Q 493.6 215.7 75.3 37.3 Mar. 31 . . 1.2 1,146.9 757.5 40.4 1,153.2 536.3 159.8 64.6 32.8 1 Through February 1939, valued at legal parity of 85 shillings a fine ounce; thereafter at market price, which fluctuated until Sept. 6, 1939, when it was officially set at 168 shillings per fine ounce; the latter rate remained in effect until June 9, 1945, when it was raised to 172 shillings and three pence. 1 Securities and silver coin held as cover for fiduciary issue, the amount of which is also shown by this figure. 1 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. • 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. • Securities maturing in two years or less. T 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. • 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 amd pp. 644-645, respectively; for description of statistics see pp. 560-564 in same publication. MAY 1947 623 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 t n o t Deposits (Figures in Foreign Other Note Other millions of francs) Gold* ch e a x n - ge m O a p rk e e n t2 Special2 Other c F u c o o p r s a t o t s i c 8 o - n Others assets ci t r i c o u n la- G m ov e e n r t n- C.A.R.* Other lia ti b e i s li- 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 25,59S 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... 684,616 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... H29.817 68 23,038 303 25,548 426,000 839,122 570,006 12,048 57,755 4,087 1946—Mar. 28... 129,817 69 25,524 46 32,647 426,000 16,000 840,985 613,434 781 52,516 4,357 Apr. 25... 129,817 5 25,810 36,579 426,000 19,000 838,614 616,102 732 53,653 5,337 May 29... 594,817 5 63,090 45,512 426,000 11.200 841,848 625,809 745 51,845 4,072 June 27... 94,817 5 64,985 46,204 426,000 13,400 •42,053 629,181 750 53,265 4,268 July 25... 94,817 6 64,769 45,324 426,000 8,600 840,915 612,879 717 59,829 7,006 Aug. 29... 94,817 5 64,474 61,657 426,000 8,600 «45,049 633,327 779 62,282 4,213 Sept. 26... 94,817 6 70,577 546 62,567 426,000 28,100 «44,703 667,567 804 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 B47,116 704,796 824 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 7,213 1947—Jan. 30... 94,817 5 75,500 2,200 82,674 426,000 55,200 654,507 730,253 789 55 020 4.849 Feb. 27... 94,817 8 82,958 1,435 85,917 426,000 54,000 653,066 737,692 831 54,512 5,166 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. 6 In each of the weeks ending Apr. 20 and Aug. 3, 1939, 5,000 million francs of gold transferred from Exchange Stabilization Fund to Bank of France; in week ending Mar. 7, 1940, 30,000 million, in week ending Oct. 11, 1945, 10,000 million, in week ending Dec. 27, 1945, 53,000 million, and in week ending May 2, 1946, 35,000 million francs of gold transferred from Bank of France to Stabilization Fund. • Includes 9,447 million francs charged to the State to reimburse the Bank for the gold turned over by it to the National Bank of Belgium on Dec. 22, 1944. NOTE.—For back figures see Banking and Monetary Statistics, Table 165, pp. 641-643; for description of statistics see pp. 562-563 in same oublication. 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) Mar. Feb. Jan. Mar. date of month) Mar. Feb. Jan. Mar. Central Bank of the Argentine National Bank of Belgium Republic (millions of pesos): (millions of francs): Gold reported separately ,136 3,279 1,206 Gold 27,722 30,281 31,684 33,095 G O o th v e e r r n g m old e n a t n s d e f c o u r r e i i t g ie n s exchange. , 9 2 3 7 9 7 2,2 93 5 9 3,4 8 9 6 1 6 N Fo e r t e c ig la n i m ex o ch n a I n n g t e 'l. Fund 3 9 2 , , 7 4 8 64 7 8,471 7,578 4,657 Temporary advances to Govt.. . 102 32 12 Loans to Government 50,088 50,808 48,823 ;49,410 Rediscounts and loans to banks1. ,572 8,469 Other loans and discounts 3,828 4,482 4,841 2,217 Other assets ,105 2,086 144 Claim against Bank of Issue 64,597 64,597 64,597 64,597 Currency circulation 2 ,072 4,041 2,979 Other assets 2,328 2,196 2,268 01,752 Deposits—Member bank 499 385 1,82: Note circulation 74,690 74,452 73,334 72,838 Government 697 647 408 Demand deposits 5,328 5,514 5,579 3,133 Nationalized » ,153 11,150 Blocked accounts 4 79,248 79,273 79,296 78,349 Other 67 206 ' 164 Other liabilities 1,549 1,595 1,583 1,408 Certificates of participation in Government securities 164 Central Bank of Bolivia—Mone- (Dec. Other liabilities 644 633 194 tary Dept.5(millions of bolivianos): 1946)6 •Commonwealth Bank of Aus- Gold at home and abroad 920 919 tralia (thousands of pounds): Foreign exchange 339 493 Gold and foreign exchange 219,803197,255 Loans and discounts 303 27 Checks and bills of other banks.. 2,331 2,446 Government securities 431 550 Securities (incl. Government and Other assets 9 11 Treasury bills) 380, 941390,205421,735 Note circulation 1,683 1,620 Other assets 10 832 6,758 21,374 Deposits 306 379 Note circulation 198, 180197,680195,464 Other liabilities 12 Deposits of Trading Banks: Special 273,553274,740 253,674 Other 26,950 28,927 29,772 Other liabilities 118, 650117,750163,899 c Corrected. 1 Government decree of Apr. 24, 1946, provided for the guarantee of all deposits registered in the name of the Central Bank. 1 By decree of May 24, 1946, the Central Bank became responsible for all subsidiary money. 3 This figure represents the amount of the bank's subscription to the Fund less the bank's local currency liability to the Fund. Until such time as the Fund engages in operations in this currency, the "net claim" will equal the country's gold contribution. * Includes increment resulting from gold revaluation, notes forfeited to the State, and frozen old notes and current accounts. 5 Effective Jan. 1, 1946, a change in the Organic Law of the Banco Central de Bolivia dividedjthe institution into Monetary (central banking functions') and Commercial Banking Departments 6 Latest month available. 624 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS—Continued 1947 1946 1947 1946 Central Bank Central Bank (Figures as of last report (Figures as of last report date of month) Mar. Feb. Jan. Mar. date of month) Mar. Feb. Jan. Mar. National Bank of Bulgaria i Central Reserve Bank of El Salva- Central Bank of Chile (millions dor (thousands of colones): of pesos); Gold 34,807 33,595 32,935 Gold 244 287 Foreign exchange (net) 48,094 42,336 '38,657 Gold contribution to Int'l. Fund. 43 Net claim on Int'l. Fund 2 1,563 1,563 Discounts for member banks 371 660 Loans and discounts 2,102 4,265 "*843 Loans to Government 1,124 824 701 Government debt and securities. 5,713 5,729 6,255 Other loans and discounts 1,181 1,044 652 Other assets 1,556 1,516 1,712 Other assets 1,850 1,861 ,955 Note circulation 57,252 54,726 48,244 Note circulation 3,510 3,407 ,918 Deposits 28,331 25,952 26,078 Deposits—Bank 673 612 523 Other liabilities 8,252 r8,325 r6,079 Other 170 210 204 Bank of Finland i Other liabilities 460 446 356 Bank of Greece (billions of drach- (Nov. Bank of the Republic of Colombia mae): 1946)4 (thousands of pesos): Gold and foreign exchange (net). 891 Gold 218,236256,684228. Loans and discounts 18 Foreign exchange 49,658 48,042 86, Advances—Government 498 Net claim on Int'l. Fund 2. . . 21 Other 586 Paid-in capital—Int'l. Bank. . . . 1,225 1,225 Other assets 51 Loans and discounts 41,140 31,063 10. Note circulation 468 Government loans and securities 88,437 85,979 72. Deposits—Government 61 Other assets 32,202 33,151 39 Other 133 Note circulation 232,205235,258191. Other liabilities 1,382 Deposits 182,547183,082203 Bank of Guatemala (thousands of Other liabilities 38,012 37,805 42. quetzales): National Bank of Costa Rica- Gold . 28,477 Issue dept. (thousands of colones): Foreign exchange 20,044 Gold 11,348 11,324 Rediscounts and advances 1,048 Foreign exchange 6,608 5,192 Other assets 4,619 Contributions to Int'l. Fund and Circulation—Notes 29,668 to Int'l. Bank 30,321 2,249 Coin 2,741 Loans and discounts 66,697 64,623 Deposits—Government 4,664 Securities 4,046 ^3,04 Banks... 14,247 Other assets 1,356 1,317 Other liabilities 2,869 Note circulation 72,853 70,474 National Bank of Hungary (mil- Demand deposits 41,153 11,150 lions of forint): Other liabilities 6,371 6,125 Gold 314 284 284 National Bank of Czechoslovakia Foreign exchange 98 98 66 in Prague (millions of koruny): Discounts , 511 488 475 Gold and foreign exchange 3. . . . 4,999 5,405 5,746 958 Loans—Treasury 340 340 342 Loan3 and discounts 3,599 6,440 7,965 087 Other Other assets 124,525124,365 124,277 751 Other assets 413 410 441 Note circulation—Old 931 932 932 191 Note circulation 1,173 1,093 1,017 New 42,904 42,951 41,965 454 Demand deposits—Government. 45 64 89 Deposits—Old 71,665 72,035 72,281 38' Other 65 52 33 New 9,133 10,776 13,735 85. Other liabilities 393 411 469 Other liabilities 8,490 9,516 9,075 908 Reserve Bank of India (millions of National Bank of Denmark rupees): (millions of kroner): Issue department: Gold. . 71 71 83 83 Gold at home and abroad. . . 444 444 444 Foreign exchange 98 118 111 147 Sterling securities 11,353 11,353 11,203 Clearing accounts (net) 115 114 117 108 Indian Govt. securities..... 578 578 578 Loans and discounts 21 24 24 23 Rupee coin 204 207 158 Securities 70 75 100 83 Note circulation 12,297 12,258 12,188 Govt.compensation account.. . . 6,482 7,528 7,544 ,594 Banking department: Other assets 217 159 140 117 Notes of issue department. . 283 326 196 Note circulation 1,506 1,519 1,549 ,512 Balances abroad 4,755 4,699 6,040 Deposits—Government 1,656 2,645 2,736 ,747 Treasury bills discounted.. . 29 28 26 Other. 3,760 3,777 3,667 , 650 Loans to Government Other liabilities 152 146 166 247 Other assets 790 700 470 Central Bank of Ecuador Deposits 5,573 5,492 6,434 (thousands of sucres): Other liabilities 285 260 299 Gold 272,970272,942 Central Bank of Ireland (thousands Foreign exchange (net) 38,205 73,935 21,700 of pounds): Net claim on Int'l. Fund 2 16,875 16,877 Gold 2,646 2,646 2,646 2,646 Loans and discounts 202,701209,291 178 Sterling funds 37,568 37,064 37,054 35,733 Other assets 178,631155,671 97 Note circulation 40,214 39,710 39,700 38,379 Note circulation 347,123350,903 308 Demand deposits 270,392286,7 243 Bank of Italy (millions of lire): Other liabilities 91,867 91,032 33 Gold 523 526 National Bank of Egypt (thou- (Dec. Foreign exchange 8,995 4,615 sands of pounds): 1946)4 Advances—Treasury 482,414459,785 Gold 6,376 6. Other Govt. agencies 24,480 45,281 Foreign exchange 16,576 15, Loans and discounts 55,187 16,085 Loans and discounts 4,069 2 , Government securities 105,634 68,887 British, Egyptian, and other Other assets 28,364 12,576 Government securities 303,651 299. Bank of Italy notes 412,068291,747 Other assets 27,754 24. Allied military notes 83,876 92,456 Note circulation 137,168137, Deposits—Government 32,03 35,105 Deposits—Government 80,98 47. Demand 69,679 55,965 Other 129,313 149. Other 96,484124,074 Other liabilities 10,958 13, Other liabilities 11,455 8,406 r Revised. 1 For last available report from central bank of Bulgaria (January 1943), see BULLETIN for July 1943, p. 697; and of Finland (August 1943), see BULLETIN for April 1944, p. 405. 2 This figure represents the amount of the bank's subscription to the Fund less the bank's local currency liability to the Fund. Until such time as the Fund engages in operations in this currency, the "net claim" will equal the country's gold contribution. 3 Gold not re orted separately beginning Dec. 31, 1946. 4 Latest month available. MAY 1947 625 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) Mar. Feb. Jan. Mar. date of month) Mar. Feb. Jan Mar. Bank of Japan 1 Bank of Spain—Continued Bank of Java * Note circulation 22,185 18,512 Bank of Mexico (millions of pesos): Deposits—Government 1,968 714 Metallic reserve 2 688 691 696 764 Other 3,426 3,938 "Authorized" holdings of securi- Other liabilities 811 464 ties, etc 1,653 1,669 1,856 1,997 Bank of Sweden (millions of kronor): Bills and discounts 535 523 501 420 Gold 585 715 768 1,054 Other assets 105 103 117 57 Foreign assets (net) 453 440 583 805 Note circulation 1,697 1,703 1,719 1,717 Swedish Govt. securities and ad- Demand liabilities 1,057 1,061 1,063 1,339 vances to National Debt Office6 2,011 1,969 1,722 1,207 Other liabilities 228 222 387 182 Other domestic bills and advances 146 128 148 28 Netherlands Bank (millions of Other assets 467 622 582 1,107 guilders): Note circulation 2,640 2,678 2,693 2,507 Gold 647 700 713 Demand deposits—Government. 547 506 560 891 Silver (including subsidiary coin) 1 1 1 Other 118 316 171 133 Foreign bills 4,525 ,600 4,634 Other liabilities 356 375 378 669 Loans and discounts 151 152 161Swiss National Bank (millions of Other assets 112 103 122 francs): Note circulation—Old 237 237 294 Gold 4,960 4,951 4,936 4,767 New 2,695 ,681 2,096 Foreign exchange 158 162 166 186 Deposits—Government 1,270 ,387 1,806 Loans and discounts 80 78 86 123 Blocked 95 106 242 Other assets 84 78 79 89 Other 618 598 555 Note circulation 3,932 3,885 3,883 3,614 Other liabilities 520 547 638 Other sight liabilities 1,109 1,163 1,163 1,258 Reserve Bank of New Zealand Other liabilities 240 222 221 294 (thousands of pounds): Central Bank of the Republic of Gold 2,802 2,802 2,802 2,802 Turkey (thousands of pounds): Sterling exchange reserve 84,938 96,519 94,573 85,872 Gold7 667,603 667,520 300,926 Advances to State or State un- Foreign exchange and foreign dertakings 31,053 26,578 27,386 34,274 clearings 261,298229 508 69,449 Investments 3,868 3,948 3,948 5,406 Loans and discounts 505,050534 891 752,584 Other assets 1,431 1,656 1,709 2,199 Securities 186,378187 275 170,951 Note circulation 46,968 46,639 47,705 43,617 Other assets 28,003 29 638 38,776 Demand deposits 72,053 79,896 77,757 81,802 Note circulation 952,461933 218897,667 Other liabilities 5,072 4,968 4,956 5,134 Deposits—Gold 182,669182 669 91,821 Bank of Norway i Other 290,105308 079 133,305 Bank of Paraguay—Monetary Other liabilities 223,098224 866209,893 Dept. (thousands of guaranies): Bank of the Republic of Uruguay8 Gold 1,870 1,870 1,870 3,404 (thousands of pesos): (Nov.)3 Foreign exchange 38,173 37,931 36,694 28,955 Gold 303,184295,704 Loans and discounts 5,598 3,448 2,198 4,261 Silver 13,385 13,810 Government loans and securities 9,821 9,858 9,899 10,100 Advances to State and govern- Other assets. 2,835 2,712 2,703 446 ment bodies 20,784 13,483 Note circulation 37,170 34,090 32,708 26,192 Other loans and discounts 115,061 99,075 Demand deposits 13,019 14,389 13,514 17,046 Other assets 349,695314,216 Other liabilities 8,108 7,340 7,142 3,928 Note circulation 196,696181,694 Central Reserve Bank of Peru (Dec. Deposits—Government 40,567 40,052 (thousands of soles): 1946)3 Other 250,744246,843 Gold and foreign exchange 125,030 149,264 Other liabilities 314,102267,700 Contributions to Int'l. Bank 11,375 Central Bank of Venezuela (thou- (Dec. Discounts 56,670 39', 298 sands of bolivares): 1946)3 Government loans 619,365 594,310 Gold» 557,080547,582 Other assets 52,227 22,550 Foreign exchange (net) 103,610 15,549 Note circulation 598,855 05,020 Other assets 46,114 24,507 Deposits 192,121 265,838 Note circulation—Central Bank. 494,959 377,703 Other liabilities 73,691 34,564 National banks. 7,155 8,981 Bank of Portugal (millions of es- Deposits 194,860 187,107 cudos): Other liabilities 9,831 13,847/ Gold* 1,423 National Bank of the Kingdom Other reserves (net) 7,087 of Yugoslavia l Non reserve exchange 9,84 Bank for International Settle- Loans and discounts 29 ments10 (thousands of Swiss gold Government debt 1,018 francs): Other assets 693 Gold in bars 86,850 86,850 120,192 Note circulation 7,824 Cash on hand and on current Other sight liabilities 11,703 account with banks 6,193 13,121 13,669 Other liabilities 834 Sight funds at interest 496 141 140 National Bank of Rumania i Rediscountable bills and accept- South African Reserve Bank ances (at cost) 27,441 26,511 11,431 (thousands of pounds): Time funds at interest 14,396 13,332 2,749 Gold * 209,094 217 600123,071 Sundry bills and investments. . . 323, 286 320,249303,124 Foreign bills 10,225 10,274 46,678 Other assets 3,422 53 Other bills and loans 5,271 6,034 4,82 Demand deposits (gold) 18,940 18,947 16,958, Other assets 22,310 20,635 118,631 Short-term deposits (various Note circulation 62,882 63,511 66,298 currencies): Deposits 177,829 184,256221,125 Central banks for own ac- Other liabilities 6,189 6,775 5,783 count 8,069 10,306 3,662 Bank of Spain (millions of pesetas): Other 1,571 1,078 Gold 1,214 1,213 Long-term deposits: Special ac- Silver 522 585 counts 229,001229,001228,909 Government loans and securities 15,6S7 15,764 Other liabilities 201,169203,954200,750 Other loans and discounts 8,110 3,764 Other assets 2,857 2,303 c Corrected. *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. 8 Gold revalued in June 1946 from approximately 85 to 172 shillings per fine ounce. 6 Includes small amount of non-Government bonds 7 Gold revalued on Sept. 9, 1946, from 1,406.58 to 3,150.77 Turkish pounds per fine kilogram. 8 Issue and banking departments consolidated. 9 Beginning October 1944, a certain amount of gold formerly reported in the Bank's account shown separately for account of the Gov% ernment. 10 See BULLETIN for December 1936, p. 1025. 626 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MONEY RATES IN FOREIGN COUNTRIES DISCOUNT RATES OF CENTRAL BANKS [Per cent per annum] Central bank of— ef D fe a ct t i e ve U K n i i n t g ed - France m G a e n r- y g B i e u l- m N e e r t - h- S d w e e n - Sw er i - tz- b C an e k n tr o a f— l R A 3 p a 0 r te il eff D e a ct t i e ve ba C n e k n tr o a f— l A R 3 p a 0 r te il eff D ec a t t i e ve dom lands land In effect Dec. 31, Albania 5K Mar. 21, 1940 Ireland 2% Nov. 23, 1943 1936 2 2 4 2 2 2K IK Argentina 3^ Mar. 1, 1936 Italy Sept. 11, 1944 Jan. 28, 1937... 4 Belgium 3 Dec. 19, 1946 Japan 3.29 Apr. 7, 1936 June 15 6 6 Nov. 8, 1940 Java 3 Jan. 14, 1937 July 7 ... 5 Latvia 5 Feb. 17, 1940 Aug. 4 4 Sept. 3 3>£ Nov. 13» May 10, 1938... 4 4K Aug. 14, 1946 Lithuania 6 July 15, 1939 May 13 2K IK Feb. 8, 1944 Mexico. 4K June 4, 1942 May 30 3 Chile 3-4y 2 Dec. 16, 1936 Netherlands . 2K June 27, 1941 Sept 28 3 July 18, 1933 New Zealand. IK July 26, 1941 Oct. 27 .... Costa Rica.... 3 Apr. 1, 1939 Norway 2K Jan. 9, 1946 Nov. 25 2% Czechoslovakia 2K Oct. 28, 1945 Peru Aug. 1. 1940 Jan. 4, 1939 Apr. 17 ... 4 May 11 3 July 6 . . 2K Denmark 3H Jan. 15, 1946 Portugal 2M Jan. 12, 1944 Aug. 24 4 Ecuador June 8, 1943 Rumania.... 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 Spain 4 Dec. 1, 1938 Oct. 26. 2 Finland 4 Dec. 3, 1934 Sweden 2K Feb. 9, 1945 Dec. 15 3 Jan. 25 1940 .. 2 Apr. 9 3K May 17 France \H Switzerland.. IK Nov. 26, 1936 M M Ju a a n v r e . 2 2 1 7 9 7, 1941. IK 2K 3 G Gr e e r e m c a e ny & 1 s 2 0 y y 2 4 J A A a p u n r . g . . 1 1 9 0 6 , , , 1 1 1 9 9 9 4 4 4 7 6 0 T U u n d r i o k te m e d y King- 4 2 J O u c l t y . 26 1 , , 1 1 9 9 3 3 8 9 Jan 16, 1945... IK Hungary 7 Aug. 1, 1946 U. S. S. R.. .. 4 July 1, 1936 Jan. 20 3 Nov. 28, 1935 Yugoslavia .. I i_4 Jan. 1, 1947 Feb. 9 Nov. 7, 1946. . 2K Jan. 10, 1947, , , IX NOTE.—Chailges since Mar. 31: Yugoslavia—Jan. 1, down from 2^ to 1 &2K per cent. In effect Apr. 30, IK 1 On Oct. 20, 1946, (he National Bank of Yugoslavia discontinued the use 1947 2 &2>i 3K 2% 2K 2% IK of a uniform interest rate and applied rates varying from 2}4 to 6 per cent, according to the type of debtor. These rates were lowered on Jan. 1, 1947, and now range irom 1to 4 per cent. 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—Feb 4.63 4.08 3.84 4-3 6.67 7.81 .52 1933—Feb .83 .78 .73 3.88 4.86 .50 1934—Feb .95 .86 .88 3.88 4.78 .50 1935—Feb .38 .28 .63 3.41 3.83 .50 1936—Feb .55 .53 .75 3.00 2.77 2.37 1937—Feb .55 .53 .75 3.00 2.47 1.18 1938—Feb .53 .50 .75 2.88 2.73 1.00 1939—Feb .53 .51 .75 2.88 2 .53 1.00 1940—Feb 1.04 1.02 1.00 2.50 2.08 3-5 1.25 1941—Feb 1.03 1.02 1.00 2.25 1.68 1.25 1942—Feb 1.03 1.00 1.04 2.13 1.75 1.25 1943—Feb 1.03 1 .00 1.10 2.13 1.82 1.25 1944_Feb 1.03 1.00 1.13 2.13 1.89 .25 1945—Feb 1.03 1.00 1.00 2.13 .25 1946—Feb .53 .51 .63 1.18 1.00 .25 1946—Mar.. . .53 .51 .63 1.05 1.00 .25 Apr..., .53 .51 .63 .90 .50 .25 May. . .53 .51 .63 1.27 .93 .25 June.. .53 .50 .63 1.42 1.00 .25 July... .53 .51 .63 1.52 31 .25 Aug.. . .53 .51 .63 1.41 1.18 .25 Sept.. . .53 .51 .63 1.30 1.00 .25 Oct.... .53 .51 .63 1.07 .90 .25 Nov.. . .53 .51 .63 1.01 .78 .25 Dec.. . .53 .50 .63 1.21 .78 .25 1947—Jan.. .53 .50 .63 1 44 .77 1.25 Feb.. .53 .51 .63 1.72 1.46 1.25 1 The following rates replace the private discount rate and money for one month shown in the BULLETIN through October 1941. NOTE.—For monthly figures on money rates in these and other foreign countries through 1941, see Banking and Monetary Statistics. Table 172, pp. 656-661, and for description of statistics see pp. 571-572 m same publication. MAY 1947 627 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COMMERCIAL BANKS United Kingdom * Assets Liabilities (11 London clearing b m a i n ll k io s s . n t e s rl F o i f i n g g p u ) o re u s n i d n s re C se a r s v h es M c o n a s l n o h l t e o i a y c r n t e a d t B co il u ls n t d e i d s- T r d e r e c e p e a o i s p u s t i r t s y 2 Securities c L u o s a to n m s e to rs O as t s h e e ts r Total D D e e p m o a s n it d s Time lia O b t i h li e ti r es 1939—December 274 174 334 609 1 015 290 2,441 1,398 J 043 256 1940—December 324 159 265 314 771 924 293 2,800 1,770 L,030 250 1941—December 366 141 171 758 999 823 324 3,329 2,168 1,161 253 1942—December 390 142 198 896 ,120 794 325 3,629 2,429 1,200 236 1943 —December . 422 151 133 1 307 ,154 761 349 4,032 2,712 L.319 245 1944—December 500 199 147 1,667 ,165 772 347 4,545 3,045 1,500 250 1945 —December 536 252 369 1,523 ,234 827 374 4,850 3,262 1,588 265 1946 —March 493 254 379 1,443 ,246 863 353 4,749 3,143 1,606 281 509 271 433 1,449 ,282 841 367 4,865 3,242 1,623 287 May .. . 509 301 470 1,374 ,322 i556 356 4,894 3,239 1,655 292 June 524 315 526 1,302 ,382 394 399 5,045 3,351 L 694 296 July 532 305 522 1,382 ,406 585 386 5,113 3,389 1,724 304 August . . . 553 313 464 1.511 ,393 <906 369 5,198 3,427 1,771 310 September 553 280 405 1^671 ,393 930 379 5,302 3,502 L 800 308 October 557 312 472 1,629 ,403 944 390 5,397 3,563 1,833 310 November 574 324 497 1,628 1,410 964 433 5,503 3,632 L,87O 328 December 499 432 610 1,560 1,427 994 505 5,685 3,823 862 342 1947—January 475 428 624 1,563 1,427 1,008 454 5,629 3,749 1,880 348 February 463 421 659 1,436 1,439 1,015 451 5,519 3,603 1,916 364 * Assets Liabilities Canada Security Deposits payable in Canada (10 chartered banks. Entirely in Canada loans excluding interbank deposits End of month figures abroad Ot Note Other Ca i n n ad m i i a l n li o d n o s l l o a f rs) re C se a r s v h es Se lo cu an ri s ty l d o i a O sc n t o s h u e a n r n t d s d a f u b n o e a d r e n f i r n k g o s e n m t Securities assets cir ti c o u n la- Total Demand Time liabilities 1939—December 292 53 1.088 132 1,646 612 85 2,774 1,033 1 741 963 1940—December 323 40 ,108 159 1,531 S70 80 2,805 1,163 1,641 846 1941—December 356 32 1,169 168 1,759 553 71 3,105 1,436 1,669 962 1942—December .... 387 31 L.168 231 ,293 557 60 3,657 1 984 I 673 1,049 1943 —December....... 471 48 ,156 250 2,940 744 42 4,395 2,447 1.948 1,172 1944—December 550 92 L ,211 214 3,611 782 34 5 137 2 714 2 423 1,289 1945—December 694 251 ,274 227 4,038 869 26 5,941 3 076 2,865 1,386 1946—March 650 148 L ,181 214 4,197 B03 25 5 781 2 611 3 170 1,387 April 722 152 1,160 221 4,243 876 24 5,898 2,660 3,238 1,452 May 642 125 1,187 197 4,304 907 24 5 882 2 576 3 306 1 456 June 637 115 L.188 159 4,275 896 23 5,756 2 393 3 364 1,490 July 696 96 1,230 121 4,298 B76 23 5,887 2,476 3,411 1,407 August . 665 98 1,249 128 4,336 865 23 5 892 2 426 3 466 1 428 September 676 91 1,284 122 4,375 960 22 6,037 2,513 3,524 1,449 October 699 97 1,341 126 4,471 959 22 6,201 2,724 3,477 1,470 November . 730 117 1,476 128 4,496 931 22 6,362 2,902 3,460 1,493 December 753 136 L.5O7 132 4,232 1 039 21 6,252 2,783 3,469 1,525 1947—Tanuary 689 134 1,481 134 4,369 960 21 6,233 2,700 3,533 1,514 February 635 155 1,506 126 4,264 1,066 21 6,171 2,585 3,586 1,558 Assets Liabilities France (4 large banks. End Deposits o m f i m lli o o n ns th o f f i g f u r r a e n s c s i ) n re C se a r s v h es Du b e a n f k ro s m B co il u ls n t d e i d s- Loans O as t s h e e t r s Total Demand Time a O n w ce n s lia O b t i h li e ti r es 1939—December 4,599 3,765 29,546 7,546 2,440 42,443 41,872 571 844 4,609 1940—December r6,409 3,863 46,546 r8,255 r2,221 r61, 982 ,221 762 558 r4 753 1941—December 6,589 3,476 61,897 r8,265 n, 040 r76, 656 5,744 912 413 r5 199 1942 December 7,810 3,458 73,917 10,625 2,622 91,549 9 ,225 324 462 6,422 1943—December 8,548 4,095 90,897 14,191 2,935 112 732 111•191 1,541 428 7 506 1944—December .... 10.365 4.948 99,782 18,653 2,190 128,758 126.578 2,180 ' 557 6 623 1945—December 14,602 13,804 155,025 36,166 7,360 213,908 211.871 2,037 2,898 10 151 1946—January 15,312 13,871 153,227 40,123 5,022 216,729 214,842 1.887 3,371 7 455 February 15,005 14,393 157,420 41,119 6,627 222,059 220,219 1,840 4,607 7 898 March 14,444 14,462 168,708 40,017 8,466 499 229,784 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 18,423 187,56C 63.941 21,116 281 576 279,703 1,872 14 370 12 004 December 17,943 18,919 195,177 64,933 23,392 291 894 290,004 1,890 15,694 12,777 r Revised. * 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. • * Represent six-month loans to the Treasury at l}i per cent through Oct. 20, 1945, and at % per cent thereafter. NOTE.—For back figures and figures on German commercial banks, see Banking and Monetary Statistics, Tables 168-171, pp. 648-655, and for description of statistics see pp. 566-571 in same publication. 628 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FOREIGN EXCHANGE RATES [Averages of certified noon buying rate9 in New York for cable transfers. In cents per UDit of foreign currency] Argentina Australia Brazil Canada Chile China Year or month (peso) (pound) g B iu el m - (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 i r a t 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 '290.909 85.141 5.1668 4.0000 6.000 57.085 1941 29.773 223.'704 322.80 321.27 6.0575 5.0705 90.909 87.345 25.1664 24.OOOO 25.313 57.004 1942 29.773 23.704 322.80 321.50 6.0584 5.1427 90.909 88.379 57.052 1943 29.773 24.732 322.80 2321.50 6.0586 5.1280 90.909 89.978 57.265 1944 29.773 25.125 322.80 6.0594 5.1469 90.909 89.853 57.272 1945 . . . 29.773 25.125 2322.803 321 17 22.2860 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 1946—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 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 (*) 698.347 6 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 Mar 29.773 25.125 320.91 2.2822 5.4404 100.000 94.217 56.980 Year or month s C ( l k o z o e v r c u a h k n o a ia - ) ( m k D r e a o n n rk - e) (m l 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 i e c r 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 - d) ( 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 l Z N o a e e u n a w n d - d) 1938 3.4674 21.825 2.1567 2.8781 40.164 .8958 30.457 19.727 36.592 5.2605 28.451 22.122 55.009 392.35 1939 23.4252 20.346 1.9948 2.5103 40.061 .8153 27.454 19.238 33.279 5.1959 25.963 19.303 53.335 354.82 1940 H9.308 1.8710 22.0827 40.021 2.6715 22.958 18.475 30.155 5.0407 23.436 18.546 253.128 306.38 1941 22.0101 239.968 224.592 219.770 30.137 25.0703 223.439 20.538 322.54 1942 30 122 20 569 322.78 1943 30 122 20 577 324.20 1944 30.122 20.581 324.42 1945 21.9711 30 122 20.581 237.933 323.46 1946 22.0060 J20.876 .8409 30.155 2 .4434 20.581 37.813 322.63 1946—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 2.0060 20.877 .8409 30.182 7 .4434 20.572 37.789 322.70 July 2.0060 20.877 .8409 30 182 20.587 37.789 322.70 2.0060 20.877 .8408 30.185 20.596 37.789 322.70 Sept .. 2.0060 20.877 .8408 30 170 20.578 37.789 322.67 Oct 2.0060 20.877 .8409 30 156 20.574 37.789 322.56 Nov 2.0060 20.877 .8408 30.155 20.583 37.789 322.48 Dec 2.0060 20.869 .8407 30.152 20.584 37.789 322.36 1947—jan 2.0060 20.867 .8408 30 157 20.582 37.789 322.35 Feb 2.0060 20.866 .8408 30.153 20.574 37.789 322.20 Mar 2.0060 20.866 8408 30 153 20.574 37.788 322.20 United Kingdom 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 p p es a e i t n a) S S m (d t e o e r t l n a t la l i t e t r s s - ) ( S k d r w e o e n n - a) ( e S f r r w a la n it n c z d ) - Offic ( i p a o l und F ) ree Con ( - peso N ) co o n n - - Y ( s d l u a in g v a o i r a - ) trolled trolled 1938 24.566 18.860 4.4267 .7325 484.16 5.600 56.917 25.197 22.871 488.94 64.370 2.3115 1939 23.226 218.835 4.0375 .7111 440.17 10.630 51.736 23.991 22.525 443.54 62.011 236.789 2.2716 1940 222.709 3.7110 8.6896 397.99 9.322 46.979 23.802 22.676 J403.50 383.00 65.830 37.601 2.2463 1941 24.0023 398.00 *9.130 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 00 403.502 403.50 65.830 52.855 1944 398.00 403.50 65.830 53.506 1945 399 05 2403 503403 09 65.830 55.159 1946 220.176 24.0501 400.50 29.132 225.859 223.363 403.28 65.830 56.280 1946—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 9.132 826.195 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 Mar. 20 161 4 0412 400.75 9.132 27.822 23.363 402.73 65.830 56.262 1 Prior to Nov. 1, 1942, the official designation of the Brazilian currency unit was the "milreis." 2 Average of daily rates for that part of the year during which quotations were certified. 1 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. 6 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 through June 12. 8 As of July 13, 1946, the Swedish Riksbank reduced its selling rate for one U. S. dollar from 4.20 to 3.60 kronor. NOTE.—For back figures, see Banking and Monetary Statistics, Table 173, pp. 662-682. For description of statistics see pp. 572-573 in same publication, and for further information concerning developments affecting the averages during 1942 and 1943, see BULLETIN for February 1943, p. 201, and February 1944, p. 209 MAY 1947 629 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 2 0 t 6 t 0 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 - » K U ( i 1 n n 1 9 i 0 g 3 t 0 d 0 e ) o d = m F ( r 1 1 a 9 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 e 1 s 9 r 9 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 1 d e 0 9 r ) 1 - 4 = 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 1935 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 '645 J .406 251 186 215 1946—April . 110 108 c 272 173 559 ,344 244 185 213 May 111 109 c 276 173 624 ,396 245 185 213 June 113 109 c 282 173 604 L,436 249 186 213 July 125 110 C285 177 571 1,574 252 186 214 August......... 129 109 c 293 177 698 1,643 257 185 215 September 124 109 C299 177 727 1,789 259 185 213 October 134 111 c 305 178 822 L 787 262 186 217 140 111 c 309 179 804 94R 264 190 219 December 141 112 c 313 180 r840 2 063 266 192 219 1947—January 142 114 312 182 86S 2 120 P267 194 210 February ... ... 145 118 310 183 P882 2,120 *>268 219 March . . 150 P120 P3O5 184 P851 P220 P Preliminary. r Revised. c Corrected. 1 Weighted index of 32 articles, published by the Office of Economic Studies of the Bank of Mexico. ' New weighted index of 135 articles. For detailed description of the index see "Bulletin de la Statistique Generate," January-March 1945, pp. 35-53. Yearly averages for 1926 and for 1933-1937 arc calculated from old index, 1913 = 100. • 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 Netherlands* (1926=100) 1926 = 100] (1930 = 100) (July 1938-June 1939 - 100) Year or month Raw and Fully and Induspr F o a d r u m cts Foods co O i m t t m h ie e o s r d- pr F o a d r u m cts f m a p c a a t r n u t u r l - e y d f c a m h c a i t e n u f u r l e - y d Foods pr I o t n r d d i u u a c s l t - s JVFoods t p r r I i o n a d d l u u r s c a - t w s p f r i o t n r d i i u a s c l h t e s d 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 in 104 1940 68 71 83 68 75 82 133 138 121 126 1941 82 83 89 73 S2 89 146 156 140 116737 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 99 158 184 200 282 268 1946— 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 r209 298 269 November 170 165 121 113 113 101 157 191 218 299 271 168 160 125 114 113 102 156 193 217 308 272 1947—January 165 156 128 114 115 104 157 196 February 170 162 129 115 119 107 158 197 March 183 168 131 *>116 P124 P108 158 198 P Preliminary. r Revised. 1 Source is Maandschrift van het Centraal Bureau voor de Statistiek, October 1946, p. 666. Sourcts.—See BULLETIN for May 1942, p. 451; March 1935, p. 180; and March 1931, p. 159. 630 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- Y m e o a n r t o h r ( U 1 S = 9 n t 1 3 a i 0 5 t t 0 e e -3 d ) s 9 (1 = C 9 a 1 a 3 d 0 n 5 a 0 - -3 ) 9 K d ( 1 J i o 9 u n m 1 l g y 4 - F = ( r 1 1 a 9 0 n 3 0 c 8 ) e1 ( N 1 = la 9 e 1 1 n t 0 h 1 d 0 e - s 1 ) r- 3 ( l 1 J a e 9 u r n 1 - n d 4 e Y m e o a n r t o h r ( U S 1 = 9 n t 1 a 3 i 0 5 t t 0 e e -3 d s ) 9 ( = 1 C 9 a 1 a 3 d 0 n 5 a 0 - - ) 39 K d ( 1 J i o 9 u n m 1 l g y 4 - F = r ( 1 1 a 9 n 0 3 c 0 8 e ) * ( N 1 = l e a 9 1 t 1 n 0 h 1 d 0 e - s ) 1 r 3 - ( l 1 J a e 9 u r n - 1 n d 4 e =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-April 142 135 169 481 206 1946-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... 184 146 168 847 216 1947-January... 153 12T 204 856 212 February.. 182 147 168 851 215 February.. 153 128 203 858 212 March 190 P149 P833 P216 March 156 P129 P204 P838 P212 P Preliminary. 11 WWeeiigghhtteedd iinnddeexx ooff 2299 aarrttiicclleess ffoorr rreettaaiill ffoooodd aanndd ooff 3344 aarrttiicclleess for cost of living for Paris. For detailed description of the indexes see "Bulletin ddee llaa SSttaattiissttiiqquuee GGeenneerraallee,,"" FFeebbrruuaarryy--MMaarrcchh 11994466,, pppp.. 7700--7733.. » 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 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 1 d C (1 = a 9 1 n 3 0 a 5 0 d - ) 3 a 9 2 ( 1 K D 9 U i e 2 n n c 1 g e i = m t d 1 e o b d 0 m e 0 r ) F (1 r 1 9 a 0 3 n 0 8 c ) = e N la e n th d e s r 3 - ( U 1 S = 9 n t 1 3 a i 0 5 t t 0 e e - ) 3 d s 9 C (1 = a 9 1 n 3 0 a 5 0 d - ) 3 a 9 4 ( K 1 U 9 in 2 n 6 g i = t d e 1 o d 0 m 0) 1 (D 9 F 3 e r 8 c a e = n m 1 c 0 e b 5 0 e ) r (1 N 9 l e 3 a t 0 n h = d e 1 s r 0 - 0) Number of issues. . . 15 (2) 87 50 8 402 100 278 5 275 100 1939 113.8 98.2 112.3 114.2 90.9 94.2 .. • — - • 75.9 112 89.7 1940 115.9 95.1 118.3 6114.2 777.9 88.1 70.8 6 140 8 95.0 1941 117.8 99.4 123.8 9 143.4 84.3 80.0 67.5 72.5 9 308 129.1 1942 118.3 100.7 127.3 146.4 94.7 69.4 64.2 75.3 479 131.5 1943 120.3 102.6 127.8 146.6 98.5 91.9 83.5 84.5 540 151.0 1944 120.9 103.0 127.5 150.5 10 103.7 99.8 83.8 88.6 551 10 151.4 1945 122.1 105.2 128.3 152.1 121.5 99.6 92.4 453 1946 123.4 117.2 132.1 144.6 ' * 102.4" 139.9 115.7 96.2 694 11 111.4 1947—April 124.3 118.6 131.7 146.1 105.9 151.6 125.1 95.2 448 May 123.7 117.5 132.6 147.3 105.0 154.3 124.4 97.6 532 June 123.9 117.8 132.0 146.3 100.9 153.2 123.3 99.5 540 " 123*2* July 124.0 117.5 132.2 143.5 100.3 149.6 119.1 99.2 569 115.9 August 123.8 117.6 132.2 142.8 103.0 146.4 116.9 97.6 583 109.8 September. . . 122.8 117.8 132.5 142.1 101.8 125.4 104.4 94.7 933 110.9 October 121.8 117.6 133.0 139.9 99.4 122.3 101.8 93.0 1,051 111.4 November. . . 121.6 117.6 134.6 141.0 104.3 120.6 102.5 95.3 1,080 103.6 December.... 121.5 117.6 134.7 142.6 95.5 125.5 106.4 97.8 L.244 105.2 1947—January 122.6 117.8 135.0 142.1 125.2 106.2 98.6 L,068 February.... 122.7 118.1 134.0 140.8 128.7 109.4 96.7 1,028 March 122.4 P118.2 133.3 P139.8 123.7 P106.4 96.9 VL,103 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 This index is based on one 15-year 3 per cent theoretical bond. Yearly averages for 1939 and 1940 are based on monthly averages and thereafter on the capitalized yield as calculated on the 15th of every month. 3 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 This index is based on 95 common stocks through 1944, and on 100 stocks thereafter. 5 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. • Average based on figures for 5 months; no data available June-Dec. 7 Average based on figures for 7 months; no data available May-Sept. • Average based on figures for 9 months; no data available May-July. • 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. n Average based on figures for 7 months; no data available Jan.-May. 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. MAY 1947 631 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 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 Mar\et Account HERBERT V. PROCHNOW, Acting Secretary 632 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CHAIRMEN, DEPUTY CHAIRMEN, .\ND 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 E. 0. Latham Donald K. David William Willett J. C. Hunter2 Carl B. Pitman 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 C. A. Schacht Douglas W. Brooks F. Guy Hitt Wm. E. Peterson William H. Stead William B. Pollard C. M. Stewart Minneapolis... . Roger B. Shepard J. N. Peyton H. G. McConnell R. E. Towle W. D. Cochran 0. S. Powell A. W. Mills3 Sigurd Ueland Otis R. Preston 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... Brayton Wilbur C. E. Earhart W. N. Ambrose C. R. Shaw Harry R. Wellman H. N. Mangels D. L. Davis H. F. Slade J. M. Leisner3 W. F. Volberg W. L. Partner 0. P. Wheeler VICE PRESIDENTS IN CHARGE OF BRANCHES OF FEDERAL RESERVE BANKS Federal Reserve Federal Reserve Bank of Branch Chief Officer Bank of Branch Chief Officer New York Buffalo I. B. Smith4 Minneapolis. . . . Helena R. E. Towle Cleveland Cincinnati B. J. Lazar Pittsburgh J. W. Kossin Kansas City.... Denver G. H. Pipkin Oklahoma City 0. P. Cordill Richmond Baltimore W. R. Milford Omaha L. H. Earhart Charlotte R. L. Cherry Atlanta Birmingham P. L. T. Beavers Jacksonville T. A. Lanford Dallas El Paso Mac C. Smyth Nashville Joel B. Fort, Jr. Houston W. H. Holloway New Orleans E. P. Paris San Antonio W. E. Eagle Chicago Detroit E. C. Harris San Francisco... Los Angeles W. N. Ambrose St. Louis Little Rock CM. Stewart 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. 1 Cashier. • Also Cashier. * General Manager. MAY 1947 633 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

4^ FEDERAL RESERVE SYSTEM BOUNDARIES OF FEDERAL RESERVE DISTRICTS AND THEIR BRANCH TERRITORIES d S w ^^ BOUNDARIES OF FEDERAL RESERVE DISTRICTS BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES if BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM Q> FEDERAL RESERVE BANK CITIES w • FEDERAL RESERVE BRANCH CITIES OCTOBER /. 1948 BOARD OF GOVERNORS OF THE FEDERAL RBSBRYE SYSTEM. W Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis