Federal Reserve Bulletin, 1947-06

F E D E R AL R E S E R VE BULLETIN JUNE 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. PARRI 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 Construction and Real Estate Markets in 1947 635-646 Survey of Consumer Finances—Part I. Expenditures for Durable Goods and Investments 647-663 Security Pledged on Member Bank Loans to Business, by Tynan Smith 664-680 Our Stake in German Economic Recovery, by M. S. Szymczak 681-688 Ownership of Demand Deposits 689-691 Revision of Weekly Statistics for Member Banks in Leading Cities 692-693 Law Department: Purchase,of Government Obligations by Federal Reserve Banks 694 Consumer Credit—Automobile Appraisal Guides 694 Sale of Mortgages by State Member Banks. 695 Current Events and Announcements. 696 National Summary of Business Conditions 697-698 Financial, Industrial, Commercial Statistics, U. S. (See p. 699 for list of tables) 699-753 International Financial Statistics (See p. 754 for list of tables) . 754-771 Board of Governors and Staff; Open Market Committee and Staff; Federal Advisory Council. 772 Senior Officers of Federal Reserve Banks; Managing Officers of Branches 773 Map of Federal Reserve Districts. 774 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 cluding a b ), g, , gy, , , gy, , $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 June 1947 NUMBER 6 CONSTRUCTION AND REAL ESTATE MARKETS IN 1947 Since last autumn the volume of construc- erans, have been considerably relaxed. Last tion has leveled off, not showing the con- November material price controls were elimtinued expansion which earlier had been inated and early this year the allowable quite generally expected on the basis of amount of nonresidential construction was shortages accumulated during the war increased. While rents on existing resiperiod. While many difficulties arising out dential properties have been held close to of the war have been surmounted in the past earlier levels, considerably higher rents have two years, other problems, particularly those been allowed on newly-built structures. Also, relating to construction costs and real estate incomes generally have risen somewhat prices, have been aggravated. further, and holdings of liquid assets which Building materials, which contractors and are available for spending have continued consumers were seeking unsuccessfully only to increase. All these developments in the a few months ago, have been produced in construction field and in the economy gengreatly increased volume and in greater erally have been favorable, at least in many variety, permitting a physical volume of con- respects, to further expansion of construction struction activity somewhat larger than that activity. of 1939 and also considerable replenishment Meanwhile, however, costs and prices in of manufacturers' and distributors' inven- construction and real estate markets have tories. The labor force engaged in construc- risen to levels which are high in relation to tion is much larger now than at the end of many other prices and which may be difthe war as a result of the return of workers ficult to sustain. Building material prices from the armed forces and war production by the early part of 1947 were more than industries and of the expansion of appren- half again as high as at the end of the tice training programs. Contracting firms war and about double the prewar level. have rebuilt their organizations and, with a For some materials, notably lumber, much more favorable material supply situation, higher levels were reached. Basic wage rates have been able to increase the efficiency of in the building trades, which were relatively their operations. stable throughout the war and for a year Controls over building material and con- afterward, have been rising recently as new struction markets, which after the war had wage contracts have been negotiated. It apchanged in purpose from aiding the war pears that efficiency of operation, while imeffort to helping to provide housing for vet- proving, is still low and that contractors' 635 JUNE 1947 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSTRUCTION AND REAL ESTATE MARKETS IN 1947 margins, which earlier had increased sharply, CONSTRUCTION VOLUME owing in part to unusual allowances for con- The physical volume of construction, intingencies, are still higher than in most cluding repair and maintenance work as well periods. Real estate prices, which advanced as new construction, so far this year has considerably during the war, rose sharply for been only moderately higher than in 1939 a year or more after the end of the war in and not much greater than in the jearly response to the strong demand for residential part of 1946. Reflecting the rise in costs, and business properties. Since last autumn the dollar amount of construction has been real estate prices have declined somewhat, substantially larger than a year ago and and since early spring construction costs have more than double the prewar rate. The been leveling off, along with prices in many course of the dollar volume of new concommodity markets. struction, as measured by the Departments As a result of these developments many of Commerce and of Labor, is shown construction programs have been reconsid- monthly for recent years on the chart. ered. Numerous business concerns have deferred construction work previously planned, VALUE OF NEW C-ONSTRUCTION ACTIVITY and in some instances public bodies also have MILLIONS OF DOLLARS MMOONNTTHILY \ MILLIONS OF DOLLA delayed large improvement projects for - I , { . ! , N 1 O NR 1 E SID j E NTI j A L I )0( which the need is not urgent or for which bids have exceeded authorized expenditures. TOTAL - 1 The amount of new residential building / 7 showed less increase this spring than is usual, jj and the total number of starts for the first t four months was little different from a year J ago. r Although the housing shortage, in the sense of the number of family groups without quarters of their own, is probably as - great as at any time in the postwar period, .... 1939 1941 1943 1945 1947 1939 1941 1943 1945 1947 demand for housing is less insistent. Many Joint estimates of the Departments of Commerce and of Labor. families actively in the market for houses last Data are not adjusted for seasonal variation. Latest figures shown are preliminary estimates for May 1947. year have settled in some sort of living arrangement and apparently are reluctant or During the winter of 1946-47 construction unable to pay the high prices asked for activity showed a decline which was seasonal houses, or to commit themselves to mortgage in nature but in marked contrast with deobligations based on these prices. Moreover, velopments a year earlier when activity inmany families who could afford to buy creased throughout the winter. This spring houses at going prices and incomes have activity has increased somewhat less than already bought and so also have some who seasonally. Employment in construction has would ordinarily be renting. The market shown little change, after seasonal adjustfor new houses has been limited to some ment, since last October. The value of conextent by the quality of materials available tract awards, as reported by the F. W. Dodge and of structures built. Corporation, showed less than a seasonal rise 636 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSTRUCTION AND REAL ESTATE MARKETS IN 1947 this year through April. These figures, which when temporary housing for veterans was often fluctuate widely from one month to being erected, has declined, while public nonanother, showed an increase in the first three residential building has increased. weeks of May, chiefly in public projects. Increases in construction activity, after COMPOSITION OF NEW CONSTRUCTION ACTIVITY allowance for seasonal changes, had been [Percentage of total dollar amounts] widely anticipated for the winter and spring 1947 months, owing to large unsatisfied require- (first five 1939 months) (year) ments and to increased building material Total. . 100 supplies. In view of actual developments Private 77 60 this spring, however, estimates of probable Residential. . 33 35 Industrial 18 4 construction volume have been revised down- Commercial 7 5 Public utility 11 ward. In April the Department of Com- Other merce reduced its forecast of new construc- Public 23 40 Highways 8 14 Educational, hospital and institutional. 3 9 tion activity for the year from 15 billion dol- Residental 3 1 Other 9 17 lars to a range of 11.8 to 13.1 billion, making the greatest reductions in estimates of pri- SOURCE.—Departments of Commerce and of Labor. vate residential, industrial, and commercial Private new construction this year has building and of highways. No change was been in larger physical volume than in made in the earlier forecast that repair and maintenance work would be about 6l/ bil- 1939 and has constituted 77 per cent of the 2 lion. The revised total for all construction total dollar volume as compared with 60 per work shown in the April estimate is a range cent in 1939. Commercial and industrial of 18.3 to 19.6 billion dollars for the year as a building has made up a very much larger whole, compared with 15^ billion in 1946. share of private construction and has risen, as a proportion of the total, from 9 to 25 per Composition of wor\ under way. The cent. Privately-financed public utility concharacter of new construction now under struction represents 11 per cent of the total, way, as can be seen from the table, is somesomewhat more than in 1939. Private resiwhat different from that before the war. In particular, public construction now forms a dential work has made up a slightly smaller smaller proportion of total new work, part of the total new construction and a conroughly one-fourth as compared with two- siderably smaller part of private new confifths before. In dollar amount, public new struction, despite the limitations on nonresiconstruction is now at a level similar to that dential building. Whereas in 1939 private in 1939, but in physical terms it is consider- residential building was 35 per cent of total ably lower. Work on streets and highways, new work, it has recently been only about which before the war made up 14 per cent of 33 per cent, and as a share of private new total new work, including private as well as construction, residential building has depublic work, now is only 8 per cent of the clined from 58 to 43 per cent. total, and work on schools, hospitals, and in- Residential building. Despite the continstitutional buildings is down from 9 to 3 per ued need for housing, and the increased supcent. Recently public residential building, plies of building materials and labor, the which was in considerable volume in 1946 number of permanent residential units started JUNE 1947 637 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSTRUCTION AND REAL ESTATE MARKETS IN 1947 in the first four months of 1947 was only completed in 1946 was only 454,000, due to about the same as in the corresponding period delays arising from shortages of materials last year, as is shown in the table. The num- and from other causes. ber started in March and April was not The number of units provided in multias large as last year. Many more units have family structures, which are almost entirely been completed so far this year than a year for rent, has been relatively smaller than beago when the carryover of uncompleted fore the war. Such units, which accounted for houses from the preceding year was by no about 14 per cent of all private units started in means as large as at the end of 1946. The 1939, were only about 8 per cent in 1946 and number of unfinished houses has been re- also in the first quarter of 1947. Applications duced from the peak reached last autumn to the Federal Housing Administration for but is still large. insurance of mortgages on rental housing projects, however, have increased appreciably PERMANENT NEW NONFARM FAMILY DWELLING UNITS in recent months from about 5,300 units in [In thousands] the last quarter of 1946 to 22,000 units in the Under first quarter of 1947 and 14,000 units in the con- Period Started p C le o t m ed - s ( tr e u n c d t i o o f n single month of April. period) SUPPLIES AND PRICES OF BUILDING MATERIALS January-April—Monthly average 1939 37 n.a. n.a. 1941 55 n.a. n.a. The building material supply situation has 1946 51 22 245 1947 50 57 314 shown marked improvement in recent Monthly 1946—January 36 19 144 months. Whereas practically all materials February 43 20 167 March 60 23 205 were in short supply earlier, some are now April 66 26 245 May 68 30 282 freely available, having been* produced for a June 64 35 311 July 64 41 334 considerable period in sufficient volume to August 64 42 356 O Se c p to te b m er ber 5 5 7 8 5 5 0 5 3 36 6 7 4 permit rebuilding of stocks. Production of November 50 55 362 December 40 58 344 materials since last autumn has been a third 1947--January. . . 42 59 327 above the 1939 average, according to the February. . 42 60 309 March.... 53 57 305 Department of Commerce index. Such an April 64 53 315 increase is substantial, though not as large n.a. Not available. NOTE.—Data from Department of Labor. Only new per- as the increase of nearly three-fourths shown manent family dwelling units built in nonfarm areas are represented, including units financed with public funds and by industrial production as a whole. with private funds, and units built by conventional methods and with varying amounts of prefabrication. Single person accom- Expansion of building material production modations, conversions, trailers, and all temporary structures are excluded. has been uneven. Output of lumber in During 1946 about one million residential April was about one-fifth above the 1939 rate, units were started, of which 671,000 were while 22 other materials and supplies innew permanent units and the remainder cluded in the index rose somewhat over twowere chiefly temporary accommodations for fifths on the average. Several items, such as veterans. This number compares with 515,- water heaters, sinks, gypsum and gypsum 000 permanent units started in 1939, 703,000 lath, and warm air furnaces, were being proin 1941, and 937,000 in 1925. In none of duced at rates between twice and three times these years was temporary construction im- as high as in 1939. On the other hand, some portant. The number of permanent units items, such as mechanical stokers, range 638 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSTRUCTION AND REAL ESTATE MARKETS IN 1947 boilers, and hardwood flooring were being to an equally complex, but quite different, produced at rates below the 1939 average. array of products suitable for military and The accumulation of stocks has also been military-supporting uses. Stocks of building uneven. Since a year ago, stocks of lum- materials generally were drawn down to very ber, cement, brick, structural tile, and some low levels. metal products have increased considerably, Along with the changes in the character of while stocks of many other materials, notably material production went changes in types of gypsum products and certain metal products, employment. Workers were attracted from have continued near earlier low levels. Lum- peacetime lines into lines judged essential to ber stocks at mills and in distributive chan- the war program. Shipyards, for example, nels by the end of the first quarter were esti- early attracted skilled workers, such as rigmated to total 8 billion feet as compared with gers, from the woods, and war plants at- 4 billion a year earlier and 18 billion in 1939. tracted workers from relatively low-wage There is still some lack of balance in the avail- industries, such as brick-making and lumber ability of materials needed for assembly of manufacturing. complete buildings, but this unbalance is a Postwar shifts in material production. minor problem compared with the major When the economy began shifting to a problem which lack of materials proved to be peacetime basis, many adjustments that had in the first year or more after the end of the been essential for war purposes were found war. Plant capacity for production of many to constitute problems for peacetime operamaterials has been increasing. tion. Several months were required for brick Wartime shifts in material production. output to attain prewar levels, not only be- The general shortages which marked 1946 cause plants had to be physically reopened, and the special shortages which have still but also because labor which had been abbeen evident in 1947 stemmed from the oper- sorbed by better-paying industries had to be ation of the economy in wartime. Produc- replaced; operating costs, moreover, had tion of some materials was encouraged, but risen, while prices of brick were controlled in styles, sizes, and grades different from at close to prewar levels. Cast iron soil those customarily used in construction. After pipe foundries faced similar problems, agthe middle of 1943, when the bulk of con- gravated by an acute general shortage of struction for war purposes had been com- pig iron. The shifting of lumber prodpleted, production of many building materi- ucts in wartime had been achieved in als was discouraged or prohibited. A sub- large measure by differential changes in stantial portion of the brickmaking capacity prices which discouraged the output of of the country, for example, was closed in civilian construction types and encouraged the middle of 1943. Output of pig iron was types needed in shipbuilding, crating, dunincreasingly shifted from the manufacture of nage, and heavy construction. Following plumbing supplies to other fabricated metal the war, with costs of production advanced products, and the manufacture of specialized and market demand strong, readjustment of electrical equipment and devices replaced the lumber price structure came about, after production of standard construction types. considerable delay, largely through increases The complex peacetime array of lumber of in the prices of normal civilian products. various species, grades, and sizes gave way By early 1946 it was recognized that ad- JUNE 1947 639 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSTRUCTION AND REAL ESTATE MARKETS IN 1947 justment of the price structure of building wholesale prices of building materials were materials would have to come largely by in- about 50 per cent higher than at the end of creases in specific items, and between Febru- the war and 100 per cent higher than in 1939. ary and September of that year ceiling prices Prices of some items, notably lumber and of building materials at all stages of distri- paint, had risen much more than prices of bution were raised by amounts ranging from other items, as can be seen from the chart. 10 to 20 per cent. During this period the The sharp rise in paint prices was due to Office of Price Administration and the Office acute shortages of lead and other pigments of the Housing Expediter worked closely and also of linseed oil. Recently supplies of together to remove impediments to produc- both lumber and paint materials have been tion of building materials. Achievement increasing, and prices in some markets have of volume production and the operation been declining. of premium payment plans made possible In the broadest terms, it appears that the smaller increases in price than might other- adjustments in building material production wise have been necessary. After the removal from peace to war were achieved by conof price controls in November, building ma- trolled increases in prices and wages, and terial prices rose sharply, but because of that the adjustments from war to peace have earlier black market operations the rise from been achieved by price and wage advances, October to April was probably considerably which were controlled in some degree at less than the one-third shown by the whole- first but later were left to the operation of free sale price index of the Bureau of Labor markets. Because it took time to make avail- Statistics. In March and April of this year able the supplies required and because meanwhile many other markets were strong, price WHOLESALE'PRICES OF BUILDING MATERIALS advances for building materials have been P2ER8 0 CENT MONTHLY, 1926' PE 280 large and long continued. The price levels / reached early this spring and recently main- ( 240 240 tained for the most part may, in many cases, prove to be out of line with what can be sus- 200 200 LUMBER /f- tained over the longer term. 160 1 1 1 ,'""~^i— / j 160 CONSTRUCTION COSTS r\ r TOTAL/1 120 1 zz£S\ i 120 Cost increases with which builders and PAIN P T A IN M T A T A E N R D IALS contractors have had to deal during and since 80 1 80 the war have not been confined to prices of 120 BRICK AND TILE _/^* 120 materials. Wage rates of building mechanics have risen, and other cost increases have re- 80 1 80 sulted from the many inefficiencies in operation arising out of delays in receiving ma- 120 120 | STRUCTURAL STEEL terials, use of materials poorly adapted to ""\^ 1 f requirements, and other such factors. 80 — /" A P T L 1 U N M G B S S IP G P A L1 N E D S 80 Early in the defense program an agree- 1939 1941 1943 1945 1947 Bureau of Labor Statistics indexes. Total includes "other ment was reached between the building building materials" subgroup not shown separately. Latest figures shown are for April 1947. trades unions and the Government to stabi- 640 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSTRUCTION AND REAL ESTATE MARKETS IN 1947 lize basic wage rates on defense and war con- has improved, delays have been reduced construction, and throughout the war wage rate siderably. The average time required for increases in the building trades were smaller completion of a single family house has been than in other nonagricultural employment. shortened from eight months to five. Because Overtime work at premium rates of pay re- of differences in the scale of operation and sulted in a substantial rise in average hourly in the sources of supply, delays in nonresiearnings during the war, but subsequently dential construction may not have been so the amount of overtime declined and along great, but they have been substantial. with it average hourly earnings. Since the RESIDENTIAL REAL ESTATE MARKETS middle of 1946 an increasing number of wage contracts have been negotiated—generally The number of houses changing hands without work stoppages—and altogether ad- rose through the year following the end of vances in wage rates since the end of the war the war as civilians altered their living arhave amounted to about 15 per cent. rangements and veterans entered the market. Costs to owners have been increased by About two and a half million houses changed wider contractors' margins, as well as by hands in this period, and prices of houses higher material and wage costs, reflecting rose sharply. The large volume of transfers partly the sellers' market for construction and the higher prices were made possible by services, and partly contingency allowances the high and rising levels of employment and made by contractors to protect themselves aggregate income, supplemented by large against further increases in costs during the holdings of liquid assets, and, particularly in progress of work. On the whole, it> seems the case of veterans, by plentiful mortgage likely that costs to owners in the early months credit. of 1947 were roughly twice as high as in 1939 By la$t autumn, however, real estate acand that about half of the increase took place tivity was declining, and since then prices after the end of the war. have declined somewhat. This shift re- In recent months there may have been little flected the unwillingness or inability of pochange in costs, as higher wage rates have tential buyers to follow the market up even been offset, at least in part, by improved effi- though their incomes were showing some ciency of operation growing out of improve- further increase. Many people were becomment in the material situation. To an increas- ing more or less adjusted to the rather uning extent contractors have been willing to satisfactory living quarters they were obligee! make firm commitments as to prices and to accept temporarily after the war. The completion dates. rapid rise in prices of foods and many other Information on the cost of delays in work consumer goods was encroaching seriously is scarce, but evidence is ample that there on the purchasing power of consumer inhave been long delays. In the early part of comes. At the same time more goods, par- 1946, according to sample surveys by the ticularly durable goods, were becoming avail- Department of Labor, the usual time re- able to compete for consumers' dollars. Unquired for completion of a single-family der these circumstances, following a conhouse was about eight months, compared siderable period in which many potential with three and a half months before the war. buyers had satisfied their requirements, con- In recent months, as the material situation sumers gave more careful consideration to JUNE 1947 641 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSTRUCTION AND REAL ESTATE MARKETS IN 1947 the quality of houses available, the prices at of houses for sale expanded rapidly. Costs which they could be bought, and the extent were high but still rising. Later the apparent of the continuing obligations of home owner- end of the rise in the real estate market ship. Once the market stopped advancing, while costs were still rising led to the failure moreover, the prospect that buyers could of residential building to expand further at dispose of properties later at a gain or at this time. Because incomes recently have not least without loss was diminished. been rising as rapidly as formerly, because Prices of houses are now about double the other demands on income have risen sharply, prewar level, with some up considerably because the most urgent demands for singlemore and others considerably less, and it has family houses have been met, and because the been suggested that such a general level material supply situation has been improving, might easily be maintained because con- high costs now discourage potential buyers sumers' incomes, even after allowance for more than before. Many of the families increased personal taxes, currently are more whose needs have been most pressing, or those than double the prewar level. The problem, whose financial position has been strongest, however, is much more complicated than have made their adjustments. Those who can such a comparison would indicate. The wait, and those who cannot possibly afford obligations of home ownership extend over to make the commitments required in the a long period and one very basic question is present market, have probably reconciled how incomes may change in this period. themselves to making their present quarters Another consideration is that the higher cur- do. The requirement that houses built for rent incomes are being derived in consid- sale be held for veteran occupancy, someerable part from a larger physical output of times cited as a reason for the leveling off goods and services; accordingly, if the prices in residential building, would be no obstacle of goods consumers buy were as much higher to sales if veterans could afford to buy and than before the war as incomes, a substan- were willing to pay. Lenders and appraisers, tial share of the goods being produced moreover, would be less reluctant to recognow could not be sold. In the real estate nize present costs as measures of value if they market, it is true, the supply of housing has felt sure that the real estate market was still increased very little and for this reason strong. prices in this field may be relatively stronger Rental housing. The low level of rental than in some other fields. Recent develop- building relative to construction for sale, and ments, however, indicate the existence of also to the number of families who would elements of weakness in this market, evi- prefer to rent rather than own their homes, dence of which appeared while building reflects a number of conditions. For several materials were still acutely short and con- years the real estate market has been more fastruction costs were still rising. vorable to building for sale than to building Residential building for sale. The course for rent. In a period of rising real estate of residential building, noted earlier, has been prices the builder for sale can assume the strongly influenced by these changes in the risks of building with reasonable assurance real estate market. The rapid rise of real that he will be able to find a buyer who, in estate prices during most of 1946 provided a effect, will assume the risk of carrying the favorable setting, and the volume of building real estate through whatever market condi- 642 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSTRUCTION AND REAL ESTATE MARKETS IN 1947 tions may be ahead. The builder for rent, were authorized in March, several instituon the other hand, must usually assume both tional investors are reported to have delayed the risks of building and the risks of owner- construction of rental projects because they ship. The risks of carrying real estate may felt that tenants would be unable to pay the appear unduly large when building costs are rentals required by current costs. high, even though rents currently permitted The need for additional housing continues on new properties and actually obtainable to be great, and relatively less has been done in the market at this time are also high. to satisfy the rental market than the market In addition to the market factors making for owner-occupancy. At the present time building for sale more attractive, Govern- prices of houses and costs of construction apment mortgage aids to private building haye pear to be too high, notwithstanding adbeen better suited to building for sale than vanced levels of consumer incomes and large to building for rent. In large measure they accumulated savings, to permit the needs to have operated to relieve builders for sale of be met very rapidly. The situation in many the risks not only of carrying real estate respects is similar to that after the first World but also of construction itself, while builders War when residential building declined in for rent have been required to assume part of 1920, accompanying a sharp rise in building both of these risks. The long-term, amor- costs, despite housing shortages and rising tized mortgage, sponsored by the Govern- rents. Residential building at that time rement, has strengthened the "for sale" market covered quickly after costs were adjusted by removing, as far as the obligations of the downward, despite unfavorable conditions buyer are concerned, some of the differences in many other sectors of the economy. between ownership and tenancy. Early in 1947 the Federal Housing Administration MORTGAGE DEBT ON HOUSES modified some of its regulations governing Since the end of the war the amount of the insurance of rental-housing mortgages, outstanding mortgage debt on houses has mainly in the direction of relieving builders risen by about 6l/ billion dollars, or one- 2 and sponsors of both construction and ownerthird, from about 19 % billion dollars to ship risks, and this accounts in part for the about 26 billion. The corresponding amount increase in applications for rental-housing at the end of 1929 was 21 billion and at the mortgage insurance, mentioned on page 638. low in. 1936 was 17 billion. The sharp in- Rent control arrangements on new hous- crease in outstandings since the end of the ing have permitted considerably higher rents war has come about partly as a result of the on new units than on old, especially since financing of the purchase of new houses but the end of the war. Consequently, although chiefly as a result of a large amount of financit seems clear that rents on old units have ing accompanying active trading in old been held below free market levels, there houses. Advancing prices of real estate have is some question whether rents on new contributed very directly to the rise, at once units would have been set much higher in a making necessary additional borrowing for free market than they have been recently the purchase of houses and increasing the under controls. In New York, for example,, amount which could be borrowed. The where rents much higher than the $80 per amount of new mortgage loans written in month permitted for the rest of the country this period of less than two years has been JUNE 1947 643 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSTRUCTION AND REAL ESTATE MARKETS IN 1947 about 14 billion dollars, of which about vancing sharply then, and since expenditures 3l/ billion has been insured or guaranteed were limited by wartime shortages of goods 2 under the Servicemen's Readjustment Act. and by price control, larger amounts were Monthly figures on the amount of loans made available for debt reduction. In these years under the Servicemen's Readjustment Act the volume of new loans made was considand also on total recordings of $20,000 or erably lower than in 1941, and this also conless are shown on the chart. The amount tributed to the change from a situation of retired, in considerable part in connection increasing debt to one of net retirement of with the writing of new loans, has been debt. In 1944, however, the amount of new about 7l/ billion. loans written rose above the 1941 level and 2 approximated the amount of retirements. New loans increased further in 1945, doubled NONFARM MORTGAGE LENDING in 1946, and have continued at a high level in 1947. MORTGAGE DEBT OX 1- TO 4-FAMILY HOUSES [In millions of dollars] Loans Apparent Change Outmade retire- in out- standings Period (during ments standings (end of period) (during . (during period) period) period) 1941 3,768 2,776 +992 20,095 1942 3,155 3,342 -187 19,908 1943 3,183 3,549 -366 19,542 1944 . 3,830 3,844 -14 19,528 1945 . 4,701 4,238 +463 19,991 1946? 9,453 4,883 +4,570 24,561 1947 (4 months). . 3,000 1,561 + 1,439 26,000 i' Preliminary. NOTE.—Data on outstanding and loans made, 1941-46, from Federal Home Loan Bank Administration; four months 1947, estimated by Federal Reserve. Apparent retirements derived from these data. For mortgages under $20,000, data on nonfarm mortgages recorded during month from Federal Home Loan Bank Administration; for G.I. home loans, loans closed under the As a consequence of net debt retirement Servicemen's Readjustment Act: October 1946-date, from Veterans Administration; January-September 1946, estimated by of a little over one-half billion dollars dur- National Housing Agency from records of Veterans Administration. Latest figures shown are for April 1947. ing the war and an increase in debt of 6l/ 2 billion dollars since the war, the net increase Annual figures on loans made, retirements, in outstanding mortgage debt on houses and outstandings are shown in the table for since the end of 1941 has amounted to about the period 1941 through early 1947. In 6 billion dollars, or 30 per cent. This in- 1941, a year of fairly active building and crease contrasts with a decline of over one trading, outstandings increased by about one billion dollars or nearly a fifth in farm billion dollars. In marked contrast with this, mortgage indebtedness during the same during the war years 1942 and 1943 retire- period. The rise in aggregate indebtedness ments exceeded new loans and outstandings on houses has been much less proportiondeclined. This shift after 1941 was due in ately than the increase in the aggregate marpart to a steady increase in retirements, re- ket value of nonfarm houses, but many mortsulting from improvement in the cash posi- gages have been written at unusually high tion of many borrowers. Incomes were ad- ratios of debt to value. 644 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSTRUCTION AND REAL ESTATE MARKETS IN 1947 Since the beginning of the war there have before. About 12% billion dollars of debt was been marked changes in the ownership of retired in regular amortization payments the debt, as can be seen from the table. All and other transactions not connected with types of private lenders except mutual sav- transfers of property. ings banks have increased their debt hold- Home owners who have reduced or elimiings. Savings and loan associations and com- nated their mortgage debt are in a stronger mercial banks have increased their holdings position now than they were before. Some of most, and their share of the total has risen the others, however—particularly those whose from 35 to 45 per cent. A considerable part debt has been written fairly recently—are in of this shift has occurred since the end of a less favorable position. An element of the war. strength in this situation, at least as far as lenders are concerned, is the underwriting OWNERSHIP OF MORTGAGES ON 1- TO 4-FAMILY HOUSES commitments of the Federal Government. Of the 26 billion dollars of debt on 1- to Total Percentage distribution of mortgage holdings mort- 4-family houses outstanding at the end of End of gages All Savings Com- Insur- All April, about 8 billion was insured or guaryear (In bil- mort- and loan mercial ance other Hu ii u o on r lc io liax r o ^o i y gagees as t s i o o c n i s a- banks p c a o n m ie - s g m ag o e rt e - s anteed by Federal agencies, 4% billion by the Federal Housing Administration, and 1941... 20.1 100 23 12 10 55 1942... 19.9 100 23 12 11 53 3% billion by the Veterans Administration 1943... 19.5 100 24 13 12 52 1944... 19.5 100 25 12 13 51 under the Servicemen's Readjustment Act. 1945... 20.0 100 27 13 11 49 1946P.. 24.6 100 29 16 11 44 PROSPECTS p Preliminary. SOURCE.—Federal Home Loan Bank Administration. During the course of this year, evidence has From fragmentary data it appears that, of accumulated that with costs at current adthe 27Y billion dollars of new loans made on vanced levels construction activity cannot be 2 1- to 4-family houses since the beginning of regarded as a wholly independent element the war, some 7l/ billion dollars was prob- of strength in the economic situation not- 2 ably lent in connection with the purchase withstanding existing shortages of buildings. of new houses built since the war began Real estate markets have already eased someand about 15 billion dollars was lent in what despite some further rise in national inconnection with the transfer of old prop- come. At existing costs, which are probably erties. The remaining 5 billion dollars was double those before the war, construction lent for property improvement, refinancing, markets seem to depend to a considerable exand other purposes not connected with new tent on the volume of work that can be unbuilding or with transfers of property. Of dertaken without the usual regard for cost. the 2ll/ billion dollars of debt retired, Even with liquid asset holdings at a high 2 about 9 billion, or less than half, was ex- level, there is real question whether current tinguished as a result of transfers of prop- and prospective levels of income, for both erty. The difference between this amount business concerns and consumers, can conand the 15 billion dollars lent in connec- tinue to support the going level of construction with property transfers reflected chiefly tion costs or of real estate prices. In the field the fact that more properties were mort- of mortgage credit the amount of loans outgaged for larger amounts after sale than standing on residential properties has in- JUNE 1947 645 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSTRUCTION AND REAL ESTATE MARKETS IN 1947 creased sharply since the end of the war and following a prolonged period of high conis considerably larger than before the war struction activity, and a great many obligaalthough not so much larger as income. The tions secured by real estate, including a large bulk of the existing debt has been written in number of junior liens, were on an unsound the rising market of recent years, and in many basis. The immediate effect of a reduction in instances mortgages have been written at building costs at this time might be to encourhigh ratios of debt to value. Lenders in con- age delay in carrying out some construction siderable part are protected by Government plans, but as costs reached lower levels and guarantees against loss on the mortgages, par- the quality of construction improved, many ticularly on loans to veterans, but borrowers people could be expected to undertake projin numerous cases have undertaken obliga- ects now set aside. A decline in real estate tions which are large in relation to their in- prices would increase the difficulties of those comes and which involve considerable risk. who have assumed obligations written on the Altogether the situation in construction and basis of peak values but would make it posreal estate markets appears to be much less sible for many people now priced out of the satisfactory than had been expected by ob- market to re-enter it. Actual developments servers who underestimated the rise in costs in the whole field will depend in part on and the resistance to higher costs. The situa- adjustments made in this part of the economy tion in this sector of the economy, however, and in part on the course of activity, emseems to be much less vulnerable than in the ployment, and incomes in other sectors of late 1920's. Then vacancies were numerous, the economy. 646 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SURVEY OF CONSUMER FINANCES1 PART I. Expenditures for Durable Goods and Investments For the second successive year, the Board of taken in 66 areas distributed over the nation. Governors of the Federal Reserve System has Different samples, each representing a cross-section sponsored a survey of consumer finances—saving, of the nation's consumers, were used in the first and liquid asset holding, income, and spending for second surveys. The interview unit was the condurable goods, houses, and investment.2 These sumer spending unit, defined as all persons living in annual surveys provide insights into the shifting the same dwelling and belonging to the same famfinancial positions of consumers; their purchases ily who pooled their income to meet their major and plans to purchase durable goods and houses; expenses. Spending units were interviewed because their current attitudes and plans with regard to it is believed that they represent consumer units of saving, liquid asset holdings, and investment; and economic decisions, actions, and plans better than their expectations as to general economic condi- families (which in some cases contain more than tions. one spending unit) or individuals. Sampling This article presents survey findings with regard methods used, however, permit tabulation of many to purchases of consumer durable goods and houses survey results on a family basis also, and some of in 1946; plans to purchase such items in 1947; how the results will be presented on this basis in followconsumers financed these purchases in 1946 and ing articles. plan to finance their purchases in 1947; uses of The technique of the sample survey used to obliquid assets in 1946; and consumer attitudes con- tain information on consumer finances in 1946 and cerning the economic outlook at the beginning of again in 1947 is a development of relatively recent 1947 as compared with attitudes at the beginning years.3 Inquiry about the financial position of of 1946. Subsequent articles will present more spending units—for instance, their incomes and complete information dealing with consumer in- bank deposits—was made in the course of an hourcome, saving, and liquid asset holdings. long personal interview in which the respondents This second survey was conducted for the Board were given an opportunity to discuss freely their by the Survey Research Center of the University of financial actions, plans, attitudes, and expectations, Michigan. Approximately 3,000 interviews were and were asked to explain why they acted as they did and why they feel as they do. These methods, irThis article was prepared by Duncan McC. Holthausen of and therefore the findings, are still experimental in the Board's Division of Research and Statistics. It is the first many respects. Significance of the findings is parin a series to be issued presenting the results of the Board's Survey of Consumer Finances in 1947. Other articles will ticularly difficult to assess because similar informaappear in succeeding issues of the BULLETIN. Dr. Rensis Likert, Director, and Dr. Angus Campbell, tion has not been available in the past. As was Assistant Director, Survey Research Center, University of stated in the first article reporting the findings of Michigan, were in general charge of the survey. Responsibility for detailed planning and supervision of the survey, the 1946 survey: "Not until several such surveys including interviewing, editing, tabulation of survey results, and preparation of survey studies was carried by Dr. George have been conducted under varying economic con- Katona in collaboration with Mrs. Eleanor E. Maccoby, both of the Survey Research Center's staff". Mr. Charles F. Cannell ditions and until their results have been fully tested served as head of the field staff and Mr. Roe Goodman as head of the sampling section of the Center. This staff was against other data and events, will it be possible formerly associated with the Division of Program Surveys, U. S. Department of Agriculture. to be sure of the implications of the findings of such From the Board of Governors, general supervision of the surveys or the predictive value that they may have." survey has been under the direction of Woodlief Thomas, Director, and Ralph A. Young, Assistant Director, of the The availability of the 1946 survey results greatly Division of Research and Statistics. Mr. Holthausen has been in charge of the analysis of the data and the preparation enhances the usefulness and meaning of this year's of reports. Generous and helpful cooperation was received survey, but the need for caution in interpreting the from members of the technical staffs of the Bureau of the Budget and other interested public agencies in developing the survey findings continues to merit strong emphasis. survey plans. 2 The first survey was made for the Board of Governors early in 1946 by the Division of Program Surveys, Bureau of Agricultural Economics, U. S. Department of Agriculture. Results 3 A nontechnical appendix to this article discusses the sampling of that survey were reported in 1946 in the June, July, and methods used in the present survey, the basis of selecting in- August issues of the BULLETIN under the general title National terview units, and the statistical reliability of the survey"s Survey of Liquid Assets. results. JUNE 1947 647 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SURVEY OF CONSUMER FINANCES SUMMARY OF SURVEY RESULTS liquid asset holdings, those in the lower-income brackets used the funds withdrawn primarily for It is known from various sources of information living expenses, emergencies, and other consumption that in 1946 consumer saving, as measured by the purposes. Among people in the higher-income excess of income received by individuals over perbrackets, however, reduction of liquid asset holdsonal taxes paid and expenditures for consumption, ings was more frequently a result of transfer of was much smaller than in wartime years. Combank deposits or Government bonds into real estate prehensive estimates indicate a volume of net or other investments. saving in 1946 of about 18 billion dollars, or about 4. There was a moderate shifting of spending half the wartime average. Individuals continued units from lower to higher income groups in 1946. to increase their bank deposits during the year, Fewer spending units had incomes of less than while their holdings of United States Government $2,000 in 1946; more had incomes above this level. securities showed only slight further growth. In- Expenditures for durable goods and housing. dividuals spent larger amounts for the purchase of 5. Spending units in the $>2,000-$5,000 income durable goods, houses, and farms than in any groups, or about half of all units, accounted for year since before the war, and at the same time they more than half of the amounts spent for durable increased their borrowings for the purchase of goods and houses in 1946. Units in higher-income durable goods and against mortgages. The princibrackets accounted for a relatively larger portion of pal purposes of the survey of consumer finances the amount spent for these purposes than did units were to ascertain how changes in income, savings, in lower-income brackets. and indebtedness were distributed among various groups of people and also the recent and prospec- 6. The total number of spending; units actually tive behavior of these groups with reference to pur- buying consumer durable goods and houses in 1946, chases of certain durable goods and housing and to as estimated from this year's survey, was closely investment of their savings. Although the complete similar to the number that in last year's survey inresults of the survey have not yet been analyzed, dicated intentions to make such purchases. A sigsome of the significant preliminary findings may be nificant proportion of prospective purchasers of summarized. new durable goods and new houses were unable to satisfy their demands and some of these prospective Liquid asset holdings and income. buyers apparently shifted to markets for used dura- 1. The net increase of approximately 8 billion ble goods or existing houses. In addition, a subdollars in total personal holdings of Government stantial number of consumers who had no plans bonds and bank deposits during 1946, as estimated for buying cars at the beginning of the year purfrom Treasury and banking statistics, reflected inchased used cars. Thus the estimated number of creases by about two-fifths of all spending units, consumers expecting to buy these goods was nearly while about the same proportion reported net deidentical with the estimated number that bought clines. In upper-income groups additions to holdduring the year. ings were more frequent than withdrawals while 7. Of the total 1946 expenditures for durable in lower-income groups the reverse was true. It goods, less than one-fifth was borrowed and about appears that increases were of larger average size one-third was drawn from previously accumulated than withdrawals. liquid assets; trade-in allowances and current in- 2. For all spending units showing a net decline comes accounted for the rest. In buying houses— in liquid asset holdings during 1946, the total renewly built as well as old houses—about half of the duction approximated 10 billion dollars. Of this purchase price, on the average, was obtained from aggregate decline in holdings about 40 per cent mortgages, with the balance derived largely from was used to pay for living expenses, medical care, the sale of real estate and from withdrawals of emergencies, and other consumption purposes; liquid assets. about 20 per cent for consumer durable goods; over 20 per cent for housing; and nearly 20 per cent for Economic attitudes and expectations of consumers. investment purposes, including investment in 8. People generally were optimistic about the securities and unincorporated businesses. country's immediate economic future. Continua- 3. Among spending units that reduced their tion of prosperous times during 1947 was antici- 648 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SURVEY OF CONSUMER FINANCES pated much more frequently than a possibility of 19. As a year ago, most holders of liquid assets recession. expressed preference for Government bonds and 9. More consumers expected an increase in their bank deposits as against investments in real estate own money incomes during 1947 than expected a or securities. Nevertheless, consumers planned to decrease. transfer during 1947 a few billion dollars of their 10. Spending units frequently expressed dissat- liquid assets to other forms of investment. The isfaction about the high level of prices. amounts to be placed in real estate (not for per- 11. Nearly half of all spending units expected sonal occupancy), securities, or unincorporated prices to fall in the coming year and only one-eighth businesses show no significant shift from 1946 indefinitely expected rising prices; the others looked tentions, which corresponded quite closely to actual for little change or gave conditional answers. performance during that year. 12. Consumers generally felt that to save a part of current income was at least as important today Conclusions as it was during the war. 20. With current money incomes generally at Consumer intentions to purchase consumer durable maximum levels and liquid asset holdings further goods and houses and to invest in nonliquid assets. increased, the financial position of consumers in 13. Dissatisfaction with current levels of prices general continued strong during 1946. Increases and expectations of price reductions were reflected in liquid assets were not as great, however, as in in some hesitancy in making definite plans to purwartime years, and for consumers as a whole they chase durable goods and houses. Accordingly, conwere oflset to a much greater extent by additional sumer spending plans reported early this year indebtedness. indicate that demand for some of these items is 21. Some consumer units, particularly those in abating but continues at relatively high levels. lower-income brackets whose income status had 14. Demand for new automobiles, however, was remained unchanged, showed weaker financial posias strong at the beginning of 1947 as a year earlier. tions at the beginning of 1947 than at the begin- The number of spending units intending to buy ning of 1946. Price increases during 1946 reduced new cars in 1947 appears to be considerably larger the effective purchasing power of their incomes and than the number of cars likely to be produced for of such savings as they had, and there was frequent domestic sale to consumers. spending of liquid asset holdings by lower-income 15. Used car demand tends to exceed substangroups during 1946 for regular living expenses and tially that indicated by consumer plans to purchase medical care. because of the many unforeseen factors influencing 22. Consumer intentions to buy consumer durabuying decisions in the used car market. In 1946, ble goods and houses point to a possible tempering about three times as many consumers bought used during 1947 of the very strong demand for durable cars as had indicated plans to buy. goods, other than for automobiles, that character- 16. Intentions to buy consumer durable goods ized 1946. That is, some lessening of inflationary other than automobiles in 1947 are significantly pressures is indicated, but buying will apparently less pronounced than were intentions to buy these continue at high levels. Any marked increase or same goods in 1946. decrease in prices or in incomes during the year 17. Because of price considerations many conmight be expected to modify actual performance sumer units, and more particularly those in loweras compared with earlier intentions. income brackets, have disappeared from the list of 23. Use of the large volume of accumulated prospective purchasers of houses. Consequently, liquid assets, together with consumer borrowing, the indicated total of prospective house purchasers will continue during 1947 to add significantly to for the year 1947 is somewhat below the total of purchasing power available from current income. prospective purchasers estimated from the survey for the year 1946. Use of consumer credit, however, in purchasing 18. In buying consumer durable goods during durable goods during 1947 will probably continue 1947, consumer credit and liquid assets will ap- to remain below prewar use relative to the volume parently be used to a greater extent than in 1946 of current purchases. This is because of the large if prospective purchasers carry out their intentions. liquid asset holdings of many individuals in all JUNE 1947 649 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SURVEY OF CONSUMER FINANCES income classes, as well as because of limitations of exact quantity of any durable item that will be credit terms, imposed by regulation. purchased during the year. In interpreting shifts in the number of spending units intending to buy EXPENDITURES FOR SELECTED CONSUMER DURABLE consumer durable goods or houses at this stage, GOODS AND HOUSES only broad inferences as to the direction of possible At the beginning of both 1946 and 1947 in- changes in demand for particular types of goods formation was obtained on consumer intentions to are warranted. buy consumer durable goods and houses during the Automobiles. According to consumer intentions year. From these data estimates were derived of expressed at the beginning of 1947 about 4 million total prospective purchases. Table 1 shows the per- spending units are prospective buyers of new pascentages of spending units indicating intentions to senger automobiles in 1947. It thus appears that purchase and actual purchases, derived estimates of consumer demand for new automobiles will likely the total number of purchasers, the reported average absorb all of the new cars produced for domestic price per article, and estimated total expenditures. use. Last year a similar number expected to buy The derived estimates of intentions to buy rep- new cars, but only about 2 million new passenger resent experimental data and, as pointed out earlier cars were produced and roughly three-fourths of in this article, must be interpreted with caution. these, after allowances for sales to businesses and The volume of purchases in any given year also is a governments and for export, were distributed to function of income, the availability of articles, price, domestic consumer markets; consequently, conquality and style considerations, and other factors sumers were unable to buy as many new cars as not fully known to buyers at the beginning of the they planned. year. In view of the exploratory nature of the in- In 1946 three times as many consumers bought formation, no basis is afforded for predicting the used cars as expected to do so at the beginning of TABLE 1 CONSUMER INTENTIONS TO BUY IN 1946 AND 1947 AND ACTUAL PURCHASES IN 19461 Type of purchase s P p e e r n c d e i n n t g a g u e n o it f s spe n E n u s d m ti i m n b g e a r t u e o d n f its Av pr e i r c a e ge Es e t x i p m e a n t d e i d t u t r o es tal (In millions) (In billions) Automobiles: Purchases planned, 1946—total 9.6- 12.2 4.4- 5.6 $1,100 $ 4.8- $ 6.2 N U e s w ed c c a a r r s s 2 7 . . 2 4 - - 2 9 . . 9 3 3 1 . . 4 0 - - 1 4 . . 3 3 () ( ( ) ) Actual purchases, 1946—total 10.6 35.0 920 4.6 New cars 3.3 1.5 1,620 2.3 Used cars 7.4 3.5 630 2.3 Purchases planned, 1947—total 10.0-13.4 4.6- 6.2 1,300 6.0- 8.1 New cars 7.3- 9.7 3.4- 4.5 1.540 5.2- 7.0 Used cars 2.7- 3.7 1.2- 1.7 650 .8- 1.1 Other selected durable goods: Purchases planned, 1946 25.7-31.3 11.8-14.4 320 3.8- 4.6 Actual purchases, 1946 28.3 13.1 310 4.1 Purchases planned, 1947. . •. 18.1-23.8 8.4-11.0 310 2.6- 3.4 Houses: Purchases planned, 1946 4 7.5- 9.3 3.1- 3.9 5,020 15.6-19.3 Actual purchases, 1946 4 6.5 2.7 55,390 14.5 Purchases planned, 1947 4 5.0- 7.5 2.1- 3.2 6,310 13.3-20.2 1 Intended purchases for the year 1946 were ascertained in the first survey made early in 1946. Actual purchases during 1946 and intended purchases for 1947 were ascertained in the second survey, early in 1947. In each case where a range is presented the bottom of the range includes all those who said definitely they would buy and one-half of those who said they probably would buy but might not. The top of the range includes all those who said they definitely or probably would buy, and one-half of those who said they were undecided. The distribution of spending units by intentions to buy, 1946 and 1947, is shown in supplementary Table 11 following the text of this article. 2 Data not available. 3 This figure represents the number of cars bought, not the number of spending units that bought cars. The 5 million cars were bought by 4.9 million spending units—a few spending units bought more than one car. 4 Farmers are excluded from the housing figures inasmuch as their purchases of housing are usually incidental to their purchases of farm land. 5 The figure is a rough estimate, subject to many qualifications. One of these is that the average price of the houses bought included only expenditures made during the year 1946; those who built a house may have paid more than indicated, paying part of the cost in 1945 or 1947. 650 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SURVEY OF CONSUMER FINANCES the year—many people who had expected to buy and only 1 per cent of the amount spent for new cars evidently shifted to used cars, and many automobiles. The spending units with incomes of who had not expected to buy cars at all bought $5,000 or more, or 10 per cent of all spending units, used cars. Purchase of used cars is subject to bought 18 per cent of the cars purchased and spent many influences which are not allowed for in plan- 28 per cent of the money spent for cars. This upperning. Damage in accidents or unexpectedly heavy income group characteristically bought new cars, repair bills may bring about unforeseen purchases. while people with smaller incomes more often While an estimated 1.5 million people planned to bought used cars. buy used cars in 1947, or few more than intended Other durable goods. Demand for other selected to buy in 1946, it may be safely assumed that consumer durable goods, including refrigerators, the number of used cars bought in 1947 will be furniture, radios, washing machines, and certain much greater than that total. other articles, does not appear to be as firmly sup- While the people with incomes of under $3,000 ported by planned purchases as automobiles. As bought about as many automobiles as they had may be seen from Table 1, the estimated number planned to buy in 1946, the upper-income groups of people expecting to buy such articles is condid not fully carry out their buying intentions. This siderably smaller than it was a year earlier. At comparison is given in Table 2. Probably many of that time, over 25 per cent of the spending units these people preferred to wait until they could get expected to buy some such item during 1946, while new cars; their deferred demand is being carried only a little over 20 per cent have such plans for over into the current year. In 1947 it may be an- 1947. ticipated that more spending units in all income The number of people who bought other groups will buy automobiles (new and used cars durable goods in 1946 is about the same as the together) than actually planned to do so at the be- number who expected to do so. Intentions were ginning of the year. not uniformly carried out, however, in all types The market for cars (new and used considered of goods. People bought fewer refrigerators and together) falls chiefly in the $1,000^5,000 income washing machines than they had intended to and brackets. As shown in the chart, spending units about the same number of radios, while many more with incomes of under $1,000 make up 17 per cent bought furniture than had planned to do so at the of the spending units, but include only 3 per cent beginning of the year. Failure to acquire refrigerof the people who bought automobiles in 1946 ators and washing machines as contemplated early TABLE 2 DISTRIBUTION OF CONSUMER INTENTIONS TO BUY IN 1946 AND 1947 AND OF ACTUAL PURCHASERS IN 1946 BY INCOME GROUP OF PURCHASER X Prospective and actual purchasers as a percentage of all units within each income class Type of purchase All income Less than $1,000- $2,000- $3,000- $5,000 groups $1,000 $1,999 $2,999 $4,999 and over Automobiles: Expected to buy in 1946 11 3 8 11 16 26 Bought in 1946 11 2 9 13 11 20 Plan to buy in 1947 12 4 6 12 18 24 Other selected durable goods: Expected to buy in 1946 28 14 25 32 34 38 Bought in 1946 28 14 25 32 36 35 Plan to buy in 1947 21 9 17 24 28 26 Houses: Expected to buy in 1946 8 4 7 9 9 11 Bought in 1946 7 3 6 7 8 13 Plan to buy in 1947 6 1 6 6 8 9 1 Intended purchases for the year 1946 were ascertained in the survey made early in 1946. Actual purchases during 1946 and intended purchases for 1947 were ascertained early in 1947. In every case, the percentage of people expecting to buy includes those who said definitely they would buy and those who said they probably would do so. Intended purchases in 1946 are related to 1945 income, and actual purchases in 1946 and intended purchases for 1947 to 1946 income. JUNE 1947 651 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SURVEY OF CONSUMER FINANCES in 1946 was undoubtedly partly due to the fact These plans cover both newly constructed houses that these items were not fully available, and it and those built in previous years. The number of can be expected that in 1947 plans may be carried spending units with definite plans to buy houses out more completely. Again in 1947 there may during 1947 declined while the number of units be a great many furniture buyers who at the be- with indefinite plans increased. Spending units with ginning of the year did not anticipate their needs veterans as members account for almost one-half for furniture. of the prospective house purchasers. More spending units are uncertain and undecided about entering the housing market now than a PURCHASES OF AUTOMOBILES AND SELECTED DURABLE GOODS year ago. It is estimated that at the beginning of PERCENTAGE DISTRIBUTION BY INCOME GROUPS, 1946 1947 at least 1 million spending units planned to buy newly built houses in 1947. Almost half the prospective 1947 purchasers of newly built houses would spend more than $6,000 but no more than one quarter planned to pay as much as $10,000. For houses of all types, they planned to pay about $6,300 on the average, which is about 25 per cent more than the average payment contemplated for 1946. The lowest income group of spending units has almost completely withdrawn from the housing market, and spending units with incomes of $5,000 or more also show a tempering of intentions to buy houses, especially in relation to their actual purchases of houses in 1946. METHOD OF PAYMENT FOR PURCHASES In purchasing automobiles and other selected durable goods, about 55 per cent of the prospective AOUNT SPENT pURC°HFASERS O M P U 8 M P B E B N R D IN0 PURCHASERS SPENT buyers in 1947 plan to pay full cash (including AUTOMOBILES UNITS DUR S A E B L L E E C T G E O O ODS trade-in allowances). As shown in Table 3, this corresponds closely to the number of purchasers As shown by Table 2, within each income group who expected to pay cash in 1946. Actually in that the proportion of spending units purchasing selected year a larger proportion of buyers, nearly two-thirds consumer durable goods during 1946 corresponded of the total, paid cash, and only one-third used to the proportion contemplating purchases at the instalment credit. Cash payments, as shown in beginning of the year. The decrease already noted this table, include amounts obtained from current in over-all buying intentions for 1947 also appears income during the year, withdrawals from prewithin each income classification. viously accumulated liquid asset holdings, proceeds In 1946 spending units in the income classes of from sales of other assets, and trade-in allowances. $2,000 to $5,000 accounted for three-fifths of the Reductions in holdings of bank deposits and dollar volume of expenditures for selected durable savings bonds in order to finance the purchase of goods other than automobiles, and those with in- automobiles and other consumer durable goods will comes of over $5,000 accounted for another quarter be more common in 1947 than they were in 1946, of the total. As shown in the chart, about one-fifth according to the plans of prospective buyers. Nearly of the buyers were in the income class of $1,000 to half of the consumers who plan to buy durable $1,999, but they contributed little over a tenth of goods in 1947 expect to draw on their liquid assets, the total amount spent. Spending units with in- as compared with a third of prospective purchasers comes below $1,000 accounted for a very minor who expected to draw upon their liquid savings in share of the market for these goods. 1946. In financing their purchases of automobiles Houses. Fewer people plan to buy houses in 1947 and other durable goods in 1946, consumers drew than either planned to buy or bought them in 1946. on their liquid assets somewhat more heavily than 652 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SURVEY OF CONSUMER FINANCES they had planned. Approximately one-third of large number of prospective buyers do not know the amount spent for these purchases during the how they will finance their purchases, but assuming year was covered by a net reduction for the year in that they borrow at the same rate as those who holdings of bank deposits and Government bonds do have specific plans for financing, about one-fifth of the buyers. of the total amount to be spent for automobiles and other durable goods will be borrowed. TABLE 3 The people who use the instalment plan for the METHOD OF PAYMENT FOR AUTOMOBILES AND OTHER SELECTED purchase of durable goods (other than automobiles) DURABLE GOODS BY PROSPECTIVE AND ACTUAL BUYERS, 1946 show the same general characteristics as for prewar AND 1947 years: they are concentrated in the low- and middle- Percentage distribution of buyers income groups; they live mainly in middle-size cities; a large proportion of them are skilled, semi- Method of payment Plans for Actual Plans for skilled, and unskilled workers; they include a disfinancing financing financing in 1946 in 1946 in 1947 1 proportionately large number of young people. At all income levels, borrowing for the purchase of Full cash (including trade-in allowances) 56 66 55 automobiles as well as of other durable goods in Instalment credit (together with down payments—cash 1946 was more common among those with small and trade-in allowances). . . 35 32 37 liquid asset holdings than among those who held Uncertain as to method 9 2 8 fairly large amounts. All buyers... 100 100 100 Distributions of buyers of automobiles and of buyers of other TABLE 4 selected durable goods by methods of payment for 1947 are substantially similar. METHOD OF FINANCING PURCHASES OF HOUSES IN 1947 Fully as many consumers plan to use instalment Percentage distribution Method of financing of spending units that plan credit in purchasing durable goods during 1947 to buy or build houses as did in 1946. Fewer buyers, however, used instalment credit during 1946 than had indicated they Full cash 13 Borrowing less than 60 per cent of would do so at the beginning of the year. This price 14 Borrowing 60 per cent or more of year if more consumers planning to buy new auto- price 42 Borrowing uncertain amount 18 mobiles, refrigerators, washing machines, and other Not ascertained 13 durable items are successful in their buying plans, All buyers. . there is the likelihood that the volume of instalment sale credit will expand at a more rapid rate than during 1946, and that use of liquid assets for these As indicated in Table 4, most of those who expect purposes will be greater. Price increases in the to buy houses in 1947 plan to resort to borrowing. past year may be a factor in causing more pros- Most borrowers intend to borrow 60 per cent or pective purchasers to consider it necessary to use more of the price they plan to pay. About 5 out some part of their asset holdings or to borrow, if of every 10 prospective buyers also expect to use they fulfill their intentions to purchase, than was some of their liquid assets for the purchase of houses. the case in 1946. Less than 2 out of every 10 buyers plan to sell other houses or investments to obtain funds with Among the people who expect to buy automobiles which to make their purchases. in 1947, fewer of those who plan to buy new cars contemplate using credit than of those intending CHANGE IN LIQUID ASSET HOLDINGS IN 1946 to buy used cars. While 59 per cent of the new car buyers plan to pay all cash for their cars, According to over-all banking and Treasury only 45 per cent of the used car buyers expect statistics, total personal holdings of liquid assets— to do so. Government bonds and bank deposits4—increased Among the prospective buyers of automobiles 4 Holdings of currency, of which about 26 billion dollars is in and other durable goods in 1947 who contemplate circulation outside of banks, including business as well as personal holdings, are usually included in over-all compilations borrowing to finance their purchases, the average of liquid asset holdings. Because satisfactory information as to such holdings could not be obtained in the Survey of Conamount expected to be borrowed is $380. A fairly sumer Finances, they are not covered in this analysis. JUNE 1947 653 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SURVEY OF CONSUMER FINANCES by about 8 billion dollars during 1946, which was Additions likewise occur as a result of buying other a much slower rate than during the war years. securities or houses, repaying debt, paying for life Notwithstanding the over-all increase, it was found insurance premiums, and so on, and reductions in in the survey that the number of individual spend- savings occur as a result of going into debt and ing units showing net reductions in their holdings selling real estate or securities. The discussion exceeded somewhat the number showing net in- of these other forms of saving and dissaving will creases. The total decline in holdings of all units be presented in articles in subsequent BULLETINS. that had smaller amounts of liquid assets at the Analysis of reductions in liquid assets is included beginning of 1947 than at the beginning of 1946 in this article because it provides some indication approximated 10 billion dollars. These with- of the extent to which liquid asset holdings suppledrawals were, however, apparently more than ment available purchasing power. counterbalanced by liquid savings on the part of As indicated in the chart, slightly more than twospending units that increased their holdings of fifths of all spending units reduced their holdings bonds and bank deposits during the year.5 of bank deposits and Government securities in 1946, exceeding somewhat the number increasing their holdings; the remaining fifth showed little change. SPENDING UNITS SHOWING CHANGES JN PERSONAL HOLDINGS OF GOV'T BONDS AND BANK DEPOSITS, BY INCOME GROUPS The number reducing holdings was greater in 1946 than in 1945, while the number adding to their 40 P" CE20T J 20 PER C40T 60 holdings declined. This was the case for all income groups. In 1946, among high- and medium- J * 5.000. • AND OVER income units, the number adding to holdings continued to exceed the number reducing holdings, •dttdii and this probably accounted for a large part of the increase in total holdings. In the lower-income brackets, spending units who reduced their holdings J :. Lz™^ ••EMI TABLE 5 • * 1.000 •EDBT DISTRIBUTION OF DECREASES IN LIQUID ASSETS IN 1946 BY PURPOSE OF WITHDRAWAL AND INCOME GROUP X ^ y ALL HOLDERS ^J Percentage distribution of m spending units within selected income groups reducing Percent- liquid assets age of net de- Purpose cline in Spending units showing no change are not included. total Income group hold- All in- Some part of the reduction in previously ac- ings2 g c r o o m up e s U £2 n , d 0 e 0 r 0 $ $ 2 4 , , 0 9 0 99 0- $ o a 5 v n ,0 e d 0 r 0 cumulated holdings of liquid assets was, as pointed out in the preceding section, for the purchase of General living expenses3. 33 57 67 55 34 Automobiles and durable durable goods and houses, but withdrawals for goods 9 11 7 13 14 Houses and investments4 29 14 9 14 32 these purposes account for only a part of the change Several purposes 29 18 17 18 20 that took place in these holdings during 1946. In All purposes 100 100 100 100 100 addition, some spending units reduced their hold- 1Only spending units that had smaller amounts of Government ings for other purposes. bonds and bank deposits at the beginning of 1947 than at the be- Additions to and withdrawals from previously ginning of 1946 are included in this table. These units were asked the following question: "We find that your current bond and bank accumulated holdings of Government bonds and holdings are smaller than what, you had a year ago. You used about $ from your savings. What sort of things did you bank deposits, it should be noted, do not fully use this money for?" 2 Total (net) use of liquid assets refers to the dollar amount of represent changes in the balance sheet of savings. liquid assets used by those spending units showing a reduction in their holdings. 3 Includes living expenses, emergencies, and consumption pur- 5 In the light of the over-all increase in personal liquid asset poses such as repair of houses, moving, education. holdings during 1946 as estimated from banking and Treasury 4 Of the total amount used for houses and investments, slightly statistics, the 1947 survey findings underestimated the increase more than half was for housing and other real estate and the rein liquid assets. mainder for investment in securities and unincorporated businesses. 654 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SURVEY OF CONSUMER FINANCES were more frequent than those who increased their in real estate, securities, and unincorporated busiholdings, in contrast to the situation in 1945 when nesses. increases predominated in all groups. Most of the spending units that reduced their As an indication of the purposes for which liquid liquid assets retained a part of their holdings. assets are drawn upon, information regarding the Nevertheless, as shown in Table 6, almost oneintended use of withdrawn funds was obtained in fourth of those who reduced their assets, or about the survey from those reporting reductions in hold- a twelfth of all holders, used all of their holdings. ings of bank deposits and Government bonds. About three-fifths of the asset withdrawers used Table 5 summarizes the proportions used for various 25 to 99 per cent of their holdings, and one-fifth used purposes, as well as the proportions of spending less than 25 per cent. People with low incomes units in different income groups that reduced their used all of their liquid assets proportionally more holdings for the purposes indicated. It should be often than did people with middle incomes; no one noted that these data include neither spending units with an income of $5,000 or more reported using all that did not reduce their liquid assets, nor those of his liquid assets. Among spending units with whose withdrawals from holdings were offset by higher incomes net decreases of $1,000 or more previous or subsequent additions during the year; were a large portion of all reductions. that is, they cover only holders who reported decreases in their total holdings and only the aggre- TABLE 6 gate amounts of net declines shown by these holders. DISTRIBUTION OF DECREASES IN LIQUID ASSETS IN 1946 These data show that among the principal pur- BY SIZE OF REDUCTION AND INCOME GROUP poses indicated for reductions in liquid assets, general living expenses were more frequently mentioned Percentage distribution of holders showing reduction than any other (by 57 per cent of all spending units) and accounted for 33 per cent of the net decline Reduction Income groups in total holdings. In terms of the dollar amounts All income groups Under $2,000- $5,000 of assets withdrawn, housing and investment were $2,000 $4,999 and over also important. Comparison of the purposes for which liquid assets were used in 1945 and 1946 Percentage reduction in liquid assets: shows very close consistency in the two years. The 1-24 per cent 18 4 12 2 25-99 per cent 59 20 34 5 only clear exception was that in 1945 assets were 100 per cent 23 12 11 0 used to a lesser extent than in 1946 for the purchase All classes 100 36 57 7 of consumer durable goods, which were available Amount of reduction in liquid assets: during 1945 in very limited quantities. Under $200 30 13 16 1 Lower-income groups used their assets most fre- $200-$999 49 17 30 2 $1,000 and over. . . . 21 6 11 4 quently for living expenses and emergencies. The All classes 100 36 57 7 higher the income group the greater the relative use of assets for investment, or purchase of con- CONTEMPLATED INVESTMENT OF LIQUID ASSETS sumer durable goods, but it is significant that even within the middle- and upper-income groups very At the beginning of 1947, as was the case a year substantial numbers of spending units drew upon earlier, only a small percentage of people with subholdings of liquid assets for living expenses. stantial holdings of liquid assets ($1,000 or more) Specific allocation of the liquid assets indicated expressed intentions to transfer any part of these in Table 5 as spent for "several purposes" is not assets to other forms of investment. At the same feasible from survey returns. A rough allocation time investor preferences for various types of nonin accordance with major purposes of spending, liquid assets underwent some change. however, would yield the following approximate Definite plans to transfer liquid assets to other distribution: about two-fifths for general living ex- forms of investment during 1947 were expressed penses; about one-fifth for automobiles and other by 6 per cent of the substantial holders of liquid durable goods; just over one-fifth for the purchase assets, as shown by Table 7. The frequency with of houses; and just under one-fifth for investment which such intentions were expressed had not JUNE 1947 655 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SURVEY OF CONSUMER FINANCES changed substantially from the beginning of 1946. explanations given, it was evident that this was an The larger the liquid asset holdings, the more unfavorable reaction to high real estate prices. frequently plans to transfer assets were expressed. The various occupational groups show different Among holders of $1,000 to $3,000 in Government preferences for the various types of assets. Of the bonds and bank deposits, 7 per cent plan to transfer unskilled and skilled workers, more than threesome assets or will probably do so; the percentage fourths prefer either Government bonds or bank is almost 20 among holders of more than $5,000 of deposits. White collar workers, professional peoliquid assets. ple, businessmen, and farm operators in the order named show diminishing preferences for these TABLE 7 liquid assets. As already indicated, 8 per cent ^>f PLANS TO TRANSFER LIQUID ASSETS TO NONLIQUID INVEST- the substantial holders of liquid assets expressed a MENTS DURING 1947 preference for real estate or securities as a type of investment. Of the various occupational groups, Percentage of substantial holders1 the following proportions of substantial holders indi- Type of investment cated a preference for this type of investment: unskilled workers, 3 per cent; both skilled and Real Secur- Busi- Any one white collar workers, 6 per cent; professional peoness type ple, 10 per cent; and both businessmen and farm Will use liquid assets to buy . operators, 11 per cent. Will probably use liquid assets to buy 1 1 2 4 Undecided 3 1 4 5 CONSUMER ATTITUDES AND EXPECTATIONS Will not use liquid assets to buy 79 82 75 70 Not ascertained 16 14 16 15 Several changes occurred during 1946 in the All substantial holders x. 100 100 100 attitudes and expectations of consumers regarding general economic conditions and their own financial 1 Spending units holding $1,000 or more in liquid assets at the beginning of 1947. status. In early 1947 more people were optimistic about the country's immediate economic future than In both years approximately two-thirds of the at the beginning of 1946; over half of the people substantial holders of liquid assets considered it wisest to buy assets with fixed value, such as Gov- TABLE 8 ernment bonds or bank deposits. Relatively small PREFERENCE FOR ASSETS WITH FIXED OR WITH proportions of large liquid asset holders preferred CHANGING VALUE1 investment in assets of changing value, such as real estate and corporate stocks. In comparing opinions Percentage of substantial holders of liquid assets 2 expressed early this year wTith those expressed in Type of asset preferred 1946, however, two significant differences appear, 1946 1947 as shown in Table 8. First, among those preferring Assets with fixed value—total. 61 68 assets of fixed value, the proportion of spending Government bonds 37 31 Bank deposits 6 19 units favoring bank deposits increased substantiallv, Both types 18 18 while the proportion favoring Government bonds Assets with changing value—total 16 8 declined somewhat. In this connection, it is in- Real estate 11 4 Securities 3 3 teresting to observe that the largest increases in Both types 2 1 people's liquid asset holdings during 1946 occurred Assets with fixed and changing value—total 5 9 in bank accounts. The second significant differ- Government bonds and real estate. . 2 3 ence in people's preference for assets was that at Other combinations 3 6 the beginning of 1946 some 16 per cent of the spend- Undecided, "it depends" 6 1 Not ascertained 12 14 ing units with substantial liquid asset holdings, All cases 100 100 and this year only 8 per cent, thought it wiser to buy assets with changing value. The decrease ap- 1 The question was: "People sometimes have money they don't have to spend right away, and they can either put it in a bank or pears in the number preferring real estate as a form they can invest it. What do you thiuk would be the wisest thing of investment and not in the number preferring to do with the money nowadays—put it in the bank, buy savingsbonds with it, buy other securities with it, or invest it in real securities or diversification of investment. From estate?" "Why do you think so?" 2 Spending units holding $1,000 or more in liquid assets. 656 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SURVEY OF CONSUMER FINANCES expected good times, compared with about a third prices. Early in 1947 most people giving unqualilast year, while the proportion anticipating had fied answers expected prices to decline, while early times declined from 36 to 22 per cent. Optimism in 1946 the prevailing opinion was that prices concerning their own personal situations had also would rise. In the minds of consumers, a decline increased among consumers, as shown in Table 9. in the price level does not seem to be associated When asked whether they considered themselves with deterioration of the general economic situation. better off or worse off than they were a year ago, As shown in Table 10, more than a fourth of all nearly a third reported that they were better off, people expected both good times and falling prices as compared with a fifth making this statement TABLE 10 a year earlier. While there was no greater tendency to expect incomes to increase, fewer people expected RELATIONSHIP BETWEEN PRICE EXPECTATIONS AND OPINIONS their incomes to fall. CONCERNING ECONOMIC OUTLOOK IN 1947 The most pronounced shift in consumer attitudes j Percentage of spending units occurred in relation to the prospective trend of Expectations Expect prices to C ti o o n n d a i l - TABLE 9 price remain expecta- CONSUMER EXPECTATIONS CONCERNING THE GENERAL ECO- go up sa th m e e down tions NOMIC OUTLOOK, INCOMES, AND PRICES Good times ahead 5 13 28 8 Uncertain, no change 3 5 8 5 Expectations Pe sp r b c e u e n t n i d o t i a n n g g e o f u d n a i i s ll t t s ri- N Ba o d t a ti s m ce e r s t a a i h n e ed ad (r 5 ) C1 4 ) 10 I 4 1 Total2 13 22 46 17 1946 x 1947 2 1 Less than one-half of 1 per cent. General economic outlook 3 2 Detailed figures may not add to totals because of rounding. Good times ahead .... 35 55 in the immediate future. Only a few, on the other U Ba n d c e t r i t m ai e n s , a n h o e a c d h ange . . . . . . . 3 2 6 3 2 2 2 1 hand, expected both good times and rising prices, Not ascertained 6 2 and an equal number associated expectations of All cases 100 100 rising prices with an outlook for hard times. Own incomes 4 In the course of the survey, consumers were asked Income will be larger than in preceding year. . 25 26 whether their price expectations made any differ- Income will be about the same 34 42 Income will be smaller than in preceding year. 23 12 ence in their plans to buy durable goods, clothing, Uncertain, "it depends" 13 18 Not ascertained 5 2 house furnishings, and other similar items. In answering this question, people expressed consider- All cases.. 100 100 able dissatisfaction with the present price level. Price changes 5 More than one in four said they were postponing Will go up 53 13 Will remain the same 21 22 certain purchases, especially of automobiles, other Will go down 8 46 Conditional answers . 13 17 . durable goods, and clothing, until a more favorable Not ascertained 5 2 price situation should prevail. One-third of the All cases. . 100 100 spending units, while not saying specifically that they were postponing purchases, said that they were 1 Based on interview's in January-March 1946 (first survey). 2 Based on interviews in January-March 1947 (second survey). following a policy of economy because of the high 3 The question was: "Considering the country as a whole, do you prices, and were buying as little as they possibly think we will have good times or bad times or what during the next year or so?" could. 4 Farm operators were not asked their income expectations in the first survey; consequently they are excluded from the compila- Tables 11 through 14 on the following page contion of these answers. 6 The question was: "What do you think will happen to the tain additional information concerning some of prices of the things you buy during the next year—do you think they will go up or down or stay about like they are now?" the preliminary findings presented in the text. JUNE 1947 657 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SURVEY OF CONSUMER FINANCES TABLE 11 TABLE 12 CONSUMER ATTITUDES TOWARD SELECTED PURCHASES IN 1946 CONSUMER ATTITUDES TOWARD USE OF LIQUID ASSETS FOR AND 1947 PURCHASE OF AUTOMOBILES AND OTHER SELECTED DURABLE GOODS, 1946 AND 1947 Percentage distribution Type of product and attitude of all spending units Percentage distribution of toward purchase Intention of holders, with amounts prospective buyers 1946 1947 of anticipated expenditures 1946 1947 Automobiles: W W i i l l l l p b r u o y bably buy 3 8 8 4 Will not use liquid assets... 55 45 W Un il d l e n c o id t e b d u , y "it depends" 84 2 84 3 Plan to use liquid assets—total. . 28 37 Not ascertained 3 1 Less than $100 3 3 All cases 100 100 $ $ 5 1 0 0 0 0 - - $ $ 9 4 9 9 9 9 9 4 1 4 1 Other selected durable goods: $l,000-$2,999 4 7 Will buy at least one item 22 14 $3,000 or over 0) C1) Will probably buy 6 7 Uncertain as to amount 8 U W n il d l e n c o id t e b d u , y " i a t n d y e p it e e n m ds" 63 5 72 5 Uncertain as to use2. 17 12 Not ascertained 4 2 All cases 100 10 1 0 8 All cases... 100 100 Ho U W P u l n s a i e l d n l s e p : c t x o i r d o b e b u d a , i b ld l " y i t o b r d u e b y p u e y n a d s h " ouse 6 2 1 2 3 4 a b s e c 2 c 1 e o I L r f m t e a s e i p s : n r e t o d h s a p n e a c r o t e i n v e e - i h n a c b l l f u u y d o e e f r d s 1 p i w n e h r o t c s h e e e n t f . i d n i a s n tr c i i b n u g t io i n n , t en t t h i e o ns p e w rc e e r n e t ag n e o s t Will not buy 83 89 1946 1947 Not ascertained 8 2 Will not use liquid assets... 66 55 Plan to use liquid assets.... 34 45 All cases 100 100 TABLE 14 1 Old as well as newly built houses on the part of the nonfarm population. DISTRIBUTION OF PURCHASERS OF NEW AUTOMOBILES AND OTHER DURABLE GOODS, BY PRICE CLASS, 1946 AND 1947 [Per cent] TABLE 13 1946 1947 Price class DISTRIBUTION OF PROSPECTIVE PURCHASERS OF HOUSES, Prospective Actual Prospective BY PRICE CLASS, 1946 AND 1947 X purchasers purchasers purchasers [Per cent] New automobiles: Under $1,000 5 3 2 $1,000-11,349 62 27 33 Price class 1946 1947 $l,350-$l,999 22 52 43 $2,000 or over 2 16 12 Uncertain 9 2 10 Under $2,000 18 10 $2,OOO-$3,999 16 13 All cases 100 100 100 $4,000-$5,999 19 18 $6,000-$7,999 15 13 Other durable goods: $8,000-$9,999 9 11 Under $100 19 24 12 $10,000 or over 7 18 $100-$199 24 24 21 Uncertain 16 17 $200-$299 17 17 26 $300-$499 14 13 14 All cases 100 100 $500-$999 10 11 11 $1,000 or more 5 6 5 Uncertain 11 5 11 1 The median price to be paid for houses (old as well as newly built) was $4,000 for buyers with incomes under $2,000; $5,000 for All cases 100 100 100 incomes of $2,000-$3,999; and $8,000 for incomes of $4,000 or over. APPENDIX EXPLANATION OF THE SAMPLING METHOD x The Survey of Consumer Finances is based upon senting a cross-section of the public. People from interviews with a sample of 3,058 consumers, repre- all walks of life are included—farmers, factory 1This article was prepared by Eleanor E. Maccoby and Roe workers, clerks, executives, and many others. Goodman of the staff of the Survey Research Center, University of Michigan. Readers of survey results often ask questions 658 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SURVEY OF CONSUMER FINANCES about the people interviewed: How are they se- It has been found that just as a representative lected? How can a sample of 3,000 people be rep- sample of fuses or water can be chosen, it is posresentative of many millions of consumers? The sible to select a representative sample of people. present discussion describes in nontechnical terms The information from these people will give a very the sampling methods and the rationale behind good idea of what would have been found if it them.2 had been possible to get information from the entire population. For example, to find out what SUMMARY The sample for the Survey of Consumer Finances proportion of the registered nurses in New York is selected by the method of area sampling. First City are over 50 years of age it would not be necessary to tabulate the ages of all registered nurses. a selection of counties is made (after all of the Every 10th card in the registration file would give counties in the country have been stratified), and a very accurate idea of the age distribution of all then within each county chosen a selection of open registrants. country segments and city blocks is made. From the selected city blocks, a sample of dwellings is In a survey of consumer finances, limitations of drawn, while all dwellings in the chosen open time and resources make it impossible to interview country segments are included in the sample. All every family in the nation; nevertheless, the obspending units in each of the sample dwellings are jective is to obtain a good estimate of the distribuinterviewed. Dwelling units on high-rent blocks tion of income, liquid asset holdings, saving, and and dwellings rated as high-income dwellings by other items, among all the nation's consumers. the interviewers are sampled at a higher rate than It becomes necessary to select a sample of people other dwellings, and the interviews from these who will represent the nation—a group of people dwellings are then weighted downward in the among whom income, liquid asset holdings, and saving will be distributed very much as they are for analysis of the survey's results. This over-sampling the nation as a whole. Such a sample is most likely of high-income dwellings reduces the sampling to be free from bias and hence representative if, error of the survey. as the final step in its selection, the persons in the The sample of 3,000 cases used for the national sample are chosen by random processes. That is, Survey of Consumer Finances is large enough to each consumer in the nation must be given an equal furnish reliable estimates for percentage distribuor a known chance of being included in the sample. tions, medians, and Lorenz curves based on the whole sample; it is less reliable for means, and is Whenever a survey is based on a sample of people too small to permit regional break-downs. instead of upon an entire group, the results will be subject to "sampling error." It might happen BASIC PRINCIPLES OF SAMPLING by chance, for example, that in the card file on The idea of sampling has grown quite familiar registered nurses, cards 10, 20, 30, etc. are more in recent years. Manufacturers of fuses know that often cards for older nurses, while the other cards they need not test every fuse which is produced— are more often for younger nurses. A sample of that a check on the quality of the product can be every 10th card from this file would not be fully maintained by testing every 1,000th or 10,000th representative as to age. The larger the number of fuse. Health technicians charged with maintain- cases any sample contains, the less likely it is to ing the purity of a city's water supply need not have too many or too few of any one group. test every cubic foot of water for bacterial content. It is sufficient to take samples at intervals from STRATIFICATION OF THE SAMPLE different parts of the reservoir; the water in these There are ways of reducing sampling error so samples will be very similar to the whole water that even with a relatively small number of cases supply from which they were taken; that is, they the chances of having an unrepresentative sample will be representative. will be very small. One common device for re- There are times when we wish to obtain in- ducing sampling error is stratification. To stratify formation about certain characteristics of people. a sample means in eflect to arrange the units which are being sampled in a certain order according to 2 A technical article on sampling procedures used in the Survey of Consumer Finances, prepared by Mr. Goodman, will be sup- some characteristic before selecting every N'th plied on request. Requests should be addressed to the Survey Research Center, University of Michigan, Ann Arbor, Michigan. (every 10th, 50th, 100th, etc.) unit. JUNE 1947 659 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SURVEY OF CONSUMER FINANCES If we threw the names of the counties of the The final decision as to sample size must depend United States into a hat, for example, and drew on the complexity of the interviewing job, and the out 100 of them at random, we might by chance amount of sampling error which can be considered select too many predominantly urban counties and acceptable. The sample of 3,000 cases on which the too few predominantly rural counties. If we Survey of Consumer Finances is based is too small arrange the counties in order of their urbanization, to permit certain kinds of internal analysis of the however, from the most highly urbanized to the findings—regional break-downs are not possible, most rural, and then select every N'th county, for example, and analysis of certain small but inwe are certain to select a proper proportion of teresting segments of the population is severely highly urbanized and a proper proportion of rural limited. counties. For many important items, national estimates No sample can be improved, of course, by making based on 3,000 interviews are quite reliable, howsure that the items sampled are representative of ever. The sampling error of percentages in pera certain characteristic, unless the items of informa- centage distributions is such that the probabilities tion being studied in the survey are related to are only 1 in 20 that the survey findings differ from that characteristic. A survey of income distribu- the true percentages by more than 2 percentage tion or occupational status, for instance, would points. If the survey were to show, for example, probably be more improved by stratification accord- that 50 per cent of the respondents expect prices ing to urbanization than would a survey of the to fall, or 50 per cent of the respondents hold incidence of cancer or a sample study of the height- less than $200 worth of Government bonds, the chances are only 1 in 20 that these percentages difweight ratio. fer from the true percentage for the whole popula- A single sample may be stratified for several tion by more than 2 points. For small percentcharacteristics. This is done by first arranging the ages, the sampling error in percentage points is units according to one variable and dividing them smaller: A finding that 6 per cent of the sample into several groups according to this variable, then expect to buy houses would have a high probability dividing each of these groups into subgroups acof falling within 1 percentage point of the true cording to a second variable, etc. figure.3 Some statistics yielded by the survey are THE SIZE OF THE SAMPLE subject to greater sampling error than others. The mean income, for example, has a greater sampling Many considerations enter into the decision as error than the median income, because each indito how large a sample is needed for a survey. While vidual affects the median to the same degree as each there is a point beyond which increasing the sample other individual, but his effect on the mean is size will not increase the precision of the sample weighted by the size of his income. The chance appreciably, it is generally true that the larger the inclusion or exclusion of a high-income person in sample, the lower the sampling error. Also, large the sample, then, may affect the mean substantially samples permit more break-downs of the data (by but not the median. Correspondingly, the sampling regions, occupational groups, etc.) than small error of the estimated average price paid for autosamples do. On the other hand, small samples mobiles is greater than that of the estimate of the are less expensive, and they have one very great number of automobiles sold. advantage which is often overlooked: it is possible It should be borne in mind that sampling error to maintain a higher standard of interviewing skill does not diminish in direct ratio to an increase in and closer field supervision when the sample is the size of the sample. The sampling error varies small. This, of course, is more important when inversely with the square root of the number of the interview schedule is difficult to handle (as it cases. For national surveys, a point of diminishing is in the Survey of Consumer Finances) than when returns is soon reached, beyond which further inthe study is simple. A small sample can be completed in a shorter period of time, and will there- 3 The standard error of percentages from the survey is about 1 per cent at the middle of the percentage range, and about onefore yield results which are more homogeneous half of 1 per cent at the end of the range. It should be kept in mind that the range of error cited here is sampling error only. than those of a study whose field work must be The true figures for the entire population may differ from surspread over many months. vey findings by a larger amount due to other errors, such as reporting error. 660 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SURVEY OF CONSUMER FINANCES creases in the number of cases will not yield worth- SELECTION OF INTERVIEW DWELLINGS while gains in sampling efficiency. The point of AND RESPONDENTS diminishing returns does not depend on the size Once sample points are selected, the next step of the group being represented, but upon its is to select the particular dwellings within each variability. In other words, a sample of 3,000 county where interviews are to be taken. For would represent a nation of 40 million families just sampling in the open country parts of each county, as well as it would represent a nation of 500,000 materials from the Master Sample of Agriculture families, provided the two nations were similar were used.5 With the use of detailed maps, the in the way incomes, savings, buying intentions, etc., open country areas are divided into segments were distributed among the population. (small areas bounded by easily identified landmarks such as roads and streams) and a random selection SELECTION OF THE INTERVIEW PLACES of segments is made. Then interviews are taken In selecting a sample for a nation-wide survey at every dwelling in each of the selected segments. such as the Survey of Consumer Finances, one of In the 12 metropolitan areas, and in the towns the first problems to be solved concerns the number and cities in the 54 selected counties, a selection of of places in which interviews are to be taken. To blocks is first made. Detailed maps are secured take 3,000 interviews scattered over the United for every town or city which is to be included in States, without clustering them geographically in the sample, and from these maps the blocks are any way, would mean that there would be very counted and numbered, and a random selection is many counties or towns in which only one intermade among them.6 When blocks have been view would be obtained. Clearly, the travel costs chosen, interviewers are sent to these blocks to for interviewers would be prohibitively high with list the dwellings. They start at a given corner this kind of sample, and the time needed to obtain of the block, and proceed clockwise around it, the interviews would be considerable. The usual writing down on a listing sheet the address of each procedure for national surveys is to take a sample dwelling they encounter. Each apartment in an of places (or sample points) first, and then within apartment house is listed as a separate dwelling. these selected places to select a sample of dwellings The listing sheets furnished the interviewers have where interviews will be taken. Clustering the check marks on every N'th line, and the checked interviews in sample points increases the sampling lines, constituting a sub-sample of the dwellings error somewhat over the error of an unclustered on the block, are the dwellings in which interviews sample. are to be taken. In the Survey of Consumer Finances, the 12 When a dwelling has been selected as a sample largest cities of the country were first selected as dwelling by the above procedure, the interviewer sample points; then the remaining counties were determines the financial facts concerning all the stratified according to the following variables: people who live in the dwelling. Urbanization, average per capita sales of Govern- By drawing a representative sample of dwellment bonds in wartime, industrialization, percentings, we are at the same time drawing a representaage of the population who are native white, and tive sample of spending units, families, or indiaverage size of farm. The stratification resulted in viduals. The nature of the unit of which we have 54 strata, and within each stratum one county was a representative sample depends upon how the selected at random. Each county was given a occupants of the sample dwellings are grouped into probability of selection proportional to its 1940 economic units by the interviewers. This, in turn, population.4 All the different regions of the coundepends on what unit has been chosen as the most try were represented among the counties chosen in appropriate interviewing unit for the survey. In this way. the Survey of Consumer Finances, the inhabitants 5 See A. J. King and R. J. Jessen, "Master Sample of Agriculture," Journal of the American Statistical Association, Vol. 40, 1945, pp. 38-56. 6 The method of double sampling is used in the selection of blocks in cities of more than 50,000. A large sample of blocks is first chosen, then these blocks are stratified and from them a sub-sample is taken to constitute the final sample of blocks. JUNE 1947 661 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SURVEY OF CONSUMER FINANCES of each dwelling which falls into the sample are interviewing began, interviewers were instructed grouped into spending units. A spending unit is to rate the dwellings on the sample block accorda group of people living in the same dwelling ing to whether they thought the dwellings were related by blood, marriage, or adoption, who pool occupied by high-, medium-, or low-income families; their incomes for their major items of expense.7 the dwellings rated high and medium were sam- For some of the survey findings, the occupants of pled at a higher rate than those rated low. This the sample dwellings are regrouped according to meant that the greater sample precision which refamilies,8 and tabulations are made according to sults from a larger number of cases was obtained both families and spending units. for the high-income dwellings only, not for servants' quarters and other low-income dwellings which OVER-SAMPLING OF UPPER-INCOME GROUPS happened to be on high-rent blocks. In towns In any survey which deals with the finances of under 50,000, where rent statistics were not availthe respondents, certain sampling problems assume able for the blocks, interviewer ratings of the ecomore importance than they do in other surveys. It nomic status of sample dwellings were used; dwelis essential in a financial survey to make sure that lings rated as high-income dwellings were overthere is an adequate representation of the people sampled, while low-income dwellings were sampled in the upper-income groups. Since income and at the regular rate. The dwellings which were savings are unevenly distributed (a relatively small over-sampled were, of course, weighted downward proportion of the population receive a relatively in the final tabulations so that they made up only large proportion of the national income, hold a their proper proportion of the final results. relatively large proportion of the liquid assets, and DETERMINATION OF THE SAMPLING RATE account for a relatively large proportion of the savings), the survey findings from the upper-income In the foregoing description of the sampling procedure, it was stated that every N'th open country groups weigh heavily in the averages and other segment (and every dwelling in the segment), or statistics computed from the survey. There is great every N'th block and every N'th dwelling on the variation in the amounts received and held by memblock, were selected for the sample. How is it bers of the upper-income groups, and, when the determined how large the N—the sampling rate— sample is small, there is danger that too many or should be? Should it be every 10th, every 100th, too few wealthy people will be included in the or what? The sampling ratio depends, of course, sample. There are certain types of information, on the number of cases which are to be included furthermore, which can be obtained only from in the survey. Suppose that there are 40 million upper-income people—for example, the plans of dwelling units in the United States, and that a those holding $1,000 or more in liquid assets for national sample of 4,000 interviews is to be taken investing liquid assets in real estate or securities. (with no over-sampling of special groups). Then It is necessary to strengthen the sample at the uppereach dwelling in the country must be given one income levels, to make sure that the wealthy people chance in 10,000 of being selected. If 1 out of every will afJect the final results to the proper degree, 50 counties is chosen, and if in cities within these and to have a large enough group for study of cerchosen counties every 100th block is selected, then tain special questions relating to this group only. every second house on each of these blocks would In the Survey of Consumer Finances, upperhave to be included to maintain the sampling rate income groups were over-sampled, through the use of 1 in 10,000. Not all blocks in a city need be of the following devices. In cities with populations chosen at the same rate. Sometimes it is desirable of over 50,000 there are Census figures available to take densely populated blocks at a higher rate, on the average rent paid per block. Dwellings on but to take dwellings within these blocks at a lower high-rent blocks were sampled at a higher rate than rate, so as to minimize clustering of interviews dwellings on low-rent blocks. In addition, before while maintaining the proper basic sampling rate. 7 If people contributed more than one-half their income to In practice, dwellings are sampled at a somewhat the family it was considered that they pooled their income. In addition, a wife of the head of the family or a family mem- higher rate than the final number of interviews ber under 18 years of age or earning less than $10 a week was always considered a member of the main spending unit. desire3 would indicate. This over-sampling is 8 Families are defined as all persons living in the same dwelling done in the expectation that there will be a certain who are related by blood, marriage, or adoption. 662 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SURVEY OF CONSUMER FINANCES proportion of the dwellings selected where no one the Survey of Consumer Finances with Census can be found at home after repeated calls, or where data and other available information may not be the occupants will not consent to be interviewed. as precise as desired because the survey is based on When interviewers are not able to obtain an inter- a different consumer unit (the spending unit), view at the designated dwelling, they are not whatever checking can be done usually reveals a allowed to choose a substitute dwelling for an inter- satisfactory correspondence between the composition view—they simply go on to the next designated of the sample and the composition of the entire dwelling. » population. COVERAGE OF THE SURVEY Some insight into the accuracy of samples may be obtained by comparing several independent The dwelling units, families, and spending units samples. There is a high degree of correspondence covered in the current survey do not encompass all between the samples of the 1946 Liquid Assets the dwellings and all the people in the United Survey and the 1947 Survey of Consumer Finances States. The following groups are omitted: (1) with respect to occupational composition, racial people living outside the limits of the continental composition, etc. Also, the income distribution United States; (2) members of the Armed Forces produced by the 1946 Survey of Liquid Assets comliving at military reservations; (3) residents in pares very closely with the income distribution hospitals and in religious, educational, and penal obtained by the Bureau of the Census in a sample institutions; (4) the floating population, that is, survey. people living in hotels, large boarding houses, and At this time it is not possible to check such tourist camps. survey findings as the distribution of income by No exact data are available concerning the numincome classes with information obtained through ber of families and spending units in the nation not sources other than sample surveys. Another means covered in the survey. As an approximation, it of evaluating the sample and the reliability of can be stated that about 5.5 per cent of the 141.5 results, however, is to expand certain survey findmillion population was not included in the universe ings to over-all national estimates by multiplying from which the sample was drawn. the average values obtained from the survey by The group from which the sample is drawn is the best available estimate of the number of spendmade up of 40.6 million families (including singleing units in the nation. As has been pointed out person families) and 46.3 million spending units. before, the margin of error for a sample of the size used in this survey is much greater for dollar TESTING THE RESULTS OF THE SAMPLING PROCEDURE estimates than for other types of numerical totals, Once a national sample of 3,000 cases has been and therefore a comparison of the expanded dollar selected and a survey conducted, it is possible to estimates from the sample with outside estimates do some checking of the representativeness of the cannot be expected to provide a basis for judging sample by comparing the survey results with facts the adequacy of the survey as a whole. A discusabout the population known from other sources. sion of the expansion of certain findings from the The sample should, for example, contain about the Survey of Consumer Finances in comparison with same proportion of Negroes, and the same propor- accepted national estimates of data such as income, tion of farmers, as are found in the entire popula- liquid assets, and number of new passenger cars tion. While comparison of some findings from registered, will be presented in a forthcoming article. JUNE 1947 663 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SECURITY PLEDGED ON MEMBER BANK LOANS TO BUSINESS1 by Tynan Smith Division of Research and Statistics Federal Deposit Insurance Corporation An important aspect of the lending practices of unsecured, the secured loans amounted to less than commercial banks is the use of security, such as half of the total volume of member bank credit exliens on equipment, inventory, plant, or securities, tended to business. to supplement the financial strength and earning Types of security most commonly used were prospects of the borrower. Even with collateral those long established in banking practice, such as chief reliance for repayment is still the good faith equipment, real estate, stocks and bonds, inventories, of the borrower. Pledge of collateral as security and endorsements. In recent years, commercial for a loan is a device, however, like maturity and banks have been adapting their lending practices to amortization, for limiting the lender's risk. Not include a wider range of collateral, such as only does collateral provide greater assurance of accounts receivable, field warehouse receipts, and ultimate repayment, but the legal arrangements life insurance, which have been particularly develnecessary to collection in the event of default may oped by other financial institutions. These adaptabe facilitated by the use of a secured rather than an tions in part reflect the efforts of banks to expand unsecured note. When circumstances of the credit their services available to medium-size and small application do not justify an unsecured loan, banks enterprises. Accounts receivable and warehouse reas well as other lenders typically tend to take as ceipts, however, which are more expensive and inmuch security as they can obtain in order to limit convenient than other forms of collateral for comtheir risks. mercial bank loans, appear to have been used less SUMMARY extensively at the end of 1946 than before the war. The stronger average financial position of medium- Two out of every three member bank loans outsize and small companies, together with shortages standing to business in the fall of 1946 were secured of materials and supplies for inventory holdings, by some form of collateral or were endorsed. These reduced the use of these types of collateral in comloans were typically small and made largely to serve parison with prewar years. the credit needs of small business. Small business borrowers obtained larger loans when collateral was Bank loans secured by pledge of title on equipfurnished than on an unsecured basis. Since, how- ment are a much more important source of business ever, most of the loans to large companies were credit than before the war. Use of this type of collateral by small business borrowers has been 1 The present article is the third in a series covering the results of the nation-wide sample survey of business loans facilitated through the establishment of personal outstanding at member banks as of Nov. 20, 1946. The Federal Deposit Insurance Corporation cooperated in the survey by pro- loan or consumer credit departments by a large viding the services of Mr. Smith to analyze the data reported as to the security given for loans and to prepare this article. The number of commercial banks. two previous articles were "Business Loans of Member Banks," Stocks and bonds are especially suitable as colby Albert R. Koch, Federal Reserve BULLETIN, March 1947, and "Term Lending to Business by Commercial Banks in 1946," lateral for bank loans since their use reduces the by Duncan McC. Holthausen, Federal Reserve BULLETIN, May 1947. Subsequent articles, which deal with special phases of lender's risk to a minimum while the cost of bank loans to business, such as interest rates charged, and loans to small business, will appear in forthcoming issues of the handling is slight. As a result, loans secured by BULLETIN. The survey of bank loans to industrial and commercial busi- stocks and bonds carry the lowest average rate of nesses, on which this article is based, was planned by the Board's Division of Research and Statistics in consultation with the interest for either secured or unsecured loans made Board's Divisions of Bank Operations and of Examinations, the to all but the largest companies. Federal Reserve Banks, and other interested agencies. The information was collected and compiled into district totals at the The pledge of inventories as collateral may inter- Reserve Banks and national totals were prepared at the Board's offices. fere with the borrower's use of inventory in his Supervision of the survey, analysis of results, and preparation of articles are under the general direction of Ralph A. Young, business operations and frequently involves sub- Assistant Director of the Division of Research and Statistics. Richard Youngdahl, of the Division, has been largely respon- stantial handling costs. Thus, much of the credit sible for the supervision of the collection and tabulation of used to carry inventories is either unsecured or information. 664 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SECURITY PLEDGED ON MEMBER BANK LOANS TO BUSINESS secured by other types of collateral. Warehousing of the total volume of member bank business credit. and particularly the development of field ware- The most common types of collateral, as shown housing in recent years has made it possible to in Table 1, are those of long-established usage in pledge inventories of bulk goods as collateral for commercial bank lending to business. Inventories bank loans. However, the expense and incon- and stocks and bonds were pledged against the venience of warehousing make this type of collateral practicable only for loans of larger than aver- TABLE 1 age size. BUSINESS LOANS OF MEMBER BANKS, NOVEMBER 20, 1946 This survey revealed that at least one out of BY TYPE OF SECURITY every three member banks was making business [Estimates of outstanding loans] loans under the guarantee or insurance provisions Percentage of the Servicemen's Readjustment Act (G.I. loans). Amount Number distribution Major type of security of loans of loans These business loans were typically small and most (In mil- (In thoulions) sands) Amount Numof them were to veterans engaged in retail trade and ber service enterprises. Unsecured $ 7,322 239 55.3 35.6 Among the very small business borrowers (those Secured 5,799 410 43.8 61.1 with assets of less than $50,000) real estate, equip- No information 116 22 0.9 3.3 ment, and endorsement were the types of security All loans. 13,237 671 100.0 100.0 most frequently used, whereas for the large con- Secured: Endorsed and co-maker 706 76 12.2 18.5 cerns (assets of 5 million dollars or more) in- Inventories . 1 195 35 20 6 8 6 Bonded warehouse receipts. 420 7 7.2 1.8 ventories, equipment, and stocks and bonds were Field warehouse receipts. . . 62 1 1.1 0.3 Other warehouse receipts. . 458 7 7.9 1.8 the predominant types. The kind of business Other inventories 255 19 4.4 4.7 influenced the types of security employed to some Equipment 706 111 12.2 27.1 Assignment of title on extent, since certain business operations give rise equipment 102 10 1.8 2.5 Chattel mortgage on to bankable collateral while others do not. Most equipment 604 101 10.4 24.6 Plant or other real estate. . 943 77 16.3 18.7 frequent use of title on equipment as collateral for Stocks, bonds, and mortgages.. 1,075 46 18.5 11.3 U. S. Government securities 368 17 6.3 4.1 bank loans was by utility companies, which in- Other bonds 90 2 1.6 0.5 clude transportation enterprises, where equipment Listed stocks 297 18 5.1 4.5 Unlisted stocks 190 6 3.3 1.6 purchases constitute a major financial problem. Assignment of deed of trust or mortgage on Similarly, the use of inventories as loan collateral property not owned by the borrower 130 2 2.2 0.6 is relatively highest for wholesale trade companies, Accounts receivable 190 13 3.3 3.1 Life insurance 148 22 2 6 5.3 which have a large proportion of their working Oil rurs 191 2 3.3 0.5 capital tied up in inventory assets. Assignment of claims 314 20 5.4 4.8 Assignment of Government The first part of this article analyzes the relative As c s l i a g i n m m s ent of claims 21 C1) 0.4 0.2 importance of security and the predominant types a e g rn a m in e s n t t other than Gov- 274 13 4.7 3.2 of collateral used in commercial bank lending to Savings accounts 19 6 0.3 1.5 Government participation or different business groups and by various bank guarantee 119 2 2.1 0.6 V, VT or T loans 22 (i) 0.4 0) groups. Discussion of loans secured by each of the R.F.C. participation 64 1 1.1 0.3 more significant types of collateral follows. Many F R . . F R .C . . B bl a a n n k k e p t a g rt u ic a i r p a a n t t i e o e n .. 32 1 0.6 0.2 loans are secured by more than one type of col- Othe o r r s e g c u u a r r i a ty ntee 212 1 C1 6 ) 3'7 1 C .5 1) lateral; in such cases the principal collateral is All secured loans $5,799 410 100.0 100.0 accepted as the basis of loan classification. G. I. guarantee or insurance —partial security2 $ 54 16 0.4 2.4 THE USE OF SECURED LOANS 1 Less than 500 loans or 0.05 per cent. Types of security. Nearly two-thirds of the 2 Where G. I. guarantee or insurance is not the primary security these loans are classified according to major collateral; otherwise number of outstanding business loans of member they are classified under "other security." banks of the Federal Reserve System on November NOTE.—Figures may not add to total because of rounding. 20, 1946 were secured, including collateral and en- largest amounts of secured business loans, while dorsement or co-maker. Since most of the largest equipment, real estate, and endorsement or cobusiness loans are made on an unsecured basis, the maker were the types of security most frequently amount of secured loans represented less than half used by business borrowers. Commercial and in- JUNE 1947 665 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SECURITY PLEDGED ON MEMBER BANK LOANS TO BUSINESS dustrial equipment was pledged against one-fourth quires that no one of them be given a preferred of the number of secured loans, but since most of position by the pledge of collateral. Competition the loans so secured were for small amounts, they among lenders for the business of these large comaccounted for only an eighth of the amount of panies is such that insistence upon collateral is ususecured loans. ally tempered by the realization that the credit may Accounts receivable and field warehouse receipts, be secured from another source. which are relatively new types of security for bank The situation of the smaller companies is difloans, accounted for only a small part of the number ferent. The small borrower often does not have and amount of secured loans. The volume of loans adequate financial statements or budgets; he usually secured by oil runs is as large as that secured by cannot show an extended record of successful operaaccounts receivable and three times that secured by tion; and his sources of credit are limited. These field warehouse receipts, although oil runs are a factors frequently make it impossible for the small very specialized type of security. business borrower to obtain a loan in the amount Influence of size and kind of business on use of desired or needed without collateral. Even if the collateral. Size of borrower is a primary factor smaller enterprise is able to obtain unsecured bank in determining the extent to which bank loans are loans the use of collateral may simplify the process, usually made without supplementary collateral. As since the value of many types of collateral can be Table 2 shows, the proportion of both the number more readily determined than the small borrower's and amount of loans which were secured declined, net worth and income prospects. Although stateand conversely the number and amount of un- ments of net worth and income may also be secured loans rose, as the size of business increased. obtained even when the loan is secured, less careful This relationship also held within each major kind attention need be given such statements and less of business, with a few minor exceptions. judgment is required of the banker than for an Large companies operating on a nation-wide unsecured loan. Some banks make only a cursory check on the financial standing of the borrower scale are able to obtain most of their bank credit whenever adequate collateral, particularly negotiable on an unsecured basis. They have frequent and paper, is provided. Another factor favoring the detailed balance sheet and income statements which pledge of collateral on bank loans to small business are readily available and usually verified by a reis that the reduction in the lender's risk afforded sponsible accounting firm. Further, their creditby the collateral is much more important than in worthiness is generally recognized and they have lending to large companies. The result is that a access to many nonbanking sources of credit, includbank loan to a small enterprise is generally made ing other lenders such as insurance companies as at a lower rate of interest if it is secured than if it is well as the securities markets. Lastly, they often unsecured. borrow from more than one bank and the maintenance of credit relations with several banks re- Among the smallest companies (total assets of TABLE 2 SECURED LOANS AS A PROPORTION OF ALL BUSINESS LOANS OF MEMBER BANKS, NOVEMBER 20, 1946, BY SIZE OF BORROWER [Estimates of outstanding loans] Amount Number Secured loans Secured loans Size of borrower (Total assets, in thousands of dollars) All loans All loans (In (In millions) In As a percentage of thousands) In As a percentage of all loans to each all loans to each millions size group thousands size group Under 50 $ 1,213 $ 867 71.5 433 275 63.6 50-250 2,172 1,441 66.3 161 95 58.6 250-750 1,456 886 60.8 36 21 57.1 750-5 000 2,387 1,105 46.3 20 9 46.6 5,000 and over 5,856 1,373 23.5 11 3 29.1 All borrowers* $13,237 $5,799 43.8 671 410 61.1 1 A few loans not classified by size of borrower are not shown separately. 666 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SECURITY PLEDGED ON MEMBER BANK LOANS TO BUSINESS TABLE 3 SECURED LOANS AS A PROPORTION OF ALL BUSINESS LOANS OF MEMBER BANKS, NOVEMBER 20, 1946, BY BUSINESS OF BORROWER [Estimates of outstanding loans] Amount Number Secured loans Secured loans Business of borrower All loans All loans mil ( li I o n ns) In As a l a l l p o e a r n c s e n t t o a g e e a c o h f thou ( s I a n nds) In A a s l l a lo p a e n rc s e t n o t ag ea e c h of millions business group thousands business group Manufacturing and mining $ 5,675 $1,827 32.2 116 67 58.0 Wholesale trade .. . . .. 2,424 1,327 54.7 88 51 57.4 Retail trade 1,473 721 49.0 252 146 57.9 Public utilities (incl. transportation) 1,229 645 52.5 39 31 80.6 Services 494 344 69.6 77 52 67.8 Construction . . . 459 267, 58.2 43 26 59.5 Sales finance. . . 783 140 17.9 7 3 46.0 All other1 702 529 75.4 49 34 68.9 All business $13,237 $5,799 43.8 671 410 61.1 1 Includes a few loans unclassified by business of borrower. NOTE.—Figures may not add to totals because of rounding. less than $50,000) real estate, equipment, and en- not. The purchase of many types of equipment dorsement are the most common types of security. can be readily financed through loans in which For the largest firms (assets of 5 million dollars the equipment is used as collateral. This type of loan or more) inventory, equipment, and stocks and is found most frequently in the utility group, bonds were the predominant types of collateral used which includes transportation companies, where near the end of 1946. The high proportion of loans equipment purchases constitute a major financial secured by pledge of equipment in the largest size problem. This offers a partial explanation for the group of businesses was due chiefly to the extensive relatively high proportion of member bank loans use of this type of collateral by large transportation outstanding to these companies that are secured. and other utility companies. On the other hand, the chief type of bankable col- Differences among the major kinds of businesses lateral obtained in the operations of sales finance in the proportion of member bank loans that were companies is notes receivable. Since assignment secured, as shown in Table 3, were primarily due of claims is a cumbersome type of collateral and to the size composition of the groups. Another since in some States notification of the makers of factor reflected by the data is that some business the notes is required, collateral of this sort is not operations make available collateral customarily likely to be used unless a loan could not otherwise used for bank loans whereas other operations do be obtained. TABLE 4 SECURED LOANS AS A PROPORTION OF ALL BUSINESS LOANS OF MEMBER BANKS, NOVEMBER 20, 1946, BY SIZE OF BANK [Estimates of outstanding loans] Amount Number Secured loans Secured loans Size of bank All loans All loans (Total deposits, in millions of dollars) (In (In millions) In As a percentage of thousands) In As a percentage of millions all loans by each thousands all loans by each size group size group Under 2 .. $ 89 $ 59 66.2 36 22 59.7 2-10 913 601 65 8 201 120 59.4 10-100 2,901 1,775 61.2 288 178 61.6 100-500 . . 3,799 1,643 43.2 99 64 63.9 500 and over 5,535 1,723 31.1 46 27 60.1 All banks $13,237 $5,799 43.8 671 410 61.1 NOTE.—Figures may not add to totals because of rounding. JUNE 1947 667 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SECURITY PLEDGED ON MEMBER BANK LOANS TO BUSINESS Loan collateral by size and location of banks. The Among the twelve Federal Reserve districts the proportion of the number of secured business loans proportion of the number of business loans that was virtually constant for each size of bank. Be- was secured did not vary significantly. The procause of the concentration of large unsecured loans portion of the total amount of loans secured, howin the large banks, however, the proportion of the ever, was relatively low in the northeastern and amount of loans secured in the large banks was north central sections of the country, including the only about half that in the smallest banks, as shown New York, Philadelphia, Cleveland, and Chicago in Table 4. Since small banks make most of their Districts, as shown in Table 5. In these areas, manuloans to medium-size and small business, real estate facturing and mining concerns were the heaviest and equipment are the predominant types of col- borrowers, accounting for nearly half of the total lateral. At large banks, inventories and stocks and business loan volume. Since only about one-third bonds are the types of collateral securing most of of the amount of loans outstanding to manufacturthe loans, reflecting the borrowing of very large ing and mining companies was secured, as com- TABLE 5 SECURED LOANS AS A PROPORTION OF ALL BUSINESS LOANS OF MEMBER BANKS, NOVEMBER 20, 1946 BY FEDERAL RESERVE DISTRICT [Estimates of outstanding loans] Amount Number Secured loans Secured loans Federal Reserve district All loans All loans (In (In millions) In As a percentage of thousands) In As a percentage of millions all loans for each thousands all loans for each district district Boston $ 749 $ 376 50.2 49 31 63.7 New York 4 615 1,582 34 3 114 70 61 .5 Philadelphia.. 565 243 42.9 40 24 60.0 Cleveland 840 326 38.8 52 32 60.3 Richmond .. 497 281 56 6 43 29 68.4 Atlanta 565 371 65.7 46 31 68.8 Chicago . . . 1,840 751 40 8 77 45 58.4 St. Louis 547 333 60.8 29 19 67.3 Minneapolis..... 237 111 47. t 20 13 64.8 Kansas City 418 236 56 6 35 21 60.3 Dallas 652 382 58.6 44 27 62.3 San Francisco 1,711 807 47.2 124 67 54.3 All districts $13,237 $5,799 43.8 671 410 61.1 NOTE.—Figures may not add to totals because of rounding. firms. The largest banks also lend frequently to pared with an over-all average of almost one-half, small businesses on an endorsement or co-maker the proportion of secured loans was low because of basis; such loans accounted for a third of the num- the high degree of industrialization. ber of secured business loans but only a small pro- In the southeastern and south central agricultural portion of the amount at these banks. belt, including the Richmond, Atlanta, St. Louis, Regional differences in the use of collateral in Kansas City, and Dallas Districts, the proportion of business lending by member banks result from the the outstanding loans secured was relatively high. •interaction of several factors. The kind of business In these areas only about one-fourth of member and average size of firm in the area are significant bank business loans by amount was outstanding in determining the types of loan collateral and the to manufacturing and mining firms, whereas the frequency of its use. Since large businesses tend largest share of the loan volume was to the smaller to obtain their bank credit from the larger banks, retail, service, and wholesale establishments, which the distribution of banks by size is another factor. make more use of collateral. Not only do the banks It is also probable that the lending practices with in these districts deal to a considerable extent with respect to collateral vary in different regions. businesses which make the largest use of collateral, 668 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SECURITY PLEDGED ON MEMBER BANK LOANS TO BUSINESS but there appears to be a tendency for the banks difference was due to the fact that such a sizable to require collateral to a greater extent than is the proportion of the very large loans was unsecured. practice elsewhere. In each of these districts, except A comparison of the average size of secured and Dallas, the proportion of the amount of loans which unsecured loans by size of business, as in Table 6, was secured was above average for almost every shows that secured loans were larger on the averkind of business. This was also true for most of the age than unsecured loans for medium-size and bank size groups in these districts. In the Dallas small businesses having assets of less than $750,000. District, the pledge of oil runs was the significant Thus, it appears that the use of collateral enables factor resulting in an above average proportion of the smaller firms to obtain larger loans than would secured loans. be possible on an unsecured basis. The average Loans secured by equipment were a relatively size of secured loans for large companies was subhigh proportion of total secured loans in the west- stantially below that of unsecured loans. Among ern half of the country where small trade and serv- the largest companies collateral is used primarily ice establishments predominate as business borrow- for credit carrying higher than average risks, exers. The pledge of inventories was exceptionally cept possibly the pledge of inventories by wholesale trade companies and the equipment financing of high in the San Francisco District, where the use utilities. of the warehousing technique is extensive. Stocks and bonds were used as collateral for a relatively Loans protected by inventories, stocks and bonds, high proportion of the secured loan volume in assignment of claims, and Government guarantee the New York and Chicago Districts. Many large or participation were above average size, while corporations having nation-wide operations have loans secured by equipment, real estate, accounts their head offices in New York or Chicago, and receivable, endorsement, and life insurance were stocks or bonds of subsidiaries are sometimes smaller than average. These size differences were pledged as collateral for loans by these companies. generally maintained by asset size of borrower, Characteristics of secured loans. The average size although there were some exceptions. Loans on of secured loans was only half that of unsecured real estate and accounts receivable were larger loans, $14,000 as compared with $29,000, This than the average loan made to small borrowers, while loans on endorsement or life insurance outstanding to large companies were well above aver- TABLE 6 age size. The latter reflects the use of endorsement AVERAGE SIZE OF SECURED AND UNSECURED BUSINESS LOANS by and pledge of life insurance on the principal OF MEMBER BANKS, NOVEMBER 20, 1946, BY SIZE OF BOR- ROWER AND TYPE OF SECURITY officers as security for some of the loans to large [Estimates of outstanding loans] corporations. Loans protected by assignment of claims and Government guarantee or participation Average size of loan Size of borrower and were smaller than the average of loans outstanding type of security All loans Secured Unsecured1 to large companies. The nature of the collateral is closely related to Total assets of borrower, in thousands of dollars: the maturity of secured loans. Since business in- Under 50 $ 2,800 $ 3,200 $ 2,200 50-250 13,500 15,200 10,900 ventories are turned over within a short period of 250-750 40,400 43,100 36,900 750-5,000 119,800 118,900 120,600 time, loans secured by such collateral were pre- 5,000 and over 522,800 421,300 564,500 dominantly short-term; more than 90 per cent were All borrowers. . 19,700 14,100 28,700 made with original maturities of less than six Type of security: months. Loans secured by stocks and bonds and Endorsed and co-maker.. . . $ 9,300 Inventories 34,400 endorsement were also largely short-term in char- Equipment 6,400 Plant and other real estate.. 12,300 acter. Two-thirds of the amount of loans secured Stocks and bonds 23,300 Accounts receivable 14,900 by equipment had maturities of more than a A Li s f s e i g i n n m su e r n a t n c o e f claims 2 2 6 3 , , 8 00 0 0 0 year; over half of the number of such loans, how- Government guarantee or ever, were for shorter terms. participation 49,100 Other security 34,200 Most loans, both secured and unsecured, are 1 Includes a small quantity of loans for which no information repayable in a single payment, although this rereg 2 a I r n d c in lu g d e t s y p o e i l o ru f n s s e . curity has been given. payment plan is less widely applied to secured loans JUNE 1947 669 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SECURITY PLEDGED ON MEMBER BANK LOANS TO BUSINESS than to unsecured loans. Most secured loans which unsecured loan notwithstanding the additional cost were predominantly short-term, such as those of appraising and handling the collateral. This secured by endorsement, inventory, stocks and appears to be the case with small borrowers. For bonds, accounts receivable, life insurance and assign- business borrowers with assets of less than $50,000, ment of claims, also provided for a single payment. loans secured by nearly all of the major types of A large proportion of the loans secured by pledge collateral carried average interest rates significantly of equipment or real estate carried provision for below average rates on unsecured loans. For the repayment in equal instalments. Loans secured by larger companies the use of collateral quite often inventories, accounts receivable, and assignment of reflects a weaker than average financial position and claims were frequently to be repaid in unequal in- greater risk of loss so that the average interest stalments, as the inventories were sold or used or rates on most types of collateral loans were above the receivables were paid off. the rates on unsecured loans. Interest rates are more closely related to size of The low average interest rate on loans secured by business and size of loan than to type of collateral. stocks and bonds reflects the ideal characteristics of The fact that the various types of secured loans car- this type of loan collateral. Stocks and bonds can ried higher average interest rates than did unsecured be readily appraised and they present almost no loans, as shown in Table 7, is largely because most collection problem in the event of default. Thus, of the secured loans are made to small borrowers. their handling adds little to the cost of making the The second highest average interest rate was on loan and may even lower the cost if their use is loans secured by equipment. Not only are most substituted for an appraisal of the credit-worthiness of such loans made to small borrowers but in many of the borrower. They also reduce the lender's banks they are often made in the personal loan risk of loss to a minimum. Such loans, therefore, department, where interest charges are generally carry the lowest average interest rate for either higher than in departments devoted exclusively to secured or unsecured loans outstanding to each business loans. business size group except the very largest companies. TABLE 7 MAJOR TYPES OF COLLATERAL AVERAGE INTEREST RATES OF BUSINESS LOANS OF MEMBER BANKS, NOVEMBER 20, 1946, BY PRINCIPAL TYPES OF Stocks and bonds. The widespread use of stocks SECURITY and bonds as collateral for member bank loans to [Estimates of outstanding loans} business in the latter part of 1946 was partly a Average result of the accumulation of Government securities Type of security in r t a e t r e e s st during the war. Loans secured by Federal obliga- (Per cent) tions amounted to one-third of all business loans secured by stocks and bonds. It is also probable Unsecured 2.5 Secured: that business holdings of other securities increased Endorsed and co-maker 3.7 Inventories 3.1 during the war as business income rose and main- Equipment 4.4 Plant and other real estate 4.3 tenance and expansion were limited. Stocks and bonds 2.7 Accounts receivable 4.5 About a third of the amount of these loans was Life insurance 3.4 Government participation or guarantee. 4.0 to manufacturing and mining companies, although the wholesale and retail trade, utility, service and Two conflicting factors appear to affect the level "other" groups also were substantial users of this of interest charges on loans secured by different type of collateral, as shown in Table 8. types of collateral. First, the use of collateral Most loans secured by stocks and bonds were to sometimes means an additional cost for handling small companies, but over half of the amount was which is passed on to the borrower in the form of in loans to medium and large corporations. Twohigher interest charges. This is particularly true thirds of the amount of such loans to manuwhere warehousing is required or in financing re- facturing and mining companies and nine-tenths ceivables. Secondly, collateral security may some- of the amount to utility companies were to entertimes reduce the risk to such an extent that a prises with assets of $750,000 or more. In the case lower interest rate may be warranted than on an of wholesale and retail trade and service companies 670 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SECURITY PLEDGED ON MEMBER BANK LOANS TO BUSINESS the major share of the amount as well as an over- the borrower's use of the inventories in his whelming proportion of the number of these loans processing or distributive operations. Conveyance was made to the small firms. of title also presents technical difficulties to the lender. For large, identifiable items, such as auto- TABLE 8 mobiles or household appliances, assignment of title, MEMBER BANK BUSINESS LOANS SECURED BY STOCKS AND trust receipts, or even chattel mortgages may be the BONDS, NOVEMBER 20, 1946, BY BUSINESS AND SIZE OF instruments used, while for bulk goods some type BORROWER of warehousing is typically required. [Estimates of outstanding loans] As indicated in Tables 9 and 10, most of the Bus o i f n e b s o s rr a o n w d er size N of u m lo b a e n r s A s l v i o z e a e r n a o s g f e ( A P in e v r t r e e a r r t c a e e e g s n t e t) m m a e n m u b f e a r c tu b r a in n g k a l n o d an s m i s n e i c n u g r ed a nd b y wh in o v le e s n a t l o e r ie t s r ad t e o companies were on warehouse receipts covering Business: bulk storage, while those outstanding to the retail Manufacturing and mining. 8,600 $ 42,500 2.6 trade group were largely on the basis of trust Wholesale trade 6,300 17,900 2.5 Retail trade 14,500 7,400 3.3 receipts, assignment of title, or chattel mortgages Public utilities (incl. transportation) 1,400 132,500 2.2 on durable goods of high unit value. The latter Services 6,100 13,000 3.3 Construction 2,100 20,500 2.6 loans were of relatively small size and accounted Sales finance 500 50,800 1.9 Allother1 6,600 23,600 2.9 for only a small part of the dollar amount of member bank loans secured by inventories. All borrowers 46,200 23,300 2.7 Size (total assets, in thousands of dollars): TABLE 9 Under 50 25,000 $ 4,100 3.8 50-250 15,400 15,400 3.2 MEMBER BANK BUSINESS LOANS SECURED BY INVENTORIES 2 7 5 5 0 0 - - 7 5 5 0 0 00 2 1 , ,5 8 0 0 0 0 1 5 5 0 5 , , 3 8 0 0 0 0 2 2 . . 6 5 NOVEMBER 20, 1946, BY BUSINESS AND SIZE OF BORROWER 5,000 and over 400 948,800 2.1 [Estimates of outstanding loans] bo 1 r r I o n w cl A e u r l d . l e b s o a rr o s w m e a r l s l 2 number of lo 4 a 6 n ,2 s 0 n 0 ot class 2 if 3 ie ,3 d 0 0 by busin 2 e .7 ss of Bus o i f n e b s o s rr a o n w d er size N of u m lo b a e n r s A s l v i o z e a e r n a o s g f e ( A P in e v r r t e e a r r t c a e e e g s n t e t) 2 A small number of loans not classified by size of borrower is not shown separately. NOTE.—Number of loans rounded to nearest hundred. Figures Business: may not add to total because of rounding. Manufacturing and mining. 7,200 $ 52,400 3.7 Wholesale trade 10,000 70,000 2.6 Although all but a very small percentage of the Retail trade 15,700 4,600 4.5 Public utilities (incl. transnumber of loans secured by stocks and bonds were portation) 200 51,700 2.3 Services 500 14,900 4.2 short-term, almost one-third of the amount was Construction 400 7,100 4.9 Sales finance 100 62,400 2.3 in loans with maturities of more than a year. Most All other1 500 36,000 3.2 noteworthy in this respect were the term loans All borrowers 34,700 34,400 3.1 of utility companies, which constituted almost three- Size (total assets, in thousands fourths of the total amount of loans secured by of dollars): Under 50 16,200 $ 3,800 4.8 stocks and bonds made to these companies. Also, 50-250 11,900 19,500 4.2 250-750 3,700 57,100 3.6 in the case of manufacturing and mining and serv- 750-5,000 1,800 146,200 3.2 5,000 and over 700 579,300 2.8 ice companies a substantial proportion of the All borrowers 2 34,700 34,400 3.1 amount of the loans secured by stocks and bonds carried maturities over one year. 1 Includes a small number of loans not classified by business of borrower. Inventories. Loans secured by inventories are an 2 A small number of loans not classified by size of borrower is not shown separately. important source of funds in the manufacturing NOTE.—Number of loans rounded to nearest hundred. Figures may not add to total because of rounding. and mining, wholesale trade, and retail trade groups, where inventories comprise a large propor- In the late fall of 1946, loans secured by invention of the current assets. Loans for the purpose tories accounted for 29 per cent of the volume of of carrying inventories are frequently unsecured member bank credit extended to wholesale trade or secured by collateral other than inventories be- establishments and 52 per cent of the amount of secause the use of inventories as loan collateral pre- cured bank credit to such enterprises. Nearly half sents several problems. The difficulty is that the of the amount of these inventory secured loans was conveyance of title to the lender may interfere with to large companies with assets of 5 million dollars JUNE 1947 671 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SECURITY PLEDGED ON MEMBER BANK LOANS TO BUSINESS TABLE 10 MEMBER BANK BUSINESS LOANS SECURED BY WAREHOUSE RECEIPTS, NOVEMBER 20, 1946 BY BUSINESS AND SIZE OF BORROWER [Estimates of outstanding loans] All warehouse receipt loans Fieldwarehouse receipt loans Business and size of borrower Number Average Average Number Average Average of size of interest rate of size of interest rate loans loans (Per cent) loans loans (Per cent) Business: Manufacturing and mining . 5,100 $ 58,700 3.6 700 $ 51,800 3.9 Wholesale trade 8 000 80 600 2 5 400 42,600 4 0 Retail trade 3 900 8 600 4 3 200 18 000 4 5 Public utilities (incl. transportation) 13,900 4.6 Services ... 100 16 400 4 0 (3) 16,200 5.2 Construction 200 5,700 4 7 100 3,700 4.3 Sales finance 19,400 3.0 Allother1 400 29,500 2.8 (3) 11,300 3.0 All borrowers 17,800 $ 55,800 2.9 1,400 $ 41,300 4.0 Size (total assets, in thousands of dollars): Under 50. . 5,600 $ 6,700 4.6 200 $ 7,800 4.8 50-250 7,700 24,600 4.1 800 37,100 4.1 250-750 2,500 70,200 3.6 200 58,500 4.0 750-5,000 1,200 184,500 3.1 200 75,700 3.6 5,000 and over 500 728,500 1.7 133,000 3.0 All borrowers2 17,800 55,800 2.9 1,400 41,300 4.0 1 Includes a small number of loans not classified by business of borrower. 2 A small number of loans not classified by size of borrower is not shown separately. 3 Less than 50 loans NOTE.—Number of loans rounded to nearest hundred. Figures may not add to total because of rounding. or more, while another third was to medium-size varieties of inventory that are too bulky to be conenterprises. veniently moved to an established warehouse or The medium-size and large companies in the where ready and frequent access to the goods waremanufacturing and mining group were also im- housed is essential. In field warehousing, arrangeportant borrowers on the pledge of inventories; over ments are made to warehouse the goods on the three-fourths of the amount of member bank loans premises of the borrower under appropriate controls. on inventories outstanding to that industry was Thus, there is no transportation cost and the borto companies with assets of $250,000 or more. rower can quickly add, withdraw, or substitute in- That the largest share of the amount of loans on ventory as his operations require and the loan terms inventory was to medium-size and large companies permit. The expense of installing and operating is partly the result of the reduction in cost of han- a field warehouse, which is borne by the borrower, dling this type of collateral as the size of loan in- is an additional item of financing cost in this type creases. Most of the large inventory loans are of loan. handled through warehousing arrangements in For all member banks the average outstanding which the fixed cost element is large. field warehouse receipt loan balance in the fall of Loans secured by inventories are largely short- 1946 was $41,000. This was about the same averterm since the inventories are pledged only until age size as found in a survey of commercial bank field warehouse loans made in mid-1941.2 For they can be sold or used in some manufacturing such loans, however, the average size was twice that process. Nearly nine-tenths of both the number for all business loans of member banks. Even the and amount of member bank loans secured by infield warehouse loans made to very small busiventories were written with maturities of less than nesses were comparatively large. For businesses six months. Such loans made to manufacturing with assets of under $50,000 the average field wareand mining companies tended to have somewhat house loan amounted to $7,800 as compared with longer maturities than did those made to wholethe general average of $3,000 for all member bank sale establishments. loans made to this business group. Similarly, in Field warehousing. Field warehousing is a type of inventory financing that has expanded in recent 2 Neil H. Jacoby and Raymond J. Saulnier, Financing Invenyears to meet the problems involved in lending on tory on Field Warehouse Receipts (National Bureau of Economic Research, 1944), p. 55. 672 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SECURITY PLEDGED ON MEMBER BANK LOANS TO BUSINESS the $50,000 to $250,000 asset size group, field ware- ness in a prewar survey.5 The difference cannot house loans averaged $37,000 while $14,000 was the be accounted for by the inclusion of the nonmemaverage size for all loans. But in the case of con- ber insured banks in the prewar survey since these cerns with assets of $750,000 or more, field ware- banks would be less active in field warehouse lendhouse loans were substantially smaller in size than ing than would the member banks. It is possible the average of all loans, and were smaller than loans that since many enterprises came out of the war secured by other types of warehouse receipts. in a relatively strong financial position, they have About one-half of the number and two-thirds of not had to make as much use of field warehouse the amount of member bank loans secured by field financing as before the war. Shortages of materials warehouse receipts were to manufacturing and and supplies have been another factor impeding mining concerns. Field warehousing is particu- the use of this type of financing. Since the borrower larly suited to this type of enterprise since it per- has to bear the expense of warehousing, this is a mits lending on bulky raw materials or goods in the more costly method of borrowing than most other process of manufacture. methods and is generally used only when alterna- Field warehouse financing was used chiefly by tive sources of funds are not available. small enterprises with assets of between $50,000 Accounts receivable. Accounts receivable financand $250,000. Concerns in this group accounted ing is another type of bank credit to business that for 57 per cent of the number and 50 per cent of has been expanded in recent years. Its use first the amount of all field warehouse loans. Medium- became important after the depression of the early size companies with assets of between $250,000 and 1930's when banks were trying to find methods of 5 million dollars made some use of this type of reducing risk while meeting the credit needs of financing, but the survey results showed only one medium-size business in competition with other field warehouse loan to a company with assets of lending agencies which had developed financing over 5 million. This substantiates the observation methods based on this type of collateral. made in an earlier loan survey indicating that the In some States the law requires that pledging of very large businesses do not find it necessary or accounts receivable must be accompanied by notifidesirable to obtain bank credit through the use of cation of those whose accounts are being turned field warehouse receipts.3 over to a bank or other lender. Where notification Loans secured by field warehouse receipts ap- is required, concerns may be reluctant to use this peared to follow the same maturity pattern as other type of financing for fear of its being regarded by inventory loans. Most of the loans were to be re- their customers as a sign of financial weakness. Anpaid on demand or within 90 days. About one- other difficulty with accounts receivable financing is fourth of the loans were made with maturities of that the lender must give considerable attention to from three to six months and another 10 per cent the accounts pledged. As accounts are paid off with longer maturities. None of the field ware- they must be replaced by other receivables unless house loans had maturities in excess of three years. the loan is correspondingly reduced. The added The average interest rate of 4 per cent on mem- expense to the lender involved in handling and ber bank loans secured by field warehouse receipts supervising this type of collateral, together with in 1946 was probably lower than the prewar aver- the fact that such loans are frequently regarded as age, as indicated by a range from 3.5 to 6 per cent carrying above average risk, accounts for the higher in 1941.4 It must be remembered, however, that average interest rate on these loans than on most of the cost of warehousing is paid separately by the the other types of secured loans. borrower and the total cost of funds obtained in On the basis of this survey of business loans it this manner is correspondingly higher. appears that about one out of every seven member A very small proportion of the member banks, banks was engaging in lending against accounts reless than 3 per cent, were found by the survey to be ceivable in the fall of 1946, as compared with one engaging in field warehouse financing. This is in out of four in 1941.6 The estimated total of acsharp contrast to the 13 per cent of insured com- counts receivable loans outstanding at member mercial banks found to be doing this kind of busi- 5 Ibid., p. 42. 6 Raymond J. Saulnier and Neil H. Jacoby, Accounts Receiv- • Ibid., p. 57. able Financing (National Bureau of Economic Research, 1943), *Ibid., p. 80. p. 151. JUNE 1947 673 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SECURITY PLEDGED ON MEMBER BANK LOANS TO BUSINESS banks on November 20, 1946 was 190 million dol- TABLE 11 lars as compared with 135 million for all insured MEMBER BANK BUSINESS LOANS SECURED BY ACCOUNTS commercial banks at the end of 1941.7 The 1946 RECEIVABLE, NOVEMBER 20, 1946 volume represented about 0.7 per cent of all mem- BY BUSINESS AND SIZE OF BORROWER ber bank loans and discounts, a smaller propor- [Estimates of outstanding loans] a ti l o l n in th su a r n e d th e c o 0 m .9 m p e e r r c ia c l e n b t a i n n k d s ic a s t u e r d v e b y y e d a s i a n m 1 p 9 le 4 1 o .8 f Bu o si f n e b s o s r r a o n w d e r size N of u m lo b an er s A s l v i o z e a e r n a o s g f e A in v r t e a e r r t a e e g st e The decline in the number of banks engaging in (Per cent) accounts receivable financing probably reflects the Business: smaller market for this form of credit resulting Manufacturing and mining. 5,100 $ 18,900 4.6 Wholesale trade 2,900 14,000 5.0 from the generally improved financial position of Retail trade . . .. 1,800 8,400 4.2 Utilities (incl. transportamost enterprises and from the high collection rate tion) 500 16,100 4.0 on manufacturing and trade accounts characteristic Services 900 2,900 5.5 Construction 900 13,000 4.3 of boom levels of business activity. Sales finance x. 200 66,600 3 9 All other 2 400 6,500 4.5 Accounts receivable were used as collateral by a All borrowers 12,800 14,900 4.5 fair proportion of the banks in each Federal Reserve Size (total assets, in thousands district. Their use was much more common in of dollars): Under 50 6,400 $ 3,500 5.5 the large than in the small banks, however, which 50-250 4,500 15,600 4.9 250-750 1 ,200 35,100 4.5 is to be expected since such loans require consider- 750-5,000 500 75,700 3.8 able attention. 5,000 and over 100 251,200 3.6 Although this type of credit was employed by all All borrowers 3 12,800 14,900 4.5 kinds of business, as shown in Table 11, the major 1 Includes commercial finance comoanies. proportion was used by the manufacturing and 2 Includes a small number of loans not classified by business of borrower. mining and the wholesale trade groups. Retail 3 A small number of loans not classified by size of business is not shown separately. trade and sales finance companies (including com- NOTE.—Number of loans rounded to nearest hundred. Figures may not add to total because of rounding. mercial finance companies) also made some use by the 1941 survey.9 of accounts receivable financing. Bank loans of Equipment. Equipment is a type of collateral this type to the retail trade group were numerous available to almost every business and is more but relatively small in average size, while to finance widely used than any other type. The purchase of companies these loans were few in number but nearly any piece of business equipment, from a quite large on the average. Most of the loans calculating machine to an airplane, can be financed secured by accounts receivable outstanding to manuby a bank loan on which the title to the equipment facturing and mining and wholesale trade comis pledged as collateral. panies were to small and very small enterprises Member bank loans secured by commercial and with assets below $250,000. industrial equipment amounted to an estimated Loans secured by accounts receivable are short- 706 million dollars near the end of 1946. This term in nature. Four-fifths of them were either was three times the amount estimated for all indemand loans or matured within 90 days. How- sured commercial banks five years earlier.10 One ever, a few were made with maturities in excess factor responsible for the increase in this type of of a year and some with maturities of from 5 to 10 financing during recent years may be the substanyears, usually on the basis of revolving credit ar- tial decline in interest rates. In 1941 such loans rangements. were usually made on a 6 per cent discount basis Although the average interest rate on loans and, since most of them were repaid in instalments, secured by accounts receivable was higher than this meant an effective rate much higher than the that on most types of secured loans, it was lower quoted discount rate.11 The average effective inthan it had been before the war. The 4.5 perterest rate on member bank loans secured by equipcent average interest rate on all member bank ment in 1946 was 4.4 per cent or less than half the loans on accounts receivable compares with the average rate of between 5 and 6 per cent indicated 9 Ibid., p. 134. 10 Raymond J. Saulnier and Neil H. Jacoby, Financing Equipment for Commercial and Industrial Enterprise (National But Ibid., p. 54. reau of Economic Research, 1944), p. 36. *Md., p. 152. « Ibid., p. 7. 674 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SECURITY PLEDGED ON MEMBER BANK LOANS TO BUSINESS usual effective rate in 1941. At the present time, maturities of less than one year but this group acmany of the equipment loans to small companies counted for only a third of the total amount. Most are handled by the personal loan departments, of the long-term equipment loans, with maturities where discount is usually charged against the face in excess of five years, were made to large transamount of instalment loans. As shown in Table portation and other utility companies. The long- 12, however, the effective average interest rate on term loans aggregated 25 per cent of the total equipment loans to small borrowers is only 6 per amount but only 3 per cent of the number of all cent or about half the prewar rate. equipment loans. Real estate. One out of every nine business loans TABLE 12 of member banks in the fall of 1946 was secured MEMBER BANK BUSINESS LOANS SECURED BY EQUIPMENT by pledge of real estate. This is a type of collateral NOVEMBER 20, 1946, BY BUSINESS AND SIZE OF BORROWER available to most firms and acceptable by nearly [Estimates of outstanding loans] all banks. Small firms in particular find the pledge Average of real estate a method for obtaining bank credit Business and size Number Average interest when their size or short operating record would of borrower of loans size of rate loans (Per cent) warrant only a much smaller loan or perhaps no loan. Business: Manufacturing and mining. 14,000 $ 9,000 4.5 Business loans of member banks secured by real Wholesale trade 7,200 7,800 4.6 Retail trade 35,900 2,200 6.0 estate were largely made to small firms in the retail, Public utilities (incl. transportation) 21,800 14,200 3.4 service, manufacturing and mining, and "other" Services 16,800 2,900 5.7 Construction 10,200 5,100 5.7 groups, as shown in Table 13. The inclusion of 400 37,200 3.9 real estate companies in the "other" category ac- All other1 4,700 4,700 4.4 counted for the high proportion of real estate loans All borrowers 110,900 6,400 4.4 in that group. Ninety per cent of the number Size (total assets, in thousands of dollars): and two-thirds of the amount of real estate loans Under 50 92,000 $ 2,100 6.3 50-250 12,300 11,600 5.0 were to small and very small businesses with assets 2 7 5 5 0 0 -5 7 5 0 0 00 2,5 9 0 0 0 0 1 2 0 8 8 , , 1 6 0 0 0 0 4 3. . 6 6 of less than $250,000. 5,000 and over 1,000 176,600 2.0 All borrowers 2 110,900 6,400 4.4 TABLE 13 MEMBER BANK BUSINESS LOANS SECURED BY REAL ESTATE 1 Includes a small number of loans not classified by business of borrower. NOVEMBER 20, 1946, BY BUSINESS AND SIZE OF BORROWER 2 A small number of loans not classified by size of borrower are [Estimates of outstanding loans] not shown separately. ma N y A O n n T o E t .— a o d v N d e u t r m o w b t e o h r t e a o l l f m b l e o i c n a a n g u s s e r o m o u f n a d r j o e o u d r n i t d t o y i n n g e . a o re f s t m hu e n m dre b d e . r F b ig a u n re k s Bus o i f n e b s o s r r a o n w d e s r ize N of u m lo b an er s A s l v i o z e a e r n a o s g f e ( A P in e v r t r e e a r r t c a e e e g s n t e t) loans on equipment were to the smallest enterprises, primarily in the retail trade, service, manufacturing, Business: Manufacturing and mining. 9,800 $ 21,200 4.1 and construction groups. The extensive use made Wholesale trade 5,800 12,100 4.4 Retail trade 30,900 7,200 4.6 of this type of financing by the utility and trans- Public utilities (incl. transportation) 2,200 13,300 4.2 portation group is largely for the purchase of va- Services 11,900 11,400 4.5 Construction 4,300 17,500 4.2 rious kinds of transportation equipment, such as Sales finance 300 13,800 3.8 trucks, busses, and airplanes. The average size of All other1 11,400 17,500 3.9 member bank loans secured by equipment out- All borrowers 76,500 12,300 4.3 standing to the transportation and other utility Size (total assets, in thousands of dollars): companies in the latter part of 1946 was over twice Under 50 49,200 $ 5,300 4.8 50-250 20,400 17,300 4.3 the average size of all such loans. 250-750 3,800 32,600 4.1 750-5,000 1,500 79,600 3.7 About two-fifths of the equipment loans of mem- 5,000 and over 200 384,700 3.2 ber banks in the fall of 1946 had original maturities All borrowers2 76,500 12,300 4.3 of from one to five years. The smaller loans tended 1 Includes a small number of loans not classified by business of to be short-term while the loans with maturities in borrower. excess of five years were relatively large in size. 2 A small number of loans not classified by size of borrower are not shown separately. Over half of the number of equipment loans had NOTE.—Number of loans rounded to nearest hundred. Figures may not add to total because of rounding. 675 JUNE 1947 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SECURITY PLEDGED ON MEMBER BANK LOANS TO BUSINESS Life insurance. In using life insurance as col- ber and about two-thirds of the amount of member lateral for bank loans the cash surrender value may bank loans secured by life insurance were to busibe the major security, more than covering the nesses with assets of less than $250,000, mostly in amount of the loan. In many cases, however, the the trade, service, and manufacturing groups. These lender takes life insurance as collateral merely to enterprises used this type of loan primarily for protect himself in the event of the death of the short-term credit. borrower, in which case the cash surrender value Loans under the Servicemen's Readjustment Act. may just partly cover the loan. Most of the loans made under the guarantee or Loans secured by the cash surrender value of insurance provisions of the Servicemen's Readjustlife insurance policies constituted a relatively small ment Act (G. I. loans) have been for the purchase part of the total credit extended to business by of homes; a few have been for purchasing and member banks near the end of 1946. Although equipping farms. A relatively small number of loans on life insurance are not a very important business loans have also been made pursuant to the source of credit to any kind or size of business, this Act. It is estimated that out of the total of 671,000 type of collateral is generally available to supple- business loans outstanding at member banks on ment other credit sources. In making loans on this November 20, 1946, 16,000, or a little more than basis commercial banks are engaging in a field 2 per cent, were partly guaranteed or insured under still dominated by the life insurance companies. this loan program. Many of these loans were also The use of life insurance as collateral reduces the secured by other collateral and the Federal proteclender's risk as in the case of Government bonds tion is not necessarily the principal security. The or listed securities, and entails little more expense. average size of these business loans was quite small, The higher average interest rate on these loans than $3,400, and the total amount, 54 million dollars, on loans secured by stocks and bonds is, therefore, was less than one-half of 1 per cent of the total of primarily a reflection of the smaller average size of member bank loans to business. life insurance loans. Guaranteed or insured lending to G. I.'s for busi- As Table 14 shows, over 90 per cent of the num- ness purposes was general among the member banks TABLE 14 TABLE 15 MEMBER BANK BUSINESS LOANS SECURED BY LIFE INSURANCE, MEMBER BANK BUSINESS LOANS UNDER SERVICEMEN'S RE- NOVEMBER 20, 1946, BY BUSINESS AND SIZE OF BORROWER ADJUSTMENT ACT, NOVEMBER 20, 1946, BY BUSINESS OF [Estimates of outstanding loans] BORROWER AND SIZE OF BANK Bus o i f n e b s o s r r a o n w d e s r ize N of u m lo b a e n r s A s l v i o z e a e r n a o s g f e A in v r t e e a r r t a e e g st e [Estimates of outstanding loans] (Per cent) Business of borrower and Number Average size of bank of loans size of loans Business: Manufacturing and mining 2,600 ; 16,100 2.9 Wholesale trade 2,500 10,200 3.5 Business of borrower: Retail trade 8,300 4,100 3.8 Manufacturing and mining. . . 1,300 $6,000 Public utilities (incl. trans- Wholesale trade 800 3,400 portation) 800 7,700 3.0 Retail trade 6,600 2,900 Services 4,000 4,600 3.5 Public utilities (incl. trans- Construction 1,000 5,500 3.9 portation) 2,100 2,100 Sales finance 100 29,300 2.6 Services 3,300 2,600 Allother1 2,200 5,500 3.5 Construction 800 3,200 Sales finance (2) 8,100 All borrowers.. 21,600 6,800 3.4 All other1 800 9,800 Size (total assets, in thousands All borrowers 15,700 3,400 of dollars): Under 50 15,800 2,800 3.9 Size of bank (total deposits, in 50-250 4,500 10,000 3.5 millions of dollars): 250-750 700 28,000 3.1 Under 2 900 S3,500 750-5,000 200 115,700 2.6 2-10 5,600 3,200 5,000 and over 842,900 2.3 10-100 5,600 3,300 100-500 2,200 4,800 All borrowers2. 21,600 6,800 3.4 500 and over 1,500 2,200 1 Includes a small number of loans not classified by business of All banks 15,700 3,400 2 A small number of loans not classified by size of borrower are 1 Includes a small quantity of loans not classified by business of not shown separately. borrower. 8 Less than 50 loans. 2 Less than 50 loans. NOTE.—Number of loans rounded to nearest hundred. Figures NOTE.—Number of loans rounded to nearest hundred. Figures may not add to total because of rounding. may not add to total because of rounding. 676 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SECURITY PLEDGED ON MEMBER BANK LOANS TO BUSINESS in all Federal Reserve districts. About a third of to G. I.'s were in the retail trade and service groups. all of the member banks had some of these busi- Many former servicemen engaged in manufacturing ness loans. A substantial proportion of the banks and in transportation, probably small trucking in each size group engaged in this type of lending, establishments, also made use of this form of credit. although it appeared to be more common among A very small number and amount of G. I. loans the large than among the small banks, as indicated made under State guarantee provisions were also in Table 15. reported in the survey of member bank loans to Most of the Government sponsored business loans business. These were all in New Jersey. Supplementary detailed information regarding ness is given in Tables 16 through 21, which follow the security pledged on member bank loans to busi- immediatelv. TABLE 16 BUSINESS LOANS OF MEMBER BANKS, NOVEMBER 20, 1946, BY TYPE OF SECURITY AND SIZE OF BORROWER [Estimates of outstanding loans] Size of borrower Size of borrower All (Total assets, in thousands of dollars) All (Total assets, in thousands of dollars) Type of security bor- borrowers 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 d 0 r 0 rowers 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 d 0 r 0 Amount of loans, in millions Number of loans, in thousands Unsecured1 $7,438 $345 $731 $570 $1,282 $4,482 261 157 67 15 11 Secured 5,799 867 1,441 1,105 1,373 410 275 95 21 9 All loans* 13,237 1,213 2,172 1,456 2,387 5,856 671 433 161 36 20 Secured: Endorsed and co-maker 706 123 201 140 158 78 76 53 17 3 1 Inventories 1,195 62 232 212 262 416 35 16 12 4 2 Equipment 706 196 143 69 101 176 111 92 12 2 1 Plant and other real estate. . . 943 259 353 125 121 62 77 49 20 4 2 Stocks and bonds 1,075 101 237 141 231 340 46 25 15 3 1 Accounts receivable 190 22 70 43 38 16 13 6 4 1 (4) Life insurance 148 45 45 20 29 5 22 16 4 1 (4) Assignment of claims3 505 37 89 74 106 191 22 13 7 1 1 Government participation or guarantee 119 39 23 22 27 2 1 1 0) (4) Other security 212 27 35 40 62 6 3 1 1 (0 Percentage distribution of secured loans Secured: Endorsed and co-maker 12.2 14.2 14.0 15.8 14.3 5.7 18.5 19.4 17.6 17.0 17.3 3.8 Inventories 20.6 7.1 16.1 23.9 23.7 30.3 8.6 5.9 12.6 18.0 19.3 22.0 Equipment 12.2 22.6 9.9 7.8 9.2 12.8 27.1 33.4 13.0 12.0 10.0 30.6 Plant and other real estate. . . 16.3 29.8 24.5 14.1 10.9 4.5 18.7 17.9 21.6 18.7 16.3 4.9 Stocks and bonds 18.5 11.7 16.5 15.9 20.9 24.7 11.3 9.1 16.3 13.6 16.0 11.0 Accounts receivable 3.3 2.6 4.9 4.9 3.4 1.2 3.1 2.3 4.8 6.0 5.3 2.0 Life insurance 2.6 5.2 3.1 2.3 2.6 0.4 5.3 5.7 4.8 3.5 2.7 0.2 Assignment of claims3 8.7 4.3 6.2 8.4 9.6 13.9 5.3 4.6 6.3 7.1 9.0 17.4 Government participation or guarantee 2.1 0.9 2.7 2.6 2.0 2.0 0.6 0.3 1.1 1.4 1.5 3.1 Other security 3.7 1.3 1.9 4.0 3.6 4.5 1.5 1.2 1.4 2.5 2.8 5.0 All secured 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 Includes a small quantity of loans for which no information regarding type of security has been given. 2 A small quantity of loans not classified by size of borrower is not shown separately. 3 Includes oil runs. 4 Less than 500. NOTE.—Detailed figures may not add to totals because of rounding. JUNE 1947 677 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SECURITY PLEDGED ON MEMBER BANK LOANS TO BUSINESS TABLE 17 SECURED BUSINESS LOANS OF MEMBER BANKS, NOVEMBER 20, 1946, BY BUSINESS AND SIZE OF BORROWER [Estimates of outstanding loans] Size of borrower Size of borrower All (Total assets, in thousands of dollars) All (Total assets, in thousands of dollars) Business of borrower bor- borrowed Un 5 d 0 er 2 5 5 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 rowers1 5 o a , v 0 n e d 0 r 0 Amount of loans, in millions Number of loans, in thousands Manufacturing and mining. . . . $1,827 $132 390 $330 480 $ 481 67 33 Wholesale trade 1,327 108 334 237 255 385 51 25 Retail trade 721 313 248 71 40 31 146 117 Public utilities (including transportation companies) 645 65 68 46 77 370 31 23 Services 344 116 109 34 42 32 52 42 Construction 267 56 109 48 46 3 26 16 Sales finance 140 7 35 32 38 24 3 1 All other* 529 70 149 86 127 47 34 19 All borrowers. 5,799 1,441 886 1,105 1,373 410 275 As a percentage of all loans to each business-size group Manufacturing and mining 32 71 65 60 42 15 58 64 59 55 42 20 Wholesale trade 55 69 62 59 46 50 57 61 56 53 46 36 Retail trade 49 67 61 48 27 11 58 59 54 48 28 17 Public utilities (including transportation companies) 52 90 83 79 71 42 81 84 74 78 69 63 Services 70 81 79 71 70 36 68 68 65 63 54 34 Construction 58 65 64 62 47 14 60 60 56 68 52 12 Sales finance 18 75 67 54 33 4 46 63 61 54 32 9 All others 75 79 80 79 81 43 69 69 68 72 79 39 All borrowers. 44 72 66 61 46 24 59 57 47 30 1 A small quantity of loans not classified by size of borrower is not shown separately. 2 Includes a small quantity of loans not classified by business of borrower. 3 Less than 500 loans. NOTE.—Detailed figures may not add to totals because of rounding. TABLE 18 BUSINESS LOANS OF MEMBER BANKS, NOVEMBER 20, 1946, BY TYPE OF SECURITY AND BUSINESS OF BORROWER [Estimates of outstanding loans] Business of borrower All Type of security n b e u s s s i e - s m M a in n f i d g n . g W t s r h a a o l d e l e e- R tr e a t d a e il u P ti u li b t l i i e c s1 Services s C t ti r o o u n n c - - fi S n a a l n e c s e ot A he ll r2 Amount of loans, in millions Unsecured3 7,438 $3,847 $1,097 752 $ 584 $150 $192 $642 5,799 1,827 1,327 721 645 344 267 140 Secured 13,237 5,675 2,424 1,473 1,229 494 459 783 All loans. . . Secured: 706 232 189 130 23 27 40 22 Endorsed and co-maker. . . 1,195 377 700 73 10 7 3 6 Inventories 706 125 56 78 309 49 52 15 Equipment 943 208 70 222 29 135 75 4 Plant and other real estate 1,075 366 113 107 186 80 43 25 Stocks and bonds 190 96 41 15 8 3 12 13 Accounts receivable 148 42 25 34 6 19 5 3 Life insurance 191 186 2 (4) (4) (4) Oil runs 314 79 48 35 51 13 22 43 Assignment of claims 119 79 6 10 2 6 10 (4) Government participation or guaranty 212 38 77 17 21 5 5 Other security Unsecured3. . . . Secured 00 $173 529 42 18 22 199 156 3 13 2 24 5 43 Number of loans, in thousands 261 49 38 106 18 15 410 67 51 146 31 26 34 All loans. . . 671 88 252 77 49 Secured: Endorsed and co-maker... 76 11 31 9 Inventories 35 10 16 1 () Equipment 111 7 36 17 Plant and other real estate 77 6 31 12 11 Stocks and bonds 46 6 15 6 7 Accounts receivable 13 3 2 1 "I Life insurance 22 3 8 4 Assignment of claims 5 22 3 6 2 Government participation or guarantee 2 1 1 Other security 6 2 1 Including transportation. . 2 Includes forestry, fishing, real estate, and a small quantity of loans unclassified by business of borrower, s Includes small quantity of loans for which no information regarding security has been given. 4 Less than $500,000 or 500 loans. 5 Includes oil runs. NOTE.—Detailed figures may not add to totals because of rounding. 578 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SECURITY PLEDGED ON MEMBER BANK LOANS TO BUSINESS TABLE 19" BUSINESS LOANS OF MEMBER BANKS, NOVEMBER 20, 1946, BY TYPE OF SECURITY AND SIZE OF BANK [Estimates of outstanding loans] Size of bank (Total deposits, Size of bank (Total deposits, in millions of dollars) in millions of dollars) Type of security ba A n l k l s Un 2 der 2-10 1 10 0- 0 1 5 0 0 0 0 - o a 5 v n 0 e d 0 r Type of security ba A n l k l s Un 2 der 2-10 1 1 0 0 0 - 1 5 0 0 0 0 - o a 5 v n 0 e d 0 r Amount of loans, in millions Percentage distribution of secured loans Unsecured1 j$7,438 $30 $312$1,127$2,156 Secured 5,799 59 601 1,775 1,643 1,723 Secured: All loans. . . J13 ,237 89 913 2,901 3,799 5,535 Endorsed and comaker 12.2 11.0 10.2 11.9 13.6 11.8 Secured: Inventories 20.6 13.6 10.9 19.3 23.4 23.0 A P A S L O E I E G n l t i n q c i s o f o a v e m p l s d c u e v n c s e a i o r o i a g e t k t n u t p i u a r k i r n n s t n s a m o t n n o e m s e e a n s n t r m r u e d s n d i e r n e d e r n o a t s o e n t r n b a c t t o c h n e o g p e f e i d n u v a r c a d r a l t r r a b s c i e - i c l . o m a e . i - l - . . s . . ] > | | ] J | j 1 1 ,1 9 7 7 1 1 1 3 ,0 9 0 4 0 9 4 9 1 7 5 6 3 6 0 8 1 4 5 2 ( 1 ( 8 7 3 1 4 2 2 ) ) 2 1 6 6 2 6 2 1 1 5 1 7 5 1 2 2 8 8 2 3 2 3 2 1 4 0 9 5 6 2 7 7 2 2 9 3 1 3 6 3 6 2 3 2 2 1 1 2 8 4 0 8 6 8 7 0 3 4 3 6 3 9 4 7 0 3 2 4 1 1 1 9 0 7 2 2 0 9 8 1 6 3 4 7 2 2 1 3 9 A S A E P L O G O t l i q c i s t o o f a e l a p h s c u e v c n s n i a e o r i k e g t t u t t p r i u a r s e i n n n m a o t n n e s m s e a s n n t m e u e n s d e c r n d e r o n u a t o e n r n t r b c t t i c o h t e o g p e y f e i u n a v r c a r d a l t r r a b s i - e i c . l m a i . e l - . . s . . 1 1 1 3 3 5 2 3 2 8 2 6 . . . . . . . . . 2 5 3 3 7 1 4 3 6 2 3 5 0 2 0 3 2 2 4 4 . . . . . . . . . 4 4 8 2 5 6 0 1 5 2 3 1 0 3 2 1 1 0 6 1 0 . . . . . . . . . 2 7 3 3 8 9 8 0 9 2 1 1 4 3 2 3 4 3 4 1 1 . . . . . . . . . 2 1 8 1 8 3 5 5 5 1 1 1 5 4 6 2 2 0 2 7 1 . . . . . . . . . 8 5 3 5 2 0 6 9 1 2 1 0 5 5 6 5 7 1 1 0 . . . . . . . . . 4 8 9 9 6 3 3 5 6 Ot a h n e t r e e s ecurity I 2 1 1 1 2 9 1 1 1 1 1 0 6 6 2 8 3 4 2 1 All secured loans. . 100.0 100.0 100.0 100.0 100.0 100.0 1 Includes a small quantity of loans for which no information regarding type of security has been given. 2 Less than $500,000. NOTE.—Detailed figures may not add to totals because of rounding. TABLE 20 BUSINESS LOANS OF MEMBER BANKS, NOVEMBER 20, 1946, BY TYPE OF SECURITY AND FEDERAL RESERVE DISTRICT [Estimates of outstanding loans] Federal Reserve district Type of security tr d A i i c s l - l ts B to o n s- Y N o e r w k a P p d h h e i i l 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 o ea l i i n p s - - K C s a a it n s y - Amount of loans, in millions Unsecured1.... $ 7,438 $373 $3,033 $322 $514 $216 $194$1,089 $214 $125 $182 $270$ 904 Secured 5,799 376 1,582 243 326 281 371 751 333 111 236 382 807 All loans... 13,237 749 4,615 565 840 49 565 1,840 547 237 418 1,711 Secured: Endorsed and co-maker 706 251 44 69 Inventories 1,195 346 108 306 Equipment 706 186 67 121 Plant and other real estate 943 133 128 153 Stocks and bonds 1,075 370 193 87 Accounts receivable 190 50 26 20 Life insurance 148 41 19 9 Oil runs 191 36 57 1 Assignment of claims 314 70 59 26 Government participation or guarantee 119 28 18 9 Other security 212 71 30 5 Number of loans, in thousands Unsecured1 261 57 Secured 410 67 All loans... 49 40 29 35 44 Secured: Endorsed and co-maker 76 7 Inventories 35 11 Equipment 111 22 Plant and other real estate 77 15 Stocks and bonds 46 6 Accounts receivable 13 2 Life insurance 22 2 Oil runs 2 Assignment of claims 20 Government participation or guarantee 2 Other security 6 1 Includes a small quantity of loans for which no information regarding type of security has been given. 2 Less than $500,000 or 500 loans. NOTE.—Detailed figures may not add to totals because of rounding. JUNE 1947 679 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SECURITY PLEDGED ON MEMBER BANK LOANS TO BUSINESS TABLE 21 BUSINESS LOANS OF MEMBER BANKS, NOVEMBER 20, 1946, BY TYPE OF SECURITY AND ORIGINAL MATURITY OF LOAN [Estimates of outstanding loans] Original maturity of loan Type of security De- Up to 6 months 1-3 3-5 5-10 Over mand 6 months to 1 yr. years years years 10 years A mount of loans, in millions Unsecured1. $ 7,438 $ 501 $3,699 $ 592 $482 $401 $1,526 $237 Secured 5,799 1,573 1,867 431 480 470 786 176 All loans2. 13,237 2 ,074 5,566 1,023 962 871 2,311 413 Secured: Endorsed and co-maker 706 99 476 55 27 12 27 Inventories 1,195 620 437 78 28 8 19 4 Equipment 706 76 106 63 167 120 132 40 Plant and other real estate 943 162 116 65 61 143 332 60 Stocks and bonds 1,075 261 399 104 104 75 112 19 Accounts receivable 190 89 77 10 3 2 4 2 * Life insurance 148 42 63 19 7 7 8 Assignment of claims4 505 121 113 25 55 81 95 'l5* Government participation or guarantee 119 21 31 6 13 16 29 4 Other security 212 81 47 15 4 27 24 Number of loans, in thousands Unsecured. 261 22 189 24 17 4 Secured. . . 410 70 169 53 64 24 All loans. 671 93 357 81 29 Secured: Endorsed and co-maker 76 5 55 9 6 Inventories 35 13 18 2 1 Equipment 111 8 25 26 42 Plant and other real estate 77 12 13 6 7 Stocks and bonds 46 13 28 3 2 Accounts receivable 13 5 7 1 (3) Life insurance 22 6 10 3 Assignment of claims4 22 6 10 2 3 Government participation or guarantee 2 (3) (3) () Other security 6 1 CO 1 Includes a small quantity of loans for which no information regarding type of security has been given. 2 A small quantity of loans unclassified by original maturity of loan has not been shown separately. 8 Less than 500 loans. 4 Including oil runs. NOTE.—Detailed figures may not add to totals ceoause of rounding. 680 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OUR STAKE IN GERMAN ECONOMIC RECOVERY by M. S. SZYMCZAK * Two world wars and their aftermath have made Oder-Neisse line has been divided into four zones: it clear that problems within Germany stand in the American, British, French, and Russian. Moreway of world peace and prosperity. For two years, over, the area of prewar Germany lying east of that your representatives in the Military Government line has been put under Polish (or Russian) adhave sought a basis for the solution of these prob- ministration. The Potsdam Agreement provided lems. They can only succeed if the American that the four zones should be treated as one ecopeople are aware of both their achievements and nomic unit. It has not worked out that way, howtheir difficulties, and if in turn the Military Gov- ever. Therefore I shall not speak so much of ernment officials in Germany understand the atti- global German problems such as economic unificatude of the public at home. To • contribute to a tion, the levels to be established for German inmutual exchange of such information is the main dustry, and the reparations program. Instead I purpose of this paper. shall concentrate on discussing the economic problems of the American zone and as far as necessary PRINCIPLES OF AMERICAN ECONOMIC POLICY IN of the combined American and British zones. GERMANY All of us are aware of the importance of early We all know that the German economy operated high-level decisions on the basic economic quesin the past as one integrated unit. Each part tions wh'ch were recently discussed at Moscow. made its contribution to, and received its sup- The issues were pointed out some time ago by port from, the rest of the country. This integra- Secretary Marshall and we all know their subtion alone made possible the industrial develop- stance and the urgent need for their solution. ment of Germany. None of the areas that con- In view of the history of German aggression and stitute the nation was ever self-sufficient in the past the part played therein by German industry, it may or can be made self-sufficient in the future. None be difficult to understand that one of the major of the German industries draws its tools and raw tasks of the Military Government is the provision materials from one single area or one single zone of of assistance in rebuilding at least part of the occupation. Steel and coal of the British zone are German industrial system. Such a reconstruction, vital to the metal-working industries of the Ameri- however, is necessary for two reasons: to prevent can zone, but the coal mines in the British zone can- Germany from remaining a source of perpetual not operate without pit props from the American unrest in Europe, and to aid in the recovery of our and Russian zones. The light industries of the Allies. American zone need optical glass from the Russian, In the crop year 1946-47, German farmers in the and glue from the French zone. On the other hand, combined American and British zones of occupathey supply the French and Russian zones with elec- tion are producing foodstuffs sufficient to provide trical equipment, anti-friction bearings, and dye- an average diet of only about 1,000 calories daily stuffs. for that part of the population that does not live on For purposes of occupation Germany west of the self-sufficient farms. Such a diet is less than half of the minimum standard endorsed by the United 1 Text of speech delivered on May 19, 1947, before a luncheon meeting of The Economic Club of Detroit. Governor Szymczak, Nations Food and Agricultural Organization. Unwho has now resumed his duties as member of the Board of Governors, took leave from the Board of Governors from July less we are prepared to forego payment for the 1946 until May 1947 to work with the Office of Military Government for Germany (U. S.)> the United States element in the large supplies of food that must be sent to Gerquadripartite military government for Germany established in many for an indefinite period just to prevent whole- Berlin. He served first as Chief of the Trade and Commerce Branch in the Economics Division of OMGUS (this branch is sale starvation, we must permit Germany to rederesponsible for foreign trade, interzonal trade, and price control), and subsequently as Director of the Economics Division velop its manufacturing industries which alone (which includes, in addition to the Trade and Commerce Branch, branches covering Industry, Food and Agriculture, Decarteli- can produce the exports necessary to pay for food zation, Restitutions, Research, Supply and Accounting, and Requirements and Allocations). imports. JUNE 1947 681 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OUR STAKE IN GERMAN ECONOMIC RECOVERY Moreover, the products of German industry are rehabilitation of Germany. For instance, before indispensable for the reconstruction of continental the war the Netherlands exported substantial Europe. In 1936—the last year in which the bulk quantities of vegetables to Germany while Gerof the German economy was operated on a peace- many paid for these imports in steel and machinery. time level—Germany was the largest exporter to, If that commerce could be restored today, it would and the largest importer from, Austria, Bulgaria, make it unnecessary for the American economy to Czechoslovakia, Greece, Hungary, Italy, Rumania, extend credits to the Netherlands in order to Switzerland, Turkey, and Yugoslavia. It was first enable that country to buy American machinery as a supplier and second as a market for the Nether- and it would make it also unnecessary to divert lands, Poland, and Sweden. Almost the entire scarce American foodstuffs to Germany. manufacturing industry of continental Europe was dependent upon German machinery, precision in- OBSTACLES TO EXECUTION OF THE POLICY struments, electrical appliances, optical goods, trans- While the principle of assistance to German portation equipment, and chemicals. recovery has been generally accepted in this coun- The fact that Germany today cannot even sup- try, it has been very difficult to carry out the proply spare parts is hampering economic reconstruc- gram on an adequate scale. For obvious reasons tion in such different countries as Austria, the of justice and policy, the countries invaded by Netherlands, and Poland. The general shortage of Germany have been given a prior claim to our aid. coal, which is the greatest single factor in retarding Our financial and material resources are limited European recovery, is due largely to low production and foodstuffs and raw materials continue to fall in the Ruhr mines. Lack of German potash is short of total demand. The allocation of wheat delaying the rehabilitation of agriculture all over and nonferrous metals, for instance, is a task that Europe. An increase in the output of coal and simply cannot be fulfilled to the satisfaction of all. potash mines, however, depends upon the avail- Similarly, coal, of which Germany is a major proability of mining equipment and upon larger sup- ducer, is in short supply. In order to promote replies of consumer goods for miners. A German construction in the rest of Europe, we have had to miner can earn in two days all he needs to buy his undertake substantial exports of German coal meager weekly rations and thereafter has little even though the revival of German manufacturing incentive to work. A relatively small increase in industry would have been considerably accelerated consumer goods offered to miners was an important if it had been possible to retain German production element in raising production in the Ruhr mines for German domestic use. by about one-fifth between the fall of 1946 and the It may be hoped that these scarcities will disapspring of 1947. A large-scale revival of German pear within a few years, but other obstacles may consumer goods industries would have propor- take their place. Concern has frequently been tionately greater results. expressed that the reconstruction of German in- Our own economy would benefit from the re- dustry may go too far and restore Germany's war sumption of German industrial exports because the potential. The occupying powers have tried to availability of German goods would help meet the differentiate between industries that could be used foreign demand for many American goods which for aggressive purposes and therefore should be are still in scarce supply relative to our own restricted, and others that might be considered domestic demand. Furthermore, some European peaceful and therefore should be encouraged. The countries can pay for imports from the United most innocuous industries, however, could con- States only with the aid of dollar credits because ceivably be used for war purposes, and dangerous they lack dollar resources and lack exportable com- ones frequently are indispensable for peacetime modities adapted to the American market. If uses. For this reason, some nations are critical of they could import goods from Germany, however, any move to improve the level of German industry they could pay for them by exporting products even though they concede that such an improveurgently needed in that country. In that way, they ment would benefit them from the economic point would lighten the burden which the American of view. economy has had to bear both in respect to the Finally some countries see in Germany less a reconstruction of their own economies and to the source of supplies or a market for exports than a 682 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OUR STAKE IN GERMAN ECONOMIC RECOVERY dreaded competitor. At present, such fears seem exporting nations. Every ton of food allotted to premature since production the world over has not Germany causes hardship in other parts of the caught up with demand, and German production world. Difficulties in ocean transportation freremains a negligible part of the total. As soon, quently delay shipments urgently needed for mainhowever, as world market conditions become less taining stocks in Germany at the minimum level favorable to the sellers, any increase in German needed for the planning of equitable distribution. industrial production, and especially in German German farmers frequently fail to deliver their industrial exports, may injure the interests of some quotas. Trains must be rerouted to alleviate a industrial groups in other countries. Although crisis in some part of Germany, thus creating a such exports will in turn make possible imports shortage in another part. Losses from pilferage into Germany and thus benefit Germany's trade increase in proportion to the deterioration of food partners as well as Germany itself, the groups bene- conditions. An unfortunate accumulation of such fiting from access to the German market fre- factors was the cause of the difficulties currently quently will be different from those affected by experienced in the Ruhr district. Delays in de- German competition. livering the full rations invariably lead to unrest, diminish the efficiency of labor and the output of ACHIEVEMENTS OF THE MILITARY GOVERNMENT industrial goods, and thus add to the difficulties Despite the foregoing obstacles and the limited of rehabilitation. financial and material means at the disposal of In future, we expect domestic production, collecthe occupation authorities, there has been a degree tion, and distribution to yield substantially larger of rehabilitation in Germany. quantities than this year. Such an improvement Food and agriculture. The food situation con- will depend upon the availability of fertilizer and tinues to be the central German problem. It is far upon a supply of industrial consumer goods which from satisfactory, but we have been able to avoid will induce farmers to raise more crops for sale. not only outright starvation but also any serious It also will depend upon the enforcement of a deterioration of public health. Since last fall until strict program of collection and distribution which recently the official ration has been maintained in the must be efficiently performed by German officials. American and British zones at 1,550 calories daily We can have the utmost confidence in the ability of for the so-called normal consumer. This ration the Military Government under General Clay to still is more than one-fourth below the minimum meet this situation if it is given fair means to carry necessary to insure health in the long run and more out its program. than two-fifths below the German prewar stand- In the long run, however, the efficiency of inard of nutrition. Moreover, the diet is far poorer dustrial labor cannot be maintained on a diet reprein quality than would be advisable from the point senting less than 2,600 calories daily for the soof view of nutrition, a larger proportion consist- called normal consumer. The American and Briting of grain products and a smaller proportion of ish zones cannot expect to produce more food than so-called protective foodstuffs. Even so, the ration sufficient for an average of 1,600 calories daily. has been maintained only by importing into the Import requirements in the long run therefore will combined American and British zones foodstuffs be the equivalent of at least 1,000 calories daily, equal to about 60 per cent of their domestic produc- or about two-thirds more than actual imports in tion. These imports, mainly bread grains and flour the current year. but including substantial quantities of potatoes, Industrial production. In 1945, most manufactursugar, fish, and milk, will amount to 2.3 million ing industries in the western zones of Germany tons and require an expenditure of 270 million were at a standstill. By November 1946, industrial dollars in the first six months of 1947. production in the American zone had reached 44 The food situation is constantly being threatened per cent of 1936—a year of virtually full employby the fact that stocks of supplies are dangerously ment in Germany. With the exception of lumber, low. Food is needed in many parts of the world. the production of all commodities is below the 1936 For the sake of food importing countries a further figure, but by 1948 prewar output is expected to rise in world market prices must be avoided as far be reached in a number of important industries. In as possible and priorities must be established by the the British zone, industrial production had recov- JUNE 1947 683 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OUR STAKE IN GERMAN ECONOMIC RECOVERY ered last fall to only 38 per cent of 1936. The to the lack of coal: approximately 12.5 tons of coal British zone includes mainly heavy industries, are needed for producing the material necessary to most of which are under severe restrictions as build a small apartment. Allied legislation propossible war industries, while the American zone vides for the equitable distribution of available contains mainly light industries, manufacturing housing among the population, but this measure consumer goods. can bring only small relief since the complete Unfortunately, the exceptional severity of the equalization of all housing would only provide last winter has undone some of the progress ex- around 80 square feet of floor space per person in perienced during the preceding year. Industrial the American, and less than 70 square feet in the production in the American zone fell in Decem- British zone. ber to 39 per cent, in January to 31 per cent, and Improvement in housing conditions is particuin February to 29 per cent of 1936. In March larly needed in the Ruhr district since the inflow it recovered to 35 per cent and in April to 42 per of additional miners from the southern area of our cent but this level is still slightly below the peak of combined zones, required to fulfill the program of November 1946. output expansion, depends upon the availability of In spite of the low level of production there is homes. A short-range program has been prelittle unemployment. Even in February 1947, pared to provide additional housing, including unemployment in the American zone was less temporary camps and billets and permanent rethan 500,000 out of a labor force of more than 7 construction, and a long-range program is being million. Only in the white-collar classes is the formulated. In addition to building material, beds, number of job openings constantly smaller than bedding, and furniture must be produced. While that of job seekers. This is the result of three Military Government plays an important role in facts. The labor force has been greatly reduced by drafting the program, its execution is entrusted to war losses and by the retention of a large number the German authorities. Military Government has of prisoners of war in some Allied countries. helped in that task by reducing to a minimum the Secondly, much labor is needed for work, such as requirements for military installations. removal of rubble and plant repair, which does Domestic trade and transportation. Despite the not show in production statistics but nevertheless interdependence of the four zones of occupation, is vital for resumption of economic activity. interzonal trade has been slow to develop largely Thirdly, for physical and psychological reasons, because of the lack of economic unification. Since the productivity of labor has fallen considerably, January of this year, trade between the American in some cases by as much as two-thirds. The and British zones has been free, as the result of gradual revival of economic activity, more food, the economic merger of these zones, and trade housing facilities, and improved availability of in- between the merged zones and the rest of Germany dustrial consumer goods will do much to remove will be increased under agreements concluded the causes of low efficiency. among the zonal authorities. Until and unless the Housing. Next to food, housing accommodations over-all economic unity of Germany is achieved, are the most pressing requirements of the Ger- however, German recovery will be hampered by man people. Despite all war losses, the popula- obstacles to the free flow of goods within the tion of the American and British zones has risen country. by around 20 per cent in comparison to prewar, Transportation has suffered particularly badly mainly because of the inflow of Germans expelled from war damage. The Military Government can from the area under Polish administration and be proud, however, of its record in repairing rail' from Czechoslovakia and other Eastern European roads, inland waterways, port facilities, and highcountries. At the same time, urban housing suf- ways. Railroad tracks in operation represent 97 fered from terrific bomb damage during the war, per cent of the prewar total. Almost as many sunken especially in the industrial and commercial cen- vessels have been raised in the American zone as ters. In Bremen, for instance, 55 per cent of all in all other zones together and the proportion of homes were unusable in the summer of 1945. port channels cleared is higher than in any other Reconstruction has been hampered by the scarcity zone. The American zone also has a larger proof building materials, which in turn is due largely portion of operating motor vehicles than any other 684 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OUR STAKE IN GERMAN ECONOMIC RECOVERY zone. Despite this progress, transportation is even exports could be increased again. In April and now in need of repair and maintenance is a constant May, the unsatisfactory food situation brought about problem. Allocations of materials are being made some labor disturbances which kept coal output for this purpose but must be revised as required somewhat below the March peak. As soon as these to meet new priority demands from other sides difficulties are overcome, a further rise in output of the battered economic structure. is expected. If it occurs, by summer exports might International trade. In 1946, the foreign trade of reach a volume of 265,000 tons per week while at the American zone was almost entirely confined the same time allotments for the needs of the to the importation of foodstuffs and other essential merged zones might be increased to 860,000 tons goods by the occupation forces in order to prevent per week, or about 30 per cent above the peak disease and unrest among the population. Such allotment in 1946. The increase in domestic allotimports are financed by War Department appropria- ment would mainly benefit industrial enterprises, tions. The only other substantial import transac- which in this way would be enabled to raise their tion was the shipment of some surplus American output and thus to contribute more efficiently to the cotton held by the Commodity Credit Corporation. projected expansion of foreign trade. This cotton was delivered to German processors; Apart from coal exports, foreign trade of the the finished goods are being exported in an amount merged zones in 1947 will be determined by the sufficient to pay for the cost of the imports, and working of the bi-zonal merger agreement. This the rest is available for German consumption. In agreement provides for the cooperation of the the fall of 1946, similar arrangements were made American and British occupation authorities, and by the American Military Government for the im- of the representatives of the German states, in portation of raw materials required for the manu- formulating an import-export program for the refacture of ceramics, optical instruments, building habilitation of the German economy. A major materials, chemicals, and toys. The interim financ- objective of this rehabilitation program is to put ing for these imports is handled by the United States the merged zones of Germany back on a self-sup- Commercial Company, a subsidiary of the Recon- porting basis, that is, to develop exports to a point struction Finance Corporation. Exports from the where they cover imports. Meanwhile, however, American zone in 1946 were confined mainly to the occupying powers must bear the cost not only lumber and hops and a few industrial goods, taken of the basic program for the prevention of "disease from existing inventories or produced from raw and unrest," but also of the raw material and equipmaterial stocks. The amounts shipped were very ment imports required to "prime the pump" of small, in the neighborhood of 3 per cent of the esti- German export industries. Certain funds are almated prewar exports of the zone's area. ready in hand for this second part of the program, Imports into the British zone were similar to including the receipts from exports of 1945-45, some those of the American zone, but exports from the former German external assets transferred to the British zone were considerably larger, due almost occupying powers under agreements with neutral entirely to Ruhr coal. Coal exports reached a countries, and the credits negotiated with the United weekly volume of 260,000 tons in the summer of States Commercial Company. The United King- 1946, or about 40 per cent of prewar, but this in- dom is participating in the program in two ways. volved heavy drafts on existing stocks and inade- It bears half of the costs of sending basic necessities quate allocations to the needs of the German to the merged American and British zones, and it economy. As a result, exports of coal had to be finances half of the funds needed for "priming the reduced by about 30 per cent in the fall of 1946. pump" of the area's industry. Whenever, in the Even the peak figure in the summer of 1946 was future, additional advances should be required, the far from sufficient to meet demand in the rest of United Kingdom also will bear an equal share with Europe, and the reduction of coal exports was a the United States. heavy blow to the importing countries. The expected increase in imports will necessi- In the first months of 1947, exports had to be tate, but also make possible, larger German excurtailed still further, reaching a low of 103,000 ports. In order to facilitate exports, the occupation tons per week in February. Meanwhile, however, authorities have authorized foreign businessmen the output of the Ruhr mines had risen and coal to correspond with prospective German trading JUNE 1947 685 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OUR STAKE IN GERMAN ECONOMIC RECOVERY partners. Only so-called nontransactional mail, many black-market transactions take the form of that is, correspondence preparing rather than con- barter, especially for cigarettes, rather than the cluding actual contracts, has been allowed so far, form of sales at high money prices. but transactional mail may be admitted in the near The maintenance of the official price and wage future. Military Government also provides facili- level at virtually prewar figures has had some unties for foreign businessmen to travel in Germany foreseen consequences. At the beginning of the and renew trade contacts. Contracts have to be occupation, a military exchange rate of 10 marks submitted for approval to the Military Government per dollar was established, as compared to a prewar U.S.-U.K. Joint Export-Import Agency, and all exchange rate of 2/4 marks per dollar. This rate payments have to be made to the account of the was introduced merely for the administrative use Agency rather than individually to German ex- of the occupying authorities, especially in calculatporters. The Agency has issued rules of procedure, ing payments in marks to the troops. Its application stating the principles which will determine the for general purposes, however, would have tended approval or rejection of contracts, and has estab- to upset the entire price and wage system. German lished branch offices in the most important trading domestic prices even before the war were managed centers of the merged zones, mainly the state in such a manner that they had lost all relation capitals. Finally, the Agency is prepared to act to world market prices. No uniform exchange rate, as seller of goods if a foreign buyer is prevented and least of all the military rate, would represent by government restrictions from entering into legal a generally applicable ratio between domestic prices contracts with German nationals. as expressed in marks, and world market prices in The necessity of setting up the bi-zonal export- dollars. import organization and the hardships of the winter Thus a difficult problem has arisen in connection months have delayed the beginning of the new with the pricing of export and import goods. The program. Despite these handicaps, foreign trade German exporter receives for his sales the legal has started to rise. In the first quarter of 1947, domestic price in marks. Similarly, the German contracts for exports were negotiated to the amount importer has to pay for his purchases the legal of 22 million dollars. Imports, excluding basic domestic price in marks. On the other hand, the necessities imported by the occupation authorities, foreign importer of German goods pays, and the were approved to the sum of 10 million dollars. foreign exporter of goods receives, the world mar- These amounts still are far below the levels that ket price in dollars. must be reached in order to fulfill the bi-zonal The occupation authorities have decided for the program, but they represent a material improve- time being to refrain from fixing a uniform conment in comparison with preceding periods. version factor for the translation of mark into dol- Money and exchange. When the occupying pow- lar prices, and vice versa. Instead they have isers entered Germany, the collapse of the currency sued a long list of various conversion factors, reappeared imminent. Money in circulation had in- flecting for all major commodities the actual recreased to approximately six times the prewar level. lation between legal domestic prices in marks and The German people's recollection of the hyper- world market prices in dollars. For instance, the inflation that followed the First World War added conversion factor for carbon brushes is 30 cents, to the dangers of the situation. and for pharmaceuticals 80 cents per mark. This Despite the oversupply of money and the scarcity means that a certain quantity of carbon brushes of goods, the occupying powers took over the ex- that sells domestically for 100 marks has to be isting German system of price and wage controls priced for export at $30, but pharmaceuticals that and have been able to prevent any serious rise in sell domestically for 100 marks have to be priced legal prices and wages. The official cost-of-living for export at $80. As a practical matter, this index stood in December 1946 at approximately is the best that can be done until major monetary 120 per cent of 1938. It is true that only the reforms are undertaken in Germany and a more meager official rations can be purchased at these normal price system is developed there. These prices. The supply of black-market goods, how- problems have been under quadripartite discussion ever, is probably smaller than the amount of goods for some time and it is to be hoped that an early distributed through legal channels. Furthermore, agreement will be reached. 686 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OUR STAKE IN GERMAN ECONOMIC RECOVERY Banking. In December 1946, the Military Gov- occupying powers one year ago, maximum levels ernment established a new central banking or- were established for most German industries with ganization in the American zone. Following the a view particularly to preventing the resurgence principle of decentralization, each German state of German war potential. Most experts agree that received its own central bank, which took over the this plan needs substantial corrections, but the necesassets of the former Reichsbank as far as they were sary amendments in each zone will largely depend located in its area. The organization of the central upon developments in other zones and upon the banks was largely influenced by the model of the question of whether the German economy is to be Federal Reserve System. As soon as the economic redeveloped as a unit or in separate self-sufficient unification of Germany is implemented, the state parts. central banks will be coordinated by a central Another problem that urgently needs attention board, which will issue currency through the is currency reform. The disproportion between medium of the state central banks. Until such the supply of money and of goods at prevailing time, however, the central banks have no power prices cannot be maintained indefinitely. All exto issue bank notes or any other currency. perts agree that a reduction in the volume of cur- In consequence of the principle of decentraliza- rency will be necessary. Obviously, the execution of such a reform also depends upon the fate of tion, commercial banks in the American zone have unification. If common action of all four occupybeen ordered to sever their connection with central ing powers is not forthcoming, the advantages and offices in Berlin. Depositors are free, however, to disadvantages of separate action in the merged dispose of their accounts both within the American American and British zones must be weighed. zone and in transactions with the British and French zones, except for blocking measures ap- Other problems arise in connection with the plied in the process of denazification. From Sep- political aims of occupation. The decentralization of economic control must be achieved in order tember 1945 to December 1946, deposits in the to make it impossible for the country to reorganize American zone increased by 20 per cent. Most of for aggressive purposes. In this connection, the the rise in deposits had to be kept by the banks in Military Government in the American zone has cash or with other credit institutions since no other enacted a drastic decartelization statute, which is investment opportunities are available. Total assets aimed at destroying the concentration of economic of the banks in the American zone were 90 billion power in German industry. Property of Allied marks on December 31, 1946, of which one-half nations looted during the war has been and is was kept in cash or bank balances, and one-third being returned under the restitution program. War in Treasury bills and other government securities, plants have been and are being destroyed, and other the service of which has been suspended since the plants have been and are being removed for reparaend of the war. tions. The over-all problem of reparations, however, still remains to be solved. PROBLEMS AND PROSPECTS The lack of unified action of the four occupying All the achievements of the Military Government powers, moreover, creates uncertainties that are are merely the first step on the road to rehabilita- detrimental to economic progress. As long as the tion. The obstacles that still have to be overcome management of an enterprise does not know are no doubt as great as any encountered so far. whether or not a plant will be subject to restitu- First of all, the provision of the Potsdam Agree- tion, or to destruction, or to removal under the ment which calls for the economic unification of reparations program, it cannot make definite plans Germany must be carried out. Unification in itself for reconstruction or start an investment program will not solve the economic problems of Germany, which might be interrupted at any moment. but it will ensure the development of the whole Finally, the Military Government has to deal with German economy on a more rational basis. Un- the problem of reaching equilibrium in the balance certainty as to economic unification is a handicap of international payments of the merged American in many fields, notably in adjusting the so-called and British zones. In this connection, the ques- Level-of-Industry Plan to changed conditions. Un- tion of economic unification again becomes decisive. der that plan, which was approved by all four As long as unification is not achieved, interzonal JUNE 1947 687 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OUR STAKE IN GERMAN ECONOMIC RECOVERY trade must be treated as international rather than zones to start repaying the advances made by the domestic commerce, with the resulting need for occupying powers for the importation of basic controlling interzonal payments. necessities. The problem of equilibrium is particularly in- Our stake in the economic problems of Germany,, teresting to the American public. As long as the however, is greater than our interest in receiving proceeds from exports do not exceed import re- repayment of our advances. We want peace, and quirements, they must be devoted entirely to pay- we know that in order to have peace, we must have ing for current imports. Only when an export economic stability in Germany and in the rest of surplus is reached, will it be possible for our merged Europe. FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OWNERSHIP OF DEMAND DEPOSITS1 Demand deposits of individuals increased further During the war period, as is shown in the chart by 1.2 billion dollars during the seven-month period and also in Table 4, demand deposits of almost all ending February 26, according to estimates based holder groups showed sustained growth. This exon the latest Federal Reserve System survey of de- pansion continued in the first 12 months after the posit ownership. Balances of nonprofit associations end of hostilities, with the important exception also grew substantially. Deposits of all business that deposits of manufacturing and mining comgroups, however, were drawn down over this panies were reduced sharply during the period of period, as is shown in Table 1. Total deposits of reconversion in the last half of 1945. The recent individuals, partnerships, and corporations exdecline in total business deposits, however, is the panded rapidly in the last half of 1946 but declined first shown by the survey since early in 1944, when sharply in January and February 1947, reflecting deposits of businesses and individuals were tempoheavy tax payments in these months. Thus on rarily affected by bond purchases in the Fourth February 26 the total of these deposits was con- War Loan Drive. For the five-year period since siderably reduced from the December peak and the end of 1941, demand deposits of individuals amounted to 77.8 billion dollars or only 300 mil- (including farmers) approximately tripled in lion more than on July 31, 1946, the date of the amount and those of trade concerns increased by previous survey. 170 per cent, while for manufacturing and mining 1 This article was prepared by Richard F. Hart and Richard companies the growth was 60 per cent and for Youngdahl of the Board's Division of Research and Statistics. OWNERSHIP OF DEMAND DEPOSITS INDIVIDUALS, PARTNERSHIPS, AND CORPORATIONS B 1 I 0 LL 0 IO N I S OF 1 DOLLARS BROAD GROUPS 20 | NONFIN SE A LE N C C TE IA D L D AT B E U S SINESSES j | OTHER HOLDER B S LLIONS OF DOLL 24 ! - A - / 80 16 ( 20 /MANUFACTURING 1 TC)TAL / AND MINING —j / ! INDIVIDUALS / - 1 /-^ (EXCLUDNG FARMERS)/ r 1 - ( 60 12 / 1 16 TRADE/ i / [ / / 40 [ / / NONFINANCIAL 8 / / r I I 1 12 / | BUSINESSES^ ^J^ / ' 1 / y > . / u FARMERS^^^ INDIVIDUALS,/^"*'^ / NONPROFIT -! ASSOCIATIONS / y ! 1 20 / ! ^ 4 IuI T P 1I U I i B L1. L T1 I 1I C F m^o -r—^^» 1 AND O \ T HER / * /, S\ ^^~V 4 J -^-r- r^*'^ FINANC /XL OTHER —! h BUSINESSES NONFINANCIAL v-*-*— FINANCIAL | BUSINESSES^.^ ; J j INSURANCE | 1 COMPANIES ; "~ NONPRO A F N I D T A O S T S H O E C R IA * TIONS 0 1 1942 1944 1946 1948 1942 1944 .1946 1948 1942 1944 1946 1948 * Includes deposits of trust funds and foreigners. Estimates based on Federal Reserve surveys of deposit ownership. Latest figures are for Feb. 26, 1947 JUNE 1947 689 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OWNERSHIP OF DEMAND DEPOSITS financial businesses 50 per cent. The total of all currency held by individuals, therefore, expanded by groups approximately doubled. more than 3 billion dollars over this seven-month Growth in deposits of individuals continued over period. A sizable amount of these funds is held the August-February period at about the rate shown in anticipation of outlays for automobiles and other during the previous six months. Increases in farm- durable consumers' goods and for housing, as is ers' accounts, however, accounted for 500 million revealed by a survey of consumer finances reported dollars, or almost half of the recent rise in personal elsewhere in this BULLETIN. deposits, whereas in the preceding period farmers' Business deposits declined by 1.1 billion dollars, deposits expanded only 200 million. While in part or 2.4 per cent, during the August-February period. the recent large increase in farmers' deposits is Reduction of nonfinancial business balances, acdue to the usual autumn rise in farm cash receipts, counting for 1 billion of this decline, occurred it probably reflects to a considerable extent further notwithstanding a very high level of business profits expansion in farmer incomes accompanying the and reflected expenditures in record volume for very sharp rise last fall in agricultural commodity plant and equipment and for accumulation of inprices following the removal of price controls. Deventory. In addition, many businesses drew upon mand deposits of other individuals increased 700 cash resources in connection with further large exmillion dollars over the period. tension of credit to customers. Business finance In addition to the growth in demand deposits during 1946 was discussed in the leading article of individuals, time deposits, which are largely perin the BULLETIN for May 1947. sonal, rose by 2.4 billion dollars. Currency in cir- Deposits of all major business groups except unculation showed little change. Total deposits and incorporated financial businesses were reduced over this period. About half of the decline occurred in TABLE 1 accounts of corporations and half in balances of CHANGES IN OWNERSHIP OF DEMAND DEPOSITS OF INDIunincorporated businesses, as is shown in Table 2. VIDUALS, PARTNERSHIPS, AND CORPORATIONS On a percentage basis, however, the decline was [Estimates, in billions of dollars] much larger in noncorporate business deposits than Change in corporate deposits. Amount outstand- Type of holder ing Feb- July 31, January ruary 26, 1946 to 31, 1946 to 1947? February February TABLE 2 26, 1947? 26, 1947P DEMAND DEPOSITS OF CORPORATIONS AND UNINCORPORATED Domestic businesses—total. . . 43.8 -1.1 +0.9 BUSINESSES [Estimates, dollar amounts in billions] Nonfinancial businesses 37.2 -1.0 +0.3 Manufacturing and mining 16.0 -0.3 Public utilities 4.2 -0.2 +0.2 Change from July 31, 1946 Trade 12.5 -0.5 -0.1 February 26, Other nonfinancial 4.5 -0.1 +0.2 1947? Dollar amount Percentage Financial businesses 6.5 -0.1 +0.6 Type of holder Insurance companies.... 2.1 +0.2 Other financial 4.5 * +0.4 Cor- Non- Cor- Non- Cor- Non- Individuals 28.9 +1.2 +2.5 porate porate porate porate porate porate Farmers 6.7 +0.5 +0.7 Others 22.1 +0.7 + 1.7 Domestic businesses- Trust funds 1.7 -0.1 +0.1 total $32.1 $11.7 $-0.6 $-0.5 -1.9 -3.9 Nonprofit associations 2.7 +0.3 +0.3 Foreigners x 0.8 Nonfinancial 27.3 10 0 -0 5 -0 5 -1.9 -5.0 Manufacturing Total 77.8 +0.3 +3.7 and mining. . . 14.4 1.7 -0.2 -0.1 -1.6 -6.1 Public utilities. . 4.1 0.2 -0.1 * -3.5 -7.8 Trade 6.5 5.9 -0.1 -0.3 -2.0 -5.3 p Preliminary. * Less than 50 million dollars. Other nonfinan- 1 Excludes foreign banks and Governments. cial . ... 2 3 2 2 * —0 1 -0 3 — 2 9 NOTE.—The figures on deposit ownership are estimates of the balances as recorded by the books of all banks and as a conse- Financial 4 8 1 7 —0 1 * —2 1 +2 9 quence are different from figures that appear on the books of de- Insurance 1.9 0.1 -0.1 * -2.9 + 16.0 positors. The former include amounts represented by checks that Other financial. . 2.9 1.6 * * -1.6 +2.0 have been drawn by depositors and deducted from their books but not yet charged off their balances on bank records. The latter include checks received by the payees that have been entered on P Preliminary. * Less than 50 million dollars. their records but not yet deposited with the banks. NOTE.—Detailed figures may not add to totals because of Detailed figures may not add to totals because of rounding. rounding. 690 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OWNERSHIP OF DEMAND DEPOSITS Regional differences in the changes in total de- TABLE 3 mand deposits of individuals, partnerships, and CHANGES IN DEMAND DEPOSITS OF INDIVIDUALS, PARTNERcorporations, and in demand deposits of individuals SHIPS, AND CORPORATIONS, BY FEDERAL RESERVE DISTRICTS, and nonfinancial businesses, are shown in Table JULY 31, 1946 TO FEBRUARY 26, 1947 3. Personal deposits rose in all Federal Reserve Percentage changes in deposits of districts except Dallas, where they fell slightly. Federal Reserve The largest increases occurred in the Minneapolis, district All groups1 Individuals Nonfinancial businesses St. Louis, and Chicago Districts, where farmers' accounts increased very sharply. Declines in non- Boston -0.4 + 1.1 -3.9 New York -1.6 +5.0 -2.7 financial business deposits were recorded in all 12 Philadelphia -0.8 +2.0 -2.4 districts. Total deposits of individuals, partner- Cleveland +0.3 + 1.3 -0.6 Richmond +3.2 +4.0 -0.8 ships, and corporations increased somewhat in the Atlanta -0.5 + 1.5 -3.4 St. Louis, Minneapolis, and Chicago Districts, Chicago +3.7 +9.1 -1.6 where personal deposits showed the largest gains, S M t. i n L n o e u a i p s olis + + 4 5. . 2 3 + + 1 1 6 2 . . 0 1 - - 7 1 . . 7 7 and in the Richmond District, where a slight de- Kansas City +0.5 +3.3 -5.6 cline in nonfinancial business deposits was offset S D a a n ll a F s rancisco - - 1 1 . . 2 3 + -1 1 . . 1 5 - - 2 4 . . 5 6 by a moderate growth in personal and other de- All districts +0.4 +4.4 -2.7 posits. In other districts demand deposits either showed little change or declined. 1 Includes also changes in deposits of financial busines; profit associations, trust funds, and foreigners. TABLE 4 OWNERSHIP OF DEMAND DEPOSITS OF INDIVIDUALS, PARTNERSHIPS, AND CORPORATIONS, SELECTED DATES, 1941-47 [Estimates, in billions of dollars] Dec. 31, July 31, Feb. 29, July 31, Jan. 31, July 31, Jan. 31, July 31, Feb. 26, Type of holder 1941 1943 1944 1944 1945 1945 1946 r 1946 r 1947P Domestic businesses—total... 24.8 36.3 35.9 37.6 40.4 42.4 42.9 44.9 43.8 Corporate * * * 29.2 30.6 31.9 31.1 32.8 32.1 Noncorporate * * * 8.5 9.9 10.5 11.9 12.1 11.7 Nonfinancial business—total. . . 20.4 31.6 31.5 33.0 35.3 37.1 37.0 38.3 37.2 Manufacturing and mining 10.0 16.5 16.3 17.2 17.5 18.4 16.1 16.4 16.0 Public utilities 3.1 3.7 3.7 3.7 3.7 4.0 4.0 4.4 4.2 Trade 4.6 8.0 8.2 8.8 10.3 10.9 12.6 13.0 12.5 Other nonfinancial 2.7 3.4 3.4 3.3 3.7 3.8 4.2 4.5 4.5 Financial businesses—total. . 4.4 4.7 4.3 4.6 5.2 5.3 5.9 6.6 6.5 Insurance companies 1.9 1.9 1.7 1.7 1.9 1.8 1.8 2.1 2.1 Other financial 2.5 2.8 2.6 3.0 3.3 3.5 4.1 4.5 4.5 Individuals—total ... 9.6 15.8 17.7 18.4 21.5 23.0 26.4 27.6 28.9 Farmers * 3.3 4.2 4.0 4.7 5.2 6.0 6.2 6.7 Others 12.5 13.5 14.4 16.7 17.8 20.4 21.4 22.1 Trust funds 1.2 1.3 1.3 1.4 1.5 1.6 1.8 1.7 Nonprofit associations . . . 1.4 1.5 1.5 1.9 2.0 2.4 2.4 2.7 Foreigners—businesses and individuals 0.9 0.8 0.7 0.7 0.7 0.8 0.8 0.8 Total 37.6 55.6 57.2 59.6 65.9 69.6 74.1 77.5 77.8 P Preliminary. r Revised. * Not available. NOTE.—Detailed figures may not add to totals because of rounding. JUNE 1947 691 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVISION OF WEEKLY STATISTICS FOR MEMBER BANKS IN LEADING CITIES Beginning with the statement as of July 2, 1947, side of the reporting cities were excluded from the the weekly series of statistics reported by member old series. As a result of the changes indicated banks in leading cities and published by the below, the series has been made a more complete Board of Governors will reflect revisions made to and representative indicator of current banking increase and improve its coverage. The revised conditions in the larger cities, both by districts series for all reporting banks, for New York City, and for the country as a whole, than it was before and for banks outside New York City will be pub- revision. The series is not designed to represent lished in the Federal Reserve BULLETIN for July conditions among banks outside leading cities. 1947, and it will include back figures through One of the major changes made in the series was July 3, 1946. The same issue of the BULLETIN to include consolidated figures for all branches of will contain the usual tables for the old series all reporting banks, regardless of location. This through June 25, 1947, the last date for which revision eliminated the necessity of pro-rating certhese data will be compiled. Because of the addi- tain aggregate asset and liability figures between tional time required to compile the data for the excluded and included branches in order to obtain revised series, the release date for the Reporting estimates for use in the series. Member Bank Statement will be changed from The inclusion of all branches of reporting banks Tuesday to Wednesday. Figures for banks in New removed the possibility of indicating precisely the York City and Chicago, however, will continue to number of cities included in the series, particularly be released on the Thursday afternoon following in districts that have branch banking. The total the Wednesday report date. number of cities, including only the head-office Weekly condition reports have been collected by cities of branch systems, was reduced from 101 to the Board of Governors from selected member 94. The selection of cities was based upon the banks in leading cities since November 1917. At ratio of member bank deposits in a city to total first 96 cities were included, but by 1919 the num- commercial bank deposits in the Federal Reserve ber had been increased to the present 101. A few district, but exceptions were made for special substitutions of cities have been made from time situations. Some cities not included in the earlier to time, and some cities were temporarily sus- series have been added, while a number of other pended from the series as a result of the banking cities formerly included have been eliminated. holiday in March 1933. Since November 1935, The coverage of bank deposits within included when the "101 cities" series was resumed, the re- cities was broadened considerably. The minimum porting banks and the selected cities have remained coverage was set at 75 per cent of all member bank virtually unchanged. The only exceptions have deposits in each city. With two minor exceptions, been the infrequent elimination and compensat- the actual coverage ranges between 90 and 100 ing substitution of banks in order to maintain per cent. In the old series the percentage was less comparability following changes in membership, than 60 in some cities. mergers, etc. The number of banks reporting was increased Appreciable changes and geographic shifts in from 371 to 441. Nearly one-half of the increase is population growth and business activity, in volume in three cities—New York, Chicago, and Washingand distribution of bank deposits, in membership in ton—where 27, 26, and 14 banks respectively are the Federal Reserve System, and in general eco- now included as compared with 16, 12, and 8 in the nomic conditions have made it necessary to revise old series. Banks added to the series were asked the old series and to add a number of important to report their figures weekly beginning with April banks and cities. The growth of branch banking 2, 1947. In a number of districts the additional has also introduced inconsistencies and difficulties banks were already reporting weekly to the Fedin reporting, inasmuch as most branches out- eral Reserve Banks, but in some cases weekly 692 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVISION OF WEEKLY STATISTICS FOR MEMBER BANKS IN LEADING CITIES figures from July 1946 to March 1947 had to be series. The increase is due almost entirely to the estimated from less frequent reports of condition, inclusion of the assets and liabilities of all branches deposit reports for reserve computation purposes, of reporting banks wherever located. and other available sources. The portion estimated In the Richmond District, the revised series is so small in relation to the total that the pos- represents about 44 per cent of all commercial bank sible error is very slight. deposits as compared with 31 per cent in the old The percentage of total commercial bank de- series. The increase results from more complete posits represented by the series was increased from coverage in a number of cities and the inclusion 49 to about 57, and the percentage of total mem- of all branches. ber bank deposits represented was increased from The new weekly reporting series includes over 98 57 to about 67. The increased coverage is par- per cent of the deposits of central reserve city banks, ticularly outstanding in the San Francisco Reserve and 96 per cent of the deposits of reserve city banks. District. The revised series includes over 75 per So-called "country" banks in the series hold about cent of all commercial bank deposits in that district, 17 per cent of the deposits of all country member as compared with about 39 per cent in the old banks. JUNE 1947 693 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. Purchase of Government Obligations by directly from the United States which is held at any Federal Reserve Banks one time by the twelve Federal Reserve banks shall not exceed $5,000,000,000; and (2) after Amendment to Section 14(b) June 30, 1950, any bonds, notes, or other obliga- By Act of Congress approved April 28, 1947, tions which are direct obligations of the United Section 14(b) of the Federal Reserve Act was States or which are fully guaranteed by the United amended so as to authorize until July 1, 1950, the States as to principal and interest may be bought purchase or sale by Federal Reserve Banks, diand sold without regard to maturities but only in rectly from or to the United States, of bonds, the open market. The Board of Governors of the notes, or other obligations which are direct obliga- Federal Reserve System shall include in their tions of the United States or which are fully annual report to Congress detailed information guaranteed as to principal and interest, provided with respect to direct purchases and sales from the aggregate amount acquired directly from the or to the United States under the provisions of United States held at any one time by the twelve the preceding proviso." Federal Reserve Banks shall not exceed 5 billion Approved April 28, 1947. dollars. The text of the Act is as follows: Consumer Credit [PUBLIC LAW 41—80TH CONGRESS] [CHAPTER 44—1ST SESSION] Automobile Appraisal Guides [H. R. 2413] The Board has been asked whether the provisions AN ACT of Part 4 of the Supplement to Regulation W, To amend the Federal Reserve Act, and for other purposes. which require reference to an automobile ap- Be it enacted by the Senate and House of Rep- praisal guide in determining the minimum down resentatives of the United States of America in payment to be obtained on used automobiles, are Congress assembled, That, notwithstanding the applicable to credits extended for used 1947 model provisions of section 1501 of the Second War automobiles. The question arises because a number Powers Act, 1942, as amended, section 14(b) of the designated appraisal guides are not at of the Federal Reserve Act, as amended (U. S. C, present publishing retail values for such models. 1940 edition, Supp. V, title 12, sec. 355), is hereby The Board has ruled that no such reference need amended by striking out the proviso in such sec- be made until all designated appraisal guides pubtion 14 (b) and inserting in lieu thereof the follow- lish retail values for used 1947 automobiles. When ing: "Provided, That, notwithstanding any other such publication occurs, notice will be given in all provision of this Act, (1) until July 1, 1950, any appraisal guides. This means that the maximum bonds, notes, or other obligations which are direct amount of credit which can be extended for used obligations of the United States or which are fully 1947 automobiles at present is two-thirds of the guaranteed by the United States as to principal cash price. The rule is the same as that apand interest may be bought and sold without regard plicable to 1936 and older models for which retail to maturities either in the open market or directly values are published in some of the guides but from or to the United States; but all such pur- not in others. In the case of the 1937 to 1946 chases and sales shall be made in accordance with model automobiles, the maximum amount of the provisions of section 12A of this Act and the credit is two-thirds of the cash price or the apaggregate amount of such obligations acquired praisal guide value, whichever is lower. 694 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT Sales of Mortgages by State Member Banks of selling real estate mortgages or participations therein to the general public with a guarantee ex- The Board of Governors has given consideration pressed or implied, or in circumstances causing the to an inquiry with regard to the applicability of purchasers to assume that such mortgages would standard condition of membership numbered 3, or be repurchased upon request. Often such obligaa similar condition of membership, to the activity tions were sold without an expressed guarantee or of State member banks in selling to other banks in even with the provision that they were sold withsome volume, without recourse, real estate mortout recourse but the issuing or selling bank had gages which they will continue to service for a freely repurchased them upon demand over so long consideration. a time that the holders had been led to believe that It is noted that the member banks are selling they were, in fact, obligations of the bank payable such mortgages at no premium, that each bank on demand. In prescribing the condition of memhas now invested the aggregate amount in real bership, the Board had in mind particularly sales estate mortgages it is permitted to invest under the of mortgages to the general public who were not limitations imposed by State law and that an acin a position to evaluate real estate loans and might tive demand for such loans continues in the comconsider the bank at least morally obligated to make munity served by each. However, these considergood any loss sustained. ations do not appear to have a direct bearing upon the applicability of the condition of membership. It is to be assumed that a bank or other financial Standard condition of membership numbered 3 institution, such as an insurance company, purreads as follows: chasing real estate loans from a bank, without recourse, is qualified to appraise such loans and would 3. Such bank shall not engage as a business have no reason to feel that the selling bank acts in issuing or selling either directly or indirectly as guarantor of the soundness of the investment. (through affiliated corporations or otherwise) Therefore, the Board of Governors will not consider notes, bonds, mortgages, certificates, or other the sale of real estate mortgages by a State member evidences of indebtedness representing real esbank to other banks or financial institutions, such tate loans or participations therein, either with as insurance companies, without recourse, as comor without a guarantee, indorsement, or other ing within the purview of standard condition of obligation of such bank or an affiliated cormembership numbered 3, or a similar condition of poration. membership. A condition of membership having substantially While the purpose and effect of the foregoing is the same effect as the present standard condition to remove from the scope of the condition of memnumbered 3 has been prescribed for all State banks bership transactions of the kind set forth, it should applying for membership since March 1933. One be noted that any abuses or unsafe or unsound of the practices that proved most harmful to a practices arising in such activity remain subject to number of banks in some sections had been that supervisory criticism and correction. JUNE 1947 695 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT EVENTS AND ANNOUNCEMENTS Publication of the Annual Report of the as a director of the New Orleans Branch of the Board of Governors Federal Reserve Bank of Atlanta since August 6, The Thirty-third Annual Report of the Board 1946, died on May 20, 1947. of Governors of the Federal Reserve System, covering operations for the calendar year 1946, will be available for general distribution the latter part of Admissions of State Banks to Membership in the Federal Reserve System June. Copies may be obtained upon request from the Board's Division of Administrative Services, The following State banks were admitted to Washington 25, D. C. membership in the Federal Reserve System during the period April 16, 1947 to May 15, 1947: Federal Reserve Meetings The Federal Advisory Council held meetings in California Washington on May 18-20, 1947, and met with the Board of Governors of the Federal Reserve System Bell Gardens—Bell Gardens Bank on May 20, 1947. New Jersey A meeting of the Presidents of all of the Federal Reserve Bank wras held in Washington on June 4 Newark—Bank of Commerce and 5, 1947. The Board of Governors met with the Presidents on June 6. Oklahoma In accordance with the requirement of the law Boswell—Boswell State Bank that the Federal Open Market Committee meet at least four times each year, the third meeting of Meeker—Bank of Meeker the Committee during 1947 was held in Washing- Texas ton on June 5 and 6. Death of Director Waxahachie—Waxahachie Bank and Trust Mr. D. P. Cameron, President, The Merchants Company Company, Hattiesburg, Mississippi, who had served Ysleta—Citizens State Bank 696 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS [Compiled May 26, and released for publication May 28] Industrial output and employment declined cars and trucks; and activity in other transportation slightly in April. Value of department store sales equipment industries increased somewhat. A decontinued to show usual seasonal changes in April, cline in automobile production is indicated for May, but increased somewhat in May. The general level largely as a result of shortages of steel sheets. of wholesale commodity prices declined somewhat Production of nondurable manufactures was in in April and showed little change in the first three somewhat smaller volume in April owing mainly weeks of May. to a decrease in output of textiles. Activity in the rubber products industry was slightly below the INDUSTRIAL PRODUCTION exceptionally high first quarter levels when tires Industrial production declined slightly in April for passenger cars, trucks, and busses were being according to the Board's seasonally adjusted index, produced at an annual rate of 100 million as comwhich was at a level of 187 per cent of the 1935-39 pared with about 60 million in 1940. Production of average for April as compared with 190 in March. most other nondurable goods in April showed little Output of both durable and nondurable manuchange from the March rate. factures and of minerals was below the March rate. Output of coal declined 20 per cent from March A slight decrease in activity in the durable goods to April, reflecting work stoppages at bituminous industries in April reflected mainly work stoppages coal mines in the early part of the month. Producat plants producing communication equipment and tion of crude petroleum and of metals continued small declines in output of building materials after to advance. Crude petroleum output rose further allowance for usual seasonal changes. Output of in the early part of May to a new record rate. nonferrous metals and products declined slightly in April as decreases in some fabricating industries EMPLOYMENT offset further gains in activity at smelters and re- Nonagricultural employment decreased by about fineries. Steel production was at 94 per cent of 450,000 workers in April, according to Bureau of capacity in April, as in March, and scheduled opera- Labor Statistics figures as adjusted for seasonal varitions at steel mills during May have been maination by Federal Reserve. This decline was due tained at this rate. Automobile output in April chiefly to work stoppages in the telephone, bitumicontinued at an annual rate of about Rve million CONSTRUCT1ON CONTRACTS AWARDED INDUSTRIAL PRODUCTION NONRES1DENTIAL 1939 1941 1943 1945 1947 1939 1941 1943 1945 1947 1939 1940 1941 1942 1943 1944 1945 1946 1947 F. W. Dodge Corporation data for 37 Eastern States. Federal Reserve index. Monthly figures, latest shown are Nonresidential includes awards for buildings and public works for April. and utilities. Monthly figures, latest shown are for April. JUNE 1947 697 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS nous coal, and electrical machinery industries. Em- vanced, while prices of rubber, wool tops, paint ployment in industries manufacturing nondurable materials, and lumber declined. The general level goods, chiefly textiles and apparel, also declined. of wholesale prices, according to the Bureau of The number of persons unemployed increased Labor Statistics weekly index, has been at 147 per slightly in April. cent of the 1926 average since the middle of April CONSTRUCTION as compared to an average level of 149 per cent in March. Total value of construction contracts awarded, as reported by the F. W. Dodge Corporation, TREASURY FINANCE AND BANK CREDIT showed little change from March to April and was Treasury redemption for cash of part of the about one-fifth smaller than in April 1946. Private weekly maturing bill issues continued into May. residential and nonresidential awards declined, al- Between April 17, when the program began, and though awards usually show a seasonal increase in May 22 one billion dollars of Treasury bills were April. Awards for publicly-financed construction retired. Largely as a result of these retirements expanded further, reflecting chiefly a large increase Treasury war loan deposits at commercial banks in the volume of contracts for streets and highways. were reduced by about 800 million dollars in the DISTRIBUTION five weeks ending May 21. Department store sales continued to show little Although Federal Reserve Banks held most of change in April, after allowance for usual seasonal the retired securities, their holdings of Treasury changes. The Board's adjusted index was 275 per bills declined by considerably less than the amount cent of the 1935-39 average in April, compared retired, as some commercial banks sold bills to with 277 in March and an average of 271 in the maintain their reserve positions. A further increase first four months of this year. In May dollar vol- in monetary gold stock of 300 million dollars during ume of sales showed less than the usual seasonal the five weeks and a small inflow of currency from decline and in the first half of the month was 12 per circulation supplied member banks with reserve cent larger than in the corresponding period of 1946. funds and thereby reduced the need for additional Freight carloadings declined in April largely be- sales of securities to the Reserve System. cause of a sharp drop in coal shipments early in the Commercial and industrial loans, which had exmonth. Loadings of coal increased and shipments panded rapidly from the middle of 1946 until of most other classes of freight were maintained in March 1947, declined somewhat during April and large volume in the early part of May. the first half of May at banks in leading cities. Real estate and consumer loans continued to in- COMMODITY PRICES crease. Government security holdings declined be- Prices of most basic commodities showed little tween the middle of April and the middle of May. change in the early part of May, following declines in April. Prices of feed grains and copper ad- MEMBER BANKS IN LEADING CITIES BILLIONS OF DOLLARS WHOLESALE PRICES 1926-100 U. S. GOVT r. /fNj V SECURI1lES/V' i ti .*V> V / 1/ DEMAND DEPOSITS " ADJUSTED J v _ U D . J E S P . D G S O ITS V T\ \ •••" 1 1940 1941 1942 1943 1944 1945 1946 1947 1939 1940 1941 1942 1943 1944 1945 1946 1947 Demand deposits (adjusted) exclude U. S. Government and interbank deposits and collection items. Government securities Bureau of Labor Statistics' indexes. Weekly figures, latest include direct and guaranteed issues. Wednesday figures, shown are for week ending May 21. latest shown are for May 28. 698 FEDERAL RESERVE BULLETIN 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 701 Federal Reserve Bank discount rates; rates on industrial loans, guarantee fees and rates under Regulation V; rates on time deposits; reserve requirements; margin requirements. . 702 Federal Reserve Bank statistics 703-706 Guaranteed war production loans 707 Deposits and reserves of member banks. . 707-708 Money in circulation 709-710 Gold stock; bank debits and deposit turnover 710 Deposits and currency; Postal Savings System; bank suspensions. . 711 All banks in the United States, by classes 712-713 All insured commercial banks in the United States, by classes 714-715 Weekly reporting member banks 716-719 Commercial paper, bankers' acceptances, and brokers' balances. . 720 Money rates and bond yields 721 Security prices and new issues 722-723 Corporate earnings and dividends. . 724 Treasury finance 725-727 Government corporations and credit agencies 728 Business indexes 729-738 Department store statistics 739-741 Consumer credit statistics 742-744 Cost of living 745 Wholesale prices 746 Gross national product, national income, and income payments.... 747 Current statistics for Federal Reserve chart books 748-750 Number of banking offices in the United States 751 Number of banks and branches in operation on December 31, 1946. . 752-753 Tables on the following pages include the principal available statistics of current significance relating to financial and business developments in the United States. The data relating to the Federal Reserve Banks and the member banks of the Federal Reserve System are derived from regular reports made to the Board; index numbers of production are compiled by the Board on the basis of material collected by other agencies; figures for gold stock, money in circulation, Treasury finance, and operations of Government credit agencies are obtained principally from statements of the Treasury, or of the agencies concerned; data on money and security markets and commodity prices and other series on business activity arc 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. 699 JUNE 1947 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS .IONS OF DOLLARS WEDNESDAY FIGURES BILLIONS OF DOLLARS MONEY IN CIRCULATION 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 1939 1940 1941 1942 1943 1944 1945 1946 1947 Wednesday figures, latest shown are for May 28. See p. 701. 700 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 Ban c credit outstanding Member bank reserve U. S Government Treas- Treas- Other balances Date v co a D a a n u n d is c n d - - e ts s Total se T c b a u r u i e n r r l a y i d l t s s i - es o A th l e l r ot A h l e l r1 Total s G to o c ld k s r t c o e u i a u n n u r n y r g c t d - - y - M i c n t o u 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 B p e s r w R o e y d a r i s e n e t v d i - r h k t e e a s s - l b p m N e o r e o s m d n it e - s - - c s F o e R e a e u r r c e a d v n - - l - e ts Total c E es x s - 2 certificates Monthly averages of v daily figures: 1946—Feb. 367 23,150 20,811 2,340 417 23,93420 197 4,426 27,944 2,307 856 1,248 517 15,685 1,131 Mar. 566 22,549 20,243 2,307 418 23,53320 237 4,464 27,913 2,274 809 1,167 536 15,536 1,031 Apr. 433 22,260 19,855 2,406 376 23,07020,252 4,510 27,923 2,261 448 1,120 550 15,531 1,024 1947—Feb. 339 23,824 22,690 1,135 438 24,60120,726 4,558 28,300 2,214 1,895 846 623 16,006 805 Mar 307 22,978 21,831 1,147 436 23,72120,406 4,557 28,273 1,332 1 ,344 1,097 633 16,006 871 Apr. 208 22,104 20,998 1,105 411 22,72220 586 4,558 28,185 1,329 723 1,060 639 15,931 833 End of month figures: 1946—Feb. 28.... 347 22,904 20,584 2,320 397 23,64820,232 4,451 27,954 2,301 829 1,193 519 15,537 1,014 Mar. 30 626 22,601 ,234 2,366 403 23,63020 256 4,480 27,879 2,288 1,593 1,213 540 14,853 627 Apr. 30.... 279 22,732 20,166 2,566 346 23,35720,251 4,537 27,885 2,263 679 1,166 547 15,606 959 1947—Feb. 28.... 356 24,117 22,919 1,198 373 24,84620,330 4,558 28,304 1,317 2,491 1,103 624 15,895 847 Mar. 31 538 22,593 21 488 1,105 300 23,43120 463 4,559 28,230 1,336 2,014 971 638 15,264 344 Apr. 30.... 125 21,857 20,752 1,105 223 22,20520 774 4,561 28,114 1,329 619 1,025 627 15,826 654 Wednesday figures: 1946—July 3.... 239 23,003 21,652 1,351 453 23,69420 270 4,540 28,395 2,249 507 971 567 15,815 730 July 10.... 292 23,394 22,043 1,351 333 24,01920 271 4,537 28,335 2,254 664 1,116 568 15,889 825 July 17 204 23,230 21,879 1,351 462 23,89520 271 4,538 28,241 2,249 513 1,165 568 15,968 859 July 24 210 23,652 22,301 1,351 358 24,22920 269 4,539 28,187 2,263 674 1,473 563 15,877 753 July 31.... 246 23,633 22,282 1,351 286 24,16420 267 4,540 28,254 2,250 513 1,401 562 15,991 856 Aug. 7 258 23,593 22,242 1,351 283 24,13420 266 4,538 28,326 2,263 353 1,331 573 16,093 964 Aug. 14 263 23,575 22,224 1,351 400 24,23820 268 4,541 28,353 2,262 557 1,295 572 16,00S 898 Aug. 21 229 23,486 22, 135 1,351 394 24,10920 274 4,543 28,365 2,265 540 1,250 572 15,933 805 Aug. 28.... 216 23,606 22,256 1,351 279 24,10220 280 4,543 28,376 2,274 620 1,214 574 15,867 714 Sept 4 291 23,387 22,036 1,351 332 24,01120 284 4,543 28,506 2,281 293 1,188 581 15,989 778 Sept.11... . 250 23,291 21,940 1,351 395 23,93520 288 4,545 28,499 2,280 199 1,122 581 16,086 754 Sept. 18 262 23,421 22,070 1,351 541 24,22420 288 4,545 28,453 2,265 359 1,111 588 16,280 872 Sept.25 294 23,866 22,515 1,351 425 24,58520 301 4,547 28,448 2,279 928 1,212 590 15,975 724 Oct. 2 218 23,555 22,126 L.42S 368 24,14020 306 4,546 28,526 2,301 357 1,045 597 16,166 934 Oct. 9.... 271 23,502 22,074 1,428 275 24,04820 305 4,544 28,608 2,270 483 920 598 16,019 766 Oct. 16.... 254 23,418 21,973 L445 480 24,15220 304 4,545 28,597 2,274 524 868 596 16,142 855 Oct. 23 248 23,056 21,610 L, 445 332 23,63620 388 4,546 28,585 2,270 369 972 595 15,779 435 Oct. 30.... 238 23,608 22,162 1,445 256 24,10120 399 4,548 28,588 2,285 462 1,006 595 16,111 737 Nov. 6.... 376 23,515 22,020 L, 494 216 24,10720 405 4,548 28,750 2,276 408 967 599 16,060 637 Nov. 13 397 23,684 22,105 1,578 484 24,56520 420 4,548 28,761 2,294 577 1,044 599 16,259 838 Nov. 20.... 330 23,522 21,933 L.588 4f 3 24,31420 461 4,548 28,689 2,285 633 1,021 597 16,098 618 Nov. 27. ... 283 23,682 22,093 1L.588 451 24,41620 469 4,548 28,815 2,271 665 953 598 16,131 643 Dec. 4 246 23,888 22,239 ,648 452 24.58520 477 4,550 28,906 2,288 679 917 600 16,222 669 Dec. 11 290 24,128 22,479 ,648 378 24,79620 450 4,551 28,946 2,270 626 875 601 16,479 874 Dec. 18.... 303 23,211 22,102 ,109 815 24,32820 477 4,554 29,109 2,208 237 770 609 16,517 656 Dec. 24 340 23,72? 22,613 ,109 815 24,87720 527 4,554 29,163 2,258 547 848 612 16,530 913 Dec. 31.... 163 23,350 22,241 ,109 581 24,09320 529 4,562 28,952 2,272 393 822 607 16,139 562 1947—Jan. 8 247 23,733 22,624 ,109 396 24,37520 531 4,561 28,748 2,281 401 966 614 16,457 903 Jan. 15 243 23,327 22,218 1,109 536 24,10520 567 4,560 28,518 2,291 409 967 615 16,431 850 Jan. 22.... 238 23,430 22,322 1,109 533 24,20120 692 4,559 28,369 2,295 862 1,004 613 16,308 726 Jan. 29.... 317 23,863 22,754 1,109 335 24,51420 808 4,559 28,265 2,325 1,536 1,021 612 16,124 663 Feb. 5... . 278 23,412 22,303 1,109 359 24,05020 749 4,559 28,295 2,320 1,162 863 622 16,095 761 Feb. 12... . 393 23,803 22,691 ,109 442 24,63820 751 4,558 28,346 2,335 1,711 938 623 15,994 779 Feb. 19 342 23,918 22,773 1,145 414 24,67420 770 4,556 28,276 2,324 2,358 649 623 15,770 614 Feb. 26.... 392 24,044 22,861 1,183 326 24,76120 322 4,556 28,262 1,381 2,372 1,218 624 15,781 703 Mar. 5 23Q 23,242 22,044 1,198 323 23,80420,376 4,557 28,335 1,331 1,407 1,108 626 15,930 800 Mar. 12 237 23,247 22,050 1,198 295 23,78020,403 4,557 28,330 1,335 1,429 1,172 627 15,847 718 Mar. 19 234 22 21,306 1,105 402 23,04720 413 4,557 28,242 1,335 713 1,148 636 15,943 673 Mar. 26.... 287 22,810| 21,704 1,105 390 23,48620 438 4,556 28,170 1,355 1,600 1,060 637 15,658 559 Apr. 2 429 21,938 20,833 1,105 391 22,75820 486 4,557 28,247 1,333 946 1,093 642 15,540 563 Apr. 9 277 12,893 21,171 1,105 339 22, 89320,497 4,559 28,250 1,336 753 1,033 641 15,934 886 Apr. 16 101 n, 905 20, 800 1,105 468 22,474 20 583 4,558 28,163 1,332 613 879 641 15,987 844 Apr. 23 141 21.829 20,724 1, 105 259 22,23020 621 4,558 28,105 1,338 482 1,021 643 15,820 658 Apr. 30.... 125 21,857 20,752 1,105 223 22,20520 774 4,561 28,114 1,329 619 1,025 627 15,826 654 May 7... . 102 21,852 20,747 1,105 276; 22, 23020 811 4,560 28,197 1,328 654 918 626 15,877 654 May 14 139 21 762 20 671 1,091 331 22,23320 878 4,559 28,134 1,337 556 1,066 628 15,949 787 May 21 117 21 676 20 589 1,087 278 22,07120,888 4,559 28,116 1,338 539 957 626 15,942 P768 May 28.... 130 21 590; 20 485 1,105 299 22,01920,932 4,561 28,211 1,372 751 846 620 15,705 P512 i 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 s ame publication. JUNE 1947 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANK DISCOUNT RATES [In effect May 31. Per cent per annum] Discounts for and advances to member banks Advances to individuals, partnerships, or corpora- Advances secured by tions other than member Federal Reserve Bank G d o s i e s v c c e u o r r n u e m n d t e s b n o y t f o e a l b i n l g i d i g b a l a e ti d o v p n a a s n p c e a e r n s d Other [ s S e e c c u . r e 1 d 0 (b a ) d ] vances b o a b n li k g ( s l a a t s i s o t e n c p s u a r r o e . d f S t e h b c e y . 1 U 3 d . ) i r S ec . t (Sees. 13 and 13a)1 Rate Effective Rate Effective Rate Effective Boston Apr. 27,1946 IK Oct. 27,1942 2 Mar. 29, 1946 New York.... Apr. 25,1946 IK Oct. 30,1942 2K Apr. 6,1946 Philadelphia.. Apr. 25,1946 IK Oct. 17,1942 Mar. 23, 1946 Cleveland May 3,1946 IK Sept. 12,1942 Mar. 9, 1946 Richmond May 10,1946 1* Oct. 28,1942 2K Mar. 16, 1946 Atlanta May 10,1946 IK Oct. 15,1942 Mar. 16, 1946 Chicago Apr. 26,1946 IK Aug. 29,1942 2 Mar. 16, 1946 St. Louis Apr. 26,1946 IK Mar. 14,1942 2 Mar. 16, 1946 Minneapolis.. Apr. 26,1946 IK Oct. 30,1942 2 Mar. 23, 1946 Kansas City.. Apr. 27,1946 IK Oct. 27,1942 2 Apr. 13, 1946 Dallas May 10,1946 IK Oct. 17,1942 2 Mar. 16, 1946 San Francisco Apr. 25,1946 IK Oct. 28,1942 2K Apr. 25, 1946 1 Rates shown also apply to advances secured by obligations of Federal intermediate credit banks maturing within 6 months. NOTE.—Maximum maturities for discounts and advances to member banks are: 15 days for advances secured by obligations of the Federal Farm Mortgage Corporation or the Home Owners' Loan Corporation guaranteed as to principal and interest by the United States, or by obligations of Federal intermediate credit banks maturing within 6 months; 90 days for other advances and discounts made under Sections 13 and 13a of the Federal Reserve Act (except that discounts of certain bankers' acceptances and of agricultural paper may have maturities not exceeding 6 months and 9 months, respectively); and 4 months for advances under Section 10 (b). The maximum maturity for advances to individuals, partnerships, or corporations made under the last paragraph of Section 13 is 90 days. Back figures.—See Banking and Monetary Statistics, Tables 115-116, pp. 439-443. FEDERAL RESERVE BANK BUYING RATES ON BILLS FEDERAL RESERVE BANK RATES ON INDUSTRIAL LOANS [Per cent per annum] AND COMMITMENTS UNDER SECTION 13b OF THE FEDERAL RESERVE ACT Rate on In effect be- Previous Maturities not exceeding five years Maturity May 31 ginning— rate [In effect May 31. 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 lAug. 24, 1946 121-180 days l K)ct. 20, 1933 IK Federal On p d u i r s c c h o a u s n e t s s or Reserve 1 Date on which rate became effective at the Federal Reserve Bank Bank On On On of B N a e c w k Y fi o gu rk re . s.—See Banking and Monetary Statistics, Table 117, loans l co m m e m nt i s t- fo P r o r w ti h o i n ch Re- co m m e m n i t t s pp. 443-445. institu- maining tion is portion obligated MEMBER BANK RESERVE REQUIREMENTS [Per cent of deposits] Boston 2K-5 K-i 8 (') K-i New York 2K-5 K-iX 00 K-lK Net demand deposits1 Time Philadelphia... 2K-5 K-iK K-i# Period in effect • C r b e e c a s n e i n t t r k y r v a s e l R b e c a s i n e ty r k v s e C b o a u n n k t s ry d m b e a e p ( n m a o k l s b l s i e t ) s r A S M C R C t h l i t . i e c l i n a v h c L n n a e m o e g l t u a a a o o i n p n s d o d lis. .. 2 2 2 2 2 2 K K K K K K - - - - - - 5 5 5 5 5 5 H K K K K - - - - - 1 1 i i i K K K X J4 2 l- * K 8 Ii ( 2 ' H - ) 5 %- 8 ( > 8) SK K X X - - - - 1 l i i X X X # J A u u n g e . 2 1 1 6 , , 1 1 9 9 1 3 7 6 - - A F u eb g . . 1 2 5 8 , , 1 1 9 9 3 3 7 6. . . . 1 1 3 9K 1 1 0 5 7 3 D K a a l n l s a a s s City... 2 2 K K - - 5 5 # K - - i i K K 8 •K K - - 1 lK X Mar. 1, 1937-Apr. 30, 1937.. 22^ San Francisco.. 2J/2-5 K-iK «K-1K May' 1, 1937-Apr. 15,1938.. 26 20 2 14 4 6 Apr. 16, 1938-Oct. 31,1941.. 22^ 17K 12 5 1 Including loans made in participation with financing institutions. Nov. 1, 1941-Aug. 19, 1942.. 26 20 14 6 2 Rate charged borrower less commitment rate. Aug. 20, 1942-Sept. 13, 1942.. 24 20 14 6 » Rate charged borrower. Sept. 14, 1942-Oct. 2, 1942.. 22 20 14 .6 4 May charge rate charged borrower by financing institution, if Oct. 3, 1942 and after 20 20 14 6 lower. 6 Charge of J4 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 i MAXIMUM RATES ON TIME DEPOSITS [Per cent of market value] Maximum rates that may be paid by member banks as established by the Board of Governors under provisions of Regulation Q. July 5, Jan. 21, Effec- [Per cent per annum] Prescribed in accordance with 1945- 1946- tive Securities Exchange Act of 1934 Jan. 20, Jan. 31, Feb. 1, Nov.l, 1933-Feb.l, 1935- Effective 1946 1947 1947 Jan. 31,1935 Dec.31,1935 Jan. 1,1936 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 2H For short sales 75 100 75 In 90 days to 6 months 2% Regulation U: In less than 90 days 2% For loans by banks on stocks 75 100 75 NOTE.—Maximum rates that may be paid by insured nonmember Regulations T and U limit the amount of credit that may be exbanks as established by the F. D. I. C, effective Feb. 1, 1936, are the tended on a security by prescribing a maximum loan value, which is a same as those in effect for member banks. Under Regulation Q the specified percentage of its market value at the time of the extension; the rate payable by a member bank may not in any event exceed the maxi- "margin requirements" shown in this table are the difference between mum rate payable by State banks or trust companies on like deposits the market value (100%) and the maximum loan value. under the laws of the State in which the member bank is located. Back figures.—See Banking and Monetary Statistics, Table 145, p. 504. 702 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 May 28 May 21 May 14 May 7 Apr. 30 Apr. 23 Apr. 16 May April May Assets Gold certificates. 18,974,67818,930,17818,910,17618,850,17818,815,17618,660,17718,625,17718,974,67818,815,17617 344,055 Redemption fund for F. R. notes 714,053 715,500 717,399 719,288 721,334 723,380 720,709 714,053 721,334 748,059 Total gold certificate reserves.... 19,688,731 19,645,678 19,627,575 19,569,466 19,536,510 19,383,557 19,345,886 19,688,731 19,536,510 18,092,114 Other cash 232,594 251,537 259,423 255,520 276,061 276,960 288,467 238,842 276,061 264,866 Discounts and advances: For member banks.. 106,659 93,565 115,990 79,654 103,364 119,397 77,664 155,485 103,364 134,092 For nonmember banks, etc 23,500 23,500 23,500 21,800 21,800 21,800 22,800 23,500 21,800 120,000 Total discounts and advances 130,159 117,065 139,490 101,454 125,164 141,197 100,464 178,985 125,164 254,092 Industrial loans 1,603 1,597 1,670 1,086 1,109 1,038 1,102 1,618 1,109 1,306 Acceptances purchased. 13,456 U. S. Govt. securities: Bills: Under repurchase option 5,335,921 5,473,762 5,584,065 5,552,204 5,383,668 5,157,256 4,988,253 5,687, 5,383,668 ,072,062 Other 9,231,492 9,303,567 9,375,472 9,543,187 9,716,885 9,900,855 10,052,094 9,284, 9,716,885 ,824,125 Certificates: Special Other 5,917,718 5,811,718 5,711,718 5,651,218 5,651,218 5,665,718 5,759,718 6,011,718 5,651,218 ,394,596 Notes 369,300 351,800 351,800 351,800 351,800 351,800 351,800 369.300 351,800 ,738,200 Bonds 735,390 735,390 739,390 753,390 753,390 753,390 753,390 735,390 753,390 902,942 Total U. S. Govt. securities 21,589,82121,676,23721,762,445 21 851,799 21 856,96121,829,01921,905,25522,088,32621,856,96122,931,925 Other Reserve Bank credit outstanding. . . 297,163 275,760 329,315 275,346 222,117 258,453 467,267 469,227 222,117 317,245 Total Reserve Bank credit outstanding 22,018,74622,070,659 22,232,92022,229,685 22,205,35122,229,707 22,474,08822,738,15622,205,35123,518,024 Liabilities Federal Reserve notes.. 24,110,15824,002,21524,013,39324,070,85124,022,26224,024,86124,085,330 24,120,14624,022,26224,064,389 Deposits: Member bank — reserve account 15,705,449 15,942,30315,948,95315,876,97315,825,71215,819,74315,987,36816,237,76415,825,712 15,653,470 U. S. Treasurer—general account 751,052 538,793 556,158 653,897 618,860 481,668 613,488 727,801 618,860 846,175 Foreign 402,724 488,973 573,443 454,366 552,526 558,764 395,796 373,122 552,526 601,236 Other 443,247 468,025 492,901 463,155 472,756 461,795 483,345 670 700 472,756 264,546 Total deposits 17,302,472 17,438,094 17,571,455 17,448,391 17,469,854 17,321,970 17,479,997 18,009,387 17,469,854 17,365,427 Ratio of gold certificate reserves to deposit and F. R. note liabilities combined (per cent)... 47.5 47.4 47.2 47.1 47.1 46.5 47.1 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 61 to 90 91 days to 6 months 1 year to 2 years to Over Total 15 days days days days 6 months to 1 year 2 years 5 years 5 years Discounts and advances: Apr. 30 125,164 89,397 8,282 14,373 13,112 May 7 101,454 67,673 5,531 15,373 12,877 May 14 139,490 106,160 4,215 26,198 2,917 May 21 117,065 83,929 5,148 25,038 2,950 May 28 130,159 92,310 20,579 14,895 2,300 75 Industrial loans: Apr. 30 1,109 1,045 4 5 10 30 May 7 1,086 1,026 4 5 10 30 May 14 1,670 1,110 5 29 35 108 330 May 21 1,597 1,036 4 3 26 37 108 330 May 28 1,603 1,042 4 4 29 33 108 330 U. S. Government securities: Apr. 20 ,856,9613,482,5542,427,750 5,058,195 5 039,8401,427,,459 3,372,373 320,400 148,350 580,040 May 7 ,851,7993,637,4642,682,9235,543.414 4 399,3211,500,5753,039,312 320,400 148,350 580,040 May 14 ,762,4453,639,8652,685,7785,518,6144 283,0111,500,575 3,099,812 320,400 148,350 566,040 May 21 ,676,2373,804,119 2,419,206 5,347,894 4 373,8411,500,575 3,199,812 320,400 148,350 562,040 May 28 ,589,8213,721,0992,410,774 5,102,308 4 500,9631,530,075 3,293,812 320,400 148,350 562,040 JUNE 1947 703 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] New Phila- Cleve- Rich- St. Minne- Kansas San- Total Boston York delphia land mond Atlanta Chicago Louis apolis City Dallas Francisco Assets Gold certificates: Apr. 30 18,815,176 730,806 5,661,036 833,8341,147,555 942,968 903,6224,153,189 567,676 380,494 621,968 442,850 ,429,178 May 7 18,850,178 703,393 5,553,686 820,7221,140,009 972,662 937,7154,236,317 565,270 396,551 623,112 436,169 ,464,572 May 14 18,910,176 718,058 5,551,464 834,0991,147,116 948,723 946,9354,237,194 558,052 381,451 641,313 450,270 ,495,501 May 21 18,930,178 697,732 5,607,447 818,0451,172,019 946,161 933,845 4,262,674 549,262 381,109 621,259 449,387 ,491,238 May 28 18,974,678 714,060 5,495,834 786,0741,229,994 950,262 928,300 4,388,225 553,034 377,533 620,045 435,9072,495,410 Redemption fund for F. R. notes: Apr. 30 721,334 54,944 117,333 59,980 75,551 57,706 44,384 82,043 45,791 21,340 33,474 24,466 104,322 May 7 719,288 54,838 116,928 59,814 75,418 56,963 44,271 81,897 45,749 21,308 33,445 24,437 104,220 May 14 717,399 54,734 116,525 59,629 75,289 56,376 44,159 81,754 45,709 21,283 33,414 24,410 104,117 May 21 715,500 54,631 116,129 59,458 75,162 55,560 44,063 81,754 45,673 21,271 33,384 24,410 104,005 May 28 714,053 54,547 115,766 59,799 75,052 54,894 43,981 81,49 45,639 21,259 33,358 24,365 103,896 Total gold certificate reserves: Apr. 30 19,536,510 785,750 5,778,369 893,8141,223,106 ,000,674 948,006 4,235,232 613,467 401,834 655,442 467,3162,533,500 May 7 19,569,466 758,231 5,670,614 880,5361,215,427 ,029.625 981,986 4,318,214 611,019 417,859 656,557 460,6062,568,792 May 14 19,627,575 772,792 5,667,989 893,7281,222,405 ,005,099 991,0944,318,948 603,761 402,734 674,727 474,6802,599,618 May 21 19,645,678 752,363 5,723,576 877,5031,247,181 ,001,721 977,9084,344,428 594,935 402,380 654,643 473,7972,595,243 May 28 19,688,731 768,607 5,611,600 845,8731,305,046 ,005,156 972,2814,469,722 598,673 398,792 653,403 460,2722,599,306 Other cash: Apr. 30 276,061 21,014 62,006 18,507 25,615 15,130 21,480 26,471 13,004 6,793 9,631 12,093 44,317 May 7 255,520 20,701 54,871 18,049 20,892 15,764 22,867 25,423 11,627 6,503 7,997 10,929 39,897 May 14 259,423 21,216 58,162 17,152 23,904 15,596 21,656 26,078 13,100 5,701 8,697 11,129 37,032 May 21 251,537 21,775 50,788 16,649 21,163 15,388 21,543 26,403 13,521 6,329 8,872 11,297 37,809 May 28 232,594 20,532 43,390 14,712 22,343 13,429 18,546 26,582 12,474 5,442 8,162 10,932 35,780 Discounts & advances : Secured by U. S. Govt. securities: Apr. 30. . 102,993 14,200 16,613 6,656 13,288 13,982 7,100 4,215 14,640 2,100 4,300 949 4,950 May 7. . 79,284 10,993 19,150 9,173 9,653 10,825 525 725 4,890 1,100 9,450 200 2,600 May 14. . 115,664 15,393 36,315 11,383 14,403 15,600 2,025 3,725 4,320 5,800 4,550 200 1,950 May 21. . 93,318 12,410 24,705 7,895 8,338 10,845 1,450 8,775 4,200 7,300 4,700 1,300 1,400 May 28. . 106,659 13,928 38,738 8,915 8,763 8,395 4,400 2,095 5,400 800 8,850 500 5,875 Other: Apr. 30. . 22,171 691 14,456 875 1,005 529 443 1,839 378 270 378 356 950 May 7. . 22.170 1,331 7,656 1,685 1,935 1,019 853 3,199 728 520 728 686 1,830 May 14. . 23,826 1,331 9,356 1,685 1,935 1,019 853 3,155 728 520 728 686 1,830 May 21. . 23,747 1,395 8,676 1,766 2,028 1,068 894 3,212 763 545 763 719 1,918 May 28. . 23,500 1,395 8,676 1,766 2,028 1,068 894 2,965 763 545 763 719 1,918 Industrial loans: Apr. 30 1,109 15 1,094 May 7 1,086 15 1,071 May 14 1,670 15 1,655 May 21 1,597 12 1,585 May 28 1,603 12 1,591 U. S. Govt. securities: Bills: Under repurchase option: Apr. 30.. 5,383,668 98,599 3,424,522 163,086 52,955 42.775 21,030 990,363 99,636 26,819 53,294 23,129 387,460 May 7. . 5,552,204 92,379 3,585,908 146,184 94,745 32,815 23,5301,006,737 103,989 26,779 61,763 10,995 366,380 May 14. . 5,584,065 105,675 3,654,201 164,299 85,135 49,440 8,130 958,940 108,533 33,731 46,813 16,828 352,340 May 21. . 5,473,762 95,001 3,514,327 155.754 77,635 42,631 7,700 992,130 108,795 32,502 42,154 14,943 390,190 May 28. . 5,335,921 105,014 3,614,882 168,225 38,260 45,771 14,200 917,350 98,627 33,096 52,076 9,240 239,180 Other bills: Apr. 30.. 9,716,885 875,265 284,349 978,6881,454,799 953,277 803,979 799,845 654,695 400,012 692,547 563,8971,255,532 May 7. . 9,543,187 903,277 242,489 985,2091,437,971 942,259 794,772 680,233 663,720 395,094 684,095 576,0061,238,062 May 14. . 9,375,472 861,400 202,070 971,9211,421,723 931,621 785,882 687,766 655.310 390,345 675,934 570,3061,221,194 May 21. . 9,303,567 882,421 184,741 979,0841,414,757 927,060 782,071 643,130 649,843 388,309 672,435 565,7541,213,962 May 28. . 9,231,492 849,405 167,371 995,2271,407,774 922,488 778,251 633,082 653,070 386,268 668,928 562,9151,206,713 Certificates: Apr. 30 5,651,218 388,429 1,450,629 402.245 506,040 347,709 289,931 756,153 292,392 161,674 261,663 252,612 541,741 May 7 5,651,218 388,429 1,450,629 402,245 506,040 347,709 289,931 756,153 292,392 161,674 261,663 252,612 541,741 May 14 5,711,718 392.653 1,465,546 406,738 511,743 351,506 293,101 764,053 295,428 163,394 264,555 255,276 547,725 May 21 5,811,718 399,660 1,489,944 414,239 521,293 357,813 298,371 777,027 300,404 166,231 269,376 259,666 557,694 May 28 5,917,718 407,119 1,515,519 422,278 531,547 364,533 303,986 790,691 305,635 169,233 274,530 264,300 568,347 Notes: Apr. 30. .. 351,800 24,180 90,305 25,041 31,502 21,645 18,049 47,072 18,202 10,065 16,289 15,725 33,725 May 1.... 351,800 24,180 90,305 25.041 31,502 21,645 18,049 47,072 18,202 10,065 16,289 15,725 33,725 May 14 351,800 24,184 90,267 25,052 31,520 21.650 18,053 47,060 18,196 10,064 16,295 15,723 33,736 May 21 351,800 24,193 90,191 25,075 31,555 21,659 18,061 47,036 18,184 10,063 16,306 15,718 33,759 May 28. . . . 369,300 25,407 94,577 26,352 33,172 22,749 18,971 49,344 19,073 10,561 17,132 16,494 35,468 Bonds: Apr. 30.... 753,390 51,783 193,390 53,626 67,462 46,355 38,652 100,807 38,980 21,554 34,883 33,676 72,222 May 7 753,390 51,783 193,390 53,626 67,462 46,355 38,652 100,807 38,980 21,554 34,883 33,676 72,222 May 14 739,390 50,829 189,717 52,653 66,246 45,503 37,943 98,907 38,243 21,152 34.247 33,046 70,904 May 21 735,390 50,571 188,531 52,41 65,962 45,276 37,754 98,322 38,012 21,034 34,086 32,857 70,568 May 28. . . 735,390 50,593 188,332 52,476 66,055 45,300 37,776 98,258 37,981 21,031 34,115 32,845 70,628 Total U. S. Govt. securities: Apr. 30 21,856,961 1,438,256 5,443,1951,622,6862,112,7581,411,7611,171,6412,694,2401,103,905 620,1241,058,676 889,0392,290,680 May 7 21,851,7991,460,048 5,562,7211,612305 2,137,7201,390,7831,164,9342,591,0021,117,283 615,1661,058,693 889,0142,252,130 May 14 21,762,4451,434,741 5,601,8011,620,6632,116,3671,399,7201,143,1092,556,726 ,115,710 618,6861,037,844 891,1792,225,899 May 21 21,676,23 1,451,846 5,467,7341,626,5692,111,2021,394,4391,143,9572,557,64 ,115,238 618,1391,034,357 888,9382,266,173 ^ May 28 21,589,821 1,437,538 5,580,6811,664,5582,076,8081,400,8411,153,1842,488,725 ,114,386 620,1891,046,781 885,7942,120,336 Total loans and securities: Apr. 30 21,983,2341,453,162 5,474,2641,631,3112,127,0511,426,2721,179,184 2,700,294 ,118,923 622,4941,063,354 890,34.2,296,580 May 7 21,954,3391,472,387 5,589,5271,624,2342,149,3081,402,6271,166,3122,594,926 ,122,901 616,7861,068,871 889,9002,256,560 May 14 21,903,60. 1,451,480 5,647,4721,635,3862,132,7051,416,3391,145,9872,563,6061,120,758 625,0061,043,122 892,0652,229,679 May 21 21,794,8991,465,663 5,501,1151.637,8152,121,5681,406,3521,146,3012,569,6321,120,201 625,9841,039,820 890,9572,269,491 May 28 21,721,58: 1,452,873 5,628,0951,676,8302,087,5991,410,3041,158,4782,493,7851,120,549 621,5341,056,394 887,0132,128,129 704 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—Continued [In thousands of dollars] Total Boston Y N o e r w k d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d -. Atlanta Chicago L S ou t. is M ap in o n li e s - K C an it s y as Dallas F c S r i a s a c n n o - - Due from foreign banks: Apr. 30 102 6 l 33 8 9 5 4 14 4 3 4 3 9 May 7 102 6 *33 8 9 5 4 14 4 3 4 3 9 May 14 102 6 133 8 9 5 4 14 4 3 4 3 9 May 21 102 6 8 9 5 4 14 4 3 4 3 9 May 28 102 6 *33 8 9 5 4 14 4 3 4 3 9 Federal Reserve notes of other Banks: Apr. 30 100,554 3,065 16,226 4,315 5,463 11,872 13,600 14,271 5,535 3,054 4,598 4,434 14,121 May 7 90,850 2,714 16,138 4,479 4,616 10,371 9,670 11,319 7,075 3,053 4,588 3,509 13,318 May 14 92,351 2,973 17,174 4,713 4,986 9,293 10,594 12,262 7,707 2,686 5,903 3,941 10,119 May 21 98,380 4,214 17,212 5,001 4,604 9,508 10,200 13,256 9,264 3,021 4,686 3,807 13,607 May 28 98,848 3,847 15,372 4,804 6,048 11,300 10,773 11,840 9,623 4,195 5,107 3,219 12,720 Uncollected items: Apr. 30 2,263,504 181,750 484,384 140,845 207,319 188,429 155,765 359,087 98,638 52,416 118,737 86,269 189,865 May 7 2,189,009 184,785 436,992 131,348 188,067 187,004 154,765 352,545 98,245 56,005 116,132 89,941 193,180 May 14 2,741,315 229,665 585,959 165,628 274,884 238,041 180,491 420,156 128,478 64,658 133,560 109,559 210,236 May 21 2,436,727 204,655 490,651 150,217 232,521 211,740 158,485 362,509 114,174 56,190 128,221 106,969 220,395 May 28 2,209,391 182,995 461,759 143,157 211,073 192,498 139,242 342,886 99,709 55,997 108,478 89,311 182,286 Bank premises: Apr. 30 32,085 1,278 8,386 3,132 3,813 2,658 1,512 3,032 1,995 1,229 2,503 784 1,763 May 7 32,078 1,278 8,386 3,132 3,813 2,658 1,511 3,032 1,995 1,229 2,497 784 1,763 May 14 32,078 1,278 8,386 3,132 3,813 2,658 1,511 3,032 1,995 1,229 2,497 784 1,763 May 21 32,078 1,278 8,386 3,132 3,813 2,658 1,511 3,032 1,995 1,229 2,497 784 1,763 May 28 32,035 1,273 8,386 3,120 3,803 2,651 1,508 3,037 1,992 1,227 2,497 784 1,757 Other assets: Apr. 30 43,624 2,982 9,933 2,720 4,145 2,772 2,606 6,012 2,720 1,245 1,988 1,958 4,543 May 7 44,652 3,047 10,296 2,813 4,201 2,761 2,585 6,135 2,764 1,284 2,088 1,951 4,727 May 14 46,360 3,167 11,183 2,918 4,384 3,001 2,565 6,141 2,765 1,327 2,061 1,988 4,860 May 21 48,477 3,311 11,472 3,022 4,564 2,942 2,642 6,379 2,834 1,340 2,056 2,141 5,774 May 28 50,246 3,383 12,027 3,148 4,662 3,056 2,737 6,744 2,882 1,394 2,153 2,226 5,834 Total assets: Apr. 30 44,235,674 2,449,00711,833,6012,694,6523,596,5212,647,8122,322,1577,344,4131,854,2861,089,0681,856,2571,463,2025,084,698 May 7 44,136,016 2,443,14911,786,8572,664,5993,586,3332,650,8152,339,7007,311,6081,855,6301,102,7221,858,7341,457,6235,078,246 May 14 44,702,809 2,482,577 11,996,3582,722,6653,667,0902,690,0322,353,9027,350,2371,878,5681,103,3441,870,5711,494,1495,093,316 May 21 44,307,878 2,453,26511,803,2332,693,3473,635,4232,650,3142,318,5947,325,6531,856,9281,096,4761,840,7991,489,7555,144,091 May 28 44,033,530 2,433,51611,780,6622,691,6523,640,5832,638,3992,303,5697,354,8801,845,9061,088,5841,836,1981,453,7604,965,821 Federal Reserve notes: Apr. 30 24,022,262 1,445,995 5,498,2091,635,5372,065,0961,666,8861,373,5644,475,024 1,078,278 587,586 906,356 573,3142,716,417 May 7 24,070,851 1,449,800 5,503,8881,637,9152,069,4031,668,9391,377,0004,484,968 1,079,578 589,509 909,376 574,5762,725,899 May 14 24,013,393 1,445,802 5,484,1641,639,3072,066,3481,663,6501,372,5054,481,157 1,077,096 587,055 905,450 571,8892,718,970 May 21 24,002,215 1,442,730 5,499,152 1,635,6092,069,4511,655,8711,368,8464,486,225 1,074,556 587,332 904,419 570,5752,707,449 May 28 24,110,158 1,450,376 5,563,214 1,644,4072,071,2051,658,7901,371,3634,502,500 1,073,729 585,483 903,330 571,4682,714,293 Deposits: Member bank —reserve account: Apr. 30. . 15,825,712 713,253 4,940,981 789,7631,172,789 703,605 718,3152,287,534 594,646 394,266 769,295 743,921 1,997,344 May 7. . 15,876,973 712,178 4,961,595 777,514 1,170,514 712,736 734,8012,303,315 601,538 395.046 769,912 736,4532,001,371 May 14. . 15,948,953 703,843 5,027,641 788,884 1,189,374 718,498 723,6592,287,093 597,492 401,235 773,756 751,021 1,986,457 May 21. . 15,942,303 707,666 4,981,267 785,545 1,200,400 698,036 711,9122,312,354 592,356 396,555 757,982 754,6532,043,577 Mav 28. . 15,705,449 698,829 4,911,356 786,8111,199,105 705,994 713,0022,328,780 591,500 390,745 758,507 727,078 1,893,742 U S Treasurer-general account: Apr. 30. . 618.860 41,003 157,225 35,368 50,852 41,346 26,936 115,287 33,874 25,662 28,178 24,671 38,458 May 7. . 653,897 41,943 183,743 39,236 56,187 44,132 29,576 89,289 37,719 38,845 31,686 26,547 34,994 May 14. . 556,158 35,844 179,831 38,145 41,525 34,949 27,096 52,971 31,130 24,355 26,247 27,757 36,308 May 21. . 538,793 37,002 126,528 35,484 46,247 42,841 29,827 51,807 34,320 30,764 26,435 29,750 47,788 May 28. . 751,052 44,262 199,195 45,986 70,086 51,485 37,720 87,069 44,173 33,086 42,701 35,327 59,962 Foreign : Apr. 30. . 552,526 33,770 2194,359 42,652 48,971 25,802 21,589 71,613 18,430 13,164 18,430 17,377 46,369 May 7. . 454,366 27,399 2163,897 34,588 39,712 20,924 17,508 58,074 14,945 10,675 14,945 14,091 37,608 May 14. . 573,443 35,953 2192,087 45,414 52,142 27,473 22,988 76,251 19,623 14,017 19,623 18,502 49,370 May 21. . 488,973 30,149 2169,243 38,068 43,708 23.029 19,269 63,917 16,449 11,749 16,449 15,509 41,434 May 28. . 402,724 24,687 2141,019 31,156 35,772 18,848 15,770 52,312 13,463 9,616 13,463 12.693 33,925 Other" Apr. 30. . 472,756 1,958 399,597 2,421 7,286 4,887 2,116 2,433 6,614 2,347 3,425 1,326 38,346 May 7. . 463,155 1,920 391,795 2,038 6,996 4,600 1,943 2,848 6,020 2,232 5,009 932 36,822 May 14. . 492,901 1,673 427,557 1,916 5,513 2,292 1,877 2,388 6,119 2,650 2,590 979 37,347 May 21. . 468,025 2,258 403,795 2,102 5,870 2,305 1,389 3,427 5,812 1,909 469 809 37,880 May 28. . 443,247 1,800 379,217 1,601 9,491 1,800 1,543 2,757 6,017 2,030 S18 768 35,405 Total deposits: Apr. 30 17,469,854 789,984 5,692,162 870,204 1,279,898 775,640 768,9562,476,867 653,564 435,439 819,328 787,2952,120,517 May 7. 17,448,391 783,440 5,701,030 853,376 1,273,409 782,392 783,8282,453,526 660,222 446,798 821.552 778,0232,110,795 May 14 17.571,455 777,313 5,827,116 874,359 1,288,554 783,212 775,6202,418,703 654,364 442,257 822,216 798,2592,109,482 May 21 17,438,094 777,075 5,680,833 861,199 1,296,225 766,211 762,3972,431,505 648,937 440,977 801,335 800,7212,170,679 May 28 17,302,472 769,578 5,630,787 865,554 1,314,454 778,127 768,0352,470,918 655,153 435,477 815,489 775,8662,023,034 Deferred availability items: Apr. 30 2,041,489 168,032 424,631 132,147 186,623 170,121 149,996 297,993 96,493 47,216 104,781 77,994 185,462 May 7 1,913,765 164,826 362,972 116,468 178,434 164,188 149,177 278,502 89.820 47,906 101,952 80,371 179,149 May 14 2,412,102 214,297 465,189 151,945 246,861 207,717 175,961 355,433 120,893 55.443 116,921 99,236 202,206 May 21 2,161,069 188,174 403,318 139,414 204,317 192.771 157,471 312,908 107,280 49,590 109,067 93,584 203,175 Mav 28 1,912,330 168,194 366,169 124,409 189,352 165,872 134,167 286,061 90,763 48,989 91,284 81,460 165,610 Other liab. incl. accrued div.: Aor. 30 12,679 785 3,378 816 1,193 620 556 1,944 532 750 515 440 1,150 May 7 12,762 783 3,542 834 1,308 699 570 1,9^2 559 411 524 472 1,128 May 14 13,813 801 4,005 909 1,364 730 596 2,033 673 440 555 518 1,189 May 21 13,133 784 3,717 879 1,340 649 597 1,942 558 388 519 584 1,176 May 28 14,060 823 3.977 946 1,373 719 663 2,200 605 412 552 638 1,152 1 After deducting $69,000 participations of other Federal Reserve Banks on Apr. 30; May 7; May 14; May 21; and May 28. 2 After deducting $358,066,000 participations of other Federal Reserve Banks on Apr. 30; $290,370,000 on May 7; $381,256,000 on May 14 $319,584,000 on May 21; and $261,559,000 on May 28. JUNE 1947 705 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 e r w k d P e h lp il h a i - a C l l a e n v d e- • m Ri o c n h d - Atlanta Chicago L S ou t. is M ap in o n li e s - K C an it s y as Dallas F c S r i a s a c n n o - - Total liabilities; Apr. 30 43,546,284 2,404,79611,618,3802,638,7043,532,8102,613,2672,293,072 7,251,8281,828,8671,070,9911,830,9801,439,0435,023,546 May 7 43,445,769 2,398,84911,571,4322,608,5933,522,5542,616,2182,310,5757,218,9281,830,1791,084,6241,833,4041,433,4425,016,971 May 14. 44,010,763 2,438,213 11,780,4742,666,5203,603,1272,655,3092,324,682 7,257,3261,853,0261,085,1951,845,1421,469,9025,031,847 May 21 43,614,511 2,408,76311,587,0202,637,1013,571,3332,615,5022,289,3117,232,5801,831,3311,078,2871,815,3401,465,4645,082,479 May 28 43,339,020 2,388,971 11,564,1472,635,3163,576,3842,603,5082,274,2287,261,6791,820,2501,070,3611,810,6551,429,4324,904,089 Capital Accts.: Capital paid in: Apr. 30 191,249 11,166 67,262 14,205 18,698 8,065 7,298 22,778 6,300 4,197 6,349 7,081 17,850 May 7 191,279 11,168 67,273 14,205 18,698 8,065 7,299 22,781 6,301 4,197 6,356 7,085 17,851 May 14 191,320 11,167 67,280 14,205 18,710 8,065 7,299 22,786 6,301 4,200 6,371 7,085 17,851 May 21 191,355 11,168 67,282 14,205 18,715 8,065 7,299 22,794 6,309 4,205 6,376 7,086 17,851 May 28 . ... 191,404 11,169 67,308 14,207 18,714 8,067 7,299 22,798 6,313 4,208 6,380 7,088 17,853 Surplus (section 7): Apr. 30 439,823 27,557 136,549 34,720 41,394 20,676 18,663 65,078 16,577 10,997 15,729 13,777 38,106 May 7.... 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 May 14 439,823 27,557 136,549 34,720 41,394 20,676 18,663 65,078 16,577 10,997 15,729 13,777 38,106 May 21 439,823 27,557 136,549 34,720 41,394 20,676 18,663 65,078 16,577 10,997 15,729 13,777 38,106 May 28.... 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): Apr. 30 27,455 3,012 7,253 4,489 1,007 3,325 762 1,429 521 1,073 1,137 1,307 2,140 May 7 27,455 3,012 7,253 4,489 1,007 3,325 762 1,429 521 1,073 1,137 1,307 2,140 May 14 27,455 3,012 7,253 4,489 1,007 3,325 762 1,429 521 1,073 1,137 1,307 2,140 May 21 27,455 3,012 7,253 4,489 1,007 3,325 762 1,429 521 1,073 1,137 1,307 2,140 May 28 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.: Apr. 30 30,863 2,476 4,157 2,534 2,612 2,479 2,362 3,300 2,021 1,810 2,062 1,994 3,056 May 7 31,690 2,563 4,350 2,592 2,680 2,531 2,401 3,392 2,052 1,831 2,108 2,012 3,178 May 14 33,448 2,628 4,802 2,731 2,852 2,657 2,496 3,618 2,143 1,879 2,192 2,078 3,372 May 21 34,734 2,765 5,129 2,832 2,974 2,746 2,559 3,772 2,190 1,914 2,217 2,121 3,515 May 28 35,828 2,807 5,405 2,920 3,084 2,823 2,617 3,896 2,245 1,945 2,297 2,156 3,633 i otai iiaDinties and cap. accts.: Apr. 30 44,235,674 2,449,007 11,833,6012,694,6523,596,5212,647,8122,322,1577,344,4131,854,2861,089,0681,856,2571,463,2025,084,698 May 7 44,136,016 2,443,149 11,786,8572,664,5993,586,3332,650,8152,339,7007,311,6081,855,6301,102,7221,858,7341,457,6235,078,246 May 14 44,702,809 2,482,577 11,996,3582,722,6653,667,0902,690,0322,353,902 7,350,2371,878,5681,103,3441,870,5711,494,1495,093,316 May 21 44,307,878 2,453,265 11,803,2332,693,3473,635,4232,650,3142,318,5947,325,6531,856,9281,096,4761,840,7991,489,7555,144,091 May 28 44,033,530 2,433,516 11,780,6622,691,6523,640,5832,638,3992,303,5697,354,8801,845,9061,088,5841,836,1981,453,7604,965,821 Contingent liability on bills purchased for foreign correspondents: Apr. 30 8,040 515 !2,573 651 748 394 330 1,093 281 201 281 265 708 May 7.... 7,726 494 12,473 626 718 379 317 1,051 270 193 270 255 680 May 14 7,171 459 12,295 581 667 351 294 975 251 179 251 237 631 May 21 6,797 435 12,175 551 632 333 279 924 238 170 238 224 598 May 28.... 6,502 416 12,080 526 605 319 266 884 228 163 228 215 572 Commit, to make indus. loans: Apr. 30. . . . 7,279 1,164 1,761 81 13 3,640 450 170 May 7 7 164 1,187 1,618 89 1^ 3,640 450 167 May 14. . . . 7,080 1,103 1,618 89 13 3,640 450 167 May 21 5 697 1,172 1,618 77 13 2,200 450 167 May 28 5,703 1,166 1,618 89 13 2,200 450 167 FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS' ACCOUNTS, BY WEEKS [In thousands of dollars] San Total Boston Y N o e r w k d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - la A n t t - a Chicago L S 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): Apr. 30 24,691,593 1,475,5455,678,019 681,067 2,117,4151,719,8451,411,437 4,538,0541,113,616 601,418 925,845593,3022,836,030 May 7 24,654,252 1,475,942 5,650,132 ,678,160 2114,7451,718,6261,411, ,7231,113,315 601,755 929,456596,1952,819,070 May 14 24,639,716 1,475,900 5,630,664 684,3832,111,0331,714,6681,410,5174,553,0971,110,186 601,469 927,541595,7952,824,463 May 21 24,632,651 ,473,5515,647,741 ,679,1682,112,1761,706,9361,410,419 4,552,6511,110,137 601,423 924,933593,4772,820,039 May 28 24,694,470 1,475,340 5,696,138 ,680,5222,118,1331,709,9531,405,0774,567,9021,106,596 600,900 922,518596,5372,814,854 Collateral held against notes outstanding: Gold certificates: Apr. 30 12,053,000 455,000 3,470,000 500,000 645,000 690,000 590,000 2,970,000 300,000184,000 280,000169,0001,800,000 May 7 12,033,000 455,000 3,470,000 500,000 645,000 690,000 590,0002,950,000 300,000184,000 280,000169,0001,800,000 May 14 12,103,000 455,000 3,470,000 500,000 645,000 690,000 559900,,000000 22,,997700,,000000 300,000184,000 280,000169,0001,850,000 May 21 12,103,000 455,000 3,470,000 500,000 645,000 690,000 590,0002,970,000 300,000184,000 280,000169,0001,850,000 May 28 12,133,000 455,000 3,470,000 500,000 645,000 690,000 590,000 3,000,000 300,000184,000 280,000169,0001,850,000 Eligible paper: Apr. 30 77,341 14,200 16,613 6,656 13,882 14,640 2,100 4,300 4,950 May 7 68,081 10,993 19,150 9,173 10,725 4,890 1,100 9,450 2,600 May 14 95,211 15,393 36,315 11,383 15,500 4,320 5,800 4,550 1,950 May 21 73,355 12,410 24,705 7,895 10,745 4,200 7,300 4,700 1,400 May 28 90,901 13,928 38,738 8,915 8,395 5,400 800 8,850 5,875 U. S. Govt. sec- Apr. 30 13,579,636 1,100,000 2,400,000 ,200,0001,500,0001,055,000 850,0001,600,000 949,636425,000 700,000500,0001,300,000 May 7 13,583,989 1,100,000 2,400,000 ,200,0001,500,0001,055,000 850,000 1,600,000 953,989 425,000 700,000 500,0001,300,000 May 14 13,588,533 1,100,000 2,400,000 ,200,0001,500,0001,055,000 850,0001,600,000 958,533425,000 700,000 500,0001,300,000 May 21 13,588,795 1,100,000 2,400,000 ,200,0001,500,0001,055,000 850,0001,600,000 958,795425,000 700,000 500,0001,300,000 May 28 13,578,627 1,100,000 2,400,000 ,200,0001,500,0001,055,000 850,0001,600,000 948,627 425,000 700,000 500,0001,300,000 Total collateral: Apr. 30 25,709,977 1,569,200 5,886,613 ,706,656 2!,,: 145,0010,758,8821,440,0004,570,000 1,264,276 6111,100 984,300669,000 3,104,950 May 7 25,685,070 1,565,993 ,709,173 21,,:145,0001,755,7251,440,0004,550,000 1,258,879 6100,,100 989,450669,000 3,102,600 May 14 25,786,744 1,570,393 5,906,315 .711,383 2:,145,0001,760,5001,440,0004,570,000 1,262,853 614,800 984,550669,000 3,,1151,950 May 21 25,765,150 ,567,410 5,894,705 ,707,895 21,,:145,0001,755,7451,440,0004,570,0001,262,995 984,700669,000 3:,151,400 May 28 25,802,528 ,568,928 5,908,738 ,708,915 2,145,0001,753,3951,440,0004,600,0001,254,027 609,800 988,850669,000 3,,]155,875 i After deducting $5,467,000 participations of other Federal Reserve Banks on Apr. 30; $5,253,000 on May 7; $4,876,000 on May 14; $4,622,000 on May 21; and $4,421,000 on May 28. 706 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 Gu [A a a r m u a t n o h t u o e n r e i t d s z e i l d n o a t n h s ousands G o u f a lo r d a a o n n ll t s a e r e s d ] A a d m di o ti u o n n t al week e M nd o i n n t g h , T o h r ursday b m a b A n e e k m l r l s - * N c « i w ty ban C k hi s - b s c R a t i r n t e v y k . c s b C a t o n r u y k n s - 1 Date N b u e m r - to d A at m e ount a T m o o o t u u a n l ts t tand g P i u o n te a r g e r ti a d o n n - a a u o n b v n u t o a d e t m r i s e e l r t e r a o a a n b w n g g t l d u s e r e e i a r n e s t r o - g - To 1 t 9 al 4 6 r — es A M er p a v r r i e c l s h held: 1 1 5 5 , , 5 53 3 6 1 4 3 Y , , o 0 9 r 1 7 k 5 0 ca 8 8 g 7 5 o 2 8 6 6 , , 1 1 2 6 7 9 4 4 , , 5 5 1 3 7 9 1947—March 16,006 4,129 877 6,308 4,693 1942 April 15,931 4,125 879 6,294 4,633 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 Mar. 27 15,872 4,136 869 6,254 4,612 Apr. 3 15,710 4,101 795 6,211 4,603 Apr. 10 15,933 4,094 873 6,293 4,673 1943 Apr. 17 16,016 4,112 887 6,340 4,677 June 30 4,217 4,718,818 1,428,2531,153,756 2,216,053 Apr. 24 15,943 4,160 894 6,287 4,602 Dec. 31 5,347 6,563,048 1,914,0401,601,518 3,146,286 May 1 15,905 4,158 897 6,275 4,575 May 8 16,011 4,174 911 6,319 4,607 1944 May 15 15,980 4,132 913 6,315 4,620 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—March 1,031 1 -6 225 812 J D u e n c e . 1 3 3 9 1 0 45 8 8 , , 7 4 5 2 7 2 1 10 0 , , 3 1 3 4 9 9 , , 4 3 0 1 0 5 1,3 5 8 1 6 0 , , 8 2 5 70 1 1,1 4 9 3 0 5 , , 9 34 4 5 4 3,6 9 9 6 4 6 , , 6 59 1 5 8 1947— A A M p p a r r r i i c l l h 1,0 8 8 2 3 7 4 3 1 3 2 1 6 1 3 2 1 4 4 1 2 2 2 2 1 1 6 7 5 5 6 7 8 3 4 3 0 8 Mar. 27 739 13 4 166 556 1946 Apr. 3 768 14 6 187 561 June 29 8,771 10,344,018 70,267 60,214 142,617 Apr. 10 899 14 16 248 621 Dec. 31 8,771 10,344,018 18,996 17,454 28,791 Apr. 17 910 17 4 260 629 Apr. 24 771 14 4 202 551 J F a e n b . . 2 3 1 8 1 947 8 8 , , 7 7 7 7 1 1 1 1 0 0 , , 3 3 4 4 4 4 , , 0 0 1 1 8 8 1 1 4 8 , , 2 0 3 2 8 5 1 1 3 6 , , 2 6 3 5 7 4 2 2 2 1 , , 4 1 2 8 4 3 M M M a a a y y y 1 1 8 5 8 7 7 0 3 8 1 0 9 1 1 1 5 4 3 4 4 4 2 2 1 2 2 9 3 2 0 5 5 5 2 6 4 1 1 9 A M p a r r . . 3 3 0 1 8 8 , , 7 7 7 7 1 1 1 10 0 , , 3 3 4 4 4 4 , , 0 0 1 1 8 8 1 1 1 0 , , 7 3 4 5 6 6 1 9 0 , , 6 9 5 65 8 1 1 5 3 , , 3 4 9 5 2 2 Bo R rr e o se w r i v n e g s B a a t n k F s e : deral 1946—March 526 297 42 133 54 NOTE.—The difference between guaranteed loans authorized and sum April 393 139 47 148 60 of loans outstanding and additional amomnts available to borrowers 1947—March 173 21 33 66 54 under guarantee agreements outstanding represents amounts repaid April 126 4 16 51 55 and authorizations expired or withdrawn. Mar. 27 153 2 20 77 54 Apr. 3 421 85 185 94 57 INDUSTRIAL LOANS BY FEDERAL RESERVE BANKS Apr. 10 131 6 5 52 68 Apr. 17 93 3 2 29 59 [Amounts in thousands of dollars] Apr. 24 107 1 60 46 May 1 119 54 64 W D e a d t n e es (l d a a s y t A a p p t p o p l i r d c o a a v t t i e e o d ns b p u r A t o p v n - e o d t L o o u a t n - s C m om en m ts it- P pa a t r i t o ic n i s - M M a a y y 1 8 5 1 8 2 8 3 4 5 4 1 6 4 2 2 or last day com- standing2 out- outof period) Num- pleted* (amount) standing standing 1Weekly figures of excess restrves of all mtmber banks and of ber Amount (amount) (amount) (amount) country banks are estimates. Wtekly figurts of borrowings of all member banks and of country banks may includt small amounts of Federal 1934... 984 49,634 20,966 13,589 8,225 1,296 Reserve Bank discounts and advances for nonmember banks, etc. If35... 1,993 124,493 11,548 32,493 27,649 8,778 1936... 2,280 139,829 8,226 25,526 20,959 7,208 DEPOSITS OF COUNTRY MEMBER BANKS IN LARGE AND 1 19 9 3 3 1 7 . . . . . . 2 2, , 6 4 5 0 3 6 1 1 5 7 0 5 , , 9 0 8 1 7 3 3 1 , ,9 3 4 6 6 9 2 1 0 7 , ,3 2 4 1 5 6 1 1 4 2 , ,7 1 8 6 0 1 1 7 2 , ,7 2 2 3 2 8 SMALL CENTERS * 1939... 2,781 188,222 2,659 13,683 9,220 10,981 [Averages of daily figures. In millions of dollars] 1 1 9 *4 4 0 1 . . . . . . 2 3, , 2 9 0 0 2 S 2 27 1 9 2 , , 8 5 6 1 0 0 1 8 3 , , 2 9 9 54 4 1 9 0 , , 1 3 5 37 2 1 5 4 , , 2 59 2 7 6 1 6 9 , , 3 6 8 00 6 a I n n d p o l v ac e e r s p o o f p u 1 l 5 a , t 0 io 0 n 0 I 1 n 5 , p 0 l 0 a 0 c e p s o o p f u l u at n i d o e n r 1942 June 24 3,352 338,822 26,346 11,265 16,832 26,430 Demand Demand Dec. 31 3,423 408,737 4,248 14,126 10,661 17,305 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 1943 inter- deposits inter- deposits June 30 3,452 475,468 3,203 13,044 12,132 19,070 bank' bank' D«c. 31 3,471 491,342 926 10,532 9,270 17,930 1944 April 1946 ••17,192 7,755 '•12,017 5,376 June 30 3,483 510,857 45 11,366 4,048 11,063 March 1947 15,315 8,366 11,836 5,917 Dec. 30 3,489 525,532 1,295 3,894 4,165 2,706 April 1947 15,153 8,382 11,669 5,941 1945 June 30, 3,502 537,331 70 3,252 5,224 2,501 Boston 1,817 881 324 230 Dec. 31 3,511 544,961 320 1,995 1,644 1,086 New York 2,801 2,157 972 1,138 Philadelphia 1,081 739 891 883 1946 Cleveland 1,302 907 1,044 817 June 29 3,524 552,711 615 1,210 5,366 1,110 Dec. 31 3,542 565,913 4,577 554 8,309 2,670 Richmond 1,049 395 859 466 Atlanta 1,553 489 680 212 1947 Chicago 1,856 1,353 1,650 929 Jan. 31. 3,545 568,540 4,795 593 8,217 2,677 St. Louis 617 326 968 274 Feb. 28. 3,548 569,487 4,795 996 8,186 2,729 Mar. 31 3,548 569,825 4,595 1,081 8,160 2,727 Minneapolis 540 290 743 434 Apr. 30 3,552 571,408 5,371 1,109 7,279 2,616 Kansas City 510 104 1,567 198 Dallas 884 134 1,409 60 San Francisco. . . 1,143 607 563 300 1 Includes applications approved conditionally by the Federal Reserve Banks and under consideration by applicant. 1 Includes industrial loans past due 3 months or more, which are not r Revised. included in industrial loans outstanding in weekly statement of con- 1 Includes any banks in outlying sections of reserve cities that hav« dition of Federal Reserve Banks. been given permission to carry the same reserves aa country banks. NOTE.—The difference between amount of applications approved and All reserve cities have a population of more than 15,000. the sum of the following four columns represents repayments of ad- 2 Includes war loan deposits, shown separately for all country banks vances, and applications for loans and commitments withdrawn or in the table on the following page. expired. JUNE 1947 707 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPOSITS, RESERVES, AND BORROWINGS OF MEMBER BANKS [Averages of daily figures.1 In millions of dollars] Gross demand deposits De- Reserves with Federal Bormand Reserve Banks row- Feder C al l a R ss e a s o n e f d r v b e a n d k istrict Total I b n a t n e k r- w G a U m o r d v . e e l e o n - S r a t n . n - Other j p m u o a d s a d t s e e n 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 m i - t e s5 m a fr b d d n e o a u o c s m l e e - t - i s c Total qu R i e r - ed c E e x s - s s F i e R e n a e r r g e a t d v - s l - e posits2 banks Banks F rst half April 1947 All member banks . ... 86,350 11,349 2,561 72,439 67,541 73,640 27,755 5,452 15,931 15,026 905 143 Central reserve city banks: New York 22,012 4,087 552 17,374 15,943 19,989 1,463 77 4,103 4,086 17 8 Chicago 4,557 1,156 132 3,269 2,922 3,971 845 111 865 845 20 32 Reserve city banks 31,898 5,128 947 25,823 23,478 26,894 11,129 1,795 6,296 6,047 249 47 Boston 1,919 262 55 1,602 1,474 1,702 201 36 360 352 8 1 New York 542 24 14 504 468 467 308 25 114 112 2 1 Philadelphia 2,200 318 47 1,835 1,685 1,931 288 74 410 403 6 8 Cleveland 3,625 467 138 3,020 2,785 3,104 1,303 157 736 699 37 5 Richmond 2,061 322 59 1,680 1,523 1,759 447 99 396 379 17 5 Atlanta 2,029 474 41 1,515 1,351 1,676 408 152 382 360 22 3 Chicago 3,797 469 141 3,187 2,925 3,100 2,042 303 780 743 38 10 St Louis • . . • 1,879 561 55 1,263 1,103 1,560 321 108 342 331 11 4 Minneapolis 981 310 30 641 545 796 174 60 172 170 3 5 Kansas City 2,671 868 65 1,738 1,528 2,135 357 267 469 448 21 3 Dallas ••• • . • 2,208 498 43 1,667 1,530 1,798 329 232 422 379 43 San Francisco 7,984 554 259 7,171 6,561 6,867 4,950 282 1,711 1,670 41 2 Country banks 27,882 978 930 25,974 25,199 22,786 14,319 3,469 4,668 4,049 618 56 Boston 2,224 83 73 2,067 1,954 1,874 1,112 170 357 329 28 12 New York . . . 3,855 81 137 3,637 3,471 3,282 3,294 281 725 657 68 31 Philadelphia 1,996 14 91 1,891 1,839 1,664 1,619 193 379 330 49 5 Cleveland 2,379 24 110 2,245 2,189 1,954 1,725 264 450 377 73 3 2,030 113 65 1,851 1,777 1,634 861 266 322 280 41 3 Atlanta 2,433 186 62 2,186 2,122 1,960 701 354 365 317 49 3,580 70 151 3,359 3,288 2,886 2,277 482 632 541 91 1 St Louis . . .. 1,708 119 47 1,542 1,502 1,396 600 228 266 231 34 1 1 359 70 52 1 238 1 205 1,097 725 181 231 197 33 Kansas Citv 2,156 73 66 2,017 1,995 1,691 302 382 314 255 59 Dallas 2,419 119 36 2,264 2,225 1,881 193 467 336 275 61 San Francisco 1,744 24 41 1,679 1,634 1,467 909 198 290 260 30 Second half of April 1947 All member banks 86,666 11,154 2,258 73,253 68,345 74,345 27,789 5,355 15,930 15,169 761 110 Central reserve city banks: New York 22,180 4,087 463 17,630 16,188 20,256 1,455 55 4,147 4,138 8 4,789 1,096 111 3,582 3,259 4,197 851 161 893 891 3 Reserve city banks 32,012 5,028 821 26,164 23,777 27,101 11,154 1,787 6,292 6,089 203 55 1,933 264 47 1,622 1,485 1,717 201 35 360 355 4 1 New York 554 27 13 515 474 475 308 26 115 114 2 1 Philadelphia 2,199 308 41 1,850 1,703 1,942 293 70 414 406 8 7 Cleveland 3,709 461 122 3,126 2,869 3,174 1,311 165 758 713 45 6 Richmond .... ... 2,046 308 51 1,687 1,537 1,762 448 96 394 379 15 7 Atlanta 2,014 445 35 1,534 1,369 1,674 409 143 371 359 11 6 Chicago 3,824 458 124 3,242 2,986 3,149 2,049 305 784 753 32 5 St Louis 1.867 539 47 1,281 1,118 1,562 322 98 341 332 9 8 [Minneapolis 962 289 26 646 561 796 175 56 171 170 2 6 Kansas City 2,678 855 56 1,767 1,554 2,147 357 268 466 451 15 4 Dallas 2,209 488 37 1,684 1,538 1,798 332 230 410 380 30 1 San Francisco 8,019 586 223 7,210 6,583 6,907 4,950 294 1,708 1,678 30 3 Country banks 27,685 944 863 25,877 25,121 22,791 14,328 3,352 4,598 4,050 547 54 Boston 2,224 83 67 2,074 1,962 1,878 1,111 173 358 330 29 15 New York 3,851 80 125 3,647 3.478 3,285 3,295 284 725 658 67 23 Philadelphia 1,976 13 86 1,877 1,823 1.662 1,625 179 371 330 41 5 Cleveland 2,360 24 100 2,236 2,181 ,956 1,723 253 437 377 60 4 Richmond 2,011 110 60 1,840 1,765 ,634 861 252 315 280 35 5 Atlanta 2,395 177 56 2,162 2,103 ,955 701 333 353 316 37 Chicago 3,573 70 141 3,363 3,297 ',891 2,286 486 627 542 85 1 St Louis 1 695 113 45 1,537 1 499 ,394 602 221 263 231 31 1,341 66 50 1,225 1,194 ,097 723 166 226 197 29 2 144 72 62 2 009 1 989 694 303 372 307 255 52 Dallas 2 399 113 35 2 252 2 216 J .887 195 446 331 276 55 1,716 23 37 1,655 1,614 11,458 905 186 284 258 26 1 Averages of daily dosing 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 accounts, but do not include certain other demand deposits of the U. S. Government with member banks and, therefore, differ from figures for U. S. Government deposits shown in other published banking data. See also footnoted. » Preceding column minus (a) so-called "float" (total cash items in process of collection) and (b) U. S. Government demand deposits (other than war loan and Series E bond accounts) on the latest available call report date. • Demand deposits subject to reserve requirements, i. e., 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. 708 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

UNITED STATES MONEY IN CIRCULATION, BY DENOMINATIONS [Outside Treasury and Federal Reserve Banks. In millions of dollars] Total Coin and small denomination currency2 Large denomination currency1 End of year or in cir- Unasmonth cula- sorted tion1 Total Coin »$1 $2 $5 $10 $20 Total $50 $100 $500 $1,000 $5,000 $10,000 1933 5,519 4,167 442 402 33 719 1.229 1,342 1,360 364 618 125 237 8 10 8 1934 5,536 4,292 452 423 32 771 .,288 1,326 1,254 337 577 112 216 5 7 10 1935 5,882 4,518 478 460 33 815 1,373 ,359 1,369 358 627 122 239 7 16 5 1936 6,543 5,021 517 499 35 906 ,563 ,501 1,530 399 707 135 265 7 18 8 1937 6,550 5,015 537 505 33 905 ,560 ,475 1,542 387 710 139 288 6 12 7 1938 6,856 5,147 550 524 34 946 ,611 ,481 1,714 409 770 160 327 17 32 5 1939 7,598 5,553 590 559 36 1,019 ,772 ,576 2,048 460 919 191 425 20 32 2 1940 8,732 6,247 648 610 39 1,129 2,021 1,800 2,489 538 1,112 227 523 30 60 A 1941 11,160 8,120 751 695 44 1,355 2,731 2,545 044 724 1,433 261 556 24 46 4 1942 15,410 11,576 880 801 55 1,693 4,051 4,096 837 1,019 1,910 287 586 9 25 3 1943 20,449 14,871 ,019 909 70 1,973 5,194 5,705 580 1,481 2,912 407 749 9 22 2 1944 25,307 17,580 ,156 987 81 2,150 5,983 7,224 7,730 1,996 4,153 555 990 10 24 3 1945—December. 28,515 20,683 ,274 1,039 73 2,313 6,782 9,201 7,834 2,327 4,220 454 801 24 1946—January... 27,917 20,126 ,261 985 69 2,217 6,568 9,027 7,794 2,316 4,224 445 779 22 February.. 27,954 20,139 ,264 982 68 2,211 6,570 9.044 7,816 2,322 4,248 443 772 22 March 27,879 20,045 ,269 984 67 191 6,547 8,986 7,834 2,327 4,267 442 768 22 April 27,885 19,997 ,280 987 66 2,173 6,509 8,981 7,889 2,337 4.309 439 773 22 May 28,120 20,171 ,291 999 67 199 6,586 9,029 7,950 2,352 4,356 438 775 21 June 28,245 20,248 ,300 998 67 2,191 6,604 9,087 7,998 2,364 4,387 438 781 22 July 28,254 20,185 ,311 990 67 2,166 6,552 9,099 8,071 2,377 4,437 436 790 21 August 28,448 20,271 ,319 992 66 2,165 6,571 9,159 8,178 2,402 4,509 436 802 20 September. 28,507 20,262 ,332 1,001 66 2,156 6,528 9,180 8,247 2,419 4.567 436 795 21 October... 28,600 20,273 ,345 1,000 65 148 6,494 9,221 8,329 2,436 4.645 434 784 21 November. 28,861 20,447 ,355 1,010 65 169 6,543 9,305 8,416 2,458 4,711 435 782 21 December. 28,952 20,437 ,361 1,029 67 2,173 6,497 9,310 8,518 2,492 4,771 438 783 26 u 1947—January... 28,262 19,808 ,337 972 63 2,074 6,284 9.077 8,457 2,460 4.757 434 774 23 February.. 28,304 19,873 ,337 967 64 2,090 6,336 9,079 8,434 2,456 4,755 433 769 14 March.... 28,230 19,807 1,344 969 63 2,085 6,309 9,036 8,424 2,447 4,754 432 771 14 April 28,114 19,684 1,351 972 63 2,065 6,253 8,979 8,432 2,442 4,769 431 773 12 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 bythe 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 Ap 1 r 9 . 4 3 7 0, g a o s g l i d a lv i n e a r s n t d Tr c e a a s s h ury B R F an e e d k se s e r r a v a n e l d B R a a n e g s k e e s n r t a v s n e d Ap 1 r 9 . 4 3 7 0, M 1 a 9 r. 4 3 7 1, Ap 19 r. 4 3 6 0, certificates agents Gold 20,774 19,585 2 1,189 Gold certificates . . . 19,585 16,721 2,815 48 48 51 Federal Reserve notes 24,692 69 770 23,853 23,999 23,685 Treasury currency—total 4,561 "S2I226' ' 71 276 4,213 4,183 4,149 Standard silver dollars 494 307 35 4 147 147 138 Silver bullion. 1,919 1,919 Silver certificates and Treasury notes of 1890. . 32,226 203 2,023 1,996 1,979 Subsidiary silver coin 923 20 30 873 869 830 Minor coin •. .... . . 349 11 7 331 328 312 United States notes 347 3 26 318 314 303 Federal Reserve Bank notes 421 1 6 414 421 473 National Bank notes .... 109 (5) 1 108 108 115 Xotal—April 30, 1947 (4) 21,811 1,329 16,721 3,861 28,114 March 31, 1947 (4) 21,495 1,336 16,406 3,886 28,230 April 30, 1946 (4) 20,386 2,263 15,281 3,975 27,885 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. 701, and seasonally adjusted figures in table on p. 710. s Includes 1156,039,431 held as reserve against United States notes and Treasury notes of 1890. 8 To avoid duplication, amount of silver dollars and bullion held as security against silver certificates and Treasury notes of 1890 outstanding is not included in total Treasury currency outstanding. 4 Because some of the types of money shown are held as collateral or reserves against other types, a grand total of all types has no special significance and is not shown. See note of explanation of these duplications. 5 Less than $500,000. NOTE.—There are maintained in the Treasury—(i) as a reserve for United States notes and Treasury notes of 1890—$156,039,431 in gold bullion; (ii) as security for Treasury notes of 1890—an equal dollar amount in standard silver dollars (these notes are being canceled and retired on receipt); (iii) as security for outstanding silver certificates—silver in bullion and standard silver dollars of a monetary value equal to the face amount of such silver certificates; and (iv) as security for gold certificates—gold bullion of a value at the legal standard equal to the face amount of such gold certificates. Federal Reserve notes are obligations of the United States and a first lien on all the assets of the issuing Federal Reserve Bank. Federal Reserve notes are secured by the deposit with Federal Reserve agents of a like amount of gold certificates or of gold certificates and such discounted or purchased paper as is eligible under the terms of the Federal Reserve Act, or of direct obligations of the United States. Federal Reserve Banks must maintain a reserve in gold certificates of at least 25 per cent, including the redemption fund,which must be deposited with the Treasurer of the United States, against Federal Reserve notes in actual circulation; gold certificates pledged as collateral may be counted as reserves. "Gold certificates" as herein used includes credits with the Treasurer of the United States payable in gold certificates. Federal Reserve Bank notes and national bank notes are in process of retirement. 709 JUNE 1947 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MONEY IN CIRCULATION WITH ADJUSTMENT FOR ANALYSIS OF CHANGES IN GOLD STOCK OF SEASONAL VARIATION UNITED STATES [ Outside Treasury and Federal Reserve Banks. In millions of dollars] [In millions of dollars] Date f u A o n r m a s d o e j u a u n s s o t t — e n d al a A d s j m e u a s o s t u e o n d n t a — l for C s a e h d a a s ju o n n s g t a e e l d l i y n Period a s G t t o o e c n l k d d I i n n c r g e o a l s d e im g N o p e l o d t rt g m o a E ld r a k : r e - d d e- m g D e o s o l t d - ic variation variation series 1 pe o ri f od stock or export or in- duo 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 1946— A M M F Ja e p a a n b r y r i u r c l u a h a ry ry 2 2 2 2 2 7 7 7 8 7 , , , , , 9 9 9 1 9 7 1 2 5 4 8 3 3 8 4 2 2 2 2 28 7 8 8 7 , , , , , 1 9 1 0 9 7 9 4 7 4 5 7 8 4 4 + -1 + + - 1 9 3 2 5 5 6 0 7 3 1 1946— A J J M u u u l n a g y e y ust 2 2 2 2 0 0 0 0 , , 2 2 2 2 6 8 4 7 7 0 2 0 — — 2 1 8 3 3 9 . . 2 1 2 1 — 3 1 2 6 6 5 7 . . 3 2 3 0 6 2 1 8 0 7 5 . 1 5 0 0 8 3 3 4 . . 3 0 2 4 June 28,140 28,281 +106 September 20,305 25.3 -7.6 12.3 6.8 July 28,281 28,338 +57 October.. 20,402 96.7 24.2 115.7 5.9 August 28,352 28,494 +156 November 20,470 67.7 77.9 127.5 4.9 September 28,478 28,535 +41 December 20,529 59.4 -61.2 82.8 <S.3 October 28,588 28,588 +53 1947—January.. 20,748 219.3 -16.8 196.1 7.6 November 28,727 28,641 +53 February. 20,330 «-418.2 20.4 -684.5 5.5 December 28,997 28,710 +69 March... 20,463 132.5 153.6 203.5 5.3 April 20 774 311 5 P44 l 272 0 (4) 1947—January 28,543 28,458 -252 May P20.933 P 158.6 (4) 6 13.1 (4) February 28,300 28,300 -158 A M p a r r i c l h 2 28 8 , , 1 2 8 7 5 3 2 28 8 , , 4 3 1 5 2 8 + +5 5 4 8 1 * A P n r n e u li a m l i f n ig a u ry re . s are estimates of the United States Mint. Monthly May 28,156 28,354 -58 figures are those published in table on p. 756 adjusted to exclude Philippine Islands production received in United States. 2 Includes gold in the Inactive Account amounting to 27 million »For end of year figures, represents change computed on absolute dollars on Dec. 31, 1936, and 1,228 million on Dec. 31, 1937. amounts in first column. » Change reflects primarily gold subscription to International Mon- NOTE.—For discussion of seasonal adjustment factors and for back etary Fund. figures on comparable basis see September 1943 BULLETIN, pp. 822-826. * Not yet available. Because of an apparent recent change in the seasonal pattern around * Gold held under earmark at the Federal Reserve Banks for foreign the year end, adjustment factors have been revised somewhat for dates account including gold held for the account of international institutions affected, beginning with December 1942; seasonally adjusted figures amounted to 3,828.2 million dollars on May 29, 1947. Gold under earfor money in circulation, as shown in Banking and Monetary Statistics, mark is not included in the gold stock of the United States. Table 111, p. 414, and described on p. 405, are based on an older series NOTE.—For back figures, see Banking and Monetary Statistics, Table of adjustment factors. 156, pp. 536-538, and for description of statistics see pp. 522-523 in the same publication. BANK DEBITS AND DEPOSIT TURNOVER [Debits in millions of dollars] Annual rate of Debits to demand Annual rate of Debits to total deposit accounts except turnover of total deposit accounts turnover of demand interbank accounts deposits except except interbank deposits except interinterbank and Government bank and Government Year and month Total, all New 140 Other New 333 other New 100 other New 100 other reporting York other reporting York reporting York leading York leading centers City* centers * centers * City centers City cities City cities 1938 405,929 168,778 204,745 32,406 164,945 186,140 25.1 19.9 1939 423,932 171,382 218,298 34,252 167,939 200,636 21 0 19 4 1940 445,863 171,582 236,952 37,329 167,373 217,744 17.1 18.6 1941 537,343 197,724 293,925 45,694 193,729 270,439 17.3 19.4 1942—old series « 607,071 210,961 342,430 53,679 200,337 308,913 18.0 18.4 1942—new series « 641,778 226,865 347,837 67,074 16.1 13.1 1943 792,937 296,368 419,413 77,155 16.5 11.7 258,398 369,396 20.5 17.4 1944 891,910 345,585 462,354 83,970 17.1 10.8 298,902 403,400 22.4' 17.3 1945 974,102 404,543 479,760 89,799 18.3 9.7 351,602 412,800 24.2 16.1 1946 1,050,021 417,475 527,336 105,210 19.0 10.0 374.365 449,414 25.5 16.9 19445__ April 87,532 37,208 42,122 8,201 19.0 9.2 33,290 36,478 27.6 16.8 May 85,908 35,085 42,433 8,390 17.9 9.2 30,408 35,324 24.5 15.8 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 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 18.2 103,900 41,252 52,295 10,353 25.8 12.6 36,905 45,142 29.1 19.8 1947—Tanuarv 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 8,622 20.4 '11.6 27,129 37,672 24.5 18.6 March . '93,321 33,547 49,962 '9,812 20.4 12.0 31,822 ••43,704 25.3 19.2 87,776 31,391 46,910 9,475 19.2 11.3 27,768 40,538 21.9 17.8 r Revised 1 National series for which bank debit figures are available beginning with 1919. * Annual figures for 1937-1942 (old series) include 133 centers; annual figures for 1942 (new series) and subsequent figures include 193 centers. 1 See page 717 of August 1943 BULLETIN for description of revision beginning with May 1942; deposits and debits of new series for first four months of 1942 partly estimated. NOTE.—Debits to total deposit accounts, except interbank accounts, have been reported since 1942 for 334 reporting centers; the deposits from which rates of turnover have been computed have likewise been reported by most banks and have been estimated for others. Debits to demand deposit accounts, except interbank and U. S. Government, and the deposits from which rates of turnover have been computed have been reported by member banks in 101 leading cities since 1935; yearly turnover rates in this series differ slightly from those shown in Banking and Monetary Statistics, Table 55, p. 254, due to differences in method of computation. -^ V* 710 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPOSITS AND CURRENCY—ADJUSTED DEPOSITS OF ALL BANKS AND CURRENCY OUTSIDE BANKS [Figures partly estimated. In millions of dollars] Total d T em ot a a n l d Time deposits End of month c a d o u d e u r j a p t r u n o s e s d i s n t d i e c t e d s y c a d o u d e u r j a p r t u n o s e s d i s n t d i e c t e d s y a d d T e j p o u o t s s a t i e l t d s a D d d e e j p m u o s a s t n e it d d s 1 d G U e S m o p n t v a o e i e t t s n e r e i t d t n s s - J Total b m a C n e o r k m c s i » a - * l M s b a a v u n i t k n u s g a 4 s l S S y P a s o v t s i e n t m a g l s » C o b u u r a t r n t 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 ,186 4,761 December 42,548 19,817 37,766 15,035 1,016 21,715 11,019 9,488 ,208 4,782 1937—June 57,258 30,687 51,769 25,198 666 25,905 14,513 10,125 ,267 5,489 December 56,639 29,597 51,001 23,959 824 26,218 14,779 10,170 ,269 5,638 1938—June 56,565 29,730 51,148 24,313 599 26,236 14,776 10,209 ,251 5,417 December 58,955 31,761 53,180 25.986 889 26,305 14,776 10,278 .251 5,775 1939—June 60,943 33,360 54,938 27,355 792 26,791 15,097 10,433 ,261 6,005 December 64,099 36,194 57,698 29,793 846 27.059 15,258 10,523 ,278 6,401 1940—June 66,952 38,661 60,253 31,962 828 27,463 15,540 10,631 ,292 6,699 December 70,761 42,270 63,436 34,945 753 27,738 15,777 10,658 ,303 7,325 1941—June 74,153 45,521 65,949 37,317 753 27,879 15,928 10,648 ,303 8,204 December 78,231 48,607 68,616 38,992 1,895 27,729 15,884 10,532 ,313 9,615 1942—June 81,963 52,806 71,027 41,870 1,837 27,320 15,610 10,395 ,315 10,936 December 99,701 62,868 85,755 48,922 8,402 28,431 16,352 10,664 1,415 13,946 1943—June 110,161 71,853 94,347 56,039 8,048 30,260 17,543 11,141 1,576 15,814 December 122,812 79,640 103,975 60,803 10,424 32,748 19,224 11,738 1,786 18,837 1944—June 136,172 80,946 115,291 60,065 19,506 35,720 21,217 12,471 2,032 20,881 December 150,988 90,435 127,483 66,930 20,763 39,790 24,074 13,376 2,340 23,505 1945—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—April 174,400 103,700 148,200 77,500 20,000 5O.7CO 31,600 16,000 3,100 2«,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 3,200 26,500 November 169,500 109,700 142,800 83,000 6,400 53,400 33,500 16,600 3,300 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) * 165,900 108,600 139,800 82,500 3,100 54,200 33,900 17,000 3,300 26,100 February (Feb. 26)* 165,400 106,800 139,200 80,600 3,900 54,700 34,200 17,100 3,400 26,200 March (Mar. 26)P. 165,100 106,400 139,100 80,400 3,800 54,900 34,300 17,200 3,400 26,000 April (Apr. 30)P.. . 165,300 107,400 139,300 81,400 2,800 55,100 34,500 17,200 3.400 26,000 v Preliminary. 1 Includes demand deposits, other than interbank and U. S. Government, less cash items in process of collection. 8 Beginning with December 1938, includes United States Treasurer's time deposits, open account. » 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. * Includes both amounts redeposited in banks and amounts not so redeposited; excludes amounts at banks in possessions. NOTE.—Except on call dates, figures are rounded to nearest 100 million dollars. See Banking and Monetary Statistics, p. 11, for description and Table 9, pp. 34-35. for back figures. POSTAL SAVINGS SYSTEM BANK SUSPENSIONS L [In millions of dollars] Member Nonmember Assets banks banks Total, all Depos- U. S. Government banks Na- State In- Non- End of month it b o a r l s - ' i C n a d s e h - securities C r a e s - h tional sured insured ances1 Total posi- serve b t a o n r k y s 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 o 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—yan -Mav 0 1945—Dec.. . 2,933 3,022 6 2,837 2,837 179 Deposits of suspended banks 1946—May. . 3,091 3,188 5 2,986 2,986 197 (in thousands of dollars) :a June.. 3,120 3,220 5 3,026 3,026 188 1934-39 125,991 14,61626,54844,348 40,479 July.. 3,160 3,258 5 3,060 3,060 193 Aug.. . 3,188 3,288 6 3,088 3.088 194 1940 5.943 256 5,341 346 Sept.. 3,207 3,306 6 3,114 3,114 186 1941 3,726 3,144 503 79 Oct... 3,235 3,337 6 3,134 3,134 197 1942 1 702 1 375 327 Nov... 3,260 3,360 6 3,151 3,151 204 1943 6,223 4,982 1,241 Dec... 3,284 3,387 6 3.182 3,182 200 1944 405 405 1945 0 1947—Jan... 3,331 3,436 6 3,234 3,234 196 1946 0 Feb... 3,355 3,463 6 3,257 3,257 200 1947—.Jan -May 0 Mar. P3.379 Apr, P3.390 1 Represents banks which, during the periods shown, closed temporarily or permanently on account of financial difficulties; does not P Preliminary. include banks whose deposit liabilities were assumed by other banks s 1 O In u c t lu st d a e n s d i w ng o r p k r in in g c i c p a a s l h , r w ep i r th es e p n o t s e t d m b a y s t c e e r r s, t if 5 ic a p t e e r s c o e f n t d e r p es o e s r it v . e fund a I t n s t u he ra t n i c m e e C o o f r c p lo o s r i a n t g io n (i n l o s a o n m s e ) . instances with the aid of Federal Deposit and miscellaneous working funds with Treasurer of United States, ac- * Deposits of member banks and insured nonmember banks suscrued interest on bond investments, and accounts due from late post- p m e e n m de b d e r a b re a n a k s s o a f r d e a b te a s s e o d f o s n u s t p h e e n s l i a o t n e , s t a n d d a ta d e a p v o a s i i l t a s b o le f n at o n th in e s u ti r m ed e n th o e nmasters. suspensions were reported. Back figures.—See Banking and Monetary Statistics, p. 519; for description, see p. 508 in the same publication. for B d a e ck s cr f i i p g t u i r o e n s , . — se S e e e p p. B 2 a 8 n 1 ki - n 2 g 8 2 a i n n d t h M e o s n a e m ta e r y p ub St l a ic ti a s t t i i o cs n , . pp. 283-292; JUNE 1947 711 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS IN THE UNITED STATES, BY CLASSES * LOANS, INVESTMENTS, DEPOSITS, AND NUMBER OF BANKS [Amounts in millions of dollars] Loans and investments Deposits Investments Other Class of bank and Number call date Total Loans G U ov . e S rn . - Other Total1 I b n a t n e k r- ! De- of banks Total o m bl e ig n a t - s i e t c ie u s r- mand Time tions All "banks: 1938—Dec. 31 48,831 21,261 27,570 17,953 9,617 61,319 7,484 28,695 25,140 15,207 1939—Dec. 30 50,885 22,169 28,716 19,402 9,314 68,225 9,883 32,492 25,850 15,035 1940—Dec. 31 54,170 23,751 30,419 20,983 9,436 75,963 10,941 38,518 26,504 14,895 1941—Dec. 31 61,101 26,616 34,485 25,488 8,997 81,780 10,989 44,316 26,476 14,825 1942—Dec. 31 78,137 23,915 54,222 45,932 8,290 99,796 11,318 61,395 27,083 14,682 1943—Dec. 31 96,966 23,601 73,365 65,932 7,433 117,661 11,012 75,561 31,088 14,579 1944—Dec. 30 119,461 26,015 93,446 85,885 7,561 141,449 12,245 91,644 37,559 14,535 1945—Dec. 31 140,227 30,355 109,872 101,295 8,577 165,612 14,065 105,923 45,623 14,553 1946—June 29 136,572 31,486 105,087 95,911 9,175 159,171 12,311 98,043 48,817 14,567 Dec. 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 6,329 178,072 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 7,131 147,775 13,883 104,015 29,876 13,297 1946—June 29 117,409 26,791 90,618 82,977 7,641 140,612 12,007 96,459 32,145 13,330 Dec. 31 112,178 30,733 81,445 73,554 7,891 136,990 12,320 91,144 33,526 13,354 All member banks: 1938—Dec. 31 32,070 13,208 18,863 13,223 5,640 43,363 7,153 24,842 11,369 6,338 1939—Dec. 30 33,941 13,962 19,979 14,328 5,651 49,340 9,410 28,231 11,699 6,362 1940—Dec. 31 37,126 15,321 21.805 15,823 5,982 56,430 10,423 33,829 12,178 6,486 1941—Dec. 312 43,521 18,021 25,500 19,539 5,961 61,717 10,525 38,846 12,347 6,619 1942—Dec. 31 59,263 16,088 43,175 37,546 5,629 78,277 11,000 54,523 12,754 6,679 1943—Dec. 31 74,258 16,288 57,970 52,948 5,022 92,262 10,555 66,438 15,268 6,738 1944—Dec. 30 91,569 18,676 72,893 67,685 5,208 110,917 11,884 79,774 19,259 6,814 1945—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 1 9 0 6 2 , , 3 0 6 3 2 2 2 2 6 3 , , 6 30 9 2 6 6 7 9 8 , , 6 7 6 2 6 9 6 7 3 2 , , 0 2 4 7 2 2 6 6, , 6 4 2 5 5 8 1 1 2 1 2 8 , , 5 1 1 7 9 0 1 11 2 , , 8 0 0 6 1 0 8 7 4 8 , , 6 9 0 2 2 0 2 2 6 7 , , 1 1 1 9 5 0 6 6 , , 9 8 0 8 0 7 Dec. 31 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 3i,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. » 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. 712 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 . - - O s i e t t c i h e u e s r r - Total* I b n a t n e k r ^ - m D a e n - d Time of banks tions All n on member commercial banks: 1938—Dec 31 6,598 3,156 3,442 1 848 1 594 7,678 331 3 853 3 493 8,314 1939—Dec. 30 6,726 3,281 3,445 1 971 1,474 8,362 473 4,260 3,629 8,122 1940—Dec 31 6,796 3,471 3,325 1,936 1,389 8,875 518 4,689 3,668 7,858 1941—Dec 31 7,208 3,693 3,515 2 251 1 264 9,539 464 5,470 3 605 7,661 1942—Dec 31 8,135 3,132 5,003 3,829 1,174 10,864 318 6,872 3,674 7,460 1943—Dec 31 . 10,847 2,832 8,014 6 899 1 115 13,671 457 9 123 4 091 7,299 1944—Dec. 30 13,972 2,971 11,002 9 880 1,122 17,168 362 11,870 4 936 7,181 1945—Dec. 31 16,849 3,303 13,546 12,284 1,262 20,571 426 14,104 6,042 7,130 1946—Tune 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 1939—Dec 30 5,348 2,901 2,447 1,238 1,209 6,729 113 3,252 3,365 7,169 1940—Dec. 31 5,429 3,074 2,356 1 240 1 116 7,032 116 3 504 3 411 6,952 1941—Dec. 31 5,774 3,241 2,533 1,509 1,025 7,702 129 4,215 3,358 6,810 1942—Dec 31 . . . 6,984 2,818 4,166 3 162 1 004 9 535 145 5 981 3 409 6 667 1943—Dec. 31 9,258 2,556 6,702 5 739 962 11,842 149 7 870 3 823 6,535 1944—Dec. 30 11,824 2,678 9,146 8 197 949 14,809 190 9 987 4 632 6,452 1945—Dec 31 . . 14,639 2,992 11,647 10 584 1 063 18 119 244 12 196 5 680 6,416 1946—Tune 29 15,392 3,491 11,901 10 716 1 185 18,108 206 11 857 6 045 6.446 Dec. 31 15,831 4,040 11,791 10,524 1,268 18,836 260 12,225 6,351 6,457 Noninsured nonmember commercial banks: 1938_Dec. 31 1,199 343 856 565 291 1,269 230 846 193 997 1939—Dec. 30 . . .. 1,378 380 998 733 265 1,633 360 j nnft 264 953 1940—Dec. 31 1,367 397 969 696 273 1 843 402 I 185 257 906 1941—Dec 31 1,434 452 982 742 239 1,837 335 1,255 247 851 1942—Dec. 3134 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 1L 253 269 764 1944—Dec 30 2,148 292 1,856 1,682 174 2,358 171 1,883 304 729 1945—Dec. 31 2,211 311 1,900 1,700 200 2,452 182 1,908 362 714 1946—Tune 29 2,038 339 1,699 1 496 204 2 279 303 5R4 391 696 Dec 31 . . 1,820 390 1,430 1,229 201 2,045 347 1,295 403 690 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. 3P 10,379 4,905 5,474 3 700 1774 10 532 10 532 548 1942—Dec. 31 10,746 4,698 6 048 4 559 1 489 10 664 10 664 546 1943—Dec. 31 11,871 4,484 7,387 6 090 1 297 11 738 11 738 545 1944—Dec 30 13,931 4 370 9 560 8 328 1 232 13 376 13 376 543 1945—Dec. 31 16,208 4,279 11 928 10 682 1 246 15 385 15 385 542 1946—yune 29 17,125 4 356 12 769 11 438 1 33i 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 1939_Dec. 30 1,329 605 724 422 303 1 409 1 409 51 1940—Dec. 31 1,655 637 1 018 548 470 1 818 1 818 53 1941—Dec 312 . . 1 693 642 1 050 629 421 1 789 1 789 52 1942—Dec. 31 2,007 740 1 267 861 405 2 048 2 048 56 1943—Dec 31 7,525 3 073 4 452 3 844 608 7 534 7 534 184 1944—Dec 30 9 223 3 110 6 113 5 509 604 8 910 8 910 192 1945—Dec 31 10,846 3 081 7 765 7 160 606 10 363 10 363 192 1946—june 29 . . .. 11 453 3 132 8 322 7 662 660 10 979 10 979 191 Dec 31 11,891 3 250 8 641 7 946 695 11 428 11 428 191 Noninsured mutual savings banks: 1938—Dec. 31 9,190 4 436 4 754 2 603 2 150 9 266 9 266 507 1939—Dec 30 8 889 4 321 4 568 2 680 1 887 9 114 9* 114 500 1940_Dec. 31 8,593 4 322 4 271 2 676 1 595 8 840 8 840 498 1941—Dec 31 8 686 4 263 4 424 3 071 1 353 8 743 8 743 496 1942—Dec 31 8 739 3 958 4 781 3 698 1 084 8 616 8*616 490 1943—Dec 31 4 345 1 411 2 935 2 246 689 4 204 4 204 361 1944—Dec. 30 4,708 1 260 3 448 2 819 629 4 466 4 466 351 1945—Dec. 31 5,361 1 198 4 163 3 522 641 5 022 5 022 350 1946—Tune 29 5,671 1,224 4,447 3 777 671 5 302 5 302 3.SO Dec 31 5,813 1,275 4,538 3,833 705 5,442 5,442 350 For footnotes see p. 712. JUNE 1947 713 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL INSURED COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES* LOANS AND INVESTMENTS [In millions of dollars] Loans Investments Com- Loans for U. S. Government obligations Oblimer- purchasing ga- Total cial, or carrying tions Class of bank loans in- Agri- securities Real- Direct of cal a l n d d ate i m n a v e n e n d s t t s - Total o c m k p i l n u a e e g d t r n - - - t c a u u l r l 1 - - b a e T r n o r o d s k- o T th o - l t o e a s a t - e ns s l u C o m a o n n e s r -O lo t a h n e s r Total Total Bills C o d c e f a e r t b t i e i n t f s - - i- Notes Bonds G t a e u n e a d - r- S p s a o t c u a n l a b i t d l t e - i s - O r s i e t f h c e u e s r pa- deal- ers ed- diviper1 ers ness sions All Insured commercial banks: 1940—Dec 31 42 556 18,394 7 1781,281 663 727 4,468 4, 377 24,161 17,063 662 2,756 9,925 3,719 3,6083,491 I941 Dec 31 49*288 21 258 O 9111 450 614 66? 4,773 4 545 28,030 21,046 988 3 15912,797 4,102 3' 651 3 333 1X7T9T.L4 2—J_/tV-Di \Je A c• .• 31.. 66,240 18',903 V , L 1 4-1*642 950 597 4,646 2,269 1,042 47*336 40', 705 4,462 6,727 5*79920*9992',7183! 5333] 098 1943—Dec. 31.. 83,507 18,841 77,,775777 1,505 1,414 922 4,437 1,868 918 64,666 58,683 4,636 13,218 7,672 30,656 2,501 3,2872,696 1944—Dec. 30. .103,38? 21,352 7,920 1,723 2,269 2,265 4,343 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 16,045 51,321 22 3,8733,258 1946—June 29 117 409 26,791 10 3341,366 2 4172,656 5,7383,069 1,211 90,618 82,977 1,220 17,637 12,00452,092 24 3.9733,668 Dec. 31.'.' 112^178 30*733 14!0161,358 1*517 l',6097,103 4,031 1,098 81,445 73,554 1 [27112,288 6,78053,200 15 4*2983,592 Member banks, total: 1940—Dec. 31.. 37 126 15,321 6 660 865 642 652 3,228 3, 273 21,805 15,823 652 2,594 9,091 3,4863,01* 2 970 1941—Dec. 312. 43*521 18*021 8*671 972 594 598 3,494 3, 592 25,500 19,539 971 3,007 11,729 3,832 3' 090 2,871 1942—Dec. 31. . 59,26* 16,088 7,387 1,089 934 538 3,4231,847 870 43,175 37,546 4,363 6,285 5,409 18,948 2,540 2,965 2,664 1943—Dec. 31. . 74.258 16,288 7,421 1,023 1,398 839 3,274 1,484 848 57,970 52,948 4,360 12,071 6.906 27,265 2,345 2,729 2,294 1944—Dec. 30. . 91,560 18,676 7,531 1,198 2,249 2,108 3,209 1,505 877 72,89* 67,685 3,748 13,982 14,127 34,927 902 2,857 2,350 1945—Dec. 31.. 107,18* 22,775 8,949 855 3,133 3,3783,455 1,900 1,104 84,408 78,338 2,275 16,985 14,271 44,792 16 3.254 2,815 1946—June 29.. 102.03? 23,302 9,685 877 2,395 2,480 4,267 2,464 1,133 78,729 72,272 1,072 15,292 10,467 45,420 20 3,307 3,151 Sept. 30 99 706 24 775 74,931 68,23? 3,617 3 082 Dec. 31.. 96*362 26,'696 13 ",154"884 1 *, 506i',4675',3583* 3081,020 69,666 63,042 i, 167 10|043 5',60246*219 "ii 3,5483,077 New York City* 1940—Dec. 31. . 10,910 3,384 2,125 6 465 190 130 468 7,527 6,044 207 1,245 2,977 1,615 695 788 1941—Dec. 31 12 896 4,072 2 807 8 412 160 123 554 8 82* 7,265 311 1 62* 3,65? 1,679 729 830 1942—Dec. 31' . 17!957 4*116 2*546 21 787 19* 117 303 148 13! 841 12"547 1,855 *2',144 2! 056 5' 420 1*071 593 701 1943—Dec. 31. . 19,904 4,428 2,515 24 1,054 32* 107 252 153 15,566 14,56* 1,328 3,409 1,829 7.014 984 444 558 I944—Dec. 30. . 24,00* 5,760 2,610 30 1,742 859 86 253 179 18,24* 17,179 91* 3,740 3,745 8,592 189 468 596 1945—Dec. 31. . 26.14* 7,334 3,044 2,45* 1,172 80 287 298 18,800 17,574 477 3,433 3,325 10,337 1 606 629 1946—June 29. . 23,304 6,506 3,169 1,852 798 83 378 226 16,798 15.646 201 2,980 2,229 10,234 1 535 618 Sept. 30. . 21 97? 6,258 15,714 14,410 693 611 Dec. 31. . 20 ,'834 6*368 T, 078 1*096 389 99 "455 "250 14*465 13*308 "387 ' 1*725"*992 10,202 j 557 601 Chicago:* 1940—Dec. 31. . 2,377 696 492 5 42 54 19 84 1 681 1,307 297 145 752 112 188 186 1941—Dec. 31. . 2*760 954 732 6 48 52 22 96 1,806 1, 4*0 256 153 90* 119 182 193 1942—Dec. 31. . 3,973 832 658 6 34 32 23 62 18 3,141 2,780 397 '''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 I944—Dec. 30. . 5,44* 1,184 738 17 163 163 24 45 34 4,258 3,91* 250 1,045 779 1,809 31 160 185 1945—Dec. 31. . 5,931 1,333 760 2 211 233 36 51 40 4,598 4,21* 133 1,467 740 1,864 181 204 1946—Tune 29. . 5,167 1,329 804 1 188 185 43 76 32 3,8*7 3,48s: 14 1,042 529 1,900 153 200 Sept. 30. . 4,97? 1,370 3,60? 3,260 148 194 Dec. 31. . 4,765 1,499 1' 094 3 i i 7 101 51 "ios *29 3,266 2,912 60 498 \A6 2,207 167 187 Reserve cUy banks 1940—Dec. 31.. 13,01* 5,931 2 589 263 115 207 1,436 lo 522 7,081 5 204 103 771 3,281 1 040 984 893 1941—Dec. 31. . 15!347 7,105 3*456 300 114 194 1,527 1,512 8,24* 6,467 295 751 4,248 1.173 956 820 1942—Dec. 31. . 20.015 6,102 2,957 290 97 15* 1,486 808 312 14,81* 13.0*8 1,441 "l ',253 1,72* 6.810 811 954 821 1943^Dec. 31. . 27.521 6,201 3,058 279 217 267 1,420 658 301 21.321 19.68? 1,802 4,691 2,497 9,04* 740 91* 726 1944— Dec. 30. . 33,60* 6,822 3,034 348 311 777 1,379 660 31* 26,781 25.04? 1,704 5,730 5,181 11,087 440 1,000 740 r 1945—Dec. 31.. 40,1 OR 8,514 3,661 205 427 1,50* 1,459 855 404 31,594 79.55? 1,034 6,982 5.653 15,878 5 1,126 916 r 1946—June 29. . 37,67* 8,862 3,932 197 321 1,142 1,743 1,073 453 28.81* 26.585 410 6,038 4,014 16,116 71,194 1 ,034 Sept. 30. . 36,706 9,814 26 89? ?4,614 1 2691 009 Dec. 31. . 35*351 10,825 5,548 201 264 704 2,237 1,436 435 24,527 22,250 441 3,799 1,99* 16,013 41*2721*004 Country banks:.. 1940—Dec. 31.. 10,8?6 5,309 1,453 590 21 201 1,644 1,400 5,517 3,260 45 43* 2 081 710 1 1461 102 1941—Dec. 31. . 12!518 5,890 1*676 659 20 18* 1 ,823 1,530 6,628 4.377 110 481 2*926 861 1*22?1*028 r 1942—Dec. 31. . 16,410 5,038 1,226 772 17 161 1,797 674 393 11.380 9,172 671 1,251 1,240 5,4*6 574 1.252 956 1943—Dec. 31. . 22.1*8 4,654 1,084 713 25 197 1,725 528 381 17.5*4 15,465 1,03? 3.094 2,096 8.705 538 1,214 855 1944—Dec. 30. . 28,520 4,910 1,149 802 32 310 1,719 547 351 23.610 21.55? 882 3,466 4,422 12,540 241 1 .230 829 r 1945—Dec. 31.. 35.002 5,596 1,484 648 42 471 1,881 707 363 20,407 26,990 630 5,10? 4.544 16.713 9 1,34? 1,067 r 1946—June 29. . 35,886 6,605 1,781 679 34 354 2,398 937 422 20,281 26.556 447 5,231 3,696 17,170 12 1.426 1.299 Sept. 30. . 36 056 7,3*4 28,72? 25 948 1 5071,268 Dec. 31.. 35*412 8*004 2,433 681 29 273 2,970 1,312 *30627,408 24*572 279 4,020 2,470 17,797 61,551 1*285 Ensured nonmember commercial banks: 1940—Dec. 31. • 5 429 3 074 518 416 21 75 1,240 803 2,356 1 240 10 162 834 234 595 521 1941—Dec. 31- • 5*774 3*241 543 478 20 64 1,282 854 2,533 1,509 17 152 1,069 271 563 462 1942—Dec. 31 • • 6,984 2,818 370 553 16 59 1,225 422 173 4,166 3,162 99 442 390 2,053 179 569 435 1943—Dec. 31-• 9,258 2,556 356 482 16 82 1,165 385 70 6,702 5,739 276 1,147 766 3,395 156 560 403 1944—Dec. 30- 11.824 2,678 389 525 21 156 1,136 383 67 9,146 8,197 223 1,319 1,652 4.928 76 566 383 1945—Dec. 31 •• 14,6*0 2,992 512 459 31 228 1,224 460 77 11,647 10,584 180 2,087 1,774 6,538 6 619 443 1946—June 29-• 15,30? 3,401 649 488 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 includedloans to dealers, processors, apd 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. * During 1941 three mutual savings banks with total deposits of 8 million dollars became members of the Federal Reserve System. These banks are included in "member banks" but are not included in "all insured commercial banks." 1 Central reserve city banks. 714 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL INSURED COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES *—Continued RESERVES AND LIABILITIES [In millions of dollars] Demand deposits Time deposits Cl; ca 3 l a l n o d d f a t b e ank F s B s w e e R R e a r d r i v e n e e t v - - h e k r e s a s l v C a i a n u s l h t b m a w a B n d e n i o c a s t k e l - t h - i s s c 4 j p m u D o a d s a d t s e e n e i - - - t d d s 5 m D e I s n d o t - t e i e c p r 4 o b s a i F n ts o k r- U m G er . o e n v n S - - t . p v s S o i u a t l s b a i n i t o t d i d e c n i s a - s l c C h c o a f e e e e i f n t e f c c r r i d s k d t . - i ' s - , p a v n s a i p t I d h i r d n o o t u i d n r p c n a a i e o s s l - - r s , r - - , I b n a t n e k r- P U m G S e i a o n r a n . e o s g n S v d n v t s - . - a t - l v s S p i a i u s o t c i n b a l o a i d t d n l t e - i ! s - p a v n s a p i t I h d i d r n o o t i u d n r p c n a a i o e s s l - - r , r s - - , r B i o n o w g r s - - c C o a t u c a a - 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 48,22110,234 813 8,167 3,996 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 58,338 68 124 395 18,561 46 7,453 1944—Dec. 30. . 14,260 1,622 9,787 65,96011,063 94819,754 4,518 64,133 64 109 423 23,347 122 7,989 1945—Dec. 31. . 15,810 1,829 11,075 74,72212,566 1,24823,740 5,098 2,585 72,593 70 103 496 29,277 215 8,671 1946—June 29. . 15,999 1,471 9,102 78,28110,584 1,34612,941 5,807 2,320 75,391 77 107 552 31,487 83 9,068 Dec. 31.. 16,013 2,012 9,481 82,08510,888 1,364 2,930 5,967 2,361 79,887 68 119 664 32,742 39 9,286 Member banks, total: 1940—Dec. 31. . ,992 991 6,185 30,429 9,581 700 616 2,724 913 29,576 141 56 435 11,687 3 5,698 1941—Dec. 312 . ,396 ,087 6,246 33,754 9,714 671 1,709 3,066 1,009 33,061 140 50 418 11,878 4 5,886 1942—Dec. 31. . ,07 ,019 6,147 42,57010,101 811 7,923 3,318 1,142 42,139 87 56 332 12,366 5 6,101 1943—Dec. 31.. ,835 ,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. . 261 ,271 6,354 57,30810,881 94518,509 3,744 1,251 56,270 58 105 347 18,807 111 6,968 1945—Dec. 31.. 811 ,438 7,117 64,18412,333 1,24322,179 4,240 2,450 62,950 64 99 399 23,712 208 7,589 1946— June 29.. 001 ,141 5,772 67,46110,391 1,33912,009 4,826 2,179 65,589 72 101 447 25,568 72 7,920 Sept. 30.. 79 ,382 5,660 68,81810,042 1,370 7,763 4,763 1,796 67,129 72 104 491 26,150 77 8,077 Dec. 31.. 015 ,576 5,936 70,24310,644 1,353 2,672 4,915 2,207 69,127 62 114 551 26,525 30 8,095 New York City:* 1940—Dec. 31.. 7,057 102 122 11,062 4,032 641 48 370 471 11,357 768 1,615 1941—Dec. 31. . 5,10 93 141 10,761 3,595 607 866 319 450 11,282 778 1,648 1942—Dec. 31.. 4,388 72 82 11,899 3,209 733 ,186 263 448 12,501 711 1,727 1943—Dec. 31.. 3,596 92 61 13,899 2,867 810 ,395 252 710 14,373 816 29 1,862 1944—Dec. 30. . 3,766 102 76 14,042 3,179 851 6,722 199 361 14,448 977 96 1,966 1945—Dec. 31.. 4,01 111 78 15,065 3,535 1,105 6,940 237 1,338 15,712 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 1,372 27 2,176 Sept. 30. . 4,01 129! 61 16,119 2,954 1,213 2,112 246 768 16,657 1,400 5 2,196 Dec. 31.. 4,046 131 87 16,429 3,031 1,195 651 218 942 17,216 1,395 2,205 Chicago* 1940—Dec. 31.. 1,051 319 1,941 997 90 174 1,905 496 270 1941—Dec. 31. . 1,021 298 2,215 1,027 127 233 2,152 476 288 1942—Dec. 31. . 90: 164 2,557 1,105 665 178 2,588 453 304 1943—Dec. 31.. 821 158 3,050 972 713 174 3,097 505 326 1944—Dec. 30. . 899 177 3,041 1,132 1,400 167 3,100 619 354 1945—Dec. 31.. 942 200 3,153 1,292 1,552 237 3,160 719 377 1946—June 29.. 870 162 3,189 1,047 789 262 3,153 779 394 Sept. 30.. 900 156 3,287 1,026 525 234 3,335 792 397 Dec. 31.. 928 172 3,356 1,130 152 228 3,495 823 404 Reserve city banks: 1940—Dec. 31.. 4,027 396 2,741 9,581 3,919 49 327 995 228 9,468 107 226 4,505 1,904 1941—Dec. 31. . 4,060 425 2,590 11,117 4,302 54 491 1,144 286 11,127 104 243 4,542 1,967 1942—Dec. 31.. 4,940 365 2,202 14,849 4,831 63 1,982 1,319 385 15,061 63 169 4,805 2,028 1943—Dec. 31.. 5,116 391 1,758 18,654 4,770 63 3,373 1,448 475 18,790 41 151 5,902 2,135 1944—Dec. 30. . 5,687 441 2,005 20,267 5,421 70 6,157 1,509 488 20,371 33 154 7,561 2,327 1945—Dec. 31. . 6,326 494 2,174 22,372 6,307 110 8,221 1,763 611 22,281 30 160 9,563 2,566 1946—June 29. . 6,332 399 1,858 23,483 5,220 129 4,531 2,003 558 23,005 27 187 10,190 2,676 Sept. 30. . 6,278 471 1,777 23,849 5,089 125 2,971 1,955 543 23,601 28 219 10,381 2,731 Dec. 31.. 6,337 532 1,923 24,221 5,417 127 991 2,077 693 24,288 25 235 10,580 2,729 Country banks: 1940—Dec. 31.. 1,857 452 3,002 7,845 633 151 1,184 187 6,846 150 5,917 1,909 1941—Dec. 31. . 2,210 526 3,216 9,661 790 225 1,370 239 8,500 146 6,082 1,982 1942—Dec. 31.. 2,842 542 3,699 13,265 957 1,090 1,558 272 11,989 140 6,397 2,042 1943—Dec. 31.. 3,303 611 3,474 17,039 994 1,962 1,727 344 15,561 149 7,599 2,153 1944—Dec. 30. . 3,909 684 4,097 19,958 1,149 4,230 1,868 369 18,350 175 9,650 2,321 1945—Dec. 31. . 4,527 796 4,665 23,595 1,199 5,465 2,004 435 21,797 219 12,224 2,525 1946—June 29. . 4,543 631 3,684 24,630 997 3,194 2,269 453 22,594 242 13,226 2,674 Sept. 30. . 4,599 758 3,666 25,563 972 2,155 2,328 441 23,536 254 13,577 2,752 Dec. 31.. 4,703 883 3,753 26,237 1,067 877 2,391 524 24,128 272 13,727 2,757 Insured nonmember commercial banks: 1940—Dec. 31.. 243 2,017 3,391 95 50 574 58 2,822 87 3,311 975 1941—Dec. 31.. 271 2,325 4,092 108 53 611 68 3,483 74 3,276 956 1942—Dec. 31.. 287 2,934 5,651 133 243 678 76 4,983 65 3,339 955 1943—Dec. 31.. 313 2,996 7,279 141 506 750 96 6,518 68 3,750 979 1944—Dec. 30.. 352 3,434 8,652 182 1,245 775 103 7,863 76 4,553 1,022 1945—Dec. 31.. 391 3,959 10,537 233 1,560 858 135 9,643 97 5,579 1,083 1946—June 29.. 330 3,332 10,821 194 932 981 142 9,802 105 5,934 1,149 Dec. 31.. 437 3,547 11,842 244 258 1,052 154 10,761 113 6,232 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. FFoorr ootthheerr ffoooottnnootteess sseeee pp.. 771144.. Back figures.—-See Banking and Monetary Statistics, Tables 18-45, pp. 72-103 and 108-113. JUNE 1947 715 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- Date or month i m T l n o a v o e n a e t n n d a s t s l t s - Total i t t m a c n a c r u g i u i n d e r a a l r u d a - r l i l , - - l s , - G U a t T l i o n i o . o g o b S d n v a - . b - s t d . r e o O a k c t l u e t i e h e r r r s i s e s - r G U l t T o i i o g . b o o S v a - n . - t s o . t O h c t s e u t i e h e r r - s s i e - r e l R s o t a e a n a te l sb L a o t n o a k n s s Other Total Total Bills o d c C n t f e e a i e e d f t b i s i e r - n - t s - s - - Notes Bonds1 O s ri e t t h c ie u e s r - Total—101 Cities 1946—April 65,360 15,128 7,511 1,491 7431,869 4231,169 761,84650,232 6,803 ,23011,322 7,033 27,218 ,429 December 56,883 16,76: 0,278 873 486 733 427 ,542 2,26240,120 16,724 7.46 5,373 3,601 27,004 ,396 1947—January 55,879 16,530 10,377 697 389 4321,584 134 ,32139,349 :5,960 730 5,253 3,054 26,923 ,389 February 55,256 6,75610,651 657 377 557 4261,617 132 ,33938,500 5,118 393 4,680 3,116 26,929 ,382 March 55,431 16,804 10,986 360 383 521 418 ,653 137 ,34638,627 5,138 901 4,479 2,866 26,892 ,489 April 55,013 16,941 11,041 367 376 496 1,700 149 ,39038,072 4,526 818 4,178 2,486 27,044 ,546 Mar. 5 55,417 16,669 10,802 407 399 1,638 138 ,33038,748 5,301 898 4,355 3,145 26,903 ,447 Mar. 12 55,589 6,820 0,995 372 382 522 4171,646 142 .34438,769 15,299 776 4,466 3,185 26,872 ,470 Mar. 19 55,549 16,807 11,07 312 357 514 4171,660 117 ,35338,742 15,258 ,191 4,613 2,570 26,884 ,484 Mar. 26 55,171 16,921 11,070 351 392 512 1,670 151 ,35538,250 14,695 738 4,484 2,564 26,909 ,555 Apr. 22 54,737 17,103 11,14 388 404 513 4211,681 164 ,38537,634 14,092 641 4,022 2,489 26,940 ,542 Apr. 9 2 54,838 17,05, 11,139 393 369 494 1,691 176 374 37,785 14,249 725 4,055 2,506 26,963 ,536 Apr. 16 2 55,208 16,892 11,054 377 360 489 1,700 107 ,38738,316 14,767 ,097 4,128 2,474 27,068 ,549 A A p p r r . . 3 23 0 2 5 55 5 , , 1 1 7 0 5 8 1 1 6 6 , , 7 9 3 2 9 0 1 10 0 , , 9 9 2 4 1 4 3 3 0 7 2 6 3 3 6 8 8 2 4 49 9 1 2 4161 1 , , 7 7 1 2 0 0 1 18 1 1 7 , ,4 3 1 9 2 03 38 8 , , 2 3 5 6 5 9 1 1 4 4 , , 8 7 1 0 9 0 9 7 1 0 7 8 4 4 , , 3 3 8 0 7 0 2 2, , 4 4 8 7 2 8 2 27 7 , , 1 1 2 2 3 4 , ,5 5 5 5 5 0 May 7 54,943 16,948 10,825 405 435 489 4131,729 250 ,40237,995 14,499 551 4,348 2,449 27,151 ,496 May 14 54,862 16,926 10,837 504 398 484 411 1,737 148 ,40837,936 14,459 542 4,281 2,443 27,193 ,477 May 21 54,801 16,803 10,739 540 364 473 42 1,747 106 ,40737,998 14,535 656 4,241 2,446 27,192 ,463 May 28 54,924 16,99: 10,674 715 361 476 4111,742 1812,43237,932 14,479 725 4,183 2,360 27,211 ,453 New York City 1946—April 22,521 6,213 3,003 1,163 541 664 186 65 52716,308 5,223 420 2,993 2,307 9,5031,085 December 19,082 5,943 3,781 708 330 189 172 141 54813,139 2,088 250 1,466 1,069 9,3031,051 1947—January 18,610 5,676 3,827 558 246 123 181 103 56312,934 1,893 242 ,511 960 9,180 1,041 February 18,285 5,759 3,940 540 242 116 175 100 57012,526 1,508 68 ,167 1,063 9.210 1,018 March 18,424 5,676 4,127 268 248 102 167 119 56812,748 1,664 366 ,121 962 9,215 ,084 April 18,36' 5,727 4,155 275 246 9 17: 128 57612,640 1,525 300 ,030 736 9,4591,115 Mar. 5 18,334 5,645 4,029 308 271 10 167 120 56712,689 1,621 268 ,016 1,129 9,2081,068 Mar. 12 18,36. 5,712 4,149 28 101 166 123 56612,653 1,578 235 ,052 1,141 9,150 1,075 Mar. 19 18,586 5,631 4,172 21 229 100 167 102 56512,955 1,884 665 ,215 782 9,222 1,071 Mar. 26 18,410 5,716 4,157 260 249 98 169 132 57312,694 1,571 296 ,201 795 9,2791,123 Apr. 2.. 18,357 5,861 4,233 289 26 99 17 149 57312,496 1,385 271 983 757 9,374 1,111 Apr. 9 18,224 5,; 4,22 304 238 9 169 156 57312,381 1,260 119 982 762 9,397 1,121 Apr. 16 18,350 5,668 4,168 280 230 96 168 73 57612,682 1,559 421 954 709 9,4751,123 Apr. 23 18,42 5,545 4,080 214 240 97 166 98 57412,882 1,76 465 ,068 721 9,513 1,115 Apr. 30 18,481 5,720 4,068 28 254 98 18 164 58512,761 1,655 227 ,162 731 9,53 1,106 May 7 18,331 5,724 4,00 321 28. 99 160 207 57412,607 1,551 117 ,149 736 9,549 1,056 May 14 18,146 5,68: 4,00 413 26 97 157 96 57012,464 1,407 25 ,094 735 9,5531,057 May 21 18,160 5,619 3,95 441 239 90 174 77 56812,541 1,493 170 ,051 751 9,521 1,048 May 28 18,222 5,811 3,92 596 236 94 158 151 12,411 1,358 100 1,006 740 9,512 1,053 Outside New York City 1946—April 42,839 8,915 4,508 328 20: 1,205 2371,104 1,31933,92431,580 810 8,329 4,726 17,7152,344 December 37,801 10,820 6,497 165 156 544 1,468 1,71426,981 24,636 496 3,907 2,532 17,7012,345 1947—January 37,269 10,85' 6,550 139 143 473 2511,509 1,75826,415 24,067 488 3,742 2,094 17,7432,348 February 36,971 10,99 6.711 11 135 441 2511,541 1,76925.974 23,610 325 3,513 2,053 17,7192,3o4 March 37,007 11,128 6,85 92 135 419 2511,576 1,77825,879 23,47 535 3,358 1,904 17,6772,405 April 36,646 11,214 6,886 92 130 399 2501,622 1,81425,43: 23,001 518 3,148 1,750 17,5852,431 Mar. 5 37,083 11,024 6,773 99 128 429 2521,562 1,76326,059 23,680 630 3,339 2,016 17,6952,379 Mar. 12 37,224 11,108 6,846 81 139 421 2511,569 1,77826,116 23,721 541 3,414 2,044 17,7222,395 Mar. 19 36,963 11,176 6,905 95 128 41 2501,58 1,78825,787 23,37 526 3,398 1,788 17,6622,413 Mar. 26 36,761 11,205 6,913 91 143 41 2511,59 1,78225,556 23,124 44: 3,283 1,769 17,6302,432 Apr. 2 2 36,380 11,242 6,91 99 137 41 24' 1,602 1,81 25,138 22,70' 370 3,039 1,732 17,5662,431 Apr. 9 2 36,614 11.210 6,912 89 131 397 1,612 1,80125,40422,989 606 3,073 1,744 17,5662,415 Apr. 16 2 36,858 11,224 6,88i 97 130 393 1,623 1,81125,63 23,208 676 3,174 1,765 17,5932,426 Apr. 23 2 36,681 11,19' 6,86' 88 128 395 2501,63 1,81625,487 23,052 45 3,23: 1,757 17,6112,435 Apr. 30 36,694 11,200 6,853 128 393 2501,643 1,82'25,49' 23,045 481 3,225 1,751 17,5882,449 May 7 36,612 11,22 6,82 15 390 2531,653 1,828 25,38822,94: 434 3,199 1,713 17,6022,440 May 14 36,716 11,24 6,830 91 131 387 2531,662 1,838 25,472 23,052 517 3,187 1,708 17,6402,420 May 21 36,641 11,18 6,785 99 125 383 2531,67 1,839 25,45 23,04 486 3,190 1,695 17,67 2,415 May 28 36,702 11,18 6,749 119 12. 382 l,66i 1,857 25,52 23,12 625 3,177 1,620 17,6952,400 Direct and guaranteed 2 Figures for Boston District revised. Back figures.—See Banking and Monetary Statistics, pp 127-227 716 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 F w e R e a e r r i n e a d v t k - h l - e s v C a i a u n s l h t m b a w a n d e n i o c s t e t k - h i s s c j p m u o a 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 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 a i c o n v l b t a n d i e i t - l - s - s c C h c a o f e e e e i f n t e f c r r c i d d t s k . - i ' - s, U m G e . o r 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 a s t - - - s - , - , S p s d s a i t i o u i c o a n v l b a t n d i i e l - t - s - s P U G m S e i o a n r a n o . s e g n S v t v d n a s - . - - t l m D t D i e o c s e - - man F ei d o g r n - Time r B i o n o w g r s - - co C i a u t a c a n p - l t - s B d it a e s b n 2 - k tions tions Total—101 Cities 1946—April 9,862 568 2,160 37,412 37,329 2,296 1,258 13,725 9,632 130 9,5431,242 52 360 5,093 69,768 December.. 10,369 673 2,17740,370 40,975 2,255 1,350 2,30410,191 163 9,3921,249 47 197 5,251 82,047 1947—January.. 10,305 635 2,180 39,982 40,331 2,243 1,299 1,54410,291 159 9,382 1,271 46 160 5,248 73.C09 February . 10,046 604 2,04938,99339,247 2,297 1,166 1,91810,347 163 8,8461,277 46 258 5,270 64,801 March.... 9,956 618 2,146 38,80139,165 2,309 1,127 2,05710,410 192 9,0281,279 46 170 5,279 375,521 April 9,977 612 2,11838,993 39,183 2,467 1,150 1,63010,434 210 8,761 1,289 43 172 5,299 68,306 Mar. 5... 9,963 584 2,12438,588 38,767 2,294 1,193 2,13710,428 190 9,155 1,267 47 160 5,279 18,566 Mar. 12... 9,955 644 2,24838,78639,484 2,255 1,110 2,21310,416 190 9,237 1,294 47 124 5,278 15,740 Mar. 19... 10,008 625 2,20739,00539,495 2,281 1,147 1,90510,403 190 9,186 1,284 46 165 5,276 17,630 Mar. 26... 9,897 620 2,00338,82638,915 2,407 1,056 1,971 10,395 196 8,532 1,272 43 232 5,284 16,406 Apr. 2 3. 9,716 586 2,087 38,110 38,222 2,434 1,214 1,70410,419 193 8,811 1,294 44 353 20,055 Apr. 93. 10,059 640 2,104 38,58138,632 1,070 1,75510,437 212 8,9441,279 43 192 14,064 Apr. 16 3. 10,093 603 2,22939,12639,884 1,153 ,77710,437 216 8,9861,287 43 69 16,124 Apr. 23 3. 9,998 622 2,06139,46139,429 2,454 1,131 ,52610,440 215 8,5241,296 44 97 16,120 Apr. 30... 10,017 607 2,109 686 39,749 2,652 1,183 ,38710,439 212 8,5381,291 43 151 5,311 15,320 May 7... 10,042 621 2,06039,23138,878 2,562 1,227 ,28810,463 216 8,6961,336 41 214 5,322 16,758 May 14... 10,098 651 2,202 39,317 39,905 2,543 1,168 ,34910,470 217 8,7881.325 41 150 5,312 16,067 May 21... 10,115 622 2,08339,638 39,679 2,580 1,070 1,24810,480 220 8,4441,301 41 89 5,312 16,024 May 28... 9,964 656 2,034 39,90239,814 2,606 1,225 1,04310,482 216 8,3371,275 41 152 5,313 15,636 New York City 1946—April 3,577 13,56313,898 254 768 5,159 1,148 2,999 ,110 136 1,955 33,290 December. 3,802 121 3014,73515,233 226 783 766 1,253 2,903 1,097 102 1,999 36.905 1947—January.. 3,780 112 2514,49214,879 200 77? 486 1,273 2,922 1,119 71 1,998 31,084 February . 3,677 104 2414,09914,487 176 683 588 1,275 2,757 1,135 105 2,005 27,129 March.... 3,662 105 2914,12714,583 177 626 614 1,281 2,821 1,135 81 2,003 31,822 April 3,665 104 4314,23914,676 214 637 490 1,276 2,776 1,149 65 2,010 27,768 Mar. 5... 3,676 103 2714,02014,396 183 710 635 1,293 2,8431,125 84 2,005 8,151 Mar. 12... 3,652 109 2714,00114,519 176 596 649 2,8841,150 42 2,005 6,700 Mar. 19... 3,680 103 3014,22114,758 152 611 579 2,925 1,138 84 2,003 7,089 Mar. 26... 3,639 105 3314,26714,661 197 586 591 1,272 2,633 ,128 112 2,001 6,537 Apr. 2... 3,633 100 11314,23414,661 186 677 514 1,280 2,737 1,149 2,010 9,094 Apr. 9... 3,686 109 2513,99214,382 181 578 529 1,278 2,833 1,138 2,011 5,602 Apr. 16... 3,651 102 2714,11014,694 191 652 535 1,275 2,848 1,146 2,007 6,503 Apr. 23... 3,649 105 2614,40114,719 212 627 454 1,273 2,717 1,158 2,007 6,570 Apr. 30... 3,709 102 2414,46014,922 298 655 416 1,272 2,747 1,156 2,017 6,065 May 7... 3,706 107 2414,19814,379 239 735 381 1,276 2,799 1,196 2,019 7,489 May 14... 3,759 112 2714,14814,654 228 687 385 1,275 2,807 1,181 79 2,019 6,178 May 21... 3,716 105 2514,32414,707 216 608 359 1,279 2,704 1,157 14 2,016 6,177 May 28... 3,649 129 2714,36814,754 236 760 296 1,279 2,701 1,133 102 2,012 6,495 Outside New York City 1946—April 6,285 481 2,10523,849 23,431 2,042 490 8,566 8,484 108 39 6,544 132 3,138 36,478 December. 6,567 552 2,14725,63525,742 2,029 567 1,538 8,938 125 53 6,489 152 95 3,252 45,142 1947—January.. 6,525 523 2,15525,49025,452 2.043 527 1,058 9,018 132 54 6,460 152 89 3,250 41,925 February . 6,369 500 2,02524.89424,760 2.121 483 9,072 145 55 6.089 142 153 3,265 37,672 March... . 6,294 513 2,11724,67424,582 2.132 501 9,129 175 54 6,207 144 89 3.276 343,699 April 6,312 508 2,07524,75424,507 2,253 513 1,140 9,158 194 51 5,985 140 107 3,289 40,538 Mar. 5... 6,287 481 2,097 24,568 24,371 2,111 483 1,502 9,135 173 55 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 54 6,353 144 82 3,273 9,040 Mar. 19... 6,328 522 2,177 24,78424,737 2,129 536 1,326 9,129 173 54 6,261 146 81 3,273 10,541 Mar. 26... 6,258 515 1,970 24,55924,254 2,210 470 1,380 9,123 178 54 5,899 144 120 3,283 9,869 Apr. 2 3. 6,083 486 1,974 23,87623,561 2,248 537 1,190 9,139 177 53 6,074 145 251 3,283 10,961 Apr. 9 3. 6,373 531 2,07924,58924,250 2,214 492 1,226 9,159 195 53 6,111 141 112 3,287 8,462 Apr. 16 3. 6,442 501 2,202 25,01625,190 2,206 501 1,242 9,162 200 53 6,138 141 38 3,287 9,621 Apr. 23 3. 6,349 517 2.03525,060 24,710 2,242 504 1.072 9,167 200 49 5,807 138 70 3,291 9,550 Apr. 30... 6,308 505 2,08525,22624,827 2,354 528 971 9,167 197 49 5,791 135 65 3,294 9,255 May 7... 6,336 514 2,03625,03324,499 2,323 492 907 9,187 201 47 5,897 140 68 9,269 May 14... 6,339 539 2,17525,16925,251 2,315 481 964 9,195 200 47 5,981 144 71 9,889 May 21... 6,399 517 2,05825,31424,972 2,364 462 9,201 203 48 5,740 144 75 9,847 May 28... 6,315 527 2,00725,53425,060 2,370 465 747 9,203 199 48 5,636 142 50 3,301 9,141 1 Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection 1 Monthlv and weeklv totals of debits to demand deposit accounts except interbank and U. S. Government accounts. 3 Figures for Boston District revised. JUNE 1947 717 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS—BY FEDERAL RESERVE DISTRICTS LOANS AND INVESTMENTS [In millions of dollars] Loans Investments For purchasing U. S. Government obligations or carrying securities Total Comloans merd F i e s d tr e i r c a t l a R n e d s e d r a v t e e i m n a v n e e n d s t t ! - Total i t t a c n a c r u g i i d u n a r a r u l d a l i l - , - s l , - G U a t T l i o n i o o . o g b d v n a S - b - t s . . d r e o O a k c t l s u e t i e e h e r r r - s e s i s - r G U l t T o i i o g . b o o S v a - n . - t s o . t O h c t s e u t i e h e r r - s i s e - r e l R o s e t a a a n t l e s L )a o t n a o k n s s D lo t a h n e s r Total Total Bills o c d C n t f a e e i e f e d t b i i s e r - - n t s - s - - Notes Bonds1 D s ri e t t h c ie u e s r - Boston Apr. 30 735 899 591 15 9 19 14 95 151 1,836 1,736 15 183 1,449 100 May 7 733 884 566 15 9 19 14 95 153 1,849 1,751 22 187 1,453 98 May 14 727 887 564 13 10 19 14 95 153 1,840 1,741 14 186 1,453 99 May 21 721 86. 559 12 9 18 14 95 153 1,856 1,757 30 185 1,453 99 May 28 725 878 554 26 9 18 14 95 154 1,847 1,746 24 186 86 1,450 101 New York* Apr. 30 473 6,255 4,336 289 257 112 206 190 164 701 4,218 2,996 246 ,248 858 0,644 ,222 May 7 301 6,267 4,279 323 287 112 179 190 207 690 4,034 2,861 119 ,220 859 0,663 ,173 May 14 126 6,226 4,282 414 270 111 176 189 96 688 3,900 2,724 47 ,151 854 0,672 ,176 May 21 126 6,164 4,230 442 243 103 193 190 77 686 3,96 2,795 181 ,106 865 0,643 ,167 May 28 221 6,360 4,203 598 239 107 177 191 151 694 3,861 2,688 124 ,082 848 0,634 ,173 Philadelphia Apr. 30 214 692 415 2 19 11 52 3 183 1,522 1,312 27 156 55 1,074 210 May 7 225 695 418 1 19 11 53 2 184 1,530 1,321 49 144 54 1,074 209 May 14 216 700 420 18 13 53 2 187 1,516 1,307 29 147 54 1,077 209 May 21 207 692 413 1 17 13 53 2 186 1,515 1,308 34 141 52 1,081 207 May 28 168 696 411 1 17 13 53 187 1,472 1,268 18 126 47 1,077 204 Cleveland Apr. 30 609 1,303 719 16 20 85 229 216 3,306 2,990 62 256 168 2,504 316 May 7 589 1,337 727 14 26 87 230 217 3,25: 2,934 12 239 164 2,519 318 May 14 586 1,331 732 16 21 86 232 216 3,255 2,93. 21 230 164 2,520 320 May 21 571 1.317 727 17 18 86 234 217 3,254 2,93; 29 219 159 2,526 321 May 28 584 1,315 722 17 19 85 235 218 3,269 2,949 66 215 2,527 320 Richmond Apr. 30 840 493 255 23 109 1,347 1,257 17 173 69 998 90 May 7 846 492 256 23 107 1,354 1,26 24 174 69 998 89 May 14 840 495 257 23 109 1,345 1,256 16 173 69 998 89 May 21 846 491 254 22 85 108 1,355 1,266 18 181 69 998 89 May 28 832 492 254 22 85 109 1,340 1,251 13 17 64 997 89 Atlanta Apr. 30 898 578 337 49 46 114 1,320 1,161 13 239 115 794 159 May 7 890 577 335 50 46 114 1,313 1,154 13 235 112 794 159 May 14 909 574 332 49 46 114 1,335 1,175 25 242 114 794 160 May 21 906 573 331 49 46 114 1,333 1,174 22 237 114 801 159 May 28 901 575 332 48 46 116 1,326 1,166 17 236 112 801 160 Chicago* Apr. 30 ,088 2,325 1,593 56 269 268 5,763 5,162 162 661 325 4,014 601 May 7 ,07 2,329 1,584 53 270 269 5,745 5,14 139 68^ 313 4,009 600 May 14 ,122 2,342 1,593 52 271 268 5,780 5,208 181 69' 313 4,020 572 May 21 ,120 2,337 1,584 51 272 270 5,783 5,213 15. 723 315 4,020 570 May 28 ,158 2,307 1,569 50 26. 271 5,851 5,293 202 725 319 4,04' 558 St. Louis Apr. 30 819 696 400 23 110 140 1,123 991 23 121 762 132 May 7 806 69' 394 23 110 14. 1,112 980 14 116 765 132 May 14 817 693 394 22 111 143 1,12 992 21 116 768 132 May 21 80' 687 389 22 111 143 1,122 989 14 120 772 133 May 28 821 686 384 21 112 14. 1,13 1,00 25 120 777 131 Minneapolis Apr. 30 106 35 206 11 44 75 = 694 33 73 581 61 May 7 105 35 204 11 45 75 = 695 35 74 580 60 May 14 095 346 200 11 45 752 694 3 74 581 59 May 21 09; 340 195 11 45 758 698 8 35 74 581 60 May 28 095 340 195 11 46 75' 700 13 36 69 582 59 Kansas City Apr. 30 095 562 370 17 67 96 1,53 1,37C 52 300 145 873 167 May 7 08 564 373 17 68 94 1,52 1,35 49 29 145 87 166 May 14 10 = 566 373 17 68 96 1,535 1,373 7: 28' 143 87 166 May 21 11 569 375 17 68 97 1,54 1,377 69 288 142 878 165 May 28.. 09 568 373 16 68 98 1,525 1,363 57 282 141 166 Dallas A M M p a a r y y . 3 1 7 0 4 , , , 8 8 8 2 3 3 3 4 7 7 7 3 3 3 < = 4 4 4 9 9 9 8 7 6 3 3 3 ' 4 - 6 6 6 1 2 1 1 1 0 0 0 2 2 2 1 1 1 . , , 1 0 0 0 9 8 C ' 1 1 1 , , , 0 0 0 1 0 1 - 3 4 4 0 4 0 2 2 2 1 1 1 1 1 1 0 1 1 ' 0 6 6 64 4 4 5 2 8 8 8 6 5 7 May 21 ,84 735 493 3' 62 103 l.lOC 43 21 11 64' 87 May 28 ,84 73- 493 34 60 106 1,11. l[024 48 21? 11 647 89 San Francisco Apr. 30 ,47 2,030 1,201 51 472 25C 4,44 4,031 5. 834 354 2,785 411 May 7 ,45 2,024 1,192 49 476 248 4,42 4,021 60 83 345 2,776 407 May 14 ,47 2,02' 1,194 4 480 25 4,44 4,04 7 S3t 343 2,79 408 May 21 ,44 2,03 1,18' 4 48' 24« 4,41 4,00( 53 82. 33 2,792 406 May 28 ,465 2,03' 1,18. 5 488 253 4,43 4,02 11! 81! 302 2,78! 403 City of Chicago* Apr. 30 ,73 1.5U 1.18C 36 5 12 = 3,21 2,82, 37 2,20 388 May 7 ,73' 1,51 1,16" 34 5 12. 3,22' 2,83. 104 40 2,19. 390 May 14 ,78 1,52 1,17; 3. 5 12' 3,26: 2,89' 15 410 2,20: 363 May 21 ,77 1,52 1.17C 3. 5 12 3,251 2,89( 11 438 2,19, 361 May 28 ,75 1 1,15 32 4 12 3,264 2,91 437 2,22. 349 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. 1 he figures for the New York and Chicago Districts, as shown in this table, include New York City and Chicago, respectively. 718 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 i r c a t l a R nd e se d r a v t e e B s F w e R e a e r r i e n a d t v - h l k - e s C v a a in s u h lt m b a w a n d e n o i s c t - t e k h i s c s j p m u a o d s a d t e s e n - i - t d d s 1 s p p u v c n a h o a a o i e n i r d r l p r r d a s t - - - s - , - , S p s d s t a i i o a u c i o n v l b t a d n i e - i l t - s s - c C h c a o e f e e e i f t n e c f c r r d i . d k t s - i ' s - u m G er . o e n v n - s - t . s p u p c v n a h o a o a e n i i r d l p r r r d a s - - t - s , - S p s d s t a i i o u a i c o n v b l t a n d i e - i l t - s s - P U m G S i e o a n a r . n s o e g n v t d n v S a s - - t - l . m D t e i 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 t a s b n * - k tions tions Boston (6 cities) Apr. 30 478 60 2,250 157 40 7. 480 21 301 708 May 7 472 60 106 2,196 144 39 69 481 287 20 302 698 May 14 459 63 112 2,233 145 40 71 481 277 20 302 718 May 21 47 60 105 2,232 148 3 68 481 266 21 302 704 May 28 460 59 100 2,244 2,212 148 46 58 481 26: 21 303 684 New York (8 cities) Apr. 30 3,939 138 11615,82116,108 551 697 4621,990 21 2,8091,158 2,184 6,528 May 7 3,951 143 11415,54315,540 469 77: 4231,996 21 2,8641,198 155 2,1861 7,966 May 14 4,006 150 12315,50415,846 468 725 4271,995 2 2,8721,183 95 2,186 6,668 May 21 3,972 142 11915,68215,881 481 646 3991,999 22 2,7671,160 24 2,183 6,670 May 28 3,904 165 11215,75715,931 501 799 3281,999 22 2,7601,136 116 2,180 6,937 Philadelphia (4 cities) Apr. 30 42 31 107 1,835 1,912 76 25 6: 276 33 315 11 262 628 May 7 409 32 74 1,804 1,864 70 23 56 275 3 315 11 263 698 M M M a a a y y y 2 2 1 8 1 4 , 4 4 4 2 1 2 0 0 3 3 3 3 3 4 86 1 1 1 , , , 8 8 8 2 0 0 2 4 8 1 1 1 , , , 8 8 8 9 7 8 1 8 6 7 0 8 4 2 2 2 4 1 2 4 5 5 2 8 3 2 2 2 7 7 7 5 6 6 3 3 3 3 3 3 3 3 2 3 0 9 1 6 7 1 1 1 0 1 1 2 2 2 6 6 6 3 2 3 6 6 6 2 5 2 7 2 0 Cleveland (10 cities) Apr. 30 762 88 187 3,147 3,183 174 5 1391,368 51 45 4 495 1,078 May 7 752 90 178 3,121 3,117 175 53 1291,372 55 451 4 496 1,038 May 14 770 92 194 3,130 3,222 172 53 1331,372 54 468 4 496 1,045 May 21 762 91 177 3,129 3,18? 164 52 1251,373 54| 440 4 496 1,135 May 28 76. 182 3,16 = 3,220 173 49 1041.373 53 443 4 496 1,011 Richmond (12 cities) Apr. 30 330 39 122 1,370 1,36 111 3 53 382 7 316 5 151 435 May 7 333 41 116 1,367 1,372 98 35 49 383 7 326 5 151 456 May 14 34: 41 125 1,368 1,398 111 30 52 383 7 331 4 151 462 May 21 330 41 112 1,373 1,390 10' 2 48 383 7 315 5 151 505 May 28 334 41 107 1,385 1,384 106 29 41 383 7 305 5 151 442 Atlanta (8 cities) Apr. 30 364 30 141 1,379 1,264 257 18 36 457 4 423 7 135 470 May 7 377 31 151 1,386 1,260 25 20 33 457 4 438 7 135 457 May 14 364 33 162 1,374 1,315 232 16 60 458 4 442 7 136 467 May 21 364 31 143 1,405 1,285 25 16 34 458 4 415 6 136 526 May 28 359 34 134 1,401 1,277 251 16 30 458 4 402 7 136 461 Chicago (12 cities)* Apr. 30 1,417 91 392 5,526 5,384 577 108 189 ,060 34 1,533 26 635 2,440 May 7 1,423 92 386]5,498 5,309 592 97 176 ,067 34 1,553 28 636 2,405 May 14 1,411 98 412 5,526 5,497 583 101 179 ,070 34 1,582 31 635 3,044 May 21 1,450 93 392 5,565 5,405 592 89! 171 ,073 35 1,543 31 635 2,569 May 28 1,463 97 401 5,689 5,539 604 81 1472,076 32 1,527 29 637 2,531 St. Louis (5 cities) Apr. 30 338 22 1,170 1,233 80 18 52 383 1 521 7 146 459 May 7 34: 23 109 1,166 1,223 78 17 52 383 1 526 7 146 448 May 14 337 24 110 1,168 1,268 82 14 55 384 1 528 7 146j 437 May 21 335 23 106 1,190 1,256 80 16 41 385 1 503 7 146 470 May 28 335 25 106 1,214 1,270 81 17 41 385 1 496 7 314 420 Minneapolis (8 cities) A M p a r y . 30 7 1 19 9 9 7 1 1 1 2 7 78 6 , 1 7 7 3 3 1 3 6 7 9 0 8 2 1 1 1 1 6 6 1 1 3 2 3 3 0 3 2 23 3 9 8 2 2 9 9 6 3 2 2 9 9 4 4 3 3 1 2 2 7 May 14 201 12 85 740 j 722 116 12 31 238 287 2 94 322 May 21 204 11 79 745 714 115 13 29i 238 279 2 94 328 Ka M ns a a y s 2 C 8 ity (12 cities) 196 12 82 747 710 117 13 25 238 284 2 94 312 Apr. 30 432 23 250| 1,486 l,460| 194 24 53 318 779 162 564 May 7 436 24 243 1,469 1,449 192 24; 51 319 782 162 557 May 14 436 25 261 1,512 1,502 195 25 51 319 777 162 594 May 21 422 23 252 1,519 1,486 200 23 49 319 753 163 654 May 28 428 25 244 1,527 1,492 196 24 42 319 737 163 532 Dallas (9 cities) Apr. 30 390 25 226 1,510 1,485 137 27 36 303 450 j 155 454 May 7 384 26 232 1,495 1,464 133 25 34 304 479 156 466 May 14 398 27 251 l,520| 1,525 134 25 34 305 489 156 450 May 21 397 25 240i 1,529 1,521 121 28 32 305 468 156 540 May 28 381 27 232 l,530| 1,496 130 26 27 305 460 156 485 San Francisco (7 cities) Apr. 30 949 48 276|3,459 3,434 222 120 1972,184 369 591 1,244 May 7 964 48 275 3,431 3,386 238 109 1862,187 379 595 1,242 May 14 955 52 281 3,441 3,486 231 105 1982,189 404 586 1,208 May 21 985 49 271 3,439 3,442 235 104 1912,190 389 587 1,296 May 28 919 51 249 3,435 3,406 231 104 1582,190 364 588 1,201 City of Chicago* Apr. 30 869 30| 161 3,326 3,364 235 58 101 865 1,073 404 1,456 May 7 865 31 165 3,319 3,306 266 45 93 869 1,089 405 1,520 May 14 840 32 170 3,321. 3,433 259 49 96 871 1,109 405 1,514 May 21 32 158 3,365 3,387 265 41 90 872 1,094 404 1,542 May 28 32 170 3,406 3,443 265 36 75 874 1,071 1,596 * See note on preceding page. 1 Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection. 2 Debits to demand deposit accounts except interbank and U. S. Government accounts. JUNE 1947 719 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 * Commercial End of month paper Total Accepting banks Goods stcred in or sta o n u d t i - ng1 sta o n u d t- ing Total O bi w ll n s bo B u il g ls ht a ( R F F c B e e c o a d s o r e n e u o r k r n v w a s t e l ) n Others I U S m i n t n p a i t o t t o e e r s d ts E U S x f n t r p a o i o t t m e e r s d ts U sh n i i p t p e p o d e i d ni, b s e F i t n o w r e e e ig n n States countries 1946—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 9 142 207 140 68 72 13 54 152 22 26 7 September . . 148 200 151 68 82 2 47 150 20 23 7 October 202 204 154 71 82 50 154 18 23 8 November 227 208 155 73 82 54 152 23 26 6 December .. 228 227 169 74 94 58 162 29 29 7 194 7~~~ January 236 241 183 85 98 58 172 35 27 8 February 243 230 171 76 95 59 164 35 24 7 ^larch 266 228 170 75 95 58 158 36 27 7 April 256 215 154 71 83 61 140 42 25 8 1 As reported by dealers; includes some finance company paper sold in open market. 1 Dollar exchange less than $500,000 throughout the period. Back figures.—See Banking and Monetary Statistics, Table 127, pp. 465-467; for description, see p. 427 CUSTOMERS' DEBIT BALANCES, MONEY BORROWED, AND PRINCIPAL RELATED ITEMS OF STOCK EXCHANGE FIRMS CARRYING MARGIN ACCOUNTS [Member firms of New York Stock Exchange. Ledger balances in millions of dollars] Debit balances Credit balances Customers' Debit Debit credit balances1 Other credit balances End of month Customers' balances in balances in Cash on debit partners' firm hand Money ba ( l n a e n t c )i 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 n s n r g s t ' 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—May 8 856 «547 3669 June 809 7 399 370 498 651 120 24 17 314 July «745 8442 3653 August 3723 3 377 3 647 September. . 8 631 8 305 3 729 October 3583 3 253 8 720 November. . 8571 3 238 8 723 December... 537 5 311 453 217 693 118 30 10 289 1947—January.... 8533 8210 •687 February 3573 3217 3 681 March 8 576 3216 3 677 April 3 553 3205 3 665 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. 8 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): February, 66; March, 65; April, 62. 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. 720 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 Stock security yields [Per cent per annum] Prime Prime exmo Y w n e e t a h e r k , , or m 4 m p c - o a o e t n p o r 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 n w s - l n 2 l g - e m b o i 3 l n l - s t * h 9 d c m - o c e e t f a o o r b t t n t i i e e n f t 1 s h i d - 2 - - - 3 t n a y - x o t e o a t a e b r s 5 le - 19 T o c t i a ti l es Y N C o i e t r w y k e E 7 N r c a n O o i s t r t i t a t e e h h n s r e - n d r 1 W e 1 r c n e S i t s o i t a e e u n s r t d n hness 1937 average* 2.59 1.73 2.88 3.25 1938 average1 2.53 1.69 2.75 3.26 1944 average .73 .44 1.00 .375 .79 1L.33 1939 average.... 2.78 2.07 2.87 3.51 1945 average .75 .44 1.00 .375 .81 4 .18 1940 average.... 2.63 2.04 2.56 3.38 1946 average .81 .61 1.16 .375 .82 L.15 1941 average.... 2.54 1.97 2.55 3.19 1942 average.... 2.61 2.07 2.58 3.26 1946—May .75 .47 1.00 .375 .83 :L.18 1943 average 2.72 2.30 2.80 3.13 June .75 .50 1.00 .375 .83 L.15 1944 average 2.59 2.11 2.68 3.02 July .77 .59 1.00 .375 .84 L.13 1945 average.... 2.39 1.99 2.51 2.73 August.... .81 .71 1.38 .375 .84 1.14 1946 average.... 2.34 1.82 2.43 2.85 September. .81 .81 1.38 .375 .85 L.22 October .88 .81 1.38 .375 .83 L.24 1943—March 2.76 2.36 2.76 3.24 November. .94 .81 1.38 .376 .84 L.22 June 3.00 2.70 2.98 3.38 December.. 1.00 .81 1.38 .375 .85 L.22 September 2.48 2.05 2.71 2.73 December. 2.65 2.10 2.76 3.17 1947—January... 1.00 .81 1.38 .376 .84 L.18 February.. 1.00 .81 1.38 .376 .85 L.18 1944—March.... 2.63 2.10 2.75 March.... 1.00 .81 1.38 .376 .82 L.17 June 2.63 2.23 2.55 April 1.00 .8! 1.38 .376 .83 L.17 September 2.69 2.18 2.82 May 1.00 .81 1.38 .376 .85 1.19 December. 2.39 1.93 2.61 2.65 Week ending: 1945—March 2.53 1.99 2.73 2.91 May 3 1 13/16 .376 .84 L.18 June..... 2.50 2.20 2.55 2.80 May 10 1 13/16 .376 .85 L.19 September 2.45 2.53 2.81 May 17.... 1 13/16 .376 .85 I 20 December. 2.09 2.23 2.38 May 24 1 13/16 IK-IK .376 .85 1.19 May 31 1 13/16 i#-i K .376 .85 1.19 1946—March.... 2.31 1.75 2.34 2.93 June. ... 2.41 1.84 2.51 2.97 September 2.32 1.83 2.43 2.75 1 Monthly figures are averages of weekly prevailing rates. December. 2.33 1.85 2.43 2.76 J The average rate on 90-day stock exchange time loans was 1.50 per cent beginning Aug. 2, 1946. Prior to that date it was 1.25 per cent. 1947—March . . . 2.31 1.82 2.37 2.80 1 Rate on new issues offered within period. 4 From Sept. 15 to Dec. 15, 1945, included Treasury notes of Sept. 15, 1948, and Treasury bonds of Dec. 15. 1950; beginning Dec. 15, 1 Prior to March 1939 figures were reported monthly on a basis not 1945, includes only Treasury bonds of Dec. 15, 1950. strictly comparable with the current quarterly series. Back figures.—See Banking and Monetary Statistics, Tables 120-121, Back figures.—See Banking and Monetary Statistics, Tables 124- 125, pp. 448-459, and the BULLETIN for May 1945, pp. 483-490. pp. 463-464; for description, see pp. 426-427. 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 ar s 9 15 y o e v a e rs r and M (h i u p i n g a h i l c - - C (h r o a i r g t p e h o - - By ratings By groups Partialgrade)2 grade)3 Total T ab a l x e - e l x y e m ta p x t T ab a l x e - Aaa Aa A Baa In tr d ia u l s- R ro a a i d l- P ut u i b li l t i y c Number of issues. 1-5 1-5 1-9 15 5 120 30 30 30 30 40 40 40 1944 average.... 1.94 1.92 2.48 L.86 2.60 3.05 2.72 2.81 3.06 3.61 2.80 3.39 2.97 1945 average «1.60 1.66 2.37 L.67 2.54 2.87 2.62 2.71 2.87 3.29 2.68 3.06 2.89 1946 average.... 1.45 (8) 2.19 L.64 2.44 2.74 2.53 2.62 2.75 3.05 2.60 2.91 2.71 1946—May. 1.47 (6) 2.19 L.54 2.44 2.71 2.51 2.58 2.73 3.02 2.60 2.84 2.69 June 1.43 (•) 2.16 L.55 2.42 2.71 2.49 2.59 2.73 3.03 2.59 2.85 2.70 July 1.40 (8) 2.18 L.60 2.41 2.71 2.48 2.59 2.72 3.03 2.58 2.86 2.69 August. .. 1.46 <•) 2.23 L.65 2.44 2.73 2.51 2.62 2.74 3.03 2.58 2.89 2.70 September 1.55 (8) 2.28 L.75 2.50 2.79 2.58 2.68 2.80 3.10 2.64 2.98 2.75 October 1.56 (6) 2.26 L.84 2.51 2.82 2.60 2.70 2.84 3.15 2.65 3.05 2.76 November 1.58 (e) 2.25 L.80 2.51 2.82 2.59 2.69 2.84 3.17 2.66 3.05 2.77 December 1.56 (8) 2.24 L.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 L.92 2.48 2.79 2.57 2.65 2.79 3.13 2 63 3 00 2.73 February . 1.49 (8) 2.21 L.99 2.48 2.78 2.55 2.64 2.79 3.12 2 61 3 00 2.72 March.... 1.47 (*) 2 19 2.02 2.49 2.79 2 55 2 64 2.80 3 15 ? *1 ^ 02 ? 7.? April 1.47 (6) 2.19 L.98 2.47 2.78 2.53 2.63 2.81 3.16 2.60 3.03 2.71 May 1.47 (6) 2.19 L.95 2.46 2.79 2.53 2.63 2.82 3.17 2.60 3.05 2.71 Week ending: May 3 1.48 (6) 2.20 L.97 2.47 2.78 2.53 2.63 2.80 3.15 2.60 3.03 2.71 May 10 1.48 (6) 2.20 1.95 2.47 2.78 2.53 2.63 2.81 3.15 2.60 3.03 2.71 May 17 1.48 (6) 2.20 1.94 2.46 2.79 2.53 2.63 2.82 3.16 2.60 3.05 2.71 May 24 1.47 (6) 2.19 1.94 2.46 2.80 2.53 2.63 2.83 3.18 2.61 3.07 2.72 May 31.... 1.46 (6) 2.19 1.95 2.46 2.80 2.53 2.64 2.83 3.19 2.61 3.08 2.72 1 Monthly and weekly data are averages of daily figures, except for municipal bonds, which are based on Wednesday figures. s Standard and Poor's Cornoration. 3 IJ S. Treasury Dai")artTi?n; 4 Moody's Investors Service, week ending Friday. Because of limited number of suitable issues, the industrial Aaa, Aa, and A groups have been reduced from 10 to 5, 6, and 9 issues, respectively, and the railroad Aaa, Aa, and A groups from 10 to 6, 6, and 9 issues, respectively. 5 Beginning Dec. 15, 1945, includes Treasury bonds of June 1952-54, June 1952-55, December 1952-54, and March 1956-58. 6 No partially tax-exempt bonds due or callable in 15 years and over. Back figures.See Banking and Monetary Statistics, Tables 128-129, pp. 468-474, and the BULLETIN for May 1945, pp. 483-490 JUNE 1947 721 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SECURITY MARKETS * Bond prices Stock prices5 Corporate 4 Common (index, 1935-39 = 100) V of o l t u ra m d e - Year, month, or week U. S. Munic- ing7 (in Gov- ipal Medium- and lower-grade Pre- thoum e e rn n - t2 g ( r h a i d g e h ) - 1 H gr i a g d h e - Indus- Rail- Public fa D ul e te - d ferred* Total In tr d i u a s l - 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 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—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 A 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 63.6 189.3 121 124 113 106 191 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 May 104.48 133.9 122.9 115.0 123.2 109.2 112.5 61.9 186.2 115 119 95 102 912 Week ending: May 3 104.45 133.4 123.0 116.2 123.4 112.5 112.7 63.6 185.7 118 122 100 104 802 May 10 104.41 133.8 123.0 115.8 123.4 111.4 112.6 63.7 186.7 118 122 99 104 686 May 17 104.51 134.0 122.8 115.0 123.3 109.0 112.7 61.4 186.7 114 117 93 102 1,137 May 24 104.50 134.0 122.8 114.0 123.1 107.1 111.8 60.2 185.7 113 117 92 100 1,048 May 31 104.51 133.8 122.8 114.2 123.2 106.6 112.8 61.0 185.7 116 119 96 102 750 1 Monthly and weekly data are averages of daily figures, except for municipal bonds and for stocks, which are based on Wednesday figures. 2 Average of taxable bonds due or callable in 15 years and over. 1 Prices derived from average yields, as computed by Standard and Poor's Corporation, on basis of a 4 per cent 20-year bond. * Prices derived from averages of median yields, as computed by Standard and Poor's Corporation. B Standard and Poor's Corporation. 1 Prices derived from averages of median yields on noncallable high-grade stocks on basis of a $7 annual dividend. 7 Average daily volume of trading in stocks on the New York Stock Exchange. Back figures.—See Banking and Monetary Statistics, Tables 130, 133, 134, and 136, pp. 475, 479, 482, and 486, respectively, and the BULLETIN for May 1945, pp. 483-490. NEW SECURITY ISSUES [In millions of dollars] For new capital For refunding Total Domestic Domestic (new Total Total Year or month f i u a r n n n e g d d - ) - m e a ( f i d o e n g s r o n d - t - ) ic Total S n m a p t i n a c a u d t i l - e - a F c e g i e r e e a d n s 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 gn r- 2 m e a ( f i o d e g n s r o n d - t - ) ic Total S n a m p t i n a c a u d t i l - e - a F c e g i e r e e a d s n l - 1 - Total Co B 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 ?8 1939 5 790 2 277 2,239 931 924 383 287 97 38 3,513 3,465 195 1,537 1,733 1,596 137 48 1940 4 803 1,951 1,948 751 461 736 601 135 2 2,852 2,852 482 344 2,026 1,834 193 1941 5 546 2 854 2,852 518 1,272 1,062 889 173 1 2,693 2,689 435 698 1,557 1,430 126 4 1942 2 114 1 075 1 075 342 108 624 506 118 1,039 1,039 181 440 418 407 11 1943 2,174 642 640 176 90 374 282 92 2 1,532 1,442 259 497 685 603 82 90 1944 4 216 913 896 235 15 646 422 224 17 3,303 3,288 404 418 2.466 2,178 288 15 1945 7 991 1,772 1,761 471 26 1,264 607 657 12 6,219 6,173 324 912 4,937 4,281 656 46 1946 8,581 4,588 4,579 952 121 3,506 2,038 1,468 9 3,993 3,863 208 741 2,914 2,313 601 130 1946—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 29 761 659 659 69 590 444 145 102 102 2 13 86 68 19 December 993 788 788 119 669 544 125 205 190 50 34 105 79 27 15 1947—January.. 636 498 487 215 21 252 208 44 10 139 135 11 22 103 84 18 4 February. 5 305 249 249 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 April 880 779 773 397 376 240 136 7 101 96 3 20 73 39 34 5 1 Includes publicly offered issues of Federal credit agencies, but excludes direct obligations of U. S. Treasury. 2 Includes issues of noncontiguous U. S. Territories and Possessions. 1 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 gubject to revision. Back figures.—See Banking and Monetary Statistics, Table 137, p. 487. 722 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 Year or month Est g i r m os a s ted Esti n m et ated 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—April 682 666 213 148 65 376 320 56 57 21 May 844 825 153 91 62 630 514 116 28 14 June 663 643 245 169 77 317 285 32 14 67 July 720 703 327 198 129 305 265 40 46 25 August 527 518 344 126 219 115 94 21 50 10 September 267 261 138 101 37 98 38 60 18 6 October 383 377 202 160 43 48 36 12 122 5 November 629 617 511 329 183 81 74 6 6 19 December 818 807 623 557 66 114 97 17 59 12 1947—January 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 April 449 441 254 101 153 85 80 5 98 3 PROPOSED USES OF PROCEEDS, BY MAJOR GROUPS OF ISSUERS [In millions of dollars] Railroad Year or month Total Retire- All net New ment of other pro- money securi- pur- ceeds ties poses4 1934 172 21 120 31 1935 120 57 54 10 1936 774 139 558 77 1937 338 228 110 1 1938 54 24 30 1939 182 85 97 1940 319 115 186 18 1941 361 253 108 1942 47 32 15 1943 160 46 114 1944 602 102 500 1945 1,436 115 1,320 1946 693 129 560 3 1946—April 98 1 97 May 76 7 69 June 35 9 26 July 9 8 1 August 3 3 September.. 19 16 3 October 40 21 19 November.. 18 18 December.. 47 35 10 1947—January... . 33 28 5 February... 8 7 2 March 12 9 1 April 17 17 3S • • 3S Public utility Industrial Other Total Retire- All Total Retire- All Total Retire- All 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- ceeds ties poses4 ceeds ties poses4 ceeds ties poses4 130 11 77 42 62 25 34 2 20 19 1,250 30 1,190 30 774 74 550 150 122 46 72 4 1,987 63 1,897 27 1,280 439 761 80 390 218 152 20 751 89 611 50 1,079 616 373 90 71 57 7 7 1,208 180 943 86 831 469 226 136 16 8 7 1 1,246 43 1,157 47 584 188 353 43 102 9 88 5 1,180 245 922 13 961 167 738 56 155 42 9 104 I 340 317 993 30 828 244 463 121 94 55 18 21 464 145 292 27 527 293 89 146 4 4 469 22 423 25 497 228 199 71 21 13 4 4 1,400 40 1,343 17 1,033 454 504 76 107 61 42 3 2,291 69 2,159 63 1,969 811 1,010 148 206 85 65 56 2,052 761 1,207 83 3,355 2,000 903 451 258 113 56 89 138 6 119 13 412 198 157 56 18 7 3 9 424 5 408 11 289 127 137 25 37 14 17 6 179 10 134 35 405 206 153 45 24 20 4 338 181 156 1 325 131 150 44 31 6 25 41 6 33 2 422 326 80 16 53 9 1 42 111 13 86 12 130 108 9 13 1 1 124 108 17 210 71 12 127 3 3 61 18 33 "io 530 470 48 12 8 5 3 483 411 72 226 145 17 64 52 32 is' 4 43 14 26 3 229 136 84 9 11 5 5 1 67 47 18 2 119 95 8 16 66 58 6 2 332 223 107 2 90 52 5 33 9 1 8 93 30 61 2 328 204 24 99 3 3 1 Estimates of new issues sold for cash in the United States. 2 Gross proceeds are derived by multiplying principal amounts or number of units by offering price. 8 Estimated net proceeds are equal to estimated gross proceeds less cost of flotation, i.e., compensation to underwriters, agents, etc., and expenses. * Includes repayment of other debt and other purposes. Source.—Securities and Exchange Commission; for compilation of back figures, see Banking and Monetary Statistics (Table 138, p. 491), a publication of the Board of Governors. JUNE 1947 723 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

QUARTERLY EARNINGS AND DIVIDENDS OF LARGE CORPORATIONS INDUSTRIAL CORPORATIONS [In millions of dollars] Net profits,1 by industrial groups Profits and dividends Manufacturing and mining Dividends Year or quarter Mis- Total s I a t r n e o d e n l c M e h r i a y n - - t b o A i m l u e o - s - e t p O m r q t o a i t u e o r h n t i n n e s a p t r - - - f m e p N u a r r e r n c o o t o t d n a d s u l - - s s O g d o b u t o h l r e a d e - r s t F b o a o e a b g v n o a e d e d c s r , c s - , o p r r e a i i o O f n n n d i i g g d n l u - c- c I h n t c r e d a i m l u a s l s i - - O d g n o b u t o o l h r e n a d e - - s r n i c s c e e e e l o r s l v u a - 2 - s pr N of e i t ts1 fe P r r r e e - d C m o o m n - 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 '•32,545 '283 '3171 130 '127 136 '3165 356 '281 273 302 '321 '31,139 82 657 Quarterly 1944_1 444 47 40 52 452 29 20 38 49 42 36 39 224 21 142 2 459 46 40 55 447 30 22 43 52 43 37 43 230 22 149 3 475 47 38 55 4 47 28 21 45 56 49 37 52 244 20 137 4 518 55 55 59 4 43 28 25 49 64 53 37 50 272 23 184 1945_1 492 49 38 63 4 50 31 21 45 62 48 39 45 250 20 142 2 508 53 42 77 4 47 27 21 46 64 45 38 47 269 22 145 3 439 37 35 46 436 23 20 50 61 43 37 53 224 21 143 4 485 49 47 58 4 36 27 26 58 37 51 40 58 246 22 182 1946—i 323 22 -19 -34 4-5 20 12 65 56 63 62 82 116 20 146 2 604 67 49 21 451 26 37 74 62 66 71 80 250 21 153 3 698 96 32 42 438 41 41 93 77 67 77 93 310 20 149 4 . . '3853 97 '361 102 '50 '3 57 124 '85 77 91 '66 '3 415 21 209 1947—1 875 124 69 99 "46 45 51 103 89 89 97 64 424 20 168 PUBLIC UTILITY CORPORATIONS [In millions of dollars] Railroad 6 Electric power 6 Telephone 7 Year or quarter r O e p v in e en g ra u t e - I i b n n t e c c a f o o x o m m " re e e inc N o e m t e1 d D e i n v d i- s r O ev p in e e n g ra u t e - I i b n n t e c c a f o o x o m m r 8 e e e inc N o e m t e1 d D e i n v d i- s r O e p v in e en r g a u t e - I i b n n t e c c a f o o x o m m * re e e inc N o e m t e1 d D e i n v d i- s Annual 1939 3,995 126 93 126 2,647 629 535 444 1,067 227 191 175 1940 4,297 249 189 159 2,797 692 548 447 1,129 248 194 178 1941 5,347 674 500 186 3,029 774 527 437 1,235 271 178 172 1942 7,466 1,658 902 202 3,216 847 490 408 1,362 302 163 163 1943 9,055 2,211 873 217 3,464 913 502 410 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—1 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 I945—1 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 I947—1 2,039 163 86 43 1,083 289 191 115 1 "Net profits" and "net income" refer to income after all charges and taxes and before dividends. ' Revised. J Includes 29 companies engaged in wholesale and retail trade (largely department stores), 13 in the amusement industry, 21 in shipping and transportation other than railroads (largely airlines), and 11 companies furnishing scattered types of service. 3 Net profits figures for the year 1946 include, and those for the fourth quarter exclude, certain large extraordinary year-end profits in the following amounts (in millions of dollars): 629 company series—total, 67; machinery, 49; other durable goods, 18; 152 company series—total, 49. 4 Partly estimated. * Class I line-haul railroads, covering about 95 per cent of all railroad operations. 8 Class A and B electric utilities, covering about 95 per cent of all electric power operations. Figures include affiliated nonelectric operations. 'Thirty large companies, covering about 85 per cent of all telephone operations. Series excludes American Telephone and Telegraph Company, the greater part of whose income consists of dividends received on stock holdings in the 30 companies. 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). 724 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

UNITED STATES GOVERNMENT DEBT—VOLUME AND KIND OF SECURITIES [On basis of daily statements of United States Treasury. In millions of dollars] Marketable public issues1 Nonmarketable public issues End of month d T g d i r o r e o e t b s a c t s l t i b n d T e d t i a o e e r r e r t b i a e c n t l s t g t- Total2 Tre b a il s l u s ry c i C e n a d e t d n e r e t s e i b f s o t i s - - f Tr n e o a t s e u s ry T b re o a n s d u s ry Total2 s b a U o v . n i n S d g s . s T t s a r a n e x v o a i t a s n e u n g s r d s y S i p ss e u c e ia s l i b n N e d t a e e o r r b n i e n t - s g t- s t g b e t e F u c e e e u a r a u d e r r r l i i a s l i t n y t n n i - g e - - s 1940—June 42,968 42,376 34,436 1,302 6,383 26,555 3,166 2,905 4,775 591 5,498 45,025 44,458 35,645 1,310 6,178 27,960 3,444 3,195 5,370 566 5,901 1941—June 48,961 48,387 37,713 1,603 5,698 30,215 4,555 4,314 6,120 574 6,360 Dec 57,938 57,451 41,562 2,002 5,997 33,367 8,907 6,140 2,471 6,982 487 6,317 1942—June 72,422 71,968 50,573 2,508 '3i096 6,689 38,085 13,510 10,188 3,015 7,885 454 4,548 Dec 108,170 107,308 76,488 6,627 10,534 9,863 49,268 21,788 15,050 6,384 9,032 862 4,283 1943—June 136,696 135,380 95,310 11,864 16,561 9,168 57,520 29,200 21,256 7,495 10,871 1,316 4,092 Dec 165,877 164,508 115,230 13,072 22,843 11,175 67,944 36,574 27,363 8,586 12,703 1,370 4,225 1944—June 201,003 199,543 140,401 14,734 28,822 17,405 79,244 44,855 34,606 9,557 14,287 1,460 1,516 Dec 230,630 228,891 161,648 16,428 30,401 23,039 91,585 50,917 40,361 9,843 16,326 1,739 1,470 1945—June 258,682 256,357 181,319 17,041 34,136 23,497 106,448 56,226 45,586 10,136 18,812 2,326 409 Dec. 278,115 275,694 198,778 17,037 38,155 22,967 120,423 56,915 48,183 8,235 20,000 2,421 553 1946—May 272,583 271,440 193,487 17,041 36,828 18,261 121,177 56,472 48,917 7,127 21,481 1,143 542 June.... 269,422 268,111 189,606 17,039 34,804 18,261 119,323 56,173 49,035 6,711 22,332 1,311 467 July 268,270 267,039 187,596 17,023 37,720 13,351 119,323 56,399 49,320 6,669 23,045 1,231 324 Aug 267,546 266,359 186,350 17,024 36,473 13,351 119,323 56,566 49,447 6,688 23,443 1,187 370 Sept 265,369 264,217 184,338 17,007 34,478 13,351 119,323 56,025 49,545 6,096 23,854 1,152 391 Oct. 263,532 262,415 182,318 16,987 32,478 13,351 119,323 56,081 49,624 6,003 24,015 1,117 378 Nov 262,277 260,925 180,328 17,000 30,475 13,351 119,323 56,343 49,709 5,978 24,254 1,352 362 Dec 259,149 257,649 176,613 17,033 29,987 10,090 119,323 56,451 49,776 5,725 24,585 1,500 331 1947—Jan. 259,776 258,378 176,444 17,074 29,791 10,090 119,323 57,157 50,343 5,590 24,777 1,399 262 Feb 261,418 258,113 175.410 17,048 28,784 10,090 119,323 57,765 50,717 5,570 24,938 3,305 181 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 May 258,343 254.975 169,926 16,002 26,294 8,142 119,323 58,863 51,240 5,525 26,186 3,368 171 1 Including amounts held by Government agencies and trust funds, which aggregated 6,268 million dollars on Apr. 30, 1947. 2 Total marketable public issues includes Postal Savings and prewar bonds, and total nonmarketable public issues includes adjusted service, depositary, and Armed Forces Leave bonds not shown separately. Back figures.—See Banking and Monetary Statistics, Tables 146-148, pp. 509-512. UNITED STATES GOVERNMENT MARKETABLE PUBLIC UNITED STATES SAVINGS BONDS SECURITIES OUTSTANDING MAY 31, 1947 [In millions of dollars] [On basis of daily statements of United States Treasury. In millions of dollars] Amount Funds received from sales during t R io e n d s e m an p d out- period maturities Issue and coupon rate Amount Issue and coupon rate Amount Month a s t t a e n n d d i n o g f month Ml Series Series Series All Treasury bills » Treasury bonds—Cont. series E F G series June 5,1947 1,315 Dec. 15, 1949-52 2..3 H 491 J J u u n n e e 1 1 9 2 , , 1 1 9 9 4 4 7 7 1 1 , , 3 3 0 1 7 7 D M e a c r . . 1 1 5 5 , , 1 1 9 9 5 4 0 9 - - 5 5 2 3 2..2^ 2 1 1 , , 9 78 6 6 3 Fiscal year J J J u u u n l l y y e 2 1 3 6 0 , , , 1 1 1 9 9 9 4 4 4 7 7 7 1 1 1 , , , 3 3 3 0 0 1 8 3 4 S S D e e e p p c t t . . . 1 1 1 5 5 5 , , , 1 1 19 9 9 5 5 5 0 0 0 - - 5 5 2 2 2.. \ 2 X ^ A 2 4 2 1 , , , 9 1 6 8 3 3 6 9 5 J e u n n d e in — g: 1 1 9 9 4 4 1 0 . . . . 4 2 , , 3 9 1 0 4 5 1 1 4 1 9 0 2 9 203 67 395 1 14 1 8 4 July 17, 1947 1,108 June 15, 1951-54 2..2^ 1,627 1942.. 10,188 5 994 3 526 435 2 032 207 July 24, 1947 1,100 Sept. 15, 1951-53 2 7,986 1943.. 21,256 11 789 8 271 758 2 759 848 July 31, 1947 1,100 Sept. 15, 1951-55 2 3 755 1944.. 34,606 15 498 11 820 802 2 876 2,371 Aug. 7, 1947 1,112 Dec. 15, 1951-53 2..2K 1,118 1945.. 45,586 14 891 11 553 679 2 658 4,298 Aug. 14, 1947 1,202 Dec. 15, 1951-55 2 510 1946.. 49,035 9 612 6 739 407 2 465 6,717 A A u u g g . . 2 2 8 1, , 1 1 9 9 4 4 7 7 1 1 , , 2 3 0 1 3 1 J M u a n r e . 1 1 5 5 , , 1 19 9 5 5 2 2 - - 5 5 4 4 ... 2H 2 5 1 , ,0 8 2 2 4 5 1946—May. . . 48,917 594 345 24 225 552 June 15, 1952-55...2H 1,501 June.. . 49,035 571 321 24 226 519 C J J A S O J N D F M A e u u a e e c u e o r p n a l n p b t t c g y v r . . r , e . . . t . . . . of 1 1 1 1 1 1 1 1 1 1 1 , , , , , , , , , , , i 1 1 1 n 1 1 1 1 1 1 1 1 9 9 9 9 9 d 9 9 9 9 9 9 4 4 4 4 4 4 4 4 4 4 4 e 7 7 7 7 7 7 7 8 8 8 8 b tedne Y s V V V Y Y J s % % % % % % % 4 % % * 3 3 2 2 2 3 2 1 1 1 1 , , , , , , , , , , , 7 9 2 4 1 2 7 1 9 3 3 7 2 4 2 1 3 4 8 7 4 4 5 3 0 1 6 4 2 1 5 1 7 J D J S S J J M D J M D D u u u u u e e e e e e n a n n a n n p p c c c c r e r e e e e t t . . . . . . . . 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 , , , , , , , , , , , , , 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 5 5 5 5 5 5 5 6 5 6 6 5 5 9 4 3 5 9 2 6 2 8 0 3 6 6 - - - - - - - - - - - - - 6 5 6 5 6 6 5 5 6 6 6 5 5 2 6 2 5 0 7 9 4 5 3 8 8 9 2 2 2 3 3 2 3 3 2 2 . . . . . . . . . . . . . . . . . . . . . 2 2 2 . . . 2 2 2 2 2 2 2 2 % % % H } % ^ ^ ^ ^ i 2 2 i ^ 3 3 5 8 2 2 2 1 1 \ , , , , , , , , 4 6 4 2 6 4 8 8 1 6 9 9 7 4 8 6 1 7 8 2 1 3 8 1 8 2 9 5 1 2 0 8 1 4 3 2 9 1 5 1947— S J A O A N F M D M J u M a e e c p u o e n a a p l b t r g v a y c y r . t . . t . . . . . . . . . u . . . . . . . . . . . . . r . . . . . . i . . tie 4 5 4 4 4 4 5 5 5 5 4 s 9 1 0 9 0 9 9 9 1 0 9 , , , , , , , , , , , a 4 7 1 5 9 3 7 6 2 7 3 n 7 1 1 4 4 2 7 0 2 4 4 7 7 7 5 5 d 0 6 9 4 0 3 amo 5 9 5 4 5 5 4 6 u 7 4 7 5 7 9 1 9 8 7 1 1 5 5 n 2 2 0 9 4 8 6 2 6 3 3 ts outs 3 3 3 5 3 3 2 3 3 3 3 t 4 0 3 8 7 2 4 0 7 9 9 a 7 9 5 6 2 7 9 5 0 4 4 nding 5 3 3 2 4 M 2 2 2 2 3 2 3 3 1 5 1 0 4 0 9 5 5 ay 31 3 3 2 2 2 1 1 1 1 1 1 , 1 6 3 7 0 6 6 3 7 9 5 1 7 4 5 8 9 5 9 9 8 1 8 947 5 4 4 4 5 4 4 4 3 4 4 8 5 2 8 4 3 0 8 9 7 1 2 5 1 3 9 7 4 9 8 8 8 T S S r e e e p p a t t s . . u 1 1 r 5 5 y , , n 1 1 o 9 9 4 4 te 7 7 s 1 \H ^ 2 1 , ,6 7 8 0 7 7 J D M M u e a n a c r e r . . . 1 1 1 1 5 5 5 5 , , , , 1 1 1 1 9 9 9 9 6 6 6 6 4 4 5 6 - - - - 6 6 7 7 9 9 0 1 3 3 3 » . . . . . . . 2 . 2 2 2 H ^ ^ ^ 3 3 5 3 , , , , 1 7 8 4 9 6 8 3 7 1 1 8 m Y a e t a u r r o it f y se A ri l e l s S C e - r D ies Se E ries Se F ries Se G ries Sept. 15, 1948 lH 3,748 June 15, 1967-72 3..2^ 7,967 Treasury Bonds S D e e p c t . . 1 15 5 , , 1 1 9 9 6 6 7 7 - - 7 7 2 2 3 .. . . . 2 2 }/ ^ 2 1 2 1 , , 7 6 1 8 6 9 1 1 9 94 4 7 8 2 5 5 0 9 6 2 50 5 6 9 Oct. 15,1947-52 2 AH 759 1949 809 809 Dec. 15, 701 Postal Savings 1950 978 978 Mar. 15, 1947 2 2 1,115 bonds 2H 1951 1 580 435 1 145 Mar. 15, 1948-50 2 1,223 Panama Canal Loan. 3 1952 4,406 4,406 June 15,1948-512 3,062 1953 7 898 6 551 208 1,139 Sept. 15,1948 451 Total direct issues... 169,926 1954 10,323 7,574 548 2,201 Dec. 15, 1948 2.... 571 1955 9,107 6,202 607 2,297 June 15, 1948-50 2. 1,014 Guaranteed securities 1956 6,709 3,384 686 2,639 Sept. 15, 1949-51.. 1,292 Federal Housing Admin. 1957 4,512 1,569 548 2,395 Dec. 15, 1949-51.. 2,098 Various 46 1958 2,926 319 2,607 1949-51 2 1959 1,291 171 1,120 Unclassified. . -65 1 Sold on discount basis. See table on Open-Market Money Rates, p. 721. Total 51,240 2,987 30,832 3,088 14,398 JPartially tax exempt. 3 Restricted. JUNE 1947 725 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 Total U. S. Govern- End of month s i b e n c e t u e a r r r e i i t n s i 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 I c a n o n s m c u e r - - M s b a a v u n i t n u k g a s s l r c O a o a t t r i n h o p d e o n r - s S l g o a t o n c a v d a te - l a m nd e n t t r u a s g t e n fu ci n e d s s panies associa- ern- Special Public tions ments issues issues 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 L17,758 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--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 '64,000 25,400 11,900 23,000 6,200 24,777 6,389 February 258,294 95,917 71,800 24,117 162,377 '64,600 25,400 12,000 22,900 6,200 24,938 6,374 March 255,976 93,293 70,700 22,593 162,683 65,200 25,100 12,000 22,600 6,300 25,183 6,388 «• Revised. 1 Including holdings by banks in territories and insular possessions, amounting to 100 million dollars on June 30, 1942, and 500 million on Feb. 28, 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 i n 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 ) k r 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 n s 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 a e 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 v d - k l e - s b C m c a 0 o i n e a 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 n s m c u i e e - r s - Other trust trust funds funds Type of Treasury bonds and notes, security: due or T C T T r r e o 1 e 1 1 1 1 e 1 1 1 1 1 1 1 r t a 9 9 9 9 t 9 a 9 9 9 9 9 9 a 9 i s 4 4 s 4 4 4 4 4 4 4 4 f l 4 4 u u i : 4 7 5 7 4 5 6 4 5 6 7 6 c ' r r — — — — — — — — — — a y — — y t e D D M M D D D F D M F D D D J J n b J F s u u e e e e e e e e i e e o u e : e a n n a a b l b c c c c c c c c c t n l b r e e r e r s . e . . : . s . . . . . : . . . . . . . . . . 1 1 1 1 1 1 3 3 2 3 2 1 2 1 1 1 1 1 8 7 6 7 7 9 0 7 4 8 8 9 7 7 7 7 7 6 9 6 2 2 5 8 , , , , . , , , , , , , , . , , , , 4 1 7 8 9 0 0 0 0 7 0 4 6 6 8 5 4 8 0 5 9 8 3 0 3 3 3 4 8 2 4 4 0 5 5 2 1 5 2 7 3 4 9 8 7 8 4 8 9 3 7 8 6 0 6 6 5 6 6 7 , , . , , , 3 3 7 3 3 0 8 3 5 6 6 7 5 0 6 3 3 0 7 8 8 4 2 9 2 2 8 7 8 9 2 1 1 1 1 2 2 2 1 1 1 2 6 4 8 6 7 7 4 4 3 5 2 5 3 4 1 4 8 2 , , . , , , , , , , , , , , , , , , 8 3 8 1 3 4 7 8 4 0 7 7 2 1 1 8 5 1 8 9 8 9 6 4 3 6 9 8 6 3 4 1 4 9 3 9 9 7 6 4 5 1 6 0 3 2 0 8 7 6 3 1 6 1 1 1 6 1 8 7 7 9 1 8 4 2 0 5 4 1 6 5 1 2 2 6 , . , , , , , , , , , . , , , , 9 2 0 5 2 6 0 6 1 4 1 2 1 3 0 8 5 9 9 2 9 1 8 3 3 7 1 8 4 7 6 5 4 3 7 6 1 1 1 1 2 9 2 6 3 5 3 7 6 2 5 0 8 2 1 1 1 1 1 8 1 1 0 1 1 , , , , , , 2 2 2 2 1 5 4 2 1 6 6 9 9 9 5 4 2 3 9 2 8 8 6 " 1 2 1 3 1 6 1 9 0 7 3 2 2 2 1 2 2 4 4 4 3 8 4 . , , , . , 3 3 0 4 4 1 7 5 4 3 3 2 7 4 5 6 9 7 6 8 1 6 8 0 4 9 4 1 0 6 1 3 0 5 1 4 4 1 1 1 1 5 4 3 9 1 0 0 0 0 3 1 1 3 1 1 1 7 1 9 , , . , , , , , , , , , , , , . , 5 6 0 0 6 2 1 9 4 5 5 4 7 2 0 7 1 4 4 1 0 1 4 7 7 5 5 7 7 3 6 4 8 2 5 2 1 9 6 5 6 7 9 0 9 4 9 9 4 3 8 3 9 4 W 5 1 1 - 1 1 1 1 - 1 1 1 1 i 1 1 1 1 t 5 9 9 9 9 9 9 9 9 9 9 9 9 h c 0 4 4 4 4 4 4 4 4 4 4 4 i 4 a y 7 n 4 5 6 7 5 4 4 5 7 6 6 v l e — — — — — — — — — — — l e — a 1 a a r D D D F D M M D D D F J b D D F J y s r u J u e e l e s : e e e e e e e e e e u n e b n a a b : b c c c c c c c c c a : e n e r r r . e . : . . . . . . . . . 3 2 3 3 3 2 3 3 3 3 3 1 1 2 7 3 7 8 7 8 5 4 5 9 9 6 7 7 5 0 , , , , , . , , , , , . , , , , , 8 0 2 9 2 2 1 0 9 3 5 5 7 8 8 2 1 4 2 8 0 5 8 9 5 6 7 7 7 0 3 0 2 1 7 5 3 9 7 3 3 5 5 6 0 0 2 2 2 7 9 5 5 5 5 4 4 5 7 7 7 5 1 2 2 7 8 2 1 8 7 4 0 8 8 2 2 8 8 9 0 5 7 5 6 3 6 3 8 0 3 9 9 5 3 4 1 2 1 , , , 5 4 0 3 2 6 6 8 8 1 2 7 6 1 5 3 1 1 6 9 3 3 3 7 9 7 9 0 4 6 7 7 1 0 6 2 1 5 1 2 3 7 2 7 9 6 1 2 2 2 2 2 2 1 2 1 2 2 6 1 1 8 7 9 4 6 4 5 4 8 5 9 5 5 3 . , , . , , , . , , , , . , . , , 9 0 6 9 1 0 1 4 9 2 3 0 9 6 3 0 4 2 0 5 3 8 0 6 5 8 7 4 1 9 5 5 7 7 7 8 7 3 6 1 5 3 5 0 1 6 0 5 6 3 9 2 3 2 2 1 1 1 1 , , , , , , , , 6 0 4 0 0 2 1 0 8 2 7 7 1 1 1 0 4 4 3 2 4 4 5 0 6 0 3 8 3 6 1 5 9 7 8 3 7 7 2 8 1 6 9 4 1 4 3 6 6 2 2 3 2 2 2 2 2 1 1 1 , , , , . , , , , , , 8 8 7 1 1 9 8 7 5 1 8 3 5 2 4 5 1 4 3 2 0 0 5 8 0 8 2 0 0 8 9 3 9 7 2 1 6 8 2 4 2 3 7 1 6 6 1 1 5 5 1 4 9 6 5 5 6 6 6 6 6 6 2 2 2 2 2 1 , , , . , , , , , , , , , , , , , 9 1 6 6 7 0 5 3 5 5 6 7 5 4 2 5 7 1 5 3 3 1 1 6 8 5 8 7 6 9 1 0 8 9 5 6 1 6 2 9 3 3 0 9 3 1 1 8 4 4 0 Tr 1 1 1 1 e 9 9 a 9 9 s 4 4 4 4 u 4 5 7 6 r — — — — y D D D M F J b u e e e e o n a b c c c n r e d .. s : . . 2 2 1 1 1 8 2 3 8 0 0 , , , , , . 2 9 1 0 0 0 6 6 4 3 9 9 1 7 9 2 0 0 6 1 1 9 8 6 0 1 1 2 1 1 , , , 1 3 3 4 5 7 2 5 5 6 4 4 0 2 5 4 6 8 5 5 6 5 6 1 , , , . , , 1 4 7 3 1 0 2 9 1 0 2 9 2 6 1 1 0 6 3 2 2 1 1 1 1 2 3 7 8 5 1 7 6 9 8 4 5 2 5 6 6 5 7 9 6 2 0 7 9 8 8 3 3 6 2 5 4 4 2 2 , , , , , . 2 7 0 2 3 7 2 5 9 5 8 9 4 4 8 3 8 6 10 1 1 1 1 -2 9 9 9 9 0 4 4 4 4 5 4 7 6 y — — — — ea D M D D F J r u e s e e e a n b : c c c r e 2 3 3 3 2 3 4 7 2 6 3 2 , . , , , , 8 9 1 3 2 3 1 8 8 8 5 8 7 5 9 4 8 4 2 3 2 2 2 , , . , , 9 9 4 7 0 4 7 7 0 7 9 79 6 5 9 0 8 1 9 8 4 7 7 7 0 3 5 2 8 8 1 3 3 2 3 2 6 , , , , , , 3 6 4 3 4 4 9 9 3 0 3 1 1 1 3 8 5 3 5 3 5 6 5 1 , , , , , , 1 3 7 0 3 5 9 8 2 2 0 2 4 6 3 6 3 31 1 1 1 2 8 2 1 0 1 , , , , , , 7 2 5 7 7 9 4 4 0 0 5 9 1 7 8 0 4 6 9 4 9 6 1 1 , , . , , , 8 9 8 8 7 7 0 2 2 8 5 9 5 9 5 8 6 3 1 1 1 1 9 9 9 9 4 4 4 4 5 4 7 6 — — — — D M D F D J e e e u e a b c c c n r e .. . . . . , 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 6 1 1 1 7 1 5 8 9 9 3 5 5 6 2 3 1, 9 2 7 7 7 7 4 4 5 5 5 5 7 5 3 3 3 3 3 4 4 4 4 4 6 7 6 8 8 8 , , , , , , 5 3 5 4 4 4 3 3 0 0 7 4 5 5 8 8 7 2 1 1 1 1 0 7 0 1 1 1 , , , , , , 7 2 7 0 1 2 1 4 0 4 8 3 7 3 4 9 4 7 2 1 2 2 2 J 2 7 3 3 3 3 , . , , , . 2 8 3 0 3 2 5 3 0 7 2 1 9 0 7 3 6 1 3 2 3 2 2 > 3 3 0 9 9 9 , , , , , . 0 7 4 3 5 7 9 6 7 0 8 0 * 4 9 8 8 0 Af 1 t 1 1 1 e 9 9 9 9 r 4 4 4 4 4 5 7 2 6 — — — 0 — M y D D D F J e e e e e u a a b c c c r n rs e : .... 3 1 2 2 2 2 2 4 1 2 2 2 , , . , . , 3 7 3 1 3 3 8 8 7 7 9 7 4 1 2 2 4 2 2 1 2 2 2 2 , , , , , . 7 9 1 7 0 0 4 7 0 9 6 8 8 5 3 1 4 4 9 5 5 7 5 5 5 7 7 8 5 5 2 2 2 1 2 2 , , , , , . 0 4 4 5 6 6 6 4 1 5 3 5 6 0 8 0 2 3 5 2 2 2 2 , , , , . 3 0 5 7 6 5 2 5 1 3 8 0 1 9 0 9 2 7 1 4 6 6 6 6 1 , , , , , , 3 6 3 6 9 7 8 0 2 4 4 3 1 2 6 5 0 3 9 8 3 0 8 8 , , , , , . 8 2 3 3 5 8 1 0 1 9 5 2 5 3 2 4 9 6 Mar.. . . 22,372 2,091 55 2,631 2,787 6,639 8,169 1 Including stock savings banks. 8 Including Postal Savings and prewar bonds and a small amount of Guaranteed securities, not shown separately below. 726 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 u t 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 r ip e e - t t s8 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 a u t c s n c n s - . t t t s s o - O p tu e e t n r h x e d - e s r i- e b i T x u t p u o d e r t g n e a e s l d t - s B ( d u + e u r ) f d p ic g l o u i e t r s t c T e o a r t u c u c n - . s 4 t t s G b In a d f e d u c l u n e a r n r c e e n 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 8,393 26,262 5,291 1,7513,711 45,408 44,149 2,609 87039 556 5,369 95,573 -51,424 -2,222 +10,662+64,307 June 1945 10,28924,884 6,949 1,793 3,82447,740 46,4573,61790,029 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 48542 1,918 8,532 63,714 -20,676 +524-10,460-1-10,740 1946—May .. 966 442 615 285 690 2,998 2,733 106 2,182 95 1,481 3,864 -1,131 +48 398 -1,316 June 650 2,742 615 76 399 4,482 4,479 1,395 2,442 5 1,510 5,352 -873 -265 -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 1,288 3,113 +706 -125 +1210 +628 M Fe a b r r c u h ary.. 1,3 7 7 8 6 5 3 1, , 8 8 4 6 5 5 6 6 6 8 6 2 3 1 8 1 7 8 3 27 6 5 8 4 5 , , 6 72 43 4 4 5, , 7 3 0 7 1 8 6 1 2 2 6 4 1 1 , , 4 4 5 2 7 8 16 2 1 , ,5 3 4 1 4 8 3 3 , , 9 5 1 9 4 8 +2 + ,1 4 0 6 2 4 + - 3 3 1 3 7 +2 • 4 2 2 2 2 4 + -2 1 , , 2 6 9 4 4 2 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 May 1,218 400 595 365 625 3,204 2,865 1.327 432 2,000 3,851 -987 +99 245 +642 Details of trust accounts, etc. General fund of the Treasury (end of period) Social Security accounts Net ex- Other Assets penditures! Period in check- Balance ing ac- De- De- Total in c N e r i e e p - t ts I m n e v n es ts t- p t e u E n r x e d - s i- c G o m o u v n e e t n s r t n o - f ce R i e p - ts I m nv e e n s ts t- p t e u E n r x e d - s i- Total F p e o d i s n e i r ts al s p p o e i s n c i i t a s l a O s t s h e e ts r lia ti b e i s li- ge fu n n e d ral agencies Reserve deposi- 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—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 32 -26 4,707 842 2,317 1,548 395 4,312 May 590 159 126 -33 327 567 4,402 989 1,807 1,607 336 4.066 1 Details on collection basis given in table below. 2 Withheld by employers (Current Tax Payment Act of 1943). 1 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 it s s s p O t r a o t x h f e i e t s r s t a a g n x if d e t s c o e th l t l e a a r x n e 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 c o o E f m x in c c e e - a ( s s + s h ) or Fiscal year ending: outgo(—) Tune—1940 982 1,121 27 360 2 000 1941 1,418 1,852 164 37 407 2 547 Fiscal year ending 1942 3,263 3,069 1,618 57 433 3,405 June—1940 7,019 9,555 —2,536 1943 686 5,944 4,521 5,064 84 447 4 124 1941 9,298 14,031 -4,733 1944 7,823 10,438 5,284 9,345 137 511 4,842 1942 15,374 34,717 -19,342 1945 10,264 8,770 4,880 11,004 144 643 6,317 1943 25,485 79,253 -53,769 1946 9,858 8,847 4,640 7,822 91 677 7,036 1944 48,254 94,296 -46,043 1945 51,332 96,263 -44,931 1946—April 708 508 157 324 5 66 549 1946 48,103 65,904 -17,800 M^ay .. 1 245 175 82 157 3 64 577 June 30 1,053 744 994 16 63 548 1946—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 April 1,014 648 228 66 2 68 572 February.. 5,163 3,690 +1,474 March .... 5,975 3,352 +2,623 April 2,862 3,687 -825 JUNE 1947 727 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOVERNMENT CORPORATIONS AND CREDIT AGENCIES [Based on compilation by United States Treasury Department. In millions of dollars] PRINCIPAL ASSETS AND LIABILITIES Assets, other than interagency items1 Li i a n b te il r i a ti g e e s n , c o y th i e t r e m th s an Com- Bonds, notes, U.S. Pri- Corporation or agency- Total Cash L c a r o e b e i a l v - n e - s m m p r t s a i l i u o a n i e a p e t d s l d e s - s , i - , - G U s ri e o t . c i S I v e u m n . t s - . v e e n O r s s t i s t e t t - i c h e u e s - r 2 s t e L m u t a q r a r n u e u n e d n i c d s p - t , , - c u h f u t e n D a a r r t r n i d r e e g b e d i d - e s - d - s3 O s a t e s h t - s er b a t F g y n u a u u t r n e U a e l d l e r s y . - d S d p . e a b O y e a t n b h - l e e r O li i a t t i b h e i e s l r - n m G e e t r o e e s n v r n t - - - t o v in w a e t t s e n e t r e l - y d All agencies: Mar. 31, 1946 33,325 1,279 5,069 1,918 ,789 28520,784 460 1,741 536 1,133 4.95926,218 479 June 30, 1946 29,869 1,305 5,381 1,550 ,767 43917,438 3851,605 325 1,234 4,93922,889 482 Sept. 30, 1946 29,569 1,157 5,949 1,429 ,836 39016,973 299 ,536 377 1,250 3,37724,069 496 Dec. 31, 1946 30.400 1 ,398 6.649 1.265 ,873 54716,974 t .414 261 1,252 3,58824,810 498 Mar. 31, 1947 32,337 1,588 7,294 1,003 ,985 3,42615,486 3801,176 169 1,250 3,14227,268 509 Classification by agency, Mar. 31, 1947 Department of Agriculture: Farm Credit Administration: Banks for cooperatives 322 254 43 39 273 11 Federal intermediate credit banks. 388 326 43 349 37 Federal land banks ,076 137 722 77 '243 Production credit corporations.... 113 68 43 113 Regional Agricultural Credit Corp. 15 1 15 Agricultural Marketing Act Revolving Fund 2 1 1 2 Federal Farm Mortgage Corp....... 118 7 108 3 3 113 Rural Electrification Administration. 581 6 570 5 () 581 Commodity Credit Corp ,277 503 172 383 214 'l26 1,226 -74 Farmers' Home Administration 478 77 327 56 4 473 Federal Crop Insurance Corp 16 3 13 22 -6 National Housing Agency: Federal Home Loan Bank Adm.: Federal home loan banks 236 198 140 116 Federal Savings and Loan Insurance Corp 180 175 176 Home Owners' Loan Corp 633 *583 15 609 Federal Public Housing Authority and affiliate: Federal Public Housing Authority 528 6 278 227 6 12 516 Defense Homes Corp 57 1 1 55 (4) 56 Federal Housing Administration 200 40 26 122 1 12 36 158 Federal National Mortgage Association. 5 5 6 5 R.F.C. Mortgage Company 42 33 7 2 (4) 41 Reconstruction Finance Corp.5 4,457 727 487 2,587 216 230 701 3,757 Export-Import Bank 1,518 1 1,508 193 1,325 Federal Deposit Insurance Corp 1,123 9 1 () 9 953 Federal Works Agency 267 2 75 143 47 267 Tennessee Valley Authority 769 25 731 4 760 U. S. Maritime Commission: Maritime Commission activities'. . . . 4,192 560 3,305 29 212 393 3,799 War Shipping Adm. activities6 7,003 163 6,507 115 191 333 6,670 Allother7 6,514 1,170 23 3^227 1,894 10 135 61 6,453 CLASSIFICATION OF LOANS BY PURPOSE AND AGENCY Mar. 31, 1947 Purpose of loan b l F a a e n n d k d . s M C F F a o e o r r d r m p t . . . c b i m F n r a a e e t e n t e d d e d k r i i . - s t - f o B t o i p a r v e n e r c k s a o s - - C m C C r o o o e d r m d p i i - t . t y t R A r E t i i f u l d o i e r c m n c a a - l . - H A F e a o d r r m s m m ' 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 - a D g e 1 e c 9 a n . 4 l c l 6 3 i , e 1 s , To aid agriculture 957 137 326 255 201 570 600 (4) 10 3,056 2,884 To aid home owners 596 40 27 663 659 To aid industry: Railroads 150 17 167 171 Other 163 41 204 192 To aid financial institutions: Banks 12 5 17 19 Other ' 236' 2 238 295 Foreign loans 239 1,515 i; 166 2,854 2,284 Other 278 226 (4) 86 590 623 Less: Reserve for losses. 68 29 (4) 1 29 (4) 273 13 66 10 497 478 Total loans receivable (net) 889 108 326 254 172 570 327 583 278 236 765 1,508 1,277 7,294 6,649 1 Assets are shown on a net basis, i.e., after reserves for losses. 2 Beginning June 30, 1946, includes investment of the United States in international institutions as follows (in millions of dollars): Stock of the International Bank for Reconstruction and Development—June 30, 1946, 159; Sept. 30, 1946, 159; Dec. 31, 1946, 318; Mar. 31, 1947, 476; International Monetary Fund Quota—Mar. 31, 1947, 2,750. 3 Deferred charges included under "Other assets" prior to Mar. 31, 1947. 4 Less than $500,000. 5 Includes U. S. Commercial Company and War Damage Corp. 6 Figures are for Feb. 28, 1947, with the exception of those for lend-lease and UNRRA activities. 7 Figures for Inland Waterways Corp. and Warrior River Terminal Co., Inc., which are included in this group, are for Feb. 28, 1947, and those of The Virgin Islands Co. are as of Dec. 31, 1946. NOTE.—This table is based on the revised form of the Treasury Statement beginning Sept. 30, 1944, which is on a quarterly basis. Quarterly figures are not comparable with monthly figures previously published. Monthly figures on the old reporting basis for the months prior to Sept. 30, 1944, may be found in earlier issues of the BULLETIN (see p. 1110 of the November 1944 BULLETIN) and in Banking and Monetary Statistics, Table 152, p. 517. 728 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BUSINESS INDEXES [The terms "adjusted" and "unadjusted" refer to adjustment of monthly figures for seasonal variation) In p c a o y m - e In (p d h u 1 y s 9 s t i r 3 c i 5 a a - l l 3 v p 9 o r = o lu 1 d m 0 u 0 c e t ) i * o n 2 aw 1 C a 9 o r c 2 d n o 3 e s n - d t t 2 r r u 5 a ( c = v c t t a 1 i s l o 0 u n 0 e)8 Em 19 p 3 lo 9 y = m 10 e 0 nt4 F to a r c y - c F a r r e lo ig a h d t - D m s e to e p n r a e t rt- W s h a o l l e e- Cost of Y an ea d r 1 ( m v 9 a 3 e l 5 n u - t e 3 s ) 0 1 f M ac a tu n r u e - s Resi- Non- r 9 p o 3 l a l y 9 s* = 9 = in 3 1 g 5 0 s - 0 * 39 u s ( e v a ) l a * e l s - 6 p m c r o o ic m d e i - s t 4 y 1 l = 9 iv 3 1 i 5 n 0 - g 0 V * ) Month =100 Total D ab u l r e - N du o r n - - M er i a n ls - Total d ti e a n l - o A th l e l r t a c u g u r r l a - i- l Factory 100 9 = 3 1 5— 00 39 = 1 1 9 0 2 0 6 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 7 103.9 120 83 138.6 123.8 1920 75 93 60 83 63 30 90 104 2 124.2 129 99 154.4 143.3 1921 58 53 57 66 56 44 65 70.7 80 2 110 92 97.6 127.7 1922 73 81 67 71 79 68 88 88.2 86.0 121 94 96" 7 119.7 1923 88 103 72 98 84 81 86 101.0 109.1 142 105 100.6 121 ^9 1924 .... 82 95 69 89 94 95 94 93^8 101 7 139 105 98.1 122.2 1925 90 107 76 92 122 124 120 97.0 107.2 146 110 103*5 125.4 1926 96 114 79 100 129 121 135 98 9 110.5 152 113 100 0 126*4 1927 . . 95 107 83 100 129 117 139 96 8 108.5 147 114 95.4 124*0 1928 99 117 85 99 135 126 142 96 9 109 7 148 115 96 7 122.6 1929 122.9 110 132 93 107 117 87 142 102.8 103.1 117.1 152 117 95.3 122*5 1930 109 1 91 98 84 93 92 50 125 95 8 89 8 94.7 131 108 86.4 119*4 1931 92.3 75 67 79 80 63 37 84 86 3 75.8 71.8 105 97 73.0 108*7 1932 . . 70 6 58 41 70 67 28 13 40 75.7 64 4 49 5 78 75 64.8 97*6 1933 68 9 69 54 79 76 25 11 37 76.1 71 3 53.1 82 73 65 .9 92*4 1934 78.7 75 65 81 80 32 12 48 84.0 83.1 68.3 89 83 74 9 95*7 1935 87 1 87 83 90 86 37 21 50 87 8 88.7 78.6 92 88 80.0 98^1 1936 101 3 103 108 100 99 55 37 70 95 .1 96.4 91.2 107 100 80.8 99 1 1937 ..... 107 7 113 122 106 112 59 41 74 101 A 105*8 108.8 111 107 86^3 102.7 1938 ,.. 98.5 89 78 95 97 64 45 80 94.6 90 0 84.7 89 99 78.6 100*8 1939 105 4 109 109 109 106 72 60 81 100 0 100.0 100.0 101 106 77*1 99.4 1940 113 5 125 139 115 117 81 72 89 105.8 107.5 114.5 109 114 78*6 100*2 1941 138 0 162 201 142 125 122 89 149 119 4 132 1 167.5 130 133 87.3 105.2 1942 174.6 190 279 158 129 166 82 235 131 1 154.0 245.2 138 149 98 8 116 5 1943 213.0 230 360 176 132 68 40 92 138.8 177.7 334 4 137 168 103.1 123*6 1944 233 4 235 353 171 140 41 16 61 137.0 172.4 345 7 140 186 104.0 125.5 1945 239 1 203 274 166 137 68 26 102 132.0 151.8 293 4 135 207 105 .8 128*4 1946 J>245 1 *170 P192 *»165 J»134 153 143 161 134^4 142^0 266.4 132 264 121' 1 139 3 1944 July 233 2 230 232 347 165 139 38 14 57 136.7 171.3 171.9 339.6 142 186 104.1 126.1 August.... 234 0 232 235 348 168 142 41 13 63 136.5 170.7 172.0 343.1 142 187 103.9 126.4 September 232 5 230 234 342 168 143 39 13 61 136.0 160.3 170.1 341.9 139 190 104.0 126.5 October. . . 235 5 232 234 344 169 143 42 13 65 135.5 168.1 168.5 343.8 137 193 104 1 126.5 November 237.5 232 232 341 173 143 46 13 73 135.4 167.2 167.7 341.0 141 201 104.4 126.6 December. 239.0 232 230 343 173 137 51 14 81 135.9 168.0 168.3 346.7 137 199 104.7 127.0 1945 January.. 241 9 234 230 345 175 140 48 14 75 136.2 168.8 168.2 347.0 144 198 104.0 127.1 February.. 245 2 236 232 346 176 141 59 13 96 136.6 160.3 168.7 347.5 139 208 105.2 126.9 March.... 244.1 235 232 345 176 142 72 15 118 136.4 168.3 167.7 345.7 145 216 105.3 126.8 April 242.3 230 229 336 174 140 70 18 112 135.8 166.0 165.2 338.5 141 181 105 7 127.1 May 241 .9 225 225 323 173 138 58 20 89 134.8 163 6 162.5 324 9 141 190 106 0 128.1 June .... 244 6 220 220 308 173 144 50 22 73 134.2 160 3 160 0 321.8 140 106 1 129 0 July 243 4 210 211 292 165 143 54 23 79 132.9 155.0 155.6 306.6 139 215 105 0 129*4 August... 236 0 186 188 239 157 140 61 24 91 131.8 150.4 151.7 273.6 128 200 105.7 129.3 September 229 0 167 171 194 156 134 69 26 104 125.8 130.1 130 8 228.7 127 203 105.2 128.9 October 231 4 162 164 186 154 124 83 36 121 125.4 120.5 129.9 227.7 118 105 0 128.9 November 235.7 168 167 191 158 138 94 44 134 126.5 130.1 130.5 227.7 133 222 106.8 129.3 December 234.1 163 161 185 156 133 108 56 150 127.0 130.6 130.9 231.4 127 219 107.1 129.9 1946 January.. 233.5 160 156 166 161 141 107 61 145 129.0 133.2 132.6 234.1 133 227 107.1 120.9 February 231.7 152 148 138 167 141 136 95 169 127.2 124.4 123.9 214.3 126 250 107 7 120.6 March. . . 234.7 168 164 183 166 137 147 129 161 130.5 132.6 132.1 238.3 130 258 108 9 130.2 April 236.4 165 163 190 164 104 170 172 168 132.4 130.4 138.5 254.8 109 252 110 ? 131.1 May 239 7 159 159 175 161 115 169 179 161 133 .5 140.7 139 6 253 5 106 258 Ill 0 131.7 June 240 9 170 171 193 162 139 174 177 172 134.5 142.2 141.9 262.8 133 276 112.0 133.3 July ... 250 6 172 174 202 157 146 165 161 168 134.9 143.0 143 6 267 1 13* 273 124 7 141 2 August.. . 252 1 178 180 208 164 144 158 157 158 136.6 146.3 147.7 284.4 141 290 120.1 144.1 September 246.6 180 184 212 165 146 151 147 155 137.7 148.6 149.5 200.3 138 270 124 0 145.9 October. 254.5 182 184 214 168 145 145 140 148 138.1 140.1 149.6 202.8 139 257 134 1 148.6 November 259 2 183 183 214 173 136 139 122 152 139.0 151.5 152.0 208.2 137 272 130.7 152.2 December 261.6 182 180 211 174 137 154 163 139.3 152.4 152.8 306.2 140 274 140.9 153.3 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. 263.6 189 185 222 176 146 151 152 149 130.6 154.51 153.8 310.7 142 ?69 144.6 153.2 March. . . 264.5 190 187 225 176 148 132 129 134! 140.0 154.7! 154.0 313.0 146 '275 14°. 6 156.3 April P262.1 P186 P184 P222 P172 P142 P!32 P124 P139P138.5 P153.4 P152.5 136 274 147.7 156.1 * Average per working day. P Preliminary. r Revised 1 Department of Commerce series on value of payments to individuals. 1 For indexes by group? or industries, see pp. 730-733 For points in total index, by major groups, see p. 749. » Based on F W Dodge Corporation data; for description, see p. 358 of BULLETIN for July 1931; by groups, see p. 727 of this BULLETIN. 4 The unadjusted indexes of employment and pay rolls, wholesale commodity prices, and cost of living are compiled by or based on data of the Bureau of Labor Statistics. Nonagricultural employment covers employees only and excludes personnel in the armed forces 6 For indexes by Federal Reserve districts and other department store data, «ee pp. 739-741. Bark figures in BULLETIN.—For industrial production, August 1040. pp. 825-882, September 1941, pn. 033-037. and October 1043, pr>. 0S8-084; for factory employment, January and December 1943, pp. 14 and 1187, respectively, October 1945, p. 1055, and May 1947, p. 585; for department stores sales, June 1944,rpp. 549-561. 729 JUNE 1947 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION, BY INDUSTRIES (Adjusted for Seasonal Variation) [Index numbers of the Board of Governors. 1935-39 average=100] 1946 1947 Industry Apr. May June July Aug. Sept. Oct. Nov. Dec Jan. Feb. Mar. Apr, Industrial Production—Total. 165 159 170 172 178 180 182 183 182 189 189 190 P186 Manufactures—Total 176 167 176 177 184 186 188 191 190 196 197 198 P194 Durable Manufactures 190 175 193 202 208 212 214 214 211 221 222 225 P222 Iron and Steel 159 109 154 180 184 185 184 178 159 192 191 196 195 Pig iron 142 86 144 178 186 184 183 174 152 193 191 194 189 Steel 175 126 167 190 196 196 195 193 174 206 207 213 213 Open hearth. 148 98 142 169 170 172 171 163 145 177 174 179 178 Electric 363 319 343 343 381 366 369 404 381 446 '457 468 Machinery 225 230 241 243 254 261 268 271 276 '277 281 Manufacturing Arsenals and Depots1, Transportation Equipment 245 239 238 241 242 240 237 235 235 229 233 237 P237 Automobiles2 161 162 167 176 182 188 185 187 181 190 P194 (Aircraft; Railroad cars; Locomotives; Shipbuilding— Private and Government) x Nonferrous Metals and Products. 132 128 137 151 159 172 184 192 197 "204 '204 198 P197 Smelting and refining 108 105 110 140 150 161 168 175 181 184 188 192 P199 (Copper smelting; Lead refining; Zinc smelting; Aluminum; Magnesium; Tin)1 Fabricating 138 147 155 163 176 191 198 203 212 200 P197 (Copper products; Lead shipments; Zinc shipments; Aluminum products; Magnesium products; Tin consumption)1 Lumber and Products . 129 133 129 135 137 136 142 141 142 147 147 P141 Lumber... 123 123 127 121 126 129 127 135 132 131 137 138 Furniture. 144 142 146 144 152 152 155 157 160 161 167 166 P162 Stone, Clay, and Glass Products. 190 175 190 192 197 204 200 202 210 r219 219 218 P210 Glass products 214 193 209 218 215 238 227 226 232 245 235 241 233 Plate glass 130 133 119 129 114 161 158 152 135 149 154 159 151 Glass containers , 243 213 240 249 251 265 250 251 265 278 263 269 262 Cement 152 127 155 155 159 162 156 162 177 182 203 192 175 Clay products , 148 140 148 147 150 150 149 150 152 168 164 165 '164 Gypsum and plaster products... . 202 187 194 187 215 212 212 215 219 227 232 226 '220 Abrasive and asbestos products. . 221 222 232 233 242 235 241 252 263 271 260 258 Other stone and clay products1.., Nondurable Manufactures. 164 161 162 157 164 165 168 173 174 177 176 176 172 Textiles and Products 161 165 165 145 163 168 169 174 164 172 173 172 P165 Textile fabrics 149 153 154 133 152 156 157 163 152 160 161 160 '151 R C a o y tt o o n n d c e o l n iv s e u r m ie p s tion 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 9 153 2 1 4 5 8 5 2 1 5 6 6 4 2 1 5 4 4 1 r2 1 6 6 3 1 '2 1 6 6 2 1 2 1 7 6 0 0 2 1 6 5 8 4 Nylon and silk consumption1..., 242 Wool textiles 169 174 174 144 173 181 178 181 180 171 '178 172 Carpet wool consumption. . 122 134 137 101 137 144 143 161 165 155 -•174 182 Apparel wool consumption. 224 231 225 192 226 239 230 230 223 214 222 210 Woolen .and worsted yarn. . 171 176 175 143 173 180 177 178 175 166 169 161 Woolen yarn 172 180 178 147 178 183 177 178 171 160 158 145 Worsted yarn 169 170 170 138 165 176 176 177 180 175 184 183 Woolen and worsted cloth.. 174 176 178 151 176 184 181 181 181 173 171 Leather and Products. 131 127 128 103 120 119 117 121 115 116 "120 121 117 Leather tanning 115 104 107 99 101 101 97 110 110 112 118 121 Cattle hide leathers 135 124 128 117 119 114 103 121 122 127 134 140 Calf and kip leathers 84 75 75 6(5 70 81 78 91 94 96 98 97 Goat and kid leathers 54 49 45 45 49 51 67 70 68 67 81 83 Sheep and lamb leathers. 134 118 128 125 124 134 141 137 130 117 108 102 Shoes 106 117 118 P\\S 142 142 142 133 131 130 129 121 Manufactured Food Products. 150 162 161 '156 P156 153 145 139 147 136 146 156 158 W Ca h n e e a t s u f g lo a u r r meltings1 120 100 109 127 131 135 135 145 155 158 160 P\S6 Manufactured dairy products.. J>120 *129 P137 P143 P146 P146 P147 P148 P149 P153 P154 Butter 65 62 62 73 74 79 79 77 79 82 81 85 82 Cheese 173 166 167 168 169 168 164 172 172 178 185 198 207 Canned and dried milk 163 163 174 178 173 163 142 143 148 147 152 164 173 Ice cream P Preliminary. r Revised. 1 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. 730 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 Apr. May June July Aug. Sept. Oct. Nov. Dec, Jan. Feb. Mar. Apr, Manufactured Food Products—Continued Meat packing 130 120 85 165 138 38 115 163 151 163 159 149 150 Pork and lard 157 151 97 190 141 24 116 179 151 172 165 143 153 Beef 101 90 65 145 139 41 107 150 162 164 167 169 159 Veal 72 68 60 132 134 81 140 160 138 133 121 122 121 Lamb and mutton. 132 94 126 121 110 93 131 116 105 108 104 101 105 Other manufactured foods 164 156 151 153 151 150 154 160 168 165 158 161 '158 Processed fruits and vegetables. 165 158 162 175 155 143 167 160 170 157 137 150 Confectionery 132 136 123 109 107 110 123 135 147 138 142 145 147 Other food products 169 159 153 154 158 159 156 164 172 171 167 166 162* Alcoholic Beverages. 169 155 161 176 174 227 206 213 234 241 223 208 189 Malt liquor 117 109 123 128 123 197 179 194 202 183 157 160 154 Whiskey 96 60 61 65 56 71 68 64 158 188 179 151 131 Other distilled spirits. 356 352 343 377 426 384 241 191 333 623 695 619 503 Rectified liquors 409 387 367 426 427 461 460 463 426 408 372 314 276 Industrial Alcohol from Beverage Plants*- Tobacco Products 154 163 153 140 155 157 173 148 158 168 158 160 Cigars 109 110 108 99 110 112 127 131 109 112 110 98 94 Cigarettes 205 219 200 181 202 205 226 216 192 208 228 216 221 Other tobacco products. 69 71 76 72 79 76 79 81 72 69 67 66 Paper and Paper Products. 146 142 146 136 147 150 152 153 150 156 157 159 P156 Paper and pulp 141 138 142 131 142 144 146 147 146 150 151 154 Pulp 155 150 161 147 156 162 163 162 159 166 171 174 Groundwood pulp 96 92 99 96 98 101 106 96 98 99 100 99 Soda pulp 112 100 107 101 110 111 108 109 109 109 109 113 Sulphate pulp 235 223 250 229 238 249 244 248 236 252 260 266 Sulphite pulp 131 133 137 122 132 136 141 139 139 145 150 151 Paper 139 136 139 129 140 142 144 145 144 147 148 151 147 Paperboard 166 160 164 155 169 172 172 175 168 179 181 180 178 Fine paper 85 84 85 72 85 85 89 90 86 83 83 88 87 Printing paper 144 141 143 127 134 138 144 142 155 153 155 160 158 Tissue and absorbent paper 143 143 142 138 151 152 155 156 152 148 142 151 144 Wrapping paper 126 128 132 124 135 133 135 136 134 137 137 139 132 Newsprint 86 83 83 84 83 87 85 84 87 87 89 89 93 Paperboard containers (same as Paperboard) . Printing and Publishing. 126 124 129 124 129 128 132 130 138 138 140 142 141 Newsprint consumption 108 108 116 121 123 117 119 118 120 122 125 124 124 Printing paper (same as shown under Paper). Petroleum and Coal Products. P!66 P!63 •>178 vl82 P181 P!79 "177 P!78 vl80 P185 P!86 Petroleum refining2 Gasoline 133 138 140 144 149 146 145 148 148 142 143 P148 Fuel oil 172 168 170 166 164 165 160 161 167 166 170 174 Lubricating oil 135 132 146 135 152 153 159 147 154 160 162 167 Kerosene 161 167 175 172 162 155 163 150 162 175 185 176 Other petroleum products1. Coke 113 73 137 160 165 166 167 152 143 171 172 172 166 By-product coke 116 75 133 155 159 161 160 148 139 163 165 165 162 Beehive coke 18 16 276 336 369 352 406 272 278 410 '416 424 322 Chemical Products. 235 231 233 235 237 235 238 243 249 253 -•252 252 P252 Paints 150 143 146 150 153 149 148 150 152 154 156 Soap 121 121 122 120 117 114 111 115 128 131 136 135 P137 Rayon 260 261 256 255 262 267 271 279 281 288 290 289 P291 Industrial chemicals 392 383 389 396 395 395 402 411 422 r430 429 432 Explosives and ammunition1. Other chemical products1 Rubber Products... 219 215 218 211 221 234 234 243 252 247 246 239 P235 Minerals—Total. 104 115 139 146 144 146 145 136 137 146 146 148 P142 Fuels 108 124 149 153 150 151 150 140 141 151 150 153 P143 Coal. 32 73 142 153 149 155 152 118 128 162 151 153 Bituminous coal. 10 60 156 159 15o 163 160 116 130 173 162 163 P127 Anthracite 121 125 86 128 120 125 124 123 121 118 107 113 PlOl Crude petroleum 154 151 149 149 150 147 146 150 P154 146 149 153 Metals. 103 107 111 111 117 HI 117 122 P118 P135 76 63 78 Metals other than gold and silver. 147 148 153 157 169 153 158 166 P\S9 P189 Iron ore 111 89 114 (Copper; Lead; Zinc)1 Gold Silver P Preliminary. r Revised. _ * Series included in total and group indexes but not available for publication separately. 2 This series is in process of revision. NOTE.—For description and back figures see BULLETIN for October 1943, pp. 940-984, September 1941, pp. 878-881 and 933-937, and August 1940, pp. 753-771 and 825-882. JUNE 1947 731 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION, BY INDUSTRIES (Without Seasonal Adjustment) [Index numbers of the Board of Governors. 1935-39 average = 100] 1947 Industry Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr, Industrial Production—Total.. 163 159 171 174 180 184 184 183 180 185 185 187 P184 Manufactures—Total 174 167 176 178 186 191 191 192 188 192 193 194 vl92 Durable Manufactures.. . . 190 175 194 203 210 214 215 214 209 218 219 223 P221 Iron and Steel 159 109 154 180 184 185 184 178 159 192 191 196 195 Pig iron 144 178 186 184 183 174 152 193 191 194 189 Steel 175 126 167 196 196 195 193 174 206 207 213 213 Open hearth. 148 98 142 170 172 171 163 145 177 174 179 178 Electric 363 319 343 343 381 366 404 381 r414 446 -•457 468 Machinery 225 230 241 243 254 261 268 271 276 '277 •277 281 P276 Manufacturing Arsenals and Depots l. Transportation Equipment 245 239 238 241 240 235 235 229 233 237 P237 Automobiles2 161 162 176 188 187 190 196 P194 (Aircraft; Railroad cars; Locomotives; Shipbuilding— Private and Government)1 Nonferrous Metals and Products. 128 150 172 192 197 •204 •204 198 197 Smelting and refining 105 139 161 176 182 188 192 '199 (Copper smelting; Lead refining; Zinc smelting; Aluminum; Magnesium; Tin)1 Fabricating 141 138 147 155 163 176 198 203 211 204 196 (Copper products; Lead shipments; Zinc shipments; Aluminum products; Magnesium products; Tin consumption)' Lumber and Products. 129 131 141 137 144 147 142 139 129 126 135 140 Lumber... 122 126 138 133 140 144 136 131 114 118 126 '129 Furniture. 144 142 146 144 152 152 155 157 160 167 166 •162 Stone, Clay, and Glass Products. 187 180 191 193 204 212 209 207 203 208 205 209 '207 Glass products 214 204 207 211 223 242 232 228 218 241 229 •241 233 Plate glass 130 133 119 129 114 161 158 152 135 149 154 159 151 Glass containers 243 228 237 239 261 270 258 254 247 255 -269 262 Cement 145 134 166 171 179 188 181 175 161 154 157 166 Clay products 144 140 147 147 154 155 158 155 158 156 156 158 159 Gypsum and plaster products.... 198 190 198 187 215 216 218 219 224 218 221 218 216 Abrasive and asbestos products. . 221 222 232 233 242 235 241 252 263 271 260 258 '251 Other stone and clay products*. . Nondurable Manufacture. 161 160 162 159 166 172 172 174 172 172 171 171 169 Textiles and Products 161 165 165 145 163 168 169 174 164 172 173 172 Textile fabrics 149 153 154 133 152 156 157 163 152 160 161 160 151 Cotton consumption 144 149 152 127 149 153 155 164 141 161 161 160 154 Rayon deliveries 249 251 245 239 240 242 248 256 254 -263 -262 270 268 Nylon and silk consumption *.. . Wool textiles 169 174 174 144 173 181 178 181 180 171 M78 172 Carpet wool consumption. . 122 134 137 101 137 144 143 161 165 155 '174 182 Apparel wool consumption. 224 231 225 192 226 239 230 230 223 214 222 210 Woolen and worsted yarn. . 171 176 175 143 173 180 177 178 175 166 169 161 Woolen yarn 172 180 178 147 178 183 177 178 171 160 158 145 Worsted yarn 169 170 170 138 165 176 176 177 180 175 184 183 Woolen and worsted cloth.. 174 176 178 151 176 184 181 181 181 173 178 171 Leather and Products. 131 127 127 101 119 118 117 123 114 116 123 121 Leather tanning 114 105 104 94 100 99 98 114 110 113 126 121 Cattle hide leathers 135 124 123 110 115 111 104 126 122 130 145 140 Calf and kip leathers 81 72 77 66 73 80 80 94 92 95 102 95 Goat and kid leathers 56 48 46 45 47 51 67 68 68 67 84 83 Sheep and lamb leathers. 131 127 127 116 127 131 141 145 124 109 119 99 Shoes 142 106 133 121 121 115 142 142 131 130 129 117 118 Manufactured Food Products. 137 161 164 141 141 142 139 137 164 158 158 157 149 Wheat flour 96 125 130 150 Cane sugar meltings * 116 104 147 143 146 153 162 Manufactured dairy products. 134 160 189 197 175 151 120 P96 P95 107 127 161 Butter 66 80 86 89 81 76 68 59 62 68 71 77 84 Cheese 180 222 237 20 V 189 171 148 129 124 132 151 178 216 Canned and dried milk. . . 184 227 240 207 179 150 115 103 114 119 137 161 196 Ice Cream P Preliminary. r Revised. * Series included in total and group indexes but not available for publication separately. 2 This series is currently based upon man-hour statistics for plants classified in the automobile and automobile parts industries and is designed to measure productive activity during the month in connection with assembly of passenger cars, trucks, trailers, and busses; production of bodies, parts, and accessories, including replacement parts; and output of nonautomotive products made in the plants covered. 732 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 Apr. May June July Aug. Sept. Oct. Nov. Dec, Jan. Feb. Mar. Apr Manufactured Food Products—Continued Meat packing 120 120 84 154 122 37 117 181 175 191 152 138 139 Pork and lard 143 151 97 167 108 19 109 210 199 225 162 133 139 Beef 95 90 63 147 141 44 117 156 162 168 153 154 149 Veal 71 70 60 132 132 89 160 172 130 124 106 115 118 Lamb and mutton. 128 96 117 116 107 100 136 116 103 115 105 99 102 Other manufactured foods 145 140 141 162 173 188 173 166 164 150 144 143 140 Processed fruits and vegetables. 101 103 125 228 255 315 216 147 132 102 86 83 Confectionery 110 104 91 89 115 142 161 159 149 142 144 135 Other food products 162 156 154 157 161 163 164 172 175 164 158 159 156 4 Icoholic Beverages. 164 157 174 187 174 237 221 196 210 206 195 187 182 Malt liquor 123 124 154 160 141 199 166 149 161 150 142 149 162 Whiskey 96 60 61 65 56 71 68 64 158 188 179 151 131 Other distilled spirits. 214 211 213 219 230 526 624 401 366 405 417 403 302 Rectified liquors 409 387 367 426 427 461 460 463 426 408 372 314 276 Industrial Alcohol from Beverage Plants l Tobacco Products 147 164 159 145 161 166 179 172 138 157 160 149 151 Cigars 109 110 108 99 110 112 127 131 109 112 110 98 94 Cigarettes 190 219 210 190 212 219 235 221 177 208 215 201 205 Other tobacco products. 69 71 77 72 77 81 85 83 63 68 65 66 68 Paper and Paper Products. 146 142 147 136 147 150 152 153 150 156 157 159 '156 Paper and pulp 141 138 142 131 142 144 146 147 146 150 151 154 Pulp 156 151 162 146 154 160 162 162 159 167 171 175 '151 Groundwood pulp 106 100 100 86 86 90 98 101 99 103 104 106 Soda pulp 112 100 107 101 110 111 108 109 109 109 109 113 Sulphate pulp 235 223 250 229 238 249 244 248 236 252 260 266 Sulphite pulp 131 133 137 122 132 136 141 139 139 145 150 151 Paper 139 136 139 128 140 142 144 145 144 147 148 151 147 Paperboard 166 160 164 155 169 172 172 175 168 179 181 180 178 Fine paper 85 84 85 72 85 85 89 90 86 83 83 88 87 Printing paper 144 141 143 127 134 138 144 142 155 153 155 160 158 Tissue and absorbent paper 144 143 145 133 151 152 156 156 147 147 147 151 146 Wrapping paper 126 128 132 124 135 133 135 136 134 137 137 139 132 Newsprint 88 83 84 82 82 87 85 85 85 87 89 89 95 Paperboard containers (same as Paperboard) . Printing and Publishing. . 129 126 129 115 123 128 135 135 141 133 138 145 144 Newsprint consumption 114 112 115 104 111 119 125 129 126 114 122 131 Printing paper (same as shown under Paper). Petroleum and Coal Products. P166 P163 l 74 P178 P!82 P181 P177 P178 P180 P185 P186 Petroleum refining2 Gasoline 133 138 140 144 149 146 145 148 148 142 143 142 P148 Fuel oil 172 168 170 166 164 165 160 161 167 166 170 174 Lubricating oil 141 137 146 133 151 153 159 147 152 155 160 165 O K t e h ro er s e p n e e troleum products l 165 169 164 160 155 154 163 155 167 179 194 180 Coke 113 73 137 160 165 166 167 152 143 171 172 172 166 By-product coke 116 75 133 155 159 161 160 148 139 163 165 165 162 Beehive coke 18 16 276 336 369 352 406 272 278 410 322 Chemical Products. . . 237 231 231 232 233 235 240 244 250 252 r253 254 "254 Paints 151 147 150 149 151 148 148 149 152 151 154 157 P157 Soap 119 117 119 119 119 119 116 116 128 128 134 135 *>134 Rayon 260 261 256 255 262 267 271 279 281 288 290 289 P291 I E n x d p u lo st s r i i v a e l s c a h n em d i a c m al m s unition* 392 383 389 396 395 395 402 411 422 r430 429 P435 Other chemical products 1. . . Rubber Products... 219 215 218 211 221 234 234 243 252 247 246 239 P235 Minerals—Total. 99 115 141 150 147 149 147 135 132 141 141 143 P139 Fuels. 108 124 149 153 150 151 150 140 141 151 150 153 P143 Coal. 32 73 142 153 155 152 118 128 162 151 153 P121 Bituminous coal. 10 60 156 159 156 163 160 116 130 173 162 163 P127 Anthracite 121 125 86 128 120 125 124 123 121 118 107 113 P101 Crude petroleum 146 149 153 154 151 149 149 150 147 146 150 153 *>154 Metals. 46 62 95 126 132 136 126 105 76 '84 P83 Pill Metals other than gold and silver. 61 143 188 189 180 144 92 104 P\S\ Iron ore 58 116 233 295 282 282 252 174 58 73 72 173 (Copper; Lead; Zinc)1 Gold Silver p Preliminary. r Revised. i Series included in total and group indexes but not available for publication separately. 1 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. JUNE 1947 733 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FACTORY EMPLOYMENT AND PAYROLLS, 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 Mar. Apr. Dec. Jan. Feb. Mar. Apr. Feb. Mar. Apr. Dec. Jan. Feb. Mar. Total 132.1 138.5 152.8 152.7 153.8 154.0 152.5 214.3 238.3 254.8 306.2 307.3 3/0.7 313.9 Durable goods.... 141.7 155.9 177.0 178.0 180.1 181.0 180.2 204.2 244.8 275.7 337.3 340.0 344.7 350.3 Nondurable goods. 124.4 124.8 133.6 132.8 133.0 132.8 130.6 224.1 232.1 234.4 275.8 275.3 277.5 278.4 Iron and Steel and Products 132.4 140.7 153.4 156.5 157.5 158.1 157.8 132.6 225.1 242.1 276.2 287.9 287.9 294.2 Blast furnaces, steel works, etc 117 120 120 124 124 124 48 189 193 194 209 209 213 S T t i e n e l c a c n a s s t a in n g d s other ti # nware 1 10 2 5 9 1 11 6 7 6 1 1 7 3 1 1 1 13 6 1 8 1 1 6 3 5 0 1 12 6 9 4 1 1 4 4 9 9 2 1 1 7 3 8 2 2 9 0 3 6 3 2 1 4 5 5 3 2 0 4 3 3 2 2 3 9 9 3 3 2 0 4 5 3 Hardware 112 122 139 140 143 144 196 209 230 286 289 298 301 Stoves and heating equipment 103 108 132 136 138 139 159 182 195 265 278 274 282 Steam, hot-water heating apparatus 121 145 168 174 173 174 204 218 263 313 331 332 337 Stamped and enameled ware 119 128 152 153 155 155 192 219 242 321 318 318 325 Structural and ornamental metal work.. ..' 129 161 162 163 166 134 211 293 294 Electrical Machinery 146.6 177.9 230.6 230.8 232.0 231.3 216.7 214.2 232. 296.6 430.2 425.6 422.9 431 2 Electrical equipment 103 130 174 175 176 175 139 155 209 317 317 315 324 Radios and phonographs 157 165 215 213 213 212 272 286 300 448 423 416 420 Machinery except Electrical , 172.3 186.1 219.6 222.0 223.5 225.1 225.3 264.0 287.3 312.9 399.9 406.6 409.6 416.6 Machinery and machine-shop products 155 170 188 189 190 191 239 258 290 347 350 352 355 Engines and turbines 135 185 245 244 244 244 231 231 312 501 492 493 494 Tractors 129 130 174 175 176 175 105 199 178 271 273 274 279 Agricultural, excluding tractors . . . 109 109 161 166 168 169 166 170 175 291 295 308 313 Machine tools 156 162 165 163 161 158 258 257 261 291 283 279 276 Machine-tool accessories 182 183 205 204 199 195 279 291 288 351 343 333 327 Pumps 202 213 243 243 245 247 350 359 378 468 467 485 490 Refrigerators 125 142 186 194 191 201 168 200 232 306 346 325 359 Transportation Equipment, except Autos. 299.9 317.6 298.2 298.4 298.3 297.2 302.5 509.4 525.5 578.7 571.2 562.6 557.5 555.2 Aircraft, except aircraft engines. . . 294 304 365 363 358 355 521 524 553 683 669 668 659 Aircraft engines 252 293 326 331 322 315 369 384 458 534 535 507 480 Shipbuilding and boatbuilding 316 307 206 206 204 203 530 549 555 399 396 377 384 Automobiles 115.3 160.5 192.3 187.7 196.6 198.2 198.7 147.6 173.0 250.7 328.9 321.1 337.3 347.7 Nonferrous Metals and Products , 141.4 153.8 185.8 186.9 188.9 188.0 185.1 226.9 252.1 276.2 356.3 354.8 361.0 360.2 Primary smelting and refining. . . . 105 101 145 146 150 150 204 182 173 271 282 285 Alloying and rolling, except aluminum 113 133 162 162 164 162 192 200 233 302 301 308 301 Aluminum manufactures 178 188 218 217 216 215 182 299 321 385 382 375 383 Lumber and Timber Basic Products 118.6 123.8 140.8 140.9 142.3 145.4 205.6 219.1 231.7 290.6 292.4 311.4 313.3 Sawmills and logging camps , 72 75 80 79 80 81 123 132 140 164 163 176 175 Planing and plywood mills 91 93 105 106 106 106 161 165 170 215 216 220 222 Furniture and Lumber Products 114.6 116.3 129.6 131.8 134.6 134.3 131.5 208.9 217.9 223.9 279.1 283.1 292.4 292.3 Furniture 97 98 106 109 111 110 177 184 190 223 235 243 242 Stone, Clay and Glass Products 128.3 131.1 144.4 144.9 144.5 145.3 210.0 223.1 230.3 281.6 280.0 278.4 285.7 Glass and glassware 146 147 149 149 146 148 237 247 250 283 283 271 284 Cement 99 105 122 122 121 121 142 155 172 209 198 201 203 Brick, tile, and terra cotta 96 99 110 111 111 112 158 169 181 225 227 227 232 Pottery and related products 132 134 149 150 152 152 210 217 219 274 270 279 287 Textile-Mill and Fiber Products 102.2 102.8 108.6 108.6 109.1 108.6 106. 202.5 211.4 214.^ 253.7 254.3 262.0 265.0 Cotton goods except small wares. . 112 112 118 119 119 119 230 242 246 301 304 309 322 Silk and rayon goods 75 75 80 80 80 80 158 164 167 198 201 207 209 Woolen and worsted manufactures. 106 107 110 109 109 106 227 234 239 253 252 275 262 Hosiery 70 71 75 75 76 76 125 129 131 158 156 158 158 Dyeing and finishing textiles 94 95 97 99 99 99 178 181 179 210 215 217 218 Apparel and Other Finished Textiles.. . . 126.4 126.7 136.6 138.0 141.7 141.9 137.1 236.1 259.1 259.0 292.7 300.6 314.1 311.5 Men's clothing, n.e.c '108 r110 '124 '125 '125 r195 '212 '219 '278 '277 '281 r281 W Sh o ir m ts e , n c 's o l c la lo rs t , h i a n n g d , n n . i e g . h c twear r1 r8 4 3 0 1 r8 4 3 1 r1 ' 4 9 5 5 rl r 4 97 7 ' ' 1 1 0 5 0 4 ' '1 1 5 0 5 0 r ' 1 2 6 6 4 3 - ' • 2 1 9 7 9 0 ' ' 1 2 7 9 1 7 ' '2 2 9 3 6 0 ' '3 2 2 2 2 6 ' '3 2 4 3 5 4 ' ' 2 3 3 i0 4 Millinery '107 '101 '102 '103 '•183 -"207 '173 '140 '170 '202 '197 Leather and Leather Products. 103.1 103.3 104.4 104.4 104.9 104.5 102.7 195.9 203.6 205.3 218.3 220. c 223.0 222.4 Leather 93 93 91 92 92 92 165 164 165 175 179 186 185 Boots and shoes 89 89 90 90 90 174 183 185 195 198 199 198 Food and Kindred Products 122. 121.6 133.3 128.4 124.2 123.5 123.1 214.7 209.7 208.5 263.3 256.4 243.0 239.3 Slaughtering and meat packing. . . . 122 115 125 128 124 119 199 191 181 237 268 238 217 Flour 122 118 124 123 124 124 242 214 203 268 268 262 267 Baking 110 107 110 108 106 106 181 183 179 209 201 195 193 Confectionery 106 104 118 114 114 113 183 186 193 241 226 230 228 Malt liquors 143 140 149 146 145 146 238 200 195 252 236 234 240 Canning and preserving 63 68 86 70 61 57 137 132 149 201 158 138 131 Tobacco Manufactures. . 87.9 90.8 98.3 96.1 95.4 92.2 83.8 165.2 171.3 174.6 222.0 209.4 201.0 193.1 Cigarettes 117 120 126 124 122 120 194 202 205 255 242 234 227 Cigars .^. 73 76 84 82 83 79 149 156 162 207 195 186 176 r Revised. NOTE.—Indexes for totals, major groups, and industries in the Apparel and Other Finished Textiles group 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 April 1947 are preliminary. 734 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 Mar Apr. Dec Jan Feb. Mar Apr. Feb. Mar. Apr Dec Jan. Feb. Mar Paper and Allied Products 134 4 136.0 145 7 145 6 145.9 145.9 144.4 228.0 235.4 238 6 284 5 285.1 288.1 290.8 Paper and pulp 118 119 125 125 126 126 204 208 210 245 247 251 253 Paper goods, n.e.c 17.3 123 127 126 127 126 205 212 212 249 246 247 250 Paper boxes . 121 122 134 137. 131 131 204 213 216 262 258 257 261 • Printing and Publishing 117 7 118.5 127 9 127 2 128.1 128.2 128.4 177.4 183.8 185 6 223 9 219.6 221.8 227.7 Newspaper periodicals 107 108 115 114 116 117 149 154 158 190 185 191 197 Book and job 122 122 132 132 131 130 194 200 200 7,39 235 234 239 Chemicals and Allied Products 187 187 1 192 * 195 6 197.1 197. 195.6 310.7 317.0 318 8 317 0 362.9 372.6 377. ? Drugs, medicines, and insecticides. 186 187 196 198 197 198 297 301 302 351 353 363 363 Rayon and allied products 124 122 121 1?? 122 17.1 197 200 201 216 220 236 7,36 Chemicals, nee .... 166 170 177 179 179 179 273 276 283 313 321 324 327 Explosives and safety fuses 200 199 177 18S 188 191 325 310 307 7.99 320 308 315 Ammunition small arms 194 181 156 156 155 156 384 377 342 327 332 334 333 Cottonseed oil 92 78 124 114 108 99 215 198 168 327 295 281 254 Fertilizers 168 155 123 137 149 153 336 387 363 30 S 328 361 385 Products of Petroleum and Coal 140 4 141 9 146 1 145 4 146 0 145. 0 145.9 227.1 237.2 238 Q 250 0 253.9 256.8 264. 0 Petroleum refining ... . 133 134 136 135 135 135 111 218 221 230 228 229 239 Coke and by-products 115 113 115 118 120 119 162 210 193 197 223 231 229 Rubber Products 178 7 179 1 200 1 198 ? 198 2 196 1 193 0 287 7 298 2 319 7 392 •? 386 3 385 0 374 ? Rubber tires and inner tubes 192 193 206 204 201 199 272 281 313 369 361 358 344 Rubber goods, other 132 130 149 148 148 146 234 242 241 309 303 303 299 Miscellaneous Industries 161 9 165.1 183 2 179 3 180.9 182. 1 179.6 280.6 295.7 304 2 363 3 356.7 360.0 367 6 Instruments, scientific 205 203 184 182 182 181 322 346 342 335 330 326 328 Photographic apparatus 136 136 147 147 146 147 205 215 220 253 254 250 272 For footnotes see p. 734. FACTORY EMPLOYMENT {Adjusted for Seasonal Variation) [Index numbers of the Board of Governors, 1939=100] 1946 1947 Group Mar. Apr. May June July Aug. Sept Oct. Nov Dec Jan Feb. Mar. Apr. Total 132.6 139.4 140 7 142.2 143.0 146.3 148.6 149.1 151.5 152.4 153 4 154.5 154.7 P153.4 Durable ... . 142.2 156.2 159 2 162.3 165.2 169.7 172.7 173.8 176.4 177.1 178 7 180.8 181.6 P180.6 Nondurable 125.1 126.1 126 2 126.3 125.6 127.8 129.6 129.7 131.8 133.0 1334 133.7 133.4 P132.0 Preliminary. NOTE.—Back figures from January 1939 may be obtained from the Division of Research and Statistics. HOURS AND EARNINGS OF PRODUCTION WORKERS IN MANUFACTURING INDUSTRIES [Compiled by the Bureau of Labor Statistics] Average hours worked per week Average hourly earnings (cents per hour) Industry group 1947 Feb. Mar. Nov. Dec. Jan. Feb. Mar. Feb. Mar. Nov. Dec. Jan. Feb. Mar. All manufacturing 40.5 40.7 40.2 40.9 40.6 40.4 40.4 100.2 103.5 113.9 114.8 116.1 117.0 118.0 Durable goods 40.0 40.6 40.2 40.8 40.5 40.5 40.7 106.4 110.3 121.0 121.6 122.4 122.9 123.6 Iron and Steel Products 39.1 40.0 40.0 39.8 40.2 40.0 40.4 108.4 116.9 124.7 124.8 126.1 125.8 126.9 Electrical Machinery 40.3 40.3 40.6 41.1 40.5 40.0 40.5 102.9 103.6 119.1 119.5 119.9 120.3 121.3 Machinery Except Electrical 41.4 41.7 40.9 41.4 41.4 41.2 41.5 114.7 117.2 127.3 127.7 128.3 129.0 129.7 Transportation Equipment Except Autos. 39.0 40.0 38.4 40.6 40.2 39.6 39.8 123.4 126.4 136.4 136.2 135.6 136.5 135.8 Automobiles 34.5 37.0 38.6 39. 38.9 38.8 39.8 124.8 126.4 139.4 139.5 139.0 139.9 139.5 Nonferrous Metals and Products 43.2 42.2 40.9 41. 41.0 41.0 41.0 109.1 111.3 120.4 121.0 121.7 122.2 122.7 Lumber and Timber Basic Products 40.1 41.1 40.6 41. 40.6 42.1 41.1 83.6 84.8 93.1 93.1 96.2 97.8 98.7 Furniture and Finished Lumber Products, 42.3 42.5 41.7 42.2 41.8 41.9 41.7 87.1 88.8 99.9 100.7 101.5 102.2 103.0 Stone, Clay, and Glass Products 41.1 41.6 40.3 41.0 40.5 40.2 40.4 96.7 98.5 111.4 111.9 112.5 113.2 114.4 Nondurable goods , 40.9 40.9 40.3 41.1 40., 40.4 40.2 95.3 97.5 106.5 107.7 109.4 110.7 111.9 Textiles—Mill and Fiber Products 40.5 40.4 40 40.9 40.5 40.4 40.0 83.3 85.8 95.5 95.9 97.0 99.7 102.4 Apparel and Other Finished Products 36.5 37.5 36.6 37.0 36.9 37.0 36.8 92.2 96.1 99.8 100.6 103.7 104.9 104.6 Leather and Manufactures , 40.4 40.8 37.1 39. 39.3 39.5 39.5 90.7 91.7 100.4 101. 102.3 102.1 102.1 Food and Kindred Products 44. 42.9 42.9 44.4 43.6 42.6 42.3 92.4 94.3 104.6 105.8 108.4 108.7 108.7 Tobacco Manufactures 38. 39. 39. 40.2 39.2 37.8 37.5 83.2 83.0 92.4 94.7 93.8 93.7 93.9 Paper and Allied Products 43.9 43. 43.3 43.7 43.2 43. 43.2 93.7 95.7 106.4 107.1 108.8 109.9 111.0 Printing, Publishing and Allied Industries 40.8 41. 41.0 41.5 41.0 40.1 40.3 122.1 123.5 134.3 137.4 138.1 141.5 144.5 Chemicals and Allied Products 41.7 41. 41.3 41 41.5 41.4 41.3 102.1 103.3 111.2 113.3 114.3 116.5 117.7 Products of Petroleum and Coal 41.6 40. 40.3 40. C 40.2 40.1 40. 128.6 130.7 135.1 136.2 137.2 138.2 140.8 Rubber Products 40.8 40. 40.0 41. 40.6 40.6 39.8 112.9 113. 132.2 133.1 133.0 133.1 133.1 Miscellaneous Industries 41.8 42.1 41.1 41. 41.1 41.0 41.0 98.5 99.9 109.8 110.3 112.0 112.3 113.9 NOTE.—Preliminary April 1947 figures for average weekly hours and hourly earnings are: All Manufacturing, 40.0 and 118.6; Durable, 40.5 and 124.3; Nondurable, 39.4 and 112.2, respectively. Back figures are available from the Bureau of Labor Statistics. JUNE 1947 735 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ESTIMATED EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS, BY INDUSTRY DIVISION [Thousands DI 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 i t on 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 Mav 42,141 17,288 908 1,677 3,597 7,306 5,203 6,162 June 42,318 17,493 915 1,575 3,620 7,326 5 206 6 183 J Auu ly gust 4 4 2 2 , ,1 2 6 9 0 1 1 1 7 7 , , 6 6 0 0 8 8 9 91 1 2 5 1 1, , 4 4 2 9 4 1 3 3 , , 6 6 3 3 4 9 7 7, , 3 3 1 3 5 5 5 5 , , 1 1 7 8 2 3 6 6 , ,0 1 7 3 9 6 Spntember 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. Tanuarv 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 41,896 17,503 896 L ,129 3,775 7,412 5 182 5 999 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 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 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 194s! Tanuarv 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 41,325 16,783 844 1,048 3,858 7,558 5 137 6 097 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 39,917 15,217 832 1,093 3,864 7,635 5,238 6,038 C/i-rvf ornber 38.108 13,341 833 L,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 1Q46 Tanuarv 39,057 13,547 864 1,192 3,992 8,096 5,696 5,670 February 38,523 12,797 864 ,210 3,983 8,213 5,776 5,680 39,525" 13,482 857 ,280 4,003 8,364 5,840 5,699 April 40,105 14,124 542 ,384 4,011 8,371 5,984 5 689 May 40,443 14,274 753 L.424 3,946 8,386 5,965 5 695 40,751 14,400 864 L,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 Seotember . . .. 41,698 14,953 884 L,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 L,731 4,091 8,630 6,119 5,421 1947 Tanuary 42,166 15,426 883 1,678 4,075 8,595 6,071 5 438 February . 42,286 15,537 880 1,651 4,053 8,637 6,107 5 421 42,396 15,566 878 1,654 4,042 8,694 6,120 5 442 April 41,958 15,457 853 1,695 3,741 8,637 6,122 5,453 UNADJUSTED 1946 Tanuarv 38,745 13,499 864 L.085 3,932 8,056 5,696 5,613 February 38,148 12,751 864 ,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 L.438 3,946 8,302 5,965 5 695 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 ,713 4,103 8,402 5,984 5 502 September 41,848 15,035 884 1,747 4,064 8,523 5,990 5 605 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—Tanuarv 41,803 15,372 883 1,527 4,014 8,552 6,071 5,384 February 41,858 15,483 880 .502 4,012 8,507 6,107 5,367 March 42 066 15,512 878 1.555 4,022 8,564 6,120 5 415 April 41,721 15.386 853 L.661 3,722 8,551 6,122 5,426 * Includes Federal Force Account Construction. NOTE.—Unadjusted data compiled by Bureau of Labor Statistics. These estimates have been adjusted to levels indicated by final 1945 data made available by the Bureau of Employment Security of the Federal Security Agency. Estimates include all full- and part-time wage and salary workers in nonagricultural establishments employed during the pay period ending nearest the 15th of the month. Proprietors, self-employed persons, domestic servants, and personnel of the armed forces are excluded. April 1947 figures are preliminary. Back unadjusted data are available from the Bureau of Labor Statistics; seasonally adjusted figures beginninngg January 1939 may be obtained from the Division of Research and Statistics. 736 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 Public works Month Total R b e u si i d ld e i n n t g ial Factories Commercial Educational Other an u d t il p it u ie b s lic 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 697.6 596.8 275.2 282.9 113.7 82.1 112.7 52.6 11.4 21.4 40.9 35.8 143.6 122.0 April 734.9 602.3 370.6 256.7 105.1 65.6 75.1 66.3 18.0 22.7 37.9 29.6 128.1 161.4 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 [Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in millions of dollars] Total Public ownership Private ownership Month 1945 1946 1947 1945 1946 1947 1945 1946 1947 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 April 396 735 309 127 87 608 May 243 952 148 197 95 756 June 227 808 82 215 146 593 July 258 718 108 202 149 516 August 264 680 67 205 196 475 September. . 278 620 43 187 235 433 October 317 573 61 134 256 439 November. . 370 504 61 130 309 373 December... 331 457 62 109 269 348 Year 3,299 7,490 ... 1,311 1,754 . . . 1,988 5,735 LOANS INSURED BY FEDERAL HOUSING ADMINISTRATION [In millions of dollars] Title I Loans Prop- Small Year or month Total erty home im- con- prove- struc- ment tion 1935 320 224 1936 557 246 1937 495 60 1938 . . 694 160 13 1939 954 208 25 1940 1 026 251 26 1941 1,186 262 21 1942 1,137 141 15 1943 942 96 1 1944 . . . 886 125 1945 684 189 1946 798 363 (2) 1946—April 58 21 (2) May 80 39 June . . 83 40 July 80 42 August 55 25 September.. 63 32 October 85 47 November.. 67 35 December. . 77 40 1947—January. . . . 89 44 February.. . 79 39 March 86 40 April 117 51 * -333B 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 thousands of dollars] 1947 1946 Federal Reserve district April March April Boston 56,689 36,796 43,368 New York.. . 76,340 89,896 127,907 Philadelphia. 40,187 40,585 48,522 Cleveland. 55,046 66,446 68,374 Richmond. . . 85,377 73,793 105,115 Atlanta 62,261 51,570 66,630 Chicago 92,346 104,362 109,843 St. Louis 35,683 23,365 42,652 Minneapolis. 23,393 14,218 27,176 Kansas City. 31,200 36,825 26,903 Dallas 43,816 58,899 68,421 Total (11 districts). 602,338 596,755 734,911 Mortgages on INSURED FHA HOME MORTGAGES (TITLE II) HELD IN PORTFOLIO, BY CLASS OF INSTITUTION l-to4- Rental «Varand [In millions of dollars] family and Veterans' h ( o T I u D it s l e e s h g ( o T r I u o i D s t u i l p n e g h ( o T V u i s I t ) i l n i e g End of month Total b C m c a o i n e a m r k l - s - b M s t i a n u a n g v a u k l s - - s a S l s i a o n s a n a o g v d n c s - i- p I c a n a o n s n m c u i e e - r- s a F c e g i e r e e a d n s l - 1 - Other* 94 2 ations 309 2 424 11 473 48 1936—Dec 365 228 8 56 41 5 27 669 51 1937—Dec 771 430 27 110 118 32 53 736 13 1938—Dec 1,199 634 38 149 212 77 90 877 13 13 1939—Dec 1,793 902 71 192 342 153 133 6 2 2 9 4 1 1 3 6 (2) 6 7 2 5 6 3 8 0 4 7 1 1940— J M u a n r e 2 1, , 9 0 4 7 9 5 1,0 9 2 7 6 1 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 4 219 4 272 Sept 2,232 1,093 111 216 480 190 141 347 3 85 Dec 2,409 1,162 130 224 542 201 150 28 1 g 1941—Mar 2,598 1,246 146 230 606 210 160 31 1 10 June 2,755 1,318 157 237 668 220 154 3 3 7 3 i' 6 5 S D e e p c t 2 3, , 1 9 0 4 7 2 1 1, , 4 4 6 0 5 0 1 1 8 7 6 1 2 2 4 5 6 4 7 7 2 8 2 9 2 2 2 3 5 4 1 1 7 7 8 9 26 4 26 (2) 4 1942—June 3,491 1,623 219 272 940 243 195 33 6 Dec 3,620 1,669 236 276 1,032 245 163 (2) 26 7 (2) 28 9 1943—June 3,700 1,700 252 284 1,071 235 158 30 16 Dec 3,626 1,705 256 292 1,134 79 159 (2) 27 13 28 18 1944—June 3,554 1,669 258 284 1,119 73 150 (2) 33 33 Dec 3,399 1,590 260 269 1,072 68 140 19 1 4 6 M ; o f r i t g g u a r g e e s s th in e s r u ea re f d te r un re d p er r es W en a t r m H a o i u n s ly in g m T or i t t g le a g V es I i t n h s r u o r u e g d h u A n p d r e i r l 1945— D Ju e n c e 3 3, , 1 3 5 2 6 4 1 1, , 5 5 0 7 6 0 2 2 6 6 5 3 2 2 6 5 4 3 1 1 , , 0 0 4 0 7 0 4 1 3 3 1 12 3 2 4 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 it e l s e o V ri I g i ( n a a p l p ly ro v w e r d it t M en a y u n 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 i d n e g 1946—June 3,102 1,488 260 247 974 11 122 Title VI. 2 Less than $500,000. 1 The 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 J 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. 737 JUNE 1947 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MERCHANDISE EXPORTS AND IMPORTS [In millions of dollars] Merchandise exports1 Merchandise imports2 Excess of exports Month 1943 1944 1945 1946 1947 1943 1944 1945 1946 1947 1943 1944 1945 1946 1947 January.. 750 1,124 903 799 230 301 334 394 P533 520 823 569 405 P583 February 728 1,107 887 670 P1,153 234 314 325 318 P435 494 793 561 352 P718 March .. 992 1,197 1,030 815 P1,327 249 358 365 385 P444 743 839 665 431 P883 April .. 989 1 231 1 005 P757 258 361 366 P407 732 870 639 P350 May 1,092 1,455 1,135 P851 282 386 372 P397 810 1,069 763 P453 June 1,003 1,296 870 P878 296 332 360 *386 707 965 511 P492 July 1,265 1,197 893 P826 302 294 356 P434 963 903 537 P392 August 1,280 1,191 737 P883 318 304 360 P425 962 887 378 P458 September 1,269 1,194 514 P643 289 282 335 P378 981 912 180 P265 October .. 1 237 1 144 455 P537 329 329 344 P394 908 815 111 P143 November 1,072 1,185 639 P988 312 323 322 P482 760 862 317 P506 December 1 286 938 736 PI 097 282 336 297 P536 "1 004 602 439 P561 Jan.-Mar 2,470 3,428 2,820 2,284 P3.596 713 973 1,024 1,096 pi,412 1,757 2,455 1,795 1,188 P2,184 P Preliminary. 1 Including both domestic and foreign merchandise. 2 General imports including merchandise entered for immediate consumption and that entered for storage in bonded warehouses. Source.—Department of Commerce. Back figures.—See BULLETIN for April 1944, p. 389; April 1940, p. 347; February 1937, p. 152; July 1933, p. 431; and January 1931, p. 18. FREIGHT CARLOADINGS BY CLASSES REVENUES, EXPENSES, AND INCOME OF CLASS I RAILROADS [Index numbers: 1935-39 average = 100] [In millions of dollars] For- Mis- Mer- Total Coal Coke Grain s L to iv 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 .1 n e . - r o r e p a T v i e o e l r w n t a a u t a l i y e n s g e r x a T p i o l e w t n a a s l e y s o r i p a n e i N c l r o w a e m t t a i y n e g in N co e m t e Annual 1939 101 98 102 107 96 100 110 101 97 1 1 1 1 1 1 1 9 9 9 9 9 9 9 4 4 4 4 4 4 4 1 2 5 0 4 6 3 1 1 1 1 1 1 1 0 3 3 3 3 3 4 9 8 0 2 5 7 0 1 1 1 1 1 1 1 2 1 3 3 4 3 3 3 1 5 0 3 4 8 1 1 1 1 1 1 1 3 8 6 8 8 4 7 7 1 8 6 5 6 2 1 1 1 1 1 1 1 0 1 2 5 4 3 3 1 2 0 1 6 9 8 1 1 1 1 1 9 9 2 0 2 1 2 6 1 9 4 5 7 4 1 1 1 1 1 1 1 3 4 5 1 4 2 4 9 1 5 4 3 9 3 2 1 1 1 1 1 1 0 8 9 3 4 6 8 6 3 2 6 7 9 0 1 1 1 1 1 1 1 3 4 4 1 3 4 4 6 5 6 0 8 2 7 1 9 6 6 6 6 7 0 6 3 9 7 9 9 0 Annual 1 1 1 1 1 1 1 9 9 9 9 9 9 9 4 3 4 4 4 4 4 1 9 5 0 3 2 4 4 3 9 9 5 7 8 , , , , , , , 2 9 0 3 4 4 8 9 9 5 4 3 6 9 7 5 7 5 6 7 9 3 3 4 8 5 8 7 , , , , , , , 6 4 3 3 0 9 6 1 4 0 8 4 4 9 4 8 6 2 9 3 3 1 1 1 , , , 9 5 6 0 4 3 8 8 9 6 9 8 8 4 5 3 2 8 2 9 9 5 9 4 8 6 1 0 4 0 6 8 7 9 2 7 0 8 9 4 3 SEASONALLY 1946 P7.627 P7,008 P619 P289 ADJUSTED SEASONALLY 1946—February.... 126 152 107 150 158 126 94 121 78 ADJUSTED A S A J J D O M M N u u e u p c e o a a l n p g t r y c y v r e o i t u e c l e e b h m s m m e t r b b b e e e r r r . . . . . . . . . 1 1 1 1 1 1 1 1 1 1 4 0 3 0 3 3 3 3 4 3 1 9 3 6 9 8 9 9 0 7 1 1 1 1 1 1 1 1 6 2 5 4 5 5 4 1 3 6 8 6 5 5 5 2 6 7 2 0 P 1 1 1 1 1 1 1 1 6 9 6 5 8 8 8 7 6 4 2 4 5 5 3 3 4 7 6 0 1 1 1 1 1 1 1 1 1 1 3 4 6 2 4 2 3 1 2 4 1 7 2 5 2 6 9 2 6 1 1 1 1 1 1 1 1 1 1 9 4 2 4 6 3 1 1 2 1 1 1 2 3 6 6 8 8 8 4 1 1 1 1 1 1 1 1 1 1 4 5 2 5 4 4 5 5 3 5 6 6 5 1 9 3 3 7 4 4 1 1 1 1 1 1 1 1 6 6 4 2 6 5 5 3 6 6 6 6 5 1 2 7 7 7 4 4 1 1 1 1 1 1 1 1 1 1 3 4 4 4 2 3 4 4 3 4 9 1 5 8 3 9 3 3 5 8 8 8 8 8 7 7 7 7 7 7 1 1 3 1 9 4 7 5 8 8 1946— A J J A S O M F M J u u e e p c u a a l n a p b t y r n g y e r o t i r u u l e c b u a m s h e a t r . r . b r y . . y e . . . . . . r . . . . . . 6 6 6 5 5 6 6 6 6 6 5 5 5 1 3 6 3 6 7 6 5 1 1 5 5 6 9 4 3 3 5 5 6 5 6 5 5 6 6 6 6 5 0 6 1 2 6 8 0 0 7 5 3 7 3 4 2 6 5 6 - - 1 8 8 5 4 5 5 6 9 6 8 0 3 8 1 7 4 8 - — — 4 5 5 3 2 4 2 1 1 2 5 1 1 7 0 1 8 6 8 5 1947— F Ja e n b u r a u r a y ry.... 1 1 4 5 2 0 1 1 6 4 3 9 1 1 7 7 1 5 1 1 5 4 7 7 1 1 1 2 1 3 1 1 6 6 6 3 1 1 7 7 2 6 1 1 4 5 5 2 7 7 7 6 N D o ec v e e m m b b e e r r . . 6 6 5 6 8 3 6 5 0 2 1 3 1 6 3 2 5 9 2 8 9 A M p a r r il ch 1 13 4 6 6 1 1 1 4 9 7 1 17 8 3 0 1 1 5 5 9 1 1 1 2 1 1 1 1 1 5 4 9 8 1 1 7 7 1 1 1 1 5 4 1 7 7 7 9 8 1947— F Ja e n b u ru ar a y r y. . . . ' 6 •6 9 9 8 6 6 6 3 2 1 4 6 7 5 4 4 3 2 3 UNADJUSTED March 723 642 81 1946—February 119 152 114 147 126 121 24 113 75 UNADJUSTED J A J M M u u p l a a n y r y r e i c l h 1 1 1 1 1 4 3 0 0 3 3 2 7 7 7 1 1 1 6 4 2 5 4 8 5 6 5 6 1 1 1 9 6 6 7 3 3 1 6 2 8 1 1 1 1 9 1 3 6 2 9 1 0 6 8 1 1 1 1 9 1 2 0 3 6 1 7 3 5 1 1 1 1 1 4 3 5 5 3 3 4 5 3 0 2 2 1 3 5 1 6 0 5 0 3 3 3 1 1 1 1 1 3 4 2 3 4 6 1 5 9 2 8 8 7 7 7 2 1 9 4 8 1946— A F M J e p a a b r n r i r u l c u a h a r . r y . y . . . . . . . 5 6 5 6 6 4 7 4 7 1 9 6 • 5 5 5 •6 5 2 7 5 7 9 4 2 r- 6 5 1 6 7 1 0 - - ' 4 2 2 3 9 1 2 0 August 145 152 177 142 113 165 243 146 77 May 533 537 -5 -37 S O e c p to t b e e m r ber... 1 1 4 4 9 9 1 15 6 5 0 1 18 8 1 0 1 14 4 2 0 1 1 2 9 0 7 1 1 6 5 6 4 2 2 4 1 5 6 1 15 5 1 0 8 7 2 9 J J u u n ly e 6 6 1 7 2 4 5 61 7 1 4 3 6 8 3 3 1 2 5 November.. . 141 117 166 144 171 148 169 154 84 August. . . 710 629 82 53 December. . . 131 132 163 152 118 139 45 139 78 September. 660 593 67 39 October... 710 625 85 57 1947— F Ja e n b u ru ar a y ry 1 1 3 3 3 8 1 1 4 6 9 3 1 18 8 2 4 1 1 5 4 7 4 1 8 1 9 8 1 1 5 4 9 7 4 4 4 3 1 1 3 3 9 6 7 7 4 4 N D o ec v e e m m b b e e r r . . 6 6 5 3 8 7 5 5 9 3 4 4 1 6 0 4 3 3 8 8 9 March 137 147 182 146 96 159 50 144 79 April 134 119 169 133 98 148 157 145 80 1947—January . . 686 628 58 29 February.. 636 593 43 14 March 718 645 73 P44 •" Revised. Jun N e O 1 T 9 E 4 .— 1. Fo B r a d se e d s c o ri n p t d i a o i n l y a a n v d e r b a a g c e k l d o a a t d a i , n g se s. e p B p a . s 5 ic 2 9 d - a 5 t 3 a 3 c o o f m t p h i e le d B U b L y L E A T s I s N o c f i o a r - P Preliminary. r Revised. tion of American Railroads. Total index compiled by combining indexes for NOTE.—Descriptive material and back figures may be obclasses with weights derived from revenue data of the Interstate Commerce tained from the Division of Research and Statistics. Basic Commission. data compiled by the Interstate Commerce Commission. Annual figures include revisions not available monthly. 738 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORE STATISTICS [Based on value figures] SALES AND STOCKS, BY FEDERAL RESERVE DISTRICTS [Index numbers, 1935-39 average=100] Federal Reserve district United Year or month States Boston Y N o e r w k d P e h l i p l h a i - 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 M ap i o n l n is e- K C a i n ty sas Dallas F c S i r s a a c n n o - SALES* 1939 106 104 101 104 106 109 113 107 111 106 105 112 109 1940 114 108 106 111 114 120 123 116 119 109 110 116 117 1941 133 126 119 129 138 144 145 135 143 123 127 138 139 1942 149 140 128 143 153 170 162 149 158 129 149 157 169 1943 168 148 135 151 167 194 204 161 179 148 184 212 200 1944 186 162 150 167 182 215 244 176 200 164 205 245 221 1945 207 176 169 184 201 236 275 193 227 185 229 276 244 1946 264 221 220 236 257 289 345 250 292 247 287 353 306 SEASONALLY ADJUSTED 1946—April 252 210 221 ••219 244 '279 327 237 272 225 '274 '355 '290 May 258 213 228 232 256 276 329 234 277 252 289 342 305 June 276 232 243 253 273 303 365 253 305 248 288 368 315 July 273 227 236 254 260 307 343 254 300 253 281 381 323 August 290 246 259 250 286 306 365 281 330 259 300 381 324 September 270 226 205 241 249 298 367 263 313 265 321 376 313 October 257 216 179 229 248 286 348 250 293 254 297 349 319 November 272 230 231 253 266 290 347 261 294 252 283 356 320 December 274 231 232 229 277 293 363 264 303 251 299 348 317 1947—January 265 215 228 244 256 291 341 245 278 262 281 363 313 February 269 219 224 243 256 281 338 262 290 261 272 347 330 March '275 237 229 ••243 257 307 346 '260 294 '279 '298 347 340 April 274 227 235 249 272 299 353 261 306 257 296 377 302 UNADJUSTED 1946—April '256 223 219 228 253 '284 336 242 '284 235 '274 '337 287 May 248 211 214 222 243 274 313 234 272 242 272 322 284 June 253 216 221 228 257 266 306 245 274 236 265 313 288 July 208 157 158 175 203 219 275 198 234 204 239 290 266 August 242 184 189 195 249 253 321 236 284 232 279 332 292 September 278 237 214 246 251 316 374 268 316 287 311 395 326 October 278 240 202 259 265 312 372 268 313 281 312 384 330 November 336 284 301 319 333 369 416 318 371 302 340 434 376 * December 441 398 392 408 430 493 570 409 463 385 448 567 504 1947—January 209 170 182 188 194 218 273 196 228 196 225 294 249 February.: 222 171 188 192 210 226 298 210 244 202 247 306 278 March '266 227 229 255 262 292 346 '250 288 '258 '283 337 295 April 268 227 223 247 266 290 350 258 297 264 290 347 298 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—April 189 171 180 172 178 217 220 179 193 183 '185 208 215 May 200 177 189 182 192 233 239 191 211 186 194 239 217 June 210 181 200 194 209 243 252 199 222 207 212 253 218 July 222 187 208 203 213 264 267 213 231 224 206 252 250 August 221 186 210 205 208 264 271 210 234 219 201 262 240 September 226 192 200 210 221 262 277 220 240 227 219 267 249 October 237 207 192 217 232 274 297 235 264 244 234 274 270 November 256 209 221 220 249 298 330 249 274 2SQ 249 303 296 December 274 205 238 219 258 319 348 256 292 281 303 364 334 1947—January 268 197 234 216 257 315 311 262 291 '278 298 327 315 February 275 206 249 225 261 307 335 264 296 '270 '293 343 330 March '273 211 242 '223 264 295 '321 263 288 '266 '302 343 336 April 264 211 230 219 246 302 320 257 281 287 281 326 312 UNADJUSTED 1946—April 188 164 182 175 183 218 217 179 193 174 179 202 212 May 200 173 192 184 194 228 232 191 211 185 191 227 225 June 205 174 192 184 201 232 255 195 222 200 212 246 221 July 223 179 196 192 213 260 275 209 240 228 230 272 265 August 238 198 218 213 225 297 292 225 255 232 225 296 263 September 250 210 216 231 246 294 305 244 266 245 246 299 281 October 267 231 217 247 268 312 333 263 295 271 266 310 299 November 277 236 247 242 263 316 347 274 293 279 266 324 313 December 235 186 213 187 214 266 293 231 246 246 248 306 274 1947—January ••234 180 206 188 225 268 280 225 250 '253 258 294 277 February '252 194 231 218 242 290 312 240 266 '257 '264 305 290 March 265 207 241 ••223 254 295 '321 255 279 '267 '272 326 312 April 263 202 233 223 253 304 317 252 281 273 272 317 309 ' 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. JUNE 1947 739 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 1946 1947 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 - July 2 1 7 1 4 . . . . . . . . . . . . . . . 1 1 1 6 5 5 7 7 3July 2 1 6 0 3 . . . . . . . . . . . . . . . 1 2 2 9 1 0 2 0 1 Jan. 1 1 5 9 2 . . . . . . . . .. . . . . . 1 1 1 9 3 8 1 5 8 Jan. 1 1 4 1 8 . . . . . . . . . . . . . . . 2 2 1 3 2 8 2 3 8 month) (end of 28... ..153 27.....204 26.....188 25... ..220 month) Aug. 4... ..167 Aug. 3... ..217 Feb. 2... ..197 Feb. 1... ..217 11... ..176 10.....228 9... ..214 8... ..219 18... ..124 17.....239 16.....209 15... ..246 1939 average 128 344 25... ..182 24... ..255 23... ..213 22... ..216 1940 average 136 353 108 Sept. 1... ..194 31... ..281 Mar. 2... ..217 Mar. 1... ..238 1941 average 156 419 194 8... ..177 Sept. 7... ..264 9... ..233 8... ..254 1942 average 179 599 263 15... ..213 14... ..293 16.....243 15... ..267 1943 average 204 508 530 22... ..220 21... ..280 23... ..255 22... ..286 1944 average 227 534 560 29.....209 28... ..257 30... ..257 29... ..283 1945 average 255 564 728 Oct. 6... ..242 Oct. 5... ..277 Apr. 6... ..272 Apr. 5... ..319 1946 average 318 714 907 13... ..245 12.....281 13... ..282 12... ..265 20... ..237 19... ..295 20.....289 19... ..271 1946—March 301 583 971 27.....233 26... ..287 27... ..232 26... .••267 April 319 644 910 Nov. 3... ..236 Nov. 2... ..277 May 4... ..248 May 3... ..279 May 304 674 934 10.....261 9... ..314 11... ..274 10... ..311 June 304 699 1048 17.....275 16.....342 18.....246 17... ..273 July 244 735 1073 24.....258 23... ..363 25... ..245 24... ..277 August 303 806 1012 Dec. 1... ..326 30.....334 June 1... ..223 31 September 309 828 960 8 . .401Dec. 7 . .475 8 . .273June 7 October. .. 341 879 845 15... ..433 14.....519 15... ..283 14... November. 404 919 691 22 421 21... 532 22 . .248 21 December. 526 776 557 29!!!!!lS8 28... .!281 29..!..239 28 1947—January. ., 256 769 619 February.. 250 838 603 r Revised. March. .. . 332 865 485 NOTE.—Revised series. For description and back figures see pp. April P321 P849 P387 874-875 of BULLETIN for September 1944. P Preliminary. Back figures.—Division of Research and Statistics. SALES BY FEDERAL RESERVE DISTRICTS AND BY CITIES [Percentage change from corresponding period of preceding year] Apr. Mar. Four Apr. Ma ,! Foui "Apr. Mar. : Apr. Mar. F m o o u s r . 1947 1947 1947 1947 1947 j1947 1947 1947 1947 United States. P+5 +12 +10 Cleveland-cont. Chicago +7 +10 +10 Kansas City— Toledo1 +3 + 15 + 10 Chicago l.... +3 +9 +8 cont. Boston +2 +16 +10 Youngstownl. . +7 +8 + 12 Peoria1 +5 + 13 + 13 Oklahoma City.. +2 +4 +4 New Haven... -6 +7 +4 Erie1 + 12 +9 + 10 FortWayne1. +9! + 10 + 11 Tulsa + 1 +5 +5 P B o o r s t t l o a n n d Area. .. + -5 4 + - 2 2 1 + - 1 1 3 W Pit h t e s e b l u i r n g g h 1 * + -7 2 + 11 0 + - 1 2 1 T In e d r i r a e n H ap a o u l t i e s 1 1 + + 1 12 0 ; + + 4 7 +1 + 0 8 Dallas +3 +7 +8 Down B t o ow st n on... +3 +21 + 12 Richmond +2 +9 +5 D D e e s t r M oi o t1 ines.. +$ +8 , + + 1 1 0 3 S C h o r r e p v u e s p C or h t risti. . + + 2 1 + + 1 4 5 + + 1 3 3 Springfield -2 +9 +4 Washington l... —3 + 10 +2 Flint1 ii ++ 14 +21 Dallas1 + 1 +3 Worcester +5 + 11 +9 Baltimore -2 + 11 +5 Grand Rapids Fort Worth +3 +4 +6 Providence... -3 +6 +2 Raleigh, N. C... + 11 +7 + 12 Lansing + 19 + 14 +18 Houstonl. . . +4 +20 + 15 Winston-Salem. + 16 +27 +22 Milwaukee*.. -1 + 11! +18 San Antonio j +10 +8 +9 N B ew ri d Y ge o p rk ortl + +2 1 + + 1 3 1 + +8 9 G Ch re a e rl n e v s i t l o l n e , . S S . . C C . + + 4 1 + -8 7 + -6 5 G M r a e d e i n s o B n a . y . l . . . . + + i 6 o: + + 1 1 0 1 1 + + 6 16San Francisco .. | P+4 + +11 N S A S U N N R P B B E y c o l u e o l i t e i m b i n a h r u w w f c c a g a f g e g i h a a a c n a r h n Y h e l a r u y r a o e k k s a o s m 1 c e t r e 1 e t e k F r t a r p o a 1 d C s . n l y i l i . . e s t . y . . . . . . + + + + + + + + + - - 1 1 2 1 9 9 3 2 9 8 2 0 0 1 + + + + + + + + + + + - 1 1 1 1 1 1 1 8 9 9 9 0 0 0 7 1 3 2 + + + + + + + + + + + + 1 1 1 1 1 1 9 6 8 9 6 7 2 1 5 0 1 2 A * M H L N R C C R B t l y i h o o W l i u o a c r a n a r a n b h n m f r n r c . o i m t t l k h l o i i V e a l e k n s n b k o s a b e u t g n g o u r d h t n g o r a , g n m . . 1 . . . . . . . . + + + + + + + - - 1 1 3 6 6 4 2 7 0 1 1 + + + + + ( + + + + ) 1 1 1 1 1 3 9 4 3 0 5 3 9 0| + P + + + + + + 1 + 3 5 8 4 7 1 5 6 S Q S S S M F L E L E t. t p t o i o a v u . . e t r r L s i u a t L i t m L n t l n n i o e o c s o S S u g s p y u v u m t v R f i h i . i i s i s i s l e i o i L l l s t A l l e 1 c o h 1 d e 1 k . r u . . . . . e 1 . . . . i . . . . . a s p + p P p + + - 1 + + ~ k + + + 1 1 2 1 5 6 1 6 7 9 8 0 7 0 , ! ; ' + + + + - + + 1 + + + + 7 1 1 1 1 5 4 9 8 6 8 5 1 2 3 3 | ! J - + + + + + 1 + + + + + 9 1 1 1 1 1 9 4 5 9 7 1 0 1 2 3 2 S S T O P F L R B L S a B r a u h o o i a a e n v a c c s n o k k e s n e s r g e r e l A n D r o a k a r n o s B n B s n n e m i i i f d e 1 d x e l g e i e e g e r e 1 e a y n a l n o l d c a 1 a n l e t 1 n h r o d s d 1 d l x . . i . . . n . . . . . o . . 1 . j ! ! j j j + + + + + + - - 1 1 1 1 1 9 8 5 0 5 2 6 • + + + + + + + + + + 2 1 1 1 1 1 1 1 9 9 3 5 7 2 8 5 1 8 ! ! l + + + + + + + + + + 1 1 1 1 1 2 1 1 6 7 4 4 1 6 3 1 0 P T P L R h h r a e i e i l n a l a n a d c d t d a i o n e e s n g t l lp e p 1 1 r h h 1 i i a a * .. . + + + + - 1 1 1 8 8 3 4 ' ' + + + + + 1 1 1 1 1 6 6 2 8 0 + + + + + 1 1 1 1 5 3 3 6 6 J T A O M M a a r t c i o l l m a a k a n m n n s p t d o g i t a a o n o 1 1 1 v m i e ll r e y 1 1 . . . . . + + + + + - 1 1 3 5 9 4 4 5 + + + + + + 1 1 1 8 5 4 7 4 5 + + + + + + 1 1 1 2 5 9 6 0 3 M D M S S i t u n . i u l n n u p P n e t e e h a a r a - p u i p o o l o r 1 l x . l i i s . s . . . . . J + + 1 6 5 : r + + + + 1 1 1 3 7 6 9 J + + + + 1 1 1 0 1 5 0 9 V S S S S N a t a a a o n n n l a c l t e p k a F J j o t o a r R o a l s n a e n o n 1 c s d i a s l. c o . 1 . . . . ! ! i ! ! | + + + - 2 1 1 1 1 1 1 + + + + - 2 3 1 1 9 7 0 5 4 i | : ! 3 + + -1 + 2 + 2 6 5 1 1 7 2 Wilkes-Barre1. + 14 +24 +17 Augusta + 13 + 1 +5 Kansas City.. +6 +11 +8 Boise and j York1 +7 +9 +9 Columbus + 12 + 15 + 11 Denver + 10! +211 +17 Nampa P+6 + 15| +12 Macon l -8 +12 + 1 Pueblo + 12! +25 +14 Portland j +7 + 12; +13 Cleveland +5 +11 +10 Baton Rouge1.. +6 +7 +9 Hutchison.. . +6; +5! +6 Salt Lake City1 . j +3 +91 +10 Akronl + 11 +2 +7 New Orleans1.. +5 + 19 + 11 Topeka +3i +9| +10 Bellinghaml ! + 11 + 11! +11 Cantonl + 10 + 18 + 16 Bristol, Tenn +3 +4 +5 Wichita -6 -II -4 Everett1 ! +8 -+22j +14 Cincinnati1.... +2 + 11 +9 Jacksonl 0 +6 +6 Joplin +22 + 12j +12Seattle1 0 +9 +7 Cleveland» +4 +9 +8 Chattanooga1.. -2 + 13 +5 Kansas City. + 11 + 14! +10Spokane1 + 18 +27J +24 S C p o r l i u n m gf b ie u ld sl 1 . ... + +3 3 + 1 0 2 + + 8 2 N K a n s o h x v v i i l l l l e e 1 1 - + 12 2 -8 | + -9 2 S O t m . a J h o a seph... + + 1 5 4 1 ! + + 1 9 1 ! + + 8 9 T Y a a c k o im m a a l 1 * + + 1 s 5 \ ! + + 1 1 8 6 ! ! + + 1 8 6 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. 8 Data not available. 3 Three months 1947. 740 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 year ago stocks to without seasonal adjustment (value) sales i 1941 average monthly sales=100 2 Number Sales during Stocks Sales during Stocks at end Department of stores period (end of March period of month reporting month) M 19 a 4 r 7 . T m 1 h 9 o r 4 s e 7 . e M 19 a 4 r 7 . 1947 Mar 1 . 947 Feb. M 19 a 4 r 6 . Mar. 1 947 Feb. M 19 a 4 r 6 . GRAND TOTAL—entire store' 355 +10 +10 +48 2.7 2.0 MAIN STORE—total 355 +9 +9 +50 2.8 2.1 212 160 194 602 579 398 Women's apparel and accessories 352 +3 +1 +35 1.6 236 158 230 502 493 367 H N M G C H D A S F U H J I C B n u h u o l l a o e r p o n a i f J S N n o o G K o e r c l n r n s r a d a u s l u v i i s s e o k i e d d t i i n e l n o s e n e s s e s r n k n w g r k b t e i r r l e t s i e w t s s l s y s s s e a o a ( s e i a r ' , ' ' , w g , r n g ( u r e a y n c w w h w s ( a e b d s r a s n o d w h ' o e n , k r r d o e e m a i a , s u s c d i o a m s a e e m , n s r u o s e m r s m r r f t s d e i g u r n s a e l w s i t i o d a e , n i t s e ' s p s r e s s l b r l n r ' s s , l l i , c s e a e e s ' n , p , s a s r c s l ' s s , o e s r n h c , u w u f e a r e c h i i s l n t s t l g t e o h i s d h , s d l a l u w i , d i r e l e u r g n e d r r e d r n e g n e r w a r i e g e n i ' e f r s n s e n o o , ' s ) s g a o s ' r ) s e r m e d ) , t a s s c s p s p li a p r s el 3 3 3 3 3 3 3 3 3 2 2 3 2 2 2 2 2 1 1 1 1 2 3 4 1 4 3 3 8 3 7 1 3 3 3 4 4 9 8 6 6 7 5 2 6 5 2 9 7 9 6 2 7 5 4 2 9 7 3 6 3 3 4 + + + + + + + + - + + + + + 1 - - - 2 1 2 1 1 1 1 1 5 5 4 2 7 3 9 4 5 2 5 9 0 0 0 6 2 6 o 7 0 + + + + + + + + + + + + + + - - - - - 1 1 1 1 1 1 8 4 4 6 6 2 3 5 4 8 6 0 0 1 1 2 4 0 0 0 6 + + + + + + + + + + + + - 1 + + + + + 1 — - 4 8 6 7 2 8 4 6 7 7 0 1 2 1 6 5 9 4 5 3 2 7 5 8 3 7 4 0 9 0 7 8 8 0 2 2 3 2 2 2 2 2 4 2 2 2 2 2 . . . . . . . . . . . . . . . . . . 3 9 5 4 9 9 7 5 4 0 3 8 4 3 1 7 5 4 0 2 2 4 2 2 2 2 5 2 1 1 1 1 1 1 1 1 1 1 1 . . . . . . . . . . . . . . . . . . . . . 7 2 6 5 8 3 3 1 6 1 1 1 6 6 1 2 3 3 0 0 7 3 3 3 3 3 2 2 2 2 2 2 2 2 2 2 1 1 1 1 1 1 6 2 3 2 0 2 0 0 6 0 4 0 6 5 6 9 7 4 7 1 3 5 9 9 6 1 6 6 7 1 8 4 2 9 4 4 3 7 0 4 4 7 2 2 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 0 1 5 5 2 1 6 6 6 5 5 2 1 4 8 6 7 6 2 9 6 8 8 1 5 6 6 9 5 9 9 1 5 3 1 3 7 9 0 7 7 4 3 3 3 2 2 2 2 2 2 2 2 2 2 1 1 1 1 1 1 1 9 1 3 3 0 4 5 1 9 3 3 0 6 6 4 8 7 6 9 7 3 3 3 9 5 2 6 9 9 2 8 7 0 2 4 6 5 3 6 4 2 2 6 6 4 3 6 6 3 4 4 5 4 4 4 4 4 5 6 2 4 7 7 6 5 5 4 2 7 2 4 9 2 1 3 3 9 9 0 3 1 8 3 1 3 9 3 5 7 2 2 9 1 8 8 9 4 2 2 7 0 8 4 6 8 3 6 6 3 6 4 4 5 5 4 4 3 5 6 6 4 2 2 4 7 7 1 7 5 0 1 7 6 5 0 5 9 1 9 7 4 6 8 7 0 4 5 3 6 9 5 5 6 3 6 9 8 2 8 4 5 7 6 9 4 6 2 4 6 3 5 4 3 6 3 5 2 2 5 2 2 2 2 6 2 4 4 4 1 8 0 0 2 9 4 7 8 4 8 6 6 4 3 7 5 9 0 1 0 5 1 5 3 3 6 1 5 6 7 2 2 6 8 4 2 7 0 0 9 7 4 M M M M B en o e e e ' y n s n n s ' ' ' ' s s s a c n c a f l u d l n o o r d t n t h b h i i b o s i n n h o y g g i y s n s ' a g ' n w s s d , h e h o a fu a e r r s t n s , , i s s l c h i a p in p p g s e s rs 3 2 3 2 1 1 9 2 4 8 3 0 7 1 6 + + + + + 2 3 2 1 9 7 6 2 8 + + + + + 4 1 1 1 9 2 9 2 0 + + + + 1 1 1 4 0 0 1 4 6 6 1 . 3 3 4 3 2 . . . . . 2 9 3 2 3 0 2 2 2 1 . . . . . 8 4 1 9 9 2 2 1 1 1 6 1 7 5 9 1 3 2 9 3 1 1 1 1 1 3 3 1 2 4 3 3 6 4 3 2 1 1 1 1 0 4 4 5 5 5 5 6 9 6 6 6 8 4 7 2 3 2 9 4 0 0 5 1 3 6 5 8 4 5 9 1 5 6 7 1 1 2 9 9 3 5 3 2 1 0 6 4 9 4 0 1 9 8 7 Ho H L D C D M D F m a u h o o r o a D L B m a r i u m m e j n n p i o l o s n p a a e e i e e r f m e t s n s u s r w u a n i t t h k e r a e i i r a n s s o e c c e n n s r d t , t u , , e a d i s i f c s s n s b l , c b g e s o h s d l u l e c - h o a h a m i d r o o r n n s a t t s m o l s a d u k g , d c w w i e s e f o s n m l o s t a e a v i s s r r n l p a e , , t s e s t p e r u l t , i r l i r n p s i n e s a g , h e h s n s n o s s e c e p s l e e s s , t r s t , i e e e n a s t r g c d p y s s rings , , , 3 2 2 2 3 2 2 2 2 2 1 1 3 3 9 0 3 3 0 3 1 6 7 8 7 7 6 4 9 3 4 8 5 4 6 7 + + + + + 2 + + + + - - 2 1 1 1 1 1 7 4 6 6 3 0 1 1 0 o 9 + + + + + + 2 + + + + - 2 2 2 1 1 1 6 6 5 4 5 1 1 1 1 1 2 2 + - + f + + + + + + + + + - 3 1 1 3 6 6 8 7 7 9 7 7 0 1 4 9 8 3 6 ? 4 8 4 7 1 7 * 3 2 4 4 5 4 3 4 4 4 5 1 . . . . . . . . . . . . 9 2 4 4 8 2 4 1 3 8 4 3 0 3 3 3 2 2 2 2 2 2 2 1 . . . . . . . . . . . . 9 1 S 9 8 1 4 3 8 5 0 3 3 2 2 1 1 1 1 1 1 1 1 1 2 4 0 9 4 6 4 9 6 9 3 7 3 7 4 5 6 1 3 5 7 9 0 4 2 2 1 1 1 1 1 1 1 1 1 1 6 0 7 3 9 2 5 4 5 4 6 5 2 2 0 5 5 3 2 2 6 6 1 8 2 2 1 1 1 1 1 1 1 1 1 1 3 1 6 5 6 6 5 7 1 0 6 4 4 0 9 5 6 9 6 3 8 4 7 4 1 6 6 7 6 8 4 4 7 7 0 7 7 9 5 5 8 5 7 3 6 6 1 4 5 6 5 2 5 3 4 4 8 9 0 4 4 9 4 6 4 7 6 8 7 7 7 7 7 5 1 3 2 2 1 2 0 4 5 1 1 5 9 7 9 6 5 9 7 8 4 0 4 4 3 6 3 3 4 4 4 5 7 1 6 3 2 0 3 5 2 8 9 0 2 7 1 3 5 3 3 2 8 9 0 9 3 7 Pi W e S C c i o l o e k t o t s g o l , e o n r n o a w d y d s o a re s n s h s s , g g a o o n o o d d d s v s elvets , 2 1 1 9 9 2 1 1 9 9 0 + + + + 2 3 2 1 0 1 4 4 + + + + 1 1 1 1 6 9 2 8 + + + + 1 1 1 9 0 5 3 1 2 7 4 2 2 1 1 . . . . 9 0 1 7 0 1 1 1 . . . . 9 0 3 2 4 3 4 3 4 3 2 * 6 6 4 7 3 2 2 2 3 5 8 6 7 2 6 5 3 3 3 2 4 8 6 0 1 1 2 4 8 6 7 7 3 8 5 5 9 7 2 9 6 6 8 7 8 9 2 7 9 0 4 4 3 2 3 44 7 6 2 1 0 5 0 Sm L T N a a o o c l i t l l e i e o , w t n t a a s ri r r m t e ic s m le i s n , g d s r , u e g m s b u r n o d id ri e e r s i , e s a , n d an p d r e ri s b c b ri o p n ti s o . n . s . 3 2 3 1 4 2 2 2 0 9 5 1 + + + 1 5 7 0 + + + 1 4 4 1 + + + — 1 5 8 5 3 3 4 3 2 . . . . 3 6 3 8 3 3 4 2 . . . . 1 1 7 9 2 2 1 1 9 1 6 3 3 4 8 2 1 1 1 1 8 7 5 2 7 6 2 4 2 1 1 1 7 5 9 3 3 9 3 3 6 6 5 7 4 9 7 7 0 9 0 6 6 8 6 5 1 1 5 4 0 3 9 6 5 5 5 7 8 4 8 9 3 9 7 4 Jew S Je i e l w l v r e e y l r r w a y n a d re silverware 3 2 1 0 0 3 7 9 0 + + + 3 3 8 + + - 1 1 2 1 + + - 5 1 1 0 5 3 4 4 . . . 8 2 3 3 4 2 . . . 8 4 7 1 1 1 7 7 7 6 9 8 1 1 1 5 5 5 6 3 3 1 1 1 7 7 6 1 3 6 6 7 7 8 3 5 1 6 9 6 6 7 8 8 0 3 0 9 6 4 7 4 5 4 2 9 6 Art needlework , 241 + 10 + 10 +7 3.9 4.0 174 178 158 676 638 638 Stationery, books, magazines , 250 +15 +9 +5 3.4 3.7 172 172 150 588 554 557 Stationery 157 +29 + 18 +6 3.6 4.4 163 169 126 588 551 549 Books, magazines , 96 + 1 +3 3.0 2.9 176 161 175 520 482 518 Miscellaneous , 301 +9 +5 +40 3.4 2.7 165 126 151 567 530 398 Toys and games 152 -4 -11 + 14 5.4 4.6 100 61 104 545 489 470 Sporting goods, cameras , 62 + 17 +21 +94 5.6 3.4 134 99 115 749 668 388 Luggage 248 + 10 +9 +54 4.3 3.1 164 132 150 709 657 456 BASEMENT STORE—total 206 +17 +13 +28 2.2 2.0 198 134 168 443 439 345 Women's apparel and accessories 198 + 12 +7 + 10 1.7 1.8 214 133 191 367 374 338 Men's and boys' clothing and furnishings 162 +40 +26 +57 2.8 2.5 189 123 135 533 507 340 Home furnishings 135 + 12 + 16 +51 3.1 2.3 179 157 160 562 546 370 Piece goods 52 +23 +20 + 121 2.4 1.3 315 264 256 755 753 353 Shoes 129 +39 +31 +33 3.1 3.3 162 95 117 508 474 382 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. 739. 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. JUNE 1947 741 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSUMER CREDIT STATISTICS TOTAL CONSUMER CREDIT, BY MAJOR PARTS [Estimated amounts outstanding. In millions of dollars] Instalment credit En o d r m of o n y t e h ar co T n c s r o u e t m d a i e l t r ins T ta o l t m al ent Sale credit Loans1 p S l a 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 L.611 573 1931 5,528 2,214 1,595 637 958 619 1,402 1,381 531 1932 4,082 1,515 999 322 677 516 962 1L.114 491 1933 3,905 1,581 1,122 459 663 459 776 1,081 467 1934 4,378 1,849 1,317 576 741 532 R75 1,203 451 1935 5,419 2,607 1,805 940 865 802 L 048 .292 472 1936 6,771 3,501 2,436 1,289 1,147 1,065 1,331 1,419 520 1937 7,467 3,947 2,752 1,384 1,368 1,195 1,504 1,459 557 1938 7 030 3,578 2 313 970 1,343 1,265 ]I 442 1,487 523 1939 7,981 4,436 2,792 1,267 1,525 1,644 L 468 1,544 533 1940 9,153 5,455 3,450 1,729 1,721 2,005 1,488 1,650 560 1941 9,899 5,924 3,744 1,942 1,802 2,180 ]1,601 1,764 610 1942 6,485 2,955 1,491 482 1,009 1,464 L.369 1,513 648 1943 5,338 1,961 814 175 639 1,147 )L 192 1,498 687 1944 5,781 2,039 835 200 635 1,204 ]L 255 1,758 729 1945 6 637 2,365 903 227 676 1,462 ]L 519 1 981 772 1946 9,958 3,985 1,558 544 1,014 2,427 ',055 3,054 864 1946—March 6 988 2,507 905 264 641 1,602 L 705 1,972 804 April 7,376 2,652 957 289 668 1,695 1,771 2,138 815 7,618 2,789 1,004 318 686 1,785 11,819 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 L 860 2,281 836 August 8 317 3,175 1,124 394 730 2,051 1L.883 2,418 841 8,551 3,297 1,177 425 752 2,120 1,911 2,495 848 October 8,888 3,464 1,261 466 795 2,203 050 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 9,728 4,172 1,609 631 978 2,563 2,080 2,602 874 March? 10 049 4,343 1,693 691 1,002 2,650 2,062 2,768 876 Aprilp 10,256 4,553 1,805 753 1,052 2,748 2,049 2,782 872 P Preliminary. 1 Includes repair and modernization loans insured by Federal Housing Administration. 2 Noninstalment consumer loans (single-payment loans of commercial banks and pawnbrokers). CONSUMER INSTALMENT LOANS [Estimates. In millions of dollars] Amounts outstandirg Loans made by principal lending institutions (end of period) (during period) Insured Year or month Total m b C a e o n r m c k i s - a 1 l p S c l a m o o n a m a i n e l - l s b In t a r d n i u a k l s s - 2 p I c n a t lo r o n d i a m i u a e n l s - s - 2 u C n r i e o d n i s t l M l a e n n is e d c o e e u r l s s - m i r l z o e o a a p a n d t n i a d e o s i r r n 3 n- m b C a e o n r m c k i s - a 1 l p S c l a m o o n a m a i n e l - l s b In t a r d n i u a k l s s - 2 p I c n a t lo r o n d i a m i u a e n l s - s - 2 u C n r i e o d n i s t 1929 . .... 652 43 263 2' 0 32 95 463 413 42 1930 674 45 287 218 31 93 503 380 41 1931. 619 39 289 184 29 78 498 340 38 1932 516 31 257 143 27 58 376 250 34 1933 459 29 232 121 27 50 304 202 33 1934 532 44 246 125 32 60 25 69 384 234 42 1935 802 88 267 156 44 79 168 130 423 288 67 1936 1,065 161 301 191 66 102 244 248 563 354 105 1937 1,195 258 350 221 93 125 148 368 619 400 148 1938 1,265 312 346 129 95 112 117 154 460 604 238 176 179 1939 1,644 523 435 131 99 147 96 213 680 763 261 194 257 1940 2,005 692 505 132 104 189 99 284 1,017 927 255 198 320 1941 2,180 784 535 134 107 217 102 301 1 198 983 255 203 372 1942 1,464 426 424 89 72 147 91 215 792 798 182 146 247 1943 1,147 312 372 67 59 123 86 128 636 809 151 128 228 1944 1,204 358 388 68 60 122 88 120 744 876 155 139 230 1945 1,462 471 445 76 70 128 93 179 938 978 166 151 228 1946 2,427 958 616 117 98 184 110 344 1,790 1,271 231 210 339 iQ46—March 1,602 564 462 82 73 132 95 194 132 103 18 16 24 April 1,695 608 482 85 76 137 97 210 138 105 18 16 25 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. 2,563 1,036 620 125 105 190 110 377 182 91 21 20 33 March?... 2,650 1,088 627 128 108 196 111 392 217 123 24 23 38 April P 2,748 1,137 637 133 112 203 112 414 219 118 24 23 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 April amounted to 74 million dollars, and loans made during April were 12 million. * 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. 742 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 Per- E y m e n o a d n r t o o h r f in e m T g x o o c a l t b u a u i d l l t e , o - - s o m m a t r o n a e d r i d n e e l r t - s F s t t u u o r r r n e e i s - H a s a h t p o o n o p u r c l l s e d e i e s - - J s e t w or e e lr s y s o r t e A t o h t r a l e l e i r l s Year or month Total c P ha u s r e r - e d ta D i l l o i a r n ec s t c r d h e p a i t a r u n a e s d r i c e - l t d , e l m r o t a n i a o n o i n d d z n s a - 1 - i m s l c n o o a s e a n s t n m a a h t l l houses Outstanding at end of 1929 1,197 160 583 265 56 133 period: 1930 1,104 155 539 222 47 141 1939 1,093 218 164 155 209 347 1931 958 138 454 185 45 136 1940 1,450 311 253 217 247 422 1932 677 103 313 121 30 110 1941 1,694 411 310 288 234 451 1933 663 119 299 119 29 97 1942 845 136 123 143 154 289 1934 741 146 314 131 35 115 1943 ... ... 514 55 81 68 89 221 1935 865 186 336 171 40 132 1944 559 57 99 75 83 245 1936 1,147 256 406 255 56 174 1945 731 65 146 97 121 302 1937 1,368 314 469 307 68 210 1946 1,563 185 339 232 254 553 1 1 1 1 1 1 1 9 9 9 9 9 9 9 3 4 4 4 4 4 3 9 4 2 3 1 0 8 . 1 1 1 1 1 , , , , 8 3 0 7 6 6 5 0 0 4 2 3 3 2 2 9 3 1 5 9 5 4 3 3 4 2 1 1 0 6 7 7 3 5 8 2 6 7 9 3 2 2 4 5 6 2 5 3 2 8 3 7 1 9 6 9 5 6 9 9 9 1 1 3 2 2 3 1 2 1 0 7 6 3 1 3 2 3 6 9 3 0 1 1 9 6 1 7 7 2 7 3 6 0 0 0 0 7 2 2 2 2 1 1 1 2 4 7 8 0 0 5 0 6 1 4 0 1 9 1946— A J J A M M u u p u i n l a r y a g e r i y l c u h st..... '2 9 8 0 4 4 7 9 7 6 1 3 1 1 1 1 9 8 1 0 3 2 7 2 5 8 8 4 2 2 2 2 1 1 1 4 2 6 7 9 5 8 3 9 2 3 1 1 1 1 1 1 4 5 1 2 6 7 2 4 7 7 7 9 1 1 1 1 1 1 4 5 7 6 8 9 0 8 1 3 1 3 3 3 4 4 4 4 0 7 5 6 4 2 9 2 8 3 5 3 1945 676 198 283 14 74 107 September.. L ,313 149 276 188 211 489 1946 . 1,014 337 366 28 123 160 O No c v to em be b r e . r ... 1 1, , 4 3 6 8 7 7 1 1 6 7 1 3 3 2 1 9 5 4 2 2 1 0 4 1 2 2 2 3 5 8 5 5 2 0 7 6 1946 December. . 1,563 185 339 232 254 553 A M M p a a r y i r l ch.... 6 6 6 4 8 6 6 1 8 2 2 1 0 0 8 6 0 8 2 2 2 7 8 95 9 8 1 1 16 4 5 5 6 61 9 0 1 1 1 0 0 08 5 1 1947— F J e a b n r u u a a r r y y .. . . . . . 1 1 , , 6 7 4 0 2 7 2 22 0 0 3 3 3 6 8 2 8 2 25 5 1 8 2 26 6 3 0 5 5 6 7 6 8 June 699 210 299 17 63 110 MarchP .... 1,800 243 417 268 274 598 July 705 212 299 20 63 111 April? L.907 270 448 285 289 615 August.... 730 221 308 22 64 115 Volume extended dur- September. 752 235 311 23 65 118 ing month: October. . . 795 257 322 25 66 125 1946—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 May....... 226 29 52 38 22 85 Jan 1 u 9 a 4 r 7 y... 985 337 352 27 114 155 J J u u n ly e 2 2 1 4 7 0 2 3 4 0 5 5 0 3 3 4 6 4 2 2 2 3 8 9 5 0 February.. 978 338 349 30 107 154 August 253 36 58 38 27 94 MarchP .. . 1,002 356 354 29 105 158 September.. 243 33 55 41 25 89 April P 1,052 381 366 32 107 166 October 277 38 65 47 29 98 November. . 270 37 65 46 27 95 December. . 303 44 70 53 26 110 CONSUMER INSTALMENT CREDITS OF INDUSTRIAL 1947—January.... 305 50 76 55 23 101 BANKS, BY TYPE OF CREDIT February... 288 47 77 47 24 93 [Estimates. In millions of dollars] M Ap a r r i c lP h P. .. . 3 36 4 9 5 6 6 8 1 9 9 1 5 6 5 0 1 3 2 4 9 1 11 1 2 3 Retail instal- Repair Personal ment paper 2 and instal- CONSUMER INSTALMENT CREDITS OF INDUSTRIAL Year and month Total modern- ment LOAN COMPANIES, BY TYPE OF CREDIT m A o u b to il - e Other i l z o a a t n io s n x 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 x loans 1942—June 162.4 34.3 16,3 16.5 95.3 1 1 1 9 9 9 4 4 4 3 4 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 9 8 9 0 2 2 1 9 4 0 5 . . . . . . 0 8 6 2 6 4 2 1 1 1 1 1 1 2 3 2 4 2 . . . . . . 5 0 6 4 4 8 1 8 6 7 7 7 2 . . . . . . 8 8 7 8 7 8 1 1 1 1 1 1 4 2 4 4 3 5 . . . . . . 2 9 0 1 4 6 5 5 6 5 5 7 7 7 2 9 7 5 . . . . . . 5 9 8 9 4 6 O 1 1 1 9 9 9 u 4 4 4 o t 4 6 5 f s t p an er d i i o n d g : at end , 1 6 7 0 7 6 8 . . . 7 1 4 1 1 1 0 1 5 . . . 5 0 0 3 4 7 . . . 8 0 4 2 1 15 . . 4 1 5 6 8 0 1 3 . . . 2 7 6 December.... 104.1 13.8 9.8 17.2 63.3 1946—March 81.0 11.6 4,2 1.6 63.6 1946—March 112.8 15.4 10.9 19.1 67.4 April 83.2 12.1 4.5 1.6 65.0 April 118.1 16.8 11.8 20.2 69.3 May 85.6 12.6 4.8 1.7 66.5 May .... 122.4 17.6 12.7 21.2 70.9 June 87.5 12.7 5,2 1.7 67.9 June 127 4 18.5 13.7 22.0 73.2 July 89.0 13.0 5,4 1.9 68.7 July 132.6 19.9 13.8 23.1 75.8 August. . . . 93. 13.6 5.6 2.0 71.9 August 138.5 21.3 14.1 24.2 78.9 September. 95. 13.8 6.2 2.0 73.3 September. .. 142.9 22.1 14.7 25.4 80.7 October...; 99. 14.5 7.0 2.2 76.0 October 150.6 24.4 15.7 26.7 83.8 November.. 103. 14.9 7.6 2.3 78.9 November.... 156.1 26.2 16.7 27.5 85.7 December.. 108.4 15.0 7.4 2.4 83.6 December. . .. 162.7 27.5 17.8 28.3 89.1 1947—January... 112.2 15.6 8.0 2.5 86.1 1947—January 168.1 29.5 18.6 28.9 91.1 February .. 115.5 16.5 8.4 2.5 88.1 February 172.6 31.3 19.6 29.6 92.1 March P. . . 118.7 17.1 8.9 2.6 90.1 March? 177,4 33.5 19.4 30.3 94.2 AprilP 124.0 18.4 9.9 2.7 93.0 AprilP 183.9 36.2 20.5 31.3 95.9 Volume extended Volume extended during month: 19 d 4 u 6 r — in M g a m rc o h nth: 23.3 3.8 2.2 2.4 14.9 1946— A M pr a il rch...;. 1 18 8 . . 0 3 3 3 . . 0 1 0, . 9 0 0 0 . . 2 2 1 1 4 3 . . 2 7 A M p a r y il 2 2 3 4 .4 6 4 3 . . 2 9 2 2 . . 4 8 2 2 . . 5 5 1 15 4 . . 2 5 J M un ay e 1 1 8 8. . 4 3 3 2 . . 2 7 . . 2 2 0 0. . 2 2 1 1 4 3 . . 2 8 23.8 3.9 2.7 2,3 14.9 July 19.6 3.3 .4 0.3 14.6 J A u u ly g ust .... 2 2 6 6 .7 3 4 4 . . 7 7 3 2 . . 0 8 2 2 . . 6 8 1 1 6 6 . . 2 2 A Se u p g t u e s m t ber. 2 2 0 0 . . 5 0 3 3 . . 5 4 . . 1 4 0 0 . . 3 3 1 14 5 . . 9 6 September. . . 25.2 4.3 2.7 2.7 15.5 October.... 22.5 4.0 .8 0.3 16.4 October 28.8 5.5 3.5 3.3 16.5 November.. 23.0 4.1 .7 0.2 17.0 November.... 28.5 5.2 3.6 2.8 16.9 December.. 26.2 3.4 .6 0.3 20.9 December... . 31.2 5.6 3.7 2.6 19.3 1947—January . . 22.4 3.6 .8 0.2 16.8 1947—January 29.1 6.4 3.5 2.4 16.8 February . . 22.2 3.9 .6 0.2 16.5 February .... 27.4 6.2 3.4 2.4 15.4 March v . . . 25.6 3.9 .8 0.3 19.6 March P 31.3 7.1 3.5 2.7 18.0 AprilP 26.6 4.7 2.5 0.3 19.1 April? 32.0 7.5 4.2 2.9 17.4 1 Includes not only loans insured by Federal Housing Administration but also noninsured loans. Preliminary. 2 Includes both direct loans and paper purchased. JUNE 1947 743 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 RECEIVABLE1 Pe f r ro ce m n t p ag 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 cc h o a u rg n e ts month month of preceding Item year Year and month Depart- Furni- House- Department ture hold ap- Jewelry ment Apr. Mar. Feb. Apr. Mar. Feb. stores stores pliance stores stores 1947* 1947 1947 1947P 1947 1947 stores Net sales: 1946 Total +3 + 16 +5 +11 + 15 + 17 March 37 27 54 32 64 Cash sales + 1 + 13 -4 -11 -10 -5 April 36 28 56 32 63 Credit sales: May . 34 27 55 34 62 Instalment +2 +20 +8 + 17 +23 +21 June 33 26 56 33 60 Charge account +4 +3 +20 +31 +36 +46 A Ju u ly gust . ... 3 3 2 5 2 2 6 6 5 5 7 4 3 3 2 3 5 5 7 9 Accounts receivable, at September 34 25 51 30 56 end of month: October 37 27 52 32 60 Total +3 +3 +2 +40 +42 +41 November 37 27 47 34 59 Instalment +3 + 1 -1 +34 +34 +30 December 35 26 47 44 54 Collections during 1947 month: January 29 23 47 26 52 Total -2 + 10 Q +21 +25 +30 February 28 21 42 25 51 Instalment -4 + 15 -9 + 12 + 17 + 17 A M p a r r i c l? h 3 2 2 9 2 2 5 4 4 4 4 5 2 2 5 7 5 5 4 6 Inventories, end of month, at retail value. 0 + 1 +7 +52 +64 +71 P Preliminary. 1 Collections during month as percentage of accounts outstanding at 9 Preliminary. beginning of month. DEPARTMENT STORE SALES, ACCOUNTS RECEIVABLE, AND COLLECTIONS Index numbers, without seasonal adjustment, 1941 average = 100 Percentage of total sales Accounts receivable Collections during Year and month Sales during month at end of month month Cash Instal- Chargement account Total Cash I m ns e t n a t l- a C c h c a o r u g n e t Instal- a C c h c a o r u g n e t Instal- a C c h c a o r u g n e t sales 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-March 190 233 84 162 43 113 85 138 60 36 April 205 249 r97 175 45 rl25 '84 154 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 97 180 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 37 February. 159 179 109 144 74 154 112 195 56 38 March. ... 210 236 151 191 76 160 126 185 56 38 AprilP.. . . 207 231 141 193 80 164 120 186 55 39 P Preliminary. r Revised. NOTE.—Data based on reports from a smaller group of stores than is included in the monthly index of sales shown on p. 739. 744 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 ele a c n t d ri c ic it e y, furn H i o sh u i s n e gs Miscellaneous 1929 122.5 132.5 115.3 141.4 112.5 111.7 104.6 119.4 126.0 112.7 137.5 111.4 108.9 105.1 1930 1931 108.7 103.9 102.6 130.3 108.9 98.0 104.1 1932 97.6 86.5 90.8 116.9 103.4 85.4 101.7 1933 92.4 84.1 87.9 100.7 100.0 84.2 98.4 1934 95.7 93.7 96.1 94.4 101.4 92.8 97.9 1935 98.1 100.4 96.8 94.2 100.7 94.8 98.1 1936 99.1 101.3 97.6 96.4 100.2 96.3 98.7 1937 102.7 105.3 102.8 100.9 100.2 104.3 101.0 1938 ;... 100.8 97.8 102.2 104.1 99.9 103.3 101.5 1939 99.4 95.2 100.5 104.3 99.0 101.3 100.7 1940 100.2 96.6 101.7 104.6 99.7 100.5 101.1 1941 105.2 105.5 106.3 106.2 102.2 107.3 104.0 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.f 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.f 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 156.3 189.5 184.3 109.0 117.6 182.3 138.2 156.1 188.0 184.6 109.0 118.4 182.4 139.1 April Back Figures.—Bureau of Labor Statistics, Department of Labor. JUNE 1947 745 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 p l i r e d o a e d t s h u e c a r t n s d p T ro e d x u ti c le ts m F li u a g e t h e l t r i a i n a n g l d s a p n r M d o d e m t u a e c l t ; t a s l m Bu at i e ld ri i a n l g s l M an is e c o e u l s - 1929 95.3 104.9 99.9 91.6 109.1 90.4 83.0 100.5 95.4 94.0 94.3 82.6 1930 86.4 88.3 90.5 85.2 100.0 80.3 78. 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 61.0 70.2 72.9 54.9 70.3 80.2 71.4 73.9 75.1 64.4 1933 65.9 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 75.3 81.5 69.7 1935 80.0 78.8 83.7 77.9 89.6 70.9 73.5 86.4 85 79.0 80.6 68.3 1936 80.8 80.9 82.1 79.6 95.4 71.5 76.2 87.0 86 78.7 81.7 70.5 1937 86.3 86 85.5 85.3 104.6 76.3 77.6 95.7 95 82.6 89.7 77.8 1938 78.6 68 73.6 81.7 92.8 66.7 76.5 95.7 90 77.0 86.8 73.3 1939 77.1 65.3 70.4 81.3 9o.6 69.7 73.1 94.4 90 76.0 86. 74.8 1940 78.6 67.7 71.3 83.0 100.8 73.8 71.7 95.8 94.8 77.0 88. 77.3 1 1 1 1 1 1 9 9 9 9 9 9 4 4 4 4 4 4 6 2 5 4 1 3 1 1 1 1 9 8 2 0 0 0 8 7 1 5 4 3 . . . . . . 8 1 3 8 0 1 1 1 1 1 1 8 2 0 4 2 2 8 5 8 2 3 2 . . . . . . 2 9 9 3 6 4 1 1 1 1 9 8 3 0 0 0 9 2 0 6 4 6 . . . . . . 6 7 7 2 9 6 1 9 9 9 9 8 0 9 5 8 6 9 9 . . . . . . 7 5 5 9 5 0 1 1 1 1 1 1 1 3 1 1 1 0 7 7 6 7 8 8 . . . . . . 7 2 7 5 1 3 1 1 9 9 9 8 0 1 6 7 8 4 0 6 . . . . . . 9 4 4 8 1 3 9 8 8 8 7 7 0 0 4 3 8 6 . . . . . . 1 0 8 5 0 2 1 1 1 1 1 9 0 1 0 0 0 9 4 5 3 3 3 . . . . . . 4 7 5 8 8 8 1 1 1 1 1 1 1 3 1 1 1 0 0 1 2 5 3 7 . . . . . . 2 2 5 4 6 8 1 9 9 9 9 8 0 5 5 4 5 4 1 . . . . . . 5 2 2 9 4 4 1 1 1 1 1 9 0 0 1 0 0 4 2 2 1 4 4 . . . . . . 7 4 6 5 3 1 9 9 9 8 8 0 2 3 4 9 2 0 . . . . . . 2 7 7 6 0 3 1946—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— F Ja e n b u ru a a ry ry 1 1 4 4 4 1. . 5 6 1 1 6 7 5 0 . . 0 4 1 1 5 6 6 2 . . 2 0 1 1 2 27 8 . . 6 6 1 1 7 7 3 5. . 1 8 1 1 3 3 8 6 . . 0 6 9 97 7 # .9 7 1 1 3 3 8 8 . . 6 0 1 1 7 6 4 9. . 7 8 1 1 2 28 9 . . 1 3 1 1 2 2 4 3 . . 6 3 1 1 1 1 0 0 . . 9 3 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 April 147.7 177.0 162.4 131.8 166.4 139.2 103.4 140.3 178.8 133.2 127.4 115.7 Week ending: 1947—Feb. 1 140.3 164 8 154.1 127.5 171.0 135.8 98.5 138.3 168.6 127.8 122.8 109.9 Feb. 8 141.7 165.5 156.7 128.1 172.9 137.7 98.6 138.3 170.6 127.6 123.0 110.0 Feb. 15 143.1 168.9 160.9 128.1 173.6 135.5 98.6 138.4 172.8 128.3 123.0 110.0 Feb. 22 144.3 171.7 162.5 128.3 175.8 135.4 98.6 138.4 172.6 129.2 125.3 110.7 Mar. 1 146.4 176.1 167.5 128.7 174.1 137.0 98.6 138.6 173.0 129.3 125.5 111.2 Mar. 8 148.7 181.8 170.7 129.4 174.2 137.4 98.8 139.7 175.3 130.6 126.1 111.9 Mar. 15 148.3 184.2 166.5 130.0 175.7 138.3 98.8 140.2 175.3 131.7 126.1 113.0 Mar. 22 149.0 182.9 166.2 131.3 174.9 138.7 101.7 140.3 176.7 133.0 126.6 114.6 Mar. 29 149.4 183.8 166.5 131.9 174.2 138.7 103.5 140.3 177.0 132.8 126.6 114.9 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 May 3 146.7 174.6 162.7 131.8 166.7 138.0 104.0 140.7 178.5 128.6 128.6 115.4 May 10 146.7 176.3 161.1 131.7 166.7 138.0 104.0 140.7 178.6 127.2 128.6 114.9 May 17 147.0 176.9 161.1 132.1 166.4 138.5 104.1 141.8 177.4 125.9 129 A 115.9 May 24 146.9 177.2 160.3 132.2 166.4 138.3 104.3 141.8 177.0 126.0 129.4 116.5 May 31 147.4 178.4 161.6 132.3 166.5 138.5 104.1 142.3 178.0 126.4 129.5 116.1 1946 1947 1947 Subgroups Subgroups Apr. Jan. Feb. Mar. Apr. Jan. Feb. Mar. Apr. Farm Products: Metals and Metal Products: Grains 137.0 162.6 171.1 203.3 199.8 Agricultural implements.. . . 98.6 117.5 117.6 116.8 116.6 Livestock and poultry 135.1 189.6 201.5 216.0 199.2 Farm machinery 99.6 119.0 119.0 118.2 118.0 Other farm products 134.2 149.7 150.5 155.8 156.4 Iron and steel 107.4 123.9, 125.0 126.9 127.6 Foods: Motor vehicles l 151.3 151.3 151.2 148.8 Dairy products 116.3 164.6 161.8 157.6 148.8 Nonferrous metals 87.1 130.5 131.3 139.0 141.0 Cereal products 99.4 139.9 141.3 150.4 154.1 Plumbing and heating 100.8 117.0 117.1 117.9 118.2 Fruits and vegetables 138.2 131.6 134.2 141.5 142.2 Building Materials: Meats 110.3 183.4 199.5 207.3 196. Brick and tile 119.9 132.2! 132.3 132.4 134.5 Other foods 97.7 141.1 146.0 152.8 147.6 Cement 102.4 108.3 109.9 112.3 114.0 Hides and Leather Products: Lumber 171.4 249.9 263.6 269.3 273.5 Shoes 128.6 170.6 171.5 171.5 172.1 Paint and paint materials... 108.0 171.2 173.9 176.1 175.5 Hides and skins 117.6 198.5 191.4 192.2 178.1 Plumbing and heating 100.8 117.0 117.1 117.9 118.2 Leather 104.0 181.6 181.1 183.7 158.0 Structural steel 120.1 127.7 127.7 127.7 127.7 Other leather products 115.2 140.3 137.1 137.7 137.7 Other building materials 112.8 139.0 141.5 143.5 143.7 Textile Products: Chemicals and Allied Ptoduch: Clothing 117.4 132.4 132.7 133.0 133.0 Chemicals 97.1 112.7 113.8 114.5 119.5 Cotton goods 137.6 184.6 193.7 196.6 194.7 Drugs and Pharmaceuticals. 112.4 181.7 182.5 182.7 181.0 Hosiery and underwear 75.5 99.3 100.0 100.8 100 Fertilizer materials 81.9 99.9 99.2 101.8 101.2 Silk 101.2 80.2 73.2 69 A Mixed fertilizers 86.6 95.5 96.3 96.3 96.7 Rayon 30.2 33.8 37.0 37.0 37.0 Oils and fats 102.1 210.6 214.3 231.5 220.1 Woolen and worsted goods. 112.7 120.8 121.9 127.5 129.1 Housefurnishing Goods: Other textile products 110.5 169.9 170.1 175.1 175.8 Furnishings 112.1 128.4 129.6 131.4 134.4 Fuel and Lighting Materials: Furniture 102.9 118.2 119.5 120.0 120.0 Anthracite 104.0 114.7 114.8 114.9 113.9 Miscellaneous: Bituminous coal 125.2 142.6 143.3 143.6 145.0 Auto tires and tubes 73.0 73.0 73.0 73.0 73.0 Coke 133.5 152.5 155.1 155.2 155.4 Cattle feed 159.6 181.7 178.6 238.4 208.9 Electricity 66.6 64.9 65.7 Paper and pulp 113.9 141.9 143.4 145.1 152.5 Gas 79.7 80.8 84.3 84.9 Rubber, crude 46.2 51 .2 52.9 52.9 52.0 Petroleum products 62.8 76.5 76.6 81.7 86.3 Other miscellaneous 99.2 118.1 118.8 122.2 123.3 1 Revision made beginning October 1946. Back figures.—Bureau of Labor Statistics, Department of Labor. 746 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] Annual totals seasonally adjusted annual rates by quarters 1946 « 1947 1940 1941 1942 1943 1944 1945 1 1946 1 2 3 4 1 Gross national product 97.1 120.2 152.3 187.4 197.6 199.2 194.0 183 7 190 ? 196 6 204 7 209 0 Government expenditures for goods and services . . . . 16.7 26.5 62.7 93.5 97.1 83.6 34.7 39.6 36.7 31.3 30.8 31.5 Federal Government 8.8 18.6 55.3 86.2 89.5 75.8 25.2 31.1 27.7 21.5 20.3 War 2.8 13.3 50.3 81.3 83.7 69.4 16.? 23 8 19 12 0 10 0 Nonwar 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 7.9 7.9 9 5 8 5 9.0 9.8 10.5 14.8 19.1 7.6 2.5 2.0 9.1 32 1 23 1 31.4 35.7 37.9 39.0 Construction 4.3 5.3 2.9 1.6 1.6 2.6 7.9 6 5 8.0 8.3 8.8 Residential 2.4 2.8 1.3 0.6 0.5 0.7 Other 2 0 2 5 1 6 1 0 1 1 1 9 Producers durable equipment 6.9 8.9 5.1 3.1 4.0 «6.6 « 12.8 «9 5 »12.0 «14.0 •15.6 Net change in business inventories.. 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... 1.5 1.2 -1.5 -1.8 Net exports and monetary use of 0.5 4.9 3 7 7.4 4.8 3.8 gold and silver . ... 0.3 0.2 0.1 -0.1 Consumer goods and services 65.7 74.6 82.0 91.3 98.5 106.4 127.2 121 0 122./ 129.6 136.0 138.5 Durable goods 7.4 9.1 6.3 6.6 6.7 7.7 14.1 11 7 13.1 15.0 16.7 34.4 40.1 47.9 55.1 60.0 65.6 77.3 75 1 74 0 78 3 81 8 Services 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 97.1 120.2 152.3 187.4 197.6 199.2 1940 183 7 190.2 196.6 204.7 209.0 Deductions: Business tax and nontax liabilities... 12.4 18.5 23.1 27.4 29.7 28.6 250 6 4 7 0 7.6 8.0 8.2 8 0 7 ? 0.7 0 8 0.6 0.5 0.5 0.5 0 4 Capital outlay charged to current 0.9 1 3 1.1 0.8 0.9 1.1 2 0 A djustments: For inventory revaluation —0 4 —3 2 —2 1 —0.2 -0.1 —3,-5 For discrepancies —0.4 — 1.1 -0.2 1.5 -2.2 0.1 -2 1 National income 77.6 96.9 122.2 149.4 160.7 161.0 165 0 Additions: Transfer payments 2.6 2.5 2.7 3.2 5.3 8.1 11 0 Deductions: Corporate savings 1.8 4.0 4.4 5.5 5.4 4.5 6 Q Contributions to social insurance funds 2.1 2.6 3.2 3.8 3.9 3.8 4 0 Income payments to individuals 76.2 92.7 117.3 143.1 156.8 160.8 165 1 156 7 160.6 167.8 173.4 176.9 Income payments to individuals 76.2 92.7 117.3 143.1 156.8 160.8 165 1 156 7 160.6 167.8 173.4 176.9 Pe F S rs e t o a d n t e e a r l a a l t n a d x e l s o c a a n l d nontax Payments 3 1 1 . . 9 3 4 4 2 2 . 0 0 0 6 4 2 . . 7 0 7 1 1 8 2 6 . . 6 0 6 1 1 2 9 7 . . 4 1 4 2 1 1 2 9 . 2 1 0 1 1 9 2 7 o 1 1 1 1 8 2 6 6 1 4 1 1 8 2 6 .7 1 1 9 2 7 . 4 2 *> 1 1 2 9 7 . 8 2 7 Disposable income of individuals 72.9 88.7 110.6 124.6 137.4 139.6 146 0 138.1 141.9 148.4 153.6 Consumer expenditures 65.7 74.6 82.0 91.3 98.5 106.4 127 2 121.0 122.1 129.6 136.0 7.3 14.2 28.6 33.3 38.9 33.1 18 8 17.1 19.8 18.8 17.6 National income 77.6 96.9 122.2 149.4 160.7 161.0 165 A 152,9 169 4 177 5 180 5 Total compensation of employees 52.3 64.5 84.1 106.3 116.0 114.5 109, a Salaries and wages 48 6 60.8 80.8 103.1 112.8 111 4 106 6 Supplements 3.7 3.7 3.3 3.2 3.2 3.1 3 Net income of proprietors 12.0 15.8 20.6 23.5 24.1 25 6 30 ? Agricultural 4.4 6.3 9.7 11.9 11.8 12.5 14 Q 7 6 9 6 10.9 11.6 12.3 13 1 15 ^ Interest and net rents 7.5 8.0 8.8 9.7 10.6 11.8 13 0 5.8 8.5 8.7 9.8 9.9 9.0 12 0 4 0 4 5 4.3 4.3 4.5 4 5 5 1 Savings 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. 1 Revised figures. Quarterly unadjusted data have not yet been published. • Based on new sources and not precisely comparable with previous years. < Less than 50 million dollars. NOTE.—Detail does not always add to totals because of rounding. For a general description of above series see the Survey of Current Business for May and August 1942 and March 1943. Back figures.—For annual totals 1929 through 1939, 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. JUNE 1947 747 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 Apr. May May May May page Apr. May May May May 30 14 21 28 30 14 21 28 WEEKLY FIGURES i In billions of dollars WEEKLY FIGURES^—Cont. In unit indicated RESERVES AND CURRENCY BUSINESS CONDITIONS Reserve Bank credit, total 222.21 22.23 22.23 22.07 22.02 Steel production (% of capacity).... 37 96.4 90.6 94.2 96.1 95.4 U. S. Govt. securities, total.. 321.86 21.85 21.76 21.68 21.59 Electric power prod. (mill. kw. hrs.) . 37 4640 4653 4616 4663 Bills 315.10 15.10 14.96 14.78 14.57 Freight carloadings (thous. cars).... 45 883 884 888 891 Certificates 3 5.65 5.65 5.71 5.81 5.92 Department store sales (1935-39 Notes 3 .35 .35 .35 .35 .37 = 100) 45 279 311 273 277 Bonds 3 .75 .75 .74 .74 .74 Wholesale prices (1926=100): Discounts and advances 2 .13 1.01 .14 .12 .13 Total 49146.7146.7147.0146.9147.4 Gold stock 220.77 20.81 20.88 20.89 20.93 Farm products 49174.6176.3176.9177.2178.4 Money in circulation 2 28.12 28.20 28.13 28.12 28.21 Other than farm and food 49131.8131.7132.1132.2132.3 Treasury cash 2 1.33 1.33 1.34 1.34 1.37 Treasury deposits 2 .62 .65 .56 .54 .75 Member bank reserves 2,4 15.83 15.88 15.95 15.94 15.71 1947 Required reserves 415.17 15.23 15.16 15.17 15.19 Excess reserves • 4 .65 .65 .79 v. 77 P.51 Excess reserves (weekly aver- Feb Mar. Apr.3 age): Total* 5 .79 .80 P.76 New York City 5 .01 .01 .01 MONTHLY FIGURES In billions of dollar. C R h es ic e a rv g e o city banks 5 5 () .22 () .21 RESERVES AND CURRENCY Country banks « 5 .55 .56 P.53 Reserve Bank credit 6 24.60 23.72 22.72 Gold stock 6 20.73 20.41 20.59 MEMBER BANKS IN LEADING CITIES Money in circulation 6 28.30 28.27 28.18 Treasury cash 6 2.21 1.33 1.33 Total—101 cities: Treasury deposits 6 1.90 1.34 .72 Loans and investments 1455.18 54.94 54.86 54.80 54.92 Member bank reserves, total 6, 7 16.01 16.01 15.93 U. S. Govt. obligations 1434.7O 34.50 34.46 34.54 34.48 Central reserve city banks 5.01 5.01 5.00 Demand deposits adjusted... 14 39.69 39.23 39.32 39.64 39.90 Reserve city banks 6.32 6.31 6.29 U. S. Govt. deposits 1.45 1.35 1.41 1.31 1.11 Country banks 4.67 4.69 4.63 Loans 16.92 16.95 16.93 16.80 16.99 Required reserves, total 15.20 15.13 15.10 New York City: Central reserve city banks 4.99 4.98 4.98 Loans and investments 18.48 18.33 18.1 18.16 18.22 Reserve city banks 6.12 6.09 6.07 U. S. Govt. obligations, total. 11.66 11.55 11.41 11.49 11.36 Country banks 4.09 4.06 4.05 Bonds and guaranteed Excess reserves, total .81 .87 .83 securities 9.54 9.55 9.55 9.52 9.51 Balances due from banks: Notes and certificates 1.89 1.89 1.83 1.80 1.75 Reserve city banks 13 1.74 1.80 1.79 Bills .23 .12 .03 .17 .10 Country banks 13 3.48 3.51 3.41 Demand deposits adjusted... 14.46 14.20 14.15 14.32 14.37 Money in circulation, total 8 28.30 28.23 28.11 U. S. Govt. deposits .43 .40 .40 .37 .31 Bills of $50 and over 8 8.43 8.42 8.43 Interbank deposits 3.90 4.00 3.99 3.86 3.83 $10 nd $20 b i l l s8 15.41 15.35 15.23 Time deposits 1.31 1.31 1.31 1.31 1.31 Coins, $$11 , $$2, and $5 bills 8 4.46 4.46 4.45 Loans, total 5.72 5.72 5.68 5.62 5.82 Commercial 4.07 4.00 4.01 3.95 3.93 For purchasing securities: ALL BANKS IN U. S. Brokers'—on U.S. Govts. .29 .32 .41 .44 .60 Brokers'—on other secu- Total deposits and currency 9 P165.40 P165.10 P165.30 rities .25 .28 .27 .24 .24 Demand deposits 9 P80.60 P80.40 P81.40 To others .29 .26 .25 .26 .25 Time deposits 9 J»54.70 P54.90 P55.10 AH other .83 .86 .74 .72 .80 Currency outside banks. . 4 9 P26.20 P26.00 P26.00 100 cities outside New York: U. S. Govt. deposits 9 P3.90 P3.80 P2.80 Loans and investments 36.69 36.61 36.72 36.64 36.70 U. S. Govt. obligations, total. 23.05 22.95 23.05 23.04 23.12 CONSUMER CREDIT Bonds and guaranteed securities 17.59 17.60 17.64 17.67 17.70 Consumer credit, total 18 9.73 P10.05 P10.26 Notes and certificates 4.98 4.91 4.90 4.89 4.80 Single payment loans 18 2.08 P2.06 P2.05 Bills .48 .43 .52 .49 .63 Charge accounts 18 2.60 P2.77 P2.78 D U e . m S. a n G d o v d t e . p d o e s p it o s s i a ts djusted... 25 1. . 0 2 2 3 25. . 0 9 3 5 25 1. . 0 1 1 7 25. . 3 9 1 4 25. . 5 8 3 0 S In e s rv ta ic lm e e c n re t d c i r t edit, total 18, 1 1 9 8 4. . 1 8 7 7 P4 P. . 3 8 4 8 P4 P . .8 5 7 5 Interbank deposits 5.93 6.04 6.13 5. 5.78 Instalment loans 19 2.56 P2.65 P2.75 Time deposits 9.39 9.41 9.42 9.43 9.43 Instalment sale credit, total.... 19 1.61 Pi. 69 Pl.81 Loans, total 11.20 11.22 11.24 11.18 11.18 Automobile 19 .63 P.69 P.75 Commercial 6.85 6.82 6.83 6.79 6.75 Other 19 .98 Pi.00 Pl.05 For purchasing securities... .86 .88 .86 .86 .88 All other 3.49 3.52 3.55 3.54 3.55 TREASURY FINANCE MONEY RATES, ETC. Per cent per annum U. S. Govt. obligations outstanding, total interest-bearing 20 258.29 255.98 254.60 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 Certificates 24 .84 .85 .85 .85 .85 Notes, certificates, and bills 20 55.92 52.97 51.05 Notes 24 1.18 1.19 1.20 1.19 1.19 Savings bonds and tax notes.... 20 57.77 58.16 58.61 Bonds (7-9 years) 24 1.48 1.48 1.48 1.47 1.46 Special issues 20 24.94 25.18 25.28 Bonds (15 years and over) .24, 26 2.20 2.20 2.20 2.19 2.19 By maturities: Corporate bonds: 5 years and over 20 105.30 103.34 103.34 High grade (5 issues) 26 2.47 2.47 2.46 2.46 2.46 5-20 years 20 61.70 59.74 59.74 Aaa 26 2.53 2.53 2.53 2.53 2.53 5-10 years 20 41.63 39.67 39.67 Baa 26 3.15 3.15 3.16 3.18 3.19 Within 5 years 20 70.11 69.12 67.20 Within 1 year 20 52.88 49.93 48.00 Certificates 20 28.78 27.79 26.29 In unit indicated Bills 20 17.05 17.04 16.61 Holdings of U. S. Govt. obligations: Commercial banks 21 71.80 70.70 Stock prices (1935-39=100): Fed. agencies and trust funds.... 21 31.31 31.57 31.62 Total 27 118 118 114 113 116 Federal Reserve Banks 21 24.12 22.59 21.86 Industrial 27 122 122 117 117 119 Mutual savings banks 21 12.00 12.00 Railroad 27 100 99 93 92 96 Insurance companies 21 25.40 25.10 Public utility 27 104 104 102 100 102 Other investors, total 21 93.70 94.00 Volume of trading (mill, shares). 2 7 ,80 .69 1.14 1.05 .75 Marketable issues 21 38.00 37.90 For footnotes see p. 750. 748 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—Continued 1947 1947 Chart Chart book book page Feb. Mar. Apr.3 page Feb. Mar. Apr. MONTHLY FIGURES—Cont. Per cent per annum MONTHLY FIGURES—Gont. In unit indicated MONEY RATES, ETC. BUSINESS CONDITIONS—Cont. Corporate Aaa bonds 23 2.55 2.55 2.53 F. R. Bank discount rate (N. Y.) 23 1.00 1.00 1.00 Residential contracts (mill, dollars) :4 Treasury bills (new issues) 23 .376 .376 .376 Total 42 270 249 215 Public 42 20 13 15 Private total 42 250 236 200 In unit indicated 1- and 2-family dwellings 42 220 197 160 Other 42 30 39 40 Stock prices (1935-39=100): Value of construction activity (mill, Total 27 129 124 119 dollars): Industrial 27 133 128 123 Total 49C 745 785 848 Railroad 27 119 110 102 Residential: Public utility 27 111 107 105 Public 49C 32 24 16 Volume of trading (mill, shares) 27 1.18 .84 .91 Private 49C 247 260 275 Brokers' balances (mill, dollars): Nonresidential: Credit extended customers 29 573 576 55; Public 49C 119 144 190 M Cu o s n t e o y m e b r o s r ' r o fr w ee e d c redit balances.... 2 2 9 9 6 2 8 1 1 7 2 6 1 7 6 7 2 66 0 . . Freight P c ri a v rl a o te adings :4 49C 347 357 367 BUSINESS CONDITIONS T G o ro ta u l p s ( 1 ( 9 p 3 o 5 in -3 ts 9 = in 1 0 to 0 t ) al index): 43 142 146 136 Income payments (mill, dollars) :4 Miscellaneous 43 79.4 82.8 80.7 Total. . ." 30 14,754 14,805P14.672 Coal 43 31.8 31.3 25.3 Salaries and wages 30 9,356 9,380 P9.320 All other 43 30.9 31.6 30.4 Other 30 5,398 5,425 P5.352Department stores (1935-39=100):* Cash farm income (mill, dollars): Sales 44 269 ••275 274 Total 31 1,745 1,996 Stocks. 44 275 ••273 264 Livestock and products 31 1,179 1,322 Exports and imports (mill, dollars): Crops 31 522 608 Exports 46 Pi,153 Pl.327 Govt. payments 31 44 66 Excluding Lend-Lease exports... 46 l5 vl,326 Armed forces (mill, persons) 32 1.6 1.6 1.5 Imports 46 44 Civilian labor force (mill, persons): Excess of exports excluding Lend- Total 32 58.0 58.4 59.1 Lease exports 46 P715 P8S2 Male 33 42.1 42.4 42.8 Cost of living (1935-39=100): Female 33 15.9 16.0 16.3 All items 47 153.2 156.3 156.1 Unemployment 32 2.5 2.3 2.4 Food 47 182.3 189.5 188.0 Employment 32 55.5 56.1 56.7 Clothing 47 181.5 184.3 184.6 Nonagricultural 33 48.6 48.8 48.8 Rent 47 108.9 109.0 109.0 Agricultural 33 6.9 7.2 7.9 Wholesale prices (1926=100): Industrial production:4 Total 49 144.6 149.6 147.7 Total (1935-39=100) 35, 49B 189 190 Farm products 49 170.4 182.6 177.0 Groups (points in total index): Other than farm and food 49 128.6 131.3 131.8 Durable manufactures 35 '84.2 85.2 Machinery and trans, equip... 49B '44.4 45.1 P44.5 Iron and steel 49B 21.0 21.6 21.5 Nonferrous metals, lumber, and building materials 49 B 18.8 18.6 1946 1947 Nondurable manufactures 35 82.5 82.4 P80.7 Textiles and leather 49 B r22.2 22.1 P21.2 Food, liquor, and tobacco 49B '23.2 23.0 P22.5 Chemicals, petroleum, rubber, July- Oct.- Jan.and coal products 49B 23.2 23.1 P23.0 QUARTERLY FIGURES Sept. Dec. Mar. Paper and printing 49B 13.9 14.1 P14.0 Minerals 35, 49B 22.2 22.5 P21.6 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 36 253 P249 Total expenditures 49D 9.33 9.16 10.63 Durable 36 293 P285 National defense 49D 3.80 4.50 4.30 Shipments: Net receipts 49 D 9.45 9.02 13.90 Total 36 290 P288 Internal revenue collections, total. 49D 8.47 7.72 12.61 Durable 36 311 P312 Individual income taxes 49D 3.87 3.07 7.95 Nondurable 36 275 P272 Corporate income taxes 49D 2.56 2.52 2.62 Inventories: Misc. internal revenue 49D 2.04 2.14 2.03 Total 36 213 P217 Durable 36 232 P238 Nondurable 36 197 P198 MONEY RATES Per cent per annum Factory employment and pay rolls (1939=100): Bank rates on customer loans: Pay rolls 38 310.7 313.9 Total, 19 cities 23 2.32 2.33 2.31 Employment 38 153.8 154.0 ^152.5 New York City 25 1.83 1.85 1.82 Hours and earnings at factories: Other Northern and Eastern cities. 25 2.43 2.43 2.37 Weekly earnings (dollars) 39 47.29 47.72 P47.44 Southern and Western cities 25 2.75 2.76 2.80 Hourly earnings (cents) 39 117.0 118.0 P118.6 No H n o ag ur r s ic w ul o tu rk r e a d l ( e p m er p w lo e y e m k) e nt (mill, 39 40.4 40.4 P40.0 SECURITY MARKETS In millions of dollars persons) :4 Total . 40 42.3 42.4 P42.0 Corporate security issues: Manufacturing and mining 40 16.4 16.4 P16.3 Net proceeds: Trade 40 8.6 8.7 P8.6 All issuers 28 1,482 1,801 1,018 Government 40 5.4 5.4 *5.5 Industrial 28 876 966 438 Transportation and utilities 40 4.1 4.0 P3.7 Railroad 28 31 105 53 Construction 40 1.7 1.7 Pi. 7 Public utility 28 490 668 442 Construction contracts (3 mo. moving New money: average, mill, dollars) :4 All issuers 28 809 1,336 673 Total 41 618 541 Industrial 28 564 686 283 Residential 41 280 237 P228 Railroad 28 28 74 43 Other 41 338 304 P315 Public utility 28 200 537 284 For footnotes see p. 750. JUNE 1947 749 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 (5) 10.04 Other securities 13 2.73 2.77 2.84 Notes 11 10.47 (5) 5.60 Loans 13 6.61 7.33 8.00 Bills 11 1.07 (5) 1.17 Demand deposits adjusted 13 24.63 25.56 26.24 Guaranteed obligations 11 .02 .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) 5.36 Sept. Dec. Mar. Agricultural 11 .88 (5) .88 For purchasing securities: Brokers . . . 11 2.40 (») 1.51 FARM REAL ESTATE VALUES In unit indicated To others 11 2.48 (5) 1.47 Consumer 11 2.46 (5) 3.31 Cash farm income (bill, dollars, annua 10 67 46 68 82 70 24 basis 49A 23 5 ••28.8 28.8 Farm real estate values (1912-14= 100) 49A 6 152 • 159 CLASSES OF BANKS Prices received and paid by farmers: Prices paid (1910-14=100) 49A 201 211 ••221 Central reserve city banks: Prices received (Aug. 1909-Jub 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 Other securities 12 1.51 1.65 1.51 1945 1946 Loans 12 7 84 7.63 7.87 Demand deposits adjusted 12 19.35 19.41 19.78 Time deposits 12 2.21 2.25 2.30 In unit indicated Reserve city banks: Loans and investments, total 12 37.68 36.71 35.35 U. S. Govt. obligations 12 26.59 24.61 22.25 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 deposits adjusted 12 23.48 23.85 24.22 49A 56.4 Time deoosit*? 12 10.45 10.67 10.88 Voluntary sales and trades 49A 54.9 « Estimated. v Preliminary. »• Revised. 1 Figures for other than Wednesday dates are shown under the Wednesday included in the weekly period. 2 Less than $5,000,000. 3 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. 4 Adjusted for seasonal variation. 5 Figures available for June and December dates only. , 6 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. NOTE.—Figures in this table are for the 1946 edition of the Chart Book. A revised edition of the Chart Book, which will be published monthly and will be available about June 20, will contain all data available as of June 13. Beginning with the BULLETIN for July, this table will show figures for the revised edition. CONSUMER CREDIT * Chart 1947 Chart 1947 book book page1 Feb. Mar.p Apr.P page1 Feb. Mar.P Apr.p (In millions of dollars) (In millions of dollars) Consumer credit outstanding, total. . . 3 9,728 10,049 10,256 lonsumer instalment sale credit Instalment credit, total 3, 5 4,172 4,343 4,553 granted, cumulative totals:2 Instalment loans 5 2,563 2,650 2,748 By automobile dealers 298 377 398 Instalment sale credit 5 1,609 1,693 1,805 By furniture and household appli- Charge accounts 3 2,602 2,768 2,782 ance stores 186 241 256 Single-payment loans 3 2,080 2,062 2,049 By department stores and mail- Service credit 3 874 876 872 order houses 120 157 165 Consumer credit outstanding, cumu- By all other retailers 57 74 78 lative totals:2 Consumer instalment loan credit out- Instalment credit 4 9,728 10,049 10,256 standing, cumulative totals:2 Charge accounts 4 5,556 5,706 5,703 Commercial and industrial banks 2,563 2,650 2,748 Single-payment loans 4 2,954 2,938 2,921 Small loan companies 1,402 1,434 1,478 Service credit 4 874 876 872 Credit unions 782 807 841 Consumer instalment sale credit out- Miscellaneous lenders 592 611 638 standing, cumulative totals:2 Insured repair and modernization Automobile dealers 6 1,609 1,693 1,805 loans 377 392 414 Furniture and household appliance stores 6 978 1,002 1,052 Department stores and mailorder houses 6 599 619 654 All other 6 261 263 273 P Preliminary. x 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. 750 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 * A re l - l Member banks Nonmember banks * Mutu b a a l n s k a s vings rep N o o r n ti - ng porting banks banks Total Total 2 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 ur n e - d ( n n o o n n i m ns e u m re b d e ) r Banks (Head Offices) Dec. 31, 1942 14,682 14,136 6,679 5,081 1,598 7,460 6,667 793 56 490 130 Dec. 31, 1943 14,579 14,034 6,738 5,040 1,698 7,299 6,535 764 184 361 119 Dec. 31, 1944 14,535 13,992 6,814 5,025 1,789 7,181 6,452 729 192 351 120 Dec. 31, 1945 14,553 14,011 6,884 5,017 1,867 7,130 6,416 714 192 350 112 Dec. 31, 1946 14,585 14,044 6,900 5,007 1,893 7,147 6,457 690 191 350 111 Apr. 30, 1947P 14,597 14,056 6,922 5,012 1,910 7,137 6,456 681 191 350 108 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.C68 1,006 62 115 42 Apr. 30, 1947P 4,182 4,019 2,948 1,802 1,146 1,071 1,010 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 96 unincorporated (private) banks in Georgia, Iowa, Michigan, and Texas. 8 The State member bank figures and the insured mutual savings bank figures both include three member mutual savings banks. These banks are not included in the total for "Commercial banks" and are included only once in "All reporting banks." 1 Includes all branches and other additional offices at which deposits are received, checks paid, or money lent. Includes offices at military reservations, consisting mostly of "banking facilities" provided through arrangements made by the Treasury Department with banks designated as depositaries and financial ag( nts of the Government; the number of such offices on the above dates was 40, 233, 308,241, 79, and 75, respectively. NOTE.—Prior to February 1946, statistics on number of banking offices were published quarterly. For back figures, see Banking and Monttary Statistics, Tables 1 and 14, pp. 16-17 and 52-53, and descriptive text, pp. 13-14. NUMBER OF BANKS CLASSIFIED ACCORDING TO FEDERAL RESERVE PAR LIST STATUS, BY DISTRICTS AND STATES On par list * On par listl 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 Total1 Mem- Non- ,son r . Total ber member list* Total ber member banks banks banks banks United States total: Kentucky 385 385 114 271 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 Apr. 30, 1947P .. . 14,055 11,995 6,916 5,079 2,060 Michigan 443 443 228 215 Minnesota 678 265 209 56 413 Mississippi 205 38 30 8 167 Missouri ... 592 523 181 342 69 Montana 110 110 80 30 By districts and by States Nebraska 409 409 145 264 Apr. 30, 1947J» Nevada 8 8 6 2 New Hampshire 65 65 52 13 Boston 487 487 335 152 343 343 294 49 New York 934 934 800 134 New Mexico 45 45 32 13 Philadelphia 845 845 648 197 Cleveland 1,165 1,165 724 441 New York 664 664 577 87 North Carolina 205 86 53 33 119 Richmond 1,013 786 476 310 227 North Dakota 151 44 41 3 107 Atlanta 1,151 527 337 190 624 Ohio 673 673 429 244 Chicago 2,477 2,420 999 1,421 57 Oklahoma 384 374 224 150 10 St. Louis 1,468 1,115 498 617 353 Oregon 70 70 33 37 Minneaoolis 1 276 602 474 128 674 Pennsylvania 1 007 1 007 767 240 Kansas City 1 747 1,736 755 981 11 Rhode Island. 19 19 11 8 Dallas ... 986 876 601 275 110 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 871 811 552 259 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 3 228 99 66 33 129 Wisconsin . .. 553 443 163 280 110 California 192 192 113 79 Wyoming 55 55 37 18 Colorado 141 141 92 49 Connecticut 114 114 63 51 P Preliminarv. 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. 371 92 63 29 279 The total in this table differs from total commercial banks 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 reoort to State Illinois 869 867 501 366 2 banking departments (see footnote 1 of preceding table), andI includes Indiana 489 489 238 251 industrial banks anci nondenosit trust companies whether or not Iowa 662 662 164 498 checks are drawn on them. 610 608 214 394 2 Back figures.—See annual reports and Banking and Monetary Statistics, Table 15, and descriptive text, pp. 14-15 JUNE 1947 751 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NUMBER OF BANKS AND BRANCHES IN OPERATION ON DECEMBER 31, 1946 All Danks maintaining branches or additional offices, All banks, by class of bank by class of bank l Commercial banks Commercial banks Mutual sav- Mutual sav- Geog a ra n p d h i S c t a d t i e vision Member Nonmember ings banks Member Nonmember ings banks Total banks banks Total banks banks Total Total ti N on a- al m S b t e a e m r te - su In re - d s N u i o n re n - d - su In re - d s N u i o n r n e - - d ti N on a- al m S b t e a e m r te - su In re - d s N u i o n re - n d - su In re - d s N u i o n re n - d - United States 14,585 214,044 5,007 21,893 6,457 690 2191 350 1,176 1,086 263 196 593 34 56 34 New England 886 533 303 51 122 57 16 337 124 92 33 24 24 11 1 31 96 64 33 5 17 9 6 26 25 23 4 4 10 5 2 New Hampshire.... 106 64 51 1 4 8 42 3 2 1 1 1 80 72 39 31 1 8 8 7 2 5 1 Massachusetts 377 187 121 29 33 4 190 68 41 19 16 6 27 Rhode Island 32 23 9 2 3 9 9 12 11 3 2 2 4 1 195 123 50 13 34 26 "i 70 8 8 4 2 1 1 Middle Atlantic 2,198 2,036 1,265 376 357 38 160 2 272 219 87 90 37 5 53 New York 803 672 392 186 81 13 131 150 104 36 50 16 2 46 New Tersev 372 348 216 78 47 7 22 2 59 56 20 28 8 3 Pennsylvania 1,023 1,016 657 112 229 18 7 63 59 31 12 13 3 4 East North Central. 3,033 23,022 911 2647 1,396 71 29 2 239 239 36 35 162 6 I O n h d i i o ana 6 4 7 9 7 3 2 6 4 7 8 4 9 2 1 3 2 9 6 21 1 1 8 3 7 2 2 3 3 6 3 1 1 5 5 23 3 1 5 3 1 9 3 5 9 1 9 9 1 2 6 3 1 9 4 1 871 871 373 127 356 15 3 3 3 434 434 78 150 189 17 58 58 12 13 29 4 Wisconsin 558 2554 95 27O 382 9 23 1 88 88 3 4 80 1 West North Central. 3,266 3,265 736 280 1,913 336 1 165 165 9 149 7 678 677 181 27 438 31 1 2 2 2 I IM ow is a souri 6 59 4 6 9 6 59 4 6 9 9 81 7 1 6 00 7 3 4 8 3 4 2 3 5 1 3 119 119 114 5 North Dakota 151 151 41 104 6 17 17 15 2 South Dakota 169 169 35 28 106 24 24 4 20 Nebraska 409 409 127 18 211 53 2 2 2 Kansas 614 614 174 40 238 162 1 1 1 South Atlantic 1,611 1,600 469 166 908 57 2 9 166 162 38 27 93 4 1 3 Delaware 41 39 13 4 21 1 2 8 3 4 1 Maryland 179 170 63 16 88 3 2 7 30 27 4 6 16 i 1 2 Dist of Columbia 20 20 9 7 4 12 12 6 5 1 315 315 131 72 112 43 43 12 6 25 West Virginia 180 180 76 32 67 5 North Carolina 227 227 45 8 169 5 51 51 6 3 41 1 South Carolina 149 149 23 6 97 23 7 7 2 2 3 Georgia 316 316 49 11 244 12 12 12 6 2 3 1 Florida 184 184 60 10 106 8 3 3 2 1 East South Central. 1,106 1,106 253 57 755 41 74 74 14 7 53 Kentucky 390 390 93 21 248 28 16 16 2 4 10 Tennessee . 294 294 70 11 208 5 25 25 7 2 16 Alabama 219 219 66 19 131 3 5 5 4 1 [Mississippi. 203 203 24 6 168 5 28 28 1 27 West South Central. 1,608 1,608 717 162 673 56 58 58 15 3 40 Arkansas 219 219 50 16 147 6 18 18 1 17 Louisiana... . 155 155 33 10 111 1 34 34 8 3 23 Oklahoma 383 383 200 20 154 9 1 1 1 Texas 851 851 434 116 261 40 5 5 5 Mountain 475 475 200 107 160 8 27 27 13 1 13 Montana 110 110 39 38 33 Idaho 47 47 15 10 20 2 6 6 5 1 Wyoming 55 55 26 11 18 Colorado 142 142 77 15 44 6 1 1 1 New Mexico 44 44 23 8 13 6 6 6 Arizona 10 10 3 2 5 5 5 2 3 Utah 59 59 12 22 25 4 4 2 2 Nevada 8 8 5 1 2 5 5 3 1 1 Pacific 402 399 153 47 173 26 3 51 50 18 9 22 1 1 Washington 124 122 38 16 65 3 2 12 11 7 1 3 1 O Ca re li g f o o n rnia 20 7 7 1 20 7 7 0 9 2 2 3 2 1 1 0 3 7 4 4 20 3 1 32 7 32 7 9 2 8 14 5 1 For footnotes see p. 753. 752 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NUMBER OF BANKS AND BRANCHES IN OPERATION ON DECEMBER 31, 1946— Continued All branches and additional offices, by class of bank 1 All branches and additional offices except offices at militarv reservations, by location Commercial banks Mutual Offices Geographic division savings Outside head office city at and State Total M b e a m nk b s er Non b m an e k m s ber banks he In ad m t i i l o it n a s ry Total office [n head In con- [n nonti N o a n - al m S e t m at b e er su In re - d in N su o r n e - d su In re - d in N su o r n e - d city c o o f u fi n ce ty c t o ig u u n o ti u e s s c c o o u u n o n t u t i s i g e - s TTnitpd States 4,138 3,981 1,781 1,132 1,006 62 115 42 1,808 997 532 722 79 334 286 99 109 50 28 9 39 148 124 56 5 1 70 68 6 29 25 8 2 7 33 29 1 3 2 1 1 1 3 18 9 2 7 9 11 7 177 143 76 57 10 34 117 57 3 Rhorlp Island. 46 44 8 20 7 9 2 19 15 7 5 20 20 6 3 1 10 5 8 7 Middle Atlantic 1,044 951 301 553 91 6 93 852 138 37 4 13 766 694 189 448 54 3 72 656 72 27 4 7 138 133 41 76 16 5 95 38 1 4 140 124 71 29 21 3 16 101 28 9 2 East North Central 605 605 141 219 232 13 303 243 42 11 6 Ohio 176 176 41 113 22 120 48 5 3 83 83 14 14 54 1 29 Illinois 3 3 3 3 198 198 69 86 32 11 136 39 12 11 145 145 14 6 124 1 18 102 25 Wp«it North Central .. . 239 239 29 201 9 8 156 63 11 1 Minnesota, 6 6 6 6 161 161 154 7 124 37 North Dakota 25 25 23 2 13 12 South. Dakota . . • 44 44 20 24 19 14 11 2 2 2 2 1 1 1 1 South Atlantic 468 453 121 96 f] 231 5 12 3 156 98 113 82 19 10 1 8 5 9 1 4 4 13 4 4 9 .V* 3 1 1 0 1 12 2 \ 57 4 21 22 6 • 7 1 District of Columbia 35 35 19 14 2 34 1 86 86 29 12 45 31 26 14 7 8 West Virginia North Carolina 161 161 13 10 136 2 13 42 61 42 3 South Carolina 30 30 24 2 4 4 •2 3 19 1 30 30 21 5 3 1 13 •J 6 7 3 Florida 3 3 2 1 1 2 East South Central 177 177 72 19 86 56 64 26 22 9 Tennessee 3 6 4 8 3 6 4 8 3 1 2 7 11 7 2 1 5 0 3 2 1 1 20 o 2 6 8 3 3 23 23 22 1 6 4 2 52 52 1 51 1 30 14 6 1 West South Central 87 87 37 3 47 25 47 7 2 6 20 20 1 19 16 3 Louisiana • 62 62 31 3 28 25 31 4 Oklahoma 1 1 1 1 Texas 4 4 4 4 Mountain 113 113 91 4 18 4 22 34 50 3 Montana Idaho 42 42 40 2 3 9 30 Wyoming Colorado 1 1 1 • • New Mexico 6 6 6 3 2 : • 35 35 28 7 2 \\ 13 9 Utah 12 12 10 2 1 2 4 4 1 Nevada 17 17 12 4 1 1 3 6 1 Pacific 1,071 1,070 890 129 50 256 105 154 535 21 Washington . 116 115 106 2 7 1 23 14 29 47 3 Oregon 75 75 70 5 11 5 8 51 California 880 880 714 127 38 1 222 86 117 437 18 1 Some state laws make a distinction between "branches" and certain other types of "additional offices." The table, however, covers all branches or additional offices within the meaning of Section 5155 U. S. R. S., which defines the term "branch" as "any branch bank, branch office, branch agency, additional office, or any branch place of business ... at which deposits are received, or checks paid, or money lent." Figures include "banking facilities" provided through arrangements made by the Treasury Department with banks designated as depositaries and financial agents of the Government. The table does not include "seasonal agencies," which are in operation only at certain periods of the year. 2 The figures for member (commercial) banks and those for mutual savings (noncommercial) banks both include one mutual savings bank in Indiana and two in Wisconsin. The total for "All banks," however, includes such banks only once; and they are not included in the total for "Commercial banks." Back figures.—See Banking and Monetary Statistics, Table 1, pp. 16-17, and Tables 73-79. pp. 297-311, and descriptive text, pp. 14 and 294- 295; and BULLETINS for July 1943, pp. 687-688, June 1944, pp. 612-613, June 1945, pp. 616-617, and June 1946, pp. 672-673. JUNE 1947 753 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL FINANCIAL STATISTICS PAGE Gold reserves of central banks and governments 755 Gold production. . 756 Gold movements... 756 International capital transactions of the United States . 757-762 s Central banks .. . 763-766 Money rates in foreign countries. .. 767 Commercial banks . 768 Foreign exchange rates... 769 Price movements: Wholesale prices .. 770 Retail food prices and cost of living.... 771 Security prices... 771 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 are collected by the Federal Reserve Banks from banks, bankers, brokers, and dealers in the United States in accordance with the Treasury Regulation of November 12, 1934. Back figures for all except price tables, together with descriptive text, may be obtained from the Board's publication, Banking and Monetary Statistics. 754 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 - h ia 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 56 53 55 2,709 29 28 24 1940—Dec 21,995 353 734 51 27 30 17 1 58 52 52 2,000 29 28 24 1941—Dec 22,737 354 734 70 5 31 16 1 61 44 52 2,000 29 28 24 1942—Dec 22,726 1658 735 115 6 36 25 16 61 44 52 2,000 29 28 24 1943—Dec 21,938 1939 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 2 361 82 127 191 61 38 52 1,090 1946—May.... 20,242 398 761 360 5 82 133 201 61 38 52 796 June 20,270 406 761 359 6 83 134 201 61 38 52 796 July.... 20,267 407 756 358 6 81 135 201 61 38 52 796 Aug 20,280 407 750 357 7 73 141 201 61 38 52 796 Sept.. .. 20,305 P424 722 355 7 73 142 211 61 38 52 796 Oct 20,402 P460 726 354 7 71 143 221 61 38 52 796 24 Nov.. . . 20,470 P483 726 354 7 71 144 221 61 38 53 796 24 Dec 20,529 P563 735 354 2 543 65 145 226 38 53 796 24 1947—Jan 20,748 P645 723 354 6 63 147 38 53 796 24 Feb 20,330 P706 691 354 7 54 125 32 53 796 24 Mar.. . .20,463 ?726 633 7 126 32 696 27 Apr 20,774 634 6 98 32 696 End of month India (P I e r r a s n ia) Italy Japan Java Mexico N l e a t n h d e s r- Ze N a e la w nd N w o ay r- Peru Poland Po g r a t l u- Ru n m ia a- A So fr u ic th a Spain 1938—Dec 274 26 193 164 80 29 998 23 94 20 85 69 133 220 3 525 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 s 164 235 47 575 23 21 59 182 366 42 1942—Dec 274 34 4 216 39 506 23 25 59 203 634 42 1943—Dec 274 92 203 500 23 31 60 260 706 91 1944—Dtc 274 128 222 500 23 32 60 267 814 105 1945—Dec 274 131 294 270 23 28 60 269 914 110 1946—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 23 851 111 Mar 274 149 197 23 803 111 Apr 149 197 End of month S d w en e- S la w e n r i d - tz 8 - T k u ey r- U K d n i o i n m t g ed - g U u r a u y - V z e ue n l e a - Y sl u a g v o i - a B.I.S. Other 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 1 9 9 9 3 3 4 8 9 0 — — — D D D e e e c c c 3 3 1 2 0 6 1 8 0 5 7 5 0 0 4 2 1 9 2 2 8 9 9 8 2,690 1 6 6 9 8 9 0 5 5 2 2 2 9 5 5 8 9 7 2 1 1 4 2 7 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- 1941—Dec 223 665 92 100 41 4 83 12 1 1 1 9 9 9 4 4 4 2 3 4 — — — D D D e e e c c c 3 3 4 3 6 8 5 3 7 1 6 ,1 8 9 5 2 6 8 4 5 2 1 1 2 1 6 1 4 1 1 1 2 5 8 1 7 9 1 6 8 3 8 9 0 4 2 3 5 1 7 1 1 9 9 3 3 8 9 — — D M e a c r 1 8 5 0 4 1 2 ,7 7 3 5 2 9 3 5 3 5 1 9 44 1945—Dec 482 1,342 241 195 202 39 J M u a n y e 85 477 17 1 19 9 4 4 7 6 — — J S J A A O N D F M J M u u a e e u p c e o n l n p a b t c y r g a v e t r . y . . . . . . . . . . . 4 4 4 4 4 4 4 3 3 3 2 2 7 7 8 7 7 2 7 6 6 4 1 2 3 2 1 3 0 6 4 9 5 8 7 4 1 1 1 1 1 1 1 1 1 , , , , , , , , , , , 4 3 3 3 4 4 3 4 4 4 4 1 7 9 9 3 3 3 7 3 1 0 2 4 6 3 2 2 8 0 6 8 1 2 2 2 2 2 2 2 2 2 2 2 2 3 4 3 4 4 4 3 3 3 2 3 3 7 1 5 0 0 0 8 7 6 6 3 8 2 2 2 2 2 2 2 2 2 2 0 0 0 0 0 0 0 0 0 0 5 5 4 5 5 0 4 0 0 0 2 2 2 2 2 2 2 2 1 1 1 1 1 1 1 1 5 5 5 5 5 5 5 5 3 3 4 4 4 4 4 3 2 2 9 9 1 1 0 0 0 2 8 8 1 1 1 1 1 1 9 9 9 9 9 9 4 4 4 4 4 4 5 4 0 1 3 2 — — — — — — S D D D D D D J J J J J J u u e e e e e e e u u u u p n n c c c c c c n n n t e e n e e e e . . . . . . . . . . . . . . . 1 1 4 8 8 6 8 5 2 4 2 1 1 1 8 9 1 4 6 8 6 5 3 1 2 1 2 « * 8 2 1 7 9 5 2 6 1 1 1 1 1 1 1 1 1 1 1 1 1 7 7 7 7 7 7 7 7 7 7 7 7 1 Figures through March 1940 and for December 1942, December 1943, and December 1944 Dec 18 17 include, in addition to gold of the Central Bank held at home, gold of the Central Bank held 1946—Mar 54 abroad and gold belonging to the Argentine Stabilization Fund. P Preliminary. June 71 2 On May 1, 1940, gold belonging to Bank of Canada transferred to Foreign Exchange Con- Sept 113 trol Board. Gold reported since that time is gold held by Minister of Finance, except for Dec 177 December 1945 and December 1946 when gold holdings of Foreign Exchange Control Board are included also. 8 Figure for December 1938 is that officially reported on Apr. 30, 1938. 1 Reported at infrequent intervals or on de- 4 Figures relate to last official report dates for the respective countries, as follows: Java— layed basis: U. S.—Exchange Stabilization Fund Jan. 31, 1942; Norway—Mar. 30, 1940; Poland—July 31, 1939; Yugoslavia—Feb. 28, 1941. (Special A/c No. 1); U. K.—Exchange Equali- 5 Figure for February 1941; beginning Mar. 29, 1941, gold reserves no longer reported sepa- zation Account; France—Exchange Stabilization rately. Fund and Rentes Fund; Belgium—Treasury. 8 Beginning December 1943, includes gold holdings of Swiss Government. 2 Figure for end of September. 7 These countries are: Albania, Algeria, Australia, Austria through Mar. 7, 1938, Belgian 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, Estonia, Finland, Guatemala, Iceland, Ireland beginning February of England on that date. 1943, Latvia, Lithuania, Morocco, and Siam. Figures for certain of these countries have < Figure for Sept. 1, 1941. been carried forward from last previous official report. s Gold holdings of Bank of England reduced to nominal amount by gold transfers to British NOTE.—For available back figures and for de- Exchange Equalization Account during 1939. tails regarding special internal gold transfers NOTE.—For back figures, see Banking and Monetary Statistics, Tables 156-160, pp. 536-555, affecting the British and French institutions, see and for a description of figures, including details regarding special internal gold transfers affect- Banking and Monetary Statistics, p. 526, and ing the reported data, see pp. 524-535 in the same publication. BULLETIN for February 1945, p. 190. JUNE 1947 755 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 monthlyr Year or production Total Africa North and South America Other U o .S u . t S si . d R e .* r m e o p n o t r h te l d y 1 S A o f u ri t c h a 1 f d R e h s o ia - 1 1 A W fr e i s c t a' C B o e n lg g i o a * n U St n a i t t e e s d * C ad a a n * - M ic e o" x- Co b lo ia m- Chile r N ag ic u a a - 7 Au li s a t « r a-I 1 B In ri d ti i i a h ' $ grains of gold • /i>f ine;i . e,. ait ownce of finegold=$. 1938 1,136,360 958,770 425,649 2ti.532 24.670 8,470 178.143 165,379 37 306 18 225 10 290 1 557 51 264 11 284 1939 1,208,705 1,020,297 448,753 28,009 28,564 8,759 196,391 178.303 29 426 19,951 11,376 3,506 56,182 11,078 1940. 1,297,349 1,094,264 491,628 29,155 32,163 •8,862 210.109 185.890 30 878 22.117 11,999 5,429 55.878 10,157 1941. 1,288,945 1,089,395 504,268 27,765 ,414 209.175 187,081 ?7 969 22 961 9,259 7 525 S1,039 0 940 1942. 966 132 494 439 26 64.1 70 225 130 963169 446 ^8 010 20 882 6 409 s 623 47 525 ft960 1943. 760,527 448,153 2^*.OO9 19,740 48,808 127,796 77 055 19 789 6 081 7 715 7* 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 6,54S 1945 646 914 427,862 19 888 18,865 32,511 94 385 17 734 6 282 6 985 16 450 %950 1946. 668,973 417,647 19.061 ?0,475 56,890 98,994 15 301 8 068 357 71 595 585 1946—Anr 53,900 34,793 1,609 ,645 3,226 8,338 1 193 451 580 1 435 6M) May 55,857 36,740 1,609 610 3,158 8,412 1,350 425 488 1,610 455 54,749 35,732 1,654 ,715 3,416 8,203 1 094 342 563 1 540 490 July 57,193 36,657 11,643 ,750 3,993 8,384 1,335 665 456 1,785 *?5 Aug .... 60,795 35 553 L 646 ,750 8,310 8 092 1 048 377 448 •*080 490 Sept 57,221 34,509 1,578 ,715 6,798 8,047 1,425 354 379 1,925 490 Oct r59,464 35,922 1,579 785 5,930 8,429 1,332 1,384 654 1,925 S?5 55 424 33,823 1,527 ,820 4,900 8 092 1 161 1 203 657 1 925 315 Den 56,977 34,184 ,585 ,820 6,255 7,961 1 088 864 559 ?,170 490 1947—Tan. 34 021 524 785 7,612 8 184 1 423 566 o 205 525 Feb . . 19 965 502 ,750 5 483 7 775 1 276 581 1 820 490 Mar 28,665 5,500 9,212 555 490 ' 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 Statistics. « 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 reported. < 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 §0 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. • Beginning April 1942, monthly figures no longer reported. T Gold exports, reported by the Banco Nacional de Nicaragua, which states that they represent approximately 90 per cent of total production. • Beginning December 1941, figures are those reported by American Bureau of Metal Statistics. For the period December 1941-December 1943 they represent total Australia; beginning January 1944, Western Australia only. • Beginning May 1940 figures are those reported by American Bureau of Metal Statistics. NOTE.—For explanation of table and sources, see BULLETIN for February 1939, p. 151; July 1938, p. 621; June 1938, p. 540; April 1933, pp. 233—235; and Banking and Monetary Statistics, p. 524. For annual estimates compiled by the United States Mint for these and other countries In the period 1910-1941, see Banking and Monetary Statistics, pp. 542-543. GOLD MOVEMENTS UNITED STATES [In thousands of dollars at approximately $35 a fine ounce] Net imports from or net exports (—) to: m Y o o e n r a t r h im T n p o e o ta t r l ts U K d n i o i n m t g e - d France g B iu e m l- lands S l w a e n r i - t d z- Mexico c p A a O L u n m a t b h t e R l i i e r n c r e i s - - l P p a i I h i n p s n i - - d l 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 r t A h i u l e e n l s r - 1938 1,973,569 1,208,728 81,135 15,488163,0491 60,146 1,363 76,315 36,472 65,231 27,880 39,162 401 168,740 16,159 13,301 1939 3,574,151 1,826,403 3,798165,122 341,618 28,715 86,987 612,949 33,610 57,020 35,636 74,250 22,862 165,605 50.956 16S,62S 1940 4,744,472 633,083 241,778 977 63,260161,489|90,320 2,622,330 29,880 128,259 38,627 103,777 184,756 111,739 49,989 2284,208 1941 982,378 3,779 1 1,747| 899 412,056 16,791 61,862 42,678 67,492 292,893 9,444 9,665 •63,071 1942 315,678 1,955 5 208,917 40,016 39,680 321 528 4,119 129 20,008 1943 68,938 88 66,920 -3,287 13,489 152 307 -8,731 1944 -845,392 -695,483! 46,210 -109,695 -108,560 199 3,572 18,365 1945 -106,250 1601 53,148 15,094 -41,748 103 106 357 -133,471 1946 311,494 458 -14 344,130 3,591 -134,405 -156 41 118,550 -2,613 6-18,083 1946 May -27,028 127 34 -33 13 «-27,155 June 36,329 32,277 29 902 2 73.112 July 6,347 639 476 2,328 41 72,865 Aug. 15,210 649 516 -8,502 -6 15 19,886 -236 72,887 Sept. -7,629 197 82 -29,198 17,902 -398 7 3.785 Oct. 24,182 2 134 198 4,523 19,912 -682 103 Nov. 77,903 383 25,248 1,065 621 38,601 -430 '12,415 Dec. -61,193 2 27,473 449 -110,276 -151 17 18,883 -868 '3,279 1947 Jan. -16,820 51,174 443 -97,579 -132 32,544 -374 -2,899 Feb. 20,361 9 30,319 222 -30.341 -49 37,490 -556 «-16,734 Mar. 153,634 -120 -31 101,642 221 -13,269 -129 66,674 -1,140 -214 Apr.* 44,050 26,341 -9,793 2,898 122 11 26,376 1.390 -515 * 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 Hong Kong, $20,583,000 from Netherlands Indies, $16,310,000 from Yugoslavia, $11,873,000 from Hungary, $10,416,000 from Spain, and $15,570,000 from other countries. « Includes $44,920,000 from U. S. S. R. and $18,151,000 from other countries. < Includes $133,980,000 to China and $509,000 from other countries. « Includes $33,728,000 from Russia, $55,760,000 to China, and $3,949,000 from other countries. « Includes $27,229,000 to China and $75,000 from other countries 11ncludes imports from U. S. S. R. as follows: June, $2,813,000; July, $2,813,000; August, $2,821,000; September, $3,372,000; November, $11,793,000; December, $4,492,000. • Includes $14,000,000 to China and $2,734,000 to other countries. NOT*.—For back figures see Banking and Monetary Statistics, Table 158, pp. 539-541, and for description of statistics, see p. 524 in the sam« publication- 756 FEDERAL RESERVE BULLETIH Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES NET CAPITAL MOVEMENT TO UNITED STATES SINCE JANUARY 2, 1935 [Net movement from United States, (—). In millions of dollars] TABLE 1.—TOTAL CAPITAL MOVEMENT, BY TYPES Increase in foreign banking Decrease Foreign Domestic funds in U. S. in U. S. securities: securities: Inflow In From Jan. 2, 1935, through— Total banking Return Inflow of brokerage funds of U. S. foreign balances Total Official» Other abroad funds funds 1935—Mar. (Apr. 3) 265.9 64.1 4.4 59.7 155.0 31.8 -6.2 21.1 June (July 3) 632.5 230.3 22.6 207.7 312.8 43.7 15.8 29.8 Sept. (Oct. 2) 920.2 371.5 16.3 355.2 388.6 40.1 90.3 29.8 Dec. (Jan. 1, 1936). 1,440.7 631.5 38.0 593.5 361.4 125.2 316.7 6.0 1936—Mar. (Apr. 1). 1,546.3 613.6 79.6 534.0 390.3 114.4 427.6 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 ,436.2 550.5 646.7 1,188.9 63.9 June 28 4,742.0 2,194.6 508.1 ,686.5 607.5 664.5 1,201.4 74.0 Sept. 27 5,118.2 2,562.4 635.0 ,927.3 618.4 676.9 1,177.3 83.1 Dec. (Jan. 3, 1940). 5,112.8 2,522.4 634.1 ,888.3 650.4 725.7 1,133.7 80.6 1940—Mar. (Apr. 3) 5,207.8 2,630.9 631.0 ,999.9 631.6 761.6 1,095.0 88.7 June (July 3) 5,531.3 2,920.7 ,012.9 ,907.8 684.1 785.6 1,042.1 98.9 Sept. (Oct. 2) 5,831.2 3,175.9 ,195.4 ,980.5 773.6 793.1 987.0 101.6 Dec. (Jan. 1, 1941). 5,807.9 3,239.3 ,281.1 ,958.3 775.1 803.8 888.7 100.9 1941—Mar. (Apr. 2). 5,607.4 3,229.7 ,388.6 ,841.0 767.4 812.7 701.8 95.9 June (July 2). 5,660.1 3,278.0 ,459.8 ,818.2 818.6 834.1 631.2 98.2 Sept. (Oct. 1). 5,612.6 3,241.8 ,424.0 ,817.7 805.3 841.1 623.5 100.9 Dec. 31 5,354.1 2,979.6 ,177.1 ,802.6 791.3 855.5 626.7 100.9 1942—Mar. (Apr. 1). 5,219.3 2,820.9 ,068.9 ,752.0 819.7 849.6 624.9 104.3 June 30 2 5,636.4 3,217.0 ,352.8 ,864.2 842.3 838.8 632.0 106.2 Sept. 30 5.798.0 3,355.7 ,482.2 ,873.5 858.2 830.5 646.1 107.5 Dec. 31 5,980.2 3,465.5 1,557.2 ,908.3 888.8 848.2 673.3 104.4 1943—Mar. 31. 6,292.6 3,788.9 1,868.6 1,920.3 898.7 810.5 685.9 108.6 June 30. 6,652.1 4,148.3 2,217.1 1,931.2 896.9 806.8 687.9 112.1 Sept. 30. 6,918.7 4,278.0 2,338.3 1,939.7 888.6 929.3 708.1 114.8 Dec. 31. 7,267.1 4,644.8 2,610.0 2,034.8 877.6 925.9 701.1 117.8 1944—Mar. 31. 7,611.9 5,034.4 3,005.0 2,029.4 868.0 904.1 685.8 119.6 June 30. 7,610.4 5,002.5 2,812.2 2,190.3 856.6 929.8 702.4 119.1 Sept. 30. 7,576.9 4,807.2 2,644.8 2,162.3 883.5 1,026.2 737.8 122.2 Dec. 31. 7,728.4 4,865.2 2,624.9 2,240.3 805.8 1,019.4 911.8 126.3 1945—Mar. 31. 8,002.6 5,219.4 2,865.1 2,354.3 848.5 983.7 820.6 130.5 June 30. 8,422.8 5,671.0 3,313.2 2,357.9 760.4 1,011.2 848.4 131.8 Sept. 30. 8,858.6 6,042.2 3,554.9 2,487.2 865.3 998.2 818.4 134.6 Dec. 31. 8,802.8 6,144.5 3,469.0 2,675.5 742.7 972.8 798.7 144.1 1946—Jan. 31. 8,822.9 6,234.7 3,601.6 2,633.2 729.2 1,097.8 625.9 135.1 Feb. 28. 8,775.1 6,173.0 3,473.9 2,699.1 728.7 1,067.2 672.4 133.9 Mar. 31. 8,730.8 6,169.3 3,455.2 2,714.1 703.6 1,073.0 645.1 139.9 Apr. 30. 8,674.4 6,124.6 3,344.7 2,780.0 701.2 1,076.1 630.7 141.7 May 31., 8,405.8 5,896.2 3,119.6 2,776.5 644.8 1,104.2 619.7 140.9 June 30., 8,338.2 5,853.5 3,042.9 2,810.7 624.5 1,103.9 615.0 141.4 July 31.. 8,496.2 6,149.7 3,386.6 2,763.2 574.1 1,125.3 506.1 140.9 Aug.31.. 8,344.2 6,009.3 3,197.6 2,811.7 554.0 1,141.9 492.2 146.8 Sept. 30.. 8,250.1 5,930.8 3,083.3 2,847.5 519.8 1,170.7 478.3 150.4 Oct. 31.. 8.280.2 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 1947—Jan. 31 8,047.3 5,719.6 2,835.0 2,884.6 404.8 1,308.2 464.4 150.4 i This category made up as follows: through Sept. 21, 1938, funds held by foreign central banks at the Federal Reserve Bank of New York and'Philippine accounts held with the U. S. Treasury; beginning Sept. 28, 1938, also funds held at commercial banks in New York City by central banks maintaining accounts at the Federal Reserve Bank of New York; beginning July 17, 1940, also funds in accounts at the Federal Reserve Bank of New York which had been transferred from central bank to government names; beginning with the new series commencing with the month of July 1942, all funds held with banks and bankers in the United States by foreign central banks and by foreign central governments and their agencies (including official purchasing missions, trade and shipping missions, diplomatic and consular establishments, etc.); beginning Jan. 31, 1946, accounts of international institutions; and beginning Feb. 28, 1946, Italian special deposit account held with the U. S. Treasury. «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 OD 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 Statistic*} pp. 558-560; for back figures through 1941 see Tables 161 and 162, pp. 574-637, in the same publication, and for thoae subsequent to 1931 see BULLETIN for September 1945, pp. 960-974. JUNE 1947 757 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 SINGE 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 ed France N la e e n r t d - h s - S l w a e n r i - t d z m G a e n r- y Italy E O u t r h o e p r e E T u o r t o a p l e C a a d n a - A L m a e t r i i n ca Asia* ot A h l e l r1 1935—Dec. (Jan. 1, 1936). .. ,440.7 554.9 210.2 114.5 130.4 36.6 24.0 130.0 1,200.6 (2) 70.9 156.5 12.7 1936—Dec. 30 ,667.4 829.3 299.5 229.7 335.5 83.1 45.6 228.5 2,051.3 150.5 201.2 243.0 21.4 1937—Dec. 29 ,501.1 993.7 281.7 311.9 607.5 123.9 22.1 312.2 2,653.0 106.3 410.6 315.4 15.9 1938—Dec. (Jan. 4, 1939). .. ,933.0 1,183.8 339.6 328.6 557.5 140.5 32.2 472.0 3,054.2 155.3 384.6 302.7 36.2 1939—Dec. (Jan. 3, 1940). .. ,112.8 1.101.3 468.7 470.3 773.0 165.9 58.0 752.9 3,790.1 229.4 483.4 522.6 87.4 1940—Dec. (Jan. 1, 1941). ..,807.9 865.2 670.3 455,6 911.5 175.9 55.4 922.7 4,056.6 411.7 606.8 642.6 90.2 1941—Dec. 31 ,354.1 674.1 639.9 464.4 725.7 179.9 50.5 891.8 3,626.3 340.5 567.5 691.1 128.6 1942—Dec. 31 ,980.2 837.8 625.9 474.0 592.1 179.5 48.1 850.9 3,608.1 425 1 835.8 932.9 178.3 1943—Dec. 31 ,267.1 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. •. 1,090.0 585.7 506.2 664.3 179.1 63.1 993.3 4.081.8 976.4 ,193.7 ,273.6 203.0 1945—Dec. 31 ^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—Feb. 28 ,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 ,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. 30 674.4 709.5 453.3 528.2 730.4 179.3 159.0 1,140.0 3,899.6 ,347.7 ,400.9 ,723.1 303.1 May 31 405.8 585.8 464.1 426.3 725.4 179.2 165.7 1,152.2 3,698.7 306.2 ,431.5 ,677.5 291.9 June 30 485.3 432.5 411.9 737.0 179.3 170.4 1,138.3 3,554.8 313.2 ,471.6 ,560.3 438.4 July 31 496! 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. 31 344.2 624.1 393.2 376.4 752.5 179.6 201.0 1,085.2 3,612.0 1,223.5 ,566.2 ,425.4 517.0 Sept. 30 250.1 665.1 421.1 370.1 745.9 179.3 203.5 1,064.6 3,649.5 1,177.7 ,544.8 ,365.9 512.2 Oct. 31 280.2 736.3 433.1 351.1 756.3 180.0 213.4 1,068.7 3,738.9 110.6 ,569.6 .326.6 534.5 Nov. 30 270.4 640.9 401.7 322.8 760.9 180.4 228.0 1,069.1 3,603.8 067. C ,546.4 ,327.4 725.8 Dec. 31 009.5 563.1 384.8 326.4 766.1 183.8 287.5 1,062.5 3,574.2 ,474.0 ,258.3 723.4 1947—Jan. 31 047.3 585.6 369.4 319.1 769.5 181.9 342.8 1,077.6 3,645.8 967.1 1,466.3 ,217.1 751.0 TABLE 3.—INCREASE IN FOREIGN BANKING FUNDS INr u. s.,BY COUNTRIES From Jan. 2,1935, through— Total U K d n o i i n m t g ed - France N la e e n r t d - h s - S l w a e n r i - t d z- m G a e n r- y Italy E O u t r h o e p r e E T u o r t o a p l e C a a d n a - A L m a e t r i i n ca Asia* ot A h l e l rj 1935—Dec. (Jan. 1, 1936). .. 631.5 128.6 129.6 55.7 72.4 -.8 7.3 60.7 453.5 46.0 33.5 87.0 11.5 1936—Dec. 30 989.5 163.5 144.2 65.9 109.8 2.7 23.0 79.7 588.9 86.8 149.3 149.4 15.2 1937—Dec 29 1,259.3 189.3 111.8 76.3 288.4 9.6 6.9 109.4 791.7 76.3 166.3 217.0 8.0 1938—Dec. (Jan. 4, 1939). .. 1,513.9 364.0 155.3 87.9 205.1 -11.8 1.7 208.6 1,010.7 101.6 127.6 251.8 22.2 1939—Dec. (Jan. 3, 1940). .. 2,522.4 376.1 256.1 190.9 362.7 -20.1 19.7 470.0 1,655.4 174.5 215.1 417.0 60.5 1940—Dec. (Jan. 1,1941)... 3,239.3 293.3 458.0 160.3 494.7 -22.9 -.9 603.7 1,986.3 334.1 326.4 531.2 61.3 1941—Dec 31 2,979.6 328.6 416.5 161.0 326.2 -23.1 -3.4 561.1 1,766 9 273.1 296.7 541.4 101.6 1942—Dec. 31 3,465.5 493.3 394.5 170.0 166.3 -22.7 -6.2 502.5 1,697 5 399.5 482.8 743.9 141.9 1943—Dec 31 4,644.8 939.4 404.1 176.7 192.7 -23.7 -6.9 589.0 2,271.2 704.7 578.7 928.2 162.0 1944—Dec 31 4,865.2 804.4 356.6 193.1 221.4 -23.4 7.0 634.7 2.193 7 818.6 794.7 888.6 169.7 1945—Dec 31 6,144.5 646.4 229.9 265.0 286.3 -23.3 50.1 769.1 2,223.4 1,414.2 924.9 1,369.1 212.9 194(5—Feb 28 6,173.0 569.2 300.5 265.6 298.3 -23.5 77.2 742.0 2,229.2 1,241.8 922.0 1,542 9 237.0 Mar 31 6,169.3 492.4 284.3 278.4 303.2 -23.6 80.2 738.0 2,152.8 1,251.8 972.4 1,505.0 287.3 Apr 30 . . .. 6,124.6 492.1 225.7 278.3 306.5 -23.6 103.1 760.9 2,143.0 1,236.2 956.2 1 518 7 270 6 May 31 5,896.2 373.0 239.5 251.8 305.3 -23.7 110.2 777.6 2,033.7 1,140.3 986.51,475.0 260.6 June 30 5,853.5 273.7 205.8 239.5 314.6 -23.9 116.6 771.5 1,897.91,155.81,029.71,360.8 409.3 July 31 6,149.7 599.7 195.1 217.5 318.8 -23.8 145.2 742.2 2,194.8 1,176.41,052.81 306 8 418 9 Aug 31 6,009.3 464.0 170.6 210.5 341.1 -23.8 154.0 715.0 2,031.4 1,111.61,105.01,256.9 504.4 Sept. 30 5,930.8 509.0 195.4 222.4 333.1 -23.8 158.6 703.2 2,097.9 1,069.61,059.21,215.8 488.3 Oct 31 5,925 3 576.8 204.5 199.1 345 5 —23.4 168.6 712.1 2,183.0 995 41 058 91 178 7 509 3 Nov 30 5,936.8 485.5 181.2 185.8 353.2 -23.0 185.2 716.1 2,084.0 937.4 1,029.31,183.9 702.3 Dec 31 5,726.1 397.6 165.8 208.2 359.0 — 23.1 247.6 710.3 2,065.5 823 9 983 31 135 7 717 7 1947—Jan. 31 5,719.6 423.0 157.0 195.6 363.6 -25.0 300.7 726.0 2,141.0 748.01,010.31,082.9 737.5 TABLE 4.—DECREASE IN U. S. BANKING FUNDS ABROAD, BY COUNTRIES From Jan. 2, 1935, through— Total U K d n o i i n m t g ed - France N la e e n r t d - h s - S l w a e n r i - t d z- m G a e n r- y Italy E O u t r h o e p r e E T u o r t o a p l e Can- A L m a e t r i i n ca Asia* ot A he ll r1 1935—Dec. (Jan. 1, 1936) 361.4 208.8 48.1 — .4 1.6 29.7 13.7 8.8 310.2 -4.6 20.1 37.3 -1.6 1936—Dec. 30 431.5 178.0 62.0 -3.3 2.7 66.0 16.3 22.0 343.7 36.9 24.9 30.4 -4.4 1937—Dec. 29 449.1 207. 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. 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—Feb. 28 728.7 265.7 78.4 -17.5 3.2 196.9 26.2 61.1 614.0 21.6 6.8 *5.5 .9 Mar. 31 703.6 263.4 78.3 -17.1 2.5 196.9 26.1 57.9 608.1 30.0 -10.4 75.5 .4 Apr. 30 701.2 260.4 78.2 -24.7 1.6 196.9 26.0 61.0 599.3 28.2 1.9 71.9 -.2 May 31 644.8 259.4 78.2 -99.9 .1 196.9 25.5 58.5 518.8 42.8 10.0 74.7 -1.5 June 30 624.5 261.5 78.1 -100.7 1.6 196.9 24.1 51.3 512.9 39.3 3.3 72.8 -3.9 July 31 574.1 216.2 75.7 -101.0 1.4 196.9 22.2 45.9 457.3 50.6 -2.4 71.9 -3.4 Aug. 31 554.0 226.2 76.0 -104.2 3.4 196.9 17.8 49.1 465.2 49.3 -17.3 61.1 -4.2 Sept. 30 519.8 226.7 76.1 -118.4 2.6 196.9 15.9 39.5 439.2 42.6 -14.6 56.4 -3.7 Oct. 31 532.8 235.5 75.1 -110.2 3.7 196.9 16.0 35.1 452.0 43.2 -14.1 54.8 -3.1 Nov. 30 492.9 236.1 75.0 -120.2 1 .8 196.9 13.7 32.1 435.4 40.0 -.32.2 54.1 -4.4 Dec. 31 427.2 244.3 7.3.4 -132.3 -1.7 200.4 10.6 26.6 421.3 40.7 -58.8 29.9 -5.8 1947—Jan. 31 404.8 241.5 69.2 -117 -3.5 200.4 11.7 25.6 426.9 44.1 -92.4 34.6 -8.4 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. 758 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 dollarsl 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 r t o a p l e C a a d n a - A L m a e t r i i n ca Asia1 ot A h l e l r1 1935—Dec. (Jan. 1, 1936). . 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—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.C 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 59.5 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 1947— Tan. 31 ,308.2 98.1 50.0 24.7 31.5 36.9 27.0 224.9 493.0 290.0 453 .2 61.0 10.9 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 3.7 21.4 2.6 1936—Dec. 30 917.4 367.7 64.7 157.6 200.2 -7.5 -3.3 38.5 818.0 32.6 15.5 44.1 7.1 1937-Dec. 29 ,162.0 448.7 70.3 213.8 275.3 -17.4 -4.9 55.7 1,041.6 37 18.2 54.7 9.8 1938—Dec. (Jan. 4, 1939). . ,219. 7 472.6 76.9 212.1 304.1 -22.8 -5.5 56.6 1,094.1 25 23.7 65.2 11.1 1939—Dec. (Jan. 3, 1940). . ,133. 7 328.1 76.6 227.7 344.7 -28.2 -4.9 60.4 1,004.4 -2 30.1 87.6 14.3 1940—Dec. (Jan. 1, 1941). . 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—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 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 73.0 222.9 335.6 -30.4 1.6 86.8 502.8 -150.3 87.5 43.4 8.8 Sept. 30 478.3 -189.7 77.6 220.1 335.8 -30.4 1.7 86.4 501.6 -153.9 91.5 30.5 8.6 Oct. 31 472.1 -193.4 81.6 216.8 334.7 -30.4 1.6 86.4 497.2 -155.7 93.4 29.7 7.5 Nov. 30 454.4 -104.9 74.3 213.6 336.3 -30.4 2.0 85.9 486.7 -158.2 94.1 25.0 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 1947—Jan. 31 464.4 -196.2 73.0 199.4 338.4 -30.4 3.0 87.0 474.2 -137.1 84.9 33.4 9.1 TABLE 7.—INFLOW IN BROKERAGE BALANCES, BY COUNTRIES (The Net Effect of Increases in Foreign Brokerage Balances in U. S. and of Decreases in Balances Held by Brokers and Dealers in U. S. with Brokers and Dealers Abroad) United Neth- Switz- From Jan. 2, 1935, through— Total K d i o n m g- France la e n r d - s la e n r- d m G a e n r- y Italy E O u t r h o e p r e E T u o ro ta p l e C a a d n a - A L m a e t r i i n ca Asia1 ot A h l e l r1 1935—Dec. (Jan. 1, 1936) . . . 6.0 () 2.4 1.3 2.5 -.2 1.4 7.6 -4.5 1.0 2.9 -.9 1936—Dec. 30 12.9 4.0 10.4 -.9 9.1 -.7 .4 22.6 -7.6 -4.2 2.1 1 1 1 1 1 1 1 1 1 V 9 9 Q 9 9 9 9 9 4 4 3 4 4 3 4 4 J 0 1 9 2 4 3 7 8 5 — — — — — — — — — D D D D D D D D D e e e e e e e e e c c c c c c c c c . . . . . . . . . ( ( ( 2 3 3 3 3 3 J J J 9 1 1 1 1 a a a 1 n n n . . . 4 3 1 , , , 1 1 1 9 9 9 4 4 3 0 1 9 ) ) ) . . . . . . . . . 1 1 1 1 1 1 4 8 4 4 0 0 0 1 2 7 0 7 4 0 0 4 7 6 . . . . . . . . . 5 6 6 1 9 9 4 8 3 1 1 1 1 1 1 1 1 1 7 8 9 9 7 6 1 8 3 . . . . . . . . . 4 5 8 4 0 5 8 8 4 2 2 2 2 1 2 1 1 1 0 3 1 0 3 9 9 1 2 . . . . . . . . 1 7 5 9 9 5 9 4 1 2 2 1 1 1 1 9 5 6 6 2 7 9 7 3 . . . . . . . . . 3 0 8 0 3 5 9 6 4 3 2 1 1 1 1 1 1 9 0 3 3 0 6 9 3 7 . . . . . . . . . 6 0 3 7 2 5 8 8 3 — — - - i - 2 . . . ) 2 1 2 A .2 1 1 8 9 5 8 5 5 7 0 3 . . . . . . . . . 7 0 4 0 2 9 0 5 6 1 9 8 7 4 4 7 7 7 1 7 9 8 1 7 4 5 4 3 . . . . . . . . . 7 1 1 6 7 9 0 6 3 1 1 1 1 1 1 8 3 6 1 5 0 9 7 4 . . . . . . . . . 7 2 8 5 2 7 5 6 1 - - 5 5 9 4 3 3 1 . . . . . . . 5 9 . . 9 1 2 2 6 9 8 - -3 1 6 6 5 3 6 6 . . . . . . . . . 4 5 0 6 8 3 0 0 5 () 2 1 1 1 . . . . . . . . 8 3 3 1 9 7 8 3 1946—Feb. 28 . 133.9 20.7 24.7 16.2 30.9 13.1 105.9 18.9 3 9 3 9 1.3 Mar. 31 139.9 20.0 24 1 16.1 32.1 13.3 106.0 19.9 8.2 4.5 1.3 Apr. 30 141.7 19.2 24.3 15.7 32.0 13.1 104.8 19.4 11.3 4.8 1.3 May 31 140.9 19.1 24.2 16.0 32.2 12.9 105.0 19.6 10.9 4.1 1.4 June 30 141.4 19.3 24.3 15.9 33.4 12.9 106.3 18.5 10.2 4.8 1.5 July 31.. 140.9 18.9 24.4 16.1 33.8 13.2 107.0 19.8 8.5 3.9 1.7 Aug. 31 146.8 19.2 23.7 15.8 35.9 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 14.2 107.5 19.2 18.3 3.7 1.6 O N c o t v . . 3 3 0 1 1 1 5 5 3 4 . . 1 7 1 1 9 0 . . 2 2 2 2 2 2 . . 4 0 1 1 6 6. . 1 3 3 3 7 8 . . 9 6 <*) 1 1 4 4. . 8 1 1 1 1 1 0 1. . 2 4 2 21 0 . . 1 5 1 1 7 5 . . 1 3 4 5. . 0 0 1 1 . . 5 8 Dec. 31 153.7 19.2 20.5 17.5 39.6 14.6 11?.0 21.5 13.4 4.8 2.0 1947—Jan. 31 M50.4 19.2 20.1 17.3 39.5 14 2 110.8 22.1 10 3 5.3 1.9 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. ' Outflow less than $50,000. 4 Amounts outstanding Jan. 31, in millions of dollars: foreign brokerage balances in United States, 103.2; United States brokerage balances abroad, 29.7. JUNE 1947 759 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 t m g ed - France N la e e n r t d - h s - S l w a e n r i - t d z- m G a e n r- y Italy E O u t r h o e p r e E T u o r t o a p l e C a a d n a - A L m a e t r i i n ca Asia 2 ot A he ll r2 private 1934—Dec.8 669.7 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 1030—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 8 3,938.2 1,418.9 365 5 490 1 174 3 508 4 6.7 17 9 650 6 2,213 5 434.3 447.3 769.9 73.3 1941—Dec. 31 3,678.5 1,314.9 400.8 448.6 174.9 339.9 6.6 15.4 608.0 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 2,517.8 926.5 909.3 1,069.2 174.0 1945—Dec. 31 .... 6,883.1 4,179.3 707.7 310.0 281.6 304.2 7.0 70.4 902.1 2,583.0 1,522.2 1,046.41,549.7 181.8 1946—Feb. 28.... 46,931.4 ^4,204.1 630.5 380.7 282.2 316.2 6.8 97.5 875.0 2,588.8 1,349.7 1,043.5 1,723.6 4225.8 Mar. 31.... 6,927.8 4,185.4 553.8 364.5 295.0 321.2 6.6 100.5 871.0 2,512.4 1,359.7 1,094.0 1,685.6 276.1 Apr. 30.... 6,883.1 4,074.9 553.4 305.8 294.9 324.4 6.6 123.4 894.0 2,502.5 1,344.1 1,077.7 1,699.3 259.4 May 31.... 6,654.6 3,849.9 434.4 319.7 268.4 323.2 6.5 130.5 910.6 2,393.2 1,248.2 1,108.1 1,655.7 249.4 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 1,263.81,151.3 1,541.4 398.1 July 31.... 6,908.2 4,116.8 661.1 275.2 234.1 336.7 6.4 165.5 875.3 2,554.4 1,284.31,174.41,487.5 407.7 Aug. 31 6,767.8 3,927.8 525.3 250.8 227.1 359.0 6.5 174.3 848.0 2,391.0 1,219.61,226.61,437.5 493.2 Sept. 30 6,689.3 3,813.6 570.3 275.5 239.0 351.1 6.4 178.9 836.2 2,457.4 1,177.5 1,180.7 1,396.4 477.1 Oct. 31.... 66,679.5 3,771.6 638.1 284.6 215.7 "359.1 6.8 188.9 845.1 52,538.3 1,103.31,180.5 1,359.3 498.1 Nov. 30.... 6,691.0 3,704.4 546.8 261.4 202.4 366.8 7.3 205.5 849.1 2,439.3 1,045.3 1,150.8 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 1,104.8 1,316.4 706.5 1947—Jan. 31.... 6,473.7 3,565.2 484.4 237.2 212.2 377.2 5.3 321.0 859.0 2,496.2 855.9 1,131.8 1,263.5 726.2 LIABILITIES—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 e r n k - l F a i n n d - Greece6 L b u ou x r e g m 6 - N w o a r y - P g o a r l t * u- m R an u i - a8 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—DeCp 3i 608.0 117.3 18.1 5.7 65.2 210.7 191.0 1942—Dec. 31 643.4 121.8 17.7 7.9 39.3 18.3 132.4 35.7 9.4 17.5 153.5 14.3 17.7 57.9 1943—Dec 31 722.1 122.9 13.9 7.7 43.5 18.4 158.9 53.4 9.3 31.8 163.2 12.3 9.9 76.9 1944—Dec. 31 767.7 124.3 14.8 7.1 48.7 18.6 220.8 54.5 9.5 43.4 152.1 16.1 5.7 52.1 1945—Dec 31 . ..r. 902.1 185.0 25.9 5.5 70.8 22 3 216 1 47 9 9 3 31.7 210.1 28.0 5 7 43.7 1946—Feb. 28 875.0 167.6 41.6 10.7 69.7 22.4 175.0 45.3 9.2 37.4 212.9 28.5 6.6 48.4 Mar. 31 871.0 166.3 44.2 11.2 74.9 22.3 174.0 45.4 9.2 35.4 205.2 24.8 6.8 51.2 Apr. 30 894.0 176.4 47.4 10.1 76.7 22.0 159.3 49.7 10.0 36.2 200.0 44.9 7.7 53.6 May 31 910.6 177.8 48.6 11.9 75.5 22.1 161.6 49.5 10.2 35.5 196.0 57.4 7.3 57.4 June 30 904.5 175.7 49.7 11.2 72.3 22.6 161.1 48.6 10.0 32.3 191.7 59.5 7.4 62.3 July 31 875.3 169.0 50.4 11.9 64.1 22.9 148.9 47.6 10.9 20.7 204.4 50.2 8 3 65.9 Aug. 31 848.0 160.1 52.1 13.1 60.1 22.8 142.3 50.2 8.5 18.2 196.3 47.9 8.7 67.7 Sept. 30 836.2 158.7 56.8 13.6 64.4 21.7 140.8 49.1 8.7 18.9 183.1 37.5 8.5 74.7 Oct. 31 845.1 177.0 54.9 17.0 58.4 21.6 136.0 48.8 8.7 20.2 159.9 46.4 8 4 87.8 Nov. 30 849.1 186.0 57.0 18.6 55.5 21.8 123.1 43.5 9.0 15.3 165.4 53.2 10 4 90.3 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 1947—Jan> 31..;.;; 859.0 165.3 73.3 21.6 43.7 22.5 117.4 45.4 8.9 19.8 164.2 60.4 12.9 103-4 Latin America Neth- French er- Date A L i m a c t a e in r- A t r i g n e a n- li B v o ia - 7 Brazil Chile l b C o i m o a - 7 - C R o ic s a ta 7 Cuba I W n an d e i d s e t s M ic e o x- l I W a n n d e d s ie t s s P m an a a * - Peru7 z V u e e n l e a - 7 A O L m a th t e i e n r r - Gui- and ica ana7 Surinam7 1939—Dec. (Jan. 3, 1940) 336.0 57.7 36.4 26.8 37.0 58.8 34.0 85.3 1940—Dec. (Jan. 1, 1941) 447.3 115.4 36.2 28.5 47.9 55.0 58.7 105.6 1941—Dec. 31 417.7 75.7 50.5 27.3 62.5 37.7 42.1 121.8 1942—Dec. 31 597.7 67.6 67.7 34.5 12.4 100.3 i.9 95.7 36.9 17.7 20 9 64 2 1943—Dec. 31 693.7 69.8 12.6 98.7 54.0 67.1 12.2 70.4 2.6 70.4 41.2 57.6 17.4 24.2 95 4 1944—Dec. 31 909.3 93.9 17.7 140.8 55.0 83.6 7.4 139.3 4.4 83.1 36.0 69.1 27.7 31 5 119 8 1945—Dec. 31 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 1945—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 1524 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 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 6.7 133.2 13.6 84.6 43 8 68 7 167 6 Nov. 30 1,150.8 131.4 13.6 205.6 50.5 60.7 8.6 159.1 6.0 143.2 13.5 84.1 40.7 67.3 166.7 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 1947—jan 3i —-;. . 1,131.8 166.0 12.4 183.4 46.2 51.0 7.3 147.3 4.9 149.3 13.6 78.2 37.0 51.5 183.8 For footnote* see p. 761. 760 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued SHORT-TERM FOREIGN LIABILITIES AND ASSETS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES—Continued [In millions of dollars] LIABILITIES—SUPPLEMENTARY DATA—Continued Asia and All Other Date Asia C M c a r h h n i a i u a d n n - a - F C I r n h e d i n n o c a - h 1 H K o o n n g g I C B n l a m o n d e u n a y i d r a 1 , - - , M l t B 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 S E E t a u n i g g n a d g 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 A U o f o n r u i f i t o c h a n Other 1939—Dec. (Jan. 3, 1940) 655.7 167.0 71 4 165.4 193.4 58. 5 72.5 1940—Dec. (Jan. 1, 1941) 769.9 207.5 91 1 110.3 198.6 162.4 73.3 1941—Dec. 31 780.0 156.8 61 6 69.9 226.8 264.9 113.6 1942—Dec. 31 930.0 360.9 27 4 41 6 13.1 "i'.o 4.8 160'.4 254.729^9 36. 2 149.6 23 1 4.8 6.8 "n'.i"ii'.b "ti'.S 1943—Dec. 31 1,108.8 574.2 27!4 23 9 18.2 .9 4.1 110.1 259.135.4 55. 5 175.3 25 3 5.1 6!l 10.3 4.5 124.1 1944—Dec. 31 1,069 ? 427.3 27. 4 22 Q 22.1 1 3 4.0 110.S 365.823.7 64. ? 174.0 52 Q 3 5 7.3 4.3 8 3 97.6 1945—Dec. 31 1,549.6 582.3 28. 0 27 4 33.4 1.2 4.1 113.7 629.152.5 78.0 181.8 28 9 4.3 18.9 10.0 6.4 113.4 1946—Feb. 28 1,723.6 738.0 34. 6 31 8 36.7 1.6 3.9 100.7 635.762.2 78.43225.8 26 1 4.0 19.6 10.1 9.1 3 157.0 Mar. 31 1,685.6 732.1 37. 9 34 8 25.7 1.5 3.8 99.0 598.466.1 86. 3 276.1 24 3 3.8 18.9 10.3 9.5 209.3 Apr. 30 1,699.3 717.0 38. 0 36 4 34.6 1.6 3.7 102.1 617.066.9 81.9 259.4 26 6 3.8 17.9 11.3 8.9 190.9 May 31 1,655.7 695.4 39. 0 35 4 37.6 1.4 3.7 103.6 580.2 72.0 87. 4 249.4 23 8 4.8 16.8 12.4 11.3 180.4 June 30 1,541.4 657.0 43. 6 37 8 36.1 1.6 3.5 100.2 505.569.3 86. 8 398.1 24.4 7.5 17.7 11.2 12.8 324.5 July 31 1,487.5 611.9 47. 2 33 2 33.2 2.2 9.2 114.3 482.464.5 89. 5 407.7 28 7 6.4 17.7 11.5 10.1 333.3 Aug. 31 1,437.5 561.8 55. 0 34.1 28.3 10.3 13.4 120.1 466.962.9 84. 6 493.2 33 6 5.2 19.0 11.6 13.4 410.3 Sept. 30 1,396.4 525 3 42. 9 37 9 35.8 9.3 9.5 128.9 465.261.0 80. 6 477.1 39 9 5.5 20.2 13.4 24.5 373.6 Oct. 31 1,359.3 490 1 37. 7 35 6 33.3 9.5 14.1 133.4 466.658.6 80. 5 498.1 41.1 5.5 21.8 13.3 29.4 386.9 Nov. 30 1,364.5 456 5 36. 2 46 1 40.1 17.2 14.1 134.5 466.364.3 89. 2 691.1 35 1 5.7 22.3 14.5 52.2 561.2 Dec. 31 1,316.4 431 9 39. 9 44.9 43.5 17.3 16.6 127.1 446.654.7 93. 8 706.5 45.5 8.0 20.8 14.9 47.2 570.1 1947—Jan. 31 1,263.5 398 7 42. 1 39 2 42 5 8.8 17.2 117.4 448.360.8 88. .5 726.2 40 9 8 ? 19.8 16.0 8?.5 558.8 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. 760. 1 Country breakdown is for "Official and private." 2 Prior to Jan. 3, 1940, the figures under Asia represent Far East only, the remaining Asiatic countries being included under "All other." » Report dates for these years are as follows: 1934—Jan. 2, 1935; 1935—Jan. 1, 1936; 1938—Jan. 4, 1939; 1939—Jan. 3, 1940; and 1940— Jan. 1, 1941. 4 Beginning January 1946, includes accounts of international institutions. 5 These figures are not strictly comparable with the corresponding figures for preceding months due to exclusion of an account amounting to $4,322,000, which should not have been reported as "foreign." The cumulative figures in Tables 1, 2, and 3 of "Net Capital Movement to United States" have been adjusted to exclude the unreal movement introduced by this change. • Prior to June 30, 1942, included under "All other." 7 Prior to June 30, 1942, included under "Other Latin America." '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 May 1947, p. 621, and September 1945, pp. 967-970. ASSETS Date Total U K d n o i i n t m g ed - France N la e e n r t d - h s - S l w a e n r i - t d z- m G a e n r- y Italy E O u t r h o e p r e E T u o r t o a p l e C a a d n a - A L m i a c t a e in r- Asia1 ot A h l e l r1 1934—Dec. (Jan. 2, 1935) 1,139.9 296.9 80.5 18 6 8.2 231 7 27.2 80.0 743.2 96. 3 174.6 117.4 8.5 1935—Dec. (Jan. 1, 1936) 778.6 88.1 32.5 19 0 6.6 202 0 13.5 71.2 433.0 100.9 154.5 80.1 10.1 1936—Dec. 30 672.6 114.1 16.8 21 9 5.4 165 1 10.9 57.8 392.1 59. 4 141.1 67.2 12.9 1937—Dec. 29 655.0 84.8 13.5 23.0 5.5 126 1 20.8 52.9 326.5 118 0 114.4 78.9 17.2 1938—Dec. (Jan. 4, 1939) 594.0 86.0 10.3 24 2 5.5 89.4 13.5 45.9 274.9 60 4 99.1 144.1 15.5 1939—Dec. (Jan. 3, 1940) 508.7 39.9 4.9 5 7 5.2 53 4 11.8 51.4 172.2 39 7 113.3 174.1 9.3 1940—Dec. (Jan. 1, 1941) 384.0 23.0 4.2 9 1.5 39 6 2.0 29.9 101.0 36 0 122.7 117.8 6.4 1941—Dec. 31 367.8 20.9 1.8 1 1 2.6 34 4 1.5 26.2 88.4 33 6 148.3 87.9 9.7 1942—Dec. 31 246.7 12.6 1.3 5 1.5 34 0 .4 22.3 72.6 34.3 99.7 35.3 4.8 1943—Dec. 31 257.9 19.9 1.1 4 3.0 33 9 .4 19.0 77.6 37 8 112.2 26.3 3.9 1944_Dec. 31 329.7 25.9 1.4 3 1.3 33 9 .3 44.4 107.5 28 1 131.0 51.4 11.7 1945—Dec. 31 392.8 25.4 1.1 36 3 2.9 33 9 .3 40.8 140.7 53 3 158.9 29.9 9.9 1946—Feb. 28 406.8 26.3 .7 36 1 4.9 33 9 .4 17.9 120.2 71 3 161.2 43.6 10.5 Mar. 31 431.9 28.6 .7 35 8 5.6 33 9 .4 21.1 126.1 62.9 178.4 53.6 11.0 Apr. 30 434.3 31.6 .9 43 4 6.5 33 8 .6 18.0 134.8 64 7 166.1 57.1 11.6 May 31 490.7 32.6 .9 118 5 8.0 33 9 1.0 20.5 215.3 50 1 158.0 54.4 12.9 June 30 511.0 30.5 .9 119 4 6.5 33 9 2.4 27.7 221.2 53 6 164.7 56.2 15.3 July 31 561.4 75.8 3.4 119 6 6.7 33 9 4.3 33.2 276.8 42 2 170.4 57.1 14.8 Aug. 31 581.5 65.8 3.1 122.8 4.7 33 9 8.8 29.9 269.0 43 6 185.3 68.0 15.6 Sept. 30 615.7 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 1947—Jan. 31 730.7 50.5 9.9 136 6 11.7 30 3 14.9 53.4 307.3 48.8 260.4 94.5 19.8 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. JUNE 1947 761 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 - Nor- tu P g o a r- l1 m R an u i - a1 Spain1 S d w en e- USSR1 s Y la u v g i o a1 - 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 1 1 9 9 4 4 2 1 — — D D e e c c . . 3 3 1 1 2 2 2 6. . 2 3 1. . 1 8 8 5 1 . . 6 9 1.1 .2 2.4 () 3.2 . . 4 6 8 2 8 2 . . 4 1 1943—Dec. 31 19.0 .7 7.6 .6 .2 1.4 3.2 .2 5.0 1944—Dec. 31 44.4 .7 C2) .6 35.1 .8 8 1.8 .2 5.1 1945—Dec. 31 40.8 .6 CO () .7 31.6 .5 1.6 .9 () 4.7 1946—Feb. 28 17.9 2.6 1.0 1.4 .8 4.2 .4 1.4 1.1 4.9 A M M p a a r y r . . 3 3 3 0 1 1 2 2 1 0 8 1 . . . 5 0 1 4 5 3 . . . 0 6 6 1 1 . . 1 1 2 1. . . 2 0 6 2 1. . . 5 0 8 6 1. . . 2 2 2 . . . 4 4 6 2 1 1 . . . 4 5 1 3 2 1 . . . 0 3 4 ( 8 ) 5 5 4 . . . 0 1 9 June 30 27.7 7.7 .i 4.4 1.1 .3 .5 2.9 5.6 5.0 July 31 33.2 8.8 .1 4.3 1.6 .6 .7 4.2 7.6 8 5.0 1947— A O S N D Ja e u c o e n p t g c v . . t . . . . 3 3 3 3 3 3 1 1 1 1 0 0 4 5 5 2 3 4 3 2 4 9 6 9 . . . . . . 4 5 0 9 9 6 9 6 7 7 7 7 . . . . . . 1 7 9 2 1 5 . . . . . . 5 2 3 2 4 5 4 4 5 6 6 3 . . . . . . 2 9 4 5 0 3 1 1 1 1 1 2 2 3 2 2 2 . . . . . . 1 6 4 4 0 6 3 3 2 . . . . . . 3 7 1 7 5 7 1 1 1 . . . . . . 0 3 0 9 7 9 3 3 7 6 7 7 . . . . . . 2 6 5 3 2 3 5 5 5 4 3 4 . . . . . . 5 5 5 9 1 9 ( 2 ) 4 6 5 9 9 6 . . . . . . 1 5 4 5 2 3 .6 Latin America Date A L i a m c t a i e n r- A t r i g n e a n- li B v o ia - 8 Brazil Chile l b C o i m o a - ' - C R o ic s a ta 3 Cuba F I W n r a e d n e n i d s e c t s h Mexico N I l W n a a e d n t n e h i d d s e e s t s r- P m an a a 4 - Peru1 V zu e e n l e a - 3 O A La m th ti e e n r r - Gui- Suriana* 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 4.8 2.1 2.8 3.9 14.2 1943—Dec. 31 112.2 15.3 1.8 18.9 16.6 12.2 .7 20.1 11.2 1.1 1.4 3.8 .7 1944—Dec. 31 131.0 3.1 1.8 25.3 9.0 15.5 1.2 47.4 8.6 .8 1.2 5.1 11.7 1945—Dec. 31 158.9 21.0 1.3 24.7 6.6 16.8 1.2 33.3 11.0 1.1 1.9 6.1 33.4 1946—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 June 30. 164.7 20.4 3.1 28.4 8.0 23.2 1.5 29.3 15.0 1.8 3.5 7.9 22.1 July 31. 170.4 27.9 4.4 28.6 7.5 21.3 2.1 25.7 15.2 1.6 3.4 8.1 24.0 Aug. 31. 185.3 25.6 3.2 41.3 10.6 22.6 9.8 15.6 17.2 1.3 3.6 8.1 25.8 Sept. 30. 182.6 21.4 2.6 37.2 14.5 23.8 1.7 21.1 (*)' 22.0 .9 3.0 7.0 27.0 Oct. 31. 182.1 22.5 2.2 40.4 13.8 21.0 2.6 27.9 17.6 .9 2.7 4.8 24.9 Nov. 30. 200.2 24.0 2.0 43.9 14.0 19.8 2.5 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 1947--Jan. 31. 260.4 49.1 2.6 54.4 13.1 29.9 3.4 35.5 27.0 1.6 5.4 10.4 27.1 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 l m o d n e u n 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 p n s i i d - n l s - e T k u ey r- J O A t s h i e a r ot A h l e l r6 A t l r u ia a s - - Z N la e e n a w d - A S E E t a u i g n g n a d g y y d n a l p p o n t - F r r M o e c n o c c - o h S A U o f o n r u f i i t o c h a n Other 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 1.7 1.2 1943—Dec. 31 26.3 1.7 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 .8 7.5 .1 .5 1.4 13.8 2.0 2.7 9.9 1.7 .7 4.7 2.5 1946—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 57.1 25.6 (*) 1.5 7.2 .2 .3 1.4 16 .9 3.9 11.6 1.5 .6 6.7 2.6 J M u a n y e 3 3 0 1 5 5 6 4 . . 2 4 2 2 3 2 . . 9 6 () 2 2 . . 0 0 6 7. . 4 6 . . 3 1 . . 3 3 1 1 . . 4 4 1 1 6 6 . . 9 9 3 3. . 5 6 1 1 5 2. . 9 3 1 1 . . 9 8 . . 6 6 8 7 . . 5 8 2 3. . 9 5 July 31 57.1 19.0 2.2 9.4 1.7 .3 1.2 18 .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 72.7 34.7 3.2 11.7 .2 .3 1.2 16.6 .9 3.9 15.1 3.3 1.2 7.7 2.5 Oct. 31 74.3 34.6 6.5 10.1 .2 .5 1.0 16.0 1.3 4.0 14.5 2.7 1.0 8 8.4 2.0 Nov. 30 75.0 40.8 4.0 9.1 .2 .2 .9 14.7 .9 4.2 15.8 3.1 .9 9.1 2.4 1947— D Ja e n c . . 3 3 1 1 9 9 9 4 . . 2 5 4 5 3 3 . . 8 9 () 5 5 . . 9 0 1 12 2 . . 7 0 . . 2 5 . . 2 2 1 1 . . 0 1 2 2 0 5 . . 2 3 1 1 . . 4 4 4 4 . . 4 5 1 1 7 9 . . 2 8 3 4 . . 4 3 1 1. . 2 1 () 1 10 0 . . 5 1 3 2 . . 4 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/' 4 Included "Canal Zone" prior to June 30, 1942. 6 Prior to June 30, 1942, included under "Other Asia." • Country breakdown not available until June 30, 1942. 762 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 of Other Cash reserves co D u is n - ts Securi- ci t r i c o u n la ' - Deposits Other Goldi assets2 and ad- ties liabili- Coin Notes vances Bankers' Public Other ties 1935—Dec. 25. , 200.1 260.0 .6 35.5 8.5 94.7 424.5 72.1 12.1 37.1 18.0 1936—Dec. 30. , 313.7 200.0 .6 46.3 17.5 155.6 467.4 150.6 12.1 39.2 18.0 1937—Dec. 29. . 326.4 220.0 .8 41.1 9.2 135.5 505.3 120.6 11.4 36.6 18.0 1938—Dec. 28.. 326.4 230.0 .8 51.7 28.5 90.7 504.7 101.0 15.9 36.8 18.0 1939—Dec. 27., « .2 580.0 1.0 25.6 4.3 176.1 554.6 117.3 29.7 42.0 17.9 1940—Dec. 25. . .2 •630.0 .9 13.3 4.0 199.1 616.9 135.7 12.5 51.2 17.9 1941—Dec. 31. . .2 5 780.0 .3 28.5 6.4 267.8 751.7 219.9 11.2 54.1 17.9 1942—Dec. 30.. .2 «950.0 .9 26.8 3.5 267.9 923.4 223.4 9.0 48.8 17.9 1943—Dec. 29. , .2 6 1,100.0 .9 11.6 2.5 307.9 1,088.7 234.3 10.3 60.4 17.9 1944—Dec. 27., .2 61,250.0 1.9 11.6 5.1 317.4 1,238.6 260.7 5.2 52.3 17.8 1945—Dec. 26., .2 6 1.400.0 .4 20.3 8.4 327.0 1,379.9 274.5 5.3 58.5 17.8 1946—May 29. .2 1,400.0 1.5 58.6 16.7 250.9 ,341.7 244.8 7.4 57.4 18.0 June 26. .2 1,400.0 1.8 36.4 12.5 315.2 ,363.9 286.0 5.3 56.5 18.1 July 31. .2 1,400.0 1.4 13.4 15.8 288.0 ,386.9 238.7 7.1 54.4 18.3 Aug. 28. .2 1,400.0 1.1 32.7 9.9 343.4 ,367.5 307.6 7.0 54.0 18.4 Sept. 25. .2 1,400.0 1.2 41.5 18.8 324.6 ,358.7 302.9 9.3 55.5 18.5 Oct. 30. .2 1,400.0 1.0 38.5 9.5 327.2 ,361.8 292.7 8.2 57.5 17.8 Nov. 27. .2 1,400.0 1.1 34.2 25.3 333.9 ,366.0 310.1 10.1 56.3 17.9 Dec. 25. .2 61,450.0 1.3 22.1 13.6 327.6 ,428.2 278.9 10.3 57.3 18.1 1947—Jan. 29. .2 1,450.0 1.0 85.8 25.4 271.0 ,364.5 288.4 16.0 60.6 18.3 Feb. 26. .2 1,450.0 .9 74.7 16.0 294.6 ,375.6 285.2 22.4 60.1 18.4 Mar. 26. .2 1,450.0 .6 59.5 11.1 338.7 ,390.7 286.4 10.6 94.4 18.5 Apr. 30. . .2 1,450.0 1.0 62.6 18.0 344.8 1,387.6 303.7 6.9 98.0 17.8 Assets Liabilities Bank of Canada Dominion and provincial government Deposits (Figures in millions of Sterling securities Canadian dollars) Gold and S t U at n e i s ted a O s t s h e e ts r circ N ul o a t t e ion7 lia O b t i h li e ti r es8 dollars S te h r o m rt 8 - Other Ch b a a r n te k r s ed D g o m o m v e e i n n r t n io - n Other 1935—Dec. 31.. 180.5 4.2 30.9 83.4 8.6 99.7 181.6 17.9 .8 7.7 1936—Dec. 31.. 179.4 9.1 61.3 99.0 8.2 135.7 187.0 18.8 2.1 13.4 1937—Dec. 31.. 179.8 14.9 82.3 91.6 21.7 165.3 196.0 11.1 3.5 14.4 1938—Dec. 31.. 185.9 28.4 144.6 40.9 5.2 175.3 200.6 16.7 3.1 9.3 1939—Dec. 30.. 225.7 64.3 181.9 49.9 5.5 232.8 217.0 46.3 17.9 13.3 1940—Dec. 31.. 38.4 448.4 127.3 12.4 359.9 217.7 10.9 9.5 28.5 1941—Dec. 31.. 200.9 391.8 216.7 33.5 496.0 232.0 73.8 6.0 35.1 1942—Dec. 31.. .5 807.2 209.2 31.3 693.6 259.9 51.6 19.1 24.0 1943—Dec. 31.. .6 787.6 472.8 47.3 874.4 340.2 20.5 17.8 55.4 1944—Dec. 30.. 172.3 906.9 573.9 34.3 1,036.0 401.7 12.9 27.7 209.1 1945—Dec. 31.. 156.8 1,157.3 688.3 29.5 1,129.1 521.2 153.3 29.8 198.5 1946—May 31. 2.0 ,230.0 541.1 52.9 1,109.5 493.9 87.1 78.5 57.2 June 29. 2.0 ,218.5 540.7 30.8 1,114.0 500.5 57.9 85.6 34.2 July 31. 1.8 ,276.6 541.8 31.4 1,117.9 532. 69.1 90.1 42.1 Aug. 31. 1.7 ,257.7 530.8 44.1 1,127.4 521.1 69.1 79.7 37.1 Sept. 30. .7 ,259.1 523.9 38.3 ,147.5 511.3 27.4 87.8 48.0 Oct. 31. .9 ,301.5 521.5 40.1 ,156.9 538.6 36.6 85.2 46.7 Nov. 30. .9 ,283.8 605.0 40.9 ,161.1 579.5 63.9 79.4 46.8 Dec. 31. 1.0 ,197.4 708.2 42.1 ,186.2 565.5 60.5 93.8 42.7 1947—Jan. 31. 1.0 ,196.8 718.8 39.3 ,138.6 533.3 150.1 82.9 51.0 Feb. 28. 1.0 ,172.3 738.9 47.6 ,137.9 493.6 215.7 75.3 37.3 Mar. 31. 1.2 ,146.9 757.5 40.4 ,153.2 536.3 159.8 64.6 C32.1 Apr. 30. . 1.0 ,186.0 751.2 59.2 ,153.9 542.6 195.7 69.3 35.9 c Corrected. 1 Through February 1939, valued at legal parity of 85 shillings a fine ounce; thereafter at market price, which fluctuated until Sept. 6, 1939, when it was officially set at 168 shillings per fine ounce; the latter rate remained in effect until June 9, 1945, when it was raised to 172 shillings and three pence. 2 Securities and silver coin held as cover for fiduciary issue, the amount of which is also shown by this figure. 3 Notes issued less amounts held in banking department. 4 On Jan. 6, 1939, 200 million pounds sterling of gold (at legal parity) transferred from Bank to Exchange Equalization Account; on Mar. 1, 1939, about 5.5 million pounds (at current price) transferred from Exchange Account to Bank; on July 12, 1939, 20 million pounds transferred from Exchange Account to Bank; on Sept. 6, 1939, 279 million pounds transferred from Bank to Exchange Account. 5 Fiduciary issue increased by 50 million pounds on June 12, 1940, Apr. 30, Aug. 30, and Dec. 3, 1941, and Apr. 22 and July 28, 1942; by 70 million pounds on Dec. 2, 1942; and by 50 million pounds on Apr. 13, Oct. 6, and Dec. 8, 1943, Mar. 7, Aug. 2, and Dec. 6, 1944, May 8, July 3, and Dec. 10, 1945, and on Dec. 10, 1946. 6 Securities maturing in two years or less. 7 Includes notes held by the chartered banks, which constitute an important part of their reserves. 8 Beginning November 1944, includes a certain amount of sterling and United States dollars. 9 On May 1, 1940, gold transferred to Foreign Exchange Control Board in return for short-term Government securities (see BULLETIN for July 1940, pp. 677-678). NOTE.—For back figures on Bank of England and Bank of Canada, see Banking and Monetary Statistics, Tables 164 and 166, pp. 638-640 and pp. 644-645, respectively; for description of statistics see pp. 560-564 in same publication. JUNE 1947 763 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS—Continued Assets Liabilities Bank of France Domestic bills A G d o v v a e n rn ce m s en to t Deposits (Figures in Foreign Other Note Other millions of francs) Gold* ex- circula- liabilichange m O a p rk e e n t2 Special5 Other c F u c o p o r a s t t o s i c 1 o - n Others assets4 tion G m ov e e n r t n- C.A.R.5 Other ties 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 5,160 1938—Dec. 29... 87,265 821 7,422 1,797 7,880 20,627 18,498 110,935 5,061 25,595 2,718 1939—Dec. 28... 697,267 112 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 5,894 1942—Dec. 31... 84,598 37 43,661 169 5,368 210,965 68,250 21,749 382,774 770 16,857 29,935 1,461 1943—Dec. 30... 84,598 37 44,699 29 7,543 326,973 64,400 21,420 500,386 578 10,724 33,137 1,872 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... 6129,817 68 23,038 303 25,548 426,000 39,122 570,006 12,048 57,755 1,087 1946—Apr. 25... 129,817 5 25,810 36,579 426,000 19,000 38,614 616,102 732 53,653 5,337 May 29... 694,817 5 63,090 45,512 426,000 11,200 41,848 625,809 745 51,845 1,072 June 27... 94,817 5 64,985 46,204 426,000 13,400 42,053 629,181 750 53,265 1,268 July 25... 94,817 6 64,769 45,324 426,000 8,600 40,915 612,879 717 59,829 J,006 Aug. 29... 94,817 5 64,474 61,657 426,000 8,600 45,049 633,327 779 62,282 1,213 Sept. 26... 94,817 6 70,577 546 62,567 426,000 28,100 44,703 667,567 804 54,743 i1,201 Oct. 31... 94,817 5 71,224 3,124 63,127 426,000 46,600 52,693 696,924 814 55,612 t1,241 Nov. 28... 94,817 6 74,739 3,344 67,396 426,000 55,500 47,116 704,796 824 58,549 1,748 Dec. 26 .. 94,817 7 77,621 3,135 76,254 426,000 67,900 47,577 721,865 765 63,468 7,213 1947—Jan. 30. .. 94,817 5 75,500 2,209 82,674 426,000 55,200 54,507 730,253 789 55.020 1,849 Feb. 27... 94,817 8 82,958 1,435 85,917 426,000 54,000 53.066 737,692 831 54,512 5,166 Mar. 27... 782,817 5 83,613 694 85,221 426,000 79,500 58,083 746,266 767 63,880 5,021 1 Gold revalued on Dec. 26, 1945, on basis of 134,027.90 francs per fine kilogram. For details on previous devaluations see BULLETIN for May 1940, pp. 406-407; January 1939, p. 29; September 1937, p. 853; and November 1936, pp. 878-880. 2 For explanation of this item, see BULLETIN for July 1940, p. 732. a By a series of Conventions between the Bank of France and the Treasury, dated from Aug. 25, 1940, through July 20, 1944, advances of 441,000 million francs were authorized to meet the costs of the German army of occupation. 4 Beginning Dec. 28, 1944, 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. 5 Central Administration of the Reichskreditkassen. • In each of the weeks ending Apr. 20 and Aug. 3, 1939, 5,000 million francs of gold transferred from Exchange Stabilization Fund to Bank of France; in week ending Mar. 7, 1940, 30,000 million, in week ending Oct. 11, 1945, 10,000 million, in week ending Dec. 27, 1945, 53,000 million, and in week ending May 2, 1946, 35,000 million francs of gold transferred from Bank of France to Stabilization Fund. v Gold holdings reduced by 12,000 million francs, representing contributions to the International Fund and Bank. An equivalent amount of Treasury bonds covering these contributionb is shown under "Other assets." NOTE.—For back figures see Banking and Monetary Statistics, Table 165, pp. 641-643; for description of statistics see pp. 562-563 in same publication. For last available report from the Reichsbank (February 1945) see BULLETIN for December 1946, p. 1424. Central Bank 1947 1946 Central Bank 1947 1946 (Figures as of last report (Figures as of last report date of month) Apr. Mar. Feb. Apr. date of month) Apr. Ma Feb. Apr. Central Bank of the Argentine National Bank of Belgium Republic (millions of pesos): (millions of francs): Gold reported separately 2,940 136 1,189 Gold 27,792 27,722 30,281 33,452 Other gold and foreign exchange. 2,227 277 3,552 Foreign exchange 10,516 9,787 8,471 5,120 Government securities 939 939 873 Net claim on Int'l. Fund 3 2,214 2,464 Temporary advances to Govt.. . 67 102 56 Loans to Government 49,253 50,088 50,808 48,303 Rediscounts and loans to banks1. 9,356 572 Other loans and discounts 4,680 3,828 4,482 2,105 Other assets 2,119 105 145 Claim against Bank of Issue... . 64,597 64,597 64,597 64,597 Currency circulation a 4,110 072 3,033 Other assets 2,320 2,328 2,196 1,895 Deposits—Member bank 531 499 1,752 Note circulation 75,996 74,690 74,452 72,564 Government 741 697 503 Demand deposits 4,567 5,328 5,514 3,223 Nationalized * 11,530 11153 Blocked accounts4 79,212 79,248 79,273 78,262 Other 75 67 141 Other liabilities 1,597 1,549 1,595 1,424 Certificates of participation in Government securities 141 Central Bank of Bolivia—Mone- Other liabilities 661 644 202 tary Dept. (millions of bolivianos): Commonwealth Bank of Aus- Gold at home and abroad 922 919 tralia (thousands of pounds): Foreign exchange 263 526 Gold and foreign exchange 223, 223 202,686 Loans and discounts 309 120 Checks and bills of other banks.. 2. 3,075 Government securities 431 547 Securities (incl. Government and Other assets 12 11 Treasury bills) 382, 956 380,941411,725 Note circulation 1,682 ,631 Other assets 11,813 10,;832 17,020 Deposits 242 492 Note circulation 198,680198,180 200,964 Other liabilities 12 793 Deposits of Trading Banks: Special 277, 534 273,553261,112 Other 21,063 ,950 20,187 Other liabilities 122,693 ,650152,242 * Government decree of Apr. 24, 1946, provided for the guarantee of all deposits registered in the name of the Central Bank. * By decree of May 24, 1946, the Central Bank became responsible for all subsidiary money. > 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. 4 Includes increment resulting from gold revaluation, notes forfeited to the State, and frozen old notes and current accounts. 764 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) Apr. Mar. Feb. Apr. date of month) Apr. Mar. Feb, Apr. National Bank of Bulgaria * Central Reserve Bank of El Salva- Central Bank of Chile (millions dor (thousands of colones): of pesos): Gold 37,256 34,807 32,921 Gold 244 383 Foreign exchange (net) 48,289 48,094 •39,215 Gold contribution to Int'l. Fund. 43 Net claim on Int'l. Fund 2 1,563 1,563 Discounts for member banks 371 '355 Loans and discounts 1,468 2,102 927 Loans to Government ,124 701 Government debt and securities. 5,575 5,713 6,457 Other loans and discounts ,181 839 Other assets 1,615 1,556 1,732 Other assets , 850 ,840 Note circulation 56,483 57,252 46,503 Note circulation. .; ,510 ,031 Deposits 30,941 28,331 28,520 Deposits—Bank 673 550 Other liabilities 8,343 8,252 '6,229 Other 170 170 Bank of Finland l Other liabilities 460 368 Bank of Greece (billions of drach- Bank of the Republic of Colombia mae): (thousands of pesos): Gold and foreign exchange (net). 772 753 Gold 220,250 218,236230 Loans and discounts 8 10 N Fo e r t e c ig la n i m ex o c n h a I n n g t e 'l. Fund 2 2 2 2 1 , , 5 8 8 6 5 7 4 2 9 1 ,6 8 5 6 8 7 77: Advances—G O o th v e e r rnment 6 68 7 5 0 6 6 5 5 5 8 Paid-in capital—Int'l. Bank 1,225 1,225 Other assets 77 82 Loans and discounts 56,348 41,140 17 Note circulation 559 524 Government loans and securities 84,326 88,437 72 Deposits—Government 77 91 Other assets 32,714 32,202 38 Other 166 125 Note circulation 235,064232,205 L94 Other liabilities 1,409 1,419 Deposits . 166,174182,547201 Bank of Guatemala (thousands of Other liabilities 38,077 38,012 40 quetzales): National Bank of Costa Rica- Gold 27,228 27,228 27,228 Issue dept. (thousands of colones): Foreign exchange 23,988 23,345 21,770 Gold 11,276 255 11,348 Gold contribution to In'tl Fund 1,250 1,250 1,250 Foreign exchange 16,136 465 6,608 Rediscounts and advances Contributions to Int'l. Fund and Other assets 8,062 8,277 8,523 to Int'l. Bank 30,321 321 30,321 Circulation—Notes 29,937 30,471 29,981 Loans and discounts 59,548 510 66,697 Coin 2,784 2,777 2,757 Securities 4,041 045 4,046 Deposits—Government 6,296 5,371 4,623 O N t o h t e e r c a i s r s c e u t l s a . t < ion... . 74 1 , , 7 33 59 8 3 7 5 1 2 5 72 1 , , 8 3 5 5 3 6 Other liabil B iti a e n s ks 1 8 3 , ,4 0 6 5 1 0 1 7 3 , , 7 7 0 7 5 6 1 7 4 , , 3 0 5 5 1 9 Demand deposits 41,396 011 41,153 National Bank of Hungary (mil- Other liabilities 6,506 223 6,371 lions of forint): National Bank of Czechoslovakia Gold 284 in Prague (millions of koruny): Foreign exchange 98 Gold and foreign exchange 3. . .. 4,627 ,999 5,405 Discounts 511 Loans and discounts 3,520 ,599 6,440 Loans—Treasury 340 340 Other assets 124,203 ,525124,365 Other Note circulation—Old 931 931 932 Other assets 413 410 New 42,939 ,904 42,951 Note circulation 1,173 1,093 Deposits—Old 70,241 ,665 72,035 Demand deposits—Government. 45 64 New 9,463 ,133 10,776 Other 65 52 Other liabilities 8,775 ,490 9,516 Other liabilities 393 411 National Bank of Denmark Reserve Bank of India (millions of (millions of kroner): rupees): Gold 71 71 71 Issue department: Foreign exchange 87 98 118 173 Gold at home and abroad... 444 444 444 Clearing accounts (net) 78 115 114 99 Sterling securities 11,353 11,353 11,253 Loans and discounts 15 21 24 2 Indian Govt. securities 57 578 578 Securities 72 70 75 90 Rupee coin 205 204 195 Govt. compensation account.... 6,306 ,482 7,528 ,594 Note circulation 12,420 12,297 12,327 Other assets 260 217 159 115 Banking department: Note circulation 1,506 ,506 1,519 ,508 Notes of issue department. . 160 283 143 Deposits—Government 2,053 ,656 2,645 ,684 Balances abroad 4,772 4,755 6,043 Other 3,177 ,760 3,777 ,744 Treasury bills discounted... 32 29 113 Other liabilities 153 152 146 243 Loans to Government Central Bank of Ecuador Other assets 942 790 556 (thousands of sucres): Deposits 5,620 5,573 6,529 Gold 273. 272,970 265 Other liabilities 287 285 327 Foreign exchange (net) 25; 38,205 39, Central Bank of Ireland (thousands Net claim on Int'l. Fund2..... 16, 16,877 of pounds): Loans and discounts 202, 202,701 Gold 2,646 2,646 2,646 2,646 Other assets 127, 128,006 Sterling funds 37,580 37,568 37,064 35,480 Note circulation 331, 547,123 Note circulation 40,226 40,214 39,710 38,126 Demand deposits 268, 270,392 Bank of Italy (millions of lire): (Jan.) Other liabilities 45, •41,243 Gold 523 526 National Bank of Egypt (thou- Foreign exchange 8,995 5,035 sands of pounds): Advances—Treasury 482,414 459,785 Gold 6 376 6,376 6, Other Govt. agencies 24,480 44,998 Foreign exchange 15089 15,065 14, Loans and discounts , 55,187 15,091 Loans and discounts 3 829 3,942 2, Government securities 105,634 68,886 British, Egyptian, and other Other assets 28,364 16,505 Government securities 306 508 305,273297, Bank of Italy notes 412,068291,640 Other assets 24 074 24,121 27, Allied military notes., 83,876 91,541 Note circulation 133 792133,594 136, Deposits—Government 32,035 38,783 Deposits—Government 85 246 86,046 49, Demand , 69,679 57,185 Other 123 482 121,776 147, Other 96,484123,505 Other liabilities 13357 13,360 14, Other liabilities 11,455 8,173 ' 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. J 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. 8 Gold not reported separately beginning Dec. 31, 1946. 4 Latest month available. JUNE 1947 765 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) date of month) Apr. Mar. Feb. Apr. Apr. Mar. I Feb. Apr. Bank of Japan 1 Bank of Spain—Continued Bank of Java l Other assets ,659 2,586 2,325 Bank of Mexico (millions of pesos): Note circulation ,390 22,268 18,714 Metallic reserve 2 683 691 753 Deposits—Government ,307 1,602 644 "Authorized" holdings of securi- Other ,954 3,451 3,976 ties, etc 1,653 1,669 1,951 Other liabilities 468 560 510 Bills and discounts 535 523 438 Bank of Sweden(millions of kronor): i Other assets 105 103 66 Gold 478 585 715 1,048 Note circulation 1,697 1,703 1,726 Foreign assets (net) 384 453 440 1,012 Demand liabilities 1,057 1,061 1,286 Swedish Govt. securities and ad- Other liabilities 228 222 196 vances to National Debt Office5 ,087 ,011 1,969 1,280 Netherlands Bank (millions of Other domestic bills and advances 106 146 128 25 guilders): Other assets 567 467 622 836 Gold 520 520 647 713 Note circulation ,608 ,640 2,678 2,459 Silver (including subsidiary coin) 2 2 1 1 Demand deposits—Government. 526 547 506 1,003 Foreign bills 269 109 4,525 4,663 Other 137 118 316 280 Loans and discounts 156 175 151 160 Other liabilities 351 356 375 460 Govt. debt and securities ,600 3,600 Swiss National Bank (millions of Other assets 104 109 112 124 francs): Note circulation—Old 137 137 237 280 Gold ,039 ,960 4,951 4,756 New ,737 2,766 2,695 2,241 Foreign exchange 147 158 162 183 Deposits—Government 790 680 1,270 1,384 Loans and discounts 72 80 78 79 Blocked 103 74 95 638 Other assets 91 84 78 92 Other 724 689 618 589 Note circulation ,918 ,932 3,885 3,579 Other liabilities 161 168 520 528 Other sight liabilities ,185 ,109 1,163 1,239 Reserve Bank of New Zealand Other liabilities 246 240 222 291 (thousands of pounds): Central Bank of the Republic of Gold 2,802 2,802 2,802 Turkey (thousands of pounds): Sterling exchange reserve 84,938 96,519 76,616 Gold6 632,096 653,002667,603 300,927 Advances to State or State un- Foreign exchange and foreign dertakings 31,053 26,578 45,734 clearings 294 249 268,831261,298 70,914 Investments 3,868 3,948 5,192 Loans and discounts 560, 548,255505,050 730,184 Other assets 1,431 1,656 1,214 Securities 181, 177184,704 378170,822 Note circulation 46,968 46,639 44,731 Other assets 24. 030 27,451 003 63,283 Demand deposits 72,053 79,896 81,809 Note circulation 986 157 976,765 952461892,973 Other liabilities 5,072 4,968 5,018 Deposits—Gold 181 182,604 669 91,821 Bank of Norway (millions ot kroner): Other 299 291,405 105129,005 Gold 336 340 Other liabilities 224 231,470223,098 222,331 Foreign assets (net) 554 681 Bank of the Republic of Uruguay7 Loans and discounts 58 57 (thousands of pesos): Securities 76 78 Gold 303,180 300,250 Occupation account (net) 8,108 8,108 Silver 13,016 13,74& Other assets 52 48 Paid-in capital—Int'l. Bank 318 Note circulation 1,883 1,832 Advances to State and govern- Deposits—Government 4,925 5,128 ment bodies 10,453 24,161 Banks 733 690 Other loans and discounts 128,629 99,391 Blocked 929 932 Other assets 346,112329,266 Other 360 357 Note circulation 218,001185,631 Other liabilities 354 373 Deposits—Government 39,138 39,572 Bank of Paraguay—Monetary Other 251,480 251,104 Dept. (thousands of guaranies): Other liabilities 293,090290,509 Gold 1,870 1,870 1,870 3,404 Central Bank of Venezuela (thou- Foreign exchange 35,898 38,173 37,931 34,967 sands of bolivares): Loans and discounts 8,507 5,598 3,448 3,899 Gold8 617 912 617,912 617,909 547,582 Government loans and securities 9,800 9,821 9,858 10,083 Foreign exchange (net) 40 133 16,624 43,261 47,741 Other assets 2,959 2,835 2,712 460 Other assets 58 250 66,862 46,939 23,406 Note circulation 40,685 37,170 34,090 29,364 Note circulation—Central Bank. 491 791490,340 485,735 380,718 Demand deposits 9,658 13,019 14,389 17,391 National banks. 6 350 576 6,682 8,876 Other liabilities 8,691 8,108 7,340 6,058 Deposits 181 124171,007700 201,948218,907 Central Reserve Bank of Peru Other liabilities 37 029 33,412 13,745 10,227 (thousands of soles): (Jan.)3 National Bank of the Kingdom Gold and foreign exchange 100,419 130,433 of Yugoslavia l Contribution to Int'l. Bank 11,380 Bank for International Settle- Discounts 91,414 45,870 ments9 (thousands of Swiss gold Government loans 614,764 594,342 francs): Other assets 78,557 17,112 Gold in bars 86,850120,164 Note circulation 603,121505,617 Cash on hand and on current Deposits 205,487248,898 account with banks 6,193 13,692 Other liabilities 87,926 33,243 Sight funds at interest 496 140 Bank of Portugal 1 Rediscountable bills and accept- National Bank of Rumania 1 ances (at cost) 27,441 12,154 South African Reserve Bank Time funds at interest 14,396 2,751 (thousands of pounds): Sundry bills and investments. . . 323,286 301,688 Gold4 197,398209,094 126,897 Other assets 56 Foreign bills 9,952 10,225 37,368 Demand deposits (gold) 18,940 14,623 Other bills and loans 4,092 5,271 4,534 Short-term deposits (various Other assets 14,041 22,310 119,452 currencies): Note circulation 63,137 62,882 66,355 Central banks for own ac- Deposits 155,929 177,829 217,458 count 8,069 5,187 Other liabilities 6,418 6,189 4,439 Other 1,571 1,092 Bank of Spain (millions of pesetas): Long-term deposits: Special ac- Gold 1,214 1,214 1,213 counts 229,001229,001 Silver 522 522 585 Other liabilities 201,169200,743 Government loans and securities 15,773 15,849 15,906 Other loans and discounts 7,952 7,710 3,816 1 For last available report from the central bank of Japan (September 1941), see BULLETIN for March 1942, p. 281; of Java (January 1942) ,. see BULLETIN for March 1943, p. 278; of Portugal (March 1946), see BULLETIN for May 1947, p. 626; of Rumania (June 1944), see BULLETIN for March 1945, p. 286; and of Yugoslavia (February 1941), see BULLETIN for March 1942, p. 282. 2 Includes gold, silver, and foreign exchange forming required reserve (25 per cent) against notes and other demand liabilities. 3 Latest month available. 4 Gold revalued in June 1946 from approximately 85 to 172 shillings per fine ounce. 5 Includes small amount of non-Government bonds. 6 Gold revalued on Sept. 9, 1946, from 1,406.58 to 3,150.77 Turkish pounds per fine kilogram. 7 Issue and banking departments consolidated. 8 Beginning October 1944, a certain amount of gold formerly reported in the Bank's account shown separately for account of the Government. 9 See BULLETIN for December 1936, p. 1025. 766 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MONEY RATES IN FOREIGN COUNTRIES DISCOUNT RATES OF CENTRAL BANKS [Per cent per annum] Central bank of— ef D fec a t t i e ve U K 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 en e- Sw er i - tz- ba C n e k n t o r f a — l M R 3 a a 1 t y e eff D ec a t t i e ve ba C n e k n tr o a f— l M R 3 a a 1 t y e eff D ec a t t i e ve dom lands land In effect Dec. 31, Albania 5K Mar. 21, 1940 Ireland Nov. 23, 1943 1936 2 2 4 2 2 2K IK Argentina Mar. 1, 1936 Italy 4 2 Sept. 11, 1944 Jan. 28,1937... 4 July 3, 1945 Japan 3.29 Apr. 7, 1936 June 15 6 Belgium 3 2 Dec. 19, 1946 Java 3 Jan. 14, 1937 July 7 5 6 Nov. 8, 1940 Latvia 5 Feb. 17, 1940 Aug. 4 4 Sept. 3 Nov. 13 3 3 May 10, 1938... 4 Bulgaria 4K Aug. 14, 1946 Lithuania 6 July 15, 1939 May 13 2K Canada IK Feb. 8, 1944 Mexico 4K June 4, 1942 May 30 ... 3 Chile Dec. 16, 1936 Netherlands . June 27, 1941 Sept 28 3 Colombia 4 2 July 18, 1933 New Zealand. 2K July 26, 1941 Oct. 27 Costa Rica.... 3 Apr. 1, 1939 Norway IK Jan. 9, 1946 Nov. 25 Czechoslovakia Oct. 28, 1945 Peru 2K Aug. 1. 1940 Jan. 4, 1939 2 Apr. 17 .... 4 May 11 3 July 6 2K Denmark Jan. 15, 1946 Portugal 2K Jan. 12, 1944 Aug. 24 4 Ecuador 7 June 8, 1943 Rumania 4 May 8, 1944 Aug. 29 3 El Salvador... 4 Oct. 15, 1946 South Africa. 3 June 2, 1941 Sept. 28 3 Estonia 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 A M p a r y . 1 9 7 3ya 3K IX Switzerland.. IK Nov. 26, 1936 M M a ay r. 2 1 9 7, 1941... IX 3 &2K J A a p n r . . 1 9 0, , 1 1 9 9 4 4 7 0 T U u n r i k te e d y King- 4 July 1, 1938 June 27 2K Greece io 2 Aug. 16, 1946 dom. 2 Oct. 26, 1939 Jan. 16, 1945... IK Hungary 7 Aug. 1, 1946 U.S.S.R.... 4 July 1, 1936 Jan. 20 ... IH 3 Nov. 28, 1935 Yugoslavia .. 1-4 Jan. 1, 1947 Feb. 9 2 5* Nov 7 1946 2 5* Dec. 19 3 NOTE.—Changes since Apr. 30: none. Jan. 10, 1947 . ix In effect May 31, IX 1947 2 3% 3 2K 2K IK OPEN-MARKET RATES [Per cent per annum] United Kingdom Germany Netherlands1 Sweden Sw la i n tz d er- 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 2.59 2.28 2.40 3-13 6.10 7.76 5-7 1.50 .62 .46 .64 3.88 4.97 1.50 .95 .84 .88 3.88 .89 1.50 .57 .50 .72 3.38 .94 1.50 .56 .52 .75 3.00 .99 2.26 .55 .51 .75 3.00 .10 1.00 .53 .50 .75 2.88 .86 1.00 .63 .70 .75 2.88 .70 1.00 1.03 1.02 .99 2.50 .16 3-5 1.25 1.03 1.01 1.00 2.25 .83 .25 1.03 1.00 1.03 2.13 1.95 .25 1 1 1 . . . 0 0 0 3 3 3 1 1 1 . . . 0 0 0 0 0 0 1 1 . . . 1 0 9 3 0 0 2 2 2 . . . 1 1 1 3 3 3 1 1 . . 9 9 3 4 2 3 ^ - 5 5 y y 2 2 . . . 2 2 2 5 5 5 .53 .51 .63 1.05 1.00 .25 il.946—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 1.31 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 1.25 1947—Jan .53 .50 .63 1.44 .77 1.25 Feb .53 .51 .63 1.72 1.46 1.25 Mar .53 .51 .63 1.65 1.19 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 in same publication. 767 JUNE 1947 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COMMERCIAL BANKS United Kingdom1 Assets Liabilities (11 London clearing b m a i n ll k io s. n s o F f i g p u o re u s n d in s Cash M c o al n l e a y n a d t Bills dis- T d r e e p a o su si r t y Securities Loans to Other Deposits Other sterling) reserves short counted receipts2 customers assets liabilities notice Total Demand Time 1939—'December 274 174 334 609 1 015 290 2 441 1 398 1 043 256 1940—December 324 159 265 314 771 924 293 2,800 1,770 1,030 250 1941—December 366 141 171 758 999 823 324 3,329 2,168 1,161 253 1942—December 390 142 198 896 ,120 794 325 3,629 2,429 1,200 236 1943—December 422 151 133 1-307 ,154 761 349 4,032 2,712 1,319 245 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—April . . .. 509 271 433 1,449 ,282 841 367 4,865 3,242 1,623 287 May 509 301 470 1,374 ,322 856 356 4,894 3,239 1,655 292 524 315 526 1,302 ,382 894 399 5,045 3,351 1,694 296 July 532 305 522 1,382 ,406 885 386 5,113 3,389 1,724 304 August 553 313 464 1,511 ,393 906 369 5,198 3,427 1,771 310 September 553 280 405 1,671 ,393 930 379 5,302 3,502 1,800 308 October. . 557 312 472 1,629 ,403 944 390 5,397 3,563 1,833 310 November 574 324 497 1,628 ,410 964 433 5,503 3,632 1,870 328 499 432 610 1,560 ,427 994 505 5,685 3,823 1,862 342 1947—January 475 . 428 624 1,563 ,427 1,008 454 5,629 3,749 1,880 348 February 463 421 659 1,436 ,439 1,015 451 5,519 3,603 1,916 364 March 466 444 750 1,317 ,455 1,034 465 5,556 3,606 1,950 374 Assets Liabilities Canada (10 chartered banks. Entirely in Canada Se lo c a u n ri s ty e D x e c p lu o d s i i n ts g p i a n y te a r b b le a n i k n d C e a p n o a s d it a s End of month figures abroad Note Other Ca i n n a m di i a l n li o d n o s l l o a f rs) Cash Security Other d a u n e d f n ro e m t Securities assets cir ti c o u n la- liabilities reserves loans l d o i a sc n o s u a n n t d s f b o a re n i k g 3 n Total Demand Time 1939—December 292 53 1,088 132 1,646 612 85 2,774 1 033 1 741 963 1940—December 323 40 1,108 159 1,531 570 80 2,805 1,163 1,641 846 1941—December 356 32 1.169 168 1,759 653 71 3,105 1,436 1,669 962 1942—December 387 31 L.168 231 ,293 657 60 3,657 1 984 1 673 1,049 1943—December 471 48 1,156 250 2,940 744 42 4,395 2,447 1,948 1,172 1944—December 550 92 1,211 214 3,611 782 34 5,137 2,714 2,423 1,289 1945—December 694 251 1,274 227 4,038 869 26 5,941 3,076 2,865 1,386 1946—April 722 152 ,160 221 4,243 876 24 5,898 2,660 3,238 1,452 May 642 125 ,187 197 4,304 907 24 5 882 2 576 3 306 1,456 June 637 115 1,188 159 4,275 896 23 5,756 2,393 3,364 1,490 July 696 96 1,230 121 4,298 876 23 5 887 2 476 3 411 1,407 August 665 98 1,249 128 4,336 865 23 5,892 2,426 3,466 1,428 September 676 91 1,284 122 4,375 960 22 6,037 2,513 3,524 1,449 October 699 97 1,341 126 4,471 959 22 6,201 2,724 3,477 1,470 November 730 117 1,476 128 4,496 931 22 6,362 2,902 3,460 1,493 753 136 L.507 132 4,232 1,039 21 6,252 2,783 3,469 1,525 1947—January .... 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 1,558 695 121 1,555 195 4,239 993 21 6,188 2,569 3,619 1,590 Assets Liabilities France (4 o f l a m rg o e n t b h a f n i k gu s. r es E i n n d Cash Due from Bills dis- Other Deposits Own Other millions of francs) reserves banks countecI assets Total Demand Time ances liabilities 1939—December 4,599 3,765 29,546 7,546 2,440 42,443 41,872 571 844 4,609 1940—December 6,409 3,863 46,546 8,255 2,221 61,982 61,221 762 558 4,753 1941—December .... 6,589 3,476 61,897 8,265 2,040 76,656 744 912 413 5 199 1942—December 7,810 3,458 73,917 10,625 2,622 91, 549 91,225 324 462 6 422 1943—December 8,548 4,095 90,897 14,191 2,935 112,732 111,191 1,541 428 7,506 1944—December 10,365 4,948 99,782 18,653 2,190 128,758 126,578 2,180 557 6,623 1945—December 14,602 13,804 155,025 36,166 7,360 213,908 211,871 2,037 2,898 10,151 1946—Jariuary 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 ??(!,219 1,840 4 607 7 898 March 14,444 14,462 168,708 40,017 8,466 231,499 ,784 1,715 6,007 8,590 April 14,443 15,827 173,773 40,976 10,114 239,182 ?Vi ,481 1,702 6,774 9,177 May 15,295 15,988 175,903 41,772 11,738 243,228 ,569 1,659 7,879 9,589 June 17,472 16,114 184,633 42,674 12,708 255,173 ?S^ ,386 1,787 8 330 10 096 July 14,985 17,873 182,107 50,747 14,160 260,371 ?S*5,574 1,797 9,527 9,973 14,830 16,991 181,770 53,861 15,676 262,160 ?6f>,461 1,699 10,376 10,592 September 16,553 17,723 177,269 55,935 16,319 262,130 ?6f ,366 1,765 10 798 10 871 October 15,505 18,389 183,716 61,262 18,618 273,488 ,672 1,816 12,490 11,513 November... 16,909 18,423 187,560 63 941 21,116 281,576 ?7f 703 1 872 14 370 12 004 December 17,943 18,919 195,177 64,933 23,392 291,894 29C),004 1,890 15,694 12,777 1 From September 1939 through November 1946, this table represents aggregates of figures reported by individual banks for days, varying from bank to bank, toward the end of the month. After November 1946, figures for all banks are compiled on the third Wednesday of each month, except in June and December, when the statements will give end-of-month data. 2 Represent six-month loans to the Treasury at V/% per cent through Oct. 20, 1945, and at % 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. 768 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FOREIGN EXCHANGE RATES [Averages of certified noon buying rates in New York for cable transfers. In cents per unit of foreign currency] Argentina Australia Brazil Canada Chile China Year or month (peso) (pound) g B iu e m l- (cruzeiro1) g B a u ri l a - (dollar) (peso) S ( h yu an 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 Exp ort hai) (peso) 1938 32.597 389.55 3.3788 5.8438 1.2424 99.419 5.1716 4.0000 21.360 55.953 1 1 9 9 3 4 9 0 3 2 0 9 . . 8 7 5 7 0 3 2322. 3 8 5 0 3.3 3 8 05.16 2 3 3 . . 3 3 7 7 0 6 4 0 6 6 . . 0 0 0 5 2 6 7 2 ' 5 5 . ! 0 l2 2 4 1 8 4 21.2111 290.909 9 8 6 5 . . 0 14 1 1 8 5 5 . . 1 17 6 2 6 7 8 4 4 . . 0 0 0 0 0 0 0 0 1 6 1 . . 0 8 0 7 0 9 5 5 7 7 . . 0 0 8 6 5 1 1941 29.773 '*23.'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 >322.80'321.17 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—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 29.773 25.125 320.91 2.2836 5.4405 100.000 91.901 56.980 Year or month s C ( l k o z o v e r c a u h k n o i a a - ) ( m k D r a e o n r n k - 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 e i r c n r k h - y ) s- G (d r m e ra a e c ) c h e - ( H K do o o l n n la g g r) ( H p g e a u n r n g y - 6) ( I r n u d p i e a e) I (l t i a ra ly ) J ( a y p en an ) ( M p i e c e s o x o - ) e N ( r g l e e u a r t i n l ) h d d - - s (p Z l N o a e e u n a w n d - d) 1938 3.4674 21.825 2.1567 2.8781 40.164 .8958 30.457 19.727 36.592 5.2605 28.451 22.122 55.009 392.35 1939 23.4252 20.346 1.9948 2.5103 40.061 .8153 27.454 19.238 33.279 5.1959 25.963 19.303 53.335 354.82 1940 219.308 1.8710 22.0827 40.021 ».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 12? 20 577 324.20 1944 .. ... 30 122 20 581 324.42 1945 21.9711 30.122 20.581 237.933 323.46 1946 22.0060 220.876 .8409 30.155 2 .4434 20.581 37.813 322.63 1946—May 2.0060 20.877 .8408 30.182 .4434 20.575 37.789 322.67 J Ju u n ly e ... 2 2 . . 0 0 0 0 6 6 0 0 2 2 0 0 . . 8 8 7 7 7 7 '•::•••. . . 8 8 4 4 0 0 9 9 :••:••; 3 3 0 0 . . 1 1 8 8 2 2 7 .4434 2 20 0 . . 5 5 8 7 7 2 3 3 7 7 . . 7 78 8 9 9 3 32 2 2 2 . . 7 7 0 0 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—Tan 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 2.0060 20.866 .8407 30.160 20.577 37.757 322.20 United Year or month N (k o r r o w 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 po o fr u u i n c th d a )( S pe p s a e i t n a) m S S (d t e e o r t l n a t la l i t e t r s s - ) ( S k d r w e o n e n - a) ( e S f r r w a la n it n c z d ) - Off K ic ( i i p a n o l g u d n o d F m ) ree Co U n r ( - p u e g s u o N a ) c y o o n n - - Y ( s d l u a in v g a i o r a - ) trolled trolled 1938 24.566 18.860 4.4267 .7325 484.16 5.600 56.917 25.197 22.871 488.94 64.370 2.3115 1939 23.226 218.835 4.0375 .7111 440.17 10.630 51.736 23.991 22.525 443.54 62.011 236.789 2.2716 1940 222.709 3.7110 '.6896 397.99 9.322 46.979 23.802 22.676 2403.50 383.00 65.830 37.601 2.2463 1941 24.0023 398.00 »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 398.00 403.50*403.50 65.830 52.855 1944 398.00 403.50 65.830 53.506 1945 399.05 2403.50 3403.02 65.830 55.159 1946 220.176 24.0501 400.50 29.132 225.859 223.363 403.28 65.830 56.280 1946—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 Apr 20.161 4.0313 400.75 9.132 27.823 23.363 402.74 65.830 56.262 1 Prior to Nov. 1, 1942, the official designation of the Brazilian currency unit was the "milreis." * Average of daily rates for that part of the year during which quotations were certified. 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 fof 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. 8 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. JUNE 1947 769 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRICE MOVEMENTS IN PRINCIPAL COUNTRIES WHOLESALE PRICES—ALL COMMODITIES [Index numbers] Year or month U ( S 1 n t 1 9 i a 0 2 t 0 t 6 e ) e d s = C ( a 1 1 9 n 0 2 a 0 6 ) d = a M ( e 1 x 9 1 2 0 i 9 0 c ) o = l K U ( i 1 n n 1 9 i 0 g 3 t 0 0 d e ) o d = m F ( r 1 1 a 9 0 3 n 0 8 c ) e - 2 ( I 1 1 t 9 0 a 2 0 l 8 ) 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 1 h d 0 1 1 e s 0 9 9 r ) 3 3 < - 8 9 - S ( w 1 1 9 e 0 3 d 0 5 ) e = n ( S J w u = l i l a t y 1 n z 0 1 d e 0 9 r ) 1 - 4 1926 100 100 s 124 106 132 150 5 126 144 1933 66 67 90 86 61 63 100 89 s 90 91 1934 75 72 95 88 58 62 99 90 5 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 r648 1 406 251 186 215 1946 May 111 109 276 173 624 1 396 245 185 213 June 113 109 282 173 604 1,436 249 186 213 July 125 110 285 177 571 1 574 252 186 214 August 129 109 293 177 698 1,643 257 185 215 Seotember 124 109 299 177 727 1 789 259 185 213 October 134 111 305 178 r824 1 787 262 186 217 November 140 111 309 179 r806 1 948 264 190 219 141 112 313 180 r842 2,063 266 192 219 1947—January 142 114 312 182 r867 2,120 267 194 219 February ... 145 118 310 183 P882 2 120 268 195 219 March 150 120 305 184 P85O 2 144 P27O 196 220 April 148 Pi 23 300 187 P837 P221 P Preliminary. r Revised. 1 Weighted index of 32 articles, published by the Office of Economic Studies of the Bank of Mexico. 1 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 are 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. 6 Approximate figure, derived from old index (1913 =100). Sources.—See BULLETIN for January 1941, p. 84; April 1937, p. 372; March 1937, p. 276; and October 1935, p. 678. WHOLESALE PRICES—GROUPS OF COMMODITIES [Indexes for groups included in total index above] United States Canada United Kingdom Netherlands1 (1926=100) (1926=100) (1930 = 100) (July 1938-June 1939 = 100) Year or month pr 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 R f m a p a c a a w t r n u t a u r l - n e y d d F f u c a l m h c l a i t y n e u f u r l a - e y n d d Foods pr I o t n r d d i u u a c s l t - s Foods t p r r I i o n a d d l u u r s c - a ts w p f r I i o t n n r d i d i s u u a h s c l e t - d s goods goods 1926 100 100 100 100 100 100 1933 . 51 61 71 51 57 70 83 87 1934 65 71 78 59 64 73 85 90 1935 79 84 78 64 66 73 87 90 1936 81 82 80 69 71 74 92 96 1937 .... 86 86 85 87 84 81 102 112 1938 69 74 82 74 73 78 97 104 1939 65 70 81 64 67 75 97 106 103 112 104 1940 68 71 83 68 75 82 133 138 121 163 126 1941 82 83 89 73 82 89 146 156 140 177 148 1942 . . 106 100 96 85 90 92 158 160 157 175 154 1943 123 107 97 98 99 93 160 164 157 174 159 1944 123 105 99 107 104 94 158 170 159 179 163 1945 . .. 128 106 100 110 106 94 158 175 172 193 184 1946 149 131 110 112 109 99 158 184 200 282 268 1946 —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 165 158 116 113 112 101 157 189 209 298 269 November 170 165 121 113 101 157 191 218 299 271 December 168 160 125 114 113 102 156 193 217 308 272 1947—January 165 156 128 114 115 104 157 196 218 313 273 February 170 162 129 •"116 119 107 158 197 218 312 274 March 183 168 131 116 124 108 158 198 April 177 162 132 P117 P126 P112 163 200 P Preliminary. r Revised. 1 Source is Maandschrift van het Centraal Bureau voor de Statistiek, October 1946, p. 666. Sources.—See BULLETIN for May 1942, p. 451; March 1935, p. 180; and March 1931, p. 159. 770 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRICE MOVEMENTS IN FK1NCIPAL COUNTRIES—Continued RETAIL FOOD PRICES COST OF LIVING [Index numbers] [Index numbers] United Switz- United Switz- Y m e o a n r th or ( U S 1 = 9 n t 1 a 3 i 0 t 5 t 0 e e - ) d 3 s 9 (1 = C 9 a 1 3 a d 0 5 n a 0 - - ) 39 K d ( 1 J i o 9 u n 1 m l g y 4 - F = ( r 1 1 a 9 0 n 3 0 8 c ) e1 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 n r 1 n - d 4 e Y m e o a n r th or ( U S 1 = 9 n t 1 3 a i 0 5 t t 0 e e - ) d 3 s 9 (1 = C 9 a 1 3 a d 0 5 n a 0 - - ) 39 K d ( 1 J i o 9 n u m 1 l g 4 y - F = ( r 1 1 a 9 0 n 3 0 c 8 ) e1 N ( = 1 l e a 9 1 1 t 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 2 132 130 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-May 143 138 169 543 208 1946-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... 153 127 204 856 212 February.. 182 147 168 851 215 February.. 153 128 203 858 212 March.... 190 149 169 P833 216 March.... 156 129 204 PS3S 212 April. . . . ' 188 P152 168 *>830 P216 April 156 P131 203 P837 P213 P Preliminary. 1 Weighted index of 29 articles for retail food and of 34 articles for cost of living for Paris. For detailed description of the indexes see "Bulletin de la Statistique Generate," February-March 1946, pp. 70-73. 2 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 d 1 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 1 t 3 a 0 i 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 * ( 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 1 1 1 9 9 9 3 4 4 9 0 1 1 1 1 1 1 1 3 5 7 . . . 8 9 8 9 9 9 8 5 9 . . . 2 1 4 1 1 1 1 1 2 2 8 3 . . . 3 3 8 9 6 1 1 1 1 1 4 4 4 3 . . . 2 2 4 7 9 8 7 0 4 7 . . . 9 3 9 9 8 8 4 8 0 . . . 2 1 0 6 7 7 7 . . 5 4 7 7 7 5 0 2 . . . 9 8 5 6 9 1 1 3 1 4 0 2 0 8 8 1 8 9 2 9 5 9 . . . 7 1 0 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 i° 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 »"694 1946 123.4 117.2 132.1 144.6 102.4 139.9 115.7 96.2 >-875 11 111.4 1946—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 '"896 109.8 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 'I,034 111.4 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 1,244 105.2 1947—January 122.6 117.8 135.0 142.1 125.2 106.2 98.6 1,068 February.... 122.7 118.1 134.0 140.8 128.7 109.4 96.7 1,028 March 122.4 118.2 133.3 P139.8 123.7 106.4 96.9 Pl.103 April 122.8 P117.9 132.6 P\38.6 119.3 P104.8 96.6 Pl.017 P Preliminary. r Revised. 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 Generate," 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. 8 Average based on figures for 9 months; no data available May-July. 9 Average based on figures for 10 months; no data available Jan.-Feb. 10 Average based on figures for 8 months; no data available Sept.-Dec. 11 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. JUNE 1947 771 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 Market Account HERBERT V. PROCHNOW, Acting Secretary 772 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CHAIRMEN, DEPUTY CHAIRMEN, AND SENIOR OFFICERS OF FEDERAL RESERVE BANKS Federal Reserve Chairman1 President Bank of Deputy Chairman First Vice President Vice Presidents Boston Albert M. Creighton Laurence F. Whittemore E. G. Hult E. 0. Latham Donald K. David William Willett J. C. Hunter8 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. Poorman* 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. Guthrie8 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 J. E. Denmark S. P. Schuessler Chicago Clarence W. Avery C. S. Young Allan M. Black8 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. Mills8 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. Woolley8 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. Leisner8 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 O. 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 C. M. 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. 773 JUNE 1947 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE SYSTEM BOUNDARIES OF FEDERAL RESERVE DISTRICTS AND THEIR BRANCH TERRITORIES BOUNDARIES OF FEDERAL RESERVE DISTRICTS r1 BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM FEDERAL RESERVE BANK CITIES FEDERAL RESERVE BRANCH CITIES OCTOBER I, 1943 <VE SYSTEU: d P w Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis