Federal Reserve Bulletin, 1947-07

E R AL ULLETIN JULY 1947 BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM WASHINGTON Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EDITORIAL COMMITTEE ELLIOTT THURSTON WOODLIEF THOMAS CARL E. PARIO 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 Debt Retirement and Bank Credit. 775-787 Survey of Consumer Finances—Part II. Consumer Incomes and Liquid Asset Holdings. . 788-802 The Structure of Interest Rates on Business Loans at Member Banks, by Richard Youngdahl 803-819 Retail Credit Survey—1946. 820-826 Regulation of Consumer Instalment Credit. . 827-829 Revised Consumer Credit Series 830-835 Report of National Advisory Council on International Monetary and Financial Problems. . 836-850 Transactions in Gold at Premium Prices. 851 Law Department: Purchase of International Bank Debentures 852 Foreign Funds Control—Treasury Department Release 852 Current Events and Announcements. 853 National Summary of Business Conditions 854-855 Financial, Industrial, Commercial Statistics U. S. (See p. 857 for list of tables) 857-916 International Financial Statistics (See p. 917 for list of tables) . 917-935 Board of Governors and Staff; Open Market Committee and StafT; Federal Advisory Council. . . 936 Senior Officers of Federal Reserve Banks; Managing Officers of Branches 937 Map of Federal Reserve Districts 938 Federal Reserve Publications (See inside of bac\ cover) Subscription Price of BULLETIN A copy of the Federal Reserve BULLETIN is sent to each member bank without charge. The subscription price in the United States and its possessions, Bolivia, Canada, Chile, Colombia, Costa Rica, Cuba, Dominican Republic, Ecuador, Guatemala, Haiti, Republic of Honduras, Mexico, Newfoundland (including Labrador), Nicaragua, Panama, Paraguay, Peru, El Salvador, Uruguay, and Venezuela, is $2.00 per annum or 20 cents per copy; elsewhere, $2.60 per annum or 25 cents per copy. Group subscriptions in the United States for 10 or more copies to one address, 15 cents per copy per month, or $1.50 for 12 months. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN VOLUME 33 July 1947 NUMBER 7 DEBT RETIREMENT AND BANK CREDIT In the sixteen months from February 1946 bonds outstanding more than offset the conthrough June 1947, a sizable amount of the tinued decline in savings notes. Accumulahuge public debt incurred to finance the war tions of special issues by Federal agencies and was repaid, and the over-all volume of bank trust accounts have also made possible a recredit, which had expanded rapidly during duction in the amount of marketable obligathe war, was reduced. The sharp contrac- tions held by banks and other investors. tion of the public debt, of bank assets, and Since a considerable part of the issues reof total bank deposits during 1946 resulted tired was held by the Federal Reserve System, principally from Treasury use of large dewithdrawal of funds from banks to redeem posit balances accumulated in the Victory maturing debt exerted a drain on bank re- Loan Drive to retire maturing obligations. serves. Reversal in the trend of Treasury Most of these were held by banks. In the finance thus resulted in restricting someearly months of 1947 a considerable portion what bank credit expansion and in checkof the funds used for debt retirement was ing the decline in long-term interest rates obtained through current excess of receipts that developed in 1945 and early 1946. The over expenditures. This surplus was parrestricting effect, however, was limited, beticularly large for the first three months of cause banks could meet the drain on rethe year because of exceptionally heavy tax serves due to retirement of Federal Reserve collections, which are customarily concenheld debt by selling securities which were trated in those months. For the fiscal year in turn purchased for Federal Reserve acending June 30, 1947, as a whole, there was a count. During 1946 banks also sold addibudgetary surplus of 0.8 billion dollars and tional securities to meet the increased detotal cash receipts of the Treasury exceeded mand for loans. The Federal Reserve System cash expenditures by 7.4 billion. stood ready to absorb these securities in order In addition to accumulated balances and to assure an orderly and stable market for the current surplus, a small amount of funds Government securities. Because of their for the retirement of marketable debt has large holdings of such securities, banks were been made available during recent months through net sales by the Treasury of non- able in this way to obtain any additional remarketable securities. Net redemptions of serves they needed. savings notes had exceeded the net increase Total bank deposits declined during 1946, in savings bonds outstanding during most of because of the decrease in war loan deposits, 1946, but in 1947 a further increase in savings but deposits of individuals and businesses 775 JULY 1947 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEBT RETIREMENT AND BANK CREDIT continued to expand. This expansion re- serves. New measures of restraint may be sulted largely from a sharp increase in bank required to check further bank credit exloans and the retirement of public debt held pansion. by nonbank investors. During the first half of 1947, in contrast, deposits of individuals TERMINATION OF FEDERAL RESERVE BUYING and businesses showed no further growth; RATE ON TREASURY BILLS the effect of a continued increase in bank On July 2, the following announcement loans was offset by Treasury retirement of was issued: bank held debt from an excess of current The Federal Open Market Committee of the receipts over expenditures. Federal Reserve System has directed the Federal With war loan deposits almost completely Reserve Banks to terminate the policy of buying all Treasury bills offered to them at a fixed rate of exhausted by June 30, 1947, possible further % per cent per annum and to terminate the reretirement of marketable securities will de- purchase option privilege on Treasury bills. The pend on the extent to which Treasury receipts new policy will apply to bills issued on or after July 10, 1947. Existing policy will continue to apply exceed expenditures and on further net sales to bills issued prior to that date. of nonmarketable securities. Prospects for The above action was taken by the Committee the new fiscal year just beginning are that after consultation with the Secretary of the Treasury. there will be some funds available for debt The so-called posted rate on Treasury bills was retirement. Most of these funds, which in a wartime measure adopted in 1942 to facilitate any event will be considerably less than re- war financing and to stabilize the market for Govtirements during the past sixteen months, ernment securities. It was designed primarily to encourage banks to make fuller use of their excess will not become available until the first quarreserves and thus bring about a wider distribution ter of the next calendar year. The amounts of Treasury bills. Under current peacetime conditions these arrangements no longer serve their will depend on appropriations for expendioriginal purpose and tend to distort conditions in tures, possible legislation as to tax rates, and the money market and the securities market. Certhe level of taxable incomes. In the mean- tificates of indebtedness which bear a higher rate than Treasury bills, have largely replaced bills in time there will be a large volume of maturthe market, not only as a medium for the investing debt to be refunded, and the nature of ment of short-term funds but also as a means by the refunding program will have a bearing which banks adjust their reserve positions. upon and be influenced by both credit, condi- Increased amounts of Treasury bills have been sold to the Federal Reserve Banks by the market, tions and the course of interest rates. Changes and bills have gradually ceased to be a market inin private demands for credit, however, strument. Currently, only about 1.5 billion dollars may become more important factors than of the nearly 16 billion total of Treasury bills outstanding are held outside the Federal Reserve Government finance in shaping future credit Banks. The Treasury bill rate has thus been elimidevelopments. nated as a factor in the money market. The need for large-scale borrowing of new money by the With the end of the large-scale debt re- Treasury ceased with the completion of the Victory tirement, the resulting drain on bank re- Loan Drive and since that time the public debt has been reduced substantially. Consequently there serves will also cease. Banks will again be is no reason for continuing this wartime mechain a better position to shift into other assets nism. On the contrary, its elimination will serve a offering larger returns by selling short-term useful purpose in restoring the bill as a market instrument and giving added flexibility to the Treas- Government securities to the Federal Reserve ury's debt management program. System, thereby obtaining additional re- Under the new policy the Treasury bill rate will 776 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEBT RETIREMENT AND BANK CREDIT be expected to find its level in the market in proper standing issues during and after the Drive. relation to the yields on certificates of indebtedness. Not only did the Victory Loan bring in The Federal Reserve System will continue to purchase and hold Treasury bills as well as other Gov- funds in excess of the announced goal but ernment securities in amounts deemed necessary also the budget position became more favorin the maintenance of an orderly Government seable in the spring of 1946; thus the large curity market and the discharge of the System's responsibility with regard to the general credit amount of funds obtained in the Drive was situation of the country. not needed for current expenditures and As a result of the action taken by the Board of could be applied to payment of maturing Governors of the Federal Reserve System in April debt. Considered in retrospect, the combined to transfer to the Treasury the excess earnings of the Federal Reserve Banks, the Reserve Banks are Victory Loan Drive and the subsequent renow paying into the Treasury approximately 90 tirement program was essentially a transfer per cent of their net earnings after dividends. Since in debt holdings. Long-term debt was first most of the Treasury bills now outstanding are held by the Federal Reserve Banks, whatever in- placed largely with nonbank investors and crease in interest cost to the Treasury results from the funds were used subsequently in main the termination of the posted buying rate and repurchase option will be largely ofTset by increased Reserve Bank payments to the Treasury. SOURCES OF FUNDS FOR RETIREMENT OF MARKETABLE DEBT, AND CHANGES IN GROSS DEBT, MARCH 1, 1946-JUNE 30, 1947 [In billions of dollars] DEBT RETIREMENT PROGRAM Mar. 1 Source of funds and Mar. 1- Jan.1- 1946-? Growth in public debt brought about in change in debt Dec.31, June 30, June 30, 1946 1947 1947 the course of financing the war came to an end in February 1946 when the gross debt Funds for retirement of marketable debt Excess of cash income over cash outgo1 2.1 *4.6 e6.1 stood at 279 billion dollars. Since then it has Net cash sales of nonmarketable debt2.... -1.4 +1.7 + .3 been reduced by 21 billion dollars to 258 Draft on Treasury General Fund balance, etc 22.5 31.6 24.1 billion on June 30, 1947. This change re- Total 23.2 7.9 31.1 flected a reduction in marketable debt of 31 Change in gross direct debt Marketable debt -23.2 -7.9 -31.1 billion, offset in part by an increase of about Nonmarketable public issues -.8 +2.6 + 1.8 Other debt4 +3.9 +4.4 +8.3 8 billion in special issues to trust funds and in Total . . . -20.1 -.9 -21.0 international obligations. An increase in save Estimated. ings bonds outstanding was about offset by a 1 The excess of cash income over cash outgo does not equal the budget surplus shown in the daily Treasury statement. Budget reduction in savings notes, but total non- expenditures also include noncash expenditures, and budget receipts exclude certain social security employment taxes, so that marketable public issues increased by nearly the budget surplus is usually smaller than the cash surplus. 2 Differs from change in nonmarketable public issues shown in 2 billion dollars over the sixteen-month lower part of table principally because of exclusion of accrued discount on savings bonds and savings notes and of armed forces leave bonds and of inclusion of special issues to the Postal Savings period, reflecting the issuance of armed forces System and the Federal Deposit Insurance Corporation. 3 The actual decline in the balance was 0.2 billion dollars. The leave bonds. figure of 1.6 billion dollars shown represents the net of certain additional adjustments consisting principally of a gain of 1.8 The debt retirement program in 1946, billion to the general fund balance due to the transaction in connection with the payment of the United States' contribution to which reduced the marketable debt by 23 the IInnternational Monetary Fund, and a loss of 0.4 billion dollars reflecting adjustments due to preliminary nature of data. 4 This increase in debt reflects issuance of securities for some billion dollars from the February peak, was noncash expenditures, including transfers to trust accounts, and international securities. These noncash items, which are included financed almost entirely by drawing on in budget expenditures but not in cash outgo, are financed by the issuance of Treasury obligations and hence affect the gross public balances accumulated in the Victory Loan debt. Drive. Funds raised in the Drive had been part to retire short-term issues held by the drawn in a considerable part from nonbank banks. investors, although banks purchased out- As shown in the preceding table and the JULY 1947 777 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEBT RETIREMENT AND BANK CREDIT chart, debt redemptions during the first six funded into certificates. Thus, nearly 11 bilmonths of 1947 were made possible prin- lion dollars of total cash payments reprecipally by an excess of current cash income sented retirements of maturing Treasury over cash outgo which supplied funds for notes and bonds, while cash retirements of more than half of the retirement of market- certificates and bills amounted to 20 billion. able debt during this period. Owing to de- Matured certificates and bills not redeemed clining expenditures and a high level of tax were refunded into like securities. receipts, the position of the budget continued to improve and current surplus became an in- RETIREMENT AND REFUNDING OF UNITED STATES GOVERN- MENT MARKETABLE PUBLIC SECURITIES, MARCH 1, 1946creasingly important source of debt retire- JUNE 30, 1947 ment as funds acquired in the Victory Loan [In billions of dollars] were depleted. Seasonally high tax receipts Cer- Total Bills tifi- Notes Bonds in the first quarter of 1947 resulted in an cates excess of cash income over cash outgo of over Matured 80.9 H7.0 50.2 11.4 2.3 5 billion dollars, but for the second quarter Refunded: of 1947 the cash outgo exceeded cash income. Into certificates 34.0 31.1 2.9 Into bills 15.8 ik'.k' Paid in cash, total 31.1 1.2 19.1 8.5 2.3 CASH INCOME AND OUTGO OF THE U. S TREASURY To Federal Reserve Banks2 6.6 1.0 4.3 1.1 .2 To commercial banks 2. . . 15.7 9.1 5.3 1.3 To other holders 2 8.8 "".2 5.7 2.1 .8 1 The total of Treasury bills outstanding matures every 13 weeks CASH OUTGO so that the total bill maturities during the period amounted to 90 billion dollars. There were 17 billion dollars of bills outstanding continuously until April 1947, when the retirement of part of / weekly maturities was begun, and there were 15.8 billion outstanding on June 30, 1947. / \> 2 Amounts shown represent par value of holdings of issues re- / tired, at end of month or latest date available preceding retire- / ,/* CASH INC OME ment. Payments to commercial banks are estimated on basis of data in Treasury Survey of Ownership of U. S. Government ;J EXCESS OF CA SH INCOME I securities. N / As shown in the chart on the next page and \ EXCESS OF CASH OUTGO / in the preceding table, nearly the entire decline in debt reflected a decrease in short-term 1940 1941 1942 1943 issues—bills, certificates, and notes. Since cash Treasury Department data. Cash income and outgo data do not agree with budgetary figures, as shown in the Daily retirements were heavily concentrated in Treasury Statement; for explanation of the differences see Treasury Bulletin for February 1939. Latest figures, for short-term issues, which are held mostly by second quarter of 1947, are partly estimated by Federal Reserve. the banking system, the retirement program Total maturities, other than Treasury bills, was a significant factor in the credit picture. from February 1946 through June 1947 amounted to 64 billion dollars. As shown CHANGES IN OWNERSHIP OF DEBT in the following table, nearly 30 billion of this Changes in the distribution of holdings of amount was redeemed for cash, in addition United States Government securities since to 1.2 billion dollars of Treasury bills. Matur- the spring of 1946 were influenced primarily ing Treasury bonds, which accounted for by the retirement program. Commercial only a very small part of total maturities dur- banks showed the largest decline in holding the period, were retired in full. About ings; they accounted for half of the retired three-fourths of maturing Treasury notes issues and in addition sold substantial were paid in cash and the remainder was re- amounts of securities in the market. Federal 778 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEBT RETIREMENT AND BANK CREDIT Reserve holdings showed a slight decline; is discussed in a later section of this article. open market purchases did not quite offset From the beginning of the retirement proredemptions. Holdings of nonbank inves- gram to June 30, 1947, the total decline in tors also declined; reductions under the re- United States Government security holdings tirement program were offset only in small of commercial banks is estimated at 22.6 bilpart by market purchases. lion dollars. The decline, as shown in a Market sales of United States Government chart at the end of this article, was largely in securities by commercial banks occurred issues maturing in less than one year, since mostly in 1946. Security holdings of com- both cash retirement of matured issues and mercial banks declined from February market sales were from issues in this group. through December 1946 by 18.6 billion dol- Securities due or callable in from one to five lars, or 5.8 billion dollars more than the deyears increased somewhat. A small amount cline in holdings due to cash payments under of sales and the passage of issues into the the retirement program. These market shorter maturity classification were more sales, which were largely for the purpose of than offset by issues moving down into this replenishing reserve funds, were mostly abgroup from the over-five-year range. In the sorbed through Federal Reserve purchases, longer maturity groups, comprising securities largely of certificates and bills. During the callable in over five years, commercial banks first half of 1947 commercial banks as a group made some market purchases but, due to the continued to sell Government securities, but passage of issues into shorter maturity classes, less continuously and for the six-month pea sizable decline in bank holdings of these riod as a whole in substantially smaller maturities was shown. amounts. The effect of these and other developments on the reserve position of banks Because of the drastic decline in short- INTEREST-BEARING DEBT OF THE U & GOVERNMENT OUTSTANDING, BY TYPES OF ISSUES OWNERSHIP, BY GROUPS OF HOLDERS J COMMERCIAL BANKS - / f y/ y - F A E N W D Ef T tA R L U S i\ T G E F N U C N IE D S Sy-^ / cotPOUATIONS -•* PMIES — —"• / y JFEOEF BANKS MUTUAL SAVINGS 1 ^^STATE AND 1944 1946 1944 1946 are i F n i c g lu u d r e e d s i re n p a re l s l e g n r t o u p p a s r e v x a c l e u p e t s . t yp T es r e o as f u r s y ec u D ri e ti p e a s r tm ou e t n st t a n d d a i t n a g . e xc I e n p c t lu d h e o d ld i i n n g s U o . f S . F s e a d v ei ni fr nglal g s l s R b R bo es n( e d r s v , e s a B v a in n g k s s . not G es u , a r e a t n c t . e , e a d r e is o s t u h e e s r 779 JULY 1947 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEBT RETIREMENT AND BANK CREDIT CHANGES IN OWNERSHIP OF UNITED STATES GOVERNMENT and others as a group bought on balance. MARKETABLE PUBLIC SECURITIES, MARCH 1, 1946-JUNE 30, Bonds were purchased by commercial banks, 1947 insurance companies, and mutual savings [In billions of dollars] banks and were supplied primarily by Fed- Banking system eral agencies and trust accounts and by cor- Other in- Period and Total Com- Fed- ves- porations. type of change mer- eral tors cial Re- Total During the first six months of 1947 market banks serve Banks transactions by investors other than commercial banks or Federal Reserve Banks resulted Mar. 1-Dec. 31, 1946 Cash redemption -23.2 -12.8 -4.6 -17.4 -5.8 Net purchase or sale. . -5.8 +5.1 -.7 + .7 in some increase in their holdings which con- Total change -23.2 -18.6 + .5 -18.1 -5.1 tinued to decline on balance due to debt re- Jan. 1-June 30, 1947 tirement. Mutual savings banks and insur- Cash redemption -7.9 -2.9 -2.0 -4.9 -3.0 Net purchase or sale -1.1 + .5 -.6 + .6 ance companies continued to purchase and Total change -7.9 -4.0 -1.5 -5.5 -2.4 Federal agencies and trust accounts continued Total, Mar. 1, 1946- June 30, 1947 to show net sales, which were heavily concen- Cash redemption -31.1 -15.7 -6.6 -22.3 -8.8 Net purchase or sale -6.9 +5.6 -1.3 +1.3 trated in recent months. The other groups, Total change -31.1 -22.6 -1.0 -23.6 -7.5 largely corporations, purchased heavily in the market during the first quarter of the year NOTE.—Figures are estimated in part on the basis of estimated changes in holdings of all member banks and in part on the basis but probably made net sales during the secof data in Treasury Survey of Ownership of U. S. Government securities. ond quarter. Changes in nonmarketable term holdings, the average maturity compo- debt during both periods included reductions sition of Government security portfolios at in tax notes held by corporations and a gradcommercial banks lengthened somewhat; ual increase in savings bonds outstanding. issues due or callable in one year, which at the beginning of the retirement program CHANGES IN DEPOSITS comprised over one-third of total holdings, The debt retirement program resulted in declined to one-fourth by April 30,1947. The a substantial reduction in total deposits berelative importance of intermediate maturicause a large part of the public debt which ties, those within one to five years, rose conwas retired was held by the banking system. siderably, while the proportion of longer- To the extent that the public debt retired term issues remained about unchanged. was held by commercial banks or Federal From February through December 1946 Reserve Banks, redemption payments remarket transactions of investors other than sulted in an equal reduction of total deposits. Federal Reserve and commercial banks in- Where the debt was held by nonbank included some net purchases, but these fell far vestors, redemptions resulted in no change in short of retirements. Mutual savings banks total deposits; the use of accumulated war and insurance companies made substantial loan deposits to retire such debt merely net purchases while Federal agencies and shifted deposits from Treasury to private actrust accounts showed substantial net sales. counts. Fluctuations in deposits at banks Marketable issues held for these accounts and in currency in circulation outside banks were sold in the market and were replaced are shown in the chart on the next page. by special issues. Corporations, individuals, Total deposits at commercial banks, includ- 780 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEBT RETIREMENT AND BANK CREDIT ing United States Government deposits but loan deposits from 24 billion dollars at the excluding interbank balances, declined by end of February 1946 to less than one billion 12.3 billion dollars in the period from Febru- at the close of June 1947 reflected the wiping ary through December 1946, but by only an out of funds, most of which had been obadditional 1.6 billion during the first six tained by Treasury borrowing in excess of months of 1947. As shown in the following needs and had never entered the active money table, retirement of bank held debt of 17.4 stream. The increase in privately held debillion dollars was the major factor of conposits, on the other hand, added to potentraction during the earlier period, but it was tially effective purchasing power. offset in considerable part by the creation of Privately held deposits continued to exnew deposits resulting from a rapid expanpand in 1946 to new high levels. The growth sion of commercial bank loans and some inof 9.6 billion dollars from February through crease in investments other than Government securities. During the later period, the FACTORS IN EXPANSION AND CONTRACTION OF DEPOSITS AT retirement of bank held debt amounted to COMMERCIAL BANKS only 4.9 billion dollars, but the offsetting [In billions of dollars] credit creation due to the expansion of private loans and investments was also at a Factors of change D M e a c r . . 3 1 1 - , J J u a n n e . 1 3 - 0, M 19 a 4 r. 6 - 1, in deposits 1946 1947 Ju 1 n 9 e 4 3 7 0? much slower rate. The economic significance of deposit Contractive factors Retirement of U. S. Government changes during the past year and a half lies securities Held by Reserve Banks 4.6 2.0 6.6 Held by commercial banks 12.8 2.9 15.7 Sales of U. S. Government securi- BANK DEPOSITS AND CURRENCY ties by banks to other investors .7 .6 1.3 - Total . . .. 18 1 5 5 23 6 I TOTA - Exp In a c n r s e iv a e s e f i a n c t l o o r a s ns and other investments of commercial banks . . 5.4 2.6 8.0 - - Other factors, net1 .4 1.3 1.7 / Total 5 8 3 9 9 7 - - Changes in deposits, total -12.3 -1.6 -13.9 J Treasury deposits2 — 21 9 — 1 6 —23 5 Private deposits, total +9.6 +9.6 DEMAND DEPOSITS „ ADJUSTED* I\ Demand deposits, adjusted +6.9 -1.0 +5.9 Time deposits +2.7 + 1.0 +3.7 TIfcE ^ C -" URRENCY Tr 1 e a I s n u c r lu y d e c s u r a r m en o c n y g , o c t u h r e r r e n fa c c y t or i s n c c h i a r n cu g l e a s t i i o n n , m o b n a e n t k a ry c a g p o it l a d l , s to a c n k d , OUTSIDE BA5N v KS _ - Tr 2 e a E s x u c r l y u d d i e n p g o T si r t e s a w su it r h y F d e e d p e o r s a it l s R w e i s t e h r v F e e d B e a r n al k s R . eserve Banks. NOTE.—Factors of contraction and expansion are partly esti- •»^—•• U. & GOV"T DEPOSITS | ' mated. December was at an annual rate nearly Figures are partly estimated. Deposits are for all banks in United States. Demand deposits adjusted exclude U. S. equal to the average annual increase dur- Government and interbank deposits and items in process of collection. Time deposits include deposits in the Postal Savings System and in mutual savings banks. Figures are for June ing the war period. The growth of privately and December, 1939-1942; end of month, 1943-1946; last Wednesday of month, beginning 1947; figures for 1947 are prelimi- held deposits reflected both the creation of nary. Latest figures are for May 1947. new credit, largely through bank loan expannot in the decrease of total deposits but in the sion, and a shift of deposits from Treasury further growth of deposits of businesses and to private account. This shift, which was of individuals. The decline in Treasury war nearly equal importance with the creation of JULY 1947 781 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEBT RETIREMENT AND BANK CREDIT new credit, resulted from the use of war loan loan deposits from reserve requirements exdeposits to retire nonbank held debt. pired on July 1, but such deposits at that time In the first half of 1947, on the other hand, had been reduced to below one billion dolthe expansive factors offset the contractive; lars. Nevertheless, retirement of debt held total deposits showed only a slight decrease by commercial banks exerted some pressures and privately held deposits ceased to increase. upon bank reserves as a result of the shifting Loan expansion was at a slower rate and of funds between individual banks which acthe further reduction in war loan deposits companied the retirement process. In recent was very small. Retirement out of current months, moreover, calls on war loan deposits budget surplus of debt held by commercial have been timed so as to exert some tembanks at the same time tended to reduce porary pressure upon the reserve position of deposits and, as shown in the preceding table, commercial banks. served to offset the remaining gain in pri- The restrictive effects of the retirement vately held deposits from other sources. program were greatest where the maturing debt was held by the Federal Reserve Banks. EFFECT ON BANK RESERVES As shown in an earlier table (page 780), The effect of the retirement program on total retirement of Federal Reserve held debt bank reserves was conditioned by the dis- from February 1946 through June 1947, tribution of holdings of maturing issues amounted to over 6 billion dollars and reamong Federal Reserve Banks, commercial sulted in a direct drain on commercial bank reserves of this amount. Since April of this banks, and nonbank investors, and by the year such retirement has been given special source of funds. In general the effect was to emphasis through a program of retiring exercise some drain on bank reserves through Treasury bills, which are largely held by the the retirement of Reserve System holdings Reserve System. About 400 million dollars and to increase required reserves slightly of bills were retired in April, 600 million durthrough the retirement of nonbank holdings. ing May and 200 million in June. Retirement of issues held by commercial About 9 billion dollars of retirement paybanks, about 16 billion dollars out of the ments were on matured issues held by nontotal of 31 billion retired, had only a minor bank investors. To the extent that such payeffect on the reserve position of banks. Total ments were financed by draft on war loan reserves were unaffected and the effect on deposits, they resulted in a transfer of reserve the level of required reserves was slight. exempt Treasury balances to deposits held by Retirement of bank held debt out of current individuals and businesses which are subject budget surplus tended to reduce privately to reserve requirements. Hence, they added held deposits and to lower required reserves. to required reserves. The bulk of the redemption payments, how- At the same time the shift from war loan ever, was financed out of accumulated war to private deposits released short-term Govloan deposits; the resulting reduction in these ernment securities that previously had been deposits did not lower required reserves be- held as secondary reserves in anticipation of cause under wartime legislation war loan de- the withdrawal of war loan deposits. For posits were exempted from reserve require- example, at the end of February 1946 bank ments. The provision for exempting war holdings of securities maturing or callable in 782 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEBT RETIREMENT AND BANK CREDIT less than one year exceeded war loan deposits tially short of the loss of reserves due to the by 10 billion dollars and this excess amounted retirement of Federal Reserve held debt. The to 13 per cent of demand deposits held by remaining loss of funds was made up from individuals and businesses. By the end of other sources—mostly gold inflow, which April 1947 this ratio had increased to 18 per has been a significant factor during recent cent. months, and reduction of currency in circula- In the course of the retirement program tion. Also, the shrinkage in demand deposits commercial banks faced with a drain on their over this period resulted in some reduction reserves found it necessary to obtain reserves in required reserves. from other sources. This replenishing was accomplished largely through sales of Gov- MONEY RATES AND BOND YIELDS ernment securities, and bills and certificates The debt retirement program resulted in were purchased in the market by the Reserve the removal of some of the factors bringing System in accordance with the policy of about declines in long-term interest rates, but maintaining yields on Government securi- did not produce any appreciable rise in ties at established levels. These market pur- money rates. No significant tightening was chases by the Federal Reserve for the period possible as the twelve-month certificate rate as a whole came close to the volume of cash continued to be held at 7/ per cent and the 8 redemptions at the Federal Reserve Banks posted buying rate and repurchase option on and thus largely offset the tightening effects Treasury bills was retained at % per cent. of the retirement program. To meet an in- In this way, an abundant supply of low cost creased demand for loans, moreover, banks funds remained at the disposal of commercial obtained additional reserves through the sale banks and any tightening effect of the retireof short-term Government securities. Ac- ment program on the money market was cordingly, commercial bank sales of securities limited. from February through December of 1946 In the spring and summer of 1946, followwere sufficient not only to recover funds lost ing elimination of the preferential discount from the retirement of Federal Reserve held rate on advances to member banks secured debt, but also to form the basis for an excepby Government obligations and accompanytionally large expansion of loans. ing the retirement program, there were up- Although reserves were readily supplied ward adjustments in rates charged by comthrough Federal Reserve purchases, some mercial banks on loans secured by Governtightening effect remained. The pressure on ment securities, on loans to brokers, and on commercial banks to sell short-term securities bankers' acceptances. Since then money to obtain reserves somewhat reduced their in- market rates on commercial credit have clination to sell additional Government se- changed very little. Rates on short-term curities for the purpose of purchasing longer- Treasury certificates fluctuated slightly in term issues in the market. accordance with temporary variations in the During the first six months of 1947 banks reserve position of banks and variations in as a group continued to sell Government nonbank demand. securities to the Federal Reserve, but less con- In the spring of 1946, following a sharp tinuously. As shown in a preceding table decline after the close of the Victory Loan (page 780), funds thus obtained fell substan- Drive, yields on long-term Treasury bonds JULY 1947 783 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEBT RETIREMENT AND BANK CREDIT were lower than at any previous time. Subse- bonds by corporations declined, and the supquently, yields rose through the third quarter ply of new corporate issues being offered of 1946 and decreased slightly thereafter. decreased early in the year. The demand by Long-term bond yields, while above the very insurance companies and mutual savings low level of March 1946, have remained banks for long-term bonds became more insistent. This did not reflect any large in- YIELDS ON TREASURY AND CORPORATE SECURITIES crease in available funds but rather a change in investment attitude. Throughout the winter, commercial banks continued a cautious attitude toward investment in longer-term Treasury issues, but during more recent months there has again been an expansion in bond holdings. Reductions in earnings due to debt retirement and increased costs, a growing tendency to discount the possibility For Treasury bills, rate is average discount on new issue of rising interest rates, and other factors enoffered during week. In general 3-to5-year Treasury securities are represented by Treasury notes maturing within that range; couraged banks to lengthen their portfolios. however, selected issues of notes or bonds were substituted during periods when they were considered more representative. As against these factors of increasing de- Latest figures are for week ended June 28, 1947. mand, the pressure on yields was relieved lower than at any time prior to that year. during recent months through the sale of In 1947 there has been a narrowing in Treasury bonds for account of Government the spread between yields on restricted and agencies and trust funds amounting to about unrestricted issues of comparable maturity. 800 million dollars by June 30. These sales The sharp decline in bond yields in the have supported the level of long-term yields, spring of 1946 was caused by heavy bank which otherwise might have dropped suband nonbank demand. Purchases of bonds stantially, and in recent weeks the prices were induced in large part by the higher of restricted bonds have declined slightly. yield that could be obtained from longer- Further developments will depend on comterm issues, especially in view of the pre- mercial bank demand, the Treasury's refundmiums that became available as these issues ing program, the possibility of continued approached maturity while the short-term sales for Treasury account, and the supply of interest rates were maintained at a low new securities offered in the market by corlevel. Anticipation of a further decline in porations, State and local governments, and long-term rates was also a factor in encour- the International Bank. aging investment in longer-term maturities. REFUNDING PROGRAM Following the inauguration of the debt retirement program and the elimination of the With the Treasury balance at or close to preferential discount rate, anticipations of a working minimum, debt reduction in the further declines in interest rates changed and future will have to be financed out of curyields rose. rent Treasury surplus, although some retire- Late in 1946, Treasury bond yields again ment of marketable obligations, particularly became subject to downward pressure which of those held by banks, can be effected continued into 1947. Sales of Treasury through sale of nonmarketable securities to 784 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEBT RETIREMENT AND BANK CREDIT nonbank investors. While the budget out- about 70 per cent of the maturing bonds. look remains uncertain, it is evident that fu- The present composition of the public ture debt retirement will be at a much slower debt and its distribution by types of holders rate than during the past sixteen months and will be an important conditioning factor in that available funds will be small relative to the refunding program. The charts on the the large volume of debt that will mature. On the basis of the expenditure total rec- OWNERSHIP OF UNITED STATES GOVERNMENT MARKETABLE PUBLIC SECURITIES MATURING OR CALLABLE IN FISCAL YEAR ommended in the President's Budget and as- 1948 suming that present tax rates and a high level [In billions of dollars] of income will continue throughout the cur- Held by rent fiscal year, it may be estimated that the Type of issue and budget will show a surplus of about 3 billion quarter due or callable Total Federal Com- Other Reserve mercial indollars and that there will be an excess of Banks banks vestors cash income over cash outgo of more than Type of issue 5 billion, which will be available for re- Certificates 25.3 6.2 9.5 9.6 Notes 4.4 .1 2.5 1.8 Bonds 6.9 .2 4.7 2.0 tirement of marketable debt. Correspond- Total 36.6 6.5 16.7 13.4 ingly larger amounts may become available Due or callable should the expenditure total be reduced be- 1947, July-Sept 10.9 1.9 5.0 4.0 Oct.-Dec 7.9 .8 3.1 4.0 low the budget recommendation. On the 1948, Jan.-Mar 11.6 3.1 5.4 3.1 Apr.-June 6.2 .7 3.2 2.3 other hand, available funds might well be less if there should be an expansion of ex- NOTE.—Figures represent par value and exclude Treasury bills, which are held almost entirely by the Federal Reserve System. Holdings of commercial banks are totals of holdings of penditures, if taxable income should decline individual issues maturing or callable in fiscal year 1948 as reported in Treasury Survey of Ownership of U. S. Government securities sharply, or if tax rates should be reduced in for Apr. 30, 1947. Holdings of Federal Reserve Banks are as of June 30, 1947. the course of the year. Such funds as become available will be next page show ownership of public marketconcentrated largely in the first quarter able securities by type of issue and by maturof 1948, when seasonally high tax receipts ity distribution, as well as changes since the flow into the Treasury. Little or no funds beginning of the war. The largest part of will be available in the second half of 1947 the wartime increase in the outstanding pubor in the second quarter of 1948; but there lic debt was in longer-term securities—that are large maturities in both of these periods is, in Treasury bonds—and the next largest which will have to be refunded. was in one-year certificates. Commercial Total maturities other than bills during banks absorbed about one-third of the total the fiscal year 1948 will amount to 36.6 billion increase in Treasury bonds outstanding, dollars, of which about 11 billion mature in with practically the entire amount in isthe third quarter of 1947 and a slightly larger sues due or callable within ten years. Bank amount in the first quarter of 1948. As shown purchases of bonds included new issues in the table, the total includes 25.3 billion bought in the early years of the war, as of certificates, 4.4 billion of Treasury notes, well as substantial amounts of outstandand 6.9 billion of Treasury bonds. Nearly ing issues bought in the market, particularly two-thirds of the maturing issues are held in later years. by commercial banks and Federal Reserve About half of the wartime increase in cer- Banks combined. Commercial banks hold tificates was absorbed by commercial banks JULY 1947 785 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEBT RETIREMENT AND BANK CREDIT OWNERSHIP OF U. S. GOVERNMENT MARKETABLE PUBLIC SECURITIES BY EARLIEST CALLABLE OR DUE DATE BILLIONS OF DOLLARS END OF MONTH FIGURES BILLIONS OF DOLLARS 80 5-10 YEARS TIFT 60 - - 1 _jr\ 40 - 1 m g| V///A 1 20 mm m % 1-5 YEARS OVER 10 YEARS „„.„„.. 60 - J 60 - - - 40 i - 40 - - - *-° Wm 1 - JrTr -l\- NorJ [ B V A . N W K HOLDIN6S - 20 1 ml MM M 0 ^^§^^» i n 1942 1944 1946 1948 1942 1944 1946 1948 BY CLASSES OF SECURITIES BILLIONS OF DOLLARS END OF MONTH FIGURES BILLIONS OF DOLLARS 40 BILLS 120 CERTIFICATES 40 - - ^^ 20 - 60 lllJ^ISlM - A 0 40 20 1942 1944 1946 1948 1942 1944 1946 1948 Par value of holdings as reported in Treasury Survey Ownership of United States Government securities. Commercial banks covered in the Survey during 1946 accounted for approximately 93 per cent of the holdings of Government securities of all commercial banks in the United States. Latest figures for all groups of holders combined are for June 1947, and latest figures for subgroups are for April 1947. ! 786 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEBT RETIREMENT AND BANK CREDIT and the remainder was divided between Fed- concentration in the one- to five-year group. eral Reserve Banks and nonbank investors. The bulk of nonbank investment is in the Treasury notes, similarly, were absorbed over-ten-year range, which is almost enlargely by commercial banks. Treasury bills, tirely composed of bank restricted issues. which had served as an effective short-term Total nonbank holdings of issues eligible market instrument, especially during the for bank purchase in all groups amount to early stages of war finance, drifted almost more than 30 billion dollars. Nearly all of entirely into the Federal Reserve Banks and this is due or callable in less than ten years. have ceased to be traded actively in the mar- The manner in which the maturing issues ket. The recent action to discontinue the are refunded will have important bearing posted buying rate and repurchase option is upon the cost of the public debt, outlets for designed to reinstate the bill as a market various investor groups, and the pattern of instrument. rates and yields. A refunding program will Since the beginning of the retirement prohave to be developed during the next twelve gram in March 1946, extensive retirement of months that will preserve the taxpayers' inmaturing certificates and notes resulted in terest in maintaining a low level of interest a sharp reduction in the share of total marketcost, provide the Treasury with the necessary able securities held by commercial banks. funds, and meet the legitimate investment The present distribution of public debt holdneeds of various investor groups. In addiings is characterized by the fact that the Federal Reserve Bank holdings are almost en- tion, the refunding program should facilitate tirely in the group maturing or callable the adoption of credit policies designed to within one year, while commercial bank restrict excessive bank credit expansion and holdings are mostly in the maturity groups at the same time maintain an orderly market due or callable within ten years with some for Government securities. JULY 1947 787 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SURVEY OF CONSUMER FINANCES1 Part II. Consumer Incomes and Liquid Asset Holdings As the first full year of peace after almost four however, have not been known. Likewise unknown years of costly war, the year 1946 is one of note- have been their effects upon the ownership disworthy interest and significance. During that year tribution of the billions of dollars of liquid asset the armed forces were largely demobilized; the holdings—Government securities and bank deposits nation's industrial and distributive organization —which consumers have come to hold primarily completed its reconversion from war production as a result of recent war finance. and quickly attained high levels of peacetime out- This article supplies new statistical information put and employment; and strategic wartime con- on these important subjects for the year 1946 trols over production and prices were first relaxed and compares such information with similar data and then largely abandoned. Deferred demands of for 1945. It is the second of a series of artimillions of consumers and deferred plans of thou- cles presenting the results of a second national sands of enterprises were thus given opportunity interview survey of consumer finances, confor relatively free expression in a market place still ducted early in 1947 under the auspices of the short of goods. Federal Government expenditures Board of Governors of the Federal Reserve System were sharply reduced and were but little larger than by the Survey Research Center of the University cash receipts of the Government; the public debt of Michigan.2 Some of the major findings of the was substantially reduced by drawing upon cash survey were presented in the June 1947 BULLETIN. balances accumulated by the Treasury in earlier In addition, a more detailed analysis was made of years. Bank creclit was in abundant supply at low those results pertaining to consumer purchases of cost, and, because of private credit demands, bank durable goods, houses, and investments in 1946; deposits of individuals continued to increase at to plans regarding such purchases and their financrates only moderately lower than in war years. ing in 1947; and to consumer attitudes concerning In these circumstances, prices of many goods and the economic outlook as of the beginning of 1947. the money incomes of many individual consumer Where possible, comparisons were drawn between units advanced rapidly to new high levels. findings of the first and second surveys. Also These swift and fundamental changes in eco- included was an explanation of the sampling and nomic conditions were substantially reflected in survey methods employed in these national surthe many statistical data currently available. Their veys. A third article will consider consumer holdexact effects upon the distribution of income among ings of nonliquid assets—life insurance, securities consumers at high-, middle-, and low-income levels, other than Federal, and houses—at the beginning of xThis article was prepared by Duncan McC. Holthausen of 1947; analyze saving and factors influencing saving the Board's Division of Research and Statistics. It is the in 1945 and 1946; and give survey results concernsecond in a series to be issued presenting the results of the Board's Survey of Consumer Finances in 1947. The first ing the saving expectations of consumers for 1947. article appeared in the June 1947 BULLETIN and a third will appear in a later issue. The interview unit of the surveys of consumer Dr. Rensis Likert, Director, and Dr. Angus Campbell, Assistant Director, Survey Research Center, University of finances is the spending unit, defined as all persons Michigan, were in general charge of the survey. Responsibility for detailed planning and supervision of the survey, living in the same dwelling unit and belonging to including interviewing, editing, tabulation of results and their presentation to the Board, was carried by Dr. George the same family who pooled their incomes to meet Katona in collaboration with Mrs. Eleanor E. Maccoby, both major expenses. For the most part results arc of the Survey Research Center's staff. Mr. Charles F. Cannell served as head of the field staff and Mr. Roe Goodman as presented in terms of groups of spending units, but head of the sampling section of the Center. This staff was formerly associated with the Division of Program Surveys, certain income and liquid asset data are presented U. S. Department of Agriculture. From the Board of Governors, general supervision of the on a family basis as well. Differences in results atsurvey has been under the direction of Woodlief Thomas, Director, and Ralph A. Young, Assistant Director, of the Division of Research and Statistics. Mr. Holthausen has 2 The first survey was made for the Board of Governors early been in charge of the analysis of the data and the preparation in 1946 by the Division of Program Surveys, Bureau of Agriof reports. Generous and helpful cooperation was received cultural Economics, U. S. Department of Agriculture. Results from members of the technical staffs of the Bureau of the of that survey were reported in 1946 in the June, July, and Budget and other interested public agencies in developing the August issues of the BULLETIN under the general title National' survey plans. Survey of Liquid Assets. 788 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SURVEY OF CONSUMER FINANCES tributable to differences in the unit of tabulation pared with 53 per cent in 1945, and the median are discussed in the text. income for all units rose from a little over $2,000 The universe from which the samples were se- in 1945 to $2,300 in 1946. lected for the consumer finances surveys was the (2) About seven of every ten spending units population of the United States residing in private experienced some change in income between 1945 households during the interview periods, that is, and 1946, increases being more frequent than de- January-March 1946 in the first survey and January- creases. March 1947 in the second survey. The following (3) The shift of consumers towards higher ingroups were omitted: (1) members of the armed come levels was particularly marked for such occuforces living at military reservations; (2) residents pational groups as professional persons, managerial in hospitals and in religious, educational, and penal groups and self-employed businessmen, clerical and institutions; and (3) the floating population, that sales personnel, and farm operators. There was no is, people living in hotels, large boarding houses, significant change in the income levels of skilled, and tourist camps. semi-skilled, and unskilled workers. It is known that basic hourly wage rates for many of these work- SUMMARY OF FINDINGS ON CONSUMER INCOME AND ers were higher in 1946 than the year before, but, on LIQUID ASSET HOLDINGS the average, the amounts of total annual income An important aspect of the economic transition remained about the same. from war to peace was a substantial rise in money (4) Spending units in the clerical and sales and incomes received by individuals. It is estimated the professional groups reported the largest number that income received by individuals residing in the of increases in annual money incomes during 1946 continental United States and covered by this while unskilled wage-earners reported the fewest survey amounted in 1946 to at least 10 billion increases. Skilled and semi-skilled wage earners dollars more than in 1945. This is a somewhat showed more decreases than any other group, but larger increase than the growth shown by aggre- also an average number of increases. gate estimates of total income payments; the latter (5) There was no significant shift between 1945 include the pay of Federal, military, and civilian and 1946 in the proportion of total income repersonnel overseas, which declined in 1946, and ceived by the 30 per cent of spending units with thus understate the actual increase in income pay- the highest incomes in each of these years. About ments within the continental United States between 60 per cent of total money income was accounted 1945 and 1946. As our armed forces were with- for by these groups in both years. The remaining drawn from overseas, payments to individuals 70 per cent of the spending units received about 40 within the United States and thus within the scope per cent of total income in both 1945 and 1946. of this survey increased considerably. (6) Optimism generally characterized consumer Individual holdings of liquid assets—United expectations as to 1947 incomes, especially among States Government bonds, savings accounts, and spending units in occupational groups with higher checking accounts—also increased during 1946. As average incomes. estimated from over-all banking and Treasury sta- Liquid asset holdings. tistics, these holdings amounted to approximately 8 billion dollars more at the beginning of 1947 (7) Half of all spending units had annual inthan a year earlier. The bulk of the increase oc- comes in 1946 of between $2,000 and $5,000, recurred in savings accounts and checking accounts, ceived a little over half of aggregate income for while holdings of United States Government bonds all units, and early in 1947 owned nearly half of rose only moderately. the total amounts of saving accounts, checking accounts, and Government bonds held by indi- Consumer income. viduals for their personal accounts. The incomes (1) The over-all increase in total money income and liquid asset holdings of these persons are no during 1946 was accompanied by a significant doubt much greater than in prewar periods. The shifting of spending units to higher income groups, 10 per cent of spending units with annual incomes with the result that 60 per cent of all units received of $5,000 or more received almost a third of total inannual incomes of $2,000 or more in 1946, as com- come and held about two-fifths of all liquid assets JULY 1947 789 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SURVEY OF CONSUMER FINANCES of the types reported. The remaining 40 per cent It does not include income received in kind, such of spending units had incomes below $2,000 and as the value of home-produced food, meals, or accounted for approximately 15 per cent of income rent-free living quarters. Nor does it include the and of liquid assets. value of farm inventory changes or farm deprecia- (8) There was little change during 1946 in the tion charges. Furthermore, it does not include relative degree of concentration in the ownership capital gains or losses. of liquid assets as compared with the previous year. The money income reported was based on mem- This was true because the over-all increases in liquid ory, sometimes supplemented by actual records assets were generally distributed among the various of total income received by the spending unit. segments of spending units in amounts proportion- Heads of spending units (in some cases other ate to their status in the previous year. A ranking members) were asked to report separately the of liquid asset holders either by size of income or amount of money income received by the spending by amount of liquid asset holdings as reported in unit from each of a number of specified types of the first and second surveys of consumer finances income such as wages and salaries; interest, divishows no significant change in amounts of liquid dends, rents, or royalties; income from professional assets held by each tenth of the spending units thus practice or unincorporated business; various types arrayed. In other words, the share of the total of allotments, pensions, retirement pay, contribuincrease in liquid asset holdings received by spend- tions, and other income of this type; and income ing units at the upper end of the income scale was from work other than regular employment. roughly in proportion to their share of total hold- The over-all increase in total consumer income— ings at the beginning of the year. money income before taxes—during 1946 was ac- (9) Liquid assets continued to be dispersed in companied by a significant shift in the distribution widely varying amounts among individuals within of spending units by levels of money income. Many each income group. more spending units reported money incomes of (10) As compared with the beginning of 1946, $2,000 and above in 1946 than in 1945. Whereas in about 3 million fewer spending units reported that 1945 some 53 per cent of all consumer spending they held Government bonds in early 1947. This units had incomes of $2,000 or above, as shown in shift was offset by increased numbers of spending the chart, the proportion in this income group in units having savings accounts and thus the propor- 1946 was 60 per cent.3 Thus there were about tion of spending units holding some type of liquid 27.5 million spending units with incomes of $2,000 asset was about the same for both years. and above last year as compared with an estimated (11) Professional persons and managerial and 24.5 million units with such incomes the year beself-employed businessmen most frequently held fore. A decade ago only one-fourth as many spendliquid assets, and, moreover, held relatively large ing units as in 1946 had incomes at these levels. amounts of them. Unskilled workers most fre- The spending unit population that received money quently held no liquid assets; about one-half of incomes before taxes during 1946 in the amount the spending units in this group reported no hold- of $3,000 and over approximated 16 million, or ings, and the majority of unskilled workers with several times more than the estimated number of holdings had relatively small amounts. spending units receiving such incomes in the midthirties. DISTRIBUTION OF SPENDING UNITS AND FAMILIES The shift of spending units to higher income BY INCOME groups during the past two years had the effect of Total money income before taxes as covered in raising the midmost level of money income for all this survey is the sum of the net money earnings spending units. Table 1 shows that the median from civilian employment (including wages and 3 Because of the sampling error contained in a sample of salaries and the net incomes or losses from farm and approximately 3,000 cases such as was used in the surveys of consumer finances, changes between two years in any pernonfarm business and professional self-employcentage grouping of spending units must be of the following ment), armed forces pay of civilians not in the magnitudes to be adjudged statistically significant: for groups containing from 20 to 80 per cent of all spending units, services at the time of interview and of members about 3 or more percentage points; for groups containing from 10 to 20 per cent or from 80 to 90 per cent of all spending of the services living in private households, and units, about 2 or more percentage points; and for groups containing from 5 to 10 per cent or from 90 to 95 per cent of net money income or losses other than earnings. all spending units, about 1V percentage points. 2 790 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SURVEY OF CONSUMER FINANCES income for spending units was $2,300 in 1946 and the Census, United States Department of Com- $2,020 in 1945. Despite this increase in the mid- merce) as well as by spending units. The Census most level of money income, many spending units defines a family as all persons living in the same in 1946 found that the effective purchasing power dwelling who are related by blood, marriage, or adoption. Table 1 also presents income distribu- DISTRIBUTION OP SPENDING UNITS PER CENT OF BY INCOME GROUPS, 1946 AND 1945 PER CENT OF tions by family units for both 1945 and 1946 as derived from these surveys. It is estimated that at the beginning of 1947 there were roughly 46.3 million l94sJK|l945 spending units and 40.6 million family units. i Since the spending unit is defined as all persons living in the same dwelling and belonging to the J same family who pool their incomes to meet their major expenses,4 there may be more than one spendi i ing unit in any family. Early in 1947 about 34 million dwelling units were occupied by families IJ (including only persons related to the head of the household) which represented only one spending 1! feh unit. In approximately 5 million dwelling units, however, the families consisted of two or more O JJHB^LJBK2£2_JBK221_JBB£i^l-_^ 0 spending units and accounted for the entire dif- UNDER 91,000 9 2.000 I 3,000 #4.000 #5,000 #7.600 ference in number of family units as against spend- NOTE.—Covers money income before taxes. ing units. In these families there were married sons or daughters (many of them veterans) who of their incomes did not change correspondingly did not pool their incomes with the head of the because of substantial increases in prices of confamily and therefore were considered separate sumer goods. Within income groups the reported spending units; there were also employed single median income of spending units varied from $600 sons and daughters, or in some cases elderly parin the lowest bracket (under $1,000) to $10,250 ents or other relatives who had separate incomes in the highest bracket ($7,500 and over). but did not pool them with the head of the house- Certain financial data obtained in the 1946 and hold. 1947 surveys of consumer finances have been tabu- With the same total amount of money income lated by family units (as defined by the Bureau of for a given year distributed among family units TABLE 1 instead of spending units, it is to be expected that DISTRIBUTION OF SPENDING UNITS AND FAMILY UNITS there will be a larger proportion of family units in BY SIZE OF INCOME, 1946 AND 1945 x higher-income groups. As Table 1 indicates, ap- [Per cent] proximately 65 per cent of all families had incomes Spending units Family units Annua b l e f m or o e n e ta v x e in s come 4 Within a family any person not pooling his income with the 1946 1945 1946 1945 head of the family was considered a separate spending unit unless he was under 18 years of age, earned less than $10 a week, or contributed more than one-half his income to the main spend- Under $1,000. . 17 20 15 18 ing unit. Husbands and wives were always considered members $l,000-$l,999 23 27 20 22 of the same spending units. $2,000-$2,999 25 23 22 22 At the beginning of 1947, there were an estimated 38.7 $3,000-$3,999 17 15 18 17 million dwelling units in the United States. A breakdown of $4,000-$4,999 8 7 10 9 the occupants of these dwelling units by families and single $5,OOO-$7,499 6 5 9 8 individuals and by spending units is shown below: $7,500 and over. .. 4 3 6 4 Families All income groups.... 100 100 100 100 and single Spending individuals units Median income 2 $2,300 $2,020 $2,600 $2,400 (Estimated number, in millions) 1 The 1945 income data are based on interviews in January- Dwelling units where the family and the March 1946 (first survey); the 1946 income data on interviews in spending unit are identical 33.9 33.9 January-March 1947 (second survey). This table shows that ap- Dwelling units where the family consists proximately 10 per cent of all spending units had incomes of of two or more spending units 4.8 10.5 $5,000 and above. Before rounding this percentage was 9.6 and, Additional units in dwellings, i.e., roomers as shown in later charts and tables, exactly 10 per cent of all and servants, not related to the head spending units reported incomes of $4,850 and above. the household 1.9 1.9 2 The median amount is that of the middle unit when all units are ranked by size of income. Total 40. o 46.3 JULY 1947 791 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SURVEY OF CONSUMER FINANCES of $2,000 or more in 1946 as compared with 60 lowest incomes, although as many as one-third had per cent of all spending units. Further, some 25 money incomes above $1,000. per cent of all family units received incomes of Income distributions of spending units accord- $4,000 and above last year as compared with 18 per ing to occupation of the head of the unit are precent of all spending units. The median family in- sented in Table 2 for the years 1946 and 1945. come in 1946 was $2,600, or approximately one- Because of the small number of cases in each occueighth higher than the median income for spending pational group, these income distributions by occuunits. Whether survey results are tabulated by pation should be considered as approximations only spending or family units, however, between 1945 and as rough guides to general trends in the disand 1946 the same general pattern of shift towards tribution of income between 1945 and 1946. Shifts higher income levels is shown. in the income distribution of spending units to- Income distributions of spending units within wards higher income levels in the professional, busidifferent occupational groups indicate that approxi- ness, clerical and sales, and farm operator groups mately one-third of the spending units headed by were especially marked and were reflected in subprofessional persons or businessmen received in- stantially higher median incomes in 1946 than in comes of over $5,000 in 1946. Skilled and semi- 1945. Changes between'the two years in the overskilled workers received somewhat higher incomes all income levels of unskilled, semi-skilled, and than clerical and sales personnel and substantially skilled workers were not so marked and were rehigher incomes than unskilled workers. Money in- flected in median incomes for 1946 only slightly comes before taxes of farm operators were more above those in 1945. While it is known that the heavily concentrated in the lowest income bracket heads of spending units in these groups frequently than were the incomes of the other gainfully em- received increases in basic hourly wage rates, these ployed groups. Their money incomes, however, are increases must have been offset by a reduction in substantially supplemented by non-money income, hours worked plus loss of overtime premiums such as food produced on the farm; hence their formerly received in war industries, and also by reported incomes are not closely comparable with changes on the part of a substantial number of those of other occupational classes. As might be workers to lower-paying jobs. anticipated, retired people as a group reported the Income distributions of spending units according TABLE 2 DISTRIBUTION OF SPENDING UNITS WITHIN DIFFERENT OCCUPATIONAL GROUPS, BY SIZE OF INCOME, 1946 AND 1945 * [Per cent] Managerial Clerical Skilled, semi- Professional and self- and sales skilled, and Retired r arm Annual money income employed personnel unskilled operators2 before taxes 1946 1945 1946 1945 1946 1945 1946 1945 1946 1945 1946 1945 Under $1,000 8 3 3 5 8 8 12 11 62 55 35 46 $l,000-$l,999 10 22 16 15 22 36 25 29 20 21 27 28 $2,OOO-$2,999 18 18 15 21 30 24 32 30 9 10 17 11 $3,OOO-$3,999 13 20 18 18 20 18 20 20 4 4 8 7 $4,000-$4,999 16 17 13 12 11 6 7 7 1 5 5 4 $5,OOO-$7,499 19 11 14 14 6 6 4 2 2 3 2 2 $7,500 and over 15 8 19 14 3 1 (3) (3) 2 1 1 1 1 1 2 1 (3) 1 (3) (3) 1 5 1 Not ascertained 100 100 100 100 100 100 100 100 100 100 100 100 All income grojps.. . $4,000 $3,300 $3,700 $3,300 $2,600 $2,200 $2,3004$2,200 (5) (5) $1,300 $1,000 Median income 1 The 1945 income data are based on interviews in January-March 1946 (first survey); the 1946 income data on interviews in January- March 1947 (second survey). Because of the small number of cases in the various occupational groups and also because of some differences in the coding by occupations between the two years, these distributions should be considered as approximations only and as very rough guides to general shifts in the distribution of incomes between 1945 and 1946. Separate data are not available for skilled, semiskilled, and unskilled workers in the two years because of differences in coding. All the occupational groupings are in terms of the occupation of the head of the spending unit. 2 As explained in the text; the income distribution for farm operators is not closely comparable with the distributions for other groups because of the large amount of non-money income that farmers produce for their own consumption. 3 Less than one-half of 1 per cent. 4 The 1946 median income of skilled and semi-skilled workers was $2,800. 5 Not computed. 792 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SURVEY OF CONSUMER FINANCES to other basic characteristics such as their size, the a somewhat smaller share of total money income number of their members employed, and their down to the lowest tenth of all spending units. place of residence, show essentially the same pattern The lowest tenth, which included units with infor 1946 as for 1945 and other years for which data comes ranging downward from $700, received only are available. One-person spending units as a rule one per cent of total income. Half of the spendreceived lower incomes than larger spending units; ing units received annual incomes of between the more employed people in a spending unit, the $2,000 and $5,000 each and as a group received a higher was its income. Spending units in metro- little over half of total income. TABLE 3 DISTRIBUTION OF SPENDING UNITS HAVING SPECIFIED CHARACTERISTICS, BY SIZE OF INCOME, 1946 1 [Per cent] Number of persons in spending unit Employed persons in Residence of spending unit spending unit Annual money income before taxes Five Two Metro- Other One Two Three Four None2 One or politan urban Rural more area3 area area4 Under $1,000 37 17 6 11 57 13 6 10 13 29 $l,000-$l,999 34 21 16 21 21 26 25 12 17 22 31 $2,000-$2,999 22 23 32 23 28 9 28 21 26 29 19 $3,000-$3,999 4 18 22 23 20 2 17 25 20 20 9 $4,000-$4,999 1 10 9 13 8 2 7 18 10 8 5 $5,OOO-$7,499 (5) 6 9 7 6 1 5 12 9 5 3 $7,500 and over 1 3 5 6 5 2 4 4 7 3 2 Not ascertained 1 2 1 1 1 1 1 2 All income groups. 100 100 100 100 100 100 100 100 100 100 1 For comparable 1945 data, see Tables 18, 19, and 20 in Part Two of National Survey of Liquid Asset Holdings, Spending, and Saving Division of Program Surveys, U. S. Department of Agriculture. 2 Members of spending unit were unemployed, retired, housewives, students, etc. 3 The 12 largest cities in the nation and their suburbs. 4 Towns with less than 2,500 population and open country. 8 Less than one-half of 1 per cent. politan areas (including the 12 largest cities in the On the whole, the share of total money income nation and their suburbs) generally received received in 1946 by each tenth of all spending units somewhat higher incomes than units in other urban when ranked by their incomes in that year was areas and considerably higher incomes than spend- not substantially different from the distribution ing units in rural areas (towns with less than shown in 1945 when spending units were ranked 2,500 population and open country). Income by their money incomes in that year. While the distributions of spending units having these various proportion of income received by the top tenth may characteristics are presented in Table 3. have increased slightly, both the top tenth and the bottom six tenths of the income receivers accounted SHARES OF MONEY INCOME RECEIVED BY SPENDING for nearly a third of total money income before UNITS taxes in the two years. The total and average dollar When the nation's 46.3 million spending units amounts of income received, however, were larger were ranked into tenths by size of income in 1946, for each group in 1946 than in 1945. Supplemental as shown in the chart on the next page, the 4.6 mil- Table 13 presents this income comparison for 1946 lion units receiving the highest incomes accounted and 1945. for about one-third of the total money income re- In connection with these estimates it is important ceived during the year by all the units. The into recognize that the proportion of income accomes of this top tenth of the spending units ranged upwards from about $5,000. Total income of the counted for by the 10 per cent of spending units next highest tenth of the spending units, whose having the highest incomes is probably somewhat incomes ranged from $3,750 to nearly $5,000, was underestimated and, on the other hand, that some less than half that of the top tenth. Below the of the spending units having lower incomes, such second tenth, each successive tenth accounted for as farmers, received certain amounts of non-money 793 JULY 1947 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SURVEY OF CONSUMER FINANCES income. Results of consumer interview surveys siderable improvement in the adequacy of survey have always understated the highest incomes owing results, with a sample of 3,000 spending units it to difficulties in securing a representative sample of cannot be expected that a completely representative high income spending units and also because of sample of the highest dollar incomes will be obreporting errors by consumers. In the survey of tained. It is possible, therefore, that the proportion of total income received by the 10 per cent of the TOTAL MONEY INCOME spending units having the highest incomes may PROPORTION RECEIVED BY EACH TENTH be understated by several percentage points. In OF THE NATION'S SPENDING UNITS RANKED BYNCOME all probability, however, the survey findings do SPENDING UNITS PERCENTAGE OF TOTAL MONEY INCOME RECEIVED INCOME RANGE show the correct proportion of all spending units receiving incomes of nearly $5,000 or more. In addition, it should be noted that the aggregate •i SECOND TENTH $ 3.7S0 -$4,850 total of money income as estimated from the survey THIRD TENTH • 1 3,1 10 -$ 3.750 approximates the recognized aggregate income esti- •cm mates, such as those of the Department of Com- FOURTH TENTH % 2,7OO-$3,IIO merce, after adjustment for differences of coverage .G FIFTH TENTH • 2,300 -$2,700 SIXTH TENTH •a $ 2,000 -$2,300 CHANGES IN INCOME DURING 1946 SEVENTH TENTH D $ 1,500 -$2,000 The general shifting of spending units to higher in income groups from 1945 to 1946 reflected sub- EIGHTH TENTH $ 1 ,1 50 - I 1, 500 stantial income changes—both upward and downpi NINTH TENTH $ 700 -$ 1. 150 ward—for a sizable proportion of all the spending LOWEST TENTH 3 UNDER $ 700 units. About seven of every ten spending units reported some change in income between the 20 years 1945 and 1946; for four of the seven it was PER CENT NOTE.—Each tenth represents approximately 4.6 million an increase and for the remaining three a decrease. spending units. As is shown by Table 4, over two-fifths of the spending units reported higher incomes in 1946 consumer finances, high-income groups are deliband about one-quarter reported lower incomes. erately over-sampled to increase the reliability of Almost one-fifth of all spending units reported results.5 Although this technique brings about con- 3 A discussion of the expansions of certain findings from the 5 For a discussion of this over-sampling, see the explanation survey of consumer finances in comparison with accepted naof the sampling method in the Federal Reserve BULLETIN for tional estimates of income, saving, and liquid assets will be June 1947, p. 662. presented in a forthcoming article. TABLE 4 INCOME CHANGES FROM 1945 TO 1946 AS REPORTED BY SPENDING UNITS IN VARIOUS OCCUPATIONAL GROUPS1 Percentage distribution of spending units within occupational group Change in annual money income before taxes All Managerial Clerical Skilled spending Professional and self- and sales and semi- Unskilled Farm units employed personnel skilled operators 1946 income larger than 1945 42 46 42 59 41 35 40 Larger by 25 per cent or more. . . 17 14 17 24 17 15 16 Somewhat larger 25 32 25 24 20 24 35 No substantial change in income. . . 27 29 29 21 27 32 21 1946 income smaller than 1945 28 24 27 36 33 24 Somewhat smaller 16 14 15 17 21 20 18 Smaller by 25 per cent or more. . 12 10 12 8 15 13 6 9 Not ascertained... 3 1 2 3 2 5 4 All units 100 100 100 100 100 100 100 1 Based on changes in amount of annual money income received as reported by spending units early in 1947 (second survey). 794 FEDERAL RESERVE BULLETIN" Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SURVEY OF CONSUMER FINANCES substantially higher incomes while one-eighth re- TABLE 5 ported substantially lower incomes. CONSUMER EXPECTATIONS CONCERNING INCOMES It was the professional, business, farm, and clerical 1947 AND 1946x and sales groups that reported increases much more frequently than decreases in the total amount of Percentage of money income they received during 1946 as com- spending units Income expectations pared to 1945. Spending units in the skilled, semi- 1947 2 1946 3 skilled, and unskilled worker groups reported decreases in annual money incomes from 1945 to 1946 Increase of 25 per cent or more 8 11 Increase of 5-25 per cent 18 14 almost as frequently as they reported increases. Same income (within 5 per cent) 42 34 Increases in income during 1946 were much more D D e e c c r r e e a a s s e e o o f f 2 5 5 -2 p 5 er p e c r e n c t e n o t r . more 8 4 1 9 4 frequent in urban than in rural areas, but some- Uncertain 18 13 Not ascertained. 2 5 what less common in metropolitan than in other All units 100 100 urban areas. About six of every ten spending units in which the head of the unit was under 25 1 The question was: "How large do you think your income will be for the entire year 1947 [1946]?" Farm operators omitted. years of age reported an increase in annual income 2 Based on interviews in January-March 1947 (second survey). as compared with three of every ten units in which * Based on interviews in January-March 1946 (first survey). the head of the unit was 45 or more years old. As expected their incomes to increase while about onemight be expected, frequency of increase in income eighth expected their incomes to decline during declined systematically with advance in age. 1947. As is shown in Table 5, early in 1947 there Spending units referred most frequently to were considerably fewer spending units expecting changes in wage and salary rates as the reason for income declines than there had been early in 1946. changes in income. Discharge from the armed Since the units anticipating the largest percentage services was the second most important reason increases were primarily in the lowest-income given for income increases in 1946, but was rarely groups and those anticipating the largest percentage mentioned by those whose income had decreased declines were primarily in upper-income groups, during the year. Unemployment, strikes, and a the over-all dollar totals of expected increases and decline in the number of employed people in spenddecreases in money income during 1947 of all ing units were other reasons for declines in income. spending units were almost the same. In other words, people, in the aggregate, expected a total CONSUMER INCOME EXPECTATIONS, 1947 income in 1947 substantially the same as in 1946. Consumer expectations with regard to future The income expectations of the various occupaincome were optimistic at the beginning of 1947 tional groups showed considerable differences. and very similar to expectations expressed a year More people in the professional, business, and earlier. Roughly one-fourth of all spending units clerical and sales groups than in other groups ex- TABLE 6 EXPECTED INCOME CHANGES DURING 1947, BY OCCUPATION OF HEAD OF SPENDING UNIT1 Percentage distribution of spending units within each occupational group Expected change of income during coming year All Managerial Clerical Skilled spending Professional and self- and sales and semi- Unskilled Farm units employed personnel skilled operators Increase of 5 per cent or more 23 34 30 39 21 14 19 Same income 42 39 30 38 46 46 33 Decrease of 5 per cent or more 14 7 14 8 15 13 28 Don't know 19 20 25 14 16 25 18 Not ascertained 2 0 1 1 2 2 2 All units. 100 100 100 100 100 100 100 1 The question was: "Do you think a year from now you will be making more money or less money than you are now, or will you be making about the same?" The results are based on interviews in January-March 1947. JULY 1947 795 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SURVEY OF CONSUMER FINANCES pected their incomes at the beginning of 1948 to be TABLE 7 higher than they were at the time of the interviews early this year. Among unskilled workers, SPENDING UNITS HOLDING VARIOUS TYPES OF LIQUID ASSETS, EARLY 1947 AND 1946, BY INCOME GROUPS1 about the same numbers expected increases as expected decreases. In the case of farm operators, Percentage of spending units in each however, the proportion expecting lower incomes income group having: exceeded the proportion anticipating higher in- Annual money comes. The detailed data on 1947 income expecta- bef i o n r c e o m ta e xes l a i A s q s n u e y i t d 2 G b m o o v n e e d n r t s n 3 - a S cc a o vi u n n g t s s4 C ac h c e o c u k n in ts g tions by occupational groups are set forth in Table 6. In general, the income expectations expressed 1947 1946 1947 1946 1947 1946 1947 1946 by the various occupational groups at the begin- Under $1,000. . 49 49 25 31 26 22 21 21 ning of 1947 conform quite closely to expectations $1,000-$ 1,999.. 65 68 44 54 37 32 30 29 expressed a year earlier. Perhaps the two most $2,000-$2,999.. 80 85 62 74 50 43 30 28 $3,000-$3,999.. 89 92 69 80 60 50 39 42 noticeable changes in 1947 are the greater degree $4,000-$4,999. . 92 94 77 89 62 55 56 50 $5,000-$7,499.. 100 98 86 91 69 60 72 67 of uncertainty expressed by most groups and the less $7,500 and over. 100 100 91 96 69 52 89 88 pessimistic outlook of the skilled and semi-skilled All income groups. . 76 76 56 63 47 39 37 34 groups. 1 Data for early 1947 are based on interviews in January-March 1947 (second survey); for 1946 on interviews in January-March LIQUID ASSET HOLDINGS OF SPENDING UNITS 1946 (first survey). 2 Includes all types of U. S. Government bonds, savings accounts, During 1946 there was a net increase of approxi- and checking accounts. 3 Includes all types of U. S. Government bonds. mately 8 billion dollars in total personal holdings 4 Includes savings accounts in banks and savings and loan associations, postal savings, and shares in credit unions. of liquid assets—United States Government bonds, savings accounts, and checking accounts. This inof currency, for which representative information could not be obtained from individual holders.7 SPENDING UNITS HOLDING As was noted in Part I of the publication of the VARIOUS TYPES OF LIQUID ASSETS BY INCOME GROUPS, EARLY 1947 results of this survey of consumer finances (June 1947 Federal Reserve BULLETIN), the increase in liquid assets during 1946 was not shared by all ANY LIQU10 ASSETS* spending units. As many spending units reported decreases in liquid asset holdings during 1946 as US GOVT BONDS^ reported increases. The effects of these shifts in - 4 holdings upon the types and amounts of liquid assets held by spending units and also upon the concentration of these holdings are discussed in the "SAVINGS - ACCOUNTS S CHECKING following pages. • ACCOUNTS There was no change between early 1946 and - early 1947 in the estimated number of spending units holding at least one of the three reported types of liquid assets, that is, Government bonds, savings - - accounts, or checking accounts. As is shown by Table 7, roughly three-fourths of all spending units UNDER $1,00 $2,000 $3,000 $1,000 $1,99 $2999 $3999 held some type of liquid asset in both years. There were significant shifts, however, in the * Includes U. S. Government bonds, savings accounts, or checking accounts. number of spending units holding a particular type of liquid asset. Roughly 3 million fewer spending crease, as estimated from over-all banking and units held Government bonds at the beginning Treasury statistics, brought personal holdings of of 1947 than a year earlier. In contrast to the these liquid assets to the record total of about 130 billion dollars at the beginning of 1947. These 7 Information was obtained on the amounts of currency held by spending units for current transactions, however, and will figures do not include liquid savings in the form be reported in a later article. 796 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SURVEY OF CONSUMER FINANCES TABLE 8 LIQUID ASSETS HOLDINGS OF SPENDING UNITS IN EARLY 1947 AND 1946, BY INCOME GROUPS1 Percentage distribution of spending units within income groups All spending Amounts of liquid assets held units lender $1,000 $l,000-$2,999 $3,000-$4,999 $5,000 and over 1947 1946 1947 1946 1947 1946 1947 1946 1947 1946 Total liquid assets:- None . . . .. 24 24 51 51 27 24 10 7 0 2 $l-$499 26 29 27 29 31 35 24 23 10 4 $500-$l,999 28 29 15 15 30 29 34 41 22 25 $2,000-$4 999 14 12 5 3 9 9 24 22 27 29 $5,000 and over 8 6 2 2 3 3 8 7 41 40 All units . 100 100 100 100 100 100 100 100 100 100 U. S. savings bonds (Series A-F):* None 44 37 75 69 47 37 28 18 13 9 $l-$499 32 37 19 24 37 45 36 39 21 21 $500-$l,999 18 20 4 6 13 15 30 35 34 40 $2,000 and over 6 6 2 1 3 3 6 8 32 30 All units 100 100 100 100 100 100 100 100 100 100 Savings accounts:* None .. . . . . .. 53 61 74 78 56 63 39 49 31 43 $l-$499 18 16 15 13 21 18 20 19 15 8 $500-$ 1 999 18 16 8 6 17 14 25 22 18 27 $2,000 and over 11 7 3 3 6 5 16 10 36 22 All units 100 100 100 100 100 100 100 100 100 100 Checking accounts: None 63 66 79 79 70 72 56 55 21 25 $l-$499 .... 21 18 14 17 19 19 26 26 26 25 $500-$l,999 12 14 6 3 9 8 14 14 30 30 $2,000 and over 4 2 1 1 2 1 4 5 23 20 All units 100 100 100 100 100 100 100 100 100 100 1 Data for early 1947 based on interviews in January-March 1947 (second survey); data for 1946 on interviews in January-March 1946 (first survey). 2 Includes all types of U. S. Government bonds, savings accounts, and checking accounts. 3 Amounts refer to purchase price of savings bonds. * Includes savings accounts in banks and savings and loan associations, postal savings, and shares in credit unions. change noted in holdings of Government bonds, a income grouping. As is shown in the accompanysignificantly larger proportion of spending units ing chart, this generalization was also true of Govheld savings accounts and checking accounts at ernment bond holdings in 1947. Data presented in the beginning of 1947 than a year earlier. This the chart also confirm the finding of the first surshift is particularly noticeable in the case of savings vey that Government bonds and savings accounts accounts; about four of every ten spending units are distributed in a manner similar to total holdhad such accounts in early 1946 as compared with ings of liquid assets, with the proportion of holders almost five of every ten at the beginning of 1947.8 increasing quite steadily from lower- to higher- United States Government bonds are still the income groups. Checking accounts, on the other most widely held liquid asset. As was discovered a hand, are held by a relatively small percentage of year ago, not only does a greater percentage of the units in the lower- and middle-income brackets and nation's total spending units hold Government by a relatively large percentage of those in the bonds than any other type of liquid asset, but also highest brackets. There was some upward shifting in the proa greater percentage of the spending units in each portion of spending units holding relatively large 8 There is some possibility that this shift to savings accounts, amounts of liquid assets, as is indicated in Table 8. as shown in Table 7, is somewhat overstated as the result of a change between the two years in the questions vised by Over one-fifth of the nation's spending units held interviewers to obtain information about people's savings $2,000 or more in liquid assets at the beginning JULY 1947 797 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SURVEY OF CONSUMER FINANCES of 1947, as compared with a somewhat lower pro- ning of 1946 and 1947. Many more spending units portion in the previous year. At the beginning with incomes above $3,000 held $2,000 or more in of 1947 slightly smaller proportions of all spending banks or savings and loan associations, while in units held $l-$499 and $500-$ 1,999 in liquid as- all income groups there were increases in the numsets than a year earlier. The median amount of bers of spending units holding amounts of less liquid assets held by all spending units (including than $2,000 in savings accounts and declines in those who had none) was $470 at the beginning those having no savings accounts. of 1947 and $400 at the beginning of 1946. The While there is a strong tendency for high-income median amount held by spending units that had groups to have large holdings of liquid assets and some liquid assets was $890 in early 1947 and $750 low-income groups to have smaller holdings or none a year earlier. at all, there is a great deal of variation within The most striking change in dollar holdings of every income group in the size of liquid asset savings bonds between 1947 and 1946 is the de- holdings. This was first pointed out in last year's cline in the proportion of spending units, particu- survey, and, as Table 9 indicates, there has been larly in income groups below $3,000, holding less no change in this relationship. When holders than $500. It is evident that there was considerable within each income class were ranked according turnover in Government bond holdings during to size of holdings, every holder in the quarter 1946, especially of small denomination savings with the highest holdings had more liquid assets bonds. Of the spending units holding discount than the middle holder of the next higher income bonds (Series A-F) at some time during the year, group except for the two highest income groups. 29 per cent reported that during the year they had redeemed bonds and bought none, 20 per cent re- SHARES OF LIQUID ASSETS HELD BY SPENDING UNITS ported that they had bought bonds but redeemed Shares of total liquid assets held by each tenth none, and 4 per cent reported that they had both of the nation's spending units, when ranked by bought and redeemed bonds. The remainder of the size of their liquid asset holdings, showed no those holding bonds (about 50 per cent) reported change during 1946. Early in 1947 the top tenth that they had neither bought nor redeemed bonds of the holders held 60 per cent of the total amount during the year. of liquid assets owned by all spending units. As In the case of savings accounts, there was a con- shown in Table 10, this same proportion was held siderable increase in holdings between the begin- TABLE 10 TABLE 9 PROPORTION OF LIQUID ASSETS HELD BY SPENDING UNITS WHEN RANKED (1) BY SIZE OF INCOME AND (2) BY SIZE OF DISPERSION OF LIQUID ASSET HOLDINGS, EARLY 1947, WITHIN LIQUID ASSET HOLDINGS, EARLY 1947 AND 1946 INCOME GROUPS Percentage Percentage Amount of liquid assets of liquid as- of liquid asheld by spending unit at:* sets held by sets held by Annu b a e l f m or o e n t e a y x e in s come r to S a n p t k e h e n e d d ir i n a i g c n c c u o o n r m d it i e s n s g e o r a f e c c h i e n i c t v e o e n m rs t e h r t a S o n p t k e h e n e d d i r i a n h c g o c o l u d r n i d n i i t g n s s g o s e f e a t c l i h q h u o t i l e d d n e a t r h s sof liquid assets Early Early Early Early Under $1,000.. 330 1947 i 1946 2 1947 1946 $1,000-$l,999.. 760 $2,OOO-$2,999. . 1,300 Highest tenth 39 40 Highest tenth.. . 60 60 $3,000-$3,999. . 2,150 Second 15 13 Second 17 17 $4,000-$4,999. . 3,250 Third 9 10 Third 10 10 $5,OOO~$7,499. . 5,250 Fourth 7 7 Fourth 6 6 $7,500 and over 12,000 Fifth 7 8 Fifth . . 4 4 Sixth 7 6 Sixth 2 2 Seventh 5 5 Seventh 1 t 1 Figures refer to spending units within each income group se- Eighth 4 4 Eighth (3) <*) lected as follows: Ninth 4 3 Ninth 0 0 First quartile—holdings of the spending unit which separates Lowest tenth. . . . 3 4 Lowest tenth. . . 0 0 the fourth with smallest holdings from the upper three-fourths. Median—holdings of the spending unit which is the mid-point All tenths 100 100 All tenths.... 100 100 of the distribution; half of the spending units are below and half above. Third quartile—holdings of the spending unit which separates 1 For spending units ranked in order of their 1946 annual inthe fourth with largest holdings from the lower three-fourths. comes (second survey). Similar data as published from the 1946 survey (see Table 5 in 2 For spending units ranked in order of their 1945 annual in- July 1946 Federal Reserve BULLETIN, p. 718), are not strictly com- comes (first survey). parable since they include savings in the form of currency. s Less than one-half of 1 per cent. 798 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SURVEY OF CONSUMER FINANCES by the top tenth of holders at the beginning of Also, there were substantial changes in the liquid 1946. Also, in both years nearly 40 per cent of asset holdings of many individual spending units. all spending units held none, or small amounts, Thus the unchanged distribution of liquid assets of the liquid assets reported. Table 16 at the end by income ranking reflects numerous offsetting of this article shows that there was a general up- changes in both income and liquid asset holdings. ward shifting of the amounts of liquid assets held In general, the share of liquid assets held by by the individual spending units in each segment, spending units increased with the size of their except the lowest 40 per cent. incomes. And, as has been pointed out earlier in Perhaps a more significant way of analyzing the this article, the percentage of spending units holding distribution of liquid assets from the standpoint of liquid assets increased with income. Nevertheless, their possible use for consumption or investment many spending units with relatively high incomes purposes is to rank spending units by the size of held no liquid assets and a sizable number of spendtheir incomes and determine the relative propor- ing units with low incomes held substantial amounts tion of liquid assets held at the upper and lower of liquid assets. ends of the income scale. The results of this pro- The 30 per cent of spending units with the cedure, shown in Table 10 and also in the accom- largest incomes in 1946 held a little over 60 per panying chart for 1947 only, indicate that the top 10 cent of total liquid assets in early 1947. The bottom 50 per cent of income receivers, as shown in the TOTAL LIQUID ASSETS chart, held almost 25 per cent of the total amount PROPORTION HELD BY EACH TENTH of liquid assets owned by the nation's spending OF THE NATION'S SPENDING UNITS RANKED BY INCOME units. Another combination indicates that the 50 per cent of the spending units with annual incomes (RANKED BY INCOME) <BY EACH TENTH OF ALL SPENDING UNITS! (OF EACH TENTH) of between $2,000 and $5,000 in 1946 received | 4.850 AND OVER slightly more than half of the total income of all SECOND TENTH — $ 3,750 -• 4,850 units and held close to half of the liquid assets reported. THIRD TENTH HEDB t 3, 100 -| 3,750 Liquid asset holdings of the 50 per cent of the FOURTH TENTH H QH $ 2.700-f 3,100 spending units with the lowest incomes, that is, less FIFTH TENTH H ES | 2,300-12.700 than $2,300 in 1946, may approximate 30 billion SIXTH TENTH J EH f 2,000 -| 2,300 dollars. This is no doubt much larger than holdings of this group in prewar years, when total SEVENTH TENTH BTJ • 1,500 -| 2.000 liquid assets amounted to little over 50 billion dol- EIGHTH TENTH IHW • 1.150 -| 1,500 lars and were probably much more largely con- NINTH TENTH |3i $ 700-| 1.150 centrated at the upper end of the income scale than is now the case. Present holdings, although con- LOWEST TENTH UNDER # 700 sidered as permanent reserves by most holders, rep- 20 resent a sizable sum available for living expenses, PERCENT emergencies, and other consumption purposes, the NOTE.—Each tenth represents approximately 4.6 million spending units. Total liquid assets include U. S. Government primary uses for which a substantial number of bonds, checking accounts, and savings accounts as reported by spending units in January-March 1947. spending units at the lower end of the income scale reduced their liquid assets in 1946. The liquid per cent of spending units, ranked according to in- assets held by the top 10 per cent of income receivcome, held roughly 40 per cent of total liquid assets ers (including spending units with incomes of at the beginning of this year. The same proportion almost $5,000 or more) amounted to roughly 50 of total assets was held a year earlier by the group billion dollars at the beginning of 1947. Persons containing the 10 per cent of spending units having with high incomes who reduced their liquid asset the highest incomes at that time. Many spending holdings in 1946 converted them primarily into units that were in the top tenth of income receivers investments or housing. in 1945 fell into lower tenths in 1946; conver- The relative concentration of liquid asset holdsely, many spending units that were in lower ings when units are ranked by size of holdings ranks in 1945 were in the top tenth in 1946. is identical whether the population is distributed JULY 1947 799 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SURVEY OF CONSUMER FINANCES among spending units or family units. Family well be expected to have more accumulated wealth units of course hold somewhat larger average in liquid forms. amounts of liquid assets than spending units, but A comparison of the size of liquid asset holdings the relative distribution of these holdings among according to the relative age of the head of the units of either type is the same. spending unit reveals that spending units with the Supplementary Tables 17 and 18 indicate for youngest members as heads of the units had the family units the size of liquid asset holdings by smallest accumulations of liquid assets as of early income groups and the proportion of liquid assets 1947. About a third of the youngest group (aged held by the various income groups. 18-24) had no assets, and few had large holdings of assets. As Table 11 shows, the largest amounts CHARACTERISTICS OF LIQUID ASSET HOLDERS were held by the group between 45 and 64 years There are significant differences among occupa- old. Among those over 65, there was a sizable tional groups in the amounts of liquid assets held, group without liquid assets as well as a considerable as indicated by Table 11. Professional and busi- number with substantial holdings. ness people held relatively large amounts, on the Although in many respects differences in the average, and few spending units in these groups size of liquid asset holdings, when spending units had no liquid assets. Clerical and sales personnel are grouped by occupation, age, and other factors, had moderate amounts of assets—the majority hold- appear to be closely associated with income, not ing less than $1,000—and there were relatively few all the differences in the size of these holdings can spending units in this category that held either be attributed to income. The influences of factors very large amounts or no liquid assets. Among other than income on liquid asset holdings of skilled and unskilled workers, and especially individual spending units can be analyzed by comamong unskilled workers, there was a sizable paring the characteristics of "large," "medium," group that held no liquid assets, and the posses- and "small" holders within the same income groups. sion of large amounts was quite uncommon. Dif- "Large holders" were defined to include the top ferences among occupational groups in the size 25 per cent of asset holders of spending units in of liquid asset holdings appear to correspond quite each income group, "small holders" the bottom closely to differences in the size of incomes. Most 25 per cent, and "medium holders" the middle professional people and self-employed businessmen 50 per cent. "Large holders" are thus units whose and managerial groups have higher incomes than holdings are large for their income, not large in the skilled and unskilled workers, and therefore may absolute sense. TABLE 11 DISTRIBUTION OF SPENDING UNITS WITHIN DIFFERENT OCCUPATIONAL AND AGE GROUPS, BY AMOUNT OF LIQUID ASSET HOLDINGS, EARLY 1947 [Per cent] Occupational group of head of spending unit Age of head of spending unit Amounts of total liquid assets held1 P s r i o o f n e a s l - M e a m a n n d p a l g o se e y l r e f i d - al p a C e n r d l s e o r s i n a c n l a e e l s l an S sk d k i i l l s l l e e e d m d i- sk U il n le - d t R ir e e - d 18-24 25-34 35-44 45-64 65 o v a e n r d None 6 10 12 22 48 40 32 24 23 20 32 $l-$499 20 18 31 30 28 18 41 33 23 22 22 $500-$l,999 31 31 32 29 18 15 22 27 29 26 22 $2,000-$4,999 19 19 16 12 5 11 4 11 15 16 11 $5,000 and over 19 16 6 4 (2) 11 0 3 7 12 9 Not ascertained 5 6 3 3 5 1 2 3 4 4 All units . 100 100 100 100 100 100 100 100 100 100 100 Median asset holdings $1,300 $1,250 $600 $400 $50 (3) (3) (3) (3) (s) (3) 1 Includes all U. S. Government bonds, savings accounts, and checking accounts 2 Less than one-half of 1 per cent. 3 Not computed. 800 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SURVEY OF CONSUMER FINANCES The various characteristics of large, medium, Tables 13 through 18 contain supplementary inand small holders are shown in Table 12 and are formation relating to results presented in the text. similar to characteristics ascertained in last year's survey. Skilled and semi-skilled workers, when TABLE 13 SHARE OF TOTAL MONEY INCOME RECEIVED BY EACH TENTH TABLE 12 OF THE NATION'S SPENDING UNITS, WHEN RANKED BY SIZE OF INCOME, 1946 AND 1945 x CHARACTERISTICS OF LARGE, MEDIUM, AND SMALL HOLDERS OF LIQUID ASSETS WITH INCOME HELD CONSTANT1 Percentage of total money Amount of income received before taxes: income of [Percentage distribution of spending units within group] Spending units smallest in- All Medi- Small t r o a n s k i e z d e o a f c c i o n r c d o i m ng e By each tenth Cumulative com in e g r r e o c u e p iver Group of spending units spend- Large um holding hold- hold- ers 2 1946 1945 1946 1945 1946 1945 units ers 2 ers 2 Highest tenth 32 29 32 29 $4,850 $4,450 By age of head of unit: Second 15 16 47 45 3,750 3,500 18-24 100 14 61 25 Third 12 13 58 58 3,100 2,950 25-34 100 19 50 31 Fourth 10 11 69 69 2,700 2,450 f 3 4 6 5 5 5 - - a 4 6 n 4 4 d over 1 1 1 0 0 0 0 0 0 2 3 3 1 0 8 5 4 4 1 9 3 2 2 1 8 1 9 F S S i i e f x v t t h e h nth 9 6 7 9 6 7 8 9 7 1 5 8 8 9 7 1 5 8 2 2 1 , , , 3 5 0 0 0 0 0 0 0 2 1 1 , , , 3 0 7 5 0 5 0 0 0 Eighth 5 5 95 96 1,150 1,000 By occupational grouping of head of Ninth 3 3 99 99 700 550 unit: Lowest tenth 1 1 100 100 0 0 Professional or clerical and sales. 100 26 58 16 Managerial or self-employed.... 100 29 49 22 Skilled, semi-skilled, or unskilled 100 18 51 31 1 The 1945 income data are based on interviews in January-March Retired 100 38 40 22 1946 (first survey); the 1946 income data on interviews in January- March 1947 (second survey). It is possible that the proportion of By education of head of unit: income received by the highest tenth of income receivers is under- Grammar school 100 24 46 30 estimated by several percentage points in both years. A sample High school 100 23 54 23 of approximately 3,000 spending units having been used in both College 100 32 52 16 surveys, it cannot be expected that a completely representative sample of the highest dollar incomes was obtained. By M ty e p tr e o p o o f li c t o a m n m a u re n a it s y 3 : 100 26 50 24 bec N a O u T se E . o — f D ro e u ta n i d le in d g. figures may not add to cumulative figures Other cities of more than 50,000 100 19 52 29 Towns of 2,500 to 50,000 population 100 25 51 24 Towns of under 2,500 population. 100 26 49 25 Open country 100 29 48 23 By veteran status: Veteran of World War II in unit. 100 22 52 26 No veteran of World War II in unit 100 26 49 25 TABLE 14 1 For comparable data in the 1946 survey, see July 1946 Federal DISTRIBUTION OF SPENDING UNITS, MONEY INCOME RE- Re 2 s T er h v e e o B ne U - L fo L u E r T t I h N , i n T e a a b c l h e i 8 n , c o p m . 7 e 2 g 1 r . oup with the largest liquid asset CEIVED, AND LIQUID ASSETS, BY INCOME GROUPS, 1946 holdings were considered "large holders." The one-fourth in each AND 1945 x income group with the smallest holdings, many of whom had no assets, were considered "small holders." "Medium holders" were the middle 50 per cent in each income group. 1946 1945 3 The 12 largest cities in the nation and their suburbs. Annual money c d o if m fe p re a n re t d o w cc it u h p at p io eo n p s, l e ha o d f s c i o m n i s l i a d r e ra in b c ly o m s e m s al b le u r t bef i o n r c e o m ta e xes S u p i n e n i n g t d s - c c e o I r i n e m v - - e e d L a h s i e q s l e u d t i 2 s d S u p i n e n i n g t d s - c c e o r I i e n m v - - e e d L a h s i e q s l e u d t i * s d amounts of liquid assets. Spending units with the Under $1,000 17 3 5 20 5 7 oldest heads (aged 65 and over) had larger asset $l,000-$l,999 23 12 11 27 16 14 $2,000-$2,999 25 21 17 23 23 17 holdings than others at the same income levels. $3,000-$3,999 17 20 16 15 20 16 $4,000-$4,999 8 13 12 7 12 10 People with college educations tended to be large $5,OOO-$7,499 6 11 13 5 11 13 asset holders in their income groups while those $7,500 and over 4 20 26 3 13 23 with only a grammar school education tended to All income groups.. 100 100 100 100 100 100 be small holders. Spending units from open- 1 Covers 1946 and 1945 money income before taxes and liquid country areas were more often large holders than assets held in early 1947 and early 1946. The 1945 income data and early 1946 liquid assets data are based on interviews in Janwere units in other types of community. In addi- uary-March 1946 (first survey), and the 1946 income data and tion, relatively more nonveterans than veterans of early 1947 liquid assets data on interviews in January-March 1947 (second survey). World War II were large holders. 2 Early 1947. s Early 1946. 801 JULY 1947 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SURVEY OF CONSUMER FINANCES TABLE 15 TABLE 17 MEDIAN AMOUNTS OF MONEY INCOME AND LIQUID ASSETS OF LIQUID ASSET HOLDINGS OF FAMILY UNITS IN EARLY 1947 SPENDING UNITS, BY INCOME GROUPS, 1946 BY INCOME GROUPS Median Percentage distribution of family units Median holdings within income group Annu b a e l f m or o e n e ta y x i e n s come (In M i nc d e o d o m i ll a a e n rs) (in h o l a d i l q s d o s u i l e n i l d t a g r s s)1 as c in e c a n o o t f a m p g e e e r- Am as o s u e n ts t o h f e l l d iq x uid i g n r c A o o u l m l ps e $ U 1 n ,0 d 0 e 0 r $ $ 1 2 , , 0 9 0 9 0 9 - $ $ 3 4 , , 0 9 0 9 0 9 - $5 o a , v n 0 e d 0 r 0- Under $1,000. $ 600 $ o 0 $l,000-$l,999. 1,450 40 2 None 23 54 28 10 1 $2,000-$2,999 2,400 480 20 $l-$499 25 25 31 23 10 $3,000-$3,999.. 3,350 900 27 $500-$ 1,999 26 14 28 34 24 $4,000-$4,999.. 4,400 1,400 32 $2,000-$4,999. . . 17 6 9 26 30 $5,OOO-$7,499..... 5,500 2,750 50 $5,000 and over.. 9 1 4 7 35 $7,500 and over. 10,250 7,250 71 All income groups 2,300 470 20 All units 100 100 100 100 100 1 Includes holdings of all U. S. Government bonds, savings ac- che 1 c I k n i c n l g u d a e c s c o a u ll n t U s. . S. Government bonds, savings accounts, and counts, and checking accounts as of early 1947. Excludes currency holdings. TABLE 18 TABLE 16 DISTRIBUTION OF FAMILY UNITS, MONEY INCOME RECEIVED, SHARE OF TOTAL LIQUID ASSETS HELD BY EACH TENTH OF AND LIQUID ASSETS, BY INCOME GROUPS, 1946 AND 1945 a THE NATION'S SPENDING UNITS WHEN RANKED BY SIZE OF ASSET HOLDINGS, EARLY 1947 AND 1946 [Per cent] 1946 1945 Percentage of total Amount of liquid assets held: liquid assets Annual money r t o a o S f n p t k l e h i e n e q d d i u r i i a n d h c g o c a o l u s d r s n i d e n i i t t g n s s s 1 g B t y e n e t a h ch Cumulative i s h n h m e o l g a d l r l d l o e e b u r s y p t bef i o n r c e o m ta e xes F u a i n l m y its - c c e o I r i e n m v - - e e d L a h s i e q s l e u d t i 2 s d F u i a n l m y its - c c e o I r i e n m v - - e e d L a h s i e q s l u e d t i s s d 1947 1946 1947 1946 1947 1946 Under $1,000 15 2 4 18 3 5 $l,000-$l,999 20 9 9 22 11 9 F F T H S i e o h i f c g u i t o h r h r d n t e h . d st tenth. .... 6 1 1 0 6 4 0 7 6 1 1 0 6 4 0 7 9 9 6 8 7 3 7 0 7 7 8 9 9 6 7 7 3 7 0 7 $ 2 4 1 , , , 1 3 2 8 4 0 5 5 0 5 0 0 0 0 0 $3 1 1 , , , 8 1 4 6 4 0 0 0 5 0 0 0 0 0 0 $ $ $ $ $ 2 7 3 4 5 , , , , , O 5 0 0 0 0 O 0 0 0 0 0 0 0 O - - - a - $ $ $ $ n 3 4 7 2 , , , d , 9 9 4 9 9 9 9 o 9 9 9 9 v 9 er 2 1 1 9 6 2 8 0 2 1 1 1 1 3 9 7 4 6 2 1 1 1 1 8 5 5 3 6 2 1 9 2 8 4 7 2 1 1 1 1 1 9 4 6 6 2 1 1 1 1 6 4 7 5 4 S S i e x v t e h nth 2 1 2 1 1 9 0 9 0 1 9 0 9 0 25 5 0 0 20 5 0 0 All income groups.. 100 100 100 100 100 100 Eighth (2) (2) 100 100 0 0 L N o i w nt e h st tenth. .... 0 0 0 0 1 1 0 0 0 0 1 1 0 0 0 0 0 0 0 0 ass 1 e C ts o v he e l r d s i 1 n 9 4 e 6 a r a ly n d 1 9 1 4 9 7 4 5 a n m d o e n ar e l y y i 1 n 9 c 4 o 6 m . e T be h f e o r 1 e 9 4 ta 5 x i e n s c o a m nd e l d iq a u ta id and early 1946 liquid assets data are based on interviews in Jan- 1 Includes all U. S. Government bonds, savings accounts, and e u a a r r l y y - M 19 a 4 rc 7 h l iq 1 u 9 i 4 d 6 a ( s fi s r e s t t s s d u a rv ta e y o ), n a i n n d t e t r h v e ie w 19 s 46 in i n J c a o n m u e a r d y a - t M a a ar n c d h ch 2 e c L k e i s n s g th a a c n c o o u n n e t - s h . alf of 1 per cent. 1947 (second survey). " Early 1947. 3 Early 1946. 802 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE STRUCTURE OF INTEREST RATES ON BUSINESS LOANS AT MEMBER BANKS1 by Richard Youngdahl Throughout the banking system, the structure mitted detailed information on about 100,000 indiof interest rates on business loans currently con- vidual loans. The sample of loans included about forms to a remarkably standard pattern. Although one-sixth of the estimated total number of loans average rates for different sections of the country outstanding at member banks on the date of the and for broad types of loans show substantial vari- survey. ations, borrowers of like characteristics pay approxi- SUMMARY mately comparable rates for a given amount and Major features of the current structure of interest type of loan at banks of varying sizes in large and rates on business loans, as shown by the survey small centers. Of the various factors making for data, are: differences in rates, the most important appears to (1) The bulk of the loans in dollar amounts bore be size of loan. Size of borrower, however, is rates of 3 per cent or less. The average rate on another strategic factor in rate differentials. Beall loans was 2.9 per cent. sides these major factors of rate variation, some (2) Rates varied from less than 1 to more than differences are evidently attributable to charac- 13 per cent. Six per cent was the rate most freteristics such as security and maturity of the loan, quently charged, and the median—that is, the midindustry of the borrower, corporate status and age of dle—rate was 5 per cent. the concern, size of the bank, and geographical (3) Characteristics of loans accounted for siginfluences, but these differences are generally narnificant variation in rates charged business custorow. The attainment of a relatively consistent mers. Thus, rates were considerably higher on structure of interest rates on business loans for the small loans than on large loans, even to borrowers banking system as a whole is evidence of the present of the same size. Rate differentials were also nation-wide character of the business credit market shown by type of security pledged on loans. Shortserved by banks. term loans carried slightly lower rates than long- Information on interest rates on member bank term loans. loans to businesses has become available through (4) Rates also varied according to the characthe recent Federal Reserve System survey of such teristics of the borrower. Although a large part of loans outstanding on November 20, 1946. Almost the differences in over-all averages for various broad 2,000 member banks, including banks in all regions types of loans seems to reflect variations in size strucand size classes, participated in the survey and subture, there are significant differences among loans 1 The present article is the fourth in a series covering the of the same size. Large concerns generally paid results of the nation-wide sample survey of business loans outstanding at member banks as of Nov. 20, 1946. The three lower rates than did small companies for a given previous articles were "Business Loans of Member Banks," by amount of credit. Borrowers in certain industries Albert R. Koch, Federal Reserve BULLETIN, March 1947, "Term Lending to Business by Commercial Banks in 1946," paid higher rates than did borrowers in other lines. by Duncan McC. Holthausen, Federal Reserve BULLETIN, May 1947, and "Security Pledged on Member Bank Loans to Unincorporated businesses were charged higher Business," by Tynan Smith, Federal Reserve BULLETIN, June 1947. An article on loans to small businesses will appear in a rates than were incorporated concerns. New enterforthcoming issue of the BULLETIN. The survey of bank loans to industrial and commercial busi- prises paid more for bank credit than did longnesses, on which this article is based, was planned by the established concerns. Board's Division of Research and Statistics in consultation with the Board's Divisions of Bank Operations and of Examina- (5) Differences in the characteristics and locations, the Federal Reserve Banks, and other interested agencies. The information was collected and compiled into district totals tion of banks were reflected in very moderate rate at the Reserve Banks and national totals were prepared at the Board's offices. differentials. Rates on like loans varied only slightly Supervision of the survey, analysis of results, and preparation of articles are under the general direction of Ralph A. among banks of different sizes in large and small Young, Assistant Director of the Division of Research and centers. Rates on comparable loans were only Statistics. Richard Youngdahl, of the Division, has been largely responsible for the supervision of the collection and slightly higher in the West and Southwest than in tabulation of information. JULY 1947 803 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE STRUCTURE OF INTEREST RATES ON BUSINESS LOANS AT MEMBER BANKS other sections of the country, although average of 4 per cent or higher. Less than 5 of every 100 rates for all loans showed pronounced differences. loans were made at rates of under 2 per cent. (6) The average level of rates was lower at the Loans at such low rates are commonly of conend of 1946 than in early war and prewar years, siderable size, however, and the total dollar thus continuing a downward tendency dating from amounts outstanding at low interest levels are corthe early thirties. respondingly large. About one-third of the total The detailed description of the structure of in- dollar amount of member bank loans to businesses terest rates charged on business loans at member outstanding in November 1946 were at rates of banks near the end of 1946, which supports the under 2 per cent. In contrast, loans at 6 per cent, foregoing summary, is presented in the following which individually averaged only about" $3,000 in pages. The analysis sets forth the results of various size, accounted for less than 5 per cent of the tests made for the purpose of determining the dollar volume. Thus although the median rate— effects of common borrower and loan characteristics that is, the middle rate in terms of number of loans on the existing structure of rates. The figures on —was 5 per cent, the average rate paid on all busithe amount and number of business loans at various ness loans at member banks was 2.9 per cent.3 interest rates and average interest rates for particu- The range of such rates was from less than 1 per lar groups of loans are estimates based on the cent to more than 13 per cent per annum. . sample of loans included in the survey. Wide dispersion in loan rates charged business customers at member banks is a result of inter- LOANS OUTSTANDING AT VARIOUS INTEREST RATES action of many factors in the bank credit market. About 30 of every 100 member bank loans to The interest rate charged an individual business is businesses on November 20, 1946 were made at an usually determined in personal negotiation between interest rate of 6 per cent, as is shown in Table I.2 bank and borrower. It reflects such attributes as the Rates of 5 and 4 per cent were also frequently borrower's size and general credit standing, his charged, and 88 of every 100 loans were at rates access to alternative credit sources, the size and maturity of the loan, the character of the borrower's TABLE 1 business, the value to the bank of his deposit ac- DISTRIBUTION OF MEMBER BANK BUSINESS LOANS, count and of other business relationships, and the NOVEMBER 20, 1946, BY INTEREST RATE1 [Estimates of outstanding loans] nature of the security, if any, to be pledged. Certain other factors not related directly to the bor- Amount Number Percentage Average Interest rate of loans of loans distribution size of rower or the loan but rather to the lending bank (Per cent (In (In loan (In or perhaps the banking structure can also be shown per annum) millions) thou- thousands) Amount Number sands) to have some effect on interest rates charged for bank business loans. These are the size of the Less than 1.0.... $ 53 0.3 0.4 $214 1.0 146 0.9 1.1 0.1 154 lending bank, the size of the center in which the 1.1-1.9 4,261 12.0 32.2 1.8 354 2 0 1,294 9.4 9.8 1.4 138 bank is located, and the area of the country where 2.1-2.9 1,482 13.7 11.2 2.0 108 the loan was made. 3.0 1,287 34.8 9.7 5.2 37 3 1-3 9 542 13.2 4.1 2.0 41 4.0 1,836 117.2 13.9 17.5 16 DIFFERENCES IN RATES PAID BY LARGE AND SMALL 4.1-4.9 447 26.6 3.4 4.0 17 5.0 1,054 141.1 8.0 21.1 7 BORROWERS 5.1-5.9 46 3.6 0.3 0.5 13 6.0-6.9 634 199.7 4.8 29.8 3 Large business concerns, which usually have 7.0-7.9 25 14.7 0.2 2.2 2 widely established credit and borrow large amounts, 8.0-8.9 50 29.1 0.4 4.3 2 9.0-9.9 7 2.0 0.1 0.3 4 obtain most of their loans at rates considerably 10.0-10.9 26 18.4 0.2 2.8 1 below those most frequently paid by small and 11.0-11.9 1 1.2 0.2 1 12.0-12.9 26 29.2 0.2 4.4 t medium-size establishments. Near the end of 13.0 and over... . 5 2.7 0.4 2 1946 most bank loans to very large companies All rates.... 13,222 669.6 100.0 100.0 20 2 Almost all of the loans shown in Tables 1, 2, and 4 as at 1 Excludes a small amount of loans for which the interest rate rates of 6.0-6.9 per cent were at 6.0 per cent. was not reported. 2 Less than 0.05 per cent. 3 Average interest rates used in this article were computed NOTE.—Detailed figures may not add to totals because of by weighting each interest rate, recorded in tenths of 1 per rounding. cent, by the dollar volume of loans outstanding at that rate. 804 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE STRUCTURE OF INTEREST RATES ON BUSINESS LOANS AT MEMBER BANKS —those with total assets of 5 million dollars or most common rate paid ranged from 1.75 per more—were at rates between 1 and 2 per cent, cent for the largest borrowers to 4 per cent for as is shown in Table 2 and Chart I. Less than moderately large and medium-size concerns and 15 per cent of the number of loans to such busi- to 5 per cent for small companies with assets of nesses were at rates of 3 per cent or more. As the from $50,000 to $250,000. The rate most fresize of the borrower declined rates at which the quently charged very small businesses—those with bulk of bank loans were placed increased. The assets of less than $50,000—was 6 per cent. Many TABLE 2 DISTRIBUTION OF MEMBER BANK BUSINESS LOANS, NOVEMBER 20, 1946, BY INTEREST RATE AND SIZE OF BORROWER [Estimates of outstanding loans] Size of borrower Size of borrower (Total assets, in thousands of dollars) (Total assets, in thousands of dollars) Interest rate (Per cent per annum) Under 50- 250- 750- 5,000 Under 50- 250- 750- 5.000 50 250 750 5,000 and over 50 250 750 5,000 and over Amount of loans, in millions Number of loans, in thousands Less than 1.0 $ 1 $ 2 $ 6 $ 44 0) 0) 0.1 1.0 $ 2 5 21 24 94 0.1 0.2 0.2 0.2 0.3 1.1-1.9 5 32 105 540 3,534 0.3 1.3 1.2 3.1 6.0 2 0 11 53 79 297 838 1.6 2.6 1.3 2.0 1.6 2 1-? 9 18 102 126 380 841 2.6 4.1 2.5 2.7 1.6 3.0 . . 62 253 301 425 233 11.4 12.6 6.1 3.4 0.7 3.1-3.9 21 106 119 177 113 3.4 5.2 2.8 1.5 0.1 4.0 252 671 387 369 135 60.2 40.5 10.2 4.2 0.5 4.1-4.9 73 199 102 57 11 11.7 10.7 2.9 0.7 0.1 5 0 309 483 145 94 10 86.9 45.4 5.3 1.6 0.1 5 1-5 9 8 9 18 12 2.9 0.6 0.1 0) 6.0-6.9 333 229 46 17 2 161.3 32.5 3.1 0.4 0) 7.0-7.9 18 6 0) 13.6 1.0 0) H) 9 8 1 0 0 0 . - - 0 9 8 -1 9 9 0.9 3 2 8 0 4 2 3 7 0 3 1 ) 0) 0)' 2 1 6 6 1 . . . 0 6 6 0 1 1 . . . 3 1 7 0.1 0) I C (* 1 1) ) ) (l) 0.1 11.0-11.9 1 0) 1.2 C1) 12 0-12 9 23 2 0) 0) 27.7 1.0 0.1 0) 13.0 and over 3 0) 1 2.4 0.2 0.1 All rates 1,201 2,165 1,456 2,397 5,855 431.6 160.9 36.0 20.0 11.2 Percentage distribution Less than 1.0 0. 1 0.1 0.3 0.7 0.1 0.5 0.4 1.0 . .. 0.2 0.2 1.4 1.0 1.6 0.1 0.4 1.1 2.7 1.1-1 9 0.4 1 .5 7.2 22.5 60.4 0.1 0.8 3.4 15.4 53.3 2.0 0.9 2.5 5.5 12.4 14.3 0.4 1.6 3.6 9.9 14.5 2 1-2 9 1 .5 4.7 8.6 15.8 14.4 0.6 2.5 6.9 13.4 14.5 3.0 5 2 11.7 20.7 17.7 4.0 2.7 7.8 16.8 16.8 6.4 3 1-3 9 1.8 4.9 8.2 7.4 1.9 0.8 3.2 7.8 7.4 1.2 4.0. 21.0 30.9 26.5 15.4 2.3 14.0 25.2 28.4 21.1 4.4 4.1-4.9 6.1 9.2 7.0 2.4 0.2 2.7 6.7 7.9 3.3 1 .2 5.0 . . 25.8 22.3 10.0 3.9 0.2 20.1 28.2 14.8 8.2 1.3 5.1-5.9 0.6 0.4 1.2 0.5 0.7 0.4 0.3 0.2 6.0-6 9 27.7 10.6 3.2 0.7 37.4 20.2 8.6 2.2 0.2 7.0-7.9 1 .5 0.3 3.1 0.6 0.1 0.1 9 8 . . 0 0- - 8 9 9 9 0 3 . . 3 1 " 0 0 . . 1 3 0 0 . . 1 2 (? 0 6 . . 4 0 0 1 . . 2 1 0 0 . . 1 3 0 0 . . 1 2 0. i 10.0-10.9 1 .7 0.2 3.8 0.7 0.2 0.1 11.0-11.9 0.1 C2) 0.3 12.0-12.9 1 .9 0.1 C2) C2) 6.4 0.6 0.2 6.2 13 0 and over 0.2 0.1 0.6 0.1 0.1 All rates 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 1 Less than $500,000 or 500 loans. * Less than 0.05 per cent. NOTE.—Detailed figures may not add to totals because of rounding. JULY 1947 805 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE STRUCTURE OF INTEREST RATES ON BUSINESS LOANS AT MEMBER BANKS loans to small businesses, however, were at rates On all business loans the median rate, that is comparable to those frequently charged on loans the rate charged on the middle loan when loans to large concerns. In number, almost 20 per cent are arranged in order of interest rate, was 5 per of member bank loans to businesses with total as- cent. The median rate was 6 per cent for loans to sets of less than $50,000, and over 40 per cent of very small businesses and it declined throughout CHART! DISTRIBUTION OF BUSINESS LOANS, BY INTEREST RATE AND BY SIZE OF BORROWER. NOVEMBER 20.1946 AMOUNT OF LOANS NUMBER OF LOANS SIZE OF BORROWER (TOTAL ASSETS) fSMOO #IMM0 1750,000 •"Of00 I™*-000 15,000,000 PERCENTAGE OF 1250,000 #750,000 $ 5,000,000 i£ j 5,000,000 AWP 0V" TOTAU M>AN5 • loans to concerns with assets of from $50,000 to the range of business size to 1.8 per cent on loans $250,000, were at rates of 4 per cent or less. to very large companies. The average rate paid on Loans at these rates were commonly larger than the the total amount of business loans was 2.9 per cent average of all loans to small concerns. and this measure varied by size of borrower from Distribution of the dollar amount of business 5.2 to 1.9 per cent. loans shows a greater concentration at the lower Differences in rates on large and small loans. For rates than is shown for number of loans. This broad size groups of loans, the market appears to is true for loans to all sizes of borrowers and have established a corresponding pattern of interest reflects a general tendency for rates to decline as rates, declining as size of loan increases. This size of loan increases. Sixty per cent of the dollar pattern is reflected by the average interest rates for volume of loans to very large companies were outvarious loan size groups, presented in Table 3 and standing at rates between 1 and 2 per cent, as is Chart II. As is shown in the left-hand column of indicated in Table 2. Over 95 per cent of the the table and in the chart, average rates on all amount of bank credit extended to the largest member bank business loans declined without inconcerns, and almost 70 per cent of the amount of terruption as size of loan increased, from over 7 loans to enterprises in the next largest business size group, were at rates of 3 per cent or less. In per cent on amounts of less than $500 to 2 per cent contrast, medium-size businesses obtained less than on amounts of 1 million dollars or more.4 In part half of the amount of their bank credit at rates of 4 It should be noted that the size-of-loan classification has 3 per cent or below, while smaller companies were necessarily been made in accordance with the amount outstanding as of Nov. 20, 1946. Thus loans which have been charged such rates for less than one-fifth of the reduced by repayment are grouped with loans of smaller origiamount of their bank loans. nal amount. This factor probably results in some understatement of the differences between rates on large and small loans. 806 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE STRUCTURE OF INTEREST RATES ON BUSINESS LOANS AT MEMBER BANKS this relationship reflected differences in rates asso- average rates than did small companies. For each ciated with size of borrower since there was a close size of loan the rate declined without exception correspondence between business size and loan size. as size of borrower increased. In part this may The inverse relationship between size of loan and reflect the fact that loans are classified by size as interest rate, however, tended also to hold for loans of the survey date rather than as of the date the to each size of borrower. Companies of all sizes credit was extended and that some shift of loans CHARTn from large to small has occurred as a result of pay- AVERAGE INTEREST RATE ON BUSINESS LOANS, downs. The practice of instalment repayment, BY SIZE OF LOAN, NOVEMBER 20. 1946 however, is at least as common with small as with SIZE OF LOAN INTEREST RATE (PER CENT PER ANNUM) I 2 3 4 5 6 TABLK 3 LESS THAN $500 AVERAGE INTEREST RATES ON MEMBER BANK BUSINESS LOANS, 1500-| 999 NOVEMBER 20, 1946, BY SIZE OE LOAN AND SIZE OE BORROWER f 1,000-14,999 Size of borrower 15,000-19,999 (Total assets, in thousands of dollars) All Size of loan bor- | 10,000-f 24,999 (In dollars) r e o r w s l - 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 $25,000-1 49,999 $ 50,000-199,999 Interest rate; per cent per annum $100,000-f 499,999 Less than 500 7.3 7.4 6.0 5.5 5.0 500-999 6.7 .6.8 5.6 5.0 4.6 2.6 1,000-4,999 5.6 5.7 5.2 4.5 4.1 2.6 $ 500,000-^ 999,999 5,000-9,999 4.9 5.0 4.7 4.3 4.0 2.6 10,000-24,999.... 4.4 4.7 4.4 4.0 3.6 2.6 $ 1,000,000 AND OVER 25,000-49,999.... 4.0 4.4 4.1 3.8 3.3 2.5 S0,000-99,999.... 3.6 4.0 3.6 3.0 2.1 100,000-499,999. . 2.7 3.8 3.4 2.7 1.9 500,000-999,999. . 2.2 3 2 2.7 1.9 1,000,000 and over . . 2.0 2.8 1.9 ALL LOANS All loans. . 2.9 5.2 4.2 3.5 2.8 1 .9 Percentage of total amount of loans commonly paid higher rates on small loans than on large loans. Exceptions are that there appears to Less than 500 2 <*> 500-999 4 1 have been no further general decline in rates asso- 1,000-4,999 4 37 4 1 ciated with loan size for loans of $100,000 or more. 5 000-9 999 4 26 9 2 C2) 10,000-24,999 8 23 28 7 1 Moreover, very large borrowers paid on an average 25,000-49,999 7 8 24 13 3 00 50,000-99,999 8 20 23 9 1 about the same rates for their relatively few loans 100,000-499,999 23 14 46 49 16 500,000-999,999 14 7 24 19 of less than $50,000 irrespective of size. 1,000,000 and over. . 31 14 64 To an important extent differences in rates paid All loans 100 100 100 100 100 100 by large and small businesses were related to dif- 1 Includes rates on a small amount of loans unclassified by size ferences in rates charged for large and small loans of borrower. and to wide disparities in the size of loans made 2 Less than 0.5 per cent. NOTE.—Percentages may not add to totals because of rounding. to companies of each size. Because large concerns rarely borrowed except in large amounts, the aver- large borrowers and it does not appear that this age rate on all their loans was close to the low factor is of primary importance. Of more signifirates charged on the largest loans. Small companies cance to the relationship between size of loan and on the other hand obviously had the largest part of rate may be the practice for large and medium-size their borrowings in loans of less than $50,000, and businesses to establish a line of bank credit upon rates on loans of this size averaged just over 5 per which they may draw by placing loans of varying cent and were largely concentrated between 4 size as required. Where a loan is a part of such an and 6 per cent. arrangement the interest rate charged probably re- Table 3 also shows, however, that large estab- flects either entirely or in part the size of the credit lishments obtained a loan of a given size at lower line rather than the amount of the individual loan. JULY 1947 807 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE STRUCTURE OF INTEREST RATES ON BUSINESS LOANS AT MEMBER BANKS Nevertheless, such arrangements are a part of the VARIATIONS IN RATES AMONG BANKS business relationship between bank and borrower, Size of bank. A rate of 6 per cent was charged and they are a part of the complex of factors that make up the business credit market. Whatever the more frequently than any other on business loans competitive factors involved it is clear that, for a at member banks, as was stated above. When loans given size of loan, large business borrowers paid a are separated according to the size of the lending lower average rate than did small businesses. bank, moreover, it is shown that this rate was widely TABLE 4 DISTRIBUTION- or MF.MBKR HANK RISTNESS LOANS, NOVEMBER 20, 1946, BY INTEREST RATE AND SIZE OE BANK [Estimates of outstanding loans] Size of bank Size of bank (Total deposits, in millions of dollars) (Total deposits, in millions of dollars) Interest rate (Per"cent per annum^ Under 2- 10- 100- 500 LTnder 2- 10- 100- 500 2 10 100 500 and over 2 10 100 500 and over - Amount of loans, Ui millions Number of loans, in thousands Less than 1.0 $ % 1 $ 2 $ 12 $ 39 0.1 0.1 0.1 1.0 3 2 46 81 17 (j) 0.1 0.4 0.3 0(.*•)1 1.1-1.0 4 224 1.182 2,850 0.2 2.7 4.9 4.2 2.0 7 124 386 776 0 5 3 1 2 9 2 8 2.1-2.9. 0) 17 150 403 912 0) 0.8 4.9 4.1 3.8 3.0 51 337 542 356 0.4 4.5 15.1 10.1 4.7 3.1-3.0. i 16 129 190 207 0.1 1.2 5.8 3.8 2.3 4.0 17 238 762 581 3 5 27 6 56 3 23 8 5 9 4.1 -4.9 . 3 51 220 119 55 0.4 5.1 13.5 5.1 2.5 5.0 25 240 531 212 46 7.3 44.2 67.0 18.3 4.2 5.1-5.9. . 3 37 3 2 0.1 0.8 1.4 0.5 0.7 6.0-6.9 29 228 281 64 31 16.4 84.7 77.0 15.1 6.4 7.0 7.9. 3 9 8 2 3 2.5 5.3 2.8 0.4 3.7 9 8 . . 0 0 - - 9 8 . . 9 9 . . . ... C1 5 ) 1 2 9 17 1 8 4 0) 1 3.4 1 0 1 . . 7 9 1 0 0 . . 8 5 0 2 . . 3 7 0 0 . . 6 1 10.0 10.9. . 1 8 10 5 1.3 5.3 8.0 2.8 1.1 1.1.0-11.9 C1) (*) 1 0) (*) 0) 0.4 0.6 0.1 0) 12.0-12.9 9 12 0.8 9.3 13.4 3.4 2.3 13.0 and over. 1 3 0) 0) 0.1 0.8 1.2 0.6 0) All rates. . 89 906 2,894 3,798 5,535 36.3 203.7 284.7 99.4 45.6 Percentage distribulion of all business loans Less than 1.0. .. 0 1 0 1 0 3 0 7 (2) (2) 0.1 0.1 1.0 C-; 0.2 1 .6 2.1 0.3 0.1 0.2 0.3 0.2 1.1-1.9. . .. 1 .0 0.4 7.7 31.1 51.5 0.1 0.1 1 .0 4.9 9.2 2.0.. 0.1 0.8 4.3 10.2 14.0 0.1 0.3 1.1 2.9 6.2 2.1-2.9. 0.2 1.9 5.2 10.6 16.5 0.1 0.4 1.7 4.1 8.4 3.0.. . . 2.3 5.6 11.6 14.3 6.4 1.0 2.2 5.3 10.2 10.2 }. 1-3.9. 0.8 1 7 4.5 5.0 3.7 0.3 0.6 2.0 3.9 5.0 4.0. . 19.0 26.2 26.3 15.3 4.3 9.7 13.6 19.8 23.9 13.0 4.1-4.9. 3.2 5.6 7.6 3.1 1.0 1.0 2.5 4.7 5.2 5.4 5.0 28.4 26.5 18.3 5.6 0.8 20.2 21.7 23.5 18.4 9.3 5.1-5.9. . 0.3 0.4 1.3 0.1 0.2 0.4 0.5 0.5 1.6 6.0 6.9. 32.8 25.2 9.7 1.7 0.6 45.2 41.6 27.1 15.2 14.0 7.0-7.9. 3.3 1.0 0.3 0.1 6.8 2.6 1.0 0.4 8.2 8.0-8.9 .... 5.9 2.1 0.6 0.2 op 9.3 5.9 3.7 2.7 1.4 9.0-9.9. ... 0.1 0.2 0.1 0.4 0.3 0.3 0.3 10.0-10.9. 1.4 0.9 0.4 0.1 3.4 2.6 2.8 2.8 2.4 11.0-1.1.0. eo 0.1 0.2 0.2 0.1 1 13 2 . . 0 0 - a 1 n 2 d . 9. over. 0 0. . 1 9 0 1 0 1 0 0 . . 4 1 0.1 09 0 2 . . 2 3 4 0. . 4 6 0 4 . . 4 7 0 3 . . 7 4 0 5 . . 1 0 All rates 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 1 Less than $500,000 or 500 loans. 2 Less than 0.05 per cent. NOTE.—Detailed figures may not add to totals because of rounding. 808 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE STRUCTURE OF INTEREST RATES ON BUSINESS LOANS AT MEMBER BANKS used by both large and small banks. Except for interest terms for the loan business of large establishbanks with total deposits of from 100 million to ments, and the aver ige rate charged such borrowers 500 million dollars, in fact, 6 per cent was more was 1.9 per cent at these banks as well as at larger commonly charged than any other rate. Table 4 banks. shows, however, that the dispersion of the number TABLE 5 of business loans by interest rate was much broader AVERAGE INTEREST RATES ON MEMBER BANK BUSINESS LOANS, for large banks than for small. As the size of bank NOVEMBER 20, 1946, BY SIZE OF BANK AND SIZE OF BORROWER decreased, there was increased concentration of [Per cent per annum] lending at the 6 and 5 per cent levels. Four per cent is another level at which loans tended to concen- Size of borrower (Total assets, in thousands of dollars) trate, the occurrence of this rate having been highest Size of bank All (Total deposits, in borf li o o r n ba to n k 5 s 0 w 0 it m h il t l o i t o a n l d d e o p l o la s r it s s . ra A ng t in th g e fr l o a m rg e 1 r 0 b 0 a m nk il s - millions of dollars) r e o r w s1 - Un 5 d 0 er 5 25 0 0 - 2 7 5 5 0 0 - 5 7 , 5 0 0 0 - 0 5 o a , v 0 n e 0 d r 0 2 and 3 per cent were also levels of marked loan concentration. Under 2 5.4 5.7 4.9 4.5 2.9 (2) 2-10 4.9 5.5 4.6 4.1 3.7 2.2 10-100 4.0 5.1 4.3 3.8 3.3 1.9 Over half of the amount of business loans at 100-500 2.8 4.7 4.0 3.3 2.7 1 .9 banks in the largest size group bore rates of be- 500 and over 2.1 4.6 3.6 3.1 2.5 1.9 All banks 2.9 5.2 4.2 3.5 2.8 1.9 tween 1 and 2 per cent, and at banks in the next largest group 31 per cent of the amount outstanding 1 Includes rates on a small amount of loans unclassified by size of borrower. were at these rates. At smaller banks the greatest 2 Insufficient number of loans to permit computation of an average rate. dollar volume of loans was outstanding at 4, 5, and 6 per cent. Average rates declined in order The five business size groups used for this survey from 5.2 per cent at banks with total deposits of are necessarily broad and the foregoing compariless than 2 million dollars to 2.1 per cent at banks sons may tend to overstate differences in rates with deposits of over 500 million, as is shown in charged a given size of company by various sizes of Table 5. banks inasmuch as within each business size group Sharp differences in average rates charged by the average size of borrower may be larger at the large, medium-size, and small banks reflect pri- larger banks. In order to compare rates charged by marily differences in the size and kind of their each size of bank for a more nearly homogeneous business customers and the size composition of group of loans, average rates paid by companies in their loan portfolios. Although small banks appear two of the business groups—very small and meto have charged concerns of a given size somewhat dium-size concerns—are shown by size of loan higher rates than did large banks, the rate variation in Table 6. from the largest to the smallest banks for any As indicated in the left section of the table, very given size-of-borrower group was not more than small concerns paid a lower rate for loans of less 1.4 percentage points. Companies with assets than $1,000 at small banks than borrowers of similar of less than $50,000, for example, borrowed at an size paid on similar loans at large banks. This probaverage rate of 5.7 per cent at very small member ably reflects the practice at many larger banks of banks. This rate average declined progressively as making such loans in the personal loan department size of bank increased, but even at the largest banks where rates are usually higher than in departthese companies paid an average rate of 4.6 per ments devoted entirely to business lending. For a cent. For very large borrowers the differences in given size of loan larger than $1,000, very small rates by size of bank were strikingly small. At the customers paid somewhat higher rates at small smallest banks there were not enough loans to con- banks than at large banks. The size of loan recerns with assets of 5 million dollars or more to per- quired, however, appears to have been a much more mit computation of an average rate, and even at important factor in determining the interest rate banks with deposits of from 2 to 10 million dollars paid than the size of bank at which the loan was there were less than 200 loans to such companies made. outstanding near the end of 1946. Medium-size Medium-size businesses—those with total assets banks, however, apparently competed on about even of from $250,000 to $750,000—borrowed a given JULY 1947 809 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE STRUCTURE OF INTEREST RATES ON BUSINESS LOANS AT MEMBER BANKS TABLE 6 AVERAGE INTEREST RATES ON MEMBER BANK LOANS TO VERY SMALL AND MEDIUM-SIZE CONCERNS, NOVEMBER 20, 1946 BY SIZE OF LOAN AND SIZE OF BANK [Per cent per annum] Borrowers with total assets Borrowers with total assets of less than $50,000 of $25O,OOO-$75O,OOO Size of bank Size of bank Size of loan (Total deposits, in millions of dollars) (Tota deposits, in millions of dollars) (In dollars) All All banks Un 2 der 2-10 10-100 1 5 0 0 0 0 - o a 5 v n 0 e d 0 r banks Un 2 der 2-10 10-100 5 1 0 0 0 0- o a 5 v n 0 e d 0 r Under 500 7 4 6 9 7 3 7.5 7.8 8.3 5.5 6.0 5.5 5.3 500-999 6 8 6 5 6.8 6.9 6.9 7.3 5.0 5.8 4.7 5.0 1 000-4 999 5.7 5.8 5.9 5.7 5.5 5.5 4.5 4.8 5.0 4.5 4.2 5.0 5 000-9 999 . . .... 5.0 5.2 5.3 4.9 4.7 4.0 4.3 4.3 4.6 4.3 4.0 3.9 10,000-24,999 4.7 4.8 4.9 4.7 4.3 4.0 4.0 3.9 4.3 4.0 3.9 3.4 25 000 49 999 4 4 4.5 4.6 4.3 3.8 3.8 3.9 4.0 3.7 3.2 •50 000 99 999 3.6 4.0 3.8 3.5 3.0 100 000 499 999 3.4 3.9 3.6 3.3 3.2 500 000 999 999 3.2 4.3 2.6 All loans 5.2 5.7 5.5 5.1 4.7 4.6 3.5 4.5 4.1 3.8 3.3 3.1 sum at only slightly higher rates at small banks the average rates, by size of city, on all business than at large banks. While larger banks tended to loans outstanding near the end of 1946, presented charge somewhat lower rates, in only one size-of- in the left-hand column of Table 7. More detailed data on rates by size of loan also shown in the table loan class was there a difference in average rate of indicate, however, that this relationship is due more than 1 percentage point and, since this class primarily to the greater importance in large cities of represented loans of over $500,000, this difference large loans (and large borrowers). Rates on very is doubtless to be explained by the unusual circumsmall business loans—under $5,000—at banks in stances and security relating to these credits. Comsmall centers varied from slightly below to slightly monly the differences were considerably less than above those charged at large city banks, reflecting 1 percentage point. in part the influence noted previously of loans made Size of city. The size of the city in which a loan for business purposes in personal loan departments is made appears to have only a minor effect on the at some city banks. Rates on other loans tended interest rate. Data heretofore available on business to be lower in larger cities but differences are genloan rates in large and small centers—largely aver- erally moderate except for loans of over $100,000. ages of rates paid on all sizes of loans—have indi- It is noteworthy that only loans of $100,000 or cated that rates are much lower at large cities than more in cities of more than 100,000 population had at small ones. Such a relationship is also shown by average rates of less than 2.9 per cent, the average TABLE 7 AVERAGE INTEREST RATES ON MEMBER BANK BUSINESS LOANS, NOVEMBER 20, 1946, BY SIZE OF CITY AND SIZE OF LOAN [Per cent per annum] Size of loan (In dollars) Size of city All (Population) loans Less than 500- 1,000- 5,000- 10,000- 25,000- 50,000- 100,000- 500,000- 1,000,000 500 999 4,999 9,999 24,999 49,999 99,999 499,999 999,999 and over Less than 5,000 5.1 6.8 6.5 5.8 5.3 4.9 4.5 4.3 4.0 5,000-24,999 4.8 7.3 6.6 5.6 5.1 4.7 4.3 4.4 3.9 4.2 25,000-99,999 4.1 7.5 6.7 5.6 4.9 4.5 6.5 3.8 3.1 4.0 3.9 100,000-499,999 3.1 7.5 7.0 5.5 4.6 4.2 3.9 3.5 2.8 2.3 2.1 500,000 and over 2.4 7.9 7.1 5.4 4.3 4.1 3.7 3,3 2.6 2.1 1.9 All cities 2.9 7.3 6.7 5.6 4.9 4.4 4.0 3.6 2.7 2.1 2.0 810 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE STRUCTURE OF INTEREST RATES ON BUSINESS LOANS AT MEMBER BANKS TABLE 8 AVERAGE INTEREST RATES ON MEMBER BANK BUSINESS LOANS OF SELECTED SIZES, NOVEMBER 20, 1946 BY SIZE OF CITY AND SIZE OF BANK [Per cent per annum] Loans from $500-$999 in size Loans from $10,000-$24,999 in size Size of bank Size of bank Size of city (Total deposits, in millions of dollars) (Total deposits, in millions of dollars) (Population) All All banks Un 2 der 2-10 10-100 1 5 0 0 0 0 - o a 5 v n 0 e d 0 r banks Un 2 der 2-10 10-100 1 5 0 0 0 0 - o 5 a v n 0 e d 0 r Less than 5 000 6.5 6.5 6.4 6.8 4.9 4.8 4.9 4.3 5,000-24,999 . . . 6.6 7.3 6.4 7.1 4.7 4.4 4.6 4.8 25,000-99,999 6.7 6.9 6.6 " 8'. 2 " 4.5 4.5 4.5 4.4 100,000-499 999 7 0 9.0 6.9 6.7 4.2 4.6 4.2 4.1 500,000 and over 7 1 8.7 6.3 6.5 4.1 4.7 4.2 4.1 3.7 6.7 6.5 6.7 3.7 for all business loans. Such loans accounted, how- banks were lower at both large and small banks than ever, for almost two-thirds of the dollar amount of: average rates on other loans. Differences in these all bank loans to businesses outstanding in No- averages, however, stem primarily from the fact vember 1946. that the proportion of loans made to large concerns When rates are compared for various sizes of was greater for participation loans than for nonloans made at each size of bank, differences between participation loans. Actually, at banks of all sizes large and small centers almost disappear. This is large companies paid slightly higher rates on particiillustrated in Table 8, where such a comparison is pation loans than on others, as is shown by commade for loans ranging in amount from $500 to parison of Table 9 and Table 5. Rates to medium- $1,000 and from $10,000 to $25,000. These loan size borrowers were about the same on both types groups indicate the relationship prevailing for of loans. Very small borrowers, on the other hand, small and medium-size loans and were selected appear to have obtained lower rates on the few because they permit comparison of a relatively full loans that for some reason were made through a range of cities and banks. Large loans are not participation arrangement. made in small centers or at small banks, and consequently only a partial set of rates for these loans can be computed. What comparisons of this type TABLE 9 are possible indicate that rates on loans of from AVERAGE INTEREST RATES ON MEMBER BANK PARTICIPATION $500,000 to $1,000,000 were somewhat lower in LOANS TO BUSINESS, NOVEMBER 20, 1946, BY SIZE OF BANK the largest cities and at the largest banks. Loans of AND SIZE OF BORROWER 1 million dollars or more averaged from 1.9 to 2.1 [Per cent per annum] per cent at banks and in cities where such loans were made. Size of borrower (Total assets, in thousands of dollars) A further fact revealed by the data in Table 8 is Size of bank All (Total deposits, in bort t h he a r t e w ap it p h e in ar s c i t t o ie h s a v o e f b l e es e s n t n h o a n c le 1 a 0 r- 0 c , u 00 t 0 d if p fe o r p e u n l c a e ti o in n millions of dollars) r e o r w s i - Un 5 d 0 er 2 50 5 - 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 rates charged by large and small banks for a given Under 2 4.7 5.5 4.8 (2) (2) (2) size of loan. In very large cities, however, rates 2-10 . 4.3 4.6 4.4 4.1 3.5 2.3 10-100 3.3 4.5 4.4 3.8 3.3 2.0 on medium-size loans were somewhat lower at the 100-500 2.4 (2) 4.0 3.4 2.8 2.1 largest banks. 500 and over 2.0 (2) (2) (2) 3.1 2.0 All banks 2.3 4.2 4.4 3.8 3.0 2.0 Rates on participation loans. Average rates on all business loans extended through a participation 1 Includes rates on a small number of loans unclassified by size of borrower. arrangement between two or more commercial 2 Insufficient number of loans to permit computation of an average rate. JULY 1947 811 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE STRUCTURE OF INTEREST RATES ON BUSINESS LOANS AT MEMBER BANKS RATES PAID BY DIFFERENT KINDS OF BORROWERS credit on slightly more favorable interest terms than Rates to borrowers in various industries. Marked the average retail store of comparable size. Retail differences existed in the rates paid for bank credit outlets for home furnishings and building materials, by companies in different industries, but it seems on the other hand, tended to pay slightly higher that these reflect principally variations by size of rates. borrower. Rate averages for all concerns in each Rates paid by the wholesale trade industry were industry group, presented in the left-hand column for each business size group somewhat lower than of Table 10, show that the sales finance, wholesale average, reflecting largely favorable terms obtained apparel, public utility, and manufacturing indus- by wholesalers of apparel and dry goods and to tries paid lower rates than others. Differences in some extent by dealers in food, liquor, tobacco, and industry-wide averages of rates paid tend to reflect drugs. variations in the size composition of industries and Manufacturing and mining concerns of a given may not represent actual differences in interest rates size paid rates close to the average for all businesses paid by borrowers of comparable size. When bor- of that size. Companies in the petroleum, coal, rowers are classified by size, as is indicated by the chemicals, and rubber group, however, borrowed at detailed rates in Table 10, differences in rates rates consistently above average. This may have among industries cover a very narrow range, al- been due primarily to continuation of the higher though some differences of significance may be interest charges on loans to petroleum companies noted. revealed by a previous survey in which these con- Retail trade concerns of all sizes paid rates close cerns were classified separately.5 Manufacturers of to the corresponding average for all industries. textile, apparel, and leather products, particularly While rates paid by various kinds of retail trade the small and medium-size companies, generally enterprises showed only small variations, it appears 6 See "Interest Rates at Member Banks," Federal Reserve that apparel and department stores obtained bank BULLETIN, November 1942, p. 1095. TABLE 10 AVERAGE INTEREST,RATES ON MEMBER BANK BUSINESS LOANS, NOVEMBER 20, 1946. BY BUSINESS AND SIZE OF BORROWER [Per cent per annum] Size of borrower (Total assets, in thousands of dollars) All bor- Business of borrower rowers 1 Under 50 50-250 250-750 750- 5,000 5,000 and over Retail trade, total 4.0 5.3 4.4 3.6 2.7 1.9 Food, liquor, tobacco, and drugs 4.2 5.4 4.5 3.8 3.0 1.8 Apparel, dry goods, and department stores 3.0 5.1 4.1 3.3 2.5 1.9 Home furnishings, metal products, and building materials. 4.6 5.4 4.6 3.8 3.3 2.0 Automobiles, parts, and filling stations 4.5 5.1 4.2 3.5 3.0 1.7 All other 4.3 5.4 4.4 3.7 2.7 2.2 Wholesale trade, total 2.9 4.9 4.1 3.3 2.5 1.7 Food, liquor, tobacco, and drugs 2.9 4.9 4.2 3.3 2.8 1.6 Apparel and dry goods 2.2 4.5 3.7 2.9 2.1 1 .7 Home furnishings, metal products, and building materials. 3.7 4.9 4.3 3.7 2.7 2.2 Automobiles, parts, and petroleum 3.7 5.2 4.1 4.2 3.0 2.4 All other 3.0 4.7 4.0 3.2 2.2 1.7 Manufacturing and mining, total 2.6 5.0 4.2 3.6 2.8 2.0 Food, liquor, and tobacco 2.4 4.9 4.1 3.7 2.8 1.8 Textiles, apparel, and leather 2.9 4.5 3.8 3.2 2.5 2.0 Metals and metal products 2.5 5.0 4.2 3.6 2.7 1.9 Petroleum, coal, chemicals, and rubber. 2.7 5.4 4.6 4.0 3.3 2.1 All other 3.1 5.1 4.3 3.5 2.9 2.2 Public utilities (including transportation companievs). . . 2.5 6.1 4.4 4.1 2.9 1.9 Services 4.1 1 5.2 4.3 3.7 3.5 2.6 Construction 4.2 5.5 4.5 3.8 3.0 2.5 Sales finance 1.9 3.8 3.9 3.2 2.2 1.5 All other 2 3.4 4.8 4.0 3.5 3.0 1.9 All borrowers 2.9 5.2 4.2 3.5 2.8 1.9 1 Includes rates on a small amount of loans unclassified by size of borrower. ? Includes rates on a small amount of loans unclassified by business of borrower. 812 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE STRUCTURE OF INTEREST RATES ON BUSINESS LOANS AT MEMBER BANKS paid lower rates than did other manufacturers of credit risks, to incorporate in preparation for furcomparable size. ther growth. Moreover, it is possible that the Small transportation and other public utility com- corporate form of business organization may foster panies generally borrowed at comparatively high better-than-average accounting practices and that as rates, although large firms in these industries ob- a result of more complete financial statements these tained bank credit at about average cost. Both companies may be able more fully to satisfy banks the service and construction industries paid rela- as to their credit worthiness. tively high rates. Old and new businesses. Companies established Sales finance companies of all sizes borrowed al- in 1942 or before obtained bank loans at lower most without exception at rates below those paid rates than did concerns which were organized more by any other industry. These concerns have long recently. As shown in Table 12, new small and been accorded special rate treatment at banks and this favorable position is due to the very satisfactory TABLE 12 experience of banks with such loans and, particularly in the case of the large sales finance com- MEMBER BANK LOANS TO OLD AND NEW BUSINESSES * panies, to the range of sources, both bank and non- NOVEMBER 20, 1946, BY SIZE OF BORROWER bank, from which they may obtain funds. Old businesses New businesses * * Incorporated and unincorporated businesses. Unin- Size of borrower corporated businesses paid somewhat higher rates ( i T n o t t h a o l u a s s a s n e d ts s , Percent- A in v t e e r r a e g st e Percent- A in v t e e r r a e g st e for bank loans than did corporations of comparable of dollars) a a m g o e u o n f t (Pe r r a t c e ent a a m g o e u o n f t (Pe ra r t c e ent size, as is shown in Table 11. Examination of of loans per of loans per annum) annurr) detailed figures not shown in the table reveals that these differentials prevailed throughout all industry Under 50 6.4 5.1 36.2 5.4 50-250 14.7 4.2 34.2 4.4 groups. They were particularly striking, however, 250-750 11.0 3.5 12.7 3.8 750-5,000 19.1 2.7 12.0 3.3 in retail trade and manufacturing. 5,000 and over. . . 48.8 1.9 4.9 2.5 To some extent differences in average rates paid All borrowers. 100.0 2.8 100.0 4.4 by incorporated and unincorporated concerns may reflect differences in average size of borrower 1 Old businesses are defined as those organized in 1942 or before and new businesses as those organized after 1942. within the broad business size groups used for the medium-size companies paid between 0.2 and 0.3 survey, but this is not a complete explanation. It percentage points more on their loans than did other concerns of comparable size. This differen- TABLE 11 tial prevailed for such companies in all industries. MEMBER BANK LOANS TO INCORPORATED AND UNINCORPOR- Rate differences between loans to new and old estab- ATED BUSINESSES, NOVEMBER 20, 1946, BY SIZE OF BORROWER lishments widened as size of business increased, reflecting largely the fact that new manufacturing Incorporated Unincorporated and mining companies paid an average rate almost Size of borrower Average Average 1 percentage point higher than that paid by older (Total assets, Percent- interest Percent- interest in o f t h d o o u ll s a a r n s d ) s o a a m f g l o e o u a o n n f t s (Pe r p r a e t c e r ent o a a m f g l o e o u a o n n f t s (Pe r p r a e t c e r ent c th o a n t c e th rn e s . b ul A k s o w f o th u e ld d b o e ll a e r x v p o ec lu te m d e , t o h f e lo ta a b n l s e to sh o n w ew s annum) annum) businesses was outstanding to small companies whereas most of the bank credit extended to old Under 50 2.0 4.7 29.6 5.3 50-250 9.8 4.1 35.6 4.3 concerns was to large companies. Consequently, 250-750 10.1 3.4 14.2 3.7 750-5,000 20.8 2.7 11.9 3.0 the average rate on all loans to new concerns was 5,000 and over. . . 57.3 1.9 8.7 2.2 substantially higher than that paid by all establish- All borrowers. 100.0 2.5 100.0 4.2 ments. seems evident that businesses with the corporate REGIONAL PATTERN OF INTEREST RATES form of organization are generally preferred bank Credit has historically been relatively scarce in customers. This may reflect a tendency for the the newer and less developed regions of the counmore successful concerns, and therefore the better try, and interest rates have accordingly been rela- 813 JULY 1947 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE STRUCTURE OF INTEREST RATES ON BUSINESS LOANS AT MEMBER BANKS tively high. Higher rates in these areas were due clearly lower in the northeastern areas, it was in part to the greater risks attached to enterprise shown that when comparable loans were considered there, but to a considerable degree they reflected the the spread in rates between the traditionally lowfact that the banking structure of the country was rate East and the West seldom exceeded 1.5 pernot closely knit and that accordingly there were centage points. Moreover, the survey revealed that many local money markets rather than one nation- rates in the mid-western districts ran closely with wide market. During the past several decades those in the northeastern region. several factors have worked to narrow regional Since 1942 there has been a further tendency for differences in the price of bank credit, including regional rate differentials to narrow. While for the rapid economic growth and industrialization a given type of' loan, rates in the Dallas and San of many sections of the South and West, general Francisco Federal Reserve Districts were consistently improvement of methods of communication, the above the national average, they were commonly establishment of the Federal Reserve System and much less than 1 percentage point higher, as is other financial institutions which tend to contribute shown in Table 13. Lowest rates were paid by to credit fluidity, and the extension by large banks borrowers in the New York, Richmond, and St. of their lending activities on a wide scale through- Louis Districts, and rates in the Chicago and Boston out the country. A further factor of importance in Districts were below average except those on loans recent years has been the rapid growth of deposits to the largest businesses. Customers in the Philain all regions and the expansion of bank reserves delphia, Cleveland, Atlanta, and Minneapolis Disand of bank assets that may be converted readily tricts paid rates close to the national average. In into reserves. As a result a large supply of loanable the Kansas City District small borrowers tended funds exists throughout the country. to pay somewhat higher rates than in other districts while large businesses paid rates comparable with those charged in the low-rate regions. TABLE 13 This pattern of rates also tends to prevail when AVERAGE INTEREST RATES ON MEMBER BANK BUSINESS LOANS, loans are grouped by size of bank as well as by NOVEMBER 20, 1946, BY FEDERAL RESERVE DISTRICT AND size of borrower, as is shown in Table 14. Banks SIZE OF BORROWER of virtually all sizes in the Richmond, New York, [Per cent per annum] and St. Louis Districts tended to charge borrowers Size of borrower of a given size rates somewhat below the corre- Federal b A o l r l - (Total assets, in thousands of dollars) sponding national average, and in the Boston and R di e s s t e r r ic v t e r e o r w s1 - Un 5 d 0 er 5 25 0 0 - 2 7 5 5 0 0 - 5 7 , 5 0 0 0 - 0 5 o a , v 0 n e 0 d r 0 C to h i a ca ll g o b u D t i s t t h ri e c ts l a b rg a e n s k t s c c o h m ar p g a e n d i e r s e . l ati O ve n ly t l h o e w o r t a h te e s r hand, with few exceptions, rates at all sizes of Boston 3.0 5.0 4.0 3.2 2.4 2.1 banks were higher in the Dallas and San Francisco New York 2.3 4.8 3.9 3.3 2.6 1.8 Philadelphia 3.1 5.2 4.4 3.4 2.7 1.9 Districts. Cleveland 2.9 5.2 4.4 3.8 2.7 1.8 While this general regional structure of rates is Richmond 3.3 5.0 3.9 3.1 2.5 1.7 Atlanta 3.5 5.0 4.1 3.6 2.8 1.9 rather consistently maintained for all sizes of busi- Chicago 2.7 4.9 4.0 3.3 2.6 2.0 ness at various sizes of banks, the significant find- St. Louis 3.1 4.9 3.8 3.3 2.5 1.8 ing is that the differences are as small as they ap- Minneapolis 3.2 5.2 4.6 3.6 2.4 1.8 pear to be. For comparable loans at a given size Kansas City 3.6 5.7 4.5 3.6 2.6 1.8 Dallas 3.7 5.7 4.5 3.7 2.9 2.1 of bank, average rates rarely varied as much as 1.5 San Francisco 3.8 5.8 4.7 4.2 3.5 2.2 percentage points. In each district differences in All districts.... 2.9 5.2 4.2 3.5 2.8 1.9 rates paid by large and small borrowers were con- 1 Includes rates on a small amount of loans unclassified by- siderably larger than the variations shown between size of borrower. the highest- and lowest-rate areas of the country. A survey of member bank business loans conducted by the Federal Reserve System in 1942 SECURITY PLEDGED ON BUSINESS LOANS AND INTEREST revealed that regional interest rate differentials on RATES customer loans were moderate at that time. While In a previous article which presented findings average interest rates on all such loans were of this survey with respect to security pledged on 814 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE STRUCTURE OF INTEREST RATES ON BUSINESS LOANS AT MEMBER BANKS TABLE 14 AVERAGE INTEREST RATES ON MEMBER BANK BUSINESS LOANS, NOVEMBER 20, 1946 BY FEDERAL RESERVE DISTRICT, SIZE OF BANK, AND SIZE OF BORROWER [Per cent per annum] Size of bank (Total deposits, in millions of dollars) Less than 2 2-10 10-100 100 and over l Size of R F d e i e s d s t e e r r i r c v a t e l All t ( b h T s o o e o r u t r t s s o a , a l w n i a n e d s r s - All tho S (T u iz s o e a t n a o l d f s a b s o o s f r e r t d o s, o w l i e l n a r rs) All tho S ( u i T z s o e a t n o a d l f s a b o s o s f r e r d t o s o w , l l i e a n r rs) All tho S ( u i T z s e o a t n o a d f l s a b o s o s f r e r d t o s o w , l l e i a n r rs) bor- of dollars) bor- bor- borrow- row- row- rowers2 ers2 ers2 ers2 U d 5 e n 0 r - 5 2 0 5 - 0 U d 5 e n 0 r - 5 2 0 5 - 0 2 7 5 5 0 0 - 5 7 , 5 0 0 0 - 0 U d 5 e n 0 r - 5 2 0 5 - 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 U d 5 e n 0 r - 5 2 0 5 - 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 Boston 5.1 5.3 4.7 4.7 5.1 4.4 3.9 3.0 3.8 5.1 4.1 3.5 2.9 1.7 2.4 4.4 3.8 2.8 2.3 2.1 New York.... 5.4 5.4 5.3 4.7 5.2 4.4 4.3 2.8 4.0 4.9 4.2 3.8 3.2 1.7 2.1 4.5 3.7 3.2 2.5 1.8 Philadelphia. . 5.1 5.3 4.8 5.0 5.3 4.9 4.6 3.5 3.9 5.2 4.3 3.9 3.3 1.5 2.3 4.8 3.7 2.9 2.6 1.9 Cleveland.... 5.3 5.4 5.0 5.0 5.4 4.9 4.4 3.4 4.3 5.1 4.4 4.4 3.6 2.0 2.3 5.1 4.0 3.2 2.6 1.8 Richmond.. . . 5.0 5.1 4.7 4.4 5.1 4.1 3.6 2.8 3.7 5.0 4.1 3.4 2.7 1.8 2.5 4.5 3.5 2.7 2.4 1.8 Atlanta 5.9 6.3 4.4 4.8 5.5 4.4 3.6 3.2 3.9 5.0 4.2 3.7 3.2 2.1 3.0 4.3 3.8 3.4 2.7 1.9 Chicago 5.1 5.3 4.4 4.8 5.2 4.5 4.1 3.9 3.7 4.6 4.0 3.3 3.1 1.9 2.3 4.8 3.6 3.2 2.6 2.0 St. Louis 5.2 5.8 5.4 4.8 5.2 4.4 4.3 3.8 3.3 4.5 3.7 3.3 2.3 1.8 2.6 4.6 3.6 3.1 2.5 i.7 Minneapolis. . 5.5 5.7 4.8 4.7 5.1 4.6 3.6 3.4 4.0 5.2 4.4 3.8 3.3 1.7 2.5 5.1 4.7 3.3 2.2 1.8 Kansas City. . 6.1 6.2 5.2 5.4 5.9 5.0 3.6 2.1 4.0 5.6 4.5 3.9 2.6 1.8 2.8 5.0 4.1 3.3 2.6 1.9 Dallas 5.8 6.3 5.2 5.6 6.4 5.2 4.5 2.9 4.2 5.4 4.7 4.2 3.2 2.0 3.2 4.7 4.0 3.4 2.8 2.1 San Francisco. 5.7 6.9 5.0 5.1 6.2 4.8 4.2 3.9 4.3 5.7 4.8 4.4 3.7 2.1 3.0 4.9 4.3 4.0 3.2 2.2 All districts. 5.4 5.7 4.9 4.9 5.5 4.6 4.1 3.7 4.0 5.1 4.3 3.8 3.3 1.9 2.4 4.6 3.9 3.3 2.6 1.9 1 Banks with deposits of over 500 million dollars are grouped with banks with deposits of from 100-500 million to avoid disclosing operations of individual banks. 2 Includes rates on a small amount of loans unclassified by size of borrower. business loans, relationships between interest paid handled and reduce collection problems to a miniand kind of security used were analyzed. It was mum in event of default. pointed out that there are significant variations Rates showed a smaller variation by size of borin rates among loans secured in different ways but rower on real estate loans than on almost any that the effect of security on rates is overshadowed other type. The market for mortgage loans is more by the importance of size of borrower and size of highly organized than for most others and customloan. As was brought out in that article and as is ary rate ranges are relatively well established. For shown in Table 15, very small businesses were en- the Cleveland Federal Reserve District—a region abled by pledge of most kinds of security to borrow where the bank rate structure is rather typical of for less than the average rate charged such concerns that for the nation as a whole—real estate loans on unsecured loans. Medium-size and large com- to businesses were tabulated individually by interpanies, on the other hand, borrowed at lower rates est rate. These loans showed a very much smaller on an unsecured basis than when most kinds of dispersion by interest rate than did loans otherwise security were pledged. This difference reflects the secured and, except for a few large loans, almost fact that, particularly for large concerns, a collateral all real estate loans were made at rates of from 4 to requirement for bank credit may be a sign of some 5 per cent. financial weakness and also that the use of some Loans secured by equipment were generally at types of security may entail larger administrative higher rates than other types of loans, except that costs for the loan. large public utilities, including transportation com- For loans secured by stocks and bonds and life panies, commonly obtained long-term equipment insurance, small and medium-size establishments trust loans at very low rates. Small equipment paid considerably lower rates than for other loans. loans are frequently handled at some banks in the These types of security are easily appraised and personal loan department and discount may be JULY 1947 815 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE STRUCTURE OF INTEREST RATES ON BUSINESS LOANS AT MEMBER BANKS TABLE 15 MATURITY OF LOAN AND INTEREST RATES AVERAGE INTEREST RATES ON MEMBER BANK BUSINESS LOANS, For more than a decade short-term rates in the NOVEMBER 20, 1946, BY TYPE OF SECURITY open market have been below medium- and long- AND SIZE OF BORROWER term rates. Banks and other lenders have had large [Per cent per annum] quantities of funds which they were disposed to Size of borrower hold in liquid form and they have been willing to (Total assets, in thousands invest large amounts in short-term securities at All of dollars) Type of security bor- yields considerably below those on longer-dated rowers^ U d 5 e n 0 r - 5 25 0 0 - 2 7 5 5 0 0 - 5 7 , 5 0 0 0 - 0 5 o a , v 0 n e 0 d r 0 s N e o c v ur e i m tie b s e r o 1 f 94 a 6 p p T ro re x a i s m u a ry te l c y e rt e if q i u ca a t l e s s o o u f n 9 d - n 1 e 2 s - s m . on I t n h maturities sold in the market to yield an average of Unsecured 2.5 5.4 4.3 3.3 2.5 1.8 Secured: 0.84 per cent. In that month Treasury notes of Endorsed or comaker 3 7 5 5 4.2 3.4 2.8 1.6 3-5-year maturities sold to yield somewhat more Inventory 3.1 4.8 4.2 3.6 3.2 2.8 Equipment 4.4 6.3 5.0 4.6 3.6 2.0 than 1.2 per cent and 7-9-year Treasury bonds were Plant and other available in the market at an average yield of alreal estate 4.3 4.8 4.3 4.1 3.7 3.2 Stocks and bonds.. 2.7 3.8 3.2 2.6 2.5 2.1 most 1.6 per cent. In 1946 similar, although not Accounts receivable 4.5 5.5 4.9 4.5 3.8 3.6 identical, differentials in yields existed between Life insurance.... 3.4 3.9 3.5 3.1 2.6 2.3 Assignment of short-, medium-, and long-term corporate and claims2 3.5 5.0 4.5 4.0 3.5 2.6 Government par- municipal issues. Although, because of amortizaticipation or guarantee 4.0 4.6 4.3 4.1 4.0 3.3 tion, long-term loans are not directly comparable Other security.... 2.6 4.7 3.7 3.5 2.4 1.8 with bonds from the standpoint of maturity, it All types 2.9 5.2 4.2 3.5 2.8 1.9 might be expected that the term structure of rates 1 Includes rates on a small amount of loans unclassified by size in the open market would be reflected in some of borrower. 2 Includes oil runs. differences in rates charged business customers on short-, medium-, and long-term loans. To a modercharged on the original amount of instalment loans. ate extent this is true, but the differences in rates It is estimated that about 10 per cent of the amount of loans made in bank personal loan departments charged for loans of various maturities are small are loans to businesses.6 and are outweighed by differences related to other factors such as size of borrower, size of loan, and 8 Instalment Loans to Small Business, The American Bank- type of security pledged. ers Association, New York, 19.47, p. 3. TABLE 16 AVERAGE INTEREST RATES ON SHORT- AND LONG-TERM BUSINESS LOANS AT MEMBER BANKS, NOVEMBER 20, 1946 J BY SIZE OF LOAN AND SIZE OF BORROWER [Per cent per annum] Size of borrower (Total as.;ets, in thousands of dollars) All borrowers2 Size of loan Under 50 50-250 250-750 750-5,000 5,000 and over (In dollars) Short- Long- Short- Long- Short- Long- Short- Long- Short- Long- Short- Longterra term term term term term term term term term term term Less than 500 7.0 8.9 7.1 9.0 5.9 6.9 4.3 6.8 4.5 500-999 6.5 7.7 6.6 7.8 5.5 6.0 5.0 4.9 5.6 - 2.4 1 000-4 999 5.5 5.9 5.6 6.0 5.1 5.6 4.4 5.0 4.0 "4.5" 3.4 2.4 5,000-9 999 4 8 5.1 4.9 5.2 4 7 5 .0 4.3 4.3 4 0 3 3 3 0 2 4 10 000-24 999 4.3 4.6 4.7 4.8 4.4 4.5 3.9 4.3 3.5 4.5 2.8 2.4 25,000-49 999 3.9 4.2 4.4 4.5 4.1 4.3 3.7 4.2 3.2 3.6 2.7 2.4 50 000-99 999 3.5 3.8 3 9 4.2 3.5 4.0 2.9 3.3 2.1 2.2 100 000-499 999 2.6 3.0 3.7 4.3 3.2 3.9 2.5 3.2 1.8 2.2 500 000-999 999 . . .. 2.2 2.4 3.1 3.8 2.6 3.2 1.7 2.1 1 000 000 and over 1.8 2.1 2.8 2.8 1.6 2.1 All loans 3.0 2.8 5.1 5.4 4.2 4.4 3.4 4.0 2.7 3.2 1.7 2.1 1 Short- and long-term loans are defined as those maturing in one year or less and in over one year, respectively. 2 Includes rates paid on a small amount of loans unclassified by size of borrower. 816 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE STRUCTURE OF INTEREST RATES ON BUSINESS LOANS AT MEMBER BANKS Businesses in each size group paid lower average been lower than short-term rates because of the rates on short-term loans than on long-term loans, importance in this group of big loans to railroads as is shown in the bottom line of Table 16. Differ- and other public utilities. On real estate loans, also, ences, however, were not large, and on the average rates were higher on short-term than on long-term tor all borrowers what rate variations were related loans, although the differences were moderate. In to maturity were more than offset by the fact that part this may have been due to the high fixed costs long-term loans were more heavily concentrated of handling real estate loans. It may also reflect the in the hands of large companies which borrowed frequent use of real estate as collateral for shortat very low rates. term loans by companies with relatively weak credit That rates on long-term business loans were some- standing. Such companies are probably not in a what above those on short-term credit extensions strong position to bargain for more favorable rates. is evidenced further by data presented in Table 16. A more detailed breakdown on maturity of loan With few exceptions businesses tended to pay more shown in Table 18 reveals apparently erratic movefor a given amount of credit when the funds were ments in rates paid by borrowers of each size for extended for periods in excess of one year than they loans of increasing maturity. Rates to very small paid for loans with shorter maturities. Short-term enterprises increased sharply from 4.6 per cent on rates were higher than long-term rates only for demand loans to 6.6 per cent on loans maturing small loans to large companies. in between one and two years and subsequently On loans secured by most of the common types declined as maturity lengthened. The same genof security, businesses of a given size tended to eral term pattern of rates was shown by loans to pay higher rates for long-term than for short-term companies with assets of from $50,000 to $250,000. credit extensions, as is shown in Table 17. Rates Rates on loans to medium-size concerns showed a on equipment loans made to very small and very slight trend upward as maturity increased, although large companies failed to show this relationship by this is partly obscured by fluctuations in rates for maturity. For small concerns this probably re- loans maturing in from one to four years. Borrowflected the higher rates charged on one-year instal- ers with total assets of from $750,000 to $5,000,000 ment-type loans secured by equipment items such paid increasing rates on loans as maturity lengthas trucks. Average rates on long-term equipment ened to between three and four years and thereafter loans made to very large concerns appear to have rates showed some tendency to decline. Very large TABLE 17 AVERAGE INTEREST RATES ON SHORT- AND LONG-TERM BUSINESS LOANS AT MEMBER BANKS, NOVEMBER 20, 1946 x BY TYPE OF SECURITY AND SIZE OF BORROWER [Per cent 3er annum] Size of borrower (Total assets, in thousand* of dollars) All borrowers- Type of security Under 50 50-250 250-750 750-5,000 5,000 and over Short- Long- Short- Long- Short- Long- Short- Long- Short- Long- Short- Longterm term term term term term term term term term term term Unsecured 2.6 2.2 5.4 5.7 4.3 4.2 3.3 3.5 2.4 2.8 1.6 2.0 Secured: Endorsed and co- maker 3.7 3.3 5.4 6.2 4.2 4.4 3.4 3.5 2.8 2.7 1.5 1.0 Inventory 3.0 3.4 4.7 6.3 4.2 4.2 3.6 3 9 3.1 4.1 1.7 2.4 Equipment 5 0 4 0 6 4 6 2 5 0 5 0 4 4 4 8 3.3 3.7 2.3 2.0 Plant and other real estate. . . 4.4 4.2 5.0 4.7 4.4 4.3 4.1 4.0 3.7 3.6 3.5 3.1 Stocks and bonds 2.7 2.5 3.7 4.5 3.2 3.7 2.5 3.5 2.4 2.7 1.7 2.3 Assignment of claims 3 4.0 3.2 4.6 5 .0 4.4 4.5 4.1 3.0 3.4 3.5 2.6 2 7 Government participation or guarantee 3.7 4.3 4.3 4.7 4.2 4.3 4.0 4.2 3.8 4.2 3.1. 3.0 All other 3.0 1.8 4.6 5.3 3.7 4.9 3.5 3.1 2.4 2.5 1.9 1.7 \\\ types 3.0 2.8 5.1 5.4 4.2 4.4 3.4 4.0 2.7 3.1 1.7 2.1 1 Short- and long-term loans are denned as those maturing in one year or less and over one year, respectively, 2 Includes rates on a small amount of loans unclassified by business of borrower. 3 Includes oil runs, accounts receivable, and life insurance. JULY 1947 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE STRUCTURE OF INTEREST RATES ON BUSINESS LOANS AT MEMBER BANKS borrowers paid an average rate of 1.7 per cent for much shorter than that indicated by the dating of loans maturing in less than two years and approxi- the final payment. mately 2.1 per cent on extensions of funds for longer terms. CHANGES IN RATES SINCE 1942 TABLE 18 A Federal Reserve System survey of business AVERAGE INTEREST RATES ON MEMBER BANK BUSINESS LOANS, loans made at member banks from April 16 to NOVEMBER 20, 1946, BY MATURITY OF LOAN May 15, 1942 showed that customer rates averaged AND SIZE OF BORROWER 3.4 per cent during this period.7 The results of [Per cent per annum] this survey indicated, moreover, that rates in 1942 were moderately lower than in the middle 1930's Size of borrower (Total assets, in thousands and considerably below those prevailing in the All of dollars) Maturity of loan bor- 1920's. rowers1 U d 5 e n 0 r - 5 25 0 0 - 2 7 5 5 0 0 - 5 7 , 5 0 0 0 - 0 5 o a , v 0 n e 0 d r 0 ne C ar o m th p e a e r n is d o n o f o 1 f 94 ra 6 t e w s it p h a i t d h o b s y e p b a u i s d i n o e n ss l o b a o n r s r o m w a e d rs e during the one-month survey period in 1942 indi- L D e e s m s a th nd an 90 days. . . 3 3 . 2 0 5 4 . 2 6 4 4 .3 0 3 3 . 4 5 2 2 . . 7 7 1 1 . 7 6 cates that some further reduction has occurred.8 90 days-^6 months 2.8 5.1 4.1 3.3 2.5 1.7 Short-term rates appear to have declined an aver- 6-9 months 3.0 5.3 4.5 3.7 2.7 1.7 9 months—1 year. 3.2 5.9 4.4 3.5 3.0 1.7 age of about one-half of one percentage point, with 1-2 years 3.1 6.6 4.9 4.1 3.2 1.7 2-3 years 3.5 5.7 4.5 3.7 3.4 2.1 somewhat greater declines occurring in rates 3-4 years 3.3 5.4 4.6 4.7 3.6 1.9 4—5 years 3 0 4 8 4.3 3 9 3.3 2 2 charged medium-size and small companies. Very 5-10 years 2.5 4.8 4.2 3.9 3.0 2.1 large borrowers paid an average rate of 1.8 per cent Over 10 years.... 2.4 4.5 4.3 4.2 3.0 2.1 All loans 2 2.9 5.2 4.2 3.5 2.8 1.9 on short-term loans made from April 16-May 15, 1 Includes rates on a small amount of loans unclassified by size 1942 and an average of 1.7 per cent on such loans of borrower. outstanding near the end of 1946. 2 Includes rates on a small amount of loans unclassified by maturity. Rates on long-term loans to very large businesses appear to have declined significantly since 1942. That differences between short- and long-term In the 1942 survey period long-term loans were rates on comparable customer loans are moderate made to very large companies at an average rate as compared with differences in yields on shortof 2.5 per cent whereas the rate on long-term loans and long-term issues in the open market is due outstanding to such concerns near the end of 1946 in considerable degree to the character of busiwas 2.1 per cent. Data on rates shown by the two ness relationship between bank and borrower. surveys for long-term loans to medium-size and Funds invested on short term in the open market small establishments are not comparable because may be called in at maturity without regard ordismall loans and loans secured by real estate, which narily for the effect of such action on the borrower. constitute an important segment of long-term loans Even though it may be in need of funds, however, to these companies, were not reported in the 1942 a bank may not feel at liberty to insist on repaysurvey. ment at maturity of a short-term loan to a customer. The conclusion that rates have fallen further Such action might result in serious financial loss since 1942 is supported by other evidence. Informato the business borrower, and destroy for the bank tion on customer loan rates obtained quarterly from a profitable business connection. Short-term business banks in 19 cities indicates that at these banks, loans, therefore, are not ordinarily considered by which are largely institutions with total deposits of banks as fully liquid and consequently rates on more than 100 million dollars, a decline in shortcustomer loans would not be expected to show the same differentials by maturity as do rates on securi- 7 Reported by G. L. Bach in "Interest Rates at Member Banks," Federal Reserve BULLETIN, November 1942, pp. 1089ties or open market paper. 1097. A further factor accounting for some of the ap- 8 Data obtained in the 1942 survey are not entirely comparable with figures shown in this article. Information was obtained parent differences in the maturity pattern of rates only for loans made during the period from April 16-May 15, 1942 and not for all business loans outstanding. In the 1942 on loans and on open market credit is that many survey loans secured by real estate and small loans were not reported and the average rates obtained probably slightly underterm loans are on an amortized basis and conse- stated rates on all loans. Because of the small amounts involved, however, this probably had little effect on the average quently the actual average maturity of the loan is rates for all banks. 818 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE STRUCTURE OF INTEREST RATES ON BUSINESS LOANS AT MEMBER BANKS term loans rates of about one-quarter of one per able caution since changes may reflect merely shifts cent has occurred. Unpublished data on loans ma- in the composition of loan portfolios. After allowturing in over one year at these banks show a drop ance for what shifts appear to have occurred, howin long-term rates since 1942 of about one-half of ever, the data tend to confirm that since 1942 some one per cent. decline in bank interest rates has taken place. In the previously mentioned article on security for bank loans, comparison of interest rates paid BOARD'S SERIES ON CUSTOMER RATES in 1946 and 1941 was made for loans secured by The Board's series on average interest rates certain types of collateral. It was indicated that charged customers by banks in principal cities show rates declined significantly over that period on significant differences in rates among banks in New loans secured by field warehouse receipts, accounts York, seven northern and eastern cities, and eleven receivable, and equipment. southern and western cities. Differences in rates Further indication on changes in bank interest among these sections, however, reflect largely interrates is given by data on the earnings and expenses area differences in the characteristics of bank cusof member banks. Interest received on loans and discounts may be compared with the average tomers and in the size composition of bank loan amount of loans outstanding to obtain a measure of portfolios. Disparities in the general pattern of the average rate of interest charged on all types of customer rates charged by reporting banks in difloans. These figures must be used with consider- ferent centers are not wide. JULY 1947 819 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RETAIL CREDIT SURVEY—1946 Credit sales in 1946 increased 38 per cent to a With continued high levels of income in 1946, record high level of 22.5 billion dollars, according consumers spent freely at retail establishments. to estimates based on findings of the annual Retail During the early months of the year many indi- Credit Survey. Dollarwise most of the increase viduals purchased more than a current supply of in credit sales occurred in charge-account trans- personal or household articles that had been difficult actions, which increased about one-third from the to obtain for several years. As the year progressed, unprecedentedly large volume of 1945. Instalment consumers began to exercise more care in selecting sales expanded almost twice as fast as charge- merchandise, giving greater consideration to quality,. account sales, but remained considerably below the prewar level. Cash sales rose at a less rapid rate RETAIL SALES than either type of credit transaction. Nevertheless, BILLIONS OF DOLLARS sales for cash accounted for more than three-fourths of all retail sales during 1946 and were higher than at any other time on record. Total retail sales of nearly 97 billion dollars represented a rise of 26 per cent above the 1945 volume. TABLE 1 RETAIL SALES BY TYPE OF TRANSACTION Annual estimates for total retail trade Sales (In billions of dollars) Percentage of total sales Year Charge In- Charge In- Total Cash ac- stal- Cash ac- stalcount ment count ment 1939 42 0 27 2 9 9 4.9 65 23 12 1940 46.4 29.9 10.7 5.8 64 23 13 1 1 9 9 4 4 2 1 . . 5 5 7 5 .5 6 4 3 2 6 .3 5 1 1 2 2 . . 4 3 6 2 . .8 8 6 74 6 2 21 2 1 5 2 1939 1940 1941 1942 1943 1944 1945 1946 1943 63.7 48.9 12.4 2.4 77 19 4 1944 69.5 54.4 12.8 2.3 78 19 3 price, and immediate need. Fewer luxury items 1945 76.6 60.3 14.0 2.3 79 18 3 1946 96.7 74.2 18.8 3.7 77 19 4 were bought, and replacement or acquisition of durable goods became of increasing importance. NOTE.—Estimates of total retail sales compiled by the Bureau During this year of record buying consumers conof Foreign and Domestic Commerce, United States Department of Commerce. Sales by type of transaction are based on data from tinued to save from current income, but at a sharply the Census of American Business for 1939, projected according to data from the Retail Credit Survey for subsequent years with reduced rate as compared with the war years, partly appropriate allowances in cash sales to adjust for bias in the Survey sample. NOTE.—The 1946 Retail Credit Survey covers nine trades Price increases, accelerated by the removal of and is based on data from some 6,470 stores, all of which transact a part of their business on credit. Nearly 4,350 stores most controls in the latter half of 1946, accounted supplied data for selected balance sheet items. Totals include firms which submitted consolidated reports for multiple units for some of the dollar expansion in retail sales. If which could not be classified by size, or in some cases, by Federal Reserve districts. Since stores operating on a strictly adequate adjustment were made for price changes, cash basis are not represented, the proportion of cash sales for individual trades is undoubtedly understated. Estimates of total the gains in physical volume of sales for the year as retail sales presented in Table 1 make allowance for this bias a whole probably would not exceed 15 per cent. in the reporting sample. Coverage varies considerably among tbe several *rades, In physical as well as dollar volume, cash sales were ranging from around 63 per cent of total 1946 sales for department stores to around 5 per cent for household appliance and undoubtedly higher than at any time in the past, hardware stores. Summaries of the data collected in previous Retail Credit but credit sales adjusted for price changes would Surveys conducted by the Federal Reserve System are published probably fall below the figures for the early forties. in the Federal Reserve BULLETINS for July 1943, July 1944, May 1945, and June 1946. Copies of the 1946 Retail Credit Survey, which contains separate data for nine trades, may be obtained on request from the Division of Administrative Services, Board of Governors of the Federal Reserve System, Washington 25, D. C. 820 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RETAIL CREDIT SURVEY 1946 because current savings were offset to a greater the preceding year, but a majority were still in a extent by an increase in indebtedness arising from highly liquid position. major purchases. The gradual return to prewar use of credit at GROWTH OF SALES IN SELECTED TRADES retail establishments, which began in the latter Expansion in retail sales during 1946 was larger part of 1945, continued at an accelerated rate in percentagewise than in the preceding year for all 1946. Nevertheless, credit sales for the year as of the nine trades covered in the Retail Credit a whole were less than one-fourth of total sales Survey. Gains were greatest for automobile dealas compared with more than one-third in the early ers and household appliance stores, amounting to forties. As is shown in the table and chart on the 139 per cent and 134 per cent, respectively, and preceding page, charge-account sales of all retailers ranged downward to 23 per cent for jewelry stores increased in dollar amount throughout most of the and only 17 per cent at women's apparel stores. war period, but failed to keep pace with the rapid Prospective style changes combined with higher and continual advance in cash sales. As a conseprices were a limiting factor in sales at women's quence, charge-account sales represented a diminapparel stores. With appropriate allowance for ishing proportion of the total during those years, price increases, physical volume of sales at such outand in 1945 accounted for only 18 per cent of total lets may have dropped below the 1945 level. sales as against 23 per cent in 1939 and 1940 and 19 The marked contrast in rate of growth among the per cent in 1946. several trades is largely attributable to shifts in con- Beginning late in 1941 instalment sales declined sumer expenditures from nondurable goods, which rapidly both in absolute amount and in relation to were relatively plentiful during the war years, to the total sales. The slight recovery in instalment sales purchase of durable goods as the latter became in the latter part of 1945 was not enough to change available in greater volume. According to Departtheir relative importance, but the year 1946 brought ment of Commerce estimates, retail sales at durable sufficiently large increases in both open credit and goods stores increased about 65 per cent in 1946 instalment sales to raise credit business to 23 per compared with a gain of only 19 per cent for noncent of all retail sales, two percentage points more durable goods stores. Sales at durable goods stores than a year earlier. This is the first time since 1940 constituted nearly 20 per cent of 1946 retail sales in that gains in credit transactions have outweighed contrast to around 15 per cent during the preceding increases in cash purchases. three-year period, but they were still well below the The upward trend in credit sales and the in- 28 per cent proportion for 1941. creased availability of most commodities in 1946 The rise of 27 per cent in department store sales, were reflected in retailers' balance sheets. Customer the largest gain recorded at these outlets in the past accounts receivable, based on instalment purchases five years, reflects sharply increased sales of major and a record volume of charge-account business, household appliances and home furnishings, as well rose sharply during the year and were further stimu- as of men's and boys' clothing, which were in exlated after December 1 by the removal of credit ceedingly short supply the preceding year. More controls from all but the major durable goods and ample inventories enabled men's clothing stores to by the elimination of restrictions on charge ac- expand sales 25 per cent above the 1945 volume, a counts. Inventories were built up rapidly, particu- higher rate of growth than in any year since belarly at durable goods stores where commodities fore the war. Although sales of jewelry stores adwere in strong demand and stocks had been ex- vanced less rapidly than those of most kinds of tremely low at the end of 1945. In order to finance retail establishments reporting in the Survey, they their larger inventories and to carry their expanded were nearly one-fourth higher than in 1945 and receivables, retailers were forced to draw down more than twice the prewar volume. Percentage their large cash and security holdings and to in- increases in retail sales from 1945 to 1946 for all crease their bank and trade notes payable from the retail trades covered in the Survey and a percentage low levels of a year earlier. At the end of 1946 the distribution by type of payment are given in ratio of current assets to current liabilities for most Table 2. retailers was somewhat smaller than at the end of In 1946 credit sales increased more rapidly than* JULY 1947 821 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RETAIL CREDIT SURVEY 1946 TABLE 2 RETAIL SALES BY TYPE OF TRANSACTION AND BY KIND OF BUSINESS Stores reporting in 1946 Retail Credit Survey Percentage change, 1945-46 Percentage of total sales, 1946 Number Kind of business r o e f p o st r o ti r n e g s T sa o l t e a s l C sa a l s e h s a C c s h c a a o l r e u g s n e t - I m n sa s e l t e n a s t l- Cash a C cc h o a u rg n e ts I m ns e ta n l- t Department stores 1,534 + 27 + 19 + 42 + 49 62 32 6 Men's clothing stores 359 + 25 -f 19 + 35 + 36 62 35 3 Women's apparel stores 359 + 17 + 9 + 28 + 11 50 47 3 Furniture stores 1,032 + 49 + 56 + 60 + 42 28 19 53 Household appliance stores 577 + 134 + 130 + 117 + 178 42 36 22 Jewelry stores 388 + 23 + 12 + 32 + 38 48 24 28 Hardware stores 557 + 43 + 39 + 46 + 69 56 42 2 Automobile dealers 764 -H39 + 191 + 82 + 100 62 27 11 Automobile tire and accessory stores 904 + 47 + 46 + 43 + 85 49 44 7 cash transactions for most of the trade groups, thus CHARGE-ACCOUNT SALES AND RECEIVABLES reversing the situation prevailing throughout the Charge-account sales of all retail establishments period 1942-45. Only at furniture stores and autoin 1946 are estimated at nearly 19 billion dollars, or mobile dealers was the rate of growth in credit 34 per cent above those in the preceding year. sales less than that of cash transactions. The tend- Considerable expansion in sales of this type was ency toward a relatively greater expansion in cash characteristic of stores of all sizes in the nine kinds purchases is evident in those markets still characterof business covered by the Survey.1 The largest ized by limited selections, as in the case of better increases were reported by household appliance quality furniture, and where existing demand stores and automobile dealers as customers atgreatly exceeds available supplies, as in the case tempted to satisfy accumulated demand for their of automobiles. A sustained demand from cash merchandise. A decline from 1945 to 1946 in the buyers enabled automobile dealers to expand cash proportion of total business transacted on char-ge sales to nearly three times the 1945 volume while account was evidenced in both of these trade lines, credit business increased 86 per cent. and was particularly marked in the case of auto- Although the year 1946 marked a gradual remobile dealers. turn to more extensive use of retail credit, the pro- For all of the other trade lines covered by the portion of credit sales for all nine trades remained substantially below that prevailing in prewar years. 1 Reporting firms are classified as small, medium, and large, on the basis of 1946 annual sales volume. These classifications At department, men's clothing, women's apparel, have different meanings for the various kinds of business. The size range for each is indicated below: and jewelry stores charge-account sales made up a larger proportion of all sales than in 1945; at other types of retail outlets charge-account business de- Kind of business (194 S 6 m a al n l nual sales M . ed In iu m thousands o L f a d rg o e llars) clined in relation to the total or remained virtually unchanged. More than three-fifths of the sales Department stores Under 1,000 1,000 to 10,000 10,000 and over Men's clothing of automobile dealers were on a cash basis while stores Under 250 250 to 1,000 1,000 and over Women's apparel instalment sales constituted only 11 per cent of the stores Under 250 250 to 1,000 1,000 and over total—a somewhat lower percentage than in 1945. Furniture stores... Under 200 200 to 500 500 and over Household appli- At household appliance and jewelry stores instal- ance stores Under 100 100 to 250 250 and over ment sales increased in relation to the total, but at Jewelry stores 100 to 500 500 and over Under 100 furniture stores, cash transactions continued to rise Hardware stores. . 100 to 500 500 and over Automobile deal- Under 100 in relative importance and instalment sales ac- ers 250 to 500 500 and over Automobile tire Under 250 counted for only 53 per cent of the total, a decline and accessory stores Under 50 50 to 100 100 and over of two percentage points from the preceding year. 822 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RETAIL CREDIT SURVEY 1946 TABLE 3 RETAIL ACCOUNTS RECEIVABLE Stores reporting in 1946 Retail Credit Survey in P a e c r c c o e u n n ta t g s e r e c c h e a i n v g ab e le Average collection period for sol I d n s a t s a lm pe e r n c t e n p t a a p g e e r of during 1946 accounts receivable instalment sales Kind of business Charge account Instalment Charge Instal- (In days) (In months) account ment 1946 1945 1946 1945 1946 1945 Department stores +57 + 63 48 47 8 9 1 1 Men's clothing stores +54 + 47 61 55 7 6 0) Women's apparel stores +32 + 26 56 57 6 6 2 Furniture stores +59 + 31 60 59 8 9 1 1 Household appliance stores +79 + 116 44 59 7 9 7 3 Jewelrv stores +25 + 52 50 54 6 7 Hardware stores +51 + 51 55 54 7 8 5 3 Automobile dealers +59 + 64 36 41 10 9 39 39 Automobile tire and accessory stores.... +25 + 122 37 42 7 7 10 7 1 Less than one-half of one per cent. 2 No instalment paper sold. Survey except automobile tire and accessory stores, account sales. Part of this difference in rate of as in the field of retail trade as a whole, charge- growth may be attributed to a particularly large account sales constituted an increasing proportion rise in charge accounts receivable in December after of total sales in 1946. The growing importance wartime restrictions imposed on such accounts by of so-called 30-day or "convenience" credit was Regulation W had been removed. Although accelmost pronounced at department and apparel stores, eration of collections on charge accounts, evident where this type of transaction always has been during the war years, continued in several lines popular and sufficient merchandise has been avail- throughout 1946, some lengthening of the average able to maintain a large volume of sales through- collection period was apparent at department, furout the war years. As prices increased and indi- niture, hardware, and men's clothing stores. Figviduals and families settled down to peacetime ures available for the early months of 1947 indicate living, some purchases at these stores which might some further slackening in rate of repayment at have been for cash in 1945 were placed on charge department and furniture stores. accounts in 1946. Preferential treatment of charge customers by some stores in the distribution of INSTALMENT SALES AND RECEIVABLES small stocks of such hard-to-get items as hosiery, Instalment sales expanded rapidly in 1946 as white shirts, and pressure cookers continued to stocks of goods customarily sold on deferred payencourage the opening of new accounts and use of ment plans gradually returned to the market. inactive ones. Viewed in terms of the very low level of instalment Charge accounts customarily make up a greater sales in 1944 and 1945, the 61 per cent rise in 1946 proportion of total business at large stores than at appears very moderate and undoubtedly would have small ones. This was true again in 1946 for all been greater with more plentiful supplies of pasexcept automobile dealers. Large outlets in the senger cars and standard models of household apautomobile trade were under little pressure to pliances, the items accounting for the bulk of instalpromote charge accounts and transacted nearly as ment sales before the war. large a proportion of their business for cash as did All trade lines increased their instalment sales the smaller firms. but the largest percentage gains were at household At the end of 1946 charge-account indebtedness appliance stores, automobile dealers, automobile tire had increased 54 per cent over the amount outstand- and accessory stores, and hardware stores, where ing a year earlier. This compares with an increase customary stocks had been abnormally low over a of only 34 per cent in the annual volume of charge- period of several years. At furniture stores, which 823 JULY 1947 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RETAIL CREDIT SURVEY 1946 had experienced small gains in instalment sales in drawn down in 1946 in order to replenish inven- 1944 and 1945, the increase of 42 per cent reflected tories, to finance an increasing volume of consumer a persistent demand from individuals establishing credit purchases, and to expand and improve existnew households. If home construction had been ing facilities. Additions were made to bank ingreater and choices of many items of furniture and debtedness, which had been sharply curtailed durhome furnishings less restricted, instalment sales of ing the war years, and amounts owed to trade furniture stores doubtless would have increased creditors were substantially higher. Total curmore sharply. rent liabilities increased more rapidly than current Gains in end-of-year instalment receivables roughly approximated the increase in instalment TABLE 4 sales volume, but with considerable variation among SELECTED BALANCE SHEET ITEMS the different trades. The rise in instalment ac- Weighted total for stores reporting in Retail Credit Survey 1 counts receivable held by automobile dealers was considerably less than the growth in sales largely Percentage Percentage of total curchange rent assets at end because a substantial part of the paper arising from during 1946 of year the instalment sales was sold. Household appliance, hardware, and furniture stores also experi- Cor- Co ti r o p n o s ra- Other enced a greater expansion in instalment sales than pora- Other tions in accounts receivable. With down payment re- 1946 1945 1946 1945 quirements for major durable goods under Regu- Current assets: lation W virtually unchanged and individual in- Cash and bank deposits -17 - 12 18 25 25 34 comes continuing at a high level, the amount of Un m it e e n d t S se ta c t u e r s i tie G s overn- -40 - s 11 21 12 15 credit extended in connection with instalment sales Accounts receivable.... +50 + 37 23 18 16 14 Inventories +67 + 59 43 31 39 30 was held down and liquidation of accounts con- Other current assets. . . + 10 + 39 5 5 8 7 tinued to be prompt. Increased instalment buying Total + 17 + 20 100 100 100 100 around the year-end at department, jewelry, ap- Current liabilities: parel, and automobile tire and accessory stores re- N Tr o a t d e e s p p a a y y a a b b l l e e s to banks. + +2 8 7 8 + + 1 5 4 9 0 1 4 1 1 3 0 1 3 2 9 2 sulted in a relatively greater rise in accounts re- Other current liabilities. + <> + 28 21 22 10 9 ceivable than in annual sales volume. Instalment Total +20 + 50 36 35 25 20 collections at these outlets were well sustained, Net working capital + 16 + 13 64 65 75 80 however, and the average period for repayment re- Current ratio2 2.8 2.8 4.0 5.0 mained about the same as in 1945 except at department and jewelry stores, where it was reduced 1 Reported figures for individual retail trades were weighted in accorr'pnce with the relative importance of the total business in slightly to eight and six months, respectively. each year. - Ratio of current assets to current liabilities. Contrary to the experience of most kinds of retail establishments, the average repayment period for assets, but the current ratio for most firms, parinstalment accounts of automobile dealers was ticularly corporations, showed little change and net somewhat longer in 1946 than in the preceding working capital continued to increase. year. With the sharp rise in prices plus the tend- Cash and security holdings of retailers, which ency to equip new cars with a wide variety of at the end of 1945 accounted for almost one-half accessories, the average size of instalment contract of total current assets of both incorporated and unincreased appreciably during 1946. As a conse- incorporated businesses, were a considerably smaller quence, the repayment period averaged around part of the total a year later. The percentage deten months in 1946 as compared with nine months crease in both bank deposits and securities, as in 1945. shown in the accompanying table, was much greater for corporations than for noncorporate retailers. FINANCIAL POSITION OF RETAILERS At least three factors probably contributed to this Comparatively few retailers maintained through- trend. Large corporations, with the possible exout 1946 the high liquidity which prevailed at the ception of national chains, tend to sell a larger beginning of the year. The large holdings of cash proportion of their merchandise on credit than and securities built up during the war years were do individually owned stores. Some of the cor- 824 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RETAIL CREDIT SURVEY 1946 porate cash holdings have been used to handle the most of the paper sold. Automobile dealers cusexpanding volume of credit business during the tomarily dispose of the bulk of their instalment past year. In the early months o£ 1946 corpora- paper but in both 1945 and 1946 those reporting in tions may have been willing to tie up more funds this Survey transferred only 39 per cent to financial to obtain scarce merchandise in a highly competi- institutions. As in other recent years, department, tive market. In addition, many firms put into furniture, and apparel stores carried all but a small immediate effect their plans for postwar expansion fraction of their instalment credits on their own either through acquisition of additional outlets or books, while jewelry stores sold none of their instalthrough improvement of existing properties. ment contracts. Either step undoubtedly involved withdrawals of INVENTORIES cash or reduction of security holdings. At the end Retailers experienced less difficulty in building up of 1946, however, corporations still had 29 per cent inventories in 1946 than at any time since the of their total current assets in liquid form as comearly months of the war. At the beginning of the pared with 37 per cent for unincorporated busiyear the quota system was widely used for allocatnesses. ing commodities in short supply; selection was All retailers were able to build up their invenlimited in many lines; and deliveries were often tories considerably in 1946 as durable goods and delayed even on merchandise of a seasonal charother recently scarce products again became availacter. As more articles became readily available, able. Inventories were around two-thirds larger merchants began to examine their inventory posiat the end of 1946 than a year earlier and accounted tion with a view to restoring some balance in the for 43 per cent of total current assets in the case of corporations and 39 per cent in the case of nonin- TABLE 5 corporated businesses. At the end of 1945 about INVENTORIES BY KIND OF BUSINESS \\TD BY SIZE OF STORK 30 per cent of total current assets was invested in Stores reporting in 1946 Retail Credit Survey inventory. Unincorporated retailers increased their current c P e e n r t - - Invent b o y r y s iz tu e r o n f o v s e to r r i e n 1 1946 indebtedness more rapidly in 1946 than incorporated age Kind of business change concerns, and at the end of the year their current dur- Not liabilities amounted to one-fourth of current assets 1 i 9 n 4 g 6 Total Small d M iu e m - Large cl f a ie ss d iby size as compared with one-fifth on December 31 of the preceding year. The relationship between current Department stores. . +68 4.8 4.1 5.2 5. 1 4.0 Men's clothing stores. +90 5.0 3.8 4.1 5.9 assets and current liabilities of corporations was Women's apparel 5.3 virtually unchanged during the year and the cur- stores +55 4.6 4.4 5.0 4.4 4.9 rent ratio remained at 2.8. Bank indebtedness in- F H u o r u n s i e t h u o re ld s a to p r p e l s iance +72 3.0 2.9 3.3 2.9 2.9 creased sharply for firms of both types of organiza- stores +97 4.4 3.9 4.8 4.8 4.2 Jewelry stores +34 1.9 1.7 1 .9 1 .8 2.0 tion but continued to be a relatively unimportant Hardware stores. . . . +41 3.8 3.2 3.8 4.3 3.8 part of the current balance sheet. Automobile dealers. . +87 8.8 6.8 8.0 9.4 8.8 Automobile tire and accessory stores. . . +61 4.9 4.2 4.4 6.2 3.7 INSTALMENT PAPER SOLD Retailers in a majority of the trades represented 1 For basis of si/e classification, see footnote 1, p. 822. NOTE.—Figures in this table are based on inventories at retail in the Survey sold about the same proportion of prices. their instalment paper in 1946 as they did in 1945. stock on hand, reducing the supply of plentiful Household appliance, hardware, and automobile items having slow turnover, and determining the tire and accessory stores increased the propor- necessary price markdown on top-heavy accumulation sold, but none of these trade groups sold more tions of inferior or little known lines. The early than 10 per cent of the instalment contracts they months of 1947 saw a gradual return to the prewar originated. Small establishments among house- practice of ordering on short-term commitment and hold appliance stores disposed of a larger part limiting orders placed in advance of the season to of their contracts than did medium-size and permit fill-ins at a later date. large firms or chain outlets. Among automobile Stock on hand at the end of 1946 for all nine tire and accessory stores, chain outlets accounted for trade lines included in the Survey was considerably JULY 1947 825 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RETAIL CREDIT SURVEY 1946 larger than a year earlier. Large percentage in- business. As has been customary in the past, the creases in inventories of some kinds of business rate of turnover was less rapid for small stores are not highly significant since stocks of com- than for the large outlets. Rates of turnover by modities ordinarily accounting for the bulk of their kind of business and by size of store are shown in sales volume were abnormally low at the end of Table 5. 1945. Inventories were nearly doubled at house- Consumers' buying practices in the early months hold appliance stores as major appliances became of 1947 and fairly general optimism concerning ]oh available in increasing quantities to supplement the security and the maintenance of purchasing power, small appliances which appeared first on the market. even in the face of rising prices, seem to indicate Automobile dealers, in spite of a record inventory that 1947 may be another year of record retail sales. turnover, were able to build up their stocks 87 Fewer luxury goods may be bought but heavy deper cent. At men's clothing stores, where nearly mand for semidurable and major durable goods all kinds of apparel were in extremely short supply probably will continue throughout the year. Even at the end of 1945, stocks rose 90 per cent. Hardif cash and charge-account sales level off, it appears ware and jewelry stores reported the smallest gains almost certain that instalment sales will show a in inventory over the year, 41 per cent and 34 further substantial rise. The expansion in instalper cent, respectively. ment sales in all probability will be accompanied Expansion in inventories more than kept pace by a more than proportionate rise in accounts with the rise in sales volume in 1946 and the high receivable. A slackening in the rate of collection, rate of inventory turnover was reduced somewhat already in evidence, is likely to continue as total for most kinds of business surveyed. Only two indebtedness mounts but need not present a serious reported a more rapid rate of turnover in 1946 than problem to retailers in 1947 provided credit terms a year earlier, automobile dealers and household are not unduly eased. In view of the highly liquid appliance stores, which sold some of their merchanposition at the beginning of the year and general dise before delivery. Department stores and men's awareness of the need to adjust inventory position clothing and women's apparel stores showed the to cushion any abrupt shifts in demand or prices, sharpest reductions in inventory turnover in 1946, but the rate continued at around five times a year, retailers should go through the year 1947 in relaa comparatively rapid turnover for these kinds of tively strong financial position. 826 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REGULATION OF CONSUMER INSTALMENT CREDIT Statement of June 10,1947 by Marriner S. Eccles, with appropriate exceptions to provide administra- Chairman of the Board of Governors of the Federal tive flexibility, prescribe maximum maturities for all Reserve System, to the Banking and Currency Com- types of instalment credit and in addition would mittees of the Senate and the House, recommending prescribe minimum down payments for instalment continuance on a legislative basis of the regulation credit to finance the purchase of important of consumer instalment credit now exercised by the categories of consumers' durable goods. Thus, the Board of Governors under a wartime Executive regulation would cover not only instalment credit Order. The statement includes a letter dated for consumers' durable goods but also instalment ]une 5, 1947 from President Truman to Chairman credit for other consumer purposes, both of which Eccles in which the President expressed the hope contribute to the accentuation of business upswings that Congress would enact the necessary legislation.and downswings and neither of which can be sharply disassociated from the other. The Board of Governors of the Federal Reserve Generally speaking, the instalment terms now System has recommended to the Chairmen of the prescribed by Regulation W call for maturities of Senate and House Banking and Currency Commitnot more than 15 months and down payments of at tees a bill which would authorize the Board to conleast one-third. Under the proposed legislation, tinue on a specific legislative basis the regulation of terms would, of course, be varied from time to time consumer instalment credit that is now based on depending upon changing economic conditions but Executive Order. with a view to restraining the development of un- As the members of your Committee know, since sound credit terms and with a view to preventing the end of the war the question of whether some or reducing excessive expansion or contraction of restraints upon overexpansion of this type of credit consumer instalment credit which is that sector of should be retained has been the subject of sharp consumer credit subject to the widest fluctuation. controversy. The Board has hoped that Congress These would be the declared statutory objectives. would hear the pros and cons before coming to a Under existing conditions when the articles comconclusion as to whether legislation should or monly financed with instalment credit are for the should not be enacted. We feel that regulation of most part in short supply relative to demand, it is this character should have specific legislative sancapparent that the restraints help to dampen the detion if it is to be indefinitely extended in peacetime. mand and thus reduce the upward pressure on Accordingly, we have recommended to the Presi- prices. Even when goods become available in larger dent that the Executive Order be vacated in the quantities, however, reasonable restraints on conevent that the Banking and Currency Committees sumer instalment credit would serve a useful public do not recommend favorably the enactment of ap- purpose, because they would tend to induce sellers propriate authority for continuing regulation. The to reach more customers by reducing prices instead President has written a letter, which I will later read of by resorting to a competitive relaxation of instalinto the record, indicating that he will follow the ment credit terms while still maintaining high Board's recommendation. prices. Under prevailing conditions of maximum If legislation is to be passed, we believe from our peacetime employment and national income, it experience that consumer credit regulation should would be economically unsound to encourage people be directed to the volatile sector of consumer credit, to go deeper and deeper into debt on increasingly that is, instalment credit. This is the part which easy terms. has been subject to the greatest fluctuations in the Notwithstanding continued shortages of goods, past, thus contributing to instability and unemploy- particularly durable goods, and notwithstanding ment. Regulation under the proposed legislation regulation of consumer credit, instalment credit would be in about the form and scope effective at expanded during the past 12 months by more than present under the Board's Regulation W. It would, 2 billion dollars. The economic effect of adding JULY 1947 827 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REGULATION OF CONSUMER INSTALMENT CREDIT borrowed dollars to current income, together with out of current income on the downswing, which the unprecedentedly large volume of savings in the accentuates depression. The fact that current inhands of the public generally, can only be to prolong come has to be used to pay off excessive instalment the period of inflated prices. The premature relaxa- debt created during the business boom necessarily tion of restraints, or their complete removal, would diverts that income from the channels of consumer make no more goods available. It would only help expenditures in the depression, especially in the to hold prices high in the market place. important sector of consumers' durable goods. With existing shortages in consumers' durable Voluntary efforts made by foresighted retailers, goods and the restraint of Regulation W, the sales finance companies, banks, and other lenders volume of consumer instalment credit has not to prevent down payments from becoming excesreached a point where it could be considered ex- sively small and repayment periods from becoming cessive as viewed in relation to the level of national over-extended in times of credit expansion are inincome and production. The restraint is now im- effective because of the aggressive competition of posed because of other current factors such as the those who will not voluntarily cooperate in this high individual incomes and the large cash re- objective. sources which consumers widely possess as related The present trend of expansion in consumer into the supplies of consumers' durable goods avail- stalment debt needs to be carefully watched and able. Were goods available in larger volume and restrained so that the country shall not repeat the were many consumers able to finance their pur- pattern of inducing American families to go heavily chases on easier credit terms, there is little question into debt on too easy terms, particularly for highbut that the volume of consumer instalment credit priced goods many of which are not only highwould be much higher. As an indication of the priced but of inferior quality. The decline that potentialities, sales of consumers' durable goods in would be bound to follow would be felt not only 1946 were nearly twice the dollar volume of such in the durable goods industries but throughout the sales in 1940 but the volume of instalment sales economy. Continued restraints as proposed in the credit extended in 1946 was less than three-fourths legislation would help to prevent a repetition of of the instalment sales credit extended in 1940. such an unsound sequence of events. Thus with the elimination of restraint and the The Board feels that this type of regulation, larger supplies of goods that are becoming available, which is of a selective character, serves a useful consumer instalment credit could increase rapidly purpose which cannot be reached by the exercise in absolute volume and in relation to national of any powers over bank credit in general. The income. regulation is needed, therefore, as a supplement to The need for regulation is not merely a temporary general credit control powers. As the Board one. Experience has shown that the excessive ex- pointed out in its 1945 Annual Report to Congress, pansion and subsequent contraction of consumer however, over-all restraints to the sources of bank instalment credit contributes substantially to the credit have, under existing conditions, lost much of rise and fall of production and employment. Its their effectiveness. For this reason it is all the more role in instability is increasing with the growing important for Congress to consider whether a selecimportance of consumers' durable goods in the tive control such as proposed would, as the Board economy. It is recognized that the development believes, reduce economic instability and thus help of this type of credit has gone hand in hand with to provide conditions more favorable to the mainand facilitated the unparalleled industrial develop- tenance of our private enterprise system. ment of the nation. Yet, it is equally significant LETTER OF THE PRESIDENT that when competition takes the form of relaxing credit terms and is carried to extremes, it is a The Council of Economic Advisers has transsymptom and cause of economic unsoundness. Mil- mitted to me a memorandum in regard to the legislions of people are encouraged to overpledge future lation which the Board of Governors has recomincome. This inevitably entails instability, because mended for consideration by Congress to continue the excessive credit extended during a business instalment credit regulations now in effect under boom accentuates the boom and has to be liquidated an Executive Order based on the Trading with the 828 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REGULATION OF CONSUMER INSTALMENT CREDIT Enemy Act. In their memorandum the Council promote the kind of stable adjustment that our states: economy requires." "There now exists the power to limit the growth I wish to advise you that I am in full accord with of instalment credit which, even under the present the Council's recommendations and hope that the restraints, has been expanding at a disturbing rate. Congress will enact the necessary legislation to re- This power now rests on wartime Executive Order, tain restraints upon excessive expansion which rewhich may have to be rescinded in the absence of sults in excessive contraction of consumer credit legislative authority for its continuation. If the thereby making for economic instability, reduced curbs on the extension of instalment credit now production, and unemployment. If the Congress being exercised under Regulation W were to be removed at this time, there would be a tendency of does not see fit to provide the necessary legislative producers and distributors to try to sustain the authority, it is my intention to vacate the Executive absorptive power of the market by accepting lower Order because I do not believe that such regulations down payments and a longer time period rather should rest indefinitely in peacetime on emergency than adjusting prices to the purchasing power of or war powers after the Congress has had ample current incomes. This would postpone rather than opportunity to consider the subject. JULY 1947 829 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVISED CONSUMER CREDIT SERIES Revisions for the following segments of the con- unions, and (4) single-payment loans outstanding. sumer credit series are presented in this article: (1) Total instalment loans, total consumer instalment consumer instalment credits of commercial banks, credit, and total consumer credit outstanding have (2) consumer instalment loans at small loan com- also been revised to incorporate these changes in panies, (3) consumer instalment loans at credit the several parts. CONSUMER INSTALMENT CREDITS OF COMMERCIAL BANKS, BY TYPE OF CREDIT [Revised estimates. In millions of dollars] AMOUNT OUTSTANDING VOLUME EXTENDED DURING MONTH Automobile Repair Automobile Other Repair Perretail and retail retail, and sonal nod- pur- mod- instal- End of month erniza- Month Total chasederniza- ment Pur- Direct tion Pur- Direct and tion cash chased loans loans1 chased loans direct loans1 loans 1943—July 558 61 80 103 1943—July 78 9 15 10 7 37 August. . . 542 59 79 J00 August. . . 79 10 16 9 7 37 September, 534 58 79 97 September 84 11 15 10 7 41 October.. . 525 57 79 95 October.. . 78 9 15 11 7 36 November. 516 55 79 92 November 75 8 14 12 6 35 December. 516 54 79 89 December. 83 7 15 14 5 42 1944—January... 506 52 78 84 1944—January... 73 7 14 14 4 34 February.. 494 51 78 81 February.. 70 8 14 9 4 35 March. . . . 501 50 80 79 March 96 9 19 10 5 53 April 500 50 83 76 April 82 10 18 11 6 37 May 508 51 87 76 May 97 11 21 15 7 43 June 522 54 90 77 June 101 12 20 12 8 49 July 530 59 92 78 July 95 14 19 11 8 43 August.... 534 60 93 79 August. . . 93 12 18 11 9 43 September 535 60 93 81 September 89 10 17 12 9 41 October.. . 538 58 93 81 October.. . 92 10 18 15 9 40 November. 543 57 94 83 November 92 9 17 15 9 42 December. 557 55 96 84 December. 102 8 18 18 8 50 1945—January... 561 54 97 83 1945—January... 96 9 19 17 7 44 February.. 556 53 98 84 February.. 86 9 19 12 7 39 March.... 574 54 103 86 March. . . . 113 11 24 14 9 55 April 581 53 105 88 April 102 9 21 16 10 46 May 595 53 107 91 May 110 9 21 19 11 50 June 614 54 111 96 June 116 11 23 15 12 55 July 624 54 112 99 July 107 10 21 13 11 52 August. . . 628 55 114 102 August. . . 109 11 21 16 12 49 September, 640 57 116 105 September 106 11 21 14 12 48 October.. . 668 58 122 112 October.. . 133 12 26 20 16 59 November. 704 61 128 119 November 142 14 28 22 16 62 December. 742 64 139 124 December. 148 14 30 24 13 67 1946—January... 784 68 148 129 1946—January... 158 18 32 28 14 66 February.. 821 72 155 136 February. 156 17 33 25 16 65 March 882 79 165 147 March 191 20 39 26 20 86 April 958 92 180 159 April 214 28 44 34 23 85 May 1,035 103 196 170 May 229 28 49 40 23 89 June 1,108 109 212 183 June 219 23 47 38 23 88 July 1,179 115 225 195 July 242 28 49 48 24 93 August. . . 1,264 127 241 211 August.... 255 33 53 43 29 97 September. 1,334 136 252 226 September 246 30 51 46 27 92 October.. . 1,413 145 268 242 October. . . 279 34 58 54 31 102 November. 1,494 156 285 256 November 274 33 58 54 29 100 December. 1,591 165 306 273 December. 306 39 64 61 28 114 1947—January... 1,668 181 325 280 1947—January... 307 44 69 65 24 105 February.. 1,732 196 348 284 February. . 289 42 70 55 25 97 March 1,821 215 373 296 March 343 54 81 59 31 118 April?. . . . 1,922 237 397 314 April?. . . . 364 60 84 69 36 115 May"...,. . 2,025 254 423 335 May? 375 58 83 78 41 115 p Preliminary. 1 These series include FHA-insured loans outstanding at commercial banks and also an unjcnown amount of noninsured loans held by these institutions. 830 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVISED CONSUMER CREDIT SERIES ESTIMATES OF CONSUMER INSTALMENT CREDITS OF retail automobile and for other retail instalment COMMERCIAL BANKS outstandings are undoubtedly more reliable than either of the parts. The monthly series of consumer instalment credits at commercial banks has been revised from The estimated amount outstanding for each type June 30, 1943, the date of the previous benchmark, of credit as derived from figures for monthly reto the present on the basis of call report data for porting banks was adjusted to June and December insured commercial banks. Revised figures for call figures for insured commercial banks for the both amounts outstanding and loan volume by type period December 1943 through December 1946. of credit are presented in the accompanying table. Estimates for months between call dates are based on the month-to-month movement for each loan The new benchmark from which current projecclassification as shown for reporting banks. The tions are made is based on the total amount of estimates for each type of loan for all commercial consumer instalment paper held by all commercial banks are aggregates of district estimates. banks on December 31, 1946. This benchmark was derived by adjusting the call report total of Effect of the revision. The principal effect of consumer instalment loans for insured commercial the revision has been to raise the level of total conbanks so as to (1) exclude instalment loans of in- sumer instalment credits outstanding at commercial sured industrial and Morris Plan banks, (2) in- banks throughout most of the period. As a result clude an estimate of consumer instalment loans held of the revision the estimated total for April 1947 by uninsured commercial banks, and (3) obtain the has been raised approximately 18 million dollars. net amount outstanding by deducting from call fig- Although the over-all effect was to raise the estiures the amount of deposits accumulated for the mated level, estimates for retail automobile outpayment of personal loans. standings, both purchased paper and direct loans, Beginning with the December 31, 1946 call re- were reduced throughout the period July 1943 to port, separate figures are available for repair and date. An upward adjustment occurred in personal modernization loans outstanding. For the period instalment cash loans and repair and modernization December 31, 1942 through June 29, 1946, these loans during this interval. The level of other reloans were reported in combination with figures for tail instalment paper was also adjusted upward "other retail instalment loans." With this change, beginning with the second quarter of 1945. benchmark figures are now available for the prin- Revised estimates of loans made. Revised esticipal classifications of consumer instalment paper mates of monthly loan volume for all commercial held by insured banks, i.e., retail automobile in- banks were derived on the basis of the relationship stalment paper, other retail instalment paper, repair between loans made and amounts outstanding for and modernization loans, and instalment cash loans. the reporting sample of approximately 370 banks. Call reports subsequent to June 30, 1942 have not There are no call report figures for loans made shown a breakdown of retail automobile instal- which may be used to derive a benchmark for all ment and other retail instalment paper as between commercial banks. Estimates of loans of each type paper purchased from dealers and loans made di- for each Federal Reserve district are obtained by rectly to consumers for the purchase of automobiles applying the ratio of loan volume to amount outand other durable goods. Benchmark data for pur- standing for the reporting banks to the estimated chased paper and direct loans for both the retail amount outstanding for all commercial banks. This automobile and the other retail instalment seg- method of estimation assumes that if reporting ment are derived on the assumption that the rela- banks in a given district hold 30 per cent of retail tionship between purchased paper and direct loans automobile instalment loans outstanding in that was accurately reflected in the June 30, 1942 call district, those banks also extended 30 per cent of report, and that the month-to-month percentage the automobile credit in that district. This assumpchanges as shown by the reporting sample provide tion may not be entirely accurate, and, in the aban accurate basis for current projections. These sence of periodic benchmark figures for all comassumptions probably are reasonably accurate, but mercial banks, estimates of loan volume are subin the absence of recent call data to which current ject to a greater margin of error than those for estimates can be adjusted, the estimated totals for amounts outstanding. JULY 1947 831 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVISED CONSUMER CREDIT SERIES CONSUMER INSTALMENT LOANS OF SELECTED LENDERS [Revised estimates in millions of dollars] Small loan Small loan Amount outstand- Loans made during companies companies ing, end of month month Year and month Am o o u u t- nt Loans Year and month Am o o u u t- nt Loans Year and month Small Com- Small Comstand- made stand- made loan mer- Credit loan mer- Credit ing, during ing, during com- cial unions com- cial unions end of month end of month panies banks1 panies banks1 month month 1930—January... 264 36 1936—January... 290 39 1942—January.. . 523 65 February . 264 30 February.. 292 40 February.. 517 64 March.. . . 265 36 March.... 297 49 March. . . . 516 84 April 267 39 April 304 52 April 512 71 May 270 43 May 308 50 May 499 57 June 270 44 Tune 298 50 June 488 67 July 272 42 July 298 48 July 476 62 August. . . 271 38 August.... 301 52 August.... 460 59 September 269 36 September. 305 50 September. 446 59 October... 270 40 October. . . 309 51 October. .. 431 58 November 271 40 November. 313 49 November. 421 57 December. 277 61 December. 326 80 December. 417 81 1931—January... 281 44 1937—January. . . 326 46 1943—January. . . 397 45 February . 281 35 February. . 327 46 February .. 381 50 March.. . . 276 38 March.... 333 62 March.... 380 85 April 274 41 April 338 57 April 371 61 May 277 41 May 343 59 May 359 57 June 278 46 June 350 64 June 363 79 July 281 45 July 355 53 July 355 ''324' 62 53 August. . . 282 41 August... . 357 48 August.... 349 320 63 54 September 282 40 September. 361 49 September. 350 318 69 58 October... 282 41 October. . . 362 52 October. . . 346 315 66 52 November 284 37 November. 363 52 November. 347 312 69 51 December. 287 45 December. 374 74 December. 364 316 94 58 1932—January... 284 32 1938—January... 374 43 1944—January. . . 352 310 52 50 February.. 282 32 February.. 372 38 February.. 348 307 59 51 March.... 281 37 March.... 373 49 March.... 361 320 94 73 April 280 36 April 374 55 April 356 323 61 57 May 278 33 May 371 51 May 355 330 71 66 June 275 34 Tune 370 56 June 358 340 74 70 July 274 30 July 370 54 July 360 343 72 63 August. . . 273 30 August.. . 369 55 August.... 357 345 70 64 September 272 29 i September. 369 53 September. 358 344 66 61 October.. . 268 29 October. . . 371 59 October. . . 356 344 68 61 November 270 29 November. 371 61 November. 360 345 77 61 December. 268 42 December. 380 90 December. 384 357 105 72 1933—January... 264 27 1939—January.. . 379 51 1945—January.. . 374 358 120 56 66 15 February.. 261 23 February.. 377 49 February.. 367 357 118 55 61 16 March 254 21 March.... 381 66 March. . . . 377 374 120 92 82 22 April 254 24 Aorii 386 64 April 376 379 120 68 70 18 May 250 23 May 392 68 May 379 389 120 77 75 20 June 246 25 Tune 400 76 June 384 402 122 80 81 21 July 244 25 July 408 73 July 386 409 123 74 76 18 August. . . 244 27 August 416 74 August.. . . 384 409 121 70 73 18 September 241 25 September. 420 67 September. 382 417 120 72 73 16 October... 241 28 October. . . 425 69 October. . . 390 432 122 87 89 20 November 242 30 November. 430 71 November. 403 454 124 95 95 21 December. 246 44 December. 448 99 December. 439 477 128 130 101 23 1934—January... 24 5 29 1940—January... 451 65 1046—January.. . 440 500 127 75 105 19 February . 244 23 Februarv. . 451 61 February.. 445 525 128 79 105 19 March. . . 243 32 March 457 80 March.... 455 567 132 101 133 24 April.... 245 33 April 462 75 April 475 612 137 103 140 25 May 247 34 May 468 77 May 485 656 143 95 148 28 June 249 37 June 475 78 June 498 702 149 98 148 28 July 251 35 July 479 77 July 512 744 155 105 155 29 August. . . 254 36 August.... 485 76 August... . 527 790 158 108 164 30 September 253 32 September. 484 68 September. 536 824 164 96 156 31 October... 256 37 October. . . 482 73 October. . . 547 865 171 105 176 34 November 258 36 November. 482 76 November. 565 907 176 120 172 33 December. 2C4 49 December. 498 106 December. 608 956 185 166 191 39 1935—January... 262 30 1941—January. . . 496 68 1947—January... 611 991 186 08 187 33 February . 260 28 February.. 495 66 February.. 611 1 ,030 190 90 180 33 March.... 260 34 March.'. . . 500 84 March.... 617 1 .079 197 121 214 38 April. . 261 38 April 509 88 April P. . . . 627 1,123 204 116 213 39 May 264 37 May.. .. 515 85 May". 633 213 115 212 42 June 267 40 June 523 86 July 271 40 July. ... 528 84 August. . . 275 39 August.... 534 86 September 276 34 September. 530 68 October.. . 278 39 j October. . . 525 76 November 279 39 I November. 525 81 December. 287 57 December. 531 103 P Preliminary. 1 These figures include only personal instalment cash loans, retail automobile direct loans, and other retail direct loans: thev do not include purchased paper or repair and modernization loans. 832 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVISED CONSUMER CREDIT SERIES ESTIMATES OF INSTALMENT LOANS OF SMALL LOAN January 1945 forward on the basis of official year- COMPANIES end data compiled by the Federal Deposit Insurance Corporation for Federal credit unions and by the Estimates of instalment loans outstanding at Bureau of Labor Statistics for State-chartered credit small loan companies and of loans made have been unions. Adjustments were made in official data revised from January 1930 to date, bringing them for those States reporting for a fiscal period other into line with official year-end figures compiled by than the calendar year. Estimates for intervening State supervisory authorities. Allowances were months were adjusted on a straight-line basis. made in the official data for those States reporting New estimates of annual loan volume were obfor fiscal periods other than the calendar year. tained by applying the ratio between loans made The estimated amount of consumer instalment and end-of-year balances as shown by the official loans outstanding at the end of each year, derived reports to supervisory authorities. Monthly estifrom reports of approximately 750 small loan commates of loan volume were obtained by distributing panies submitting monthly figures, was adjusted the annual volume according to the monthly moveto year-end data for all small loan companies. Estiment shown by the reporting sample of approximates for intervening months were adjusted on a mately 1,050 credit unions. Revised estimates are straight-line basis. shown in the table on page 832. Revised estimates of annual loan volume were obtained by establishing a relationship between ESTIMATES OF CONSUMERS' SINGLE-PAYMENT amounts outstanding at the year-end and the vol- LOANS OUTSTANDING ume of loans made during the year, as reported to The series on single-payment loans outstand- State supervisory authorities, and applying this relaing has been revised from July 1946 to date to tionship to estimated year-end loan balances for all adjust the estimates in accordance with Decemcompanies. Monthly estimates of loan volume were ber 31, 1946 call report data for insured commerderived by distributing the annual volume accordcial banks. No revision was made in the estimates ing to the pattern shown by the monthly reporting for single-payment loans outstanding at pawnsample. Inasmuch as all States do not compile brokers, which constitute a negligible part of the data on loans made, estimates of monthly loan total. Revised figures are shown in the table folvolume are probably subject to a larger margin ol lowing.1 error than are those of amounts outstanding. The principal effect of the revision was to lower REVISED CONSUMER CREDIT AGGREGATES the level of both amounts outstanding and loans New consumer credit aggregates and revised submade for the years 1930 and 1931 and for the period totals for instalment credit have been computed from January 1940 to date. Estimates covering for the period from January 1930 to date to incorthe period January 1932 through December 1939 porate the revised figures described in the foregoing were revised upward, largely through the inclusion sections. Total consumer credit outstanding at the of data for companies in California and Colorado end of April 1947 was raised approximately 157 which were not available for these years when the million dollars. This increase was the net effect of series was established. The revised estimates for a 180 million dollar upward adjustment in singleamounts outstanding and loans made covering the payment loans and a downward adjustment of period January 1930 to date are shown in the table 23 million in instalment loans. The following on page 832. table shows the revised amount outstanding for the total and for the subtotals affected by the revisions. CONSUMER INSTALMENT LOANS OUTSTANDING AT CREDIT UNIONS The monthly series of consumer instalment loans 1 For description of the procedure used in obtaining current estimates of single-payment loans, see Federal Reserve BULoutstanding at credit unions has been revised from LETIN, January 1945, p. 27. JULY 1947 833 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVISED CONSUMER CREDIT SERIES REVISED CONSUMER CREDIT SERIES [Estimated amounts outstanding. In millions of dollars] Total Total Total Total Total Total Single con- instal- instal- con- instal- instal- pay- End of month sumer ment ment End of month sumer ment ment ment credit credit loans l credit credit loans l loan? 1930—January. . . 7,320 027 652 1936—January... 5,347 2,614 847 February. . 7,111 911 648 February.. 5,340 2,613 872 March. . . . 7,083 872 650 March.... 5,487 2,717 909 April 7,098 898 656 April 5,687 2,869 938 May 7,070 887 660 May 5,917 3,028 961 June 7,044 900 659 June 6,048 3,161 967 July... . 6,923 2,882 665 July 124 3,261 981 August. . . 6,858 ,849 662 August. . 215 3,326 1 ,003 September 6,852 2,805 658 September. 6,355 3,368 1,024 October. . . 6,829 2,771 659 October. . . 6,487 3,393 1,044 November. 6,750 2,702 659 November. 6,560 3,408 1 ,062 December. 6,829 2,696 664 December. . 6,796 3,526 1,090 1931—January... 6.522 2,585 659 1937—January... 6.640 3,479 1,102 February.. 6,310 2,491 653 February. . 6,599 3,450 1,116 March.... 6,223 2,436 642 March.... 6.756 .,547 1,141 April 6,180 2,440 640 April 6,912 3,677 1 ,162 May 6,131 2,452 643 May... . 094 3,818 1,179 June 6,050 2,451 641 June 238 3,946 1,193 July 5,887 2,430 645 July 272 4,007 1,202 August.... 5,764 2,390 638 August. . . . 357 4,055 1,205 September. 5,710 2,344 632 September. 444 4,062 1,208 October. . . 5,638 2,302 633 October. . . 484 4,042 1,209 November. 5,496 2,232 622 November. 453 3,986 1,207 December. 5,526 2,212 617 December. . ,491 3,971 1,219 1932—January... 5,212 2,105 610 1938—January... 7,166 3,823 1,204 February. . 4.986 2,006 599 February.. 6,943 3,692 1,189 March.... 4,863 1,930 595 March.... 6,889 3,639 1,195 April 4,748 1.878 589 April 6,866 3,618 1,206 May 4,645 1,838 586 May 6,823 3,599 1,215 June 4,540 1,802 576 June 6,799 3.581 1,232 July 4,354 1,730 568 July 6,682 3,532 1,238 August. . . . 4,247 1,681 559 August. 6,680 3,525 1,247 September. 4,203 1,636 551 September 6,731 3,503 1,260 October. . . 4,147 1.595 540 October. . . 6,752 3,490 1.268 November. 4,061 1,551 536 November. 6,830 3,508 1.277 December. 4,093 1,526 527 December. . 7,064 3,612 1,299 1933—January... 890 1,472 517 1939—January... 6,864 3,572 1,31.1 February.. 754 1,423 507 February.. 6,793 .,548 1,323 March.... 693 1,384 492 March.... 6,873 3,616 1,348 April 666 1,390 489 April 6,973 3.711 1,380 May 670 1 ,426 485 May 7,124 3,849 1,418 June 3,679 1,469 481 June 7,236 3,971 1,462 July 3,633 1,492 477 July 235 4,035 1,498 August . . . 3,666 1,541 476 August.... 320 4,104 1,533 September. 3,740 1,570 474 September. 488 4,153 1,568 October. . . 3,798 1 ,592 473 October. . . 622 4,241 1,608 November. 3,799 1,585 471 November. 7,700 4,305 1 ,635 December. . 3,929 1,605 483 December. . 7,994 4,449 1,657 1934—January. . . 3,791 1,553 471 1940—January... 7,810 4,415 1,675 February.. 3,743 1,534 468 February. 7,718 4,405 1,694 March. . . . 3,800 1,557 471 March. . . . 7,820 4,485 1,727 April 3,885 1,615 475 April 7 ,946 4,611 1,751 May 3,973 1,685 482 May 8,125 4,774 1,796 June 4,038 1,741 489 June 8,284 4,909 1,843 July 4,034 1,776 496 July 8,278 4,996 1,868 August. . . . 4,076 1,807 506 August... 8,361 5,067 1,903 September. 4,147 1,812 514 September. 8,489 5,091 1,927 October. . . 4,225 1,839 528 October. . . 8,644 5,173 1 ,947 November. 4,240 1,838 536 November. 8,776 5,250 1,965 December. . 4,396 1,867 550 December. . 9,146 5,448 1,998 1935--January. . . 4,279 1,847 556 1941—January. . . 8,945 5,410 2,017 February.. 4,255 1,849 564 February. . 8,911 5,444 2,034 March 4,373 1,915 578 March.... 9,014 5,517 2,064 April 4,542 2,025 598 April 9,321 5,757 2,115 May 4,640 2,130 621 May 9,649 6 008 2,164 June 4,769 2,228 649 June 9,888 6,174 2,201 July 4,821 2,317 681 July 9,940 6,264- 2.229 August.... 4,898 2,395 712 August 10,092 6,366 2,250 September. 4,998 2,436 739 September. 10,107 6,248 2,241 October. . . 5,102 2,476 767 October. . . 9,995 6,126 2,218 November. 5,214 2,527 791 November. 9.844 5,988 2,192 December. . 5,439 2,627 822 December. . 9,895 5,920 2,176 1 These figures include revised estimates for commercial banks, small loan companies, and credit unions shown in the table on p. 832. 834 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVISED CONSUMER CREDIT SERIES REVISED CONSUMER CREDIT SERIES—{Continued) [Estimated amounts outstanding. In millions of dollars] Total Total Total Single Total Total Total Single End of month s c u o m n e - r i m ns e t n al t - i m ns e t n al t - m pa e y n - t End of month s c u o m n e - r i m ns e ta n l t - i m ns e t n a t l- m pa e y n - t credit credit loans l loans credit credit loans l loans 1942—January 9,533 5,616 2,110 1945—January 5,480 1,967 1,190 February 9,161 5,352 2,057 February 5,337 1,923 1,182 March 8,988 5,127 2,026 March 5,597 1,948 1,217 April 8,741 4,898 1,982 April 5,477 1,945 1,222 May 8,319 4,620 1,918 May 5,533 1,957 1,239 June 7,873 4,333 1,861 June 5,685 1,984 1,265 July 7,359 4,047 1,804 July. . . 5,627 1,991 1,279 August 7,059 3,757 1,728 August 5,599 1,986 1,280 September 6,896 3,521 1,661 September 5,630 2,010 1,293 October 6,744 3.281 1,580 October 5,914 2,086 1,332 November 6,502 3,079 1 ,510 November 6,236 2,190 1.385 December 6,478 2,948 1,457 December 6,637 2,365 1,462 1943—January 6.018 2,689 1,377 1946—January 6,427 2,364 1,487 February 5,796 2,497 1 ,309 Februarv 6,530 2,404 1,525 March 5,654 2,357 1,289 March 6,984 2,503 1,598 April 5,545 2,26? 1 245 Anril 7 368 2,649 1,692 1 ,766 May 5,377 2,156 1,203 May 7,607 2,783 1,779 1,814 June 5,360 2,093 1,198 June 7.905 2,902 1,867 1,846 July 5,123 2,008 1,171 Julv 8,025 3,022 1,952 1,886 August 5,037 1,958 1,153 Alienist 8,362 3,165 2,041 1,938 September 5,125 1,932 1,148 September. . . 8,631 3,288 2,111 2,000 October 5,224 1,909 1,133 October 9,013 3,458 2,197 2,081 November 5,311 1 897 1 122 November 9,527 3,646 2,288 2,164 December 5,334 1,957 1,143 December 10,147 3,976 2,418 2,253 1944—January 4,985 1,854 1,112 1947—January 9,967 4,048 2,482 2,286 February. 4,832 1,803 1,098 February 9,910 4,157 2,548 2,277 March 5,014 1,821 1,126 March 10,216 4,329 2,634 2,243 April 5,003 1 804 1 115 A.prilP. 10,413 4,543 2,730 2.215 May 5,113 1,816 1 ,117 MayP ... 10,664 4,747 2,824 2,203 June 5,184 1,838 1,132 July 5,115 1,844 1,139 August . 5,163 1 849 1,141 September 5,236 1.865 1,146 October 5.384 1,889 1,146 November 5,571 1 925 1 153 December 5,776 2,034 1,199 Preliminary. JULY 1947 835 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REPORT OF NATIONAL ADVISORY COUNCIL ON INTERNATIONAL MONETARY AND FINANCIAL PROBLEMS Given below is the text of the report submitted giving figures on credit extensions and other adby the National Advisory Council to the President, vances and grants by the United States Government on June 24, 1947. On June 26 the President sent to foreign countries between July 1, 1945 and Dethe report to Congress for its information and con- cember 3 1, 1946. Copies of the full report may be sideration. The report includes a survey of the obtained from the National Advisory Council on foreign financial assistance extended by the United International Monetary and Financial Problems, States since the end of the war. The text was ac- Washington 25, D. C. companied by an extensive Statistical Appendix, I. ORGANIZATION OF THE COUNCIL STATUTORY BASIS "Report of the National Advisory Council on International Monetary and Financial Problems for The National Advisory Council on International the Period of the Last Six Months" forwarded to Monetary and Financial Problems was established the President, and transmitted by the President to by the Congress in the Bretton Woods Agreements the Congress on March 8, 1946 (H. Doc. No. 497, Act (59 Stat. 512; 22 U.S.C. 286b), which was ap- 79th Cong., 2d sess.). proved by the President on July 31, 1945. The "Report by the National Advisory Council on statute directs the Council to coordinate the policies International Monetary and Financial Problems and operations of the representatives of the United with respect to the Participation of the United States on the International Monetary Fund and States in the International Bank for Reconstruction the International Bank for Reconstruction and Deand Development and in the International Monevelopment, the Export-Import Bank of Washington tary Fund to October 31, 1946" forwarded to the and all other agencies of the Government "to the President, and transmitted by the President to the extent that they make or participate in the making Congress on January 13, 1947 (H. Doc. No. 53, of foreign loans or engage in foreign financial, ex- 80th Cong., 1st sess.).2 change or monetary transactions." The Council is also directed to advise and consult with the Presi- The present report covers the activities of the dent and the United States representatives on the Council from February 28, 1946, to March 31, 1947, Fund and the Bank on major problems arising in and includes a survey of foreign financial assistance the administration of the Fund and the Bank; and extended by the United States since the end of the to recommend to the President general policy direc- war. It also includes (see Part III below) the tives for the guidance of the representatives of the second report by the Council on participation of the United States on the Fund and Bank. United States in the International Bank for Reconstruction and Development and in the International Monetary Fund, covering the period from Octo- REPORTS ber 31, 1946, to March 31, 1947. Since its first meeting on August 21, 1945, the Council has submitted three formal reports to the MEMBERSHIP President and to the Congress as follows: The present members of the Council, according "Statement of the Foreign Loan Policy of the to law, are the following: United States Government by the National Advisory Council on International Monetary and The Secretary of the Treasury, John W. Snyder, Financial Problems" forwarded to the President, Chairman. and transmitted by the President to the Congress The Secretary of State, George C. Marshall. on March 1, 1946 (H. Doc. No. 489, 79th Cong., The Secretary of Commerce, W. Averell Harri- 2d sess.; subsequently included as Appendix B to H. man. Doc. No. 497, 79th Cong., 2d sess.).1 The Chairman of the Board of Governors of the 1 See Federal Reserve BULLETIN,, March 1946, pp. 227-31. - See Federal Reserve BULLETIN, February 1947, pp. 125-29. 836 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REPORT OF NATIONAL ADVISORY COUNCIL Federal Reserve System, Marriner S. Eccles. Exchange Commission, collects and analyzes infor- The Chairman of the Board of Directors of the mation and prepares reports and recommendations Export-Import Bank, William McChesney Mar- for the Council. Secretariat functions are pertin, Jr. formed by personnel of the Treasury Department. Through this procedure, the Council has not only By agreement, the following serve as alternates: operated economically but has also maintained the Andrew N. Overby, Special Assistant to the close interagency liaison essential for successful per- Secretary of the Treasury. formance of its coordinating function. William L. Clayton, Under Secretary of State for In accordance with its statutory responsibility, Economic Affairs. the Council has coordinated a wide variety of Thomas C. Blaisdell, Jr., Assistant to the Secre- foreign financial transactions by agencies of this tary of Commerce. Government, including foreign loans, financial set- J. Burke Knapp, Assistant Director of Research tlement of war accounts, and credits to foreign govand Statistics, Board of Governors of the Fed- ernments or their nationals for purchase of United eral Reserve System, States Government surplus property. Its objective Herbert E. Gaston, Vice Chairman of the Board has been to achieve a consistent United States forof Directors of the Export-Import Bank. eign financial policy. Problems which before the institution of the Council had been dealt with by Harold Glasser, Director of Monetary Research individual agencies and, in many cases, with only in the Treasury Department, is the Secretary of the incidental coordination, have been made the subject Council. of joint discussion and joint decision. The Council The United States Executive Directors on the considers various criteria for foreign loans, among International Monetary Fund and the International which are the purpose of the loan, the need for the Bank for Reconstruction and Development regloan, the borrower's ability to repay, the allocation ularly attend the meetings of the Council. of available loan funds among applicant countries, the alternative sources of loan funds, and the pos- PROCEDURE sible effects of the use of loan proceeds on the The Council ordinarily meets each week and United States domestic economy. On the basis of holds such special meetings as are required. Since these criteria the Council approves or disapproves February 1946, the Council has held 53 meetings, consideration by the lending agency of a proposed including several joint meetings with the President's loan or credit. Thus, through an over-all analysis, Committee for Financing Foreign Trade. Mem- the Council offers its best judgment to a lending bers of the Council also formed a special committee agency with regard to particular loan applications. which was charged with carrying through the fi- Similarly, through continuous consultation with nancial negotiations with representatives of the Pro- United States representatives on the International visional Government of France in the spring of Fund and Bank, and through exercise of the special 1946. powers granted to the United States in the Bank's The Council has made use of the services of the Articles of Agreement over the Bank's operations existing personnel of its five member agencies. As involving United States dollars, the Council has described in previous reports, its Staff Committee, assured coordination between the operations of consisting of technical representatives of member these international institutions and the foreign fiagencies and a representative of the Securities and nancial operations of the United States Government. II. ACTIVITIES OTHER THAN THOSE RELATING TO THE INTERNATIONAL MONE- TARY FUND AND THE INTERNATIONAL BANK THE ANGLO-AMERICAN FINANCIAL AGREEMENT The initial drawing under the line of credit provided for by the Financial Agreement was made by On July 15, 1946 President Truman signed the the British Government on July 18, 1946. Six sub- Joint Congressional Resolution which implemented the Financial Agreement of December 6, 1945, with sequent withdrawals brought the total drawings to the United Kingdom, and the Agreement became 1,300 million dollars as of April 1, 1947. effective immediately. The resolution implement- To implement the Joint Congressional Resolution ing the Agreement authorized the Secretary of the which provided that "the Secretary of the Treasury, Treasury, in consultation with the National Ad- in consultation with the National Advisory Council visory Council, to carry out the Agreement of De- on International Monetary and Financial Problems, cember 6, 1945. is hereby authorized to carry out the Agreement JULY 1947 837 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REPORT OF NATIONAL ADVISORY COUNCIL dated December 6, 1945 between the United States sociated with earlier Bank commitments, after the and the United Kingdom," the Council directed its beginning of Council operations. The following Staff Committee to coordinate the study of problems table shows the distribution of credits by country arising under the Agreement. and object of financing. On September 17, 1946, the United Kingdom In March 1946, the Council approved considerasigned an agreement with Argentina, providing tion by the Bank of the extension to Chinese Govfor the settlement of sterling balances accumulated ernment agencies and private enterprises of credits by Argentina during the war. Since implementa- aggregating 500 million dollars for the purchase in tion of one clause of this agreement involved a the United States of materials, equipment, and potential violation of the principle, embodied in the services to assist in the rehabilitation and develop- Anglo-American Financial Agreement, that sterling ment of the Chinese economy. The Bank earbalances should not be used as a device for dis- marked this amount for the extension of credits criminatory expansion of British exports, the Na- for specific projects submitted to the Bank and aptional Advisory Council recommended that the proved by it prior to June 30, 1947. As of March 31, Secretary of the Treasury write to the British Chan- 1947 no credits had been approved. cellor of the Exchequer, with respect to this clause In January 1947, the Council approved conof the Argentine agreement. There followed an sideration by the Bank of credits to Italy totaling exchange of letters between the Secretary and the not more than 100 million dollars. The Bank has Chancellor, which was made public on February 5, earmarked this amount for the extension during 1947. Chancellor Dalton gave assurances that the 1947 of credits for the purpose of financing imports clause objected to would not be written into any from the United States and, thereby, assisting subsequent agreement for the settlement of sterling specific parts of Italian industry in the restoration balances held by other countries. Subsequently, and expansion of export markets. Stable conditions Argentina and the United Kingdom have agreed to in Italy and that country's ability to provide for liquidate Argentina's total sterling balances through other essential imports are prerequisites to the exuse of these balances to purchase British-owned tension of credits under the agreement. As of railways in Argentina. Such liquidation is con- March 31, 1947, no credits had been approved. sistent with the Financial Agreement. Several additional loan applications, which the The United Kingdom has also negotiated a series Council approved for consideration, are under of agreements with other countries to carry out the study by the Bank. As of March 31, 1947, the obligations under the Anglo-American Financial unutilized lending capacity of the Bank, after deduc- Agreement which become effective July 15, 1947. tion of the earmarked amounts for China and Italy, In December 1946, the United Kingdom signed an was approximately 320 million dollars. agreement with Canada, under which sterling was made freely transferable between Canadian, Ameri- THE PHILIPPINE LOAN can, and Argentine accounts and Canada agreed to During May 1946, the President-elect of the new accept sterling in payment of exports from a large Philippine Republic conferred with President Trunumber of countries. In February 1947, the United man, Congressional leaders and various Govern- Kingdom signed three supplementary agreements ment officials concerning the financial situation of amending the monetary agreements with Belgium, that country and the possibilities of obtaining the Netherlands, and Portugal, making sterling bal- sizable loans from the United States for budgetary ances held by these countries immediately available and trade purposes. for current payments in any currency area. On the basis of available information the Council during July reached the conclusion that a loan of EXPORT-IMPORT BANK CREDITS not more than 75 million dollars would suffice to From the beginning of its operations on August carry the Philippine Government through its fi- 21, 1945, through March 31, 1947, the Council ap- nancial difficulties during the current fiscal year. proved (or referred) for consideration by the Ex- The Council agreed that such a loan, because of its port-Import Bank approximately 2 billion dollars special nature, should be presented to the Congress of credits (excluding 600 million earmarked for for direct authorization; and that a Joint Philippine- China and Italy) which were subsequently author- American Finance Commission should make a ized by the Board of Directors of the Export-Import thorough study of the entire financial and budgetary Bank. Several credits, also available for postwar situation of the Philippine Government. use, were authorized or negotiated by the Bank, Congress, by Public Law 656 (79th Congress), some between July 1, 1945 and the beginning date approved August 7, 1946, authorized the Reconof Council operations, and some, which were as- struction Finance Corporation to extend credits dur- FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REPORT OF NATIONAL ADVISORY COUNCIL NET CREDITS AUTHORIZED BY THE EXPORT-IMPORT BANK X JULY 1, 1945-MARCH 31, 1947 [In millions of dollars] Object of credit financing Area and country Total r L eq en u d is - i l t e i a o s n e s st R ru ec c o ti n o - n De m v e e n lo t p- pu C rc o h tt a o s n es2 Other Europe—total 655.0 1,093.6 100.0 17.8 1,866.4 Austria 30.8 0.8 Belgium. . . .. 55 0 45 0 100.0 Czechoslovakia 20.0 42.0 22.0 Denmark 20 0 20.0 Finland 62 5 7 0 5 10.0 79.5 France 550.0 650.0 1,200.0 Greece 25 0 25.0 Hungary 7.0 7.0 Italy 25 0 "5.0 30.0 Netherlands 50.0 6 201.1 251.1 Norway . . 50.0 50.0 Poland 40 0 40.0 Unalloted cotton credits 41 0 41.0 Latin America—total . . . .. . . . 117.4 117.4 Argentina 0 2 0.2 Bolivia 3 0 3.0 Brazil 53 8 53.8 Chile. . 47 4 47.4 Colombia 3.5 3.5 Kcuador . . 1 8 1.8 Mexico . . . 7 0 7.0 Peru 0 1 0.1 Venezuela 0.6 0.6 Asia and Africa—total 136.8 53.1 33.0 222.9 China 33 8 33 0 66.8 Netherlands Indies 100.0 100.0 Saudi Arabia 25 0 25.0 Turkey ... . 28.1 28.1 Ethiopia 3.0 3.0 Miscellaneous 10.7 10.7 All Areas—total 655.0 1,230.4 181.2 133.0 17.8 2,217.4 1 Cancellations and expirations deducted. Numerous small exporter-importer loans extended by the Bank, July 1945, through Mar. 31, 1947, are excluded. 2 Credits extended by the Export-Import Bank under general approval of the Council. 3 Revolving credit. 4 For financing tobacco purchases. 5 For financing food purchases. 6 Excludes 49 million dollar participation by private banks through Mar. 31, 1947. ing the fiscal year 1947 to the Philippine Govern- sion is expected to report to the two Governments ment of up to 75 million dollars upon such terms during the spring of this year. as that agency, after consultation with the National Advisory Council, should deem to be warranted by WAR SETTLEMENTS ARRANGEMENTS AND CREDITS the financial position of the Philippine Government. The Council has continued to coordinate policy A formal request for an initial advance of 25 milgoverning the financial settlements with foreign lion dollars under this authorization was subcountries arising from the war. This work includes sequently received in Washington. On the basis lend-lease settlements, general financial terms for of this request the Council approved consideration by the Reconstruction Finance Corporation of a loan the disposal of surplus property located abroad, of 25 million dollars to the Philippine Government adjustment payments for the expenditures of United with interest at a rate of 2 per cent per annum and States armed forces in foreign countries, and settlematuring on January 1, 1952. This recommenda- ment of other war claims. The Department of tion was accepted by the Reconstruction Finance State has primary responsibility for agreements Corporation and the Philippine Government. concerning lend-lease and surplus property located The Joint Finance Commission recommended abroad, under general principles approved by the by the Council was established by agreement be- Council. tween the two Governments and has been working In many cases all pending war accounts with a in Manila since the end of January. The Commis- particular country have been negotiated at one JULY 1947 839 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REPORT OF NATIONAL ADVISORY COUNCIL time, as a means of facilitating agreement between Allied Military lira currency for the procurement the parties. An over-all settlement was concluded of supplies, services and facilities in Italy. with France on May 28, 1946, and similar types of settlement were concluded with Belgium on Sep- OFFICE OF FOREIGN LIQUIDATION COMMISSIONER tember 24, 1946, and with the Union of South CREDITS Africa on March 21, 1947. The general policies established by the Council The agreement with France was reviewed by the for the guidance of the Office of the Foreign Liqui- Council. This over-all war settlement resulted in a dation Commissioner, Department of State, with net French obligation to the United States of 720 regard to the financing of surplus property sales million dollars. The amount of this obligation abroad may be summarized as follows: covers final settlement of lend-lease and reciprocal (a) Cash payment shall be obtained in United aid, transfer of certain surplus property to France States dollars insofar as this can be done without and French North and West Africa on long-term unduly reducing total proceeds. credit, adjustment of the United States' share of (b) Where cash sales are not possible, credits recivilian supplies received by the French through payable in dollars may be extended by the Foreign combined military channels, and the settlement Liquidation Commissioner who will endeavor to of other financial claims of each government arising make provision for this Government's right to obout of the conduct of the war. tain accelerated payments in the debtor country's The agreement reached with Belgium covers final currency to meet United States Government exsettlement of lend-lease and reciprocal aid, transfer penditures in such country. of surplus property in Belgium on long-term credit, (c) Where dollar credits are extended, the terms the adjustment of the United States' share of civilian shall not be more favorable to recipient countries supplies received by the Belgians from combined than 2 % per cent interest and 30-year final maturity, military channels and the settlement of other finanexcept in the case of surplus property sales made in cial claims of each government arising out of the connection with an over-all settlement of war acconduct of the war. An ancillary agreement signed counts. with Luxembourg settled outstanding claims of the (d) In exceptional circumstances local currency United States and Luxembourg Governments. The may be accepted by the Foreign Liquidation Comsettlement with the Union of South Africa covers missioner in amounts and under conditions conlend-lease and reciprocal aid, mutual financial claims sidered appropriate by the State Department in conarising from the war, and certain surplus property sultation with the Treasury Department. items. (e) Insofar as practicable, Export-Import Bank Lend-lease and surplus property agreements were funds should not be used for the purchase of goods also concluded with India on May 16, 1946, with in the United States of the same types as are any- Australia on June 7, 1946, and with New Zealand where available as United States surplus property. on July 10, 1946. An agreement covering transfer of certain surplus property was signed with China When foreign countries make purchases of suron August 30, 1946. There remain some unsettled plus property on credit terms consistent with the war accounts on which the Chinese Government Council's general policies, the individual transachas been requested to negotiate. Most of the major tions are not usually referred to the Council for its aspects of lend-lease accounts with Latin American consideration, but the Office of the Foreign Liquicountries have been settled. Negotiations on over- dation Commissioner informs the Council of the all settlements with Norway and the Netherlands credits that have been extended. In the case of are now well advanced. In the case of Greece and proposed surplus property sales to Japanese agencies Czechoslovakia, discussions are in the initial stages. involving different payment terms from those estab- Formal negotiation with the Union of Soviet lished by the Council's general policies, the Council Socialist Republics had not yet begun as of March passed upon specific credit terms. 31, 1947. Public Law 584, 79th Congress, approved August In accordance with a recommendation of the 1, 1946 and known as the Fulbright Amendment to Council and after consultation with appropriate the Surplus Property Act of 1944, established the committees of the Congress and clearance with Department of State as the sole disposal agency for the Comptroller General, the Department of State, surplus property located outside the continental at the direction of the President, announced that United States, its territories and possessions; and payments would be made to the Italian Government substantially broadened both the authorized types of of dollars already set aside in the Treasury to cover consideration that might be accepted in the disposal expenditures made by United States armed forces in of surplus property located abroad, and the author- 840 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REPORT OF NATIONAL ADVISORY COUNCIL ized use of the proceeds from the disposal of this countries, the Council recognized the need for libproperty. eral credit terms which would facilitate and assist in this work and which borrowers could be expected UNITED STATES MARITIME COMMISSION FOREIGN to meet without undue burden on their balances of CREDITS payments. At the same time, the Council took Under the Merchant Ship Sales Act of 1946, the cognizance of the cost of loan funds to the United United States Maritime Commission was author- States and the need for the various foreign lending ized, with certain limitations, to sell war-built ves- agencies of the Government to conduct their foreign sels to noncitizens at not less than the statutory sales credit operations on a self-sustaining basis. price and upon terms and conditions not more At the beginning of its operations the Council favorable than those extended to United States was confronted with the problem of determining citizens. Under its statutory authority the Mari- charges on Export-Import Bank long-term loans time Commission, after consultation with the Coun- to countries disrupted by the war. An interest rate cil in each case, has extended the following credits of 3 per cent was established on 20-30-year loans. for which contracts had been signed as of March On Export-Import Bank loans to finance the pur- 31, 1947: chase of goods requisitioned by foreign govern- Amount of credit ments prior to V-J Day under lend-lease arrange- (In millions of ments, it was considered appropriate to apply the Country dollars) terms contained in the lend-lease 3(c) agreements and established pursuant to Section 3(c) of the Brazil 2.1 Lend-Lease Act. Accordingly, the Bank's rate France 28.8 was set at 2% per cent for 30-year loans of this type. Greece 40.1 In the summer of 1946, detailed consideration was Italy 20.4 given by the Council to the Export-Import Bank Peru 2.8 rate on loans other than those for reconstruction pur- Turkey 2.8 poses. Among the factors affecting the Council's decision was the desirability of establishing a rate Total 97.0 which would attract private capital participation in Ships for which mortgage contracts were not yet the Bank's loan program without unduly burdening signed as of March 31, 1947, have also been delivforeign borrowers and which would be likely to ered to Norway under special custody agreements. conform with the future pattern of International Bank charges on development loans of comparable WAR ASSETS ADMINISTRATION FOREIGN CREDITS maturities. The Council also considered the cost to After discussions with representatives of the War the United States Government of public funds Assets Administration, the Council approved in used by the Export-Import Bank and the rate at principle the extension of credits by that agency to which the Bank should accumulate reserves against finance sales of domestic surplus property to foreign possible losses. The Council finally determined that governments. The details of coordinating such a the average or effective rate on Export-Import Bank program with the over-all foreign financial opera- development loans to foreign governments, governtions of this Government were worked out and con- ment agencies and private borrowers should be 3/4 firmed by an exchange of correspondence between per cent on 15-year maturities; and that this rate the Chairman of the Council and the War Assets should be adjusted upward or downward by the Administrator in the early part of this year. Several Bank according to the structure of rates for difforeign applications for credits for the purchase of ferent maturities in the private capital market and, United States domestic surplus property have been in the case of loans to private borrowers without acted on by the Council. As of March 31, 1947, government guarantee, according to differences in no contracts covering such purchases had been risks. signed. In the spring of 1946, the Council considered the CREDIT TERMS^ problem of credit terms on the net obligation due The establishment and coordination of credit this Government from the Provisional Government terms to foreign countries obtaining loans or credits of France as a result of an over-all settlement of from various United States Government agencies war accounts with that country and a bulk purchase has been a continuous concern of the Council. In by France of United States surplus property located view of this Government's interest in the work of abroad. The Council determined that the interest reconstructing war-devastated countries and in pro- rate on credits extended in the over-all settlement of moting economic development in underdeveloped war accounts with the French Government should JULY 1947 841 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REPORT OF NATIONAL ADVISORY COUNCIL be 2 per cent and that the period of repayment ments for basic essentials such as food, medical supshould be 35 years with an initial 5-year period of plies and working capital for agriculture. The grace on repayment of principal. While the rate United Nations Special Technical Committee on of interest is thus the same as under the Financial Relief Needs after Termination of UNRRA esti- Agreement with the United Kingdom, the French mated a total 1947 need of 583 million dollars for agreement differs in that it does not provide for any Austria, Greece, Hungary, Italy, Poland and Yugowaiver of interest. The Council, however, approved slavia. the inclusion of a provision whereby, if both coun- The State Department in an independent analysis tries agreed that because of extraordinary and ad- estimated a 1947 relief deficit of 576 million dollars verse economic conditions arising during the course for Austria, Greece, Hungary, Italy, Poland and of payment any periodic payment would not be to Trieste. The State Department's estimate was the common advantage of both Governments, such arrived at in conformity with the United Nations payment might be postponed upon such terms and General Assembly's resolution of December 11, conditions as might be agreed. The Council also 1946 which defined 1947 foreign relief needs as the made the above terms applicable to over-all settle- value of a country's net minimum import needs ments of war accounts with other foreign govern- to prevent suffering and economic retrogression. ments. The State Department carefully considered what Since it appeared that credits would be required part of the total relief needs might properly be met in order to maximize the ultimate proceeds from the by a United States contribution. disposal to foreign countries of United States sur- In view of the studies prepared by the United plus property located abroad, the Council at an Nations and by the State Department the Council early stage in its activities considered the subject of considered the share recommended by the State credit terms to be extended by the Office of the Department as ah appropriate United States con- Foreign Liquidation Commissioner. After due tribution to post-UNRRA relief during the calendar consideration the Council determined that terms year 1947. In recognizing the responsibility of the should not be more favorable to foreign countries State Department for the proposed amount and than 2% per cent interest and 30-year final matur- administration of the United States contribution, ity. An exception was later made for bulk pur- the Council expressed its opinion that the program chases of surplus property in connection with over- would be consistent with the foreign financial policy all settlement of war accounts, as noted above in the of the United States Government. In order to co- French case. The Council also coordinated the pay- ordinate the administration of United States postment terms on which surplus property might be UNRRA relief with other phases of this Governmade available to Japanese agencies with the War ment's foreign financial policy the Council re- Department's arrangements for securing payments quested the State Department to report periodically for imports into Japan for the prevention of disease on the allocation of relief funds and on the agreeand unrest and for the accomplishment of the ob- ments reached with the recipient countries. The jectives of the mission. President subsequently submitted to the Congress In accordance with the provisions of the Merchant an appropriation request of 350 million dollars. Ship Sales Act of 1946, the minimum rate of interest chargeable by the United States Maritime Com- OTHER COUNCIL ACTIVITIES mission on ship purchase credits to foreign pur- Early in 1946 the Council determined that until chasers is 3/4 per cent and the maximum amount further notice, foreign requests for short-term loans of credit is limited to 75 per cent of the sales price. on gold from Federal Reserve Banks need not be It was administratively determined by the Maritime submitted to the Council for consideration. The Commission that the credit period should not ex- Chairman of the Board of Governors of the Federal ceed the remaining economic life of the vessel. In Reserve System was requested, however, to inform the light of this background, the Council deter- the Council whenever a new loan of this type was mined that the statutory minimum rate should be granted. Loans on gold do not create a net addicharged. tion to foreign countries' dollar resources; dollars RELIEF obtained through the pledge of gold might alterna- The imminent termination of the UNRRA pro- tively have been obtained through sale of the gold gram led the United Nations General Assembly in to the United States. The volume of such loans its fall session of 1946 to consider means of provid- outstanding as of March 31, 1947 amounted to 131.8 ing for the post-UNRRA relief needs of countries million dollars. devastated by the war and not yet sufficiently re- The Council formulated this Government's posicovered to provide their own minimum require- tion with regard to the assumption by the Economic 842 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REPORT OF NATIONAL ADVISORY COUNCIL and Social Council of the United Nations of certain The Committee is composed of the following technical functions of the League of Nations in con- members: nection with a series of international loans made Mr. Winthrop W. Aldrich, Chairman, The Chase during the inter-war period. The Council agreed National Bank of the City of New York that these residual technical functions were no longer Mr. Champ Carry, President, Pullman-Standard of sufficient importance to warrant their assumption Car Manufacturing Corporation by the Economic and Social Council. These views Mr. Walter J. Cummings, Chairman, Continentalwere transmitted by the State Department to the Illinois National Bank and Trust Company United States representative to the Economic and Mr. L. M. Giannini, President, Bank of America Social Council for his guidance and instruction. Mr. Paul G. Hoffman, President, Studebaker Cor- During March of this year, the Council studied poration the problem of export credit insurance and transfer Mr. Edward Hopkinson, Jr., Partner, Drexel and guarantees for United States exporters and con- Company cluded that there did not appear at this time any Mr. Fowler McCormick, Chairman, International convincing need for a Government system of such insurance and guarantees. The Council agreed, Harvester Company however, that if sufficient need could be demon- Mr. Irving S. Olds, Chairman, U. S. Steel Corstrated a properly administered system of Govern- poration ment export credit and transfer risk insurance Mr. Herbert H. Pease, President, New Britain would seem feasible. Machine Company The Council made available to the United States Mr. Gordon S. Rentschler, Chairman, National City delegation to the UNRRA conference in August Bank of New York 1946, specialized studies of the capacities to pay of Mr. A. W. Robertson, Chairman, Westinghouse certain UNRRA recipient countries. Electric Corporation The Council, through the Securities and Ex- Mr. Tom K. Smith, President, the Boatmen's Nachange Commission, has kept itself informed of tional Bank of St. Louis registrations and public offerings of foreign govern- At the first joint meeting of the President's Comment bonds in the United States market. mittee for Financing Foreign Trade and the Na- PRESIDENT'S COMMITTEE FOR FINANCING FOREIGN tional Advisory Council in September 1946, the TRADE Committee recommended to the National Advisory Council that they confer informally on designated On June 26, 1946 the President appointed a comtopics concerning which the Council desired informittee of bankers and industrialists to work in conjunction with the National Advisory Council on mation and advice, so that the Committee might the problem of financing foreign trade. The Presi- make available to the Council the points of view of dent pointed out that United States foreign trade, its members in the varying fields represented by export and import, must in the long run be privately them. Accordingly, meetings have been held at handled and privately financed if it is to serve well approximately monthly intervals to consider subthis country and the world economy. jects of mutual interest. III. ACTIVITIES RELATING TO THE INTERNATIONAL MONETARY FUND AND THE INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT Effective operation of the International Monetary United States Executive Directors of the Fund and Fund and the International Bank leading toward Bank for the purpose of giving them assistance in full achievement of the purposes stated in their their joint efforts with the representatives of other Articles of Agreement is a major consideration of member countries to carry forward the operations of this Government, not only because of its interest as the Fund and Bank. While the Fund and Bank a member in the adoption of sound and constructive can evolve many of their policies only in the light international economic policies but also because of of specific developments, these institutions have althe necessity of coordinating United States Govern- ready investigated in detail and resolved many of ment foreign financial operations with the currency the policy and administrative problems which contransactions and loans of these organizations. The fronted them. National Advisory Council under the statutory au- PAR VALUES thority of the Bretton Woods Agreements Act has, The first major problem facing the Fund durtherefore, engaged in regular discussions with the ing the recent period was the establishment of JULY 1947 843 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REPORT OF NATIONAL ADVISORY COUNCIL initial par values of members' currencies for pur- ally to bring their cost structures into line with poses of the Fund. In discussing this matter with those of other countries. Furthermore, for many the United States Executive Director, the Council countries now concerned with combating inflation recognized the complexity of the problem involved there is a danger that a change in the exchange rate and expressed views substantially in accord with would aggravate the internal tendencies toward those contained in the statement issued by the Fund inflation. in connection with the announcement on Decem- "In view of all these considerations, the Fund has ber 18, 1946, of the schedule of initial par values. reached the conclusion that the proper course of Certain excerpts from the Fund's statement follow: action is to accept as initial par values the existing "This is the first time that a large number of rates of exchange." nations have submitted their exchange rates to con- The par values announced were the existing sideration by an international organization and rates of exchange as certified by member countries. thus a new phase of international monetary coop- In the cases of Brazil, China, Dominican Republic, eration has begun. The major significance of the Greece, Poland, Yugoslavia, France in respect of present step is not in the particular rates of ex- Indo-China, and the Netherlands in respect of the change which are announced, but in the fact that Netherlands Indies, an extension of time for the the participating nations have now fully established determination of their initial par values was granted a regime wherein they are pledged to promote ex- by the Fund. The Fund stated that the initial par change stability, to make no changes in the par value of the currency of Uruguay would not be values of their currencies except in accordance with definitely established until the completion of certhe Fund Agreement, and to assist each other in tain legislative proceedings in Uruguay. attaining the general objectives of the Fund. March 1, 1947 was the date established by the "The initial par values are, in all cases, those Fund for the beginning of exchange transactions. which have been proposed by members, and they As of March 31, 1947, no applications for the purare based on existing rates of exchange. The ac- chase of foreign exchange had been received by ceptance of these rates is not, however, to be in- the Fund. terpreted as a guarantee by the Fund that all the FUND'S SERVICE CHARGE rates will remain unchanged. As the Executive During this period the United States Executive Directors of the Fund stated in their First Annual Director of the Fund requested the advice of the Report, issued in September: 'We recognize that Council concerning the size of the service charge in some cases the initial par values that are estab- to be levied by the Fund on exchange transactions. lished may later be found incompatible with the The Articles of Agreement specify that "Any memmaintenance of a balanced international payments ber buying the currency of another member from position at a high level of domestic economic activ- the Fund in exchange for its own currency shall pay ity. . . . When this occurs, the Fund will be faced a service charge uniform for all members of threewith new problems of adjustment and will have to fourths per cent in addition to the parity price. recognize the unusual circumstances under which The Fund in its discretion may increase this service the initial par values were determined. It is just at charge to not more than one per cent or reduce it such times that the Fund can be most useful in to not less than one-half per cent." seeing that necessary exchange adjustments are In considering this matter the Council recalled made in an orderly manner and competitive ex- that this Government had taken the position at the change depreciation is avoided.' time the Bretton Woods legislation was passed that "The Fund realizes that at the present exchange the Fund should interfere as little as possible with rates there are substantial disparities in price and the operations of private foreign exchange markets wage levels among a number of countries. In pres- and should supplement rather than displace the use ent circumstances, however, such disparities do not by member countries of their own exchange rehave the same significance as in normal times. For sources. The Council also considered the possible practically all countries, exports are being limited effects of different rates on the earnings of the Fund. mainly by difficulties of production or transport, After careful study, the Council advised the United and the wide gaps which exist in some countries States Executive Director that it saw no adequate between the cost of needed imports and the pro- reason at this time to change the service charge of ceeds of exports would not be appreciably narrowed three-fourths per cent. by changes in their currency parities. In addition, many countries have just begun to recover from the OTHER COUNCIL ACTIONS ON FUND MATTERS disruption of war, and efforts to restore the pro- In December 1946, the Council on behalf of the ductivity of their economies may be expected gradu- United States Government notified the Managing 844 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REPORT OF NATIONAL ADVISORY COUNCIL Director of the Fund that this Government was pre- the Fund in May. In recognition of his outstandpared to accept the obligations of Article VIII, Sec- ing services the Executive Board of the Fund named tions 2, 3 and 4 of the Fund Agreement with re- Mr. White as Honorary Advisor to the International spect to avoidance of restrictions on current interna- Monetary Fund. tional payments, avoidance of discriminatory currency practices, and convertibility of balances of its INTERNATIONAL BANK LOAN APPLICATIONS currency held by other members of the Fund. Loan applications totaling 2,345 million dollars At the request of the Managing Director of the had been presented to the International Bank as of Fund that this Government designate the deposi- March 31, 1947. The countries and amounts intory at which it would prefer to pay its gold sub- volved are: Chile, 40 million; Czechoslovakia, 350 scription, the Council notified the Fund of this million; Denmark, 50 million; France, 500 million; Government's preference to pay its gold subscrip- Iran, 250 million; Luxembourg, 20 million; Nethertion at the Federal Reserve Bank of New York, the lands, 535 million; and Poland, 600 million. The depository of the Fund in the United States. Government of Greece has also indicated its intention to submit an application to the Bank upon CHANGES IN RULES AND REGULATIONS OF THE FUND completion of its plans for reconstruction projects. Among several amendments and additions to the Although negotiations with several of the applicants Rules and Regulations of the Fund in the recent were well advanced, no loans had been approved period, the most important pertain to the procedure by the Bank as of March 31, 1947. for handling by the Fund of requests from its mem- In discussions concerning these applications with bers for the purchase of currencies. the United States Executive Director, the Council The relevant sections of the Rules and Regula- recognized that in order to deal with such matters tions are as follows: as relative priorities of usefulness and urgency among loan projects submitted by applicants, it "G-3. When a duly authenticated request for the was advisable for the Bank to give concurrent conpurchase of foreign exchange in accordance with Article V, Section 3 is received, the Fund shall, on sideration to various loan applications. the third business day following the day of re- TERMS AND CONDITIONS OF BANK LOANS ceipt of the request instruct the appropriate depository to make the transfer, except in cases which The Council has expressed to the United States the Executive Board may indicate. The first busi- Executive Director its views with regard to the ness day after receipt of the request shall be re- Bank's charges on long-term loans. The Bank is garded as the first of the three days. required by its Articles of Agreement to impose on "G-5. When the request of a member, if consum- borrowers a commission of 1 to \]A per cent per mated, would increase to more than 5 per cent of its annum for the creation of a special reserve, but the quota the aggregate purchases by the member pur- size of the interest charge to be made by the Bank suant to Article V, Section 3, during the 30-day is a matter for determination by the Bank in the period preceding the date of action specified in light of such factors as the rate of interest paid G-3, the Managing Director shall notify each Exec- on its borrowings and the amount of liquid funds utive Director (or his Alternate if the Executive which the Bank would consider it prudent to keep Director is not available) on the first business day on hand. after receipt of the request. If neither the Execu- The Council requested the United States Executive Director nor the Alternate is in Washington tive Director to attempt to secure agreement by or its environs, the notification will be assumed to the International Bank to the incorporation in all have been duly delivered if appropriate notice is its loan contracts of a provision requiring consultadelivered to his office. tion with the Bank by any borrower who, in the "At the request of any Executive Director or on judgment of the Bank, was pursuing policies which the initiative of the Managing Director, a special might interfere with the success of the projects meeting shall be called by the Managing Director to financed by the Bank in any member country or discuss the request as soon as feasible, but not later jeopardize fulfillment of the borrower's, or other than the morning of the second business day." member countries', obligations to the Bank. ORGANIZATIONAL CHANGE IN THE FUND USE OF UNITED STATES CAPITAL AND FLOTATION On March 31, 1947, Mr. Harry D. White tend- OF SECURITIES ered his resignation as the United States Executive The Bank, under its Articles of Agreement, is re- Director of the Fund to become effective after the quired to obtain the approval of the United States return from Europe of the Managing Director of Government if it wishes either to use this country's JULY 1947 845 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REPORT OF NATIONAL ADVISORY COUNCIL 18 per cent capital contribution for making loans December 30, 1946. Having participated in the or to raise funds by selling securities in this coun- Bretton Woods Monetary and Financial Confertry. Hence, before the Bank could undertake any ence, Venezuela was among the nations entitled to substantial program of loan commitments involv- sign the Articles of Agreement of the Fund and the ing the use of United States dollars, such approval Bank before December 31, 1946. Venezuela's was needed. quota in the Fund is 15 million dollars and its sub- On March 26, 1947, following earlier discussions scription to the Bank is 10.5 million. between the Council and the United States Execu- Turkey and Italy signed the Articles of Agreetive Director, the Bank formally requested approval ment of the Fund and of the Bank on March 11 and to use the full amount of this country's 18 per cent March 27, 1947, respectively. Their applications capital contribution for making loans, and this ap- for membership in the Fund and the Bank had been proval was granted shortly thereafter by the Council approved by the Boards of Governors of the Bank on behalf of the United States Government. and the Fund at their First Annual Meeting in The Council also discussed with the United States Washington, September 27 to October 3, 1946. Executive Director various problems connected Turkey's quota in the Fund and subscription to the with the flotation of the Bank's securities in the Bank are each 43 million dollars; Italy's quota in United States market, including the possible amount the Fund and subscription to the Bank are each of the Bank's initial issues. The Council advised 180 million. him that on formal request by the Bank this Gov- Syria and Lebanon, whose applications for memernment would assent to the Bank's selling initial bership were also approved at the First Annual issues of securities on this market within the Meeting of the Boards of Governors of the Fund amounts discussed. and Bank, did not sign the Articles of Agreement until after March 31, 1947. ORGANIZATIONAL CHANGES IN THE BANK Mr. John J. McCloy was elected President of the UNITED STATES PAYMENTS TO THE FUND Bank by the Board of Executive Directors on Feb- On February 26, 1947 the United States Governruary 28, 1947, to succeed Mr. Eugene Meyer whose ment paid the remaining balance of its subscripresignation became effective December 18, 1946. tion to the International Monetary Fund in accord- On February 28, 1947, Mr. McCloy announced the ance with Article III, Section 3 and Article XX, election of Mr. Robert L. Garner as Vice President Section 4 (c) of the Fund Agreement, which proof the Bank. Following the resignation of Mr. Emilio G. Collado as United States Executive Di- vide for full payment on or before the date when rector of the Bank, the President of the United the Fund begins exchange transactions. States nominated Mr. Eugene R. Black for that posi- As of March 31, 1947, therefore, the United States tion. Mr. Black's nomination was confirmed by had paid its entire subscription of $2,750,000,000 the United States Senate on March 14, 1947. to the Fund. Of this amount $687,500,000.11, representing the 25 per cent gold portion of the MEMBERSHIP IN THE FUND AND BANK subscription stipulated by Article III, Section 3(b)(i) of the Fund Agreement, was paid in gold; The admission of three countries into Fund $280,499,999.89, representing approximately 10 per membership and four countries into Bank memcent of the United States subscription, was paid in bership between October 31, 1946 and March 31, United States dollar funds; and $1,782,000,000 was 1947 raised the number of member countries in represented by United States non-negotiable, noneach institution to 42. As of March 31, 1947, the interest bearing demand notes. By delivery of these total quotas of members of the Fund amounted special United States notes in accordance with Secto $7,710,500,000, while the total capital subscription 7(c) of the Bretton Woods Agreements Act, tions of members of the Bank amounted to $8,013,the United States exercised the option available 500,000. Members that have recently joined these organizations and the amounts of their subscrip- under Article III, Section 5 of the Fund Agreetions are indicated below. ment. These notes are payable on demand in dollars when needed by the Fund in its operations. Colombia, which was already a member of the Fund, signed the Articles of Agreement of the International Bank on December 26, 1946. Its sub- UNITED STATES PAYMENTS TO THE BANK scription to the capital of the Bank is 35 million On November 21, 1946, the United States made dollars. a payment of the second 5 per cent on its subscrip- Venezuela became a member of the International tion to the capital of the Bank pursuant to the Monetary Fund and of the International Bank on Bank's notice of call for payment. On February 24, 846 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REPORT OF NATIONAL ADVISORY COUNCIL 1947, the United States made a further payment by United States dollar funds. of 5 per cent on its capital subscription. The The Bank has given notice that it intends to amount of each of these payments was $158,750,000, make an additional call of 5 per cent of capital, totaling $317,500,000. payable as of May 26, 1947. When this payment As of March 31, 1947, the United States had of $158,750,000 has been made, the total United paid 15 per cent ($476,250,000) of its subscription States paid-in capital will amount to $635,000,000, to the capital of the Bank. Of this amount, $407,- or 20 per cent of the United States subscription. 035,000 was represented by non-negotiable, non- Under the Bank's Articles of Agreement there can interest bearing demand notes in accordance with be no further calls for payment upon the United Section 7(c) of the Bretton Woods Agreements Act States subscription unless the Bank should need and Article V, Section 12 of the Articles of Agree- to call on member countries for funds to meet its ment of the Bank, and $69,215,000 was represented obligations. IV. SURVEY OF POSTWAR FOREIGN FINANCIAL ASSISTANCE EXTENDED BY THE UNITED STATES GOVERNMENT By V-J Day, this Government had already made and an explanation of the nature of the data are preparations to meet many of the difficult foreign presented in Appendix B.3 financial problems connected with the postwar pe- The foreign financial assistance extended by the riod of adjustment and reconstruction. The terms United States Government is characterized by a of the Lend-Lease Act enabled the President to broad geographical distribution covering more than make settlements without imposing upon the 50 countries. Of the 14.3 billion dollar total made available between June 30, 1945 and December 31, recipients of lend-lease aid a dead-weight burden 1946, almost one-half (7.1 billion) is definitely asof debt resulting from the Allied war effort. The signable to the United Kingdom and other North- Congress had approved this Government's particiern and Western European countries. This share pation in the United Nations Relief and Rehabilitaconsists almost entirely of loans and credits for retion Administration. It had increased the lending construction purposes. authority of the Export-Import Bank from 700 mil- The bulk of other aid and grants was extended lion dollars to 3.5 billion dollars for the primary to Central, Southern and Eastern European counpurpose of enabling that agency to meet part of tries and Far Eastern areas where provision of huthe foreign postwar reconstruction needs. It had man necessities was urgently required before any authorized this Government's membership in the appreciable reconstruction and development work International Monetary Fund and the International could be undertaken. The aid for Germany and Bank for Reconstruction and Development. Japan, aside from the basic civilian supply pro- These measures were shortly thereafter supple- gram designed to prevent disease and unrest, is mented by an important additional step—the ap- intended to restore economic activity, especially in proval of the Financial Agreement with the United export industries, and to relieve the occupying Kingdom. powers of the burden of supporting these countries. PRESENT STATUS SCOPE OF OPERATIONS THROUGH MARCH 31, 1947 An appraisal of the financial assistance extended United States Government foreign financial to foreign countries by the United States Governassistance since the war has taken a variety of ment is particularly appropriate at this time. The forms, including (1) cash loans and advances, (2) International Monetary Fund and the International transfers of goods and services on deferred payment Bank for Reconstruction and Development, upon which the United States Government places reliance terms, and (3) contributions of money and supas the principal instruments to achieve the longplies. Such assistance has been supplemented by the range international financial objectives of the mem- United States subscriptions to the International ber countries of these two organizations, have re- Monetary Fund and the International Bank. cently come into operation. The Export-Import The dollar magnitude of the foreign financial Bank has committed or earmarked practically all assistance extended by the United States Governof the 2.8 billion dollar increase in lending authority ment is presented in the following summary table. granted by the Congress in July 1945, mainly for A country breakdown of the data covering the pe- 3 Available upon request from the National Advisory Council riod June 30, 1945 through December 31, 1946, on International and Financial Problems, Washington 25, D. C. JULY 1947 847 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REPORT OF NATIONAL ADVISORY COUNCIL UNITED STATES GOVERNMENT POSTWAR FOREIGN FINANCIAL ASSISTANCE Amount Available through March 31, 1947, and Status as of December 31, 1946, by Type and Agency Concerned [In millions of dollars] Amount x Amount1 Amount Unutilized Outstanding available available utilized balance indebtedness Type and agency concerned 6 /30/45- 6/30/45- 7/1/45- as of as of 3731/47 12/31/46 12/31/46 12/31/46 12/31/462 Loans—total 6,364 6,237 1,688 4,549 2,084 Loan to United Kingdom (Treasury Dept.) 3,750 3,750 600 3,150 600 Reconstruction, development and other loans (Export-Import Bank) 2,552 2,425 1,086 1,339 3 1,248 Loans to U. KM Philippine Republic and others (R. F. C.). . . 62 62 2 60 236 Property Credits—total 2,874 2,713 2,165 548 2,209 Lend-lease "pipeline" and inventory credits (State Dept.). . . 1,446 1,446 1.242 204 1,286 Surplus property credits (O. F. L. C.)4 1,248 1,140 875 265 5 875 Ship sales credits (U. S. Maritime Commission) 150 107 28 79 28 Surplus property credits (War Assets Administration)6 10 Miscellaneous 20 20 20 20 Loans and Property Credits—total. . 9,238 8,950 3,853 5,097 74,293 Other Aid—total 2,218 1,968 1,960 8 C Po iv s i t l w ia a n r s le u n p d p - l l i e e a s se to s o u c p c p u li p e i s e d ( S a t r a e t a e s D (W ep a t r . )8 and Navy Depts.)8.. 91,202 9977 9 7 7 2 7 6 194 (T 2 re C a o s n u g ry re s D s e io p n t. a ) l 1 0 Credit of 500 million dollars to China 9 726 9 726 120 Cotton advances for Germany and Japan (U. S. Commercial 120 120 Company and Commodity Credit Corp.)11 137 Other Advances for Germany (U. S. Commercial Company). 9 162 9 137 Grants—total 3,347 3,347 1,998 1,349 UNRRA supplies (U. S. Government contribution) 2,700 2,700 1,884 816 Grants to Philippine Republic (State Dept. and War Damage Commission) 620 620 100 520 Grants to Latin America (State Dept.) 27 27 14 13 Grand total 14,803 14,265 7,811 6,454 1 Unutilized balances of previous authorizations as of June 30, 1945, plus net authorizations, July 1, 1945-Mar. 31, 1947 in the case of the first column and plus net authorizations, July 1, 1945-Dec. 31, 1946 in the case of the second column. 2 Excludes indebtedness arising out of World War I. 3 Includes 7 million dollar participation by another agency. 4 Extended for purchase of surplus property located abroad. 5 Amount does not reflect small repayments received through Dec. 31, 1946, for which detailed data are not yet available in Washington, D. C. 6 Extended for purchase of surplus property located in the United States. 7 Consists of outstanding indebtedness as of June 30, 1945 (573 million dollars) plus amount utilized July 1, 1945-Dec. 31, 1946 (3,853 million), minus amount of repayments July 1, 1945-Dec. 31, 1946 (131 million) and a charge-off of approximately 1 million. Calculation of outstanding indebtedness by this formula will differ slightly from indebtedness shown in table due to rounding. The 573 million dollars of outstanding indebtedness as of June 30, 1945 consisted of: Export-Import Bank—221 million dollars; Lend-Lease—55 million; Reconstruction Finance Corporation—297 million. The repayments between July 1, 1945 and Dec. 31, 1946 consisted of: Export- Import Bank—59 million dollars; Lend-Lease—10 million; Reconstruction Finance Corporation—62 million. 8 Terms still subject to settlement as of Mar. 31, 1947. 9 Amount utilized. Estimated for "Civilian supplies to occupied areas" and "Postwar lend-lease supplies" for period June 30, 1945— Mar. 31, 1947. 10 Terms on entire 500 million dollars still subject to settlement as of Mar. 31, 1947. 11 Reimbursement based on the requirement that approximately 60 per cent (subject to adjustment) of textiles manufactured from Commodity Credit Corporation cotton during each three-month period will be delivered to United States Commercial Company for sale. the extension of reconstruction loans to war-devas- pleted or are in process of negotiation. In accord tated areas. Private United States capital has re- with the Lend-Lease Act, terms have been designed entered the field of foreign financing but only on a to avoid imposition of a burden on trade between very limited scale. UNRRA has virtually ter- the United States and allied countries in the form minated its activities but urgent relief needs still of repayments which would unduly aggravate the remain in certain areas. Finally, the decision is postwar balance of payments difficulties faced by being made by many countries as to whether the most of these countries. world will move towards a freer and higher level Over 80 per cent of all United States salable surof international trade through such an instrumen- plus located abroad (including estimated future tality as the International Trade Organization or declarations) has been disposed of, and largely towards a system of closed trading areas. delivered, during the period when such property Two immediate postwar financial objectives of was likely to contribute most to the restoration of this Government which have already been largely war-devastated areas and under terms conducive achieved are the settlement of war accounts and to maximization of eventual proceeds for this Govthe disposal of surplus property located abroad. ernment. Substantial amounts of domestic surplus All major war settlements have either been com- property and of surplus ships may also be disposed 848 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REPORT OF NATIONAL ADVISORY COUNCIL of by the War Assets Administration and the Mari- struction below that previously anticipated. time Commission through sales abroad on deferred The Export-Import Bank will continue not only payment terms. to disburse substantial amounts on outstanding com- Other postwar foreign financial objectives of the mitments but also to undertake new operations United States Government include alleviation of complementing those of other institutions. Cothe suffering of the peoples of war-devastated areas, ordination of the activities of the Export-Import restoration of the productive capacities of these Bank and the United States representatives on the areas, and development of economically undevel- International Bank will be undertaken by the Naoped countries. These objectives have only been tional Advisory Council and will be guided by the partially attained to date. At the same time the particular circumstances in each case. In general, purchasing power represented by unutilized lend- it may be expected that projects deemed approing authority, unutilized loan balances, unutilized priate for consideration by the Export-Import Bank relief grants and the gold and foreign exchange would be those in which there is a special and imassets of foreign countries has been cut by the in- portant United States interest. Such interest may crease in prices here and abroad. exist because the project is designed to open up an Relief and other forms of aid have carried a num- additional supply of essential imports into the ber of countries through the worst period of post- United States, or because it requires United States war readjustment. In Central and Southern Eu- equipment and services of kinds which this counrope, and in parts of the Far East, however, the try especially desires to export. Such interest may task of providing even a minimum of subsistence also exist because the project is being sponsored goods largely remains. and financed in part by private United States inter- It has proved necessary to propose to the Con- ests, or because it is in a field in which the Exportgress a special post-UNRRA appropriation of 350 Import Bank already has participated financially, million dollars for the calendar year 1947 while, or because the applicant country is not yet a memin the case of Greece, further direct assistance in ber of the International Bank. The Bank will also economic rehabilitation is included in the 400 mil- continue, of course, to receive applications from lion dollar appropriation request for Greece and United States exporters and importers who do not Turkey. The purposes to be served by this latter have direct access to the International Bank. In program have been fully developed in hearings be- general too, it may be expected that the Exportfore Congressional committees and in debates in Import Bank will limit itself to projects that can the Congress. Assistance for military supplies, as be amortized in a relatively short period of years. well as the aid designed to restore political and The Export-Import Bank had unutilized funds economic stability in Greece, do not fall within the at its disposal as of March 31, 1947 of approxipurposes of the Export-Import Bank or the Inter- mately 320 million dollars, after deduction of earnational Bank for Reconstruction and Develop- marked amounts for China and Italy. Applications ment. were pending before the Bank at that time in an In the case of the combined British and American aggregate amount in excess of this remaining lendzones of Germany, the net import requirements for ing authority. On the other hand, the Bank has minimum consumers' needs and basic working the prospect of recouping lending authority from capital requirements are being shared between the time to time as outstanding loans fall due and are two occupying powers. The outlay for this purpose repaid, as present commitments to make loans are on the part of the United States for the period 1947 canceled or expire, and as private capital may be through 1949 has been estimated by the occupation induced to participate at its own risk in the outauthorities at 500 million dollars. Additional United standing loans of the Bank. States financing may prove necessary to support the In order to meet reconstruction and development economies of Japan and the occupied area of Korea. requirements, the International Bank must also Reconstruction of the productive facilities of some rely heavily upon dollar funds. For the present a war-devastated countries and development of cer- large part of the needed goods can be obtained tain economically undeveloped areas have already only in the United States, and there are few counbeen accelerated by the extension of United States tries outside the United States whose balance of Government loans. In Northern and Western Eu- payments position permits them to engage in any rope, for example, United States reconstruction substantial export of capital. Through the payment loans have made available the financial means of of 20 per cent of its subscription to the capital of achieving a considerable degree of recovery from the Bank, the United States Government is providthe effects of the war. Even in countries in these ing 635 million dollars for the Bank's use, and simiareas, however, shortages of industrial working lar dollar capital contributions by other members capital such as coal have kept the rate of recon- raise the total of the Bank's available United States 849 JULY 1947 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REPORT OF NATIONAL ADVISORY COUNCIL dollar funds to about 725 million. For the rest of mittances, served to finance approximately 6 billion its dollar needs, the Bank must rely upon its ability dollars of the net balance. About 2 billion was to draw funds from the private capital market in financed through the use by foreign countries of the United States. The timing and extent of pri- their own dollar assets and gold. vate capital investment abroad, either directly or Foreign requirements of goods and services from through the International Bank, will determine to a the United States to continue relief and reconstrucconsiderable extent the ability of this Government tion programs, to meet deferred demands from the to withdraw from the field of large-scale direct war period and to continue development projects foreign lending without sacrificing the basic objec- remain large in 1947. The Department of Comtives of its foreign policy. merce reports that in the first quarter of 1947, total Temporary balance of payments deficits that United States transfers of goods and services to develop in the current international transactions of foreign countries amounted to almost 4.9 billion member countries may require financing through dollars while United States imports of goods and the International Monetary Fund. As in the case services amounted to slightly more than 1.9 billion. of foreign loan requirements and the International The first quarter amounts are equivalent to an Bank, however, monetary stabilization requirements annual rate of 19.5 billion dollars of transfers of of a type or in an amount that cannot be met by goods and services to foreign countries and only the International Monetary Fund may develop. about 7.7 billion of imports. During the first quar- Such cases, particularly when they involve special ter of 1947, foreign countries financed the differinterests of this Government, may be handled by ence between United States transfers of goods and the United States Stabilization Fund in harmony services and United States imports of goods and with the achievement of the objectives of the Inter- services by net utilization of about 1.9 billion dolnational Monetary Fund. lars of United States Government loans and other The subject of repayment of United States for- aid, including private donations and remittances, eign loans was treated in some detail in pages 5-7 and by a reduction of about 1.1 billion in their own of the "Statement of the Foreign Loan Policy of dollar assets and gold. the United States Government by the National Ad- Unutilized amounts of United States foreign visory Council on International Monetary and loans and aid declined from 6.5 billion dollars as of Financial Problems" transmitted by the President December 31, 1946, to about 5.4 billion on March to the Congress on March 1, 1946. At this time, 31, 1947. Foreign gold and dollar assets in the the Council wishes to emphasize again that: form of short-term balances and marketable securi- ". . . the ability of foreign countries to transfer ties declined from approximately 25 billion dollars interest and amortization on foreign loans to the as of December 31, 1946, to about 24 billion on United States depends upon the extent to which March 31, 1947. A sizable portion of these gold we make dollars available to the world through and dollar assets and of new foreign gold producimports of goods and services, including personal tion, currently at the rate of about 700 million dolremittances and tourist expenditures, and through lars per annum exclusive of production of the new investment abroad." Union of Soviet Socialist Republics, must be main- The extension of foreign financial assistance by tained as working balances for trade purposes and this Government, in conjunction with its pursuit currency reserves. of a commercial policy designed to reduce restric- As of March 31, 1947, almost all United tions on the free flow of international trade, will States governmental resources authorized for forhelp the United States to maintain a-volume of ex- eign financial assistance, excluding United States ports appropriate for a country with its tremendous participation in the International Monetary Fund productive capacity, and a volume of imports that and the International Bank, had been committed will permit repayment of its loans to foreign coun- to foreign countries. It has during the period under tries, increase the standard of living, and provide review become increasingly clear that such reneeded basic resources. This Government's policies sources as remain available will not, by reason are therefore designed to make an important con- either of their amount or of the nature of developtribution not only to world stability but also to the ing needs abroad, prove adequate for the accomwelfare of the American people. plishment of the purposes for which foreign finan- In 1946, total transfers of goods and services to cial assistance has been provided. The question foreign countries amounted to 15.3 billion dollars, of the extent to which this country will need to while United States imports of goods and services provide additional assistance to foreign countries amounted to only 7.1 billion. Utilization by for- cannot be readily answered. The agencies repreeign countries of United States Government loans sented on the National Advisory Council are and other aid, including private donations and re- giving continuing consideration to this matter. 850 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

TRANSACTIONS IN GOLD AT PREMIUM PRICES1 Secretary Snyder as Chairman of the National sons, the Fund strongly deprecates international Advisory Council on International Monetary and transactions in gold at premium prices and recom- Financial Problems has received from Mr. Camille mends that all of its members take effective action Gutt, Managing Director of the International Mone- to prevent such transactions in gold with other tary Fund, the following statement which has been countries or with the nationals of other countries. sent by the International Monetary Fund to all of "It is realized that some of these transactions are the members of the Fund: being conducted by or through nonmember coun- "The International Monetary Fund has given tries or their nationals. The Fund recommends consideration to the international gold transactions that members make any representations which, in at prices substantially above monetary parity which their judgment, are warranted by the circumstances have been taking place in various areas of the to the governments of nonmember countries to world. Because of the importance of this matter join with them in eliminating this source of exthe Fund has prepared this statement of its views. change instability. "A primary purpose of the Fund is world ex- "The Fund has not overlooked the problems change stability and it is the considered opinion arising in connection with domestic transactions in gold at prices above parity. The conclusion was of the Fund that exchange stability may be underreached that the Fund would not object at this mined by continued and increasing external purtime to such transactions unless they have the effect chases and sales of gold at prices which directly or of establishing new rates of exchange or underindirectly produce exchange transactions at demining existing rates of other members, or unless preciated rates. From information at its disposal, they result in a significant weakening of the interthe Fund believes that unless discouraged this pracnational financial position of a member which tice is likely to become extensive, which would might affect its utilization of the Fund's resources. fundamentally disturb the exchange relationships "The Fund has requested its members to take among the members of the Fund. Moreover, these action as promptly as possible to put into effect the transactions involve a loss to monetary reserves, recommendations contained in this statement." since much of the gold goes into private hoards The National Advisory Council on International rather than into central holdings. For these rea- Monetary and Financial Problems is in full accord 1 Statement of June 24, 1947, released by the Chairman of with the statement of the views of the International the National Advisory Council on International Monetary and Financia1 T)-1%1ems, Monetary Fund quoted above. JULY 1947 851 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 International Bank Treasury Department Debentures FOREIGN FUNDS CONTROL The Treasury Department on May 29, 1947, June 25, 1947 issued the following press release No. S-347: AMENDMENT TO GENERAL LICENSE NO. 53 "It was announced today by Preston Delano, Under Executive Order No. 8389, as Amended, Executive Comptroller of the Currency, that national Order No. 9193, as Amended, Section 5(b) of the Trading banks may purchase the debentures of the In- with the Enemy Act, as Amended, by the First War Powers ternational Bank for Reconstruction and De- Act, 1941, Relating to Foreign Funds Control* velopment up to the full legal limit of ten per Paragraph (4) (a) of General License No. 53 (Paragraph cent of their capital and surplus." (d)(l) of §131.53) is hereby amended to read as follows: 4. As used in this general license: In view of the provisions of Section 9 of the (a) The term "generally licensed trade area" shall include Federal Reserve Act and of Section 5136 of the all foreign countries except the following: U. S. Revised Statutes, State banks which are mem- (i) Germany and Japan; bers of the Federal Reserve System may likewise (ii) Bulgaria, Hungary, Roumania, and Italy; (iii) Sweden, Switzerland, Spain, Portugal, and Liechtenpurchase debentures of the International Bank up stein; to ten per cent of their capital stock and surplus (iv) France (including Monaco), Belgium, Norway, Finsubject, of course, to any applicable provisions of land, the Netherlands, Czechoslovakia, Luxembourg, Den- State law. mark, Greece, Poland, Estonia, Latvia, Lithuania, Austria, and Yugoslavia, but not including any colony or other non- European territory subject to the jurisdiction of any such Foreign Funds Control country except French West Africa, Algeria, Tunisia, and Treasury Department Release French Morocco. JOHN W. SNYDER, The following release relating to transactions in Secretary of the Treasury. foreign exchange, etc., in addition to those hereto- * Sec. 5(b), 40 Stat. 415, 966, Sec. 2, 48 Stat. 1, 54 Stat. 179, Sec. 301, 55 Stat. 839; 12 U.S.C. 95a, 50 U.S.C. App. fore published in the Federal Reserve BULLETIN, Sup., 5(b); E.O. 8389, April 10, 1940, as amended by E.O. has been issued by the Office of the Secretary of the 8785, June 14, 1941, E.O. 8832, July 26, 1941, E.O. 8963, Dec. 9, 1941, and E.O. 8998, Dec. 26, 1941, E.O. 9193, July 6, Treasury under authority of the Executive Order 1942, as amended by E.O. 9567, June 8, 1945; 3 CFR, Cum. Supp., 10 F.R. 6917; Regulations, April 10, 1940, as amended of April 10, 1940, as amended, and the Regulation June 14, 1941, February 19, 1946, June 28, 1946 and January 1, 1947; 31 CFR, Cum. Supp., 130.1-7, 11 F.R. 1769, 7184, issued pursuant thereto: 12 F.R. 6. 852 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT EVENTS AND ANNOUNCEMENTS Election of Class A Director ment of Mr. E. O. Batson of New Orleans, Louisi- On June 13, 1947, the Federal Reserve Bank of ana, as a director of the New Orleans Branch of Cleveland announced the election of Mr. John D. the Federal Reserve Bank of Atlanta for the unex- Bainer, President, The Merchants National Bank pired portion of the term ending December 31, and Trust Company of Meadville, Meadville, Penn- 1949. Mr. Batson is President of the Batsonsylvania, as a Class A Director to fill the unexpired McGehee Company, Inc., Millard, Mississippi. portion of the term ending December 31, 1949. Mr. Bainer succeeds Mr. H. B. McDowell, de- Admissions of State Banks to Membership in the ceased. Federal Reserve System Appointment of Class C Director The following State banks were admitted to The Board of Governors of the Federal Reserve membership in the Federal Reserve System during System on July 7, 1947, announced the appointment the period May 16, 1947 to June 15, 1947: of Mr. Edward R. Stettinius, Jr., of Rapidan, Virginia, as a Class C Director of the Federal Reserve Illinois Bank of Richmond for the unexpired portion of the term ending December 31, 1949. Mr. Stettinius is Ridgway—Gallatin County State Bank Rector of the University of Virginia. Death of Director New Mexico Mr. Allen W. Holmes, President, The Middle- Grants—Grants State Bank town National Bank, Middletown, Connecticut, who had served as a Class A director of the Federal New Yor\ Reserve Bank of Boston since October 13, 1942, died on July 7, 1947. Bronxville—Bronxville Trust Company Appointment of Branch Director Texas The Board of Governors of the Federal Reserve System on June 25, 1947, announced the appoint- Premont—First State Bank JULY 1947 853 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS [Compiled ]une 25, and released for publication ]une 27] Output and employment at factories showed smaller increase than is usual at this season. further slight declines in May, although employ- Production of nondurable goods, as measured by ment in the economy as a whole increased season- the Board's index, continued to decline in May. ally. Value of retail trade in May and the early Output at cotton and most wool textile mills depart of June was at earlier record levels. The clined further. Cotton consumption in May was general index of wholesale prices advanced slightly about 10 per cent below the peak rate reached last after the early part of May, with widely varying November and apparel wool consumption has been changes for individual commodities. reduced by a larger amount. Output at wool carpet and rayon fabric mills, on the other hand, INDUSTRIAL PRODUCTION increased in that period. Production of most Production of manufactured goods showed a manufactured food products declined somewhat in further slight decline in May, while output of May after allowance for usual seasonal changes. minerals increased considerably, and the Board's Activity in rubber products industries continued preliminary seasonally adjusted index of industrial to be curtailed. Output of paperboard, however, production was maintained at the* April rate of rose to a new record rate, which was 84 per cent 186 per cent of the 1935-39 average. above the 1935-39 average. Production of most Activity in durable goods industries in May was other nondurable goods showed little change or somewhat below the April rate, reflecting small declined slightly. decreases in most lines. Steel production increased, Output of minerals rose 7 per cent in May, rehowever, and was at the highest level since May flecting a substantial gain in fuels production to 1945. Activity at electrical machinery plants de- the highest rate on record. Output of coal adclined somewhat further in May, and output of vanced sharply after declining in April because passenger cars and trucks was curtailed about 10 of work stoppages early in that month, and output per cent, mainly because of a shortage of steel of crude petroleum advanced further to a new sheets. Automobile production increased in the peak rate. first three weeks of June but remained below the EMPLOYMENT April rate. Nonferrous metal fabricating activity Manufacturing employment continued to decline declined somewhat further in May; and output of somewhat in May, owing mainly to production most building materials continued to show a curtailments in various industries, while employment in most other types of nonagricultural es- INDUSTRIAL PRODUCTION DEPARTMENT STORE SALES AND STOCKS / _AR VOLUME SEASONALLY ADJUSTED, 19 A A : '- SALES Af. *L : A, • : lv STOCKS : '- 1939 1941 1943 1945 1947 1939 1941 1943 ©45 1947 1939 1940 1941 1942 1943 1944 1945 1946 1947 Federal Reserve index. Monthly figures, latest shown are Federal Reserve indexes. Monthly figures, latest shown are for May. for May. 854 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS tablishments increased somewhat. The number week of June, reflecting chiefly increases in prices of persons unemployed in May declined to about of cotton, corn, cattle, and beef. Prices of wheat, 2 million from a level of about 2.4 million during flour, and vegetable oils declined further. the first four months of this year. Crude rubber prices dropped from 25 cents per pound to 14 cents, which is 3 cents lower than CONSTRUCTION the price prevailing at the outbreak of war in 1939. Construction contract awards, according to the Prices of various other industrial materials showed F. W. Dodge Corporation, were 12 per cent larger further declines but some items like hides, coke, in May than in April, owing chiefly to a sharp and steel scrap increased. Prices of automobile rise in public awards. Value of awards for comtires and soap were reduced, while prices of most mercial and industrial buildings showed little other manufactured goods continued to show little change. Awards for private residential construcchange. tion declined further in value; the number of dwelling units, however, showed little change, TREASURY FINANCE AND BANK CREDIT with an increase in apartments and a decrease in During May and the first three weeks of June single-family dwellings built for sale or rent. reserve funds were supplied by a substantial gold inflow and by a decline in foreign deposits at DISTRIBUTION Reserve Banks. As a result member bank reserve Department store sales increased in May and balances increased and Reserve Bank holdings of the Board's seasonally adjusted index rose from a Government securities declined further. Treasury level of about 275 in March and April to 290 per debt retirement continued in May and June with cent of the 1935-39 average, equaling the all-time redemption for cash of a part of certain bill high reached in August 1946. Sales in the first issues and one billion dollars of certificates maturtwo weeks of June continued at the high May level. ing June 1. Retail sales at most other types of stores also increased in May and were at about the same levels Holdings of Government securities at member as those prevailing during the first quarter of the banks in leading cities declined somewhat in May year, after allowance for seasonal changes. and the early part of June. Commercial and in- Loadings of railroad revenue freight increased dustrial loans continued to decline, while real esin May and the first half of June, reflecting larger tate and consumer loans increased moderately. shipments of coal and ore. Shipments of manu- Treasury war loan deposits at commercial banks factured goods, after allowance for seasonal were reduced to about one-half billion dollars as a changes, declined somewhat further. result of withdrawals for debt retirement. Deposits of businesses and individuals increased further in COMMODITY PRICES May and June, reflecting in part cash redemption The general level of wholesale prices increased of certificates held by these groups. slightly from the beginning of May to the third LOANS AT MEMBER BANKS IN LEADING CITIES WHOLESALE PRICES 1926 "100 1940 1941 1942 1943 1944 1945 1946 1947 1940 1941 1942 1943 1944 1945 1946 1947 Bureau of Labor Statistics' indexes. Weekly figures, latest Excludes loans to banks. Wednesday figures, latest shown shown are for week ending June 21. are for June 18. JULY 1947 855 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 859 Federal Reserve Bank discount rates; rates on industrial loans, guarantee fees and rates under Regulation V; rates on time deposits; reserve requirements; margin requirements. . 860 Federal Reserve Bank statistics 861-864 Guaranteed war production loans 865 Deposits and reserves of member banks 865-866 Money in circulation 867-868 Gold stock; bank debits and deposit turnover 868 Deposits and currency; Postal Savings System; bank suspensions. . 869 All banks in the United States, by classes 870-871 All insured commercial banks in the United States, by classes.... 872-873 Weekly reporting member banks 874-877 Weekly reporting member banks—revised series. .... 878-883 Commercial paper, bankers' acceptances, and brokers' balances. . 884 Money rates and bond yields ^ 885 Security prices and new issues 886-887 Corporate earnings and dividends. . 888 Treasury finance 889-891 Government corporations and credit agencies. . 892 Business indexes 893-902 Department store statistics. . . 903-905 Consumer credit statistics. . 906-908 Cost of living. . 909 Wholesale prices 910 Gross national product, national income, and income payments. . 911 Current statistics for Federal Reserve chart books. . 912-915 Number of banking offices in the United States. 916 Tables on the following pages include the principal available statistics of current significance relating to financial and business developments in the United States. The data relating to the Federal Reserve Banks and the member banks of the Federal Reserve System are derived from regular reports made to the Board; index numbers of production are compiled by the Board on the basis of material collected by other agencies; figures for gold stock, money in circulation, Treasury finance, and operations of Government credit agencies are obtained principally from statements of the Treasury, or of the agencies concerned; data on money and security markets and commodity prices and other series on business activity are obtained largely from other sources. Back figures for banking and monetary tables, together with descriptive text, may be obtained from the Board's publication, Banking and Monetary Statistics; back figures for most other tables may be obtained from earlier BULLETINS. JULY 1947 857 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 10 —i 10 1939 1940 1941 1942 1943 1944 1945 1946 1947 30 10 Jm ^jf^^f | ) BONDS 1939 1940 1941 1942 1943 1944 1945 1946 1947 Wednesday figures, latest shown are for June 27. See p. 859. 858 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS [In millions of dollars] Reserve Bank credit outstanding Member >ank reserve balances Lr. s.Government *reas- reas- Other Dis- securities Gold c u u ry r- M n o c n i e r y - u re ry as- D r w y o i s t d h it e s - m N e o m n- - F e e ra d l - Date v o a a a u n n d c n d - e ts s Total ' b a u r i e n r l a y d ls s- o A th l e l r t A h l e l r1 Total tock r t o e i a n u n n c g t d - y - c t u io la n - h c i o n a l s g d h s - B e s R e d a r e e n v - r k e a s l e o r s d it e s - s o R e a u r c e v n - - e ts Total c E es x s - * ertificates Monthly averages of daily figures: 1946—Mar.. 566 2,549 20, 243 2,307 418 3, 533 0, 237 4,464 27, <n3 2,274 809 1 167 536 5,536 1,031 A.pr. 433 2,260 19.855 2,406 376 3, 070 0, 252 4,510 27 123 2,261 448 1 120 550 5,531 1,024 May 212 2,699 20,376 2,623 458 3,369 0, 246 4,534 27, ?78 2,263 556 L074 551 5,727 956 1947—Mar.. 307 2,978 21, 831 1,147 436 3, 721 o,406 4,557 28, 273 1,332 1,344 1 097 633 6,006 871 A M p a r y . 2 1 0 3 8 0 2 1 , ,7 1 8 0 2 4 2 2 0 0 , , 9 6 9 8 8 6 1 1 , , 0 10 9 5 6 4 3 1 7 1 2 2 21 ]2 72 8 2 4 o 0, ,5 86 8 5 6 4 4^ ,5 5 5 5 8 9 2 2 8 8 , , 1 1 8 5 5 8 1 1 , , 3 3 2 4 9 0 6 7 1 2 2 3 1 0 9 6 9 0 3 6 62 3 7 9 5 5 , , 9 9 3 7 1 8 8 7 3 8 3 4 End of month figures: 1946—Mar. 30.... 626 2,601 20,234 2,366 403 23,630 o,256 4,480 27,879 2,288 1,593 1 213 540 4,853 627 Apr. 30.... 279 2 732 20,166 2,566 346 23,357 o,251 4,537 27,885 2,263 679 1,166 547 5,606 959 May 31... 254 2 932 20,291 2,641 331 23,518 o,242 4,535 28,120 2,257 846 866 553 5,653 807 1947—Mar. 31... 538 22 593 21,488 1,105 300 23,431 o,463 4,559 28,230 1,336 2,014 971 638 5,264 344 Apr. 30... 125 21 857 20,752 1,105 223 22,205 o,774 4,561 28, 114 1,329 619 1,025 627 5,826 654 May 31. . . 179 22 088 20,984 1,105 471 22,738 o,933 4,558 28,261 1,330 728 1,044 629 6,238 991 Wednesday figures: 1946—Aug. 7 . . 258 23 593 22,242 1,351 283 24,134 o,266 4,538 28,326 2,263 353 1,331 573 6,093 964 Aug. 14... 263 23 575 22,224 1,351 400 24,238 o,268 4,541 28,353 2,262 557 ,295 572 6,008 898 Aug. 21. . . 229 23 486 22,135 1,351 394 24,109 o,274 4,543 28,365 2,265 540 1,250 572 5,933 805 Aug. 28... 216 23 606 22,256 1,351 279 24,102 o,280 4,543 28,376 2,274 620 1,214 574 5,867 714 Sept. 4... 29 23 387 22,036 1,35 332 24 011 o,284 4,543 28,506 2,281 293 1,188 581 5,989 778 Sept. 11. . . 250 23 291 21,940 1,35 395 23 935 20,288 4,545 28,499 2,280 199 1,122 581 6,086 754 Sept. 18... 26 23 421 22,070 1,35 541 24 224 20,28 4,545 28,453 2,265 359 1,111 588 6,280 872 Sept.25... 29 23 866 22,515 1,35 425 24 585 20,30 4,547 28,448 2,279 928 1,212 590 5,975 724 Oct. 2... 21 23 555 22, 126 1,428 368 24 14020,30 4,546 28,526 2,301 357 1,045 597 16,166 934 Oct. 9. . . 27 23 502 22,074 1,428 275 24 048 20,30 4,544 28,608 2,270 483 920 598 16,019 766 Oct. 16. .. 25 23,418 21,973 1,445 480 24 15 20,30 4,545 28,597 2,274 524 868 596 16,142 855 Oct. 23... 24 23,056 21 610 1,44 332 23 63 20 38 4,546 28,585 2,270 369 972 595 15,779 435 Oct. 30... 23 23,608 22 162 1,44 256 24 10 20 39 4,548 28,588 2,285 462 1,006 595 16,111 737 Nov. 6. .. 37 23,515 22 020 1,49 216 24 10 20 40 4,548 28,750 2,276 408 967 599 16,060 637 Nov. 13... 39 23,684 22 105 1,57 484 24 56 20 42 4,548 28,76 2,294 577 1,04 599 16,259 838 Nov.20... 33 23,522 21 933 1,58 463 24 31 20 46 4,54 28,68 2,28 633 1,02 59 16,098 618 Nov.27... 28 23,682 22 093 1,58 451 24 41 20 46 4,548 28 81 2,27 665 953 59 16,131 643 Dec. 4. . . 24 23,888 22 239 1,64 452 24 58 20 47 4,55 28 90 2,28 67 91 60 16,222 669 Dec. 11. .. 29 24,128 22 47 1,64 378 24 79 20 45 4,55 28 94 2,27 62 875 60 16,479 874 Dec. 18... 30 23,211 22 10 1,10 815 24 32 20 47 4,55 29 10 2,20 23 770 60 16,517 656 Dec. 24. .. 34 23,722 22 61 1,10 81 24,87 20 52 4,55 29 16 2,25 54 84 61 16,530 913 Dec. 31. .. 16 23,350 22 24 1,10 58 24,09 20 52 4,56 28 95 2,27 39 82 60 16,139 562 1947—Jan. 8... 24 23,733 22 62 1,10 39 24,37 20 53 4,56 28 74 2,28 40 96 61 16,457 903 Jan. 15... 24 23,32 22 21 1,10 53 24,10 20 56 4,56 28 51 2,29 40 96 61 16,43 850 Jan. 22... 23 23,43 22 32 1,10 53 24,20 20 69 4,55 28 36 2,29 86 1,00 61 16,308 726 Jan. 29... 31 23,86 22 75 1,10 33 24,51 20 80 4,55 28 26 2,32 1,53 1,02 61 16,124 663 Feb. 5... 27 23,41 22 30 1,10 35 24,05 20 74 4,55 28 29 2,32 1,16 86 62 16,095 761 Feb. 12... 39 23,80 22,69 1,10 44 24,63 20,75 4,55 28 34 2,33 1,71 93 62 15,994 779 Feb. 19... 34 23,91 22,77 1,14 41 24,67 20,77 4,55 28 27 2,32 2,35 64 62 15,770 614 Feb. 26... 39 24,04 22,86 1,18 32 24.76 20,32 4,55 28 26 1,38 2,37 1,21 62 15,78 703 Mar. 5. .. 23 23,24 22,04 1,19 32 23,80 20,37 4,55 28.33 1,33 1,40 .10 62 15,93 800 Mar. 12... 23 23,24 22,05 1,19 29 23,78 20,40 4,55 28,33 1,33 1,42 ,17 62 15,84 718 Mar. 19. .. 23 22,41 21,30 1,10 40 23,04 20,41 4,55 28,24 1,33 71 ,14 63 15,94 673 Mar 26... 28 22,81 21,70 1,10 39 23,48 20,43 4,55 28,17 1,35 1,60 L,06 63 15,65 559 Apr. 2... 42 21.93 20,83 1,10 39 22 7S ?0 48 4,55 28,24 1,33 94 1,09 64 15,54 563 Apr. 9. . . 27 22,89 21,17 1,10 33 22,89 20,49 4,55 28,25 1,33 75 L,03 64 15,93 886 Apr. 16. . 10 21,90 20,80 1,10 46 22,47 20,58 4,55 28,16 1,33 61 87 64 15,98 844 Apr. 23.. 14 21.82 20,72 1,10 25 22,23 20,62 4,55 28,10 1,33 48 1,02 64 15,82 658 Apr. 30.. 12 21,85 20,75 1,10 22 22,20 20,77 4,56 28,11 1,32 61 1,02 62 15,82 654 May 7.. 10 21,85 20,74 1,10 27 22,23 20,81 4,56 28,19 1,32 65 91 62 15,87 654 May 14. . 13 21,76 20,67 1,09 33 22,23 20,87 4,55 28,13 1,33 55 1,06 62 15,94 787 May 21.. 11 21,67 20,58 1,08 27 22,07 20,88 4,55 28,11 1,33 53 95 62 15,94 752 May 28.. 13 21,59 20,48 1,10 29 22,01 20,93 4,56 28,21 1.37 75 84 62 15,70 520 June 4. . 17 21,76 20,66 1,09 30 22,23 20,99 4,56 28,26 1,36 65 95 62 15,92 626 June 11. . 17 21,57 20,48 1,09 28 22,04 21,02 4,56 28,25 1,33 49 88 62 16,02 667 June 18.. 13 21,18 20,08 1,09 47 21,79 21,12 4,56 28,19 1,33 22 85 63 16,24 P859 June 25. . 13 21,58 20,48 1,09 34 22,05 21,17 4,55 28,18 1,32 64 91 63 16,08 P729 v Preliminary. 1 Includes industrial loans and acceptances purchased shown separately in subsequent tables. 2 End of month and Wednesday figures are estimates. Back figures.—See Banking and Monetary Statistics. Tables 101-103, pp. 369-394; for description, see pp. 360-366 in the same publication. JULY 1947 859 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANK DISCOUNT RATES [In effect June 30. Per cent per annum] Discounts for and advances to member banks Advances to individuals, partnerships, or corpora- Advances secured by tions other than member Federal Reserve Bank G d o s i e s v c c e u o r r u n e n m d t s e b n o y t f o e a l b i n g li d i g b a l a e t d i o v p n a a s n p c e a r e n s d Other [ s S e e c c u . re 1 d 0 (b a ) d ] vances b o a b n li k g ( s l a a t s i s t o e n c p s u a r r o e . d f S t e b h c. y e 1 U d 3 i . ) r e S c . t (Sees. 13 and 13a)1 Rate Effective Rate Effective Rate Effective N Bo ew st on York.... A A p p r r . . 2 2 5 7 , , 1 1 9 9 4 4 6 6 I I K K O O c c t t . . 3 2 0 7 , ,1 19 9 4 4 2 2 I* A M p a r r . . 2 6 9 , , 1 1 9 9 4 4 6 6 Philadelphia.. Apr. 25,1946 IK Oct. 17,1942 Mar. 23,1946 Cleveland May 3,1946 IK Sept. 12,1942 Mar. 9,1946 Richmond May 10,1946 IK Oct. 28,1942 2 Mar. 16,1946 Atlanta May 10,1946 IK Oct. 15,1942 2K Mar. 16,1946 Chicago Apr. 26,1946 IK Aug. 29,1942 Mar. 16,1946 St. Louis Apr. 26,1946 IK Mar. 14,1942 2 Mar. 16,1946 Minneapolis.. Apr. 26,1946 IK Oct. 30,1942 2 Mar. 23,1946 Kansas City.. Apr. 27,1946 IK Oct. 27,1942 2 Apr. 13,1946 Dallas May 10,1946 IK Oct. 17,1942 2 Mar. 16,1946 San Francisco Apr. 25,1946 IK Oct. 28,1942 2 Apr. 25,1946 2 2K 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 June 30 ginning— rate [In effect June 30. Per cent per annum] Treasury bills H Apr. 30, 1942 To industrial or Bankers acceptances: commercial To financing institutions 1- 90 days l !Aug. 24, 1946 businesses 91-120 days l *Aug. 24, 1946 121-180 days l xOct. 20, 1933 l* Federal On discounts or purchases 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 g r u k r . es.—See Banking and Monetary Statistics, Table 117, loans v co m m e m n i t t s - 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 MEMBER BANK RESERVE REQUIREMENTS obligated [Per cent of N d e e t p d os e i m ts a ] nd deposits1 Time P N B h o e i w s l t a o d Y n e o l r p k hia.. 2 2 K K - - 5 5 K K- - i i* <2 ( (? ') K K K - - - l l l * * Period in effect C r b e e c a s n i e n t t r y k r v s a e l R b e c a s i n e ty r k v s e C b o a u n n k tr s y d m b e a e p ( n m a o k l s b l s i e ) ts r S A C R C t h l t i . e l c i a c v L h n a e o m g t l u a a o o i n s n d d.... 2 2 2 2 K K K K - - - - 5 5 5 5 K K K *- - - - i i i i * * * * 1-lK 8 • g K K * * - - - - i i i l * * * * Minneapolis. . . 2K-5 K-i* 1 2K 8 -5 K-l* June 21, 1917-Aug. 15, 1936. 13 10 7 3 Kansas City.. 2K-5 K-i* K-i* M Au a g r . . 1 1 6 , ,1 1 9 93 3 7 6 - - A Fe p b r. . 2 3 8 0 , , 1 1 9 9 3 3 7 7 . . 19K 15 I 1 O 2 K * 5 4 * K S D a a n l l F as rancisco. . 2K-5 K K - - i i * * § • • K K - - l l * * May 1,1937-Apr. 15, 1938. 22H 17K 14 6 Apr. 16, 1938-Oct. 31, 1941. 26 20 12 5 1 Including loans made in participation with financing institutions. O S N A e c u o p t g v . t . . . 1 2 3 1 4 0 , , , , 1 1 1 1 9 9 9 9 4 4 4 4 2 2 1 2 - - - a O A S n e c u d p t g . t . a . 1 f 1 t 2 9 e 3 r , , , 1 1 1 9 9 9 4 4 4 2 2 2 . . . 2 2 2 2 4 2 6 2H 2 2 2 1 0 0 0 7K 1 1 1 1 4 4 4 4 6 6 6 6 low * 2 4 e M R R r. a a a t t y e e c c c h h h a a a r r r g g g e e e d d b r b a o o t r r e r r o o w c w h e e a r r r . l g e e s d s c b o o m r m ro i w tm er e n b t y ra t f e in . ancing institution, if 20 20 6 Charge of * per cent is made on undisbursed portion of loan. 1 Demand deposits subject to reserve requirements, i. e., demand Back figures.—See Banking and Monetary Statistics, Table "118, deposits other than war loan deposits, minus cash items in process of pp. 446-447. collection and demand balances due from domestic banks. MARGIN REQUIREMENTS J MAXIMUM RATES ON TIME DEPOSITS [Per cent of market value] Maximum rates that may be paid by member banks as established by the Board of Governors under provisions of Regulation Q. [Per cent per annum] Julv 5, Jan. 21, Effec- Prescribed in accordance with 1945- 1946- tive Nov.l, 1933-Feb.1, 1935- Effective Securities Exchange Act of 1934 Jan. 20, Jan. 31, Feb. 1, Jan. 31,1935 Dec.31,1935 Jan. 1, 1936 1946 1947 1947 Savings deposits 2K 2K Regulation T: Postal savings deposits 2K 2K For extensions of credit by brokers Other deposits payable: and dealers on listed securities.... 75 100 75 In 6 months or more 2K I* For short sales 75 100 75 In 90 days to 6 months. . . 2K Regulation U: In less than 90 days 2K 1 For loans by banks on stocks 75 100 75 NOTE.—Maximum rates that may be paid by insured nonmember 1 Regulations T and U limit the amount of credit that may be exbanks as established by the F. D. I. C, effective Feb. 1, 1936, are the tended on a security by prescribing a maximum loan value, which is a same as those in effect for member banks. Under Regulation Q the specified percentage of its market value at the time of the extension: the rate payable by a member bank may not in any event exceed the maxi- "margin requirements" shown in this table are the difference between mum rate payable by State banks or trust companies on like deposits the market value (100%) and the maximum loan value. under the laws of the State in which the member bank is located. Back figures.—See Banking and Monetary Statistics, Table 145, p. 504. 860 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 June 25 June 18 June 11 June 4 May 28 May 21 May 14 June May June Assets Gold certificates. 19,229,17919,181,17619,069,67819,024,67818,974,678 18,930,17818,910,17619,329,17818,974,678 17,347,057 Redemption fund for F. R. notes 709,924 710,242 712,417 712,415 714,053 715,500 717,399 709,924 714,053 755,979 Total gold certificate reserves. . . . 19,939,10319,891,41819,782,09519,737,09319,688,731 19,645,67819,627,57520,039,10219,688,731 18,103,036 Other cash 239,935 230,050 229,375 229,759 232,594 251,537 259,423 233,675 238,842 280,138 ' Discounts and advances: For member banks.. . 104,833 108,231 150,260 150,216 106,659 93,565 115,990 42,397 155,485 36,772 For nonmember banks, etc 27,530 24,530 24,530 23,500 23,500 23,500 23,500 27,530 23,500 120,000 Total discounts and advances 132,363 132,761 174,790 173,716 130,159 117,065 139,490 69,927 178,985 156,772 Industrial loans 1,773 1,706 1,762 1,699 1,603 1,597 1,670 1,778 1,618 1,206 Acceptances purchased. 18,057 U. S. Govt. securities: Bills: Under repurchase option 5,038,899 4,647,314 5,044 378,118 5,335, 5,473,762 5,584, 5,310,080 5,687,731 5,383,696 Other 9,344,102 9,339,397 9,334 284,187 9,231, 9,303,567 9,375: 9,185,547 9,284,187 9,082,635 Certificates: Special Other 6,102,266 6,102,266 6,102 ,001,266 5,917 5,811,718 5,711. 6,279,766 6,011,718 6,813,370 Notes 369,300 369,300 369 369,300 369 351,800 351, 369,300 369,300 1,748,200 Bonds 727,390 727,390 727' 727,390 735, 735,390 739, 727,390 735,390 755,290 Total U. S. Govt. securities 21,581,95721,185,66721,578,324 ,760,26121,589, 21,676,23721,762, 21,872,08322,088,32623,783,191 Other Reserve Bank credit outstanding. . . 341,308 476,992 284,689 298,706 297, 275,760 329 226,208 469,227 496,589 Total Reserve Bank credit outstanding 22,057,401 21,797,12622,039,56522,234,38222,018,746 22,070,65922,232,920 22,169,99622,738,15624,455,815 Liabilities Federal Reserve notes. . 24,064,35424,068,07224,110,24024,130,57824,110,15824,002,21524,013,39324,154,11524,120,14624,190,592 Deposits: Member bank — reserve account 16,080,58516,240,98016,027,78215,920,60915,705,449 15,942,30315,948,953 16,111,70316,237,76416,123,380 U. S. Treasurer—general account 641,816 224,570 495 653,003 751 538,793 556, 755,571 727,801 833,364 Foreign 405,187 305 465 430 510,304 402 488,973 573, 347,293 373,122 504,531 Other 509,579 551,367 458 446,072 443 468,025 492, 533,857 670,700 745,209 Total deposits 17,637,16717,322,38217,412,52217,529,988 17,302,47217,438,094 17,571,455 17,748,424 18,009,387 18,206,484 Ratio of gold certificate reserves to deposit and F. R. note liabilities combined (per cent)... 47.8 48.1 47.6 47.4 47.5 47.8 46.7 42.7 MATURITY DISTRIBUTION OF LOANS AND U. S. GOVERNMENT SECURITIES HELD BY FEDERAL RESERVE BANKS [In thousands of dollars] Total 1 W 5 i d th a i y n s 16 d a to y s 30 31 d a to y s 60 61 d a to y s 90 9 6 1 m da o y n s t h t s o 6 to m 1 o y n e t a h r s 1 2 y y e e a a r r t s o 2 5 y y e e a a r r s s to 5 O y v e e a r rs Discounts and advances: May 28 130,159 92,310 20,579 14,895 75 June 4 173,716 139,233 17,491 14,692 June 11 174,790 149,487 18,744 4,054 June 18 132,761 111,489 15,172 3,310 June 25 132,363 108,859 4,014 2,735 5,955 10,800 Industrial loans: May 28 1,603 1,042 4 4 29 33 53 108 330 June 4 1,699 1,138 3 3 35 29 53 108 330 June 11 1,762 1,204 3 35 29 53 108 330 June 18 1,706 1,148 28 10 29 53 108 330 June 25 1,773 1,216 34 3 26 53 108 330 U. S. Government securities: May 28 21,589,821 3,721,099 410,774 5 102,308 4,500,9631,530,0753,293,812 320,400 148,350 562,040 June 4 21,760,261 3,569,265 083,3554,476,2095,336,505 905,603 3,366,534 320,400 148,350 554,040 June 11 21,578,324 3,436,464 028,343 4 336,989 5,382,101 913,103 3,458,534 320,400 148,350 554,040 June 18 21,185,667 3,839,530 106,034 4 334,6925,584,884 851,203 3,483,534 295,400 148,350 542,040 June 25 21,581,957 4,018,232 022,008 4,445,568 5,775,622 851,2033,483,534 295,400 148,350 542,040 JULY 1947 861 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS [In thousands of dollars] Total Boston Y N o e r w k d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - \tlanta Chicago L S ou t. is M ap i o n l n i e s - K C a i n t s y as Dallas F c S i r a s a n c n o - - Assets Gold certificates: May 28 8,974,678 714,060 5,495,834 786,074 ,229,994 950,262 928,300 ,388,225 553,034 377,533 620,045 435,907 2,495,410 June 4 9,024,678 707,594 5,572,647 776,285 ,171,584 972,163 929,564 ,550,683 549,358 345,548 586,437 443,321 2,419,494 June 11 9,069,678 742,817 5,533,440 804,296 ,121,717 930,767 922,357 ,587,821 547,899 357,870 599,083 450,540 2,471,071 June 18 9,181,176 722,178 6,147,874 799,943 ,112,986 864,906 861,975 ,357,272 549,129 323,704 567,303 436,191 2,437,715 June 25 9,229,179 757,296 5,901,288 814,852 ,146,771 924,487 912,537 ,447,889 552,690 349,457 594,898 453,488 2,373,526 Redemption fund for F. R. notes: May 28 714,053 54,547 115,766 59,799 75,052 54,894 43,981 81,497 45,639 21,259 33,358 24,365 103,896 June 4 712,415 54,467 115,413 59,656 74,948 54,311 43,903 81,382 45,602 21,247 33,334 24,346 103,806 June 11 712,417 54,468 115,413 59,656 74,949 54,311 43,903 81,382 45,602 21,247 33,334 24,346 103,806 June 18 710,242 54,344 114,899 59,937 74,797 53,246 43,775 81,211 45,550 21,228 33,287 24,309 103,659 June 25 709,924 54,187 114,360 59,732 74,630 54,527 43,632 81,058 45,513 21,209 33,255 24,281 103,540 Total gold certificate reserves: May 28 < 9,688,731 768,607 5,611,600 845,873 ,305,046 ,005,156 972,281 ,469,722 598,673 398,792 653,403 460,272 2,599,306 June 4 9,737,093 762,061 5,688,060 835,941 ,246,532 ,026,474 973,467 ,632,065 594,960 366,795 619,771 467,667 2,523,300 June 11 9,782,095 797,285 5,648,853 863,952 ,196,666 985,078 966,260 ,669,203 593,501 379,117 632,417 474,8862,574,877 June 18 9,891,418 776,522 6,262,773 859,880 ,187,783 918,152 905,750 ,438,483 594,679 344,932 600,590 460,5002.541,374 June 25 9,939,103 811,483 6,015,648 874,584 ,221,401 979,014 956,169 ,528,947 598,203 370,666 628,153 477,7692,477,066 Other cash: May 28 232,594 20,532 43,390 14,712 22,343 13,429 18,546 26,852 12,474 5,442 8,162 10,932 35,780 June 4 229,759 20,748 45,644 15,866 19,510 13,761 19,870 27,555 11,733 6,009 8,868 9,706 30,489 June 11 229,375 21,415 48,940 15,028 19.570 13,339 17,977 28,174 11,865 5,171 9,023 9,949 28,924 June 18 230,050 21,478 46,692 14,560 18,542 12,656 21,606 30,033 11,963 5,976 9,535 10,254 26,755 June 25 239,935 20,321 48,025 14,713 20,483 13,766 20,752 31,169 13,153 5,722 9,597 10,491 31,743 Discounts & advances : Secured by U. S. Govt. securities: 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 June 4. . 150,216 15,603 40,178 13,230 8,734 7,687 7,400 18,009 16,600 4,800 12,600 1,700 3,675 June 11.. 150,290 18,497 28,063 9,645 33,9.16 9,457 5,101 4,775 15,050 12,000 10,250 101 3,435 June 18. . 108,171 8,833 13,505 5,915 28,635 7,927 7,400 475 11,345 8,000 10,550 101 5,485 June 25. . 104,776 8,533 15,374 7,560 13,960 12,415 5,299 2,765 9,270 9,800 12,350 200 7,250 Other: May 28. . 23,500 1,395 8,676 1,766 2,028 1,068 894 2,965 763 545 763 719 1,918 June 4. . 23,500 1,395 8,676 1,766 2,028 1,068 894 2,965 763 545 763 719 1,918 June 11. . 24,500 1,568 7,840 1,985 2,278 1,201 1,004 3,332 858 613 857 808 2,156 June 18. . 24,590 1,568 7,840 1,984 2,279 1,201 1,094 3,332 858 613 857 808 2,156 June 25. . 27,587 1,068 16,144 1,353 1,553 818 772 2,271 585 418 584 551 1,470 Industrial loans: May 28 1,603 12 1,591 June 4 1,699 12 1,687 June 11 1,762 12 1,750 June 18 1,706 12 1,694 June 25.' .' .' ' .' .' 1,773 g 1,764 U. S. Govt. securities: Bills: Under repurchase option: 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 June 4. . 5,378,118 104,459 3,634,624 176,490 61,980 40,501 17,700 772,619 100,177 47,312 71,931 20,995 329,330 June 11.. 5,044,576 66,467 3,488,061 148,211 82,480 47,336 13,500 644,394 119,357 43,721 55,199 18,514 317,336 June 18.. 4,647,314 79,170 3,104,726 126,804 65,380 47,226 9,960 679,930 97,550 46,163 40,284 18,215 331,906 June 25.. 5,038,899 90,909 3,277,303 140,138 94,275 37,091 8,860 804,910 107,367 44,333 36,437 19,125 378,151 Other bills: May 28. . 9,231,492 849,405 167,371 995,227 1,407,774 922,488 778,251 633,082 653,070 386,268 668,928 562,915 1,206,713 June 4. 9,284,187 872,128 180,070 950,642 1,412,879 925,831 781,044 682,786 642,321 387,760 671,492 565,2211,212,013 June 11. 9,334,792 875,576 192,265 963,7601,417,782 929,041 783,726 729,127 607,875 389,193 673,954 555,3901,217,103 June 18. 9,339,397 881,047 193,37. 941,3731,374,924 929,333 783,970 810,015 597,841 389,324 674,178 546,4511,217,566 June 25. 9,344,102 850,395 194,509 981,6451,406,019 929,632 784,219 740,681 614,502 389,457 674,407 560,597 1,218,039 Certificates: 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 June 4.. . 6,001,26 412,97 1,535,950 428,529 539,503 369,796 308,383 801,547 309,801 171,604 278,551 267,971 576,660 June 11... 6,102,26 420,057 1,560,52- 436,128 549,180 376,174 313,713 814,629 314,816 174,467 283,432 272,399 586,749 June 18... 6,102,26 420,057 1,560,52 436,128 549,180 376,174 313,713 814,629 314,816 174,467 283,432 272,399 586,749 June 25... 6,102,26 420,057 1,560,52- 436,128 549,180 376,174 313,713 814,629 314,816 174,467 283,432 272,399 586,749 Notes: May 28. .. 369,300 25,40 94,57 26,352 33,172 22,749 18,97 49,344 19,073 10,561 17,132 16,494 35,468 June 4. . . 369,300 25,413 94,518 26,37 33,199 22,756 18,977 49,325 19,064 10,560 17,141 16.490 35,486 June 11. .. 369,30 25,42 94,440 26,394 33,236 22,766 18,985 49,300 19,052 10,559 17,153 16,485 35,509 June 18... 369,30 25,42 94,440 26,394 33,236 22,766 18,98. 49,300 19,052 10,559 17,153 16,485 35,509 June 25. .. 369,30 25,42 94,440 26,394 33,236 22,766 18,985 49,300 19,052 10,559 17,153 16,485 35,509 Bonds: May 28. .. 735,39 50,593 188,33 52,47f 66,05. 45,300 37,776 98,258 37,981 21,03 34,115 32,845 70,628 June 4... 727,39 50,05 186,16 51,94 65,39 44,822 37,378 97,15 37,549 20,800 33,762 32,479 69,895 June 11. .. 727,39 50,07 186,01 51,986 65,46 44,84( 37,394 97,104 37,526 20,797 33,785 32,470 69,941 June 18. .. 727,39 50,07 186,01 51,986 65,46 44,840 37,394 97,104 37,526 20,79 33,785 32,470 69,941 June 25... 727,39 50,07 186,01 51,98 65,46 44,840 37,394 97,10 37,526 20,79 33,785 32,470 69,941 Total U. S. Govt securities: May 28 21,589,82 1,437,53 5,580,68 1,664,55 2,076,80 1,400,84 1,153,18 2,488,72 1,114,38 620,18 1,046,781 885,7942,120,336 June 4 21,760,26 1,465,02 5,631,32 1,633,97 2,112,95 1,403,70 1,163,48 2,403,42 1,108,91 638,03 1,072,877 903,1562,223,384 June 11 21,578,32 1,437,59 5,521,30 1,626,47 2,148,14 1,420,15 1,167,31 2,334,55 1,098,62 638,73 1,063,523 895,2582,226,638 June 18.... 21,185,66 1,455,76 5.139,07 1,582,68 2.088,18 1,420,33 1,164,02 2,450,97 1,066,78 641,31 1,048,832 886,0202,241,671 June 25.. 21,581,95 1,436,85 5,312,78 1,636,29 2,148,17 1,410,50 1,163,17 2,506,62 1,093,26 639,61 1,045,214 901,07f 2,288,389 Total loans and Ma se y c u 2 r 8 ities: 21,721,58 1,452,87 5,628,09 1,676,83 2,087,59 1,410,30 1,158,47 2,493,78 1,120,54 621,53 1,056,39^ 887,01: 2,128,129 June 4 21,935,67 1,482,03 5,680,18 1,650,65 2,123,71 1,412,46 1,171,77 2,424,40 1,126,27 643,38 t,086,24() 905,57* 2,228,977 June 11 21,754.87 1,457,66 5,557,20 1,639,85 2,184,33 1,430,81 1,173,42 2,342,66 1,114,53 651,35 l,074,63() 896,16' 2,232,229 June 18 21,320,13 1,466,17 5,160,42 1,592,27 2,119,09 1,429,46 1,172,51 2,454,78 1,078,98 649,92 1,060,23<) 886,92< 2,249,312 June 25 21,716,09 1,446,46 5,344,30 1.646,96 2,163,68 1,423,73 1,169,24 2,511,66 1,103,11 649,83 1,058,14*? 901,82* 2,297,109 862 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 S r a a n n - cisco Due from foreign May 28 102 6 133 8 9 5 4 14 4 3 4 3 9 June 4 102 6 133 8 9 5 4 14 4 3 4 3 9 June 11 102 6 133 8 9 5 4 14 4 3 4 3 9 June 18. 102 6 133 8 9 5 4 14 4 3 «. 4 3 9 June 25 102 6 1 33 8 9 5 4 14 4 3 4 3 9 Federal Reserve notes of other Banks: 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 June 4 87,526 2,846 13,199 6,015 6,446 9,358 7,795 11,601 6,131 3,327 6,035 2,945 11,828 June 11 100,341 3,837 13,110 5,572 5,737 10,709 10,895 12,129 13,787 2,630 5,341 3,869 12,725 June 18 103,701 4,374 13,295 5,755 6,609 10,227 13,534 14,204 6,907 4,088 7,061 3,574 14,073 June 25 100,843 4,692 11,312 5,708 6,436 9,926 10,039 12,802 9,120 6,187 6,758 3,945 13,918 Uncollected items: 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 June 4 2,376,669 194,987 453,069 165,596 212,206 201,051 158,846 391,216 112,067 57,180 126,735 96,097 207,619 June 11 2,304,413 183,852 428,242 155,775 204,673 208,419 151,154 371,947 115,185 62,170 114,346 98,975 209,675 June 18 3,005,584 232,243 598,863 209,974 289,322 275,868 188,686 458,243 134,793 78,854 144,508 120,107 274,123 June 25 2,494,030 205,855 466,676 161,386 238,248 243,581 161,810 350,741 111,379 62,227 146,651 99,515 245,961 Bank premises: 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 June 4 32,006 1,273 8,367 3,120 3,803 2,651 1,508 3,037 1,991 1,227 2,491 781 1,757 June 11 32,006 1,273 8,367 3,120 3,803 2,651 1,508 3,037 1,991 1,227 2,491 781 1,757 June 18 32,006 1,273 8,367 3,120 3,803 2,651 1,508 3,037 1,991 1,227 2,491 781 1,757 June 25 31,990 1,273 8,367 3,112 3,803 2,651 1,505 3,037 1,992 1,227 2,491 781 1,751 Other assets: 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 June 4 49,454 3,460 11,801 3,260 4,649 3,037 2,723 6,824 2,940 1,424 2,268 2,059 5,009 Tune 11 51,211 3,602 12,573 3,101 4,790 3,196 2,801 7,073 3,026 1,545 2,202 2,130 5,172 Tune 18 49,150 5,284 11,396 2,854 4,385 2,848 2,588 6,671 2,712 1,298 2,043 2,108 4,963 June 25 48,138 3,261 11,784 2,931 4,579 2,975 2,619 6,542 2,765 1,352 2,109 2,169 5,052 Total assets: May 28 44,033,530 2,433,51611,780,6622,691,6523,640,5832,638,3992,303,5697,354,8801,845,9061,088,5841,836,198 1,453,7604,965,821 June 4 44,448,285 2,467,41611,900,3562,680,4623,616,8692,668,7982,335,9897,496,7151,856,1011,079,3461,852,412 1,484,8335,008,988 June 11 44,254,419 2,468,93911,717,3232,686,4153,619,5822,654,2122,324,0227,434,2381,853,8931,103,2131,840,454 1,486,7605,065,368 June 18 44,632,145 2,507,35912,101,8412,688,4293,629,5492,651,8742,306,1927,405,4701,832,0371,086,3011,826 471 1,484,2565 112,366 June 25 44,570,234 2,493,354 11,906,1512,709,4103,658,6442,675,6542,322,1407,444,912 1,839,7341,097,2151,853,911 1,496,5005,072,609 Liabilities Federal Reserve notes: May 28. . 24,110,158 1,450,376 5,563,214 1,644,4072,071,2051,658,7901,371,3631,502,5001,073,729 585,483 903,330 571,4682,714,293 June 4 24,130,578 1,450,872 5,564,0941,636,1942,072,8541,658,8271,373,2364,507,334 1,076,509 588,910 907,511 577,592 2,716,645 June 11 24,110,240 1,445,866 5,548,6991,636,3342,073,9251,655,7721,369,1434,509,083 1,079,605 589,278 906,679 578,5802,717,276 June 18 24,068,072 1,443,953 5,543,1041,631,4062,072,7631,654,3141,363,9604,508,838 1,074,253 588,026 903,872 576,917 2,706,666 June 25 24,064,354 1,451,163 5,543,152 1,635,7152,079,4491,657,5281,361,7344,510,486 1,072,235 587,059 900,668 575,282 2,689,883 Deposits: Member bank —reserve account: May 28. . 15,705,449 698,829 4,911,356 786,811 1,199,105 705,994 713,0022.328,780 591,500 390,745 758,507 727,078 1,893,742 June 4. . 15,920,609 744,255 4,978,551 781,6881,194,071 720,527 722,9592,375,221 580,952 388,615 761,845 746,379 1,925,546 June 11. .16,027,782 743,386 4,956,365 788,002 1,193,261 717,012 726,8162,387,102 599,000 409,427 766,666 755,323 1,985,422 Tune 18.. 16,240,980 780,088 5,066,940 802,337 1,210,755 711,959 710,2642,392,436 592,428 403,656 760,294 763,2632,046,560 June 25. .16,080,585 718,824 5,078,387 800,932 1,208,663 694,403 706,2392,382,301 593,229 396,251 766,679 761,079 1,973,598 U. S. Treasurer-general account: 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 June 4. . 653,003 19,382 214,151 25,965 47,853 35,464 33,969 109,798 45,508 18,628 36,549 22,994 42,742 June 11.. 495,300 34,850 90,347 31,472 57,450 41,007 32,358 73,447 24,687 21,339 26,267 23,504 38,572 Tune 18.. 224,570 849 217,723 468 500 517 558 452 559 1,080 513 563 788 June 25.. 641,816 55,321 123,270 44,644 51,150 64,748 43,721 94,245 27,977 28,016 28,889 29,537 50,298 Foreign: 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 June 4. . 510,304 31,437 H76,958 39,698 45,579 24,015 20,094 66,654 17,154 12,253 17,154 16,173 43,135 June 11. . 430,674 26,801 2146,583 33,831 38,843 20,466 17,125 56,803 14,618 10,442 14,618 13,783 36,761 June 18.. 305,465 19,302 2100,999 24,340 27,947 14,725 12,320 40,868 10.518 7,513 10,518 9,917 26,498 June 25.. 405,187 24,909 2141,153 31,436 36,093 19,017 15,912 52,782 13,584 9,703 13,584 12,807 34,207 Other: May 28. . 443,247 l,80( 379,217 1,601 9,491 1,800 1,543 2,757 6,017 2,030 818 768 35,405 June 4.. 446,072 2,343 375,918 2,722 9,312 3,088 2,862 4,037 6,590 2,377 1,434 2,071 33,318 June 11.. 458,766 1,930 393,042 2,761 8,008 2,129 3,808 2,615 6,037 2,409 1,002 897 34,128 June 18.. 551,367 2,214 472,920 2,841 11,934 2,046 4,246 5,302 5,933 2,623 1,152 965 39,191 June 25. . 509,579 3,291 421,007 2,492 11,733 2,786 3,685 4,694 5,853 2,905 521 1,363 49,249 Total deposits: 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 June 4 17,529,988 797,417 5,745,578 850,073 1,296,815 783,094 779,8842,555,710 650,204 421,873 816,982 787,617 2,044,741 June 11 17,412,522 806,967 5,586,337 856,066 1,297,562 780,614 780,1072,519,967 644,342 443,617 808,553 793,507 2,094,883 June 18 17,322,382 802,453 5,858,582 829,986 1,251,136 729,247 727,3882,439,058 609,438 414,872 772,477 774,7082,113,037 June 25 17,637,167 802,345 5,763,817 879,504 1,307,639 780,954 769,5572,534,022 640,643 436,875 809,673 804,7862,107,352 Deferred availability items: May 28 1,912,330 168,194 366,169 124,409 189,352 165 87? 134 167 286,061 90.763 48,989 91,284 81,460 165,610 June 4 2,078,065 173,571 369,910 136,824 181,54( 191,199 152,847 338,251 103,064 49,900 101,734 94,706 184,519 June 11 2.019,826 170,539 361,024 136,477 182,249 182,008 144,640 309,568 103,535 51,171 98,954 89,677 189,984 June 18 2,528,694 215,233 478,348 169,464 239,707 232.410 184,671 361,647 121,951 64,663 123,859 107,521 229,220 June 25 2,152,824 194,065 376,403 136,456 205,357 201,205 160,527 304,067 100,348 54,299 117,187 91,225 211.685 Other liab. incl. accrued div.: May 28 14,060 823 3,977 946 1,373 719 663 2,200 605 412 552 638 1,152 June 4 13,658 844 3,976 889 1,370 705 606 2,012 570 404 564 503 1,215 June 11 14,793 846 4,196 965 1,462 765 657 2,098 601 852 597 543 1,211 Tune 18 14,717 873 4,495 912 1,456 762 643 2,146 564 422 569 613 1,262 June 25 16,459 917 5,239 989 1,611 730 706 2,442 604 622 600 672 1,327 1 After deducting $69,000 participations of other Federal Reserve Banks on May 28; June 4; June 11; June 18; and June 25. 2 After deducting $261,559,000 participations of other Federal Reserve Banks on May 28; $333,269,000 on June 4; $284,016,000 on June 11; $204,340,000 on June 18; and $263,908,000 on June 25. JULY 1947 863 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS—Continued [In thousands of dollars] San- Total Boston Y N o e r w k d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago L S ou t. is M ap in o n li e s - K C an it s y as Dallas F c r is a c n o - Total liabilities: May 28 43,339,020 2,388,971 11,564,1472,635,3163,576,3842,603,5082,274,2287,261,679 1,820,250 1,070,361 1,810,655 1,429,432 1,904,089 June 4 43,752,289 2,422,704 11,683,5582,623,9803,552,5792,633,8252,306,5737,403,307 1,830,347 1,061,087 1,826,791 1,460,418 4,947,120 June 11 43,557,381 2,424,218 11,500,2562,629,8423,555,1982,619,1592,294,547 7,340,716 1,828,083 1,084,918 1,814,783 1,462,307 5,003,354 June 18.... 43,933,865 2,462,512 11,884,5292,631,7683,565,0622,616,7332,276,662 7,311,689 1,806,206 1,067,983 1,800,777 1,459,759 5,050,185 June 25 43,870,804 2,448,490 11,688,6112,652,6643,594,0562,640,4172,292,5247,351,017 1,813,830 1,078,855 1,828,128 1,471,965 5,010,247 Capital Accts. Capital paid in: 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 June 4.... 191,460 11,170 67,338 14,208 18,715 8,070 7,303 22,801 6,313 4,208 6,383 7,091 17,860 June 11 191,499 11,171 67,351 14,209 18,713 8,072 7,309 22,808 6,317 4,210 6,384 7,093 17,862 June 18.... 191,696 11,171 67,354 14,209 18,716 8,078 7,316 22,967 6,318 4,213 6,391 7,102 17,861 June 25 191,788 11,174 67,360 14,209 18,722 8,092 7,343 22,973 6,318 4,223 6,395 7,105 17,874 Surplus (section 7): 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 June 4.... 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 June 11 439,823 27,557 136,549 34,720 41,394 20,676 18,663 65,078 16,577 10,997 15,729 13,777 38,106 June 18.... 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 June 25 439,823 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): 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 June 4.... 27,455 3,012 7,253 4,489 1,007 3,325 762 1,429 521 1,073 1,137 1,307 2,140 June 11 27,455 3,012 7,253 4,489 1,007 3,325 762 1,429 521 1,073 1,137 1,307 2,140 June 18 27,455 3,012 7,253 4,489 1,007 3,325 762 1,429 521 1,073 1,137 1,307 2,140 June 25.... 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.: 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 June 4.... 37,258 2,973 5,658 3,065 3,174 2,902 2,688 4,100 2,343 1,981 2,372 2,240 3,762 June 11 38,261 2,981 5,914 3,155 3,270 2,980 2,741 4,207 2,395 2,015 2,421 2,276 3,906 June 18.... 39,306 3,107 6,156 3,243 3,370 3,062 2,789 4,307 2,415 2,035 2,437 2,311 4,074 June 25.... 40,364 3,121 6,378 3,328 3,465 3,144 2,848 4,415 2,488 2,067 2,522 2,346 4,242 Total liabilities and cap. accts.: May 28 44,033,530 2,433,516 11,780,6622,691,6523,640,5832,638,3992,303,569 7,354,880 1,845,906 1,088,584 1,836,198 1,453,7604,965,821 June 4.... 44,448,285 2,467,416 11,900,3562,680,4623,616,8692,668,7982,335,9897,496,715 1,856,101 1,079,346 1,852,412 1,484,8335,008,988 June 11 44,254,419 2,468,939 11,717,3232,686,4153,619,5822,654,2122,324,022 7,434,238 1,853,893 1,103,213 1,840,454 1,486,7605,065,368 June 18 44,632,145 2,507,359 12,101,8412,688,4293,629,5492,651,8742,306,192 7,405,4701,832,037 1,086,301 1,826,471 1,484,2565,112,366 June 25 44,570,234 2,493,354 11,906,1512,709,4103,658,6442,675,6542,322,1407,444,912 1,839,734 1,097,215 1,853,911 1,496,500 5,072,609 Contingent liability on bills purchased for foreign correspondents : May 28 6,502 416 !2,080 526 605 319 266 884 228 163 228 215 572 June 4.... 6,296 403 12,015 510 586 309 258 856 220 157 220 208 554 June 11 6,072 389 H,943 492 565 298 249 826 212 152 212 200 534 June 18.... 5,990 383 H,917 485 557 293 245 815 210 150 210 198 527 June 25 5,917 379 H,894 479 550 290 242 805 207 148 207 195 521 Commit, to make indus. loans: May 28.... 5,703 1,166 1,618 89 13 2,200 450 167 June 4.. . . 5,528 967 1,599 85 27 33 2,200 450 167 June 11 6,876 897 1,524 82 27 33 400 3,750 163 June 18.... 6,91? 936 1,524 80 27 32 400 3,750 163 June 25. 7,02^ 1,045 1,524 81 27 32 400 3,750 163 FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS' ACCOUNTS, BY WEEKS [In thousands of dollars] Total Boston Y N o e r w k d P e h lp il h a i - a C la le 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 in o n li e s - K C an it s y as Dallas F c S i r s a a c n n o - F. R. notes outstanding (issued to Bank): May 28 24,694,470 1,475,340 5,6965,1381,680,5222,118,1331,709,9531,405,077 4,567,9021,106,596600,900 922,518596,5372,814,854 June 4 24,737,502 1,476,964 5i,708,3801,685,556 2,119,1571,710,7341,409,8384,578,3291,111,441602,336 925,355597,240 2,812,172 June 11 24,751,617 1,479,526 5i,702,842 1,679,1722,121,3011,707,9021,409,218 4,584,,2241,108,970604,329 928,343611,1792,814,611 June 18 24,734,391 1,476,536 5,698,4341,680,6572,125,3901,706,4761,401,0124,585,9031,107,299603,261 924,290 609,5072,815,626 June 25 24,736,553 1,482,194 5,698,895 ,680,690 2,128,8851,709,1441,399,1914,583,0191,106,843 601,823 921,092608,2882,816,489 Collateral held against notes outstanding: Gold certificates: May 28 12,133,000 455,000 3,470,000 500,000 645,000 690,000 590,0003,000,000 300,000184,000 280,000169,0001,850,000 June 4 12,033,000 455,000 35,,;470,000 500,000 645,000 690,000 590,000 3,000,000 300,000184,000 280,000169,0001,750,000 June 11 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 June 18 12,103,000 455,000 3,470,000 500,000 645,000 680,000 570,000 3,000,000 300,000184,000 280,000169,0001,850,000 June 25 11,998,000 455,0003,470,000 500,000 645,000 675,000 570,0003,000,000 300,000184,000 280,000169,0001,750,000 Eligible paper: May 28 90,901 13,928 38,738 8,915 8,395 5,400 800 8,850 5,875 June 4 114,373 15,603 40,178 13,230 7,687 16,600 4,800 12,600 3,675 June 11 106,397 18,497 28,063 9,645 9,457 15,050 12,000 10,250 3,435 June 18 71,245 8,833 13,505 5,915 7,612 11,345 8,000 10,550 5,485 June 25 82,552 8,533 15,374 7,560 12,415 9,270 9,800 12,350 7,250 U. S. Govt. sec: May 28 13,578,627 1,100,000 2,400,0001,200,0001,500,0001,055,000 850,0001,600,000 948,627425,000 700,000 500,0001,300,000 June 4 13,580,177 1,100,000 2,400,0001,200,0001,500,0001,055,000 850,0001,600,000 950,177425,000 700,000 500,0001,300,000 June 11 13,599,357 1,100,000 2,400,0001,200,0001,500,0001,055,000 850,0001,600,000 969,357425,000 700,000 500,0001,300,000 June 18 13,577,550 1,100,000 2,400,0001,200,0001,500,0001,055,000 850,0001,600,000 947,550 425,000 700,000500,0001,300,000 June 25 13,587,367 1,100,000 2,400,0001,200,0001,500,0001,055,000 850,0001,600,000 957,367425,000 700,000500,0001,300,000 Total collateral: May 28 25,802,528 1,568,9285,908,7381,708,9152,145,000 1,753,3951,440,0004,600,0001,254,027609,800 988,850 669,000 3,155,875 June 4 25,727,550 1,570,6035,910,1781,713,230 2,145,0001,752,6871,440,0004,600,0001,266,777 661133,,880000 992,600 669,000 3,053,675 June 11 25,838,754 1,573,4975,898,0631,709,6452,145,0001,754,4571,440,0004,600,000 ,284,407 621,000 990,250 669,000 35,1,153,435 June 18 25,751,795 1,563,833 5,883,5051,705,9152,145,0001,742,6121,420,0004,600,0001,258,895 6177,,000000 990,550 669,000 3,155,485 June 25 25,667,919 1,563,5335,885,3741,707,5602,145,0001,742,4151,420,0004,600,0001,266,637618,800 992,350 669,000 3,057,250 1 After deducting $4,421,000 participations of other Federal Reserve Banks on May 28; $4,281,000 on June 4; $4,129,000 on June 11; $4,073,000 on June 18; and $4,023,000 on June 25. 864 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 - 1 N c e i w ty ban C k h s i- b s c a R e i r n e t v y k - e s b C a t o n r u y k n s - i to date outstanding available to York cago borrowers Date under guar- N b u e m r - Amount am To o t u a n l t g P u o te a r e r ti a d o n n - a o n u te t m s e t e a a n n g t d s re in e g - To 1 t 9 a 4 l 6 r — es A M er p a v r y i e l s held: 1 1 5 5, , 5 7 3 2 1 7 4 4 , , 0 0 1 7 5 7 8 8 7 7 2 8 6 6 , , 1 2 2 2 7 0 4 4 , , 5 55 1 2 7 1947—April 15,931 4,125 879 6,294 4,633 1942 May 15,978 4,141 911 6,317 4,608 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 Apr. 24 15,943 4,160 894 6,287 4,602 May 1 15,905 4,158 897 6,275 4,575 May 8 16,011 4,174 911 6,319 4,607 1943 May 15 15,980 4,132 913 6,315 4,619 June 30 4,217 4,718,818 1,428,2531,153,756 2,216,053 May 22 15,938 4,124 922 6,298 4,593 Dec. 31 5,347 6,563,048 1,914,040 1,601,518 3,146,286 May 29 15,984 4,145 923 6,325 4,591 June 5 16,061 4,148 928 6,340 4,645 1944 June 12 16,121 4,149 937 6,389 4,646 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—April 1,024 36 24 215 748 May 956 12 -1 230 714 J D u e n c e . 1 3 3 9 0 1 45 8 8 , , 7 4 5 2 7 2 1 1 0 0 , , 1 3 4 3 9 9 , , 3 4 1 0 5 0 1,3 5 8 1 6 0 , ,2 8 7 5 0 1 1,1 4 9 3 0 5 , , 9 34 4 5 4 3,6 9 9 6 4 6 , , 6 59 1 5 8 1947— M Ap a r y il 8 7 3 8 3 4 1 1 3 2 -2 11 2 2 2 2 6 4 5 5 8 5 3 0 Apr. 24 771 14 4 202 551 1946 May 1 730 15 4 190 521 June 29 8,771 10,344,018 70,267 60,214 142,617 May 8 789 14 4 222 549 Dec. 31 8,771 10,344,018 18,996 17,454 28,791 May 15 801 13 4 223 561 May 22 765 15 3 210 537 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 J J M u u n a n y e e 2 1 9 5 2 7 7 7 9 7 9 5 3 2 1 1 1 7 1 4 4 5 2 2 2 2 2 3 2 0 5 6 5 5 5 3 3 5 5 8 3 A M M p a a r y r . . 3 3 3 0 1 1 8 8 8 , , , 7 7 7 7 7 7 1 1 1 1 1 1 0 0 0 , , , 3 3 3 4 4 4 4 4 4 , , , 0 0 0 1 1 1 8 8 8 1 1 9 1 0 , , , 2 7 3 3 4 5 6 6 6 1 8 9 0 , , , 6 6 9 0 5 6 1 5 8 1 1 1 3 5 3 , , , 3 4 1 9 5 7 2 2 6 Bo R 1 r 9 e r 4 o s 6 e w — r i v n A e g p s B r i a a l t n k F s e : deral 393 139 47 148 60 May 150 7 2 105 36 NOTE.—The difference between guaranteed loans authorized and sum 1947—April 126 4 16 51 55 of loans outstanding and additional amounts available to borrowers May 107 49 50 under guarantee agreements outstanding represents amounts repaid and authorizations expired or withdrawn. Apr. 24 107 60 46 May 1 119 1 54 64 INDUSTRIAL LOANS BY FEDERAL RESERVE BANKS May 8 88 1 44 43 May 15 123 10 51 62 [Amounts in thousands of dollars] May 22 98 1 51 46 May 29 113 8 47 58 W D e a d te n e ( s l d a a s y t A a p p t p o p l i r c d o a a v t t i e e o d ns b p u ro t 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 - J J u u n n e e 1 5 2 1 1 5 5 5 9 3 2 4 0 5 7 4 7 6 6 3 2 or last day com- standing8 out- outof period) Num- pleted1 (amount) standing standing 1Weekly figures of excess reserves of all member banks and of ber Amount (amount) (amount) (amount) country banks are estimates. Weekly figures of borrowings of all member banks and of country banks may include small amounts of Federal 1934... 984 49,634 20,966 13,589 8,225 1,296 Reserve Bank discounts and advances for nonmember banks, etc. 1935. . . 1,993 124,493 11,548 32,493 27,649 8,778 1936... 2,280 139,829 8,226 25,526 20,959 7,208 1937... 2,406 150,987 3,369 20,216 12,780 7,238 1938... 2,653 175,013 1,946 17,345 14,161 12,722 DEPOSITS OF COUNTRY MEMBER BANKS IN LARGE AND 1939. . . 2,781 188,222 2,659 13,683 9,220 10,981 SMALL CENTERS * 1 19 9 4 4 1 0 . . . . . . 2 3, , 2 9 0 0 2 8 2 2 1 7 2 9 , , 5 8 1 6 0 0 1 8 3 , , 2 9 9 5 4 4 1 9 0 , , 1 3 5 3 2 7 1 5 4 , , 2 59 2 7 6 1 6 9 , , 3 6 8 0 6 0 [Averages of daily figures. In millions of dollars] June 1 9 2 4 4 2 3,352 338,822 26,346 11,265 16,832 26,430 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 In 1 5, p 0 l 0 a 0 c e p s o o p f u l u a n ti d o e n r Dec. 31 3,423 408,737 4,248 14,126 10,661 17,305 Demand Demand J D u e n c e . 1 9 3 3 4 0 1 3 3 3, , 4 4 7 5 1 2 4 4 7 91 5 , , 3 4 4 6 2 8 3, 9 2 2 0 6 3 1 10 3 , , 5 0 3 4 2 4 1 9 2 , , 2 13 7 2 0 1 1 9 7 , , 0 9 7 3 0 0 d e e i x n p c t o e e s r p i - t t s de T p i o m s e its d e e i x n p c t o e e s r p i - t ts de T p i o m s e its bank* bank 2 1944 June 30 3,483 510,857 45 11,366 4,048 11,063 Dec. 30 3,489 525,532 1,295 3,894 4,165 2,706 May 1946 '17,037 7,845 ••12,001 5,437 April 1947 '15,154 r8,385 11,671 '5,939 1945 June 30 3,502 537,331 70 3,252 5,224 2,501 May 1947 15,077 8,416 11,588 5,955 Dec. 31 3,511 544,961 320 1,995 1,644 1,086 Boston 1,801 882 323 230 1946 New York 2,782 2,161 975 1,141 June 29 3,524 552,711 615 1,210 5,366 1,110 Philadelphia 1,073 741 880 886 Dec. 31 3,542 565,913 4,577 554 8,309 2,670 Cleveland 1,292 912 1,036 820 J947 Richmond 1,048 396 850 466 Jan. 31. 3,545 568,540 4,795 593 8,217 2,677 Atlanta 1,532 489 665 212 Feb. 28. 3,548 569,487 4,795 996 8,186 2,729 Chicago 1,877 1,363 1,653 935 Mar. 31. 3,548 569,825 4,595 1,081 8,160 2,727 St. Louis 618 331 966 275 Apr. 30 3,552 571,408 5,371 1,109 7,279 2,616 May 31 3,553 571,893 4,595 1,618 5,735 2,761 Minneapolis 540 292 731 434 Kansas City 504 105 1,557 199 Dallas 886 138 1,395 60 1 Includes applications approved conditionally by the Federal Re- San Francisco. . . 1,125 607 555 297 serve Banks and under consideration by applicant. 8 Includes industrial loans past due 3 months or more, which are not included in industrial loans outstanding in weekly statement of con- r Revised. dition of Federal Reserve Banks. 1 Includes any banks in outlying sections of reserve cities that have NOTE.—The difference between amount of applications approved and been given permission to carry the same reserves as country banks. the sum of the following four columns represents repayments of ad- All reserve cities have a population of more than 15,000. vances, and applications for loans and commitments withdrawn or 2 Includes war loan deposits, shown separately for all country bankg expired. in the table on the following page. JULY 1947 865 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 deposil.s De- Reserves with Federal Bor- De- mand Reserve Banks row- Feder C al l a R ss e a s o n e f d r v b e a n d k istrict Total i 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 8 p m o N d d a s e e e i n - t - t s d * p T o d i s e m i - t e s5 m f a b r 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 t a d v - s l - e posits8 banks Banks First half May 1947 All member banks 86,525 11,119 1,924 73,482 68,546 74,490 27,852 5,374 15,966 15,200 767 102 Central reserve city banks: New York 22,160 4,126 385 17,649 16,153 20,268 1,454 47 4,145 4,141 4 5 4,845 1,114 90 3,641 3,320 4,284 857 154 903 908 -5 Reserve citv banks ... 31,848 4,941 701 26,205 23,851 27,117 11,176 1,758 6,304 6,094 210 47 Boston 1,898 261 40 1,597 1,472 1,701 201 34 356 352 4 New York 551 27 11 514 475 478 309 24 116 114 2 3 Philadelphia 2,202 309 35 1,857 1,714 1,955 292 70 414 409 6 6 Cleveland 3,662 458 105 3,100 2,860 3,167 1,317 159 746 713 33 9 Richmond 2,045 307 42 1,695 1,547 1,772 449 95 398 381 16 5 Atlanta 1,999 443 30 1,527 1,364 1,668 409 142 376 358 17 5 Chicago 3,843 480 106 3,258 2,990 3,173 2,055 305 793 758 35 4 St Louis 1,849 531 45 1,272 1,116 1,550 323 101 342 329 13 5 960 280 22 658 570 792 175 59 173 169 4 2 Kansas Citv 2,639 837 47 1,754 1,548 2,142 358 250 467 450 18 7 Dallas 2,203 490 30 1,684 1,549 1 810 333 231 419 382 37 7,996 519 188 7,289 6,646 6,909 4,955 288 1,705 1,679 26 1 Country banks 27,672 938 748 25,987 25,222 22,822 14,364 3,414 4,614 4,057 557 49 2,211 84 57 2,070 1,956 1,875 1,112 172 359 329 29 13 New York 3,835 80 106 3,649 3,481 3,270 3,302 303 724 656 68 22 Philadelphia 1,979 14 71 1,895 1,844 1,679 1,626 183 377 333 45 5 Cleveland 2,355 24 92 2,240 2,187 1,960 1,730 255 440 378 61 4 2,012 108 50 1,854 1,778 1,639 861 257 319 281 38 3 2,385 175 48 2,163 2,103 1,947 702 338 355 315 41 3,599 70 125 3,403 3,334 2,910 2,293 504 632 545 87 1 St Louis 1,700 113 40 1,547 1,508 1,397 605 227 263 232 31 1 1,337 64 44 1 229 1 197 1 098 726 166 225 197 27 Kansas Citv 2,138* 70 54 2,015 1,993 1,701 304 368 304 256 48 Dallas . 2,406 115 30 2,261 2,223 1,890 197 453 330 276 53 San Francisco 1,715 23 33 1,660 1,617 1,456 905 189 286 258 27 Second half of May 1947 All member banks 86,203 10,814 1,767 73,621 68,659 74,421 27,907 5,253 15,988 15,188 800 111 Central reserve city banks: New York 21,977 4,004 339 17,634 16,160 20,151 1,464 49 4,138 4,118 20 10 4,910 1,107 82 3,722 3,383 4,338 861 156 919 919 Reserve citv banks 31,815 4,801 649 26,365 23,969 27,094 11,205 1,759 6,328 6,091 237 50 1,903 252 37 1,614 1,481 1,697 201 38 359 352 7 New York . • • 551 26 10 515 474 477 309 24 117 114 3 2 Philadelphia 2,200 309 31 1,860 1,699 1,936 292 73 411 405 6 5 Cleveland 3,678 449 94 3,136 2,877 3,169 1,319 165 760 713 47 7 2,041 295 39 1,706 1,550 1,765 449 94 398 380 18 6 Atlanta 1,989 423 28 1,538 1,373 1,670 410 130 373 359 14 5 3,851 468 99 3,284 3,025 3,196 2,066 306 797 763 34 6 St Louis 1,854 512 41 1,301 1,140 1,557 323 98 343 331 12 4 950 267 20 663 574 782 175 59 170 167 3 3 Kansas Citv 2,640 804 44 1,791 1,588 2,145 358 255 468 450 18 6 Dallas 2,212 484 26 1,701 1,563 1,818 337 233 417 383 34 1 San Francisco 7,946 512 179 7,255 6,624 6,882 4,965 285 1,714 1,674 40 3 Countrv banks 27,501 903 698 25,900 25,147 22,838 14,377 3,288 4,603 4,059 544 51 2,202 81 51 2,071 1,958 1,876 1,113 169 358 329 29 12 New York 3,836 77 97 3,662 3,493 3,292 3,302 289 727 659 68 21 Philadelphia 1,954 14 65 1,876 1,826 1,668 1,628 176 374 331 42 6 Cleveland 2,349 23 86 2,240 2,183 1,963 1,733 249 444 379 66 3 1,997 106 46 1,846 1,772 1,638 862 249 314 281 33 5 Atlanta 2,354 168 44 2,142 2,084 1,945 701 315 348 314 34 1 Chicago 3,599 68 118 3,413 3,345 2,922 2,301 501 635 547 87 1 St. Louis • 1,691 110 39 1,542 1,503 1,398 606 219 263 232 31 1 1 327 60 43 1,225 1,195 1,099 725 159 226 197 28 Kansas City 2,119 66 52 2,001 1,981 1,706 304 347 303 257 46 1 2 381 108 29 2,244 2,209 1,885 198 436 330 276 54 1,691 22 31 1,638 1,598 1,447 903 179 282 257 25 1 Averages of daily closing figures for reserves and borrowings and of daily opening figures for other columns, inasmuch as reserves required are based on deposits at opening of business. * . u u u \ 2 Figures include Series E bond deposit accounts, but do not include certain other demand deposits of the U. b. Government witn member Danics and, therefore, differ from figures for U. S. Government deposits shown in other published banking data. See also footnote 3. » Preceding column minus (a) so-called "float" (total cash items in process of collection) and (b) U. S. Government demand deposits (other than war loan and Series E bond accounts) on the latest available call report date. . • Demand deposits subject to reserve requirements, i. e., 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 tiank call Keport. 866 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 currency* Large denomination currency* End of year or in cir- Unasmonth cula- sorted tion1 Total Coin »$1 $5 $10 $20 Total $50 $100 $500 $1,000 $5,000 $10,000 1933 5,519 167 442 402 33 719 1.229 ,342 ,360 364 618 125 237 8 10 8 1934 5,536 292 452 423 32 771 .,288 ,326 ,254 337 577 112 216 5 7 10 1935 5,882 518 478 460 33 815 1,373 ,359 ,369 358 627 122 239 7 16 5 1936 6,543 021 517 499 35 906 1,563 ,501 ,530 399 707 135 265 7 18 8 1937 6,550 015 537 505 33 905 1,560 ,475 ,542 387 710 139 288 6 12 7 1938 6,856 147 550 524 34 946 1,611 ,481 ,714 409 770 160 327 17 32 5 1939 7,598 5,553 590 559 36 ,019 1,772 ,576 2,048 460 919 191 425 20 32 2 1940 8,732 6,247 648 610 39 ,129 2,021 ,800 2,489 538 1,112 227 523 30 60 4 1941 11,160 8,120 751 695 44 ,355 2,731 2,545 3,044 724 1,433 261 556 24 46 4 1942 15,410 11,576 880 801 55 ,693 4,051 4,096 3,837 1,019 1,910 287 586 9 25 3 1943 20,449 14,871 1,019 909 70 ,973 5,194 5,705 5,580 1,481 2,912 407 749 9 22 2 1944 25,307 17,580 1,156 987 81 2,150 5,983 7,224 7,730 1,996 4,153 555 990 10 24 $ 1945 28,515 20,683 1,274 1,039 73 2,313 6,782 9,201 7,834 2,327 4,220 454 801 7 24 2 1946—February 27,954 20,139 1,264 982 68 2,211 6,570 9,044 7,816 2,322 4,248 443 772 9 22 1 March 27,879 20,045 1,269 984 67 ,191 6,547 8,986 7,834 2,327 4,267 442 768 9 22 1 April 27,885 19,997 1,280 987 66 2,173 6,509 8,981 7,889 2,337 4,309 439 773 8 22 1 May 28,120 20,171 1,291 999 67 2,199 6,586 9,029 7,950 2,352 4,356 438 775 8 21 1 June 28,245 20,248 1,300 998 67 ,191 6,604 9,087 7,998 2,364 4,387 438 781 8 22 2 July 28,254 20,185 1,311 990 67 ,166 6,552 9,099 8,071 2,377 4,437 436 790 8 21 2 August 28,448 20,271 1,319 992 66 ,165 6,571 9,159 8,178 2,402 4,509 436 802 8 20 2 September... 28,507 20,262 1,332 1,001 66 ,156 6,528 9,180 8,247 2,419 4,567 436 795 8 21 2 October 28,600 20,273 1,345 1,000 65 ,148 6,494 9,221 8,329 2,436 4,645 434 784 8 21 2 November... 28,861 20,447 1,355 1,010 65 ,169 6,543 9,305 8,416 2,458 4,711 435 782 8 21 2 December. . . 28,952 20,437 1,361 1,029 67 2,173 6,497 9,310 8,518 2,492 4,771 438 783 8 26 3 1947—January 28,262 19,808 1,337 972 63 2,074 6,284 9,077 8,457 2,460 4,757 434 774 9 23 3 February 28,304 19,873 1,337 967 64 2,090 6,336 9,079 8,434 2,456 755 433 769 6 14 3 March 28,230 19,807 1,344 969 63 2,085 6,309 9,036 8,424 2,447 4,754 432 771 6 14 1 April 28,114 19,684 1,351 972 63 2,065 6,253 8,979 8,432 2,442 4,769 431 773 5 12 1 May 28,261 19,773 1,351 985 63 2,089 6,303 8,982 8,489 2,449 4,789 430 804 11 2 1 Total of amounts of coin and paper currency shown by denominations less unassorted currency in Treasury and Federal Reserve Banks. 1 Includes unassorted currency held in Treasury and Federal Reserve Banks and currency of unknown denominations reported by the Treasury as destroyed. « Paper currency only; $1 silver coins reported under coin. Back figures.—See Banking and Monetary Statistics, Table 112, pp. 415-416. UNITED STATES MONEY, OUTSTANDING AND IN CIRCULATION, BY KINDS [On basis of circulation statement of United States money. In millions of dollars] Money held in the Treasury Money in circulation1 Money Total out- held by standing, As security For Federal May 31, against Treasury Federal Reserve May 31, Apr. 30, May 31, 1947 gold and cash Reserve Banks and 1947 1947 1946 silver Banks and agents certificates agents Gold 20,933 19,737 2 1,196 Gold certificates 19,737 16,873 2,815 48 48 50 Federal Reserve notes 24,705 74 677 23,953 23.853 23,861 Treasury currency—total 4,558 3 2,240 60 239 4,259 4,213 4,209 Standard silver dollars . .. .... 494 319 24 3 148 147 139 1 921 1 921 Silver certificates and Treasury notes of 1890. . 32,240 169 2,071 2.023 2,019 923 22 27 874 873 837 IVIinor coin 349 11 8 330 331 315 United States notes 347 2 24 321 318 317 Federal Reserve Bank notes 417 1 6 410 414 468 National Bank notes 108 (5) 1 107 108 114 Total—May 31 1947 . . (4) 21,977 1,330 16,873 3,732 28,261 April 30 1947 (4) 21,811 1,329 16,721 3,861 28,114 May 31 1946 (4) 20,368 2,257 15,277 3,806 28,120 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. 859, and seasonally adjusted figures in table on p. 868. 2 Includes $156,039,431 held as reserve against United States notes and Treasury notes of 1890. 3 To avoid duplication, amount of silver dollars and bullion held as security against silver certificates and Treasury notes ot 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. JULY 1947 867 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MONEY IN CIRCULATION WITH ADJUSTMENT FOR ANALYSIS OF CHANGES IN GOLD STOCK OF SEASONAL VARIATION UNITED STATES [Outside Treasury and Federal Reserve Banks. In millions of dollars] [In millions of dollars] Ear- Do- Amount— Amount— Change in Gold Net marked mestic Date f u o v n r a a s r d e i j a a u t s i s o o te n n d al ad v s j a e u r a s i s t a e o t d n io a n f l or s a e s d a e s j r u o i s e n t s a e l d * ly Period a p s t e t o o r e i c f n o k d d I i n n s c t o r g e c o a k l s d e o i r m g e o p x l o p d r o t rt c g re o c o a r l r d e s : a e i n s ( d — e - e- ) t d g p io u r o o c n l - - d 1 End of year figures: 1939 7,598 +742 1936 ni,258 1,132.5 1,116.6 -85.9 131.6 1940 8,732 +1,134 1937 . . . 212,760 1,502.5 1,585 5 —200 4 143.9 1941 11,160 +2,428 1938 14,512 1,751.5 1,973.6 —333 5 148.6 1942 15,410 +4,250 1939 17,644 3,132.0 3,574.2 -534.4 161.7 1943 20,449 +5,039 1940 21,995 4,351.2 4,744.5 —644 7 170.2 1944 25,307 +4,858 1941 22,737 741.8 982.4 -407.7 169.1 1945 28,515 +3,208 1942 22,726 -10.3 315.7 —458 4 125.4 1946 28,952 +437 1943 21,938 -788.5 68.9 -803.6 48.3 1944 20,619 — 1,319.0 —845.4 —459 8 35.8 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— M A S O D M A J J N F u u e p c u e o e a a l n p t c r y b g v y r o e t i e c r u e e l b u m h s m m e a t b r r b b y e e e r r r 2 2 2 2 2 2 2 2 2 2 2 7 8 7 7 8 8 7 8 8 8 8 , , , , , , , , , , , 9 3 5 9 9 9 1 4 9 2 7 7 5 4 8 1 2 4 9 7 8 2 8 2 4 8 3 3 0 7 8 1 7 2 2 2 2 2 2 2 2 2 2 2 8 8 7 7 8 8 8 8 8 8 8 , , , , , , , , , , , 7 1 9 9 1 2 4 3 5 6 5 1 7 9 4 4 8 9 3 3 4 8 0 5 7 4 8 1 4 8 5 1 8 + + + -1 + + + + + + + 1 1 1 3 2 5 5 5 0 5 5 6 5 4 0 7 1 6 3 6 7 3 9 3 1 1 1 9 9 4 4 7 6 — — A S J O F M A D N J j u a e e u u c p e o l a n p n b t g y r c e v r o u t i r u c e e l e b a u h s m m m r e t a y r b b r b y e e e r . r r . . . . . . . . 2 2 2 2 2 2 2 2 2 2 2 0 0 0 0 0 0 0 0 0 0 0 , , , , , , , , , , , 2 2 2 4 7 3 4 7 5 3 4 6 8 0 7 0 7 2 6 4 3 7 7 0 2 0 5 4 9 3 8 0 0 "-4 3 2 1 - 1 6 2 2 9 5 1 1 1 3 3 8 7 5 8 3 6 9 1 2 9 . . . . 2 . . . . . . . 2 7 2 3 1 7 4 5 5 3 - — 1 6 - 3 4 1 7 2 2 5 7 1 1 6 6 5 4 7 4 0 3 6 . . . . 6 . . . . . . 2 3 2 . 3 1 9 2 4 6 8 -6 2 2 1 1 1 8 8 6 7 0 1 1 9 1 2 4 2 8 0 2 5 3 6 2 5 7 . . . . . . . . . . 8 5 0 1 0 5 1 3 5 7 0 8 3 5 5 6 4 6 6 5 4 7 . . . . . . . . . . . 4 3 5 3 3 2 9 0 6 8 9 1947—January 2 2 8 8 , , 3 5 0 4 0 3 2 28 8 , , 3 4 0 5 0 8 - - 2 1 5 5 2 8 J M u a n y e v 2 l1 0 , , 2 9 6 3 6 3 P 1 3 5 3 9 3 . . 0 3 P129.7 5 1 1 1 3 9 . . 1 0 7.2 A J M M u p a a n r y r e i c l h '2 2 2 2 8 8 8 8 , , , , 1 1 2 2 5 8 3 7 8 5 6 3 '2 2 2 2 8 8 8 8 , , , , 3 4 3 3 5 1 7 5 6 2 8 8 '- + + + 5 2 5 5 6 2 4 8 f P i h g 1 i u l A r i P e p n r s p e n i l a n u i r m e a e l i I f n t s i a h g l r a o u y n s r . e e d s s p a p u re r b o l e i d s s u h t c i e m t d i o a i n t n e s r t e o a c f b e l t i e v h e e d o U n i n n i p t . e U d 9 n 2 S it 0 t e a d t a e d S s j t u M a s t t e i e n s d . t. to M e o x n cl t u h d ly e 2 Includes gold in the Inactive Account amounting to 27 million ' Revised. dollars on Dec. 31, 1936, and 1,228 million on Dec. 31, 1937. 1 For end of year figures, represents change computed on absolute * Change reflects primarily gold subscription to International Monamounts in first column. etary Fund. NOTE.—For discussion of seasonal adjustment factors and for back 4 Not yet available. figures on comparable basis see September 1943 BULLETIN, pp. 822-826. 6 Gold held under earmark at the Federal Reserve Banks for foreign Because of an apparent recent change in the seasonal pattern around account including gold held for the account of international institutions the year end, adjustment factors have been revised somewhat for dates amounted to 3,709.3 million dollars on June 30, 1947. Gold under earaffected, beginning with December 1942; seasonally adjusted figures mark is not included in the gold stock of the United States. for money in circulation, as shown in Banking and Monetary Statistics, NOTE.—For back figures, see Banking and Monetary Statistics, Table Table 111, p. 414, and described on p. 405, are based on an older series 156, pp. 536-538, and for description of statistics see pp. 522-523 in of adjustment factors. the same publication. BANK DEBITS AND DEPOSIT TURNOVER [Debits in millions of dollars] Annual rate of Debits to demand Annual rate of Debits to total deposit accounts except turnover of total deposit accounts turnover of demand interbank accounts deposits except except interbank deposits except interinterbank and Government bank and Government Year and month Total, all New 140 Other New 333 other New 100 other New 100 other reporting York other reporting York reporting York leading York leading centers City* centers J centers2 City centers City cities City cities 1938 405,929 168,778 204,745 32,406 164,945 186,140 25.1 19.9 1939 423,932 171,382 218,298 34,252 167,939 200,636 21.0 19.4 1940 445,863 171,582 236,952 37,329 167,373 217,744 17.1 18.6 1941 537,343 197,724 293,925 45,694 193,729 270,439 17.3 19.4 1942—old series » 607,071 210,961 342,430 53,679 200,337 308,913 18.0 18.4 1942—new series * 641,778 226,865 347,837 67,074 16.1 13.1 1943 792,937 296,368 419,413 77,155 16.5 11.7 258,398 369,396 20.5 17.4 1944 891,910 345,585 462,354 83,970 17.1 10.8 298,902 403,400 22.4 17.3 1945 974,102 404,543 479,760 89,799 18.3 9.7 351,602 412,800 24.2 16.1 1946 1,050,021 417,475 527,336 105,210 19.0 10.0 374,365 449,414 25.5 16.9 1946-May 85,908 35,085 42,433 8,390 17.9 9.2 30,408 35,324 24.5 15.8 June 86,655 34,972 43,219 8,464 18.9 9.9 32,439 36,921 26.3 16.7 July 91,358 37,357 45,017 8,985 20.0 10.1 32,667 38,240 25.6 16.8 August 82,704 30,216 43,683 8,805 16.3 9.6 28,127 37,858 21.6 16.0 September 83,295 31,397 43,155 8,743 19.3 10.7 27,864 36,578 23.7 17.1 October 91,340 33,913 47,671 9,756 18.7 10.6 29,401 40,057 22.1 16.7 November 86,645 31,088 46,105 9,452 19.9 11.6 28,843 39,325 24.1 18.2 December 103,900 41,252 52,295 10,353 25.8 12.6 36,905 45,142 29.1 19.8 1947—January '93,488 34,305 »-49,140 10,043 20.6 11.6 31,084 41,925 24.2 17.9 February '•81,567 29,745 '43,199 8,622 20.4 11.6 27,129 37,672 24.5 18.6 March '93,314 33,547 '49,955 9,812 20.4 '11.9 31,822 '43,699 25.3 19.2 April '87,771 31,391 '46,904 9,475 19.2 11.3 27,768 40,538 21.9 17.8 May 87,836 30,895 47,459 9,482 19.0 11.3 29,075 41,743 23.0 17.9 ' Revised 1 National series for which bank debit figures are available beginning with 1919. 1 Annual figures for 1937-1942 (old series) include 133 centers; annual figures for 1942 (new series) and subsequent figures include 193 centers. 8 See page 717 of August 1943 BULLETIN for description of revision beginning with May 1942; deposits and debits of new series for first four months of 1942 partly estimated. NOTE.—Debits to total deposit accounts, except interbank accounts, have been reported since 1942 for 334 reporting centers; the deposits from which rates of turnover have been computed have likewise been reported by most banks and have been estimated for others. Debits to demand deposit accounts, except interbank and U. S. Government, and the deposits from which rates of turnover have been computed have been reported by member banks in 101 leading cities since 1935; yearly turnover rates in this series differ slightly from those shown in Banking and Monetary Statistics, Table 55, p. 254, due to differences in method of computation. 868 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] a d d e T j a p u o n o s t d s a t i e l t d s a d d d e T e j a p m o u n o s t a d s a t n i e l t d d s de T p o o t s a i l ts D de e p m o a s n it d s G U S o n t v a i e t t e e r s d n- C T om im - e depo M si u ts tual Postal C o u u r t r s e i n d c e y End of month c o u b u r a t r n s e i k n d s c e y c o u b u r a t r s n e i k n d s c e y adjusted adjusted^ de m po e s n i t ts2 Total b m an er k c s i a * l * s b a a v n i k n s g 4 s S S y a s v t i e n m g s * 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 ,186 761 December 42,548 19,817 37,766 15,035 1,016 21,715 11,019 9,488 ,208 782 1937—June 57,258 30,687 51,769 25,198 666 25,905 14,513 10,125 ,267 5,489 December 56,639 29,597 51,001 23,959 824 26,218 14,779 10,170 ,269 5,638 1938—June 56,565 29,730 51,148 24,313 599 26,236 14,776 10,209 ,251 5,417 December 58,955 31,761 53,180 25,986 889 26,305 14,776 10,278 ,251 5,775 1939—June 60,943 33,360 54,938 27,355 792 26,791 15,097 10,433 ,261 6,005 December 64,099 36,194 57,698 29,793 846 27,059 15,258 10,523 ,278 6,401 1940—June 66,952 38,661 60,253 31,962 828 27,463 15,540 10,631 ,292 6,699 December 70,761 42,270 63,436 34,945 753 27,738 15,777 10,658 ,303 7,325 1941—June 74,153 45,521 65,949 37,317 753 27,879 15,928 10,648 ,303 8,204 December 78,231 48,607 68,616 38,992 1,895 27,729 15,884 10,532 ,313 9,615 1942—June 81,963 52,806 71,027 41,870 1,837 27,320 15,610 10,395 ,315 10,936 December 99,701 62,868 85,755 48,922 8,402 28,431 16,352 10,664 ,415 13,946 1943—June 110,161 71,853 94,347 56,039 8,048 30,260 17,543 11,141 ,576 15,814 December 122,812 79,640 103,975 60,803 10,424 32,748 19,224 11,738 ,786 18,837 1944—June 136,172 80,946 115,291 60,065 19,506 35,720 21,217 12,471 2,032 20,881 December 150,988 90,435 127,483 66,930 20,763 39,790 24,074 13,376 2,340 23,505 1945—June 162,784 94,150 137,687 69,053 24,381 44,253 27,170 14,426 2,657 25,097 December 175,401 102,341 148,911 75,851 24,608 48,452 30,135 15,385 2,932 26,490 1946—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) v 165,900 t08,600 139,800 82,500 3,100 54,200 33,900 17,000 3,300 26,100 February (Feb. 26)P 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.. . '165,200 '107,300 p139,200 r&1,300 2,800 55,100 34,500 17,200 3,400 26,000 May (May 28) P 164,900 107,500 138,900 81,500 2,100 55,300 34,600 17,300 3,400 26,000 r Revised. P Preliminary. l Includes demand deposits, other than interbank and U. S. Government, less cash items in process of collection. 2 Beginning with December 1938, includes United States Treasurer's time deposits, open account. s Excludes interbank time deposits and postal savings redeposited in banks. * Beginning June 1941, the commercial bank figures exclude and mutual savings bank figures include three member mutual savings banks. 6 Includes both amounts redeposited in banks and amounts not so redeposited; excludes amounts at banks in possessions. NOTE.—Except on call dates, figures are rounded to nearest 100 million dollars. See Banking and Monetary Statistics, p. 11, for description and Table 9, pp. 34-35, for back figures. POSTAL SAVINGS SYSTEM BANK SUSPENSIONSI [In millions of dollars] Member Nonmember Assets banks banks Total, all End of month D i b t e o a p r l o - s s ' - i C n a d s e h - U. S. s e G cu o r v it e i r e n s ment C r a e s - h banks ti N on a- al State su In re - d in N s o u n r - ed ances1 Total posi- serve b t a o n ry ks Total r D ec i- t G t a e u n e a - d r- f e u t n c d 2 s, Num 1 b 9 e 3 r 4 o -3 f 9 banks suspended: 291 15 6 189 81 1940 22 1 18 3 1941 8 4 3 1 1939—Dec. 1,279 1,319 53 1,192 1,046 146 74 1942 9 6 3 1940—Dec . 1,304 1,348 36 1,224 1,078 146 88 1943 4 2 2 1941—Dec . 1,314 1,396 26 1,274 1,128 146 95 1944 1 1 1942—Dec . 1,417 1,464 16 1,345 1,220 126 102 1945 0 1943—Dec. 1,788 1,843 10 1,716 1,716 118 1946 0 1944—Dec . 2,342 2,411 8 2,252 2,252 152 1947—Jan.-June 0 1945—Dec. 2,933 3,022 6 2,837 2,837 179 Deposits of suspended banks 1946—June. . 3,120 3,220 5 3,026 3,026 188 (in thousands of dollars) :2 July.. 3,160 3,258 5 3,060 3,060 193 1934-39 125,991 14,61626,54844,348 40,479 Aug.. . 3,188 3,288 6 3,088 3,088 194 Sept.. 3,207 3,306 6 3,114 3,114 186 1940 5,943 256 5,341 346 Oct... 3,235 3,337 6 3,134 3,134 197 1941 3,726 3,144 503 79 Nov... 3,260 3,360 6 3,151 3,151 204 1942 1,702 1,375 327 Dec. 3,284 3,387 6 3,182 3,182 200 1943 6,223 4,982 1,241 1944 405 405 1947—Jan. . . 3,331 3,436 6 3,234 3,234 196 1945 0 Feb... 3,355 3,463 6 3,257 3,257 200 1946 . . 0 Mar... 3,375 3,481 5 3,284 3,284 192 1947 Tan -Tune 0 Apr. P3,390 May P3.393 1 Represents banks which, during the periods shown, closed temporarily or permanently on account of financial difficulties; does not include banks whose deposit liabilities were assumed by other banks p Preliminary. at the time of closing (in some instances with the aid of Federal Deposit 2 1 I O n u cl t u st d a e n s d i w ng o rk p i r n in g c i c p a a s l h , r w ep i r th e se p n o t s e t d m b a y st e c r e s r , t if 5 ic a p t e e r s c o e f n t d r e e p s o e s r i v t e . fund Ins 2 u D ra e n p c o e s it C s or o p f o r m at e i m on b e l r o a b n a s n ). ks and insured nonmember banks susand miscellaneous working funds with Treasurer of United States, ac- pended are as of dates of suspension, and deposits of noninsured noncrued interest on bond investments, and accounts due from late post- member banks are based on the latest data available at the time the masters. suspensions were reported. Back figures.—See Banking and Monetary Statistics, p. 519; for Back figures.—See Banking and Monetary Statistics, pp. 283-292; description, see p. 508 in the same publication. for description, see pp. 281-282 in the same publication. 869 JULY 1947 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS IN THE UNITED STATES, BY CLASSES * PRINCIPAL ASSETS AND LIABILITIES, AND NUMBER OF BANKS [Amounts in millions of dollars] Loans and investments Deposits Investments Other Class of bank Cash Total Number and assets * capital of call date Total Loans G U ov . e S rn . - Other Total i b In an te k r - 1 accounts banks De- Total ment secur- Time obliga- ities tions All banks: 1938—Dec.31 48, 884 21,305 27, 579 17,972 9,607 18,255 61, 465 7,480 28, 764 25,221 8,118 15,207 1939—Dec.30 50, 884 22, 165 28, 719 19,417 9,302 23,292 68, 242 9,874 32, 513 25,855 8,194 15,035 1940—Dec. 31 54, 177 23, 756 30 422 20,972 9,449 28,090 75,996 10,934 38, 558 26,503 8,302 14,896 1941—Dec. 31 61, 126 26,615 34 511 25,511 8,999 27,344 81, 816 10,982 44, 349 26,485 8,414 14,826 1942—Dec.31 78, 147 23,916 54 231 45,951 8,280 28,701 99, 803 11,308 61, 431 27,064 8,566 14,682 1943—Dec.31 96,966 23,601 73 365 65,932 7,433 28,475 117,661 11,003 75,569 31,089 8,996 14,579 1944—Dec.30 119,461 26,015 93 446 85,885 7,561 30,790 141,448 12,235 91, 653 37,561 9,643 14,535 1945—Dec.31 140,227 30 362 109 865 101,288 8,577 35,415 165,612 14,065 105,921 45,627 10,542 14,553 1946—June 29 136,572 31 486 105 087 95,911 9,175 33,124 159,171 12,311 98, 043 48,817 11,067 14,567 Dec. 31 131,698 35,648 96 050 86,558 9,491 35,041 155,902 12,656 92, 446 50,800 11,360 14,585 All commercial banks: 1938.—Dec.31 38, 728 16 409 22 319 15,098 7 221 17,673 51, 185 7 480 28, 764 14,941 6,814 14,653 1939—Dec.30 40 668 17 238 23 430 16,316 7,114 22,474 57, 718 9.874 32, 513 15,331 6,885 14,484 1940—Dec.31 43 929 18 800 25 129 17,757 7,372 27,124 65, 337 10,934 38, 558 15,844 7,010 14,345 1941—Dec.31 50, 746 21 714 29 032 21,808 7,225 26,551 71, 283 10,982 44, 349 15,952 7,173 14,278 1942—Dec.31 67 393 19 221 48 172 41,379 6,793 28,039 89, 135 11,308 61, 431 16,395 7,330 14,136 1943—Dec.31 85 095 19 117 65 978 59,842 6,136 27,677 105,923 11,003 75,569 19,350 7,719 14,034 1944—Dec.30 105 530 21 644 83 886 77,557 6,329 30,206 128,072 12,235 91,653 24,184 8,265 13,992 1945—Dec.31 124 019 26 083 97 936 90,606 7,331 34,806 150,227 14,065 105,921 30,241 8,950 14,011 1946—June 29 119 448 27 130 92 318 84,473 7,845 32,378 142,890 12,311 98, 043 32,536 9,352 14,026 Dec. 31 113 993 31 122 82 871 74,780 8,091 34,223 139,033 12,656 92, 446 33,930 9,577 14,044 All insured commercial banks: 1938—Dec.31 37 471 16 022 21 450 14,506 6 943 17,174 49, 772 7 254 27, 849 14,669 6,438 13,657 1939—Dec.30 39 290 16 863 22 427 15,567 6,860 21,873 56, 069 9,523 31, 483 15,063 6,527 13,534 1940— Dec.31 42 557 18 395 24 162 17,064 7,099 26,287 63, 461 10,539 37, 333 15,589 6,676 13,438 1941—Dec.31 49 290 21 259 28 031 21,046 6 984 25,788 69, 411 10,654 43,059 15 699 6 844 13,426 1942—Dec.31 66 240 18 903 47 336 40,705 6,631 27,586 87, 803 11,144 60, 504 16,154 7,055 13,343 1943—Dec.31 83 507 18 841 64 666 58,683 5,983 27,183 104,094 10,705 74,309 19,081 7,453 13,270 1944—Dec.30 103 382 21 352 82 030 75,875 6,155 29,733 125,714 12,074 89, 761 23,879 7,989 13,263 1945—Dec.31 121 809 25 765 96 043 88,912 7,131 34,292 147,775 13,883 104,015 29,876 8,671 13,297 1946—June 29 117 409 26 791 90 618 82,977 7,641 31,843 140,612 12,007 96, 459 32,145 9,068 13,330 Dec 31 112 178 30 733 81 445 73,554 7,891 33,694 136,990 12,320 91, 144 33,526 9,286 13,354 All member banks: 1938—Dec.31 32 070 13 208 18 863 13,223 5,640 15,489 43,363 7,153 24, 842 11,369 5,424 6,338 1939—Dec.30 33 941 13 962 19 979 14,328 5,651 19,782 49, 340 9,410 28, 231 11,699 5,522 6,362 1940—Dec.31 37 126 15 321 21 805 15,823 5,982 23,963 56, 430 10,423 33, 829 12,178 5,698 6,486 1941—Dec.31 43 521 18 021 25 500 19,539 5.961 23,123 61, 717 10,525 38, 846 12,347 5,886 6,619 1942—Dec.31 59 263 16 088 43 175 37,546 5,629 24,280 78, 277 11,000 54, 523 12,754 6,101 6,679 1943—Dec 31 74 258 16 288 57 970 52,948 5,022 23,790 92, 262 10,555 66, 438 15,268 6,475 6,738 1944—Dec 30 91 569 18 676 72.893 67,685 5,208 25,860 110,917 11,884 79, 774 19,259 6,968 6,814 1945—Dec 31 107 183 22 775 84,408 78,338 6,070 29,845 129,670 13,640 91, 820 24,210 7,589 6,884 1946—June 29 102 032 23 302 78,729 72,272 6,458 28,079 122,519 11,801 84, 602 26,115 7,920 6,887 Dec. 31 96 362 26 696 69 666 63,042 6,625 29,587 118,170 12,060 78,920 27,190 8,095 6,900 All national banks: 1938—Dec.31 20 903 8 469 12,434 8,691 3,743 9,692 27 996 4,499 15,587 7,910 3,321 5,224 1939—Dec 30 21 810 9 022 12,789 9,058 3,731 12,489 31 559 5,898 17,579 8,081 3,397 5,187 1940—Dec. 31 23 648 10,004 13,644 9,735 3,908 15,099 35 787 6,574 20, 885 8,329 3,528 5,144 1941—Dec 31 27 571 11,725 15,845 12,039 3,806 14,977 39 458 6,786 24,350 8,322 3,640 5,117 1942—Dec 31 37 576 10,183 27,393 23,744 3,648 16,184 50 468 7,400 34, 499 8,570 3,729 5,081 1943—Dec 31 47,499 10,116 37,382 34,065 3,318 16,017 59 961 7,159 42,605 10,196 3,950 5,040 1944—Dec 30 58 308 11,480 46,828 43,292 3,536 17,570 71 858 8,056 50, 900 12,901 4,265 5,025 1945—Dec 31 69 312 13,925 55,387 51,250 4,137 20,114 84 939 9,229 59, 486 16,224 4,644 5,017 1946—June 29 66 277 14,469 51,809 47,271 4,537 18,607 80 212 7,816 54,930 17,466 4,862 5,012 Dec 31 63 723 17,272 46,451 41,658 4,793 20,012 78 775 8,169 52, 194 18,412 5,138 5,007 State member banks: 1938—Dec 31 11,168 4,738 6,429 4,532 1,897 5,797 15 367 2,653 9, 255 3,459 2,103 L.114 1939—Dec. 30 12,130 4,940 7,190 5,271 1,920 7,293 17 781 3,512 10 652 3,617 2,124 L, 175 1940—Dec. 31 13,478 5,316 8,162 6,088 2,074 8,865 20 642 3,849 12 944 3,849 2,169 L.342 1941—Dec 31 15,950 6,295 9,654 7,500 2,155 8,145 22 259 3,739 14,495 4,025 2,246 1,502 1942—Dec 31 21,687 5,905 15,782 13,802 1,980 8,096 27 808 3,600 20 024 4,184 2,371 L,598 1943—Dec 31 26,759 6,171 20,588 18,883 1,705 7,773 32 302 3,397 23 833 5,072 2,525 L,698 1944—Dec 30 33,261 7,196 26,065 24,393 1,672 8,290 39 059 3,827 28 874 6,357 2,703 L.789 1945—Dec 31 37,871 8,850 29,021 27,089 1,933 9,731 44 730 4,411 32 334 7,986 2,945 1,867 1946—Tune 2Q 35,754 8 834 26,921 25,000 1,921 9,472 42 307 3.986 29 672 8,649 3 058 1,875 Dec 31 32,639 9,424 23,216 21,384 1,832 9,575 39 395 3,890 26 726 8,779 2,957 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. "All banks" comprise "all commercial banks" and "all mutual savings banks." "All commercial banks" comprise "all nonmember commercial banks" and "all member banks" except three mutual savings banks that became members of the Federal Reserve System in 1941; these three 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." NOTE.—These tables have been revised to include (1) cash assets (reserves with Federal Reserve Banks, other bank balances, cash, and cash items in process of collection) and (2) total capital accounts. In the revision of these data numerous relatively small changes were made in other asset and liability items and in number of banks, particularly for dates prior to 1943 for noninsured banks. Bank of North Dakota figures are now included for the entire period; heretofore they had been included only for 1942 and subsequent dates. Back figures.—See Banking and Monetary Statistics, Tables 1-7, pp. 16-23; for description, see pp. 5-15 in the same publication. For other footnotes, see following page. 870 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 PRINCIPAL ASSETS AND LIABILITIES, AND NUMBER OF BANKS [Amounts in millions of dollars] Loans and investments Deposits Investments Other Cla c s a s l a l o n d d f a b te ank Total Loans G U ov . e S rn . - Other a C s a s s e h ts i Total1 I b n a t n e k r- x a c c T a c o p o i t u t a a n l l ts N b u a o m n f k b s er Total o m bl e ig n a t - se it c i u es r- m D a e n - d Time tions All nonmember commercial banks: 1938—Dec. 31 6,658 3,202 3,456 1,875 1,581 2,185 7,822 327 3,923 3,572 ,390 8,315 1939—Dec. 30 6,727 3,276 3,451 1,987 1,464 2,692 8,378 464 4,282 3,633 ,363 8,122 1940—Dec. 31 6,803 3,479 3,324 1,934 1,389 3,161 8,907 512 4,729 3,667 ,312 7,859 1941—Dec. 31 7,233 3,696 3,536 2,270 1,266 3,431 9,574 457 5,504 3,613 ,288 7,662 1942—Dec. 31 8,137 3,136 5,002 3,836 1,166 3,760 10,867 309 6,908 3,650 ,230 7,460 1943—Dec. 31 10,847 2,832 8,014 6,899 1,115 3,889 13,671 448 9,131 4,092 ,245 7,299 1944—Dec. 30 13,972 2,971 11,002 9,880 1,122 4,348 17,168 351 11,879 4,938 ,298 7,181 1945—Dec. 31 16,849 3,310 13,539 12,277 1,262 4,962 20,571 425 14,101 6,045 ,362 7,130 1946—June 29 17,430 3,830 13,600 12,212 1,388 4,300 20,387 510 13,441 6,436 ,433 7,142 Dec. 31 17,646 4,429 13,217 11,749 1,468 4,639 20,879 597 13,526 6,756 ,483 7,147 Insured nonmember commercial banks: 1938—Dec. 31 5,401 2,814 2,587 1,284 1,303 1,685 6,409 101 3,007 3,300 ,014 7,319 1939—Dec. 30 5,350 2,901 2,448 1,239 1,210 2,091 6,729 113 3,252 3,365 .005 7,172 1940—Dec. 31 5,431 3,074 2,357 1.240 1,116 2,324 7,032 116 3,504 3 411 978 6,952 1941—Dec. 31 5,776 3,241 2,535 1,509 1,025 2,668 7,702 129 4,213 3,360 959 6,810 1942—Dec. 31 6 984 2,818 4,166 3,162 1,004 3,308 9,535 145 5,981 3,409 955 6 667 1943—Dec. 31 9,258 2,556 6,702 5,739 962 3,395 11,842 149 7,870 3,823 979 6',535 1944—Dec. 30 11,824 2,678 9,146 8,197 949 3,875 14,809 190 9,987 4,632 1,022 6,452 1945—Dec. 31 14,639 2,992 11,647 10,584 1,063 4,448 18,119 244 12,196 5,680 1,083 6.416 1946—June 29 15,392 3,491 11,901 10,716 1,185 3,766 18,108 206 11,857 6,045 1,149 6,446 Dec. 31 15,831 4,040 11,791 10,524 1,268 4,109 18,836 260 12,225 6,351 1,193 6,457 Noninsured nonmember commercial banks: 1938—Dec. 31 1,257 388 869 592 277 499 1,413 226 915 272 377 996 1939—Dec. 30 1,378 375 1,003 749 254 601 1,649 351 1,031 268 358 950 1940— Dec. 31 1.372 405 967 694 273 837 1.876 396 1,225 255 334 907 1941—Dec. 31 1,457 455 1,002 761 241 763 1,872 329 1,291 253 329 852 1942—Dec. 31 2 1,154 318 836 674 162 452 1,332 164 927 241 275 793 1943—Dec. 31 1,588 276 1,312 1,160 153 494 1,829 299 1,261 270 267 764 1944—Dec. 30 2,148 292 1,856 1,682 174 473 2,358 161 1,892 305 276 729 1945—Dec. 31 2,211 318 1,893 1,693 200 514 2,452 181 1,905 365 279 714 1946—June 29 2,038 339 1,699 1,496 204 534 2,279 303 1,584 391 284 696 Dec. 31 1,815 389 1,426 1,226 200 530 2,043 336 1,302 404 290 690 All mutual savings banks: 1938—Dec. 31 10,156 4,896 5,261 2,874 2.387 581 10,280 10,280 1,304 554 1939—Dec. 30 10,216 4,927 5 ,289 3,101 2,188 818 10,524 10,524 1,309 551 1940—Dec. 31 10,248 4,956 5^292 3,215 2,078 966 10,659 10,659 1,292 551 1941—Dec. 31 10,379 4,901 5,478 3,704 1,774 793 10,533 10,533 1,241 548 1942—Dec. 31 10.754 4,695 6 059 4,572 1,487 663 10,668 10,668 1,236 546 1943—Dec. 31 11^871 4,484 7^387 6,090 1,297 797 11,738 11,738 1,276 545 1944—Dec. 30 13,931 4 370 9,560 8,328 1 232 584 13,376 13 376 1,378 543 1945—Dec. 31 16,208 4', 279 11,928 10,682 1', 246 609 15,385 15,385 1,592 542 1946—June 29 17,125 4,356 12,769 11,438 1,331 747 16,281 16,281 1,715 541 Dec. 31 17,704 4,526 13,179 11,778 1,400 818 16,869 16,869 1.784 541 Insured mutual savings banks: 1938—Dec. 31 972 461 511 280 232 71 1,012 1,012 122 48 1939—Dec. 30 1,329 605 724 422 303 133 1,409 1,409 153 51 1940—Dec. 31 1,654 637 1,018 548 470 202 1,818 1,818 161 53 1941—Dec. 31 1,693 642 1,050 629 421 151 1,789 1,789 164 52 1942—Dec. 31 2,007 740 1,267 861 405 130 2,048 2,048 201 56 1943—Dec. 31 7,525 3,073 4,452 3,844 608 559 7,534 7,534 808 184 1944—Dec. 30 9,223 3,110 6,113 5,509 604 400 8,910 8,910 892 192 1945—Dec. 31 10,846 3,081 7,765 7,160 606 429 10,363 10,363 1,034 192 1936—June 29 11,453 3,132 8,322 7,662 660 550 10,979 10,979 1,122 191 Dec. 31 11,891 3,250 8,641 7,946 695 612 11,428 11,428 1,173 191 Noninsured mutual savings banks: 1938—Dec. 31 9,184 4,435 4,749 2,595 2,155 510 9,268 9,268 1,181 506 1939—Dec. 30 8,887 4,323 4,565 2,679 1,885 685 9,114 9,114 1,156 500 1940—Dec. 31 8,594 4,319 4,274 2,667 1,607 764 8,841 8,841 1,131 498 1941—Dec. 31 8,687 4,259 4,428 3,075 1,353 642 8,744 8,744 1,077 496 1942—Dec. 31 8,747 3,954 4,792 3,711 1,082 533 8,620 8,620 1,035 490 1943—Dec. 31 4 345 1,411 2,935 2,246 689 238 4,204 4,204 468 361 1944—Dec. 30.'.'.'. '. '. . 4^708 1^260 3^448 2^819 629 184 4^466 4,466 485 351 1945—Dec. 31 5,361 1.198 4,163 3,522 641 180 5,022 5,022 558 350 1946—June 29 5,671 1,224 4.447 3,777 671 197 5,302 5,302 593 350 Dec. 31 5,813 1,275 4,538 3,833 705 206 5,442 5,442 611 350 1 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. 2 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; to a lesser extent, all year-to-year comparisons are affected somewhat by mergers, absorptions, changes in membership or insured status, etc, For other footnotes, see preceding page, JULY 1947 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL INSURED COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES* LOANS AND INVESTMENTS [In millions of dollars] Loans Investment Com- Loans for u . S. Government obligatons Oblimer- purchasing ga- Total cial, or carrying tions Class of bank loans n- Agri- securities eal- Direct of and and elud- cul- Con-Other StatesOther call date i m nv e e n s t t s - Total op in e g n- t a u l r i - b T ro o k- l t o e a a s t - e ns u lo m an er s loans Total Total C c e a r t t e if s i- ja u n a - r- p a o n li d ti- r s i e t c ie u s m k a e r t - a e n r d s o 1 th 0 - Bills o d f e b in t- - Notes Bonds teed s c u a b l pa- deal- ers ed- diviperi ers ness sions All insured commercial banks: 1940—Dec. 31»-. 42,557 18,395 7,1781,281 663 727 4,468 4,077 24,162 17,064 662 2,756 9,925 3,7193,608 3,491 1 1 lV 0 9 * 4 4 r 1 i 2 — - n D LP^ e fc » c C . . v " 3 > ? 1 1 1 . r . 4 6 9 6 ^ 2 2 9 4 0 0 2 1 1 8 , , 2 9 5 0 9 3 9 7^ ,2 7 1 5 4 7 1 1 , ,6 4 4 5 2 0 9 6 5 1 0 4 5 6 9 6 7 2 4 4 , , 6 7 4 7 6 3 2,26 4 9 ,5 1 4 , 5 042 4 2 7 8 ^ ,0 3 3 3 1 6 4 21 0] 0 7 4 0 6 5 4,4 9 6 8 2 8 6, 727 5 3 !7 1 9 5 9 9 20 2 *,9 7 9 9 9 7 [., ', 7 1 1 0 8 23 3 ^ 6 5 S 3 1 3 3 3 ^ 3 0 3 9 3 8 1943—Dec. 31. . 83,507 18,841 7,7771,505 1,414 922 4,437 1,868 918 64,666 58,683 4,636 13,218 7,672 30,656 2,501 3,2872,696 1944—Dec. 30. 03,382 21,352 7,9201,723 2,269 •,265 4,343 1,888 944 82,030 75,875 3,971 15,300 15,778 39,848 978 3,422 2,733 1945—Dec. 31. .121,809 25,765 9,4611,314 3,164 3,606 4,677 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 2,417 ,656 5 f738 3,069 1,211 90,618 82,977 1,220 17,637 12,004 52,092 24 3.9733,668 Dec. 31. . 112,178 30,733 14,0161,358 1,517 L,609 7 (1034,031 1,098 81,445 73 554 1,271 12,288 6 780 53 200 154,298 3,592 Member banks, total: 37,126 15,321 6,660 865 642 652 3,228 3,273 21,805 15 823 652 2 594 9 091 3,4863,013 2,970 11994410 —DDeecc. 3311. . 43,521 18,021 8,671 972 594 598 3,494 3,692 25,500 19 539 971 3 007 11 729 3 832 3 0902,871 1942—Dec. 31. . 59^263 16,088 7,387 1,089 934 538 3,423 1,847 870 43,175 37 546 4,363 6,285 5 409 18 948 2,5402',9652,664 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 2,3452,729 2,294 1944—Dec. 30. . 91,569 18,676 7,5311,198 2,249 2,108 3,209 1,505 877 72,893 67 685 3,748 13,982 14 127 34 927 902 2,857 2,350 1945—Dec. 31. .107,183 22,775 8,949 855 3,133 3,378 3,455 1,900 1,104 84,408 78 338 2,275 16,985 14 271 44 792 163,2542,815 1946—June 29.. 102,032 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 3,3073,151 Sept. 30 99 706 24,775 74,931 68 232 3 6173,082 Dec. 31.''. 96^362 26,696 13,154 "884 1,506 [,467 5, 358 3',308i',02069,666 63,042 1,167 10,043 5 602 46 219 113^5483,077 New York City:2 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 X x1 ^9 7 ^4 T x v 1 X xD - y ^V c# ^ v» V * ^ r» » v \3 / j X x1 . • • • • 1 17 2 , , ' 8 9 9 5 6 7 4 4 , ,0 1 7 1 2 6 2 2]5 80 4 7 6 21 8 4 7 1 8 2 7 1 1 6 9 9 3 1 11 2 7 3 30 5 3 54 148 1 8 3 [ 8 84 2 1 3 12 7 5 2 4 6 7 5 1,8 3 5 1 5 1 2,144 2 1 0 6 5 2 6 3 5 3 6 4 5 2 2 0 1 I [0 6 7 79 1 5 7 9 2 3 9 8 7 3 0 0 1 11994432——DDeecc.. 3311.. .. 19,994 4,428 2,515 24 1,054 323 107 252 153 15,566 14 563 1,328 3,409 1 829 7 014 984 444 558 1944—Dec. 30. . 24,003 5,760 2,610 30 1,742 859 86 253 179 18,243 17 179 913 3, 740 3 745 8 592 189 468 596 1945—Dec. 31. . 26,143 7,334 3,044 2,453 ,172 80 287 298 18,809 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. . *21,972 6,258 15 714 14 410 693 611 Dec. 31. . 20^834 6,368 4,078 1,096 389 99 455 250 14,465 13 308 387 1,725 992 10 202 1 557 601 Chicago:2 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 1 430 256 153 903 119 182 193 1942—Dec. 31.. 3,973 832 658 6 34 32 23 62 18 3,141 2 789 397 637 391 282 83 166 186 1943—Dec. 31.. 4,554 1,004 763 6 102 52 22 45 14 3,550 3 238 199 877 484 602 74 158 155 1944—Dec. 30. . 5,443 1,184 738 17 163 163 24 45 34 4,258 3 913 250 1 045 779 809 31 160 185 1945—Dec. 31. . 5,931 1,333 760 2 211 233 36 51 40 4,598 4 213 133 1 467 749 864 181 204 1946—Tune 29 5,167 1,329 804 1 188 185 43 76 32 3,837 3 48 5 14 1,042 529 900 153 200 Sept. 30. . 4.972 1,370 3,602 3 ^60 148 194 Dec. 31. . 4,765 1,499 1,094 3 117 101 51 105 29 3,266 2 912 60 498 146 2 207 167 187 Reserve city banks 1940—Dec. 31 13,013 5,931 2,589 263 115 207 1 436 1,322 7,081 5 204 103 771 3 281 1,049 984 893 1941—Dec 31 IS 347 7,105 ,456 300 114 194 1 527 1,512 8,243 6 467 295 751 4 248 1 173 956 820 X 1 7 9 T 4 rl 2— X D —'V e .^ c * . * 3 -» - 1 * . • • . 20]915 6,102 1,957 290 97 153 1 486 808 312 14,813 13 038 1,441 2 253 1 723 6 810 '811 954 821 1943—Dec. 31.. 27,521 6,201 •,058 279 217 267 1 420 658 301 21,321 19 682 1,802 4 691 2 497 9 943 749 913 726 1944—Dec. 30. . 33,603 6,822 \,034 348 311 777 1 379 660 313 26,781 25 042 1,704 5 730 5 181 11 987 440 1,000 740 1945—Dec. 31. . 40,108 8,514 ,661 205 427 1,503 1 459 855 404 31,594 29 552 1,034 6 982 5 653 15 878 51,126 916 1946—June 29. . 37,675 8,862 3,932 197 321 1,142 1 743 1,073 453 28,813 26 585 410 6 038 4 014 16 116 71,194 1,034 Sept. 30.. 36,706 9,814 26 89224 61-1 1,269 1,009 Dec. 31. . 35,351 10,825 c,548 201 264 704 2 237 1,436 435 24,527 22 250 441 3 799 1,993 16,013 1,272 1,004 Country banks:.. 1940—Dec 31 10,826 5,309 453 590 21 201 1 644 1,400 5,517 3,269 45 433 2,081 710 1 1461,102 X 1 7 9 T 4 CV 1 f — J D -^\_ e V c *« . \ 3 *r • 1 ». . • . • 12,518 5,890 L,676 659 20 183 1 823 1,530 6,628 4,377 110 481 2,926 861 l',222 1,028 1942—Dec. 31. . 16,419 5,038 L.226 772 17 161 1,797 674 393 11,380 9,172 671 i 251 1,240 5,436 574 1,252 956 1943—Dec. 31. . 22,188 4,654 1,084 713 25 197 1,725 528 381 17,534 15,465 1,032 3 094 2,096 8,705 538 1,214 855 1944—Dec. 30. . 28,520 4,910 L.149 802 32 310 1,719 547 351 23,610 21,552 882 3 466 4,422 12,540 241 1,230 829 1945—Dec. 31. . 35,002 5,596 1,484 648 42 471 1,881 707 363 29,407 26,999 630 5 102 4,544 16,713 9 1,342 1,067 1946—June 29. . 35,886 6,605 L.781 679 34 354 2,398 937 422 29,281 26,556 447 5 231 3,696 17,170 12 1,426 1,299 Sept. 30. 36 056 7,334 28 722 25 948 1,507 1,268 Dec. 31.. 35!412 8,004 2,433 681 29 273 2,970 1,312 306 2 7,'40824^572 279 4,020 2,470 17,797 61,'5511,285 Insured nonmember commercial banks: 1940—Dec. 31 r 5,43 3,07 518 416 21 75 1,240 803 2,357 1,240 10 162 834 234 595 521 1941—Dec. 31r 5,776 3,24 543 478 20 64 1,282 854 2,535 1,509 17 152 1,069 271 563 462 1942—Dec. 31. . 6,984 2,81 370 553 16 59 1,225 422 173 4,166 3,162 99 442 390 2,053 179 569 435 1943—Dec. 31. 9,258 2,55 356 482 16 82 1,165 385 70 6,702 5,739 276 1,147 766 3,395 156 S60 403 1944—Dec. 30 11,824 2,67 389 525 21 156 1,136 383 67 9,146 8,197 223 1,319 1,652 4,928 76 566 383 1945—Dec. 31. . 14,639 2,99 512 459 31 228 1,224 460 77 11,64 10,584 180 2,087 1,774 6,538 6 619 443 1946—June 29. 15.392 3,49 649 488 21 176 1.473 605 79 11,90 10,716 147 2,346 1,538 6,682 t 667 518 Dec. 31 . . 15.83 4,040 862 474 12 14-?1.748 723 7911.79 10,524 104 2,247 1,179 6,991 752 516 * 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. During 1941 three mutual savings banks became members of the Federal Reserve System; these banks are included in "member banks" but are not included in "all insured commercial banks." r Minor revisions have been made in the figures for insured nonmember commercial banks for 1940 and 1941 to include certain trust companies without deposits nreviously omitted from this table. 1 During the periodDec. 31, 1942-June 30, 1945, agricultural loans included loans to dealers, processors, and farmers' cooperatives covered by purchase agreements of the Commodity Credit Corporation, which are now classified as commercial and industrial loans; consequently, beginning Dec. 31, 1945, these items may not be entirely comparable with prior figures. 2 Central reserve city banks. 872 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL INSURED COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES *—Continued RESERVES AND LIABILITIES [In millions of dollars] Demand deposits Time deposits Re- Bal- De- Interbank Cla c s a s l a l o n d f d a b t a e nk F B s w e e R a d r i n e t e v h k - r e a s l v C a i a n u s l h t b m a w a n d e n i o c s t k t e - h i s s c 3 j p m u a o d s a d t s e n e i - - t d d s 4 m D es d o t - e ic p 3 osi F e t i s o g r n - U m G er . o e n n v S - - t . p v S s o i u a t s l a i b n i t o t d i d e c n i s a - s l c C h c a o e f e e e i f t n e r c f r c i d d k s t . - ' i s - , p a v n a s i p t I d h r i d n o o u t i r d n p n c a a i o e s s - l - , r r s, - - I b n a t n e k r- P U m G S e a o r a . n e o s n v n d S v t - - a t - . l v s S p i a u i s t o c n i b a l a o i d t d l t n e - i s s - p a v n a s p i t I d h r i d n o o t u i r d n p n c a a i o e s s - l - , r r s - - , r B in o o w g r s - - c C o a t u a a c n - l p t i ? ings All insured commercial banks: 1940—Dec. 31". 13,992 1,234 8,202 33,820 9,677 702 666 3,298 971 32,398 160 69 522 14,998 11 6,676 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 6,844 1942—Dec. 31.. 13,072 1,305 9,080 48,221 10,234 813 8,167 3,996 1,219 47,122 97 61 397 15,697 10 7,055 1943—Dec. 31.. 12,834 1,445 8,445 59,921 9,743 893 9,950 4,352 1,669 58,338 68 124 395 18,561 46 7,453 1944—Dec. 30. . 14,260 1,622 9,787 65,960 11,063 948 19,754 4,518 1,354 64,133 64 109 423 23,347 122 7,989 1945—Dec. 31. . 15,810 1,829 11,075 74,722 12,566 1,248 23,740 5,098 2,585 72,593 70 103 496 29,277 215 8,671 1946—June 29. . 15,999 1,471 9,102 78,281 10,584 1,346 12,941 5,807 2,320 75,391 77 107 552 31,487 83 9,068 Dec. 31. . 16,013 2,012 9,481 82,085 10,888 1,364 2,930 5,967 2,361 79,887 68 119 664 32,742 39 9,286 Member banks. total: 1940—Dec. 31.. 13,992 991 6,185 30,429 9,581 700 616 2,724 913 29,576 141 56 435 11,687 3 5,698 1941—Dec. 31. . 12,396 1,087 6,246 33,754 9,714 671 1,709 3,066 1,009 33,061 140 50 418 11,878 4 5,886 1942—Dec. 31.. 13,072 1,019 6,147 42,570 10,101 811 7,923 3,318 1,142 42,139 87 56 332 12,366 5 6,101 1943—Dec. 31.. 12,835 1,132 5,450 52,642 9,603 891 9,444 3,602 1,573 51,820 62 120 327 14,822 39 6,475 1944—Dec. 30.. 14,261 1,271 6,354 57,308 10,881 945 18,509 3,744 1,251 56,270 58 105 347 18,807 111 6,968 1945—Dec. 31.. 15,811 1,438 7,117 64,184 12,333 1,243 22,179 4,240 2,450 62,950 64 99 399 23,712 208 7,589 1946— June 29.. 16,001 1,141 5,772 67,461 10,391 1,339 12,009 4,826 2,179 65,589 72 101 447 25,568 72 7,920 Sept. 30. . 15,792 1,382 5,660 68,818 10,042 1,370 7,763 4,763 1,796 67,129 72 104 491 26,150 77 8,077 Dec. 31.. 16,015 1,576 5,936 70,243 10,644 1,353 2,672 4,915 2,207 69,127 62 114 551 26,525 30 8,095 New York City:* 1940—Dec. 31.. 7,057 102 122 11,062 4,032 641 48 370 471 11,357 5 51 768 1,615 1941—Dec. 31.. 5,105 93 141 10,761 3,595 607 866 319 450 11,282 6 29 778 1,648 1942—Dec. 31.. 4,388 72 82 11,899 3,209 733 4,186 263 448 12,501 3 23 711 1,72? 1943—Dec. 31.. 3,596 92 61 13,899 2,867 810 3,395 252 710 14,373 4 5 26 816 "*29 1,862 1944—Dec. 30. . 3,766 102 76 14,042 3,179 851 6,722 199 361 14,448 11 7 17 977 96 1,966 1945—Dec. 31.. 4,015 111 78 15,065 3,535 1,105 6,940 237 1,338 15,712 17 10 20 1,206 195 2,120 1946—June 29. . 4,255 85 68 16,158 3,127 1,178 3,495 293 1,132 16,836 27 8 17 1,372 27 2,176 Sept. 30.. 4,015 129 61 16,119 2,954 1,213 2,112 246 768 16.657 27 7 17 1,400 5 2,19f Dec. 31.. 4,046 131 87 16,429 3,031 1,195 651 218 942 17,216 20 15 39 1,395 2,205 Chicago:2 1940—Dec. 31.. 1,051 42 319 1,941 997 g 90 174 27 1,905 5 8 496 270 1941—Dec. 31. . 1,021 43 298 2,215 1,027 8 127 233 34 2,152 476 288 1942—Dec. 31.. 902 39 164 2,557 1,105 12 665 178 38 2,588 2 453 304 1943—Dec. 31/. 821 38 158 3,050 972 14 713 174 44 3,097 2 I 505 326 1944—Dec. 30. . 899 43 177 3,041 1,132 16 1,400 167 33 3400 1 619 354 1945—Dec. 31.. 942 36 200 3,153 1,292 20 1,552 237 66 3,160 719 377 1946—June 29. . 870 26 162 3,189 1,047 24 789 262 37 3,153 2 1 779 394 Sept. 30.. 900 24 156 3,287 1,026 24 525 234 44 3', 335 2 1 792 397 Dec. 31. . 928 29 172 3,356 1,130 24 152 228 47 3,495 2 4 823 404 Reserve city banks: 1940—Dec. 31.. 4,027 396 2,741 9,581 3,919 49 327 995 228 9,468 107 19 226 4,505 1,904 1941—Dec. 31. . 4,060 425 2,590 11,117 4,302 54 491 1,144 286 11,127 104 20 243 4,542 1,967 1942—Dec. 31. . 4,940 365 2,202 14,849 4,831 63 1,982 1,319 385 15,061 63 22 169 4,805 7 2,028 1943—Dec. 31.. 5,116 391 1,758 18,654 4,770 63 3,373 1,448 475 18,790 41 56 151 5,90? 2,135 1944—Dec. 30. . 5,687 441 2,005 20,267 5,421 70 6,157 1,509 488 20,371 33 40 154 7,561 2,327 1945—Dec. 31.. 6,326 494 2,174 22,372 6,307 110 8,221 1,763 611 22,281 30 38 160 9,563 2 2,566 1946—June 29. . 6,332 399 1,858 23,483 5,220 129 4,531 2,003 558 23,005 27 43 187 10,190 27 2,676 Sept. 30. . 6,278 471 1,777 23,849 5,089 125 2,971 1,955 543 23,601 28 42 219 10,381 30 2.73J Dec. 31. . 6,337 532 1,923 24,221 5,417 127 991 2,077 693 24,288 25 43 235 10,580 4 2,729 Country banks: 1940—Dec. 31. . 1,857 452 3,002 7,845 633 2 151 1,184 187 6,846 29 a3 150 5,917 3 1,909 1941—Dec. 31.. 2,210 526 3,216 9,661 790 2 225 1,370 239 8,500 30 31 146 6,082 4 1,982 1942—Dec. 31. . 2,842 542 3,699 13,265 957 4 1,090 1,558 272 11,989 20 32 140 6,397 3 2,042 1943—Dec. 31. . 3,303 611 3,474 17,039 994 5 1,962 1,727 344 15,561 17 56 149 7,599 10 2,153 1944—Dec. 30. . 3,909 684 4,097 19,958 1,149 8 4,230 1,868 369 18,350 14 57 175 9,650 16 2,321 1945—Dec. 31.. 4,527 796 4,665 23,595 1,199 8 5,465 2,004 435 21,797 17 52 219 12,224 11 2,525 1946—June 29. . 4,543 631 3,684 24,630 997 8 3,194 2,269 453 22,594 18 48 242 13,226 18 2,674 Sept. 30.. 4,599 758 3,666 25,563 972 8 2,155 2,328 441 23,536 17 54 254 13,577 41 2,752 Dec. 31.. 4,703 883 3,753 26,237 1,067 8 877 2,391 524 24,128 17 55 272 13,727 26 2,757 Insured nonmember commercial banks: 1940—Dec. 31r. 243 2,017 3,391 95 3 50 574 58 2,822 18 13 87 3,311 8 978 1041 Dec 31 r 271 2,325 4,092 108 2 53 611 68 3,483 18 g 74 3,276 ( 959 1 X 7 9 *X 4 X 2 — J D —' V e *V c > • 3 V X 1 • 287 2,934 5,651 133 2 243 678 It 4! 983 10 5 65 3', 339 955 I943—Dec 31 313 2,996 7,279 141 2 506 75C 96 6^518 6 4 68 3,750 ( 979 I944—Dec. 30 352 3,434 8,652 182 3 1,245 775 103 7,863 6 4 76 4,553 1( 1,022 1945—Dec. 31 391 3,959 10,537 233 5 1,560 858 135 9,643 6 4 97 5,579 1,083 1946—Tune 29 330 3,332 10,821 194 7 932 981 142 9,802 c 6 105 5 934 11 1,149 x y^\/ j D w e i c iv . + 3 * 1 ^ • • 437 3,547 11,842 244 11 258 1,052 154 10,761 6 5 113 6,232 9 1,193 3 Beginning June 30, 1942, excludes reciprocal bank balances, which on Dec. 31,1942, aggregated 513 million dollars at all member banks nd 525 million at all insured commercial banks. 4 Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection. For other footnotes see p. 872. Back figures.—See Banking and Monetary Statistics, Tables 18-45, pp. 72-103 and 108-113. 873 JULY 1947 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE LOANS AND INVESTMENTS [Monthly data are averages of Wednesday figures. In millions of dollars] Loans Investments For purchasing U. S. Government obligations or carrying securities om- Total mer- To brokers Date or month l n o a v t n a e e n n d s s t t s - otal i t a c a c n r u g i i n u d a r a r d l u l a i l - , - s , l - G U i l t n o i i o . g o d b v a n S - t - s d . , ea ) : l t s t u e i h e e r r - e s i s - r U j l T o O ig b o . V S a - - t o . . th ) ; t e s t u i h e r e r s - e s i- r i R i s o t e a a a n te l s L •a o to n a k n s s tther 'otal otal Bills o d c n t f e e a i e e f d b t i i s r e n - - t - s s - - Motes Bonds1 D s ri e t t c h i u e e s - r 10ns Total—101 Cities 1946—May 54,12 4,899 7,468 1,351 758 713 445 ,213 84 ,86' 9,225 5,840 0,436 6,854 27,444 ,385 June 52,612 4,812 7,506 1,296 731 59 450 ,258 95 ,87< 7,800 4,425 014 9,648 6,636 27,12 ,375 1947—March 5,43 6,804 0,986 360 383 521 418 ,653 13 ,34« 8,627 15,138 901 4,479 2,866 26,892 ,489 April 5,01; 6,94 1,04: 367 376 496 422 ,700 14< ,39C 8,072 34,526 818 4,178 2,486 27,044 ,546 May 54,88: 6,91' 0,76< 541 389 481 415 ,73< 17 ,4i: 7,965 34,493 618 4,263 2,425 27,187 ,472 June 54,85* 7,09 0,63* 707 49 462 410 ,75; 15 ,47< 17,76 34,23 747 3,883 2,309 27,292 ,530 Apr. 2 4,73 7,io; 1,14 388 404 513 42 ,68 164 ,38. 7,634 14,092 641 4,022 2,489 26,940 ,542 Apr. 9 4,838 7,05. 1,13' 393 36( 494 41 ,691 17( ,37. (7,785 34,24< 725 4,055 2,506 26,963 ,536 Apr. 16 55,208 6,89: 1,05 377 360 48" 41! ,70C 10 ,38 38,316 34,767 ,097 4,128 2,474 27,068 ,549 Apr. 23 55,108 6,73 0,94 302 368 492 41i ,7H 11 ,39C 38,36" 34,81 917 4,300 2,478 27,124 ,550 Apr. 30 55,17 6,92 0,92 37( 382 49 43 ,72 18 ,41 38,25! 34.7OC 708 4,387 2,482 27,123 ,555 May 7 14,94; 6,94: 0,82. 40. 43. 48' 41 ,72' ,402 37,99. 14,495 55 4,348 2,449 27,15 ,496 May 14 14,86: 6,92< .0,83 50- 39! 484 41 ,73 ,408 37,93i 14,45" 542 4,28 2,443 27,192 ,477 May 21 54,80 6,80. 0,73' 54C 364 47, 42 ,74' .407 7,998 4,53. 65 4,24 2,446 27,19: ,463 May 28 4,92< 6,99: 0,67 71 361 47i 41 ,74: ,43: 37,93 4,47' 725 4,183 2,360 27,21 ,453 June 4 54,60^ .7,231 0.63C 76; 53 47. 40! ,74: ,45 37,368 13,84. 393 3,855 2,369 21,22t ,525 June 11 54,698 7,01 0,63f 69; 469 47. 41 ,75; ,47 7,681 4,17 75 3,818 2,312 27.29C ,510 June 18 5,10i L6,98 0,633 64 484 44' 41 ,76: ,47 38,12 34,59e ,078 3,92 2,275 27,3K: ,529 June 25 55,021 17,15. 0,65i 72 47 44' 40! ,77: ,51 37,86: 34,31 764 3,93 2,280 27,33 ,556 New York City 1946—May 21,99. 5,96: 2,92; 1,05' 6,03 5,00! 2,768 2,15! 9,72' ,023 June 21,50 5,78' 2,89 1,02; 15,71 4,68« 2,665 2,06' 9,55 ,029 1947—March 18,42. 5,67 4,12 26? 12,74! ,664 1,12 96: 9,21 ,084 April 18,36 5,7 4,15. 27! 12,64C ,525 1.03C 736 9,45 ,115 May 18,21. 5,70' 3,97 44, 12,5Oe ,45: 1,07. 74C 9,534 1,054 June 18,34 5,84- 3,90 58 12,497 ,40, 88: 702 9,539 ,094 Apr. 2 18,35 5,86 4,23 28« 12,49^ ,38! 98 75 9,37- ,111 Apr. 9 18,22 5,84 4,2 304 12,381 ,26C 98 762 9,39 ,121 Apr. 16 18,35< 5,661 4,168 28C 12,68 ,55< 95 705 9.47J ,123 Apr. 23 18,42 5,54; 4.08C 214 12,88: ,76! 1,068 72 9,51 ,115 Apr. 30 18,48 5,721 4,068 28 12,76 ,65; 1,162 73 9,53 1,106 May 7 18,33 5,72' 4,00 32 12,60 11,55 1,14 73' 9,54< 1,056 May 14 18,1 5,68: 4,00 41 12,46' 11,40 1,09- 73 9,55. 1,057 May 21 18,16 5,61 3,9; 44 12,54 11,49. 1,05 75 9,52 1,048 May 28 18,22 5,81 3,92 59' 12,41 11,35! 1,00' 74' 9,51 ,053 June 4 18,1 5,9' 3,91 63' 12,24; 11,15. 82 754 9,52 1,092 June 11 18,16 5,80 3,90 57. 12,36 11,28' 826 709 9,52' 1,077 June 18 18,46 5,75 3,88 5: 12,71 11,61. 904 67 9,53' 1,097 June 25 18,5. 5,86 3,90 60 12,67 11,55 969 67. 9,57' 1,112 Outside New York City 1946—May 42,13 8,93 4,54. 1,11 1,1 1,35 33,19 30,83 7,668 4,695 17,71. 2,362 June 41,10 9,02 4,61 1,05 1,19 ,40 32,08 29,73' 6,97< 4,565 17,571 2,346 1947—March 37,00 11,121 6,85' 41 1,5 ,77 25,8 23,4 3,35! ,904 17,67 2,405 April 36,64i 11,2 6,88< 39 1,62 1,8 25,43: 23,00 3,14! ,750 17,58. 2,431 May 36,66 11,20 6,79 38 1,66 1,8' 25,45' 23,04 3,185 ,68i 17,65. 2,418 June 36,5 11,25 6,73 120 37 1,68 1,8' 25,26 22,8: 3,00 ,60' 17,75 2,436 Apr. 2 36,38 11,24: 6,9 99 1,6C 1,8 25,13 22,70 3,03 ,73 17,56 2,431 Apr. 9. ... 36,6 11,2 6,9 89 1,6 1,8C 25,40 22,98' 3,07 ,74' 17,56 2,415 Apr. 16 36,85! 11,22 6,88 97 1,62 1,8 25,63 23,20! 3,17 ,76; 17,59 2,426 Apr. 23 36,68 11,1 6,86 88 1,63- 1,8 25,48 23,05 3,23 ,75' 17,61 2,435 Apr. 30. ... 36,69 6,85 89 1,64. 1,82 25,49 23,04 3,22 ,75 17,58. 2,449 May 7 36,6 6,82 84 1,65 1,82 25,38! 22,94! 3,19" ,71 17,60: 2,440 May 14. .. 36,7 6,83* 91 1,66 1,83 25,47: 23,05: 3,18 ,70! 17,641 2,420 May 21 36,64 6,78 99 1,67 1, 25,45 23,04: ,191 ,69. 17,67 2,415 May 28.... 36,70 119 1,66' 1, 25,52 23,12 ,17 ,621 17,69 2,400 June 4 36,4 11,2 6,71 126 1,66 1,86 25,12. 22,691 3,02 ,61 17,70 2,433 June 11 36,52" 11,2 6,73 120 1,6 1,88 25,3 22,88' 2,99 ,60 17,76 2,433 June 18 36,631 11,22 6,74 116 1,68* 1,8" 25,41. 22,98 3,02 ,60 17,77 2,432 June 25 36,48 11,28 6,75 121 1,6' 1,9 25,19; 22,75 2,96 ,60 17,76 2,444 1 Including guaranteed obligations. Bach figures—Set Banking and Monetary Statistics, pp. 127-227, 874 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE—Continued RESERVES AND LIABILITIES [Monthly data are averages of Wednesday figures. In millions of dollars] Demand deposits, Time deposits, Interbank except interbank except interbank deposits Reserves Bal- De- Indi- Indi- Date or month B s w F e R e a e r i r n e a d t v - h k l - e s v C a i a u n s l h t m b a w a n d e n i c o s t e - t k h i s s c i m p u a o d s a d e s t n e i - - t d d s 1 s p p u v n c h a o a a o i e n i r d l r p r r d s a t - - - s - , - , S p s d s t a 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 o a f e e e e i f n t e f r c r c i d d t s k - . i ' - s, U m G e . o r e n S v n - - t . s p p u v c n a h o a a o i n e i r d l r 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 l e - t - s - s P U m G S e i a o n a r o n . s e n g v S v t d n - - a s . - t l m D t D e i o c s e - - ma F n ei o d 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 - ts B d it e a s b n ' - k tions tions Total—101 Cities 1946—May 10,083 562 2,15538,50238,350 2,403 ,306 11,864 9,769 129 49 9,3681,241 52 139 5,124 65,732 June. 10,217 595 2,13939,59239,564 2,404 ,336 9,257 9,910 124 53 9,2661,243 53 165 5,141 69,360 1947—March 9,956 618 2,14638,80139,165 2,309 1,127 2 n>;710,410 192 69 9,0281,279 46 170 5,279 75,521 April 9,977 612 2,11838 993 39 183 2 467 150 ^630 10,434 210 66 8,7611,289 43 172 5,299 68,306 May 10,055 638 2,09539,52239,569 2,573 ,172 :1,232 10,474 217 63 8,5661,309 41 151 5,315 70,818 June 10,192 639 2,09340,37840,446 2,652 1,219 413 10,491 213 63 8,5551,273 38 150 5 ,321 55,083 Apr. 2.... 9,716 586 2,08738,11038,222 2,434 1,214 1,704 10,419 193 68 8,8111,294 44 353 5,293 20,055 Apr. 9.... 10,059 640 2,10438,58138,632 2,395 L.070 1,755 10,437 212 68 8,9441,279 43 192 5,298 14,064 Apr. 16.... to,093 603 2,22939,12639.884 2,397 1,153 1,777 10,437 216 68 8,9861,287 43 69 5,294 16,124 Apr. 23.... 9,998 622 2,06139,46139,429 2,454 1,131 1,526 10,440 215 64 8,5241,296 44 97 5,298 16,120 Apr. 30.... 10,017 607 2,10939,68639,749 2,652 1,183 1,387 10,439 212 64 8,5381,291 43 151 5,311 15,320 May 7... 10,042 621 2,06039,23138,878 2,562 1,227 1,288 10,463 216 62 8,6961,336 41 214 5,322 16,758 May 14.... 10,098 651 2,20239,31739,905 2,543 1,168 1.349 10,470 217 62 8,7881,325 41 150 5,312 16,067 May 21.... 10,115 622 2,08339,63839,679 2.580 1,070 1,248 10,480 220 63 8,4441,301 41 89 5,312 16,024 May 28.... 9,964 656 2,03439,90239,814 2,606 1,225 1,043 10,482 216 63 8,3371,275 41 152 5,313 15,636 June 4 10,134 619 2,03340,13939,931 2,724 1,228 323 10,486 215 63 8,5011,279 38 229 5,326 15,832 June 11 10,134 657 2,09140,30240,444 2,616 1,253 399 10,492 214 63 8,5341,248 38 122 5,317 16,745 June 18.... 10,258 640 2,20840,52340,955 2,609 1,142 432 10,489 212 64 8,8031,258 38 126 5,322 17,571 June 25.... 10,242 640 2,04040,55140,455 2,659 1,253 496 10,497 209 63 8,3811,306 38 121 5,320 16,904 New York City 1946—May 3, 718 88 27 13,965 14,290 279 797 1,425 1,197 21 8 2,9901,101 25 34 1,965 30,408 June 3, 761 96 28 14,446 14,823 240 824 3,408 ],250 18 8 2,9881,092 26 67 1,966 32,439 1947—March 3, 662 105 29 14,127 14,583 177 626 614 11,281 17 15 2,8211,135 22 81 2,003 31,822 April 3, 665 104 43 14 239 14,676 214 637 490 1,276 16 15 2,7761,149 20 65 2,010 27,768 May 3, 708 113 26 14,260 14,624 230 697 355 ,277 17 15 2,7531,167 18 85 2,017 29,075 June 3, 737 109 26 14,628 15,007 217 720 115 ,286 16 15 2,7661,138 16 62 2,013 23,517 Apr. 2.... 3, 633 100 113 14,234 14,661 186 677 514 1,280 16 15 2,7371,149 21 102 2,010 9,094 Apr. 9.... 3, 686 109 25 13.992 14,382 181 578 529 ,278 17 15 2,8331,138 20 80 2,011 5,602 Apr. 16.... 3, 651 102 27 14.110 14,694 191 652 535 1,275 16 15 2,8481,146 20 31 2,007 6,503 Apr. 23.... 3, 649 105 26 14,401 14,719 212 627 454 ,273 15 15 2,7171,158 20 27 2,007 6,570 Apr. 30.... 3, 709 102 24 14,46014,922 298 655 416 1,272 15 15 2,7471,156 20 86 2,017 6,065 May 7 3, 706 107 24 14,19814,379 239 735 381 L.276 15 15 2,7991,196 19 146 2,019 7,489 May 14.... 3, 759 112 27 14,148 14,654 228 687 385 1,275 17 15 2,8071,181 18 79 2,019 6,178 May 21.... 3, 716 105 25 14,324 14,707 216 608 359 1,279 17 15 2,7041,157 18 14 2,016 6,177 May 28.... 3,649 129 27 14,368 14,754 236 760 296 L ,279 17 15 2,7011,133 18 102 2,012 6,495 June 4 3, 713 107 25 14,473 14,763 218 747 87 1,283 17 15 2,7501,140 16 144 2,019 6,841 June11 3, 673 114 30 14,512 14,924 202 760 106 1,289 17 15 2,7271,114 16 20 2,014 7,403 June18.... 3, 773 106 26 14,678 15,141 216 631 125 1,286 17 15 2,8701,121 16 46 2,013 7,368 June 25... . 3, 787 109 25 14,848 15,201 233 740 141 1,286 15 14 2,7161,176 16 37 2,009 6,962 Outside New York City 1946—May 6,365 474 2,12824,53724,060 2, 124 509 7,439 {$,572 108 41 6,378 140 27 105 3,159 35,324 June 6,456 499 2,11125] 14624,741 2!l64 512 5,849 i5,660 106 45 6,278 151 27 98 3,175 36,921 1947—March 6,294 513 2,11724,67424,582 2,132 501 1,443 9,129 175 54 6,207 144 24 89 3,276 43,699 April 6 312 508 2,07524,75424,507 2,253 513 1,140 9,158 194 51 5,985 140 23 107 3,289 40,538 May 6 347 525 2,06925,26224,945 2,343 475 877 9,197 200 48 5,813 142 23 66 3,298 41,743 June 6,455 530 2,06725,75025,439 2,435 499 298 9,205 197 48 5,789 135 22 88 3,308 31,566 Apr. 2. ... 6 083 486 1,97423,87623,561 2,248 537 1,190 3,139 177 53 6,074 145 23 251 3,283 10.961 Apr. 9.... 6 373 531 2,07924,58924,250 2,214 492 1,226 3,159 195 53 6,111 141 23 112 3,287 8,462 Apr. 16.... 6 442 501 2,20225,01625,190 2,206 501 1,242 9,162 200 53 6,138 141 23 38 3,287 9,621 Apr. 23.... 6 349 517 2,03525,06024,710 2,242 504 1,072 9.167 200 49 5,807 138 24 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 23 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 22 68 3,303 9,269 May 14 6 339 539 2,17525,16925,251 2,315 481 964 9,195 200 47 5,981 144 23 71 3,293 9,889 May 21.... 6 399 517 2,05825,31424,972 2,364 462 889 9,201 203 48 5,740 144 23 75 3,296 9,847 May 28.... 6 315 527 2,00725,53425,060 2,370 465 747 9,203 199 48 5,636 142 23 50 3,301 9,141 June 4... . 6 421 512 2,00825,66625,168 2,506 481 236 3,203 198 48 5,751 139 22 85 3,307 8,991 June 11 6 461 543 2,06125,79025,520 2,414 493 293 3,203 197 48 5,807 134 22 102 3,303 9,342 June 18.... 6 485 534 2,18225,84525,814 2,393 511 307 3,203 195 49 5,933 137 22 80 3,309 10,203 June 25.... 6 455 531 2,01525,70325,254 2,426 513 355 3,211 194 49 5,665 130 22 84 3,311 9,942 1 Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection. 2 Monthly and weekly totals of debits to demand deposit accounts except interbank and U. S. Government accounts. 875 JULY 1947 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS—BY FEDERAL RESERVE DISTRICTS LOANS AND INVESTMENTS [In millions of dollars] Loans Investments For purchasing U. S. Government obligations or carrying securities d F i e s d tr e i r c a t l a R nd e se d r a v t e e i T n l m a o v o n a e e t d n n a s s t t l s - Total C i t t a m c n a c r u g o i i u d n e r a a r m l u d a r l i l - , - - l s , - - G U a t T l i o i n o . o o g b d v n a S - b - 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 s i e s - r G U l t T o i i o g o b . o v a S 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 e a a a n t l e sb L a o t n o a k n s sO lo th an er s Total Total Bills o d c C n t f e a e i e f e d t b i s i e r - - t n s - s - - Notes Bonds1 O s ri e t t h c i e e u r s - Boston May 28 2,725 878 554 26 9 18 14 95 1,847 1,746 24 186 86 1,450 101 June 4 2,783 902 550 30 14 19 14 94 26 155 1,881 1,782 22 228 86 1,446 99 June 11 2,789 871 555 19 11 18 14 95 2 1,918 1,814 52 225 85 1,452 104 June 18 2,785 876 551 25 12 18 14 96 2 1,909 1,804 40 224 85 1,455 105 June 25 2,799 880 548 24 15 18 14 96 6 159 1,919 1,810 38 230 85 1,457 109 New York* May 28 20,221 6,360 4,203 598 239 107 177 191 151 69413,861 12,688 124 1,082 84810,6341,173 June 4 20,191 6,492 4,188 641 313 108 175 190 173 70413,699 12,486 79 902 86610,6391,213 June 11 20,170 6,357 4,177 580 321 111 176 194 91 70713,813 12,614 258 902 81910,6351,199 June 18 20,473 6,307 4,162 530 345 93 178 194 99 70614,166 12,944 538 978 78110,6471,222 June, 25 20,520 6,417 4,178 607 323 94 172 192 129 72214,103 12,865 400 1,004 78310,6781,238 Philadelphia May 28 696 411 1 17 13 7 53 7 1,472 1,268 18 126 47 1,077 204 June 4 697 412 19 12 7 53 6 188 1,450 1,247 9 116 47 1,075 203 June 11 693 411 18 12 7 53 2 189 1,467 1,260 33 105 47 1,075 207 June 18 689 407 17 12 7 53 2 189 1,499 1,291 49 119 47 1,076 208 June 25 2,165 690 406 17 12 7 54 2 190 1,475 1,262 31 110 46 1,075 213 Cleveland May 28 4,584 1,315 722 19 85 17 235 2 218 3,269 2,949 66 215 141 2,527 320 June 4 4,562 1,337 721 24 85 17 235 17 220 3,225 2,904 39 199 140 2,526 321 June 11 4,556 1,333 726 23 85 18 235 2 222 3,223 2,890 19 201 140 2,530 333 June 18 4,573 1,337 733 21 85 18 237 224 3,236 2,901 37 196 140 2,528 335 June 25 4,568 1,354 735 29 18 237 229 3,214 2,879 7 212 137 2,523 335 Richmond May 28 1,832 49: 254 5 15 85 109 1,340 ,251 13 177 64 997 89 June 4 1,818 490 250 6 15 86 109 1,328 ,239 15 167 62 995 89 June 11 1,821 49: 250 6 15 87 110 1,329 ,239 11 171 59 998 90 June 18 1,828 492 251 5 15 87 110 1,336 ,246 11 178 60 997 90 June 25 1,829 494 250 6 15 88 1,335 ,245 16 171 60 998 90 Atlanta May 28 1,901 575 332 5 24 46 116 1,326 ,166 17 236 112 801 160 June 4 1,889 571 330 5 24 46 114 1,318 ,157 16 231 109 801 161 June 11 1,894 573 331 6 24 46 115 1,321 ,160 17 234 109 800 161 June 18 1,892 573 329 6 24 46 117 1,319 ,158 14 237 109 798 161 June 25 1,884 573 328 5 25 47 117 1,311 ,152 18 228 104 802 159 Chicago* May 28 8,158 2,307 1,569 27 63 263 271 5,851 5,293 202 725 319 4,047 558 June 4 8,072 2,381 1,557 110 63 265 272 5,691 5,106 56 638 329 4,083 585 June 11 8,129 2,329 1,569 44 63 265 273 5,800 5,242 182 605 332 4,123 558 June 18 8,161 2,331 1,577 39 63 267 272 5,830 5,274 197 609 334 4,134 556 June 25 8,071 2,344 1,582 36 63 268 5,727 5,167 90 606 341 4,130 560 St. Louis May 28 1,821 686 384 4 14 112 145 1,135 1,004 25 82 120 777 131 June 4 1,809 682 380 6 14 112 144 1,127 991 16 78 121 776 136 June 11 1,792 681 378 5 15 113 146 1,111 976 2 80 121 773 135 June 18 1,802 686 383 4 14 113 148 1,116 984 17 77 116 774 132 June 25 1,776 684 382 4 14 114 150 1,092 961 2 71 117 771 131 Minneapolis May 28 1,099 340 195 1 6 46 81 759 700 13 36 69 582 59 June 4 1,092 341 192 3 6 46 83 751 690 5 35 69 581 61 June 11 1,092 341 193 2 5 46 84 751 691 3 38 68 582 60 June 18 1,089 343 194 2 6 46 84 746 686 1 32 70 583 60 June 25 1,096 351 197 2 6 47 745 685 4 28 71 582 60 Kansas City May 28 2,097 568 373 4 9 68 1,529 1,363 57 282 141 883 166 June 4 2,051 565 368 4 9 68 100 1,486 1,321 37 268 137 879 165 June 11 2,055 564 368 5 9 67 99 1,491 1,324 48 259 134 883 167 June 18 2,076 563 366 5 9 67 100 1,513 1,346 62 267 135 882 167 June 25 2,064 563 367 4 9 67 101 1,501 1,332 50 266 137 879 169 Dallas May 28 1,849 736 493 6 36 60 106 1,113 1,024 48 218 111 647 89 June 4 1,830 735 491 6 35 61 108 1,095 1,005 36 211 110 648 90 June 11 1,845 739 494 6 36 61 108 1,106 1,018 39 212 108 659 June 18 1,847 738 492 6 36 62 109 1,109 1,021 39 213 108 661 June 25 1,848 741 494 6 36 62 110 1,107 1,019 38 212 108 661 San Francisco May 28 6,469 2,039 25 29 488 253 4,430 4,027 118 818 2,789 403 June 4 6,362 2,045 26 29 486 254 4,317 3,915 63 782 293 2,777 402 June 11 6,395 2,044 22 30 491 261 4,351 3,943 87 786 290 2,780 408 June 18 6,392 2,046 22 29 497 259 4,346 3,941 73 797 290 2,781 405 June 25 6,400 2,061 1,191 27 29 500 261 4,339 3,935 70 793 291 2,781 404 City of Chicago* May 28 4,757 1,493 1,157 20 54 41 126 3,264 2,915 116 437 139 2,223 349 June 4 4,737 1,567 1,149 102 54 41 126 3,170 2,794 26 370 137 2,261 376 June 11 4,752 1,511 1,157 36 55 41 127 3,241 2,895 115 344 138 2,298 346 June 18 4,788 1,517 1,166 32 55 41 129 3,271 927 140 350! 139 2,298 344 June 25 4,704 1,527 1,171 28 55 42 135 3,177 2,830 32 360 138 2,300 347 1 Including guaranteed obligations. * Separate figures for New York City are shown in the immediately preceding table and for the City of Chicago in this table. The figures for the New York and Chicago Districts, as shown in this table, include New York City and Chicago, respectively. 876 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 Re serves Bal- De- Indi- Indi- Demand d F i e s d tr e i r c a t l a R n e d s e d r a v t e e B s w F e R e a e r i r e a n t d v - h l k - e s C v a a in s u h lt m b a w a n d e n i s o c t t - e k h i s c s j m p u a d o s a d e s t n e - - it d d s 1 s p p u v c n a h o a a i o n e i d r r p l r r d - s a 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 r f c r d i t d s . k - i ' s - , u m G er . o e n v n s - - t . s u p p v n c a h a o o n a e i i d p l r r r r d s a - - - t s , - , S p s d s t a i i o a u c i o n v l t a b n d i e i l t - - s s - P U G m S e i a o n r a n . o s e n g v t v d n S a - s - - t l . m D ti e o c s - - F ei o g r n - Time r B i o n o w g r s - - c C o i a t a u c a p n - l - ts B d i a e ts b n * - k tions tions Boston (6 cities) May 28 460 59 100 2,244 2,212 148 46 58 481 262 21 7 303 684 June 4 502 59 104 2,362 2,319 165 39 33 481 266 20 12 301 770 June 11. 484 63 107 2,332 2,313 148 41 39 481 286 20 13 301 746 June 18... ...... 488 61 114 2,309 2,365 150 44 42 480 299 19 5 302 738 June 25 483 59 105 2,315 2,282 152 43 46 480 285 19 4 301 884 New York (8 cities)* May 28 3,904 165 11215,75715,931 501 799 3281,999 2,760 1,136 116 2.180 6,937 June 4 3,973 144 10915,89815,948 506 788 952,003 2,814 1,143 149 2.187 7,341 June 11 3,945 154 11215,94116,128 490 798 116 2,009 2,790 1,117 33 2,182 7,893 June 18.. 4,037 144 11916,11416.355 497 677 1372,006 2,934 1,124 49 2,181 7.869 June 25 4,050 146 16,25816,385 541 781 1542,006 2,778 1,179 39 2,177 7,441 Philadelphia (4 cities) May 28.. 420 33 85 1 ,808 1,877 68 21 42 275 297 11 3 263 620 June 4 414 33 80 1,811 1 ,883 72 23 8 265 305 10 4 264 537 June 11 419 36 84 1,834 1,905 74 27 11 263 308 10 2 263 585 June 18. 428 35 90 1,850 1 ,951 69 27 11 264 332 10 263 628 June 25 436 34 81 1,833 1,903 74 25 18 264 315 10 263 684 Cleveland (10 cities) May 28 765 87 182 3.165 3,220 173 49 1041,373 443 4 496 1,011 June 4. 772 86 179 3,207 3,220 174 53 331,375 454 4 498 993 June 11 76; 89 178 3,174 3,231 166 54 341,374 451 4 497 1,003 Tune 18. 784 89 196 3.194 3,273 167 53 391,374 474 4 1,163 June 25 783 87 174 3,188 3,221 169 62 441,375 449 4 1.115 Richmond (12 cities May 28 334 41 107 1,385 ,384 106 29 41 383 305 5 151 442 June 4. 341 40 116 1,385 ,420 99 25 13 383 327 5 152 405 June 11. 336 42 130 1 ,413 ,439 106 33 14 383 317 3 152 440 June 18.. 333 42 131 1 .420 ,432 112 36 16 382 314 3 152 516 June 25 328 43 120 1,413 ,424 109 33 21 382 294 3 153 489 Atlanta (8 cities) May 28 359 34 134 1 ,401 ,277 251 16 30 458 402 7 136 461 June 4 360 32 141 1 ,404 ,317 254 14 11 458 413 7 136 395 June 11. 357 33 149 1,415 .314 252 17 12 458 416 5 136 488 June 18... 358 32 148 1 ,408 ,323 243 20 13 458 412 6 135 536 June 25 354 32 125 1,401 ,285 247 19 16 458 384 6 136 511 Chicago (12 cities)* May 28 1,463 97 401 5.689 5,539 604 81 1472,076 1,527 29 2,531 June 4 1.505 94 391 5,720 5,469 681 92 452,082 1,523 29 2,624 Tune 1.1 . 1,503 100 388 5,749 5,592 643 88 642,082 1,549 28 640 2,699 June 1.8.. 1,490 100 403 5,741 5,623 634 94 572,082 1,572 30 2,685 June 25 .,506 100 379 5,708 5,489 648 90 69 2,084 1 ,493 29 2,527 .S7. Louis (5 cities) May 28 335 25 106 1,214 1,270 81 17 385 496 146 420 June 4. 323 24 106 1,190 1,255 80 21 385 513 146 445 June 11.... 342 25 101 1,201 1,271 84 17 385 500 146 434 June 18 334 24 103 1,204 1,283 86 14 385 497 147 493 June 25 336 24 99 1,199 1,254 86 18 385 477 147 468 Minneapolis (8 cities) May 28... ' . 196 12 82 747 710 117 13 238 284 94 312 June 4. 195 11 83 739 709 123 15 239 296 94 296 June 1.1 206 12 83 746 730 118 16 239 295 94 241 June 18 199 12 82 747 716 128 14 239 283 94 364 June 25. 198 12 77 756 715 129 18 239 275 94 330 Kansas City (12 cities) May 28 428 25 244 1,527 1,492 196 24 42 319 737 163 532 June 4 429 23 236 1,491 1,475 190 24 19 319 736 163 512 June 11 431 26 254 1,520 1,517 184 25 21 319 735 163 524 June 18. 416 24 282 1,512 1,534 184 24 23 319 769 164 692 June 25 430 25 263 1 ,510 1 ,501 186 24 24 319 752 164 606 Dallas (9 cities) May 28 381 27 232 1,530 1,496 130 26 27 305 460 156 485 June 4 399 27 229 1,532 1,524 146 31 11 305 468 156 387 June 11 400 28 244 1,543 1,533 133 29 16 306 486 155 486 June 18. 409 26 256 1,540 1,555 123 34 17 307 505 156 520 June 25 398 27 243 1,532 1,523 118 39 17 307 489 157 544 San Francisco (7 cities) May 28 '. 919 51 249 3,435 ,406 231 104 1582,190 364 588 1,201 June 4 921 46 259 3,400 ,392 234 103 352,191 386 588 1,127 June 11 946 49 261 3,434 3,471 218 108 50 2,193 401 588 1,206 June 18 982 51 284 3,484 3,545 216 105 2,193 412 590 1,367 June 25... 940 51 263 3,438 3,473 200 101 2,198 390 589 1 ,305 City of Chicago* May 28 898 32 170 3,406 3,443 265 36 874 1,071 406 1 ,596 June 4 903 32 170 3,454 3,410 330 39 876 1,066 410 1,804 Tune 11 932 33 160 3,454 3,464 307 38 877 1,088 410 1,873 June 18 926 36 163 3,460 3,492 302 40 876 1,110 410 1,698 June 25 932 37 161 3,431 3,405 300 43 877 1,049 410 1,561 * 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. JULY 1947 877 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS—REVISED SERIES. TOTAL FOR ALL LEADING CITIES* LOANS AND INVESTMENTS [In millions of dollars] Ltans Investments For purcliaeing U. S. Governmentobligations or ctrryin.E «ecurities Com- Total merl a o n a d ns i c n i d a u l, s- a T n o d b d r e o a k l e e r r s s To cthers Real Loans C tif e i r - - Other invest- Total trial, estate to Other Total secuments a a g n r d i- U. S. Other Other loans banks Total Bills o d c f a e t b i e n t s - - Notes Bonds' rities cul- Govt. se- Govt. se- edtural ob- curi- ob- curi- ness liga- ties liga- ties tions tions 1946—Tulv 3 69,429 17,182 8,475 1,283 827 1,625 529 1 ,989 183 2,271 52,247 48,303 1,131 11,425 5,66430,083 3,944 Julv 10. .. 69,012 17,315 8,590 1,401 812 1,583 532 2,009 124 2,264 51,697 47,766 801 11,221 5,584 30,160 3,931 Tulv 17 . .69,225 17,061 8,694 1,098 775 1,537 524 2,030 134 2,26952,164 48,168 1,205 11,083 5,588 30,292 3.996 Tulv 24. . 68,900 17,110 8,866 896 854 1,491 532 2,047 129 2,29551,790 47,77'5 838 11,062 5,55930,316 4,015 July 31 . 69,077 17,250 8,916 1,004 745 1,460 555 2,071 195 2,30451,827 47,808 875 11,111 5,532 30,290 4,019 Aug. 7. . 68,214 17,265 9,037 940 730 1,432 525 2,088 174 2,33950,949 46,948 747 10,401 5,46430,336 4,001 Aug. 14. . .68,303 17,378 9,212 917 682 ,407 -524 2,106 187 2,34350,925 46,923 829 10,321 5,417 30,356 4,002 Aug. 21 . .68,423 17,430 9,343 857 646 1,374 540 2,124 190 2,35650,993 47,013 930 10,262 5,43630,385 3,980 Aug. 28. . 68,375 17,507 9,444 875 628 1,355 512 2,140 188 2,36550,868 46,884 824 10,208 5,416 30,436 3,984 Sept. 4. . 67,420 17,653 9,570 914 609 1,319 504 2,157 188 2,392 49,767 45,795 640 9,343 5,37330,439 3,972 Sept. 11 ... 67,563 17,656 9,731 875 589 1,237 476 2,175 129 2,42449,907 45,930 904 9,180 5,347 30,499 3,977 Sept. 18. . .67,786 17,855 9,912 920 606 1,177 494 2,202 100 2,44449,931 45,858 881 9,053 5,34930,575 4,073 Sept.25. .. 67,449 18,040 10,068 970 545 1,160 485 2,221 139 2,452 49,409 45,319 635 8,764 5,302 30,618 4.090 Oct. 2. . 66,450 18,001 10,180 849 518 1,131 485 2,241 134 2,46348,449 44,281 746 7,792 5,177 30,566 4,168 Oct. 9. . .66,607 18,055 10,412 692 482 1,084 473 2,261 159 2,492 48,552 44,504 847 7,857 5,127 30,673 4,048 Oct. 16. . .66,733 18,221 10,591 688 482 1,063 478 2,282 139 2,49848,512 44,513 941 7,880 5,06830,624 3.999 Oct. 23. .. 67,249 18,315 10,673 713 454 1,028 481 2,303 132 2,531 48,934 44,978 1,337 7,994 5,001 30,646 3.956 Oct. 30. .. 67,040 18,704 10,825 848 451 1,013 493 2,324 199 2,551 48,336 44,375 741 7,994 5,00430,636 3,961 Nov. 6. . .66,053 18,891 10,912 899 471 989 478 2,338 234 2,57047,162 43,231 517 7,081 4,964 30,669 3,931 Nov. 13. . .66,011 19,188 11,112 995 451 995 477 2,362 216 2,58046,823 42,889 585 6,840 4,863 30,601 3,934 Nov. 20. .. 66,211 19,167 11,243 948 430 927 523 2,381 115 2,60047,044 43,121 862 6,751 4.906 30,602 3,923 Nov. 27. .. 66,242 19,246 11,234 986 456 901 488 2,400 152 2,62946,996 43,069 795 6,742 4,958 30,574 3,927 Dec. 4. . .66,087 19,330 11,253 1,009 459 879 485 2,413 170 2,662 46,757 42,855 758 6,628 4,877 30,592 3,902 Dec. 11 ... 66,104 19,434 11,373 956 436 855 496 2,441 195 2,682 46,670 42,762 672 6,597 4,947 30,546 3,908 Dec. 18. . 65,264 19,638 11,451 812 646 801 498 2,455 253 2,722 45,626 41,661 1,078 6,512 3,519 30,552 3,965 Dec. 24. 64,525 19,652 11,427 937 623 777 494 2,472 188 2,73444,873 40,906 615 6,381 3,44030,470 3,967 Dec. 31 . .64,454 19,417 11,346 1,004 467 753 503 2,490 72 2,782 45,037 41,053 962 6,299 3,418 30,374 3,984 1947—Jan. 8. . .63,986 19,163 11,315 813 440 695 509 2,507 114 2,77044,823 40,870 754 6,307 3,42430,385 3,953 Jan. 15. . 64,442 19,218 11,437 727 426 681 513 2,529 111 2,79445,224 41,271 1,133 6,300 3,40730,431 3,953 Jan. 22. .. 64,430 19,264 11,542 671 418 655 506 2,550 130 2,792 45,166 41,215 917 6,449 3,418 30,431 3,951 Jan. 29. .. 64,167 19,566 11,599 818 417 625 514 2,563 215 2,815 44,601 40,642 438 6,345 3,461 30,398 3,959 Feb. 5. . .63,880 19,395 11,673 595 411 626 506 2,578 186 2,82044,485 40,539 566 6,076 3,48330,414 3,946 Feb. 12. . .63,549 19,580 11,780 728 401 620 509 2,594 101 2,84743,969 40,023 341 5,765 3,48630,431 3,946 Feb. 19. . .63,372 19,638 11,757 739 453 616 508 2,613 126 2,82643,734 39,802 441 5,507 3,452 30,402 3,932 Feb. 26. .. 63,309 19,759 11,820 789 402 616 496 2,631 170 2,83543,550 39,619 424 5,382 3,45930,354 3,931 Mar. 5. . .63,687 19,527 11,910 447 432 592 498 2,657 151 2,84044,160 40,159 1,019 5,318 3,49430,328 4,001 Mar. 12. .. 63,875 19,714 12,119 423 430 574 496 2,673 147 2,85244,161 40,138 872 5,437 3,53630,293 4,023 Mar. 19. . .63,873 19,686 12,208 343 393 564 496 2,698 120 2,86444,187 40,141 1,311 5,641 2,88630,303 4,046 Mar. 26. . .63,461 19,851 12,192 394 432 561 496 2,721 180 2,87543,610 39,480 793 5,503 2,87930,305 4,130 Apr. 2 ... 62,979 20,020 12,271 433 441 566 497 2,739 179 2,89442,959 38,850 692 5,036 2,815 30,307 4,109 Apr. . 9. '. '.63,111 19,972 12,269 438 402 546 49C 2,767 180 2,88043,139 39,034 819 5,066 2,88330,266 4,105 Apr. 16. . .63,474 19,808 12,172 411 402 542 492 2,783 111 2,89543,666 39,556 1,181 5,151 2,822 30,402 4,110 Apr. 23. . .63,420 19,657 12,057 333 406 543 492 2,806 120 2,90043,763 39,650 1,003 5,304 2,855 30,488 4,113 Apr. 30. .. 63,438 19,864 12,043 414 419 542 509 2,831 184 2,922 43,574 39,465 753 5,402 2,83830,472 4,109 Mav 7 . .63,247 19,923 11,953 446 484 538 486 2,845 257 2,914 43,324 39,273 607 5,367 2,802 30,497 4,051 May 14. . .63,137 19,914 11,960 544 438 532 483 2,868 160 2,929 43,223 39,197 579 5,275 2,79630,547 4,026 Mav 21. .. 63,053 19,817 11,857 597 399 524 498 2,895 116 2,931 43,236 39,226 697 5,211 2,79330,525 4,010 May 28. .. 63,239 20,015 11,792 773 396 527 482 2,897 191 2,957 43,224 39,220 827 5,135 2,702 30,556 4,004 June 4. . .62,909 20,285 11,752 829 576 528 477 2,904 237 2,982 42,624 38,536 471 4,776 2,707 30,582 4,088 June 11. .. 62,970 20,080 11,763 760 507 525 485 2.930 109 3,001 42,890 38,817 819 4,692 2,662 30,644 4,073 June 18. . .63,406 20,072 11,754 713 526 503 485 2,949 130 3,012 43,334 39,246 1,151 4,799 2,62330,673 4,088 June 25. .. 63,285 20,230 11,780 784 514 498 480 2.967 151 3,05643,055 38,943 832 4,782 2,637 30,692 4,112 * For description of the revision see BULLETIN for June 1947, p. 692. 1 Including guaranteed obligations. 878 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS—REVISED SERIES, TOTAL FOR ALL LEADING CITIES*—Cont. RESERVES AND LIABILITIES [In millions of dollars] Demand deposits, Time deposits, Interbank except interbank except interbank deposits Reserves Bal- De- Indi- Indiwith Cash ances mand vid- States Certi- vid- States U. S. Demand Bor- Cap- Bank Fed- in with de- uals, and fied U. S. uals, and Gov- row- ital deberal vault do- posits part- polit- and Gov- part- polit- ern- ings ac- its ' Re- mestic ad- ner- ical offi- ern- ner- ical ment Time counts serve banks justed1 ships, sub- cers' ment ships, sub- and Do- For- Banks and divi- checks, and divi- Postal mes- eign cor- sions etc. cor- sions Sav- tic pora- pora- ings tions tions 1946—July 3. ... 11,510 650 2,38945,417 45,307 2,837 1,753 8,188 13,249 191 72 9,872 1,313 61 245 5,53023,731 Tuly 10 11,534 733 2,361 45,38945,237 2,766 1,559 7,912 13,264 207 73 9,831 1,311 62 217 5,535 18,831 Tuly 17 11,594 706 2,46745,49345,786 2,709 1,519 7,940 13,290 212 73 10,096 1,324 61 169 5,53020,760 July 24. 11,554 702 2,34345,68445,500 2,755 1,482 7,631 13,313 214 73 9,723 1,316 61 175 5,535 19,985 July 31. . . . 11,623 693 2,38745,65045,546 2,791 1,473 7,781 13,346 214 74 9,785 1,321 60 255 5,553 19,470 Aug. 7.... 11,720 689 2,314 45,382 44,885 2,765 1,386 7,025 13,384 215 75 9,853 1,361 61 240 5,563 19,169 Aug. 14. ... 11,636 728 2,46745,43645,737 2,739 1,474 7,065 13,407 218 75 9,977 1,327 59 249 5,566 17,471 Aug. 21 11,590 695 2,35745,504 45,380 2,727 1,356 7,109 13,422 221 76 9,749 1,349 59 231 5,566 19,029 Aug. 28.... 11,514 734 2,33745,62545,301 2,773 1,311 6,993 13,424 222 79 9,655 1,371 53 200 5,569 17,200 Sept. 4. . . . 11,622 695 2,25545,77045,483 2,785 1,394 5,718 13,428 226 79 9,734 1,363 54 290 5,591 16,692 Sept. 11 11,627 776 2,35246,00446,344 2,695 L.47O 5,765 13,442 224 79 9,860 1,383 54 169 5,589 18,277 Sept. 18 11,831 740 2,46646,242 46,545 2,717 1,474 5,801 13,455 226 74 9,961 1,389 53 164 5,59722,102 Sept. 25.... 11,615 735 2,30845,90145,767 2,719 L.430 5,841 13,489 229 75 9,468 1,368 56 210 5,589 19,830 Oct. 2 11,699 695 2,33345,62145,584 2,872 L,5O7 5,003 13,504 226 76 9,733 1,358 55 147 5,61120,597 Oct. 9 . . 11,596 741 2,314 45,72345,535 2,699 L ,332 4,871 13,544 222 76^9,687 1,373 56 212 5,620 18,010 Oct. 16 11,681 720 2,47345,757 46,945 2,648 1,354 4,900 13,559 224 75 10,037 1,347 55 180 5,611 19,074 Oct. 23 . 11,418 749 2,34846,18946,356 2,630 1,333 4,954 13,570 221 76 9,692 1,366 55 153 5,61821,125 Oct. 30. . 11,642 765 2,32646,18746,186 2,757 L ,355 4,956 13,573 222 76 9,671 1,368 55 194 5,625 19,825 Nov. 6. 11,607 762 2,30446,09146,481 2,786 1,432 3,634 13,604 220 76 9,826 1,387 55 354 5,64922,740 Nov. 13 . . . 11,755 806 2,432 46,082 47,171 2,777 1,451 3,661 13,611 220 76 10,102 1,373 55 348 5,643 18,892 Nov. 20. 11,685 769 2,34546,42646,853 2,755 L,483 3,697 13,616 239 76 9,868 1,350 56 200 5,64323,249 Nov. 27. . 11,716 761 2,310 46,75146,978 2,796 1,416 3,762 13,585 240 77 9,568 1,346 56 164 5,64220,027 Dec. 4. . 11,790 768 2,33946,68146,547 2,798 1,475 3,537 13,594 239 77 9,859 1,322 54 186 5,654 19,533 Dec. 11. . 11,996 840 2,39646,98947,385 2,805 1,584 3,606 13,597 243 77 9,799 1,306 54 231 5,648 19,443 Dec. 18. . . 11,995 842 2,43347,72248,314 2,871 1,756 1,597 13,606 248 77 10,052 1,342 55 300 5,64825,936 Dec. 24. 12,043 789 2,315 47,16647,326 2,834 1,492 1,672 13,627 246 78 9,674 1,330 54 296 5,64120,345 Dec. 31 11,633 781 2,45546,582 47,252 2,907 1,770 1,917 13,719 259 85 9,891 1,326 52 7 5,627 22,134 1947—Jan. 8. 11,944 788 2,351 46.5C446,362 2,800 1,445 1,516 13,770 258 84 9,891 1,338 52 132 5,625 20,105 Jan. 15.... 11,885 756 2,57046,83047,425 2,861 1,562 1,586 13,759 245 84 10,233 1,338 52 103 5,606 18,508 Jan. 22.. . 11,835 747 2,412 46,787 46,763 2,863 1,679 1,674 13,776 234 84 9,892 1,357 52 129 5,623 18,891 Jan. 29. . .. 11,690 765 2,25546,552 46,106 2,948 1,608 1,819 13,775 237 84 9,310 1,344 51 290 5,632 18,433 Feb. 5 11,684 694 2,213 45,97545,430 2,948 1,373 1,965 13,794 248 85 9,343 1,345 50 254 5,648 19,298 Feb. 12 11,601 730 2,23045,58645,500 2,978 1,400 2,026 13,809 250 84 9,264 1,339 53 277 5,653 14,589 Feb. 19. 11,411 733 2,29045,212 45,381 2,888 1,461 2,045 13,849 254 84 9,313 1,361 51 221 5,64921,389 Feb. 26. . 11,460 740 2,25345,12445,199 2,937 1,399 2,135 13,887 254 85 9,154 1,339 53 318 5,651 17,313 Mar. 5.... 11,440 702 2,33445,002 44,797 2,951 1,424 2,277 13,958 279 85 9,581 1,336 51 168 5,66521,084 Mar. 12 11,434 771 2,462 45,23445,625 2,885 1,336 2,357 13,943 280 83 9,661 1,358 51 151 5,665 17,728 Mar. 19. ... 11,492 751 2,42545,49945,596 2,939 1,395 2,020 13,923 278 84 9,625 1,349 52 182 5,662 19,859 Mar. 26. 11,362 749 2,20845,288-44,951 3,069 1,294 2,092 13,914 282 84 8,943 1,340 49 245 5,670 18,479 Apr. 2. 11,167 706 2,28544,482 44,210 3,075 1,449 1,817 13,936 285 82 9,227 1,361 48 373 5,68422,349 Apr. 9. I1,545 770 2,310 45,01144,683 3,029 1,301 1,870 13,952 311 83 9,369 1,344 48 207 5,687 15.698 Apr. 16. . . 11,563 725 2,45345,537 46,000 3,022 1,396 1,890 13,929 316 82 9,428 1,354 48 89 5,678 18,106 Apr. 23. ... 11,489 749 2,25945,96045,485 3,111 1,368 1,625 13,958 313 81 8,933 1,362 48 115 5,689 18,032 Apr. 30. . . 11,512 727 2,321 46,15045,798 3,350 1,392 1,476 13,955 312 82 8,944 1,359 48 172 5,716 17,115 May 7. . 11,531 740 2,25645,73144,990 3,240 1,467 1,372 13,977 320 82 9,114 1,408 47 232 5,724 18,966 May 14. ... 11,574 778 2,40345,76046,012 3,222 1,398 1,438 13,984 323 81 9,200 1,395 47 165 5,714 18,096 May 21. ... 11,623 746 2,285 46,06145,700 3,261 1,278 1,333 14,004 327 81 8,846 1,370 48 110 5,713 18,123 May 28. 11,394 788 2,219 46,31445,807 3,268 1,441 1,119 14,005 324 82 8,736 1,341 49 168 5,721 17,515 June 4.... 11,598 736 2,22546,627 46,008 3,365 1,448 350 14,014 322 81 8,910 1,348 48 257 5,734 17.544 June 11. 11,629 784 2,29046,77946,596 3,237 1,504 434 14,024 322 81 8,940 1,319 48 148 5,727 19,167 June 18.... 11,768 767 2,418 47,03547,103 3,231 1,403 472 14,025 329 81 9,209 1,327 48 137 5,729 19,726 June 25 11,728 771 2,22846,98946,521 3,285 1 ,504 544 14,039 325 79 8,768 1,375 48 139 5.730 18.770 * For description of the revision see BULLETIN for June 1947, p. 692. 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. JULY 1947 879 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS—REVISED SERIES, NEW YORK CITY* LOANS AND INVESTMENTS [In millions of dollars] Loans Investments For purchasing U. S. Government obligations or carrying securities Total C m o e m r- loans Date and i c n i d a u l, s- a T n o d b d r e o al k e e rs rs To others Real Loans Cer- Other tifiinvest- Total trial, estate to Other Total secuments a a g n r d i- U.S. U.S. loans banks Total Bills o c f a t i e n s - Notes Bonds1 rities cul- Govt. OtherGovt. Other debttural ob- se- ob- se- edliga- curi- liga- curi- ness tions ties tions ties 1946—July 3 . .. 22,705 6,336 3,146 1,036 590 552 246 76 169 521 16,369 15,234 385 3,227 1,577 10,045 1,135 July 10. .. 22,334 6,422 3,180 1,189 575 529 241 77 107 524 15,912 14,779 53 3,113 1,554 10,059 1,133 July 17. .. 22,377 6,100 3,191 897 543 517 239 78 118 517 16,277 15,099 381 3,018 1,530 10,170 1,178 July 24. .. 22,196 5,986 3,270 715 555 485 240 77 114 530 16,210 15,028 255 3,065 1,51510,193 1,182 July 31... 22,388 6,139 3,285 827 516 471 269 78 168 525 16,249 15,065 171 3,204 ,51910,171 1,184 Aug. 7... 21,798 6,045 3,341 757 499 460 242 78 134 534 15,753 14,579 97 2,827 1,51110,144 1,174 Aug. 14. .. 21,808 6,064 3,400 742 469 450 238 79 148 538 15,744 14,571 140 2,773 1,512 10,146 1,173 Aug. 21... 21,879 6,050 3,456 672 450 437 255 79 162 539 15,829 14,667 257 2,735 ,50010,175 1,162 Aug. 28... 21,847 6,047 3,490 698 426 430 226 80 163 534 15,800 14,635 160 2,761 ,53510,179 1,165 Sept. 4... 21,419 6,103 3,534 726 415 417 216 81 170 544 15,316 14,157 94 2,376 1,51410,173 1,159 Sept. 11... 21,528 6,034 3,587 688 389 406 214 82 116 552 15,494 14,330 235 2,372 1,51510,208 1,164 Sept. 18... 21,589 6,088 3,643 731 400 387 210 88 76 553 15,501 14,263 206 2,297 ,53410,226 1,238 Sept. 25... 21,603 6,174 3,707 793 351 375 204 88 95 561 15,429 14,163 119 2,266 L.54310,235 1,266 Oct. 2... 21,255 6,036 3,738 663 334 364 202 89 92 554 15,219 13,936 274 1,946 1,47310,243 1,283 Oct. 9... 21,223 5,993 3,817 536 309 348 194 89 137 563 15,230 14,000 271 2,044 1,45110,234 L,230 Oct. 16. .. 21,156 6,010 3,867 526 307 341 196 90 122 561 15,146 13,960 261 2,067 1,42610,206 1,186 Oct. 23.. . 21,554 6,005 3,852 562 291 328 202 92 114 564 15,549 14,390 663 2,143 ,43210,152 1,159 Oct. 30... 21,292 6,248 3,898 697 295 321 210 92 169 566 15,044 13,882 105 2,164 1,45110,162 1,162 Nov. 6... 20,939 6,339 3,909 756 304 298 196 94 213 569 14,600 13,452 40 1,832 ,44610,134 1,148 Nov. 13. .. 20,812 6,465 3,981 848 293 294 196 94 193 566 14,347 13,200 28 1,683 1,39010,099 1,147 Nov. 20. .. 20,992 6,367 4,016 802 276 270 242 96 92 573 14,625 13,492 363 1,588 1,44110,100 1,133 Nov. 27. .. 20,987 6,391 3,994 843 294 253 207 96 129 575 14,596 13,464 222 1,616 1,516 10,110 ,132 Dec. 4... 20,894 6,436 3,993 864 295 246 200 96 150 592 14,458 13,342 188 1,559 1,439 10,156 1,116 Dec. 11. .. 20,802 6,451 4,052 818 273 240 204 99 175 590 14,351 13,238 77 1,546 1,518 10,097 1,113 Dec. 18... 20,924 6,562 4,105 651 478 199 205 96 223 605 14,362 13,217 486 1,658 960 10,113 1,145 Dec. 24. .. 20,466 6,536 4,075 763 453 183 207 94 162 599 13,930 12,785 158 1,643 936 10,048 1,145 Dec. 31... 20,440 6,280 4,043 792 304 174 214 94 52 607 14,160 13,014 379 1,671 971 9.993 1,146 1947—Jan. 8... 20,090 6,123 4,050 645 283 147 213 94 90 601 13,967 12,838 200 1,655 1,008 9,975 1,129 Jan. 15... 20,179 6,088 4,064 591 280 142 216 95 85 615 14,091 12,962 368 1,641 1,006 9,947 1,129 Jan. 22... 20,252 6,074 4,118 539 273 136 212 94 92 610 14,178 13,059 389 1,729 1,035 9,906 1,119 Jan. 29. .. 20,225 6,379 4,156 696 275 133 220 94 176 629 13,846 12,732 55 1,699 1,083 9,895 1,114 Feb. 5... 20,020 6,124 4,187 482 275 130 211 95 124 620 13,896 12,791 114 1,607 1,117 9,953 1,105 Feb. 12. .. 19,835 6,265 4,236 616 271 131 215 95 76 625 13,570 12,467 7 1,362 1,133 9,965 1,103 Feb. 19... 19,778 6,266 4,198 612 293 129 217 97 104 616 13,512 12,416 158 1,176 1,122 9,960 1,096 Feb. 26... 19,749 6,372 4,243 673 263 129 208 97 136 623 13,37 712,285 15 1,156 1.144 9,970 1,092 Mar. 5... 19,906 6,125 4,307 349 300 115 205 97 132 620 13,781 12,627 294 1,176 1,191 9,966 1,154 Mar. 12. .. 19,942 6,211 4,433 339 284 109 204 98 126 618 13,731 12,569 247 1,206 1,210 9,906 1,162 Mar. 19. .. 20,151 6,098 4,453 248 262 108 205 100 104 618 14,053 12,896 708 1,404 835 9,949 1,157 Mar. 26. .. 19,992 6,222 4,437 304 286 105 205 99 160 626 13,770 12,555 309 1,394 851 10,001 1,215 Apr. 2... 19,929 6,355 4,520 332 301 107 207 100 163 625 13,574 12,371 282 1,179 814 10,096 1,203 Apr. 9... 19,783 6,327 4,519 348 268 104 204 100 159 625 13,456 12,242 125 1,177 818 10,122 1,214 Apr. 16. .. 19,918 6,142 4,452 314 267 104 203 98 75 629 13,776 12,561 433 1,145 773 10,210 1,215 Apr. 23... 20,031 6,012 4,357 248 274 105 205 97 99 627 14,019 12,812 500 1,273 792 10,247 L,2O7 Apr. 30. .. 20,059 6,185 4,347 325 286 106 221 97 165 638 13,874 12,677 236 1,368 802 10,271 L ,197 May 7... 19,923 6,210 4,285 362 328 105 194 97 212 627 13,713 12,570 124 1,355 807 10,284 1,143 May 14. . . 19,718 6,162 4,288 453 303 104 190 96 107 621 13,556 12,411 27 1,285 806 10,293 1,145 May 21... 19,737 6,106 4,231 497 271 96 207 99 85 620 13,631 12,496 176 1,231 825 10,264 1,135 May 28... 19,814 6,303 4,202 656 266 101 191 99 161 627 13,511 12,370 108 1,178 814 10,270 ,141 June 4... 19,775 6,448 4,194 703 346 103 189 98 178 637 13,327 12,143 52 978 828 10,285 ,184 June 11. .. 19,718 6,304 4,183 640 352 106 190 102 92 639 13,414 12,248 231 945 783 10,289 ,166 June 18. .. 20,069 6,264 4,160 597 380 88 193 101 109 636 13,805 12,618 540 1,027 745 10,306 ,187 June 25... 20,118 6,351 4,181 663 355 88 187 97 129 651 13,767 12,565 385 1,093 750 10,337 L.202 * For description of the revision see BULLETIN for June 1947, p. 692. 1 Including guaranteed obligations. 880 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS—REVISED SERIES, NEW YORK CITY *—Continued RESERVES AND LIABILITIES [In millions of dollars] Demand deposits, Time deposits, Interbank except interbank except interbank deposits Re- I i serves Bal- De- Indi- Indi- Demand w Fe i d th - C i a n sh a w n i c t e h s m d a e n - d u v a id ls - , S a t n a d tes C f e ie r d ti- u v a id ls - , S a t n a d tes U G . o v S - . r B o o w r- - C i a ta p l - B de a b n - k eral vault do- posits part- polit- and U. S. part- polit- ern- | ings ac- its 2 B s R e a r e n v - k e s b m a e n s k ti s c u a s d te - d1 s n h a e n ip r d - s, d s i u i c v b a i - l - ch c o e e ff c r i s k - ' s, m G er o e n v n - - t s n h a e n ip r d - s, d s i u i c v b a - i l - P m a o n e s d n ta t l m D e o s - - For- Fime counts cor- sions etc. cor- sions Sav- tic eign pora- pora- ings tions tions 1946—July 3 4,015 109 36 15,789 16,304 215 1 ,030 2,987 1.299 16 7 3,190 1 ,154 27 150 2,127 10,397 July 10 4.054 116 37 15.671 16,118 197 889 2,889 ,292 16 7 3,118 1 ,156 27 119 2,128 6,480 July 17 4,034 108 44 15,646 16,141 253 823 2,894 ,298 16 7 3.190 1,167 27 89 2,127 8,299 July 24 4,035 105 44 15,765 16,206 254 804 2,768 .302 16 7 3,037 1,157 27 89 2,129 7,646 July 31 3,969 105 42 15,722 16,164 256 808 2,807 ,323 16 7 3,052 1 ,164 27 175 2,136 7,767 Aug. 7 4,117 106 29 15,545 15,814 233 685 2,515 .329 16 7 3,032 1 ,206 27 143 2,140 7,320 Aug. 14 4,055 113 38 15,538 16,068 229 812 2,525 ,328 18 7 3,052 1,167 27 133 2,141 6,519 Aug. 21 4,075 104 36 15,610 15,974 224 733 2,541 ,328 16 7 3,009 1 ,189 26 142 2,136 6,848 Aug. 28 3,977 113 37 15,563 15,920 212 691 2,492 ,327 16 7 2,982 1.210 20 135 2,133 6,297 Sept. 4... 4,101 109 37 15.701 16,050 202 744 2,001 ,324 16 7 3,017 1 .204 20 159 2,140 6,453 Sept. 11. .. 3,978 135 36 15,697 16.224 184 793 2,021 L ,323 17 7 3,063 1 ,231 20 79 2,138 6,834 Sept. 18. .. 4,169 120 46 15,821 16,309 222 766 2,018 ,326 17 3,172 1 .233 20 50 2,138 8,630 Sept. 25. . . . 4,095 119 41 15,850 16,208 218 775 2,028 ,345 19 7 2,981 1,217 22 112 2,135 7,035 Oct. 2 4,100 116 41 15,718 16,099 305 857 1 ,736 1,341 19 7 3,110 1 ,205 22 97 2,146 8,213 Oct. 9 4,076 121 35 15,775 16,063 236 691 1 ,685 1.343 19 7 3,006 1 ,221 22 97 2,148 6,923 Oct. 16. ... 4.073 113 40 15,714 16,381 247 684 1,695 1,348 18 7 3,026 1 .194 22 82 2,144 6,946 Oct. 23 3,884 117 39 16,013 16,334 254 703 1,709 ,333 18 7 2,964 1,203 22 48 2,146 7,390 Oct. 30. ... 4,105 123 37 15,920 16,228 336 712 1,707 1,326 18 7 2,958 1 ,205 22 123 2,142 6,797 Nov. 6 4,041 129 36 15,863 16,221 339 765 1,241 1,333 18 7 2,974 1 ,226 22 187 2,158 7,447 Nov. 13 4,157 137 38 I5r924 16,448 325 764 1 ,243 ,327 18 7 2,964 1,213 23 159 2.159 6,618 Nov. 20. ... 4,063 126 46 16,104 16,524 303 812 1,252 1,330 37 7 2,984 1,189 23 29 2,160 8,138 Nov. 27 .... 4,055 134 40 16,155 16,586 319 778 1,275 1,312 38 7 2,882 1 ,188 23 59 2,154 7,346 Dec. 4 4,095 127 39 16.034 16,353 265 769 1,203 1,328 38 7 3,022 1,160 22 103 2 ,160 7,677 Dec. 11 4,205 144 39 16,119 16,623 257 889 1,222 1,322 38 7 2,960 1.148 22 113 2,157 7,239 Dec. 18 4.234 144 48 16,600 17.262 256 992 517 1,324 38 7 3.228 1,187 23 155 2,157 10,891 Dec. 24 4,226 131 42 16,331 16,783 215 799 543 1 ,326 39 7 2,988 1,171 21 158 2,151 8,264 Dec. 31 .... 3,967 126 44 16,057 16,845 210 929 635 1 ,335 41 15 3,030 1 ,171 20 2,154 9,021 1947—Jan. 8.... 4,182 133 33 15,979 16.32( 186 753 487 1,349 42 15 3,046 1,182 20 51 2.154 8,239 Jan. 15 .... 4,124 116 37 15,916 16,503 197 839 499 1,343 31 15 3.170 1 ,179 20 31 2.155 7,347 Jan. 22 4,098 122 38 15,982 16.365 219 965 525 1 ,351 21 15 3,099 1 ,196 21 56 2,155 7,639 Jan. 29 4,068 125 33 15,959 16,260 236 929 576 1,344 19 15 2,938 1 .188 20 155 2,156 7,562 Feb. 5 4,076 114 29 15,713 16,007 192 729 616 1,344 19 15 2,957 1,195 19 138 2,165 8,416 Feb. 12.... 4,005 116 31 15.522 15.928 187 762 631 1,342 19 15 2,871 1 .192 22 136 2,166 5,629 Feb. 19. .. 3,920 113 35 15,408 15,900 180 776 635 1,348 19 15 2.925 1.213 22 39 2,162 8,341 Feb. 26 4,009 117 36 15,481 15,966 181 745 647 1,353 19 15 2,823 1 ,192 23 133 2,161 6,641 Mar. 5 4,002 114 35 15,455 15,844 192 787 687 1,364 17 15 2,987 1,187 23 88 2,164 8,853 Mar. 12. . . . 3,980 121 35 15,432 15.982 186 662 701 1,353 16 15 3,024 1 ,209 23 66 2,163 7,188 Mar. 19 4,018 114 42 15,661 16,234 163 693 623 1,346 17 15 3,072 1,195 23 97 2,162 7,680 Mar. 26. . . . 3,965 116 45 15,731 16,147 207 665 636 1,342 18 15 2,767 1 .189 21 116 2,159 7,032 Apr. 2.... 3,953 112 122 15,687 16,135 195 756 551 1,351 16 15 2,875 1 ,209 21 104 2 ,169 9,955 Apr. 9 4,021 121 33 15.442 15,858 191 667 567 1,349 17 15 2,972 1,198 20 84 2,170 6,050 Apr. 16 3,994 114 39 15,572 16,206 202 743 573 1,346 16 15 2.990 1 .208 20 39 2,166 7,028 Apr. 23 3,990 117 42 15,920 16,234 224 i 12 487 1,343 15 15 2.852 1,219 20 31 2,167 7,062 Apr. 30. . . . 4,047 114 36 15,938 16,425 313 720 444 1 ,341 15 15 2 ,883 1.217 20 103 2,176 6,539 May 7 4,033 119 34 15,673 15.934 261 824 406 1,345 16 15 2.942 1 .262 19 158 2,179 8,271 May 14. . . . 4,098 124 37 15,625 16,165 246 767 411 1,344 17 15 2,944 1 .243 20 87 2,179 6,797 Mav 21 4,060 117 38 15,804 16,211 234 672 384 1,350 17 15 2,843 1.217 21 32 2,176 6,702 May 28.... 3,986 142 36 15.867 16,254 253 842 318 1,350 17 15 2,838 1 ,195 22 108 2.172 6,985 June 4.... 4,051 119 33 15,970 16,269 231 832 92 1,354 17 15 2,885 1 .203 21 160 2 ,1 79 7,349 June 11.... 4,010 127 39 15,966 16,424 209 865 113 1,360 17 15 2,865 1,178 22 36 2,174 8,433 June 18.... 4,113 118 35 16,195 16,684 223 720 135 1,357 17 15 3,008 1,185 22 52 2,172 7,921 June 25.... 4,132 121 35 16,356 16,725 240 835 152 1,358 15 14 2,851 1,237 21 44 2,169 7,560 * For description of the revision see BULLETIN for June 1947, p. 692. 1 Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection, * Debits to demand deposit accounts except interbank and U. S. Government accounts. JULY 1947 881 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS—REVISED SERIES, OUTSIDE NEW YORK CITY • LOANS AND INVESTMENTS fin millions of dollars] Loans Investments For purchasing U. S. Governmentobligations or carrying\ securities Com- Total merloans cial, To brokers te i m n a v e n e n d s t t s - Total i t t a n a c r u g i d n u r a r u d l a i l - - l s , - G U a t l i o i n o o . g b d v n a S - s - t d . . e O a c l t s u t e i e h e r r - s e i s - r G U l t o i i T o g o b . v o a S n - - t s . . ot O h c t s u e t i h e e r r - s s i e - r e l R o st a e a n a t l s e b L a o t n o a k n s s O lo t a h n e s r Total Total Bills o d c C n t e f a e i e f e d t b s i i e r - n - t s - s - - Notes Bonds1 O s ri e t t h c i e e u r s - 1946—July 3. . .46,724 10,846 5,329 247 237 1,073 283 1,913 14 1,750 35,878 33,069 746 8,198 4,087 20,038 2,809 July 10. .. 46,678 10,893 5,410 212 237 1,054 291 1,932 17 1,740 35,785 32,987 748 8,108 4,030 20,101 2,798 July 17. .. 46,848 10,961 5,503 201 232 1,020 285 1,952 16 1,752 35,887 33,069 824 8,065 4,05820,122 2,818 July 24. . .46,704 11,124 5,596 181 299 1,006 292 1,970 15 1,765 35,580 32,747 583 7,997 4,04420,123 2,833 July 31. .. 46,689 11,111 5,631 177 229 989 286 1,993 27 1,779 35,578 32,743 704 7,907 4,01320,119 2,835 Aug. 7. . 46,416 11,220 5,696 183 231 972 283 2,010 40 1,805 35,196 32,369 650 7,574 3,95320,192 2,827 Aug. 14. . .46,495 11,314 5,812 175 213 957 286 2,027 39 1,805 35,181 32,352 689 7,548 3,90520,210 2,829 Aug. 21 ... 46,544 11,380 5,887 185 196 937 285 2,045 28 1,817 35,164 32,346 673 7,527 3,93620,210 2,818 Aug. 28. .. 46,528 11,460 5,954 177 202 925 286 2,060 25 1,831 35,068 32,249 664 7,447 3,881 20,257 2.819 Sept. 4. . .46,001 11,550 6,036 188 194 902 288 2,076 18 1,848 34,451 31,638 546 6,967 3,85920,266 2,813 Sept.11 . . .46,035 11,622 6,144 187 200 831 282 2,093 13 1,872 34,413 31,600 669 6,808 3,83220,291 2,813 Sept.18. . .46,197 11,767 6,269 189 206 790 284 2,114 24 1,891 34,430 31,595 675 6,756 3,815 20,349 2,835 Sept.25. .. 45,846 11,866 6,361 177 194 785 281 2,133 44 1.891 33,980 31,156 516 6,498 3,75920,383 2,824 Oct. 2. . .45,195 11,965 6,442 186 184 767 283 2,152 42 1,909 33,230 30,345 472 5,846 3,70420,323 2,885 Oct. 9. . .45,384 12,062 6,595 156 173 736 279 2,172 22 1,929 33,322 30,504 576 5,813 3,67620,439 2,818 Oct. 16. . .45,577 12,211 6,724 162 175 722 282 2,192 17 1,937 33,366 30,553 680 5,813 3,64220,418 2,813 Oct. 23. .. 45,695 12,310 6,821 151 163 700 279 2,211 18 1,967 33,385 30,588 674 5,851 3,56920,494 2,797 Oct. 30. .. 45,748 12,456 6,927 151 156 692 283 2,232 30 1,985 33,292 30,493 636 5,830 3,55320,474 2,799 Nov. 6. .. 45,114 12,552 7,003 143 167 691 282 2,244 21 2,00132,562 29,779 477 5,249 3,51820,535 2,783 Nov. 13. .. 45,199 12,723 7,131 147 158 701 281 2,268 23 2,01432,476 29,689 557 5,157 3,47320,502 2,787 Nov.20. .. 45,219 12,800 7,227 146 154 657 281 2,285 23 2,027 32,419 29,629 499 5,163 3,46520,502 2,790 Nov.27. .. 45,255 12,855 7,240 143 162 648 281 2,304 23 2,05432,400 29,605 573 5,126 3,44220,464 2,795 Dec. 4. . . .45,193 12,894 7,260 145 164 633 285 2,317 20 2,07032,299 29,513 570 5,069 3,43820,436 2,786 Dec. 11. .. 45,302 12,983 7,321 138 163 615 292 2,342 20 2,092 32,319 29,524 595 5,051 3,42920,449 2. 795 Dec. 18. .. 44,340 13,076 7,346 161 168 602 293 2,359 30 2,11731,264 28,444 592 4,854 2,559 20,439 2 ,820 Dec. 24. . .44,059 13,116 7,352 174 170 594 287 2,378 26 2,13530,943 28,121 457 4,738 2,504 20,422 2,822 Dec. 31 ... 44,014 13,137 7,303 212 163 579 289 2,396 20 2,175 30,877 28,039 583 4,628 2,447 20,381 2,838 1947—Jan. 8. . .43,896 13,040 7,265 168 157 548 296 2,413 24 2,16930,856 28,032 554 4,652 2,416 20,410 2,824 Jan. 15. .. 44,263 13,130 7,373 136 146 539 297 2,434 26 2,17931,133 28,309 765 4,659 2,40120,484 2,824 Jan. 22. .. 44,178 13,190 7,424 132 145 519 294 2,456 38 2,182 30,988 28,156 528 4,720 2,38320,525 2,832 Jan. 29. .. 43,942 13,187 7,443 122 142 492 294 2,469 39 2,18630,755 27,910 383 4,646 2,37820,503 2,845 Feb. 5. . .43,860 13,271 7,486 113 136 496 295 2,483 62 2,20030,589 27,748 452 4,469 2,36620,461 2,841 Feb. 12. .. 43,714 13,315 7,544 112 130 489 294 2,499 25 2,222 30,399 27,556 334 4,403 2,35320,466 2 ,843 Feb. 19. . .43,594 13,372 7,559 127 160 487 291 2,516 22 2,21030,222 27,386 283 4,331 2; 33020,442 2,836 Feb. 26. .. 43,560 13,387 7,577 116 139 487 288 2,534 34 2,212 30,173 27,334 409 4,226 2,31520,384 2 .839 Mar. 5. . .43,781 13,402 7,603 98 132 477 293 2,560 19 2,22030,379 27,532 725 4,142 2,30320,362 2,847 Mar. 12. .. 43,933 13,503 7,686 84 146 465 292 2,575 21 2,23430,430 27,569 625 4,231 2,326 20,387 2,861 Mar. 19. . .43,722 13,588 7,755 95 131 456 291 2,598 16 2,24630,134 27,245 603 4,237 2,051 20,354 2 ,889 Mar. 26. . .43,469 13,629 7,755 90 146 456 291 2,622 20 2,249 29,840 26,925 484 4,109 2,028 20,304 2,915 Apr. 2. . .43,050 13,665 7,751 101 140 459 290 2,639 16 2,26929,385 26,479 410 3,857 2,00120,211 2,906 Apr. 9. . .43,328 13,645 7,750 90 134 442 286 2,667 21 2,255 29,683 26,792 694 3,889 2,065 20,144 2,891 Apr. 16. . .43,556 13,666 7,720 97 135 438 289 2,685 36 2,26629,890 26,995 748 4,006 2,049 20,192 2,895 Apr. 23. .. 43,389 13,645 7,700 85 132 438 287 2,709 21 2,27329,744 26,838 503 4,031 2,06320,241 2,906 Apr. 30. .. 43,379 13,679 7,696 89 133 436 288 2, 734 19 2,28429,700 26,788 517 4,034 2,036 20,201 2,912 May 7. . .43,324 13,713 7,668 84 156 433 292 2,748 45 2,287 29,611 26,703 483 4,012 1,995 20,213 2,908 May 14. . .43,419 13,752 7,672 91 135 428 293 2,772 53 2,30829,667 26,786 552 3,990 1,990 20,254 2.881 May 21 ... 43,316 13,711 7,626 100 128 428 291 2,796 31 2,311 29,605 26,730 521 3,980 1,968 20,261 2,875 May 28. .. 43,425 13,712 7,590 117 130 426 291 2,798 30 2,330 29,713 26,850 719 3,957 1,888 20,286 2,865 June 4. . .43,134 13,837 7,558 126 230 425 288 2,806 59 2,345 29,297 26,393 419 3,798 1,879 20,297 2,904 June 11. .. 43,252 13,776 7,580 120 155 419 295 2,828 17 2,362 29,476 26,569 588 3,747 1,879 20,355 2,907 June 18. . .43,337 13,808 7,594 116 146 415 292 2,848 21 2,376 29,529 26,628 611 3,772 1,878 20,367 2,90! June 25. .. 43,167 13,879 7,599 121 159 410 293 2,870 22 2,40529,288 26,378 447 3,689 1,887 20,355 2.910 * For description of the revision see BULLETIN for June 1947, p. 692. 1 Including guaranteed obligations. 882 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS—REVISED SERIES, OUTSIDE NEW YORK CITY *—Continued RESERVES AND LIABILITIES [In millions of dollars] Demand deposits, Time deposits, Interbank except interbank except interbank deposits Res B s F w e e R e a e r r i r e a n d v t v - h l k - e e s s v C a i a n u s l h t m b a w B n a d e i n a o c s t l e - k h t - i s s c j p m u D o a d s a d t s e e n e i - - - t d d s 1 s p p I u n v c h a n o a a o e i n i d r d r p l r r d a s t i - - - s - - , - , S p s d s a i i o t u c i o n a v l a b n d i t i l - t e - s - s c C h c o a f e e e e i f n t e f c r r c d i d t s k . - i ' s - , U m G er . o e n v n S - - t . s p p I u n v c h a n o a a o e n i i d r l r d p r r d a s t i - - - s - , - - , S p s d s a i i o t u i c o n a v l a b n d i t i l - t e - s - s P U m G S e i a o n r a . n o e s g n v d n v S t s - - a t - . l D D o- eman Fo d r- 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 2 - k tions tions 1V4(J—July 3. 7 ,495 541 2,353 29,628 29,003 2,622 723 5,201 11,950 175 65 6,682 159 34 95 3,40313,334 Inly 10. 7 ,480 617 2,324 29,718 29,119 2,569 670 5,023 11,972 191 66 6,713 155 35 98 3,40712,351 Tuly 17. 7,560 598 2,42329,847 29,645 2,456 696 5 ,04611,992 196 66 6,906 157 34 80 3,40312,461 July 24. 7,519 597 2,29929,919 29,294 2,501 678 4,863 12,011 198 66 6,686 159 34 86 3,40612,339 July 31. 7,654 588 2,345 29,928 29,382 2,535 665 4,974 12,023 198 67 6,733 157 33 80 3,417 11,703 Aug. 7. 7 ,603 583 2,285 29,837 29,071 2,532 701 4,510 12,055 199 68 6,821 155 34 97 3,42311,849 Aug. 14. 7,581 615 2,429 29,898 29,669 2,510 662 4,540 12,079 200 68 6,925 160 32 116 3,42510,952 Aug. 21 7,515 591 2,321 29,894 29,406 2,503 623 4,568 12,094 205 69 6,740 160 33 89 3 ,43012,181 Aug. 28. 7,537 621 2 ,30030,062 29,381 2,561 620 4,501 12,097 206 72 6,673 161 33 65 3,43610,903 Sept. 4. 7 ,521 586 2,218 30,069 29,433 2,583 650 3,717 12,104 210 72 6,717 159 34 131 3,45110,239 Sept. 11. 7.649 641 2,316 30,307 30,120 2,511 677 3,744 12,119 207 72 6,797 152 34 90 3,45111,443 Sept. 18. 7,662 620 2,42030,42130,236 2 ,495 708 3,783 12,129 209 67 6,789 156 33 114 3,45913,472 Sept. 25. 7,520 616 2,26730,051 29,559 2,501 655 3,813 12,144 210 68 6,487 151 34 98 3,45412,795 Oct. 2. 7,599 579 2,292 29,903 29,485 2,567 650 3,267 12,163 207 69 ,623 153 33 50 3,46512,384 Oct. 9. 7,520 620 2,27929,948 29,472 2,463 641 3,186 12,201 203 69 ,681 152 34 115 3,47211,087 Oct. 16. 7,608 607 2,43330,04330,564 2,401 670 3,205 12,211 206 68 ,011 153 33 98 3,46712,128 Oct. 23. 7,534 632 2,30930,17630,022 2,376 630 3,245 12,237 203 69 6,728 163 33 105 3,47213,735 Oct. 30. 7,537 642 2,28930,267 29,958 2,421 643 3,249 12,247 204 69 ,713 163 33 71 3,48313,028 Nov. 6. 7,566 633 2,26830,228 30,260 2,447 667 2 ,39312,271 202 69 161 33 167 3,491 15,293 Nov. 13. 7,598 669 2,39430,15830,723 2,452 687 2,418 12,284 202 69 160 32 189 3,48412,274 Nov. 20. 7,622 643 2,29930,322 30,329 2,452 671 2,445 12,286 202 69 161 33 171 3,48315,111 Nov. 27. 7,661 627 2,27030,59630,392 2,477 638 2,487 12,273 202 70 6,686 158 33 105 3,48812,681 Dec. 4. 7,695 641 2,30030,647 30,194 2,533 706 2,334 12,266 201 70 6,837 162 32 83 3,49411,856 Dec. 11 . 7,791 696 2,35730,870 30,762 2,548 695 2,384 12,275 205 70 6,839 158 32 118 3,49112,204 Dec. 18. 7,761 698 2,38531,122 31,052 2,615 764 1,080 12,282 210 70 6,824 155 32 145 3,49115,045 Dec. 24. 7,817 658 2,27330,835 30,543 ? 619 693 1,129 12,301 207 71 6,686 159 33 138 3,49012,081 Dec. 31 . 7,666 655 2,411 30,525 30,407 2,697 841 1,282 12,384 218 70 6,861 155 32 7 3,47313,113 1947—Tan. 8. 7,762 655 2,318 30,585 30,042 2,614 692 1,029 12,421 216 69 6,845 156 32 81 3,47111,866 Ian. 15. 7,761 640 2,53330,914 30,922 2 ,664 723 1,087 12,416 214 69 7,063 159 32 72 3,45111,161 Ian. 22. 7,737 625 2,37430,805 30,398 2,644 714 1,149 12,425 213 69 6,793 161 31 73 3,46811,252 Jan. 29. 7,622 640 2,222 30,593 29,846 2,712 679 1,243 12,431 218 69 6,372 156 31 135 3,47610,871 Feb. 5. 7,608 580 2,184 30,262 29,423 2,756 644 1,349 12,450 229 70 6,386 150 31 116 3,48310,882 Feb. 12. 7,596 614 2,199 30,064 29,572 2,791 638 1,395 12,467 231 69 6,393 147 31 141 3,487 8,960 Feb. 19. 7,491 620 2,25529,804 29,481 2,708 685 1,410 12,501 235 69 6,388 148 29 182 3,48713,048 Feb. 26. 7,451 623 2,217 29,643 29,233 2,756 654 1,488 12,534 235 70 6,331 147 30 185 3,49010,672 Mar. 5. 7,438 588 2,299 29,547 28,953 2,759 637 1,590 12,594 262 70 6,594 149 28 80 3,50112,231 Mar. 12. 7,454 650 2,427 29,802 29,643 2,699 674 1,656 12,590 264 68 6,637 149 28 85 3,50210,540 Mar. 19. 7,474 637 2,38329,838 29,362 2,776 702 1,397 12,577 261 69 6,553 154 29 85 3,50012,179 Mar. 26. 7,397 633 2,163 29,557 28,804 2,862 629 1,456 12,572 264 69 6,176 151 28 129 3,51111,447 Apr. 2. 7,214 594 2,163 28,795 28,075 2,880 693 1,266 12,585 269 67 6,352 152 27 269 3,515 12,394 Apr. 9. 7,524 649 2,277 29,569 28,825 2,838 634 L.30312,603 294 68 6,397 146 28 123 3,517 9,648 Apr. 16. 7,569 611 2,414 29,965 29,794 2,820 653 1,317 12,583 300 67 6,438 146 28 50 3,512 11,078 Apr. 23. 7,499 632 2,217 30,040 29,251 2,887 656 1,138 12,615 298 66 6,081 143 28 84 3,52210,970 Apr. 30. 7,465 613 2,28530,212 29,373 3,037 672 1,032 12,614 297 67 6,061 142 28 69 3,54010,576 May 7. 7,498 621 2,22230,058 29,056 2,979 643 966 12,632 304 67 6,172 146 28 74 3,54510,695 May 14. 7,476 654 2,36630,135 29,847 2,976 631 1,027 12,640 306 66 6,256 152 27 78 3,53511,299 May 21. 7,563 629 2,24730,257 29,489 3,027 606 949 12,654 310 66 6,003 153 27 78 3,53711,421 May 28. 7,408 646 2,183 30,447 29,553 3,015 599 801 12,655 307 67 5 ,898 146 27 60 3,54910,530 June 4. 7,547 617 2,192 30,657 29,739 3,134 616 258 12,660 305 66 6,025 145 27 97 3,55510,195 June 11. 7.619 657 2,251 30,81330,172 3,028 639 321 12,664 305 66 6,075 141 26 112 3,55310,734 June 18. 7,655 649 2,38330,840 30,419 3,008 683 337 12,668 312 66 6,201 142 26 85 3,55711,805 June 25. 7,596 650 2,193 30,633 29,796 3,045 669 392 12,681 310 65 5.917 138 27 95 3,56111,210 * For description of the revision see BULLETIN for June 1947, p. 692. -'> 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. JULY 1947 883 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 stored in or sta o n u d t i - ng1 sta o n u d t i - ng Own Bills ( R F F B e o e a d s r e n e o r k r v w a s e l n Others I U m i n n p i t o t o e r d ts E U f x r n p o i o t m e r d ts ship p p o e i d n t b s e i t n ween Total bills bought account) States States United Foreign States countries 1946—April 149 169 109 65 44 13 47 114 16 30 May 126 177 108 66 42 13 55 124 18 28 June , 121 192 109 65 45 18 64 134 22 27 July 131 205 118 67 51 34 54 146 24 26 August 142 207 140 68 72 13 54 152 22 26 September 148 200 151 68 82 2 47 150 20 23 October. . 202 204 154 71 82 50 154 18 23 November 227 208 155 73 82 54 152 23 26 December. 228 227 169 74 94 58 162 29 29 1947—January... 236 241 183 85 98 58 172 35 27 February . 243 230 171 76 95 59 164 35 24 March..., 266 228 170 75 95 58 158 36 27 April 256 215 154 71 83 61 140 42 25 May. 250 189 130 67 63 59 118 45 21 1 As reported by dealers; includes some finance company paper sold in open market. * Dollar exchange less than $500,000 throughout the period. Back figures.—See Banking and Monetary Statistics, Table 127, pp. 465-467; for description, see p. 427 CUSTOMERS' DEBIT BALANCES, MONEY BORROWED, AND PRINCIPAL RELATED ITEMS OF STOCK EXCHANGE FIRMS CARRYING MARGIN ACCOUNTS (Member firms of New York Stock Exchange. Ledger balances in millions of dollars] Debit balances Credit balances Customers' Debit Debit credit balances1 Other credit balances End of month Customers' balances in balances in Cash on debit partners' firm hand Money ba ( l n a e n t) c * es a in n a v d c e c t s o r t 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 in s borrowed2 Free O (n th et e ) r a i I n n n v d p e t a s r t r a m t d n e i e n n r g t s' a in n v d I e n t s r t f a m i d r e m in n g t I a n c ( c c n o a e u p t n ) it t a s l accounts accounts 1936—June 1,267 67 164 219 985 276 86 24 14 420 December... 1,395 64 164 249 1,048 342 103 30 12 424 1937—June 1,489 55 161 214 1,217 266 92 25 13 397 December... 985 34 108 232 688 278 85 26 10 355 1938—June 774 27 88 215 495 258 89 22 11 298 December... 991 32 106 190 754 247 60 22 5 305 1939—June 834 25 73 178 570 230 70 21 6 280 December... 906 16 78 207 637 266 69 23 7 277 1940—June 653 12 58 223 376 267 62 22 5 269 December... 677 12 99 204 427 281 54 22 S 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 15 212 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—June 809 7 399 370 498 651 120 24 17 314 July •745 3442 3653 August 3723 3 377 '647 September. . •631 '305 8 729 October 3 583 '253 »72O November. . '571 '238 '723 December... 537 5 311 453 217 693 118 30 10 289 1947—January.... •533 '210 •687 February... 3573 3217 '681 March...... '576 3216 3 677 April , '553 3 205 8 665 May. ...... 3 530 3 201 3 652 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): March, 65; April, 62; May, 63. 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. 884 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 e h k r , , or m 4 m p c - o a o e t n p o r m t e c - h r i 6 a , s - l 1 a a b d c n e a a 9 c r c n 0 y e s e k ' p s s 1 - , t- ch n l c a o r a e a e l a n w s - l n l 3 g - e m b o i 3 l n - ls t ' h 9 d c m - o c e e t f a o r o b t t n i t i e n e t f 1 s h i d - 2 - - - 3 t i a s - y s x t e o u a a e b r 5 s l - e 4 1 T 9 o c t i a ti l es Y N C o e i r t w y k e 7 E N r c a n O o i s t r t t i a t e h e h n r s e - d n r 1 W e 1 r c n e S i s t 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 1.33 1939 average 2.78 2.07 2.87 3.51 1945 average.... .75 .44 1.00 .375 .81 1.18 1940 average 2.63 2.04 2.56 3.38 1946 average .81 ,61 1.16 .375 .82 1.15 1941 average 2.54 1 97 2.55 3.19 1942 average 2.61 2.07 3.26 1946—June .75 .50 1.00 .375 .8$ 1.15 1943 average 2.72 2.30 3.13 July....... .77 .59 1.00 .375 .84 1.13 1944 average 2.59 2.11 3.02 August .81 .71 1.38 .375 .84 1.14 1945 average 2.39 i 99 2.73 September. .81 .81 1.38 .375 85 1.22 1946 average 2.34 1 82 2.85 October .88 .81 1.38 .375 .83 1.24 November. .94 .81 1.38 .376 .84 1.22 1943—June 3.00 2 70 2.98 3.38 December.. 1.00 .81 1.38 .375 .85 1.22 September 2.48 2 OS 2.71 2.73 December.. 2.65 2 !0 2.76 3.17 1947—January... LOO .81 1.38 .376 .84 1.18 February.. LOO .81 1.38 .376 .85 1.18 1944—March 2.63 2 10 2.75 3.12 March.... LOO 81 1.38 .376 .82 1.17 June 2.63 2.23 2.55 3.18 April LOO .8! 1.38 .376 .83 1.17 September. 2.69 2.18 2.82 3.14 May , , LOO .81 t.38 .376 .85 L19 December.. 2.39 1.93 2.61 2.65 June .00 .81 1.38 .376 .85 .21 1945—March 2.53 1.99 2.73 .91 Week ending: June 2.50 2.20 2.55 80 J M u a n y e 31 7 . . . . . . 1 1 1 1 3 3 / / 1 1 6 6 1 \\ i- yA\ - y \y *2 .3 3 7 7 6 6 . . 8 8 5 5 L L. 1 1 9 9 S D e e p c t e e m m b b e e r r . . . 2 2 . . 4 0 5 9 2 1. . 7 0 1 5 2 2 . . 2 5 3 3 . . 8 3 1 8 June 14... 1 13/16 iH-iH .376 85 L21 June 21... 1 13/16 IK-IK .376 .85 L22 1946—March..... 2.31 1.75 2.34 2.93 June 28... 1 13/16 IK-IK .376 .85 L22 June 2.41 1.84 2.51 2.97 September. 2.32 1.83 2.43 2.75 December.. 2.33 1.85 2.43 2.76 1 Monthly figures are averages of weekly prevailing rates. * The average rate on 90-day stock exchange time loans was 1.50 1947—March . 2.31 1.82 2.37 2.80 pe 1 r c R e a n t t e b o e n g in n n ew in g i s A su u e g s . o 2 f , f 1 e 9 re 4 d 6 . wi P th r i i n or p t e o r t io h d a . t date it was 1.25 per cent. June.. . 2.38 1.83 2.44 2.95 « 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 1 [Per cent perannum] IT. S. Government Corporate (MoodyY)1 (taxable) Munic- Corpoear, month, or week 15 (h ip ig al h- (h ra ig te h- By ratings By groups 7 to 9 years grade)2 grade)3 Total vears and over Number of issues. 1-5 1-8 5 120 1944 average.. . . 1.94 2.48 86 2.60 3.05 1945 average.... 1.60 2.37 67 2.54 2.87 1946 average 1.45 2.19 64 2.44 2.74 1946—June 2.16 .55 2.42 2.71 July 1.40 2.18 .60 2.41 2.71 August 1 .46 2.23 .65 2.44 2.73 September 1.55 2.28 .75 2.50 2.79 October. . 1 .56 2.26 .84 2.51 2.82 November 1.58 2.25 .80 2.51 2.82 December. 1.56 2.24 .97 2.55 2.83 194 7—January. . 1.51 2.21 .92 2.48 2.79 February. 1.49 2.21 .99 2.48 2. March. . . 1.47 2.19 .02 2.49 2 April 1.47 2.19 .98 2.47 2 May 1.47 2.19 .95 2.46 2 June 1.47 62.22 .92 2.47 2.81 Week ending: May 31. . 1.46 .95 2.46 2.80 June 7.. 1.45 .93 2.46 2.80 June 14. . 1.47 .93 2.47 2.81 72 Tune 21. , 1.48 «2.24 .92 2.47 2.81 72 June 28. . 1.49 2.24 .91 2.47 2.81 2.72 1 Monthly and weekly data are averages of daily figures, except for municipal bonds, which are based on Wednesday figures. -i Standard and Poor's Corporation. 3 U. S. Treasury Department. 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. 15 Number of issues included reduced from 9 to 8 on June 15. Back figures.—See Banking and Monetary Statistics, Tables 128-129, pp. 468-474, and the BULLETIN- for May 1945, pp. 483-490. JULY 1947 885 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SECURITY MARKETS 1 Bond prices Stock prices6 Corporate Common (index, 1935-39 = 100) V of o t lu 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 ) - 3 H gr i a g d h e - Indus- Rail- Public fa D ul e t - ed ferred* Total In tr d i u al s- R ro a a i d l- P ut u i b li l t i y c s s a h n a d r s e s o ) f Total trial road utility Number of issues 15 15 50 10 20 20 15 15 402 354 20 28 1944 average 100.25 135.7 120.9 114.7 120.5 107.3 116.3 59.2 175.7 100 102 101 90 971 1945 average 102.04 139.6 122.1 117.9 122.2 115.1 116.3 75.4 189.1 122 123 137 106 1,443 1946 average 104.77 140.1 123.4 118.5 123.6 117.0 114.9 76.7 198.5 140 143 143 120 1,390 1946—June 105.28 142.0 123.9 119.5 123.9 118.7 116.0 83.2 202.4 153 157 162 130 1,086 July 104.87 140.9 124.0 119.1 123.4 118.5 115.3 80.0 204.1 150 153 154 128 936 August 104.11 140.0 123.8 119.0 124.0 117.7 115.4 78.8 203.4 146 150 147 125 946 September 103.25 137.8 122.8 117.4 123.3 114.3 114.7 65.4 196.2 125 129 119 110 2,173 October 103.58 136.0 121.8 115.8 122.2 112.3 112.9 62.7 191.6 122 126 110 107 1,256 November 103.71 136.8 121.6 115.9 122.5 112.7 112.6 63.6 189.3 121 124 113 106 1,191 December 103.87 133.4 121.5 115.9 123.0 112.9 111.9 67.7 186.2 126 129 119 110 1,320 1947—January 104.32 134.4 122.6 116.3 123.5 114.3 111.2 68.3 187.3 125 129 115 111 998 February 104.35 133.1 122.7 116.8 123.7 114.3 112.4 69.3 189.0 129 133 119 111 1,176 March 104.61 132.5 122.4 116.6 123.7 113.6 112.5 66.0 188.1 124 128 110 107 841 April 104.57 133.2 122.8 116.5 123.5 113.2 112.7 64.0 186.5 119 123 102 105 912 May 104.48 133.9 122.9 115.0 123.2 109.2 112.5 61.9 186.2 115 119 95 102 912 June 104.08 134.4 122.8 U4.3 122.6 107.3 113.0 63.4 186.2 119 124 98 101 833 Week ending: 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 Tune 7 104.41 134.2 122.9 114.3 123.2 107.1 112.7 61.3 186.2 116 120 95 102 642 June 14 104.20 134.2 122.8 114.4 122.9 107.3 112.8 62.4 185.7 120 124 97 102 912 Tune 21 8103.95 134.4 122.7 114.0 122.0 107.1 112.9 63.8 186.2 120 126 99 99 942 June 28 103.81 134.6 122.7 114.5 122.3 107.7 113.5 65.4 186.7 121 126 100 101 867 1 Monthly and weekly data are averages of daily figures, except for municipal bonds and for stocks, which are based on Wednesday figures. 8 Average of taxable bonds due or callable in 15 years and over. • Prices derived from average yields, as computed by Standard and Poor's Corporation, on basis of a 4 per cent 20-year bond. • Prices derived from averages of median yields, as computed by Standard and Poor's Corporation. 1 Standard and Poor's Corporation. • Prices derived from averages of median yields on noncallable high-grade stocks on basis of a $7 annual dividend. T Average daily volume of trading in stocks on the New York Stock Exchange. 8 Number of issues included reduced from 9 to 8 on June 15. Back figures.See Banking and Monetary Statistics, Tables 130, 133, 134, and 136, pp. 475, 479, 482, and 486, respectively, and the BULLETIW for May 1945, pp. 483-490. NEW SECURITY ISSUES [In millions of dollars] For new capital For refunding Total Domestic Domestic Year or month f ( u a i n r n n n e e g d d - w ) - m T e ( a f i o d o e g n s t r o d n a - t - ) i l c Total S n m a p t i n a c a u d t i l - e - a F c e g i e r e e a d 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 ig o n r- * m T e a ( f i o o d e n g s r t o d n a - t - ) i l c Total S n m a p t i n a c a u d t i l - e - a F c e g i e r e e a d 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 - 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 ,138 2,094 712 157 1,225 817 408 44 1,799 1,680 191 281 1,209 856 352 119 1938 4,449 ,360 2,325 971 481 873 807 67 35 2,089 2,061 129 665 1,267 1,236 31 28 1939 5,790 2,277 2,239 931 924 383 287 97 38 3,513 3,465 195 1,537 1,733 1,596 137 48 1940 4,803 1,951 1,948 751 461 736 601 135 2 2,852 2,852 482 344 2,026 1,834 193 1941 5,546 2,854 2,852 518 1,272 1,062 889 173 1 2,693 2,689 435 698 1,557 1,430 126 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 1,532 1,442 259 497 685 603 82 90 1944 4,216 913 896 235 15 646 422 224 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 6,219 6,173 324 912 4,937 4,281 656 46 1946 8,581 4,588 4,579 952 121 3,5062,038 1,468 3,993 3,863 208 741 2,914 2,313 601 130 1946—May 1,022 294 286 103 7 176 83 93 728 728 47 17 664 536 127 June 817 429 429 108 9 312 115 197 388 388 16 41 331 266 65 July 981 493 493 124 369 184 184 488 436 8 33 395 324 71 52 August... 560 419 419 64 354 196 159 141 126 1 33 93 39 53 15 September 441 242 242 71 170 96 75 200 200 17 38 143 1 October. . 562 363 363 49 47 267 223 43 199 199 1 133 65 36 29 November 761 659 659 69 590 444 145 102 102 2 13 86 68 19 December 993 788 788 119 669 544 125 205 190 50 34 105 79 27 15 1947—January.. 636 498 487 215 252 208 44 139 135 11 22 103 84 18 4 February. 387 249 249 96 118 75 44 139 56 1 24 31 8 22 83 March. . . 855 635 614 293 310 265 44 220 191 2 50 140 136 4 29 April 880 779 773 397 376 240 136 101 96 3 20 73 39 34 5 May 697 345 330 103 212 80 132 352 352 1 33 31 227 91 1 Includes publicly offered issues of Federal credit agencies, but excludes direct obligations of U. S. Treasury. 1 Includes issues of noncontiguous U. S. Territories and Possessions. Source.—For domestic issues, Commercial and Financial Chronicle; for foreign issues, U. S. Department of Commerce, Monthly figures •ubject to revision. Back figures.—See Banking and Monetary Statistics, Table 137, p. 487. 886 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NEW CORPORATE SECURITY ISSUES * PROPOSED USES OF PROCEEDS, ALL ISSUERS [In millions of dollars] Proposed uses of net proceeds Year or month Est g i r m os a s ted Esti n m e a t ted New money Retirement of securities proceeds2 proceeds8 Repa o y f ment Other Total P eq la u n ip t m an en d t 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 4941 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—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 May. 446 437 180 109 71 232 198 34 19 7 PROPOSED USES OF PROCEEDS, BY MAJOR GROUPS OF ISSUERS [In millions of dollars] Railroad Publicutility Industrial Other Year or month Total Retire- All Total Retire- All Total Retire- All Total Retire- All net New ment of other net New ment of other net New ment of other net New ment of other pro- money securi- pur- pro- money securi- pur- pro- money securi- pur- pro- money securi- purceeds ties poses4 ceeds ties poses4 ceeds ties poses4 ceeds ties poses4 1934 172 21 120 31 130 11 77 42 62 25 34 2 20 19 1935 120 57 54 10 1,250 30 1,190 30 774 74 550 150 122 46 72 4 1936 774 139 558 77 ]1,987 63 1,897 27 1,280 439 761 80 390 218 152 20 1937 338 228 110 1 751 89 611 50 1,079 616 373 90 71 57 7 7 1938 54 24 30 1,208 180 943 86 831 469 226 136 16 8 7 1 1939 182 85 97 L.246 43 1,157 47 584 188 353 43 102 9 88 5 1940 319 115 186 18 1,180 245 922 13 961 167 738 56 155 42 9 104 1941 361 253 108 340 317 993 30 828 244 463 121 94 55 18 21 1942 47 32 15 464 145 292 27 527 293 89 146 4 4 1943 160 46 114 469 22 423 25 497 228 199 71 21 13 4 4 1944 602 102 500 1,400 40 1,343 17 1,033 454 504 76 107 61 42 3 1945 1,436 115 1,320 2,291 69 2,159 63 1,969 811 1,010 148 206 85 65 56 1946 693 129 560 3 2,052 761 1,207 83 3,355 2,000 903 451 258 113 56 89 1946—j^ay 76 7 69 424 5 408 11 289 127 137 25 37 14 17 6 June •• 35 9 26 179 10 134 35 405 206 153 45 24 20 4 July 9 8 i 338 181 156 1 325 131 150 44 31 6 **25* August 3 3 41 6 33 2 422 326 80 16 53 9 1 42 September.. 19 16 3 111 13 86 12 130 108 9 13 1 1 October 40 21 19 124 108 17 210 71 12 127 3 3 November 18 18 61 18 33 10 530 470 48 12 8 5 3 December.. 47 35 10 2 483 411 72 226 145 17 64 52 32 15 4 1947—January... . 33 28 5 43 14 26 3 229 136 84 9 11 5 5 1 February... 8 7 2 67 47 18 2 119 95 8 16 66 58 6 2 March 12 9 1 2 332 223 107 2 90 52 5 33 9 1 8 ^pril .. 17 17 93 30 61 2 328 204 24 99 3 3 May 37 15 22 225 31 179 16 165 129 26 10 10 5 5 1 Estimates of new issues sold for cash in the United States. 2 Gross proceeds are derived by multiplying principal amounts or number of units by offering price. »Estimated net proceeds are equal to estimated gross proceeds less cost of flotation, i.e., compensation to underwriters, agents, etc., and expenses. * Includes repayment of other debt and other purposes. Source.—Securities and Exchange Commission; for compilation of back figures, see Banking and Monetary Statistics (Table 138, p. 491), a publication of the Board of Governors. 887 JULY 1947 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 andmining Dividends Year or quarter Mis- Total s I a t r n e o e d n l c M e h r i a y n - - t b o A m i u le - o s - e t p O m r q t o i a t u e r o h n n t i n e p a s t r - - - f m e p N u a r r e o c n r o t o t n d a d s u - l - s s O g d o b u t o h l r e d a e s - r t F b o a o a e b g v n o a e e d d c s r c , s - o , p r r a e i i O o n n f n d i i g g d n l u - c- c I h n t c r e d a i m l a u s l s i- - O d g n o b u t o o h l r n e d a e - - s r n i c s c e e e e l r o s l v a u - s - s pr N o e fi 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 1 1 9 9 4 4 5 6 3 1 2 , , 9 5 2 4 5 5 1 2 8 8 8 3 3 1 1 6 7 3 1 2 1 4 3 3 0 1 1 6 2 9 7 1 1 0 3 8 6 31 8 6 8 5 3 1 5 9 6 9 2 28 2 1 3 2 18 7 7 3 3 1 0 5 2 4 2 32 0 1 3 31, 9 1 8 3 9 9 8 8 2 5 6 65 1 7 2 Quarterly 1944—i 444 47 40 52 «52 29 20 38 49 42 36 39 224 21 142 4 2 3 .... 5 4 47 1 5 5 9 8 5 4 4 6 7 5 3 4 5 8 0 5 5 5 5 5 5 9 4 4 4 4 4 4 3 7 7 2 2 3 8 0 8 2 2 2 2 1 5 4 4 4 5 3 9 5 5 6 6 2 4 4 4 5 9 3 3 3 3 3 7 7 7 5 5 4 2 0 3 2 2 2 7 4 3 4 0 2 2 2 2 0 2 3 1 1 1 3 4 8 7 9 4 1945—i 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 4 36 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—1 323 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 4 38 41 41 93 77 67 77 93 310 20 149 4 3853 97 361 102 4 44 50 3 57 124 85 77 91 66 3 415 21 209 1947—1 875 124 69 99 4 46 45 51 103 89 89 97 64 424 20 168 PUBLIC UTILITY CORPORATIONS [In millions of dollars] Railroad » Electric power 6 Telephone' Year or quarter r O e p v in e e r n g a u t e - I i b n n t e c c a f o o x o m m * re e e inc N o e m t e1 d D e i n v d i- s r O e p v in e e r n g a u t e - I i b n n t e c c a f o o x o m m » re e e inc N o e m t e1 d D e i n v d i- s r O e p v in e e r n g a u t e - I i b n n t e c c a f o o x o m m * 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 L,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 L.641 399 174 168 1945 8,902 756 450 246 3,681 905 534 407 L,803 396 177 173 1946 7,627 273 289 235 3,828 953 645 454 L.992 275 200 182 Quarterly 1944—i 2,273 458 152 31 930 265 137 98 400 97 42 42 2 2,363 508 172 55 890 245 127 105 406 101 43 42 3 2,445 550 176 43 882 207 114 95 409 98 43 42 4 2,356 455 168 116 913 185 129 100 426 104 46 43 1945—i 2,277 430 149 31 966 288 142 101 436 115 46 41 2 . . 2,422 514 199 68 909 230 125 95 444 109 45 44 3 2,230 237 127 28 888 205 119 96 449 103 44 43 4 1,973 -426 -25 118 917 181 148 115 474 70 43 46 194(5—i 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 1947—1 2,039 163 86 43 '1.079 289 191 115 527 67 44 41 1 "Net profits" and "net income" refer to income after all charges and taxes and before dividends. r Revised. * Includes 29 companies engaged in wholesale and retail trade (largely department stores), 13 in the amusement industry, 21 in shipping and transportation other than railroads (largely airlines), and 11 companies furnishing scattered types of service. 8 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. s Class I line-haul railroads, covering about 95 per cent of all railroad operations. • 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. 1 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). FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

UNITED STATES GOVERNMENT DEBT—VOLUME AND KIND OF SECURITIES [On basis of daily statements of United States Treasury. In millions of dollars] End of month d T g d i r o r e o t e b s a c t s l t i b n d T e d t i a o e r e r t r e b i a e c n t l s t g t- Total' T M re b a a il r s l k u s e ry tab c C i l e n e a d e t d r n e p e t s e u i b f s b o t i s - - l f ic T is r n s e u o a e t s s e u 1 s ry T b re o a n s d u s ry N T o o n t m al a ' rke s t b a a U b o v . n i l n e S d g . s p s ub T l t s i a r a c n e x v < a i i s s a n s t u n g u e r d s s e y s S i p ss e u c e ia s l i b n N e d t a e e o r r b n i e n t - s g t- s t g b e t e c u F e e e u a a r u d r r e 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 3^096 6.689 38.085 13,510 10,188 3,015 7,885 454 4,548 Dec, 108,170 107,308 76,488 6,627 10,534 9,863 49,268 21.788 15,050 6,384 9,032 862 4,283 1943—June 136,696 135,380 95,310 11,864 16,561 9,168 57,520 29,200 21,256 7,495 10,871 1,316 4,092 Dec. 165,877 164,508 115,230 13,072 22,843 11,175 67,944 36,574 27,363 8,586 12,703 1,370 4,225 1944—June 201,003 199,543 140,401 14,734 28,822 17.405 79,244 44,855 34,606 9.557 14,287 1,460 1,516 Dec. 230,630 228,891 161,648 16,428 30,401 23,039 91,585 50,917 40.361 9.843 16,326 L, 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—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 1946—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 13,351 119.32? 56,343 49,709 5,978 24,254 1,352 362 Dec 259,149 257,640 176.613 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 J.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 5,324 175 Aor 257,701 254,427 170,535 16,610 26,294 8,142 119,323 58,612 51,117 5,477 25,280 5,275 171 May 258,343 254.975 169,926 16,002 26,294 8,142 119,323 58,863 51,240 5,525 26,186 5,368 171 June.... 258,286 255,113 168,702 15,775 25,296 8,142 119,323 59,045 51,367 5,560 27,366 5,173 83 1 Including amounts held by Government agencies and trust funds, which aggregated 5,919 million dollars on May 31, 1947. * Total marketable public issues includes Postal Savings and prewar bonds, and total nonmarketable public issues includes adjusted £ 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 JUNE 30, 1947 [In millions of dollarsl (On basis of daily statements of United States Treasury. In millions of dollars] Funds received from sales during Redemp- Amount tions and out- penou maturities Issue and coupon rate Amount Issue and coupon rate Amount Month a s t t a e n n d d i o n f g month All Series Series Series All Treasury bills * Treasury bonds—Cont. series E F G series July 3,1947 1,303 Dec. 15, 1949-52 2..3" ' 491 J J u u l l y y 1 1 0 7 , , 1 1 9 9 4 4 7 7 1 1 , , 3 1 1 0 4 8 D M e a c r . . 1 1 5 5 , , 1 1 9 9 4 5 9 0 - - 5 5 3 2 2 .. . 1 1 , , 9 78 6 6 3 Fiscal year July 24, 1947 1,100 Sept. 15, 1950-52 2. 1.186 ending: J A A A A S u e u u u u l p g y g g g t . . . . . 3 2 2 1 1 1 8 7 4 4 , , . , , , 1 1 1 1 1 1 9 9 9 9 9 9 4 4 4 4 4 4 7 7 7 7 7 7 1 1 1 1 1 1 , , , , , , 3 3 1 2 2 1 1 0 1 0 0 0 1 7 2 2 3 0 S J S S D D u e e e e e n p p p c c e t t t . . . . . 1 1 1 1 1 1 5 5 5 5 5 5 , , , , . , 1 1 1 1 1 1 9 9 9 9 9 9 5 5 5 5 5 5 0 1 1 1 1 0 - - - - - 5 5 5 5 5 5 3 3 4 2 2 2 . 2 . . . . .2 .. . . K 3 2 4 2 7 1 1 , , . , , 1 6 9 6 9 7 1 2 3 3 8 5 8 7 9 5 6 5 June— 1 1 1 1 1 1 9 9 9 9 9 9 4 4 4 4 4 4 1 3 5 4 0 2 . . . . . . . . . . . . 3 4 2 1 4 2 4 5 1 0 , , , , , . 3 9 6 5 2 1 1 0 0 8 5 8 4 6 6 5 6 8 1 1 1 4 1 5 5 1 1 , , , . , , 4 9 8 1 4 7 9 9 0 9 8 9 2 1 9 4 9 8 1 1 1 1 3 8 5 2 5 8 2 5 0 2 2 7 3 3 0 6 1 6 4 8 7 7 0 3 6 5 9 2 5 7 8 2 2 2 2 3 0 8 6 7 3 9 5 7 5 2 5 8 6 9 4 2 , ,3 2 2 1 8 1 7 9 0 4 4 1 1 8 7 8 8 4 S S e e p p t t . . 1 18 1 . , 1 1 9 9 4 4 7 7 1 1 , , 3 30 0 5 3 D M e a c r . . 1 1 5 5 , , 1 19 9 5 5 1 2 - - 5 5 5 4 ... 2^ 2 1,0 5 2 1 4 0 1 1 9 9 4 4 7 6 . . . . 4 51 9 , , 3 0 6 3 7 5 9 7, . 2 6 0 1 8 ? 4 6.7 3 3 0 9 3 3 4 5 0 8 7 2 2 4 5 6 4 5 6 5 6, , 7 5 1 4 7 5 Sept. 25, 1947... 1 ,104 June 15, 1952-54 2 5.825 1946—June.. 49,035 571 321 24 226 519 June 15. 1952-55...2 % 1,501 July... 49.320 753 386 31 335 537 Cert, of indebtedness Dec. 15, 1952-54 2 8,662 Aug... . 49,477 590 347 25 217 478 July 1, 1947 2.916 June 15, 1953-55 2.... 2 725 Sept.... 49,545 494 309 20 165 482 Aug. 1, 1947 1.223 June 15. 1954-56 2.. 2^ 681 Oct 49,624 519 327 24 169 489 Sept. 1, 1947 2.341 Mar. 15, 1955-60 2.. 2% 2.611 Nov.... 49.709 453 1 294 20 139 418 Oct. 1, 1947 1,440 Mar. 15, 1956-58.. .2^ 1,449 Dec... . 49.776 576 | 370 29 178 504 Nov. 1,1947 1,775 Sept. 15, 1956-59'.. 2% 982 1947—Jan 50.343 952 i 535 53 364 483 Dec. 1, 1947 3.281 Sept. 15, 1956-59... 2 % 3,823 Feb... . 50,717 712 | 394 41 278 398 Jan. 1, 1948 3.134 June 15, 1958-63 2..2 % 919 Mar.... 50,945 616 372 35 209 449 Feb. 1, 1948 3.947 June 15, 1959-62-*..2 % 5.284 Apr. ... 51,117 572 349 33 191 455 Mar. 1. 1948 2.142 Dec. 15, 1959-62 1.. 2% 3,470 May.. . 51.240 488 305 25 158 421 Apr. 1, 1948 Y 1,321 Dec. 15, 1960-65 2..2" 1,485 June.. . 51,367 482 317 22 143 433 June 1, 1948. J 1,777 June 15, 1962-67 1..2 2.118 Dec. 15, 1963-68 K.2 2,831 Maturities and amounts outstanding June 30, 194 June 15, 1964-69 4.. 2 3,761 T S S S r e e e e p p p a t t t s . . . u 1 1 1 r 5 5 5 y , , , 1 1 1 n 9 9 9 o 4 4 4 t 7 7 8 e s I 1 1 H H 3 2 1 . , .6 7 7 8 0 4 7 7 8 D M M Ju e a a n c r r e . . . 1 1 1 1 5 5 5 5 , , , , 1 1 1 1 9 9 9 9 6 6 6 6 6 4 5 7 - - - - 7 6 7 7 1 9 0 2 4 4 4 4 . . . . . . . 2 . 2 2 2 - } / ^ _ 2 3 5 3 7 . , , . 4 1 8 9 8 9 3 6 1 7 8 7 m Y a e t a u r r i o t f y se A ri l e l s S C e - r D ies Se E ries Se F ries Se G ries Treasury Bonds S D e e p c t . . 1 1 5 5 . . 1 1 9 9 6 6 7 7 - - 7 7 2 2 . 4 .. . . 2 2 V H 2 1 2 1 , , 7 6 1 8 6 9 1 1 9 9 4 4 7 8 5 2 0 3 7 9 2 50 3 7 9 O D c e t c . . 1 1 5 5 . , 1947-52 2 AH 4 7 7 0 5 1 9 Postal Savings 1 19 9 5 4 0 9 8 9 1 7 1 8 9 81 7 1 8 Mar. 15, 19472 2 1,115 bonds 2% 116 1951 1,580 434 1,146 S J M u e a n p r e t . . 1 1 1 5 5 5 , , . 1 1 19 9 9 4 4 4 8 8 8 - - 5 5 0 1 2 .2 2 3 1 , , 0 2 4 2 6 5 3 2 1 Pan T a o m ta a l C di a re n c a t l i L ss o u a es n. 3 168,7 5 0 0 2 1 1 1 9 9 9 5 5 5 2 4 3 1 4 7 0 , , 3 8 2 8 4 6 7 9 2 4 6 7 , , , 3 5 5 8 2 0 7 2 6 2 54 0 6 8" " 2 1 , , 1 1 9 3 4 6" Dec. 15. 19482 571 1955 9,038 6,146 603 2,289 June 15, 1948-50 2 1.014 Guaranteed securities 1956 6,650 3,337 683 2,629 Sept. 15. 1949-51 1,292 Federal Housing Admin. 1957 4,746 1,813 546 2,386 Dec. 15, 1949-51 2,098 Various 19S8 2,914 318 2,597 1949-51 2 1959 .... 1,456 193 1,263 Unclassified. . -51 1 Sold on discount basis. See table on Open-Market Money Rates, p. 885. 2 Partially tax exempt. Total 51,367 2,968 30.858 3.098 14,494 * Called for redemption on Oct. 15, 1947. * Restricted. 889 JULY 1947 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES, DIRECT AND FULLY GUARANTEED [Estimates of the Treasury Department. Par value, in millions of dollars] Held by banks Held by nonbank investors End of month s i b e n T c e t u e a o r r r t e i i a t n s l i g t e - s Total b m C a e n o r k m c s ia - * l R F B e e a d s n e e r k r v a s e l Total vi I d n u d a i- ls p I c a n a o n s n m c u ie e r - - s M s b a a v u n i t n u k g a s s l a r c O s a t o a s i t t o o r i n h p o n c d e o n i s r a - s - m S l g e a o t e o r n c a n n v d a t - t e - l s a S U m n p d . e e c n S t i t r . a u l a G s g t o e P v n f e u u c r b i n n e d l s - i s c 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 20,000 100 12,703 4,242 1944—June 201,059 83,301 68,400 14,901 117,758 45,100 17,300 7,300 25,800 200 14,287 4,810 December 230,361 96,546 77,700 18,846 133,815 52,200 19,600 8,300 27,600 300 16,326 5,348 1945—June 256,766 105,992 '84,200 21,792 150,774 58,500 22,700 9,600 •29,800 5,300 18,812 6,128 December 276,246 115,062 '90,800 24,262 161,184 63,500 24,400 10,700 -29,100 6,500 20,000 7,048 1946—June 268,578 108.183 '84,400 23,783 160,395 62,900 25,300 11,500 -25,200 6,500 22,332 6,798 1946—September... 264,608 104,249 '80,200 24,049 160,359 '62,800 25,400 11,700 '23,700 6,300 23,854 6,524 October 262,792 102,818 '79,300 23,518 159,974 '62,900 25,400 11,700 '23,300 6,300 24,015 6,419 November. .. 261,286 101,244 '77,300 23,944 160,042 '63,200 25,300 11,700 '23,000 6,200 24,254 6,355 December 257,980 '97,850 '74,500 23,350 160,130 '63,500 25,300 11,800 '22,400 6,200 24,585 6,338 1947—January 258,640 '•97,841 '73,900 23,941 160,779 '64,200 25,400 11,900 '22,000 6,200 24,777 6,389 February.... 258,294 '96,817 '72,700 24,117 161,477 '64,700 25,400 12,000 '21,900 6,200 24,938 6,374 March 255,976 '94,093 '71,500 22,593 '161,883 65,200 25,100 12,000 '21,700 6,300 25,183 6,388 April 254,598 93,557 71,700 21,857 161,041 65,400 25,100 12,000 20,500 6,300 25,280 6,268 r Revised. 1 Including holdings by banks in territories and insular possessions, amounting to 100 million dollars on June 30, 1942, and 500 million on Mar. 31, 1947. SUMMARY DATA FROM TREASURY SURVEY OF OWNERSHIP OF SECURITIES ISSUED OR GUARANTEED BY THE UNITED STATES * [Public marketable securities. In millions of dollars] U. S. U. S. Gov- Gov- Total m er e n n - t F e e ra d l - C m o e m r- - M tua u l - Insur- Total m er e n n - t F e e ra d l - C m o e m r- - M tua u l - Insur- End of month out- agen- Re- cial sav- ance Other End of month out- agen- Re- cial sav- ance Other stand- cies serve banks ings com- stand- cies serve banks ings coming and Banks banks panies ing and Banks C1) banks panies trust trust funds funds Type of Treasury bonds security: and notes, due or callable: Total:' Within 1 year: 1944—Dec 162,843 5,33818,84672,045 8,183 18,76139,670 1944—Dec 6,737 83 646 4,016 34 171 1,790 1945—Dec 198,820 7,00924,26282,83010,49123,18351,046 1945—Dec 15,222 185 2,017 9,956 63 235 2,761 1946—June 189,649 6,76823,78376,57811,22024,28547,015 1946—June 10,119 4 1,431 5,655 116 495 2,418 Dec 176,658 6,30223,35066,962 11,52124,34644,177 Dec 7,802 29 72 4,341 181 591 2,591 1947—Mar 172,507 6,35222,59364,263 11,68924,06143,549 1947—Mar.. . . 8,193 83 209 5,079 234 306 2,284 Apr 170,581 6,27821,85764,368 11,69624,09742,284 Apr 8,193 83 209 5,049 251 311 2,294 Tr 1 e 9 as 4 u 4 r — y D bi e l c ls: 16,428 6 11,148 4,113 1 1 1,159 1 1 -5 9 4 y 4 e — ar D s: ec 34,965 580 1,55723,490 866 1,884 6,589 1945—Dec 17,037 5 12,831 2,476 1 1,723 1945—Dec 35,376 408 693 25,165 701 1,742 6,673 1946—June.... 17,039 3 14,466 1,142 3 1 1,424 1946—June 35,055 443 797 25,285 709 1,506 6,319 Dec 17,033 214,745 1,187 11 1,088 Dec 39,570 576 831 28,470 1,047 2,101 6,550 1947—Mar.. . . 17,038 15 15,090 681 3 6 1,243 1947—Mar 38,257 575 692 27,001 1,248 2,158 6,583 Apr 16,610 18 15,101 928 1 562 Apr 38,257 533 692 26,986 1,244 2,151 6,646 Ce 1 rt 9 i 4 fi 4 c — ate D s e : c 30,401 62 4,88715,032 136 310 9,974 5- 1 1 9 0 4 4 y — ea D rs e : c 37,909 725 366 19,953 3,447 3,787 9,631 1945—Dec 38,155 38 8,36418,091 91 360 11,211 1945—Dec 33,025 787 210 21 007 2,058 2,902 6,063 1946—June.... 34,804 58 6,813 16,676 243 576 10,439 1946—June 32,847 716 135 21,933 1,609 2,822 5,632 Dec 29,987 64 7,49611,221 257 490 10,459 Dec 27,283 529 72 16,657 2,042 2,826 5,156 1947—Mar.. . . 27,792 87 6,399 9,991 292 449 10,574 1947—Mar.. . . 26,258 479 72 16,415 1,794 2,741 4,758 Apr 26,294 86 5,651 9,837 293 447 9,980 Apr 26,258 473 7216,485 1,750 2,768 4,710 Treasury notes: 10-20 years: 1944—Dec 23,039 60 1,566 15,411 336 568 5,098 1944—Dec 23,817 2,098 145 3,391 3,186 8,204 6,793 1945—Dec 22,967 8 2,12015,701 179 576 4,383 1945—Dec 34,985 2,779 90 3,691 5,52310,99611,905 1946—June.... 18,261 9 1,748 11,396 227 623 4,258 1946—June 37,189 3,400 83 3,308 6,02612,54711,829 Tre 1 a 9 s 4 u 7 r — y A D M b p e o a c r n r ds: 1 8 8 0 , , , 1 1 0 4 4 9 2 2 0 1 1 6 1 2 3 3 3 5 5 5 2 2 5 5 6 5 , , , 1 1 0 2 2 5 2 0 1 2 1 1 1 6 5 1 2 4 6 2 2 0 7 7 3 6 9 2 2 2 , , , 7 2 2 9 2 8 6 4 9 Af 1 te 9 r 4 7 2 — 0 A y D M e p e a a c r r rs: 3 3 32 2 2 , , , 3 3 3 8 8 8 4 4 4 2 2 2 , , , 9 9 9 7 6 7 5 3 5 7 7 7 8 8 8 2 2 2 , , , 4 4 4 4 4 3 8 0 3 5 5 5 , , , 3 3 3 5 0 2 7 3 9 1 1 1 1 1 1 , , , 7 7 7 5 0 4 8 8 6 9 9 9 , , , 8 8 7 1 8 8 5 6 2 1 1 1 1 9 9 9 9 4 4 4 4 4 5 7 6 — — — — A D D D M J p e e e u a c r c c n r e.... 1 1 1 1 1 9 1 1 2 1 1 1 9 9 0 9 9 , , , , , , 5 3 3 4 3 3 8 2 2 2 2 2 5 3 3 3 3 3 5 6 6 6 6 6 , , , , , , 1 1 9 1 1 6 9 1 1 8 7 5 2 6 5 6 3 5 1,2 9 7 7 7 7 4 4 5 5 5 5 3 7 5 3 3 3 4 4 4 4 3 4 8 8 7 6 6 8 , , , , , , 4 5 3 5 5 4 4 2 3 3 0 0 2 6 5 5 8 8 1 1 1 1 1 7 0 0 1 1 1 , , , , , , 7 2 2 2 7 0 1 0 3 3 4 4 7 7 4 6 3 9 2 2 2 1 2 2 2 3 3 7 3 3 , , , , , , 2 8 0 3 2 3 5 3 7 5 2 1 9 0 3 9 6 1 2 3 3 2 2 2 3 3 0 9 9 9 , , , , , , 5 0 7 3 3 7 7 9 6 8 3 0 9 8 4 8 3 0 1 1 1 1 9 9 9 9 4 4 4 4 4 5 6 7 — — — — D D D A J M u e e p e n a c c c r r e 2 2 2 2 1 2 4 2 2 2 2 1 , , , , , , 7 3 3 3 3 1 7 8 7 7 7 9 2 1 2 2 2 4 2 2 1 2 2 2 , , , , , , 7 7 1 0 0 0 4 6 0 9 8 7 8 3 4 1 4 6 9 5 5 5 5 5 5 7 7 5 5 5 2 2 2 2 2 1 , , , , , , 0 5 4 6 6 6 6 1 5 3 3 1 6 8 0 1 1 2 2 2 2 2 2 , , , , , 0 5 7 7 6 5 5 1 8 8 9 0 1 0 7 7 7 9 4 6 6 6 6 6 , , , , , , 6 3 3 6 6 9 0 8 2 4 3 3 1 2 5 2 9 31 3 8 8 8 8 0 , , , , , , 1 3 3 1 8 5 6 1 9 9 2 5 9 3 0 4 6 9 * Figures include only holdings by institutions or agencies from which reports are received. Data for commercial banks, mutual savings banks and the residual "other" are not entirely comparable from month to month. Since June 1943 the coverage by the survey of commercial banks has been expanded. Figures in column headed "other" include holdings by nonreporting banks and insurance companies as well as by other investors. Estimates of total holdings (including relatively small amounts of nonmarketable issues) by all banks and all insurance companies for certain dates are shown in the table above. 1 Including stock savings banks. « Including Postal Savings and prewar bonds and a small amount of Guaranteed securities, not shown separately below. 890 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 2 m - e O ta t x h e e s r 1 n i c r M n n e e e n u t v l o a i e l e s e u l a r - 1 - - - s S S t r a o e i x c c ty i e u a s - l O ce r t i e h p - e t r s c T e r o i e p t - a t l s ce N i r p e e t - t s* d t I e o e e n s n r b t - - t a f W i a c e d t n i n t e e i a d s - v s r e - j j j [ T c f t o e r e r a u a t u r c c s n n s - . t t s t s - o O p tu e e t n r h x e d - e s r i- e b i x T u t p u o d e r t g e n a e ! l d t - s B ( d u + e u r ) f d p i c g l o u i e t s r t c ~ l e o r t u c u ' n 4 s t t s ! ! ! i G b I d f n e a d u u c n l e n r a r e c i d e n n r r a c a e g l s e a e s p e e ( G r + ( d i — o r ) e o d b ) o s t s r Fiscal year ending: June 1945 10,289 24,884 6,949 1,793 3 824 47,740 46 457 3,617190,029| 1,646 5,106 100,397 -53,941 + 791J +4,529+57,679 June 1946... , 9,392 21,493 7,725 1,714 3 915 44,239 43,038 4,722148,542, 1,918 8,532 63.714 -20,676 -524j -10.460+10,740 June 1947 . 10,013 19,292 8,049 2,,039 5 309 44,703 43,2594,958 17,142 1,355 19,051 42,505 + 754 -548j-10,930--11,136 1946—June 650 2,742 615 399 4,482 4,479 1,395 2,442 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 +234J -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 + 156J -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 l,580J 1,110 3,662 +445 -480| -3,163 -3,128 1947—January, .. 546 2,117 693 58 445 3,860 343i 1,412; 71 1,288 3,113 +706 -125! +1,210 +628 February.., 1,376 1,845 666 387 368 4,643 124 1,457 2,318 3,914 +464 +317i +2,422 +1,642 March .... 785 3,865 682 118 275 5,724 626 1,428! 1,544 +2,102 -33! -224 -2,294 April. ..... 584 1,012 638 75 315 2,624 2,556 141 1,728! 2,085 -1,445 +269| -2,598 -1,423 May 1,218 400 595 365 625 3,204 2,865 92 1.327 432 2,000 -987 +99i -245 +642 June 778 2,492 602 1251,484 5,480 5,473 1,396 1,493 18 2,632 -67 -634 -758 -57 Details of trust accounts, etc. General fund of the Treasury (end of period) Social Security accounts Net ex- Other Assets penditures Period c N e r i e e p - t ts I m n e v n e t s s t- p t e u E n r x e d - s i- i c G n o i n m o u c g v n h e e t a e n s r c c t n o - k - f - ce R i e p - ts I m nv e e n s ts t- p t e u E n r x e d - s i- Total F p e D o d i s n e e i - r ts al s p p D o e i s n c e i i - t a s l a O s t s h e e ts r l T ia t o i b e t i s a li l - B ge f a u n l i n a n e n d ra c l e agencies Reserve deposi- Banks taries Fiscal year ending: June 1945.... 3,239 2,757 453 1,553 3,820 2,444 -938 25,119 1,500 22,622 997 421 24,698 June 1946 2.940 ,261 1,618 95 4,735 2,407 2,817 14,708 1,006 12,993 708 470 14,238 June 1947.... 3,219 ,785 1,493 -196 3,009 3,694 3,730 1,202 962 1,565 422 3,308 1946—June 232 359 140 93 467 253 119 14,708 1,006 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 -33 327 456 110 ,402 989 1,807 1,607 336 4.066 June 246 476 137 90 477 654 3,730 1,202 962 1,565 422 3,308 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 anc and other mis- Excess Period W he it ld h- Other N su o a r r n t m d ax al E pr x o c f e it s s s p O t r a o t x h f e i e t s r s ta g x if e t s cel t l a a x n e e s ous Period in C c a o s m h e o C u a t s g h o c o o f m i n c e a - ( s + h ) or Fiscal year ending: outgo(-0 June—1940 982 1,121 27 360 2,000 1941 1,418 1,852 164 37 407 2,547 Fiscal year ending 1942 3,263 3 069 1,618 57 433 3,405 June—1940 7,019 9,555 -2,536 1943 686 5,944 4,521 5,064 84 447 4,124 1941 9,298 14,031 -4,733 1944 7,823 f0,438 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—May 1,245 175 82 157 3 64 577 1946. 48,103 65,904 -17,800 S J A J O N D u u e u o c e n l p g y t c v e t o u e e e s b m m m t e b b b r e e e .. r r r . . . . . . . . 1 1 1 , , , 3 0 2 8 6 3 3 4 5 3 2 2 9 8 0 0 3 7 1 1 , , 1 0 3 2 4 9 5 7 3 2 7 8 5 8 3 4 0 7 0 6 2 7 7 1 1 1 9 3 5 4 4 2 9 4 2 2 2 2 2 2 9 3 9 9 3 2 1 2 4 7 9 3 0 2 4 0 5 4 8 4 3 1 1 9 6 4 4 3 0 4 5 4 5 6 4 6 7 3 4 8 3 7 2 9 6 6 6 7 6 5 6 5 0 3 0 1 3 4 4 8 2 4 1 6 2 1946— J J A S M O A u u e u p c a l n p y g r t y e i t o u l e b s m t e b r e .. r . . 3 4 2 3 4 2 2 , , , , , , , 4 7 0 7 8 6 9 3 9 1 0 0 9 3 6 6 2 3 3 8 4 5 4 4 2 2 2 2 , , , , , , . 3 0 9 8 9 9 1 8 4 2 5 7 2 8 3 6 3 0 1 8 8 + -1 1 - - - , , 2 3 2 8 + - 7 4 9 3 1 1 8 1 1 7 0 7 9 8 0 1947— F Ja e n b u r a u r a y ry... 1,9 6 7 5 1 7 2 1 , ,0 1 8 96 2 2 1 5 7 0 7 2 1 6 2 6 7 6 3 6 8 6 4 6 5 3 9 9 5 N D o ec v e e m m b b e e r r . . 4 2 , , 2 8 5 9 7 2 2 3 , , 2 6 7 4 6 3 + + 6 6 1 1 4 6 A M M p a a r y r il ch 1 1 , , 0 5 1 2 8 4 8 1 1,9 6 1 6 4 5 7 8 8 1,7 2 1 1 2 7 2 0 8 6 6 8 3 6 0 3 3 2 1 6 6 0 2 8 3 5 5 5 3 7 4 9 2 1 1947— F M J e a a b n r r c u u h a a r r . y y . . . . . . . . 3 5 5 , , , 9 1 9 6 7 4 3 5 8 3 2 3 , , , 3 8 6 5 2 9 2 7 0 + + + 1 2 1 , , , 1 6 4 2 2 7 1 3 4 April 2,862 3,687 -825 May 3,349 3,283 +66 JULY 1947 891 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. Primodi- Invest- Land, De- and deben- Gov- vately Corporation or agency Total Cash L c a r o e b e i a l v - n e - s m p r s t a i i l u a n i e a e p t d s l e s s - , - , G U s ri e t o . c i v e u S m s t - . . en O r s t i e s t t i c h e u e s - r 2 s t e m u t a q r n r u e u e d n i c s p t - , - c u h f u t e n a a r r t n r i d r e b g e d i d e - s d s - 3 Other b a t g F y n u u u t r e U a e ll e r s . y - d S p . a O ya t b h l e e r O li i a t t i b h e i e s l r - in m e e t r e e s n r t n - - t o in w e t s e n t r e - d All agencies: Mar. 31, 1946., 33,325 ,279 5,069 1,918 1,789 28520,784 4601,741 536 ,133 4.959 26,218 479 June 30, 1946.. 29,869 ,305 5,381 1,550 1,767 43917,438 3851,605 325 ,234 4,93922,889 482 Sept. 30, 1946. 29,569 1,157 5,949 1,429 1,836 39016,973 2991,536 377 ,250 3,37724,069 496 Dec. 31. 1946.. 30.40O 1 .398 6,649 1,265 1.873 54716,974 1,414 261 ,252 3,5588 24,810 498 Mar. 31, 1947. 32,337 1,588 7,294 1,003 1,985 3,42615,486 1,176 169 ,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 1,076 889 137 722 77 243 Production credit corporations.... 113 68 113 Regional Agricultural Credit Corp. 15 1 15 Agricultural Marketing Act Revolving Fund 2 1 2 Federal Farm Mortgage Corp 118 7 108 3 113 Rural Electrification Administration. 581 6 570 () 581 F F C e a o d r m m e m r e a r o l s d ' C i H t r y o o p m C I r e n e s d A u i d t r a m C n i o c n e r i p s C tr o a r t p ion 1,2 4 7 7 1 7 8 6 50 7 3 3 7 3 1 2 7 7 2 ( 3 4 8 ) 3 2 5 1 1 6 4 3 126 1,22 2 4 6 2 - 4 - 7 7 6 4 3 National Housing Agency: Federal Home Loan Bank Adm.: Federal home loan banks 236 198 1 140 86 Federal Savings and Loan Insurance Corp 180 175 3 176 Home Owners' Loan Corp 633 *583 15 2 609 Federal Public Housing Authority and affiliate: Federal Public Housing Authority 528 6 278 8 227 6 516 Defense Homes Corp 57 I 1 55 56 Federal Housing Administration 200 40 26 122 1 12 36 158 Federal National Mortgage Association. 5 5 5 R.F.C. Mortgage Company 42 33 7 2 41 Reconstruction Finance Corp.5. . 4,457 727 487 48 141 2,587 230 701 3,757 Export-Import Bank 1,518 1 1,508 8 193 1,325 Federal Deposit Insurance Corp 1,123 9 1 1 J04 () 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 1 3,305 29 212 393 3,799 War Shipping Adm. activities6 7,003 163 6,507 115 191 6,670 All other7 6,514 37 i', i 70 23 3^227 1,894 10 135 6,453 CLASSIFICATION OF LOANS BY PURPOSE AND AGENCY Mar. 31, 1947 Purpose of loan b F l a a e n n d k d . s M C F F a o e o r r d r m p t . . . 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 p i a r v e n e r c k s a o s - - C m C C r o o o e d m r d p i i - t . t y t R A r E t i i f u l d o i e r c m n c a a - l . - H A F e a o d r r m s m m ' e . - H C O L e o o o w r m r s 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 . i s C - . p B 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 1 e e 9 c 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!ioo2,854 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. '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. 892 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BUSINESS INDEXES [The terms "adjusted" and "unadjusted" refer to adjustment of monthly figures for seasonal variation) Industrial production Construction (physical volume)* J contracts Employment* 1935-39=100 awarded (value)1 1939=100 Depart- Income 1923-25=100 Fac- Freight ment W s h a o le lepay- tory arload- store com- I!ost of M Y a o n e n d a t r h m v 9 = 3 a 1 e l 5 n 0 u - t 0 e 3 s ) 9 1 Total Du f M a r- c a tu n r u N e - s on- M era in ls - Total R d t e e ia s n l i - - o A th l e l r N t a c u g u o r r l n a i - - l - Factory r 9 p o 1 3 a l 0 l y 9 s 0 * = 9 — in 3 g 1 5 s 0 - * 3 0 9 9 = u s ( 3 e a v 1 ) 5 l a 0 e * - l 0 s - * 39 p m — 1 r o i 9 1 c d 2 e 0 i 6 s 0 t 4 y l 9 = iv 3 1 i 5 n 0 - g 3 0 * 9^ able durable Ad- Ad- Unad- Ad- Ad- Ad- Ad- Ad- Ad- Ad- Ad- Unad- Unad- Ad- Ad- Unad- Unadjusted justed justed justed justed justed justed justed iusted 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 79.7 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 ioo!6 121.9 1924 82 95 69 89 94 95 94 93.8 101 .7 139 105 98 !i 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 6 126.4 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 80 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 74 101.1 105.8 108.8 111 107 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 174.6 199 279 158 129 166 82 235 131 .1 154.0 245.2 138 149 98.8 116.5 1943.. .. 213.0 239 360 176 132 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 !o 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 *245.1 P170 P192 J*165 P134 153 143 161 134.4 142.0 266.4 132 264 121.1 139.3 1944 August... 234.0 232 235 348 168 142 41 13 63 136.5 170.7 172.0 343.1 14? '188 103.9 126.4 September 232.5 230 234 342 168 143 39 13 61 136.0 169.3 170.1 341.9 139 190 104.0 126.5 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 73 135.4 167.2 167.7 341.0 141 104.4 126.6 December 239.0 232 230 343 173 137 51 14 81 135.9 168.0 168.3 346.7 137 '200 104.7 127.0 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 96 136.6 169.3 168.7 347.5 139 ••207 105.2 126.9 March. .. 244.1 235 232 345 176 142 72 15 118 136.4 168.3 167.7 345.7 145 '214 105.3 126.8 April 242.3 230 229 336 174 140 70 18 11? 135.8 166.0 165.2 338., 141 184 105.7 127.1 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 73 134.2 160.3 160.0 321.8 140 203 106.1 129.0 July 243 4 210 211 292 165 143 54 23 7< 132 9 155.0 155 6 306 6 139 '214 105 Q 129 4 August... 236 0 186 188 239 157 140 61 24 91 13l!8 150.4 15i!7 273.6 128 '201 105! 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.? 128.9 October. . 231.4 162 164 186 154 124 83 36 121 125.4 129.5 129.9 227. 118 213 105.9 128.9 November 235.7 168 167 191 158 138 94 44 134 126.5 130.1 130.5 227.7 13. '2?' 106.8 129.3 December 234.1 163 161 185 156 133 108 56 150 127.0 130.6 130.9 231.4 12 P22O 107.1 129.9 1946 January.. 233.5 160 156 166 161 141 107 61 145 129.0 133.2 132. 234. 13 227 107. 129.9 February. 231.7 152 148 138 167 141 136 95 169 127.2 124.4 123. 214. 12 250 107. 129.6 March. .. 234.7 168 164 183 166 137 147 129 161 130.5 132.6 132. 238. 130 '256 108.9 130.2 April 236.4 165 163 190 164 104 170 172 168 132.4 139.4 138. 254. 10 252 110. 131.1 May 239.7 159 159 175 161 115 169 179 16 133.5 140.7 139. 253 10 '259 Ill 131.7 June 240 9 170 171 193 16? 139 174 177 17! 134.5 142 ? 141 262. 13 276 112. 133! 3 July 250.6 172 174 202 157 146 165 161 16! 134*9 143.0 143 267! 13 27. 124 141.2 August... 252.1 178 18 208 164 144 158 157 158 136! 6 146.3 147! 284. 14 290 129! 144.1 September 246.6 180 184 212 165 146 15 147 155 137.7 148.6 149. 200. 13 270 124. 145.9 October. . 254.5 182 18 214 168 145 14. 140 148 138.1 149.1 149. 292. 13 25 134. 148.6 November 259.2 183 18 214 173 136 139 122 152 139.0 151.5 152. 298. 13 '27 139. 152.2 December 261.6 182 18 211 174 13 15 143 163 139.3 152.4 152. 306. 14 ••276 140. 153.3 1947 January.. 263.6 189 18 22 177 146 14 144 148 139.2 153.4 152. 307. 15 26. 141. 153.3 February. 263.6 189 18 222 176 146 15 152 149 139.fi 154.4 153. 310. 14 '268 144. 153.2 March. . . 264.5 190 18 225 176 148 13 129 134 139.9 154.6 154. 313. 14 '273 140. 156.3 April..... 26?.6 186 18 222 172 14 13 12. 142 138.7 153.8 152. 310. ••1.3 '27 147. 156.1 May P264.9 P186 P18 P220 P169 P152 P12 P108 P152.2P151. 14 29 146. 155.8 * Average per working day. P Preliminary. r Revised 1 Department of Commerce series on value of payments to individuals. * For indexes by groups or industries, see pp. 894-897. For points in total index, by major groups, see p. 914. * Based on F. W. Dodge Corporation data; for description, see p. 358 of BULLETIN for July 1931; by groups, see o. 891 of this BULLETIN. * The unadjusted indexes of employment and pay rolls, wholesale commodity prices, and cost of living are compiled by or based on data of the Bureau of Labor Statistics. Nonagricultural employment covers employees only and excludes personnel in the armed forces. * For indexes by Federal Reserve districts and other department store data, see pp. 903-905. Back figures in BULLETIN.—For industrial production, August 1940, pp. 825-882, September 1941, pr>. 933-937, and October 1043, pp. 958-Q84; 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, pp. 549-561. 893 JULY 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] Industry May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May Industrial Production—Total. 159 170 172 178 180 182 183 182 189 189 196 186 P186 Manufactures—Total 167 176 177 184 186 188 191 190 196 197 198 194 P192 Durable Manufactures.. . 175 193 202 208 212 214 214 211 221 222 225 222 Iron and Steel 109 154 180 184 185 184 178 159 192 191 196 195 Pig iron 86 144 178 186 184 183 174 152 193 191 194 189 193 Steel 126 167 190 196 196 195 193 174 206 207 213 213 215 Open hearth. 98 142 169 170 172 171 163 145 177- 174 179 178 179 Electric 319 343 343 381 366 369 404 381 414 446 457 468 476 Machinery 230 241 243 254 261 268 271 276 277 277 281 275 v273 Manufacturing Arsenals and Depots1. . . Transportation Equipment 239 238 241 242 240 237 235 235 229 233 •238 Automobiles2 162 167 176 182 188 185 187 187 181 190 197 W86 (Aircraft; Railroad cars; Locomotives; Shipbuilding— Private and Government) l Nonferrous Metals and Products. . . 128 137 151 159 172 184 192 197 204 '205 r199 197 Smelting and refining 105 110 140 150 161 168 175 181 184 '195 203 (Copper smelting; Lead refining; Zinc smelting; Aluminum; Magnesium; Tin)1 Fabricating 138 147 155 163 176 191 203 212 200 (Copper products; Lead shipments; Zinc shipments; Aluminum products; Magnesium products; Tin consumption)1 Lumber and Products . 129 133 120 135 137 142 141 142 147 147 Lumber.. . 123 127 121 126 127 135 132 131 137 138 135 Furniture. 142 146 144 152 152 155 157 160 161 167 166 161 P159 Stone, Clay, and Glass Products... 175 190 192 197 204 200 202 210 219 219 218 211 P198 Glass products 193 209 218 215 238 227 226 232 245 235 241 234 228 Plate glass 133 119 129 114 161 158 152 135 149 154 159 151 163 Glass containers 213 240 249 251 265 250 251 265 278 263 269 263 250 Cement 127 155 155 159 162 156 162 177 182 203 192 175 141 Clay products 140 148 147 150 150 149 150 152 168 164 165 165 P161 Gypsum and plaster products... 187 194 187 215 212 212 215 219 227 232 224 218 P204 Abrasive and asbestos products. 222 232 233 242 235 241 252 263 271 260 258 249 P240 Other stone and clay products1.. Nondurable Manufactures. 161 162 157 164 165 168 173 174 177 176 176 172 Textiles and Products 165 165 145 163 168 169 174 164 172 173 172 166 P162 Textile fabrics 153 154 133 152 156 157 163 152 160 161 160 P150 Cotton consumption 149 152 127 149 153 155 164 141 161 161 160 154 P148 Rayon deliveries 251 245 239 240 242 248 256 254 263 262 270 Nylon and silk consumption1 Wool textiles 174 174 144 173 181 178 181 180 171 178 172 160 Carpet wool consumption. . 134 137 101 137 144 143 161 165 155 174 182 170 Apparel wool consumption. 231 225 192 226 239 230 230 223 214 222 210 196 Woolen and worsted yarn. . 176 175 143 173 180 177 178 175 166 169 161 150 Woolen yarn 180 178 147 178 183 177 178 171 160 158 145 130 Worsted yarn 170 170 138 165 176 176 177 180 175 184 183 178 Woolen and worsted cloth.. 176 178 151 176 184 181 181 181 173 178 171 158 Leather and Products. 127 128 103 120 119 117 121 115 116 120 '122 115 Leather tanning 104 107 99 101 101 97 110 110 113 118 '122 119 Cattle hide leathers 124 128 117 119 114 103 121 122 127 134 140 136 Calf and kip leathers 75 75 66 70 81 78 91 94 r98 rOQ rOO 104 Shoe S G s h o e a e t p a a n n d d k l i a d m le b a l t e h a e t r h s ers. 1 1 4 1 4 9 8 2 1 1 4 2 4 5 8 2 1 1 4 2 0 5 5 6 1 1 4 2 3 9 4 3 1 1 5 3 3 1 1 4 1 1 6 4 3 7 1 0 1 1 7 3 2 0 7 9 1 1 6 1 3 8 7 0 1 1 6 1 1 7 7 8 1 1 8 2 0 1 1 8 1 1 r 2 0 84 1 2 1 9 7 1 6 9 3 P109 Manufactured Food Products. . 139 150 156 162 161 156 '157 P158 P153 145 147 136 146 W Ca h n e e a t s u f g lo a u r r meltings1 100 109 127 131 135 135 145 155 162 158 160 P143 Manufactured dairy products. P120 >129 P136 P137 i 43 P146 P146 P147 P148 P149 P153 P154 P152' Butter 62 62 73 74 79 79 77 79 82 81 85 82 79 Cheese 167 168 169 168 164 172 172 178 185 198 '206 190 Canned and dried milk... 163 174 178 173 163 142 143 148 147 152 164 173 Ice cream P Preliminary. r Revised. l Series included in total and group indexes but not available for publication separately. 2 This series is currently based upon man-hour statistics for plants classified in the automobile and automobile parts industries and is designed to measure productive activity during the month in connection with assembly of passenger cars, trucks, trailers, and busses; production of bodies. $>arts, and accessories, including replacement parts; and output of nonautomotive products made in the plants covered. S94 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 May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May Manufactured Food Products—Continued Meat packing 120 85 165 138 38 115 163 151 163 159 149 150 151 Pork and lard 151 97 190 141 24 116 179 151 172 165 143 153 154 Beef 90 65 145 139 41 107 150 162 164 167 169 159 159 Veal 68 60 132 134 81 140 160 138 133 121 122 121 119 Lamb and mutton 94 126 121 110 93 131 116 105 108 104 101 105 102 Other manufactured foods 156 151 153 151 150 154 160 168 165 158 *-160 161 Processed fruits and vegetables 158 162 175 155 143 167 160 170 157 137 r151 144 p\3S Confectionery .. . . 136 123 109 107 110 123 135 147 138 142 145 Other food products .. ... . 159 153 154 158 159 156 164 172 171 '166 r165 168 P\63 Alcoholic Beverages • 155 161 176 174 227 206 213 234 241 223 208 189 162 M^alt liquor . 109 123 128 123 197 179 194 202 183 157 160 154 149 W Ot h h i e s r k e d y istilled spirits 3 6 5 0 2 3 6 4 1 3 3 6 7 5 7 4 5 2 6 6 38 71 4 2 6 4 8 1 1 6 9 4 1 3 15 3 8 3 6 18 2 8 3 6 1 9 79 5 6 1 1 51 9 5 13 0 1 3 3 1 5 06 0 Rectified liquors 387 367 426 427 461 460 463 426 408 372 314 276 194 Industrial Alcohol from Beverage Plants^ Tobacco Products. . ...163 153 140 155 157 173 169 148 158 168 158 160 142 Cigars • • • • 110 108 99 110 112 127 131 109 112 110 98 94 106 219 200 181 202 205 226 216 192 208 228 216 221 187 Other tobacco products 71 76 72 ' 79 76 79 81 72 69 . 67 66 68 55 Paper and Paper Products 142 146 136 147 150 152 153 150 156 157 159 156 P160 Paper and pulp 138 142 131 142 144 146 147 146 150 151 154 150 P154 Pulp . . . 150 161 147 156 162 163 162 159 166 171 174 169 92 99 96 98 101 106 96 98 99 100 99 97 Soda pulp . 100 107 101 110 111 108 109 109 109 109 113 112 Sulphate pulp . .... 223 250 229 238 249 244 248 236 252 260 266 254 Sulohite DUIO • • . 133 137 122 132 136 141 139 139 145 150 151 150 Paper 136 139 129 140 142 144 145 144 147 148 151 147 152 Paperboard 160 164 155 169 172 172 175 168 179 181 180 178 184 Fine paper 84 85 72 85 85 89 90 86 83 83 88 87 88 Printing paper . . 141 143 127 134 138 144 142 155 153 155 160 158 160 Tissue and absorbent paper 143 142 138 151 152 155 156 152 148 142 151 144 148 128 132 124 135 133 135 136 134 137 137 139 132 141 Newsprint . • 83 83 84 83 87 85 84 87 87 89 89 93 92 Paperboard containers (same as Paperboard) Printing and Publishing 124 129 124 129 128 132 130 138 138 140 142 141 P142 Newsprint consumption . 108 116 121 123 117 119 118 120 122 125 124 124 125 Printing paper (same as shown under Paper) Petroleum and Coal Products P163 Pl 74 P178 P182 P181 P179 P177 P178 P180 P185 P185 P181 P181 Gasoline 138 140 144 149 146 145 148 148 142 143 142 139 P142 Fuel oil 168 170 166 164 165 160 161 167 166 170 174 163 Lubricating oil 132 146 135 152 153 159 147 154 160 162 167 156 Kerosene 167 175 172 162 155 163 150 162 175 185 176 170 Coke 73 137 160 165 166 167 152 143 171 172 172 166 169 By-product coke 75 133 155 159 161 160 148 139 163 165 165 162 161 Beehive coke 16 276 336 369 352 406 272 278 410 416 424 324 433 Chemical Products • . 2.31 233 235 237 235 238 243 249 253 252 252 251 P251 Paints 143 146 150 153 149 148 150 152 154 156 157 155 Soap 121 122 120 117 114 111 115 128 131 136 135 137 P136 Rayon .... . .... 261 256 255 262 267 271 279 281 288 290 289 291 P296 Industrial chemicals 383 389 396 395 395 402 411 422 430 429 432 432 P430 Explosives and ammunition1 Other chemical products1 Rubber Products ..... ... 215 218 211 221 234 234 243 252 247 246 239 234 P224 Minerals—Total 115 139 146 144 146 145 136 137 146 146 148 142 P152 Fuds 124 149 153 150 151 150 140 141 151 150 153 144 P156 Coal 73 142 153 149 155 152 118 128 162 151 153 122 P155 Bituminous coal 60 156 159 156 163 160 116 130 173 162 163 127 P168 Anthracite 125 86 128 120 125 124 123 121 118 107 113 102 Crude petroleum . . , . 149 153 154 151 149 149 150 147 146 150 153 155 P157 Metals 63 78 103 107 111 111 117 111 117 122 117 P135 P124 Metals other than gold and silver 89 114 147 148 153 157 169 153 158 166 159 P189 P170 (Copper; Lead; Zinc)1 Gold 32 32 44 50 52 44 44 53 60 61 58 Silver 13 21 35 49 58 60 58 55 64 66 68 p Preliminary. r Revised. 1 Series included in total and group indexes but not available for publication separately. 2 This series is in process of revision. NOTE.—For description and back figures see BULLETIN for October 1943, pp. 940-984, September 1941, pp. 878-881 and 933-937, and August 1940, pp. 753-771 and 825-882. JULY 1947 895 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION, BY INDUSTRIES (Without Seasonal Adjustment) [Index numbers of the Board of Governors. 1935-39 average = 100] 1946 1947 Industry May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May Industrial Production—Total. 159 171 174 180 184 184 183 180 185 185 187 P184 P186 Manufactures—Total 167 176 178 186 191 191 192 188 192 193 '195 P193 P192 Durable Manufactures 175 194 203 210 214 215 214 209 218 220 223 P221 P220 Iron and Steel 109 154 180 184 185 184 178 159 192 191 196 195 197 Pig iron 86 144 178 186 184 183 174 152 193 191 194 189 193 Steel 126 167 190 196 196 195 193 174 206 207 213 213 215 Open hearth. 98 142 169 170 172 171 163 145 177 174 179 178 179 Electric 319 343 343 381 366 369 404 381 414 446 457 468 476 Machinery 230 241 243 254 261 268 271 276 277 277 281 •P275 P273 Manufacturing Arsenals and Depots l. Transportation Equipment 239 23ft 241 242 240 237 235 235 229 233 '238 P237 P233 Automobiles * . 162 167 176 182 188 185 187 187 181 190 '197 P193 (Aircraft; Railroad cars; Locomotives; Shipbuilding— Private and Government)1 Nonferrous Metals and Products. 128 137 150 159 172 184 192 197 204 '205 199 197 P192 Smelting and refining 105 110 139 150 161 167 176 182 184 '190 196 203 P200 (Copper smiting; Lead refining; Zinc smelting; Aluminum; Magnesium; Tin)1 , Fabricating 138 147 155 163 176 191 198 203 212 211 '200 194 189 (Copper oroducts: Lead shipments; Zinc shipments; Aluminum products; Magnesium products; Tin consumption)1 Lumber and Products. 131 141 137 144 147 142 159 129 126 135 140 143 '144 Lumber... 126 138 133 140 144 136 131 114 107 118 126 134 '136 Furniture. 142 146 144 152 152 155 157 160 161 167 166 161 '159 Stone, Clay, and Glass Products. 180 191 193 204 212 209 207 203 208 205 209 208 '204 Glass products 204 207 211 223 242 232 228 218 241 229 241 234 241 Plate glass 133 119 129 114 161 158 152 135 149 154 159 151 163 Glass containers 228 237 239 261 270 258 254 247 273 255 269 263 268 Cement 134 166 171 179 188 181 175 161 148 154 157 166 148 Clay products 140 147 147 154 155 158 155 158 156 156 159 160 •160 Gypsum and plaster products... 190 198 187 215 216 218 219 224 218 221 •215 215 '207 Abrasive and asbestos products. 222 232 233 242 235 241 252 263 271 260 258 249 '240 Other stone and clay products *. Nondurable Manufacture 160 162 159 166 172 172 174 172 172 171 171 169 168 Textiles and Products. 165 165 145 163 168 169 174 164 172 173 172 166 Textile fabrics 153 154 133 152 156 157 163 152 160 161 160 154 •150 Cotton consumption 149 152 127 149 153 155 164 141 161 161 160 154 148 Rayon deliveries . 251 245 240 242 248 256 254 263 262 270 270 273 Nylon and silk consumption *... Wool textiles 174 174 144 173 181 178 181 180 171 178 172 160 Carpet wool consumotion. . 134 137 101 137 144 143 161 165 155 174 182 170 Apoarei wool consumption. 231 225 192 226 239 230 230 223 214 222 210 196 Woolen and worsted yarn.. 176 175 143 173 180 177 178 175 166 169 161 150 Woolen yarn 180 178 147 178 183 177 178 171 160 158 145 130 Worsted yarn 170 170 138 165 176 176 177 180 175 184 183 178 Woolen and worsted cloth.. 176 178 151 176 184 181 181 181 173 178 171 158 Leather and Products. 127 127 101 119 118 117 123 114 116 123 121 115 113 Leather tanning 105 104 94 100 99 98 114 110 113 127 121 118 Cattle hide leathers 124 123 110 115 111 104 126 122 130 145 140 136 Calf and kio leathers 72 77 66 73 80 80 94 92 '104 '97 100 Goat and kid lathers 48 46 45 47 51 67 68 68 84 83 82 Sheep and lamb leathers. 127 127 116 127 131 141 145 124 109 119 99 94 Shoes 142 142 106 131 130 129 117 118 121 121 113 109 133 Manufactured Food Products. 137 137 161 164 158 158 157 149 140 r140 144 164 W Ca h n e e a t s u f g lo a u r r meltingsl 96 104 125 130 147 143 146 153 162 160 157 143 138 Manufactured dairy products. '160 189 •197 175 151 120 P96 P95 P95 107 127 P202 Butter 80 86 89 81 76 68 59 62 68 71 77 84 102 Cheese 222 237 207 189 171 148 129 124 132 151 178 214 255 Canned and dried milk. . . 227 240 207 179 150 115 103 114 119 137 161 196 Ice Cream.. p Preliminary. r Revised. l Series included in total and group indexes but not available for publication separately. 2 This series is currently based upon man-hour statistic* 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. 896 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 May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. Ma; Manufactured Food Products—Continued Meat packing 120 84 154 122 37 117 181 175 191 152 138 139 151 Pork and lard 151 97 167 108 19 109 210 199 225 162 133 139 154 Beef 90 63 147 141 44 117 156 162 168 153 154 149 159 Veal 70 60 132 132 89 160 172 130 124 106 115 118 124 Lamb and mutton. 96 117 116 107 100 136 116 103 115 105 99 102 104 Other manufactured foods 140 141 162 173 188 173 166 164 150 'L43 142 P143 Processed fruits and vegetables. 103 125 228 255 315 216 147 132 102 86 83 88 Confectionery 104 91 89 115 142 161 159 149 142 144 135 Other food products 156 154 157 161 163 164 172 175 164 158 159 161 Alcoholic Beverages. 157 174 187 174 237 221 196 210 206 195 187 182 167 Malt liquor 124 154 160 141 199 166 149 161 150 142 149 162 170 Whiskey 60 61 65 56 71 68 64 158 188 179 151 131 106 Other distilled spirits. 211 213 219 230 526 624 401 366 405 417 403 302 210 Rectified liquors 387 367 427 461 460 463 426 408 372 314 276 194 Industrial Alcohol from Beverage Plants l. Tobacco Products 164 159 145 161 166 179 172 138 157 160 149 142 Cigars 110 108 99 110 112 127 131 109 112 110 98 94 106 Cigarettes 219 210 190 212 219 235 221 177 208 215 201 205 187 Other tobacco products. 71 77 72 77 81 85 83 63 68 65 66 68 55 Paper and Paper Products. 142 147 136 147 150 152 153 150 156 157 159 Paper and pulp - 138 142 131 142 144 146 147 146 151 154 150 Pulp • 151 162 146 154 160 162 162 159 167 171 175 171 Groundwood pulp 100 100 86 86 90 98 101 99 103 104 106 106 Soda pulp 100 107 101 110 111 108 109 109 109 109 113 112 Sulphate pulp 223 250 229 238 249 244 248 236 252 260 266 254 Sulphite pulp. 133 137 122 132 136 141 139 139 145 150 151 150 Paper 136 139 128 140 142 144 145 144 147 148 151 147 152 Paperboard 160 164 155 169 172 172 175 168 179 181 180 178 184 Fine paper 84 85 72 85 85 89 90 86 83 83 88 87 88 Printing paper 141 143 127 134 138 144 142 155 153 155 160 158 160 Tissue and absorbent paper 143 145 133 151 152 156 156 147 147 147 151 146 148 Wrapping paper 128 132 124 135 133 135 136 134 137 137 139 132 141 Newsprint 83 84 82 82 87 85 85 85 87 89 89 95 93 Paperboard containers (same as Paperboard). Printing and Publishing. 126 129 115 123 128 135 135 141 133 138 145 144 145 Newsprint consumption 112 115 104 111 119 125 129 126 114 122 129 131 Printing paper (same as shown under Paper). Petroleum and Coal Products. P!63 P174 P!78 P181 '177 P!78 P180 P185 P185 P181 Petroleum refining2.......... Gasoline 138 140 144 149 146 145 148 148 142 143 142 139 Pi 42 Fuel oil 168 170 166 164 165 160 161 167 166 170 174 163 Lubricating oil 137 146 133 151 153 159 147 152 155 160 165 162 Kerosene 169 164 160 155 154 163 155 167 179 194 180 174 Other petroleum products l Coke 73 137 160 165 166 167 143 171 172 172 166 169 By-product coke 75 133 155 159 161 160 148 139 163 165 165 162 161 Beehive coke 16 276 336 369 352 406 272 278 410 416 424 324 433 Chemical Products. 231 231 232 233 235 240 244 250 252 253 254 251 P250 Paints 147 150 149 151 148 148 149 152 151 154 157 P157 158 Soap 117 119 119 119 119 116 116 128 128 134 135 P135 132 Rayon 261 256 255 262 267 271 279 281 288 290 289 296 Industrial chemicals 383 389 396 395 395 402 411 422 430 429 432 P435 430 Explosives and ammunition4 Other chemical products l. .. Rubber Products... 215 218 211 221 234 234 243 252 247 246 239 234 P224 Minerals—Total. 115 141 150 147 149 147 135 132 141 141 143 139 P!54 Fuels 124 149 153 150 151 150 140 141 151 150 153 144 P156 Coal 73 142 153 149 155 152 118 128 162 151 153 122 Bituminous coal. 60 156 159 156 163 160 116 130 173 162 163 127 Anthracite 125 86 128 120 125 124 123 121 118 107 113 102 P104 Crude petroleum 149 153 154 151 149 149 150 147 146 150 153 155 Metals. 62 95 126 132 136 126 105 76 81 84 r83 Pill P139 Metals other than gold and silver. 89 143 188 189 192 180 144 92 104 103 201 ( I C ro o n p p or e e r; Lead; Zinc)1 116 233 295 282 282 252 174 58 73 72 173 279 Gold Silver p Preliminary. p Revised. i Series included in total and group indexes but not available for publication separately. * This series is in process of revision. NOTE.—For description and back figures, see BULLETIN for October 1943, pp. 940-984, September 1941, pp. 878-881 and 933-937, and August 1940, pp. 753-771 and 825-882. JULY 1947 897 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 1946 1947 Apr. May Jan. Feb. Mar. Apr. May Mar. Apr. May Jan. Feb. Mar. Apr. Total 138.5 139.6 152.7 153.7 154.0 152.9 151.0 238.3 254.8 253.5 307.3 310.6 313.9 310.4 Durable goods 155.9 159.0 178.0 180.1 180.9 180.7 179.1 244.8 275. 275.1 340.0 344.6 350.2 350.2 Nondurable goods.. 124.8 124.3 132.8 133.0 132.8 130.9 128.9 232.1 234.4 232.3 275 277.4 278.3 271.5 Iron and Steel and Products 140.7 139.1 156.5 157.5 158.1 158.0 157.6 225.1 242.1 232.3 287.9 287.9 294.2 295.7 Blast furnaces, steel works, etc— 120 115 124 124 124 125 189 193 176 209 209 213 220 Steel castings 166 169 168 165 164 164 213 293 291 303 293 305 309 Tin cans and other tinware 117 125 131 130 129 132 178 206 207 243 239 243 249 Hardware 122 125 140 142 143 141 209 230 236 292 299 300 301 Stoves and heating equipment.... 108 109 136 138 139 136 182 195 192 278 274 282 277 Steam, hot-water heating apparatus 145 150 174 173 173 168 218 263 270 331 332 336 330 Stamped and enameled ware 128 130 153 154 155 153 219 246 318 314 325 324 Structural and ornamental metal 242 work 136 140 162 163 166 166 288 306 307 233 Electrical Machinery 177.9 194.2 230.8 232.0 231.. 218.7 211.1 232.3 323.0 425.6 422.9 431.2 398.4 Electrical equipment 130 148 175 176 175 173 155 296.6 245 317 315 324 319 Radios and phonographs 165 170 213 213 212 206 286 209 308 423 416 420 410 Machinery except Electrical 186.1 194.1 222.0 223.5 225.1 226.6 225.7 300 322.5 406.6 409.6 416.6 423.0 Machinery and machine-shop 312.9 products 170 171 189 190 191 191 258 290 284 350 352 355 358 Engines and turbines 185 198 244 244 244 241 231 312 370 492 493 498 495 Tractors 130 150 175 176 175 179 199 178 192 273 274 279 286 Agricultural, excluding tractors . . . 109 147 166 168 169 178 170 175 228 295 308 313 333 Machine tools 162 161 163 161 158 156 257 261 260 283 279 276 270 Machine-tool accessories 183 183 204 199 195 190 291 288 292 343 333 327 320 Pumps 213 219 243 245 247 246 359 378 402 467 485 490 485 Refrigerators 142 154 194 191 201 207 200 232 257 346 325 359 388 Transportation Equipment, except Autos. 317.6 309.2 298.4 297.6 296.7 300.8 304.5 525.5 578.7 558.3 562.6 558., 556.9 565.3 Aircraft, except aircraft engines. . . 304 311 363 358 356 359 524 553 566 669 668 662 660 Aircraft engines 293 294 331 322 315 316 384 458 469 535 507 480 488 Shipbuilding and boatbuilding. 307 279 206 203 202 206 549 555 499 396 378 385 397 Automobiles 160.5 167.8 187.7 196.6 198.2 200.5 192. 173.0 250.7 241.4 321.1 337.. 347.7 343.4 Nonferrous Metals and Products 153.4 157.0 186.9 188.5 187.5 184.8 180.9 252.1 276.2 281.4 354.8 360.0 359.0 353.0 Primary smelting and refining. 101 102 146 149 148 148 182 173 176 270 279 282 284 Alloying and rolling, except aluminum 133 135 162 164 161 159 200 233 240 301 307 299 295 Aluminum manufactures 188 197 217 216 215 208 299 321 330 382 375 383 363 Lumber and Timber Basic Products. 123., 127.8 140.9 142.3 145.4 148.9 153.2 219.1 231.7 244.2 292.4 310.7 312.6 326.2 Sawmills and logging camps 75 77 79 80 81 83 132 140 147 163 175 175 182 Planing and plywood mills 93 95 106 106 106 107 165 170 175 216 220 222 226 Furniture and Lumber Products 116.3 116.2 131. 134.5 134.2 132.1 217.9 223.9 221.6 283.1 292.0 292.0 286.8 Furniture r115 129 132 r131 r129 r2\S '222 '220 r279 r289 r289 '282 Stone, Clay and Glass Products. 131.1 132.3 144.9 144.5 145.3 146.0 142.4 223.1 230.3 230.2 280.0 278.4 285.7 288.8 Glass and glassware 147 146 149 146 148 149 247 250 243 283 271 284 289 Cement 105 109 122 121 121 123 155 172 177 198 201 203 209 Brick, tile, and terra cotta 99 102 111 111 112 114 169 181 180 227 227 232 236 Pottery and related products 134 132 150 152 152 152 217 219 215 270 279 288 290 Textile-Mill and Fiber Products 102.8 103.0 108.6 109.1 108.6 106.9 104.4 211.4 214.4 213.5 254.3 262.0 265.0 255.4 Cotton goods except small wares. . 112 112 119 119 119 118 242 246 244 304 309 322 315 Silk and rayon goods 75 76 80 80 80 78 164 167 167 201 207 209 201 Woolen and worsted manufactures. 107 107 109 109 106 103 234 239 238 252 275 262 248 Hosiery 71 71 75 76 76 74 129 131 131 156 158 158 146 Dyeing and finishing textiles 95 94 99 99 99 181 179 175 215 217 218 215 Apparel and Other Finished Textiles. 126.7 126.0 138.0 141.7 141.9 135.0 130.1 259.1 259.0 254.2 300.6 314.1 311.5 274.3 Men's clothing, n.e.c 110 111 124 125 125 124 212 219 222 277 281 281 267 Shirts, collars, and nightwear 83 85 97 100 100 99 170 171 177 226 234 234 227 Women's clothing, n.e.c 141 139 147 154 155 142 299 297 287 322 345 340 278 Millinery 101 81 95 102 103 86 207 173 115 170 202 197 138 Leather and Leather Products. . 103.3 103.4 104.4 104.9 104.5 103.2 101.3 203.6 205.3 204.6 220.8 223.0 222.4 214.9 Leather 93 92 92 92 92 92 164 165 159 179 186 185 183 Boots and shoes 89 90 90 90 89 183 185 185 198 199 198 190 Food and Kindred Products 121.6 119.9 128.4 123.9 123.5 125.0 125.7 209.7 208.5 205.1 256.4 242.5 239.3 243.1 Slaughtering and meat packing. 115 113 128 124 119 115 191 181 181 268 238 211 211 Flour 118 110 123 123 123 121 214 203 182 268 257 261 253 Baking 107 104 108 106 106 107 183 179 171 201 195 193 195 Confectionery 104 98 114 111 113 114 186 193 174 226 227 232 231 Malt liquors 140 139 146 145 146 150 200 195 201 236 234 240 252 Canning and preserving 68 70 70 61 57 60 132 149 150 158 137 130 140 Tobacco Manufactures. . . 90.8 91.2 96.1 95.4 92.2 87.5 89.1 171.3 174.6 181.1 209.4 201.0 193.1 180.& Cigarettes 120 121 124 122 120 120 202 205 217 242 234 227 218 Cigars 76 77 82 83 79 72 156 162 164 195 186 176 159 r Revised. NOTE.—Indexes for totals, major groups, and industries in the Furniture and Apparel groups 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 May 1947 are preliminary. 898 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 Apr. May Jan. Feb. Mar. Apr. May Mar. Apr. May Jan. Feb. Mar. Apr. Paper and Allied Products 136.0 136.8 145 .6 145.9 145.9 145.0 144.1 235.4 238.6 240.0 285.1 288.1 290.9 290.9 Paper and pulp 119 120 125 126 126 125 208 210 213 247 251 253 255 Paper goods, n.e.c 123 123 126 127 127 126 212 212 212 246 246 249 248 Paper boxes 122 123 132 131 131 130 213 216 217 258 257 261 257 Printing and Publishing . . .. 118.5 118 7 127 2 128 1 128 2 128 6 128.8 183.8 185.6 186.4 219.6 221.8 227.7 230.9 Newspaper periodicals 108 109 114 116 117 118 154 158 161 185 191 197 202 Book and job .. . 122 121 132 131 130 130 200 200 197 235 234 239 240 Chemicals and Allied Products .. 187.1 182 8 195 6 197 1 197 5 196 2 194 1317 0 318 8 311 1 362 9 372 6 377 5 378.3 Drugs, medicines, and insecticides. 187 188 198 197 198 197 301 302 305 353 363 363 360 Rayon and allied products 122 121 122 122 121 121 200 201 200 220 236 236 239 Chemicals, n.e.c 170 168 179 179 179 180 276 283 278 324 327 330 Explosives and safety fuses 199 176 185 188 191 192 310 307 267 320 308 315 311 Ammunition, small arms 181 177 156 155 156 158 377 342 319 332 334 333 336 Cottonseed oil 78 65 114 108 99 84 198 168 140 295 281 254 207 Fertilizers 155 131 137 149 153 146 387 363 301 328 361 385 381 Products of Petroleum and Coal . . 141.9 140.6 145.4 146.0 145.9 145.4 147.7 237.2 238.9 2 34.4 253.9 256.8 262.1 264.2 Petroleum refining 134 134 135 135 135 134 218 221 222 228 229 235 236 Coke and by-products 113 105 118 120 119 119 210 193 169 223 231 229 230 Rubber Products 179.1 179.7 198.8 198.2 196.5 193.5 185.0 298.2 319.7 322.1 386.3 385.0 374.3 383.9 Rubber tires and inner tubes 193 193 204 201 199 195 281 313 314 361 358 344 358 Rubber goods, other 130 129 148 148 146 144 242 241 241 303 303 299 298 165 1 166 3 179 3 180 9 182 1 179 8 176 5 295 7 304 2 303 1 356 7 360 0 367 6 361 0 Instruments, scientific 203 198 182 182 181 180 346 342 331 330 326 328 328 Photographic apparatus 136 139 147 146 147 148 215 220 221 254 250 272 271 For footnotes see page 898. FACTORY EMPLOYMENT (Adjusted for Seasonal Variation) [Index numbers of the Board of Governors, 1939=100] 1946 1947 Group Apr. May June July Aug. Sept. Oct Nov. Dec. Jan Feb Mar. Apr. May Total 139.4 140.7 142 2 143 0 146.3 148.6 149.1 151 5 152.4 153 4 154.4 154.6 153 8 P152.2 Durable 156.2 159.2 162 3 165 2 169.7 172.7 173.8 176 4 177.1 178 7 180.8 181.5 181 2 P179.3 Nondurable 126.1 126.2 126 3 125 6 127.8 129.6 129.7 131 8 133.0 133 4 133.6 133.4 132 2 P130.9 Preliminary. NOTE.—Back figures from January 1939 may be obtained from the Division of Research and Statistics. HOURS AND EARNINGS OF PRODUCTION WORKERS IN MANUFACTURING INDUSTRIES [Compiled by the Bureau of Labor Statistics] Average hours worked per week Average hourly earnings (cents per hour) Industry group 1946 1946 1947 Mar. Apr. Dec. Jan. Feb. Mar. Apr Mar. Apr. Dec.Jan. Feb. Mar. Apr. All manufacturing.. . 40.7 40.5 40.9 40.6 40.4 40 4 40.1 103.5 105.8 114 8 116.1 117.0 118 0118 6 Durable Goods. 40.6 40.4 40.8 40.5 40.5 40.7 40.5 110.3 113.1 121.6 122.4 122.9 123.7 124.4 Iron and steel products 40.0 39.9 39.8 40.2 40.0 40.4 40.4 116.9 118.0 124.8 126.1 125.8 126.9 128.1 Electrical machinery 40.3 40.2 41.1 40.5 40.0 40.6 39.4 103.6 109.6 119.5 119.9 120.3 121.4 121.8 T A M N F L St u r u u o o a a r m t n c n n n o f h e b s m i e , i t p e r n u o r r o c e r o b l r e r a a u i t y l y a n s e a , t d s e n i m o a x d t n n c i e m f e d t i a e p n b l g q t i s e s l u r e a h a i l s e p e b n s d m c a d p t s r e b i r p i c n a o c r t s d a o p i l u d c e r c u o x p t c d c s r t e u s o p c d t t s u a c u ts t . o s . . . 4 4 3 4 4 4 4 2 1 2 0 7 1 1 . . . . . . . 2 7 5 0 0 6 1 3 4 4 4 4 3 4 9 1 1 2 1 7 1 . . . . . . . 5 8 9 3 3 4 3 4 4 3 4 4 4 4 2 1 1 1 9 0 1 . . . . . . . 2 7 7 4 4 6 0 4 4 4 4 4 3 4 0 0 1 1 0 8 1 . . . . . . . 2 5 8 6 9 4 0 4 3 3 4 4 4 4 1 9 0 8 2 1 1 . . . . . . . 9 7 1 8 1 0 3 4 3 3 4 4 4 40 9 1 1 1 9 0 . . . . . . . 5 7 7 1 5 9 9 3 3 4 4 4 4 4 1 0 8 1 0 9 1 . . . . . . . 5 6 5 5 8 9 5 1 1 1 1 8 9 8 2 1 1 2 8 8 4 6 7 1 6 . . . . . . . 5 8 8 2 4 3 4 1 1 1 1 1 8 9 3 0 1 1 3 0 5 0 3 0 7 1 . . . . . . . 3 6 2 1 4 9 6 1 1 1 1 1 1 9 3 0 2 3 1 2 3 0 9 7 6 1 1 . . . . . . . 1 7 7 5 2 9 0 1 1 1 1 1 1 9 0 1 2 3 2 3 6 1 2 1 9 8 5 . . . . . . . 2 5 5 7 0 3 6 1 1 1 1 1 1 9 0 1 2 3 3 2 7 2 3 2 6 9 9 . . . . . . . 9 2 3 2 7 9 0 1 1 1 1 1 1 9 1 3 3 2 0 2 8 6 4 9 2 3 9 . . . . . . . 8 1 4 4 6 0 8 1 1 1 1 1 1 9 1 4 0 3 3 2 9 4 0 3 6 0 3 . . . . . . . 3 9 4 0 3 6 1 Nondurable Goods 40.9 40.6 41.1 40.7 40.4 40.1 39.6 97.5 98.8 107.7 109.4 110.7 111 .9 112.2 Textiles—mill and fiber products 40.4 40.3 40.9 40.5 40.4 40.0 39.1 85.8 86.9 95.9 97.0 99.7 102.4 102.7 Apparel and other finished products 37.5 37.2 37.0 36.9 36.9 36.7 35.5 96.1 96.6 100.6 103.7 104.9 104.5 99.9 Leather and manufactures 40.8 40.5 39.1 39.3 39.5 39.1 38.3 91.7 92.8 101.8 102.3 102.1 103.1 103.1 Food and kindred products 42.9 42.8 44.4 43.6 42.7 42.3 42.1 94.3 95.2 105.8 108.4 108.8 108.8 109.7 Tobacco manufactures 39.7 39.2 40.2 39.2 37.8 37.5 36.8 83.0 83.0 94.7 93.8 93.7 93.9 94.6 Paper and allied products 43.9 43.5 43.7 43.2 43.2 43.2 43.0 95.7 96.6 107.1 108.8 109.8 110.9 112.1 Printing, publishing and allied industries. 41.2 41.0 41.5 41.0 40.1 40.3 40.1 123.5 124.8 137.4 138.1 141.5 144.2 146.5 Chemicals and allied products 41.6 41.4 41.6 41.5 41.4 41.3 41.0 103.3 104.5 113.3 114.3 116.5 117.7 119.3 Products of petroleum and coal 40.8 40.0 40.0 40.2 40.1 40.2 40.6 130.7 133.2 136.2 137.2 138.2 140.8 141.0 Rubber products 40.8 40.3 41.1 40.6 40.6 39.8 39.6 113.8 123.2 133.1 133.0 133.1 133.1 139.8 Miscellaneous industries 42.1 41.8 41.6 41.1 41.0 41.0 40.7 99.9 101.5 110.3 112.0 112.3 113.9 113.9 NOTE.—Preliminary May 1947 figures for average weekly hours and hourly eairrnniinnggss aarree:: All Manufacturing, 40.4 and 121.0; Durable, 41.1 and 128.2; Nondurable, 39.7 and 112.8, respectively. Back figures are available frror\mm ftVhioe BRnuirroeoaun or\ff TL aobKonrr SQtfaotfiicsfttiVcos. JULY 1947 899 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ESTIMATED EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS, BY INDUSTRY DIVISION [Thousands of persons] Transporta- Finance, Year and month Total M t a u n r u in fa g c- co C n o st n r t u r c a t c i t on ti p o u n b l a i n c d Trade an s d e r m vi i c s e c , elutilities laneous 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—May 42,141 17,288 908 1,677 3,597 7,306 203 6,162- June 42,318 17,493 915 1,575 3,620 7,326 206 6,183 July 42,291 17,608 915 1,491 3,634 7,335 172 6,136, August 42,160 17,608 912 1,424 3,639 7,315 183 6,079, September 41,992 17,569 915 1,369 3,633 7,314 5,211 5,981 October 42,057 17,696 910 1,279 3,671 7,325 185 5,991 November 42,157 17,812 901 1,247 3,683 7,355 186 5,973; December 41,972 17,687 907 1,233 3,687 7,316 5,201 5,941 1944—January 42,008 17,643 900 1,224 3,720 7,309 5,197 6,015; February 41,999 17,637 901 1,174 3,741 7,347 5,194 6,005 March 41,896 17,503 896 1,129 3,775 7,412 5,182 5,999 April 41,652 17,314 892 1,097 3,799 7,370 5,170 6,010,, May 41,571 17,219 890 1,098 3,809 7,361 5,179 6,015 June 41,545 17,140 895 1,092 3,815 7,374 5,193 6,036, J S O N A D u e c u o e l p t y c g v o t e u e e b m m s m e t r b b b e e e r r r 4 4 4 4 4 4 1 1 1 1 1 1 , , , , , , 3 1 1 3 0 0 9 8 7 2 3 1 1 1 1 7 6 4 1 1 1 1 1 1 6 7 6 6 6 6 , , , , , , 6 0 8 9 7 7 6 3 0 5 1 1 1 7 9 2 2 4 8 8 8 8 8 8 8 6 5 5 7 8 5 5 2 9 8 6 1 1 1 1 1 1 , , , , , , 0 0 0 0 0 0 6 3 8 8 3 4 1 6 8 1 1 0 3 3 3 3 3 3 , , , , , , 8 8 8 8 8 8 2 0 1 3 1 2 7 3 9 5 0 0 7 7 7 7 7 7 , , , , , , 4 4 3 4 4 4 2 6 9 8 0 4 2 2 1 6 6 1 5 5 5 5 5 5 , , , , , , 1 1 1 1 1 1 4 7 4 5 5 4 7 8 5 7 1 6 6 6 6 6 6 6 , , , , , , 0 1 0 0 0 0 3 3 0 0 4 1 2 5 6 4 0 0 : , 1945—January... 41,260 16,808 848 1,044 3,838 7,487 159 6,076 February. . 41,377 16,856 845 1,049 3,849 7,536 158 6,084 March. . . . 41,325 16,783 844 1,048 3,858 7,558 137 6,097 April , 41,131 16,607 806 1,051 3,862 7,577 136 6,092 May 40,832 16,405 769 1,049 3,858 7,545 140 6,066, June 40,652 16,087 843 1,060 3,867 7,551 169 6,075 July 40,261 15,641 832 1,072 3,869 7,587 5,197 6,063 August. . . . 39,917 15,217 832 1,093 3,864 7,635 5,238 6,038 September. 38,108 13,341 833 1,093 3,876 7,733 5,270 5,962 October. . . 37,990 13,267 762 1,109 3,861 7,793 5,437 5,761 November. 38,321 13,334 843 1,148 3,912 7,882 5,534 5,668; December. . 38,474 13,297 855 1,166 3,952 7,936 5,631 5,637 1946—January. . . 39,057 13,547 864 1,192 3,992 8,096 5,696 5,670, February. . 38,523 12,797 864 1,210 3,983 8,213 5,776 5,680, March. . . . 39,525 13,482 857 1,280 4,003 8,364 5,840 5,699» April 40,105 14,124 542 1,384 4,011 8,371 5,984 5,689- May 40,443 14,274 753 1,424 3,946 8,386 5,965 5,695 June 40,751 14,400 864 1,473 3,956 8,426 5,961 5,671 July 40,856 14,475 873 1,535 3,991 8,464 5,975 5,543 August.... 41,361 14,745 886 1,601 4,042 8,573 5,984 5,530, September. 41,698 14,953 884 1,648 4.064 8,609 5,990 5.550, October. . . 41,823 15,019 883 1,670 4,093 8,581 6,054 5,523 November. 42,108 15,233 883 1,679 4,101 8,639 6,098 5,475 December. 42,176 . 15,310 874 1,731 4,091 8,630 6,119 5,421 1947—January.. 42,166 15,426 883 1,678 4,075 8,595 6,071 5,438; February. 42,277 15,529 880 1,651 4,052 8,637 6,107 5,421 March. . . 42,372 15,565 879 1,632 4,041 8,693 6,120 5,442 April 42,016 15,502 856 1,652 3,810 8,637 6,106 5,453 May 42,174 15,381 882 1,723 3,933 8,655 6,153 5,447- UNADJUSTED 1946—February 38,148 12,751 864 1,101 3,943 8,090 5,776 5,623 March 39,184 13,433 857 1,203 3,983 8,197 5,840 5,671 April 39,908 14,045 542 1,356 3,991 8,329 5,984 5,661 May 40,258 14,159 753 1,438 3,946 8,302 5,965 5,695 June 40,680 14,371 864 1,532 3,996 8,342 5,961 5,614 July 40,877 14,526 873 1,627 4,051 8,337 5,975 5,488 August 41,466 14,876 886 1,713 4,103 8,402 5,984 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-—January. . 41,803 15,372 883 1,527 4,014 8,552 6,071 5,384 February. 41,849 15,475 880 1,502 4,011 8,507 6,107 5,367 March. . . 42,043 15,511 879 1,534 4,021 8,563 6,120 5,415 Aoril 41,767 15,418 856 1.619 3,791 8,551 6,106 5,426 May 41,983 15,260 1 ,740 3,933 8,568 6,153 5,447 * 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. May 1947 figures are preliminary. Back unadjusted data are, available from the Bureau of Labor Statistics; seasonally adjusted figures beginning January 1939 may be obtained from the Division of Research and Statistics. 900 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSTRUCTION CONTRACTS AWARDED, BY TYPE OF CONSTRUCTION fFigures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in millions of doliarsl Nonresidential building Public works Total R b e u si i d ld e i n n t g ial an u d t il p it u i b es lic Month Factories Commercial Educational Other 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 JVIarch < 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 CONSTRUCTION CONTRACTS AWARDED, BY DISTRICT [Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in millions of dollars] [Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in thousands of dollars] Total Public ownership Private ownership Month 1945 1946 1947 1945 1946 1947 1945 1946 1947 1947 Federal Reserve district May April January.... 141 358 572 75 47 167 66 311 405 February... 147 387 442 74 56 96 73 331 346 March 329 698 597 221 146 143 107 551 453 Boston 39,717 56,689 396 735 602 309 127 177 87 608 New York. . . 120,389 76,340 May 243 952 675 148 197 234 95 756 441 Philadelphia. 47.978 40,187 227 808 82 215 146 593 Cleveland. . . 58,045 55,046 July 258 718 108 202 149 516 . Richmond. . . 70,712 85,377 August 264 680 67 205 196 475 . Atlanta.... 71,950 62,261 September.. 278 620 43 187 235 433 . Chicago. . . 122,093 92,346 October 317 573 61 134 256 439 . St. Louis. . . 44,063 35,683 November. . 370 504 61 130 309 373 . Minneapolis. 26,067 23,393 December... 331 457 62 109 269 348 . Kansas City. 19,220 31,200 Dallas 54,423 43,816 Year 3,2997,490 1,311 1,754 1,9885,735 . Total (11 districts), 674,657 602,338 LOANS INSURED BY FEDERAL HOUSING ADMINISTRATION [In millions of dollars] INSURED FHA HOME MORTGAGES (TITLE II) HELD IN Title I Loans Mortgages on PORTFOLIO, BY CLASS OF INSTITUTION [In millions of dollars] Prop- Small l-to4- Rental War and Year or month Total erty home family and Veterans' p m r i o m e v n - e t - s c t t i r o o u n n c - - h ( o T I u i D t 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 k r l - s - b M s t i a n u a n g v a u k l s - - s a S l i s 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 s n l - 1 - Other" 1935 320 224 94 2 ations 1936 557 246 309 2 1937 495 60 424 11 1938 694 160 "i3 473 48 1936—Dec 365 228 8 56 41 5 27 1939 . . . 954 208 25 669 51 1937—Dec 771 430 27 110 118 32 53 1940 1.026 251 26 736 13 193g—Dec< t # 1,199 634 38 149 212 77 90 1941 1.186 262 21 877 13 13 1939—Dec 1.793 902 71 192 342 153 133 1 1 9 94 4 2 3 . . .. 1.1 9 3 4 7 2 1 9 4 6 1 15 1 6 2 9 4 1 3 (2) 6 2 6 8 0 4 1 1940—Dec. 2,409 1,162 130 224 542 201 150 1944 886 125 216 537 1941—Mar 2,598 1,246 146 230 606 210 160 1945 . . . 684 189 219 4 272 June 2,755 1,318 157 237 668 220 154 1946 798 363 347 3 85 Sent 2 942 1,400 171 246 722 225 178 1946—May 80 39 C2) 31 1 10 Dec 3,107 1,465 186 254 789 234 179 J J A u u u l n y g e ust 8 8 5 3 0 5 4 4 2 0 2 5 (2) 3 3 2 7 3 6 j 6 5 4 1942— D Ju e n c e 3 3 , , 4 6 9 2 1 0 1 1 , ,6 6 6 2 9 3 2 2 1 3 9 6 2 2 7 7 2 6 1,0 9 3 4 2 0 2 24 4 5 3 1 1 9 6 5 3 O S N e c o p t v o t e e b m m er b b e e r r . . . . 6 8 6 3 5 7 3 3 4 5 2 7 ( ( (2 2 2 ) ) ) 3 2 2 3 6 6 6 4 7 1943— D Ju e n c e . 3 3 , , 7 6 0 2 0 6 1 1, , 7 7 0 0 5 0 2 2 5 5 2 6 2 29 8 2 4 1 1 , , 1 07 3 1 4 23 7 5 9 1 1 5 5 8 9 1947— D F J e e a b c n e r u u m a a r b r y e y . r . . . . . . . . 8 7 7 9 9 7 4 3 4 0 9 4 ""' ( ( 2 I ) )" 3 2 2 0 7 8 1 1 9 3 6 1944— D Ju e n c e 3 3 , , 5 39 5 9 4 1 1 , , 6 5 6 9 9 0 2 26 5 0 8 2 26 8 9 4 1 1, , 0 1 7 1 2 9 6 7 8 3 1 1 5 4 0 0 M A M p a a r r i y c l h ....... 1 1 1 8 1 7 6 2 5 4 4 1 2 0 ( ( 2 2 ) ) 3 3 2 3 6 8 3 3 1 3 4 8 1945— D Ju e n c e 3 3, , 1 3 5 2 6 4 1 1 , , 5 5 7 0 0 6 2 2 6 6 5 3 2 2 6 5 4 3 1 1 , , 0 0 4 0 7 0 4 1 3 3 1 1 3 2 4 2 1946—June 3,102 1,488 260 247 974 11 122 1 Mortgages insured under War Housing Title VI through April Dec 2,946 1,436 246 233 917 9 105 1946; figures thereafter represent mainly mortgages insured under the Veterans' Housing Title VI (approved May 22, 1946) but include a few refinanced mortgages originally written under the War Housing iThe RFC Mortgage Company, the Federal National Mortgage Title VI. a Less than $500,000. Association, the Federal Deposit Insurance Corporation, and the NOTE.—Figures represent gross insurance written during the period United States Housing Corporation. and do not take account of principal repayments on previously insured * Including mortgage companies, finance companies, industrial banks, loans. Figures include some reinsured mortgages, which are shown in endowed institutions, private and State benefit funds, etc. the month in which they were reported by FHA. Reinsured mortgages NOTE.—Figures represent gross amount of mortgages held, excludon rental and group housing (Title II) are not necessarily shown in the ing terminated mortgages and cases in transit to or being audited at the month in which reinsurance took place. Federal Housing Administration. 901 JULY 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 Tanuary 750 1,124 903 799 Pi,115 230 301 334 394 9533 520 823 569 405 P582 February 728 1,107 887 670 Pi,151 234 314 325 318 P435 494 793 561 352 P716 March. 992 1,197 1,030 815 Pl.327 249 358 365 385 P444 743 839 665 431 P883 April 989 1,231 1,005 757 P1,296 258 361 366 407 P512 732 870 639 350 May 1,092 1,455 1,135 282 386 372 P397 810 1,069 763 P453 June 1,003 1,296 870 P878 296 332 360 »386 707 965 511 P492 July . 1 265 1 197 893 302 294 356 963 903 537 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 Pi 43 November 1,07? 1 185 639 P988 312 323 322 P482 760 862 317 P506 December. .... 1,286 938 736 Pl.097 282 336 297 P536 1,004 602 439 P561 Jan.-Apr.. 3,459 4,659 3,825 3,041 P4,889 971 1,334 1 ,390 1,503 P 1,924 2 ,489 3,325 2,435 1,538 P2,965 * Preliminary. 1 Including both domestic and foreign merchandise. * General imports including merchandise entered for immediate consumption and that entered for storage in bonded warehouses. Source.—Department of Commerce. Back figures.—See BULLETIN for April 1944, p. 389; April 1940, p. 347; February 1937, p. 152; July 1933, p. 431; and January 1931, p. 18 FREIGHT CARLOADINGS BY CLASSES REVENUES, EXPENSES, AND INCOME OF CLASS I RAILROADS (Index numbers: 1935-39 average = 100] [In millions of dollars] For- Mis- Mer- Total CoalCoke Grain s L t i o v c e k - p u e r c s o t t d s - Ore l c o a e u n l s e - - c l d h . i c a s . n l e - . o r p a T i e l o r w t a a t a l i y ng e r x a T p i o l e w t n a a s l e y s o r p ai N e l r w e a t t a i y ng in N co e m t e revenues income Annual 1939 101 98 102 107 96 100 110 101 97 1940 ... . 109 111 137 101 96 114 147 110 96 Annual 1941 130 123 168 112 91 139 183 136 100 1939 3,995 3,406 589 93 1 1 1 9 9 94 4 4 3 2 4 1 1 1 3 3 4 7 8 0 1 1 1 3 4 3 5 3 8 1 1 18 8 8 1 6 5 1 1 13 4 2 6 0 9 1 1 1 1 2 0 7 4 4 1 1 1 4 4 5 1 5 3 2 1 1 0 9 8 6 2 0 1 1 1 4 4 4 5 6 7 6 6 6 3 9 7 1 1 1 9 9 9 4 4 4 1 2 0 4 5 7 , , , 2 3 4 9 4 6 7 7 6 3 4 5, , , 9 6 3 8 1 4 2 4 8 1,4 9 6 8 9 8 5 8 2 9 5 1 0 0 8 2 0 9 1 1 9 9 4 4 5 6 1 1 3 3 5 2 1 1 3 3 0 4 1 1 4 7 6 2 1 1 5 3 1 8 1 1 2 2 9 5 1 1 4 2 3 9 1 1 3 6 6 9 1 1 3 4 8 2 6 7 9 9 1 1 19 9 9 4 4 4 5 3 4 9 9 8 , , , 0 4 8 5 3 9 5 7 9 8 8 7 , , , 6 3 0 9 4 4 3 3 9 1 1 , ,3 0 8 6 9 4 2 3 9 8 6 44 6 7 7 8 4 SEASONALLY 1946 P7,627 P7,008 i»619 *289 ADJUSTED SEASONALLY 1946—March . 139 155 165 141 141 134 121 143 78 ADJUSTED April 109 26 94 112 143 143 66 143 81 I^f av 106 68 62 126 115 125 66 123 '73 1946—February.. 635 555 80 51 June 133 146 140 126 118 149 137 135 81 March.... 651 667 -16 -45 A S D J O N u u e c e o l p t g c v y o t u e e b e s m m e m t b b r b e e e r r r . . . . . . . . .1 1 1 1 1 1 4 3 4 3 3 3 1 9 0 8 7 9 1 1 1 1 1 1 5 3 5 4 6 1 5 2 2 5 0 7 1 1 1 1 1 1 5 8 8 6 7 8 5 3 3 6 7 4 1 1 1 1 1 1 6 3 2 4 4 3 2 1 5 7 2 9 1 1 1 1 1 9 2 2 3 6 1 1 2 8 6 6 8 1 1 1 1 1 1 5 4 5 5 5 5 6 6 1 7 3 4 1 1 1 1 1 1 4 6 5 6 5 6 5 2 7 4 7 4 1 1 1 1 1 1 3 4 4 3 4 4 9 8 5 9 1 8 8 8 7 7 7 7 1 3 9 5 7 8 O J S J A A M u u e p c u l a n p y r t g y e t i o e u l b m s e t. b r e . . . r . . . 5 6 6 5 6 6 6 5 1 3 6 7 6 6 1 5 9 3 3 6 4 6 5 5 5 6 6 6 0 2 6 0 1 0 8 3 4 2 6 3 5 6 - 4 6 5 5 5 9 4 8 8 7 3 1 - -4 2 2 3 1 2 1 1 8 0 7 8 5 6 1947—J F a 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 4 5 7 7 1 1 1 2 1 3 1 1 6 6 6 3 1 17 7 2 6 1 1 4 5 5 2 7 7 7 6 D N e o c v e e m m b b e e r r . . 6 6 6 5 3 8 6 5 0 2 1 3 1 6 3 2 5 9 2 8 9 A M M p L a r a y i r c l h . . ... . r1 1 1 4 3 4 7 6 2 1 1 1 5 4 1 7 5 9 1 1 1 8 8 7 0 3 5 1 1 1 5 5 3 1 9 8 1 1 1 2 1 0 1 1 4 1 1 1 5 4 4 9 8 8 1 1 1 8 7 8 4 1 4 1 1 1 5 4 4 1 7 5 7 7 7 9 8 6 1947— F M Ja e a n b r u r c u a h r a y r y . . . . •• 6 7 6 2 9 9 3 8 6 6 6 6 3 4 2 1 2 4 6 8 7 5 1 4 3 4 4 3 8 2 UNADJUSTED April 685 637 1946—March 132 155 166 130 111 134 35 136 79 UNADJUSTED April 107 26 93 99 127 143 50 141 82 J M u a n y e 1 1 0 3 7 7 1 6 4 8 6 1 6 3 1 8 1 1 1 2 1 8 1 9 0 6 3 1 15 30 5 2 1 1 03 3 1 1 2 3 5 9 ' 8 7 1 3 1946— M Fe a b rc ru h ary.. 6 5 4 7 6 9 6 5 5 2 2 9 5 6 1 ' 3 2 3 2 July . . . 143 145 172 166 135 153 263 142 78 April 567 '556 11 21 A S u ep g t u e s m t ber... 1 1 4 4 5 9 1 1 6 5 0 2 1 18 7 1 7 1 1 4 4 2 0 1 1 1 2 3 0 1 16 6 6 5 2 2 4 4 3 5 1 14 5 6 0 7 7 7 9 M Ju a n y e 5 61 3 2 3 5 5 3 7 7 4 - 3 5 8 3 1 7 5 October 149 155 180 142 197 154 216 151 82 July 674 611 63 32 November... 141 117 166 144 171 148 169 154 84 August 710 629 82 53 December... 131 132 163 152 118 139 45 139 78 September. 660 593 67 39 October... 710 625 85 57 1947—January 138 163 184 157 118 147 44 139 74 November. 658 594 64 38 February 133 149 182 144 89 159 43 136 74 December. 637 534 103 89 ^darch. 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 May 144 155 183 121 94 154 267 146 76 February.. 636 593 43 14 March 718 645 73 P43 689 631 58 33 April ' Revised. NOTE.—For description and back data, see pp. 529-533 of the BULLETIN for June 1941. Based on daily average loadings. Basic data compiled by Associa- p Preliminary. ' 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. 902 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORE STATISTICS [Based on value figures] SALES AND STOCKS, BY FEDERAL RESERVE DISTRICTS [Index numbers, 1935-39 average=100] Federal Reserve district United Year or month States Boston Y N o e r w k d P e h l i p l h a- ia C l l a e n v d e- m Ri o c n h d - la A n t t - a c C a h g i o - L S ou t. is M ap i o n l n is e- K C a i n t s y as Dallas F c S r is a a c n n o - SALES* 1939. 106 104 101 104 106 109 113 107 111 106 105 112 109 1940. 114 108 106 111 114 120 123 116 119 109 110 116 117 1941. 133 126 119 129 138 144 145 135 143 123 127 138 139 1942. 149 140 128 143 153 170 162 149 158 129 149 157 169 1943. 168 148 135 151 167 194 204 161 179 148 184 212 200 1944. 186 162 150 167 182 215 244 176 200 164 205 245 221 1945. 207 176 169 184 201 236 275 193 227 185 229 276 244 1946. 264 221 220 236 257 289 345 250 292 247 287 353 306 SEASONALLY ADJUSTED 1946—May '259 213 228 '234 256 '279 329 234 277 252 289 '348 '304 June 276 232 243 253 273 303 365 253 305 248 288 368 315 July 273 227 236 '243 260 307 343 254 300 253 281 381 323 August.... 290 246 259 '259 286 306 365 281 330 259 300 381 324 September. 270 226 205 '246 249 298 367 263 313 265 321 376 313 October 257 216 179 n33 248 286 348 250 293 254 297 349 319 November. '•271 230 231 '239 266 290 347 261 294 252 283 356 320 December.. "276 231 232 '250 277 293 363 264 303 251 299 348 317 1947—January. . 265 215 228 '247 256 291 341 245 278 262 281 363 313 February. •"268 219 224 '234 256 281 338 262 200 261 272 347 330 March ••273 237 229 '236 257 307 346 260 294 279 298 347 '325 April '276 227 235 '258 272 299 353 261 306 257 296 377 '315 May. 291 244 253 275 303 367 276 321 272 316 379 323 UNADJUSTED 1946—May r249 211 214 222 243 '278 313 234 272 '241 272 '327 '283 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 '258 265 312 372 268 313 281 312 384 330 November. . 336 284 301 '318 333 369 416 318 371 302 340 434 376 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 '248 266 290 350 258 297 264 200 347 '297 May 280 241 237 261 283 301 349 276 315 261 297 356 301 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—May 200 177 189 '181 192 233 239 191 211 186 '195 239 217 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. 256 209 221 220 249 298 330 249 274 259 249 303 296 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 ADril '265 211 230 '221 246 302 320 257 281 287 '2S2 326 r313 May 253 198 221 212 238 292 308 243 272 268 266 335 203 UNADJUSTED 1946—May 200 173 192 '183 194 228 232 191 211 185 191 227 225 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 '225 253 304 317 252 281 273 '273 r316 309 May. 253 194 224 214 241 286 299 243 272 266 261 318 304 ' 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. JULY 1947 903 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORE STATISTICS—CO»/I«M^ SALES, STOCKS, AND OUTSTANDING ORDERS WEEKLY INDEX OF SALES AT 296 DEPARTMENT STORES [Weeks ending on dates shown. 1935-39 average=100j Amount Without seasonal adjustment (In millions of dollars) Out- 1945 1946 1946 1947 Year or month Sales stand- Aug. 4.....167 Aug. 3.....217 Feb. 2.....197Feb. 1 .217 (total Stocks ing 11.....176 10.....228 9.....214 8.....219 for (end of orders 18 124 17 . .239 16 ..209 15 246 month) month) (end of 25.....182 24.....255 23.....213 22 .216 month) Sept. 1.....194 31.....281 Mar. 2.....217Mar. 1.....238 8.....177 Sept. 7.....264 9.....233 8 .254 15.....213 14.....293 16.....243 15.....267 1939 average 128 344 22.....220 21.....280 23.....255 22.....286 1940 average. 136 353 108 29....209 28.....257 30.....257 29.....283 1941 average 156 419 194 Oct. 6.....242 Oct. 5.....277 Apr. 6.....272Apr. 5.....319 1942 average 179 599 263 13.....245 12.....281 13.....28? 12.....265 1943 average 204 508 530 20.....237 19.....295 20.....289 19 .271 1944 average 227 534 560 27.....233 26.....287 27.....23? 26.....267 1945 average 255 564 728 Nov. 3.....23f Nov. 2....277 May 4.. ..248May 3.....279 1946 average 318 714 907 10... 261 9... 314 11... 274 10 311 17!..'.'.275 16.....'342 18....'.246 17... .273 1946—April 319 644 910 24.....25F 23.....363 25.....245 24.....277 May 304 674 934 Dec. 1 326 30... 334 Tune 1 22? -mm 31 250 June 304 699 1048 8.'..'.'!401Dec. 7...!.#475 8....'.273June 7 .293 July 244 735 1073 15.....433 14.....519 15.....283 14 .300 August 303 806 1012 22.....421 21.....53? 22.....24F ?t .256 September 309 828 960 29.....158 28.....281 29... 23° 28 October. .. 341 879 845 Tulv 6. . .192July 5 November, 404 919 691 1946 t 1947 13 210 12 December. 526 776 557 Jan. 5.....135 Jan. 4.....18* 20!!.'!!201 19 1947—January. . 256 769 619 1 1 2 9. . . . . .. .. . 1 1 9 8 1 8 1 1 1 8 . . . . . . . . . . 2 2 3 2 2 3 27.....204 26,... February 250 838 603 26.....188 25.....22C March 332 865 485 April 321 849 387 May P810 P348 NOTE.—Revised series. For description and back figures see pp. K74-875 of BULLETIN for September 1944. * Preliminary. Back figures.—Division of Research and Statistics. SALES BY FEDERAL RESERVE DISTRICTS AND BY CITIES [Percentage change from corresponding period of preceding year] M 19 a 4 y 7 A 19 p 4 r 7 . m F 19 i o v 4 s. e 7 M 19 a 4 y 7 A 19 p 4 r 7 . F 1 m 9 i o v 4 s e . 7 M 19 a 4 y 7 A 19 p 4 r 7 . F m 19 i o v 4 s e . 7 M 19 a 4 y 7 Apr. F m 19 i o 4 v s. 7 e United States. P+14 +5 +10 Cleveiand-cont • Chicago p+19 +7 +12 Kansas City— Toledo1 + 15 +3 + 11 Chicago1... . +23 +3 + 11 cont. Boston +76 +2 + 11 Youngstownl. . + 19 +7 + 14 PeoriaJ P+23 +5 + 15 Oklahoma City. +6 +2 +4 New Haven... + 10 -6 +5 Erie1 +23 + 13 Fort Wayne * p+15 +9 + 12 Tulsa + 1 +6 Portland + 1 -5 0 Pittsburgh» + 18 + 12 Indianapolis ' + 13 + 10i +9 + 11 D Bo o s w to n n to A wn rea. . + 17 +4! +14 Wheeling1 + 10 + 1 T D e e r s r e M H o a in u e te s . ] . + + 2 1 9 4 + + 1 1 2 0 + +1 1 4 3 D S a h ll r a e s veport + + 1 9 6 + + 3 1 + + 8 6 N W S N N N S A E S P U B B P B R e p y r c o l w r u e e i l i t o m o o b a i i n r h r u w w f c d c a i v g f a r g e g i a n a h g c Y a c B n a i r h Y n h l d u g a e r e r y o e o a e k o k a p s o e f s ^ r s m c e e i s n o t r k t » e t e k e F t r c e t * a l o p r t o a e . d r d l C n s . . n * . l . . y i l . . i , . . . . e s . . t . . . . . . . y . . . . . . . . + + + + + + + + + + + + + + + + + + 2 3 2 1 2 1 1 1 1 1 1 1 1 1 1 1 4 5 4 7 8 5 0 6 5 2 7 1 8 1 5 0 3 8 | ! | + + + + + + + + - ~ i 2 1 o 3 5 9 9 3 3 9 1 i ! j l | ! + + + + + + + + + + + + + + + + + + 1 1 1 1 1 1 1 1 1 1 1 1 1 9 6 4 9 0 6 1 2 2 2 7 3 0 0 0 0 3 6 A R W W G C M C L N R H B R R B i t W c y h l i h a o o a r i u o i a a c h r e n l l a r a n a n . m b h e s t f m n e r n r c s i t o i i h m V l l n m i h t o g l i t e e o l o n i e n a v k b k h a o s s n n o n g g i u t e , t n r g d l - o o t h e r l d o S N t n n g e a o n a , . , m . S n l C S e * 1 . . m . C . . . . C . . . . . . + + + + + - + + + + + 4 + + 2 2 + 2 1 -2 7 3 1 2 8 1 8 1 1 8 1 0 1 2 7 3 1 , i 2 ! , | 1 1 j ! , | j + + + + + + + + + + - - A 6 1 1 3 1 4 2 7 4 2 1 1 6 ; 1 0 i \ i + + + + + + + + + + + + + + + - 2 2 1 1 1 5 3 9 3 3 5 7 6 8 7 6 7 1 5 4 S M S G Q S S D G E L E M M L F L F t. p t t o o a l v i u r r a e . . i e a t i r e a r s u l L a i n t t n L i d m t w n e t L n l r n i n o s e t i n o s c o d S g 1 o S a s p s u i v y u i f v o u t n u h R m i i t R i B . i s i 1 l k n e s i g i l l o L s a s i l a . e e l A . d t 1 1 c p o e e . y 1 h . . . k . r i u . » l . . . d . e . . 1 i . . a s s . . + + + + + + + + + + + + + + + + + - 1 2 2 2 1 5 1 1 1 1 1 1 1 1 1 1 1 5 3 5 6 3 7 2 7 2 4 3 6 8 6 7 7 9 + + + + + + + - • 1 1 + + + + + + + - - - 2 1 1 1 1 1 1 1 1 5 9 2 7 6 6 8 0 9 7 | j 0 1 0 7 ! 1 0 7 j 1 ! J j , + + + + + + - + + + + + + 1 + + + + + 1 1 1 1 1 1 1 2 1 1 0 7 1 1 7 5 2 1 1 0 7 1 1 3 4 0 1 2 6 2 9 6Sa S S F S T C D H P O B F L L R n S a a B o a h u r o o o a i a o a e n n v a c r c n o s k k r e u l s t n e p F s r l g e l e r A s n A a D a o r a W u k n t r r o s B s m n B n o n s s n a i e i i 1 e f d n J o g x d e e l t n e i g C e o r 1 e r e a e c l n a o n t y c l n l h h i a n t e » d a 1 h s i r o n . s r d 1 o c i 1 1 . d s d . o . . l t i . . . i . n . . . . . . o . . p+ P + + + + + + + + + + + n + + + 1 1 1 1 8 1 3 4 5 7 4 3 7 7 0 2 3 5 0 4 + + + + + + + + + - + + + -1 3 1 1 1 3 4 1 4 9 2 8 5 0 2 0 5 6 1 + + + + + + + + + + + + + + + + 1 1 1 1 1 1 3 1 1 1 1 2 5 9 0 7 8 2 0 1 5 3 2 3 0 3 P T P L R h h r a i e l e i n a a l n c d a d t a d i e o n s e l n p t g l e 1 p h 1 r h i 1 a i . a . *. + + + + 2 1 1 7 4 6 8 ! i +2! + + + + + 1 1 1 1 6 4 7 4 8 J M O T M A a a r t c o i l l m a a k a n m n s n p t d o g t i a a o 2 n o 1 J . v m i e ll r e y 1 1 . . . . . + + + + + + 1 2 1 9 i 3 4 ! | l ! | + + + + + - 1 3 4 5 9 1 5 ! ! 1 4 1 | + + + + + + 1 1 1 8 3 7 2 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 1 l r . i l l s i . s . . . . l\ \ + + + + 1 1 8 7 6 4 + + + + i 1 5 i 5 6 ! ! J + + + + 1 1 9 8 4 12V S S S S N a a t a a o n n n l a c l t e F k p a J j o t r o a o R a l s a n n o e c n l s i a d s c * o x.. + + + - 2 8 4 0 0 1 + + + — - - 2 1 1 1 1 1 1 4 1 1 + + + -1 + 2 4 1 1 5 0 0 9 Wilkes-Barrel. +26k + 19 Augusta + 151 + 13j + 7 Kansas City.. +11 +6l\ +9 Boise and York1 +9 Columbus + 16 + 12 + 12 Denver...,.. + 11 + 10! +15 Nampa -5 +6 + 8 Macon l +6 -8 +2 Pueblo -1 + 12 + 11 Portland +9 + 7 + 12 C A le k v r e o la n n 1 d + + 1 8 6 + + 1 5 1 + + 1 7 1 N B e a w to n O R rl o e u a g n e s1 1 . . . . + + 1 1 6 1 + +6 5! + + 1 1 1 1 T H o u p t e c k h a ison... + + 1 9 1 + + 3 6 + + 1 7 0 S B a e lt l l L in a g ke h a C m it 1 y . . 1 .. . P+ + 7 4 + + 1 3 1 + + 1 9 0 Canton1 + 17 + 10 + 17 Bristol, Tenn... +26 +3! + 10 Wichita +3 -6 — 2 Everettx + 1 +8 + 11 Cincinnati1... + 18 +2 + 11 Jackson *• + 7 0! +6 Joplin + 18 +22 + 14 Seattle1 +4 +7 Cleveland >. . . + 14 +4 +9 Chattanooga1.. + 14 l + 7 Kansas City. + 11 + 11 + 10 Spokane1 P+9 + 18 +21 Columbusl .. +10 +3 +9 Knoxville1 + 10 5 St. Joseph... + 14 + 14 +9 Tacoma1 P + 1 +4 +7 Springfield 1 ., + 15 +3 +5Na frvWei + 18 +2! +6 Omaha + 11 +5 +9 Yakima1 + 11 + 15 + 15 * 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 904 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) 1941 average monthly sales=100 J Number Sales during Stocks Sales during Stocks at end Department of stores period 'end of April period of month reporting month) A 19 p 4 r 7 . F m 1 o 9 o 4 u s 7 . r A 19 p 4 r 7 . 1947 1946 1947 1946 1947 1946 Apr. Mar, Apr. Apr. Mar, Apr. GRAND TOTAL—entire stored 355 +7 +34 2.8 2.1 MAIN STORE—total 355 -1 +6 +37 2.9 2.1 203 212 205 592 602 432 Women's apparel and accessories... 352 -7 -1 +20 2.2 1.7 216 236 231 476 502 397 D Co re a s t s s e a s nd suits 3 3 3 3 7 8 -5 A y + + 2 2 2 5 1 1 . . 2 6 1 1. . 2 0 2 2 6 4 2 6 3 2 2 2 9 6 2 2 7 5 5 7 3 39 2 1 5 4 4 0 1 7 8 3 2 1 6 6 4 A J U B u l p n n J G o K r d u i u o i n e o n s r n r i r l e i w t s s s o s , ' ' , u r e w h s a a n s ' o n k r d e , c u d i a e r o s r s r t e g a w l s i d i t , p r e s r l s s , e a s , p s r ' s o s n u w e r e i t s t g e s , s a l w , i u r g d e n e a r i e e f r s o , s s r e m e t s c s 3 3 2 3 2 2 1 3 9 2 1 3 3 6 3 2 5 4 7 8 1 + - - - + 1 1 2 - - 6 2 1 2 7 4 3 1 + _ - - - - 4 4 5 8 4 4 0 + + + - - - - 4 4 5 6 6 4 7 5 7 3 2 2 2 2 2 2 1 . . . . . . . 2 6 6 5 8 0 3 2 2 1 1 1 1 1 . . . . . . . 5 8 8 8 7 5 0 2 2 2 2 2 2 1 4 2 0 2 6 0 9 3 9 9 7 7 8 9 3 3 3 2 2 1 1 6 3 2 4 0 9 7 5 9 6 4 6 3 7 3 3 2 2 2 1 1 0 0 1 9 4 8 9 1 5 3 3 0 8 4 6 5 4 4 5 4 4 3 8 8 0 6 8 3 5 1 1 7 7 5 0 6 5 6 4 4 4 4 2 2 9 3 7 9 8 7 8 1 0 2 2 4 r5 6 4 6 3 3 3 1 5 8 1 2 1 4 0 1 4 7 0 0 4 G S C H I F N H H M n h u o l e o a a f i S N o o r c l r n n s a s l v i e s k i e d n l d i e e s e k n g w k t b r t s e s l y s e ( a e a i ' r w , g r ( g a y n c w w ( e b r s o d h w e , r o e m a i a s o a m e m s , n s e m r m f s d r u n s e i o a e s n e 's s b l l n r ' , i l c s e e ' n , s a c s l s , r e h , c u f a c h i s l n l t o h i d h d l u i d r e e l n e d r r r g n e w r g e i n 's n e n o ' ) s g a ' o ) s r d ) , a s p sl p i a p r s e . l . . , . 3 2 3 3 3 3 2 2 2 1 1 1 1 3 4 2 9 3 7 4 4 8 7 6 6 1 5 5 2 7 0 8 8 4 7 4 - - - - - - + - + 1 1 1 1 - 1 1 - 1 f 8 5 1 2 7 9 5 4 3 l 0 + + + + + + + - - - - 1 3 4 4 1 1 8 7 5 8 1 < 3 1 + + + + + + - - - + 1 1 2 - - 6 8 4 2 9 8 1 9 9 3 1 9 2 5 5 8 5 0 3 5 2 0 3 2 2 4 2 2 2 2 . . . . . . . . . . . . 2 6 6 8 1 5 4 4 0 2 4 1 6 0 2 2 4 2 2 1 1 . . . . . . . . . . . 2 7 8 5 2 3 0 2 4 8 0 2 2 2 2 2 2 1 1 1 1 1 7 3 3 2 6 5 0 4 8 3 9 9 1 1 5 5 2 0 4 1 6 9 7 4 3 2 2 2 2 2 2 2 1 1 1 1 0 6 0 6 0 5 6 0 3 7 1 4 1 1 7 9 2 4 4 8 7 4 4 0 2 2 2 2 2 2 2 2 1 1 1 4 6 7 0 5 3 8 1 5 7 7 6 1 9 2 6 6 4 4 4 4 8 0 4 5 4 5 6 6 6 3 2 4 7 7 1 6 1 0 4 0 0 0 8 2 4 0 7 3 5 9 9 9 1 8 1 0 3 9 5 3 4 4 3 5 6 6 6 4 7 2 7 2 5 6 9 3 4 5 1 3 4 1 3 2 3 3 2 9 9 9 8 4 5 8 6 3 4 6 3 4 4 5 4 4 2 7 1 4 3 7 5 1 3 4 2 5 0 0 5 7 6 9 4 2 0 3 3 4 0 8 9 Men's and boys' wear 326 -5 + 11 +83 3.4 8 185 193 195 636 625 347 Men's clothing 239 +3 +29 + 160 2.4 0 202 213 195 502 491 195 Men's furnishings, hats, caps 313 -3 +5 +80 3.9 2.1 167 159 173 650 620 362 M Bo e y n s ' ' s c a l n o d th i b n o g y s a ' n s d h o fu e r s n , i s s l h ip in p g e s rs 2 1 8 8 8 8 - + 21 2 +8 0 + + 1 3 0 6 4 3 4 . . 8 4 2 2 . . 2 2 2 1 0 7 7 1 2 1 6 7 1 2 2 1 6 6 4 8 7 76 8 6 0 8 7 3 4 6 3 3 57 7 6 2 Home furnishings 316 +12 +18 +62 3.6 2.5 202 196 181 738 753 455 Furniture, beds, mattresses, springs. 239 -4 +3 +78 4.2 2.3 176 174 183 743 754 416 Domestic floor coverings 265 +21 +24 + 101 3.2 2.0 207 199 170 672 685 332 Draperies, curtains, upholstery 297 -4 -2 +51 3.7 2.3 208 195 218 765 834 508 Major household appliances........ 233 + 182 +202 +394 1.4 0.8 326 323 115 446 452 91 Domestic, blankets, linens, etc 304 -4 +3 +57 4.2 2.5 160 161 168 664 674 422 Linens and towels 203 -10 -7 +51 5.1 3.0 147 143 163 749 769 495 Domestics-muslins, sheetings 175 0 + 18 + 138 2.6 1.1 179 204 179 473 455 193 Blankets, comforters, spreads 188 -2 + 1 +36 4.6 3.3 145 145 149 674 696 494 Lamps and shades . 238 -3 +5 4.1 3.8 176 167 182 724 744 70S China and glassware 240 +7 0 +57 6.0 4.1 133 130 125 799 768 501 Housewares 239 +4 + 11 +25 3.6 3.0 276 247 265 979 1010 780 Piece goods 297 48 +9 +89 2.6 1.4 290 367 268 748 752 397 Silks, rayons, and velvets. 110 + 13 + 14 + 135 2.1 1.0 294 436 261 606 759 256 Woolen dress goods 91 -11 + 12 +58 4.3 2.4 186 446 211 806 839 529 Cotton wash goods 127 + 14 + 13 + 136 2.1 1.0 335 324 295 710 687 304 + 18 Small wares 339 -1 +3 0 3.8 3.8 166 168 168 633 640 632 Lace, trimmings, embroideries, and ribbons. . . 121 -12 2 —9 2.5 2.4 302 293 344 755 776 816 Notions 229 + 12 + 12 +5 2.9 3.1 237 214 212 679 699 642 Toilet articles, drug sundries, and prescriptions. 326 -8 -4 4.3 4.1 129 132 140 552 570 572 Jewelry and silverware 303 -5 0 +5 4.2 3.8 180 178 189 752 759 719 Jewelry 208 -8 -3 -11 4.1 4.2 176 176 190 713 736 802 Silverware 127 +5 +9 +34 3.8 2.9 185 179 177 699 681 505 Art needlework 237 + 1 +8 -5 4.9 5.2 140 174 139 678 676 719 Stationery, books, magazines. 251 -1 + 7 +3 3.9 3.8 152 172 154 600 588 584 Stationery 157 +5 + 15 +3 4.2 4.3 141 163 134 597 588 573 Books, magazines 90 -7 -3 -1 3.4 3.2 149 176 160 505 520 516 Miscellaneous 303 -6 +2 +29 3.4 2.4 171 165 181 579 567 444 Toys and games 153 -27 -18 +3 5.4 3.8 105 100 144 559 545 544 Sporting goods, cameras 64 + 14 + 19 +65 4.8 3.3 164 134 143 789 749 478 Luggage 249 +8 +9 +33 3.9 3.2 189 163 176 739 709 543 BASEMENT STORE—total 209 +6 +11 +15 2.2 2.0 192 198 182 424 443 367 Women's apparel and accessories 199 0 +5 -2 1.7 1.8 199 214 200 343 367 351 Men's and boys' clothing and furnishings. 164 + 18 +23 +37 2.8 2.4 190 189 161 524 533 383 Home furnishings 138 + 11 + 15 +34 2.8 2.3 192 179 173 542 562 403 Piece goods 54 + 11 + 17 +92 2.6 1.5 277 315 250 720 755 388 Shoes 131 + 12 +25 +28 3.3 2.8 155 162 139 504 508 393 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. 3 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. 8 For movements of total department store sales and stocks see the indexes for the United States on p. 903. 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. JULY 1947 905 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSUMER CREDIT STATISTICS TOTAL CONSUMER CREDIT, BY MAJOR PARTS [Estimated amounts outstanding. In millions of dollars] Instalment credit En o d r m of o n y t e h ar co c T n r s e o u d ta m it l 1 er ins T ta o l t m al ent Sale credit Loans2 p S a l i o y n a m g n l s e e 3 - nt a C cc h o a u rg n e ts S c e r r e v d i i c t e credit1 Total Automobile Other 1929 7,637 3,167 2,515 1,318 1,197 652 2,125 1,749 596 1930 6,829 2,696 2,032 928 1,104 664 1 949 1,611 573 1931 5,526 2,212 1,595 637 958 617 1 402 1,381 531 1932 4,093 1,526 999 322 677 527 962 1,114 491 1933 3,929 1,605 1,122 459 663 483 776 1,081 467 1934 4,396 1,867 1,317 576 741 550 875 1,203 451 1935 5,439 2,627 1,805 940 865 822 1 048 1,292 472 1936 6,796 3,526 2,436 1,289 1,147 1,090 1 331 L.419 520 1937.. . . 7,491 3,971 2,752 1,384 1,368 1,219 1 504 L 459 557 1938 7,064 3,612 2,313 970 1,343 1,299 1 442 1,487 523 1939 7,994 4,449 2,792 1,267 1,525 1,657 1 468 1,544 533 1940 .9,146 5,448 3,450 1,729 1,721 1,998 1 488 L 650 560 1941 9,895 5,920 3,744 1,942 1,802 2,176 1 601 11,764 610 1942 6.478 2,948 1,491 482 L.009 1,457 1 369 1,513 648 1943 .. . 5,334 1,957 814 175 639 1,143 1 192 1,498 687 1944 5,776 2,034 835 200 635 1,199 1*255 1,758 729 1945 6,637 2,365 903 227 676 1,462 1 519 OKI 772 1946 10,147 3,976 1,558 544 1,014 2,418 2 253 3,054 864 194(5—April 7,368 2,649 957 289 668 1,692 1 766 2 138 815 May .. 7,607 2,783 11,004 318 686 1,779 1 814 2 188 822 7,905 2,902 1,035 336 699 1,867 1 846 2,327 830 Tulv 8,025 3,022 L,070 365 705 1,952 1,886 2,281 836 August 8,362 3,165 1,124 394 730 2,041 1 938 2,418 841 September 8,631 3,288 1,177 425 752 2,111 2 000 2,495 848 October 9,013 3,458 1,261 466 795 2,197 2,081 2,621 853 November 9,527 3,646 1,358 505 853 2,288 2 164 2,859 858 December 10,147 3,976 ,558 544 1,014 2,418 2.253 3,054 864 1947—January 9,967 4,048 ,566 581 985 2,482 2 286 2,764 869 February 9,910 4,157 ,609 631 978 2,548 2,277 2,602 874 March 10,216 4,329 ,695 691 1,004 2,634 2,243 2,768 876 ADHIP 10,413 4.543 ,813 753 1,060 2,730 2,215 2,782 873 Mayp . 10,664 4,747 ,923 810 1,113 2,824 2,203 2,840 874 p Preliminary. 1 Revised. See footnotes 2 and 3. 2 Includes repair and modernization loans insured by Federal Housing Administration. Totals revised to include new estimates of instalment loans of commercial banks, small loan companies, and credit unions. For description and back figures see pp. 830-835 of this BULLETIN. 3 Revised beginning April 1946 to adjust estimates of single-payment loans at commercial banks to recent call report data. CONSUMER INSTALMENT LOANS [Estimates. In millions of dollars] Amounts outstanding Loans made by principal lending institutions (end of period) (during period) Insured Year or month Total1 b m a C e n o r k m ci s a - i l 2 p S c a l m o o n a m i a e n l - s l 1 b In t a r d n ia u k l s s - 3 p I c n a t lo o r n d i a m i a u e n l s - s - 3 u C n r i e o d n i s t 1 l M l a e n n is e d c o e e u r l s s - m i l r z o e o a a a p n d t n i a d e o s i r r n 4 n- b m a C e n o r k m c s i a - x2 p S c a l m o o n m a i a e n l - s l 1 b In t a r d n ia u k l s s r 3 - p I c a n t l o o r n d i m a i u a e n l s - s - 3 u C ni r o e n d s it l 1929. 652 43 263 219 32 95 463 413 42 1930. 664 45 277 218 31 93 485 380 41 1931. 617 39 287 184 29 78 494 340 38 1932 527 31 268 143 27 58 393 250 34 1933. 483 29 256 121 27 50 322 202 33 1934. 550 44 264 125 32 60 25 69 413 234 42 1935. 822 88 287 156 44 79 168 130 455 288 67 1936. 1,090 161 326 191 66 102 244 248 610 354 105 1937. 1,219 258 374 221 93 125 148 368 662 409 148 1938. 1,299 312 380 129 95 112 117 154 460 664 238 176 179 1939. 1,657 523 448 131 99 147 96 213 680 827 261 194 257 1940. 1,998 692 498 132 104 189 99 284 1,017 912 255 198 320 1941. 2,176 784 531 134 107 217 102 301 1,198 975 255 203 372 1942. 1,457 426 417 89 72 147 91 215 792 784 182 146 247 1943. 1,143 316 364 67 59 123 86 128 639 800 151 128 228 1944. 1,199 357 384 68 60 122 88 120 749 869 155 139 230 1945. 1,462 477 439 76 70 128 93 179 942 956 166 151 228 1946. ? 418 956 608 117 98 185 110 344 1,793 1,251 231 210 339 1946—April 1,692 612 475 85 76 137 97 210 140 103 18 16 25 May 1,779 656 485 88 78 143 98 231 148 95 19 16 28 June 1,867 702 498 92 79 149 99 248 148 98 19 17 28 July 1,952 744 512 96 81 155 r101 263 155 105 20 17 29 August 2,041 790 527 100 84 158 102 280 164 108 20 18 30 September. . 2.111 824 536 103 86 164 103 295 156 96 20 18 31 October 2,197 865 547 108 90 171 104 312 176 105 21 19 34 November. . 2,288 907 565 112 94 176 106 328 172 120 22 20 33 December... 2,418 956 608 117 98 185 110 344 191 166 26 25 39 1947—January.... 2,482 991 611 122 102 186 110 360 187 98 22 20 33 February. . . 2,548 1,030 611 125 105 190 110 377 180 90 21 20 33 March.... 2,634 1,079 617 128 108 197 111 394 214 121 24 23 38 April? 2,730 1,123 627 133 113 204 112 418 213 116 24 24 39 Mayp 2,824 1,165 633 138 116 213 113 446 212 115 24 24 42 P Preliminary. r Revised. x Revised. For description and back figures see pp. 830-835 of this BULLETIN. 2 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 May amounted to 91 million dollars, and loans made during May were 14 million. 8 Figures include only personal instalment cash loans, retail automobile direct loans, and other retail direct loans. Direct retail instalment loans are obtained by deducting an estimate of paper purchased from total retail instalment paper. 4 Includes only loans insured by Federal Housing Administration. 906 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 i [Estimated amounts outstanding. In millions of dollars] [Estimates. In millions of dollars] Depart- Automobile Other Repair Per- E y m e n a o d n r t o o h r f in e m T g x o c o a l t b u a u i d l l t e , o - - s o m m t a r o n a d e r n i d 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 u p r c l s l d e 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 l a e l e i r l s Year or month Total c P ha u s r e r - d eta D i l l o i a r n ec s t c r d h p e a ir a t u n a e s r d i c e - l t d , e l m r o t a n i a n o o i n d d z n s a - 2 - i l m s c n o o a s e a n s t n n a h a s t l lhouses Outstanding at end of 1929 .,. 1,197 160 583 265 56 133 period: 1930 .... 1,104 155 539 222 47 141 1939. 1,093 21S 1.64 155 209 347 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 516 54 79 68 80 226 1935 865 186 336 171 40 132 1944 557 55 96 75 84 247 1936 1,147 256 406 255 56 174 1945 742 64 139 100 124 315 1937 1,368 314 469 307 68 210 1946 1,591 165 306 275 273 572 1938 1,343 302 485 266 70 220 1946—April 958 92 180 134 159 393 1939 1,525 377 536 273 93 246 May 1,035 103 196 151 170 415 1940 1,721 439 599 302 110 271 Tune 1,108 109 212 165 183 439 1941 1,802 466 619 313 120 284 July 1,179 115 225 184 195 460 1942 1,009 252 391 130 77 159 August 1,264 127 241 201 211 484 1943 639 172 271 29 66 101 September. . 1,334 136 252 214 226 506 1 1 1 9 9 4 4 4 5 . ... . 6 6 3 7 5 6 1 1 8 9 3 8 2 2 8 6 3 9 1 1 3 4 7 7 4 0 1 1 0 0 7 0 O N c o t v o e b m er b . e r . . . . . 1 1, , 4 4 9 1 4 3 1 1 5 4 6 5 2 2 6 8 8 5 2 2 3 5 3 1 2 2 4 5 2 6 5 5 2 4 5 6 , 1946 1,014 337 366 28 123 160 December. . 1 ,591 165 306 275 273 572 1946 1947—January.... 1,668 181 325 296 280 586 April 668 200 288 15 60 105 February... 1,732 196 348 305 284 599 May 686 206 295 16 61 108 March... . 1,821 215 373 317 296 620 June 699 210 299 17 63 110 April? 1,922 237 397 337 314 637 July 705 212 299 20 63 111 May*1 2,025 254 423 362 335 651 August 730 221 308 22 64 115 September. 752 235 311 23 65 118 Volume extended dur- October. . . 795 257 322 25 66 125 ing month: November. 853 284 337 26 72 134 1946—April 214 28 44 34 23 85 December. 1,014 337 366 28 123 160 May 229 28 49 40 23 89 Tune 219 23 47 38 23 88 1947 July 242 28 49 48 24 93 January. . . 985 337 352 27 114 155 August 255 33 53 43 29 97 February.. 978 338 349 30 107 154 September.. 246 30 51 46 27 92 March .... 1,004 358 354 29 105 158 October. . . . 279 34 58 54 31 102 Aoril P . . . . 1 ,060 386 366 32 109 167 November. . 274 33 58 54 29 100 MayP 1,113 408 382 33 115 175 December. . 306 39 64 61 28 114 1947—January.... 307 44 69 65 24 105 CONSUMER INSTALMENT CREDITS OF INDUSTRIAL February... 289 42 70 55 25 97 BANKS, BY TYPE OF CREDIT March... . 343 54 81 59 31 118 [Estimates. In millions of dollars] April* 364 60 84 69 36 115 May* 375 58 83 78 41 115 Retail instal- Repair Personal ment paper 3 and instal- CONSUMER INSTALMENT CREDITS OF INDUSTRIAL Year and month Total modern- ment LOAN COMPANIES, BY TYPE OF CREDIT Auto- ization cash [Estimates. In millions of dollars] mobile Other loans 2 loans Retail instal- Repair Personal Outstanding at end ment paper 3 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 loans2 loans 1942—June 162.4 34.3 16.3 16.5 95.3 1 1 1 9 9 9 4 4 4 4 3 5 — — — J J J D D D 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 1 2 9 4 0 5 . . . . . . 8 0 6 6 2 4 2 1 1 1 1 1 1 2 2 2 3 4 . . . . . . 5 8 6 0 4 4 1 6 8 7 7 7 2 . . . . . . 8 8 7 8 7 8 1 1 1 1 1 1 2 4 4 4 3 5 . . . . . . 9 2 0 1 4 6 6 5 5 5 5 7 7 2 9 7 7 5 . . . . . . 5 9 9 8 4 6 O 1 1 1 9 9 9 u 4 4 o 4 t 5 6 f s 4 t p : a . e n : r : d io in d g : at end 1 6 7 0 7 6 8 . . . 1 7 4 1 1 1 1 5 0 . . . 0 5 0 3 4 7 . . . 0 8 4 . . . 4 1 5 6 5 8 0 1 3 . . . 2 7 6 December... 104.1 13.8 9.8 17.2 63.3 1946—April 83.2 12.1 4.5 6 65.0 1946—April 118.1 16.8 11.8 20.2 69.3 May 85.6 12.6 4.8 .7 66.5 May 122.4 17.6 12.7 21.2 70.9 June 87.5 12.7 5.2 .7 67.9 June 127.4 18.5 13.7 22.0 73.2 July 89.0 13.0 5.4 .9 68.7 July 132.6 19.9 13.8 23.1 75.8 August 93.1 13.6 5.6 2.0 71.9 August 138.5 21.3 14.1 24.2 78.9 September. . 95.3 13.8 6.2 2.0 73.3 September. . 142.9 22.1 14.7 25.4 80.7 October 99.7 14.5 7.0 2.2 76.0 October 150.6 24.4 15.7 26.7 83.8 November... 103.7 14.9 7.6 2.3 78.9 November... 156.1 26.2 16.7 27.5 85.7 December... 108.4 15.0 7.4 2.4 83.6 December. . . 162.7 27.5 17.8 28.3 89.1 1947—January... . 112.2 15.6 8.0 2.5 86.1 1947—January 168.1 29.5 18.6 28.9 91.1 February . . . 115.5 16.5 8.4 2.5 88.1 February.... 172.6 31.3 19.6 29.6 92.1 March. 118.7 17.1 8.9 2.6 90.1 March 177.4 33.5 19.4 30.3 94.2 April? 124.6 18 7 9.9 2.7 93.3 April? 184.2 36.4 20.5 31.4 95.9 MayP 128.5 20.5 10.8 3.0 94.2 MayP 191.4 38.6 21.8 33.1 97.9 Volume extended Volume extended during month: during month: 1946—April 18.0 3.1 1.0 0.2 13 7 1946—April 23.6 4.2 2.4 2.5 14.5 May 18.4 3.2 .2 0.2 13.8 May 24.4 3.9 2.8 2.5 15.2 June 18.3 2.7 .2 0.2 14.2 June 23.8 3.9 2.7 2.3 14.9 July 19.6 3.3 .4 0.3 14.6 N A S O J D u e u o c e p l t g v c y o t u e e e b m s m m e t r b b b e e e r r r . . . . . . . . 2 2 2 3 2 2 6 6 5 1 8 8 . . . . . . 7 2 3 2 5 8 4 4 4 5 5 5 . . . . . . 7 5 7 6 2 3 3 2 3 3 2 3 . . . . . . 7 5 7 6 8 0 2 3 2 2 2 2 . . . . . . 3 6 7 8 8 6 1 1 1 1 1 1 9 5 6 6 6 6 . . . . . . 5 3 5 9 2 2 D N O A S e e u o c p c t v g o e t u e b e m m s m e t r b b b e e e r r r . . . . . . . . 2 2 2 2 2 0 6 0 2 3 . . . . . 2 5 0 5 0 3 3 3 4 4 . . . . . 5 1 4 4 0 1. . . . . 6 7 8 1 4 0 0 0 0 0 . . . . . 3 3 3 3 2 1 2 1 1 1 7 0 6 4 5 . . . . 9 4 9 6 0 1947—January . . . 22.4 3.6 1.8 0.2 16.8 1947—January .... 29.1 6.4 3.5 2.4 16.8 February . .. 22.2 3.9 1.6 0.2 16.5 February ... 27.4 6.2 3.4 2.4 15.4 March 25.6 3.9 1.8 0.3 19.6 March 31.3 7.1 3.5 2.7 18.0 April* 27.4 4.8 2.4 0.3 19.9 A M p a r y il P ? 3 3 2 2 . . 8 4 7 7 . . 7 5 4 4 . . 1 3 3 3 . . 1 7 1 1 7 7 . . 5 3 MayP 26.9 4.7 2.4 0.5 19.3 1 Revised, July 1943 to date. For description and back figures see pp. 830-835 of this BULLETIN. Preliminary. - Includes not only loans insured by Federal Housing Administration but also noninsured loans. 3 Includes both direct loans and paper purchased. JULY 1947 907 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 Percentage change Charge Percentage change from corresponding Instalment accounts accounts from preceding month of preceding month year Item 1 M 94 a 7 y P A 19 p 4 r 7 . 1 M 9 a 47 r. 1 M 94 a 7 y P A 19 p 4 r 7 . M 19 a 4 r 7 . Year and month D s m e to p e r a n e r t s t- F s t t u u o r r r n e e i s - h H p o s l t o l i o d a u r n s e a c e p s e - - Je st w o e re lr s y D s m e to p e r a n e r t s t- Net sales: 1946 Total + 10 +3 + 16 + 17 + 12 +15 April 36 28 56 32 63 C C r a e s d h it s a s l a e l s es: +8 + 1 + 13 -10 -11 -10 J M u a n y e 2 2 6 7 5 5 6 5 3 3 4 3 6 60 2 Instalment + 12 +2 +20 +28 + 18 +23 July 32 26 57 32 57 Charge account +2 +4 +3 +23 +31 +36 A Se u p g te u m st b . e .. r . . . . . . 3 3 4 5 2 2 5 6 5 51 4 3 30 3 5 5 9 6 Accounts receivable, at October 37 27 52 32 60 end of month: November... 37 27 47 34 59 Total +5 +3 +3 +40 +40 +42 December.. . 35 26 47 44 54 Instalment .... +3 +3 + 1 +32 +34 +34 1947 Collections during January 29 23 47 26 52 month: February. .. 28 21 42 25 51 Total .... +7 —2 + 10 +22 +21 +25 March. ..,.., 32 25 44 27 56 Instalment +6 -4 + 15 + 13 + 11 + 17 A M p a r y il ? 2 2 9 9 2 2 3 5 4 4 2 3 2 2 6 5 5 5 4 6 Inventories, end of month, at retail value. -3 0 + 1 +41 +54 +64 P Preliminary. p Revised. 1 Collections during month as percentage of accounts outstanding at * Preliminary. beginning of month. DEPARTMENT STORE SALES, ACCOUNTS RECEIVABLE, AND COLLECTIONS Index numbers, without seasonal adjustment, 1941 average = 100 Percentage of total sales Year and month Sales during month A a c t c o e u n n d t s o r f e c m ei o v n a t b h le Collec m tio o n n s t h during Cash I m ns e t n a t l- C ac h c a o r u g n e t - Total Cash I m ns e t n a t l- a C c h c a o r u g n e t I m ns e t n a t l- a C c h c a o r u g n e t I m ns e t n al t - a C c h c a o r u g n e t sales sales salea 1941 average 100 100 100 100 100 100 100 100 48 43 1942 average 114 131 82 102 78 91 103 110 56 <i 38 1943 average 130 165 71 103 46 79 80 107 61 34 1 1 9 9 4 4 5 4 a a v v e e r r a a g g e e 1 1 6 4 2 5 2 1 1 8 1 8 6 6 6 8 1 1 1 2 1 4 3 3 7 8 8 9 4 4 6 7 9 0 1 1 1 2 2 7 6 6 4 4 A 3 3 2 2 1946 average. 202 243 101 176 50 138 89 168 59 ,I 37 1946-A M p a r y il 2 1 0 9 5 4 '2 2 3 4 3 9 9 8 7 5 1 1 6 7 9 5 4 4 5 5 1 1 2 2 5 9 "• 8 8 4 5 1 1 5 6 4 8 6 5 0 9 i , [ 3 3 6 7 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 5 38 December 330 384 199 292 75 224 117 205 57 5 38 1947—January 163 188 106 146 75 176 118 251 57 S 37 F M e a b r r c u h ary 2 1 1 5 0 9 2 1 3 7 6 9 '1 1 4 0 6 9 -1 1 9 4 2 4 7 7 4 6 1 1 5 6 4 0 1 1 1 2 2 6 1 1 9 8 5 5 '5 5 5 6 Ss '3 3 9 8 April 207 230 141 192 80 164 120 186 55 s 39 May P 216 241 138 202 82 167 124 198 55 s 39 P Preliminary. •• Revised. NOTE.—Data based on reports from a smaller group of stores than is included in the monthly index of sales shown on p. 903. 908 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COST OF LIVING Consumers' Price Index for Moderate Income Families in Large Cities [Index numbers of the Bureau of Labor Statistics, 1935-39 average = 100] Fuel, Year or month All items Food Clothing Rent electricity, House Miscellaneoi and ice furnishings 1929 122.5 132.5 115.3 141.4 112.5 111.7 104.6 1930 119.4 126.0 112.7 137.5 111.4 108.9 105.1 1931 108.7 103.9 102.6 130.3 108.9 98.0 104.1 1932 97.6 86.5 90.8 116.9 103.4 85.4 101.7 1933 92.4 84.1 87.9 100.7 100.0 84.2 98.4 1934 95.7 93.7 96.1 94.4 101.4 92.8 97.9 1935 98.1 100.4 96.8 94.2 100.7 94.8 98.1 1936 99.1 101.3 97.6 96.4 100.2 96.3 98.7 1937 102.7 105.3 102.8 100.9 100.2 104.3 101.0 1938 100.8 97.8 102.2 104.1 99.9 103.3 101.5 1939 99.4 95.2 100.5 104.3 99.0 101.3 100.7 1940 100.2 96.6 101.7 104.6 99.7 100.5 101.1 1941 105.2 105.5 106.3 106.2 102.2 107.3 104.0 1942 116.5 123.9 124.2 108.5 105.4 122.2 110.9 1943 123.6 138.0 129.7 108.0 107.7 125.6 115.8 1944 125.5 136.1 138.8 108.2 109.8 136.4 121.3 1945 128.4 139.1 145.9 108.3 110.3 145.8 124.1 1946 139.3 159.6 160.2 108.6 112.4 159.2 128.8 1945—June 129.0 141.1 145.4 108.3 110.0 145.8 124.0 July 129.4 141.7 145.9 111.2 145.6 124.3 August 129.3 140.9 146.4 111.4 146.0 124.5 September, 128.9 139.4 148.2 108.3 110.7 146.8 124.6 October... 128.9 139.3 148.5 110.5 146.9 124.7 November. 129.3 140.1 148.7 110.1 147.6 124.6 December. 129.9 141.4 149.4 108.3 110.3 148.3 124.8 1946—January... 129.9 141.0 149.7 110.8 148.8 125.4 February.. 129.6 139.6 150.5 111.0 149.7 125.6 March.... 130.2 140.1 153.1 108.4 110.5 150.2 125.9 April 131.1 141.7 154.5 110.4 152.0 126.7 May 131.7 142.6 155.7 110.3 153.7 127.2 June 133.3 145.6 157.2 108.5 110.5 156.1 127.9 July 141.2 165.7 158.7 113.3 157.9 128.2 August 144.1 171.2 161.2 108.7 113.7 160.0 129.8 September 145.9 174.1 165.9 108.8 114.4 165.6 129.9 October... 148.6 180.0 168.1 114.4 168.5 131.0 November. 152.2 187.7 171.0 114.8 171.0 132.5 December. 153.3 185.9 176.5 115.5 177.1 136.1 1947—January... 153.3 183.8 179.0 108.8 117.3 179.1 137.1 February., 153.2 182.3 181.5 108.9 117.5 180.8 137.4 March 156.3 189.5 184.3 109.0 117.6 182.3 138.2 April.:..., 156.1 188.0 184.6 109.0 118.4 182.4 139.1 May 155.8 187.6 184.4 109.2 117.6 181.6 138.7 Back Figures.—Bureau of Labor Statistics, Department of Labor. JULY 1947 909 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WHOLESALE PRICES, BY GROUPS OF COMMODITIES [Index numbers of the Bureau of Labor Statistics. 1926 = 100] Other commodities All Year, month, or week m c t o o ie m d s i - - F p u r a c o r t d m s - Foods Total H p l i r e d o a e d t s h u a e c n r ts d p T ro e d x u ti c le ts m F li u a g e t h e l t r a i i n n a g l d s a p n r M d o d e m u ta e c l t t s a s l m Bu at i e ld ri in al g s c C a a l h l s l e i a e m d n i d - i f n H u g r o n g u i o s s o h e d - - s l M an is e c o e u l s products 1929 95.3 104 9 99.9 91.6 109.1 90.4 83.0 100.5 95.4 94.0 94.3 82.6 1930 86.4 88.3 90.5 85.2 100.0 80.3 78.5 92.1 89.9 88.7 92.7 77.7 1931 73.0 64.8 74.6 75.0 86.1 66.3 67.5 84.5 79.2 79.3 84.9 69.8 1932 64 8 48 2 61.0 70.2 72.9 54.9 70.3 80.2 71.4 73.9 75.1 64.4 1933 65.9 51.4 60.5 71.2 80.9 64.8 66.3 79.8 77.0 72.1 75.8 62.5 1934 74.9 65.3 70.5 78.4 86.6 72.9 73.3 86.9 86.2 75.3 81.5 69.7 1935 80.0 78 8 83.7 77.9 89.6 70.9 73.5 86.4 85.3 79.0 80.6 68.3 1936 80.8 80 9 82.1 79.6 95.4 71.5 76.2 87.0 86.7 78.7 81.7 70.5 1937 86.3 86.4 85.5 85.3 104.6 76.3 77.6 95.7 95.2 82.6 89.7 77.8 1936 78 6 68 5 73.6 81.7 92.8 66.7 76.5 95.7 90.3 77.0 86.8 73.3 1939 77.1 65 3 70.4 81.3 95.6 69.7 73.1 94.4 90.5 76.0 86.3 74.8 1940 78.6 67.7 71.3 83.0 100.8 73.8 71.7 95.8 94.8 77.0 88.5 77.3 1941 . . 87 3 82 4 82.7 89.0 108.3 84.8 76.2 99.4 103.2 84.4 94.3 82.0 1942 98 8 105 9 99.6 95.5 117.7 96.9 78.5 103.8 110.2 95.5 102 .4 89.7 1943 103.1 122 6 106.6 96.9 117.5 97.4 80.8 103.8 111.4 94.9 102.7 92.2 1944 104 0 123 3 104 9 98.5 116.7 98.4 83.0 103.8 115.5 95.2 104.3 93.6 1945 105 8 128 2 106.2 99.7 118.1 100.1 84.0 104.7 117.8 95.2 104.5 94.7 1946 121.1 148 9 130.7 109.5 137.2 116.3 90.1 115.5 132.6 101.4 111.6 100.3 1046—Mav 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 D ece mb er 140 9 168 1 160.1 124.7 176.7 134.7 96.1 134.7 157.8 125.7 120.2 108.9 1947—January 141 5 165 0 156.2 127.6 175.1 136.6 97.7 138.0 169.7 128.1 123.3 110.3 February 144.6 170.4 162.0 128.6 173.8 138.0 97.9 138.6 174.8 129.3 124.6 110.9 March 149 6 182 6 167.6 131.3 174.6 139.6 100.8 140.6 177.5 132.2 125.8 115 3 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 May 146 9 175 7 159.8 131.7 165.6 138.9 103.3 141.4 177.0 127.1 128.8 116.1 Week ending: 1947—Mar i 146 4 176 1 167.5 12S.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 0 176.9 161.1 132.1 166.4 138.5 104.1 141.8 177.4 125.9 129.4 115.9 May 24 146.9 177.2 160.3 132.2 166.4 138.3 104.3 141.8 177.0 126.0 129 A 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 June 7 147.9 179.5 163.1 132.2 166.6 138.5 104.4 142.5 177.5 124.7 129.5 115.9 June 14 147.6 178.3 162.4 132.1 167.0 138.5 104.4 142.3 176.1 124.4 129.6 116.0 June 21 147 8 178 7 162.6 132.1 169.4 138.4 104.5 141.5 176.3 124.3 131 .0 115 8 June 23 147.6 179.0 162.2 132.0 170.0 138.4 104.5 141.4 175.4 123.2 131.0 115.8 1946 1947 1946 1947 Subgroups Subgroups May Feb. Mar. Apr. May Maj Feb. Mar. Apr May Farm Products: Metals and Metal 1Products: Grains 148.1 171.1 203.3 199.8 202.4 Agricultural irnplements. 101.7 117.6 116.8 116 6 117.8 Livestock and poultrv 134.9 201.5 216.0 199.2 198.7 Farm machinery 102.7 119.0 118.2 1180 119.2 Food O s: ther farm producta 135 1 150 5 155 8 156 4 153 5 M Iro o n to a r n v d e h st i e c e le l s l 107 1 1S 25 1 0 3 1 15 9 1 5 9 9 148 g 1 1 2 4 8 9 6 3 Dairy products 117.0 161.8 157.6 148.8 138.8 Nonferrous nuitals 89.0 131.3 139.0 1410 143.9 C Fr e u re it a s l a p n ro d d v u e c g ts etabes 1 1 4 0 0 0 . . 6 3 1 13 4 4 1 . . 2 3 1 1 4 5 1 0 . . 5 4 1 1 4 5 2 4 . . 2 1 1 1 4 51 4 . . 7 3 Build P in lu g m M bi a n t g e r a ia n l d s heating... 100.8 117.1 117.9 118 2 120.0 Meats 110.5 199.5 207.3 196.7 203.0 Brick and tile 120.5 132.3 132.4 134 5 134.5 Other foods 98 1 146 0 152 8 147 6 138 4 Cement 102 109 9 112 3 114o 114 0 Hides and Leather Products: Lurnber 172.5 263.6 269^3 273 5 269.4 Shoes 128.9 171.5 171.5 172.1 172.2 Paint and pairit materials5. ... 108.2 173.9 176.1 175 5 169.2 Hides and skins 120.7 191.4 192.2 178.1 177.7 Plumbing andheating... 100.8 117.1 117.9 118 2 120.0 Leather 104.0 181.1 183.7 158.0 154.5 Strnctural stee1 120.1 127.7 127.7 127 7 127.7 Other leather prodiicts 115.2 137.1 137.7 137.7 138.3 Other buildingmaterials. 115.7 141.5 143.5 143 144.8 Textile Products: ChemicaIs and Aliitd Products Clothing 119 6 132 7 133 0 133 0 133 9 Che 97 o 113 8 114 5 119 118 7 Cotton goods 138.6 193.7 196.6 194.7 193.0 Drugs and Pharmaceuticals.. 112.4 182.5 182.7 1810 173.6 Hosiery and undersvear 75.7 100.0 100.8 100.8 100.8 Fertilizer materials 81.9 99.2 101.8 101 2 102.5 Silk 80 2 73 2 69 4 67.9 Mixed fertilizers 86 6 96 3 96 3 96 7 96 7 Rayon 30 2 37 0 37 0 37 0 37 0 Oil^ s*nH fats 102 214 3 231 5 220 1 179 9 Woolen and worsted goods. 112.7 121.9 127.5 129.1 129.2 Housefurnishing Goods: Other textile products 111.9 170.1 175.1 175.8 176.1 Furnishings 113.4 129.6 131.4 134 4 136.9 Fuel and Lighting Materials: Furnirnre 102.9 119.5 120.0 1200 120.3 Anthracite 104 1 114 8 114.9 113.9 112.2 Miscellaneous: Bituminous coal . ... 125 3 143.3 143.6 145.0 145.1 Auto tires and tubes.... 73.0 73.0 73.0 73 0 73.0 Coke 133 5 155 1 155 2 155 4 155 7 Cattle feed 173.6 178.6 238 4 208 Q 237 4 Electricity 67 0 65 7 64.3 Paper and pulp 115. 143.4 145.1 152 S 154.3 Gas 80 2 84.3 84.9 84.0 Rubber, crude 46.? 52.9 52.9 52 0 45.6 Petroleum products 63.5 76.6 81.7 86.3 86.8 Other miscellaneous 100.2 118.8 122.2 123 3 122.1 1 Revision made beginning October 1946. Back figures.—Bureau of Labor Statistics, Department of Labor. 910 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 » 1946 » 1 2 3 4 1 Gross national product 97.1 120.2 152.3 187.4 197.6 199.2 194.0 183.7 190.2 196.6 204.7 209.0 Government expenditures for goods and 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 16.2 23.8 19.2 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 9.5 8.5 9.0 9.8 10.5 Private gross capital formation .... 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 0) -1.5 - 1 .8 Net exports and monetary use of 4.9 3.7 7.4 4.8 3.8 0.3 0.2 0.1 -0.1 65.7 74.6 82.0 91.3 98.5 106.4 127.2 121.0 122.1 129.6 136.0 138.5 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 97.1 120.2 152.3 187.4 197.6 199.2 194.0 183.7 190.2 196.6 204.7 209.0 Deductions: Business tax and nontax liabilities... 12.4 18.5 23.1 27.4 29.7 28.6 25.0 6 4 7.0 7.6 8.0 8.2 8.0 7.2 Other business reserves 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 Adjustments: For inventory revaluation .... —0 4 —3 2 —2 1 -0.2 —0.1 (4) —3 5 —0.4 — 1 1 -0.2 1.5 —2.2 0.1 — 2.1 77.6 96.9 122.2 149.4 160.7 161.0 165.0 Additions: 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 6.9 Contributions to social insurance 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 Personal taxes and nontax payments 3.3 4.0 6.7 18.6 19.4 21.2 19.1 18.6 18.7 19.4 19.8 Federal 1.4 2.0 4.7 16.6 17.4 19.0 17.0 16.4 16.6 17.2 17.7 State and local 1.9 2.0 2.0 2.0 2.1 2.1 2.1 2.1 2.1 2 2 2 2 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 Net savings of individuals 7.3 14.2 28.6 33.3 38.9 33.1 18.8 17.1 19.8 18.8 17.6 77.6 96.9 122.2 149.4 160.7 161.0 165.0 152.9 158.5 169.4 177.5 180.5 52.3 64.5 84.1 106.3 116.0 114.5 109.8 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 3.3 Net income of proprietors 12 0 15 8 20.6 23.5 24.1 25.6 30 2 4.4 6.3 9.7 11.9 11.8 12.5 14.9 Nonagricultural 7.6 9 6 10.9 11.6 12 3 13.1 15 3 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 Dividends 4.0 4.5 4.3 4.3 4.5 4.5 5.1 1.8 4.0 4.4 5.5 5.4 4.5 6.9 1 Revised figures. Quarterly unadjusted data for all components on unrevised basis and revised figures for the quarterly adjusted series appear in the BULLETIN for July 1946, p. 806, and January 1947, p 88, respectively. * Revised figures Quarterly unadjusted data have not yet been published. » Based on new sources and not precisely comparable with previous years. < Less than 50 million dollars. NOTE.—Detail does not always add to totals because of rounding. For a general description of above series see the Survey of Current Business for M ay and August 1942 and March 1943. Back figures.—For annual totals 1929 through 1939, see the Survey of Current Business, M ay 1942 and April 1944. For quarterly estimates 1939 through 1944 see the Survey of Current Bus'ness for April 1944 and February 1946. 911 JULY 1947 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 book May June June June June page May June 28 18 25 WEEKLY FIGURES * In billions of dollars WEEKLY FIGURES1—Cont. Per cent per annum RESERVES AND CURRENCY MONEY RATES, ETC. Cont. Reserve Bank credit, total.... 2 22.02 22.23 22.04 21.80 22.06 Corporate bonds: U. S. Govt. securities, total. . 3 21.59 21.76 21.58 21.19 21.58 Aaa 37 2.53 2.53 2.55 2.55 2.56 Bills 3 14.57 14.66 14.38 13.99 14.38 Baa 37 3.19 3.20 3.22 3.22 3.21 Certificates 3 5.92 6.00 6.10 6.10 6.10 High grade (Treas. series). . 37 2.46 2.46 2.47 2.47 2.47 Notes 3 .37 .37 .37 .37 .37 Bonds 3 .74 .73 .73 .73 .73 Gold stock 2 20.93 20.99 21.03 21.12 21.17 In unit indicated Money in circulation 2 28.21 28.26 28.25 28.20 28.18 Treasury cash and deposits. . . 2 2.12 2.02 1.83 1.56 1.97 Member bank reserves 2, 4 15.71 15.92 16.03 16.24 16.08Stock prices (1935-39 =100): Required reserves. 4 15.19 15.30 15.36 •15.38 15.35 Total 40 116 116 120 120 121 Excess reserves e 4 .52 .63 .67 P.86 P.73 Industrial 40 119 120 124 126 126 Excess reserves (weekly avg.): Railroad 40 96 95 97 99 100 Total e 5 .79 .80 .77 P. 86 P.77 Public utility 40 102 102 102 99 101 New York City 5 .02 .01 .01 .01 .01 /blume of trading (mill, shares) 40 .75 .64 .91 .94 .87 Chicago 5 (2) (2) (2) (2) Reserve city banks 5 .24 .23 .22 .24 .21 BUSINESS CONDITIONS Country banks e 5 .54 .55 .54 P.60 P.54 Wholesale prices (1926 =100): Total 69 147.4 147.9 147.6 147.8 147.6 MEMBER BANKS IN LEADING CITIES Farm products 69 178.4 179.5 178.3 178.7 179.0 Other than farm and food. . 69 132.3 132.2 132.1 132.1 132.0 All reporting banks: 'roduction: Loans and investments 16 54.92 54.61 54.70 55.11 55.02 Steel (% of capacity) 75 95.4 97.0 96.9 95.8 95.6 U. S. Govt. securities, total. . 16 34.48 33.84 34.17 34.60 34.31 Automobile (thous. cars)... 75 79 98 98 103 105 Bonds 18 27.21 27.23 27.29 27.32 27.34 Paperboard (thous. tons) ... 76 178 172 183 183 177 Certificates 18 4.18 3.86 3.82 3.93 3.93 Electric power(mill. kw. hrs.) 77 4,429 4,635 4,702 4,676 Notes 18 2.36 2.37 2.31 2.28 2.28 Basic commodity prices 4,675 Bills 18 .73 .39 .75 1.08 .76 (1939=100) 76 298.0 297.7 299.1 299.8 Other securities 20 3.45 3.53 3.51 3.53 3.56 Dep't store sales (1935-39 = 298.3 Demand deposits adjusted.. 16 39.90 40.14 40.30 40.52 40.55 100) 77 250 293 300 256 U. S. Govt. deposits 16 1.11 .39 .46 .50 .56 Freight carloadings(thous. cars): 245 Loans, total 16 16.99 17.24 17.02 16.98 17.15 Total 78 830 901 895 901 846 Commercial 20 10.67 10.63 10.64 10.63 10.66 Miscellaneous 78 361 388 387 388 392 Real estate 20 1.74 1.74 1.75 1.77 1.7 For purchasing securities: Total 20 1.96 2.18 2.05 1.99 2.0: 1947 U. S. Govt. securities... 20 1.19 1.24 1.17 1.09 1.18 Other securities 20 .77 .94 .88 .90 .88 Other 20 2.43 2.45 2.47 2.48 2.52 Mar. Apr. May New York City banks: Loans and investments 17 18.22 18.19 18.17 18.5 MONTHLY FIGURES U. S. Govt. securities, total.. 17 11.36 11 11.29 11.56 In billions of dollars Bonds 19 9.51 9.52 9.53 9.57 RESERVES AND CURRENCY Certificates 19 1.01 .83 .83 .97 Notes 19 .74 .75 .71 .67 Reserve Bank credit 23.72 22.72 22.28 Bills 19 .10 .05 .2 .35 Gold stock 20.41 20.59 20.87 Demand deposits adjusted.. 17 14.3 14.4 14.51 14.85 Money in circulation 28.27 28.18 28.16 U. S. Govt. deposits 17 .31 .10 .1 .16 Treasury cash 1.33 1.33 1.34 Interbank deposits 17 3 3.8' 3.84 3.89 Treasury deposits 1.34 .72 .61 Time deposits 17 1.31 1.3: 1.32 1.32 Member bank reserves: Loans, total 17 5 5.95 5.81 5.87 Total 4,7,12 16.01 15.93 15.98 Commercial 21 3.93 3.91 3.90 3.90 Central reserve city banks.. 1 5.01 5.00 5.05 For purchasing securities: Reserve city banks 1 6.31 6.29 6.32 To brokers: Country banks 1 4.69 4.63 4.61 OnU. S.Govts 21 .60 .58 .53 .61 Required reserves: On other securities. .. 21 .24 .31 .32 .3 .32 Total 15.13 15.10 15.19 To others 21 .25 .25 .26 .24 .23 Central reserve city banks. . 1 4.98 4.98 5.04 Allother 21 .80 .76 .76 Reserve city banks 1 6.09 6.07 6.09 Banks outside New York City: Country banks 1 4.06 4.05 4.06 Loans and investments 17 36.70 36.42 36.53 36.6' 36.49 Excess reserves: U. S. Govt. securities, total.. 17 23.1 22.69 22.89 22.98 22.75 Total 4, .87 .83 .78 Bonds . 19 17.70 17.71 17.76 17.78 17.77 New York City .02 .01 .01 Certificates 19 3.18 3.03 2.99 3.02 2.96 Chicago (2) .01 (2) Notes 19 1.6: 1.62 1.60 1.60 1.6 Reserve city banks .22 .23 .22 Bills 19 .63 .34 .53 .58 .4: Country banks .63 .58 .55 Demand deposits adjusted.. 17 25.53 25.67 25.79 25.85 25.70 Money in circulation, total.... 28.23 28.11 28.26 U. S. Govt. deposits 17 .80 .28 .34 .36 .40 Bills of $50 and over 8.42 8.43 8.49 Interbank deposits 17 5.78 5 5.94 6.07 5.8i $10 and $20 bills 15.35 15.23 15.29 Time deposits 17 9.43 9.42 9.42 9.42 9.43 Coins, $1, $2, and $5 bills. .. 4.46 4.45 4.49 Loans, total 17 11.18 11.29 11 11.23 11.2' Commercial 21 6.75 6.72 6.73 6.75 6.75 ALL BANKS Real estate 21 1.67 1.67 1.67 1.6' 1.7i IN THE UNITED STATES For purchasing securities. 21 .88 .98 .90 .88 .91 All other 21 1 1.9. 1.90 1.91 1.94 T D o e t m al a n d d e p d o e s p it o s s a it n s d e currency«.. 1 1 C G P P 1 8 6 0 5 . . 4 1 0 0 P P 1 8 6 1 5 . . 3 2 0 0 P P 1 8 6 1 4 . . 5 9 0 0 Time depositse 1C P54.90 P55.1O P55.3O Per cent per annum Currency outside banks* h P26.00 P26.OO P26.00 MONEY RATES, ETC. U. S. Govt. depositse..; H P3. 80 P2.80 P2.10 U. S. Govt. securities: ALL COMMERCIAL BANKS Bills (new issues) 34 .376 .376 376 376 .37< Certificates 34 .85 .85 .85 .85 .81 Loans and investments, totale. 1 P113.10 P113.00 P112.7O 3-5 years 34 1.19 1.19 1.21 1.22 1.2. Loanse 1 P32.40 P32.80 P33.10 7-9 years 3 1.46 1.45 1.47 1.48 1.45 U. S. Govt. securities6 1 P72.40 P71.8O P71.3O 15 years or more 34, 37 2.19 2.30 2.21 32.24 2.2 Other securities6 1 P8.30 P8.40 P8.30 For footnotes see p. 915. 912 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 Mar. Apr. May page Mar. Apr. May MONTHLY FIGURES—Cont. In billions of dollars MONTHLY FIGURES—Cont. In billions of dollars MEMBER BANKS TREASURY FINANCE Cont. All member banks: Loans and investments, total... 12 95.39 95.31 95.04 Ownership of U. S. Govt. securities— Loans 12 27.61 27.89 28.14 Cont. U. S. Govt. securities 12 60.95 60.57 60.15 Marketable public issues—Cont. Other securities 12 6.82 6.85 6.75 By earliest callable or due date: Demand deposits adjustede 12 67.88 68.78 68.95 Within 1 year:6 Time deposits 12 27.65 27.81 27.92 Nonbank 31 53.14 51.21 50.61 Balances due to banks 12 11.49 11.25 10.96 Commercial bank 31 37.46 36.78 Balances due from banks 12 5.51 5.40 5.31 F. R. Bank 31 21.70 20.96 21.21 Central reserve city banks: 1-5 years:6 Loans and investments, total. .. 12 24.92 25.18 24.95 Nonbank 31 38.26 38.26 38.26 Loans 12 7.85 7.82 7.92 Commercial bank 31 27.69 27.68 U. S. Govt. securities 12 15.47 15.75 15.53 F. R. Bank 31 .69 .69 .69 Other securities 12 1.60 1.60 1.50 5-10 years:6 Demand deposits adjustede. .. 12 19.08 19.58 19.59 Nonbank 31 26.26 26.26 26.26 Time deposits 12 2.30 2.31 2.33 Commercial bank 31 16.49 16.56 Balances due to banks 12 5.27 5.21 5.17 F. R. Bank 31 .07 .07 .07 Reserve city banks: Over 10 years:6 Loans and investments, total.... 13 35.11 34.87 34.92 Nonbank holdings: Loans 13 11.20 11.24 11. "30 Restricted issues 31 54.81 54.81 54.91 U. S. Govt. securities 13 21.60 21.34 21.35 Unrestricted issues 31 6.65 6.64 Other securities 13 2.31 2.30 2.28 Commercial bank 31 5.21 5.20 Demand deposits adjusted6 13 23.65 23.98 24.14 F. R. Bank 31 .13 .13 .12 Time deposits 13 11.08 11.15 11.21 Balances due from banks 13 1.80 1.79 1.76 Country banks: MONEY RATES, ETC. Per cent per annum Loans and investments, total 13 35.36 35.26 35.17 Loans 13 8.57 8.83 8.92 U. S. Govt. securities 13 23.88 23.48 23.27 '. R. Bank discount rate 33 1.00 1.00 1.00 Other securities 13 2.91 2.95 2.97 Treasury bills (new issues) 33 .376 .376 .376 Demand deposits adjustede 13 25.15 25.22 25.23 Corporate bonds: Time deposits 13 14.28 14.36 14.38 Aaa 33.37 2.55 2.53 2.53 Balances due from banks 13 3.51 3.41 3.35 Baa 37 3.15 3.16 3.17 High grade (Treas. series) 37 2.49 2.47 2.46 CONSUMER CREDIT e U. S. Govt. bonds, 15 years or more. . 37 2.19 2.19 2.19 Co S n i s n u g m le e p r a c y r m ed e i n t, t t l o o t a a n l s 5 5 2 2 2 2 1 2 0 . . 2 2 4 2 P1 P 0 2 . . 4 2 1 2 P P IO 2 . . 6 2 6 0 In unit indicated Charge accounts 22 P2.78 P2.84 Service credit 22 P.87 P.87 Instalment credit, total5 22, 23 4.33 M.54 P4.75 Stock prices (1935-39 = 100): Instalment loans5 23 .63 P2.73 P2.82 Total 39 124 119 115 Instalment sale credit, total 23 1.70 PI.81 Pi.92 Industrial 39 128 123 11.9 Automobile 23 .69 P. 75 P.81 Railroad 39 110 102 95 Other 23 1.00 Pl.06 Pi.11 Public utility 39 107 105 102 Volume of trading (mill, shares) 39 .84 .91 .91 TREASURY FINANCE Brokers' balances (mill, dollars): Credit extended to customers.... 41 576 553 530 U. S. Govt. securities outstanding, Money borrowed 41 216 205 201 total interest-bearing 28 255.98 254.60 255.15 Customers' free credit balances. . . 41 677 665 652 Bonds (marketable issues) 28 119.32 119.32 119.32 Notes, certificates, and bills 28 52.97 51.05 50.44 Savings bonds and tax notes.... 28 58.16 58.61 58.86 BUSINESS CONDITIONS Special issues 28 25.18 25.28 26.19 Ownership of U. S. Govt. securities: Income payments (bill, dollars):67 Total interest-bearing: Total 45 14.8 14.7 Commercial bankse 29 71.50 71.70 Total salaries and wages 45 9.4 9.3 P9.5 Fed. agencies and trust funds. . . 29 31.57 31.55 32.15 Excluding Govt 45 8.1 8.1 P8.3 F. R. Banks 29 22.59 21.86 22.09 Entrepreneurial income 45 3.3 3.2 P3.2 Individuals6 29 65.20 65.40 Dividends and interest 45 1.2 1.2 Pl.2 Corporations6 29 21.70 20.50 Other 45 1.0 .9 P.9 Insurance companies" 29 25.10 25.10 Labor force (mill, persons):6 Mutual savings banks6 29 12.00 12.00 Total. 47 60.0 60.7 61 .8 State and local govts.6 29 6.30 6.30 Civilian 47 58.4 59.1 60.3 Marketable public issues: Unemployment 47 2.3 2.4 2.0 By classes of securities: Employment 47 56.1 56.7 58,3 Bills:6 Nonagricultural 48 48.8 48.8 49.4 Nonbank 30 17.04 16.61 16.00 Agricultural 48 7.2 7.9 9.0 Commercial bank 30 15.77 16.03 Factory employment and pay rolls F. R. Bank 30 15.09 15.10 ii.97 (1939=100): Certificates:6 Pay rolls 49 313.9 310.4 Nonbank 30 27.79 26.29 26.29 Employment 49 154.0 152.9 Commercial bank 30 16.39 15.49 Hours and earnings at factories: F. R. Bank 30 6.40 5.65 "(S.'oi Weekly earnings (dollars) 50 47.72 47.50 P48.86 Notes:6 Hourly earnings (cents) 50 118.0 118.6 P121.0 Nonbank 30 8.14 8.14 8.14 Hours worked (per week) 50 40.4 40.1 M0.4 Commercial bank 30 5.47 5.40 Nonagricultural employment (mill, F. R. Bank 30 .35 .35 '".'37 persons):«7 Bonds:6 Total 51 42.4 42.0 P42.2 Nonbank: Manufacturing and mining 51 16.4 16.4 P16.3 Restricted issues 30 119.32 119.32 119.32 Trade 51 8.7 8.6 P8.7 Unrestricted issues 30 71.1 71.15 Government 51 5.4 5.5 Commercial bank 30 49.20 49.28 Transportation and utilities 51 4.0 3.8 F. R. Bank 30 .75 .75 .74 Construction 51 1.6 1.7 Pl.7 For footnotes see p. 915. JULY 1947 913 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 Chart 1947 Chart book book page Mar. Apr. May page Mar. Apr. May MONTHLY FIGURES—Cont. In unit indicated MONTHLY FIGURES—Cont. In unit indicated BUSINESS CONDITIONS—Cont. BUSINESS CONDITIONS—Cont. Industrial production:7 Cash farm income (mill, dollars): Total (1935-39 = 100) 53, 54 190 186 Total 73 1,996 1,972 P2.025 Groups (points in total index): Livestock and products 73 1,322 1,330 Pl.381 Durable manufactures 53 85.3 84.1 Crops 73 608 582 P6O7 Machinery and trans, equip.... 54 45.2 44.5 P44^0 Govt. payments 73 66 60 P37 Iron and steel 54 21.6 21.5 P21.7 Nonferrous metals, lumber, and INTERNATIONAL TRADE AND FINANCE building materials 54 18.2 P17.6 Nondurable manufactures 53 82.3 80.7 P79.1 Short-term foreign liabilities and assets Textiles and leather 54 22.1 21.3 P20.8 reported by banks (bill, dollars): Food, liquor, and tobacco 54 23.0 22.7 P21.5 Total liabilities 79 8 5.67 Chemicals, petroleum, rubber, Official 79 8 2.69 and coal products 54 23.1 22.8 P22.7 Invested in U. S. Treasury bills Paper and printing 54 14.1 13.9 P14.2 and certificates 79 8 .96 Minerals 53,54 22.5 21.7 P23.0 Private 79 8 2.99 Selected durable manufactures Total assets 79 8 .75 (1935-39=100): Exports and imports (mill, dollars): Nonferrous metals 55 195 203 P200 .Exports 81 Pl.327 PI.296 Steel 55 213 213 215 Excluding Lend-Lease exports... 81 Pl.326 Pi,294 Cement 55 192 175 141 Imports 81 P444 P512 Lumber 55 138 135 P132 Excess of exports or imports ex- Transportation equipment 55 238 237 P233 cluding Lend-Lease exports 81 P882 P782 Machinery 55 281 275 P273 Foreign exchange rates: Selected nondurable manufactures See page 933 of this BULLETIN . . 82, 83 (1935-39 = 100): Apparel wool consumption 56 210 196 Cotton consumption 56 160 154 148 1946 1947 Manufactured food products.... 56 157 158 P153 Paperboard 56 180 178 184 Oct.- Jan- Apr.- Leather 56 122 119 Dec. Mar. June Industrial chemicals 56 432 432 P430 QUARTERLY FIGURES Rayon 56 289 291 P296 New orders, shipments, and inven- TREASURY FINANCE In billions of dollars tories (1939-100): New orders: Budget receipts and expenditures: Total 57 249 P240 Total expenditures 26 9.16 10.63 13.39 Durable 57 287 P278 National defense 26 4.50 4.30 4.55 Nondurable. 57 225 P218 Net receipts 26 9.02 13.90 10.89 Shipments: Internal revenue collections, total... 26 7.72 12.61 Total 57 289 P2S6 Individual income taxes 26 3.07 7.95 Durable . 57 314 P322 Corporate income taxes 26 2.52 2.62 Nondurable 57 271 P261 Misc. internal revenue 26 2.14 2.03 Inventories: Cash income and outgo: Total 57 217 P221 Cash income 27 9.95 15.09 Durable 57 238 P244 Cash outgo 27 8.77 9.87 Nondurable 57 199 P201 Excess of cash income or outgo. . . 27 + 1.18 +5.22 Construction contracts (3 mo. moving avg., mill, dollars) :7 'Total 59 541 548 P510 MONEY RATES Per cent per annum Residential 59 237 226 P198 Re O si t d h e e n r tial contracts (mill, dollars):7 59 304 322 P312 Ba T n o k t a r l a , t e 1 s 9 o c n i ti c e u s s tomer loans: 33 2.33 2.31 2.38 T P Pu r o i b t v a l a l i c te , total 6 6 6 0 0 0 2 2 4 3 1 9 6 3 2 2 1 0 1 5 0 5 2 1 1 3 8 9 5 4 O N So t e h u w e t h r Y e N r o n o r k r a t n h C d e i r t W y n e a s n t d e r E n a c s i t t e ie rn s cities. 3 3 3 5 5 5 2 2 1 , . . 4 8 7 3 5 6 2 2 1 . . . 3 8 8 7 0 2 2 2 1 . . .8 4 9 3 4 5 1- and 2-family dwellings 60 197 160 137 Value O t o h f e r construction activity (mill, 60 39 40 47 CORPORATE SECURITY ISSUES In unit indicated dollars):e T N o o t n a r l esidential: 61 826 958 Com d m a e t r a c i ( a b l ill a , n d d o l F la in rs a ) n : cial Chronicle Re P P s u i r d i b v e l a n ic t t e i al: 6 6 1 1 3 1 6 5 3 4 3 1 5 9 6 8 3 23 7 1 8 Se T N cu o e r w t i a t l i e c i s a s p s a u it n e a d s l Exchange Commission 4 4 2 2 1 1 . . 7 5 8 3 . . 9 6 5 8 D Fr e e S S T G p i a t o g r a o A C l P P M o t h e r c a u r l u o t s t k l i l i m b a p s v s c o l l c s ( e a i a e t 1 c n t h r ( l e 9 l t l p e o a 3 r o n s a 5 i t d e n - o o i 3 t r n s u 9 e g s s = i s n 1 : ( 7 1 0 to 9 0 t 3 ) a 5 l -3 in 9 d = e 1 x 0 ): 0) :7 6 6 6 6 6 6 6 6 3 1 1 3 5 3 5 3 ' 2 2 1 2 8 8 3 3 2 7 4 7 1 5 1 2 4 3 6 3 . . . 3 6 8 ' 3 2 2 0 3 8 2 6 7 1 1 6 0 5 0 4 3 6 6 . . . 7 7 3 7 3 2 2 1 3 9 5 3 2 4 7 1 9 1 2 3 9 9 2 0 . . . N Ne e d A A R R P I I P w t n n a u u l l a a d d l l p t b b i i a m l u u l r i i l l r r o s s i i s s o o o c ( c s s c t t m a a u u n r r e u u d d i i e e e e i a a t t r l r y d l l i i l s s l : , l s i i : t d t y y o llars) :<" . 4 4 4 4 4 4 4 4 3 3 3 3 3 3 3 3 1 1 , , 8 3 9 6 5 6 1 0 3 3 6 8 6 0 7 1 6 7 6 6 8 5 4 1,0 4 4 2 6 2 1 3 8 4 7 5 8 4 8 8 3 2 3 3 4 3 Consumers' prices (1935-39=100): All items 67 156.3 156.1 155.8 BUSINESS CONDITIONS Food 67 189.5 188.0 187.6 Gross national product (bill, dollars)e. 44 204.7 209.0 Clothing 67 184.3 184.6 184.4 Consumer expenditures 44 136.0 138.5 Rent 67 109.0 109.0 109 Govt. expenditures 44 30.8 31.5 Wholesale prices (1926 = 100): Private capital formation 44 37.9 39.0 Total 69 149.6 147.7 146.9 Cash farm income (1910-14 = 100) 74 485 484 Farm products 69 182.6 177.0 175.7 Prices paid and received by farmers Other than farm and food 69 131.3 131.8 131. (1910-14=100): Prices paid and received by farmers Paid. 74 211 221 (1910-14=100): Received 74 267 267 Paid 71 227 230 229 Farm real estate values (1912-14 = Received. . 71 280 276 272 100) 74 (9) 9 159 For footnotes see p. 915. 914 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 1945 1946 Chart Chart book book page June Sept. Dec. page 29 31 Dec. June CALL DATE FIGURES In billions of dollars SELECTED DATES—Cont. In billions of dollars ALL MEMBER BANKS LIQUID ASSET HOLDINGSe—Cont. Holdings of U. S. Govt. securities: Bonds 14 45.42 (10) 46.22 orporations: Certificates 14 15.29 (10) 10.04 Total holdings 24 43.3 Notes 14 10.47 (10) 5.60 Deposits and currency 24 24.7 Bills 14 1.07 (10) 1.17 U. S. Govt. securities 24 18.6 Loans : Unincorporated businesses: Commercial 15 9.69 (10) 13.15 Total holdings 24 27.2 Agricultural 15 .88 (10) . 88 Deposits and currency 24 18.0 Real estate 15 4.27 (10) 5.36 U. S. Govt. securities 24 9.2 Consumer 15 2.46 (10) 3.31 For purchasing securities: To brokers and dealers 15 2.40 (10) 1.51 1947 To others 15 2.48 (10) 1.47 State and local govt. securities. . . 15 3.31 3.62 3.55 Other securities 15 3.15 3.08 3.08 Feb. 26P OWNERSHIP OF DEMAND DEPOSITSe 1946 Individuals, partnerships, and corporaations, total 25 77.5 7/ .8 Nonfinancial: June? Total 25 38.3 37.2 Manufacturing and mining. ... 25 16.4 16.0 Trade 25 13.0 12.5 SELECTED DATES In billions of dollars Public utilities 25 4.4 4.2 Other 25 4.5 4.5 LIQUID ASSET HOLDINGS'' Financial: Individuals and businesses: Total 25 6.6 6.5 Total holdings 24 221.2 222.5 Insurance companies. . . 25 2. 1 2.1 Deposits and currency 24 133.5 139.4 Other 25 4.5 4.5 U. S. Govt. securities. . . 24 87.7 83.1 Individuals: Individuals: Total 25 27.6 28.9 Total holdings 24 147.3 152.0 Individuals excl. farmers. ... 25 21 .4 22.1 Deposits and currency. . . 24 91.9 96.7 Farmers 25 6.2 6.7 U. S. Govt. securities. 24 55.4 55.3 Nonprofit ass'ns and other. . 25 5.0 5.2 e Estimated. ^Preliminary. r Revised. 1 Figures for other than Wednesday dates are shown under the Wednesday included in the weekly period. 2 Less than $5,000,000. 3 Number of issues included reduced from 9 to 8 on June 15. 4 For charts on pages 28, 33, 37, and 39, figures for a more recent period are available in the regular BULLETIN tables that show those series. 5 Revised. For back figures see pp. 830-835 of this BULLETIN. fi The figures shown here are cumulative totals, not aggregates of the individual components. 7 Adjusted for seasonal variation. 8 As of Feb. 28. 9 No data available for December Quarter since surveys are made only three times a year; figure for March quarter is as of Mar. 1, 1947. 10 Figures available for June and December dates only. * Monthly issues of this edition of the Chart Book may be obtained at an annual subscription price of $9.00; individual copies ot monthly ssues, at $1.00 each. CONSUMER CREDIT • Chart 1947 book page1 Mar. Apr.P May (In millions of dollars) Consumer credit outstanding, total2. . 3 10,216 10,413 10,664 Consumer instalment sale credit Instalment credit, total2 3, 5 4,329 4,543 4,747 granted, cumulative totals:3 Instalment loans2 5 2,634 2,730 2,824 By automobile dealers Instalment sale credit 5 1,695 1,813 1,923 By furniture and household appli- Charge accounts 3 2,768 2,782 2,840 ance stores Single-payment loans2 3 2,243 2,215 2,203 By department stores and mail- Service credit 3 876 873 874 order houses Consumer credit outstanding, cumu- By all other retailers lative totals:3 Consumer instalment loan credit out- Instalment credit2 4 10,216 10,413 10,664 standing, cumulative totals:3 Charge accounts 4 5,887 5,870 5,917 Commercial and industrial banks2 Single-payment loans2 4 3,119 3,088 3,077 Small loan companies2 Service credit 4 876 873 874 Credit unions2 Consumer instalment sale credit out- Miscellaneous lenders standing, cumulative totals:3 Insured repair and modernization Automobile dealers 6 1,695 1,813 1,923 loans Furniture and household appliance stores 6 1 ,060 1,113 Department stores and mailorder houses 6 621 662 698 All other 6 263 276 290 P Preliminary. 1 Annual figures for charts on pp. 9-19, inclusive, will be published as soon as they become available. 2 Revised. See pp. 830-835 of this BULLETIN. 3 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. 915 JULY 1947 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NUMBER OF BANKING OFFICES IN THE UNITED STATES Commercial banks J Mutual savings Non- A re l - l Member banks Nonmember banks J banks reporting porting banks banks Total Total* ti N on a- al State« Total su In re - d in N su o r n e - d1 su I r n e - d 2 in N s o u n re - d ( n n o o n n i m ns e u m re b d e ) 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 May 31, 1947? 14,602 14,061 6,927 5,013 1,914 7,137 6,458 679 191 350 108 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 1 068 1 006 62 115 42 May 31, 1947? 4,196 4,033 2,959 1,806 1,153 1,074 1,013 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. * The State member bank figures and the insured mutual savings bank figures both include three member mutual savings banks. These banks are not included in the total for "Commercial banks" and are included only once in "All reporting banks." 1 Includes all branches and other additional offices at which deposits are received, checks paid, or money lent. Includes offices at military reservations, consisting mostly of "banking facilities" provided through arrangements made by the Treasury Department with banks designated as depositaries and financial agents of the Government; the number of such offices on the above dates was 40, 233, 308,241, 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 list1 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 Total1 Mem- Non- p o a n r State Total i Mem- Non- p o a n r Total ber member list1 Total ber member list1 banks banks banks banks United States total Kentucky 385 385 114 271 Dec. 31, 1942. 14,123 11,413 6,670 4,743 2,710 Louisiana 158 56 45 11 102 Dec. 31, 1943. 14,021 11,492 6,729 4,763 2,529 Maine 63 63 38 25 Dec. 31, 1944. 13,989 11,544 6,806 4,738 2,445 Maryland 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 May 31, 1947? 14,060 12,000 6,921 5,079 2,060 Michigan 443 443 228 215 Minnesota 677 264 208 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 May 31, 1947* Nevada 8 8 6 2 New Hampshire.... 65 65 52 13 Boston 487 487 335 152 New Jersey 343 343 295 48 New York 933 933 801 132 New Mexico 45 45 32 13 Philadelphia 845 845 648 197 Cleveland 1,164 1,164 724 440 New York 663 663 577 86 North Carolina 204 86 53 33 118 Richmond 1,012 786 476 310 226 North Dakota 151 44 41 3 107 Atlanta 1,153 529 337 192 624 Ohio 673 673 429 244 Chicago 2,480 2,423 1,000 1,423 57 Oklahoma 384 374 224 150 10 St. Louis 1,469 1,116 499 617 353 Oregon 70 70 33 37 Minneapolis 1,276 601 473 128 675 Pennsylvania 1,006 1,006 767 239 Kansas City 1,747 1,736 755 981 11 Rhode Island 19 19 11 8 Dallas 988 878 603 275 110 South Carolina 149 54 30 24 95 San Francisco 506 502 270 232 4 South Dakota 170 68 63 5 102 Tennessee 294 192 82 110 102 Texas 873 813 554 259 60 Utah 59 59 34 25 Vermont 71 71 40 31 Virginia 315 305 203 102 10 Alabama 219 107 85 22 112 Washington 123 119 55 64 4 Arizona 10 10 5 5 West Virginia 181 178 108 70 3 Arkansas 228 99 66 33 Wisconsin 553 443 163 280 110 California 191 191 113 78 Wyoming 55 55 37 18 Colorado 141 141 92 49 Connecticut 114 114 63 51 P Preliminary. Delaware 39 39 17 22 1 Represents banks on which checks are drawn, except that it excludes Dist. of Columbia. 19 19 16 3 both member and nonmember mutual savings banks on a few of which Florida 178 114 72 42 64 some checks are drawn. Georgia 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, namely, those that do not report to State Illinois..... 872 870 503 367 banking departments (see footnote 1 of preceding table), and includes Indiana 489 489 238 251 industrial banks and nondeposit trust companies whether or not Iowa 663 663 164 499 checks are drawn on them. Kansas 610 608 214 394 Back figures.—See annual reports and Banking and Monetary Statistics, Table 15, and descriptive text, pp. 14-15. 916 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL FINANCIAL STATISTICS PAGE Gold reserves of central banks and governments ,. 919 Gold production.. 920 Gold movements 920 International capital transactions of the United States.. 921-926 Central banks . . 927-930 Money rates in foreign countries... 931 Commercial banks . 932 Foreign exchange rates. . . 933 Price movements: Wholesale prices . . 934 Retail food prices and cost of living 935 Security prices.... 935 Tables on the following pages include the principal available statistics of current significance relating to gold, international capital transactions of the United States, and financial developments abroad. The data are compiled for the most part from regularly published sources such as central and commercial bank statements and official statistical bulletins, some data are reported to the Board directly. Figures on international capital transactions of the United States are collected by the Federal Reserve Banks from banks, bankers, brokers, and dealers in the United States in accordance with the Treasury Regulation of November 12, 1934. Back figures for all except price tables, together with descriptive text, may be obtained from the Board's publication, Banking and Monetary Statistics. JULY 1947 917 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 it t e e d s 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 c o 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 S3 53 55 2,430 29 27 37 1939—Dec 17,644 466 609 40 214 30 21 1 56 53 55 2,709 29 28 24 1940—Dec 21,995 353 734 51 »7 30 17 1 58 52 52 2,000 29 28 24 1941—Dec 22,737 354 734 70 5 31 16 1 61 44 52 2,000 29 28 24 1942—Dec 22,726 »658 735 115 6 36 25 16 61 44 52 2,000 29 28 24 1943—Dec 21,938 >939 734 254 5 54 59 46 61 44 52 2,000 29 28 24 1944—Dec 20,619 U.lll 329 6 79 92 111 61 44 52 1,777 29 28 24 1945—Dec 20,065 403 716 354 2 361 82 127 191 61 38 52 1,090 1946—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 *>424 722 355 7 73 142 211 61 38 52 796 Oct , 20,402 »460 726 354 7 71 143 221 61 38 52 796 24 Nov.. . .20,470 »483 726 354 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 »645 723 354 6 63 147 38 53 796 24 Feb 20,330 P706 691 354 7 54 125 32 ' 53 796 24 Mar.... 20,463 P726 633 354 7 126 32 53 696 27 Apr 20,774 P726 634 354 6 98 32 53 696 27 May.... 20,933 639 354 7 92 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 a r y - Peru Poland Po g r a t l u- Ru n m ia a- A So fr u ic th a Spain 1938—Dec 274 26 193 164 80 29 998 23 94 20 85 69 133 220 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—Dec 274 128 222 500 23 32 60 267 814 105 1945—Dec 274 131 294 270 23 28 60 269 914 110 1946—June 274 124 235 270 23 23 1,046 111 July.... 274 124 229 270 23 23 1,027 111 Aug 274 124 218 270 23 23 1,001 111 Sept 274 123 213 265 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 23 798 May.... 141 196 23 End of month S d w en e- S la w e n r i d t - z 8 - T k u ey r- U K d n i o i n t m g ed - g U u r a u y - V zu e e n l e a - Y sl u av g i o a - B.I.S. O c tr o t i u h e n s e 7 r - Government go p l r d e v r io e u se s rv f e ig s u 1 re n s ot included in 1 1 9 9 3 3 8 9 — — D D e e c c 3 3 2 0 1 8 5 70 4 1 9 2 2 9 9 2,69 8; () 6 6 8 9 5 5 2 2 5 5 9 7 " 1 7 4 1 1 7 6 8 6 End of month United U K n i i n te g d - France Bel- 1940—Dec 160 502 88 L 90 29 82 12 170 States dom gium 1941—Dec 223 665 92 L 100 41 4 83 12 166 1942—Dec... 335 824 114 89 68 21 185 1943—Dec... 387 6 965 161 121 89 45 229 1938—Dec 80 2 759 331 44 1944—Dec 463 1,158 221 '. 157 130 37 245 1939—Mar.... 154 1,732 559 1945—Dec 482 :L.342 241 195 202 39 247 May . . 477 June.... 85 17 1946—June. . 473 L.376 240 1 204 215 39 238 Sept 164 •876 July... 470 1L,393 240 205 215 41 238 Dec 156 17 ' Aug.. . 474 1,396 240 205 215 41 238 1940—June... 86 17 Sept... 472 1L.412 237 1 205 215 40 237 Dec... 48 292 17 Oct.... 469 1,408 236 205 215 40 237 1941—June.... 89 17 Nov... 426 L.418 235 200 215 40 237 Dec 25 * 151 17 Dec.. . 381 1,430 237 200 215 32 240 1942—June... 8 17 1947—Jan.... 348 1,432 238 200 215 28 239 Dec 12 17 Feb.... 324 1,431 238 200 235 28 239 1943—June.... 11 17 Mar... 265 1,432 233 197 235 27 240 Dec 43 17 Apr . 217 .427 226 235 27 P240 1944—June... . 21 17 May. . . . 190 235 P240 Dec 12 17 1945—June... 81 17 Dec 18 17 1 p F P i r g e u l r im es i n t a h r r y o . ugh March 1940 and for December 1942, December 1943, and December 1944 1946— D J e u c ne.... 17 7 7 1 include, in addition to gold of the Central Bank held at home, gold of the Central Bank held abroad and gold belonging to the Argentine Stabilization Fund. 1 On May 1, 1940, gold belonging to Bank of Canada transferred to Foreign Exchange Control Board. Gold reported since that time is gold held by Minister of Finance, except for 1 Reported at infrequent intervals or on de- December 1945 and December 1946 when gold holdings of Foreign Exchange Control Board layed basis: U. S.—Exchange Stabilization Fund are included also. (Special A/c No. 1); U. K.—Exchange Equali- » Figure for December 1938 is that officially reported on Apr. 30, 1938. zation Account; France—Exchange Stabilization • Figures relate to last official report dates for the respective countries, as follows: Java— Fund and Rentes Fund; Belgium—Treasury. Jan. 31, 1942; Norway—Mar. 30, 1940; Poland—July 31, 1939; Yugoslavia—Feb. 28, 1941. 8 Figure for end of September. 6 Figure for February 1941; beginning Mar. 29, 1941, gold reserves no longer reported sepa- • Reported figure for total British gold reserves rately. on Aug. 31, 1939, less reported holdings of Bank 6 Beginning December 1943, includes gold holdings of Swiss Government. of England on that date. 7 For list of countries included, see BULLETIN for June 1947, p. 755, footnote 7. 4 Figure for Sept. 1, 1941. 8 Gold holdings of Bank of England reduced to nominal amount by gold transfers to British NOTE.—For available back figures and for de- Exchange Equalization Account during 1939. tails regarding special internal gold transfers NOTE.— Forback figures, see Banking and Monetary Statisttcs, 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. 919 JULY 1947 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOLD PRODUCTION OUTSIDE U. S. S. R. [In thousands of dollars] Estimated Production reported monthly Y m e o a n r t o h r pr o o w u d t o u s r i c l d d ti e on re T p o o t r a te l d South I Rho- Africa West I Belgian United Ca N n- orth M an e d x - So C ut o h l o A m m - I erica I Nica- Austr O a t - h I e r British U.S.S.R.1 monthly Africa desia Africa^ | Congo^ States* ico* bia Chile | ragua7 lia8 India9 $1---15* I-a. grains of gold 9/io fine;i. e., an ounce of fine gold=$35, 1938 1,136,360 958,770 425,649 28,532 24,670 8,470 178,143 165,379 32,306 18,225 10,290 1,557 54,264 11,284 1 1 9 9 3 4 9 0 1 1 , , 2 2 0 9 8 7 , , 7 3 0 4 5 9 1, , 0 0 2 9 0 4 , , 2 2 9 6 7 4 4 4 4 9 8 1 , , 7 6 5 2 3 8 2 2 8 9 , , 0 1 0 5 9 5 2 32 8 , , 5 1 6 6 4 3 3 8 8 , , 8 7 6 5 2 9 2 1 1 9 0 6 , , 1 3 0 9 9 1 1 1 8 7 5 8, , 3 8 0 9 3 0 3 2 0 9 , , 8 4 7 2 8 6 2 1 2 9 , , 1 9 1 5 7 1 1 1 1 1 , , 9 3 9 7 9 6 3 5, , 4 5 2 0 9 6 5 5 5 6 , ,1 8 8 7 2 8 1 1 1 0 , , 0 15 7 7 8 1941 1,288,945 1,089,395 504,268 27,765 32,414 209,175 187,081 27,969 22,961 9,259 7,525 51,039 9,940 1942 966,132 494,439 26,641 29,225 130,963 169,446 28,019 20,882 6,409 8,623 42,525 8,960 1943 760,527 448,153 23,009 19,740 48,808 127,796 22,055 19,789 6,081 7,715 28,560 8,820 1944 682,061 429,787 20,746 18,445 35,778 102,302 17,779 19,374 7,131 7,865 16,310 6,545 1945 646,914 427,862 19,888 18,865 32,511 94,385 17,734 6,282 6,985 16,450 5,950 1946 668,973 417,647 19,061 20,475 5566,,889900 98,994 15,301 8,068 6,357 21,595 4,585 1946—May. 55,857 36,740 1,609 1,610 3,158 8,412 1,350 425 488 1,610 455 June. . 54,749 35,732 1,654 1,715 3,416 8,203 1,094 342 563 1,540 490 July.. 57,193 36,657 1,643 1,750 3,993 8,384 1,335 665 456 1,785 525 Aug.. . 60,795 35,553 1,646 1,750 8,310 8,092 1,048 377 448 3,080 490 Sept.. 57,221 34,509 1,578 1,715 6,798 8,047 1,425 354 379 1,925 490 Oct.. . 59,464 35,922 1,579 1,785 5,930 8,429 1,332 1,384 654 1,925 525 Nov.. 55,424 33,823 1,527 1,820 4,900 8,092 1,161 1,203 657 1,925 315 Dec.. 56,977 34,184 1,585 1,820 6,255 7,961 1,088 864 559 2,170 490 1947—Jan... 58,116 34,021 1,524 1,785 7,612 8,184 1,423 271 566 2,205 525 Feb.. 41,013 19,965 1,502 1,750 5,483 7,775 1,276 371 581 1,820 490 Mar.. 28,665 1,574 1,855 5,500 9,212 1,273 555 1,820 490 Apr.. . 31,824 1,890 6,246 610 560 Gold production in U. S. S. R.: No regular Government statistics on gold production in U. S. S. R. are available, but data of percentage changes irregularly given out by officials of the gold mining industry, together with certain direct figures for past years, afford a basis for estimating annual production as follows: 1934, 135 million dollars; 1935, 158 million; 1936, 187 million; 1937, 185 million; 1938, 180 million. 1 Annual figures through 1940 are estimates of U. S. Mint; annual figure for 1941 based on monthly estimates of American Bureau of Metal Statistics. 2 Beginning April 1941, figures are those reported by American Bureau of Metal Statistics. Beginning January 1944, they represent Gold Coast only. 3 Beginning May 1940, monthly figures no longer reported. 4 Includes Philippine Islands production received in United States. Annual figures are estimates of United States Mint. Monthly figures represent estimates of American Bureau of Metal Statistics, those for 1945 having been revised by subtracting from each monthly figure $197,193 so that aggregate for year is equal to annual estimate compiled by Bureau of the Mint. 5 Figures for Canada beginning 1945 are subject to official revision. 6 Beginning April 1942, monthly figures no longer reported. 7 Gold exports, reported by the Banco Nacional de Nicaragua, which states that they represent approximately 90 per cent of total production. 8 Beginning December 1941, figures are those reported by American Bureau of Metal Statistics. For the period December 1941-December 1943 they represent total Australia; beginning January 1944, Western Australia only. 9 Beginning May 1940, figures are those reported by American Bureau of Metal Statistics. NOTE.—For explanation of table and sources, see BULLETIN for February 1939, p. 151; July 1938, p. 621; June 1938, p. 540; April 1933, pp. 233-235; and Banking and Monetary Statistics, p. 524. For annual estimates compiled by the United States Mint for these and other countries in the period 1910-1941, see Banking and Monetary Statistics, pp. 542-543. GOLD MOVEMENTS UNITED STATES [In thousands of dollars at approximately $35 a fine ounce] Net imports from or net exports (—) to: Year im T n o p e o t t a r l ts U K d n i o i n m t g ed - France g B iu el m - N la e e n r t d - h s - S d w e e n - S l w a e n r i - d tz- Canada Mexico c A p a O L u n m a b t h e t l R i i e r n c i r e - s - | l P p a i h i n p 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 A r th i u e l e n l s r - 1938 1,973,569 1,208,728 81,135 15,488163,049 60,146; 1,363 76,315 36,472 65,23127,880 162 401|168 74016 159 13,301 1939 3,574,151 1,826,403 3,798165,122 341,618 28,715|86,987 612,949 33,610 57,020 35,636 250 22,862|165 605 50956 168,623 1940 4,744,472 633,083241,778 977 63,260161,489 90,3202,622,330 29.880J 128,25938,627103 777 184,756111,739 49 989 2284,2O8 1941 982,378 3,779 1 1,747 899 412,056 16,791 61,86242,678 67,492292,893 9,444 665 3 63,071 1942 315,678 1,955 1 5 208,917 40,016| 39,680! 321 528 4,119 129 20,008 1943 68,938 88 66,920 -3,287 13,489 152 307 -8,731 1944 -845,392 -695,483 46,210-109,695 108,560 199 3,572 18,365 1945 -106,250 160 53,148 15,094i-41,748 103 106 357 4-133,471 1946 311,494 458 344,130 3,59ll 134,405! -156 41118,550 -2,613s-18,083 1946 June 36,329 -4 32,277 29 902 11 2 63,112 July 6,347 -1 639 476 2,328 41| 6 2,865 A S O N e u c o p t g v . t . . . - 1 2 7 7 4 5 7 , , , 6 , 1 2 9 2 8 1 0 9 2 0 3 38; -8 25,2 6 1 1 4 4 9 3 8 9 7 4 1,0 5 1 6 1 8 9 5 6 2 8 - - 2 8 9 4 , , , 5 1 5 6 0 9 2 2 2 8 1 3 -6 15 3 1 1 1 8 9 7 9 , , , , 8 6 9 9 8 0 0 1 6 1 2 2 ! - - - - 6 4 2 3 8 3 3 9 2 0 6 8 6 e e 1 3 2 2 , , , 7 8 4 1 8 1 8 0 7 5 5 3 Dec. -61,193 27,473 449-110,276 -151 17 18,883 -868 • 3,279 1947 Jan. -16,820 -2 51,174 443 -97,579 --132 32,544 -374 -2,899 Feb. 20,361 9 30,319 —30,341! --49 37,490 -556j7-16,734 Mar. 153,634 -120 •-31 101,642 -13,269 -1 | 66,6741 -l,140i -214 Apr. 44,050 26,341 -9,793 2,898 122| 26,376! -l,390i -515 M 129,734 -75 26,442 262 24,352 87;. 80,446| -78; -1,528 P Preliminary. 1 Includes $28,097,000 from China and Hong Kong, $15,719,000 from Italy, $10,953,000 from Norway, and $13,854,000 from other countries. 2 Includes $75,087,000 from Portugal, $43,935,000 from Italy, $33,405,000 from Norway, $30,851,000 from U. S. S. R., $26,178,000 from Hong Kong, $20,583,000 from Netherlands Indies, $16,310,000 from Yugoslavia, $11,873,000 from Hungary, $10,416,000 from Spain, and $15,570,000 from other countries. 3 Includes $44,920,000 from U. S. S. R. and $18,151,000 from other countries. * Includes $133,980,000 to China and $509,000 from other countries. 6 Includes $33,728,000 from Russia, $55,760,000 to China, and $3,949,000 from other countries. s Includes 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. T Includes $14,000,000 to China and $2,734,000 to other countries. NOTE.—For back figures see Banking and Monetary Statistics, Table 158, pp. 539-541, and for description of statistics, see p. 524 in the same publication. 920 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES NET CAPITAL MOVEMENT TO UNITED STATES SINCE JANUARY 2, 1935 [Net movement from United States, (-). In millions of dollars] TABLE 1.—TOTAL CAPITAL MOVEMENT, BY TYPES Increase in foreign banking Decrease Foreign Domestic funds in U. S. in U. S. securities: securities: Inflow in From Jan. 2, 1935, through— Total banking Return Inflow of brokerage funds of U. S. foreign balances Total Official i Other abroad funds funds 1935—Mar. (Apr. 3) 265.9 64.1 4.4 59.7 155.0 31.8 —6.2 21.1 June (July 3) 632.5 230.3 22.6 207.7 312.8 43.7 15.8 29.8 Sept. (Oct. 2) 920.2 371.5 16.3 355.2 388.6 40.1 90.3 29.8 Dec. (Jan. 1, 1936) 1,440.7 631.5 38.0 593.5 361.4 125.2 316.7 6.0 1936—Mar. (Apr. 1) 1,546.3 613.6 79.6 534.0 390.3 114.4 427.6 .4 June (July 1) 1,993.6 823.4 80.3 743.1 449.0 180.5 524.1 16.5 Sept. 30 2,331.9 947.1 86.0 861.1 456.2 272.2 633.3 23.2 Dec. 30 2,667.4 989.5 140.1 849.4 431.5 316.2 917.4 12.9 1937—Mar. 31 2,998.4 1,188.6 129.8 1,058.8 411.0 319.1 1,075.7 4.1 June 30 3,639.6 1,690.1 293.0 1,397.1 466.4 395.2 1,069.5 18.3 Sept. 29 3,995.5 1,827.2 448.2 1,379.0 518.1 493.3 1,125.1 31.9 Dec. 29... .. 3,501.1 1,259.3 334.7 924.6 449.1 583.2 1,162.0 47.5 1938—Mar. 30 3,301.3 1,043.9 244.0 799.9 434.4 618.5 ,150.4 54.2 June 29 3,140.5 880.9 220.6 660.4 403.3 643.1 ,155.3 57.8 Sept. 28 3,567.2 1,275.4 282.2 993.2 477.2 625.0 ,125.4 64.1 Dec. (Jan. 4, 1939). 3,933.0 1,513.9 327.0 1,186.9 510.1 641.8 ,219.7 47.6 1939—Mar. 29 4,279.4 1,829.4 393.2 1,436.2 550.5 646.7 ,188.9 63.9 June 28 4,742.0 2,194.6 508.1 1,686.5 607.5 664.5 ,201.4 74.0 Sept. 27 5,118.2 2,562.4 635.0 1,927.3 618.4 676.9 ,177.3 83.1 Dec. (Jan. 3, 1940) 5,112.8 2,522.4 634.1 1,888.3 650.4 725.7 ,133.7 80.6 1940—Mar. (Apr. 3) 5,207.8 2,630.9 631.0 1,999.9 631.6 761.6 1,095.0 88.7 Tune (July 3) 5,531.3 2,920.7 1,012.9 1,907.8 684.1 785.6 1,042.1 98.9 Sept. (Oct. 2) 5,831.2 3,175.9 1,195.4 1,980.5 773.6 793.1 987.0 101.6 Dec. (Jan. 1, 1941) 5,807.9 3,239.3 1,281.1 1,958.3 775.1 803.8 888.7 100.9 1941—Mar. (Apr. 2) 5 ,607 .4 3,229.7 1,388.6 1,841.0 767.4 812.7 701.8 95.9 June (July 2) 5,660.1 3,278.0 ,459.8 1,818.2 818.6 834.1 631.2 98.2 Sept. (Oct. 1) 5,612 6 3,241.8 ,424.0 1,817.7 805.3 841.1 623.5 100.9 Dec. 31 5,354.1 2,979.6 ,177.1 1,802.6 791.3 855.5 626.7 100.9 1942—Mar. (Apr. 1). 5,219.3 2,820.9 ,068.9 1,752.0 819.7 849.6 624.9 104.3 June 302 5,636.4 3,217.0 ,352.8 1,864.2 842.3 838.8 632.0 106.2 * Sept. 30 5,798.0 3,355.7 ,482.2 1,873.5 858.2 830.5 646.1 107.5 Dec. 31 5,980.2 3,465.5 ,557.2 1,908.3 848.2 673.3 104.4 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.... 38,775.1 36.173.0 33,473.9 2,699.1 728.7 1,067.2 672.4 133.9 Mar 31... 3 8,730.8 36,169.3 33,455.2 2,714.1 703.6 1,073.0 645.1 139.9 Apr. 30... 38,674.4 36.124.6 33,344.7 2,780.0 701.2 1,076.1 630.7 141.7 May 31... 38,405.8 35,896.2 33,119.6 2,776.5 644.8 1,104.2 619.7 140.9 June 30... 38,338.2 35,853.5 33,042.9 2,810.7 624.5 1,103.9 615.0 141.4 July 31... 38,496.2 36,149.7 33,386.6 2,763.2 574.1 1,125.3 506.1 140.9 Aug. 31... 38,344.2 36,009.3 33,197.6 2,811.7 554.0 1,141.9 492.2 146.8 Sept. 30... 38,250.1 35,930.8 33,083.3 2,847.5 519.8 1,170.7 478.3 150.4 Oct. 31.. . 38,280.2 35,925.3 33,041.4 2,884.0 532.8 1,196.9 472.1 153.1 Nov. 30... 38,270.4 35,936.8 32,974.1 2,962.7 492.9 1,231.5 454.4 154.7 Dec. 31... 38,009.5 35,726.1 32,787.4 2,938.7 427.2 1,237.9 464.5 153.7 1947—Jan. 31.. 38,047.3 35,719.6 32,835.0 2,884.6 404.8 1,308.2 464.4 150.4 Feb. 28.. 39,853.4 37,646.4 34,681.8 2,964.6 380.9 1,229.8 439.7 156.6 1 This category made up as follows: through Sept. 21, 1938, funds held by foreign central banks at the Federal Reserve Bank of New York and Philippine accounts held with the U. S. Treasury; beginning Sept. 28, 1938, also funds held at commercial banks in New York City by central banks maintaining accounts at the Federal Reserve Bank of New York; beginning July 17, 1940, also funds in accounts at the Federal Reserve Bank of New York which had been transferred from central bank to government names; beginning with the new series commencing with the month of July 1942, all funds held with banks and bankers in the United States by foreign central banks and by foreign central governments and their agencies (including official purchasing missions, trade and shipping missions, diplomatic and consular establishments, etc.); beginning Jan. 31, 1946, accounts of international institutions; and beginning Feb. 28, 1946, Italian special deposit account held with the U. S. Treasury. 2 The weekly series of capital movement statistics reported through July 1,1942, was replaced by a monthly series commencing with July 1942. Since the old series overlapped the new by one day, the cumulative figures were adjusted to represent the movement through June 30 only. This adjustment, however, is incomplete since it takes into account only certain significant movements known to have occurred on July 1. Subsequent figures are based upon new monthly series. For further explanation, see BULLETIN for January 1943, p. 98. 3 Includes cumulative movement in accounts of international instituti6ns as follows (in millions of dollars): 1946—Feb. 28, 16.2; Mar. 31, 70.6; Apr. 30, 48.5; May 31, 45.4; June 30, 190.8; July 31, 200.0; Aug. 31, 280.3; Sept. 30, 249.1; Oct. 31, 264.4; Nov. 30, 441.5; Dec. 31, 453.8; 1947— Jan. 31, 449.0; Feb. 28, 2,705.6. NOTE.—Statistics reported by banks, bankers, brokers, and dealers. For full description of statistics see Banking and Monetary Statistics, pp. 558-560; for back figures through 1941 see Tables 161 and 162, pp. 574-637, in the same publication, and for those subsequent to 1941 see BULLETIN for September 1945, pp. 960-974. JULY 1947 921 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued NET CAPITAL MOVEMENT TO UNITED STATES SINCE JANUARY 2, 1935—Continued [Net movement from United States, (—). In millions of dollars] TABLE 2.—TOTAL CAPITAL MOVEMENT, BY COUNTRIES From Jan. 2,1935, through— Total U K d n i o i n m t g ed - France N la e e n r t d - h s - S l w a e n r it - d z- m G a e n r y - Italy E O u t r h o e p r e E T u o r t o a p l e C a a d n a - A L m a e t r i i n ca Asia* ot A h l e l r1 1935—Dec. (Jan. 1, 1936).. 1,440.7 554.9 210.2 114.5 130.4 36.6 24.0 130.0 1,200.6 (l) 70.9 156.5 12.7 1936—Dec. 30 2,667.4 829.3 299.5 229.7 335.5 83.1 45.6 228.5 2,051.3 150.5 201.2 243.0 21.4 1937—Dec. 29 3,501.1 993.7 281.7 311.9 607.5 123.9 22.1 312.2 2,653.0 106.3 410.6 315.4 15.9 1938—Dec. (Jan. 4, 1939). . 3,933.0 1,183.8 339.6 328.6 557.5 140.5 32.2 472.0 3,054.2 155.3 384.6 302.7 36.2 1939—Dec. (Jan. 3, 1940) .. 5,112.8 1,101.3 468.7 470.3 773.0 165.9 58.0 752.9 3,790.1 229.4 483.4 522.6 87.4 1940—Dec. (Jan. 1, 1941). . 5.807.9 865.2 670.3 455,6 911.5 175.9 55.4 922.7 4,056.6 411.7 606.8 642.6 90.2 1941—Dec. 31 5,354.1 674.1 639.9 464.4 725.7 179.9 50.5 891.8 3,626.3 340.5 567.5 691.1 128.6 1942—Dec. 31 5,980.2 837.8 625.9 474.0 592.1 179.5 48.1 850.9 3,608.1 425.1 835.8 932.9 178.3 1943—Dec. 31 7,267.1 1,257.7 636.8 487.7 629.1 178.6 48.2 954.8 4,192.8 760.3 951.0 1,161.6 201.4 1944—Dec. 31 7,728.4 1,090.0 585.7 506.2 664.3 179.1 63.1 993.3 4.081.8 976.4 1,193.7 1,273.6 203.0 1945—Dec. 31 8,802.8 892.5 464.2 539.7 722.3 179.7 106.5 1,132.1 4,037.0 1,395.7 1,338.4 1,784.1 247.5 1946—Mar. 31 38,730.8 719.1 515.1 536.5 728.8 179.3 136.2 1,116.7 3,931.7 1,370.5 1,391.5 1,716.5 3320.6 Apr. 30 38,674.4 709.5 453.3 528.2 730.4 179.3 159.0 1,140.0 3,899.6 1,347.7 1,400.9 1,723.1 3 303.1 May 31 38,405.8 585.8 464.1 426.3 725.4 179.2 165.7 1,152.2 3,698.7 1,306.2 1,431.5 1,677.5 3291.9 June 30 38.338.2 485.3 432.5 411.9 737.0 179.3 170.4 1,138.3 3,554.8 1,313.2 1,471.6 1,560.3 3 438.4 July 31 38,496.2 756.0 419.4 389.4 741.0 179.6 196.9 1,108.5 3,790.7 1,278.7 1,486.1 1,492.1 3 448.5 Aug. 31 38,344.2 624.1 393.2 376.4 752.5 179.6 201.0 1,085.2 3,612.0 1,223.5 1,566.2 1,425.4 3517.0 Sept. 30 38,250.1 665.1 421.1 370.1 745.9 179.3 203.5 1,064.6 3,649.5 1,177.7 1,544.8 1,365.9 3512.2 Oct. 31 38,280.2 736.3 433.1 351.1 756.3 180.0 213.4 1,068.7 3,738.9 1,110.6 1,569.6 1,326.6 3534.5 Nov. 30 38,270.4 640.9 401.7 322.8 760.9 180.4 228.0 1,069.1 3,603.8 1,067.0 1,546.4 1,327.4 3725.8 Dec. 31 38,009.5 563.1 384.8 326.4 766.1 183.8 287.5 1,062.5 3,574.2 979.7 1,474.0 1,258.3 3 723.4 1947—Jan. 31 38,047.3 585.6 369.4 319.1 769.5 181.9 342.8 1,077.6 3,645.8 967.1 1,466.3 1,217.1 3751.0 Feb. 28 39,853.4 558.2 336.3 295.6 776.8 182.1 256.2 1,050.7 3,455.8 856.8 1,431.2 1,155.9) 32,953.7 TABLE 3.—INCREASE IN FOREIGN BANKING FUNDS IN U. S., BY COUNTRIES From Jan. 2,1935, through— Total U K d n i o i n m t g ed - France N la e e n r t d h - s - S l w a e n r it - d z- m G a e n r y - Italy E O u t r h o e p r e E T u o r t o a p l e C a a d n a - A L m a e t r i i n ca Asia* ot A he ll r1 1935—Dec. (Jan. 1, 1936)... 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- 1946—Mar. 31 36.169.3 492 4 284.3 278.4 303.2 -23 .6 80.2 738.0 2,152.8 1,251.8 972.4 1,505.0 3287.3 Apr. 30 36,124.6 492 1 225.7 278.3 306.5 -23.6 103.1 760.9 2,143.0 1,236.2 956.2 1,518.7 3 270.6 May 31 35,896.2 373 0 239.5 251.8 305.3 -23 .7 , 110.2 777.6 2,033.7 1,140.3 986.5 1,475.0 3 260.6 June 30 35,853.5 273 7 205.8 239.5 314.6 -23 .9 116.6 771.5 1,897.9 1,155.8 1,029.7 1,360.8 3 409.3 July 31 36,149.7 599.7 195.1 217.5 318.8 -23 .8 145.2 742.2 2,194.8 1,176.4 1,052.8 1,306.8 3418.9 Aug. 31 36,009.3 464 0 170.6 210.5 341.1 -23 .8 154.0 715.0 2,031.4 1,111.6 1,105.0 1,256.9 3504.4 Sept. 30 35,930.8 509 0 195.4 222.4 333.1 -23 .8 158.6 703.2 2,097.9 1,069.6 1,059.2 1,215.8 3 488.3 Oct. 31 35,925.3 576.8 204.5 199.1 345.5 -23 .4 168.6 712.1 2,183.0 995.4 1,058.9 1,178.7 3S09.3 Nov. 30 35,936.8 485 5 181.2 185.8 353.2 -23 .0 185.2 716.1 2,084.0 937.4 1,029.3 1,183.9 3 702.3 Dec. 31 35,726.1 397 6 165.8 208.2 359.0 -23 .1 247.6 710.3 2,065.5 823.9 983.3 1,135.7 3 717.7 1947—Tan. 31 35,719.6 423 0 157.0 195.6 363.6 -25 .0 300.7 726.0 2,141.0 748.0 1,010.3 1,082.9 3 737.5 Feb. 28 37,646.4 381 9 129.0 197.8 370.5 -24 .7 227.1 697.8 1,979.3 708.2 981.0 1,013.55 32,964.$ TABLE 4.—DECREASE IN U. S. BANKING FUNDS ABROAD, BY COUNTRIES From Jan. 2,1935, through— Total U K d n i o i n m t g ed - France N la e e n r t d - h s - S l w a er n it - d z- m G a e n r- y Italy E O u t r h o e p r e E T u o r t o a p l e C a a d n a - A L m a e t r i i n ca Asia* ot A he ll r1 1935—Dec. (Jan. 1, 1936) 361.4 208.8 48.1 — .4 1.6 29.7 13.7 8.8 310.2 -4.6 20.1 37.3 -1.6 1936—Dec. 30 431.5 178.0 62.0 -3.3 2.7 66.0 16.3 22.0 343.7 36.9 24.9 30.4 -4.4 1937—Dec. 29 449.1 207.4 65.3 -4.4 2.6 105.1 6.5 26.9 409.3 -21.7 51.6 18.7 -8.7 1938—Dec. (Jan. 4, 1939) 510.1 206.2 68.4 -5.6 2.6 141.7 13.7 33.8 460.9 35.9 66.8 -46.5 -7.0 1939—Dec. (Jan. 3, 1940) 650.4 252.2 73.8 12.9 2.9 177.8 15.5 28.4 563.5 56.5 52.6 -21.5 -.8 1940—Dec. (Jan. 1, 1941) 775.1 269.2 74.6 17.7 6.5 191.6 25.3 49.8 634.7 60.3 43.2 34.8 2.1 1941—Dec. 31 791.3 271.2 76.9 17.6 5.4 196.8 25.8 53.6 647.4 62.7 17.7 64.7 -1.2 1942—Dec. 31 888.8 279.4 77.8 18.1 6.6 196.7 26.2 56.8 661.5 58.6 68.3 93.8 6.6 1943—Dec. 31 877.6 272.1 77.9 18.3 5.1 196.9 26.2 60.0 656.5 55.1 55.7 102.7 7.5 1944—Dec. 31 805.8 266.1 77.7 18.3 6.8 196.9 26.2 34.6 626.6 64.8 37.0 77.7 -.3 1945—Dec. 31 742.7 266.6 78.0 -17.7 5.2 196.9 26.2 38.3 593.4 39.5 9.1 99.2 1.5 1946—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 a.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 73.4 -132.3 -1.7 200.4 10.6 26.6 421.3 40.7 -58.8 29.9 -5.8 1947—Tan. 31 404.8 241.5 69.2 -117.9 -3.5 200.4 11.7 25.6 426.9 44.1 -92.4 34.6 -8.4 Feb. 28 380.9 252.6 66.1 -135.1 -4.1 200.4 8.9 25.5 414.3 49.9 -111.6 44.0 -15.7 1 Prior to Jan. 3, 1940, the figures under Asia represent Far East only, the remaining Asiatic countries being included under "All other." 1 Inflow less than $50,000. a See Table 1. footnote 3. 922 FEDERAL RESERVE BULLETIN: Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued NET CAPITAL MOVEMENT TO UNITED STATES SINCE JANUARY 2, 1935—Continued [Net movement from United States, (—). In millions of dollars] TABLE 5.—FOREIGN SECURITIES: RETURN OF U. S. FUNDS, BY COUNTRIES (Net Purchases by Foreigners of Foreign Securities Owned in U. S.) From Jan. 2, 1935, through— Total U K d n o i i n t m e g d , France N la e e n r t d - h s - S l w a er n i - t d z- m G a e n r- y Italy E O u th ro 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. lt 1936) ... 125.2 67.8 6.8 7.4 -1.2 13.3 2.9 46.1 143.1 -39.7 12.7 7.9 1.1 1936—Dec. 30 316.2 116.1 18.2 10.4 13.7 22.5 9.4 87.9 278.3 1.7 15.7 17.0 3.5 1937—Dec. 29 583.2 136.8 22.8 21.2 30.4 26.6 13.5 115.2 366.4 10.5 175.0 24.5 6.8 1938—Dec. (Jan. 4, 1939). .. 641.8 127.7 26.1 27.3 36.1 33.5 22.0 167.8 440.6 -9.7 167.4 33.8 9.7 1939—Dec. (Jan. 3, 1940). .. 725.7 125.5 42.1 29.4 45.0 36.6 27.6 189.0 495.2 -7.6 184.0 42.8 11.3 1940—Dec. (Jan. 1, 1941)... 803.8 128.6 43.4 31.0 46.0 36.5 28.1 196.4 510.0 25.0 202.3 53.0 13.5 1941—Dec. 31 855.5 127.6 51.6 31.5 44.3 36.5 28.1 201.8 521.3 35.4 221.1 61.2 16.6 1942—Dec. 31 848.2 125.4 52.4 31.6 44.9 36.5 28.0 207.6 526.3 -3.0 245.4 61.5 18.0 1943—Dec. 31 925.9 127.6 50.6 33.0 44.7 36.5 27.9 210.1 530.3 41.2 272.3 62.2 19.9 1944—Dec. 31 1.019.4 126.5 51.0 33.6 44.5 36.5 27.6 210.4 530.1 104.9 302.0 61.3 21.0 1945—Dec. 31 972.8 117.7 51.2 33.0 45.2 36.5 27.5 212.8 523.8 49.1 317.1 60.8 22.0 1946—Mar. 31 1,073.0 112.4 51.1 33.1 45.0 36.5 27.3 212.9 518.3 149.1 323.1 60.4 22.1 Apr. 30 1,076.1 110.8 51.2 33.2 45.1 36.5 27.3 213.1 517.2 147.8 328.8 60.0 22.5 May 31 1,104.2 110.9 51.1 33.3 44.9 36.5 27.3 213.3 517.3 169.8 334.4 59. £ 22.9 June 30 1,103.9 109.7 51.0 33.2 45.0 36.7 27.3 213.8 516.7 166.2 338.1 59.8 23.0 July 31 1,125.3 107.3 50.9 33.1 44.9 36.9 27.3 221.5 521.9 179.7 341.0 59.7 23.0 Aug. 31 1,141.9 101.5 49.9 31.4 36.4 36.9 27.1 220.7 503.8 193.7 378.2 59.7 6.5 Sept. 30 1,170.7 100.4 49.9 30.3 37.4 36.9 27.1 221.3 503.4 200.2 390.3 59.4 17.4 Oct. 31 1,196.9 98.3 49.5 29.1 34.5 36.9 26.8 221.1 496.2 207.7 414.2 59.4 19.3 Nov. 30 1,231.5 95.0 49.1 27.5 31.0 36.9 26.7 220.3 486.5 226.4 439.9 59.5 19.3 Dec. 31 1,237.9 96.8 50.2 26.0 31.2 36.9 26.7 223.3 491.2 236.6 448.4 61.1 .7 1947—Jan. 31 1,308.2 98.1 50.0 24.7 31.5 36.9 27.0 224.9 493.0 290.0 453.2 61.0 10.9 Feb. 28 1,229.8 101.3 49.9 23.6 31.8 36.9 26.8 227.7 497.9 218.9 457.6 61.1 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 Can- A L m a e t r i i n ca Asia1 ot A h l e l r1 1935—Dec. (Jan. 1, 1936). . 316.7 149.8 23.4 50.5 55.1 -5.4 -.1 12.9 286.2 2.8 3.7 21.4 2.6 1936—Dec. 30 917.4 367.7 64.7 157.6 200.2 -7.5 -3.3 38.5 818.0 32.6 15.5 44.1 7.1 1937—Dec. 29 ,162.0 448.7 70.3 213.8 275.3 -17.4 -4.9 55.7 1,041.6 37.6 18.2 54.7 9.8 1938—Dec. (Jan. 4, 1939). . ,219.7 472.6 76.9 212.1 304.1 -22.8 -5.5 56.6 1,094.1 25.7 23.7 65.2 11.1 1939—Dec. (Jan. 3, 1940). . ,133.7 328.1 76.6 227.7 344.7 -28.2 -4.9 60.4 1,004.4 -2.6 30.1 87.6 14.3 1940—Dec. (Jan. 1, 1941).. 888.7 157.1 74.4 233.2 348.1 -29.1 2.7 64.9 851.3 -18.4 25.6 17.6 12.6 1941—Dec. 31 626.7 -70.1 74.9 236.7 336.4 -30.1 -.1 67.3 615.0 -44.7 28.1 17.5 10.9 1942—Dec. 31 673.3 -77.6 80.5 236.9 360.5 -30.9 -.1 75.3 644.7 -45.1 35.2 27.7 10.9 1943—Dec. 31 701.1 -100.3 82.7 239.9 367.3 -30.8 .6 86.3 645.7 -58.2 40.5 62.5 10.6 1944—Dec. 31 911.8 -125.4 77.3 239.0 368.5 -30.8 1.9 103.2 633.7 -28.1 54.9 240.5 10.7 1945—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—Mar. 31 645.1 -169.2 77.2 226.1 346.1 -30.4 2.1 94.7 546.5 -80.3 98.2 71.3 9.4 Apr. 30 630.7 -173.0 74.0 225.8 345.2 -30.5 2.0 91.9 535.4 -83.9 102.7 67.7 8.9 May 31 619.7 -176.7 71.1 225.2 342.8 -30.5 2.1 89.8 524.0 -66.3 89.7 63.8 8.5 June 30 615.0 -179.0 73.3 224.0 342.3 -30.4 1.8 88.8 520.9 -66.8 90.3 62.1 8.4 July 31 506.1 -186.2 73.4 223.6 342.1 -30.4 1.7 85.6 509.8 -147.7 86.1 49.7 8.3 Aug. 31 492.2 -186.7 73.0 222.9 335.6 -30.4 1.6 86.8 502.8 -150.3 87.5 43.4 8.8 Sept. 30 478.3 -189.7 77.6 220.1 335.8 -30.4 1.7 86.4 501.6 -153.9 91.5 30.5 8.6 Oct. 31 472.1 -193.4 81.6 216.8 334.7 -30.4 1.6 86.4 497.2 -155.7 93.4 29.7 7.5 Nov. 30 454.4 -194.9 74.3 213.6 336.3 -30.4 2.0 85.9 486.7 -158.2 94.1 25.0 6.9 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—Tan. 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 Feb. 28 439.7 -197.5 71.4 194.4 338.7 -30.4 -7.0 85.7 455.2 -141.9 86.2 32.1 8.0 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 k n 'a Asia1 ot A h l e l r1 1 1 1 9 9 9 3 3 3 5 6 7 — — — D D D e e e c c c . . . ( 3 2 J 0 9 an. 1, 1936) . .. 4 1 6 7 2 . . . 0 5 9 ( 1 * 4 1 ) . . 0 5 1 1 2 1 0 . . . 4 5 4 - 5 1 .9 . . 0 3 1 9 2 0 . . . 1 5 8 — " . A 2 5 1. . . 4 0 4 2 4 7 2 4 . . . 6 6 0 - - 4 7 3 . . . 5 6 5 -4 - 1 . . 5 . 2 0 2 2. . . 1 9 5 - ) .9 1938—Dec. (Jan. 4, 1939) . .. 47.6 13.4 12.9 6.8 9.6 5.2 47.9 1.8 -.9 -1.5 1 19 9 4 3 0 9 — — D D e e c c . . ( ( J J a a n n . . 3 1 , , 1 1 9 9 4 4 0 1 ) ) . . . . . . 1 8 0 0 0 . . 6 9 1 17 9 . . 0 4 2 1 0 9 . . 1 9 1 9 3 . . 3 4 1 1 7 6 . . 8 2 -.i 5 7 . . 0 9 7 7 4 1. . 6 3 1 8 0 . . 7 7 9 1 . . 2 6 -3 6 . . 4 0 2. . 1 7 1 1 1 9 9 9 4 4 4 1 2 3 — — — D D D e e e c c c . . . 3 3 3 1 1 1 1 1 1 0 0 1 0 7 4 . . . 9 8 4 1 1 1 7 6 8 . . . 8 4 8 2 2 1 0 1 9 . . . 7 5 9 1 1 1 7 7 9 . . . 5 6 9 1 1 1 3 3 9 . . . 7 5 3 - - — . . 2 2 .1 8 8 9 . . . 7 0 4 8 7 7 9 8 5 . . . 1 1 7 1 1 1 5 7 4 . . . 2 1 6 4 3 3 . . . 2 9 8 6 6 6 . . . 0 3 0 1. . . 3 9 8 1944—Dec. 31 126.3 18.5 23.1 22.3 23.0 10.5 97.7 16.2 5.1 5.6 1.8 1945—Dec. 31 144.1 19.8 23.4 26.0 30.3 13.6 113.6 19.5 5.9 3.8 1.3 1946—Mar. 31 139.9 20.0 24.1 16.1 32.1 8 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 8 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 Oct. 31 153.1 19.2 22.4 16.3 37.9 14.1 110.4 20.1 17.1 4.0 1.5 Nov. 30 154.7 19.2 22.0 16.1 38.6 14.8 111.2 21.5 15.3 5.0 1.8 Dec. 31 153.7 19.2 20.5 17.5 39.6 14.6 112.0 21.5 13.4 4.8 2.0 1947—Jan. 31..: 150.4 19.2 20.1 17.3 39.5 14.2 110.8 22.1 10.3 5.3 1.9 Feb. 28 <156.6 19.8 20.0 14.9 39.9 14.0 109.0 21.7 18.0 5.2 2.8 1 Prior to Jan. 3, 1940, the figures under Asia represent Far East only, the remaining Asiatic countries being included under "All other " 2 Inflow less than $50,000. « Outflow less than $50,000. * Amounts outstanding Feb. 28, in millions of dollars: foreign brokerage balances in United States, 112.3; United States brokerage balance; abroad, 32.5. JULY 1947 923 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Con tinned 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 it - d z- m G a e n r- y Italy E O u t r h o e p r e E T u o r t o a p l e C ad an a - A L m a e t r i i n ca Asia 2 ot A he ll r private 934—Dec* 669.7 92.4 76.9 33.9 12.9 13.7 29.9 18 8 46.8 232.9 99.3 122.8 202.8 12.0 1935—Dec.' 1,301.1 130.3 205.5 163.5 68.6 86 1 29.0 • 26 1 107.5 686.3 145.3 156.3 289.8 23.4 1936—Dec. 30 1,623.3 232.5 235.7 176.3 78.8 123.5 32.0 41.7 126.3 814.3 186.1 263.9 331.9 27.1 1937—Dec. 29 1,893.1 427.1 261.5 143.9 89.1 302.1 39.0 25.7 156.0 1,017.1 175.6 280.9 399.5 20.0 1938—Dec.' 2,157.8 473.8 436.1 187.4 101.8 218.8 17.8 20.4 255.5 1,237.8 201.8 248.5 435.5 34.1 1939—Dec." 3,221.3 781.0 448.2 288.2 204.9 376.3 9.5 38.5 516.9 1,882.6 274.6 336.0 655.7 72.5 1940—Dec > .... 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. S 1946—Mar. 31.... 46,927.8 44,185.4 553.8 364.5 295.0 321.2 6.6 100.5 871.0 2,512.4 1,359.7 1,094.0 1,685.6 4276.1 Apr. 30.... 46,883.1 44,074.9 553.4 305.8 294.9 324.4 6.6 123.4 894.0 2,502.5 1,344.1 1,077.7 1,699.3 4259.4 May 31.... 46,654.6 43,849.9 434.4 319.7 268.4 323.2 6.5 130.5 910.6 2,393.2 1,248.2 1,108.1 1,655.7 4249.4 June 30 -6,612.0 43,773.1 335.1 286.0 256.1 332.5 6.4 137.0 904.5 2,257.4 1,263.8 1,151.3 1,541.4 4398.1 July 31.... 46,908.2 44,116.8 661.1 275.2 234.1 336.7 6.4 165.5 875.3 2,554.4 1,284.3 1,174.41,487.5 4407.7 Aug. 31.... 46,767.8 43,927.8 525.3 250.8 227.1 359.0 6.5 174.3 848.0 2,391.0 1,219.6 1,226.6 1,437.5 U93.2 Sept. 30 46,689.3 43,813.6 570.3 275.5 239.0 351.1 6.4 178.9 836.2 2,457.4 1,177.5 1,180.7 1,396.4 4477.1 Oct. 31.... 456,679.5 43,771.6 638.1 284.6 215.7 5359.1 6.8 188.9 845.1 52,538.3 1,103.3 1,180.5 1,359.3 4498.1 Nov. 30 46,691.0 43,704.4 546.8 261.4 202.4 366.8 7.3 205.5 849.1 2,439.3 1,045.3 1,150.81,364.5 4691.1 Dec. 31 46,480.3 ^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 47O6 5 1947—Tan. 31.... 46,473.7 *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 4726 2 Feb. 28.... 48,400.5 45,412.0 443.3 209.1 214.4 384.1 5.5 247.4 830.8 2,334.6 816.2 1,102.6 1,194.242,953.O 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 bo u u x r e g m 8 - N w o a r y - P g o a rt l6 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—Dec 31 608 0 117.3 18.1 5.7 65 2 210.7 191.0 1942—Dec. 31 643.4 121.8 17.7 7.9 39.3 18.3 132.4 35.7 9.4 17.5 153.5 14.3 17.7 57.9 1943—Dec. 31 722.1 122.9 13.9 7.7 43.5 18.4 158.9 53.4 9.3 31.8 163.2 12.3 9.9 76.9 1944—Dec. 31 767.7 124.3 14.8 7.1 48.7 18.6 220.8 54.5 9.5 43.4 152.1 16.1 5.7 52.1 1945—Dec, 31 902.1 185.0 25.9 5.5 70.8 22.3 216 1 47.9 9.3 31.7 210.1 28.0 5.7 43.7 1946—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 I947—jan 3t 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 9 101 4 Feb. 28. . .. 830.8 149.3 68.3 28.9 43.0 22.5 106.8 44.0 8.9 20.0 159.1 58.5 13.9 107.8 Latin America Neth- French er- Date A L i m a c t a e in r- A t r i g n e a n- li B v o ia - * Brazil Chile l b C o i m o a - ' - C R o ic st a a ' Cuba I W G n a d n u e i d i s e - t s M ic e o x- l W I a a n n n d e d d i s e s t s P m an a a * - Peru7 z V u e e n l e a - 7 A O L i m a t c h t a e i e n r r ana7 Surinam7 1939—Dec. (Jan. 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 i6!8 67.7 34.5 43.4 \2A 100.3 il9 95.7 26!7 36.9 i7\7 20^9 64 2 I943—Dec. 31 693.7 69.8 12.6 98.7 54.0 67.1 12.2 70.4 2.6 70.4 41.2 57.6 17.4 24.2 95.4 I944—Dec. 31 909.3 93.9 17.7 140.8 55.0 83.6 7.4 139.3 4 4 83.1 36.0 69.1 27.7 31 5 119 8 I945—Dec. 31 1,046.4 77.3 14.5 195.1 66.3 79.2 6.9 128.3 7.1 116.4 28.2 88.7 43.9 49.7 144.8 1946—Mar. 31 1 094.0 83.9 13.6 210.6 63.9 77.5 6.3 139.5 6.6 140.7 20.7 91.2 41 9 41 3 156 3 Apr. 30 1,077.7 84.1 12.7 206.8 60.3 72.4 6.0 152.7 6.6 122.3 21.7 90.3 39.8 49 5 152 4 May 31 1,108.1 92.6 11.9 222.0 55.3 69.6 6.9 163.7 7.0 119.8 19.2 88.9 40.3 50.3 160.5 June 30 1,151.3 116.6 10.7 218.8 59.3 66.3 6.7 169.6 7.0 137 1 16.7 87.1 40 6 46 1 168 6 July 31 1,174.4 124.4 12.3 231.1 62.1 75.2 6.8 167.0 7.6 135.3 14.7 84.8 39.2 42 3 171 5 Aug. 31 1,226.6 147.9 11.5 255.9 53.9 67.4 6 5 175.6 7 4 143 1 14 1 84 3 38 8 50 9 169 4 Sept. 30 1,180.7 144.5 13.5 231.0 51.2 65.2 6.7 160.6 7 8 142 2 13.7 85.4 39 1 52 5 167 3 Oct. 31 1,180.5 147.9 14.3 223.5 49.8 61.5 7.1 158.0 6.7 133.2 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—Tan. 31 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 Feb. 28 1,102.6 180.0 13.7 157.8 45.2 55.9 9.0 145.9 3.9 142.1 11.8 75.2 34.3 45.5 182.4 For footnotes see p. 925. 924 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 - C F 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 m a lo d n 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 t i s d - e h t s s - 1 i l P p a I h n p s i - i d l n - s e T k u ey r- 1 O A t s h i e a r ot A h l e l r2 A t l u r ia a s- - N Z la e e n a w d - A S E E t a n u i g g n a g d y y d n l a p p o n t - - F r r M o e c n o c - c o h S A U o f n o u r f i i t o c h a n Other 1939—Dec. (Jan.3,1940) 655.7 167.0 71.4 165.4 193.4 58.5 72.5 1940—Dec. (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 2311 '4'8 "6*.8 "12'. 1 110 "91 8 1943—Dec. 31.... 1,108.8574.2 27.4 23.9 18.2 .9 4.1 110.1 259.135.4 55.5 175.3 25 3 5 1 6 1 10.3 4*. 5 124 1 1944— Dec. 31 1,069.2 427.3 27.4 22.9 22.1 1.3 4.0 110.5 365.823.7 64.2 174.0 52 9 3 5 7.3 4.3 8.3 97 6 1945—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—Mar. 31 1,685.6 732.1 37.9 34.8 25.7 1.5 3.8 99.0 598.466.1 86.3 3 276.1 24 3 3 8 18 9 10.3 9.5 3 2093 Apr. 30 1,699.3 717.0 38.0 36.4 34.6 1.6 3.7 102.1 617.066.9 81.9 3259.4 26 6 3 8 17 9 11. 3 8.9 3 190 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 3 249.4 23 8 4 8 16 8 12.4 11.3 3180.4 June 30 1,541.4657.0 43.6 37.8 36.1 1.6 3.5 100.2 505.569.3 86.8 3 398.1 24.4 7 5 17 7 11. 2 12.8 3 3245 July 31 1,487.5 611.9 47.2 33.2 33.2 2.2 9.2 114.3 482.464.5 89.5 3 407.7 28 7 6 4 17 7 11. 5 10.1 3 3333 Aug. 31 1,437.5 561.8 55.0 34.1 28.3 10.3 13.4 120.1 466 9 62.9 84.6 3 493.2 33 6 5 2 19 0 11. 6 13.4 3 4103 Sept. 30 1,396.4525.3 42.9 37.9 35.8 9.3 9.5 128.9 465.261.0 80.6 3 477.1 39 9 5 5 20 2 13.4 24.5 3 3736 Oct. 31 1,359.3490.1 37.7 35.6 33.3 9.5 14.1 133.4 466 658.6 80.5 3498.1 41 1 5 5 21 8 13.3 29.4 8 3869 Nov. 30 1,364.5 456.5 36.2 46.1 40.1 17.2 14.1 134.5 466 364.3 89.2 3 691.1 35 1 5 7 22 3 14.5 52.2 3 5612 Dec. 31 1,316.4 431.9 39 9 44.9 43 5 17 3 16 6 127.1 446 654.7 93 8 3 706 45 s 8 0 20 8 14 Q 47 2 3 5701 1947—Jan. 31 1,263.5 398.7 42.1 39.2 42.5 8.8 17.2 117.4 448 3 60.8 88.5 3 726. 240 9 8 2 19 8 16 0 82.5 3 5588 Feb. 28. . .. 1,194.2 359.7 36.0 40.8 44.2 7.1 17.7 116.6 430 556.5 85.1 32,953.0 59 4 8 3 18 4 16 9 33.9 32,816.2 1 Prior to June 30, 1942, included under "Other Asia." 2 Country breakdown not available until June 30, 1942. 1 See footnote 4 below. Footnotes to table on p. 924. 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 Includes accounts of international institutions as follows, in millions of dollars: 1946—Jan. 31, 19.9; Feb. 28, 36.1; Mar. 31, 90.5; Apr. 30 , 68.4; May 31, 65.4; June 30, 210.8; July 31, 219.9; Aug. 31, 300.3; Sept. 30, 269.0; Oct. 31, 284.4; Nov. 30, 461.4; Dec. 31, 473.7; 1947—Jan. 31, 468.9; and Feb. 28, 2,725.6. 6 These figures are not strictly comparable with the corresponding figures for preceding months due to exclusion of an account amounting to $4,322,000, which should not have been reported as "foreign." The cumulative figures in Tables 1, 2, and 3 of "Net Capital Movement to United States" have been adjusted to exclude the unreal movement introduced by this change. 8 Prior to June 30, 1942, included under "All other." 7 Prior to June 30, 1942, included under "Other Latin America." 8 Included "Canal Zone" prior to June 30, 1942. NOTE.—Certain of the figures are not strictly comparable with the corresponding figures for preceding months owing to changes in reporting practice of various banks. The cumulative figures in Tables 1, 2, and 3 of "Net Capital Movement to United States" have been adjusted to exclude the unreal movements introduced by these changes. For further explanation see Banking and Monetary Statistics, pp. 578-584, and BULLE- TIN for May 1947, p. 621, and September 1945, pp. 967-970. ASSETS Date Total U K d n o i i n m t g e - d France N la e e n r t - d h s - S l w a e n r i - t d z- m G a e n r- y Italy E O u t r h o e p r e E T u o r t o a p l e C a a d n a - A L m 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 1935—Dec. 30 . 672.6 114.1 16.8 21 9 5.4 165.1 10 Q 57.8 392 1 59.4 141.1 67 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 Q 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 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 0 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 40.8 140 7 53 158.9 ?9 9 9,9 1946—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 S 8.0 33 9 1 0 20.5 215 50 1 158.0 54 4 12 Q 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 lid .8 42.2 170.4 57.1 14 8 AUK 31. . 581 S 65.8 3.1 122 8 4.7 33 9 8 8 29.9 269 0 43 6 185.3 68 0 15 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 52 226.8 99 17 7 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 Feb. 28. 754.6 39.4 13.0 153.7 12.2 30.4 17.7 53.5 319.8 43.0 279.6 85.0 27 1 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. 925 JULY 1947 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued SHORT-TERM FOREIGN LIABILITIES AND ASSETS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES—Continued [In millions of dollars] ASSETS—SUPPLEMENTARY DATA Other Europe Date E O u t r h o e p r e g B iu e m l- m De a n rk - l F a i n n d - Greece^ L b u o x u e r m g1 - N w o a r y - tu P g o a r- l1 m R an u i - a1 Spain' S d w en e- USSR1 s Y la u v g i o a - 1 o A th l e l r 1939—Dec. (Jan. 3, 1940) 51.4 6.5 1.4 3.6 8.7 28.0 1940—Dec. (Jan. 1, 1941) 29.9 1.5 1.8 .9 1.0 24.5 1941—Dec. 31 26.2 1.1 1.9 .5 .6 22.1 1942—Dec. 31 22.3 .8 5.6 1.1 .2 2.4 3.2 .4 8.4 1943—Dec. 31 19.0 .7 7.6 .6 .2 1.4 3.2 .2 5.0 1944—Dec. 31 44.4 .7 .6 35.1 .8 1.8 .2 5.1 1945—Dec. 31 40.8 .6 .7 31.6 .5 1.6 .9 4.7 1946—Mar. 31 21.1 3.6 1.2 .8 6.2 .4 1.5 1.3 4.9 Apr. 30 18.0 4.6 .6 2.0 .2 .4 1.4 2.4 5.0 May 31 20.5 5.0 2.0 1.5 1.2 .6 2.1 3.0 5.1 June 30 27.7 7.7 4.4 1.1 .3 .5 2.9 5.6 5.0 July 31 33.2 8.8 4.3 1.6 .6 .7 4.2 7.6 5.0 Aug. 31 29.9 9.1 4.0 2.1 .5 .7 3.3 5.5 4.3 Sept. 30 39.6 6.9 3.5 12.6 .7 1.0 3.6 5.5 5.5 Oct. 31 44.0 7.2 4.3 12.6 .7 1.3 7.2 4.1 6.1 Nov. 30 46.9 7.7 5.9 13.0 2.1 .9 6.5 3.9 6.2 Dec. 31 52.5 7.5 6.2 12.4 3.3 1.0 7.2 4.9 9.4 1947—Jan. 31 53.4 7.1 6.4 12.4 3.7 .9 7.3 5.5 9.5 Feb. 28 53.5 7.4 6.1 12.5 4.0 .9 6.2 5.6 10.2 Latin America French N la et n h d e s r- 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 - ' Brazil Chile l b C o i m o a - 3 - C R o ic s a ta 3 Cuba I W n a d n e i d s e t s Mexico I W n a d n e i d s e t s P m an a a 4 - Peru3 V zu e e n l e a - 3 O A La m th ti e e n r r - Gui- Suri- ica ;• ana3 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 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—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 41.1 20.6 .8 2.7 6.6 21.7 Dec. 31 226.8 41.8 2.3 49.8 14.6 26.4 2.9 25.7 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 Feb. 28 279.6 45.5 2.6 63.1 15.3 30.2 3.7 37.9 28.8 1.7 6.5 15.6 27.9 Asia and All Other Date Asia C M c a r h h n i a i a u d n n - - a ) F C I r n h e i d n n o c a - h * H K o o n n g g I C B n a m d n e u a y i d r a , - - , l M t B a is y r a h i a - - 1 Japan I N l n E a e d e n a r i t d s - e h t s s - 8 i l P p a I h p n s i i d - l n - s eT ke u y r- * O A t s h i e a r ot A h l e l r8 A t l r i u a a s - - Z N la e n e a d - A E E t a i g n g n a g y y d n l p p o - t F r r M o e c n o c c - o h S U A o f o n u r i f i o t c h n a Other lon* Sudan 1939—Dec. (Jan. 3,19401)74.1 22.0 1.9 102.1 26.4 21.6 9.3 1940—Dec. (Jan. 1,19411)17.8 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 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 2.4 .7 1944—Dec. 31 51.4 1.5 .9 22.3 .1 .5 .5 13.8 1.8 8.8 11.7 .6 9.7 1.0 1945—Dec. 31 29.9 1.0 .8 7.5 .1 .5 .4 13.8 2.0 2.7 9.9 1.7 4.7 2.5 1946—Mar. 31 53.6 22.8 1.5 6.8 .2 .3 .4 16.0 1.1 3.3 11.0 1.3 5.8 2.9 Apr. 30 57.1 25.6 1.5 7.2 .2 .3 .4 16.1 .9 3.9 11.6 1.5 6.7 2.6 May 31 54.4 22.6 2.0 6.6 .3 .3 .4 16.7 .9 3.6 12.9 1.8 7.8 2.5 June 30 56.2 23.9 2.0 7.4 .1 .3 .4 16.7 .9 3.5 15.3 1.9 8.5 3.9 July 31 57.1 19.0 2.2 9.4 1.7 .3 .2 18.5 .9 3.9 14.8 2.9 8.0 2.5 Aug. 31 68.0 28.6 2.9 10.8 .1 .3 .3 19.2 .9 3.9 15.6 2.9 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 7.7 2.5 O N c o t v . . 3 3 1 0 7 75 4 . . 0 3 3 4 4 0 . . 6 8 6 4 . . 5 0 1 9 0 . . 1 1 . . 2 2 . . 5 2 1. . 0 9 1 1 6 4 . . 0 7 1. .9 3 4 4. . 2 0 1 1 4 5 . . 5 8 2 3 . . 7 1 (2) 9 8 . . 1 4 2 2 . . 0 4 Dec. 31 99.2 53.9 5.9 12.0 .2 .2 1.0 20.2 1.4 4.4 17.2 3.4 8 10.1 2.2 1947—Jan. 31 94.5 43.8 5.0 12.7 .5 .2 1.1 25.3 1.4 4.5 19.8 4.3 10.5 3.4 Feb. 28 85.0 36.8 5.1 12.9 .5 .2 .9 23.0 1.5 4.0 27.1 6.2 2 14.7 4.5 () 1 Prior to June 30, 1942, included under "All other." 2 Less than $50,000. 3 Prior to June 30, 1942, included under "Other Latin America." 4 Included "Canal Zone" prior to June 30, 1942. 5 Prior to June 30, 1942, included under "Other Asia." 6 Country breakdown not available until June 30, 1942. 926 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS Assets of issue department Assets of banking department Liabilities of banking department Bank of England Note (Fi p g o u u re n s d s in s m te i r l l l i i n o g n ) s of Gold1 a O ss t e h t e s r 2 C C o a i s n h rese N rv o e te s s a c n o D d u i n s a - t d s - Securi- ci t r io cu n l 3 a- Bankers' D P e u p b os li i c ts Other l O ia t t i b h e i s e li r - 1935—Dec. 25 200.1 260.0 .6 35.5 8.5 94.7 424.5 72.1 12.1 37.1 18.0 1936—Dec. 30 313.7 200.0 .6 46.3 17.5 155.6 467.4 150.6 12.1 39.2 18.0 1937—Dec. 29 326.4 220.0 41.1 9.2 135.5 505.3 120.6 11.4 36.6 18.0 1938—Dec. 28 326.4 230.0 51.7 28.5 90.7 504.7 101.0 15.9 36.8 18.0 1 1 1 1 1 1 1 9 9 9 9 9 9 9 3 4 4 4 4 4 4 9 5 0 3 4 1 2 — — — — — — — D D D D D D D e e e e e e e c c c c c c c . . . . . . . 2 2 2 2 2 3 3 7 5 9 7 6 0 1 4 . . . . . . . 2 2 2 2 2 2 2 5 5 5 1 1 1 5 5 5 , , , 6 9 1 4 2 5 7 3 5 0 0 5 8 8 0 0 0 0 0 0 0 . . . . . . . 0 0 0 0 0 0 0 1 1. . . . . . . 9 0 9 3 9 9 4 2 2 2 2 1 1 1 0 5 8 6 1 3 1 . . . . . . . 3 6 5 8 6 3 6 4 4 3 8 2 5 6 . . . . . . . 5 0 3 4 5 1 4 3 3 3 2 2 1 1 2 1 0 6 6 7 9 7 7 7 7 7 6 9 . . . . . . . 4 0 9 8 9 1 1 1 1 1 , , , 0 3 2 5 6 9 7 8 7 1 5 3 5 2 6 4 8 1 9 8 3 . . . . . . . 7 9 4 6 9 6 7 2 2 2 2 2 1 1 3 6 7 2 1 3 1 0 4 4 3 9 5 7 . . . . . . . 7 7 5 3 4 9 3 2 1 1 1 9 5 5 9 0 2 1 . . . . . . . 2 0 3 7 5 2 3 6 5 4 5 5 4 5 0 2 1 8 8 2 4 . . . . . . . 2 4 3 5 8 0 1 1 1 1 1 1 1 1 7 7 7 7 7 7 7 . . . . . . . 8 8 9 9 9 9 9 1946—June 26 .2 1,400.0 1.8 36.4 12.5 315.2 1,363.9 286.0 5.3 56.5 18.1 July 31 .2 1,400.0 1.4 13.4 15.8 288.0 1,386.9 238.7 7.1 54.4 18.3 Aug. 28 .2 1,400.0 1.1 32.7 9.9 343.4 1,367.5 307.6 7.0 54.0 18.4 Sept. 25 .2 1,400.0 1.2 41.5 18.8 324.6 1,358.7 302.9 9.3 55.5 18.5 Oct. 30 .2 1,400.0 1.0 38.5 9.5 327.2 1,361.8 292.7 8.2 57.5 17.8 N De o c v . . 2 2 5 7 . . 2 2 5 1 1 , , 4 4 0 5 0 0 . . 0 0 1 1 . . 1 3 3 2 4 2 . . 2 1 2 1 5 3 . . 3 6 3 3 3 2 3 7 . . 9 6 1 1 , ,4 3 2 6 8 6 . . 2 0 3 2 1 78 0 . . 9 1 1 1 0 0 . . 1 3 5 5 6 7 . . 3 3 1 1 7 8 . . 9 1 1947—Jan. 29 .2 1,450.0 1.0 85.8 25.4 271.0 1,364.5 288.4 16.0 60.6 18.3 Feb. 26 .2 1,450.0 .9 74.7 16.0 294.6 1,375.6 285.2 22.4 60.1 18.4 Mar. 26 .2 1,450.0 .6 59.5 11.1 338.7 1,390.7 286.4 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 May 28 .2 1,450.0 1.3 56.1 8.7 353.9' 1,394.1 301.9 5.0 95.1 18.0 Assets Liabilities Bank of Canada Dominion and provincial government Deposits (Figures in millions of Sterling securities Canadian dollars) Gold and United Other Note Other d S o ta ll t a e r s s assets circulation' Dominion liabilities8 Short- Other Chartered govern- Other term6 banks ment 1935—Dec. 31 . . . 180.5 4.2 30.9 83.4 8.6 99.7 181.6 17.9 .8 7.7 1936—Dec. 31. . . 179.4 9.1 61.3 99.0 8.2 135.7 187.0 18.8 2.1 13.4 1937—Dec. 31. . . 179.8 14.9 82.3 91.6 21.7 165.3 196.0 11.1 3.5 14.4 1938—Dec. 31. . . 185.9 28.4 144.6 40.9 5.2 175.3 200.6 16.7 3.1 9.3 1939—Dec. 30. .. 225.7 64.3 181.9 49.9 5.5 232.8 217.0 46.3 17.9 13.3 1940—Dec. 31. . . 38.4 448.4 127.3 12.4 359.9 217.7 10.9 9.5 28.5 1941—Dec. 31. .. 200.9 391.8 216.7 33.5 496.0 232.0 73.8 6.0 35.1 1942—Dec. 31. . . .5 807.2 209.2 31.3 693.6 259.9 51.6 19.1 24.0 1943—Dec. 31. . . .6 787.6 472.8 47.3 874.4 340.2 20.5 17.8 55.4 1944—Dec. 30. .. 172.3 906.9 573.9 34.3 1,036.0 401.7 12.9 27.7 209.1 1945—Dec. 31. . . 156.8 1,157.3 688.3 29.5 1,129.1 521.2 153.3 29.8 198.5 1946— T j uunl e y 2 3 9 1 . . . . . . 2 1 . . 0 8 1 1 , , 2 2 1 7 8 6 . . 5 6 5 5 4 40 1 . . 7 8 3 31 0 . . 4 8 1 1, , 1 1 1 1 7 4 . . 9 0 5 5 0 3 0 2 . . 5 5 5 6 7 9 . . 9 1 8 9 5 0 . . 6 1 4 3 2 4 . . 1 2 Aug. 31. . . 1.7 1,257.7 530.8 44.1 1,127.4 521.1 69.1 79.7 37.1 Sept. 30. . . . 7 1,259.1 523.9 38.3 1,147.5 511.3 27.4 87.8 48.0 Oct. 31. .. .9 1,301.5 521.5 40.1 1,156.9 538.6 36.6 85.2 46.7 Nov. 30. .. .9 1,283.8 605.0 40.9 1,161.1 579.5 63.9 79.4 46.8 Dec. 31. .. 1.0 1,197.4 708.2 42.1 1,186.2 565.5 60.5 93.8 42.7 1947—Jan. 31. 1.0 ,196.8 718.8 39.3 1,138.6 533.3 150.1 82.9 51.0 Feb. 28. 1.0 ,172.3 738.9 47.6 1,137.9 493.6 215.7 75.3 37.3 Mar. 31. 1.2 ,146.9 757.5 40.4 1,153.2 536.3 159.8 64.6 32.1 Apr. 30. 1.0 186.0 751.2 59.2 1,153.9 542.6 195.7 69.3 35.9 May 31. 1.0 1,123.0 731.0 41.3 1,148.1 477.6 179.4 58.5 32.6 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. U 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. fi Securities maturing in two years or less. •Includes notes held by the chartered banks, which constitute an important part of their reserves. iBeginning 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. JULY 1947 927 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS—Continued Assets Liabilities Bank of France Domestic bills Advances to Deposits Government (Figures in Foreign Other Note Other millions of francs) Gold* ch e a x n - ge m O ar p k e e n t* Special' Other c F u c o p o r a s t t o s i c o 1 - n Other* assets* ci t r i c o u n la- G m ov e e n r t n- C.A.R.8 Other lia ti b e i s li- 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 3,894 1942—Dec. 31... 84,598 37 43,661 169 5,368 210,965 68,250 21,749 382,774 770 16,857 29,935 4,461 1943—Dec. 30... 84,598 37 44,699 29 7,543 326,973 64,400 21,420 500,386 578 10,724 33,137 4,872 1944—Dec. 28... 75,151 42 47,288 48 18,592 426,000 15,850 35,221 572,510 748 37,855 7,078 1945—Dec. 27... 6129,817 68 23,038 303 25,548 426,000 39,122 570,006 12,048 57,755 4,087 1946—May 29.. 694,817 5 63,090 45,512 426,000 11,200 41,848 625,809 745 51,845 4,072 June 27.. 94,817 5 64,985 46,204 426,000 13,400 42,053 629,181 750 53,265 4,268 July 25.. 94,817 6 64,769 45,324 426,000 8,600 40,915 612,879 717 59,829 7,006 Aug. 29... 94,817 5 64,474 61,657 426,000 8,600 45,049 633,327 779 62,282 4,213 Sept. 26... 94,817 6 70,577 546 62,567 426,000 28,100 44,703 667,567 804 54,743 4,201 Oct. 31... 94,817 5 71,224 3,124 63,127 426,000 46,600 52,693 696,924 814 55,612 4,241 Nov. 28... 94,817 6 74,739 3,344 67,396 426,000 55,500 47,116 704,796 824 58,549 4,748 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 4,849 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 Apr. 30. .. 82,817 6 85,120 134 80,901 426,000 55,000 81O8,758 770,670 770 62,304 4,992 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. 8 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. 6 Central Administration of the Reichskreditkassen. 6 In each of the weeks ending Apr. 20 and Aug. 3, 1939, 5,000 million francs of gold transferred from Exchange Stabilization Fund to Bank of France; in week ending Mar. 7, 1940, 30,000 million, in week ending Oct. 11, 1945, 10,000 million, in week ending Dec. 27, 1945, 53,000 million, and in week ending May 2, 1946, 35,000 million francs of gold transferred from Bank of France to Stabilization Fund. Gold holdings reduced by 12,000 million francs, representing contributions to the International Fund and Bank. An equivalent amount of Treasury bonds covering these contributions is shown under "Other assets." 8 Includes a non-interest loan to the Government, which was raised from 10,000 million to 50,000 million francs by law of Mar. 29, 1947. 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) May Apr. Mar. May date of month) May Apr. Mar, May Central Bank of the Argentine National Bank ot Belgium Republic (millions of pesos): Loans to Government 49,338 49,253 50,088 48,212 Gold reported separately 2,654 940 1,208 Other loans and discounts 4,530 4,680 3,828 2,761 Other gold and foreign exchange. 2,270 227 4,127 Claim against Bank of Issue... . 64,597 64,597 64,597 64,597 Government securities 958 939 873 Other assets 2,250 2,320 2,328 2,023 Temporary advances to Govt.. . 76 67 84 Note circulation 75,446 75,996 74,690 72,542 Rediscounts and loans to banks1. 10,001 356 7,915 Demand deposits 4,811 4,567 5,328 2,772 Other assets 2,265 119 395 Blocked accounts4 79,099 79,212 79,248 78,222 Currency circulation * 4,210 110 3,415 Other liabilities 1,626 1,597 1,549 1,433 Deposits—Member bank 604 531 2,186 Central Bank of Bolivia—Mone- Government 793 741 436 tary Dept. (millions of bolivianos): (Feb.) Nationalized» 11,850 530 8,072 Gold at home and abroad 922 919 Other 74 75 200 Foreign exchange 263 366 Certificates of participation in Loans and discounts 309 176 Government securities 122 Government securities 431 406 Other liabilities 692 661 171 Other assets 12 12 Commonwealth Bank of Aus- Note circulation 1,682 ,631 tralia (thousands of pounds): Deposits 242 247 Gold and foreign exchange 222. 223,024199,305 Other liabilities 12 2 Checks and bills of other banks.. 2,959 2,330 National Bank of Bulgaria6 Securities (incl. Government and Central Bank of Chile (millions Treasury bills) 396 367382,956 414,549 of pesos): Other assets 13, 238 ,813 14,486 Gold 239 383 Note circulation 201 430198,,680199,964 Gold contribution to Int'l. Fund. 43 Deposits of Trading Banks: Discounts for member banks.... 674 362 Special 284 084277, 261,112 Loans to Government 1,268 701 Other 22, 602 24,377 Other loans and discounts 985 915 Other liabilities 127 416122 148,218 Other assets.. 1,860 1,856 National Bank of Belgium Note circulation 3,787 3,043 (millions of francs): Deposits—Bank 641 550 Gold 27,998 27,792 33,328 Other 156 227 Foreign exchange 10,255 516 4,047 Other liabilities 487 398 Net claim on Int'l. Fund » 2,014 214 1 Government decree of Apr. 24, 1946, provided tor the guarantee of all deposits registered in the name of the Central Bank. 1 By decree of May 24, 1946, the Central Bank became responsible for all subsidiary money. • This figure represents the amount of the bank's subscription to the Fund less the bank's local currency liability to the Fund. Until such time as the Fund engages in operations in this currency, the "net claim" will equal the country's gold contribution. * Includes increment resulting from gold revaluation, notes forfeited to the State, and frozen old notes and current accounts. 5 Latest month available. 6 For last available report (January 1943) see BULLETIN for July 1943, p. 697. 928 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) May Apr. Mar, May date of month) May Apr. Mar. May Bank of the Republic of Colombia Bank of Finland (millions of (thousands of pesos): markkaa): Gold 161,025170,929 220,250 232,444 Gold 2 2 1 Foreign exchange 63,734 54, 73,235 Foreign assets (net) 2,033 3,248 499 Net claim on Int'l. Fund * 21,867 21,867 21,867 Clearings (net) -5,882 -7,099 -6,798 Paid-in capital—Int'l. Bank 1,225 1,225 1,225 Loans and discounts 31,451 30,580 30,726 Loans and discounts 77,947 7c!856 56,348 22 201 Securities 412 452 565 Government loans and securities 83,896 84 082 84,326 714 Other assets 798 1,072 632 Other assets. 40,990 38 880 32,714 756 Note circulation 21,653 20,944 18,442 Note circulation 238,660 231 ,663235,064 199 Deposits 1,296 1,753 2,323 Deposits 169,130 166,174 306 Other liabilities 5,864 5,558 4,860 Other liabilities 42,894 38,077 846 Bank of Greece (billions of drach- National Bank of Costa Rica— mae): Issue dept. (thousands of colones): Gold and foreign exchange (net). 802 772 1,126 Gold 276 11,255 22,536 Loans and discounts 17 8 8 Foreign exchange 136 13,465 ,497 Advances—Government 627 670 513 Contributions to Int'l. Fund and Other 779 685 215 to Int'l. Bank. 321 30,321 4 Other assets 82 77 29 Loans and discounts 548 55,073 Note circulation 657 559 389 Securities 041 ,045 Deposits—Government 74 77 136 Other assets 338 ,352 Other 159 166 43 Note circulation 759 74,715 ,219 Other liabilities 1,416 1,409 1,323 Demand deposits 396 42 ,433Bank of Guatemala (thousands of Other liabilities 506 ,141 quetzales): National Bank of Czechoslovakia Gold 27,228 27,228 27,228 in Prague (millions of koruny): Foreign exchange 23,651 23,988 23,345 Gold and foreign exchange 2. . . 4,627 999 3 333 Gold contribution to In'tl Fund 1,250 1,250 1,250 Loans and discounts 3,520 599 6.184 Rediscounts and advances 1,530 Other assets 124,203 525123:601 Other assets 8,109 8,062 8,277 Note circulation—Old 931 950 Circulation—Notes 29,643 29,937 30,471 New 42,939 42,904 33 594 Coin 2,799 2,784 2,777 Deposits—Old 70 241 71,665 630 Deposits—Government 6,885 6,296 5,371 New 9 463 9,133 236 Banks 14,052 13,461 13,776 Other liabilities 775 8,490 710 Other liabilities 8,389 8,050 7,705 National Bank of Denmark National Bank of Hungary (mil- (millions of kroner): lions of forint): Gold 71 71 71 83 Gold 314 314 Foreign exchange 79 87 98 141 Foreign exchange 133 98 Clearing accounts (net) 71 78 115 105 Discounts 577 511 Loans and discounts 18 15 21 28 Loans—Treasury 340 340 Securities 101 72 70 98 Other Govt. compensation account.... 6,208 ,306 ,482 ,594 Other assets 370 413 Other assets 257 260 217 98 Note circulation 1,258 1,173 Note circulation 1,487 ,506 ,506 ,497 Demand deposits—Government. 27 45 Deposits—Government 2,081 ,053 ,656 ,791 Other 85 65 Other 3,092 ,177 ,760 ,622 Other liabilities 364 393 Other liabilities 144 153 152 236 Reserve Bank of India (millions of Central Bank of Ecuador rupees): (thousands of sucres): Issue department: Gold 273, 645 Gold at home and abroad... 444 444 444 Foreign exchange (net) 25, 572 Sterling securities 11,353 11,353 11,303 Net claim on Int'l. Fund *• 16, Indian Govt. securities 578 578 578 Loans and discounts 202, 221 717 Rupee coin 257 205 183 Other assets 127.365104 898 Note circulation 12,398 12,420 12,340 Note circulation 331,322 318 324 Banking department: Demand deposits 268, 245 294 Notes of issue department. . 235 160 169 Other liabilities 45,934 33 215 Balances abroad 4,769 4,772 5,931 Treasury bills discounted... 34 32 25 National Bank of Egypt (thou- Loans to Government 11 sands of pounds): Other assets 745 942 510 Gold 6 376 ,376 241 Deposits 5.513 5,620 6,302 Foreign exchange 15 187 ,089 283 Other liabilities 280 287 332 Loans and discounts 3 809 ,829 112Central Bank of Ireland (thousands British, Egyptian, and other of pounds): Government securities 307 ,720 Gold 2,646 2,646 2,646 2,646 Other assets 23 24,074 692 Sterling funds 37,882 37,580 37,568 34,766 Note circulation 133 133,792 ,492 Note circulation 40,528 40,226 40,214 37,412 Deposits—Government 88 85,246 046 Bank of Italy (millions of lire): Other 120 .23,482 ,722 Gold 523 526 Other liabilities 14491 13,357 789 Foreign exchange 8,699 5,351 Central Reserve Bank of El Salva- Advances—Treasury 484,450 460,055 dor (thousands of colones): Other Govt. agencies 21,887 44,988 Gold 212 37,256 Loans and discounts 55,921 16,126 Foreign exchange (net) 781 Government securities 105,630 68,886 Net claim on Int'l. Fund * 563 ,563 Other assets 36,411 20,032 Loans and discounts 695 ,468 163 Bank of Italy notes 441,133 293", 592 Government debt and securities 546 ,575 131 Allied military notes 82,830 91,982 Other assets 546 ,615 825 Deposits—Government 6,771 33,764 Note circulation 806 56,483 642 Demand 69,657 58,893 Deposits 106 30,941 991 Other 94,948127,212 Other liabilities 431 8,343 184 Other liabilities 18,182 10,521 r Revised. 1 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. 2 Gold not reported separately beginning Dec. 31, 1946. JULY 1947 929 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) May Apr. Mar. May date of month) May Apr. Mar. May Bank of Japan l Bank of Spain—Continued Bank of Java 1 Other loans and discounts 7,952 3,935 Bank of Mexico (millions of pesos): Other assets 2,659 3,647 Metallic reserve 2 680 680 688 739 Note circulation 22,390 18,866 "Authorized" holdings of securi- Deposits—Government 2,307 1 ,538 ties, etc 1,636 ,620 1,653 1,898 Other 2,954 4,351 Bills and discounts 571 556 535 434 Other liabilities 468 482 Other assets 87 97 105 83 Bank of Sweden (millions of kronor): Note circulation 1,686 ,674 1,697 1,698 Gold 418 478 585 1,043 Demand liabilities 1,035 ,047 1,057 1,257 Foreign assets (net) 279 384 453 1,028 Other liabilities 254 231 228 198 Swedish Govt. securities and ad- Netherlands Bank (millions of vances to National Debt Office5 2,322 ,087 2,011 1,235 guilders): Other domestic bills and advances 118 106 146 59 Gold 519 520 520 713 Other assets 526 567 467 826 Silver (including subsidiary coin) 1 2 2 Note circulation 2,556 ,608 2,640 2,453 Foreign bills 312 269 109 4,639 Demand deposits—Government. 581 526 547 1,163 Loans and discounts 155 155 174 166 Other 192 137 118 141 Govt. debt and securities 3,600 ,600 3,600 Other liabilities 335 351 356 435 Other assets 110 104 109 92 Swiss National Bank (millions of Note circulation—Old 126 137 137 277 francs): New 2,730 ,737 2,766 ,290 Gold 5,037 ,039 4.960 4,784 Deposits—Government 935 790 680 ,683 Foreign exchange 138 147 158 176 Blocked 103 103 74 188 Loans and discounts 65 72 80 68 Other 591 724 689 661 Other assets 87 91 84 89 Other liabilities 212 161 168 512 Note circulation 3,908 ,918 3,932 3,564 Reserve Bank of New Zealand Other sight liabilities 1,179 ,185 1,109 1,256 (thousands of pounds): Other liabilities 241 246 240 297 Gold 2,802 2,802 2,802 2,802Central Bank of the Republic of Sterling exchange reserve 92,307 90,660 84,938 79,372 Turkey (thousands of pounds): Advances to State or State un- Gold6 632,096 653,002300,927 dertakings 27,254 27,,000 31,053 40,479 Foreign exchange and foreign Investments 3,868 ,868 3,868 4,045 clearings 294 249 268,831 77,224 Other assets 1,131 844 1,431 1,123 Loans and discounts 560 065 548,255 674,765 Note circulation 47,008 ,972 46,968 44,344 Securities 181 ,704 167,369 Demand deposits 75,601 ,527 72,053 78,428 Other assets 24 030 451 82,165 Other liabilities 4,753 ,675 5,072 5,050 Note circulation 986 157 ,765 836,276 Bank of Norway (millions of kroner): Deposits—Gold 181 604 91,821 Gold 339 336 Other 299 405 147,779 Foreign assets (net) 550 554 Other liabilities 224 231,470 226,574 Loans and discounts 49 58 Bank of the Republic of Uruguay Securities 75 76 (thousands of pesos): Occupation account (net) ,108 8,108 Gold 298,611309,341 Other assets 62 52 Silver 12,940 13,720 Note circulation ,874 1,883 Paid-in capital—Int'l. Bank 318 Deposits—Government ,318 4,925 Advances to State and govern- Banks 876 733 ment bodies 16,012 26,545 Blocked 927 929 Other loans and discounts 135,469 99,668 Other 341 360 Other assets 381,169 328,626 Other liabilities 848 354 Note circulation 224,268187,101 Bank of Paraguay—Monetary Deposits—Government 37,099 42,732 Dept. (thousands of guaranies): Other 252,758 249,884 Gold 870 1,870 3,404 Other liabilities 330,395298,183 Foreign exchange 898 38,173 31,641Central Bank of Venezuela (thou- Loans and discounts 507 5,598 1,427 sands of bolivares): Government loans and securities 800 9,821 9,909 Gold7 617,912617 912617,912557,080 Other assets 959 2,835 524 Foreign exchange (net) 670 40 133 16,624 44,116 Note circulation 685 37,170 29,378 Other assets 62,296 58 250 66,862 16,710 Demand deposits 658 13,019 14,586 Note circulation—Central Bank. 498, C 491 791490,340 394,167 Other liabilities 691 8,108 2,941 National banks. 5,726 6 350 6,576 8,272 Central Reserve Bank of Peru Deposits 141,120181 124171,070199,516 (thousands of soles): Other liabilities 36,025 37 029 33,412 15,951 Gold and foreign exchange 78,111117,938National Bank of the Kingdom Net claim on Int'l. Fund3 20,491 of Yugoslavia i Contribution to Int'l. Bank 2,480 Bank for International Settle- Discounts 115,534 31,573 ments8 (thousands of Swiss gold Government loans 610,140 652,008 francs): Other assets 82,650 18,280 Gold in bars 81,725 82,688120,164 Note circulation 619,008 511,178 Cash on hand and on current Deposits 201,250 ,365 account with banks ,650 9,144 11,831 Other liabilities 89,147 34,255 Sight funds at interest 496 496 142 Bank of Portugal1 Rediscountable bills and accept- National Bank of Rumania 1 ances (at cost) 26 781 27,589 9,415 South African Reserve Bank Time funds at interest 10 170 12,983 2,750 (thousands of pounds): Sundry bills and investments... 73 016 74,582304,635 Gold* 196 197,398131,069 Funds invested in Germany 9. . . 291 160 291,160 Foreign bills 8 9,952 29,562 Other assets 2,534 496 38 Other bills and loans 4, 4,092 5,313 Demand deposits (gold) 18 107 18,128 14,559 Other assets 13, 14,041122,943 Short-term deposits (various Note circulation 63, 63,137 66,737 currencies): Deposits 153, 155,929 217,187 Central banks for own ac- Other liabilities 5, 6,418 4,962 count 699 8,110 3,581 Bank of Spain (millions of pesetas): Other 414 1,501 1,093 Gold 1,214 1.213 Long-term deposits: Special ac- Silver 522 585 counts 228,909 228,909229,001 Government loans and securities 15,773 15,856 Other liabilities 245,405242,490 200,742 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 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 Gold revalued in June 1946 from approximately 85 to 172 shillings per fine ounce. 5 Includes small amount of non-Government bonds. 8 Gold revalued on Sept. 9, 1946, from 1,406.58 to 3,150.77 Turkish pounds per fine kilogram. 7 Beginning October 1944, a certain amount of gold formerly reported in the Bank's account shown separately for account of the Government. 8See BULLETIN for December 1936, p. 1025. 9 Before March 1947, included in "Sundry bills and investments." 930 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MONEY RATES IN FOREIGN COUNTRIES DISCOUNT RATES OF CENTRAL BANKS [Per cent per annum] Central bank of— ef D fe a ct t i e ve U K d n i o i n t m g ed - Francem G a e n r- y g B iu el m - N la e e n r t - d h s - S d w en e- S la w e n r i - t d z- b C an e k n tr o a f— l J R u 3 a 0 n te e ef D fe a ct t i e ve ba C n e k n tr o a f— l R Ju 3 a 0 n te e ef D fe a ct t i e ve In effect Dec. 31, Albania in Mar. 21, 1940 Ireland 2K Nov. 23, 1943 1936 2 2 4 2 2 2K IK Argentina Mar. 1, 1936 Italy Sept. 11, 1944 Jan 28 1937 .. 4 Austria July 3, 1945 Japan 3.29 Apr. 7, 1936 June 15 6 Belgium Dec. 19, 1946 Java 3 Jan. 14, 1937 July 7 5 Bolivia 6 Nov. 8, 1940 Latvia 5 Feb. 17, 1940 Aug 4 Sept 3 Nov 13 !* May 10, 1938... 4 Bulgaria Aug. 14, 1946 Lithuania.... 6 July 15, 1939 May 13 Canada \% Feb. 8, 1944 Mexico 4K June 4, 1942 May 30 . .. 3 Chile Dec. 16, 1936 Netherlands . 2K June 27, 1941 Sept. 28 3 Colombia July 18, 1933 New Zealand. IK July 26, 1941 Oct 27 2K Costa Rica 3 Apr. 1, 1939 Norway Jan. 9, 1946 Nov. 25 i* Czechoslovakia 2K Oct. 28, 1945 Peru 2K Aug. 1. 1940 Jan. 4,1939... Apr 17 .... 4 May 11 3 July 6 2K Denmark 3* Jan. 15, 1946 Portugal 2K Jan. 12, 1944 Aug. 24 . . 4 June 8, 1943 Rumania.... May 8, 1944 Aug. 29 3 El Salvador... 4 Oct. 15, 1946 South Africa. 3 June 2, 1941 Sept. 28 3 Estonia 4M Oct. 1, 1935 Spain Dec. 1, 1938 Oct. 26... 2 Finland 43^ June 5, 1947 Sweden 2K Feb. 9, 1945 Dec 15 3 Jan. 25, 1940 .. 2 Apr. 9 3K May 17 3K IH Switzerland.. IK Nov. 26, 1936 Mar. 17, 1941... IX Jan. 10, 1947 Turkey July 1. 1938 May 29 3 Germany 3K Apr. 9, 1940 United King- June 27 2K Greece 10 Aug. 16, 1946 dom 2 Oct. 26, 1939 Jan. 16,1945... iK Hungary...... 7 Aug. 1, 1946 U.S.S.R.... 4 July 1, 1936 Jan 20 "i'H 3 Nov. 28, 1935 Yugoslavia .. 1-4 Jan. 1, 1947 Feb. 9 2^ Nov 7 1946 2K Dec 19 3 NOTE.—Changes since May 31: Finland—June 5, up from 4 to 434 per cent. Jan. 10, 1947.. . IX &2K In effect June 30, 1947 2 &2tf 3 2K IK OPEN-MARKET RATES [Per cent per annum] United Kingdom Germany Netherlands1 Sweden Switzerland Month Bankers' Treasury Day-to- Bankers' Private Day-to- Treasury Day-to- Loans Private acceptances bills day allowance discount day bills day up to 3 discount 3 months 3 months money on deposits rate money 3 months money months rate 1932—Apr 2.19 2.07 1.91 5.12 6.17 1.50 1933—Apr .59 .50 .61 3.88 5.05 1.50 1934—Apr .96 .89 .88 3.88 4.76 1.50 1935—Apr .59 .51 .75 3.38 3.64 1.80 1936—Apr .55 .52 .75 3.00 2.83 2.25 1937—Apr .55 .53 .75 2.90 2.55 1.00 1938—Apr .53 .51 .75 2.88 3.04 1.00 1939—Apr 1 .40 1.36 .76 2.88 2.36 1.00 1940—Apr 1.03 1.03 1.00 2.38 1.90 1.25 1941—Apr 1.03 1.01 1.00 2.25 1.67 1942—Apr 1.03 1.01 1.00 2.13 1.96 1943—Apr 1.03 1.01 1.03 2.13 1.81 1944—Apr 1.03 1.01 1.13 2.13 1 .91 1945—Apr 1.03 1.01 1.00 1946—Apr .53 .51 .63 .90 .50 1.25 1946—May .53 .51 .63 1.27 .93 1.25 June .53 .50 .63 1.42 1.00 1.25 July .53 .51 .63 1.52 1.31 Aug .53 .51 .63 1.41 1.18 Sept .53 .51 .63 1.30 1.00 Oct .53 .51 .63 1.07 .90 Nov .53 .51 .63 1.01 .78 Dec .53 .50 .63 1.21 .78 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 Apr .53 .51 .63 1.59 1.11 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. JULY 1947 931 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COMMERCIAL BANKS United Kingdom 1 Assets Liabilities (11 London clearing b m a i n ll k io s s n . t e s r o F li f n ig g p u ) o r u es n d in s re C se a r s v h es M ca n o s l n o h l t e o i a y r c n t e a d t B co il u ls n d te is d - T r d e r e c e p a e o i s p u si t r t s y 2 Securities c L u o s a to n m s e to rs O as t s h e e ts r Total D D e e p m o a si n t d s Time lia O b t i h li e t r ies 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 J 030 250 1941—December 366 141 171 758 999 823 324 3,329 2,168 11,161 253 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 ,588 265 1946—May 509 301 470 1,374 ,322 856 356 4,894 3,239 ,655 292 June 524 315 526 1,302 ,382 894 399 5,045 3,351 ,694 296 July 532 305 522 1,382 ,406 885 386 5,113 3,389 ,724 304 August 553 313 464 1,511 ,393 906 369 5,198 3,427 ,771 310 September 553 280 405 1,671 ,393 930 379 5,302 3,502 ,800 308 October 557 312 472 1,629 ,403 944 390 5,397 3,563 ,833 310 November 574 324 497 1,628 1,410 964 433 5,503 3,632 ,870 328 December 499 432 610 1,560 1,427 994 505 5,685 3,823 ,862 342 1947—January 475 428 624 1,563 1,427 1,008 454 5,629 3,749 ,880 348 February 463 421 659 1,436 1,439 1,015 451 5,519 3,603 ,916 364 March 466 444 750 1,317 ,455 1,034 465 5,556 3,606 .950 374 April 476 435 709 1,346 1,461 1,064 470 5,583 3,628 1,956 376 Assets Liabilities Canada (10 chartered banks. Entirely in Canada Se lo cu an 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 l a e n i k n d C e a p n o a s d it a s En C d a i n n o a f m d m i i a l o n li n o d t n h o s l l o f a i f g rs u ) res re C se a r s v h es Se lo c a u n ri s ty , l o is a O c n t o s h u e a n r n t d s d a a f u b o n b e a r d r e n f o i r n k g a o e s n d m t Securities ( a ~ s \+ s U e f t x s r ci N r ti c o o u t n l e a- Total Demand Time liabilities, 1939—December 292 53 1,088 132 1,646 612 85 2,774 1,033 1,741 963 1940—December 323 40 1,108 159 1,531 570 80 2,805 1 163 1,641 846 1941—December 356 32 1,169 168 1,759 653 71 3,105 1,436 1,669 962 1942—December 387 31 1,168 231 ,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—May 642 125 1,187 197 ,304 907 24 5,882 2,576 3,306 1,456 637 115 1,188 159 ,275 896 23 5,756 2,393 3,364 1,490 July 696 96 1,230 121 ,298 876 23 5 887 2 476 3 411 1,407 August 665 98 1,249 128 ,336 865 23 5 892 2 426 3 466 1,428 676 91 1,284 122 ,375 960 22 6,037 2,513 3,524 1,449 October 699 97 1,341 126 4,471 959 22 6,201 2,724 3,477 1,470 November 730 117 1,476 128 4,496 931 22 6,362 2,902 3,460 1,493 December 753 136 1,507 132 4,232 1,039 21 6,252 2,783 3,469 1,525 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 March 695 121 1,555 195 4,239 993 21 6,188 2,569 3,619 1,590 April 719 97 1,628 142 4,349 1,035 21 6,356 2,719 3,637 1,594 Assets Lijibilities France (4 o f l a m rg o e n t b h a f n i k g s u . r es E i n n d Cash Due from Bills dis- Other Deposits Own Other millions of francs) reserves banks counted assets Total Demand Time ances liabilities 1939—December 4,599 3,765 29,546 7,546 2,440 42,443 41,872 571 844 4,609 1940—December 6,409 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 75,744 912 413 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 1?fi,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—March 14,444 14,462 168,708 40,017 8,466 231,499 ??<;,784 1,715 6,007 8,590 14,443 15,827 173,773 40,976 10,114 239,182 ?r ,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 17,472 16,114 184,633 42,674 12,708 255,173 25'5,386 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 August 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 26C),366 1,765 10,798 10,871 October 15,505 18,389 183,716 61,262 18,618 273,488 271,672 1,816 12,490 11,513 November 16,909 18,423 187,560 63,941 21,116 281,576 m>,703 1,872 14,370 12,004 December 17,943 18,919 195,177 64,933 23,392 291,894 ),004 1,890 15,694 12,777 29C 1947—January 17,267 20,241 195,750 67,084 18,367 295,444 29:5,484 1,960 15,767 7,499 February 16,992 19,127 197,377 66,114 18,756 294,922 292',946 1,976 15,720 7,723 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 Y% per cent thereafter. NOTE.—For back figures and figures on German commercial banks, see Banking and Monetary Statistics, Tables 168-171, pp. 648-655, and for description of statistics see pp. 566-571 in same publication. 932 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 y a u n a g n - [C b o i lo a m- Official S E p x e p c o ia rt l Official Free (franc) Official Free (lev) Official Free Official Export hai) (peso) 1938 32.597 389.55 3.3788 5.8438 1.2424 99.419 5.1716 4.0000 21.360 55.953 1939 30.850 353.38 3.3704 6.0027 5.1248 21.2111 96.018 5.1727 4.0000 11.879 57.061 1940 29.773 *322.80 305.16 23.3760 6.0562 5.0214 290.909 85.141 5.1668 4.0000 6.000 57.085 1941 29.773 223! 704* 322.80 321.27 6.0575 5.0705 90.909 87.345 25.1664 24.OOOO 25.313 57.004 1942 29.773 23.704 322.80 321.50 6.0584 5.1427 90.909 88.379 57.052 1943 29.773 24.732 322.80 *321.50 6.0586 5.1280 90.909 89.978 57.265 1 19 9 4 4 5 4 2 2 9 9 . . 7 7 7 7 3 3 2 2 5 5 . . 1 1 2 2 5 5 S 3 3 2 2 2 2 . . 8 8 0 08 321.1722.2860 6 6 . . 0 0 6 5 0 9 2 4 5 5 . . 1 1 8 4 0 6 2 9 9 9 0 0 . . 9 9 0 0 9 9 9 8 0 9 . . 4 8 8 5 5 3 5 5 7 7 . . 2 0 7 1 2 4 1946 29.773 25.125 321.34 2.2829 26.0602 (4) 95.198 93.288 57.020 1945—june 29.773 25.125 321.41 2.2847 6.0602 5.1902 90.909 90.597 57.007 July 29.773 25.125 321.41 2.284756.0602 m 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 Apr 29.773 25.125 320.91 2.2836 5.4405 100.000 91.901 56.980 M^ay 29.773 25.125 320.91 2.2831 5.4406 100.000 91.954 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) ( l F m k a i a a n 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 ( t li a r l a y ) J ( a y p en an ) ( M p i e c e s o x o - ) e N ( r g l e e u a r t i n ) l h d d - - s (p l Z N o a e e u n a w n d - d) 1938 3.4674 21.825 2.1567 2.8781 40.164 .8958 30.457 19.727 36.592 5.2605 28.451 22.122 55.009 392.35 1939 23.4252 20.346 1.9948 2.5103 40.061 .8153 27.454 19.238 33.279 5.1959 25.963 19.303 53.335 354.82 1940 . . .. 219.308 1.8710 22.0827 40.021 «.6715 22.958 18.475 30.155 5.0407 23.436 18.546 253.128 306.38 1941 22.0101 239.968 224.592 219.770 30.137 25.0703 223.439 20.538 322.54 1942 30.122 20.569 322.78 1943 30 122 20 577 324.20 1944 30 122 20 581 324.42 1945 21.9711 30.122 20.581 237.933 323.46 1946 22.0060 220.876 .8409 30.155 2 .4434 20.581 37.813 322.63 1946—June 2.0060 20.877 .... .8409 30.182 7 .4434 20.572 37.789 322.70 July . 2.0060 20.877 8409 30 182 20.587 37.789 322.70 Aug 2.0060 20.877 .8408 30 185 20.596 37.789 322.70 Sept 2.0060 20.877 .8408 30.170 20.578 37.789 322.67 Oct. 2.0060 20.877 .8409 30 156 20.574 37.789 322.56 Nov 2.0060 20.877 .8408 30 155 20.583 37.789 322.48 Dec 2.0060 20.869 8407 30 152 20.584 37.789 322.36 1947—jan 2.0060 20.867 .8408 30 157 20.582 37.789 322.35 Feb 2.0060 20.866 .8408 30.153 20.574 37.789 322.20 Mar 2.0060 20.866 .8408 30 153 20.574 37.788 322.20 Apr 2.0060 20.866 8407 30 160 20.577 37.757 322.20 May 2.0060 20.866 .8408 30 161 20.580 37.760 322.20 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) S m S (d e t o e r t l a n t l l a i t e t s r s - ) (k S 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 H8.835 4.0375 .7111 440.17 10.630 51.736 23.991 22.525 443 54 62.011 236.789 2.2716 1940 222.709 3.7110 «.6896 397.99 9.322 46.979 23.802 22.676 2403.50 383.00 65.830 37.601 2.2463 1941 24.0023 398.00 29.130 47.133 223.829 223.210 403.50 403.18 65.830 43.380 22.2397 1942 398.00 246 919 403.50 403.50 65.830 52.723 1943 398.00 403.502 403.50 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—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 May 20.160 4.0208 400.75 9.132 27.824 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." 1 Average of daily rates for that part of the year during which quotations were certified. 8 At the end of June 1945 official rates for the Australian and British pounds were abolished, and after this date quotations are buying rates in the New York market. The rates shown represent averages for the second half of 1945 and are comparable to those quoted before 1940. 4 The rate quoted after July 22, 1946,-is not strictly comparable to the "free" rate shown before that date. The average for the "free" rate for July 1 -19 is 5.1902, and for Jan. 1-July 19, 5.1860, while the average for the new rate for July 25-31 is 5.330, and for July 25-Dec. 31, 5.3955. s 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.f209. JULY 1947 933 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRICE MOVEMENTS IN PRINCIPAL COUNTRIES WHOLESALE PRICES—ALL COMMODITIES [Index numbers] Year or month U ( S 1 n t 1 9 i a 0 2 t t 0 6 e e ) d s - C ( a 1 1 9 n 0 2 a 0 6 ) d - a M ( e 1 x 1 92 0 i 0 9 c ) o - i K U ( i 1 n n 1 9 i 0 g 3 t 0 0 d e ) o d = m F ( r 1 1 9 a 0 3 n 0 8 c ) e - * (1 I 1 9 t 0 2 a 0 l 8 ) y - ( J 1 a 9 1 p 3 0 a 3 0 ) n* - ( J J N u l u e - n l a t 1 e y n h 0 d 1 1 e 0 s 9 9 r ) 3 3 < - 8 9 - S ( w 1 1 9 e 0 3 d 0 5 ) e = n ( S J w u = l i l a t y 1 n z 0 1 d e 0 9 r ) 1 - 4 1926 100 100 5 124 106 132 150 5 126 144 1933 66 67 90 86 61 63 100 89 « 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 121 109 286 175 648 1,406 251 186 215 1946 -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 September 124 109 299 177 727 1 789 259 185 213 October 134 111 305 178 824 1 787 262 186 217 November. ... 140 111 309 179 806 1 948 264 190 219 December 141 112 313 180 842 2,063 266 192 219 1947—January 142 114 312 182 867 2,120 267 194 219 February 145 118 310 183 882 2 120 268 195 2191 March 150 120 305 184 8 SO 2,144 P27O 196 220 April 148 P123 300 187 ?>837 2,617 P268 221 May 147 299 P189 p Preliminary. i 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. 5 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 (1926=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- 1926 100 100 100 1933 51 61 71 1934 65 71 78 193S 79 84 78 1936 81 82 80 1937 .... 86 86 85 1938 69 74 82 1939 65 70 81 1940 68 71 83 1941 82 83 89 1942 106 100 96 1943 123 107 97 1944 123 105 99 1945 .... 128 106 100 1946 149 131 110 1946—June 140 113 106 July 157 140 110 August 161 149 September 154 132 October 165 158 170 165 December 168 160 1947—January 165 156 February 170 162 M^arch 183 168 April 177 162 May 176 160 3K 3K\D Canada United Kingdom Netherlands^ (1926=100) (1930=100) (July 1938-June 1939 = 100) Raw and Fully and Indus- Farm partly chiefly Indus- Indus- trial products manu- manu- Foods trial Foods trial raw finished factured factured products products products goods goods 100 100 100 51 57 70 83 87 59 64 73 85 90 64 66 73 87 90 69 71 74 92 96 87 84 81 102 112 74 73 78 97 104 64 67 75 97 106 103 112 104 68 75 82 133 138 121 163 126 73 82 89 146 156 140 177 148 85 90 92 158 160 157 175 154 98 99 93 160 164 157 174 159 107 104 94 158 170 159 179 163 110 106 94 158 175 172 193 184 112 109 99 158 184 200 282 268 113 110 99 159 181 192 286 259 114 110 99 161 185 198 289 260 111 108 100 159 186 205 292 266 111 108 100 158 188 207 293 268 113 112 101 157 189 209 298 269 121 114 113 101 157 191 218 299 271 125 114 113 102 156 193 217 308 272 128 114 115 104 157 196 218 313 273 129 116 119 107 158 197 218 312 274 131 116 124 108 158 198 132 P117 P126 P112 163 200 132 P Preliminary. 1 Source is Maandschrift van het Centraal Bureau voor de Statistiek, October 1946, p. 666. Sources.—See BULLETIN for May 1942, p. 451; March 1935, p. 180; and March 1931, p. 159. 934 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRICE MOVEMENTS IN PRINCIPAL COUNTRIES—Continued RETAIL FOOD PRICES COST OF LIVING [Index numbers] [Index numbers] United Switz- United Switz- United Can- King- France1 Nether- er- United Can- King- France1 Nether- er- Year or States ada dom (1938 lands land Year or States ada dom (1938 lands land month (1935-39 (1935-39 (July =100) (1911-13 (June month (1935-39 (1935-39 (July =100) (1911-13 (June =100) =100) 1914 =100) 1914 =100) =100) 1914 =100) 1914 =100) =100) =100) =100) 1936.. 101 98 130 120 120 1936 99 98 147 2 132 130 1937 105 103 139 127 130 1937 103 101 154 137 137 1938 98 104 141 ' ioo' 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-June 146 142 169 577 209 1946—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.... 190 149 169 833 216 March 156 129 204 838 212 April 188 P152 168 P830 216 April 156 P131 203 P837 213 May.... .. 188 Pi 55 162 May 156 P133 203 r Paris. For detailed description of the indexe 6 (see BULLETIN for April 1937, p. 373). y 1942, p. 451; October 1939, p. 943; and April 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 t i 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 8 - ( U 1 S = 9 n t 1 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 6 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 6 275 100 1939 113 8 98.2 112.3 114.2 90.9 94.2 75.9 112 89.7 1940 115 9 95 1 118 3 6114.2 7 77.9 88 1 77.4 70.8 6 140 8 95.0 1941 117 8 99 4 123 8 9 143.4 84.3 80 0 67.5 72.5 9 308 129.1 1942 . ... 118 3 100.7 127.3 146.4 94.7 69.4 64.2 75.3 479 131.5 1943 120.3 102.6 127.8 146.6 98.5 91.9 83.5 84.5 540 151.0 1944 120.9 103.0 127.5 150.5 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 " 111.4 1946—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 1,034 111.4 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 122.4 118.2 133.3 139.8 123.7 106.4 96.9 1,103 April 122 8 P117 9 132 6 P138 6 119 3 P104 8 96 6 PI.017 May 122.9 P136 9 115.2 P1,003 P Preliminary. 1 Figures represent calculated prices of a 4 per cent 20-year bond offering a yield equal to the monthly average yield for 15 high-grade corporate bonds. Source.—Standard and Poor's Corporation; for compilations of back figures on prices of both bonds and common stocks in the United States see Banking and Monetary Statistics, Table 130, p. 475, and Table 133, p. 479. 2 This index is based on one 15-year 3 per cent theoretical bond. Yearly averages for 1939 and 1940 are based on monthly averages and thereafter on the capitalized yield as calculated on the 15th of every month. 3 Indexes of reciprocals of average yields. For old index, 1929-1936,1929=100; average yield in base year was 4.57 per cent. For new index beginning January 1937, January-March 1937=100; average yield in base period was 3.39 per cent. 4 This index is based on 95 common stocks through 1944, and on 100 stocks thereafter. 6 In September 1946 this index was revised to include 185 issues of metropolitan and 90 issues of colonial France. See "Bulletin de la Statistique Generale," September-November 1946, p. 424. • Average based on figures for 5 months; no data available June-Dec. 7 Average based on figures for 7 months; no data available May-Sept. 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. 18 Average based on figures for 8 months; no data available Sept.-Dec. n Average based on figures for 7 months; no data available Jan .-May. Sources.—See BULLETIN for March 1947, p. 349; November 1937, p. 1172; July 1937, p. 698; April 1937, p. 373; June 1935. p, 394; and February 1932, p. 121. JULY 1947 935 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 936 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CHAIRMEN, DEPUTY CHAIRMEN, AND SENIOR OFFICERS OF FEDERAL RESERVE BANKS Federal Reserve Chairman1 President Bank of Deputy Chairman First Vice President Vice Presidents Boston Albert M. Creighton Laurence F. Whittemore E. G. Hult Carl B. Pitman Donald K. David William Willett E. 0. Latham 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 Karl R. Bopp Wm. G. McCreedy Warren F. Whittier W. J. Davis Robert N. Hilkert C. A. Mcllhenny E. C. Hill P. M. Poorman* 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. Laning1 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 T. A. Lanford J. F. Porter L. M. Clark V. K. Bowman E. P. Paris J. E. Denmark S. P. Schuessler Joel B. Fort, Jr. 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. Mills* 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. Pondrom* 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 0. P. Cordill Richmond Baltimore W. R. Milford Omaha L. H. Earhart Charlotte R. L. Cherry Atlanta Birmingham P. L. T. Beavers Jacksonville T. A. Lanford Dallas El Paso Mac C. Smyth Nashville Joel B. Fort, Jr. Houston W. H. Holloway New Orleans E. P. Paris San Antonio W. E. Eagle Chicago Detroit E. C. Harris San Francisco... Los Angeles W. N. Ambrose St. Louis Little Rock 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. 937 JULY 1947 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

oo FEDERAL RESERVE SYSTEM BOUNDARIES OF FEDERAL RESERVE DISTRICTS AND THEIR BRANCH TERRITORIES BOUNDARIES OF FEDERAL RESERVE DISTRICTS BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM FEDERAL RESERVE BANK CITIES FEDERAL RESERVE BRANCH CITIES OCTOBER I. 194$ \L RESERVE SYSTEIt. c r w Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis