Federal Reserve Bulletin, 1947-08

F E D E R AL R E S E R VE BULLETIN AUGUST 1947 BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM WASHINGTON Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EDITORIAL COMMITTEE ELLIOTT THURSTON WOODLIEF THOMAS CARL E. PARRY The Federal Reserve BULLETIN is issued monthly under the direction of the staff editorial committee. This committee is responsible for interpretations and opinions expressed, except in official statements and signed articles. CONTENTS PAGE The Position of Agriculture in Mid-1947 939-950 Survey of Consumer Finances—Part III. Consumer Saving in 1946 and Ownership of Selected Nonliqukl Assets 951-962 Member Bank Loans to Small Business, by Charles H. Schmidt 963-977 Transactions in Gold at Premium Prices 978 Termination of Ration Banking Program 978 Law Department: Consumer Credit—Authorization to Continue Regulation 979 Cost of Federal Reserve Branch Bank Buildings 979-980 Cancellation of Stock of Federal Deposit Insurance Corporation 980 Common Trust Funds—Acquisition of Interest in Participations 980-981 Margin Requirements—Borrowing of Securities. 981 Current Events and Announcements 982 National Summary of Business Conditions. 983-984 Financial, Industrial, Commercial Statistics, U. S. (See p. 985 for list of tables). 985-1044 International Financial Statistics (See p. 1045 for list of tables). 1045-1063 Boar:?! of Governors and Staff; Open Market Committee and Staff; Federal Advisory Council. 1064 Senior Officers of Federal Reserve Banks; Managing Officers of Branches 1065 Federal Reserve Publications. 1066-1069 Map of Federal Reserve Districts 1070 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 August 1947 NUMBER 8 THE POSITION OF AGRICULTURE IN MID-1947 During the two years since the end of the Farmers are able to obtain record prices war, the position of agriculture in the United despite a volume of marketings over two- States has been exceptionally favorable, and fifths above the 1935-39 average, chiefly beas the third postwar harvest begins farm cause of much more prosperous conditions prosperity is continuing. Production this in urban areas in this country, small producyear is expected to be close to the record level tion of agricultural commodities abroad, and of the years 1944-1946, despite smaller feed the availability of funds, provided in part by crops, and prices are somewhat above the the United States, to finance a heavy volume high level reached last autumn after price of exports. Consumption of agricultural controls were removed. Agricultural prices commodities and their manufactures in this are now much higher, in comparison with country has been in much larger volume the prewar level, than prices of other com- than before the war, notwithstanding sharply modities and above the peak reached in the advanced prices, primarily because of the early part of 1920. Farm income is at a new large rise in per capita income. Also, there high and costs of farming, as compared with has been a 10 per cent growth in population prewar years, are up much less than farm and the share of consumer income available income. Costs have risen less because prices for purchase of food and clothing has inpaid by farmers have not risen as much as creased, owing to special circumstances such prices received and, with farming practices as rent control and durable goods shortages. greatly improved and weather conditions Because stocks of many agricultural comgenerally good, output per man and per acre modities, particularly cotton and grains, have have increased sharply. been low during the postwar years, prices There has been some undermaintenance may have been even more sensitive than of farm property but farmers hold deposits usual to developments likely to limit supand other liquid assets in much larger vol- plies or maintain consumption. ume than before the war, and the market The most obvious effect of the Federal value of farm land is up sharply and still price support program for agricultural prodincreasing. Total mortgage debt on farms ucts has been to provide actual limits to price remains at a level considerably lower than declines for some products, such as eggs and before the war, although new mortgages are potatoes, and to indicate for a considerable being written in substantial volume and in period ahead approximate limits to possible numerous cases at high ratios of debt to cur- declines for many other agricultural prodrent advanced values. ucts. Through its influence on markets the AUGUST 1947 939 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE POSITION OF AGRICULTURE IN MID-1947 program has had an indirect effect, at least serves has led to discussions of new forms of in some instances, of increasing production. foreign aid designed to speed recovery abroad In situations, however, where supports tend through the continuance of a large flow of to strengthen prices of materials, such as exports. In domestic markets the demands feedstuffs, more than finished products, such of processing industries for agricultural as livestock, output of finished products may products have generally been at high levels, be adversely affected. but in recent months output of textile and How long present exceptionally favorable leather products has been considerably below conditions in agriculture will continue and earlier peak levels and output of food manuhow great any later adjustments may be factures has been reduced somewhat. will depend not only on the nature of the Uncertain factors in the markets for farm situation already built up as a result of the products during the coming months include war but also on a great variety of domestic weather conditions and their effect on crops and foreign developments in the period yet unharvested, changes in employment ahead. It is in the field of prices that the and incomes in industrial areas, and the greatest changes in relationships have taken ability of foreign countries to continue their place and that the most marked adjustments large purchases of American products. are likely in some later period when foreign HIGH LEVEL OF AGRICULTURAL PRODUCTION and domestic demands are not so insistent as they have been since the end of the war. Changes in agricultural production are Production of some agricultural commodi- unusually diverse this season, but the prospect ties, such as those now being exported in is that over-all production in 1947 will be particularly large volume, notably wheat, close to the record total for 1946 and conand those substituted for imports not avail- siderably above prewar levels. Increases of able during the war, particularly oil-bearing 15 to 35 per cent are shown by official forecrops, may be reduced considerably from casts for cotton, wheat, and oil-bearing crops, present high levels. while declines of 10 to 20 per cent are indi- Foreign demand for agricultural as well cated for corn, oats, vegetable and truck as industrial products has expanded more crops, and tobacco. Livestock marketings and continued longer at a high level than may be in about the same large volume as last was expected. Owing to a great many season, reflecting in part continued reduction economic and political difficulties, recovery in the number of meat animals on farms. abroad has been slow. Consequently, at the The following table shows for major same time that foreign needs for imports groups the volume of production for sale have been very great the amount of foreign and for use in the farm home, in 1947 and goods available for shipment to this country 1946 as compared with the prewar years has been small. The result has been an ex- 1935-39. Output of most agricultural prodport surplus of unprecedented magnitude, ucts has increased sharply since before the financed largely by grants and loans pro- war, but production of cotton and wool has vided by the United States Government but been reduced considerably. Production of to an increasing extent by drafts upon the oil-bearing crops has tripled largely as a result accumulated gold and dollar reserves of for- of increased acreage planted to meet shorteign countries. This drain upon foreign re- ages growing out of wartime curtailment of 940 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE POSITION OF AGRICULTURE IN MID-1947 imports of vegetable oils. Wheat production number of animals on farms is being reduced this year is double the prewar level, owing whereas in the 1935-39 period it was being in some part to larger acreage planted but increased. chiefly to an exceptionally high yield per Production for sale and use in the farm acre. Production of corn and other feed home is expected to be up 38 per cent from crops is up from the level of 1935-39 but by the prewar period, as shown in the table about 21 per cent rather than the 52 indicated and in the chart, which also shows the course in the table, which shows production for sale AGRICULTURAL PRODUCTION AND PRICES and use in the farm home only. This part 1935-1939 • IOp PER CENT ANNUAL PER CENT of production has increased more than 1 production for feeding to stock on farms where feed crops are grown. Partly for this ©_ reason the increase in total crop production from the prewar period has been less than 1 ___ the 40 per cent indicated in this table. YT 1 tMERS I I I BY FAF 7 VOLUME OF AGRICULTURAL PRODUCTION FOR SALE AND | 1 1 HOME CONSUMPTION V t A is- [Index numbers, 1935-39=100] 1 1 V ¥ Product 1947 1946 i/ > *—/ - Total 138 136 * PRDDUCTIONFOR SALE \V> AND HOMEUSE Livestock and products 137 137 Meat animals 147 145 Poultry and eggs 147 153 Dairy products 120 119 Wool and mohair 75 81 Cr O op il s -bearing crops 3 1 1 4 9 0 1 27 3 ' 5 5 riii 1 1 1 1 II 1 1MM MM MM Mil 1 Wheat and other food grains 202 164 1910 1915 1920 1925 1930 1935 1940 1945 S T V F C u o r o e u g b g r i n a a e t r c s t a a c c b n o r d l o e p s o s t a h n e d r t f r e u ed ck c c ro ro p p s s . 1 1 1 1 1 5 4 1 1 3 2 5 4 8 1 1 1 1 1 1 7 5 3 0 4 2 9 3 3 0 e f in o s g o t U i t m n f . i o a r t S s t e e t . s o t D i o x f e p m t p a a r o b r o t n l d m e t u h e c s o n t n i t o o f n o t h f 1 f 9 i o s A 4 r 7 g p r y a a i e g r c e a e u r . l i t n u 1 d r 9 i e 4 c 7 a d te a c d t o a m . b y p u A c t i v e r d e c l r e a a . g s e i P n p r d r e i i l c c i a e m s te i d n d a u r i r y n - Cotton and cottonseed 90 66 of prices received for farm products. The SOURCE.—U. S. Department of Agriculture data on total pro- increase in terms of the total amount production for sale and use in farm home. 1947 figures are preliminary estimates based on July 1 indications, except July 15 for corn duced this year, however, is less, for reasons and Aug. 1 for cotton. indicated above and because the size of this Output of livestock products has increased year's feed crop in considerable part will markedly since before the war with the not be reflected in this index until later when greatest expansion in meat animals and poul- the effects of reduced feed grain supplies are try products, reflecting for the most part evident, in some degree, in the volume of especially favorable prices and lower labor livestock marketings. Allowing for all these requirements for these products. Because the factors, as the Department of Agriculture figures include sale of livestock out of in- does in other indexes, the rise shown for proventory as well as out of current production, duction is estimated to be about 32 per cent, however, they overstate the rise since the excluding any consideration of the producprewar period in production of meat ani- tion of draft animals, and 24 per cent taking mals and total livestock. Currently the account of the continued sharp decline in 941 AUGUST 1947 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE POSITION OF AGRICULTURE IN MID-1947 such production as farming operations be- cotton showed no change. Efficiency of livecome more highly mechanized. On the stock production has increased but the gains other hand, because home use of farm prod- have been less marked than for crops, despite ucts is now a relatively smaller part of output, a similar increase in total output. reflecting a decline in farm population, mar- Current level of stocks. Stocks of wheat ketings of farm products are up somewhat were low at the beginning of the 1947-48 more from the 1935-39 period than produc- season and so also were stocks of cotton, tion for sale and home use. while those of tobacco and wool were high. Causes of large output. Circumstances Corn and other feed grain carry-overs may prevailing during and since the war have be larger than the average for prewar years. been unusually favorable for increased pro- The number of livestock on farms, while duction even though during the war short- larger than before the war, has been reduced ages developed for labor, equipment, and sharply from the peak reached in 1943 and supplies. When the war began there were is still declining. Business inventories of large supplies of grain on hand which per- products manufactured from agricultural mitted a rapid expansion in livestock out- commodities are considerably above the low put. Prices of most farm products rose levels of a year ago, and for textiles, leather sharply early in the war period and farmers products, and processed fruits and vegetables, were assured of a profitable market for all the increase has been sufficient to result in of their output. Farmers found it advanta- curtailment of output this year. geous to purchase all the machinery and Stocks of wheat on July 1 were only about fertilizer made available and to use improved 85 million bushels, but with the new crop varieties of seed, thereby increasing yields estimated at 1,440 million bushels stocks and reducing labor requirements. Fertilizer are likely to be increased considerably this consumption has more than doubled since season. Even if, because of smaller feed prewar years and the use of machinery has grain crops, the domestic use of wheat should been much more widespread. Throughout increase by 50 million bushels over last year, the period from 1940 to 1946 weather condi- to a total of 830 million bushels, there would tions were favorable in most regions. To still be about 600 million bushels available some extent, also, increased production has for export or addition to carryover. Exports been obtained by paying less attention to last season amounted to 395 million bushels. soil conservation. Corn stocks on October 1 are likely to be The large volume of agricultural produc- about 350 million bushels. During the seation in recent years has been achieved with son now ending, the crop of nearly 3,300 about 9 per cent fewer workers on farms million bushels permitted domestic conthan in the prewar period and practically no sumption of 3,000 million bushels, exports increase in the total acreage planted to crops. of 125 million and an addition of 175 million There has been less abandonment of acreage bushels to stocks. In the coming season planted, and, much more important, yields demands for domestic consumption of corn per acre harvested have increased about 25 may be expected to be less than 3,000 million per cent. The corn yield in 1946 was about bushels, despite a smaller oats crop, because 50 per cent above the prewar average and the of reduced livestock numbers and larger wheat yield about 30 per cent higher while supplies of wheat and by-product feeds. Ex- 942 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE POSITION OF AGRICULTURE IN MID-1947 ports are expected to be negligible. If the RECORD LEVELS OF AGRICULTURAL PRICES corn crop turns out to be about 2,800 million With the lifting of price controls last year bushels, as indicated by July 15 conditions, the average level of prices received by farmers and is not greatly below average quality, advanced 25 per cent from June to October. total supplies including the carryover will Since that time this average has fluctuated meet most domestic feeding requirements. only moderately, although prices of indi- Cotton stocks at the beginning of the curvidual farm products have shown marked rent season on August 1 were estimated to be changes. The present level is 155 per cent about 2.8 million bales. This was much less higher than that before the war and 15 per than in other recent years but close to the cent above the peak reached during the postaverage level of carryovers in the 1920's. war inflationary boom in early 1920. Also, Cotton production this season, according to current prices on the average are about 30 the August 1 official estimate, is indicated to per cent above the level at which the Govbe 37 per cent larger than last year's small ernment is required to support many agricrop. Such a crop, of 11.8 million bales, cultural prices. would be 1.5 million bales or more below From October 1946 to January 1947 averestimated domestic consumption and exports age prices received by farmers declined someduring the past season. Last season's rate of what, as is shown in the chart, but later they consumption by domestic mills was exceptionally large, however, owing in part to the PRICES PAID AND RECEIVED BY FARMERS wartime depletion of civilian stocks of cotton 1910-1914 • 100 MID-MONTH FIGURES goods and to substantial exports. Commer- - L. _ 280 cial exports of raw cotton were assisted by I a Federal subsidy of 4 cents per pound that PRICES RECI:rvED 1 has been reduced in recent months to onei half cent. Large quantities of cotton were r exported by the Government to occupied ter- ^ \r j * ritories and by the United Nations Relief and ; J ^—— Rehabilitation Administration during the PR1C^PAID past season. In the season now beginning foreign demands for raw cotton and cotton — / -• / y * manufactures may be smaller, owing to increased supplies available in other countries, the relatively high prices of American cotton, ; ; and the shortage of dollar exchange. The amount of cotton processed for domestic use, ; ; in comparison with the exceptionally high level of the past season, will depend on such factors as the extent to which inventories of U. S. Department of Agriculture data. Prices paid include interest and taxes. Latest figures shown are for July IS. cotton goods in business and consumer hands have been restored already, the prices charged advanced, chiefly because of huge Governfor goods, and the general course of employment purchases of grain for export to meet ment and income. emergency needs, and a seasonal decline in AUGUST 1947 943 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE POSITION OF AGRICULTURE IN MID-1947 supplies of farm products. On March 15 are only about 40 per cent higher than before prices were 3 per cent higher than in October. the war. Following declines in April and May, prices The farmer's and the nation's interest in again advanced somewhat, reflecting re- changes in prices paid by farmers has been newed Government buying, increased pros- considerably enhanced by the enactment of pects for continued large exports, forecasts legislation during the war requiring Federal of smaller corn and cotton crops than had support of prices of most farm products at been anticipated, and some revival of infla- around 90 per cent of parity, the level at tionary sentiment. which the price of any farm product bears In the middle of July prices of corn and the same relation to average prices paid by cotton were considerably higher than at the farmers as it did in 1910-14. Earlier price beginning of 1947 and close to the previous supports ranged from 50 to 75 per cent of highs reached in the second half of 1946. parity and were in effect for only a few During the subsequent three weeks corn major crops. While most products have advanced somewhat further, while cotton support levels of about 90 per cent of parity, prices declined. Prices of winter wheat at prices of cattle, sheep, hay, truck crops, and Kansas City were about $2.25 per bushel in fruits are not subject to support operations the latter part of July, as compared with and, on the other hand, the support levels $2.90 in March, but were above the level of this year for a few products have been 100 $2.05 per bushel prevailing in July 1946. per cent or more of parity. Practically all Tobacco prices continued to decline from products which enter into export trade in last autumn's levels. Prices of fruits were substantial volume and are directly affected below last year's level while prices of truck by developments abroad are included in the crops, although not so high as levels reached support program. in the spring when growing conditions were In July prices received on the average were unfavorable, were above a year ago. Most at 119 per cent of parity, with the index of livestock prices rose in June and July to close prices received at 276 per cent of the 1910-14 to earlier peak levels. Prices of dairy prodaverage and the index of prices paid at 231. ucts, however, were generally no higher than Prices of most agricultural commodities in in July of last year. July were considerably above support levels, Higher support levels. Prices paid by farmalthough prices of wool, tobacco, potatoes, ers for goods used for production and houseeggs, and most oilseeds were close to support hold purposes, together with interest and levels. Hog prices in July were about 50 per taxes, rose by about one-fifth from June 1946 cent above their support levels. to March 1947 and since then have shown The wartime support legislation extends little change. On July 15 these prices were about 80 per cent higher than before the war, through 1948, with financing dependent with generally the most marked increases to some extent on annual appropriations. shown for commodities sold by farmers to Last season Federal losses on the support each other, particularly feeds, and products program were small except in the case of processed from agricultural commodities, es- potatoes. Also, large Federal holdings of pecially manufactured foods and clothing. cotton accumulated over a long period were Average prices of fertilizer and machinery sold at prices substantially above purchase 944 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE POSITION OF AGRICULTURE IN MID-1947 prices. In the case of wool, Federal holdings cluding funds obtained from loans and have continued at a very high level. grants, have been sufficient to finance large Causes of higher prices. Most important in takings of agricultural as well as industrial maintaining existing price levels for agricul- commodities. tural products have been the exceptionally Agricultural exports, including shipments large volume of agricultural exports and the for civilian relief in occupied areas, were at generally sustained high level of domestic an annual rate of about 4.2 billion dollars demand. The curtailment since the begin- from November to March, and were six times ning of the year in domestic demand for the prewar rate of 750 million dollars. Meannondurable goods made from agricultural while, cash farm income rose to about 3.5 products, discussed below, has been of too times the annual rate of 8.5 billion dollars short a duration and of too moderate a before the war, and thus the portion of farm proportion to counterbalance the upward income originating from exports was about pressure on agricultural prices exerted by three-fifths greater than before the war. This exceptional purchases for export. is a larger increase than occurred during and In general, world demands for agricultural immediately after the first world war. Since products continue greatly in excess of sup- the first quarter of the year agricultural explies, although in the case of some com- ports have declined somewhat. modities the shortages prevailing during the Food exports alone increased from an war and immediate postwar period have annual average of 270 million dollars in been overcome. Sharp declines have occurred the prewar period to an annual rate of 2.9 in recent months in foreign prices for veg- billion, while other agricultural exports rose etable oils, sugar, and rubber following only considerably less, from 480 million to 1.3 moderate increases in supplies, and prices of billion. During the 12 months ending June some other foreign products have been main- 1947, about 18.7 million tons of food were tained only by government controls over shipped abroad, as compared with 3.6 milmarketings. Most of this country's surplus lion in years prior to the war. production of agricultural commodities remains in urgent need abroad, but foreign EXPORTS OF AGRICULTURAL PRODUCTS countries have found it increasingly difficult [In thousands of long tons] to finance the heavy requirements for dollar Commodity J J u u l n y e 1 1 9 9 4 4 6 7 J J u u l n y e 1 1 9 9 4 4 5 6 - 1 a 9 v 3 e 5 ra g 3 e 9 1919 payments arising out of their imports of these and other products from the United Wheat and flour. . . . 10,536 10,376 1,002 7,232 Other grains 4,748 1,574 1,329 3,547 States. Dairy products 493 788 17 386 Fats and oils 233 337 88 518 Meats 224 589 54 1,013 Eggs 238 190 2 26 RECORD VOLUME OF EXPORTS Other foods 2,187 3,268 1,145 1,324 Total foods.... 18,659 17,122 3,637 14,046 Exports of agricultural products have Cotton 878 810 1,218 1,497 been exceptionally large since last autumn, Tobacco 264 239 188 347 much greater than had been expected. NOTE.—U. S. Department of Agriculture estimates. Includes Foreign needs have been urgent, owing to products shipped for military civilian relief. Experts of flour and other grain products are shown in grain equivalent. unfavorable crop conditions and the continued slow progress of reconstruction. At In recent months food exports have the same time foreign dollar resources, in- amounted to about 10 per cent of the coun- 945 AUGUST 1947 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE POSITION OF AGRICULTURE IN MID-1947 try's food production, and for wheat, flour, portant bearing on future markets for these and some other food products the propor- products. tions have been much larger. Wheat exports, Large agricultural exports have reflected including wheat shipped as flour, during the numerous factors likely to continue for varyyear ended June 30, amounted to 395 mil- ing periods. Unfavorable production and lion bushels, or about a third of last year's distribution conditions that developed in crop. Thirty per cent of domestic flour out- Europe during the war are being corrected only slowly. Shortages of fertilizers and put in the early part of this year has been farm equipment have been only partially for export. A substantial part of the domesmet and depleted herds of livestock are being tic production of dried milk products and replenished only gradually. Unfavorable dried eggs has been exported in connection weather conditions prevailing in Western with Government price support operations. Europe and also in the Southern Hemisphere Meanwhile, exports of other dairy products, during the past year are not likely to be remeats, fats and oils, and processed fruits peated but may be. In general it is apparent, and vegetables have been reduced from warhowever, that the great flow of agricultural time levels and are generally small in relacommodities, especially of foodstuffs, which tion to total domestic output. So also are has characterized the export trade of the exports of corn and potatoes. In the case of United States during the war and the postcorn, however, exports have absorbed a war transition, is destined to decline with the significant portion of commercial supplies progress of recovery abroad. which have amounted to about one-fourth In the meanwhile, foreign countries have of the total crop. been able to finance their huge purchases of The extent of the rise in exports of United States exports, not only of agriculagricultural commodities does not indicate tural but also of industrial products, only by the full impact of foreign demands on farm obtaining large grants and loans from this prices and income. Exports of textile prodcountry and by making substantial drafts ucts and some other products made from upon their accumulated gold and dollar reagricultural materials but not regarded as sources. Of the total exports during 1946, "agricultural products" have been sharply about 55 per cent were financed by grants, above prewar levels. Exports of cotton yarns loans, and liquidation of foreign gold and and fabrics, for example, during the first dollar reserves. In the first half of 1947, six months of this year were at an annual total exports continued to expand rapidly, rate of 650 million dollars as compared with and in the absence of a corresponding in- 40 million before the war. Also, the greatly crease in imports, a heavy strain has been expanded volume of exports of industrial placed upon the facilities available to finance products has added to incomes in this coun- the export surplus. In many countries meastry and thus to domestic demand for farm ures have already been taken to restrict improducts. Altogether, it is evident that portation of items least urgently required. foreign demand has been an important While in general, agricultural commodities element in strengthening prices of farm have escaped the first impact of these restricproducts, especially grains, and that the tions, it may be noted that the United Kingcourse of export demand will have an im- dom, which last year purchased 55 per cent 946 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE POSITION OF AGRICULTURE IN MID-1947 of all leaf tobacco exported from this coun- bulk of nondurable goods produced and in try, increased import duties on tobacco very peacetime practically all of these finished sharply effective in April of this year. products are ultimately purchased by civilian consumers. SHIFTS IN DOMESTIC AGRICULTURAL MARKETS During the war civilian buying of most Domestic takings of most agricultural nondurable goods was limited by lack of commodities continue much larger than be- supplies. Following the sharp curtailment fore the war, notwithstanding some reduc- in military purchases, civilian supplies and tion since last autumn in the physical volume purchases promptly expanded. Additional of such commodities being manufactured supplies of nondurable goods subsequently into finished goods. These enlarged peace- became available as a result of Federal surtime markets, with prices sharply higher plus sales, larger food crops in 1946, an inthan in prewar years, reflect a much higher creased volume of imports, and an expansion level of per capita income, an increase of 13 in manufacturing output achieved, as in cotmillion or one-tenth in the country's popula- ton goods, by drawing on domestic stocks of tion, a rise in the share of incomes used to raw materials. buy goods made from agricultural products, Recent reductions in demand. In the sumand increased business buying to replenish mer of 1946, domestic purchases of nondurstocks and, in the case of a few products, to able goods leveled off, in physical quantities, meet large demands for industrial uses. owing in part to growing consumer reluc- Recent record peacetime levels of produc- tance to purchase low quality goods at high tion, employment, and income, which have prices as well as to continued shortages of contributed greatly to agricultural prosperity, such items as meats, tires, and men's clothhave been dependent in part on demands ing. Subsequently supplies have increased that are temporary, as, for example, those further, and this year purchases and output for inventory accumulation. At the same of most nondurable goods—for the first time some demands are not being met be- time since the end of the war—have been cause of shortages of materials and plant limited chiefly by demand rather than by capacity. In this situation, with wartime supply factors. In general, markets for durscarcities of some agricultural products per- able manufactures have been stronger than sisting and prices changing rapidly, it has for nondurable goods, and total manufacbeen difficult for producers and distributors turing production by June had declined by to determine how large postwar domestic only 4 per cent from the first quarter leveL markets for agricultural commodities and Combined output of manufactures protheir manufactures will be. duced from agricultural materials, including The most important markets for agricul- foods, liquors and beverages, and manufactural commodities are for food and bever- tures of tobacco, cotton, wool, and leather, age uses, and the other principal uses are in was about 10 per cent smaller in June than the manufacture of tobacco products, shoes, at the beginning of the year and further dewoolen apparel, cotton goods, tires, paints, clines occurred in July. In June shoe proand soap. Altogether, finished products duction continued, as in other recent months, made from agricultural materials, including about one-fourth below the advanced level manufactured foods, constitute the great of a year ago. Production at woolen mills 947 AUGUST 1947 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE POSITION OF AGRICULTURE IN MID-1947 this year has been substantially below earlier During the war period, when increases peak levels and cotton consumption has in food prices were controlled and incomes shown a considerable decline from the first were rising, consumers were able to improve quarter level. Reductions in output have their diets by allocating about the same been generally much less marked for foods proportion of their incomes after taxes to than for other products manufactured from food as before the war. Since last summer, agricultural commodities. however, prices of foods have risen con- In June and July there was a revival of siderably, while incomes have been rising buying interest in nondurable goods for do- only moderately, so that consumers in order mestic autumn sales. Whether the physical to maintain their diets have spent a conquantity of purchases will be of sufficient siderably larger proportion of their incomes volume, together with export demand, to for food. Rent control and low housing restore manufacturing operations in these costs for many home owners have continued lines, and thereby consumption of agricul- to permit many consumers to use a smaller tural materials, is still uncertain. Inflationary share of their incomes for shelter than usual, price developments such as those which oc- and shortages of consumer durable goods curred in many markets during June and have limited the increase in expenditures in July may stimulate activity temporarily, but that direction. Nevertheless, large expendiover a longer period the quantity of goods tures to maintain improved diets in a period which ultimate consumers, both domestic of sharply higher prices for foods have proband foreign, are willing and able to buy at ably been a factor in limiting demands for the prices charged will be of primary im- some other nondurable goods. portance. Increased rent payments following re- Enlarged volume of food consumption. laxation of rent controls on July 1 may tend Increased domestic demands for food have to curtail demand for food, since tenants been an important influence contributing to spend a larger share of their incomes for food the advanced level of farm prices and in- than do landlords. At the same time, howcomes in the postwar period. To a large ex- ever, sharply increased wage rates have retent these increased demands have stemmed cently been granted coal miners and wage from the expansion in nonagricultural wage increases are occurring in some other lines. and salary payments. Provision for the cashing of veterans ter- During and since the war the long-time minal leave pay bonds also will make more trend toward increased per capita use of funds readily available to consumers. fruits and vegetables has continued. The As a rule per capita food consumption consumption of milk increased during the shows little fluctuation except as a result war and in the early part of 1946 but, fol- of marked changes in supply. Small reduclowing the sharp advance in prices last tions in takings of perishable foods or of autumn, milk consumption has declined. foods costly to store ordinarily lead quickly The use of butter, although above the war- to the lowering of prices. At present the time level, remains considerably below the share of consumer incomes going to food prewar average. Consumption of meat and is larger than has been customary. Margins eggs has been exceptionally large in terms of of producers and distributors are larger than prewar standards. usual and speculative factors are important 948 FEDERAL RESERVE BULLETIN" Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE POSITION OF AGRICULTURE IN MID-1947 in numerous markets. Consequently, with of revaluation of existing property. Nearly any reversal of inflationary tendencies, food half the rise in the value of assets has been prices may be particularly subject to down- in real estate holdings, as is evident from ward pressures. the table. The rise in real estate holdings has reflected almost entirely higher dollar IMPROVED FINANCIAL POSITION OF FARMERS valuations. Soil resources have been per- During the first half of 1947, as in 1946 mitted to deteriorate to some extent in the and the war years, farmers have been able period. A large part of the rise in the value to save substantial amounts out of current of other nonfinancial assets, such as farm income and the market value of their land equipment and livestock, has reflected higher has continued to rise. In consequence the prices. Farmers have been in a position to value of farmers' assets has increased further increase their holdings of deposits and other relative to the amount of their debts. At the financial assets primarily because prices for beginning of the year total assets were nearly agricultural products have been high as com- 111 billion dollars as compared with 54 bil- pared with other prices, and because during lion at the beginning of 1940, while total the war and early postwar periods many debts were somewhat less than the 10 billion industrial products were not available for dollars reported for 1940. Figures for the purchase by farmers. beginning of 1947, 1946, and 1940, as esti- The increase in assets relative to debts has mated by the Department of Agriculture, been much greater than during the first are shown in the table. world war period and it is evident that in manv respects financing operations in farm- BALANCE SHEET OF AGRICULTURE fin billions of dollars ing have been on a more satisfactory basis than in the earlier period. For land values Beginning of year l Change and mortgage debt there has been a sharp 1947 1946 1940 1 1 9 9 4 4 6 7 - 1 1 9 9 4 4 0 7 - contrast, as is shown in the chart on the following page. In the first world war period Assets total 110.7 98.3 53.8 +12 .4 +56.9 Real estate . 58.6 52.1 33 6 +6.5 +25.0 mortgage debt rose at about the same sharp Financial assets 22.0 19.9 5.0 +2.1 +17.0 rate as farm land values. This time farm Deposits and currency. 15.0 13.5 3.9 + 1.5 + 11.1 U. S. savings bonds. . . 5.4 5.0 .2 + .4 +5.2 land values have risen about as much as they Other financial assets. . 1.6 1 .4 .8 + .2 + .8 did before, but during the war mortgage debt Other assets2... . . 30.1 26.3 15.2 +3.8 + 14.9 Liabilities, total 8.4 7.8 10.0 + •6 -1.6 decreased considerably, from 6.5 billion dol- O Re th a e l r e d st e a b t t e debt 4 3. . 5 9 4 3. . 7 1 3 6 . . 4 6 + + . . 2 4 -1 + .7 .1 lars to 4.7 billion, and since then has in- Proprietors' equities. .... 102.3 90.5 43.8 +11.8 +58.5 creased only slightly. It should be observed, however, that broad 1 Jan. 1 except for real estate data which refer to Apr. 1. 2 Livestock, crops, machinery, and household equipment. comparisons based on changes in totals tell SOURCE.—Data are from the forthcoming report "The Balance Sheet of Agriculture, 1947," U. S. Department of Agriculture. only part of the story. While aggregate Figures for real estate debt for 1946 and 1947, and for value of household equipment for 1947, are preliminary. mortgage debt has shown little change Dollar figures on changes in assets, lia- since the end of the war, the volume of bilities, and equities by themselves, however, repayments has been very large and so also give only a limited view of what has hap- has the volume of new debt written. Thus pened. A very large share of the increase many individual farmers have greatly inin farmers' assets since 1940 has consisted creased their indebtedness. This new debt AUGUST 1947 949 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE POSITION OF AGRICULTURE IN MID-1947 has been written on the basis of sharply ad- With interest rates about one-fourth lower vanced values. In general down payments than after the first world war and farm inhave been large, but roughly one-seventh of come considerably higher the burden of the mortgage loans have amounted to 75 mortgage debt charges has declined more per cent or more of current value. than the reduction in debt indicates. Recognition of all of the favorable factors in the farm financial situation, however, should FARM LAND VALUES AND MORTGAGE DEBT INDEXES PER ACRE, 1912-1914 • 100 not be permitted to obscure the important AWWIML underlying fact that agricultural prices are exceptionally high, or the probability that changes in the financial position of farmers will not long continue as favorable as they have been in recent years of unusually high demand for farm products. Land values cannot be expected to increase indefinitely, and, in a period of downward adjustment in agricultural prices, might decline considerably. Thus, while the equity position of farmers is continuing to improve, and while there are many elements of strength in the income and asset position of farmers, there are also elements of uncertainty, with some prospect that in a period of general readjustment after the present inflationary period, downward adjustments in agriculture will U. S. Department of Agriculture data. Jan. 1 figures be greater than in most other sectors of the for mortgage debt; Mar. 1 figures for land values. Mortgage debt figures for period 1941-47 are preliminary and are being economy. revised on the basis of the 1945 Census of Agriculture. 950 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SURVEY OF CONSUMER FINANCES1 PART III. Consumer Saving in 1946 and Ownership of Selected Nonliquid Assets During war years, involuntary spending re- consumer durable goods and investing in nonstrictions and a high rate of saving accompanied liquid assets, and to the distribution of consumer limitations of civilian goods production. As pro- income and liquid asset holdings among spending duction limitations were gradually withdrawn near units, were published in the June and July the end of the war, however, consumer expendi- BULLETINS. tures increased far more rapidly than consumer incomes and the rate of saving declined. According SUMMARY OF FINDINGS to Department of Commerce estimates, net personal (1) An appreciable number of spending units saving for all spending units showed a decline in continued to save relatively large amounts of their 1946 to about 8 per cent of total personal income, income in 1946. The decline in net saving by concompared with 17 per cent in 1945, over 20 per sumers in 1946 from the large volume of saving in cent during the war period, and an average of 1945 reflected not only reduced saving by some around 5 per cent in preceding years. Results of consumer units but also a considerable amount of the survey of consumer finances provide a picture expenditures in excess of income, that is, dissaving, of the varying rates and forms of saving by difby a sizable number of others. Dissaving occurred ferent groups of spending units in 1946. when consumers spent in excess of their incomes to In addition to information relating to the saving purchase consumer goods or to meet emergency of various income groups, this article presents data outlays. concerning their holdings of nonliquid assets, (2) Most frequently reported forms of positive including life insurance, houses, and stocks and saving in 1946 by spending units were payments of bonds other than Federal. It is the third of a life insurance premiums, increases in holdings of series of articles presenting the results of a second Government bonds, savings accounts, and checking national interview survey of consumer finances, accounts, payments on mortgages, and contributions conducted early in 1947 under the auspices of the to retirement funds. Reductions in holdings of Board of Governors of the Federal Reserve System liquid assets and borrowing were the primary forms by the Survey Research Center, University of Michigan.2 Other survey findings, particularly those of dissaving. pertaining to spending unit plans for purchasing (3) The half of spending units with incomes of $2,000 to $5,000 in 1946 accounted for about two- 1 This article was prepared by Duncan McC. Holthausen of the Board's Division of Research and Statistics. It is the fifths of net saving; little change from 1945 occurred third in a series to be issued presenting the results of the in the share of total saving of this income group. Board's Survey of Consumer Finances in 1947. Previous articles appeared in the June and July 1947 BULLETINS. Spending units with incomes of $7,500 or more also Dr. Rensis Likert, Director, and Dr. Angus Campbell, Assistant Director, Survey Research Center, University of Michigan, accounted for about two-fifths of total net saving in were in general charge of the survey. Responsibility for detailed planning and supervision of the survey, including inter- 1946. In all probability, this was a somewhat larger viewing, editing, tabulation of results and their presentation to the Board, was carried by Dr. George Katona in collabora- share of net saving than this group accounted for in tion with Mrs. Eleanor E. Maccoby, both of the Survey Research Center's staff. Mr. Charles F. Cannell served as head 1945, for which comparable figures are not available. of the field staff and Mr. Roe Goodman as head of the sampling section of the Center. This staff was formerly associated Small amounts were saved on balance by spending with the Division of Program Surveys, U. S. Department of Agriculture. units with incomes between $1,000 and $1,999, but From the Board of Governors, general supervision of the in the lowest income group (under $1,000) the survey has been under the direction of Woodlief Thomas, Director, and Ralph A. Young, Assistant Director, of the Division positive saving of some spending units was more of Research and Statistics. Mr. Holthausen has been in charge of the analysis of the data and the preparation of reports. than offset by the dissaving of others. Generous and helpful cooperation was received from members of the technical staffs of the Bureau of the Budget and other (4) A high percentage of spending units containinterested public agencies in developing the survey plans. 2 The first survey was made for the Board of Governors ing veterans of World War II dissaved in 1946. early in 1946 by the Division of Program Surveys, Bureau of Agricultural Economics, U. S. Department of Agriculture. While these veteran spending units accounted for Results of that survey were reported in 1946 in the June, July, and August issues of the BULLETIN under the general somewhat more than one-fifth of the total spending title National Survey of Liquid Assets. 951 AUGUST 1947 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SURVEY OF CONSUMER FINANCES unit population, they made up one-third of the With house improvements, some spending units number of spending units reporting dissavings. may have included maintenance and repair items in- (5) While positive saving was most closely asso- stead of reporting only structural additions as reciated with income, dissaving was influenced by quested. In addition to the factors tending to oversuch additional financial factors as the ownership state saving, there are factors tending to understate of disposable, especially liquid, assets and eligibility saving, such as inadequate recollection by some for credit. spending units of the increases in their checking and (6) Wide variation was revealed in holdings of saving accounts and holdings of Government bonds. selected nonliquid assets in early 1947. Three- In the interest of improving the savings data fourths of the 46.3 million spending units reported reported in the survey of consumer finances, the at least one person carrying life insurance, over two- form used for the second survey was more comfifths indicated they owned their homes, and no plete than that used in the earlier survey. As a more than one-tenth reported that they owned stocks result, the 1946 saving data are not directly comor bonds other than Federal securities. parable with the 1945 data. In the earlier survey, no attempt was made to include consumer bor- METHOD OF ESTIMATING SAVING IN THE SURVEY rowing or amounts spent on house improvements In the survey of consumer finances net saving is since it was thought that the amounts involved in considered to be the difference between consumer such transactions were not significant during that income and consumer expenditures (including particular period. Furthermore, the method used taxes). Since the survey did not undertake to to obtain information on unincorporated business measure spending unit expenditures or taxes, saving was considerably improved in 1946, and the amounts saved or dissaved by individual spending 1946 saving schedule covered in detail many forms units were estimated in this second survey by re- of saving that were not separately covered in the questing detailed information on changes in the first survey. Had this schedule been used for the various asset and liability items that make up the 1945 data, it is believed that the number of "zero unit balance sheet. Included among these items savers" would have been decreased, and the number were changes in liquid asset holdings, changes in of both positive savers and dissavers increased. consumer indebtedness, net sales or purchases of stocks and bonds, payments of life insurance pre- NET SAVING IN 1946 miums, payments to retirement funds, net sales and About two-thirds of all spending units reported purchases of houses, payments on house mortgages, positive saving in 1946, less than one-tenth rehouse improvements, and investment or withdrawal ported zero savings, and more than one-quarter of investment in unincorporated businesses. For reported dissaving.3 As compared to 1945 and each individual spending unit the amounts reported after allowance for differences in survey coverage for these various items, as well as a number of less of saving, fewer spending units were positive savers important items, were listed under "additions to" in 1946 and more spending units were dissavers and "withdrawals from" savings. The total of or negative savers. Also there was a decline in the "additions" minus the total of "withdrawals" repremedian percentage of income saved from 8 per sented the net saving of each spending unit. cent in 1945 to 5 per cent in 1946, as shown in This method of estimating the saving of a par- Table 1. ticular spending unit entails the inclusion or exclu- The bulk of positive savers reported saving from sion of certain data not entirely consistent with the 1 to 20 per cent of their incomes. Some 6 per cent concept of saving. For example, interest and tax of all spending units reported saving 50 per cent payments on a house should be considered conor more of their incomes. As for dissaving, 11 per sumer expenditures but they are often included with cent of all spending units indicated that amounts the amount of principal repayment when spending units indicate their mortgage payments, since, in 3 As indicated in a previous article, the universe from which the samples were selected for the two surveys and to which fact, their actual payments do include these items. these saving estimates apply was the population of the con- In the case of life insurance, the reported saving tinental United States residing in private households during the interview periods. Omitted from the scope of the surveys data generally include the total amount of the were members of the armed forces living at military reservations; residents in hospitals and in religious, educational, and premium, not just the increase in cash reserves. penal institutions; and the floating population, that is, people living in hotels, large boarding houses, and tourist camps. 952 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SURVEY OF CONSUMER FINANCES dissaved during 1946 totaled to 25 per cent or more 954, about 45 per cent of the spending units with of their money incomes during that year, while incomes under $1,000 and 90 per cent of the spend- 16 per cent of all spending units indicated dis- ing units with incomes of $5,000 or more saved saving amounting to a smaller proportion of their in this form. The percentage of spending units reincomes. porting saving in the forms of net additions to TABLE 1 liquid assets, payments on house mortgages, and house improvements increased gradually from the POSITIVE AND NEGATIVE SAVERS, 1946 AND 1945 lowest to the highest income group. On the As a percentage of other hand, a smaller proportion of spending units all spending units with incomes of $5,000 or more than of middle- Positive and negative savers income groups reported saving in the form of debt 1946* (Revised 1945* reduction. schedule) TABLE 2 Z Po er s o it i s v a e v e s r a s vers * 65 8 7 1 0 3 * * PERCENTAGE OF SPENDING UNITS REPORTING VARIOUS TYPES Negative savers 2 .... 27 17* OF POSITIVE AND NEGATIVE SAVING, 1946 All units 100 100 Percentage of all Median percentage of income saved 3. . . 5 8 spending units reporting the indicated Type of saving type of saving 1 Spending units with money incomes in excess of expenditures. 2 Spending units with expenditures in excess of money incomes. 3 Percentage of income saved by middlemost spending unit when Positive Negative all units are ranked from the highest positive saver in percentage terms to the highest negative saver. * Note of caution.—The estimates of saving for 1946 and 1945 Consumer indebtedness: are not strictly comparable. The form used to estimate saving in Increases 16 1946 was more complete than the form used for the 1945 data. Had Decreases 9 the 1945 savings been determined on the basis of the 1946 schedule, it is probable that there would not have been as high a pro- Life insurance: portion of "zero savers" as reported. It is also possible that the Payment of premiums 76 schedule used for 1945 made for an underestimate of the number Full cash payment received from policy. of dissavers and the amounts dissaved as compared to the number of positive savers and the amounts of positive saving. Liquid asset holdings: Increases 31 Decreases " " 35 Of the many forms of saving, payment of life Real estate: insurance premiums was the most frequently re- Purchases of houses, farms, and lots.... 8 Mortgages taken out in connection with ported type in 1946. Over 75 per cent of all spend- purchases 5 Sales of houses, farms, and lots 5 ing units indicated that they saved some money in Payments on house mortgages (including full pavments) 18 this form. Increases in amounts held in liquid House improvements 13 assets were reported by 31 per cent of all spending Retirement funds: units. Payments on house mortgages, house im- Payments to such funds 13 provements, and contributions to retirement funds Securities transactions {excluding Federal): Increases in holdings 2 were also frequent forms of saving. Primary forms Decreases in holdings of dissaving were use of liquid assets and borrow- Unincorporated business {excluding farmers): ing for consumption purposes, which were re- Profits left in business 4 ported by 35 and 16 per cent of all spending units Personal investment in business 3 Withdrawals of business investment.. . respectively. More detailed information on the Farm equipment: various forms of saving and dissaving is presented Purchases of. . 22 in Table 2. The table shows only the frequency 1 Less than one-half of 1 per cent. of the various forms of positive and negative 2 About one-fifth of all farm operators (representing 2 per cent of all spending units) purchased farm equipment. saving, not the relative amounts. The average amounts of life insurance premiums were much Net withdrawals of liquid assets and increases smaller than the average additions to liquid assets in debt—the principal forms of dissaving—were or than the average amounts spent for improve- reported most frequently by spending units with ments to or purchases of houses. incomes of $2,000 to $2,999. Nevertheless sizable Within each income group also the most common numbers of spending units with incomes below form of saving was through premium payments on $1,000 as well as with incomes of $5,000 or more life insurance. As shown in the chart on page reported similar financial changes. AUGUST 1947 953 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SURVEY OF CONSUMER FINANCES Most of the spending units that added to their saving. Middle-income groups with incomes beliquid asset holdings during 1946 were positive tween $2,000 and $5,000 accounted for 44 per cent savers. Among those that decreased their liquid of total net saving, 46 per cent of all positive saving, assets about two-thirds were negative savers. The and 53 per cent of all dissaving. Spending units with incomes below $2,000 were minus savers as a PRINCIPAL FORMS OF CONSUMER SAVING group, dissaving an amount equal to 5 per cent of 1946 BY INCOME GROUPS total net saving. Positive savers in this income PER CENT OF SPENDING UNITS100 grouping saved an amount equal to 10 per cent of all positive saving, while the dissavers accounted for 40 per cent of total negative saving. TABLE 3 DISTRIBUTION OF SPENDING UNITS, AMOUNTS OF MONEY IN- COME RECEIVED, POSITIVE SAVING, NEGATIVE SAVING, AND NET SAVING, BY INCOME GROUPS, 1946 [Per cent] Annu b a e l f o m re o n ta e x y e i s n * come S u p i n n e i n g t d s - M co o in m n - e e y sa P t v i o v i s n e i g - 2 s N a t v e iv i g n e a g - 2 sa N vi e n t g2 Under $1,000 17 3 2 20 -7 $l,00O-$l,999 23 12 8 20 2 $2,OOO-$2,999 25 21 15 28 9 $3,00O-$3,999 17 20 19 14 21 $4,000-$4,999 8 13 12 11 14 $5,000-$7,499 6 11 12 4 16 $7,500 and over 4 20 32 3 45 NEGATIVE SAVING All income groups. 100 100 100 100 100 40 "' ———' " - ^-—* NE1WITHDRAWALS FR LIQUID ASSETS 1 Annual 1946 money income before taxes. ^^ 2 Positive saving comprises the saving of all spending units with money incomes in excess of expenditures, negative saving comprises the dissaving of all spending units with expenditures in £0 INCR . EASE IN y. —• —— s e a x v ce in s g s o le f s m s o n n e e g y a t i i n v c e o s m a e v s i , n g a n f d o r n e a t l l s a sp v e in n g d i ( n p g l u u s n o it r s m c i o n m us b ) i n i e s d p . os T iti h v e e ti^*****0^ ccNSUMER DEBT 1945 saving figures, based on the results of the first survey, are presented in the July 1946 Federal Reserve BULLETIN, p. 717 (see Table 1), but they are not strictly comparable to these esti- 0 mates for 1946. As already noted, the form used to estimate sav- UNDER $1,000 82.000 8 3,000 $ 5,000 ing in 1946 was more complete than the form used for the 1945 $1,000 $1,999 $2,999 $4,999 AND OVER data. It is possible that the schedule used for 1945 resulted in an INCOME 0ROUPS underestimate of the number of dissavers and the amounts dis- EXCLOOINO MORTGAGE DEBT. saved as compared to the number of positive savers and the amounts of positive saving. Had the 1946 schedule been used for the 1945 remaining one-third added amounts in excess of data it is possible that a smaller proportion of net saving would have been accounted for by the lower-income groups and a sometheir withdrawals from liquid assets to various types what larger proportion by the upper-income groups. of nonliquid assets such as insurance, houses, corporate stocks and bonds, and other business invest- As compared to 1945, middle-income groups acments. counted for about the same proportion of total The net saving of all spending units or of any net saving in 1946 while upper-income groups acparticular group of spending units, as computed counted for a somewhat larger share and the lowin the survey, is the amount saved by the positive est income groups a smaller share. As indicated savers less the amount dissaved by the negative before, the 1946 and 1945 saving data are not savers.4 About 61 per cent of the total amount strictly comparable and afford only rough measures of net saving in 1946 was accounted for by the 10 of broad changes between the two years. per cent of spending units with incomes of about The close relationship that exists between positive $5,000 or more, as shown in Table 3. At the same saving and income is indicated in Table 10 at the time this group accounted for 44 per cent of all end of this article, where each tenth of the nation's positive saving and only 7 per cent of all disspending units is ranked by income and the relative proportions of money income and of net, posi- * It is estimated that the amounts dissaved by the latter group were one-third as large as the amounts saved by the tive, and negative saving accounted for by each positive savers. 954 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SURVEY OF CONSUMER FINANCES tenth are shown. Shares of money income and 20 per cent of their incomes. This was also found to positive saving accounted for by each tenth of the be the case in each occupational group except spending units increased gradually from lowest to managerial and self-employed and farm operator highest tenths. It should be noted that a con- groups, who predominantly saved a larger persiderably higher proportion of positive saving than centage of their money incomes. Spending units in of money income was accounted for by the highest these groups often reported substantial amounts tenth of income receivers. Amounts of negative saved in the form of business investment, such as saving or dissaving were not so closely correlated with the amounts of income received. The amounts TABLE 4 of dissaving accounted for by each tenth of the COMPARISON OF POSITIVE AND NEGATIVE SAVERS, WITHIN spending units when ranked by income appear to INCOME AND OCCUPATIONAL GROUPS, AND BY VETERAN have been distributed almost at random. STATUS, 1946 No significant changes were observed between [Percentage distribution of spending units within group) the first and second surveys in the importance at- All tached to saving and the reasons people listed for Groups of spending units spend- saving. An overwhelming majority of all spend- ing units ing units again said that they saved for "security" reasons such as for a "rainy day," old age, and All spending units emergencies. Other important reasons given were By income: Under $1 000 those pertaining to children and their education. $l,000-$l,999 $2,000-$2,999 The purchase of a house or other real estate was a $3,000-$3,999 less frequent reason for saving, while saving for $4,000-$4,999 $5,000-$7,499 the purpose of buying consumer durable goods was $7,500 and above rarely mentioned. By occupational group of head of unit: Professional POSITIVE SAVERS IN 1946 Managerial and self-employed Clerical and sales Skilled and semi-skilled As has been indicated previously, in 1946 about Unskilled 65 per cent of all spending units were positive Farm operator Retired savers, that is, spending units with money incomes By veteran status: in excess of expenditures. From the lowest to the Veteran of World War II in unit highest income group there was a progressive in- No veteran of World War II in unit crease in the proportion of positive savers. The percentage ranged from 42 for spending units with incomes under $1,000 to 89 for spending units with incomes of $7,500 or more. A distribution of positive and negative savers by income groups is presented in Table 4. In view of the close relationship between saving and income, it is not surprising that the largest percentage of positive savers is found among the occupational groups with highest incomes, namely, professional persons and managerial and self-employed persons. Fewer spending units with veterans of World War II than with no veterans of World War II reported positive saving. Additional information relating to positive savers, showing percentages of income saved and a distribution of amounts saved by income and occupational groups, and by veteran status, is given in Table 5. The majority of positive savers in every income group except $7,500 and above saved less than O OOOOOOO OOOOOOO O O O OOOOOOO OOOOOOO O O Posi- Zero Nega- tive tive savers1 savers savers2 65 8 27 42 26 . 32 60 9 31 64 3 33 78 1 21 81 19 85 15 89 11 77 3 20 80 3 17 70 3 27 67 3 30 54 14 32 68 13 19 49 33 18 57 4 39 67 9 24 1 Spending units with money incomes in excess of expenditures. 2 Spending units with expenditures in excess of money incomes. 3 Less than one-half of 1 per cent. increases in inventories or additions to plant and equipment by unincorporated businessmen, or the purchase of land or equipment by farmers. The particularly high rates of saving indicated for farm operators to some extent result from comparing their annual saving with an income figure (money income) that does not make allowance for substantial non-money sources of income. THE DISSAVERS About 12.5 million spending units reported that they dissaved in 1946. These spending units spent sizable amounts for consumption purposes either by drawing down their holdings of liquid assets or by borrowing. In order to dissave, that is, to spend an amount for consumer expenditures in excess AUGUST 1947 955 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SURVEY OF CONSUMER FINANCES TABLE 5 POSITIVE SAVERS: PERCENTAGE OF INCOME SAVED AND AMOUNTS SAVED, BY INCOME AND OCCUPATIONAL GROUPS, AND BY VETERAN STATUS, 1946 x (Percentage of all spending units in each group) Positive Percentage of income saved Amount saved savers as a percentage of Groups of spending units a i i l n n l g s g p u r e o n n u it d p s - 10-19 20-29 30-49 ab a 5 n o 0 d ve $ $ 1 1 9 - 9 $ $ 2 4 0 9 0 9 - $ $ 5 9 0 9 0 9 - $ a a 1 b n , o 0 d v 0 e 0 All positive savers 65 24 13 By income: Under $1,000 42 18 7 7 5 5 33 0 $l,000-$l,999 60 29 12 6 7 6 34 15 3 $2,OOO-$2,999 64 26 16 8 10 4 22 20 14 8 $3,000-$3,999 78 24 24 13 11 6 16 21 24 17 $4,000-$4,999 81 24 22 19 11 5 11 17 24 29 $5,OOO-$7,499 85 20 29 16 13 7 7 13 25 40 $7,500 and above 89 12 22 19 21 15 1 5 5 78 By occupational group of head of unit: Professional 77 20 24 16 13 4 16 16 16 29 Managerial and self-employed 80 19 18 12 19 12 15 9 20 36 Clerical and sales 70 29 21 10 8 2 27 20 12 11 Skilled and semi-skilled 67 28 17 11 9 2 22 19 17 9 Unskilled 54 28 12 6 6 2 30 15 7 2 Farm operator 68 8 12 10 12 26 17 15 16 20 Retired 49 24 11 9 2 3 31 10 5 3 By veteran status: Veteran of World War 11 in unit. . . 57 22 14 19 15 12 11 No veteran of World War II in unit 67 25 17 10 25 16 13 13 1 This table includes only those spending units that were positive savers, i. e., units with money incomes in excess of expenditures. of money income, a spending unit must either have substantial but, when expressed as percentages of previously accumulated liquid assets or disposable incomes, they were relatively small. The contrast nonliquid assets or it must be eligible to buy con- is shown in Table 6. sumer goods on credit or to borrow. Who were these dissavers? In terms of occu- During 1946 and to date in 1947 dissavings have pation, the largest proportions of dissavers were in been substantial. The largest proportion of dissavers in 1946 was found among spending units POSITIVE AND NEGATIVE SAVERS IN 1946 making less than $3,000. As shown by the accom- BY INCOME GROUPS PE panying chart, about one-third of the spending units ] 100 with incomes up to $3,000 dissaved. Further, at least one-tenth of the spending units in all income groups dissaved. Table 11 at the end of this article indicates the relative proportions of positive and negative savers among spending units holding various amounts of liquid assets at the beginning of 1946. Dissavings substantially supplemented the incomes of spending units that received less than $3,000 in 1946. Over one-fifth of all spending units with incomes under $1,000 dissaved amounts equal to 25 per cent or more of their incomes. About one-tenth of all spending units with incomes from $1,000 to $2,999 dissaved amounts INCOME GROUI equal to 10 to 24 per cent of their incomes, and another one-tenth dissaved amounts equal to 25 NOTE.—Positive savers include spending units with money per cent or more of their incomes. In higher- incomes in excess of expenditures during 1946, negative savers include spending units with expenditures in. excess of money income groups the amounts dissaved were often incomes, and zero savers include spending units that neither saved nor dissaved. 956 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SURVEY OF CONSUMER FINANCES clerical and sales, skilled and semi-skilled, and un- penditures that were associated with a return to skilled occupational groups. There was little dif- civilian life. Use of liquid assets accumulated durference in the proportion of dissavers among spend- ing the war years enabled many veterans to live ing units of varying size. There were some differ- beyond their incomes in 1946. ences by place of residence, with fewer dissavers Since dissaving occurs when more is spent for consumption purposes than is received as income, it is not surprising that a high percentage of dis- TABLE 6 savers in 1946 were purchasers of automobiles and DISSAVERS: DISSAVING AS A PERCENTAGE OF INCOME, WITH other selected consumer durable goods. Approxi- AMOUNTS DISSAVED, BY INCOME AND OCCUPATIONAL mately one-third of all spending units purchased GROUPS, AND BY VETERAN STATUS, 1946 * such goods in 1946 and almost two-fifths of these [Percentage of all spending units in each group] purchasers were dissavers. In lower-income groups Dissavers D p i e S r v c S e a n v t in a g g e a s o f a Amount as many as one-half of the purchasers dissaved. as a per- income dissaved Only one-fifth of the spending units not buying Groups of spending centage of units all spend- consumer durable goods were dissavers. ing units 25 $1- $500 in group 1-9 10-24 and $499 and over above THE RELATION OF FACTORS OTHER THAN INCOME TO SAVING 11 dissavers 27 9 7 11 18 9 The previous discussion of positive savers and By income: Under $1,000. .. 32 5 5 22 23 9 dissavers has indicated some of their characteristics, $1,000-$ 1,999... 31 11 8 12 22 9 $2,OOO-$2,999... 33 12 11 10 21 12 such as income, occupation, and place of residence. $3,OOO-$3,999... 21 9 7 5 12 9 $4,000-$4,999... 19 7 4 8 7 12 It was shown, for example, that there was a very $5,OOO-$7,499... 15 8 5 2 8 7 $7,500 and above 11 7 2 2 7 4 close relationship between positive saving and income. It is very likely that some of the differences By occupational gro*H!> of head of unit: between various groups in the rate of saving arose Professional.... 20 9 5 6 11 9 Managerial and silf from differences in income. For example, profesemployed.... 17 6 6 5 10 7 Clerical and sales 27 10 7 10 17 10 sional people saved more, on the average, than un- Skilled and sem skilled 30 12 8 10 19 11 skilled workers, but the professional people had Unskilled 32 13 8 11 26 6 Farm operator. . . 19 4 4 11 13 6 higher incomes. The question arises whether there Retired 18 2 1 15 8 10 are any differences among occupational groups in By veteran status: rate of saving that are not due to income. Veteran of Work War II in unit... 39 13 12 14 23 16 Influences of factors other than income on saving No veteran of World War II in unit... 24 9 6 9 17 7 can be analysed by comparing the characteristics of "large," "medium," and "small" savers within 1 This table includes only those spending units that were dissavers, i. e., units with expenditures in excess of money incomes. the same income groups. "Large savers" were defined to include the top 25 per cent of savers found in rural areas. By veteran status there were among spending units in each income group, "small substantial differences. Almost two-fifths of all savers" the bottom 25 per cent—including many spending units with veterans of World War II as dissavers, and "medium savers" the middle 50 per members were dissavers, while no more than one- cent. "Large savers" were thus units whose fourth of the spending units with no veterans of savings in 1946 were large for their income, not World War II dissaved. These spending units large in the absolute sense. with veterans as members, although accounting for The various characteristics of large and small little more than one-fifth of the total spending savers are compared in Table 7. Managerial and unit population, made up about one-third of the self-employed persons and farm operators, when total number of dissavers. compared with people of similar incomes but differ- The substantial dissavings of the veteran group ent occupations, were large savers in 1946. By age were in all probability the result of large' than of the head of the spending unit, the lowest age normal outlays for clothing, housing expenses, mov- groups had more small savers, most of whom were ing, all types of consumer durable goods, including dissavers, than other age groups with the same house furnishings, and other consumption ex- incomes. There was little difference in 1946 in AUGUST 1947 (>57 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SURVEY OF CONSUMER FINANCES TABLE 7 CHARACTERISTICS OF LARGE, MEDIUM, AND SMALL SAVERS WITH INCOME HELD CONSTANT1 [Percentage distribution of spending units within group] All spend- Groups of spending units ing units All spending units 100 By age of head of unit: 18-24 100 25-34 100 35-44 100 45-64 100 65 and over 100 By occupational group of head of unit: Professional or clerical and sales 100 Managerial and self-employed 100 Skilled, semi-skilled, and unskilled Farm operator Retired By education of head of unit: Grammar school High school College By type of community: Metropolitan areas 3 Other cities of more than 50,000 population Towns of 2,500 to 50,000 population Towns of under 2,500 population Open country By veteran status: Veteran of World War II in unit No veteran of World War II in unit By change in income, 1945 to 1946: 1946 income larger by 25 per cent or more 1946 income somewhat larger No substantial change in income 1946 income somewhat smaller 1946 income smaller by 25 per cent or more By liquid asset holdings a year ago: None $l-$999 $1,000 and above 888 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 888 ference may be attributed in part to the substantial amounts of non-money income received by many spending units in rural areas. There were many more small savers, most of whom were dissavers, and fewer large savers in Med- spending units with veterans of World War II than s L a a v r e g rs e 2 sa i v u e m rs2 s S a m ve a r l s l 2 in spending units without veterans but with similar incomes. An indication of the relationship between 25 50 25 liquid asset holdings and dissaving is shown at the end of Table 7. Of spending units with no hold- 18 48 34 ings of liquid assets at the beginning of 1946, only 24 45 31 24 51 25 10 per cent were small savers for their income as 29 50 21 25 58 17 compared to 27 per cent of the spending units holding $1 to $199 and 31 per cent of those holding $1,000 or more. 22 54 24 A grouping of savers by change in income from 36 44 20 1945 to 1946 indicates that, for spending units 20 52 28 whose income was smaller in 1946 than in 1945, 51 32 17 25 57 18 there were fewer large savers and more small savers than for spending units whose incomes were the 27 50 23 same or larger. In the case of spending units re- 23 49 28 26 50 24 ceiving substantial increases in income in 1946 as compared to 1945, however, there were more 19 54 27 small savers than there were in groups receiving the 23 49 28 same incomes in both 1946 and 1945 or slightly 25 50 25 higher incomes in 1946. This occurrence was per- 28 52 20 haps peculiar to 1946 because of the large numbers 36 42 22 of veterans who received higher incomes in that year but were dissavers. 20 44 36 26 52 22 OWNERSHIP OF NONLIQUID ASSETS A major objective in both the first and second 28 44 28 surveys of consumer finances has been to gather 27 53 20 information relating to the distribution of liquid 27 52 21 asset holdings among spending units, people's at- 19 57 24 titudes toward their assets, and the extent to which 19 38 43 these assets have been used in the past and may be used in the future for consumption and invest- 21 69 10 ment purposes. In the surveys, liquid assets have 23 50 27 29 40 31 been defined to include Government bonds, savings accounts, and checking accounts. These are the 1 For comparable data in the 1946 survey, see July 1946 Federal particular assets (except for currency) that in- Reserve BULLETIN, Table 8, p. 721. 2 The 25 per cent of the cases in each income group with the creased so tremendously in volume during the war. largest saving in 1946 were considered "large savers." The 25 per cent of the cases in each income group with the smallest saving They are readily converted to cash and for the in 1946, including many spending units that dissaved, were considered "small savers." "Medium savers" were the middle 50 most part at a known and fixed value, and in per cent in each group. 3 The 12 largest cities in the nation and their suburbs. terms of their volume they represent a "new" factor to be reckoned with in evaluating current the relative proportion of large and small savers economic conditions. with either a grammar school or college education. There are, of course, other consumer assets that There were more large savers for their income in are liquid in nature, most particularly, reserves on rural areas than in metropolitan areas. This dif- life insurance policies, stocks and bonds of corpora- 958 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SURVEY OF CONSUMER FINANCES tions, and bonds of State and local governments. TABLE 8 Although it was not deemed feasible to obtain a CHARACTERISTICS OF SPENDING UNITS OWNING VARIOUS TYPES valuation of these assets from consumers, it was OF NONLIQUID ASSETS •decided to obtain in this second survey information about the ownership of houses, securities other than Percentage of spending units in group owning: Federal, and life insurance. About 9 per cent of all spending units indicated Groups of spending units Securities Life that at least one member of the spending unit other House * insurthan ance owned stocks and bonds other than Federal in the Federal early part of 1947, over two-fifths of all spending units (excluding farm operators) indicated that All spending units 9 44 78 they owned their homes, and more than three- Occupational group of head of unit: Professional 25 46 88 fourths of the spending units reported that at least Managerial and self-employed.... 18 62 91 Clerical and sales 12 32 87 one of their members carried life insurance. Skilled and semi-skilled 5 47 87 Unskilled 3 32 72 The accompanying chart shows the wide vari- Farm operator. . . . . 12 55 ation in ownership of securities by income groups. Retired 10 62 43 As few as 4 per cent of the spending units with Type of community: Metropolitan areas 13 34 86 incomes under $1,000 and over 50 per cent of those Other cities of more than 50,000 population 7 41 85 with incomes of $7,500 or more had securities other Towns of 2,500 to 50,000 population . . . . 6 48 81 than United States Government securities. There Towns under 2,500 population. . . . 9 56 70 Open country 9 55 61 was not as marked a difference in the percentage of spending units in the various income groups 1 House ownership shown only for nonfarm spending units. owning houses and insurance. 2 Not available. Among farm operators 64 per cent reported that they owned all or some part of the land they farmed. SPENDING UNITS OWNING VARIOUS TYPES OF NONLIQUID ASSETS On the average, 2.3 persons in each spending IN EARLY 1947 BY INCOME GROUPS unit that reported carrying life insurance were insured. It is estimated that the total number of persons in the United States carrying life insurance in early 1947 exceeded 80 million. COMPARISON OF SURVEY AGGREGATES WITH OTHER AGGREGATE DATA The purpose of the Survey of Consumer Finances is to find out about the distribution of income, saving, and liquid asset holdings among spending units, to ascertain the plans of spending units for purchasing durable goods and for transferring liquid assets to various types of investment, and to find out what their general attitudes are concerning the economic outlook. The major findings related to this objective have been presented in this article and UNDER $1,000 82..0OO $3,000 $4,000 $5,000 $7,500 fll.OOO $!,999 $2,999 $3,999 84,999 $7,499 AND OVER in articles in the June and July issues of the BUL- INCOME GROUPS LETIN. In addition, it is possible to make estimates Professional persons reported security ownership of aggregates such as personal income, saving, and most frequently, as shown by Table 8, while man- liquid asset holdings from survey results. Informaagerial and self-employed persons most often tion about their order of magnitude in relation to owned their houses and carried life insurance. Peo- recognized outside estimates is of interest. ple living in metropolitan areas most frequently Because of certain types of sampling and reportowned stocks and carried life insurance, but they ing errors in consumer interview surveys, estiowned their homes less frequently than did other mates of expanded aggregates based on survey regroups. sults, particularly aggregates expressed in dollar 959 AUGUST 1947 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SURVEY OF CONSUMER FINANCES terms, are less reliable than the major survey find- certain types of issues. Interview methods used in ings of the present survey.5 Such estimates are de- the survey minimize this type of error but in the rived by multiplying the average or mean value case of some financial data (for example, hidden for the sample spending units of the particular item currency hoards) it is not possible to overcome being estimated (money income, amount saved, reluctance on the part of some respondents to proetc.) by the total number of spending units or 46.3 vide this kind of information. Both forms of remillion. As indicated in a previous article, in the porting errors are of particular importance when case of income, saving, and liquid asset data certain aggregate national data are computed. Forgetting types of statistics such as the mean are subject to certain occasional income receipts, or the desire not greater error than a median value or a frequency to divulge one's entire income, may not affect the distribution showing the proportion of spending respondent's income bracket but does affect the units with various characteristics.6 mean income and hence the aggregate income com- To illustrate, the mean income is subject to much puted for all people. Even if the income bracket greater error than the median income or a percent- or the savings account bracket is affected by a age distribution of spending units by income groups, reporting error, incorrect reports by many respondbecause each individual affects the median or a per- ents are needed to alter appreciably the frequency centage distribution to the same degree but his effect distribution (proportion of spending units in the on the mean is weighted by the size of his income. respective bracket), while the extent of each in- The chance inclusion or exclusion of a high-income correct report affects the size of the national totals person in the sample, then, may affect the mean computed from the survey. substantially but not the median. Further, there After making allowances for differences between are differences in the degree of error in different the coverage of the survey estimates of income, savmean values. A statistic such as a mean income ing, and liquid asset holdings and the coverage of of the people who bought automobiles is subject recognized estimates by other sources, it appears to greater percentage error than the mean price that the expanded survey totals are in reasonable they paid for their automobiles since the former accord with outside estimates of these aggregates.7 figure is an average computed from a series of The percentage relationships listed below should be dollar amounts that have a much greater range from considered approximations since it was difficult to the lowest to the highest reported figure than a make precise adjustments for comparability because series of prices paid for automobiles. While sur- of differences in coverage and in definitions of convey data in the form of frequency distributions are cepts. In the case of income, the expanded survey also subject to certain limitations, the margin of total for 1946 amounted to about 85 per cent of the error is narrower than when the data are expressed Department of Commerce estimate after adjustment in the form of mean values representing all spend- for comparability. The expanded survey total of ing units or families. liquid assets (including checking and savings ac- Reporting errors in consumer interview surveys, counts and United States Government bonds) as of considered apart from sampling errors, affect both early 1947 covered about two-thirds of the Federal the mean values and the frequency distributions, Reserve Board's estimate of personal liquid asset although they affect the latter to a lesser extent than holdings of these types. This result was comparable the former. Reporting errors arise first because the to that of last year's survey in that the coverage of data supplied by spending units are based largely United States Government bond holdings was more on memory. While it is true that some respondents complete than for other types of liquid assets. The check their records or notebooks before answering certain questions, in most instances the answers are 7 The survey totals were computed by multiplying mean values itained from survey results by 46.3 million (the number of given from memory and people's recollections are sometimes inaccurate. Secondly, reporting errors information but had omitted one of these arise because people are reluctant to divulge certain items. TThhee ccoommpplleettee iinntteerrvviieewwss oobbttaaiinneedd wweerree weighted' upward too rreepprreesseenntt tthhee ssppeenddiingg uniitt s whh o shhouldld have been types of information or complete information about in the sample but who were not at home or refused to bbee iinntteerrvviieewweedd.. TThheerree iiss eevviiddeennccee tthhaatt ssppeennddiinngg uunniittss rreeffuussiinnggg ttoo bbee iinntteerrvviieewweedd hhaadd hhiigghheerr iinnccoommeess oonn tthhee aavveerraaggee tthhaann ssppeenndd-- 5 See the Federal Reserve BULLETIN, June 1947, \>p. 658-661 ing units giving full information. No adjustment has been for a complete discussion of the sampling method and the made in the aggregates for this fact: if it were taken into acsampling techniques employed to reduce sampling error. count, the percentage relationships of expanded survey totals « Ibid., pp. 660 and 663. to outside estimates would be higher. %o FEDERAL RESERVE BULLETIN: Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SURVEY OF CONSUMER FINANCES survey estimate accounted for about 80 per cent of Another outside estimate with which survey estibond holdings, 60 per cent of saving account hold- mates may be compared is the number of new ings, and 60 per cent of checking account holdings.8 automobiles bought by consumers. This was shown Survey estimates of amounts saved in 1946 totaled as 1.5 million in Part I of this series. Outside about 70 per cent of the Securities Exchange Com- estimates show that 1.8 million new passenger cars mission estimates after adjustments for coverage were registered domestically in 1946 (source: R. L. and about 80 per cent of the Department of Com- Polk and Company) and it is estimated that at least merce estimates. The percentage of personal in- 300,000 of these registered cars were business or come saved as derived from the survey agrees closely Government purchases, not consumer purchases. with the Department of Commerce estimate after adjustment for differences in coverage. Tables 9 through 13 contain supplementary information relating to results presented in the text. 8 The percentage relationships indicated for savings accounts and checking accounts may not be strictly comparable because of possible differences in separating personal from business TABLE 10 accounts between the survey estimates and Federal Reserve Board estimates. SHARE OF TOTAL MONEY INCOME, POSITIVE SAVING, NEGATIVE SAVING, AND NET SAVING ACCOUNTED FOR BY EACH TENTH OF THE NATION'S SPENDING1 UNITS, WHEN RANKED BY SIZE TABLE 9 OF INCOME, 1946 DISTRIBUTION OF FAMILY UNITS, AMOUNTS OF MONEY INCOME RECEIVED, POSITIVE SAVING, NEGATIVE SAVING, AND NET Percentage of total accounted for SAVING, BY INCOME GROUPS, 1946 Spending units by each tenth: ranked according to [Per cent] size of income Money Positive Negative Net income saving * saving l saving l Fam- Money Posi- Nega- Annu b a e l f o m re o n t e a y x e i s n l come u i n l i y ts co in m - e sa t v iv in e g2 sa t v iv in e g2 sa N vi e n t g2 Highest tenth 32 44 6 63 Second 15 15 12 16 Third 12 12 7 14 Under $1,000 15 2 1 17 -5 Fourth 10 8 11 7 -$l,000-$l,999 20 9 6 17 1 Fifth Q 6 11 4 $2,000-$2,999 22 17 12 26 7 Sixth 7 5 13 1 $3,O00~$3,999 18 19 18 17 18 Seventh . . 6 4 8 2 $4,000-$4,999 10 14 13 14 12 Eighth 5 3 7 1 $5,000-$7,499 9 16 16 6 19 Ninth 3 2 12 -3 .$7,500 and over 6 23 34 3 48 Lowest tenth 1 1 13 -5 All income groups.. 100 100 100 100 100 AH units 100 100 100 100 1 Annual 1946 money income before taxes. 1 Positive saving comprises the saving of all spending units with 2 Positive saving comprises the saving of all family units with money incomes in excess of expenditures, negative saving comprises money incomes in excess of expenditures, negative saving comprises the dissaving of all spending units with expenditures in excess of the dissaving of all family units with expenditures in excess of money incomes, and net saving (plus or minus) is positive saving money incomes, and net saving (plus or minus) is positive saving less negative saving for all spending units combined. less negative saving for all family units combined. TABLE 12 PERCENTAGE OF SPENDING UNITS OWNING VARIOUS TYPES OF NONLIQUID ASSETS IN EARLY 1947, BY INCOME GROUPS TABLE 11 Percentage of spending units in DISTRIBUTION OF POSITIVE AND NEGATIVE SAVERS, BY LIQUID each income group having: ASSET HOLDINGS AT THE BEGINNING OF 1946 Annual money income [Percentage distribution of spending units within group] before taxes o S t e h c e u r ri t t h ie a s n House l ins L ur if a e nce Federal Am as o s u e n ts ts h o e f l d l i i q n uid spe A nd ll ing Positive Zero Negative early 1946 units Under $1,000 4 38 50 $l,000-$l,999 4 33 74 $2,000-$2,999 6 38 84 None 100 59 25 16 $3,OOO-$3,999 9 54 91 100 66 6 28 $4,000-$4,999 15 54 91 • $ $ 5 2 0 0 0 0 - - $ $4 l, 9 9 9 99 1 1 0 0 0 0 6 6 5 4 4 2 3 3 2 3 $ $ 5 7 . , O 50 O 0 O a r$ n 7 d , 4 o 9 v 9 er 2 5 2 1 5 7 9 4 9 9 3 5 $2,000 and over 100 70 3 27 All income groups 9 144 78 1 Spending units with money incomes in excess of expenditures. 2 Spending units with expenditures in excess of money incomes. 1 House ownership shown only for nonfarm spending units. AUGUST 1947 961 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SURVEY OF CONSUMER FINANCES TABLE 13 DISTRIBUTION OF POSITIVE AND NEGATIVE SAVERS ACCORDING TO RELATION OF SAVING TO INCOME, BY INCOME GROUPS OF FAMILY UNITS, 1946 [Per cent] Percentage distribution of family units within each income group l Positive and negative savers All Under $1,000- $2,000- $3,000- $4,000- $5,000- $7,500 groups $1,000 $1,999 $2,999 $3,999 $4,999 $7,499 and over Positive savers—total 66 39 57 65 75 78 81 88 Percentage of income saved: 1-9 . . . . .. 24 17 28 26 23 26 26 18 10-19 17 5 11 16 23 22 27 27 20-29 10 8 5 8 13 16 11 14 30-49 9 4 7 10 11 10 12 18 50 and above 6 5 6 5 5 4 5 11 Zero savers—total ... 7 28 10 3 2 (3) / (3) Negative savers—total2 27 33 33 32 23 22 18 12 Dissaving as a percentage of income: 1-9 10 5 12 11 10 9 10 9 10-24 7 5 9 11 7 6 6 2 25 and above 10 23 12 10 6 7 2 1 All family units 100 100 100 100 100 100 100 100 1 Based on 1946 money income before taxes. 2 Family units with expenditures in excess of money income. 3 Less than one-half of 1 per cent. 962 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK LOANS TO SMALL BUSINESS1 by CHARLES H. SCHMIDT Small businesses are the most numerous of all the estimated total number of loans outstanding business borrowers at member banks, both large at member banks on the date of the survey. and small. They obtain bank credit primarily A significant part of the total amount of bank through loans of less than $5,000 each. Thus the credit to small business is extended by nonmember aggregate dollar volume of member bank loans to banks (insured and uninsured) which were not covsmall business is low and a significant increase in ered by the survey. Most of these banks are small. the number of small businesses financed would Like the smaller member banks, they are usually mean only a slight increase in bank earning assets. located in rural or small urban communities, and Small business concerns form the major part of their business loans are made chiefly to small local the business population and play an important role enterprises. Although the volume of credit exin the manufacture and distribution of goods and tended to small businesses by these banks as of the in providing services for consumers. To some ex- date of the survey is not known, it must have been tent the success of these small concerns is influenced less than 950 million dollars, the amount of total by the volume of commercial bank credit available commercial and industrial loans of these banks at for their use, and by the terms and conditions upon the end of 1946. which it may be obtained. Comprehensive and de- For purposes of this article, small business has tailed information on bank loans to small business been defined as follows: small manufacturing and has been greatly needed for a better understanding mining concerns, total assets of less than $750,000; of their financing problems. small wholesale trade concerns, total assets of less Information on member bank loans to small than $250 000; small retail trade, service, construcbusiness has become available through the recent tion, public utility (including transportation), and Federal Reserve System survey of member bank all other concerns, total assets of less than $50,000.2 loans outstanding on November 20, 1946. Almost 2,000 member banks, including banks in all re- SUMMARY gions and size classes, participated in the survey Some of the more important aspects of member and submitted detailed information on about bank loans to small business, as shown by the survey 100,000 individual loans to businesses of all sizes. data, were: The sample of loans included about one-sixth of (1) On November 20, 1946, three-fourths of the total number of member bank loans were extended 1 The present article is the fifth in a series covering the results of the nation-wide sample survey of business loans out- to small businesses. Credit to small concerns instanding at member banks as of Nov. 20, 1946. The four previous articles were "Business Loans of Member Banks," by cluded 514,000 loans, totaling 2.9 billion dollars. Albert R. Koch, Federal Reserve BULLETIN, March 1947; "Term Lending to Business by Commercial Banks in 1946," (2) The typical loan to small business was beby Duncan McC. Holthausen, Federal Reserve BULLETIN, tween $1,000 and $5,000 in size. Loans of this size May 1947; "Security Pledged on Member Bank Loans to Business," by Tynan Smith, Federal Reserve BULLETIN, June were usually made to unincorporated concerns, 1947; and "The Structure of Interest Rates on Business Loans at Member Banks," by Richard Youngdahl, Federal Reserve many of which were established after 1942. In about BU T L h L e E T s I u N r , v e Ju y l y o f 1 9 b 4 a 7 n . k loans to industrial and commercial busi- half the cases, such loans were secured by equipnesses, on which this article is based, was planned by the ment, endorsed or co-maker note, plant and other Board's Division of Research and Statistics in consultation with the Board's Divisions of Bank Operations and of Examinations, the Federal Reserve Banks, and other interested agen- 2 The size classes selected for purposes of describing small cies. The information was collected and compiled into dis- business in this article were determined in part by the size trict totals at the Reserve Banks and national totals were units employed in collecting the loan survey data, and in part prepared at the Board's offices. by known variations in average size of concern from one Preparation of this article was under the immediate direction industry to another. Thus, in the case of retail trade, service, of Susan S. Burr, Chief of the Business Finance and Capital and construction, where the average concern is substantially Markets Section of the Division of Research and Statistics, smaller in terms of total assets than the average manufacturing Richard Youngdahl, of the Division was largely responsible concern, the smallest size class provided by the survey data for the supervision of the collection and tabulation of the was used, with correspondingly larger size classes for wholesale information. trade and manufacturing. Concerns referred to in this article Copies of a booklet containing reprints of all articles in the as public utilities are predominantly local taxi, trucking, waremember bank commercial and industrial loan survey series are housing, noncertificated air carrier, and radio broadcasting available upon request from the Division of Administrative establishments; most of the wire communication, power and Services, Board of Governors of the Federal Reserve System, light, and rail transportation services are performed by the Washington 25, D. C. larger corporations. AUGUST 1947 963 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK LOANS TO SMALL BUSINESS real estate, or inventories. In four of every five lower rates for a given type of loan than do the cases such loans had a maturity at time of making smaller banks, but the spread in interest rates by of not more than one year, and bore interest at size of bank is slight. average rates of 5 to 7 per cent per annum, depending upon the type of security employed. VOLUME AND DISTRIBUTION OF BANK LOANS TO (3) A larger proportion of the dollar volume of SMALL BUSINESS credit to small business was extended to manufac- Share of small business in bank loans. As of Noturing and mining and wholesale trade concerns vember 1946 an estimated 2.9 billion dollars of than might have been expected on the basis of member bank credit was extended to small business. either their larger size or their relative numbers in In view of the large expansion in dollar volume of the small business population. Retail trade, service, inventory holdings and the growth in charge acand other small business concerns received propor- count and instalment sales that characterized busitionately less of the total credit. Small retailers, ness as a whole during 1946, it is of some interest however, are the most numerous, in terms of both to find that not more than an estimated 514,000 number of bank borrowers and number of con- small businesses, or probably about one-sixth of the cerns. small business population, were borrowing from (4) A very large proportion of the business loans member banks.3 of the smallest banks was made to small concerns. That the number of small business borrowers was Larger banks, however, are more important sup- not larger may be attributed in part to the wartime pliers of credit to small business than is generally accumulation of liquid assets and the continuing assumed; approximately three-fifths of the number profitability of operations that permitted many and three-fourths of the amount of all member bank small businesses to finance themselves. In part it loans to small business were made by banks with may result from the availability of credit from other total deposits of 10 million dollars and over. sources, such as credit extended by trade suppliers, (5) Almost four-fifths of all member bank loans or from the inability of some concerns to meet the to small business had original maturities of not customary standards for bank credit. That the more than a year. The term loan, however, is a amount borrowed did not exceed 2.9 billion dollars much more important source of funds for small reflects also the characteristically small financial rebusiness than has been commonly supposed. Ma- quirements of individual borrowers. In part, also, turity of loan varies greatly with business of bor- it results from the limited resources of the average rower, the longer-term loans being relatively more small business, which place a ceiling on the amount important among small public utility and service of credit than can be extended in accordance with concerns than among small wholesalers and manu- established bank lending practice. facturing companies. In view of these considerations it is doubtful (6) Despite wide variations in rates of interest whether the dollar volume of loans to small business paid by individual borrowers on individual loans, would ever loom very large in the over-all bank the majority of interest rates for loans of a given credit picture. For example, a doubling of the type tend to cluster about their average, which gen- amount of such loans outstanding in November erally is higher for small businesses than for large 1946, with all that this implies with respect to the companies. Over three-fifths of all loans of $1,000- willingness of small concerns to borrow, the activi- $5,000 to small business concerns were made at ties of banks seeking new loan opportunities, and rates of 5 to 6 per cent, inclusive, with an average the eligibility of applicants to obtain bank credit, of 5.7 per cent for all loans in this size range to would have brought the total to less than 6 billion small business. dollars. This compares with total loans and invest- (7) As a general rule, the average annual inter- ments of all member banks of 96 billion dollars at est rate increases sharply as the size of the loan, and the end of 1946. presumably the size of borrower, decreases. Long- Small business concerns greatly outnumbered term loans secured by equipment usually bear other business borrowers on November 20, 1946, higher interest rates and are smaller in size than are other types of loans. Except for loans under 8 This figure, representing the number of loans to small business, overstates the number of small business concerns to the $1,000, the larger banks extend credit at slightly extent that individual concerns borrowed concurrently from two or more member banks. 964 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK LOANS TO SMALL BUSINESS even though they accounted for only a small pro- standing volume of member bank loans to all portion of the dollar volume of outstanding business concerns in the industry. credit. As shown in Table 1, three-fourths of the Share of large and small banks in loans to small total number of business loans at member banks, business. The role of larger banks in the financing as contrasted with only one-fifth of the total dollar of small business is frequently overlooked, on the volume, were to small concerns. In each of the assumption that their credit facilities are not geared major industry groups, small business accounted for to the handling of small loans, and that small busia large proportion of the number of bank loans, the ness is more commonly associated with local banks highest being 87 per cent in manufacturing and in rural and minor urban areas. In reality, a large mining, and the lowest being 50 per cent for the number of small businesses borrow from the larger "all other" group. In retail trade, which included banks, either directly or through the correspondent the largest number of small business borrowers, relationship of a local bank. As indicated by nearly four-fifths of all loans were made to small Table 2, 60-75 per cent of the total number of concerns, while in public utilities (including transportation) small concerns accounted for over seven- TABLE 2 tenths of all member bank loans. MEMBER BANK LOANS TO SMALL BUSINESSES, NOVEMBER 20, 1946, AS A PERCENTAGE OF ALL BUSINESS LOANS, BY SIZE OF TABLE 1 BANK1 [Estimates of outstanding loans] MEMBER BANK LOANS TO SMALL BUSINESSES, NOVEMBER 20, 1946, AS A PERCENTAGE OF ALL BUSINESS LOANS, BY BUSINESS Number As a percentage OF BORROWER1 Size of bank mem of ber o N f um loa b n e s r A of m l o o u a n n t s o l f o a a n l s l i b n u s e i a n c e h ss [Estimates of outstanding loans] (Total deposits, banks (In (In size group in millions in thou- milof dollars) United sands) lions) As a percentage States2 Number Amount Number Amount of all loans to each Business of borrower (In (In business group thou- mil- Less than 2 1,870 33 $ 74 91.9 82.9 sands) lions) 2-10 4,204 174 606 85.7 66.7 Number Amount 10-100 1,397 216 1,250 74.9 43.3 100-500 143 61 670 61.4 17.7 500 and over.... 25 31 288 67.8 5.2 Retail trade 197 $ 468 77.8 31.8 W Ma h n o u le f s a a c l t e u r t i r n a g d e and mining. 10 7 1 3 1,3 6 2 9 7 7 8 8 6 2. . 7 9 2 2 8 3 . . 8 4 All banks. . . 7,639 514 $2,888 76.6 21.9 Public utilities (including transportation) "27 69 70.4 5.7 1 See Table 1 for definition of small businesses. Services. . 61 144 79.7 29.3 2 Number of member banks as shown in Federal Reserve BUL- Construction 27 86 62.8 18.9 LETIN, March 1947, p. 260. For use in loan survey, number in- All other2 29 96 49.9 6.4 cludes branches of certain member banks which were considered separate lending institutions for sampling purposes and excludes All business groups. . . 514 $2,888 76.4 21.8 some member banks with no commercial and industrial loans outstanding. So denned, the total number (7,639) is about 10 1 In this and all subsequent tables small businesses are defined p pa er g e c 9 e 9 n 8 t o la f rg th e i r s t B h U an L LE t T he IN . number of member banks shown on in terms of total assets of each concern in 1946, as follows: manu- NOTE.—Detailed figures may not add to totals because of f $ a 2 c 5 t 0 u , r 0 in 0 g 0 ; r a e n t d a il m tr i a n d in e g , , pu u b n l d ic e r ut $ il 7 it 5 i 0 es ,0 , 00 s ; e rv w ic h e o s l , e sa c l o e n st t r r u a c d t e i , o n, un a d n e d r rounding. all other (including sales finance), under $50,000. business loans of banks with deposits of 10 million 2 Includes loans to sales finance companies and a small number of loans unclassified by business of borrower. dollars or over were made to small business. As a NOTE.<—Detailed figures may not add to totals because of rounding. result, these banks granted approximately three- Variation in the importance of the credit obtained fifths of the number and three-fourths of the dollar by small, relative to all, businesses in the several amount of all member bank loans to small business. industry groups was much wider when dollar vol- While manufacturing and mining concerns acume rather than number of loans was considered. counted for a substantial part of the bank credit to This was primarily the result of differences in the small business at the larger banks, the distribution average size and credit requirements of small con- of loans by size of bank indicates that small retail cerns in different industries. Thus in retail trade, trade, service, and construction concerns also obsmall businesses received nearly one-third of the out- tained a good share of their loans from banks with standing volume of member bank credit to retailers. deposits of 10 million dollars or over. In contrast, small concerns in the public utility and While the smaller banks did not account for the transportation industry, which is dominated by the major proportion of bank loans to small business, giant telephone, electric power, and railroad sys- their lending operations were primarily concerned tems, accounted for less than 6 per cent of the out- with meeting the credit needs of small businesses AUGUST 1947 965 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK LOANS TO SMALL BUSINESS in relatively small communities. For the 6,100 little fixed capital investment and involving a scale member banks with total deposits of less than 10 of operations such that one man, usually both manmillion dollars each, representing four-fifths of the ager and owner, can supervise all phases of the member bank population as shown in Table 2, business. Retail trade probably accounts for about loans to small businesses accounted for roughly half of all small business concerns. Next is the nine-tenths of the number and seven-tenths of the services group, accounting for roughly one-fourth; amount of outstanding business credits.4 the remaining fourth is made up of manufacturing As regards the terms and conditions upon which and mining, public utilities, construction, wholesale small businesses obtained their funds, the survey trade, and small concerns in miscellaneous inindicates comparatively minor differences so far as dustries. size of bank is concerned. For example, average Small businesses that seek funds from external interest rates on loans to small business did not sources are generally more dependent than larger vary by more than 1.4 percentage points from the concerns upon short-term and intermediate credit smallest to the largest banks. For most loans of a to finance their working capital needs and purchases given size to small businesses, interest rates were of fixed assets. This is primarily because they lack slightly lower at large than at small banks. For access to long-term borrowed and equity funds, and loans under $1,000, however, small businesses paid are often unwilling to share management in order a little more at the large banks, where such loans to obtain equity capital.5 However, it appears from are often made in the personal loan departments. the survey that there is considerable variation from Regional distribution. Distribution of bank loans one industry to another in the extent to which small to small business by Federal Reserve districts re- concerns use bank credit. This is indicated in a flected primarily the regional distribution of small general way by major industrial differences in the business. Within each district, as is shown in distribution of the number of member bank loans Table 15 at the end of this article, the greatest to small business, as compared with the industrial number of these loans was made to retail trade pattern of the small business population previously concerns, which accounted for roughly two-fifths noted. of all small business loans. In most districts Fewer small retail trade concerns appear to bormanufacturing and mining concerns received about row from banks than their numerical importance in one-fifth of the loans, though two of the less indus- the business population might imply. Although trialized districts reported proportionately fewer they comprised the largest single group of small credits to small manufacturers. Relatively greater business borrowers in November 1946, small retail regional variation in the distribution of loans oc- trade concerns, as shown by Table 3, accounted for curred in the case of wholesale trade, service, con- less than half (38 per cent) of the total number of struction, and public utilities, reflecting perhaps member bank loans to small business. To some some variation in the relative importance of these extent this may result from the well established activities in different Federal Reserve districts. practice whereby many small stores secure short- In terms of dollar volume, manufacturing and term credit from their suppliers. Small service conmining received the largest share of the loans in cerns, with roughly 12 per cent of the loans, were every district, with some variation in proportion re- also considerably less numerous users of bank credit flecting the greater importance of manufacturing than their numbers in the business population and the presence of larger concerns, on the average, would suggest. The remaining industry groups, in some areas. Regional differences in the relative which probably constitute only about one-fourth of amounts of credit received by other industry groups the total number of small businesses, accounted for followed the same general pattern as for number of half of the number and nearly four-fifths of the loans. amount of member bank loans. In large part this reflects the extensive use of credit by small manu- CHARACTERISTICS OF SMALL CONCERNS UTILIZING facturing and mining concerns, whose size is larger BANK CREDIT on the average than that of other small businesses; Business of borrower. Small business concerns preone-fifth of all bank loans to small business and dominate in those industries requiring relatively 5 Many very small concerns, which are either unable or un- 4 See Table 2, note 2, for explanation of the number of mem- willing to borrow, are largely dependent on retained earnings* ber banks as defined for purposes of the loan survey. and the owner's personal resources to finance their operations. 966 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK LOANS TO SMALL BUSINESS nearly half of the outstanding volume were to these amount of loans within industries. Thus, in both concerns. retail and wholesale trade the food, liquor, tobacco, Differences by industry in the amount of bank and drug concerns received the largest number and credit used by small concerns are reflected in the amount of loans, and the home furnishings, metal average loan sizes shown in Table 3. The major products, and building materials group the next differences are traceable to differences in size of bor- largest number. In manufacturing and mining, rower. Thus the average loan to small retailers the metals and metal products group and the "all was $2,400, compared with $9,600 to wholesalers other" group (largely paper, printing and publishand $13,200 to manufacturers, both of which are ing, and building materials) contained the greatest larger in terms of total assets. Nevertheless, when number of bank borrowers. size of business is held constant there is evidence of Small businesses in the service, public utility, and appreciable differences in financing requirements construction fields present a special credit situation. from one industry to another. Thus the average To an increasing extent they require modern, speloan for small construction concerns was $3,200, as cialized equipment in order to operate in their compared with $2,400 for small retailers, though respective fields. This is true whether they offer the size criterion employed is the same for both. personal services, run repair shops, provide trucking Similarly, loans to manufacturers and wholesalers or some other local public utility service, or whether with total assets of less than $50,000 were larger on they carry on one of the many phases of subconthe average than those to small retail trade concerns. tracting in the construction industry. They require Survey data for industry subgroups, though of short and intermediate credits to finance general somewhat limited value for analyzing small busi- working capital needs and purchases of equipment. ness, indicate that the number of small business Since the earnings prospects of such borrowers may concerns in an industry, as well as the size of be difficult to judge, banks are disposed, in making business unit and the credit requirements of the such loans, to seek some additional assurance of industry, results in variations in the number and repayment in the form of security. TABLE 3 MEMBER BANK LOANS TO SMALL BUSINESSES, NOVEMBER 20, 1946, BY BUSINESS OF BORROWER1 [Estimates of outstanding loans] Percentage Number Amount distribution Average Business of borrower (In (In size (In thousands) millions) thousands) Number Amount Retail trade, total 196.6 $ 468 38.2 16.2 $ 2.4 Food, liquor, tobacco, and drugs 70.0 165 13.6 5.7 2.4 Apparel, dry goods, and department stores 24.0 62 4.7 2.1 2.6 Home furnishings, metal products, and building materials. 42.8 98 8.3 3.4 2.3 Automobiles, parts, and filling stations 33.7 86 6.6 3.0 2.5 All other 26.0 58 5.1 2.0 2.2 Wholesale trade, total 72.7 697 14.1 24.2 9.6 Food, liquor, tobacco, and drugs - 25.1 273 4.9 9.4 10.9 Apparel and dry goods 7.1 89 1.4 3.1 12.6 Home furnishings, metal products, and building materials. 18.6 139 3.6 4.8 7.5 Automobiles, parts, and petroleum 7.5 45 1.5 1.5 5.9 All other 14.4 152 2.8 5.3 10.6 Manufacturing and mining, total 100.7 1,327 19.6 46.0 13.2 Food, liquor, and tobacco 14.1 281 2.7 9.7 20.0 Textiles, apparel, and leather 13.8 220 2.7 7.6 16.0 Metals and metal products 24.3 313 4.7 10.8 12.9 Petroleum, coal, chemicals, and rubber 11.0 163 2.1 5.6 14.8 All other 37.6 351 7.3 12.1 9.3 Public utilities (including transportation) . 27.1 69 5.3 2.4 2.6 Services 61.0 144 11.9 5.0 2.4 Construction 26.9 86 5.2 3.0 3.2 All other 2 29.3 96 5.7 3.3 3.3 All business groups. 514.3 $2,888 100.0 100.0 5.6 1 See Table 1 for definition of small businesses. 2 Includes loans to sales finance companies and a small number of loans unclassified by business of borrower. NOTE.—Detailed figures may not add to totals because of rounding. AUGUST 1947 967 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK LOANS TO SMALL BUSINESS Predominance of unincorporated concerns. Unin- small concerns may have incorporated in preparacorporated businesses—sole proprietors, and to a tion for further growth, and, by being aggressive in lesser extent partnerships—are the types of organi- promoting their business activities, may have aczation most frequently encountered among small quired a better standing as credit risks. Moreover, businesses. As shown by Table 4, roughly five- incorporation probably imposes greater responsisixths of all small businesses with loans outstanding bility .upon management to keep adequate records, from member banks on the survey date were unin- which can be used in appraising the creditworthiness corporated. In four industry groups, unincor- of the loan applicant. Also, through incorporation porated concerns accounted for 93-95 per cent of and the sale of stock the average small business may the number of loans to small business concerns. be able to attract larger amounts of equity capital, TABLE 4 MEMBER BANK LOANS TO SMALL BUSINESSES, NOVEMBER 20, 1946, BY BUSINESS AND CORPORATE STATUS OF BORROWER1 [Estimates of outstanding loans] Unincorporated Incorporated Business of borrower Number Amount Average Number Amount Average of loans of loans size of of loans of loans size of (In (In loan (In (In (In loan (In thousands) millions) thousands) thousands) millions) thousands) Retail trade ... . . ... 185 $ 424 $2.3 12 $ 44 $ 3.7 Wholesale trade 55 411 7.5 18 286 16.1 Manufacturing and mining 66 549 8.4 35 778 22.2 Public utilities (including transportation) 25 60 2.4 2 10 4.2 Services 58 130 2.2 3 14 4.5 Construction 25 75 3 0 2 11 5.3 All other2 26 77 2.9 3 20 6.6 All business groups. ... 439 $1,726 3.9 75 $1,162 15.5 1 See Table 1 for definition of small businesses. 2 Includes loans to sales finance companies and a small number of loans unclassified by business of borrower. NOTE.—Detailed figures may not add to totals because of rounding. The average loan to small incorporated manu- and thus improve its credit position. As size and facturing and mining concerns was nearly three equity capital investment increase, the chances are times as large as the average loan to unincorporated that a business concern will also have larger holdings concerns in the same industry. For the other in- of securities and fixed plant and equipment to offer dustry groups the difference in average loan size as security for loans. was much less, the incorporated concern borrowing New vs. old business. During the first years of about twice as much as the unincorporated concern, American participation in World War II, the numon the average. These differences largely reflect ber of small business concerns declined sharply as the predominance of unincorporated concerns their owners entered military service or sought emamong the smaller units in the business population. ployment in shipyards and factories. Starting in As was pointed out in an earlier article in this 1944, however, the number of new businesses began series, small concerns pay higher rates of interest to exceed the number of discontinued businesses, than large concerns for loans of a given size, while the margin widening with the cessation of hostilities. smaller loans bear higher rates of interest than large Comparison of the estimated number of business loans, on the average.6 To a great extent the higher concerns in existence in 1943 with those in existence rates of interest paid by unincorporated borrowers as of mid-1946 indicates a net increase, allowing for are attributable to their smaller size and smaller discontinuances, of some 643,000 in the business loans. In addition, some of the effects of incorpora- population.7 Many of these new businesses, the tion discussed in the earlier article are especially vast majority of which would be classed as small, relevant with reference to small business. Many were financed with accumulated wartime savings; 6 Data on interest rates by corporate status and size of bor- others were started by returning veterans with or rower, and by size of borrower and size of loan, were presented in "The Structure of Interest Rates on Business Loans at Member Banks," by Richard Youngdahl, Federal Reserve 7 See Melville J. Ulmer, "The Postwar Business Population," BULLETIN, July 1947, pp. 803-819. Survey of Current Business, January 1947, pp. 9-23. 968 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK LOANS TO SMALL BUSINESS without the assistance of the loan guarantee or in- new businesses, the survey data indicate that loans surance provisions of the Servicemen's Readjust- to concerns organized since 1942 were, on the ment Act (G.I. bill). average, about two-thirds the size of those to older That a number of the businesses organized since concerns. Most of this difference in size can be 1942 were borrowing from member banks is in- attributed to the fact that concerns organized in dicated by Table 5.8 All told, 180,000 loans, amount- 1942 or before, having been in existence longer, had ing to 730 million dollars, were outstanding on the achieved somewhat larger size. Survey data also survey date to businesses organized since 1942; they indicate that a higher percentage of loans to new accounted for roughly one-third of the number and business concerns was secured, and that interest one-fourth of the amount of all credits to small rates on both secured and unsecured loans were business. slightly higher for such borrowers than for concerns established earlier. TABLE 5 MEMBER BANK LOANS TO SMALL BUSINESSES, NOVEMBER 20, 1946, BY BUSINESS AND DATE OF ORGANIZATION OF BORROWER1 CHARACTERISTICS OF LOANS TO SMALL BUSINESS [Estimates of outstanding loans] Size of loan. Nearly three-fourths of the estimated 1942 or After 1942 or After 514,000 member bank loans to small business outbefore 1942 before 1942 standing in the latter part of 1946 represented ad- Business of borrower vances of less than $5,000 each. The very minor Number of loans Amount of loans (In thousands) (In millions) scale on which the operations of many small businesses are conducted is further evidenced by the Retail trade 119 78 $ 291 $177 Wholesale trade 55 18 558 140 frequency of the loan of less than $500. It accounted Manufacturing and mining. 70 30 1,061 267 Public utilities (including for nearly one-sixth of all bank loans to small retransportation) 15 12 39 30 tailers, over one-fifth of the loans to small service 37 24 89 55 Construction 17 10 51 35 establishments, and one-seventh of the loans to small All other2 . .. 22 7 70 26 construction concerns. All business groups. . . 334 180 $2,158 $730 The size group which includes the largest propor- 1 See Table 1 for definition of small businesses. tion of the loans to small businesses is $1,000-$5,000. 2 Includes loans to sales finance companies and a small number of loans unclassified by business of borrower. As shown by Table 6, 45 per cent of all member NOTE.—Detailed figures may not add to totals because of rounding. bank loans to small businesses fell within this range. This proportion varied from industry to industry, Manufacturing and wholesale trade, which acbeing highest for the public utility group and retail counted for 17 per cent of the increase in the busitrade concerns (52 per cent and 51 per cent, reness population, accounted for 27 per cent of the spectively), and smallest for manufacturing and borrowers organized since 1942. About 45 per cent mining concerns (34 per cent). Small concerns in of the increase in the business population, and manufacturing and mining and in wholesale trade, approximately the same percentage of new borbeing larger by definition than small concerns in rowers, were represented by retail trade concerns. the other industry groups, had a somewhat higher Rough as these comparisons are, they suggest that proportion of their loans in amounts of $5,000 or newly organized manufacturing and wholesale more (about 50 per cent, as compared with 16 per trade concerns were somewhat more dependent cent for the others). upon, or more successful in obtaining, bank credit than were their counterparts in the public utility, Since roughly half of all loans to small business service, and construction industries, which ac- fell in the $l,000-$5,000 size class, this may be counted for 34 per cent of the increase in the considered the representative or typical loan for the business population, but only 25 per cent of the purpose of describing the terms and conditions new borrowers. upon which small business most frequently obtains As regards the average size and term of loans to bank credit. In four of five cases this typical loan had a maturity at time of making of not more than 8 While some of the borrowing concerns which were reported as "organized since 1942" may have been older concerns that one year and in over three-fifths of the cases it was merely changed their form of organization (e.g., a partnership made on the basis of security. Among the more that was incorporated,, or vice versa), the majority probably were "new concerns" in the sense of having been started since important types of security employed were equip- 1942. AUGUST 1947 969 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK LOANS TO SMALL BUSINESS TABLE 6 MEMBER BANK LOANS TO SMAIX BUSINESSES, NOVEMBER 20, 1946, BY BUSINESS OF BORROWER AND SIZE OF LOAN1 [Estimates of outstanding loans] Size of loan (In dollars) Business of borrower All loans ! Less than 500-999 ; 1,000- 5,000- 10,000- 25,000 500 4,999 9,999 24,999 i and oyer Number of loans, in thousands Retail trade 196 6 33 5 33 2 100 6 20 7 7 9 0 7 Wholesale trade- -.. , 72.7 4.9 6.1 26.2 12.9 14.1 8.5 Manufacturing and mining 100.7 6.6 8.4 34.2 16.1 19.0 16.5 Public utilities (including transportation) 27.1 3.9 4.8 14.1 2.8 1.3 0.2 Services 61 0 13 6 10 2 28 0 6 4 2 5 0 4 Construction . . 26 9 4.0 1 4.6 1 12.6 3 7 1 4 0.6 All other2. 29.3 5.1 4.4 13.2 J 4.2 2.1 0.4 All business groups. . 514.3 71.5 71.8 '. 228.8 66.7 48.2 27.3 Percentage distribution within each business group Retail trade .. 100.0 17.0 16.9 51.2 10.5 4.0 j 0.4 Wholesale trade...... 100 0 6 7 8 4 36 0 17 8 19 4 117 Manufacturing and mining 100.0 6.6 8.4 ' 33.9 15.9 18.8 16.4 Public utilities (including transportation) 100.0 14.4 17.8 52.2 10.3 4.7 0.6 Services.... 100.0 22.3 16.7 45.9 10.4 4.1 0.6 C A o ll n o s t t h ru e c r t 2 ion 1 1 0 0 0 0 .0 0 1 1 7 4 . 2 8 ' 1 15 7 . 1 0 4 4 4 6 .9 9 1 1 4 3 . 2 8 7 5 .1 2 2 1 .5 2 AH business groups 100.0 13.9 14.0 44.5 13.0 9.4 5.3 1 See Table 1 for definition of small businesses. * Includes loans to sales finance companies and a small number of loans unclassified by business of borrower. NOTE.'—Detailed figures may not add to totals because of rounding. ment, endorsement or co-signature on the note, on loans of intermediate and sometimes even plant and other real estate, and inventories. About longer term. one of every two loans was obtained with one of Term loans. The term loan, defined as a loan these types of security. with a maturity at time of making of more than one Average annual interest rates on the typical loan year, whether or not secured, has achieved considvaried by industry groups between 6.8 per cent erable importance to small business.9 Providing for (public utilities) and 5.5 per cent (wholesale trade). repayment on a serial or instalment basis, and fre- The median interest rates were generally somewhat quently secured, the term loan affords a planned above, though fairly close to, the arithmetic average. method of financing working capital requirements On the typical loan of $l,000-$5,000 to small retail or the purchase of real estate or equipment at trade concerns, for instance, the median was 6.0 moderate cost, As such, it embodies many adper cent as compared with an average rate of 5.7 vantages for the small concern. Spacing repayments per cent. Interest rates also varied with the type over equal intervals of time enforces a certain of security employed (loans secured by equipment amount of financial planning, and to some extent bearing the highest average rates, those by stocks minimizes the possibility that insufficient funds will and bonds the lowest) and with period to maturity, be on hand when loans fall due. size of borrower, and size of bank. Of the total number of member bank credits to Maturity and repayment method. Approximately small business outstanding in the latter part of 1946, four-fifths of all member bank loans to small busia little more than one-fifth were term loans. As ness were repayable upon demand, or had maturishown by Table 7, the use of term loans by small ties at time of making of one year or less. The borrowers varied widely from one industrial group majority of these short-term loans were repayable to another, depending on the nature of the credit in a single lump sum and bore rates of interest which, depending upon the size of loan and type of 9 See Duncan McC. Hoithausen, "Term Lending to Business by Commercial Banks in 1946/* Federal Reserve BULLEsecurity employed, were generally lower than rates TIN. May 1947. for analysis of member bank terra loans to businesses of all sizes. 970 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK LOANS TO SMALL BUSINESS required. Thus, in the public utility field, 40 per Secured vs. unsecured loans. Small businesses in cent of all loans to small business were made on a most lines of activity obtain a substantial amount term basis; in wholesale trade only 12 per cent. As of bank credit without having to furnish security; a group, small retail trade concerns obtained ap- nearly two-fifths of the outstanding member bank proximately one-fourth of their loans on a term loans to small business in November 1946 were basis, but within retail trade the proportion of term unsecured. On the average, the unsecured loan loans varied from 14 per cent for apparel, dry goods, was smaller than the secured loan, but in some and department stores to 32 per cent for food, industries certain types of secured loans were smaller liquor, tobacco, and drug outlets. Somewhat than unsecured loans. Average interest rates on smaller variations are noted within the manufac- unsecured loans were lower than those on loans turing and mining subgroups. secured by some types of security and higher than Over three-fifths of all term loans to small busi- those secured by other types of security. nesses were for periods of one to three years, one- The volume of unsecured loans made by member fifth for periods of three to Rwc years, and an addi- banks to small business is indicative of the familitional fifth for periods of five years or longer. Re- arity of the banker with the management capapayment in equal instalments over the life of the bilities and future prospects of many small business loan was favored in the overwhelming majority of concerns in his locality. These are major factors cases in each maturity classification; all other meth- in the case of a concern whose resources and credit ods of repayment, including the single payment, standing are not of themselves sufficient to assure serial notes, or serial payments, and unequal instal- repayment of the loan. ments, accounted for no more than one-seventh of While a substantial proportion of bank loans to all the loans in any group. Details are given in small business were unsecured, a much larger pro- Table 8 on the following page. portion, roughly three-fifths of the number and dollar volume, were secured by endorsement or co- TABLE 7 signed note, or by the pledge of assets. By offering TERM LOANS OF MEMBER BANKS TO SMALL BUSINESSES, security for loans, many small business concerns NOVEMBER 20, 1946, BY BUSINESS OF BORROWER1 that could not otherwise obtain bank credit are able [Estimates of outstanding loans] to do so, while others are enabled to borrow larger amounts and at rates more nearly commensurate Number of loans with those charged large borrowers on loans of As a per- comparable size. Business of borrower centage of th I o n u- to s t m al a l l l o a b n u s s i- to The prevalence of secured loans among small sands ness in each borrowers, where they ranged from over four-fifths group of all loans to small public utility concerns to Retail trade, total.... 45.6 23.2 slightly less than half of all loans to small retail Food, liquor, tobacco, and drugs 31.9 Apparel, dry goods, and department 22.3 apparel, department, and dry goods stores, can be stores 3.4 14.2 Home furnishings, metal products, and ascribed to several factors. In the first place, the building materials. . , . 6.6 15.4 Autos, parts, and filling stations 8.7 25.9 mortality rate of small businesses, especially those All other 4.5 17.5 newly organized, is high. It is estimated that one- Wholesale trade 8.6 11.8 fourth discontinue operations within one year and Manufacturing and mining, total 17.2 17.1 less than one-third survive for ten years.10 Al- Food, liquor, and tobacco 2.1 15.2 Textiles, apparel, and leather 1.2 8.4 though many of these casualties result from causes Metals and metal products 4.6 18.8 Petroleum, coal, chemicals, and rubber. 1.6 14.2 other than insolvency, failures are rnore frequent All other 7.8 20.8 relative to the business population in the case Public utilities (including transportation). 11.4 42.1 of small than of large concerns. In such situa- Services » . 19.7 32.3 Construction. 5.0 18.5 tions, security for loans serves as insurance against All other2 6.9 23.4 hazards that cannot be appraised with certainty. All business groups.... 114.3 22.2 In the second place, most small business con- 1 See Table 1 for definition of small businesses. cerns cannot supply the detailed financial and 1 Includes loans to sales finance companies and a small number of loans unclassified by business of borrower. NOTE.—Detailed figures may not add to totals because of 0 Department of Commerce Press Release No. 648, May 1. rounding. AUGUST 1947 971 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK LOANS TO SMALL BUSINESS TABLE 8 TERM LOANS OF MEMBER BANKS TO SMALL BUSINESSES, NOVEMBER 20, 1946 BY ORIGINAL MATURITY OF LOAN AND REPAYMENT METHOD X [Estimates of outstanding loans] I Original maturity of loan me A th l o l ds pa S y in m g e le nt S n e o r t ia e l i E m n q s e t u a n a l t l - U i m n ne s e t q n a u l t a - l S n e o v t e e r s al Un f c i l e a d ssi- Number of loans, in thousands 1-3 years 69.3 5.6 1.7 59.5 2.3 0.1 0.1 3-5 years 21.8 1.0 0.6 18.7 1.4 0.1 5-10 years 19.7 0.3 0.4 17.9 1.0 0.1 Over 10 years 3.5 0.1 3.2 0.2 All term loans. . . 114.3 6.9 2.8 99.2 4.9 0.2 0.3 Percentage distribution within each maturity group 1-3 years 100.0 8.0 2.5 85.8 3.4 0.2 0.1 3-5 years 100.0 4.5 2.8 85.7 6.4 0.1 0.6 5-10 years 100.0 1.6 2.1 91.0 4.9 0.1 0.3 Over 10 years 100.0 2.1 0.7 89.8 6.6 0.4 0.4 All term loans 100.0 6.1 2.4 86.8 4.3 0.2 0.2 1 See Table 1 for definition of small businesses. 2 Less than 50 loans. NOTE.—Detailed figures may not add to totals because of rounding. operating statistics on which banks must rely to whose credit requirements are highly seasonal and some extent in evaluating the earnings prospects of relatively short duration, may well use his own and creditworthiness of prospective borrowers. In products as security for a loan to finance general cases such as these, although a bank places chief re- working capital requirements during the canning liance on the good faith of the borrower, it re- season. quires the pledging of security as an additional As of the survey date, as shown by Table 9, nearly measure of protection. In some instances the five-sixths of the secured member bank loans to security may be the basis for more favorable credit small business used one of five types of security: terms than would otherwise be obtainable. In the assignment of title or chattel mortgage on equipthird place, whereas most large business concerns operate on a regional or nation-wide basis and are TABLE 9 in a position to shop around for credit among PERCENTAGE DISTRIBUTION OF SECURED LOANS OF MEMBER different banks, many small businesses are depend- BANKS TO SMALL BUSINESSES IN DIFFERENT INDUSTRIES, ent upon their local banks for whatever credit they NOVEMBER 20, 1946, BY MAJOR TYPES OF SECURITY1 [Computed from estimated number of outstanding loans] receive. In the absence of a competitive situation, the local bank is less inclined to waive the require- En- Plant ment of security, especially if the borrower is small Equip- dorsed and In- Stocks Other Business of borrower ment or other ven- and securand the financial and operating statements needed co- I real tory bonds ity maker estate as a basis of credit appraisal are unavailable. Types of security. The type of security for a given Retail trade 28.7 20.4 21.0 9.3 8.5 12.3 Wholesale trade 16.3 21.0 12.0 19.1 13.1 18.4 loan is largely determined by (1) the nature of the Manufacturing and transaction being financed, (2) the availability of mining 22.0 18.3 15.2 10.0 12.6 21.8 Public utilities (inalternative security, and (3) the business of the bor- cluding transportation) 74.6 7.9 5.9 0.4 2.6 8.6 rowing concern. Thus a small retailer who borrows Services 36.5 17.4 20.2 0.9 9.9 15.2 Construction 45.3 16.3 14.5 1.3 6.0 16.8 to finance the purchase of a delivery truck may not All other 2 20.4 17.1 26.9 1.1 15.9 18.7 have stocks and bonds or fixed assets to offer as All business groups 30.4 18.4 17.5 8.1 10.0 15.7 security, but he will probably require a loan of relatively small amount and intermediate maturity for 1 See Table 1 for definition of small businesses and Table 16 at the end of this article for basic data on secured loans. which the asset acquired will serve as security. In 2 Includes loans to sales finance companies and a small number of loans unclassified by business of borrower. the same way, the proprietor of a small cannery, NOTE.—Detailed percentages may not add to 100.0 due to rounding. 972 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK LOANS TO SMALL BUSINESS merit (30 per cent), endorsement or co-signature on pensive operation than is the appraisal and collecnote, or mortgage on plant and equipment (each, tion of assigned accounts receivable. It is partly 18 per cent), stocks and bonds (10 per cent), and for this reason that most forms of assigned claims inventories (8 per cent). The remaining one- play a very minor role as security for loans to small fifth was covered, in order of importance, by life businesses. insurance, assignment of claims, accounts receiv- Average interest costs for different types of seable, miscellaneous security, and Government par- curity are indicated in Table 10, which also shows ticipation or guarantee (including G.I. loans). the average size of different types of secured loans. Equipment was the security most frequently The most common type, that secured by equipment, pledged for bank loans to small concerns in public is of smaller average size and bears a considerably utility, construction, and service activities. This higher rate of interest than any other type. Loans concentration is explained by the limited availability secured by stocks and bonds, inventories, or plant of other types of security to these businesses, as and other real estate are of larger average size and well perhaps as by their special financing require- usually have lower than average interest rates. Of ments. Equipment was used as security in 75 per these three types of collateral, only plant and other cent of all secured loans to small public utilities, 45 real estate appears to have been generally used by per cent of the secured loans to small construction small businesses to obtain a substantial proportion concerns, and 37 per cent of those to small service of their bank credit. For concerns in retail trade, establishments. With so much dependence on this service, and construction activities loans secured type of credit, which usually carries high interest by plant and equipment were substantially larger rates, the use of bank credit was relatively more than other secured loans and, partly as a conseexpensive in these industries than in manufacturing quence of their larger size, bore lower than average and wholesale trade. The variety of security avail- interest rates. The greater part (more than fourable to the latter industries is indicated by the dis- fifths) of the low-interest loans secured by stocks tribution of loans shown in Table 9. These indus- and bonds or inventories were made to concerns tries made greater use of stocks and bonds and of in manufacturing and mining and in wholesale and inventories than did most other industries. retail trade. From the bank's standpoint, different types of Bank loans granted on the basis of participation security involve different handling costs. The or guarantee, including Reconstruction Finance evaluation and supervision of stock and bond col- Corporation participations and blanket guarantees, lateral, for example, is a much simpler and less ex- Federal Reserve Bank participations and guaran- TABLE 10 AVERAGE SIZE AND ANNUAL INTEREST RATE OF MEMBER BANK LOANS TO SMALL BUSINESSES, NOVEMBER 20, 1946 BY TYPE OF SECURITY AND BUSINESS OF BORROWER1 [Estimates of outstanding loans] Retail trade, public Manufacturing and mining Wholesale trade utilities, services, construction, and all other2 Type of security Average size Average in- Average size Average in- Average size Average inof loan (In terest rate of loan (In terest rate of loan (In terest rate thousands) (Per cent) thousands) (Per cent) thousands) (Per cent) Unsecured $12.1 3.9 $ 8.5 4.4 $2.0 5.6 13 9 4 1 10 4 4 2 2 9 5 2 Endorsed and co-maker . 11.3 4 0 8 1 4 4 2 0 5 6 Inventories . 28.3 4.2 18.9 4.1 2.5 5.2 Equipment 5.5 5.2 4.6 5.4 2.0 6.4 Plant and other real estate 14 4 4 4 9 7 4 5 5 2 4 8 Stocks and bonds 17.9 2 9 9 9 3 1 3 5 3 9 Accounts receivable 13.0 4.9 9.3 5.2 3.0 5.5 Life insurance 8.9 3.2 6.3 3.8 2.6 4.1 Assignment of claims* 15.9 4.6 8.2 4.4 2.6 4.9 Government participation or guarantee 42.3 4.2 25.7 4.4 8.0 4.5 Other security .. . ... 13.6 3.8 27.3 3.5 2.1 5.3 1 See Table 1 for definition of small businesses. 2 Includes loans to sales finance companies and a small number of loans unclassified by business of borrower. 8 Includes oil runs. AUGUST 1947 973 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK LOANS TO SMALL BUSINESS tees, and also loans made under the provisions of a loan of comparable size in any one industry, the Servicemen's Readjustment Act (G.I. loans), some small businesses borrowed at rates commenaccounted for a very small proportion (roughly surate with those paid by larger concerns, while one-half of 1 per cent) of all secured loans to small others paid rates well above the average for small business. However, the few loans of this type outstanding on the survey date were substantially TABLE 11 larger, on the average, than other types of secured AVERAGE INTEREST RATES ON MEMBER BANK LOANS TO SMALL BUSINESSES, NOVEMBER 20, 1946, BY BUSINESS OF BORROWER loans. Moreover, variations in interest rates from AND SIZE OF LOAN1 one size or maturity of loan to another were rela- [Per cent per annum] tively small, reflecting the effect of the rate limits established for this type of borrowing. Size of loan (In dollars) Analysis of the survey data reveals that new Business of small businesses, that is, those organized since borrower t L h e a s n s 500- 1,000-5,000- 10,000-25 a , n 0 d 00 1942, not only had a larger proportion of secured 500 999 4,999 9,999 24,999 over loans than did small businesses organized in 1942 Retail trade 7.4 6.8 5.7 5.0 4.7 4.2 or before, but that the types of security pledged W Ma h n o u le f s a a c l t e u r t i r n a g d e and 6.9 6.5 5.5 4.8 4.4 3.9 most frequently by the respective groups were not mining 7.2 6.6 5.6 3.7 Public utilities (inthe same. Compared with the older businesses, cluding transportathe newer businesses made more frequent use of Se t r i v o i n ce ) s 7 7 . . 7 9 6 7 . . 8 5 5 6 . . 7 8 4 5. . 8 9 5 4 . . 4 6 4 4 . . 3 2 the endorsed or co-signed note and of inventories A C l o l n o st th ru e c r t 2 ion 6 7 . . 6 6 6 7 . . 3 0 5 5 . . 3 8 4 5 . . 7 4 4 5. . 0 4 5 3 . . 2 8 and equipment, and less frequent use of other types All business groups 7.4 6.8 5.7 4.9 4.5 3.8 of security, including plant and other real estate, and stocks and bonds. 1 See Table 1 for definition of small businesses. 2 Includes loans to sales finance companies and a small number Interest costs. As was noted in an earlier article of loans unclassified by business of borrower. on the loan survey, rates of interest paid on bank businesses. As shown by Table 12, some small loans decreased as size of borrower increased.11 retail trade concerns borrowing from $1,000 to Thus, concerns with total assets of 5 million dollars $5,000 paid less than 1 per cent per annum while or more paid on the average only 1.9 per cent per others paid 10 per cent or more. For the most annum for bank credit while small businesses, as part, however, interest rates on loans of this size defined for purposes of this article, paid 4.5 per to small retailers were between 4 and 7 per cent. cent. As shown by Table 11, the average rate of inter- TABLE 12 est paid by small business concerns varied markedly MEMBER BANK LOANS OF $>l,000-$5,000 TO SMALL RETAIL with the size of loan, ranging from 7.4 per cent on TRADE CONCERNS, NOVEMBER 20, 1946, BY INTEREST RATE loans of less than $500 to 3.8 per cent on loans of CLASS1 $25,000 or more. Inasmuch as 28 per cent of the [Estimates of outstanding loans] loans to small business involved amounts under Number of loans $1,000, a considerable portion of their borrowing Interest rate classes (Per cent per annum) was at the higher rates, which averaged 7.4 per cent In Percentage on loans of less than $500, and 6.8 per cent on thousands distribution loans of $500-$I,000. 0.0-0 9 . . 0.2 0.2 Variations from industry to industry in average 1.0-1.9 (2) C3) 2.0-2.9 0 7 0 7 interest rates for loans of the same size were not 3.0-3.9. 3 2 3 2 4 0-4 9 18.1 18.0 very great. The largest difference was for loans 5.0-5.9 23.7 23.6 6.0-6.9 39 2 39 0 of $25,000 or more; average rates for loans of this 7.0-7.9 2 6 2 6 8.0-8 9 5.3 5.3 size to construction concerns were 1.5 percentage 9.0-9.9 0.5 0.5 points higher than for those to manufacturing and 10.0 and over 7.1 7.0 mining concerns. However, rates on individual All loans 100.6 100.0 loans varied considerably around the averages. For 1 See Table 1 for definition of small retail trade concerns. 2 Less than 50 loans. u Richard Youngdahl, "The Structure of Interest Rates 3 Less than 0.05 per cent. on Business Loans at Member Banks/' Federal Reserve BULLE- NOTE.—Detailed figuresm ay not add to totals because of round- TIN, July 1947, p. 807. ing. 974 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK LOANS TO SMALL BUSINESS As shown by Table 13, interest rates paid on that two-thirds of the total number of secured loans of $l,000-$5,000 by small business concerns loans to small business were endorsed or coin other industry groups were likewise concentrated maker notes, or were secured by equipment ot about the average rates for loans of this size. Thus, by plant and other real estate. These types of when all loans of $l,000-$5,000 are arranged in secured loans have average interest rates as high* order of magnitude of interest rates charged, the as or higher than the average rates on unsecured! central or median loan for all industry groups com- loans to small businesses in the same industry bined was found to bear interest at the rate of 6.0 group. The fact that many secured loans to small business carried higher interest charges than many- TABLE 13 unsecured loans indicates that security may often INTEREST RATES FOR THE AVERAGE, MEDIAN, AND QUARTILE be requested when borrowers are in a weaker than MEMBER BANK LOANS OF $1,000-$5,000 TO SMALL BUSINESS average financial position. BY BUSINESS OF BORROWER Variations in average interest rates on loans of [Per cent per annum] different maturities to small business are shown Rate of interest on in Table 14. Loans with original maturities of Average Business of borrower interest First Third TABLE 14 rate qu lo a a rt n ile M l e o d a i n an qu lo a a rt n ile MEMBER BANK LOANS TO SMALL BUSINESSES, NOVEMBER 20, 1946, BY ORIGINAL MATURITY OF LOAN1 Retail trade 5.7 5.0 6.0 6.0 [Estimates of outstanding loans] Wholesale trade 5.5 5.0 5.0 6.0 Manufacturing and mining. 5.6 5.0 6.0 6.0 Public utilities (including Average Se t r r v a ic n e s s portation) 5 6 . . 7 8 4 5 . . 0 0 6 6 . . 0 0 6 8 . . 0 0 Original maturity of loan in ( t P e e re r s c t e r n a t te Construction 5.8 5.0 6.0 6.0 per annum) All other 2 5.3 4.0 5.0 6.0 Demand 4.2 All business groups. . 5.7 5.0 6.0 6.0 6 months and under 4.3 6 months-1 year... 4.9 2 1 I S n e c e l u T de ab s le lo a 1 n s fo t r o d s e a f l i e n s it i f o in n a n o c f e s c m o a m ll p a b n u ie s s in e a s n s d es . a small number 3 5 1 - - - 1 5 3 0 y y y e e a e a r a r s s rs 4 5 4 . . , 6 6 4 of loans unclassified by business of borrower. Over 10 years 4.5 NOTE.—To obtain the quartiles and median, the loans of $1,000- $5,000 for each business group were arranged according to their All maturities. , 4,5 interest rates, starting with the lowest rate and progressing through the highest. The first quartile is that loan which separates the first fourth of the loans arranged by interest rates from the re- 1 See Table 1 for definition of small businesses. maining three-fourths; the median, that loan which separates the NOTE.—Detailed figures may not add to totals because of roundfirst half from the second half; the third quartile, that loan which ing. separates the first three-fourths from the remaining one-fourth. one to three years have the highest average interper cent. If the range is broadened to include oneest rates, (5.6 per cent) and demand loans the half of the loans on either side of the central or lowest (4.2 per cent). Roughly two-thirds of the median loan, the lower limit or first quartile loan total number of loans to small businesses had mabore a 5.0 per cent interest charge, while the upper turities at time of making of six months or less limit or fourth quartile loan bore an interest charge and bore rates of interest averaging around 4.3 of 6.0 per cent. In all, over three-fifths of the loans per cent. Loans with maturities of more than three of $l,000-$5,000 to small businesses bore interest years bore somewhat lower average interest rates rates between 5.0 per cent and 6-0 per cent inclusive. than those of intermediate maturity (six months It was pointed out in an earlier article in this to three years), though slightly higher rates than series that nearly all of the major types of secured loans with original maturities of six months or loans to small businesses carried average interest less. The lower average interest rates on loans of rates below the average rates on unsecured loans.12 However, this may have reflected some- longer maturity, which is somewhat surprising, is accounted for in part at least by the fact that many what the differences in size of loan shown in of the longer-term loans were large real estate loans Table 10. Thus, some types of secured loans which commercial banks obtained by offering terms bearing average rates of interest lower than those similar to those offered by other financing institufor unsecured loans were substantially larger in tions, while many of the loans of intermediate average size. In addition, it should be noted maturity were small equipment loans for which 12 Tynan Smith, "Security Pledged on Member Bank Loans there were fewer lenders competing, to Business," Federal Reserve BULLETIN, June 1947, p. 670. 975 AUGUST 1947 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK LOANS TO SMALL BUSINESS TABLE 15 MEMBER BANK LOANS TO SMALL BUSINESSES, NOVEMBER 20, 1946, BY BUSINESS OF BORROWER AND FEDERAL RESERVE DISTRICT1 [Estimates of outstanding loans) Business of borrower tr d A i i c s l t l - s B to o n s- Y N o e r w k a P p d h h e i i l l a - - C la le n v d e- m Ri o c n h d - la A n t t - a c C a h g i o - L S ou t. is n M o e l a i i n p s - - K C s a a it n s y - D la a s l- F c S r is a a c n n o - Number of loans, in thousands Retail trade, total 196.6 13.6 33.3 13.6 17.0 10.9 12.3 24.6 8.8 6.7 10.3 10.8 34.6 Food, liquor, tobacco, andfdrugs.. 70.0 4.7 12.9 4.2 6.1 3.9 4.6 8.6 3.3 2.2 3.5 3.5 12.4 Apparel, dry goods, and department stores 24.0 2.0 5.2 1.8 1.7 1.8 1.8 2.4 0.9 0.8 1.0 1.1 3.5 Home furnishings, metal products, and building materials 42.8 2.5 6.4 2.9 3.7 2.0 2.6 5.5 2.1 1.5 2.6 2.3 8.8 Automobiles, parts, and fillings tations 33.7 2.3 4.8 2.7 2.7 1.7 2.0 4.1 1.7 1.4 1.9 2.4 6.1 Allother 26.0 2.1 4.1 2.0 2.8 1.5 1.4 3.9 0.8 0.8 1.3 1.6 3.7 Wholesale trade, total 72.7 5.7 13.8 4.2 4.5 4.6 5.5 7.1 2.9 1.6 4.6 4.1 14.1 Food, liquor, tobacco, and drugs.. 25.1 2.1 3.3 1.7 1.6 1.8 2.1 2.6 1.1 0 5 1 6 1 6 5.3 Apparel and dry goods 7.1 0.6 3.2 0.3 0.2 0.5 0.5 0.4 0.2 0.1 0.3 0.2 0.7 Home furnishings, metal products, and building materials 18 6 1.7 3 3 0 9 1.2 1.3 1 4 1.8 0 6 0 3 1 3 1 0 3.8 Automobiles, parts, and petroleum. 7.5 0.5 0.8 0.5 0.4 0.5 0.6 0.7 0.4 0.3 0.7 0.6 1.5 Allother 14.4 0.9 3.2 0.7 1.1 0.6 1.0 1.7 0.6 0.3 0.7 0.8 2.9 Manufacturing and mining, total.... 100.7 7.1 19.0 6.2 7.6 5.7 6.0 11.6 4.6 2.4 4.3 5.9 20.3 Food, liquor, and tobacco 14.1 0.5 1.2 0.7 1.0 1.0 1.2 1.7 1.0 0.4 0.8 0.9 3.8 Textiles, apparel, and leather 13.8 1.3 7.3 0.9 0.2 0.6 0.5 0.6 0.3 0.1 0.1 0.4 1.4 Metals and metal products 24.3 2.2 3.7 1.3 2.5 0.8 0.7 4.6 0.7 0.7 0.9 1.2 5.1 Petroleum, coal, chemicals, and rubber 11.0 0.5 1.0 1.3 1.5 0.8 0.4 0.5 0.9 0.1 1.3 2.2 0.6 All other 37.6 2.6 5.7 2.0 2.4 2.5 3.3 4.1 1.7 1.2 1.1 1.3 9.5 Public utilities (including transportation) 27.1 2.5 3.3 2.2 2.4 2.0 0.8 3.0 1.7 1.2 1.8 1.0 5.2 Services 61.0 5.5 11.3 3.2 4.1 3.3 3.2 7.1 2.3 2.3 4.3 3.1 11.1 Construction 26.9 2.0 4.0 1.6 1.4 1.3 1.5 3.0 1.0 1.0 1.9 2.1 6.1 All other 2 29.3 2.3 5.1 1.6 3.5 2.2 3.1 2.8 0.8 0.7 0.8 3.3 3.3 All business groups 514.3 38.7 89.8 32.6 40.4 30.0 32.5 59.1 22.1 16.0 27.9 30.4 94.7 Amount of loans, in millions Retail trade, total $ 468 $ 29 Food, liquor, tobacco, and drugs.. . 165 10 Apparel, dry goods, and department stores 62 5 Home furnishings, metal products, and building materials 98 Automobiles, parts, and filling stations 86 All other 58 Wholesale trade, total 697 Food, liquor, tobacco, and drugs.. . 273 Apparel and dry goods 89 Home furnishings, metal products, and building materials 139 Automobiles, parts, and petroleum. 45 All other 152 Manufacturing and mining, total 1,327 Food, liquor, and tobacco 281 Textiles, apparel, and leather 220 Metals and metal products 313 Petroleum, coal, chemicals, and rubber 163 AH other 351 Public utilities (including transportation) 69 Services 144 Construction 86 Allother2 96 All business groups S>2,888 l/C 5 4 45 18 9 ilO 4 l/C $ 76 $ 33 29 11 12 4 13 12 10 135 32 43 26 6 29 84 271 6 31 25 114 26 56 7 13 21 57 6 8 13 29 4 9 8 16 $189 $545 l/C 7 nC $ 42 15 29 13 2 6 3 4 66 10 15 12 11 18 6 8 3 5 $149 nC 8 8 6 28 12 1 8 2 l/C $ 30 10 5 6 6 3 40 20 4 9 3 83 13 3 32 13 22 5 8 4 11 $182 nC 62 14 11 7 7 23 nC $ 30 9 5 7 8 5 8 $159 nC $ 59 21 7 13 10 3 9 58 76 22 29 9 14 5 9 83 27 12 11 4 29 3 10 6 11 $201 nC $ 24 $14 $ 25 9 5 8 2 2 3 5 3 6 5 3 4 2 1 4 50 11 39 13 4 17 3 1 3 18 4 2 10 5 2 2 4 19 28 2 166 84 25 27 25 5 9 7 2 81 9 7 6 20 1 44 23 9 7 5 2 15 5 6 9 3 3 9 4 2 $341 $173 $63 nC $ 27 7 5 6 58 15 1 13 21 9 6 10 7 3 $147 nC $ 80 30 20 14 4 7 39 147 14 79 4 5 9 23 4 6 7 34 108 238 17 92 8 14 16 43 52 8 14 83 3 14 7 24 10 23 7 11 $202 $537 1 See Table 1 for definition of small businesses. 2 Includes loans to sales finance companies and a small number of loans unclassified by business of borrower. NOTE.—Detailed figures may not add to totals because of rounding. 976 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK LOANS TO SMALL BUSINESS TABLE 16 MEMBER BANK LOANS TO SMALL BUSINESSES, NOVEMBER 20, 1946, BY BUSINESS OF BORROWER AND TYPE OF SECURITY * [Estimates of outstanding loans] Type of security Gov- Un- ern- Business of borrower Total cu se re - d cu S r e e - d do E c r o n s - e - d t v o I e r n i n e - - s E m q e u n ip t - P o r a t l e n h a a d e n l r t S b a o to n n c d d k s s c c o A r e u e i c - v n - - ts i a n L n s i u c fe e r- m s A i o g e s f n n - - t t m i t p c i a o e ip r n n - a t - O cu s t e h r - i e t r y maker estate able :laims2 or guarantee Number of loans, in thousands Retail trade, total 196.6 81.4 115.2 23.5 10.7 33.0 24.1 9.8 1.1 6.8 4.6 6.3 1.2 Food, liquor, tobacco, and drugs 70.0 25.4 44.6 8.0 1.5 16.4 10.1 3.5 0.1 2.5 1.9 0.1 0.4 Apparel, dry goods, and department stores 24.0 13.1 10.9 3.6 0.3 1.4 1.9 1.7 0.1 1.3 0.5 0.1 Home furnishings, metal products, and building materials 42.8 19.7 23.1 4.9 4.2 5.1 3.8 2.0 0.6 1.3 0.9 0.3 Automobiles, parts, and filling stations 33.7 11.6 22.1 3.7 3.2 5.6 6.4 1.2 0.1 0.7 0.8 0.1 0.2 All other 26.0 11.6 14.5 3.3 1.6 4.5 1.9 1.4 0.2 1.0 0.5 (3) 0.1 Wholesale trade, total 72.7 30.4 42.3 8.9 8.1 6.9 5.1 5.6 2.5 2.3 2.2 0.1 0.7 Food, liquor, tobacco, and drugs... . 25.1 9.9 15.3 3.2 3.9 2.6 2.0 1.6 0.3 0.8 0.5 () 0.2 Apparel and dry goods 7.1 3.1 4.0 1.3 0.6 0.1 0.9 0.3 0.3 0.2 0.1 Home furnishings, metal products, and building materials 18.6 7.8 10.7 2.2 1.5 1.6 1.1 1.4 1.3 0.6 0.7 0.1 0.2 Automobiles, parts, and petroleum.. 7.5 3.3 4.2 0.7 0.4 1.2 0.8 0.5 0.1 0.2 0.2 (3) All other 14.4 6.3 8.1 1.5 1.7 1.4 0.8 1.1 0.5 0.5 0.5 0.2 Manufacturing and mining, total 100.7 39.9 60.8 11.1 6.1 13.4 9.3 7.7 4.6 2.4 4.7 0.8 0.8 Food, liquor, and tobacco 14.1 5.2 8.9 1.1 2.9 1.5 1.7 1.0 0.1 0.2 0.2 0.1 0.1 Textiles, apparel, and leather 13.8 6.5 7.3 2.7 0.3 0.5 0.7 1.6 0.7 0.4 0.3 0.1 Metals and metal products 24.3 9.7 14.7 2.1 1.4 3.2 2.5 1.7 1.9 0.5 0.8 0.3 Petroleum, coal, chemicals, and rubber 11.0 3.6 7.4 1.2 0.2 1.4 1.0 0.8 0.3 0.3 2.2 0.1 0.1 All other 37.6 14.9 22.6 4.1 1.3 6.9 3.5 2.5 1.6 0.9 1.2 0.3 0.2 Public utilities (inch transportation).. 27.1 4.3 22.7 1.8 0.1 16.9 1.3 0.6 0.2 0.7 0.9 0.1 0.1 Services 61.0 19.7 41.3 7.2 0.4 15.1 8.3 4.1 0.7 3.2 1.8 0.1 0.4 Construction 26.9 11.0 15.9 2.6 0.2 7.2 2.3 1.0 0.6 0.7 1.1 0.1 0.2 All other* 29.3 9.3 20.0 3.4 0.2 4.1 5.4 3.2 0.3 1.6 1.1 0.1 0.6 All business groups 514.3 196.1 318.2 58.5 25.8 96.6 55.8 31.8 10.1 17.7 16.3 1.6 4.0 Percentage distribution within each business group 5 Retail trade, total...: 100.0 41.4 58.6 20.4 9.3 28.7 21.0 8.5 1.0 5.9 4.0 0.3 1.1 Food, liquor, tobacco, and drugs... . 100.0 36.2 63.8 18.0 3.4 36.8 22.6 7.8 0.3 5.6 4.2 0.3 1.0 Apparel, dry goods, and department stores 100.0 54.5 45.5 33.3 2.3 12.6 17.5 15.7 0.8 11.7 4.6 0.3 1.2 Home furnishings, metal products, and building materials 100.0 46.1 53.9 21.1 18.2 22.1 16.5 8.6 2.6 5.5 3.8 0.2 1.5 Automobiles, parts, and filling stations 100.0 34.5 65.5 16.8 14.5 25.3 29.2 5.4 0.5 3.3 3.7 0.3 0.9 All other 100.0 44.4 55.6 22.5 10.7 31.4 13.0 9.5 1.6 6.8 3.5 0.3 0.8 Wholesale trade, total 100.0 41.8 58.2 21.0 19.1 16.3 12.0 13.1 5.9 5.5 5.1 0.3 1.6 Food, liquor, tobacco, and drugs.. . .100.0 39.3 60.7 20.9 25 A 17.2 13.4 10.8 1.9 5.2 3.6 0.3 1.3 Apparel and dry goods 100.0 43.4 56.6 32.5 16.0 2.4 6.0 22.7 6.6 6.6 5.7 1.5 Home furnishings, metal products, and building materials 100.0 42.2 57.8 20.7 13.6 14.8 10.6 12.9 12.5 5.8 6.5 0.6 Automobiles, parts, and petroleum.. 100.0 44.1 55.9 16.7 9.5 27.9 20.1 13.1 2.0 4.5 5.0 0.3 0.9 All other 100.0 43.7 56.3 18.2 21.2 17.4 9.8 13.1 6.3 5.6 6.0 0.2 2.3 Manufacturing and mining, total 100.0 39.6 60.4 18.3 10.0 22.0 15.2 12.6 7.6 3.9 7.7 1.3 1.3 Food, liquor, and tobacco 100.0 37.1 62.9 12.3 32.7 16.4 19.0 11.7 1.7 2.6 1.9 0.7 1.1 Textiles, apparel, and leather 100.0 47.3 52.7 36.9 4.6 7.0 9.6 21.7 10.2 5.5 3.7 0.3 0.7 Metals and metal products 100.0 39.7 60.3 14.1 9.4 21.5 16.7 11.9 12.9 3.7 5.8 2.1 1.9 Petroleum, coal, chemicals, and rubber 100.0 32.4 67.6 16.4 2.3 18.2 12.9 10.9 3.4 4.1 29.6 0.7 1.4 All other 100.0 39.8 60.2 18.1 5.9 30.6 15.3 11.1 7.0 4.1 5.3 1.5 1.1 Public utilities (including transportation) 100.0 16.0 84.0 7.9 0.4 74.6 5.9 2.6 1.1 2.9 3.9 0.3 0.4 Services 100.0 32.3 67.7 17 A 0.9 36.5 20.2 9.9 1.8 7.8 4.3 0.3 1.0 Construction 100.0 41.0 59.0 16.3 1.3 45.3 14.5 6.0 3.8 4.3 7.0 0.5 1.2 Allother4 100.0 31.8 68.2 17.1 1.1 20.4 26.9 15.9 1.5 8.2 5.5 0.3 3.2 All business groups 100.0 38.1 61.9 18.4 8.1 30.4 17.5 10.0 3.2 5.6 5.1 0.5 1.3 1 See Table 1 for definition of small businesses. 2 Includes oil runs. » Less than 50 loans. * Includes loans to sales finance companies and a small number of loans unclassified by business of borrower. * The third column shows secured loans as percentages of all loans to small businesses in the specified business group. In relation to the distribution of secured loans given in the columns to the right, this column represents 100 per cent. NOTE.—Detailed figures may not add to totals because of rounding. 977 AUGUST 1947 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

TRANSACTIONS IN GOLD AT PREMIUM PRICES1 It is well known that active speculative markets their jurisdictions to prevent such dealings. The in gold exist in various foreign countries. For the Fund emphasized that these transactions tend to most part, these markets are illegal, though in a undermine exchange stability and cause gold to few instances importation or sale of gold is legal flow into private hoards rather than into monetary or is tolerated. Under present circumstances gold reserves. Furthermore, in countries where the gold is traded in many foreign centers, often against is sold, payment is often made with dollars illegally acquired or held. Moreover, foreign exchange United States dollars, at prices above monetary which otherwise could be used for sorely needed parities. The premiums differ from one center imports is diverted to the purchase of gold for to another, so that speculators can make large private hoards. profits by purchasing gold in one foreign market In view of these circumstances, and on genera] and selling it in another. grounds of the national policy, the Treasury De- The International Monetary Fund recently issued partment and the Board of Governors of the Federal a statement2 deprecating international dealings in Reserve System request American individuals, gold at premium prices, and requesting member banks and business enterprises to refrain fr6m encountries to take such action as they can within couraging and facilitating this traffic and in particular to refrain from extending the use of their 3 Joint statement issued on July 18 by the Secretary of the Treasury and the Board of Governors of the Federal Reserve facilities and funds for the carrying out of such System. 2 See Federal Reserve BULLETIN for July 1947, p. 851. transactions. TERMINATION OF RATION BANKING PROGRAM The Ration Banking Program inaugurated in accounts except that they were kept in units of 1943 as a part of the general ration control program measure instead of units of value. The ration dewas terminated effective July 1, 1947. Since June positor drew ration checks on his ration account in 30, ration banking activity in the banks has been favor of his supplier of goods. The general public limited to the clearance of a small number of ration did not participate in ration banking. In addition checks which failed to clear to the bank on which to the thousands of commercial banks participating drawn prior to the closing date and to the rendering in the ration banking program, the facilities of the of final statements and reports. Federal Reserve Banks and their 24 branches were The Ration Banking Plan, as described in the used in effecting the clearance of ration checks. Federal Reserve BULLETIN for February 1943, was In a letter dated June 4, 1947, addressed to all developed by the Office of Price Administration banks participating in ration banking, Irvin L. with the cooperation of Federal and State bank Rice, Acting Administrator of the Sugar Rationing supervisory authorities, the American Bankers As- Administration, United States Department of Agrisociation, and representative bankers. After having culture, in announcing the termination of the ration been tested in 33 banking offices in the Albany- banking program, stated: Troy-Schenectady area of New York, the Plan was "The activities of those banks which participated placed in operation on a nation-wide basis in in ration banking will, I feel confident, be recorded January 1943. in history as an outstanding contribution to the war Under ration banking, ration stamps, coupons, effort. The people are greatly indebted to the Nacertificates, tokens, and other ration evidences taken in by storekeepers, wholesalers, and other sellers tion's banking institutions for the major parts they of rationed commodities in the course of business played in assisting in the equitable distribution of from their customers were deposited with the par- scarce commodities. Their participation in the Raticipating banks to the credit of the ration accounts tion Banking Program has been an important cog in of the depositors. Ration bank accounts were han- the rationing system. I wish to take this opportunity dled in much the same manner as regular bank to express my persona! gratitude to them." 978 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT Administrative interpretations of banking laws, new regulations issued by the Board of Governors, and other similar material. Consumer Credit Continuation for the next three months of present Authorization to Continue Regulation controls, as now provided under Regulation W of the Federal Reserve Board, has, however, been per- By Joint Resolution of Congress approved August mitted and implied by the Congress and this is 8, 1947, the authority of the Board of Governors preferable to immediate abandonment of these reof the Federal Reserve System to exercise regulastraints. For that reason I have signed the Joint tory control of consumer credit was continued for Resolution. a temporary period. Under this law, such control Not only during the next three months while the cannot be exercised after November 1, 1947. The controls remain in full force and effect but for an text of the Joint Resolution and an accompanying indefinite period thereafter, it will be in the public statement issued by the President are set forth interest for every merchant and financial agency [PUBLIC LAW 386—80TH CONGRESS] extending instalment credit to avoid undue relaxa- [CHAPTER 517—1ST SESSION] tion of terms. It will be far better to reduce prices [S. J. RES. 148] rather than to relax terms in seeking new customers. JOINT RESOLUTION Self-restraint on the part of those who use credit as To authorize the temporary continuation of regulation of well as upon the part of those who extend it will consumer credit. reduce the danger of an overexpansion of instal- Resolved by the Senate and House of Representatives of ment credit which would inevitably be followed by the United States of America in Congress assembled, That severe contraction, thereby contributing to unemafter November 1, 1947, the Board of Governors of the Fedployment and to reduced production. eral Reserve System shall not exercise consumer credit controls pursuant to Executive Order Numbered 8843, and no Cost of Federal Reserve Branch such consumer credit controls shall be exercised after such date except during the time of war beginning after the date Bank Buildings of enactment of this joint resolution or any national emer- Under a provision of Section 10 of the Federal gency declared by the President after the date of enactment Reserve Act, the cost of a branch bank building of of this joint resolution. Approved August 8, 1947. a Federal Reserve Bank, exclusive of the cost of vaults, permanent equipment, furnishings, and fix- STATEMENT BY THE PRESIDENT tures, is limited to $250,000. This provision was August 8, 1947 amended by Act of Congress approved July 30, # 1947, to provide that the limitation shall not apply I have today approved the Joint Resolution of as long as the aggregate of such costs incurred by Congress (S. J. Res. 148) authorizing continuation all Federal Reserve Banks for branch bank buildof regulation of consumer instalment credit until ings with the approval of the Board of Governors November 1, 1947. I regret that the Congress did does not exceed $10,000,000. The text of the Act not see fit to follow the recommendation of the is as follows: Federal Reserve Board and of the Council of Economic Advisers, in which I fully concurred, by en- [PUBLIC LAW 262—80TH CONGRESS] acting legislation to provide for continuing as long [CHAPTER 352—1ST SESSION] [S. 1519] as necessary regulation of consumer credit as a AN ACT means of helping to promote economic stability. It To amend Section 10 of the Federal Reserve Act, as amended, is unfortunate that the Congress did not provide and for other purposes. for restraints on overexpansion of instalment credit Be it enacted by the Senate and House of Representatives in order to diminish inflationary pressures arising of the United States of America in Congress assembled, That from this source. the ninth paragraph of Section 10 of the Federal Reserve AUGUST 1947 979 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT Act, as added by the Act of June 3, 1922, and amended by SEC. 2. Section 12B(d) of the Federal Reserve Act, as the Act of February 6, 1923 (U. S. C, title 12, sec. 522), amended (U. S. C, title 12, sec. 264(d)), is hereby reis hereby amended by changing the period at the end thereof pealed. to a colon and by adding the following proviso: "Provided SEC. 3. Section 12B(b) of the Federal Reserve Act, as further, That the cost as above specified shall not be so amended (U. S. C, title 12, sec. 264(b)), is amended by limited as long as the aggregate of such costs which are in- striking out "$10,000" and inserting in lieu thereof curred by all Federal Reserve banks for branch bank build- "$15,000." ings with the approval of the Board of Governors after the SEC. 4. Section 12B(o) of the Federal Reserve Act, as date of enactment of this proviso does not exceed $10,000,- amended (U. S. C, title 12, sec. 264(o)), is amended to 000." read as follows: Approved July 30, 1947. "(o) The Corporation is authorized to borrow from the Treasury, and the Secretary of the Treasury is authorized and Cancellation of Stock of Federal Deposit directed to loan to the Corporation on such terms as may be Insurance Corporation fixed by the Corporation and the Secretary, such funds as in the judgment of the Board of Directors of the Corporation By Act of Congress approved August 5, 1947, are from time to time required for insurance purposes, not provision was made for the retirement and cancel- exceeding in the aggregate $3,000,000,000 outstanding at any lation of the capital stock of the Federal Deposit one time: Provided, That the rate of interest to be charged Insurance Corporation, including both that sub- in connection with any loan made pursuant to this paragraph shall not be less than the current average rate on outstandscribed to by the United States and that subscribed ing marketable and nonmarketable obligations of the United to by the Federal Reserve Banks. The amount re- States as of the last day of the month preceding the making ceived by the Corporation for such stock is to be of such loan. For such purpose the Secretary of the Treaspaid in both instances to the Treasury of the United ury is authorized to use as a public-debt transaction the proceeds of the sale of any securities hereafter issued under the States. The Act also increased the compensation of Second Liberty Bond Act, as amended, and the purposes for directors of the Corporation and authorized the which securities may be issued under the Second Liberty Secretary of the Treasury to loan to the Corpora- Bond Act, as amended, are extended to include such loans. tion such funds as are required for insurance pur- Any such loan shall be used by the Corporation solely in carrying out its functions with respect to such insurance. All poses, not to exceed $3,000,000,000 outstanding at loans and repayments under this section shall be treated as any one time. The text of the Act is as follows: public-debt transactions of the United States." Approved August 5, 1947. [PUBLIC LAW 363—80TH CONGRESS] [CHAPTER 492—1ST SESSION] Common Trust Funds [S. 1070] Acquisition of Interest in Participations AN ACT The Board was recently advised by a bank that To provide for the cancellation of the capital stock of the it occasionally makes loans to the trustors of re- Federal Deposit Insurance Corporation and the refund of vocable living trusts secured by assignments of their moneys received for such stock, and for other purposes. interests in the trusts. The bank inquired whether, Be it enacted by the Senate and House of Representatives when such a loan is made to the trustor of a trust of the United States of America in Congress assembled, That the Federal Deposit Insurance Corporation is directed to re- which holds participations in the common trust tire its capital stock by paying the amount received therefor fund operated by the bank, the bank acquires an (whether received from the Secretary of the Treasury or the interest in such participations within* the meaning Federal Reserve Banks) to the Secretary of the Treasury as of the following provisions of section 17(a) of hereinafter provided, to be covered into the Treasury as miscellaneous receipts. As soon as practicable after the enact- Regulation F: ment of this Act, the Corporation shall pay to the Secretary "(2) A bank administering a Common so much of its capital and surplus as is in excess of $1,000,- Trust Fund shall not invest any of its own 000,000. The balance of the amount to be paid to the Secretary shall be paid in units of $10,000,000 except that the last funds in such Common Trust Fund and if a unit to be paid may be less than $10,000,000. Each unit bank, because of a creditor relationship or any shall be paid as soon as it may be paid without reducing. other reason, acquires any interest in a particithe capital and surplus of the Corporation below $1,000,pation in a Common Trust Fund under its 000,000. As each payment is made a corresponding amount of the capital stock of the Corporation shall be retired and administration the participation shall be withcanceled and the receipt or certificate therefor shall be sur- drawn on the first date on which such withrendered or endorsed to show such cancellation. The stock drawal can be effected in accordance with the subscribed by the various Federal Reserve Banks shall be reprovisions of this section;" tired and canceled, pro rata, before the stock subscribed by the Secretary is retired and canceled. The Board is of the opinion that a loan such as 980 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT that described may cause the bank to have an inter- only if the broker borrows the securities for the est in participations in the common trust fund, purpose specified in the provision, that is, "for the within the meaning of Regulation F, even though purpose of making delivery of such securities in the there has been no default on the loan. case of short sales, failure to receive securities he is The Board has heretofore expressed the opinion required to deliver, or other similar cases." The that a plan for the operation of a common trust present language of the provision does not require fund which contained the following provision is that the delivery for which the securities are bornot in conflict with Regulation F: rowed must be on a transaction which the borrower has himself made, either as agent or as principal; "The Trust Company shall not be deemed he may borrow under the provision in order to to have acquired an interest in a participation relend to someone else for the latter person to make in the common fund by reason of an advance to such a delivery. However, the borrowing must be the trust holding such participation (1) if the related to an actual delivery of the type specified— Trust Company is not entitled to reimbursea delivery in connection with a specific transaction ment out of the principal of the participating that has already occurred or is in immediate prostrust, or (2) if the advance is adequately sepect. The provision does not authorize a broker cured by assets of the participating trust other to borrow securities (or make the related deposit) than the participation in the common fund." merely in order that he or some other broker may The Board believes that the same principles ap- have the securities "on hand" or may anticipate ply to loans of the character described above, and some need that may or may not arise in the future. that this is as liberal an interpretation of the Regu- The ruling in the 1940 Federal Reserve BULLETIN, lation as can be justified. Under the facts pre- at page 647, is an example of a borrowing which, sented, it appears that the bank could resort to the on the facts as given, did not meet the requirement. principal of the participating trusts to collect the There, the broker wished to borrow stocks with loans. Accordingly, in making such a loan, the the understanding that he "would offer to lend this bank acquires an interest in participations in the stock in the 'loan crowd' on a national securities common trust fund, within the meaning of the exchange." There was no assurance that the stocks Regulation, unless the loan is adequately secured by would be used for the purpose specified in section assets other than such participations. 6(h); they might be, or they might merely be held idle while the person lending the stocks had the Margin Requirements use of the funds deposited against them. The ruling Borrowing of Securities held in effect that since the borrowing could not The Board of Governors has been asked for a qualify under section 6(h) it must comply with ruling as to whether section 6(h) of Regulation T, other applicable provisions of the Regulation. which deals with borrowing and lending of se- The second requirement is that the deposit of curities, applies to a borrowing of securities if the cash against the borrowed securities must be "bona lender is a private individual, as contrasted with a fide." This requirement naturally cannot be spelled member of a national securities exchange or a broker out in detail, but it requires at least that the purpose or dealer. of the broker in making the deposit should be to ob- Section 6(h) does not require that the lender tain the securities for the specified purpose, and that of the securities in such a case be a member of a he should not use the arrangement as a means of acnational securities exchange or a broker or dealer. commodating a customer who is seeking to obtain Therefore, a borrowing of securities may be able to more funds than he could get in a general account. qualify under the provision even though the lender The Board recognizes that even with these reis a private individual, and this is true whether the quirements there is still some possibility that the security is registered on a national securities ex- provision may be misapplied. The Board is rechange or is unregistered. In borrowing securities luctant to impose additional burdens on legitimate from a private individual under section 6(h)> how- transactions by tightening the provision. If there ever, it becomes especially important to bear in mind should be evidence of abuses developing under the two limitations that are contained in the section. provision, however, it would become necessary to The first limitation is that the section applies consider making it more restricted. AUGUST 1947 981 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT EVENTS AND ANNOUNCEMENTS Federal Reserve Reprints of Governors of the Federal Reserve System, Washington 25, D. C. Reprints of BULLETIN articles and other current releases regularly issued by the Board are listed on pages 1066-69 of this issue, together with the usual Admissions of State Banks to Membership in the Federal Reserve System list of Board publications. The list of all available reprints and releases will be repeated at semiannual The following State banks were admitted to intervals. A select list, including current additions, membership in the Federal Reserve System during will be included in all intervening issues. the period June 16, 1947 to July 15, 1947: Many of the reprints listed in this issue of the BULLETIN are of articles which were published Alabama many years ago and are now primarily of historical Tuskegee—Alabama Exchange Bank or educational interest. Available supplies of these, some of which are limited, will be retained for dis- Idaho tribution on request only through October 1947. These reprints are indicated with an asterisk. Mackay—American State Bank Others will be retained for longer periods. Texas Copies of reprints may be obtained by writing to the Division of Administrative Services, Board Hereford—Hereford State Bank 982 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS [Compiled July 28, and released for publication July }Q] Industrial production declined somewhat further Contraction in nondurable goods production conin June and the early part of July. Value of retail tinued in June, reflecting chiefly earlier declines in trade continued to show little change, after allow- domestic demands for these goods as well as some ance for seasonal changes. Prices of commodities slackening in export demands. Further reductions traded in the organized markets generally advanced in output in the textile industry accounted for most and prices of coal and iron and steel were increased. of the decline in June, but there were also decreases in activity in most other nondurable goods lines INDUSTRIAL PRODUCTION except meat packing, petroleum refining, and newsprint consumption. Total output of manufactures and minerals, as Production of minerals decreased somewhat in measured by the Board's seasonally adjusted index, June as a decline in production of bituminous coal which reached a postwar peak of 190 per cent of more than offset gains in output of anthracite and the 1935-39 average in March, had declined to 183 crude petroleum. by June and a further reduction is indicated in July. Durable goods production continued to decline EMPLOYMENT slightly in June, reflecting mainly further small Employment in most types of nona^,-'cultural reductions in demand for various metals and metal establishments continued to show little change in products and building materials. Automobile pas- June, after allowance for seasonal changes. Further senger car production, however, which has been reductions in employment in the textile and rubber limited by the available supply of steel sheets, industries were offset by increased employment in increased in June. In July the rate of automobile automobile plants and in some nonmanufacturing production was reduced again, reflecting partly a lines. temporary curtailment in supplies of steel. Produc- CONSTRUCTION tion of steel was curtailed in the early part of July Value of construction contracts awarded, as reas a result partly of uncertainties surrounding the ported by the F. W. Dodge Corporation, declined signing of a new wage contract in the bituminous 10 per cent from May to June, reflecting chiefly a coal industry, but at the end of July steel operations further decrease in awards for most types of private again were scheduled at a rate of 94 per cent of capacity. CONSTRUCTION CONTRACTS AWARDED INDUSTRIAL PRODUCTION MILLIONS OF DOLLARS PHYSICAL VOLUME: SEASONALLY ADJOSTEP", 1935-3i r \ - / \ - / I / / - / r - J - J - - 1939 1941 1943 1945 1947 1941 1943 J945 1947 1339 1940- 1944 1942 1943 1944 1945 (946 1947 F. W. Dodge Corparsttcm data for 37 Easter® States. Non- Federal Reserve index. Monthly figtwres, latest shown are residential includes awards for buildings and pttbiic works and for June. utilities. Monthly figures, latest shown are for June. AUGUST 1947 983 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS construction. Awards for public construction, fol- other products were reduced. Toward the end of lowing increases in earlier months of the year, the month prices of wheat and cotton declined conshowed little change. New dwelling units started, siderably. according to preliminary estimates of the Bureau Retail prices of foods increased somewhat in of Labor Statistics, continued to increase in June June and the consumers' price index of the Bureau and amounted to 75,000 units as compared with of Labor Statistics, at 157 per cent of the 1935-39 65,000 in June 1946. average, was slightly above the March peak. DISTRIBUTION TREASURY FINANCE AND BANK CREDIT Department store sales in June and the first On July 2, the Federal Open Market Committee three weeks of July showed about the usual seasonal of the Federal Reserve System directed the Federal decline and were 6 per cent greater than in the Reserve Banks to terminate the policy of buying same period last year. The Board's seasonally adall bills offered at the fixed rate of % per cent and justed index of sales was about 290 per cent of the to terminate the repurchase option privilege on 1935-39 average in May and June as compared Treasury bills; the new policy applied to bills issued with 270 during the first four months of the year. on or after July 10. The average rates bid on the Value of sales at most other retail stores, after weekly bill offerings rose to .74 per cent for the allowance for seasonal changes, has been slightly issue of July 24. lower in recent months than during the first quarter of the year. Additions to monetary gold stock during June and the first three weeks of July, together with a Despite a marked expansion in grain shipments return flow of currency from circulation during in June ?nd the early part of July, total loadings July following a seasonal increase prior to July 4, of railroad revenue freight declined considerably, resulted in a growth in member bank reserve balreflecting the temporary curtailment in coal shipances. Required reserves increased, reflecting a ments in this period and a further decline in shipfurther growth in deposits at member banks. ments of manufactured goods. Commercial and industrial loans at banks in COMMODITY PRICES leading cities outside New York increased somewhat between early June and mid-July, following Prices of commodities traded in the organized a decline which had been in progress since early markets generally advanced somewhat in June and April. Real estate and consumer loans continued the early part of July. Prices of coal, pig iron, and to increase. Government security holdings at various steel products were also increased in this banks in leading cities increased by over 600 million period. Wholesale prices of chemicals and some dollars between June 4 and July 16 with most of the additions at New York City banks. CONSUMERS' PRICES PER CENT 1935-39-100 MEMBER BANK RESERVES AND RELATED ITEMS .IONS OF DOLLARS 1939 1940 1941 1942 1943 1944 1945 1946 1947 Bureau of Labor Statistics' indexes. "All items" includes housefurnishings, fuel, and miscellaneous groups not shown 1940 1941 1942 1943 1944 1945 1946 .947 separately. Midmonth figures, latest shown are June for food and all items, May for clothing and rent. Wednesday figures, latest shown are for July 23. 984 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FINANCIAL, INDUSTRIAL, AND COMMERCIAL STATISTICS UNITED STATES PAGE Member bank reserves, Reserve Bank credit, and related items 987 Federal Reserve Bank discount rates; rates on industrial loans, guarantee fees and rates under Regulation V; rates on time deposits; reserve requirements; margin requirements 988 Federal Reserve Bank statistics. 989-993 Guaranteed war production loans 993 Deposits and reserves of member banks 993-994 Money in circulation 995-996 Gold stock; bank debits and deposit turnover 996 Deposits and currency; Postal Savings System; bank suspensions.... 997 All banks in the United States, by classes 998-999 All insured commercial banks in the United States, by classes 1000-1001 Weekly reporting member banks 1002-1005 Commercial paper, bankers' acceptances, and brokers' balances. . 1006 Money rates and bond yields 1007 Security prices and new issues 1008-1009 Corporate earnings and dividends.. 1010 Treasury finance 1011-1013 Government corporations and credit agencies 1014 Business indexes 1015-1024 Department store statistics. . 1025-1027 Consumer credit statistics... 1028-1030 Cost of living 1031 Wholesale prices 1032 Gross national product, national income, and income payments. . 1033 July crop report, by Federal Reserve districts. 1034 Current statistics for Federal Reserve chart books. . 1035-1039 Number of banking offices in the United States. . 1040 Member bank operating ratios, 1946. ... 1041-1043 Earnings and expenses of Federal Reserve Banks for six-month period ended June 30, 1947.. 1044 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. AUGUST 1947 985 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

'MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS BILLIONS OF DOLLARS WEDNESDAY FIGURES BILLIONS OF DOLLARS MONEY IN CIRCULATION MEMBER BANK RESERVE BALANCES TREASURY CASH AND DEPOSITS NONMEMBER DEPOSITS 1939 1940 1941 1942 1943 1944 1945 1946 1947 TOTAL RESERVE BANK HOLDINGS OF U. S. GOVERNMENT SECURITIES 15 10 10 1939 1940 194! 1942 1943 1944 (945 [946 1947 Wednesday figures, latest shown are for July 23. See p. 987. 986 FEDERAL RESERVE BUIXETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS [In millions of dollars] Reserve Bank credit outstanding Member bank reserve Treas- balances U.S. Government Treas- Other Dis- securities Gold c u u ry r- M in o c n i e r y - T u re r a y s- u p w r o y i s t d i h t e s - m N e o m n- - F e e ra d l - Date v co a a a n u n d c d n - e ts s Total T b a u r i e n r l a y d ls s- o A th l e l r ot A he l! r1 Total stock s 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 g s d h s - F B e s R e d a r e n e v r - k e a s l b p e o r s d it e s - c s o R e a u r c e v n - - e ts Total c E e x ss - 1 certificates Monthly averages of daily figures: 1946—Apr. . . . 433 22,260 19,855 2,406 376 23,07020,252 4,510 27,923 2,261 448 1,120 550 15,531 1,024 May 212 22,699 20,076 2,623 458 23,36920,246 4,534 27,978 2,263 556 1,074 551 15,727 956 June 245 23,152 20,570 2,582 503 23,90020,267 4,536 28,140 2,266 686 1,053 561 15,996 943 1947—Apr 208 22,104 20,998 1,105 411 22,72220,586 4,558 28,185 1,329 723 1,060 639 15,931 833 May 130 21,782 20,686 1,096 372 22,28420,865 4,559 28,158 1,340 612 993 627 15,978 784 June 162 21.658 20,561 1,097 397 22,21721,092 4,560 28,236 1,339 557 950 632 16,154 785 End-of-month figures: 1946—Apr. 30 279 22,732 20,166 2,566 346 23,35720,251 4,537 27,885 2,263 679 1,166 547 15,606 959 May 31 254 22,932 20,291 2,641 331 23,51820,242 4,535 28,120 2,257 846 866 553 15,653 807 June 29 15723,783 21,280 2,503 516 24,45620,270 4,539 28,245 2,251 833 1,250 561 16,123 1,112 1947—Apr. 30 125 21,857 20,752 1,105 223 22,205 20,774 4,561 28,114 1,329 619 1,025 627 15,826 654 May 31 179 22,088 20,984 1,105 471 22,738 20,933 4,558 28,261 :,330 728 1,044 629 16.238 991 June 30 70 21,872 20,775 1,097 228 22,17021,266 4,552 28,297 ,314 756 881 629 16,112 738 Wednesday figures: 1946—Sept. 4 291 23,387 22,036 1,351 332 24,01120,284 4,543 28,506 2,281 293 1,188 581 15,989 778 Sept. 11.... 250 23,291 21,940 1,351 395 23,93520,288 4,545 28,499 2,280 199 1,122 581 16,086 754 Sept. 18. ... 262 23,421 22,070 1,351 541 24,22420,288 4,545 28,453 2,265 359 1,111 588 16,280 872 Sept. 25.... 294 23,866 22,515 1,351 425 24,58520,301 4,547 28,448 2,279 928 1,212 590 15,975 724 Oct. 2.... 218 23,555 22,126 1,428 368 24,14020,306 4,546 28,526 1,301 357 1,045 597 16,166 934 Oct. 9 271 23,502i 22,074 1,428 275 24,04820,305 4,544 28,608 2,270 483 920 598 16,019 766 Oct. 16. .. 254 23,418 21,973 1,445 480 24,152 20,304 4,545 28,597 1,274 524 868 596 16,142 855 Oct. 23.... 248 23.056 21,610 1,445 332 23,63620,388 4,546 28,585 2.,270 369 972 595 15,779 435 Oct. 30.... 238 23,608 22,162 1,445 256 24,10120,399 4,548 28,588 2,285 462 1,006 595 16,111 737 Nov. 6 376 23,515 22,020 1,494 216 24,10720,405 4,548 28,750 >,276 408 967 599 16,060 637 Nov. 13 397 23,684 22,105 1,578 484 24,56520,420 4,548 28,761 1'294 577 1,044 599 16,259 838 Nov. 20 330 23,522 21,933 1,588 463 24,31420,461 4,548 28,689 2,285 633 1,021 597 16,098 618 Nov. 27.... 283 23,682 22,093 1,588 451 24,41620,469 4,548 28,815 2,271 665 953 598 16,131 643 Dec. 4.... 246 23,888 22,239 1,648 452 24,58520,477 4,550 28,906 2,288 679 917 600 16,222 669 Dec. 11... 290 24,128 22,479 1,648 378 24,79620,450 4,551 28,946 2,270 626 875 601 16,479 874 Dec. 18... 303 23,211 22,102 1,109 815 24,32820,477 4,554 29,109 2,208 237 770 609 16,517 656 Dec. 24 340 23,722 22,613 1,109 815 24,87720,527 4,554 29,163 2,258 547 848 612 16,530 913 Dec. 31... 163 23,350 22,241 1,109 581 24,09320,529 4,562 28,952 2,272 393 822 607 16,139 562 1947—Jan. 8.... 247 23,733 22,624 1.109 396 24,37520,531 4,561 28,748 2,281 401 966 614 16,457 903 Jan. 15.... 243 23,327 22,218 1,109 536 24,10520,567 4,560 28,518 2,291 409 967 615 16,431 850 Jan. 22.... 238 23,430 22,322 1,109 533 24,20120,692 4,559 28,369 2,295 862 1,004 613 16,308 726 Jan. 29 317 23,863 22,754 1,109 335 24,51420,808 4,559 28,265 2,325 1,536 1,021 612 16,124 663 Feb. 5.... 278 23,412 22,303 1,109 359 24,05020,749 4,559 28,295 2,320 1,162 863 622 16,095 761 Feb. 12 393 23,803 22,694 1,109 442 24,63820,751 4,558 28,346 2,335 1,711 938 623 15,994 779 Feb. 19... 342 23,918 22,773 1,145 414 24,67420,770 4,556 28,276 2,324 2,358 649 623 15,770 614 Feb. 26... 392 24,044 22,861 1,183 326 24,76120,322 4,556 28,262 1,381 2,372 1,218 624 15,781 703 Mar. 5 239 23,242 22,044 1,198 323 23,80420,376 4,557 28,335 1,331 1,407 1,108 626 15,930 800 Mar. 12 237 23,247 22,050 1,198 295 23,78020,403 4,557 28,330 1,335 1,429 1,172 627 15,847 718 Mar. 19 234 22,411 21,306 1,105 402 23,047 20,413 4,557 28,242 1,335 713 1,148 636 15,943 673 Mar. 26 28722,810 21,704 1,105 390 23,48620,438 4,556 28,170 1,355 1,600 1,060 637 15,658 559 Apr. 2 429 21,938 20,833 1,105 391 22,75820,486 4,557 28,247 1,333 946 1,093 642 15,540 563 Apr. 9 277C22,276 21,171 1,105 339 22,89320,497 4,559 28,250 1,336 753 1,033 641 15,934 886 Apr. 16 101 21,905 20,800 1.105 468 22,474 20,583 4,558 28,163 1,332 613 879 641 15,987 844 Apr. 23.... 141 21,829 20,724 1,105 259 22,23020,621 4,558 28,105 ]1,338 482 1,021 643 15,820 658 Apr. 30 125 21,857 20,752 1,105 223 22,205 20,774 4,561 28,114 L.329 619 1,025 627 15,826 654 May 7... 102 21,852 20,747 1,105 276 22,230 20,811 4,560 28,197 1,328 654 918 626 15,877 654 May 14 139 21,762 20,671 1,091 331 22,23320,878 4,559 28,134 1,337 556 1,066 628 15,949 787 May 21 117 21,676 20,589 1,087 278 22,07120,888 4,559 28,116 1,338 539 957 626 15,942 752 May 28 13021,590 20,485 1,105 299 22,01920,932 4,561 28,211 1,372 751 846 626 15,705 520 June 4. . . . 17321,760 20,664 1,097 301 22,234 20,990 4,561 28,261 1,366 653 956 629 15,921 626 June 11 175 21.578 20,482 1,097 287 22,04021,026 4,561 28,253 L.332 495 889 629 16,028 667 June 18 132 21,186 20,089 1,097 479 21,797 21,123 4,561 28,195 1,333 225 857 632 16,241 750 June 25 132 21,582 20,485 1,097 343 22,057 21,174 4,553 28,183 1,329 642 915 636 16,081 674 July 2... 110 21,629 20,532 1,097 406 22,14521,284 4,559 28,409 1,325 658 977 631 15,988 526 July 9... 12021,611 20,515 1,097 304 22,03521,336 4,551 28,363 1,329 566 844 631 16,190 670 July 16. .. 99 21,758 20,663 1,095 391 22,24821,434 4,550 28,225 1,331 756 952 631 16,336 P8O3 July 23.. . 118 21,700 20,605 1,095 275 22,093 21,467 4,550 28,145 1,330 939 818 633 16,244 P69S p Preliminary. c Corrected. 1 Includes industrial loans and acceptances purchased shown separately in subsequent tables. 1 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. AUGUST 1947 987 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANK DISCOUNT RATES [In effect July 31. Per cent per annum] Discounts for and advances to member banks Advances to individuals, partnerships, or corpora- Advances secured by tions other than member Federal Reserve Bank G d o s i e s v c c e u o r r 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 e r n s d Other [ s S e e c c u . r e 1 d 0 (b a ) d ] vances b o a b n li k g ( s l a a t s i s o t e n c p s u a r r o e . d f S t e h b c e y . 1 U 3 d . ) i r S e . ct (Sees. 13 and 13a)1 Rate Effective Rate Effective Rate Effective Boston Apr. 27,1946 IK Oct. 27,1942 Mar. 29, 1946 New York.... Apr. 25,1946 IK Oct. 30,1942 Apr. 6, 1946 Philadelphia.. Apr. 25,1946 IK Oct. 17,1942 Mar. 23, 1946 Cleveland.... May 3,1946 IK Sept. 12,1942 2 Mar. 9, 1946 A Ri t c la h n m ta ond M M a a y y 1 1 0 0 , ,1 19 9 4 4 6 6 I I K K O O c c t t . . 1 2 5 8 , , 1 1 9 9 4 4 2 2 V M M a a r r . . 1 16 6 , , 1 1 9 9 4 4 6 6 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 2K 1 Rates shown also apply to advances secured by obligations of Federal intermediate credit banks maturing within 6 months. NOTE.—Maximum maturities for discounts and advances to member banks are: 15 days for advances secured by obligations of the Federal Farm Mortgage Corporation or the Home Owners' Loan Corporation guaranteed as to principal and interest by the United States, or by obligations of Federal intermediate credit banks maturing within 6 months; 90 days for other advances and discounts made under Sections 13 and 13a of the Federal Reserve Act (except that discounts of certain bankers' acceptances and of agricultural paper may have maturities not exceeding 6 months and 9 months, respectively); and 4 months for advances under Section 10(b). The maximum maturity for advances to individuals, partnerships, or corporations made under the last paragraph of Section 13 is 90 days. Back figures.—See Banking and Monetary Statistics, Tables 115-116, pp. 439-443. FEDERAL RESERVE BANK BUYING RATES ON BILLS FEDERAL RESERVE BANK RATES ON INDUSTRIAL LOANS [Per cent per annum] AND COMMITMENTS UNDER SECTION 13b OF THE FEDERAL RESERVE ACT Rate on In effect be- Previous Maturities not exceeding five years Maturity July 31 ginning— rate [In effect July 31. Per cent per annum] Treasury bills issued prior to To industrial or July 10, 1947 lH Apr. 30, 1942 commercial To financing institutions Bankers' acceptances: businesses 1- 90 days 1 2Aug. 24, 1946 i 1 9 2 1 1 - - 1 1 2 8 0 0 d d a a y y s s 1 1 2 2 O A c u t. g . 2 2 0 4 , , 1 1 9 9 3 4 3 6 R Fe e d se e r r v a e l On p d u i r s c c h o a u s n e t s s or 2 1 D Pr a i t o e r o to n J w ul h y i c 1 h 0 , r a 1 t 9 e 4 7 b , e r c a a t m e e a p e p f l f i e e c d ti v to e a a l t l o th u e ts t F a e n d d e i r n a g l T R r e e s a e s r u v r e y B b a il n ls k . Bank lo O an n s 1 co m m O e m n n t i s t- fo P r o r w ti h o i n ch Re- co m m O e m n n t i s tof New York. institu- maining Back figures.—See Banking and Monetary Statistics, Table 117, tion is portion pp. 443-445. obligated MEMBER BANK RESERVE REQUIREMENTS N Bo ew st on York... 2 2 K K - - 5 5 K-l [Per cent of deposits] Philadelphia. 2K-5 Net demand deposits1 Time C R l i e c v h e m la o n n d d . .. . . . 2 2 K K - - 5 5 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 t s ry d m b e a e p ( n m a o k l s b l s i e ) ts r A S M C K t h t a . i l i n n a c L n s n a o a e g t s u a a o i p s C o i l t i y s. . 2 2 2 2 2 K K K K K - - - - - 5 5 5 5 5 Dallas 2K-5 June 21, 1917-Aug. 15, 1936.. 13 10 7 3 San Francisco 2K-5 Aug. 16, 1936-Feb. 28, 1937.. 19K 15 IOK 4K A M M N A p u o a a r y g v r . . . . 2 1 0 6 1 1 1 , , , , , 1 1 1 1 1 9 9 9 9 9 3 4 3 3 4 1 8 7 2 7 - - - - - A O A S A e u c p p p t g r r . t . . . . 3 3 1 1 1 1 9 0 3 5 , , , , , 1 1 1 1 1 9 9 9 9 9 4 4 3 4 3 2 1 2 7 8 . . . . . . . . . . 2 2 2 2 2 4 6 6 2 2^ K 2 2 2 1 1 0 0 0 7 7 K K 1 1 1 1 1 4 4 2 4 2 yi 6 6 6 5 2 1 4 1 M R R In a a a c t t y l e e u d c c c i h h h n a a g a r r r g g l g e e o e d d a n b r b s a o o m t r r e r r a o o d w c w e h e e a r i r n r . l g e p e s a d s r t c i b o c o m ip r m r a o t i i w t o m e n r e w n b t i t y h r a f t f i i e n n . a a n n c c i i n n g g i i n n s s t t i i t t u u t t i i o o n n, s . if Sept. 14, 1942-Oct. 2, 1942.. 22 20 14 6 lower. Oct. 3, 1942 and after 20 20 14 6 • Charge of }4 per cent is made on undisbursed portion of loan. Back figures.—See Banking and Monetary Statistics, Table 118, pp. 446-447. 1 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. MARGIN REQUIREMENTS * MAXIMUM RATES ON TIME DEPOSITS [Per cent of market value] Maximum rates that may be paid by member banks as established by the Board of Governors under provisions of Regulation Q. July 5, Jan. 21, Effec- [Per cent per annum] Prescribed in accordance with 1945- 1946- tive Securities Exchange Act of 1934 Jan. 20, Jan. 31, Feb. 1, Nov.l, 1933-Feb.l, 1935- Effective 1946 1947 1947 Jan. 31,1935 Dec.31,1935 Jan. 1,1936 Savings deposits 2K 2K Regulation T: Postal savings deposits 2K 2K For extensions of credit by brokers Other deposits payable: and dealers on listed securities 75 100 75 In 6 months or more 2K 2K 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. 504 988 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRINCIPAL ASSETS AND LIABILITIES OF ALL FEDERAL RESERVE BANKS [In thousands of dollars] Wednesday figures End of month Item 1947 1947 1946 July 30 July 23 July 16 July 9 July: June 25 June 18 July June July Assets Gold certificates. 19,618,17919,500,17919,475,17919,376,17919,347,17919,229,17919,181,17619,621,17919,329,17817,339,209 Redemption fund for F. R. notes 672,936 723,670 723,671 725,689 709, 896 709,924 710,242 674,936 709,924 766,272 Total gold certificate reserves.... 20,291,11520,223,849 20,198,850 20,101,86820,057,07519,939,10319,891,41820,296,11520,039,10218,105,481 Other cash 270,975 272,963 253,498 231,906 218,778 239,935 230,050 277,080 233,675 307,379 Discounts and advances: For member banks... 81,477 90,971 71,823 93,129 82, 104,833 108,231 107,752 42,397 125,354 For nonmember banks, etc 29,530 27,530 27,530 27,530 27, 27,530 24,530 29,530 27,530 120,000 Total discounts and advances 111,007 118,501 99,353 120,659 109,885 132,363 132,761 137,282 69,927 245,354 Industrial loans 1,723 1,730 1,731 1,738 1,744 1,773 1,706 1,732 1,778 1,173 Acceptances purchased. 33,789 U. S. Govt. securities: Bills: Under repurchase option 4,212,909 4,219,510 4,443,458 4,809,902 4,943,626 5,038,899 4,647,314 3,564,615 5,310,080 5,154,209 Other 10,104,007 9,844,622 9,600,267 9,182,832 9,185,547 9,344,102 9,339,39710,330,616 9,185,547 9,251,820 Certificates: Special , Other 6,599,766 6,541,266 6,619,266 6,521,766 6,403,266 6,102,266 6,102,266 6,558,966 6,279,766 7,875,732 Notes 369,300 369,300 369,300 369,300 369,300 369,300 369,300 369,300 369,300 595,600 Bonds 725,690 725,690 725,690 727,390 727,390 727,390 727,390 725,690 727,390 755,290 Total U. S. Govt. securities 22,011,67221,700,38821,757,98121,611,190 21 629,12921,581,95721,185,66721,549,18721,872,083 23,632,651 Other Reserve Bank credit outstanding.. . 185,358 272,606 388,789 301,886 403,801 341,308 476,992 187,155 226,208 251,229 Total Reserve Bank credit outstanding 22,309,760 22,093,22522,247,854 22,035,473 22,144,559 22,057,40121,797,12621,875,356 22,169,996 24,164,196 Liabilities Federal Reserve notes.. 24,072,745 24,081,64724,150,309 24,243,94624,260,174 24,064,354 24,068,07224,090,05124,154,115 24,244,229 Deposits: Member bank — reserve account 16,353,94216,244,34416,336,22216,190,19115,988,24416,080,58516,240,980 16,007,40816,111,70315,991,184 U. S. Treasurer—general account 704,622 939,169 756,000 565,598 658,199 641,816 224,570 795,403 755,571 513,250 Foreign 587,388 337,801 455,276 340,181 462,542 405,187 305,465 616,149 347,293 823,540 Other 648,796 480,554 496,735 504,278 514,623 509,579 551,367 449,738 533,857 577,845 Total deposits 18,294,748 18,001,86818,044,23317,600,24817,623,60817,637,16717,322,38217,868,698 17,748,42417,905,819 Ratio of gold certificate reserves to deposit and F. R. note liabilities combined (per cent)... 47.9 48.1 47.9 47.9 47.8 48.1 48.4 47.8 43.0 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: June 25 132,363 108,859 4,014 2,735 5,955 10,800 July 2 109,885 85,878 4,269 6,203 13,535 July 9 120,659 83,932 6,997 1,380 19,720 8,630 July 16 99,353 63,811 4,779 3,591 25,078 2,094 July 23 118,501 83,456 1,805 4,385 28,855 Industrial loans: June 25 1,773 1,216 3 34 3 26 53 108 330 July 2 1,744 1,187 3 34 3 26 53 108 330 July 9 1,738 1,189 28 3 27 53 108 330 July 16 1,731 1,183 3 3 26 53 108 330 July 23 1,730 1,182 3 26 53 108 330 U. S. Government securities: June 25 21,581,9574,018,232 2,022,0084,445,568 5,775,622 851,2033,483,534 295,400 148,350 542,040 July 2 21,629,1293,188,2512,291,5934,420,686 5,442,4601,629,753 3,670,596 295,400 148,350 542,040 July 9 21,611,1902,884,033 2,229,553 ,514,595 4,813,0121,382,1113,802,096 295,400 148,350 542,040 July 16 21,757,9812,781, ,300,749 5,626,119 4,708,3931,380,1113,977,096 295,400 148,350 540,340 July 23 21,700,3883,073,482 2,189,240 5,749,339 4,327,030 1,274,6114,102,596 295,400 148,350 540,340 AUGUST 1947 989 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS [In thousands of dollars] San- Total Boston Y N o ew rk - d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago L S ou t. is M ap in o n li e s - K C an it s y as Dallas F c r is a c n o - Assets Gold certificates: June 25..... .i 19,229,179 757.296 5,901,288 814,8521,146,771 924,487 912.5374,447,889 552,690 349,457 594,898 453,4882,373,526 July 2 19,347,179 747,675 6,086,316 815,2891,142,602 943,984 920,3754,076,625 546,865 370,443 579,000 460,9162,657,089 July 9 19,376,179 739,322 6,071,996 805,434 1,150,637 976,653 936,6444,085,698 557,998 376,319 586,707 465,6842,623,087 July 16 19,475,179 738,684 6,301,039 824.062 1,125.983 938.223 905,1104,002,253 558,291 356,247 593,179 469,0682,663,040 July 23 19,500,179 719,839 6,477,668 812,2301,143,484 905.539 878,2193,988,999 553,455i 340,822 583,104 454,6932,642,127 Redemption fund for F. R. notes: June 25 709.924 54,187 114,360 59.732 74.630 54,527 43,632 81,0S8 45,513 21,209 33,255 24,281 103,540 July 2 709,896 54,087 113,945 60,564 75,502 53,781 43,532 80,895 45,478 21,189 33,229 24,251 103,443 July 9 725,689 54,079 118,905 60,545 75,487 53,764 43,515 90,864 45,466 21,185 34,220 24,243 103,416 July 16 723,671 53,935 118,339 60,297 75,289 53,632 43,362 90,657 45,407 21,167 34,166 24,196 103,224 Juiy 23 723,670 53,935 118,339 60,297 75,288 53,632 43,362 90,657 45,407 21,167 34,166 24,196 103.224 Total gold certific J a u x n e e re 2 s 5 erves* 19,939,103 811,483 6,015,648 874,5841,221,401 979,014 956,1694,528,947 598,203 370,666 628,153 477,7692,477,066 July 2 20,057,075 801,762 6,200,261 875,8531,218,104 997,765 963,9074,157,520 592,343 391,632 612,229 485,1672,760,532 July 9 .... 70,101,868 793,401 6,190,901 865.9791,226,1241,030,417 980,1594,176,562 603,464 397,504 620,927 489,9272,726,503 July 16 20,198,850 792,619 6,419,378 884,3591,201,272 991,855 948,4724,092,910 603,698 377,414 627,345 493,2642,766,264 July 23 20,223,849 773,774 6,596,007 872,527 1,218,772 959,171 921,5814,079,656 598,862 361,989 617,270 478,8892.745,351 Other cash: 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 July 2 218,778 23,742 37,893 11,807 17,060 11,756 19,831 29,337 12,740 6,016 8,922 10,733 28,941 July 9 231,906 26,519 43,120 10,288 19,419 11,887 19,166 32,256 13,167 5,552 7,447 9,317 33,768 July 16 253,498 30,187 40,866 13,607 19,409 12,638 22,272 34,977 15,352 7,179 8,121 11,320 37,570 July 23 272,963 31,450 47.475 15,321 22,985 12,514 21,064 37,772 16,444 6,869 8,434 11,035 41,600 Discounts & advances: Secured by U. S. Govt. securities: 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 July 2 . . 82,298 7,415 12,087 3,180 8,161 10,680 1,800 2,665 15,270 5,5CO 14,339 1,201 July 9.. 93 159 11 195 8,877 3,875 24,910 4,030 5 651 5,200 17,520 9,400 2,501 July 16.. 71>79 8>38 13,842 4,785 6,530 8,180 708 1,525 11,100 100 10,366 2,201 3,704 July 23.. 88,923 9,905 8,310 6,440 13,516 12,430 6,957 1,375 8,875 6,100 2.501 12,514 Other: June 25. . 27,587 1,068 16,144 1,353 1,553 818 772 2,271 585 418 584 551 1,470 July 2.. 27,587 1,760 8,800 2,228 2,557 1,348 1,214 3,740 963 688 962 907 2,420 July 9.. 27,500 1,760 8,800 2,228 2,557 1,348 1,127 3,740 963 688 962 907 2,420 July 16.. 27,574 1,760 8,800 2,228 2,557 1,348 1,160 3,740 1,004 688 962 907 2,420 July 23.. 29,5 78j 1,888 9,440 2,390 2,743 1,446 1,252 4,012 1,068 738 1,032 973 2,596 Industrial loans: June 25 1,773 9 1 764 July 2 9 1,735 J J U Ul J y y 1 9 6 ] 1 1 ^ ^ 7 7 3 3 8 li 9 9 1 1, 7 7 2 2 2 9 July 23. . 1,730! 6 1,724 U. S. Govt. securities: Bills: Under repurchase option: 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 July 2. . 4,943,6261 53,372 3,206,118 122,448 79,425 60,421 17,800 899,170 82,482 27,095 43,257 13,165 338,873 July 9.. 4,809,902 58,125 3,018,005 128,768 83,675 56,456 14,250 910,495 100,380 30,278 49,042 19,165 341,263 July 16.. 4,443,458 45,735 2,845,350 141,358 69,475 62,006 10,350 823,400 95,480 38,978 26,142 18,161 267,023 July 23.. 4,219,510 54,485 2,657,033 128,578 50,830 49,330 11,410 860,845 87,816 42,455 23,507 9,341 243,880 Other bills: June 25.. 9,344,102, 850,395 194,509 981,645 1,406,019 929,632 784,219 740,681 614,502 389,457 674,407 560,597 1,218,039 July 2 . . 9,185,547 884,183 69,2461,028,7181,339,275 876,588 766,4241,025,471 603,042 388,195 679,342 524,148 1,000,915 July 9. . 9,182,832 900,122 68,5911,012,8151,339,013 876,416 766,2801,041,559 588,493 388,118 679,210 521,5731,000,642 July 16.. 9,600,267 903,652 169,304 995,9311,379,265 902,876 788,4431,199,913 588,480 399,930 699,516 530,327 1,042,630 July 23. . 9,844,622 908,060 228,2581,021,0121,402,828 918,364 801,4161,240,097 596,641 405,034 711,403 543,1641,068,345 Certificates: June 25.. 6,102,266 420,057 1,560,522 436,128 549,180 376,174 313,713 814,629 314,816 174,467 283,432 272,399 586,749 July 2. . 6,403,266 418,469 1,694,902 418,962 635,566 388,930 322,228 788,270 346,827 181,549 308,619 303,229 595,715 July 9. . 6,521,766' 426,708 1,723,890 427,749 647,042 396,396 328,473 803,472 352,767 184,903 314,376 308,484 607,506 July 16.. 6.619,266 433,484 1,747,766 434,968 656,489 402,536 333,607 815,973 357,661 187,662 319,111 312,811 617,198 July 23. . 6,541,266 428,059 1,728,692 429,181 648,935 397,619 329,498 805,965 353,752 185,455 315,323 309,353 609,434 Notes: June 25 369,300 25,421 94,440 26,394 33,236 22,766 18,985 49,300 19,052 10,559 17,153 16,485 35,509 July 2.... 369,300 24,135 97,751 24,163 36,656 22,431 18,584 45,463 20,003 10,470 17,799 17,488 34,357 July 9.... 369,300 24,163 97,617 24,222 36,639 22,446 18,600 45,497 19,976 10,470 17,802 17,468 34,400 July 16.... 369,300 24,185 97,511 24,268 36,626 22,458 18,613 45,524 19,954 10,470 17,804 17,452 34,435 July 23.... 369,300 24,167 97,597 24,230 36,637 22,449 18,602 45,502 19,972 10,470 17,802 17,465 34,407 Bonds: June 25.... 727,390 50,071 186,014 51,986 65,462 44,840 37,394 97,104 37,526 20,797 33,785 32,470 69,941 July 2.... 727,390 47,536 192,535 47,593 72,199 44,181 36,605 89,545 39,398 20,623 35,058 34,446 67,671 July 9.... 727,390 47,592 192,270 47,708 72,167 44,211 36,636 89,613 39,345 20,623 35,063 34,406 67,756 Juiy 16.... 725,690 47,524 191,613 47,687 71,972 44,131 36,575 89,457 39,211 20,574 34,986 34,295 67,665 July 23.... 725,690 47,489 191,782 47,613 71,993 44,113 36,554 89,414 39,245 20,574 34,982 34,320 67,611 Total U. S. Govt. securities: June 25 21,581,957 1,436,853 5,312,7881,636,2912,148,172 1,410,5031.163,1712,506,6241,093,263 639,613 1,045,214 901,0762,288,389 July 2 21,629,129 1,427,695 5,260,552 1,641,8842,163,1211,392,5511,161,6412,847,9191,091,752 627,932 1,084,075 892,4762,037,531 July 9 21,611,190 1,456,710 5,100,3731,641,2622,178,5361,395,9251,164,2392,890,6361,100,961 634,392 1,095,493 901,0962,051,567 July 16 21,757,981 1,454,580 5,051,5441,644,2122,213,8271,434,0071,187,5882,974,2671,100,786 657,614 1,097,559 913,0462,028,951 July 23 21,700,388 1,462,260 4,903,362 1.650,6142,211,2231,431,8751,197,4803,041,8231,097,426 663,9881,103,017 913,6432,023,677 Total loans and securities: June 25 21,716,093 1,446,463 5,344,3061,646,9682,163,6851,423,7361,169,2422,511,6601,103,118 649,8311,058,148 901,8272,297,109 July 2 21,740,758 1,436,879 5,281,4391,649,0272,173,8391,404,5791,164,6552,854,3241,107,985 634,1201,099,376 894,5842,039,951 July 9 21,733,587 1,469,674 5,118,0501,649,0942,206,0031,401,3031,171,0172,899,5761,119,444 635,0801,105,855 904,5042,053,987 July 16 21,859,065 1,465,087 5,074,1861,652,9472,222,914 1,443,5351,189,4562,979,532 1,112,890 658,402 1,108,887 916,1542,035,075 July 23 21,820,619 1,474,059 4,921,112 1,661,1682,227.4821,445,7511,205,6893,047,2101,107,369 664,7261,110,149 917,1172,038,787 990 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 \\n thousands of dollars] Total Boston Y N o e r w k d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago L S ou t. is M ap in o n li e s - K C an it s y as Dallas F c S r i a s a n c n o - - Due from foreign banks: June 25,..... 102 6 133 8 9 5 4 14 4 3 4 3 9 July 2 102 6 i 23 9 5 4 14 4 3 4 3 9 July 9 102 6 1 33 S 9 5 4 14 4 3 4 3 9 July 16 . ... 102 6 1 33 8 9 5 4 14 4 3 4 3 9 July 23 102 6 *33 8 9 5 4 14 4 3 4 3 9 Federal Reserve notes of other Brinks; 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 July 2 94,093 4,220 10,577 4,797 5,484 9,806 8,455 12,681 5,612 6,260 6,813 3,852 15,536 July 9 105,945 1 3,504 14,447 6,190 5,194 11,755 10,977 12,865 7,581 5,753 6,995 3,585 17,099 July 16 125,814 5,605 24,227 8,921 7,809 10,982 9,426 16,044 8,185 7,963 7,789 4,096 14,767 July 23...... 126,330 5,809 23,06S 6,678 7,090 14,187 9,558 15,860 7,019 9,822 6,476 3,476 17,287 Uncollected items: 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 99315 245,961 July 2 2,582,113 212,259 489,152 176,078 247,930 228,614 157,351 418,892 119,657 63,984 131 ^728 114,075 222393 July 9 2,333,694 173,040 467,783 167,000 211,164 220,638 136,299 338,215 112,024 54,645 127,792 93,830 231^2 64 July 16 2,867,646 239,115 583,187 196,305 263,507 238,319 171,275 450,873 135,096 76,974 140,194 122,076 250,725 July 23 2,369,502 191,344 455,037 158,815 213,582 201,366 146.125 376,019 107,102 63,481 128,313 105,886 222,432 Bank premises: 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 July 2. 31,929 1,269 8,349 3,112 3,794 2,644 1,505 3,030 1,988 1,224 2,486 778 1,750 July 9 31,948 1,269 8,349 3,112 3,794 2,651 1,505 3,042 1,987 1,224 2,486 778 July 16. 31,948 ' 1,269 8,349 3,112 3,794 2,651 1,505 3,042 1,987 1,224 2,486 778 l!.751 July 23 31,949 ! 1,269 8,349 3,112 3,794 2,651 1,504 3,043 1,988 1,224 2,486 778 1,751 Other assets: 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 July 2 47,357 3,135 11,709 2,756 4,873 2,754 2,572 6,180 2,850 1,325 2,217 2,286 4^700 July 9 49,018 3,146 12,330 2,857 5,040 2,908 2,662 6,346 2,968 1,367 2,282 2,203 4,909 July 16 51,075 3,256 12,776 2,974 5,385 2,911 2,824 6,655 2,977 1,429 2,327 2,516 5,045 July 23 . . 52,110 3,363 12,904 3,069 5,542 2,959 2,867 6,864 3,069 1,478 2,268 2.668 5,059 Total assets: Jwne 25 44,570,234 2,493,35411,906,1512,709,4103,658,6442,675,6542,322,1407,444,9121,839,7341,097,2151,853,9111,496,5005,072,609 Jialy 2 ,44,772,205 2,483,27212,039,4132,723,4383,671,0932,657,9232,318,2807,481,9781,843,1791,104,5641,863.7751,511,4785,073,812 July 9 , .144,588,0682,470,55911,855,0132,704,5283,676,7472,681,5642,321,7897,468,8761,860,6391,101,1281,873,7881,504,1475,069,290 July 16 45387,998 2,537,14412,163,0022,762,2333 724 0992,702,8962,345,2347,584,0471,880,1891,130,5881,897,153 i,550,2075 111 206 July 23 44,897,424 2,481,07412,063,9852,720,6983,699,2562,638,6042,308,3927,566,4381,841,8571,109,5921,875,4001,519.8525,0721276 Liabilities Federal Reserve notes: June 25 24,064,354 1,451,163 5,543,1521,635,7152,079,4491,657,5281,361,7344,510,4861,072,235 587,059 900,668 575,2822,689,883 July 2 24,260,174 1,463,624 5,620,2651,646,9092,097,8651,662,917,1,367,5824,538,5731,078,772 589,690 907,565 581,6502,704,762 July 9. 24,243,946 !l ,462,415 5,591,5331,643,6022,101,9731,663,44211,368,0924,542,6531,078,532 589,653 910,307 584,9612,706,783 July 16 24,150,309 1,450,303 5,575,6341,640,0722,094,1001,651,67411,360,9094,531,6321,075,206• 587,165 908,992 584,1282,690,494 July 23. 24,081,647 1,444,926 5,561,3721,631,7672,085,1511,641,6141,357,8564,527,8701,071,818 585,037 910,954 583,7582,679,524 Deposits: Member bank —reserve account: June 25.. 16,080,585 718,824 5,078,387 800,932 1,208,663! 694,403 706,2392,382,301 593,229 396,251 766,679 761,0791,973,598 July 2. . ! 15,988,244 726,075; 5,025,789 796,2031,194,412' 703,520 717,4762,347,388 571,245 395,031 771,402 758,577 1,981,126 July 9. . 16,190,191 750,415 4,956,614 797,2821,220,835 736,048 738,3752,432,974 606,280 406,422 785,039 771,1831,988,724 July 16.. 16,336,222 743,359 5,120,291 805,4261,229,673I 734,114 720,7302,402,843 596,277 407,370 796,825 780,309 1,999,005 July 23. . 16,244344 738,980 5,036,213: 794,188;i,228,497 717,025 718,2672,457,514| 596,523[ 408,717 776,543 766,1172,005,760 U. S. Treasurer-general account: June 25. 641,816i 55,321 123,270 44,644 51,150 64,748 43,721 94,245. 27,977 28,016 28,889 29,537 50,298 July 2. 658,199 29,979 191,488 41,497 45,917 41,598 35,031 94,143 38,183 35,699 30,963 30,812 42,889 July 9. 565,598 33,496 157,919i 42,980 50,901 38,169i 31,190 64,747i 30,865 27,608 28,486 25,807 33,430 July 16. 756,000 46,699 197,594 61,870 59319 53,121 39,778 112,931'• 33,9121 38,185 30,555 32,640 49,396 July 23. 939,169 51,489 322,562 69,444 88,849 54,242 40,554 107,736; 35,988 33,756 34,894 37,459. 62,196 Foreign: 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 July 2. 462,542! 28,781! 2157,414i 36,336 41,720 2I.9S1 18,393! 61,010! 15,701j 11,215 15,701 14,804i 39,486 July 9. 340,181 20,710 2120,799 26,123 29,993 15,803 13,222 43,860! 11,288 8,063 11,288 10,643 28,389 July 16. 455,276 27,123 2167,7f5! 34,239 39,311 20,712! 17,331 57,487 14,795 10,568 14,795 13,949 37,251 Othe J r u : ly 23. 337,801 19,212 H34r28& | 24,227 27,816; 14,656 12,263; 40,678| 10,469 7,478 10,469 9,870; 26,375 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 July 2. 514,623 2,783 432,269 3,644 12,951 2,420 3,344 3,542 6,039 2,236 1,505 601 43,289 July 9. 504,278 2,453. 421,958, 2,571 16,069 2,580 3,847 1,967 5,751 1,907 1,403 583 43,189 July 16. 496,735 2,3871 426,764 1,912 12,029! 2,482i 3,258 1,439 5,491 1,950 1,239 473 37,311 July 23. ; 480,554 2,245 413,095 2,896 7,976 1,794 2,830 3,182 5,811 2388 1,308 389; 36,640 Total deposits: Jane 25 17,637,167 802345 5,763,817 879,5041,307,639; 780,954 769,5572334,022 640,643 436,875 809,673 804,7862,107,352 July 2 17,623,608 787,618 5,806,9601 877,6801,295,000' 769,519 774,2442,506,083 631,168 444,181 819,571 804,7942,106,790 July 9 17,600,248 807,074 5,657,290 868,956 1,317,798 792,600 786,6342,543,548 654,184 444,000 826,216 808,2162,093,732 July 16 18,044,233 819,568 5,912,364 903,447 1,340,332; 810,429 781,0972,574,7001 650,475 458,073 843,414 827,3712,122,963 July 23 18,001,868 i 811,926: 5,906,158 890,755 1,353,138'• 787,717 773,9142,609,110! 648,791, 452,339 823,214 813,835|2,130,971 Deferred availability items: June 25 2,152,824 194,0651 376,403 136,456 205,357i 201,205 160,527 304,067 100348 54,299 117,187 91,2251 211,685 July 2 2,178,414 186,496; 391,746 141,429 212,592, 189,748, 146,321 341,408 106,931 51,999 110,390 100,027i 199,327 Jtily 9 2,031,910 155,474' 385,255 134396 191,120 189,626 136,804 286,562! 101,465i 48,720 110,908 85,996: 205,584 July 16 , 2,478,959 221,4581 453346 160,99 j 223,410 204,769 172..833 381,306 128,008 66,303; 118302 113,561 234,472 July 23 2,096,998 178.268 374,955 140,18 I 194,341 173,020 146,019 332,660 94,583 53,178 114,608 96,975i 198,210 Otlier Mab. IncL accrued div.: June 25 16,459 917 5,239 989 1,611 730 706 2,442 604 622 600 6721 1,327 July 2 9,016 569 2,175 563 885 476 4201 1,695I 395i 299 41 429 693 July 9 ! 9,639 599 2334 616 977 533 459[ 1,744! 435i 329 416 339j 858 July 16 10,804 \ 681 2.493 669 1,231! 554• 523| 1,868! 446! 588 505 45 j 795 July 23 , 11,749 783 2,204 797 1,455! 669! 648 2,076 5241 535 558 538! 962 1 After deducting $69,000 participations erf other Federal Reserve Banks on June 25; July 2; July 9; July 16; and July 23. 2 After deducting $263,908,000 participations of other Federal Reserve Banks on June 25; $305,048,000 on July 2; $219300,000 on July 9; $287,436,000 on July 16; and $203,388,000 on July 23. AUGUST 1947 991 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 ew rk d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago L S ou t. is M ap in o n li e s - K C an it s y as Dallas F c r is a c n o - Total liabilities: June 25 43,870,804 2,448,49011,688,6112,652,6643,594,0562,640,4172,292,524 7,351,017 1,813,830 1,078,855 1,828,128 1,471,965 5,010,247 July 2.... 44,071,212 2,438,307 11,821,1462,666,5813,606,342 2,622,6602,288,567 7,387,759 1,817,266 1,086,169 1,837,943 1,486,900 5,011,572 July 9 43,885,743 2,425,562 11,636,4122,647,5703,611,868 2,646,2012,291,989 7,374,507 1,834,616 1,082,702 1,847,847 1,479,512 5,006,957 July 16 44,684,305 2,492,01011,944,0372,705,1793,659,0732,667,4262,315,362 7,489,506 1,854,135 1,112,129 1,871,213 1,525,511 5,048,724 July 23 44,192,262 2,435,90311,844,6892,663,5003,634,085 2,603,0202,278 4377,471,716 1,815,716 1 091,0891,849,334 1,495,106 5,009,667 Capital Accts.: Capital paid in: 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 July 2.... 192,090 11,177 67,531 14,230 18,738 8,102 7,365 22,999 6,332 4,224 6,400 7,109 17,883 July 9 192,221 11,184 67,543 14,237 18,751 8,107 7,393 23,012 6,344 4,229 6,410 7,123 17,888 July 16 192,369 11,195 67,567 14,255 18,763 8,119 7,400 23,021 6,354 4,231 6,417 7,134 17,913 July 23 192,482 11,196 67,581 14,268 18,770 8,135 7,411 23,034 6,355 4,237 6,438 7,135 17,922 Surplus (section 7): 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 July 2.... 439,823 27,557 136,549 34,720 41,394 20,676 18,663 65,078 16.577 10,997 15,729 13,777 38,106 July 9 439,823 27,557 136,549 34,720 41,394 20,676 18,663 65,078 16,577 10,997 15,729 13,777 38,106 July 16 439,823 27,557 136,549 34,720 41,394 20,676 18.663 65,078 16,577 10,997 15,729 13,777 38,106 July 23 439,823 27,557 136,549 34,720 41,394 20,676 18,663 65,078 16,577 10,997 15,729 13,777 38,106 Surplus (section 13b): 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 July 2.... 27,455 3,012 7,253 4,489 1,007 3,325 762 1,429 521 1,073 1,137 1,307 2,140 July 9 27,455 3,012 7,253 4,489 1,007 3,325 762 1,429 521 1,073 1,137 1,307 2,140 July 16 27,455 3,012 7,253 4,489 1,007 3,325 762 1,429 521 1,073 1,137 1,307 2,140 July 23 27,455 3,012 7,253 4,489 1,007 3,325 762 1,429 521 1,073 1,137 1,307 2,140 Other cap. accts.: 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 July 2 41,625 3,219 6,934 3,418 3,612 3,160 2,923 4,713 2,483 2,101 2,566 2,385 4,111 July 9 42,826 3,244 7,256 3,512 3,727 3,255 2,982 4,850 2,581 2,127 2,665 2,428 4,199 July 16 44,046 3,370 7,596 3,590 3,862 3,350 3,047 5,013 2,602 2,158 2,657 2fc478 4,323 July 23 45,402 3,406 7,913 3,721 4,000 3,448 3,119 5,181 2,688 2,196 2,762 2,527 4,441 Total liabilities and cap. accts.: June 25 44,570,234 2,493,35411,906,1512,709,4103,658,6442,675,654 2,322,140 7,444,912 1,839,734 1,097,215 1,853,911 1,496,500 5,072,609 July 2.... 44,772,205 2,483,272 12,039,4132,723,4383,671,0932,657,9232,318,280 7,481,978 1,843,179 1,104,564 1,863,775 1,511,478 5,073,812 July 9 44,588,068 2,470,55911,855,0132,704,5283,676,747 2,681,5642,321,789 7,468,876 1,860,639 1,101,128 1,873,788 1,504,147 5,069,290 July 16 45,387,998 2,537,14412,163,0022,762,2333,724,0992,702,8962,345,234 7,584,047 1,880,189 1,130,588 1,897,153 1,550,207 5,111,206 July 23 44,897,424 2,481,07412,063,9852,720,6983,699,2562,638,6042,308,392 7,566,438 1,841,857 1,109,592 1,875,400 1,519,852 5,072,276 Contingent liability on bills purchased for foreign correspondents : June 25 5,917 379 11,894 479 550 290 242 805 207 148 207 195 521 July 2 5,502 352 U,761 446 512 270 226 748 192 138 192 181 484 July 9 5,327 341 n,7O5 432 495 261 218 725 186 133 186 176 469 July 16 5,057 324 H,618 410 470 248 207 688 177 126 177 167 445 July 23 4,753 3C4 21,521 385 442 233 195 647 166 119 166 157 418 Commit, to make indus. loans: June 25.... 7,022 1,045 1,524 81 27 32 400 3,750 163 July 2 7,036 1,074 1,508 82 27 32 400 3,750 163 July 9.... 6,975 1,073 1,455 79 27 31 400 3,750 160 July 16 6,907 1,080 1,380 79 27 31 400 3,750 160 July 23 6,909 1,078 1,380 83 27 31 400 3,750 160 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 i o n l n i e s - K C an it s y as Dallas F S ra an ncisco F. R. notes outstanding (issued to Bank): June 25 24,736,553 1,482,194 5,698,8951,680,690 2,.128,8851,709,1441,399,1914,583,0191,106,843 601,823 921,092608,288 2,816,489 July 2 24,840,046 1,495,3455,729,4751,688,126 2,144,9131,710,0671,411,9854,607,9061,104,470602,574 925,230 609,0112,810,944 July 9 24,908,305 1,500,106 15,748,2761,694,0492,151,8611,716,1951,409,8244,618,1851,118,354604,163 930,144 612,0132,805,135 July 13 24,856,186 1,495,470 5,730,5561,687,9822,145,5831,707,5591,408,3984,615,1111,117,161602,607 929,855 610,9122,804,992 July 23 24,811,318 1,495,8755,717,7281,681,8712,137,8491,698,4101,400,590 4,619,9181,113,607600,833 933,860 611,6112,799,166 Collateral held against notes outstanding: Gold certificates: June 25 11,998,000 455,000 3,470,000 500,000 645,000 675,000 570,0003,000,000 300,000 184,000 280,000169,000 1,750,000 July 2 12,283,000 455,000 3,470,000 500,000 650,000 675,000 570,000 3,030,000 300,000184,000 280,000169,0002,000,000 July 9 11,988,000 455,000 3,470,000 500,000 655,000 675,000 570,000 2,830.000 300,000184,000 280,000169,0001,900,000 July 16 12,118,000 455,000 3,470,000 500,000 655,000 675,000 570,000 2,860,000 300,000 184,000 280,000169,0002,000,000 July 23 12,118,000 455,000 3,470,000 500,000 655,000 675,000 570,0002,860,000 300,000184,000 280,000169,0002,000,000 Eligible paper: June 25 82,552 8,533 15,374 7,560 12,415 9,270 9,800 12,350 7,250 July 2 68,370 7,415 12,087 3,180 10,580 15,270 5,500 14,338 July 9 54,797 11,195 8,877 3,875 3,930 17,520 9,400 July 16 60,856 8,738 13,842 4,785 8,180 11,141 100 10,366 3,704 July 23 64,509 9,905 8,310 6,440 12,330 8,910 6,100 12,514 U. S. Govt. sec.: June 25 13,587,367 1,100,000 2400,0001,200,0001,500,0001,055,000 850,0001,600,000 957,367425,000 700,000500,0001,300,000 July 2 13,362,482 1,100,000 2400,0001,200,0001,500,0001,055,000 850,0001,600,000 932,482425,000 700,000500,0001,100,000 July 9 13,680,380 1,100,000 2,400,0001,200,0001,500,0001,055,000 850,000 1,800,000 950,380 425,000 700,000500,0001,200,000 July 16 13,675,480 1,100,000 2,400,0001,200,0001,500,0001,055,000 850,0001,800,000 945,480 425,000 700,000500,0001,200,000 July 23 13,667,816 1,100,000 2,400,0001,200,0001,500,0001,055,000 850,0001,800,000 937,816 425,000 700,000500,000 1,200,000 Total collateral: June 25 25,667,919 1,563,5335,885,3741,707,560 2,145,0001,742,4151,420,000 4,600,0001,266,637618,800 992,350 669,0003,057,250 July 2 25,713,852 1,562,4155,882,0871,703,180 2,150,0001,740,5801,420,000 4,630,0001,247,752614,500 994,338 669,000 35,,100,000 July 9 25,723,177 1,566,1955,878,8771,703,8752,155,0001,733,930 ,420,000 4,630,0001,267,900 609,000 989,400 669,000 3,100,000 July 16 25,854,336 1,563,7385,883,8421,704,785 2,155,0001,738,1801,420,000 4,660,0001,256,621 990,366 669,000 3,203,704 July 23 25,850,325 1,564.9055,878.3101,706,4402,155.0001,742,3301.420,000 4.660,0001,246,726 609.000 _?86,100 669,000 3,212,514 1 After deducting $4,023,000 participations of other Federal Reserve Banks on June 25; $3,741,000 on July 2; $3,622,000 on July 9; $3,439,000 on July 16; and $3,232,000 on July 23. 992 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 COMMISSION THROUGH FEDERAL RESERVE [Averages of daily figures. In millions of dollars] BANKS UNDER REGULATION V [Amounts in thousands of dollars] Central reserve Gua a r u t a t o n h t o d e r e a i d t z e e l d oans o G u u t a s lo t r a a a n n n d s te in ed g a A v a d a m d il i a o t b i u o l n e n t a to l week e M nd o i n n t g h , T o h r ursday b m a b A n e e m k l r l s - 1 N c e i w ty ban C k hi s - b s c R e a i r n t e v y k - e s b C a t o n r u y k n s borrowers York Date Num- Total Portion a u n n t d e e e r a g g u r a ee r - ber Amount amount guaran- ments Total reserves held: teed outstanding 1946—May 15,727 4,077 878 6,220 4,552 June 15,996 4,199 887 6,320 4,588 1947—May 15,978 4,141 911 6,317 4,608 1942 June 16,153 4,196 940 6,377 4,640 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 May 22 15,938 4,124 922 6,298 4,593 May 29 15,984 145 923 6,325 4,591 1943 June 5 16,061 148 928 6,340 4,645 June 30 4,217 4,718,8181,428,2531,153,756 2,216,053 June 12 16,121 149 937 6,389 4,646 Dec. 31 5,347 6,563,0481,914,040 1,601,518 3,146,286 June 19 16,239 195 942 6,420 4,682 June 26 16,149 4,242 932 6,358 4,617 1944 July 3 16,206 4,250 941 6,378 4,637 June 30 6,433 8,046,672 2,064,3181,735,777 3,810,797 July 10 16,311 4,225 971 6,410 4,705 Dec. 30 7,434 9,310,5821,735,9701,482,038 4,453,586 Excess reserves: 1945 1946—May 956 12 -1 230 714 June 30 8,422 10,149,3151,386,8511,190,944 3,694,618 June 943 29 5 240 669 Dec. 31 8,757 10,339,400 510,270 435,345 966,595 1947—May 784 12 -2 224 550 June 785 14 10 224 538 1946 D J F M A J a u e p e a n b n c r r . . e . . . 2 1 3 3 3 3 2 8 9 1 1 1 0 9 47 8 8 8 8 8 8 , , , , , , 7 7 7 7 7 7 7 7 7 7 7 7 1 1 1 1 1 1 1 1 1 1 1 1 0 0 0 0 0 0 , , , , , , 3 3 3 3 3 3 4 4 4 4 4 4 4 4 4 4 4 4 , , , , , , 0 0 0 0 0 0 1 1 1 1 1 1 8 8 8 8 8 8 1 7 1 1 1 1 4 0 8 1 8 0 , , , , , , 2 9 2 7 0 3 6 9 4 2 3 5 7 6 6 5 8 6 6 1 1 1 1 0 9 3 7 6 0 , , , , , , 2 6 2 4 9 6 5 1 6 3 5 5 4 5 7 4 8 4 1 2 2 4 2 1 1 8 2 2 1 5 3 , , , , , , 7 6 4 1 3 4 9 1 9 8 2 5 1 7 2 3 4 2 J J J J J M M J u u u u u u a a n n n n l l y y y y e e e e 2 2 2 1 1 1 3 5 2 9 6 0 9 2 7 7 7 8 8 7 7 7 6 9 9 2 0 7 4 7 5 5 2 9 9 3 1 9 1 1 1 1 1 1 1 1 5 7 4 1 1 2 6 4 5 4 3 4 2 3 4 2 * 2 2 2 2 2 2 2 2 3 3 2 4 4 1 2 0 1 5 6 1 2 0 0 7 5 5 5 5 5 5 5 5 7 5 3 2 3 3 1 5 3 1 5 9 7 8 8 3 May 31 8,771 10,344,018 9,236 8,601 13,176 June 30 8,771 10,344,018 3,589 3,218 6,726 Borrowing at Federal Reserve Banks: NOTE.—The difference between guaranteed loans authorized and sum 1946—May 150 105 36 of loans outstanding and additional amounts available to borrowers June 127 84 33 under guarantee agreements outstanding represents amounts repaid 1947—May 107 49 50 and authorizations expired or withdrawn. June 135 73 50 May 22 98 51 46 INDUSTRIAL LOANS BY FEDERAL RESERVE BANKS May 29 113 47 58 June 5 155 34 54 63 [Amounts in thousands of dollars] June 12 159 20 77 62 June 19 128 2 74 52 W o D r e a d l t a n e s e t s ( l d d a a a s y y t A a p t p p o p l i r d c o a a v t t i e e o d ns b p u c r o t o m v n e - o d t st L a o n o u d a t i n - n s g2 C m o o m e u n m t- ts it- P pa a o t r u i t o t i - c n i s - J J J u u u n l l y y e 2 1 3 6 0 1 1 9 0 1 8 5 4 2 2 2 6 6 6 2 3 8 3 4 4 2 1 4 of period) Num- pleted* (amount) standing standing ber Amount (amount) (amounit) (J(amount) xWeekly figures of excess reserves of all member banks and of country banks are estimates. Weekly figures of borrowings of all mem- 1934. 984 49,634 20,966 13,589 8,225 1,296 ber banks and of country banks may include small amounts of Federal 1935. 1,993 124,493 11,548 32,493 27,649 8,778 Reserve Bank discounts and advances for nonmember banks, etc. 1936. 2,280 139,829 8,226 25,526 20,959 7,208 1937. 2,406 150,987 3,369 20,216 12,780 7,238 1938. 2,653 175,013 1,946 17,345 14,161 12,722 1 1 9 9 3 4 9 0 . . 2 2 , ,7 9 8 0 1 8 2 1 1 8 2 8 , , 5 22 1 2 0 1 2 3 , , 6 9 5 54 9 1 9 3 , , 1 6 5 8 2 3 9 5 , , 2 22 2 6 0 1 6 0 , , 3 9 8 81 6 DEPOSITS OF COUN S T M RY A L M L E C M E B N E T R E R BA S1 NKS IN LARGE AND 1941. 3,202 279,860 8,294 10,337 14,597 19,600 [Averages of daily figures. In millions of dollars] 1942 In places of 15,000 In places of under Tune 24. 3,352 338,822 26,346 11,265 16,832 26,430 and over population 15,000 population Dec. 31. 3,423 408,737 4,248 14,126 10,661 17,305 1943 Demand Demand J D u e n c e . 3 3 1 0 . . 3 3, , 4 4 7 5 1 2 4 4 7 9 5 1 , ,3 4 4 6 2 8 3,2 9 0 2 3 6 1 10 3 , , 5 0 3 4 2 4 1 9 2 , , 2 1 7 3 0 2 1 1 7 9 , , 9 0 3 7 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 1944 bank' bank 2 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 June 1946 '16,857 7,925 »-ll,935 5,503 1945 May 1947 15,077 8,416 11,588 5,955 June 30. 3,502 537,331 70 3,252 5,224 2,501 Dec. 31. 3,511 544,961 320 1,995 1,644 1,086 June 1947 15,040 8,437 11,526 5,981 1946 Boston 1,816 881 322 232 June 29. 3,524 552,711 615 1,210 5,366 1,110 New York 2,811 2,164 974 1,149 Dec. 31. 3,542 565,913 4,577 554 8,309 2,670 Philadelphia 1,054 742 877 887 Cleveland 1,275 916 1,033 822 1947 Jan.31.. 3,545 568,540 4,795 593 8,217 2,677 Richmond 1,039 395 838 466 Feb. 28.. 3,548 569,487 4,795 996 8,186 2,729 Atlanta 1,507 489 652 212 Mar. 31. 3,548 569,825 4,595 1,081 8,160 2,727 Chicago 1,868 1,373 1,644 941 Apr. 30 . 3,552 571,408 5,371 1,109 7,279 2,616 St. Louis 613 333 958 274 May 31 . 3,553 571,893 4,595 1,618 5,735 2,761 June 30. 3,555 572,836 195 1,778 7,018 4,043 Minneapolis 541 292 727 436 Kansas City 505 104 1,538 200 Dallas 893 141 1,411 61 1 Includes applications approved conditionally by the Federal Re- San Francisco. . . 1,117 607 553 302 serve Banks and under consideration by applicant. »Includes industrial loans past due 3 months or more, which are not included in industrial loans outstanding in weekly statement of con- f 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 banki expired. in the table on the following page. AUGUST 1947 993 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BEFOStTS, RESERVES, AND BORROWINGS OF MEMBER BANKS (Averages of daily figures.1 In millions of dollars) Gross demand deposits De- Reserves with Federal Bormand Reserve Banks row- Feder C al l a R ss e a s o n e f d r v b e a n d k istrict Total I b n a t n e k r- w G a U m o r d v . e e l e o n - S r a t . n n - , Other ju p m s o a d a t d s e e n i - - d t d s * i p m o N d d a s e e e i n - - t t s d * p T o d i s m e i - t e s5 m a f b r d n d e o a u o c s m l e - e t - i s c : Total q R ui e r - ed c E e x ss - s F i e e R n a r e r g e t a v d s - l e posits8 banks ; Banks First half June 1947 86,213 10,851 638 74,723 69,437 75,204 27,948 5,284 16,118 15,330 788 158 Central reserve city banks: New York 22,074 3,998 106 17,970 16,278 20,266 1,468 45 4 152 4 141 10 20* Chicago 4,901 1,098 24 3,780 3,452 4,398 864 155 949 931 18 2 31,729 4,844 210 26,675 24,209 27,407 11,264 1,729 6,373 6,154 220 76- 1,959 261 13 1,685 1,555 1,780 201 38 376 368 8 1 New York 551 26 3 522 479 483 309 22 118 115 3 1 Philadelphia 2,192 322 9 1,861 1,694 1,946 282 71 411 406 5 7 Cleveland 3,660 454 28 3,178 2,924 3,222 1,318 165 758 723 35 20* 2,046 304 11 1,731 1,572 1,789 449 99 404 385 19 2 Atlanta 1,982 426 10 1,546 1,375 1,674 410 130 376 359 17 6 3,862 473 37 3,351 3,088 3,271 2,074 299 824 779 46 9 1,830 509 14 1,306 1,141 1 560 324 94 343 331 12 11 951 277 6 669 572 789 175 60 171 168 2 6 2,601 i 791 18 1,792 1,580 2,131 358 246 468 448 20 10 D a u as 2 7 , , 2 8 2 7 1 4 5 4 0 93 8 4 1 9 1 7 1, , 7 3 1 1 7 7 6 1 , ,5 6 6 6 6 3 6 1 , 9 8 2 3 8 4 4,9 3 6 3 6 8 2 22 7 8 8 1,6 4 9 2 9 3 1,6 3 8 8 3 7 3 1 6 6 4 27,509 911 299 26,298 25,498 23,133 14,412 3,354 4,643 4,103 540 60 2,211 81 31 2,099 1,983 , 1,898 1,114 173 364 333 31 14 New York 3,864 79 36 3,749 3,573 3,373 3,310 291 739 671 68 23 Philadelphia 1,936 14 25 1,898 1,844 1,684 1,628 179 376 333 42 5 Cleveland 2,329 23 38 2,268 2,211 1,981 1,736 258 443 382 61 s 1,991 105 17 1,869 1,787 1,646 862 256 318 282 36 6 2,348 172 15 2,161 2,101 1,959 702 321 355 316 38 2 3,585 68 48 3.468 3,397 2,975 2,311 501 637 555 82 1 1,689 112 19 1,559 1,517 1,414 607 218 264 234 29 1 1 333 62 22 1 249 1 215 1 110 727 169 228 199 29 2,104 65 22 2,018 1,996 1,723 304 342 305 259 45 2 Dallas . 2,411 , 108 14 2,289 2,248 1,906 201 454 332 279 53 1,708 i 23 13 1,671 1,626 1,462 910 193 284 259 24 1 Second half of June 1947 86,575 10,845 648 75,082 69,829 75,573 27,999 5,301 16,189 15,407 782 112 Central reserve city banks: New York 22,409 4,048 104 18,257 16,640 20,676 1,472 47 4,241 4,224 17 2 4,912 1,094 42 3,776 3,440 4,384 865 155 930 929 2 Reserve citv banks 31,817 4,801 206 26,811 24,294 27,395 11,236 1,782 6,381 6,153 228 70 1,969 272 14 1,684 1,537 1,772 200 39 375 366 8 New York 554 26 3 525 481 482 310 25 118 115 3 2 Philadelphia. -.... . • 2.234 310 8 1,916 1,740 1,977 278 74 424 412 12 2 3,670 457 25 3,187 2,916 3,217 1,317 165 758 722 36 18 2,032 288 12 1,733 1,571 1,775 448 96 394 382 12 7 1,961 406 10 1,545 1,377 1,663 411 124 372 357 14 5 Chicago 3,876 ' 460 37 3,379 3,106 3,265 2,087 309 811 778 33 1 1,807 490 13 1,304 1,136 1,541 324 87 340 328 12 16 l^f inneaoolis ..... 949 265 5 679 581 788 175 59 171 168 3 7 2,631 ! 811 21 1,799 1,577 2,132 358 263 469 448 21 9 Dallas 2,248 507 13 1,729 1,579 1,841 340 247 427 389 38 7,885 ; 510 45 7,330 6,692 6,941 4,989 293 1,723 1,688 35 4 27,437 903 296 26,238 25,455 23,118 14,425 3,317 4,637 4,102 535 40 2,231 84 32 2,115 1,997 1,909 1,113 178 363 334 29 10 New York 3,867 81 35 3,752 3,578 3,378 3,315 292 743 672 71 16 Philadelphia 1,951 13 24 1,915 1,857 1,692 1,631 182 375 335 40 4 2,332 23 43 2,266 2,208 1,982 1,738 255 445 382 63 3 1,972 102 17 1,853 1,775 1,636 862 250 313 281 32 3 Atlanta 2,303 163 15 2,125 2,071 1,934 701 307 343 313 30 1 3,574 68 48 3,459 3,389 2,980 2,316 487 640 556 84 1 1,674 109 18 1,547 1,507 1,413 606 206 263 234 28 1 JMinneaoolis . . 1,326 60 19 1,247 1,214 1,113 728 165 228 200 29 Kansas Citv 2,111 64 22 2,024 2,003 1,721 304 352 305 259 45 1 Dallas 2 418 113 14 2,291 2 253 1 910 202 461 336 280 56 1,677 22 11 1,643 1,602 1,448 908 182 284 257 27 1 1 Averages of daily closing figures for reserves and borrowings and of daily opening figures for other columns, inasmuch as reserves required are based on deposits at opening of business. 2 Figures include Series E bond deposit accounts, but do not include certain other demand deposits of the U. S. Government with member bank* 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. 4 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. * Includes some interbank and U. S. Government time deposits; the amounts on call report dates are shown in the Member Bank Coil Report* 994 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

UNITED STATES MONEY IN CIRCULATION, BY DENOMINATION [Outside Treasury and Federal Reserve Banks. In millions of dollars) Total Coin and small denomination currency* Large denomination currency1 End of year or in cir- Unasmonth cula- sorted tion* Total Coin »$1 $2 $5 $10 $20 Total $50 $100 $500 $1,000 $5,000 $10,000 1933 5,519 4,167 442 402 33 719 1.229 ,342 1,360 364 618 125 237 8 10 8 1934 5,536 4.292 452 423 32 771 -.288 .326 1,254 337 577 112 216 5 7 10 1935. 5,882 4.518 478 460 33 815 1,373 .359 1,369 358 627 122 239 7 16 5 1936 6,543 5,021 517 499 35 906 1,563 ,501 1,530 399 707 135 265 7 18 8 1937 . 6,550 5,015 537 505 33 905 1,560 .475 1,542 387 710 139 288 6 12 7 1938 6,856 5,147 550 524 34 946 1,611 ,481 1,714 409 770 160 327 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 2,489 538 112 227 523 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 ,019 909 70 .973 5,194 5,705 5,580 1,481 2,912 407 749 9 22 2 1944 25,307 17,58Q ,156 987 81 2.150 5,983 7.224 7,730 1,996 4,153 555 990 10 24 3 1945 28,515 20,683 ,274 1,039 73 2,313 6.782 9,201 7,834 2.327 4.220 454 801 7 24 2 1946—March 27,879 20,045 ,269 984 67 2,191 6,547 8,986 7,834 2,327 4,267 442 768 9 22 1 April 27,885 19,997 ,280 987 66 2,173 6,509 8,981 7,889 2,337 4,309 439 773 8 22 1 May 28,120 20,171 ,291 999 67 199 6,586 9,029 7,950 2,352 4,356 438 775 8 21 1 June 28,245 20,248 ,300 998 67 191 6,604 9.087 7,998 2,364 4,387 438 781 8 22 2 July 28,254 20,185 ,311 990 67 2,166 6,552 9,099 8,071 2,377 4,437 436 790 8 21 2 August 28,448 20,271 ,319 992 66 165 6,571 9,159 8,178 402 4,509 436 802 8 20 1 September... 28,507 20,262 ,332 1,001 66 2,156 6,528 9,180 8.247 419 4,567 436 795 8 21 2 October 28,600 20,273 ,345 1,000 65 2,148 6,494 9.221 8,329 2,436 4,645 434 784 8 21 2 November... 28,861 20,447 ,355 1,010 65 169 6,543 9,305 8,416 2,458 4,711 435 782 8 21 2 December... 28,952 20,437 ,361 1,029 67 2,173 6,497 9,310 8,518 2.492 4,771 438 783 8 26 3 1947—January 28,262 19,808 ,337 972 63 2,074 6,284 9.077 8,457 2.460 4,757 434 774 9 23 3 February.... 28,304 19,873 ,337 967 64 2,090 6,336 9,079 8,434 2,456 4,755 433 769 6 14 3 March 28,230 19,807 ,344 969 63 2,085 6,309 9,036 8,424 2,447 ,754 432 771 6 14 1 April 28,114 19,684 ,351 972 63 2,065 6,253 8.979 8,432 2,442 ,769 431 773 5 12 1 May........ 28,261 19,773 ,351 985 63 2,089 6,303 8,982 8,489 2,449 4,789 430 804 5 11 2 June........ 28,297 19,769 1,355 986 64 2,078 6,289 8,996 ,530 2,466 4,808 430 810 5 12 2 1 Total of amounts of coin and paper currency shown by denominations less unassorted currency in Treasury and Federal Reserve Banks. 8 Includes unassorted currency held in Treasury and Federal Reserve Banks and currency of unknown denominations reported by the Treasury as destroyed. * Paper currency only; $1 silver coins reported under coin. Back figures.—See Banking and Monetary Statistics, Table 112, pp. 415-416. UNITED STATES MONEY, OUTSTANDING AND IN CIRCULATION, BY KINDS [On basis of circulation statement of United States money. In millions of dollars] Money held in the Treasury Money in circulation1 Money Total out- held by standing, As security For Federal Ju 1 n 9 e 4 3 7 0, ' g a o g s l i a d l i v n a e s n r t d Tr c e a a s s h ury B R F an e e d s k e s e r r a v a n e l d B R a a n e g s k e e s n r t v a s n e d Ju 1 n 9 e 4 3 7 0, M 1 a 9 y 4 3 7 1, Ju 1 n 9 e 4 3 6 0, certificates agents Gold 21,266 20,087 ; * 1,180 Gold certificates , 20,087 17,224 2,815 48 48 50 Federal Reserve notes ... 24 780 67 715 23,999 23,953 23,973 Treasury currency—total 4,552 *2,232 68 234 4,250 4,259 4,222 Standard silver dollars 493 308 34 3 148 148 140 Silver bullion 1,924 1,924 Silver certificates and Treasury notes of 1890. . 32,232 170 2,062 2,071 2,026 Subsidiary silver coin . 923 20 27 876 874 843 IMinor coin 349 11 7 331 330 317 United States notes . ... 347 3 23 320 321 317 Federal Reserve Bank, note** 409 1 3 406 410 464 National Bank notes 107 C5) 1 106 107 114 Total—June 30, 1947 (4) 22,319 1,314 17,224 3,764 28,297 May 31 1947 (4) 21,977 1,330 16,873 3,732 28,261 June 30 1946 (4) 20,398 2,251 15,288 3,864 28,245 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. 987, and seasonally adjusted figures in table on p. 996. 2 Includes $156,039,431 held as reserve against United States notes and Treasury notes of 1890, • To avoid duplication;, amount of silver dollars and bullion held as security against silver certificates and Treasury notes of 1890 outstanding is not included in total Treasury currency outstanding. 4 Because sorae 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. AUGUST 1947 995 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 i e j a a u t s s i 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 j s r u o i s e n t s a e l d * ly Period a s t t o o e c f n k d I i n n s c to 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 go c o l r r d e : a i n s d e - e- d g p u o ro c ld - period crease(—) tion1 End of year figures: 1939 7,598 +742 1936 n1,258 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— A M p a r r i c l h 2 2 7 7 , , 9 9 1 2 3 3 2 2 8 7 , ,9 1 9 4 7 8 + + 1 5 5 3 1 194(5— A ju u i g y ust 2 2 0 0 , , 2 2 6 8 7 0 - 1 3 3 . . 2 2 1 6 5 . . 3 2 6 8 0 . . 0 1 8 4 . . 3 0 May 27,978 28,175 +27 September.. 20,305 25.3 -7.6 12.3 6.8 June 28,140 28,281 +106 October 20,402 96.7 24.2 115.7 5.9 July 28,281 28,338 +57 November.. 20,470 67.7 77.9 127.5 4.9 August 28,352 28,494 +156 December.. 20,529 59.4 -61.2 82.8 6.3 September 28,478 28,535 +41 1947—January 20,748 219.3 -16.8 196.1 7.6 October 28,588 28,588 +53 February... 20,330 • -418.2 20.4 -684.5 5.5 November 28,727 28,641 +53 March 20,463 132.5 153.6 203.5 5.3 December 28,997 28,710 +69 April 20,774 311.5 44.1 272 0 6.2 1947—January 28,543 28,458 -252 J M un ay e 2 21 0 , , 2 9 6 3 6 3 3 1 3 5 3 9 . . 4 0 P 1 2 2 0 9 0 . . 7 2 1 1 1 3 9 . . 1 0 7.2 F M e a b r r c u h ary 2 2 8 8 , , 3 2 0 7 0 3 2 2 8 8 , , 3 3 0 5 0 8 -1 + 5 5 8 8 July P21.537 P27O.2 5 26.7 April 28,185 28,412 +54 J M u a n y e 2 2 8 8 , , 2 1 3 5 6 8 2 2 8 8 , , 3 3 7 5 8 6 + -5 2 6 2 1 P A P n re n l u im al in fi a g r u y r . es are estimates of the United States Mint. Monthly July 28,259 28,316 -62 figures are those published in table on p. 1048 adjusted to exclude Philippine Islands production received in United States. 2 Includes gold in the Inactive Account amounting to 27 million 1 For end of year figures, represents change computed on absolute dollars on Dec. 31, 1936, and 1,228 million on Dec. 31, 1937. amounts in first column. * Change reflects primarily gold subscription to International Mon- NOTE.—For discussion of seasonal adjustment factors and for back etary Fund. figures on comparable basis see September 1943 BULLETIN, pp. 822-826. 4 Not yet available. Because of an apparent recent change in the seasonal pattern around 6 Gold held under earmark at the Federal Reserve Banks for foreign the year end, adjustment factors have been revised somewhat for dates account including gold held for the account of international institutions affected, beginning with December 1942; seasonally adjusted figures amounted to 3,682.5 million dollars on July 31,1947. Gold under earfor money in circulation, as shown in Banking and Monetary Statistics, mark is not included in the gold stock of the United States. Table 111, p. 414, and described on p. 405. are based on an older series NOTE.—For back figures, see Banking and Monetary Statistics, Table of adjustment factors. 156, pp. 536-538, and for description of statistics see pp. 522-523 in the same publication. BANK DEBITS AND DEPOSIT TURNOVER [Debits in millions of dollars] Annual rate of Debits to demand Annual rate of Debits to total deposit accounts except turnover of total deposit accounts turnover of demand interbank accounts deposits except except interbank deposits except interinterbank and Government bank and Government Year and month Total, all New 140 Other New 333 other New Other New Other reporting York other reporting York reporting York leading York leading centers City* centers * centers2 City centers City cities City cities 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 1 1 9 9 4 42 2 — -o n l e d w s e se ri r e ie s s » ' . . . . . . . : . . 6 6 0 4 7 1 , , 0 7 7 7 1 8 2 2 2 1 6 0 , , 8 9 6 6 5 1 3 34 4 7 2 , , 8 4 3 3 7 0 5 6 3 7 , , 6 0 7 7 9 4 16.1 13.1 }2OO,337 308,913 18.0 18.4 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 1 1 9 9 4 4 6 6 — — o n l e d w s s e e ri r e ie s s * 4 .... / )1,050,021 417,475 527,336 105,210 19.0 10.0 { 4 3 0 7 7 4 , ,3 9 6 4 5 6 4 52 4 2 9 , . 9 4 4 1 4 4 2 2 5 5 . . 5 2 1 1 6 6 . . 9 5 1946—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 »-35,391 '44,567 '25.3 '16.4 August 82,704 30,216 43,683 8,805 16.3 9.6 '30,856 '44,138 '21.6 '15.6 September 83,295 31,397 43,155 8,743 19.3 10.7 '30,555 '42,413 '23.7 '16.7 October 91,340 33,913 47,671 9,756 18.7 10.6 '32,035 '46,612 '21.9 '16.3 86,645 31,088 46,105 9,452 19.9 11.6 '31,379 '46,037 '23.8 '17.8 December 103,900 41,252 52,295 10,353 25.8 12.6 '40,021 '52,139 '28.7 '19.2 1947—January 93,488 34,305 49,140 10,043 20.6 11.6 '33,592 '48,778 '23.8 '17.4 February 81,567 29,745 43,199 8,622 20.4 11.6 '29,173 '44,011 '24.0 '18.1 March 93,314 33,547 49,955 9,812 20.4 11.9 '34,439 '50,582 '24.9 '18.6 April 87,771 31,391 46,904 9,475 19.2 11.3 '29,997 '46,403 '21.5 '17.0 May '87,840 30,895 ••47,464 9,482 19.0 11.3 '31,695 '48,023 '22.7 '17.3 June 94,446 35,632 49,265 9,548 22.7 12.1 35,092 48,595 25.6 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. •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. * Statistics for banks in leading cities revised beginning July 3, 1946; for description of revision see pp. 692-693 of BULLETIN for June 1947 and for back figures see pp. 878-883 of the BULLETIN for July 1947; deposits and debits for first six months of 1946 are 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 leading cities since 1935 j 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. 996 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPOSITS AND CURRENCY—ADJUSTED DEPOSITS OF ALL BANKS AND CURRENCY OUTSIDE BANKS [Figures partly estimated. In millions of dollars] Total d T em ot a a n l d Time deposits End of month c a d o u d e u r j a p u r t n o s e s d i n s t d i e c t e d y s c a d o u d e u r j a p u r t n o s e s d i n s t d e i c e t d y s a d d e T j p u o o s t s a t i e l t d s a D d d e e j p u m o s a s te i n t d d s 1 d G U e S m o p n t v o a e i e t t s n e e r i t s n d ts - 2 Total b m a C n e o r k c m s i « a - * l M s b a a v u n i t k n u s g a s l « S S P y a s o v t s i e n t m a g l s * C o b u u a r t r n s e i k n d s c e y banks banks 1929—June., 55,171 26,179 51,532 22,540 381 28,611 19,557 8,905 149 3,639 December 54,713 26,366 51,156 22,809 158 28,189 19,192 8,838 159 3,557 1933—June 41,680 19,172 36,919 14,411 852 21,656 10,849 9,621 1,186 4,761 December 42,548 19,817 37,766 15,035 1,016 21,715 11,019 9,488 1,208 4,782 1937—June 57,258 30,687 51,769 25,198 666 25,905 14,513 10,125 1,267 5,489 December 56,639 29,597 51,001 23,959 824 26,218 14,779 10,170 1,269 5,638 1938—June 56,565 29,730 51,148 24,313 599 26,236 14,776 10,209 1,251 5,417 December 58,955 31,761 53,180 25,986 889 26,305 14,776 10,278 1,251 5,775 1939—June 60,943 33,360 54,938 27,355 792 26,791 15,097 10,433 1,261 6,005 December 64,099 36,194 57,698 29,793 846 27,059 15,258 10,523 1,278 6,401 1940—June 66,952 38,661 60,253 31,962 828 27,463 15,540 10,631 1,292 6,699 December 70,761 42,270 63,436 34,945 753 27,738 15,777 10,658 1,303 7,325 1941—June 74,153 45,521 65,949 37,317 753 27,879 15,928 10,648 1,303 8,204 December 78,231 48,607 68,616 38,992 1,895 27,729 15,884 10,532 1,313 9,615 1942—June 81,963 52,806 71,027 41,870 1,837 27,320 15,610 10,395 1,315 10,936 December 99,701 62,868 85,755 48,922 8,402 28,431 16,352 10,664 1,415 13,946 1943—June 110,161 71,853 94,347 56,039 8,048 30,260 17,543 11,141 1,576 15,814 December 122,812 79,640 103,975 60,803 10,424 32,748 19,224 11,738 1,786 18,837 1944—June 136,172 80,946 115,291 60,065 19,506 35,720 21,217 12,471 2,032 20,881 December 150,988 90,435 127,483 66,930 20,763 39,790 24,074 13,376 2,340 23,505 1945—June 162,784 94,150 137,687 69,053 24,381 44,253 27,170 14,426 2,657 25,097 December 175,401 102,341 148,911 75,851 24,608 48,452 30,135 15,385 2,932 26,490 1946—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) P 165,900 108,600 139,800 82,500 3,100 54,200 33,900 17,000 3,300 26,100 February (Feb. 26) * 165,400 106,800 139,200 80,600 3,900 54,700 34,200 17,100 3,400 26,200 March (Mar. 26)P. 165,100 106,400 139,100 80,400 3,800 54,900 34,300 17,200 3,400 26,000 April (Apr. 30)P.. . 165,200 107,300 139,200 81,300 2,8On 55,100 34,500 17,200 3,400 26,000 May (May 28) P 164,900 107,500 138,900 81,500 2, 00 55,300 34,600 17,300 3,40 26,000 June (June 25)P.. . 165,100 108,500 139,100 82,500 1,(00 55,600 34,700 17,500 3,400 26,000 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. * Excludes interbank time deposits and postal savings redeposited in banks. * Beginning June 1941, the commercial bank figures exclude and mutual savings bank figures include three member mutual savings banks. * Includes both amounts redeposited in banks and amounts not so redeposited; excludes amounts at banks in possessions. NOTE.—Except on call dates, figures are rounded to nearest 100 million dollars. See Banking and Monetary Statistics, p. 11, for description and Table 9, pp. 34-35, for back figures. POSTAL SAVINGS SYSTEM BANK SUSPENSIONSl [In millions of dollars] Member Nonmember Assets banks banks Total, all Depos- U. S. Government banks Na- State In- Non- End of month i b to a r l- s' i C n a d s e h - securities C r a e s - h tional sured insured ances1 Total posi- serve b t a o n r k y s Total r D ec i- t G t a e u n e a - d r- f e u t n c d 8 s, Num 1 b 9 e 3 r 4 o - f 3 9 banks suspended: 291 15 6 189 81 1940 22 1 18 3 1941 8 4 3 1 1939—Dec... 1,279 1,319 53 1,192 1,046 146 74 1942 9 6 3 1940—Dec... 1,304 1,348 36 1,224 1,078 146 88 1943 4 2 2 1941—Dec... 1,314 1,396 26 1,274 1,128 146 95 1944 1 1 1942—Dec... 1,417 1L.464 16 L,345 1,220 126 102 1945 0 1943—Dec... 1,788 L.843 10 L.716 1,716 118 1946 0 1944—Dec... 2,342 >,411 8 J.252 2,252 152 1947—Jan.-July . 0 1945—Dec... 2,933 $,022 6 J.837 2,837 179 Deposits of suspended banks 1946—July. . 3,160 $.258 5 $,060 3,060 193 (in thousands of dollars) :a Aug... 3,188 $,288 6 $,088 3,088 194 1934-39 125,991 14,61626,54844,348 40,479 Sept.. 3,207 $.306 6 $,114 3,114 186 Oct... 3,235 $.337 6 $,134 3,134 197 1940 5,943 256 5,341 346 Nov... 3,260 1,360 6 $.151 3,151 204 1941 3,726 3,144 503 79 Dec... 3,284 $.387 6 $,182 3,182 200 1942 1,702 1,375 327 1943 6,223 i',982 1,241 1947—Jan... 3,331 $,436 6 5,234 3,234 196 1944 405 405 Feb... 3,355 $,463 6 $.257 3,257 200 1945 0 Mar... 3,375 5,481 5 $,284 3,284 192 1946 0 A M p a r y . . . . . P 3 3 , , 3 3 8 9 2 3 $.492 5 3,290 3,290 197 1947 Tan -Tniv 0 June, , P3,397 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 an P 8 d 1 I O P m n r u c e i t l s l s u c i t m d e a e l n i l s n a d n a i w e n ry o g o . u r p k s r in w in g o c r i c k p a i a n s l h g , r f e w u p n i r t d e h s s e p w n o t i e s th t d m T b a y r s e t c e a e r s s r u , t r if e 5 i r c a p o t e f e r s U c o n e f n i t t d e d e re p s S o e t s r a i v t t . e e s, f u a n c d - a In t s 2 t u h D r e a e t n p i c m o e s e i t C o s o f r o c p f lo o s r m i a n t e g i m o n ( b i n e l r o s a o b n m a s e n ) . k in s st a a n n d c es in w su it r h e d t he n o a n id m o e f m F b e e d r er b a a l n D ks e p s o u s s it crued interest on bond investments, and accounts due from late post- pended are as of dates of suspension, and deposits of noninsured nonmasters. member banks are based on the latest data available at the time the suspensions were reported. Back figures.—See Banking and Monetary Statistics, p. 519; for description, see p. 508 in the same publication. Back figures.—See Banking and Monetary Statistics, pp. 283-292 for description, see pp. 281-282 in the same publication. AUGUST 1947 997 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 /-» Total Number cal a l n d d ate Total Loans G U ov . e S r . n- Other assets1 Total * b In an te k r - l De- a c c a c p o i u ta n l ts ba o n f ks Total ment secur- mand Time obliga- ities tions All banks: 1938—Dec. 31 48 884 21,305 77 S79 17 972 9,607 ,255 61,465 7,480 78,764 25,221 8,118 1S,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. 31 177 23,756 422 ?0 972 9,449 ,090 75,996 10,934 38 558 26,503 8,302 14896 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 1' ,826 1942—Dec 31 78 147 23,916 S4 231 4S 951 ,280 ,701 99,803 11,308 61 431 27,064 ,566 682 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 3S,415 165,612 14,065 10S921 45,627 10,542 M 553 1946—June 29 ,572 31,486 10S 087 911 ,175 33,124 159,171 12,311 98 043 48,817 TT,067 14 567 Dec. 31. 1.31,698 35,648 96 050 86 558 g,491 35,041 155,902 12,656 9? 446 50,800 11,360 14,585 All commercial banks: 193g—Dec. 31 .38,728 16,409 319 098 7,221 17,673 51,185 7,480 78,764 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 14t,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 U1,034 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 U1,011 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 U1,026 Dec. 31 113,993 31,122 82 871 74 780 8,091 34,223 139,033 12,656 92,446 33,930 9,577 ut,044 All insured commercial banks: 1938—Dec. 31 37,471 16,022 450 14 506 t.943 17,174 49,772 7,254 27,849 14,669 6,438 V ,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—Dee. 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 H?030 7S 875 6.155 79,733 125,714 12,074 89 761 23,879 7,989 V 263 1945—Dec. 31 121,809 25,765 96 043 88 912 ,131 34,292 147,775 13,883 104,015 29,876 8,671 13,297 1946—june 29 117,409 26,791 90 618 8? 977 ,641 31,843 140,612 12,007 96 459 32,145 9,068 r,330 Dec. 31 . . 11?,178 30,733 81 445 73 554 .891 33,694 136,990 12,320 91 144 33,526 9,286 .354- All member banks: 1938—Dec. 31 3?,070 13,208 18 863 13 223 5.640 ,489 43,363 7,153 74 842 11,369 S,424 6,338 1939—Dec. 30 33,941 13,962 19 979 14 328, c,651 19,782 49,340 9,410 28,231 11,699 5,522 6,362 1940—Dec. 31 .. - 37,126 15,321 805 1S 823 c.982 73,963 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 S7970 948 5,022 73,790 92,262 10,555 66 438 15,268 6,475 6,738 1944—Dec. 30... 91,569 18,676 7? 893 67 685 5,208 ,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 10?,032 23,302 78 729 7? 272 6,458 78,079 122,519 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 78920 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 15587 7,910 3,321 5,224 1 1 9 9 3 4 9 0 — — D D e e c c . . 3 3 0 1 2 2 1 3 , , 8 6 1 4 0 8 1 9 0 r , O 00 2 4 2 1 1 2 3 ,7 6 8 4 9 4 9 9 , ,7 0 3 5 5 8 3 3 , , 7 9 3 0 1 8 1 1 2 5 , , 4 0 8 9 9 9 3 3 1 5 , , 5 7 5 8 9 7 5 6, , 5 8 7 9 4 8 2 1 0 75 8 7 8 9 5 8 8 , , 0 3 8 2 1 9 3 3, , 5 39 2 7 8 5 5 , , 1 1 8 4 7 4 1941—Dec. 31 ?7,571 11,725 1S 845 1?,039 3,806 14,977 39,458 6,786 ?4 350 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 4? 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 ss,387 ,250 4.137 ?0,114 84,939 9,229 S9486 16,224 4,644 5,017 1946—June 29 66,277 14,469 51 809 47,271 i1,537 18,607 80,212 7,816 54 930 17,466 4,862 5,012 Dec. 31 63,723 17,272 46 451 41,658 i1,793 20,012 78,775 8,169 52 194 18,412 5,138 5,007 State member banks: 1938—Dec 31 It ,168 4 738 6 429 4,532 1,897 s,797 15,367 2,653 9 255 3,459 103 1 114 1939—Dec. 30 12,130 4,940 7,190 5,271 L.920 7,293 17,781 3,512 10652 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 12944 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 14495 4,025 2,246 L.502 1942—Dec. 31 ,687 5,905 1S,782 13,802 L.980 8,096 27,808 3,600 70 07.4 4,184 ,371 L ,598 1943—Dec. 31 26,759 6,171 20,588 18,883 L,7O5 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 L.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 L,933 9,731 44,730 4,411 32 334 7,986 2,945 L.867 1946—June 29 35,754 8,834 , 26,921 25,000 1,921 9,472 42,307 3.986 29 672 8,649 3,058 L,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 L.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." Back figures.—See Banking and Monetary Statistics, Tables 1-7, pp. 16-23; for description, see pp. 5-15 in the same publication. For recent revisions in series see pp. 870-871 of BULLETIN for July 1947. For other footnotes see following page. 998 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 Class of bank Cash Total Number cal a l n d d ate Total Loans TotaJ G o U m o b v l . e i e g n S r a t n . - - s O e it t c i h e u e s r r - assets * Totall I b n a t n er k - 1 m D a e n - d Time a c c a co p u it n a t l s^ banks 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, 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—Dee. 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 Dee. 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—Dee. 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. 31 457 455 1.002 761 241 763 1,872 329 1,291 253 329 852 1942—Dec. 31 * 154 318 836 674 162 452 1.332 164 927 241 275 793 1943—Dec. 31 588 276 1,312 1,160 153 494 1,829 299 1,261 270 267 764 1944—Dec. 30.,.- . . 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 Dee. 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 ,073 4,452 3,844 608 559 7,534 7,534 80S 184 1944—Dec. 30 9.223 ,110 6,113 5.SO9 604 400 8,910 8,910 892 192 1945—Dec. 31 10,846 ,081 7,765 7,160 606 429 10,363 10,363 1.034 192 1946—June 29 11,453 132 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—Dee. 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 Sy.'tem 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. AUGUST 1947 999 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL INSURED COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES * LOANS AND INVESTMENTS [In millions of dollars] Loans Investments Com- Loans for U. S. Government obligations Obli-I mer- purchasing ga- Total cial, or carrying Class of bank loans in- Agri- securities Real Direct and and clud- cul- es- Con-lOtherl |Statep|Other call date i m nv e e n s t t s - Total o m p p k p in e a e a e r g r t n - * - - tur- b d a T e r e n r o o a d s k l - - o T th o - l t o a a t n e s s l u o m an er s loans Total Total Bills C o d c n e e f a e r e d t b i t s e - n i t s f s - - i- Notes Bonds |G t a e u n e a - d r- [p d s s a c o i u i n o a l v b i n d l t i - - i s - ! i r se it c ie u s - AH Insured commercial banks: 1940—Dec. 31.. 42,557 18,395 7,178 ,281 727 4,468 4,077 24,162 17,064 662 2,756 9,925 3,719 3,608 3,491 1941—Dec. 31.. 49,290 21,2591 9,214 ,450 662 4,773 4,545 28,031 21,046 988 3,159 12,797,4,102 3,651 3,333 1942—Dec. 31.. 66,240 18,903 7,757 ,642 597 4,6462,269 1,042 47,336 40,705 4,462 6,727 5,799 20,999 2,718 3,533 3,098 1943—Dec. 31.. 83,507 18,841 7,777 ,505 922 4 4371,868 918 64,666 58,683 4,636 13,218 7,672 30,656 2,501 3,287 2,696 1944—Dec. 30.. 103,382 21,352 7,920 ,723 2 2,265 4,3431,888' 944 82,030 75,875 3,971 15,300 15,778]39,848 9783,422 2,733 1945—Dec. 31.. 121,809 25,765 9,461 ,314 3 3,606 4,677 2,361 1,18~1 96.04.1 88,912 2,455 19,071 16,045 51,321 223.87? 3,258 1946—June 29.. 117,409 26,791110,334 ,366 2 2,656 5,738 3,069 1,211 90,618 82,977 1,220117,637 12,004|52,092 24|3.973 3,668 Dec. 31.. 112,178 30,733114,016 ,3581,517 1,609 7,103 4,0311,098 81,445 73,554 1,27112,2881 6,78O|53,200 154,298 3,592 Member banks, total: 1940—Dec. 31.. 37,126 15,321 6,660 865 642 652 3 228 3,273 21,805 15,823 652 2,594 9.09J 3,486 3.013 2,970 1 1 9 9 4 4 2 1 — — D D e e c c . . 3 3 1 1 . . . . 5 4 9 3, , 5 2 2 6 1 3 1 1 6 8, , 0 0 2 8 1 8 8 7 , , 6 3 7 8 1 7 ,0 9 8 7 9 2 9 5 3 9 4 4 5 5 3 9 8 8 3 3 , , 4 4 2 9 3 4 1,84 3 7 , f 6 92 "8 o 70 4 2 3 5 , , 1 5 7 0 5 0 ) | 3 1 7 9 , , 5 5 4 3 6 9 4, 9 3 7 6 1 3 6,285 5 3 , , 4 00 0 7 9 1 1 1 8 . , 7 9 2 4 9 8 J3 8 5 3 4 2 02 3. , 0 9 9 6 0 5 <2 2, , 6 8 6 7 4 1 1943—Dec. 31.. 74,258116,288 7,421 ,023 1398, 839 3,274 1,484| 848 57,970 52,9484,360(12,071 6,906 27,265 2,345112, ,294 1944—Dec. 30.. 91,569 18,676 7,531 ,198 2 249|2,108 3,209 ,505, 87772,891 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 1333,378 3,455, ,900 1.104 84.408178,338 2,27516,985 14,271144,792 163.254 2,815 1946—June 29.. 102,032 23,302 9,6851 877 3952,480 4,2672,464 1.133 78,729| 72,272 1,07215,292 10,467|45,420 203,307 3,151 Sept. 30.. 99,706 24,775 68,232 3,6173,082 Dec. 31.. 96,362 26,696 13,154 884 1,5061,4675,3583,308 6;6 63,042 1,167 10,043 5,602 46,219 113,548 3,077 New York City? 1940—Dec. 31.. 10,910 3,384 2,125 i 465 190 130 468 7,527 6,044 207| 1,245 2,977 1,615 695 788 1941—Dec. 31.. 12,896 4,072 2,807 412 169f 123 554 , 8,823 7,265 311 1,623 3,652 1,679] 729 830 1942—Dec. 31.. 17,957 4,116 2,5461 787 193 117 303 148|i3,841 12,547 ,855 2,144 2,056 5,420 1.071 593 701 1943—Dec. 31.. 19,994 4,428 2,515 21 1,054] 323 107 252 '" 15,566 14,563 1,328 3,409 1,829 7,014 984 444 558 1944—Dec. 30.. 24,003 5,760 2,610 24 1,742 859 86 253 ,18,243 17,179 913 3,740 3,745 8,592 189] 468 596 1945—Dec. 31.. 26,143 7,334 3,044 302, 4-5-'31,172 80 287 29818,809 17,574 477 3,433 3,325 10,337 1 6061 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 53SI 618 Sept. 30.. 21,972 6,258 15,714 14,410 693| 611 Dec. 31.. 20,834 6,368 1,096 389 "99 455 25014,465 13,308 "387 1^725 "992 557 601 Chicago:* 1940—Dec. 31.. 2,377 696 492 42 54 19 84 1,681 1,307 297 145 752 112 188] 186 1941—Dec. 31.. 2,760| 954 732 48, 52 22 96 1,8061«l,430 256| 153 903 119 182 193 1942—Dec. 31. . 3,973 832 658 34 32 23| 62 3,141 2,789 397 637 391 1,282 83 166 186 1943—Dec. 31.. 4,554 ,004 763 102 52 22 45 3,550 3,238 199, 877 484| 1,602 74 158 155 1944—Dec. 30.. 5,443, ,184 738 163 163 24, 45 4,258 3,913 250 1,045 779 1,809 31 160 185 1945—Dec. 31.. 5,931 ,333. 760 211 233 36 4,598 4,213 133 1,467 749 1,864 181 204 1946—June 29.. 5,167 ,329 804 188 185 43 3,837 3,485 14 1,042 529 1,900 153 200 Sept. 30.. 4,972 ,370 3,602 3,260 148| 194 Dec. 31.. 4,765 ,499 1,094 ioi 105 3,266 2,912 "60 498 "l46| 167 187 Reserve city banks] 1940—Dec. 31 13,013 5,931 2,589 263 115 207 ,436| 1,322 7,081 5,204 103 771 3,281 ,049 984 893 1 1 9 9 4 4 2 1 — — D D e e c c . . 3 3 1 1 . . . . 2 1 0 5 . , 9 3 1 4 5 7 J 6 7 , , 1 1 0 0 2 5 2 3 , , 9 4 5 5 7 6 3 2 0 9 0 0 1 9 1 7 4 , 1 1 9 5 4 3 , , 5 4 2 8 7 6 80 1 8 ,512 312 1 8 4 , , 2 8 4 13 3| 1 6 3 , , 4 0 6 38 7 1,4 2 4 9 1 5 2,2531 1,7 7 2 5 3 1 6 4 , , 8 2 1 4 0 8 ,1 81 7 1 3 9 95 5 6 4 | 8 8 2 2 1 0 1943—Dec. 31.. 27,521 6,201 3,058 279 217 267 ,420 658 30121,321 19,682 1,802 4,691 2,497 9,943 749] 913 726 1944—Dec. 30.. 33,603| 6,822 3,034 348 311 777 ,3791 660 31326,781 25,042 1,704 5,7301 5,181 1,987 440| 1,000 740 1945—Dec. 31.. 40,108 8,514 3,661 205 4271,503 ,459 855 40431,594 29,552 1,034 6,982 5,653] 5,878] 1,126! 916 1946—June 29.. 37,675 8,862 3,932 197 3211,142 ,7431,073 45328,813 26,585 410 6,038| 4,014 6,116 1,194 1,034 Sept. 30.. 36,706 9,814 26,892 !4,614 1,269! 009 Dec. 31.. 35,351 0,825 5,548 201 264 704 ,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 1,453 590| 201 ,644 1,400 5,517 3,269 45 433 2,081 710!1,146 1,102 1941—Dec. 31.. 12,518 5,890 1,676 659 183 ,823 1,530 6,628 4,377 110] 481 2.926 8611,222 1,028 1942—Dec. 31.. 16,419 5,038 1,226 772 161 ,797 674 393 11,380 9,172 671 1,251 1,240 5,436 5741,252[ 956 1943—Dec. 31.. 22,188 4,654 1,084 713 197 ,725 528j 38117,534 15,465 1,032 3,094 2,096 8,705 5381,214,? 855 1944—Dec. 30.. 28,520 4,910 1,149 802 310| ,719 547 35123,610 21,552 882 3,466 4,422 12,540| 2411,230, 829 1945—Dec. 31.. 35,002 5,596 1,484 648 471 ,881 707 ,407 26,999 630]5,102 4,544|16,713 9]1,342 1,067 1946—June 29.. 35,886 6,605 1,781 679 354|2,398] 937 29,281 26,556 447 5,231 3,696 7,170| 12 ,426 1,299 Sept. 30. .36,056 7,334 28.722125,948 1,5071,268 Dec. 31.. 35,412 8,004 2,433 '681 *2732,970 1,312 306]27,408 24,572 279]4 \ 626I i! 470 717971 ,5511,285 Insured nonmember commercial banks: 1940—Dec. 31.. 5,431 3,074! 518 416 751,240 803 2,357 1,240 i?1 162 834 234 595 521 1941—Dec. 31.. 5,776 3,241 5431 478 641,282 854 2,535 1,509 152 1,069 271 563 462 1942—Dec. 31.. 6,984 2,818: 370 553 59 ,225 422 173 4,166 3,162 442 390 2,053 179 569 435 1943—Dec. 31.. 9,258 2,556! 356 482 82 ,165 385 70 6,702 5,739 99 1,147 766 3,395 156 560 403 1944—Dec. 30.. 11,824 2,6781 389 525 156 ,136 383 67 9,146 8,197 276 1,319] 1,652 4,9281 76 566 383 1945—Dec. 31.. 14,639 2,992 512 459 228 ,224 460 7711,647 10,584 223 2,087 1,774 6,538 6 619 443 1946—June 29.. 15.392 3,491, 649 488 176 ,473 605 79 11,90110,716 180 2,346] 1,538 6,682 4 667 518 Dec. 31.. 15,831 4,040 862 474 142 ,748 7231 7911,791 10,524 147 2.247 1,179 6,991 3 752 516 104 * 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." 1 During the period Dec. 31, 1942-June 30, 1945, agricultural loans included loans to dealers, processors, and farmers' cooperatives covered by purchase agreements of the Commodity Credit Corporation, which are now classified as commercial and industrial loans; consequently, beginning Dec. 31, 1945, these items may not be entirely comparable with prior figures. * Central reserve city banks. 1000 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 Cla c s a s l a l o n d f d a b te ank F B s w e R R e a d i r e 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 B n d e n i a c o s t k l e t - h - i s s c 3 j m p u D a o d s a d t s e e n e i - - - t d d s 4 m D e I s n d o t e t - i e c • p 3 r o b s a i F e t n i s o g k r n - U m G e . r o e n v n S - - t . p v S s o i u a t l s a i b n i t o t d d i e c n i s - a s l c C h c o a f e e e e i f n t e f c r r c i d d s k t - . ' i s - , p a v n s a i p I t d h d r i n o o t u i d r n p c n a a i o e s s - l - , s r r - - , I b n a t n e k r- P U m G S e i a o n . r a n o e s g n v d n S v t s - - a t - . l v s S p i a u i s o t c n a i b l a o d i t d l t e n - i s - s p a v n a s p i t I h d d r i n o o t i u d n r p c n a a i o e s s - l - , r r s - - , r B i o n o w g r s - - C C O a t l a a c m l - p t i a - 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 1,24322 179 4 240 2,450 62 950 64 99 399 23,712 208 7 589 1946—June 29.. 16,001 1,141 5,772 67,461 10,391 1,33912 009 4 826 2,179 65 589 72 101 447 25 568 72 7 920 Sept. 30. . 15,792 1,382 5,660 68,818 10,042 1,370 7 763 4 763 1,796 67 129 72 104 491 26,150 77 8 077 Dec. 31.. 16,015 1,576 5,936 70,24310,644 1,353 2 672 4 915 2,207 69 127 62 114 551 26,525 30 8 095 New York City:* 1940—Dec. 31. . 7,057 102 122 11,062 4,032 641 48 370 471 11 357 5 51 768 615 1941—Dec. 31.. 5,105 93 141 10,761 3,595 607 866 319 450 11 282 6 29 778 648 1942—Dec. 31. . 4,388 72 82 11,899 3,209 733 4 186 263 448 12 501 3 23 711 727 1943—Dec. 31.. 3,596 92 61 13,899 2,867 810 3 395 252 710 14 373 4 5 26 816 29 862 1944—Dec. 30.. 3,766 102 76 14,042 3,179 851 6 722 199 361 14 448 11 7 17 977 96 966 1945—Dec. 31. 4,015 111 78 15,06S 3 SSS 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 V 1 400 5 2 196 Dec. 31. . 4,046 131 87 16,429 3,031 1,195 651 218 942 17 216 20 15 39 1 395 2 205 Chicago:* 1940—Dec. 31. . 1,051 42 319 1,941 997 g 90 174 27 1 905 E g 496 270 1941—Dec. 31.. 1,021 43 298 2,215 1,027 8 127 233 34 2 152 476 288 1942—Dec. 31. . 902 39 164 2,557 1,105 12 665 178 38 2 588 2 453 304 1943—Dec. 31.. 821 38 158 3,050 972 14 713 174 44 3 097 i 505 326 1944—Dec. 30. . 899 43 177 3,041 ,132 16 1 400 167 3^ 3 100 1 619 354 1945—Dec. 31. 94? 36 200 3,153 ,292 20 1 552 237 66 3 160 719 377 1946—June 29. 870 26 162 3,189 ,047 2t 789 262 37 3 153 2 1 779 394 Sept. 30. 900 24 156 3,287 ,026 24 525 234 4/ 3 335 1 792 397 Dec. 31. . 928 29 172 3,356 ,130 24 152 228 47 3 495 2 4 823 404 Reserve city banks 1940—Dec. 31. 4,027 396 2 741 9,581 919 49 327 995 228 9 468 107 19 226 4 505 1,904 1941—Dec. 31. 4,060 425 2,590 11,117 4,302 54 491 1,144 286 11 127 104 20 243 4 542 1,967 1942—Dec. 31. 4,940 365 2,202 14,849 4,831 63 1,982 1,319 385 15 061 63 22 169 4 805 2 2,028 1943—Dec. 31. 5,116 391 1,758 18,654 4,770 63 3,373 1 448 475 18 790 41 56 151 5 902 2,135 1944—Dec. 30. 5,687 441 2,005 20,267 5,421 70 6,157 1,509 488 20 371 33 40 154 7 561 2,327 1945—Dec. 31. 6,326 494 2,174 22,372 6,307 110 8,221 1,763 611 22 281 30 38 160 9 563 2 2,566 1946—June 29. 6,332 399 1,858 23,483 5,220 129 4,531 2,003 558 23 005 27 43 187 10 190 27 2,676 Sept. 30. 6,278 471 1,777 23,849 5,089 125 2,971 1,955 543 23 601 28 42 219 10 381 30 2,731 Dec. 31. . 6,337 532 1,923 24,221 5,417 127 991 2,077 693 24 288 25 43 235 10 580 4 2,729 Country banks: 1940—Dec. 31. 1,857 452 3,002 7,845 633 2 151 1,184 187 6,846 29 33 150 5,917 3 1,909 1941—Dec. 31. 2,210 526 3,216 9,661 790 225 1,370 239 8,500 30 31 146 6,082 i 1,982 1942—Dec. 31. 2,842 542 3,699 13,265 957 t 1,090 1,558 272 11,989 20 32 140 6,397 2,042 1943—Dec. 31. 3,303 611 3,474 17,039 994 1 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 1^ 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 1* 55 272 13,727 26 2,757 Insured nonmember commercial banks: 194.O Dec 31 243 2,017 3,39: 95 50 57^ 5? 2,822 18 13 87 3 311 978 1941 Dec 31 271 2,325 4^09: 10$ ) 5c 611 6$ 3^48v g ji 3*27( 959 1 1 A J. -9 9 ' 7 T ^ 4 4 T J x9 3 . - — — A A D D— — 'V e e 't ^ - c c V ^ * « . t 3 3% v -* 1 1 i X . • • 3 28 1 7 3 2 2 , ,9 9 9 3' 6 5 7 ^ ,2 6 7 51 9 1 14 3 1 3 2 5 24 0 c 6 6 7 7 5 8 0 9 7 6 ( 4 6 [ ^ 9 5 8 1 ; 8 K 6 5 4 6 6 « 8 3 3[7 33 5 * 0 6 9 9 5 7 5 9 1944 Dec 30 352 3,434 8,652 182 1,245 775 10; 7,86; ( 76 4 55' K 1 022 A 1J 1A , 9 9 Z 7 7 f * 4 4 ^ X I t V ^ v1 5 J — 5— -J A D A T D— _ U ^ u ' e \ V . e J ~ n. V - i c c . l \ ^ ^ —e . » » 3 \ 2 \ ^ 3J J \ 9 J 1 1 J ^ L . • • • . • • • 3 4 3 3 9 3 7 1 0 3 3 3 , , , 5 3 9 4 3 5 7 2 9 1 1 10 0 1 ^ ^ ,8 8 5 4 2 3 2 1 7 2 2 1 3 9 4 4 ; 4 : 11 t 1[5 9 2 6 3 5 C 2 8 1,0 9 8 5 8 5 1 ? 2 1 1 1 4 3 5 i ! 4 10 9 9^ ! ,6 7 80 4 6 ^ ; 1 5 6 1 ( 5 1 1 9 0 1 7 5 3 6 5 5 ^ 9 5 2 3 7 3 ^ * 2 li ( 1 j 1', 0 1 1 8 4 9 3 9 3 3 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. 4 Demand deppsits other than interbank and U. S. Government, less cash items reported as in process of collection. For other footnotes see preceding page. Back figures.—See Banking and Monetary Statistics, Tables 18-45, pp. 72-103 and 108-113. AUGUST 1947 1001 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE LOANS AND INVESMENTS [Monthly data are averages of Wednesday figures. In millions of dollars] Loans Investments For purchasing or carrying securities U. S. Government obligations Com- Total mer- To brokers Date or month i m n lo a v e n a e n n d s t s t s - Total i t t a c n a c r u g i u i d n r a a r l u d a l i - l , - l s , - G a U t l i o n i o o g . b d n a v - S - s t d . . e O a c t l s u t i e e h e r r - s e i s - r G l U 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 a e a n a te s l b L a o t n o a k n s s Other Total Total Bills o d c C n t e f e a i e e f d b t s i i r e - n - t s - s - - Notes Bonds1 O s ri e t t h c ie e u s r - Total- Leading Cities 1946--July 69,129 17,184 8,708 8031,539 2,029 153 2,28151,945 47,964 97011,181 5,585 30,2283,981 1947— February. . . 63,528 19,593 11,757 713 417 619 505 2,604 146 2,832 43,93539,996 443 5,683 3,470 30,400 3,939 March 63,724 19,695 12,107 402 422 573 496 2,687 150 2,85844,029 39,979 999 5,475 3,198 30,3074,050 April 63,284 19,864 12,162 406 414 548 496 2,785 155 898 43,42039,311 889 5,192 2,843 30,3874,109 May 63,169 19,917 11,891 590 429 530 2,876 181 933 43,25239,229 678 5,247 2,773 30,5314,023 June 63,143 20,167 11,757 771 531 513 2,938 3,01842,97638,886 818 4,762 2,658 30,6484,090 Apr. 30 . . 63,438 19,864 12,043 414 419 542 509 2,831 2,922 43,57439,465 753 5,402 2,838 30,4724,109 May 7 63,247 19,923 11,953 446 484 538 4862,845 2572,914 43,32439,273 607 5,367 2,802 30,4974,051 May 14 63,137 19,914 11,960 544 438 532 4832,868 1602,929 43,22339,197 579 5,275 2,796 30,5474,026 Mny 21 63,053 19,817 11,857 597 399 524 4982 ,895 116 2,93143,236 39,226 697 5,211 2,793 30,5254,010 May 28 63,23920,015 11,792 773 396 527 4822,897 1912,957 43,22439,220 827 5,135 2,702 30,556 4,004 June 4. 62,90920,285 11,752 829 576 528 237 2,98242,62438,536 471 776 2,707 30,5824,088 June 11 62,97020,080 11,763 760 507 525 4852,930 109 3,00142,89038,817 819 692 2,662 30,6444,073 June 18 63,40620,072 11,754 713 526 503 4852,949 130 3,01243,33439,246 1,151 799 2,623 30,6734,088 June 25 63,285 20,230 11,757 784 514 498 480 2,967 1513,07943,055 38,943 832 782 2,637 30,6924,112 July 2 63,371 20,277 11,809 742 524 515 4712,981 158 3,07743,09438,990 989 4,648 2,652 30,7014,104 July 9 63,22720,042 11,791 605 457 511 4663,005 1313,076 43,18539,099 1,100 4,570 2,648 30,7814,086 July 16 63,41620,141 11,848 501 585 513 4633,026 122 43,275 39,145 1,072 4,551 2,650 30,8724,130 July 23 63,51320,194 11,883 519 530 509 3,053 3,085 43,31939,154 951 4,672 2,636 30,8954,165 New York City 1946—July 22,400 6,197 3,214 933 556 511 247 135 52416,203 15,041 249 3,125 1,539 10,1281,162 1947—February 19,846 6,257 4,216 596 275 130 213 110 62113,589 12,490 74 1,325 1,129 9,9621,099 March 19,998 6,164 4,407 310 283 109 205 131 62013,834 12,662 390 1,295 1,022 9,9551,172 April 19,944 6,204 4,439 313 279 105 208 132 62913,740 12,533 315 1,229 800 10,1891,207 May 19,798 6,195 4,252 492 292 101 195 141 62413,603 12,462 109 1,262 813 10,2781,141 June 19,920 6,342 4,180 651 358 96 190 127 64113,578 12,393 302 1,011 776 10,3041,185 Apr. 30. . 20,059 6,185 4,347 325 286 106 221 165 63813,874 12,677 236 1,368 802 10,2711,197 May 7 19,923 6,210 4,285 362 328 105 194 97 212 62713,713 12,570 124 1,355 807 10,2841,143 May 14 19,718 6,162 4,288 453 303 104 190 96 107 62113,556 12,411 27 1,285 806 10,2931,145 May 21 19,737 6,106 4,231 497 271 96 207 99 85 62013,631 12,496 176 ,231 825 10,2641,135 May 28 19,814 6,303 4,202 656 266 101 191 99 161 62713,511 12,370 108 ,178 814 10,2701,141 June 4 19,775 6,448 4,194 703 346 103 189 98 178 13,327 12,143 52 978 828 10,2851,184 June 11 19,718 6,304 4,183 640 352 106 190 102 92 63913,414 12,248 231 945 783 10,2891,166 June 18 20,069 6,264 4,160 597 380 193 101 109 63613,805 12,618 540 1,027 745 10,3061,187 June 25 20,118 6,351 4,181 663 355 187 97 129 65113,767 12,565 385 1,093 750 10,3371,202 July 2 20,082 6,335 4,193 617 344 103 186 98 138 13,747 12,553 377 1,042 770 10,3641,194 July 9 20,002 6,124 4,177 491 307 102 185 99 107 65613,878 12,681 541 976 772 10,3921,197 July 16 19,993 6,078 4,157 391 385 102 182 101 103 65713,915 12,697 502 983 772 10,4401,218 July 23 20,088 6,100 4,165 415 360 98 181 101 121 65913,988 12,733 1,077 762 10,4541,255 Outside New York City 1946—July 46,729 10,987 5,494 203 1,028 1,952 181,75:35,74232,923 721 8,056 4,046 20,1002,819 1947—February. . . . 43,682 13,336 541 117 142 489 2,508 362,211 30,346 27,506 369 4,358 2,341 20,4382,840 March 43,726 13,531 700 92 139 464 2912,588 19 2,238 30,19527,317 609 4,180 2,176 20,3522,878 April 43,340 13,660 723 93 135 443 2882,686 232,26929,68026,778 574 3,963 2,043 20,1982,902 May 43,371 13,722 639 98 137 429 2,778 40 2,30929,64926,767 569 3,985 1,960 20,2532,882 June 43,223 13,825 577 120 173 417 292 2,839 30 2,37729,39826,493 516 3,751 1,882 20,3442,905 Apr. 30. . 43,379 13,679 7,696 89 133 436 288 2,734 19 2,28429,70026,788 517 4,034 2,036 20,2012,912 May 7 43,324 13,713 7,668 84 156 433 2922,748 2,28729,611 26,703 483 4,012 ,995 20,2132,908 May 14 43,419 13,752 7,672 91 135 428 2932,772 2,30829,66726,786 552 3,990 ,99€ 20,2542,881 May 21 43,316 13,711 7,626 100 128 428 2912,796 2,31129,60526,730 521 3,980 ,968 20,2612,875 May 28 43,425 13,712 7,590 117 130 426 2912,798 30 2,33029,71326,850 719 3,957 20,2862,863 June 4 43,134 13,837 7,558 126 230 425 2882,806 2,34529,29726,393 419 3,798 ,879 20,2972,904 June 11 43,252 13,776 7,580 120 155 419 295 ,828 2,362 29,47626,569 588 3,747 ,879 20,3552,907 June 18 43,337 13,808 7,594 116 146 415 292 ,848 2,37629,52926,628 611 3,772 1,878 20,3672,901 June 25 43,167 13,879 '7,576 121 159 410 293 ,870 2,42829,28826,378 447 3,689 1,887 20,3552,910 July 2 43,289 13,942 7,616 125 180 412 2852 2,42129,34726,437 612 3,606 1,882 20,3372,910 July 9 43,225 13,918 7,614 114 150 409 2812,906 24 2,42029,30726,418 559 3,594 1,876 20,3892,889 July 16 43,423 14,063 7,691 110 200 411 281 925 2,42629,36026,448 570 3,568 1,878 20,4322,912 July 23 43,425 14,094 7,718 104 170 411 2812,952 2,42629,331 26,421 511 3,595 1.874 20,4412,910 T Revised. 1 Including guaranteed obligations. Back figures.—'For description of revision beginning July 3, 1946, see BULLETIN for June 1947, p. 692, and for back figures on the revised basis, see BULLETIN for July 1947, pp. 878-883; for old series, see Banking and Monetary Statistics, pp. 127-227. 1002 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE—Continued RESERVES AND LIABILITIES [Monthly data are averages of Wednesday figures. In millions of dollars] Demand deposits, Time deposits, Interbank except interbank except interbank deposits Reserves Bal- De- Indi- Indi- Date or month B s F w e R e a e r r i n e a d t v - h k l - e s v C a i a u n s l h t m b a w n a d e n i o c s t - e t k h i s s c j p m u a o s d a t d e s e n - i - t d d s 1 s p p u v n c h a o a a o i e n i r d r l p r r d s a t - - - s - , - , S p s d s a t i o i u a i c o n v l b t a n d i i e - t l - s - s c C h c a o f e e e e i f n t e f r r c c d i d t s . k - i ' - s, U m G e . r o e n n v S - t - . s p p u v c n h a o a a o i n e i r d r l p r r d s a t - - - s - , - , S p s d s a i t i o u i c a o n v l b a t n d i i e - l t - s - s P U m G S e i o a n . r a o n s e n g v t d v n S - s a - - t . l m D t D e i o c s e - - man F e d i o g r n - Time r B i o n o w g r s - - co C i a u t a c a n p - l - ts B d it a e s b n - 2 k tions tions Total- Leading Cities 1946—July 11,563 697 2,389 45,52745,475 2,772 1,557 7,89013,292 208 9,8611,317 212 5,537 ?79,958 1947—February . 11,539 2,24745,474 45,,377 2,938 1,408 2,04313,835 251 9,2691,346 268 5,650 73,182 March.. . . 11,432 743 2,35745,255 <4•5,242 2,961 1,362 2,18713,934 280 9,4531,346 186 5,665 85,018 April 11,455 735 2,326 45,428 45,235 3,118 1,381 1,73613,946 307 9,1801,356 191 5,691 76,400 May 11,530 763 2,29145,966 45,627 3,248 1,396 1,31513,992 324 8,9741,379 169 5,718 79,718 June 11,681 764 2,290 46,85846,557 3,280 1,465 45014,025 325 8,9571,342 170 5,730 83,687 Apr. 30... 11,512 727 2,32146,150 45,798 3,350 1,392 1,47613,955 312 8,9441,359 172 5,716 17,115 May 7... 11,531 740 2,256 455,73144,990 3,240 1,467 1,37213,977 320 9,1141,408 232 5,724 18,966 May 14... 11,574 778 2,40345,760 46,012 3,222 1,398 1,43813,984 323 9,2001,395 165 5,714 18,096 May 21... 11,623 746 2,285 46,06145,700 3,261 1,278 1,33314,004 327 8,8461,370 110 5,713 18,123 May 28... 11,394 788 2,21946,31445,807 3,268 1,441 1,11914,005 324 8,7361,341 168 5,721 17,515 June 4.., 11,598 736 2,22546,62746,008 3,365 1,448 35014,014 322 8,9101,348 257 17,544 June 11... 11,629 784 2,290 46,779 46,596 3,237 1,504 43414,024 322 8,9401 ,319 148 19,167 June 18.. . 11,768 767 2,41847,03547,103 3,231 1,403 47214,025 329 9,2091,327 137 19,726 June 25.. . 11,728 771 2,22846,98946,521 3,285 1,504 14,039 325 8,7681,375 139 5,730 r18,915 July 2... 11,627 730 2,32546,626 46,443 3,191 1,818 14,055 328 9,1821,350 140 5 ,739 23,032 July 9... 11,755 783 2,30546,52546,351 3,061 1,391 65614,057 326 9,2281,343 132 5,743 15,462 July 16... 11,853 756 2,40846,96347,459 3,040 1,436 49114,057 327 9,3761,354 95 5,734 19,028 July. 23... 11,808 763 2,268 47,18746,899 3,079 1,353 14,061 324 9,0091,339 133 5,739 18,378 New York City 1946—July 4,021 109 15,71916,187 235 871 2,869 1,303 3,1171,160 124 2,129 35,391 1947—February . 4,003 115 15,53115,950 185 753 632 1,347 2,894 1,198 112 2,164 29,172 March.... 3,991 117 15,57016,052 187 702 662 1,351 2,962 1,195 92 2,162 34,437 April 4,001 116 15,71216,171 225 720 525 1,346 2,914 1,210 72 2,170 29,997 May 4,044 125 15,74216,141 248 776 380 1,347 2,892 1,229 96 2,176 31,695 June 4,076 121 16,12216,526 226 813 123 1,357 2,902 1 ,201 73 2,173 35,092 Apr. 30... 4,047 114 15,93816,425 313 720 444 1,341 2,883 1,217 103 2,176 6,539 May 7... 4,033 119 15,67315,934 261 824 406 1,345 2,942 1,262 158 2,179 8,271 May 14... 4,098 124 15,62516,165 246 767 411 ,344 2,944 1,243 87 2,179 6,797 May 21.. . 4,060 117 15,80416,211 234 672 384 ,350 2,843 1,217 32 2,176 6,702 May 28... 3,986 142 15,86716,254 253 842 318 ,350 2,838 1,195 108 2,172 6,985 June 4.. . 4,051 119 15,97016,269 231 832 92 ,354 2,885 1,203 160 2,179 7,349 June 11... 4,010 127 15,96616,424 209 865 113 ,360 2,865 1,178 36 2,174 8,433 June 18... 4,113 118 16,19516,684 223 720 135 ,357 3,008 1,185 52 2,172 7,921 June 25... 4,132 121 16,35616,725 240 835 152 ,358 2,851 1,237 44 2,169 7,560 July 2... 4,053 127 16,17916,658 214 1,104 133 ,349 2,961 1,208 70 2,183 10,155 July 9... 4,005 128 16,05716,439 198 738 142 ,351 2,943 1,205 51 2,183 6,227 July 16... 4,155 119 16,22816,765 245 774 111 ,346 2,972 1,207 36 2,182 7,658 July 23... 4,074 122 16,38016,721 244 713 122 ,347 2,856 1,191 37 2,182 7,142 Outside New York City 1946—July 7,542 588 2,34829,80829,288 2,537 686 5,02111,989 192 6,744 3,408 H4,567 1947—February . 609 2,214 29,94329,427 2,753 655 1,41112,488 232 6,375 148 156 3,486 44,010 March... . 2,31829,68529,190 2,774 660 1,52512,583 263 6,491 151 94 3,503 50,581 April 619 2,27129,716 29,064 2,893 661 1 ,21112,600 291 6,266 146 119 3,521 46,403 May 638 2,22554 30,22429,486 3,000 620 93512,645 307 6,082 150 73 3,542 48,023 June 7,605 643 2,254 30,73630,031 3,054 652 32712,668 308 6,055 141 97 3,557 48,595 Apr. 30. .. 7,465 613 2,28530,21229,373 3,037 672 1,03212,614 297 6,061 3,540 10,576 May 7. . . 498 621 2,222 30,05829,056 2,979 643 96612,632 304 6,172 146 74 3,545 10,695 May 14... 476 654 2,366 30,13529,847 2,976 631 1,02712,640 306 6,256 152 78 3,535 11,299 May 21.. . 563 629 2,24730,25729,489 3,027 606 94912,654 310 6,003 153 78 3,537 11,421 May 28. .. 408 646 2,183 30,44729,553 3,015 599 80112,655 307 5 ,898 146 60 3,549 10,530 June 4... 7,547 617 2,19230,657 ,739 3,134 616 25812,660 305 66 6,025 145 97 3,555 10,195 June 11... 657 2,25130,81330,172 3,028 639 32112,664 305 6,075 141 112 3,553 10,734 June 18... 649 2,38330,840 30,419 3,008 683 33712,668 312 6,201 142 85 3,557 11,805 June 25.. . 7,596 650 2,19330,63329,796 3,045 669 39212,681 310 65 5,917 138 95 3,561 "•11,355 July 2... 7,574 603 2,28930,44729,785 2,977 714 46312,706 313 6,221 142 70 3,556 12,877 July 9.. 7,750 655 2,27230,46829,912 2,863 653 51412,706 311 6,285 138 81 3,560 9,235 July 16 . 7,698 637 2,370 30,73530,694 2,795 662 38012,711 311 6,404 147 59 3,552 11,370 July 23... 7,734 641 2,233 30,80730,178 2,835 640 41712,714 309 68 6,153 148 96 3,557 11,236 r Revised. 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 exceot interbank and TT. S. Government accounts. 3 Bank debit figures for July 3-Dec, 31, 1946 as published on pages 879 and 883 of the BULLETIN for July 1947 have been revised and will be furnished upon request, AUGUST 1947 1003 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 Com- Total Iqans mer- Federal Reserve and cial, To brokers To others Cerdistrict and date invest- indus- and dealers Real >oansOther tifi- Other ments Total t t a a c r u g u i n r l a r - d a i l - l , G U t l i o i o o . g b - v n a S - s t . . O c t s u t i e h e r - s i e - r G U l t o i i o g . b o S - v a n . - t s . O c t s u t i e h e r - s i e - r e l s o t a a n te s >a to nks loans Total Total Bills o c d n f e a e e d t b i s e - n t s s - - ^otes Bonds1 s ri e t c ie u s - Boston June 25 2,890 921 570 23 16 19 15 104 6 168 1,969 1,858 39 239 86 ,494 111 July 2 2,876 923 578 26 12 19 15 105 2 166 1,953 1,842 69 193 85 ,495 July 9 . . 2,867 919 581 19 10 19 14 105 6 165 1,948 1,837 65 189 85 ,498 111 July 16 2,881 927 581 25 14 19 14 105 3 166 1,954 1,843 60 189 89 , 505 111 July 23 2,877 931 582 28 9 19 15 108 4 166 1,946 1,835 46 193 90 ,506 HI New York* June 25 22,279 6,968 4,467 666 359 102 205 254 129 786 15,311 3,952 437 1,144 857 ,514 ,359 July 2 22,225 6 952 4 477 622 347 117 204 255 138 792 15,273 13,919 403 1,099 878 , 5391,354 July 9 22,164 6,742 4,459 498 310 116 203 257 107 792 15,422 14,065 583 1,037 878 ,567 1,357 July 16 22,136 6,703 4,442 395 393 116 200 260 103 794 15,433 14,055 526 1,043 868 ,618 1,378 Julv 23 • . 22,227 6,719 4,451 419 363 111 199 260 121 79515,508 14,091 463 1,133 858 ,637 1,417 Philadelphia June 25 2,481 762 437 2 17 12 7 76 3 208 1,719 1,464 31 125 72 , 236 255 July 2 2,486 759 436 3 17 9 7 77 2 208 1,727 1,473 59 108 72 1,234 254 July 9 .... 2,489 762 436 2 16 9 7 78 7 207 1,727 1,474 45 118 77 1,234 253 July 16 2,482 769 436 2 27 9 7 78 3 207 1,713 1,459 25 124 75 1 ,235 254 July 23 2,485 766 433 2 20 9 7 78 9 208 1,719 1,463 26 117 73 747 256 Cleveland June 25 4,179 1,241 696 16 28 84 15 200 2 200 2,938 2,634 176 118 2,335 304 July 2 4,180 1,241 700 17 24 89 15 196 4 196 2,939 2,632 13 172 116 2,331 307 July 9 4,167 1,240 699 18 22 87 15 200 1 198 2,927 2,621 173 116 2,327 306 )uiy 16 4,186 1,262 709 18 33 87 15 201 1 198 2,924 2,615 14 159 116 2,326 309 July 23 4,187 1,256 710 16 26 86 15 202 1 200 2,931 2,621 17 159 116 2,329 310 Richmond June 25 2,515 697 329 6 36 19 145 3 159 1,818 1,695 22 228 81 1,364 123 July 2 2,505 701 328 2 6 36 20 146 3 160 1,804 1,683 19 217 81 1,366 121 July 9 2,505 697 326 6 36 19 148 3 159 1,808 1,687 24 211 80 1,372 121 July 16 2,509 701 328 6 36 19 149 4 159 1,808 1,687 17 206 87 1,377 121 July 23 - • 2,513 703 327 6 36 20 151 4 159 1,810 1,689 24 201 87 1 377 121 Allan! i Ju e 25 2,302 706 404 1 7 48 34 55 5 152 1,596 1,409 21 261 120 1,007 187 July 2 2,270 703 398 1 7 49 34 55 5 154 1,567 1,380 12 243 120 1,005 187 July 9 2,274 702 397 1 7 47 33 56 5 156 1,572 1,386 19 241 114 1,012 186 July 16 2,288 701 396 1 6 48 33 56 5 156 1,587 1,401 23 245 113 1,020 186 Tulv 23 ... 2,291 704 397 1 6 48 33 56 6 157 1,587 1,401 22 245 114 1,020 186 Chicago* June 25 8,380 2,400 1,592 68 36 48 65 271 320 5,980 5,452 94 667 389 4,302 528 July 2 8,596 2,446 1,605 64 69 49 65 271 1 322 6,150 5,622 159 761 388 4,314 528 July 9 8,534 2,419 1,611 58 47 49 65 272 317 6,115 5,592 142 738 391 4,321 523 July 16 ... 8,570 2,442 1 630 53 54 48 64 273 320 6,128 5,590 164 708 394 4,324 538 July 23 8,538 2,453 1,641 44 57 48 63 275 5 320 6,085 5,551 103 734 392 4,322 534 St. Louis June 25 2,004 766 420 1 4 32 21 128 2 158 1,238 1,094 91 138 863 144 J T u u l l y v 9 2 . .. 2 2 , , 0 00 1 2 6 7 7 6 6 8 6 4 4 2 2 2 0 2 1 3 3 2 2 1 1 6 6 1 1 2 2 8 9 2 j 1 1 6 6 2 1 1 1 , , 2 2 4 3 8 6 1 1 , , 1 09 0 4 5 24 9 9 8 0 9 1 13 3 5 4 8 8 5 6 7 1 1 14 4 2 3 July 16 2,013 775 425 1 8 32 16 129 2 162 1,238 1,094 10 89 135 860 144 July 23 .... 2,015 780 433 1 4 32 16 131 2 161 1,235 1,092 13 87 137 855 143 Minneapolis June 25 1,111 353 198 2 11 6 47 89 758 697 30 73 590 61 Tulv 2 1,115 358 201 1 2 11 6 48 89 757 696 13 28 67 588 61 July 9 1,116 354 196 2 13 6 48 89 762 702 22 25 67 588 60 July 16 1,111 353 196 2 13 6 47 89 758 697 19 24 67 587 61 July 23 1,104 356 196 1 2 14 6 48 89 748 688 9 38 66 575 60 Kansas City June 25 2,286 673 428 4 19 11 95 116 1,613 1,425 50 272 145 958 188 July 2 2,284 678 431 4 19 12 95 117 1,606 1,418 51 260 150 957 188 J T u u l l y v 1 9 6 2 2 3 2 3 8 4 9 6 6 7 96 9 4 44 3 2 0 7 c 2 1 1 9 1 11 2 9 94 3 1 12 2 1 0 1 1 , , 6 6 1 3 0 8 1 1, , 4 4 5 2 1 4 4 61 6 2 27 6 4 5 1 1 5 5 2 2 9 9 6 64 1 1 18 8 7 6 July 23 2,361 706 455 4 20 11 94 122 1,655 1,468 70 274 149 975 187 Dallas 2,081 817 538 8 34 37 72 128 1,264 1,166 37 230 116 783 98 J J U u l l y y 2 9 2 2, , 0 0 8 8 7 6 8 8 2 2 0 1 5 5 4 4 9 7 8 6 3 3 3 3 3 35 3 7 7 3 3 1 1 2 2 2 9 1 1 , , 2 2 6 6 6 6 1 1 , , 1 1 6 7 8 0 4 2 3 1 2 2 2 2 7 8 1 1 1 2 6 3 7 7 8 9 2 8 9 9 8 6 July 16 2,096 829 551 6 33 34 74 131 1,267 1,171 18 230 124 799 96 July 23 2,114 830 553 6 34 34 74 129 1,284 1,187 30 232 123 802 97 San Francisco June 25 10 777 3 926 1 678 7 27 53 45 1,520 1 595 6,851 6,097 90 1,319 442 4,246 7=54 July 2 . . 10,732 3,928 1 684 c 23 52 42 1,532 1 589 6,804 6,052 124 1,250 445 4,233 752 July 9 10,733 3,941 1,689 21 51 431,546 1 583 6,792 6,047 119 1,256 430 4,242 745 July 16 10,810 3,983 1,712 6 29 51 441,560 1 580 6,827 6,082 135 1,260 430 4,257 745 July 23 10,801 3,990 1,705 27 52 431,576 1 579 6,811 6,068 128 1,259 431 4,250 743 City of Chicago* June 25 5,240 1,637 1,217 67 28 31 57 64 173 3,603 3,236 32 456 203 2,54. 367 July 2 5,469 1,687 1,232 64 61 32 57 64 176 3,782 3,414 108 550 204 2,552 368 July 9 5,413 1 661 1,239 58 40 32 56 64 172 3,752 3,387 QQ 535 204 2,549 36S July 16 5,442 1,670 1,253 53 39 31 56 64 174 3,772 3,393 11 517 21 2,548 379 July 23 5,404 1,691 1,267 44 51 31 55 65 173 3,713 3,33* 44 54C 209 2,546 374 5 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. 1004 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS—BY FEDERAL RESERVE DISTRICTS—Continued RESERVES AND LIABILITIES [In millions of dollars] Demand deposits, Time deposits, Interbank except interbank except interbank deposits Reserves Bal- De- Indi- Indi- Demand d F i e s d tr e i r c a t l a R n e d s e d r a v t e e B s F w e e R a e r r i e n a d v t - h l k - e s C v a a in s u h lt m b a w a n d e o n i s c t - t e k h i s s c p m u o a d s a e d s t - n e i - t d d s 1 s p p u v c n a h o a a o n i e i r d r p l r r d a s t - - - s - - , , S p s d s t a i i o u a c i o n b v l t a n d i - e i l t - s s - C • c o a h e e f e f e t r n i r f c c t d i e s k i . - d ' s - , U m G er . o e n v S n - - t . p u s p n c v a h o a o a n e i i l d r p r r r d s a - - - t s , - - , S p s d s t a i i o u a c i o n b v l t a n d i - e i l t - s s - P U m G S e i o a n . r a n s o e g n v t d v S n a s - - - t . l m D t e i o s c - - F ei o g r n - Time r B i o n o w g r s - - c C o i a a t u c p a - n - l ts B d i e a t b s n - 2 k tions tions Boston June 25 497 63 113 2,403 2,368 155 46 47 496 287 19 312 912 July 2 501 53 117 2,399 2,375 162 50 21 496 295 19 311 896 Tuly 9 516 60 117 2,407 2,373 157 41 24 496 298 19 312 648 July 16 504 59 114 2,414 2,407 161 45 17 496 301 21 312 815 July 23' 509 58 109 2,415 2,380 159 43 20 496 286 20 312 795 New York* June 25 ,413 163 126 7,842 7,979 876 1672,188 2,913 ,240 2,355 8,054 July 2 ,340 169 136 7,#85 7,915 1,154 168 ,179 3,031 ,211 73 2,369 0,906 July 9 ,260 174 134 7,506 7,700 438 781 1792,181 3,013 ,208 2,369 6,614 Tuly 16 ,426 163 137 7,680 8,053 478 818 1352,174 3,043 ,210 2,368 8,174 July 23 ,357 166 125 7,835 7,986 486 751 148 ,175 2,922 ,194 38 2,368 7,583 Philadelphia June 25 477 42 92 2,029 2,084 96 27 22 385 325 11 300 733 July 2 471 37 99 2,026 2,107 80 29 17 385 342 10 1 301 847 July 9 469 42 93 2,025 2,079 80 29 18 385 338 10 5 301 546 July 16 482 401 104 2,038 2,134 84 27 13 385 347 10 3 301 678 July 23 469 40 95 2,037 2,094 83 29 15 387 326 10 5 301 672 Cleveland June 25 728 7' 2,893 2,936 155 56 40 ,240 445 21 460 1,034 July 2 722 /I 151 2,896 2,934 155 58 27 ,242 463 9 462 1,168 J J T u u u l l l y y y 2 1 9 3 6 7 7 7 4 3 3 1 5 7 7 7 7 8 7 6 1 1 1 6 4 6 3 8 2 2 2 2 , , , 9 8 9 5 8 2 2 7 8 3 2 2 , , , 0 9 9 1 0 9 9 7 4 1 1 1 6 5 5 0 9 8 5 4 5 7 6 2 3 2 3 3 5 3 , , , 2 2 2 4 4 4 3 2 2 4 4 4 7 4 2 3 9 7 2 2 1 9 5 6 4 4 46 6 6 1 2 2 1, 9 0 7 1 9 7 7 4 6 Richmond June 25 465 64 161 2,044 1,996 188 43 34 596 324 9 207 648 July 2 470 58 160 2,011 1,968 188 49 30 598 349 9 206 1,031 July 9 496 64 162 2,037 2,011 175 43 33 598 361 2 206 773 July 16 495 61 160 2,034 2,019 171 39 29 599 362 6 206 647 July 23 480 61 151 2,032 1,987 173 39 33 598 336 10 206 616 Atlanta June 25 42? 41 163 1,748 1,598 294 25 19 539 448 5 172 609 July 2 430 37 185 1,719 1,590 289 27 13 540 478 1 171 639 July 9 454 42 192 1,751 1,610 291 22 17 540 47 5 171 470 July 16 434 39 197 1,759 1,652 286 23 13 540 476 171 577 July 23 434 42 170 1,762 1,625 286 23 15 540 444 171 573 Chicago* June 25 .,556 105 380 5,667 632 98 72 ,316 1,413 650 2,551 July 2 L ,520 101 373 5,696 624 114 201 ,320 1,493 652 3,060 July 9 1,596 102 380 5,691 588 90 209 ,323 1,490 652 1,952 July 16 1,548 100 398 5,861 577 100 140 ,330 1,527 648 2,614 July 23 1,608 99 372 5,916 5,749 595 99 1432,332 1,476 649 2,667 St. Louis June 25 366 28 11 1,30 1,366 97 20 19 458 546 164 513 July 2 350 26 120 1,271 1,344 94 23 16 459 576 164 596 July 9 375 28 11 1,274 1,346 92 18 26 458 572 164 415 July 16 367 27 11 1,286 1,398 91 18 20 458 576 164 503 July 23 . . . • 36, 27 11 1,29 1,368 89 17 2: 458 559 164 512 Minneapolis June 25 200 12 78 765 724 130 18 244 277 95 333 July 2 203 11 89 774 731 141 13 244 291 96 361 July 9 210 11 83 775 730 138 14 244 292 96 273 July 16 208 12 93 784 751 136 12 244 291 96 351 July 23 209 12 84 77 733 134 1 24, 286 96 341 Kansas City June 25 470 28 288 1,664 1,640 209 27 374 816 179 657 July 2 478 2 286 1,634 1,62' 209 30 375 841 178 683 July 9 487 29 293 1,638 1,646 199 28 375 865 178 550 July 16 493 28 310 1,689 1,725 198 31 375 888 178 730 July 23 479 29 309 1,670 1,680 206 •30 375 921 179 771 Dallas June 25 45: 31 279 1,749 1,719 148 4: 538 179 591 July 2 460 29 297 1,755 1,717 163 36 345 569 177 538 July 9 471 31 284 1,743 1,712 155 3 345 581 178 458 July 16 468 30 310 1,769 1,774 151 33 345 29 588 178 580 July 23 456 31 293 1,777 1,749 156 39 345 29 571 179 626 San Francisco June 25 ,677 118 287 6,668 6,444 62, 226 4,858 11 436 657 2,280 July 2 ,682 113 312 6,667 6,437 620 235 4,872 112 454 65 2,307 July 9 ,686 12 304 6,626 6,546 589 241 4,869 111 491 654 1,987 July 16 ,687 120 305 6,693 6,666 547 233 4,869 111 504 651 2,365 July 23m ,705 12 286 6,721 6,55' 554 4,868 111 455 652 2,205 City of Chicago* June 25 ,022 48 3,773 3,75 301 1 442 33 1,052 438 1,671 July 2 ,001 46 3,77 3,797 311 1761,146 34 1,115 440 2,103 July 9 ,058 4 204 3,788 3,788 293 18 1,145 34 1,108 440 1,237 July 16 ,015 4 3,80' 3,902 29 1081,150 34 1,138 436 1,711 Tuly 23 ,072 40 3,84C 3,83< 295 1091,15 34 1,098 436 1,815 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. * See note on preceding page. AUGUST 1947 1005 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 8 Commercial End of month paper Total Accepting banks Goods stc>red in or sta o n u d t i - ng1 sta o n u d t i - ng R Fe e d se e r r v a e l Im in p t o o rts E f x r p o o m rts ship p p o e i d ni. b s e i t n ween Banks Others United United Total Own Bills (For own States States bills bought account) United Foreign States countries t 1945—May 126 177 108 66 42 13 55 124 18 28 7 121 192 109 65 45 18 64 134 22 27 8 July . ... 131 205 118 67 51 34 54 146 24 26 9 142 207 140 68 72 13 54 152 22 26 7 148 200 151 68 82 2 47 150 20 23 7 October 202 204 154 71 82 50 154 18 23 8 November 227 208 155 73 82 54 152 23 26 6 228 227 169 74 94 58 162 29 29 7 236 241 183 85 98 58 172 35 27 8 February 243 230 171 76 95 59 164 35 24 7 March 266 228 170 75 95 •6 158 36 27 7 April 256 215 154 71 83 61 140 42 25 8 May 250 189 130 67 63 59 118 45 21 5 June. 237 183 132 69 63 50 111 46 20 6 1 As reported by dealers; includes some finance company paper sold in open market. * Dollar exchange less than $500,000 throughout the period. Back figures.—See Banking and Monetary Statistics, Table 127, pp. 465-467; for description, see p. 427. CUSTOMERS' DEBIT BALANCES, MONEY BORROWED, AND PRINCIPAL RELATED ITEMS OF STOCK EXCHANGE FIRMS CARRYING MARGIN ACCOUNTS [Member firms of New YorkStock Exchange. Ledger balances in millions of dollars] Debit balances Credit balances Customers' Debit Debit credit balances1 Other credit balances End of month Customers balances in balances in Cash on debit partners' firm hand Money ba ( l n a e n t c )1 es a in n a v d c e c t s o r t u a m d n e i ts n n g t a in n a v d c e c t s o r t a u m d n e i ts n 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 a v d c p e c t a s o r t r a u m t d n n e i t e n s n r g t s' a in n a v d c I e n c t s o r f t a u i m r d n m e i t n s n g t I a n c ( c c n o a e u p t n ) it t a s l 1937—June 1,489 55 161 214 1,217 266 92 25 13 397 December... 985 34 108 232 688 278 85 26 10 355 1938—June 774 27 88 215 495 258 89 22 11 298 December... 991 32 106 190 754 247 60 22 5 305 1939—June 834 25 73 178 570 230 70 21 6 280 December... 906 16 78 207 637 266 69 23 7 277 1940—June 653 12 58 223 376 267 62 22 5 269 December... 677 12 99 204 427 281 54 22 5 247 1941—June 616 11 89 186 395 255 65 17 7 * 222 December... 600 8 86 211 368 289 63 17 5 213 1942— D Ju e n c e ember... 4 5 9 4 6 3 9 7 1 8 5 6 4 1 1 6 8 0 0 3 3 7 0 8 9 2 2 4 7 0 0 w 5 5 4 6 1 1 6 5 4 4 1 1 8 8 2 9 1943—June 761 9 190 167 529 334 66 15 7 212 December... 788 11 188 181 557 354 65 14 5 198 1944—June 887 5 253 196 619 424 95 15 11 216 December... 1,041 7 260 209 726 472 96 18 8 227 1945—June 1,223 11 333 220 853 549 121 14 13 264 December... 1,138 12 413 313 795 654 112 29 13 299 1946—June 809 7 399 370 498 651 120 24 17 314 1946—July »745 *3442 3653 August 3723 3 377 3647 September.. 3 631 3 305 3 729 October 3583 3 253 3 720 November. . 3571 3 238 3 723 December... 537 5 311 453 217 693 118 30 10 289 1947—January 8 533 3210 »687 February... 3573 3217 3681 March 3 576 3216 3677 April 3 553 3 205 3 665 May 3 530 3 201 3 652 June 552 6 333 395 222 650 162 24 9 271 1 Excluding balances with reporting firms (1) of member firms of New York Stock Exchange and other national securities exchanges and (2) of firms' own partners. * Includes money borrowed from banks and also from other lenders (not including member firms of national securities exchanges). 8 As reported to the New York Stock Exchange. According to these reports, the part of total customers' debit balances represented by balances secured by U. S. Government securities was (in millions of dollars): April, 6*2; 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. SQl-SQI, for monthly figures prior to 1942, and Table 144, p, 503, for data in detail at semiannual dates prior to 1942, 1006 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 ex- Prime bank- change 7 other Year, com- ers' call 9-to 12- New North- 11 Southmonth, or mercial accept- loan 3- month 3- to 5- Total York ern and ern and week paper, ances, re- month certifi- year 19 cities City Eastern Western m 4- o t n o t h 6 s - 1 da 9 y 0 s1 n a e l w s2 - bills 3 o c f a t i e n s - t i a ss x u a e b s l 4 e cities cities debted- * ness 1937 average1. . . 2.59 1.73 2.88 3.25 1938 average1. . . 2.53 1.69 2.75 3.26 1 1 9 9 4 4 5 4 a a v v e e r r a a g g e e . . 7 7 5 3 . . 4 4 4 4 L LO O O O . . 3 3 7 7 5 5 . . 8 7 1 9 1 1 . . 1 3 8 3 1 1 1 9 9 9 4 3 4 1 9 0 a a a v v v e e e r r r a a a g g g e e e . . . . . . . . 2 2 2 . . . 5 7 6 4 8 3 2 2 1 . . . 9 0 0 7 7 4 2 2 2 . . . 5 8 5 5 7 6 3 3 3 . . . 1 3 5 9 8 1 1946 average .81 .61 .16 .375 .82 1.16 1942 average 2.61 2.07 2.58 3.26 1946 -July .77 .59 LOO .375 .84 1.15 1 1 9 9 4 4 4 3 a a v ve e r r a a g g e e . .. . . . . . 2 2 . . 5 7 9 2 2 2 . . 1 3 1 0 2 2 . . 6 8 8 0 3 3 . . 0 1 2 3 A S O e c u p t g o te u b m s e t r b . . e .. r . . . . . . 8 8 8 1 8 1 r. . . 7 8 8 1 1 5 . . . 3 3 3 8 8 8 . . . 3 3 3 7 7 7 5 5 5 . . . 8 8 8 5 4 3 1 1 1 . . . 2 1 2 7 9 9 1 1 9 94 4 5 6 a a v v e e r r a a g g e e . . . . . . . . 2 2 . . 3 3 9 4 1 1 . . 9 8 9 2 2 2' . . 4 5 3 1 2 2 . . 8 7 5 3 November. .94 .81 L38 .376 .84 1.28 1943—June 3.00 2.70 2.98 3.38 December.. 1.00 .81 .38 .375 .85 1.30 September 2.48 2.05 2.71 2.73 1947—January... .00 .81 .38 .376 .84 1.26 December. 2.65 2.10 2.76 3.17 February.. LOO .81 .38 .376 .85 1.26 1944— March. . . 2.63 2.10 2.75 3.12 March .00 .81 .38 .376 .82 1.24 June 2.63 2.23 2.55 3.18 April LOO .81 .38 .376 .83 1.24 September 2.69 2.18 2.82 3.14 May 1.00 .81 .38 .376 .85 1.27 December. 2.39 1.93 2.61 2.65 June .00 .81 .38 .376 .85 1.29 July LOO .81 1.38 .703 .85 1.33 1945—March. . . 2.53 1.99 2.73 2.91 Week ending: June 2.20 2.55 2.80 September 2.05 2.53 2.81 J T u u l n y e 2 5 8. . . . . . . . 1 1 3 3 / / 1 1 6 6 l l M M ~ - - i i M 3^ . . 5 3 9 7 4 6 . . 8 8 6 5 1 1 . . 3 3 2 3 December. 2.09 1.71 2.23 2.38 July 12.... 13/16 l M~^3^ .737 .86 1.32 1946—March. . . 2.31 1.75 2.34 J J u u l l y y 2 1 6 9 . . . . . . . . 1 13 3 / / 1 1 6 6 1 M~l;Hi . . 7 7 4 4 0 0 . . 8 8 5 5 1 1 . . 3 3 3 3 J S u e n p e tember, 2 2 . . 3 4 2 1 1 1 . . 8 8 3 4 2 2 . . 4 5 3 1 December. 2.33 1.85 2.43 • Revised. Monthly figures are averages of weekly prevailing rates. 1947—March. . . . 2.31 1.82 The average rate on 90-day stock exchange time loans was 1.50 June 2.38 1.83 pei cent beginning Aug. 2, 1946. Prior to that date it was 1.25 per cent. Rate on new issues offered within period. Revised beginning Dec. 17, 1945; an explanation of the nature of a basis not th s revision will be published in the BULLETIN for September. Back figures.—See Banking and Monetary Statistics, Tables 120-121, tbles 124-125, pp. 448-459, and the BULLETIN for May 1945, pp. 483-490. BOND YIELDS 1 [Per cent per annum] U. S. Government Corporate (Moody's)5 (taxable) Munic- Corpo- Year, month, or week 15 (h ip ig a h l - (h ra ig te h- By ratings By groups 7 to 9 years grade)3 grade)4 Total years and Indus- Rail- Public 2 over Aaa Aa A Baa trial road utility Number of issues 1-5 1-8 15 5 120 30 30 30 30 40 40 40 1944 average 1.94 2.48 1.86 2.60 3.05 2.72 2.81 3.06 3.61 2.80 3.39 2.97 1945 average.... 1 60 2 37 1 67 2 54 2 87 2 62 2.71 2.87 3.29 2.68 3.06 2.89 1946 average 1.45 2.19 1.64 2.44 2.74 2.53 2.62 2.75 3.05 2.60 2.91 2.71 1946—juiy 1.43 2.18 1.60 2.41 2.71 2.48 2.59 2.72 3.03 2.58 2.86 2.69 August 1.49 2.23 1.65 2.44 2.73 2.51 2.62 2.74 3.03 2.58 2.89 2.70 September 1 57 2 28 1 75 2 50 2 79 2 58 2.68 2.80 3.10 2.64 2.98 2.75 October 1.58 2.26 1.84 2.51 2.82 2.60 2.70 2.84 3.15 2.65 3.05 2.76 November 1 60 2 25 1 80 2 51 2 82 2 59 2.69 2.84 3.17 2.66 3.05 2.77 December 1.60 2.24 1.97 2.55 2.83 2.61 2.69 2.83 3.17 2.66 3.04 2.77 1947—January 1 56 2 21 1 92 2 48 2 79 2 57 2.65 2.79 3.13 2.63 3.00 2.73 February 1.54 2.21 1.99 2.48 2.78 2.55 2.64 2.79 3.12 2.61 3.00 2.72 March 1 52 2 19 2 02 2 49 2 79 2 55 2.64 2.80 3.15 2.61 3.02 2.73 April 1.53 2.19 1.98 '2.49 2.78 2.53 2.63 2.81 3.16 2.60 3.03 2.71 May 1 53 2 19 1 95 r2 49 2 79 2 53 2.63 2.82 3.17 2.60 3.05 2.71 June 1 56 2 22 1 92 r2 50 2 81 2 55 2.64 2.83 3.21 2.60 3.10 2.72 July 1 57 2 25 1 91 2 51 2 80 2 55 2.64 2.82 3.18 2.62 3.06 2.72 Week ending: June 28 1 59 2 24 1 91 r2 51 2 81 2.56 2.64 2.83 3.21 2.61 3.10 2.72 July 5 1.59 2 25 1 91 2 51 2 81 2.56 2.64 2.83 3.20 2.61 3.09 2.73 July 12 1.57 2.25 1.91 2.50 2.80 2.55 2.64 2.83 3.18 2.61 3.07 2.72 July 19 1 58 2 25 1 90 2 51 2 80 2 55 2.64 2.82 3.18 2.62 3.06 2.72 July 26 1.57 2.25 1.90 2.50 2.80 2.55 2.64 2.81 3.17 2.62 3.05 2.72 r Revised. 1 Monthly and weekly data are averages of daily figures, except for municipal bonds, which are based on Wednesday figures. 2 Revised beginning June 1, 1946; an explanation of the nature of this revision will be published in the BULLETIN for September. 3 Standard and Poor's Corporation. 4 U. S. Treasury Department. 5 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, 8, and 8 issues, respectively, and the railroad Aaa, Aa, and A groups from 10 to 6, 6, and 9 issues, respectively. Back figures.—See Banking and Monetary Statistics, Tables 128-129, pp. 468-474, and the BULLETIN for May 1945, pp. 483-490. AUGUST 1947 1007 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SECURITY MARKETS 1 Bond prices Stock prices1 Corporate « Common (index, 1935-39 = 100) V of o l t u ra m d e ing7 (in Vear. month, or week U m G e . e r o n n v S - t - 2 . g M ( r h i a p u i d g a n e h l i ) c - 8 - H gr i a g d h e - Mediu I m nd - u a s n - d l R ow ai e l- r-gra P d u e blic fa D ul e t - ed fe P rr r e e d - * 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 t h h n a d o r s u e s - o ) f Total trial road utility Number of issues 1-8 15 15 50 10 20 20 15 15 402 354 20 1944 average 100.25 135.7 120.9 114.7 120.5 107.3 116.3 59.2 175.7 100 102 101 90 971 1945 average 102.04 139.6 122.1 117.9 122.2 115.1 116.3 75.4 189.1 122 123 137 106 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—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 19 47—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 104.35 133.1 122.7 116.8 123 114.3 112.4 69.3 189.0 129 133 119 111 1,176 March 104.61 132.5 122.4 116.6 123 113.6 112.5 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 104.08 134.4 122.8 114.3 122.6 107.3 113.0 63.4 186.2 119 124 98 101 833 July 103.75 134.7 122.5 115.7 122.8 110.5 113.8 69.6 188.4 126 132 108 102 P1,160 Week ending: June 28 103.81 134.6 122.7 114.5 122.3 1(17.7 113.5 65.4 186.7 121 126 100 101 867 July 5 103.76 134.6 122.6 114.8 122.4 108.7 113.1 66.8 187.2 124 129 104 102 Pi,050 July 12 103.79 134.6 122.6 115.7 123.0 110.3 113.7 68.4 188.2 125 131 106 102 Pi, 220 July 19 103.76 134.8 122.5 116.0 122.9 110.8 114.1 69.8 188.7 128 134 111 103 Pi, 190 July 26 103.7 134.8 122.5 115.9 122.7 111.1 113.9 71.1 189.2 128 134 112 102 Pl.080 p Preliminary. 1 Monthly and weekly data are averages of daily figures, except for municipal bonds and for stocks, which are based on Wednesday figures. 2 Average of taxable bonds due or callable in 15 years and over. 3 Prices derived from average yields, as computed by Standard and Poor's Corporation, on basis of a 4 per cent 20-year bond. 4 Prices derived from averages of median yields, as computed by Standard and Poor's Corporation. 5 Standard and Poor's Corporation. 6 Prices derived from averages of median yields on noncallable high-grade stocks on basis of a $7 annual dividend. 7 Average daily volume of trading in stocks on the New York Stock Exchange. Back figures.—See Banking and Monetary Statistics, Tables 130, 133, 134, and 136, pp. 475, 479, 482, and 486, respectively, and the BULLETIM 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 i a n r n n n e e g - d d w ) - m T e ( a f i o d e o g n o s r t n d - a - t ) i l c Total S n m a p t i n a c a u d l i t - - e a F c e g i e r e e a d s n l - 1 - Total Co B n r a p o o n o t n d e r d s a s te Stocks e F i o g r n - 2 m T e ( a f i d o o e g n o r s t n d - a t - ) i l c Total S n m a p t i n a c a u d t i l - - e a F c e g i e r e e a d s n l - 1 - Total Co B n r a p o o n o t n d e r d s a s te Stocks e F i o gn r- 1936 ... 6,214 1,972 1,949 735 22 1,192 839 352 23 4,242 4,123 382 353 3,387 3,187 200 119 1937 3,937 2,138 2,094 712 157 1,225 817 408 44 1,799 1,680 191 281 1,209 856 352 119 1938 4,449 2,360 2,325 971 481 873 807 67 35 2,089 2,061 129 665 1,267 1,236 31 28 1939 5,790 2,277 2,239 931 924 383 287 97 38 3,513 3,465 195 1,537 1,733 1,596 137 48 1940 4,803 1,951 1,948 751 461 736 601 135 2 2,852 2,852 482 344 2,026 1,834 193 1941 5,546 2,854 2,852 518 1,272 1,062 889 173 1 2,693 2,689 435 698 1,557 1,430 126 4 1942 2,114 1,075 1,075 342 108 624 506 118 1,039 1,039 181 440 418 407 11 1943 2,174 642 640 176 90 374 282 92 2 1,532 1,442 259 497 685 603 82 90 1944 4,216 913 896 235 15 646 422 224 17 3,303 3,288 404 418 2,466 2,178 288 15 1945 7,991 1,772 1,761 471 26 1,264 607 657 12 6,219 6,173 324 912 4,937 4,281 656 46 1946 8,581 4,588 4,579 952 121 3,506 2,038 1,468 9 3,993 3,863 208 741 2,914 2,313 601 130 1946—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 • •^y 170 96 75 200 200 17 38 145 143 1 October. . 562 363 363 49 267 223 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 "l5 1947—January.. 636 498 487 215 21 252 208 44 10 139 135 11 22 103 84 18 4 February. '389 ''250 ••250 '97 34 118 75 44 139 56 1 24 31 8 22 83 March. . . 855 635 614 293 12 310 265 44 21 220 191 2 50 140 136 4 29 M Ap a r y il ' • 6 •8 9 8 9 5 ' ' 3 7 4 8 7 4 r '3 7 3 7 2 7 ' ' 1 40 0 2 6 "'is' '2 3 1 7 1 6 2 '7 4 9 0 1 1 3 3 2 6 1 7 5 3 1 5 0 2 1 35 9 2 6 3 1 2 3 0 3 31 7 7 3 22 3 7 9 3 9 4 1 5 June 1,033 744 744 212 15 517 434 83 290 252 2 38 211 162 48 "38 ' Revised. 1 Includes publicly offered issues of Federal credit agencies, but excludes direct obligations of U. S. Treasury. 2 Includes issues of noncontiguous U. S. Territories and Possessions. Source.—For domestic issues, Commercial and Financial Chronicle; for foreign issues, U. S. Department of Commerce. Monthly figures subject to revision. Back figures.—See Banking and Monetary Statistics, Table 137, p. 487. 1008 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 Repayment Other Total P eq la u n ip t m an e d nt W ca o p rk it i a n l g Total Bon n d o s te a s nd Pr s e t f o e c rr k ed other o f debt purposea 1934 397 384 57 32 26 231 231 84 11 1935 2,332 2,266 208 111 96 1,865 1,794 71 170 23 1936 4,572 4,431 858 380 478 3,368 3,143 226 154 49 1937 2,310 2,239 991 574 417 1,100 911 190 111 36 1938 2,155 2,110 681 504 177 1,206 1,119 87 215 7 1939 2,164 2,115 325 170 155 1,695 1,637 59 69 26 1940 2,677 2,615 569 424 145 1,854 1,726 128 174 19 1941 2,667 2,623 868 661 207 1,583 1,483 100 144 28 1942 1,062 1,043 474 287 187 396 366 30 138 35 1943 1,170 1,147 308 141 167 739 667 72 73 27 1944 3,202 3,142 657 252 405 2,389 2,038 351 49 47 1945 6,011 5,902 1.080 638 442 4,555 4,117 438 134 133 1946 6,500 6,358 3,003 2.012 991 2,728 2,258 469 408 219 1946—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 June 738 727 498 426 72 207 164 43 15 6 PROPOSED USES OF PROCEEDS, BY MAJOR GROUPS OF ISSUERS [In millions of dollars] Railroad Public utility Industrial Other Year or month Total Retire- All Total Retire- All Total Retire- All Total Retire- All net New ment of other net New ment of other net New ment of other net New ment of other pro- money securi- pur- pro- money securi- pur- pro- money securi- pur- pro- money securi- purceeds ties poses4 ceeds ties poses4 ceeds ties poses4 ceeds ties poses* 1934 172 21 120 31 130 11 77 42 62 25 34 2 20 19 1935 120 57 54 10 1,250 30 1,190 30 774 74 550 150 122 46 72 4 1936 774 139 558 77 1,987 63 1,897 27 1,280 439 761 80 390 218 152 20 1937 338 228 110 1 751 89 611 50 1,079 616 373 90 71 57 7 7 1938 54 24 30 1,208 180 943 86 831 469 226 136 16 8 7 1 1939 182 85 97 1,246 43 1,157 47 584 188 353 43 102 9 88 5 1940 319 115 186 18 1,180 245 922 13 961 167 738 56 155 42 9 104 1941 361 253 108 340 317 993 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—june 35 9 26 179 10 134 35 405 206 153 45 24 20 4 July 9 8 1 338 181 156 1 325 131 150 44 31 6 25 August 3 3 41 6 33 2 422 326 80 16 53 9 1 42 September.. 19 16 3 111 13 86 12 130 108 9 13 1 1 October . . 40 21 19 124 108 17 210 71 12 127 3 3 November.. 18 18 61 18 33 10 530 470 48 12 8 5 3 December.. 47 35 io 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 April 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 June 28 28 536 353 181 2 141 96 26 19 21 21 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. AUGUST 1947 1009 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

QUARTERLY EARNINGS AND DIVIDENDS OF LARGE CORPORATIONS INDUSTRIAL CORPORATIONS [In millions of dollars] Net profits,1 by industrial groups Profits and dividends Manufacturing and mining Dividends Year or quarter Mis- Total s I a t r n e o e d n l c M e h r i a y n - - t b o A i m l u e o - s - e t p O m r q t o a i t u e r o h n n t i n e p s a t r - - - f m e p N u a r r e r c n o o t o t n d a d s u l - - s s O g d o b u th o l r e a d e - r s t F b o a e o a b g v n o a e e d d c s r c s , - , o p r r e a o i i O f n n n d i i g g n d l u - c- c In h t c r e d a i m a u ls l s i - - O g d n o b u t o o h l r n e a d e - - r s n c i s c e e e e l o r l s v a u - - 2 s pr N of e i t ts1 fe P r r r e e - d C m o o m n - Number of companies. 629 47 69 15 68 77 75 49 45 30 80 74 152 152 152 Annual 1939 1,465 146 115 223 102 119 70 151 98 186 134 122 847 90 564 1940 1,818 278 158 242 173 133 88 148 112 194 160 132 1,028 90 669 1941 2,163 325 193 274 227 153 113 159 174 207 187 152 1 137 92 705 1942 1,769 226 159 209 182 138 90 151 152 164 136 161 888 88 552 1943 1,800 204 165 201 180 128 83 162 186 170 149 171 902 86 556 1944 1,896 194 174 222 190 115 88 175 220 187 147 184 970 86 611 1945 1,925 188 163 243 169 108 88 199 223 187 154 203 989 85 612 1946 32,545 283 »171 130 127 136 •165 356 281 273 302 321 *1,139 82 657 Quarterly 1944—i 444 47 40 52 4 52 29 20 38 49 42 36 39 224 21 142 2 459 46 40 55 4 47 30 22 43 52 43 37 43 230 22 149 3 475 47 38 55 4 47 28 21 45 56 49 37 52 244 20 137 4 518 55 55 59 4 43 28 25 49 64 53 37 50 272 23 184 1945—1 492 49 38 63 4 50 31 21 45 62 48 39 45 250 20 142 2 508 53 42 77 4 47 27 21 46 64 45 38 47 269 22 145 3 439 37 35 46 4 36 23 20 50 61 43 37 53 224 21 143 4 485 49 47 58 <36 27 26 58 37 51 40 58 246 22 182 1945—i 323 22 -19 -34 4-5 20 12 65 56 63 62 82 116 20 146 2 604 67 49 21 451 26 37 74 62 66 71 80 250 21 153 3 698 96 32 42 4 38 41 41 93 77 67 77 93 310 20 149 4 3853 97 361 102 4 44 50 « 57 124 85 77 91 66 »415 21 209 1947—1 875 124 69 99 4 46 45 51 103 89 89 97 64 424 20 '177 PUBLIC UTILITY CORPORATIONS [In millions of dollars] Railroad « Electric power • Telephone 7 Year or quarter r O ev p in e e n r g a u t e - I i b n n t e c c a f o o x o m m 8 re e e i . n c N o e m t e1 d D e i n v d i- s r O ev p in e e n r g a u t e - I i b n n t e c c a f o o x o m m 8 re e e inc N o e m t e1 d D e i n v d i- s r O ev p in e e n r g a u t e - I i b n n t e c c a f o o x o m m r 8 e e e inc N o e m t e1 d D e i n v d i- s Annual 1939 3,995 126 93 126 2,647 629 535 444 1,067 227 191 175 1940 4,297 249 189 159 2,797 692 548 447 1,129 248 194 178 1941 5,347 674 500 186 3,029 774 527 437 1,235 271 178 172 1942 7,466 1,658 902 202 3,216 847 490 408 1,362 302 163 163 1943 9,055 2,211 873 217 3,464 913 502 410 1,537 374 180 168 1944 9,437 1,972 667 246 3,615 902 507 398 1,641 399 174 168 1945 8,902 756 450 246 3,681 905 534 407 1,803 396 177 173 1946 7,627 273 289 235 3,828 953 645 454 1,992 275 200 182 Quarterly 1944—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 1945—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—i . . . 2,039 163 86 43 1,079 289 191 115 527 67 44 '40 r Revised. ^'Net profits" and "net income" refer to income after all charges and taxes and before dividends. 1 Includes 29 companies engaged in wholesale and retail trade (largely department stores), 13 in the amusement industry, 21 in shipping and transportation other than railroads (largely airlines), and 11 companies furnishing scattered types of service. 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. 6 Class I line-haul railroads, covering about 95 per cent of all railroad operations. 6 Class A and B electric utilities, covering about 95 per cent of all electric power operations. Figures include affiliated nonelectric operations. 7 Thirty large companies, covering about 85 per cent of all telephone operations. Series excludes American Telephone and Telegraph Company, the greater part of whose income consists of dividends received on stock holdings in the 30 companies. 8 After all charges and taxes except Federal income and excess profits taxes. Sources.—Interstate Commerce Commission for railroads; Federal Power Commission for electric utilities (quarterly figures on operating revenue and on income before income tax are partly estimated); Federal Communications Commission for telephone companies (except dividends); published reports for industrial companies and for telephone dividends. Figures for the current and preceding year subject to revision. For description of data and back figures, see pp. 214-217 of the BULLETIN for March 1942 and also p. 1126 of the BULLETIN for November 1942 (telephone companies) and p. 908 of the BULLETIN for September 1944 (electric utilities). 1010 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 e t b s a c t s l t i b n T d e d t i a o e r e r e t r b i a e c n t l s t g t- Total2 T M re b a a il r s l k u s e ry tab c l C i e e n a d e t d p e n r e t s u e i b f s b o i t s l - - f ic T is r s n e u o a e t s s e u 1 s ry Tr b e o a n s d u s ry N T o o n t m al2 arke s t b a a U b o v . l n i e n S d g s . p s ub T l t s i a r c a n e x v o i a s i t a s n s e u n u g s r d e s 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 e t F u c e e e u a r a u d e r r r l i i a s l i n t y t n n i - g e - - s 1940—June 42,968 42,376 34,436 1,302 6,383 26,555 3,166 2,905 4,775 591 5,498 Dec. 45,025 44,458 35,645 1,310 6,178 27,960 3,444 3,195 5,370 566 5,901 1941—June 48,961 48,387 37,713 1,603 5,698 30,215 4,555 4,314 6,120 574 6,360 Dec, 57,938 57,451 41,562 2,002 5,997 33,367 8,907 6,140 6,982 487 6,317 1942—June 72,422 71,968 50,573 2,508 3,096 6,689 38,085 13,510 10,188 3,015 7,885 454 4,548 Dec 108,170 107,308 76,488 6,627 10,534 9,863 49,268 21,788 15,050 6,384 9,032 862 4,283 1943—June 136,696 135,380 95,310 11,864 16,561 9,168 57,520 29,200 21,256 7,495 10,871 1,316 4,092 Dec, 165,877 164,508 115,230 13,072 22,843 11,175 67,944 36,574 27,363 8,586 12,703 1,370 4,225 1944—June 201,003 199,543 140,401 14,734 28,822 17,405 79,244 44,855 34,606 9,557 14,287 1,460 1,516 Dec 230,630 228,891 161,648 16,428 30,401 23,039 91,585 50,917 40,361 9,843 16,326 1,739 1,470 1945—June 258,682 256,357 181,319 17,041 34,136 23,497 106,448 56,226 45,586 10,136 18,812 2,326 409 Dec 278,115 275,694 198,778 17,037 38,155 22,967 120,423 56,915 48,183 8,235 20,000 2.421 553 1946—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— Aug 267,546 266,359 186,350 17,024 36,473 13,351 119,323 56,566 49,447 6,688 23,443 1,187 370 Sept 265,369 264,217 184,338 17,007 34,478 13,351 119,323 56,025 49,545 6,096 23,854 1,152 391 Oct 263,532 262,415 182,318 16,987 32,478 13,351 119,323 56,081 49,624 6,003 24,015 1,117 378 Nov 262,277 260,925 180,328 17,000 30,475 13,351 119,323 56,343 49,709 5,978 24,254 1,352 362 Dec. 259,149 257,649 176,613 17,033 29,987 10,090 119,323 56,451 49,776 5,725 24,585 1,500 331 1947—Jan 259,776 258,378 176,444 17,074 29,791 10,090 119,323 57,157 50,343 5,590 24,777 1,399 262 Feb 261,418 258,113 175,410 17,048 28,784 10,090 119,323 57,765 50,717 5,570 24,938 3,305 181 Mar. . , 259,124 255,800 172,462 17,038 27,792 8,142 119,323 58,156 50,945 5,443 25,183 3,324 175 Apr 257,701 254,427 170,535 16,610 26,294 8,142 119,323 58,612 51,117 5,477 25,280 3,275 171 May 258,343 254,975 169,926 16,002 26,294 8,142 119,323 58,863 51,240 5,525 26,186 3,368 171 June.... 258,286 255,113 168,702 15,775 25,296 8,142 119,323 59,045 51,367 5,560 27,366 3,173 83 July 259,448 256,321 168,509 15,756 25,122 8,142 119,323 59,296 51,552 5,592 28,516 2,332 74 1 Including amounts held by Government agencies and trust funds, which aggregated 5,564 million dollars on June 30,1947. 1 Total marketable public issues includes Postal Savings and prewar bonds, and total nonmarketable public issues includes adjusted i 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 JULY 31, 1947 [In millions of dollars1 [On basis of daily statements of United States Treasury. In millions of dollars] Amount Funds received from sales during Redempout- period tions and Month standing maturities Issue and coupon rate Amount Issue and coupon rate Amount atm eonndt hof All Series Series Series All series E F G series Treasury bills i Treasury bonds—C A A u u g g . . 14 7 , , 1 1 9 9 4 4 7 7 1 1 , , 1 2 1 0 2 2 D De e c c . . 1 1 5 5 , , 1 1 9 9 4 4 9 9 - -5 5 2 3 2 2 . . 1, 4 7 9 8 1 6 Fiscal year Aug. 21, 1947 1,203 Mar. 15, 1950-52.. 1,963 ending: A Se u p g t . . 28 4 , , 1 1 9 9 4 4 7 7 1 1 , , 3 3 0 1 7 1 S S e e p p t t . . 1 1 5 5 , , 1 19 9 5 5 0 0 - - 5 5 2 2 2 .. . 4 1 , , 9 1 3 8 9 6 june—1 1 9 9 4 4 0 1 .. .. 4 2 , ,9 3 0 1 5 4 1, , 4 1 9 0 2 9 203 67 395 1 1 4 1 8 4 Sept. 11, 1947 1,303 Dec. 15, 1950 2,635 1942.. 10,188 5,994 3,526 435 2 032 207 Sept. 18, 1947 1,305 June 15, 1951-54 2. 1,627 1943.. 21, 256 11,789 8,271 758 759 848 Sept. 25, 1947 1,104 Sept. 15, 1951-53.. 7,986 1944.. 34,606 15,498 11,820 802 2 876 2,371 Oct. 2,1947 1,303 Sept. 15, 1951-55 2. 755 1945.. 45,586 14,891 11,553 679 2 658 4,298 Oct. 9, 1947 1,300 Dec. 15, 1951-53 2. 1,118 1946.. 49,035 9,612 6,739 407 2 465 6,717 Oct. 16, 1947 1,102 Dec. 15, 1951-55.. 510 1947.. 51,367 7,208 '4,287 '360 n 561 5,545 Oct. 23, 1947 101 Mar. 15, 1952-54.. 1,024 1946—July. . . 49,320 753 386 31 335 537 Oct. 30, 1947 1,102 June 15, 1952-54.. 5,825 Aug.... 49,477 590 347 25 217 478 June 15, 1952-55.. 1,501 Sept.... 49,545 494 309 20 165 482 Cert, of indebtedness Dec. 15, 1952-54.. 8,662 Oct.... 49,624 519 327 24 169 489 Aug. 1,1947 y 1,223 June 15, 1953-55 2. 725 Nov.... 49,709 453 294 20 139 418 Sept. 1, 1947 V 2,341 June 15, 1954-56 2. 681 Dec... 49,776 576 370 29 178 504 Oct. 1, 1947 1,440 Mar. 15, 1955-60 2. 2,611 1947—Jan 50,343 952 535 53 364 483 Nov. 1,1947 1,775 Mar. 15, 1956-58.. 1,449 Feb.. . . 50,717 712 394 41 278 398 Dec. 1,1947 3,281 Sept. 15, 1956-59 *. 982 Mar.... 50,945 616 372 35 209 449 Jan. 1, 1948 3,134 Sept. 15, 1956-59.. 3,823 Apr. ... 51, 117 572 349 33 191 455 Feb. 1,1948 3,947 June 15, 1958-63 2. 919 May.. . 51, 240 488 305 25 158 421 Mar. 1, 1948 2,142 June 15, 1959-62*. 5,284 June.. . 51,367 482 '301 r24 '157 433 J A u p n r e . 1 1, , 1 1 9 9 4 4 8 8 V% _ 1 1 , ,7 3 7 2 7 1 D D e ec c . . 1 1 5 5 , , 1 1 9 9 5 60 9 - - 6 6 5 2 * 2. . 3 1 , ,4 4 8 7 5 0 July... 51, 552 559 339 27 193 457 July 1, 1948 V8 2,742 J D u e n c e . 1 1 5 5 , , 1 1 9 9 6 6 2 3 - - 6 6 7 8 * * . . 2 2 , , 8 1 3 1 1 8 Maturities and amounts outstanding July 31, 1947 June 15, 1964-69*. 3,761 Treasury notes Dec. 15, 1964-69*. 3,838 Year of All Series Series Series Series Sept. 15, 1947 lH 2,707 Mar. 15, 1965-70 *, 5,197 maturity series C~D E F G Sept. 15, 1947 1H 1,687 Mar. 15, 1966-71 *..2^ 3,481 Sept. 15, 1948 \}4 3,748 June 15, 1967-72 *..2H 7,967 1947 211 211 Sept. 15, 1967-72... 2^ 2,716 1948 509 509 Treasury Bonds Dec. 15, 1967-72 *..2H 11,689 1949 814 814 Oct. 15,1947-522 .434 3 759 1950 982 982 Dec. 15,1947 2 2 701 Postal Savings 1951 1,577 435 1,142 Mar. 15, 1948-50 2 1,115 bonds 2XA 115 1952 4,368 4,368 Mar. 15,1948-51 2 .2 1,223 Panama Canal Loan. 3 50 1953 7,801 6,461 207 1,133 June 15,1948 3,062 1954 .... 10,201 7,470 545 2,186 Sept. 15,19482 451 Total direct issues 168,509 1955 8,966 6,085 600 2,281 Dec. 15,1948-50 J 571 1956 6,593 3,293 681 2,620 June 15,1949-51 1,014 Guaranteed securities 1957 5,009 2,087 544 2,378 S D e e p c t . . 1 1 5 5 , , 1 19 9 4 4 9 9 - - 5 5 1 1 2 2 1 , ,2 0 9 9 2 8 F V ed a e ri r o a u l s Housing Admin. 34 1 1 9 9 5 5 9 8 2 1 , ,6 9 4 0 1 3 3 2 1 1 6 6 2 1 , ,4 5 2 8 6 6 Unclassified. . -24 1 Sold on discount basis. See table on Open-Market Money Rates, Total 51,552 2,951 30,906 3,109 14,610 p. 1007. 2 Partially tax exempt. 8 Called for redemption on Oct. 15, 1947. 4 Restricted. ' Revised. ion AUGUST 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 te u a o r r r t e i i a t n s l i g t e - s Total b m C a e n o r k c m s ia - l 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 s a i t t o o r i n h p o c n 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 i f s u e u c s r b i n u n e l d e s - i s 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 2,100 12,703 4,242 1944—June 201,059 83,301 68,400 14,901 117,758 45,100 17,300 7,300 25,800 3,200 14,287 4,810 December 230,361 96,546 77,700 18,846 133,815 52,200 19,600 8,300 27,600 4,300 16,326 5,348 1945—June 256,766 105,992 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—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 t947—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 '6,314 May. 255,146 92,888 70,800 22,088 162,258 65,600 25,200 12,000 21,000 6,300 26,186 5,966 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 Apr. 30, 1947. SUMMARY DATA FROM TREASURY SURVEY OF OWNERSHIP OF SECURITIES ISSUED OR GUARANTEED BY THE UNITED STATES * [Marketable public 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 V) banks panies trust trust funds funds Type of Treasury bonds security: and notes, due or callable: Total:' Within 1 year: 1944—Dec... 162,843 5,33818,846 72,045 8,183 18,76139,670 1944—Dec 6,737 83 646 4.016 34 171 1,790 1945—Dec. . 198,820 7,00924,262 82,830 10,49123,18351,046 1945—Dec 15,222 185 2,017 9,956 63 235 2,761 1946—June. 189,649 6,76823,783 76,578 11,22024,285 47,015 1946—June 10,119 4 1,431 5,655 116 495 2,418 Dec 176,65* 6.30223,35066,962 11,521 24,34644,177 Dec 7,802 29 72 4,341 181 591 2,591 1947—Apr 170,581 6.27821,85764,368 11,69624,09742,284 1947—Apr 8,193 83 209 5,' 049 251 311 2,294 May. .. . 169,972 5,92922,088 63,500 11,74024,12042,594 May.... 8,193 83 226 5,003 262 314 2,305 Treasurv bHls* 1944—Dec... 16,428 6 11,148 4,113 1 1 1,159 1— 19 5 4 4 y — ea D rs e : c 34,965 580 1,557 23,490 866 1,884 6,589 1 1 9 9 4 4 5 6 — — D Ju ec ne... 1 1 7 7 , , 0 0 3 3 7 9 5 31 1 4 2, , 8 4 3 6 1 6 2 1. , 1 4 4 7 2 6 3 1 1 1 1 , , 4 7 2 2 4 3 1 1 9 9 4 4 5 6 — — D Ju e n c e ... 3 35 5 ' ,0 3 5 7 5 6 4 4 0 4 8 3 6 7 9 9 3 7 2 2 5 5 , , 1 2 6 8 5 5 7 7 0 0 1 9 1 1 , , 7 5 4 0 2 6 6 6, , 3 6 1 7 9 3 Dec 17,033 214,745 1.187 11 1,088 Dec 39,570 576 831 28,470 1,047 2,101 6,550 1947—Apr 16.610 18 15,101 928 1 562 1947—Apr 38,257 533 692 26.986 1,244 2,151 6,646 May.... 16,002 1214,972 590 1 427 May.... 38,257 466 69226,869 1,256 2,149 6,823 Certificates: 5-10 years: 1944—Dec 30,401 62 4,887 15,032 136 310 9,974 1944—Dec 37,909 725 36619,953 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 25" 490 10,459 Dec 27,283 529 72 16,657 2,042 2,826 5,156 1947—Apr 26,294 86 5,651 9,837 293 447 9,980 1947—Apr 26,258 473 72 16,485 1,750 2,768 4,710 May... . 26,294 82 6,012 9,336 266 43910,158 May.... 26,258 471 7216,540 1,706 2,748 4,725 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 2,120 15,701 179 576 4,383 1945—Dec 34,985 2,779 90 3,691 5,523 10,996 11,905 1946—June... 18,261 9 1,748 11,396 227 623 4,258 1946—June 37,189 3,400 83 3,308 6,02612,547 11,829 Dec. 10,090 6 355 6,120 211 603 2,796 Dec 32,384 2,975 78 2,433 5 30311,708 9,886 1947—Apr 8,142 12 352 5,051 162 276 2,289 1947—Apr 32,384 2,963 78 2,448 5,357 11,758 9,782 May 8,142 12 369 4,933 171 282 2,376 May.... 32,384 2,831 78 2,460 5,436 11,792 9,789 Treasury bonds: After 20 years: 1944—Dec... 91,585 5,173 1,243 36,508 7,704 17,85923,098 1944—Dec 11,194 1,748 95 1,066 509 4,381 3,394 1945—Dec 120,423 6,915 947 46,535 10,217 22,23033,579 1945—Dec 24,781 2,764 57 2,418 2,051 6,93310,559 1946—June... 119,323 6,655 755 47,335 10,74323,07330,764 1946—June 22,372 2,103 57 2,550 2,510 6,325 8,826 Dec... . 119.323 6,186 753 48,408 11,04923,226 29,700 Dec 22,372 2,084 55 2,632 2,687 6,602 8,313 1947—Apr 119,323 6,116 75348,526 11,23623,359 29,333 1947—Apr 22,372 2,076 55 2,611 2,797 6,642 8,190 May.... 119,323 5,778 73548,614 11,29723,383 29,516 May 22,372 1,939 37 2,675 2,809 6,661 8,250 * 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. 1 Including Postal Savings and prewar bonds and a small amount of guaranteed securities, not shown separately below. 1012 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SUMMARY OF TREASURY RECEIPTS, EXPENDITURES, AND RELATED ITEMS [On basis of daily statements of United States Treasury. In millions of dollars] Period W I h n e i c l t o d h 2 m - e O ta t x h e e s r 1 n 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 ta r o e i x c c ty e i u a s - l c O e r t i e h p - e ts r c T e r o i e p t - a ts ce N r ip e e - t t s3 d t I e o e e n s n r b t - - t a f i W a c e d t n i n t e e i a s d - v s r e - c T f o t e e r r a u r a u t c s n c n - s . t t t s s o - O p tu e e t r n h x e d - e s r i- e b i x T u t p u o d e r t g e n a e s l d t - s B ( d u + e ( u r ) f ) d p i c g l o u i e t s r t c T ° e u t r n c u . - ts 4 s t I I G b I e n a d f n d u l c u e e a n r r r c n e d i a r a n c l e e s g a e s p e ( e G + ( d r — i ) r e o o b d o ) s t s r Fiscal year ending: June 1945.... 10,289 24,884 6,949 1,793 3 824 47,740 46,457 3,61790,029 1,646 5,106 100,397 -53,941 +791 +4,529+57,679 June 1946 9,392 21,493 7,725 1, 915 44,239 43,038 4,722 48,542 1,918 8,532 63,714 -20,676 -5241-10,460+10,740 June 1947.... 10,013 19,292 8,049 2,039 5 309 44,703 43,259 4,958 17,142 1,355 19,051 42,505 +754 -548J-10,930--11,136 1946—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 -2,17T October 557 847 752 74 386 2,617 2,544 160 1,481 48 1,276 2,965 -420 +156 -2,101 -1,837 November. 1,111 332 669 290 236 2,639 2,364 105 1,436 27 961 2,529 -165 +15 -1,405 -1,255 December.. 766 2,120 722 89 416 4,113 4,107 952 1,580 21 1,110 3,662 +445 -480 -3,163 -3,128 1947—January... 546 2,117 693 58 445 3,860 3,820 343 1,412 71 1,288 3,113 +706 -125 +1,210 +628 February... 1,376 1,845 666 387 368 4,643 4,378 124 1,457 16 2,318 3,914 +464 +317 +2,422 +1,642 March 785 3,865 682 118 275 5,724 5,701 626 1,428 1 1,544 3,598 +2,102 -33 -224 -2,294 April. ..... 584 1,012 638 75 315 2,624 2,556 141 1,728 46 2,085 4,001 -1,445 +269 -2,598 -1,423 May 1,218 400 595 365 625 3,204 2,865 92 1.327 432 2,000 3,851 -987 +99 -245 +642 June 778 2,492 602 1251,484 5,480 5,473 1,396 1,493 18 2,632 5,540 -67 -634! -758 -57 July 625 757 663 80 343 2,469 2,397 245 P853 P546*>2,025 3,669 -1,272 -129j -239 + 1,161 Details of trust accounts, etc. General fund of the Treasury (end of period) Social Security accounts Net ex- Other Assets penditures Period in i n c g h a ec c- k- De- De- Total Bal i a n nce c N e r i e p e - t ts I m n e v n e t s s t- p t e u E n r x e d - s i- c G o m o u v n e e t n s r t n o - f ce R i e p - ts I m nv e e n s t t s - p t e u E n r x d e - s i- Total F p e o d i s n e i r ts al s p p o e i s n c i i t a s l a O s t s h e e t r s lia ti b e i s li- ge fu n n e d ral agencies Reserve deposi- Banks taries Fiacal 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 1.261 1,618 95 4,735 2,407 2,817 14,708 1,006 12,993 708 470 14,238 June 1947.... 3,219 1,785 1,493 -196 3,009 1,577 2,117 3,730 1,202 962 1,565 422 3,308 1946—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 1,620 736 746 391 4,711 February. . 440 87 123 11 361 41 224 7,478 2,561 363 1,554 344 7,134 March 83 201 134 -32 207 17 2 7,233 2,369 292 1,571 323 6,909 April 157 5 133 -60 197 32 -26 4,707 842 2,317 1,548 395 4,312 May 590 159 126 327 456 110 4,402 989 1,807 1,607 336 4.066 Tune 246 476 137 90 477 305 348 3,730 1,202 962 1,565 422 3,308 July 632 398 154 158 153 46 159 3,460 884 958 1,617 391 3,069 P Preliminary. 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 UNITED STATES TREASURY [On basis of reports of collections. In millions of dollars] [In millions of dollars] Individual Corporation income income taxes and profits taxes Estate Excise and Excess Period W he it l h d - Other N su o a r r n t m d ax al E pr x o c f e it s s s p O t r a o t x h f e i e t s r s t a a g n x if d e t s o ce th l t l e a a r x n m e e s o i u s s - Period in C c a o s m h e o C u a t s g h o c o o f m i o n c e r - a ( s + h ) outgo(—) Fiscal year ending: Tune—1941 1,418 1,852 164 37 407 2,547 Fiscal year ending: 1 1 9 9 4 4 3 2 686 3 5 , , 2 9 6 4 3 4 3 4, ,0 5 6 21 9 5 1 , ,6 0 1 6 8 4 5 8 7 4 4 44 3 7 3 3 4 , , 4 1 0 24 5 june—19 19 4 4 1 2 . 1 9 5 , , 2 3 9 74 8 3 1 4 4 , , 7 0 1 3 7 1 -1 -4 9 , , 7 34 3 2 3 1944 7,823 10,438 5,284 9,345 137 511 4,842 1943 25,485 79,253 -53,769 1945 10,264 8,770 4,880 11,004 144 643 6,317 1944 48,254 94,296 -46,043 1946 9,858 8,847 4,640 7,822 91 677 7,036 1945 51,332 96,263 -44,931 1947 9,842 9,501 6,055 3,566 55 779 7,285 1946 48,103 65,904 -17,800 1947.. . 47,210 39,873 +7,337 1946— J J u un ly e 8 3 5 0 8 1,0 3 5 7 3 5 7 1 4 9 4 2 9 3 9 3 4 0 1 4 6 6 7 3 4 5 63 4 4 8 1946—June 4,736 5,046 -310 S A e u p g t u e s m t ber.. 1,33 3 9 0 1,19 7 8 7 6 1 9 4 2 2 9 2 7 0 8 4 1 4 0 5 4 8 3 6 6 0 3 4 1 A Ju u ly gust 2 3 , , 7 01 0 6 3 2 2 , , 9 9 2 2 3 8 -2 + 1 8 9 8 October 1,062 234 232 344 4 57 706 September... 4,698 2,988 + 1,710 November.. 1,243 80 122 123 3 49 612 October 2,803 2,850 -47 December.. 27 420 752 925 9 62 652 November. .. 2,892 2,276 +616 December.... 4,257 3,643 +614 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 9 2 6 2 1 5 7 0 7 2 1 6 2 6 7 6 3 6 8 6 4 6 59 3 5 9 1947—January...... 3,948 2.827 +1,121 March 81 1,967 1,712 80 3 103 541 February 5,163 3,690 +1,474 April 1,014 648 228 66 2 68 572 March 5,975 3,352 +2,623 J M u a n y e 1,52 3 8 3 1,0 1 6 5 8 8 1,3 1 8 7 6 0 6 6 3 1 3 2 6 5 2 5 5 5 3 6 9 0 J A M u p n a r e y il 3 2 5 , , , 8 3 5 6 4 4 2 9 4 r3 3 5 , , , 3 6 3 1 8 9 5 7 4 ' + - + 8 1 3 2 4 5 3 9 r Revised. AUGUST 1947 1013 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 Liabilities, other than interagency items Com- Bonds, notes, U. S. Primodi- Invest- Land, De- and deben- Gov- vately Corporation or agency Lo re a - ns s ti u e p s - , ments s tu tr r u e c s - , fe a r n re d d Other tures payable Other m er e n n - t o in w te n r e - d Total Cash ceiv- plies, U.S. and undis- as- Fully liabil- inter- est able m r a i a n a t l d e s - G s ri e o t c i v e u s t - . O r s i e t t i c h e u e s - r 2 e m qu en ip t - ch u tr a t i r e b g d - es3 sets b a g y n u te a U e r . - d S. Other ities est All agencies: Mar. 31, 1946 33,325 1,279 5,069 1,918 1,789 28520,784 4601,741 536 1,133 4,959 26,218 479 June 30, 1946 29,869 1,305 5,381 1,550 1,767 43917,438 3851,605 325 1,234 4,939 22,889 482 Sept. 30, 1946 29,569 1,157 5,949 1,429 1,836 39016,973 2991,536 377 1,250 3,37724,069 496 Dec. 31, 1946 30.409 ,398 6.649 1,265 1,873 54716,924 3391,414 261 1,252 3,58824,810 498 Mar. 31, 1947 32,337 1,588 7,294 1,003 1,985 3,42615,486 380 ,176 169 1,250 3,14227,268 509 Classification by agency, Mar. 31, 1947 Department of Agriculture: Farm Credit Administration: Banks for cooperatives 322 254 43 39 273 11 Federal intermediate credit banks. 388 326 43 349 37 Federal land banks 1,076 889 137 722 77 243 Production credit corporations.... 113 68 43 113 Regional Agricultural Credit Corp. 15 1 15 Agricultural Marketing Act Revolving Fund 2 1 1 2 Federal Farm Mortgage Corp 118 7 108 3 3 113 Rural Electrification Administration. 581 6 570 5 () 581 F C F a e o r d 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 2 383 21 5 1 4 6 3 126 1,22 2 4 2 6 - 4 - 7 7 6 4 3 National Housing Agency: Federal Home Loan Bank Adm.: Federal home loan banks 464 236 198 140 86 123 116 Federal Savings and Loan Insurance Corp 180 175 176 Home Owners' Loan Corp 633 583 15 12 609 Federal Public Housing Authority and affiliate: Federal Public Housing Authority 528 6 278 227 6 12 516 Defense Homes Corp 57 1 1 55 56 Federal Housing Administration....... 200 40 26 *(4)" 12 36 6 158 Federal National Mortgage Association. 5 5 5 R.F.C. Mortgage Company 42 33 7 2 1 41 Reconstruction Finance Corp.5 4,457 22 727 487 48 2,587 216 230 701 3,757 Export-Import Bank 1,518 1,508 193 1,325 Federal Deposit Insurance Corp 1,123 9 1 ,104 () 9 30 953 139 Federal Works Agency 267 2 75 143 47 267 Tennessee Valley Authority 769 25 731 4 9 760 U. S. Maritime Commission: W M a a r r it S i h m i e p p C in o g m A m d is m si . o a n c t a i c v t i i t v ie it s i 6 es 4 7 , , 1 0 9 0 2 3 5 1 6 6 0 3 6 3 , , 5 3 0 0 7 5 1 2 1 9 5 2 1 1 9 2 1 393 6 3 , , 6 7 7 9 0 9 Allother7 6,514 37 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 m r p . t . . b c m i F n r a a e e t e n t e d d e d k r i i . - s - t f o B t o i p a r v e n e r c k s a o s - - C m C C r o o o e d m r d p i i - t . t y t R A r E t i i f u l d o i e r c m n c a a - l . - H A F e a o d r r s m m ' m e . - H C O L e o o w o rs m r a ' n p n e - . P H A F u i o u n e b u t g d l h s i . c - . b h F l a o o e n a m d k n . e s R a a a . f F f t n i e l d . s i C - . B p p I E o a m o x r n - r t - t k - ot A h l e l r a c g A i e e l n l s - a D g e 1 e c 9 a . n 4 l 6 c l , i 3 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 '^515 i; ioo 2,854 2,284 Other 278 226 (4) 86 590 623 Less: Reserve for losses. 68 29 (4) 1 29 (4) 273 13 66 10 497 478 Total loans receivable (net) 889 108 326 254 172 570 327 583 278 '[ 236 765 1,508 1,277 7,294 6,649 1 Assets are shown on a net basis, i.e., after reserves for losses. _ »fthe ter- 4 Less than $500,000. 5 Includes U. S. _ C , ommercial Company and oW ar Damage Corp. Jther assets" Drior to Mar. 31. 1947. 6 Figures are for Feb. 28, 1947, with the exception of those for lend-lease and UNRRA activities. 7 Figures for Inland Waterways Corp. and Warrior River Terminal Co., Inc., which are included in this group, are for Feb. 28, 1947, and those of The Virgin Islands Co. are as of Dec. 31, 1946. NOTE.—This table is based on the revised form of the Treasury Statement beginning Sept. 30, 1944, which is on a quarterly basis. Quarterly figures are not comparable with monthly figures previously published. Monthly figures on the old reporting basis for the months prior to Sept. 30, 1944, may be found in earlier issues of the BULLETIN (see p. 1110 of the November 1944 BULLETIN) and in Banking and Monetary Statistics, Table 152, p. 517. 1014 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BUSINESS INDEXES1 [The terms "adjusted" and "unadjusted" refer to adjustment of monthly figures for seasonal variationl ! In (p d h u y 1 s s 9 t i r 3 c ia 5 a l l - 3 v p 9 o r = o lu 1 d m 0 u 0 c e t ) i * o n 2 aw 1 C a 9 o c r 2 d n o 3 e s n - d t 2 t r r 5 u a ( c = v c t a t i s o l 1 u 0 n e 0 )3 Em 19 p 3 lo 9 y = m 10 e 0 nt4 Fac- D m ep e a n r t t Whole- Year and month f M ac a t i u m re * s , Non- 1 r t 9 p o o 3 l a r l 9 y s y * = c 1 F a 9 r r n 3 e l g 5 o i s g - a * 3 h d 9 t - u s s ( e v t a ) o a l * e l r - e s 5 p m c r s o o i a c m d l e e i s - t 4 y C t l 9 = i o v 3 s 1 i 5 t n 0 - g o 0 3 * f 9 Total D ab u l r e - N du o r n - - M era in ls - Total R d ti e e a s n l i - - o A th l e l r t a c u g u r r l a - i- l Factory 100 100 19 = 3 1 5 0 -3 0 9 = 1 9 1 2 0 6 0 able Ad- Unad Ad- Ad- Ad- Ad- Ad- Ad- Ad- Ad- Unad- Unad- Ad- Ad- Unad- Unadjusted justed justed Justed justed justed justed justed justed justed justed justed justed justed justed justed 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 86 101.0 109.1 142 105 100.6 121.9 1924. . . 82 95 69 89 94 95 94 93.8 101 tf 139 105 98.1 122.2 1925. . . 90 107 76 92 122 124 120 97.0 107.2 146 110 103.5 125.4 1926. . . 96 114 79 100 129 121 135 98.9 110.5 152 113 100.0 126.4 1927... 95 107 83 100 129 117 139 96.8 108.5 147 114 95.4 124.0 1928. . . 99 117 85 99 135 126 142 96.9 109.7 148 115 96.7 122.6 1929. . . 110 132 93 107 117 87 142 102.8 103.1 117.1 152 117 95.3 122.5 1930. . . 91 98 84 93 92 50 125 95.8 89.8 94.7 131 108 86.4 119.4 1931.. . 75 67 79 80 63 37 84 86.3 75.8 71.8 105 97 73.0 108.7 1932. . . 58 41 70 67 28 13 40 75.7 64.4 49.5 78 75 64.8 97.6 1933. . . 69 54 79 76 25 11 37 76.1 71.3 53.1 82 73 65.9 92.4 1934. . . 75 65 81 80 32 12 48 84.0 83.1 68.3 89 83 74.9 95.7 1935... 87 83 90 86 37 21 50 87.8 88.7 78.6 92 88 80.0 98.1 1936. . . 103 108 100 99 55 37 70 95.1 96.4 91.2 107 100 80.8 99.1 1937... 113 122 106 112 59 41 74 101.1 105.8 108.8 111 107 86.3 102.7 1938. . . 89 78 95 97 64 45 80 94.6 90.0 84.7 89 99 78.6 100.8 1939. . . 109 109 109 106 72 60 81 100.0 100.0 100.0 101 106 77.1 99.4 1940. .. 125 139 115 117 81 72 89 105.8 107.5 114.5 109 114 78.6 100.2 1941... 162 201 142 125 122 89 149 119.4 132.1 167.5 130 133 87.3 105.2 1942... 199 279 158 129 166 82 235 131.1 154.0 245.2 138 149 98.8 116.5 1943. . . 239 360 176 132 68 40 92 138.8 177.7 334.4 137 168 103.1 123.6 1944... 235 353 171 140 41 16 61 137.0 172.4 345.7 140 186 104.0 125.5 1945. . . 203 274 166 137 68 26 102 132.0 151.8 293.4 135 207 105.8 128.4 1946. . . P170 *»192 P165 »134 153 143 161 134.4 142.0 266.4 132 264 121.1 139.3 1944 October 232 234 344 169 143 135.5 168.1 168.5 343.8 137 193 104.1 126.5 November 232 232 341 173 143 135.4 167.2 167.7 341.0 141 201 104.4 126.6 December 232 230 343 173 137 135.9 168.0 168.3 346.7 137 200 104.7 127.0 1945 January 234 230 345 175 140 48 75 136.2 168.8 168.2 347.0 144 198 104.9 127.1 February 236 232 346 176 141 59 96 136.6 169.3 168.7 347.5 139 207 105.2 126.9 March 235 232 345 176 142 72 118 136.4 168.3 167.7 345.7 145 214 105.3 126.8 April 230 229 336 174 140 70 112 135.8 166.0 165.2 338.5 141 184 105.7 127.1 May 225 225 323 173 138 58 89 134.8 163.6 162.5 324.9 141 190 106.0 128.1 June 220 220 308 173 144 50 73 134.2 160.3 160.0 321.8 140 203 106.1 129.0 July 210 211 292 165 143 54 79 '133.0 155.0 155.6 306.6 139 214 105.9 129.4 August 186 188 239 157 140 61 91 131.8 150.4 151.7 273.6 128 201 105.7 129.3 September 167 171 194 156 134 69 104 125.8 130.1 130.8 228.7 127 203 105.2 128.9 October 162 164 186 154 124 83 121 125.5 129.5 129.9 227.7 118 213 105.9 128.9 November 168 167 191 158 138 94 134 -•126.6 130.1 130.5 227.7 133 221 106.8 129.3 December 163 161 185 156 133 108 150 127.1 130.6 130.9 231.4 127 220 107.1 129.9 1946 January 160 156 166 161 141 107 61 145 129.2 133.2 132.6 234.1 133 227 107.1 129.9 February 152 148 138 167 141 136 95 169 •127.4 124.4 123.9 214.3 126 250 107.7 129.6 March 168 164 183 166 137 147 129 161 130.6 132.6 132.1 238.3 139 256 108.9 130.2 Aoril 165 16: 190 164 104 170 172 168 132.4 139.4 138.5 254.8 109 252 110.2 131.1 May 159 159 175 161 115 169 179 161 •133.4 140.7 139.6 253.5 106 259 111.0 131.7 June 170 171 193 162 139 174 177 172 134.3 142.2 141.9 262.8 133 276 112.9 133.3 July 172 174 202 157 146 165 161 168 134.7 143.0 143.6 267.1 139 273 124.7 141.2 August 178 180 208 164 144 158 157 158 136.4 146.3 147.7 284.4 141 290 129.1 144.1 September 180 184 212 165 146 151 147 155 137.6 148.6 149.5 290.3 138 270 124.0 145.9 October 182 184 214 168 145 145 140 148 138.1 149.1 149.6 292.8 139 257 134.1 148.6 November 183 183 214 173 136 139 122 152 139.1 151.5 152.0 298.2 137 271 139.7 152.2 December 182 180 211 174 137 154 143 163 139.4 152.4 152.8 306.2 140 276 140.9 153.3 1947 January 189 185 221 177 146 146 144 148 '139.5 153.4 152.7 307.3 150 265 141.5 153.3 February 189 185 222 176 146 151 152 149 139.8 154.4 153.7 310.6 142 268 144.6 153.2 March 190 187 225 148 132 129 134 140.0 154.6 154.0 314.1 146 273 149.6 156.3 April '187 185 222 ;i7 '143 133 123 142 138.9 153.8 152.9 310.7 137 276 147.7 156.1 J M un ay e P1 1 8 8 3 5 P1 1 8 8 4 5 218 170 *> 1 1 5 4 2 9 127 110 P1 1 5 4 2 0 P 1 1 3 3 8 9 . . 9 3P 1 1 5 5 1 1 . . 9 0P 1 1 5 5 0 0 . . 7 8 312.1 1 1 4 3 2 7 2 2 9 8 1 8 1 1 4 4 6 7 . . 9 8 P 1 1 5 57 5 . . O 8 • Average per working day. P PreliraMnary. ^ r Revised 1 Department of Commerce index on income payments to individuals no longer available. 2 For indexes by groups or industries, see ^p. 1016—10i9. For points in total index, by major groups, see p. 1037. 3 Based on F. W. Dodge Corporation dat^ for description, see p. 358 of BULLETIN for July 1931; by groups, see p. 1023 of this BULLETIN. 4 The unadjusted indexes of employment Jnd 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. 5 For indexes by Federal Reserve districts and other department store data, see pp. 1025-1027. Back figures in BULLETIN.—For industrial production, August 1940, pp. 825-882, September 1941, pp. 933-937, and October 1943, pp. 958-984; for factory employment, January and December 1943, pp. 14 and 1187, respectively, October 1945, p. 1055, and May 1947, p. 585; for department stores sales, June 1944, pp. 549-561. AUGUST 1947 1015 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION, BY INDUSTRIES (Adjusted for Seasonal Variation) [Index numbers of the Board of Governors. 1935-39 average = 100] 1946 1947 Industry June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June Industrial Production—Total. no 172 178 180 182 183 182 189 189 190 '187 185 vl83 Manufactures—Total 176 177 184 186 188 191 190 196 197 198 194 191 P189 Durable Manufactures 193 202 208 212 214 214 211 221 222 225 222 218 P217 Iron and Steel 154 180 184 185 184 178 159 192 191 196 195 197 193 Pig iron 144 178 186 184 183 174 152 193 191 194 189 193 189 Steel 167 190 196 196 195 193 174 206 207 213 213 215 210 Open hearth. 142 169 170 172 171 163 145 177 174 179 178 179 175 Electric 343 343 381 366 369 404 381 414 446 457 462 469 460 Machinery 241 243 254 261 268 271 276 277 277 281 276 273 P273 Manufacturing Arsenals and Depots1. Transportation Equipment 238 241 242 240 237 235 235 229 233 r239 237 224 P229 Automobiles2 167 176 182 188 185 187 187 181 190 197 193 178 P186 (Aircraft; Railroad cars; Locomotives; Shipbuilding— Private and Government) x Nonferrous Metals and Products. 137 151 159 172 184 192 197 204 205 199 195 187 P182 Smelting and refining 110 140 150 161 168 175 181 184 190 195 203 198 P188 (Copper smelting; Lead refining; Zinc smelting; Aluminum; Magnesium; Tin)1 , Fabricating 147 155 163 176 191 198 203 212 211 200 193 182 (Copper products; Lead shipments; Zinc shipments; Aluminum products; Magnesium products; Tin consumption)1 , Lumber and Products . 133 129 135 137 136 142 141 142 147 147 144 P138 Lumber... 127 121 126 129 127 135 132 131 137 138 135 132 PUS Furniture. 146 144 152 152 155 157 160 161 167 166 161 158 P159 Stone, Clay, and Glass Products.... 190 192 197 204 200 202 210 219 219 218 211 200 P206 Glass products 209 218 215 238 227 226 232 245 235 241 234 229 Plate glass 119 129 114 161 158 152 135 149 154 159 151 154 Glass containers 240 249 251 265 250 251 265 278 263 269 263 257 Cement 155 155 159 162 156 162 177 182 203 192 175 141 Clay products 148 147 150 150 149 150 152 168 164 165 164 162 Gypsum and plaster products... 194 187 215 212 212 215 219 227 232 224 218 212 '209 Abrasive and asbestos products. 232 233 242 235 241 252 263 271 260 258 249 246 Other stone and clay products1.. Nondurable Manufactures. 162 157 164 165 168 173 174 177 176 176 172 170 167 Textiles and Products 165 145 163 168 169 174 164 173 172 166 164 P154 Textile fabrics 154 133 152 156 157 163 152 160 161 160 154 152 Cotton consumption 152 127 149 153 155 164 141 161 161 160 154 148 133 Rayon deliveries 245 239 240 242 248 256 254 263 262 270 270 271 261 Nylon and silk consumption1 Wool textiles 174 144 173 181 178 181 180 171 178 172 '159 161 Carpet wool consumption 137 101 137 144 143 161 165 155 174 182 170 189 Apparel wool consumption, . . 225 192 226 239 230 230 223 214 222 210 195 186 Woolen and worsted yarn. . . . 175 143 173 180 177 178 175 166 169 161 r149 148 Woolen yarn 178 147 178 183 177 178 171 160 158 145 •128 127 Worsted yarn 170 138 165 176 176 177 180 175 184 183 178 177 Woolen and worsted cloth... . 178 151 176 184 181 181 181 173 178 171 158 157 Leather and Products. 128 103 120 119 117 121 115 116 120 122 115 113 Leather tanning 107 99 101 101 97 110 110 113 118 122 119 119 Cattle hide leathers 128 117 119 114 103 121 122 127 134 140 137 138 Calf and kip leathers 75 66 70 81 78 91 94 98 99 99 102 96 Goat and kid leathers 45 45 49 51 67 70 68 67 81 84 79 88 Sheep and lamb leathers. . . 128 125 124 134 141 137 130 117 108 102 r95 84 Shoes 106 117 118 121 113 110 142 133 131 130 129 121 Manufactured Food Products. 150 162 161 157 158 155 139 147 136 146 156 156 W Ca h n e e a t s u f g lo a u r r meltings1 109 127 131 135 135 145 155 162 158 160 149 144 147 Manufactured dairy products. 129 136 137 P143 146 146 147 148 149 153 154 152 155 Butter 62 73 74 79 79 77 79 82 81 85 82 79 82 Cheese 167 168 169 168 164 172 172 178 185 198 206 191 196 Canned and dried milk... 174 178 173 163 142 143 148 147 152 164 173 173 184 Ice cream P Preliminary. * Revised. 1 Series included in total and group indexes but not available for publication separately. a This series is currently based upon man-hour statistics for plants classified in the automobile and automobile parts industries and is designed to measure productive activity during the month in connection with assembly of passenger cars, trucks, trailers, and busses; production of bodies, parts, and accessories, including replacement parts; and output of nonautomotive products made in the plants covered 1016 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 June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June Manufactured Food Products—Continued Meat packing 85 165 138 38 115 163 151 163 159 149 150 151 152 Pork and lard 97 190 141 24 116 179 151 172 165 143 153 154 157 Beef 65 145 139 41 107 150 162 164 167 169 159 159 154 Veal 60 132 134 81 140 160 138 133 121 122 121 119 141 Lamb and mutton 126 121 110 93 131 116 105 108 104 101 105 102 104 Other manufactured foods 151 153 151 150 154 160 168 165 158 160 161 158 Processed fruits and vegetables 162 175 155 143 167 160 170 157 137 151 144 137 P131 Confectionery .... 123 109 107 110 123 135 147 138 142 145 149 153 Other food products .... . 153 154 158 159 156 164 172 171 166 165 167 164 P163 A.lcoholic Beverages 161 176 174 227 206 213 234 241 223 208 189 162 159 Malt liquor 123 128 123 197 179 194 202 183 157 160 154 149 150 Whiskey 61 65 56 71 68 64 158 188 179 151 131 106 79 Other distilled spirits 343 377 426 384 241 191 333 623 695 619 503 350 319 Rectified liquors 367 426 427 461 460 463 426 408 372 314 276 194 215 Tobacco Products 153 140 155 157 173 169 148 158 168 158 160 142 150 Cigars 108 99 110 112 127 131 109 112 110 98 94 106 101 Cigarettes . . . 200 181 202 205 226 216 192 208 228 216 221 187 216 Other tobacco products 76 72 79 76 79 81 72 69 67 66 68 55 66 Paper and Paper Products . . . . . 146 136 147 150 152 153 150 156 157 159 156 161 P159 Paper and pulp 142 131 142 144 146 147 146 150 151 154 150 155 P154 Pulp . 161 147 156 162 163 162 159 166 171 174 169 173 Groundwood pulp 99 96 98 101 106 96 98 99 100 99 97 97 Soda pulp 107 101 110 111 108 109 109 109 109 113 112 112 Sulphate pulp . . 250 229 238 249 244 248 236 252 260 266 254 265 Sulphite pulp 137 122 132 136 141 139 139 145 150 151 150 151 Paper 139 129 140 142 144 145 144 147 148 151 147 152 151 Paperboard #. . . . 164 155 169 172 172 175 168 179 181 180 178 184 179 Fine paper 85 72 85 85 89 90 86 83 83 88 87 88 88 Printing paper . 143 127 134 138 144 142 155 153 155 160 158 160 162 Tissue and absorbent paper . 142 138 151 152 155 156 152 148 142 151 144 148 147 Wrapping paper 132 124 135 133 135 136 134 137 137 139 132 141 144 Newsprint - 83 84 83 87 85 84 87 87 89 89 93 92 91 -Printing and Publishing • •« 129 124 129 128 132 130 138 138 140 142 141 142 146 Newsprint consumption 116 121 123 117 119 118 120 122 125 124 124 125 131 Petroleum and Coal Products P174 P178 P182 P181 P179 P177 P178 P180 P185 P185 P179 vl86 Gasoline 140 144 149 146 145 148 148 142 143 142 139 145 P153 Fuel oil 170 166 164 165 160 161 167 166 170 174 163 171 Lubricating oil 146 135 152 153 159 147 154 160 162 167 156 163 Kerosene 175 172 162 155 163 150 162 175 185 176 170 175 Coke 137 160 165 166 167 152 143 171 172 172 166 169 By-product coke . • 133 155 159 161 160 148 139 163 165 165 162 161 Beehive coke 276 336 369 352 406 272 278 410 416 424 324 433 339 Chemical Products 233 235 237 235 238 243 249 253 252 252 251 253 v248 Paints 146 150 153 149 148 150 152 154 156 157 155 153 Soap 122 120 117 114 111 115 128 131 136 135 137 P135 Rayon . 256 255 262 267 271 279 281 288 290 289 291 295 Industrial chemicals 389 396 395 395 402 411 422 430 429 '431 ••433 434 P434 Rubber Products 218 211 221 234 234 243 252 247 246 239 234 220 P213 Minerals—Total . 139 146 144 146 145 136 137 146 146 148 r143 152 1149 Fuels 149 153 150 151 150 140 141 151 150 153 144 156 P153 Coal 142 153 149 155 152 118 128 162 151 153 122 155 P139 Bituminous coal 156 159 156 163 160 116 130 173 162 163 127 168 P147 Anthracite 86 128 120 125 124 123 121 118 107 113 102 104 P109 Crude petroleum 153 154 151 149 149 150 147 146 150 153 155 157 P159 Metals 78 103 107 111 111 117 HI 117 122 117 136 vl24 P127 114 147 148 153 157 169 153 158 166 159 189 P169 (Copper* Lead* Zinc)1 Gold 32 44 50 52 44 44 53 60 61 58 60 Silver 21 35 49 58 60 58 55 64 66 68 68 p Preliminary. r Revised. * Series included in total and group indexes but not available for publication separately. 2 This series is in process of revision. NOTE.—For description and back figures see BULLETIN for October 1943, pp. 940-984, September 1941, pp. 878-881 and 933-937, and August 1940, pp. 753-771 and 825-882. AUGUST 1947 1017 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 Industry June July Aug. Sept Oct. Nov. Dec. Jan. Feb. Mar, Apr. May June Industrial Production—Total. .. 171 174 180 184 184 183 180 185 185 187 185 185 P184 Manufactures—Total 176 178 186 191 191 192 188 192 193 195 193 191 P190 Durable Manufactures 194 203 210 214 215 214 209 218 220 223 222 218 ton and Steel 154 180 184 185 184 178 159 192 191 196 195 197 193 Pig iron 144 178 186 184 183 174 152 193 191 194 189 193 189 Steel 167 190 196 196 195 193 174 206 207 213 213 215 210 Open hearth. 142 169 170 171 163 145 177 174 179 178 179 175 Electric 343 343 381 366 369 404 381 414 446 457 462 469 460 Machinery 241 243 254 261 268 271 276 277 277 281 276 273 v273 Manufacturing Arsenals and Depots l. Transportation Equipment 23ft 241 242 240 237 235 235 229 233 •239 237 224 v229 Automobiles * 176 182 188 185 187 187 181 190 197 P186 (Aircraft; Railroad cars; Locomotives; Shipbuilding— Private and Government)1 Nonferrous Metals and Products. 137 150 159 172 184 192 197 204 205 199 187 vl82 Smelting and refining 110 139 150 161 167 176 182 184 190 196 P186 (Copper smelting; Lead refining; Zinc smelting; Aluminum; Magnesium; Tin)* Fabricating •.••••• 147 155 163 176 191 198 203 212 211 200 (Copper products; Lead shipments; Zinc shipments; Aluminum products; Magnesium products; Tin consumption)* Lumber and Products. 141 137 144 147 142 139 129 126 135 140 143 Lumber... 138 133 140 144 136 131 114 107 118 126 134 136 Furniture. 146 144 152 152 155 157 160 161 167 166 161 158 P159 Stone, Clay, and Glass Products. 191 193 204 212 209 207 203 208 *205 209 208 206 P207 Glass products 207 211 223 242 232 228 218 241 229 241 234 P229 Plate glass 119 129 114 161 158 152 135 149 154 159 151 163 154 Glass containers 237 239 261 270 258 254 247 273 255 269 263 -•269 254 Cement 166 171 179 188 181 175 161 148 154 157 166 148 Clay products 147 147 154 155 158 155 158 156 156 159 160 162 P162 Gypsum and plaster products... 198 187 215 216 218 219 224 218 221 215 215 214 P213 A O b th r e a r s iv st e o n an e d a n a d sb c e l s a t y o s p p ro ro du d c u t c s t s l . 232 233 242 235 241 252 263 271 260 258 249 246 P238 Nondurable Manufactures. . 162 159 166 172 172 174 172 172 171 171 169 169 Textiles and Products. , 165 145 168 169 174 164 173 172 Textile fabrics 154 133 152 156 157 163 152 160 161 160 154 152 >142 Cotton consumption 152 127 149 153 155 164 141 161 161 160 154 148 133 Rayon deliveries 245 239 240 242 248 256 254 263 262 270 270 271 261 Nylon and silk consumption *... Wool textiles 174 144 173 181 178 181 180 171 178 172 159 161 Carpet wool consumption. . 137 101 137 144 143 161 165 155 174 182 170 189 Apparel wool consumption. 225 192 226 239 230 230 223 214 222 210 195 186 Woolen and worsted yarn. . 175 143 173 180 177 178 175 166 169 161 149 148 Woolen yarn 178 147 178 183 177 178 171 160 158 145 •128 127 Worsted yarn 170 138 165 176 176 177 180 175 184 183 178 177 Woolen and worsted cloth.. 178 151 176 184 181 181 181 173 178 171 158 157 Leather and Products. 127 101 119 118 117 123 114 116 123 121 115 113 Leather tanning 104 94 100 99 98 114 110 113 127 121 118 119 Cattle hide leathers 123 110 115 111 104 126 122 130 145 140 137 138 Calf and kip leathers 77 66 73 80 80 94 92 96 104 97 '98 92 Goat and kid leathers 46 45 47 51 67 68 68 67 84 83 82 86 Sheep and lamb leathers. 127 116 127 131 141 145 124 109 119 99 '93 90 Shoes 106 129 118 121 121 113 110 142 133 131 130 117 Manufactured Food Products. 161 158 149 140 140 144 149 '154 137 164 164 158 157 W Ca h n e e a t s u fl g o a u r r meltings l 104 125 130 147 143 146 153 162 160 157 143 138 141 Manufactured dairy products. 189 P197 175 P120 P96 P95 P95 *107 P127 •161 •202 •229 Butter 86 89 81 76 68 59 62 68 71 77 84 102 113 Cheese 237 207 189 171 148 129 124 132 151 178 214 •256 279 Canned and dried milk. . , 240 207 179 150 115 103 114 119 137 161 196 240 254 Ice Cream v Preliminary. r Revised. x Series included in total and group indexes but not available for publication separately. * This series is currently based upon man-hour statistics for plants classified in the automobile and automobile parts industries and is designed to measure productive activity during the month in connection with assembly of passenger cars, trucks, trailers, and busses; production of bodies, parts, and accessories, including replacement parts; and output of nonautomotive products made in the plants covered. 1018 FEDERAL RESERVE BULLETIN 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 une July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May fune Manufactured Food Products—Continued 84 154 122 37 117 181 175 191 152 138 139 151 150 Pork and lard . 97 167 108 19 109 210 199 225 162 133 139 154 157 Beef 63 147 141 44 117 156 162 168 153 154 149 159 151 Veal 60 132 132 89 160 172 130 124 106 115 118 124 141 1 flmb and mutton 117 116 107 100 136 116 103 115 105 99 102 104 96 Othpr manufactured foods 141 162 173 188 173 166 164 150 143 142 143 143 147 Processed fruits and vegetables 125 228 255 315 216 147 132 102 86 83 88 89 101 Oonfectionerv 91 89 115 142 161 159 149 142 144 135 123 118 Other food products 154 157 161 163 164 172 175 164 158 159 160 161 164 Alcoholic Beverages ... • • • 174 187 174 237 221 196 210 206 195 187 182 167 178 Malt liquor 154 160 141 199 166 149 161 150 142 149 162 170 189 Whiskey 61 65 56 71 68 64 158 188 179 151 131 106 79 Other distilled soirits 213 219 230 526 624 401 366 405 417 403 302 210 198 Rectified Honors 367 426 427 461 460 463 426 408 372 314 276 194 215 JttdiAstri/j] A 1rnh.nl from T$e,V£Y(LQ£ PldfltS * Tobacco Products... 159 145 161 166 179 172 138 157 160 149 151 142 165 108 99 110 112 127 131 109 112 110 98 94 106 101 Oisfarettes 210 190 212 219 235 221 177 208 215 201 205 187 227 Ctthpr tnhaffo nroducts 77 72 77 81 85 83 63 68 65 66 68 55 67 Paper and Paper Products... 147 136 147 150 152 153 150 156 157 159 156 161 P160 142 131 142 144 146 147 146 150 151 154 150 155 pulp 162 146 154 160 162 162 159 167 171 175 171 174 100 86 86 90 98 101 99 103 104 106 106 105 Soda oulo 107 101 110 111 108 109 109 109 109 113 112 112 Sulohate oulo 250 229 238 249 244 248 236 252 260 266 254 265 Sulohite oulo 137 122 132 136 141 139 139 145 150 151 150 151 Paper • 139 128 140 142 144 145 144 147 148 151 147 152 152 Pao^rboard 164 155 169 172 172 175 168 179 181 180 178 184 179 85 72 85 85 89 90 86 83 83 88 87 88 88 Printing oaoer 143 127 134 138 144 142 155 153 155 160 158 160 162 Ttamif* and absorbent oaoer .... 145 133 151 152 156 156 147 147 147 151 146 148 150 132 124 135 133 135 136 134 137 137 139 132 141 144 NVwsorint 84 82 82 87 85 85 85 87 89 89 95 93 92 129 115 123 128 135 135 141 133 138 145 144 145 146 115 104 111 119 125 129 126 114 122 129 131 129 129 Petroleum and Coal Products Pi 74 P178 P182 P181 P179 P177 P178 P180 P185 P185 P179 P186 Gasoline 140 144 149 146 145 148 148 142 143 142 139 145 153 Fuel oil 170 166 164 165 160 161 167 166 170 174 163 171 Lubricating oil 146 133 151 153 159 147 152 155 160 165 162 170 Kerosene . 164 160 155 154 163 155 167 179 194 180 174 176 Coke 137 160 165 166 167 152 143 171 172 172 166 169 Bv-r>roduct coke 133 155 159 161 160 148 139 163 165 165 162 161 Beehive coke 276 336 369 352 406 272 278 410 416 424 324 433 PS39 Chemical Products... 231 232 233 235 240 244 250 252 253 254 '253 252 P245 Pai*its 150 149 151 148 148 149 152 151 154 157 157 157 "156 Soap 119 119 119 119 116 116 128 128 134 135 135 133 P133 256 255 262 267 271 279 281 288 290 289 291 295 P2521 Industrial chemicals 389 396 395 395 402 411 422 430 429 ••431 r433 434 P434 Othpr oh^mirai nroducts * . . .. Rubber Products 218 211 221 234 234 243 252 247 246 239 234 220 P213 Minerals—Total 141 150 147 149 147 135 132 141 141 143 139 154 P153 Fuels • • • • 149 153 150 151 150 140 141 151 150 153 144 156 p153 Coal 142 153 149 155 152 118 128 162 151 153 122 155 Bituminous coal 156 159 156 163 160 116 130 173 162 163 127 168 P147 Anthracite 86 128 120 125 124 123 121 118 107 113 102 104 Crude netroleum 153 154 151 149 149 150 147 146 150 153 155 157 p159 Metals 95 126 132 136 126 105 76 81 84 83 112 P139 P153 \Tpta1o othpr than Gfold and silver 143 188 189 192 180 144 92 97 104 103 153 P200 233 295 282 282 252 174 58 69 73 72 173 279 (Conner* Lead* Zinc")1 Gold 30 44 55 60 51 49 54 57 55 51 54 Silver 20 35 48 59 59 58 55 65 67 70 68 v Preliminary. r Revised. 2 Series included in total and group indexes but not available for publication separately. a 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. AUGUST 1947 1019 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FACTORY EMPLOYMENT AND PAY ROLLS, BY INDUSTRIES (Without Seasonal Adjustment) [Index numbers of the Bureau of Labor Statistics, 1939—100] Factory employment Factory pay rolls Industry group or industry 1947 1947 May June Feb. Mar. Apr. May June Apr. May June Feb. Mar. Apr. May Total 139.6 141.9 153 7 154.0 152 9 150.7 150 8 254.8 253.5 262.8 310.6 314.1 310.7 312.1 Durable goods 159.0 162.4 180 1 180.9 180.8 178.0 178.8 275.7 275.1 289.1 344.6 349.9 349.9 353.6 Nondurable goods... 124.3 125.7 133 0 132 8 130.9 129.1 128.7 234 4 232 3 237.0 277 A 279.2 272.3 271.6 Iron and Steel and Products 139.1 141.5 157.5 158.1 158.0 156.8 156.7 242.1 232.3 240.3 287.9 294.2 297.5 306.7 Blast furnaces, steel works, etc 115 117 124 124 125 126 193 176 182 209 213 220 236 Steel castings 169 169 165 164 164 164 293 291 292 293 305 309 317 Tin cans and other tinware 125 132 130 129 132 132 206 207 235 239 243 249 250 Hardware • 125 127 142 143 141 141 230 236 242 299 300 301 306 Stoves and heating equipment.... 109 113 138 139 136 137 195 192 206 274 282 277 279 Steam, hot-water heating apparatus 150 152 173 173 168 163 263 270 271 332 336 330 318 Stamped and enameled ware 130 131 154 155 153 151 242 246 314 325 328 Structural and ornamental metal 252 324 work 140 163 166 166 166 236 293 306 315 241 307 Electrical Machinery 194.2 201.2 232.0 231.3 218.7 213.8 220.3 296.6 323.0 422.9 429.6 407.1 Electrical equipment 148 153 176 175 173 170 209 245 347.9 315 322 396.6 328 Radios and phonographs... 170 177 213 212 206 198 300 308 258 416 420 317 414 Mach M in a e c r h y in e e xc ry e pt E a l n ec d t rica m l achine-shop 194.1 198.6 223.5 225.1 226.6 225.9 222 2 312.9 322.5 3 32 4 9 2.0 409.6 416.6 4 4 2 1 3 0 .0 429.5 products 171 172 190 191 191 190 290 284 296 352 355 358 363 Engines and turbines 198 219 244 244 241 238 312 370 416 493 498 495 502 Tractors 150 158 176 175 176 176 178 192 236 274 277 288 302 Agricultural, excluding tractors. . . 147 146 168 169 178 181 175 228 248 308 313 333 344 Machine tools 161 162 161 158 156 151 261 260 270 279 276 270 264 Machine-tool accessories 183 189 199 195 190 183 288 292 305 333 327 320 312 Pumps 219 226 245 247 246 243 378 402 416 485 490 485 491 Refrigerators 154 163 191 201 207 211 232 257 263 325 359 388 395 Transportation Equipment, except Autos. 309.2 301.6 297.6 296.7 300.8 294.8 292.9 578.7 558.3 557.5 558.2 556.9 565.3 558.9 Aircraft, except aircraft engines. . . 311 316 358 356 359 350 553 566 586 668 662 660 642 Aircraft engines 294 292 322 315 316 306 458 469 469 507 480 488 432 Shipbuilding and boatbuilding 279 265 203 203 208 204 555 499 483 378 386 399 397 Automobiles 167.8 172.3 196.6 198.2 200.5 186.2 193.7 250.7 241.4 259.9 337.3 347.7 343.4 327.6 Nonferrous Metals and Products 157.0 164.9 188.5 187.5 184.8 180.1 177.9 276.2 281.4 298.6 360.0 359.0 354.0 350.4 Primary smelting and refining 102 108 149 148 148 146 173 176 191 279 282 284 292 Alloying and rolling, except aluminum 135 147 164 161 159 154 233 240 269 307 299 295 283 Aluminum manufactures 197 202 216 215 208 196 321 330 336 375 383 369 348 Lumber S aw a m nd i lls T im a b n e d r lo B g a g s i ic n g camp P s roducts.... r1 1 3 2 8 7.8 ' 1 1 3 4 1 3 .6 ' 1 1 4 5 2 2 .3 1 1 4 5 5 6 .4 ' 1 1 4 6 9 0 .1 ' 1 1 5 6 4 8 .8 • 2 2 3 5 1 0 .7 ' 2 2 4 6 4 5 .2 • 2 2 6 8 1 6 .9 3 3 1 3 0 3 .7 • 3 3 1 3 0 5 .1 • 3 3 2 5 3 1 .4 '3 3 8 5 5 1.4 Planing and plywood mills -•131 '134 153 155 '157 '158 234 '242 '255 319 323 332 '349 Furniture and Lumber Products 116.2 119.1 134.5 134.2 132.1 129.5 129.3 223.9 221.6 233.3 292.0 292.0 286.8 285.1 Furniture 115 118 132 131 129 127 222 220 230 289 289 282 279 Stone, Clay and Glass Products 132.3 135.6 144.5 145.3 146.0 142.6 141.5 230.3 230.2 241. 278.4 285.7 288.8 287.3 Glass and glassware 146 145 146 148 149 148 250 243 242 271 284 289 287 Cement 109 115 121 121 123 102 172 177 184 201 203 209 169 Brick, tile, and terra cotta 102 104 111 112 114 113 181 180 196 227 232 236 254 Pottery and related products 132 137 152 152 152 151 219 215 239 279 288 290 296 Textile-Mill and Fiber Products 103.0 104.1 109.1 108.6 106.9 104.6 214.4 213.5 217.2 262.0 265.0 255.4 248.3 Cotton goods except small wares. . 112 113 119 119 118 116 246 244 248 309 322 315 303 Silk and rayon goods 76 77 80 80 78 77 167 167 167 207 209 201 200 Woolen and worsted manufactures 107 107 109 106 103 99 239 238 239 275 262 248 241 Hosiery 71 72 76 76 74 70 131 131 133 158 158 146 140 Dyeing and finishing textiles 94 95 99 99 98 97 179 175 185 217 218 215 211 Apparel and Other Finished Textiles.. . . 126.0 128.3 141.7 141.9 135.0 131.4 131.5 259.0 254.2 258.6 314.1 317.7 279.8 272.1 Men's clothing, n.e.c 111 114 125 125 124 122 219 222 230 281 281 267 271 Shirts, collars, and nightwear 85 87 100 100 99 99 171 177 181 234 234 227 229 Women's clothing, n.e.c 139 139 154 155 142 136 297 287 283 345 340 278 260 Millinery 81 78 102 103 86 79 173 115 121 202 197 138 119 Leather and Leather Products. 103.4 103.8 104.9 104.7 103.0 99.4 98.9 205.3 204.6 204.9 223.0 222. 214.6 207.0 Leather '92 '93 '92 '93 '92 '165 '159 '163 '186 '185 '184 '184 Boots and shoes '95 '95 '97 '97 '96 '92 '198 '198 '196 '214 '214 '205 '197 Food and Kindred Products 119.9 120.9 123.9 123.5 125.0 126.0 130.1 208.. 205.1 208. 242.5 239.3 243.1 252.8 Slaughtering and meat packing.. . 113 107 124 119 115 119 181 181 167 238 217 211 232 Flour. 110 109 123 123 121 116 203 182 191 257 261 253 240 Baking 104 102 106 106 107 107 179 171 169 195 193 195 200 Confectionery 98 95 111 113 114 110 193 174 180 227 232 231 229 Malt liquors 139 141 145 146 150 154 195 201 210 234 240 252 268 Canning and preserving 70 83 61 57 60 59 149 150 182 137 130 140 143 Tobacco Manufactures. 91.2 92. 95.4 92. 87. 90. 174.6 181. 184. 201.0 193.1 181.6 182.8 Cigarettes 121 123 122 120 120 120 205 217 218 234 227 218 221 Cigars 77 77 83 79 72 73 162 164 168 186 176 160 164 ' Revised. NOTE.—Indexes for totals, major groups, and industries in the Furniture, Apparel, Lumber, and Leather 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 June 1947 are preliminary. 1020 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 Statistic?, 1939 = 100] Factory employment Factory pay rolls Industry group or industry 1946 1947 1946 1947 May June Feb Mar Apr. May June Apr. May June Feb Mar Apr. May Paper and Allied Products 136.8 138.8 145.9 145.9 145.0 143.7 143.7 238.6 240.0 247 0 288 1 290.9 290.9 292.6 Paper and pulp 120 122 126 126 125 125 210 213 217 251 253 255 259 Paper goods, n.e.c.. 123 123 127 127 126 125 212 212 218 ?46 249 248 750 Paper boxes 123 125 131 131 130 125 216 217 226 257 261 257 250 Printing and Publishing 118.7 119.9 17,81 17,87 128.6 128.7 128.7 185.6 186.4 101 3 7,718 777 7 730 0 234 Newspaper periodicals 109 109 116 117 118 119 158 161 162 191 197 202 209 Book and job 121 124 131 130 130 129 200 197 205 234 239 240 240 Chemicals and Allied Products .. . . 182.8 181.3 197 1 197 H 196.2 194.8 186.9 318.8 311.1 313 0 372 6 377 T 378. ? 381 <r Drugs, medicines, and insecticides. 188 188 197 198 197 194 302 305 306 363 363 360 359 Rayon and allied products 121 121 122 121 121 121 201 200 198 236 236 239 239 Chemicals, n.e.c 168 169 179 179 180 180 283 278 283 324 327 330 335 Explosives and safety fuses 176 169 188 191 192 192 307 267 266 308 315 311 334 Ammunition, small arms 177 178 155 156 158 162 342 319 331 334 333 336 352 Cottonseed oil 65 59 108 99 85 72 168 140 127 281 254 209 185 Fertilizers 131 107 149 153 146 136 363 301 250 361 385 381 365 Products of Petroleum and Coal 140 6 144.5 146 0 145 0 145 4 149 3 152 0 238 9 234 4 242 H 256 8 262 1 264 7 274 7 Petroleum refining 134 136 135 135 134 138 221 222 223 229 235 236 243 Coke and by-products 105 114 120 119 119 212 193 169 195 231 229 231 248 Rubber Products 179.7 182.9 198 2 196 r 193.5 184.2 178.0 319.7 322.1 331 4 385 0 374 3 383.9 371. 2 Rubber tires and inner tubes 193 196 201 199 195 189 313 314 318 358 343 357 349 Rubber goods other 129 132 148 145 143 133 241 241 255 303 297 297 277 Miscellaneous Industries 166.3 170.8 180 9 182 / 179.8 176.3 173.5 304.2 303.1 318 360 0 367 6 361. 0 356.6 Instruments, scientific 198 197 182 181 180 176 342 331 339 326 328 328 317 Photographic apparatus 139 142 146 147 148 149 220 221 233 250 272 271 275 For footnotes see page 1020. FACTORY EMPLOYMENT (Adjusted for Seasonal Variation) [Index numbers of the Board of Governors, 1939 = 100] 1946 1947 Group May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June Total 140.7 142.2 143.0 146.3 148.6 149.1 151.5 152.4 153.4 154.4 154.6 153.8 151.9 P151.0 Durable 159.2 162.3 165.2 169.7 172.7 173.8 176.4 177.1 178.7 180.8 181.5 181.2 178.3 P178.6 Nondurable 126.2 126.3 125.6 127.8 129.6 129.7 131.8 133.0 133.4 133.6 133.4 132.2 131.1 P129.3 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 Apr. May Jan. Feb. Mar Apr. May Apr. May Jan. Feb. Mar. Apr. May All manufacturing. 40.5 39.7 40.6 40.4 40.4 40.0 40.1 105.8 107.1 116.1 117.0 118.0 118.6 120.8 Durable Goods 40.4 39.3 40.5 40.5 40.7 40.5 40.5 113.1 114.7 122.4 122.9 123.6 124.3 127.7 Iron and steel products 39.9 38.4 40.2 40.0 40.4 40.4 40.4 118.6 119.0 126.1 125.8 126.9 128.1 133.1 Electrical machinery 40.2 38.9 40.5 40.0 40.5 40.0 39.8 109.6 113.1 119.9 120.3 121.2 121.0 126.4 Machinery except electrical 41.5 40.1 41.4 41.3 41.5 41.5 41.3 117.9 120.4 128.3 129.0 129.8 130.8 133.6 Transportation equipment except autos.... 39.9 39.1 40.2 39.7 39.8 39.8 40.2 131.6 133.3 135.6 136.7 136.2 136.2 137.5 Automobiles 37.4 36.3 38.9 38.8 39.7 38.5 38.2 130.2 132.5 139.0 139.9 139.6 140.6 146.1 Nonferrous metals and products 41.8 41.1 41.0 41.0 41.0 40.8 40.6 113.1 114.9 121.7 122.2 122.6 123.4 126.1 Lumber and timber basic products 41.3 40.9 40.6 42.1 41.0 41.4 41.9 85.6 88.0 96.2 97.9 98.3 99.0 102.4 Furniture and finished basic products 42.3 41.3 41.8 41.9 41.7 41.5 41.5 90.3 91.7 101.5 102.2 103.1 103.1 104.5 Stone, clay, and glass products 41.3 40.2 40.5 40.1 40.5 40.5 40.3 100.4 101.9 112.5 113.3 114.4 114.9 117.4 Nondurable Goods. 40.6 40.1 40.7 40.4 40.1 39.6 39.7 98.8 99.6 109.4 110.7 111.9 112.2 113.1 Textiles—mill and fiber products 40.3 39.8 40.5 40.4 40.0 39.1 38.9 86.9 87.3 97.0 99.7 102.4 102.7 102.5 Apparel and other finished products 37.2 36.9 36.9 36.9 36.7 35.5 35.8 96.6 95.6 103.7 104.9 104.5 99.9 98.8 Leather and manufactures 40.5 39.6 39.3 39.5 39.0 38.3 38.2 92.8 94.2 102.3 102.1 102.8 102.9 103.3 Food and kindred products 42.8 42.4 43.6 42.7 42.3 42.1 43.0 95.2 96.1 108.4 108.8 108.8 109.7 111.0 Tobacco manufactures 39.2 39.5 39.2 37.8 37.5 36.8 36.3 83.0 84.8 93.8 93.7 93.9 94.9 94.9 Paper and allied products 43.5 42.9 43.2 43.2 43.2 43.0 43.1 96.6 98.3 108.8 109.8 110.9 112.1 113.5 Printing, publishing and allied industries. . . 41.0 40.4 41.0 40.1 40.3 40.1 40.0 124.8 126.6 138.1 141.5 144.3 146.5 149.1 Chemicals and allied products 41.4 40.7 41.5 41.4 41.3 41.0 41.1 104.5 106.4 114.3 116.5 117.7 119.2 121.0 Products of petroleum and coal 40.0 39.3 40.2 40.1 40.2 40.6 40.2 133.2 134.2 137.2 138.2 140.8 141.0 144.1 Rubber products 40.3 39.4 40.6 40.6 39.8 39.5 39.1 123.2 126.6 133.0 133.1 133.0 139.7 143.0 Miscellaneous industries 41.8 40.9 41.1 41.0 41.0 40.6 40.3 101.5 102.8 112.0 112.3 113.9 114.2 115.7 NOTE.—Preliminary June 1947 figures for average weekly hours and hourly earnings are: All manufacturing, 40.1 and 122.0; Durable, 40.5 ind 129.4; Nondurable, 39.6 and 113.8 respectively. Back figures are available from the Bureau of Labor Statistics. AUGUST 1947 1021 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- Federal, Year and month Total M t a u n r u in fa g c- Mining co C n o st n r t u r c a t c i t on ti p o u n b a li n c d Trade finance1 Service1 Sta l t o e c , a a l nd utilities government* 1939 30,287 10,078 845 1.150 2,912 6,705 1,382 3,228 3,987 1940 32,031 10,780 916 ,294 3,013 7,055 1,419 3,362 4,192 1941 36,164 12,974 947 ,790 3,248 7,567 1,462 3,554 4 622 1942 39,697 15,051 983 ,170 3,433 7,481 1.440 3,708 5 431 1943 42,042 17,381 917 ,567 3,619 7,322 1,401 3,786 6,049 1944 41,480 17,111 883 ,094 3,798 7,399 1,374 3,795 6 026 1945 39,977 15,302 826 ,082 3,872 7,654 1,383 3,891 5 967 1946 40,712 14,365 836 ,493 4,023 8,448 1,523 4,430 5,595 SEASONALLY ADJUSTED 194? Time 42,311 17,493 915 ,575 3,620 7,326 1,408 3,791 6,183 July 42,317 17,608 915 L,491 3,634 7,335 1,406 3,792 6,136 August 42,167 17,608 912 ,424 3,639 7,315 1,401 3,789 6 079 Spotember 41,987 17,569 915 ,369 3,633 7,314 1,398 3,808 5,981 October .. • 42,064 17,696 910 ,279 3,671 7,325 1,389 3,803 5,991 November . ... 42,164 17,812 901 1,247 3,683 7,355 ,392 3 801 5 973 December 41,972 17,687 907 ,233 3,687 7,316 L.396 3,805 5,941 1944—January 41,994 17,643 900 1,224 3,720 7,309 1,388 3,795 6,015 February 41,985 17,637 901 ,174 3,741 7,347 1,386 3,794 6 005 March 41,889 17,503 896 L, 129 3,775 7,412 L.384 3,791 5 999 April 41,652 17,314 892 L.097 3,799 7,370 1,384 3,786 6 010 May 41,571 17,219 890 1,098 3,809 7,361 1,379 3,800 6 015 June 41,539 17,140 895 1,092 3,815 7,374 1,374 3,813 6 036 July 41,416 17,037 885 L.088 3,803 7,391 1,369 3 803 6 040 41,334 16,952 886 1,081 3,810 7,406 1,366 3,798 6 035 September 41,176 16,809 878 ,061 3,827 7,422 1,367 3,806 6,006 October ... 41,043 16,714 865 1,040 3,820 7,441 1,363 3,790 6,010 41,021 16,661 859 1,036 3,819 7,462 1,366 3,786 6 032 December 41,171 16,712 852 1,031 3,835 7,486 1,368 3,783 6 104 1945 Tanuarv .... 41,247 16,808 848 L.044 3,838 7,487 1,364 3,782 6 076 February 41,364 16,856 845 1,049 3,849 7,536 1,363 3,782 6 084 March 41,318 16,783 844 1,048 3,858 7,558 1,361 3,769 6 097 April 41,124 16,607 806 1,051 3,862 7,577 1,361 3,768 6 092 May 40,832 16,405 769 1,049 3,858 7,545 1,362 3,778 6 066 40,659 16,087 843 1,060 3,867 7,551 1,363 3,813 6 075 July 40,287 15,641 832 L,O72 3,869 7,587 1,378 3,845 6 063 August • • • 39 923 15,217 832 ,093 3,864 7,635 L.385 3,859 6 038 Seotember 38,102 13,341 833 1,093 3,876 7,733 1,387 3,877 5 962 October 38,017 13,267 762 ,109 3,861 7,793 1,403 4,061 5 761 November . • • 38 356 13,334 843 1,148 3,912 7,882 1 ,422 4,147 5 668 December 38,502 13,297 855 ,166 3,952 7,936 1,442 4,217 5,637 1946 Tanuarv . ••• 39,129 13,547 864 1,192 3,992 8,096 1,461 4,307 5,670 February 38,595 12,797 864 1,210 3,983 8,213 1,499 4,349 5 680 March 39,547 13,482 857 1,280 4,003 8,364 1 ,508 4,354 5 699 April 40,097 14,124 542 1,384 4,011 8,371 1,502 4,474 5 689 May 40,413 14,274 753 1,424 3,946 8,386 1,509 4,426 5,695 June 40,671 14,400 864 1,473 3,956 8,426 1,516 4,365 5 671 July 40,797 14,475 873 1,535 3,991 8,464 1.534 4,382 5,543 August 41,309 14,745 886 1,601 4,042 8,573 1,546 4,386 5,530 Spntember 41,669 14,953 884 1,648 4,064 8,609 1,549 4,412 5,550 October • • • • 41 854 15,019 883 1,670 4,093 8,581 1,548 4,537 5 523 November 42,139 15,233 883 1,679 4,101 8,639 1,551 4,578 5,475 December 42,207 15,310 874 1,731 4,091 8,630 1,554 4,596 5,421 iQ47——Tanuarv 42,243 15,426 883 1,678 4,075 8,595 1,552 4,596 5 438 Fpbruarv 42,354 15,529 880 L.651 4,052 8,637 1,554 4,630 5,421 Inarch 42,395 15,564 879 1,632 4,040 8,695 1,555 4,588 5 442 42,064 15,513 856 1,652 3,855 8,637 1,546 4,552 5,453 May • • • 42,075 15,351 881 1,671 3,968 8,633 1,557 4,567 5 447 June 42,203 15,288 889 1,693 4,080 8,654 1.556 4,581 5 462 UNADJUSTED 1946—March 39,184 13,433 857 1,203 3,983 8,197 1,508 4,332 5,671 April 39,908 14,045 542 1,356 3,991 8,329 1,510 4,474 5,661 May 40,258 14,159 753 1,438 3,946 8,302 1,517 4,448 5 695 June 40,680 14,371 864 1,532 3,996 8,342 1,531 4,430 5 614 July 40,877 14,526 873 1,627 4,051 8,337 1,549 4,426 5,488 August 41 466 14,876 886 1,713 4,103 8,402 1,554 4 430 5 502 September 41,848 15,035 884 1,747 4,064 8,523 1,534 4,456 5 605 October 42,065 15,064 883 1,753 4,093 8,667 1,540 4,514 5 551 November 42,439 15,271 883 1,713 4,101 8,898 1,543 4,555 5,475 December . .. 42,928 15,348 874 1,644 4,071 9,234 1,546 4,573 5,638 1947 Tanuarv 41,803 15,372 883 1,527 4,014 8,552 1,544 4,527 5,384 February 41,849 15,475 880 1,502 4,011 8,507 1,546 4,561 5,367 March ... 42 043 15,510 879 1,534 4,020 8,565 1,555 4 565 5 415 April 41,823 15,429 856 1,619 3,836 8,551 1,554 4,552 5 426 May 41,916 15,230 881 1,688 3,968 8,547 1,565 4,590 5,447 June 42,226 15,259 889 1,761 4,121 8,567 1,572 4,650 5,407 1 Formerly combined and published as Finance, Service, and Miscellaneous. * 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. June 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. 1022 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSTRUCTION CONTRACTS AWARDED, BY TYPE OF CONSTRUCTION [Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in millions of dollars! Nonresidential building Public works Month Total R b e u si i d ld e i n n t g ial Factories Commercial Educational Other an u d t il p it u i b es lic 1946 1947 1946 1947 1946 1947 1946 1947 1946 1947 1946 1947 1946 1947 January 357.5 571.6 89.7 257.4 104.7 86.5 69.0 38.3 18.1 19.7 25.8 55.9 50.2 113.9 February 387.4 442.2 102.1 208.4 97.7 73.9 77.5 46.4 17.1 13.5 28.3 9.4 64.7 90.5 March 697.6 596.8 275.2 282.9 113.7 82.1 112.7 52.6 11.4 21.4 40.9 35.8 143.6 122.0 April.. 734.9 602.3 370.6 256.7 105.1 65.6 75.1 66.3 18.0 22.7 37.9 29.6 128.1 161.4 May . . .. 952.4 674.7 463.6 254.1 140.5 71.3 88.7 59.2 23.5 47.7 38.3 57.7 197.9 184.7 June 807.9 605.1 332.2 209.5 159.4 66.8 55.2 58.4 23.5 40.1 35.2 44.7 202.5 185.7 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 1946 Federal Reserve district June May June 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 32,208 39,717 46,341 April 396 735 602 309 127 177 87 608 425 New York 70,685 120,389 120,184 May 243 952 675 148 197 234 95 756 441 Philadelphia 37,458 47,978 42,587 June 227 808 82 215 146 593 Cleveland 59,049 58,045 110,579 July 258 718 108 202 149 516 Richmond 77,843 70,712 106,239 August 264 680 67 205 196 475 Atlanta 67,459 71,950 71,845 September.. 278 620 43 187 235 433 Chicago 102,554 122,093 151,414 October 317 573 61 134 256 439 St. Louis 65,640 44,063 49,942 November. . 370 504 61 130 309 373 Minneapolis 22,979 26,067 32,166 December... 331 457 62 109 269 348 Kansas City 25,228 19,220 22,329 Dallas 43,967 54,423 54,288 Year 3,2997,490 1,311 1,754 1,988 5,735 Total (11 districts) 605,070 674,657 807,914 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 Prop- Small l-to4- Rental War and [In millions of dollars] Year or month Total erty home family and Veterans' 1935 320 p m r i o m e 2 v n 2 - e 4 t - s c t t i r o o u n n c - - h ( o T I u D it s 9 l e 4 e s h g ( o T r I u o D i s t u i l n p e 2 g h ( o T u i s t i l n e g End of month Total b C m c a o i n e a m r k l - s - b M s t i a n u a n g v a u k s l - - s a a S l s i a o t n s a n i a o g o v d n c s n - i s - p I c a n a o n n s m c u i e e - r s - a F c e g i e r e e a d s n l - 1 - Other2 1936 557 246 309 2 1937 495 60 424 11 1938 694 160 13 473 48 1936—Dec 365 228 8 56 41 5 27 1 1 9 9 4 3 0 9 ....... . . . 1,0 9 2 5 6 4 2 25 0 1 8 2 2 5 6 6 7 6 3 9 6 5 1 1 3 1 19 9 3 3 8 7 — — D D eecc. 1 7 1 7 9 1 9 4 6 3 3 0 4 2 3 7 8 1 1 1 4 0 9 2 1 1 1 2 8 3 7 2 7 9 5 0 3 1 19 9 4 4 2 1 1 1, , 1 1 3 8 7 6 2 1 6 4 2 1 2 1 1 5 8 6 7 9 7 1 13 6 28 13 4 1 19 9 4 3 0 9 — — D D e e c c 2 1, , 7 4 9 0 3 9 1,1 9 6 0 2 2 13 71 0 2 19 2 2 4 3 5 4 4 2 2 2 1 0 53 1 1 1 3 5 3 0 1943 942 96 1 243 601 1944 886 125 216 7 537 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 Sept 2,942 1,400 171 246 722 225 178 1946— J A S J u u e u l n p y g e t u e s m . t ber.. 8 8 5 6 3 0 5 3 4 4 3 2 0 2 2 5 (2) 3 3 2 2 7 3 6 6 (2 i ) ' 6 5 4 4 1942— D D Ju e e n c c e 3 3 3 , , , 1 4 6 0 9 2 7 1 0 1 1 1 , , , 4 6 6 6 6 2 5 9 3 2 2 1 1 3 8 9 6 6 2 2 2 5 7 7 4 2 6 1,0 9 7 3 4 8 2 0 9 2 2 24 3 4 5 4 3 1 1 1 7 9 6 9 5 3 O D N c e o t c v o e e b m m er b b e e r r . .. . 8 6 7 5 7 7 3 4 4 5 7 0 3 2 2 3 6 8 6 9 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 6 2 2 29 8 2 4 1 1 , , 0 1 7 3 1 4 23 7 5 9 1 15 5 9 8 1947— M F Ja e a n b r u r c a u h r a y r . y . . . . . . 8 8 7 9 6 9 4 3 4 0 9 4 (2) 3 2 2 0 8 7 1 1 1 3 8 6 1944— D Ju e n c e 3 3, , 3 5 9 5 9 4 1 1 , , 6 5 6 9 9 0 2 2 6 5 0 8 2 2 8 6 4 9 1 1, , 0 1 7 1 2 9 6 7 8 3 1 1 5 4 0 0 April 117 51 (2) 33 33 1945—June 3,324 1,570 265 264 1,047 43 134 May.. 112 42 (2) 36 34 Dec 3,156 1,506 263 253 1,000 13 122 June 152 50 39 63 1946—Tune 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 *The RFC Mortgage Company, the Federal National Mortgage Title VI. 2 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 2 Including mortgage companies, finance companies, industrial banka, 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. AUGUST 1947 1023 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MERCHANDISE EXPORTS AND IMPORTS [In millions of dollars] Merchandise exports1 Merchandise imports2 Excess of exports Month 1943 1944 1945 1946 1947 1943 1944 1945 1946 1947 1943 1944 1945 1946 1947 January 750 ,124 903 '798 1,114 230 301 334 394 »531 520 823 569 405 *583 February 728 ,107 887 670 1,151 234 314 325 318 »436 494 793 561 352 »714 March 992 ,197 1,030 815 1,327 249 358 365 385 J»444 743 839 665 431 P883 April 989 ,231 1,005 757 1,299 258 361 366 407 P512 732 870 639 350 P787 May 1,092 ,455 1,135 851 1,423 282 386 372 397 P474 810 1,069 763 453 P949 June 1,003 ,296 870 »878 296 332 360 »386 707 965 511 »492 July 1,265 1,197 893 *826 302 294 356 »434 963 903 537 J»392 August 1,280 1,191 737 P883 318 304 360 »425 962 887 378 P458 September 1,269 1,194 514 J»643 289 282 335 »378 981 912 180 *265 October 1,237 1,144 455 *537 329 329 344 »394 908 815 111 November 1,072 1,185 639 *986 312 323 322 J»482 760 862 317 *>505 December 1,286 938 736 PI.097 282 336 297 »536 1,004 602 439 *561 Jan.-May 4,552 6,114 4,960 3,891 P6.313 1,253 1,720 1,762 1,900 P2.397 3,299 4,394 3,198 1,991 P3,917 P Preliminary. r Revised. 1 Including both domestic and foreign merchandise. 1 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 1 e - . r o r e p a T v i e e l o r w n t a a u t a i l e y n s g e r x T a p i o l e w t n a a s l e y s o r i p a n i N e c l r o w e a m t a ti y e ng in N co e m t e 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 1942 138 135 181 120 104 155 206 146 69 1940 4,297 3,614 682 189 1943 137 138 186 146 117 141 192 145 63 1941 5,347 4,348 998 500 1 1 1 9 9 9 4 4 4 5 4 6 1 1 1 3 3 4 5 2 0 1 1 1 4 3 3 3 4 0 1 1 1 8 4 7 5 6 2 1 1 15 3 3 1 9 8 1 1 1 2 2 2 9 5 4 1 1 1 4 2 4 3 9 3 1 1 1 3 6 8 6 9 0 1 1 14 3 4 2 8 7 6 6 7 7 9 9 1 1 1 1 9 9 9 9 4 4 4 4 5 4 3 2 9 9 7 8 , , , , 4 0 8 4 3 5 9 6 7 5 9 6 8 8 5 7 , , , , 3 0 9 6 4 8 4 9 3 2 9 3 1 1 1 , , , 4 0 3 8 8 6 9 4 5 2 3 9 9 8 6 4 6 0 4 7 8 2 7 4 SEASONALLY 1946 P7.627 P7.008 P289 ADJUSTED SEASONALLY 1946—April 109 26 94 112 143 143 66 143 81 ADJUSTED May 106 68 62 126 115 125 66 123 73 J Ju u l n y e 1 13 33 9 1 14 46 5 1 17 40 7 r1 13 25 9 1 16 18 6 1 15 49 3 1 16 37 4 1 14 35 1 8 7 1 8 1946— A M p a r r il ch.. .. 6 5 5 6 1 6 6 5 6 6 7 2 4 - - 2 4 8 5 August 141 152 184 131 118 157 162 145 77 May 515 524 -9 —41 September... 138 160 183 125 91 154 164 139 75 June 639 586 53 20 October 139 155 183 142 128 146 157 139 79 July 651 603 48 16 November... 137 117 166 147 136 151 157 148 83 August. . . 664 613 51 18 December. . .140 132 155 162 122 156 145 148 81 O Se c p t t o e b m e b r e .. r . . 6 6 6 7 3 3 6 6 0 0 5 6 6 5 8 7 3 2 7 5 1947—January 150 163 175 157 123 163 176 152 77 November. 663 601 62 29 February.... 142 149 171 147 111 166 172 145 76 December. 658 523 135 98 March 146 147 180 159 121 159 171 151 78 April 137 119 173 151 111 148 184 147 79 1947—January .. 698 624 74 42 May 142 155 185 138 104 148 184 145 76 February.. 696 631 65 33 June 137 141 173 140 108 145 184 142 74 March 723 642 81 48 • April 685 637 48 15 UNADJUSTED May 698 633 65 P32 1946—April 107 26 93 99 127 143 50 141 82 UNADJUSTED May ... 107 68 61 111 103 130 103 125 73 June 137 146 138 128 96 155 213 139 '80 1946—March.... 646 652 -6 -33 July 143 145 172 166 135 153 263 142 78 April 567 556 11 r-20 August 145 152 177 142 113 165 243 146 77 May 533 537 -5 -37 September... 149 160 181 140 120 166 245 150 79 June 612 574 38 15 October 149 155 180 142 197 154 216 151 82 July 674 611 63 32 November... 141 117 166 144 171 148 169 154 84 August. . . 710 629 82 53 December. . .131 132 163 152 118 139 45 139 78 September. 660 593 67 39 October... 710 625 85 57 1947—January 138 163 184 157 118 147 44 139 74 November. 658 594 64 38 February.... 133 149 182 144 89 159 43 136 74 December. 637 534 103 89 March 137 147 182 146 96 159 50 144 79 April 134 119 169 133 98 148 157 145 80 1947—January .. 686 628 58 29 May.... 144 155 183 121 94 154 267 146 76 February.. 636 593 43 14 June 142 141 170 143 87 151 286 146 73 March 718 645 73 43 April 689 631 58 33 May 724 649 76 P47 ' Revised. Jun N e O 1 T 9 E 4 .— 1. Fo B r a d se e d sc o ri n p t d io a n il y a n av d e b ra a g c e k l d o a a t d a i , n g se s e . p B p a . s 5 ic 2 9 d - a 5 t 3 a 3 c o o f m t p h i e le d B U b L y L A ET s I s N oc f i o a r - P Preliminary. r Revised. tion of American Railroads. Total index compiled by combining indexes for NOTE.—Descriptive material and back figures may be obclasses with weights derived from revenue data of the Interstate Commerce tained from the Division of Research and Statistics. Basic Commission. data compiled by the Interstate Commerce Commission. Annual figures include revisions not available monthly. 1024 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORE STATISTICS [Based on retail value figures] SALES AND STOCKS, BY FEDERAL RESERVE DISTRICTS [Index numbers, 1935-39 average = 100] Federal Reserve district United Year or month States New Phila- Cleve- Rich- At- Chi- St. Minne- Kansas San Boston York delphia land mond lanta cago Louis apolis City Dallas Francisco SALESi 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 1945—June 276 232 243 253 273 '307 365 253 305 248 '289 '365 '314 July 273 227 236 243 260 307 343 254 300 253 281 381 323 August 290 246 259 259 286 306 365 281 330 259 300 381 324 270 226 205 246 249 298 367 263 313 265 321 376 313 October 257 216 179 233 248 286 348 250 293 254 297 349 319 271 230 231 239 266 290 347 261 294 252 283 356 320 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 . 268 219 224 234 256 281 338 262 290 261 272 347 330 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 291 244 253 275 298 303 367 276 321 '270 316 379 323 June 288 249 254 265 284 317 365 278 299 278 305 362 321 UNADJUSTED 194(5—june 253 216 221 228 257 '270 '307 245 274 236 '266 '310 288 July 208 157 158 175 203 219 275 198 234 204 239 290 266 August 242 184 189 195 249 253 321 236 284 232 279 332 292 278 237 214 246 251 316 374 268 316 287 311 395 326 October 278 240 202 258 265 312 372 268 313 281 312 384 330 November 336 284 301 318 333 369 416 318 371 302 340 434 376 441 398 392 408 430 493 570 409 463 385 448 567 504 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 268 227 223 248 266 290 350 258 297 264 290 347 297 M^ay 280 241 237 261 283 301 349 276 315 '269 297 356 301 June 265 231 231 238 267 278 307 270 269 264 281 308 294 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 162 147 150 148 151 190 185 101 159 169 157 177 177 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—June 210 181 '199 194 209 243 252 199 222 207 '209 253 218 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 '331 April '264 211 230 221 246 302 320 257 281 287 282 326 '308 May '252 198 221 '215 238 292 '309 243 272 268 '267 '333 '287 June 242 188 215 213 231 270 280 232 267 261 248 308 280 UNADJUSTED 1946—June 205 174 192 184 201 232 255 195 222 200 '209 246 221 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 277 236 247 242 263 316 347 274 293 279 266 324 313 235 186 213 187 214 266 293 231 246 246 248 306 274 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 '264 207 241 223 254 295 321 255 279 267 272 326 '308 April '262 202 233 225 253 304 317 252 281 273 273 316 '304 May 253 194 224 '217 241 286 '300 243 272 266 261 '316 '298 June 237 180 206 202 222 259 283 227 267 252 248 298 285 r Revised. 1 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. AUGUST 1947 1025 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORE STATISTICS—Continued SALES, STOCKS, AND OUTSTANDING ORDERS WEEKLY INDEX OF SALES AT 296 DEPARTMENT STORES [Weeks ending on dates shown. 1935-39 average=1001 Amount Without seasonal adjustment (In millions of dollars) Out- 1945 1946 1946 1947 Year or month Sales Stocks stand- Sept. 8... ..177 Sept. 7.... .264 Mar. 2... ..217 Mar. 1 .238 (total (end of ing 15... ..213 14.... .293 9... ..233 8.... .254 for month) orders 22... ..220 21.... .280 16... ..243 15.... .267 month) (end of 29... ..209 28.... .257 23... ..255 22 .286 month) Oct. 6... ..242 Oct. 5 277 30 .,257 29 283 13... ..245 12.... .281 Apr. 6... ..272 Apr. S.'.'.'.!319 20... ..237 19.... .295 13... ..282 12.... .265 1939 average 128 344 27... ..233 26.... .287 20... ..289 19.... .271 1940 average.... 136 353 108 Nov. 3... ..236 Nov. 2.... .277 27... ..232 26.... .267 1941 average 156 419 194 10... ..261 9.... .314 May 4... ..248 May 3 .279 1942 average 179 599 263 17... ..275 16.... .342 11... .274 10.... .311 1943 average.... 204 508 530 24... ..258 23.... .363 18... .246 17 .273 1944 average.... 227 534 560 Dec. 1... ..326 30.... .334 25... .245 24.... .277 1945 average 255 564 728 8... ..401 Dec. 7'.... .475 June 1... .223 31.. . .250 1946 average 318 714 907 15... ..433 14.... .519 8... ..273June 7. . ..293 22... ..421 21.... .532 15... ..283 14. .. .300 1946—May 304 674 934 29... ..158 28.... .281 22... .248 21.... .256 June 304 ••700 1048 29... ..239 28.... .245 July 244 735 1073 1946 1947 July 6... .192July 5. . ..208 A S O D N e u e o c p c g v t t o e u e e m b m s m t e b b b r e e e . r r . r . . , 3 4 5 3 3 4 2 0 0 0 1 6 9 4 3 9 8 8 8 7 1 0 2 7 7 9 6 8 9 6 1 9 8 5 6 0 9 4 6 5 1 1 5 0 7 2 J F a e n b . . 2 1 1 5 2 6 2 9 . . . . . . . . . . . . . . . . . . . .. . . . . 1 1 1 1 1 9 3 9 8 8 7 5 1 8 8 J F a e n b. . 2 1 1 5 4 1 1 8 . . . . . . . . . . . . . 2 2 1 2 2 3 2 8 1 2 2 0 8 7 3 Aug. 1 2 2 1 3 0 7 0 3 . . . . . . . . . . . . . . . . . . . . 2 2 2 2 2 2 1 0 0 1 8 7 4 1 0 Aug. 2 1 1 9 2 6 2 9 . .. . . . . . . . . . 2 2 2 1 1 2 2 7 8 1947— F M J e a a b n r r u c u a h a r . r y . y . . . . . , , 3 2 2 3 5 5 2 0 6 8 7 8 6 6 3 5 9 8 4 6 6 8 0 1 5 3 9 2 1 9 6 3 . . . . . . . . . . . . . . . 2 2 2 0 1 1 9 4 3 1 2 5 8 2 . . . . . . . . . . . 2 2 2 1 4 1 9 6 6 3 2 1 4 1 7. . . . . .. . . . 2 2 2 5 8 3 5 1 9 3 2 1 3 0 6 . .. April 321 849 387 May P 3 3 3 0 2 4 810 P 3 47 4 1 8 NOTE.—Revised series. For description and back figures see pp. June 874-875 of BULLETIN for September 1944. 9 Preliminary. r Revised. Back figures.—Division of Research and Statistics. SALES BY FEDERAL RESERVE DISTRICTS AND BY CITIES [Percentage change from corresponding period of preceding year] J 1 u 9 n 4 e 7 M 19 a 4 y 7 m 1 S 9 o i 4 x s 7 . J 1 u 9 n 4 e 7 May m 1 S 9 o i 4 x s 7 . J 1 u 9 n 4 e 7 M 19 a 4 y 7 m 1 S 9 o i 4 x s 7 . J 1 u 9 n 47 e M 19 a 4 y 7 m 1 S 9 o i 4 x s 7 . United States..] v+4 +14 +9 Cleveiand-cont, Chicago P+9 +19 +12 Kansas City— Toledo1 +4 + 15 +10 Chicago1 +4 +23 + 10 coont. Boston ; v+6 +16 +10 Youngstownx.. +3 + 19 +12 Peoria1 P+9 +23 +13 Oklahoma City. -1 +6 +3 P N o e r w tl a H nd a ven.... I + -5 8 + + 1 1 0 +6 P E i r t i t e s 1 burgh1 +6 + + 2 1 3 8 + + 1 1 2 0 F In o d r i t a W na a p y o n li e s 1 . x p - - 4 6 + + 1 1 5 3 + + 1 6 1 Tulsa +6 + 11 +6 Boston Area. .. { +8 + 17 + 13 Wheeling1 -6 + 10 Terre Haute l p+17 +29 +14 Dallas I +9 +6 Downtown j Des Moines.. +3 + 14 +11 Shreveport +19 + 16 +8 N N S S U N W A N P R E S P B B B e y o p c r w l e o t r i l i u e o m o i b a n r r i h u w c f w c d i a r g v a g f g e n h a i c g c a Y n a a B i r Y h h n g e e d a l u e r y r o f a k o o e s s o a p e k s i r t m t 1 e s c e r e n o k 1 e e t k e l t F x r c o r r t d a p t o 1 e n a C d s n . * l i y i l . e . t s . . y . . . . . . . . 1 . j j | | ; + + + + + + + + + + + + + + + + - 1 1 1 7 4 5 6 8 3 2 9 8 1 1 4 4 1 1 1 3 + + + + + + + + + + + + + + + + + + 1 2 1 2 3 1 2 1 1 1 1 1 1 1 1 1 4 8 0 7 4 5 6 5 8 0 8 1 5 1 5 2 3 7 + + + + + + + + + + + + 1 + + + + + + 1 1 1 1 1 1 1 1 1 9 8 9 4 4 3 9 4 9 2 1 2 5 0 0 1 0 0 A R M H C B W W N G L R R C R B t i W l c y h i o i u o h a r a a o i h r a c e n a l a r l a n n n m b . h e s m t f e r n c r s t i t i o i h m l n y l a i m i l h t o g o e e l n e n o i v k a b k h n o s s n o g g n i e t u , t n . d l r g h o - t o l . e r d N o S e a t n . g n , o m . n a , , . S n . l C S e . 1 C * . m . . . . . . C . . . . . , + + + + + + + + + - + - - 1 2 1 6 3 4 2 2 8 2 0 3 1 1 3 1 0 i + + + + + + + + + + + + + + 2 2 1 2 2 1 1 1 1 1 1 1 8 1 8 0 2 7 3 1 3 8 1 7 2 7 | ! ! | + + + + + + + + + + + + + + + — 1 1 1 6 6 2 3 9 5 7 7 7 9 7 2 6 2 3 4 S S S S M L Q E L E M M F F G L G D t. p t t o o i a v a l u r . r . e e i a t i r e n s r a u L a i l t t L n i d m t n t L e l w r n s n i n o e o t i o n c s i S d S o 1 g u s s p n a u y v i t v o u m f i R g t u h i . B i R s » i s n i i l k i e L o i l s l a . a s A t e l l x e c o p 1 h d e y . . e x . k r u i . . . . l l . e . . d . . 1 . . . i . . . . . . a . s . s P + + + + - - + + + - - 2 1 - - - + - 1 7 2 1 5 4 1 6 3 6 1 3 0 0 6 2 7 5 6 2 5 4 + + + + + + + + + + + + + + + 1 + + 1 2 2 2 1 1 1 1 1 1 1 1 1 1 1 5 3 7 5 6 3 9 7 7 7 2 8 2 6 6 4 3 + + + + + + + + + - + + + + + + 1 + 1 1 9 1 1 1 1 1 1 1 1 9 3 5 7 8 2 7 6 6 7 2 0 0 2 7 7 9 S S S O R T F L L S P H B a D F C S B a a n a r o u o h o i a a o o a n v e a n s c n k c o k r e r l u n ss e t F s g p e r l r l A e D A s n r a a o k a r W u n r s B t s n n o s n e B m i s o i n a i f 1 e d J g d l e o x i n n t e e e g C e r e e l r a o 1 y l n c a o t n l d h h n x n e i a a c x t * s r s d r n i h o i c 1 d o d s 1 l. o i . t . . n . i . . . . . o . . . . , . . P — + + + + - + - - - - + + - - 2 1 6 6 1 1 9 6 3 4 3 6 4 2 0 j 1 + + + + + + + + + + + + + + + 1 1 1 1 1 7 3 7 4 5 7 4 8 3 C 4 8 0 5 2 3 + + + + + + + + + + + + + + + + 1 1 1 1 1 3 9 5 8 8 2 2 9 2 0 9 7 8 1 1 2 Montgomery1.. + 10 + 141 +10 Minneapolis. +12\ +9! ++13San Franciscol.. -1 + 1 +4 P T L h r a il e n a n c d t e a o l s p n t h e 1 i r a 1 ... + + -5 5 4 + + + 1 1 8 7 7 + + + 1 1 4 3 4 J O M a r c i l a k a m n so d i o n l ville*... + -4 9 + + + 1 9 3 1 i J + + 1 + 2 6 4 D M St u . i l n u P n t e h a a - u p l o 1. li . s .. l + + 1 6 2 j + + 1 7 4 1 ++ + 17 " 7 9 "S S S a t a o n n c ta k J o t R o s n e o 1 sal. ... + + + 7 8 1 + + 2 4 0 0 + + + 1 1 8 7 8 P R h e i a l d a i d n e g l 1 phia1.. + + 4 3 + + 2 1 4 6 + + 1 1 5 2 A Ta tl m an p t a a 1 J + -4 4 + + 2 9 + + 1 2 1 Superiorx .. | +11 V N al a le p j a o x and -17 -8 Wilkes-Barre1.. +6 +25 + 16 Augusta +4 + 15 +6 Kansas City.. +4\ +ll\ +8 Boise and York1 -6 + 10 +6 Columbus +7 + 16| +12 Denver +S\ +111+ 13 Nampa p-8 -5 +5 Maconl -12 +6 0 Pueblo -3\ -1 +8 Portlaand +8 +9 + 11 Cleveland +4 +16 +10 Baton Rouge1.. + 1 + 16 +9 Hutchison... -lj +11 +6 Salt Lake City» . -3 +6 +7 Akron1 -1 +8 +5 New Orleans1.. +6 + 11 +10 Topeka +4 +9 +8 Bellingham i +41 +4 + 14 C Ci a n n c t i o n n n 1 ati1 + + 1 3 0 + + 1 1 8 7 + + 1 1 5 0 J B a r c is k t s o o l, n x Tenn... + -5 4 + r+ 2 3 6 + + 4 9 W Jop ic l h in ita + - 1 2 1 + + 1 3 8 +13 S E e v a e t r t e le tt 1 1 - - 3 3 + + 4 1 + + 8 5 ClevelandJ +8 + 14 +9 Chattanooga1.. -13 + 14 +4 Kansas City. +5 +ll| + 10 Spokane1 +8 + 11 +18 Columbus1. ... +2 + 10 +7 Knoxville1 -21 + 10 St. Joseph... +3 +14 +8 Tacoma' -1 + 1 +5 Springfield1 +9 + 15 +6 Nashville1 -7 -4-181 +4 Omaha 0 +11 +8 Yakimax 0 + 11 +12 9 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. 1026 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORE STATISTICS—Continued SALES AND STOCKS BY MAJOR DEPARTMENTS Percent change Ratio of Lndex numbers from a year ago stocks to without seasonal adjustment (value) sales l 1941 average monthly sales = 1002 Department r o N e f u p o m s r t b t o e i r n r e g s Sal p e e s r d i u o r d ing ( m S e t o n o n d c t k o h s f ) T i V vl T ciy Sal p e e s r d io ur d ing Sto o c f k m s o a n t t h end 1947 1946 1947 1946 M 19 a 4 y 7 m 1 o 9 s 4 . 7 M 19 a 4 y 7 1947 1946 May Apr. May May Apr. May GRAND TOTAL—entire stores 358 + 10 +8 +21 2.5 2.3 MAIN STORE—total 358 +8 +7 +23 2.7 2.4 213 203 196 569 592 464 Women's apparel and accessories 354 +7 + 1 +4 2.0 2.1 218 216 204 438 476 420 Coats and suits 339 -6 -14 1.4 1.5 173 262 178 237 325 276 Dresses 339 +4 -2 +8 1.2 1.2 279 246 268 340 391 319 Blouses, skirts, sportswear, etc 335 +6 — 2 -21 2.2 2.9 267 227 252 577 635 734 Juniors' and girls' wear 315 +9 — 2 -20 1.8 2.5 240 243 219 441 481 552 Juniors' coats, suits, dresses 221 +8 -5 -21 1.4 1.8 270 267 250 365 430 458 Girls' wear 241 + 10 +2 -18 2.6 3.6 212 229 192 560 581 684 Aprons, housedresses, uniforms 293 +5 -2 +30 1.5 1.2 273 209 260 410 467 317 Underwear, slips, negligees 339 + 13 +6 +30 1.9 1.7 252 199 223 485 507 373 Knit underwear 164 +21 + 15 +38 1.9 1.6 254 208 209 469 485 343 Silk and muslin underwear, slips 187 + 10 +2 +47 1.9 1.4 264 204 239 493 515 335 Negligees, robes, lounging apparel 165 + 10 +9 -8 1.9 2.2 245 186 222 458 463 493 Infants' wear 317 + 17 + 12 -2 2.8 3.3 246 271 210 678 709 691 Shoes (women's, children's) 249 + 13 +8 +73 3.0 2.0 242 235 214 732 743 420 Furs 264 -24 +3 -28 11.5 12.1 29 50 38 332 281 452 Neckwear and scarfs 248 + 15 0 -17 2.0 2.8 247 252 214 491 508 594 Handkerchiefs 293 -4 -4 -20 3.8 4.6 153 141 160 586 620 728 Millinery 173 + 10 -1 -24 0.9 1.3 168 231 152 146 175 191 Gloves (women's, children's) 333 +9 +2 +5 3.7 3.8 156 197 143 573 609 545 Corsets, brassieres 338 + 14 +9 +29 2.2 2.0 278 262 245 616 649 477 Hosiery (women's, children's) 348 + 1 0 +66 1.7 1.0 156 139 155 267 309 163 Handbags, small leather goods 327 -2 -6 -22 2.0 2.4 193 194 197 383 401 486 Men's and boys' wear 327 +16 + 12 +63 3.3 2.3 198 185 171 651 636 403 Men's clothing 241 +23 +27 + 155 2.3 1.1 225 202 182 511 502 200 Men's furnishings, hats, caps 316 + 12 +6 +56 3.7 2.7 181 167 162 678 650 437 Boys' clothing and furnishings 290 +9 +2 + 14 4.0 3.9 187 207 171 752 789 661 Men's and boys' shoes, slippers 189 +24 + 11 +95 4.2 2.7 193 171 156 820 766 419 Home furnishings 315 + 12 + 17 +48 3.3 2.4 221 202 198 724 738 489 Furniture, beds, mattresses, springs 240 0 +2 +63 3.7 2.3 189 176 190 707 743 433 Domestic floor coverings 302 +20 +23 +91 3.1 1.9 218 207 182 672 672 349 Draperies, curtains, upholstery 298 +4 — 1 +35 3.1 2.4 246 208 237 760 765 563 Major household appliances 232 + 135 + 184 +291 1.4 0.8 357 326 152 497 446 128 Domestic, blankets, linens, etc 305 -6 + 1 +40 3.5 2.4 183 160 195 645 664 461 Linens and towels 204 -10 -8 +32 4.2 2.9 168 147 187 709 749 531 Domestics-muslins, sheetings 176 0 + 14 + 129 2.5 1.1 196 179 197 491 473 209 Blankets, comforters, spreads 191 -7 -1 +22 3.7 2.8 180 145 194 668 674 551 Lamps and shades 240 -4 -1 -5 3.7 3.7 191 176 200 703 724 733 China and glassware 241 +6 + 10 +51 5.4 3.8 145 133 136 792 799 524 Housewares 240 +8 +8 + 12 3.1 2.9 305 276 283 929 979 839 Piece goods 298 +9 + 13 +75 2.5 1.6 290 290 267 732 748 425 Silks, rayons, and velvets 111 + 16 + 13 + 139 2.1 1.0 274 294 237 587 606 248 Woolen dress goods 92 -29 +8 +26 6.9 3.9 111 186 156 765 806 593 Cotton wash goods 128 + 19 + 18 + 105 1.8 1.0 368 335 309 647 710 309 Small wares 341 + 1 +2 -7 3.3 3.6 182 166 179 604 633 651 Lace, trimmings, embroideries, and ribbons. . . 121 -1 -1 -13 2.4 2.8 278 302 280 687 755 780 Notions 230 + 17 + 13 -4 2.3 2.9 267 237 228 626 679 650 Toilet articles, drug sundries, and prescriptions 328 -4 -3 -11 3.7 3.9 145 129 152 533 552 594 Jewelry and silverware 306 +2 + 1 -3 3.4 3.6 213 180 208 719 752 734 Jewelry 208 + 1 -2 -18 3.1 3.8 216 176 214 675 713 823 Silverware 130 + 1 + 7 +25 3.4 2.8 201 185 199 698 699 542 Art needlework 240 -6 +5 -13 5.0 5.4 131 140 139 656 678 752 Stationery, books, magazines 251 0 +5 -4 3.6 3.8 160 152 160 583 600 606 Stationery 157 +3 + 12 -5 3.8 4.1 155 141 150 582 597 597 Books, magazines 93 -5 -3 -7 3.4 3.6 142 149 150 494 505 540 Miscellaneous 305 +3 +2 + 16 3.1 2.7 186 171 180 576 579 499 Toys and games 153 -10 -16 -11 5.0 5.0 115 105 127 572 559 646 Sporting goods, cameras 64 + 16 + 18 +55 4.0 3.0 171 164 148 686 789 443 Luggage 251 +9 +9 + 19 2.7 2.4 270 189 247 721 739 614 BASEMENT STORE—total 207 +23 +14 +4 2.0 2.3 205 192 166 404 424 390 Women's apparel and accessories 198 +24 +9 -10 1.5 2.1 208 199 169 321 343 360 Men's and boys' clothing and furnishings 164 +36 +26 +17 2.6 3.1 199 190 146 523 524 449 Home furnishings 138 +10 +14 + 19 2.3 2.2 215 192 194 502 542 419 Piece goods 54 +5 + 15 +83 2.4 1.4 279 277 266 686 720 407 Shoes 129 +50 +31 +21 2.7 3.3 189 155 126 512 504 423 1 The ratio of stocks to sales is obtained by dividing stocks at the end of the month by sales during the month and hence indicates the number of months' supply on hand at the end of the month in terms of sales for that month. 2 The 1941 average of monthly sales for each department is used as a base in computing the sales index for that department. The stocks index is derived by applying to the sales index for each month the corresponding stocks-sales ratio. For description and monthly indexes of sales and stocks by department groups for back years, see pp. 856-858 of BULLETIN for August 1946. The titles of the tables on pages 857 and 858 were reversed. 8 For movements of total department store sales and stocks see the indexes for the United States on p. 1025. 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. AUGUST 1947 1027 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 t m a it l 1 er ins T ta o l t m al ent f 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 1,459 557 1938 7,064 3,612 2,313 970 1,343 1,299 I 442 I 487 523 1939 7,994 4,449 2,792 1,267 1,525 1,657 L 468 L,544 533 1940 9,146 5,448 3,450 1,729 1,721 1,998 1,488 11,650 560 1941 . ... 9,895 5,920 3,744 1,942 1,802 2,176 L 601 L 764 610 1942 6,478 2,948 1,491 482 1,009 1,457 L 369 L,513 648 1943 5,334 1,957 814 175 639 1,143 1,192 11,498 687 1944 5,776 2,034 835 200 635 1,199 L 255 ]L 758 729 1945 6,637 2,365 903 227 676 1,462 L 519 0R1 772 1946 10,147 3,976 1,558 544 1,014 2,418 > 253 3,054 864 1946—May 7,607 2,783 1.004 318 686 1,779 I 814 2 188 822 June 7,905 2,902 11,035 336 699 1,867 I 846 2,327 830 July 8,025 3,022 L,070 365 705 1,952 L 886 2 281 836 August 8,362 3,165 1,124 394 730 2,041 Q38 2 418 841 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 10,147 3,976 1,558 544 1,014 2,418 2,253 3,054 864 1947— Tanuarv . 9,967 4,048 1,566 581 985 2,482 2 286 2 764 869 F M e a b r r c u h ary 1 '9 0 , , 9 2 0 1 9 6 '4 4 , , 1 3 5 2 6 9 1 1, , 6 6 9 0 5 8 6 6 9 3 1 1 1, r 0 9 0 77 4 2 2 , , 5 63 4 4 8 2 2 ,2 2 7 4 7 3 2 2 ,6 7 0 6 2 8 8 8 7 7 6 4 April 10,407 4,537 1,813 753 1,060 2,724 2,215 2 782 873 May? 10,663 4,741 1,922 810 1,112 2,819 2,213 2,835 874 June? 10,884 4,906 2,004 862 1,142 2.902 2,216 2,887 875 p Preliminary. r Revised. 1 Revised. See footnotes 2 and 3. 2 Includes repair and modernization loans insured by Federal Housing Administration. Total loans include recent revisions of consumer instalment loans of commercial banks, small loan companies, and credit unions, shown on pp. 830-835 of the BULLETIN for July 1947. 3 Non-instalment consumer loans (single-payment loans of commercial banks and pawnbrokers). Includes recent revisions in single-payment loans shown on pp. 833-835 of the BULLETIN for July 1947. CONSUMER INSTALMENT LOANS [Estimates. In millions of dollars] Amounts outstanding Loans made by principal lending institution! (end of period) (during period) Insured Year or month Total1 b m a C e n o r k c m s ia - 18 l 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 i u a k l s s - 3 p I c a n t lo o r n d i a m i u a 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 n r 4 n- b m a C e n o r k c m s ia - 12 l 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 i u a k l s s - 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 n r i e o d n i s t x 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 . . t,090 161 326 191 66 102 244 248 610 354 105 1937 L.219 258 374 221 93 125 148 368 662 400 148 1938 L,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 ! ,176 784 531 134 107 217 102 301 1,198 975 255 203 372 1942 L ,457 426 417 89 72 147 91 215 792 784 182 146 247 1943 L.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 .462 477 439 76 70 128 93 179 942 956 166 151 228 1946 2,418 956 608 117 98 185 110 344 1,793 1,251 231 210 339 1946—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 81 155 101 263 155 105 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 ... . 2,724 1,123 627 133 113 204 112 412 213 116 24 24 39 MayP 2,819 1,167 633 138 116 213 113 439 212 115 24 24 42 JuneP 2,902 1,197 638 143 118 224 113 469 211 117 26 24 44 P Preliminary. l Includes recent revisions shown on pp. 830-835 of the BULLETIN for July 1947. 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 June amounted to 94 million dollars, and loans made during June were 15 million. * Figures include only personal instalment cash loans, retail automobile direct loans, and other retail direct loans. Direct retail instalment loans are obtained by deducting an estimate of paper purchased from total retail instalment paper. 4 Includes only loans insured by Federal Housing Administration. 1028 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 CREDIT1 [Estimated amounts outstanding. In millions of dollars] [Estimates. In millions of dollars] Depart- Automobile Repair Per- E y m e n o a d r n t o o h f r in e m T g x o o c a l b t u u a i d l l t e , o - - 6 o m m a t r o n a d e r i d n e e l r - t s F s t t u u o r r r n e e i s - H a s a h t p o o n o p u r c l l s e d e i e s - - J s e t w or e e lr s y s o r t e A t o h t r a l e e l i r l s Year or month Total c P h u a r se r - e d tai D lo l i a r n ec s t e l m r o t a n i a n o o i n z d d n s a - 2 - i m l s n c o o a s a e n s t n n a a h s t l l houses Outstanding at end of 1 1 1 1 1 1 1 1 1 9 9 9 9 9 9 9 9 9 3 3 3 3 3 3 2 3 3 0 2 1 5 7 4 9 3 6 . . . . . . . . . 1 1 1 1 , , , , 1 1 9 1 3 6 6 7 R 9 0 4 6 7 5 6 f 4 i 7 4 J 7 8 7 8 3 1 ? 1 3 1 1 2 1 1 1 1 5 6 0 1 1 3 5 8 4 5 0 3 9 4 8 6 6 6 5 3 2 5 3 4 4 3 4 3 9 1 6 3 8 5 1 0 9 9 3 9 6 3 4 4 6 3 2 1 1 2 2 1 1 1 0 2 2 1 5 6 3 7 8 7 2 1 9 5 5 1 1 5 6 3 2 3 4 4 4 5 5 8 9 0 5 0 6 7 5 6 2 1 1 1 1 1 1 1 9 1 3 1 1 7 3 4 3 7 0 2 0 5 4 6 1 3 per 1 1 1 1 1 1 1 1 i 9 9 9 9 9 9 9 9 o 4 4 4 3 4 4 4 4 d 2 5 4 9 3 6 1 0 : 1 1 1 1 , , , , 6 5 4 0 5 5 8 7 9 9 5 9 5 1 4 4 4 1 0 3 7 6 2 5 4 2 3 1 1 1 5 1 6 1 5 6 3 1 4 1 4 8 5 5 6 3 3 2 1 1 1 0 9 1 5 7 3 6 2 6 6 0 3 9 9 4 3 2 2 2 2 1 1 8 7 8 3 4 0 2 5 4 3 9 4 7 9 4 4 4 3 5 4 2 2 3 2 1 5 7 4 2 2 8 4 5 1 2 7 6 2 9 7 1938 1,343 302 485 266 70 220 1946—May 1,035 103 196 170 415 1939 . 1,525 377 536 273 93 246 June 1,108 109 212 183 439 1940 1,721 439 599 302 110 271 July 1,179 115 225 195 460 1941 1,802 466 619 313 120 284 August 1,264 127 241 211 484 1942 .009 252 391 130 77 159 September., 1,334 136 252 226 506 1943 '639 172 271 29 66 101 October 1,413 145 268 242 525 1944 635 183 269 13 70 100 November.. 1,494 156 285 256 546 1945 676 198 283 14 74 107 December. . 1,591 165 306 273 572 1946... 1,014 337 366 28 123 160 1947—January... 1,668 181 325 280 586 1946 February.., 1,732 196 348 284 599 May 686 206 295 16 61 108 March 1,821 215 373 296 620 June 699 210 299 17 63 110 April 1,922 237 397 314 637 July 705 212 299 20 63 111 May? 2,027 254 423 334 652 August.... 730 221 308 22 64 115 JuneP 2,124 276 438 358 665 S O N D e o c e p v c t t o e e e b m m m e b b b r e e . e . r r r . . . . 1,0 7 8 7 1 5 5 9 4 2 3 5 3 2 2 2 3 3 5 8 7 5 7 4 3 3 3 3 2 1 3 6 2 1 7 6 2 2 2 2 3 8 5 6 1 6 6 2 7 5 6 3 2 1 1 1 1 1 3 6 2 8 4 0 5 Vo i l n u g m 1 9 m e 4 o 6 e — n x t t J h e M u : n n a d e y ed dur- 2 2 1 2 9 9 2 2 8 3 4 4 7 9 2 2 3 3 8 8 8 9 1947 July 242 28 49 24 93 January. . . 985 337 352 27 114 155 August 255 33 53 29 97 February.. r977 338 349 '29 107 154 September. 246 30 51 27 92 March .... 1,004 358 354 29 105 158 October 279 34 58 31 102 April 1,060 386 366 32 109 167 November. 274 33 58 29 100 May* 1,112 409 382 32 114 175 December. . 306 39 64 28 114 June?5 1.142 413 396 35 118 180 1947—January... 307 44 69 24 105 February.. 289 42 70 25 97 CONSUMER INSTALMENT CREDITS OF INDUSTRIAL March. 343 54 81 31 118 BANKS, BY TYPE OF CREDIT April 364 60 84 36 115 [Estimates. In millions of dollars] 375 59 83 42 114 388 59 79 44 117 Retail instal- Repair Personal Year and month Total ment paper 8 m a o n d d ern- i m ns e t n al t - CONSU L M O E A R N I C N O S M TA P L A M NI E E N S T , B C Y R T E Y D P IT E S O O F F C R IN E D D U IT STRIAL 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— D Ju e n c e ember 2 1 0 9 2 6 . . 5 8 4 5 9 3. . 5 3 1 1 8 8 . . 4 8 1 1 8 8 . . 2 6 1 11 1 0 2 . . 1 4 m A o u b to il - e Other i l z o a a ti n o s n 2 l c o a a s n h s 1942— D jU e n c e ember.... 1 1 2 6 5 2 . . 4 4 3 21 4 . . 4 3 1 1 2 6 . . 8 3 1 1 6 5 . . 5 6 9 7 5 5 . . 3 6 Outstanding at end 1943—June 100.2 14.4 8.8 14.1 62.9 of period: December 91.8 12.6 7.7 14.0 57.5 1944.... 67.1 10.5 3.8 1.1 51.7 1944— D juenceember... 9 8 2 9 . . 0 6 1 1 3 2 . . 0 5 6 7 . . 8 8 1 1 3 2 . . 4 9 5 57 7 . . 8 4 1 1 9 9 4 4 6 5 1 7 0 6 8 . . 7 4 1 1 1 5 . . 0 0 4 7 . . 0 4 2 1 . . 4 5 6 8 0 3 . . 2 6 ^945—June .... 94.6 12.8 7.7 14.2 59.9 December 104.1 13.8 9.8 17.2 63.3 1946—May 85.6 12.6 4.8 1.7 66.5 t9A6—May 122.4 17.6 12.7 21.2 70.9 June 87.5 12.7 5.2 1.7 67.9 June 127.4 18.5 13.7 22.0 73.2 July 89.0 13.0 5.4 1.9 68.7 July 132.6 19.9 13.8 23.1 75.8 August 93.1 13.6 5.6 2.0 71.9 August 138.5 21.3 14.1 24.2 78.9 September.. 95.3 13.8 6.2 2.0 73.3 September. .. 142.9 22.1 14.7 25.4 80.7 October...!. 99.7 14.5 7.0 2.2 76.0 October 150.6 24.4 15.7 26.7 83.8 November... 103.7 14.9 7.6 2.3 78.9 November.... 156.1 26.2 16.7 27.5 85.7 December... 108.4 15.0 7.4 2.4 83.6 December.... 162.7 27.5 17.8 28.3 89.1 1947—January.... 112.2 15.6 8.0 2.5 86.1 {1947—January 168.1 29.5 18.6 28.9 91.1 February ... 115.5 16.5 8.4 2.5 88.1 F M e a b r r c u h ary 1 1 7 7 7 2 . . 4 6 3 3 3 1 . . 5 3 1 1 9 9. . 4 6 3 2 0 9 . . 3 6 9 9 2 4. . 2 1 A M p a r r i c l h 1 1 1 2 8 4 . . 7 6 1 18 7 . . 7 1 8 9 . . 9 9 2 2 . . 6 7 9 9 0 3 . . 1 3 April ..-; . 184.2 36.4 20.5 31.4 95.9 May? 128.5 20.6 10.8 3.0 94.1 MayP . 191.4 38.6 21.8 33.1 97.9 June? 130.9 21.6 11.8 3.1 94.4 June? 199.0 40.5 23.1 35.0 100.4 Volume extended Volume extended during month: during month: 1946—May 18.4 3.2 .2 0.2 13.8 $946— J M unay e 2 2 4 3 . . 4 8 3 3 . . 9 9 2 2 . . 7 8 2 2. . 5 3 1 1 5 4 . . 2 9 J J u u l n y e 1 19 8 . . 6 3 3 2 . . 3 7 . . 4 2 0 0. . 3 2 1 1 4 4 . . 2 6 July 26.3 4.7 2.8 2.6 16.2 August 20.5 3.5 .1 0.3 15.6 August 26.7 4.7 3.0 2.8 16.2 September... 20.0 3.4 .4 0.3 14.9 September.. . 25.2 4.3 2.7 2.7 15.5 October..... 22.5 4.0 .8 0.3 16.4 October 28.8 5.5 3.5 3.3 16.5 November... 23.0 4.1 .7 0.2 17.0 November.... 28.5 5.2 3.6 2.8 16.9 December... 26.2 3.4 .6 0.3 20.9 December.... 31.2 5.6 3.7 2.6 19.3 1947—January . . . 22.4 3.6 .8 0.2 16.8 4947—January 29.1 6.4 3.5 2.4 16.8 February . .. 22.2 3.9 .6 0.2 16.5 February 27.4 6.2 3.4 2.4 15.4 March 25.6 3.9 .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 April 32.4 7.7 4.1 3.1 17.5 MayP 26.9 4.7 2.4 0.5 19.3 May? 32.8 7.5 4.3 3.7 17.3 JuneP 26.9 4.6 2.7 0.4 19.2 June? 33.6 7.4 4.4 3.8 18.0 1 Includes recent revisions shown on pp. 830-835 of the BULLETIN for July 1947. P Preliminary. r Revised. 2 Includes not only loans insured by Federal Housing Administration but also noninsured loans. 3 Includes both direct loans and paper purchased. AUGUST 1947 1029 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSUMER CREDIT STATISTICS—Continued FURNITURE STORE STATISTICS RATIO OF COLLECTIONS TO ACCOUNTS RECEIVABLE1 Pe fr r o ce m n ta p g re e c e c d h i a n n g ge f P ro e m rc e c n o t r a r g e e s p c o h n a d n i g n e g Instalment accounts a C c h co ar u g n e ts month month of preceding year Item Year and month D m ep e a n r t t- F t u u r r n e i- h H o o ld u s a e p - - Jewelry D m ep e a n r t t- June May Apr. June May Apr. stores stores pliance stores stores 1947? 1947 1947 1947? 1947 1947 stores Net sales: 1946 Total -7 + 11 +3 + 13 + 17 + 12 May 35 27 55 34 62 C C a re s d h i t s a s l a e l s es: -7 +9 + 1 -11 -8 -11 J Ju u l n y e 3 3 4 2 2 2 6 6 5 5 6 7 3 3 3 2 r5 6 8 0 Instalment -7 + 13 +2 +27 +29 + 18 August 35 26 54 33 59 Charge account -4 +2 +4 + 17 +23 +31 S O e c p to t b em er ber... 3 3 4 7 2 2 5 7 5 5 1 2 3 3 0 2 5 6 6 0 Accounts receivable, at November... 37 27 47 34 59 end of month: December.. . 35 26 47 44 54 Total 0 +5 +3 +37 +41 +40 Instalment +3 +3 +3 +35 +32 +34 January 1947 29 23 47 26 52 Collections during February 28 21 '41 25 51 month: March 32 25 *-45 27 56 Total -4 +7 -2 +20 +22 +21 April 29 23 '44 25 54 Instalment .... -6 +6 -4 + 13 + 13 + 11 J M u a n y e? 2 2 9 7 2 2 4 3 4 4 4 6 2 2 5 2 5 5 6 4 Inventories, end of month, at retail value. -1 -4 0 +33 +41 +54 P Preliminary. r Revised. 1 Collections during month as percentage of accounts outstanding at Preliminary. beginning of month. DEPARTMENT STORE SALES, ACCOUNTS RECEIVABLE, AND COLLECTIONS Index numbers, without seasonal adjustment, 1941 average = 100 Percentage of total sales Accounts receivable Collections during Year and month Sales during month at end of month month Cash Instal- Chargement account Total Cash Instal- 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 co ar u g n e t Instal- Charge sales sales sales 1941 average. . .. 100 100 100 100 100 100 100 100 48 43 1942 average. . .. 114 131 82 102 78 91 103 110 56 38 1943 average 130 165 71 103 46 79 80 107 61 34 1944 average. . .. 145 188 66 111 38 84 70 112 64 32 1945 average. . .. 162 211 68 124 37 94 69 127 64 32 1946 average. . .. 202 243 101 176 50 138 89 168 59 37 1946-May 194 233 85 169 45 129 85 168 59 37 June 193 ••234 81 169 "45 133 ••83 167 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 3£ November 257 297 146 233 62 176 109 197 57 38 December. 330 384 199 292 75 224 117 205 57 1947—January.. 163 188 106 146 75 176 118 251 57 37 February. 159 179 109 144 74 154 112 195 56 38 March.... 210 236 146 192 76 160 126 185 55 39 April 207 230 141 192 80 164 120 186 55 39 May 216 241 138 202 82 167 124 198 55 39 June? 195 220 123 182 165 119 193 55 39 p Preliminary. r Revised. NOTE.—Data based on reports from a smaller group of stores than is included in the monthly index of sales shown on p. 1025. 1030 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 Miscellaneous 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. 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. April.:;.., 156.1 188.0 184.6 109.0 118.4 182.4 139, May. 155.8 187.6 184.4 109.2 117.6 181.6 138.7 June P157.O 190.5 P Preliminary. Back figures.—Bureau of Labor Statistics, Department of Labor. AUGUST 1947 1031 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WHOLESALE PRICES, BY GROUPS OF COMMODITIES [Index numbers ofthe Bureauof Labor Statistics. 1926= 100] Other commodities All Farm com- Year, month, or week m ti o e d s i- p u r c o t d s - Foods Total H p l i r e d o a e d t s h u e c a r t n s d p T ro e d x u ti c le ts m F li u a g e t h e l t r i a i n a n g l d s a p n r M d o d e m u ta c e l t t s s al m B a u t i e l r d ia in lf g c c C a a ls h l - l e i e m a 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 1938 78.6 68.5 73.6 81.7 92.8 66.7 76.5 95.7 90.3 77.0 86.8 73.3 1939 77.1 65.3 70.4 81.3 95.6 69.7 73.1 94.4 90.5 76.0 86.3 74.8 1940 78.6 67.7 71.3 83.0 100.8 73.8 71.7 95.8 94.8 77.0 88.5 77.3 1941 87.3 82.4 82.7 89.0 108.3 84.8 76.2 99.4 103.2 84.4 94 3 82 0 1942 98.8 105.9 99.6 95.5 117.7 96.9 78.5 103.8 110.2 95.5 102.4 89 7 1943 103.1 122.6 106.6 96.9 117.5 97.4 80.8 103.8 111.4 94.9 102.7 92.2 1944 104.0 123.3 104.9 98.5 116.7 98.4 83.0 103.8 115 5 95 2 104 3 93 6 1945 105.8 128.2 106.2 99.7 118.1 100.1 84.0 104.7 117.8 95.2 104.5 94.7 1946 121.1 148.9 130.7 109.5 137.2 116.3 90.1 115.5 132.6 101.4 111.6 100 3 1946—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 Julv 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 0i September . . . 124 0 154.3 131.9 112.2 141.6 125.7 94.3 114.2 133 8 98 4 113 6 102 1 October 134.1 165.3 157.9 115.8 142.4 128.6 94.2 125.8 134.8 99 9 115.3 104.0 November 139.7 169.8 165.4 120.7 172.5 131.3 94.5 130.2 145.5 118.9 118.2 106.5 December 140.9 168.1 160.1 124.7 176.7 134.7 96 1 134.7 157.8 125.7 120.2 108.9 1947—January 141.5 165.0 156.2 127.6 175.1 136.6 97.7 138.0 169.7 128.1 123.3 110.3 February 144 6 170.4 162.0 128.6 173.8 138.0 97.9 138.6 174 8 129 3 124 6 110 9 March 149.6 182.6 167.6 131.3 174.6 139.6 100.8 140.6 177.5 132.2 125.8 115.3 April 147 7 177 0 162 4 131.8 166.4 139 2 103.4 140 3 178 8 133 2 r127 8 115 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 June 147.8 177.9 161.8 131.8 168.0 138.9 103.9 142.6 175.2 120.2 129.2 115.8 Week ending: 1947—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 24 146.9 177.2 160.3 132.2 166.4 138.3 104.3 141.8 177.0 126.0 129.4 116.5 May 31 147.4 178.4 161.6 132.3 166.5 138.5 104.1 142.3 178.0 126.4 129.5 116.1 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 Tune 28 147.6 179.0 162.2 132.0 170.0 138.4 104.5 141.4 175.4 123.2 131.0 115.8 July 5 148 0 179 5 164.6 132.1 171.7 138.4 105.1 141.6 175 2 121 5 131 0 115 4 Tuly 12 .. 148 3 178.2 165.8 132.1 173.3 138.3 105.8 141.6 175.4 117 5 131 0 114 6 July 19 150.3 182.4 168.0 132.9 172.7 138.4 107.1 142.9 174.8 117.9 131 4 115 7 July 26 150.6 182.0 167.1 133.7 173.6 138.6 108.9 143.6 174.8 117.9 131.3 116.4 1946 1947 Subgroups Subgroups June Mar. Apr. May June June Mar. Apr. May June Farm Products: Metals and Metal Products: Grains 151. 203.3 199.8 202.4 206.0 Agricultural implements 107.0 116.8 116.6 117.8 118.2 Livestock and poultry 137. 216.0 199.2 198.7 200.9 Farm machinery 108.4 118.2 118.0 119.2 119.7 Other farm products 137. 155.8 156.4 153.5 155.3 Iron and steel , 110.1 126.9 127.6 128.6 131.4 Foods: Motor vehicles * '149.2 148.8 149.3 149.4 Dairy products 127. 157.6 148.8 138.8 140.9 Nonferrous metals 99.2 139.0 141.0 143.9 142.9, Cereal products 101. 150.4 154.1 151.7 149.2 Plumbing and heating 106.0 117.9 118.2 120.0 119.1 Fruits and vegetables 136. 141.5 142.2 144.3 145.2 Building Materials: Meats 110. 207.3 196.7 203.0 208.6 Brick and tile 121.3 132.4 134.5 134.5 134.7 Other foods 98. 152.8 147.6 138.4 139.7 Cement 102.6 112.3 114.0 114.0 114.3 Hides and Leather Products: Lumber 176.0 269.3 273.5 269.4 266.1 Shoes 129. 171.5 172.1 172.2 172.6 Paint and paint materials.. 108.6 176.1 175.5 169.2 163.9. Hides and skins 121. 192.2 178.1 177.7 187.1 Plumbing and heating 106.0 117.9 118.2 120.0 119.1 Leather 110. 183.7 158.0 154.5 157.1 Structural steel 120.1 127.7 127.7 127.7 127,7 Other leather products 115. 137.7 137.7 138.3 138.3 Other building materials.... 118.4 143.5 143.7 144.8 145.1 Textile Products: hemicals and Allied Products: Clothing 120. 133.0 133.0 133.9 133.9 Chemicals 98.0 114.5 119.5 118.7 118.7 Cotton goods 139. 196.6 194.7 193.0 193.8 Drugs and Pharmaceuticals 109.4 182.7 181.0 173.6 156.1 Hosiery and underwear 75. 100.8 100.8 100.8 100.8 Fertilizer materials 82.7 101.8 101.2 102.5 101.8 Silk 73.2 69.4 67.9 68.4 Mixed fertilizers 86.6 96.3 96.7 96.7 96.8 Rayon 30 37.0 37.0 37.0 37.0 Oils and fats 102.1 231.5; 220.1 179.9 139.2 Woolen and worsted goods... 112 127.5 129.1 129.2 129.2 Housefurnishing Goods: Other textile products 112 175.1 175.8 176.1 173.8 Furnishings 114.5 131.4 '135.2 136.9 137.2 Fuel and Lighting Materials: Furniture 106.1 120.0 120.0 120.3 120.9 Anthracite 106 114.9 113.9 112.2 112.7 Miscellaneous: Bituminous coal 132 143.6 145.0 145.1 145.6 Auto tires and tubes 73.0 73.0 73.0 73.0 73.0 Coke 133 155.2 155.4 155.7 157.3 Cattle feed 197.8 238.4 208.9 237 .4 253.3 Electricity 67 64.3 64.3 Paper and pulp 115.6 145.1 152.5 154.3 154.2 Gas 79 84.9 84.0 85.0 Rubber, crude 46.2 52.9 52.0 45.6 37.1 Petroleum products 64 81.7 86.3 86.8 Other miscellaneous 101.0 122.2 123.3 122.1 121.7 r Revised. * Revision made beginning October 1946. Back figures.—Bureau of Labor Statistics, Department of Labor. 1032 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GROSS NATIONAL PRODUCT, NATIONAL INCOME, AND PERSONAL INCOME1 [Estimates of the Department of Commerce. In billions of dollars Annuai totals 1929 1930 1931 1932 1933 1934 1935 1936 1937 1938 1939 1940 Gross national product 103.8 90.9 75.9 58.3 55.8 64.9 72.2 84.7 90.2 84.7 90.4 100.5 Personal consumption expenditures 78.8 70.8 61.2 49.2 46.3 51.9 56.2 62.5 67.1 64.5 67.5 72.1 Durable goods 9.4 7.3 5.6 3.7 3.5 4.3 5.2 6.4 7.0 5.8 6.7 7.9 Nondurable goods 37.7 34.1 29.0 22.7 22.3 26.7 29.4 32.9 35.2 34.0 35.3 37.6 Services 31.7 29.5 26.6 22.8 20.6 20.9 21.7 23.3 24.9 24.7 25.5 26.6 Gross private domestic investment 15.8 10.2 5.4 .9 1.3 2.8 6.1 10.5 11.4 6.3 9.0 13.0 New construction . . 7.8 5.6 3.6 1.7 1.1 1.4 1.9 2.8 3.7 3.3 4.0 4.6 Producers' durable equipment 6.4 4.9 3.2 1.8 1.8 2.5 3.4 4.5 5.4 4.0 4.6 6.1 Change in business inventories 1.6 -.3 -1.4 -2.6 -1.6 -1.1 .9 3.2 2.3 -1.0 .4 2.3 Net foreign investment , .8 .7 .2 .2 .2 .4 - 1 .1 1.1 .9 1.5 Government purchases of goods and services 8.5 9.2 9.2 8.1 8.0 9.8 9.9 11.7 11.6 12.8 13.1 13.9 Federal 1 3 1.4 1 5 1 5 2 0 3 0 2 9 4 8 4 6 5 3 5 2 6 2 State and local 7.2 7.8 7.7 6.6 5.9 6.8 7.0 6.9 7.0 7.5 7.9 7.8 National income 87.4 75.0 58.9 41.7 39.6 48.6 56.8 66.9 73.6 67.4 72.5 81.3 Compensation of employees 50.8 46.5 39.5 30.8 29.3 34.1 37.1 42.7 47.7 44.7 47.8 51.8 Wages and salaries 50.2 45.9 38.9 30.3 28.8 33.5 36.5 41.8 45.9 42.8 45.7 49.6 Supplements to wages and salaries. . .6 .6 .6 .5 .5 .5 .6 .9 1.7 1.9 2.1 2.2 Proprietors' and rental income 4 19.7 15.7 11.8 7.4 7.2 8.7 12.1 14.8 15.4 14.0 14.7 16.3 Business and professional 8.3 7.0 5.3 3.2 2.9 4.3 5.0 6.1 6.6 6.3 6.8 7.7 Farm 5 7 3 9 2 9 1 7 2 3 2 3 4 9 6 1 5 6 4 4 4 5 4 9 Rental income of persons 5.8 4.8 3.6 2.5 2.0 2.1 2.3 2.7 3.1 3.3 3.5 3.6 Corporate profits and inventory valuation adjustment 10.3 6.6 1.6 -2.0 -2.0 1.1 3.0 4.9 6.2 4.3 5.8 9.2 Corporate profits before tax 9.8 3.3 -.8 -3.0 .2 1.7 3.2 5.7 6.2 3.3 6.5 9.3 Corporate profits tax liability.... 1.4 .8 .5 .4 .5 .7 1.0 1.4 1.5 1.0 1.5 2.9 Corporate profits after tax 8.4 2.5 -1.3 -3.4 -.4 1.0 2.3 4.3 4.7 2.3 5.0 6.4 Dividends 5.8 5.5 4.1 2.6 2.1 2.6 2.9 4.6 4.7 3.2 3.8 4.0 Undistributed profits 2.6 -3.0 -5.4 -6.0 -2.4 -1.6 -.6 -.3 -.9 1.2 2.4 Inventory valuation adjustment. . . . .5 3.3 2.4 1.0 -2.1 -.6 -.2 -.7 1.0 -.7 -.1 Net interest 6 5 6.2 5.9 5.4 5 0 4.8 4 5 4 5 4 4 4 3 4 2 4 1 Personal income 85.1 76.2 64.8 49.3 46.6 53.2 59.9 70.6 74.0 68.3 72.6 78.3 Less: Personal tax and nontax payments 2.6 2.5 1.9 1.5 1.5 1.6 1.9 2.3 2.9 2.9 2.4 2.6 Equals: Disposable personal income. 82.5 73.7 63.0 47.8 45.2 51.6 58.0 68.3 71.1 65.5 70.2 75.7 Less: Personal consumption expenditures 78.8 70.8 61.2 49.2 46.3 51.9 56.2 62.5 67.1 64.5 67.5 72.1 Equals: Personal saving 3.7 2.9 1.8 -1.4 -1.2 2 1.8 5.8 3.9 1.0 2.7 3.7 Annua totals Seasonally adjusted annual rates 1946 Quarterly 1947 2 1941 1942 1943 1944 1945 1946 1 2 3 4 1st half Gross national product 125.3 159.6 192.6 210.6 213 1 203.7 191.7 197.0 207.5 218.6 225.0 Personal consumption expenditures.... 82.3 90.8 101.6 110.4 121.7 143.7 134.3 138.2 147.3 154.9 158.0 Durable goods 9.8 6 8 6.5 6.8 8.0 14.9 11.4 13.9 16 2 18 2 19.5 Nondurable goods 44.0 53.0 61.2 67.2 75.3 87.1 82.6 83.2 88.9 93.6 94.5 Services 28 5 31 0 33 9 36 5 38.4 41 7 40 4 41 2 42 1 43 1 44 0 Gross private domestic investment 17.2 9.3 4.6 5.7 9.1 24.6 18.6 22.3 27.0 30.4 29.5 New construction 5.7 3.2 2.0 2.3 3.1 8.5 7.2 8.7 8.9 9.3 9.8 Producers' durable equipment 7.7 4.7 3.8 5.3 7.1 12.4 9.1 11.5 13.2 15.7 17.0 Change in business inventories 3.9 1.4 -1.2 -2.0 -1.2 3.7 2.3 2.0 4.9 5.4 2.7 Net foreign investment 1 1 — 2 —2 2 -2 1 -.8 4 8 3 3 6 1 4 5 5 2 10 0 Government purchases of goods and services 24.7 59.7 88.6 96.6 83.1 30.7 35.4 30.3 28.6 28.2 27.5 Federal 16.9 52.0 81.2 89.0 75.0 20.7 26.5 20.9 18.2 16.9 State and local. . .... 7.8 7.6 7.4 7.5 8.2 10.0 8.9 9.4 10.4 11.2 National income 103.8 136.5 168.3 182.3 182.8 178.2 168.2 173.5 179.9 191.0 199.0 Compensation of employees 64.3 84.7 109.1 121.2 122.9 116.8 111.5 114.0 119.2 122.2 125.3 Wages and salaries 61.7 81.7 105.5 116.9 117.6 111.1 105.5 108.0 113.6 117.1 Supplements to wages and salaries.. 2.6 3.0 3.6 4.2 5.3 5.6 6.0 6.0 5.5 5.1 Proprietors' and rental income 4 20.8 28.1 32.1 34.4 37.1 41.8 39.4 39.2 41.9 46.7 46.9 Bu^ine^ and professional 9 6 12 1 14 1 15 3 16 7 19 7 18 5 18.6 19 9 22 0 22.2 Farm 6.9 10.6 11.8 12.4 13.5 15.2 14.1 13.8 15.2 17.8 17.6 Rental income of persons 4.3 5.4 6.2 6.7 7.0 6.9 6.9 6.8 6.8 7.0 7.1 Corporate profits and inventory valuation and adjustment 14 6 19 8 23.7 23.5 19.7 16.5 14.2 17.2 15.6 18.8 23.5 Corporate profits before tax 17.2 21.1 24.5 23.8 20.2 21.1 15.2 19.4 22.9 27 A 29.0 Corporate profits tax liability.... 7.8 11.7 14.2 13.9 11.3 8.6 6.1 8.0 9.3 11.0 11.6 Corporate profits after tax.. . . 9.4 9.4 10.4 9.9 8.9 12.5 9.1 11.5 13.5 16.1 17.4 Dividends 4.5 4.3 4.5 4.7 4.8 5.6 5.1 5.4 5.6 5.9 6.2 Undistributed profits 4.9 5.1 5.9 5.2 4.2 6.9 4.0 6.1 7.9 10.2 11.2 Inventory valuation adjustment... . -2.6 -1.3 -.8 -.4 -.5 -4.7 -1.0 -2.3 -7.3 -8.3 -5.5 Net interest . 4.1 3.9 3.4 3.2 3.1 3.2 3.1 3.2 3.2 3.2 3.3 Personal income 95.3 122.2 149.4 164.9 171.6 177.2 168.7 172.5 179.5 187.5 191.1 Less: Personal tax and nontax payments 3.3 6.0 17.8 18.9 20.9 18.8 17.8 18.7 19.1 19.5 21.5 Equals: Disposable personal income. 92.0 116.2 131.6 146.0 150.7 158.4 150.9 153.8 160.4 168.0 169.6 Less: Personal consumption expenditures 82.3 90.8 101.6 110.4 121.7 143.7 134.3 138.2 147.3 154.9 158.0 Fqual^' Personal saving 9.8 25.4 30.0 35.6 29.0 14.8 16.6 15.5 13.1 13.1 11.6 Revised figures. Estimates on this page represent a basic revision by the Department of Commerce of national income and product sta- The BULLETIN for September will contain additional statistics not published in this issue and a discussion of the new series. 2 Preliminary; based on incomplete data. 3 Less than 50 million dollars. 4 Includes noncorporate inventory valuation adjustment. NOTE.—Detail does not always add to totals because of rounding. AUGUST 1947 1033 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY CROP REPORT, BY FEDERAL RESERVE DISTRICTS BASED ON ESTIMATES OF THE DEPARTMENT OF AGRICULTURE, BY STATES, AS OF JULY [In thousands of units] Corn Total wheat Winter wheat Spring wheat Federal Reserve district Production Estimate Production Estimate Production Estimate Production Estimate 1946 July 1, 1947 1946 July 1, 1947 1946 July 1, 1947 1946 July 1, 1947 Bushels Bushels Bushels Bushels Bushels Bushels Bushels Bushels Boston 7,120 6,120 21 23 21 23 New York 31,175 22,919 6,687 11,196 6,498 11,134 189 62 Philadelphia 53,294 49,167 17,856 19,700 17,856 19,700 Cleveland 223,470 158,990 53,578 57,083 53,578 57,083 Richmond 149,589 147,028 26,028 30,466 26,028 30,466 Atlanta. 162,801 174,195 5,748 8,222 5,748 8,222 Chicago 1,394,302 981,419 56,883 70,747 55,570 69,395 1,313 1,352 St. Louis 416,064 345,670 38,930 50,188 38,914 50,178 16 10 Minneapolis 407,287 342,292 283,661 330,291 40,437 32,630 243,224 297,661 Kansas City 372,024 315,674 443,754 563,021 439,505 558,683 4,249 4,338 Dallas 64,640 63,512 63,985 140,319 63,901 140,227 84 92 San Francisco 6,161 5,823 158,584 154,295 125,858 114,404 32,726 39,891 Total 3,287,927 2,612,809 1,155,715 1,435,551 873,893 1,092,122 281,822 343,429 Oats Tame hay Tobacco White potatoes Federal Reserve district Production Estimate Production Estimate Production Estimate Production Estimate 1946 July 1, 1947 1946 July 1, 1947 19461 July 1, 1947 19461 July 1. 1947 Bushels Bushels Tons Tons Pounds Pounds Bushels Bttshels Boston 5,147 4,736 3,911 3,806 34,501 38,352 88,945 60,339 New York 33,681 12,312 6,795 6,445 1,324 1,571 49,845 32,495 Philadelphia 18,919 12,305 2,753 2,647 59,124 62,652 23,406 17,295 Cleveland . . . 75,131 29,211 6,182 5,838 162,708 137,640 14,710 9,542 Richmond 39,915 36,740 5,077 4,436 1,321,995 1,220,617 31,369 21,974 Atlanta 33,262 33,647 4,210 3,996 266,587 254,883 18,718 12,500 Chicago 592,327 460,238 17,788 18,568 42,770 35,559 32,940 23,812 St. Louis 82,353 52,423 9,298 9.083 414,372 343,412 11,171 8,326 Minneapolis 399,186 390,838 9,590 10,022 3,379 2,791 43,833 37,383 Kansas City. 158,727 147,906 8,372 9,923 5,320 3,677 37,972 30,880 Dallas 39,970 36,081 1,883 1,805 6,634 5,002 San Francisco 31,249 31.017 13,471 13,185 116,426 92,126 Total 1,509.867 1,247,454 | 89.330 89,754 2,312,080 2,101,154 475,969 351,674 !As revised in July 1947. 1034 FEDERAL RESERVE BULLETIN 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 Chart Chart book book page June July July July July page July July 1 25 9 16 23 23 WEEKLY FIGURES2 In billions of dollars WEEKLY FIGURES 2—Cont. Per cent per annum RESERVES AND CURRENCY MONEY RATES, ETC.—Cont. Reserve Bank credit, total. ... 2 22.06 22.15 22.04 22.25 22.09 Corporate bonds: U. S. Govt. securities, total. . 3 21.58 21.63 21.61 21.76 21.70 Aaa 37 2.56 2.56 2.55 2.55 2.55 Bills 3 14.38 14.13 13.99 14.04 14.06 Baa 37 3.21 3.20 3.18 3.18 3.17 Certificates 3 6.10 6.40 6.52 6.62 6.54 High grade (Treas. series). . 37 '2.51 2.51 2.50 2.51 2.50 Notes 3 .37 .37 .37 .37 .37 Bonds 3 .73 .73 .73 .73 .73 Gold stock 2 21.17 21.28 21.34 21.43 21.47 In unit indicated Money in circulation 2 28.18 28.41 28.36 28.23 28.1 Treasury cash and deposits. . . 2 1.97 1.98 1.90 2.09 2.27 Member bank reserves 2,4 16.08 15.99 16.19 16.34 16.24 Stock prices (1935-39 =100): Required reserves 4 15.41 15.46 15.52P15.53P15.55 Total 40 121 124 125 128 128 Excess reserves « 4 .67 .53 .67 P. 80 .70 Industrial 40 126 129 131 134 134 Excess reserves (weekly avg.): Railroad 40 100 104 106 111 112 Total • 5 .74 .78 .81 Public utility 40 101 102 102 103 102 New York City 5 .01 .02 .01'''.01 .02 Volume of trading (mill, shares) 40 .87 Pi.05 Pl.22 PI.19 Pi. 08 Chicago 5 Reserve city banks 5 .21 .23 .24 .25 BUSINESS CONDITIONS Country banks e 5 .52 .53 .55 Wholesale prices (1926 = 100): Total 69 147.6 148.0 148.3 150.3 150.6 MEMBER BANKS IN LEADING CITIES 4 Farm products 69 179.0 179.5 178.2 182.4 182.0 Other than farm and food. . 69 132.0 132.1 132.1 132.9 133.7 All reporting banks: Production: Loans and investments 16 63.29 63.37 63.23 63.42 63.51 Steel (% of capacity) / 73 95.6 72.0 78.9 91.5 93.1 U. S. Govt. securities, total. . 16 38.94 38.99 39.10 39.15 39.15 Automobile (thous. cars)... 73 103 63 90 103 84 Bonds 18 30.69 30.70 30.78 30.87 30.87 Paperboard (thous. tons)... 74 177 137 134 174 Certificates 18 4.78 4.65 4.57 4.55 4.67 Electric power(mill. kw. hrs.) 75 4,675 4,190 4,531 4,732 4^730 Notes 18 2.64 2.65 2.65 2.65 2.66 Basic commodity prices Bills 18 .83 .99 1.10 1.07 .95 (1939=100) 74 298.3 301.4 302.5 306.0 306.8 Other securities 20 4. 11 4.10 4.09 4.13 4.17 Dep't store sales (1935-39 = Demand deposits adjusted.. 16 46.99 46.63 46.53 46.96 47.19 100) 75 245 208 228 217 212 U. S. Govt. deposits 16 .62 .67 .73 .57 .62 Freight carloadings(thous. cars): Loans, total 16 22.23 20.28 20.04 20.14 20.19 Total 76 846 629 807 920 920 Commercial 20 11.76 11.81 11.79 11.85 11. Miscellaneous 76 392 312 369 389 391 Real estate 20 2.97 2.98 3.01 3.03 3.05 For purchasing securities: Total 20 2.28 2.25 2.04 2.06 2.02 1947 U. S. Govt. securities... 20 1.28 1.26 1.12 1.01 1.03 Other securities 20 .99 1.00 .92 1.05 .99 Other 20 3.23 3.24 3.21 3.21 3.24 Apr. May June New York City banks: Loans and investments 17 20.12 20.08 20.00 19.99 20.09 MONTHLY FIGURES U. S. Govt. securities, total.. 17 12.57 12.55 12.68 12.70 12.73 In billions of dollars . Bonds 19 10.34 10.36 10.39 10.44 10.45 RESERVES AND CURRENCY Certificates 19 1.09 1 .04 .98 .98 1.08 Notes 19 .75 .77 .77 .77 .76 Reserve Bank credit 7 22.72 22.28 22.22 Bills 19 .39 .38 .54 .50 .44 Gold stock 7 20.59 20.87 21.09 Demand deposits adjusted. . 17 16.36 16.18 16.06 16.23 16.38 Money in circulation 7 28.18 28.16 28.24 U. S. Govt. deposits 17 .17 .15 .15 .12 .13 Treasury cash 7 1.33 1.34 1.34 Interbank deposits 17 4.09 4.17 4.15 4.18 4.05 Treasury deposits 7 .72 .61 .56 Time deposits 17 1.39 1 .39 1.39 1.38 1.38 Member bank reserves: Loans, total 17 6.35 6.34 6.12 6.08 6.10 Total 4,7,12 15.93 15.98 16.15 Commercial 21 4.18 4.19 4.18 4.16 4.17 Central reserve city banks.. 12 5.00 5.05 5.14 For purchasing securities: Reserve city banks 13 6.29 6.32 6.38 To brokers: Country banks 13 4.63 4.61 4.64 OnU. S.Govts 21 .66 .62 .49 .39 .42 Required reserves: On other securities. .. 21 .36 .34 .31 .39 .36 Total 4 15.10 15.19 15.37 To others 21 .28 .29 .29 .28 .28 Central reserve city banks. . 12 4.98 5.04 5.11 Allother 21 .88 .89 .86 .86 Reserve city banks 13 6.07 6.09 6.15 Banks outside New York City: Country banks 13 4.05 4.06 4.10 Loans and investments 17 43.17 43.29 43.23 43.42 43.43 Excess reserves: U. S. Govt. securities, total. . 17 26.38 26.44 26.42 26.45 26.42 Total 4,5 .83 .78 Bonds 19 20.36 20.34 20.39 20.43 20.41 New York City 5 .01 .01 .01 T L U I D n i o . e m t C N B a m e S n e e i r o l . a b r s l t t G d s , n e a i d s e f n t o i o p k c v d t o a t a e s . t d l e i p e d t s o s p e s o p i s t o s i s t s i a t s d justed.. 1 1 1 1 1 1 1 1 7 7 7 7 7 9 9 9 3 1 1 3 6 0 3 3 1 . . . . . . . . 0 6 0 6 8 8 4 4 6 2 9 3 8 9 6 5 3 1 1 0 3 6 3 3 1 . . . . . . . . 6 3 4 0 9 6 5 8 1 5 6 5 4 1 3 8 3 1 1 3 0 6 3 3 1 . . . . . . . . 4 5 9 4 0 8 5 5 2 2 9 7 4 8 6 8 3 1 1 3 0 6 3 4 1 . . . . . . . . 5 5 0 0 8 7 5 4 5 7 5 6 4 8 7 5 3 1 1 3 6 0 1 3 4 . . . . . . . . 6 9 3 8 0 0 5 4 0 1 0 5 0 9 1 9 Mo $ C C C R B n 1 h o i e o l 0 e s i i l u y c n s e n a a s r o i n t g v , n r d f o e $ y c $ 1 $ c i b 5 , r 2 i c a $ 0 t 0 y u n 2 a l , k b b a n s a i t a d l n i l n o s d o k n v s , $ e 5 t r o b t i a l l l . s . . . . . . 9 9 5 5 9 5 9 2 1 8 4 8 5 . . . . . . . 4 4 1 2 5 2 0 3 5 1 3 8 3 1 2 1 4 8 8 ( 5 2 . . . . . . ) 4 4 2 2 2 5 9 9 6 9 2 5 2 1 4 8 8 5 . . . . . . . 4 5 3 2 0 5 2 8 3 0 8 1 4 2 Commercial 21 7.58 7.62 7.61 7.69 7.72 ALL BANKS Real estate. . 21 2.87 2.88 2.91 2.93 2.95 IN THE UNITED STATES For purchasing securities. 21 .98 1.00 .95 1.00 .97 All other 21 2.45 2.44 2.44 2.45 2.46 Total deposits and currencye.. 10 P165.20 P164.90 Demand deposits adjustede. . . 10 P81.30 P81.50 P82.50 Time deposits adjustede 10 P55.10 P55.30 P55.6O Per cent per annum Currency outside banks" 10 P26.00 P26.00 P26.00 MONEY RATES, ETC. U. S. Govt. deposits6 10 P2.80 P2.10 Pl.00 U. S. Govt. securities: ALL COMMERCIAL BANKS Bills (new issues) 34 .376 .594 .737 .740 .740 Certificates 34 .85 .86 .86 .85 .85 Loans and investments, total*. 11 P113.00 P112.7O P112.50 3-5 years5 34 1.32 1.33 1.32 133 1.33 Loans" 11 P32.80 P33A0 P33.50 7-9 years5 34 1.59 1.59 1.57 158 1.57 U. S. Govt. securities* 11 P71.8O P71.3O P7O.5O 15 years or more 34, 37 2.24 2.25 2.25 2.25 2.25 Other securities6 11 P8.40 P8.30 P8.50 For footnotes see p. 1038. AUGUST 1947 1035 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 1947 book book page page Apr. May June 1 Apr. May I June 6 MONTHLY FIGURES—Cont. In billions of dollars MONTHLY FIGURES—Cont. In billions of dollars I MEMBER BANKS TREASURY FINANCE Cont. All member banks: Loans and investments, total 14 95.31 95.0' 94.99 ownership of U. S. Govt. securities— Loans 14 27.89 28.1- 28.50 Cont. U. S. Govt. securities 14 60.57 60.15 59.56 Marketable public issues—Cont. Other securities 14 6.85 6.75 6.93 By earliest callable or due date: Demand deposits adjustede 14 68.78 68.95 69.80 Within 1 year:8 Time deposits 14 27.81 27.92 28.01 Nonbank 31 51.21 50.61 52.44 Balances due to banks 14 11.2 10.96 10.85 Commercial bank 31 36.78 Balances due from banks 14 5.40 5.31 5.29 F. R. Bank 31 20.96 21.21 '21.03 Central reserve city banks: 1-5 years:8 Loans and investments, total 14 25.18 24.95 25.20 Nonbank 31 38.26 38.26 42.52 Loans 14 7. 7.92 8.01 Commercial bank 31 27.68 U. S. Govt. securities 14 15.75 15.53 15.64 F. R. Bank 31 .69 " .69 " .' 70 Other securities 14 1.60 1.50 1.56 5-10 years:8 Demand deposits adjustede 14 19.58 19.59 20.11 Nonbank 31 26.26 26.26 18.93 Time deposits 14 2.31 2.33 2.33 Commercial bank 31 16.56 Balances due to banks 14 5.21 5.17 5.12 F. R. Bank 31 .07 .07 " ' !64 Reserve city banks: Over 10 years:8 Loans and investments, total 15 34.8 34.92 34.73 Nonbank holdings: Loans 15 11.24 11.30 11.42 Restricted issues 31 54.81 54.81 54.81 U. S. Govt. securities 15 21.34 21.35 20.98 Unrestricted issues 31 6.64 Other securities 15 2.30 2.28 2.33 Commercial bank 31 5.20 Demand deposits adjustede 15 23.98 24.14 24.28 F. R. Bank 31 .13 Time deposits 15 11.1 11.21 11.24 Balances due from banks 15 1.79 1.76 1.76 Country banks: Loans and investments, total 15 35.26 35.17 35.06 MONEY RATES, ETC. Per cent per annum Loans 15 8.83 8.9: 9.07 U. S. Govt. securities 15 23.48 23.2' 22.95 Other securities 15 2.95 2.9 3.04 Demand deposits adjusted6 15 25.22 25.23 25.4: F. R. Bank discount rate 33 1.00 1.00 1.00 Time deposits 15 14.36 14.38 14.44 Treasury bills (new issues) 33 .376 .376 .376 Balances due from banks 15 3.41 3.35 3.34 Corporate bonds: Aaa 33, 37 2.53 2.53 2.55 CONSUMER CREDIT e Baa 37 3.16 3.17 3.21 High grade (Treas. series) 37 2.49 2.49 2.50 Consumer credit, total7 22 10.41 P10.66 PlO.88U. S, Govt. bonds. 15 years or more. . 37 2.19 2.19 2.22 Single payment loans 7 22 2.22 P2.21 P2.22 Charge accounts 22 2.78 P2.84 P2.89 Service credit 22 .87 P.87 P. 88 Instalment credit, total7 22, 23 4.54 P4.74 M.91 In unit indicated Instalment loans:7 23 2.72 P2.82 P2.90 Instalment sale credit, total 23 1.81 Pi.92 P2.00 Automobile 23 .75 P.81 P. 86 Other 23 1.06 Pi.11 Pl.14 Stock prices (1935-39 =100): Total 39 119 115 119 TREASURY FINANCE Industrial 39 123 119 124 Railroad 39 102 95 98 U. S. Govt. securities outstanding, Public utility 39 105 102 101 total interest-bearing 28 254.60 255.15 255.20Volume of trading (mill, shares) 39 .91 .91 .83 Bonds (marketable issues) 28 119.32 119.32 119.32Brokers' balances (mill, dollars): Notes, certificates, and bills 28 51.05 50.44 49.21 Credit extended to customers 41 553 530 552 Savings bonds, savings notes, etc. 28 58.61 58.86 59.05 Money borrowed 41 205 201 222 Special issues 28 25.28 26.19 27.3 Customers' free credit balances. . . 41 665 652 650 Ownership of U. S. Govt. securities: Total interest-bearing: Commercial banks6 29 71.70 70.80 BUSINESS CONDITIONS Fed. agencies and trust funds. . . 29 "•31.59 32.15 32. F. R. Banks 29 21.86 22.09 21. Individuals6 29 65.40 65.60 Personal income (annual rate, bill, Corporations6 29 20.50 21.00 dollars):e 910 Insurance companies6 29 25.10 25.20 Total 48 190.3 191.7 Mutual savings banks6 29 12.00 12.00 Total salaries and wages 48 116.8 118.7 State and local govts.6 29 6.30 6.30 Proprietors' income, dividends and Marketable public issues: interest 48 60.9 60.7 By class of security: All other 48 12.6 12.4 Bills: 8 Labor force (mill, persons):6 Nonbank 30 16.61 16.00 77 Total 49 60.7 61 .8 64.0 Commercial bank . 30 16.03 Civilian 49 59.1 60.3 62.6 F. R. Bank 30 15.10 14.97 Unemployment 49 2.4 2.0 2.6 Certificates:8 Employment 49 56.7 58.3 60.1 Nonbank 30 26.29 26.29 .30 Nonagricultural 49 48.8 49.4 49.7 Commercial bank 30 15.49 Nonagricultural employment (mill. F. R. Bank 30 5.65 6.01 persons):6 9 Notes:8 Total 50 42.1 42.1 Nonbank 30 8.14 8.14 Manufacturing and mining 50 16.4 16.21 Commercial bank 30 5.40 Trade 50 8.6 8.6| P8.7 F. R. Bank 30 .35 ' ' ' .'37 .37 Government 50 5.5 5.4| Bonds:8 Transportation and utilities 50 3.9 4.01 Nonbank: Construction 50 1.7 | Pi.7 Restricted issues 30 119.49 119.49 119.49 Hours and earnings at factories: Unrestricted issues 30 71.32 Weekly earnings (dollars) 51 47.48 48.46 P48.91 Commercial bank 30 49.29 Hourly earnings (cents) 51 118.6 120.8 P122.O F. R. Bank 30 .75 .74 .73 Hours worked (per week) 51 40.0 40.1 P40.1 For footnotes see p. 1038. 1036 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 Chart 1947 Chart 1947 book book page page 1 Apr. May June Apr. May June In unit indicated MONTHLY FIGURES—Cont. In unit indicated MONTHLY FIGURES—Cont. BUSINESS CONDITIONS—Cont. BUSINESS CONDITIONS—Cont. Consumers' prices (1935-39=100): Industrial production:9 A Fo ll o d it ems 6 6 7 7 1 1 5 8 6 8 . . 1 0 1 1 5 8 5 7 . .6 P P 1 1 5 9 7 0 . . O 5 Total (1935-39 =100) 53, 54 187 185 Clothing 67 184.6 184.4 Gr D ou u p r s a b ( l p e o m in a ts n u in fa t c o tu ta r l e s i ndex): 53 '84.2 82 5 P82.3 W R ho e l n e t s ale prices (1926 = 100): 67 109.0 109.2 Machinery and trans, equip... . 54 r44.6 43A M3.7 Total 69 147. 146.9 147.8 Iron and steel 54 '21.4 21.6 P21 Farm products 69 177.0 175.7 177.9 Nonferrous metals, lumber, and Other than farm and food 69 131.8 131.7 131.8 building materials 54 18.2 17.4 P17.4 Prices paid and received by farmers Nondurable manufactures 53 80.7 79. 7 78.3 (1910-14=100): Textiles and leather 54 21.3 21.0 P19.8 Paid 71 230 229 '231 F C o h a o e n d m d , ic l c i a o q l a u s l , o r p p , r e o a t d n ro d u l c e t t o u s b m a , c c r o u bber, 5 5 4 4 2 2 2 2. . 8 7 2 2 2 1. 9 7 P P2 2 1 2 . .5 Ca T R sh o e t c f a e a l i r v m e d i ncome (mill, dollars): 7 7 2 1 2 1 7 ,9 6 72 2 27 ,0 2 32 271 Paper and printing 54 13.9 14 2 P14.3 Livestock and products 72 1,330 1,382 Minerals 53, 54 21.7 23.1 P22.6 Crops 72 582 613 Selected durable manufactures Govt. payments 72 60 37 (1935-39=100): Nonferrous metals 55 203 198 P186 INTERNATIONAL TRADE AND FINANCE Steel 55 213 215 210 Short-term foreign liabilities and assets Cement 55 175 141 reported by banks (bill, dollars): Lumber 55 135 132 PUS' Total liabilities 77 11 5.47 Transportation equipment 55 237 224 P229 Official 77 "2.41 Se M lec a t c e h d i n n e o r n y d urable manufactures 55 276 273 P273 Inv an es d t e c d e r i t n if i U ca . t S e . s Treasury bills 77 n .78 (1935-39=100): Private 77 n 3.06 Apparel wool consumption 56 195 186 Total assets 77 ii .80 Cotton consumption 56 154 148 133 Exports and imports (mill, dollars): Manufactured food products.... 56 158 155 P154 Exports 79 Pl.299 Pl,423 Paperboard 56 178 184 179 Excluding Lend-Lease exports... 79 Pi,297 Pi,419 Leather 56 119 119 Imports 79 P512 P474 Industrial chemicals 56 433 434 P434 Excess of exportvS or imports ex- Rayon 56 291 295 P252 cluding Lend-Lease exports 79 P785 Foreign exchange rates: New orders, shipments, and inven- See page 1061 of this BULLETIN .80-81 tories (1939=100): New orders: Total 57 242 236 1946 1947 Durable 57 279 240 Nondurable 57 219 233 Oct.- Jan.- Apr.- Shipments: Dec. Mar. June Total 57 287 283 P293 Durable 57 320 313 P325 QUARTERLY FIGURES Nondurable 57 265 262 P271 In billions of dollars Inventories: TREASURY FINANCE T N D o o u t n r a a d l b u l r e a ble 5 5 5 7 7 7 2 2 2 2 0 4 2 2 4 2 2 2 5 2 0 1 8 3 P P P2 2 2 5 2 0 6 7 4 Bu T d o g N t e a a t l t r i e e o x c n p e a e i l p n t d d s e i t f a u e n n r d e s s e e xpenditures: 2 2 6 6 9 4 . . 1 5 6 0 1 4 0. . 6 3 3 0 1 4 3 . . 5 3 5 9 Cons a t v ru g c ., t i m on il l c , o d n o t ll r a a r c s t ) s : 9 (3 mo. moving Int N e e rn t a r l e c r e e i v p e t n s ue collections, total. .. 2 2 6 6 9 7 . . 0 7 2 2 1 1 3 2 . .6 9 1 0 1 8 0 . . 2 8 9 9 Total 59 548 521 P553 Individual income taxes 26 3.07 7.95 4.45 Residential 59 226 203 P209 Corporate income taxes 26 2.52 2.62 1.98 Other 59 322 317 P345 Misc. internal revenue 26 2.14 2.03 1.86 Re T P P si u r o d i b t v e a l a n i l c t t e ia , l to c t o a n l tracts (mill, dollars):9 6 6 6 0 0 0 2 2 1 0 1 5 0 5 2 1 1 3 8 9 5 4 1 1 2 6 8 3 6 9 Ca C E C sh x a a c s s i h h e n s c o s i o n u o m c t f o g e m o c a a e s n h d i o n u c t o g m o e : or outgo.... 2 2 2 7 7 7 +1 9 8 . . . 1 9 7 8 5 7 + 1 5 9 5. . 2 8 0 2 7 9 1 1 - 2 1 .6 . . 4 7 4 0 6 1- and 2-family dwellings 60 160 137 119 Other 60 40 47 47 MONEY RATES Per cent per annum Value of construction activity (mill, dollars):« Bank rates on customer loans: N To o t n a r l e sidential: 61 876 953 1,059 N To ew ta l Y , 1 o 9 rk c i C ti i e t s y 3 3 5 3 2 1 . .8 3 5 3 2 1. . 8 3 2 1 2 1 . .8 3 3 8 P P r u i b v l a ic te 6 6 1 1 3 1 5 9 6 8 3 2 7 2 8 4 2 4 5 1 4 7 O So th u e th r e N rn o r a t n h d e r W n e a s n t d e r E n a c s i t t e ie rn s cities. 3 3 5 5 2 2. . 7 4 6 3 2 2 . . 3 8 7 0 2 2 . . 4 9 4 5 Residential: P Pu ri b v l a ic te 6 6 1 1 30 1 6 6 34 9 2 382 6 CORPORATE SECURITY ISSUES In unit indicated Freight carloadings:9 Commercial and Financial Chronicle T G o ro ta u l p s ( 1 ( 9 p 3 o 5 in -3 ts 9 = in 1 0 to 0 t ) a l index): 63 137 142 137 To d ta a l t a i s ( s b u i e l s l, dollars): 42 1.78 .95 1.70 A M C l o i l a s o c l e th ll e a r n eous 6 6 6 3 3 3 3 2 8 0 5 0 . . . 3 7 7 3 2 7 3 9 9 . . . 0 6 4 3 2 7 0 9 7 . . . Se N N cu e e d r w t i a t p i t c e a r s a o p ( c m a i e t n e a i d l d l l , s E : d x o c ll h a a rs n ) g :* e ' Commission 42 1.53 .68 1.10 Department stores: ' All issuers 43 1,801 1,018 1,605 Indexes (1935-39= 100) :9 Industrial 43 966 438 634 Sales 64 276 291 288 Railroad 43 105 53 82 Stocks 64 264 r252 242 Public utility 43 668 442 854 296 Stores New money: Sales (mill, dollars) 65 321 332 P304 All issuers 43 1,336 673 932 Stocks (mill, dollars) 65 849 810 Industrial 43 686 283 428 Outstanding orders (mill, dollars) 65 387 348 P471 Railroad 43 74 43 60 Stocks-sales ratio (months' supply) 65 2.6 2 4 P2. Public utility 43 537 284 414 For footnotes see p. 1038. AUGUST 1947 1037 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 1945 p b a o g o e k 1 O D c ec t. . - J M an a . r - . A Ju p n r e .- p b a o g o e k 1 Dec. June** QUARTERLY FIGURES in b A i n ll n io u n a s l o r f a d te o s l , lars SELECTED DATES In billions of dollars GROSS NATIONAL PRODUCT, ETC. LIQUID ASSET HOLDINGS e Gross national producte 910 44 218.6 225.0 Individuals and business: Gqvt. purchases of goods and serv- Total holdings 24 221.2 222.5 ices 44 28.2 27.5 Deposits and currency 24 133.5 139.4 Personal consumption expenditures 44 154.9 158.0 U. S. Govt. securities 24 87.7 83.1 Durable goods 45 18.2 19.5 Individuals: Nondurable goods 45 93.6 94.5 Total holdings 24 147.3 152.0 Services 45 43.1 44.0 Deposits and currency 24 91.9 96.7 Private domestic and foreign invest- U. S. Govt. securities 24 55.4 55.3 ment 44 35.6 39.5 Corporations: Gross private domestic invest- Total holdings 24 46.1 43.3 ment: Deposits and currency 24 23.8 24.7 Producers' durable equipment. 46 15.7 17.0 U. S. Govt. securities 24 22.3 18.6 New construction 46 9.3 9.8 Unincorporated businesses: Change in business inventories. 46 5.4 2.7 Total holdings 24 27.8 27.2 Net foreign investment 46 5.2 10.0 Deposits and currency 24 17.8 18.0 Personal income, consumption, and U. S. Govt, securities 24 10.0 9.2 saving:e 10 Personal income 47 187.5 191.1 Disposable income 47 168.0 169.6 Consumption expenditures 47 154.9 158.0 1946 1947 Saving 47 13.1 11.6 1946 July 31 Feb. 26P June Sept. Dec. 29 30 31 OWNERSHIP OF DEMAND DEPOSITS • GALL DATE FIGURES ALL MEMBER BANKS In billions of dollars Indiv ti i o d n u s a , l s t , o t p a a l rtnerships, and corpora- 25 77.5 Holdings of U. S. Govt. securities: Nonfinancial: Bonds 12 C45.44 (12) C46.23 Total 25 38.3 37.2 Notes 12 10.47 (12) 5.60 Manufacturing and mining 25 16.4 16.0 Certificates 12 15.29 (12) 10.04 Trade 25 13.0 12.5 Bills 12 1.07 (12) 1 .17 Public utilities 25 4.4 4.2 Loans: Other 25 4.5 4.5 Commercial 13 9.69 (12) 13.15 Financial: Agricultural 13 .88 (12) .88 Total 25 6.6 6.5 Real estate 13 4.27 (12) 5.36 Insurance companies 25 2.1 2.1 Consumer 13 2.46 (12) 3.31 Other 25 4.5 4.5 For purchasing securities: Individuals: To brokers and dealers 13 2.40 (12) 1.51 Total 25 27.6 28.9 To others 13 2.48 (12) 1.47 Individuals excl. farmers 25 21.4 22.1 State and local govt. securities.... 13 3.31 3.62 3.55 Farmers 25 6.2 6.7 Other securities 13 3.15 3.08 3.08 Nonprofit ass'ns and other 25 5.0 5.2 c Corrected. * Estimated. P Preliminary. r Revised. 1 Page references are to charts included in the August issue of the Chart Book. Changes in the charts included appear in pp. 45-49 and 64-65. Charts on pp. 45, 46, 47, and 65 are new. Charts on pp. 46, 48, 49, and 74 of earlier issues have been eliminated (the curve on "nonagricultural employment," shown on p. 48 of earlier issues, is shown on p. 49 of the August issue). Other changes involve pagination only. 2 Figures for other than Wednesday dates are shown under the Wednesday included in the weekly period. 3 Less than 5 million dollars. 4 Figures are for the revised series; for description of the revision beginning July 3, 1946, see pp. 692-693 of the BULLETIN for June 1947, and for back figures see pp. 878-883 of the BULLETIN for July 1947. 5 Revised; an explanation of the nature of this revision will be published in the BULLETIN for September. 6 For charts on pp. 28, 33, 37, and 39, figures for a more recent period are available in the regular BULLETIN tables that show those series. 7 Includes recent revisions shown on pp. 830-835 of the BULLETIN for July 1947. 8 The figures shown are cumulative totals, not aggregates of the individual components. 9 Adjusted for seasonal variation. 10 Charts on pp. 44 and 48 have been revised to show new estimates of national income and product published by the Department of Commerce in the Supplement to the Survey of Current Business for July 1947. The new charts on pp. 45, 46, and 47 are also based on the revised estimates. For further information on the revisions, see footnote 1 on p. 1033 of this BULLETIN. Figures for charts on pp. 44, 45, 46, and 47 are semiannual rather than quarterly for the first half of 1947. 11 As of Mar. 31, 1947. 12 Figures available for June and December dates only. * Monthly issues of this edition of the Chart Book may be obtained at an annual subscription rate of $9.00; individual copies of monthly issues, at $1.00 each. 1038 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOKS—Continued CONSUMER CREDIT • Chart 1947 Chart 1947 book book page1 Apr. May? June? page1 Apr. May? June? (In millions of dollars) (In millions of dollars) Consumer credit outstanding, total2.. 3 10,407 10,663 10,884Consumer instalment sale credit Instalment credit, total2 3, 5 4,537 4,741 4,906 granted, cumulative totals:3 Instalment loans2 5 2,724 2,819 2,902 By automobile dealers 404 418 396 Instalment sale credit 5 1,813 1,922 2,004 By furniture and household appli- Charge accounts 3 2,782 2,835 2,887 ance stores 260 275 248 Single-payment loans2 3 2,215 2,213 2,216 By department stores and mail- Service credit 3 873 874 875 order houses 171 178 150 Consumer credit outstanding, cumu- By all other retailers 80 82 71 lative totals ;3 :onsumer instalment loan credit out- Instalment credit2 4 10,407 10,663 10,884 standing, cumulative totals:3 Charge accounts 4 5,870 5,922 5,978 Commercial and industrial banks2 2,724 2,819 2,902 Single-payment loans2 4 3,088 3,087 3,091 Small loan companies2 1,468 1,514 1,562 Service credit 4 873 874 875 Credit unions2 841 881 924 Consumer instalment sale credit out- Miscellaneous lenders 637 668 700 standing, cumulative totals:3 Insured repair and modernization Automobile dealers 6 1,813 1,922 2,004 loans 412 439 469 Furniture and household appliance stores 6 1,060 1,112 1,142 Department stores and mailorder houses 6 662 698 711 All other 6 276 289 298 p Preliminary. * Annual figures for charts on pp. 9-19, inclusive, will be published as soon as they become available. 2 Includes revisions shown on pp. 830-835 of the BULLETIN for July 1947. 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. AUGUST 1947 1039 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NUMBER OF BANKING OFFICES IN THE UNITED STATES Commercial banks * A re l - l Member banks Nonmember banks 1 Mutu b a a l n s k a s vings re b p N a o n o r k t n i s - ng p b o an rt k in s g 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 su o r n e - d ( n n o o n n i m ns e u m re b d e ) r Banks (Head Offices) Dec. 31 1942 14,682 14,136 6,679 5,081 1,598 7,460 6,667 793 56 490 130 Dec. 31, 1943 14,579 14,034 6,738 5,040 1,698 7,299 6,535 764 184 361 119 Dec. 31, 1944 14,535 13,992 6,814 5,025 1,789 7,181 6,452 729 192 351 120 Dec. 31 1945 14,553 14,011 6,884 5,017 1,867 7,130 6,416 714 192 350 112 Dec. 31, 1946 14,585 14,044 6,900 5,007 1,893 7,147 6,457 690 191 350 111 June 30, 1947P. ... 14,603 14,062 6,928 5,012 1,916 7,137 6,461 676 191 350 108 Branches and Additional Offices3 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 June 30, 1947?.. . 4,215 4,049 2,968 1,813 1,155 1,081 1,020 61 123 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. 1 The State member bank figures and the insured mutual savings bank figures both include three member mutual savings banks. These banks are not included in the total for "Commercial banks" and are included only once in "All reporting banks." • Includes all branches and other additional offices at which deposits are received, checks paid, or money lent. Includes offices at military reservations, consisting mostly of "banking facilities" provided through arrangements made by the Treasury Department with banks designated as depositaries and financial agents of the Government; the number of such offices on the above dates was 40, 233, 308,241, 79, and 74, respectively. NOTE.—Prior to February 1946, statistics on number of banking offices were published quarterly. For back figures, see Banking and Monetary Statistics, Tables 1 and 14, pp. 16-17 and 52-53, and descriptive text, pp. 13-14. NUMBER OF BANKS CLASSIFIED ACCORDING TO FEDERAL RESERVE PAR LIST STATUS, BY DISTRICTS AND STATES On par list * On par listl Not Not F di e s d t e ri r c a t l o R r e S se ta rv te e Total i Mem- Non- p o a n r State Total* Mem- Non- p o a n r Total ber member list» Total ber member list* banks banks banks banks United States total: 384 384 113 271 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 l^Earyland 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 June 30, 1947?... 14,062 12,007 6,922 5,085 2,055 Michigan 443 443 228 215 677 263 208 55 414 Mississippi ...... 205 38 30 8 167 Missouri 592 523 181 342 69 KContana .. 110 110 80 30 By districts and by States Nebraska 409 409 145 264 June 30 1947 P Nevada g 8 6 2 New Hampshire.... 65 65 52 13 Boston 486 486 335 151 New Jersey 343 343 295 48 New York 932 932 800 132 46 46 33 13 Philadelohia 845 845 648 197 Cleveland 1,162 1,162 723 439 New York 662 662 576 86 North Carolina 204 86 53 33 118 Richmond 1,012 787 476 311 225 North Dakota 151 45 41 4 106 Atlanta 1,153 533 338 195 620 Ohio 672 672 428 244 Chicago 2,482 2,425 999 1,426 57 Oklahoma 384 374 224 150 10 St. Louis 1,468 1,115 498 617 353 69 69 32 37 Minneapolis 1,276 601 473 128 675 Pennsylvania 1,005 1,005 767 238 Kansas City . . 1,749 1,738 756 982 11 Rhode Island 19 19 11 8 Dallas 990 880 605 275 110 South Carolina 149 54 30 24 95 507 503 271 232 4 South Dakota 170 68 63 5 102 294 192 82 110 102 Texas 875 815 556 259 60 Utah 59 59 34 25 70 70 40 30 315 306 203 103 9 Alabama 219 109 86 23 110 123 119 55 64 4 Arizona 10 10 5 5 West Virginia 181 178 108 70 3 Arkansas .... 228 99 66 33 129 Wisconsin 553 443 163 280 110 California 193 193 115 78 55 55 37 18 Colorado 141 141 92 49 Connecticut 114 114 63 51 P Preliminary. Delaware 39 39 17 22 1 Represents banks on which checks are drawn, except that it excludes Dist. of Columbia... 19 19 16 3 both member and nonmember mutual savings banks on a few of which Florida 177 114 71 43 63 some checks are drawn. Georgia 372 94 64 30 278 The total in this table differs from total commercial banks in preceding table because the commercial bank total excludes some banks on Idaho 48 48 25 23 which checks are drawn, namelv. those that Act tint rennrt tn f^tatm Illinois 874 872 503 369 2 banking departments (see footnote 1 of nrecedine tabled, and inrlnriea Indiana 489 489 238 251 industrial banks and nnnrlennqit trust rnmnnnips w/Vmther nr tint Iowa 663 663 163 500 checks are drawn on them. Kansas 611 609 214 395 2 Back figures.—See annual reoorts and Banking and Monetary Statistics, Table 15, and descriptive text, pp. 14-15 1040 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK OPERATING RATIOS, 1946 AVERAGES OF INDIVIDUAL BANK RATIOS, BY FEDERAL RESERVE DISTRICTS [Expressed in percentages] Federal Reserve district All Item tr d i i c s t - s Bos- New Phila- Cleve- Rich- At- Chi- St. Min- Kan- San ton York del- land mond lanta cago Louis neap- sas Dallas Franphia olis City Summary ratios: Percentage of total capital accounts: Net current earnings before income taxes. . 14.0 10.1 11.2 10.4 11.7 13.7 16.8 14.3 15.3 15.6 16.6 17.3 18.4 Profits before income taxes 15.2 11.9 14.7 12.6 13.4 14.9 17.7 15.8 15.9 15.6 16.9 16.6 18.6 Net profits 12.0 8.8 11.2 9.9 10.8 11.6 14.1 12.6 13.0 12.2 13.5 13.4 14.4 Cash dividends declared 3.0 2.5 2.2 2.3 2.4 3.0 3.3 2.8 3.1 3.3 3.9 4.4 3.3 Percentage of total assets: Total earnings 2.1 2.2 2.2 2.3 2.1 2.0 2.0 2.2 2.0 2.2 2.t Net current earnings before income taxes. . .8 .7 .7 .7 .8 .8 .8 .9 .8 Net profits .7 .7 .6 .7 .6 .7 .7 .6 .Sources and disposition of earnings: Percentage of total earnings: Interest on U. S. Government securities.. . 42.9 43.3 47.7 47.1 46.1 42.9 37.7 47.6 44.3 42.2 38.4 28.5 40.3 Interest and dividends on other securities. . 6.6 6.8 7.2 10.4 8.9 6.1 7.4 6.0 6.4 4.7 4.3 5.6 4.1 Earnings on loans 35.6 32.4 32.3 31.7 32.4 38.4 38.5 30.7 35.2 30.7 40.1 50.8 40.3 Service charges on deposit accounts 6.1 7.9 5.8 3.6 5.1 5.0 6.3 7.3 5.3 6.1 8.2 7.0 5.8 Other current earnings 9.6 7.0 7.2 7.5 7.6 10.1 8.4 8.8 16.3 9.0 8.1 9.5 Total earnings. . 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 Salaries and wages 29.5 28.2 24.1 28.4 29.1 28.3 28.4 32.7 32.9 30.4 Interest on time deposits 12.2 15.9 17.0 8.4 12.6 8.2 14.8 4.3 1.9 12.5 Other current expenses 24.5 22.8 22.8 22.5 22.5 20.2 23.7 23.9 22.6 25.9 Total expenses 66.2 66.9 63.9 64.2 65.7 63.1 60.5 60.4 59.6 60.7 Net current earnings before income taxes 33.8 33.1 36.1 35.8 34.3 36.9 39.5 39.6 40.4 39.3 Net recoveries and profits (or losses —). . . 6.6 10.6 8.2 4.1 .8 1.0 Taxes on net income 10.2 10.1 9.3 2.3 8.1 2.3 7.6 1.3 -1 .0 8.4 Net profits 30.2 33.6 35.0 8.6 31.8 7.5 27.5 8.4 7.4 29.5 Rates of earnings on securities and loans: 33.2 34.4 33.3 30.9 Percentage of U. S. Government securities: Interest on U. S. Government securities.. . 1.7 1 .8 1.6 1 .5 1 .4 1.4 Percentage of other securities: Interest and dividends on other securities. . 3.2 2.9 2.8 3.1 3.3 Percentage of total securities: Net recoveries and profits (or losses —) on securities .2 .1 I .1 Percentage of total loans: Earnings on loans 5.5 4.9 5.1 5.3 5.2 5.4 4.9 5.4 5.5 6.6 6.8 5.5 Net recoveries (or losses —) on loans. . .2 .5 .4 .3 .3 .2 .1 .1 .3 .2 .0 — . 1 Distribution of assets: Percentage of total assets: U. S. Government securities . 54.5 56.2 57.0 55.8 53.5 58.2 54.4 50.7 55.1 Other securities 5.5 5.9 8.4 7.7 4.5 5.6 5.1 3.6 3.6 Loans . . . 14.5 15.9 14.3 14.1 15.9 13.0 13.8 12.6 16.6 Cash assets 24.8 21.0 19.2 21.7 25.1 22.7 26.2 32.7 24.1 Real estate assets. .6 1.0 .7 .4 .5 .3 .5 Other ratios: Total capital accounts to: Total assets 8.3 7.1 8.5 6.8 5.1 4.5 Total assets less Government securities and cash assets 36.0 43.0 38.7 41.1 37.1 28.9 35.9 35.4 36.2 37.5 29.5 28.7 Total deposits 6.6 9.3 7.7 9.4 7.3 5.5 5.5 6.0 5.5 5.5 5.9 4.8 Time to total deposits 29.4 30.4 44.3 45.8 40.1 20.1 32.8 19.6 34.4 9.8 4.2 29.7 Interest on time deposits to time deposits1. . . .9 .9 .8 .9 .9 .9 .8 .9 1.0 .9 .9 .9 Trust department earnings to total earnings1. 3.6 4.8 3.5 4.2 4.5 2.4 3.0 2.6 2.8 2.6 2.3 4.4 Number of banks 2.. 6,836 335 646 715 471 328 987 489 468 749 585 1 Banks with no time deposits, or no trust department earnings, as the case may be, were excluded in computing this average." 2 The ratios for 64 member banks in operation at the end of 1946 were excluded from the compilations because of unavailability of data covering the complete year's operations, certain accounting adjustments, lack of comparability, etc. NOTE.—These ratios, being arithmetic averages of the operating ratios of individual member banks, differ in many cases from corresponding ratios computed from aggregate dollar amounts shown in the May 1947 issue of the BULLETIN. Such differences result from the fact that each bank's figures have an equal weight in calculation of the averages whereas the figures of the many small- and medium-sized banks have but little influence on the aggregate dollar amounts. No figures are shown for groups of less than three banks. Figures of earnings, expenses, etc., used in the calculations were taken from the annual earnings and dividends reports for 1946. Balance sheet figures used in the compilations were obtained by averaging the amounts shown in each bank's official condition reports submitted for Dec. 31, 1945, and June 29 and Sept. 30, 1946, except for a limited number of banks for which all three reports were not available; such reports as were available were used in those instances. Savings deposits are included in the time deposit figures used in these tables. Banks with no time deposits (416 in number) are included with the banks having ratios of time to total deposits of less than 25 per cent. AUGUST 1947 1041 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK OPERATING RATIOS, 1946—Continued AVERAGES OF INDIVIDUAL BANK RATIOS, BY SIZE OF BANK AND BY RATIO OF TIME TO TOTAL DEPOSITS [Expressed in percentages] Ratio of time deposits to Size group—total deposits (in thousands of dollars) total deposits (per cent) Item All u 1 a n ,0 n d 0 d e 0 r 1 2 , , 0 0 0 0 0 0 - 2 5 , , 0 0 0 0 0 0 - 5 1 , 0 0 ,0 0 0 0 0 - 1 2 0 5 , , 0 0 0 0 0 0 - 5 0 , , 0 0 0 0 0 0 - 1 0 0 0 , , 0 0 0 0 0 0 - 0 O 0 v ,0 e 0 r 0 U 2 n 5 der 5-50 10-75 a 7 n 5 d Summary ratios: Percentage of total capital accounts: Net current earnings before income taxes 14.0 10.4 13.4 14.7 14.8 14.3 14.2 13.7 12.7 15.8 13.1 11.7 8.2 Profits before income taxes 15.2 10.9 14.3 15.7 16.5 16.4 16.3 15.7 14.4 16.0 15.0 13.8 11.4 Net profits 12.0 9.1 11.8 12.8 12.7 11.9 11.7 11.0 10.3 12.7 11.8 11.1 8.9 Cash dividends declared 3.0 2.8 3.1 3.1 2.9 2.9 2.9 2.7 3.4 3.6 2.6 2.4 2.5 Percentage of total assets: Total earnings 2.1 2.3 2.2 2.1 2.1 2.0 2.0 1.8 1.7 2.0 2.3 2.3 Net current earnings before income taxes .8 .7 Net profits .7 .7 Sources and disposition of earnings: Percentage of total earnings: Interest on U. S. Government securities 42.9 36.3 43.3 45.0 44.9 45.5 39.1 45.0 47.5 50.2 Interest and dividends on other securities 6.6 5.5 6.2 7.0 7.3 6.8 6.0 4.9 5.1 5.4 7.0 12.8 Earnings on loans 35.6 44.0 38.5 35.6 33.2 31.0 31.5 31.6 31.0 38.6 33.5 32.7 29.5 Service charges on deposit accounts 6.1 6.3 6.3 6.2 6.2 6.1 5.0 3.2 7.3 5.7 4.3 2.0 Other current earnings 8.1 8.3 7.8 8.3 10.5 12.0 13.6 15.2 9.6 6.7 5.5 Total earnings. 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 00.0 00.0 00.0 00.0 Salaries and wages 28.6 32.1 29.1 27.7 27.6 28.1 29.8 29.7 29.7 31.4 27.2 24.4 20.8 Interest on time deposits 11.6 8.5 11.3 12.2 12.8 12.5 10.6 8.7 6.8 4.2 15.0 22.3 30.9 Other current expenses 23.3 25.5 23.0 22.6 22.9 23.7 24.6 26.0 25.1 24.2 23.1 21.5 21.1 Total expenses 63.5 66.1 63.4 62.5 63.3 65.0 64.4 61.6 59.8 65.3 68.2 72.8 Net current earnings before income taxes 36.5 33.9 36.6 37.5 36.7 35.7 35.0 35.6 38.4 34.7 31.8 27.2 Net recoveries and profits 4.3 2.3. 3.5 3.4 5.3 6.4 6.5 6.9 5.6 1.7 5.9 6.8 11.4 Taxes on net income 8.5 6.0 7.0 7.7 9.7 11 .4 11.6 12.6 12.6 8.8 8.6 7.6 7.9 Net profits 32.3 30.2 33.1 33.2 32.3 30.7 29.9 29.9 31 .4 33.1 32.0 31.0 30.7 Rates of earnings on securities and loans: Percentage of U. S. Government securities: Interest on U. S. Government securities 1.6 1.7 1.6 1.6 1.6 1.6 1.5 1.4 1.5 1.7 Percentage of other securities: Interest and dividends on other securities ... 3.4 3.1 2.8 2.7 2.6 2.4 3.1 3.0 3.0 3.3 Percentage of total securities: Net recoveries and profits on securities .0 Percentage of total loans: Earnings on loans 5.5 6.7 6.1 5.7 5.3 4.7 4.2 3.7 3.0 5.9 5.2 5.3 Net recoveries (or losses —) on loans .2 .2 .2 .2 .3 .3 .2 .1 .1 .3 -.2 Distribution of assets: Percentage of total assets: U. S. Government securities. . . 54.5 46.9 52.2 55.1 57.0 57.6 56.8 55.9 53.9 50.9 56.9 58.3 59.4 Other securities 5.5 4.2 4.9 5.7 6.5 6.1 5.4 4.4 3.9 4.2 6.0 7*6 10.0 Loans 14.5 15.8 14.6 14.0 13.9 14.1 15.3 16.3 18.6 14.1 14.6 15.1 13.9 Cash assets 24.8 32.4 27.7 24.5 21.8 21.3 21.5 22.3 22.5 30.2 21.6 18.2 15.9 Real estate assets .6 .6 .5 .6 .7 .8 .7 .5 .7 .7 .7 Other ratios Total capital accounts to: Total assets 8.2 6.6 6.0 5.8 5.6 5.4 5.1 5.5 5.7 6.3 6.9 8.5 Total assets less Government securities and cash assets.... 36.0 47.5 40.3 35.3 33.5 32.0 29.9 27.7 25.9 36.7 35.3 35.8 41.2 Total deposits 6.6 9.1 7.1 6.4 6.2 6.0 5.7 5.4 5.9 6.1 6.8 7.5 9.5 Time to total deposits 29.4 21.5 27.4 30.5 33.6 32.9 28.3 21.6 15.9 10.1 38.1 57.6 80.1 Interest on time deposits to time deposits l .9 1.0 .9 .9 .8 .7 .9 .9 .9 Trust department earnings to total earnings x 3.6 .9 2.4 2.3 2.5 3.8 5.2 4.8 7.5 4.6 3.3 2.0 2.3 Number of banks 2 6,836 539 1,404 2,389 1,192 757 266 122 167 3001 2615 1195 25 For footnotes, see p. 1041. 1042 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK OPERATING RATIOS, 1946—Continued AVERAGES OF INDIVIDUAL BANK RATIOS, BY RATIO OF TIME TO TOTAL DEPOSITS, BY SIZE OF BANK [Expressed in percentages] Banks with ratios of time Banks with ratios of time Banks with ratios of time to total deposits of to total deposits of to total deposits of under 25 per cent 25-50 per cent 50 per cent and over All Item groups Size group—total deposits(in thousandsof dollars) 1,000 1,000 1,000 and 1,000- 5,000- Over and 1,000- 5,000- Over and 1,000- 5,000- Over under 5,000 25,000 25,000 under 5,000 25,000 25,000 under 5,000 25,000 25,000 Summary ratios: Percentage of total capital accounts: Net current earnings before income taxes. . 14.0 11.0 16.4 17.5 13.9 9.8 13.0 13.7 13.5 8.5 11.7 11.8 11.9 Profits before income taxes .... 15.2 11.2 16.5 17.7 15.1 10.8 14.5 16.1 16.6 9.7 13.5 15.0 14.5 Net profits 12.0 9.3 13.5 13.3 10.6 9.1 11.9 12.1 12.0 8.0 11.0 11.6 10.6 Cash dividends declared 3.0 3.3 3.8 3.4 3.1 2.1 2.6 2.7 3.0 2.1 2.3 2.4 2.7 Percentage of total assets: Total earnings 2 1 2.2 2.0 1.9 1 8 2 4 2 2 2.1 2.0 2 4 2.3 2.2 2.1 Net current earnings before income taxes. . .8 .8 .8 .8 .7 .8 .8 .7 .7 .7 .8 .7 .6 Net profits .7 .7 .7 .6 .5 .7 .7 .7 .6 .7 .7 .7 .6 Sources and disposition of earnings: Percentage of total earnings: Interest on U. S. Government securities... 42.9 32.3 38.6 41.2 44.1 39.9 44.6 46.4 45.4 48.0 46.6 49.2 50.1 Interest and dividends on other securities.. 6.6 4.1 5.4 6.0 5.3 7.6 7.1 7.1 5.7 8.0 9.0 8.9 5.9 Earnings on loans 35.6 48.3 39.2 35.2 32.2 39.5 34.9 31.2 30.4 33.0 34.0 30.2 28.3 Service charges on deposit accounts 6.1 7 0 7 9 7 5 4 4 5 0 5 5 6 0 5.9 3 8 4.1 4 6 5.5 Other current earnings 8.8 8.3 8.9 10.1 14.0 8.0 7.9 9.3 12.6 7.2 6.3 7.1 10.2 Total earnings 100 0 100 0 100 0 100 0 100 0 100 0 100 0 100.0 100.0 100.0 100.0 100 0 100.0 Salaries and wages 28 6 35 2 31 4 30 1 30 3 28 4 26 7 27 4 29 2 25 4 24 0 24 7 27.6 Interest on time deposits 3 2 4 0 4 8 5 3 14 1 15 7 14.5 13.6 22 3 22.8 22 0 21.7 Other current expenses . . . 23.3 25.9 23.5 24.3 25.9 25.3 22.7 23.1 24.0 23.5 21.1 21.8 23.2 Total expenses 63.5 64.3 58.9 59.2 61.5 67.8 65.1 65.0 66.8 71.2 67.9 68.5 72.5 Net current earnings before income taxes 36.5 35.7 41.1 40.8 38.5 32.2 34.9 35.0 33.2 28.8 32.1 31.5 27.5 Net recoveries and profits > 4.3 1.1 1.3 1.8 4.5 3.9 4.9 7.0 9.3 4.3 5.8 9.6 7.6 Taxes on net income 8.5 6.2 7.8 10.8 12.7 5.5 7.2 10.5 11.5 5.8 6.8 9.4 8.9 Net profits 32.3 30.6 34.6 31.8 30.3 30.6 32.6 31.5 31.0 27.3 31.1 31.7 26.2 Rates of earnings on securities and loans: Percentage of U. S. Government securities: Interest on U. S. Government securities... 1.6 1.6 1.5 1.5 1.4 1.8 1.7 1.6 1.5 1.9 1.8 1.8 1.6 Percentage of other securities: Interest and dividends on other securities.. 3.0 3.6 3.3 2.7 2.5 3.4 3.2 2.8 2.7 3.4 3.0 2.9 2.5 Percentage of total securities: Net recoveries and profits (or losses —) on securities .1 .0 .0 .1 .2 .2 .1 .2 .3 .1 .2 .2 Percentage of total loans: Earnings on loans . . . 5.5 7.3 6.3 5.3 3.4 5.8 5.5 5.0 4.2 5.6 5.4 5.0 4.3 Net recoveries on loans .2 .2 .1 .1 .1 .1 .3 .3 .3 .3 .1 .5 .3 Distribution of assets: Percentage of total assets: U. S. Government securities. 54 5 43 2 50 9 53 4 53 0 50 6 56.1 58.6 59.5 57.0 57.2 60.5 62.0 Other securities 5 5 2 8 4 1 5 2 4 3 6 0 5.9 6.4 5.3 6.7 7.6 8.0 5.8 Loans.... 14 5 15 7 13.3 13.7 17.5 16.9 14.6 14.1 15.1 14.4 15.5 14.3 14.6 Cash assets 24.8 37.8 31.1 27.0 24.3 25.6 22.7 19.9 18.8 21.2 18.9 16.2 16.5 Real estate assets .6 .4 .4 .5 .6 .9 .7 .8 .9 .7 .7 .8 .9 Other ratios: Total capital accounts to: Total assets 6 1 8 1 5 6 4.9 5.3 8.4 6.5 5.9 5.4 8.7 7.0 6.5 5.2 Total assets less Government securities and cash assets ... 36.0 50.9 38.2 30.8 26.4 40.7 36.8 33.3 30.7 45.6 35.3 35.7 31.6 Total deposits 6.6 8.9 6.0 5.3 5.7 9.2 7.0 6.3 5.8 9.6 7.6 7.1 5.6 Time to total deposits 29.4 6.5 9.0 13.2 12.7 37.9 38.6 37.7 36.3 58.9 58.1 57.8 56.2 Interest on time deposits to time deposits1.. .9 1.0 .9 .7 .7 .9 .9 .8 .8 1.0 .9 .9 .8 Trust department earnings to total earnings1. 3.6 .8 2.5 3.5 6.7 1.2 2.4 3.3 4.7 2.0 2.0 2.6 Number of banks 2 6,836 327 1,688 653 333 144 1,348 928 195 68 757 368 27 For footnotes, see p. 1041. AUGUST 1947 1043 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EARNINGS AND EXPENSES OF FEDERAL RESERVE BANKS FOR THE SIX-MONTH PERIOD ENDED JUNE 30, 1947 Total Boston New York Ph p il h a i d a el- Cleveland Richmond Atlanta Chicago St. Louis M ap in o n li e s - K C an it s y as Dallas Fra S n a c n isco Current Earnings Discounts and advances 1,156,495 $92,862 330,935 $82,270 $109,578 $73,804 $42,593 $158,593 $67,472 $70,365 $43,312 $21,839 $62,872 U. S. Govt. securities, System account 56,212,736 4,241,067 10,307,742 4,539,965 5,974,947 4,062,462 3,423,641 6,799,758 3,187,007 1,836,018 3,045,890 2,729,318 6,064,921 Other U. S. Govt. securities 10,585,559 137,666 6,351,655 274,789 120,686 79,151 33,054 2,529,660 187,803 63,641 104,135 41,541 661,778 Industrial loans . ... 22,725 367 22,358 Commitments to make industrial loans 12,434 14 3,900 253 6 728 6,484 105 944 All other 351,199 7,251 31,860 5,020 61,413 12,126 13,033 68,296 36,536 4,324 83,360 4,761 23,219 Total current earnings. .... 68,341,148 4,479,213 17,022,192 4,924,416 6,270,524 4,227,796 3,512,327 9,557,035 3,485,302 1,974,348 3,276,697 2,797,564 6,813,734 Current Expenses Operating expenses: Salaries: Officers 1,631,975 89,249 338,395 91,081 141,540 109,446 106,758 198,256 107,861 85,654 106,939 101,439 155,357 Employees 24,693,680 1,498,024 5,963,478 1,497,326 2,083,399 1,527,416 1,255,013 3,765,535 1,425,353 737,597 1,307,132 1,228,898 ,404,509 Retirement System contributions ,565,604 152,463 611,438 149,647 210,948 156,916 144,352 393,153 146,776 73,301 139,651 255,896 Legal fees 13,538 358 7 10,041 2,999 119 131,063 14 Directors' fees and expenses 107,370 6,803 7,256 6,648 6,360 7,551 15,662 6,926 9,403 6,753 10,085 14,188 Federal Advisory Council, fees and ex- 9^735 penses 12,311 871 632 633 1,083 440 1,245 1,032 1,288 1,081 1,149 1,830 Traveling expenses (other than of direc- 1,027 tors and members of Federal Advisory Council) 321,762 16,036 13,011 25,164 29,993 21,034 41,963 29,564 20,400 20,422 27,499 34,700 Postage and expressage 3,433,580 350,450 235,539 297,797 300,444 303,982 443,756 166,116 118,460 185,144 167,864 354,016 Telephone and telegraph 238,971 10,620 15,586 21,571 13,098 20,060 17,782 19,996 11,874 18,178 15,362 30,458 Printing, stationery, and supplies 1,794,578 142,369 121,631 120,115 103,984 158,943 276,506 118,185 41,990 92,721 93,392 164,779 Insurance 309,814 20,010 14,750 25,373 17,612 14,871 42,663 22,291 11,127 14,600 14,466 32,835 Taxes on real estate 871,182 82,300 45,718 116,751 43,110 36,525 116,154 33,921 40,499 51,451 18,491 65,921 Depreciation (building) 513,710 27,916 67,562 70,085 41,581 21,274 40,066 29,533 15,703 35,156 16,866 37,438 Light, heat, power, and water 315,106 21,266 19,996 41,166 23,142 17,997 39,104 20,267 11,600 15,141 16,701 18,093 Repairs and alterations 231,138 21,332 9,668 21,720 7,328 12,008 32,500 33,290 8,330 36,573 7,460 4,984 Rent 389,476 11,965 33,750 67,900 9,760 39,140 112,192 7,479 3,774 15,734 9,188 73,594 Furniture and equipment 483,710 26,461 3,909 31,578 17,733 41,282 35,301 27,296 4,734 17,035 48,915 36,454 All other 1,428,281 83,397 128,988 147,282 102,754 108,711 238,855 101,331 66,284 86,418 86,295 185,320 Total operating expenses. 39,355,786 2,561,890 684,866 2,465,484 3,432,831 2,512,308 2,318,857 5,801,744 2,299,950 1,259,161 2,153,648 1,994,661 3,870,386 Less reimbursement for certain fiscal w agency and other expenses 11,009,958 569,346 2,078,876 525,375 800,994 636,717 825,370 2,155,091 628,890 337,006 625,210 605,284 1,221,799 o w Net operating expenses. 28,345,828 1,992,544 6,605,990 1,940,109 2,631,837 1,875,591 1,493,487 3,646,653 1,671,060 922,155 1,528,438 1,389,377 2,648,587 Assessment for expenses of Board of Governors 1,334,380 84,994 427,590 108,397 123,838 64,815 54,129 181,442 47,331 32,926 46,987 44,776 117,155 Federal Reserve currency: Original cost 1,759,766 135,035 456,542 87,406 226,673 104,303 101,414 178,216 118,869 30,869 72,952 52,949 194,538 Cost of redemption 270,155 10,527 38,582 15,899 19,860 21,019 31,666 42,408 15,644 5,946 14,139 15,066 39,399 Total current expenses. . 31,710,129 2,223,100 7,528,704 2,151,811 3,002,208 2,065,728 1,680,696 4,048,719 1,852,904 991,896 1,662,516 1,502,168 2,999,679 Current net earnings. 36,631,019 2,256,113 9,493,488 2,772,605 3,268,316 2,162,068 1,831,631 5,508,316 1,632,398 982,452 1,614,181 1,295,396 3,814,055 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL FINANCIAL STATISTICS PAGE Gold reserves of central banks and governments 1047 Gold production... 1048 Gold movements 1048 International capital transactions of the United States 1049-1054 Central banks .. 1055-1058 Money rates in foreign countries... 1059 Commercial banks . 1060 Foreign exchange rates 1061 Price movements: Wholesale prices 1062 Retail food prices and cost of living... 1063 Security prices 1063 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, AUGUST 1947 1045 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS [In millions of dollars] End of month U S n ta i t t e e s d t g A in e r n a - * - g B iu e m l- Brazil Canada Chile lo C m o b - ia Cuba C v z s a e l k o c - h ia o- m D a en rk - Egypt France m G a e n r y - Greece H ga u r n y - 1938—Dec 14,512 431 581 32 192 30 24 83 53 55 2,430 29 27 37 1939—Dec 17,644 466 609 40 214 30 21 1 56 53 55 2,709 29 28 24 1940—Dec 21,995 353 734 51 «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 11,111 329 6 79 92 111 61 44 52 1,777 29 28 24 1945—Dec 20,065 403 716 354 8 361 82 127 191 61 38 52 1,090 1946—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 8 543 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 *726 633 354 7 53 126 32 53 696 27 Apr 20,774 P726 634 354 6 53 98 32 53 696 27 May 20,933 P723 639 354 7 53 92 32 696 27 June 21,266 643 8 93 32 696 30 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 <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—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 274 123 200 265 23 24 965 111 Nov 274 123 191 265 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 274 149 197 23 798 111 May. ... 274 141 196 23 788 111 June 190 End of month S d w e e n - S l w a e i r n t d - z * - T k u e r y - U K n d i i o n t m g e - d g U u r a u y - V z e ue n l e a - Y sl u av g i o a - B.I.S. O c tr o t i u h e n 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 2,690 6 6 8 9 5 5 2 2 5 5 7 9 14 7 1 1 6 7 6 8 End of month U S n ta i t t e e s d U K d n i o i n m t g ed - France g B iu e m l- 1940—Dec.. 160 502 88 90 29 82 12 170 1941—Dec.. 223 665 92 100 41 *83 12 166 1942—Dec.. 335 824 114 89 68 21 185 1938—Dec 80 2759 331 44 1943—Dec.. 387 6 965 161 121 89 45 229 1939—Mar 154 1,732 559 1944—Dec.. 463 ,158 221 157 130 37 245 May 477 1945—Dec.. 482 ,342 241 195 202 39 247 Aug 3876' H60 Dec ' 156' 1946—July.. 470 ,393 240 205 215 41 238 1940—Aug *293 Aug.. 474 ,396 240 205 215 41 238 Dec 48 292 17 Sept.. 472 ,412 237 205 215 40 237 1941—Sept.. . . 24 «151 Oct... 469 ,408 236 205 215 40 237 Dec 25 Nov.. 426 ,418 235 200 215 40 237 1942—Dec 12 17 Dec.. 381 ,430 237 200 215 32 240 1943—Dec 43 17 1947—Jan... 348 ,432 238 200 215 28 239 1944—Dec 12 n ',354 214 17 Feb... 324 ,431 238 200 235 28 239 1945—June 81 52,398 17 Mar.. 265 ,432 233 197 235 27 240 Dec 18 52,341 457 17 Apr... 217 ,427 226 235 27 P240 1946—June 71 52,196 May. 190 ,416 207 235 27 P240 Sept.. . . 113 52,535 June. 168 235 P240 Dec 177 52,587 P Preliminary. 1 Reported at infrequent intervals or on de- 1 Figures through March 1940 and for December 1942, December 1943, and December 1944 layed basis: U. S.—Exchange Stabilization Fund include, in addition to gold of the Central Bank held at home, gold of the Central Bank held (Special A/c No; 1); U. K.—Exchange Equaliabroad and gold belonging to the Argentine Stabilization Fund. zation Account; France—Exchange Stabilization 2 On May 1, 1940, gold belonging to Bank of Canada transferred to Foreign Exchange Con- Fund and Rentes Fund; Belgium—Treasury. trol Board. Gold reported since that time is gold held by Minister of Finance, except for 2 Figure for end of September. December 1945 and December 1946 when gold holdings of Foreign Exchange Control Board 3 Reported figure for total British gold reserves are included also. on Aug. 31, 1939, less reported holdings of Bank 3 Figure for December 1938 is that officially reported on Apr. 30, 1938. of England on that date. * Figures relate to last official report dates for the respective countries, as follows: Java— 4 Figure for first of month. Jan. 31, 1942; Norway—Mar. 30, 1940; Poland—July 31, 1939; Yugoslavia—Feb. 28, 1941. 5 Gross official holdings of gold and U. S. 6 Figure for February 1941; beginning Mar. 29, 1941, gold reserves no longer reported sepa- dollars as reported by British Government; total rately. British holdings of U. S. dollars, including • Beginning December 1943, includes gold holdings of Swiss Government. private as well as official holdings, as reported 7 For list of countries included, see BULLETIN for June 1947, p. 755, footnote 7. by banks in the United States are shown in 8 Gold holdings of Bank of England reduced to nominal amount by gold transfers to British table on p. 1052. Exchange Equalization Account during 1939. NOTE,—For available back figures and for de- NOTE.— For back figures, see Banking and Monetary Statistics, Tables 156-160, pp. 536-555, tails regarding special internal gold transfers and for a description of figures, including details regarding special internal gold transfers affect- affecting the British and French institutions, see ing the reported data, see pp. 524-535 in the same publication. Banking and Monetary Statistics, p. 526, and BULLETIN for February 1945, p. 190. 1047 AUGUST 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 th or p U r o o . w u S d t o . u s S r i c l . d d R ti e o .1 n r m e T p o o o n t r t a h te l l d y A So fr u ic th a d R e h s o i - A a fric A a W fr e ic s a t 2 I B C e o l n g g i o an * U St n a i t t e e s d 4 I C ad a N a n * - orth M an e d x - So I u C t o h b l o ia A m m - I eri C ca hile I I r N ag ic u a a - 7 Au li s a t 8 r O a- th I I e B r In r d it i i a s 9 h $l=15h/n. grains of gold 9/wfine;i. e.a,n ounce of fine gold—$35 1938 1,136,360 958,770 425,649 28,532 178,143 ,379 32,306 18,225 10,290 1,557 54,264 11,284 1939 1,208,705 1,020,297 448,753 28,009 196,391 ,303 29,426 19,951 11,376 3,506 56,182 11,078 1940 1,297,349 ,094,264 491,628 29,155 210,109 ,890 30,878 22,117 11,999 5,429 55,878 10,157 1941 1,288,945 1,089,395 504,268 27,765 9,175 ,081 27,969 22,961 9,259 7,525 51,039 9,940 1942 966,132 494.439 26,641 0,963 ,446 28,019 20,882 6,409 8,623 42,525 8,960 1943 760,527 448,153 23,009 0 ,796 22,055 19,789 6,081 7,715 28,560 8,820 1944 682,061 429,787 20,746 ,302 17,779 19,374 7,131 7,865 16,310 6,545 1945 646,914 427,862 19,888 ,385 17,734 6,282 6,985 16,450 5,950 1946 668,973 417,647 19,061 ,994 15,301 8,068 6,357 21,595 4,585 1946—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 ,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 ,612 8,184 1,423 271 566 2,205 525 Feb.. 41,013 19,965 1,502 1,750 ,483 7,775 1,276 371 581 1,820 490 Mar.. 28,665 1,574 1,855 ,500 9,212 1,27.3 555 1,820 490 Apr.. 31,824 1,890 6,246 8,931 1,464 610 560 May. 35,308 1,820 7,220 9,400 502 525 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 ouncel Net imports from or net exports (—) to: Year im T n p o e o t t a r l ts U K d n i o i n m t g e - d France g B i e u l m - N la e e n r t d - h s - S d w e e n - S l w a e n r i - t d z- Canada Mexico c A a O L n m a t h t e R i e r n r i e - - ; i I P p i I h i p s n i - - l e - t A ra u l s i - a A So fr u ic th a Japan I ; i I B n is r d h i i t a - ! | o A th l e l r publics lands 1938 1,973,569 1,208 728 81,135 15,488163,049 60,146 1,363 76,315 36,472 65,23127,880 39,162! 401|168, 740116,159 13,301 1939 3,574,151 1,826 403 3,798165,122 341,618 28,71586,987 612,949 33,610 57,02035,636 74,250 22,862|165,605j50,956 168,623 1940 4,744,472 633 083 241,778 977 63,260161,48990,3202 622,330 29,880 128,25938,627 103,777184,7561111.739J49,9892284,208 1941 982,378 3 779 1 1 1,747 899 412,056 16,791 61,862142,678 67,492 292,893| U 9,665 3 63,071 1942 315,678 1 955 5 208,917 40,016 39,680| 321 528 4,119 129 20,008 1943 68,938 88 66,920 -3,287 13,489s. . 152 307 -8,731 1944 -845,392 -695 483 46,210 -109,695-108,560. . , 199 3,572 18,365 1945 -106,250 160 53,148 15,094-41,748! 106j 357! 4-133,471 1946 311,494 458 -14 344,130 3,591-134,405 - 411118,550! ! -2,61315-18,083 1946 July 6,347 639 476 2,328 41 . s 2,865 Aug. 15,210 649 516 -8,502 -6 15 19,886|. -236j e 2,887 Sept. -7,629 197 82-29,198 17,902 . -3981 6 3,785 Oct. 24,182 2 134 198 4,523 19,912j. -682) 103 Nov. 77,903 383 25,248 1,065 621 . .! 38,601 . -430 5 12,415 Dec. -61,193 2 27,473 449-110,276 -151 17 18,883;. -868 6 3,279 1947 Jan. -16,820 -2 51,174 443-97 ,579 -132 32,544'. -374J -2,899 Feb. 20,361 9 30,319 222-30 ,341 -49 37,490|. —556(7 -16,734 Mar. 153,634 -120 -31 101,642 221-13 ,269 -129 66,674. 1,140i -214 Apr. 44,050 26,341 -9,793 2,898 122 26,376!. 1,390! -515 May 129,734 -75 26,442 262 24,352 -87 80,446. -78| -1,529 June? 200,233 -1,002 -108 52,913 217 96,026 -70 53,228. -334^ -638 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. 4 Includes $133,980,000 to China and $509,000 from other countries. 5 Includes $33,728,000 from Russia, $55,760,000 to China, and $3,949,000 from other countries. e Includes imports from U. S. S. R. as follows: July, $2,813,000; August, $2,821,000; September, $3,372,000; November, $11,793,000; December, $4,492,000. 7 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. 1048 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 Increase in Decrease Foreign From Jan. 2, 1935, funds in U. S. unds of in- in U. S. securities: Inflow in through— Total ternational banking Return brokerage institutions funds of U. S. balances Total Official i Other in U. S. abroad funds 1935—Mar. (Apr. 3) 265.9 64.1 4.4 59.7 155.0 31.8 21.1 June (July 3) 632.5 230.3 22.6 207.7 312.8 43.7 29.8 Sept. (Oct. 2) 920.2 371.5 16.3 355.2 388.6 40.1 29.8 Dec. (Jan. 1, 1936) 1,440.7 631.5 38.0 593.5 361.4 125.2 6.0 1936—Mar. (Apr. 1) 1,546.3 613.6 79.6 534.0 390.3 114.4 .4 June (July 1) 1,993 6 823.4 80.3 743.1 449.0 180.5 16.5 Sept. 30 2,331.9 947.1 86.0 861.1 456.2 272.2 23.2 Dec. 30 2,667.4 989.5 140.1 849.4 431.5 316.2 12.9 1937—Mar. 31 2,998.4 1,188.6 129.8 1,058.8 411.0 319.1 4.1 June 30 3,639.6 1,690.1 293.0 1,397.1 466.4 395.2 18.3 Sept. 29 3,995.5 1,827.2 448.2 1,379.0 518.1 493.3 31.9 Dec. 29 3,501.1 1 ,259.3 334.7 924.6 449.1 583.2 47.5 1938—Mar. 30 3,301.3 1,043.9 244.0 799.9 434.4 618.5 54.2 June 29 3,140.5 880.9 220.6 660.4 403.3 643.1 57.8 Sept. 28 3,567.2 1,275.4 282.2 993.2 477.2 625.0 64.1 Dec. (Jan. 4, 1939) 3,933.0 1,513.9 327.0 1,186.9 510.1 641 .8 47.6 1939—Mar. 29 4,279.4 1.829.4 393.2 1,436.2 550.5 646.7 63.9 June 28 4,742.0 2,194.6 508.1 1,686.5 607.5 664.5 74.0 Sept. 27 5,118.2 2,562.4 635.0 1,927.3 618.4 676.9 83.1 Dec. (Jan. 3, 1940) 5,112.8 2,522.4 634.1 1,888.3 650.4 725.7 80.6 1940—Mar. (Apr. 3) 5,207.8 2,630.9 631.0 1,999.9 631.6 761.6 88.7 June (July 3) 5,531.3 2,920.7 ,012.9 1,907.8 684.1 785.6 98.9 Sept. (Oct. 2) 5,831.2 3,175.9 ,195.4 1,980.5 773.6 793.1 101.6 Dec. (Jan. 1, 1941) 5,807.9 3,239.3 ,281.1 1,958.3 775.1 803.8 100.9 1941—Mar. (Apr. 2) 5,607.4 3,229.7 ,388.6 1,841.0 767.4 812.7 95.9 June (July 2) 5,660.1 3,278.0 ,459.8 1,818.2 818.6 834.1 98.2 Sept. (Oct. 1) 5,612.6 3,241.8 ,424.0 1,817.7 805.3 841.1 100.9 Dec. 31 5,354.1 2,979.6 ,177.1 1,802.6 791.3 855.5 100.9 1942—Mar. (Apr. 1) 5,219.3 2,820.9 ,068.9 1,752.0 819.7 849.6 104.3 June 30 2 5,636.4 3,217.0 ,352.8 1,864.2 842.3 838.8 106.2 Sept. 30 5,798.0 3,355.7 ,482.2 1,873.5 858.2 830.5 107.5 Dec. 31 5,980.2 3,465.5 ,557.2 1,908.3 888.8 848.2 104.4 1943—Mar. 31. 6,292.6 3,788.9 1,868.6 1,920.3 898.7 810.5 108.6 June 30. 6,652.1 4,148.3 2,217.1 1,931.2 896.9 806.8 112.1 Sept. 30. 6,918.7 4,278.0 2,338.3 1,939.7 888.6 929.3 114.8 Dec. 31. 7,267.1 4,644.8 2,610.0 2,034.8 877.6 925.9 117.8 1944—Mar. 31. 7,611.9 5,034.4 3,005.0 2,029.4 868.0 904.1 119.6 June 30. 7,610.4 5,002.5 2,812.2 2,190.3 856.6 929.8 119.1 Sept. 30. 7,576.9 4,807.2 2 ,644.8 2,162.3 883.5 1,026.2 122.2 Dec. 31. 7,728.4 4,865.2 2,624.9 2,240.3 805.8 1,019.4 126.3 1945—Mar. 31. 8,002.6 5,219.4 2,865.1 2,354.3 848.5 983.7 130.5 June 30. 8,422.8 5,671.0 3,313.2 2,357.9 760.4 1,011.2 131.8 Sept. 30. 8,858.6 6,042.2 3,554.9 2,487.2 865.3 998.2 134.6 Dec. 31. 8,802.8 6,144.5 3,469.0 2,675.5 742.7 972.8 144.1 1946—Jan. 31. 8,822.9 6,234.7 3,601.6 2,633.2 729.2 1,097.8 135.1 Feb. 28.. 8,775.1 6,156.8 3,457.7 2 ,699.1 16.2 728.7 1,067.2 133.9 Mar 31. 8,730.8 6,098.8 3,384.6 2,714.1 70.6 703.6 1,073.0 139.9 Apr. 30. 8,674.4 6,076.2 3,296.2 2,780.0 48.5 701.2 1,076.1 141.7 May 31. 8,405.8 5,850.7 3,074.2 2,776.5 45.4 644.8 1,104.2 140.9 June 30. 8,338.2 5,662.7 2,852.0 2,810.7 190.8 624.5 1,103.9 141.4 July 31. 8,496.2 5,949.7 3,186.7 2,763.0 200.0 574.1 1,125.3 140.9 Aug. 31. 8,344.2 5,729.0 2,917.3 2,811.7 280.3 554.0 1,141.9 146.8 Sept. 30. 8,250.1 5,681.7 2,834.4 2,847.3 249.1 519.8 1,170.7 150.4 Oct. 31. 8,280.2 5,660.9 2,776.9 2,884.0 264.4 532.8 1,196.9 153.1 Nov. 30. 8,270.4 5,495.4 2,532.7 2,962.7 441.5 492.9 1,231.5 154.7 Dec. 31. 8,009.5 5,272.3 2,333.6 2,938.7 453.8 427.2 1,237.9 153.7 1947—Jan. 31. 8,047.3 5,270.6 2,386.0 2,884.6 449.0 404.8 1,308.2 150.4 Feb. 28. 9,853.4 4,940.8 1,976.2 2,964.6 2,705.6 380.9 1,229.8 156.6 Mar. 31. 9,630.2 4,734.8 1,695.4 3,039.4 2,707.0 337.1 1,282.6 154.5 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.); and beginning Feb. 28, 1946, Italian special deposit account held with the U. S. Treasury. 2 The weekly series of capital movement statistics reported through July 1, 1942, was replaced by a monthly series commencing with July 1942. Since the old series overlapped the new by one day, the cumulative figures were adjusted to represent the movement through June 30 only. This adjustment, however, is incomplete since it takes into account only certain significant movements known to have occurred on July 1. Subsequent figures are based upon new monthly series. For further explanation, see BULLETIN for January 1943, p. 98. NOTE.—Statistics reported by banks, bankers, brokers, and dealers. For full description of statistics see Banking and Monetary Statistics, pp. 558-560; for back figures through 1941 see Tables 161 and 162, pp. 574-637, in the same publication, and for those subsequent to 1941 see BULLETIN for September 1945, pp. 960-974. AUGUST 1947 1049 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 i U K d n o i i n m t g ed France N la e e n r t d - h s - S l w a e n r it - d z- Italy E O ur t o h p e e r r E T u o r t o a p l e C a a d n a - A L m a e t r i i n ca Asia2 ot A h l e l r2 1935—Dec. (Jan. 1, 1936) .... 1,440.7 554.9 210.2 114.5 130.4 24.0 166.6 1,200.6 (3) 70.9 156.5 12.7 1936—Dec. 30 2,667.4 829.3 299.5 229.7 335.5 45.6 311.6 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 22.1 436.1 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 32.2 612.5 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 58.0 918.9 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 55.4 1,098.6 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 50.5 1,071.7 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 48.1 1,030.3 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 48.2 1,133.3 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 63.1 1,172.5 4,081.8 976.4 1,193 7 1,273 6 203.0 1945—Dec. 31 8,802.8 892.5 464.2 539.7 722.3 106.5 1,311.8 4,037.01,395.7 1,338.4 1,784.1 247.5 1946—Aor 30 8,625.9 709.5 453.3 528.2 730.4 159.0 1,319.3 3,899.61,347.7 1,400.9 1,723.1 254.7 May 31 ... 8,360 4 585.8 464.1 426.3 725.4 165.7 1,331.3 3,698.71,306 2 1,431.5 1,677 5 246 5 June 30 8,147.4 485.3 432.5 411.9 737.0 170.4 1,317.6 3,554.81,313.2 1,471.6 1,560 3 247.5 July 31 . 8,296.2 756.0 419.4 389.4 741.0 196.9 1,288.1 3,790.71,278.7 1,486.1 1,492.1 248.5 Aug. 31 8,063 9 624.1 393.2 376.4 752.5 201.0 1,264.8 3,612.01,223.5 1,566 21 425 4 236 7 Sept. 30 8,001.0 665.1 421.1 370.1 745.9 203.5 1,243.9 3,649.51,177.7 1,544.8 1,365.9 263 2 Oct. 31 8,015.8 736.3 433.1 351.1 756.3 213.4 1,248.7 3,738.91,110.6 1,569.6 1,326.6 270.0 Nov. 30 7,828 9 640.9 401.7 322.8 760.9 228.0 1,249.5 3,603.81.067.0 1,546.4 1 327 4 284 4 Dec. 31 7,555.7 563.1 384.8 326.4 766.1 287.5 1,246.3 3,574.2 979.7 1,474.0 1,258.3 269.6 1947— F y e a b n 3 2 i 8 7 7 , , 5 1 9 4 8 7 .8 4 5 5 5 8 8 5 . . 2 6 3 3 6 3 9 6 . . 4 3 3 2 1 9 9 5 . . 1 6 7 7 6 7 9 6 . . 5 8 3 2 4 5 2 6 .2 8 1 1 , , 2 2 5 3 9 2 .8 5 3 3 , , 6 4 4 5 5 5 .8 8 9 8 6 5 7 6 1 8 1 1 ,4 4 3 6 1 6 2 31 1 ,1 2 5 1 5 7 9 1 3 2 0 4 2 8 .1 0 Mar. 31 6,923.3 489.6 351.4 256.7 786.1 215.8 1,262.9 3,362.5 776.6 1,384.3 1,149.8 250.0 TABLE 3.—INCREASE IN FOREIGN\ BANKING FUNDS INr u. s.,BY COUNTRIES 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 Italy E O ur t o h p e e r 1" E T u o r t o a p l e C a a d n a - A L m a e t r i i n ca Asia2 Ot A he ll r* 1935—Dec."an- 1, 1936) 631.5 128.6 129.6 55.7 72.4 7.3 59.9 453 5 46.0 33.5 87.0 11.5 1935—Dec 989.5 163.5 144.2 65.9 109.8 23.0 82.4 588 Q 86.8 149.3 149 4 15 2 1937—Dec. 29. . 1,259.3 189.3 111.8 76.3 288.4 6.9 119.1 791 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 1.7 196.8 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 19.7 449.9 1,655 4 174.5 215.1 417 0 60 5 1940—Dec.(Jan. 1, 1941) 3,239.3 293.3 458.0 160.3 494.7 -.9 580.8 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 -3.4 538.0 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 —6.2 479.8 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 -6.9 565.3 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 7.0 611.2 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 50.1 745.8 2,223 41,414.2 924.9 1,369.1 212.9 1945—Apr 30 6,076.2 492.1 225.7 278.3 306.5 103.1 737.3 2,143 01,236.2 956 2 1 518 7 222 1 May 31 . 5,850.7 373.0 239.5 251.8 305.3 110.2 753.9 2,033 71,140.3 986 5 1 475 0 215 2 June 30. . 5,662.7 273.7 205.8 239.5 314.6 116.6 747.6 1,897 9 1,155.8 1,029.7 1,360 8 218 5 July 31 5,949.7 599.7 195.1 217.5 318.8 145.2 718.4 2,194 8 1,176.4 1,052 81 306 8 218 9 Aug. 31. . 5,729.0 464.0 170.6 210.5 341.1 154.0 691.2 2,031 4 1,111.6 1,105 01 256 9 224 1 Sept 30 5,681 7 509.0 195.4 222.4 333.1 158.6 679 4 2,097 Q 1,069 61 059 21 215 8 239 3 Oct. 31.. 5,660.9 576.8 204.5 199.1 345.5 168.6 688.7 2,183 0 995.4 1,058.9 1,178 7 244 8 Nov.30. . 5,495.4 485.5 181.2 185.8 353.2 185.2 693.1 2,084 0 937.4 1 029 31 183 9 260 8 Dec 31 5,272.3 397.6 165.8 208.2 359.0 247.6 687 2 2,065 S 823 9 983 31 135 7 263 9 1947—yan. 31 5,270.6 423.0 157.0 195.6 363.6 300.7 701.0 2,141 0 748 01,010 31 082 9 288 5 Feb 28 4,940 8 381.9 129.0 197.8 370.5 227.1 673.1 1,979 ^ 708 2 981 01 013 5 258 7 Mar.31.. 4,734.8 312.2 146.2 166.7 378.5 198.2 719.1 1,921 0 593.8 956.1 1,012.5 251.5 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 e n r i - t d z- Italy E O ur th op er e r E T u o r t o a p l e C a a d n a - A L m a e t r i i n ca Asia2 ot A he ll r2 1935—Dec. (Jan. 1, 1936) 361.4 208.8 48.1 -.4 1.6 13.7 38.5 310.2 -4.6 20.1 37.3 -1.6 1935—Dec. 30 431.5 178.0 62.0 -3.3 2.7 16.3 88.0 343.7 36.9 24.9 30.4 —4.4 1937;—Dec 29 449.1 207.4 65.3 —4.4 2.6 6.5 132.0 409.3 —21.7 51 6 18 7 —8 7 1938—Dec (Jan 4 1939) 510.1 206.2 68.4 -5.6 2.6 13.7 175.6 460.9 35.9 66.8 —46 5 —7 0 1939—Dec. (Jan. 3, 1940) 650.4 252.2 73.8 12.9 2.9 15.5 206.2 563.5 56.5 52.6 -21.5 -.8 1940—Dec. (Jan. 1, 1941) 775.1 269.2 74.6 17.7 6.5 25.3 241.4 634.7 60.3 43.2 34.8 2 1 1941—Dec 31 791.3 271.2 76.9 17.6 5.4 25.8 250.5 647.4 62.7 17.7 64 7 —1 2 1942—Dec 31 .. 888.8 279.4 77.8 18.1 6.6 26.2 253.5 661.5 58.6 68.3 93 8 6 6 1943—Dec 31 877.6 272.1 77.9 18.3 5.1 26.2 256.8 656.5 55.1 55.7 102 7 7 5 1944—Dec. 31 805.8 266.1 77.7 18.3 6.8 26.2 231.5 626.6 64.8 37.0 77.7 — 3 1945—Dec. 31 742.7 266.6 78.0 -17.7 5.2 26.2 235.1 593.4 39.5 9.1 99 2 1 5 1946—Aor 30 701.2 260.4 78.2 -24.7 1.6 26.0 257.9 599.3 28.2 1.9 71 9 — 2 May 31 644.8 259.4 78.2 -99.9 .1 25.5 255.4 518.8 42.8 10 0 74 7 —1 5 June 30 624.5 261.5 78.1 -100.7 1.6 24.1 248.2 512.9 39.3 3.3 72 8 —3 9 July 31 .... 574.1 216.2 75.7 — 101.0 1.4 22.2 242.8 457.3 50.6 —2 4 71 9 —3 4 Aug. 31 554.0 226.2 76.0 -104.2 3.4 17.8 246.0 465.2 49.3 -17.3 61 1 —4 2 Sept. 30 519.8 226.7 76.1 -118.4 2.6 15.9 236.3 439.2 42.6 —14.6 56 4 —3 7 Oct. 31 532.8 235.5 75.1 -110.2 3.7 16.0 232.0 452.0 43.2 — 14.1 54 8 —3.1 Nov. 30 492.9 236.1 75.0 -120.2 1.8 13.7 229.0 435.4 40.0 -32.2 54 1 —4. 4 Dec 31 427.2 244.3 73.4 -132.3 -1.7 10.6 226.9 421.3 40.7 -58.8 29.9 -5.8 1947—jan 3t 404.8 241.5 69.2 -117.9 -3.5 11.7 226.0 426 9 44 1 —92 4 34 6 —8 4 Feb 28 380.9 252.6 66.1 -135.1 -4.1 8.9 225.9 414.3 49.9 — 111 6 44 0 — 15 7 Mar 31 337.1 256.2 63.4 -137.1 -3.3 6.0 217.1 402.4 53.9 -140.6 40.2 -18.7 r Revised to include Germany. 1 Total capital movement by countries differs from total capital movement in Table 1 by reason of exclusion of international institutions. s Prior to Jan. 3, 1940, the figures under Asia represent Far East only, the remaining Asiatic countries being included under "All other." 3 Inflow less than $50,000. 1050 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.) 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 Italy E O ur th o e p r er E T u o ro ta p l e C a a d n a - A L m a e t r i i n ca Asia1 ot A h l e l r1 1935—Dec. (Jan. 1, 1936) . 125.2 67.8 6.8 7.4 -1.2 2.9 59.4 143.1 -39.7 12.7 7.9 1.1 1936—Dec. 30 316.2 116.1 18.2 10.4 13.7 9.4 110.4 278.3 1.7 15.7 17.0 3.5 1937—Dec. 29 583.2 136.8 22.8 21.2 30.4 13.5 141.8 366.4 10.5 175.0 24.5 6.8 1938—Dec. (Jan. 4, 1939) . 641.8 127.7 26.1 27.3 36.1 22.0 201.3 440.6 -9.7 167.4 33.8 9.7 1939—Dec. (Jan. 3, 1940). 725.7 125.5 42.1 29.4 45.0 27.6 225.6 495.2 -7.6 184.0 42.8 11.3 1940—Dec. (Jan. 1, 1941) 803.8 128.6 43.4 31.0 46.0 28.1 232.9 510.0 25.0 202.3 53.0 13.5 1941—Dec. 31 855.5 127.6 51.6 31.5 44.3 28.1 238.4 521.3 35.4 221.1 61.2 16.6 1942—Dec. 31 848.2 125.4 52.4 31.6 44.9 28.0 244.1 526.3 -3.0 245.4 61.5 18.0 1943—Dec. 31 925.9 127.6 50.6 33.0 44.7 27.9 246.6 530.3 41.2 272.3 62.2 19.9 1944_Dec. 31 L.019.4 126.5 51.0 33.6 44.5 27.6 246.9 530.1 104.9 302.0 61.3 21.0 1945—Dec. 31 972.8 117.7 51.2 33.0 45.2 27.5 249.2 523.8 49.1 317.1 60.8 22.0 1946—Apr. 30 1,076.1 110.8 51.2 33.2 45.1 27.3 249.6 517.2 147.8 328.8 60.C 22.5 May 31 1,104.2 110.9 51.1 33.3 44.9 27.3 249.8 517.3 169.8 334.4 59.5 22.9 June 30 1,103.9 109.7 51.0 33.2 45.0 27.3 250.5 516.7 166.2 338.1 59.8 23.0 July 31 1,125.3 107.3 50.9 33.1 44.9 27.3 258.4 521.9 179.7 341.0 59.7 23.0 Aug. 31 1,141.9 101.5 49.9 31.4 36.4 27.1 257.6 503.8 193.7 378.2 59.7 6.5 Sept. 30 ,170.7 100.4 49.9 30.3 37.4 27.1 258.2 503.4 200.2 390.3 59.4 17.4 Oct. 31 1,196.9 98.3 49.5 29.1 34.5 26.8 258.0 496.2 207.7 414.2 59.4 19.3 Nov. 30 1,231.5 95.0 49.1 27.5 31.0 26.7 257.2 486.5 226.4 439.9 59.5 19.3 Dec. 31 ,237.9 96.8 50.2 26.0 31.2 26.7 260.2 491.2 236.6 448.4 61.1 .7 1947—-Jan. 31 ,308.2 98.1 50.0 24.7 31.5 27.0 261.8 493.0 290.0 453.2 61.0 10.9 Feb. 28 1,229.8 101.3 49.9 23.6 31.8 26.8 264.6 497.9 218.9 457.6 61.1 -5.7 Mar. 31 1,282.6 101.4 50.1 22.8 30.9 26.8 265.1 497.1 253.7 464.4 61.1 6.4 TABLE 6. -DOMESTIC SECURITIES: INFLOW OF FOREIGN FUNDS, BY COUNTRIES (Net Purchases by Foreigners of U. S. Securities) From Jan. 2, 1935, through— Total U K d n i o i n t m g ed - France N la e e n r t d - h s - S l w a e n r i - t d z- Italy E O ur th o e p r er E T u o ro ta p l e C a a d n a - A L m a e t r i i n ca Asia1 ot A h l e l r1 1935—Dec (jan if 1936) 316.7 149.8 23.4 50.5 55.1 — .1 7 6 286.2 2.8 3.7 21.4 2 6 1936—Dec. 30 917.4 367.7 64.7 157.6 200.2 -3.3 31 1 818.0 32.6 15.5 44.1 7.1 1937—Dec 29 1,162.0 448.7 70.3 213.8 275.3 -4.9 38.3 1,041.6 37.6 18.2 54.7 9.8 1938—Dec. (Jan. 4, 1939) 1,219.7 472.6 76.9 212.1 304.1 -5.5 33.9 1,094.1 25.7 23.7 65.2 11.1 1939—Dec. (Jan. 3, 1940) 1,133.7 328.1 76.6 227.7 344.7 -4.9 32.2 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 2.7 35.8 851.3 -18.4 25.6 17.6 12.6 1941—Dec. 31 626.7 -70.1 74.9 236.7 336.4 -.1 37.1 615.0 -44.7 28.1 17.5 10.9 1942—Dec. 31 673.3 —77.6 80.5 236.9 360.5 — .1 44 4 644 7 -45.1 35.2 27 7 10 9 1943—Dec. 31 701.1 -100.3 82.7 239.9 367.3 .6 55.4 645.7 -58.2 40.5 62.5 10.6 1944—Dec 31 911.8 -125.4 77.3 239.0 368.5 1.9 72.4 633.7 -28.1 54.9 240.5 10.7 1945—Dec 31 798.7 -157.9 81.7 233.5 355.4 2.2 68.0 582.9 -126.6 81.3 251.3 9.9 1946—Apr. 30 630.7 -173.0 74.0 225.8 345.2 2.0 61.4 535.4 -83.9 102.7 67.7 8.9 May 31 619.7 -176.7 71.1 225.2 342.8 2.1 59.3 524.0 -66.3 89.7 63.8 8.5 June 30 615.0 -179.0 73.3 224.0 342.3 1.8 58.4 520.9 -66.8 90.3 62.1 8.4 July 31 506.1 -186.2 73.4 223.6 342.1 1.7 55 2 509 8 — 147 7 86.1 49 7 8 3 Aug 31 492.2 -186.7 73.0 222.9 335.6 1.6 56.3 502.8 -150.3 87.5 43.4 8.8 Sept 30 478.3 -189.7 77.6 220.1 335.8 1.7 56.0 501.6 -153.9 91.5 30.5 8.6 Oct 31 ... 472.1 -193.4 81.6 216.8 334 7 1.6 56 0 497 2 -155 7 93.4 29 7 7 5 Nov. 30 454.4 -194.9 74.3 213.6 336.3 2.0 55.4 486.7 -158.2 94.1 25.0 6.9 Dec 31 464 5 -194 9 74.9 207.0 337 9 2 1 57 3 484 3 — 143 0 87.6 26 8 8 8 1947—jan 3i 464.4 -196 2 73.0 199.4 338 4 3.0 56 6 474 2 -137 1 84.9 33 4 9 1 Feb. 28 439.7 -197.5 71.4 194.4 338.7 -7.0 55.3 455.2 -141.9 86.2 32.1 8.0 Mar. 31 414.3 -197.9 71.2 188.0 338.4 -15.5 47.8 432.0 -144.6 88.2 30.6 8.1 TABLE 7.—INFLOW IN BROKERAGE BALANCES, BY COUNTRIES (The Net Effect of Increases in Foreign Brokerage Balances in U. S. and of Decreases in Balances Held by Brokers and Dealers in U. S. with Brokers and Dealers Abroad) United Neth- Switz- From Jan. 2, 1935, through— Total K d i o n m g- France la e n r d - s la e n r- d Italy E O ur t o h p e e r 7" E T u o ro ta p l e C a a d n a - A L m a e t r i i n ca Asia1 ot A he ll r* 1935—Dec. (Jan. 1, 1936) 6.0 2.4 1.3 2.5 .1 1.3 7.6 -4.5 1.0 2.9 -.9 1936—Dec. 30 12.9 4.0 10.4 -.9 9.1 .3 — 3 22.6 — 7.6 —4 2 2 1 1937—Dec 29 47.5 11.5 11.5 5.0 10.8 .1 5.0 44.0 3.5 -.5 .5 1938—Dec. (Jan. 4, 1939) 47.6 13.4 12.9 6.8 9.6 .2 5.0 47.9 1.8 -.9 -1.5 .3 1939—Dec. (Jan. 3, 1940) 80.6 19.4 20.1 9.3 17.8 .1 4.9 71.6 8.7 1.6 -3.4 1940—Dec. (Jan. 1, 1941) 100.9 17.0 19.9 13.4 16.2 .2 7.7 74.3 10.7 9.2 6.0 '.7 1941—Dec 31 100.9 16.8 19.9 17.6 13.5 .2 7.7 75.7 14.1 3.9 6.3 .8 1942—Dec 31. 104.4 17.4 20.7 17.5 13.7 .2 8.5 78.1 15.2 4.2 6.0 .9 1943—Dec. 31 117.8 18.8 21.5 19.9 19.3 .3 9 2 89 1 17.6 3 8 6 0 1 3 1944—Dec. 31 126.3 18.5 23.1 22.3 23.0 .3 10.4 97.7 16.2 5.1 5 6 1 8 1945—Dec 31 144.1 19.8 23.4 26.0 30.3 .4 13.6 113.6 19.5 5.9 3.8 1.3 1946—Apr 30 .... 141.7 19.2 24.3 15.7 32.0 .5 13.1 104.8 19.4 11.3 4.8 1.3 May 31 140.9 19.1 24.2 16.0 32.2 .5 12.9 105 0 19.6 10 9 4 1 1 4 June 30 141.4 19.3 24.3 15.9 33.4 .5 12.9 106.3 18.5 10.2 4 8 1 5 July 31 140.9 18.9 24.4 16.1 33.8 .5 13.2 107.0 19.8 8.5 3.9 1.7 Aug 31 146.8 19.2 23.7 15.8 35.9 .5 13.7 108 9 19.1 12 9 4 4 1 6 Sept 30 150.4 18.6 22.1 15.7 36.9 .3 14 0 107 5 19.2 18.3 3 7 1 6 Oct. 31 153.1 19.2 22.4 16.3 37.9 .5 14.1 110.4 20.1 17.1 4 0 1 5 Nov 30 154 7 19.2 22.0 16 1 38.6 .5 14 8 111 2 21 5 15 3 5 0 1 8 Dec 31 153.7 19.2 20.5 17.5 39.6 .4 14.7 112.0 21.5 13 4 4 8 2 0 1947—jan. 31 150.4 19.2 20.1 17.3 39.5 .4 14.1 110 8 22.1 10 3 5 3 1 9 Feb. 28 156.6 19.8 20.0 14.9 39.9 .4 14.0 109.0 21.7 18.0 5.2 2.8 Mar 31 4154.5 17.7 20.4 16.3 41.5 .4 13.8 110.0 20.0 16.3 5.5 2.8 r Revised to include Germany. 2 1 I P n r f i l o o r w t o le J ss a n th . a 3 n , 1 $ 9 5 4 0 0 ,0 t 0 th 0 e . figures u « n d O e u r t f A lo s w ia l r e e s p s r e th se a n n t $ F 5 a 0 r , 0 E 00 as . t only, the remaining Asiatic countries being included under "All other." 4 Amounts outstanding Mar. 31 (in millions of dollars): foreign brokerage balances in United States, 111.9; United States brokerage balances abroad, 34.2. AUGUST 1947 1051 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued SHORT-TERM FOREIGN LIABILITIES AND ASSETS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES [In millions of dollars] LIABILITIES Total foreign In- countries1 terna- United Neth- Switz- Date t i i n o s n t a i- l Of a f n ic d ial Official K d i o n m g- France la e n r d - s la e n r- d Italy E O u t r h o e p r e E T u o ro ta p l e C a a d n a - A L m a e t r i i n ca Asia' ot A he ll r2 tutions private £934—Dec 3 669 .7 92 4 76.9 33.9 12.9 13.7 18.8 76.7 232.9 99.3 122 8 202.8 12.0 1935—Dec 3 I 301 1 130 3 205.5 163.5 68.6 86.1 26.1 136.5 686.3 145 3 156 3 289.8 23.4 1936—Dec. 30. 1.623.3 232 5 235.7 176.3 78.8 123.5 41.7 158.3 814.3 186.1 263.9 331.9 27. 1 1937—Dec. 29 1 893.1 427 1 261.5 143.9 89.1 302.1 25.7 194.9 1,017.1 175.6 280.9 399.5 20.0 1938—Dec 3 2.157 8 473 8 436.1 187.4 101.8 218.8 20.4 273.3 1,237.8 201.8 248.5 435.5 34.1 1939—Dec3 ?.221.3 781 0 448.2 288.2 204.9 376.3 38.5 526.4 1,882.6 274.6 336.0 655.7 72.5 1 19 9 4 4 1 0 — — D D eecc . 3 M 5 J, , 6 9 7 3 8 8 . . 5 2 1 1 , , 3 4 1 1 4 8.9 9 3 4 6 0 5 0 . . 5 8 4 4 9 4 0 8 . . 1 6 1 17 7 4 4 . . 9 3 5 3 0 39 8 . . 9 4 1 1 7 5 . . 9 4 6 6 1 5 4 7 . . 6 3 2 1 , , 2 9 1 9 3 4 .0 5 4 3 3 7 4 3 .2 3 4 4 4 1 7 7 .7 3 7 78 6 0 9 . . 0 9 1 7 1 3 3 . . 3 6 1942—Dec. 31 4,205.4 2,244 4 554.6 432.3 186.6 184.2 12.1 650.9 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 11.3 728.6 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 27.3 774.5 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 70.4 909.1 2,583.0 1,522.2 t,046.4 1,549.7 181.8 1946—Apr. 30.... 68.4 6,814.7 4,006 5 553.4 305.8 294.9 324.4 123 4 900.6 2,502.5 1,344.1 1,077.7 1,699.3 191.0 May 31... 65.4 6,589.3 3,784 5 434.4 319.7 268.4 323.2 130.5 917.1 2,393.2 1,248.2 I,108.1 1,655.7 184.1 June 30.... 210.8 6,401.2 3,562 3 335.1 286.0 256.1 332.5 137 0 910.8 2,257.4 1,263.8 1,151.3 1,541.4 187.4 July 31 219.9 6,688.3 3,897 0 661.1 275.2 234.1 336.7 165.5 881.7 2,554.4 1,284.3 1,174.4 1,487.5 187.8 Aug. 31 300.3 6,467.5 3,627.6 525.3 250.8 227.1 359.0 174.3 854.5 2,391.0 1,219.6 1,226.6 1,437.5 192.9 Sept.30 269.0 6,420.3 3,544 7 570.3 275.5 239.0 351.1 178.9 842.7 2,457.4 1,177.5 1,180.7 1,396.4 208.1 Oct. 31... 284.4 46,395.1 3,487 2 638.1 284.6 215.7 4359.1 188.9 851.9 42,538.3 1,103.3 1,180.5 1,359.3 213 7 Nov. 30 461.4 6,229.6 3,243.0 546.8 261.4 202.4 366.8 205.5 856.4 2,439.3 I,045.3 1,150.8 1,364.5 229.7 Dec. 31... 473.7 6,006.5 3,043 9 458.9 245.9 224.9 372.6 267.9 850.5 2,420.7 5931.8 1,104.8 1,316.4 232.8 1947—Tan% 31 468.9 6,004.8 3,096.3 484.4 237.2 212.2 377.2 321.0 864.3 2.496.2 855.9 1,131.8 1,263.5 257.3 Feb. 28. . .. 2,725.6 5,674.9 2,686 5 443.3 209.1 214.4 384.1 247.4 836.3 2,334.6 816.2 1,102.6 1,194.2 227 5 Mar. 31 2,726.9 5,469.0 2,405 7 373.6 226.4 183.3 392.2 218.5 882.4 2,276.3 701 .7I,077.6 ,193 1 220 3 LIABILITIES—SUPPLEMENTARY DATA Other Europe Date E O ur t o h p er e1 g B iu el m - m De a n rk - l F a i n n d - Ger- Greece6 L b u o x u e r m g6 - N w o ay r- Po ga rt 1 u « - m R an u i - a6 Spain6 SwedenI'SSR. s Y la u v J i O a6 - ot A h l e l r 1939—Dec*. . 526.4 159.2 28.1 21.4 9.5 56 3 142 2 109.8 1940—Dec.3 657.3 144.8 17.3 16.5 6.7 48 7 235.4 187.9 1941—Dec. 31. 614.6 117.3 18.1 5.7 6.6 65 2 210 7 191 .0 1942—Dec. 31 . 650.9 121 .8 17.7 7.9 7.5 39.3 18.3 132 4 35.7 9.4 17.5 153 5 14.3' 17 7 57.9 1943—Dec. 31. 728.6 122.9 13.9 7.7 6.5 43.5 18.4 158 9 53.4 9.3 31 .8 163.2 12.3 9 9 76.9 1944—Dec. 31. 774.5 124.3 14.8 7.1 6.8 48.7 18.6 220 8 54.5 9.5 43.4 152 1 16. 1 5. 7 52. 1 1945—Dec. 31. 909.1 185.0 25.9 5.5 7.0 70.8 22.3 216 1 47.9 9.3 31.7 210.1 28.0 5. 7 43.7 1946—Aor. 30. 900.6 176.4 47.4 10.1 6.6 76.7 22.0 159 3 49. 7 10.0 36.2 200 0 44. 9 7 7 53.6 May 31. 917.1 177.8 48.6 11.9 6.5 75.5 22.1 161 6 49.5 10.2 35.5 196.0 57.4 7.3 57.4 June 30. 910.8 175.7 49.7 11.2 6.4 72.3 22.6 161 1 48 6 10.0 32.3 191.7 59.5 7.4 62.3 July 31. 881.7 169.0 50.4 11.9 6.4 64.1 I 22.9 148 9 47 6 10.9 20.7 204.4 50. 2 8.3 65.9 Aug. 31. 854.5 160.1 52.1 13.1 6.5 60.1 22.8 142 3 50.2 8.5 18.2 196.3 47.9 8.7 67.7 Sept. 30. 842.7 158.7 56.8 13.6 6.4 64.4 21 7 140 8 49. 1 8_ 7 18.9 183.1 37. 5 8.5 74.7 Oct. 31. 851.9 177.0 54.9 17.0 6.8 58.4 21 .6 136 0 48 8 8.7 20.2 159.9 46.4 8.4 87.8 Nov. 30. 856.4 186.0 57.0 18.6 7.3 55.5 21.8 123 1 43.5 9.0 15.3 165.4 53. 2 10.4 90.3 Dec. 31. 850.5 159.5 66.5 22.2 7.1 49.3 22.6 123 5 39.0 8.9 16.4 172.6 60. 5 12.4 89.9 1947—Jan. 31 . 864.3 165.3 73.3 21.6 5.3 43.7 22.5 117 4 45.4 8.9 19.8 164 2 60. 4 12.9 103.4 Feb. 28. 836.3 149.3 68.3 28.9 5.5 43.0 22.5 106 8 44 0 8.9 20.0 159.1 58. 5 13.9 107.8 Mar. 31. 882.4 178.8 62.5 31.3 6.9 39.7 22.9 105 3 54.2 12.2 18.8 165 .2 58.5 14. 7 111.4 Latin America Neth- French erte A L i m a c t a e in r- A t r i g n e a n- li B v o ia - 7 Brazil Chile l b C o i m o a - 7 - C R o ic s a ta 7 CulDa I W n a d n e i d s e t s M ic e o x- I l W n a d n e i d s e s t s P m an a a 8 - Peru7 V zu e e n l e a - 7 O A La m th ti e e n r r - Gui- and ica ana7 Surinam7 1939—Dec.3 336.0 57.7 36.4 26.8 37.0 58 g 34 0 85 3 1940—Dec* 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 S 37. 7 42 1 121 .8 1942—Dec. 31. .. 597.7 67.6 10^8 67.7 34.5 ' '43.'4' 12*4 100.3 4.9 95. 7 20^7 36 9 17^7 20.9 64 2 1943—Dec. 31. .. 693.7 69.8 12.6 98.7 54.0 67.1 12.2 70.4 2.6 70.4 41.2 57 6 17.4 24.2 95.4 1944—Dec. 31. . . 909.3 93.9 17.7 140.8 55.0 83.6 7.4 139.3 4.4 83. 1 36.0 69 1 27.7 31.5 119.8 1945—Dec. 31. . .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—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 June30. .. 1,151.3 116.6 10.7 218.8 59.3 66.3 6.7 169.6 7.0 137.1 16.7 87 1 40.6 46.1 168 6 July 31. .. 1,174.4 124.4 12.3 231.1 62.1 75.2 6.8 167.0 7.6 135.3 14.7 84 8 39.2 42.3 171.5 Aug. 31. .. 1,226.6 147.9 11.5 255.9 53.9 67.4 6.5 175.6 7.4 143.1 14.1 84 3 38.8 50.9 169.4 Sept.30. .. 1,180.7 144.5 13.5 231.0 51.2 65.2 6.7 160.6 7.8 142.2 13.7 85 4 39.1 52.5 167.3 Oct. 31. .. 1,180.5 147.9 14.3 223.5 49.8 61.5 7.1 158.0 6.7 133 2 13.6 84 6 43.8 68.7 167.6 Nov.30. .. 1,150.8 131.4 13.6 205.6 50.5 60.7 8.6 159.1 6.0 143.2 13.5 84 1 40.7 67.3 166.7 Dec. 31. . . 1,104.8 112.6 14.0 174.0 50.7 57.8 7.7 153.5 5.4 152.2 16.1 77 2 40.9 74.0 168.7 1947—Jan. 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 Mar.31. . .1,077.6 181.4 12.8 127.6 51.0 51.9 8.5 150.8 4.0 139.1 10.5 73 2 34.0 46.7 186.1 For footnotes see p. 1053. 1052 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 h r h n i a i u a d n n - a - F C I r n h e d i n n o c a - h 1 H K o o n n g g I C B n a l m o n d e u n a y i d r a , 1 - - , M l B t a is r y a i h - a - 1 Japan I N l n E a e d e n a r i t s d - e h t s s - 1 i l P p a I h p n s i i - d l n - 3 eT k u ey r- 1 O A t s h i e a r oth A e l r l 2 r A t l u r ia a s- - N Z la e e n a w d -A S E E t a u n i g g n a 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 o n u r f i i t o c h a n Other •• 1939—Dec3 655.7167.0 71.4 165.4 193.4 58.5 72.5 1940—Dec.s 769.9207.5 91.1 110.3 198.6 162.4 73.3 1941—Dec. 31 780.0156.8 61.6 69.9 226.8 264.9 113.6 1942—Dec. 31 930.0360.9 "27*. 4 41.6 13*.i "i'.o 4.8 i60.4 254.729.9 36. 2 149.6 23. i 4.8 "*6 8 "ii'.i ii 6 91.8 1943—Dec. 31 1,108 8574.2 27.4 23.9 18. .9 4.1 110.1 259.135.4 55. s 175.3 25.3 ,S1 6 1 10 3 4 5 124!l 1944— Dec. 31 1,069.2427.3 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 1,549.6582.3 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—Apr. 30 1,699.3717.0 38.0 36.4 34. 6 1.6 3.7 102.1 617.066.9 81.9 191.0 26.6 3.8 17 9 11.3 8 9 122.5 May 31 1,655.7695.4 39.0 35.4 37. 6 1.4 3.7 103.6 580.272.0 87.4 184.1 23.8 4.8 16 8 12.4 11 3 115.0 June 30 1,541.4657.0 43.6 37.8 36. 1 1.6 3.5 100.2 505.569.3 86. 8 187.4 24.4 7.5 17 7 11.2 12 8 113.7 July 31 1,487.5611.9 47.2 33.2 33.2 2.2 9.2 114.3 482.464.5 89. 5 187.8 28.7 6.4 17 7 11.5 10 1 113.4 Aug. 31 1,437.5561.8 55.0 34.1 28.3 10.3 13.4 120.1 466.962.9 84. 6 192.9 33.6 5.2 19 0 11.6 13 4 110.1 Sept.30 1,396.4525.3 42.9 37.9 35.8 9.3 9.5 128.9 465.261.0 80. 6 208.1 39.9 5.5 20 2 13.4 24 5 104.5 Oct. 31 1,359.3490.1 37.7 35.6 33. 3 9.5 14.1 133.4 466.658.6 80. 5 213.7 41.1 5.5 21 8 13.3 29 4 102.5 Nov.30 1,364.5456.5 36.2 46.1 40. 1 17.2 14.1 134.5 466.364.3 89. 2 229.7 35.1 5. 7 22 3 14.5 52 2 99.8 Dec. 31 1,316.4431.9 39.9 44.9 43. 5 17.3 16.6 127.1 446.654.7 93.8 232.8 45.5 8.0 20 8 14.9 47 2 96.4 1947—Jan. 31 1,263.5398.7 42.1 39.2 42. 5 8.8 17.2 117.4 448.360.8 88. 5 257.3 40.9 8.2 19 8 16.0 82 5 89.9 Feb. 28 1,194.2359.7 36.0 40.8 44. 2 7.1 17.7 116.6 430.556.5 85. 1 227.5 59.4 8.3 18 4 16.9 33.9 90.7 Mar. 31.... 1,193.1343.2 39.1 38.9 40. 7 7.2 18.7 122.9 447.155.8 79.4 220.3 40.4 9.6 19 6 16.5 43 7 90.5 r Revised to exclude international institutions. 1 Prior to June 30, 1942, included under "Other Asia." 2 Country breakdown not available until June 30, 1942. » See footnote 3 below. Footnotes to table on p. 1052. r Revised to include Germany. 1 Country breakdown is for "Official and private." 2 Prior to Jan. 3, 1940, the figures under Asia represent Far East only, the remaining Asiatic countries being included under "All other." » Report dates for these years are as follows: 1934—Jan. 2, 1935; 1935—Jan. 1, 1936; 1938—Jan. 4, 1939; 1939—Jan. 3, 1940; and 1940— Jan. 1, 1941. 4 These figures are not strictly comparable with the corresponding figures for preceding months due to 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. 5 Official Canadian holdings of U. S. dollars on Dec. 31, 1946, amounted to 686.2 million dollars, according to the annual report of the Foreign Exchange Control Board of Canada for 1946. 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 i o i n t m g ed - France N la e e n r t d - h s - S l w a e n r i - t d z- Italy E O ur th o e p r er E T u o r t o a p l e C a a d n a - A L i m 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 27. 2 311.8 743 2 96.3 174.6 117.4 8.5 1935—Dec. (Jan. 1, 1936) 778.6 88. 1 32.5 19.0 6.6 13.5 273.3 433 0 100.9 154.5 80.1 10 1 1936—Dec. 30 672.6 114.1 16.8 21.9 5.4 10.9 223.0 392 1 59.4 141.1 67.2 12 9 1937—Dec. 29 655.0 84 8 13.5 23 0 5. 5 20. 8 179.0 326.5 118.0 114.4 78.9 17 2 1938—Dec. (Jan. 4, 1939) 594.0 86 0 10.3 24 2 5.5 13.5 135.4 274 9 60.4 99.1 144.1 15 5 1939—Dec. (Jan. 3, 1940) 508.7 39 9 4.9 5 7 5. 2 11 8 104.7 172 2 39.7 113.3 174.1 9 3 1940—Dec. (Jan. 1, 1941) 384.0 23 0 4.2 9 1.5 2.0 69.5 101 0 36.0 122.7 117.8 6 4 1941—Dec. 31 367.8 20 9 1.8 1 1 2.6 1.5 60.5 88 4 33.6 148.3 87.9 9 7 1942—Dec. 31 246.7 12 6 1.3 5 1.5 4 56.3 72 6 34.3 99.7 35.3 4 8 1943—Dec. 31 257.9 19 9 1.1 4 3.0 4 52.9 77 6 37.8 112.2 26.3 3.9 1944—Dec. 31 329.7 25 9 1.4 3 1.3 3 78.3 107 5 28.1 131.0 51.4 11 7 1945—Dec. 31 392.8 25 4 1.1 36 3 2.9 74.6 140 7 53.3 158.9 29.9 9 9 1946—Apr. 30 434.3 31 6 .9 43 4 6.5 6 51.9 134 8 64.7 166 1 57.1 11 6 May 31 490.7 32 6 .9 118 5 8.0 r0 54.4 215 3 50.1 158.0 54.4 12 9 June 30 511.0 30 5 .9 119 4 6 5 2 4 61.6 221 2 53.6 164 7 56.2 15 3 July 31 561.4 75 8 3.4 119 6 6.7 4 3 67.0 276 8 42.2 170 4 57 1 14 8 Aug. 31 581.5 65 8 3.1 122 8 4. 7 8 8 63.8 269 0 43.6 185 3 68 0 15 6 Sept. 30 615.7 65 3 3.0 137 1 5.5 10. 7 73.4 294 9 50.3 182.6 72 7 15 Oct. 31 602.7 56 5 3.9 128 8 4 5 10 5 77.8 282 1 49.7 182 1 74.3 14 5 Nov. 30 642.6 55 9 4.1 138 8 6 3 12 9 80.8 298.8 52.9 200.2 75.0 15 8 Dec. 31 708.3 47 7 5.7 151 0 9 8 16 0 82.8 312 9 52.2 226.8 99.2 17 2 1947—Tan. 31 730.7 50 5 9.9 136 6 11 7 14 9 83.8 307 3 48.8 260 4 94 5 10 8 Feb. 28 754.6 39 4 13.0 153 7 12 2 17 7 83.9 319 8 43.0 279.6 85.0 27 1 Mar. 31 798.4 35 8 15.6 155 8 11 4 20 6 92.6 331.8 39.0 308.6 88.9 30 1 r Revised to include Germany. 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. 1053 AUGUST 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 D a en rk - l F a i n n d - m G a e n r- y Greece1 L b u o x u e r m g1 - N w o ay r- tu P g o a r- l1 m R an u i - a1 Spain1 S d w en e- USSR1 s Y la u v g i o a - 1 o A th ll er 1939—Dec.2. . 104.7 6.5 3.2 1.4 53.4 3.6 8.7 28.0 1940—Dec.2 69.5 1.5 .3 1.8 39.6 .9 1.0 24.5 1 1 1 1 9 9 9 9 4 4 4 4 3 2 1 4 — — — — D D D D e e e ec c c c # . . . 3 3 3 3 1 1 1 1 6 5 5 7 0 2 6 8 . . . 9 3 3 5 1 . . . * 7 7 8 i ( ( ( ( 3 3 3 3 ) ) ) ) 5 1 7 (3 . . . ) 6 9 6 3 3 3 3 4 3 3 4 ^ . . . 9 9 4 0 1. . . 1 6 6 . . . 1 1 1 35. . . 2 2 1 5 2 1 . . . 4 4 8 ( 8 3 ) 3 3 1 . . . 2 2 8 . . . 4 2 2 6 ( ( ( 3 3 3 ) ) ) I ( ( s) 3 3 ' ) ) 2 8 5 5 2 . . . . 0 1 4 1 1945—Dec. 31 74.6 .6 (3) (3) 33.9 .7 .1 31.6 .5 .1 1.6 .9 (3; (3) 4.7 1946—Apr. 30 51.9 4.6 1.1 .6 33.8 2.0 .1 .2 .4 .1 1.4 2.4 (3) (8) 5.0 May 31 54.4 5.0 .1 2.0 33.9 1.5 .1 1.2 .6 .1 2.1 3.0 (3) (3) 5.1 June 30 61.6 7.7 .1 4.4 33.9 1.1 .1 .3 .5 .1 2.9 5.6 (3) (3) 5.0 July 31 67.0 8.8 .2 4.3 33.9 1.6 .1 .6 .7 .1 4.2 7.6 (3> (3) 5.0 Aug. 31 63.8 9.1 .3 4.0 33.9 2.1 .1 .5 .7 (3) 3.3 5.5 (z> (3) 4.3 Sept. 30 73.4 6.9 .2 3.5 33.9 12.6 .1 .7 1.0 (3) 3.6 5.5 t3) (»> 5.5 Oct. 31 77.8 7.2 .4 4.3 33.9 12.6 .1 .7 1.3 (3) 7.2 4.1 (3) (s) 6.1 Nov. 30 80.8 7.7 .5 5.9 33.9 13.0 .1 2.1 .9 (3) 6.5 3.9 (») (3) 6.2 Dec. 31 82.8 7.5 .5 6.2 30.4 12.4 .1 3.3 1.0 7.2 4.9 (3) (3) 9.4 1947—Jan. 31. 83.8 7.1 .6 6.4 30.3 12.4 (3) 3.7 .9 (») 7.3 5.5 (3) (3) 9.5 Feb. 28 83.9 7.4 .4 6.1 30.4 12.5 .1 4.0 .9 (3) 6.2 5.6 (3) (3) 10.2 Mar. 31 92.6 8.0 .3 8.3 30.4 13.2 .1 4.2 1.0 4.2 3.8 6.0 (3) (3) 13.2 Latin America French Netherlands 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 - 4 Brazil Chile l b C o i m o a - 4 - C R o ic s a ta 4 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 5 - Peru* V zu e e n la e 4 - A O La m th ti e e n r r - Gui- Suri- ica ana4 nam4 1939—Dec2... 113.3 16.8 32.2 9.7 10.5 5.9 1.0 37.2 1940—Dec2... 122.7 11.9 33.1 13.4 11.7 6 1 2.1 44.4 1941—Dec. 31 148.3 16.8 38.0 14.9 11.3 7.6 2.4 57.3 1942—Dec. 31 99.7 6.9 "3.6 16.7 15.3 '20.7' ".'6' 8.3 .2 4.8 .3 2.1 * "2I8 '3.9' 14.2 1943—Dec 31 112.2 15.3 1.8 18.9 16.6 12.2 .7 20.1 (3) 11.2 .5 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 (3) 8.6 .3 .8 1.2 5.1 11.7 1945—Dec. 31 158.9 21.0 1.3 24.7 6.6 16.8 1.2 33.3 .1 11.0 .5 1.1 •1.9 6.1 33.4 1946—Apr. 30 166.1 26.8 2.9 31.9 7.0 20.0 1.4 22.9 .1 14.1 .4 1.1 3.6 7.4 26.6 May 31 158.0 20.4 2.0 30.9 6.7 21.2 1.2 27.6 .1 13.5 .5 1.1 3.8 7.7 21.2 June 30 164.7 20.4 3.1 28.4 8.0 23.2 1.5 29.3 (3) 15.0 .4 1.8 3.5 7.9 22.1 July 31 170.4 27.9 4.4 28.6 7.5 21.3 2.1 25.7 (3) 15.2 .5 1.6 3.4 8.1 24.0 Aug. 31 185.3 25.6 3.2 41.3 10.6 22.6 9.8 15.6 .2 17.2 .4 1.3 3.6 8.1 25.8 Sept. 30 182.6 21.4 2.6 37.2 14.5 23.8 1.7 21.1 (3) 22.0 .4 .9 3.0 7.0 27.0 Oct. 31 182.1 22.5 2.2 40.4 13.8 21.0 2.6 27.9 .5 17.6 .4 .9 2.7 4.8 24.9 Nov. 30 200.2 24.0 2.0 43.9 14.0 19.8 2.5 41.1 .1 20.6 .5 .8 2.7 6.6 21.7 Dec. 31 226.8 41.8 2.3 49.8 14.6 26.4 2.9 25.7 .2 25.5 .8 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 (3) 27.0 .9 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 .1 28.8 .8 1.7 6.5 15.6 27.9 Mar. 31 308.6 49.9 3.0 69.6 16.0 26.8 4.0 45.2 (3) 30.7 .8 2.2 7.0 19.6 33.9 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 d i n n o c a - h 6 H K o o n n g g I C B n l a m o d n e u n a y d i r , 6 a - - , l M t B a i y s r a i h a - - * Japan I N l n E a e d e n a r i t d s - e h t s s - 6 i l P p a I h n p 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 r7 A t l r u ia a s- Z N la e e n a w d - A S E E t a u i n g g n a d g y y d n a l p p o n t - F r r M o e c n o c c - o h S A U o f o n u r f i i t o c h n a Other 1939—Dec2. . 174.1 22.0 1.9 102.1 26.4 21.6 9.3 1940—Dec.2... 117.8 23.7 1.7 55.8 22.6 14.0 6.4 1941—Dec. 31 87.9 23.5 3.1 18.9 23.0 19.5 9.7 1942—Dec. 31 35.3 11.1 .9 2.2 .7 .5 1.6 14.4 1.8 •2.0 4.8 1.0 .7 1.7 1.2 1943—Dec. 31 26.3 1.7 1.0 2.0 .5 .5 1.7 13.9 3.2 1.8 3.9 .5 .2 2.4 .7 1944—Dec. 31 51.4 1 5 .9 22.3 .1 .5 1.5 13.8 1.8 8.8 11.7 .6 .2 9.7 1.0 1945—Dec. 31 29.9 1.0 .8 7.5 .1 .5 1.4 13.8 2.0 2.7 9.9 1.7 .7 4.7 2.5 1946—Apr. 30 57.1 25.6 1.5 7.2 .2 .3 1.4 16.1 .9 3.9 11.6 1.5 .6 6.7 2.6 May 31 54.4 22.6 . 2.0 6.6 .3 .3 1.4 16.7 .9 3.6 12.9 1.8 .6 7.8 2.5 June 30 56.2 23.9 2.0 7.4 .1 .3 1.4 16.7 .9 3.5 15.3 1.9 .6 8 3.9 July 31 57.1 19.0 2.2 9.4 1.7 .3 1.2 18.5 .9 3.9 14.8 2.9 1.1 8.0 2.5 Aug. 31 68.0 28.6 2.9 10.8 .1 .3 1.3 19.2 .9 3.9 15.6 2.9 1.2 8.1 3.0 Sept. 30 72.7 34.7 3.2 11.7 .2 .3 1.2 16.6 .9 3.9 15.1 3.3 1.2 7.7 2.5 Oct. 31 74.3 34.6 6.5 10.1 .2 .5 1.0 16.0 1.3 4.0 14.5 2.7 1.0 8.4 2.0 Nov. 30 75.0 40.8 4.0 9.1 .2 .2 .9 14.7 .9 4.2 15.8 3.1 .9 9.1 2.4 Dec. 31 99.2 53.9 5.9 12.0 .2 .2 1.0 20.2 1.4 4.4 17.2 3.4 1.1 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 1.2 10.5 3.4 F M e a b r . . 2 3 8 1 8 8 5 8 . . 0 9 3 41 6 . . 2 8 5 4 . . 1 1 1 1 2 4 . . 9 6 1. . 0 5 . . 2 2 1. . 4 9 2 2 3 0 . . 0 3 1.5 4 3. . 9 0 2 3 7 0 . . 1 1 6 6 . . 2 5 1 1 . . 3 5 () 1 1 4 6 . . 7 0 4 5 . . 5 5 1 Prior to June 30, 1942, included under "All other." r Revised to include Germany. 2 Report dates for these years are as follows: 1939-—Jan. 3, 1940; and 1940—Jan. 1, 1941. 3 Less than $50,000. * Prior to June 30, 1942, included under "Other Latin America.' 5 Included "Canal Zone" prior to June 30, 1942. 6 Prior to June 30, 1942, included under "Other Asia." 7 Country breakdown not available until June 30, 1942. 1054 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 (Figures in millions of Cash reserves Dis- circula- Deposits pounds sterling) Other counts Securi- tion' Other Gold1 assets2 Coin Notes a v n a d n c a e d s - ties Bankers' Public Other lia ti b e i s li- 1935—Dec. 25 200.1 260.0 .6 35.5 8.5 94.7 424.5 72.1 12.1 37.1 18.0 1936—Dec. 30 313.7 200.0 .6 46.3 17.5 155.6 467.4 150.6 12.1 39.2 18.0 1937—Dec. 29 326 A 220.0 41.1 9.2 135.5 505.3 120.6 11.4 36.6 18.0 1938—Dec. 28 326 A 230.0 51.7 28.5 90.7 504.7 101.0 15.9* 36.8 18.0 1939—Dec. 27 * .2 580.0 1.0 25.6 4.3 176.1 554.6 117.3 29.7 42.0 17.9 1940—Dec. 25 .2 6 630.0 .9 13.3 4.0 199.1 616.9 135.7 12.5 51.2 17.9 1941—Dec. 31 .2 5 780.0 .3 28.5 6.4 267.8 751.7 219.9 11.2 54.1 17.9 1942—Dec. 30 .2 8950.0 .9 26.8 3.5 267.9 923.4 223.4 9.0 48.8 17.9 1943—Dec. 29 .2 5 1,100.0 .9 11.6 2.5 307.9 1,088.7 234.3 10.3 60.4 17.9 1944—Dec. 27 .2 5 1,250.0 1.9 11.6 5.1 317.4 1,238.6 260.7 5.2 52.3 17.8 1945—Dec. 26 .2 « 1,400.0 .4 20.3 327.0 1,379.9 274.5 5.3 58.5 17.8 1946—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 Nov. 27 .2 1,400.0 1.1 34.2 25.3 333.9 1,366.0 310.1 10.1 56.3 17.9 Dec. 25 .2 s 1,450.0 1.3 22.1 13.6 327.6 1,428.2 278.9 10.3 57.3 18.1 1947—Jan. 29 .2 1,450.0 1.0 85.8 25.4 271.0 1,364.5 288.4 16.0 60.6 18.3 Feb. 26 .2 1,450.0 .9 74.7 16.0 294.6 1,375.6 285.2 22.4 60.1 18.4 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 June 25 .2 1,450.0 1.8 55.2 20.6 337.0 1,395.0 290.3 8.0 98.3 18.1 Assets Liabilities Bank of Canada Dominion and provincial government Deposits (Figures in millions of Sterling securities Canadian dollars) Gold and United Other Note Other States assets circulation" liabilities8 dollars Dominion 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—July 31. 1.8 1,276.6 541.8 31.4 1,117.9 532.5 69.1 90.1 42.1 Aug. 31. 1.7 1,257.7 530.8 44.1 1,127.4 521.1 69.1 79.7 37.1 Sept. 30. .7 1,259.1 523.9 38.3 1,147.5 511.3 27.4 87.8 48.0 Oct. 31. .9 1,301.5 521.5 40.1 1,156.9 538.6 36.6 85.2 46.7 Nov. 30. .9 1,283.8 605.0 40.9 1,161.1 579.5 63.9 79.4 46.8 Dec. 31. 1.0 1,197.4 708.2 42.1 1,186.2 565.5 60.5 93.8 42.7 1947—Jan. 31. 1.0 1,196.8 718.8 39.3 1,138.6 533.3 150.1 82.9 51.0 Feb. 28. 1.0 1,172.3 738.9 47.6 1,137.9 493.6 215.7 75.3 37.3 Mar. 31. 1.2 1,146.9 757.5 40.4 1,153.2 536.3 159.8 64.6 32.1 Apr. 30. 1.0 1,186.0 751.2 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 June 30. 4.0 1,063.7 716.0 40.4 1,152.6 474.4 105.6 36.9 1 Through February 1939, valued at legal parity of 85 shillings a fine ounce; thereafter at market price, which fluctuated until Sept. 6, 1939, when it was officially set at 168 shillings per fine ounce; the latter rate remained in effect until June 9, 1945, when it was raised to 172 shillings and three pence. 2 Securities and silver coin held as cover for fiduciary issue, the amount of which is also shown by this figure. 3 Notes issued less amounts held in banking department. 4 On Jan. 6, 1939, 200 million pounds sterling of gold (at legal parity) transferred from Bank to Exchange Equalization Account; on Mar. 1, 1939, about 5.5 million pounds (at current price) transferred from Exchange Account to Bank; on July 12, 1939, 20 million pounds transferred from Exchange Account to Bank; on Sept. 6, 1939, 279 million pounds transferred from Bank to Exchange Account. 5 Fiduciary issue increased by 50 million pounds on June 12, 1940, Apr. 30, Aug. 30, and Dec. 3, 1941, and Apr. 22 and July 28, 1942; by 70 million pounds on Dec. 2, 1942; and by 50 million pounds on Apr. 13, Oct. 6, and Dec. 8, 1943, Mar. 7, Aug. 2, and Dec. 6, 1944, May 8, July 3, and Dec. 10, 1945, and on Dec. 10, 1946. 6 Securities maturing in two years or less. 7 Includes notes held by the chartered banks, which constitute an important part of their reserves. 8 Beginning November 1944, includes a certain amount of sterling and United States dollars. 9 On May 1, 1940, gold transferred to Foreign Exchange Control Board in return for short-term Government securities (see BULLETIN for July 1940, pp. 677-678). NOTE.—F0r 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. AUGUST 1947 1055 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS—Continued Assets Liabilities Bank of France Domestic bills A G d o v v a er n n c m es e t n o t Deposits mill ( i F on ig s u o re f s f r i a n ncs) Gold* F ch o e a r x e n - i g g e n m O ar p k e e n t* Special4 Other c F u c o p o r a s t t o s i c o 1 - n Other* a O ss th et e s r 4 ci N r ti c o o u t n l e a- G m ov e e n r t n- C.A.R.6 Other l O ia t t i b h e i s e li r - 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 7.07S 1945—Dec. 27... 129,817 68 23,038 303 25,548 426,000 39,122 570,006 12,048 57,755 4,087 1946—June 27... 94,817 5 64,985 46,204 426,000 13,400 42,053 629,181 750 53,265 4.26S 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 7,215 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 May 29... 82,817 6 82,221 125 88,429 426,000 63,700 8103,846 775,053 745 66,745 4,599 1 Gold revalued on Dec 26, 1945, on basis of 134,027.90 francs per fine kilogram. For details on previous devaluations see BULLETIN for May 1940, pp. 406-407; January 1939, p. 29; September 1937, p. 853; and November 1936, pp. 878-880. * For explanation of this item, see BULLETIN for July 1940, p. 732. * By a series of Conventions between the Bank of France and the Treasury, dated from Aug. 25, 1940, through July 20, 1944, advances of 441,000 million francs were authorized to meet the costs of the German army of occupation. * 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. * Central Administration of the Reichskreditkassen. * In each of the weeks ending Apr. 20 and Aug. 3, 1939, 5,000 million francs of gold transferred from Exchange Stabilization Fund to Bank of France; in week ending Mar. 7, 1940, 30,000 million, in week ending Oct. 11, 1945, 10,000 million, in week ending Dec. 27, 1945, 53,000 million, and in week ending May 2, 1946, 35,000 million francs of gold transferred from Bank of France to Stabilization Fund. 7 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." F 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 602 563 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) June May Apr. June date of month) June May Apr. June Central Bank of the Argentine National Bank of Belgium Republic (millions of pesos): Loans to Government 48,624 49,338 49,253 48,062 Gold reported separately 2,449 2,654 1,232 Other loans and discounts 2,652 4,530 4,680 4,062 Other gold and foreign exchange. 2,261 2,270 4,641 Claim against Bank of Issue 64,597 64,597 64,597 64,597 Government securities 958 9S8 871 ,244 2,250 ,320 i 103 Temporary advances to Govt.. . 36 76 73 Note circulation .... 75,380 75,446 75,996 72,505 Rediscounts and loans to banks1 10,408 10 001 6,311 4,809 4,811 4,567 166 Other assets 2 ,305 ,265 588 Blocked accounts * .... 78 891 79 099 79 212 7S 131 Currency circulations 4 306 /\ 210 3 437 Other liabilities 1 658 1 626 1 597 450 Deposits—Member bank 336 604 1,221 Central Bank of Bolivia—Mone- Government 901 793 446 tary Dept. (millions of bolivianos): Nationalized l 12,085 11,850 8,314 Gold at home and abroad.... 922 919 Other 77 74 119 Foreign exchange 165 329 Certificates of participation in Loans and discounts 337 193 Government securities 2 Government securities 430 431 Other liabilities 712 69? 177 Other assets 14 9 Commonwealth Bank of Aus- Note circulation 1 671 1 625 tralia (thousands of pounds): Deposits . . . 185 249 Gold and foreign exchange 226,245 ??? 969 203,978 Other liabilities 12 6 Checks and bills of other banks . 2,590 2,959 2,723 National Bank of Bulgaria 5 Securities (incl. Government and Central Bank of Chile (millions Treasury bills) . 397,277 396,367411,313 of pesos): Other assets 11,997 13,238 16,231 Gold 239 239 383 Note circulation 200,680201,430 198,964 Gold contribution to Int'l. Fund. 43 43 Deposits of Trading Banks: Discounts for member banks 565 674 337 Special . • 279,784 284,084260,112 Loans to Government 1,258 1,268 697 Other 22,123 22,602 21,864 Other loans and discounts 1,096 985 890 Other liabilities 135,522 416153,305 Other assets 1,891 1,860 1 863 National Bank of Belgium Note circulation 3,729 ,787 065 (millions of francs): Deposits—Bank 632 641 537 Gold 28,163 27,998 ?7 79? 33,327 Other 200 156 206 12,644 10,255 10 516 4,101 Other liabilities 531 487 361 Net claim on Int'l. Fund 8 1,814 2,014 2,214 1 Government decree of Apr. 24, 1946, provided tor the guarantee of all deposits registered in the name of the Central Bank. J By decree of May 24, 1946, the Central Bank became responsible for all subsidiary money. * This figure represents the amount of the bank's subscription to the Fund less the bank's local currency liability to the Fund. Until such time as the Fund engages in operations in this currency, the "net claim" will equal the country's gold contribution. 4 Includes increment resulting from gold revaluation, notes forfeited to th" State, and frozen old notes and current accounts. 5 For last available report (January 1943) see BULLETIN for July 1943, p. 697. 1056 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS—Continued Central Bank 1947 1946 Central Bank 1946 (Figures as of last report (Figures as of last report date of month) June May Apr. June date of month) June May Apr. June Bank of the Republic of Colombia Bank of Finland (millions of (thousands of pesos): markkaa): Gold 62,589 61,025 70,929234, Gold 2 2 1 Foreign exchange 46,580 63,734 54,368 66, Foreign assets (net) 1,296 2,033 1,994 -111 Net claim on Int'l. Fund * 21,867 21,867 21,867 Clearings (net) -4,984 -5,882 -6,594 -8,162 Paid-in capital—Int'l. Bank.. . . 1,225 1,225 1,225 Loans and discounts 32,163 31,451 32,173 32,283 Loans and discounts 93,479 77,947 70,856 35,798 Securities 408 412 411 557 Government loans and securities 87,828 83,896 84,082 76 234 Other assets 1,023 798 794 447 Other assets 39,207 40,990 38,880 38 162 Note circulation 22,415 21,653 21,566 17,657 Note circulation !44,824238,660231,663208 749 Deposits 1 ,473 1,296 1 ,354 2,363 Deposits .73,751169,130169,537201 968 Other liabilities 6,020 5,864 5,860 4,995 Other liabilities 34,198 42,894 41,007 40 219 Bank of Greece (billions of drachmae); Na I t s i s G C o O F S L O D N u n o e e o o o t t e o t c h h r a a l n o m d t e d u e e l e n t e i r r r r a s I g p i c i n n B t n b a l t a i i d i t . r s e a u a n ' c e s s l ( b n t d . d u e x t i i k h o e t l c l B d s a i o p n h t i t a u o i s a o s i e n o n s c s f t s k n a i o o g t C n s u e I d n o n s t s t s o t 'l a f . F co R u l n o i d n c e a a s n - ) d : 4 3 6 7 1 1 0 3 4 3 6 2 3 1 1 , , , , , , , , , 3 0 8 0 8 2 2 4 4 2 0 0 4 4 9 5 8 3 1 1 5 2 2 0 4 8 0 5 4 3 7 1 1 4 9 0 1 6 1 6 4 1 , , , , , , , , , 0 3 5 5 3 2 1 7 3 4 2 0 4 7 3 9 3 5 1 1 8 6 6 6 6 9 8 , , , ^ , , , 9 8 4 0 0 7 8 6 7 4 6 8 3 6 4 5 3 5 9 8 8 8 Ba q n u k G A L O O G N D e t o o d o t t e o o z h h a l v l p t a f d d e e n e a o l r r s G e n s a c s i l c a n a i u t i ) r s e s a d : n c a s s — b d u e f — t i o t l e l d G O s a i r m G O t e i t i t o s i i e h o t o g a c v h s e n v n o l e e r a e u r r e r n n n x ( m t t m c s h e h o e n a n u t n t s g a e n d (n s e o t f ). 27,227 27 1, ,2 6 8 6 4 7 1 2 4 2 8 7 6 6 6 2 1 8 5 4 7 6 5 1 8 6 4 27 1 , , 6 6 2 8 7 4 1 2 5 0 8 7 2 5 1 7 1 7 7 2 2 9 9 8 4 6 7 1 1 , , 4 5 2 1 3 1 0 1 3 5 9 0 5 1 1 2 1 6 0 2 7 7 6 National Bank of Czechoslovakia Foreign exchange 22,811 23,651 23,988 (millions of koruny): Gold contribution to In'tl Fund 1,250 1,250 1,250 Gold and foreign exchange 2 . 4,732 4,689 4,627 Rediscounts and advances.... 1,508 1,530 Loans and discounts 4,097 4,062 3,520 Other assets 7,983 8,109 8,062 Other assets. . 124,20 124,254124,203 Circulation—Notes 29,417 29,643 29,937 Note circulation—Old 931 931 931 Coin 2,816 2,799 2,784 New 44,393 43,719 42,939 Deposits—Government 6,804 6,885 6,296 Deposits—Old 68,931 69,41 70,241 Banks 13,373 '14,072 13,461 New 9,674 9,936 9,463 Other liabilities 8,370 8,369 8,050 Other liabilities 9,108 9,008 8,77, National Bank of Hungary (mil- Na ( t m i G S O O N D F C L G o il e o o n l o t t e l o o e c h h i r a l p a t o v e a u d e e e n o l n t i r r r r s . g i s s i c B n t c i n a l i a i t i o g o r s e a s a n c f s e m s — n b a d u e x k i k c p l t c l G O d s a r c i e h t o t i o o n i o t i a s n e h o f u s n c v s e e n a n o g e D r r t t u e r i ) s n o e : n m n n t ( s n m e a e n a c t t ) c rk ount... 6 2 2 1 , , , , 0 3 2 7 4 1 1 8 8 3 8 5 3 0 8 7 4 1 9 0 8 5 3 1 7 5 7 6 2 6 2 3 1 , , , , 0 0 2 2 4 1 1 9 8 0 5 0 7 7 4 7 8 1 : 7 1 1 8 1 9 4 1 8 6 2 3 1 , , , , 1 3 0 2 5 1 0 8 5 6 0 7 5 7 7 7 1 0 6 3 3 1 8 2 6 5 , , , , 2 1 1 1 5 5 5 8 4 3 9 0 0 2 8 1 6 3 2 5 5 3 0 3 8 6 0 Re l r s i u o e p D O O G F N L D I n r s e s o v o o i t t o e s e s h h r e a u l m t o s e c d e e e n e ) f i B o r r a : s g c u n d — f a n l a i n o d i e r n s a t c r O e T s p k s b i u d e x a n r i t l e t c l e h o r t s a i p h ) t a e f t t : m i o a s i r e o I u n s s e n n i r g t n y d s e t — : ia O G (m o th v i e l e r l r i n o m ns e o n f t 1,4 3 3 3 3 7 1 6 8 4 4 3 6 4 6 1 8 0 0 6 3 9 9 6 7 , 3 3 3 6 3 1 4 5 4 1 6 3 7 7 0 1 0 4 6 8 9 5 3 8 1, 3 3 3 5 3 2 1 1 8 6 7 4 7 3 5 2 4 5 4 7 0 0 3 7 8 Central Bank of Ecuador Gold at home and abroad 444 444 444 (thousands of sucres) : Sterling securities 11,353 11,353 11,353 Gold 273,549273,199241, Indian Govt. securities.. 578 578 578 Foreign exchange (net) 3,150 9,451 39, Rupee coin 266 257 164 Net claim on Int'l. Fund * 16,877 16.877 Note circulation 12,270 12,398 12,378 Loans and discounts 212,573198,424223 Banking department: Other assets 130,732132,024 98 Notes of issue department 371 235 162 Note circulation 320,430314,851326 Balances abroad... . 4,663 4,769 5,626 Demand deposits 267,416269,529240 Treasury bills discounted. 32 34 2 Other liabilities 49,034 45,595 37 Loans to Government.... 13 11 National Bank of Eftypt (thou- Other assets 730 745 447 sands of pounds): Deposits 5,503 5,513 5,923 G F L B o o o r r i a l e t d n i i s s g h n a , n e d E x c g d h y i a s p n c t o g ia e u n n , t s and other 1 3 6 5 , , , 8 3 1 0 7 8 ? 6 7 1 6 2 6 .0 2 3 3 4 8 7 1 1 Ce o n f t G p ra o o l l u d B n O d a t s h n ) e k : r o li f a b Ir il e it l i a e n s d (thousands 2,646 2, 3 6 0 4 7 6 2, 2 6 8 4 0 6 2, 3 6 1 4 5 6 O N t o G h t e e o r v c a e ir s r c s n u e m t l s a e t n io t n securities 3 1 0 2 3 7 3 3 , , , 9 3 6 7 9 7 9 6 0 3 1 0 2 3 0 7 3 9 4 1 6 4 5 1 9 8 Bank S N t o o er t f e l i I n c t g i a r l c f y u u n l ( a d m t s io il n lions of lire): 3 4 7 0 , , 6 2 2 7 5 1 3 4 7 0 , , 8 5 8 2 2 8 3 4 7 0, , 2 5 2 8 6 0 3 3 4 7, , 1 4 4 9 2 6 Deposits—Government 88,35' 82 666 Gold 523 526 Other 120,18 124 944 Foreign exchange 6,538 5,654 Other liabilities 14,49 12 301 Advances—Treasury 486,715459,924 Other Govt. agencies* 21,454 30,696 Central Reserve Bank of El Salva- Loans and discounts 68,648 18,349 dor (thousands of colones): Government securities 105,629 82,935 Gold 37,160 37,212 880 Other assets 31,605 25,294 N Fo e r t e i c g la n i m ex o ch n a I n n g t e ' l. ( n F e u t n ) d l 47 1 , , 6 5 0 6 2 3 48 1, , 5 7 6 8 , 213 A B l a l n ie k d o m f i I l t it a a ly ry n n o o te te s s 4 8 6 1 0 , , 0 4 1 0 5 43 9 0 4 0 , , 3 3 3 6 3 9 Loans and discounts 488 695 277 Deposits—Government 7,816 25,106 Government debt and securities 5,475 5,546 130 Demand 55,417 62,828 Other assets 1,69 1,546 901 Other 98,942130,404- Note circulation 52,128 53,806 ,889 Other liabilities 17,518 10,338 Deposits. 33,487. 33,106 369 Bank of Japan 3 Other liabilities 8,364 8,43 142 Bank of Java3 r Revised. c Corrected. 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. M. 1946. 3 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. AUGUST 1947 1057 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS—Continued Central Bank 1947 Central Bank 1947 1946 (Figures as of last report (Figures as of last report date of month) June May Apr. June date of month) June May Apr. June Bank of Mexico (millions of pesos): Bank of Spain—Continued Metallic reserve l 671 680 680 731 Other assets i ,079 3,012 2,429 "Authorized" holdings of securi- Note circulation !,553 22,482 19,034 ties, etc 1,580 ,636 1,620 ,759 Deposits—Government !,431 2,801 1,219 Bills and discounts 600 571 556 489 Other 1,912 2,883 3,361 Other assets '. 96 87 97 146 Other liabilities 986 554 486 Note circulation 1,687 ,686 1,674 ,698Bank of Sweden (millions of kronor) Demand liabilities 998 ,035 1,047 ,227 Gold 371 418 478 1,042 Other liabilities 263 254 231 201 Foreign assets (net) 238 279 384 1,098 Netherlands Bank (millions of Swedish Govt. securities and adguilders): vances to National Debt Office6 2,533 :,322 2,087 951 Gold 502 519 520 713 Other domestic bills and advances 126 118 106 44 Silver (including subsidiary coin) 2 1 2 1 Other assets 424 526 567 815 Foreign bills 357 312 269 ,572 Note circulation 2,618 ,556 2,608 2,495 Loans and discounts 174 155 155 164 Demand deposits—Government. 619 581 526 897 O G t o h v e t r . d as e s b e t t s and securities 3,6 1 0 3 0 0 ,6 1 0 1 0 0 3,6 1 0 0 0 4 'ioo Other liabilities Other 3 1 3 1 8 8 3 1 3 9 5 2 3 1 5 3 1 7 3 1 8 7 0 6 Note circulation—Old 126 126 137 276Swiss National Bank (millions of New 2,760 ,730 2,737 ,338 francs): Deposits—Government 866 935 790 ,604 Gold 5,055 ,037 5,039 4,786 Blocked 8. 103 103 160 Foreign exchange 120 138 147 183 Other 719 591 724 660 Loans and discounts 87 65 72 73 Other liabilities 209 212 161 513 Other assets 87 87 91 87 Reserve Bank of New Zealand Note circulation 3,954 ,908 3,918 3,617 (thousands of pounds): Other sight liabilities 1,073 ,179 1,185 1,212 Gold 2,802 2,802 Other liabilities 322 241 246 300 Sterling exchange reserve ,307 90,660 85,520 Cenitral Bank of the Republic of Advances to State or State un- Turkey (thousands of pounds): dertakings ,254 27,000 025 Gold7 579,794632,096 299,520 Investments ,868 3,868 016 Foreign exchange and foreign Other assets ,131 844 374 clearings 288 065294,249 67,926 Note circulation ,008 46,972 546 Loans and discounts 580 672560,065 669,434 Demand deposits ,601 73,527 604 Securities 179 869 177165,195 Other liabilities ,753 4,675 587 Other assets 28,012 030 83,938 Bank of Norway (millions of kroner): Note circulation 961 991 157820,703 Gold 339 339 Deposits—Gold 178 435 347 91,821 Foreign assets (net) 468 550 Other 290 503 322132,199 Loans and discounts 126 49 Other liabilities 225,484224,792 241,290 Securities 75 75 Bank of the Republic of Uruguay Occupation account (net) ,108 8,108 (thousands of pesos): (Mar.)2 Other assets 65 62 Gold 298,611309,341 Note circulation ,856 1,874 Silver 12,940 13,662 Deposits—Government ,158 4,318 Paid-in capital—Int'l. Bank 318 Banks 985 876 Advances to State and govern- Blocked 902 927 ment bodies 16,012 24,181 Other 341 341 Other loans and discounts 135,469 101,170 Other liabilities 940 848 Other assets , 381,169 333,228 Bank of Paraguay—Monetary Note circulation 224,268 186,432 Dept. (thousands of guaranies): Deposits—Government 37,099 42,743 Gold 1,870 ,870 1,870 404 Other 252,758 251,310 Foreign exchange 33,697 ,246 35,898 363 Other liabilities 330,395301,097 Loans and discounts 14,185 ,515 8,507 600Central Bank of Venezuela (thou- Government loans and securities 9,760 ,779 9,800 875 sands of bolivares): Other assets 2,717 ,713 2,959 579 Gold8 617,912617 912617,912 557,080 Note circulation 42,171 ,725 40,685 3£1 Foreign exchange (net) 38,633 670 40,133 31,446 Demand deposits 9,852 ,829 9,658 530 Other assets 66,537 62 296 58,250 20,431 Other liabilities 10,207 ,570 8,691 910 Note circulation—Central Bank. 493,461498 006 491,791400,655 Central Reserve Bank of Peru National banks. 5,390 5 726 6,350 7,959 (thousands of soles): (Mar.)2 Deposits 151,519141 120181,124 192,338 Gold and foreign exchange 78,111123,843 Other liabilities 72,711 36 025 37,029 !, 004 Net claim on Int'l. Fund3 20,491 National Bank of the Kingdom Contribution to Int'l. Bank 2,480 of Yugoslavia 4 Discounts 115,534 19 Bank for International Settle- Government loans 610,140640 ments9 (thousands of Swiss gold Other assets 82,650 11, francs): Note circulation 619,008519 Gold in bars 82,712 82,712 81,725 118,437 Deposits 201,250249, Cash on hand and on current Other liabilities 89,147 27, account with banks 13,774 ,943 14,650 11,544 Bank of Portugal * Sight funds at interest 497 496 496 141 National Bank of Rumania 4 Rediscountable bills and accept- South African Reserve Bank ances (at cost) 33,661 26,326 26,781 9,643 (thousands of pounds): Time funds at interest 14,058 13,368 10,170 3,178 Gold* ,610196,142257,014 Sundry bills and investments... 69,190 64,594 73,016306,371 Foreign bills ,316 8,788 31,173 Funds invested in Germany10. .. 291,160291,160291,160 Other bills and loans ,680 4,505 5,176 Other assets 2,504 2,503 2,534 36 Other assets ,769 13,601 8,241 Demand deposits (gold) 18,100 18,107 18,107 14,545 Note circulation ,216 63,241 66,384 Short-term deposits (various Deposits ,582153,955229,063 currencies): Other liabilities ,577 5,839 6,157 Central banks for own ac- Bank of Spain (millions of pesetas): count 10,280 6,699 3,580 Gold ,214 1,214 1,213 Other 3,372 1,414 1,556 Silver 522 522 585 Long-term deposits: Special ac- Government loans and securities 15,884 15,931 15,694 counts 228,909 228,909228,909 229,001 Other loans and discounts ,182 8,041 4,179 Other liabilities 246,894 246,402245,405 200,668 1 Includes gold, silver, and foreign exchange forming required reserve (25 per cent) against notes and other demand liabilities. 2 Latest month available. 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 For last available report from the central bank 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. 5 Gold revalued in June 1946 from approximately 85 to 172 shillings per fine ounce. 6 Includes small amount of non-Government bonds. 7 Gold revalued on Sept. 9, 1946, from 1,406.58 to 3,150.77 Turkish pounds per fine kilogram. 8 Beginning October 1944, a certain amount of gold formerly reported in the Bank's account shown separately for account of the Government. 9 See BULLETIN for December 1936, p. 1025. 10 Before March 1947, included in "Sundry bills and investments." 1058 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MONEY RATES IN FOREIGN COUNTRIES DISCOUNT RATES OF CENTRAL BANKS [Per cent per annum] Central bank of— ef D fec a t t i e ve U K d n i o i n m t g ed - France m G a e n r- y g B i e u l m - N la e e n r t - d h s - S d w en e- S l w a e n r i - d tz- ba C n e k n tr o a f— l R J 3 u a 1 l t y e ef D fec a t t i e ve ba C n e k n tr o a f— l R J 3 u a 1 l t y e ef D fe a ct t i e ve In effect Dec. 31, Albania 5K Mar. 21, 1940 Ireland 2K Nov. 23, 1943 1936 2 2 4 2 2 2M IK Argentina Mar. 1, 1936 Italy 4 Sept. 11, 1944 Jan. 28,1937... 4 3H 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 . . 4 Sept. 3 3H Nov. 13 May 10, 1938.. 4 Bulgaria 4K Aug. 14, 1946 Lithuania 6 July 15, 1939 M M a a y y 3 1 0 3 2K 3 C Ch an il a e da IK F D e e b c . . 1 8 6 , , 1 1 9 9 4 3 4 6 M Ne e t x h i e co rlands . 4 2 K K J Ju u n n e e 2 4 7 , , 1 1 9 9 4 4 1 2 S O e c p t. t . 2 2 8 7 3 *2K ...... C C o o s l t o a m R b i i c a a .. . . .. .. 3-4 4 J* J A u p ly r. 18 1 , , 1 1 9 9 3 3 3 9 N N e o w rw Z a e y aland. IK J Ju an ly . 2 9 6 , , 1 1 9 9 4 4 1 6 Nov. 25 2K Czechoslovakia 3 Oct. 28, 1945 Peru 2K Aug. 1. 1940 Jan. 4,1939 , . 2K Apr. 17 4 May 11 3 July 6 2K Denmark 3H Jan. 15, 1946 Portugal 2K Jan. 12, 1944 Aug. 24 " 4" June 8, 1943 Rumania.... 4 May 8, 1944 Aug. 29 3 El Salvador.. 4 Oct. 15, 1946 South Africa. 3 June 2, 1941 Sept. 28 3 Estonia 4K Oct. 1, 1935 Spain Dec. 1, 1938 Oct. 26* 2 Finland June 5, 1947 Sweden 2K Feb. 9, 1945 Dec. 15 . .. 3 Jan. 25, 1940... 2 Apr. 9 3K May 17 .... 3K IK Switzerland.. IK Nov. 26, 1936 M M a ay r. 2 1 9 7, 1941... IK 3 Germany & 3 2 K K J A a p n r . . 1 9 0 , , 1 1 9 9 4 4 7 0 T U u n r i k te e d y King- 4 July 1, 1938 June 27 2% 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 3 Nov. 28, 1935 Yugoslavia .. 1-4 Jan. 1, 1947 Feb. 9 Nov 7 1946 2K Dec. 19 3 NOTE.-—Changes since June 30: None Jan. 10, 1947 .. IK &2K In effect July 31, IK 1947 2 &2K 3K 3 1% 2% IK OPEN-MARKET RATES [Per cent per annum] United Kingdom Germany Netherlands1 Sweden Sw la it n z d er- Month Bankers' Treasury Day-to- Bankers' Private Day-to- Treasury Day-to- Loans Private acceptances bills day allowance discount day bills day up to 3 discount 3 months 3 months money on deposits rate money 3 months money months rate 1932—May 1.44 1.10 1.29 4.87 5.91 1.50 1933—May .50 .37 .58 3.88 5.24 1.50 1934—May .91 .85 .85 3.88 4.72 1.50 1935—May .59 .51 .75 3.09 3.17 2.39 1936—May .55 .54 .75 2.92 2.76 2.25 1937—May .55 .51 .75 2.88 2.69 1.00 1938—May .53 .51 .75 2.88 2.66 1.00 1939—May .73 .70 .75 2.77 2.46 1.00 1 May 1.03 1.02 1.00 2.38 1.98 1.41 1941—May 1.03 1.00 1.00 2.25 1.78 1.25 1942—May 1.03 1.00 1.03 2.13 1.71 1.25 1943—May 1.03 1.00 1.07 2.13 1.91 1.25 1944—May 1.03 1.00 1.13 2.13 1.90 1.25 1945—May 1.03 1.00 1.03 1.25 1946—May .53 .51 .63 1.27 .93 1.25 1946—June .53 .50 .63 1.42 1.00 1.25 July .53 .51 .63 1.52 1.31 1.25 Aug .53 .51 .63 1.41 1.18 1.25 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 .46 1.25 Mar .53 .51 .63 1.65 .19 1.25 Apr .53 .51 .63 1.59 11 1.25 May .53 .51 .63 1.45 1.08 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. AUGUST 1947 1059 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COMMERCIAL BANKS Assets Liabilities United Kingdom » ( b m 1 a 1 i n ll L k io o s s n . n t e s d r o o F li n f n i g g p c u ) l o r e u e a s n r i d i n n s g re C se a r s v h es M ca o n s l n h o l t e o a i y r c n t e a d t B co il u ls n t d e i d s- T r d e r e c e p e a o i s p u si t r t s y 2 Securities c L u o s a to n m s t e o rs O as t s h e e t r s Total D D e e p m o a s n it d s Time lia O b t i h li e t r ies 1030 December 274 174 334 609 1 015 290 2 441 1 398 1 041 256 1940—December 324 159 265 314 771 924 293 2,800 1,770 1,030 250 1941—December 366 141 171 758 999 823 324 3,329 2,168 1,161 253 1942—December 390 142 198 896 1.120 794 325 3,629 2,429 11,200 236 1943—December....... 422 151 133 1 307 1,154 761 349 4,032 2,712 1,319 245 1944—December 500 199 147 1 667 ,165 772 347 4,545 3,045 t,500 250 I945—December 536 252 369 1,523 1,234 827 374 4,850 3,262 1,588 265 1946—June 524 315 526 1,302 1.382 894 399 5,045 3,351 L.694 296 July 532 305 522 1,382 1,406 885 386 5,113 3,389 1,724 304 August 553 313 464 1,511 1,393 906 369 5,198 3,427 11,771 310 September. 553 280 405 1,671 1,393 930 379 5,302 3,502 11,800 308 October 557 312 472 1,629 1,403 944 390 5,397 3,563 L.833 310 November . 574 324 497 1,628 1,410 964 433 5,503 3,632 1,870 328 December ...... 499 432 610 1,560 L ,427 994 505 5,685 3,823 1,862 342 1947—January .. . 475 428 624 1,563 1,427 1,008 454 5,629 3,749 1,880 348 February . ... 463 421 659 1,436 1,439 1,015 451 5,519 3,603 1,916 364 March 466 444 750 1,317 1,455 1,034 465 5,556 3,606 1.950 374 April 476 435 709 1.346 L.461 1,064 470 5,583 3,628 1,956 376 May 460 430 659 1,350 1,470 1,099 489 5,571 3,593 1,978 386 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 si in ts g p i a n y te a r b b le a n i k n d C e a p n o a s d it a s End of month figures abroad Other Note Other Ca i n n a d m i i a l n li o d n o s l l o a f rs) re C se a r s v h es Se lo cu an ri s ty l d o i a O sc n t o s h u e a n r n t d s d a f u b o n e a r d e n f i r n k g o e s n m t Securities assets cir ti c o u n la- Total Demand Time liabilities I939—December 292 53 1,088 132 1,646 sn I*S 2,774 1,033 1,741 963 1940—December 323 40 1.108 159 1,531 570 IM> 2,805 1,163 1,641 846 1941—December 356 32 ,169 168 1,759 f>53 M 3,105 1,436 1,669 962 1942—December 387 31 ,168 231 2,293 557 (SO 3,657 1,984 1,673 1,049 I943—December . ... 471 48 ,156 250 2,940 744 *1? 4,395 2,447 1,948 1,172 1944—December 550 92 ,211 214 3,611 78? 14 5,137 2,714 2,423 1,289 1945—December 694 251 ,274 227 4,038 R69 l(x 5,941 3,076 2,865 1,386 1946—June 637 115 ,188 159 4,275 896 5,756 2,393 3,364 1,490 July 696 96 1,230 121 4,298 R76 M 5,887 2,476 3,411 1,407 665 98 1,249 128 4,336 R65 ?3 5,892 2,426 3,466 1,428 September .. 676 91 1,284 122 4,375 960 >f? 6,037 2,513 3,524 1,449 October 699 97 1,341 126 4,471 959 71 6,201 2,724 3,477 1,470 November . 730 117 1,476 128 4,496 931 >? 6,362 2,902 3,460 1,493 December 753 136 1,507 132 4,232 1 039 }\ 6,252 2,783 3,469 1,525 1947—January 689 134 1,481 134 4.369 960 M 6,233 2,700 3,533 L ,514 M Fe a b r r c u h ary 6 6 3 9 5 5 1 12 5 1 5 L 1. , 5 5 5 0 5 6 1 19 2 5 6 4 4, . 2 2 3 6 9 4 1 .0 99 6 3 6 •?)\1 6 6 , , 1 1 7 8 1 8 2 2 , , 5 5 8 6 5 9 3 3 , , 5 6 8 1 6 9 1 1 , . 5 5 5 9 8 0 April 719 97 1,628 142 4,349 1,035 >1 6,356 2,719 3,637 1,594 May 631 81 1,664 113 4,162 998 20 6,066 2,383 3,682 1,563 Assets Liabilities France (4 o f l a m rg o e n t b h a n fi k gu s. r es E i n n d Cash Due from Bills dis- Other Deposits Own Other millions of francs) reserves banks countedI assets Total Demand Time ances liabilities I939—December 4,599 3,765 29,546 7,546 2,440 4? 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 I943—December 8,548 4,095 90,897 14,191 2,935 112 732 111 191 1 541 428 7,506 I944—December 10,365 4,948 99,782 18,653 2,190 128,758 126,578 2,180 557 6,623 1945—December 14,602 13,804 155,025 36,166 7,360 213,908 211,871 2,037 2,898 10,151 1946—April 14,443 15,827 173,773 40,976 10,114 239 182 237,481 1.702 6,774 9,177 May 15,295 15,988 175,903 41,772 11,738 243 228 241,569 1,659 7,879 9,589 June 17,472 16,114 184,633 42,674 12,708 255,173 253,386 1,787 8,330 10,096 July 14,985 17,873 182,107 50,747 14,160 ?60 371 258,574 1,797 9,527 9,973 August 14,830 16,991 181,770 53,861 15,676 262,160 260,461 1,699 10,376 10,592 September 16,553 17,723 177,269 55,935 16,319 262,130 260,366 1,765 10,798 10,871 October 15,505 18,389 183,716 61,262 18,618 273,488 271,672 1,816 12,490 11 513 November 16,909 18,423 187,560 63,941 21,116 281 576 279,703 1,872 14,370 12,004 December 17,943 18,919 195,177 64,933 23,392 291 894 290.004 1,890 15,694 12,777 1947—January 17,267 20,241 195.75C 67,084 18,367 295 444 293,484 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 !March 19,471 20,677 203,451 66,744 20,724 305 583 303,742 1 841 16,380 9,103 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 1H per cent through Oct. 20, 1945, and at H 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. 1060 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 otforeign currency] Argentina Australia Brazil Canada Chile China Year or month (peso) (pound) g B iu el m - (cruzeiro1) g B a u r l i - a (dollar) (peso) S ( h y a u n a g n - Co b l i o a m- Official S E p x e p c o ia rt l Official Free (franc) Official Free (lev) Official Free Official Export hai) (peso) 1938 32.597 389.55 3.3788 5.8438 1.2424 99.419 5.1716 4.0000 21.360 55.953 1 1 9 9 3 4 9 0 3 2 0 9 . . 8 7 5 7 0 3 2322. 3 8 5 0 3.3 3 8 05.16 2 3 3 . . 3 3 7 7 0 6 4 0 6 6. . 0 0 5 0 6 2 2 7 5 5. . 0 1 2 2 1 4 4 8 21.2111 290.909 9 8 6 5 . . 0 1 1 4 8 1 5 5 . . 1 1 7 6 2 6 7 8 4 4 . . 0 0 0 0 0 0 0 0 1 6 1 . . 0 87 0 9 0 5 5 7 7 . . 0 0 6 8 1 5 1941 29.773 l23'. 704 322.80 321.27 6.0575 5.0705 90.909 87.345 25.1664 24.0000 25.313 57.004 1942 29.773 23.704 322.80 321.50 6.0584 5.1427 90.909 88.379 57.052 1943 29.773 24.732 322.80 s321.50 6.0586 5.1280 90.909 89.978 57.265 1944 . .. 29.773 25.125 322.80 6.0594 5.1469 90.909 89.853 57.272 1945 29.773 25.125 8322 808 37.1 1722 2860 6.0602 5.1802 90.909 90.485 57.014 1946 29.773 25.125 321.34 2.2829 26.0602 (4) 95.198 93.288 57.020 1946—July. .. 29.773 25.125 321.41 2.284756.0602 m 698.347 6 96.662 57.007 August 29.773 25.125 321.41 2.2847 5.3675 100.000 96.784 57.007 September. . . . 29 773 25.125 321.38 2.2803 5.4053 100.000 96.254 57.007 October 29.773 25.125 321.27 2.2798 5.4053 100.000 95.953 57.007 November. . . . 29.773 25.125 321.19 2.2797 5.4053 100.000 95.182 57.065 December. . . 29.773 25.125 321.07 2.2795 5.4053 100.000 95.444 57.140 1947—January 29.773 25.125 321.06 2.2790 5.4382 100.000 95.078 57 140 February 29.773 25.125 320.91 2.2797 5.4404 100.000 95.692 57.041 March 29.773 25.125 320.91 2.2822 5.4404 100.000 94.217 56 980 April 29.773 25.125 320.91 2.2836 5.4405 100.000 91.901 56 980 May 29.773 25.125 320.91 2.2831 5.4406 100.000 91.954 56.980 June 29.773 25.125 320.90 2.2832 5.4406 100.000 91.592 56 980 Year or month C s ( l k z o o e v r c a u h k n o a ia - ) ( m D kr e a o n r n k - e) ( l m F a k i a n a n r ) d - k- F (f r r a an n c c ) e ( m m G re a a i e c r n r k h - y ) s- G (d r m e ra a e c ) c h e - ( H K do o o l n n la g g r) ( H p g e a u n r n g y - S) ( I r n u d p i e a e) I ( t li a r l a y ) J ( a y p e a n n ) ( M p i e c e s o x o - ) e N ( r g l e e u a r t i n ) l h d d - - s (p l Z N o a e e u n a w n d - d) 1938 3.4674 21 825 2.1567 2.8781 40.164 .8958 30.457 19.727 36.592 5.2605 28.451 22.122 55.009 392.35 1939 23.4252 20,346 1.9948 2.5103 40.061 .8153 27.454 19.238 33.279 5.1959 25.963 19.303 53.335 354.82 1940 H9.308 1.871022.0827 40.021 s.6715 22.958 18.475 30.155 5.0407 23.436 18.546 253.128 306.38 1941 22.0101 239.968 224.592 219.770 30.137 25.0703 223.439 20.538 322.54 1942 30.122 20.569 322 78 1943 .. 30 122 20 577 324.20 1944 30.122 20.581 324.42 1945 21.9711 30 122 20.581 237.933 323.46 1946 22.0060 220.876 .8409 30 155 1 .4434 20.581 37.813 322.63 1946—July 2.0060 20.877 8409 30 182 20.587 37.789 322.70 August 2.0060 20.877 .8408 30 185 20.596 37.789 322.70 September.... 2.0060 20.877 .8408 30 170 20.578 37.789 322.67 October 2.0060 20.877 .8409 30.156 20.574 37.789 322.56 November.... 2.0060 20.877 .8408 30 155 20.583 37.789 322.48 December. 2.0060 20.869 .8407 30.152 20.584 37.789 322.36 1947—January 2.0060 20.867 8408 30.157 20.582 37.789 322.35 February 2.0060 20.866 .8408 30 153 20.574 37.789 322.20 March 2.0060 20.866 8408 30 153 20.574 37 788 322.20 April 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 June 2.0060 20.865 . 8407J. 30.163 20.576 37.751 322.18 United Year or month N (k o ro rw ne a ) y P (z o l l o a t n y d ) ( P es o g c r a u t d l u o - ) R ( u n le m i u a ) a- ( S A po o fr u u i n c th d a ) ( S pe p s a e i t n a) m S S (d e t e o r t l a n t l l a i t e t s r s - ) ( S k d r w e o n e n - a) ( e S f r r w l a a 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 co y o n n - - ( Y s d l u a in v g a i o r a - ) trolled trolled 1938 24.566 18.860 4.4267 .7325 484.16 5.600 56.917 25.197 22.871 488.94 64.370 2 3115 1939 23.226 218.835 4.0375 .7111 440.17 10.630 51.736 23.991 22.525 443 54. 62.011 236 7 8<;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 s9.130 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 40:L28 65.830 56.280 1946— July 20,161 4.0501 400.50 9.132 726.195 23.363 403.37 65.830 56.272 August 20 161 4 0501 400.50 9.132 27.819 23.363 403.36 65.830 56.272 September. . . 20.161 4 0501 400 50 9 132 27.820 23.363 403.32 65.830 56.271 October 20.161 4.0501 400.50 9.132 27.819 23.363 403.20 65.830 56.272 November. . . . 20.161 4.0501 400.50 9.132 27.821 23.363 403.09 65.830 56.272 December. . . 20.161 4.0501 400.50 9.132 27.821 23.363 402.94 65.830 56.272 1947—January 20.161 4.0501 400.63 9.132 27.822 23.363 402.93 65.830 56.264 February 20.161 4.0501 400.75 9.132 27.822 23.363 402,74 65.830 56.262 March 20.161 4.0412 400 75 9.132 27.822 23.363 402.73 65.830 56.262 April 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 June 20.160 "4.0275 400.75 9.132 27.826 23.363 402.72 65.830 56.262 1 Prior to Nov. 1, 1942, the official designation of the Brazilian currency unit was the "milreis." 2 Average of daily rates for that part of the year during which quotations were certified. • At the end of June 1945 official rates for the Australian and British pounds were abolished, and after this date quotations are buying rates in the New York market. The rates shown represent averages for the second half of 1945 and are comparable to those quoted before 1940. 4 The rate quoted after July 22, 1946, is not strictly comparable to the "free" rate shown before that date. The average for the "free" rate •for July 1 -19 is 5.1902, and for Jan. 1-July 19, 5.1860, while the average for the new rate for July 25-31 is 5.330, and for July 25-Dec. 31, 5.3955. 6 Based on quotations through July 19. Official rate abolished as of July 22. 8 On July 5, 1946, Canada reduced its official buying rate for one U. S. dollar from 1.10 to 1.00 Canadian dollar. 7 As of July 13, 1946, the Swedish Riksbank reduced its selling rate for one U. S. dollar from 4.20 to 3.60 kronor. NOTE.—For back figures, see Banking and Monetary Statistics, Table 173, pp. 662-682. For description of statistics see pp. 572-573 in same publication, and for further information concerning developments affecting the averages during 1942 and 1943, see BULLETIN for February 1943, p. 201, and February 1944, p. 209. AUGUST 1947 1061 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 (1 e 1 9 x 0 2 i 0 9 c ) o - K U i (1 n n 1 9 i 0 g 3 t 0 0 d e ) o d = m ( F 1 r 1 9 a 0 3 n 0 8 c ) e - ( I 1 1 t 9 0 a 2 0 l 8 ) y = ( J 1 1 a 9 0 3 p 0 3 a ) n = ( J J N u u e l n l t a e y h n 1 e d 1 s 9 r 9 - 3 3 9 8- S ( w 1 1 9 e 0 3 d 0 5 ) e = n ( S J w u = l i l a t y 1 n z 0 d 1 e 0 9 r ) - 14 = 100) 1926 100 100 1 124 106 132 150 1 126 144 1933 66 67 90 86 61 63 100 89 i 90 91 1934 75 72 95 88 58 62 99 90 i 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—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 1,948 264 190 219 141 112 313 180 842 2,063 266 192 219 1947—January 142 114 312 182 867 2,120 267 194 219 February 145 118 310 183 882 2 120 268 195 219 March . 150 120 305 184 850 2 144 269 196 220 April . . . 148 123 300 187 P847 2,617 P268 197 221 May 147 P125 299 189 P946 2,848 •P268 221 June 148 297 189 P904 P Preliminlaarryy.. 1 Approximnaattee ffiigguurree,, ddeerriivveedd ffrr<om old index (1913 = 100). Sources.-—-SSeeee BBUULLLLEETTIINN ffoorr J Juully; 1947, p. 934; January 1941, p. 84; April 1937, p. 372; March 1937, p. 276; and October 1935, p. 678. WHOLESALE PRICES—GROUPS OF COMMODITIES [Indexes for groups included in total index above] United States Canada United Kingdom Netherlands (1926=100) (1926=100) (1930=100) (July 1938-June 1939 = 100) Year or month pr F o a d r u m cts Foods co O m it t i m h e e s o r d- pr F od a u rm cts R fa m p g a c w a o a t r o u n t d r a l u e y s n - d d F f u a c m g l c h l o y t a i u o e n f d r a u l e s y n - d d Foods pr I o n tr d d i u u al c s- ts Foods t p r r I i o n a d d l u u s c r - t a s w p f I r in n o tr i d d s i u a u h l e s c - d ts 1926 , 100 100 100 100 100 100 1933 , 51 61 71 51 57 70 83 87 1934 , 65 71 78 59 64 73 85 90 1935 79 84 78 64 66 73 87 90 1936 81 82 80 69 71 74 92 96 1937 86 86 85 87 84 81 102 112 1938 , 69 74 82 74 73 78 97 104 1939 , 65 70 81 64 67 75 97 106 103 112 104 1940 68 71 83 68 75 82 133 138 121 163 126 1941 82 83 89 73 82 89 146 156 140 177 148 1942 , 106 100 96 85 90 92 158 160 157 175 154 1943. , 123 107 97 98 99 93 160 164 157 174 159 1944 123 105 99 107 104 94 158 170 159 179 163 1945 128 106 100 110 106 94 158 175 172 193 184 1946 149 131 110 112 109 99 158 184 200 282 268 1946—July 157 140 110 114 110 99 161 185 198 289 260 August 161 149 112 111 108 100 159 186 205 292 266 September 154 132 112 111 108 100 158 188 207 293 268 October.., 165 158 116 113 112 101 157 189 209 298 269 November 170 165 121 114 113 101 157 191 218 299 271 December. 168 160 125 114 113 102 156 193 217 308 272 1947—January,.. 165 156 128 114 115 104 157 196 218 313 273 February.. 170 162 129 116 119 107 158 197 218 312 274 March 183 168 131 116 124 108 158 198 220 312 274 April 177 162 132 117 126 112 163 200 P215 P316 P274 May 176 160 132 P118 P128 P113 165 203 P206 P321 P275 June 178 162 132 P119 166 202 p Preliminary. Sources.—See BULLETIN for July 1947, p. 934; May 1942, p. 451; March 1935, p. 180; and March 1931, p. 159. 1062 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- France Nether- er- United Can- King- France Nether- er- Year or States ada dom (1938 lands land Year or States ada dom (1938 lands land month (1935-39 (1935-39 (July = 100) (1911-13 (June month (1935-39 (1935-39 (July = 100) (1911-13 (June = 100) = 100) 1914 = 100) 1914 = 100) = 100) 1914 = 100) 1914 = 100) = 100) = 100) = 100) 1936 101 98 130 120 120 1936 99 98 147 i 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-July 166 144 171 576 209 1946-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 . . 188 152 168 P830 216 April 156 131 203 P837 213 May 188 P155 162 P883 220 May .. . 156 P133 203 P887 216 June 191 »158 161 P941 P222 June. . . P157 *>135 P937 P217 p Preliminary. 1 Revised index from March 1936 (see BULLETIN for April 1937, p. 373). Sources.—See BULLETIN for July 1947, p. 935; May 1942, p. 451; October 1939, p. 943; and April 1937, p. 373. SECURITY PRICES [Index numbers except as otherwise specified] Bonds Common stocks Year or month ( U S d p t e n r a r i i c t i t v e e e e s ) d 1 d C (1 = a 9 n 3 1 a 5 0 d - 0 3 a ) 9 2 ( K 1 D 9 U i e 2 n c n 1 g e i m = t d e o b 1 d m 0 e 0 r ) F (1 r 1 9 a 0 3 n 0 8 c ) = e N la e n th d e s r 3 - ( U 1 S = 9 n t 3 a 1 i 5 t 0 t e e - 0 3 d s ) 9 C (1 = a 9 n 3 1 a 5 0 d - 0 3 a ) * 9 ( K 1 U 9 i 2 n n 6 g i = t d e o d 1 m 00) ( 1 D F 9 e 3 r c a 8 e n = m c 1 e 0 b 5 0 er ) (1 N 9 l e a 3 t n 0 h = d e s 1 r 0 - 0) Number of issues. . . 15 (2) 87 50 8 402 100 278 5 275 100 1939 113.8 98.2 112.3 114.2 90.9 94.2 75.9 112 89.7 1940 115.9 95.1 118.3 •114.2 7 77.9 88.1 77.4 70.8 8 140 8 95.0 1941 117.8 99.4 123.8 9 143.4 84.3 80.0 67.5 72.5 9 308 129 1 1942 118.3 100.7 127.3 146.4 94.7 69.4 64.2 75.3 479 131.5 1943 120.3 102.6 127.8 146.6 98.5 91.9 83.5 84.5 540 151.0 1944 120 9 103.0 127.5 150.5 10 103.7 99.8 83.8 88.6 551 10 151 4 1945 122 1 105 2 128 3 152 1 121 5 99 6 92 4 694 1946 123.4 117.2 132.1 144.6 102.4 139.9 115.7 96.2 875 11 111.4 1946 Tulv 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.:::.... 122.8 117.9 132.6 P138.6 119 3 104 8 96 6 PI.017 May 122.9 P118.2 132.9 P136.9 115.2 P104.4 97.9 Pl.003 June 122.8 132.1 P135A 119.1 97.5 Pi, 124 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 GeneYale," 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. 1 Average based on figures for 9 months; no data available May-July. • Average based on figures for 10 months; no data available Jan.-Feb. M Average based on figures for 8 months; no data available Sept.-Dec. u 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. AUGUST 1947 1063 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM MARRINER S. ECCLES, Chairman RONALD RANSOM, Vice Chairman M. S. SZYMCZAK JAMES K. VARDAMAN, JR. ERNEST G. DRAPER LAWRENCE CLAYTON R. M. EVANS ELLIOTT THURSTON, Assistant CHESTER MORRILL, Special Adviser to the Chairman to the Board of Governors OFFICE OF THE SECRETARY DIVISION OF BANK OPERATIONS S. R. CARPENTER, Secretary EDWARD L. SMEAD, Director BRAY HAMMOND, Assistant Secretary J. R. VAN FOSSEN, Assistant Director MERRITT SHERMAN, Assistant Secretary J. E. HORBETT, Assistant Director LEGAL DIVISION GEORGE B. VEST, General Counsel DIVISION OF SECURITY LOANS J. LEONARD TOWNSEND, Assistant General Counsel CARL E. PARRY, Director DIVISION OF RESEARCH AND STATISTICS BONNAR BROWN, Assistant Director WOODLIEF THOMAS, Director RALPH A. YOUNG, Assistant Director DIVISION OF PERSONNEL ADMINISTRATION CHANDLER MORSE, Assistant Director FRED A. NELSON, Director J. BURKE KNAPP, Assistant Director DIVISION OF EXAMINATIONS ROBERT F. LEONARD, Director DIVISION OF ADMINISTRATIVE SERVICES EDWIN R. MILLARD, Assistant Director LISTON P. BETHEA, Director GEORGE S. SLOAN, Assistant Director GARDNER L. BOOTHE, II, Assistant Director FEDERAL FEDERAL OPEN MARKET COMMITTEE ADVISORY COUNCIL MARRINER S. ECCLES, Chairman CHAS. E. SPENCER, JR., BOSTON DISTRICT ALLAN SPROUL, Vice Chairman Vice President LAWRENCE CLAYTON CHESTER C. DAVIS W. RANDOLPH BURGESS, NEW YORK DISTRICT ERNEST G. DRAPER DAVID E. WILLIAMS, PHILADELPHIA DISTRICT R. M. EVANS RAY M. GIDNEY JOHN H. MCCOY, CLEVELAND DISTRICT J. N. PEYTON ROBERT V. FLEMING, RICHMOND DISTRICT RONALD RANSOM M. S. SZYMCZAK J. T. BROWN, ATLANTA DISTRICT JAMES K. VARDAMAN, JR. EDWARD E. BROWN, CHICAGO DISTRICT LAURENCE F. WHITTEMORE President CHESTER MORRILL, Secretary JAMES H. PENICK, ST. LOUIS DISTRICT S. R. CARPENTER, Assistant Secretary GEORGE B. VEST, General Counsel HENRY E. ATWOOD, MINNEAPOLIS DISTRICT J. LEONARD TOWNSEND, Assistant General Counsel WOODLIEF THOMAS, Economist JAMES M. KEMPER, KANSAS CITY DISTRICT PAUL W. MCCRACKEN, Associate Economist ALFRED C. NEAL, Associate Economist ED H. WINTON, DALLAS DISTRICT WILLIAM H. STEAD, Associate Economist RENO ODLIN, SAN FRANCISCO DISTRICT DONALD S. THOMPSON, Associate Economist JOHN H. WILLIAMS, Associate Economist WALTER LICHTENSTEIN, Secretary ROBERT G. ROUSE, Manager of System Open Mar\et Account HERBERT V. PROCHNOW, Acting Secretary 1064 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 Robert B. Harvey2 Carl B. Pitman Donald K. David William Willett E. G. Hult O. A. Schlaikjer E. O. Latham R. F. Van Amringe New York. Allan Sproul E. O. 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 O. 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 O. 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 O. S. Powell A. W. Mills3 Sigurd Ueland Otis R. Preston Harry I. Ziemer Kansas City.. Robert B. Caldwell H. G. Leedy O. P. Cordill John Phillips, Jr. Robert L. Mehornay Henry O. Koppang L. H. Earhart G. H. Pipkin Delos C. Johns D. W. Woolley* Dallas J. R. Parten R. R. Gilbert E. B. Austin W. H. Holloway R. B. Anderson W. D. Gentry R. B. Coleman Watrous H. Irons H. R. DeMoss L. G. Pondrom8 W. E. Eagle Mac C. Smyth San Francisco. Brayton Wilbur C. E. Earhart W. N. Ambrose C. R. Shaw Harry R. Wellman H. N. Mangels D. L. Davis H. F. Slade J. M. Leisner3 W. F. Volberg W. L. Partner O. P. Wheeler VICE PRESIDENTS IN CHARGE OF BRANCHES OF FEDERAL RESERVE BANKS Federal Reserve Federal Reserve Bank of Branch Chief Officer Bank of Branch Chief Officer New York Buffalo I. B. Smith* 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. 1065 AUGUST 1947 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE PUBLICATIONS The material listed below may be obtained from No. 4. Prices, Wages, and Employment. the Division of Administrative Services, Board of No. 5. Private Capital Requirements. Governors of the Federal Reserve System, Wash- No. 6. Housing, Social Security, and Public ington 25, D. C. Works. No. 7. International Monetary Policies. BOOKS No. 8. Federal Reserve Policy. DIGEST OF RULINGS to October 1, 1937. Digests of Board rulings, opinions of the Attorney General The price for the set of eight pamphlets is $1.25; and court decisions construing the Federal Reserve 25 cents per pamphlet, or, in quantities of 10 or Act, with compilation showing textual changes in more for single shipment, 15 cents per pamphlet. the Act. 683" pages. $1.25 per copy. REGULATIONS OF THE BOARD OF GOVERNORS OF THE BANKING STUDIES. Comprising 17 papers on FEDERAL RESERVE SYSTEM. Individual regulations banking and monetary subjects by members of the with amendments. Board's staff. August 1941; reprinted March 1947. 496 pages. Paper cover. $1.00 per copy; in quan- PERIODICAL RELEASES tities of 10 or more copies for single shipment, 75 WEEKLYcents each. CONDITION OF THE FEDERAL RESERVE BANKS BANKING AND MONETARY STATISTICS. Statistics of CONDITION OF WEEKLY REPORTING MEMBER banking, monetary, and other financial develop- BANKS IN CENTRAL RESERVE CITIES ments. November 1943. 979 pages. $1.50 per CONDITION OF WEEKLY REPORTING MEMBER copy. No charge for individual sections (un- BANKS IN LEADING CITIES bound), as listed on page 1069 of this BULLETIN. DEPARTMENT STORE SALES, BY CITIES PROVISIONS OF STATE LAWS RELATING TO BANK WEEKLY DEPARTMENT STORE SALES RESERVES as of December 31, 1944. 1945. 30 pages. WEEKLY FOREIGN EXCHANGE RATES MONETARY AND BANKING REFORM IN PARAGUAY. WEEKLY REVIEW OF PERIODICALS Includes translation of laws, accompanying reports, SEMIMONTHLYand introduction reviewing the monetary history of DEPOSITS, RESERVES, AND BORROWINGS OF MEM- Paraguay. July 1946. 170 pages. $1.00 per copy. BER BANKS; DEPOSITS OF COUNTRY MEMBER BANKS RULES OF ORGANIZATION AND RULES OF PROCEDURE (Board of Governors of the Federal Reserve Sys- MONTHLY— * tem). September 1946. 31 pages. FEDERAL RESERVE BULLETIN. Subscription price THE FEDERAL RESERVE ACT, as amended to No- in the United States and its possessions, Bolivia, vember 1, 1946, with an Appendix containing pro- Canada, Chile, Colombia, Costa Rica, Cuba, Dovisions of certain other statutes affecting the Fed- minican Republic, Ecuador, Guatemala, Haiti, Reeral Reserve System. 372 pages. 50 cents per public of Honduras, Mexico, Newfoundland (inpaper-bound copy; $1.00 per cloth-bound copy. cluding Labrador), Nicaragua, Panama, Paraguay, FEDERAL RESERVE CHARTS ON CONSUMER CREDIT. Peru, El Salvador, Uruguay, and Venezuela, is Space for plotting through 1948. April 1947 $2.00 per annum or 20 cents per copy; elsewhere, edition. 24 pages. 50 cents per copy; in quan- $2.60 per annum or 25 cents per copy. Group subtities of 10 or more copies for single shipment, scriptions in the United States for 10 or more copies 35 cents each. to one address, 15 cents per copy per month, or POSTWAR ECONOMIC STUDIES. (8 pamphlets, $1.50 for 12 months. the first six now available and the last two to be FEDERAL RESERVE CHARTS ON BANK CREDIT, announced later.) MONEY RATES, AND BUSINESS. $9.00 per annum, or No. 1. Jobs, Production, and Living Standards. $1.00 per copy. In quantities of 10 or more copies No. 2. Agricultural Adjustment and Income. of a particular issue for single shipment, 75 cents No. 3. Public Finance and Full Employment. each. 1066 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE PUBLICATIONS BANK DEBITS—DEBITS TO DEPOSIT ACCOUNTS * REVISED INDEXES OF FACTORY EMPLOYMENT. EXCEPT INTERBANK ACCOUNTS December 1936. 29 pages. BUSINESS INDEXES * REVISED INDEX OF FREIGHT-CAR LOADINGS. June CONSUMER CREDIT 1937. 10 pages. CONSUMER INSTALMENT CREDITS OF COMMERCIAL * ANALYSES OF THE BANKING STRUCTURE AS OF BANKS DECEMBER 31, 1935. August 1937. 33 pages. CONSUMER INSTALMENT CREDITS OF INDUSTRIAL THE HISTORY OF RESERVE REQUIREMENTS FOR BANKS BANKS IN THE UNITED STATES. November 1938. 20 CONSUMER INSTALMENT CREDITS OF INDUSTRIAL pages. LOAN COMPANIES * PROBLEMS OF BANKING AND BANK SUPERVISION. CONSUMER INSTALMENT LOANS Excerpts from the Board's 1938 ANNUAL REPORT. DEPARTMENT STORE CREDIT 33 pages. DEPARTMENT STORE SALES (Indexes and Com- THE GOLD PROBLEM TODAY, BY E. A. GOLDENparisons with Previous Year) WEISER. January 1940. 4 pages. DEPARTMENT STORE SALES AND STOCKS, BY MAJOR THE PAR COLLECTION SYSTEM OF THE FEDERAL DEPARTMENTS RESERVE BANKS, BY GEORGE B. VEST. February DEPARTMENT STORE STOCKS 1940. 8 pages. FOREIGN EXCHANGE RATES * THE BANKS AND IDLE MONEY, BY WOODLIEF INTERDISTRICT SETTLEMENT FUND THOMAS. March 1940. 9 pages. NATIONAL SUMMARY OF BUSINESS CONDITIONS HISTORICAL REVIEW OF OBJECTIVES OF FEDERAL OPEN-MARKET MONEY RATES IN NEW YORK CITY RESERVE POLICY, BY ARTHUR HERSEY. April 1940. RETAIL INSTALMENT CREDIT 11 pages. RETAIL FURNITURE REPORT CHEAP MONEY AND THE FEDERAL RESERVE SYS- SALES FINANCE COMPANIES TEM, BY E. A. GOLDENWEISER. May 1940. 5 pages. SELECTED LIST OF ADDITIONS TO THE RESEARCH * OWNERSHIP AND UTILIZATION OF THE MONE- LIBRARY TARY GOLD STOCK. May and June 1940. 3 pages. STATE BANK MEMBERS AND NONMEMBER BANKS GENERAL INDEXES OF BUSINESS ACTIVITY, BY THAT MAINTAIN CLEARING ACCOUNTS WITH FEDERAL FRANK R. GARFIELD. June 1940. 7 pages. RESERVE BANKS (also annual list) GOLD RESERVES OF CENTRAL BANKS AND GOVERN- SEMIANNUALLY— MENTS, September 1940. 18 pages. ALL BANKS IN THE UNITED STATES—PRINCIPAL * THE GOLD STOCK. September 1940. 2 pages. ASSETS AND LIABILITIES MEASUREMENT OF PRODUCTION, BY WOODLIEF ANNUALLY- THOMAS AND MAXWELL R. CONKLIN. September ANNUAL REPORT OF THE BOARD OF GOVERNORS 1940. 16 pages. BANK DEBITS—DEBITS TO DEPOSIT ACCOUNTS CENTRAL BANKING. December 1940. 2 pages. EXCEPT INTERBANK ACCOUNTS DEVELOPMENT OF FEDERAL RESERVE BANKING, BY M. S. SZYMCZAK. December 1940. 8 pages. IRREGULARLY— * ECONOMIC PREPAREDNESS FOR DEFENSE AND ASSETS AND LIABILITIES OF MEMBER BANKS POST DEFENSE PROBLEMS, BY MARRINER S. ECCLES. (Condensed) January 1941. 8 pages. MEMBER BANK CALL REPORT (Detailed) * GOLD, CAPITAL FLOW, AND FOREIGN TRADE REPRINTS DURING WAR. January 1941. 9 pages. (From Federal Reserve Bulletin except as otherwise indicated) * SPECIAL REPORT TO THE CONGRESS BY BOARD OF * CONSTITUTIONALITY OF LEGISLATION PROVIDING GOVERNORS OF THE FEDERAL RESERVE SYSTEM, THE A UNIFIED COMMERCIAL BANKING SYSTEM FOR THE PRESIDENTS OF THE FEDERAL RESERVE BANKS, AND UNITED STATES. March 1933. 21 pages. THE FEDERAL ADVISORY COUNCIL. January 1941. MEMBER BANK STATISTICS. November 1935. 28 2 pages. pages. * ECONOMIC AND MONETARY ASPECTS OF THE DEFENSE PROGRAM, BY JOHN H. WILLIAMS. Feb- * Supply of copies limited. Available for distribution through October 1947. ruary 1941. 4 pages. AUGUST 1947 1067 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE PUBLICATIONS FEDERAL RESERVE BANK LENDING POWER NOT * THE POSTWAR PRICE PROBLEM—INFLATION OR DEPENDENT ON MEMBER BANK RESERVE BALANCES. DEFLATION? BY MARRINER S. ECCLES. December February 1941. 2 pages. 1944. 7 pages. * GOLD AND DOLLAR RESOURCES OF THE UNITED * THIRTEENTH ANNUAL REPORT OF THE PRESIDENT KINGDOM. February 1941. 3 pages. OF THE BANK FOR INTERNATIONAL SETTLEMENTS. Introduction and conclusion reproduced from the MONEY IN CIRCULATION. February 1941. 1 page. original report. 1944. 36 pages. * COMMODITY PRICES, BY FRANK GARFIELD AND CLAYTON GEHMAN. March 1941. 12 pages. * WARTIME EARNINGS OF SMALL BUSINESS, BY F. C. DIRKS. January 1945. 11 pages. * GOLD, CAPITAL FLOW, AND FOREIGN TRADE IN 1941. May 1941. 16 pages. * POSTWAR PROBLEMS AND POLICIES, BY E. A. GOLDENWEISER. February 1945. 10 pages. * ADJUSTMENT FOR SEASONAL VARIATION, BY MONETARY AND CREDIT AGREEMENTS ENTERED H. C. BARTON, JR. Description of method used by INTO AT BRETTON WOODS, BY M. S. SZYMCZAK. Board in adjusting economic data for seasonal vari- April 1945. 7 pages. ation. June 1941. 11 pages. MONETARY DEVELOPMENTS IN LATIN AMERICA, GOLD AND DOLLAR RESOURCES OF THE UNITED BY ROBERT TRIFFIN. June 1945. 13 pages. KINGDOM. December 1941. 4 pages. ESTIMATES OF GROSS NATIONAL PRODUCT, 1919-28, * SEASONAL ADJUSTMENT FACTORS FOR NEW FED- BY MARY S. PAINTER. September 1945. 2 pages. ERAL RESERVE INDEX OF INDUSTRIAL PRODUCTION. SURVEYS OF LIQUID ASSET HOLDINGS. September Photo-ofTset of adjustment factors, in tabular form. 1945. 7 pages. December 1941. 41 pages. FINANCIAL DEVELOPMENTS IN MANUFACTURING * NEW STATISTICS ON QUARTERLY EARNINGS AND AND TRADE IN 1944, BY DORIS P. WARNER. De- DIVIDENDS OF LARGE CORPORATIONS. March 1942. cember 1945. 6 pages. 5 pages. * THE UNITED KINGDOM AND POSTWAR INTER- * BANK CREDIT, WAR FINANCE, AND SAVINGS. NATIONAL TRADE; ANGLO-AMERICAN TRADE AND September 1942. 9 pages. FINANCIAL NEGOTIATIONS; BRITISH WHITE PAPER COMMERCIAL AND INDUSTRIAL LOANS AT MEMBER PUBLISHED IN CONNECTION WITH ANGLO-AMERICAN BANKS, April 16-May 15, 1942. August, September, FINANCIAL AGREEMENT. January 1946. 28 pages. and November 1942. 32 pages. ESTIMATED LIQUID ASSET HOLDINGS OF IN- * PERSONAL INCOME TAXES IN THE UNITED STATES, DIVIDUALS AND BUSINESSES. February 1946. 2 pages. CANADA, AND THE UNITED KINGDOM, BY R. A. ESTABLISHMENT OF BRETTON WOODS INSTITUTIONS. MUSGRAVE. December 1942. 5 pages. April 1946. 12 pages. POSTWAR INTERNATIONAL MONETARY STABILIZA- MEMBER BANK PROFITS IN 1945. April 1946. TION. June 1943. 21 pages. 8 pages. FEDERAL RESERVE INDEX OF INDUSTRIAL PRODUC- * OWNERSHIP OF DEMAND DEPOSITS, BY RICHARD TION. From August 1940, September 1941, and YOUNGDAHL. May 1946. 4 pages. October 1943 issues of BULLETIN with supplemen- REVISED INDEX OF DEPARTMENT STORE STOCKS, tary data. October 1943. 120 pages. BY RICHARD YOUNGDAHL AND JOHN O. BERGELIN. June 1946. 25 pages. * NEW MONETARY AND BANKING MEASURES IN A NATIONAL SURVEY OF LIQUID ASSETS. June PARAGUAY. January 1944. 10 pages. 1946. 7 pages. MEASUREMENT OF FACTORS INFLUENCING THE VOL- A NATIONAL SURVEY OF LIQUID ASSETS—DISTRI- UME OF DEPOSITS AND CURRENCY. June 1944. BUTION ACCORDING TO INCOME. July 1946. 7 pages. 1 page. A NATIONAL SURVEY OF LIQUID ASSETS—PROS- REVISED INDEX OF DEPARTMENT STORE SALES. PECTIVE SPENDING AND SAVING AND SUMMARY OF June 1944. 20 pages. SURVEY FINDINGS. August 1946. 12 pages. BRETTON WOODS AGREEMENTS, BY E. A. GOLDEN- INDEX OF DEPARTMENT STORE SALES AND STOCKS, WEISER AND ALICE BOURNEUF. September 1944. BY MAJOR DEPARTMENTS. August 1946. 4 pages. 21 pages. BALANCE SHEET OF AGRICULTURE, 1946. Septem- REVISED WEEKLY INDEX OF DEPARTMENT STORE ber 1946. 21 pages. SALES. September 1944. 2 pages. ESTIMATED DURABLE GOODS EXPENDITURES, 1068 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE PUBLICATIONS 1939-45, BY DORIS P. WARNER AND ALBERT R. KOCH. July 1943, June 1944, May 1945, and June 1946 September 1946. 8 pages. BULLETIN, with supplementary information for LIQUID ASSETS AND EXPENDITURE PLANS OF FARM separate trades.) OPERATORS. September 1946. 2 pages. THE STRUCTURE OF INTEREST RATES ON BUSINESS FINANCIAL DEVELOPMENTS AMONG LARGE MANU- LOANS AT MEMBER BANKS, BY RICHARD YOUNGDAHL. FACTURING CORPORATIONS, 1945, BY DORIS P. July 1947. 17 pages. WARNER AND ALBERT R. KOCH. October 1946. MEMBER BANK LOANS TO SMALL BUSINESS, BY 9 pages. CHARLES H. SCHMIDT. August 1947. 15 pages. ECONOMIC CONDITIONS AND PUBLIC POLICY, BY # BANKING AND MONETARY STATISTICS. From MARRINER S. ECCLES. November 1946. 6 pages. unbound editions of this 979-page volume published in 1943, separate sections as follows: INTERNATIONAL TRANSACTIONS OF THE UNITED STATES IN THE FIRST POSTWAR YEAR. December 1. General Statistics of all Banks in the United 1946. 14 pages. States. 54 pages. THE POSTWAR FINANCIAL POSITION OF BUSINESS, 2. Assets and Liabilities of all Member Banks. BY ALBERT R. KOCH AND ELEANOR J. STOCKWELL. 43 pages. December 1946. 10 pages. 3. Assets and Liabilities of Insured Banks. BUSINESS LOANS OF MEMBER BANKS, BY ALBERT 8 pages. R. KOCH. March 1947. 11 pages. 4. Assets and Liabilities of Weekly Reporting COMMERCIAL BANK ACTIVITY IN CONSUMER IN- Member Banks in Leading Cities. 70 pages. STALMENT FINANCING, BY FRIEDA BAIRD. March 5. Bank Debits and Deposit Turnover. 25 pages. 1947. 6 pages. 6. Bank Earnings. 22 pages. VALUES AND LIMITATIONS OF CONSUMER FINAN- 7. Bank Suspensions. 12 pages. CIAL SURVEYS FOR ECONOMIC RESEARCH, BY RALPH 8. Branch, Group, and Chain Banking. 27 A. YOUNG AND DUNCAN MCC. HOLTHAUSEN. March pages. 1947. 9 pages. 9. Federal Reserve Banks. 34 pages. NEW GUATEMALAN BANK LAW, BY DAVID L. 10. Member Bank Reserves, Reserve Bank GROVE. April 1947 BULLETIN with translation of Credit, and Related Items. 42 pages. new Bank Law. 39 pages. 11. Currency. 16 pages. TERM LENDING TO BUSINESS BY COMMERCIAL 12. Money Rates and Security Markets. 83 pages. BANKS IN 1946, BY DUNCAN MCC. HOLTHAUSEN. 13. United States Government—Treasury Fi- May 1947. 20 pages. nance and Government Corporations and Credit REVISION OF WEEKLY STATISTICS FOR MEMBER Agencies. 14 pages. BANKS IN LEADING CITIES. June-July 1947. 9 pages. 14. Gold. 23 pages. SECURITY PLEDGED ON MEMBER BANK LOANS TO 15. International Financial Statistics. 125 pages. BUSINESS, BY TYNAN SMITH. June 1947. 17 pages. Part II. Member Bank Statistics by Federal Re- SURVEY OF CONSUMER FINANCES— serve Districts. 253 pages. PART I. EXPENDITURES FOR DURABLE GOODS AND INVESTMENTS. June 1947. 17 pages. The statistics given in the foregoing sections of PART II. CONSUMER INCOMES AND LIQUID ASSET BANKING AND MONETARY STATISTICS include data HOLDINGS. July 1947. 15 pages. compiled by various agencies, governmental and . PART III. CONSUMER SAVING IN 1946 AND private, and cover the period ending in 1941 and OWNERSHIP OF SELECTED NONLIQUID ASSETS. extending back in many cases to 1914 and in a August 1947. 12 pages. few cases to an earlier date. The introduction to RETAIL CREDIT SURVEY—1946. From July 1947 each section summarizes the history, source, and BULLETIN with supplementary information for nine method of compilation of the data, and gives some separate trades. 40 pages. (Also, RETAIL CREDIT indication of the purposes for which they may be SURVEY—1942, 1943, 1944, and 1945.* From the used. AUGUST 1947 1069 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

i 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 1.1946 BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEtt. Itd Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis