Federal Reserve Bulletin, 1947-09

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

EDITORIAL COMMITTEE ELLIOTT THURSTON WOODLIEF THOMAS CARL E. PARRY The Federal Reserve BULLETIN is issued monthly under the direction of the staff editorial committee. This committee is responsible for interpretations and opinions expressed, except in official statements and signed articles. CONTENTS PAGE The British Crisis 1071-1082 Sterling in Multilateral Trade, by J. Burke Knapp and F. M. Tamagna. 1083-1090 Financial Position of Manufacturing and Trade in Relation to Size and Profitabilty, 1946, by Albert R. Koch and Charles H. Schmidt. 1091-1102 Estimated Liquid Asset Holdings of Individuals and Businesses. 1103-1104 Revision of National Income and Product Statistics 1105-1114 Law Department: Common Trust Funds—Operation of Investment Trust. 1115 Current Events and Announcements 1116 National Summary of Business Conditions. 1117-1118 Financial, Industrial, Commercial Statistics, U. S. (See p. 1119 for list of tables) 1119-1175 International Financial Statistics (See p. 1176 for list of tables). 1176-1193 Board of Governors and Staff; Open Market Committee and Staff; Federal Advisory Council 1194 Senior Officers of Federal Reserve Banks; Managing Officers of Branches. 1195 Federal Reserve Publications 1196-1197 Map of Federal Reserve Districts 1198 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

VOLUME 33 September 1947 NUMBER 9 THE BRITISH CRISIS With rapid exhaustion of the 3,750 million the United States Government, has taken dollar credit from the United States provid- drastic action to conserve its remaining exing an unmistakable storm warning for the ternal reserves to meet the most essential United Kingdom, Prime Minister Attlee on import requirements. On August 20, follow- August 6 delivered a major address before ing an exchange of letters by the British the British Parliament outlining his Govern- Chancellor of the Exchequer and the Secrement's plans for dealing with the crisis. He tary of the Treasury, the United Kingdom called upon the British people to make still suspended the automatic convertibility into further sacrifices and greater efforts in a new dollars of pounds sterling held by a large Battle of Britain—an economic battle which number of foreign countries. Consultations could not be won by the few but would de- are proceeding between the two governments mand the united effort of the whole nation. with a view to examining the extent to which Mr. Attlee's recovery program, as devel- the new situation demands further restrictive oped in subsequent speeches and announce- measures in the area of British exchange and ments by other Ministers, attacks the funda- trade policies. mental weakness of the British economy, THE BRITISH BALANCE OF PAYMENTS, 1946-47 namely, the fact that demands upon its productive capacity have tended far to outrun In 1946, the deficit in the United Kingthe volume of available output. The adverse dom's current balance of payments, amountbalance of trade which has led to such rapid ing to 1,600 million dollars, was much more consumption of British external reserves is moderate than had been anticipated. British but one aspect of the general disequilibrium. exports expanded rapidly during the year, Mr. Attlee has bluntly reminded the British and during the last quarter reached 111 per people that the eventual remedy can lie only cent of 1938 volume as compared to only 56 in an increased volume of production or in per cent in the last quarter of 1945. (See an inexorable reduction in living standards. chart on page 1072.) For the year as a whole, It is too early to appraise the probable effi- receipts from exports totaled 3,560 million cacy of the Attlee recovery program. The dollars. The volume of imports increased major readjustments in the British economy during the same period from 53 to 72 per which are contemplated can only be accom- cent of the 1938 level, further expansion plished with time, concentration, and reso- being restrained both by deliberate governlution. As one means of buying time, the mental action and by world shortages of food British Government, after consultation with and raw materials. Payments for imports 1071 SEPTEMBER 1947 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE BRITISH CRISIS amounted to 4,440 million dollars in 1946, imports had reached an annual rate of and the merchandise deficit to no more than around 6,600 million dollars (in f.o.b. terms) 880 million dollars. This deficit was reduced during May and June, the Government preto only 400 million dollars after allowance sented a new import estimate of approxifor net British earnings from shipping, interest and dividends, and other ordinary in- VOLUME OF EXTERNAL TRADE OF THE UNITED KINGDOM ^ visible items in the balance of payments. 1938 • 100 QUARTERLY However, government expenditures over- - i LONG :RANGETARGET FOR EXPORTS seas, including contributions to relief pro- grams and to maintenance of the British zone of occupation in Germany, exceeded govern- - ment receipts from abroad by no less than 1,200 million dollars. ^^ EXPORT INDEX LONG-RANGE TARGET FORIMPC1RTS / In February 1947, before the full effects of the winter fuel crisis were appreciated, the British Government released a tentative esti- IMPORTINDEX mate of the current account balance of payments for 1947 in the following terms: VALJES IN BASE YEAR, 1938 ~ (IN MIL LIONS OF POUNDS STERLING): PAYMENTS RECEIPTS RETMNED IMPORTS - 858 EXPiORTS OF UK MOSE -471 [Millionsof dollars] Imports * .. 5,800 Exports and re-exports 1. 4,800 " . , , 1 Net government ex- Net invisible income . . . 300 penditure abroad.. . 700 Deficit 1,400 1 Exports of United Kingdom merchandise; retained imports. 6,500 6,500 SOURCE.—Board of Trade Journal. 1 In British balance of payments statistics, the import and export figures represent actual payments for imports and receipts from exports rather than the physical flow of goods. Imports mately 6,800 million dollars for the twelveare valued f.o.b. foreign ports, i.e. at the cost in the foreign country, excluding ocean transportation and insurance charges. month period beginning in July. On July 8, At the time this estimate was made, it was Mr. Herbert Morrison stated in Parliament anticipated that United Kingdom exports that on the basis of this revised import esticould be raised to 140 per cent of the 1938 mate the balance of payments deficit for the volume by the end of 1947. This objective year ending June 1948 was expected to be on was modified, however, in the light of the the order of 1,800 million dollars. midwinter industrial stoppage caused by the It is apparent, however, that the first half fuel and transportation crisis. An official of 1947 and succeeding months has been spokesman for the Government announced a period of unusual strain. In addressing in June that exports could not be expected to Parliament on August 6, Mr. Attlee declared reach the indicated level until the middle of that the deficit had risen from 1,600 million 1948. dollars in 1946 to an annual rate of no less On the import side it is probable that the than 2,800 million in the first half of 1947. forecast gave insufficient weight to the effect In six months the deficit was as large as that of the rapid rise in world prices which com- forecast in February for the year as a whole. menced during the last half of 1946 and Detailed data concerning this deficit have which had not been fully reflected in British not yet been published, but it is clear that import figures by the turn of the year. After exports were lower while imports and gov- 1072 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE BRITISH CRISIS ernment expenditures abroad were higher Kingdom added 240 million to its gold and than had been anticipated. dollar holdings and repaid nearly 100 million During the first half of 1947, exports and of debts to the United States and Canada, re-exports amounted to only 102 per cent the net dollar drain on current account of the 1938 level in volume terms, a dis- amounted to only about 800 million dollars. appointing contrast to the 111 per cent rate The remaining half of the 1,600 million reached in the last quarter of 1946. (See dollar current account deficit was covered chart on page 1072). The volume of imports by net capital transactions with other coundeclined to only 67 per cent of 1938 during tries, mainly in the form of an increase in the first quarter, but in the second quarter sterling balances held for foreign account reached a postwar high of 77 per cent, while in London. the index of import prices, as shown in the The net drain on gold and dollar retable on page 1075, was registering marked sources accelerated during the year, however, advances. Published British trade statistics and amounted to as much as 369 million (adjusted for ship purchases) indicate a mer- in the last quarter alone. This acceleration chandise deficit of about 800 million dollars continued into 1947, as shown by the followin the first half of the year; however, in ing figures, in millions of dollars, cited by view of Mr. Attlee's figure for the total Chancellor Dalton in his report to the Britcurrent account deficit (calculated on the ish Parliament: January 137; February 224; basis of actual payments) it is clear that the March 323; April 307; May 334; and June excess of cash payments for imports over 308. The net drain in the first half of 1947 cash receipts from exports must have been totaled 1,633 million dollars, or double the substantially higher. This indicates a shift figure for the whole of the preceding year. in the timing of trade payments—slower As may be seen from the accompanying collections on exports and demands for table, the bulk of this amount, 1,450 million prompter payments on imports—which is dollars, was provided by drafts upon the characteristic of countries encountering fi- United States credit, the remainder being nancial difficulties, and which, of course, covered from the Canadian credit.1 accentuates those difficulties. At the same Since the net dollar drain in the first half time it may be presumed that overseas govof 1947 amounted to 1,633 million, while ernment expenditures were higher than anthe current account deficit was 1,400 million, ticipated, especially in connection with supit is apparent that Britain's capital transplies for the combined United States-United actions with third countries, instead of pro- Kingdom zones of Germany, the cost of m viding net additional financing as in 1946, which is now being shared equally between must have caused a net loss of over 200 the occupying powers. million dollars in the first half of this year. This capital outflow was, of course, the re- FINANCING THE DEFICIT sultant of a great variety of operations be- In 1946 only about half of the current tween the United Kingdom and other counaccount deficit had to be financed from gold tries, including increases and decreases in and dollar resources: 600 million was drawn 1 British gold and dollar reserves declined some 200 million on the United States credit, and 540 million dollars during this period, but this may be offset against a gold contribution of similar size to the International Monetary Fund in February 1947, a payment not covered by Chancellor Dalton's on the Canadian credit, but since the United statement. SEPTEMBER 1947 1073 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE BRITISH CRISIS sterling balances held by foreign countries, through suspension of automatic convertibilsale of British overseas investments in some ity for pounds sterling held by a large numcountries and the building up of new ones ber of foreign countries. But during July in others, and repayment of debts to and and August a total of 1,300 million dolfrom the United Kingdom. Undoubtedly, lars had to be drawn on the United States however, one important source of capital credit, which continued to bear the brunt outflow was the utilization of sterling funds of the dollar drain, reducing the unutilized which the British had released to a large balance of this credit to only 400 million number of countries out of their old ac- dollars. Other liquid dollar assets held by cumulated balances. To the extent such the British Government on September 1 sterling was converted into dollars, there consisted of an undrawn balance of about was obviously a direct increase in the drain 450 million dollars on the Canadian credit on British gold and dollar resources. But and about 2,400 million dollars of gold and even if it was used to pay for British exports, dollar reserves. the same result followed indirectly since such exports did not yield a return in goods or FACTORS IN THE DOLLAR CRISIS While full details concerning recent dein currencies which could be spent for goods. velopments in the British balance of pay- UNITED KINGDOM DRAWINGS ON THE UNITED STATES CREDIT ments have not yet been published, it is [Millions of dollars] possible to draw the following conclusions Year and month Monthly Cumulative from available evidence: 1946—juiy 300 1. The results for the year 1946 as a whole August were, at least superficially, very reassuring. September 100 400 October 200 The United Kingdom's resort to its gold November .... December 600 and dollar resources, including the United 1947—January 200 States and Canadian lines of credit, was far February.... 100 March 200 1,100 less than had been expected in 1945, thanks April .... 450 mainly to an extraordinary recovery in Brit- May 200 June.... 300 2,050 ish exports. Toward the end of the year, July 700 August 600 3,350 however, there was a disturbing increase in Amount remaining. 400 the net dollar drain, due in large measure to rising prices of imports, especially those It is likely that this factor continued to from the Western Hemisphere. play an important role in the exceptionally 2. In the first half of 1947, there was a. heavy net dollar drain which occurred in sharp increase in the current balance-of-paythe weeks following the midyear date. In ments deficit. The important contributing the month of July this drain amounted to factors were: 538 million dollars, according to Chancellor (a) Further substantial increases in im- Dalton, and it reached an even higher rate port prices, reflecting in large part developduring the first half of August. On August ments in the United States. It is true that 20, following consultations with the United British export prices have risen almost as States Government, emergency measures fast (see table on page 1075). However, were taken in London to check the drain since imports greatly exceed exports, a gen- 1074 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE BRITISH CRISIS eral increase in prices results in an accelerated position as a whole suffered during this drain on reserves. period from net capital withdrawals of over (b) A serious setback in the British export 200 million dollars by countries other than drive due to the winter fuel crisis. The the United States and Canada. cost of the resulting industrial stoppages in These striking developments in the relaterms of exports has been estimated by tions of other countries with the United Chancellor Dalton at 800 million dollars. Kingdom reflected in almost every case the (c) The apparent failure of government so-called "world dollar shortage," arising out overseas expenditures to decline as much as of the desire by foreign countries to purchase INDEXES OF IMPORT AND EXPORT PRICES IN THE UNITED KINGDOM [1938 = 100] Import prices Export prices Period Raw Total dri F n o k o , d a , nd ma a te n r d ials Manu- Total Metal Textiles Other tobacco semimanu- factures goods factures 1946—Jan.-Mar 199 200 216 177 • 190 173 244 190 Apr .-June 201 201 219 181 195 178 254 192 July-Sept 206 204 224 191 199 181 265 194 Oct.-Dec 217 216 231 202 207 188 273 199 1947—Jan.-Mar 226 224 242 211 215 195 287 207 Apr.-May 238 231 261 228 223 202 299 216 SOURCE.—Monthly Digest of Statistics (United Kingdom Central Statistical Office). expected, due in large part to the continuing more goods and services in the United States heavy costs of supporting the German than they could pay for with existing dollar economy. financing facilities. The reason, for example, that Canada has found it necessary 3. The deterioration in the current acto restrict British drafts upon the Canadian count position might still have been supline of credit and to ask payment in United portable if countries other than the United States dollars for half of its net exports to States had been able to contribute as in 1946 the United Kingdom is that Canada itself to financing the British deficit. If Canada had been in a position to finance its entire has needed the funds to meet its net dollar export surplus to the United Kingdom, and deficit in transactions with the United States. if other countries, in their net capital trans- Similarly other countries which might have actions with the United Kingdom, had been built up additional sterling balances in able to provide even the same amount of London, thereby in effect extending credit assistance to the United Kingdom as in 1946, to the United Kingdom, were apparently the drafts on the United States credit in the obliged to call upon their sterling earnings first half of 1947 would have been only (and upon amounts released from old sterabout 600 million instead of 1,450 million ling balances) in order to finance their paydollars. But in fact, the United Kingdom ments to the United States. There are some found it necessary to pay Canada 220 million indications that certain countries may have United States dollars in the first half of 1947; reduced their imports from the United Kingand, as noted previously, the British dollar dom in order to maximize their earnings SEPTEMBER 1947 1075 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE BRITISH CRISIS of convertible sterling. Utilization of old duce food imports from "hard currency" sterling balances was facilitated by the countries by 580 million dollars a year, to gradual relaxation of British exchange re- be compensated so far as possible by instrictions, which restored free convertibility creased purchases in "soft currency" areas to large amounts of sterling well before the where payment in dollars is not required. July 15, 1947, deadline fixed in the Anglo- For the purposes of the table below, it American Financial Agreement.2 is assumed that as a result of such shifts the net reduction in British food imports THE RECOVERY PROGRAM IN FOREIGN TRADE will be limited to 260 million dollars, or 8 Prime Minister Attlee's speech in the per cent of the earlier program. The Gov- House of Commons on August 6 and ernment has announced that the weekly subsequent addresses by other members meat ration will be reduced to one shilling's of the British Government have outlined worth per person (approximately 20 cents), the measures deemed necessary to surmount and that food supplies for restaurants will the present crisis. While some of these meas- be cut from 15 to 18 per cent. Specific ures have a specifically international charac- import cuts of modest proportions were anter, others will involve major readjustments nounced by Mr. Attlee for lumber (40 milin the domestic economy. The current lion dollars per year), petroleum products British crisis is widely referred to as the (16 million dollars), and miscellaneous lux- "battle of the balance of payments"; but more uries (20 million dollars). In addition, he fundamentally it is a battle for greater pro- suggested the temporary suspension of cotduction and for more economic utilization ton purchases since British cotton stocks now of human and material resources. exceed a year's supply at the current rate of Because of the extent to which the British consumption. economy is dependent upon imports for basic foodstuffs and raw materials, only a limited UNITED KINGDOM IMPORT PROGRAMS reduction in the trade deficit can be [Millions of dollars—f. o. b.] attained by curtailing purchases abroad. The Rough Official Official estimate first two columns of the accompanying table program program for twelve Commodities for for year months show import schedules announced by the calendar ending based on year 19471 June 19482 Attlee British Government early this year and at program midyear. There were minor changes in Food and supplies for agriquantities but most of the increased cost of Ra c w u lt m ur a e terials and supplies 2,900 3,360 3,100 for industry 2,100 2,560 2,400 the later program is attributable to rising Machinery and equipment (including ships) 240 220 220 prices. Petroleum products (including requirements for con- On August 16, however, Mr. Attlee an- version from coal to oil).... 220 320 300 Tobacco 200 160 160 nounced a reduction in the import pro- Consumer goods 140 120 100 Film remittances 72 60 20 gram, the general effects of which are esti- Total 5,872 6,800 6,300 mated in the third column of the table. The 1 Estimate as of February 1947 from the Economic Survey major change results from a decision to re- for 1947 (Command Paper 7046). 2 Estimate as of July 3, 1947 (Hansard, July 3, Col. 1518). 2 An accompanying article (see pp. 1083-90) describes the obligations undertaken by the United Kingdom in the Anglo- Additional savings in British international American Financial Agreement with regard to the free availability of sterling, and the measures which have been taken to implement these obligations. expenditures will be effected by a sharp re- 1076 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE BRITISH CRISIS duction in foreign exchange allotments to stantial exports of textiles despite serious British travelers, and by a very heavy in- shortages within the domestic economy. crease in import duties on foreign films In setting its policies, as Mr. Attlee pointed aimed at restricting remittances on such films out, the British Government has been forced to no more than 25 per cent of their total to weigh constantly two conflicting conearnings. Mr. Attlee also announced that siderations—the need for protecting the nathe British could not continue to spend dol- tion's external financial position and the lars on supplies for the German economy, need for maintaining the strength and morale and that other arrangements for financing of the population. Undoubtedly some mar- German requirements would have to be gin for additional diversion of consumer's made when the present Anglo-American goods from domestic to foreign markets Agreement on this subject is reviewed in still exists and will be exploited; but the the near future. margin is probably small if the productive The main emphasis of the Attlee program efficiency of British workers is to be mainfalls necessarily upon an expansion of ex- tained at a satisfactory level. In short, the ports through greater production and con- necessary expansion of exports in the medium tinued restraint upon the volume of do- and longer term will require a substantial mestic consumption of home-produced increase in the total production of marketgoods. The British Government long since able goods. announced its aim to raise the volume of In the meanwhile, however, the British exports to 175 per cent of the 1938 level, have directed their attention to the possibiliand the rapid increase in exports in 1946 ties of improving their international trade may be attributed largely to deliberate gov- position, at least in the short run, by adopting ernment policy. Industries producing for more rigorous trade and exchange regulaexport have been granted preferred treat- tions than were contemplated by the terms ment in the distribution of scarce supplies of the Anglo-American Financial Agreement of raw materials, in the allocation of space under which the 3,750 million dollar credit in government controlled factories, and— was extended by the United States. The where possible—in handling their financial British Government initiated consultations problems. Public funds have been appro- with the United States Government concernpriated in support of BETRO, the British ing these matters on August 18. An im- Export Trade Research Organization created mediate result wTas the British order of by private industry. All of these efforts August 20 temporarily suspending the autowill presumably be intensified. matic convertibility into dollars of sterling At the same time, home demand is being held by a number of foreign countries. On held in check by maintenance of high pur- this and other relevant matters, consultations chase taxes, ranging up to 100 per cent of are continuing. wholesale prices, on automobiles and other The clauses in the Anglo-American Filuxuries and semiluxuries, and publicity nancial Agreement in which relaxation is campaigns are being conducted to explain of special interest to the British are those the importance of the export drive to the requiring that sterling earned by foreign British consumer. Continued rationing of suppliers of the British market (or released apparel and household linens permits sub- from old accumulated balances) must be SEPTEMBER 1947 1077 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE BRITISH CRISIS made freely available for payments to the are feasible. Countries outside the dollar dollar area, and the one committing the area may not be able to supply the goods United Kingdom (with certain exceptions) which the British need, or even if they can, to grant nondiscriminatory treatment to they may be able, in the present sellers' mar- United States products in the administra- ket, to resist furnishing them on credit tion of its quantitative import controls. terms. On the other hand, the United King- Through exchange restrictions on the con- dom's ability to deliver goods in exchange vertibility of sterling, through selective trade for the imports it receives is limited by its practices, or through a combination of the physical capacity to produce for export. In two, the British believe that they might be short, while trade and exchange restrictions able to maintain a higher level of imports, may provide a palliative—possibly an indiswith a smaller use of dollars, than could pensable palliative in the United Kingdom's otherwise be afforded during the forthcom- present straitened circumstances—they do ing difficult period. not appear to offer great promise for amelior- Since the subject of possible relaxations ation of the British import problem in the in the Anglo-American Agreement is cur- current world market situation. rently under negotiation between the two governments, and since the form which THE PRODUCTION PROGRAM British action might take if appropriate re- More fundamental adjustments to existing laxations were granted has not yet been economic problems may be obtained through determined, it would be premature to at- greater domestic production. New targets tempt a detailed analysis of these questions. for output of deep-mined coal and steel are In general, however, it may be suggested among the first specific indications of the that the British might check the drain on Government's program for increasing prodollars temporarily without cutting imports duction. For mined coal the aim is an if they were free and able: (1) to shift the average weekly output of 4 million tons besource of imports from the dollar area to tween September 1 and April 30 of next year, other areas, and (2) to restrict the extent representing an increase of 6 per cent over to which imports from other areas necessi- the same period for last year. With 10-12 tate an indirect dollar outlay. The mere million tons annual production of open-cast shifting of import sources would not bring (strip-mined) coal, this might yield a total substantial advantages so long as imports output of 215 million tons in 1948 as comfrom other areas had to be paid for in pared with less than 200 million tons this sterling which would be freely convertible year. Even as moderate an improvement as into dollars. But with freedom to apply this in the coal supplies of the nation could both trade discrimination and exchange re- provide an important stimulus to industrial strictions, imports might be obtained from production and might also permit expansion other areas on credit terms (e.g. against of coal exports on a limited scale. payment in inconvertible sterling balances) The target for steel production during or in exchange for British goods which the winter months has been set at an annual would not otherwise have been exportable. rate of 13.5 million ingot tons as compared World-wide shortages, however, tend to with the total of 12.5 million tons expected in limit the extent to which such arrangements the current calendar year. Even though the 1078 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE BRITISH CRISIS present level of production is above the av- tive system slows down temporarily—essenerage for the immediate prewar years, the tially this is what happened during last deficiency in steel supplies during 1946 has winter's fuel and transportation crisis—the been estimated at 2 million tons. As a re- whole machine is affected. In view of world sult of heavy domestic demand from war- shortages of many of the most critical supexpanded metal-working industries, now plies required for an industrial economy, leading the United Kingdom export drive, however, this situation could not be fully and from the building trades, the steel in- remedied in the near future even if Britain dustry has become the second most trouble- could afford to import for restocking pursome bottleneck in the British recovery pro- poses. gram. Imports of semifinished and finished steel, which provided well over 1,250,000 ADJUSTMENTS IN LABOR AND AGRICULTURE tons in 1937, fell to less than 400,000 tons As fuel and material supplies are increased, in 1946 and showed little increase in the first it will be possible to employ a larger labor half of 1947. A British steel delegation has force in many critical industries now workrecently returned from the United States ing well below capacity. (The table below after failing to place the desired volume of shows the distribution of the labor force of orders for steel in this market, and steel Great Britain at the end of April 1947.) cannot be obtained from prewar Continental Meanwhile, an immediate increase in the suppliers. Further expansion of domestic number of workers engaged in coal mining, production depends primarily on larger sup- textile production, and agriculture is among plies of coal and coke and on uninterrupted the goals set by the Government. In the and efficient transport services. The trans- longer run, an increase of no less than 100,000 port industries are affected in turn by the agricultural workers is planned in order to shortage of steel, and there appears to be permit the 20 per cent expansion in domestic danger of a transportation crisis in the agricultural production discussed below. coming winter as a result of accumulated under-maintenance of equipment and other DISTRIBUTION OF MANPOWER IN GREAT BRITAIN AT END OF APRIL 19471 factors. Mr. Attlee suggested that a schedule [In thousands] of priorities for rail transport was under Coal industry . 750 study by the Government. Public utilities and transport 1,643 Agriculture and fishing 1,077 Shortages of these and other basic mate- Building and civil engineering 1,280 Building materials and equipment 632 rials and services (e.g. lumber and electric Metals and engineering. ... 2,817 Textiles and clothing 1,443 Food, drink, tobacco 603 power) contribute to dislocations, stop- Chemicals 327 Other manufacturing industries 1,286 pages, and less than maximum productivity Distribution 2,312 Other consumer services 2 ,024 throughout British industry to an extent Public service 2 2,145 Total in civil employment. . 18,33'> which cannot be accurately appraised. The Armed forces and auxiliary services. 1,371 fact is, however, that the British economy is Total in employment 19,710 running on very narrow margins, with each Demobilized men and women not yet in employment... 115 Insured unemployed .* 385 operation tightly geared to the next and Total working population 20,210 1 Males 14-64; females 14-59. Excludes private domestic servwithout the flexibility created by ample ants and prisoner of war labor. Note that "Great Britain" does not include Northern Ireland. working stocks and inventories. As a re- 2 National and local government, including post office workers, teachers, police and fire services. sult, if a single important cog in the produc- SOURCE.—Hansard, July 1, 1947, Col. 143. SEPTEMBER 1947 1079 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE BRITISH CRISIS Important net additions to the labor force the Labor Government, but both Mr. Attlee can only be obtained through reductions in and Mr. Dalton emphasized that capital dethe personnel of the armed services or velopments not making an immediate conthrough re-entry into the labor market of a tribution to the export drive would have to large number of women workers; recruit- be postponed. ment of foreign labor for work in the United A lengthening of working hours in coal Kingdom has proved disappointingly small. mining, transport, and other basic industries Some 200,000 men are now scheduled to be upon which the United Kingdom's indusreleased from British overseas forces by the trial economy depends has been proposed by end of March 1948 in an accelerated program the Government and accepted in principle designed both to reduce foreign defense ex- by the trade unions. In addition, the Conpenditure and to expand the domestic labor trol of Engagement Order, application of supply. However, the effect of this addition which had been discontinued except for coal will be offset in large part by the steady re- mining, building, and agriculture, will be patriation of German prisoners of war; as reimposed, giving the Government power of mid-1947, more than 250,000 German to prevent the loss of manpower from esprisoners remained in the United Kingdom, sential industries and more limited powers of whom 127,000 were engaged in food pro- to direct unemployed workers into the most duction and 46,000 in housing construction essential industries. It appears at the time of and miscellaneous work of value to the writing that the powerful Trades Union British economy. Congress, meeting in early September, will In June 1947, Labor Minister Isaacs support adoption of still wider governmental launched a new campaign to increase the powers for the direction of labor. supply of female labor for industry and in- Finally, Mr. Attlee announced a major dicated that more than 300,000 vacancies long-range project for British agriculture existed for women and girls, especially in aimed not at expanding exports but at econthe textile industry. Thus far the response omizing on imports, mainly of meat and appears to have been meager, although over dairy products. This program calls for the a million fewer women were employed in further expansion of British food producindustry at the end of May than at the high tion, which had already been greatly stimupoint of the war effort. lated during the war period, by some 400 A further large potential source of labor million dollars or 20 per cent by 1951-1952. for manufacturing industry appears to lie While at present prices this would save 400 in the building trades, which now employ million dollars of food imports, a survey more men than ever before. If a large pro- presented to Parliament in March of this portion of the proposed 20 per cent reduction year concluded that an expansion of this in timber imports is concentrated in the field magnitude in the output of British agriculof building materials, a substantial shift of ture might require increased imports, mainly manpower from the building trades to ex- of animal feedstuffs, to the value of some port industries may result. Rapid improve- 300 million dollars annually. Hence, the ment in British housing, involving both re- net saving on imports through such a propair of war-damaged buildings and erection gram may be moderate. Mr. Tom Wilof new dwellings, has been a major aim of liams, British Minister of Agriculture, has 1080 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE BRITISH CRISIS subsequently announced an increase in serves, and for others a fund of liquid reacreage subsidies and in the guaranteed sources to be spent at the earliest opporprices for farm products designed to stimu- tunity. Under these circumstances, the small late domestic production of livestock and additional increase in earnings attainable dairy products; he also announced a plan through overtime work or through employfor turning over 400,000 acres to the growing ment in the essential but less agreeable underof flaxseed. These measures will not neces- takings such as mining and foundry work sarily lead to a long-term decline in the do not provide workers much incentive for quantity of British food imports; the in- additional effort or for changing jobs. The crease in home production may be matched general effect of suppressed inflation on the by the increased food requirements of the morale of the British people in the present growing British population and by the emergency is suggested by the following generally higher level of per capita con- passage from the London Economist of Ausumption which will need to remain a major gust 9: long-run objective. The community is faced with the necessity for the most bitter economy of its resources; but fewer SAVINGS AND THE PROBLEM OF INCENTIVES of its individuals have a personal economic problem to face than ever before .... Of course they do not Successful application of the most recent react to a national emergency that is something program of increased production and re- they read about in the papers and do not experience duced consumption will intensify the state in their own lives. of "suppressed inflation" which already Unless the hard exigencies of the new ecocharacterizes the British economy. Through- nomic Battle of Britain can be brought home out the war and postwar period, disposable convincingly to the mass of consumers, they consumer income after taxes has been far will be inclined to spend a high proportion greater than the volume of goods available of their incomes, and even to draw upon for the British consuming public, despite a wartime savings, in order to satisfy long substantial import surplus. The price and deferred demands. wage structure has been held in line through The British Government's budget for curlarge government food subsidies and strict rent expenditures is now roughly in balance controls upon the distribution of basic es- and therefore does not contribute to the sentials with the result that excess purchas- inflationary pressures. On the other hand, ing power has been dammed up in the form estimated public and private capital expendiof more or less involuntary accumulations tures in excess of depreciation allowances of liquid assets. are equivalent to about one-eighth of the As long as the war continued, patriotic national income. There appears considerable motives constantly stimulated the highest reason to doubt that the public will volunlevels of individual effort and ready ac- tarily supply a flow of investment funds ceptance of the necessity for deferring im- sufficient to finance these capital expendimediate consumption. Since the end of the tures, even if some of the less immediately war, however, these motives have been less essential projects are sacrificed (as the Govcompelling, while the accumulated savings ernment has clearly indicated will be necesof the war period apparently represent sary, especially in the field of housing). for some holders the maximum desired re- If investment funds are not forthcoming, SEPTEMBER 1947 1081 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE BRITISH CRISIS resort must be had to further credit ex- tion in government subsidies and other expansion and further increases in the already penditures, or through some system of comswollen money supply. pulsory saving. However, aside from the In such circumstances, there may continue technical and political difficulties of such to be great and even mounting pressure remedies, it should be noted that tax rates upon the price and rationing controls, which are already so high that they are commonly must be rigorously maintained if the scarce alleged to be a serious deterrent to effort supply of goods available for consumption and output (the income tax rate is double is to be distributed equitably and efficiently. that imposed by the Federal Government in At the same time high prices for uncontrolled the United States on incomes up to $5,000). consumer goods and services will continue It would appear, therefore, that means must to induce the diversion of productive re- be found to invoke continued voluntary sources into nonessential uses. A breakdown discipline on the part of the British public of price and wage controls would lead to an in the use of its excess purchasing power. upward spiral in the British cost structure, Whatever measures of external assistance which might require major domestic and may be devised, a spirit of self-discipline at international readjustments. It is equally ap- home appears to be essential to the solution parent that productive resources need to be of British problems within the framework channelled even more strictly toward the of democratic institutions. In view of the meeting of essential needs. importance of British recovery to the United It is possible that attempts may be made States and the rest of the world, it is reassurto lessen the inflationary pressure through ing that this quality has long been a notable higher taxes, higher interest rates, a reduc- characteristic of the British people. 1082 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STERLING IN MULTILATERAL TRADE by J. BURKE KNAPP AND F. M. TAMAGNA The main body of the following article was pre- dressed to the Secretary of the Treasury on August pared to describe the program instituted by the 20, stated that: United Kingdom on July 15, 1947, to ma\e the "The restrictions now contemplated should not pound sterling a freely transferable and convertible be interpreted as in any degree indicating a modifiworld currency. This program suffered a serious cation of H. M. Government's oft-expressed view setback when on August 20, 1947, the United King- as to the desirability of maintaining full and free dom Government (following consultation with the convertibility of sterling. As a long-run objective, United States Government) found it necessary to such convertibility is an indispensable element in suspend the automatic right which it had granted British financial policy!' to various foreign monetary authorities to exchange In these circumstances,, it is considered that a sterling into dollars. However, this action was description of the original program remains perstated to be "of an emergency and temporary tinent, if only to clarify the nature of the departures nature" and the general obligations and objectives which have proved necessary. Notes on the techniof the United Kingdom remain unchanged. The cal changes effected on August 20 have been incor- British Chancellor of the Exchequer in a letter ad- porated in brackets throughout the article. The Anglo-American Financial Agreement, of accumulated sterling balances. Most of these signed on December 6, 1945, and ratified on July obligations were to come into effect one year from 15, 1946, provides for the extension by the United the effective date of the Agreement, i.e. on July 15, States to the United Kingdom of a line of credit 1947, "unless in exceptional cases a later date is of 3,750 million dollars and the assumption by the agreed upon after consultation'^ between the two United Kingdom of certain obligations related to governments. However, Section 8 (i), relating to the development of multilateral trade on a non- exchange controls on transactions with the United discriminatory basis. In particular, the Financial States, was to take effect immediately upon ratifi- Agreement contains specific provisions with respect cation, i.e. on July 15, 1946, with no provision for to the elimination of exchange restrictions on cur- postponement. rent transactions and on amounts released from ac- 1. Section 7 provides that the United Kingdom cumulated sterling balances. In general, the provi- should complete arrangements with sterling area sions relating to current transactions are to remain countries for the purpose of making current sterling in force until December 31, 1951; thereafter, the receipts freely available for current transactions, rules adopted by the International Monetary Fund and specifies that: will govern the exchange control practices of all "immediately after the completion of such arrangemembers of the Fund with respect to such transac- ments, the sterling receipts2 from current transtions. The provisions relating to releases from actions of all sterling area countries . . . will be accumulated balances, on the other hand, have no freely available for current transactions in any terminal date. currency area without discrimination; with the result that any discrimination arising from the OBLIGATIONS OF UNITED KINGDOM UNDER ANGLO- so-called sterling area dollar pool will be entirely AMERICAN AGREEMENT X removed and that each member of the sterling area will have its current sterling and dollar Two sections of the Agreement (7 and 8) deal receipts2 at its free disposition for current transwith the United Kingdom's obligation to remove actions anywhere." exchange restrictions on current transactions, and 2 Exception is made in the Agreement for "any receipts arisone (Section 10) deals with the United Kingdom's ing out of military expenditure by the Government of the intentions and obligations concerning the settlement United Kingdom prior to Dec. 31, 1948, to the extent to which they are treated by agreement with the countries concerned on the same basis as the balances accumulated during the 1 For the full text of the Agreement, see BULLETIN for Jan- war." So far as is known, no use has been made of this peruary 1946, pp. 14-19. mitted exception. 1083 SEPTEMBER 1947 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STERLING IN MULTILATERAL TRADE It should be noted that this section provides for current transactions of sterling balances accumumerely that sterling receipts of sterling area coun- lated by foreign countries before the effective date tries from current transactions will be freely avail- of Section 8 (ii) of the Agreement, and (b) impose able to them for current transactions in any cur- restrictions in conformity with the Articles of Agreerency area. It does not require that the British ab- ment of the International Monetary Fund. stain from controlling the amount of such receipts With respect to (b), it is recalled that the Fund through restrictions on sterling payments by British Agreement permits members to impose exchange residents to sterling area countries on current trans- restrictions only (1) during the initial "transitional actions, nor does it require that such receipts be period" if circumstances require (Article XIV); (2) freely available to sterling area countries for capital upon exchange operations in a currency declared transactions in any currency area. "scarce" by the Fund (Article VII); and (3) by special authorization of the Fund (Article VIII). 2. Section 8 (i) provides that the United King- However, by a special clause in the Anglo-American dom: Financial Agreement, the United Kingdom agreed "will not apply exchange controls in such a that after Section 8 (ii) became effective it would manner as to restrict (a) payments or transfers in not exercise its "transitional" privileges under Artirespect of products of the United States permitted cle XIV of the Fund Agreement, "unless in excepto be imported into the United Kingdom, or other tional cases after consultation they [the two govcurrent transactions between the two countries, or ernments] agree otherwise." [Consultations pur- (b) the use of sterling balances to the credit of resisuant to this provision were announced in the dents of the United States arising out of current exchange of letters between Secretary Snyder and transactions" (except that these obligations are Chancellor Dalton on August 20.] waived if the International Monetary Fund declares Under Article VII of its Articles of Agreement, the United States dollar to be a "scarce" currency. the Fund has the power to declare a currency See comment relating to Section 8 (ii) below.) "scarce" if "the demand for a member's currency It should be noted that this provision requires seriously threatens the Fund's ability to supply the free availability, whether for current or capital that currency."3 Such a declaration authorizes transactions, of sterling balances held by residents members of the Fund "temporarily to impose limiof the United States, provided that they arose out tations on the freedom of exchange operations in of current transactions. This requirement was ac- the scarce currency" provided that such limitations ceptable to the United Kingdom Government, since are "no more restrictive than is necessary to limit it was in conformity with the British policy of con- the demand for the scarce currency to the supply trolling the amount of merchandise imports (which held by or accruing to the member country in quesgive rise to the bulk of current payments by the tion." If, therefore, the Fund should declare the United Kingdom to the United States) through dollar to be a "scarce" currency, the United Kingdirect quantitative trade controls rather than by ex- dom would no longer be bound under Sections change restrictions. Section 9 of the Agreement, 8 (i) and (ii) to allocate dollars freely for current which deals with the administration of the United transactions with the United States or to make Kingdom's quantitative import controls, simply sterling receipts of foreign countries freely transferforbids their application in a discriminatory manner able for such transactions. On the other hand, no (again with some exceptions); it does not prohibit specific exemption in such an eventuality is inthe United Kingdom from using direct import con- cluded in Sections 7 and 10 (ii) relating to the free availability of sterling receipts by sterling area trols to restrict the amount of foreign purchases by countries, and of releases from accumulated bal- British residents. ances, respectively. 3. Section 8 (ii) contains a mutual undertaking Attention is again called to the fact that the broad on the part of the Governments of the United language used in Section 8 (ii) forbidding all "re- States and the United Kingdom to the effect that strictions on payments and transfers for current "they will impose no restrictions on payments and transactions" requires the United Kingdom to abtransfers for current transactions," subject to certain exceptions. The two important exceptions are that 3 It should be noted that the criterion for Fund action is whether the currency is "scarce in the Fund," not whether the British may (a) continue to restrict the use there is a "world scarcity" of such currency. 1084 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STERLING IN MULTILATERAL TRADE stain from using exchange control to restrict the "Payments for current transactions means payamount of payments to foreigners by British resi- ments which are not for the purpose of transferring dents on current transactions. In this sense, this capital, and includes, without limitation: commitment is more far-reaching than if the obli- "(1) All payments due in connection with forgation were merely to make such sterling receipts as eign trade, other current business, including servwere allowed to arise from current transactions ices, and normal short-term banking and credit "freely available for current transactions in any curfacilities; rency area" (cf. language of Section 7). "(2) Payments due as interest on loans and as 4. Section 10 deals with the problem of accumunet income from other investments; lated sterling balances and is divided into two "(3) Payments of moderate amount for amortizaparts. In Section 10 (i), the United Kingdom tion of loans or for depreciation of direct invest- Government expressed its intention to secure the ments; early completion of "settlements covering the ster- "(4) Moderate remittances for family living exling balances accumulated by sterling area and other penses." countries prior to such settlement." The United It may be noted that the United Kingdom and Kingdom Government indicated further that: United States Governments agreed, in Section 5 (b) "The settlements with the sterling area countries of the Financial Agreement, that payments up to will be on the basis of dividing these accumulated 43,750,000 pounds sterling annually would be rebalances into three categories: (a) balances to be garded as a "moderate amount for amortization" released at once and convertible into any currency on accumulated sterling balances, and might therefor current transactions, (b) balances to be similarly fore be included as "current transactions" when calreleased by instalments over a period of years beginculating the balance of payments of the United ning in 1951, and (c) balances to be adjusted as a Kingdom for the purpose of the waiver-of-interest contribution to the settlement of war and postwar clause. indebtedness and in recognition of the benefits which the countries concerned might be expected to IMPLEMENTATION OF THE OBLIGATIONS gain from such a settlement." The specific methods by which the United King- Section 10 (ii) contains an obligation on the dom Government has sought to implement its part of the United Kingdom to the effect that: obligations have been determined in the light of a major long-run objective of British economic policy, "Any sterling balances [accumulated prior to the namely, the re-establishment of the pound sterling settlements contemplated in Section 10 (i)] reas a leading world currency. This objective is not leased or otherwise available for current payments merely a matter of pride and prestige. Certain will ... be freely available for current transactions tangible economic advantages accrue to the United in any currency area without discrimination." Kingdom if the pound sterling is widely used, by Amounts released from accumulated sterling bal- the United Kingdom and by other countries, as the ances are therefore assimilated to current sterling currency for the settlement of international transreceipts of foreign countries in so far as their free actions. In the first place, such usage encourages availability is concerned. Amounts not released the employment by foreign countries of British are in effect immobilized except for use in capital banking and insurance services, and of British comtransactions, e.g. repayment of debt, repatriation modity markets in which sterling quotations preof investments, etc. In particular, accumulated vail. These are sources of important overseas insterling balances may not be made expendable only come for the United Kingdom. Of even greater on current transactions with the sterling area, a form importance, however, is the fact that the more of trade discrimination which the British might widely sterling is used in international payments, otherwise have employed. the more inclined foreign countries will be to hold For the meaning of "current transactions," the substantial working balances in that currency in Financial Agreement refers to Article XIX (i) of London. Whether invested in the London market the Articles of Agreement of the International or not, such balances constitute from the interna- Monetary Fund, which defines them as follows: tional point of view loans to the United Kingdom, SEPTEMBER 1947 1085 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STERLING IN MULTILATERAL TRADE and loans on most favorable terms since, although stands ready to accept sterling in payment for its relatively permanent, they require payment of little, exports of goods and services. It should be noted if any, interest. that most other countries imposing exchange con- In implementing its obligation to make cur- trols do not have currencies circulating freely in rently earned sterling "freely available for current world commerce and characteristically demand paytransactions in any currency area," the United ment for their exports in foreign exchange. Kingdom had broadly three choices: (a) to make In the second place, all countries in the sterling all current payments to foreigners in foreign ex- area (broadly the British Commonwealth excepting change, thus preventing any sterling from being Canada) have always been freely prepared to accept currently earned; (b) to make current payments sterling in international transactions since they hold to foreigners in sterling, but to ofler the foreign their ultimate monetary reserves in that currency. recipients facilities for converting such sterling Thirdly, by July 15, 1947, a large number of freely into any foreign currency needed by them countries, including Canada and most of Britain's for payments on current transactions; or (c) to important trading partners in Europe and Latin make current payments to foreigners in sterling, America, had entered into agreements with the and to make arrangements under which the foreign United Kingdom under which their monetary auholder could transfer the sterling freely in pay- thorities (normally central banks) agreed to accept ment for current transactions with other currency sterling freely in their so-called "Transferable Acareas. (With respect to releases from accumulated counts" in London in payment for current intersterling balances, of course, the choice lay between national transactions. This they were prepared to the second two methods.) do since they received assurance that sterling in In general, it has been by the third avenue that such accounts could be drawn upon freely to make the United Kingdom has sought to carry out its payments on current transactions to other currency obligations, partly because it more nearly conformed areas, including the United States. [The suspento prewar practice, but mainly because—now as be- sion on August 20, 1947, of the free transferability fore the war—this method gives sterling the broad- of the sterling in these accounts to the dollar area est usage in international transactions and promises will presumably necessitate the renegotiation of the greatest advantages to the British economy. these arrangements by the United Kingdom. It Method (a)—payment in foreign exchange—would has already been announced that Canada and Newremove sterling forthwith from the field of current foundland have been withdrawn from the list of international payments; method (b)—immediate "Transferable Accounts" countries.] convertibility—would retire it from the interna- Fourthly, then, comes the United States together tional field after it had served in only one trans- with the Philippines and a list of Latin American action; but method (c)—transferability—leaves it countries whose economies are closely tied to the free to circulate in transactions around the world. United States. In order to assure that these coun- The third procedure defers longest the time tries (the "dollar area") will accept sterling freely which elapses between payment of sterling to into their so-called "American Accounts," the foreign accounts and presentation of that sterling United Kingdom has undertaken to make sterling to the United Kingdom for "redemption" by means in such accounts freely and directly convertible into of exports (or conversion into foreign exchange). dollars. In view of the fact that the world has to In other words, method (c) maximizes the extent make such large net payments to the United States to which foreign countries are likely to hold sterling at the present time, this ready acceptability of sterworking balances in London. ling in the United States is the key pin in the whole In order to make sterling freely transferable to all system of "transferable" sterling. It should be other currency areas, it would be necessary to make added that in the United States as a rule sterling is arrangements under which all countries agreed to accepted not by exporters (as in the sterling area, accept sterling freely in current transactions. This including the United Kingdom) or by the monetary is indeed the pattern to which the British have authorities (as in Transferable Accounts countries) been working. but rather by commercial banks, which have estab- In the first place, the United Kingdom itself lished a market in New York where sterling can 1086 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STERLING IN MULTILATERAL TRADE be sold against dollars. These banks may present Kingdom therefore sought to meet this problem in to the British Exchange Control (through the Fed- a practical manner. It entrusted sterling area couneral Reserve Bank of New York) for conversion tries with full discretion in dealing with their sterinto dollars- such sterling acquisitions as they are ling accounts, on the basis of an informal undernot able to dispose of in the market through sales standing that capital transactions with countries to American importers and other purchasers of outside the area would not be undertaken without sterling. consultation with London. A similar procedure Finally, there remain a number of countries with was extended to the Transferable Accounts counrespect to which special arrangements (as described tries, on the basis of formal agreements with the in detail below) have been or are being made. Even monetary authorities in the countries concerned uncountries in this last category are for the most part der which the latter undertook to draw upon their prepared to take sterling in payment for current Transferable Accounts for payments outside the transactions. sterling area only for the financing of current ac- Method (c), therefore, with eventual converti- count transactions. [These agreements were susbility of sterling into dollars being assured through pended, however, by the British order issued on the New York market, would have constituted on August 20, 1947, terminating the free transferabil- July 15, 1947, virtually the full pattern of British ity of sterling from Transferable Accounts to Amerexchange practice if it had not been for certain ican Accounts pending the institution of more effective methods of control.] Accounts mainsubstantial exceptions dictated largely by the fact tained in London by the remaining countries conthat United States exporters are accustomed to detinue under the direct licensing procedure of the mand payment directly in dollars. Thus, for ex- British Exchange Control which therefore retains ample, most British imports from the United States supervision over the types of transactions passing are paid for directly in dollars, not in sterling subthrough these accounts. sequently to be converted into dollars through the American Accounts system operated by United States commercial banks. Again Canada, the ster- TYPES OF ACCOUNTS AVAILABLE FOR CURRENT PAYMENTS ling area countries, and a few others ordinarily exchange sterling for dollars directly with the Brit- Resident Accounts. Resident Accounts are those ish Exchange Control in order to cover expendi- held by residents of the sterling area, which covers tures in the United States. On the other hand, the entire British Commonwealth (excluding Canmost of the Transferable Accounts countries which ada and Newfoundland) plus Iraq, Transjordan, have occasion to exchange sterling for dollars in Iceland, and the Faroe Islands. It will be seen that order to pay for American exports ordinarily sell the sterling area comprises countries of widely diftheir sterling in the New York market, thus con- ferent constitutional status, and dependencies in forming to the pattern described above. Numerous various stages of development toward self-governother less noteworthy exceptions have proved nec- ment. essary to adapt the pattern to the complicated web The administration of exchange control in the of existing international monetary arrangements sterling area countries outside the United Kingdom and practices. is delegated to the central banks and other banks in In conclusion, it should be recalled that the whole these countries, which license exchange transactions system is designed to make current sterling receipts without submission to and prior scrutiny by the of foreign countries (including releases from accu- British Exchange Control. The monetary authorimulated balances) freely available only for current ties of these countries retain broad discretionary transactions. The British Exchange Control scruti- powers in the administration of exchange control nizes sterling payments to foreigners by residents of and may, under certain conditions, control paythe United Kingdom to assure that no exports of ments even within the sterling area itself. Howcapital take place without official consent, but it ever, as far as the British Exchange Control is conwas considered a virtually impossible task to under- cerned, sterling transfers within the sterling area take such a scrutiny with respect to all sterling remain free for all purposes, whether for current transfers between foreign countries. The United or capital transactions, whereas payments by resi- SEPTEMBER 1947 1087 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STERLING IN MULTILATERAL TRADE dents of the United Kingdom to foreign accounts their nationals in payments from third countries. are normally restricted to legitimate transactions of The opening of Transferable Accounts is subject a current nature. to designation by the Bank of England and is It may be noted that the United Kingdom is re- generally limited to accounts held by of on behalf sponsible for the maintenance of the par value of of monetary authorities, or under their control. 22 territorial currencies in circulation in the vari- Private holders, however, may transfer their sterous dependencies included in the United Kingdom ling balances freely to a Transferable Account in quota of the International Monetary Fund (British the same country or monetary area and, theremandates, protectorates and colonies, etc.). These fore, may employ such balances in current transacdependencies have no direct access to the Fund, and tions with other countries by making payments the United Kingdom must be prepared to supply through official channels.4 the dollars and other foreign exchange required As has been explained previously, a basic prinby any such area incurring net expenditures in such ciple of the Transferable Accounts system was that currencies. There is good reason, therefore, for sterling in such accounts should be freely exchangethe United Kingdom to supervise the general ex- able for dollars through the New York market, alchange control policies of its dependencies in though in some cases the British Exchange Conorder to assure their close coordination with the trol appears to have effected direct conversion of British Exchange Control. On the other hand, the such sterling into dollars. [This free exchangeability Dominions and other members of the sterling of sterling into dollars was suspended on August area, which have autonomous currency systems and 20, pending the institution of more effective methwhich are members or are eligible for membership ods of control.] Furthermore, in the agreements in the Fund, establish their exchange control policies with Belgium, Netherlands, Norway, Portugal, and in full independence, although as a practical mat- Sweden, the Bank of England agreed to repurter they too usually cooperate with the general poli- chase upon request sterling balances held by the cies of the United Kingdom. central bank of the other country against payment in the other's currency or, if necessary, in gold. Transferable Accounts. The system of Transfer- In the cases of Belgium, Netherlands, and Norway, able Accounts may be regarded as the main instru- this stipulation was made to conform to the condiment by which the United Kingdom has sought to tions of Article VIII, Section 4 (a) of the Agreecarry out its obligations under the Financial Agree- ment of the International Monetary Fund: namely, ment. It was developed in the early part of 1947, "(1) that the balances to be bought have been reand by July 15 it applied to Argentina, the Belgian cently acquired as a result of current transactions; monetary area, Brazil, Canada and Newfound- or (2) that their conversion is needed for making land, Czechoslovakia, Egypt and Sudan, Ethiopia, payments for current transactions." On the other Finland, Iran, Italy and Vatican City, the Nether- hand, in the case of Portugal and Sweden (not lands monetary area, Norway, the Portuguese' members of the Fund) repurchase was provided monetary area, Spain, Sweden, and Uruguay. [Can- only for balances recently acquired and needed for ada and Newfoundland were withdrawn from the current payments. The United Kingdom's underlist of Transferable Accounts countries as of August taking to repurchase the other countries' balances 20, 1947.] was unilateral vis-a-vis Belgium and Netherlands, The operations of Transferable Accounts are but reciprocal with Norway, Portugal, and Sweden. free from the British Exchange Control [except for So far as is known, no use has been made of these transfers to American or Canadian and Newfound- special arrangements [which presumably must now land Accounts after August 20, 1947], but subject be renegotiated along with the rest of the agreeto terms and conditions stipulated in agreements ments with the Transferable Accounts countries]. between the United Kingdom and the countries concerned. Transferable Accounts have been lim- American Accounts. The system of American ited to countries which could give satisfactory Accounts arose from the unification and redesigassurance that balances in such accounts would nation in July 1945 of the "United States Regisbe used only for current transactions, and would 4 This arrangement, incidentally, has assisted some of the agree not to restrict the acceptance of sterling by governments in Transferable Accounts countries to direct private sterling balances to the meeting of essential needs. 1088 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STERLING IN MULTILATERAL TRADE tered Accounts" (covering the United States, United unfavorable balance of trade of the sterling area States dependencies, and the Philippines) and the vis-a-vis the dollar area, is due to the fact that most "Central American Accounts" (covering 13 Latin American exporters prefer to receive immediate American Republics—Colombia, Costa Rica, Do- payment in dollars rather than in sterling, whereas minican Republic, Cuba, Ecuador, El Salvador, American importers, investors, and tourists make Guatemala, Haiti, Honduras, Mexico, Nicaragua, considerable payments in sterling to the sterling Panama, and Venezuela). On July 15, 1947, the countries. However, in order to stabilize the exsystem was extended to Bolivia, Chile, and Peru. change market and maintain the dollar-pound rate The distinguishing feature of the American Ac- within parity margins, the British Exchange Concounts is the unilateral and unrestricted extension trol, acting through the Federal Reserve Bank of by the United Kingdom Government of free avail- New York, has in practice been prepared to sell ability for balances in such accounts. Drafts upon sterling for spot delivery to any American Account American Accounts are not made conditional upon at $4.03 Vi; and similarly to purchase sterling from any undertaking on the part of the monetary au- any American Account at $4.02%. It is this ready convertibility through the New York market which thorities of the country concerned to restrict the use assures the acceptability of sterling in American of sterling to current transactions. American Ac- Accounts countries even though they maintain only counts may be credited with sterling from other small sterling balances and hold their reserves and American Accounts without limitation, from Transconduct most of their foreign trade in dollars. ferable Accounts for current transactions subject to supervision of the monetary authority of the Other Accounts. The accounts of other countries country from which the credit originates [after may be grouped into three categories as described in August 20, within the limits stipulated by the the following paragraphs: British Exchange Control], and from other sterling (a) The United Kingdom indicated its readiness accounts for current transactions subject to license to extend the Transferable Accounts system only of the British Exchange Control or (in the case to countries which are willing to take sterling on of sterling area countries) the monetary authority current account from all sources and without limiof the country concerned. Transfers of sterling can tation. Because of various considerations, however, be made from American Accounts to any other the monetary authorities of a few countries pre-* sterling accounts [except, after August 20, Canadian ferred to exercise their own discretion in receiving and Newfoundland Accounts] without limitations sterling payments. For such countries special aror scrutiny by the British Exchange Control, rangements for sterling convertibility had to be whether the funds are employed for current transmade. To this group belong Switzerland, which actions or not. This free and full release of sterintends to retain power to control the inflow of ling balances by the United Kingdom does not preforeign funds (whether in the form of dollars or clude, however, the application of exchange consterling) as a measure of domestic stabilizaron, and trols imposed by the countries concerned in their Germany and Japan, where the Allied control own interest; in fact, a number of American Acauthorities are guided by administrative consideracounts countries maintain restrictions on the use tions in preferring not to commit themselves to of sterling, as well as dollars, by their nationals. receive payments in sterling. The accounts of these A corollary of the free availability of American countries may be used freely for payments to Resi- Accounts sterling for current and capital transac- dent Accounts. The United Kingdom has undertions is its free convertibility into dollars. Ster- taken to convert directly into gold or dollars any ling held in any American Account can be unre- net sterling balances arising from current transstrictedly transferred to the account of any bank actions and not required for current expenditures in the United States and disposed of in the market in the sterling area. against dollars. In fact, the market for sterling in (b) The United Kingdom has adopted a prothe United States is rather narrow and has fre- cedure of direct scrutiny of exchange transactions quently been characterized by "undersupply" rather in the case of a number of small countries, where than "oversupply" of sterling. This paradoxical there are no local monetary authorities capable of situation, which has developed at times despite the giving satisfactory assurance that their sterling ac- SEPTEMBER 1947 1089 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STERLING IN MULTILATERAL TRADE counts would be used only for current transactions. limited number of countries, i.e. Austria, Bulgaria, This category comprises Afghanistan, Albania, China, Denmark, France, Greece, Hungary, Para- Korea, Liberia, Nepal, Saudi Arabia, and Tangier. guay, Poland, Rumania, Siam, Turkey, Union None of these countries presents a real problem, as of Soviet Socialist Republics, and Yugoslavia. the volume of their sterling transactions is very Obviously the United Kingdom has found it diffilimited and some of the countries are normally cult to make appropriate arrangements with some short of sterling. of these countries because of their internal economic (c) In accordance with the clause included in and political situations. The accounts of those to Sections 8 (ii) and 10 (ii), the United Kingdom which the United Kingdom finds it impracticable Government was granted a postponement until Sep- to extend the Transferable Accounts system may tember 15, 1947, of its obligations under those have to continue under the direct scrutiny of the sections with respect to sterling transactions with a British Exchange Control. 1090 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FINANCIAL POSITION OF MANUFACTURING AND TRADE IN RELATION TO SIZE AND PROFITABILITY, 1946 by ALBERT R. KOCH AND CHARLES H. SCHMIDT During 1946 business concerns contributed to, and increases. The group of companies with 1946 defimost of them profited by, high levels of economic cits experienced a sharp decline in the volume of activity. In addition to the sustained high con- their sales from the previous year. sumer demand for goods and services throughout 2. Profit margins increased significantly for most the year, the business demand for new plant and corporations in 1946 and were much larger than equipment and for increased stocks of merchandise they were before the war. The increase was charwas at a record level. Businesses financed their acteristic of small, medium, and large companies. capital requirements in large part out of funds re- The most profitable companies experienced the tained from operations and previously accumulated greatest relative increase in profit margins from the liquid assets, but they also obtained a substantial previous year. amount of funds from new bank loans and security 3. Ratios of profits to business investment (net issues. worth) in 1946 were in general considerably higher In a prosperous year like 1946, the most sig- than in 1945 and in the prewar period. As in prenificant changes in the financial position of busi- vious years, both earnings and losses were relatively nesses occur in profits and liquidity. Therefore greater in small than in large corporations within this article, which is based on the financial state- the profitable and the unprofitable groups. The ments of a sample of over 2,600 manufacturing greatest rate of increase in profits after taxes to net and trade concerns, stresses these aspects of busi- worth from 1945 to 1946 occurred among medium ness financial development. What erTect, for ex- corporations in contrast to the war years when it ample, did type of industry and character of war- occurred among small companies. time operations have upon business profitability and 4. Funds retained from operations, chiefly undisfinancial position in 1946? How did profitability tributed earnings and depreciation allowances, inlast year vary with size of enterprise ? Did wartime creased relatively more than sales and profits in developments in the relationship between profit- 1946. This increase was due primarily to the small ability and size of business continue? What was increase in dividend payments relative to the inthe effect of current inflationary developments on creases in sales and profits. Owing to the large business profits and liquidity? How did liquidity over-all business requirements arising out of inof manufacturing and trade concerns vary with creased sales and higher costs and prices, however, degree of profitability? Are manufacturing and the volume of retained funds had to be augmented trade concerns financially prepared to meet a pos- with substantial funds obtained from financial insible decline in volume of operations? stitutions and individuals. 5. Working capital, that is, current assets minus SUMMARY OF FINDINGS current liabilities, continued to increase in 1946. 1. The dollar volume of manufacturing and Small enterprises increased their working capital trade operations in all but the durable goods manu- relatively more than large ones, while the highly facturing industries increased generally in 1946, profitable concerns increased theirs more than the regardless of the size of the concern. The relative less profitable and deficit companies. change in volume did not vary consistently with 6. Liquid assets (cash and marketable securities) size of concern, as it did during the war period declined last year in all but the most profitable as a whole, when the greatest relative increase small businesses. Most types and sizes of concerns occurred among small concerns. Businesses show- drew upon their accumulated cash and marketable ing the greatest increases in sales from 1945 to 1946 securities to help finance additional inventories, had relatively larger profits in terms of return on credit sales to customers, and plant and equipment investment in 1946 than those showing smaller expenditures. Among the large durable goods SEPTEMBER 1947 1091 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FINANCIAL POSITION OF MANUFACTURING AND TRADE manufacturers, the principal former war producers, not randomly selected from the entire business liquid assets were used partly for the purpose of population. In addition, the banks from which liquidating prior-year tax liabilities. the statements were obtained were, in the main, 7. A large dollar volume of inventories was large urban institutions. accumulated in 1946 by concerns of all sizes. The As is indicated in Table 1, the coverage of unlargest relative increases occurred among small and profitable and unincorporated concerns is particumedium enterprises. Highly profitable companies experienced a greater relative increase in inventories TABLE 1 than did moderately profitable or deficit companies. NUMBER OF MANUFACTURING AND TRADE CONCERNS IN 1946 SURVEY 8. The increase in bank indebtedness was very general in 1946. In most industries large concerns Small Medium Large increased their bank loans relatively more than small ones, and moderately profitable concerns in- Industry and rate Unin- Unin- Unincreased their loans more than highly profitable or o w f o re rt t h u rn in o 1 n 9 4 n 6 et p C o o r r a - - c ra o t r e p d o- p C o o r r a - - c r o at r e p d o- p C o o r r a - - c ra o t r e p d otions busi- tions busi- tions busideficit companies. nesses nesses nesses 9. Although the total dollar volume of working capital of most businesses increased during 1946, Manufacturing the liquidity of this capital decreased significantly. Durable goods: More than 15 per The decline was most pronounced in the case of cent . ... 119 26 113 (3) 20 0 15 percent or less. . 96 (8) 140 (1) 133 0 small and medium concerns that were building up Loss 21 (1) 20 0 12 0 inventories depleted during the war years. In spite Nondurable goods: of this decline in liquidity most concerns of all More than 15 per cent 204 58 238 (4) 59 0 sizes were more liquid at the end of 1946 than 15 percent or less. . 135 (6) 149 (3) 108 0 Loss (13) (1) (6) 0 0 0 they were before the war. Trade Wholesale: COVERAGE OF THE SURVEY More than 15 per cent 65 59 107 (18) 82 (2) The manufacturing and trade concerns whose 15 per cent or less. . 33 11 88 (3) 50 (4) Loss . . (1) 0 (1) 0 0 0 financial statements are analyzed in this article Retail: varied by type of industry, size, profitability, and More than 15 per cent 52 57 51 (22) 104 (3) corporate status, as is indicated in Table 1. The 15 per cent or less. . 35 13 39 (5) 42 0 data on manufacturing and retail trade corpora- Loss (2) 0 0 0 0 0 tions with total assets of 10 million dollars or more NOTE.—Figures in parentheses indicate subgroups not analyzed were obtained from Moody's Manual of Industrials. separately in the current article because an insufficient number of concerns was reported. Size of concern in this and in following All other data were obtained from commercial bank tables, unless otherwise specified, is based on asset size as of the end of 1946 as follows: credit files under a cooperative arrangement be- Manufacturing Trade tween the Robert Morris Associates and the Fed- (Total assets, in millions of dollars) Small Under 1 Under M eral Reserve System.1 Medium 1 to 10 X to 1 Large 10 and over 1 and over The concerns whose financial data are analyzed Classification by rate of return on net worth in this and in following tables is also based on 1946 data and is the ratio of profits after in the current article are only a small proportion taxes to net worth; net worth is the sum of capital stock and surplus and is as of the year-end. of the total population of manufacturing and trade enterprises. Although the coverage of large manu- larly deficient.2 A sufficient number of statements facturing corporations is high, that of small con- of unprofitable concerns was obtained only for durcerns is low. Moreover, since the financial state- able goods manufacturers, and a sufficient number ments were obtained from bank credit files, the of unincorporated concerns only for the small size individual concerns represented in the group were group. Because of the special character of the group of concerns under study, the financial data have 1 This arrangement was initiated in 1944 in order to obtain financial data on small and medium manufacturing and trade been aggregated and presented for homogeneous concerns for the period 1940-43; it has been continued every year since. Analyses of prior-year data have been published in fht BULLETINS ror J-n\tarv 1945, "Wartime Earnings of Small 2 This is true even though unprofitable companies were un- Business"; Anril 1945, "Wartime Financing of Manufacturing doubtedly an unusually small percentage of the entire population and Trade Concerns"; December 1945, "Financial Develop- of manufacturing and trade corporations in 1946, a year of ments in Manufacturing and Trade in 1944"; and December sharp price increases and extremely favorable business con- 1946, "The Postwar Financial Position of Business." ditions. 1092 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FINANCIAL POSITION OF MANUFACTURING AND TRADE groups of concerns in a given industry, of a given businesses, while the greatest decline occurred size, with a given degree of profitability, and of a among large concerns, formerly war producers. In given corporate status. Because of the dissimilar retail trade there was no apparent relationship betreatment accorded income taxes and owner or offi- tween size of concern and relative increase in sales. cer salaries or withdrawals in the case of corpora- As was to have been expected, the greater the tions and unincorporated enterprises, the profit relative increase, or the smaller the relative decrease, ratios that follow cover only corporations. In the case of comparisons of the data collected this year TABLE 2 with those collected in prior years, no breakdown PERCENTAGE CHANGE IN SALES, 1945 TO 1946 by profitability and corporate status groups has been Group of Manufacturing and Trade Concerns possible because of the lack of comparable data for Small prior years. As a general rule, the conclusions drawn from the study apply with most reliability to Industry and rate Unin- Medium Large profitable medium and large corporations. The o w f r o e r t t u h rn in o 1 n 9 4 n 6 et p C o o r r a - - c r o a r t p e o d - r c a o t r i p o o n - s r c a o t r i p o o n - s survey coverage of other groups of concerns is so tions businesses limited that conclusions concerning their financial developments are subject to a wide margin of error. Manufacturing Durable goods: VOLUME AND PROFITABILITY OF OPERATIONS M 15 o p re e r t h c a e n n t 1 o 5 r p le e s r s cent. . + -1 2 7 4 + 0 1 ) 6 + -1 2 8 4 - - 3 3 7 1 Volume of operations. Manufacturing and trad- Loss -48 (x) -50 -80 ing businesses of all sizes and of varying degrees of Nondurable goods: More than 15 per cent. . +24 +22 +29 + 9 profitability, with the exception of those in certain 15 per cent or less + 10 0) +12 + 4 durable goods manufacturing industries, experi- Trade enced a high volume of operations in 1946. As is Wholesale: shown in Table 2, sales in 1946 exceeded those of More than 15 per cent. . +31 + 18 +39 +27 15 per cent or less + 12 +29 +23 +20 1945 for most groups of concerns, when the basis Retail: of grouping is industry, size, profitability, and cor- More than 15 per cent. . +76 +32 +37 +28 15 per cent or less +13 +27 +24 +39 porate status. An important determinant of this higher volume of sales was the rise in prices, partic- 1 Ratio not computed because an insufficient number of concerns was reported. ularly during the last half of 1946. Another im- NOTE.—The ratios in this and in the following tables are based portant factor was the high level of consumer de- on aggregate data of groups of concerns. See Table 1 for definitions of size of concern and rate of return on net worth. mand for goods and services. Only in the case of durable goods manufacturers, particularly the large in sales volume, the greater the profitability of a ones, did volume of operations decrease from 1945 given size-group of manufacturing and trade corto 1946. This decline was due to the continuation porations. It was in large part the increase in of transitional problems. As a result of the decline sales volume which resulted in the high profitability. in sales, these large concerns, as will be seen later, Profit margins. During 1946 most businesses experienced significantly different financial develop- experienced not only a larger dollar volume of ments in 1946 than did concerns in other industry- operations but also a greater volume of profits for size groups. each dollar of business transacted. In other words, In general, the rate of increase in sales exhibited the unit price increases in the products of most no consistent variation with size of enterprise. manufacturing and trade concerns were not matched This was in contrast to the war period as a whole, by proportionate increases in their total unit costs. when small companies had the greatest relative The more intense utilization of capacity that reincrease in volume of business. In the nondurable sulted from the increase in volume of operations ungoods manufacturing industries and wholesale doubtedly was an important factor in the rise in trade, medium concerns experienced a greater rela- profit margins (defined as the ratio of profits betive increase in sales from 1945 to 1946 than did fore taxes to sales). small or large enterprises. In durable goods manu- The increase in profit margins from 1945 to 1946, facturing industries, however, the greatest rise, or which is shown in Table 3, occurred in the case of smallest decline, occurred among small and medium small, medium, and large corporations within most SEPTEMBER 1947 1093 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FINANCIAL POSITION OF MANUFACTURING AND TRADE of the individual industry and profitability groups. That the 1946 profit margins of most concerns On the average, the profit margins of small com- were still substantially above those of the prewar panies remained substantially lower than those of period can be seen from Table 4. When the group large companies. The combination of lower profit margins with higher rates of return on net worth TABLE 4 for small, profitable companies as compared with PROFITS BEFORE TAXES AS PERCENTAGE OF SALES, larger ones is explained primarily by the fact that 1940 AND 1946 Group of Manufacturing and Trade Concerns small concerns characteristically have a greater volume of sales for each dollar of investment or Manufacturing Trade net worth than do large companies. Size of concern Durable Nondurable Whole- Retail goods goods sale TABLE 3 PROFITS OR LOSSES BEFORE TAXES AS PERCENTAGE OF SALES, Small: 1945 AND 1946 1940 5 2 2 3 Group of Manufacturing and Trade Corporations Me 1 d 94 iu 6 m: 7 8 4 7 1940 9 5 2 3 1946 9 10 5 7 Industry and rate Small Medium Large Large: of return on net corpo- corpo- corpo- 1940 14 10 3 3 worth in 1946 rations rations rations 1946 8 11 6 8 Manufacturing NOTE.-—-In this and in following tables where 1940 and 1946 data are compared, no breakdowns by profitability or corporate Durable goods: status are presented because of the lack of data for prior years. More than 15 per cent: Because of the resultant broader groupings, all of the concerns 1945... 7 10 13 listed in Table 1 are included in the 1946 data. Data for 1940 1946 12 14 18 cover a somewhat smaller number of concerns than those for 15 per cent or less: 1946. Size of concern for the 1940 data is based on asset size as 1945 7 8 8 of the end of 1941 rather than 1946. See Table 1 for definition 1946 4 6 8 of size of concern. Loss: 1945 5 6 5 1946 -12 -12 of manufacturing and trade concerns under study Nondurable goods: was analyzed by homogeneous industry- and asset- More than 15 per cent: 1945 7 8 13 size classes, it was found that only in the case of 1946 9 11 15 15 per cent or less: large durable goods manufacturers was the 1946 1945 4 6 8 profit margin below that of 1940. The greatest 1946 5 7 10 relative increase in profit margin from the earlier Trade to the later year occurred among small concerns. Wholesale: More than 15 per cent: Although the profit margin of small concerns is 1945 . . 2 4 1946 4 6 still below that of profitable large concerns, the gap 15 per cent or less: 1945 2 2 has been greatly reduced during the war and early 1946 2 3 postwar years. Retail: More than 15 per cent: Return on investment. For many financial and 1945 6 8 8 1946 8 9 8 economic problems, return on investment in the 15 per cent or less: 1945 4 5 7 business (net worth) is a more significant meas- 1946 3 4 7 ure of the profitability of a given business or group NOTE.—See Table 1 for definitions of size of concern and rate of of businesses than is the profit margin. Profit marreturn on net worth. gins are afTected by various technical operating The most profitable corporations, that is, those characteristics of given lines of business or industry with a return on net worth of more than 15 per as well as by economic conditions. Return on net cent as of 1946, in addition to having a greater worth is particularly appropriate, for example, in relative increase in volume of operations, also had analyses of income distribution and of variations in a greater relative increase in profit margins from profitability among industries. 1945 to 1946. In contrast, a sharp decline in sales The 1945 to 1946 increase in business profitabilcombined with the disappearance of profit margins ity, measured either before or after taxes, relative was responsible for the unprofitable operations of to net worth (defined as the sum of capital stock those companies that incurred losses in 1946. and surplus) was general among most manufac- 1094 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FINANCIAL POSITION OF MANUFACTURING AND TRADE turing and trade corporations. The principal ex- panies. Among the few deficit companies in the ceptions, as can be seen from Table 5, were in the group studied, however, the largest losses relative group of durable goods manufacturing companies. to net worth were experienced by the small com- The rise in profits on investment was characteristic panies.3 In practically all industry-size groups the of corporations of all sizes, but medium corpora- most profitable corporations as of 1946 had the tions experienced the greatest rate of increase. This greatest relative increase in profitability from the was also in contrast to the war period when small previous year. concerns experienced a greater relative increase in Average profits on net worth in most industry profitability than did medium and large ones. size groups, as Table 6 shows, were extremely high in 1946 as compared with the prewar period. Although the greatest relative increase was among the TABLE 5 small corporations, large companies in all except PROFITS OR LOSSES BEFORE AND AFTER TAXES AS PERCENTAGE OF NET WORTH, 1945 AND 1946 the durable goods manufacturing industries also Group of Manufacturing and Trade Corporations experienced increases. Profits or losses Profits or losses before taxes after taxes TABLE 6 PROFITS AFTER TAXES AS PERCENTAGE OF NET WORTH, Industry and rate of w o re r t th u rn in o 1 n 9 4 n 6 et S p t c i m o o o r a n r a - l s - l p d t M c i o i o o u r e n r m a - - s - L p t c i a o o o r r n r g a - s e - S p t c i m o o o r a r n a - s l - l d p t M c i i o o o u r e n r m a - - s - L p t c i a o o o r r r n g a - s e - Group of Manu 1 f 9 a 4 c 0 tu r A in N g D an 1 d 94 T 6 rade Concerns Manufacturing Trade Manufacturing Size of concern Durable Nondurable Whole- Retail Durable goods: goods goods sale More than 15 per cent: 1945 30 33 4 7 15 11 14 Small: 1946 46 44 36 29 26 22 1940 8 6 9 9 15 per cent or less: 1946 15 20 26 26 1945 24 21 16 " 9 8 8 Medium: 1946 12 12 11 8 8 7 1940 10 8 7 7 Loss: 1946 13 19 20 21 1945 21 20 43 8 7 14 Large: 1946 -24 -19 - 8 -19 -13 - 9 1 1 9 9 4 4 6 0 1 8 0 1 8 3 20 7 1 8 9 Nondurable goods: Alore than 15 per cent: NOTE.-—-Net worth is the sum of capital stock and surplus and 1945 33 31 37 13 11 15 is as of the end of the year. See Table 1 for definition of size of 1946 47 45 40 28 26 24 concern. 15 per cent or less: 1945 14 14 13 7 7 8 Funds retained from operations. Funds retained 1946 16 18 16 10 11 11 from operations, that is, the sum of (1) profits after Trade taxes and dividends and (2) the amount set aside Wholesale: More than 15 per for depreciation of plant and equipment and for cent: 1945 22 25 32 15 12 11 contingencies, characteristically provide the major 1946 38 43 42 28 27 25 portion of the funds used by business enterprises 15 per cent or less: 1945 12 13 13 9 7 6 to finance asset expansion. The higher level of 1946 11 16 17 9 10 10 earnings experienced by most concerns last year Retail: More than 15 per was the most important factor in the large increase cent: 1945 27 32 32 16 12 11 in the funds they retained from operations; depre- 1946 47 42 36 33 27 21 15 per cent or less: ciation allowances were only slightly higher, and 1945 17 18 22 12 8 8 funds set aside for contingencies remained rela- 1946 13 18 23 10 9 12 tively small. In 1946 retained funds experienced a much greater relative increase than did either sales or profits. This was due primarily to the small increase in dividend payments relative to In most industries in 1946, as in previous years, the increase in profits. small profitable corporations earned a greater re- 3 It should be remembered that among the concerns studied turn on investment than did large profitable com- a sufficient number of deficit concerns as of 1946 were reported only in the durable goods manufacturing group. SEPTEMBER 1947 1095 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FINANCIAL POSITION OF MANUFACTURING AND TRADE In relation to the volume of new funds obtained years, it differed markedly in character in 1946 by businesses from external sources, such as finan- from that of 1944 and 1945. In the later war cial institutions and individual savers, retained years inventories showed some tendency to decline funds in 1946 were not particularly high. This fact and credit sales to private purchasers were at a was due in large part to the extremely large business relatively low level; consequently, most additions to requirements for additional funds to finance asset current assets were in the form of cash and marketexpansion. Nevertheless, as is indicated in Table 7, able securities and, among manufacturers, in a greatly increased proportion of the sales dollar amounts due from the Government on war conwas available for reinvestment in the business. tracts. Among the current liabilities, a large proportion of indebtedness was represented by amounts due the Government for income and excess profits TABLE 7 taxes. During 1946, on the other hand, most con- PERCENTAGE OF SALES RETAINED FOR DEPRECIATION AND cerns drew upon their wartime accumulations of RETAINED FROM EARNINGS, 1945 AND 1946 Group of Manufacturing and Trade Concerns cash and marketable securities for various business purposes, expanded their inventories and customer 1945 1946 credits, obtained more bank and trade credit, and Industry and size Total Total Retained Retained reduced their debt to the Government for taxes. retained retained fo c r i a d ti e o p n re- ea f r r n o i m ngs l While the net effect of these changes in current assets and liabilities was a further growth in work- Manufacturing Durable goods: TABLE 8 Small 3.3 4.5 1.2 3.3 Medium 2.5 5.3 1.5 3.8 PERCENTAGE CHANGE IN WORKING CAPITAL, 1945 TO 1946 Large 4.8 3.9 2.6 1.3 Group of Manufacturing and Trade Concerns Nondurable goods: Small 2.1 4.1 0.6 3.5 Medium 2.7 5.1 0.9 4.2 Small Large 7.7 7.8 2.9 4.9 Wholesa T le r : ade I o n w f d u o re s r t t t h r u y r n in a n o 1 d n 9 4 n r 6 a e t t e p C o o r r a - - c U r o a n r t p i e n o d - - M r c a o e t r d i p o iu o n m - s r c L a o t a r i r p o g o n e - s Small 1.5 2.0 0.2 1.8 tions busi- Medium. 1.0 2.2 0.2 2.0 nesses Large.. . . 1.3 2.9 0.2 2.7 Retail: Manufacturing Small 3.1 3.4 0.4 3.0 Medium. 2.3 3.7 0.6 3.1 Durable goods: Large... . 1.5 3.5 0.6 2.9 More than 15 per cent. . +30 (l) +30 + 3 L 15 o s p s er cent or less + — 1 1 5 (2) + + 2 7 - — 1 2 4 1 After taxes and dividends. (2) Nondurable goods: NOTE.—See Table 1 for definitions of size of concern and rate of More than 15 per cent. . +27 + 13 +22 + 14 return on net worth. 15 per cent or less + 7 («) + 5 + 4 Trade Although the proportion of sales retained increased from 1945 to 1946 in most industrial groups, Wh M o o le r s e a t l h e: an 15 per cent. . +32 + 18 +23 +28 the increase was relatively greatest in wholesale 15 per cent or less + 9 + 3 + 4 + 1 trade. As in the case of the increase in profits, Retail: More than 15 per cent. . +33 + 2 +27 + 13 the growth of retained funds was characteristic of 15 per cent or less + 4 + 2 + 7 +25 small, medium, and large corporations. 1 Less than 0.5 per cent. 2 Ratio not computed because an insufficient number of concerns was reported. CHANGES IN BUSINESS LIQUIDITY NOTE.—See Table 1 for definitions of size of concern and rate of return on net worth. Growth in working capital. The working capital of manufacturing and trade concerns, defined as the ing capital, this growth was accompanied by a excess of current assets over current liabilities, con- decrease in business liquidity, as will be shown tinued to grow during 1946, reflecting in part the more specifically in a later section of this article. high profitability of operations. Although this This was in contrast to the working capital growth growth continued a trend that started in the na- in 1944 and 1945, which was accompanied by an tional defense period and carried through the war increase in liquidity. 1096 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FINANCIAL POSITION OF MANUFACTURING AND TRADE In general, as is shown by Table 8, small and TABLE 9 medium manufacturing corporations increased their PERCENTAGE CHANGE IN CASH PLUS MARKETABLE SECURITIES, working capital relatively more than did the large 1945 TO 1946 companies during 1946. In part, this reflected the Group of Manufacturing and Trade Concerns relatively greater profitability of small and medium Small concerns, which enabled them to finance a larger proportion of their requirements from internal Industry and rate Unin Medium Large of return on net Cor- corpo- corpo- corposources, rather than with bank or trade credit. worth in 1946 pora- rated rations rations In part, also, it reflected the heavier reconversion tions businesses expenses of the large war producers. Variations in the relative expansion of working capital among Manufacturing wholesale and retail trade concerns of different size Durable goods: were somewhat less pronounced. In both whole- M 15 o p re e r t h c a e n n t 1 o 5 r p le e s r s cent. + -4 3 5 -3 0 3 ) - -4 2 2 0 — —2 2 2 7 sale and retail trade the major financial require- Loss — 65 (1) —38 — 51 ments during 1946 were for replacement of war Nondurable goods: More than 15 per cent. . -11 -20 _ 4 -17 depleted inventories and expansion of credit sales 15 per cent or less -28 -(i) -15 - 9 *to customers—requirements that were roughly com- Trade parable for trade concerns of all sizes. Wholesale: More than 15 per cent. . + 1 — 5 - 8 -27 Working capital expansion was, for the most 15 per cent or less -30 + 12 -25 -25 part, closely associated with profitability, the more Retail: profitable concerns having the greatest relative in- More than 15 per cent. . + 16 -20 -20 -33 15 per cent or less -28 -34 -32 -28 creases in working capital. The only exception was the group of large retail trade concerns. Two 1 Ratio not computed because an insufficient number of concerns was reported. of the three industry-size groups that experienced NOTE.—See Table 1 for definitions of size of concern and rate of return on net worth. losses during 1946 likewise had decreases in their working capital. Concerns in most size groups, with the exception of the more profitable small corporations, de- Reduction in liquid asset holdings. As previously creased their liquid asset holdings during 1946, mentioned, the growth in working capital of busiregardless of their profitability status. Large durness concerns during 1946 reflected a marked , able goods manufacturers and large wholesale and change in the composition of current assets—a retail concerns, for example, liquidated between change that resulted in some reduction of business one-fifth and one-half of their cash and marketliquidity. The majority of business concerns, as able securities. There are indications, however, is shown in Table 9, drew on their wartime acthat unprofitable concerns were obliged to draw cumulations of cash and marketable securities, insomewhat more heavily on their liquid assets to cluding tax notes, to meet current requirements finance current operations than would have been for funds, including payment of 1945 income and the case had profits supplied part of the funds excess profits taxes and additions to inventories needed for inventory replacement and other purand to plant and equipment, or to finance a larger poses. volume of credit sales to their customers. Among durable goods manufacturers, which were largely Inventory accumulation. Business concerns made engaged in war contract work during most of 1945, substantial progress during 1946 in replenishing the 1946 reduction in amounts owed the Govern- their war depleted stocks of peacetime goods and ment for income and excess profits taxes was supplies although the increase in physical quantities roughly half as great as the reduction in liquid as- was much smaller than the growth in dollar volume set holdings. In the nondurable goods manufac- of inventories, owing to the pronounced rise in turing and wholesale and retail trade groups, ac- prices in the latter part of the year. As is shown crued income taxes either increased during 1946 or by Table 10, inventory expansion was not confined decreased slightly, so that the bulk of the funds to concerns in any one industry-size-profitability resulting from their reduction in liquid asset hold- group; of the 33 groups for which data are availings was available for other business purposes. able, ten showed an expansion of 50 per cent or SEPTEMBER 1947 1097 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FINANCIAL POSITION OF MANUFACTURING AND TRADE more in end-of-year book value of inventory, and ever, reflected by the change in their end-of-year inall but one increased inventory holdings by 20 per ventories. Many small manufacturers engaged in cent or more.4 The 1946 growth of business in- war production had terminated those activities and ventories contrasts sharply with the preceding year, disposed of most of their war inventories by the end in which inventories of nondurable goods manufac- of 1945. In addition, many small manufacturers not turers and wholesale and retail trade concerns in- engaged in war production were compelled by the creased slightly, while those of durable goods manu- general shortage of materials to reduce their invenfacturers declined moderately. tories to relatively low levels during the war, so that their restoration to something resembling pre- TABLE 10 war levels meant larger relative increases. PERCENTAGE INCREASE IN INVENTORIES, 1945 TO 1946 As a general rule, inventory replenishment by Group of Manufacturing and Trade Concerns small and medium concerns was related to relative profitability of operations, those with larger earn- Small ings increasing their inventories more than those Industry and rate Unin- Medium Large with moderate earnings. Among the large coro w f o re rt tu h r i n n o 1 n 9 4 n 6 et p C o o r r a - - c r o a r t p e o d - r c a o t r i p o o n - s r c a o t r i p o o n - s porations there is no evidence that greater profittions busi- ability of operations induced larger additions to nesses inventory. In fact, among the large durable goods Manufacturing manufacturers the unprofitable concerns showed Durable goods: the greatest relative increase in inventory holdings. More than 15 per cent. . 52 39 55 21 This may have been because these concerns had 15 per cent or less 41 0) 36 31 Loss 59 (1) 37 76 major reconversion problems which involved sub- Nondurable goods: stantial shifts in types of assets held. More than 15 per cent. . 41 63 29 34 15 per cent or less 30 0) 23 22 Customer financing. In addition to inventory ex- Trade pansion, there was a marked increase in the volume Wholesale: of customer financing, as reflected in accounts re- More than 15 per cent. . 49 39 42 49 15 per cent or less 28 18 3\ 26 ceivable during 1946. This was true of all but the Retail: large durable goods manufacturers, whose reduc- More than 15 per cent. . 65 48 78 56 15 per cent or less 38 52 44 63 tion in amounts due from the Government resulting from termination of war contracts more than 1 Ratio not computed because an insufficient number of concerns was reported. offset any increase in the volume of credit which NOTE.-—See Table 1 for definitions of size of concern and rate of return on net worth. they may have extended to private customers. The relative increase in receivables was roughly the Relative expansion of inventories was greater, on same for small, medium, and large corporations, the average, for small and medium manufacturing excluding large durable goods manufacturers. The and trade corporations and small unincorporated more profitable concerns, however—that is, those manufacturing concerns than for large companies. with a return on net worth of more than 15 per In durable goods manufacturing the relative inven- cent—showed greater increases in customer financtory expansion of the more profitable small concerns ing than did the moderately profitable concerns. was roughly twice that of the large companies, Expansion of bank debt. In the process of exwhereas in other industrial groups it was only slightly greater. Many of the large durable goods panding their inventories and volume of credit sales manufacturers had substantial inventories of goods and of financing other expenses coincident with a in process and materials for military production at high level of operations during 1946, many the end of 1945. These were disposed of during business concerns borrowed from commercial 1946, and replaced by materials needed for civilian banks, with the result that their indebtedness to goods production, a development which is not, how- banks at the end of 1946 was larger than that at the end of 1945. As is shown in Table 11, business concerns in all but one of the industry-sizeprofitability groups increased the amount of their bank borrowing, in many cases by relatively large 1098 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FINANCIAL POSITION OF MANUFACTURING AND TRADE amounts. Among the durable and nondurable TABLE 12 goods manufacturers and wholesale trade groups it PERCENTAGE OF LONG-TERM TO TOTAL BANK DEBT, was the large concerns which for the most part 1945 AND 1946 Group of Manufacturing and Trade Concerns had the greatest relative increase in bank debt, Small TABLE 11 PERCENTAGE CHANGE IN TOTAL BANK DEBT, 1945 TO 1946 Industry and rate Unin- Medium Large Group of Manufacturing and Trade Concerns o w f o re rt t h u rn in o 1 n 9 4 n 6 et p C o o r r a - - c r o a r t p e o d - r c a o t r i p o o n - s r c a o t r i p o o n - s tions busi- Small nesses Industry and rate • Medium Large Manufacturing o w f o re rt t h u rn in o 1 n 9 4 n 6 et p t C i o o o r n a r s - - c r b o a u r t p s e i d o - - r c a o t r i p o o n - s r c a o t r i p o o n - s Du M ra o 1 b r 9 l e e 4 5 th go an o ds 1 : 5 per cent: 6 8 18 54 nesses 1946 8 6 37 33 15 per cent or less: Manufacturing 1945 19 0) 31 24 Durable goods: Lo 1 s 9 s: 46 18 C1) 36 81 More than 15 per cent. . + 26 + 42 + 22 + 81 1945 11 14 17 15 per cent or less + 110 (x) + 23 + 100 1946 15 51 30 Loss + 98 0) + 21 + 3 Nondurable goods: Nondurable goods: More than 15 per cent: More than 15 per cent. . + 21 + 154 + 17 + 28 1945 6 0 13 71 15 per cent or less + 8 (x) + 29 + 14 15 1 p 9 e 4 r 6 cent or less: 10 3 20 84 Trade 1945 5 19 54 1946 6 I1) 19 58 Wholesale: More than 15 per cent. . + 1 + 67 + 32 + 93 Trade 15 per cent or less - 3 + 77 + 60 + 71 Wholesale: Retail: More than 15 per cent: More than 15 per cent. . + 54 + 178 + 32 + 49 1945 3 0 1 15 per cent or less + 164 +239 +107 + 92 1946 0 2 2 1 15 per cent or less: 1945 0 0 0 3 1 Ratio not computed because an insufficient number of con- 1946 1 0 2 3 cerns was reported. NOTE.—See Table 1 for definitions of size of concern and rate of Retail : return on net worth. More than 15 per cent: 1945 9 0 0 68 1946 0 1 0 50 while in retail trade small corporations and unin- 15 per cent or less: 1945 0 0 0 69 corporated concerns borrowed more heavily than 1946 0 0 0 30 did medium and large corporations. In most cases, 1 Ratio not computed because an insufficient number of conconcerns of moderate profitability were obliged to cerns was reported. supplement their sources of funds by borrowing on 2 Less than 0.5 per cent. NOTE.-—See Table 1 for definitions of size of concern and rate of a short- or long-term basis from the commercial return on net worth. banks to a much greater extent than those with ness loans outstanding at member banks as of Nolarger earnings. vember 20, 1946.5 In that survey it was found Most size-profitability groups of manufacturing that the largest users of term credit among small and trade concerns increased their long-term relaconcerns were those in the public utility (includtive to their short-term bank loans from the end ing transportation) and the service industries, and of 1945 to the end of 1946. A shift toward longthat small concerns in retail and wholesale trade term bank credit had also occurred during the and manufacturing, which are the only kinds of previous year. Even in the case of decreases in business covered in the current survey, used much the ratio of long-term to total bank debt from 1945 less term credit relative to the total amount of bank to 1946, as shown in Table 12, half of such decreases credit they obtained. Moreover, it was found that were due to a greater relative increase in short-term a large portion of the dollar volume of term loans than long-term debt rather than to an absolute deto small business concerns was made by small cline in the volume of long-term debt outstanding. The relatively limited use of term loans by small 5 See, for example, Duncan McC. Holthausen, "Term Lending to Business by Commercial Banks in 1946," Federal Reserve manufacturing and trade concerns is confirmed by BULLETIN, May 1947, pp. 498-517; and Charles H. Schmidt, the findings of the Federal Reserve Survey on busi- "Member Bank Loans to Small Business," Federal Reserve BULLETIN for August 1947, pp. 963-977. SEPTEMBER 1947 1099 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FINANCIAL POSITION OF MANUFACTURING AND TRADE and medium banks, whereas a high proportion of provement in their current ratios during 1946, prithe concerns included in the present survey pre- marily as the result of substantial reductions in sumably were borrowing from the large banks.6 their accrued income and excess profits tax liabilities. Small concerns, on the other hand, had the Resultant liquidity position. The changes in the greatest declines in current ratios. volume and character of the working capital of manufacturing and trade concerns during 1946 greatly affected their liquidity at the year-end, that TABLE 13 is, their ability to meet currently maturing obliga- CURRENT RATIO, 1945 AND 1946 Group of Manufacturing and Trade Concerns tions. As has been indicated, although the working capital of most concerns increased during the Small year, their cash liquidity decreased. This was prim m a a r r i k l e y t a b b e le ca u s s e e c u t r h i e ti i e r s h w ol e d r i e n g i s n of s o c m as e h m a e n a d s u r r e e a d r i e ly - In o w f d u o r s e r t t t h r u y r i n n a n o 1 d n 9 4 r n 6 a e t t e p C o o r r a - - c U r o a n r t p e in d o - - M r c a o e t d r i p o iu o n m - s r c L a o t a r i r p o g o n e - s placed by amounts due from customers and by in- tions businesses ventories—current assets that must be converted into cash before they can be used for debt repay- Manufacturing ment. In the case of receivables, this conversion Durable goods: More than 15 per cent: period is largely determined by customary rates of 1945 2.1 3.1 2.1 2.0 collection of credit sales, and is usually of short 15 1 p 9 e 4 r 6 cent or less: 2.0 2.3 2.3 2.5 duration. In the case of inventories, however, and 1945 2.4 2.5 3.0 1946 2.4 C1) 2.7 3.5 especially inventories that have been acquired at Loss: 1945 2.1 2.3 high prices, the realization of full value in cash is 1946 1 .9 i1) 2.8 dependent upon the maintenance of a resale price Nondurable goods: More than 15 per cent: level that is relatively as high as or higher than 1945 2.2 3.8 2.3 2.6 their production or purchase cost. 1946 2.2 3.0 2.7 15 per cent or less: 1945 3.1 3.2 3.4 Since there is no completely satisfactory single 1946 2.9 2.9 3.2 measure of business liquidity, four different ratios Trade were examined with regard to recent changes in Wholesale: the financial position of the group of manufactur- More than 15 per cent: 1945 2.4 3.6 2.2 2.2 ing and trade concerns under study. These ratios 1946 2.3 3.3 2.0 2.1 15 per cent or less: are (1) the current ratio—total current assets 1945 3.3 2.6 2.9 2.6 divided by total current liabilities; (2) the quick 1946 3.2 2.0 2.4 2.2 Retail: ratio—cash, marketable securities, and receivables More than 15 per cent: divided by total current liabilities; (3) the inven- 1 1 9 9 4 4 6 5 2 2 . . 3 6 4 2 . . 1 8 2 2 . . 4 4 2 2 . . 5 5 tory turnover ratio—sales divided by inventories; 15 per cent or less: 1945 2.8 4.9 3.0 3.2 and (4) a liquid assets ratio—cash plus marketable 1946 2.5 3.3 2.5 3.1 securities less accrued taxes divided by sales.7 1 Ratio not computed because an insufficient number of con- As is shown in Table 13, most manufacturing cerns was reported. NOTE.—Total current assets divided by total current liabilities. and trade concerns of all sizes and degrees of profit- See Table 1 for definitions of size of concern and rate of return on net worth. ability had decreases in their current ratios during 1946. In most cases, however, the decreases were The general decline in business liquidity during slight. In the aggregate, only large and medium 1946 is more apparent in Table 14, in which the manufacturers of durable goods showed any imquick ratios (cash, marketable securities, and re- 6 It will be recalled that most of the financial data on which ceivables divided by current liabilities) at the end the current article is based came from the credit files of large of 1945 and 1946 are compared. In all, 30 of the banks. 7 The wartime growth in income taxes led to a matching by 33 industry-size-profitability groups showed debusinesses of accrued tax liabilities with holdings of Government securities and tax notes, the proceeds of which were to be clines in the quick ratio. The greatest declines used to pay the taxes when they came due. This practice has occurred in the case of small unincorporated concontinued since the end of the war. Hence, in considering "operating requirements" for cash and marketable securities, cerns in both manufacturing and trade, and small an amount equal to the accrued income tax liability has been deducted in determining the amount of cash and marketable concerns as a group had somewhat greater declines securities available for general business purposes. 1100 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FINANCIAL POSITION OF MANUFACTURING AND TRADE TABLE 14 TABLE 15 QUICK RATIO, 1945 AND 1946 INVENTORY TURNOVER, 1940, 1945, AND 1946 Group of Manufacturing and Trade Concerns Group of Manufacturing and Trade Concerns Small Manu"acturing Trade I o n w f d u o re s r t t th u ry r n in a n o 1 d n 9 4 n r 6 a e t t e p C o o r r a - - c U r o a n r t p e in o d - - M r c a o e t d r io p iu o n m - s r c L a o t a r i r p o g o n e - s Size of concern D g u o r o a d b s le Non g d oo u d ra s ble W s h a o le le- Retail tions businesses Small: 1940 . 5 5 7 5 11 3 7 3 1945 9.1 9 2 14 6 8.3 Manufacturing 1946 5.9 7.9 12.9 7.8 Medium: Durable goods: 1940 4.2 5.6 8.3 7.6 More than 15 per cent: 1945 6.7 6.9 10.5 7.9 1945 1.1 1.7 1.2 1.5 1946. 4 4 6 6 10 0 6.6 1946 1.1 1.1 1.1 1.6 Large: 15 per cent or less: 1940 4.2 4.3 6.6 9.3 1945 1.4 0) 1.4 2.1 1945 7 9 6 1 8 5 7.9 1946 1.1 0) 1.2 2.1 1946 3.8 5.1 7.6 6.5 Loss: 1945 1.1 0) 1.4 1.5 1946 . 0.6 0) 1.2 1.3 NOTE.—Annual sales divided by inventories at end of year. See Table 1 for definition of size of concern. Nondurable goods: More than 15 per cent: 1945 1.2 2.3 1.2 1.6 TABLE 16 15 1 p 9 e 4 r 6 cent or less: 1.1 1.6 1.1 1.5 CASH PLUS MARKETABLE SECURITIES LESS ACCRUED TAXES AS 1945 1.7 C1) 1.7 2.0 PERCENTAGE OF SALES, 1945 AND 1946 1946 1.4 C1) 1.4 1.7 Group of Manufacturing and Trade Concerns Trade Wholesale: Small More than 15 per cent: 15 1 1 1 p 9 9 9 e 4 4 4 r 6 5 5 cent or less: 1 1 1 . . . 4 3 8 2 1 1 . . . 6 0 1 1 1 1 . . . 1 0 5 0 1 1 . . . 9 1 3 In o w f d u o re s r t t t r h u y r n in a n o 1 d n 9 4 r n 6 a e t t e p C o o r r a - - c U r o a n r t p e in d o - - M r c a o e t d r i p o iu o n m - s r c L a o t a r i r p o g o n e - s 1946 1.5 0.9 1.2 1.0 tions businesses Retail: More than 15 per cent: 1945 1.6 2.3 1 .5 1.5 Manufacturing 1946 1.3 1.3 1.1 1.1 15 per cent or less: Durable goods: 1945 1.6 2.7 1.7 1.9 More than 15 per cent: 1946 1.1 1.4 1.2 1.5 1945 4 9 6 8 1946 . . .. 2 5 3 10 15 per cent or less: 1 Ratio not computed because an insufficient number of con- 1945 6 0) 9 18 cer N n O s T w E a . s — r C ep as o h r , t e m d. arketable securities, and receivables divided by Lo 1 s 9 s 4 : 6 5 C1) 7 22 c to o t n a c l er c n u r a r n e d n t r a l t i e a b o i f li t r i e e t s u . rn S o e n e n T e a t b w le o r 1 th . for definitions of size of 1 1 9 9 4 4 6 5 5 5 C1) 1 9 2 1 4 9 Nondurable goods: in the quick ratio than had large and medium con- More than 15 per cent: 1945 . . .. 5 10 6 7 cerns. Moreover, it appears that concerns with 1946 . . 2 6 4 5 15 per cent or less: losses or moderate profits experienced greater de- 1945 7 0) 9 13 1946 4 C1) 7 11 clines in their liquidity position as measured by the quick ratio than did those with high profits Trade during the year. Wholesale: More than 15 per cent: Inventory turnover, expressed as the ratio of 1945 3 5 4 3 1946 2 4 1 1 sales during the year to inventory at the end of the 15 per cent or less: 1945 . . 4 5 5 5 year, declined sharply during 1946 as is shown in 1946 2 4 3 3 Table 15.8 In the majority of the industry-size Retail: groups, however, inventories relative to annual More than 15 per cent: 1945 7 11 8 10 1946 4 6 4 4 15 per cent or less: 8 More precise ratios of inventory turnover would have been 1945 6 14 8 11 (1) annual sales divided by average inventories on hand dur- 1946 . . 4 7 4 5 ing the year or (2) December sales divided by year-end inventories. It was impossible to compute such ratios because of lack of data. Since sales, particularly among durable goods 1 Ratio not computed because an insufficient number of conmanufacturers, increased greatly during 1946, the ratio used cerns was reported. here somewhat understates inventory turnover, and hence busi- NOTE.— See Table 1 for definitions of size of concern and rate of ness liquidity at the end of the year. return on net worth. SEPTEMBER 1947 1101 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FINANCIAL POSITION OF MANUFACTURING AND TRADE sales volume were still smaller at the end of 1946 Table 16. This was attributable in part to a than they were in 1940. It is possible that at the liquidation of cash and marketable security holdhigher sales volume characteristic of 1946 less in- ings over and above amounts required for tax payventories per dollar of sales are required than at ments, and in part to a growth in sales volume, the lower 1940 sales volume. Large durable goods manufacturers, whose sales A final measure of business liquidity considered dropped in 1946 to a level below 1945, were the was the ratio of cash plus marketable securities less only ones whose liquid assets less accrued taxes accrued taxes to sales. During 1946 the amount showed any appreciable increase relative to sales, of cash and marketable securities available for gen- In spite of the 1946 decline in this ratio among -eral business purposes declined relative to the vol- most manufacturing and trade concerns, it was still ume of operations for most size-industry-profitabil- substantially higher at the end of 1946 than in ity groups of business concerns, as is shown in 1940. 1102 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ESTIMATED LIQUID ASSET HOLDINGS OF INDIVIDUALS AND BUSINESSES Individuals increased their holdings of liquid per cent of the increase, while in the period from assets by an estimated 5.7 billion dollars in the December 1940 to December 1945 they accounted second half of 1946, while businesses decreased for over 60 per cent of the approximately 100 biltheir holdings by 3 billion dollars in this period. lion dollar increase in individuals' holdings. Per- Estimates of liquid asset holdings of individuals sonal holdings of United States Government securiand businesses as of December 31, 1946, and for ties, other than trust holdings, actually decreased previous end-of-year and mid-year dates since De- by 3.1 billion dollars during 1946. This decline cember 1939, are published in the accompanying was more than offset by an increase of 3.2 billion table. These estimates cover the principal assets dollars in trust-owned United States Government which are most readily convertible for use and for securities. It is interesting to note that the second which there are representative statistics of owner- Survey of Consumer Finances, conducted early ship. Currency and demand deposits are the basic this year, indicated that about 3 million fewer forms of cash ordinarily used, and under existing spending units held United States Government practices time deposits and also United States Gov- securities at the end of 1946 than a year earlier ernment securities are readily convertible into cash. and that roughly 5 million more spending units Other assets that may be commonly considered as had savings or checking accounts at the end of liquid savings, such as savings and loan shares, the year than at the beginning of 1946.1 insurance and pension reserves, and corporate and The estimates presented in the accompanving municipal securities, are excluded. table include liquid assets held by individuals (in- For the full year of 1946, individual holdings cluding farmers), unincorporated businesses, and increased by 9.7 billion dollars and business hold- corporations other than insurance companies. They ings decreased by 6.5 billion. Part of this shift of do not include holdings of Federal, State, or local funds between individuals and businesses occurred governments, Government agencies, foreigners, as a result of large outlays by business for additions banks, building and loan associations, insurance to plant and equipment and expansion of inven- companies, or nonprofit associations. The estimates tories, in addition to a substantial net increase in are approximations of amounts shown or implied credit granted to individuals. in accounting records of the holders rather than Both corporations and unincorporated businesses those reported by banking and Treasury records, drew upon their accumulated liquid assets during although they are derived from bank and Treasury 1946, but corporations liquidated their assets at by reports. The deposit estimates, therefore, differ far the greater rate, the decrease being 13 per cent somewhat from the figures reported by banks and as compared with 2 per cent for unincorporated regularly published among banking statistics.2 businesses. Almost all of the reductions were in The basic classifications used and method of esti- United States Government securities, with corpora- mate are the same as those employed previously. tions liquidating about one-fourth and unincor- Estimates for dates prior to December 1946 include porated businesses about one-tenth of their holdings. some small revisions in the ownership distribution Increases in individuals' liquid assets during of demand deposits and United States Government 1946 were primarily in checking and savings ac- securities.3 counts, with only slight additions to currency and United States Government security holdings. This 1 This survey, conducted for the Board by the Survey Research Center, University of Michigan, provides information on was a sharp change from the wartime pattern. the distributon of holdings of liquid assets by individuals at the In the second half of 1946, a little less than three- beginning of 1947 and their attitudes toward spending these assets. The results are published in the June, July, and August fifths of the 5.7 billion dollar increase in individuals' 1947 issues of the Federal Reserve BULLETIN. 2 A detailed description of the methods by which these estiholdings was in the form of demand deposits, with mates were made, together with the basic worksheets, may be an additional one-third accounted for by time de- secured from the Division of Research and Statistics. Board of Governors of the Federal Reserve System, Washington 25, posits. United States Government securities and D. C. 3 See Federal Reserve BULLETINS for June 1945, February currency together were responsible for only one 1946, and November 1946 for previously published estimates. SEPTEMBER 1947 1103 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ESTIMATED LIQUID ASSET HOLDINGS OF INDIVIDUALS AND BUSINESSES [In billions of dollars] 1939 1940 1941 1942 1943 1944 1945 1946 Type of holder Dec. June Dec. June Dec. June Dec. June Dec. June Dec. June Dec. June Dec. Total1 65.1 67.7 '70.6 74.1 '81.0 '90.1 '111.5 '130.9 '151.1 169.6 '189.6 '206.0 '220.0 220.5 223.2 Currencv 5.8 6.1 6.6 7.5 8.9 10.2 13.1 15.0 18.0 20.0 22.6 24.2 25.5 25.5 25.7 Demand deposits 2 20.9 22.9 '24.6 '26.5 27.9 30.9 '36.8 42.7 47.1 47.9 53.1 '56.0 '60.2 62.5 64.6 Time deposits 26 3 26 7 26 9 27 1 26 9 26 5 27 7 29 6 32.0 35.0 39.0 43.5 47.7 50.9 53.0 U. S. Government securities3. 12.1 12.0 12.5 '13.0 '17.3 '22.5 '33.9 '43.6 '54.0 66.7 '74.9 '82.3 '86.6 81.6 79.9 Business holdings—total '19.3 '20.5 '22,2 '23.5 '25.8 '29.4 '39.3 '49.3 '55.7 '62.7 '67.3 '72.1 '72.8 69.3 66.3 Currency 1.6 1.6 1.7 1.9 2.1 2.3 2.8 3.1 3.6 3.9 4.3 4.5 '4.7 4.8 4.9 Demand deposits '12.5 '13.8 '15.5 '16.5 '16.6 '18.6 '21.7 27.5 28.9 '29.4 31.3 33.7 33.7 34.7 33.5 Time deposits . . 2 0 2 0 2 0 2 1 2 0 2 0 2 1 2 2 2 3 2.5 2.7 2.9 3 1 3.2 3.4 U. S. Government securities. . 3.2 3.1 '3.0 '3.0 5.1 6.5 12.7 '16.5 '20.9 '26.9 '29.0 '31.0 '31.3 26.6 24.5 Corporations—-total. . 13.0 '13.9 '15.0 '15.7 '17.4 '19.6 '27.1 '34.1 '38.5 43.0 '44.6 '47.1 '45.0 41.8 39.1 Currency 0.7 0.7 0.7 0.8 0.8 0.8 0.8 0.8 0.9 0.9 0.9 0.9 '0.9 1.0 1.0 Demand deposits 9.5 '10.5 11.7 '12.3 '12.4 '13.8 '16.0 20.0 20.9 '21.4 22.1 24.0 22.1 22.9 21.8 Time deposits 0 7 0 7 0 7 0 7 0 7 0 7 0 7 0 7 0 7 0.7 0 7 0.7 0 7 0 7 0.7 U. S. Government securities. 2.1 2.0 '1.9 '1.9 3.5 4.3 9.6 '12.6 '16.0 '20.0 '20.9 '21.5 '21.3 17.2 15.6 Financial corporations— total4 1.7 1.8 1.8 1.9 2.2 2.4 2.5 2.8 3.1 '3.4 3.8 4.1 4.8 4.7 4.4 Demand deposits .... 1.1 1.2 1.2 1.3 1.3 1.3 1.2 1.3 1.3 '1.3 1.5 1.6 2.0 2.1 2.1 Time deposits 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 U. S. Government securities 0.5 0.5 0.5 0.5 0.8 1.0 1.2 1.4 1.7 2.0 2.2 2.4 2.7 2.5 2.2 Nonfinancial corporations —total 11.3 '12.1 '13.2 '13.8 '15.2 '17.2 '24.6 '31.3 '35.4 '39.6 '40.8 '43.0 '40.2 37.1 34.7 Currency 0.7 0.7 0.7 0.8 0.8 0.8 0.8 0.8 0.9 0.9 0.9 0.9 '0.9 1.0 1.0 Demand deposits 8 4 '9 3 '10 5 '11 0 '11 1 '12 5 '14 8 18 7 19 6 20.1 20.6 22.4 20.1 20.8 19.7 Time deposits 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 U.S.Government securities 1.6 1.5 '1.4 '1.4 2.7 3.3 8.4 '11.2 '14.3 '18.0 '18.7 '19.1 '18.6 14.7 13.4 Unincorporated business—total. '6.3 '6.6 '7.2 '7.8 8.4 '9.8 '12.2 15.2 17.2 '19.7 22.7 25.0 27.8 27.5 27.2 Currency . 0 9 0 9 1 0 1 i 1 3 1 5 2 0 2 3 2 7 3.0 3.4 3.6 3.8 3.8 3.9 Demand deposits '3 0 '3 3 '3 8 '4 2 4 2 '4 8 '5.7 7.5 8 0 8.0 9.2 9.7 11.6 11.8 11.7 Time deposits 1.3 1.3 1.3 1.4 1.3 1.3 1.4 1.5 1.6 1.8 2.0 2.2 2.4 2.5 2.7 U. S. Government securities. 1.1 1.1 1.1 1.1 1.6 2.2 3.1 3.9 4.9 '6.9 8.1 9.5 10.0 9.4 8.9 Personal holdings—total '45.8 '47.2 '48.4 '50.6 '55.2 '60.7 '72.2 81.6 95.4 '106.9 122.3'133.9 '147.2 151.2 156.9 Currency 4.2 4.5 4.9 5.6 6.8 7.9 10.3 11.9 14.4 16.1 18.3 19.7 '20.8 20.7 20.8 Demand deposits '8.4 '9.1 '9.1 '10.0 '11.3 '12.3 '15.1 15.2 18.2 '18.5 21.8 '22.3 '26.5 27.8 31.1 Time deposits 24.3 24.7 24.9 25.0 24.9 24.5 25.6 27.4 29.7 32.5 36.3 40.6 44.6 47.7 49.6 U. S. Government securities. . 8.9 8.9 '9.5 '10.0 '12.2 '16.0 '21.2 27.1 33.1 '39.8 45.9 51.3 '55.3 55.0 55.4 Trust funds—total 5 4.5 4.7 4.7 4.8 '5.6 6.1 6.8 8.3 9.9 '11.6 13.3 '14.6 '15.8 17.7 19.2 Demand deposits 1.2 1.3 1.3 1.4 1.4 1.3 1.2 1.2 1.3 1.3 1.4 1.5 1.6 1.8 1.7 Time deposits . . . 0 2 0 3 0 3 0 3 0 3 0 2 0 2 0 2 0 2 0.2 0.2 0.2 0.2 0.3 0.3 U. S. Government securities. 3.1 3.1 3.1 3.1 '3.9 4.6 5.4 6.9 8.4 '10.1 11.7 '12.9 '14.0 15.6 17.2 Other personal—total 8 '41.3 '42.5 '43.7 '45.8 '49.6 '54.6 '65.4 73.3 85.5 '95.3 109.0 '119.3 '131.4 133.5 137.7 Currency 4.2 4.5 4.9 5.6 6.8 7.9 10.3 11.9 14.4 16.1 18.3 19.7 '20.8 20.7 20.8 Demand deposits '7 2 '7 8 '7 8 '8 6 '9 9 '11 0 '13 9 14 0 16 9 '17.2 20.4 '20.8 '24.9 26.0 29.4 Time deposits 24.1 24.4 24.6 24.7 24.6 24.3 25.4 27.2 29.5 32.3 36.1 40.4 44.4 47.4 49.3 U. S. Government securities. 5.8 5.8 '6.4 '6.9 '8.3 '11.4 '15.8 20.2 24.7 '29.7 34.2 '38.4 '41.3 39.4 38.2 r Revised. 1 Figures for banks, insurance companies, building and loan associations, nonprofit associations, and governmental bodies and agencies are not included in the totals shown. 2 These figures are estimates of demand deposit balances as they would appear on the records of depositors. They differ from figures based on bank records such as given in regular banking statistics. Depositor-record estimates are lower than bank-record estimates; for example, total demand deposits as of Dec. 31, 1946, on a holder-record basis (see table) amounted to 64.6 billion dollars while on a bank-record basis these deposits amount to 76.7 billion. This is because checks are constantly in the mail. i. e., deducted on payor's records and not yet added on payee's records, and because checks are constantly in the process of collection, i. e., added to payee's deposits as per bank records and not yet deducted from payor's deposits as per bank records. 3 Includes outstanding amounts of excess profits tax refund bonds beginning December 1945, as follows: December 1945, 1,128 million dollars; June 1946, 58 million dollars; December 1946, 29 million dollars. Excludes 602 million dollars of armed forces leave bonds outstanding on Dec. 31, 1946 that were not redeemable until Sept. 2, 1947. * Includes real estate companies, finance and credit companies, insurance agencies (not carriers), investment trusts, security brokers and dealers, holding companies not otherwise classified, etc. 8 Includes only amounts administered by corporate trustees. 6 Includes holdings of farmers and professional persons. 1104 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVISION OF NATIONAL INCOME AND PRODUCT STATISTICS A complete revision of the statistical series on and commodities available for current consumption, gross national product, national income, and related together with changes in inventories of all types measures of economic activity was published by the of goods. These goods and services are valued as Department of Commerce in a Supplement to the nearly as possible at market prices, and no deduc- July Survey of Current Business. Some of the re- tion from the total is made to allow for the value vised figures were shown in the statistical section of fixed capital used up in the process of producof the August BULLETIN, but with this issue a some- tion—that is, depreciation charges are ignored. what expanded form of presentation is introduced The value of materials incorporated in final (see pages 1167-68). Back figures on the new basis products is deducted, however, in order to avoid are given on pages 1109-14 for convenient reference. duplication. Furthermore, the series is confined strictly to goods and services currently produced. National income and product statistics have been It does not attempt to measure all transactions or increasingly used in recent years as measures of changes in value. Hence, transfers of real estate economic activity. This body of related data comor of other existing assets are not taken into account. prises several different totals as well as many sub- Likewise, capital gains and losses are excluded, as totals and a great number of components. All of well as payments such as unemployment compenthese series, however, represent an aggregative sation or pensions, which are not related to current rather than a particularistic approach to the national production. economy. As distinguished from such business barometers as indexes of stock prices or of electric The national income is a summation of the amounts earned by labor and property owners on power consumption, for example, they are measures account of current production, after allowance for of total economic activity—as defined for the purdepreciation. Like the gross national product it pose at hand—rather than simply indicators of also leaves out capital gains, including profits or activity. In combining and summarizing the losses arising from changes in inventory values due underlying data, much significant information— to price fluctuations. It also excludes indirect both quantitative and qualitative—is necessarily business taxes (excises and the like) since they are lost. For this reason, the national income and not a reward to any of the factors of production, product series, even when broken down into their although they are included in market prices and components, are not a substitute for the detailed hence in the gross national product. The national analysis of particular markets and particular inincome series is therefore more suitable than the dustries. They do, however, offer an over-all view gross national product for studies of income disof the working of the economy that clarifies the tribution or for the analysis of certain long-range relations of the various sectors and provides a frameproblems when account must be taken of the work for more detailed analysis. maintenance and replacement of fixed capital. The basic data relating to income and production Personal income figures are especially useful for may be grouped and totaled in a number of dif- short-range economic analysis. They include only ferent ways, depending on the problem at hand. income actually received by persons (including non- Three summary series, however, appear most gen- profit institutions and unincorporated enterprises erally valuable for analytic purposes and have as well as individuals) in cash or in kind. Thus, become familiar to the users of these data. They they exclude the retained earnings of corporations, are the gross national product, the national income, which are not available for expenditure by persons. and personal income (formerly known as income They include, on the other hand, social security payments to individuals). benefits and other transfer payments, which are not The gross national product is the most compre- usually considered part of income but which are hensive measure of the output of the economy. available for private expenditure. Personal income It takes account of the value of all final products minus personal taxes and related liabilities is known currently produced, including both capital goods as disposable personal income. This series is the 1105 SEPTEMBER 1947 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVISION OF NATIONAL INCOME AND PRODUCT STATISTICS basis for many studies of consumer expenditure CONSISTENCY OF DEFINITION and saving. The national income, as noted above, represents an aggregate of the rewards earned by labor and NATURE OF THE REVISIONS property owners for the current production of goods and services; in technical language, it is measured The recently published revisions represent five at factor cost. Estimates of gross national product, years' work and extend to almost every component on the other hand, relate as closely as possible to of the series. The estimates are available in much the mar\et value of current output. The consistent greater detail than before, and the definitions of application of these definitions has required several the various totals and subtotals have been clarified changes in the series. and rationalized. 1. Taxes on corporate profits are now included The new series on national income and product in national income, while the previous practice are somewhat higher than the old throughout the was to exclude them. This change is intended to period covered by the revision, 1929-1946. (See place profits on the same basis as the other income Charts I and II.) The changes in levels are most shares, which are added into national income withsignificant, however, for the war years. out deduction of personal taxes. The new estimates incorporate changes in con- 2. Interest payments on government debt have cept as well as statistical revisions. Conceptual been excluded from both national income and changes, in fact, account for the larger part of the gross national product, since they are not conincrease in the income and product totals. sidered to be a reward for current production or The major conceptual changes may be grouped to represent the current use of economic resources. into two categories: (1) those designed to achieve 3. Profits resulting from appreciation in the greater consistency of definition among the various related series, and (2) those taking account of book value of inventories, and corresponding losses certain types of imputed income and income re- when values are falling, have been excluded from ceived in kind that were previously excluded national income. This treatment is now consistent from the estimates. In addition, several minor re- with that of other types of capital gain or loss, finements in concept have been made possible by which have no counterpart in current production. the availability of improved data. In the past, such profits or losses had been excluded GROSS NATIONAL PRODUCT NATIONAL INCOME DEPARTMENT OF COMMERCE ESTIMATES DEPARTMENT OF COMMERCE ESTIMATES BILLIONS OF DOLLARS ANNUALLY 1929-1946 BILUONS OF DO ANNUALLY F929-I946 BILLIONS OF DOLL) 240 200 f /"' SE N R E I W ES i • — // i / — 160 / S N E E R W IE S/ / / / ! // ft FORMER • I // U SERIES // 120 J — ]/i — _ // s // FORMER yy - _ 60 :^ 40 0 1 I [ i X 1 i i ! | ! 1 ! 1 1930 1932 1934 J936 1938 1940 1942 1944 1946 1930 1932 1934 1936 1938 1940 1942 1944 1946 1106 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVISION OF NATIONAL INCOME AND PRODUCT STATISTICS from the national product but not from the na- tary life insurance funds and to family allowances. tional income. These changes are of particular significance, of course, in explaining the higher level of the new gross national product series for the war years. GROSS NATIONAL PRODUCT 3. An item of imputed interest has been included Difference between Old and New Series [In billions of dollars] NATIONAL INCOME Revision 1929 1939 1946 Difference between Old and New Series Statistical revision. -0.4 4.7 [In billions of dollars] Plus: Items included in new series but not in old—• Net imputed rent, depreciation and Revision 1929 1939 1946 taxes on owner-occupied dwellings ... . 4.8 3.4 5.6 Income in kind and other imputed Statistical revision -0.3 0.4 6.9 income of armed forces 0.1 0.1 3.7 Plus: Items included in new series but Other.. . . 0 4 0 6 1 2 not in old— Less: Items in old series but excluded Taxes on corporate profits 1.4 1.5 8.6 from new— Depletion charges 0.6 0.5 0.6 Government interest payments.... 1.0 1.2 4.5 Net imputed rent of owner-occupied Other... -0.1 0.6 0.9 dwellings 2.8 1.5 2.9 Equals: Net increase (new series minus Income in kind and other imputed old) 4.4 1.8 9.7 income of armed forces 0.1 0.1 3.7 Inventory valuation adjustment... . 0.6 -0.9 -6.0 Other 0 2 1 2 SOURCE.—Department of Commerce. Less: Items in old series but excluded from new— Government interest payments. . . . 1.0 1.2 4.5 Other —0.1 0 2 0.2 4. Subsidies paid by government to private busi- Equals: Net increase (new series minus ness have been removed from the national product, old) 4.1 1.7 13.2 since they are not included in the market valuation SOURCE.—Department of Commerce. of goods and services produced. Another change introduced on grounds of con- to cover the services rendered by banks and other sistency of definition, although not parallel to those financial institutions without explicit charge. As just enumerated, is in the treatment of depletion a consequence, it is now possible to abandon the allowances, which were formerly deducted along artificial assumption previously made, which allowith depreciation charges in computing national cated all receipts of long-term interest (except govincome. No such deduction is made in the new ernment interest received by nonfinancial corporaseries. It is felt that since new discoveries of natural tions) to persons and treated all short-term interest resources are not considered as part of gross capital receipts as interbusiness transactions that cancel out. formation, an allowance for the depletion of known Three other minor conceptual changes may be resources would be inappropriate. mentioned. (1) Employer contributions to private pension and welfare funds have been substituted for benefit payments in the national income and IMPUTED INCOME AND OTHER CONCEPTUAL CHANGES personal income estimates. (2) Changes in farm Several items of income and expenditure that inventories of crops not held for sale have been were previously disregarded have been incorporated added to the appropriate series. (3) Business transin the new series. fer payments—consumer bad debts, corporate gifts, 1. The most important of these is imputed net and other similar items—have been included in rent on owner-occupied dwellings, which is now personal income. included in gross national product, national income, and personal income. As a corollary, depreciation CHANGES IN CONSUMPTION EXPENDITURES AND and taxes on such dwellings, as well as imputed PERSONAL SAVING rent, have been added to consumer expenditures. Thus the methods of treating rented and owner- These conceptual changes have a substantial inoccupied housing are now comparable. fluence on the numerical magnitude of the national 2. The value of food and personal clothing pro- income and the national product, but they do not vided for members of the armed forces has been necessarily affect prevailing interpretations of the added to the national income and national prod- economy or of the relationships among the various uct along with government contributions to mili- sectors and types of activity. SEPTEMBER 1947 1107 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVISION OF NATIONAL INCOME AND PRODUCT STATISTICS The new estimates of personal consumption ex- The ratio of personal saving to disposable income penditures and of personal saving, however, differ is also lowered throughout the period under conin a more fundamental sense from those previously sideration, even after allowance is made for changes published. In this case, the revisions suggest that in concept. consumption expenditures have been considerably higher throughout the period since 1929 than the SIGNIFICANCE OF THE CHANGES earlier figures indicated, and that personal saving has been considerably less. Those characteristics of our economy that stood In the previous series, personal saving was esti- out most sharply in the former estimates of national mated by a double-residual method. Consumer ex- income and product are equally striking in the penditure was first derived by subtracting private revised figures. The extraordinarily high level capital formation and government expenditure of total output during the war and at present, from the gross national product, after appropriate as compared with the previous peak in 1929, for adjustment on both sides. Consumer expenditure, example, is even more dramatically shown in the estimated in this manner, was then subtracted from new figures than in the old. (See Charts I and II.) disposable income to give personal saving. (For On either basis, both the gross national product and the years since 1939, the movement, but not the the national income in 1946 were approximately level, of consumer expenditure has been related to double their 1929 value. Some part of this exindependent data on retail trade and the like.) pansion is accounted for by price increases, to be In the revised series, personal consumption ex- sure; but after all possible allowances on this penditures are estimated independently throughout. score, the figures show a very impressive rise in The result of this change in method, together with physical production. the conceptual changes, has been to raise the level With regard to timing as well as level, the new of the consumption estimates for the whole period totals in general correspond quite closely with the since 1929. Correspondingly, there has been a old. However, the revised national income series reduction in the level of personal saving, as is now has its low point in 1933 rather than in 1932, indicated in Chart III. The new figures suggest, and thus shows the same movement as gross nain fact, that individuals were dissaving on balance tional product and personal income at the trough during the depression years 1932-1934. of the depression. This change in timing results from statistical revisions rather than from changes CHART III in definition. On the other hand, the peak of na- PERSONAL SAVING tional income has been shifted from 1946 to 1945, DEPARTMENT OF COMMERCE ESTIMATES due largely to the inclusion of corporate profits ANNUALLY 1929-1946 IN BILLIONS OF DOLLARS before tax under the new concept while previously 40 taxes on profits had been deducted. Under the FORM:R SERIES V former concept, the repeal of the excess profits tax 30 ifV- in 1945 had the effect of raising the national in- 20 come estimate for 1946, but this is no longer the /YHE* SERIES 10 case with the new definitions. _-/, _ --""2^--"' Despite these two changes in the timing of 0 , 1 , national income movements, the general picture -10 I I "1 I I 1 1 of economic developments during the past two 50 AS* PERCECTAGE OFDISPOSA3LE PERSONAL INCOME decades that emerges from a study of the new 40 estimates is familiar. The sharp drop from 1929 to 1932-1933 appears in all the series, along with 30 the slow and incomplete recovery up to 1937, the 20 4 recession of that year, the defense prosperity of FORMEF: SERIES 10 y 1940-1941, and the great upsurge of the war years. _^ —• ^-/NEW SERIES The relative movements of the major components 0 Nd \^ ! have also been little affected by the revisions. Sales -10 i | 1 ( 1 ( i of durable goods fluctuate more than those of 1930 1932 1934 1936 1938 1940 1942 1944 1946 1108 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVISION OF NATIONAL INCOME AND PRODUCT STATISTICS nondurables; wages and salaries are more stable penditure exceeded disposable income to the extent than profits or farm returns. of 2.7 per cent.) For 1946 the old figure was 12.9 The new estimates of personal consumption exper cent while the revised series shows 9.3 per cent. penditures and personal saving, however, will force The role of private saving in the economy has a re-examination of some widely held impressions in the past been the subject of much controversy. regarding these magnitudes and their relation to It may be expected that new debates will be opened disposable income. In 1929, for example, the old by these revisions of the data. Relations between series showed personal saving as 11.1 per cent of saving and income calculated from the old series, disposable income; the corresponding figure in the revised series is 4.8 per cent. For 1933, the per- and projections based on these relations, will have centage saved was 3.8 on the old basis and —2.7 to be modified. The results of such reinterpretaon the new. (That is, personal consumption ex- tion cannot yet be foreseen. RELATION OF GROSS NATIONAL PRODUCT, NATIONAL INCOME, PERSONAL INCOME, AND SAVING, 1929-1946 [In millions of dollars] 1931 1932 1933 1934 1935 1936 1937 Gross national product 103,828 90,857 75,930 58,340 55,760 64,868 72,193 '82,483 90,213 Less: Capital consumption allowances 8,816 8,747 8,312 7,663 7,245 7,218 7,369 7,684 7,972 Equals: Net national product 95,012 82,110 67,618 50,677 48,515 57,650 64,824 '74,799 82,241 Plus: Subsidies minus current surplus of government enterprises -147 -123 -49 -45 18 283 403 39 60 Less: Indirect business tax and related liabilities. 7,003 7,155 6,859 6,768 7,055 7,815 8,190 8,663 9,157 Business transfer payments 587 534 649 737 659 641 594 594 567 Statistical discrepancy -80 -705 1,188 1,437 1,235 864 -346 862 -1,050 Equals: National income 87,355 75,003 58,873 41,690 39,584 48,613 56,789 '64,719 73,627 Less: Undistributed corporate profits 2,597 -3,045 -5,381 -5,998 -2,428 -1,619 -613 -284 -8 Corporate profits tax liability 1,398 848 500 382 524 746 965 1,411 1,512 Corporate inventory valuation adjustment 472 3,260 2,414 1,047 -2,143 -625 -227 -738 -31 Contributions for social insurance 243 253 262 278 285 304 333 598 1,800 Excess of wage accruals over disbursements., 0 0 0 0 0 0 0 0 0 Plus: Net interest paid by government 983 964 1,084 1,141 1,170 1,230 1,141 1,101 1,204 Government transfer payments 912 1,010 2,024 1,415 1,454 1,552 1,795 2,926 1,851 Business transfer payments 587 534 649 737 659 641 594 594 567 Equals: Personal income 85,127 76,195 64,835 49,274 46,629 53,230 59,861 '68,353 73,976 Less: Personal tax and related payments 2,643 2,507 1,858 1,455 1,464 1,595 1,888 2,258 2,921 Equals: Disposable personal income 82,484 73,688 62,977 47,819 45,165 51,635 57,973 '66,095 71,055 Less: Personal consumption expenditures. . . . 78,761 70,789 61,153 49,208 46,346 51,882 56,215 62,515 67,121 Equals: Personal saving 3,723 2,899 1,824 -1,389 -1,181 -247 1,758 '3,580 3,934 1938 1939 1940 1941 * 1942 1944 1945 1946 Gross national product 84,683 90,426 100,477 125,294 159,628 192,573 210,551 213,120 203,679 Less: Capital consumption allowances 7,992 8,101 8,440 9,294 9,935 10,585 11,773 12,085 11,040 Equals: Net national product 76 ,691 82,325 92,037 116,000 149,636 181,988 198,778 201,035 192,639 Plus: Subsidies minus current surplus of government enterprises 176 485 420 102 150 183 659 775 843 Less: Indirect business tax and related liabilities.. 9,154 9,365 10,021 11,296 11,813 12,685 14,029 15,339 16,851 Business transfer payments 429 451 431 502 494 504 549 564 528 Statistical discrepancy -91 462 658 470 1,050 720 2,599 3,099 -2,101 Equals: National income 67,375 72,532 81,347 103,834 136,486 168,262 182,260 182,8C8 178,204 Less: Undistributed corporate profits -906 1,209 2,398 4,921 5,136 5,886 5,239 4,174 6,925 Corporate profits tax liability 1,040 1,462 2,878 7,846 11,665 14,153 13,913 11,283 8,601 Corporate inventory valuation adjustment.. 963 -714 -148 -2,617 -1,274 -824 -355 -533 -4,689 Contributions for social insurance 1,977 2,136 2,282 2,784 3,468 4,516 5,172 6,140 5,990 Excess of wage accruals over disbursements. 0 0 0 0 0 209 -193 14 -30 Plus: Net interest paid by government 1,192 1,205 1,291 1,289 1,517 2,140 2,800 3,675 4,491 Government transfer payments 2,405 2,512 2,688 2,617 2,657 2,466 3,082 5,621 10,791 Business transfer payments 429 451 431 502 494 504 549 564 528 Equals: Personal income 68,327 72,607 78,347 95,308 22,159 49,432 164,915 171,590 177,217 Less: Personal tax and related payments 2,862 2,440 2,604 3,293 5,962 17,815 18,904 20,878 18,789 Equals: Disposable personal income 65,465 70,167 75,743 92,015 116,197 L31,617 46 ,011 150,712 158,428 Less: Personal consumption expenditures 64,513 67,466 72,052 82,255 90,835 .01,626 10,417 21,698 143,670 Equals: Personal saving 952 2,701 3,691 9,760 25,362 29,991 35,594 29,014 14,758 'Annual data for 1936 has been revised since publication in the source cited below. SOURCE.—National Income Supplement to the Survey of Current Business, July 1947, Department of Commerce. SEPTEMBER 1947 1109 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVISION OF NATIONAL INCOME AND PRODUCT STATISTICS RELATION OF GROSS NATIONAL PRODUCT, NATIONAL INCOME, PERSONAL INCOME, AND SAVING—Continued [Seasonally adjusted annual rates by quarters. In billions of dollars] 1939 1940 Gross national product 87.1 88.9 91.1 94.6 96.9 98.7 100.6 105.6 Less: Capital consumption allowances 8.0 8.1 8.1 8.2 8.2 8.3 8.5 8.7 Equals: Net national product 79.1 80.8 83.0 86.4 88.7 90.4 92.1 96.9 Plus: Subsidies minus current surplus of government enterprises 0.4 0.5 0.6 0.4 0.5 0.5 0.5 0.3 Less: Indirect business tax and related liabilities 9.2 9.3 9.4 9.5 9.6 9.9 10.2 10.4 Business transfer payments 0.4 0.5 0.5 0.5 0.4 0.4 0.4 0.4 Statistical discrepancy -1.5 0.4 0. 2.5 1.7 0.5 0.2 0.2 Equals: National income 71.4 71.2 73.0 74.4 77.5 79.9 81.8 86.1 Less: Undistributed corporate profits 1.2 1.0 1.2 1.6 1.5 2.4 2.5 3.2 Corporate profits tax liability 1.3 1.4 1.5 1.7 2.5 2.8 2.9 3.3 Corporate inventory valuation adjustment 0.1 -0.4 -0.3 -2.3 -0.4 0.6 0.1 -0.9 Contributions for social insurance 2.0 2.1 2.2 2.3 2.2 2.2 2.3 2.4 Excess of wage accruals over disbursements 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Plus: Net interest paid by government 1.1 1.2 1.2 1.3 1.3 1.3 1.3 1.3 Government transfer payments 2.6 2.5 2.5 2.4 2.7 2.8 2.7 2.6 Business transfer payments 0.4 0.5 0.5 0.5 0.4 0.4 0.4 0.4 Equals: Personal income 70.9 71.4 72.6 75.3 76.1 76.5 78.6 82.3 Less: Personal tax and related payments 2.4 2.4 2.4 2.4 2.6 2.6 2.6 2.6 Equals: Disposable personal income 68.5 69.0 70.2 72.9 73.5 73.9 76.0 79.7 Less: Personal consumption expenditures 64.8 67.4 68.4 69.2 70.0 71.8 72.3 74.1 Equals: Personal saving 3.7 1.5 1.8 3.7 3.5 2.0 3.7 5.6 1941 1945 1 2 2 3 Gross national product 111.9 120.6 130.0 138.6 221.8 220.2 213.4 197.1 Less: Capital consumption allowances 8.8 9.2 9.5 9.6 12.4 12.9 11.9 11.2 Equals: Net national product 103.1 111.4 120.5 129.0 209.4 207.3 201.5 185.9 Plus: Subsidies minus current surplus of government enterprises 0.3 0.1 0.1 -0.1 0.6 0.2 0.8 1.5 Less: Indirect business tax and related liability 10.8 11.2 11.3 11.9 14.8 15.2 15.3 16.0 Business transfer payments 0.5 0.5 0.5 0.5 0.6 0.6 0.6 0.6 Statistical discrepancy -1.5 -1.3 1.3 3.6 2.8 0.2 6.9 2.7 Equals: National income 93.6 101.2 107.5 112.9 191.8 191.6 179.5 168.1 Less: Undistributed corporate profits 3.5 5.0 5.7 5.7 6.4 6.5 3.2 0.4 Corporate profits tax liability 6.5 7.9 8.5 8.6 13.4 13.5 9.9 8.3 Corporate inventory valuation adjustment -1.2 -2.2 -3.8 -3.2 -0.5 -0.5 -0.5 -0.6 Contributions for social insurance 2.5 2.7 2.9 3.0 5.8 6.2 6.2 6.3 Excess of wage accruals over disbursements 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Plus: Net interest paid by government 1.3 1.3 1.3 1.3 3.3 3.5 3.8 4.1 Government transfer payments * 2.7 2.6 2.6 2.6 3.4 4.2 5.0 9.9 Business transfer payments 0.5 0.5 0.5 0.5 0.6 0.6 0.6 0.6 Equals: Personal income 86.7 92.3 98.7 103.1 174.0 174.1 169.9 168.3 Less: Personal tax and related payments 3.3 3.3 3.3 3.3 21.3 21.2 20.7 20.3 Equals: Disposable personal income 83.4 89.0 95.4 99.8 152.7 152.9 149.2 148.1 Less: Personal consumption expenditures 76.6 81.7 84.9 85.7 118.2 118.8 121.8 127.9 Equals: Personal saving 6.8 7.2 10.4 14.1 34.5 34.1 27.4 20.1 NOTE.—Comparable quarterly data for 1946 are shown on p. 1167 of this BULLETIN. Details may not add to totals because of rounding SOURCE.—National Income Supplement to the Survey of Current Business, July 1947, Department of Commerce. 1110 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVISION OF NATIONAL INCOME AND PRODUCT STATISTICS GROSS NATIONAL PRODUCT OR EXPENDITURE, 1929-1946 [In millions of dollars! 1929 1930 1931 1932 1933 1934 1935 1936 1937 Gross national product 103,828 90 ,857 75 ,930 58,340 55,760 64,868 72,193 r82,483 90,213 Personal consumption expenditures 78,761 70 ,789 61,153 49,208 46,346 51,882 56,215 62,515 67,121 Durable goods 9,362 7,275 5,569 3,694 3,503 4,255 5,158 6,374 7,005 Nondurable goods 37,742 34,052 28,955 22,743 22,254 26,732 29,377 32,887 35,232 Services 31,657 29,462 26,629 22,771 20,589 20,895 21,680 23,254 24,884 Gross private domestic investment 15,824 10 ,209 5,362 886 1,306 2,807 6,146 '8,318 11,440 New construction1 7,824 5,566 3,561 1,668 1,142 1,420 1,890 2,783 3,687 Producers' durable equipment 6,438 4,926 3,162 1-.781 1,783 2,531 3*351 4,531 5,444 Change in business inventories 1,562 -283 ~lv,361 -2,563 -1,619 -1,144 905 I', 004 2,309 Net foreign investment 771 690 197 169 150 429 -54 -93 62 Government purchases of goods and services 8,472 9,169 9,218 8,077 7,958 9,750 9,886 11,743 11,590 Federal 1,311 1,410 1,537 1,480 2,018 2,991 2,931 4,815 4,552 W No ar nwar .... J 1,344 1,432 1,549 1,484 2,022 2,997 2,935 4,818 4,557 Less: Government sales'2. . . .... 33 22 12 4 4 6 4 3 5 State and local 7,161 7,759 5,940 6,759 6,955 6,928 7,038 7,681 6,597 1938 1939 1940 1941 1942 1943 1944 1945 1946 Gross national product. 84,683 90 ,426 100,477 125,294 159,628 192,573 210,551 213,120 203,679 Personal consumption expenditures 64,513 67 ,466 72,052 82,255 90 ,835 101,626 110,417 121,698 143,670 Durable goods 5,754 6,729 7,854 9,750 6,845 6,515 6,755 7,977 14,917 Nondurable goods 34,032 35,258 37,594 43,960 52,962 61,205 67,190 75,298 87,061 Services 24,727 25,479 26,604 28,545 31,028 33,906 36,472 38,423 41,692 Gross private domestic investment. 6,311 9,0C4 12,983 17,211 9,330 4,591 5,658 9,058 24 ,582 New construction1 3,309 3,986 4,600 5,661 3,212 2,010 2,267 3,146 8,525 Producers' durable equipment 3,975 4,577 6,108 7,676 4,702 3,761 5,348 7,134 12,393 Change in business inventories. -973 441 2,275 3,874 1,416 -1,180 -1,957 -1,222 3,664 Net foreign investment. . 1,109 888 1,509 1,124 -2C7 -2,245 -2,099 -754 4,773 Government purchases of goods and services 12,750 13,068 13,933 24,7C4 59 ,670 88,601 96 ,575 83,118 30 ,654 Federal 5,280 5,157 6,170 16,923 52,027 81,223 89,029 74,963 20,671 W No a n r war ) ) 5,286 3 1 . ,2 9 5 0 8 8 3 2 , , 9 22 5 3 6 1 3 3 , , 1 7 7 9 3 4 4 2 9 , ,5 6 6 6 7 4 80 1, , 4 3 8 8 0 4 88 1, , 5 6 5 3 2 8 76 1 , ,0 1 1 7 1 2 2 2 1 , , 3 2 8 9 3 3 Less: Government sales2 ... 6 9 9 44 204 641 1,161 2,220 3,005 State and local 7,470 7,911 7,763 7,781 7,643 7,378 7,546 8,155 9,983 r Annual data for 1936 have been revised since publication in the source cited below. 1 Includes construction expenditures for crude petroleum and natural gas drilling. - Consists of sales abroad and domestic sales of surplus consumption goods and materials. SOURCE.—National Income Supplement to the Survey of Current Business, July 1947, Department of Commerce. SEPTEMBER 1947 1111 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVISION OF NATIONAL INCOME AND PRODUCT STATISTICS GROSS NATIONAL PRODUCT OR EXPENDITURE—Continued [Seasonally adjusted annual rates by quarters. In billions of dollars] 1939 1940 2 3 1 2 3 Gross national product 87.1 88.9 91.1 94.6 96.9 98.7 100.6 105.6 Personal consumption expenditures 64.8 67.4 68.4 69.2 70.0 71.8 72.3 74.1 Durable goods 6.4 6.6 6.9 7.0 7.5 7.8 7.8 8.3 Nondurable goods 33.5 35.6 35.6 36.4 36.3 37.6 37.8 38.7 Services 25.0 25.3 25.9 25.8 26.2 26.4 26.7 27.1 Gross private domestic investment 8.3 7.7 9.1 11.0 11.8 12.0 13.5 14.5 New construction1 4.0 4.0 3.9 4.1 4.2 4.5 4.7 4.9 Producers' durable equipment 4.1 4.3 4.7 5.2 5.6 5.8 6.3 6.8 Change in business inventories 0.2 -0.5 0.5 1.7 2.0 1.7 2.5 2.8 Net foreign investment 0.7 0.6 1.0 1.2 1.8 1.6 1.4 1.3 Government purchases of goods and services 13.2 13.2 12.6 13.3 13.4 13.3 13.5 15.6 Federal 5.2 5.3 4.8 5.4 5.8 5.5 5.6 7.8 War 1.1 1.2 1.3 1.4 1.6 1.7 1.8 3.8 Nonwar 4.1 4.1 3.4 3.9 4.2 3.9 3.7 4.0 Less: Government sales2 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 State and local 8.0 7.9 7.8 7.9 7.6 7.8 7.9 7.8 1941 1945 2 3 1 2 3 Gross national product 111.9 120.6 130.0 138.6 221.8 220.2 213.4 197.1 Personal consumption expenditures 76.6 81.7 84.9 85.7 118.2 118.8 121.8 127.9 Durable goods 9.4 10.3 10.1 9.2 7.3 7.4 7.7 9.5 Nondurable goods 39.6 43.3 46.0 46.9 73.1 73.2 75.6 79.4 Services 27.6 28.1 28.9 29.6 37.8 38.1 38.6 39.1 Gross private domestic investment 15.5 16.8 18.5 17.9 5.5 7.6 10.9 12.2 New construction1 5.4 5.8 5.9 5.5 2.4 2.8 3.2 4.3 Producers' durable equipment 7.3 8.0 8.3 7.1 5.9 6.4 7.6 8.7 Change in business inventories 2.8 3.0 4.4 5.3 -2.8 -1.5 0.1 -0.8 Net foreign investment 1.1 0.7 0.6 2.1 -2.0 -2.6 0.1 1.5 Government purchases of goods and services 18.7 21.3 26.0 32.8 100.0 96.4 80.6 55.5 Federal 11.2 13.6 18.0 24.9 92.2 88.5 72.3 46.9 War 7.5 10.7 15.2 21.7 92.2 88.7 74.3 49.5 Nonwar 3.7 2.9 2.8 3.3 1.1 1.2 1.0 0.7 Less: Government sales2 0.0 0.0 0.1 0.1 1.2 1.4 3.0 3.3 State and local 7.5 7.8 8.0 7.9 7.8 7.9 8.3 8.6 1 Includes construction expenditures for crude petroleum and natural gas drilling. 2 Consists of sales abroad and domestic sales of surplus consumption goods and materials. NOTE.—Comparable quarterly data for 1946 are shown on p. 1168 of this BULLETIN. Details may not add to totals because of rounding. SOURCE.—National Income Supplement to the Survey of Current Business, July 1947, Department of Commerce. 1112 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVISION OF NATIONAL INCOME AND PRODUCT STATISTICS NATIONAL INCOME, BY DISTRIBUTIVE SHARES, 1929-1946 [In millions of dollars] 1929 1930 1931 1932 1933 1934 1935 1936 National income. 87,355 75,003 58,873 41,690 39,584 48,613 56 ,789 '64,719 73,627 Compensation of employees 50,786 46 ,515 39,470 30,826 29 ,330 34,067 37,107 42,675 47,696 Wages and salaries1 50,165 45,894 38,886 30,284 28,825 33,520 36,508 41,754 45,948 Private 45,206 40,720 33,607 25,297 23,660 27,420 29,984 33,866 38,432 Military 312 315 308 295 270 271 306 338 358 Government civilian 4,647 4,859 4,971 4,692 4,895 5,829 6,218 7,550 7,158 Supplements to wages and salaries , 621 621 584 542 505 547 599 921 1,748 Employer contributions for social insurance 101 106 111 126 133 147 171 418 1,234 Other labor income 520 515 473 416 372 400 428 503 514 Income of unincorporated enterprises and inventory valuation adjustment 13,927 10,963 8,214 4,921 5,207 6,603 9,858 '9,942 12,249 Business and professional 8,262 7,032 5,316 3,206 2,925 4,276 4,987 6,074 6,630 Income 8,120 6,277 4,705 2,911 3,450 4,330 5,037 6,194 6,659 Inventory valuation adjustment 142 755 611 295 -525 -54 -50 -120 -29 Farm2 5,665 3,931 2,898 1,715 2,282 2,327 4,871 '3,868 5,619 Rental income of persons 5,811 4,786 3,620 2,508 2,018 2,095 2,288 2,682 3,140 Corporate profits and inventory valuation adjustment 10,290 6,563 1,631 -1,995 -1,981 1,098 2,997 4,946 6,166 Corporate profits before tax 9,818 3,303 -783 -3,042 162 1,723 3,224 5,684 6,197 Corporate profits tax liability 1,398 848 500 382 524 746 965 1,411 1,512 Corporate profits after tax 8,420 2,455 -1,283 -3,424 -362 977 2,259 4,273 4,685 Dividends 5,823 5,500 4,098 2,574 2,066 2,596 2,872 4,557 4,693 Undistributed profits 2,597 -3,045 -5,381 -5,998 -2,428 -1,619 -613 -284 -8 Inventory valuation adjustment 472 3,260 2,414 1,047 -2,143 -625 -227 -738 —31 Net interest. 6,541 6,176 5,938 5,430 5,010 4,750 4,539 4,474 4,376 1938 1939 1940 1941 1942 1943 1944 1945 1946 National income 67,375 72,532 81,347 103,834 136,486 168,262 182,260 182,808 178,204 Compensation of employees 44,747 47,820 51,786 64,280 84,689 109,102 121,184 122,872 116,763 Wages and salaries1 42,812 45,745 49,587 61,708 81,681 105,537 116,944 117,551 111,113 Private 34,564 37,519 41,130 51,537 65,628 78,671 83,317 82,085 90,237 Military 370 398 591 1,862 6,285 14,478 20,782 22,438 8,010 Government civilian 7,878 7,828 7,866 8,309 9,768 12,388 12,845 13,028 12,866 Supplements to wages and salaries 1,935 2,075 2,199 2,572 3,008 3,565 4,240 5,321 5,650 Employer contributions for social insurance 1,423 1,540 1,624 1,983 2,302 2,677 2,936 3,805 4,072 Other labor income 512 535 575 589 706 1,304 1,516 1,578 Income of unincorporated enterprises and inventory valuation adjustment 10,768 11,282 12,660 16,504 22 ,724 25,951 27,690 30,165 34 ,951 Business and professional 6,347 6,776 7,720 9,566 12,112 14,128 15,310 16,700 19,738 Income 6,126 6,942 7,772 10,210 12,464 14,266 15,369 16,754 21,046 Inventory valuation adjustment 221 -166 -52 -644 -352 -138 -59 -54 -1,308 Farm2 4,421 4,506 4,940 6,938 10,612 11,823 12,380 13,465 15,213 Rental income of persons 3,278 3,465 3,620 4,322 5,371 6,150 6,693 6,952 6,865 Corporate profits and inventory valuation adjustment 4,292 5,753 9,177 14,615 19,824 23,692 23,486 19,689 16 ,451 Corporate profits before tax 3,329 6,467 9,325 17,232 21,098 24,516 23,841 20,222 21,140 Corporate profits tax liability 1,040 1,462 2,878 7,846 11,665 14,153 13,913 11,283 8,601 Corporate profits after tax 2,289 5,005 6,447 9,386 9,433 10,363 9,928 8,939 12,539 Dividend's 3,195 3,796 4,049 4,465 4,297 4,477 4,689 4,765 5,614 Undistributed profits -906 1,209 2,398 4,921 5,136 5,886 5,239 4,174 6,925 Inventory valuation adjustment 963 -714 -148 -2,617 -1,274 -824 -355 -533 -4,689 Net interest 4,290 4,212 4,104 4,113 3,878 3,367 3,207 3,130 3,174 *• Annual data for 1936 have been revised since publication in the source cited below. 1 Includes employee contributions to social insurance funds. 2 Inventory valuation adjustment data for farms are not available separately. SOURCE.—National Income Supplement to the Survey of Current Business, July 1947, Department of Commerce. SEPTEMBER 1947 1113 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVISION OF NATIONAL INCOME AND PRODUCT STATISTICS NATIONAL INCOME BY DISTRIBUTIVE SHARES—Continued [Seasonally adjusted annual rates by quarters. In billions of dollars] 1939 1940 1 2 3 4 1 2 3 4 National income. r . . . . 71.4 71.2 73.0 74.4 77.5 79.9 81.8 86.1 Compensation of employees. 46.7 47.1 47.9 49.5 49.7 50.5 52.1 54.8 Wages and salaries1 44.8 45 .1 45.8 47.3 47.6 48.3 49.9 52.4 Private 36.4 36.7 37.7 39.2 39.3 40.0 41.5 43.6 Military 0.4 0.4 0.4 0.4 0.5 0.5 0.6 0.8 Government civilian 8.1 8.0 7.6 7.6 7.8 7.8 7.9 8.0 Supplements to wages and salaries 1.9 2.0 2.1 2.2 2.1 2.2 2.2 2.3 Income of unincorporated enterprises and inventory valuation adjustment 11.2 10.9 11.1 11.9 12.1 12.2 12.6 13.7 Business and professional 6.7 6.6 6.7 7.0 7.3 7.6 7.8 8.2 Farm2 .... 4.5 4.3 4.4 4.9 4.9 4.6 4.8 5.5 Rental income of persons. 3.4 3.4 3.5 3.6 3.6 3.6 3.6 3.7 Corporate profits and inventory valuation adjustments 5.8 5.6 6.3 5.3 7.9 9.5 9.5 9.8 Corporate profits before tax 5.7 6.0 6.5 7.6 8.3 8.9 9.4 10.7 Corporate profits tax liability . . 1.3 1.4 1.5 1.7 2.5 2.8 2.9 3.3 Corporate profits after tax 4.4 4.7 5.1 5.9 5.8 6.2 6.5 7.4 Dividends 3.2 3.7 3.9 4.3 4.3 3.8 4.0 4.2 Undistributed profits.... 1.2 1.0 1.2 1.6 1.5 2.4 2.5 3.2 Inventory valuation adjustment. 0.1 -0.4 -0.3 2.3 -0.4 0.6 0.1 -0.9 Net interest. 4.2 4.2 4.2 4.2 4.1 4.1 4.1 4.1 1941 1945 1 2 3 4 1 2 3 4 National income... 93.6 101.2 107.5 112.9 191.8 191.6 179.5 168.1 Compensation of employees... 57.9 62.1 66.8 70.1 127.3 126.9 122.5 114.5 Wages and salaries"1 55.5 59.6 64.1 67.3 122.4 121.6 117.1 108.9 Private 46.3 49.7 53.7 56.2 86.4 84.9 80.0 77.1 Military • • 1.1 1.6 2.2 2.6 23.0 23.6 23.7 19.5 Government civilian 8.1 8.3 8.3 8.6 13.0 13.1 13.5 12.4 Supplements to wages and salaries. 2.4 2.5 2.6 2.7 5.0 5.3 5.4 5.6 Income of unincorporated enterprises and inventory valuation adjustment 14.7 15.8 17.4 18.3 30.3 30.3 29.4 30.6 Business and professional 8.9 9.1 10.0 10.3 16.3 16.4 16.6 17.5 Farm2 5.8 6.7 7.4 7.9 14.0 13.9 12.8 13.1 Rental income of persons . 3.9 4.2 4.4 4.7 7.0 7.0 6.9 6.9 Corporate profits and inventory valuation adjustment 13.0 15.0 14.8 15.7 24.0 24.2 17.6 13.0 Corporate profits before tax 14.2 17.2 18.6 18.9 24.5 24.7 18.1 13.6 Corporate profits tax liability 6.5 7.9 8.5 8.6 13.4 13.5 9.9 8.3 Corporate profits after tax. 7.7 9.3 10.2 10.3 11.1 11.2 8.1 5.3 Dividends 4.2 4.3 4.5 4.6 4.7 4.7 4.9 4.9 Undistributed profits 3.5 5.0 5.7 5.7 6.4 6.5 3.2 0.4 Inventory valuation adjustment -1.2 -2.2 -3.8 -3.2 -0.5 -0.5 -0.5 -0.6 Net interest . 4.1 4.1 4.1 4.1 3.2 3.1 3.1 3.1 1 Includes employee contributions to social insurance funds. 2 Inventory valuation adjustment data for farms are not available separately. NOTE.—Comparable quarterly data for 1946 are shown on p. 1167 of this BULLETIN. Details may not add to totals because of rounding. SOURCE.—National Income Supplement to the Survey of Current Business, July 1947, Department of Commerce. 1114 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. Common Trust Funds we first recommend to such people for investment purposes." Operation as Investment Trust Section 17(a) of Regulation F provides in part as The Board has received a request for a ruling follows: with respect to whether a national bank may invest "The purpose of this section is to permit the certain funds in participations in a common trust use of Common Trust Funds, as defined in secfund operated by the bank. tion 169 of the Internal Revenue Code, for the in- The facts as set forth in the bank's letter are as vestment of funds held for true fiduciary purfollows: poses; and the operation of such Common Trust "We have been approached by a local corpora- Funds as investment trusts for other than strictly tion which wishes to place $8000 in our common fiduciary purposes is hereby prohibited. * * * trust fund. They assure me that this money is The trust investment committee of a bank operatnot needed in their business at the present time ing a Common Trust Fund shall not permit any and probably will not be needed until the next funds of any trust to be invested in a Common serious depression such as 1932. They insist that Trust Fund if it has reason to believe that such any trust fund which they set up is a bona fide trust was not created or is not being used for one to permit them to have this small sum of bona fide fiduciary purposes." money invested properly from the diversification Under the facts presented, it appears that there point of view. is no reason for the creation of the trust other than "It is true however that the settler company the desire of the corporation to invest its funds in reserves the right to revoke the agreement at any participations in the common trust fund. The trust time or to withdraw part of the money placed in merely is a mechanism designed to enable the corthis trust fund. The trust fund was established poration to acquire such participations in lieu of with the idea of having it placed in the common other investments. The analogy with the purchase trust fund. * * * We have been approached of investment trust certificates is apparent; and indirectly by other small corporations along the the use of a common trust fund for this purpose same lines and they all want to protect their amounts in substance to the operation of the fund reserve position as much as possible. They have as an ordinary investment trust. In the circumindicated to me that the savings banks will not stances, the Board is of the opinion that the protake their money and they apparently are not posed investment in participations in the common satisfied to obtain the small income return avail- trust fund is clearly contrary to the above-quoted able on the short term government bonds that provisions of Regulation F. 1115 SEPTEMBER 1947 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT EVENTS AND ANNOUNCEMENTS Publication of Postwar Economic Studies No. 7 provide a brief and relatively simple but authori- International Monetary Policies, to be available tative statement of the purposes and functions of for distribution in October, is the seventh of the the Federal Reserve System. In the main the diseight postwar economic studies authorized by the cussion is in terms of monetary and credit problems Board of Governors. This pamphlet will contain and policies in peacetime, but one chapter of the the following papers: "Exchange Rates and the revised edition is devoted to the unusual responsi- International Monetary Fund," by Lloyd A. Metz- bilities of the Federal Reserve in time of war. Writler; "National Central Banking and 'the Inter- ten primarily for students, bankers, businessmen, national Economy," by Robert Triflin; and "Com- and others who need a concise statement of the ments on 'National Central Banking and the Inter- services rendered by the Federal Reserve System to national Economy/ " by Gottfried Haberler. the economy of the United States, the text does not The eighth pamphlet, Federal Reserve Policy, purport to be an exhaustive account of Federal will be announced in a later issue of the BULLETIN. Reserve activities. Each pamphlet contains essays on related subjects The price for cloth-bound copies of the booklet by specialists on the staffs of the Board and the will be 75 cents each for one to nine copies and Federal Reserve Banks. The views expressed in 50 cents each for group orders of ten or more sent the papers are entirely those of the authors, and in a single shipment. Paper-bound copies will be there is no official endorsement of any of the pro- distributed without charge. Requests for delivery posals made. upon publication should be addressed to the Divi- Individual pamphlets may be purchased for 25 sion of Administrative Services, Board of Governors cents each, or for 15 cents each for group purchases of the Federal Reserve System, Washington 25, of ten or more in single shipment. Orders should D.C. be sent to the Division of Administrative Services, Board of Governors of the Federal Reserve System, Admissions of State Banks to Membership in the Washington 25, D. C. Federal Reserve System The following State banks were admitted to Revised Edition of Book on Federal Reserve System membership in the Federal Reserve System during A complete revision of the booklet entitled The the period July 16, 1947 to August 15, 1947: Federal Reserve System—Its Purposes and Functions, which was first published by the Board of Alabama Governors in 1939, will be available for distribution Leighton—Bank of Leighton late in the fall. Earlier revision was prevented by Illinois the pressure of wartime activities and for some time Manteno—Manteno State Bank the first edition has been obsolete in many important respects. New Yor\ The new edition, as was the old, is intended to Glen Cove—The Nassau Union Bank 1116 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS- CONDITIONS [Compiled August 25, and released for publication August 27] Industrial production was at a lower level in July in demand. Output of lumber and of stone, clay, than in June, owing in part to influences of a and glass products was also at a lower level than temporary nature. Retail trade was generally main- in June. tained. Prices advanced during July and also the Nondurable goods production continued to defirst half of August. cline in July. There was a further reduction in textile output, owing in part to vacations of pro- INDUSTRIAL PRODUCTION duction workers but also to earlier slackening of Production of manufactures and minerals both demand. Output of rubber products also condeclined in July and total industrial production, tinued to decline. Production of paperboard was according to the Board's seasonally adjusted index, lower in July but increased in August to the earlier was at 178 per cent of the 1935-39 average. This high level. In the canning industry production was 6 points below the June level and 12 points rose more than is usual in July but was considbelow the March postwar high of 190. Scattered erably below the unusually high level of last season. information now available indicates a somewhat Mineral output declined in July. There was a higher level for August than for July. sharp drop in bituminous coal and anthracite out- Output of durable manufactures generally de- put, accounted for largely by vacations early in the creased in July. There was a marked reduction in month. Output of crude petroleum declined steel output during the first two weeks of the slightly but was still at a very high rate. month, when a coal shortage seemed imminent. Activity in shipbuilding was sharply reduced by EMPLOYMENT work stoppages, and there was a moderate decline Factory employment declined somewhat further in activity in the machinery industry. Automobile in July, after allowance for seasonal changes, while output declined somewhat in July, and showed a employment in most other nonagricultural lines further reduction in the first half of August, with continued to show little change. Total government production still limited by the sheet steel shortage. employment was reduced by 120,000 to about 5,300,- Nonferrous metal manufacturing continued to de- 000 persons in mid-July, reflecting a reduction in cline in July, partly as a result of some reduction Federal employment and also a decline of a seasonal nature in other government employment. INDUSTRIAL PRODUCTION DEPARTMENT STORE SALES AND STOCKS _DOLLAR VOLUME SEASONALLY ADJUSTED, 1935-39 * 100 1939 194] 1943 1945 1947 1939 1941 1943 1945 1947 1939 1940 1941 194Z 1943 1944 1945 1946 1947 Federal Reserve indexes. Monthly figures, latest shown are Federal Reserve indexes. Monthly figures, latest shown are for July. for July. SEPTEMBER 1947 1117 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS CONSTRUCTION pared with the record crop of 3.3 billion last season. Value of construction contracts awarded, ac- Lower cotton prices were attributable in some part cording to the F. W. Dodge Corporation, rose in to more definite prospects for a crop substantially July, reflecting increases in awards for most types above last season. of private construction. Awards for private resi- The general level of wholesale commodity prices dential work were one-fourth larger than in June advanced somewhat further from July 15 to the as contracts for hotels, apartment hotels, and one- middle of August, reflecting chiefly further infamily houses for sale or rent increased substan- creases in prices of meats, dairy products, and tially. Value of awards for commercial and manu- fuels, and a general advance of about 10 per cent in facturing building increased by about one-third. prices of iron and steel products. Prices of new Federal controls on private construction were automobiles were generally raised in this period. largely eliminated as of June 30. Steel scrap prices declined in the middle of August, following sharp advances in preceding weeks. DISTRIBUTION Department store sales showed the usual sea- BANK CREDIT sonal decline in July, and the Board's adjusted Further additions to monetary gold stock, an index remained at the high May and June level. inflow of currency from circulation, and purchases In the first two weeks of August, sales showed of government securities by the Reserve Banks less rise than usual and were 4 per cent below the increased member bank reserve balances in July and corresponding period of a year ago whereas in the first three weeks of August. In August these July sales were 5 per cent higher than last year. additions to bank reserves were partly offset by a This difference reflected in part the sharp tem- shift of funds to Treasury balances at Reserve porary rise in sales which occurred in August a Banks as a result of an excess of Treasury receipts year ago, and unfavorable shopping weather in over expenditures. Required reserves increased many sections this year. over the period, reflecting continued expansion of deposits at member banks. COMMODITY PRICES Commercial and industrial loans at banks in Prices of basic commodities in the middle of leading cities increased sharply during July and August were generally at about the advanced levels the first half of August, particularly at banks outreached on July 15. Prices of corn, hides, and side New York City. Real estate and consumer wool tops rose further in this period, while prices loans showed further sustained growth. Governof cotton and vegetable oils declined. Higher corn ment security holdings declined somewhat at banks prices resulted in part from deterioration of the in New York City but showed little change at corn crop, which on the basis of August 15 condi- other city banks. tions was estimated at 2.4 billion bushels as com- LOANS AT MEMBER BANKS IN LEADING CITIES WHOLESALE PRICES 1926 MOO 1939 1940 1941 1942 1943 Bureau of Labor Statistics* indexes. Weekly figures, latest Excludes loans to banks. Wednesday figures, latest shown shown are for week ending Aug. 23. are for Aug. 20. 1118 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. 1121 Federal Reserve Bank discount rates; rates on industrial loans, guarantee fees and rates under Regulation V; rates on time deposits; reserve requirements; margin requirements. 1122 Federal Reserve Bank statistics. 1123-1126 Guaranteed war production loans. 1127 Deposits and reserves of member banks. 1127-1128 Money in circulation. 1129-1130 Gold stock; bank debits and deposit turnover. 1130 Deposits and currency; Postal Savings System; bank suspensions. 1131 All banks in the United States, by classes. 1132-1133 All insured commercial banks in the United States, by classes. 1134-1135 Weekly reporting member banks. 1136-1139 Commercial paper, bankers' acceptances, and brokers' balances. 1140 Money rates and bond yields 1141 Security prices and new issues 1142-1143 Corporate earnings and dividends 1144 Treasury finance 1145-1147 Government corporations and credit agencies 1148 Business indexes 1149-1158 Department store statistics 1159-1161 Consumer• credit statistics. 1162-1164 Cost of living 1165 Wholesale prices 1166 Gross national product, national income, and income payments. 1167-1168 Current statistics for Federal Reserve chart books. 1169-1173 August crop report, by Federal Reserve districts. 1173 Number of banking offices on Federal Reserve par list and not on par list 1174 Changes in number of banking offices in the United States. 1175 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. SEPTEMBER 1947 1119 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS -IONS OF DOLLARS WEDNESDAY FIGURES BILLIONS OF DOLLARS 1939 1940 1941 1942 1943 1944 1945 1946 1947 15 10 1939 1940 1941 1942 1943 1944 1945 1946 1947 Wednesday figures, latest shown are for Aug. 27. See p. 1121. 1120 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS [In millionsof dollars] Reserve Bank credit outstanding Member bank reserve U. S Government Treas- Treas- Other balances Date v co a D a a n u n d i c s n d - - e ts s Total se T c b a r u u i e n r r l a i y d l t s s ie - s ot A h l e l r ot A h l e l r1 Total s G to o c ld k s r t c o e u i a u n n u r n y r g c t d - - y - M i c n t u o i o c l n a n i e r - - y T h c i u r o n a e r l g s a y d h s s - - F u B p s e w r R e o y d a r i s n e e t v d i h r - k t e e a s s - l b p m N e o r e o s m n i d t - e s - - c s F o e R e a u e r r c e a d v n - - l - e ts Total c E es x s - 8 certificates Monthly averages of daily figures: 1946—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 July 240 23,473 22,122 1,351 458 24,17120,270 4,538 28,281 2,251 589 1,274 567 16,017 928 1947—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 July 11921,877 20,781 1,096 346 22,34221,399 4,552 28,259 1,325 735 994 632 16,347 781 End-of-month figures: 1946—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 June29 15723,783 21,280 2,503 516 24,45620,270 4,539 28,245 2,251 833 1,250 561 16,123 1,112 July 31... . 246 23,633 22,282 1,351 286 24,16420,267 4,540 28,254 2,250 513 1,401 562 15,991 856 1947—May 31 179 22,088 20,984 1,105 471 22,73820,933 4,558 28,261 1,330 728 1,044 629 16.238 991 June30.... 7021,872 20,775 1,097 228 22,17021,266 4,552 28,297 1,314 756 881 629 16,112 738 July 31 137 21,549 20,454 1,095 189 21,87521,537 4,552 28,149 1,327 795 1,066 621 16,007 399 Wednesday figures: 1946—Oct. 2 218 23,555 22,126 1,428 368 24,14020,306 4,546 28,526 2,301 357 1,045 597 16,166 934 Oct. 9 271 23,502 22,074 1,428 275 24,04820,305 4,544 28,608 2,270 483 920 598 16,019 766 Oct. 16.... 254 23,418 21,973 1,445 480 24,15220,304 4,545 28,597 2,274 524 868 596 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 2,276 408 967 599 16,060 637 Nov. 13 397 23,684 22,105 1 578 484 24,56520,420 4,548 28,761 2,294 577 1,044 599 16,259 838 Nov. 20 330 23,522 21 933 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 ,004 613 16,308 726 Jan. 29 317 23,863 22 754 109 335 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 ,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 ,335 1,429 1,172 627 15,847 718 Mar. 19 234 22,411 21 306 1 105 402 23,04720,413 4,557 28,242 ,335 713 1,148 636 15,943 673 Mar.26 287 22,810 21 704 1 105 390 23,48620,438 4,556 28,170 ,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 ,333 946 1,093 642 15,540 563 Apr. 9 277 22,276 21 171 1 105 339 22,89320,497 4,559 28,250 ,336 753 1,033 641 15,934 886 Apr, 16 101 21,905 20 800 1 105 468 22,47420,583 4,558 28,163 ,332 613 879 641 15,987 844 Apr. 23 141 21.829 20 724 1 105 259 22,23020,621 4,558 28,105 ,338 482 1,021 643 15,820 658 Apr. 30 125 21,857 20 752 1 105 223 22,20520,774 4,561 28,114 ,329 619 1,025 627 15,826 654 May 7 102 21,852 20 747 1 105 276 22,23020,811 4,560 28,197 ,328 654 918 626 15,877 654 May 14 13921,762 20 671 1 091 331 22,23320,878 4,559 28,134 ,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 ,338 539 957 626 15,942 752 May 28 13021,590 20 485 1 105 299 22,01920,932 4,561 28,211 ,372 751 846 626 15,705 520 June 4 173 21,760 20 664 1 097 301 22,23420,990 4,561 28,261 ,366 653 956 629 15,921 626 June 11 175 21,578 20 482 1 097 287 22,04021,026 4,561 28,253 ,332 495 889 629 16,028 667 June 18 132 21,186 20 089 1 097 479 21,7972L ,123 4,561 28,195 ,333 225 857 632 16,241 750 June 25 132 21,582 20 485 1 097 343 22,0572L.174 4,553 28,183 ,329 642 915 636 16,081 674 July 2 110 21,629 20 532 1 097 406 22,1452L.284 4,559 28,409 ,325 658 977 631 15,988 526 July 9 120 21,611 20 515 1 097 304 22,03521,336 4,551 28,363 ,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 16,336 759 July 23 118 21 700 20 605 1,095 275 22,0932 ,467 4,550 28,145 1,330 939 818 633 16,244 630 July 30 11122 012 20 917 1 095 187 22,31021,537 4,551 28,129 1,341 705 L.236 633 16,354 742 Aug. 6.... 12321 869 20 777 1,092 219 22,21121,602 4,552 28,206 1,330 728 1,071 621 16,409 741 Aug. 13.... 18322 030 20 939 1 091 282 22,49421,611 4,551 28,223 1,329 1,053 L,000 622 16,428 779 Aug. 20 239 22,097 21 008 1 089 300 22,63621,666 4,551 28,239 1,330 1,265 987 624 16,407 p792 Aug. 27 135 22,107 21 018 1 089 236 22,47821,766 4,550 28,302 1,335 915 1,123 626 16,493 P845 p Preliminary. 1 Includes industrial loans and acceptances purchased shown separately in subsequent tables. 2 End of month and Wednesday figures are estimates. Back figures.—See Banking and Monetary Statistics. Tables 101-103, pp. 369-394; for description, see pp. 360-366 in the same publication 1121 SEPTEMBER 1947 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANK DISCOUNT RATES [In effect Aug. 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 l g i 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 t o e n c p s u a r r o e . d f S t e h b c e y . 1 U 3 d . ) i r S ec . t (Sees. 13 and 13a)1 Rate Effective Rate Effective Rate Effective Boston Apr. 27,1946 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 Richmond.... May 10,1946 IK Oct. 28,1942 iy* Mar. 16,1946 Atlanta May 10,1946 IK Oct. 15,1942 Mar. 16,1946 Chicago Apr. 26,1946 IK Aug. 29,1942 2 Mar. 16,1946 St. Louis Apr. 26,1946 IK Mar. 14,1942 2 Mar. 16,1946 Minneapolis.. Apr. 26,1946 IK Oct. 30,1942 2 Mar. 23,1946 Kansas City.. Apr. 27,1946 IK Oct. 27,1942 2 Apr. 13,1946 Dallas May 10,1946 IK Oct. 17,1942 2 Mar. 16,1946 San Francisco Apr. 25,1946 IK Oct. 28,1942 2K Apr. 25,1946 1 Rates shown also apply to advances secured by obligations of Federal intermediate credit banks maturing within 6 months. NOTE.—Maximum maturities for discounts and advances to member banks are: 15 days for advances secured by obligations of the Federal Farm Mortgage Corporation or the Home Owners' Loan Corporation guaranteed a? 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. 430-443. FEDERAL RESERVE BANK BUYTNG RATES ON BILLS FEDERAL RESERVE BANK RATES ON INDUSTRIAL LOANS [Per cent per annum] AND COMMITMENTS UNDER SECTION 13b OF THE FEDERAL RESERVE ACT Maturity R A a u t g e . 3 o 1 n In g i e n f n fe in c g t — be- Pre ra v t i e ous Maturities not exceeding five years [In effect Aug. 31. Per cent per annum] Treasury bills issued prior to July 10, 1947 X% Apr. 30, 1942 To industrial or Ban 9 k 1 1 e - - r 1 s 2 9 ' 0 0 a c d d c a a e y y p s s tances: 1 1 2 2 A A u u g g . . 2 2 4 4 , . 1 1 9 9 4 4 6 6 H Vs c b o u m si m ne e s r s c e ia s l To financing institutions 121-180 days 1 2Qct. 20. 1933 On discounts or 1 Prior to July 10,*1947, rate applied to all outstanding Treasury bills. R Fe e d se e r r v a e l purchases 2 Date on which rate became effective at the Federal Reserve Bank Bank On On On of New York. loans 1 commit- Portion commit- Back figures.—See Banking and Monetary Statistics, Table 117, ments for which Re- ments pp. 443-445. institu- maining tion is portion MEMBER BANK RESERVE REQUIREMENTS obligated [Per cent of deposits] Boston 2K-5 K-l 8 K-l Net demand deposits1 Time P N h e i w la d Y e o l r p k hia.. . 2 2 K K - - 5 5 K K- - 1 1 K K ' «2 K K- - 1 lK X Period in effect C r b e e c a s n i e n t t r y k r v a s e l R b e c a s i n e ty r k v s e C b o a u n n k t s ry d m b e a e p ( n m a o k l s b l s i e ) ts r S C A C R t h l i t . e c l i a v c h L n a e m o g t l u a a o o i n n s d d 2 2 2 2 2 M K K K K - - - - - 5 5 5 5 5 K K K K K - - - - - l l l l l K K K X K 8 ( 2 ) ( 8 8 ) 6 B K K K K 54 - - - - 1 - 1 i l 1 K K K X X Minneapolis. . . 2K-5 K-lK K-ltf A J A M M N S A u e p u u o a a n p r g g y v r e . t . . . . . 2 2 1 1 1 1 0 6 4 6 1 1 1 , , , , , , , , 1 1 1 1 1 1 1 1 9 9 9 9 9 9 9 9 3 4 4 1 3 3 4 3 1 2 7 8 7 2 6 7 - - - - - - - - A O A O A S A F e e u c u c p p p b t t g g r r . . t . . . . . . 3 2 3 1 1 1 1 1 9 2 8 0 3 5 5 , , , , , . , , 1 1 1 1 1 1 1 19 9 9 9 9 9 9 9 4 4 4 4 3 3 3 3 2 2 2 1 8 7 6 7 . . . . . . . . . . . . . . . 2 2 2 2 2 1 1 2 6 6 4 2 3 2 9 2 M ^ K 2 2 2 2 1 1 1 1 0 0 0 0 0 5 7 7 K K 1 1 1 1 1 1 1 4 2 4 4 4 7 0 2 J K 4 5 6 6 6 4 6 3 K S D K a a a 2 8 n 1 l n l R R I F s a n a s a a r c s a t t l e e n u C c d c c i i i h h s t n y a a c g r . r o g g . . l e e o . . d d a n b b s o 2 2 o 2 m r r K K K r r a o o - - - d w w 5 5 5 e e e r i r n . l e p s a s K K K r t c - - i - o i c i i K K m i # p m at i i t o m n e 2 l w n - K i ( ( (t ( i 2 2 2 2 t - ) ) ) ) K h r 5 a t f e in . ancin $ g instit 6 u 5 K K t K io - - - 1 n 1 l s K X X . Oct. 3, 1942 and after 20 20 14 6 * May charge rate charged borrower by financing institution, if lower. 1 Demand deposits subject to reserve requirements, i. e., total 6 B C ac h k a rg fi e g u o r f e s Y .— e, S p e e e r c B e a n n t k i i s n g m a a d n e d o n M u o n n d e i t s a b ry u rs S ed ta t p is o ti r c ti s o , n T o a f b l l o e a n. 118, demand deposits minus cash items in process of collection and demand pp. 446-447. balances due from domestic banks (also minus war loan and series E bond accounts during the period Apr. 13, 1943-June 30, 1947, and all U. S. Government demand accounts Apr. 24, 1917-Aug. 23, 1935). 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 2% For short sales 75 100 75 In 90 days to 6 months. . . . 2K Regulation U: In less than 90 days 2K 1 For loans by banks on stocks 75 100 75 NOTE.—Maximum rates that may be paid by insured nonmember 1 Regulations T and U limit the amount of credit that may be exbanks as established by the F. D. I. C, effective Feb. 1, 1936, are the tended on a security by prescribing a maximum loan value, which is a same as those in effect for member banks. Under Regulation Q the specified percentage of its market value at the time of the extension; the rate payable by a member bank may not in any event exceed the maxi- "margin requirements" shown in this table are the difference between mum rate payable by State banks or trust companies on like deposits the market value (100%) and the maximum loan value. under the laws of the State in which the member bank is located. Back figures.—See Banking and Monetary Statistics, Table 145, p. 504. 1122 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 1947 1947 1946 Aug. 27 Aug. 20 Aug. 13 Aug. 6 July 30 July 23 July 16 August July August Assets Gold certificates 19,841,192 9,750,179 L9,694,17919,686,179'19,618,17919,500,17919,475,179 19,850,675 19,621,179 17,330,929 Re F d . e m R. p t n i o o t n e s fund for 682,942 676,616 672,616 672,613 672,936 723,670 723,671 683,443 674,936 766,622 Total gold certificate reserves 20,524,134 20,426,795 20,366,795 20,358,792 20,291,115 20,223,849 20,198,850 20,534,118 20,296,115 18,097,551 Other cash 259,733 269,358 268,739 267,208 270,975 272,963 253,498 257,366 277,080 303,857 **• Discounts and advances: For member banks.. . 105,060 109,674 153,675 93,517 81,477 88,971 71,823 155,633^ 107,752 210,730 For nonmember banks, etc 29,500 129,530 29,530 29,530 29,530 29,530 27,530 29,500 29,530 120,000 Total discounts and advances 134,560 239,204 183,205 123,047 111,007 118,501 99,353 185,133 137,282 330,730 Industrial loans 1,831 1,794 1,667 1,682 1,723 1,730 1,731 1.858 1,732 1,154 Acceptances purchased. 13,452 U. S. Govt. securities: Bills: Under repurchase option 2,621,080 3,084,431 3,438,088 3,743,570 4,212,909 4,219,510 4,443,458 2,269,129 3,564,615 5,281,879 Other 11,527,448 11,073,758 10,696,996 10,347,116 10,104,007 9,844,622 9,600,267 11,937,708 10,330,616 9,457,300 Certificates: Special Other 6,869,216 6,849,716 6,803,566 6,685,966 6,599,766 6,541,266 6,619,266 6,896,216 6,558,966 7,855,637 Notes 369,300 369,300 369,300 369,300 369,300 369,300 369,300 369,300 369,300 595,600 Bonds 719,690 719,690 721,690 722,690 725,690 725,690 725,690 719,690 725,690 755,290 Total U. S. Govt. securities 22,106,73422,096,89522,029,64021,868,64222,011,67221,700,38821,757,98122,192,04321,549,18723,945,706 Other Reserve Bank credit outstanding. . 234,588 297,985 279,735 217,656 185,358 272,606 388,789 379,648 187,155 456,586 Total Reserve Bank credit outstanding 22,477,713 22,635,878 22,494,24' 22,211,027 22,309,760 22,093,225 22,247,854 22,758,682 21,875,356 24,747,628 Liabilities Federal Reserve notes. 24,225,48624,161,83124,144,76824,127,08124,072,74524,081,64724,150,30924,345,03224,090,05124,411,565 Deposits: Member bank — reserve account 16,493,04616,407,37116,428,26616,408,91116,353,94216,244,34416,336,22216,601,05316,007,40816,245,216 U. S. Treasurer—general account 915,237 1,265,056 1,052,669 727,849 704,622 939,169 756,000 750,608 795,403 703,856 Foreign 540,833 493,209 518,836 549,850 587,388 337,801 455,276 651,690 616,149 606,547 Other 582,230 493,592 480,829 520,908 648,796 480,554 496,735 691,312 449,738 738,873 Total deposits. . . . 18,531,34618,659,22818,480,60018,207,51818,294,74818,001,86818,044,23318,694,66317,868,69818,294,492 Ratio of gold certificate reserves to deposit and F. R. note liabilities combined (per cent). . 47.7 47.8 48.1 47.9 48.1 47.9 47.7 48.4 MATURITY DISTRIBUTION OF LOANS AND U. S. GOVERNMENT SECURITIES HELD BY FEDERAL RESERVE BANKS [In thousands of dollars] Within 16 to 30 31 to 60 61 to 90 91 days to 6 months 1 year to 2 years to Over Total 15 days days days days 6 months to 1 year 2 years 5 years 5 years Discounts and advances: July 30 111,007 74,793 3,418 17,882 14,913 Aug. 6 123,047 80 971 4,905 19,193 17,977 Aug. 13 183,205 132 434 10,786 27,417 12,567 Aug. 20 239,204 198 599 4,985 28,925 6,695 Aug 27 134,560 96 099 16,371 15,660 6,430 Industrial loans: July 30 1,723 1 199 3 28 54 109 327, Aug. 6 1,682 1 162 3 1 26 53 110 327 Aug. 13 1,667 1 147 3 1 51 54 109 302 Aug. 20 1,794 1 274 3 26 27 53 110 301 Aug. 27 1,831 1311 26 27 53 110 301 U. S. Government securities: July 30 22,011,6723,425,484 2.326,6995,537,140 4,289,5521,234,1114,214,596 295,400 148,350 540,340 Aug. 6 21,868,6423,254,,427 280,080 4,746,0774,022,3772,699,9222,884,669 295,400 148,350 537,340 Aug. 13 22,029,6403,486,,213 244,4554,781,434 3,836,2572,703,9222,997,269 295,400 148,350 536,340 Aug. 20 22,096,8954,428,,947 508,1794,418,8194,001,5192,720,5223,040,819 295,400 148,350 534,340 Aug. 27 22,106,7344,454,208 2 327,0224,330,964 ,221,1092,712,022 3,083,319 295,400 148,350 534,340 SEPTEMBER 1947 1123 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS [In thousands of dollars] Total Boston Y N o e r w k d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago L S ou t. is M ap in o n li e s - K C an it s y as Dallas F c S r is a a c n n o - Assets Gold certificates: July 30 19,618,179 723,996 6,539,940 798,5131,126,424 920,256 869,990 3,998,569 564,756 346,340 584,968 464,419 ,680,008 Aug. 6 19,686,179 738,783 6,503,592 818,1391,124,076 908,010 866,594 3,985,109 568,309 349,925 603,936 484,591 735,115 Aug. 13 19,694,179 737,571 6,506,564 808,3481,141,801 891,515 855,6134,045,228 549,099 349,711 592,414 476,207 ,740,108 Aug. 20 19,750,179 752,905 6,530,427 835,9741,142,975 851,562 825,3024,107,120 558,002 344,964 613,848 473,942 713,158 Aug. 27 19,841,192 742,254 6,667,210 807,0051,153,635 855,331 804,7744,105,229 569,687 353,005 597,583 470,038 715,441 Redemption fund for F. R. notes: July 30 672,936 53,793 117,820 60,060 75,098 54,632 43,216 90,470 45,354 21,148 34,124 24,161 53,060 Aug. 6 672,613 55,677 117,349 59,861 74,932 53,798 43,094 90,294 45,308 21,126 34,091 24,126 52,957 Aug. 13.... 672,616 55,677 117,350 59,862 74,932 53,798 43,095 90,294 45,308 21,126 34,091 24,126 52,957 Aug. 20. ... 676,616 55,677 117,350 59,862 74,932 57,798 43,095 90,294 45,308 21,126 34,091 24,126 52,957 Aug. 27 682,942 55,533 116,813 60,117 75,238 56,866 45,958 93,090 45,259 21,101 36,054 24,087 52,826 Total gold certificate reserves: July 30 20,291,115 777,789 6,657,760 858,5731,201,522 974,888 913,206 4,089,039 610,110 367,488 619,092 488,580 ,733,068 Aug. 6 20,358,792 794,460 6,620,941 878,0001,199,008 961,808 909,6884,075,403 613,617 371,051 638,027 508,717 ,788,072 Aug. 13 20,366,795 793,248 6,623,914 868,2101,216,733 945,313 898,7084,135,522 594,407 370,837 626,505 500,333 ,793,065 Aug. 20 20,426,795 808,582 6,647,777 895,8361,217,907 909,360 868,3974,197,414 603,310 366,090 647,939 498,068 ,766,115 Aug. 27 20,524,134 797,787 6,784,023 867,1221,228,873 912,197 850,7324,198,319 614,946 374,106 633,637 494,125 ,768,267 Other cash: July 30 270,975 30,667 44,564 15,100 21,092 12,627 23,030 39,043 17,317 8,159 8,715 11,203 39,458 Aug. 6 267,208 29,178 47,365 14,188 22,880 12,579 20,678 39,806 15,161 7,047 7,842 10,616 39,868 Aug. 13 268,739 28,802 45,887 13,063 20,392 13,009 24,596 40,205 15,065 8,757 7,991 10,399 40,573 Aug. 20 269,358 31,876 48,379 11,633 21,713 12,672 22,592 41,062 15,519 7,265 8,075 9,159 39,413 Aug. 27 259,733 27,359 47,029 12,009 19,371 13,263 20,396 40,971 14,389 8,094 8,599 10,101 38,152 Discounts & advances : Secured by U. S. Govt. securities: July 30.. 81,063 5,430 19,495 7,020 8,205 6,740 5,057 3,075 9,766 590 4,170 2,501 9,014 Aug. 6. . 93,103 8,725 15,595 5,470 11,586 8,699 1,007 3,275 17,931 4,090 9,97,0 2,501 4,254 Aug. 13. . 153,412 7,775 65,605 12,320 19,024 11,735 2,757 2,200 13,631 3,390 3,670 7,201 4,104 Aug. 20. . 109,326 7,025 17,885 8,495 15,400 5.560 6,057 4,100 19,190 8,890 5,370 6,200 5,154 Aug. 27.. 104,791 8,940 24,005 7,070 13,000 7,290 4,957 6,800 12,710 390 4,120 5,375 10,134 Other: July 30.. 29,944 9,440 2,389 2,744 1,596 1,248 4,212 1,087 738 1,033 973 2,596 Aug. 6.. 29,944 9,440 2,390 2,843 1,596 1,248 4,112 1,087 738 1,033 973 2,596 Aug. 13.. 29,793 9,440 2,390 2,843 1,446 1,248 4,112 1,087 738 1,032 973 2,596 Aug. 20. . 129,878 8,288 41,440 10,489 12,132 6,445 5,343 17,712 4,588 3,238 4,533 4,274 11,396 Aug. 27.. 29,769 1,8 9,440 2,390 2,822 1,546 1,243 4,012 1,088 738 1,032 974 2,596 Industrial loans: July 30 1,723 6 1,717 Aug. 6 1,682 6 1,676 Aug. 13 1,667 6 1,661 Aug. 20 1,794 3 1,791 Aug. 27 1,831 3 1,828 U. S. Govt. securities: Bills: Under repurchase option: July 30.. 4,212,909 71,085 2,762,781 126,005 30,340 34,685 19,210 777,535 76,891 35,590 24,382 14,175 240,230 Aug. 6. . 3,743,570 82,585 2,481,708 99,520 18,140 37,180 9,050 710,540 64,121 33,700 32,047 16,049 158,930 Aug. 13. . 3,438,088 72,353 2,238,622 88,390 35,290 31,800 7,550 686,770 56,323 23,338 15,972 10,080 171,600 Aug. 20.. 3,084,431 71,658 1,987,781 83,590 14,380 37,560 8,500 628,865 57,852 26,552 16,597 11,096 140,000 Aug. 27.. 2,621,080 65,818 1,704,730 82,960 15,120 29,550 5,660 528,365 44,915 14,818 12,414 7,080 109,650 Other bills: July 30.. 10,104,007 897,087 290,8391,026,3031,427,840 934,805 815,1871,324,678 615,426 414,185 715,937 543,9001,097,820 Aug. 6. . 10,347,116 870,682 428,9391,029,4191,434,832 950,214 828,0941,365,441 623,103 417,946 722,026 551,5551,124,865 Aug. 13.. 10,696,996 892,119 593,8001,042,1221,422,976 972,391 846,670 1,397,986 637,310 427,720 751,685 552,1581,160,059 Aug. 20. . 11,073,758 878,639 891,0741,032,2201,432,237 996,272 866,6731,446,642 624,451 419,792 752,987 534,8141,197,957 Aug. 27. . 11,527,448 877,735 1,093,3571,069,3231,417,6301,025,030 890,7601,504,310 639,031 443,042 769,981 553,6561,243,593 Certificates: July 30. . 6,599,766 432,129 1,742,998 433,522 654,598 401,306 332,580 813,470 356,683 187,110 318,164 311,948 615,258 Aug. 6. . 6,685,966 438,113 1,764,131 439,893 662,952 406,731 337,117 824,517 361,013 189,551 322,352 315,775 623,821 Aug. 13. . 6,803,566 446,291 1,792,889 448,620 674,340 414,142 343,317 839,603 366,908 192,878 328,064 320,990 635,524 Aug. 20. . 6,849,716 449,495 1,804,203 452,032 678,811 417,048 345,746 845,517 369,224 194,185 330,306 323,040 640,109 Aug. 27.. 6,869,216 450,852 1,808,967 453,481 680,699 418,277 346,775 848,021 370,200 194,738 331,252 323,903 642,051 Notes: July 30 369,300 24,180 97,532 24,258 36,629 22,456 18,610 45,519 19,959 10,470 17,804 17,455 34,428 Aug. 6.... 369,300 24,199 97,441 24,298 36,618 22,466 18,621 45,542 19,941 10,470 17,805 17,442 34,457 Aug. 13 369,300 24,225 97,319 24,351 36,603 22,480 18,635 45,574 19,915 10,470 17,808 17,423 34,497 Aug. 20. ... 369,300 24,234 97,273 24,371 36,598 22,485 18,641 45,586 19,907 10,470 17,808 17,416 34,511 Aug. 27 369,300 24,239 97,253 24,380 36,595 22,487 18,643 45,591 19,903 10,469 17,809 17,413 34,518 Bonds: July 30 725,690 47,515 191,655 47,668 71,978 44,126 36,570 89,447 39,220 20,574 34,985 34,300 67,652 Aug. 6.... 722,690 47,356 190,685 47,549 71,659 43,964 36,440 89,122 39,022 20,488 34,843 34,133 67,429 Aug. 13 721,690 47,341 -190,181 47,588 71,530 43,930 36,417 89,061 38,919 20,460 34,800 34,049 67,414 Aug. 20 719,690 47,228 189,565 47,495 71,322 43,818 36,327 88,837 38,794 20,403 34,705 33,941 67,255 Aug. 27 719,690 47,236 189,526 47,511 71,317 43,823 36,331 88,847 38,786 20,403 34,706 33,936 67,268 Total U. S. Govt. securities: July 30 22,011,672 1,471,996 5,085,8051,657,756 2,221,3851,437,3781,222,1573,050,6491,108,179 667,9291,111,272 921,7782,055,388 Aug. 6 21,868,642 1,462,935 4,962,9041,640,679 2,224,2011,460,5551,229,3223,035,1621,107,200 672,1551,129,073 934,954 2,009.502 Aug. 13 22,029,6401,482,329 4,912,8111,651,0712,240,7391,484,7431,252,589 3,058,9941,119,375 674,8661,148,329 934,7002,069,094 Aug. 20 22,096,895 1,471,254 4,969,8961,639,7082,233,3481,517,1831,275,8873,055,4471,110,228 671,4021,152,403 920,3072,079,832 Aug. 27 22,106,734 1,465,880 4,893,8331,677,6552,221,3611,539,1671,298,169 3,015,1341,112,835 683,4701,166,162 935,9882,097,080 Total loans and securities: July 30 22,124,402 1,479,320 5,114,7401,668,8822,232,3341,445,7141,228,4623,057,9361,119,032 669,2571,116,475 925,2522,066,998 Aug. 6 21,993,371 1,473,554 4,987,9391,650,2152,238,6301,470,8501,231,5773,042,5491,126,218 676,9831,140,076 938,4282,016,352 Aug. 13 22,214,512 1,491,998 4,987,8561,667,4422,262,606 ,497,9241,256,5942,065,3061,134,093 678,9941,153,031 942,8742,075,794 Aug. 20 22,337,893 1,486,570 5,029,2211,660,4832,260,880 1,529,1881,287,287 3,077,2591,134,006 683,5301,162,306 930,7812,096,382 Aug. 27 22,243,125 1.476,711 4,927,2781,688.943 2,237,1831,548,0031,304,369 3,025,9461,126,633 684,5981,171,314 942,33 2,109,810 1124 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS—Continued [In thousands of dollars] Total Boston Y N o e r w k d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago L S ou t. is M ap in o n li e s - K C an it s y as Dallas F S r a a n ncisco Due from foreign banks: July 30 102 6 ^33 8 9 5 4 14 4 3 4 3 9 Aug. 6 102 6 1 33 8 9 5 4 14 4 3 4 3 9 Aug. 13 102 6 I 33 8 9 5 4 14 4 3 4 3 9 Aug. 20 102 6 133 8 9 5 4 14 4 3 4 3 9 Aug. 27 102 6 ^33 8 9 5 4 14 4 3 4 3 9 Federal Reserve notes of other Banks: July 30 128,915 5,327 21,006 6,087 7,058 14,616 8,901 16,377 7,557 11,994 7,179 3,897 18,916 Aug. 6 119,025 5,699 19,108 5,419 6,289 9,856 9,436 15,398 7,645 12,512 7,616 3,620 16,427 Aug. 13 118,258 5,760 20,857 5,962 4,661 8,735 9,796 14,125 7,794 13,423 6,256 3,681 17,208 Aug. 20 113,205 3,187 19,825 6,088 5,122 8,953 7,528 14,801 6,561 14,626 7,634 3,547 15,333 Aug. 27 120,898 7,599 18,970 5,725 5,323 8,226 11,707 15,207 7,452 13,279 7,953 3,435 16,022 Uncollected items: July 30 2,204,265 176,031 427,492 141,861 216,744 192,903 136,172 348,755 100,630 55,542 121,204 95,755 191,176 Aug. 6 2,174,590 186,944 386,866 157,941 204,202 194,267 139,199 334,966 100,092 56,996 130,092 87,513 195,512 Aug. 13 . . 2,563,477 199,717 471,478 195,130 259,033 213,046 159,287 420,809 117,912 59,986 141,221 109,598 216,260 Aug. 20 2,530,290 205,036 492,175 175,528 233,963 211,353 159,992 401,419 107,740 68,330 136,264 115,394 223,096 Aug. 27 2,251,365 176,466 430,453 147,734 205,898 209,709 134,922 340,195 97,629 62,505 118,546 116,856 210,452 Bank premises: July 30 31,903 1,264 8,349 3,107 3,784 2,648 1,501 3,036 1,984 1,222 2,486 778 1,744 Aug. 6 31,876 1,264 8,331 3,107 3,784 2,648 1,501 3,036 1,984 1,222 2,480 775 1,744 Aug. 13 31,876 1,264 8,331 3,107 3,784 2,648 1,501 3,036 1,984 1,222 2,480 775 1,744 Aug. 20 31,881 1,264 8,331 3,107 3,784 2,655 1,500 3.036 1,983 L,222 2,480 775 1,744 Aug. 27 31,845 1,259 8,331 3,101 3,784 2,648 1,497 3,030 1,983 1,219 2,480 775 1,738 Other assets: July 30 54,326 3,396 13,601 3,177 5,748 3,275 2,854 7,101 3,201 1,526 2,483 2,556 5,408 Aug. 6 53,802 3,414 13,167 3,227 5,810 3,192 2,879 6,961 3,250 1,550 2,489 2,454 5,409 Aug. 13 55,748 3,697 13,928 3,328 5,643 3,449 2,948 7,017 3,387 1,595 2,625 2,497 5,634 Aug. 20 57,277 3,917 14,138 3,438 5,801 3,481 3,030 7,483 3,406 1,607 2,628 2,667 5,681 Aug. 27 58,506 3,658 14,940 3,514 5,960 3,563 3,036 7,394 3,467 1,657 2,720 2,808 5,789 July 30..' 45,106,003 2,473,800 12,287,5452,696,795 3,688,2912,646,6762,314,1307,561,3011,859,8351,115,1911,877,6381,528,0245,056,777 Aug. 6 44,998,766 2,494,519 12,083,7502,712,1053,680,6122,655,2052,314,962 7,518,1331,867,9711,127,3641,928,6261,552,1265,063,393 Aug. 13 45,619,507 2,524,492 12,172,2842,756,2503,772,8612,684,1292,353,4347,686,0341,874,6461,134,8171,940,1131,570,1605,150,287 Aug. 20 45,766,801 2,540,438 12,259,8792,756,1213,749,1792,677,6672,350,3307,742,4881,872,5291,142,6731,967,3301,560,3945,147,773 Aug. 27 45,489,708 2,490,845 12,231,0572,728,1563,706,4012,697,6142,326,6637,631,0761,866,5031,145,4611,945,2531,570,4405,150,239 Liabilities Federal Reserve notes: July 30 24,072,745 1,439,822 5,566,5691,629,1692,083,582 1,643,4641,357,8344,525,157 1,072,759 583,827 912,958 586,5922,671,012 Aug. 6 24,127,081 1,442,802 5,567,7261,629,8532,084,055 1,648,9781,363,8684,538,452 1,075,706 588,019 921,923 590,7122,674,987 Aug. 13 24,144,768 1,439,793 5,567,2891,632,7472,091,543 1,649,1571,363,1914,545,215 1,076,726 587,935 924,773 590,1502,676,249 Aug. 20 24,161,831 1,439,650 5,574,8971,632,4212,093,928 1,655,1421,359,8544,552,250 1,075,759 591,553 924,340 590,2802,671,757 Aug. 27 24,225,486 1,439,182 5,590,1561,641,9132,104,204 1,664,2321,365,3454,560,361 1,076,838 591,943 926,183 593,3992,671,730 Deposits: Member bank —reserve account: July 30.. 16,353,942 733,959 5,145,488 793,0141,221,757 721,075 721,4692,459,188 598,573 405,909 777,653 774,1732,001,684 Aug. 6. . 16,408,911 749,384 5,104,269 802,9501,232,757 722,851 723,5092,442,984 608,095 411,440 810,573 797,8652,002,234 Aug. 13.. 16,428,266 734,055 5,094,346 799,9091,222,984 728,475 736,6962,466,343 601,509 409,507 813,801 797,2232,023,418 Aug. 20. . 16,407,371 732,589 5,054,417 795,022 1,224,776 720,852 725,8032,477,491 609,559 407,237 830,483 784,8262,044,316 Aug. 27. . 16,493,046 744,896 5,091,608 797,1651,221,477 732,331 725,6432,469,012 604,053 419,549 828,794 789,6122,068,906 U. S. Treasurer-general account: July 30. . 704,622 48,597 170,202 44,392 58,345 46,923 44,490 91,358 41,891 39,074 30,770 35,661 52,919 Aug. 6. . 727,849 52,661 186,570 42,787 66,284 49,884 33,452 87,185 39,415 41,932 33,802 40,308 53,569 Aug. 13. . 1,052,669 89,539 277,902 63,348 114,514 57,107 39,550 139,623 41,294 51,804 33,439 39,190 105,359 Aug. 20. . 1,265,056 102,912 386,642 83,749 111,929 53,019 55,903 197,965 43,580 52,619 52,928 41,494 82,316 Aug. 27.. 915,237 65,699 257,229 58,577 72,199 54,387 44,539 130,865 47,249 44,590 37,744 39,338 62,821 July 30.. 587,388 35,040 2215,762 44,259 50,815 26,774 22,402 74,310 19,124 13,660 19,124 18,031 48,087 Aug. 6. . 549,850 32,716 2202,878 41,318 47,439 24,995 20,914 69,374 17,854 12,753 17,853 16,833 44,923 Aug. 13. . 518,836 30,028 2200,422 37,916 43,533 22,937 19,192 63,662 16,384 11,703 16,384 15,447 41,228 Aug. 20. . 493,209 27,904 2197,402 35,227 40,446 21,310 17,831 59,146 15,221 10,873 15,221 14,352 38,276 Aug. 27. . 540,833 31,622 2205,518 39,933 45,849 24,157 20,213 67,048 17,255 12,325 17,255 16,269 43,389 Other* July 30.. 648,796 2,188 583,017 2,191 7,499 2,179 1,795 3,749 5,632 2,144 1,163 1,413 35,826 Aug. 6. . 520,908 2,245 451,584 2,425 9,077 2,325 1,443 3,206 6,269 2,388 1,381 783 37,782 Aug. 13.. 480,829 2,394 411,271 2,453 7,366 1,606 4,531 3,773 6,287 1,912 941 446 37,849 Aug. 20.. 493,592 2,694 423,497 2,475 7,114 1,962 4,590 3,714 6,664 1,960 216 456 38,250 Aug. 27.. 582,230 1,474 510,918 2,139 7,254 1,933 4,471 4,141 7,169 2,031 1,048 1,217 38,435 Total deposits: July 30 18,294,748 819,784 6,114,469 883,856 1,338,416 796,951 790,1562,628,605 665,220 460,787 828,710 829,2782,138,516 Aug. 6 18,207,518 837,006 5,945,301 889,4801,355,557 800,055 779,3182,602,749 671,633 468,513 863,609 855,7892,138,508 Aug. 13 18,480,600 856,016 5,983,941 903,626 1,388,397 810,125 799,9692,673,401 665,474 474,926 864,565 852,3062,207,854 Aug. 20 18,659,228 866,099 6,061,958 916,4731,384,265 797,143 804,1272,738,316 675,024 472,689 898,848 841,1282,203,158 Aug. 27. 18,531,346 843,691 6,065,273 897,814 1,346,779 812,808 794,8662,671,066 675,726 478,495 884,841 846,4362,213,551 Deferred availability items: July 30 2,019,009 168,027 384,771 125,549 199,339 169,795 135,353 310,417 95,048 51,424 109,167 86,729 183,390 Aug. 6 1,957,036 169,340 351,978 135,486 175,034 170,493 141,638 281,606 94,396 52,103 116,867 80,752 187,343 Aug. 13 2,283,844 183,062 401,686 162,340 226,793 188,932 159,944 371,685 106,037 53,069 124,319 102,690 203,287 Aug. 20 2,232,407 188,859 402,259 149,554 204,549 189,334 155,870 355,958 95,299 59,565 117,615 103,765 209,780 Aug. 27 2,016,879 162,050 354,803 130,503 188,622 184,285 135,761 303,282 87,319 55,948 107,501 105,216 201,589 Other liab. incl. accrued div.: July 30 12,936 855 2,155 902 1,621 785 750 2,228 618 611 660 626 1,125 Aug. 6 12,708 889 2,036 905 1,744 827 731 2,164 604 498 654 512 1,144 Aug. 13 14,134 941 2,371 1,031 1,705 926 829 2,340 690 609 766 588 1,338 Aug. 20 15,518 1,092 3,450 1,015 1,783 930 867 2,361 667 538 765 663 1,387 Aug. 27 16,495 1,052 3,210 1,127 1,949 1,031 974 2,561 740 687 845 761 1,558 1 After deducting $69,000 participations of other Federal Reserve Banks on July 30; Aug. 6; Aug. 13; Aug. 20; and Aug. 27. 2 After deducting $371,552,000 participations of other Federal Reserve Banks on July 30; $346,868,000 on Aug. 6; $318,308,000 on Aug. 13; $295,732,000 on Aug. 20; and $335,240,000 on Aug. 27. SEPTEMBER 1947 1125 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 New Phila- Cleve- Rich- Atlanta Chicago St. Minne- Kansas Dallas Fran- York delphia land mond Louis apolis City cisco Total liabilities: July 30.... 44,399,438 2,428,488 12,067,9642,639,4763,622,9582,610,9952,284,0937,466,407 1,833,6451,096,6491,851,4951,503,2254,994,043 Aug. 6. ... 44,304,343 2,450,037 11,867,0412,655,7243,616,3902,620,3532,285,5557,424,971 1,842,3391,109,1331,903,0531,527,7655,001,982 Aug. 13 44,923,346 2,479,812 11,955,2872,699,7443,708,4382,649,1402,323,9337,592,641 1,848,9271,116,5391,914,4231,545,7345,088,728 Aug. 20 45,068,984 2,495,700 12,042,5642,699,4633,684,5252,642,5492,320,7187,648,885 1,846,7491,124,3451,941,5681,535,8365,086,082 Aug. 27. .. 44,790,206 2,445,975 12,013,4422,671,3573,641,5542,662,3562,296,9467,537,2701,840,6231,127,0731,919,3701,545,8125,088,428 Capital Accts.: Capital paid in: July 30.... 192,501 11,195 67,562 14,279 18,783 8,135 7,418 23,038 6,344 4,239 6,441 7,135 17,932 Aug. 6. ... 193,103 11,197 68,127 14,293 18,787 8,135 7,427 23,043 6,344 4,240 6,442 7,135 17,933 Aug. 13. . . . 193,200 11,203 68,127 14,296 18,819 8,137 7,429 23,081 6,343 4,241 6,452 7,138 17,934 Aug. 20. .. . 193,274 11,204 68,138 14,301 18,794 8,138 7,437 23,086 6,344 4,243 6,456 7,199 17,934 Aug. 27. .. . 193,288 11,204 68,136 14,301 18,795 8,140 7,437 23,088 6,346 4,247 6,458 7,202 17,934 Surplus (section 7): July 30.... 439,823 27,557 136,549 34,720 41,394 20,676 18,663 65,078 16,577 10,997 15,729 13,777 38,106 Aug. 6.... 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 Aug. 13 439,823 27,557 136,549 34,720 41,394 20,676 18,663 65,078 16,577 10,997 15,729 13,777 38,106 Aug. 20 439,823 27,557 136,549 34,720 41,394 20,676 18,663 65,078 16,577 10,997 15,729 13,777 38,106 Aug. 27 439,823 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): July 30.... 27,455 3,012 7,253 4,489 1,007 3,325 762 1,429 521 1,073 1,137 1,307 2,140 Aug. 6. ... 27,455 3,012 7,253 4,489 1,007 3,325 762 1,429 521 1,073 1,137 1,307 2,140 Aug. 13 27,455 3,012 7,253 4,489 1,007 3,325 762 1,429 521 1,073 1,137 1,307 2,140 Aug. 20 27,455 3,012 7,253 4,489 1,007 3,325 762 1,429 521 1,073 1,137 1,307 2,140 Aug. 27 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.: July 30.... 46,786 3,548 8,217 3,831 4,149 3,545 3,194 5,349 2,748 2,233 2,836 2,580 4,556 Aug. 6. . . . 34,042 2,716 4,780 2,879 3,034 2,716 2,555 3,612 2,190 1,921 2,265 2,142 3,232 Aug. 13. . . . 35,683 2,908 5,068 3,001 3,203 2,851 2,647 3,805 2,278 1,967 2,372 2,204 3,379 Aug. 20 37,265 2,965 5,375 3,148 3,459 2,979 2,750 4,010 2,338 2,015 2,440 2,275 3,511 Aug. 27. . . . 38,936 3,097 5,677 3,289 3,651 3,117 2,855 4,211 2,436 2,071 2,559 2,342 3,631 I Uudl llcLUlllXlcS and cap. accts.: July 30 45,106,003 2,473,800 12,287,5452,696,7953,688,291 2,646,6762,314,1307,561,301 1,859,8351,115,1911,877,6381,528,0245,056,777 Aug. 6.... 44,998,766 2,494,519 12,083,7502,712,1053,680,6122,655,2052,314,962 7,518,133 1,867,9711,127,3641,928,6261,552,1265,063,393 Aug. 13 45,619,507 2,524,492 12,172,2842,756,2503,772,8612,684,1292,353,4347,686,034 1,874,6461,134,8171,940,1131,570,1605,150,287 Aug. 20 45,766,801 2,540,438 12,259,8792,756,1213,749,1792,677,6672,350,3307,742,488 1,872,5291,142,6731,967,3301,560,3945,147,773 Aug. 27.... 45,489,708 2,490,845 12,231,0572,728,1563,706,4012,697,6142,326,6637,631,076 1,866,5031,145,4611,945,2531,570,4405,150,239 Contingent liability on bills purchased for foreign correspondents: July 30 4,519 289 !1,446 366 420 222 185 615 158 113 158 149 398 Aug. 6. . . . 4,334 277 H.387 351 403 212 178 589 152 108 152 143 382 Aug. 13 4,191 268 U,341 339 390 205 172 570 147 105 147 138 369 Aug. 20 4,032 258 H,290 327 375 198 165 548 141 101 141 133 355 Aug. 27.... 4,021 257 H,285 326 374 197 165 547 141 101 141 133 354 Commit, to make indus. loans: July 30 6,909 1,085 1,380 76 27 31 400 3,750 160 Aug. 6. . . . 6,910 1,106 1,353 86 27 31 400 3,750 157 Aug. 13 7,077 1,095 1,353 84 27 31 580 3,750 157 Aug. 20 6 952 966 1,353 88 27 31 580 3 750 157 Aug. 27. .. . 7,454 928 1,493 89 427 30 580 3J50 157 FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS' ACCOUNTS, BY WEEKS [In thousands of dollars] San Total Boston Y N o e r w k d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - la A n t t - a Chicago Lo S u t i . s M a i p n ol n i e s - Ka C n it s y as Dallas F c r is a c n o - F.R. notes outstanding (issued to Bank): July 30 24,787,889 ,498,5585,714,901 1,673,9262,139,284 ,693,234 1,397,002 4,621,568 ,107,699 600,284 937,619 615,3632,788,451 Aug. 6 24,812,113 ,493,4925,723,304 1,676,298 2,135,983 ,694,0711,402,204 4,626,373 ,107,614600,890 942,612 620,2622,789,010 Aug. 13 24,820,256 ,494,380 5,723,607 1,682,000 2136,493 ,694,0661,401,807 4,628,379 ,114,214601,045 948,627616,7532,778,885 Aug. 20 24,866,042 497,746 5,726,2961,682,388 2,140,921 ,699,5201,405,383 4,646,023 ,112,065603,847 952,609!620,879 2,778,365 Aug. 27 24,911,249 505,829 5,738,6651,685,6342,145,902 ,702,1831,411,246 4,656,613 ,111,373604,398 950,998621,5182,776,890 Collateral held against notes outstanding; Gold certificates: July 30 12,103,000 440,000 3,470,000 500,000 655,000 675,000 570,000 2,860,000 300,000184,000 280,000169,000 2,000,000 Aug. 6 12,153,000 440,000 3,470,000 500,000 655,000 675,000 570,000 2,860,000 300,000184,000 280,000169,000 2,050,000 Aug. 13 12,188,000 440,000 3,470,000 500,000 655,000 660,000 570,000 2,860,000 300,000184,000 280,000169,000 2,100,000 Aug. 20 12,138,000 440,000 3,470,000 500,000 655,000 610,000 570,0002,860,000 300,000184,000 280,000169,000 2,100,000 Aug. 27 12,068,000 440,000 3,470,000 500,000 655,000 610,000 520,000 2,890,000 300,000184,000 280,000169,000 2,050,000 Eligible paper: July 30 62,179 5,430 19,495 7,020 6,640 9,820 590 4,170 9,014 Aug. 6 74,688 8,725 15,595 5,470 8,599 17,985 4,090 9,970 4,254 Aug. 13 122,184 7,775 65,605 12,320 11,635 13,685 3,390 3,670 4,104 Aug. 20 77,524 7,025 17,885 8,495 5,460 19,245 8,890 5,370 5,154 Aug. 27 74,564 8,940 24,005 7,070 7,140 12,765 390 4,120 10,134 U. S. Govt. sec: July 30 13,656,891 1,100,000 2,400,0001,200,0001,500,0001,055,000 850,0001,800,000 926,891425,000 700,000 500,0001,200,000 Aug. 6 13,644,121 1,100,000 2,400,0001,200,0001,500,0001,055,000 850,0001.800,000 914,121425,000 700,000 500,0001,200,000 Aug. 13 13,636,323 1,100,0002,400,000 1,200,0001,500,000 1,055,000 850,0001,800,000 906,323425,000 700,000500,0001,200,000 Aug. 20 13,687,852 1,100,0002,400,000 1,200,0001,500,0001,105,000 850,0001,800,000 907,852425,000 700,000 500,0001,200,000 Aug. 27 13,524,915 100,000 2,400,0001,200,0001,500,0001,105,000 900,0001,800,000 894,915425,000 700,000 500,0001,000,000 Total collateral: July 30 25,822,070 1,545,430 5,889,4951,707,0202,155,000 1,736,6401,420,000 4,660,0001,236,711 984,170 669,000 3,209,014 Aug. 6 25,871,809 1,548,7255,885,595 1,705,470 2,155,0001,738,5991,420,000 4,660,0001,232,106 613,090 989,970 669,000 3,254,254 Aug. 13 25,946,507 1,547,7755,935,605 1,712,320 2155,0001,726,6351,420,000 4,660,0001,220,008 612,390 983,670 669,000 3,304,104 Aug. 20 25,903,376 1,547,0255,887,885 1,708,4952,155,000 1,720,4601,420,000 4,660,0001,227,097 985,370 669,000 3,305,154 Aug. 27 25,667,479 1,548,940 5,894,0051,707,070 2155,0001,722,1401,420,000 4,690,0001,207,680 609,390 984,120 669,000 3,060,134 1 After deducting $3,073,000 participations of other Federal Reserve Banks on July 30; $2,947,000 on Aug. 6; $2,850,000 on Aug. 13; $2,742,000 on Aug. 20; and $2,736,000 on Aug. 27. 1126 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 a t t o n h t o e d r e a i d z te e l d oans o G u u t a s lo t r a a a n n n d t s e in ed g a A va a d i m d la i o b ti u l o e n n t t a o 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 l m k r l s - 1 N c e i w ty ban C k h s i- b s ;R c a e i r n e t v y - k e s b C k o t r u y n- ] ..ate borrowers York cago N b u e m r - Amount am To o t u a n l t g P u o t a e r r e ti a d o n n - a u o n n u t d e t m s e e t r e a a n n g g t d u r s e i a n e r - - g To 1 t 9 a 4 l 6 r — es J e u r n v e es held: 15,996 4,199 887 6,320 4,588 July 16,017 4,180 897 6,314 4,627 1942 1947—June 16,153 4,196 940 6,377 4,640 June 30 565 310,680 81,108 69.674 137,888 July 16,347 4,239 964 6,438 4,706 Dec. 31 2,665 2,688,397 803,720 632,474 1,430,121 June 19 16,239 4,195 942 6,420 4,682 1943 June 26 16,149 4,242 932 6,358 4,617 June 30 4,217 4,718,818 1,428,2531,153,756 2,216,053 July 3 16,206 4,250 941 6,378 4,637 Dec. 31 5,347 6,563,048 1,914,040 1,601,518 3,146,286 July 10 16,311 4,225 971 6,410 4,705 1944 July 17 16,387 4,229 968 6,466 4,724 June 30 6,433 8,046,672 2,064,318 1,735,777 3,810,797 July 24 16,400 4,260 967 6,455 4,719 Dec. 30 7,434 9,310,582 1,735,9701,482,038 4,453,586 July 31 16,372 4,247 970 6,467 4,688 Aug. 7 16,464 4,227 976 6,511 4,750 1945 June 30 8,422 10,149,315 1,386,851 1,190,944 3,694,618 Excess reserves: Dec. 31 8,757 10,339,400 510,270 435,345 966,595 1946—June 943 29 5 240 669 1946 July 928 18 11 226 673 Tune 29 8,771 10,344,018 70,267 60,214 142,617 1947—June 785 14 10 224 538 Dec. 31. . . . 8,771 10,344,018 18,996 17,454 28,791 July 781 12 -1 222 549 1947 June 19 829 11 4 241 573 Jan. 31 8,771 10,344,018 18,025 16,654 22,424 June 26 741 12 4 207 518 Feb. 28 8,771 10,344,018 14,238 13,237 21,183 July 3 779 16 3 231 529 Mar. 31 8,771 10,344,018 11,746 10,965 15,392 July 10 809 14 2 242 551 Apr. 30 8,771 10,344,018 10,356 9,658 13,452 July 17 830 14 4 246 566 May 31 8,771 10,344,018 9,236 8,601 13,176 July 24 789 16 3 220 550 June 30 8,771 10,344,018 3,589 3.218 6,726 July 31 753 14 4 209 526 July 31 8,771 10,344,018 3,245 2,908 6,709 Aug. 7 805 13 3 228 561 NOTE.-—The difference between guaranteed loans authorized and sum Borrowing at Federal of loans outstanding and additional amounts available to borrowers Reserve Banks: under guarantee agreements outstanding represents amounts repaid 1946—June 127 6 4 84 33 and authorizations expired or withdrawn. July 121 7 3 82 27 1947—June 135 11 1 73 50 July 92 2 51 39 June 19 128 2 74 52 June 26 114 2 68 44 INDUSTRIAL LOANS BY FEDERAL RESERVE BANKS July 3 105 2 62 41 July 10 98 2 1 63 32 [Amounts in thousands of dollars] July 17 93 3 47 43 July 24 82 51 31 Date (last A a p p p p li r c o a v ti e o d ns pr A ov p- ed Loans Commit- Partici- A Ju u l g y . 31 7 9 9 4 5 4 7 i 5 48 5 4 3 2 2 Wednesday to date but not out- ments pations o o r f l p as e t r i d o a d y ) N b u e m r - Amount (a p m c le o o t m e u d - n 1 t) s ( t a a m n o d u in n g t) 2 ( s a ta m o n u o d t u i - n n g t) ( s a ta m onu o dt u i-n n g t) b co er 1 u n W b t a r e n y e k k b s l a y a n n k f d s i g a o u r f r e e c s e o s u t o i n f m t r a e y t x e c b s e a . s n s k W s r e e m s e e k a r y l v y e i f s n i c g l o u u r f d e e s a l o s l m f m b al o e l r m r a o m b w e o r in u g n b s t a s o n o f k f s a l F l a e m n d d e e r m a o - l f Reserve Bank discounts and advances for nonmember banks, etc. 1934 984 49,634 20,966 13,589 8,225 1,296 1935 1,993 124,493 11,548 32,493 27,649 8,778 1936 2,280 139,829 8,226 25,526 20,959 7,208 1937 2,406 150,987 3,369 20,216 12,780 7,238 DEPOSITS OF COUNTRY MEMBER BANKS IN LARGE AND 1938 2,653 175,013 1,946 17,345 14,161 12,722 SMALL CENTERS * 1939 2,781 188,222 2,659 13,683 9,220 10,981 1940 2,908 212,510 13,954 9,152 5,226 6,386 [Averages of daily figures. In millions of dollars] 1941 3,202 279,860 8,294 10,337 14,597 19,600 1942 In places of 15,000 In places of under June 24. .. 3,352 338,822 26,346 11,265 16,832 26,430 and over population 15,000 population Dec. 31 ... 3,423 408,737 4,248 14,126 10,661 17,305 1943 Demand Demand J D u e n c e . 3 30 1 . . . . . . 3 3 , , 4 4 7 5 1 2 4 4 9 7 1 5 , , 3 4 4 6 2 8 3,2 9 0 26 3 1 1 3 0, , 5 0 3 4 2 4 1 9 2 , , 2 13 7 2 0 1 1 9 7 , , 0 9 7 3 0 0 d e e x p c o e s p it t s de T p i o m s e its d e e x p c o e s p it t s de T p i o m s e its 1944 inter- inter- June 30. .. 3,483 510,857 45 11,366 4,048 11,063 bank bank Dec. 30. .. 3,489 525,532 1,295 3,894 4,165 2,706 1945 July 1946 '16,447 8,026 rll,956 5,593 J D u e n c e . 3 3 0 1 . . . . . . 3 3, , 5 5 1 0 1 2 5 5 4 3 4 7 , , 9 3 6 3 1 1 32 7 0 0 3 1 , ,9 2 9 5 5 2 5 1 , ,6 2 4 2 4 4 2 1 , , 5 08 0 6 1 June 1947 15,040 8,437 11,526 5,981 1946 July 1947 15,108 8,450 6,022 June 29... 3,524 552,711 615 1,210 5,366 1,110 11,639 Dec. 31. . . 3,542 565,913 4,577 554 8,309 2,670 Boston 1,835 882 331 233 New York 2,816 2,168 1,010 1,160 1947 Philadelphia 1,055 746 882 893 Jan. 31. .. 3,545 568,540 4,795 593 8,217 2,677 Cleveland 1,288 919 1,032 824 Feb. 28... 3,548 569,487 4,795 996 8,186 2,729 Mar. 31... 3,548 569,825 4,595 1,081 8,160 2,727 Richmond 1,043 397 836 468 Apr. 30... 3,552 571,408 5,371 1,109 7,279 2,616 Atlanta 1,497 488 643 214 May 31. .. 3,553 571,893 4,595 1,618 5,735 2,761 Chicago 1,882 1,383 1,655 948 June 30... 3,555 572,836 195 1,778 7,018 4,043 St. Louis 616 333 961 279 July 31. . . 3,558 574,999 1,902 1,732 6,886 3,902 Minneapolis 543 293 728 438 1 Includes applications approved conditionally by the Federal Re- Kansas City 519 105 1,568 200 serve Banks and under consideration by applicant. Dallas 898 140 1,445 62 2 Includes industrial loans past due 3 months or more, which are not San Francisco 1,116 595 550 303 included in industrial loans outstanding in weekly statement of condition of Federal Reserve Banks. NOTE.—The difference between amount of applications approved and r Revised. the sum of the following four columns represents repayments of ad- 1 Includes any banks in outlying sections of reserve cities that have vances, and applications for loans and commitments withdrawn or been given permission to carry the same reserves as country banks. expired. All reserve cities have a population of more than 15,000. 1127 SEPTEMBER 1947 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPOSITS, RESERVES, AND BORROWINGS OF MEMBER BANKS [Averages of daily figures.1 In millions of dollars] Gross demand deposits De- Reserves with Federal Bormand Reserve Banks row- Net bal- ings Fed C e l r a a s l s R o e f s e b r a v n e k d a i n s d trict Total I b n a t n er k - Other p m o d d s a e e i n - - ts d 2 p T o d i s e m - it e s3 m a f d r d n e o u o c s m - e t e i s c Total qu R i e r - ed c E e x s - s s F e e R a e r r e t a d v - l - e banks Banks First half July 1947 All member banks 86,968 11,135 75,833 76,194 28,051 5,501 16,327 15,514 813 94 Central reserve city banks: New York 22,359 4,d90 18,269 20,640 1,459 45 4,232 4,215 17 Chicago 5,060 1,127 3,933 4,570 871 156 971 966 4 Reserve city banks 31,875 4,972 26 ,902 27,549 11,256 1,800 6,423 6,184 239 52 Boston 1,931 276 1,656 1,759 200 37 371 364 8 2 New York 565 28 537 497 309 25 121 118 3 1 Philadelphia 2,227 321 1,906 1,978 276 73 420 412 8 2 Cleveland 3,663 461 3,202 3,255 1,318 161 762 730 32 14 Richmond 2,034 303 1,730 1,780 448 98 398 383 15 2 Atlanta 1,963 417 1,546 1,672 412 130 383 359 23 2 Chicago 3,852 475 3,377 3,281 2,092 300 812 782 30 5 St. Louis 1,792 501 1,291 1,536 324 90 331 325 6 10 Minneapolis 971 273 698 810 176 60 175 173 2 1 Kansas City 2,657 840 1,817 2,165 359 265 480 454 26 12 Dallas 2,274 544 1,731 1,868 340 259 439 394 44 2 San Francisco 7,947 535 7,412 6,948 5,002 300 1,730 1,690 41 1 Country banks 27,674 945 26 ,729 23,435 14,466 3,500 4,701 4,149 552 38 Boston 2,248 88 2,159 1,952 1,114 185 377 340 37 8 New York 3,918 87 3,831 3,432 3,324 315 766 680 87 15 Philadelphia 1,957 14 1,942 1,714 1,637 191 376 338 38 4 Cleveland 2,340 24 2,316 2,030 1,743 258 448 389 59 4 Richmond 1,987 106 1,881 1,652 865 264 323 283 40 4 Atlanta 2,311 165 2,146 1,940 703 319 350 314 36 1 Chicago 3,599 69 3,530 3,028 2,328 508 643 564 80 1 St. Louis 1,688 112 1,576 1,433 611 216 265 237 28 1 M Ka in n n sa e s a p C o i l t i y s 2 1 , , 1 33 3 3 9 6 6 2 9 2 1 , , 0 2 7 7 1 1 1 1 , , 1 7 2 4 9 2 3 7 0 3 5 1 3 1 7 7 7 3 3 2 0 2 7 7 2 2 6 0 2 2 4 2 4 5 i Dallas 2,456 126 2,330 1,926 204 495 332 282 50 San Francisco 1,699 22 1,677 1,457 901 199 287 258 29 "i' Second half of July 1947 All member banks 87,068 11,057 76,010 76,709 28,082 5,464 16,366 15,614 752 91 Central reserve city banks: New York 22,265 4,031 18,234 20,755 1,456 47 4,245 4,238 7 Chicago 5,050 1,123 3,927 4,560 880 153 959 965 -6 Reserve city banks 32 ,055 4,971 27,084 27 ,850 11,255 1,792 6,452 6,245 207 49 Boston 1,925 270 1,655 1,759 200 34 368 364 5 3 New York 563 28 534 499 308 23 121 118 2 1 Philadelphia 2,223 314 1,909 1,981 276 73 421 413 8 3 Cleveland 3,722 455 3,267 3,297 1,318 169 779 739 40 6 Richmond 2,014 295 1,719 1,779 447 92 396 383 14 6 Atlanta 1,961 398 1,563 1,682 412 126 374 361 12 2 Chicago 3,884 481 3,403 3,322 2,096 304 823 790 33 7 St. Louis 1,805 493 1,312 1,555 323 88 336 330 5 8 Minneapolis 963 263 700 807 176 62 175 172 3 1 Kansas City 2,754 903 1,851 2,240 360 277 491 470 22 6 Dallas 2,301 542 1,760 1,895 339 259 439 399 40 2 San Francisco 7,940 530 7,410 7,034 5,000 285 1,730 1,707 23 4 Country banks 27,698 932 26,765 23,543 14,490 3,472 4,710 4,165 544 39 Boston 2,255 83 2,172 1,968 1,116 182 373 343 31 5 New York 3,904 82 3,822 3,444 3,332 305 758 682 76 12 Philadelphia 1,946 15 1,931 1,713 1,641 184 378 338 40 10 Cleveland 2,345 23 2,322 2,042 1,744 253 450 391 59 4 Richmond 1,981 104 1,876 1,656 865 261 322 284 38 3 Atlanta 2,287 153 2,133 1,942 701 298 347 314 33 1 Chicago 3,614 70 3,544 3,052 2,334 505 651 567 84 1 St. Louis 1,694 117 1,578 1,437 612 220 268 238 31 Minneapolis 1,332 61 1,271 1,133 731 171 230 202 28 Kansas City 2,176 74 2,102 1,757 305 402 308 264 44 Dallas 2,484 128 2,356 1,942 201 509 338 284 54 San Francisco 1,680 22 1,658 1,458 907 184 286 259 28 1 Averages of daily closing figures for reserves and borrowings and of daily opening figures for other columns, inasmuch as reserves required are based on deposits at opening of business. 2 Demand deposits subject to reserve requirements, i. e., gross demand deposits minus cash items reported as in process of collection and demand balances due from domestic banks. 3 Includes some interbank and U. S. Government time deposits; the amounts on call report dates are shown in the Member Bank Call Report. NOTE.—-Demand deposits adjusted (demand deposits other than interbank and United States Government, less cash items reported as in process of collection) of all member banks estimated at 69,720 million dollars in the first half and 70,320 million in the second half of July. U. S. Government war loan deposits are no longer reported separately by member banks since they are no longer exempt from reserve requirements. 1128 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 2 Large denomination currency2 End of year or in cir- Unasmonth cula- sorted tion x Total Coin s$l $5 $10 $20 Total $50 $100 $500 $1,000 $5,000 $10,000 1933 5,519 4,167 442 402 33 719 1,229 1,342 1,360 364 618 125 237 8 10 1934 5,536 4,292 452 423 32 771 1,288 1,326 1,254 337 577 112 216 5 7 10 1935 5,882 4,518 478 460 33 815 1,373 1,359 1,369 358 627 122 239 7 16 5 1936 6,543 5,021 517 499 35 906 1,563 1,501 1,530 399 707 135 265 7 18 8 1937 6,550 5,015 537 505 33 905 1,560 1,475 1,542 387 710 139 288 6 12 7 1938 6,856 5,147 550 524 34 946 1,611 1,481 1,714 409 770 160 327 17 32 5 1939 7,598 5,553 590 559 36 1,019 1,772 1,576 2,048 460 919 191 425 20 32 2 1940 8,732 6,247 648 610 39 1,129 2,021 1,800 2,489 538 1,112 227 523 30 60 4 1941 11,160 8,120 751 695 44 1,355 2,731 2,545 3,044 724 1,433 261 556 24 46 4 1942 15,410 11,576 880 801 55 1,693 4,051 4,096 3,837 1,019 1,910 287 586 9 25 3 1943 20,449 14,871 1,019 909 70 1,973 5,194 5,705 5,580 1,481 2,912 407 749 9 22 2 1944 25,307 17,580 1,156 987 81 2,150 5,983 7,224 7,730 1,996 4,153 555 990 10 24 3 1945 28,515 20,683 1,274 1,039 73 2,313 6,782 9,201 7,834 2,327 4,220 454 801 7 24 2 1946—March. . . . 27,879 20,045 1,269 984 67 191 6,547 8,986 7,834 2,327 4,267 442 768 9 22 1 April 27,885 19,997 1,280 987 66 173 6,509 8,981 7,889 2,337 4,309 439 773 8 22 1 May 28,120 20,171 1,291 999 67 199 6,586 9,029 7,950 2,352 4,356 438 775 21 1 June 28,245 20,248 1,300 998 67 191 6,604 9,087 7,998 2,364 4,387 438 781 22 2 July 28,254 20,185 1,311 990 67 166 6,552 9,099 8,071 2,377 4,437 436 790 21 2 August. . . . 28,448 20,271 1,319 992 66 165 6,571 9,159 8,178 2,402 4,509 436 802 20 2 September. 28,507 20,262 1,332 1,001 66 156 6,528 9,180 8,247 2,419 4,567 436 795 21 2 October. . . 28,600 20,273 1,345 1,000 65 148 6,494 9,221 ,329 2,436 4,645 434 784 21 2 November. 28,861 20,447 1,355 1,010 65 169 6,543 9,305 8,416 2,458 4,711 435 782 21 2 December. 28,952 20,437 1,361 1,029 67 2,173 6,497 9,310 8,518 2,492 4,771 438 783 26 3 1947—'January. . . 28,262 19,808 1,337 972 63 2,074 6,284 9,077 8,457 2,460 4,757 434 774 23 3 February.. 28,304 19,873 1,337 967 64 2,090 6,336 9,079 8,434 2,456 4,755 433 769 14 3 March. . . . 28,230 19,807 1,344 969 63 2,085 6,309 9,036 8,424 2,447 4,754 432 771 14 1 April 28,114 19,684 1,351 972 63 2,065 6,253 8,979 8,432 2,442 4,769 431 773 12 1 May 28,261 19,773 1,351 985 63 2,089 6,303 8,982 8,489 2,449 4,789 430 804 11 2 June 28,297 19,769 1,355 986 64 2,078 6,289 8,996 8,530 2,466 4,808 430 810 12 2 July 28,149 19,622 1,356 980 63 2,058 6,230 ,935 8,529 2,453 4,824 428 806 12 2 1 Total of amounts of coin and paper currency shown by denominations less unassorted currency in Treasury and Federal Reserve Banks. 2 Includes unassorted currency held in Treasury and Federal Reserve Banks and currency of unknown denominations reported by the Treasury as destroyed. 3 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 leld in the Treasury Money in circulation1 Money Total out- held by standing, As security For Federal Ju 1 ly 9 4 3 7 1, g a o s g l i a d lv i n e a r s n t d Tr c e a a s s h ury B R F an e e d s k e s e r r a v a n e l d B R a a n e g k s e e s n r t v a s n e d Ju 1 ly 9 4 3 7 1, Ju 1 n 9 e 4 7 30, Ju 1 ly 94 3 6 1, certificates agents Gold 21 537 20 344 21,193 Gold certificates 20,344 17,481 2,815 48 48 50 Federal Reserve notes .. . . 24,779 72 819 23,887 23,999 24,010 Treasury currency—total 4,552 3 2,239 62 277 4,214 4,250 4,194 Standard silver dollars 493 313 28 3 149 148 142 Silver bullion 1 926 1,926 Silver certificates and Treasury notes of 1890. . 3 2,239 205 2,034 2,062 1,998 Subsidiary silver coin 924 19 30 875 876 849 JVlinor coin 350 11 7 332 331 320 United States notes 347 3 27 317 320 314 Federal Reserve Bank notes. . 406 1 4 400 406 458 National Bank notes 107 1 106 106 113 Total—July 31 1947 . . . 22,583 1,327 17,481 3,912 28,149 June 30 1947 . (4) 22,319 1,314 17,224 3,764 28,297 July 31 1946 20,396 2,250 15,290 3,935 28,254 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. 1121, and seasonally adjusted figures in table on p. 1130. 2 Includes $156,039,431 held as reserve against United States notes and Treasury notes of 1890. 8 To avoid duplication, amount of silver dollars and bullion held as security against silver certificates and Treasury notes of 1890 outstanding is not included in total Treasury currency outstanding. 4 Because some of the types of money shown are held as collateral or reserves against other types, a grand total of all types has no special significance and is not shown. See note of explanation of these duplications. 5 Less than $500,000. NOTE.—There are maintained in the Treasury—(i) as a reserve for United States notes and Treasury notes of 1890—$156,039,431 in gold bullion; (ii) as security for Treasury notes of 1890—an equal dollar amount in standard silver dollars (these notes are being canceled and retired on receipt); (iii) as security for outstanding silver certificates—silver in bullion and standard silver dollars of a monetary value equal to the face amount of such silver certificates; and (iv) as security for gold certificates—gold bullion of a value at the legal standard equal to the face amount of such gold certificates. Federal Reserve notes are obligations of the United States and a first lien on all the assets of the issuing Federal Reserve Bank. Federal Reserve notes are secured by the deposit with Federal Reserve agents of a like amount of gold certificates or of gold certificates and such discounted or purchased paper as is eligible under the terms of the Federal Reserve Act, or of direct obligations of the United States. Federal Reserve Banks must maintain a reserve in gold certificates of at least 25 per cent, including the redemption fund, which must be deposited with the Treasurer of the United States, against Federal Reserve notes in actual circulation; gold certificates pledged as collateral may be counted as reserves. "Gold certificates" as herein used includes credits with the Treasurer of the United States payable in gold certificates. Federal Reserve Bank notes and national bank notes are in process of retirement. SEPTEMBER 1947 1129 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 r s 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 s j r u o i s e n t s a e x l d ly Period a s t t o o e c f n k d I i n n s c t o r g e c o a k l s d e o i r m g e o p x l o p d r o t rt go c o l r r d e a : i n s d e - e- g d p u o ro c ld - period crease (—) tion1 End of year figures: 1939 7,598 +742 1936 211,258 1,132.5 1,116.6 -85.9 131.6 1940 8,732 + 1,134 1937 212,760 1,502.5 1,585.5 -200.4 143.9 1941 11,160 +2,428 1938 14,512 1 ,751.5 1,973.6 -333.5 148.6 1942 15,410 +4,250 1939 17,644 3,132.0 3,574.2 -534.4 161.7 1943 20,449 +5,039 1940 21,995 4,351.2 4,744.5 -644.7 170.2 1944 25,307 +4,858 1941 22,737 741.8 982.4 -407.7 169.1 1945 28,515 +3,208 1942 22,726 -10.3 315.7 -458.4 125.4 1946 28,952 +437 1943 . . . 21,938 -788.5 68.9 —8^3.6 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—Anril 27,923 28,148 + 151 1946—August 20,280 13.2 15.2 60.1 8.3 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 S O A N D e c e u o o t c g v o t e u e e b m m m s e t b r b b e e e r r r 2 2 2 2 2 8 8 8 8 8 , , , , , 3 4 7 9 5 5 7 2 9 8 2 8 7 7 8 2 2 2 2 2 8 8 8 8 8 , , , , , 4 5 5 6 7 9 3 8 4 1 4 5 8 1 0 + + + + + 1 4 5 5 6 5 1 3 3 9 6 1947— D F M A J e e o a a b c r n r i r e c l u u m h a a b r r y y e . . r . . . . . . . 2 2 2 2 2 0 0 0 0 0 , , , , , 5 7 4 3 7 2 4 6 3 7 9 8 3 0 4 3 -4 2 3 1 1 5 1 1 3 8 9 9 1 2 . . . . . 4 2 3 5 5 - - 1 6 1 2 4 5 1 6 0 4 3 . . . . . 2 8 4 1 6 -6 2 2 1 8 8 0 7 9 4 2 3 2 6 . . . . . 5 8 5 1 0 6 5 7 5 6 . . . . . 3 5 2 6 3 May 20,933 159.0 129.7 13.1 7.2 1947—January 28,543 28,458 -252 June 21,266 333.4 200.2 119.0 6.1 February 28,300 28,300 -158 July 21,537 270.6 P219.2 26.7 7.3 A M o a r r i c l h 2 28 8 , , 1 2 8 7 5 3 2 28 8 , , 4 3 1 5 2 8 + + 5 5 8 4 August P21,766 P228.9 42.3 J A M T u u u l a n y g y e ust 2 2 2 2 8 8 8 8 , , , , 1 2 2 2 5 5 3 5 2 8 6 9 2 2 2 2 8 8 8 8 , , , , 3 3 3 3 5 7 1 9 6 8 6 4 + + - - 5 6 2 7 6 2 2 8 f P i h g 1 P i u l A r i P p e n r s p e n i l a n u i r m e a e l i I n f t s i h a l g a o r u y n s r . e d e s s p a p u r r b e o l d i e s u h s c t e i t d m io a n i t n e r s e t c a o e b f i l v e t e h d e o n U in n p U i . t e n 1 d i 1 t e 7 S d 8 t a S t a e d t s a j u t M e s s t . e in d t . to M ex o c n l t u h d ly e 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. nounts in first column. 3 Change reflects primarily gold subscription to International Monetary Fund. 4 Not yet available. 5 Gold held under earmark at the Federal Reserve Banks for foreign account including gold held for the account of international institutions Hinted to 3,640.2 million dollars on Aug. 31, 1947. Gold under ear- BANK DEBTTS 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 City1 centersl centers 2 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 19 9 4 4 2 2 — — - o n l e d w s e se ri r e ie s s 3 3 6 6 4 0 1 7 , , 7 0 7 7 8 1 2 22 1 6 0 , , 8 9 6 6 5 1 3 3 4 4 7 2 , , 8 4 3 3 7 0 5 67 3 , , 0 6 7 7 4 9 16.1 13.1 J200.337 308,913 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* s4 11,050,021 417,475 527,336 105,210 19.0 10.0 { 3 4 7 0 4 7 , , 3 9 6 4 5 6 4 5 4 2 9 2 , ,9 4 4 1 4 4 2 25 5 . . 2 5 1 1 6 6 . . 5 9 1946—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 November 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 July 93,733 34,779 49,178 9,776 21.2 11.5 33,026 48,525 22.9 17.2 1 National series for which bank debit figures are available beginning with 1919. 2 Annual figures for 1937-1942 (old series) include 133 centers; annual figures for 1942 (new series) and subsequent figures include 193 centers. 3 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. 4 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; 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. 1130 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 Total Time deposits End of month c a d o u d e u r j a p u r t n o e s s d i n s t d e i c t e d y s c a d d o u d e e u r j a p m u r t n o s e s a d i s n t d n i e c t e d d s y a d d T e j p o u o s ta s te i l t d s a D d d e e j p u m o s a t s e n it d d s 1 d G U e S m o p n t v a o e i e t t s n e e r i t d s n 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 u b u r a 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 ,186 4,761 December 42,548 19,817 37,766 15,035 1,016 21,715 11,019 9,488 ,208 4,782 1938— June 56,565 29,730 51,148 24,313 599 26,236 14,776 1C.209 ,251 5,417 December 58,955 31,761 53,180 25,986 889 26,305 14,776 10,278 ,251 5,775 1939-June 60,943 33,360 54,938 27,355 792 26,791 15,097 10,433 ,261 6,005 December 64,099 36,194 57,698 29,793 846 27,059 15,258 10,523 ,278 6,401 1940—June 66,952 38,661 60,253 31,962 828 27,463 15,540 10,631 ,292 6,699 December 70,761 42,270 63,436 34,945 753 27,738 15,777 10,658 ,303 7,325 1941—June 74,153 45,521 65,949 37,317 753 27,879 15.928 10,648 ,303 8,204 December 78,231 48,607 68,616 38,992 1,895 27,729 11,884 10,532 ,313 9,615 1942—June 81,963 52,806 71,027 41.870 1,837 27,320 15,610 10,395 ,315 10,936 December 99,701 62.868 85,755 48,922 8,402 28,431 16,352 10,664 ,415 13,946 1943—June 110,161 71,853 94,347 56,039 8,048 30,260 17,543 11,141 ,576 15,814 December 122,812 79,640 103,975 60,803 10,424 32,748 19,224 11,738 ,786 18,837 1944—June 136.172 80.946 115,291 60,065 19,506 35,720 21,217 12,471 2,032 20,881 December 150,988 90,435 127,483 66,930 20,763 39,790 24,074 13,376 2,340 23,505 1945—June 162,784 94,150 137,687 69,053 24,381 44,253 27,170 14,426 2,657 25,097 December 175,401 102,341 148.911 75.851 24,608 48,452 30,135 15,385 2,932 26.490 1946—June 171,237 105,992 144,721 79,476 13,416 51,829 32,429 16,281 3,119 26,516 1946—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 k83,000 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 t65,900 108,600 139,800 82,500 3,100 54,200 33,900 17,000 3,300 26,100 February (Feb. 26)v 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 2,800 55,100 34,500 17,200 3,400 26.000 May (May 28)P.... 164.900 107,500 138.900 81,500 2,100 55,300 34,600 17,300 3,400 26,000 Tune (June 25)P.. . 165.100 108,500 139,100 82,500 1,000 55.600 34,700 17,500 3,400 26,000 July (July 30) P 166.300 109,300 140,300 83,300 1,200 55,800 34,900 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 figure? include three member mutual savings banks. 6 Includes both amounts redeposited in banks and amounts not so redeposited; excludes amounts at banks in possessions. NOTE.—Except on call dates, figures are rounded to nearest 100 million dollars. See Banking and Monetary Statistics, p. 11, for description and Table 9. pp. 34-35 for back figures. POSTAL SAVINGS SYSTEM BANK SUSPENSIONS 1 [In millions of dollars] Member Nonmember Assets banks banks Total, all End of month D it e o p r o s s ' - Cash U. S. se G cu o r v i e ti r e n 3 ment Cash banks ti N on a- al State su I r n e - d in N s o u n r - ed bal- in de- reances1 Total posi- serve b t a o n ry ks Total r D ec i- t G a u n a - r- f e u t n c d .2 s, Num 1 b 9 e 3 r 4 o - f 3 9 banks suspended: 291 15 6 189 81 teed 1940 22 1 18 3 1941 8 4 3 1 1939—Dec.. . 1,279 1,319 53 1,192 1,046 146 74 1942 9 6 3 1940—Dec... 1,304 1,348 36 1,224 1.078 146 88 1943 4 2 2 1941—Dec.. . 1,314 1,396 26 1,274 1,128 146 95 1944 1 1 1942—Dec. . 1,417 1,464 16 1,345 1,220 126 102 1945 0 1943—Dec... 1,788 1,843 10 1,716 1,716 118 1946 0 1944—Dec... 2,342 2,411 8 2,252 2,252 152 1947—jan _Au2 0 1945—Dec.. . 2,933 3,022 6 2,837 2,837 179 Deposits of suspended banks 1946—Aug.. . 3,188 3,288 6 3,088 3.088 194 (in thousands of dollars) :2 Sept.. 3,207 3,306 6 3,114 3,114 186 1934-39 125,991 14,61626,54844,348 40,479 Oct.. 3,235 3,337 6 3,134 3,134 197 Nov... 3,260 3,360 6 3,151 3,151 204 1940 5,943 256 5,341 346 Dec.. 3,284 3,387 6 3,182 3,182 200 1941 3,726 3,144 503 79 1942 1,702 1,375 327 1947—Jan. . . 3,331 3,436 6 3,234 3,234 196 1943 6.223 4,982 1,241 Feb... 3,355 3,463 6 3,257 3.257 200 1944 405 405 Mar.. 3.375 3,481 5 3,284 3,284 192 1945 0 Apr,. 3,382 3,492 5 3,290 3,290 197 1946 0 May. . 3,387 3,508 c 3,277 3,277 226 1947 Tan Anp 0 Tune 3,393 3,523 6 3,302 3,302 216 July. . 1 Represents banks which, during the periods shown, closed temporarily or permanently on account of financial difficulties; does not v Preliminary. include banks whose deposit liabilities were assumed by other banks 1 Outstanding principal, represented by certificates of deposit. at the time of closing (in some instances with the aid of Federal Deposit an 2 d In m c i l s u c d e e ll s a n w eo o u rk s in w g o r c k a in sh g f w un it d h s p w o i s th tm T as re te a r s s u , re 5 r p o e f r U c n en it t e d re s S e t r a v t e e s, f u a n c d - Ins 2 u D ra e n p c o e s it C s or o p f o r m at e i m on b e l r o a b n a s n ). ks and insured nonmember banks suscrued interest on bond investments, and accounts due from late post- pended are as of dates of suspension, and deposits of noninsured nonmasters member banks are based on the latest data available at the time the Back figures.—See Banking and Monetary Statistics, p. 519; for suspensions were reported. description, see p. 508 in the same publication. Back figures.—See Banking and Monetary Statistics, pp. 283-292 for description, see pp. 281-282 in the same publication. SEPTEMBER 1947 1131 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 Cla c s a s l a l o n d f d a b te ank Total Loans G U ov . e S rn . - Other as C s a e s t h s 1 Total i b In an te k r ^ - a c c T a c o p o t i u t a a n l l ts N b u a o m n f k b s er Total o m bl e ig n a t - s i e t c ie u s r- m D a e n - d Time2 tions All banks: 1939—Dec. 30 50,884 22,165 28,719 19,417 9,302 23,292 68,242 9,874 32,513 25,855 8,194 15,035 1940—Dec. 31 54,177 23,756 30,422 20,972 9,449 28,090 75,996 10,934 38,558 26,503 8,302 14,896 1941—Dec. 31 61,126 26,615 34,511 25,511 8,999 27,344 81,816 10,982 44,349 26,485 8,414 14,826 1942—Dec. 31 78,147 23,916 54,231 45,951 8,280 28,701 99,803 11,308 61.431 27,064 8,566 14,682 1943—Dec. 31 96,966 23,601 73,365 65,932 7,433 28,475 117,661 11,003 75,569 31,089 8,996 14,579 1944—Dec. 30 119,461 26,015 93,446 85,885 7,561 30,790 141,448 12,235 91,653 37,561 9,643 14,535 1945—Dec. 31 140,227 30,362 109,865 101,288 8,577 35,415 165,612 14,065 105,921 45,627 10,542 14,553 1946—June 29 136,572 31,486 105,087 95,911 9,175 33,124 159,171 12,311 98,043 48,817 11,067 14,567 Dec. 31 131,698 35,648 96,050 86,558 9,491 35,041 155,902 12,656 92,446 50,800 11,360 14,585 1947—June 30* 130,900 38,380 92,520 82,500 10,020 33,540 153,200 11,640 89,330 52,230 11,700 14,602 All commercial banks: 1939—Dec. 30 40,668 17,238 23,430 16,316 7,114 22,474 57,718 9,874 32,513 15,331 6,885 14,484 1940—Dec. 31 43,929 18,800 25,129 17,757 7,372 27,124 65,337 10,934 38,558 15,844 7,010 14,345 1941—Dec. 31 50,746 21,714 29,032 21,808 7,225 26,551 71,283 10,982 44,349 15,952 7,173 14,278 1942—Dec. 31 67,393 19,221 48,172 41,379 6,793 28,039 89,135 11,308 61,431 16,395 7,330 14 136 1943—Dec. 31 85,095 19,117 65,978 59,842 6,136 27,677 105,923 11,003 75.569 19,350 7,719 14,034 1944—Dec. 30 105,530 21,644 83.886 77,557 6,329 30,206 128,072 12,235 91,653 24,184 8,265 13,992 1945—Dec. 31 124,019 26,083 97,936 90,606 7,331 34,806 150,227 14,065 105,921 30,241 8,950 14,011 1946—June 29 119,448 27,130 92,318 84,473 7,845 32,378 142,890 12,311 98,043 32,536 9,352 14,026 Dec. 31 113,993 31,122 82.871 74,780 8,091 34,223 139,033 12,656 92,446 33,930 9,577 14,044 1947—June 30* 112,520 33,680 78,840 70,340 8,500 32,7*00 135,730 11,640 89,330 34,760 9,840 14,061 All insured commercial banks: 1939—Dec. 30 39,290 16,863 22,427 15,567 6,860 21,873 56,069 9,523 31,483 15,063 6,527 13,534 1940—Dec. 31 42,557 18,395 24,162 17,064 7,099 26,287 63,461 10,539 37,333 15,589 6,676 13,438 1941—Dec. 31 49,290 21,259 28,031 21,046 6,984 25,788 69,411 10,654 43,059 15,699 6,844 13,426 1942—Dec. 31 66,240 18,903 47,336 40,705 6,631 27,586 87,803 11,144 60,504 16,154 7,055 13,343 1943—Dec. 31 83,507 18,841 64,666 58,683 5,983 27,183 104,094 10,705 74,309 19,081 7,453 13,270 1944—Dec. 30 103,382 21,352 82,030 75,875 6,155 29,733 125,714 12,074 89,761 23,879 7,989 13,263 1945—Dec. 31 121,809 25,765 96,043 88,912 7,131 34,292 147,775 13,883 104,015 29,876 8,671 13,297 1946—June 29 117,409 26,791 90,618 82,977 7,641 31,843 140,612 12,007 96,459 32,145 9,068 13,330 Dec. 31 112,178 30,733 81,445 73,554 7,891 33,694 136,990 12,320 91,144 33,526 9,286 13,354 1947—June 30 110,682 33,250 77,433 69,136 8,297 32,190 133,659 11,243 88,074 34,343 9,558 13,386 All member banks: 1939—Dec. 30 33,941 13,962 19,979 14,328 5,651 19,782 49,340 9,410 28,231 11,699 5,522 6,362 1940—Dec. 31 37,126 15,321 21,805 15,823 5,982 23,963 56,430 10,423 33,829 12,178 5,698 6,486 1941—Dec. 31 43,521 18,021 25,500 19,539 5.961 23,123 61,717 10,525 38,846 12,347 5,886 6,619 1942—Dec 31 59,263 16,088 43,175 37,546 5,629 24,280 78,277 11,000 54,523 12,754 6,101 6,679 1943—Dec. 31 74,258 16,288 57,970 52,948 5,022 23,790 92,262 10,555 66,438 15,268 6,475 6,738 1944—Dec. 30 91,569 18,676 72,893 67,685 5,208 25,860 110,917 11,884 79,774 19,259 6,968 6,814 1945—Dec. 31 107,183 22,775 84,408 78,338 6,070 29,845 129,670 13,640 91,820 24,210 7,589 6,884 1946—June 29 102,032 23,302 78,729 72,272 6,458 28,079 122,519 11,801 84,602 26,115 7,920 6,887 Dec. 31 96.362 26,696 69,666 63,042 6,625 29,587 118,170 12,060 78,920 27,190 8,095 6,900 1947—June 30 94,802 28,655 66,146 59,198 6,948 28,694 115,435 11,041 76,380 28,014 8,315 6,928 All national banks: 1939—Dec. 30 21,810 9,022 12,789 9,058 3,731 12,489 31,559 5,898 17,579 8,081 3,397 5,187 1940—Dec. 31 23,648 10,004 13,644 9,735 3,908 15,099 35,787 6,574 20,885 8,329 3,528 5,144 1941—Dec. 31 27,571 11,725 15,845 12,039 3,806 14,977 39,458 6,786 24,350 8,322 3,640 5,117 1942—Dec. 31 37,576 10,183 27,393 23,744 3,648 16,184 50,468 7,400 34,499 8,570 3,729 5,081 1943—Dec. 31 47,499 10,116 37,382 34,065 3,318 16,017 59,961 7,159 42,605 10,196 3,950 5,040 1944—Dec. 30 58,308 11,480 46,828 43,292 3,536 17,570 71,858 8,056 50,900 12,901 4,265 5,025 1945—Dec. 31 69,312 13,925 55.387 51,250 4,137 20,114 84,939 9,229 59,486 16,224 4,644 5,017 1946—June 29 66,277 14,469 51,809 47,271 4,537 18,607 80,212 7,816 54,930 17,466 4,862 5,012 Dec. 31 63,723 17,272 46,451 41,658 4,793 20,012 78,775 8,169 52,194 18,412 5.138 5,007 1947—June 30 62,982 18,764 44,218 39,271 4,947 19,342 77,146 7,432 50,694 19,020 5,296 5,012 State member banks: 1939—Dec. 30 12,130 4,940 7,190 5,271 1,920 7,293 17,781 3,512 10,652 3,617 2,124 1,175 1940—Dec. 31 13,478 5,316 8,162 6,088 2,074 8,865 20,642 3,849 12,944 3,849 2,169 1,342 1941—Dec. 31 15,950 6,295 9,654 7,500 2,155 8,145 22,259 3,739 14,495 4,025 2,246 1,502 1942—Dec. 31 21,687 5,905 15,782 13,802 1,980 8,096 27,808 3,600 20,024 4,184 2,371 1,598 1943—Dec. 31 26,759 6,171 20,588 18,883 1,705 7,773 32,302 3,397 23,833 5,072 2,525 1,698 1944—Dec. 30 33,261 7,196 26,065 24,393 1,672 8,290 39,059 3,827 28,874 6,357 2,703 1,789 1945—Dec. 31 37,871 8,850 29,021 27,089 1,933 9,731 44,730 4,411 32,334 7,986 2,945 1,867 1946—June 29 35,754 8,834 26,921 25,000 1,921 9,472 42,307 3.986 29,672 8,649 3,058 1,875 Dec. 31 32,639 9,424 23,216 21,384 - 1,832 9,575 39,395 3,890 26,726 8,779 2,957 1,893 1947—June 30 31,820 9,891 21,928 19,927 2,001 9,353 38,289 3,609 25,686 8,994 3,019 1,916 • Partly estimated. * 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 the BULLETIN for July 1947. For other footnotes see following page. 1132 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS IN THE UNITED STATES, BY CLASSES *—Continued PRINCIPAL ASSETS AND LIABILITIES, AND NUMBER OF BANKS [Amounts in millions of dollars] Loans and investments Deposits Investments Other Cla c s a s l a l n o d d f a b te ank Total Loans G U ov . e S rn . - Other a C ss a e s t h s * Total i I b n a t n er k - 1 a c c T a c o p o i t u t a a n l l ts N b u a o m n f k b s er Total o m bl e ig n a t - se it c ie u s r- m D a e n - d Time2 tions All nonmember commercial banks: 1939—Dec. 30 6,727 3,276 3,451 1,987 1,464 2,692 8,378 464 4,282 3,633 1,363 8,122 1940—Dec. 31 6,803 ,479 3,324 1,934 1,389 3,161 8,907 512 4,729 3,667 1,312 7,859 1941—Dec. 31 7,233 ,696 3,536 2,270 1,266 3,431 9,574 457 5,504 3,613 1,288 7,662 1942—Dec. 31 8,137 3,136 5,002 3,836 1,166 3,760 10,867 309 6,908 3,650 1,230 7,460 1943—Dec. 31 10,847 2,832 8,014 6,899 1,115 3,889 13,671 448 9,131 4,092 1,245 7,299 1944—Dec. 30 13,972 2,971 11,002 9,880 1,122 4,348 17,168 351 11,879 4,938 1,298 7,181 1945—Dec. 31 16,849 3,310 13,539 12,277 1,262 4,962 20,571 425 14,101 6,045 1,362 ,130 1946—June 29 17,430 3,830 13,600 12,212 1,388 4,300 20,387 510 13,441 6,436 1,433 7,142 Dec. 31...... . 17,646 4,429 13,217 11,749 1,468 4,639 20,879 597 13,526 6,756 1,483 7,147 1947—June30e 17,730 5,020 12,710 11,150 1,560 4,010 20,310 600 12,950 6,760 1,530 7,136 Insured nonmember commercial banks: 1939—Dec. 30 5,350 2,901 2,448 1,239 1,210 2,091 6,729 113 3,252 3,365 1,005 7,172 1940—Dec. 31 5,431 3,074 2,357 1,240 1,116 2,324 7,032 1K5 3,504 3,411 978 6,9'52 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 1947—June 30 15,896 4,597 11,299 9,949 1,350 3,498 18,240 201 11,694 6,345 1,245 6,461 Noninsured nonmember commercial banks: 1939—Dec. 30 1,378 375 ,003 749 254 601 1,649 1,031 268 358 950 1940—Dec. 31 1,372 405 967 694 273 837 1,876 396 1,225 255 334 907 1941—Dec. 31 1,457 455 ,002 761 241 763 1,872 329 1,291 253 329 852 1942—Dec. 313 1,154 318 836 674 162 452 1,332 164 927 241 275 793 1943—Dec. 31 1,588 276 ,312 1,160 153 494 1,829 299 1,261 270 267 764 1944—Dec. 30 2,148 292 ,856 1,682 174 473 2,358 161 1,892 305 276 729 1945—Dec. 31 2,211 318 ,893 1,693 200 514 2,452 181 1,905 365 279 714 1946—June 29 2,038 339 ,699 1,496 204 534 2,279 303 1,584 391 284 696 Dec. 31 1,815 389 1,426 1,226 200 530 2,043 336 1,302 404 290 690 1947—-June 304 All mutual savings banks: 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 1947—June 30«. . . . 18,380 4,700 13,680 12,160 1,520 840 17,470 17,470 1,860 541 Insured mutual savings banks: 1939—Dec. 30 1,329 605 724 422 303 133 1,409 1,409 153 51 1940—Dec. 31 1,654 637 1,018 548 470 202 1,818 1,818 161 53 1941—Dec. 31 1,693 642 1,050 629 421 151 1,789 1,789 164 52 1942—Dec. 31 2,007 740 1,267 861 405 130 2,048 2,048 201 56 1943—Dec. 31... . 7.525 3,073 4,452 3,844 608 559 7,534 7,534 808 184 1944—Dec. 30 9,223 3,110 6,113 5,509 604 400 8,910 8,910 892 192 1945—Dec. 31 10,846 3,081 7,765 7,160 606 429 10,363 10,363 1,034 192 1946—June 29... . 11,453 3,132 8,322 7,662 660 550 10,979 10,979 1,122 191 Dec. 31 11,891 3.250 8,641 7,946 695 612 11,428 11,428 1,173 191 1947—June 30... 12.375 3,370 9,005 8,216 789 658 11,901 11,901 1,218 191 Noninsured mutual savings banks: 1939—Dec. 30.... 8,887 4,323 4,565 2,679 1,885 685 9,114 9,114 1,156 500 1940—Dec. 31 8.594 4,319 4,274 2,667 1,607 764 8,841 8,841 1,131 498 1941—Dec. 31 8,687 4,259 4,428 3,075 1,353 642 8,744 8,744 1,077 496 1942—Dec. 31 8,747 3,954 4,792 3,711 1,082 533 8,620 8,620 1,035 490 1943—Dec. 31 4,345 1,411 2,935 2,246 689 238 4,204 4,204 468 361 1944—Dec. 30 4,708 1,260 3,448 2,819 629 184 4,466 4,466 485 351 1945—Dec. 31 5,361 1,198 4,163 3,522 641 180 5,022 5,022 558 350 1946—June 29 5,671 1,224 4.447 3,777 671 197 5,302 5,302 593 350 Dec. 31 5,813 1,275 4,538 3,833 705 206 5,442 5,442 611 350 1947—June 304. . . . 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 Figures for "All banks" and for mutual savings banks include a relatively small amount of demand deposits held by the latter. 3 Decreases in "noninsured nonmember commercial banks" figures reflect principally the admission to membership in the Federal Reserve System of one large bank with total loans and investments aggregating 554 million dollars on Dec. 31, 1942; to a lesser extent, all year-to-year comparisons are affected somewhat by mergers, absorptions, changes in membership or insured status, etc. 4 Figures not yet available. For other footnotes, see preceding page. SEPTEMBER 1947 1133 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL INSURED COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES * LOANS AND INVESTMENTS [In millions of dollars] Loans Investment Com- Loans for IJ. S. Government obligations Oblimer- purchasing ga- Total cial, or carrying tions Class of bank loans in- securities Real Direct of and and clud- Agn- Con- StatesOther call date i m nv e e n s t t s - Total op k in e e g n t - c t a u u l r l 1 - - b e T ro r o s k- o T t o h- l t o e a s a t - e ns s l u o m an e s rO lo th an er s Total Total Bills C o c e f a r t t i e i n f s i - - Notes Bonds G t a e u n e a - d r- p s a o u n l b i d t - - r s i e t c ie u s pa- and ers debt- diviper1 d e e r a s l- n e e d s - s sions All insured commercial banks: 42 557 18,395 7 1781,281 663 727 4,468 4 C77 24,162 17,064 662 2,756 9,9253,719 3,6083 491 1l 1 y0 9 T4 4 t.u0 1 — JDD L-Pe 'tP/ c C . 30 3 11 1 . . .. 49\290 21',259 9^214 1^450 614 662 4,773 4',545 28',031 21,046 988 3,159 12,7974,102 3^6513^333 1942—Dec. 31.. 66,240 18,903 7,757 1,642 950 597 4,646 2,2691 .04247,336 40,705 4,462 o\727 5,79920,999 2,7183,5333,098 1943—Dec. 31.. 83,507 18,841 7,777 1,505 1,414 922 4,437 1,868 918 64,666 58,683 4,636 13,218 7,672 30,656 2,5013,2872,696 1944—Dec. 30.. 103,382 21,352 7,920 1,723 2,269 2,2654,343 1,888 944 82,030 75,875 3,971 15,300 15,77839,848 978 3,4222,733 1945—Dec. 31..121,809 25,765 9,461 1,314 3,164 3,6064,677 2,361 1,181 96,043 88,912 2,455 19,071 16,04551,321 22 3,8733,258 1946—June 29.. 117,409 26,791 10,334 1,366 2,417 2,6565,7383,069 1,211 90,618 82,977 1,220 17,637 12,00452,092 24 3,9733,668 Dec. 31.. 112,178 30,733 14,016 1,358 1,517 1,609 7,1034,031 1,098 81,445 73,554 1,271 12,288 6,78053,200 154,2983,592 1947—June 30. . 110,682 33,250 14,765 1,549 1,517 1,278 8,201 4,893 1,047 77,433 69,136 835 9,441 5,341 53,505 144,826 3,471 Member banks, total: 1940—Dec. 31.. 37,126 15,321 6,660 865 642 652 3,228 3,273 21,805 15,823 652 2,594 9,091 3,4863,013 2,970 1941—Dec. 31.. 43,521 18,021 8,671 972 594 598 3,494 3,692 25,500 19,539 971 3,007 11,7293,8323,0902,871 1942—Dec. 31.. 59,263 16,088 7,387 1,089 934 538 3,423 1,847 870 43,175 37,546 4,363 6^285 5,409 18,9482,5402,965 2,664 1943—Dec. 31.. 74,258 16,288 7,421 1,023 1,398 839 3,274 1,484 848 57,970 52,948 4,360 12,071 6,90627,2652,345 2,729 2,294 1944—Dec. 30.. 91,569 18,676 7,531 1,198 2,249 2,1083,209 1,505 877 72,893 67,685 3,748 13,982 14,12734,927 902 2,857 2,350 1945—Dec. 31..107,183 22,775 8,949 855 3,133 3,3783,455 1,900 1,104 84,408 78,338 2,275 16,985 14,27144,792 163,2542,815 1946—June 29.. 102,032 23,302 9,685 877 2,395 2,4804,267 2,464 1,133 78,729 72,272 1,072 15,292 10,46745,420 20 3,3073,151 Dec. 31.. 96,362 26,696 13,154 884 1,506 1,467 5,3583,308 1,020 69,666 63,042 1,167 10,043 5,60246,219 113,5483,077 1947—June 30. . 94,802 28,655 13,820 972 1,507 1,154 6,2403,998 965 66,146 59,198 773 7,544 4,36946,502 103,9822,966 New York City:* 1940—Dec. 31.. 10,910 3,384 2,125 6 465 190 130 468 7,527 6,044 207 1,245 2,977 1,615 695 788 1941—Dec. 31.. 12,896 4,072 2,807 8 412 169 123 554 8,823 7,265 311 1,623 3,652 1,679 729 830 1942—Dec. 31.. 17,957 4,116 2,546 21 787 193 117 303 148 13,841 12,547 1,855 2,144 2,056 5,420 1,071 593 701 1943—Dec. 31.. 19,994 4,428 2,515 24 1,054 323 107 252 153 15,566 14,563 1,328 3,409 1,829 7,014 984 444 558 1944—Dec. 30. 24,003 5,760 2,610 30 1,742 859 86 253 179 18,243 17,179 913 3,740 3,745 8,592 189 468 596 1945—Dec. 31.. 26,143 7,334 3,044 2,453 1,172 80 287 298 18,809 17,574 477 3,433 3,325 10,337 1 606 629 1946—June 29.. 23,304 6,506 3,169 1,852 798 83 378 226 16,798 15,646 201 2,980 2,229 10,234 1 535 618 Dec. 31.. 20,834 6,368 4,078 1,096 389 99 455 250 14,465 13,308 387 1,725 992 10,202 1 557 601 1947—June 30. . 20,332 6,548 4,171 1,196 286 104 500 291 13,784 12,571 137 1,103 775 10,555 1 631 582 Chicago:* 1940—Dec. 31.. 2,377 696 492 5 42 54 19 84 1,681 1,307 297 145 752 112 188 186 1941—Dec. 31.. 2,760 954 732 6 48 52 22 96 1,806 1,430 256 153 903 119 182 193 1942—Dec. 31.. 3,973 832 658 6 34 32 23 62 18 3,141 2,789 397 637 391 1,282 83 166 186 1943—Dec. 31.. 4,554 1,004 763 6 102 52 22 45 14 3,550 3,238 199 877 484 1,602 74 158 155 1944—Dec. 30.. 5,443 1,184 738 17 163 163 24 45 34 4,258 3,913 250 1,045 779 1,809 31 160 185 1945—Dec. 31 . 5,931 1,333 760 2 211 233 36 51 40 4,598 4,213 133 1,467 749 1,864 181 204 1946—June 29.. 5,167 1,329 804 1 188 185 43 76 32 3,837 3,485 14 1,042 529 1,900 153 200 Dec. 31.. 4,765 1,499 1,094 3 117 101 51 105 29 3,266 2,912 60 498 146 2,207 167 187 1947—June 30. . 4,802 1,565 1,178 1 100 84 42 130 29 3,237 2,890 106 368 132 2,284 175 173 Reserve city banks: 1940—Dec. 31.. 13,013 5,931 2,589 263 115 207 1,436 1,322 7,081 5,204 103 771 3,281 1,049 984 893 1 1 9 9 4 4 2 1 — — D £) eeCci. 3 3 1 l! .. . 2 1 0 5 , , 9 3 1 4 5 7 6 7 , , 1 1 0 0 2 5 3 2 ^ 4 9 5 57 6 3 2 0 9 0 0 1 9 1 7 4 1 1 5 9 3 4 1 1 , , 5 4 2 8 7 6 8 1 0 , 8 51? 312 1 8 4 , , 2 8 4 1 3 3 1 6 3 , , 4 0 6 3 7 8 1,4 2 4 9 1 5 2,253 1,7 7 2 5 3 1 6 4 , , 8 2 1 4 0 8 1,1 8 7 1 3 1 9 9 5 5 6 4 8 8 2 2 1 0 1943—Dec. 31.. 27,521 6,201 3,058 279 217 267 1,420 658 301 21,321 19,682 1,802 4,691 2,497 9,943 749 913 726 1944—Dec. 30.. 33,603 6,822 3,034 348 311 777 1,379 660 313 26,781 25,042 1,704 5,730 5,181 11,987 440 1,000 740 1945—Dec. 31.. 40,108 8,514 3,661 205 427 1,503 1,459 855 404 31,594 29,552 1,034 6,982 5,653 15,878 5 1,126 916 1946—June 29.. 37,675 8,862 3,932 197 321 1,142 1,743 1,073 453 28,813 26,585 410 6,038 4,014 16,116 71,194 1,034 Dec. 31.. 35,351 10,825 5,548 201 264 704 2,237 1,436 435 24,527 22,250 441 3,799 1,993 16,013 4 1,272 1,004 1947—June 30. . 34,611 11,441 5,726 197 185 540 2,713 1,675 405 23,170 20,845 334 3,038 1,503 15,967 3 1,364 962 Country banks: 1940—Dec. 31.. 10,826 5,309 L.453 590 21 201 1,644 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 20 183 1,823 1,530 6,628 4,377 110 481 2,926 861 1,222 1,028 1942—Dec. 31.. 16,419 5,038 1,226 772 17 161 1,797 674 393 11,380 9,172 671 1,240 5,436 574 1,252 956 1943—Dec. 31.. 22,188 4,654 1,084 713 25 197 1,725 528 381 17,534 15,465 1,032 3,094 2,096 8,705 538 1,214 855 1944—Dec. 30.. 28,520 4,910 1,149 802 32 310 1,719 547 351 23,610 21,552 882 3,466 4,422 12,540 241 1,230 829 1945—Dec. 31.. 35,002 5,596 '1.,484 648 42 471 1,881 707 363 29,407 26,999 630 5,102 4,544 16,713 9 1,342 1,067 1946—June 29.. 35,886 6,605 1,781 679 34 354 2,398 937 422 29,281 26,556 447 5,231 3,696 17,170 12 1,426 1,299 Dec. 31.. 35,412 8,004 2,433 681 29 273 2,9 701,312 306 27,408 24,572 279 4,020 2,470 17,797 6 1,551 1,285 1947—June 30.. 35,057 9,102 2,744 774 26 244 3,381 1,693 240 25,955 22,893 197 3,035 1,960 17,696 5 1,813 1,250 Insured nonmember commercial banks: 1940—Dec. 31.. 5,431 3,074 518 416 21 75 1,240 803 2,357 1,240 10 162 834 234 595 521 1941—Dec. 31.. 5,776 3,241 543 478 20 64 1,282 854 2,535 1,509 17 152 1,069 271 563 462 1942—Dec. 31.. 6,984 2,818 370 553 16 59 1,225 422 173 4,166 3,162 99 442 390 2,053 179 569 435 1943—Dec. 31.. 9,258 2,556 356 482 16 82 1,165 385 70 6,702 5,739 276 1,147 766 3,395 156 560 403 1944—Dec. 30.. 11,824 2,678 389 525 21 156 1,136 383 67 9,146 8,197 223 1,319 1,652 4,928 76 566 383 1945—Dec. 31.. 14,639 2,992 512 459 31 228 1,224 460 77 11,647 10,584 180 2,087 1,774 6,538 6 619 443 1946—June 29.. 15,392 3,491 649 488 21 176 1,473 605 79 11,901 10,716 147 2,346 1,538 6,682 4 667 518 Dec. 31.. 15,831 4,040 862 474 12 142 1,748 723 79 11,791 10,524 104 2,247 1,179 6,991 3 752 516 1947—-June 30. . 15,896 4,597 945 576 11 125 1,963 895 82 11,299 9,949 62 1,897 972 7,013 4 845 505 * 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. 2 Central reserve city banks. 1134 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 deposit3 Time deposits Cla c s a s l a l o n d d f a b te ank s B f s w e e R R e a r d i r v e n e t e v - h - e k r e s a s l i i a U n sh lt m D a w B n d e a i a c o n s t l e t - k h - i s s c 3 p m u D o a d s a d t s e e e n i - - - t d d s 4 m D e I s n o d t - t e ic e p 3 r o b s a F i e t n i o s g k r n - I m U G er . o e n n v S - t - . p v s S o i u a t s l b a i n i t o t d d i e c n i s - a s l C h c o f a e e e e i f n t e c f r r c i d d t s k - . i ' s - , p a v n s a i p I t h d d r n i o o t i u d n r p c n a a i e s o - s l - , r s r - , - I b n a t n e k r- u P m G S e a o r . a o n e n s v v d n t - s - - a t l . v S p s i a i u s o t c n a i b l a o d i t d l t e n - i s s - p v s n a i p I t h d d i n r o o t i u d r n p n c a a i e s o s - l - , r s r - , - r B i o n o w g r s - - c C o a t a u a c p l n - i t - s ings All insured commercial banks: 1940—Dec. 31. . 13 992 1,234 8,202 33, 820 9,677 702 666 3, 298 971 32,398 160 69 522 14,998 11 6,676 1941—Dec. 31. . 12 396 1,358 8,570 37,845 9 823 673 1,761 3,677 077 36,544 158 59 492 15,146 10 6,844 1942—Dec. 31. . 13 072 1,305 9,080 48,221 0 234 813 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 X.669 58,338 68 124 395 18,561 46 7,453 1944—Dec. 30. . 14 260 1,622 9, 787 65,960 1 063 948 9, 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 2 566 1 248 3, 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 0 584 1 346 2,941 5,807 2 320 75,391 77 107 552 31,487 83 9,068 Dec. 31. . 16 013 2,012 9,481 82,085 0 888 1 364 2,930 5,967 2 361 79,887 68 119 664 32,742 39 9,286 1947—June 30. . 16 039 1,804 8,498 81,012 9 807 1 372 1,247 6,495 2 111 78,220 64 111 771 33,461 60 9,558 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 0 101 811 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 0 881 945 18 509 3 744 1 251 56,270 58 105 347 18,807 111 6 968 1945—Dec. 31. . 15 811 ],438 7,117 64, 184 2 333 1 243 22 179 4 240 2 450 62,950 64 99 399 23,712 208 7 589 1946—June 29. . 16 001 ,141 5,772 67,461 0 391 1 339 12 009 4 826 2 179 65,589 72 101 447 25,568 72 7 920 Dec. 31. . 16 015 ],576 5,936 70,243 0 644 1 353 2 672 4 915 2 207 69, 127 62 114 551 26,525 30 8 095 1947—June 30. . 16 040 1,409 5,521 69,595 9 612 1 369 1 095 5 376 1 976 67,933 60 106 649 27,259 50 8 315 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 15 065 3,535 1,105 6 940 237 1,338 15 712 17 10 20 1,206 195 2 120 1946—June 29. 4,255 85 68 16 158 3,127 1,178 3 495 293 1,132 16 836 27 8 17 1,372 27 2 176 Dec. 31. 4,046 131 87 16 429 3,031 1,195 651 218 942 17 216 20 15 39 1,395 2 205 1947—June 30. 4,166 123 50 16 494 2,898 1,228 179 260 915 17 202 22 14 17 1,407 i 2 234 Chicago:2 1940—Dec. 31. ,051 42 319 1 941 997 8 90 174 27 1 905 5 8 496 270 1941—Dec. 31. 1,021 43 298 2 215 1,027 8 127 233 34 2 152 476 288 1942—Dec. 31. 902 39 164 2 557 1,105 12 665 178 38 2 588 *2 453 304 1943—Dec. 31, 821 38 158 3 050 972 14 713 174 44 3 097 2 i 505 326 1944—Dec. 30. 899 43 177 3 041 1,132 16 1,400 167 33 3 100 1 619 354 1945—Dec. 31. 942 36 200 3 153 1,292 20 1,552 237 66 3 160 719 377 1946—June 29. 870 26 162 3 189 1,047 24 789 262 37 3 153 2 1 779 394 Dec. 31. 928 29 172 3 356 1,130 24 152 228 47 3 495 2 4 823 404 1947—June 30. 973 36 162 3 427 1,056 24 181 304 55 3 417 2 6 864 416 Reserve city banks 1940—Dec. 31. 4,027 396 2 741 9 581 3,919 49 327 995 228 9 468 107 19 226 4,505 1,904 1941—Dec. 31. 4,060 425 2 590 11 117 4,302 54 491 1,144 286 11 127 104 20 243 4,542 1,967 1942—Dec. 31. 4,940 365 2 202 14 849 4,831 63 1,982 1,319 385 15 061 63 22 169 4,805 1 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 Dec. 31. 6,337 532 1 923 24,221 5,417 127 991 2,077 693 24 288 25 43 235 10,580 i 2,729 1947—June 30. 6,274 470 1,864 24,166 4,773 109 311 2,301 554 23 934 21 41 319 10,888 11 2,796 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 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 i 1,090 1,558 272 11,989 20 32 140 6,397 2,042 1943—Dec. 31. 3,303 61 3,474 17,039 994 t 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 I 4,230 1,868 369 18,350 14 57 175 9,650 16 2,321 1945—Dec. 31. 4,52 796 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 63 3,684 24,630 997 3,194 2,269 453 22,594 18 48 242 13,226 18 2,674 Dec. 31. 4,703 883 3,753 26,237 1,067 877 2,391 524 24,128 17 55 272 13,727 26 2,757 1947—June 30. 4,62 780 3,444 25,508 885 424 2,51 451 23,380 17 49 308 14,101 38 2,869 Insured nonmember commercial banks: 1940—Dec. 31. 24 2,01 3,39 95 50 574 58 2,822 18 13 87 3,311 8 978 1941—Dec. 31. 27 2,325 4,092 108 53 61 68 3,483 18 74 3,276 6 959 1942—Dec. 31. 28 2,934 5,65 133 243 678 76 4,983 10 5 65 3,339 5 955 1943—Dec. 31. 313 2,996 7,279 14 506 750 96 6,518 ( 68 3,750 6 979 1944—Dec. 30. 35 3,434 8,652 182 1,245 775 103 7,863 6 L 76 4,553 11 1,022 1945—Dec. 31. 39 3,959 10,53 233 1,560 858 135 9,643 I I 97 5,579 1,083 1946—June 29. 33 3,332 10,82 194 932 98 142 9,802 5 6 105 5,934 1 1,149 Dec. 31. 43 3,54 11,842 244 1 258 1,052 154 10,76 113 6,232 1,193 1947—June 30. 39 2,979 11,418 194 152 1,119 135 10,28 A 122 6,218 10 1,245 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 deposits 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. SEPTEMBER 1947 1135 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE LOANS AND INVESTMENTS [Monthly data are averages of Wednesday figures. In millions of dollars] Loans Investments For purchasing Com- or carrying securities U. S. Government obligations Total mer- To brokers Date or month i m n l a o v e n a e n n d s t s t s - Total i t a c n a c r g i u i d n a a r l u d - l i l , - s , - G a U o n o . b d v - S t . d . e O al t e h r e s rG U T o o b . o v - S t o . t O h s e t e h r - s er e R l s o t e a a a n t l e ?b L a o t n o a k n s ? Othei Total Total Bills o d c C t f e a i e f b t i i r e n - t - s - - Notes Bonds1 O s ri e t t h c ie u e s r tural liga- curi- liga- curi- edtions ties tions ties ness Total— Leading Cities 1946—July 69,129 17,184 8,708 1,136 8031,539 5352,029 1532,28151,94547,964 97011,181 5,585 30,228 3,981 1947—March 63,724 19,695 12,107 402 422 573 4962,687 1502,85844,02939,979 999 5,475 3,198 30,307 4,050 April 63,284 19,86412,162 406 414 548 496 2,785 1552,89843,42039,311 889 5,192 2,843 30,387 4,109 May 63,169 19,917 11,891 590 429 530 4872,876 1812,93343,25239,229 678 5,247 2,773 30,5314,023 June 63,14320,167 11,757 771 531 513 4822,938 1573,01842,97638,886 818 4,762 2,658 30,648 4,090 July 63,401 20,232 11,860 588 523 514 4723,029 1603,08643,16939,025 950 4,595 2,643 30,837 4,144 June 4 62,909 20,285 11,752 829 576 528 4772,904 2372,98242,62438,536 471 4,776 2,707 30,,582 4,088 June 11 62,97020,080 11,763 760 507 525 4852,930 1093,00142,89038,817 819 4,692 2,662 30,6444,073 June 18 63,40620,072 11,754 713 526 503 4852,949 1303,01243,33439,246 1,151 4,799 2,623 30,673 4,088 June 25 63,285 20,230 11,757 784 514 498 4802,967 1513,07943,05538,943 832 4,782 2,637 30,692 4,112 July 2... 63,371 20,277 11,809 742 524 515 4712,981 1583,07743,09438,990 989 4,648 2,652 30,7014,104 July 9... 63,22720,042 11,791 605 457 511 4663,005 1313,07643,18539,099 1,100 4,570 2,648 30,7814,086 July 16... 63,41620,141 11,848 501 585 513 4633,026 1223,08343,27539,145 1,072 4,551 2,650 30,872 4,130 July 23 . . . 63,513 20,194 11,883 519 530 509 4623,053 1533,08.c43,31939,154 951 4,672 2,636 30,895 4,165 July 30. .. 63,47920,508 11,967 573 522 522 5013,079 2353,10942,97138,739 638 4,535 2,631 30,,935 4,232 Aug. 6 63,62920,662 12,092 616 499 509 4713,098 2693,10842,96738,735 726 4,384 2,631 30,994 4,232 Aug. 13 63,51320,697 12,238 531 468 509 4673,114 2413,12942,81638,588 649 4,325 2,610 31,004 4,228 Aug. 20 63,64620,892 12,301 604 465 496 4823,137 3,15642,75438,527 608 4,305 2,640 30,9744,227 Aug. 27 63,73021,100 12,406 735 451 502 3,156 3,17042,63038,395 611 4,162 2,626 30, ,235 New York City 1946—July 22,400 6,197 3,214 933 556 511 247 77 135 52416,20: 15,041 249 3,125 1,539 10,1281,162 1947—March 19,998 6,164 4,407 310 283 109 205 99 131 62013,83412,662 390 1,295 1,022 9,9551,172 April 19,944 6,204 4,439 313 279 105 208 99 132 62913,740 12,533 315 1,229 800 10,1891,207 May 19,798 6,195 4,252 492 292 101 195 98 141 62413,60; 12,462 109 1,262 813 10,2781,141 June 19,920 6,342 4,180 651 358 96 190 99 127 64113,578 12,393 302 1,011 776 10,3041,185 July 20,014 6,186 4,176 477 351 103 191 100 130 65813,828 12,600 398 1,013 766 10,4231,228 June 4 19,775 6,448 4,194 703 346 103 189 98 178 13,32 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 88 193 101 109 63613,805 12,618 540 1,027 745 10,3061,187 June 25 20,118 6,351 4,181 663 355 88 187 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 65613,747 12,553 377 1,042 770 10,3641,194 July 9 20,002 6,124 4,177 491 307 102 185 99 10 13,878 12,681 541 976 772 10,3921,197 July 16 19,9931 6,078 4,157 391 385 102 182 101 103 13,915 12,697 502 983 772 10,4401,218 July 23 20,088 6,100 4,165 415 360 98 181 101 121 65913,988 12,733 440 1,077 762 10,4541,255 July 30 19,903 6,292 4,186 472 360 108 220 101 181 13,611 12,336 130 986 755 10,4651,275 Aug. 6 19,899 6,34 4,230 51 353 102 184 101 200 66213,552 12,282 162 886 748 10,4861,270 Aug. 13 19,736 6,305 4,309 432 325 101 18. 102 184 66913,431 12,162 153 826 718 10,4651,269 Aug. 20 19,815 6,440 4,320 508 326 90 195 102 214 68513,375 12,101 131 820 714 10,4361,274 Aug. 27 19,760 6,519 4,378 638 316 94 186 102 124 68113,241 11,977 122 711 720 10,4241,264 Outside New York City 1946—July 46,729 10,98' 5,494 203 247 ,028 2881,952 181,75735,74232,923 721 8,056 4,046 20,100 2,819 1947—March 43,726 13,531 7,700 92 139 464 2912,588 19 2,23830,19527,317 609 4,180 2,176 20,3522,878 April 43,340 13,660 7,723 93 135 443 2882,686 2,26929,68026,778 574 3,963 2,043 20,1982,902 May 43,371 13,722 7,639 98 137 429 2922,778 402,30929,64926,767 569 3,985 1,960 20,2532,882 June 43,223 13,825 7,577 120 173 417 2922,839 2,37729,39826,493 516 3,751 1,882 20,3442,905 July 43,387 14,046 7,684 111 172 411 2812,929 2,42829,34126,425 552 3,582 1,877 20,414 2,916 June 4 43,134 13,837 126 230 425 2882,806 2,34529,29 26,393 3,798 1,879 20,2972,904 June 11 43,252 13,776 120 155 419 2952,828 2,36229,47626,569 588 3,747 1,879 20,3552,907 June 18 43,337 13,808 116 146 415 2922,8 2,37629,52926,628 611 3,772 1,878 20,3672,901 June 25 43,167 13,879 121 159 410 2932,870 2,42829,28826,378 447 3,689 1,887 20,3552,910 July 2. . 43,289 13,942 125 180 412 2852,883 2,42129,34 26,437 612 3,606 1,882 20,3372,910 July 9.. 43,225 13,918 114 150 409 2812,906 2,42029,30 26,418 559 3,594 1,876 20,3892,889 July 16. . 43,423 14,063 110 200 411 2812,925 2,42629,36026,448 570 3,568 1,878 20,43: 2,912 July 23. . 43,425 14,094 104 170 411 281 952 2,42629,331 26,421 511 3,595 1.874 20,4412,910 July 30. . 43,576 14,216 7,781 101 162 414 281 978 2,44529,36026,403 508 3,549 1,876 20,4702,957 Aug. 6 43,730 14,315 7,862 101 146 407 287 997 2,44629,415 26,453 564 3,498 20,5082,962 Aug. 13 43,777 14,392 7,929 99 143 408 284 012 2,46029,385 26,426 496 3,499 20,5392,959 Aug. 20 43,831 14,452 7,981 96 139 406 287 035 2,47 29,379J26,426 477 3,485 20,5382,953 Aug. 27 43,970! i14,581 8,028 97 135 408 288 054 82 2,48'29,389 126,418 489 3,451 1,906 20,5722,971 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. 1136 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE—Continued RESERVES AND LIABILITIES [Monthly data are averages of Wednesday figures. In millions of dollars] Demand deposits, Time deposits, Interbank except interbank except interbank deposits Reserves Bal- De- Indi- Indi- Date or month B s w F e R e a e r i r e n a t d v - h k l - e s v C a i a u n s l h t m b a w a n d e o n i c s t - t e 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 c n h a o a a o i n e i d r r l p r r d s a t - - - s - , - , S p s d s a t i i o u a i c n o v b l t a d n i - i e t l - s - s c C h c a o e f e e e i f t n e c f r c r d i . d t s k - i ' - s, U m G e . r o e n n S v - t - . s p p u v c n a h o a a o i n e i r d r l p r r d a s t - - - s - , - , S p s d s a i t i o u i c o a n v b l a t n d i - i l e t - s - s P U m G S e i o a n . r a n o e s g n v t d n v S s - a - t - . l m D t D e i o s c - e - man F ei d o g r n - Time r B i o n o w g r s - - co C i a u a t c a p n - - l ts B d it e a s b n - 2 k tions tions Total— _ Leading Cities 1946—July 11,563 697 2,389 45,527 45,475 2,772 1,557 7,89013,292 208 9,8611,317 212 5,537379,958 1947—March.... 11,432 743 2,,357 455,25545,242 2,961 1,362 2,18713,934 280 9,453 ,346 186 5,665 85,018 April 11,455 735 2,,326 455,42845,235 3,118 1,381 1,73613,946 307 9,180 ,356 191 5,691 76,400 May 11,530 763 2,291 45,96645,62 3,248 1,396 1,31513,992 324 8,974 ,379 169 5,718 79,718 June 11,681 764 2,290 46,858 4'6 ,557 3,280 1,465 450 14,025 325 8,957 ,342 170 5,730 83,687 July 11,792 762 2,308 46,890 46,794 3,096 1,491 58614,058 327 9,153 ,339 138 5,740 81,551 June 4... 11,598 736 2,22546,62746,008 3,365 1,448 35014,014 322 8,910 ,348 257 5,734 17,544 June 11... 11,629 784 2,290 46,77946,596 3,237 1,504 43414,024 322 8,940 ,319 148 5,727 19,167 June 18... 11,768 767 2,418 47,035 47,103 3,231 1,403 472 14,025 329 9,209 1,327 137 5,729 19,726 June 25.. . 11,728 771 2,228 46,989 46,521 3,285 1,504 54414,039 325 8,768 1,375 139 5,730 18,915 July 2... 11,627 730 2,325 46,626 46,443 3,191 1,818 596 14,055 328 9,182 1,350 140 5,739 23,032 July 9... 11,755 783 2,305 46,52546,351 3,061 1,391 656 14,057 326 9,228 1,343 132 5,743 15,462 July 16... 11,853 756 2,40846,963 47,459 3,040 1,436 14,057 327 9,376 1,354 95 5,734 19,028 July.23... I1,808 763 2,26847,187 46,899 3,079 1,353 14,061 324 9,009 1,339 133 5,739 18,378 July 30... 11,915 777 2,23447,14546,816 3,109 1,457 648 14,061 329 8,968 1,308 192 5,745 18,034 Aug. 6... 11,921 721 2,25. 46,809 46,219 3,128 1,326 74814,072 332 9,271 1,330 235 5,765 17,830 Aug. 13... 11,924 774 2,36346,57446,879 3,051 1,234 79114,074 330 9,441 1,360 271 5,767 16,868 Aug. 20... 11,94 73 = 2,29846,780 46,683 3,043 1,398 82514,094 330 9,261 1,392 225 5,762 18,013 Aug. 27. .. 12,020 783 2,26447,10546,747 3,162 1,344 86814,081 335 9,123 1,414 156 5,771 16,985 New York City 1946—July 4,021 15,71916,187 235 871 2,869 1,303 3,117 1,160 124 2,129 35,391 1947—March.... 3,991 117 15,57016,052 187 702 662 1,351 15 2,962 ,195 92 2,162 34,437 April 4,001 116 15,71216,171 225 720 525 1,346 2,914 ,210 72 2,170 29,997 May 4,044 125 15,74216,141 248 776 380 1,347 2,892 ,229 96 2,176 31,695 June 4,076 121 16,12216,526 226 813 123 1,357 15 2,902 ,201 73 2,173 35,092 July 4,098 124 16,22416,651 231 827 134 1,348 2,908 ,194 65 2,181 33,026 June 4... 4,051 119 15,97016 269 231 832 92 1,354 2,885 ,203 160 2,179 7,349 June 11... 4,010 127 15,96616,424 209 86: 113 1,360 2,865 ,178 36 2,174 8,433 June 18... 4,113 118 16,19516,684 223 720 135 1,357 3,008 ,185 52 2,172 7,921 June 25... 4,132 121 16,35616,725 240 835 152 1,358 2,851 ,237 44 2,169 7,560 July 2... 4,053 127 16,17916,658 214 ,104 133 1,349 2,961 ,208 70 2,183 10,155 July 9... 128 16,05716,439 198 738 142 1,351 2,943 ,205 51 2,183 6,227 July 16... 119 16,22816,765 245 774 111 1,346 2,972 ,207 36 2,182 7,658 Tuly 23... 122 16,38016,721 244 122 1,347 2,856 ,191 37 2,182 7,142 July 30... 4,205 12 16,27916,672 256 806 161 1,348 2,806 ,159 131 2,177 7,447 Aug. 6... 4,132 120 16,06716,283 232 688 188 1,348 2,866 ,181 165 2,193 7,000 Aug. 13.. . 4,107 125 15,83116,306 21 594 198 1,350 2,896 ,209 156 2,192 6,298 Aug. 20... 4,099 117 3415,92816,341 211 752 207 1,351 2,872 1,242 100 2,190 6,614 Aug. 27... 4,133 126 15,99416,368 219 735 217 1,356 2,801 1 ,257 71 2,187 6,637 Outside New York City 1946—July 7,542 588 2,34829,80829,288 2,537 686 5,02111,989 192 6,744 3,408 344,567 1947—March 7,441 626 2,31829, 29,190 2,774 660 ,52512,583 263 6,491 151 94 3,503 50,581 April 7,454 619 2,27129,71629,064 2,893 661 ,21112,600 291 6,266 146 119 3,521 46,403 May 7,486 638 2,25430,224 29 486 3,000 620 935 12,645 307 6,082 150 73 3,542 48,023 June 7,605 64 2,25430,73630,031 3,054 652 327 12,668 308 6,055 141 97 3,557 48,595 July 7,694 638 2,273 30,66630,143 2,865 664 452 12,710 312 6,245 145 73 3,559 48,525 June 4... 7,547 617 2,19230,65729,739 3,134 616 12,660 305 6,025 145 97 3,555 10,195 June 11... 7,619 657 2,25130,81330,172 3,028 639 321 12,664 305 6,075 141 112 3,553 10,734 June 18.. . 7,655 649 2,38330,84030,419 3,008 683 337 12,668 312 6,201 142 85 3,557 11,805 June 25... 7,596 650 2,19330,63329,796 3,045 669 392 12,681 310 5,917 138 95 3,561 11,355 July 2... 7,574 603 2,28930,44729,78 2,977 714 463 12,706 313 6,221 142 70 3,556 12,877 July 9.. 750 655 2, ,46829,912 2,863 653 514 12,706 311 6,285 138 81 3,560 9,235 July 16.. 698 637 2,370 30,73530,694 2,795 662 380 12,711 311 6.404 147 59 3,552 11,370 July 23... 734 641 2,23330,80730,178 2,835 640 417 12,714 309 6,153 148 96 3,557 11,236 Tuly 30... 710 652 2,19830,86630,144 2,853 651 487 12,713 313 6,162 149 61 3,568 10,587 Aug. 6... 789 601 2,22730,74229,936 2,896 638 56012,724 316 6,405 149 70 3,572 10,830 Aug. 13... 817 649 2,32830,74330,573 2,834 640 593 12,724 314 6,545 151 115 3,575 10,570 Aug. 20... 846 618 30,342 2,832 646 618 12,743 314 6,389 150 12 = 3,572 11,399 Aug. 27.. . 7,887 657 31,11130,379 2,943 609 651 12,725 319 6,322 157 3,584 10,348 1 Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection. 2 Monthly and weekly totals of debits to demand deposit accounts except interbank and U. S. Government accounts. 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. SEPTEMBER 1947 1137 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 carryingsecurities Total Comloans merd F i e s d tr e i r c a t l a R nd e s d er a v te e n a v n e d st- i c n i d a u l, s- a T n o d b d r e o a k l e e r r s s To others Real LoansOther C ti e fi r - - Other ments Total trial, estate to loans Total cates secua a c g u n r l d - i- G U o .S v . t. Other G U o . v S t . . Other oansbanks Total Bills o d f e b in t- - Notes 3onds] rities tural ob- se- ob- se- edliga- curi- liga- curi* ness tions ties tions ties Boston July 30 2,852 927 583 21 10 19 15 108 4 167 1,925 1,809 31 186 87 1,505 116 Aug. 6 2,850 945 588 24 7 19 15 109 15 168 1,905 1,787 15 184 87 L ,501 118 Aug. 13 2.863 957 599 20 9 19 15 109 16 170 1,906 1,789 16 186 86 L,501 117 Aug. 20 .... 2,838 935 602 16 9 19 15 109 2 163 1,903 1,787 13 173 94 L,5O7 116 Aug. 27 2,840 959 603 26 9 19 15 109 14 164 1,881 1,765 12 154 90 1,509 116 New York* J A u u ly g . 30 6 2 2 2 2 , , 0 0 5 4 1 9 6 6 , , 9 9 1 7 9 5 4 4] ,4 5 7 2 7 0 4 5 7 2 5 0 3 3 6 5 4 6 1 1 2 1 1 5 2 2 3 0 8 2 2 2 6 6 1 3 2 1 0 8 0 1 8 7 0 9 2 9 1 1 5 5(, 1 0 3 7 2 4 1 3 3 , , 6 6 9 4 3 1 1 1 8 5 7 5 1,0 9 4 41 1 8 8 5 4 1 5 1 1 1 1 , , 6 6 4 6 6 8 1 1 , , 4 4 3 3 9 3 Aug. 13 21,877 6,938 4,602 437 329 114 201 264 184 807 14,939 13,506 174 873 814 11,645 1,433 Aug. 20 21,956 7,073 4,612 513 329 103 213 264 214 825 14,883 13,444 155 866 810 11,613 1,439 Aug. 27 21,892 7,158 4,673 645 319 107 204 264 124 822 4,734 13,304 130 758 811 11,605 1,430 Philadelphia July 30 2,488 77Oi 435 2 21 9 7 80 6 210 1,718 1,458 21 116 72 1,249 260 Aug. 6 2,501 780 437 2 21 9 7 80 13 211 1,721 1,464 30 113 72 1,249 257 Aug. 13 2,497 777 441 2 20 9 7 80 6 212 1,720 1 ,463 25 113 72 1,253 257 Aug. 20 2,498 7821 447 2 21 9 7 78 6 212 1,716 1,458 24 112 74 1,248 258 Aug. 27.. 2,501 788 445 2 20 9 7 78 13 214 1,713 1,455 22 104 74 1,255 258 Cleveland July 30 4,210 1,266! 716 16 25 88 15 203 1 202 2,944 2,630 26 159 116 2,329 314 Aug. 6 4,221 1 ,279 730 16 21 87 15 205 1 204 2,942 2,628 29 146 116 2,337 314 Aug 13 4 207 I 28S| 739 14 20 87 15 205 204 2 ,922 2 ,607 11 144 112 2,340 315 Aug. 20 4,255 1 ,320 750 29 18 89 15 207 1 211 2,935 2,619 30 146 120 2,323 316 Aug. 27... 4,252 1,315 756 18 18 90 15 208 1 209 2,937 2,620 29 144 117 2,330 317 Richmond July 30... 2,519J 706 328 6 35 20 152 5 160 1,813 ,691 28 196 89 1,378 122 Aug. 6.... 2.530 715 335 6 36 21 152 6 158 1,815 ,693 29 198 87 1,379 122 Aug. 13 2,534 719 337 6 35 20 154 7 160 1,815 ,694 29 199 89 1,377 121 Aug. 20 2,527 723 340 6 35 20 154 7 161 1,804 ,683 14 195 92 1,382 121. Aug. 27.. 2,534 725 339 6 36 20 154 8 162 1,809 ,688 21 193 93 1,381 121 Atlanta July 30. .. 2,295 715 399 7 50 33 56 7 162 1,580 ,391 15 242 114 1,020 189 Aug. 6. . 2,304 718 408 7 47 34 56 5 160 1,586 ,395 19 231 119 1,026 191 Aug. 13 2.311 718 408 7 47 33 56 5 161 1,593 1,401 19 228 124 1,030 192 Aug. 20 2,320 724 412 7 47 34 56 5 162 1,596 1,404 19 223 127 1,035 192 Aug. 27... 2,326 730 417 7 47 34 56 5 163 1,596 1,404 20 224 125 1,035 192 Chicago* July 30. . 8,585 2,482 1 ,656 50 41 49 63 277 26 320 6,103 5,561 128 714 392 4,327 542 Aug. 6 8,615 2,479 1,669 43 37 43 63 279 25 320 6,136 5,594 147 718 393 4,336 542 Aug. 13. ... .... 8.648 2,496 1 ,687 48 35 43 64 280 16 323 6,152 5,612 132 716 398 4,366 540 Aug. 20. .. 8,649 2.491| 1,699 34 34 42 64 282 11 325 6,158 5,620 134 715 402 4,369 538 Aug. 27 . 8,739 2,535 1,712 34 33 44 63 284 36 329 6,204 5,655 148 726 402 4,379 549 St. Louis July 30.. 2.036 790 439 6 32 16 132 3 161 1,246 1,099 17 88 135 859 147 Aug. 6. . 2,041 796 445 1 5 32 17 132 3 161 1,245 1,097 18 88 135 856 148 Aug. 13 2,040 805 450 1 5 34 16 132 5 162 1,235 1,087 12 87 135 853 148 Aug. 20 2,038 809 452 1 4 34 17 134 4 163 1,229 1,080 9 90 135 846 149 Aug. 27. 2 ,051 816 455 1 4 35 17 134 4 166 1,235 1,085 20 90 134 841 150 Minneapolis July 30 ... 1,120 362 200 3 14 6 48 91 758 696 14 27 68 587 62 Aug. 6 1,126 363 202 2 14 , 48 91 763 701 15 27 68 591 62 Aug. 13 1,1221 3671 204 2 14 6 49 92 755 693 17 24 67 585 62 Aug. 20 1,124 375 209 2 15 6 49 94 749 688 10 27 67 584 61 Aug. 27 1,130 379 213 2 15 6 50 93 751 691 17 25 67 582 60 Kansas City July 30 2,390 723 469 5 20 11 97 1 120 1,667 1,480 74 282 148 976 187 Aug. 6 2,393j 726 471 5 20 12 98 120 1,667 1,478 56 284 149 989 189 •\ug 13 2,410 734 479 c 20 11 99 120 1,676 1,487 60 288 149 990 189 Aug. 20 2,418 731 476 c 20 12 99 119 1^687 1,498 60 292 155 991 189 Aug. 27. 2,432 733 477 4 20 12 100 120 1,699 1,508 62 295 155 996 191 Dallas July 30... 2 122 836 556 8 34 34 74 130 1,286 1,187 24 229 125 809 99 Aug. 6 2,'123 838 559 8 34 35 74 128 1,285 1,186 22 224 125 815 99 Aug. 13 2,142 837 557 34 35 76 128 1,305 1,203 26 229 127 821 102 Aug. 20 2,144 840 557 7 35 35 76 130 1,304 1,203 24 228 127 824 101 Aug. 27. ... 2,142 843 559 7 33 37 77 130 1,299 1,197 21 222 126 828 102 San Francisco July 30 10,811 4,012 1,709 7 26 51 43 1,591 584 6,799 6,044 105 1,255 434 4,250 755 Aug. 6 10.876 4,048 1,731 8 24 53 44 1,602 585 6,828 6,071 159 1,230 435 4,247 757 Aug 13 10,862 4,064 1,735 g 23 53 44 1,610 590 6,798 6 ,046 128 1,238 437 4,243 752 Aug. 20 10,879 4^089 1 \ 745 8 23 48 44 1^629 591 6,790 6,043 116 1 ,238 437 4,252 747 Aug. 27 10,891 4,119 1,757 8 22 47 44 1,642 598 6,772 6,023 109 1,227 432 4,255 749 City of Chicago* July 30 5,412 1,715 1 ,280 50 34 32 54 66 26 173 3,697 3,316 39 521 210 2,546 381 Aug. 6 5,460ii 1,709 1,291 43 31 26 55 66 25 172 3,751 3,369 82 526 211 2,550 382 Vug 13 5,459| 1 720 1,306 47 29 26 56 66 16 174 3,739 3,358 47 524 211 2,576 381 Aug. 20 5,452 i; 711 l]317 34 28 25 56 67 11 173 3,74 3.363 51 527 212 2,573 378 Aug. 27 5,480 1,752 1 ,331 34 27 27 55 67 36 175 3,728 3,340 17 538 209 2,576 388 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. 1138 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 w F e R e a e r i r e a n t d v - h l k - e s C v a a in s u h lt m b a w n a d e o n i s c t - t e k h i s c s j p m u o a s d a t d e s n e - i - t d d s 1 s p p u c n v a h o a a o n e i i r r d p l r r d a s t - - - s - , - , S p s d s t a i o u a i o n v l b t n d i e i - t - s s - c C h c a f e e e e i t n e c r c r d d t . s k i ' s - , U m G e . r o e n v S n - - t . s u p p v n c h a a o o a i e n i d l p r r r r d s a - - - t s , - - , S p s d s t a i i o a u i c o n v l t b a n d i e - i l t - s s - P I m G S T e i a o n r a . o n e n g s v v d n S t - s - - a t . l m D t e i o c s - - F ei o g r n - Time r B i o n o w g r s - - c C o i a a t u c a p - n l - ts B d i e t a s b n - - ' k tions tions Boston July 30. 508 57 98 2,380 2,337 161 42 23 496 6 282 20 10 312 733 Aug. 6. 515 56 104 2,385 2,339 167 39 27 497 5 285 19 9 313 718 Aug. 13. 500 58 110 2,374 2,353 158 43 31 496 5 299 22 6 313 691 Aug. 20. 504 57 105 2,369 2,346 157 39 32 496 5 279 20 8 313 737 Aug. 27. 522 58 107 2,397 2,322 181 39 34 496 5 278 20 6 313 686 New York* July 30. 4,467 168 132 17,724 17,934 493 850 191 2,176 21 25 2,871 1.162 20 135 2,363 7,927 Aug. 6. . 4,407 162 128 17,527 17,532 491 725 220 2,175 21 25 2,934 1 .184 14 169 2,379 7,457 Aug. 13 . . 4,395 169 144 17,279 17,575 479 629 231 2,177 21 25 2,964 1 ,212 13 184 2,379 6,781 Aug. 20. . 4,373 158 139 17,372 17,596 455 794 242 2,178 21 25 2,940 1 ,245 13 110 2,376 7,105 Aug. 27. . 4,408 169 122 17,422 17,624 448 771 252 2,182 21 25 2,864 1.260 13 83 2,374 7,087 Philadelphia July 30. . 464 40 86 2,019 2,089 79 26 19 384 38 330 11 3 301 659 Aug. 6. . 468 38 90 2,029 2,076 85 21 21 384 38 339 10 2 302 679 Aug. 13... 469 42 98 2,019 2,092 87 25 22 384 38 351 10 9 302 631 Aug. 20. . 465 40 90 2,030 2,093 85 29 23 384 38 331 10 6 302 642 Aug. 27. 465 43 95 2,042 2,100 87 23 25 384 38 327 11 5 303 606 Cleveland July 30. 746 79 158 2,974 3,002 162 52 39 1.241 41 445 5 5 12 462 987 Aug. 6. . 755 72 161 2,959 2,940 178 53 44 1,243 44 462 5 5 15 462 967 Aug. 13. . 731 75 161 2,892 2,977 166 49 47 1,243 44 472 5 5 35 462 956 Aug. 20. . 739 72 158 2,922 2,953 169 52 52 1,259 43 464 5 5 42 462 1 ,031 Aug. 27. 736 77 152 2,943 2,986 175 44 56 1,259 40 456 6 5 21 462 963 Richmond July 30 473 63 159 2,047 1,986 178 43 40 598 8 8 330 6 4 4 206 579 Aug. 6 481 59 172 2,042 1,992 176 40 43 598 q 8 352 6 4 5 206 632 Aug. 13 487 64 166 2,046 2,021 172 41 45 598 8 8 357 5 4 8 206 601 Aug. 20 479 60 157 2,037 1,997 176 39 46 598 8 8 345 4 4 2 207 637 Aug. 27.. 490 65 164 2,054 2,007 178 38 48 597 8 7 354 5 4 3 207 579 Atlanta July 30. . 435 42 168 1,754 1,611 288 26 22 539 8 5 444 8 4 6 171 550 Aug. 6. . . 439 39 177 1,751 1,614 284 23 30 539 8 5 471 7 4 172 579 Aug. 13 448 42 196 1,770 1,670 280 22 31 539 8 5 485 7 4 " " 2 173 539 Aug. 20 439 40 183 1.768 1,654 271 26 32 539 8 5 469 7 4 5 172 600 Aug. 27. 442 43 171 1,773 1,639 282 22 34 538 8 5 462 7 4 4 173 542 Chicago* July 30 1,609 102 373 5,976 5,818 589 100 153 2,343 56 10 1 ,467 31 2 2 650 2,490 Aug. 6 1 ,583 94 372 5,867 5,688 572 93 169 2,346 56 10 1,553 31 2 2 652 2,487 Aug. 13 1,612 102 372 5,913 5,866 562 102 175 2,345 57 10 1,576 29 2 1 652 2,325 Aug. 20 1,618 95 375 5,931 5,795 587 103 177 2,347 57 10 1,555 31 2 4 652 2,644 Aug. 27. . 1,608 101 375 6,027 5,830 628 98 187 2,345 57 11 1,532 31 2 9 653 2,381 St. Louis July 30... 369 27 111 1,306 1,370 90 19 26 458 12 2 566 4 9 165 479 Aug. 6 377 25 120 1,302 1,352 95 17 31 458 12 2 582 4 17 165 505 Aug. 13 370 28 124 1,306 1,395 99 16 32 458 12 2 578 5 13 165 464 Aug. 20 381 26 114 1,317 1,376 100 17 34 458 12 2 554 7 19 165 509 Aug. 27 375 28 109 1,337 1,382 101 18 35 457 12 2 546 12 165 454 Minneapolis July 30. .. 208 12 82 784 734 136 15 11 245 286 2 96 309 Aug. 6 210 11 82 775 730 125 20 12 245 297 2 4 96 318 Aug. 13 205 12 86 761 749 119 16 13 245 307 2 3 96 345 Aug. 20 206 12 83 750 733 116 16 13 245 309 3 1 9 96 395 Aug. 27 214 12 88 763 740 119 18 15 245 324 2 1 96 367 Kansas City July 30 474 30 297 1,663 1,658 210 30 31 375 4 3 939 5 4 179 687 Aug. 6 507 27 284 1,642 1,650 207 28 35 376 4 3 970 5 9 179 687 Aug. 13 510 29 302 1,680 1,715 210 27 37 376 4 3 978 5 2 179 687 Aug. 20 528 27 288 1,708 1,709 212 27 37 376 4 3 957 5 4 179 754 Aug. 27 523 30 292 1,735 1,707 220 28 40 376 4 3 944 5 2 180 636 Dallas July 30 465 31 281 1,782 1,720 167 34 15 344 29 5 566 4 2 181 524 Aug. 6 485 30 287 1,791 1,734 165 35 17 345 28 5 581 4 2 181 530 Aug. 13 479 32 305 1,797 1,788 157 33 21 345 27 6 597 5 7 181 517 Aug. 20 467 30 309 1,807 1,783 159 36 22 345 28 6 587 5 6 181 604 Aug. 27 474 33 297 1,807 1,760 174 32 24 336 36 6 573 6 5 182 511 San Francisco July 30 1,697 126 289 6,736 6,557 556 220 784,862 112 14 442 54 4 5 659 2,110 Aug. 6 1,694 108 278 6,739 6,572 583 232 99 4,866 112 14 445 57 4 1 658 2,271 Aug. 13 1,718 121 299 6,737 6,678 562 231 1064,868 111 14 477 57 4 1 659 2,331 Aug. 20 1,746 118 297 6,769 6,648 556 220 1154,869 111 14 471 54 4 10 657 2,355 Aug. 27 1,763 124 292 6,805 6,650 569 213 1184,866 111 14 463 58 4 6 663 2,173 City of Chicago* July 30 1,064 42 192 3,862 3,879 287 51 114 1,162 34 2 1,080 25 438 1,605 Aug. 6 1,045 39 193 3,821 3,813 278 45 119 1,163 34 2 1,139 27 439 1,604 Aug. 13 1,057 42 190 3,810 3,910 265 49 125 1,162 35 2 1,158 25 438 1,484 Aug. 20 1,066 39 195 3,828 3,872 268 54 125 1,163 35 2 1,145 26 438 1,701 Aug. 27 1,060 41 190 3,861 3,876 289 52 131 1,161 35 2 l!l26 26 2 439 1,536 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. SEPTEMBER 1947 1139 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COMMERCIAL PAPER AND BANKERS' ACCEPTANCES OUTSTANDING [In millions of dollars] Dollar acceptances outstanding Held by Based on 2 Commercial End of month paper Total Accepting banks Goods stored in or sta o n u d t i - ng1 sta o n u d t i - ng Total O bi w lls n bo B u il g l h s t ( a R F F c B e o e c a d s o r n e e u o r k r n v w a s t e l ) n Others I U m S i t n n p a i t o t t o e e r s d ts E U S f x r n t p o a i o t t m e e r d s ts U sh n i i p t p e p d e o d in t b s e F i t o n w r e e e ig n n States countries 1946—June 121 192 109 65 45 18 64 134 22 27 8 July 131 205 118 67 51 34 54 146 24 26 9 August 142 207 140 68 72 13 54 152 22 26 7 September 148 200 151 68 82 2 47 150 20 23 7 October 202 204 154 71 82 50 154 18 23 8 November 227 208 155 73 82 54 152 23 26 6 December 228 227 169 74 94 58 162 29 29 7 1947—January 236 241 183 85 98 58 172 35 27 8 February 243 230 171 76 95 59 164 35 24 7 March 266 228 170 75 95 58 158 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 '234 183 132 69 63 50 111 46 20 6 July 243 187 148 75 74 39 115 45 21 7 T Revisseedd 1 As resppoorrtteedd bbyy ddeeaalleerrss;; iinncclluuddeess some finance companv paper sold in open market. 2 Dolla I r T " e •" x "'• c ^i h "" a '1 n "«• g <= e > l \ e nc s s s c s t h +i a - n .i « $5 it 0 ^ 0 nn ,000 throughout the period. Back fiiggures.—See Banking and Monetary Statistics, Table 127, pp. 465-467; for description, see p. 427. CUSTOMERS' DEBIT BALANCES, MONEY BORROWED, AND PRINCIPAL RELATED ITEMS OF STOCK EXCHANGE FIRMS CARRYING MARGIN ACCOUNTS [Member firms of New York Stock Exchange. Ledger balances in millions of dollars] Debit balances Credit balances Debit Debit cre C d u it s t b o a m la e n rs c ' es1 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 d v c e c t s o r t u a m d n e t i s n n g t a in n a v d c e c t s o r t u a m d n e i ts n n g t a b n a d n k in s borrowed2 Free O (n th et e ) r a i I n n n v d p e t s a r t r a m t d n e i e n n r g t s' a in n v d In e t s r f t a i m r d m e in n g t I a n c ( c c n o a e u p t n ) it t a s l accounts accounts 1937—June 1,489 55 161 214 1,217 266 92 25 13 397 December... 985 34 108 232 688 278 85 26 10 355 1938—June 774 27 88 215 495 258 89 22 11 298 December... 991 32 106 190 754 247 60 22 5 305 1939—June 834 25 73 178 570 230 70 21 6 280 December... 906 16 78 207 637 266 69 23 7 277 1940—June 653 12 58 223 376 267 62 22 5 269 December... 677 12 99 204 427 281 54 22 5 247 1941—June 616 11 89 186 395 255 65 17 7 222 December... 600 8 86 211 368 289 63 17 5 213 1942—June 496 9 86 180 309 240 56 16 4 189 December... 543 7 154 160 378 270 54 15 4 182 1943—June 761 9 190 167 529 334 66 15 7 212 December... 788 11 188 181 557 354 65 14 5 198 1944—June 887 5 253 196 619 424 95 15 11 216 December... 1,041 7 260 209 726 472 96 18 8 227 1945—June 1,223 It 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—August 3 723 3377 3 647 September. . 3 631 3 305 3729 October 3583 3 253 3 720 November. . 3571 3 238 3 723 December... 537 5* 31 i 453 217 693 118 "36" " ' ' 10 289 1947—January. . . . 3 533 3210- 3 687 February. . . 3 573 3217 3 681 March 3576 3216 3677 April 3 553 s 205 3 665 May 3 530 3 201 3 652 June 552 6 " " 333 " " 395" 222 650 " "162" " 9 271 July 3564 3251 3677 1 Excluding balances with reporting firms (1) of member firms of New York Stock Exchange and other national securities exchanges and (2) of firms' own partners. 2 Includes money borrowed from banks and also from other lenders (not including member firms of national securities exchanges). 3 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): May, 63; June, 62; July, 68. NOTE.—For explanation of these figures see "Statistics on Margin Accounts" in BULLETIN for September 1936. The article describes the method by which the figures are derived and reported, distinguishes the table from a "statement of financial condition," and explains that the last column is not to be taken as representing the actual net capital of the reporting firms. Back figures.—See Banking and Monetary Statistics, Table 143, pp. 501-502, for monthly figures prior to 1942, and Table 144, p. 503, for data in detail at semiannual dates prior to 1942. 1140 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OPEN-MARKET MONEY RATES IN NEW YORK CITY COMMERCIAL LOAN RATES [Per cent per annum] AVERAGES OF RATES CHARGED CUSTOMERS BY BANKS IN PRINCIPAL CITIES u. s Government [Per cent per annum] Stock security yields Prime Prime exmo Y w n e e th e a k r , , or m 4 m p - c o a e o t p n o r m e t c h i r - 6 a , s - l 1 a a b d c n e a a 9 c r c n y s 0 e e ' k s p s 1 - , t- c n h l c a o r e a e a l a w n s - l n 2 l g - e m bi o 3 ll n - s t * h 9 d m c o - c e e t f a o b r o t t n t i e i e 1 f n t s i h d 2 - - - - 3 t i - a s y s x t e u o a a e b r s 5 l 4 - e 1 T 9 o c t i a ti l es Y N C o e it r w y k e E 7 N r c a n o o i s t t r i t a h e e th n e s rn d - r 1 W e 1 r c S n e it s o i t a e u e n s t r h d n ness 1937 average1 2.59 1.73 2.88 3.25 1938 average1 2.53 1.69 2.75 3.26 1939 average 2.78 2.07 2.87 3.51 [944 average 73 .44 1.00 .375 79 1940 average 2.63 2.04 2.56 3.38 1945 average .75 !44 1^00 375 !81 .18 1941 average 2.54 1.97 2.55 3.19 1946 average .81 .61 1.16 !375 .82 1.16 1942 average 2.61 2.07 2.58 3.26 1943 average 2.72 2.30 2.80 3.13 1946— S A e u p g t u e s m t ber. . . 8 8 1 1 . . 7 8 5 1 1 1 . . 3 3 8 8 . . 3 3 7 7 5 5 . . 8 8 5 4 • 1 L . 2 1 7 9 1 19 9 4 4 5 4 a a v v e e r r a a g g e e 2 2 . . 3 5 9 9 2 1. . 9 1 9 1 2 2 . . 6 5 8 1 3 2 . . 0 7 2 3 October. . . .88 .81 1.38 .375 .83 L29 1946 average 2.34 1.82 2.43 2.85 November. .94 .81 1.38 .376 .84 L28 December.. 1.00 .81 1.38 .375 .85 1.30 1943—June 3.00 2.70 2.98 3.38 September. . . . 2.48 2.05 2.71 2.73 1947—January. . . 1.00 .81 1.38 .376 .84 L26 December. . . . 2.65 2.10 2.76 3.17 February.. LOO .81 1.38 .376 .85 L.26 March LOO .81 1.38 .376 .82 L.24 1944—March 2.63 2.10 2.75 3.12 April LOO .81 1.38 .376 .83 I 24 June 2.63 2.23 2.55 3.18 May LOO .81 1.38 .376 .85 1.27 September. . . . 2.69 2.18 2.82 3.14 June LOO .81 1 38 376 .85 1 .29 December. . . . 2.39 1.93 2.61 2.65 July LOO .81 1.38 .703 .85 L33 August.... LOO .88 1.38 .748 .85 L31 1945—March 2.53 1.99 2.73 2.91 June 2.50 2.20 2.55 2.80 Week ending: September.. . . 2.45 2.05 2.53 2.81 Aug. 2... 1 13/16 i i^-i j^ .740 .85 1.33 December.... 2.09 1.71 2.23 2.38 Aug. 9. . . 1 13/16 1 L^—11^ .741 .85 1.33 Aug. 16. .. 1 13/16 i j^-i y% .741 .85 1.33 1946—March 2.31 1.75 2.34 2.93 Aug. 23... 1 13/16 1 M~1;HJ .752 .85 1.29 June 2.41 1.84 2.51 2.97 Aug. 30. .. 1 15/16 .766 .85 1.27 September.... 2.32 1.83 2.43 2.75 December.... 2.33 1.85 2.43 2.76 1 Monthly figures are averages of weekly prevailing rates. 1947—March 2.31 1.82 2.37 2.80 2 The average rate on 90-day stock exchange time loans was 1.50 June 2.38 1.83 2.44 2.95 per cent beginning Aug. 2, 1946. Prior to that date it was 1.25 per cent. 3 Rate on new issues offered within period. Revised beginning Dec. 17, 1945; an explanation of the nature of this revision will be published in the near future. Back figures.—See Banking and Monetary Statistics, Tables 120-121, pp. 448-459, and the BULLETIN for May 1945, pp. 483-490. BOND YIELDS1 [Per cent per annum] U. S. Government Corporate (Moody's)5 (taxable) Munic- Corpoipal rate By ratings By groups Year, month, or week 7 y e t a o r s 9 y a e n a d rs g ( r h a i d g e h ) - 3 g ( r h a i d g e h ) - 4 Total Aaa Aa Baa In tr d ia u l s- R ro a a i d l- u P t u i b li l t i y c Number of issues. 1-8 15 120 30 30 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 .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 .45 2.19 1.64 2.44 2.74 2.53 2.62 2.75 3.05 2.60 2.91 2.71 1946—August... . .49 2.23 1.65 2.44 2.73 2.51 2.62 2.74 3.03 2.58 2.89 2.70 September. .57 2.28 1.75 2.50 2.79 2.58 2.68 2.80 3.10 2.64 2.98 2.75 October. . . .58 2.26 1.84 2.51 2.82 2.60 2.70 2.84 3.15 2.65 3.05 2.76 November. .60 2.25 1.80 2.51 2.82 2.59 2.69 2.84 3.17 2.66 3.05 2.77 December. .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. . . .56 2.21 1.92 2.48 2.79 2.57 2.65 2.79 3.13 2.63 3.00 2.73 February. . .54 2.21 1.99 2.48 2.78 2.55 2.64 2.79 3.12 2.61 3.00 2.72 March. . . . .52 .19 2.02 2.49 2.79 2.55 2.64 2.80 3.15 2.61 3.02 2.73 April .53 .19 1.98 2.49 2.78 2.53 2.63 2.81 3.16 2.60 3.03 2.71 May .53 .19 1.95 2.49 2.79 2.53 2.63 2.82 3.17 2.60 3.05 2.71 June .56 2.22 1.92 2.50 2.81 2.55 2.64 2.83 3.21 2.60 3.10 2.72 July .57 2.25 1.91 2.51 2.80 2.55 2.64 2.82 3.18 2.62 3.06 2.72 August.... .54 2.24 1.93 2.51 2.80 2.56 2.64 2.81 3.17 2.63 3.03 2.72 Week ending: Aug. 2... .57 2.25 1.91 2.51 2.79 2.55 2.64 2.81 3.17 2.62 3.04 2.72 Aug. 9... .56 2.25 1.93 2.51 2.79 2.55 2.64 2.80 3.16 2.62 3.03 2.72 Aug. 16. .. .55 2.24 1.93 2.51 2.79 2.55 2.64 2.81 3.16 2.62 3.03 2.72 Aug. 23... 1.52 2.23 1.92 2.52 2.79 2.56 2.64 2.81 3.17 2.63 3.03 2.73 Aug. 30... 1.51 2.23 1.92 2.52 2.80 2.56 2.65 2.81 3.18 2.63 3.05 2.73 1 Monthly and weekly data are averages of daily figures, except for municipal bonds, which are based on Wednesday figures. 2 Revised beginning June 17, 1946; an explanation of the nature of this revision will be published in the near future. 8 Standard and Poor's Corporation. 4 U. S. Treasury Department. 6 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. 1141 SEPTEMBER 1947 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SECURITY MARKETS * Bondprices Stock price Corporate 4 Common (index 1935-39 = 100) Volume of trading' (in Year, month, or week m U 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 - 3 - 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 te - d 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 o d 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 28 1944 average 100 25 135.7 120.9 114.7 120.5 107.3 116.3 59.2 175.7 100 102 101 90 971 1945 average 102.04 139.6 122.1 117.9 122.2 115.1 116.3 75.4 189.1 122 123 137 106 1,443 1946 average 104.77 140.1 123.4 118.5 123.6 117.0 114.9 76.7 198.5 140 143 143 120 1,390 1946—August ... . 104.11 140.0 123.8 119.0 124.0 117.7 115.4 78.8 203.4 146 150 147 125 946 103.25 137.8 122.8 117.4 123.3 114.3 114.7 65.4 196.2 125 129 119 110 2,173 October 103.58 136.0 121.8 115.8 122.2 112.3 112.9 62.7 191.6 122 126 110 107 1,256 November 103 71 136 8 121.6 115.9 122.5 112.7 112 6 63.6 189.3 121 124 113 106 1,191 December 103.87 133.4 121.5 115.9 123.0 112.9 111.9 67.7 186.2 126 129 119 110 1 ,320 1947—January 104.32 134.4 122.6 116.3 123.5 114.3 111.2 68.3 187.3 125 129 115 111 998 February 104.35 133.1 122.7 116.8 123.7 114.3 112.4 69.3 189.0 129 133 119 111 1,176 March 104 61 132 5 122.4 116.6 123.7 113.6 112.5 66.0 188.1 124 128 110 107 841 April 104 57 133.2 122.8 116.5 123.5 113.2 112.7 64.0 186.5 119 123 102 105 912 May. 104 48 133 9 122 9 115 0 123 2 109 2 112 5 61.9 186.2 115 119 95 102 912 1 une 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 1 .158 August. 103.89 134.3 122,3 116.1 123.9 110.4 113.9 69.6 188.7 125 130 105 101 674 Week ending: Aug. 2. 103.69 134.6 122.4 115.8 122.9 110.7 113.7 70.8 188.7 125 131 108 102 1 ,051 Aug. 9. . 103.71 134.2 122.3 116.1 123.9 110.5 113.8 70.3 188.2 126 132 107 102 718 Aug. 16 103.81 134.2 122.3 116.1 124.0 110.6 113.8 69.9 188.7 124 130 105 102 732 Aug. 23 104.02 134.4 122.4 116.1 123.9 110.4 114.0 69.4 189.2 124 130 105 101 615 Aug. 30. . 104.07 134.4 122.2 116.0 123.8 110.1 114.2 68.7 188.7 123 129 104 101 612 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. 8 Prices derived from average yields, as computed by Standard and Poor's Corporation, on basis of a 4 per cent 20-vear bond. 4 Prices derived from averages of median yields, as computed by Standard and Poor's Corporation. 5 Standard and Poor's Corporation. 8 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 BULLBTIM for May 1945, pp. 483-490. NEW SECURITY ISSUES fin millions of dollars] For new capital For refunding Total Domestic Domestic Year or month f ( i u a n r n n n e e g d d - w ) - m T e ( a f i o d o e g n s t o r d n a - t - ) i l c Total S n m a p t i n a c a u d t i l - e - a F c e g i e r e e a d s n l - 1 - Total Co B n r a p o o n o t n d e r d s a s te Stock* e F i o g r n - 2 m T e ( a f i o d o e g n s t r o n d a - t - ) i l c Total S n m a p t i n a c a u d i t l - - e a F c e g i e r e e a d s n l - 1 - Total Co B n r a p o o n o t n d e r d s a s te Stock* e F i o g r n2 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 1942 2,114 1,075 1,075 342 108 624 506 118 1,039 1,039 181 440 418 407 11 1943 2,174 642 640 176 90 374 282 92 ' "l 1,532 1,442 259 497 685 603 82 90 1944 4,216 913 896 235 15 646 422 224 17 3,303 3,288 404 418 2,466 2,178 288 15 1945 7,991 1,772 1,761 471 26 1,264 607 657 12 6,219 6,173 324 912 4,937 4,281 656 46 1946 8,581 4,588 4,579 952 121 3,5062,038 1,468 9 3,993 3,863 208 741 2,914 2,313 601 130 1946—July 981 493 493 124 369 184 184 488 436 33 395 324 71 52 August.. 560 419 419 64 354 196 159 141 126 33 93 39 53 15 September 441 242 242 71 170 96 75 200 200 38 145 143 1 October. 562 363 363 49 47 267 223 43 199 199 133 65 36 29 November 761 659 659 69 590 444 145 102 102 13 86 68 19 December 993 788 788 119 669 544 125 205 190 34 105 79 27 15 1947—January.. 636 498 487 215 252 208 44 139 135 22 103 84 18 4 February 389 250 250 97 118 75 44 139 56 24 31 8 22 83 March. . . 855 635 614 293 310 265 44 220 191 50 140 136 4 29 April 885 784 777 402 376 240 136 101 96 20 73 39 34 5 May.... 699 347 332 106 211 79 132 35: 352 33 317 227 91 June 1,033 744 744 212 517 434 83 290 25: 38 211 162 48 *38 July 31,033 3 863 619 124 483 309 174 170 170 40 118 10 11 1 Includes publicly offered issues of Federal credit agencies, but excludes direct obligations of U. S. Treasury. * Includes issues of noncontiguous U. S. Territories and Possessions. 3 Includes 244 million dollars of issues of the International Bank for Reconstruction and Development, which are not shown separately. 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. 1142 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 Estimated Estimated Year or month gross net New money Retirement of securities proceeds2 proceeds3 Repa o y f ment Other Total P eq la u n ip t m an e d nt W ca o p rk it i a n l g Total Bo n n o d t s e s and Pr s e t f o e c r k red other debt purposes 1934 397 384 57 32 26 231 231 84 11 1935 2,332 2,266 208 ! 111 96 1,865 1,794 7l" ' 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—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 '205 105 101 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 July 601 588 435 370 64 112 103 9 17 24 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 poses1 1934 172 21 120 31 130 11 77 42 62 25 34 2 20 19 1935 120 57 54 10 1,250 30 1,190 30 774 74 550 150 122 46 72 4 1936 774 139 558 77 1,987 63 1,897 27 1,280 439 761 80 390 218 152 20 1937 338 228 110 1 751 89 611 50 1,079 616 373 90 71 57 7 7 1938 54 24 30 1,208 180 943 86 831 469 226 136 16 8 7 1 1939 182 85 97 1,246 43 1,157 47 584 188 353 43 102 9 88 5 1940 319 115 186 "18 1,180 245 922 13 961 167 738 56 155 42 9 104 1941 361 253 108 1,340 317 993 30 828 244 463 121 94 55 18 21 1942 47 32 15 464 145 292 27 527 293 89 146 4 4 1943 160 46 114 469 22 423 25 497 228 199 71 21 13 " " '4 4 1944 602 102 500 1 ,400 40 1,343 17 1,033 454 504 76 107 61 42 3 1945 1 ,436 115 1 ,320 2,291 69 2,159 63 1,969 811 1,010 148 206 85 65 56 1946 693 129 560 " "3" 2,052 761 1,207 83 3,355 2,000 903 451 258 113 56 89 1946—July 9 8 1 338 181 156 1 325 131 150 44 31 6 25 August 3 3 41 6 33 2 422 326 80 16 53 9 1 42 September.. 19 16 3 111 13 86 12 130 108 9 13 1 1 October.... 40 21 19 124 108 17 210 71 12 127 3 3 November.. 18 18 61 18 33 " ' 10' 530 470 48 12 8 5 3 December. . 47 35 10 ' 2 483 411 72 226 145 17 64 52 32 15 4 1947-—January... . 33 28 5 43 14 26 3 229 136 84 9 11 5 5 1 February... 8 7 2 67 47 18 2 119 rQ4 8 16 66 58 6 2 March 12 9 1 " "l 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 June 28 28 536 353 181 2 141 96 26 19 21 21 July 28 22 6 307 234 68 4 239 175 43 21 14 3 1 10 r Revised. 1 Estimates of new issues sold for cash in the United States. 2 Gross proceeds are derived by multiplying principal amounts or number of units by offering price. 3 Estimated net proceeds are equal to estimated gross proceeds less cost of flotation, i.e., compensation to underwriters, agents, etc., and expenses. 4 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. SEPTEMBER 1947 1143. 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 P d r i o v f i i d ts e n a d n s d Manufacturing and mining Dividends Year or quarter Mis- Total s I a t r n e o d e n l c M e h r i a y n - - t b o A i m l u e o - s - e p t O m r q t o a i t u e o r h n t i n n e s a p t r - - - f m e p N u a r r e r o c n o t o t d a n d s u l - - s s O g d o u b th o l r e a d e - r s t F b o a o e a b g v o n a e e d d c s r s c , - , o p r r a e o i i O f n n n d i i g g d n l u - c- c In h t c r e d a i m u l a s 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 s ic e e e e o l r l s v u a 2 - s - pr N of e i t ts1 fe P r r r e e - d C m o o m n - Number of companies. 629 47 69 15 68 77 75 49 45 30 80 74 152 152 152 Annual 1939 1,465 146 115 223 102 119 70 151 98 186 134 122 847 90 564 1940 1,818 278 158 242 173 133 88 148 112 194 160 132 1,028 90 669 1941 2,163 325 193 274 227 153 113 159 174 207 187 152 1,137 92 705 1942 1,769 226 159 209 182 138 90 151 152 164 136 161 888 88 552 1943 1,800 204 165 201 180 128 83 162 186 170 149 171 902 86 556 1944 1,896 194 174 222 190 115 88 175 220 187 147 184 970 86 611 1945 1,925 188 163 243 169 108 88 199 223 187 154 203 989 85 612 1946 32,545 283 3 171 130 127 136 3 165 356 281 273 302 321 31,139 82 657 Quarterly 1945—i 492 49 38 63 *50 31 21 45 62 48 39 45 250 20 142 2 508 53 42 77 447 27 21 46 64 45 38 47 269 22 145 3 439 37 35 46 4 36 23 20 50 61 43 37 53 224 21 143 4 485 49 47 58 4 36 27 26 58 37 51 40 58 246 22 182 1946—i 323 22 -19 -34 « -5 20 12 65 56 63 62 82 116 20 146 2 604 67 49 21 <51 26 37 74 62 66 71 80 250 21 153 3 698 96 32 42 4 38 41 41 93 77 67 77 93 310 20 149 4 3 853 97 3 61 102 4 44 50 3 57 124 85 77 91 66 »415 21 209 1947 1 •"873 '126 69 99 r4 47 '47 r50 r98 '90 89 '96 r63 '425 20 177 2 888 99 82 110 457 46 57 69 111 87 91 79 438 22 194 PUBLIC UTILITY CORPORATIONS [In millions of dollars] Railroad 5 Electric power 6 Telephone T Year or quarter r O e p v in e e r g n a u t e - I i b n n e t c c a f o o o x m m 8 re e e inc N o e m t e1 d D e i n v d i- s r O e p v i e n e r g n 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 e p v in e e r g n a u t e - I b n in e t c a f c o o x o m 8 r m 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 I945 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 '277 200 '171 Quarterly 1945—1 2,277 430 149 31 966 288 142 101 436 115 46 41 2 2,422 514 199 68 909 230 125 95 444 109 45 44 3 2,230 237 127 28 888 205 119 96 449 103 44 43 4 1,973 -426 -25 118 917 181 148 115 474 70 43 46 1946—1 1,869 39 14 56 970 299 196 107 475 84 54 '43 2 1,703 -57 -45 52 920 221 151 110 497 r75 53 '43 3 . . . 2,047 161 128 41 936 207 142 112 502 '56 44 '43 4 2,008 130 191 85 1,002 226 156 125 519 62 49 '42 1947—1 2,039 163 86 43 1,079 289 191 115 527 67 44 40 2 2,111 185 117 50 1,032 247 166 115 478 29 21 33 ' Revised. l "Net profits" and "net income" refer to income after all charges and taxes and before dividends. 2 Includes 29 companies engaged in wholesale and retail trade (largely department stores), 13 in the amusement industry, 21 in shipping and transportation other than railroads (largely airlines), and 11 companies furnishing scattered types of service. 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. 5 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). 1144 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 e r o e t b s a c t s l t i b n d T e d t i a o e r e r e r t b i a e c n t l t s g t- Total2 T M re b a a il r s l k u s e ry tab c l i C e e n a d e t d n e p r e t s e u i b f s b o t i s - - l f ic T is r n s e u o a e t s e s u s l ry T b re o a n s d u s ry N T o o n t m al2 arke s ta b a U b o v . l n i e S n 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 s a 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 g t b e e t F u c e e e u a a u r d e r r r l i i a l s i t n y t n n i - g e - - s 1940—June. . . . 42,968 42,376 34,436 1,302 6,383 26,555 3,166 2,905 4,775 591 5,498 Dec 45,025 44,458 35,645 1,310 6,178 27,960 3,444 3,195 5,370 566 5,901 1941—June. . . . 48,961 48,387 37,713 1,603 5,698 30,215 4,555 4,314 6,120 574 6,360 Dec 57,938 57,451 41,562 2,002 5,997 33,367 8,907 6,140 2,471 6,982 487 6,317 1942—June 72,422 71,968 50,573 2,508 " '3"!096' 6,689 38,085 13,510 10,188 3,015 7,885 454 4,548 Dec 108,170 107,308 76,488 6,627 10,534 9,863 49,268 21,788 15,050 6,384 9,032 862 4,283 1943—June. . . . 136,696 135,380 95,310 11,864 16,561 9,168 57,520 29,200 21,256 7,495 10,871 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—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 Aug 260,097 257,110 168,390 15,735 25,025 8,142 119,323 59,499 51,664 5,642 29,220 2,200 73 1 Including amounts held by Government agencies and trust funds, which aggregated 5,407 million dollars (revised figures) on June 30, and 4,788 million on July 31, 1947. 2 Total marketable public issues includes Postal Savings and prewar bonds, and total nonmarketable public issues includes adjusted service, depositary, and Armed Forces Leave bonds not shown separately. Back figures.—S ee Banking and Monetary Statistics, Tables 146-148, pp. 509-512. UNITED STATES GOVERNMENT MARKETABLE PUBLIC UNITED STATES SAVINGS BONDS SECURITIES OUTSTANDING AUGUST 31, 1947 [In millions of dollars] On basis of daily statements of United States Treasury. In millions of dollars] Amount Funds received from sales during Redempout- period tions and Month standing maturities Issue and couponrate Amount Issue and coupon rate Amount at end of month All Series Series Series All series E F G series Treasury bills l Treasury bonds—Cont. Sept. 4, 1947 1,307 Dec. 15, 1949-52 2..3^ 491 Fiscal year Sept. 11, 1947 1,303 Dec. 15, 1949-53 2..2H 1,786 Sept. 18, 1947 1,305 Mar. 15, 1950-52 2 1,963 ending: Sept. 25, 1947 1,104 Sept. 15. 1950-52 2..2H 1 186 June—1 1 9 9 4 4 0 1 . . . . 4 2 , , 3 9 1 0 4 5 1 1, , 4 1 9 0 2 9 203 67 395 1 1 1 4 4 8 O O O c c c t t t . . . 1 9 2 6 , , , 1 1 1 9 9 9 4 4 4 7 7 7 1 1 1 , , , 1 3 3 0 0 0 2 0 3 S J D u e e n p c e t . . 1 1 15 5 5 , , , 1 1 19 9 9 5 5 5 0 0 1 - - 5 5 2 4 2..2 1 H % 2 4 2 1 , , .6 9 6 2 3 3 7 9 5 1 1 19 9 9 4 4 4 3 2 4 . . . . . . 2 3 1 1 4 0 , , . 2 6 1 5 0 8 6 6 8 1 1 5 1 5 , , , 9 7 4 9 8 9 4 9 8 11 3 8 5 2 8 7 2 2 1 6 0 4 8 7 0 3 5 2 5 8 2 2 2 0 8 7 3 7 5 2 6 9 2,3 8 2 7 4 0 8 7 1 Oct. 23, 1947. . . . 1,101 Sept. 15, 1951-53 2 7,986 1945.. 45,586 14,891 11 553 679 2 658 4,298 O N c o t v . . 3 6 0 , , 1 1 9 9 4 4 7 7 1 1 , , 1 1 0 0 2 3 S D e e p c t . . 1 1 5 5 , , 1 1 9 95 5 1 1 - - 5 5 5 3 2 2 . . . . 2 . * .3 4 1,1 7 1 5 8 5 1 1 9 9 4 4 7 6 . . . . 5 4 1 9 , , 3 0 6 3 7 5 9 7 , , 6 2 1 0 2 8 6 4 2 7 8 3 7 9 3 40 6 7 0 2 2 4 56 6 1 5 5 6, , 7 5 1 4 7 5 Nov. 13, 1947 1,201 Dec. 15, 1951-55 2 510 Nov. 20, 1947.... 1,201 Mar. 15, 1952-54... 2H 1,024 1946—Aug... . 49,477 590 347 25 217 478 Nov. 28, 1947 1,302 June 15, 1952-54 2 5,825 Sept.... 49,545 494 309 20 165 482 June 15. 1952-55... 2H 1,501 Oct.... 49,624 519 327 24 169 489 C S e e r p t, t . of 1 , I n 19 d 4 e 7 btedrless 2,341 J D u e n c e . 1 1 5 5 , , 1 1 9 9 5 5 3 2 - - 5 5 5 4 2 2 2 8,6 7 6 2 2 5 N D o e v c... 4 4 9 9 . , 7 7 7 0 6 9 4 5 5 7 3 6 3 29 7 4 0 2 2 0 9 1 1 3 7 9 8 4 50 1 4 8 Oct. 1 1947 1,440 June 15, 1954-56 2..2 M 681 1947—Jan 50,343 952 535 53 364 483 J F N D a e e o n b c v . . . 1 1 1 1 , , 1 1 1 1 9 9 9 9 4 4 4 4 8 7 7 8 4 3 3 3 1 . , , . 2 1 9 77 8 3 4 5 1 4 7 S S M M e e a a p p r r t t . . . . 1 1 1 1 5 5 5 5 , , , , 1 1 1 1 9 9 9 9 5 5 5 5 6 5 6 6 - - - - 5 6 5 5 9 0 8 9 2 K . . . . . . . . . 2 2 2 2 } % M 4 ^ 3 2 1 , , ,4 6 8 9 4 1 2 8 9 1 3 2 A M F M e p a a b r y r . . . . . . . . . . . . . . . 5 5 5 5 1 1 0 0 , , , , 7 9 2 1 1 4 4 1 7 5 0 7 4 5 6 7 8 7 1 1 8 2 2 6 3 3 3 3 4 0 7 9 9 5 2 4 4 3 3 2 1 5 3 5 2 2 1 1 7 0 5 9 8 9 8 1 3 4 4 4 9 2 5 4 8 1 5 9 J M A u p a n r r e . . 1 1 1 , , . 1 1 1 9 9 9 4 4 4 8 8 8 Y % %% 2 1 1 , , , 3 7 1 2 7 4 1 7 2 J J D u u e n n c e e . 1 1 1 5 5 5 , , , 1 1 1 9 9 9 5 5 5 9 9 8 - - - 6 6 6 2 2 3 2 4 4. . . . . . 2 2 2 % H 34 3 5 . . 4 2 9 7 8 1 0 4 9 J A J u u u n l g y e . . . . . . . . . . 5 5 5 1 1 1 , , , 5 6 3 5 6 6 2 4 7 4 4 5 8 6 5 2 0 9 3 3 2 3 0 9 9 1 4 2 2 2 4 7 1 1 1 1 5 4 9 7 4 3 4 4 4 0 5 3 4 7 3 July 1. 1948 Ser "F" % 2,742 Dec. 15, I960- 65 2..2% 1,485 July 1, 1948 Ser. "G"K 1,127 J D u e n c e . 1 1 5 5 , . 1 1 9 9 6 6 2 3 - - 6 6 7 8 4 4. . . . 2 2 H ^ 2 2. . 8 1 3 1 1 8 Maturities and amounts outstanding August 31, 1947 T S r e e p a t s . u 1 r 5 y , 1 n 9 o 4 t 7 es • 1/^i 2,707 D J M u e a n c r e . . 1 1 1 5 5 5 , . , 1 1 1 9 9 9 6 6 6 4 5 4 - - 6 6 7 9 9 O 4 4 4. . . . . . 2 2 2 H H ^ 3 3 5 , , .1 7 8 9 6 3 7 1 8 m Y a e t a u r r i o t f y se A ri l e l s S C e - ri D es Se E ries Se F ries Se G ries Sept. 15, 1947 AH 1,687 Mar. 15. 1966-71 4..2^ 3,481 Sept. 15. 1948 AH 3,748 June 15, 1967-72 4.. 2 H 7,967 1947 189 189 Treasury Bonds S D e e p c t . . 1 1 5 5 . , 1 1 9 9 6 6 7 7 - - 7 7 2 2 4 .. . . . 2 2 V H 2 1 2 1 , , 7 6 1 8 6 9 1 1 9 9 4 4 9 8 5 81 0 4 9 8 5 1 0 4 9 Oct. 15, 1947-52 »AH 3 759 1950 983 983 Dec. 15, 1947 2... 701 Postal Savings 1951 .... 1,574 435 1,139 Mar. 15, 1948-50. ... 2 1,115 bonds 2H 115 1952 4,347 4,347 Mar. 15. 1948-51 2.2H 1,223 Panama Canal Loan. 3 50 1953 7,755 6,418 207" i * i 3 i " June 15, 1948 1954 10 142 7 418 543 2 181 Sept. 15, 1948«.....2H 451 Total direct issues 168,390 1955 8,898 6,027 597 2,274 Dec. 15, 1948-50 *'.. 2 571 1956 6 543 3,253 678 2 612 June 15, 1949-51. ...2 1,014 Guaranteed securities 1957 5,240 2,328 541 2,371 Sept. 15. 1949-51. ...2 1,292 Federal Housing Admin. 1958 2,891 315 2,576 Dec. 15, 1949-51.....2 2,098 Various 34 1959 1,805 236 1,569 Unclassified. . -26 JSold on discount basis. See table on Open-Market Money Rates, Total 51,664 2,930 30,930 3,117 14,713 p. 1141. 8 Partially tax exempt. • Called for redemption on Oct. 15, 1947. * Restricted. SEPTEMBER 1947 1145 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES, DIRECT AND FULLY GUARANTEED [Estimates of the Treasury Department. Par value, in millions of dollars] Held by banks Held by nonbank investors Total Other State U. S. Governinterest- ment agencies End of month s b ec e u a r r i i t n i g es Total m b C a e n o r k m ci s a - x l R F B e e a d s n e e r k r v a s e l Total vi I d n u d a i- ls I c a n o n s m c u e r - - i s jVv a yXT v iL ifI i I n LIQ U g 1. s a. I r c a o a t r i n p o d o n - s l g a o o n c d v a - l and trust funds panies associa- ern- Special Public tions ments isues issues 1940—June 47,874 18,566 16,100 2,466 29,308 9,700 6,500 3,100 2,500 400 4,775 2,305 1941—June 54,747 21,884 19,700 2,184 32,863 10,900 7,100 3,400 2,400 600 6,120 2,375 December 63,768 23,654 21,400 2,254 40,114 13,600 8,200 3,700 4,400 700 6,982 2,558 1942—June 76,517 28,645 26,000 2,645 47,872 17,900 9,200 3,900 5,400 900 7,885 2,737 December 111,591 47,289 41,100 6,189 64,302 23,700 11,300 4,500 11,600 1 000 9,032 3,218 1943—June 139,472 59,402 52,200 7,202 80,070 30,300 13,100 5,300 15,500 1 500 10,871 3,451 December 168,732 71,443 59,900 11,543 97,289 37,100 15,100 6,100 20,000 2 100 12,703 4,242 1944—June 201,059 83,301 68,400 14,901 117,758 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—November 261,286 101,244 77,300 23,944 160,042 63,200 25,300 11,700 23,000 6 200 24,254 6,355 December 257,980 97,850 74,500 23,350 160,130 63,500 25,300 11,800 22,400 6 200 24,585 6,338 1947—-January 258,640 97,841 73,900 23,941 160,779 64,200 25,400 11,900 22,000 6 200 24,777 6,389 February 258,294 96,817 72,700 24,117 161,477 64,700 25,400 12,000 21,900 6 200 24,938 6,374 March 255,976 94,093 71,500 22,593 161,883 65,200 25,100 12,000 21,700 6 300 25,183 6,388 April 254,598 93,557 71,700 21,857 161,041 65,400 25,100 12,000 20,500 6 300 25,280 6,314 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 June 255,197 91,972 70,100 21,872 163,225 65,800 25,000 12,100 21,100 6 400 27,366 5,445 1 Including holdings by banks in territories and insular possessions, amounting to 100 million dollars on June 30, 1942, and 500 million on May 31, 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. t 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 0) banks panies ing and Banks 0) banks panies trust trust funds funds Type of Treasury bonds security: and notes, due or callable: Total:2 Within 1 year: 1944—Dec 162,843 5,33818,84672,045 8,183 18,76139,670 1944—Dec 6,737 83 646 4,016 34 171 1,790 1945—Dec 198,820 7,00924,26282,83010,49123,18351,046 1945—Dec 15,222 185 2,017 9,956 63 235 2,761 1946—June 189,649 6,76823,78376,57811,22024,28547,015 1946—June 10,119 4 1,431 5,655 116 495 2,418 Dec 176,658 6,30223,35066,962 11,52124,34644,177 Dec 7,802 29 72 4,341 181 591 2,591 1947—May 169,972 5,92922,08863,50011,74024,12042,594 1947—May.... 8,193 83 226 5,003 262 314 2,305 June 168,740 5,40921,87262,96111,84523,96942,684 June.... 11,255 83 251 6,936 374 420 3,191 Treasury bills: 1-5 years: 1944—Dec 16,428 6 11,148 4,113 1 1 1,159 1944—Dec 34,965 580 1,55723,490 866 1,884 6,589 1945—Dec 17,037 5 12,831 2,476 1 1,723 1945—Dec 35,376 408 693 25,165 701 1,742 6,673 1946—June.... 17,039 3 14,466 1,142 3 1 1,424 1946—June 35,055 443 797 25,285 709 1,506 6,319 Dec 17,033 2 14,745 1,187 11 1,088 Dec 39,570 576 831 28,470 1,047 2,101 6,550 1947—May 16,002 12 14,972 590 1 427 1947—May.... 38,257 466 692 26,869 1,256 2,149 6,823 June 15,775 11 14,496 787 1 i 479 June.... 42,522 469 698 29,917 1,574 2,671 7,193 Certificates: 5-10 years: 1944—Dec 30,401 62 4,88715,032 136 310 9,974 1944—Dec 37,909 725 366 19,953 3,447 3,787 9,631 1945—Dec 38,155 38 8,36418,091 91 360 11,211 1945—Dec 33,025 787 210 21,007 2,058 2,902 6,063 1946—June 34,804 58 6,813 16,676 243 576 10,439 1946—June 32,847 716 135 21,933 1,609 2,822 5,632 Dec 29,987 64 7,49611,221 257 490 10,459 Dec 27,283 529 72 16,657 2,042 2,826 5,156 1947—May.... 26,294 82 6,012 9,336 266 439 10,158 1947—May.... 26,258 471 72 16,540 1,706 2.748 4,725 June.... 25,296 48 6,280 8,536 249 362 9,821 June 18,932 423 40 11,577 1,245 2,002 3,645 Treasury notes: 10-20 years: 1944—Dec 23,039 60 1,566 15,411 336 568 5,098 1944— Dec 23,817 2,098 145 3,391 3,186 8,204 6,793 1945—Dec 22,967 8 2,12015,701 179 576 4,383 1945—Dec 34,985 2,779 90 3,691 5,52310,99611,905 1946—June 18,261 9 1,748 11,396 227 623 4,258 1946—June 37,189 3,400 83 3,308 6,02612,54711,829 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—May.... 8,142 12 369 4,933 171 282 2,376 1947—May.... 32,384 2,831 78 2,460 5,43611,792 9,789 June 8,142 7 369 4,855 183 285 2,443 June 40,352 3,374 78 2,587 6,751 15,137 12,425 Treasury bonds: After 20 years: 1944—Dec 91,585 5,173 1,24336,508 7,70417,85923,098 1944—Dec 11,194 1,748 95 1,066 509 4,381 3,394 1945—Dec 120,423 6,915 947 46,53510,21722,23033,579 1945—Dec 24,781 2,764 57 2,418 2,051 6,93310,559 1946—June 119,323 6,655 755 47,33510,74323,07330,764 1946—June 22,372 2,103 57 2,550 2,510 6,325 8,826 Dec 119,323 6,186 753 48,40811,04923,22629,700 Dec 22,372 2,084 55 2,632 2,687 6,602 8,313 1947—May 119,323 5,778 735 48,61411,29723,38329,516 1947—May.... 22,372 1,939 37 2,675 2,809 6,661 8,250 June 119,323 5,306 72748,75611,40723,30529,822 June 14,405 964 29 2,593 1,649 3,358 5,812 * 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. 2 Including Postal Savings and prewar bonds and a small amount of guaranteed securities, not shown separately below. 1146 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 dailystatements of United States Treasury. In milions of dollars] Period W I h n e c i l t o d h m 2 - e O ta t x h e e s r 1 n i c r M n n e e e n u t l o v i a e l e s u e a l - 1 r - - - s S S t r a o e i x c c ty i e u a s - l O ce r t i e h p - e ts r c T e r o i e p t - a t l s ce N r i e p e - t t s3 d t I e o e e n s n r b t - - t a f W i a e c d t n n t i e a e i d s - v r s e - f T c e t o e r r r a s a u u t c c n t s n - . o t s ts - O p tu e e t n r x h e - d e s r i- e b i T x u t p u o d e r t g e n a e s l d t - s B ( d u + e u r ) f d p i c g l o u i e t r s t c T e o a r t u c c u - n . s 4 t t s G b I a f e n d d l u n a c u e n e n r r c d e r c i r a a n e e l s g a e s p e ( e G + d r (— i ) r e o o b d o s ) t s r Fiscal vear ending: June 1945 .... 10,28924,884 6,949 1 ,793 3,824 47,74046 457 3,61'I 90,029 1 646S 106 100,397 —53 941 + 791 +4,529 +57,679 June 1946 9,39221,493 ,725 1 ,714 3,915 44,23943,0384,72i 48,542 1,918 8, 532 63,714 -20,676 -524 -10,460 + 10,740 June 1947.... 10,01319,292 8,049 2, 039 5,309 44,70343,2594,95J517,142 1,355 19,051 42,505 +754 -548 -10,930 -11,136 1946— August 1,070 443 679 302 223 2,717 2,434 12^ 1,509 13 1, 288 2,932 —499 +234 -989 — 724 September.. 705 2 ,845 656 89 186 4,481 4,478 64*I L.100 32 974 2,755 + 1,723 -414 -868 -2,177 October.... 557 847 752 74 386 2,617 2,544 16(I L ,481 48 1 »•<276 2,965 -420 + 156 -2,101 -1,837 November. . 1,111 332 669 290 236 2,639 2,364 10! 1,436 27 961 2,529 -165* +15 -1,405 -1,255 December. . 766 2,120 722 89 416 4,113 4,107 95:2 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 14 1,728 46 2,(385 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, 300 3,851 -987 +99 -245 +642 June 778 2 ,492 602 125 1,484 5,480 5,473 1,396! 1.493 18 2, 532 5,540 -67 -634 -758 -57 July 625 757 663 80 343 2,469 2,397 24.> * 853 549 52, 022 3,669 -1,272 -129 -239 + 1,161 August 1,255 413 643 352 202 2,865 2,536 10.S 860 261 1, 336 3,060 -524 +206 +332 +649 Detailsof trust accounts, etc. General fund of the Treasury (end of period) Social Security accounts Net ex- Other Assett penditures Period c N e r i e e p - t ts I m n e v n e t s s t- p t e u E n r x e d - s i- c i G n i o n m o u g c v n h e e t e n a s r c t c n o k - - f - ce R i e p - ts I m nv e e n s ts t- p tu e E n r x e d - s i- Total F p e D o d i s n e e i - r t a s l s p p D o e i s n e c i - i t a s l a O s t s h e e ts r l T ia t o i b e t i s a li l - B ge f a u n l i a n n e n d ra c l e agencies Reserve deposi- Banks .aries 1 Fiscal vear ending: June 1945 3,239 2,757 453 1,553 3,820 2 444 -938 25,119 ,500 22,622 997 421 24,698 June 1946 2,940 1,261 1 ,618 95 4,735 2,407 2,817 14,708 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—August 492 122 135 -70 108 192 -12 11,431 872 9,842 716 391 11,040 September. . 57 271 112 29 216 46 228 10,524 1,445 8,377 702 353 10,171 October 159 -5 116 -58 155 26 78 8,393 773 6,936 684 323 8,070 November. . 430 87 104 26 127 60 265 6,965 824 5,487 655 300 6,665 December. . . 71 237 109 -27 125 26 331 3,920 682 2,570 668 418 3,502 1947—January . . . 219 45 126 131 123 44 121 5,102 1,620 2,736 746 391 4,711 February. . . 440 87 123 11 361 41 224 7,478 2,561 3,363 1,554 344 7,134 March 83 201 134 -32 207 17 2 7,233 2,369 3,292 1,571 323 6,909 April. . . 157 5 133 -60 197 32 -26 4,707 842 2,317 1,548 395 4,312 May 590 159 126 -33 327 456 110 4,402 989 1,807 1,607 336 4,066 June 246 476 137 90 477 305 348 3,730 1,202 962 1,5 \>5 422 3,308 July. 632 398 154 158 153 46 159 3,460 884 958 l]617 391 3,069 August 573 150 134 176 400 281 26 3,705 5 749 1,362 51,59^ 304 3,400 eiow. 2 Withheld by employers (Current Tax Payment Act of 1943). nt taxes, which are appropriated directly to the Federal old-age and survivors insurance trust fund, B .- a ^ c .v k - v f . i ^ g u ^ r es x . v - - — vv^ S w e v e , Bv a , n j k i u n r g e x a y n e d n u M iL o u n r e e t s a r \ y ~ ) S . tatistics, T 5 a C bl h e a s n 1 g 5 e 0 i - n 1 5 c 1 la , s p s p if . i c 5 a 1 t 3 io - n 5 . 16. 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 Excess Period W h i e n it l c d h o - me ta O x t e h s er N su o a r r n t m d a a x a n l d p E p ro r x o f c i f e t i s t s s s taxe p O t s r a o t x h f e i e t s r s E t a a g s n x t if a d e t t s e o c E e t x h l t c l e a a i r x s n e e e m s o a i u n s s - c Period in C c a o s m h e o C u a t s g h o c o o u o m t f g i o e o n c r - a ( ( s — + h ) ) Fiscal year ending: Fiscal year ending: June—1941 1 ,418 1,852 164 37 407 2,547 June—1941 9,298 14,031 -4,733 1942 3,263 3,069 1,618 57 433 3,405 1942 15,374 34,717 -19,342 1943 686 5 ,944 4,521 5,064 84 447 4,124 1943 25,485 79,253 -53,769 1944. 7,823 10,438 5,284 9,345 137 511 4,842 1944.. 48,254 94,296 -46,043 1945. 10,264 8,770 4,880 11,004 144 643 6,317 1945 51,332 96,263 -44,931 1946. .. 9,858 8,847 4,640 7,822 91 677 7,036 1946.. . . 48,103 65,904 -17,800 1947. 9,842 9,501 6,055 3,566 55 779 7,285 1947.. 47,210 39,873 +7,337 1946—July. . 858 375 192 330 4 74 634 1946- July 2,703 2,923 -219 August 1 ,339 77 142 204 4 58 631 August 3,016 2,928 +88 September. . 30 1,198 692 978 10 43 604 September... 4,698 2,988 +1,710 October.... 1,062 234 232 344 4 57 706 October 2,803 2,850 -47 November. . 1 ,243 80 122 123 3 49 612 November.. . 2,892 2,276 +616 December. . 27 420 752 925 9 62 652 December. . 4,257 3,643 +614 1947—January. 657 2,196 250 266 6 66 639 1947—January... . 3,948 2,827 + 1 ,121 February... 1 ,971 1,082 177 127 3 84 595 February. 5,163 3 ,690 +1,474 March 81 1 ,967 1,712 80 3 103 541 March 5,975 3,352 +2,623 April 1,014 648 228 66 2 68 572 April 2,862 3,687 -825 May. . . 1,528 158 170 63 3 62 539 May 3,349 3,315 +33 June 33 1,068 1,386 61 2 55 560 June 5,544 5,394 + 149 July 1,133 297 370 49 2 66 618 July. 2,565 3,392 -827 SEPTEMBER 1947 1147 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOVERNMENT CORPORATIONS AND CREDIT AGENCIES [Based on compilation by United States Treasury Department. In millions of dollars] PRINCIPAL ASSETS AND LIABILITIES Assets, other than interagency items1 Li i a n b t i e l r i a ti g e e s n , o cy th e it r e m th s an U.S. Corporation or agency Total Cash L c a r o e b e i a - l v n e - s m m C p r s t a i l u i o o a n a i e p e t m d d l s - e s s i , - - , - G U r s i e t o . c i S v I e u m n s . t - . v e e n O r s s t i t s e t t - i c h e u e s - r 2 s L e t m u t a q a r r n e u u n e d n i c d s p t - , , - c u f h u t e n a D r a r t n d i r e r e b g d - e i d - s e d - s3 O s a t e s h t - s er b a t B g F y n u a u u o t r n e a e l n U d l e r s d y - . d S s d p . , e a n b O y o e a t t n b h e - l e s e , r O li i a t t i b h e i e s l r - i G m n e e t r o e e s n v n t r - - - t o v in P w a t r t n e e i r e - l - y d All agencies: Mar. 31, 1946 33,325 1,279 5,069 ,918 ,789 28520,784 460 1,741 536 1,133 4,95926,218 479 June 30, 1946 29,869 1,305 5,381 ,550 ,767 43917,438 385 1,605 325 1,234 4,93922,889 482 Sept. 30, 1946 29,569 1,157 5,949 ,429 ,836 390 16,973 2991,536 377 1,250 3,37724,069 496 Dec. 31, 1946 30.409 1,398 6,649 ,265 ,873 54716,924 3391,414 261 1,252 3,58824,810 498 Mar. 31, 1947 32,337 1,588 7,294 ,003 ,985 3,42615,486 3801,176 169 1,250 3,14227,268 509 Classification by agency, Mar. 31, 1947 Department of Agriculture: Farm Credit Administration: Banks for cooperatives 322 254 43 39 273 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 15 Agricultural Marketing Act Revolving Fund 2 1 2 Federal Farm Mortgage Corp 118 7 108 3 113 Rural Electrification Administration. 581 6 570 5 () 581 Commodity Credit Corp 1,277 503 172 383 214 126 1,226 -74 Farmers' Home Administration 478 77 327 (4) 56 4 473 Federal Crop Insurance Corp 16 3 13 22 -6 National Housing Agency: Federal Home Loan Bank Adm.: Federal home loan banks 464 28 236 198 140 123 116 Federal Savings and Loan Insurance Corp 180 175 176 Home Owners' Loan Corp 633 583 15 609 Federal Public Housing Authority and affiliate: Federal Public Housing Authority 528 6 278 8 227 12 516 Defense Homes Corp 57 1 1 55 56 Federal Housing Administration 200 40 26 122 (4) 1 36 6 158 Federal National Mortgage Association. 5 5 5 R.F.C. Mortgage Company 42 <*) 33 7 1 41 Reconstruction Finance Corp.6 4,457 22 727 487 48 141 2,587 216 230 701 3,757 Export-Import Bank 1 ,508 8 193 1,325 Federal Deposit Insurance Corp 9 1 () 9 30 953 139 Federal Works Agency 2 75 143 47 267 Tennessee Valley Authority 25 731 4 760 U. S. Maritime Commission: Maritime Commission activities 4,192 560 3,305 29 212 393 3,799 War Shipping Adm. activities6 7,003 163 6,507 115 191 333 6,670 Allother* 6,514 37 23 3^227 1,894 10 135 61 6,453 CLASSIFICATION OF LOANS BY PURPOSE AND AGENCY Mar. 31, 1947 Purpose of loan b l F a a e n n d k d . s M C F F a o e o r r d r m p , t . . 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 F A e a o d r r s m m ' m e . - H C O L e o o o w rs m r a ' n p n e - . P H A F u i o u n e b u t d g l h s i . c - . b h F l a o o e n m a d k n . e s R a a a . f F f t n i e l d . s i C - . B p p I E o a m o x r n - r t - t k - o A th l e l r a c g A i e e l n l s - a D g e 1 e c 9 a . n 4 l 6 c l , 3 ie 1 s , To aid agriculture 957 137 326 255 201 570 600 (4) 10 3,056 2,884 To aid home owners 596 40 27 663 659 To aid industry: Railroads 150 17 167 171 Other 163 41 204 192 To aid financial institutions: Banks 12 5 17 19 Other 236 2 238 295 Foreign loans 239 1,515 1,100 2,854 2,284 Ot L h e e s r s: Reserve for losses. 68 29 (4) 1 29 (4) 273 13 278 22 6 6 6 (<V 8 1 6 0 4 5 9 9 7 0 6 4 2 7 3 8 Total loans receivable (net) 889 108 326 254 172 570 327 583 278 236 765 1,508 1,277 7,294 6,649 1 Assets are shown on a net basis, i.e., after reserves for losses. 2 Beginning June 30, 1946, includes investment of the United States in international institutions as follows (in millions of dollars): Stock of the International Bank for Reconstruction and Development—June 30, 1946, 159; Sept. 30, 1946, 159; Dec. 31, 1946, 318; Mar. 31, 1947, 476; International Monetary Fund Quota—Mar. 31, 1947, 2,750. * Deferred charges included under "Other assets" prior to Mar. 31, 1947. « Less than $500,000. 5 Includes U. S. Commercial Company and War Damage Corp. • 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. 1148 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BUSINESS INDEXESx [The terms "adjusted" and "unadjusted" refer to adjustment of monthly figures for seasonal variation] Industrial production Construction (physical volume)*2 contracts Employment4 1935-39 =100 aw 19 a 2 r 3 d - e 2 d 5 (v = a l 1 u 0 e 0 )3 1939 = 100 Fac- D m ep e a n r t t- Whole- Year and month Total D ab u f l M a r e - c a tu n r u N d e - s u o r n - - M er i a n ls - Total R d t e i e a n s l i - - o A th l e l r N t a c u g u o r r l n a i - - l - Factory 1 r 9 t o p 1 o 3 l 0 a l r 9 y s 0 y 4 = c 1 F a 9 i = r r n 3 e l 1 g o 5 i 0 s g a - * 0 3 d h 9 t 1 u 9 s s = ( e 3 v t a ) o 1 5 a l * e l r 0 - e s 3 0 5 9 p m c = 1 r s o o 9 i a 1 c m 2 d l 0 e e 6 i - 0 s ty 4 1 l C i 9 = v o 3 i s 1 5 n t 0 - g o 3 0 4 f 9 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 93.8 101.7 139 105 98.1 122.2 1925 90 107 76 92 122 124 120 97.0 107.2 146 110 103.5 125.4 1926 96 114 79 100 129 121 135 98.9 110.5 152 113 100.0 126.4 1927 95 107 83 100 129 117 139 96 8 108.5 147 114 95 4 124 0 1928 99 117 85 99 135 126 142 96^ 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 P192 P165 j>134 153 143 161 134.4 142.0 266.4 132 264 121 1 139.3 1944 November 232 232 341 173 143 46 13 73 135.4 167.2 167.7 341.0 141 201 104.4 126.6 December 232 230 343 173 137 51 14 81 135.9• 168.0 168^3 346^7 137 200 104^7 127^0 1945 January 234 230 345 175 140 48 14 75 136 2 168 8 168.2 347 0 144 198 104 9 127 1 February 236 232 346 176 141 59 13 96 136.6 169^3 168.7 347 .'5 139 207 105.2 126!9 March 235 232 345 •176 142 72 15 118 136.4 168.3 167.7 345.7 145 214 105.3 126.8 April 230 229 336 174 140 70 18 112 135.8 166.0 165.2 338.5 141 184 105.7 127.1 May 225 225 323 173 138 58 20 89 134.8 163.6 162.5 324.9 141 190 106.0 128.1 June 220 220 308 173 144 50 22 73 134.2 160.3 160.0 321.8 140 203 106.1 129.0 July 210 211 292 165 143 54 23 79 133.0 155.0 155.6 306.6 139 214 105.9 129.4 August 186 188 239 157 140 61 24 91 131.8 150.4 151.7 273.6 128 201 105.7 129.3 September 167 171 194 156 134 69 26 104 125.8 130.1 130.8 228.7 127 203 105.2 128.9 October 162 164 186 154 124 83 36 121 125.5 129.5 129.9 227 .7 118 213 105.9 128.9 November. ... 168 167 191 158 138 94 44 134 126.6 130.1 130.5 227.7 133 221 106.8 129.3 December 163 161 185 156 133 108 56 150 127.1 130.6 130.9 231.4 127 220 107.1 129.9 1946 Ianuary 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 April 165 163 190 164 104 170 172 168 132.4 139.4 138.5 254.8 109 252 110.2 131.1 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 '184 221 '176 146 146 144 148 139.5 153.4 152.7 307.3 150 265 141.5 153.3 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 •"175 148 132 129 134 140.0 154.6 154.0 314.1 146 273 149.6 156.3 April 187 185 222 172 143 133 123 142 138.9 153.8 152.9 310.7 137 276 147.7 '156.2 May 185 185 218 170 '151 127 110 140 138.9 151.9 150.6 312.2 142 291 '147.1 '156.0 June 184 185 218 168 148 136 116 152 139.7 151.6 151.3 319.4 137 '289 '148.0 157.1 July P178 P180 P209 P165 P139 P145 P126 Pi 60P138.8 P149.7 P150.4 134 287 150.8 * Average per working day. P Prelim ary. r Revised. 1 Department of Commerce index on income payments to individuals no longer available. - For indexes by groups or industries, see pp. 1150-1153. For points in total index, by major groups, see p. 1171. 3 Based on F. W. Dodge Corporation data; for description, see p. 358 of BULLETIN for July 1931; by groups, see p. 1157 of this BULLETIN. 4 The unadjusted indexes of employment and pay rolls, wholesale commodity prices, and cost of living are compiled by or based on data of the Bureau of Labor Statistics. Nonagricultural employment covers employees only and excludes personnel in the armed forces. 6 For indexes by Federal Reserve districts and other department store data, see pp. 1159-1161. 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 store sales, June 1944, pp. 549-561. SEPTEMBER 1947 1149 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 July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Industrial Production—Total. 172 178 180 182 183 182 189 189 190 187 185 184 P178 Manufactures—Total 177 184 186 188 191 190 196 197 198 194 190 190 P185 Durable Manufactures... 202 208 212 214 214 211 221 222 225 222 218 218 Iron and Steel 180 184 185 184 178 159 192 191 196 195 197 193 181 Pig iron 178 186 184 183 174 152 193 191 194 189 193 189 174 Steel 190 196 196 195 193 174 206 207 213 213 215 r211 198 Open hearth. 169 170 172 171 163 145 177 174 179 178 179 -•176 166 Electric 343 381 366 369 404 381 414 446 457 r461 469 '458 425 Machinery 243 254 261 268 271 276 277 277 281 276 273 275 P268 Manufacturing Arsenals and Depots1. . . Transportation Equipment 241 242 240 237 235 235 229 233 239 237 r225 233 Automobiles2 176 182 188 185 187 187 181 190 197 193 179 (Aircraft; Railroad cars; Locomotives; Shipbuilding— Private and Government) l Nonferrous Metals and Products. 151 159 172 184 192 197 202 206 196 187 Smelting and refining 140 150 161 168 175 181 184 190 203 198 188 (Copper smelting; Lead refining; Zinc smelting; Aluminum; Magnesium; Tin)1 Fabricating 155 163 176 191 198 203 209 213 193 182 (Copper products; Lead shipments; Zinc shipments; Aluminum products; Magnesium products; Tin consumption)1 Lumber and Products . 129 135 137 136 142 141 142 147 147 144 141 P]33 Lumber... 121 126 129 127 135 132 131 137 138 135 132 131 Furniture. 144 152 152 155 157 160 161 167 166 161 158 Stone, Clay, and Glass Products 192 197 204 200 202 210 219 219 218 211 200 207 P198 Glass products 218 215 238 227 226 232 245 235 241 234 229 230 206 Plate glass 129 114 161 158 152 135 149 154 159 151 163 154 124 Glass containers 249 251 265 250 251 265 278 263 269 263 251 257 234 Cement 155 159 162 156 162 177 182 203 192 175 141 171 Clay products 147 150 150 149 150 152 168 164 165 164 162 165 P165' Gypsum and plaster products... 187 215 212 212 215 219 227 232 224 218 212 215 '223 Abrasive and asbestos products. 233 242 235 241 252 263 271 260 258 249 247 '225 Other stone and clay products1.. .t., Nondurable Manufactures. 157 164 165 168 173 174 176 176 175 172 170 168 Textiles and Products 145 163 168 169 174 164 172 173 172 166 164 P144 Textile fabrics 133 152 156 157 163 152 160 161 160 154 152 143 '132 Cotton consumption 127 149 153 155 164 141 161 161 160 154 148 133 118 R N a y y lo o n n a d n e d li v s e il r k ie c s onsumption1 239 240 242 248 256 254 263 262 270 270 271 263 264 Wool textiles 144 173 181 178 181 180 171 178 172 159 161 154 Carpet wool consumption. . . 101 137 144 143 161 165 155 174 182 170 191 175 Apparel wool consumption. . 192 226 239 230 230 223 214 222 210 195 186 177 Woolen and worsted yarn. . . 143 173 180 177 178 175 166 169 161 149 147 145 Woolen yarn 147 178 183 177 178 171 160 158 145 128 126 124 Worsted yarn 138 165 176 176 177 180 175 184 183 178 177 174 Woolen and worsted cloth.. . 151 176 184 181 181 181 173 178 171 158 156 150 Leather and Products. 103 120 119 117 121 115 116 120 122 116 113 107 Leather tanning 99 101 101 97 110 110 113 118 122 119 119 115 Cattle hide leathers 117 119 114 103 121 122 127 134 140 137 138 131 Calf and kip leathers 66 70 81 78 91 94 98 99 99 102 96 94 Goat and kid leathers 45 49 51 67 70 68 67 81 84 79 88 92 Sheep and lamb leathers. 125 124 134 141 137 130 117 108 102 95 '83 85 Shoes 129 117 118 121 121 113 109 102 106 133 131 130 Manufactured Food Products. .. 156 162 161 156 157 158 155 154 157 150 147 136 146 Wheat flour 145 155 162 158 160 149 144 152 145 Cane sugar meltings1 127 131 135 135 Manufactured dairy products.. P136 146 P146 •147 148 P149 P153 154 152 '155 157 Butter 73 74 79 79 77 79 82 81 85 82 79 82 85 Cheese 168 169 168 164 172 172 178 185 198 206 191 196 196 Canned and dried milk.... 178 173 163 142 143 148 147 152 164 173 173 184 188 Ice cream tofmeasure productive activity du 1150 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 Industry July Aug. Sept. Oct. Nov. Dec, Jan. Feb. Mar. Apr. May June July Manufactured Food Products—Continued Meat packing 165 138 38 115 163 151 163 159 149 150 151 152 156 Pork and lard 190 141 24 116 179 151 172 165 143 153 154 157 171 Beef 145 139 41 107 150 162 164 167 169 159 159 154 149 Veal 132 134 81 140 160 138 133 121 122 121 119 141 154 Lamb and mutton 121 110 93 131 116 105 108 104 101 105 102 104 93 Other manufactured foods 153 151 150 154 160 168 165 158 160 161 158 154 '157 Processed fruits and vegetables. 175 155 143 167 160 170 157 137 151 145 138 132 '136 Confectionery 109 107 110 123 135 147 138 142 145 149 153 135 Other food products 154 158 159 156 164 172 171 166 165 167 164 164 '167 Alcoholic Beverages. . 176 174 227 206 213 234 241 223 208 189 162 159 164 Malt liquor 128 123 179 194 202 183 157 160 154 149 150 157 Whiskey 65 56 71 68 64 158 188 179 151 131 106 79 55 Other distilled spirits. . . 377 426 384 241 191 333 623 695 619 503 350 319 329 Rectified liquors 426 427 461 460 463 426 408 372 314 276 194 215 231 Industrial Alcohol from Beverage Plants l.. Tobacco Products. . . 140 155 157 173 169 148 158 168 158 160 142 156 Cigars 99 110 112 127 131 109 112 110 98 94 106 101 98 Cigarettes 181 202 205 226 216 192 208 228 216 221 187 216 210 Other tobacco products 72 79 76 79 81 72 69 67 66 68 55 66 72 Paper and Paper Products 136 147 150 152 153 150 156 157 159 156 161 160 '152 Paper and pulp 131 142 144 146 147 146 150 151 154 150 155 155 Pulp 147 156 162 163 162 159 166 171 174 169 173 178 148 Groundwood pulp 96 98 101 106 96 98 99 100 99 97 97 105 Soda pulp 101 110 111 108 109 109 109 109 113 112 112 116 Sulphate pulp 229 238 249 244 248 236 252 260 266 254 265 277 Sulphite pulp 122 132 136 141 139 139 145 150 151 150 151 151 Paper 129 140 142 144 145 144 147 148 151 147 152 151 144 Paperboard 155 169 172 172 175 168 179 181 180 178 184 179 166 Fine paper 72 85 85 89 90 86 83 83 88 87 88 88 81 Printing paper 127 134 138 144 142 155 153 155 160 158 160 162 156 Tissue and absorbent paper 138 151 152 155 156 152 148 142 151 144 148 147 149 Wrapping paper 124 135 133 135 136 134 137 137 139 132 141 144 138 Newsprint 84 83 87 85 84 87 87 89 89 93 92 91 91 Paperboard containers (same as Paperboard) Printing and Publishing 124 129 128 132 130 138 138 140 142 141 142 146 P143 Newsprint consumption 121 123 117 119 118 120 122 125 124 124 125 131 131 Printing paper (same as shown under Paper) Petroleum and Coal Products P178 P!82 P181 P!77 P178 P180 '185 P185 P179 P184 P190 Petroleum refining 2 Gasoline 144 149 146 145 148 148 142 143 142 139 145 154 P157 Fuel oil 166 164 165 160 161 167 166 170 174 163 171 173 Lubricating oil 135 152 153 159 147 154 160 162 167 156 163 168 Kerosene 172 162 155 163 150 162 175 185 176 170 175 182 Other petroleum products l Coke 160 165 166 167 152 143 171 172 172 166 169 165 By-product coke 155 159 161 160 148 139 163 165 165 162 161 160 Beehive coke 336 369 352 406 272 278 410 416 424 324 "428 339 Chemical Products i. . 235 237 235 238 243 249 r25l r25l 251 253 250 P252 Paints 150 153 149 148 150 152 154 156 157 155 153 151 P152 Soap 120 117 114 111 115 128 131 136 135 138 137 142 P137 Rayon 3 '250 -•254 '256 -•257 '261 •"260 '266 r276 '283 '289 '292 251 P294 I E n x d p u lo st s r i i v a e l s c a h n e d m a ic m al m s unition l. . 396 395 395 402 411 422 430 429 431 433 '435 P436 Other chemical products l Rubber Products.. . . 211 221 234 234 243 252 247 246 239 234 220 v210 Minerals—Total 146 144 146 145 136 137 146 146 148 143 '151 148 vl39 Fuels 153 150 151 150 140 141 151 150 153 144 156 153 P14S Coal 153 149 155 152 118 128 162 151 153 122 '153 140 P113 Bituminous coal. 159 156 163 160 116 130 173 162 163 127 '165 147 P117 Anthracite 128 120 125 124 123 121 118 107 113 102 104 110 P93 Crude petroleum 154 151 149 149 150 147 146 150 153 155 157 159 P158 Metals 107 111 111 111 117 122 117 136 125 P117 Metals other than gold and silver. 148 153 157 169 153 158 166 159 189 169 Iron ore (Copper; Lead; Zinc)1 Gold Silver P Preliminary. r Revised. 1 Series included in total and group indexes but not available for publication separately. 22 TThhiiss sseerriieess iiss iinn pprroocceessss ooff rreevviissiioonn.. 3 Revised series. Figures for earlier months of 1946 are: January, 253; February, 256; March, 255; April, 255; May, 253; and June, 249. 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,> . pDpD. . 775533--777711 aanndd 882255--888822.. SEPTEMBER 1947 1151 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 July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May I June July Industrial Production—Total. 174 180 184 184 183 180 rl84 t85 187 184 185 155 P179 Manufactures—Total 178 186 191 191 192 188 192 193 195 193 191 191 P186 Durable Manufactures... 203 210 214 215 214 209 218 220 223 222 219 219 P210 Iron and Steel. 180 184 185 184 178 159 192 191 196 195 197 193 181 Pig iron 178 186 184 183 174 152 193 194 189 193 189 174 Steel 1 16 9 9 0 1 17 9 0 6 1 17 9 2 6 1 1 7 9 1 5 1 1 6 9 3 3 1 14 7 5 4 2 1 0 7 6 7 2 1 0 7 7 4 2 1 1 7 3 9 2 1 1 7 3 8 2 1 1 7 5 9 r - 2 •1 1 7 1 6 1 1 6 9 6 8 Open hearth. 343 381 366 369 404 381 414 446 457 469 -•458 425 Machinery Electric 243 254 261 268 271 276 277 277 281 276 273 275 v268 Manufacturing Arsenals and Depots * Transportation Equipment 241 242 240 237 235 235 229 233 239 237 '225 233 P223 Automobiles * 176 182 188 185 187 187 181 190 197 193 '179 P189 (Aircraft; Railroad cars; Locomotives; Shipbuilding— Private and Government)1 Nonferrous Metals and Products. 150 159 172 184 192 197 '202 '206 '200 196 187 179 vl74 Smelting and refining 139 150 161 176 182 184 190 196 203 198 187 (Copper smelting; Lead refining; Zinc smelting; Aluminum; Magnesium: Tin)1 Fabricating 155 163 176 191 198 203 •209 '213 '202 193 182 (Copper products; Lead shipments; Zinc shipments; Aluminum products; Magnesium products; Tin consumption)' Lumber and Products. 137 144 147 142 139 129 126 135 140 143 143 148 P141 Lumber... 133 140 144 136 131 114 107 118 126 134 136 142 P132 Furniture. 144 152 152 155 157 160 161 167 166 161 158 159 P157 Stone, Clay, and Glass Products. 193 204 212 209 207 203 208 205 209 208 206 209 P199 Glass products 211 223 242 232 228 218 241 229 241 234 242 229 199 Plate glass 129 114 161 158 152 135 149 154 159 151 163 154 124 Glass containers. 239 261 270 258 254 247 273 255 269 263 269 254 224 Cement 171 179 188 181 175 161 148 154 157 166 148 183 Clay products 147 154 155 158 155 158 156 156 159 160 162 163 Gypsum and plaster products... 187 215 216 218 219 224 218 221 215 215 214 220 P223 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 d d u u c c t t s s l. . 233 242 235 241 252 263 271 260 258 249 r247 240 P225 Nondurable Manufactures.. 159 166 172 172 174 172 171 171 171 169 168 168 P167 Textiles and Products. 145 163 168 169 174 164 172 173 172 166 164 154 P1<4 Textile fabrics 133 152 156 157 163 152 160 161 160 154 152 143 Cotton consumption 127 149 153 155 164 141 161 161 160 154 148 133 118 Rayon deliveries 239 240 242 248 256 254 263 262 270 270 271 263 264 Nylon and silk consumption»... Wool textiles 144 173 181 178 181 180 171 178 172 159 161 154 Carpet wool consumption.. 101 137 144 143 161 165 155 174 182 170 r191 175 Apparel wool consumption. 192 226 239 230 230 223 214 222 210 195 186 177 Woolen and worsted yarn.. 143 173 180 177 178 175 166 169 161 149 '147 145 Woolen yarn 147 178 183 177 178 171 160 158 145 128 126 124 Worsted yarn 138 165 176 176 177 180 175 184 183 178 177 174 Woolen and worsted cloth.. 151 176 184 181 181 181 173 178 171 158 '156 150 L tat her and Products. 101 119 118 117 123 114 116 123 121 115 113 106 P102 Leather tanning 94 100 99 98 114 110 113 127 121 118 119 112 Cattle hide leathers 110 115 111 104 126 122 130 145 140 137 138 126 Calf and kip leathers 66 73 80 80 94 92 96 104 97 98 92 96 Goat and kid leathers 45 47 51 67 68 68 67 84 83 82 86 92 Sheep and lamb leathers. 116 127 131 141 145 124 109 119 99 93 ••89 84 Shoes 106 130 129 117 118 121 121 113 109 102 P97 133 131 Manufactured Food Products. 161 158 158 157 149 140 140 144 149 154 P168 164 164 Wheat flour 125 143 146 153 162 160 157 143 138 146 P144 Cane sugar meltings 1 130 147 Manufactured dairy products. P197 P175 P151 P120 P96 P95 P127 P161 P2O2 P229 P229 Butter 89 81 76 68 59 62 68 71 77 84 102 113 104 Cheese 207 189 171 148 129 124 132 151 178 214 256 279 242 Canned and dried milk. . . 207 179 150 115 103 114 119 137 161 196 240 254 218 Ice Cream P Preliminary. * Revised. * 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. 1152 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION, BY INDUSTRIES—Continued (Without Seasonal Adjustment) [Index numbers of the Board o Governors. 1935-39 average = 1001 1946 1947 Industry July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar Apr. May June July Manufactured Food Products—Continued Meat packing T54 122 37 117 181 175 191 152 138 139 151 150 146 Pork and lard . . .. • 167 108 19 109 210 199 225 162 133 139 154 157 150 Beef 147 141 44 117 156 162 168 153 154 149 159 151 151 Veal 132 132 89 160 172 130 124 106 115 118 124 141 154 Lamb and mutton 116 107 100 136 116 103 115 105 99 102 104 96 90 Other manufactured foods 162 173 188 173 166 164 150 143 142 143 143 146 Processed fruits and vegetables 228 255 315 216 147 132 102 86 83 88 r90 101 P176 Confectionery . 89 115 142 161 159 149 142 144 135 123 118 100 Other food products . . 157 161 163 164 172 175 164 158 159 160 161 165 P\ 70 A Icoholic Beverages ... 187 174 237 221 196 210 206 195 187 182 167 178 182 Malt liquor 160 141 199 166 149 161 150 142 149 162 170 189 196 Whiskev 65 56 71 68 64 158 188 179 151 131 106 79 55 Other distilled spirits 219 230 526 624 401 366 405 417 403 302 210 198 191 Rectified liquors 426 427 461 460 463 426 408 372 314 276 194 215 231 Industrial Alcohol from Beverage Plants * Tobacco Products 145 161 166 179 172 138 157 160 149 151 142 165 162 Cigars . 99 110 112 127 131 109 112 110 98 94 106 101 98 Cigarettes 190 212 219 235 221 177 208 215 201 205 187 227 221 Other tobacco products. 72 77 81 85 83 63 68 65 66 68 55 67 72 Paper and Paper Products.... 136 147 150 152 153 150 156 157 159 156 161 160 P151 Paper and pulp 131 142 144 146 147 146 150 151 154 150 155 155 Pulp 146 154 160 162 162 159 167 171 175 171 174 178 Groundwood pulp 86 86 90 98 101 99 103 104 106 106 105 106 Soda pulp 101 110 111 108 109 109 109 109 113 112 112 116 Sulohate pulp 229 238 249 244 248 236 252 260 266 254 265 277 Sulphite pulp 122 132 136 141 139 139 145 150 151 150 151 151 Paper 128 140 142 144 145 144 147 148 151 147 152 152 143 Paperboard . 155 169 172 172 175 168 179 181 180 178 184 179 166 Fine paper 72 85 85 89 90 86 83 83 88 87 88 88 81 127 134 138 144 142 155 153 155 160 158 160 162 156 Tissue and absorbent paper 133 151 152 156 156 147 147 147 151 146 148 150 143 Wrapping paper 124 135 133 135 136 134 137 137 139 132 141 144 138 Newsprint 82 82 87 85 85 85 87 89 89 95 93 92 89 Paperboard containers (same as Paperboard) Printing and Publishing 115 123 128 135 135 141 133 138 145 144 145 146 134 Newsprint consumption 104 111 119 125 129 126 114 111 129 131 129 129 113 Printing paper (same as shown under Paper) Petroleum and Coal Products • P178 P182 P181 P177 P178 P180 P185 P185 P179 P184 P190 Gasoline 144 149 146 145 148 148 14? 143 142 139 145 154 P157 Fuel oil 166 164 165 160 161 167 166 170 174 163 171 173 133 151 153 159 147 152 155 160 165 162 170 168 Kerosene 160 155 154 163 155 167 179 194 180 174 176 171 Other petroleum products 1 Coke 160 165 166 167 152 143 171 172 172 166 169 165 Bv-product coke 155 159 161 160 148 139 163 165 165 162 161 160 Beehive coke 336 369 352 406 272 278 410 416 424 324 ••428 339 P279 Chemical Products 232 233 235 240 244 250 -250 r252 254 253 252 247 P249 Paints 149 151 148 148 149 152 151 154 157 157 157 156 P150 Soap 119 119 119 116 116 128 128 134 135 135 133 139 P135 Rayon3 '250 '254 r256 ••257 r261 '260 '266 ••276 r283 r289 •"292 251 P294 Industrial chemicals • 396 395 395 402 411 422 430 429 431 433 •"435 440 P436 Rubber Products 211 221 234 234 243 252 247 246 239 234 220 216 P210 Minerals—Total 150 147 149 147 135 132 141 141 143 139 '153 152 P144 Fuels 153 150 151 150 140 141 151 150 153 144 156 153 P143 Coal 153 149 155 152 118 128 162 151 153 122 '153 140 P113 Bituminous coal 159 156 163 160 116 130 173 162 163 127 r165 147 Anthracite 128 120 125 124 123 121 118 107 113 102 104 110 P 93 Crude petroleum 154 151 149 149 150 147 146 150 153 155 157 159 P158 Metals 126 132 136 126 105 76 81 84 83 112 140 149 P152 Metals other than gold and silver 188 189 192 180 144 92 97 104 103 153 200 P213 Iron ore 295 282 282 252 174 58 69 73 72 173 279 306 (Coorjer* Lead* Zinc)1 Gold 44 55 60 51 49 54 57 55 51 54 56 Silver 35 48 59 59 58 55 65 67 70 68 v Preliminary. r Revised. * Series included in total and group indexes but not available for publication separately. 'This s*»rie? is in process of revision. 'Revised series. Figures for earlier months of 1946 are: January, 253; February, 256; March, 255; April, 255; May, 253; and June, 249. NOTE.—For description and back figures, see BULLETIN for October 1943, pp. 940-984, September 1941, pp. 87&-881 and 933-93/, and August 1940, pp. 753-771 and 825-882. SEPTEMBER 1947 1153 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 1946 1947 June July Mar. Apr. May June July May June July Mar. Apr. May June Total 141.9 143.6 154.0 152.9 150.6 151.3 150.4 253.5 262.8 267.1 314.1 310.7 312.2 319.4 Durable goods 162.4 165.7 180.9 180.8 178.0 179.5 175.7 275.1 289.1 296.3 349.9 349.9 353.8 365.4 Nondurable goods 125.7 126.2 132.8 130.9 129.1 129.1 130.4 232.3 237.0 238.5 279.2 272.3 271.6 274.4 Iron and Steel and Products 141.5 145.7 158.1 158.0 156.8 157.1 155.0 232.3 240.3 247.5 294.2 297.5 306.7 315.0 Blast furnaces, steel works, etc 117 121 124 125 126 128 176 182 192 213 220 236 247 Steel castings 169 167 164 164 164 162 291 292 277 305 309 317 320 Tin cans and other tinware 132 137 129 132 132 133 207 235 249 243 249 250 264 Hardware 127 126 143 141 141 139 236 242 245 300 301 306 305 Stoves and heating equipment.... 113 117 139 136 137 136 192 206 211 282 277 279 283 Steam, hot-water heating apparatus 152 157 173 167 161 159 270 271 280 336 327 316 324 Stamped and enameled ware 131 136 155 153 151 149 246 252 254 325 324 329 326 Structural and ornamental metal work 143 150 166 166 166 165 236 306 307 315 326 Electrical Machinery 201.2 203.2 231.3 218.7 213.8 221.5 215.9 323.0 347.9 351.0 429.6 396.6 407.1 432.6 Electrical equipment 153 156 175 173 170 174 245 258 264 322 317 328 344 Radios and phonographs 177 176 212 205 197 188 308 329 332 420 409 413 390 Machinery except Electrical 198.6 201.8 225.1 226.6 225.9 224.2 218.1 322.5 342.0 346.2 416.6 423.0 429.5 434.6 Machinery and machine-shop products 172 174 191 191 190 189 284 296 299 355 358 363 368 Engines and turbines 219 233 244 241 238 231 370 416 447 498 495 502 503 Tractors 158 168 175 176 176 180 192 236 248 277 288 302 309 Agricultural, excluding tractors. . 146 147 169 178 181 185 228 248 248 313 333 344 372 Machine tools 162 162 158 156 151 146 260 270 262 276 270 264 263 Machine-tool accessories 189 189 195 190 183 178 292 305 293 327 320 312 305 Pumps 226 225 247 246 243 242 402 416 413 490 485 491 494 Refrigerators 163 168 201 207 211 223 257 263 272 359 388 395 428 Transportation Equipment, except Autos 301.6 299.9 296.7 300.8 293.7 291.8 258.0 558.3 557.5 558.7 556.9 565.3 561.3 560.3T Aircraft, except aircraft engines. . 316 324 356 358 348 337 566 586 606 662 657 639 622 Aircraft engines 292 298 315 316 303 303 469 469 469 480 488 477 482 Shipbuilding and boatbuilding 265 251 203 208 203 204 499 483 469 386 399 396 396 Automobiles 172.3 180.2 198.2 200.5 186.5 196.2 194.4 241.- 259.9 292.8 347.7 343.4 329.0 355.9" Nonferrous Metals and Products 164.9 171.2 187.5 184.8 179.6 175.1 172.2 281.4 298.6 303.9 359.0 354.0 349.0 346.2: Primary smelting and refining.. . . 108 128 148 148 143 144 176 191 228 282 283 285 292 Alloying and rolling, except aluminum 147 153 161 159 154 147 240 269 269 299 295 283 280 Aluminum manufactures 202 206 215 208 196 182 330 336 340 383 369 348 327 Lumber and Timber Basic Products.... 131.6 133.5 145.- 149.1 154.8 158.2 160.7 244.2 261.9 252.1 310.1 323.4 351.4 374.9 Sawmills and logging camps 143 145 156 160 168 171 265 286 276 335 351 385 412 Planing and plywood mills 134 135 155 158 159 163 242 255 242 323 334 351 367 Furniture and Lumber Products 119.1 119.6 134.2 131.8 129.5 129. 127.0 221.6 233.3 231.9 292.0 286., 285.1 290.4 Furniture 118 119 131 129 127 128 220 230 228 289 282 279 285 Stone, Clay and Glass Products 135.6 136.6 145.3 146.0 142.6 144.0 142.2 230.2 241.4 242.2 285.7 288., 286.9 298.2 Glass and glassware '167 '166 m\ '172 '171 '169 '280 '279 '•275 329 '335 r333 '341 Cement '134 '139 '146 '121 '144 '207 '216 '230 240 '248 '201 '277 Brick, tile, and terra cotta '113 '120 '143 '125 '124 126 '196 '213 '230 •253 '257 '276 '279 Pottery and related products '149 '151 '123 '166 166 164 '234 '260 '250 315 '317 '324 '322 '166 Textile-Mill and Fiber Products 104.1 102.8 108.6 106.9 104.6 103.1 101.1 213.5 217.2 213.3 265.0 255.4 248.3 242.5 Cotton goods except small wares. 113 112 119 118 116 115 244 248 246 322 315 303 294 Silk and rayon goods 77 76 80 78 77 76 167 167 166 209 201 200 194 Woolen and worsted manufactures 107 104 106 103 99 98 238 239 229 262 248 241 240 Hosiery 72 71 76 74 70 68 131 133 131 158 146 140 131 Dyeing and finishing textiles 95 94 99 98 97 96 175 185 179 218 215 211 211 Apparel and Other Finished Textiles 128.3 124.5 141.9 135.0 131.4 131.7 131.4 254.2 258.6 240.3 317.7 279.8 272.1 274.9 Men's clothing, n.e.c 114 112 125 124 122 124 222 230 215 281 267 271 273 Shirts, collars, and nightwear 87 88 100 99 99 101 177 181 178 234 227 229 230 Women's clothing, n.e.c 139 130 155 142 136 136 287 283 254 340 278 260 264 Millinery 78 83 103 86 79 79 115 121 145 197 138 119 128 Leather and Leather Products 103.8 103.0 104.7 103.0 99.4 99.8 204.6 204.9 198.7 222.2 214.6 207.0 211.5 Leather 91 88 92 93 92 91 159 163 156 185 184 184 185 Boots and shoes 95 95 97 96 92 93 198 196 190 214 205 197 202 Food and Kindred Products 120.9 131.0 123. 125.0 126.0 130.3 205.1 208.2 235.1 239.3 243.1 252.8 267.8 Slaughtering and meat packing... 107 102 119 116 119 121 181 167 180 217 212 232 241 Flour 109 114 123 121 116 119 182 191 221 261 253 240 264 Baking 102 101 106 107 107 107 171 169 179 193 195 200 204 Confectionery 95 93 113 114 110 107 174 180 170 • 232 231 229 226 Malt liquors 141 144 146 150 154 163 201 210 222 240 252 268 296 Canning and preserving 83 137 57 59 59 68 150 182 326 130 140 143 164 Tobacco Manufactures 92.1 90.7 92.2 87.5 88.4 90.2 89.2 181.1 184.1 178.3 193.1 181.6 182.8 194.8 Cigarettes 123 123 120 120 120 122 217 218 211 227 218 221 240 Cigars 77 74 79 72 73 75 164 168 160 176 160 164 168 f Revised. NOTE.—Indexes for totals, major groups, and industries in the Furniture, Apparel, Lumber, Leather, Stone, Clay and Glass, and Printing and Publishing 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 July 1947 are preliminary. 1154 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FACTORY EMPLOYMENT AND PAY ROLLS, BY INDUSTRIES—Continued {Without Seasonal Adjustment) [Index numbers of the Bureau of Labor Statistics, 1939 = 100] Factory employment Factory pay-rolls Industry group or industry 1946 1947 1946 1947 June July Mar. Apr. May June July May June July Mar. Apr. May June Paper and Allied Products 138.8 137.4 145.9 145.0 143.7 143.6 140 1 240 0 247.0 246 4 290 9 290 9 292 6 299 6 Paper and pulp 122 121 126 125 125 126 213 217 218 253 255 259 270 Paper goods, n e.c. 123 121 127 126 125 125 212 218 212 249 248 250 245 Paper boxes 125 124 131 130 125 123 217 226 223 261 257 250 250 Printing and Publishing 119.9 121.1 128 2 128.5 128 6 129 1 128 3 186 4 191 3 193 3 227 7 230 7 234 2 235 9 Newspaper periodicals '"109 110 '•117 '118 119 120 161 162 164 197 '202 '209 '210 Book and job '130 '133 '138 '138 137 138 '208 '216 '220 '254 '255 '255 '258 Chemicals and Allied Products 181.3 178.9 197.5 196.2 194.8 187.9 190.1 311.1 313.0 315 .5 377 5 378.3 381.5 373 3 Drugs, medicines, and insecticides. 188 188 198 197 194 191 305 306 307 363 360 359 355 Rayon and allied products 121 118 121 121 121 104 200 198 198 236 239 239 205 Chemicals, n.e.c. 169 168 179 180 180 182 278 283 289 327 330 335 339 Explosives and safety fuses 169 170 191 192 192 191 267 266 265 315 311 334 341 Ammunition, small arms 178 178 156 158 162 163 319 331 336 333 336 352 359 Cottonseed oil 59 56 99 85 72 65 140 127 120 254 209 185 169 Fertilizers 107 103 153 146 136 114 301 250 246 385 381 365 30? Products of Petroleum and Coal 144.5 146.7 145.9 145.4 149.3 150.8 154.5 234.4 242.5 251.0 262.1 265.2 275.7 286.2 Petroleum refining 136 137 135 134 138 139 222 223 228 235 237 244 254 Coke and by-products 114 118 119 119 121 123 169 195 215 229 231 248 256 Rubber Products 182 9 177 0 196 1 193 5 184 2 180 4 171 0 322 1 331 4 321 4 374 3 383 9 371 2 36 3 4 Rubber tires and inner tubes 196 183 199 195 189 186 314 318 304 343 357 349 341 Rubber goods, other 132 134 145 143 133 130 241 255 256 297 297 277 272 Miscellaneous Industries 170.8 170.5 182.1 179.8 176.3 174.4 169.3 303.1 318.4 314.2 367.6 361.0 356.6 355.4 Instruments, scientific 197 192 181 180 176 178 331 339 327 328 328 317 337 Photographic apparatus 142 146 147 148 149 151 221 233 240 272 271 275 281 For footnotes see p. 1154. FACTORY EMPLOYMENT (Adjusted for Seasonal Variation) [Index numbers of the Board of Governors, 1939=100] 1946 1947 Group June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Total 142.2 143.0 146.3 148.6 149.1 151.5 152.4 153.4 154.4 154.6 153.8 151.9 151.6 P149.7 Durable 162.3 165.2 169.7 172.7 173.8 176.4 177.1 178.7 180.8 181.5 181.2 178.2 179.3 P 175.0 Nondurable 126.3 125.6 127.8 129.6 129.7 131.8 133.0 133.4 133.6 133.4 132.2 131.1 129.8 P129.7 ' 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] Aver age hours worked per week Average hourly earnings (cents per hour) Industry group 1946 1947 1946 1947 May June Feb. Mar. Apr. May June May June Feb. Mar. Apr. May June All manufacturing. 39.7 40.0 40.4 40.4 40.1 40.1 40.3 107.1 108.4 117.0 118.0 118.6 120.8 122.7 Durable Goods 39.3 39 8 40 5 40 7 40 5 40 5 40 6 114.7 116.5 122.9 123.6 124.3 127.8 130.3 Iron and steel products 38.4 38.8 40.0 40.4 40.4 40.3 40.4 119.0 120.6 125.8 126.9 128.0 133.3 136.3 Electrical machinery 38 9 39 8 40 0 40 5 40 0 39 8 39 8 113 1 114 8 120 3 121 2 121.0 126 4 129 5 Machinery except electrical 40.1 40.9 41.3 41.5 41.5 41.4 41.3 120.4 122.3 129.0 129.8 130.8 133.4 136.2 Transportation equipment except autos.... 39.1 39.5 39.7 39.8 39.8 40.2 40.1 133.3 135.0 136.7 136.2 136.3 137.6 138.8 Automobiles 36.3 36.6 38.8 39.7 38.5 38.3 38.7 132.5 134.7 139.9 139.6 140.6 146.3 148.4 Nonferrous metals and products 41.1 40.9 41.0 41.0 40.8 40.6 40.5 114.9 116.3 122.2 122.6 123.4 126.0 128.5 Lumber and timber basic products 40.9 41.5 42.1 41.0 41 .4 41.9 42.6 88.0 90.8 97.9 98.3 99.0 102.5 105.6 Furniture and finished basic products 41.3 41.8 41 .9 41 .7 41.5 41 .5 41.7 91 .7 92.7 102.2 103.1 103.2 104.7 106.2 Stone, clay, and glass products 40.2 40.4 40.1 40.5 40.5 40.2 40.8 101.9 104.1 113.3 114.4 114.9 117.3 119.1 Nouduvablc Goods . ... ... 40 1 40 2 40.4 40.1 39.6 39.8 39.8 99.6 100.3 110.7 111 .9 112.2 113.0 114.1 Textiles—mill and fiber products 39 8 40 0 40 4 40 -0 39 1 38 9 38 6 87.3 87.5 99.7 102.4 102.7 102.5 102.4 Apparel and other finished products 36.9 37.1 36.9 36.7 35.5 35.8 36.0 95.6 95.1 104.9 104.5 99.9 98.8 99.4 Leather and manufactures 39.6 39.3 39.5 39.0 38.3 38.2 38.1 94.2 95.0 102.1 102.8 102.9 103.3 105.2 Food and kindred products 42 4 42 3 42 7 42 3 42 1 43 0 43.4 96.1 97.2 108.8 108.8 109.7 111 .0 112.7 Tobacco manufactures . 39 5 40.0 37.8 37.5 36.7 36.3 38.2 84.8 84.6 93.7 93.9 94.8 94.8 94.9 Paper and allied products 42.9 43.0 43.2 43.2 43.0 43.1 42.9 98.3 99.3 109.8 110.9 112.1 113.5 116.7 Printing, publishing and allied industries. . . 40.4 40.5 40.1 40.3 40.1 40.1 39.9 126.6 127.8 141.5 144.3 146.2 148.7 150.1 Chemicals and allied products 40.7 40.5 41.4 41.3 41.0 41.1 41.2 106.4 108.4 116.5 117.7 119.2 121.1 123.2 Products of petroleum and coal 39.3 39.6 40.1 40.2 40.5 40.0 40.7 134.2 134.7 138.2 140.8 141.8 144.8 146.4 Rubber oroducts 39 4 39 3 40 6 39 8 39 5 39.0 39.1 126.6 128.3 133.1 133.0 139.7 141.6 141 .9 Miscellaneous industries 40.9 41.2 41.0 41.0 40.6 40.3 40.3 102.8 104.2 112.3 113.9 114.2 115.4 116.7 NOTE.—Preliminary July 1947 figures for average weekly hours and hourly earnings are: All manufacturing, 39.9 and 123.4; Durable, 40.0 and 131.0; Nondurable, 39.8 and 115.3 respectively. Back figures are available from the Bureau of Labor Statistics. SEPTEMBER 1947 1155 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 io t n ti p o u n b a li n c d Trade Finance1 Service l Sta l t o e c , a a l nd utilities government* 1939 30,287 10,078 845 ,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 1943—July 42,317 17,608 915 ,491 3,634 7,335 ,406 3,792 6,136 August 42,167 17,608 912 ,424 3,639 7,315 ,401 3,789 6,079 September 41,987 17,569 915 ,369 3,633 7,314 ,398 3,808 5,981 October 42,064 17,696 910 ,279 3,671 7,325 ,389 3,803 5,991 November 42,164 17,812 901 ,247 3,683 7,355 ,392 3,801 5,973 December 41,972 17,687 907 ,233 3,687 7,316 ,396 3,805 5,941 1944—January 41,994 17,643 900 ,224 3,720 7,309 ,388 3,795 6,015 February 41,985 17,637 901 ,174 3,741 7,347 ,386 3,794 6,005 March 41,889 17,503 896 ,129 3,775 7,412 ,384 3,791 5,999 April 41,652 17,314 892 ,097 3,799 7,370 ,384 3,786 6,010 May 41,571 17,219 890 ,098 3,809 7,361 ,379 3,800 6,015 June 41,539 17,140 895 ,092 3,815 7,374 ,374 3,813 6,036 July 41,416 17,037 885 ,088 3,803 7,391 ,369 ,803 6,040 August 41,334 16,952 886 ,081 3,810 7,406 ,366 3,798 6,035 September 41,176 16,809 878 ,061 3,827 7,422 ,367 3,806 6,006 October 41,043 16,714 865 ,040 3,820 7,441 1,363 3,790 6,010 November 41,021 16,661 859 ,036 3,819 7,462 1,366 3,786 6,032 December 41,171 16,712 852 ,031 3,835 7,486 1,368 3,783 6,104 1945—January 41,247 16,808 848 044 3,838 7,487 1,364 3,782 6,076 February 41,364 16,856 845 049 3,849 7,536 ,363 3,782 6,084 March 41,318 16,783 844 ,048 3,858 7,558 ,361 3,769 6,097 April 41,124 16,607 806 ,051 3,862 7,577 ,361 3,768 6,092 May 40,832 16,405 769 ,049 3,858 7,545 ,362 3,778 6,066 June 40,659 16,087 843 060 3,867 7,551 ,363 3,813 6,075 July 40,287 15,641 832 ,072 3,869 7,587 ,378 3,845 6,063 August 39,923 15,217 832 093 3,864 7,635 ,385 3,859 6,038 September 38,102 13,341 833 ,093 3,876 7,733 ,387 3,877 5,962 October 38,017 13,267 762 ,109 3,861 7,793 ,403 4,061 5,761 November 38,356 13,334 843 ,148 3,912 7,882 ,422 4,147 5,668 December 38,502 13,297 855 166 3,952 7,936 ,442 4,217 5,637 1946—January 39,129 13,547 864 ,192 3,992 8,096 ,461 4,307 5,670 February 38,595 12,797 864 210 3,983 8,213 ,499 4,349 5,680 March 39,547 13,482 857 ,280 4,003 8,364 ,508 4,354 5,699 April 40,097 14,124 542 ,384 4,011 8,371 ,502 4,474 5,689 May 40,413 14,274 753 ,424 3,946 8,386 ,509 4,426 5,695 June 40,671 14,400 864 ,473 3,956 8,426 ,516 4,365 5,671 July 40,797 14,475 873 ,535 3,991 8,464 ,534 4,382 5,543 August 41,309 14,745 886 601 4,042 8,573 ,546 4,386 5,530 September 41,669 14,953 884 ,648 4,064 8,609 ,549 4,412 5,550 October. 41,854 15,019 883 ,670 4,093 8,581 ,548 4,537 5,523 November 42,139 15,233 883 679 4,101 8,639 ,551 4,578 5,475 December 42,207 15,310 874 ,731 4,091 8,630 ,554 4,596 5,421 1947—January 42,243 15,426 883 ,678 4,075 8,595 ,552 4,596 5,438 February 42,354 15,529 880 ,651 4,052 8,637 ,554 4,630 5,421 March 42,395 15,564 879 ,632 4,040 8,695 ,555 4,588 5,442 April 42,065 15,513 856 652 3,855 8,638 ,546 4,552 5,453 May 42,080 15,359 884 ,668 3,970 8,632 ,553 4,567 5,447 June 42,319 15,347 890 ,695 4,074 8,667 ,551 4,641 5,454 July 42,042 15,180 861 714 4,092 8,670 ,578 4,613 5,334 UNADJUSTED 1946—April 39,908 14,045 542 ,356 3,991 8,329 ,510 4,474 5,661 May 40,258 14,159 753 ,438 3,946 8,302 ,517 4,448 5,695 June 40,680 14,371 864 ,532 3,996 8,342 ,531 4,430 5,614 July 40,877 14,526 873 627 4,051 8,337 ,549 4,426 5,488 August 41,466 14,876 886 ,713 4,103 8,402 ,554 4,430 5,502 September 41,848 15,035 884 ,747 4,064 8,523 ,534 4,456 5,605 October 42,065 15,064 883 ,753 4,093 8,667 ,540 4,514 5,551 November 42,439 15,271 883 ,713 4,101 8,898 ,543 4,555 5,475 December 42,928 15,348 874 644 4,071 9,234 ,546 4,573 5,638 1947—January 41,803 15,372 883 ,527 4,014 8,552 ,544 4,527 5,384 February 41,849 15,475 880 ,502 4,011 8,507 ,546 4,561 5,367 March 42,043 15,510 879 ,534 4,020 8,565 ,555 4,565 5,415 April 41,824 15,429 856 ,619 3,836 8,552 ,554 4,552 5,426 May 41,920 15,237 884 ,685 3,970 8,546 1,561 4,590 5,447 June 42,342 15,317 890 ,763 4,115 8,580 1,567 4,711 5,399 July 42,137 15,232 861 ,817 4,153 8,540 1,594 4,659 5,281 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. July 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. 1156 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. VV. Dodge Corporation. Value of contracts in millions of dollars] Nonresidential building Public works Total Residential and public Month building Factories Commercial Educational Other utilities 1946 1947 1946 1947 1946 1947 1946 1947 1946 1947 1946 1947 1946 1947 January 357 5 571.6 89.7 257.4 104.7 86.5 69.0 38.3 18.1 19.7 25.8 55.9 50.2 113.9 Pcbruary 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 , 718.0 660.2 281.2 240.9 129.3 82.3 72.8 81.6 35.7 38.5 45.8 51.2 153.1 165.9 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 1946 1945 1946 1947 1945 1946 1947 1945 1946 1947 Federal Reserve district July June July January... 141 358 572 75 47 167 66 311 405 February.. 147 387 442 74 56 96 73 331 346 March 329 698 597 221 146 143 107 551 453 Boston 36,915 32,208 54,880 April 396 735 602 309 127 177 87 608 425 New York. . . 83,399 70,685 175,514 May 243 952 675 148 197 234 95 756 441 Philadelphia. 45,110 37,458 43,968 June 227 808 605 82 215 226 146 593 379 Cleveland. . . 74,717 59,049 64,566 July 258 718 660 108 202 203 149 516 458 Richmond. . . 64,274 77,843 85,294 August.... 264 680 67 205 196 475 Atlanta. 69,666 67,459 85,807 September. 278 620 43 187 235 433 Chicago 107,563 102,554 90,527 October. . . 317 573 61 134 256 439 St. Louis.... 51,675 65,640 40,032 November. 370 504 61 130 309 373 Minneapolis. 29,535 22,979 27,401 December.. 331 457 62 109 269 348 Kansas City. 41,956 25,228 15,840 Dallas 55,444 43,967 34,162 Year 3,299 7,490 . . . 1.311 1,754 ,988 5,735 . Total (11 districts). . . 660,254 605,070 717,991 LOANS INSURED BY FEDERAL HOUSING ADMINISTRATION NOTE.— Data for July 1947 are preliminary. [In millions of dollars] INSURED FHA HOME MORTGAGES (TITLE II) HELD IN Title I Loans Mortgages on PORTFOLIO, BY CLASS OF INSTITUTION 1 1 9 9 3 3 ." 5 6 e . ar or month To 3 55 2 ta 7 0 l p P m e r i r o m r e 2 2 o t v n y 2 4 - p e 4 6 t - - s S h c t t m o i r o o u m n a n c - l e - l l f h ( a - o T m t I u 3 o I i ) s t i 0 9 4 l l e 9 4 e y - s h R g ( o a T r e I u o n n I i s ) t d u t i l a p n e 2 2 l g W h e ( o V a v T r u a r I i e s n a t ) i t l 1 n s - n e ' d g End of month Total [In b C m c a m o i n e a m i r k l l - l s - ion b s s M i t a n u a n o g v a u f k s l - - s do a l a l S l s i a a t o n s a i n r a o g o v s 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 c F e g ie e r e a s d n l - * - Other2 1937 495 60 424 11 1938 . . . 694 160 13 473 48 1939 954 208 25 669 51 1936—Dec 365 228 8 56 41 5 27 1 1 1 1 9 9 9 9 4 4 4 4 2 3 0 1 1 1 1 , , , 1 0 1 9 3 2 8 4 7 6 6 2 2 2 1 6 5 9 4 2 1 6 1 2 2 1 6 1 5 1 8 6 2 7 7 9 4 3 7 1 3 6 0 1 1 2) 3 3 6 6 2 0 8 1 1 4 3 1 1 1 1 9 9 9 9 3 4 3 3 0 8 9 7 — — — — D D D D e e e e c c c c 2 1 1 , , , 1 7 4 7 9 9 0 7 9 3 9 1 1,1 4 6 9 6 0 3 3 2 2 4 0 1 2 3 3 7 7 8 0 1 2 1 1 1 2 9 4 1 4 2 9 0 3 5 2 1 4 4 1 1 2 2 2 8 2 1 0 3 7 5 1 2 7 3 1 1 9 5 5 3 0 3 0 3 1944 886 125 216 7 537 1945 684 189 219 4 272 1941—Mar 2,598 1,246 146 230 606 210 160 1946. 798 363 (2) 347 3 85 J S u e n p e t 2 2 , , 9 7 4 5 2 5 1 1, , 4 3 0 1 0 8 1 1 5 7 7 1 2 2 3 4 7 6 6 7 6 2 8 2 2 22 2 5 0 1 1 5 7 4 8 1946—I ill v 80 42 (2) 33 1 s Dec 3,107 1,465 186 254 789 234 179 A S O e u c p g t t o u e s b m t e b r e .. r . . . . 8 6 5 5 3 5 4 2 3 7 5 2 ( ( 2 ? ) 3 2 2 3 6 6 4 4 6 1942— D Ju e n c e 3 3 , , 4 6 9 2 1 0 1 1, , 6 6 6 2 9 3 2 2 1 3 9 6 2 2 7 7 2 6 1,0 9 3 4 2 0 2 24 4 5 3 1 1 9 6 5 3 1947— D N Ja e o n c v u e e a m m ry b b . e e r . r . . . . . . 6 8 7 7 9 7 4 3 4 4 5 0 ( ( 2 2 ) ) 2 3 2 6 0 8 1 9 6 7 1943— D Ju e n c e 3 3, , 6 7 2 0 6 0 1 1, , 7 7 0 0 5 0 2 2 5 5 2 6 2 2 8 9 4 2 1 1, , 1 0 3 7 4 1 23 7 5 9 1 1 5 5 8 9 A F M e p a b r r i r c l u h ary . . .. . 1 8 1 7 6 7 9 4 3 5 0 9 1 ( (2) 2) 3 2 2 3 7 8 3 1 1 3 3 8 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 6 8 9 4 1 1, , 0 1 7 1 2 9 6 7 8 3 1 1 5 4 0 0 J M T u u l a n y y e 1 1 1 1 5 6 2 2 9 42 (2) 3 3 3 6 9 9 6 3 7 3 4 4 1945— D Ju e n c e 3 3, , 1 3 5 2 6 4 1 1 , , 5 5 7 0 0 6 2 2 6 6 5 3 2 2 5 6 3 4 1 1 , , 0 0 4 0 7 0 4 1 3 3 1 1 2 3 2 4 1946—June 3,102 1,488 260 247 974 11 122 1 Mortgages insured under War Housing Title VI through April Dec 2,946 1,436 246 233 917 9 105 1946; figures thereafter represent mainly mortgages insured under the Veterans' Housing Title VI (approved May 22, 1946) but include a few refinanced mortgages originally written under the War Housing 1 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 banks, loans. Figures include some reinsured mortgages, which are shown in endowed institutions, private and State benefit funds, etc. the month in which they were reported by FHA. Reinsured mortgages NOTE.—Figures represent gross amount of mortgages held, excludon rental and group housing (Title II) are not necessarily shown in the ing terminated mortgages and cases in transit to or being audited at the month in which reinsurance took place. Federal Housing Administration. SEPTEMBER 1947 1157 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MERCHANDISE EXPORTS AND IMPORTS [In millions of dollars] Merchandise exports1 Merchandise imports2 Excess of exports Month 1943 1944 1945 1946 1947 1943 1944 1945 1946 1947 1943 1944 1945 1946 1947 Tanuary 750 1,124 903 798 Pl,114 230 301 334 394 P531 520 823 569 405 P583 February 728 1,107 887 670 Pl,150 234 314 325 318 P436 494 793 561 352 P713 March 992 1,197 1,030 815 Pl,327 249 358 365 385 P444 743 839 665 431 P883 April 989 1,231 1,005 757 P1,299 258 361 366 407 P512 732 870 639 350 P787 May 1,092 1,455 1,135 851 P1,422 282 386 372 397 P474 810 1,069 763 453 P948 June 1,003 1,296 870 878 P!,242 296 332 360 386 P466 707 965 511 492 P776 July 1,265 1,197 893 P826 302 294 356 P434 963 903 537 P392 August 1,280 1,191 737 P883 318 304 360 P425 962 887 378 P458 September. . . .1,269 ,194 514 P643 289 282 335 P3 78 981 912 180 P265 October 1,237 1,144 455 P537 329 329 344 P394 908 815 111 P143 November 1,072 ,185 639 P986 312 323 322 P482 760 862 317 P505 December 1,286 938 736 Pl,097 282 336 297 P536 1,004 602 439 P561 Jan.-June 5,555 7,410 5,831 4,769 P7,553 1,549 2,052 2,122 2,286 P2,863 4,006 5,359 3,709 2,482 P4,690 P Preliminary. 1 Including both domestic and foreign merchandise. 2 General imports including merchandise entered for immediate consumption and that entered for storage in bonded warehouses. Source.-—Department of Commerce. Back figures.—See BULLETIN for April 1944, p. 389; April 1940, p. 347; February 1937, p. 152; July 1933, p. 431; and January 1931, p. 18. FREIGHT CARLOADINGS BY CLASSES REVENUES, EXPENSES, AND INCOME OF CLASS I RAILROADS [Index numbers: 1935-39 average = 100] [In millions of dollars] For- Mis- Mer- Total Coal Coke Grain s L 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 l n s - e- c l d h .c i a s .l n e . - o r p a T i e o l r w t a a a t l i y ng e r x a T p i o l e w t n a a s l e y s o r p a e N il r w e a t t a i y nj in N co e m t e revenues income Annual 1939 101 98 102 107 96 100 110 101 97 Annual 1940 109 111 137 101 96 114 147 110 96 1939 3,995 3,406 589 93 1941 130 123 168 112 91 139 183 136 100 1940 4,297 3,614 682 189 1942 138 135 181 120 104 155 206 146 69 1941 5,347 4,348 998 500 1943 137 138 186 146 117 141 192 145 63 1942 7,466 5,982 1,485 902 1944 140 143 185 139 124 143 180 147 67 1943 9,055 7,693 1,362 874 1945 135 134 172 151 125 129 169 142 69 1944 9,437 8,343 1,093 668 1946 132 130 146 138 129 143 136 138 79 1945 8,899 8,049 849 447 1946 P7,627 P7.OO8 P289 SEASONALLY ADJUSTED SEASONALLY ADJUSTED 1946—May 106 68 62 126 115 125 66 123 73 June 133 146 140 r125 118 149 137 135 81 1946—April 566 562 4 -28 July 139 145 177 139 166 153 164 141 78 May 515 524 -9 -41 August. . . 141 152 184 131 118 157 162 145 77 June 639 586 53 20 September 138 160 183 125 91 154 164 139 75 July 651 603 48 16 October. . 139 155 183 142 128 146 157 139 79 August. . . 664 613 51 18 November 137 117 166 147 136 151 157 148 83 September. 673 605 68 37 December. 140 132 155 162 122 156 145 148 81 October... 663 606 57 25 November. 663 601 62 29 1947—January.. 150 163 175 157 123 163 176 152 77 December. 658 523 135 98 February. 142 149 171 147 111 166 172 145 76 March. . . 146 147 180 159 121 159 171 151 78 1947—January... 698 624 74 42 April 137 119 173 151 111 148 184 147 79 February.. 696 631 65 33 May 142 155 185 138 104 148 184 145 76 March. . . . 723 642 81 48 June 137 141 173 140 '107 145 184 142 74 April 685 637 48 15 July 134 115 170 168 107 152 194 143 71 May 698 633 65 32 June 731 649 82 P49 UNADJUSTED UNADJUSTED 1946—May 107 68 61 111 103 130 103 125 73 June 137 146 138 128 96 155 213 139 80 1946— April 567 556 11 -20 July 143 145 172 166 135 153 263 142 78 May 533 537 -5 r-36 August. . . 145 152 177 142 113 165 243 146 77 June 612 574 38 15 September 149 160 181 140 120 166 245 150 79 July 674 611 63 32 October. . 149 155 180 142 197 154 216 151 82 August. . . 710 629 82 53 November 141 117 166 144 171 148 169 154 84 September. 660 593 67 39 December. 131 132 163 152 118 139 45 139 78 October.. . 710 625 85 57 November. 658 594 64 38 1947—January.. 138 163 184 157 118 147 44 139 74 December. 637 534 103 89 February. 133 149 182 144 89 159 43 136 74 March. . . 137 147 182 146 96 159 50 144 79 1947—January... 686 628 58 29 April 134 119 169 133 98 148 157 145 80 February.. 636 593 43 14 May 144 155 183 121 94 154 267 146 76 March.. .. 718 645 73 43 June 142 141 170 143 87 151 286 146 73 April 689 631 58 33 July 140 115 165 202 87 153 311 145 71 May 724 649 76 46 June 697 637 60 P36 ' Revised. NOTE.—For description and back data, see pp. 529-533 of the BULLETIN for p Preliminary. r Revised. June 1941. Based on daily average loadings. Basic data compiled by Associa- NOTE.—Descriptive material and back figures may be obtion of American Railroads. Total index compiled by combining indexes for tained from the Division of Research and Statistics. Basic classes with weights derived from revenue data of the Interstate Commerce data compiled by the Interstate Commerce Commission. Commission. Annual figures include revisions not available monthly. 1158 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 Boston Y N o e r w k d P e h l i p l h a- ia C l l a e n v d e- m Ri o c n h d - la A n t t - a c C a h g i- o L S ou t. is M ap i o n l n is e- K C a i n ty sas Dallas F c S i r s a a c n n o - 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 1946—July 273 227 236 '242 260 '310 343 254 300 253 '282 '383 '321 August 290 246 259 259 286 '307 365 281 330 259 300 381 3.4 September 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 November 271 230 231 239 266 '291 347 261 294 252 283 356 320 December 276 231 232 250 277 293 363 264 303 251 299 348 317 1947—January 265 215 228 247 256 '293 341 245 278 262 281 363 313 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 '289 249 254 '264 284 317 365 278 299 278 305 '361 '320 July 287 237 254 257 281 301 336 281 320 268 295 378 329 UNADJUSTED 1946— A Ju u l g y ust 2 24 0 2 8 1 1 5 8 7 4 1 1 8 5 9 8 ' 1 1 9 7 5 4 2 2 4 0 9 3 ' ' 2 2 2 5 2 4 2 32 7 1 5 2 1 3 9 6 8 2 2 3 8 4 4 2 2 3 0 2 4 2 2 7 3 9 9 r2 3 Q 3 \ 2 r2 2 6 9 5 2 September. 278 237 214 246 251 316 374 268 316 287 311 395 32o October 278 240 202 258 265 312 372 268 313 281 312 384 330 November. 336 284 301 318 333 '370 416 318 371 302 340 434 376 December.. 441 398 392 408 430 '494 570 409 463 385 448 567 504 1947—January. . 209 170 182 188 194 '219 273 196 228 196 225 294 249 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 May 280 241 237 261 283 301 '348 276 315 269 297 356 301 June 265 r232 231 238 267 278 307 270 269 264 281 '307 294 July 219 164 170 185 220 215 269 219 249 217 250 288 272 STOCKSi 1939. 102 99 97 96 99 107 107 103 102 103 99 106 106 1940. 108 105 102 99 106 113 115 111 108 110 105 113 113 1941. 131 124 123 119 130 139 140 134 134 138 125 130 137 1942. 179 165 181 167 182 191 178 186 176 171 159 161 187 1943. 155 142 143 *141 144 175 161 160 152 151 152 159 172 1944. 162 147 150 148 151 190 185 161 159 169 157 177 177 1945. 166 153 160 150 156 198 188 159 166 165 158 190 182 1946. 213 182 195 191 205 250 258 205 225 211 210 250 238 SEASONALLY ADJUSTED 1946—July 222 187 208 213 264 267 213 231 224 206 252 250 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 Tune 242 188 215 '212 231 270 280 232 267 '257 248 308 280 July 230 188 205 204 217 265 270 226 246 254 211 276 267 UNADJUSTED 1946—July 223 179 ,•197 192 213 260 275 209 240 228 '229 272 265 August.... 238 198 218 213 225 297 292 225 255 232 225 296 263 September. 250 210 216 231 246 294 305 244 266 245 246 299 281 October 267 231 217 247 268 312 333 263 295 271 266 310 299 November. 277 236 247 242 263 316 347 274 293 279 266 324 313 December.. 235 186 213 187 214 266 293 231 246 246 248 306 274 1947—•Janutaary. . 234 180 206 188 225 268 280 225 250 253 258 294 277 Februuary. 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 '236 180 206 '201 222 259 283 227 267 '248 248 298 285 July 232 181 194 194 217 268 278 222 256 258 236 299 283 ' 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 sec BULLETIN for June 1946, pp. 588-612. SEPTEMBER 1947 1159 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORE STATISTICS—Continued SALES, STOCKS, AND OUTSTANDING ORDERS WEEKLY INDEX OF SALES AT 296 DEPARTMENT STORES * [Weeks ending on dates shown. 1935-39 average = 100] Amount Without seasonal adjustment (In millions of dollars) 1945 1946 1946 1947 Out- Year or month Sales Stocks stand- Oct. 6.... .242Oct. 5 .277Apr. 6.... .272Apr. 5.....319 (total (end of ing 13.... .245 12 .281 13.... .282 12.....265 for month) orders 20. . .237 19 .295 20.... .289 19 271 month) (end of 27 233 26 287 27!..' 232 26.... .267 month) Nov. 3... 236Nov. 2 277May 4... 248May 3.... .279 10.....261 9.....314 11.... .274 10.....311 17. .. .275 16 .342 18.... .246 17 273 1939 average 128 344 24."... .258 23 363 25... 245 24.... .277 1940 average 136 353 108 Dec. 1.... .326 30.....334June 1.....223 31.... .250 1941 average 156 419 194 8.....401Dec. 7.....475 8.... .273June 7.. .. .293 1942 average 179 599 263 15.....433 14.....519 15.... .283 14.... .300 1943 average 204 508 530 22.....421 21 .532 22.... .248 21.... .256 1944 average 227 534 560 29.....158 28.....281 29.... . 239 28.....245 1945 average 255 564 728 July 6.... .192July 5 . ..208 1946 average 318 714 907 1946 1947 13. ... .210 12.....228 20.... .201 19.... .217 1946—June '303 700 1048 Jan. 5.... .135Jan. 4 .188 27.... .204 26.... '213 July 244 ••738 '1074 12.... .188 11 .232Aug. 3.... .217Aug. 2 . .220 August 303 806 1012 19.....191 18 .223 10.... .228 ..223 September 309 828 960 26.... .188 25 .220 17.... . 239 16.... .225 October 341 879 845 Feb. 2. ..197Feb. 1 .217 24.... .255 23. ... .243 November 404 919 691 9.....214 8... ..219 31.....281 30.... .277 December 526 776 557 16.... .209 15 .246Sept. 7.... .264Sept. 6.... .265 23.... .213 22.....216 14.... .293 13.. . 1947—January 256 769 619 Mar. 2.....217Mar. 1 .238 21.... .280 20. . . February 250 838 603 9.....233 8'.'...'..254 28... .257 27 March 332 865 485 16.... .243 15 .267 April 321 849 387 23.... .255 22.....286 May '336 '818 '351 30.... .257 29 .283 June 304 769 470 July P252 P729 P594 ' Revised. 1 P T P h r e e s li e m f i i n g a u r r y e . s represent r R re e t v a i il s e s d a . les, stocks, and outstanding orders 874-8 N 7 O 5 T o E f . — BU R L e L v E is T e I d N s f e o r r ie S s. e pt F em or b d e e r s 1 c 9 ri 4 p 4 ti . on and back figures see pp. as reported by a sample of 296 of the larger department stores located in various cities throughout the country and are not estimates for all department stores in the United States. Back figures.—Division of Research and Statistics. SALES BY FEDERAL RESERVE DISTRICTS AND BY CITIES [Percentage change from corresponding period of preceding year] , Seven I jSeven iSeven July July j June mos. July j June! mos. July Junej mos. 1947 1947 I 1947 1947 1947 1947 1947 1947 1947!1947 United States. +4 C T le o v le el d a o n 1 d-cont +9 +4 + 10 C C h h i i c c a a g g o o x p+ + 1 9 1 '+ + 6 9 + Ka c n o s n a t. s City— Boston v+4 4-6 +10 Youngstown *. . +7 +3 +11 Peoria1 P+4 +10 +10 Oklahoma City. 0 -lj +3 N Po ew rtl a H n a d ven. . . — -4 9 4-8 4-4 P E i r t i t e s 1 burgh 1. . . . + + 9 3 + -1 6 +11 F In o d r i t a W na a p y o n li e s 1 l. . . . +5 - - 4 6 + + 1 1 3 0 Tulsa +3 +6| +6 Boston Area. . +4 4-12 Wheeling 1 +3 -6 Terre Haute *.. +10 + 17 +6 Dallas -l! +5 Downtown +8 Des Moines. . . +3 +13 Shreveport +5 +19| +8 N N N A N B P R E W B S P B e o p l r o u e e l i i w r m o b a n o r u w f c w i i f B g r a d g g v h n i a c Y a n a r g h Y e g h o l i e a r o y r d o s k f s e a s k a o i t r t e t e p m e e o 1 r k e 1 n e l F k o r n r d t p c r a o C s e t l n l l i l . . . i e s . . . . t . . . . . y . . . . . . 1 + + + + + + + + + — + + + 6 8 9 5 5 7 2 2 2 3 3 5 * + 4 '4 i 4 4 - 4 4 4 4 4 - — 4 4 1 4 - - - - - - - - - - 5 4 1 2 1 3 1 3 1 9 8 7 4 4 4 4 4 4 4 - - - - 4 - 4 - 4 4 + 4 + 4 - 1 1 1 1 1 1 1 - - - - - - 9 8 1 0 0 1 8 4 0 8 0 4 9 5 1R H C L N R R W C G R B W i y h o i o c u h r a a W c i e a n h a a l r l a n n h e t e f s r n c m r s i . o t m i h n l m h o l g t i e l V v i e o o n k k b o h s n o s i n n t e u a n g , l g r t o l - d r d o e t t e S N n g o o , n , a n . n ^ S l e C . . J . . . m C . . . . C . . . . . - + + + 1 + 3 - - - 0 1 3 1 9 7 0 1 1 ! 1 I | + - + + + + + - 2 . 1 3 2 8 1 1 1 0 3 + + + + + + + + + + + + - 1 1 1 2 5 6 6 2 3 4 2 5 4 4 8 1 S S Q L L E E F G M L D F G M t. t o o a v i u a l r . r e t a i u s i r e a n i a t L l t d L t n n t l e i w n s n r e s o i c n t o i o s s d S v S 1 a n u y u v o i R i u t g i m B t l i n i . R s x k l s o l e a l L e i c a 1 e y t e 1 . k o p . h . x u i . . x . . . d x i . . . . . . . s s . . . . . . . . . . . P P + + + + + + + + + 8 + 1 1 1 1 1 1 8 8 4 3 6 0 0 5 7 3 | ! + + + + + — + - + 2 + - + 7 + - 2 1 1 1 1 6 3 0 1 5 1 6 1 6 6 7 \ 2 5 3 1 4 0 ! | 1 l ; + + + + + + + + - + + + + 1 + + - 9 1 1 1 1 1 1 1 1 1 2 1 9 6 4 6 7 8 5 1 1 8 6 0 | S O F L L T R F H S B D C P a r o o a u o i h a n a o o a e v B n s n c k r k o r u l s e t F s g p e l l e e n A s r A a o a r u n r r t s o W n k n s s n B o a s i i n d e f 1 x d g x n n e t i l o e C e e o e a c 1 a x l l . c r y n i a h . e n d s . h t . n s i r d c 1 h o i . d 1 l o x . s . . . . . . . t . . . . . i . . . . . . . . . . v+ ( + + - + 2 - ) 2 4 2 7 6 7 ° 0 i I ! | l + '+ + - + + - - + - - 6 l i 6 4 l 4 6 6 l 2 4 ! l 0 j 1 | 1 J ! 1 | ; \ 3 j + + + + + + + + + + + + 1 1 + 1 1 4 8 6 0 8 7 2 7 1 7 1 1 0 Schenectady. . +8 +8 Atlanta +5 St. Louis Area. | + 11 San Bernardino +6 r+7j +9 S U y ti r c a a cuse 1 + + 1 3 1 4 4 - - 6 8 + + 1 1 1 3 B M i o rm bi i l n e gham l. . +6 + | + + 7 5 S M p e r m in p g h f i i s e l l . d . . . . . . . +4! -4! + + 4 4 S Sa a n cr a D m ie e g n o to x . * . . . . . . + + 3 2 + ' 3 0 i ! + + 2 7 P L R T P h a h r e i e n l i a a l n c d a d t a i d o e n s e n l g t p l e p x h r * h i 1 i a . a . . 1 . . . . ! + + + + i 6 6 4 o 4- ± 4 4 1 - - 4 S 5 4 ! + + + + + 1 1 1 1 4 1 2 4 4 J O A T M M a a r t c o i l l m a k a a n m n s n p t o g d t a i a n o o x x v m x il e l r e y l l . . . . . + +5 8 e 1 + + - 1 4 4 0 j : ! + + + + + + 1 1 8 3 4 2 2 0 M S D M i t u n . i S n l n P u u n e p t a e a h e a u p - r p l i o 1 o o l r l i i s s x . 1 . . . . . . + + 1 6 5 o J 1 | | + + + 1 1 2 2 + + + + 1 1 1 8 2 5 3 S S V S Sa a t a a o N n n n l c l t e a k F a J j p o t o r o a a R s n a e n J o n c x s i d a s c J o . . l . . P - - 2 + + + 2 0 9 3 1 | 1 - ' ' + - 1 + + 2 6 7 7 | 1 ! ; ! 1 + + - + 1 1 1 + 5 4 4 7 7 Wilkes-Barre1. +7 '4-2 + 15 Augusta +4! +5 Kansas City . . +5 +4\ +8 Boise and York1 4 -6 -6 +5 M Co a l c u o m n b l us -III +7| + -2 9 D Pu e e n b v l e o r + + 1 4 1 + -3 5 | ! + + 1 9 1 Po N rt a la m n p d a ^ -I + S 6 1, + -8 8 1 + + 11 2 Cleveland +8 +4 +10 Baton Rouge 1. . 12! +8 Hutchison. . . . +2 -l! +5 Salt Lake City 1. + 16 -3 +8 Akron x +10 -1 +6 New Orleans J. . +8 +61 + 10 Topeka +8 +4j +8 Bellingham x. . . — 13! +41 +9 C Ca in n c to in n n * a . ti1. . . + + 4 7 4- 4 l - C 3 + + 1 9 4 J B a r c i k st s o o n n , l Tenn. . - - g 1 + -5 4 + + 8 2 W Jop ic l h in ita + - 1 6 0 + 11 9! ! + - 1 3 3 S E e v a e t r tl e e t t x l p- + 6 2 1 - - 3 3 + + 4 6 S C C p o le r l i v u n e m g l f a b i n e u l d s d 1 l. 1 . . . . . . . . . . , + + + 1 6 2 1 +1 + + +6 9 7 1 C N K h a n s a o h t x t v v a i n i l l l o l e e o J l ga x. . - -1 2 2 0 - - 2 7 1 + -8 2 0 S K O t a m . n J a s o h a s a s e p C h i . t y . . . . . . + + + 1 5 2 2 + + 5 3 o | | l + + + 9 9 7 S T Y p a a o c k o k im m an a a e x L x '- P 1 - + 4 1 4 1 ' - + + l 8 j 1 ! 1 + + + 4 1 7 6 p Preliminary. ' Revised. 1 Indexes for these cities may be obtained on request from the Federal Reserve Bank in the district in which the city is located. 2 Data not available. 3 Six months 1947. 1160 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORE STATISTICS—Continued SALES AND STOCKS BY MAJOR DEPARTMENTS Per cent change Ratio of Index numbers from a year ago stocks to without seasonal adjustment (value) sales x 1941 average monthly sales=100; Department N of u s m to b r e e r s Sale p s e r d io u d ring ( m S en t o o d n c o t k h f s ) June Sale p s e r d io u d ring Sto c c f k m s a o t n t e h nd reporting Six 1947 1946 1947 1946 June mos. June 1947 1946 1947 1947 1947 June May June June May June GRAND TOTAL—entire stores 358 + 1 +6 +9 2.6 2.4 MAIN STORE—total 358 -1 +5 +11 2.7 2.4 192 213 194 523 569 473 Women's apparel and accessories 355 -8 -1 -10 2 1 2.2 183 218 199 391 438 433 Coats and suits 340 —9 n —31 2.1 2.7 101 173 110 209 237 303 Dresses 341 -12 -4 —6 1.1 1.0 241 279 275 267 340 283 Blouses, skirts, sportswear, etc 335 -8 -3 -36 1.7 2.5 264 267 286 457 577 723 Juniors' and girls' wear 315 -10 -3 —36 1.8 2.6 204 240 226 374 441 573 Juniors' coats, suits, dresses 221 -10 -6 -35 1.3 1.8 228 270 254 298 365 441 Girls' wear 240 -9 0 —36 2.6 3.7 186 212 205 483 560 753 Aprons housedresses uniforms 294 — 13 -5 +20 1.4 1.0 252 273 290 350 410 293 Underwear slips negligees 340 -1 +5 + 16 2.2 1.8 212 252 214 458 485 394 Knit underwear 163 +8 + 14 +28 2.0 1.7 228 254 212 460 469 358 Silk and muslin underwear, slips 189 -3 + 1 +33 2.2 1.6 210 264 217 466 493 349 Negligees robes lounging apparel ... . 165 -7 +6 -25 2.1 2.6 191 245 205 406 458 538 Infants' wear 320 +5 + 11 — 14 2.9 3.6 216 246 206 632 678 736 Shoes (women's, children's) 248 -5 +6 +58 3.2 1.9 206 242 216 659 732 421 Furs . 262 —30 + 1 —35 17.4 18.5 21 29 30 364 332 608 Neckwear and scarfs 246 +3 + 1 -28 2.4 3.4 183 247 178 439 491 619 Handkerchiefs 294 — 26 4.1 5.1 132 153 142 535 586 722 Millinery 174 —5 — 2 — 15 0.9 1.1 121 168 127 114 146 144 G Co lo r v se e t s s , ( w br o a m ss e i n er 's e , s children's) 3 33 3 9 3 +2 c + + 8 1 + -1 1 5 4 5 2. . 2 1 5 2 . . 7 0 2 1 5 0 8 3 2 1 7 5 8 6 2 1 5 0 1 8 5 57 2 2 5 5 61 7 6 3 6 4 1 9 8 8 Hosiery (women's children's) 349 -21 -4 +40 2.0 1.1 125 156 159 250 267 178 Handbags, small leather goods '. 328 -14 j -28 2.0 2.4 162 193 189 328 383 450 Men's and boys' wear 329 +4 +10 +45 2.7 1.9 219 198 211 580 651 400 M M e e n n ' ' s s f c u lo rn th is i h ng ings, hats, caps 2 3 4 1 5 4 +15 0 + + 2 5 5 + + 1 4 4 0 1 2 2 . . 3 4 1 1 . . 7 1 2 2 1 4 1 0 2 1 2 8 5 1 2 1 4 8 0 4 5 4 8 9 0 4 6 5 7 1 8 1 4 20 1 6 4 Boys' clothing and furnishings 290 -4 + 1 -6 4.0 4.1 164 187 171 657 752 693 Men's and boys' shoes, slippers 190 + 12 +12 +81 3.4 2.1 224 193 200 773 820 424 Home furnishings 316 +9 +15 +34 3.4 2.8 204 221 187 692 724 514 Furniture, beds, mattresses, springs 240 0 +2 +45 3.8 2.6 177 189 177 680 707 463 Domestic floor coverings. 266 +12 +21 +78 3.7 2.3 187 218 166 683 672 380 Draperies, curtains, upholstery 299 -1 -i +16 3.5 3.0 199 246 200 702 760 607 Major household appliances 233 + 101 + 165 +252 1.4 0.8 328 357 163 463 497 139 Domestics, blankets, linens, etc 306 -2 0 +27 3.3 2.6 183 183 187 607 645 479 Linens and towels . 204 -3 -7 +20 3.9 3.1 182 168 188 706 709 577 Domestics-muslins sheetings 175 +6 + 13 + 138 2.5 1.1 190 196 179 478 491 197 La B m l p a s n k a e n t d s, s c h o a m de f s orters, spreads 2 1 3 9 9 1 + -6 1 - — 2 1 — + 1 5 7 3 3. . 6 4 3 4 . . 1 4 1 1 7 7 3 8 1 19 8 1 0 1 1 7 8 2 9 6 6 1 2 1 1 6 7 6 0 8 3 6 7 0 5 0 2 China and glassware . . . 239 +3 +8 +42 5.4 3.9 152 145 147 817 792 576 Housewares 239 +2 +7 +3 3.1 3.1 273 305 269 848 929 822 Piece goods 305 -5 +10 +53 3.1 1.9 228 290 240 709 732 470 Silks rayons and velvets 113 -9 + 10 + 106 2.9 1.3 198 274 219 573 587 278 Woolen dress goods ... 94 -37 +3 + 12 8.2 4.6 99 111 157 809 765 716 Cotton wash goods 127 +9 + 16 +91 2.0 1.2 301 368 276 618 647 328 Small wares 344 —2 +2 -12 3.3 3.7 169 182 173 563 604 636 Lace, trimmings, embroideries, and ribbons.... 121 -4 -2 -16 2.8 3.2 240 278 250 671 687 785 Notions 231 +7 + 12 —9 2.4 2.8 250 267 234 592 626 642 Toilet articles, drug sundries, and prescriptions. . 328 -10 -5 -15 3.7 3.9 135 145 150 500 533 589 Jewelry and silverware 308 +2 + 1 -6 3.3 3.6 199 213 195 664 719 712 Jewelry 208 o — 2 — 21 3 3 4.2 186 216 186 607 675 779 Silverware 130 +6 +7 +23 3.1 2.7 217 201 205 673 698 534 Art needlework 242 +4 — 18 5 1 6.0 121 131 125 614 656 746 Stationery, books, magazines 251 -3 +4 -9 3.5 3.7 153 160 159 541 583 590 Stationery 157 — 2 + 10 _9 3.6 3.8 150 155 153 536 582 573 Books, magazines 94 -2 -3 -11 3.3 3.6 141 142 145 470 494 529 Miscellaneous 305 + 1 +2 +7 2.8 2.7 190 186 189 539 576 509 Toys and games . .. 154 -12 -15 -20 4.6 5.1 115 115 131 533 572 662 Sporting goods, cameras . .. 66 + 10 + 16 +43 3.4 2.6 197 171 179 660 686 449 Luggage . 251 +5 +8 + 17 2.1 1.9 317 270 302 663 721 559 BA W S o E m M e E n' N s T a p S p T ar O el R a E n — d a t c o c t e a s l sories : 2 1 0 9 7 8 + + 1 5 0 + + 1 8 3 -1 -5 8 1 1 . . 9 6 2 2 . . 2 0 1 18 9 8 4 2 2 0 0 5 8 1 1 7 7 7 9 3 29 7 8 7 3 4 2 0 1 4 3 36 9 2 5 Men's and boys' clothing and furnishings 164 +20 +25 +4 2.1 2.4 228 199 190 469 523 453 Home furnishings 140 +9 + 13 +8 2.5 2.6 190 215 173 484 502 449 Piece goods 53 + 1 + 12 +52 2.7 1.8 247 279 245 680 686 434 Shoes. . 127 +24 +29 + 15 2.4 2.6 191 189 154 458 512 399 1 The ratio of stocks to sales is obtained by dividing stocks at the end of the month by sales during the month and hence indicates the number of months' supply on hand at the end of the month in terms of sales for that month. 2 The 1941 average of monthly sales for each department is used as a base in computing the sales index for that department. The stocks index is derived by applying to the sales index for each month the corresponding stocks-sales ratio. For description and monthly indexes of sales and stocks by department groups for back years, see pp. 856-858 of BULLETIN for August 1946. The titles of the tables on pages 857 and 858 were reversed. 3 For movements of total department store sales and stocks see the indexes for the United States on p. 1159. 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. 1161 SEPTEMBER 1947 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 E o n r d m o o f n y th ear co c T n r s o e u t d a m i l t er ins T ta o l t m al ent Sale credit Loans1 p S a lo i y n a m g n l e s e 2 n - t a C cc h o a u rg n e ts S c e r r e v d i i c t e credit Total Automobile Other 1929. 7,637 3,167 2,515 1,318 1,197 652 2,125 1,749 596 1930. 6,829 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 1,419 520 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 1,442 1,487 523 1939 7 994 4,449 2,792 1,267 1,525 1,657 1,468 1,544 533 1940. 9,146 5,448 3,450 1,729 1,721 1,998 1,488 1,650 560 1941. 9,895 5,920 3,744 1,942 1,802 2,176 1,601 1,764 610 1942 6,478 2,948 1,491 482 1,009 1,457 1 369 1 513 648 1943. 5,334 1,957 814 175 639 1,143 1,192 1,498 687 1944 5 776 2 034 835 200 635 1,199 1 255 1 758 729 1945 6,637 2,365 903 227 676 1,462 1,519 1 981 772 1946 10,157 3,976 1,558 544 1,014 2,418 2,253 3,054 '874 1946—'Time 7,905 2,902 1,035 336 699 1,867 1,846 2,327 830 July '•8,032 3,022 1,070 365 705 1,952 1,886 2,281 '843 August '8,374 3,165 1,124 394 730 2,041 1,938 2,418 '853 September '8,643 3,288 1,177 425 752 2,111 2,000 2,495 '860 October '9,021 3,458 1,261 466 795 2,197 2,081 2,621 '861 November '9,540 3,646 1,358 505 853 2,288 2,164 2,859 '871 December 10,157 3,976 1,558 544 1,014 2,418 2,253 3,054 '874 1947—January '9,982 4,048 1,566 581 985 2,482 '2,295 2,764 '875 Fphruarv '9,939 4,156 1,608 631 977 2,548 '2,303 2 602 '878 March 10,255 4,329 1,695 691 1,004 2,634 '2,279 2,768 '879 April 10,465 4,537 1,813 753 1,060 2,724 '2,256 2,782 '890 May 10,723 4,733 1,922 810 1,112 2,811 2,255 2,835 900 June? 10,970 4,909 2,014 858 1,156 2,895 2,269 2,887 905 Julyp 11,060 5,051 2,074 905 1,169 2,977 2,306 2,792 911 pPreliminary. ' Revised. 1 Includes repair and modernization loans insured by Federal Housing Administration. 2 Noninstalment consumer loans (single-payment loans of commercial banks and pawnbrokers). CONSUMER INSTALMENT LOANS [Estimates. In millions of dollai-s] Amounts outstanding Loans made by principal lending institutions (end of period) (during period) Insured Year or month Total m b C a e o n r m c k i s a - * l p S c l a m o o n a m a i n e l - l s b In t a r d n i k a u l s s * - p I c n a t lo o r n d i a m i a u n e l s - s - 2 u C n r i e o d n it s l M l a e n n is e d c o e e u r l s s - m i r l z o e a o a a p n d t n i a d e o s i r r n 3 n- m b C a e o n r m c k i s a - 1 l p S c l a m o o n a m a i n e l - l s b In t a r d n ia u k l s s - 2 p I c n a t lo o r n d i a m i u a e n l s - s - 2 u C n r i e o d n i s t 1929 652 43 263 219 32 95 463 413 42 1930 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 . . . 88 287 156 44 79 168 130 455 288 67 1936 1,090 161 326 191 66 102 244 248 610 354 105 1937 1,219 258 374 221 93 125 148 368 662 400 148 1938 L,299 312 380 129 95 112 117 154 460 664 238 176 179 1939 L.657 523 448 131 99 147 96 213 680 827 261 194 257 1940 . . L,998 692 498 132 104 189 99 284 1,017 912 255 198 320 1941 M76 784 531 134 107 217 102 301 1,198 975 255 203 372 1942 1,457 426 417 89 72 147 91 215 792 784 182 146 247 1943 1,143 316 364 67 59 123 86 128 639 800 151 128 228 1944 1,199 357 384 68 60 122 88 120 749 869 155 139 230 1945 46? 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—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 May 2,811 1,167 633 138 116 213 113 431 212 115 24 24 42 June? 2,895 1,196 638 143 119 224 113 462 211 117 26 24 43 July? 2,977 1,223 649 148 121 233 114 489 217 123 28 22 44 P Preliminary. 1 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 July amounted to 94 million dollars, and loans made during July were 13 million. 2 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. 3 Includes only loans insured by Federal Housing Administration. 1162 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSUMER CREDIT STATISTICS—Continued CONSUMER INSTALMENT SALE CREDIT, EXCLUDING CONSUMER INSTALMENT CREDITS OF COMMERCIAL AUTOMOBILE CREDIT BANKS, BY TYPE OF CREDIT [Estimates. In millions of dollars] [Estimated amounts outstanding. In millions of dollars] Depart- Automobile Other Repair Pery E m e n o a d r n t o o h r f in e m T g x o o c a l b t u a u i d l l t , e o - - s o m m t a r o n e a d r d i n e e l t r - s F s t t u u o r r r n e e i s - H a s h a t p o o n o p u r c l l s d e e i e s - - Je st w o e re 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 ch P a u s r e r - d eta D i l l o i a r n ec s t c r d h p e a ir a t u n a e s r d i c e - l t d , e l m r o t a n i a n o o i n d z d n s a - 1 - i m l s n c o o a s a e n t s n n a h a t s 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 2 3 3 3 7 2 5 4 1 9 3 6 0. 1 1 1 1 , , , , 1 1 1 3 6 8 9 6 7 4 9 0 6 6 7 6 5 4 7 7 4 8 5 7 3 8 1 3 2 1 1 1 1 1 1 1 1 5 1 5 3 8 0 4 6 4 6 9 5 8 6 3 6 0 3 4 4 3 4 3 5 5 2 0 6 1 3 5 1 9 3 8 6 9 4 6 4 3 9 9 3 3 2 2 2 1 1 1 1 1 0 5 2 7 1 3 6 2 8 7 5 2 1 9 1 5 1 5 3 4 5 6 4 4 3 2 5 5 0 6 8 7 5 0 9 6 2 1 1 1 1 1 1 1 1 9 3 1 7 1 4 3 3 0 7 2 5 4 0 1 6 3 per 1 1 1 1 1 1 1 1 i 9 9 9 9 9 9 9 9 o 4 4 4 4 3 4 4 4 d 1 6 2 3 9 4 0 5 : . 1 1 1 1 , , , , 5 6 4 0 5 8 5 7 9 9 9 5 5 4 1 4 1 7 4 3 0 5 6 2 2 3 4 1 1 1 1 1 5 5 6 6 3 1 1 8 4 5 4 5 6 3 2 3 1 1 1 0 9 1 5 3 7 6 2 6 6 0 3 9 9 4 3 2 2 2 1 1 1 7 1 8 6 7 0 4 5 5 7 8 8 5 0 3 5 2 2 2 2 1 1 8 7 8 4 3 0 2 5 4 3 9 7 4 9 4 4 2 2 3 5 4 4 2 3 4 7 1 2 5 2 8 4 7 2 5 6 1 2 9 7 1938 1,343 302 485 266 70 220 1945—June 1.108 109 212 165 183 439 1939 1,525 377 536 273 93 246 July ,179 115 225 184 195 460 1940 1,721 439 599 302 110 271 August ,264 127 241 201 211 484 1941 1,802 466 619 313 120 284 September.. ,334 136 252 214 226 506 1942 1,009 252 391 130 77 159 October.... ,413 145 268 233 242 525 1943 639 172 271 29 66 101 November.. ,494 156 285 251 256 546 1944 635 183 269 13 70 100 December. . 1,591 165 306 275 273 572 1 1 9 9 4 4 6 5 1,0 6 1 7 4 6 3 1 3 9 7 8 3 2 6 8 6 3 2 1 8 4 12 7 3 4 1 1 6 0 0 7 1947— F J e a b n r u u a a r r y y .. . . . . . 1 1, , 7 6 3 6 2 8 1 19 8 6 1 3 3 2 4 5 8 3 2 0 9 5 6 2 28 8 4 0 5 5 8 9 6 9 1946 March 1,821 215 373 317 296 620 Tune 699 210 299 17 63 110 April L.922 237 397 337 314 637 July 705 212 299 20 63 111 May 2,027 254 423 364 334 652 August.... 730 221 308 22 64 115 Junep 2,125 276 439 388 358 664 September 752 235 311 23 65 118 July? 2,202 288 455 406 379 674 October. . . 795 257 322 25 66 125 Volume extended dur- November. 853 284 337 26 72 134 ing month: December. 1,014 337 366 28 123 160 1946—June 219 23 47 38 23 88 1947 July 242 28 49 48 24 93 January. . . 985 337 352 27 114 155 August 255 33 53 43 29 97 February.. 977 338 349 29 107 154 September.. 246 30 51 46 27 92 March.... 1,004 358 354 29 105 158 October.... 279 34 58 54 31 102 April 1,060 386 366 32 109 167 November.. 274 33 58 54 29 100 May 1,112 409 382 32 114 175 December. . 306 39 64 61 28 114 June? 1,156 423 395 36 120 182 1947—January.. . . 307 44 69 65 24 105 Julyp 1,169 432 398 37 118 184 February... 289 42 70 55 25 97 March 343 54 81 59 31 118 CONSUMER INSTALMENT CREDITS OF INDUSTRIAL April 364 60 84 69 36 115 BANKS, BY TYPE OF CREDIT May 375 59 83 77 42 114 [Estimates. In millions of dollars] JuneP 392 59 80 92 44 117 July? 385 63 84 76 42 120 Retailinstal- Repair Persona] ment paper 2 and instal- CONSUMER INSTALMENT CREDITS OF INDUSTRIAL Year and month Total modern- ment LOAN COMPANIES, BY TYPE OF CREDIT Auto- Other ization cash [Estimates. n millions of dollars mobile loans 1 loans Retail instal- Repair Persona Outstanding at end ment paper - and instalof period: Year or month Total modern- ment 1941—June 202.5 53.5 18.4 18.2 112.4 Auto- ization cash December... . 196.8 49.3 18.8 18.6 110.1 mobile Other loansl loans 1942—June . . . 162 4 34.3 16 3 16 5 95 3 December... . 125.4 21.4 12.8 15.6 75^6 I943—June 100.2 14.4 8 8 14 1 62 9 Outstanding at end 1944— D D ju e e n c c e e e m m b b e e r r.. . . 9 9 8 2 1 9 . . . 0 8 6 1 1 1 2 3 2 . . . 5 0 6 6 7 7 . . . 8 8 7 U 1 1 2 3 .O . . 9 4 5 5 5 7 7 7 ^ . . 8 4 5 1 19 9 o 4 4 f 5 4 period: 6 7 7 6 . . 1 7 1 1 1 0. . 5 0 3 4 . . 8 0 1 1 .5 l 5 6 1 0 . . 7 2 1945—June 94.6 12.8 7.7 14 2 59 9 1946 108.4 15.0 7.4 2.4 83.6 December.... 104.1 13.8 9.8 17.2 63.3 1946—June 87 5 12.7 5.2 1.7 67.9 1946—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 February 172.6 31.3 19.6 29.6 92.1 March.. .. 118.7 17.1 8.9 2.6 90.1 March 177.4 33.5 19.4 30.3 94.2 April 124.6 18.7 9.9 2.7 93.3 April 184.2 36.4 20.5 31.4 95.9 May 128.5 20.6 10.8 3.0 94.1 May 191.4 38.6 21.8 33.1 97.9 JuneP 131.3 21.7 11.8 3.2 94.6 JuneP 199.2 40.6 23.1 35 0 100 5 Julyp 133.5 22.2 12 8 3.3 95.2 Julyp 206.5 43.0 24.4 36.9 102.2 Volume extended Volume extended during month: 19 d 4 u 6 r — in J A S J g u u e u l n p y m g e t u e o s m n t t b h e : r. . . 2 2 2 2 5 6 6 3 . . . . 2 7 8 3 4 3 4 4 . . . . 7 7 3 9 3 2 2 2 . . . . 0 7 7 8 2 2 2 2 . . . 7 8 6 3 1 1 1 1 6 6 5 4 . . . 2 2 5 9 1946— O J A S J u u e u c l n p g y t e t o u e s b m t e b r . . e . r .. .. . . . . 2 2 2 1 1 0 2 0 9 8 . . . . 5 5 0 6 3 3 3 3 2 4 . . . . . 3 5 7 4 0 1 1 l L L . . . 2 . . l 4 8 4 0 0 0 0 0 . . . . . 3 2 3 3 3 1 1 1 1 1 4 5 4 6 4 . . . . . 2 6 9 4 6 O N c o t v o e b m er ber... . 2 2 8 8. . 5 8 5 5. . 2 5 3 3 . . 6 5 3 2 . . 3 8 1 1 6 6 . . 9 5 D N e o c v e e m m b b e e r r . . . . . . . . 2 2 6 3 . . 2 0 3 4. . 1 4 1 L . . 7 6 0 0 . . 3 2 1 2 7 0 . . 0 9 December.... 31.2 5.6 3.7 2.6 19.3 1947—January 29.1 6.4 3.5 2.4 16.8 1947— F Ja e n b u ru a a ry ry . . . . . . . . 2 2 2 2 . . 2 4 3 3 . . 9 6 1 1. . 6 8 0 0 . . 2 2 1 16 6 . . 5 8 February... . 27.4 6.2 3.4 2.4 15.4 March 25.6 3.9 1.8 0.3 19.6 March 31.3 7.1 3.5 2.7 18.0 April 27.4 4.8 2.4 0.3 19.9 April 32.4 7.7 4.1 3.1 17.5 May 26.9 4.7 2.4 0.5 19.3 J J M u u n l a y e y ? P 3 3 3 3 2 6 . . . 8 8 3 8 7 7 . . . 3 5 5 4 4 4. . . 7 3 3 3 3 3 . 9 7 9 1 1 1 9 8 7 . . . 4 1 3 J Ju u l n y e p p 2 2 5 7 . . 5 3 4 4 . .9 8 2 2 . .8 7 0 0 . . 5 4 1 1 9 7 . . 3 4 P Preliminary. 1 Includes not only loans insured by Federal Housing Administration but also noninsured loans. 2 Includes both direct loans and paper purchased. SEPTEMBER 1947 1163 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSUMER CREDIT STATISTICS—Continued FURNITURE STORE STATISTICS RATIO OF COLLECTIONS TO ACCOUNTS RECEIVABLE 3 Pe fr r o c m en t p ag re e c e c d h i a n n g ge f P ro e m rc e c n o ta rr g e e s p c o h n a d n i g n e g Instalment accounts a C c h co a u rg n e ts month month of preceding Item 1 J 9 u 4 l 7 y ^ J 1 u 9 n 4 e 7 M 19 a 4 y 7 1 J 9 u 4 l 7 y P J y 1 u 9 e n 4 a e r 7 M 19 a 4 y 7 Year and month D s m e to p e r a n e r t s t- F s t t u u o r r r n e e i s - h H p s o l t o l i o d a u r n a s e c e p s e - - J s e t w o e re lr s y D s m e to p e r a n e r t s t- Net sales: 1946 Total -10 -8 +11 +7 + 12 +17 June 34 26 56 33 60 Cash sales -9 -8 +9 -11 -12 —8 July 32 26 57 32 58 Credit sales: August 35 26 54 33 59 Instalment -11 -7 +13 +17 +28 +29 September 34 25 51 30 56 Charge account -7 -4 +2 +17 + 17 +23 O N c o t v o e b m er ber 3 3 7 7 2 2 7 7 5 4 2 7 3 3 2 4 6 5 0 9 Accounts receivable, at December 35 26 47 44 54 end of month: Total 0 +1 +5 +36 +38 +41 1947 Instalment 0 +3 +3 +33 +35 +32 January 29 23 47 26 52 February 28 21 41 25 51 Collections during March 32 25 45 27 56 month: April 29 23 44 25 54 Total +1 -4 +7 + 17 +19 +22 May 29 24 44 ••26 56 Instalment -6 +6 +9 +13 + 13 June 27 23 46 24 54 July* 27 22 44 23 53 Inventories, end of -2 month, at retail value. 0 -4 +25 +35 +41 P Preliminary. r Revised. -1 1 Collections during month as percentage of accounts outstanding at *> Preliminary. beginning of month. DEPARTMENT STORE SALES, ACCOUNTS RECEIVABLE, AND COLLECTIONS Index numbers, without seasonal adjustment, 1941 average=100 Percentage of total sales Year and month Sales during month A a c t c o e u n n d t s o r f ec m ei o v n a t b h le Collec m tio o n n s t h during Instal- Charge- Cash ment account Total Cash Instal- Charge Instal- Charge Instal- Charge sales sales sales ment account ment account ment account 1941 average 100 100 100 100 100 100 100 100 48 9 43 1942 average 114 131 82 102 78 91 103 110 56 6 38 1943 average 130 165 71 103 46 79 80 107 61 5 34 1944 average 145 188 66 111 38 84 70 112 64 4 32 1945 average 162 211 68 124 37 94 69 127 64 4 32 1946 average 202 243 101 176 50 138 89 168 59 4 37 1946—June 193 234 81 169 45 133 83 167 59 4 37 July 156 ••191 ••75 130 45 119 79 165 61 4 35 August 193 234 99 164 48 127 84 152 60 4 36 September 197 229 97 180 50 145 87 152 57 4 39 October 218 249 119 202 55 156 101 186 56 5 39 November 257 297 146 233 62 176 109 197 57 5 38 December 330 384 199 292 75 224 117 205 57 5 38 1947—January 163 188 106 146 75 176 118 251 57 6 37 February 159 179 109 144 74 154 112 195 56 6 38 March 210 236 146 192 76 160 126 185 55 6 39 April 207 230 141 192 80 164 120 186 55 6 39 May 216 241 138 202 82 167 124 198 55 6 39 June 195 219 123 182 82 165 119 193 55 6 39 July* 161 184 114 143 83 146 122 190 57 6 37 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. 1159. 1164 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COST OF LIVING Consumers' Price Index for Moderate Income Families in Large Cities [Index numbers of the Bureau of Labor Statistics, 1935-39 Average=100] Year or month All items Food Clothing Rent el a e F n ct d u r e i i c l c , i e ty, fur H ni o s u h s in e gs Miscellaneous 1929 122.5 132.5 115.3 141.4 112.5 111.7 104.6 1930 119.4 126.0 112.7 137.5 111.4 108.9 105.1 1931.. 108.7 103.9 102.6 130.3 108.9 98.0 104.1 1932.. 97.6 86.5 90.8 116.9 103.4 85.4 101.7 1933.. 92.4 84.1 87.9 100.7 100.0 84.2 98.4 1934.. 95.7 93.7 96.1 94.4 101.4 92.8 97.9 1935.. 98.1 100.4 96.8 94.2 100.7 94.8 98.1 1936 99.1 101.3 97.6 96.4 100.2 96.3 98.7 1937 102.7 105.3 102.8 100.9 100.2 104.3 101.0 1938 100.8 97.8 102.2 104.1 99.9 103.3 101.5 1939 99.4 95.2 100.5 104.3 99.0 101 100.7 1940 100.2 96.6 101.7 104.6 99.7 100, 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—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. . 129.9 141.4 149.4 110.3 148.3 124.8 1946—January.... 129.9 141.0 149.7 110.8 148.8 125.4 February... 129.6 139.6 150.5 111.0 149.7 125.6 March 130.2 140.1 153.1 108.4 110.5 150.2 125.9 April 131.1 141.7 154.5 110.4 152.0 126.7 May 131.7 142.6 155.7 110.3 153.7 127.2 June 133.3 145.6 157.2 108.5 110.5 156.1 127.9 July 141.2 165.7 158.7 113.3 157.9 128.2 August 144.1 171.2 161.2 108.7 113.7 160.0 129.8 September. 145.9 174.1 165.9 108.8 114.4 165.6 129.9 October 148.6 180.0 168.1 114.4 168.5 131.0 November. 152.2 187.7 171.0 114.8 171.0 132.5 December. 153.3 185.9 176.5 115.5 177.1 136.1 1947—January.. 153.3 183.8 179.0 108.8 117.3 179.1 137.1 February. 153.2 182.3 181.5 108.9 117.5 180.8 137.4 March. . . 156.3 189.5 184.3 109.0 117.6 182.3 138.2 April.... '156.2 188.0 184.9 109.0 118.4 '182.5 139.2 May 156.0 187.6 185.0 109.2 '117.7 181.9 139.0 June 157.1 190.5 185.7 109.2 117.7 182.6 139.1 July 193.1 r Revised. Back figures.—Bureauo f Labor Statistics, Department of Labor. SEPTEMBER 1947 1165 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WHOLESALE PRICES, BY GROUPS OF COMMODITIES [Index numbers of the Bureau of Labor Statistics. 1926 = 100] Other commodities All Farm Year, month, or week m c t o i o e m d s i - - p u r c o t d s - Foods Total l p i l r d e o a e d t s h u e a c r n ts d p T ro e d x u ti c le ts m F li u a g e t h e l t r i a i n a n g l d s a p n r M d o d e m u ta e c l t t s a s l m B a u t i e ld ri i a n l g s c p C a r a o l h l s l d e i u m e a d c n i t d - s f n H u g r o n g u i o s s o e h d - - s l M an is e c o e u l s - 1929 95.3 104.9 99.9 91.6 109.1 90.4 83.0 100.5 95.4 94.0 94.3 82.6 1930 86.4 88.3 90.5 85.2 100.0 80.3 78.5 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 July 124.7 157.0 140.2 109.5 141.2 118.1 90.3 113.3 132.1 99.3 111.9 101.3 August. . . 129.1 161.0 149.0 111.6 138.9 124.0 94.4 114.0 132.7 98.4 112.6 102.0 September 124.0 154.3 131.9 112.2 141.6 125.7 94.3 114.2 133.8 98.4 113.6 102.1 October... 134.1 165.3 157.9 115.8 142.4 128.6 94.2 125.8 134.8 99.9 115.3 104.0 November. 139.7 169.8 165.4 120.7 172.5 131.3 94.5 130.2 145.5 118.9 118.2 106.5 December. 140.9 168.1 160.1 124.7 176.7 134.7 96.1 134.7 157.8 125.7 120.2 108.9 1947—January.. 141.5 165.0 156.2 127.6 175.1 136.6 97.7 138.0 169.7 128.1 123.3 110.3 February.. 144.6 170.4 162.0 128.6 173.8 138.0 97.9 M37.9 174.8 129.3 124 6 110.9 March.... 149.6 182.6 167.6 131.3 174.6 139.6 100.8 139.9 177.5 132.2 125.8 115.3 April 147.7 177.0 162.4 131.8 166.4 139.2 103.4 140.3 178.8 133.2 127.8 115.7 May 147.1 175.7 159.8 M31 .9 r170.8 138.9 103.3 141.4 177.0 127.1 128.8 116.1 June '148.0 177.9 161.8 M32.0 '•173.2 138.9 103.9 142.6 175.2 120.2 129.2 115.8 July 150.8 181.4 167.1 133.8 178.4 139.5 107.9 143.8 176.5 118.8 129.8 116.6 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 June 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 July 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 Aug. 2.. 151.3 180.8 168.0 134.7 174.5 139.0 109.7 146.1 176.6 116.9 131.4 116.8 Aug. 9.. 152.2 181.2 171.1 135.4 176.5 139.5 110.7 146.7 178.0 116.9 131.8 116.0 Aug. 16... 152.7 181.4 172.3 135.4 177.8 139.7 111.0 146.7 178.9 117.2 132.0 115.5 Aug. 23. .. 153.5 181.4 172.3 136.6 182.3 140.1 114.1 147.0 179.1 117.4 131.9 115.6 Aug. 30. . 154.0 181.7 172.1 137.3 183.3 140.1 114.2 149.8 179.3 117.6 131.9 115.9 1946 1947 1946 1947 Subgroups Subgroups July Apr. May June July July Apr. May June July Farm Products: Metals and Metal Products: Grains 181.4 199.8 202.4 206.0 202.3 Agricultural implements.... 107.2 116.6 117.8 118.2 118.4 Livestock and poultry 162.9 199.2 198.7 200.9 209.9 Farm machinery 108.7 118.0 119.2 119.7 119.7 Other farm products 145.7 156.4 153.5 155.3 157.5 Iron and steel 111.3 127.6 128.6 131.4 133.3 Foods: Motor vehicles * 148.8 149.3 149.4 150.3 Dairy products 156.9 148.8 138.8 140.9 152.8 Nonferrous metals 102.7 141.0 143.9 142.9 141.8 Cereal products 124.9 154.1 151.7 149.2 154.7 Plumbing and heating 106.0 118.2 120.0 119.1 123 A Fruits and vegetables 130.0 142.2 144.3 145.2 139.7 Building Materials: Meats 169.9 196.7 203.0 208.6 217.9 Brick and tile 122.5 134.5 134.5 134.7 143.3 Other foods 109.4 147.6 138.4 139.7 141.7 Cement 104.0 114.0 114.0 114.3 114.9 Hides and Leather Products: Lumber 177.3 273.5 269.4 266.1 269.0 Shoes 140.4 172.1 172.2 172.6 173.2 Paint and paint materials... 114.9 175.5 169.2 163.9 160.4 Hides and skins 169.3 178.1 177.7 187.1 203.5 Plumbing and heating 106.0 118.2 120.0 119.1 123.4 Leather 133.2 158.0 rl76.3 -•178.9 187.4 Structural steel 120.1 127.7 127.7 127.7 130.8 Other leather products 115.2 137.7 138.3 138.3 138.8 Other building materials 119.9 143.7 144.8 145.1 146.1 Textile Products: Chemicals and Allied Products: Clothing 120.5 133.0 133.9 133.9 134.3 Chemicals 98.5 119.5 118.7 118.7 119.9 Cotton goods 148.6 194.7 193.0 193.8 195.9 Drugs and Pharmaceuticals 112.6 181.0 173.6 156.1 137.4 Hosiery and underwear 76.3 100.8 100.8 100.8 100.4 Fertilizer materials 88. 101.2 102.5 101.8 103.5 Silk 126.7 69.4 67.9 68.4 68.2 Mixed fertilizers 86.6 96.7 96.7 96.8 97.2 Rayon 30.2 37.0 37.0 37.0 37.0 Oils and fats 114. 220.1 179.9 139.2 134.8 Woolen and worsted goods... 112 129.1 129.2 129.2 130. 1 Housefurnishing Goods: Other textile products 113.5 175.8 176.1 173.8 171.2 Furnishings 117.3 '135.2 136.9 137.2 138.1 Fuel and Lighting Materials: Furniture 106.4 120.0 120.3 120.9 121 .1 Anthracite 114 113.9 112.2 112.7 114.1 Miscellaneous: Bituminous coal 136.1 145.0 145.1 145.6 158.0 Auto tires and tubes 73.0 73.0 73.0 73.0 () Coke 147.5 155.4 155.7 157.3 160. Cattle feed 246.3 208.9 237.4 253.3 269 A Electricity 65.6 64.3 64.1 Paper and pulp 117. 152.5 154.3 154.2 157.2 Gas 80.7 84.0 85.0 "85! 8 Rubber, crude 46. 52.0 45.6 37.1 34.6 Petroleum products 65.1 86.3 86.8 87.5 89.8 Other miscellaneous 101 . 123.3 122.1 121.7 121.2 r Revised. x Revision made beginning October 1946. 2 In process of revision. Back figures.—Bureau of Labor Statistics, Department of Labor. 1166 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GROSS NATIONAL PRODUCT, NATIONAL INCOME, AND PERSONAL INCOME [Estimates of the Department of Commerce. In billions 01 dollars.] RELATION OF GROSS NATIONAL PRODUCT, NATIONAL INCOME, PERSONAL INCOME, AND SAVING Annual totals Seasonally adjusted annual rates by quarters 1947 1929 1933 1939 1941 1944 1946 Gross national product 103.8 55.8 90.4 125.3 210.6 203.7 191.7 197.0 207.5 218.6 222.2 226.0 Less: Capital consumption allowances 7.2 8.1 11.8 11.0 10.7 10.9 11.1 11.5 11.7 11.8 Indirect business tax and related liabilities 7.0 7.1 9.4 14.0 16.9 16.0 16.3 17.4 17.7 16.8 16.6 Business transfer payments .6 .7 .5 .5 .5 .6 .5 .5 .5 n.a. n.a. Statistical discrepancy -.1 1.2 .5 2.6 -2.1 -2.1 -2.4 -1.5 -2.1 n.a. n.a. Plus: Subsidies less current surplus of government -3.S n.a. enterprises -.1 0) .5 .1 .7 1.7 1.9 -.2 -.1 n.a. n.a. Equals: National income 87.4 39.6 72.5 103.8 182.3 178.2 168.2 173.5 179.9 191.0 197.6 n.a. Less: Corporate profits and inventory valuation adjustment 10.3 -2.0 5.8 14.6 23.5 16.5 14.2 17.2 15.6 18.8 22.4 n.a. Contributions for social insurance .2 .3 2.1 2.8 5.2 6.0 6.5 6.4 5.8 5.3 5.9 5.9 Excess of wage accruals over disbursements .0 .0 .0 .0 -.2 .0 .8 -.9 .0 .0 .0 .0 Plus: Government transfer payments .9 1.5 2.5 2.6 3.1 10.8 11.9 11.0 10.4 9.8 10.4 10.1 Net interest paid by government 1.0 1.2 1.2 1.3 2.8 4.5 4.4 4.6 4.5 4.5 4.5 4.5 Dividends 5.8 2.1 3.8 4.5 4.7 5.6 5.1 5.4 5.6 5.9 6.2 6.2 Business transfer payments .6 .7 .5 .5 .5 .5 .6 .5 .5 .5 .5 .5 Equals: Personal income 85.1 46.6 72.6 95.3 164.9 177.2 168.7 172.5 179.5 187.5 190.9 191.6 Less: Personal tax and related payments 2.6 1.5 2.4 3.3 18.9 18.8 17.8 18.7 19.1 19.5 21.4 21.6 Federal 1.3 .5 1.2 2.0 17.5 17.2 16.3 17.1 17.5 17.9 n.a. n.a. State and local 1.4 1.0 1.2 1.3 1.4 1.6 1.6 1.6 1.6 1.6 n.a. n.a. Equals: Disposable personal income 82.5 45.2 70.2 92.0 146.0 158.4 150.9 153.8 160.4 168.0 169.4 170.0 Less: Personal consumption expenditures 78.8 46.3 67.5 82.3 110.4 143.7 134.3 138.2 147.3 154.9 156.8 159.0 Equals: Personal saving 3.7 -1.2 2.7 9.8 35.6 14.8 16.6 15.5 13.1 13.1 12.6 11.0 NATIONAL INCOME, BY DISTRIBUTIVE SHARES Annua totals Seasonally adjusted annual rates by quarters 1946 1947 P 1929 1933 1939 1941 1944 1946 1 2 3 4 1 2 National income ... 87.4 39.6 72.5 103.8 182.3 178.2 168.2 173.5 179.9 191.0 197.6 n.a. Compensation of employees 50 8 29.3 47.8 64.3 121.2 116.8 111.5 114.0 119.2 122.2 124.9 125.8 Wages and salaries 2 50.2 28.8 45.7 61.7 116.9 111.1 105.5 108.0 113.6 117.1 119.4 120.3 Private 45.2 23.7 37.5 51.5 83.3 90.2 81.3 87.5 93.8 98.0 n.a. n.a. JVlilitary .3 .3 .4 1.9 20.8 8.0 11.9 7.9 6.7 5.6 n.a. n.a. Government civilian 4.6 4.9 7.8 8.3 12.8 12.9 12 2 12.6 13.2 13.5 n.a. n.a. Supplements to wages and salaries .6 .5 2.1 2.6 4.2 5.6 6.0 6.0 5.5 5.1 5.4 5.5 Proprietors' and rental income3 . . . 19.7 7.2 14.7 20.8 34.4 41.8 39.4 39.2 41.9 46.7 47.0 47.0 Business and professional 8.3 2.9 6.8 9.6 15.3 19.7 18.5 18.6 19.9 22.0 n.a. n.a. Farm 5.7 2.3 4.5 6.9 12.4 15.2 14.1 13.8 15.2 17.8 n.a. n.a. Rental income of persons 5.8 2.0 3.5 4.3 6.7 6.9 6 9 6.8 6 8 7.0 n.a. n.a. Corporate profits and inventory valuation adjustment 10 3 -2.0 5.8 14.6 23.5 16.5 14 2 17 2 15 6 18 8 22.4 n.a. Corporate profits before tax 9.8 .2 6.5 17.2 23.8 21.1 15.2 19.4 22.9 27.1 29.0 n.a. Corporate profits tax liability 1.4 .5 1.5 7.8 13.9 8.6 6.1 8.0 9.3 11.0 11.6 n.a. Corporate profits after tax 8.4 -.4 5.0 9.4 9.9 12.5 9.1 11.5 13.5 16.1 17.4 n.a. Inventory valuation adjustment .5 -2.1 -.7 -2.6 -.4 -4.7 -1.0 -2.3 -7.3 -8.3 -6.6 -4.1 Net interest . . .. 6.5 5.0 4.2 4.1 3.2 3.2 3.1 3.2 3.2 3.2 3.3 3.3 P Preliminary. n.a. Not currently available. 1 Less than 50 million dollars. 2 Includes employee contributions to social insurance funds. 3 Includes noncorporate inventory valuation adjustment. NOTE.—Details may not add to totals because of rounding. Source.—Figures in this table are the revised series. For an explanation of the revisions and a detailed breakdown of the series for the period 1929-46, see National Income Supplement to the Survey of Current Business, July 1947, Department of Commerce. For a discussion of the revisions, for annual data for the period 1929-46, and for quarterly data for selected years, see also pp. 1105-1114 of this BULLETIN. SEPTEMBER 1947 1167 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GROSS NATIONAL PRODUCT, NATIONAL INCOME, AND PERSONAL INCOME—Continued [Estimates of the Department of Commerce. In billions of dollars] GROSS NATIONAL PRODUCT OR EXPENDITURE Annua totals Seasonally adjusted annual rates by quarters 1946 1947 1929 1933 1939 1941 1944 1946 1 2 3 4 1 2 Gross national product 103.8 55.8 90.4 125.3 210.6 203.7 191.7 197.0 207.5 218. 6 222.2 226.0 Personal consumption expenditures 78.8 46.3 67.5 82.3 110.4 143.7 134.3 138.2 147.3 154. 9 156.8 159.0 Durable goods 9.4 3.5 6.7 9.8 6.8 14.9 11.4 13.9 16.2 18. 2 n.a. n.a. Nondurable goods . . 37.7 22.3 35.3 44.0 67.2 87.1 82.6 83. 2 88.9 93. 6 n.a. n.a. Services 31.7 20 6 25.5 28.5 36 s 41.7 40 4 41 2 4? 1 43 1 n.a. n.a. Gross private domestic investment 15.8 1.3 9 0 17.2 5.7 24.6 18.6 22.3 27.0 30. 4 29.6 28.8 N Pr e o w d u c c o e n r s s t ' r d u u ct r i a o b n l e l equipment 6 7 . . 4 8 1 1 .8 1 4 4 06 5 7 .7 7 2 5.3 s 1 8 2 .4 5 9 7 . ? 1 11 8 .5 7 1 8 3.2 9 1 9 5. 7 1 16 0 . 6 3 1 9 7 . . 5 8 Ne C t h f a o n r g e e i g i n n b in u v si e n s e t s m s i e n n v t entories 1 .8 6 — 1 ? 4 9 3 1 .1 9 — -? 20 1 4 3 7 8 3 2 3 ^ 6 i 0 1 4 4 Q s 4 ?, 9 2 . 2 7 1 1 0 . . 5 6 Government purchases of goods and services... 8.5 8.0 13 1 24.7 96 .6 30.7 35.4 30. 3 28.6 28. 2 26.6 27.6 Fede W r N a o l ar nwar 1 3 2 9 .0 o 3 1 9 3 ? 1 1 3 6 3 . . 2 9 8 8 8 0 8 1 . . 6 6 0 22 2 01 . . 4 37 2 2 6 8 1 . . ? 5 1 2 9 3 0 2 . 0 1 1 1 3 7. . 7 1 1 1 5 3 6 . .3 8 0 n n n . . . a a a . . . n n n . . . a a a . . . Less: Government sales2 ... . .. () 1.2 3.0 3. 0 4 2 2.6 2.2 n.a. n.a. State and local 7.2 .9 9 7.8 7.5 10.0 8.9 9 4 10.4 11.2 n.a. n.a. PERSONAL INCOME [Seasonally adjusted monthly totals at annual rates] Wages and sal.aries Divi- Year or month in s P c o o e n r m a - l e rec T e o ip ta t l s4 T d o is ta - l W m a C g o o e d m i a t n - y d s D al i a s r t y ri b d - isbu S r e s r e v m ic e e ntJ3 Gov- L b c p e u o l s o f t n o s i y o t r r e e n i e m - s - in O l c a t o b h m o e r r e5 i p n r r P e c a i n o e r n o t m t d o a - l e rs 6 ' in d s p a t e o e n e n n r r d d a e - l s st T m p r e f a a e n y n r t - s s - 7 i a n g T t c u r V o i r c m a u l e l- 8 burse- produc- indus- indus- ern- social income ments ing in- tries tries ment insurdustries ance 1929 85.1 50.0 50.2 21.5 15.5 8.2 5.0 .1 .5 19.7 13.3 1.5 76.8 1930 76.2 45.7 45.9 18.5 14.4 7.7 5.2 .5 15.7 12.6 1.5 70.0 1931 . . . . 64.8 38.7 38.9 14.3 12.5 6 8 5.3 .2 .5 11 8 11.1 2.7 60.1 1932 49.3 30.1 30.3 9.9 9.8 5.7 5.0 .2 .4 7.4 9.1 2.2 46.2 1933 . . 46 6 28 7 28.8 9 8 8 8 5 1 5 2 .2 .4 7 2 8.2 2 1 43 0 1934 53.2 33.4 33.5 12.0 9.9 5.5 6.1 .2 .4 8.7 8.6 2.2 49.5 1935 59.9 36 3 36 5 13 5 10 7 5.8 6 5 .2 .4 12.1 8 6 2 4 53.4 1936 '68.4 41.6 41.8 15.8 11.8 6.3 7.9 .2 '12.6 10.1 3.5 62.8 1937 74.0 45.4 45.9 18.4 13.1 6.9 7.5 .6 \s 15.4 10.3 2.4 66.5 1938 68.3 42.3 42.8 15.3 12.6 6.7 8.2 .6 .5 14.0 8.7 2.8 62.1 1939 72.6 45.1 45.7 17.4 13.3 6.9 8.2 .6 .5 14.7 9.2 3.0 66.3 1940 78.3 48.9 49.6 19.7 14.2 7.3 8.5 .7 .6 16.3 9.4 3.1 71.5 1941 95.3 60.9 61.7 27.5 16.3 7.8 10.2 .8 .6 20.8 9.9 3.1 86.1 1942 122.2 80.5 81.7 39.1 18.0 8.6 16.1 1.2 .7 28.1 9.7 3.2 108.7 1943 149.4 103.5 105.3 48.9 20.1 9.5 26.9 1.8 .9 32.1 10.0 3.0 134.3 1944 164.9 114.9 117.1 50.3 22.7 10.5 33.6 2.2 1.3 34.4 10.7 3.6 149.0 1945 171.6 115.2 117.5 45.8 24.8 11.5 35.5 2.3 1.5 37.1 11.6 6.2 154.4 1946 177.2 109.2 111.1 45.7 30.9 13.6 20.9 1.9 1.6 41.8 13.3 11.3 157.9 1946—June 173.2 107.9 109.8 45.8 30.6 13.6 19.8 1.9 1.6 39.3 13.2 11.2 155.3 July 179.0 109.9 111.8 46.4 31.3 14.0 20.1 1 9 1 6 43 3 13 3 10.9 157.5 August 180.9 112.3 114.2 48.5 31.9 14.0 19.8 1.9 1.6 42.9 13.3 10.8 160.5 September 178.5 113.0 114.8 49.4 31.8 14.1 19.5 1.8 1.6 39.5 13.3 11.1 162.0 October. . . 184.0 113.6 115.4 49.5 32.0 14.2 19.7 1.8 1.6 45.3 13.3 10.2 162.7 November 188.4 115.4 117.2 50.6 33.0 14.4 19.2 1.8 1.6 47.6 13.5 10.3 165.6 December. 189.9 117.0 118.8 52.3 33.5 14.4 18.6 1.8 1.6 47.2 13.7 10.4 167.3 1947—January. . 190.3 117.1 119.2 53.1 33.5 14.6 18.0 2.1 1.6 46.6 13.9 11.1 168.2 February.. 190.5 117.4 119.5 53.2 33.7 14.5 18.1 2.1 1.7 46.8 14.0 10.7 168.5 March.... 191.8 117.5 119.6 53.7 33.7 14.6 17.6 2.1 1.7 47.7 14.0 10.9 168.8 April.... 190.3 116.8 118.9 53.2 33.4 14.8 17.5 2.2 1.7 46.9 14.0 10.9 167.8 May 191.4 118.3 120.4 54.1 34.2 14.9 17.2 2.1 1.8 46.9 14.0 10.5 169.2 June P193.0 P119.3 P121.5 P54.8 P34.5 P15.0 P17.1 P2.1 PI.8 P47.3 P14.0 P10.6 P169.9 P Preliminary. n.a. Not currently available. r Revised since publication in source cited below. 1 Includes construction expenditures for crude petroleum and natural gas drilling. 2 Consists of sales abroad and domestic sales of surplus consumption goods and materials. 3 Less than 50 million dollars. 4 Total wage and salary receipts, as included in "Personal income," is equal to total disbursements less employee contributions to social insurance. Such contributions are not available by industries. 5 Includes compensation for injuries, employer contributions to private pension and welfare funds, and other payments. 6 Includes business and professional income, farm income, and rental income of unincorporated enterprise; also a noncorporate inventory valuation adjustment. 7 Includes government social insurance benefits, direct relief, mustering out pay, veterans' readjustment allowances and other payments, as well as consumer bad debts and other business transfers. 8 Includes personal income exclusive of net income of unincorporated farm enterprise, farm wages, agricultural net rents, agricultural net interest, and net dividends paid by agricultural corporations. NOTE.—Details may not add to totals because of rounding. Source.-—Figures in this table are for the revised series. For an explanation of the revisions and a detailed breakdown of the series for the period 1929-46, see National Income Supplement to the Survey of Current Business, July 1947, Department of Commerce. For a discussion of the revisions, for annual data for the period 1929-46, and for quarterly data for selected years, see also pp. 1105-1114 of this BULLETIN. 1168 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 1947 Chart Chart book book page July Aug. Aug. Aug. Aug. page July Aug. Aug. Aug. Aug. 30 6 13 30 13 20 27 WEEKLY FIGURES1 In billions of dollars WEEKLY FIGURES *—Cont. In unit indicated RESERVES AND CURRENCY MONEY RATES, ETC.— Cont. Reserve Bank credit, total.... 2 22.31 22.21 22.49 22.64 22.48 Stock prices (1935-39=100): U. S. Govt. securities, total.. 3 22.01 21.87 22.03 22.10 22.11 Total 40 125 126 124 124 123 Bills . 3 14.32 14.09 14.14 14.16 14.15 Industrial 40 131 132 130 130 129 Certificates 3 6.60 6.69 6.80 6.85 6.87 Railroad 40 108 107 105 105 104 Notes 3 .37 .37 .37 .37 .37 Public utility 40 102 102 102 101 101 Bonds 3 .73 .72 .72 .72 .72 Volume of trading (mill, shares) 40 1.05 .72 .73 .62 .61 Gold stock 2 21.54 21.60 21.61 21.67 21.77 Money in circulation 2 28.13 28.21 28.22 28.24 28.30 Treasury cash and deposits... 2 2.05 2.06 2.38 2.60 2.25 BUSINESS CONDITIONS Member bank reserves 2, 4 16.35 16.41 16.43 16.41 16.49 Required reserves 4 15.61 P15.67P15.65 P15.62 15.65 Excess reservese 4 .74 .74 .78 P. 79 Wholesale prices (1926—100): Excess reserves (weekly avg.): Total 69 151.3 152.2 152.7 153.5 154.0 Total" 5 .75 .81 .82 P.81 P. 80 Farm products 69 180.8 181.2 181.4 181.4 181.7 New York City6 5 .01 .01 .01 .01 .01 Other than farm and food. , 69 134.7 135.2 135.4 136.6 137.3 Chicago 5 () Production: Reserve city banks 5 .21 .23 .22 .21 .2 Steel (% of capacity) 73 94.4 94.9 93.2 92.8 93.4 Country banks0 5 .53 P. 59 .59 P.58 P. 56 Automobile (thous. cars)... 73 98 79 84 85 88 Paperboard (thous. tons)... 74 174 174 182 178 177 Electric power (mill. kw. hrs.) 75 4,806 4,874 4,923 4,953 4,940 MEMBER BANKS IN LEADING CITIES Basic commodity prices (1939=100) 74 305.7 304.8 307.3 305.3 305.2 All reporting banks: Department store sales Loans and investments 16 63.48 63.63 63.51 63.65 63.73 (1935-39=100) 75 220 223 225 243 277 U. S. Govt. securities, total.. 16 38.74 38.74 38.59 38.53 38.40 Freightcarloadings (thous.cars): Bonds 18 30.94 30.99 31.00 30.97 31.00 Total 76 922 905 906 901 926 Certificates 18 4.54 4.38 4.33 4.31 4.16 Miscellaneous 76 398 390 397 396 411 Notes 18 2.63 2.63 2.61 2.64 2.63 Bills 18 .64 .73 .65 .61 .61 Other securities 20 4.23 4.23 4.23 4.23 4.24 Demand deposits adjusted.. 16 47.15 46.81 46.57 46.78 47.11 U. S. Govt. deposits 16 .73 .83 .87 .91 .95 Loans, total 16 20.51 20.66 20.70 20.89 21.10 Commercial 20 11.97 12.09 12.24 12.30 12.41 Real estate 20 3.08 3.10 3.11 3.14 3.16 For purchasing securities: Total 20 2.12 2.10 1.98 2.05 2.16 MONTHLY FIGURES U. S. Govt. securities. . 20 1.10 1.13 1.04 1.10 1.24 Other securities 20 1.02 .97 .94 .95 .93 RESERVES AND CURRENCY In billions of dollars Other 20 3.34 3.38 3.37 3.41 3.38 New York City banks: Loans and investments 17 19.90 19.90 19.74 19.82 19.76 Reserve Bank credit 7 22.28 22.22 22.34 U. S. Govt. securities, total.. 17 12.34 12.28 12.16 12.10 11.98 Gold stock 7 20.87 21.09 21.40 Bonds 19 10.47 10.49 10.47 10.44 10.42 Money in circulation 7 28.16 28.24 28.26 Certificates 19 .99 .89 .83 .82 .71 Treasury cash 1.34 1.34 1.33 Notes 19 .76 .75 .72 .71 .72 Treasury deposits 7 .61 .56 .73 Bills 19 .13 .16 .15 .13 .12 Member bank reserves: Demand deposits adjusted. . 17 16.28 16.07 15.83 15.93 15.99 Total 4, 7, 14 15.98 16.15 16.35 U. S. Govt. deposits 17 .17 .20 .21 .22 .23 Central reserve city banks. . 14 5.05 5.14 5.20 Interbank deposits 17 3.97 4.05 4.11 4.11 4.06 Reserve city banks 15 6.32 6.38 6.44 Time deposits 17 1.38 1.38 1.38 1.38 1.38 Country banks 15 4.61 4.64 4.71 Loans, total 17 6.29 6.35 6.31 6.44 6.5 Required reserves: Commercial 21 4.19 4.23 4.31 4.32 4.38 Total 4 15.19 15.37 15.57 For purchasing securities: Central reserve city banks. . 14 5.04 5.11 5.19 To brokers: Reserve city banks 15 6.09 6.15 6.22 On U. S. Govts 21 .47 .52 .43 .51 .64 Country banks 15 4.06 4.10 4.16 On other securities. . . 21 .36 .35 .33 .33 .32 Excess reserves: To others 21 .33 .29 .28 .29 .28 Total 4 .78 .78 .78 Allother 21 .95 .97 .96 1.00 .91 New York City .01 .01 .01 Banks outside New York City: Chicago .01 (2) L U o . a S n . s G a o n v d t . i s n e v c e u s r t i m tie e s n , t t s o tal.. 1 1 7 7 2 4 6 3. . 5 4 8 0 4 2 3 6 . .4 7 5 3 4 26 3 . . 4 7 3 8 4 2 3 6 . . 8 4 3 3 4 2 3 6 . . 9 4 7 2 C Re o s u e n r t v r e y c b i a ty n k b s a nks 5 (2 . ) 5 22 5 . . 5 2 4 2 . . 5 2 5 2 Bonds 19 20.47 20.51 20.54 20.54 20.5 Money in circulation, total.. .. 28.26 28.30 28.15 Certificates 19 3.55 3.50 3.50 3.49 3.45 Bills of $50 and over 8.49 8.53 8.53 Notes 19 1 .88 1.88 1.89 1.93 1.91 $10 and $20 bills 9 15.29 15.28 15.17 Bills 19 .51 .56 .50 .48 .49 Coins, $1, $2, and $5 bills.. . 9 4.49 4.48 4.46 Demand deposits adjusted.. 17 30.87 30.74 30.74 30.85 31.11 U. S. Govt. deposits 17 .56 .63 .66 .69 .72 Interbank deposits 17 6.31 6.55 6.70 6.54 6.48 ALL BANKS Time deposits 17 13.05 13.07 13.06 13.08 13.07 IN THE UNITED STATES Loans, total 17 14.22 14.32 14.39 14.45 14.58 Commercial 21 7.78 7.87 7.93 7.98 8.03 Real estate 21 2.98 3.00 3.01 3.04 3.05 Total deposits and currency6.. 10 P164.90 P165.10 P166.30 For purchasing securities. 21 .96 .94 .93 .93 .93 Demand deposits adjustede... 10 P81.50 P82.5O P83.30 Allother 21 2.50 2.51 2.52 2.51 2.5 Time deposits adjusted6 10 P55.3O P55.60 P55.80 Currency outside bankse 10 J>26.00 P26.00 P26.00 U. S. Govt. deposits6 10 P2 .10 Pi. 00 PI. 20 Per cent per annum MONEY RATES, ETC. ALL COMMERCIAL BANKS U. S. Govt. securities: Bills (new issues) 34 .740 .741 .741 .752 .766 Certificates 34 .85 .85 .85 .85 .85 Loans and investments, total6. 11 P112.7O P112.5O P113.00 3-5 years* 34 1.33 1.33 1.33 1.29 1.27 Loanse 11 P33.10 P33.50 P34.00 7-9 years3 34 1.57 1.56 1.55 1.52 1.51 U. S. Govt. securities6 11 P71.3O P7O.5O P7O.3O 15 years or more 34 2.25 2.25 2.24 2.23 2.23 Other securities6 11 P8.30 P8.5O P8.7O For footnotes see p. 1172. SEPTEMBER 1947 1169 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 May June July4 page May June July' MONTHLY FIGURES—Cont. In billions of dollars MONTHLY FIGURES—Cont. In billions of dollars MEMBER BANKS TREASURY FINANCE Cont. All member banks: Loans and investments, total 14 95.04 94.98 95.38 Ownership of U. S. Govt. securities— Loans 14 28.14 28.49 28.93 Cont. U. S. Govt. securities 14 60.15 59.56 59.35 Marketable public issues—Cont. Other securities 14 6.75 6.93 7.10 By earliest callable or due date: Demand deposits adjustede 14 68.95 69.79 70.43 Within 1 year: Time deposits 14 27.92 28.00 28.10 Nonbank s 31 50.61 52.44 52.25 Balances due to banks 14 10.96 10.85 11.09 Commercial bank 5 31 36.15 37.30 Balances due from banks 14 5.31 5.29 5. F. R. Bank 31 21.21 21.03 '20.' n Central reserve city banks: 1-5 years: Loans and investments, total 14 24.95 25.20 25.14 Nonbank5 31 38.26 42.52 42.52 Loans 14 7.92 8.01 8.02 Commercial bank 5 31 27.56 30.62 U. S. Govt. securities 14 15.53 15.64 15.47 F. R. Bank 31 .69 .70 " ". 70 Other securities 14 1.50 1.56 1.65 5-10 years: Demand deposits adjustede 14 19.59 20.11 20.15 Nonbank5 31 26.26 18.93 18.93 Time deposits 14 2.33 2.33 2.34 Commercial bank 5 31 16.61 11.62 Balances due to banks 14 5.17 5.12 5.18 F. R. Bank 31 .07 .04 Reserve city banks: Over 10 years: Loans and investments, total 15 34.92 34.73 35.02 Nonbank: Loans 15 11.30 11.42 11.70 Restricted issues5 31 54.81 54.81 54.81 U. S. Govt. securities 15 21.35 20.98 20.96 Unrestricted issues5 31 6.64 6.64 Other securities 15 2.28 2.33 2.36 Commercial bank 6 31 5.25 5.29 Demand deposits adjusted* 15 24.14 24.28 24.48 F. R. Bank 31 .12 .11 Time deposits 15 11.21 11.24 11.25 Balances due from banks 15 1.76 1.76 1.80 Country banks: Loans and investments, total 15 35.17 35.05 35.22 MONEY RATES, ETC. Per cent per annum Loans 15 8.92 9.07 9.21 U. S. Govt. securities 15 23.27 22.94 22.92 Other securities 15 2.97 3.04 3.10 Demand deposits adjusted« 15 25.23 25.41 25.80 F. R. Bank discount rate 33 1 00 1.00 1.00 Time deposits 15 14.38 14.43 14.50 Treasury bills (new issues) 33 376 .376 703 Balances due from banks 15 3.35 3.34 3.49 Corporate bonds: Aaa 33,37 ? 53 2.55 2.55 CONSUMER CREDIT • Baa 37 3. 17 3.21 3.18 High grade (Treas. series) 37 2.49 2.50 2.51 Consumer credit, total 22 10.72 P10.97 Pi1.06 U. S, Govt. bonds, 15 years or more. . 37 2.19 2.22 2.25 Single payment loans 22 2.26 P2.27 P2.31 Charge accounts 22 2.84 P2.89 P2.79 Service credit 22 .90 P.91 P.91 Instalment credit, total 22, 23 4.73 P4.91 P5.O5 In unit indicated Instalment loans 23 2.81 P2.90 P2.98 Instalment sale credit, total?.... 23 1.92 P2.01 P2.O7 Automobile 23 .81 P.86 P.91 Other 23 1.11 Pi.16 Pi.17 Stock prices (1935-39 =100): Total 39 115 119 126 TREASURY FINANCE Industrial 39 119 124 132 Railroad 39 95 98 108 U. S. Govt. securities outstanding, Public utility 39 102 101 102 total interest-bearing 28 255.15 255.20 256.39 Volume of trading (mill, shares) 39 .91 .83 1.16 Bonds (marketable issues) 28 119.32 119.32 119.3 Brokers' balances (mill, dollars): Notes, certificates, and bills 28 50.44 49.21 49.02 Credit extended to customers 41 530 552 564 Savings bonds, savings notes, etc. 28 58.86 59.05 59.30 Money borrowed 41 201 222 251 Special issues 28 26.19 27.37 28.52 Customers' free credit balances.... 41 652 650 677 Ownership of U. S. Govt. securities: Total interest-bearing: Commercial bankse 29 70.80 70.10 BUSINESS CONDITIONS Fed. agencies and trust funds... 29 32.15 32.81 F. R. Banks 29 22.09 21.87 Individuals6 29 65.60 65.80 Personal income (annual rate, bill. Corporations6 29 21.00 21.10 dollars):6 6 Insurance companies6 29 25.20 25.00 Total 191.5 '195.1 Mutual savings bankse 29 12.00 12.10 Total salaries and wages 48 118.3 '121.1 P121.5 State and local govts.6 29 6.30 6.4 Proprietors' income, dividends and Marketable public issues: interest 48 60.9 '61.7 P62.5 By class of security: All other 48 12.3 '12.3 P12.9 Bills: Labor force (mill, persons) :e Nonbank5 30 16.00 15.77 Total 49 61.8 64.0 64.0 Commercial bank5 30 15.56 15.28 Civilian 49 60.3 62.6 62.7 F. R. Bank 30 14.97 14.50 Unemployment : 49 2.0 2.6 2.6 Certificates: Employment 49 58.3 60.1 60.1 Nonbank5 30 26.29 25.30 Nonagricultural 49 49.4 49.7 50.0 Commercial bank5 30 15.35 14.82 Employment in nonagricultural estab- F. R. Bank 30 6.01 6.28 lishments (mill, persons) :e6 Notes: Total 50 42.1 42.3 P42.0 Nonbank5 30 8.14 8.14 Manufacturing and mining 50 16.2 16.2 P16.0 Commercial bank 5 30 5.30 5.22 Trade. 50 8.6 8.7 P8.7 F. R. Bank 30 .37 .37 Government 50 5.4 5.5 P5.3 Bonds: Transportation and utilities 50 4.0 4.1 P4.1 Nonbank: Construction 50 1.7 1.7 PI.7 Restricted issues5 30 119.49 119.49 119.49 Hours and earnings at factories: Unrestricted issues5 30 71.33 71.32 Weekly earnings (dollars) 51 48.46 49.37 P49.25 Commercial bank5 30 49.36 49.50 Hourly earnings (cents) 51 120.8 122.7 P123.4 F. R. Bank 30 .74 .73 Hours worked (per week) 51 40.1 40.3 P39.9 For footnotes see p. 1172. 1170 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 May June July page May June July MONTHLY FIGURES—Cont. In unit indicated MONTHLY FIGURES—Cont. In unit indicated BUSINESS CONDITIONS—Cont. BUSINESS CONDITIONS Cont. onsumers' prices (1935-39=100): Industrial production:6 A Fo ll o d it ems 6 6 7 7 '1 1 5 8 6 7 . . 0 6 '1 1 5 9 7 0 . . 1 5 193.1 Total (1935-39 =100) 53, 54 185 184 P178 Clothing 67 185.0 185.7 Groups (points in total index): Rent 67 109.2 109.2 Durable manufactures... 53 '82.6 82.8 P79. Wholesale prices (1926=100): Machinery and trans, equip.... 54 '43.5 44.2 P42. Total 69 '147.1 '148.0 150.8 Iron and steel 54 21.6 21.2 P19. Farm products 69 175.7 177.9 181.4 Nonferrous metals, lumber, and Other than farm and food 69 '131.9 '132.0 133.8 building materials 54 17.4 17.4 P16. Prices paid and received by farmers Nondurable manufactures 53 79.7 78.7 P77. (1910-14=100): T F C o e h o x e d t m i , l i e c l s i a q l a u s n , o d r p , l e a e t n a ro d th le e to r u b m a , c c r o u bber, 5 5 4 4 2 2 1 1 . . 0 7 2 1 1 9 . . 7 8 P P 2 1 2 8. . Ca P R sh a e i c d f e a i r v m e d i ncome (mill, dollars): 7 7 1 1 2 2 7 2 2 9 2 2 7 3 1 1 2 2 3 7 1 6 Mi P n a e a p r n a e d l r s a c n o d al p p r r i o n d ti u n c g t s 53, 5 5 5 4 4 4 ' ' 1 2 2 4 3 2 . . . 2 8 0 2 2 1 2 2 4 . . . 5 7 4 P P P 1 2 2 4 2 1 . . . T L C i o r v o t e a p s l s t ock and products 7 7 7 2 2 2 2 1, , 3 6 0 8 1 3 2 4 3 2 1 , , 2 4 7 4 1 4 9 5 3 Selected durable manufactures Govt. payments 72 37 23 (1935-39=100): Nonferrous metals 55 198 188 P181 INTERNATIONAL TRADE AND FINANCE Steel 55 215 211 P198 Short-term foreign liabilities and assets Cement 55 141 171 reported by banks (bill, dollars): Lumber 55 132 131 P121 Total liabilities 77 8 5.52 Transportation equipment 55 225 233 P223 Official 77 8 2.40 Machinery 55 273 275 P268 Invested in U. S. Treasury bills Selected nondurable manufactures and certificates 77 s .61 (1935-39=100): Private 77 8 3.12 Apparel wool consumption 56 186 177 Total assets 77 8 .80 Cotton consumption 56 148 133 118 Exports and imports (mill, dollars): Manufactured food products. ... 56 155 154 P157 Exports 79 Pl.422 Pi,242 Pi, 151 Paperboard 56 184 179 166 Excluding Lend-Lease exports... 79 Pl.418 Pl.241 Pi, 150 Leather 56 119 115 Imports 79 P474 P466 P450 Industrial chemicals 56 435 440 P436* Excess of exports or imports ex- Rayon7 56 292 251 P294 cluding Lend-Lease exports 79 P944 P775 P700 Foreign exchange rates: New orders, shipments, and inven- See page 1191 of this BULLETIN .80-81 tories (1939=100): New orders: Total 57 235 *>243 1946 1947 Durable 57 256 P269 Sh N T D ip o o u m t n r a a d e l b n u l t r e s a : ble .. . 5 5 5 7 7 7 3 2 2 1 2 8 3 3 3 P P P3 2 2 2 9 2 3 2 8 QUARTERLY FIGURES O D c e t c . . - J M an a . r - . A Ju p n r e .- Nondurable 57 262 P27O In billions of dollars Inventories: TREASURY FINANCE N T 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 5 2 0 1 6 4 P P P 2 2 2 2 0 S 8 5 5 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 . . 3 6 0 3 1 4 3 . . 5 3 5 9 Construction contracts (3 mo. moving Net receipts 26 9.02 13.90 10.89 avg., mill, dollars) :6 Internal revenue collections, total... 26 7.72 12.61 8.29 Total 59 521 557 P593 Individual income taxes 26 3.07 7.95 4.45 Residential 59 203 213 P231 Corporate income taxes 26 2.52 2.62 1.98 Other 59 317 343 P362 Misc. internal revenue 26 2.14 2.03 1.86 Re T P P si r u o d i b t v e a l a n l i c t t e ia , l to c t o a n l tracts (mill, dollars):6 6 6 6 0 0 0 2 1 1 3 8 9 5 4 1 1 2 6 8 3 6 9 2 2 2 1 6 7 9 Ca C C E sh x a a s c 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 n s 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 . . . 8 2 0 7 2 9 1 1 - 2 1 . . . 6 4 7 4 0 6 1- and 2-family dwellings 60 137 119 166 Other 60 47 47 51 MONEY RATES Per cent per annum Value of construction activity (mill, dollars) :e Bank rates on customer loans: T N o o t n a r l e sidential: 61 955 1,065 1,153 T N o ew ta l, Y 1 o 9 rk c i C ti i e t s y 3 3 5 3 2 1 3 8 3 5 2 1. .3 8 1 2 2 1 . .8 3 3 8 P Pu ri b v l a ic te 6 6 1 1 2 3 2 8 4 0 ' ' 2 4 5 2 3 2 2 44 8 4 0 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 .4 7 3 6 2 2 . . 3 8 7 0 2 2 . . 4 9 4 5 Residential: Public 61 9 6 CORPORATE SECURITY ISSUES In unit indicated Private 61 342 '384 421 Freight carloadings:6 Commercial and Financial Chronicle T G o ro ta u l p s ( 1 ( 9 p 3 o 5 i - n 3 t 9 s = in 1 t 0 o 0 t ) a l index): 63 142 137 134 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 C M o l i l a s o c l e th ll e a r n eous 6 6 6 3 3 3 3 2 7 9 3 9 . . . 6 0 4 3 2 7 9 0 7 . . . 5 0 9 2 7 3 8 4 1 . . . Se N N cu e e d r w t i a t i p t e c a r s a o p ( c a m i e n t e a i d l l d l , s E : d x o c ll h a a r n s) g : e * Commission 42 1.53 .68 1.10 Department stores: All issuers 43 1,801 1,018 1,605 Indexes (1935-39 = 100) :6 Industrial 43 966 438 634 Sales 64 291 '289 287 Railroad 43 105 53 82 Stocks 64 252 242 230 Public utility 43 668 442 854 296 stores New money: Sales (mill, dollars) 65 336 304 P252 All issuers 43 1,336 673 932 Stocks (mill, dollars) 65 818 769 Industrial 43 686 283 428 Outstanding orders (mill, dollars) 65 351 471 P594 Railroad 43 74 43 60 Stocks-sales ratio (months' supply) 65 2.4 2.5 P2. Public utility 43 537 284 414 For footnotes see p. 1172. SEPTEMBER 1947 1171 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 1946 1947 Chart 1946 p b a o g o e k O D c e t c . . - J M a a n r . . - A J p u r n . e - b p o ag o e k June Dec. 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 HOLDINGSe 10 Gross national product • £ 44 218.6 222.2 226.0 Individuals and business: Govt. purchases of goods and serv- Total holdings 24 220.5 223.2 ices 44 28.2 26.6 27.6 Deposits and currency 24 138.9 143.3 Personal consumption expenditures 44 154.9 156.8 159.0 U. S. Govt. securities 24 81.6 79.9 Durable goods 45 18.2 19.0 20.0 Individuals: Nondurable goods 45 93.6 94.0 95.0 Total holdings 24 151.2 156.9 Services 45 43.1 43.8 44.0 Deposits and currency 24 96.2 101.5 Private domestic and foreign invest- U. S. Govt. securities 24 55.0 55.4 ment 44 35.6 38.8 39.4 Corporations: Gross private domestic invest- Total holdings 24 41.8 39.1 ment : Deposits and currency 24 24.6 23.5 Producers' durable equipment. 46 15.7 16.6 17.8 U. S. Govt. securities 24 17.2 15.6 New construction ... 46 9.3 10.3 9.5 Unincorporated businesses: Change in business inventories. 46 5.4 2.7 1.5 Total holdings 24 27.5 27.2 Net foreign investment 46 5.2 9.2 10.6 Deposits and currency 24 18.1 18.3 Personal income, consumption, and U. S. Govt. securities 24 9.4 8.9 saving:« Personal income 47 187.5 190.9 191.6 Disposable income 47 168.0 169.4 170.0 Consumption expenditures 47 154.9 156.8 159.0 1946 1947 Net personal saving 47 13.1 12.6 11.0 1946 1947 July 31 Feb. 26P June Dec. June 29 31 30 OWNERSHIP OF DEMAND DEPOSITS « GALL DATE FIGURES** Individuals, partnerships, and corpora- ALL MEMBER BANKS In billions of dollars tions, total 25 77.5 77.8 Holdings of U. S. Govt. securities: Nonfinancial: Bonds 12 45.44 46.23 46.51 Total 25 38.3 37.2 Notes 12 10.47 5.60 4.37 Manufacturing and mining 25 16.4 16.0 Certificates 12 15.29 10.04 7.54 Trade 25 13.0 12.5 Bills 12 1.07 1.17 .77 Public utilities 25 4.4 4.2 Loans: Other 25 4.5 4.5 Commercial 13 9.69 13.15 13.82 Financial: Agricultural 13 .97 Total 25 6.6 6.5 Real estate 13 4.27 5.36 6.24 Insurance companies 25 2.1 2.1 Consumer 13 2.46 3.31 4.00 Other 25 4.5 4.5 For purchasing securities: Individuals: To brokers and dealers 13 2.40 1.51 1.51 Total 25 27.6 28.9 To others 13 2.48 1.47 1.15 Individuals excl. farmers 25 21.4 22.1 State and local govt. securities. ... 13 3.31 3.55 3.98 Farmers 25 6.2 6.7 Other securities 13 3.15 3.08 2.97 Nonprofit ass'ns and other 25 5.0 5.2 • Estimated Preliminary. r Revised. 1 Figures for other than Wednesday dates are shown under the Wednesday included in the weekly period. 2 Less than 5 million dollars. 3 Revised; an explanation of the nation of this revision will be published in the near future. 4 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. 5 The figures shown are cumulative totals, not aggregates of the individual components. Therefore, the cumulated total through nonbank holdings (or through nonbank holdings of restricted issues in the case of bonds or of issues due or callable in over 10 years) represents the holdings of all groups combined. 6 Adjusted for seasonal variation. 7 Revised beginning January 1946, see p. 1151. 8 As of Apr. 30, 1947. 9 Member bank holdings of State and local government securities on Sept. 30, 1946, were 3.62 billion dollars and of other securities were 3.08 billion; data for other series are available for June and December dates only. 10 Revised beginning December 1939; see p. 1103. * 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. 1172 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 May JuneP Julyp page1 May JuneP Julyp (In millions of dollars) (In millions of dollars) Consumer credit outstanding, total. . . 3 10,723 10,970 11,060 Consumer instalment sale credit Instalment credit, total 3, 5 4,733 4,909 5,051 granted, cumulative totals:2 Instalment loans 5 2,811 2,895 2,977 By automobiles dealers 417 410 398 Instalment sale credit 5 1,922 2,014 2,074 By furniture and household appli- Charge accounts 3 2,835 2,887 2,792 ance stores 275 265 247 Single-payment loans 3 2,255 2,269 2,306 By department stores and mail- Service credit 3 900 905 911 order houses 178 170 164 Consumer credit outstanding, cumu- By all other retailers 82 80 71 lative totals :2 Consumer instalment loan credit out- Instalment credit 4 10,723 10,970 11,060 standing, cumulative totals:2 Charge accounts 4 5,990 6,061 6,009 Commercial and industrial banks. 2,811 2,895 2,977 Single-payment loans 4 3,155 3,174 3,217 Small loan companies 1,506 1,556 1,606 Service credit 4 900 905 911 Credit unions 873 918 957 Consumer instalment sale credit out- Miscellaneous lenders 660 694 724 standing, cumulative totals:2 Insured repair and modernization Automobile dealers 6 1,922 2,014 2,074 loans 431 462 489 Furniture and household appliance stores 6 1,112 1,156 1,169 Department stores and mailorder houses 6 698 725 734 All other 6 289 302 302 p Preliminary. l Annual figures for charts on pp. 9-19, inclusive, will be published as soon as they become available. 2 The figures shown here are cumulative totals, not aggregates for the individual components. Aggregates for each component may be derived by subtracting from the figure shown, the total immediately following it. * Copies of the Chart Book may be obtained at a price of 50 cents. AUGUST CROP REPORT, BY FEDERAL RESERVE DISTRICTS BASED ON ESTIMATES OF THE DEPARTMENT OF AGRICULTURE, BY STATES, AS OF AUGUST 1, 1947 [In thousands of units] Cotton Corn Winter wheat Springwheat Federal Reserve district Production Estimate Production Estimate Production Estimate Production Estimate 1946 i Aug. 1, 1947 1946 Aug. 1, 1947 1946 Aug. 1, 1947 1946 Aug. 1, 1947 Bales Bales Bushels Bushels Bushels Bushels Bushels Bushels Boston. . 7,120 6 445 21 21 New York 31,175 23,734 6,498 10,481 189 70 Philadelphia 53,294 51,789 17,856 19,960 Cleveland 223,470 153,699 53,578 55,032 Richmond 1,154 1,098 149,589 150,225 26,028 30,939 Atlanta 1,777 2,113 162,801 165,514 5,748 8,222 Chicago 1,394,302 1,009 957 55,570 70,912 1,313 1,386 St. Louis 2 2,830 3 3,689 416,064 351,286 38,914 55,491 16 11 ^Minneapolis 407,287 351,215 40,437 34,019 243,224 285,265 Kansas City 217 249 372,024 331,013 439,505 566,369 4,249 4,278 Dallas 2,062 3,826 64,640 59,096 63,901 132,823 84 77 San Francisco 600 869 6,161 5,976 125,858 111,400 32,726 40,991 Total 8,640 11,844 3,287,927 2,659,949 873,893 1,095,648 281,822 332,099 Oats Tame hay Tobacco White potatoes Federal Reserve district Production Estimate Production Estimate Production Estimate Production Estimate 1946 Aug. 1, 1947 1946 Aug. 1, 1947 1946 Aug. 1, 1947 1946 Aug. 1, 1947 Bushels Bushels Tons Tons Pounds Pounds Bushels Bushels Boston . . .... 5,147 4,666 3,911 3,921 34,501 39,211 88,945 62,641 New York 33,681 13,185 6,795 6,256 1,324 1,580 49,845 34,558 Philadelphia 18,919 12,070 2,753 2,658 59,124 62,652 23,406 18,848 Cleveland 75,131 29,005 6,182 5,841 162,708 137,811 14,710 10,483 Richmond 39,915 36,943 5,077 4,495 1,321,995 1,244,400 31,369 24,575 Atlanta 33,262 33,862 4,210 3,968 266,587 253,366 18,718 12,416 Chicago 592,327 445,193 17,788 18,541 42,770 35,501 32,940 25,110 St. Louis . . .. 82,353 55,370 9,298 9,230 414,372 345,185 11,171 8,350 Minneapolis 399,186 374,318 9,590 10,087 3,379 2,719 43,833 38,379 Kansas City 158,727 151,649 8,372 9,854 5,320 4,052 37,972 32,054 Dallas 39 970 36 051 1 883 1 717 6,634 5,085 San Francisco 31,249 31,312 13,471 13,258 116,426 89,294 Total . 1,509,867 1,223,624 89,330 89,8.26 2,312,080 2,126,477 475,969 361,793 1 As revised in August 1947. 2 Includes 10,000 bales grown in miscellaneous territory. 3 Includes 11,000 bales grown in miscellaneous territory. 1173 SEPTEMBER 1947 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NUMBER OF BANKING OFFICES ON FEDERAL RESERVE PAR LIST AND NOT ON PAR LIST, BY FEDERAL RESERVE DISTRICTS AND STATES Total banks, branches On par list Not on par list Federal Reserve an c d h e o c f k f s ic e a s r e o d n r a w w h n i 1 ch Total Member Nonmember (Nonmember)1 district or State Branches Branches Branches Branches Branches Banks and offices Banks and offices Banks and offices Banks and offices Banks and offices United States total: Dec. 31, 1945 14,002 3,947 11,869 3,616 6,877 2,909 4,992 707 2,133 331 Dec. 31, 1946 14,043 3,981 11,957 3,654 6,894 2,913 5,063 741 2,086 327 July 31, 1947* 14,064 4,057 12,011 3,735 6,923 2,979 5,088 756 2,053 322 By districts and by States July 31, 1947P District Boston 486 280 486 280 336 207 150 73 New York 931 823 931 823 799 756 132 67 Philadelphia 845 131 845 131 648 96 197 35 Cleveland 1,164 222 ,164 222 723 193 441 29 Richmond 1,011 424 786 299 475 197 311 102 225 125 Atlanta 1,154 160 535 124 338 110 197 14 619 36 Chicago 2,480 555 2,423 529 999 212 ,424 317 57 26 St. Louis 1,468 128 1,115 71 498 40 617 31 353 57 Minneapolis 1,276 110 602 40 473 26 129 14 674 70 Kansas City 1,749 6 1,738 6 756 4 982 2 11 Dallas 993 36 883 28 606 19 277 9 110 San Francisco 507 1,182 503 1,182 272 1,119 231 63 4 State Alabama 220 23 110 23 86 23 24 110 Arizona 10 36 10 36 5 29 5 7 Arkansas 228 19 99 5 66 1 33 4 129' California 193 885 193 885 115 843 78 42 Colorado 142 1 142 1 92 1 50 Connecticut 115 21 115 21 64 10 51 11 Delaware 39 14 39 14 17 4 22 10 District of Columbia 19 37 19 37 16 34 3 3 Florida 177 2 114 2 71 2 43 63 Georgia 372 30 94 27 64 26 30 278 Idaho 48 44 48 44 26 42 22 Illinois 874 3 872 3 504 3 368 Indiana 487 88 487 88 237 32 250 56 Iowa 663 162 663 162 163 500 162 Kansas 610 608 214 394 2 Kentucky 385 36 385 36 113 25 272 11 Louisiana 158 64 56 41 45 36 11 5 102 23 Maine 63 67 63 67 38 35 25 32 Maryland 169 100 169 100 79 66 90 34 Massachusetts 183 148 183 148 148 137 35 11 Michigan 443 203 443 203 228 157 215 Minnesota 677 6 263 6 208 6 55 414 Mississippi 205 53 38 7 30 1 8 167 Missouri 592 523 181 342 69 Montana 110 110 80 30 Nebraska 409 2 409 2 145 2 264 Nevada 8 18 8 18 6 17 2 1 New Hampshire 65 2 65 2 52 1 13 1 New Jersey 343 134 343 134 295 118 48 16 New Mexico 47 7 47 7 33 14 7 New York 661 703 661 703 575 648 86 55 North Carolina 204 168 86 46 53 27 33 19 118 122 North Dakota 151 24 46 4 41 5 4 105 20 Ohio 672 179 672 179 428 157 244 22 Oklahoma 384 1 374 1 224 1 150 10 Oregon 69 79 69 79 32 74 37 5 Pennsylvania 1,005 133 1,005 133 767 111 238 22 Rhode Island 19 39 19 39 11 28 8 11 South Carolina , 149 31 54 29 30 27 24 2 95 2 South Dakota 170 46 68 21 63 20 5 1 102 25 Tennessee 294 69 193 54 44 111 10 101 15 Texas 877 4 817 4 557 4 260 60 Utah 59 13 59 13 34 11 25 ' 2 Vermont 69 10 69 10 40 2 29 8 Virginia 314 305 87 202 103 43 44 Washington 123 117 119 117 55 64 4 West Virginia 182 179 108 110 71 7 3 Wisconsin 553 '148* 443 97 163 21 280 110 51 Wyoming 55 55 37 18 '76* 1 Does not include mutual savings banks, on a few of which some checks are drawn, but does include banking facilities (see footnote 4 on p. 1175). The difference of two between the number of nonmember commercial banks on Dec. 31, 1946, shown in this table and in table on p. 1175, is due to the fact that this table excludes 109 banks and trust companies on which no checks are drawn, and includes 99 unincorporated banks and 12 other banks on which checks are drawn but which are not reporting to a State banking department. Back figures.—See Banking and Monetary Statistics, Table 15, and Annual Reports. 1174 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CHANGES IN NUMBER OF BANKING OFFICES IN THE UNITED STATES [Figures for last date shown are preliminary] Commercial banks 1 Mutual savings All banks report- Member banks Nonmember banks * ing banks Total Total2 ti N on a- al m S e t m at b e er2 Total su I r n e - d 3 in N su o r n e - d 3 su I r n e - d 2 in N su o r n e - d Banks (Head Offices) D De e c c . 3 3 1 1 , 1 1 9 9 3 3 3 4 1 1 5 6 , , 0 0 2 6 9 3 1 1 4 5 , , 4 4 5 8 0 4 6 6 , ,4 0 4 1 2 1 5 5 , , 1 4 5 6 4 2 9 85 8 7 0 9 8 , , 0 4 4 3 2 9 7,69 8 9 ,439 1,343 68 "q79 511 Dec 31 1941 . . . 14,825 14,277 6,619 5,117 1,502 7,661 6,810 851 52 496 Dec. 31, 1945 14,553 14,011 6,884 5,017 1,867 7,130 6,416 714 192 350 Dec. 31, 1946 14,585 14,044 6,900 5,007 1,893 7,147 6,457 690 191 350 June 30, 1947 14,601 14,060 6,928 5,012 1,916 7,135 6,461 674 191 350 Branches and Additional Offices 4 Dec. 31 1933 2,911 2,786 2,081 1,121 960 705 '05 :25 Dec. 31, 1934 3,133 3,007 2,224 1,243 981 783 5''83 26 Dec 31 1941 3,699 3,564 2,580 1,565 1,015 984 932 52 32 103 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 Bank Changes Jan. 1-June 30, 1947 New banks ® +57 +57 + 19 + 11 +8 +38 +35 +3 Consolidations and absorptions: Banks converted into branches -21 -21 -8 -5 -3 -13 -12 -1 Vo O lu th n e ta r ry liquidations7 -1 -6 4 -1 -6 4 - - 1 7 - - 4 1 -3 - - 7 5 - - 2 5 - - 2 3 Inter-class changes: Conversions— National into State -1 + 1 + 1 Fede S ra t l a t R e e i s n e t r o v e n a m ti e o m na b l ership:8 +2 +5 -3 -2 Admissions of State banks +25 +25 -25 -25 Fede W ral i th de d p ra o w si a t ls in o su f r S an ta c t e e : 9 banks -1 -1 + 1 + 1 Admissions of State banks + 13 -13 Withdrawals of State banks Net increase or decrease + 16 + 16 +28 +5 +23 -12 +4 -16 Number of banks, June 30, 1947 14,601 14,060 6,928 5,012 1,916 7,135 6,461 674 191 350 Branch and Additional Office Changes Jan. 1-June 30, 1947 De novo branches + 72 +63 +42 +29 +13 +21 +21 +8 + 1 Banks converted into branches +21 +21 + 17 +8 +9 +4 +4 Branches and offices discontinued10. . -16 -16 -7 -6 -9 -9 Inter-class branch changes: National to State member -1 +1 State member to national .. . - +2 -2 " " -3' +3 +3 "-3' + 1 Noninsured to insured -1 Net increase or decrease... +77 +68 +55 +32 +23 +13 + 14 -1 +8 + 1 Number on June 30, 1947: Branches 4,141 3,975 2,899 1,758 1,141 1,076 1,015 61 123 43 Banking facilities at military reservations 74 74 69 55 14 5 5 1 Includes unincorporated (private) banks reporting to State banking departments. Excludes banks that do not report to State banking departments, as follows on June 30, 1947: 10 "cooperative" banks in Arkansas and 96 unincorporated (private) banks in Georgia, Iowa, Michigan, and Texas. 2 The State member bank figures and the insured mutual savings bank figures both include three member mutual savings banks that became members of the Federal Reserve System during 1941. These banks are not included in the total for "commercial banks" and are included only once in "all reporting banks." 3 Federal deposit insurance did not become operative until Jan. 1, 1934. 4 Covers all branches and other additional offices at which deposits are received, checks paid, or money lent. Offices at military reservations (shown separately below) consist mostly of "banking facilities" provided through arrangements made by the Treasury Department with banks designed as depositaries and financial agents of the Government. Three of these banking facilities are in each case operated by two national banks, each bank having separate teller windows; each of these facilities is counted as one banking office only. 5 Separate figures not available for branches of insured and noninsured banks. 6 Exclusive of new banks organized to succeed operating banks. 7 Exclusive of liquidations incident to succession, conversion, and absorption of banks. 8 Exclusive of conversions of national banks into State bank members, or vice versa. Such changes do not affect Federal Reserve membership; they are included under "conversions." 9 Exclusive of insured nonmember banks converted into national banks or admitted to Federal Reserve membership, or vice versa. Such changes do not affect Federal Deposit Insurance Corporation membership; they are included in the appropriate groups under "inter-class bank changes." 10 Includes 5 banking facilities at military reservations operated by national banks. Back figures.—See Banking and Monetary Statistics, Tables 1 and 14, pp. 16-17 and 52-53, and descriptive text, pp. 13-14. SEPTEMBER 1947 1175 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL FINANCIAL STATISTICS PAGE Gold reserves of central banks and governments 1177 Gold production 1178 Gold movements 1178 International capital transactions of the United States 1179-1184 Central banks 1185-1188 Money rates in foreign countries. 1189 Commercial banks 1190 Foreign exchange rates. 1191 Price movements: Wholesale prices 1192 Retail food prices and cost of living 1193 Security prices 1193 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. 1176 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS [In millions of dollars] End of month U S n ta i t t e e s d t g A i e n r n a - - 1 g B iu el m - Brazil Canada Chile lo C m o b - ia Cuba C v z s a e l k o c - h ia o- m D a e r n k - Egypt France m G a e n r y - Greece H ga u r n y - 1938—Dec 14,512 431 581 32 192 30 24 83 53 55 2,430 29 27 37 1939—Dec 17,644 466 609 40 214 30 21 1 56 53 55 2,709 29 28 24 1940—Dec 21,995 353 734 51 »7 30 17 1 58 52 52 2,000 29 28 24 1941—Dec 22,737 354 734 70 5 31 16 1 61 44 52 2,000 29 28 24 1942—Dec 22,726 *658 735 115 6 36 25 16 61 44 52 2,000 29 28 24 1943—Dec 21,938 »939 734 254 5 54 59 46 61 44 52 2,000 29 28 24 1944—Dec 20,619 U.lll 329 6 79 92 111 61 44 52 1,777 29 28 24 1945—Dec 20,065 403 716' 354 2 361 82 127 191 61 38 52 1,090 1946—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 P460 726 354 7 71 143 221 61 38 52 796 24 Nov.... 20,470 »483 726 354 7 71 144 221 61 38 53 796 24 Dec 20,529 P563 735 354 2 543 65 145 226 38 53 796 24 1947—Jan 20,748 P645 723 354 6 63 147 231 38 53 796 24 Feb 20,330 P706 691 354 7 54 125 236 32 53 796 24 Mar.. . .20,463 P726 633 354 7 53 126 229 32 53 696 27 Apr 20,774 P726 634 354 6 53 98 234 32 53 696 27 May.... 20,933 P723 639 354 7 53 92 239 32 53 696 27 June... 21,266 643 8 45 93 259 32 696 30 July.... 21,537 644 6 87 32 544 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 5 164 235 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—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 274 127 181 265 23 24 939 111 1947—Jan 274 170 265 23 24 P270 886 111 Feb 274 148 245 23 21 P27O 851 111 Mar 274 149 197 23 20 P26S 803 111 Apr 274 149 197 23 19 798 111 May 274 141 196 23 20 788 111 June 274 190 23 20 757 July... 190 20 I End of month S d w e e n - S la w e n r i d - tz 6 - T k u e r y - U K d n i o i n m t g ed - g U u r a u y - V zu e e n l e a - Y sl u a g v o i - 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 es u e s rv f e ig s u 1 re n s ot included in United 1 1 9 9 3 3 8 9 — - D D e e c c . . . . 3 3 2 0 1 8 7 5 0 4 1 9 2 2 9 9 2,69 81 0 6 6 8 9 5 5 2 2 5 5 7 9 1 7 4 1 1 6 7 6 8 End of month U S n ta i t t e e s d K d i o n m g- France g B iu el m - 1940—Dec.. 160 502 88 90 29 82 12 170 1 1 1 1 1 9 9 9 9 9 4 4 4 4 4 1 2 4 3 5 — — — — — D D D D D e e e e e c c c c c . . . . . . . . . . 3 3 4 2 4 3 6 8 2 8 5 3 7 3 2 1 1 « , , 9 6 8 3 1 6 6 4 5 2 5 5 2 8 4 2 1 2 1 9 2 4 6 1 2 1 1 1 4 1 1 1 1 8 5 0 9 2 9 7 0 5 1 2 1 4 0 6 8 3 1 2 9 0 8 •83 2 4 3 3 1 1 5 7 9 2 2 2 2 1 1 4 2 4 6 8 7 9 5 6 5 1 1 9 9 3 3 8 9 — — A M D D M u e e a a c c s r y .. . . . . . . 1 1 8 5 5 0 4 6 1, 2 3 7 8 7 3 7 5 2 6 9 H 3 5 4 6 7 3 5 0 7 1 9 4 1 4 7 1 1 9 9 4 4 6 7 — — S O N F D M A J M J A J u u e e a e c o p u a a b n p l n c t v r g y r y . e t . . . . . . . . . . . . . . . . . . . . . . . 4 4 4 3 4 3 3 2 2 1 1 1 8 7 6 6 2 4 1 7 2 9 6 4 1 2 9 5 6 8 7 4 4 0 8 4 1 1 1 1 1 1 1 1 1 1 1 , , , , , , , , , , , 4 4 3 4 4 4 4 4 4 3 4 3 1 9 2 5 1 3 1 3 0 3 1 2 6 7 5 8 2 6 2 8 0 2 2 2 2 2 2 2 2 2 2 1 3 3 3 3 3 0 4 3 2 3 9 5 7 7 8 3 7 0 6 6 8 1 2 2 2 2 2 2 2 1 1 1 0 0 0 0 0 0 0 9 9 9 5 5 5 0 0 0 0 7 2 4 2 2 2 2 2 2 2 2 2 2 2 1 1 1 1 1 1 3 3 3 3 3 5 5 5 5 5 5 5 5 5 5 5 4 4 4 4 3 2 2 2 2 2 2 1 0 0 0 2 8 8 7 7 7 7 P P 2 2 2 2 2 2 2 2 2 2 2 2 3 3 3 4 3 3 3 4 4 4 4 4 7 7 8 0 9 9 7 0 0 0 0 0 1 1 1 1 1 1 1 1 9 9 9 9 9 9 9 9 4 4 4 4 4 4 4 4 0 3 2 4 1 7 5 6 — — — — — — — — D A D S D D D D D M S J J e e u e e e e e e e u u a p c p c c g c c c c n n r t t e e . . . . . . . . . . . . . . . . "" 1 1 1 4 2 2 4 8 1 1 1 7 7 1 6 8 4 5 3 1 2 2 8 1 7 3 3 ' ' ' 5 5 5 5 5 5 2 " 2 2 2 2 2 , 2 # • , , , , 3 5 , 3 1 1 5 9 3 9 8 5 4 9 3 2 5 8 7 1 1 6 5 4' 42 4 2 9 5 1 3 7 4' 1 1 1 1 1 1 1 7 7 7 7 7 7 7 * " 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. 5 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. 1182. 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. 1177 SEPTEMBER 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 B C e o l n g g ia o n 3 U St n a i t t e e s d 4 I | C ad a N a n 5 - orth M a ic n e o d x 6 - So C ut o h b l o ia A m m - I eri C ca hile r N ag ic u a a - 7 iV l u ia s 8 t O ra t - h I e I r B nd r i i a t * is 1 h $1=i55/2i grains of gold 9/io fine; i. c, an ounce of fine gold=$35 1938.. 136,360 958,770425,649 28,532 24,670 8,470 178,143 165,379 32,306 18,225 10,290 1,557 54,264 11,284 1939. . 208,7051,020297 448,753 28,009 28,564 8,759 196,391178,303 29,426 19,951 11,376 3,506 56,182 11,078 1940.. 297,3491,094264 491,628 29,155 32,163 38,862 210,109 185,890 30,878 22,117 11,999 5,429 55,878 10,157 1941.. 288,9451,089395 504,268 27,765 32,414 209 175 187,081 27,969 22,961 9,259 7,525 51,039 9,940 1942. . 966 132 494,439 26,641 29,225 130 963 169,446 28,019 2200,,888822 6,409 8,623 42,525 8,960 1943.. 760 527 448,153 23,009 19,740 48 127,796 22,055 1199,,778899 6,081 7,715 28,560 8,820 1944.. 682,061 429,787 20,746 18,445 35 102,302 17,779 1199,,337744 77,131 7,865 16,310 6,545 1945.. 646 914 427,862 19,888 18,865 32 94,385 17,734 6,282 6,985 16,450 5,950 1946. . 668.973 417,647 19,061 20,475 56 98,994 15,301 8,068 6,357 21,595 4,585 1946—July. 57,193 36,657 1,643 1,750 3,993 8,384 1,335 665 456 1,785 525 Aug.. 60,795 35,553 1,646 1,750 8,310 8,092 1,048 377 448 3,080 490 Sept.. 57,221 34,509 1,578 1,715 6,798 8,047 1,425 354 379 1,925 490 Oct.. 59,464 35,922 1,579 1,785 5,930 8,429 1,332 1,384 654 1,925 525 Nov.. 55,424 33,823 1,527 820 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.. ^•58,127 34,021 1,524 1,785 7,612 r8,195 1,423 271 566 2,205 525 Feb.. ••41,044 19,965 1,502 1,750 483 '7,806* 1,276 371 581 1,820 490 Mar.. 51,824 28,665 1,574 1,855 5,500 r9,235 1,273 856 555 1,820 490 Apr.. 55,412 31,824 1,537 1,890 6,246 rS. 921 1,464 540 610 1,820 560 May. 35,308 1,820 7,220 '9,412 1,130 528 502 785 525 June. 33,984 1,680 6,117 9,418 520 1,890 490 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. r Revised. 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. 5 Figures for Canada beginning 1945 are subject to official revision. 6 Beginning April 1942, monthly figures no longer reported. 7 Gold exports, reported by the Banco Nacional de Nicaragua, which states that they represent approximately 90 per cent of total production. 8 Beginning December 1941, figures are those reported by American Bureau of Metal Statistics. For the period December 1941-December 1943 they represent total Australia; beginning January 1944, Western Australia only. 9 Beginning May 1940, figures are those reported by American Bureau of Metal Statistics. NOTE.—For explanation of table and sources, see BULLETIN for February 1939, p. 151; July 1938, p. 621; June 1938, p. 540; April 1933, pp. 233-235; and Banking and Monetary Statistics, p. 524. For annual estimates compiled by the United States Mint for these and other countries in the period 1910-1941, see Banking and Monetary Statistics, pp. 542-543. GOLD MOVEMENTS UNITED STATES [In thousands of dollars at approximately $35 a fine ounce] Net imports from or net exports (—) to: Y m e o o a r . r im T n o p e o t t a r l ts U K d n i o i n m t g ed - g B iu el m - N la e e n r t d - h s - S d w e e n - S l w a e n r i - d tz- Canada Mexico | | | | i c A p O a L u m n b a t h e t l R i i e r n c i r e - s - l P p a i I h i n p s n i - - d l e - s t A ra u l s i - a A So fr u ic th a Japan I B n is r d h i i t a - c o t o A r th i u e l e n l s r - 1938 1,973,5691,208,728 81,135 15,488163,049 60,146 1,363 76,315 36,472 65,23127,880 39,162 168,74016,,159 13,301 1939 3,574,1511,826,403 3,798165,122 341,618 28,71586,987 612,949 33,610 5 7,'020 35636 74,250 22,862 16>55,,<6505 50,956 168,623 1940 4,744,472 633,C >41,778 977 63,260161,489 90,320 2,622,330 29,880 128,259 38 627103,777 184 7561111,,7739 49,9892284,208 1941 982,378 3,779 1 1 1,747 899 412,056 16,791 61,86242678 67,492 292893 9,444 9,665 3 63,071 1 19 9 4 4 3 2 3 6 1 8 5 , , 9 6 3 7 8 8 1,95 8 5 8 5 2 6 0 6 8, , 9 9 1 2 7 0 - 4 3 0 , , 2 0 8 1 7 6 3 1 9 3 , ,4 6 8 8 9 0 321 5 1 2 5 8 2 3 1 0 1 7 9 129 - 2 8 0 , , 7 0 3 0 1 8 1944 -845,392 -695,483 46,210 -109,695-108,560 199 572 18,365 1945 -106,250 160 53,148 15,094-41,748 103 106 357 '-133,471 1946 311,494 458 * — i4l.. 344,130 3,591-134,405 -156 41118550 -2,6135-18,083 1946 Aug. 15 210 649 516 -8,502 -6 15 19,886 -236 e 2,887 Sept. -7 629 197 82-29,198 17,902! -398 e 3,785 Oct. 24 182 2 134 198 4,523 19,912 -682 103 Nov. 77 903 383 25,248 1,065 621 38,601 -430 6 12,415 Dec. -61 193 2 27,473 449-110,276 -151 17 18,883 -868 « 3,279 1947 Jan. -16 820 51,174 443-97,579 -132 32,544 -374 2,899 Feb. 20 361 9 30,319 222-30,341 -49 37,490 -556»7-16,734 Mar. 153 634 -120 101,642 221-13,269 -129 66,674 -1,140 -214 Apr. 44 050 26,341 -9,793 2,898 122 1126,376 -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 July? 219 201 -449 1 51,820 282 103,894 1,111 60,081 -551 6 5,233 P Preliminary. 1 Includes $28,097,000 from China and Hong Kong, $15,719,000 from Italy, $10,953,000 from Norway, and $13,854,000 from other countries. 2 Includes $75,087,000 from Portugal, $43,935,000 from Italy, $33,405,000 from Norway, $30,851,000 from U. S. S. R., $26,178,000 from Hong Kong, $20,583,000 from Netherlands Indies, $16,310,000 from Yugoslavia, $11,873,000 from Hungary, $10,416,000 from Spain, and $15,570,000 from other countries. 3 Includes $44,920,000 from U. S. S. R. and $18,151,000 from other countries. <Includes $133,980,000 to China and $509,000 from other countries. 5 Includes $33,728,000 from Russia, $55,760,000 to China, and $3,949,000 from other countries. 6 Includes imports from U. S. S. R. as follows: 1946—August, $2,821,000; September, $3,372,000; November, $11,793,000; December, $4 492 000* 1947—July, $5,626,000. 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. 1178 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 Domestic From Jan. 2, 1935, funds in U. S. funds of in- in U. S. securities: securities: Inflow in through—• Total ternational banking Return Inflow of brokerage institutions funds of U. S. foreign balances Total Official i Other in U. S. abroad funds funds 1935—Mar. (Apr. 3) .... 265.9 64.1 4.4 59.7 155.0 31.8 -6.2 21.1 June (July 3) 632.5 230.3 22.6 207.7 312.8 43.7 15.8 29.8 Sept. (Oct. 2) 920.2 371.5 16.3 355.2 388.6 40.1 90.3 29.8 Dec. (Jan. 1, 1936) 1,440.7 631.5 38.0 593.5 361.4 125.2 316.7 6.0 1936—Mar. (Apr. 1).... 1,546.3 613.6 79.6 534.0 390.3 114.4 427.6 .4 June (July 1) 1,993.6 823.4 80.3 743.1 449.0 180.5 524.1 16.5 Sept. 30 2,331.9 947.1 86.0 861.1 456.2 272.2 633.3 23.2 Dec. 30 2,667.4 989.5 140.1 849.4 431.5 316.2 917.4 12.9 1937—Mar. 31 2,998.4 1,188.6 129.8 1,058.8 411.0 319.1 1,075.7 4.1 June 30 3,639.6 1,690.1 293.0 1,397.1 466.4 395.2 1,069.5 18.3 Sept. 29 3,995.5 1,827.2 448.2 1,379.0 518.1 493.3 1,125.1 31.9 Dec. 29 3,501.1 1,259.3 334.7 924.6 449.1 583.2 1,162.0 47.5 1938—Mar. 30 3,301.3 1,043.9 244.0 799.9 434.4 618.5 1,150.4 54.2 June 29 3,140.5 880.9 220.6 660.4 403.3 643.1 1,155.3 57.8 Sept. 28 3,567.2 1,275.4 282.2 993.2 477.2 625.0 1,125.4 64.1 Dec. (Jan. 4, 1939) 3,933.0 1,513.9 327.0 1,186.9 510.1 641.8 1,219.7 47.6 1939—Mar. 29 4,279.4 1,829.4 393.2 1,436.2 550.5 646.7 1,188.9 63.9 June 28 4,742.0 2,194.6 508.1 1,686.5 607.5 664.5 1,201.4 74.0 Sept. 27 5,118.2 2,562.4 635.0 1,927.3 618.4 676.9 1,177.3 83.1 Dec. (Jan. 3, 1940) 5,112.8 2,522.4 634.1 1,888.3 650.4 725.7 1,133.7 80.6 1940—Mar. (Apr. 3) .... 5,207.8 2,630.9 631.0 1,999.9 631.6 761.6 1,095.0 88.7 June (Tuly 3) 5,531.3 2,920.7 1,012 9 1,907.8 684.1 785.6 1,042.1 98.9 Sept. (Oct. 2) 5,831.2 3,175.9 1,195.4 1,980.5 773.6 793.1 987.0 101.6 Dec. (Jan. 1, 1941) 5,807.9 3,239.3 1,281.1 1,958.3 775.1 803.8 888.7 100.9 1941—Mar. (Apr. 2) 5,607.4 3,229.7 1,388.6 1,841.0 767.4 812.7 701.8 95.9 June (July 2) 5,660.1 3,278.0 1,459.8 1,818.2 818.6 834.1 631.2 98.2 Sept. (Oct. 1).... 5,612.6 3,241.8 1,424.0 1,817.7 805.3 841.1 623.5 100.9 Dec. 31 5,354.1 2,979.6 1,177.1 1,802.6 791.3 855.5 626.7 100.9 1942—Mar. (Apr. 1) 5,219.3 2,820.9 1,068.9 ,752.0 819.7 849.6 624.9 104.3 June 30 2 5,636.4 3,217.0 1,352.8 ,864.2 842.3 838.8 632.0 106.2 Sept. 30 5,798.0 3,355.7 1,482.2 ,873.5 858.2 830.5 646.1 107.5 Dec. 31 5,980.2 3,465.5 1,557.2 ,908.3 848.2 673.3 104.4 1943—Mar. 31 6,292.6 3,788.9 1,868.6 ,920.3 898.7 810.5 685.9 108.6 June 30 6,652.1 4,148.3 2,217.1 ,931.2 896.9 806.8 687.9 112.1 Sept. 30 6,918.7 4,278.0 2,338.3 1,939.7 888.6 929.3 708.1 114.8 Dec. 31 7,267.1 4,644.8 2,610.0 2,034.8 877.6 925.9 701.1 117.8 1944—Mar. 31 7,611.9 5,034.4 3,005.0 2,029.4 868.0 904.1 685.8 119.6 June 30 7,610.4 5,002.5 2,812.2 2,190.3 856.6 929.8 702.4 119.1 Sept. 30 7,576.9 4,807.2 2,644.8 2,162.3 883.5 1,026.2 737.8 122.2 Dec. 31 7,728.4 4,865.2 2,624.9 2,240.3 805.8 1,019.4 911.8 126.3 1945—Mar. 31 8,002.6 5,219.4 2,865.1 2,354.3 848.5 983.7 820.6 130.5 June 30 8,422.8 5,671.0 3,313.2 2,357.9 760.4 1,011.2 848.4 131.8 Sept. 30 8,858.6 6,042.2 3,554.9 2,487.2 865.3 998.2 818.4 134.6 Dec. 31 8,802.8 6,144.5 3,469.0 2,675.5 742.7 972.8 798.7 144.1 1946—Jan. 31 8,822.9 6,234.7 3,601.6 2,633.2 729.2 1,097.8 625.9 135.1 Feb. 28 8,775.1 6,156.8 3,457.7 2,699.1 16.2 728.7 1,067.2 672.4 133.9 Mar. 31 8,730.8 6,098.8 3,384.6 2,714.1 70.6 703.6 1,073.0 645.1 139.9 Apr. 30 8,674.4 6,076.2 3,296.2 2,780.0 48.5 701.2 1,076.1 630.7 141.7 May 31 8,405.8 5,850.7 3,074.2 2,776.5 '45.4 644.8 1,104.2 619.7 140.9 June 30 8,338.2 5,662.7 2,852.0 2,810.7 190.8 624.5 1,103.9 615.0 141.4 July 31 8,496.2 5,949.7 3,186.7 2,763.0 200.0 574.1 1,125.3 506.1 140.9 Aug. 31 8,344.2 5,729.0 2,917.3 2,811.7 280.3 554.0 1,141.9 492.2 146.8 Sept. 30 8,250.1 5,681.7 2,834.4 2,847.3 249.1 519.8 1,170.7 478.3 150.4 Oct. 31 8,280.2 5,660.9 2,776.9 2,884.0 264.4 532.8 1,196.9 472.1 153.1 Nov. 30 8,270.4 5,495.4 2,532.7 2,962.7 441.5 492.9 1,231.5 454.4 154.7 Dec. 31 8,009.5 5,272.3 2,333.6 2,938.7 453.8 427.2 1,237.9 464.5 153.7 1947—Jan. 31 8,047.3 5,270.6 2,386.0 2,884.6 449.0 404.8 1,308.2 464.4 150.4 Feb. 28 '9,929.9 »\5,O17.3 1,976.2 r3,041.1 2,705.6 380.9 1,229.8 439.7 156.6 Mar. 31 r9,706.7 '4,811.3 1,695.4 r3,115.9 2,707.0 337.1 1,282.6 414.3 154.5 Apr. 30 9,741.5 4,785.4 1,688.8 3,096.7 2,702.5 333.6 1,341.6 416.7 161.6 r Revised. 1 This category made up as follows: through Sept. 21, 1938, funds held by foreign central banks at the Federal Reserve Bank of New York and Philippine accounts held with the U. S. Treasury; beginning Sept. 28, 1938, also funds held at commercial banks in New York City by central banks maintaining accounts at the Federal Reserve Bank of New York; beginning July 17, 1940, also funds in accounts at the Federal Reserve Bank of New York which had been transferred from central bank to government names; beginning with the new series commencing with 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. SEPTEMBER 1947 1179 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 — Total1 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 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.. ? 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—£)ec> 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.. s,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. . s980.2 837.8 625.9 474.0 592.1 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 t,090.0 585.7 506.2 664.3 63 1 1,172 5 4,081 8 976.4 1,193.71,273.6 203.0 1945—£)ec> 31, # 8 802.8 892 5 464.2 539.7 722.3 106 5 1,311.8 4,037.0 1,395.7 1.338 41,784.1 247.5 1946—May 31 . 8,360.4 585.8 464.1 426.3 725.4 165.7 1,331.3 3,698.7 1,306.2 1,431.5 1,677.5 246.5 June 30. . 147.4 485.3 432.5 411.9 737.0 170 4 1,317 6 3,554 81,313 2 1,471.61,560 3 247.5 July 31 8,296.2 756.0 419.4 389.4 741.0 196.9 1,288.1 3,790.7 1,278.7 1,486.11,492.1 248.5 Aug 31 . 8,063 9 624.1 393.2 376 4 752.5 201 0 1 264 8 3 612 0\,223 51 566 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 61,326 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 01,546 41 327 4 284.4 Dec. 31.. 7 555.7 563.1 384.8 326.4 766.1 287.5 1,246 3 3,574.2 979.71,474.01,258.3 269.6 1947— F j e an b . 3 2 i 8 r7 7 , ,5 2 9 2 8 4 . . 4 3 5 55 8 8 5 . . 2 6 3 33 6 6 9 .4 3 3 29 1 5 9 .1 6 7 77 6 6 9 .5 8 3 25 4 6 2 .8 2 1 1 ,2 2 5 3 9 2 . 5 8 3 3 ,6 4 4 5 5 5 . 8 8 r9 9 3 6 3 7 .1 3 1 1, , 4 4 3 6 1 6 .3 2 1 1, , 1 2 5 1 5 7 .1 9 3 2 0 4 2 8 . . 0 1 Mar. 31 . r6,999.7 489.6 351.4 256.7 786.1 215.8 1,262.9 3,362.5 r853.1 1,384.31,149.8 250.0 Apr. 30. . 7039.0 595.8 332.0 391.7 801.6 221.7 1,210.0 3,552.8 764.81,364.71,112.0 244.6 TABLE 3.—INCREASE IN FOREIGN BANKING FUNDS IN U. S., BY COUNTRIES From Jan. 2, 1935, through- Total U K d n o in i m t g e - d France N la e e n r t d - h s - S l w a e n r i - t d z- Italy E O u t r h o e p r e E T u o r t o a p l e C a a d n a - A L m a e t r i i n ca Asia2 Ot A h l e l r5 1935—Dec. (Jan. 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 1936— Dec. 30 989.5 163.5 144.2 65.9 109.8 23.0 82.4 588.9 86.8 149.3 149.4 15.2 1937—Dec. 29. . 1,259.3 189.3 111.8 76.3 288. 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. 1.7 196.8 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. 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. -.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. -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. -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. -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 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 2,223.4 ,414.2 924.9 ,369.1 212.9 1946— J J M u ul n a y y e 3 3 3 1 0 1 5 5 5 , , , 9 8 6 4 5 6 9 2 0 . . . 7 7 7 3 2 5 7 9 7 3 9 3 . . . 7 7 0 2 2 1 3 0 9 9 5 5 . . . 5 1 8 2 2 2 5 1 3 1 7 9 . . . 8 5 5 3 3 3 0 1 1 5 4 8 . . . 3 6 8 1 1 1 1 4 1 0 5 6 . . . 2 2 6 7 7 7 5 4 1 3 7 8 . . . 9 6 4 2 2 1 , , , 0 8 1 3 9 9 3 7 4 . . . 7 9 8 , , , 1 1 1 5 7 4 5 6 0 . . . 8 4 3 , , 0 0 9 2 5 8 9 6 2 . . . 7 5 8 , , , 3 4 3 6 7 0 0 5 6 . . . 8 0 8 2 2 2 1 1 1 8 5 8 . . . 2 9 5 Aug. 31 5,729.0 464.0 170.6 210.5 341.1 154.0 691.2 2.031.4 ,111.6 ,105.0 ,256.9 224.1 Sept. 30 5,681.7 509.0 195.4 222.4 333.1 158.6 679.4 2,097.9 ,069.6 ,059.2 ,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 .058.9 ,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 ,029.3 ,183.9 260.8 Dec. 31 5,272.3 397.6 165.8 208.2 359.0 247.6 687.2 2,065.5 823.9 983.3 ,135.7 263.9 1947—Jan. 31 5,270.6 423.0 157.0 195.6 363.6 300.7 701.0 2,141.0 748.0 1,010.3 ,082.9 288.5 Feb. 28 r5,O!7.3 381.9 129.0 197.8 370.5 227.1 673.1 1,979.3 ••784.7 981.0 ,013.5 258.7 Mar. 31 r4,811.3 312.2 146.2 166.7 378.5 198.2 719.1 1,921.0 '670.2 956.1 ,012.5 251.5 Apr. 30 4,785.4 423.1 129.6 205.0 383.6 205.4 689.2 2,035.9 519.6 982.7 247.2 TABLE 4.—DECREASE IN U. S. BANKING FUNDS ABROAD, BY COUNTRIES From Jan. 2, 1935, through — Total U K d n o in i m t g e - d France N la e e n r t d - h s - S l w a e n r i - t d z- Italy Eu t r h o e p r e E T u o r t o a p l e C a a d n a - A L m a e t r i i n ca Asia2 ot A he ll r* 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 1936—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 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 1 1 9 9 4 47 6 — — J J A S F O N D M T M u u e e a u e c o l n a a b n p c t g y v y r e . . . t . . . . . 3 2 3 3 3 3 3 3 3 3 3 1 8 1 0 1 0 1 1 1 1 0 5 5 6 6 5 4 4 3 5 4 3 1 3 2 2 5 4 0 8 7 9 3 9 7 2 4 4 4 4 0 4 7 2 . . . . . . . . . . . 8 2 5 0 1 1 8 8 8 9 9 2 2 2 2 2 2 2 2 2 2 2 6 1 3 2 2 5 4 3 4 5 5 6 6 1 6 6 5 9 1 4 2 6 . . . . . . . . . . . 2 1 2 5 7 5 5 4 3 6 2 7 7 7 7 7 7 7 6 7 6 6 5 6 8 6 5 9 5 3 8 6 3 . . . . . . . . . . . 7 2 1 1 0 2 1 0 4 1 4 - - - - - - - - - 1 1 - 1 1 - 1 1 1 1 1 1 9 0 0 0 1 2 3 3 1 3 1 9 0 1 0 4 8 7 5 7 2 0 . . . . . . . . , 9 7 0 2 1 4 1 9 3 - - - 1 4 3 1 3 2 3 1 1 . . . . . . . . . . 7 1 5 4 6 6 7 1 4 8 2 2 2 1 1 1 1 1 1 8 5 4 2 6 7 5 6 3 0 1 . . . . . . . . . . . 5 1 2 9 9 8 0 0 7 6 7 2 2 2 2 2 2 2 2 2 2 2 5 4 4 4 3 3 2 2 2 1 2 8 5 2 6 6 2 9 6 7 6 5 . . . . . . . . . . . 2 4 8 0 3 0 0 1 9 0 9 5 5 4 4 4 4 4 4 4 4 4 1 0 1 3 5 5 6 3 2 2 1 2 8 2 9 5 2 7 5 1 6 4 . . . . . . . . . . . 8 9 2 2 0 3 3 4 3 9 4 4 3 5 4 4 4 4 4 4 4 5 2 9 0 3 9 2 9 0 0 4 3 . . . . . . . . . . . 8 2 3 6 7 6 9 3 0 1 9 - - - — - - - - 1 1 1 1 3 - 5 9 1 4 1 2 1 4 2 7 8 2 1 0 3 0 4 . . . . . . . . . 4 . 1 2 3 4 . 8 6 6 3 0 6 7 6 5 5 5 2 7 3 4 4 7 1 4 4 9 6 4 2 0 4 1 4 . . . . . . . . . . . 1 7 1 9 4 8 8 9 2 6 0 - - - - - - - - - - - 1 1 1 3 3 4 3 3 5 8 4 5 8 . . . . . . . . . . . 7 4 2 9 5 1 4 8 4 7 7 Apr. 30 333 .6 249 6 57.9 -32.4 4 5 203.4 482.8 56.5 -213.7 31 .0 -23.0 r Revised • 1 Total capital movement by countries differs from total capital movement in Table 1 by reason of exclusion of international institutions. 2 Prior to Jan. 3, 1940, the figures under Asia represent Far East only, the remaining Asiatic countries being included under "All other." »Inflow less than $50,000. 1180 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 SINGE 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 u t r h o e p r e E T u o ro ta p l e C a a d n a - A L m a e t r i i n ca Asia1 ot A h l e l r1 1935- Dec. (Jan. 1, 1936) 125.2 67.8 6.8 7.4 -1.2 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 1,019.4 126.5 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—May 31 1,104.2 110.9 51.1 33.3 44.9 27.3 249.8 517.3 169.8 334.4 59.9 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 1,170 100.4 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 1,237.9 96.8 50.2 26.0 31.2 26.7 260.2 491.2 236.6 448.4 61.1 .7 1947—Jan. 31 1,308.2 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 Apr. 30 1,341.6 102.9 50.0 22.5 31.9 26.9 257.7 491.8 309.5 468.2 61.0 11.1 TABLE 6. -DOMESTIC SECURITIES: INFLOW OF FOREIGN FUNDS, BY COUNTRIES (Net Purchases by Foreigners of U. S. Securities) United Neth- Switz- From Jan. 2, 1935, through— Total K d i o n m g- France la e n r d - s la e n r- d Italy E O u t r h o e p r e E T u o ro ta p l e C a a d n a - A L m a e t r i i n ca Asia1 ot A h l e l r1 1935—Dec. (Jan. 1, 1936) 316.7 149.8 23.4 50.5 55.1 -.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—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. 31 464.4 -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 Apr. 30 416.7 -198.3 73.8 179.3 344.2 -15.6 46.0 429.5 -141.9 90.6 30.3 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) From Jan. 2, 1935, through— Total U K d n i o i n m t g e - d France N la e e n r t d - h s - S l w a e n r it - d z- Italy E O u t r h o e p r e E T u o ro ta p l e C a a d n a - A L m a e t r i i n ca Asia1 ot A h l e l r1 1935— Dec. (Jan. 1, 1936) 6.0 2.4 1.3 2.5 .1 1.3 7.6 -4.5 1.0 2.9 -.9 1936—£)ec< 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 1938—Dec. (Jan. 4, 1939) 47.6 13.4 12.9 6.8 9.6 .2 5.0 47.9 1.8 -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 L6 -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—DQC. 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—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 12.9 106.3 18.5 10.2 4.8 1.5 July 31 140.9 18.9 24.4 16.1 33.8 13.2 107.0 19.8 8.5 3.9 1.7 Aug. 31 146.8 19.2 23.7 15.8 35.9 ^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 .... 154.5 17 7 20.4 16.3 41.5 .4 13 8 110.0 20.0 16.3 5.5 2 8 Apr. 30 M61.6 18.6 20.5 17.3 42.1 .5 13.7 112.7 21.2 19.5 7.0 1.2 1 Prior to Jan. 3, 1940, the figures under Asia represent Far East only, the remaining Asiatic countries being included under "All other." 2 Inflow less than $50,000. » Outflow less than $50,000. 4 Amounts outstanding Apr. 30 (in millions of dollars): foreign brokerage balances in United States, 112.9; United States brokerage balances abroad, 28.2. SEPTEMBER 1947 1181 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 Date t t i e i n o r s n n t a i a - - l Official U K d n o i i n m t g e - d France N la e e n r t d - h s - S l w a e n r i - t d z- 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 Asia2 ot A he ll r 2 i al tutions private 1934—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 1,301.1 130.3 205.5 163.5 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—Dec 3 3,221.3 781.0 448.2 288.2 204.9 376.3 38.5 526 4 1,882 6 274.6 336.0 655 7 72.5 1940—Dec3 3,938.2 1,418.9 365.5 490.1 174.3 508.4 17.9 657.3 2,213.5 434.3 447.3 769.9 73.3 1941—Dec. 31 3,678.5 1,314 9 400.8 448.6 174 9 339 9 15.4 614.6 1,994.0 373.2 417.7 780.0 113.6 1942—Dec. 31 4,205 4 2,244.4 554 6 432.3 186 6 184 2 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 1,046.4 1,549.7 181.8 1946—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 1,108.1 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 *2,538.3 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 1,045.3 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 >931.81,104.8 1,316.4 232.8 1947—Jan. 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 '5,751.4 2,686.5 443.3 209.1 214.4 384.1 247.4 836.3 2,334.6 ••892.71,102.6 1,194.2 227.5 Mar.31.... 2,726.9 '5,545.4 2,405.7 373.6 226.4 183.3 392.2 218.5 882.4 2,276.3 •"778.21,077.6 1,193.1 220.3 Apr. 30.... 2,722.5 5,519.6 2,399.1 484.4 209.8 221.6 397.2 225.7 852.5 2,391.2 627.5 1,121.6 1,163.3 216.0 LIABILITIES—SUPPLEMENTARY DATA Other Europe Date E O ur th 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 Greece6 L b u o x u e rg m 6 - N w o a r y - P g o a r l t * u- m R an u i - a6 Spain6 SwedenUSSR6 s Y la u v g i o a6 - ot A h l e l r 1939—Dec3 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 ii'.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—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 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 Apr. 30... 852.5 163.0 57.8 26.8 9.1 39.8 22.2 111.2 52.2 11.3 18.1 157.3 60.0 15.3 108.4 Latin America Neth- French er- Date A L i m a c t a e in r- A t r i g n e a n- li B v o ia - 7 Brazil Chile l b C o i m o a - 7 - C R o ic s a ta 7 Cuba I W n 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 z V u e e n la e 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 8 34 0 85 .3 1940—Dec3 447.3 115.4 36.2 28.5 47.9 55.0 58 7 105 .6 1941—Dec 31... 417.7 75.7 50 5 27.3 62 5 37 7 42 1 121.8 1942—Dec. 31. .. 597.7 67.6 10.8 67.7 34.5 "43.4 12A 100.3 "4.9' 95.7 "ioy 36^9 ii'.i' 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 A 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—May 31. . .1,108 .1 92.6 11.9 222.0 55.3 69.6 6.9 163.7 7.0 119.8 19.2 88.9 40.3 50.3 160.5 June 30... 1,151.3 116.6 10.7 218.8 59.3 66.3 6.7 169.6 7.0 137.1 16.7 87.1 40.6 46.1 168.6 July 31... 1,174.4 124.4 12.3 231.1 62.1 75.2 6.8 167.0 7.6 135.3 14.7 84.8 39.2 42.3 171.5 Aug. 31. .. 1,226.6 147.9 11.5 255.9 53.9 67.4 6.5 175.6 7.4 143.1 14.1 84.3 38.8 50.9 169.4 Sept. 30. .. 1,180.7 144.5 13.5 231.0 51.2 65.2 6.7 160.6 7.8 142.2 13.7 85.4 39.1 52.5 167.3 Oct. 31. .. 1,180.5 147.9 14.3 223.5 49.8 61.5 7.1 158.0 6.7 133.2 13.6 84.6 43.8 68.7 167.6 Nov. 30. .. 1,150.8 131.4 13.6 205.6 50.5 60.7 8.6 159.1 6.0 143.2 13.5 84.1 40.7 67.3 166.7 Dec. 31. .. 1,104.8 112.6 14.0 174.0 50.7 57.8 7.7 153.5 5.4 152.2 16.1 77.2 40.9 74.0 168.7 1947—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 Apr. 30... 1,121.6 223.0 11.7 115.3 53.4 56.2 9.3 168.0 3.2 127.6 10.6 71.0 35.9 49.4 186.6 For footnotes see p. 1183. 1182 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 AH Other Date Asia C M c a r h h n i a i u a d n n - a - F C I r n h e d n in o c a - h 1 H K o o n n g g I C B n l a m o d n e u n a y i d r a , 1 - - , B M l i a s r y h a it a - - 1 Japan I N l n E a e d e n a r t i d s - e h t s s - 1 i l P p a I h n p s i d - i l n s - eT k u ey r- 1 O A t s h i e a r ot A he ll r2 A t l u r ia a s- - N Z la e e n a w d - A S E E t a u n i g g n a g d y y n d 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—Dec.3 655.7 167.0 71.4 165.4 193.4 58.5 72.5 1940—Dec.5 769.9207.5 91.1 110.3 198.6 162.4 73.3 1941—Dec. 31 780.0 156 8 61 6 69 9 226.8 264 9 113 6 1942—Dec. 31.... 930.0360.9 27.4 41.6 13.1 1.0 4.8 160.4 254.729.9 36.2 149^623.1 4.8 6.8 12.1 11.0 91.8 1943—Dec. 31 1,108.8574.2 27.4 23.9 18.2 .9 4.1 110.1 259.135.4 55.5 175.3 25.3 5.1 6.1 10.3 4.5 124.1 1944—Dec. 31 1,069.2427.3 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—May 31. .. 1,655.7695.4 39.0 35.4 37.6 1.4 3.7 103.6 580.2 72.0 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 4 220 340 4 9 6 19 6 16 5 43 7 90 5 Apr. 30... 1,163.3339.1 38.4 39.0 36.1 8.3 18.9 103.7 438.965.4 75^6 216.0 38! 7 8> 19^0 \6.\ 47.3 86.2 1 Prior to June 30, 1942, included under "Other Asia." 2 Country breakdown not available until June 30, 1942. 3 See footnote 3 below. Footnotes to table on p. 1182. r Revised. 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." s 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. e 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 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 u t r h o e p r e E T u o r t o a p l e C a a d n a - A L i m a c t a e in r- Asia l ot A he ll r 1 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 .3 74.6 140.7 53.3 158.9 29.9 9.9 1946—May 31 490.7 32.6 .9 118.5 8.0 1.0 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 15.1 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—Jan. 31 730.7 50.5 9.9 136.6 11.7 14.9 83.8 307.3 48.8 260.4 94.5 19.8 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 Apr. 30 801.8 42.4 21.1 51.0 8.3 22.0 106.4 251.3 36.4 381.7 98.1 34.3 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. 1183 SEPTEMBER 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 a r y - tu P g o a r- l1 m R an u i - a1 Spain1 S d w en e- USSR1 s Y la u v g i o a1 - o A th l e l r 1939—Dec2 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 1941—Dec. 31 60.5 1.1 1.9 34.4 5 6 22.1 1942—Dec. 31 56.3 .8 5.6 34.0 1.1 .1 .2 2.4 3.2 .4 8.4 1943—Dec. 31 52.9 .7 7.6 33.9 .6 .1 .2 1.4 3.2 .2 5.0 1944—Dec. 31 78.3 .7 33.9 .6 .1 35.1 .8 1.8 .2 5.1 1945—Dec. 31 74.6 .6 33.9 .7 .1 31.6 .5 .1 1.6 .9 4.7 1946—May 31 54.4 5.0 .1 2.0 33.9 1.5 .1 1.2 .6 .1 2.1 3.0 15.1 J J A u u u l n y g e . 3 3 3 0 1 1 6 6 6 7 1 3 . . . 0 6 8 8 9 7 . . . 8 1 7 . . . 1 3 2 4 4 4 . . . 4 0 3 3 3 3 3 3 3 . . . 9 9 9 2 1 1 . . . 1 6 1 . . . 1 1 1 . . . 3 6 5 . . . 5 7 7 1 . . 1 1 3 2 4 . . . 3 2 9 5 5 7 . . . 5 6 6 1 4 5 5 . . . 0 3 0 S O e c p t. t . 3 3 0 1 7 7 7 3 . . 8 4 6 7 . . 9 2 . . 2 4 3 4 . . 5 3 3 3 3 3 . . 9 9 1 1 2 2 . . 6 6 . . 1 1 . . 7 7 1 1. . 3 0 3 7 . . 6 2 5 4 . . 5 1 1 5 6 . . 5 1 Nov. 30 80.8 7.7 .5 5.9 33.9 13.0 .1 2.1 .9 6.5 3.9 6.2 Dec. 31 82.8 7.5 .5 6.2 30.4 12.4 .1 3.3 1.0 7.2 4.9 9.4 1947—Jan. 31 83.8 7.1 .6 6.4 30.3 12.4 3.7 .9 .1 7.3 5.5 9.5 Feb. 28 83.9 7.4 .4 6.1 30.4 12.5 .1 4.0 .9 6.2 5.6 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 13.2 Apr. 30 106.4 8.9 .3 7.1 30.4 12.8 .1 5.2 1.0 6.9 3.7 7.1 22.9 Latin America French Nether- 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 a4 - - C R o ic s a ta 4 Cuba I W G a n a n d n u e a i d s i e 4 - t s Mexico I l W n S n a a a u d n n m e r i d d s i e 4 s - t s P m an a a 5 - Peru4 V zu e e n la e 4 - O A L i a m t c h t a i e e n r r - 1939—Dec.2 113.3 16.8 32.2 9.7 10.5 5.9 1.0 37.2 1940—Dec.2 122.7 11.9 33.1 13.4 11.7 6.1 2.1 44.4 1941—Dec. 31 148.3 16.8 38.0 14.9 11.3 7.6 2.4 57.3 1942—Dec. 31 99.7 6.9 3.0 16.7 15.3 20.7 .6 8.3 4 .3 2.1 2.8 3.9 14.2 1943—Dec. 31 112.2 15.3 1.8 18.9 16.6 12.2 .7 20.1 (*) 11.2 .5 1.1 1.4 3.8 8.7 1 1 9 9 4 4 5 4 — — D D e e c c . . 3 3 1 1 v 1 15 3 8 1 . . 9 0 2 3 1 . . 1 0 1 1 . . 8 3 2 24 5 . . 7 3 9 6. . 6 0 1 1 5 6 . . 5 8 1 1 . . 2 2 4 3 7 3 . . 4 3 () 1 8 1 . . 6 0 . . 5 3 1. . 1 8 1 1 . . 9 2 5 6 . . 1 1 3 1 3 1 . . 4 7 1946—May 31. 158.0 20.4 2.0 30.9 6.7 21.2 1.2 27.6 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 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 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 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 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 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 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 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 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 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 30.7 .8 2.2 7.0 19.6 33.9 Apr. 30. 381.7 57.8 4.8 115.4 18.6 30.4 3.4 53.8 33.7 1.1 2.2 7.8 15.4 37.3 Asia and All Other Date Asia C M c a r h h n i a i u a d n n - a - F C I r n h e d i n n o c a - h 6 H K o o n n g g I C B n l m a o d n e u n a y i d r * a , - - , l M B t a i y s r a i h a - - 6 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 p h n s i i d - n l s - e T ke u y r- 6 O A t s h i e a r ot A he ll r7 A t l r u ia a s - -N Z la e e n a w d - A S E E t a u n g i 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 n o u r f i i t o c h n a Othe 1939—Dec.2 174.1 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 ' "i.'i .7 .5 "i!o 14.4 1.8 2.0 4.8 1.0 .7 .1 (3) 1.7 1.2 1943—Dec. 31 26.3 1.7 (3) 1.0 2.0 .5 .5 1.7 13.9 3.2 1.8 3.9 .5 .2 .1 2.4 .7 1944—Dec. 31 51.4 1.5 (3) .9 22.3 .1 .5 1.5 13.8 1.8 8.8 11.7 .6 .2 .2 9.7 1.0 1945—Dec. 31 29.9 1.0 (3) .8 7.5 .1 .5 1.4 13.8 2.0 2.7 9.9 1.7 .7 .3 8., 4.7 2.5 1946—May 31 54.4 22.6 (3) 2.0 6.6 .3 .3 1.4 16.7 .9 3.6 . 12.9 1.8 .6 .2 (3) 7.8 2.5 June 30 56.2 23.9 (3) 2.0 7.4 .1 .3 1.4 16.7 .9 3.5 15.3 1.9 .6 .3 .2 8.5 3.9 July 31 57.1 19.0 .1 2.2 9.4 1.7 .3 1.2 18.5 .9 3.9 14.8 2.9 l.l .3 .1 8.0 2.5 Aug. 31 68.0 28.6 (3) 2.9 10.8 .1 .3 1.3 19.2 .9 3.9 15.6 2.9 L.2 .4 (3) 8.1 3.0 Sept. 30 72.7 34.7 (3) 3.2 11.7 .2 .3 1.2 16.6 .9 3.9 15.1 3.3 L.2 .3 (3) 7.7 2.5 Oct. 31 74.3 34.6 (3) 6.5 10.1 .2 .5 1.0 16.0 1.3 4.0 14.5 2.7 L.O .4 (3) 8.4 2.0 1947— F N D Ja e e o n b c v . . . . 3 2 3 3 1 8 0 1 . .. 9 8 9 7 9 5 4 5 . . . . 2 5 0 0 4 4 3 5 3 0 6 3 . . . . 8 8 8 9 ? ( ( (3 3 3 ) ) ) 4 5 5 5 . . . . 0 1 9 0 1 1 1 9 2 2 2 . . . . 1 7 9 0 . . . . 2 5 5 2 . . . . 2 2 2 2 1 1 . . . . 0 1 9 9 2 2 2 1 0 3 5 4 . . . . 2 0 3 7 1 1 1 . . . . 5 4 4 9 4 4 4 4 . . . . 2 5 4 0 2 1 1 1 7 7 9 5 . . . . 2 1 8 8 4 3 3 6. . . . 2 4 3 1 L L L . . . . 9 2 3 I . . . . 4 4 4 4 ( ( ( ( 3 3 3 3 ) ) ) ) 1 1 1 9 4 0 0 . . . . 1 7 5 1 3 4 2 2 . . . . 4 5 2 4 Mar. 31 88.9 41.2 4.1 14.6 1.0 .2 1.4 20.3 2.0 3.9 30.1 6.5 L.5 .5 .1 16.0 5.5 Apr. 30 .... 98.1 47.0 4.0 14.2 1.3 .2 1.9 22.4 2.5 4.5 34.3 7.5 L 3 .4 .1 18.3 6.8 1 Prior to June 30, 1942, included under "All other." 2 Report dates for these years are as follows: 1939—Jan. 3, 1940; and 1940—Jan. 1, 1941. 3 Less than $50,000. 4 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. 1184 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS A d s e se p t a s r t o m f e is n s t ue Assets of banking department Liabilities of banking department Bank of England Note (Fi p g o u u r n es d s in s m te i r l l l i i n o g n ) s of Gold1 a O ss t e h t e s r 2 C C o a i s n h rese N rv o e te s s a c v n o D a d n u i s c n - a e t d s s - Se t c ie u s ri- ci t r i c o u n l 3 a- Bankers' De P p u o b s l i i t c s Other l O ia t t i b h e i e s li r - 1935—Dec. 25 200.1 260.0 .6 35.5 8.5 94.7 424.5 72.1 12.1 37.1 18.0 1936—Dec. 30 313.7 200.0 .6 46.3 17.5 155.6 467.4 150.6 12.1 39.2 18.0 1937—Dec. 29 326.4 220.0 .8 41.1 9.2 135.5 505.3 120.6 11.4 36.6 18.0 1938—Dec. 28 326.4 230.0 .8 51.7 28.5 90.7 504.7 101.0 15.9 36.8 18.0 1939—Dec. 27 * .2 580.0 1.0 25.6 4.3 176.1 554.6 117.3 29.7 42.0 17.9 1940—Dec. 25 .2 5 630.0 .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 8 950.0 .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 5 1,400.0 .4 20.3 8.4 327.0 1,379.9 274.5 5.3 58.5 17.8 1946—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 5 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 July 30 .2 1,450.0 2.4 30.9 28.6 364.6 1,419.3 301.8 11.3 95.1 18.3 Assets Liabilities Bank of Canada Dominion and provincial government Deposits (Figures in millions of Sterling securities Canadian dollars) Gold and S t U at n e i s ted O as t s h e e ts r circ N ul o a t t e ion7 lia O bi t l h it e i r es8 dollars S te h r o m rt 6 - Other Ch b a a r n te k r s ed D g o o m ve in rn io - n Other ment 1935—Dec. 31. 180.5 4.2 30.9 83.4 8.6 99.7 181.6 17.9 7.7 1936—Dec. 31. 179.4 9.1 61.3 99.0 8.2 135.7 187.0 18.8 2.1 13.4 1937—Dec. 31. 179.8 14.9 82.3 91.6 21.7 165.3 196.0 11.1 3.5 14.4 1938—Dec. 31. 185.9 28.4 144.6 40.9 5.2 175.3 200.6 16.7 3.1 9.3 1939—Dec. 30. 225.7 64.3 181.9 49.9 5.5 232.8 217.0 46.3 17.9 13.3 1940—Dec. 31. 38.4 448.4 127.3 12.4 359.9 217.7 10.9 9.5 28.5 1941—Dec. 31. 200.9 391.8 216.7 33.5 496.0 232.0 73.8 6.0 35.1 1942—Dec. 31. .5 807.2 209.2 31.3 693.6 259.9 51.6 19.1 24.0 1943—Dec. 31. .6 787.6 472.8 47.3 874.4 340.2 20.5 17.8 55.4 1944—Dec. 30. 172.3 906.9 573.9 34.3 ,036.0 401.7 12.9 27.7 209.1 1945—Dec. 31. 156.8 1,157.3 688.3 29.5 ,129.1 521.2 153.3 29.8 198.5 1946—Aug. 31. 1.7 1,257.7 530.8 44.1 ,127.4 521.1 69.1 79.7 37.1 Sept. 30. .7 1,259.1 523.9 38.3 ,147.5 511.3 27.4 87.8 48.0 Oct. 31. .9 1,301.5 521.5 40.1 ,156.9 538.6 36.6 85.2 46.7 Nov. 30. .9 1,283.8 605.0 40.9 ,161.1 579.5 63.9 79.4 46.8 Dec. 31. 1.0 1,197.4 708.2 42.1 ,186.2 565.5 60.5 93.8 42.7 1947—Jan. 31. .0 1,196.8 718.8 39.3 ,138.6 533.3 150.1 82.9 51.0 Feb. 28. .0 1,172.3 738.9 47.6 ,137.9 493.6 215.7 75.3 37.3 Mar. 31. .2 1,146.9 757.5 40.4 ,153.2 536.3 159.8 64.6 32.1 Apr. 30. .0 1,186.0 751.2 59.2 ,153.9 542.6 195.7 69.3 35.9 May 31. .0 1,123.0 731.0 41.3 ,148.1 477.6 179.4 58.5 32.6 June 30. 4.0 1,063.7 716.0 40.4 ,152.6 474.4 105.6 54.4 36.9 July 31. .7 1,081.9 722.6 42.0 ,153.7 468.3 124.1 63.7 37.3 1 Through February 1939, valued at legal parity of 85 shillings a fine ounce; thereafter at market price, which fluctuated until Sept. 6, 1939, when it was officially set at 168 shillings per fine ounce; the latter rate remained in effect until June 9, 1945, when it was raised to 172 shillings and three pence. 2 Securities and silver coin held as cover for fiduciary issue, the amount of which is also shown by this figure. 3 Notes issued less amounts held in banking department. 4 On Jan. 6, 1939, 200 million pounds sterling of gold (at legal parity) transferred from Bank to Exchange Equalization Account; on Mar. 1, 1939, about 5.5 million pounds (at current price) transferred from Exchange Account to Bank; on July 12, 1939, 20 million pounds transferred from Exchange Account to Bank; on Sept. 6, 1939, 279 million pounds transferred from Bank to Exchange Account. 5 Fiduciary issue increased by 50 million pounds on June 12, 1940, Apr. 30, Aug. 30, and Dec. 3, 1941, and Apr. 22 and July 28, 1942; by 70 million pounds on Dec. 2, 1942; and by 50 million pounds on Apr. 13, Oct. 6, and Dec. 8, 1943, Mar. 7, Aug. 2, and Dec. 6, 1944, May 8, July 3, and Dec. 10, 1945, and on Dec. 10, 1946. 6 Securities maturing in two years or less. 7 Includes notes held by the chartered banks, which constitute an important part of their reserves. 8 Beginning November 1944, includes a certain amount of sterling and United States dollars. 9 On May 1, 1940, gold transferred to Foreign Exchange Control Board in return for short-term Government securities (see BULLETIN for July 1940, pp. 677-678). NOTE.—For back figures on Bank of England and Bank of Canada, see Banking and Monetary Statistics, Tables 164 and 166, pp. 638-640 and pp. 644-645, respectively; for description of statistics see pp. 560-564 in same publication. SEPTEMBER 1947 1185 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS—Continued Assets Liabilities Bank of France Domestic bills A G d o v v a e n rn c m es e n to t Deposits mill ( io F n ig s u o r f e s f r i a n ncs) Gold1 F c o h e r a x e n - i g g e n m O a p rk e e n t2 Special2 Other c F c u o o p r s a t o t s i c o 3 - n Other 2 a O ss t e h t e s r 4 ci N r ti c o o u n t l e a- G m ov e e n r t n- C.A.R.5 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 7,078 1945—Dec. 27... 6129,817 68 23,038 303 25,548 426,000 39,122 570,006 12,048 57,755 4,087 1946—July 25... 94,817 6 64,769 45,324 426,000 8,600 40,915 612,879 717 59,829 7,006 Aug. 29... 94,817 5 64,474 61,657 426,000 8,600 45,049 633,327 779 62,282 4,213 Sept. 26... 94,817 6 70,577 546 62,567 426,000 28,100 44,703 667,567 804 54,743 4,201 Oct. 31... 94,817 5 71,224 3,124 63,127 426,000 46,600 52,693 696,924 814 55,612 4,241 Nov. 28... 94,817 6 74,739 3,344 67,396 426,000 55,500 47,116 704,796 824 58,549 4,748 Dec. 26... 94,817 7 77,621 3,135 76,254 426,000 67,900 47,577 721,865 765 63,468 7,213 1947—Jan. 30... 94,817 5 75,500 2,209 82,674 426,000 55,200 54,507 730,253 789 55,020 4,849 Feb. 27... 94,817 8 82,958 1,435 85,917 426,000 54,000 53,066 737,692 831 54,512 5,166 Mar. 27... 782,817 5 83,613 694 85,221 426,000 79,500 58,083 746,266 767 63,880 5,021 Apr. 30.. . 82,817 6 85,120 134 80,901 426,000 55,000 81O8,758 770,670 770 62,304 4,992 May 29... 82,817 6 82,221 125 88,429 426,000 63,700 8103,846 775,053 745 66,745 4,599 June 26... 82,817 6 82,983 84 87,134 426,000 95,000 8119,662 807,064 834 76,747 9,040 1 Gold revalued on Dec. 26, 1945, on basis of 134,027.90 francs per fine kilogram. For details on previous devaluations see BULLETIN for May 1940, pp. 406-407; January 1939, p. 29; September 1937, p. 853; and November 1936, pp. 878-880. 2 For explanation of this item, see BULLETIN for July 1940, p. 732. 3 By a series of Conventions between the Bank of France and the Treasury, dated from Aug. 25, 1940, through July 20, 1944, advances of 441,000 million francs were authorized to meet the costs of the German army of occupation. 4 Beginning Dec. 28, 1944, includes 9,447 million francs charged to the State to reimburse the Bank for the gold turned over by it to the National Bank of Belgium on Dec. 22, 1944. 5 Central Administration of the Reichskreditkassen. 6 In each of the weeks ending Apr. 20 and Aug. 3, 1939, 5,000 million francs of gold transferred from Exchange Stabilization Fund to Bank of France; in week ending Mar. 7, 1940, 30,000 million, in week ending Oct. 11, 1945, 10,000 million, in week ending Dec. 27, 1945, 53,000 million, and in week ending May 2, 1946, 35,000 million francs of gold transferred from Bank of France to Stabilization Fund. 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." 8 Includes a non-interest loan to the Government, which was raised from 10,000 million to 50,000 million francs by law of Mar. 29, 1947. NOTE.—For back figures see Banking and Monetary Statistics, Table 165, pp. 641-643; for description of statistics see pp. 562-563 in same publication. For last available report from the Reichsbank (February 1945) see BULLETIN for December 1946, p. 1424. Central Bank 1947 1946 Central Bank 1947 1946 (Figures as of last report (Figures as of last report date of month) July June May July date of month) July June May July Central Bank of the Argentine National Bank of Belgium Republic (millions of pesos): Loans to Government 47,169 48,624 49,338 48,632 Gold reported separately 2,449 1,235 Other loans and discounts 6,456 2,652 4,530 3,450 Other gold and foreign exchange. 2,261 4,736 Claim against Bank of Issue... . 64,597 64,597 64,597 64,597 Government securities 958 866 Other assets 2,327 2,244 2,250 2,119 Temporary advances to Govt.. . 36 60 Note circulation 77,597 75,380 75,446 71,862 Rediscounts and loans to banks1. 10,408 7,391 Demand deposits 4,493 4,809 4,811 4,325 Other assets 2,305 2,062 Blocked accounts 4 78,719 78,891 79,099 78,063 Currency circulation 2 4,306 3,562 Other liabilities 1,745 1,658 1,626 1,405 Deposits—Member bank 336 1,865Central Bank of Bolivia—Mone- Government 901 510 tary Dept.(millions of bolivianos): (Apr.) Nationalized x 12,085 8,597 Gold at home and abroad 922 920 Other 77 171 Foreign exchange 165 315 Certificates of participation in Loans and discounts 337 191 Government securities 2 Government securities 430 431 Other liabilities 712 1,643 Other assets 14 11 Commonwealth Bank of Aus- Note circulation 1,671 ,630 tralia (thousands of pounds): Deposits 185 234 Gold and foreign exchange 186,158 226,245210,908 Other liabilities 12 3 Checks and bills of other banks. . 4,073 2,590 2,220National Bank of Bulgaria 6 Securities (incl. Government and Central Bank of Chile (millions Treasury bills) 429,494 397,277403,368 of pesos): Other assets 10,779 11,997 11,408 Gold 220 239 366 Note circulation 202,680 200,680197,680 Gold contribution to Int'l. Fund. 43 43 Deposits of Trading Banks: Discounts for member banks. . . 725 565 " 465 Special 270,984 279,784255,012 Loans to Government 1,234 1,258 697 Other 21,414 22,123 22,847 Other loans and discounts 1,151 1,096 741 Other liabilities 135,425135,522152,365 Other assets 1,638 1,891 1,954 National Bank of Belgium Note circulation 3,761 3,729 3,014 (millions of francs): Deposits—Bank 517 632 544 Gold 28,214 28,163 27,998 33,148 Other 265 200 254 Foreign exchange 12,227 12,644 10,255 3,708 Other liabilities 467 531 410 Net claim on Int'l. Fund 3 1,564 1,814 2,014 Government decree of Apr. 24, 1946, provided for the guarantee of all deposits registered in the name of the Central Bank entral Bank became responsible for all subsidiary money, 5 Latest month available. 6 For last available report (January 1943) see BULLETIN for July 1943, p. 697. 1186 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS—Continued Central Bank 1947 1946 Central Bank 1947 1946 (Figures as of last report (Figures as of last report date of month) July June May July date of month) July June May July Bank of the Republic of Colombia Bank of Finland (millions of (thousands of pesos): markkaa): Gold 52,043 62,589 61,025 35,954 Gold 2 2 2 1 Foreign exchange 35,398 46,580 63,734 79,607 Foreign assets (net) 1,438 1,296 2,033 -242 Net claim on Int'l. Fund 1 21,867 21,867 21,867 Clearings (net) -4,278 -4,984 -5,882 -8,841 Paid-in capital—Int'l. Bank. . . . 1,225 1,225 1,225 Loans and discounts 32,033 32,163 31,451 32,837 Loans and discounts 12,647 93,479 77,947 27,470 Securities 407 408 412 545 Government loans and securities. 88,521 87,828 83,896 80,825 Other assets 755 1,023 798 738 Other assets 41,712 39,207 40,990 39,694 Note circulation 22,956 22,415 21,653 17,269 Note circulation ! 44,361244,824238,660211,949 Deposits 1,216 1,473 1,296 2,690 Deposits 75,440 173,751 169,130211,70" Other liabilities 6,185 6,020 5,864 5,079 Other liabilities 33,612 34,198 42,894 39,89^ Bank of Greece (billions of drach- National Bank of Costa Rica- mae): Issue dept. (thousands of colones): Gold and foreign exchange (net). 725 761 1,048 C G Fo o o r n l e d t i r g i n b u e t x io c n h s a n to g e Int'l. Fund and 1 1 1 5 , , 3 7 2 4 9 6 1 1 1 2 , , 2 8 9 4 : : 1 6 6 , , 8 8 8 9 0 0 A Lo d a v n a s n c a e n s d — d O G is o t c h v o e e u r r n n t m s ent 6 8 7 4 1 9 3 7 6 8 4 2 1 5 4 6 3 51 5 2 8 8 Lo t a o n s I n a t n 'l d . B di a s n c k ounts 3 62 0 , , 0 3 5 2 0 1 3 6 0 3 , , 3 2 2 8 1 4 57 1, , 1 2 2 3 6 5 O N t o h te e r c a ir s c s u e l ts ation 6 9 9 1 0 67 8 6 7 4 3 4 3 4 S O N e t o c h t u e e r r i c t a i i r s e c s s u et l s ation 7 4 1 4 , , , 0 0 4 7 2 9 6 0 7 4 1 3 , , , 4 0 4 5 4 3 8 0 0 7 1 1 0 , , , 4 5 7 9 6 7 0 1 0 D Ot e h p e o r s i l t i s a — bil O G it t i o h e v s e e r rnment 1,4 1 8 4 3 2 9 4 1,4 1 6 6 2 5 8 4 1,3 1 1 97 7 O D t e h m er a n l d ia b d i e li p ti o e s s its 4 6 3 , , 2 7 9 5 4 1 4 6 3 , , 8 0 0 0 5 1 5 8 , , 9 4 7 3 9 3 Ba q n u k G e t o z o l a f d le G s u ): atemala (thousands of 27,229 27,227 ,228 28,471 National Bank of Czechoslovakia Foreign exchange 22,456 22,811 ,651 16,853 (millions of koruny): Gold contribution to Int'l. Fund 1,250 1,250 ,250 Gold and foreign exchange 2. . . . 4,694 4,732 4,689 3,619 Rediscounts and advances 2,504 1,508 ,530 Loans and discounts 4,302 4,097 4,062 5,858 Other assets 7,897 7,983 ,109 3,188 Other assets 24,181 124,20 124,254 121,261 Circulation—Notes 29,209 29,417 ,643 28,620 Note circulation—Old 930 931 931 985 Coin 2,822 2,816 ,799 2,613 New 45,037 44,393 43,719 35,500 Deposits—Government 7,353 6,804 ,885 3,723 Deposits—Old 68,784 68,931 69,412 78,637 Banks 13,606 13,373 ,072 11,468 New 9,288 9,674 9,936 8,531 Other liabilities 8,345 8,370 ,369 2,087 Other liabilities 9,138 9,108 9,008 7,08' National Bank of Hungary (mil- National Bank of Denmark lions of forint): (millions of kroner): Gold 346 346 314 Gold 71 71 71 Foreign exchange 155 166 179 Foreign exchange 77 80 79 142 Discounts 921 749 666 Clearing accounts (net) 52 58 71 93 Loans—Treasury 340 340 340 Loans and discounts 14 16 18 23 Other Securities 107 103 101 98 Other assets 301 333 338 Govt. compensation account.... 6,005 ,085 6,208 7,588 Note circulation 1,592 1,468 1,408 Other assets 272 289 257 9 Demand deposits—Government 27 17 5 Note circulation 1,462 ,482 1,487 1,482 Other 67 69 73 Deposits—Government 2,340 ,335 2,081 2,685 Other liabilities 377 380 351 Other 2,646 ,737 3,092 3,710 Reserve Bank of India (millions of Other liabilities 149 147 144 24 rup Is e s e u s e ): department: Central Bank of Ecuador Gold at home and abroad. 444 444 444 (thousands of sucres): Sterling securities 11,353 11,353 11,353 Gold 273,868 ,549241,674 Indian Govt. Securities. . . 578 578 578 Foreign exchange (net) 16,623 ,150 79,750 Rupee coin 276 266 176 Net claim on Int'l. Fund x 16,877 ,87 Note circulation 12,215 12,270 12,155 Loans and discounts 229,13 ,573223,38' Banking department: Other assets 132,132 ,732 90,59i Notes of issue department. 43 371 397 Note circulation 339,366 ,43' 334,33= Balances abroad 4,359 4,663 5,635 Demand deposits 274,33 ,416262,643 Treasury bills discounted. . 1 32 3 Other liabilities 54,93 ,034 38,42i Loans to Government.... 47 13 National Bank of Egypt (thou- Other assets 767 730 ""435 sands of pounds): Deposits 5,338 5,503 6,177 G F L B o o o ri r a l t e 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 g o ia e u n n , t s and other 1 6 2 4 , , , 9 6 3 8 9 7 " « 6 1 6 2 5 , , , 6 2 6 0 4 0 C Ce o n f t G r p o a o l l u d n B O d a t s h n ) e k : r o li f a b I i r l e it l i a e n s d (thousand; 2,646 2, 2 6 8 4 9 6 2, 3 6 0 46 2, 2 6 9 4 3 6 N D O o e t G h p te e o o r s v c i a e i t r s r s c n s — u e m l t O G s a e t n t o i h o t v e n e s r r e n c m ur e it n i t es 3 1 1 0 8 2 1 3 9 5 7 6 1 , , , , , 5 6 3 8 1 4 5 8 0 3 < 3 6 6 03 1 1 2 8 0 3 2 3 5 3 1 5 , , , , , 3 3 4 7 0 2 2 1 2 9 < ' . Bank S N G F t o o o o e r l t r f e d e l i i I g n c t n g i a r l c e f y u u x n l c a ( d h m t s a io i n l n g li e ons of lire): 3 4 7 0 , , 7 4 5 0 9 5 3 40 7 , , 2 6 7 2 1 5 3 4 7 0 5 , , , 8 5 1 5 2 8 6 2 3 2 2 8 3 4 8 1 5 , , , 3 0 9 5 7 2 9 2 6 6 2 1 Other liabilities 17,972 12,24<: Advances—Treasury 488,526459,923 Other Govt. agencies 18,60' 29,747 Central Reserve Bank of El Salva- Loans and discounts 80,056 28,545 dor (thousands of colones): Government securities 115,629 82,813 Gold 37.12C 37,16( 32,851 Other assets 27,710 29,312 Foreign exchange (net) 45,118 47,60: 65 Bank of Italy notes 478,801311,125 Net claim on Int'l. Fund * 1,563 1,563 Allied military notes 79,01 96,373 Loans and discounts 1,602 488 1,41. Deposits—Government 7,054 18,526 Government debt and securities 5,47 5,47 = 6,08. Demand 58,379 66,753 Other assets 1,77 1,69 1,88 Other 93,375131,659 Note circulation 51,333 52,128 44,84( Other liabilities 19,583 12,420 Deposits 32,908 33,48 27,59 Bank of Japan 3 Other liabilities 8,40^ 8,364 '•6,32 Bank of Java 3 r Revised. 1 This figure represents the amount of the bank's subscription to the Fund less the bank's local currency liability to the Fund. Until such time as the Fund engages in operations in this currency, the "net claim" will equal the country's gold contribution. 2 Gold not reported separately beginning Dec. 31, 1946. 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. SEPTEMBER 1947 1187 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS—Continued Central Bank 1947 1946 Central Bank 1947 1946 (Figures as of last report (Figures as of last report date of month) July June May July date of month) July June May July Bank of Mexico (millions of pesos): Bank of Spain—Continued Metallic reserve l 646 671 680 721 Other assets 3,079 2,148 "Authorized" holdings of securi- Note circulation 22,553 19,449 ties, etc ,48 ,580 1,636 1,733 Deposits—Government 2,431 769 Bills and discounts 627 600 571 480 Other 2,912 3,320 Other assets 9. 96 87 159 Other liabilities 986 564 Note circulation 1,683 ,687 1,686 1,694Bank of Sweden (millions of kronor): Demand liabilities 900 998 1,035 1,190 Gold 316 371 418 1,036 Other liabilities 268 263 254 208 Foreign assets (net) 298 238 279 1,074 Netherlands Bank (millions of Swedish Govt. securities and adguilders): vances to National Debt Office5 2,398 ,533 2,322 945 Gold 502 502 519 713 Other domestic bills and advances 224 126 118 28 Silver (including subsidiary coin) 2 2 1 1 Other assets 371 424 526 880 Foreign bills 354 357 312 4,530 Note circulation 2,543 ,618 2,556 2,450 Loans and discounts 152 174 155 170 Demand deposits—Government. 570 619 581 837 Govt. debt and securities 3,600 3,600 3,600 Other 113 118 192 300 Other assets 126 130 110 Other liabilities ..... 382 338 335 376 Note circulation—Old 126 126 126 275 Swiss National Bank (millions of Deposits—G ,y overnm N e e n w t 2,7 8 6 1 8 0 2,7 8 6 6 0 6 2, 9 7 3 3 5 0 , ,5 4 6 4 2 7 fra G n o cs ld ): 5,187 ,055 5,037 4,844 Blocked 82 85 103 97 Foreign exchange 96 120 138 168 Other 738 719 591 639 Loans and discounts 84 87 65 61 Other liabilities 210 209 212 516 Other assets 82 87 87 88 Reserve Bank of New Zealand Note circulation 3,980 ,954 3,908 3,639 (thousands of pounds): Other sight liabilities 1,127 ,073 1,179 1,210 Gold . 2,802 2,802 2,802 2,802 Other liabilities 342 322 241 311 Sterling exchange reserve 92,428 93,933 92,307 86,772Central Bank of the Republic of Advances to State or State un- Turkey (thousands of pounds): dertakings 23,050 24,180 27,254 30,000 Golds 517,088534,971579,794299,520 Investments 3,868 3,868 3,868 4,016 Foreign exchange and foreign Other assets 769 807 1,131 2,224 clearings 300,228 295 288 065 63,447 Note circulation 47,180 46,984 47,008 45,200 Loans and discounts 596,857 589. 580 672691,778 Demand deposits 71,056 72,595 75,601 76,012 Securities 187,122 183 179 869 164,686 Other liabilities 4,681 6,010 4,753 4,602 Other assets 33,061 28. 28 012 71,532 Bank of Norway (millions of kroner): Note circulation 929,170 941,231 961 991826,491 Gold 339 339 Deposits—Gold 148,360 178 435 91,821 Foreign assets (net) 394 468 Other 324,330 315,938290 503 128,667 Loans and discounts 120 126 Other liabilities 232,496 225,739 225 484243,983 Securities 74 75 Bank of the Republic of Uruguay Occupation account (net) 8,108 8,108 (thousands of pesos): Other assets 68 65 Gold 290,991310,856 Note circulation 1,912 1,856 Silver... , 13,008 13,678 Deposits—Government 3,994 4,158 Paid-in capital—Int'l. Bank 318 Banks 1,016 985 Advances to State and govern- Blocked 900 902 ment bodies 24,604 18,633 Other 352 341 Other loans and discounts 138,779104,294 Other liabilities 930 940 Other assets 396,690348,735 Bank of Paraguay—Monetary Note circulation 223,226185,749 Dept. (thousands of guaranies): Deposits—Government 43,152 48,404 Gold 1,870 1,870 3,395 Other 247,324255,149 Foreign exchange 33,697 36,246 33,353 Other liabilities 350,689306,895 Loans and discounts 14,185 14,515 500 Central Bank of Venezuela (thou- Government loans and securities 9,760 9,779 9,827 sands of bolivares): Other assets 2,717 2,713 724 Gold7 617,912617. 912 617,912557,080 Note circulation 42,171 44,725 29,152 Foreign exchange (net) 31,267 38,633 670 24,354 Demand deposits 9,852 10,829 15.58Q Other assets .... 92,603 66 537 62,296 27,967 Other liabilities 10,207 9,570 3,058 Note circulation—Central Bank. 487,579 493 461498,006 405,283 Central Reserve Bank of Peru National banks. 4,748 390 5,726 7,822 (thousands of soles): Deposits 210,858 519141,120188,226 Gold and foreign exchange 101,870164,032 Other liabilities 38,597 711 36,025 8,070 Net claim on Int'l. Fund2 20,491 National Bank of the Kingdom Contribution to Int'l. Bank 2,480 of Yugoslavia 3 Discounts.. . . 65,600 15,834Bank for International Settle- Government loans 666,308 631,739 ments8 (thousands of Swiss gold Other assets 107,144 10,878 francs): Note circulation 641,979 539,602 Gold in bars 82,712124,774 Deposits . . 202,657257,413 Cash on hand and on current Other liabilities 113,256 25,469 account with banks 13 774 24,943 5,673 Bank of Portugal3 Sight funds at interest 497 496 140 National Bank of Rumania 3 Rediscountable bills and accept- South African Reserve Bank ances (at cost). 33 661 26,326 10,621 (thousands of pounds): Time funds at interest 14 058 13,368 7,339 Gold* .. 185,971193,610 252,402 Sundry bills and investments. .. 69 190 64,594306.767 Foreign bills 8,997 316 26,824 Funds invested in Germany9. . . 291 160 291,160 Other bills and loans 4,850 680 3,943 Other assets , 2 2,503 36 Other assets 10,527 769 8,130 Demand deposits (gold) 18 18,107 20.752 Note circulation 63,553 216 66,539 Short-term deposits (various Deposits . 140,534 582217,896 currencies): Other liabilities 6,258 577 6,864 Central banks for own ac- Bank of Spain (millions of pesetas): count 280 9.303 3,436 Gold 1,214 1,213 Other 372 3,381 1,653 Silver 522 574 Long-term deposits: Special ac- Government loans and securities 15,884 15,807 counts 228,909 228,909229,001 Other loans and discounts 8,182 4,360 Other liabilities 246,894 246,402200,508 1 Includes gold, silver, and foreign exchange forming required reserve (25 per cent) against notes and other demand liabilities. 2 This figure represents the amount of the bank's subscription to the Fund less the bank's local currency liability to the Fund. Until such time as the Fund engages in operations in this currency, the "net claim" will equal the country's gold contribution. 3 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. 4 Gold revalued in June 1946 from approximately 85 to 172 shillings per fine ounce. 6 Includes small amount of non-Government bonds. 6 Gold revalued on Sept. 9, 1946, from 1,406.58 to 3,150.77 Turkish pounds per fine kilogram. 7 Beginning October 1944, a certain amount of gold formerly reported in the Bank's account shown separately for account of the Government. 8See BULLETIN for December 1936, p. 1025. 9 Before March 1947, included in "Sundry bills and investments." 1188 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MONEY RATES IN FOREIGN COUNTRIES DISCOUNT RATES OF CENTRAL BANKS [Per cent per annum] Central bank of— ef D fe a ct t i e ve U K d n i o i n m t g ed - Francem G a e n r- y g B i e u l m - N la e e n r t - d h s - S d w e e n - S l w a e n r i - d tz- b C an e k n tr o a f l — A R 3 a u 1 t g e . eff D ec a t t i e ve b C a e n n k t ra of l — A R 3 u a 1 t g e . eff D ec a t t i e ve In 1 e 9 ff 3 e 6 ct Dec. 31, 2 2 4 2 2 A A l r b g a e n n i t a ina sy2 M M a a r r . . 21 1 , , 1 1 9 9 4 3 0 6 I I r ta el ly and 2 4 H S N e o p v t . . 2 1 3 1 , , 1 1 9 9 4 4 3 4 Jan. 28, 1937 4 Austria July 3, 1945 Japan 3.29 Apr. 7, 1936 June 15 6 Belgium Aug. 27, 1947 Java 3 Jan. 14, 1937 July 7 5 Bolivia 6 2 Nov. 8, 1940 Latvia 5 Feb. 17, 1940 Aug. 4 4 Sept. 3 Nov. 13 3 2 May 10, 1938 4 Bulgaria Aug. 14, 1946 Lithuania.... 6 July 15, 1939 May 13 2y 2 Canada Feb. 8, 1944 Mexico June 4, 1942 May 30 3 Chile 3-43J Dec. 16, 1936 Netherlands . June 27, 1941 Sept. 28 3 Colombia July 18, 1933 NewZealand. July 26, 1941 Oct. 27. Costa Rica.... 3 Apr. 1, 1939 Norway 2j| Jan. 9, 1946 J N a o n v . . 2 4 5 , 1939 Czechoslovakia Oct. 28, 1945 Peru 5 Aug. 1, 1940 Apr. 17 . . 4 May 11 3 J A u u ly g . 2 6 4 "4 2y2 D Ec e u n a m d a o r r k 7 J J a u n n . e 1 8 5 , , 1 1 9 9 4 4 3 6 P R o u r m tu a g n al ia.... 2 4 ^ J M an ay . 1 8 2 , , 1 1 9 9 4 4 4 4 Aug. 29 3 El Salvador... 4 Oct. 15, 1946 South Africa. 3 June 2, 1941 Sept. 28 3 Estonia Oct. 1, 1935 Spain 4 Dec. 1, 1938 Oct. 26 2 Finland June 5, 1947 Sweden Feb. 9, 1945 Dec. IS 3 Jan. 25, 1940... 2 Apr 9 May 17 sy France Switzerland.. Nov. 26, 1936 M M a a y r. 2 1 9 7, 1941. . . 1M 3 2 Germany ly 2 J A a p n r . . 1 9 0 , , 1 1 9 9 4 4 0 7 U Tu n r it k e e d y King- 4 July 1, 1938 June 27 21/ Greece 10 Aug. 16, 1946 dom 2 Oct. 26, 1939 Jan. 16, 1945... 1 V£ Hungary 7 Aug. 1, 1946 U.S.S. R.. .. 4 July 1, 1936 J F a e n b . 20 9 15/8 2y2 India 3 Nov. 28, 1935 Yugoslavia. . 1-4 Jan. 1, 1947 Nov 7 1946 2V> Dec. 19 3" NOTE.—Changes since July 31: Belgium—Aug. 27 up from 3 to 3 3^ per Jan. 10, 1947 . . . cent. &2M Aug 27 In effect Aug. 31, 1947 " l" sy 2H 2 OPEN-MARKET RATES [Per cent per annum] United Kingdom Germany Netherlands^ 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—June 1.05 .85 .99 4.75 5.70 50 1933—June .50 .40 .62 3.88 4.93 50 .91 .85 .92 3.76 4.57 50 1934—June .71 .64 .75 3.00 3.16 60 1935—June .78 .78 .75 2.88 2.67 25 1936—June .68 .68 .79 2.88 2.78 00 1937—June .59 .59 .75 2.88 3.06 00 1938—June .75 .76 .77 2.79 2.71 00 1939—June 1.03 1.02 1.00 2.38 1.98 50 1940—June 1.03 1.00 1.00 2.13 1.93 .25 1941—June 1.03 1.00 1.00 2.13 1.90 ,25 1 1 9 9 4 4 2 3 — — J J u u n n e e 1 1 . . 0 0 3 3 1 1 . . 0 0 0 0 1 1. . 0 1 6 3 2 2 . . 1 1 3 3 1 1 . .9 9 2 0 . . 2 2 5 5 1 1 19 9 9 4 4 4 6 5 4 - — — — J J J u u u n n n e e e 1. . 0 5 3 3 1. . 0 5 0 0 1. . 1 63 3 1.42 1.00 . . 2 2 5 5 1946—July.. .53 .51 .63 1.52 1.31 .25 Aug.. .53 .51 .63 1.41 1.18 .25 Sept.. .53 .51 .63 1.30 1.00 .25 Oct... .53 .51 .63 1.07 .90 .25 Nov.. .53 .51 .63 1.01 .78 .25 Dec. .53 .50 .63 1.21 .78 .25 1947—Jan... .53 .50 .63 1.44 .77 .25 Feb.. , .53 .51 .63 1.72 1.46 .25 Mar.. .53 .51 .63 1.65 1.19 .25 Apr... .53 .51 .63 1.59 1.11 .25 May. .53 .51 .63 1.45 1.08 .25 June. .53 .51 .63 1.46 .86 .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, >. 656-661, and for description of statistics see pp. 571-572 in same publication. SEPTEMBER 1947 1189 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COMMERCIAL BANKS United Kingdom 1 Assets Liabilities ( b m 1 a 1 i n ll L k io s o s . n n t e s d r o F o li n f i n g g p c u ) l o r e e u a s n r i d i n n s g re C se a r s v h es M c o a s l n h l e o a y r n t a d t B co il u ls n t d e i d s- T re d r c e e e p a i o s p u s t i s r t y 2 Securities c L u o s a to n m s e to rs a O s t s h e e ts r Deposits lia O b t i h li e ti r es notice Total Demand Time 1939—December. 274 174 334 609 1,015 290 2,441 1,398 1,043 256 1940—December. 324 159 265 314 771 924 293 2,800 1,770 1,030 250 1941—December. 366 141 171 758 999 823 324 3,329 2,168 1,161 253 1942—December. 390 142 198 896 1,120 794 325 3,629 2,429 1,200 236 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 1,165 772 347 4,545 3,045 1,500 250 1945—December. 536 252 369 1,523 1,234 827 374 4,850 3,262 1,588 265 1946—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 1,771 310 September 553 280 405 1,671 1,393 930 379 5,302 3,502 1,800 308 October... 557 312 472 1,629 1,403 944 390 5,397 3,563 1,833 310 November. 574 324 497 1,628 1,410 964 433 5,503 3,632 1,870 328 December. 499 432 610 1,560 1,427 994 505 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 1,461 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 June 464 451 672 1,330 1,479 1,131 518 5,658 386 Liabilities Canada (10 chartered banks. Entirely in Canada Se lo c a u n ri s ty e D x e c p lu o d s i i n ts g p i a n y te a r b b le a n i k n d C e a p n o a s d it a s En C d a i n n o a f m d m i i a l o n li n o d t n h o s l f l o a i f g r u s) res Cash Security Other d a a u n b e d r o fr n a o e d m t Securities a O s t s h e e ts r ci N t r i c o o u n t l e a- lia O b t i h li e ti r es reserves loans loans and foreign Total Demand Time discounts banks 1939—December. 292 53 1,088 132 1,646 612 85 2,774 1,033 1,741 963 1940—December. 323 40 1,108 159 1,531 570 80 805 1,163 1,641 846 1941—December. 356 32 1,169 168 1,759 653 71 3,105 1,436 1,669 962 1942—December. 387 31 1,168 231 2,293 657 60 3,657 1,984 1,673 1,049 1943—December. 471 48 1,156 250 2,940 744 42 4,395 2,447 1,948 1,172 1944—'December. 550 92 1,211 214 3,611 782 34 5,137 2,714 2,423 1,289 1945—December. 694 251 1,274 227 4,038 869 26 5,941 3,076 2,865 1,386 1946—July 696 96 1,230 121 4,298 876 23 5,887 2,476 3,411 1,407 August. . . 665 98 1,249 128 4,336 865 23 5,892 2,426 3,466 1,428 September 676 91 1,284 122 4,375 960 22 6,037 2,513 3,524 1,449 October... 699 97 1,341 126 4,471 959 22 6,201 2,724 3,477 1,470 November 730 117 1,476 128 4,496 931 22 6,362 2,902 3,460 1,493 December. 753 136 1,507 132 4,232 1,039 21 6,252 2,783 3,469 1,525 1947—'January . . 689 134 1,481 134 4,369 960 21 6,233 2,700 3,533 1,514 February. 635 155 1,506 126 4,264 1,066 21 6,171 586 1,558 March.. . . 695 121 1,555 195 4,239 993 21 6,188 569 619 1,590 April 719 97 1,628 142 4,349 1,035 21 6,356 719 1,594 May 631 81 1,664 113 4,162 998 20 6,066 383 3,682 1,563 June 637 106 1,709 126 4,131 1,041 20 6,152 2,508 3,644 1,578 Assets Liabilities France (4 o m f l i a m l r l g i o o e n n t s b h a o f n f i k g f s u r . r a e n s c E s i ) n nd re C se a r s v h es Du b e a n f k ro s m B co il u ls n t d e i d s- Loans O as t s h e e t r s Deposits a a c O n c w c e e p n s t- lia O b t i h li e ti r es Total Demand Time 1939—December. 4,599 3,765 29,546 7,546 2,440 42,443 41,872 571 844 4,609 1940—December. 6,409 3,863 46,546 8,255 2,221 61,982 61,221 762 558 4,753 1941—December. 6,589 3,476 61,897 8,265 2,040 76,656 75,744 912 413 5,199 1942—December. 7,810 3,458 73,917 10,625 2,622 91,549 91,225 324 462 6,422 1943—December. 8,548 4,095 90,897 14,191 2,935 112,732 111,191 ,541 428 7,506 1944—December. 10,365 4,948 99,782 18,653 2,190 128,758 126,578 180 557 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—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 ,787 8,330 10,096 July 14,985 17,873 182,107 50,747 14,160 260,371 258,574 ,797 9,527 9,973 August.. . . 14,830 16,991 181,770 53,861 15,676 262,160 260,461 ,699 10,376 10,592 September. 16,553 17,723 177,269 55,935 16,319 262,130 260,366 ,765 10,798 10,871 October. . . 15,505 18,389 183,716 61,262 18,618 273,488 271,672 ,816 12,490 11,513 November. 16,909 18,423 187,560 63,941 21,116 281,576 279,703 ,872 14,370 12,004 December. 17,943 18,919 195,177 64,933 23,392 291,894 290,004 ,890 15,694 12,777 1947—'January. . . 17,267 20,241 195,750 67,084 18,367 295,444 293,484 ,960 15,767 7,499 February.. 16,992 19,127 197,377 66,114 18,756 294,922 292,946 ,976 15,720 7,723 March.... 19,471 20,677 203,451 66,744 20,724 305,583 303,742 ,841 16,380 9,103 April 18,578 20,877 202,425 69,670 21,081 306,356 303,857 2,499 16,772 9,503 1 From September 1939 tthhrroouugghh NNovember 1946, this table represents aggregates of figures reported by individual banks for days, varying from bank to bank, toward the enid' of the month. After November 1946, figures for all banks are compiled on the third Wednesday of each month, exxcceepp 22 tt RR ii ee nn pp JJ rree uu ss nn ee ee nn tt aa nn ss da iixx -- -D mm uee oo cc nn ee tt mm hh ob ll ee oo ri aa ,, nn ww ss hn ttoo e C nn tt hh tmh ee ee T T so rr t ee ai aa at ss e^ uu mn rry e n a t t s 1 w ^ i 8 ll P g e iv r e c e e n n t d t o h f r o m ug o h n th O c d t. a t 2 a 0 . , 1945, and at Y% per cent thereafter. NOTE.—For back figures and figures on German commercial banks, see Banking and Monetary Statistics, Tables ; :168-171, pp. 648-655, and )r description of statistics see pp. 566-571 in same publication. 1190 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FOREIGN EXCHANGE RATES [Averages of certified noon buying rates in New York for cable transfers. In cents per unit of foreign currency] Year or month Ar ( g p e e n so ti ) na A ( u p s o t u r n a d l ) ia g B iu el m - (c B ru r z a e z ir il o1) g B a u r l i - a C (d a o n l a la d r a ) C (p h es i o le ) C (y h u i a n n a 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 Sh h a a n i) g- (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 77 5 3 0 2322. 3 8 5 0 3.3 3 8 05.16 2 3 3 . .3 3 7 7 6 0 O 4 6 6 . . 0 0 5 0 6 2 2 7 5 5 . . 1 0 2 2 4 1 8 4 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 8 0 7 0 9 5 57 7 . . 0 0 8 6 5 1 1941 29.773 223.704 322.80 321.27 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 2321.50 6.0586 5.1280 90.909 89.978 57.265 1944 29.773 25.125 322.80 6.0594 5.1469 90.909 89.853 57.272 1945 29.773 25.125 2322.80 3321.17 22.2860 6.0602 5.1802 90.909 90.485 57.014 1946 29.773 25.125 321.34 2.2829 26.0602 95.198 93.288 57.020 1946—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 July 29.773 25.125 320.90 2.2818 5.4406 100.000 91.652 56.980 Year or month s C ( l k o z 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 F m a k i a n a n r ) d - k- F (f r r a a n nc c ) e m ( m G re a a e i r c n r k h - y ) s- G (d m r ra e a c e ) h ce - ( H K do o o l n n la g g r) ( H p g e a u n r n g y - o) ( I r n up d e ia 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 Z l N o a e e u n a w n d - d) 1938 •3.4674 21.825 2.1567 2.8781 40.164 .8958 30.457 19.727 36.592 5.2605 28.451 22.122 55.009 392.35 1939 23.4252 20.346 1.9948 2.5103 40.061 .8153 27.454 19.238 33.279 5.1959 25.963 19.303 53.335 354.82 1940 219.308 1.8710 22.0827 40.021 2.6715 22.958 18.475 30.155 5.0407 23.436 18.546 253.128 306.38 1941 22.0101 239.968 224.592 219.770 30.137 25.0703 223.439 20.538 322.54 1942 30.122 20.569 322.78 1943 30 122 20 577 324.20 1944 30.122 20.581 324.42 1945 21 9711 30 122 20.581 '23 Y 933 323.46 1946 22.0060 220.876 .8409 30.155 2.4434 20.581 37.813 322.63 1946—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 8407 30 163 20.576 37.751 322.18 July 2.0060 20.862 8407 30 171 20.575 37.760 322.18 United Uruguay Year or month N (k o r r o w ne a ) y P (z o l l o a t n y) d ( P es o g c a r u l t d u o - ) R ( u n le m i u a ) a- ( A S p o o fr u u i n t c h d a ) ( S pe p s a e i t n a) ( m S S d t e o e r t l n l a t a l i t r e t s ) - s ( S k d w r e o n e n - a) e ( S f r r w l a a n i n t c z d ) - Off K ic ( i i p a n l o g u d n o d F m ) ree tr C o o ll n e - ( d peso t N r ) c o o o l n l n e - - d Y ( s d l u a in v g a i o a r - ) 1938 24.566 18.860 4.4267 .7325 484.16 5.600 56.917 25.197 22.871 48£.94 64.370 2.3115 1939 23.226 218.835 4.0375 .7111 440.17 10.630 51.736 23.991 22.525 443.54 62.011 '236! 789 2.2716 1940 222.709 3.7110 2.6896 397.99 9.322 46.979 23.802 22.676 2403.50 383.00 65.830 37.601 2.2463 1941 24 0023 398.00 29.130 47.133 223.829 223.210 403.50 403.18 65.830 43.380 22.2397 1942 398 00 246 919 403.50 403.50 65.830 52.723 1943 398.00 403.50 2403.50 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;.28 65.830 56.280 1946—August 20.161 4.0501 400.50 9.132 27.819 23.363 40:5.36 65.830 56.272 September. . . . 20.161 4.0501 400.50 9.132 27.820 23.363 40:.32 65.830 56.271 October 20 161 4.0501 400.50 9.132 27.819 23.363 40:.20 65.830 56.272 November. . . . 20.161 4 0501 400 50 9 132 27.821 23.363 40;.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 July 20.160 4.0161 400.75 9.132 27.827 23.363 402.71 65.830 56.259 1 Prior to Nov. 1, 1942, the official designation of the Brazilian cu 2 AX. v1 eLKraJxg. e \,\oJ fi. ^d l_a/ iVl y• 1r)a tJe. sZ s TfTox*r j thCLaXtv / pVaylritlv lodif vtihvOei gyileCal UrA VdJ.uA rwiin. gu iwiv hJLi^Xc hu ^qjmuouiti avtiuoinivs nwvje rue ncite rvtvi fCi4e.Od uiiv 3 At the end of June 1945 official rates for the Australian and British pounds SEPTEMBER 1947 1191 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 19 1 n t 2 a 0 i 6 0 t t e e ) d s - C (1 a 9 1 2 n 0 6 0 a ) d = a * M (19 1 e 2 0 x 0 9 ic ) o - K U ( i 1 n n 1 9 g 0 3 it 0 d 0 e ) o d m - ( F 1 r 9 1 a 3 0 n 0 8 ) ce - (1 I 1 9 t 0 a 3 0 8 ly ) i - ( J 19 a 1 3 0 p 3 0 a ) n - ( J J N u u l = n e l a y t e n 1 h 1 0 d 1 e 9 0 s 9 r 3 ) - 3 8 9 - S (1 w 9 1 3 e 0 5 d 0 ) en - ( S J w u - l 1 l a i y t 0 n z 1 0 d e 9 ) r 1 - 4 1926 100 100 2 124 106 132 150 2 126 144 1933 66 67 90 86 61 67 100 89 2 90 91 1934 75 72 95 88 58 65 99 90 2 96 90 1935 80 72 95 89 52 72 103 87 100 90 1936 81 75 101 94 63 80 110 91 102 96 1937 86 85 119 109 89 94 133 108 114 111 1938 79 79 126 101 100 100 140 102 111 107 1939 77 75 127 103 105 104 155 105 115 111 1940 79 83 128 137 139 121 173 131 146 143 1941 87 90 136 153 171 136 183 150 172 184 1942 99 96 148 159 201 153 197 157 189 210 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—August 129 109 293 177 698 2,791 1,643 257 185 215 September.. . 124 109 299 177 727 3,011 1,789 259 185 213 October 134 111 305 178 824 3 176 1,787 262 186 217 November 140 111 309 179 806 3,376 1,948 264 190 219 December 141 112 313 180 842 3,677 2,063 266 192 219 1947—January. . . 142 114 312 182 867 P3,754 2,120 267 194 219 February 145 118 310 183 882 P3 891 2,120 268 195 219 March 150 120 305 184 '860 P4,139 2,144 269 196 220 April..::... 148 123 300 187 847 P4 533 2,617 268 197 221 May 147 125 299 189 946 P5,193 2,848 268 198 221 June 148 128 297 ••190 904 2,946 P27O 199 222 July 151 P129 293 193 P881 P Preliminary. r Revised. 1 The new national index, published by the Central Institute of Statistics, is a weighted geometric average of the prices of 156 commodities. The weights are determined on the basis of the total quantities produced and imported in 1938. Yearly averages for 1933-1942 are derived from old index. 2 Approximate figure, derived from old index (1913 = 100). Sources.—See BULLETIN for July 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 Raw and Fully and Induspr 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 o a d r u m cts fa m p c a a t r u n t r u l e y - d fa c m c h t a i u e n f r u l e y - d Foods p I r n o tr d d ia u u l c s- ts Foods t p r I r i n o a d d l u u r s c a - t w s p f r in t o r i d s ia u h l c e t d s goods goods 1926 .. 100 100 100 100 100 100 1933 51 61 71 51 57 70 83 87 1934 65 71 78 59 64 73 85 90 1935 79 84 78 64 66 73 87 90 1936 81 82 80 69 71 74 92 96 1937 86 86 85 87 84 81 102 112 1938 69 74 82 74 73 78 97 104 1939 65 70 81 64 67 75 97 106 103 112 104 1940 68 71 83 68 75 82 133 138 121 163 fl26 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 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 C261 1946—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 .... 170 165 121 114 113 101 157 191 218 299 271 168 160 125 114 113 102 156 193 217 308 272 1947—January 165 156 128 114 115 104 157 196 218 313 273 February 170 162 129 116 119 107 158 197 218 312 274 183 168 131 116 124 108 158 198 220 312 274 April 177 162 132 117 126 112 163 200 215 316 274 May 176 160 132 119 128 113 165 203 206 321 275 June 178 162 132 119 129 116 166 ••203 July 181 167 134 P120 P131 P116 168 207 p Preliminary. r Revised. c Corrected. Sources.—See BULLETIN for July 1947, p. 934; May 1942, p. 451; March 1935, p. 180; and March 1931, p. 159. 1192 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRICE MOVEMENTS IN PRINGIPAL 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 98 104 141 100 130 130 1938 101 102 156 100 139 137 1939 . .... 95 101 141 108 130 132 1939 99 102 158 108 140 138 1940 97 106 164 129 150 146 1940 100 106 184 129 154 151 1941 106 116 168 149 177 175 1941 105 112 199 150 175 174 1942 124 127 161 174 191 200 1942 117 117 200 175 187 193 1943 138 131 166 224 198 211 1943 124 118 199 224 195 203 1944 . ... 136 131 168 275 215 1944 126 119 201 285 208 1945 139 133 170 377 215 1945 128 119 203 393 209 1946 160 140 169 645 210 1Q46 139 124 204 645 208 1946- August 171 145 171 743 209 1946-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 188 147 168 851 216 152 127 203 856 212 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 190 149 169 833 216 156 129 204 838 212 April 188 152 168 830 216 April . .. 156 131 203 837 213 May .... 188 155 162 883 220 May 156 133 203 886 216 June 191 158 P941 222 June 157 135 P937 217 July 193 P160 P965 July P136 P971 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 n e r a r i i t c i t e v e e s e ) d * 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 n c 1 g e i = m t d e o 1 b d 0 m e 0 r ) F (1 r 1 9 a 0 3 n 0 8 ) c = e N la e n th d e s" r- ( U 1 S = 9 t n 3 a 1 i 5 0 t t e e 0 -3 d s ) 9 C (1 = a 9 n 3 1 a 5 0 d - 0 3 a ) 9 4 ( K 1 U 9 i 2 n n 6 g i = t d e o 1 d m 00) 1 (D 9 F 3 e r 8 c a e = n m c 1 e b 0 6 e 0 r ) (1 N 9 la e 3 n t 8 h d = e s 1 " r 0 - 0) Number of issues. . . 15 (2) 87 50 13 402 100 278 5 275 37 1 1 9 9 4 3 0 9 . ... 1 1 1 1 3 5 .9 8 9 9 8 5 . . 2 1 1 1 1 1 2 8 . . 3 3 7 1 1 1 1 4 4 . . 2 2 9 8 4 8 .1 2 77.4 7 75 0 .8 9 7 1 1 1 4 2 0 1941 117.8 99.4 123.8 s 143.4 80.0 67.5 72.5 8 308 1942 118.3 100.7 127.3 146.4 69.4 64.2 75.3 479 1943 120.3 102.6 127.8 146.6 91 9 83 5 84 5 540 1944 120.9 103.0 127.5 150.5 99.8 83 8 88 6 551 1945 122.1 105.2 128.3 152.1 121 5 99 6 92 4 694 1946 123.4 117.2 132.1 144.6 109.0 139.9 115.7 96.2 875 1945—August .... 123 8 117.6 132.2 142.8 109.4 146 4 116 9 97 6 896 September. .. 122.8 117.8 132.5 142.1 109.0 125.4 104.4 94.7 933 October 121.8 117.6 133.0 139.9 107.6 122.3 101.8 93.0 1,034 167.5 November. . . 121.6 117.6 134.6 141.0 106.6 120.6 102 5 95.3 1,080 December.... 121.5 117.6 134.7 142.6 106.9 125.5 106.4 97.8 1,244 170.0 1947—January 122.6 117.8 135.0 142.1 109.0 125.2 106.2 98.6 1,068 180.1 February.... 122.7 118.1 134.0 140.8 106.9 128.7 109.4 96.7 1,028 179.5 March 122.4 118.2 133.3 139.8 105.9 123.7 106.4 96.9 1,103 183.6 April 122.8 117.9 132.6 138.6 104.3 119.3 104.8 96 6 1,017 201.9 l^ay . .... 122.9 118 2 132.9 136.9 104 6 115 2 104 4 97 9 203.0 June 122 8 P118 6 132 1 P135 4 119 1 P105 3 97 5 Pl 124 Tuly 122.5 131.1 P131.1 126.0 P107.4 98.2 Pi,135 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. s Beginning February 1947, this index represents the reciprocals of average yields for 13 issues (2 eternal government, 2 government, 2 municipal, 1 provincial, 3 mortgage, and 3 industrial bonds). From January 1946 through January 1947 the figures are based on the most representative bond for each group. The average yield in the base period (January-March 1937) was 3.39 per cent. 4 This index is based on 95 common stocks through 1944, and on 100 stocks thereafter. B In September 1946 this index was revised to include 185 issues of metropolitan and 90 issues of colonial France. See "Bulletin de la Statistique G6n6rale," September-November 1946, p. 424. 6 This is a new index for 37 Netherlands issues (27 industrial, 5 banking, and 5 shipping shares) and represents an unweighted monthly average of daily quotations. The figures are not comparable with data for previous years shown in earlier BULLETINS. 7 Average based on figures for 5 months; no data available June-December. 8 Average based on figures for 10 months; no data available January-February. 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. SEPTEMBER 1947 1193 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 J. BURKE KNAPP, Assistant Director FRED A. NELSON, 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 }. 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 JAMES M. KEMPER, KANSAS CITY DISTRICT WOODLIEF THOMAS, Economist PAUL W. MCCRACKEN, Associate Economist ED H. WINTON, DALLAS DISTRICT ALFRED C. NEAL, Associate Economist WILLIAM H. STEAD, Associate Economist RENO ODLIN, SAN FRANCISCO DISTRICT DONALD S. THOMPSON, Associate Economist JOHN H. WILLIAMS, Associate Economist WALTER LICHTENSTEIN, Secretary ROBERT G. ROUSE, Manager of System Open Market Account HERBERT V. PROCHNOW, Acting Secretary 1194 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 Vice Presidents Deputy Chairman First Vice President Boston.... Albert M. Creighton Laurence F. Whittemore Robert B. Harvey2 Carl B. Pitman Donald K. David William Willett E. G. Hult 0 A. Schlaikjer E. 0. 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. Poorman2 Cleveland George C. Brainard Ray M. Gidney W. D. Fulton B. J. Lazar Reynold E. Klages Wm. H. Fletcher J. W. Kossin Martin Morrison A. H. Laning3 W. F. Taylor Donald S. Thompson Richmond W. G. Wysor Hugh Leach R. L. Cherry R.W. Mercer Charles P. McCormick J. S. Walden, Jr. Claude L. Guthrie3 W. R. Milford E. A. Kincaid C. B. Strathy Edw. A. Wayne Frank H. Neely W. S. McLarin, Jr. Atlanta 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. Black3 John K. Langum Paul G. Hoffman Charles B. Dunn Neil B. Dawes 0. J. Netterstrom W. R. Diercks A. L. Olson J. H. Dillard Alfred T. Sihler E. C. Harris St. Louis Russell L. Dearmont Chester C. Davis 0. M. Attebery C. A. Schacht Douglas W. Brooks F. Guy Hitt Wm. E. Peterson William H. Stead William B. Pollard C. M. Stewart Minneapolis.. Roger B. Shepard J. N. Peyton H. G. McConnell R. E. Towle W. D. Cochran 0. S. Powell A. W. Mills3 Sigurd Ueland Otis R. Preston Harry I. Ziemer Kansas City. . Robert B. Caldwell H. G. Leedy 0. P. Cordill John Phillips, Jr. Robert L. Mehornay Henry 0. Koppang L. H. Earhart G. H. Pipkin Delos C. Johns D. W. Woolley8 Dallas J. R. Parten R. R. Gilbert E. B. Austin W. H. Holloway R. B. Anderson W. D. Gentry R. B. Coleman Watrous H. Irons H. R. DeMoss L. G. Pondrom3 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. Smith4 Minneapolis. . . . Helena R. E. Towle Cleveland Cincinnati B. J. Lazar Pittsburgh J. W. Kossin Kansas City.... Denver G. H. Pipkin Oklahoma City 0. P. Cordill Richmond Baltimore W. R. Milford Omaha L. H. Earhart Charlotte R. L. Cherry Atlanta Birmingham P. L. T. Beavers Jacksonville T. A. Lanford Dallas El Paso Mac C. Smyth Nashville Joel B. Fort, Jr. Houston W. H. Holloway New Orleans E. P. Paris San Antonio W. E. Eagle Chicago Detroit E. C. Harris San Francisco... Los Angeles W. N. Ambrose St. Louis Little Rock CM. Stewart Portland D. L. Davis Louisville C. A. Schacht Salt Lake City W. L. Partner Memphis William B. Pollard Seattle C. R. Shaw 1 Also Federal Reserve Agent. 2 Cashier. 8 Also Cashier. 4 General Manager. 1195 SEPTEMBER 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 MONETARY AND BANKING REFORM IN PARAGUAY. the Division of Administrative Services, Board of Includes translation of laws, accompanying reports, Governors of the Federal Reserve System, Wash- and introduction reviewing the monetary history of ington 25, D. C. Remittance should be made Paraguay. July 1946. 170 pages. $1.00 per copy. payable to the order of the Board of Governors of RULES OF ORGANIZATION AND RULES OF PROCEDURE the Federal Reserve System. (Board of Governors of the Federal Reserve System). September 1946. 31 pages. FEDERAL RESERVE BULLETIN. Issued monthly. Subscription price in the United States and its pos- THE FEDERAL RESERVE ACT, as amended to Nosessions, Bolivia, Canada, Chile, Colombia, Costa vember 1, 1946, with an Appendix containing pro- Rica, Cuba, Dominican Republic, Ecuador, Guate- visions of certain other statutes affecting the Fedmala, Haiti, Republic of Honduras, Mexico, New- eral Reserve System. 372 pages. 50 cents per foundland (including Labrador), Nicaragua, Pan- paper-bound copy; $1.00 per cloth-bound copy. ama, Paraguay, Peru, El Salvador, Uruguay, and FEDERAL RESERVE CHARTS ON CONSUMER CREDIT. Venezuela, is $2.00 per annum or 20 cents per copy; Space for plotting through 1948. April 1947 elsewhere, $2.60 per annum or 25 cents per copy. edition. 24 pages. 50 cents per copy; in quan- Group subscriptions in the United States for 10 or tities of 10 or more copies for single shipment, more copies to one address, 15 cents per copy per 35 cents each. month, or $1.50 for 12 months. POSTWAR ECONOMIC STUDIES. (8 pamphlets, FEDERAL RESERVE CHARTS ON BANK CREDIT, the first six now available and the last two to be MONEY RATES, AND BUSINESS. Issued monthly. published later.) $9.00 per annum, or $1.00 per copy. In quantities No. 1. Jobs, Production, and Living Standards. of 10 or more copies of a particular issue for single No. 2. Agricultural Adjustment and Income. shipment, 75 cents each. No. 3. Public Finance and Full Employment. DIGEST OF RULINGS to October 1, 1937. Digests No. 4. Prices, Wages, and Employment. of Board rulings, opinions of the Attorney General No. 5. Private Capital Requirements. and court decisions construing the Federal Reserve No. 6. Housing, Social Security, and Public Act, with compilation showing textual changes in Works. the Act. 683 pages. $1.25 per copy. No. 7. International Monetary Policies. No. 8. Federal Reserve Policy. BANKING STUDIES. Comprising 17 papers on banking and monetary subjects by members of the The price for the set of eight pamphlets is $1.25; Board's starl August 1941; reprinted March 1947. 25 cents per pamphlet, or, in quantities of 10 or 496 pages. Paper cover. $1.00 per copy; in quan- more for single shipment, 15 cents per pamphlet. tities of 10 or more copies for single shipment, 75 cents each. REGULATIONS OF THE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM. Individual regulations BANKING AND MONETARY STATISTICS. Statistics of with amendments. banking, monetary, and other financial developments. November 1943. 979 pages. $1.50 per REPRINTS copy. No charge for individual sections (un- (From Federal Reserve Bulletin except as otherwise indicated) bound), as listed on page 1069 of the August 1947 BULLETIN. COMMERCIAL BANK ACTIVITY IN CONSUMER IN- STALMENT FINANCING, by Frieda Baird. March PROVISIONS OF STATE LAWS RELATING TO BANK 1947. 6 pages. RESERVES as of December 31, 1944. 1945. 30 pages. VALUES AND LIMITATIONS OF CONSUMER FINAN- * A more complete list, including periodical releases and reprints, appeared on pp. 1066-1069 of the August 1947 BULLETIN. CIAL SURVEYS FOR ECONOMIC RESEARCH, by Ralph 1196 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A. Young and Duncan McC. Holthausen. March SECURITY PLEDGED ON MEMBER BANK LOANS TO 1947. 9 pages. BUSINESS, by Tynan Smith. June 1947. 17 pages. NEW GUATEMALAN BANK LAW, by David L. THE STRUCTURE OF INTEREST RATES ON BUSINESS Grove. April 1947 BULLETIN with translation of LOANS AT MEMBER BANKS, by Richard Youngdahl. new Bank Law. 39 pages. July 1947. 17 pages. REVISION OF WEEKLY STATISTICS FOR MEMBER MEMBER BANK LOANS TO SMALL BUSINESS, by BANKS IN LEADING CITIES. June-July 1947. 9 pages. Charles H. Schmidt. August 1947. 15 pages. RETAIL CREDIT SURVEY—1946. From July 1947 BULLETIN with supplementary information for nine Survey of Consumer Finances separate trades. 40 pages. PART I. EXPENDITURES FOR DURABLE GOODS AND Business Loans of Member Banks INVESTMENTS. June 1947. 17 pages. BUSINESS LOANS OF MEMBER BANKS, by Albert PART II. CONSUMER INCOMES AND LIQUID ASSET R. Koch. March 1947. 11 pages. HOLDINGS. July 1947. 15 pages. TERM LENDING TO BUSINESS BY COMMERCIAL PART III. CONSUMER SAVING IN 1946 AND OWNER- BANKS IN 1946, by Duncan McC. Holthausen. May SHIP OF SELECTED NONLIQUID ASSETS. August 1947. 1947. 20 pages. 12 pages. SEPTEMBER 1947 1197 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE SYSTEM BOUNDARIES OF FEDERAL RESERVE DISTRICTS AND THEIR BRANCH TERRITORIES BOUNDARIES OF FEDERAL RESERVE DISTRICTS BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM FEDERAL RESERVE BANK CITIES 1 FEDERAL RESERVE BRANCH CITIES OCTOBER I. 1943 $YST£tt. a as Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis