Federal Reserve Bulletin, 1947-10

A L E S E R VE BULLETIN OCTOBER 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 PAGB The Current Labor Market 1199-1206 Postwar Bank Credit Problems, by Marriner S. Eccles 1207-1211 Financial Position and Buying Plans of Consumers, July 1947. 1212-1215 Commercial Bank Loans to Farmers, by Tynan Smith and Philip T. Allen 1216-1227 Annual Report of the Bank for International Settlements 1228-1250 Yields on United States Government Securities—Revision of Averages 1251-1253 Current Events and Announcements 1254 National Summary of Business Conditions 1255-1256 Financial, Industrial, Commercial Statistics, U. S. (See p. 1257 for list of tables) 1257-1317 International Financial Statistics (See p. 1318 for list of tables). 1318-1335 Board of Governors and StafT; Open Market Committee and Staff; Federal Advisory Council 1336 Senior Officers of Federal Reserve Banks; Managing Officers of Branches 1337 Federal Reserve Publications 1338-1339 Map of Federal Reserve Districts 1340 Subscription Price of BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

N VOLUME 33 October 1947 NUMBER 10 THE CURRENT LABOR MARKET The labor market continues to reflect the In June and again in July, the number high level of economic activity and the in- employed in civilian jobs reached a total flationary pressures which have prevailed slightly above 60 million, partly as the resince the end of the war. Total employment sult of the usual summer expansion of agriis at or close to record levels. Unemploy- cultural employment. In August employment is about as low as might be expected ment declined slightly as seasonal requirein a dynamic economy. Wages are con- ments in farming were reduced. Of the tinuing to increase in response to firm de- total of 59.9 million employed in August, 50.4 mand for workers, rising living costs, and million were engaged in nonagricultural achigh business earnings. Industrial relations, tivities of all kinds, including self-employwhich were exceptionally strained for a ment and domestic service, while 9.5 million considerable period after the war, have were engaged in agriculture. The nonagriculeased and in recent months work stoppages tural total represented an increase of 1.9 milhave been a relatively minor factor in the lion over a year ago; the agricultural figure economy. was slightly higher than a year ago but the in- Current levels of employment are sup- crease probably reflected a change in timing ported by a high level of total demand. of seasonal needs rather than an increase in Domestic demand, after some hesitation in basic employment. the spring and early summer, has increased Unemployment at 2.1 million in August again. Export demand is exceptionally great was seasonally lower than in June and July although reduced from the record levels and about the same as a year ago. Among of the first half of the year when an esti- veterans, unemployment has declined sharply mated 2.1 million employees in nonagricul- since early this year. Only 471,000 were retural activities were directly or indirectly ceiving veterans' unemployment allowances engaged in production for export and when early in October as compared with 1.2 milagricultural incomes were being sustained lion in January of this year and the peak by large exports of farm products. Prices, of 1.8 million reached in July of last year. which had been relatively stable during the LABOR FORCE second quarter, have advanced sharply in recent months. As long as the inflationary On a seasonally adjusted basis, employpressures continue strong, there is little like- ment, unemployment, and the labor force lihood that unemployment will increase have been relatively stable since the begingreatly. ning of 1947 with employment and the labor OCTOBER 1947 1199 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE CURRENT LABOR MARKET force increasing somewhat and unemploy- in this group are those remaining from ment declining slightly. Withdrawal of among the 8 million extra entrants to the war-induced entrants to the labor force labor market at the height of the war, as was largely completed by July 1946 and well as workers drawn into the market by since then the labor force has increased about favorable opportunities for employment or 1.2 million, of which approximately half is drawn in by sharply rising living costs since attributable to normal growth of the popula- the end of the war. The extra additions to tion. In addition, veterans who, in the sum- the labor force are concentrated in the 14mer of 1946, were temporarily outside the 19 year age group and in women over labor force returned to look for work, and 35 years of age and men over 55 years. In some women who had withdrawn at the end these three groups the presence of opporof the war again appeared in the labor market tunities for work is an important factor conat the end of last year. With such postwar tributing to unusually high rates of labor changes largely completed, movements in the market participation. It is interesting to labor force in the period ahead will reflect note that the number of men over 55 in the largely seasonal influences and normal labor force has not been reduced from the growth. Thus, changes in employment will high war levels. have a more direct effect on unemployment Partially offsetting the extra additions than has been the case during most of the from these groups are lower-than-normal period since the end of the war. The fol- participation rates among both men and lowing chart shows the labor force, employ- women in the 20-34 year age group. The ment, and unemployment on a seasonally explanation for the low participation rates adjusted basis since July 1945. among women in this age group lies in the exceptionally high rates of marriages and LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT births since the end of the war. The high rate of school enrollment among veterans in this age group accounts for the relatively low worker rates for young men. The table on the next page shows the distribution of the labor force in April 1947 by age and sex groups as compared with the "normal" distribution indicated by prewar trends. MANUFACTURING EMPLOYMENT The hesitation in domestic demand in the spring and early summer of this year did not result in declining employment outside of 1945 1946 1947 manufacturing. In manufacturing, however, Bureau of Census estimates, adjusted for seasonal variation employment declined from its postwar peak by Federal Reserve. Latest figures shown are for August 1947. of 15.5 million reached in March 1947 to Still in the labor force are about 1.5 mil- 15.2 million in July. Although this net delion more persons than had been anticipated cline was small, it occasioned a considerable on the basis of prewar trends. Included amount of interest because the declines in 1200 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE CURRENT LABOR MARKET COMPARISON OF ACTUAL AND NORMAL LABOR FORCE tember 1946, with about three-fifths of the April 1947 increase taking place in nondurable goods [In thousands of persons] industries. Actual Normal Excess of Sex and age groups labor labor actual over force * force 2 normal EMPLOYMENT IN OTHER INDUSTRIES Total, 14 years and over... 60,950 59,400 1,550 In other major industry divisions—mining, Male 44,410 43,080 1,330 transportation, public utilities, trade, and 14-19 3,460 2,470 990 20-34 15,480 16,160 -680 finance and service—employment in recent 35-54 17,410 17,170 240 55 and over 8,060 7,280 780 months has increased slightly or has remained Female 16,540 16,320 220 stable at record postwar levels. In response to 14-19 . . .. 1,820 1,190 630 20-34 6,350 7,680 -1,330 strong demand and seasonal influences, em- 35-54 6,470 5,930 540 55 and over 1,900 1,520 380 ployment in contract construction has in- 1 An adjustment of 300,000 was added to the figures reported by creased substantially in recent months. In the Census Bureau to allow for unusually low employment in agriculture during the Census survey week in April 1947, because most of these groups employment is subof weather conditions. 1 8 Estimates of normal labor force are based on trends in the stantially higher than a year ago. Employrate of labor market participation by age and sex groups for the period 1920 to 1940. ment in domestic service, which declined some of the component industries were throughout the war and early postwar period, clearly attributable to weakening demand, has increased sharply since mid-1946, and is the first substantial evidence in employment currently nearly 300,000 higher than a year data of weakness in demand since the end earlier. The number of self-employed workof the war. Some of the drop this year was ers, which also had declined during the war, attributable to the reappearance of seasonal increased 1.2 million after the war to a total behavior in some industries. However, the of 6 million in the fall of 1946, a level reappearance of seasonal movements was in which has been maintained since then. Alitself an indication of less buoyant demand though varying sharply in response to than had existed earlier. In addition, tem- seasonal needs, agricultural employment has porary factors such as material shortages, remained relatively constant on a seasonally work stoppages, and more extensive unpaid adjusted basis at a level 850,000 below 1940. vacations than usual influenced employment The drop of 200,000 in Federal Governunfavorably in some lines this summer. ment civilian employment in the United In August and September manufacturing States between January and September 1947 employment increased again and, largely be- represents a continuation of the curtailment cause of the exceptional rise in the nondur- which began after V-J Day. In September able goods group, climbed above its March such employment was 420,000 less than a level, in response both to seasonal influences year earlier and 1.1 million less than two and to dissipation of earlier fears about the years earlier. The size of the armed forces strength of demand for several products. In has also declined, of course, and at 1.4 mila few industries, such as rubber, radio, alumi- lion in September, the number attached to num, and machine tool manufacturing, em- the services was 1.1 million below Septemployment still appears to indicate weakness ber 1946 and 10.7 million below the warof demand in relation to supply. Total time peak. State and local government emmanufacturing employment in September ployment has increased moderately since the this year was 660,000 greater than in Sep- end of the war. The following chart shows OCTOBER 1947 1201 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE CURRENT LABOR MARKET monthly employment of nonagricultural only 25 to 35 per cent. Among nondurable wage and salary workers by major industry goods industries, chemicals, petroleum regroups since 1940. fining, and rubber products showed increases of 50 per cent or more while both textiles and EMPLOYEES IN NONAGRICULTURAL ESTABLISHMENTS leather have had increases of less than 10 per cent, and tobacco manufacturing had fewer workers in September 1947 than in September 1940. The gain in relative importance of manufacturing since September 1940 contrasts with declines in relative standing of trade, finance, mining, and Government. Other service industries, construction, public utilities, and transportation account for about the same proportions of employment as they did in September 1940. Domestic service and agricultural employment have declined in terms of actual number of workers engaged 1940 1942 1944 1946 as well as in relation to total employment. Bureau of Labor Statistics data, adjusted for seasonal variation by Federal Reserve. Latest figures shown are for August Changes which have occurred among oc- 1947. cupations reflect to a large extent the change CHANGES IN COMPOSITION OF EMPLOYMENT in industrial composition since 1940. Craftsmen, operators, and kindred workers have Shifts in the industrial composition of emgained in relative employment, while proployment have taken place since the prewar fessional, domestic service, and sales workyear 1940. Employment in all nonagriculers have declined. Such white collar groups tural establishments increased 30 per cent as nonfarm proprietors, managers, officials, from September 1940 to September 1947, and clerical workers have shown sharp gains while in manufacturing employment increased 40 per cent. As a result manufactur- in employment in both absolute and relative ing now has 37 per cent of all employees in terms since 1940. nonagricultural establishments as compared STATE OF THE LABOR MARKET with 34 per cent in the earlier period. Within On the whole, the labor market currently manufacturing, employment in durable goods industries increased 52 per cent, appears to be firm, with the supply and dewhereas in nondurable goods industries em- mand for workers in relatively close balance. ployment increased 30 per cent. Much of the urgency evident earlier in the Among durable goods industries, elec- demand for labor has disappeared and emtrical and nonelectrical machinery and auto- ployers in hiring new workers have become mobiles showed the greatest gains in employ- more selective than earlier with regard to age, ment with increases of 70 per cent or more. sex, and previous experience of workers. Iron and steel, furniture, and stone, clay, Planned expansions of staff, aside from meetand glass products have had increases of ing seasonal needs and replacing turnover, 1202 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE CURRENT LABOR MARKET are reported by relatively few industries and settlements, typically about 18% cents an the number of additional workers needed in hour, were made in key heavy industries. such plans is fairly small. At the same time, Although settlements were of various the rate at which workers voluntarily quit amounts and were made at various times, first jobs has declined and in July was lower than in one industry and then in another, the inin any July since 1941. This suggests that creases established in heavy industries spread workers generally are finding job opportuni- exceptionally widely and quickly and affected ties less plentiful than earlier and it also sug- not only wages in unionized industries but gests that the restlessness felt earlier by many also wages and salaries in trade, service, and veterans, which took the form of frequent other activities. job changes, has been reduced. The second round. Living costs and net earnings of many business firms increased POSTWAR WAGE INCREASES sharply after the middle of 1946 and demands The strong and general demand for goods again arose for wage increases. A second and services, combined with advancing living round of such advances began in the fall of costs and record levels of earnings of busi- 1946, largely among nondurable manufacturness and agriculture, has contributed to con- ing industries. These developed into another tinuation of the postwar upward movement general pattern of increases when contracts of wage and salary rates which began with were renewed in key heavy industries in relaxation of wage controls at the end of the the winter and spring of this year. The patwar. At that time pressures for higher wage tern increases, which were about 15 cents rates came from both workers and employers. an hour including a variety of adjust- Demands for manpower in activities which ments as well as straight wage rate advances, had been unable to obtain adequate numbers have been followed outside the heavy inof workers during the war encouraged em- dustries less closely than was the case last ployers in these industries to grant wage in- year. Recent settlements have reflected, to creases in order to obtain workers. Also, a greater extent than earlier, differing price the sharp decline in hours of work and pre- and profit positions of businesses and barmium overtime pay with a consequent heavy gaining strengths and policies of unions. Adreduction in weekly earnings in war indus- justments relating to union security, union tries created strong pressure from workers responsibility, paid holidays, welfare funds, for compensating increases in hourly wages. and pensions have been of substantial im- The drop in average hours also had the effect portance in recent negotiations. Work of requiring the hiring of more workers stoppages this year have been relatively unthan before to obtain the same number of important as a factor in general economic man-hours of work, and hence it had a tight- activity or in the wage settlements obtained. ening effect on the labor market. Man-days lost because of industrial disputes After the relaxation of wage controls these in the first seven months of 1947 were only pressures for higher wages became effective one-fourth of those in the same period of early in wholesale trade, petroleum refining, 1946. and textile manufacturing, but the general Recent wage increases have been generally pattern of the first round of increases was smaller than those granted last year, and not established until the spring of 1946 when until the coal settlement were not being OCTOBER 1947 1203 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE CURRENT LABOR MARKET reflected as quickly or as fully in price in- 25 per cent shown for hourly earnings. As creases as had been the case in the earlier compared with 1940, however, the increases period. The coal settlement, which was have been larger in weekly than in hourly exceptionally favorable to the miners, appears terms in manufacturing industries, amountto have had the effect of encouraging other ing to 105 per cent for nondurable goods, workers to demand larger increases than where hours have increased substantially, and they might have otherwise. Shortly after to 84 per cent for durable goods manufacthe coal settlement prices of coal were ad- turing. In most nonmanufacturing indusvanced sharply and so were the prices of tries weekly earnings and hourly earnings steel. These developments encouraged em- have increased by about the same percentage ployers to grant wage increases more readily since 1940, but in coal mining, where average than they would have otherwise and to raise hours were exceptionally low before the war, selling prices by amounts related to the state weekly earnings have increased very subof demand as well as to changes in costs, stantially more than hourly earnings. Thus, the effect on the economy has been to In comparison with the incomes of other reinforce inflationary tendencies and, com- major groups, such as corporate and nonbined with advancing food prices in response corporate businesses and farmers, the into heavy export demands and reduced sup- creases in average money wages of emplies of some crops, it has contributed to the ployees since the end of the war and also prospect of further wage increases. since 1940 have been smaller in percentage ___ terms than the increases in net incomes of WAGE INCREASES SINCE 1940 these Qther gfoups These variations reflect As a result of postwar wage adjustments, the sharp rise in prices and in the volume gross hourly earnings of production workers of economic activity. Nearly all broad ecoin manufacturing have advanced about 25 nomic groups have shared in the expansion per cent since September 1945 and are about of income, but as is usual in periods of 86 per cent higher than in 1940. Slightly sharp changes the shares of some have inlarger relative gains have been shown in both creased more than those of others, periods for nondurable goods than for durable goods manufacturing industries. In CHANGES IN REAL WAGES most nonmanufacturing industry groups for Although in money terms the war and which data are available, average increases postwar wage increases have been large, they appear to have been somewhat smaller but, have been offset to a substantial extent by with a few exceptions, not greatly out of line rising prices. Since 1940 wages have inwith the average increases shown for manu- creased more than consumers' prices; as a facturing. result, the buying'power of hourly earnings Hpurs of work have also changed and of factory workers is over one-sixth and in some instances weekly earnings have in- that of weekly earnings over one-fourth creased by different percentages from those higher in the recent period. However, over shown for hourly earnings. For example, the more recent period since the end of the since September 1945 weekly earnings of war, hourly earnings in manufacturing and production workers in manufacturing have the index of consumers' prices have both advanced only 20 per cent rather than the advanced by about one-fourth, while whole- 1204 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE CURRENT LABOR MARKET sale prices for both farm and nonfarm prod- amounts of increase have varied consideructs have increased substantially more. The ably, they have been much more uniform following chart shows actual weekly earn- among industries than might be supposed. For example, some 20 million of the 28 mil- AVERAGE WEEKLY EARNINGS OF PRODUCTION WORKERS IN MANUFACTURING lion workers included in the industries for INDEXES, 1940 • 100 which current monthly wage data are reported by the Bureau of Labor Statistics were employed in July 1947 in industries in which average hourly earnings had advanced between 40 and 60 cents, or between 70 and 90 per cent, since 1940. None of the major industries covered reported average increases of less than 30 cents an hour, or less than 40 per cent; and less than onetwelfth of the workers were employed in industries whose average earnings had advanced more than 70 cents an hour, or more than 100 per cent. 1940 1942 1944 1946 Bureau of Labor Statistics data. Weekly earnings expressed After adjustment for the increase in conin terms of 1940 dollars are obtained by adjusting weekly earnings in current dollars by the changes in the Consumers' Price sumers' prices, the majority of the workers [ndex. Latest figures shown in current dollars are for August 1947; in 1940 dollars, July 1947. represented in the reports were in industries ings of factory workers and "real" weekly in which real hourly earnings had advanced earnings, that is, after adjustment for changes less than 20 per cent since 1940, but at the in consumers' prices, since 1940. same time only a small proportion were Not all employees have had increases in in industries in which real hourly earnings their wages or salaries as large as the aver- had declined. It should be noted that govages reported for production workers in ernment employees are not included in these manufacturing. The new spurt in prices data and other groups of salaried and white and living costs in recent weeks will in- collar workers are not fully represented. tensify the difficulties of these employees and Hourly- wage advances in manufacturing others whose incomes have fallen behind in since 1940 have tended to be greater in perthe race with prices. centage terms in industries in which wages were low at the start than in industries in GENERAL NATURE OF WAGE INCREASES which wages were high. For example, Available data for the First World War, among durable goods manufacturing induswhich are limited, indicate that wage in- tries, the two lowest paid in 1940 were lumcreases then were sharper but more nar- ber and furniture. Hourly earnings in these rowly restricted to those industries, such as industries have increased 102 and 98 per heavy manufacturing, mining, and railroads, cent, respectively, while automobiles and which felt directly the impact of the war. transportation equipment, which were the In the recent period the rise in wages and two highest paid before the war, have insalaries has been fairly general, with nearly creased their hourly earnings 58 and 76 per all groups sharing in it. Although the cent, respectively. Among nondurable goods 1205 OCTOBER 1947 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE CURRENT LABOR MARKET industries, textiles and tobacco were at the have had exceptionally large increases in bottom of the group in 1940 but since then percentage terms. White collar employees have had increases of 113 and 93 per cent, also appear to have had substantial adjustwhile the highest paid in the nondurable ments in their wages and salaries since 1940 group, petroleum refining and printing, have and especially in the past two years. For had hourly increases of 69 and 70 per cent. some groups of such employees, however, The same general tendency is evident the adjustments have been less than those among nonmanufacturing industries. Thus, received by most industrial workers. telephone employees whose earnings were among the highest before the war have had PROSPECTS their wages advanced less than the average. Changes in employment and wages in Wages in the electric power and light in- the period ahead will depend more largely dustry were also high before the war and than in the recent past upon the broad fachave increased less than the average, while tors that bring about changes in national hourly earnings in retail trade, which were income and prices. In the early postwar low before the war, have increased more period there were several highly important than the average. The chart compares hourly factors in the labor market which operated earnings in 1940 and in July 1947 for se- almost independently of the volume of nalected industries. tional income but these factors have largely disappeared. Among such independent fac- AVERAGE HOURLY EARNINGS OP WORKERS IN SELECTED INDUSTRIES tors were the withdrawal of most of the war- HOURLY EARN1NG8- CENTS 1940 JULY time entrants from the labor force and de- AVERAeE .1947, mobilization of the armed forces and war workers. To a considerable extent other factors, such as the postwar cutback in hours, FURNITURE the turbulent state of industrial relations, and BITUMINOUS COAL RUBBER the first round of wage increases, were only APPAREL I partially related to changes in general eco- RETAIL TRADE nomic conditions. With practically full em- CHEMICALS FOOD PRODUCTS ployment achieved, the armed forces at CLEANING AND DYEING about their planned postwar strength, and POWER LAUNDRIES weekly hours of work averaging close to the JRON AND STEEL MACHINERY. EXCEPT traditional 40, the general labor market in ELECTRICAL EL M E A C C T H R I I N C E A R L Y the period ahead can be expected to reflect WHOLESALE TRADE readily changes in general economic activity. AUTOMOBILES As long as inflationary pressures continue strong there is little likelihood that unemployment will increase greatly. The con- Bureau of Labor Statistics data. For manufacturing, mining, power laundries, and cleaning and dyeing industries, the data tinued advances in prices, particularly in food relate to production workers only. prices, are placing increasing pressure on the For other groups of workers, wage in- living standards of many workers. Unless creases also have been large and general. living costs are stabilized or reduced, pres- Hired farm workers and domestic servants sures for wa^ increases are likely to continue. 1206 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

POSTWAR BANK CREDIT PROBLEMS* by Marriner S. Eccles President Leggett, members, and guests of the In addition, currency in circulation showed a growth National Association of Supervisors of State Banks: of 20 billion dollars. Because of our common problems and responsi- This expansion in bank credit and consequently bilities, I appreciate this opportunity to participate in the money supply was made possible by the large in your proceedings. In the chaotic world of today, excess reserves which were held by the banks at groping for answers to the overriding problems of the beginning of the war, and by the additional economic security and enduring peace, we can find reserves that were provided by the Federal Reserve comfort in the strong and healthy position of our through an increase of over 20 billion dollars in banking system. At the same time we must be its holdings of Government securities. fully aware of the dangers which the present It is inevitable that in financing a war, business vigorous inflationary forces may threaten for the and individual holdings of money and Government banking system. securities increase. The reason for this is that people are paid for furnishing the goods and serv- INFLATION, THE CONSEQUENCE OF WAR FINANCE ices which are needed to carry on the war and are not available for purchase by business and con- Postwar inflation, with its severe distortions in sumers. Consequently, incomes expand more the structure of prices, wages, and profits, is prirapidly than consumption can be increased. Unless marily due to the enormous wartime increase in taxes are raised sufficiently to absorb all of the our money supply. The banks of the country, surplus income, savings must increase, and they including the Federal Reserve Banks, in helping must be held largely in the form of bank deposits, to meet the needs of war finance, brought about currency, or Government securities. To the extent this increase. In the six years from the middle of that the Government expenditures are not met by 1940 to the middle of 1946 the Federal Governtaxes or the sale of securities to nonbank investors, ment spent nearly 400 billion dollars, most of which the balance must be absorbed by the banking syswas for national defense and war purposes. Much tem, which results in expansion of the money less than half of this amount was met by tax receipts supply. and the balance of about 225 billion dollars was borrowed. During this six-year period commercial If the public had attempted to spend their entire and Federal Reserve Banks together increased their excess income, prices would have risen very rapidly. holdings of Government securities by 90 billion However, due to the willingness of the public to dollars, and savings institutions, businesses, and save during the war period and due to the effective individual investors purchased the remainder of harness of wartime controls that were put into the securities sold. effect, prices rose but little during the war. By the end of the war vast holdings of money and Commercial bank holdings of Government seother liquid assets had been accumulated and large curities have been reduced somewhat since the deferred demands had been built up. At the prepostwar peak by the Treasury's debt retirement vailing level of prices, demand was far in excess program, but they are still more than four times of any supplies that could be made available within as large as in 1940. In expanding their portfolios any short period of time. of Governments, banks did not decrease their hold- It should have been apparent that if these forces ings of other assets. As a matter of fact, the total were permitted free play, a sharp rise in prices of their loans, other securities, reserves, and other would result. The people of the nation, however, cash has increased since 1940 by about 21 billion not fully realizing the dangers in the situation, dollars. As a result of this credit expansion, commade clear their wishes that controls be removed. mercial bank deposits increased by 70 billion dollars. Business wanted freedom from allocations, price * Address by the Chairman of the Board of Governors of the controls, building permits, rationing, and business Federal Reserve System to the National Association of Supervisors of State Banks, Washington, D. C, Sept. 25, 1947. particularly wanted repeal of the excess profits tax. OCTOBER 1947 1207 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

POSTWAR BANK CREDIT PROBLEMS Farmers wanted release of all controls affecting though much smaller amounts, to keep the peace. agricultural products. Labor wanted removal of Large parts of the world have been devastated and, restraints on higher wages. Bankers generally sym- even in those parts left intact, the customary procespathized with the desires of all these groups to ses and channels of trade and commerce have been remove controls. In response to these public pres- destroyed or upset. People in nearly all nations sures, wartime controls, such as allocation of raw have vast holdings of money and large deferred materials, building permits, price and wage restric- demands for the necessities of life, and supplies of tions, as well as the excess profits tax, were pre- nearly everything to meet these demands arc inmaturely abandoned. adequate. The money they have, however, can- We are currently witnessing the results of this not be used to make purchases from countries national policy. With demand for goods already which have goods for sale, and they have little else large because of high levels of current income and to offer in exchange. When people are thus upset, with a huge backlog of domestic and international they are susceptible to the lure of political panaceas demand reinforced by huge accumulations of liquid and are likely to generate feelings of hatred toward assets after five years of war, price inflation was others more fortunate than they. This state of inevitable. The country is now suffering the con- mind is a threat to stability and peace in the world. sequences of having placed our reliance upon the In the two fiscal years from July 1946 to June restoration of a competitive price situation to bring 1948 we have budgeted expenditures of more than about necessary postwar readjustments in an ab- 25 billion dollars for the maintenance of our nanormal period when effective demand far exceeds tional defense. We have provided altogether since available supplies. the end of the war foreign grants and credits of As a result, the economy is caught fast in a serious approximately 16.5 billion dollars, which is only wage-cost-price spiral. Short farm crops at home two-thirds of our military budget for the first two and abroad have intensified this spiral. Inter- postwar fiscal years. Surely this is a small amount national crisis, in part the result of our rising prices, to make available for helping to win the peace, is imposing on us obligations that can only be dis- when compared with our vast expenditure of 350 charged by actions that will increase our inflation billions used to win the war. difficulties. Yet we should not allow what is left It cannot be denied or ignored that continued of European democracy to perish through starva- large loans and grants to foreign countries arc tion and communism. Nor can we ultimately solve either a heavy current burden upon our taxpayers our problem of inflation without the restoration of or a strong inflationary force on our economy, but Europe's vast productivity to help take care of the so are our even larger military expenditures, which world's needs. The danger that faces us is that are considered by many as necessary for maintaininflation will go on unchecked and end, as infla- ing peace. tions always have ended, in economic collapse. We should be fully aware of the costs and risks The higher the spiral of inflation is wound by of providing foreign aid and make adjustments in further general price and wage increases, by further our policies accordingly. We cannot be lavish in rapid expansion of private debt, and by failure to aid to other countries without suffering the conreduce public expenditures for all purposes that sequences of inflation, heavier taxation, or the recan be eliminated or postoned until the emergency imposition of controls. Countries receiving ashas ended, the more serious the inevitable readjust- sistance should recognize the burden that is being ment is certain to be. The longer the ultimate imposed on our economy, and it is imperative that reaction is postponed, the longer it will take to they take measures to assure the most effective reach a stable condition of employment and pro- use of their own resources as well as of those reduction. Readjustment in our domestic situation ceived from us. If these requirements are met, it is overdue, and the sooner it can be brought about, would be shortsighted, as well as highly selfish, the better it will be for the nation and the world. for us to deny aid needed to prevent starvation and to reconstruct productive capacity in other COST OF MAINTAINING THE PEACE countries. Our reason for denying the aid would We spent nearly 350 billion dollars to win the be that we wanted to increase our already large war, and we shall need to spend substantial, al- consumption in order to counteract inflation. Yet 1208 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

POSTWAR BANK CREDIT PROBLEMS the best remedy for inflation is more production, banks, shifts of deposits from bank to bank necesand the greatest unused productive resources now sitate corresponding shifts of assets or other adjustlie outside of this country, but they cannot be effec- ments. For this reason our banking system requires tively operated by starving people devoid of equip- a high degree of liquidity and these requirements ment and supplies. have been enlarged by the great wartime growth and broad distribution of bank deposits. RESPONSIBILITY OF FEDERAL RESERVE SYSTEM Another problem confronting bank supervisory What bearing, you may wonder, does all this agencies is the great existing potential for further have upon our common problems and respon- expansion of credit. Generally in the past banks sibilities of bank supervision? The Federal Re- could not expand their loans and investments, serve has a close interest in these matters, because except when new funds came to them or unless we are responsible for providing the reserves that they were willing to borrow. When one bank lost support our entire money and credit system. We funds, it had to borrow or liquidate assets. While must constantly consider whether the existing for individual banks that situation still exists, the supply of bank credit is redundant or inadequate. very large holdings of Government securities now This judgment must be based upon the needs and held by banks make it easy for them to shift to behavior of the economy. There is not time here other assets that seem more attractive. to discuss the specific objectives, standards, and When banks sell their Government securities, in various other considerations that provide the basis the absence of any other buyer, the Federal Reserve for these policy decisions. The Board of Governors, is obliged to purchase them. Otherwise, the Govthe Federal Open Market Committee, composed ernment securities market would decline and might of the Board and representatives of the Federal Re- collapse. This would not only greatly increase the serve Banks, the operating officials of the Reserve cost of carrying the public debt, but would seriously Banks, and the Federal Advisory Council in giving endanger our entire financial structure, in which advice, must constantly keep in mind the impact Governments now occupy such an important place. of Federal Reserve policies on the economy. When the Federal Reserve System acquires addi- International affairs are of importance to us be- tional Government securities, new reserves are cause of their general impact on our domestic created; these reserves pass to other banks and economy and more directly because the net resultant ultimately may provide the basis for an expansion of all international financial transactions is re- in credit amounting to six to ten times the reserves flected in gold movements. Gold, together with made available. This ability of the banking system Federal Reserve Bank credit, supplies the basic to bring about the creation of new reserves without reserves of our banking system. The interest and borrowing is a new element in the credit situation. responsibilities of the Reserve System in this field With an active demand for loans, it can be a powerare recognized by the Congress in including the ful inflationary force. The Board has long recog- Chairman of the Board of Governors as one of five. nized this problem, discussed it fully in its Annual members of the National Advisory Council. This Reports to Congress for 1945 and 1946, and pre- Council has responsibility for supervising and co- sented proposals for its solution. Most of you may ordinating the international financial policies of the be familiar with the substance of these reports; Federal Government. time does not permit a full discussion of them here. Up to date little support has been received for the CHANGED POSITION OF BANKS Board's suggestions, and nothing whatever has been Because of their interests and responsibilities, the done to put the Board in a position where it could Federal Reserve authorities are greatly impressed restrain inflationary expansion by the banking syswith the changed position of banks that has resulted tem. from war. These changes will affect the duties Another potential for credit expansion is the and responsibilities of all bank supervisory agencies. large flow of gold that is now coming into this The vast volume of deposits and currency not only country. This inflow has already amounted to offers a threat of inflation for the economy as a nearly 2 billion dollars this year. Since the middle whole, but it may create serious problems for in- of the year total loans and investments of comdividual banks. With our system of 14,000 separate mercial banks have been expanding at a rate equiva- OCTOBER 1947 1209 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

POSTWAR BANK CREDIT PROBLEMS lent to 10 billion dollars a year. If this should resulting undesirable effects upon banks. What continue it would provide an inflationary force specifically can be done? more than double the anti-inflationary effect of (1) Maintenance of a high degree of liquidity the prospective surplus in the Federal budget for should be encouraged; banks should be discouraged this fiscal year. It would equal the inflationary from reducing their large holdings of Government impact of the unprecedented surplus of exports over securities and cash assets in order to acquire less imports in this country's foreign trade during recent liquid and more risky assets. months. Under present circumstances, it does not (2) Supervisors should take a critical attitude appear possible for the Federal Reserve System to toward any expansion of loans, unless they concheck this credit expansion by selling Government tribute directly to increased production and movesecurities and thus absorbing bank reserves. ment of goods. This attitude should apply par- Banks have been the beneficiaries of wartime ticularly to consumer credit, real estate loans based developments. Their assets have increased treon inflated values, loans to carry excessive invenmendously and these assets are perhaps more liquid tories, and any loans for speculative purposes. and less subject to depreciation than at any previous (3) As long as banks maintain their present time of active business. Bank earnings have grown large holdings of cash and Government securities, more rapidly than expenses, so that profits are most of them are adequately capitalized. Banks relatively large, and capital structures have been with low ratios of capital to risk assets, however, enlarged. Finally, their large holdings of Governshould build up their capital. If banks persist in ment securities make it possible for banks to shift increasing their risk assets, they should be required readily to any other more attractive assets that to enlarge their capital accordingly by retention of may be available. earnings. If retained earnings are not sufficient, Banks can also suffer the consequences of unthen additional stock should be sold. pleasant economic developments, as they have at times in the past. Some of the most disastrous of It is important for us to keep in mind that future these developments have occurred during my career losses of banks are determined by current policies. as a banker and businessman and during the While each individual loan of a bank may appear careers of most of you. Banks are most seriously sound taken by itself, the practices of banks in the affected when they have helped to bring about the aggregate may contribute to generally unhealthy conditions by undue expansion of credit followed conditions. In an unsound economy, banks in by rapid liquidation. general cannot remain sound. Our banks now Although present inflationary developments are appear to be in a position to withstand the severe largely the result of war finance, in the past two economic storm that is threatening. This is not years expansion of private credit has become a the time for them to remove their storm shutters factor of increasing importance. Conditions are or venture out into the gale. favorable for a further substantial expansion of In summary, I would reassert that the wartime private credit that may contribute further to ex- increase in money and incomes relative to the cessive inflation and lead to disastrous consequences supply of goods and services has created an infor the economy. Such a development would en- flationary development with severe distortions in danger the healthy position of our banking system. prices, wages, and profits. Readjustment in our domestic situation is overdue. The sooner it can WHAT CAN SUPERVISORS DO? be brought about, the better it will be for the As I have indicated, the existing general mone- nation and the world; the longer it is postponed, tary and credit powers of the Federal Reserve are the more severe will be the inevitable readjustment. inadequate for preventing such a development. We are faced with a choice between unattractive Nor can bank supervision, in view of its limited alternatives. We must decide how much we are scope and of the inflationary forces already gener- going to spend preparing for the next war and for ated, be expected to prevent further inflation. We other purposes that might be eliminated or deferred. can, however, understand the nature of the problem At the same time we need to determine how much and use our influence to discourage banks from we are going to make available to maintain peace contributing to it. This would help to diminish through provision of vital food and needed pro- 1210 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

POSTWAR BANK CREDIT PROBLEMS ductive facilities to the starving and destitute tion because it is only by their production that we Western European democracies. It should be recog- will be relieved and more will be available in this nized that we cannot continue to spend as much country. If controls are needed to do that, we as we have been for all of these purposes, in the should have controls. If the public understands presence of other strong inflationary pressures in the problem and voluntary rationing can do it, of the economy, without severe costs and risks. course that is the desirable way to do it. We have We are on the horns of a dilemma. We simply got to deal with the economic facts of life as they cannot reduce taxes drastically and at the same time are. As bank supervisors you can try to see to it assist Europe. We cannot expand domestic credit, that the banks of this country put some pressure on both public and private, for the purpose of having credit expansion and stop this inflationary growth all we want and assist Europe and avoid inflation. that they are responsible for collectively, though We must give up something or we are going to pay individually they may not be aware of it. If you much more dearly in the long run. If we desire to want public authorities to have control over credit preserve democracy and peace in the world, we must expansion, consider the recommendations of the assist in feeding the starving people in the democ- Board in its annual reports of 1945 and 1946 before racies of Europe and help them to get into produc- it is too late. OCTOBER 1947 1211 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FINANCIAL POSITION AND BUYING PLANS OF CONSUMERS, JULY 1947] In the summer of 1947 consumers generally con- These conclusions are based upon an interim surtinued to be in a strong financial position and their vey of the financial position and plans of a small attitudes and intentions indicated the maintenance national sample of consumer units, made for the of large expenditures for the purchase of durable Board of Governors by the Survey Research Center goods and houses. Consumers were drawing in of the University of Michigan. substantial amounts upon accumulated liquid assets A more comprehensive survey of consumer and were borrowing, as well as using current in- finances made early this year showed that concomes, to maintain a high level of expenditures. sumers then were predominantly optimistic and Although many individuals reported reductions in expected prosperous conditions to prevail during their liquid assets, others showed increases and the entire year. At that time, consumers also liquid asset holdings continued large in total amount anticipated that there would be some relief in the and remained widely distributed. prices they paid for goods and services. During the Mainly because of the rise in the cost of living, following six months, however, consumer prices the proportion of spending units that felt they rose and warnings of possible economic reaction were worse off financially than a year ago was larger were voiced with growing frequency by business in July than earlier in the year. These spend- leaders, economists, and public officials. How these ing units, which were most numerous in the lower changes in consumer prices and these warnings of income groups, were somewhat less optimistic than community leaders were affecting the attitudes and others were about future economic developments. spending plans of consumers thus became a matter Responses to questions concerning current expendi- of considerable importance, and the interim survey tures indicated that rising prices in relation to was undertaken during the last two weeks of July incomes were compelling many spending units to to determine what changes had occurred. make important adjustments in personal and family In the interim survey interviews were taken with budgets. Data from a recent survey show a signifi- approximately 700 respondents residing in 20 councant shift since the beginning of the year in con- ties and 5 metropolitan areas scattered throughout sumers' price expectations. At the end of July 1947 the country. The interview unit, as in the Board's approximately one-third of all spending units ex- annual surveys of consumer finances conducted pected higher prices in the next 12 months as early in 1946 and 1947, was the spending unit.2 compared to about one-tenth of all spending units in The method of selecting the sample was comparable the first quarter of the year. to that used in the annual surveys, with the result that the small sample was similar in income distribution and other socio-economic characteristics to 1 This article was prepared by Duncan McC. Holthausen of the Board's Division of Research and Statistics. It summarizes the larger samples of the annual surveys. It should the results of the Board's interim Survey of Consumer Finances based on interviews taken during the last two weeks of July be noted that the findings based on this smaller 1947. interim sample are less reliable than those of the Dr. Rensis Likert, Director, and Dr. Angus Campbell, Assistant Director, Survey Research Center, University of Michigan, larger surveys inasmuch as they are necessarily were in general charge of the survey. Responsibility for detailed planning and supervision of the survey, including inter- subject to a rather large sampling error. In addiviewing, editing, tabulation of survey results, and preparation of survey studies was carried by Dr. George Katona in collabora- tion, no detailed information was obtained for the tion with Mrs. Hazel L. Lang, both of the Survey Research Center's Staff. Mr. Charles F. Cannell served as head of the small sample on the amounts of expenditures and field staff and Mr. Roe Goodman as head of the sampling section savings. Small sample interim surveys afford a of the Center. From the Board of Governors, general supervision of the useful method for periodic supplementation of the survey has been under the direction of Woodlief Thomas, Director, and Ralph A. Young, Assistant Director, of the findings of annual surveys on consumer attitudes, Division of Research and Statistics. The first annual survey of Consumer Finances was made expectations, and plans. Like the annual surveys^ for the Board of Governors early in 1946 by the Division of however, the methods are experimental in many Program Surveys, Bureau of Agricultural Economics, U. S. Department of Agriculture. Results of that survey were respects and have not yet been fully tested; conreported in 1946 in the June, July, and August issues of the BULLETIN. Results of the second annual survey of Consumer Finances, conducted for the Board by the Survey Research Cen- 2 Defined as all persons living in the same dwelling and beter, University of Michigan, in parly 1947, were published in longing to the same family who pooled their incomes to meet the June, July, and August 1947 issues of the BULLETIN. their major expenses. 1212 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FINANCIAL POSITION AND BUYING PLANS OF CONSUMERS scquently, the findings should be interpreted with have supplemented income to meet large expendicaution. tures, such as the purchase of consumer durable goods. While saving continues to be regarded as THE FINANCIAL STATUS OF CONSUMERS highly important by a large majority of spending Shifts in the basic wage rates and salaries of inunits, the proportion having a regular saving plan dividual spending units were frequent during the has declined significantly compared with early in year ending July 1947. Almost two-fifths of all 1946. At that time, of course, the use of pay roll spending units indicated that they were making deduction plans for buying bonds was more general more money than a year ago, while only about than it was in July of this year. one-fourth of the units said that they were making Along with the greater availability of consumer less money. This information, taken together with durable goods and houses, instalment buying and aggregate data on the current annual rate of per- borrowing, as reported by spending units, increased sonal income, as estimated by the Department of considerably over 1946 levels. In the case of durable Commerce, suggests that there may be a further goods purchases, liquid assets were often used to upward shift from 1946 to 1947 in the median in- meet the down-payment requirement, with the come of all spending units. balance of the purchase price covered by an instal- During the first seven months of 1947, as in ment note or borrowed from a bank, loan agency, 1946, sizable numbers of spending units reported or private individual. Purchase of a house during net withdrawals from their liquid asset holdings, the first half of 1947 apparently involved incurrence i.e., United States Government securities and check- of mortgage debt in virtually all cases. ing and savings accounts in banks. Others con- There was some upward shift by July 1947 in tinued to augment their holdings. The primary the proportion of spending units that thought they purpose for which liquid assets were withdrawn were worse off financially as compared with a year was again to meet general living expenses, par- ago. Spending units in lower income groups were ticularly in the case of spending units in lower primarily responsible for this shift and they referred income groups. The purchase of houses and either to the increased cost of living or decreases in transfer of funds to other investments were next in income as the cause of their less satisfactory situafrequency of purpose for which liquid assets were tion. withdrawn. Liquid asset withdrawals by many spending units CONSUMER EXPECTATIONS were largely counterbalanced by additions to liquid- Consumers were generally optimistic about their asset holdings on the part of other units, and no future well-being. As is indicated by Table 1, more important change occurred in the proportion of spending units expected their incomes to increase units holding liquid assets. In other words, con- than to decrease. The majority of spending units sumer liquid asset holdings, although drawn upon continued to expect good times during the next 12 considerably, continued to be widely distributed. months. The pattern of distribution generally conformed to During the past 18 months consumers' price that shown by the annual surveys of holdings made expectations have fluctuated widely. By the first early in 1946 and 1947. Reversing tendencies with of this year many consumer units expected price respect to savings bond holdings during the year declines and few expected price increases, as is- 1946, more spending units reported buying than shown in Table 1. By May of this year, after the reported cashing such bonds during the first seven wide publicity given to the Newburyport plan, it months of this year. is possible that additional consumer units anticipated The availability of liquid asset holdings is evi- general price declines in the goods they normally dently contributing to greater expenditures for con- bought. By midyear, this trend in consumers' price sumption. Both in 1946 and to date in 1947 the expectations was reversed, and in late July almost turnover of liquid assets has been substantial and one-third of all spending units anticipated price has added to inflationary pressures in consumer increases, compared roughly with one-eighth earlier markets. In the case of some consumer units, such in the year. Over the same period, the proportion holdings have been used to supplement income in expecting lower prices had dropped from almost meeting current expenditures. In other cases, they one half to one-third, and these respondents most OCTOBER 1947 1213 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FINANCIAL POSITION AND BUYING PLANS OF CONSUMERS TABLE 1 tial effects upon their buying plans, particularly those for consumer durable goods. It was noted CONSUMER EXPECTATIONS CONCERNING THE GENERAL ECONOMIC OUTLOOK, INCOMES, AND PRICES that whether consumers expected prices to fall or to rise, the postponement of certain purchases was Percentage distribution of reported by almost as large a proportion of conall spending units sumers expecting price increases as of those expect- Expectations February February July ing price decreases. Possibly because consumers 1946 i 1947 2 1947* expected only slight price changes, the effect of their price expectations on their buying plans was General economic outlook 4 minimized. In addition, it is possible that because Good times ahead 35 55 50 Bad times ahead 36 22 34 of the frequency of changes in price expectations, Uncertain or no change 23 21 13 Not ascertained 6 2 3 effects upon buying plans have tended to lag. Buy- All cases 100 100 100 ing plans for many goods may also continue to Own incomes 5 reflect backlog demands or reasonably urgent needs, in which case shifts in price expectations, unless Income will be larger 25 23 23 Income will be about the same... 34 42 49 for large price changes, cannot be expected to in- Income will be smaller 23 14 8 Uncertain, "it depends" 13 19 18 fluence buying plans heavily. Not ascertained 5 2 2 It is of interest that consumers' general price ex- All cases 100 100 100 pectations closely paralleled their expectations with Prices • regard to food prices. In the case of consumer Will go up 53 13 32 durable goods and clothing, no more than one-fifth Will remain the same 21 22 29 Will go down . 8 46 29 of all spending units anticipated price increases Conditional answers 13 17 9 Not ascertained . 5 2 1 while about one-third expected price declines. All cases 100 100 100 CONSUMER EXPENDITURES AND PLANS TO BUY i Based on interviews in January-March 1946 (first survey). About two-thirds of all spending units reported 'Based on interviews in January-March 1947 (second survey). * Based on interviews in the second half of July 1947 (interim that they were spending more for food since the survey). • The question was: "Considering the country as a whole, do you beginning of the year, while about three-fifths of think we will have good times or bad times or what during the next year or so?" the spending units felt that they were buying less * In February and July 1947 the question was: "How about a year from now—would you say that you will be making more clothing than usual. Comments made in connecmoney or less money than you are now, or will you be making the same?" Data for February t946 are not strictly comparable tion with food and clothing purchases give some because they do not include farmers and are based on a comparison indication of how the consumer has rearranged his of expected annual income for 1946 with actual income in 1945. • The question was: "What do you think will happen to the budget expenses in order to take account of inprices of the things you buy during the next year—do you think they will go up or down or stay about like they are now? creased costs. Consumer units spending larger frequently expected small price declines—not large amounts for their food purchases predominantly ones. It is probable that this shift resulted in part had incomes of $2,000 or above, but as many as from the continuing increases in food prices during half of those having incomes under $2,000 also inthe first half of the year, the possibility of increased creased their expenditures on foods. Common rentals, and the new coal wage agreements with the adjustments in order to maintain customary volume subsequent increases in steel prices and also in prices and quality of food purchases were cuts in other of many consumer durable goods. expenses and reductions in amounts saved. A sub- In the first quarter of the year, the expectation stantial proportion of the spending units who did of price declines was predominantly associated with not spend more for food, especially those having the expectation of good times, while spending units incomes of less than $2,000, reduced the quality of expecting price increases were evenly divided in food bought or raised or preserved much of their their expectations of good or bad times. A similar own food. In the case of clothing purchases a relationship was observed in the July survey when significant proportion of those spending units who many more spending units anticipated price in- felt that they were buying less clothing than usual creases. said that clothing prices were too high in explana- These changes in the price expectations of many tion of the shift in their purchases. Less frequently consumers do not appear to have had any substan- mentioned were explanations such as "other ex- 1214 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FINANCIAL POSITION AND BUYING PLANS OF CONSUMERS penses were too high" and "did not need more TABLE 2 clothing." About one-tenth of all spending units DISTRIBUTION OF CONSUMER INTENTIONS TO BUY AUTOMOreported buying more clothing than usual, fre- BILES, SELECTED DURABLE GOODS, AND HOUSES, BY INCOME quently with the explanation that their clothing GROUP OF PURCHASER1 needs had accumulated. Prospective and actual purchasers Nearly as large a proportion of spending units as a percentage of all spending units within each income group as had indicated plans early this year to buy auto- Type of purchase mobiles and other selected durable goods during inc A o l m l e t L h e a s n s $2,000- $5 a , n 0 d 00 1947 indicated that purchases had been made dur- groups $2,000 $4,999 over ing the first seven months of the year. About half as many prospective buyers of houses as were shown Automobiles: Expected to buy in 1946. 11 6 14 26 by the earlier survey reported the completion of Bought in 1946 11 6 12 20 Expected to buy in 1947. 12 5 15 24 purchases by July. Expected to buy within a year from July 1947. 13 6 16 30 The proportion of spending units indicating plans to purchase automobiles and other selected durable Other selected durable goods: goods in the 12 months following July 1947, as is Expected to buy in 1946. 28 21 33 38 Bought in 1946 28 21 34 35 shown in Table 2, was substantially the same as Expected to buy in 1947. 21 14 26 26 Expected to buy within in earlier reports of purchase intentions for the year a year from July 1947. 22 16 24 32 1947. The volume of planned purchases for certain Houses:2 Expected to buy in 1946,. 8 5 9 11 selected durable goods other than automobiles as Bought in 1946 7 5 8 13 of February 1947 was somewhat lower than ob- Expected to buy in 1947 . 6 4 7 9 Expected to buy w thin served in early 1946. The interim survey (July a year from July 1947. 6 3 7 11 1947) suggests that there has been no further 1 In every case "expected to buy" includes those who said they decline in plans to buy and that the market for other definitely would buy or probably would buy. Intended purchases for the year 1946 were ascertained in the first survey (Januaryselected durable goods is approximately as strong March 1946) and are related to 1945 income. Actual purchases as was observed at the beginning of this year. in 1946 and intended purchases for the year 1947 were ascertained in the second survey (January-March 1947) and are related to Furthermore, there was no significant shift shown 1946 income. Intended purchases for July 1947 to July 1948 were ascertained in the interim survey (second half of July 1947) and in spending plans for consumer durable goods by are also related to 1946 income. Data for the three income groups in the interim survey are based on relatively small numbers of income levels. cases and are therefore less reliable than the data from the first and second surveys. The prospective purchase of houses in the 12 2 Based on nonfarm spending units only. Farmers are not included inasmuch as their purchases of housing are usually months following July 1947 was also substantially incidental to their purchases of farm land. the same as noted earlier for the year 1947. Again, there were no significant shifts in the income levels in part the fact that a larger proportion of higher of consumers who had plans to buy houses. income groups were prospective purchasers of these Information obtained with respect to the timing items. Consumers at these levels were more optiof consumers' intended purchases suggests that con- mistic in their personal and general outlook than sumer plans to buy certain types of durable goods were spending units at lower income levels. during the 12 months following July 1947 may not In general, the interim survey does not indicate indicate the full volume of their actual purchases. that consumer plans to purchase durable goods or In some cases, the rate of planned expenditure houses in the 12 months following July 1947 have was considerably less for the first half of 1948 been discouraged sufficiently by the prevailing level than for the last half of 1947. Plans to buy houses, of prices to cause an early decline in expendion the other hand, were more evenly timed for the tures for these items. Nevertheless a considerable full 12-month period. In the case of newr auto- number of spending units that stated they were mobiles considerable uncertainty was of course ex- planning to buy automobiles and houses in the five pressed by consumers as to the exact timing of years following July 1948 also stated they were not their purchases within the 12-month period. planning to purchase in the next 12 months because Prospective purchasers of these items, however, of high prices. Thus it appears that at lower price were more often optimistic in regard to their future levels a considerably larger group of consumers income status and in regard to the general economic would purchase durable goods and houses in the outlook than were other consumers. This reflected near future. 1215 OCTOBER 1947 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COMMERCIAL BANK LOANS TO FARMERS by TYNAN SMITH AND PHILIP T. ALLEN * At the middle of 1947, insured commercial banks The over-all picture, however, obscures many indihad nearly 2,500,000 individual loans outstanding vidual cases of farms on which debt may be relato farmers, aggregating in amount about 2.2 bil- tively heavy or of banks which may have their lion dollars.1 Almost nine-tenths of the number earning assets unduly concentrated in certain types and two-thirds of the amount were directly ex- of agricultural credit. Such instances may involve tended to finance operation of the nation's farms serious local problems in a period of downward from planting to harvest or the purchase of equip- adjustment in agricultural prices. ment and livestock. The remaining tenth of the New information on the characteristics of the number and third of the amount were extended farm loans held by insured commercial banks at upon the security of real estate mortgages to midyear was assembled through a survey conducted finance the purchase of land or to meet other essen- jointly by the Federal Reserve System and the Fedtial farm needs. Both the production loans and eral Deposit Insurance Corporation. The Bureau the farm mortgage loans of insured commercial of Agricultural Economics cooperated in the develbanks at midyear stood over 20 per cent greater opment of the survey plan. A representative sample in amount than a year earlier. of about 1,200 commercial banks—approximately The American farmer currently enjoys a favor- 700 member banks and 500 insured nonmember able debt position. Total farm debt is low in rela- banks—cooperated voluntarily in supplying infortion to both income and* the value of farmers' mation on their farm loans. The great majority of assets. Debt is also low in absolute terms. During these participating banks are located in farming the war farmers were able to liquidate a substan- communities. The purpose of the survey was to tial portion of their mortgage debts and the present provide a basis for a better understanding of credit total is nearly a third lower than before the war. developments in this field and also to furnish in- During and after World War I farm mortgage formation on the characteristics of bank loans to debt rose at about the same rate as farm land prices. farmers and on typical bank loan practices in farm This experience has not been repeated in the cur- financing. All figures used in the present article rent period despite a rise in land prices nearly are estimates based on the sample data obtained in equal to that during the First World War. this survey. The volume of bank credit extended to farmers Commercial banks have long provided the major is about one-third higher than before the war as share of short-term production credit used by farma result of a sharp increase in the past two years. ers. In addition to banks, farmers obtain short- Nevertheless, the total is much below that in 1920 term credit to finance operations from Production and the proportion of total bank loans represented Credit Associations sponsored by the Federal Govby credit to farmers in the middle of 1947 was ernment and from other sources, principally retail only 7 per cent as compared with about 20 per merchants and individuals. Loans of the Produccent in 1920. The number of farm loans now out- tion Credit Associations are about one-fifth the standing at insured commercial banks represents amount of short-term bank loans. Very little is an average of two bank loans for every Rve farmers. known about the amount of short-term funds Since many farmers have more than one loan, farmers secure from individuals and similar lenders. more than three out of every five farmers have Production loans extended to farmers by comno bank indebtedness. mercial banks were typically for small amounts and Aggregate figures give little cause for concern. for short periods. Over two-fifths of these loans outstanding at insured commercial banks in the • Of the Division of Research and Statistics of the Federal middle of 1947 were for amounts of less than $250 Deposit Insurance Corporation and of the Board of Governors, respectively. each and about two-thirds of them carried maturi- 1 Loans directly guaranteed by the Commodity Credit Corporation were excluded from the survey. The total amount of these ties of less than six months. Most of this credit loans held by insured commercial banks was 20 million dollars on June 30, 1947. was borrowed either to pay production and living 1216 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COMMERCIAL BANK LOANS TO FARMERS costs or to finance the purchase of machinery and under $250 in outstanding amount, as is shown in livestock. Two-thirds of the loans were secured Table 1, while a third of the number represented by pledge of specific assets or by endorsement. Livestock, machinery, and a combination of crops, TABLE 1 livestock, or machinery were the types of assets FARM PRODUCTION LOANS OF INSURED COMMERCIAL BANKS most frequently pledged. Most of this type of OUTSTANDING IN MID-1947, BY SIZE OF LOAN credit was supplied to farmers by small country AND NET WORTH OF BORROWER [Estimates of outstanding loans] banks. While banks furnish a relatively smaller propor- Number Amount Percentage tion of the total farm real estate mortgage credit Size of loan and net of loans of loans distribution worth of borrower (In thou- (In than of farm production credit, the importance of sands) millions) Number Amount banks in the farm mortgage field has increased in the past two years. According to estimates of the Size of loan: Department of Agriculture, commercial banks at Under $250 938 $102 42.9 6.9 $250-$499 428 126 19.6 8.5 the beginning of the year held 14 per cent of the $500-$999 375 211 17.1 14.2 outstanding amount of farm mortgages in contrast $l,000-$2,499 317 393 14.5 26.5 $2,500-$4,999 82 227 3.8 15.4 to 11 per cent a year earlier and 8 per cent in 1940. $5,000 and over. . . . 45 421 2.1 28.5 Federal Land Banks and life insurance companies All loans 2,185 1,480 100.0 100.0 each now hold about one-fifth of the total farm Net worth of borrower mortgage debt, while individuals hold most of the Under $2,000 522 115 23.9 7.8 remaining 50 per cent. $2,000-$9,999 1,007 462 46.1 31.2 $10,000-$24,999 410 338 18.8 22.9 Farm mortgage loans of banks also were of rela- $25,000-$99,999.... 176 335 8.1 22.6 tively small size and were typically to finance the $100,000 and over. . 27 208 1.2 14.0 purchase of small tracts of land. Many of these Unclassified 42 22 1.9 1.5 loans have been made in the past two years when All borrowers.. . 2,185 1,480 100.0 100.0 land values have been high. An important part of NOTE.—Detailed figures may not add to totals because of the farm mortgage loans of banks was written to rounding. mature in one year or less. Over one-half of these loans of between $250 and $1,000. Loans under loans were to be repaid in instalments, and this $1,000 accounted for almost one-third of the total proportion has increased in recent years. As with volume of all commercial bank loans to finance production loans, about four-fifths of the volume farm operations. Individual loans of $5,000 or of this type of credit was provided by banks with more constituted 2 per cent of the number but 10 million dollars or less in deposits. 29 per cent of the total amount. This article, which is the first of a series to be A large proportion of the farm production loans published on the national aspects of the farm loan 2 The survey of insured commercial bank loans to farmers, survey, summarizes its principal findings. The on which this article is based, was planned by the Division of material is presented in two sections, the first deal- Research and Statistics of the Board of Governors of the Federal Reserve System and the Division of Research and Statistics ing with farm production loans and the second of the Federal Deposit Insurance Corporation in consultation with the Federal Reserve Banks, the Bureau of Agricultural with farm mortgage loans. Subsequent articles will Economics, and other interested agencies. The information for member banks of the Federal Reserve System was collected and deal more fully with additional phases of bank compiled into district totals at the Reserve Banks and national totals were prepared at the Board's offices. The information loans to farmers, such as the pattern of interest for insured commercial banks not members of the Federal Reserve System was collected by the examiners of the Federal rates and detailed characteristics of farm produc- Deposit Insurance Corporation with the consent and cooperation tion and farm mortgage loans.2 of the participating banks. Totals were compiled by the Corporation's Division of Research and Statistics. Supervision of the survey, analysis of results, and preparation of articles are under the general direction of Ralph A. FARM PRODUCTION LOANS Young, Assistant Director of the Board's Division of Research and Statistics and Florence Helm, Acting Chief of the Corpora* The estimated 2,185,000 farm production loans tion's Division of Research and Statistics. Richard Youngdahl of the Board's staff and Tynan Smith of the Corporation s outstanding at insured commercial banks in the staff have been largely responsible for the supervision of the middle of 1947 represented a total credit volume collection and tabulation of information. Copies of the forms used in the survey are appended to of 1.5 billion dollars.8 These loans were predomi- this article. 8 Farm production loans were defined as all loans to farm nantly small. The average amount outstanding owners or operators except loans secured by real estate, loans directly guaranteed by the Commodity Credit Corporation, and was about $700. Over two-fifths of the loans were loans made to farmers for commercial or industrial purposes. 1217 OCTOBER 1947 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COMMERCIAL BANK LOANS TO FARMERS of insured commercial banks were extended to meet of number of bank loans were dairy operators. the credit needs of small farmers. About 25 per This group accounted for 14 per cent of the number cent of the number of loans were to farmers with and 15 per cent of the amount of farm production a net worth of under $2,000 while 46 per cent of loans outstanding. the loans were to farmers with a net worth of Operators of cotton farms accounted for 12 per from $2,000 to $10,000, as is shown in Table 1. cent of the number of farm production loans out- The amount of farm production credit extended standing at insured commercial banks at midyear, by banks to farmers with a net worth of under but only 7 per cent of the credit volume. These $10,000 was 40 per cent of the total. In the South loans were considerably below average in size, $390 the proportion of loans going to small borrowers as compared with $680, and over half of them with a net worth of under $2,000 was higher than were to farmers with a net worth of under $2,000. in other parts of the country. In the Northern Similarly, most of the tobacco farmers with out- States the proportion of loans outstanding to farm- standing loans had a small net worth. The producers with a medium net worth of between $2,000 tion loans to tobacco farmers averaged $260 each, and $10,000 was above average, while in the Far the lowest for any group. For both of these types West about two-thirds of the loans amounting to of farming the productive unit is typically small. nine-tenths of the volume were to large borrowers The large-scale nature of operations of livestock with a net worth of $10,000 and more. farms and ranches is reflected in the bank borrow- As Table 2 shows, bank credit to finance farm ings of this group, which accounted for 9 per cent operations was widely distributed among the dif- of the number and 22 per cent of the amount of ferent types of farms. The largest number of bank farm production loans. The average size of loan borrowers were operators of general farms, who was $1,610, the highest for any type of farm. Half accounted for 45 per cent of the number of farm of the number and over four-fifths of the amount production loans.4 This group of borrowers typi- of loans outstanding to livestock operators were to cally had a small or medium net worth and the borrowers with a net worth of $10,000 or more. Fruit and poultry farming also tend to be large operations. As a consequence the average size of TABLE 2 bank production loans to these two groups of bor- FARM PRODUCTION LOANS OF INSURED COMMERCIAL BANKS rowers was large and most of the borrowers had OUTSTANDING IN MID-1947, BY TYPE OF FARM a relatively large net worth. [Estimates of outstanding loans] Purpose of loan. The two most important uses Type of farm ( o I N s n f a u n l t m o d h a s b o n ) e u s r - m A of i m l ( l l I o i o n o u a n n n s t s ) Nu d m P i e s b r t e r c r i e b n u A t t a i m g o e n ount A of v s e i l z r o a e a g n e t r t i o e o p n p o s u r t r e w c d h e a re s f e o t r o m b a p a c a n h y k i n p e r c r o y re d d u o i c r t t i l o i t v o n e s f a t i o n n c d a k n . l c i e v L in o f g a a r n m c s o s f t o o s r p e a t r n h a d e purpose of paying farm production and living costs General........ 977 $529 44.7 35 7 $540 Dairy 306 218 14.0 14.7 710 accounted for one-half of the total number. As is W Co h t e to a n t, corn, and 252 98 11 6 6 6 390 shown in Table 3, most of these loans were for field crops 207 176 9.5 11.9 850 small amounts and the average size was $460. Con- Livestock. ^ . , . - . 201 324 9.2 21.9 1,610 sequently, the volume of bank credit extended for Tobacco 98 26 4 4 1 7 260 Truck.. .. 45 38 2.1 2.6 840 this purpose amounted to only a third of the total. Fruit. . 24 29 1 1 2 0 1,190 Poultry ...... 17 20 0 8 1 3 1,140 About one-third of the farm production loans Other* 56 24 2.6 1.6 420 were to finance the purchase of machinery or live- All borrowers.. 2,185 1,480 100.0 100.0 680 stock. As would be expected, such loans were 1 This group includes farms not classified elsewhere, such as typically larger than those used to pay production part-time farms, and farms not classified as to type. and living costs. The average size of loans to NOTE.—Detailed figures may not add to totals because of rounding. finance the purchase of machinery or livestock was nearly $1,000 and these loans accounted for oneaverage size of their loans was relatively low. The half of the total dollar volume outstanding. second most important group of borrowers in terms Among the other major purposes for which short- 4 A general farm was denned in the survey as one in which term production credit was used were the purchase no single source of income provided one-half or more of the total. or improvement of land or buildings and the re- 1218 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COMMERCIAL BANK LOANS TO FARMERS payment of debts. Loans to finance the purchase operations the use of mortgages on real estate as or improvement of land or buildings tended to be security for bank credit is much more prevalent relatively large for this type of bank credit, averag- among farm operators than among other small ing $1,110 in size. Most of the loans obtained for business enterprises. the repayment of debt were small; half of the Table 4 shows the more important types of senumber were for amounts of less than $250. curity pledged against bank loans to finance farm operations. A combination of crops, livestock, or TABLE 3 machinery was pledged against approximately onefourth of the loans amounting to one-fourth of the FARM PRODUCTION LOANS OF INSURED COMMERCIAL BANKS total amount. The second most important type of OUTSTANDING IN MID- 1947, BY SIZE AND PURPOSE OF LOAN security was livestock alone, which was pledged [Estimates of the number of outstanding loans] against 17 per cent of the number of loans. Since Purpose of loan loans secured by livestock were above average in size they accounted for 24 per cent of the volume. Pay Machinery alone was pledged against 8 per cent pro- Buy Buy Size of loan All duc- ma- or im- Re- Un- of the number of loans. These loans, most of p p o u s r e - s li t a e v i n o x i d n - n g e s c l r t i h y o v i e c n o - k - r l b p a i u n r n o i d g l v d s o e - r d p e a b y ts s c i l f a ie s- d w pl h ed ic g h e d w , e w re e r to e f t i y n p a i n ca c l e ly th o e f p u m rc e h d a iu s m e o s f i t z h e e ; m tw a o c - h t i h n i e rd ry s penses of them ranged from $500 to $2,500 in amount. Number of loans, in thousands Crops, either growing or in storage, were not very important as security for production loans to Under $250......... 938 606 183 28 36 85 $250-$499 428 221 145 22 15 25 farmers. Loans secured by growing crops were $500-$999 375 152 171 24 12 15 largely small loans made to farm borrowers with $l,000-$2,499 317 99 168 29 10 10 relatively low net worth. Over half of these loans $2,500-$4,999 82 24 42 11 2 3 $5,000 and over . 45 13 21 7 2 were under $250 in amount and the average size All loans 2,185 1,116 731 122 76 140 Percentage distribution TABLE 4 Under $250.. 42.9 54.3 25.0 22.9 46.9 61.1 FARM PRODUCTION LOANS OF INSURED COMMERCIAL BANKS $250-$499 19.6 19.8 19.9 18.2 19.3 17.6 OUTSTANDING IN MID-1947, BY TYPE OF SECURITY PLEDGED $500-$999 17.1 13.6 23.5 19.9 15.9 10.9 [Estimates of outstanding loans] $l,000-$2,499 14.5 9.0 23.0 24.3 12.8 7.4 $2,500-$4,999 3.8 2.2 5.8 8.8 3.1 1.8 $5,000 and over 2.1 1.1 2.8 5.9 1.9 1.3 Num- Amount Percentage Aver- Av A e l r l a g lo e a s n i s ze of loan. 1 $ 0 6 0 8 .0 0 1 $ 0 4 0 6 .0 0 1 $ 0 9 0 8 .0 0 $1 1 , 0 1 0 2 . 0 01 $ 0 6 0 3 .0 0 1 $ 0 4 0 5 .0 0 Type of security s b l t a e o h ( n r a I o n d n u o s s - f ) l l i m o ( o o a I n i n f n l s - s ) N b d u e i m s r t - rib A ut m io o n unt l s a o o i g a z f e n e NOTE.—Detailed figures may not add to totals because of rounding. Unsecured 743 $433 34.0 29.3 $580 Endorsed 273 112 12.5 7.6 410 Security. About two-thirds of the number of Combination of crops, livestock, or machinfarm production loans and a little more than two- ery 505 359 23.1 24.3 710 Livestock. 361 353 16.5 23.8 980 thirds of the total amount were secured by pledge Machinery 167 118 7.6 8.0 710 of specific assets or by endorsement, while the re- Growing crops 34 17 1.6 1.1 500 mainder were unsecured. The proportions of both Crops in storage 5 7 .2 .5 1,410 G. I. guarantee or innumber and amount of farm production loans that surance 12 18 .5 1.2 1,570 Other 68 54 3.1 3.7 790 were secured were only a little above the compar- Unclassified 16 9 .7 .6 540 able proportions of member bank loans to small All loans 2,185 1,480 100.0 100.0 680 business enterprises with total assets of under $50,000, excluding loans secured by mortgages on NOTE.—Detailed figures may not add to totals because of rounding. real estate.5 Because of the nature of farming was $500. Loans secured by crops in storage 5 Tynan Smith, "Security Pledged on Member Bank Loans tended to be large and averaged $1,410. More to Business," Federal Reserve BULLETIN, June 1947, Table 16, p. 677. than one-half of the total dollar volume of this OCTOBER 1947 1219 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COMMERCIAL BANK LOANS TO FARMERS group of loans was represented by loans amounting to this tendency for short-term loans to be of relato $5,000 or more each. tively small size was in the case of demand loans, There were approximately 12,000 farm produc- which were almost as large on the average as loans tion loans outstanding at insured commercial banks, maturing in from two to three years. on which the major security was reported to be There appeared to be little relationship between Government guarantee or insurance under the pro- the purpose for which funds were borrowed and visions of the Servicemen's Readjustment Act. The the maturity of the loan. About two-thirds of the total amount of such loans came to an estimated number and three-fifths of the amount of bank 18 million dollars. More than 80 per cent of these loans to pay farm production and living expenses loans were to farmers with a medium to small net called for repayment within six months. This would coincide roughly with the time required for worth of under $10,000. Nevertheless, the average the production and sale of crops. It is surprising size of loan, $1,570, was higher than that for any that a similar proportion of the loans to finance other major type of security. Nine-tenths of the the purchase of machinery or livestock carried number of the G. I. loans and four-fifths of the maturities of six months or less. Loans to purchase amount were for the purpose of financing the purfeeder livestock would be expected to have short chase of machinery or livestock. terms. However, machinery and livestock other Maturity. Farm production loans held by inthan feeders normally require a much longer period sured commercial banks were predominantly shortto recover their cost and, therefore, loans to finance term. About two-thirds of the number were such purchases would be expected to carry longer written on a demand basis or with original maturiterms than six months. Thus it may be that genties of six months or less. Only 4 per cent of the eral farm income is regarded as a source of renumber and 6 per cent of the amount outstandpayment rather than the return on the asset pledged. ing carried maturities of more than one year from Also, in some cases renewals may be made if the date of the note. necessary. Loans written to mature in three months or less Size of bank. Farmers typically obtain their bank averaged $490 in amount, from which point the credit locally. The major importance of small average size ranged upward to $1,980 for farm banks in this credit field is indicated by the fact production loans written to mature in over five that 43 per cent of the number of farm production years, as is shown in Table 5. The only exception loans were held by banks with deposits of less than 2 million dollars. Loans held by these small banks tended to be relatively small so that this group of TABLE 5 banks accounted for only a third of the dollar vol- FARM PRODUCTION LOANS OF INSURED COMMERCIAL BANKS ume. Large banks located in metropolitan areas OUTSTANDING IN MID-1947, BY ORIGINAL MATURITY do very little agricultural credit business. The [Estimates of outstanding loans] survey revealed that banks with deposits of 10 million dollars or more had 8 per cent of the num- Num- Amount Percentage b lo e a r n o s f lo o a f ns distribution A a v g e e r- ber and 18 per cent of the amount of farm produc- Maturity s t a h ( n o I d n u s - ) li p ( o i I n l n - s) N b u e m r - Amount l s o o iz a f e n tio A n s l o w an o s u o ld u ts b ta e n d e i x n p g e c a te t d th , e s m m i a d ll d le f a o rm f 19 o 4 p 7 e . rators tended to borrow at small banks and larger bor- Demand 130 $ 142 5.9 9.6 $1,090 3 months or less 488 237 22.3 16.0 490 rowers at large banks. Table 6 shows the direct 3 6 t t o o 6 9 m m o o n n t t h h s s 8 3 4 4 8 0 5 2 3 2 8 0 3 1 8 5 . . 8 6 3 1 6 4 . . 4 9 6 6 3 5 0 0 relationship between size of bank and net worth 9 months to 1 year. . 252 231 11.5 15.6 920 01 borrower. At banks with deposits of less than 1 to 2 years 60 53 2.7 3.6 880 2 million dollars, 25 per cent of the farm produc- 2 to 3 years 16 18 0.8 1.2 1,120 3 to 5 years 9 13 0.4 0.9 1,440 tion loans were to borrowers with a net worth of Over 5 years 2 4 0.1 0.2 1,980 Past due 33 22 1.5 1.5 670 under $2,000; this proportion declined to 16 per Unclassified 7 2 0.3 0.1 320 cent at banks with deposits of 10 million dollars or All loans 2,185 1,480 100.0 100.0 680 more. Conversely, 41 per cent of the loans and 80 per cent of the amount outstanding at the large NOTE.—Detailed figures may not add to totals because of rounding. banks were to borrowers with a net worth of 1220 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COMMERCIAL BANK LOANS TO FARMERS TABLE 6 FARM PRODUCTION LOANS OF INSURED COMMERCIAL BANKS OUTSTANDING IN MID-1947 BY NET WORTH OF BORROWER AND SIZE OF BANK [Estimates of outstanding loans] Size of bank (Total deposits, in millions of dollars) All All Net worth of borrower co i m ns m u e re rc d ial Under 2 2-10 1 o 0 v a e n r d co i m ns m u e re rc d ial Under 2 2-10 1 o 0 v a e n r d banks banks Number of loans, in thousands Amount of loans, in millions Under $2,000 522 239 256 27 $ 115 $ 50 $ 58 $ 8 $2,000-$9,999 1,007 466 481 61 462 201 225 36 $10,000-$24,999 410 174 200 36 338 131 169 39 $25,000-$99 999 176 59 92 25 335 84 171 80 $100,000 and over . 27 5 15 7 208 18 100 90 Unclassified 42 5 26 11 22 3 11 8 All borrowers 2,185 947 1,070 168 1,480 487 733 260 Percentage distribution Under $2,000 23.9 25.2 24.0 16.2 7.8 10.2 7.9 2.9 $2,000~$9 999 46.1 49.2 44.9 36.5 31.2 41.2 30.7 13.9 $10,O00-$24 999. 18.8 18.3 18.7 21.3 22.9 26.9 23.0 15.0 $25,000-$99 999 8.1 6.2 8.6 15.0 22.6 17.3 23.3 30.7 $100,000 and over . . 1.2 .5 1.4 4.4 14.0 3.7 13.6 34.5 Unclassified 1.9 .6 2.4 6.6 1.5 0.7 1.5 3.0 All borrowers 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 NOTE.—Detailed figures may not add to totals because of rounding. $10,000 or more as compared with 25 per cent of bank loans to finance farm operations was 6.2 per the number and 48 per cent of the amount at the cent. The survey indicated a substantial decline small banks. Nevertheless, because of the local in this rate over the last two decades. As is indicharacter of most farm credit and the necessity for cated in Table 7, the proportion of banks charging the bankers to be very familiar with the local agri- usual interest rates of under 6 per cent has incultural situation and the operations of the bor- creased markedly since 1930, and the proportion rower, a considerable proportion of the bank credit charging usual rates of 8 per cent or more has needed by even the very large farm operators was steadily declined. provided by the small banks located in nearby Over four-fifths of the banks making farm procommunities. duction loans in 1947 had some minimum interest Interest. The average interest rate on commercial charge. The most common minimum was between 50 cents and $1.00. Since many of the farm production loans were quite small in amount and for TABLE 7 short maturities, the existence of a minimum in- USUAL INTEREST RATE CHARGED ON FARM PRODUCTION LOANS terest charge sometimes resulted in a high rate BY INSURED COMMERCIAL BANKS, 1947, 1940, AND 1930 when computed on an annual basis. In addition to interest the borrower usually has Percentage of banks Usual interest rate reporting rate to pay supplementary charges to cover the costs (Per cent per annum) incurred by the bank in making the loan. These 1947 1940 1930 supplementary charges most often represent legal, Under 6 26 8 1 recording, and notary fees in connection with chat- 6 6 1 to 7.9 4 1 5 4 4 2 7 0 4 2 3 0 tel mortgages. About a third of the banks reported 8.0 to 9.0 12 19 26 that they made no supplementary charges. Most Over 9 3 6 10 of these banks probably were not using the chattel All reporting banks 100 100 100 mortgage form for their farm production loans OCTOBER 1947 1221 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COMMERCIAL BANK LOANS TO FARMERS and thus were not incurring extra costs which 9 shows the number and amount of loans in each would have to be passed on to the borrower. of the different acreage groups. FARM MORTGAGE LOANS TABLE 9 Insured commercial banks at midyear of 1947 had FARM MORTGAGE LOANS OF INSURED COMMERCIAL BANKS outstanding 725 million dollars of loans secured by OUTSTANDING IN MID-1947 farm land.6 This volume represented 265,000 loans BY ACRES IN PROPERTY MORTGAGED [Estimates of outstanding loans] averaging $2,700 in outstanding amount. du T ri o n t g a l th fa e r m w a m r a o n rt d g a h g a e s d s e in b c t e d s e h c o li w ne n d li s t u tl b e s t i a n n c t r i e a a ll s y e. Acres mortgaged ( N o I f n u m l t o h b a o e n u r s - A of m ( l I o o n u a n n t s d P i e s r tr c i e b n u t t a i g o e n Commercial banks have been active lenders in the sands) millions) Number Amount postwar period, and their farm mortgage holdings have increased by 24 per cent in the past year Under 10. 8 $ 12 2.8 1.7 10-29 25 46 9.4 6.4 compared with an increase of probably less than 30-69 64 113 24.2 15.6 70-139 . . .. 95 226 35.7 31.2 4 per cent in the total farm mortgage debt. 140-259 52 196 19.8 27.1 260-499 14 73 5.2 10.1 Original amount of loans and types of properties Over 500 5 51 2.0 7.0 Not given 2 7 .9 1.0 mortgaged. Bank farm mortgage loans outstanding in midyear included many loans that were relatively Total 265 725 100.0 100.0 small in original amount. Nearly one-third of the NOTE.—Detailed figures may not add to totals because of rounding. number of loans were for less than $1,500 when About one-third of the number of loans were semade, and almost four-fifths were under $5,000. cured by properties under 70 acres, another third The median size of original loan was about $2,400. by properties from 70 to 140 acres, and the final Only about one loan in five was over $5,000 in third by properties of 140 acres or more. The large original amount, and only one in twenty was over proportion of loans on small properties suggests that $10,000. The distribution of the number and bank mortgage loans were frequently to established amount of loans by original size of loan is shown farm operators purchasing small additional tracts in Table 8. as well as to new operators purchasing small units. The sizable proportion of small loans in the total The highest proportion of small tracts on which was related, of course, to the fact that many of the mortgage loans were made was in the Far West, properties mortgaged—in most cases properties purwhere nearly two-thirds of the mortgaged properties chased with the loan proceeds—were small. Table were under 70 acres. In the South the proportion TABLE 8 of small units was also considerably higher than FARM MORTGAGE LOANS OF INSURED COMMERCIAL BANKS average. OUTSTANDING IN MID-1947, BY ORIGINAL AMOUNT OF LOAN The average size of loan outstanding was nearly [Estimates of outstanding loans] as large for units under 10 acres as for the tracts Number Amount Percentage from 10 to 69 acres. This situation was at least Original amount of loans of loans distribution partly explained by the high concentration of fruit, of loan (In thou- (In sands) millions) Number Amount truck, and poultry farms in this size group. Such farms usually have a higher value per acre than Under $500 17 $ 5 6.6 0.6 most other types of farms. $500-$999 31 17 11.8 2.4 $l,000-$l,499 33 30 12.3 4.2 General farms were the most prevalent type on $l,500-$2,499 55 81 20.6 11.2 which mortgage loans were made, afs is shown by $2,500-$4,999 74 204 27.8 28.1 Table 10. In the Northeast, dairy farms predomi- $5,000-$9,999 41 217 15.6 29.9 nated with about one-half of the number and $10.000-$24,999 12 133 4.7 18.4 amount of bank mortgage loans on these farms. $25,000-$49,999 1 24 0.4 3.3 $50,000 and over 13 0.1 1.8 In parts of the South nearly one-half of the number Total 265 725 100.0 100.0 and one-third of the amount of loans were on cotton farms. In the Far West the widest variation was NOTE.—Detailed figures may not add to totals because of rounding. shown in the types of farms on which loans were 6 Farm mortgage loans were denned as loans principally made, with about one-fifth each of the number of secured by mortgages, deeds of trust, land contracts, or other loans on general, field crop, dairy, and fruit farms. liens on farm land. 1222 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COMMERCIAL BANK LOANS TO FARMERS TABLE 10 of considerably greater relative importance than elsewhere. In some parts of the South it is a FARM MORTGAGE LOANS OF INSURED COMMERCIAL BANKS OUTSTANDING IN MID-1947, BY TYPE OF FARM MORTGAGED common practice to secure production loans with [Estimates of outstanding loans} real estate mortgages. Over one-half of the number and amount of the real estate mortgage loans Percentage Number Amount distribution made in 1947 in some Southern sections were for Type of farm of loans of loans mortgaged (In thou- (In purposes other than to purchase land. sands) millions) Number Amount Loans were larger for the purchase of real estate than for any other purpose. Loans made in 1947 General 128 $337 48.1 46.5 Dairy 41 123 15.5 17.0 for the purchase of real estate averaged $3,700 in Wheat, corn, and field crops 21 79 8.1 10.8 outstanding amount, while loans included in the Cotton 17 27 6.6 3.8 Livestock 12 43 4.7 5,9 "other" purpose classification and loans for building Tobacco 9 17 3.4 2.3 Truck 7 18 2.6 2.4 or repairing buildings averaged $2300. F P r o u u i l t try 6 4 2 1 9 1 2 1 . . 3 6 4 1 . . 0 5 Size of bank. As in farm production loans, the Other i 19 42 7.2 5.7 bulk of farm mortgage loans was held by banks Total. 265 725 100.0 100.0 with 10 million dollars or less of deposits. Banks 1 This group includes farms not classified elsewhere, such a with 2 to 10 million dollars of deposits held 53 part-time farms, and farms not classified as to type. per cent of the amount and 52 per cent of the num- NOTE.—Detailed figures may not add to totals because of rounding. ber of outstanding farm mortgage loans held by The average size of bank mortgage loan out- all banks, while banks in the smallest deposit group standing was smallest on cotton and tobacco farms, —under 2 million dollars—held 28 per cent of the and was largest on fruit and field crop farms. amount and 37 per cent of the number of such Purpose of loan. As would be expected, the most loans. Banks with over 10 million dollars of deimportant purpose for which farmers obtained real posits held 19 per cent of the amount and 12 per estate loans from banks was to purchase land, as is cent of the number of all farm mortgages held by shown in Table 11. Nevertheless, over a fourth banks. of both the number and amount of outstanding The average size of outstanding loan was $4,400 at the largest banks, $2,800 at banks in the 2 to 10 TABLE 11 million dollar deposit group, and $2,100 at the FARM MORTGAGE LOANS OF INSURED COMMERCIAL BANKS smallest banks. The largest banks made loans on OUTSTANDING IN MID-1947, BY PURPOSE OF LOAN somewhat larger tracts of land than did the smaller [Estimates of outstanding loans] banks. Purpose ( N o I f n u m l t o h b a o e n u r s - A of m ( l I o o n u a n n t s d P i e st r r c i e b n u t t a i g o e n wa Y r, e a w r it m h o r f t a g r a m g e i w nc a o s m w e r s i t h te i n g . h , D m u u r c in h g o a f n t d h e si n p c r e ew th a e r sands) millions) Number Amount farm mortgage debt has been retired. At the same time, however, new borrowers have been incurring Buy the land that was sizable debts. As is shown in Table 12, more than mortgaged 151 $439 56.8 60.5 Buy other land 25 77 9.5 10.6 one-half of both the number and the amount of Build or repair buildings 23 47 8.6 6.5 farm mortgage loans outstanding at commercial Other 51 128 19.2 17.6 Not known 16 35 5.9 4.8 banks in midyear of 1947 were secured by mort- Total 265 725 100.0 100.0 gages written in 1946 or 1947. In large part, this high proportion of recent loans is believed to repre- NOTE.—Detailed figures may not add to totals because of rounding. sent new borrowings rather than renewals of prior loans were to build or repair buildings, and for loans. About one-third of the outstanding loans other purposes such as the purchase of machinery, were made between 1940 and 1945 and only a very repayment of debts, and the payment of production small fraction before 1940. expenses. Thus an important part of bank loans There was some minor variation between differsecured by real estate was not strictly for financing ent sections of the country with respect to the proland ownership transactions. portion of total loans represented by loans made in In the South and in the Far West loans made recent years. At banks in the Northeastern States for purposes other than the purchase of land were a higher than average proportion of the number OCTOBER 1947 1223 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COMMERCIAL BANK LOANS TO FARMERS TABLE 12 relatively small amount of debt held by banks is an element of strength that was not present in former FARM MORTGAGE LOANS OF INSURED COMMERCIAL BANKS OUTSTANDING IN MID-1947, BY DATE OF MORTGAGE periods of inflated farm prices and land values. [Estimates of outstanding loans] Maturity and method of repayment. Over onethird of the number and about one-fourth of the Number Amount Percentage Date of mortgage ( o I f n l t o h a o n u s - of ( l I o n ans distribution m am er o c u ia n l t o b f a n fa k r s m i m n o m rt i g d a - g 1 e 9 4 lo 7 a n c s a l o le u d ts t f a o n r d in re g p a ay t m co e m nt sands) millions) Number Amount within one year after the loan was made, as is Before 1940 16 $ 25 5.9 3.5 shown in Table 13, and about one-third of both the 1940-45 91 216 34.3 29.9 1946 96 285 36.4 39.3 1947 62 198 23.4 27.3 TABLE 13 FARM MORTGAGE LOANS OF INSURED COMMERCIAL BANKS Total 265 725 100.0 100.0 OUTSTANDING IN MID-1947, BY MATURITY OF LOAN NOTE.—Detailed figures may not add to totals because of [Estimates of outstanding loans] rounding. o 1 f 3 o p u er ts c ta e n n d t i c n o g m l p o a a r n e s d w w a it s h m 6 a p d e e r b c e e f n o t r e f o 1 r 9 a 4 l 0 l — sec a t b io o n u s t Maturity ( N o I f n u m l t o h b a o e n u r s - A of m ( l I o o n u a n n t s d P i e st r r c i e b n u t t a i g o e n of the country, and a smaller proportion of loans sands) millions) Number Amount was made in 1947—about 17 per cent compared with 23 per cent. Banks in some Southern States Demand 21 $ 50 7.9 6.9 Under 6 months 29 55 10.8 7.5 had a larger than average part of their loans repre- 6 months to 1 year. . . 46 82 17.3 11.3 1 to 2 years 13 25 4.8 3.4 sented by mortgages made in 1946 and in 1947. 2 to 3 years 17 41 6.5 5.7 3 to 5 years 59 175 22.4 24.2 During the past year, when a substantial propor- 5 to 10 years 50 196 18.9 27.2 10 to 15 years 9 41 3.4 5.6 tion of the farm mortgage loans now held by banks 15 to 20 years 5 24 1.9 3.3 Over 20 years 2 10 .6 1.3 were written, land values have been 75 per cent or Past due » 14 26 5.4 3.6 more above the prewar level. Survey reports pro- Total 265 725 100.0 100.0 vide some indication that, while banks are willing to lend more on a given farm than in 1940, the 1 This group may include some mortgage loans which, although technically past due, are considered demand loans in accordincrease in loan value at most banks has been ance with local practices. NOTE.—Detailed figures may not add to totals because of smaller than the rise in the price of farm land. rounding. Thus, in 1940, more than 80 per cent of the banks number and amount of loans provided for repaywere lending 50 per cent or more of the current ment in from one to five years. The remaining selling price of farm property. In 1947, in contrast, one-fourth of the number and two-fifths of the loans of this proportion were available at only about amount had terms of five years or more. 55 per cent of the banks. A distribution of all There was a tendency for the larger loans to have insured commercial banks by the percentage of the the longer maturities. However, an important part current selling price they were lending on farm of even these loans had very short terms. Thirty properties in 1940 and 1947 is given below. per cent of the loans originally for $1,500 to $5,000 had maturities of one year or less, as did one-fifth Percentage of selling price Percentage of banks 1947 1940 of those having an original size of $5,000 to $25,000. llYz or less 12 2 The high percentage of loans of relatively short Over HYz to 50 31 11 maturities distinguishes farm mortgage loans of 50 39 51 banks from those of most other lenders. In some Over 50 16 II cases banks follow the practice of writing farm Not known 2 3 mortgage loans for short terms with the under- Total 100 100 standing that upon request they will be renewed No definite conclusions can be drawn from the at maturity. survey data regarding the adequacy of present bank The majority of farm mortgage loans outstandappraisal and lending policies on farm properties. ing at banks in mid-1947 called for repayment in The current advanced levels of farm land values instalments. Over one-half of the number and suggests a need for caution if banks are to be pro- nearly two-thirds of the amount outstanding were tected against probable future declines in farm of this type. Mortgages in recent years were much commodity prices and in farm land prices. The more likely to contain provisions for instalment 1224 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COMMERCIAL BANK LOANS TO FARMERS repayment than were mortgages written before such charges were associated with the initial proc- 1940. Of loans made in 1946 and still outstanding, essing of the mortgage, such as title search and two-thirds of the number and three-fourths of the recording fees. About one-fourth of the banks amount contained such provisions. In contrast, of reported appraisal charges. loans still outstanding that were made between 1930 COVERAGE OF THE SURVEY and 1940 only one-third of the number and amount provided for instalment repayments. Instalment Banks included in the sample for the survey were repayments were more prevalent on larger loans selected according to a plan consistent with estabthan on small ones. Of the loans under $1,500 in lished sampling procedures. Selection was made original amount, nearly two-thirds were of the from all member and nonmember insured commersingle-payment type. This may be compared with cial banks. For purposes of sampling and of comone-third for loans over $5,000 in original amount. pilation of the estimates, banks were divided into Loans with the longer maturities were most three size groups within each Federal Reserve dislikely to be repaid in instalments. Thus about trict. From each group a sufficient number of 95 per cent of the dollar amount of loans maturing banks were drawn to provide adequate size and in over five years were of this type, 67 per cent geographic coverage. of the loans with maturities of three to five years, Respondent banks that were members of the and only 20 per cent of the loans, except demand Federal Reserve System filled out the questionnaires loans, maturing in one year or less. Surprisingly, as of June* 20, 1947. Data for insured commercial 62 per cent of the outstanding amount of demand banks that were not members of the Federal Reserve loans called for instalment repayment. As far as System were obtained by the bank examiners of the repayment method was concerned, demand loans Federal Deposit Insurance Corporation in the course bore a greater resemblance to long-term loans than of bank examinations conducted during the period to very short maturity loans. June 2 to July 18, 1947. A total of 1,211 banks A comparison of single-payment loans with in- and branches participated in the survey of farm stalment loans was made to determine the propor- production loans. In the survey of farm real estate tion of the original amount of each that had been loans the number of participants was 1,200. repaid. For loans still outstanding from any par- For the farm production loan survey, each bank ticular year since 1940, it was found that a similar was asked to report on one of every five of its loans percentage of the original debt had been retired of this type, selected in a random manner. Since on both single-payment and instalment loans. This the number of farm real estate loans was much probably indicates that, at least in years of abnor- smaller than the number of production loans, remally high farm incomes, loan collections are rela- ports were obtained on every real estate loan held tively independent of the stated method of repay- by the participating banks. ment. Two steps were involved in deriving over-all Interest rates on farm real estate loans. The estimates of farm production loans from the average interest rate on farm mortgage loans out- sample data. First, the one-in-five sample of loans standing at banks in mid-1947 was 4.9 per cent. held by the participating banks was expanded to On the very small loans, interest rates were higher, represent all of the farm production loans at these averaging 6 per cent on loans under $1,500 in banks. Second, the resulting estimates for all loans original size. Rates averaged 4.5 per cent on loans at the participating banks were expanded to cover of $10,000 to $25,000 in original size. As in the all loans at all insured commercial banks in each case of farm production loans, interest rates on size group in each Federal Reserve district. This farm mortgage loans have declined from earlier was done for each group on the basis of the relationyears. About three-fifths of the banks making such ship between the amount of farm production loans loans reported that their usual rate of interest in outstanding at the sample banks and the amount 1947 was 5 per cent or less. The usual rate was outstanding at all insured commercial banks as rethis low at only about one-fourth of the banks in ported to the Federal bank supervisory agencies. 1940 and at only about one-tenth of the banks in For the farm real estate loan survey all of the loans 1930. of the participating banks were included so that Most of the banks reported charges other than only the second step in the estimating procedure interest on farm mortgage loans. For the most part was necessary. OCTOBER 1947 1225 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

£ REPORTING FORMS AND INSTRUCTIONS FOR THE SURVEY OF COMMERCIAL BANK LOANS TO FARMERS OUTSTANDING ON JUNE 20, 1947 Form R ft S 1433 porB "^Proved Budget Bureau No. 55-4702 WORKSHEET iSpirea September 30, 1047) Sheet_ LOANS TO FARMERS CONFIDENTIAL (OTHER THAN CCC LOANS OR LOANS SECURED BY FARM LAND) Field A B c D E F G DETACH OUTSTANDING ON JUNE 20, 1947 TOTAL "OTHER LOANS TO FARMERS" NOT Coiuim l 2-3 U-6 7-10 n 12 13 NOTE:—Piease see sampling instructions Description Dist. 'State County Bank Group Class Pop. Outstanding June 20. $_ before filling out this worksheet. USE (See schedule A, item 3 of the Call Report Instructions) Code 1 2 8 11 SIZE OF DATE OATE DUE METHOD OF RE- INTEREST CHARGED MAJOR SECURITY MAJOR PURPOSE ACRES TYPE OF FARM TENURE OF BORROWER NET WORTH NOTE MADE OR PAYMENT OF LAST (MONTH, (ENTER CODE IN COLUMN) (ENTER CODE BORROWER NAME OF BORROWER S J T A U A M O N N O U E D U T N I - 2 N T 0 G R R (M E E N N O E I E N F W W T E E H D D , (IF Y D D E A E A M Y R , A ) ND P L B L E L E A A A N V S E K E ONE (CH R E L E A C G R K U - ONE IR ) U R LA E R G- DOLLAR C 3 5 l 2 4 — - — — — o * d G a 1 n e c o : o r . o t t I p . s s s e e g c c i u u n u r a r e e r s d a d t ; n ; o t r n e a e e o g n t e d o e r n s d e o d rsed 2 1 — — I o l b p N a u r a n y y d l C i o T p O o r r i o r L n i d U g m b u M l p c d c N r t g o o i ) o s v s . n e ts A O ( C W T R N O E E T A D A G L E & ' (SEE T IO IN N S S T ) RUC- P L B L E L E A A A V N S E K E C 2 S 1 — — — od r o o o e e w w w _ n n n n t e e e s r r r , , , ad m n n d o o o i r t m m t i g o o o a n r r g t t a g e g l a a g g l e e a , nd C 1 2 ( — — o E - - d $ $ $ N e u 2 1 2 T n 0 0 6 d , 0 E , e 0 R 0 0 r - 0 0 5 0 0 $ 9 - C - 2 9 $ 0 5 O 9 9 0 2 D 9 9 0 4 , . , E 9 ) 9 9 9 9 9 DAY, WRITE IN PAY- ANNUAL AMOUNT RENTED) -$100,000 and (DOLLARS) YEAR) "DEMAND ") MENT STAL- STAL- ANNUAL RATE IN OF DIS- 8—combination of crops, 4—repay debts —tenant or cropper over MENTS MENTS RATE IN PERCENT COUNT livestock, or machinery 5—not knows PERCENT CHARGED 9--otber security R M (32 (35) (43-44) 4/1/47 1/1/48 15.75 220 Dairy PART II - GENERAL QUESTIONNAIRE INSTRUCTIONS Please follow carefully the enclosed sampling instructions. Report on every fifth note of the 1. Show the usual rate of interest for loans of this type charged by your banks in the type "other loans to farmers." 1 If several notes are outstanding to a single borrower, treat each years shown: note separately in counting through your notes to select every fifth note for your sample. Do not include CCC guaranteed loans or loans secured principally by farm real estate. Year 1930 1940 1947 Column 3. If an instalment note, give date last instalment is due. Column 5. If charge is on an interest basis, show the annual rate in percent in the column Rate indicated. If note was discounted, insert the annual discount rate in percent and show the dollar amount of discount charged. 2. List all charges other than interest or notary fees, if any, that a borrower may be asked Column 9. Type of farm refers to the principal source (one-half or more) of cash income to to pay to obtain a loan of this type. Include chattel mortgage fees, inspection fees, etc. the farmer. If no single source provides one-half or more of the income, write in "general Show the amount of charge and indicate whether it is a flat charge or whether it depends farm." Examples are: on the size of the loan. wheat (or other grains) poultry cotton hogs (or other livestock) Type of charge Amount and basis of charge tobacco truck crops dairy fruit part-time (major income from labor off farm) Example. Smith secured a loan of $300 on April 1, 1947 at an annual discount rate of 7 percent which amounted to a discount charge of $15.75. The loan was to buy a bull, and a chattel mortgage on the bull was taken as security. The loan is payable on January 1, 1948. Smith owns 160 acres, rents an additional 60, and most of his income is from the sale of milk. He 3. Does your bank have a minimum interest charge? Ye has a mortgage of $5,000 on his farm and his net worth is about $12,000. The blank columns and the letters and numbers under each heading are for our use in coding If yes, what is the amount of such charge? the information for machine tabulation. 1 "Other loans to farmers," as defined in the Call Report, include all loans made to farm or ranch owners and operators, including tenants, except loans secured by real estate, borrowings for commercial and industrial purposes (when a farmer is operating a business enterprise as well as a farm) and loans directly guaranteed by the Commodity Credit Corporation. "Other loans to farmers" include loans secured by a commodity with respect to which the CCC has announced a purchase or price-support program but which are not directly guaranteed; loans and advances made for agricultural production; loans and advances (except real estate loans) made for all other purposes associated with the maintenance or operation of the farm as a business or a home; notes of farmers which the bank has discounted for or purchased from merchants and dealers; and automobile instalment loans and other consumer instalment loans to farmers. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

o Form R1S 1432 WORKSHEET iroved Budget Bureau No. 55-4701 O • ires September 30, 1947) REAL ESTATE LOANS SECURED BY FARM LAND DO NOT USE CONFIDENTIAL OUTSTANDING JUNE 20, 1947 Field A B c D E F G DETACH Coiuim 1 2-3 U-6 7-10 n 12 13 Description Dist. State County Bank Group Class Pop. Code NOTE:--Report on each loan secured by farm real estate. 1 8 10 11 12 OR IGINAL DATE MADE APPRAISED NUMBER OF TYPE OF LIEN MAJOR PURPOSE DATE OF DATE DUE AMOUNT OF INTEREST METHOD OF TYPE OF FARM AMOUNT OF OF ORIGINAL VALUE OF ACRES TO (ENTER CODE IN LAST RE- (IF DEMAND NOTE OUT- CHARGED REPAYMENT NOTE UNDER NOTE UNDER REAL ESTATE WH I CH COLUMN) NEWAL, IF WR ITE STANDING NAME OF BORROWER M P O R R E T S G E A N G T E M P O R R E T S G E A N G T E AT M P O R R D E T A S G T E E A N G T O E F M A O P R P T L G I A E G S E (CHECK ONE) C 1 o — d t m e o or t b g u a y g e l d and RENEWED "DEMAND") P L L E E A A V S E E JUNE 20 (PRESENT {CHECK ONE) (SEE T I I O N N S S T ) RUC- P L L E E A A V S E E 2~~to boy other BLANK ANNUAL BLANK (MONTH, DAY, land (MONTH, (MONTH, RATE IN (DOLLARS) YEAR ) 3~t r o e p b a u i i r l b d l o dg r s. DAY, YEAR) DAY, YEAR) (DOLLARS) PER CENT) ONE IN- 4—other PAY- STAL- 5—not known MENT MENTS T H (14-19) I (20-24) J,(25-30) K (31-35) L (36) L (36) M (37) O (43-47) P (48) G (49-54) R (55-57) S (58) S (58) (59-60) Hansen A, 000 5/1/45 10,000 80 5/1/48 4,000 Dairy PART II - GENERAL QUESTIONNAIRE INSTRUCTIONS 1. Show the usual rate of interest for loans of this type charged by your bank in the years Report on each loan secured by farm real estate.1 indicated. Column 3. If no appraisal was made, enter the estimated value. Year 1930 1940 1947 Column 8. If an instalment loan, give date last instalment is due. Rate Column 12. Type of farm refers to the principal source (one-half or more) of cash income 2. Please list below all charges other than interest, if any, that a borrower may be asked to to the farmer. If no single source provides one-half or more of the income, write in "general pay to obtain a loan of this type at your bank. Show the amount of charge and indicate farm." Examples are: whether it is a flat charge or whether it depends on the size of the loan. (Include dppraisal fees, title search fees, mortgage recording fees, etc.) wheat (or other grains) poultry cotton hogs (or other livestock) Type of charge Amount and basis of charge tobacco truck crops 3. In 1946 how many farm mortgages did your bank Number Amount dairy fruit part-time (major income (a) buy from individuals or other lenders? ~~...—~~ from labor off farm) (b) make under agreement to resell to insurance com- Example. On May 1, 1945 Hansen secured a loan for $4,000 to purchase 80 acres of land, panies or other financial institutions at some appraised at $10,000. The loan is not amortized, is due May 1, 1948, and is secured by a first future date? ~ ..... mortgage. The interest rate is 6 percent. Hansen has paid nothing on the loan. Most of the income from the farm is from the sale of milk. (c) sell to individuals or other lenders? ~~.~~~^~. The blank columns and the letters and numbers at the bottom of each heading are for our 4. On farm real estate, what percent of the current selling price does use in coding the information for machine tabulation. your bank now lend? 1 Loans secured by farm land include all loans principally secured by mortgages, deeds of trust, In 1940 what percent of the selling price of that period did your land contracts, or other liens on farm land. Farm land is denned as any land suitable for agribank lend ? cultural uses and the improvements on such land. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE BANK FOR INTERNATIONAL SETTLEMENTS The Seventeenth Annual Report of the Ban\ for obtained, as well as the ability shown by govern- International Settlements, covering the year ending ments in tackling the problems of administration. March 31, 1947, was submitted to the annual But the principles which emerge from the exgeneral meeting at Basle on June 16, 1947, by perience gained are, with slight modifications, applicable to all countries. the General Manager, M. Roger Auboin. Selections A return to orderly budgeting is clearly of parafrom the Report, with a minimum of textual mount importance as a safeguard against inflation. changes, are given herewith. It is conceivable that, immediately after hostilities had ceased, a country was still justified in excep- The Bank's financial year 1946-47 has seen some tional outlay on such vital needs as the restoration important innovations in the institutional frame- of communications and the provision of minimum work of the world's monetary system, for it was in working capital for industrial and commercial that period that the International Monetary Fund enterprises, even if that involved some further inflaand the International Bank for Reconstruction and tion. But there soon came a point when the dis- Development reached the stage at which operations advantages of continued or spasmodic rises in prices, could begin. with the monetary uncertainty thus engendered, far Both the International Monetary Fund and the outweighed other considerations, since nothing International Bank for Reconstruction and Develop- enduring can be built on the quicksands of conment have, as part of their activities, established stantly changing monetary values. contact with the United Nations and various other Apart from inflationary dangers resulting from institutions. large budget deficits, there is another important consideration, namely, that such deficits take toll TRANSITION FROM WAR TO PEACE ECONOMY of current domestic savings and the proceeds of The two years which have passed since hostilities foreign credits also, and thus eat into the resources in Europe came to an end have been years of transi- available for productive investments. It often tion from war to peace economy. The main task happens that attention is paid too exclusively to the has thus been to overcome with the greatest possible purely financial aspect of balancing the budget, speed two wellnigh unavoidable difficulties which although the physical apportionment of actual beset the war economy: productive power is of equal consequence. For this very reason importance attaches to the level at (i) Wartime budget deficits became so large that which equilibrium is obtained. A hypertrophied they could be met only by resort to inflationary administration not only makes it difficult to fill the financing. gap between expenditure and revenue but retains (ii) Exceptional shortages in ordinary consumers' men and worsen of different grades whose labour goods and the consequent reductions in the standard is urgently needed in industry, agriculture and comof living were due to the fact that up to one-half of merce. Losses suffered in this way are clearly the productive power in certain countries had been perceived in societies of a collectivistic type with a devoted to the prosecution of the war. keen predilection for large-scale industrial invest- The progress of reconversion since the summer ments; but at the present juncture such losses cannot of 1945 has varied greatly from country to country, escape notice anywhere since they stand out conthe degree of success being dependent upon, inter spicuously against the background of the acute alia, the extent of actual destruction suffered during labour shortage prevailing in the world. It is inthe war and of the exhaustion of stocks, the size of teresting to note that in France the Monnet Plan monetary reserves and the amounts of foreign credit (published in December 1946) was worked out in close contact with representatives of various associa- NOTE.—The selected passages republished herewith represent about one-fifth of the text of the report and include portions tions including trade unions, all being in agreement of every chapter except that dealing with current activities of that the practical execution of the plan was condithe Bank. Selections from the Bank's First Annual Report were published in the Federal Reserve BULLETIN for July 1931 tional upon a radical reform of public finances, inand the series was continued through the Twelfth Report—see BULLETIN for January 1943, pp. 15-41. A reprint of the Intro- cluding the establishment of budget equilibrium duction and Conclusion of the Thirteenth Report was issued in by a compression of expenditure. A similar line has pamphlet form by the Board of Governors in November 1944. Portions of the Fourteenth Report were published in the Federal been adopted in the two-year plan for Czecho- Reserve BULLETIN, September 1945, pp. 874-901. 1228 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE BANK FOR INTERNATIONAL SETTLEMENTS Slovakia. If a feeling of security came to prevail in regarding the operation of the national enterprises the international sphere, permitting substantial are still lacking for the most part. But it is known reductions in military expenditure, an enormous that in many cases operating losses are being advance would have been made towards monetary sustained which have to be covered by grants from reconstruction and an improvement in the general the public treasuries. When that is the case the standard of living. There is, in more ways than nationalised enterprises not only do not contribute one, a connection between a real and secure peace, their fair share to the current upkeep of public orderly financing and social well-being. services but actually appropriate a part of the During the war, subsidies, designed mainly to nation's savings to cover current costs, and thus hold down the cost of living, became an important slow down progress all round. item on the expenditure side of many national Fortunately it can be said that in many countries budgets. By a combination of price control and the true connection between allocations in the subsidies it was possible to moderate the increase financial accounts and the disposal, for different in wages and the consequent rise in the general level purposes, of the nation's real resources is becoming of prices; and, for governments which had large more and more understood, thanks partly to the borrowing programmes, this was an important con- publication of special studies, often in connection sideration from a financial point of view also, since with the annual budget. lower costs meant smaller additions to the dead- In the second world war a much greater proporweight debt. With the return to peace, the granting tion of government expenditure was covered by of subsidies is generally being felt as a hindrance taxation than had been the case in the previous to the establishment of budget equilibrium and also conflict; even in the financial year 1944-45, i.e. at as a factor militating against the realisation of a the height of the war, fully 50 per cent of the British natural balance between costs and prices. True, Government's expenditure was met by current it is sometimes argued that the payment of subsidies revenue, with 46 per cent as the corresponding merely constitutes a transfer from one income group figure for the United States and over 45 per cent to another, without absorbing actual resources, and for Germany. In other countries, too, efforts were that, for this reason, such expenditure should not made to increase the yield of taxation. With be regarded as a real encroachment on productive government revenue at a high level, it seemed likely power, limiting the volume of investments. But that postwar budgets would fairly easily be brought this is surely too shallow a view: so long as govern- into balance once the swollen war expenditure could ments have to borrow for current purposes, and thus be discontinued. Another condition was, of course, to meet the subsidies, there is very likely to be a that no great fall occurred in national income net reduction in the savings available for productive through large-scale unemployment—an eventuality purposes (since the holding-down of the cost of against which more or less effective safeguards had living certainly does not give rise to a corresponding been devised by the various governments. amount of fresh savings). If, moreover, the sub- As events have turned out, the flow of money sidies can be financed only through the issue of new incomes has in general been well maintained, topaper money, the resulting inflationary increase in gether with a steady resumption of peacetime such prices as are not fully controlled may soon production. But, even so, budgetary equilibrium nullify all the advantages for the consumer. It will has not easily been restored; the main reasons for prove positively harmful to try to keep the cost of the delay and disappointments in this particular living down by subsidising, if in that way new field are those already mentioned above; conpurchasing power is released to the public and tinuance of high military expenditure, official estabaffects prices in general. lishments larger than ever before, subsidies some- Even when the budget is balanced, there is the times even higher than during the war and often consideration that the maintenance of artificially appreciable deficits in nationalised enterprises; but low prices benefits not only those who really need to these reasons should be added: heavy appropriathe aid involved but also those who could do with- tions for demobilisation and discharge gratuities and out it; moreover, the subsidies necessitate the main- the increasing cost of pensions, as well as new items tenance of a higher level of taxation than would of social expenditure, real progress in the social field otherwise have been required—which may be a being a result of official schemes only in so far as serious matter when taxation, already high, acts they really (together with a general increase in as a discouragement to new initiative and exertions. incomes) contribute to an all-round improvement The nationalisations which have taken place in in the standard of living. In the course of 1946 many countries since the war cannot as yet be only a limited number of countries were able to judged by results, partly because complete data achieve a real equilibrium in their budgets. In OCTOBER 1947 1229 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE BANK FOR INTERNATIONAL SETTLEMENTS some cases the situation was even worse than during some countries ought to be counteracted by budget the war itself. China, harassed by civil war, surpluses and a strict curtailment of public investlaboured under heavy government deficits resulting ments. It sometimes happens that one only disin extreme inflation; and deficit financing also covers there has been a boom when the depression brought down the currencies of Greece and has already set in; but at this particular juncture Hungary. the signs of business activity are there for every- When a Treasury sells foreign exchange to im- body to see. And the governments do not deny porters, it receives the equivalent in its own cur- that present conditions call for budgeting with a rency and such funds can be used to meet budget surplus. In practice, however, it has been found expenditure (forming, in some budgets, an im- most difficult for those concerned to live up to ideas portant revenue item, which is known in France which were strongly supported and acclaimed as under the special name ''benefice d'impex"). Even long as it was only a question of recourse to deficit when UNRRA was the importer and seller of the spending, as was the case in the thirties of the intergoods, the proceeds of the sales were largely left war period. to accrue on suspense accounts with the central bank It would perhaps be unfair to expect the strictest or the Treasury, and while this process went on the observance of budgetary principles in an emergency funds thus accumulated made it easier to meet period after a terrible and devastating war, when so budget deficits. Under agreements with UNRRA much has to be repaired. The degree of improvethe receiving countries have given an undertaking ment in the field of public finance must not be that within a reasonable time they will spend on underrated: budget deficits are, as a rule, being relief and rehabilitation the equivalent of the net compressed if not wholly eliminated. Nevertheless, proceeds from the sale of UNRRA supplies. In in more than one country the government has found Italy, for instance, the funds in question, the so- that the money and capital markets are less ready called "Fondo Lire," have risen to more than 70 to absorb issues of bills and bonds for Treasury milliard Italian lire, arrangements being made for purposes, the reason being an increase in private the use of the funds over a period of three to five demand for funds as reconversion gets under way years, largely for the building of houses. There is, and brings a higher volume of investment and a in this way and in others, a connection between the need for more working capital. To meet the inresources used to bridge a gap in the balance of creased requirements without resort to inflation a payments and the covering of deficits in the budget greater volume of genuine savings is wanted, and accounts. that this is the case is usually made quite clear in It is always important to remember the differences the analysis of economic conditions and the plans which exist in the methods of drawing up the which have been prepared in so many countries. budgets of different countries, but these differences The consequence has been a more sober attitude are more marked than ever now that the problem towards budgetary problems, in the realisation that of extraordinary expenditure created by the war unsound financing postpones the day of full peace- (and the boundary between ordinary and extra- time production. ordinary items is by no means easily established) The difficulties of bringing industrial production has given rise to new complications. In a period into full swing in postwar Europe have, except in of reconstruction and nationalisation it is especially a few countries, been aggravated by the state of the hard to lay down any clear rule for the distinction food supply, which has afforded insufficient nourishbetween current and capital items. Care must, of ment especially for those engaged on heavy work course, be taken lest accounting methods are used (miners being a typical example). to give the impression that all is well in the state Changes in the volume of industrial production finances, when as a matter of fact borrowing is are usually the result of factors other than the continuing on a large scale. hazards of the weather; but the heavy snowfalls Many countries operate special investment and prolonged cold in the winter of 1946-47 imbudgets with more or less strict criteria as to what paired transport conditions in western Europe and kind of outlay may be regarded as "investment." brought about a crisis which, through shortage of It is usually a rule of modern employment policy, coal, affected industry in general. as laid down in official declarations by different The indexes show a general advance in output, governments, that fluctuations in business activity with interruptions only in a few instances on acshould be mitigated by government action, in count of labour disputes, the postwar period having spending more than its revenue during a depression been characterised in European countries by a but realising a surplus when there is a boom. In remarkable freedom from prolonged strikes and application of these principles, the present boom in lockouts. 1230 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE BANK FOR INTERNATIONAL SETTLEMENTS Industrial Production. Monthly indexes, January-June 1939 = 100. . 1936 1937 1938 1939 1940 1941 1942 1943 1944 1945 1946 1947 1948 N755 0) Yearly averages. (2) Twelve-month moving averages. OCTOBER 1947 1231 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE BANK FOR INTERNATIONAL SETTLEMENTS The available manpower may not always be as to become more careless in his work, and this is well distributed as could be desired, and fatigue, probably one of the reasons for the increase in under-nourishment and absenteeism, together with absenteeism (another reason being the lack of inlack of materials and the use of old-fashioned ma- centive to work and earn more in countries with chinery, may keep the output per worker below the high taxation and strict rationing). Over-employpotential level. But the beneficial results of much ment may further result in a distorted distribution persistent effort are gradually becoming visible in of productive power: when every branch of industry one European country after another. For in one is looking for more people to employ, workers respect the transition from war to peacetime con- naturally seek employment in occupations which ditions has actually been easier than was expected: they find more agreeable—generally commerce and full employment has been attained in countries other service trades—the result being that other pursuing widely different economic policies, and less favoured branches, such as coal mining and the may be attributed to forces stronger than those textile industry, will find it more difficult to recruit resulting from the action taken by any individual sufficient numbers. It is, of course, an old exgovernment. perience that a pronounced boom builds up a series It is instructive to recall the numerous plans of unbalanced positions, with consequences which which were drawn up during the war, to enable the become apparent often in a most unpleasant way authorities "to provide work" when the expected when the trend of business turns. postwar depression should set in, on the assumption Finally, over-employment creates the conditions that government war expenditure on such a huge for a strong upward movement of money wages scale could not suddenly disappear without causing and, whenever the wage increase is greater than the a dangerous dropping-ofl in demand. It may al- simultaneous increase in productivity, the result ways be well "to hope for the best while preparing will be a clearly inflationary rise in prices. Early in for the worst," but the actual turn of events in 1947, investigations made by the Swiss Price Conthe first two postwar years shows how necessary it trol showed that about 90 per cent of all recent' is not to become a prisoner of long-term plans but price rises had been due to wage increases. It is to allow sufficient elasticity for the adaptation of well to remember that a sudden rise in wages has policy to the ever changing and largely unpredict- not always the same effect: sometimes, because of able conditions of economic life. monetary stringency or the general tendency of the There have, however, been two conspicuous ex- commodity markets, as influenced from abroad, ceptions to the state of full employment: commodity prices do not rise, and then the wage increase will tend to make costs too high for (i) In many countries, and more particularly at production to continue on a remunerative basis; certain periods, lack of coal has kept back producin such a case the workers may be said to have tion and, to some extent, employment. priced themselves out of the market, with un- (ii) Defeated countries, and especially Germany employment as a result. Something of the kind and Japan, have been subject to special conditions would seem to have happened in connection with which have kept production and employment at the business setback of 1937 in the United States. an abnormally low level. But in the present situation, in which the volume After nearly two years* experience of over-em- of the monetary circulation is so great and money ployment in a number of countries, it is generally has remained so cheap, an increase in wage costs felt that this state of affairs brings with it con- has, in some countries, simply led to a corresponding siderable dangers and difficulties. Among other increase in prices; nor would competition from things, it obviously upsets the ordinary run of abroad seem to have held down prices when wage technical education: a young man will hesitate to costs have risen, demand having not yet been satisundergo a long and perhaps dreary apprenticeship fied; thus, for a time, few of the normal brakes on when in an unskilled job he can immediately get a sudden rise in prices were operating, the inflationalmost the same wage as that paid to a skilled ary momentum having been too strong. worker with many years of training. The diminu- It is fair to say that in more than one country tion of the wage differential between skilled and trade-union leaders and members of the government unskilled occupations may indeed have lasting ef- have tried to exert a moderating influence when fects since it leads to a general lowering of technical new wage contracts have been under negotiation, standards with, ultimately, serious consequences for they have come to realise that wage rises which for the workers themselves. It is also possible that, simply lead to price rises benefit nobody. But life when there is always another equally good job to is not so simple that, merely by holding down wage be had, the individual in any grade will be tempted costs, a solution to the problem of inflation can be 1232 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE BANK FOR INTERNATIONAL SETTLEMENTS found. There must be no inflationary gap between guide to the better direction of production. An expenditure and revenue in the budget, and a attempt to effect a redistribution of income by sufficiency of essential supplies must be secured rationing would, under normal circumstances, be from domestic production and imports, sustained, a crude and maybe even ineffective mode of action if need be, by foreign credits. In other words, no —ineffective because, by the purchase of nonpiecemeal solution will suffice but a comprehensive rationed goods, those who have sufficient funds at scheme must be devised, providing for a proper their disposal are able to obtain more in terms of balance in the central and local budgets, the recon- real cost to society than if they had been entitled stitution of adequate monetary reserves, and a sound to acquire freely whatever goods and services they relationship in the cost and price structure both wanted. If any person or group of persons is coninternally and in relation to other countries, with sidered to have obtained income or wealth wrongly, sufficient resources available for economic develop- the correction should be made by means less costly ment. Gradually, it should become possible to than a denial of money's functions and a stultificareturn to a normally working price system, suf- tion of the whole price system. ficiently well constituted from a monetary and The superabundance of purchasing power, which economic point of view to guarantee that there has been and still is typical of the postwar situation shall be no lack of purchasing power when the out- in most countries, is not a homogeneous phenomeput of goods and services increases, and that there non. In its simplest form it is caused by inflationary shall be prompt adjustment whenever a serious issues for government purposes. But, even with a dislocation appears in the cost and price structures budget in equilibrium, an excess of purchasing within the various economies or in their relations power may reflect the spending or investment of old with one another. deposits and other liquid assets representing a "hangover" from the war financing. It may also PRICE MOVEMENTS happen that incomes suddenly rise (when, for in- During the war, when, on the one hand, com- stance, wages are raised) but prices are kept down modities were becoming scarcer and, on the other by a control of goods already produced, the result hand, new money was constantly being issued to being a disparity between spending and available help to finance the government, it was necessary supplies, as stated above. Moreover, easy money to ensure a fair distribution of essentials by ration- conditions, sustained by purchases of securities by ing—which meant that, in addition to the money the central bank, may provide an abundance of required, the individual had to have the necessary credit in the market, with consequences which it coupons for the goods he wanted. As the wartime is difficult to foresee in every respect. When a shortages are gradually overcome, it should be pos- surplus of spending appears, it is necessary to sible to do away with the whole system of coupons, analyse each particular situation correctly in order which not only adds a cumbersome and costly com- to find out what the proper remedies are; in any plication to everyday life but hampers the function- case it would be well to get rid of the idea that the ing of the price system and thus contributes to a problems can simply be solved by more "control." continuance of artificial shortages. If the buying After a major world war, three critical business power of the public is increased (e. g. by a budget adjustments constitute successive threats: deficit or a sharp increase in money wages over (i) The first occurs when war expenditure is and above the rise in output) but prices of comsuddenly cut and the question arises whether the modities already produced are strictly kept down, slack is going to be taken up by an expansion of then a gap is certain to arise between the amount other outlay (in the form of current spending and of money to be spent and the supplies of goods and investment) so as to prevent a disastrous price fall services available; and, as a result, prices will either and widespread unemployment. As we already rise, sometimes in a "hidden fashion," e. g. through know, this first hurdle has been taken with less a decline in quality, or there will be a rapid increase difficulty than had been generally expected. in imports, against which import restrictions still in force may be intensified or restrictions already (ii) The second critical period sets in when warabolished may be reimposed. Instead of sinking time shortages disappear, when inventories have deeper into the quagmire of controls, the authorities been replenished and when consumers have satisfied should rather seek to re-establish freedom for the the demand postponed during the war. The prespurchase and sale of goods, so that money can once sure will not be felt simultaneously in all countries. more become a token of general purchasing power. In the United States the time for this particular This would bring back freedom of choice and at- adjustment would seem to be ripe in the course of tention to quality, and it would also furnish a 1947. Considering that during the second world OCTOBER 1947 1233 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE BANK FOR INTERNATIONAL SETTLEMENTS war exceptional shortages were never allowed to have occurred since 1929—the sharp fall in prices lift prices and wages as much as had been the case from 1930 onwards, which, in spite of a partial during the first world war, the subsequent price recovery, left, for instance, U. S. dollar prices in setback may this time be less violent. In any case, 1938 some 30 per cent below the 1929 level; then there are plenty of opportunities for investment (in the rise in prices during the war itself and, after housing, etc.) and, when such opportunities exist, hostilities had ceased, the increase by some 20-30 the necessary adjustments will usually be made per cent on the U. S. market between the summer without any prolonged depression. of 1945 and the end of 1946. Nor must the price changes be forgotten in interpreting the trend (iii) At a later date a moment will probably shown in the following graph, which records the come when, after years of steady investment, the monthly trade of 20 countries (responsible for about rate of return on capital is likely to be affected, and 50 per cent of world trade in 1938). it is not out of the question that such a situation, if For comparison with prewar conditions, it is not properly dealt with, will cause a glut on the necessary to try to strike an average for the probmarkets which, together with an apparent lack of able rise in prices between 1938 and, say, the latter investment possibilities, will create serious difficulhalf of 1946; and, in that connection, it must be ties. Still, it should be remembered that after the remembered that the trade figures as given in the first world war difficulties of this kind did not set national statistics have been converted into dollars in before 1929-30, i.e. more than ten years after the at the official rates, while in many countries the armistice. Probably in this case too we can count rise in the domestic price level has been more proupon a few years' grace; but we must not repeat nounced than in the United States. Moreover, the the mistakes which made the price fall in the early value of imports has been swollen by the heavy thirties so violent and disastrous. cost of transport, particularly by sea. If the level In general, of course, it is well to remember that in 1938 is put at 100, the price index figure for the action by the authorities (or their omission of proper latter half of 1946 would probably be somewhere action) is a more important factor nowadays for between 200 and 250. If, for the sake of simplificathe simple reason, if for no other, that the public tion, calculations are made on the basis of an index sector has grown in size. To take an example: figure of 225, the 1938 value of foreign trade for should there be an abrupt cessation of financing in the 33 countries at the rate of progress attained in dollars, the foreign demand on the American the second half of 1946 would be 23.5 milliard market might shrink rapidly, and that at a time dollars, as compared with 26.2 milliard in 1938, a when price support might be badly needed. This is decline in volume by about 10 per cent. For the not the least of the considerations making it highly world as a whole, however, the percentage of dedesirable that sufficient facilities in the form of cline would be greater, since the remaining counloans and credits should be provided, so that a tries include Germany and Japan, whose export lacuna in the institutional sphere may not, even trade virtually ceased immediately after the war indirectly, cause an embarrassing decline in world and, by the latter half of 1946, had regained only market prices. a fraction (about 10 per cent) of the prewar volume (with higher figures for the import trade if this POSTWAR FOREIGN TRADE is taken to include what the occupying powers In the course of 1946 most countries resumed have brought in for their own military and adthe regular issue of their trade statistics but, owing ministrative establishment and for the sustenance to continued non-publication in some cases and to of the German and the Japanese population). difficulties of interpreting some of the published Even apart from the temporary disappearance data, it has not been possible to give comprehensive of Germany and Japan from international comfigures of world trade comparable with those com- mercial intercourse, certain great shifts have ocpiled before the war. Accordingly, the best method curred in the distribution of trade, the most strikhas been to give the dollar value of foreign trade ing feature being the increased importance of the for a certain number of countries for which the foreign trade of the United States. necessary statistics have become available. Before the war Great Britain accounted for one- The 33 countries whose foreign trade statistics seventh of the world's foreign trade, the United are available for 1945 and 1946 were responsible in States and Germany sharing the second place, each 1938 for nearly 60 per cent of the total foreign trade with about one-tenth of the total. But, in 1946, of the world. In judging the significance of the the United States ranked indisputably first, with figures for the different years, account must, of a turnover nearly twice as large as that of Great course, be taken of the violent price changes which Britain. The old characteristics of the trade of 1234 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE BANK FOR INTERNATIONAL SETTLEMENTS Volume of World Trade. Monthly, in millions of dollars. sooo sooo *000 4000 3000 3000 2000 2000 1000 1000 1937 938 1939 1945 1916 1 9 <*7 the two countries still prevail: Great Britain in 1946 top among the supplier countries, delivering, in had, as previously, an import surplus (through the particular, machinery, metals and petroleum proddecade from 1929 to 1938 the relation between ucts, while Great Britain was the main purchaser British imports and exports was 3:2), while the of Russian goods. United States balance of trade showed an export For recent years the trade of the U.S.S.R. can surplus, as it had done without a single exception only be known indirectly through the statistics of since the year 1893. Whereas before the second partner countries and the tenor of trade agreements world war the merchandise export surplus was concluded. While before the war the share of the largely offset by an adverse balance of services U.S.S.R. in trade with the Danubian and Balkan (invisible trade), the United States in 1946 had to countries was often only a fraction of 1 per cent, its credit a surplus in respect of both merchandise the position attained in 1946 by the U.S.S.R. in and services. Owing to large lend-lease shipments, the imports and exports of Poland, Bulgaria and the United States had had in 1945, as in the previ- Hungary (for which the necessary statistics and ous two years, an import surplus on commercial particulars are available) was much larger than account, paid for largely by gold; but in 1946 the any share ever taken by Germany. During the traditional export surplus on merchandise account war the shipments of goods by Great Britain and reappeared. the United States to the Russian Army increased In the period from 1925-38 Germany, Great Brit- greatly under the lend-lease arrangements, while ain and the United States were the main trade part- ordinary trade was still on a small scale, except ners of the U.S.S.R., providing 40-60 per cent of for an increase in the exports from the U.S.S.R. to imports and absorbing roughly half of all Russian the United States. exports. The composition of exports from the U.S.S.R. to The decrease in the trade relations with Germany the United States underwent a spectacular increase largely reflected changes in political orientation. In in undressed furs, which accounted for as much as 1937 the United States for the first time ranked 72 per cent of the total in the first half of 1946; OCTOBER 1947 1235 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE BANK FOR INTERNATIONAL SETTLEMENTS other important items were manufactured manga- particular from Czechoslovakia, and manufactured nese, ores and textile fibre. Hides occupied first goods, for instance, from Hungary. place in Russian exports to Great Britain, while the Notwithstanding the great variety of conditions value of timber imports dropped to one-tenth of which have characterised the foreign trade of the its 1938 importance and petroleum to one-thirtieth. postwar years, it appears possible to make a few In British exports to the U.S.S.R. the first place general observations: has been taken by machinery, including electric (1) As shown by the graph on page 1235, there power stations ordered during the war, while the has been a remarkable improvement in the volume great Russian demand for machine tools could not of international trade since the autumn of 1945, be fully satisfied. the impression given by the trade statistics being confirmed by the fact that all newly-built ships are FOREIGN TRADE OF GREAT BRITAIN AND THE UNITED STATES finding sufficient cargo to keep them fully employed. WITH THE U.S.S.R. (2) A greater proportion than usual of the imports of European countries (especially those of Great Britain (In United States Great Britain, France, Italy, Greece and, in its own millions of pounds) (In millions of dollars) peculiar way, Germany) consists of foodstuffs, re- Exports to U.S.S.R flecting a deficiency in the domestic food production Year of these countries. Imports Exports Imports from to from UNRRA (3) The relatively small volume of postwar trade U.S.S.R. U.S.S.R. U.S.S.R. Cash L le e a n s d e - pr a i n v d ate Total within the continent of Europe, as well as certain relief marked changes in the direction of Europe's foreign trade, is intimately connected with the virtual 1 1 9 9 4 3 2 8 1 3 9 . . 2 5 9 6 . . 8 5 2 2 4 5 6 7 4 0 1,3 _ 61 1,42 7 5 0 disappearance of Germany from the international 1943 1.8 9.5 30 29 2,966 2,995 exchange of goods and services. 1944 2.1 23.9 50 30 3,443 3,473 1945 3.8 16.3 54 38 1,783 17 1,838 (4) For a number of countries the decline in 1946 4.9 9.1 100 54 152 152 358 trade with Germany has been compensated to a great extent by an increase in trade with the United States. While the war was still going on, the U.S.S.R. (5) Intra-European trade has been largely conconcluded certain commercial agreements with ducted within a framework of payments agreeother countries, in particular Finland and Bulgaria; ments which are bilateral in form but an appreciand since the war it has concluded about 15 trade able degree of multilateralism has persisted in the agreements, mostly with European countries, rangtrade structure of those countries which are free to ing from the very comprehensive agreement with arrange their foreign commercial relations. Hungary to the negotiation of a single transaction (6) As trade recovers, the volume of imports like the delivery of 400,000 tons of wheat to France and exports and the conditions governing them will in the second quarter of 1946. One of the most bear an increasingly close relation to the expansion important agreements is that with Sweden, inor contraction of purchasing power in each indivolving the grant of a Swedish credit of 1,000 vidual country, as well as to the prices prevailing million kronor over a period of five years, to be there. Countries which have to combat inflationary used in addition to a yearly trade turnover of 200 tendencies at home realise the help they can derive million between the two countries. In chronologifrom a substantial volume of imports. An interestcal order, the U.S.S.R. concluded agreements with ing case is that of Ireland, where import duties Finland, Bulgaria, Yugoslavia, Roumania, Poland, have been suspended for a large number of articles Hungary, France, Czechoslovakia, Italy, Iceland, (including such important items as boots, shoes, the Argentine, Uruguay, Great Britain, Sweden, personal clothing, coffee, wood, etc.). Irish pro- Ireland, and Norway. Some of these agreements tective duties were often high indeed, correspondfixed the trade turnover, all of them determining ing to 30 and 40 per cent or more of the import in advance the commodities to be exchanged. Acprice, and the suspension may therefore prove quite cording to the lists, the U.S.S.R. is a potential seller effective. of cereals, salt, sugar, timber, textile raw materials, and manufactured iron and steel, as well as of arms If the efforts at present centred in the work of and munitions to Poland and machinery to Yugo- the International Trade Organisation are to be sucslavia. In view of the economic structure of its cessful, /.<?. if the world is to adopt a system of trade partners, the U.S.S.R. is mainly importing freer trade, it is important that the connection beraw materials; but machinery is being obtained, in tween the conditions of internal financing and the 1236 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE BANK FOR INTERNATIONAL SETTLEMENTS establishment of an external balance should be fully cumstances. The goal being to arrive at multirealised. The interdependence goes deeper than a lateral trade and accordingly to eliminate quantimere need to arrange foreign loans and credits for tative restrictions at the earliest possible moment. the purpose of meeting temporary or more funda- The first result might be a series of compromises, mental deficits in the balance of payments. for which prolonged negotiations would be the Insistence upon these aspects does not imply neg- necessary preliminary. The most hopeful aspect of lect of others. It is, of course, an essential condi- the great work carried on in the I.T.O. conferences tion for a smooth working of the monetary system in Geneva would seem to be that commercial questhat trade barriers should be lowered. The govern- tions are now receiving much more profound attenments hesitate to agree to reductions in tariffs, etc., tion than was given to them after the first world without obtaining certain "escape clauses." It may war, when countries retained unrestricted powers be that, so long as present ideas of sovereignty per- to limit the freedom of commercial intercourse. sist, very little progress can be made without accepting a certain number of such clauses. If advantage FOREIGN EXCHANGE RATES is ever taken of the "escape" that the clauses in In the field of foreign exchange the keynote of the question would permit, it is likely to be in times policy pursued since hostilities ceased has been the of depression, since it was in the depressions of maintenance of a high degree of stability in the 1920-21 and 1930-33 that the United States in- official quotations—a policy contrasting sharply with creased its tariffs and several other countries, in that pursued after the first world war. In order one way or another, followed the example thus set. that the official situation may be seen at a glance, When business is good, the demand for higher the following table has been prepared, showing the tariffs is slight and can, as a rule, easily be with- alterations which have occurred in the official exstood. One of the main safeguards would there- change values between August 1939 and March fore seem to be that any possibility of precipitate 1947 and also between December 1945 and March action should be excluded: this would mean that, 1947. particularly in a depression, the countries would The control of foreign exchange transactions have to consult one another; they would then realise allowed under the Articles of Agreement of the Inthat, as was the case in the thirties, measures which ternational Monetary Fund is really intended to hit world trade were really to the advantage of none prevent large-scale capital movements from upand certainly delayed the day of recovery. setting the equilibrium of the balance of payments But tariffs are not the only hindrance to trade: and thus endangering the maintenance of exchange there are all the quantitative restrictions, which stability. But, even assuming that it will prove often constitute a more formidable obstacle to free- possible thus to exclude undesirable capital movedom than a protective duty. The question of ments, there is still the need of establishing a proper administering quantitative restrictions raises the balance on current account. In judging what would thorny problem of non-discrimination in a form be the true rate of exchange of a currency, use must which does not lend itself to an easy solution; and, be made of several indexes—not only of the comin many instances, the situation is made more dif- modity price index but also of indexes showing ficult by the fact that an individual country may not changes in cost of living, wage rates, note circulation have sufficient supplies of every foreign currency and even the total of the national income—not forand may therefore be unable to allocate foreign getting the attention which may have to be paid to exchange equally in all directions. If all the main structural changes. The calculation of purchasingcurrencies were truly interchangeable (as was the power parities on the basis of wholesale prices is, case before 1914 and, in a large measure, in the however, the simplest method of approaching the period 1926-30), the problems arising would be less problem and, if the necessary reservations are borne intractable, this being another example of the con- in mind, such a calculation may form a useful startnection between monetary and commercial develop- ing point. ments. It is apparently becoming more and more It should be mentioned that, whatever the charan accepted fact that no hard and fast solutions can acter of unofficial market quotations, such quotaas yet be found for these problems. As in the field tions are apt to be regarded by many as more real of preferential treatment, the more immediate ob- than other quotations, especially since the public, injective must be to secure a certain give and take, ured to wartime propaganda, is no longer disposed to including the maximum of fairness in the practical believe official statements unhesitatingly, or it holds application of the various restrictive methods (in the opinion that, in some cases at least, the official so far as these remain necessary), with the pos- rates are dangerously out of touch with reality. In sibility of periodical revisions in view of altered cir- many respects, the situation is different from that OCTOBER 1947 1237 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE BANK FOR INTERNATIONAL SETTLEMENTS OFFICIAL ALTERATIONS IN EXCHANGE RATES 1939-47 U. S. Dollar rates Percentage change National End of Countries currency units August 24, December1 August 24, 1939 to 1945 to 1939 December March March 1947 March 1947 1945 1947 Austria Schillings.. 1 5.34 10.00 10.00 -47 0 Belgium B.fcs 29.58 43.83 43.83 -33 0 Bulgaria Leva.... 83.90 286.50 286.50 -71 0 Czechoslovakia. . Kcs 29.235 50.00 50.00 -42 0 Denmark D.Kr... 4.795 4.81 4.81 - 0.3 0 Finland FM.... 48.60 136.00 136.00 -64 0 France Fr.fcs. . 37.755 119.10 119.10 -68 0 Germany . RM. . 2.493 10.00 10.00 -75 0 Greece Dr 117.60 500.00 5,000.00 -98 -90 Holland Fl 1.86 2.65 2.65 -30 0 Hungary.. P\/Frt 5.20 104,000.00 2 11.74 -56 Italy Lit. [Italian lire]. 19.00 100.00 5 225.00 -92 Norway... N.Kr 4.27 4.96 -14 - 0.1 Poland.... Zl 5.325 e 101.00 4.96 -95 Portugal. . Esc... 23.36 24.815 101.00 - 6 - '0.3 Roumania Lei 143.59 4 3,635.00 24.89 -99.99 -98 Spain Pes 9.05 10.95 25,195.00 -17 0 Sweden S.Kr.. . 4.15 4.20 10.95 + 15 +17 Switzerland Sw. fcs.. 4.435 4.30 < 3.60 + 3 0 Turkey £T. . v . 1 .267 51.305 4 2 . . 3 8 0 1 -55 - 54 United Kingdom. £stg 4/ll^d 4/11 hid -14 0 Yugoslavia Dinars. . 44.05 650.00 50.00 -12 0 Canada Can. $... 100.47 110.25 ' 100.25 + 0.2 +10 Argentina8 Pesos. . . 4.325 4.0675 4.10 + 5 - 1 Brazils Cruz 19.93 19.50 18.72 + 6 + 4 Iran Rials.... 17.41 32.50 M. 50 -46 0 found after the first world war, when exchange alteration of the foreign exchange rates since, in rates were, as a rule, allowed to fluctuate in re- the circumstances, any such alteration would very sponse to the supply and demand on the markets. likely not be a definitive one. For the sake of Such fluctuations had their disadvantages, especially restoring confidence, psychological considerations when they were brought about by panic capital being as a rule very important, the proper action is movements, for they influenced the domestic price to establish, if possible, conditions such that any level, in some cases in an inflationary, in others in necessary alteration in the exchange rate can be a deflationary direction. But it cannot be denied regarded as final. The truth is that piecemeal atthat the more flexible system then applied also had tempts are likely to fail both for real and for psy- Its advantages. It seldom happened that the fluctu- chological reasons: as far as the foreign exchange ations led to rates which proved a serious obstacle position is concerned, it has to be accepted (as to the carrying-on of ordinary import and export mentioned elsewhere in this report) that the probbusiness. The danger now is that certain rates, lem of the balance of payments cannot be solved being kept stable in a rigid manner, may perpetuate independently of a restoration of balance in the a disequilibrium in the relative cost and price levels budget and in other relations of importance to the of the different countries, and that the disparities domestic economy. may become so marked that exports from a country whose currency is artificially overvalued will shrink PRODUCTION AND MOVEMENT OF GOLD in volume, while goods are attracted from abroad After having reached, in 1940, a peak of 41 miland payments for huge import surpluses lead to lion fine ounces (equivalent to 1,435 million dollars heavy drafts on the monetary reserves, however at $35 an ounce), the world output of gold fell much these are supplemented by foreign loans and by one-third in the following five years, and credits. amounted to about 27 million fine ounces in 1945. While the domestic situation of a country remains These figures include certain estimates for U.S.S.R. in flux, as a result, say, of continued budget deficits, production, the data on this subject being still fragit is often considered undesirable to proceed to an mentary; but the changes are primarily due to vari- 1238 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE BANK FOR INTERNATIONAL SETTLEMENTS ations in production in the rest of the world. For (i) During the war, several governments, in- 1946, published information from South Africa, cluding the United States Government, sold gold Canada, the United States and a number of other in India, China and elsewhere for the primary purcountries makes it possible to state that in that year pose of obtaining local currencies at a relatively there were the first signs of a change in the trend, favourable price and the secondary purpose of gold production rising by probably half a million checking inflationary tendencies by the absorption ounces to a total of about 27.5 million ounces of the most volatile money in circulation. (equivalent to 960 million dollars). For the largest (ii) After the war, a similar method of financing producing country, South Africa, there was as yet was employed in China and, it would seem, also in no upturn, but in the United States production Greece, which received part of its foreign credits in went up by as much as 75 per cent, though, even the form of gold coins, subsequently sold on the so, it was still hardly more than a quarter of what market. it had been in 1940. (iii) The Bank of Mexico has sold gold from In other respects also the year 1946 revealed a time to time, requiring payment in U. S. dollars. change in tendency: after a decline for four con- From June 14, 1946 the price was $40.61 per ounce, secutive years, the monetary gold stock of the this being 16 per cent higher than the official U. S. United States increased by 623 million dollars in price of $35 per ounce. On January 28, 1947 the 1946, that country alone taking the equivalent of sale of gold was suspended, the reported reason about two-thirds of the current output of gold. being the heavy fall in Mexican reserves; but sales Other countries which added to their gold reserves were resumed at the end of March, when the price were Switzerland, Cuba, South Africa, Belgium, was increased to $42.92 per ounce. This was, how- Colombia, Venezuela and Uruguay. Four counever, a higher quotation than the market could bear tries show substantial decreases in their gold reand a reduction was made to the former level in serves: France, the Argentine, Mexico and Sweden the first part of April, and to $39.76 per ounce in (the decrease in the case of the Argentine being due May 1947. to foreign debt retirement). An interesting result Arbitrage in Mexican gold would seem to have is that for the world as a whole the published gold taken place on a considerable scale, some of the reserves were no greater at the end of 1946 than coins finding their way into Mediterranean counat the beginning and, even when account is taken tries and even farther east. The result of these and of unpublished reserves, the net change over the other gold shipments to eastern countries was that year would seem to have been an increase of no the free price of gold usually fell—for instance, by more than 200 million dollars. Only one conclusion over 20 per cent in Egypt between August 1945 and can be drawn from these facts: the newly-produced the spring of 1947. In Bombay, however, where gold has almost all "disappeared," some of it being steps had been taken to check the sales of gold, the accounted for by an increase in the industrial use of price for the metal rose by about 60 per cent in the gold (in the jewellery trade, etc.), but the largest same interval. part having found its way into private hoards in Europe and Asia. (iv) The monetary authorities in Switzerland From about 1924 to 1941 the accumulated in- have sold gold at a rate which in 1946 averaged crease in the world's total gold stock resulting from about 1 million Swiss francs per working day. In the annual output of gold corresponded roughly to some respects these sales can be regarded as a steriliincreases in the reported monetary reserves, the in- sation measure, since in that way the Swiss authoridustrial use of gold being probably met, by and ties were able to absorb funds from the market and large, out of scrap gold and such additions as, from consequently to convert further amounts of gold into time to time, were obtained from hoards in the East, Swiss francs for foreign customers. In its Annual especially India, China and Egypt (this having been Report for 1946 the Swiss National Bank anthe case, in particular, in the years 1932-34). nounced that from 1941 its sales of gold coins and bars to the market and to Swiss industries exceeded A remarkable decline which began in 1942 in the 1,000 million francs, of which 307 million francs reported gold stock was partly due to the hoarding were sold in 1946. of gold but partly to a shift into unreported reserves, especially those of the British Equalisation (v) Much of the gold from Switzerland and Account, whose gold holdings were largely re- from other sales found its way to France, where constituted in the years 1942-45, after having been considerable amounts had been purchased by the completely exhausted in the spring of 1941. public in recent years. It is estimated that at the The ways in which gold went into private hoards beginning of 1947 private gold holdings in France may briefly be described as follows: reached the high figure of 3,000 tons, equivalent OCTOBER 1947 1239 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE BANK FOR INTERNATIONAL SETTLEMENTS to about 3,400 million U. S. dollars or nearly five and credits by government agencies, credits under times as much as the gold reserves of the Bank of monetary agreements (sometimes directly between France. central banks), credits guaranteed under export credit insurance schemes, etc. But, in practically The fact that uniform changes in the price of all cases, the risks have been taken by the lending gold may be made under the Articles of Agreement government; private lending with private riskof the International Monetary Fund has already taking has been almost negligible. An attempt to given rise to discussion as to whether such a step give a comprehensive survey of the new foreign would be advisable at once, considering the rise in lending is arranged under the following headings: commodity prices and production costs which has occurred since 1939. As long as the sellers' market (a) Governments, lasts and commodity prices still show a tendency to (b) Monetary and payments agreements, rise, an increase in the price of gold would add an (c) Capital markets and banks, and unnecessary stimulus to the boom. But, even if (d) Export credit insurance. there were a setback in commodity prices, it is (a) Governments. In addition to the credits quite possible that the decline would be relatively granted in order to terminate wartime arrangemoderate and would not interrupt the advance in ments and for the disposal of surplus property etc., general business activity for a long while. Such an a number of intergovernmental loans and credits expedient as a uniform alteration in the price paid have been negotiated since the end of the war. Up for gold should be used, if at all, in a really severe to December 1946, the total of these credits appears depression only, in which the balance between costs to be in the neighborhood of 8,000 million dollars, of and prices has been fundamentally upset by, for which under one-third had actually been utilised. instance, a sharp fall in the general level of prices. The accompanying table shows the main credits of It must also be remembered that the Act pro- this nature, excluding credits under monetary and viding for the participation of the United States in similar arrangements which are considered later. the International Monetary Fund and the Interna- The United States credit to the United Kingdom tional Bank for Reconstruction and Development accounts for nearly half of the total loans granted expressly prescribed that, unless Congress by law and, with the loans of the Export-Import Bank, authorised such action, neither the President nor United States lending makes up about two-thirds of any person or agency could, on behalf of the United the total. States, propose or agree to any change in the par The credit to the United Kingdom, which was value of the U. S. dollar under any of the provisions approved by Congress in July 1946, is available of the Fund. up to the end of 1951; it bears interest at 2 per cent and is repayable in 50 annual instalments beginning NEW POSTWAR FOREIGN LENDING in December 1951. According to the text of the New postwar foreign lending has been in a agreement, "The purpose of the line of credit is variety of forms: intergovernmental loans, loans to facilitate purchases by the United Kingdom of GOVERNMENTAL LONG-TERM LOANS AND CREDITS: END OF DECEMBER 1946 X Amount drawn Total Lending government Borrower Date of agreement l c im re i d t it o s f e o n f d of e M n a d rch 1946 1947 In millions of U. S. dollars United States Treasury Department United Kingdom December 1945 3,750 600 1,100 Export-Import Bank Various countries July 1945 to December 1946 2 1,600 2 440 Canada United Kingdom March 1946 . 1,250 3 540 Various countries Up to January 1947 600 3310 United Kingdom France March 1945 et seq 400 400 400 Sweden Various countries April 1944 to July 1945 180 <150 <150 U.S.S.R October 1946 .... 280 6 10 M0 Total (approximate) 8,060 2,450 1 Excluding credits given under monetary and payments agreements. 2 Export-Import Bank loans during the 18 months to December 1946 excluding the three loans given under terms similar to those of the Lend-Lease Act, Section 3(c). 8 As at the end of January 1947. * Estimated. 6 Estimated small amount debited in settlement of former Swedish claims on the U.S.S.R. 1240 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE BANK FOR INTERNATIONAL SETTLEMENTS goods and services in the United States, to assist according to circumstances. Mention should also the United Kingdom to meet transitional postwar be made of the special cotton credits with regard deficits in its current balance of payments, to help to which 100 million dollars was allocated for use the United Kingdom to maintain adequate reserves by European countries. of gold and dollars and to assist the Government of But the lending power of the Bank was apthe United Kingdom to assume the obligations of proaching exhaustion by June 1946 and, in the multilateral trade, as defined in this and other last six months of the year, new loan authorisations agreements." hardly exceeded 50 million dollars, while earlier The Export-Import Bank was of vital importance authorisations of over 100 million expired or were in the emergency financing up to the middle of cancelled, so the total outstanding fell. 1946. In addition to 655 million dollars in lend- After the United States the most important lender lease loans, the Bank granted loans and credits on foreign account has been the Canadian Governduring the period July 1945 to June 1946 amount- ment with a total of nearly 2,000 million Canadian ing to 1,540 million dollars, of which some 440 dollars, of which over 60 per cent was lent to the million had been utilised by the end of 1946. United Kingdom, the terms of this loan as to The Bank does not grant lump-sum loans but interest and amortisation being similar to those provides funds under credit authorisations when of the United States loan. Other loans of the Canathe borrower has given satisfaction regarding the dian Government have been made under Part II purposes of the credit, the need of the country for of the Export Credits Insurance Act of 1944 (and external loans and its capacity to repay. It is the 1945), which authorised direct loans up to 750 mil- Bank's policy to discourage the use of credits for the lion Canadian dollars for the purchase of Canadianpurchase of commodities in scarce supply in the produced goods; the terms of the most important United States; funds are supplied only for the pur- loans are given in the table. Of the total of 1,845 pose of acquiring American commodities and million authorised some 1,000 million remained services (including shipping) and, in March 1946, unspent at the end of 1946. CANADIAN GOVERNMENT: POSTWAR FOREIGN LOANS AND CREDITS Utilised at end of Amount Borrowing country Date of agreement (P In e r t r a e c t r e e e s n t t) Ma d t a u t r e i s ty granted M 1 a 9 r 4 c 6 h Ja 1 n 9 u 4 a 7 r y . In millions of Canadian dollars United Kingdom March 1946 2 1951-2000 1 250 540 Belgium October 1945 3 1947-76 100 25 51 China ... 1945 ... 3 1948-77 60 Czechoslovakia April 1945 I" 1950-54 19 3 4 France April 1946 1947-76 242^ Holland May 1945 1950-76 125 25 67 Dutch East Indies October 1945 32H 1950-54 15 1% Norway September 1945 2% 1951-59 30 U.S.S.R 1945 2 1950 3 2% 3 Totals 1,844^ 67 850 * France: Actually temporary advances of 80 million Canadian dollars had been made in anticipation of the credit but not debited by the end of March 1946. the Bank adopted the policy of requiring that The United Kingdom loan to France of 100 marine risk contracts should be in U. S. dollars. million pounds sterling arose from the monetary In general, the terms of loans granted by the Export- agreement of March 1945, under which the French Import Bank were such as to cover the cost of had drawn 150 million when the pact expired in borrowing by the United States Treasury (which February 1946; 40 million was repaid in gold and supplied the funds) plus an allowance for adminis- the balance later reduced to 100 million, which was trative expenses and the credit risk on the loan; consolidated in December 1946 into a loan at l/ 2 20-30 year loans to foreign governments for recon- per cent interest, the capital being repayable in struction purposes were granted at 3 per cent in- 12 annuities beginning in 1950. terest while 3!/2 or 4 per cent was charged on other Owing to the paucity of statistical material publong-term loans, rates on short-term credits varying lished in the United Kingdom, it seems desirable 1241 OCTOBER 1947 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE BANK FOR INTERNATIONAL SETTLEMENTS to reproduce in full the statement of the United cipally to Finland, and the so-called "Legation" Kingdom's "contribution to world recovery in credits of some 405 million, mainly to Denmark, grants and credits," as it was given in Parliament Holland, and Norway (of which 200 million has on April 30, 1947, although the accompanying table been written off). Further, 80 million Swedish covers gifts and grants as well as credits. The kronor of French debt under the payments agreefigures are based on estimates which tend to under- ment was consolidated in June 1946, to be repaid state the total contribution. over five years from July 1948. (b) Monetary and payments agreements. A typically European development dating from the close UNITED KINGDOM: POSTWAR GRANTS AND CREDITS [In millions of pounds sterling] of the war has been the spreading network of monetary and payments agreements, made in an effort (a) Non-recoverable expenditure: to facilitate the resumption of foreign trade; al- UNRRA contributions 155 United Kingdom share of non-recoverable cost of though bilateral in form they tend to spread uni- Combined Civil Affairs supplies (Military form conditions over a wide area and are generally Relief) 38 Malta 30 multilateral in spirit and in effect. While the first Greece (maintenance and initial equipment of armed forces) 29 agreement of the kind was concluded in London, Greece (surpluses) 2.5 in 1944, between Holland and the Belgo-Luxem- Italy (estimated value of surpluses after allowing for payments from Italy in respect of this and bourg Union, the United Kingdom has been a leadother United Kingdom claims under the Financial Agreements of April 17, 1947) 55 ing country in this field and the table on page 1243 Austria (supplies to British Zone before UNRRA indicates a number of these agreements. undertook supply responsibility in April 1946). 10 Austria (estimated non-recoverable portion of 8.5 The agreements contain a number of important million pounds sterling post-UNRRA assistance to Austria) 6 features in common: (a) they set the official rate Austria (surplus machine tools) 0.1 of exchange bilaterally between the contracting Hungary (surplus machine tools) 0.2 parties, and (b) they establish machinery through Total (round figures) 325 which each country makes its own currency avail- (b) Repayable loans and credits: able to the others. United Kingdom share of recoverable cost of Combined Civil Affairs supplies (Military Each of the original agreements indicated in the Relief) 62 Burma (Grants to March 31, 1947) 30 table was terminable at three months' notice by France (under Financial Agreements) 100 either party and was subject to review and adjust- Greece (Stabilisation Loan) 10 Holland (Government loan and estimated value, ment after joint consideration; the parties agreed subject to adjustment, of military equipment and surpluses) 60 to maintain contact whenever monetary relations Czechoslovakia (credit for commercial purposes). . 5 of one country affected the other and to apply the Czechoslovakia (surplus goods credit) 2.5 Austria (estimated recoverable portion of post- agreement with flexibility. Generally, a minimum UNRRA assistance, including raw material credit) 4 balance was to be held by each country in account Hungary (wool credit) 0.5 with the other, without interest, and gold was to Total (round figures) , 275 be set aside when the maximum of the reciprocal (c) Germany: credits was exceeded by either party. In practice Approximate total cost to March 31, 1947 of assistance to German economy (excluding some limits originally set have become rather occupation costs) 140 theoretical and have been omitted from the table, Grand total of three classifications 740 e. g. the limits for the British overdraft on Denmark and the Swiss and Swedish overdrafts on England. Under such an agreement the French Govern- Swedish credits to other countries have been ment ran up a large sterling debt which was conpartly in the form of reconstruction credits and solidated into a loan (see earlier paragraph); by partly commercial credits, under payments agreethe end of 1946, the Danish Government had a ments, etc. The four principal reconstruction debt of 33.5 million pounds sterling and a limit of credits were utilised for the most part for the pur- 35 million was fixed. chase and accumulation of goods in Sweden prior In some other cases the balance of payments has to the cessation of hostilities. Of the total of about been the other way and the British have utilised 550 million Swedish kronor long-term reconstructheir overdraft: of the Swiss limit of 260 million tion loans granted, perhaps 450 million had been Swiss francs only 174 million (10 million pounds drawn at the end of 1946. It should be noted that sterling) was available up to March 12, 1947 and, these figures cover only the postwar foreign credits as this amount was totally utilised before that date, given by Sweden and thus exclude wartime donalargely owing to purchases of Swiss goods by India tions and gifts as well as the 218 million Swedish and South Africa, the British were forced to transfer kronor of credits given in the early war years, pringold for several million pounds. 1242 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE BANK FOR INTERNATIONAL SETTLEMENTS BRITISH RECIPROCAL MONETARY CREDITS X Present credit limits (In millions) Partner country Date of original agreement in T e y r e m ars (c p E u o r x u r c e n h n d a c n y s g te u e r n l r i i a n ts t g e ) to Pound Local sterling currency Belgium. October 1944. .. 3 176.625 5 B. fcs 883 Sweden.. January 1945.... 5 16.902 S. Kr. 567 Denmark. . August 1945 5 19.34 Ts Holland September 1945. . 3 10.691 10 D. Fl. 107 Czechoslovakia. November 1945. . 3 201.50 Kcs 200 Norway November 1945 . . . 5 20.00 — (3) —(3) Switzerland. March 1946 3 17.35 Sw. fcs 260 Portugal April 1946 2 1.00.00 5 Esc. 500 1 In these agreements the I 'nited Kingdom is the focal point for the whole sterling area. 3 Changed to 14.50 in July 1946. * No limit fixed. Swedish official credits for commercial purposes, of course, the debts and credits are actually denomigranted partly direct and partly under reciprocal nated in the currencies of the countries concerned. payments agreements, had an aggregate limit of At the end of 1946, France had agreements with 1,000 million Swedish kronor at the end of 1946 20 countries having aggregate credit limits equiva- (excluding the 80 million kronor French debt con- lent to 375 million dollars, with actual short-term solidated in June 1946). Over half of the total debts the equivalent of 208 million and credits of was accounted for by the United Kingdom: 350 41 million, the net indebtedness being 167 million. million Swedish kronor (about 21 million pounds These figures do not take account of the debts to sterling) was the Swedish sterling holding accumu- the United Kingdom, the equivalent of 400 million lated up to April 1946 and a further accumulation dollars, and to Sweden, of 22 million, which have of 217 million (about 15 million pounds sterling) been consolidated. was foreseen up to April 1947; in fact, at the end Holland had agreements with 14 countries, with of 1946, the sterling holding on this account was aggregate limits the equivalent of 138 million dolless than it had been in April 1946. Of the other lars. Holland's net debts fell from 57 million 430 million kronor of commercial credits granted dollars on December 31, 1946 to 47 million on Januit may be estimated that about three-quarters had ary 15 and 29 million on March 17, 1947. been utilised by December 1946. Thus, including Belgium, on December 31, 1946, had monetary the sterling holding and the consolidated credits to and payments agreements with 17 countries, with Finland, the total of commercial credits actually aggregate credit limits the equivalent of 209 milutilised amounted to the equivalent of about 180 lion dollars; a net amount, equivalent to 20 million, million dollars at the end of 1946. was due to Belgium. The postwar monetary dredits of Switzerland In order to give an approximate indication of the (i.e. excluding the credits to Germany and Italy position of the monetary and payments agreements during the war which have remained unsettled) in Europe the table on the following page has were granted up to possible limits totalling 640 been prepared. million Swiss francs (part of which could only be This table, although incomplete, covers the main utilised after 1946). By the end of 1946, 480 mil- creditor countries on the continent. Outside lion had been drawn, mainly by France and the Europe the most important creditor is the Argen- United Kingdom; the four countries which had tine which had claims against France and Belgium, utilised their credits held Swiss franc balances at the end of 1946, the equivalent of 73 million amounting to 130 million, so that the net amount dollars and 27 million respectively (included under of credit granted wras 350 million. Norway had at "All other countries" in the table). As regards no time utilised her credit and Czechoslovakia had the purely European credits on monetary and paya balance of 35 million Swiss francs (in November ments agreements, the total outstanding at the end 1946) while Poland also had a "substantial balance" of 1946 exceeded the equivalent of 500 million on the special coal account. dollars. For two other countries it is possible to give (c) Capital markets and banks. Foreign lending details of the actual overdrafts and credits outstand- on private account, i.e. through market issues or ing on monetary and payments agreements at the bank credits, comprised the bulk of the foreign end of 1946. For purposes of comparison the lending after the 1914-18 war and reached its figures are converted into U.S. dollars although, climax in the late twenties. OCTOBER 1947 1243 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE BANK FOR INTERNATIONAL SETTLEMENTS POSITION OF CREDITS ON MONETARY AND PAYMENTS AGREEMENTS AT END OF 1946 [In millions of U. S. dollars] Creditor countries Debtor countries K U in n g i d te o d m France Belgium Holland Denmark Sweden Sw la it n z d er- Total United Kingdom . . . . .. 30 30 80 40 180 France 25 15 65 105 Belgium — 10 25 5 40 Holland 10 30 10 50 Denmark 135 135 Total of specified credits + 135 +40 +85 + 10 + 130 + 110 +510 Total of specified debts (last column)... -180 -105 -40 -50 -135 -510 Net position as specified -45 -65 +45 -50 -125 + 130 + 110 — All other countries (net) -100 -25 -5 +50 Total net position -165 +20 -55 + 180 + 110 NOTE.—Round figures only: amounts under 5 million dollars have been excluded. The table includes those credits under reciprocal arrangements and therefore excludes the Swiss bank credit to Holland and similar items. The table also excludes, in particular, the debts of France to the United Kingdom and Sweden which have been consolidated. Total overseas and foreign issues on the London by acceptance credits in respect of various trades market rose somewhat in 1946 from the very low and industries, in some cases the work involved, level of the war years but still remained at only or commodity handled, never touching the United one-tenth of the volume reached in 1927 and 1928. Kingdom. Practically the whole of the increase in 1946 was Besides these banking credits there appear to for British overseas countries, the issues being have been other more or less financial credits for chiefly by gold-mining companies situated in British particular purposes. As early as 1945 a credit was parts of Africa. New York presents a somewhat given to Czechoslovakia for 5 million pounds similar picture, issues for new money in 1946 being sterling for the financing of Czechoslovakian purrather less than one per cent of the volume in chases in Great Britain; and a further credit of 1925-28. There has, however, been some revival 2.5 million was given in November 1946, the of foreign conversion issues in the New York operation being described as "more in the nature market, especially on Australian account (the total of an arrangement for deferred payment than that of 130 million dollars for 1946 being the highest of a loan." since 1930). It is a fair conclusion to draw that There has been a revival in the volume of dollar up to the end of 1946 there had been no capital acceptances outstanding in New York by over 100 market issues on foreign account anywhere in the million dollars since the lowest point reached durworld except in a very few favoured cases and for ing the war (almost wholly due to acceptances special purposes. based on imports into the United States) but the Information regarding bank credits on foreign total of all acceptances outstanding is little more account is even more fragmentary than for foreign than one-eighth of the volume outstanding at the capital issues but some data are available, particu- end of 1929 (the highest point attained). larly regarding London and New York. There The renewed interest of American banks in has been a remarkable increase in the volume of foreign financing is, however, more clearly shown "acceptances, endorsements, etc." as shown by the by the total of their short-term foreign assets, acreturns of the London clearing banks, but market cording to the monthly returns made to the United opinion attributes the increase largely to guarantees States Treasury since 1934. and indemnities, many of which are not even in- The reduction of American foreign credits, directly connected with overseas trade. It is be- which began in 1931, continued almost uninterlieved, however, that there has been a significant ruptedly until April 1943 when, at 225 million increase in the credit lines opened by the merchant dollars, they were a small fraction of the 1930 total, banks, especially for the export trade. Information and only one-fifth of that at the end of 1934. The on this sort of private credit is naturally scarce but increase of around 400 million since 1943 has ocnotices of some of the credits have been published. curred mostly since VE-Day, and Holland has been The press reports an increased amount of financing the chief beneficiary. In April 1947, Holland 1244 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE BANK FOR INTERNATIONAL SETTLEMENTS repaid the American bankers' credit of 135 million Such export guarantees generally cover a propordollars by the sale of gold which had been pledged tion, say three-quarters or four-fifths, of the risks as collateral. In March 1947, the National Bank involved in the export trade, the cost of insurance of Roumania obtained an emergency advance of and the balance of risk being borne by the exporter; 7 million dollars against collateral of gold from a costs generally vary according to the country to New York bank, for the purchase of grain, while which the export is sent and the terms of the credit negotiations continued for a 50 million dollar granted. This type of export credit insurance credit with a group of banks, the funds being through government agency should be sharply disdestined for food purchases. tinguished from the direct credits given by the (d) Export credit insurance. Before the war inter- Canadian Government (which financed about onenational trade was financed principally by a vast third of Canada's exports in this way during 1946) network of credits granted largely by export firms and by the United States Government, through the under the terms of the sale contracts. It is difficult Export-Import Bank, out of its own funds. An to give any estimate of the volume of these credits essential element of the export insurance is probut they usually conformed to a somewhat tradi- vision of funds from private sources, the risk being tional pattern. Foods and agricultural products not wholly covered by the government guarantee. were generally paid for in cash or at very short Although of great utility in the promotion of term, a typical example being Danish exports to foreign trade especially as regards exports towards Great Britain on ten days' credit (the customary countries which might be judged to be unsure term which still obtains). The financing of raw from a political or credit point of view, export material exports on the other hand was more com- guarantees are, of course, not credits in themselves plicated; indeed, when the exports were from a and it would be wrong to take these figures as relatively poor country the financing was sometimes giving an indication of the actual credits granted. undertaken by the importer. But, for finished In many cases, where the importing country has a goods, credit terms were generally granted by the payments or similar agreement with the exporting exporter up to about three months, although longer country, the real "credit" might appear only as a terms were sometimes allowed for machinery, ships holding of foreign currency by the central bank of or other heavy capital goods. the exporting country. This prewar web of credits was torn by the war and is now only slowly re-forming as countries and firms are considered credit-worthy and trade restric- The international lending position as it had detions are modified. How far such export credits veloped up to the spring of 1947 presented a curious, on private account have grown since the war it is and, at first glance, mystifying, paradox. Since impossible to say but information given above the end of the war, a vast amount of assistance had regarding bank acceptance credits appears to point been undertaken or arranged, especially by the to a steady resumption. United States, and already voices had been raised The question is complicated by the fact that, warning against the peril of over-lending; but, in especially at a time of monetary disturbance, both the early months of 1947, a new phenomenon set in, importers and exporters will strive to hold only which is usually referred to as the "dollar shortage," what at the time appears to them to be the strongest affecting not only the war-torn countries in Europe currency and to be rid of the weaker currencies; but also certain hard-currency countries. Already thus trade statistics do not necessarily reflect faith- the Swiss franc had been in strong demand, being fully the movement of the balance of payments on at the time the scarcest currency in the world, but trade account (even ignoring the normal lag in this shortage had not, of course, the same interpayment due to export credits). Before the war national importance as that of the dollar. In the some countries made adjustments to the trade statis- spring of 1947 lack of monetary reserves of gold and tics in their balance of payments estimates to take dollar exchange forced a number of countries to account of this and similar factors; but such esti- adopt plans for the curtailment of their imports in mates are difficult to make and this item tends to the immediate future. be lumped together with other miscellaneous items To throw light on the apparent contradiction and errors and omissions under a "residual." between the large supplies of, and the demand for, A method of encouraging private export credits dollar funds, it is necessary to analyse the foreign which deserves mention is the Export Credit Guar- assistance already given and to review present and antee, which provides for official insurance of ex- future needs. The following table summarises the change and other risks through government agencies information relative to postwar foreign lending and other official bodies in the exporting country. given in the foregoing pages. The figures apply OCTOBER 1947 1245 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE BANK FOR INTERNATIONAL SETTLEMENTS INTERNATIONAL POSTWAR LOANS AND CREDITS GRANTED UP TO DECEMBER 1946 x [In millions of U. S. dollars] Creditor countries Total Total Debtor countries U S n ta i t t e e s d Canada Ki U n n g i d t o ed m 2 Sweden Sw la i n tz d er- A L m a e t r i i n ca authorised utilised United Kingdom 2 4,400 1.250 140 60 5,850 1,900 France (and colonies) 1,950 240 400 40 70 180 2,880 2,000 Holland (and colonies)3 560 140 50 40 20 810 410 Belgium 150 100 30 10 290 230 Italy 185 185 175 Denmark 20 140 30 190 180 Finland 80 65 145 135 Norway 75 30 60 165 60 Czechoslovakia 70 20 30 5 125 60 Poland 90 25 115 50 Greece .... ... 90 40 130 70 U.S.S.R 240 5 280 525 250 China 200 60 260 150 Latin America 140* 210 350 110 Others 130 40 260 430 145 Totals authorised. . 8,380 1,845 700 715 160 650 12,450 5,925 Totals utilised 3,850 840 700 315 120 100 5,925 1 Generally, figures are rounded to the nearest 10 million dollars but in some cases it has been thought desirable to round to 5 million, e.g. in the case of the Canadian credit of 3 million to the U.S.S.R. 2 Excluding the fluctuations of sterling balances, except certain specified items under monetary and payments agreements. As the table takes account only of postwar credits, such items as the 400 million dollar loan from the U. S. Reconstruction Finance Corporation are omitted. 3 Of the 560 million dollars from the United States and 140 million Canadian dollars from Canada, 200 million dollars and 15 million Canadian dollars respectively are on account of the Dutch East Indies. 4 Credits to Latin America prior to July 1945 are excluded. almost exclusively to official loans and credits, final stages; on the other hand, there had been little generally at long term but also at middle and, in American lending for new money since the middle some cases, relatively short term; fluctuations of of 1946 until the first loan of the International Bank sterling balances are not taken into account unless for Reconstruction and Development was finally they fall within the limits of specific monetary and arranged in May 1947. These facts, combined with payments agreements. The figures are all rounded the large American export surplus and the conof? and are intended to give an idea of the order tinued needs in war-stricken countries, suffice to of magnitude involved rather than to present formal explain the increasing strain on the dollar market. statistics. International lending and repayment must of The clue to the paradox which contrasts extensive necessity be closely bound up with international foreign lending against acute dollar shortage is trade. Experience has shown that the non-fulfilfound in at least three important factors: ment of contractual debt service may be due not only to inability of the debtor country to furnish a (a) Continued American surplus exports in the sufficiency of goods and services in its balance of first four months of 1947 at a rate of 12 milliard payments but also to unwillingness on the part of dollars a year, for which (as UNRRA and other a creditor country to facilitate adequate imports— relief organisations cease or reduce their work) the most difficult case occurring if, in periods of payment has to be found in dollars. depression, tariffs are raised—with grave disadvan- (b) A large proportion of the actual American tages to both the creditor and the debtor countries lending has been in respect of arrangements arising and possibly disastrous consequences for the interout of the termination of the war (lend-lease and national monetary system as a whole. A reduction disposal of surplus property), i.e. for material of different kinds of trade barriers, whether by already largely in current use, while negotiations through the International Trade Or- (c) the urgent needs for reconstruction in Europe ganisation or otherwise, is indeed recognised to be and elsewhere are still enormous. an essential element in the smooth working of inter- On the one hand, the activities of UNRRA were national trade operations. If postwar foreign lendcoming to an end in the early months of 1947 ing is not to lead to a repetition of the international with post-UNRRA relief on a much smaller scale financial crisis of 1930 and 1931, there should be and to certain specified countries only, while the much fuller publicity and a close study of long and sale of American surplus property is now in its short-term lending, or borrowing, by individual 1246 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE BANK FOR INTERNATIONAL SETTLEMENTS countries with a view to a better understanding of surplus of budget receipts and the retirement of the current situation so that dangerous tendencies government debt are having their first effects—the may be avoided. creation of fresh liquid assets in the hands of the public is coming to an end, the pressure of new INTERNAL CREDIT CONDITIONS money on interest rates is weakening and the long There are often a variety of contradictory influ- downward trend of yields has given way to a slight ences making themselves felt in different countries, rise. And somewhat similar effects may be exsome of these influences being monetary, some pected elsewhere as budgets reach equilibrium. economic and others of a psychological nature. Further, borrowing on private account is becoming While a dose of monetary expansion, even if it led of greater importance, as the marked increase of to mild inflation, may have eased the conversion advances by the commercial banks since the war from peacetime to wartime activities, it is obvious has shown in many countries. that beyond a certain point inflation becomes The future of interest rates in the world is not inimical to economic health and anti-inflationary easy to predict but the movements during the past counter-measures are required. Such measures do year have been illuminating, and it is worthy of not necessarily mean "dear money, depressed trade remark that in some countries the "defrosting" of and mass unemployment" but they should exert a short-term rates has been under discussion and, in steadying effect on the price level and lead to a others, it has not been considered old-fashioned to re-establishment of confidence in the currency and make use of the classic weapon of bank rate. of the credit position of the countries concerned. The general tendency in altogether too many NATIONAL ECONOMIC PLANS IN EUROPE countries at the present time is clearly towards In countries in which the state has become the inflation, and to advocate remedial action in these sole or main owner of natural resources and incases is to call for a brake on dangerous trends. dustrial enterprises, it is obviously incumbent upon Such action may be in the economic, monetary or the government to arrange for a proper planning psychological fields. In the latter class are the of the economic activities. But also in several coundecrees, issued with general approval in December tries which rely mainly on private enterprise, the 1946 and February 1947, calling for cuts in French authorities have drawn up plans designed to activate prices. In the monetary or rather fiscal field the economic development, priorities being fixed for realisation of a budget surplus from taxation or the order of investment of available funds with a other ordinary internal revenue has been, or appears view to ensuring special attention to what are conlikely to be, attained this year in the United States, sidered essential tasks. Canada, the United Kingdom, Switzerland, Sweden Even when no formal plans have been elaborated, and some other countries, i.e. mostly those spared the governments have in some cases thought it the direct devastation of the war; and it has proved advisable to announce definite "targets" to be atpossible in a number of other countries, such as tained in matters of particular importance. Thus, Belgium, Norway and Denmark, for the Treasuries in the United Kingdom great emphasis has been to cease having resort to the central bank. In the placed on the necessity of raising exports to 175 economic class, an anti-inflationary force which per cent of the 1938 volume in order to obtain has certainly been very welcome in some countries equilibrium in the balance of payments by 1951, has been the surplus of imports obtained by the when the American credit lapses. To this end, utilisation of foreign credits. Similarly, UNRRA all except the most indispensable domestic requiresupplies, given freely by the Anglo-Saxon countries, ments are being held back in order to give priority have been sold to the local populations and, par- to exports. In Italy, too, careful estimates have ticularly in Italy, Yugoslavia and Poland, have been made of the balance of payments for the year enabled the governments of these countries to build 1947, with the aid of UNRRA officials, as a preup funds in local currencies; in accordance with the liminary to obtaining foreign credits. In Belgium, UNRRA agreement, these funds are later to be a Ministry for Equipment was created in April 1946 utilised for specific purposes, but their constitution and has made public a first report on the country's has been a deflationary force giving valuable aid need of investments during the next 10 years; but to the local governments to obtain and maintain the estimates thus made have not the character of control of their financial position. a plan, properly speaking. Certain restraining forces are thus at work, as In some other countries planning has been on a the above examples demonstrate—but they may not more ambitious scale and projects have been drawn be sufficient alone to counteract the inflationary up covering a considerable sector in the economy of forces still operative. In the United States, the the country concerned, for a number of years ahead. OCTOBER 1947 1247 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE BANK FOR INTERNATIONAL SETTLEMENTS Some indication of the main lines of the plans growing, horticulture, fodder crops) together with elaborated is given in the table, which also includes highly developed cattle-breeding, dairy farming, etc. some extra-European plans. The figures should be Countries such as Hungary and Poland, which regarded as indicating only the order of magnitude previously counted as predominantly agricultural, involved. show no desire to resume agricultural exports in If the regaining and even surpassing of the peace- the form customary hitherto, being more disposed time level of production is the immediate target, to concentrate on processed products incorporating it should be borne in mind that reconstruction and a greater amount of labour of a more remunerative expansion are usually coupled with structural kind. It is expected that the policy of industrialisamodifications affecting the whole economic system. tion and of turning to intensive farming will tend Without exception, these modifications take the to absorb the surplus agricultural population in form of increased industrialisation varying in in- eastern and southern Europe. In these countries tensity from country to country. As a generalisa- there is a great demand, as elsewhere, for highly tion it may be said that the main purpose of the qualified personnel but there is not, as in western plans is to achieve a degree of industrialisation Europe, an acute shortage of manpower as such. approaching the standard reached in technically The essence of the domestic financial problem is, advanced countries. Such a process of industrialisa- the necessity of raising domestic savings above the tion will often be accompanied by a relative decrease normal level. Since voluntary savings can hardly in agricultural activity and a change-over from ex- be expected to reach sufficiently high levels in tensive types of cultivation, especially of cereal crops, countries which have suffered devastation and imto intensive types (such as industrial plants, fruit- poverishment, the economic authorities are con- NATIONAL ECONOMIC PLANS Cost of plan Duration of (In millions) plan Country Main object of plan U. S. dollars National currency Years Period units Total Annual cost average France 1947-51 modernization and reconstruction 2,250,000 18,890 3,780 Holland 1947-52 reconstruction 11,700 4,410 735 Bulgaria 1947-48 industrialisation and rationalisation 55,000 190 95 Czechoslovakia 1947-48 economic recovery „ 69,880 1,400 700 Hungary 1947-49 reconstruction and development 6,110 520 170 Poland 1947-49 reconstruction 340,000 3,400 1,130 Yugoslavia 1947-51 reconstruction and development 278,300 5,570 1,110 U.S.S.R 1946-50 reconstruction and development 250,300 47,200 9,500 Iran 1947-53 economic development Turkey 1947-51 industrialisation 600 210 '40 Argentina 1947-51 economic development and industrial expansion 6,600 1,660 330 Mexico 1947-52 industrialisation and agricultural expansion. . . . 3,185 640 105 NOTE.—The amounts are generally expressed in present-day currencies, with the following qualifications: France: The total indicated in the table is the amount given in the General Report on the Plan of Modernisation and Equipment published in November 1946. The estimates were made in June 1946 and are based on the maximum capacity of the investment industries. Of the total amount only one-third, i.e. 720 milliard French francs, is for the purpose of modernisation properly speaking, the rest being devoted to reconstruction and delayed maintenance; 536 milliard francs are provided for "basic activities" (coal, electricity, iron and steel, cement, agricultural machinery and transport). For 1947 a precise programme has been elaborated, the amounts involved being estimated at 475 milliard French francs, of which 300 milliard will be at the charge of the government but only 60 per cent of this amount, i.e. about 180 milliard, has so far (up to the end of May 1947) been authorised. Holland: The amount in the table is to be provided under the "Frame Plan" for 1946-52, the figures being expressed in the price level of 1947; of the total investments 4,100 million florins are for manufacturing industries, 1,300 million for agriculture and the remainder for trade, transportation, dwellings and the replenishment of stocks. Czechoslovakia: Of the total investments shown in the plan, 47,740 million Czech crowns are for Bohemia and Moravia and 22,140 million for Slovakia. As regards distribution for different purposes, 25,400 million are to be devoted to industry and handicrafts, about 5,200 million to agriculture and 39,300 million to transport, housing and public works. Hungary: 1.509 million fcrints is to be provided for reconstruction and modernisation of industry; 1,184 million for the development of agriculture; 1,707 million forints for the reconstruction and development of communications and 1,594 million for the development of social and cultural institutions. Poland: The original cost of the plan was calculated at 10 milliard prewar zlotys, corresponding to 1,900 million prewar dollars at the official rate of the day. Converted into present-day currency at the official rate (1:100), this would make 190 milliard zlotys for the whole period of the plan. However, the present purchasing power of the Polish currency is not sufficiently taken into account in the above-mentioned amount. Allowing for the altered purchasing power of the U. S. dollar as indicated by the wholesale price index, the 1,900 million 1938 dollars would correspond to about 3,400 million 1946 dollars, making 340 milliard zlotys at the present official parity. U.S.S.R.: The plan is based on 1945 prices. Conversion of the figures into dollars was made at the official rate. Yugoslavia: The plan is applicable from May 1, 1947. 41 per cent of the amount provided is for industrial plant and equipment, about 26 per cent for communications, 11 per cent for electrification and 8 per cent for agricultural production. 1248 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE BANK FOR INTERNATIONAL SETTLEMENTS templating forms of additional compulsory saving, the financial sphere two new institutions, the Intere.g. through taxation or rationing of consumption. national Monetary Fund and the International Bank In order to be successful, they must limit the current for Reconstruction and Development, have got into consumption of the government also and thus do working order under conditions which have placed away with deficits on the current account of the considerable funds at their disposal. And, in addinational budget. tion to international cooperation, great efforts are Practically all the plans foresee foreign borrowing being made in individual countries to overcome in order to supplement domestic savings and, in postwar difficulties, to reconstruct peacetime econparticular, to purchase machinery and materials omies and to influence the business trend. For a not available at home. A critical point for all of number of countries carefully worked-out plans them is indeed to be found in the balance of pay- have been drawn up and formally accepted, the ments: in the majority of cases, the plans foresee purpose being to concentrate available recources on an import surplus during a transition period cover- the carrying out of certain essential tasks, generally ing the first few years of their application, notwith- involving a speeding up of the process of indusstanding all efforts to stimulate exports. Several trialisation. governments count on loans from the International With the exception of a few countries, including Bank for Reconstruction and Development to Germany and Austria, in which conditions have facilitate the execution of their plans, the first such been abnormal, full employment has been the rule loan having been obtained by France in May 1947. everywhere and, although not always the best in- Since the plans have been drawn up on a purely struments of modern technique have been available, national basis, it is at the focal point of the balance some notable results have been achieved in the of payments, where the national economies meet field of reconstruction, especially as regards the one another, that a need of coordination arises; to restoration of the transport system and the expansome extent account would seem to have been taken sion of industrial production, notwithstanding the of this need in eastern Europe. But, by and large, many difficulties caused by continued deficiencies in the plans are competitive, not only as far as foreign the output of coal. loans are concerned but also with regard to imports But, even if there has been some appreciable of essential materials, machinery and, in some cases, economic progress, much remains to be done, cermanpower. tain weaknesses being only too evident in the state of the world today. Apart from the political dif- CONCLUSION ficulties, there is still in many sectors a lack of There is truth in the statement that the second balance, made more acute by the great fatigue left world war began before the world had had time to by the war. The increased strain in the winter of right itself after the distortions and maladjustments 1946-47 led to the reintroduction of monetary and resulting from the first world war. Fortunately, commercial restrictions in countries where they had people today are more aware of the problems con- been abolished and to a stricter application where nected with the fundamental changes in the eco- they were still in force. And (to turn to another nomic and financial structure and they are keenly sphere) the commitments represented by accumuanxious to avoid a repetition of the mistakes which lated sterling balances, taken together with other interrupted the period of prosperity in the interwar outstanding liabilities of an official character resultyears. ing from the war and its immediate aftermath, An outstanding illustration of the present more attain a total as high as that which proved so realistic and reasonable attitude, and one which intractable after the first world war. obviously suggests itself, is the writing-off of war- Notwithstanding the diversity of economic systime mutual aid and of straight lend-lease commit- tems, certain economic necessities make themselves ments not covered by reverse lend-lease. This action felt in all countries: has coincided with deliveries of essential goods and Firstly, the governmental measures must not services through UNRRA and other relief organiza- produce simply negative effects. Controls, whattions on a scale which may not have satisfied all ever their purpose may be, should not merely result requirements of the many war-stricken countries in a cutting down of business, for the situation may but which, in the aggregate, involved very large well require a more active influence and, perhaps, sums, probably the equivalent of over 5,000 million most of all, such conditions that private individuals dollars. Further, more attention than after the last and firms are prompted to do, on their own initiawar is being paid to commercial problems, dealt tive and in their own interests, that which is dewith primarily through the different conferences sirable from the general standpoint of society. of the International Trade Organisation, while in There is the further danger that matters relating OCTOBER 1947 1249 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE BANK FOR INTERNATIONAL SETTLEMENTS to the budget situation, the balance of payments, financing—and may even, through the exclusion prices, wages, etc., may be treated as separate ques- of foreign supplies, render an adjustment of the tions, as if the problems of an economy could be price situation more difficult. dealt with in watertight compartments without In more than one country in Europe a lack of regard to the interdependence of economic phe- confidence in the currency (reflecting an acute fear nomena. It is not unusual for plans to be worked of inflation) is actually keeping goods from the out by individual departments having little contact market, in spite of all the measures of compulsion with one another, while actual results can, in all which the authorities impose. In such circumprobability, best be obtained by a comprehensive stances foreign loans and other assistance may still policy designed to eliminate fundamental maladjust- afford relief by providing badly needed comments. modities; but little lasting good will have been done A third and cognate danger is that the authorities, if the borrowers fail to take advantage of the foreign in their attempts to find solutions, will deal with resources as providing a breathing-space in which symptoms instead of attacking the really funda- a coherent series of domestic measures can be taken; mental causes. It would, for example, be too in other words the loan should be considered and limited and too superficial an approach to try to employed as part of a comprehensive plan for deal with the problems of the balance of payments financial and monetary rehabilitation. simply by cutting down imports and artificially The psychological preparedness for the proper stimulating exports, without attending to the execution of realistic plans, sufficiently all-embracvolume of monetary purchasing power in the ing to command confidence, is greater today than domestic economy. For experience shows that an it was when hostilities ceased. Many illusions have inflationary expansion of purchasing power at home been shed, and there is a growing sense of the need (whether resulting from current budget deficits, for effective and even drastic measures. Conditions too large a volume of public or private investments would thus seem to exist for a more proper use of or sudden sharp increases in wages and salaries outside aid in the form of loans and other financial unmatched by sufficient goods) acts as an attraction assistance. What is needed, then, is a coordinated for imports and as a brake on exports, thus agprogramme into which international investment gravating the disequilibrium in the balance of paycan be fitted as one of the measures, essential in itself ments. Only too often this connection between the but fully efficacious only if supplemented by domesmethods of internal financing and the outcome of tic action. the balance of payments is overlooked. But how Access to foreign resources is such a great boon could inflation, which raises the monetary demand that it would be very regrettable if the additional for goods on the market, have any other effect than strength which it provides were to be frittered away to unbalance the country's foreign payments, for purposes other than genuine reconstruction and especially under a system with relatively fixed exchange rates? As the monetary reserves feel the development. But, here again, first things must drain, the governments may have to adopt restric- come first: without monetary stability upheld by a tive measures, even though such measures do not solid budget, the basis will be lacking for the proper get to the heart of the trouble—the inflationary direction of industrial and other investments. 1250 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

YIELDS ON UNITED STATES GOVERNMENT SECURITIES REVISION OF AVERAGES Average yields and prices of United States Gov- and 9 months to 4 years at the semi-annual dates ernment securities, regularly published in the of revision. BULLETIN, have been revised in some respects. Re- The series for 7- to 9-year taxable bonds has vision was necessary in the yields for 3- to 5-year been revised for the period beginning June 17, 1946. taxable issues and for 7- to 9-year taxable bonds For the six months prior to revision the series had because with the passage of time the average ma- consisted of Treasury bonds of June 1952-54, June turity of issues previously included had fallen be- 1952-55, December 1952-54, and March 1956-58. low the maturity range that the indexes are de- The revision provides for semi-annual adjustments signed to reflect. to include continuously Treasury bonds whose The series for 3- to 5-year taxable issues, which average yield reflects that of a Treasury bond with immediately prior to revision had consisted of first call date ranging from approximately 7)4 to 8 Treasury bonds of December 1950, has been re- years at the semi-annual dates of revision. vised for the period beginning December 15, 1945. Annual averages for the years 1939-46, and The revision provides for semi-annual adjustments monthly and weekly figures beginning January to include continuously Treasury bonds whose 1945 and including the revised figures, are shown average yield reflects that of a Treasury bond with in the accompanying table. Earlier figures were first call date ranging from approximately 3 years published in the BULLETIN for May 1945. UNITED STATES GOVERNMENT SECURITY YIELDS AND PRICES [Yields in per cent per annum, monthly and weekly data are averages of daily figu Annual and Monthly Figures Yield Yields Price of Price of Bonds long- Bonds long- 9-to term 9-to term Year 12- bonds Year 12- bonds and 3- month 3- to 5- 15 vears and and 3- month 3- to 5- 15 years and month month certifi- year 9- over month month certifi- vear 7-to over bills i 2 cates of taxable bills i 2 cates of taxable 9indebt- issues 3 indebt- issues 3 vear edness2 a t b ax le •" Partly edness2 tax- Partlytax- Tax- Tax- able3 tax- Tax- Taxexempt able able exempt able able 1939 023 2 41 104 5 1946 1940 . 014 2.26 106 6 Jan.. . . 375 79 1 06 1 31 ?. 71 104 59 Feb.. .. .375 .76 99 1.28 ...( •"') 2.12 106.03 1941... .103 .73 2.05 109.5 Mar.... .375 .79 .96 1.28 2.09 106.46 1942... .326 1.46 1.93 2.09 2.46 noo.72 Apr.. . . .375 .81 1 .10 1.36 2.08 106.61 1943... .373 .75 1.34 1.96 1.98 2.47 100.50 May... .375 .83 1.16 1.47 2.19 104.82 1944... .375 .79 1.33 1.94 1.92 2.48 100.25 June.. . .375 .83 3 1.15 31.44 2.16 105.28 1945... .375 .81 1.18 1.60 1 .66 2.37 102.04 July... .375 .84 1.15 1.43 2.18 104.87 Aug.. . . .375 .84 1 .19 1.49 2.23 104.11 1946... .375 .82 1 .16 1 .45 (5) 2.19 104.77 Sept... .375 .85 1.27 1.57 I 2.28 103.25 Oct .375 .83 1.29 1.58 • 2.26 103.58 1945 Nov... . .376 .84 1.28 1.60 .! 2.25 103.71 Ian.. . . .375 .78 L .31 1.89 1.81 2.44 100.97 Dec.. .. .375 .85 3 1.30 H.60 '2.24 103.87 Feb.. . . .375 .77 .22 1.77 1.75 2.38 101.81 Mar... .375 .78 L.18 1.70 1.70 2.40 101.56 1947 Apr.... .375 .77 L.14 1.62 1.68 2.39 101.68 Jan.. .. .376 .84 1.26 1.56 2.21 104.32 May. . .375 .80 .16 1.57 1 .68 2 39 101 74 Feb 376 85 1 26 1 54 2 21 104 35 June. . . .375 .81 .16 1.56 1.63 2.35 102.38 Mar.... .376 .82 1.24 1.52 2.' 19 104.61 Tuly. . . .375 .80 L16 1.58 1.63 2.34 102.46 Apr.. . . .376 .83 1.24 1.53 2.19 104.57 Aug... . .375 .82 1.17 1.59 1.68 2.36 102.22 Mav. . . .376 .85 1.27 1.53 2.19 104.48 Sept... .375 .84 3 1.19 1.56 1.68 2.37 102.02 June. . . .376 .85 3 1.29 H.56 2.22 104.08 Oct.. . . .375 .83 1.17 1.50 1.62 2.35 102.38 July. . . .703 .85 1.33 1.57 2.25 103.75 Nov.... .375 .84 1.14 1.42 1.56 2.33 102.60 Aug.. . . .748 .85 1.31 1.54 2.24 103.89 Dec.. .. .375 .84 31.13 n.38 1.51 2.33 102.68 Sept... .804 .87 1 .28 1.53 2.24 103.95 For footnotes see p. 1253. OCTOBER 1947 1251 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

YIELDS ON UNITED STATES GOVERNMENT SECURITIES UNITED STATES GOVERNMENT SECURITY YIELDS AND PRICES—Continued [Yields in per cent per annum, monthly and weekly data are averages of daily figures] Weekly Figures Yields Yields Price of Price of Bonds long- Bonds long- 9-to term 9-to term Week 12- bonds Week 12- bonds end- 3- month 3- to 5- 7-to 15 years and end- 3- month 3- to 5- 15 years and ing month certifi- year 9- over ing month certifi- year 7-to over bills 12 cates of taxable year bills i2 cates of taxable 9indebt- issues3 tax- indebt- issues 2 year edness 2 able3 Partly edness2 tax- Partly tax- Tax- Tax- able3 tax- Tax- Taxexempt able able exempt able able 1945 1946 Jan. 6 .375 .80 1.34 1.93 1.83 2.45 100.66 Jan. 5 .375 .84 1.12 1.35 2.29 103.32 13 .375 .78 1.33 .91 1.80 2.45 100.84 12 .375 .82 1.07 1.31 2.23 104.30 20 .375 .79 1.32 .89 1.80 2.44 100.96 19 .375 .78 1.05 1.32 2.19 104.86 27 .375 .77 1.29 .86 1.81 2.43 101.15 26 .375 .77 1.03 1.30 2.18 105.01 Feb. 3 .375 .77 1.25 .81 1.80 2.41 101.48 Feb. 2 .375 .78 1.03 1.30 2.17 105.22 10 .375 .77 1.24 .78 1.76 2.40 101.63 9 .375 .77 1.01 1.28 2.14 105.74 17 .376 .77 1.23 .78 1.74 2.39 101.73 16 .375 .76 1.00 1.27 2.10 106.33 24 .375 .76 1.20 .75 1.73 2.37 102.08 23 .375 .75 .96 1.28 2.10 106.31 Mar. 3 .375 .77 1.20 .74 1.72 2.38 101.82 Mar. 2 .375 .76 .93 1.28 2.10 106.25 10 .375 .78 1.18 .71 1.69 2.40 101.60 9 .375 .78 .92 1.28 2.10 106.35 17 .375 .78 1.19 .71 1.70 2.41 101.45 16 .375 .79 .93 1.27 2.09 106.49 24 .375 .78 1.18 .68 1.70 2.40 101.60 23 .375 .80 .97 1.27 2.09 106.47 31 .376 .76 1.17 .69 1.71 2.39 101.62 30 .375 .81 1.02 1.29 2.08 106.59 Apr. 7 .375 .75 1.15 .65 1.70 2.39 101.65 Apr. 6 .375 .80 1.05 1.29 2.04 107.38 14 .375 .76 1.15 .62 1.68 2.38 101.79 13 .375 .80 1.10 1.31 2.03 107.38 21 .375 .78 1.14 .61 1.67 2.40 101.61 20 .375 .80 1.12 1.37 2.08 106.68 28 .375 .79 1.14 .60 1.68 2.39 101.67 27 .375 .82 1.13 1.44 2.14 105.58 May 5 .375 .79 1.14 .56 1.68 2.39 101.71 May 4 .375 .83 1.12 1.44 2.18 105.01 12 .375 .79 1.16 .56 1.69 2.40 101.65 11 .375 .83 1.14 1.47 2.19 104.80 19 .375 .80 1.17 .59 1.69 2.39 101.66 18 .375 .83 1.18 1.48 2.20 104.64 26 .375 .81 1.17 .58 1.68 2.38 101.87 25 .376 .83 1.18 1.48 2.19 104.78 June 2 .375 .81 1.18 1.59 1.68 2.37 101.96 June 1 .375 .84 1.17 1.48 2.18 104.92 9 .375 .81 1.17 1.57 1.65 2.36 102.20 8 .375 .83 1.15 1.46 2.17 105.18 16 .375 .81 1.17 1.57 1.63 2.36 102.21 15 .375 .83 1.12 1.42 2.15 105.36 23 .375 .81 1.14 1.55 1.62 2.34 102.59 22 .375 .83 3 1.15 1.43 2.15 105.37 30 .375 .80 1.14 1.55 1.62 2.34 102.60 29 .376 .84 1.16 1.44 2.16 105.20 July 7 .375 .79 1.14 1.55 1.62 2.34 102.53 July 6 .375 .84 1.13 1.40 2.15 105.37 14 .375 .78 1.14 1.55 1.62 2.34 102.59 13 .375 .84 1.14 1.40 2.15 105.36 21 .375 .80 1.17 1.58 1.63 2.34 102.53 20 .375 .84 1.18 1.45 2.20 104.66 28 .375 .82 1.19 1.61 1.65 2.36 102.25 27 .376 .83 1.16 1.44 2.20 104.61 Aug. 4 .375 .82 1.18 1.59 1.67 2.35 102.42 Aug. 3 .376 .84 1.16 1.46 2.23 104.17 11 .375 .81 1.17 1.59 1.67 2.34 102.44 10 .376 .84 1.16 1.46 2.22 104.31 18 .375 .82 1.17 1.61 1.69 2.36 102.27 17 .375 .84 1.17 1.47 2.22 104.25 25 .375 .83 1.19 1.60 1.70 2.38 101.95 24 .375 .83 1.20 1.51 2.23 104.05 31 .375 .84 1.22 1.53 2.25 103.77 Sept. 1 .375 .83 1.17 1.57 1.68 2.37 102.06 8 .375 .84 1.16 1.56 1.68 2.37 102.02 Sept. 7 .375 .85 1.25 1.54 2.27 103.52 15 .375 .85 3 1.18 1.58 1.69 2.38 101.93 14 .375 .85 1.26 1.57 2.29 103.13 22 .375 .85 1.21 1.56 1.69 2.37 102.02 21 .375 .85 1.28 1.59 2.30 103.11 29 .375 .84 1.20 1.55 1.68 2.36 102.13 28 .375 .85 1.29 1.58 2.28 103.29 Oct. 6 .375 .84 1.20 1.53 1.65 2.36 102.23 Oct. 5 .375 .85 1.30 1.58 2.27 103.46 13 .375 .84 1.17 1.51 1.62 2.35 102.35 12 .375 .83 1.30 1.58 2.27 103.48 20 .375 .82 1.16 1.49 1.61 2.34 102.52 19 .375 .83 1.30 1.58 2.26 103.57 27 .375 .81 1.16 1.48 1.60 2.34 102.45 26 .376 .83 1.29 1.59 2.26 103.60 Nov. 3 .375 .84 1.17 .48 1.60 2.35 102.34 Nov. 2 .376 .84 1.27 1.58 2.24 103.87 10 .375 .84 1.15 .43 1.58 2.33 102.58 9 .376 .84 1.27 1.57 2.24 103.95 17 .376 .84 1.13 .40 1.56 2.33 102.65 16 .376 .85 1.27 1.59 2.25 103.77 24 .375 .84 1.13 .40 1.55 2.33 102.67 23 .376 .84 1.28 .62 2.26 103.59 30 .376 .85 1.30 .64 2.27 103.42 Dec. 1 .375 .85 1.14 .40 1.53 2.33 102.65 8 .375 .84 1.13 .38 1.51 2.32 102.77 Dec. 7 .375 .85 1.31 .63 2.27 103.46 15 .375 .83 3 1.12 .38 1.51 2.34 102.55 14 .375 .85 1.29 .59 2.25 103.82 22 .375 .83 1.15 1.40 (0 2.34 102.57 21 .375 .84 31.32 .60 2.23 104.02 29 .373 .84 1.14 1.37 2.32 102.84 28 .374 .85 1.29 1.58 2.22 104.14 For footnotes see p. 1253. 1252 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

YIELDS ON UNITED STATES GOVERNMENT SECURITIES UNITED STATES GOVERNMENT SECURITY YIELDS AND PRICES—Continued [Yields in per cent per annum, monthly and weekly data and averages of daily figures] Weekly Figures—Continued Yields Yields Price of Price of Bonds long- Bonds long- 9-to term 9-to term Week 12- bonds Week 12- bonds end- 3- month 3- to 5- 15 years and end- 3- month 3- to 5- 15 years and ing month certifi- year 7-to over ing month certifi- year 7-to over bills i 2 cates of taxable 9- bills i 2 cates of taxable 9indebt- issues 8 year indebt- issues 3 year edness 2 tax- Partly edness 2 tax- Partly able s tax- Tax- Tax- able* tax- Tax- Taxexempt able able exempt able able 1947 1947 Jan. 4 .375 .84 1^29 1.58 2 22 104 18 June 7 376 85 1 26 1.52 2.20 104.41 11 .376 .84 1.28 1.57 2.22 104.23 14 .376 .85 1.27 1.53 2.21 104.20 18 .376 .84 1.27 1.57 2.22 104.30 21 .376 .85 » 1.32 M.58 2.24 103.95 25 .376 .83 1.24 1.54 2.20 104.45 28 .376 .85 1.32 1.59 2.24 103.81 Feb. 1 .376 .85 1.25 1.55 2.21 104.35 July 5 .594 .86 1.33 1.59 2.25 103.76 8 .376 .84 1.25 1.54 2 21 104 39 1? 737 86 1 32 1 57 2.25 103.79 15 .376 .85 1.26 1.55 2.21 104.31 19 .740 .85 1.33 1.58 2.25 103.76 22 .376 .85 1.26 1.54 2.21 104.35 26 .740 .85 1.33 1.57 2.25 103.75 Mar. 1 .376 .85 1.27 1.55 2.21 104.38 Aug. 2 .740 .85 1 11 1.57 2.25 103.69 8 .376 .84 1 27 1 54 2 20 104 47 9 741 85 L 33 1 56 2 25 103.71 15 .376 .83 1.25 1.53 2.19 104.56 16 .741 .85 L .33 1.55 2.24 103.81 22 .376 .81 1.23 1.52 2 19 104 66 23 752 85 I 29 1 52 2.23 104.02 29 .376 .81 1.21 1.51 2.18 104.74 30 .766 .85 .27 1.51 2.23 104.07 Apr. 5 .376 .81 1.22 1.52 2.19 104 69 Sept. 6 789 85 L 27 1 52 2.23 104.04 12 .376 .82 1.22 1.52 2.18 104.77 13 .802 .87 .28 1.53 2.24 103.96 19 .376 .83 1.25 1.54 2.20 104.48 20 .808 .87 1.28 1.53 2.23 103.98 26 .376 .83 1.24 1.53 2 20 104 44 27 817 87 1 28 1.54 2 24 103.88 May 3 .376 .84 1.26 1.54 2.20 104.45 10 .376 .85 1.27 1.54 2.20 104.41 17 .376 .85 1.28 1.53 2.20 104.51 24 .376 .85 1.27 1.53 2.19 104.50 31 .376 .85 1.26 1.52 2.19 104.51 1 Rate on new issues offered within period. 2 Tax-exempt prior to Mar. 1, 1941; taxable thereafter. • The composition of the series covering the 3- to 5-year taxable issues and the 7- to 9-year taxable bonds has been as follows: Issues Period (All dates inclusive) 3- to 5-year taxable issues 7- to 9-year taxable bonds Prior to Sept. 15, 1945 All taxable notes due within 3-5 years All taxable bonds due or callable within 7-9 years Sept. 15, 1945-Dec. 14, 1945 1 Vi% note —Sept. 1948 All taxable bonds due or callable within 7-9 years 1)4% bond—Dec. 1950 Dec. 15, 1945-June 14, 1946 13^% bond—Dec. 1950 2 % bond—June 1952-54 2 % bond—June 1949-51 2M% bond—June 1952-55 2 % bond—Dec. 1952-54 2^% bond—Mar. 1956-58 June 17, 1946-Dec. 14, 1946 1M% bond—Dec. 1950 2M% bond—June 1952-55 2 % bond—Sept. 1950-52 2 % bond—Dec. 1952-54 2K% bond—Mar. 1956-58 Dec. 16, 1946-June 13, 1947 1^% bond—Dec. 1950 2M% bond—June 1952-55 2 % bond—Sept. 1950-52 2 % bond—Dec. 1952-54 2 % bond—Sept. 1951-53 2M% bond—Mar. 1956-58 2%% bond—Sept. 1956-59 June 16, 1947- 13^% bond—Dec. 1950 2 % bond—Dec. 1952-54 2 % bond—Sept. 1950-52 2^% bond—Mar. 1956-58 2 % bond—Sept. 1951-53 2H% bond—Sept. 1956-59 2 % bond—Dec. 1951-55 2Y2% bond—Mar. 1952-54 * Price derived from average yield of partly tax-exempt bonds on basis of 2% per cent 16-year bond through October 1941. Thereafter average of prices of taxable bonds due or callable in 15 years or more. 6 No partly tax-exempt bonds due or callable in 15-years and over. OCTOBER 1947 1253 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT EVENTS AND ANNOUNCEMENTS Federal Reserve Meetings eral Reserve Bank of San Francisco for the unex- The Federal Advisory Council held a meeting pired portion of the term ending December 31, in Washington on September 21-23, 1947, and met 1947. Mr. Wallace is a member of the law firm with the Board of Governors of the Federal Reserve Williamson and Wallace. System on September 23, 1947. Changes in the Board's Staff The Conference of Presidents of the Federal Reserve Banks met in Washington, D. C. on Oc- Mr. Chandler Morse has resigned as Assistant tober 3 and 4, 1947. The Presidents met with the Director of the Division of Research and Statistics Board of Governors of the Federal Reserve System of the Board of Governors in order to accept a on October 7, 1947. teaching position at Williams College, Williamstown, Massachusetts. A meeting of the Federal Open Market Committee was held in Washington, D. C. on October Mr. Bonnar Brown has been appointed Assistant 6 and 7, 1947. Director of the Board's Division of Research and Statistics, effective October 20, 1947. Mr. Brown Election of Class A Director has been serving as Assistant Director of the Board's On October 15, 1947, the Federal Reserve Bank Division of Security Loans since July 1, 1944. of Boston announced the election of Mr. Earle W. Admissions of State Banks to Membership in the Stamm, President of the National Bank of Com- Federal Reserve System merce of New London, New London, Connecticut, The following State banks were admitted to as a Class A director to fill the unexpired portion membership in the Federal Reserve System during of the term ending December 31, 1949. Mr. Stamm the period August 16, 1947 to September 15, 1947: succeeds Mr. Allen W. Holmes, deceased. Appointment of Class C Director Montana The Board of Governors of the Federal Reserve Livingston—Livingston State Bank System on October 1, 1947, announced the appoint- Texas ment of Mr. William R. Wallace, Jr., San Francisco, California, as a Class C director of the Fed- Anton—Citizens State Bank 1254 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS f Compiled September 24, and released for publication September 26] Industrial output in August recovered most of creased domestic demand in such lines as textiles the decline shown in July. Total value of retail and leather products. Output of manufactured trade continued to show little change. Prices of food products continued to advance somewhat more goods in wholesale and retail markets advanced than is usual at this season. further to new high levels. Coal production rose sharply in August, the first full month of operations under the new wage con- INDUSTRIAL PRODUCTION tracts, but output for the month was still below The Board's seasonally adjusted index of indus- the rate prevailing early this year. Output of crude trial production was 182 per cent of the 1935-39 petroleum showed a further slight advance. average in August as compared with 177 in July and 184 in June. Most of the August advance was EMPLOYMENT due to increases in output of nondurable manufac- Employment in manufacturing increased in Autured goods and minerals to levels slightly above gust, following a decline in July, and was some- June rates. Activity in industries manufacturing what larger than in June, reflecting chiefly seasonal durable goods increased somewhat in August but increases in the food and apparel industries. A remained 3 per cent below the June level. further rise in construction employment occurred Output of steel rose to a rate of 90 per cent of in August. The number of persons unemployed capacity in August, and indications are that it will declined to an estimated 2.1 million persons, which average about that rate in September. Automobile was about the same as a year ago. production declined further in August, but advanced sharply in September. Output of lumber CONSTRUCTION and most other building materials advanced in Value of contracts awarded for construction, as August, following decreases in July, while output reported by the F. W. Dodge Corporation, rose by of nonferrous metal products continued to decline. one-fourth from July to August and was higher Output of most nondurable goods increased in than in any month since the postwar peak of May August, reflecting in part a recovery from excep- 1946. Increases occurred in all major types of contional vacation influences in July and in part in- CONSTRUCTION CONTRACTS AWARDED INDUSTRIAL PRODUCTION 1 - 7* 220L 1/ -J / 200 180 \ > \ / 160 J !40 J f - V j 1 R0 1939 194! 1943 1945 1947 1939 1941 1943 1945 1947 1939 1940 1941 1942 1943 1944 1945 1946 1947 F. W. Dodge Corporation data for 37 Eastern States. Non- Federal Reserve index. Monthly figures, latest shown are for residential includes awards for buildings and public works and August. utilities. Monthly figures, latest shown are for August, 1255 OCTOBER 1947 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS struction but were especially marked in awards for the middle of September, and exceeded the peak public utility construction, which more than reached in March of this year by about five per doubled. Awards for all other nonresidential con- cent. Prices of farm products and foods showed struction rose somewhat, while value of awards for the largest increases. Prices of many industrial residential building increased by more than one- commodities have risen sharply since June. fourth. The number of new permanent houses Retail prices increased about one per cent from started in August was estimated by the Bureau of June to July, according to preliminary figures for Labor Statistics to be 83,000 units as compared the consumers' price index of the Bureau of Labor with 80,000 last month and 65,000 a year ago. Statistics. Rent levels in the six cities surveyed showed somewhat less than one per cent rise in DISTRIBUTION July, which was the first month affected by the Department store sales in August and the first new controls permitting increases of 15 per cent half of September increased by less than the usual on new leases extending through 1948. Indications amount at this time of the year. Value of sales are that retail prices have risen further since that was about two per cent less than in the correspondtime. ing period last year. Retail sales at all types of stores were about five per cent larger in August BANK CREDIT than in the same month a year ago, reflecting Further large gold inflows and a shift of funds chiefly increased sales of durable goods. Value of from Treasury and foreign balances at Reserve sales of most nondurable goods was only slightly Banks to accounts held at commercial banks in larger, although retail prices were considerably August and the first half of September provided higher than in August 1946. funds for a substantial expansion in member bank Loadings of railroad revenue freight increased reserves, a large outflow of currency associated considerably in August to a rate slightly above the with cashing of veterans' Terminal Leave Pay same month a year ago. The August increase reflected a sharp rise in coal shipments and a sub- Bonds, and a decline in Federal Reserve holdings stantial gain in loadings of miscellaneous freight. of Government securities. Required reserves in- In the early part of September freight carloadings creased considerably during the period reflecting continued at a high level, after allowance for the large additional expansion in bank deposits. usual Labor Day influence. Commercial and industrial loans at banks in leading cities continued to increase sharply in Au- COMMODITY PRICES gust and early September. Consumer and real The general level of wholesale commodity prices estate loans also expanded further, and holdings advanced further from the middle of August to of Government securities showed little change. CONSUMERS PRICES MEMBER BANK RESERVES AND RELATED ITEMS PER CENT 1935-39-100 PE 200 BILLION9 OF DOLLARS 180 ii 160 A; CLO 140 *~"™2J ^ALL ITEMS 120 RENT 100 r'. 80 80 1939 1940 1941 1942 1943 1944 1945 1946 1947 Bureau of Labor Statistics' indexes. "All items" includes housefurnishings, fuel, and miscellaneous groups not shown separately. Midmonth figures, latest shown are for July. Wednesday figures, latest shown are for Sept. 24. 1256 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 1259 Federal Reserve Bank discount rates; rates on industrial loans, guarantee fees and rates under Regulation V; rates on time deposits; reserve requirements; margin requirements 1260 Federal Reserve Bank statistics 1261-1264 Guaranteed war production loans 1265 Deposits and reserves of member banks. . 1265-1266 Money in circulation 1267-1268 Gold stock; bank debits and deposit turnover 1268 Deposits and currency; Postal Savings System; bank suspensions. 1269 All banks in the United States, by classes 1270-1271 All insured commercial banks in the United States, by classes 1272-1273 Weekly reporting member banks .... 1274-1277 Commercial paper, bankers' acceptances, and brokers' balances. . 1278 Money rates and bond yields 1279 Security prices and new issues... 1280-1281 Corporate earnings and dividends. . 1282 Treasury finance 1283-1285 Government corporations and credit agencies. . 1286 Business indexes 1287-1296 Department store statistics.. 1297-1299 Consumer credit statistics.. 1300-1302 Cost of living 1303 Wholesale prices 1304 Gross national product, national income, and income payments 1305-1306 Current statistics for Federal Reserve chart books. 1307-1311 August crop report, by Federal Reserve districts 1311 Ownership of U. S. Government marketable public issues 1312-1313 Number of banking offices on Federal Reserve par list and not on par list 1314 Member bank earnings, 1947... 1315 Assets and liabilities of insured commercial banks in United States and possessions on June 30, 1947, December 31, 1946, and June 29, 1946 1316-1317 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. OCTOBER 1947 1257 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS BILLIONS OF DOLLARS WEDNESDAY FIGURES BILLIONS OF DOLLARS 1939 1940 1941 1942 1943 1944 1945 1946 1947 10 1939 1940 1941 1942 1943 1944 1945 1946 1947 Wednesday figures, latest shown are for Sept. 24. See p. 1259. 1258 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS [In millions of dollars] Reserve Bank credit outstanding Member bank reserve U. S Government Treas- Treas- Other balances Date c v o a D a a n u n d i c n s d - - e ts s Total se T c b a u r u i e n r r l a y i d l t s s i - es 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 r y c g t d - - y - M i c n t u o io c l n a i n 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 p B e s r w o R e y d a i r s e n 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 d n it e - s - - c s F o e R e a e u r r c e a d v n - - l - e ts Total c E e x ss - certificates Monthly averages of daily figures: 1946—June 245 23,152 20,570 2,582 503 23,900 20,267 4,536 28,140 2,266 686 1,053 561 15,996 943 July 240 23,473 22,122 1,351 458 24,171 20,270 4,538 28,281 2,251 589 1,274 567 16,017 928 Aug 247 23,584 22,233 1,351 427 24,258 20,271 4,541 28,352 2,262 524 1,328 573 16,031 891 1947—June. 162 21,658 20,561 L.O97 397 22,217 21,092 4,560 28,236 1,339 557 950 632 16,154 785 July 119 21,877 20,781 1,096 346 22,342 21,399 4,552 28,259 1,325 735 994 632 16,347 781 Aug 165 22,055 20,964 1,091 302 22,521 21,648 4,551 28,252 1,326 957 1,079 624 16,481 800 End-of-month figures: 1946—June 29.... 157 23,783 21,280 2,503 516 24,456 20,270 4,539 28,245 2,251 833 1,250 561 16,123 1,112 July 31.... 246 23,633 22,282 1,351 286 24,164 20,267 4,540 28,254 2,250 513 1,401 562 15,991 856 Aug. 30 331 23,946 22,595 1,351 471 24,748 20,280 4,544 28,448 2,256 704 1,345 574 16,245 1,085 1947—June 30 7021,872 20,775 1,097 228 22,170 21,266 4,552 28,297 1,314 756 881 629 16,112 738 July 31.... 137 21,549 20,454 1,095 189 21,875 21,537 4,552 28,149 1,327 795 1,066 621 16,007 399 Aug. 30 185 22,192 21,103 1,089 382 22,759 21,766 4,553 28,434 1,323 751 1,343 626 16,601 823 Wednesday figures: Nov. 6 376 23,515 22,020 1,494 216 24,107 20,405 4,548 28,750 2,276 408 967 599 16,060 637 Nov. 13 397 23,684 22,105 1,578 484 24,565 20,420 4,548 28,761 2,294 577 1,044 599 16,259 838 Nov. 20 330 23,522 21,933 1,588 463 24,314 20,461 4,548 28,689 2,285 633 1,021 597 16,098 618 Nov. 27 283 23,682 22,093 1,588 451 24,416 20,469 4,548 28,815 2,271 665 953 598 16,131 643 Dec. 4 246 23,888 22,239 1,648 452 24,585 20,477 4,550 28,906 2,288 679 917 600 16,222 669 Dec. 11 290 24,128 22,479 1,648 378 24,796 20,450 4,551 28,946 2,270 626 875 601 16,479 874 Dec. 18 303 23,211 22,102 1,109 815 24,328 20,477 4,554 29,109 2,208 237 770 609 16,517 656 Dec. 24 340 23,722 22,613 1,109 815 24,877 20,527 4,554 29,163 2,258 547 848 612 16,530 913 Dec. 31 163 23,350 22,241 1,109 581 24,093 20,529 4,562 28,952 2,272 393 822 607 16,139 562 1947—Jan. 8 247 23,733 22,624 1,109 396 24,375 20,531 4,561 28,748 2,281 401 966 614 16,457 903 Jan. 15.... 243 23,327 22,218 1,109 536 24,105 20,567 4,560 28,518 2,291 409 967 615 16,431 850 Jan. 22 238 23,430 22,322 1,109 533 24,201 20,692 4,559 28,369 2,295 862 1,004 613 16,308 726 Jan. 29 317 23,863 22,754 1,109 335 24,514 20,808 4,559 28,265 2,325 1,536 1,021 612 16,124 663 Feb. 5 278 23,412 22,303 1,109 359 24,050 20,749 4,559 28,295 2,320 1,162 863 622 16,095 761 Feb. 12 393 23,803 22,694 1,109 442 24,638 20,751 4,558 28,346 2,335 1,711 938 623 15,994 779 Feb. 19 342 23,918 22,773 1,145 414 24,674 20,770 4,556 28,276 2,324 2,358 649 623 15,770 614 Feb. 26 392 24,044 22,861 1,183 326 24,761 20,322 4,556 28,262 1,381 2,372 1,218 624 15,781 703 Mar. 5 239 23,242 22,044 1,198 323 23,804 20,376 4,557 28,335 1L.331 1,407 1,108 626 15,930 800 Mar. 12.... 237 23,247 22,050 1,198 295 23,780 20,403 4,557 28,330 L.335 1,429 1,172 627 15,847 718 Mar. 19 234 22,411 21,306 1,105 402 23,047 20,413 4,557 28,242 L.335 713 1,148 636 15,943 673 Mar. 26 287 22,810 21,704 1,105 390 23,486 20,438 4,556 28,170 11,355 1,600 1,060 637 15,658 559 Apr. 2 429 21,938 20,833 1,105 391 22,758 20,486 4,557 28,247 1,333 946 1,093 642 15,540 563 Apr. 9 277 22,276 21,171 1,105 339 22,893 20,497 4,559 28,250 1,336 753 :L.033 641 15,934 886 Apr. 16.... 101 21,905 20,800 1,105 468 22,474 20,583 4,558 28,163 1,332 613 879 641 15,987 844 Apr. 23.... 141 21.829 20,724 L.105 259 22,230 20,621 4,558 28,105 1,338 482 1,021 643 15,820 658 Apr. 30 125 21,857 20,752 1,105 223 22,205 20,774 4,561 28,114 1,329 619 1,025 627 15,826 654 May 7 102 21,852 20,747 1,105 276 22,230 20,811 4,560 28,197 1,328 654 918 626 15,877 654 May 14.... 139 21,762 20,671 L,091 331 22,233 20,878 4,559 28,134 1,337 556 1,066 628 15,949 787 May 21 117 21,676 20,589 1,087 278 22,071 20,888 4,559 28,116 1,338 539 957 626 15,942 752 May 28 130 21,590 20,485 ]1,105 299 22,019 20,932 4,561 28,211 L,372 751 846 626 15,705 520 June 4 173 21,760 20,664 1,097 301 22,234 20,990 4,561 28,261 L.366 653 956 629 15,921 626 June 11 175 21,578 20,482 1,097 287 22,040 21,026 4,561 28,253 L.332 495 889 629 16,028 667 June 18 132 21,186 20,089 L.097 479 21,797 21,123 4,561 28,195 L.333 225 857 632 16,241 750 June 25 132 21,582 20,485 L.097 343 22,057 21,174 4,553 28,183 1,329 642 915 636 16,081 674 July 2.... 110 21,629 20,532 1,097 406 22,145 21,284 4,559 28,409 1,325 658 977 631 15,988 526 July 9.... 120 21,611 20,515 1,097 304 22,035 21,336 4,551 28,363 1,329 566 844 631 16,190 670 Tuly 16.... 99 21,758 20,663 1,095 391 22,248 21,434 4,550 28,225 1,331 756 952 631 16,336 759 July 23.... 118 21,700 20,605 1,095 275 22,093 21,467 4,550 28,145 1,330 939 818 633 16,244 630 July 30.... 111 22,012 20,917 1,095 187 22,310 21,537 4,551 28,129 1,341 705 1,236 633 16,354 742 Aug. 6.... 12321,869 20,777 1,092 219 22,211 21,602 4,552 28,206 1,330 728 1,071 621 16,409 741 Aug. 13.... 183 22,030 20,939 1,091 282 22,494 21,611 4,551 28,223 1,329 1,053 1,000 622 16,428 779 Aug. 20.... 239 22,097 21,008 1,089 300 22,636 21,666 4,551 28,239 1,330 1,265 987 624 16,407 721 Aug. 27 134 22,107 21,018 ,089 237 22,478 21,766 4,550 28,302 1,335 915 1,123 626 16,493 775 Sept. 3.... 125 22,224 21,135 ,089 274 22,623 21,765 4,552 28,749 1,323 459 1,149 632 16,628 841 Sept. 10.... 120 22,042 20,848 ,194 309 22,472 21,815 4,551 28,742 L.329 243 960 632 16,932 1,015 Sept. 17 130 21,756 20,562 ,194 509 22,394 21,935 4,550 28,633 1,306 240 930 642 17,128PI.145 Sept. 24 119 22,118 20,927 ,191 336 22,573 21,950 4,552 28,556 1,319 800 924 645 16,831 P953 * Preliminary. 1 Includes industrial loans and acceptances purchased shown separately in subsequent tables. ! 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. OCTOBER 1947 1259 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANK DISCOUNT RATES [In effect September 30. Per cent per annum] Discounts for and advances to member banks Advances to individuals, partnerships, or corpora- Advances secured by tions other than member Federal Reserve Bank G d o s i e s v c c e u o r r u n e n m d t s e b n o y t f o e a l b i n g l d i 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 . f d S t e h b c e y . 1 U 3 d . ) i r S e , ct (Sees. 13 and 13a)* Rate Effective Rate Effective Rate Effective Boston Apr. 27,1946 IK Oct. 27,1942 2 Mar. 29,1946 New York.... Apr. 25,1946 IK Oct. 30,1942 i* Apr. 6,1946 Philadelphia.. Apr. 25,1946 Oct. 17,1942 Mar. 23,1946 Cleveland May 3,1946 Sept. 12,1942 Mar. 9,1946 Richmond.... May 10,1946 IK Oct. 28,1942 Mar. 16,1946 Atlanta May 10,1946 IK Oct. 15,1942 2 Mar. 16,1946 Chicago Apr. 26,1946 IK Aug. 29,1942 I* Mar. 16,1946 St. Louis Apr. 26,1946 IK Mar. 14,1942 Mar. 16,1946 Minneapolis.. Apr. 26,1946 IK Oct. 30,1942 Mar. 23,1946 Kansas City.. Apr. 27,1946 IK Oct. 27,1942 2 Apr. 13,1946 Dallas May 10,1946 IK Oct. 17,1942 2 Mar. 16,1946 San Francisco Apr. 25,1946 IK Oct. 28,1942 2 Apr. 25,1946 2 1 Rates shown also apply to advances secured by obligations of Federal intermediate credit banks maturing within 62 months. NOTE.—Maximum maturities for discounts and advances to member banks are: 15 days for advances secured by ob2liKgations of the Federal Farm Mortgage Corporation or the Home Owners' Loan Corporation guaranteed as to principal and interest by the United States, or by obligations of Federal intermediate credit banks maturing within 6 months; 90 days for other advances and discounts made under Sections 13 and 13a of the Federal Reserve Act (except that discounts of certain bankers' acceptances and of agricultural paper may have maturities not exceeding 6 months and 9 months, respectively); and 4 months for advances under Section 10(b). The maximum maturity for advances to individuals, partnerships, or corporations made under the last paragraph of Section 13 is 90 days. Back figures.—See Banking and Monetary Statistics, Tables 115-116, pp. 439-443. FEDERAL RESERVE BANK BUYING RATES ON BILLS FEDERAL RESERVE BANK RATES ON INDUSTRIAL LOANS [Per cent per annum] AND COMMITMENTS UNDER SECTION 13b OF THE FEDERAL RESERVE ACT Maturity S R e a p te t. o 3 n 0 In g i e n f n fe in ct g — be- Pre ra v t i e ous Maturities not exceeding five years [In effect September 30. Per cent per annum] Treasury bills issued prior to July 10, 1947 lH 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 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 Federal purchases * Prior to July 10, 1947, rate applied to all outstanding Treasury bills. Reserve * 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 -l 88 K-l Net demand deposits1 Time P N h e i w la d Y e o lp r h k i . a . . . . . 2 2 K K - - 5 5 Ki Period in effect C r b e e c a s n i e n t t r y k r v s a e l R b e c a s i n e ty k rv s e C b o a u n n k t s ry d m b e a e p ( n m a o k l s b l s i e ) ts r A S C C R t h l t i . e l c i a v c L h n a e o m g t l u a a o o i n s d nd.... 2 2 2 2 2 M K K K K - - - - - 5 5 5 5 5 l- « i 22 K J M M A u u a a n g y r e . . 2 1 1 1 6 1 , , , , 1 1 1 1 9 9 9 9 1 3 3 3 7 7 7 6 - - - - A A A F u e p p g b r r . . . . 3 1 2 1 0 5 8 5 , , , , 1 1 1 1 9 9 9 9 3 3 3 3 6 8 7 7 . . . . . . . . 2 2 1 1 6 3 9 2^ K 2 1 1 1 0 0 5 7H 1 1 1 4 7 0 2 M K 4 S 3 K X S M D K a a a i n l n n l n s a F a s e r s a a p n C c o i i l s i t s c y . o .. . . 2 2 2 2 K K K K - - - - S 5 5 5 K K % %- - - W l W i X K A A 8 8 Apr. 16, 1938-Oct. 31,1941.. 22^ 17K 12 6 Nov. 1, 1941-Aug. 19, 1942.. 26 20 14 5 1 Including loans made in participation with financing institutions. Aug. 20, 1942-Sept. 13, 1942.. 24 20 14 6 1 Rate charged borrower less commitment rate. Sept. 14, 1942-Oct. 2,1942.. 22 20 14 6 • Rate charged borrower. Oct. 3, 1942 and after 20 20 14 6 4 May charge rate charged borrower by financing institution, if 6 lower. 1 Demand deposits subject to reserve requirements, i. e., total 1 B a C c h k a rge fi g o u f r e K s. S p e e e r ce B n a t n i k s i n m g ad a e n o d n M un o d n i e s t b a u r r y s ed S ta p t o is r t t i i c o s n , o T f a l b o l a e 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 2M 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. 1260 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 Sept. 24 Sept. 17 Sept. 10 Sept. 3 Aug. 27 Aug. 20 Aug. 13 Sept. Aug. Sept. Assets Gold certificates 20,017,67420019,67019,892,17419,846,67219,841,19219,750,17919,694,17920,017,67119,850,67517,327,179 Redemption fund for F. R. notes 705,068 705,527 699,972 687,443 682,942 676,616 672,616 705,068 683,443 767,837 Total gold certificate reserves 20,722,74220,725,19720,592,14620,534,115 20,524,134 20,426,79520,366,79520,722,739 20,534,11818,095,016 Other cash 259,082 252,704 237,937 231,916 259,733 269,358 268,739 267,138 257,366 291,274 Discounts and advances: For member banks.. . 89,146 100,279 90,995 95,521 105,060 109,674 153,675 60,239 155,633 69,635 For nonmember banks, etc 29,500 29,500 29,500 29,500 29,500 129,530 29,530 31,700 29,500 143,800 Total discounts and advances 118,646 129,779 120,495 125,021 134,560 239,204 183,205 91,939 185,133 213,435 Industrial loans 1,901 1,829 1,905 1,831 1,794 1,667 1,892 1,858 1,103 Acceptances purchased. 4,053 1,821 U. S. Govt. securities: Bills: Under repurchase option 771,360 823,640 1,493,690 2,171,362 2,621,080 3,084,431 3,438,088 456,035 2,269,129 5,058,167 Other 13,139,619 12,312,40811,987,45811,527,44811,073,75810,696,99613,563,29111,937,708 9,652,760 Certificates: Special Other 7,015,916 ,025,416 7,042,216 6,976,216 6,869,216 6,849,716 6,803,566 7,118,566 6,896,216 7,914,909 Notes 471,800 474,300 474,300 369,300 369,300 369,300 369,300 471,800 369,300 668,100 Bonds 719,690 719,690 719,690 719,690 719,690 719,690 721,690 719.690 719,690 755,290 Total U. S. Govt. securities 22,118,385 ,755,62322,042,30422,224,02622,106,73422,096,89522,029,64022,329,38222,192,04324,049,226 Other Reserve Bank credit outstanding. . . 333,873 506,573 307,164 272,356 234,588 297,985 279,735 302,365 379,648 328,232 Total Reserve Bank credit outstanding22,572,80522,393,80422,471,86822,623,211 22,477,71322,635,878 22,729,63122,758,68224,593,826 22,494,247 Liabilities Federal Reserve notes. 24,489,81224,565,897 24,622,738 24,225,48624,161 831 24,481,76624,345,03224,448,024 Deposits: 24,144,768 Member bank — reserve account 16,830,55717,128,00516,932,00216,627,511 16,407,371 16,784 ,'30816,601,05315,910,026 U. S. Treasurer—gen- 16,428,266 eral account 799,663 240,394 242,854 459,209 915,237 1,265,056 1,052 669 1,091,445 750,608 1,081,036 Foreign 400,720 432,138 428,670 569,690 540,833 493,209 518,836 334,673 651,690 612,471 Other 523,507 497,686 531,666 579,805 582,230 493,592 480,829 507,119 691,312 456,785 Total deposits 18,554,44718,298,22318,135,19218,236,215 18,659,22818,480,60018,717,54518,694,66318,060,318 Ratio of gold certificate reserves to deposit and F. R. note liabilities combined (per cent). . . 48.0 47.7 42.6 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 6months 1 year to 2 years to Over Total 15 days days days days 6months to 1 year 2 years 5 years 5 years Discounts and advances: Aug. 27 134,560 96,099 16,371 15,660 6,430 Sept. 3 125,021 89,014 19,531 14,099 2,377 Sept. 10 120,495 93,782 15,374 5,764 5,575 Sept. 17 129,779 106,427 17,456 3,391 2,505 Sept. 24... 118,646 95,160 4,944 2,547 6,084 ''9[899 12 Industrial loans: Aug. 2 7 1,831 1,311 3 26 27 53 110 301 Sept. 3 ... 1,80S 1,288 3 " 2 25 26 53 110 301 Sept. 10. .. 1,905 1,357 2 25 26 84 110 301 Sept. 17 1,829 1 ,282 26 56 54 109 302 Sept ?4 1,901 1,348 2 25 62 53 110 301 U. S. Government securities: Aug. 27 22,106,734 4,454,208 2,327,022 4,330,964 4,221,109 2 712,022 3 083 319 295,400 148 350 534,340 Sept. 3 22,224,026 3,697,923 2,327,4814,112,927 4,571,292 3!021,8803 514 433 295,400 148 350 534,340 Sept. 10 22,042,304 3,390,040 2,444,442 3,898,8074,675,612 3, 021,8803 633 433 295,400 148 350 534,340 Sept. 17 21,755,623 3,038,532 2,131,000 4,078,9794,711,609 3, 016,0803 917 833 178,900 255 150 427,540 Sept. 24. 22,118.385 3,417,902 11,872,1504,273,209 4,771,621 ? 983,580 3 940 833 176,400 255 150 427,540 OCTOBER 1947 1261 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS [In thousands of dollars] Total Boston Y N o e r w k d P e h l i p l h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago Lo S u t i . s M a i p n ol n i e s - Ka C n it s y as Dallas F c S r i a a sc n n o - Assets Gold certificates: Aug. 27 10,841,192 742,254 6,667,210 807,0051,153,635 855,331 804,7744,105,229 569,687 353,005 597,583 470,0382,715,441 Sept. 3 19,846,672 721,133 6,739,213 821,1741,122,691 861,537 782,6384,098,659 568,656 348,192 596,868 485,0012,700,910 Sept. 10 19,892,174 715,070 6,754,216 805,5561,126,218 844,530 771,2954,152,665 568,558 354,135 597,638 474,0542,728,239 Sept. 17 20,019,670 765,080 6,750,710 847,8671,148,480 841,053 736,4514,280,059 575,081 364,995 602,959 488,1622,618,773 Sept. 24 20,017,674 728,504 6,838,794 832,0761,146,166 825,083 722,7704,308,739 575,151 351,212 589,813 467,0862,632,280 Redemption fund for F. R. notes: 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 Sept. 3 687,443 55,533 116,813 61,117 75,238 58,866 45,958 93,090 45,259 21,601 36,054 25,087 52,827 Sept. 10 699,972 55,392 121,227 60,852 75,030 59,773 47,797 97,886 45,205 22,079 36,006 26,043 52,682 Sept. 17 705,527 55,657 120,751 60,649 75,353 61,957 51,665 97,725 45,154 22,063 35,977 26,013 52,563 Sept. 24. 705,068 55,175 120,329 60,471 75,196 63,219 51,556 97,581 45,111 22,051 35,948 25,988 52,443 Total gold certific A S a e u t p g e t . . r e 2 s 3 7 erves: 2 2 0 0 , , 5 5 3 2 4 4 , , 1 1 1 3 5 4 7 7 9 7 7 6 , , 7 6 8 6 7 6 6 6 , , 8 7 5 8 6 4 , , 0 02 2 3 6 8 88 6 2 7 , , 2 1 9 2 1 21 1 , , 2 1 2 9 8 7 , , 8 9 7 2 3 9 9 9 1 2 2 0 , , 1 4 9 0 7 3 8 8 5 2 0 8 , , 7 5 3 9 2 6 4 4 , , 1 1 9 9 8 1 , , 3 7 1 4 9 9 6 6 1 1 3 4 , , 9 9 1 4 5 6 3 3 7 6 4 9, , 7 1 9 0 3 6 6 6 3 3 2 3 , , 9 6 2 3 2 7 4 5 9 1 4 0 , , 1 0 2 8 5 8 2 2 , , 7 7 6 5 8 3 , , 2 7 6 3 7 7 Sept. 10 20,592,146 770,462 6,875,443 866,4081,201,248 904,303 819,0924,250,551 613,763 376,214 633,644 500,0972,780,921 Sept. 17 20,725,197 820,737 6,871,461 908,5161,223,833 903,010 788,1164,377,784 620,235 387,058 638,936 514,1752,671,336 Sept. 24 20,722,742 783,679 6,959,123 892,5471,221,362 888,302 774,3264,406,320 620,262 373,263 625,761 493,0742,684,723 Other cash: 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 Sept. 3 231,916 22,260 42,504 10,345 20,719 11,810 16,183 36,691 12,405 7,435 7,524 8,574 35,466 Sept. 10 237,937 22,508 44,997 10,486 18,454 12,204 18,096 38,215 11,477 7,121 8,806 8,739 36,834 Sept. 17 252,704 23,420 45,871 11,652 21,386 13,098 19,188 39,445 10,458 6,897 8,809 9,912 42,568 Sept. 24 259,082 24,306 42,645 13,512 20,432 13,743 20,810 39,687 11,236 8,244 10,624 10,660 43,183 Discounts & advances: Secured by U. S. Gov't. securities: Aug. 27. . 104,794 8,940 24,005 7,070 13,000 7,291 4,957 6,800 12,711 390 4,120 5,376 10,134 Sept. 3. . 95,259 7,690 25,705 7,060 11,665 6,786 4,957 7,520 12,456 390 6,470 326 4,234 Sept 10. . 90,760 4,948 29,180 3,525 21,474 3,936 1,857 10,970 6,525 90 5,370 301 2,584 Sept. 17. . 100,052 4,115 59,756 2,815 15,635 4,486 707 220 7,846 90 3,570 301 511 Sept. 24. . 88,868 2,379 6,535 1,750 18,235 10,185 7,507 4,020 16,555 10,090 10,200 301 1,111 Other: Aug. 27. . 29,766 1,888 9,440 2,390 2,822 1,545 1,243 4,012 1,087 738 1,032 973 2,596 Sept. 3. . 29,762 1,888 9,440 2,390 2,818 1,545 1,243 4,012 1,087 738 1,032 973 2,596 Sept. 10. . 29,735 1,888 9,440 2,390 2,791 1,545 1,243 4,012 1,087 738 1,032 973 2,596 Sept. 17. . 29,727 1,888 9,440 2,390 2,787 1,545 1,243 4,012 1,083 738 1,032 973 2,596 Sept. 24. . 29,778 1,888 9,440 2,390 2,801 1,596 1,243 4,012 1,069 738 1,032 973 2,596 Industrial loans: Aug. 27 1,831 3 1,828 Sept. 3'.'.'.'... 1,808 3 1,805 Sept. 10 1^905 3 1,871 31 Sept. 17 1^829 1,796 30 Sept. 24 1,865 36 U. S. Govt. securities: Bills: Under repurchase option: A Se u p g t . . 27 3 . . . .2 2 , , 1 6 7 2 1 1 , , 3 0 6 8 2 0 6 29 5 , , 0 8 5 1 2 8 1 1 , , 3 7 6 0 7 4 , , 4 7 8 3 5 0 8 5 2 9 , , 9 6 6 5 0 0 2 1 4 5 , , 0 1 1 2 5 0 2 1 9 6 , , 5 8 5 4 0 0 9 5 , , 5 6 0 6 0 0 4 5 9 2 7 8 , , 0 3 5 6 5 5 4 2 4 9 , , 9 8 1 1 5 2 1 8 4 , , 4 8 5 1 2 8 1 1 9 2 , , 7 4 1 1 2 4 7 7, , 9 0 3 8 9 0 1 1 0 0 9 1 , , 6 8 5 5 0 0 Sept. 10. .1,493,690 20,215 997,826 40,950 18,355 18,110 3,400 321,525 21,125 3,442 23,692 5,350 19,700 Sept. 17. . 823,(640 11,400 501,080 14,450 8,450 18,444 3,000 203,875 19,462 8,550 9,729 150 25,050 Sept. 24. . 771,360 8,600 510,649 14,760 6,100 23,144 2,000 148,404 24,612 4,942 12,219 15,930 (Jt A S n e u e p g r t . . D i 2 n 3 7 s . . . . .1 1 1 1 , , 5 9 2 8 7 7 , , 4 4 4 5 8 8 8 89 7 8 7 , , 0 7 7 3 1 5 1 1 , , 3 0 8 9 8 3 , ,3 0 5 5 7 8 1 1 , , 0 0 6 6 9 2 , , 3 6 2 6 3 0 1 1 , ,4 4 2 1 5 7 , , 3 6 5 3 1 01 1 , , 0 0 2 54 5 , , 1 0 8 3 7 0 8 9 9 1 0 5 , , 7 18 6 4 01 1 , , 5 5 0 63 4 , , 7 3 1 1 7 0 6 6 3 4 9 4 , , 0 1 3 7 1 7 4 4 4 5 3 5 , , 0 2 4 2 2 3 7 7 6 5 9 6 , , 9 6 8 0 1 4 5 53 5 4 3 , , 3 6 6 5 2 6 1 1 , , 2 24 8 3 9 , , 5 8 9 6 3 4 Sept. 10. .12,312,408 893,547 1,641,8911,071,8691,377,2571,074,783 932,4361,617,154 654,002 443,829 736,718 546,3731,322,549 Sept. 17. .12,712,577 905,378 1,914,9511,076,3461,375,1331,058,276 953,6821,668,832 658,054 437,017 755,698 546.4081,362,802 Sept. 24. .13,139,619 931,406 2,026,9961,127,6191,432,2011,082,481 976,3541,723,982 657,913 454,452 752,785 567,6731,405,757 Certificates: 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 Sept. 3. .6,976,216 458,301 1,835,101 461,434 691,054 425,024 352,418 861,756 375,555 197,767 336,451 328,643 652,712 Sept. 10. .7,042,216 463,301 1,849,277 467,185 697,208 429,404 356,129 870,731 378,469 199,630 339,695 331,273 659,914 Sept. 17. .7,025,416 462,133 1,845,172 465,937 695,582 428,343 355,244 868,574 377,627 199,154 338,880 330,529 658,241 Sept. 24. .7,015,916 461,461 1,842,896 465,213 694,667 427,741 354,737 867,342 377,161 198,885 338,416 330,116 657,281 Notes: 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 Sept. 3.... 369,300 24,261 97,145 24,427 36,583 22,499 18,656 45,619 19,881 10,469 17,811 17,397 34,552 Sept. 10. . . . 474,300 31,204 124,551 31,465 46,958 28,920 23,986 58,644 25,490 13,445 22,879 22,312 44,446 Sept. 17. . . . 474,300 31,199 124,571 31,457 46,960 28,919 23,983 58,639 25,495 13,445 22,878 22,315 44,439 Sept. 24 471,800 31,032 123,929 31,284 46,715 28,764 23,855 58,326 25,363 13,375 22,758 22,199 44,200 Bonds: 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 Sept. 3.... 719,690 47,280 189,315 47,603 71,292 43,846 36,357 88,902 38,744 20,402 34,709 33,904 67,336 Sept. 10 719,690 47,348 188,990 47,745 71,252 43,883 36,395 88,985 38,678 20,402 34,716 33,855 67,441 Sept. 17 719,690 47,341 189,021 47,731 71,256 43,880 36,391 88,977 38,685 20,402 34,715 33,860 67,431 Sept. 24 719,690 47,337 189,043 47,721 71,259 43,877 36,389 88,972 38,689 20,402 34,715 33,863 67,423 Total U. S. Govt. securities: Aug. 27 22,106,734 1,465,880 4,893,8331,677,6552,221,3611,539,1671,298,1693,015,1341,112,835 683,4701,166,162 935,9882,097,080 Sept. 3 22,224,026 1,456,965 4,877,1041,655,7742,248,2951,562,3961,332,1153,057,0491,108,169 692,3131,165,287 922,2452,146,314 Sept. 10 22,042,304 1,455,615 4,802,5351,659,2142,211,0301,595,1001,352,3462,957,0391,117,764 680,7481,157,700 939,1632,114,050 Sept. 17 21,755,623 1,457,451 4,574,7951,635,9212,197,3811,577,8621,372,3002,888,8971,119,323 678,5681,161,900 933,2622,157,963 Sept. 24 22,118,385 1,479,836 4,693,5131,686,5972,250,9421,606,0071,393,3352,887,0261,123,738 692,0561,160,893 953,8512,190,591 Total loans and securities: Aug. 27 22,243,125 1,476,711 4,927,2781,688,9432,237,1831,548,0031,304,3693,025,9461,126,633 684,5981,171,314 942,3372,109,810 Sept. 3 22,350,855 1,466,546 4,912,2491,667,0292,262,7781,570,7271,338,3153,068,5811,121,712 693,441 1,172,789 923,5442,153,144 Sept. 10 22,164,704 1,462,454 4,841,1551,667,0002,235,2951,600,6121,355,4462,972,0211,125,376 681,5761,164,102 940,4372,119,230 Sept. 17 21,887,231 1,463,457 4,643,9911,642,9222,215,8031,583,9231,374,2502,893,1291,128,252 679,3961,166,502 934,5362,161,070 Sept. 24 22,238.932 1,484,103 4,709,4881,692,6022,271,9781,617,8241,402,0852,895,0581,141,362 702,8841,172,125 955,1252,194,298 1262 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS—Continued [In thousands of dollars] Total Boston Y N o e r w k d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago L S ou t. is M ap in o n li e s - K C an it s y as Dallas F c S r is a a c n n o - Due from foreign I banks: Aug. 27 102 6 I 33 8 9 5 4 14 4 3 4 3 9 Sept. 3 102 6 133 8 9 5 4 14 4 3 4 3 9 Sept. 10 99 6 130 8 9 5 4 14 4 3 3 3 9 Sept. 17. .. . 99 6 130 8 9 5 4 14 4 3 4 3 9 Sept. 24. .. . 99 6 130 8 9 5 4 14 4 3 4 3 9 Federal Reserve notes of other Banks: 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 Sept. 3 101,676 5,093 15,819 3,948 6,000 8,349 6,812 13,913 4,398 12,548 7,690 2,835 14,271 Sept. 10 115,147 4,372 20,693 5,866 5,645 7,971 11,616 14,526 7,534 10,331 7,048 3,712 15,833 Sept. 17 134,234 5,171 22,727 6,214 6,753 9,736 12,122 16,914 9,190 13,507 8,942 4,289 18,669 Sept. 24 134,758 4,904 21,473 6,521 6,746 11,347 12,351 17,095 8,312 11,633 9,083 5,241 20,052 Uncollected Au i g te . m 2 s 7 : .. 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 Sept. 3 2,365,562 195,924 463,249 154,273 207,569 217,926 161,661 351,683 111,003 68,473 132,909 98,019 202,873 Sept. 10 2,468,182 196,606 484,226 162,529 216,880 229,999 148,980 376,163 115,567 75,512 136,635 106,961 218,124 Sept. 17 3,261,510 262,851 608,142 233,817 308,192 312,942 210,296 497,667 144,321 87,650 158,080 135,413 302,139 Sept. 24 2,727,757 214,891 509,509 192,076 268,248 250,770 165,238 403,605 120,329 79,601 144,919 115,960 262,611 Bank premises: 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 Sept. 3 31,804 1,259 8,312 3,101 3,775 2,648 1.497 3,030 1,979 1,219 2,474 772 1,738 Sept. 10 31,837 1,259 8,312 3,133 3,775 2,648 1,497 3,030 1,979 1,219 2,474 773 1,738 Sept. 17 31,863 1,259 8,312 3,133 3,775 2,648 1,497 3,056 1,979 1,219 2,474 773 1,738 Sept. 24 33,264 1,259 8,312 3,127 5,189 2,641 1,497 3,056 1,979 1,219 2,474 773 1,738 Ot A he u r g . a s 2 se 7 ts: 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 Sept. 3 53,517 3,342 13,170 3,273 5,680 3,218 2,844 7,001 3,256 1,472 2,447 2,542 5,272 Sept. 10 56,759 3,597 13,827 3,418 6,650 3,518 2,888 7,312 3,382 1,548 2,605 2,394 5,620 Sept. 17 49,749 3,274 11,527 2,948 6,238 2,946 2,579 6,372 3,015 1,396 2,306 2,291 4,857 Sept. 24 49,430 3,226 12,093 3,015 4,992 3,126 2,607 6,499 3,077 1,275 2,366 2,319 4,835 Total assets: Aug. 27 45,489,708 2,490,84512,231,0572,728,1563,706,4012,697,6142,326,6637,631,0761,866,5031,145,4611,945,2531,570,4405,150,239 Sept. 3 45,669,547 2,471,09612,311,3622,724,26813,704,4592,735,0862,355,912 7,672,6621,868,672 ,154,3841,958,7591,546,3775,166,510 Sept. 10 45,666,811 2,461,26412,288,6832,718,8483,687,9562,761,2602,357,6197,661,8321,879,0821,153,5241,955,3181,563,1165,178,309 Sept. 17 .. 46,342,587 2,580,17512,212,0612,809,2103,785,9892,828,3082,408,0527,834,38! 1,917,4541,177,1261,986,0531,601,3925,202,386 Sept. 24 46,166,064 2,516,37412,262,6732,803,4083,798,9562,787,7582,378,9187,771,3341,906,5611,178,1221,967,3561,583,1555,211,449 Liabilities Federal Reserve Au n g o . te 2 s 7 : . . 24,225,486 1,439,182 5,590,1561,641,9132,104,2041,664,2321,365,3454,560,3611,076,838 591,943 926,183 593,3992,671,730 Sept. 3 24,622,738 1,465,679 5,649,4741,662,3082,127,7541,704,0221,406,6374,615,3501,101,992 604,545 950,094 617,3472,717,536 Sept. 10 24,650,412 1,463,838 5,638,262 1,662,8982,134,6721,720,6271,410,2214,614,127 1,104,260 606,622 947,378 620,5982,726,909 Sept. 17 24,565,897 1,454,545 5,635,5441,659,0952,127,6341,719,0601,400,5994,602,1571,102,204 610,339 941,830 615,8802,697,010 Sept. 24... . 24,489,812 1,447,748 5,620,1691,658,0482,120,2691,717,8731,397,0854,589,8571,100,992 609,982 937,551 612,1502,678,088 Deposits: Member bank —reserve account: 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 Sept. 3 . . 16,627,511 713,192 5,201,551 795,5731,227,106 714,612 726,2162,530,052 594,509 432,446 827,748 783,7842,080,722 Sept. 10. . 16,932,002 749,443 5,198,023 829,8481,248,920 776,802 748,1552,565,831 619,458 450,145 846,257 805,2282.C93.892 Sept. 17. . 17,128,005 788,418 5,256,349 840,1421,284,595 768,996 746,9882,632,754 619,571 447,246 843,398 810,0932,089,455 Sept. 24. . 16,830,557 733,860 5,230,784 829,9681,247,904 748,264 720,9332,557,639 607,505 443,720 826,073 788,2262,095,681 IJ. S. Treasurer-general acc A o u u g n . t: 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 Sept. 3. 459,209 28,713 130,042 23,853 42,602 54,884 10,220 59,097 25,387 24,971 10,982 15,930 32,528 Sept. 10. 242,854 922 230,281 389 519 1,057 1,441 1,881 1,496 457 810 1,234 2,367 Sept. 17. 240,394 21,097 63,263 22,066 16,676 18,187 3,921 18,361 12,070 12,928 18,314 12,615 20,896 Sept. 24. 799,663 58,170 161,793 63,427 94,876 53,011 44,917 118,565 36,555 27,848 33,406 37,564 69,531 Forei A g u n: g. 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 Sept. 3. 569,690 33,254 2217,034 41,998 48,221 25,407 21,259 70,516 18,147 12,963 18,148 17,110 45,633 Sept. 10. 428,670 24,812 2165,688 31,315 35,954 18,943 15,851 52,578 13,531 9,665 13,531 12,758 34,044 Sept. 17. 432,138 24,710 2170,214 31,185 35,805 18,865 15,785 52,360 13,475 9,625 13,475 12,705 33,934 Sept. 24. . 400,720 22,649 2160,693 28,577 32,810 17,287 14,465 47,981 12,348 8,820 12,348 11,642 31,100 Other: 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 Sept. 3. 579,805 2,203 503,135 1,285 8,376 3,112 4,592 4,684 8,140 2,635 1,250 962 39,431 Sept. 10. 531,666 2,674 454,412 2,186 7,938 2,184 2,296 2,857 7,776 1,761 599 799 46,184 Sept. 17. 497,686 4,024 419,443 1,961 6,404 3,288 1,894 4,088 8,186 2,216 445 883 44,854 Sept. 24. 523,507 4,400 441,995 1,998 6,623 3,317 1,661 6,406 8,677 2,026 931 1,307 44,166 Total deposits: Aug. 27 .18,531,346 843,691 6,065,273 897,8141346,779 812,808 794,8662,671,066 675,726 478,495 884,841 846,4362,213,551 Sept. 3 18,236,215 777,362 6,051,762 862,7091,326,305 798,015 762,2872,664,349 646,183 473,015 858,128 817,7862,198,314 Sept. 10 18,135,192 777,851 6,048,404 863,7381,293,331 798,986 767,7432,623,147 642,261 462,028 861,197 820,0192,176,487 Sept. 17 18,298,223 838,249 5,909,269 895,3541,343,480 809,336 768,5882,707,563 653,302 472,015 875,632 836,2962,189,139 Sept. 24 18,554,447 819,079 5,995,265 923,9701,382,213 821,879 781 9762,730,591 665,085 482,414 872,758 838,7392,240,478 Deferred availa- A bi u li g t . y 2 it 7 ems: 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 Sept. 3 2,093,308 181,984 389,402 141,221 183,338 196,643 156,193 296,359 93,866 57,669 123,791 85,745 187,097 Sept. 10 2,161,117 173,411 380,530 133,923 192,898 204,969 148,653 327,517 105,707 65,742 119,800 97,043 210,924 Sept. 17 2,755,036 241,087 444,625 196,345 247,465 263,151 207,702 427,324 135,049 75,024 141,573 123,604 252,087 Sept. 24 2,393,983 202,996 422,701 162,702 228,646 211,004 168,457 353,140 113,418 66,193 129,853 106,487 228,386 Other liab. incl. accrued div.: Aug. 27 16,495 1,052 3,210 1,127 1,949 1,031 974 2,561 740 687 845 761 1,558 Sept. 3 16,320 1,138 2,691 1,149 2,003 1,101 980 2,551 742 691 844 798 1,632 Sept. 10 17,009 1,011 3,110 1,264 1,789 1,215 1,064 2,703 811 610 863 671 1,898 Sept. 17 18,598 1,067 3,889 1,243 1,924 1,151 1,097 2,765 793 1,136 882 747 1,904 Sept. 24 20,899 1,120 5,430 1,359 2,105 1,249 1,196 2,932 837 850 899 828 2,094 1 After deducting $69,000 participations of other Federal Reserve Banks on Aug. 27; Sept. 3; Sept. 10; Sept. 17; and Sept. 24. 2 After deducting $335,240,000 participations of other Federal Reserve Banks on Aug. 27; $352,580,000 on Sept. 3; $262,888,000 on Sept. 10; $261,800,000 on Sept. 17; and $239,904,000 on Sept. 24. OCTOBER 1947 1263 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS—Continued [In thousands of dollars] Total Boston Y N o e r w k d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago L S ou t. is M ap in o n li e s - K C an it s y as Dallas F c S r is a a c n n o - Total liabilities: Aug. 27 44,790,206 2,445,975 12,013,4422,671,3573,641,5542,662,3562,296,9467,537,270 1,840,6231,127,0731,919,3701,545,8125,088,428 Sept. 3 44,968,581 2,426,163 12,093,3292,667,3873,639,4002,699,7812,326,097 7,578,609 1,842,7831,135,9201,93,2,8571,521,6765,104,579 Sept 10 . 44,963,730 2,416,11112,070,3062,661,8233,622,6902,725,7972,327,6817,567,494 1,853,0391,135,0021,929,2381,538,3315,116,218 Sept. 17 45,637,754 2,534,948 11,993,3272,752,0373,720,5032,792,6982,377,9867,739,809 1,891,3481,158]5141,959[9171,576,5275,140,140 Sept. 24 45,459,141 2,470,943 12,043,5652,746,0793,733,2332,752,0052,348,714 7,676,5201,880,3321,159,4391,941,0611,558,2045,149,046 Capital Accts.: Capital paid in: 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 Sept. 3 193,306 11,204 68,143 14,302 18,802 8,140 7,437 23,089 6,347 4,247 6,458 7,202 17,935 Sept. 10 193,367 11,204 68,157 14,303 18,801 8,141 7,441 23,144 6,347 4,248 6,458 7,203 17,920 Sept. 17.... 193,422 11,212 68,166 14,303 18,804 8,142 7,443 23,150 6,348 4,265 6,463 7,206 17,920 Sept. 24.... 193,442 11,212 68,170 14,302 18,807 8,143 7,443 23,154 6,343 4,267 6,467 7,211 17,923 Surplus (section 7): 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 Sept. 3 439,823 27,557 136,549 34,720 41,394 20,676 18,663 65,078 16,577 10,997 15,729 13,777 38,106 Sept. 10.... 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 Sept. 17 439,823 27,557 136,549 34,720 41,394 20,676 18,663 65,078 16,577 10,997 15,729 13,777 38,106 Sept. 24. . . : 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): 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 Sept. 3 27,455 3,012 7,253 4,489 1,007 3,325 762 1,429 521 1,073 1,137 1,307 2,140 Sept. 10 27,455 3,012 7,253 4,489 1,007 3,325 762 1,429 521 1,073 1,137 1,307 2,140 Sept. 17 27,455 3,012 7,253 4,489 1,007 3,325 762 1,429 521 1,073 1,137 1,307 2,140 Sept. 24.... 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.: 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 Sept. 3.... 40,382 3,160 6,088 3,370 3,856 3,164 2,953 4,457 2,444 2,147 2,578 2,415 3,750 Sept. 10. ... 42,436 3,380 6,418 3,513 4,064 3,321 3,072 4,687 2,598 2,204 2,756 2,498 3,925 Sept. 17 44,133 3,446 6,766 3,661 4,281 3,4 7 3,198 4,915 2,660 2,277 2,807 2,575 4,080 Sept. 24 46,203 3,650 7,136 3,818 4,515 3,6.,9 3,336 5,153 2,788 2,346 2,962 2,656 4,234 Total liabilities and cap. accts.: Aug. 27 45,489,708 2,490,845 12,231,0572,728,1563,706,4012,697,6142,326,663 7,631,076 1,866,5031,145,4611,945,2531,570,4405,150,239 Sept. 3 45,669,547 2,471,096 12,311,3622,724,2683,704,4592,735,0862,355,912 7,672,662 1,868,6721,154,3841,958,7591,546,3775,166,510 Sept. 10. ... 45,666,811 2,461,264 12,288,6832,718,8483,687,9562,761,2602,357,6197,661,832 1,879,0821,153,5241,955,3181,563,1165,178,309 Sept. 17.... 46,342,587 2,580,175 12,212,0612,809,2103,785,9892,828,3082,408,052 7,834,381 1,917,4541,177,1261,986,0531,601,3925,202,386 Sept. 24 ... 46,166,064 2,516,374 12 262 6732,803,4083,798,9562,787 7582,378,9187,771,334 1,906,5611,178,1221,967,3561,583,1555,211,449 Contingent liability on bills purchased for foreign correspondents: Aug. 27. ... 4,021 257 H.285 326 374 197 165 547 141 101 141 133 354 Sept. 3.... 3,877 248 1l,240 314 361 190 159 527 136 97 136 128 341 Sept. 10 3,387 217 H.084 274 315 166 139 461 118 85 118 112 298 Sept. 17 3,236 207 il,036 262 301 158 133 440 113 81 113 107 285 Sept. 24.... 3,125 200 11,000 253 290 153 128 425 110 78 110 103 275 Commit, to make indus. loans Aug. 27.... 7,454 928 1,493 89 427 30 580 3 750 157 Sept. 3.... 7,484 952 1,491 97 427 30 580 3,750 157 Sept. 10 7,408 885 1,491 92 427 30 580 3,750 153 Sept. 17 7,467 961 1,491 76 427 29 580 3,750 153 Sept. 24. ... 7,400 892 1,491 78 427 29 580 3,750 153 FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS' ACCOUNTS, BY WEEKS [In thousands of dollars] Total Boston Y N o e r w k d P e h lp il h a i - a C 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 po n l n i e s - K C an it s y as Dallas F c S r is a a c n n o - F.R. notes outstanding (issued to Bank): Aug. 27 24,911,249 1,5055,829 5,738,665 1,685,6342,145,9021,702,183 ,411,2464,656,613 1,111,373604,398 950,998 621,5182,776,890 Sept. 3 25,227,672 1,508,016 5,781,6641,698,698 2.,168,4081,731,012 ,450,8214,700,906 1,150,377616,316 970,833642,2432,808,378 Sept. 10 25,305,458 1,508,9215,792,346 1,707,4312,178,6471,747,137 ,454,439 4,707,8301,153,242622,279 974,353646,529 2,812,304 Sept. 17 25,314,894 l,510,22i69 5781,8581,712 138 2,188,1561,757,260 ,452,720 4,703,2721,147,948 622,571 970,460 644,906 2,823,336 Sept. 24 25,254,169 1,502,628 5,769,7591,705,7022,185,0871,762,080 449,339 4,695,4571,144,722623,205 966,490 641,8422,807,858 Collateral held against notes outstanding: Gold certificates: 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 Sept. 3 12,168,000 440,000 •3,470,000 500,000 670,000 610,000 535,000 2,950,000 300,000194,000 280,000169,000 2,050,000 Sept. 10 12,088,000 440,000 35/,470,000 515,000 685,000 610,000 535,000 2,850,000 300,000184,000 280,000169,000 2,050,000 Sept. 17 11,938,000 440,000 3,470,000 515,000 695,000 560,000 475,000 2,850,000 300,000184,000 280,000169,000 2,000,000 Sept. 24 11,888,000 440,000 3,470,000 515,000 695,000 560,000 475,000 2,850,000 300,000184,000 280,000169,0001,950,000 Eligible paper: Aug. 27 74,564 8,940 24,005 7,070 7,140 12,765 390 4,120 10,134 Sept. 3 70,694 7,690 25,705 7,060 6,635 12,510 390 6,470 4,234 Sept. 10 55,936 4,948 29,055 3,525 3,785 6,579 90 5,370 2,584 Sept. 17 82,588 4,115 59,256 2,815 4,335 7,896 90 3,570 511 Sept. 24 57,891 2,379 5,735 1,750 10,035 16,591 10,090 10,200 1,111 U. S. Govt. sec: Aug. 27 13,524,915 1,100,000 2,400,0001,200,0001,500,0001,105,000 900,0001,800,000 894,915425,000 700,000 500,0001,000,000 Sept. 3 13,584,812 1,100,000 2,400,000 1,200,0001,500,0001,130,000 950,000 1,800,000 879,812425,000 700,000 500,0001,000,000 Sept. 10 13,771,125 1,100,0002,400,000 1,200,0001,500,0001,160,000 950,0001,90 ,000 921,125440,000 700,000 500,0001,000,000 Sept. 17 13,889,462 1,100,0002,400,000 1,200,0001,500,0001,220,000 ,000,0001,900,000 919,462 450,000 700,000 500,000 1,000,000 Sept. 24 13,894,612 1,100,0002,400,000 1,200,0001,500,0001,220,000 ,000,0001,900,000 924,612 450,000 700,000500,000 1,000,000 Total collateral: Aug. 27 25,667,479 1,548,940 5,894,0051,707,070 2,155,0001,722,140 420,000 4,690,0001,207,680 609,390 984,120 669,000 3,060,134 Sept. 3 25,823,506 1,547,690 5,895,7051,707,060 2,170,0001,746,635 485,000 4,750,0001,192,322619,390 986,470 669,000 3,054,234 Sept. 10 25,915,061 1,544,9485,899,055 1,718,5252,185,000 1,773,785 ,485,000 4,750,0001,227,704624,090 985,370 669,000 3,052,584 Sept. 17 25,910,050 1,544,1155,929,256 1,717,8152,195,000 1,784,3351,475,0004,750,0001,227,358 634,090 983,570 669,000 3,000,511 Sept. 24 25,840,503 1,542,37 875,7351,716,7502,195,000 1,790,035 1,475,000 4750,0001,241,203 644,090 990,200 669,000 2,951,111 1 After deducting $2,736,000 participations of other Federal Reserve Banks on Aug. 27; $2,637,000 on Sept. 3; $2,303,000 on Sept. 10; $2,200,000 on Sept. 17; and $2,125,000 on Sept. 24. 1264 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 All city banks Re- Coun- 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 ts a lo t r a a a n n n d t s e in ed g a A v b a a o d i m r d l r a i o o b ti w u l o e n e n t t r a o s l week e M nd o i n ng th , T o h r ursday b m a b n e e k m r s - l • Y N o e r w k c C a hi g - o b s c a e i n r t v y k e s ba t n r k y s * Date under guar- N b u e m r - Amount am To o t u a n l t g P u o te a r e r ti a d o n n - a o n u te t m s e t e a a n n g t d s re in e g - To 1 t 9 a 4 l 6 r — es A J e u u r l v g y e u s st held: 1 1 6 6 , , 0 0 3 1 1 7 4 4 , , 1 1 2 8 5 0 9 8 0 9 4 7 6 6 , , 3 3 3 1 7 4 4 4 , , 6 6 6 2 5 7 June 3 1 0 942 565 310,680 81,108 69,674 137,888 1947— A Ju u l g y ust 1 1 6 6 , , 4 3 8 4 1 7 4 4 , , 2 2 0 3 3 9 9 97 6 9 4 6 6 , , 5 4 4 3 3 8 4 4 , , 7 7 5 0 7 6 Dec. 31 2,665 2,688,397 803,720 632,474 1,430,121 July 24 16,400 4,260 967 6,455 4,719 1943 July 31 16,372 4,247 970 6,467 4,688 June 30 4,217 4,718,818 1,428,253 1,153,756 2,216,053 Aug. 7 16,464 4,227 976 6,511 4,750 Dec. 31. 5,347 6,563,048 1,914,040 1,601,518 3,146,286 Aug. 14 16,468 4,189 979 6,524 4,777 1944 Aug. 21 16,454 4,192 979 6,531 4,752 June 30 6,433 8,046,672 2,064,318 1,735,777 3,810,797 Aug. 28 16,488 4,207 978 6,555 4,748 Dec. 30 7,434 9,310,582 1,735,970 1,482,038 4,453,586 S Se e p p t t . . 1 4 1 1 1 6 6 , , 5 8 8 3 1 1 4 4 , , 2 24 1 9 4 9 9 8 8 7 8 6 6 , ,6 6 8 1 6 4 4 4 , , 7 9 6 0 7 7 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—July 928 11 226 673 August 891 3 205 670 1946 1947—July 781 -1 222 ••548 J D u e n c e . 3 2 1 9 8 8 , , 7 7 7 7 1 1 1 1 0 0 , , 3 3 4 4 4 4 , , 0 0 1 1 8 8 7 1 0 8 , , 2 9 6 9 7 6 6 1 0 7 , , 2 4 1 5 4 4 1 2 4 8 2 , , 7 6 9 1 1 7 August 800 4 226 559 1947 July 24 789 3 220 550 Jan. 31 8,771 10,344,018 18,025 16,654 22,424 July 31 753 4 209 526 Feb. 28 8,771 10,344,018 14,238 13,237 21,183 Aug. 7 805 3 228 561 Mar. 31 8,771 10,344,018 11,746 10,965 15,392 Aug. 14 820 4 219 585 Apr. 30 8,771 10,344,018 10,356 9,658 13,452 Aug. 21 777 4 212 548 May 31 8,771 10,344,018 9,236 8,601 13,176 Aug. 28 775 3 216 542 June 30 8,771 10,344,018 3,589 3,218 6,726 Sept. 4 794 5 235 542 July 31 8,771 10,344,018 3,245 2,908 6,709 Sept. 11 948 4 274 654 Aug. 30 8,771 10,344,018 2,992 2,703 6,729 Borrowings at Federal Reserve Banks: NOTE.—The difference between guaranteed loans authorized and sum 1946—July 121 7 82 27 of loans outstanding and additional amounts available to borrowers August 126 19 74 33 under guarantee agreements outstanding represents amounts repaid 1947—July 92 2 51 39 and authorizations expired or withdrawn. August 127 26 57 42 July 24 82 51 31 July 31 94 48 42 INDUSTRIAL LOANS BY FEDERAL RESERVE BANKS Aug. 7 95 7 55 32 Aug. 14 163 48 74 41 [Amounts in thousands of dollars] Aug. 21 103 9 57 37 Aug. 28 135 34 50 44 W o o D r f e a l d t a p e n s e t e r ( d i s l o d a a d s a y ) t y N b u A e m r a p - t p p o p l i r c d o A a a v t t m i e e o d o n u s nt b a p p m u c l r A e t o o o t p m v e u n - e d - n o d 1 t t ) s (a t L a m o n o u o d a t u i n - n n ; g t) 2 ( s C a t m a o m o n m e u o d n m t u i - t n n s i g t t ) - ( s P a p ta m a a o n t r u o i t d o i t u i c - n n n i s - g t) 1 r W Re e v e i k s S S l e y e e d p p . f t t • i . . g 1 u 4 r 1 es of excess r 1 1 e 3 0 s 3 6 erves o 3 2 f 4 1 all member ba 6 5 n 1 4 ks and 4 3 1 2 of country banks are estimates. Weekly figures of borrowings of all mem- 1934... 984 49,634 20,966 13,589 8,225 1,296 ber banks and of country banks may include small amounts of Federal 1935. . . 1,993 124,493 11,548 32,493 27,649 8,778 Reserve Bank discounts and advances for nonmember banks, etc. 1936. . . 2,280 139,829 8,226 25,526 20,959 7,208 1937. . . 2,406 150,987 3,369 20,216 12,780 7,238 1938. . . 2,653 175,013 1,946 17,345 14,161 12,722 DEPOSITS OF COUNTRY MEMBER BANKS IN LARGE AND 1 1 9 9 3 4 9 0 . . . . . . 2 2 , , 7 9 8 0 1 8 2 1 1 8 2 8 , , 5 22 1 2 0 1 2 3 , , 6 9 5 54 9 1 9 3 , , 1 6 5 8 2 3 9 5, , 2 2 2 2 6 0 1 6 0 , , 3 9 8 8 6 1 SMALL CENTERSi 1941. . . 3,202 279,860 8,294 10,337 14,597 19,600 [Averages of daily figures. In millions of dollars] 1942 June 24. 3,352 338,822 26,346 11,265 16,832 26,430 In places of 15,000 In places of under Dec. 31 . 3,423 408,737 4,248 14,126 10,661 17,305 and over population 15,000 population 1943 June 30. 3,452 475,468 3,203 13,044 12,132 19,070 Demand Demand Dec. 31. 3,471 491,342 926 10,532 9,270 17,930 deposits Time deposits Time June 1 9 3 4 0 4 3,483 510,857 45 11,366 4,048 11,063 e i x n c te e r p - t deposits e i x n c te e r p - t deposits Dec. 30, 3,489 525,532 1,295 3,894 4,165 2,706 bank bank 1945 June 30 3,502 537,331 70 3,252 5,224 2,501 August 1946 16,289 8,114 '12.112 5,674 Dec. 31 3,511 544,961 320 1,995 1,644 1,086 July 1947 15,108 '8,456 11,639 6,022 1946 June 29 3,524 552,711 615 1,210 5,366 1,110 August 1947 15,223 8,471 11,872 6,054 Dec. 31, 3,542 565,913 4,577 554 8,309 2,670 Boston 1,825 882 337 234 1947 New York 2,810 2,170 1,044 1,169 Jan. 31 3,545 568,540 4,795 593 8,217 2,677 Philadelphia 1,052 748 900 897 Feb. 28 3,548 569,487 4,795 996 8,186 2,729 Cleveland 1,300 921 1,043 829 Mar. 31 3,548 569,825 4,595 1,081 8,160 2,727 A J A J M u u u p l a n g y r y e . . 3 3 3 3 3 1 0 1 0 0. 3 3 3 3 3 , , , , , 5 5 5 5 5 5 5 5 5 6 2 3 5 8 3 5 5 5 5 5 7 7 7 7 7 1 1 2 4 6 , , , , , 4 8 8 9 1 0 9 3 9 6 8 3 6 9 1 5 4 1 , , , 3 5 9 3 1 0 7 9 5 9 2 1 5 1 5 1 1 1 1 1 , , , , , 1 6 7 7 8 0 1 7 3 5 9 8 8 2 8 5 7 7 6 7 , , , , , 0 7 2 8 4 1 7 3 8 3 8 9 5 6 7 4 2 5 2 3 , , , , , 6 0 9 7 0 1 4 0 6 2 6 3 1 2 8 A S R C t i h t . c l i a h c L n a m o g t u a o o i n s d 1 1 1 , , , 5 9 0 6 0 1 5 2 7 5 8 8 1,3 3 3 4 8 9 8 3 8 8 6 3 1,6 8 6 9 9 4 6 4 9 2 7 0 9 4 2 2 5 6 1 8 7 8 3 1 Minneapolis 553 293 746 442 1 Includes applications approved conditionally by the Federal Re- Kansas City 531 105 1,623 202 serve Banks and under consideration by applicant. Dallas 918 141 1,472 61 2 Includes industrial loans past due 3 months or more, which are not San Francisco 1,125 606 557 302 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. OCTOBER 1947 1265 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 Class of bank and de- Time ances at Federal Reserve district Total I b n a t n er k - Other p m o d s a e i n - ts d 2 po d s e i - ts3 m f d r d e o u o s m - e tic Total qu R i e r - ed c E e x s - s s F e e R e r r e d a v - - l e banks Banks Ft st half Aiigust 1947 All member banks 87,225 11,189 76,036 76,912 28,108 5,570 16,472 15,647 825 127 Central reserve city banks: New York 21,960 3,997 17,963 20.539 1.452 42 4,207 4,195 12 26 Chicago . . . . .. .... 5,070 1,149 3,921 4.605 887 150 979 974 4 1 Reserve city banks 32,181 5,100 27,081 28,074 11,257 1,755 6,523 6,290 233 60 Boston 1,911 269 1,642 1,754 200 35 369 363 6 1 New York ... 565 27 539 503 307 23 122 119 3 3 Philadelphia . 2,209 335 1 ,874 1.985 276 69 419 414 5 6 Cleveland 3,708 466 3,242 3,312 1,322 166 773 742 32 16 Richmond 2,009 295 1 ,713 1,774 443 96 401 381 20 5 Atlanta 1,975 409 1.567 1,698 411 121 383 364 19 ? Chicago 3,911 505 3 ,405 3 ,360 2,100 299 838 798 40 5 St. Louis 1,808 500 1,308 1,565 323 90 339 332 6 12 Minneapolis 968 272 697 816 176 57 176 174 2 Kansas City. ..... 2,797 952 1 .845 2,298 360 263 506 481 25 4 Dallas 2.314 548 1.766 1.921 338 254 449 404 45 3 San Francisco.... 8,006 523 7,432 7 ,089 5,000 280 1,748 1,718 30 1 Country banks... 28,014 942 27,071 23,694 14,512 3,623 4,763 4,188 575 41 Boston . . . 2,246 82 2,164 1,962 1,117 180 375 342 34 7 New York 3,945 81 3 ,864 3 ,459 3,336 328 763 684 79 10 Philadelphia 1,962 15 1,947 1,719 1.644 193 3S3 339 44 4 Cleveland 2,358 23 2 .335 2.045 1,743 263 454 391 63 5 Richmond 2,004 103 1,900 1,668 865 270 326 285 40 3 Atlanta 2,309 157 2.152 1.945 700 314 352 314 38 1 Chicago 3,670 72 3 ,599 3,079 2.342 531 660 572 89 St. Louis 1,711 119 1,592 1.445 614 228 271 239 31 1 Minneapolis 1,356 63 1,293 1,142 734 183 234 204 30 4 Kansas City 2,227 75 2.152 1.776 308 431 312 267 45 1 Dallas 2,517 130 2.387 1.977 201 505 344 289 56 San Francisco.... 1,710 22 1.687 1,476 909 195 288 261 27 3 Second half of August 1947 All member banks 87,583 11,201 76,382 77,257 28,165 5,512 16,490 15,713 111 127 Central reserve city banks: New York . . . .. 21,970 4,0.30 17.940 20.508 1 ,456 45 4,198 4,189 9 25 Chicago 5,095 1,149 3,945 4,616 886 151 980 976 4 3 Reserve city banks . . 32,469 5,088 27,381 28,319 11,286 1,764 6,561 6,341 220 55 1 905 260 1 645 1 750 199 34 369 362 7 1 New York . . 569 27 542 505 307 24 123 119 3 2 Philadelphia 2,214 330 1,884 1 ,983 276 71 417 413 4 6 Cleveland 3 ,726 465 3,261 3,313 1.338 163 775 743 32 14 Richmond 2,049 301 1,748 1,803 447 99 403 387 15 3 Atlanta 1,988 407 1.581 1,706 411 122 380 366 15 4 Chicago .... . . 3,970 506 3.464 3,420 2.104 297 842 810 32 5 St. Louis 1,835 488 1,346 1,590 326 88 344 338 6 11 Minneapolis....... ... 981 289 692 822 177 60 180 175 5 3 Kansas City .... 2,831 93 7 1,895 2,343 360 267 518 490 28 1 Dallas 2,334 541 1. 793 1,931 339 252 441 407 34 5 San Francisco.... 8,066 537 7 ,530 7,153 5,002 288 1,770 1,731 39 1 Country banks 28,049 933 27,116 23,815 14,537 3,553 4,750 4,206 544 43 Boston 2,240 80 2,161 1.963 1,116 176 372 342 30 8 New York ... 3,924 79 3,844 3.461 3,340 310 757 685 72 15 Philadelphia . . 1,973 15 1,958 1,731 1.645 190 382 341 41 3 Cleveland 2,374 23 2,351 2,060 1.756 262 454 394 60 4 Richmond ... 2,003 102 1,900 1,675 866 260 321 286 35 4 Atlanta 2,297 154 2,143 1,946 699 302 348 314 34 1 Chicago 3,702 73 3 629 3 111 2 348 533 665 576 89 St Louis 1,714 116 1,598 1.457 614 220 270 241 29 1 Minneapolis.... ... 1,370 65 1.305 1.148 736 192 236 205 31 1 Kansas City .... 2,228 73 2,155 1,795 306 416 313 270 43 9 Dallas 2,524 130 2 ,394 1,992 202 499 345 291 54 San Francisco.... .... 1 ,702 24 1,679 1,475 908 191 287 261 26 4 1 Averages of daily dosing figures for reserves and borrowings and of daily opening figures for other columns, inasmuch as reserves required are based on deposits at opening of business. 2 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 70,150 million dollars in the first half and 70,240 million in the second half of August. U. S. Government war loan deposits are no longer reported separately by member banks since they are no longer exempt from reserve requirements. 1266 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 $2 $5 $10 $20 Total $50 $100 $500 $1,000 $5,000 $10,000 1933 5,519 4,167 442 402 33 719 1,229 ,342 1,360 364 618 125 237 8 10 1934 5,536 4,292 452 423 32 771 1,288 ,326 1,254 337 577 112 216 5 7 10 1935 5,882 4,518 478 460 33 815 1,373 ,359 1,369 358 627 122 239 7 16 5 1936 6,543 5,021 517 499 35 906 1,563 ,501 1,530 399 707 135 265 7 18 8 1937 6,550 5,015 537 505 33 905 1,560 ,475 1,542 387 710 139 288 6 12 7 1938 6,856 5,147 550 524 34 946 1,611 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—April 27,885 19,997 1,280 987 66 2,173 6,509 8,981 7,889 2,337 4,309 439 773 22 1 May 28,120 20,171 1,291 999 67 2,199 6,586 9,029 7,950 2,352 4,356 438 775 21 1 June ,245 20,248 1,300 998 67 2,191 604 9,087 7,998 2,364 ,387 438 781 22 2 July 28,254 20,185 1,311 990 67 2,166 6,552 9,099 8,071 2,377 4,437 436 790 21 2 August. . . 28,448 20,271 1,319 992 66 2,165 6,571 9,159 8,178 2,402 4,509 436 802 20 2 September 28,507 20,262 1,332 1,001 66 2,156 528 9,180 8,247 2,419 4,567 436 795 21 2 October. . 28,600 20,273 1,345 1,000 65 2,148 494 9,221 8,329 2,436 4,645 434 784 21 2 November 28,861 20,447 1,355 1,010 65 2,169 6,543 9,305 8,416 2,458 4,711 435 782 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 2,089 303 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 8,935 8,529 2,453 4,824 428 806 12 2 August 28,434 19,837 1,362 990 64 2,092 6,308 9,020 8,600 2,477 4,874 428 804 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 Au 1 g 9 . 4 7 31, g a o g ld ai n a s n t d Tr c e a a s s h ury R Fe e d se e r r v a e l B R an es k e s r a v n e d Au 1 g 9 . 4 3 7 1, Ju 1 l 9 y 4 3 7 1, Au 1 g 9 . 4 3 6 1, silver Banks and agents certificates agents Gold 21 ,766 20,582 21,184 Gold certificates 20,582 17,719 2,815 47 48 50 Federal Reserve notes 24,965 79 735 24,151 23,887 24,192 Treasury currency—total. 4,553 3 2,241 60 257 4,236 4,214 4,206 Standard silver dollars 493 312 27 3 150 149 143 Silver bullion 1,929 1 ,929 Silver certificates and Treasurv notes of 1890. . 3 2,241 189 2,052 2,034 2 ,003 Subsidiary silver coin. 924 18 29 878 875 853 Minor coin 351 11 7 334 332 323 United States notes . 347 3 25 320 317 317 Federal Reserve Bank notes. ... 402 I 4 397 400 454 National Bank notes. 106 (5) 1 106 106 113 Total—Aug. 31, 1947. (4) 22,823 1,323 17,719 3 ,808 28,434 July 31, 1947. (4) 22,583 1,327 17,481 3,912 28,149 Aug. 31, 1946. . .. (4^ 20,392 2,256 15,282 3,845 28,448 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. 1259, and seasonally adjusted figures in table on p. 1268. 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. OCTOBER 1947 1267 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 l 1 d ly Period a s t t o o e f c 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 r l r d e a : i n s d e - e- d g p u o ro c ld - period (-) crease (—) tion1 End of year figures: 1939 7,598 +742 1936 211,258 1,132.5 1,116.6 -85.9 131.6 1940 8,732 + 1 ,134 1937 212,76O 1,502.5 1,585.5 -200.4 143.9 1941 11,160 +2,428 1938 14,512 1,751.5 1,973.6 -333.5 148.6 1942 15,410 +4,250 1939 . . . 17,644 3,132.0 3,574.2 -534.4 161.7 1943 20,449 +5,039 1940 21,995 4,351.2 4,744.5 -644.7 170.2 1944 25 307 +4,858 1941 22,737 741.8 982.4 -407.7 169.1 1945 28,515 +3,208 1942 22,726 -10.3 315.7 -458.4 125.4 1946 28 952 +437 1943 21,938 -788.5 68.9 -803.6 48.3 1944 20,619 -1,319.0 -845.4 -459.8 35.8 Monthly averages of daily 1945 20,065 -553.9 -106.3 -356.7 32.0 figures: 1946 20,529 464.0 311.5 465.4 '•51.2 1946— J O D J A S N M u u e c e u o l n a p t c y g v y o e t e u e e b m m s m e t b r b b e e e r r r 2 2 2 2 2 2 2 2 8 8 8 7 8 8 8 8 , , , , , , , , 3 9 7 9 2 4 5 1 5 9 2 7 8 7 8 4 2 7 7 8 1 8 8 0 2 2 2 2 2 2 2 2 8 8 8 8 8 8 8 8 , , , , , , , , 1 7 5 4 2 3 6 5 7 1 3 9 8 3 4 8 5 0 5 4 1 8 1 8 + + + + + + + + 1 1 2 5 6 5 4 5 5 0 7 7 9 3 1 3 6 6 1 1 9 9 4 4 6 7 — — O N F A D M S J e p o e e c a a b r p c v t n r i r o e t c e l u e u h m m b a m a e r b b r b y r e y e e . . r r . . . r . . . . . . . . . . . . 2 2 2 2 2 2 2 2 0 0 0 0 0 0 0 0 , , , , , , , , 4 3 4 7 4 3 7 5 0 0 6 7 7 3 4 2 2 5 3 4 0 0 8 9 -4 3 2 1 1 2 9 6 5 1 1 3 8 7 6 5 9 1 9 2 . . . . . . . . 2 7 7 3 5 4 3 5 - - 1 6 1 - 4 2 2 7 5 7 1 6 4 4 0 7 3 . . . . . . . 6 . 2 8 2 4 1 9 6 -6 2 2 1 1 1 8 8 0 7 1 9 2 1 4 2 3 2 2 6 7 5 . . . . . . . . 5 8 5 0 5 7 3 1 ' • ' ' ' 5 5 6 5 • 6 5 7 4 . . . . . . . 8 . 5 2 3 5 5 6 4 1947— F M A M T e a p a a b n r y r i r u c l u a h a ry ry 2 2 2 2 2 8 8 8 8 8 , , , , , 1 3 1 5 2 8 0 5 4 7 5 0 8 3 3 2 2 2 2 2 8 8 8 8 8 , , , , , 4 3 4 3 3 1 0 5 5 5 2 0 8 8 6 - - 1 2 + + -5 5 5 5 5 6 2 8 8 4 S J J A M u u e u l a n p y g y e t u e s m t ber.. P 2 2 2 2 2 1 0 1 1 1 , , , , . 5 9 7 2 9 3 3 6 6 5 7 3 6 6 5 P 3 2 2 1 1 3 7 2 5 8 3 0 8 9 9 . . . . . 4 6 8 0 2. P 2 2 1 i ( 0 1 2 l 4 l ) 0 9 9 . . . . 7 2 2 7 51 1 5 4 2 1 1 3 6 2 3 9 . . . . . 1 7 3 1 0 (4 6 7 7 7 ) . . . . 1 2 3 0 S J J A u u e u l n p y g e t u e s m t ber 2 2 2 2 8 8 8 8 , , , , 2 2 2 6 5 5 3 5 2 9 6 4 2 2 2 2 8 8 8 8 , , , , 7 3 3 3 1 1 7 9 1 6 8 4 + + + - 3 6 2 7 1 2 2 8 7 ex 2 1 p p l A I P a n n r n c e a n l l u t u i i m d o a e l n i s n f a o i g r f g y o u m . l r d e o s n i r n t a h R r l t e y e h v e i f e s ig s e I t u d n i r . m a e c s a t t i s e v e s e e o t A a f c b c l t e o h u e o n n t U p a n . m i 1 te 3 o d 2 u 0 n . t S i t n a g t es t o M 27 in t m . ill F io o n r dollars on Dec. 31, 1936, and 1,228 million on Dec. 31, 1937. 1 For end of year figures, represents change computed on absolute 3 Change reflects primarily gold subscription to International Monamounts in first column. etary Fund. NOTE.—'For discussion of seasonal adjustment factors and for back 4 Not yet available. figures on comparable basis see September 1943 BULLETIN, pp. 822-826. 5 Gold held under earmark at the Federal Reserve Banks for foreign Because of an apparent recent change in the seasonal pattern around account including gold held for the account of international institutions the year end, adjustment factors have been revised somewhat for dates amounted to 3,487.1 million dollars on Sept. 30, 1947. Gold under earaffected, beginning with December 1942; seasonally adjusted figures mark is not included in the gold stock of the United States. for money in circulation, as shown in Banking and Monetary Statistics, NOTE.—For back figures, see Banking and Monetary Statistics, Table Table 111, p. 414, and described on p. 405, are based on an older series 156, pp. 536-538, and for description of statistics see pp. 522-523 in of adjustment factors. the same publication. BANK DEBITS AND DEPOSIT TURNOVER [Debits in millions of dollars] Annual rate of Debits to demand Annual rate of Debits to total deposit accounts except turnover of total deposit accounts turnover of demand interbank accounts deposits except except interbank deposits except interinterbank and Government bank and Government Year and month Total, all New 140 Other New 333 other New Other New Other reporting York other reporting York reporting York leading York leading centers City1 centers x 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 1 9 9 4 4 2 2 — — o n l e d w s s e e ri r e ie s s 3 3 6 64 0 1 7 , , 7 0 7 7 8 1 2 22 1 6 0 , , 8 9 6 6 5 1 3 34 4 7 2 , , 8 4 3 3 7 0 5 6 3 7 , , 6 0 7 7 9 4 16.1 13.1 }200,337 308,913 18.0 18.4 1943 792 937 296,368 419,413 77,155 16 5 11 7 258,398 369,396 20.5 17.4 1944 891,910 345,585 462,354 83,970 17.1 10.8 298,902 403,400 22.4 17.3 1945 . ... 974,102 404,543 479,760 89,799 18 3 9 7 351,602 412,800 24.2 16.1 1 1 9 9 4 4 6 6 — — o n l e d w s s e e ri r e ie s s 4 4 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—'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 IVIarch 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 August 84,406 28,331 46,717 9,358 17.5 11.0 29,025 47,026 20.6 16.6 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. ••**$ * 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. 1268 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPOSITS AND CURRENCY—ADJUSTED DEPOSITS OF ALL BANKS AND CURRENCY OUTSIDE BANKS [Figures partly estimated. In millions of dollars] Total d T em ot a a n l d Time deposits End of month c a d o u d e u r j a p u r t n o s e s d i s n t d e i c t e d y s c a d o u d e u r j a p u r t n o s e s d i s n t d i e c t e d s y a d d T e j p u o o s t s a 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 s d n ts - 2 Total b m a C e n o r k c m s ia - •* 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 10,209 ,251 5,417 December. 58,955 31,761 53,180 25,986 889 26,305 14,776 10,278 ,251 5,775 1939—June 60,943 33,360 54,938 27,355 792 26,791 15,097 10,433 ,261 6,005 December 64,099 36,194 57,698 29,793 846 27.059 15,258 10,523 ,278 6,401 1940—June.. 66,952 38,661 60,253 31.962 828 27,463 15,540 10,631 ,292 6,699 December 70,761 42,270 63,436 34.945 753 27,738 15,777 10,658 ,303 7,325 1941—June 74,153 45,521 65,949 37,317 753 27,879 15,928 10,648 ,303 8,204 December 78,231 48.607 68,616 38,992 1,895 27,729 15,884 10,532 ,313 9,615 1942—June 81,963 52,806 71,027 41.870 1,837 27.320 15,610 10,395 ,315 10,936 December 99,701 62,868 85,755 48,922 8,402 28,431 16,352 10,664 ,415 13,946 1943—June 110,161 71,853 94,347 56.039 8,048 30,260 17,543 11,141 ,576 15,814 December 122,812 79.640 103,975 60,803 10,424 32,748 19,224 11,738 ,786 18,837 1944—June 136,172 80.946 115,291 60,065 19,506 35,720 21,217 12,471 2,032 20,881 December 150,988 90,435 127,483 66.930 20,763 39,790 24,074 13,376 2,340 23,505 1945—June 162,784 94,150 137,687 69,053 24,381 44,253 27,170 14,426 2,657 25,097 December 175,401 102,341 148,911 75,851 24,608 48,452 30,135 15,385 2,932 26,490 1946—June 171,237 105,992 144,721 79,476 13,416 51,829 32,429 16,281 3,119 26,516 1946—August 170,600 107,200 144,000 80,600 10,700 52,700 33,100 16,400 3,200 26,600 September. 170,200 107,900 143,700 81,400 9,300 53,000 33,300 16,500 3,200 26.500 October 170,000 108.900 143,500 82,400 7,900 53,200 33,500 16,500 3,200 26,500 November 169,500 109.700 142,800 83,000 6,400 53,400 33,500 16,600 3,300 26,700 December 167,107 110,044 140,377 83,314 3,103 53,960 33,808 16,869 3,283 26,730 1947—January (Tan. 29)P 165,900 108,600 139,800 82,500 3,100 54,200 33,900 17,000 3,300 26,100 February (Feb. 26)P 165,400 106,800 139,200 80,600 3,900 54,700 34,200 17,100 3,400 26.200 March (Mar. 26)P. 165,100 106,400 139,100 80,400 3,800 54,900 34,300 17,200 3,400 26,000 April (Apr. 30)P. . . 165,200 107,300 139,200 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 June (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 r165,900 -•109,200 <• 139,900r83,200 '1,100 "•55,600 '34,700 17,500 3,400 26,000 August (Aug. 27)P. 166,800 109,500 140,700 83,400 1,500 55,800 34,800 17,600 3,400 26,100 P Preliminary. r Revised. 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. 1 Excludes interbank time deposits and postal savings redeposited in banks. 4 Beginning June 1941, the commercial bank figures exclude and mutual savings bank figures include three member mutual savings banks. 5 Includes both amounts redeposited in banks and amounts not so redeposited; excludes amounts at banks in possessions. NOTK.—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 i [In millions of dollars] Member Nonmember Assets banks banks Total, all Depos- U. S. Government banks Na- State In- Non- End of month i b to a r l- s' i C n a d sh e- securities C r a e s - h tional sured insured ances1 Total posi- serve b t a o n r k y s Total r D ec i- t G t a e u n e a - d r- f e u t n c. d 2 s, Num 1 b 9 e 3 r 4 o - f 3 9 b anks . s us . p .. ended: 291 15 6 189 81 1940 22 1 18 3 1941 8 4 3 1 1939—Dec.. . 1,279 1,319 53 1,192 1,046 146 74 1942 9 6 3 1940—Dec... 1,304 1,348 36 1,224 1.078 146 88 1943 4 2 2 1941—Dec. . 1,314 1,396 26 1,274 1,128 146 95 1944 1 1 1942—Dec.. . 1,417 1,464 16 L.345 1,220 126 102 1945 0 1943—Dec.. . 1,788 1,843 10 L ,716 1,716 118 1946 0 1944—Dec.. . 2,342 2.411 8 2,252 2,252 152 1947—Jan.-Sept 0 1945—Dec. . 2,933 3,022 6 2,837 2,837 179 Deposits of suspended banks 1946—Sept. . 3,207 3,306 6 5,114 3,114 186 (in thousands of dollars) :2 Oct... 3,235 3,337 6 5,134 3.134 197 1934-39 125,991 14,61626,54844,348 40,479 Nov... 3,260 3,360 6 5,151 3,151 204 Dec.. 3,284 3,387 6 5,182 3,182 200 1940 5,943 256 5 341 346 1941 3,726 3,144 503 79 1947—Jan... 3,331 3,436 6 3,234 3,234 196 1942 1,702 1,375 327 Feb... 3,355 3,463 6 3.257 3,257 200 1943 6,223 4,982 1 241 Mar... 3,375 3,481 5 5,284 3,284 192 1944 405 405 Apr.. . 3,382 3,492 5 3,290 3,290 197 1945 May.. 3,387 3,508 5 3,277 3,277 226 1946 Q Tune.. 3,393 3,523 6 3,302 3,302 216 1947—Jan.-Sent July, . P3,405 0 Aug.. . P3,403 1 Represents banks which, during the periods shown, closed temporarily or permanently on account of financial difficulties; does not P Preliminary. include banks whose deposit liabilities were assumed by other banks i Outstanding principal, represented by certificates of deposit. at the time of closing (in some instances with the aid of Federal Deposit an 5 d I m nc i l s u c d e e ll s a n w eo o u r s k 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 1 u D ra e n p c o e s i C ts 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. OCTOBER 1947 1269 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS IN THE UNITED STATES, BY CLASSES * PRINCIPAL ASSETS AND LIABILITIES, AND NUMBER OF BANKS [Amounts in millions of dollars] Loans and investments Deposits Investments Other Class of bank Cash Total Number cal a l n d d ate Total Loans Total G U m ov . e e n S r t n . - s O e t c h u e r r - assets l Total i b In an te k r * - m D a e n - d Time2 a c c a c p o i u t n al t; ba o n f ks obliga- ities 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 30e .... 112,520 33,680 78,840 70,340 8,500 32,700 135,730 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 ,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 ,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 ,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 ,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 ,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 ,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—Tune 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 3,617 124 1,175 1940—Dec. 31 13,478 5,316 8,162 6,088 2,074 8,865 20,642 3,849 12,944 3,849 169 1,342 1941—Dec. 31 15,950 6,295 9,654 7,500 2,155 8,145 22,259 3,739 14,495 4,025 246 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 5,072 525 1,698 1944—Dec. 30 33,261 7,196 26,065 24,393 1,672 8,290 39,059 3,827 28,874 6,357 703 1,789 1945—Dec. 31 37,871 8,850 29,021 27,089 1,933 9,731 44,730 4,411 32.334 7,986 945 1,867 1946—June 29 35,754 8,834 26,921 25,000 1,921 9,472 42,307 3.986 29,672 8,649 058 1,875 Dec. 31 32,639 9,424 23,216 21,384 1,832 9,575 39,395 3,890 26,726 8,779 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. 1270 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS IN THE UNITED STATES, BY CLASSES *—Continued PRINCIPAL ASSETS AND LIABILITIES, AND NUMBER OF BANKS [Amounts in millions of dollars] Loans and investments Deposits Investments Other Class a o nd f bank Cash c T a o pi t t a a l l Nu o m f ber call date Total Loans Total G o U m o b v l . e i e g S n r a t . n - - s O e it t c i h e u e s r r - assets x Total1 I b n a t n er k - 1 m D a e n - d Time2 accounts banks 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 3,479 3,324 1,934 1,389 3,161 8,907 512 4,729 3,667 1,312 7,859 1941—Dec. 31. 7,233 3,696 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 7,130 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—June 30« . . . . 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 7,032 116 3,504 3,411 978 6,952 1941—Dec. 31 5,776 3,241 2,535 1,509 1,025 2,668 7,702 129 4,213 3,360 959 6,810 1942—Dec. 31 6,984 2,818 4,166 ! 3,162 1.004 3,308 9,535 145 5,981 3,409 955 6,667 1943—Dec. 31 9,258 2,556 6,702 5,739 962 3,395 11,842 149 7,870 3,823 979 6,535 1944—Dec. 30 11,824 2,678 9,146 i 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 1,003 749 254 601 1,649 351 1,031 268 358 950 1940—Dec. 31 1 ,372 405 967 694 273 837 1,876 396 1,225' 255 334 907 1941—Dec. 31 1,457 455 1,002 761 241 763 1,872 329 1,291 253 329 852 1942—Dec. 31 3 1,154 318 836 674 162 452 1,332 164 927 241 275 793 1943—Dec. 31 1,588 276 1,312 1,160 153 494 1,829 299 1,261 270 267 764 1944—Dec. 30 2,148 292 1,856 1,682 174 473 2,358 161 1,892 305 276 729 1945—Dec 31 2,211 318 1,893 1,693 200 514 2,452 181 1,905 365 279 714 1946—June 29 2,038 339 1,699 1,496 204 534 2,279 303 1,584 391 284 696 Dec. 31 1,815 389 1,426 1,226 200 530 2,043 336 1,302 404 290 690 1947—June 30« 1,830 420 1,410 1,200 210 510 2,070 400 1,260 410 290 675 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 3o'e" ' 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 1945—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 J940—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 1,2 75 4,538 3,833 705 206 5 .442 5,442 611 350 1947—June 30*. 6,000 1,330 4,670 3,940 730 180 5,570 5,570 640 350 1 Beginning June 30, 1942, excludes reciprocal bank balances, which on Dec. 31, 1942, aggregated 513 million dollars at all member banks and 525 million at all insured commercial banks. 2 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. For other footnotes, see preceding page. OCTOBER 1947 1271 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL INSURED COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES * LOANS AND INVESTMENTS [In millions of dollars] Loans Investments Com- Loans for U. S. Government obligations Oblimer- purchasing ga- Total cial, or carrying tions Cla c s a s l a l o n d f d a b te ank i m n lo a v e n a e n n d s t s t s - Total o c m p k p p i l i n u n e a e a e g d r - r n - t 1 - - - A c t a u u g l r l 1 r - - i- b d a s e T e r n e e o r r o a s d s c k l u - - rit o i T e t e r h o s s - R l t o e a e s a t a - e n l s s l C u o m o an n e s - r O lo th an e s r Total Total Bills C o d c n e e a f e e r d t b t s i e i - n t D s f s - i - - ire N c o t tes Bonds t a e n e - d S p d s s a i t o u i c i o a n o v l a b t f i d n i e t l - - - s s O r se i t t h c i u e e r s - AH insured commercial banks: 1940—Dec. 31.. 42,55 18,395 7,178 1 281 663 4,468 4,077 24,162 ,064 662 756 9253,719 ,608 491 1941—Dec. 31.. 49,290 21,259 9,214 450 614 6624,773 4,545 28,031 ,046 159 797 4102 ,651 333 1942—Dec. 31.. 66,240 18,903 7,757 642 950 5974,6462,2691,04247,33640,705 727 799 20,9992,718 ,533 098 1943—Dec. 31.. 83,507 18,841 7,777 505 ,414 9224,4371 918 64,666 ,683 13,218 672 656 ,501 ,287 696 1944—Dec. 30.. 103,382 21,352 7,920 1 723 ,2692,265 4,3431, 944 82,030 75,875 15,300 15,778 848 978 3,422 733 1945—Dec. 31.. 121,809 25,765 9,461 314 ,1643,606 4,6772,3611,18196,043 ,912 19,07116,045 321 22 ,8733; 258 1946—June 29.. 117,409 26,791 10,334 366 ,4172,655 6r5 ,~738 3,0691,21190,61882,977 1,22017,637 ,004 52,092 24 9733,668 Dec. 31.. 112,17830,733 14,016 358 ,517 ,6097,1034,0311,09881,445 73,5541,27112,288 6,730 53 ,200 15 4,2983,592 1947—June 30. . 110,682 33,250 14,765 549 ,517 ,2788,2014,8931,047 77,43369,136 835 5,341 505 144,8263,471 Member banks, total: 1940—Dec. 31.. 37,126 15,321 6,660 865 642 652 3,228 3,273 21 805 15, 652 2,594 091 486 0132,970 1941—Dec. 31.. 43,521 18,021 8,671 972 594 598 3,692 25 500 971 3,007 729 832 090 871 1942—Dec. 31.. 59,263 16,088 7,387 ,089 934 538 ,847 870 43 175 363 285 5,409 948 540 2'965 ,664 1943—Dec. 31.. 74,258 16,288 7,421 ,023 ,398 8393,274 ,484 57,97052 ,360 071 6,906 2652,345 729 ,294 1944—Dec. 30. 91,569 18,676 7,531 ,198 ,249 ,1083,209 ,505 87772,893 748 98214,127 927 902 2857 ,350 1945—Dec. 31.. 107,183 22,775 8,949 855 ,133 ,3783,455 1,10484,408 2,275 98514,271 792 16 3 254 ,815 1946— D Ju e n c e . 3 2 1 9 . . . . 1 9 0 6 2 , , 3 0 6 3 2 2 2 2 6 3 , , 6 3 9 0 6 2 1 9 3 , , 6 1 8 5 5 4 8 8 7 8 7 4 , , 5 3 0 9 6 5 ,480 5 4 , , 3 2 5 6 8 7 3 2 , , 3 46 0 4 8 1 1 , , 1 0 3 2 3 0 6 7 9 8 , ,7 6 2 6 9 6 , , 0 1 7 6 2 7 0 2 4 9 3 21 5 0 , , 6 4 0 6 2 7 4 21 2 9 0 2 11 0 3 , 3 5 0 4 7 83,0 15 7 1 7 1947—June 30. . 94,802 28,655 13,820 972 ,507 6,240 96566,146 773 ,544 4,369 46,502 10 ,9822,966 New York City:* 1940—Dec. 31.. 10,910 3,384 2,125 6 465 190 130 468 7,527 6,044 207 1,245 977 615 695 788 1941—Dec. 31.. 12,896 4,072 2,807 8 412 169 123 554 8,823 7,265 311 1,623 652 679 729 830 1942—Dec. 31.. 17,957 4,116 2,546 21 787 193 117 303 14813,841 12,5471,855 2,144 2,056 420 071 593 701 1943—Dec. 31.. 19,994 4,428 2,515 241,054 323 107 252 15315,566 14,563 1,328 3,409 1,829 014 984 444 558 1944—Dec. 30.. 24,003 5,760 2,610 301,742 859 86 253 17918,243 17,179 913 3,740 3,745 592 189 468 596 1945—Dec. 31.. 26,143 7,334 3,044 2,4531,172 80 287 29818,809 17,574 477 3,433 3,325 ,337 1 606 629 1946—June 29.. 23,304 6,506 3,169 1,852 798 83 378 22616,79815,646 201 2,980 2,229 234 1 535 618 Dec. 31.. 20,834 6,368 4,078 1,096 389 99 455 25014,465 13,308 387 1,725 992 202 1 557 601 1947—June 30. . 20,332 6,548 4,171 1,196 286 104 500 29113,78412,571 137 1,103 775 ,555 1 631 582 Chicago:* 1940—Dec. 31.. 2,377 696 492 42 54 19 84 1,681 1,307 297 145 752 112 188 186 1941—Dec. 31. 2,760 95 732 48 52 22 96 1,806 1,430 256 153 903 119 182 193 1942—Dec. 31.. 3,973 832 658 34 32 23 62 3,141 2,789 397 637 391 1,282 83 166 186 1943—Dec. 31.. 4,554 1,004 763 102 52 22 45 3,550 3,238 199 877 484 1,602 74 158 155 1944—Dec. 30. 5,443 1,184 738 163 163 24 45 4,258 3,913 250 1,045 779 1,809 31 160 185 1945—Dec. 31. 5,931 1,333 760 211 233 36 51 4,598 4,213 133 1,467 749 1,864 181 204 1946—June 29. 5,167 1,329 804 188 185 43 76 3,837 3,485 14 1,042 529 1,900 153 200 Dec. 31. 4,765 1,499 1,094 11 101 51 105 3,266 2,912 60 498 146 2,207 167 187 1947—June 30. . 4,802 1,565 1,178 100 84 42 130 3,237 2,890 106 368 132 2,284 175 173 Reserve city banks: 1940— Dec. 31. 13,013 5,931 2,589 263 11 207 436 1,322 7,081 5,204 103 771 ,281 ,049 984 893 1941—Dec. 31. 15,347 7,105 3,456 300 114 194 527 1,512 8,243 6,46 295 751 ,248 ,173 956 820 1942—Dec. 31. 20,915 6,102 2,95 290 9 153 486 808 31214,813 13,038 1,441 2,253 1,723 ,810 811 954 821 1943—Dec. 31. 27,521 6,201 3,058 .279 21 267 420 658 30121,321 19,682 1,802 4,691 2,497 ,943 749 913 726 1944—Dec. 30. 33,603 6,822 3,034 348 311 777 379 660 31326,781 25,04: 1,704 5,730 5,181 ,987 4401,000 740 1945—Dec. 31. 40,108 8,51 3,661 205 4271,503 459 855 404 31,594129,552 1,034 6,982 5,653 ,878 1,126 916 1946—June 29.. 37,675 8,862 3,93: 19 3211,142 7431,073 45328,813 26,585 410 6,038 4,014 ,116 1,1941,034 Dec. 31.. 35,351 10,825 5,548 201 264 704 22371,436 43. 24,52722,250 441 3,799 1,993 ,013 41,2721,004 1947—June 30. . 34,611 11,441 5,726 19 185 540 7131,675 23,17020,845 334 3,038 1,503 15,967 1,364 962 Country banks: 194a—Dec. 31. 10,826 5,309 1,45. 590 2011,644 1,400 5.517 3,269 45 433 2,081 7101,146 1,102 1941—Dec. 31.. 12,518 5,890 1,676 659 1831,823 1,530 6,628 4,37 110 481 2,926 8611,222 1,028 1942—Dec. 31.. 16,419 5,038 1,226 772 1611,797 674 39311,380 9,172 671 1,251 1,240 5,436 5741,252 956 1943—Dec. 31.. 22,188 4,654 1,084 713 19 1,725 528 38117,534 15,465 1,032 3,094 2,096 8,705 5381,214 855 1944—Dec. 30. 28,520 4,910 1,149 80: 3101,719 547 35123,61021,552 88 3,466 4,422 12,540 2411,230 829 1945—Dec. 31. 35,002 5,596 1,484 648 4711,881 707 36329,40726,999 630 5,102 4,544 16,713 1,342 1,067 1946—June 29.. 35,886 6,605 1,781 679 3542,398 937 42: 29,281 26,556 447 5,231 3,69617,170 1,426 1,299 Dec. 31. 35,412 8,004 2,433 681 2732,970 ,312 30627,40824,57 279 4,020 2,470 17,797 1,551 1,285 1947—June 30. 35,057 9,102 2,744 774 244 3,381 ,693 24025,955 22,893 19 3,035 1,960 17,696 1,813 1,250 Insured nonmember commercial banks: 1940—Dec. 31. 5,431 3,07 518 416 751,240 803 2,357 1,240 10 162 834 234 595 521 1941—Dec. 31. 5,776 3,241 543 478 641,282 854 2,535 1,509 17 152 1,069 271 563 462 1942—Dec. 31. 6,984 2,818 370 55; 5'1,225 422 173 4,166 3,16! 99 442 390 2,053 179 569 435 1943—Dec. 31. 9,258 2,556 356 48: 821,165 385 70 6,702 5,739 276 1,147 766 3,395 156 560 403 1944—Dec. 30. 11,824 2,678 389 525 1561,136 383 6 9,146 8,19^ 223 1,319 1,652 4,928 76 566 383 1945—Dec. 31. 14,639 2,992 51 459 2281,224 460 7 11,647 10,584 180 2,087 1,774 6,538 6 619 443 1946—June 29. 15,392 3,491 649 488 1761,473 605 7911,901 10,716 14' 2,346 1,538 6,682 4 667 518 Dec. 31. 15,831 4,040 86: 474 1421,748 723 7911,791 10,524 104 2,247 1,179 6,991 752 516 1947—June 30. . 15,896 4,597 945 576 1251,963 895 8211,299 9,949 62 1,897 972 7,01 845 505 * 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. 1272 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL INSURED COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES *—Continued RESERVES AND LIABILITIES [In millions of dollars] ]Demand deposits Time deposits Class of bank s w e R r i v e t - h es Cash a w B n i a c t l e h - s m D d a e e n - - d In d t e e p r o b s a i n ts k States C f e ie r d ti- vi I d n u d a i- ls, U G . o S v- . States vi I d n u d a i- ls, Bor- C t a a p l ical a l n d d ate Fe R d e e - ral va in ult m d e o st - ic po ad si - ts U G . o S v- . po a li n ti d cal o a f n f d i- pa sh rt i n p e s, r- Inter- m er e n n - t p a o n l d it- p s a h rt i n p e s, r- r i o n w gs - co a u c n - ts B se a r n v k e s banks3 justed4 m D es o t - ic3 F ei o g r n - m er e n n - t v s i u s b io d n i- s ch c e e e t c r c k s . ' s, an p t d i o o r c n a o s - r- bank P S a o a n s v d t - al v s i i u s c i b a o d l n i s - an p t d i o o r c n a o s - rings All insured commercial banks: 1940—Dec. 31. . 13,992 1L,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 L.358 8,570 37,845 9,823 673 1,761 3,677 1,077 36,544 158 59 492 15,146 10 6,844 1942—Dec. 31. . 13,072 L,305 9,080 48,221 10,234 813 8,167 3,996 1,219 47,122 97 61 397 15,697 10 7,055 1943—Dec. 31. . 12,834 1,445 8,445 59,921 9,743 893 9,950 4,352 1,669 58,338 68 124 395 18,561 46 7,453 1944—Dec. 30. . 14,260 1,622 9,787 65,960 11,063 948 19,754 4,518 1,354 64,133 64 109 423 23,347 122 7,989 1945—Dec. 31. . 15,810 •1,829 11,075 74,722 12,566 1,248 23,740 5,098 2,585 72,593 70 103 496 29,277 215 8,671 1946—June 29. . 15,999 1,471 9,102 78,281 10,584 1,346 12,941 5,807 2,320 75,391 77 107 552 31,487 83 9,068 Dec. 31. . 16,013 A2,012 9,481 82,085 10,888 1,364 2,930 5,967 2,361 79,887 68 119 664 32,742 39 9,286 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 10,101 811 7,923 3,318 1,142 42,139 87 56 332 12,366 5 6,101 1943—Dec. 31. . 12,835 1,132 5,450 52,642 9,603 891 9,444 3,602 1,573 51,820 62 120 327 14,822 39 6,475 1944—Dec. 30. . 14,261 1,271 6,354 57,308 10,881 945 18,509 3,744 1,251 56,270 58 105 347 18,807 111 6,968 1945—Dec. 31. . 15,811 1,438 7,117 64,184 12,333 1,243 22,179 4,240 2,450 62,950 64 99 399 23,712 208 7,589 1946—June 29. . 16,001 1,141 5,772 67,461 10,391 1,339 12,009 4,826 2,179 65,589 72 101 447 25,568 72 7,920 Dec. 31. . 16,015 1,576 5,936 70,243 10,644 1,353 2,672 4,915 2,207 69,127 62 114 551 26,525 30 8,005 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 1,615 1941—Dec. 31. . 5,105 93 141 10,761 3,595 607 866 319 450 11,282 6 29 778 1,648 1942—Dec. 31. . 4,388 72 82 11,899 3,209 733 4,186 263 448 12,501 3 23 711 1,727 1943—Dec. 31. . 3,596 92 61 13,899 2,867 810 3,395 252 710 14,373 4 5 26 816 29 1,862 1944—Dec. 30. . 3,766 102 76 14,042 3,179 851 6,722 199 361 14,448 11 7 17 977 96 1,966 1945—Dec. 31. . 4,015 111 78 15,065 3,535 1,105 6,940 237 1,338 15,712 17 10 20 1,206 195 2,120 1946—June 29. . 4,255 85 68 16,158 3,127 1,178 3,495 293 1,132 16,836 27 8 17 1,372 27 2,176 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 "l 2,234 Chicago:2 1940_Dec. 31. . 1,051 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 1 505 326 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 ""2 2,028 1943—Dec. 31. 5,116 391 1,758 18,654 4,770 63 3,373 1,448 475 18,790 41 56 151 5,902 2,135 1944—Dec. 30. 5,687 441 2,005 20,267 5,421 70 6,157 1,509 488 20,371 33 40 154 7,561 2,327 1945—Dec. 31. 6,326 494 2,174 22,372 6,307 110 8,221 1,763 611 22,281 30 38 160 9,563 2 2,566 1946—June 29. 6,332 399 1,858 23,483 5,220 129 4,531 2,003 558 23,005 27 43 187 10,190 27 2,676 Dec. 31. . 6,337 532 1,923 24,221 5,417 127 991 2,077 693 24,288 25 43 235 10,580 4 2,729 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 3 1,909 1941—Dec. 31. 2,210 526 3,216 9,661 790 2 225 1,370 239 8,500 30 31 146 6,082 4 1,982 1942—Dec. 31. . 2,842 542 3,699 13,265 957 4 1,090 1,558 272 11,989 20 32 140 6,397 3 2,042 1943—Dec. 31. . 3,303 611 3,474 17,039 994 5 1,962 1,727 344 15,561 17 56 149 7,599 10 2,153 1944—Dec. 30. . 3,909 684 4,097 19,958 1,149 8 4,230 1,868 369 18,350 14 57 175 9,650 16 2,321 1945—Dec. 31. 4,527 796 4,665 23,595 1,199 8 5,465 2,004 435 21,797 17 52 219 12,224 11 2,525 1946—June 29. 4,543 631 3,684 24,630 997 8 3,194 2,269 453 22,594 18 48 242 13,226 18 2,674 Dec. 31. 4,703 883 3,753 26,237 1,067 8 877 2,391 524 24,128 17 55 272 13,727 26 2,757 1947—June 30. 4,628 780 3,444 25,508 885 8 424 2,511 451 23,380 17 49 308 14,101 38 2,869 Insured nonmember commercial banks: 1940— Dec. 31. 243 2,017 3,391 95 50 574 58 2,822 18 13 87 3,311 8 978 1941—Dec. 31. 27' 2,325 4,092 108 2 53 611 68 3,483 18 g 74 3,276 959 1942—Dec. 31. 287 2,93^ 5,651 133 2 243 678 76 4*983 1C 5 65 3,339 5 955 1943—Dec. 31. 313 2,996 7,279 141 2 506 750 96 6^518 6 4 68 3,750 6 979 1944—Dec. 30. 352 3,434 8,652 182 3 1,245 775 103 7,863 6 4 76 4,553 10 1,022 1945—Dec. 31. 391 3,959 10,537 233 c 1,560 858 135 9,643 6 4 97 5,579 7 1,083 1946— D juence. 2 3 9 1 . . . 4 3 3 3 7 0 3 3 , , 5 3 4 3 7 2 1 1 1 0 , , 8 8 4 2 2 1 2 1 4 9 4 4 11 9 2 3 5 2 8 1,0 9 5 8 2 1 1 1 4 5 2 4 1 9 0 , ^ 8 7 0 6 2 1 6 6 5 1 1 0 1 5 3 5 6, , 2 9 3 3 2 4 1 9 1 1 1 , , 1 1 9 4 3 9 1947—Tune 30. 395 2,979 11,418 194 3 152 1,119 135 10,287 4 Gj 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. OCTOBER 1947 1273 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 Investment? For purchasing or carrying securities U. S. Government obligations Com- Total mer- To brokers Date or month i m n l a o v e n a e n d n s t s t s - Total i t t a c n a c r u g i u i d n r a a r l d u a - l i l , - l s , - G U a t l i o i n o o . g b d v n a - S - s t . . de O a c t l s u t i e e h e r r - i s e s - r G U l t T o i i o g o . b o v a - n S - t s o . . t O h c t s e u t i e h e r r - s s i e - r e R l s o t e a a a n t l e sb L a o t n a o k n ? s Other Total Total Bills o d c C n t f e e a i e e d f b t s i i e r - n - t s - s - - Notes Bonds1 O s ri e t t h c ie u e s r - Total- Leading Cities 1946—August 68,329 17,395 9,259 897 6721,392 5252,114 1852,35150,934 46,942 833 10,298 5,433 30,3783,992 1947—April 63,284 19,864 12,162 406 414 548 496 ,785 2,89843,420 39,311 889 5,192 2,843 30,3874,109 May 63,169 19,917 11,891 590 429 530 487 ,876 1812,93343,252 39,229 678 5,247 2,773 30,5314,023 June 63,143 20,167 11,757 771 531 513 4822,938 15:3,01842,976 38,886 818 4,762 2,658 30,6484,090 July 63,401 20,232 11,860 588 523 514 4723,029 160 3,08643,169 39,025 950 4,595 2,643 30,8374,144 August 63,63020,838 12,259 622 471 504 3,127 2423,14142,792 38,561 649 4,294 2,626 30,9924,231 July 2 63,371 20,27 11,809 742 524 515 4712,981 158 43,09438,990 989 4,648 2,652 30,7014,104 July 9 63,227 20,042 11,791 605 457 511 4663,005 131 43,18539,099 1,100 4,570 ,648 30,7814,086 July 16 63,41620,141 11,848 501 585 513 463 3^026 43,27539,145 1,072 4,551 ,650 30,8724,130 July 23 63,513 20,194 11,883 519 530 509 4623,053 153 43,31939,154 951 4,672 ,636 30,8954,165 July 30 63,47920,508 11,967 573 522 522 5013,079 235 3,10942,971 38,739 638 4,535 2,631 30,935 4,232 Aug. 6 63,629 20,662 12,092 616 499 509 4713,098 3,10842,96738,735 726 2,631 30,9944,232 Aug. 13 63,513 20,697 12,238 531 468 509 4673,114 2413,12942,81638,588 649 31,0044,228 Aug. 20 63,64620,892 12,301 604 465 496 4823,137 2513,15642,75438,52 608 2,640 30,974 4,227 Aug. 27 63,73021,100 12,406 735 451 502 474 3,156 206 3,17042,63038,395 611 4,162 30,996 4,235 Sept. 3 63,7991 21,212 12,518 714 452 502 4733,171 2153,16742,58738,354 582 4,138 ,619 31,0154,233 Sept. 10 64,292 21,319 12,717 605 442 504 4763,189 2113,17542,97338,699 812 4,095 ,708 31,0844,274 Sept. 17 64,714121,383 12,858 475 449 499 4763,208 1943,22443,331 39,022 1,077 4,146 711 31,088 ,309 Sept. 24 64,566121,569 12,935 498 435 497 476 3,226 3,22742,99738,680 694 4,154 2,705 31,1274,317 New York City 1946—August 21,833 6,051 3,422 717 461 240 79 152 53615,782 14,613 163 2,774 1,515 10,1611,169 1947—April 19,944 6,204 4,439 313 279 105 208 99 132 62913,740 12,533 1,229 800 10,1891,207 May 19,798 6,195 4,252 492 292 101 195 98 141 62413,603 12,462 109 1,262 813 10,2781,141 June 19,920 6,342 4,180 651 358 96 190 99 127 64113,57 12,393 302 1,011 776 10,3041,185 July 20,014 6,186 4,176 477 351 103 191 100 130 65813,82: 12,600 398 1,013 766 10,4231,228 August 19,803 6,403 4,309 523 330 97 187 102 181 67413,40012,131 142 811 725 10,4531,269 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 99 107 65613,878 12,681 541 976 772 10,3921,197 July 16 19,993 6,078 4,157 391 385 102 182 101 103 65713,915 12,697 502 983 772 10,4401 ,218 July 23 20,088 6,100 4,165 415 360 98 181 101 121 65913,988 12,733 1,077 762 10,4541,255 July 30 19,903 6,292 4,186 472 360 108 220 101 181 66413,611 12,336 986 755 10,4651,275 Aug. 6 19,899 6,347 4,230 515 353 102 184 101 200 66213,552 12,282 162 886 748 10,4861,270 Aug. 13 19,736 6,305 4,309 432 325 101 183 102 184 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 Sept. 3 19,808 6,580 4,422 617 319 94 185 102 161 68013,228 11,963 120 698 721 10,4241,265 Sept. 10 20,040 6.558 4,516 514 309 92 186 103 156 68213,482 12,181 231 680 801 10,4691,301 Sept. 17 20,147 6,492 4,564 399 312 185 102 143 69813,655 12,353 474 694 731 10,4541,302 Sept. 24 20,126! 6,632 4,597 429 305 185 102 218 70713,494 12,195 193 776 736 10,4901,299 Outside New York City 1946-August 46,496 11,344 5,83: 180 948 285 2,035 1,81535,15232,329 670 7,524 3,918 20,2172,823 1947—April 43,340 13,660 7,723 93 135 443 2882,686 232,26929,68026,778 574 3,963 2,043 20,198 2,902 May 43,371 13,722 7,639 98 137 429 2922,778 40 2,30929,64926,767 569 3,985 1,960 20,,253 2,882 June 43,223 13,825 7,577 120 173 417 2922,839 30 2,37729,39826,493 516 3,751 1,882 20, ,905 July 43,387 14,046 7,684 111 172 411 2812,929 30 2,42829,341 26,425 552 3,582 1,877 20,4142,916 August 43,827 14,435 7,950 99 141 407 2853,025 612,46729,39226,430 507 3,483 1,901 20,539 2,962 July 2 43,289 13,942 7,616 125 180 412 2852,883 202,42129,34726,437 3,606 1,882 20,3372,910 July 9 43,225 13,918 7,614 114 150 409 2812,906 242,42029,30726,418 3,594 1,876 20,389 2,889 July 16 43,423 14,063 7,691 110 200 411 2812,925 19 2,42629,36026,448 570 3,568 1,878 20,4322,912 July 23 43,425 14,094 7,718 104 170 411 2812,952 2,42629,331 26,421 511 3,595 1.874 20,4412,910 July 30 43,576 14,216 7,781 101 162 414 2812,978 2,44. 29,36026,403 508 3,549 1,876 20,470 2,957 Aug. 6 43,730 14,315 7,862 101 146 407 28^ 2,997 2,44629,41526,453 564 3,498 1,883 20,508 2,962 Aug. 13 43,777 14,392 7,929 99 143 408 284 3,012 2,46029,38526,426 496 1,892 20,539 2,959 Aug. 20 43,831 14,452 7,981 96 139 406 2813,035 372,47129,37926,426 47 1,926 20;,538 2,953 Aug. 27 43,970 14,581 8,028 97 135 408 2883,054 2,48929,38926,418 489 1,906 20,5722,971 Sept. 3 43,99l| 14,632 8,096 97 133 408 2883,069 542,48729,35926,391 462 3,440 1,898 20,5912,968 Sept. 10 44,252|14,761 8,201 91 133 412 2903,086 2,49329,491 26,518 581 3,415 1,907 20,6152,973 Sept. 17 44,567114,891 8,294 76 137 410 3,106 2,52629,67626,669 603 3,452 1,980 20,634 ,007 Sept. 24 44,440114,937 8,338 69 130 408 3,124 572,52029,503 26,485 501 3,378 1,969 20,637 ,018 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. 1274 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE—Continued RESERVES AND LIABILITIES [Monthly data are averages of Wednesday figures. In millions of dollars] Demand deposits, Time deposits, Interbank except interbank except interbank deposits Reserves Bal- De- Indi- Indi- Date or month B s F w e R e a e r r i n e a d t v - h k l - e s C a a i u s n l h t m b a w a n d e n i c o s t t - e k h i s s c i m p L a o d a i d s e s n i - - t t d e s d1s p p u v n c a h o a a o i e n i d r r l p r r d s a t - - - s - , - , S p s d s t a i i o u a i c o n v l b t a d n i i e - l t - s - s c C h c o a e f e e e i f n t e f c r r c d i d s t . k - i ' - s, m U G e . r o e n v n S - - t . s p p u c v 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 a o n v l b a t n d i i e - l t - s - s P U m G S e i o a n . a r o n e s g n v t d v n S s - a - - t . l m D t D e i o c s - e - man F e d i o g r n - Time r B i o n o w g r s - - c C o i a u t a c a n p - l - ts B d it a e s b n 2 - k tions tions Total— Leading Cities 1946—August. . 11,615 711 2,36945,48745,326 2,751 1,382 7,04813,409 219 9,809 ,352 230 5,566 374,994 1947—April 11,455 735 2,326 45,42845,235 3,118 1,381 1,73613,946 307 9,180 1,356 191 5,691 76,400 May 11,530 763 2,29145,96645,627 3,248 1,396 1,31513,992 324 8,974 1,379 169 5,718 79,718 June 11,681 764 2 ,290 4'6,85846,557 3,280 1,465 45014,025 325 8,957 1,342 170 5,730 83,687 July 11,792 762 2 308 46,890 46,794 3,096 1,491 58614,058 327 9,153 1,339 138 5 ,740 81 ,551 August. . . 11,952 753 2,29546,81746,632 3,096 1,326 14,080 332 9,274 ,374 222 5,766 76,051 July 2... 11,62 730 2,32546,62646,443 3,191 1,818 59614,055 328 9,182 1,350 140 5,739 23,032 July 9... 11,755 783 2,30546,52546,351 3,061 1,391 65614,057 326 9,228 1 ,343 132 5,743 15,462 July 16... 11,853 756 2,408 46,963 47,459 3,040 1,436 49114,057 327 9,376 1,354 95 5,734 19,028 July 23... 11,808 763 2,26847,18746,899 3,079 1,353 53914,061 324 9,009 1,339 5,739 18,378 July 30... 11,915 777 2,23447,14546,816 3,109 1,457 64814,061 329 8,968 1,308 5,745 18,034 Aug. 6... 11,921 721 2,25546,80946,219 3,128 326 74814,072 332 9,271 1,330 5,765 17,830 Aug. 13... 11,924 774 2,36346,57446,879 3,051 234 79114,074 330 9,441 1,360 271 5,767 16,868 Aug. 20... 11,945 735 2,29846,78046,683 3,043 398 82514,094 330 9,261 1,392 5,762 18,013 Aug. 27... 12,020 783 2,26447,10546,747 3,162 344 86814,081 335 9,123 1,414 5,771 16,985 Sept. 3... 12,176 784 2,25746,95446,884 3,124 1,429 94014,104 334 9,364 1,434 5,785 15,544 Sept. 10... 12,266 854 2,394 47,350 47,514 3,069 1,435 95014,138 336 9,728 1,431 5,779 17,492 Sept. 17. .. 12,348 791 2,51247,49848,174 2,996 1,350 88914,142 332 10,047 1,435 189 5,782 20,389 Sept. 24... 12,236 808 2,318 47,30347,266 3,036 1,358 14,153 329 9,647 1,424 257 5,786 19,043 New York City 1946—August. . . 4,056 109 15,56415,944 225 730 2,518 1,328 3,019 1,193 138 30,856 1947—April 4,001 116 15,71216,171 225 720 525 1,346 2,914 1,210 72 29,997 May 4,044 125 3715,74216,141 248 776 380 1,347 2,892 1,229 96 31,695 June 4,076 121 16,12216,526 226 813 123 1,357 2,902 1,201 73 35,092 July 4,098 124 16,22416,651 231 827 134 1,348 2,908 1,194 65 ,181 33,026 August. . . 4,117 122 15,95516,325 220 692 203 1,351 2,859 1,222 123 ,190 29,025 July 2... 4,053 127 3616,17916,658 214 1,104 133 1,349 2,961 1,208 70 2,183 10,155 July 9... 4,005 128 16,05716,439 198 738 142 1,351 2,943 1,205 51 2,183 6,227 July 16... 4,155 119 16,22816,765 24, 774 111 1,346 2,972 1,207 36 7,658 July 23... 4,074 122 16,38016,721 244 713 122 1,347 2,856 1,191 37 7,142 July 30... 4,20= 125 16,27916,672 256 806 161 1,348 2,806 1,159 131 2,177 7,447 Aug. 6... 120 16,06 16,283 232 688 188 1,348 2,866 1,181 165 2,193 7,000 Aug. 13.. . 125 15,831 16,306 21 594 198 1,350 2,896 1,209 156 2,192 6,298 Aug. 20... 11 15,92816,341 211 75: 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 Sept. 3...4,23 124 15,96. 16,378 201 730 230 1,364 2,908 1,279 109 6,071 Sept. 10.. . 4,202 133 16,05816,509 232 776 247 1,373 2,984 1,279 125 6,803 Sept. 17.. . 4,226 125 16,04 16,627 207 639 215 1,369 3,100 1,278 132 7,710 Sept. 24... 4,263 130 16,499 203 709 236 1,376 3,007 1,267 165 7,064 Outside New York City 1946—August. . . 7,559 602 2,33429,92329,38: 2,526 65: 4,53012,081 203 6,790 3,428H4,138 1947—April 7,454 619 2,27129,71629,064 2,893 661 1,21112,600 291 6,266 146 119 3,521 46,403 May 638 2,25430,22429,486 3,000 620 93512,64 307 6,082 150 73 3 ,542 48,023 June 643 2,25430,73630,031 3,054 652 327 12,668 308 6,055 141 9 3,55 48,595 July 638 2,27330,66630,143 2 ,865 664 45212,710 312 6,245 145 3,55' 48,525 August. . . 631 2,26330,86: 30,307 2,876 634 60512,729 316 6,415 152 3,576 47,026 July 2... 7,574 603 2,28930,44 29,785 2,977 714 46312,706 313 6,221 142 70 3,556 12,877 July 9.. 7,750 655 2,27 30,46829,912 2,863 653 51412,706 311 6,285 138 81 3,560 9,235 July 16.. 7,698 63 2,37030,73530,694 2,795 662 38012,711 311 6,404 14 59 3.552 11,370 July 23... 7,73- 641 2,23330,80730,178 2,835 640 41712,714 309 6,153 148 96 3,557 11,236 July 30... 7,710 652 2,19830,86630,144 2,853 651 48712,713 31 6,162 149 61 3,568 10,587 Aug. 6... 7,789 601 2,22 30,74229,936 2,896 638 12,724 316 6,405 149 7C 3,572 10,830 Aug. 13.. . 7,817 649 2,32830,74330,573 2,834 640 59. 12,724 314 6,545 151 115 3,575 10,570 Aug. 20... 7,846 618 2,264 30,85230,342 2,832 646 61812,743 314 6,389 150 125 3,572 11,399 Aug. 27... 7, 65 2,23331,11130,379 2,943 609 65112,725 319 6,322 15 85 3,584 10,348 Sept. 3... 7,937 660 2,224 30,99130,506 2,923 699 71012,740 319 ,456 155 70 3,59 9,473 Sept. 10... 8,064 721 2,362 31,29231,005 2,83 659 70312,765 321 ,744 15: 63 3,590 10,689 Sept. 17... 8,122 666 2,468 31,45131,54 2,789 711 67412,773 317 6,947 157 57 3,594 12,679 Sept. 24... 7,973 678 2,278 31,21830,767 2,833 649 70912,777 314 6,640 15 92 3,600 11,979 lave been revised and will 1275 OCTOBER 1947 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS—BY FEDERAL RESERVE DISTRICTS LOANS AND INVESTMENTS [In millions of dollars] Loans Investments For purchasing U. S. Government obligations or carrying securities Com- Total merd F i e s d tr e i r c a t l a R nd e se d r a v t e e in l m a o v n a e e n d n s s t t s - Total i t t a c n a c u r g i u i n d r a a r l a u d l i - l , - l s , - G U a t T l i o i n o o g o . b d S v n a - b - . s t. d r e o O a k c t l s u e t i e e h e r r r - s s i e s - rG l U t T o i i o g o b . o v S a - n - . t s o . t O h c t s e u t i e h e r r - s s i e - r e R l s o e t a a a n t l e sb L a o t n o a k n s sO lo th an er s Total Total Bills o d c C n f t e a e i e e d f t b r i i s - e - - n t s s - - Notes Bonds1 O s ri e t t h c ie e u s r - Boston Aug 27 2,840 959 603 26 9 19 15 109 14 164 1,881 1,765 12 154 90 1,509 116 Sept. 3 2,863 960 605 20 9 19 14 109 21 163 1,903 1,788 32 162 85 1,509 115 Sept. 10 2,876 972 613 18 9 19 15 109 26 163 1,904 1,788 30 163 84 1,511 116 Sept 17 2,880 973 619 16 10 19 15 109 22 163 1,907 1,788 35 161 81 1,511 119 Sept. 24 2,896 990 622 17 9 19 15 109 35 164 1,906 1,786 32 165 79 1,510 120 New York* Aug 27 21,892 7,158 4,673 645 319 107 204 264 124 82214,734 13,304 130 758 81111,605 1,430 Sept 3 . . 21,936 7,219 4,719 622 322 107 203 265 161 820 14,717 13,286 125 744 811 11,606 1,431 Sept. 10 22,173 7,202 4,818 517 312 105 204 267 156 82314,971 13,504 234 723 89011,657 1,467 Sept. 17 22,285 7,138 4,866 403 315 102 203 266 143 84015,147 13,678 479 737 81811,644 1,469 Sept. 24 22,282 7,279 4,901 432 308 102 203 266 218 84915,003 13,535 216 817 81811,684 1,468 Philadelphia Aug 27 2,501 788 445 2 20 9 7 78 13 214 1,713 1,455 22 104 74 1,255 258 Sept 3 2,514 790 445 3 20 9 7 78 14 214 1,724 1,467 38 105 73 1,251 257 Sept 10 2,526 793 449 7 20 9 7 78 9 214 1,733 1,479 43 111 73 1,252 254 Sept 17 2,543 792 452 7 20 9 7 78 4 215 1,751 1,494 42 121 78 1,253 257 Sept. 24 2,537 798 457 7 21 8 7 79 4 215 1,739 1,485 30 111 88 1,256 254 Cleveland Aug 27 4,252 1,315 756 18 18 90 15 208 209 2,937 2,620 29 144 117 2,330 317 Sept 3 4,268 1,330 765 19 17 90 15 210 213 2,938 2,619 16 138 122 2,343 319 Sept 10 4,270 1,339 776 16 15 90 15 211 215 2,931 2,613 14 139 122 2,338 318 Sept 17 4,292 1,362 787 14 19 91 14 211 225 2,930 2,611 18 135 123 2,335 319 Sept. 24 4,282 1,360 792 14 16 91 14 213 219 2,922 2,603 11 132 125 2,335 319 Richmond Aug 27 2,534 725 339 6 36 20 154 8 162 1,809 1,688 21 193 93 1,381 121 Sept 3 2,550 730 342 6 36 21 155 8 162 1,820 1,699 32 195 89 1,383 121 Sept 10 2,555 730 342 6 35 21 156 7 163 1,825 1,704 33 201 95 1,375 121 Sept 17 2,589 736 346 6 35 22 155 7 165 1,853 1,729 31 215 106 1,377 124 Sept 24 .... 2,588 741 348 6 35 22 158 6 166 1,847 1,722 26 211 107 1,378 125 Atlanta Aug 2 7 2,326 730 417 1 7 47 34 56 5 163 1,596 1,404 20 224 125 1,035 192 Sept 3 2,310 730 418 1 7 47 34 57 6 160 1,580 1,388 12 224 120 1,032 192 Sept. 10 2,331 737 424 1 7 47 34 58 6 160 1,594 1,402 21 228 120 1,033 192 Sept 17 2,343 745 427 1 7 47 35 59 5 164 1,598 1,404 21 230 120 1,033 194 Sept. 4 2,337 751 431 1 7 46 34 60 6 166 1,586 1,392 18 221 123 1,030 194 Chicago* 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 Sept 3 8,673 2,518 1,723 40 33 45 63 285 329 6,155 5,610 106 711 406 4,387 545 Sept 10 8,746 2,547 1,746 36 34 48 64 286 2 331 6,199 5,654 155 670 407 4,422 545 Sept 17 8,801 2,568 1,770 26 32 47 65 288 8 332 6,233 5,678 184 670 407 4,417 555 Sept. 24 8,746 2,560 1,777 18 28 47 65 289 1 335 6,186 5,631 158 639 401 4,433 555 St. Louis Aug 27 2,051 816 455 1 4 35 17 134 4 166 1,235 1,085 20 90 134 841 150 Sept 1 2,062 815 456 1 4 34 17 135 3 165 1,247 1,096 27 94 141 834 151 Sept 10 2,057 821 460 1 4 34 17 134 3 168 1,236 1,085 21 92 142 830 151 Sept. 17 2,074 832 468 1 4 34 17 136 3 169 1,242 1,088 14 96 138 840 154 Sept. 24 2,067 839 475 1 4 34 18 136 3 168 1,228 1,073 3 92 138 835 155 Minneapolis Aug 27 1,130 379 213 2 15 6 50 93 751 691 17 25 67 582 60 Sept 3 1,146 393 227 1 15 6 50 94 753 693 18 27 64 584 60 Sept 10 1,173 403 238 1 15 6 50 93 770 709 19 38 64 588 61 Sept 17 1,191 419 249 2 15 6 50 97 772 713 14 40 66 593 59 Sept. 24 1,192 412 246 2 15 6 50 93 780 718 16 42 65 595 62 Kansas CUM Aug 27 2,432 733 477 4 20 12 100 120 1,699 1,508 62 295 155 996 191 Sept 3 . .. 2,425 730 473 4 20 12 100 121 1,695 1,504 56 293 158 997 191 Sept 10 2,421 735 476 5 20 12 101 121 1,686 1,495 59 279 159 998 191 Sept 17 2,457 740 480 5 20 11 101 123 1,717 1,523 73 287 164 999 194 Sept 24 2,457 741 483 4 20 11 101 122 1,716 1,520 77 288 159 996 196 Dallas Aug ^7 2,142 843 559 7 33 37 77 130 1,299 1,197 21 222 126 828 102 Sept 3 2,137 848 565 7 33 37 75 131 1,289 1,184 18 217 122 827 105 Sept 10 2,144 854 569 7 34 37 76 131 1,290 1,186 17 219 124 826 104 Sept. 17 2,156 862 575 7 33 37 76 134 1,294 1,189 19 213 127 830 105 Sept 24 2,165 872 584 7 33 37 76 135 1,293 1,188 18 206 132 832 105 San Francisco Aug. 27 10,891 4,119 1,757 8 22 47 441,642 1 598 6,772 6,023 109 1,227 432 4,255 749 Sept 3 10,915 4,149 1,780 8 22 47 441,652 1 595 6,766 6,020 102 1,228 428 4,262 746 Sept. 10 11,020 4,186 1,806 9 22 48 441 663 1 593 6,834 6,080 166 1,232 428 4 254 754 Sept. 17 11,103 4,216 1,819 7 22 47 44 1,679 1 597 6,887 6,127 147 1,241 483 4 256 760 Sept 24 11,017 4,226 1,819 8 23 47 441,689 1 595 6,791 6,027 84 1,230 470 4,243 764 City of Chicago* 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 Sept 3 5,457 1,730 1,338 40 27 28 55 68 174 3,727 3,345 23 530 209 2,583 382 Sept. 10 5,520 1,751 1,357 36 28 32 55 68 2 173 3,769 3,387 73 488 213 2 613 382 Sept. 17 5,600 1,776 1,388 26 26 30 57 68 7 174 3,824 3,436 126 490 213 2,607 388 Sept. 24 5,555 1,762 1,392 18 22 30 57 68 175 3,793 3,408 117 464 214 2,613 385 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. 1276 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS—BY FEDERAL RESERVE DISTRICTS—Continued RESERVES AND LIABILITIES [In millions of dollars] Demand deposits, Time deposits, Interbank except interbank except interbank deposits Reserves Bal- De- Indi- Indi- Demand d F i e s d tr e i r c a t l a R nd e se d r a v t e e B s F w e R e a e r r i e a n d t v h - l k - e s C v a a in s u h lt m b a w n a d e n i s c o t t e - k h i s c s m p u o s a d a s t d e n i e - - t d d s 1 s p p u v n h c a o a a o i e n i d r r p l r r d s a t - - - s - , - , S p s d s t a i i o a u i c o n v l t a b n d i e i l t - - s s - c C h c o a f e e e e i f n t e f c r r c d i d t s k - . i ' s - U m G e . r o e n v n S - - t . s u p p v n h c a a o i a o e n i d l p r r r r d s - a - - t s , - - , S p s d t s a i i o a u i c o n v l t a b n d i e i l t - - s s - P U m G S e i a o n . r a n o e n s g v d v n S t - s - - a t . l m D ti e o c s - - F ei o g r n - Time r B o o w r - - c C o i a t a u c a p n - l - ts B d i e t a s b n 2 - k tions tions Boston Aug. 27 522 58 107 2,397 2,322 181 39 34 496 278 20 313 686 Sept. 3 487 58 112 2,387 2,368 158 44 38 496 276 20 314 588 Sept. 10 496 66 113 2,416 2,394 149 36 37 496 285 20 314 688 Sept. 17 536 60 118 2,433 2,448 138 49 35 496 307 21 314 781 Sept. 24 502 61 116 2,423 2,403 145 47 38 496 294 20 314 752 New York* Aug. 27 ,408 169 17,42217,624 448 771 252 ,182 2,864 1,260 83 2,374 7,087 Sept. 3 ,515 164 17,39817,644 434 773 268 ,190 2,974 1,282 109 2,380 6,451 Sept. 10 ,481 179 12617,50817,791 487 814 282 ,199 3,051 1,282 125 2,376 7,249 Sept. 17 ,526 167 14417,50917,927 434 683 249 ,194 3,175 1,281 136 2,374 8,259 Sept. 24 ,529 173 17,52917,769 427 751 2712,201 3,074 1,271 168 2,372 7,543 Philadelphia Aug. 27 465 43 95 2,042 2,100 87 23 25 384 327 11 5 303 606 Sept. 3 465 41 96 2,025 2,110 86 39 26 384 354 11 6 304 532 Sept. 10 481 46 95 2,047 2,107 81 33 27 385 368 12 1 303 620 Sept. 17 484 41 108 2,050 2,163 86 25 31 385 382 12 1 303 716 Sept. 24 485 45 93 2,056 2,127 82 27 29 385 364 11 303 704 Cleveland Aug. 27 736 77 152 2,943 2,986 175 44 561,259 456 6 462 963 Sept. 3 73 77 156 2,930 2,963 167 51 621,270 473 6 463 908 Sept. 10 756 83 151 2,924 2,966 166 51 621,271 485 5 462 951 Sept. 17 773 81 163 2,945 3,038 166 53 591,276 510 5 463 1,126 Sept. 24 753 150 2,923 2,961 172 51 641,277 477 7 463 1,065 Richmond Aug. 27 490 65 164 2,054 2,007 178 38 48 597 354 5 207 579 Sept. 3 484 63 164 2,066 2,043 184 55 49 588 359 5 207 568 Sept. 10 522 70 191 2,090 2,059 179 4 48 598 405 4 207 658 Sept. 17 505 65 187 2,060 2,056 186 46 48 598 438 6 208 716 Sept. 24 494 6 168 2,055 2,008 199 43 50 598 409 4 208 705 Atlanta Aug. 27 44 4. 171 1,773 1,639 282 2 34 538 462 173 542 Sept. 3 449 4: 177 1,759 1,644 287 24 39 539 466 173 508 Sept. 10 455 47 199 1,790 1,675 278 23 3 540 498 173 577 Sept. 17 449 4: 204 1,776 1,697 272 25 36 540 511 174 640 Sept. 24 440 43 173 1,747 1,637 281 21 36 540 485 174 613 Chicago* Aug. 27 ,608 101 375 6,027 5,830 628 98 1872,345 1,532 653 2,381 Sept. 3 ,656 106 364 5,956 5,775 637 109 2052,348 1,554 657 2,180 Sept. 10 ,658 111 37 6,012 5,859 622 104 2072,352 1,584 657 2,502 Sept. 17 ,715 101 389 6,091 6,01 621 121 1862,354 1,623 656 2,945 Sept. 24 ,669 lo: 377 6,033 5,880 609 95 2002,355 1,555 658 2,732 St. Louis Aug. 27 37 28 109 1,337 1,382 101 18 35 457 546 165 454 Sept. 3 366 28 111 1,329 1,394 97 21 3 458 558 165 421 Sept. 10 377 30 12 1,331 1,40. 97 18 34 459 585 165 496 Sept. 17 377 29 11 1,332 1,439 95 19 35 459 585 166 576 Sept. 24 371 30 115 1,319 1,397 93 19 3 459 574 166 570 Minneapolis Aug. 27 214 12 88 763 740 119 18 15 245 324 96 367 Sept. 3 228 12 9' 765 754 124 16 1 246 355 96 371 Sept. 10 236 13 97 769 779 114 19 17 246 391 96 454 Sept. 17 223 1 105 774 782 11 15 1 246 397 96 537 Sept. 24 228 13 100 772 768 119 15 17 246 389 96 475 Kansas City Aug. 27 523 30 292 1,735 ,707 220 28 40 376 944 180 636 Sept. 3 526 31 29 1,728 ,716 218 28 43 376 942 179 573 Sept. 10 535 3: 30« 1,740 ,753 209 29 40 377 958 180 682 Sept. 17 519 30 318 1,758 ,792 205 31 43 378 960 181 798 Sept. 24 510 30 283 1,745 ,740 212 27 43 378 922 10 181 778 Dallas Aug. 27 47- 33 297 1,807 ,760 174 32 24 336 36 573 182 511 Sept. 3 480 33 27. 1,78 ,750 164 29 27 33 3 57 182 471 Sept. 10 480 36 30 1,806 ,784 159 30 27 33 35 593 181 517 Sept. 17 479 33 327 1,821 ,836 149 37 26 338 34 610 182 642 Sept. 24 466 34 305 1,806 ,793 153 36 28 338 33 59' 183 643 San Francisco Aug. 27 763 12 292 6,805 6,650 569 213 1184,866 111 463 663 2,173 Sept. 3 783 129 292 6,827 6,723 568 240 1294,872 111 476 665 1,973 Sept. 10 789 141 31 6,91 6,942 528 231 1324,878 111 525 665 2,103 Sept. 17 762 129 332 6,949 6,981 531 246 12 4,878 110 549 665 2,653 Sept. 24 789 128 309 6,895 6,783 544 226 1324,880 110 50 668 2,463 City of Chicago* Aug. 27 060 41 19C 3,86 3,876 289 52 131 ,161 35 1,126 439 1,536 Sept. 3 101 45 18' 3,85 = 3,864 305 63 136 ,162 35 1,13 44; 1,444 Sept. 10 093 46 194 3,89' 3,918 306 56 129 ,163 35 1,173 443 1,599 Sept. 17 124 4 19, 3,970 4,038 315 56 118 ,164 35 1,198 44: 1,929 Sept. 24 114 41 19. 3,955 3,952 321 47 131 ,165 35 1,150 443 1,707 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. OCTOBER 1947 1277 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 sta p o n a u d p t i e - n r g1 st T a o n o u d t t a i - n l g Accepting banks R F B e e a d s n e e r k r v a s e l Others I U m i n n p i t o t o e r d ts E U f x r n o p i o t m e r d ts G s o h o ip d p p s e o s d i t n o t b r s e e i d tw n i e n e n or Total O bi w ll n s bo B u il g ls ht ( a F c o co r u o n w t) n States States United Foreign States countries 1946—July 131 205 118 67 51 34 54 146 24 26 August 142 207 140 68 72 13 54 152 22 26 September 148 200 151 68 82 2 47 150 20 23 October 202 204 154 71 82 50 154 18 23 November 227 208 155 73 82 54 152 23 26 December 228 227 169 74 94 58 162 29 29 1947—January 236 241 183 85 98 58 172 35 27 February 243 230 171 76 95 59 164 35 24 March 266 228 170 75 95 58 158 36 27 April 256 215 154 71 83 61 140 42 25 May 250 189 130 67 63 59 118 45 21 June 234 183 132 69 63 50 111 46 20 July '244 187 148 75 74 39 115 45 21 August 244 206 158 71 87 48 133 47 20 r Revised 1 As reported by dealers; includes some finance company paper sold in open market. 2 Dollar exchange less than $500,000 throughout the period. Back figures.—See Banking and Monetary Statistics, Table 127, pp. 465-467; for description, see p. 427. CUSTOMERS' DEBIT BALANCES, MONEY BORROWED, AND PRINCIPAL RELATED ITEMS OF STOCK EXCHANGE FIRMS CARRYING MARGIN ACCOUNTS [Member firms of New York Stock Exchange. Ledger balances in millions of dollars] Debit balances Credit balances 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 v d c e c t s o r t a u m d n e i ts 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 i k n s borrowed2 Free O (n th et e ) r a i I n n n a v d c p e c t a s o r t r u a m t d n n e i t e s n n r g t s' a in n a v d I c n e c t s o r f t u a i m r d n m e i ts n n g t I a n c ( c c n o a e u p t n ) it t a s l 1937—June 1,489 55 161 214 1,217 266 92 25 13 397 December... 985 34 108 232 688 278 85 26 10 355 1938—June 774 27 88 215 495 258 89 22 11 298 December... 991 32 106 190 754 247 60 22 5 305 1939—June 834 25 73 178 570 230 70 21 6 280 December... 906 16 78 207 637 266 69 23 7 277 1940—June 653 12 58 223 376 267 62 22 5 269 December... 677 12 99 204 427 281 54 22 5 247 1941—June 616 11 89 186 395 255 65 17 7 222 December... 600 8 86 211 368 289 63 17 5 213 1942—June 496 9 86 180 309 240 56 16 4 189 December... 543 7 154 160 378 270 54 15 4 182 1943—June 761 9 190 167 529 334 66 15 7 212 December... 788 11 188 181 557 354 65 14 5 198 1944—June 887 5 253 196 619 424 95 15 11 216 December... 1,041 7 260 209 726 472 96 18 8 227 1945—June 1,223 11 333 220 853 549 121 14 13 264 December... 1,138 12 413 313 795 654 112 29 13 299 1946—June 809 7 399 370 498 651 120 24 17 314 1946—September. . 3 631 3 305 3 729 October 3 583 3 253 3 720 November. . 3571 3 238 3 723 December... 537 5 311 453 217 693 118 30 10 289 1947—January.... 3 533 3210 3 687 February. . . 3 573 3217 3 681 March 3 576 3216 3 677 April 3 553 3 205 3 665 May 3 530 3 201 3 652 June 552 6 333 395 222 650 162 24 9 271 July 3 564 3251 3677 August 3 550 »241 3 656 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): June, 62; July, 68; August, 77. 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. 1278 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 mo Y w n e e t a h e r k , , or m 4 m p P - c o a r o e t n p i o r m m t c e h 6 i - r e a s , - l 1 a a P b d c n e a r a 9 c r i c n y 0 s m e e ' k s p s e 1 - , t- ch n l c a e o r a e l a x e a s w n - - l * n l g - e m bi o 3 ll n - s t h « 9 c m o - c e t f a o r o t t n i i e f n t 1 s i h 2 - - - 3 t i - a s y s x t e u o a a e b r s 5 l 4 - e 19 T o c t i a ti l es Y N C o e it w r y k e E 7 N r c a n o i o s t r t t i a h t e e h n s r e - n d r 1 W e 1 r c n S e i t s o i t a e u e n s t r h d n debtedness 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 1944 average .73 .44 J 00 .375 .79 j 33 1940 average 2.63 2.04 2.56 3.38 1945 average .75 .44 LOO 375 !81 !l8 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—September. .81 .81 1.38 .375 .85 L27 1944 average 2.59 2.11 2.68 3.02 October. . . .88 .81 L38 .375 .83 L.29 1945 average 2.39 1.99 2.51 2.73 November. .94 .81 L.38 .376 .84 L28 1946 average 2.34 1.82 2.43 2.85 December.. 1.00 .81 L.38 .375 .85 1.30 1943—September. 2.48 2.05 2.71 2.73 1947—January... .00 .81 1.38 .376 .84 L.26 December. 2.65 2.10 2.76 3.17 February. . LOO .81 L.38 .376 .85 1.26 March LOO .81 L.38 .376 .82 L.24 1944—March. . . . 2.63 2.10 2.75 3.12 April LOO .81 L.38 .376 .83 1.24 June 2.63 2.23 2.55 3.18 May L 00 .81 38 376 .85 L.27 September. 2.69 2.18 2.82 3.14 June LOO .81 i.38 376 .85 29 December. 2.39 1.93 2.61 2.65 July LOO .81 L.38 .703 .85 L.33 August.... LOO .88 L.38 .748 .85 L.31 1945—March. . . . 2.53 .99 2.73 2.91 September. L06 .94 1.38 .804 .87 1.28 June 2.50 .20 2.55 2.80 September. 2.45 .05 2.53 2.81 Week ending: December. 2.09 .71 2.23 2.38 Aug. 30. .. 1 15/16 1 /^—1/^ .766 .85 L.27 Sept. 6... 1 15/16 13^—1 ;HJ .789 .85 L.27 1946—March. . . . 2.31 .75 2.34 2.93 Sept. 13... 1 15/16 134~1^ .802 .87 L.28 June 2.41 .84 2.51 2.97 Sept. 20... 1 15/16 iM~i^ .808 .87 1.28 September. 2.32 .83 2.43 2.75 Sept. 27... l-i H 15/16 .817 .87 1.28 December. 2.33 .85 2.43 2.76 1947—March 2.31 .82 2.37 2.80 1 Monthly figures are averages of weekly prevailing rates. June 2.38 .83 2.44 2.95 2 The average rate on 90-day stock exchange time loans was 1.50 September. 2.21 1.77 2.25 2.69 per cent beginning Aug. 2, 1946. Prior to that date it was 1.25 per cent. 8 Rate on new issues offered within period. 4 Revised beginning Dec. 15, 1945; see pp. 1251-1253 of this BULLETIN. 1 Prior to March 1939 figures were reported monthly on a basis not Back figures.—See Banking and Monetary Statistics, Tables 120-121, strictly comparable with the current quarterly series. pp. 448-459, and the BULLETIN for May 1945, pp. 483-490. Back figures.—See Banking and Monetary Statistics, Tables 124-125, pp. 463-464; for description, see pp. 426-427. BOND YIELDS * [Per cent per annum] U. S. Government Corporate (Moody's)5 (taxable) Munic- Corpo- Year, month, or week ipal rate By ratings By groups 15 (high- (high- 7 to 9 years grade)3 grade)4 Total years and Indus- Rail- Public over Aaa Aa Baa trial road utility Number of issues 1-5 1-8 15 30 30 30 30 40 40 40 1944 average .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—September .57 2.28 .75 2.50 2.79 2.58 2.68 2.80 3.10 2.64 2.98 2.75 October .58 2.26 .84 2.51 2.82 2.60 2.70 2.84 3.15 2.65 3.05 2.76 November .60 2.25 .80 2.51 2.82 2.59 2.69 2.84 3.17 2.66 3.05 2.77 December .60 2.24 .97 2.55 2.83 2.61 2.69 2.83 3.17 2.66 3.04 2.77 1947—January .56 2.21 .92 2.48 2.79 2.57 2.65 2.79 3.13 2.63 3.00 2.73 February .54 2.21 .99 2.48 2.78 2.55 2.64 2.79 2.61 3.00 2.72 March .52 .19 .02 2.49 2.55 2.64 2.80 2.61 3.02 2.73 April .53 2.19 .98 2.49 2.53 2.63 2.81 2.60 3.03 2.71 May .53 2.19 .95 .49 2.53 2.63 2.82 2.60 3.05 2.71 June .56 2.22 .92 2.50 2.55 2.64 2.83 2.60 3.10 2.72 July .57 2.25 1.91 2.51 2.55 2 64 2.82 3.18 2.62 3.06 2.72 August .54 2.24 1.93 2.51 2.56 2.64 2.81 3.17 2.63 3.03 2.72 September .53 2.24 1.92 2.57 2.85 2.61 2.69 2.86 3.23 2.67 3.09 2.78 Week ending: Aug. 30 .51 2.23 1.92 2.52 2.80 2.56 2.65 2.81 3.18 2.63 3.05 2.73 Sept. 6 .52 2.23 1.92 2.53 2.80 2.57 2.65 2.81 3.18 2.63 3.04 2.73 Sept. 13 .53 2.24 1.92 2.55 2.82 2.58 2.67 2.83 3.20 2.65 3.06 2.75 Sept. 20 .53 2.23 1.92 2.58 2.85 2.62 2.69 2.86 3.24 2.68 3.10 2.78 Sept. 27 .54 2.24 1.92 2.60 2.89 2.64 2.73 2.89 3.28 2.71 3.14 2.81 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; see pp. 1251-1253 of this BULLETIN. 3 Standard and Poor's Corporation. 4 U. S. Treasury Department. 5 Moody's Investors Service, week ending Friday. Because of limited number of suitable issues, the industrial Aaa, Aa, and A groups have been reduced from 10 to 5, 8, and 8 issues, respectively, and the railroad Aaa, Aa, and A groups from 10 to 6, 6, and 9 issues, respectively. Back figures.—See Banking and Monetary Statistics, Tables 128-129, pp. 468-474, and the BULLETIN for May 1945, pp. 483-490. OCTOBER 1947 1279 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SECURITY MARKETSl Bondprices Stock prices1 Volume Corporate * Common (index, 1935-39 = 100) of trading7 (in Year, month, or week U. S. Munic- thou- Gov- ipal Medium- anc lower-grade Pre- sands of m e e rn n - t2 g ( r h a i d g e h ) - 1 H gr i a g d h e - Total 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 fa D ul e t - ed ferred* Total In tr d i u al s- R ro a a i d l- P ut u i b li l t i y c shares) 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 90 971 102.04 139 6 122.1 117.9 122.2 115 1 116.3 75.4 189.1 122 123 137 106 1,443 104.77 140.1 123.4 118.5 123.6 117.0 114.9 76.7 198.5 140 143 143 120 1,390 1946—September 103.25 137.8 122.8 117.4 123.3 114.3 114.7 65.4 196.2 125 129 119 110 2,173 October 103 58 136 0 121.8 115.8 122.2 112.3 112.9 62.7 191.6 122 126 110 107 1,256 103.71 136.8 121.6 115.9 122.5 112.7 112.6 63.6 189.3 121 124 113 106 1,191 December .... 103.87 133.4 121.5 115.9 123.0 112.9 111.9 67.7 186.2 126 129 119 110 1,320 1947—January 104.32 134.4 122.6 116.3 123.5 114.3 111 .2 68.3 187.3 125 129 115 111 998 February 104.35 133.1 122.7 116.8 123.7 114.3 112.4 69.3 189.0 129 133 119 111 1,176 March 104 61 132 5 122 4 116.6 123.7 113 6 112 5 66 0 188 1 124 128 110 107 841 April 104 57 133.2 122.8 116.5 123.5 113.2 112.7 64.0 186.5 119 123 102 105 912 May 104.48 133.9 122.9 115.0 123.2 109.2 112.5 61.9 186.2 115 119 95 102 912 June 104 08 134 4 122.8 114.3 122.6 107 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 September 103.95 134.4 121.5 115.1 121.9 109.3 114.1 68.6 188.3 123 128 104 102 763 Week ending: 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 Sept. 6 104 04 134 4 122.2 115.5 122 3 110 0 114 2 68 9 188 7 124 130 105 103 723 Sept. 13 103.96 134.4 121.8 115.2 121.9 109.6 114.0 68.4 188.7 122 127 103 102 744 Sept. 20 103.98 134.4 121.4 115.1 122 .1 109.3 114.1 68.5 188.2 124 130 104 102 836 Sept. 27 103.88 134.4 121.2 114.8 121.7 108.9 114.0 68.5 187.7 122 127 102 102 706 1 Monthly and weekly data are averages of daily figures, except for municipal bonds and for stocks, which are based on Wednesday figures. 2 Average of taxable bonds due or callable in 15 years and over. 1 Prices derived from average yields, as computed by Standard and Poor's Corporation, on basis of a 4 per cent 20-year bond. 4 Prices derived from averages of median yields, as computed by Standard and Poor's Corporation. 6 Standard and Poor's Corporation. • Prices derived from averages of median yields on noncallable high-grade stocks on basis of a $7 annual dividend. 7 Average daily volume of trading in stocks on the New York Stock Exchange. Back figures.—See Banking and Monetary Statistics, Tables 130, 133, 134, and 136, pp. 475, 479, 482, and 486, respectively, and the BULLETIN for May 1945, pp. 483-490. NEW SECURITY ISSUES [In millions of dollars] For new capital For refunding Total Domestic Domestic (new Year or month f i u a r n n n e g d d - ) - m T ( a f o d e o n s r o t d - a t - i l c Total S a m t n a u d t - e F e e ra d l - Corporate e F i o g r n - 2 m T a ( f o d o e n s o r t d - a t - i l c Total S m a t n a u d t - e F e e ra d l - Corporate e F i o g r n - 8 eign) n p ic al i- a c g i e e n s1 - Total B a o n n d ds Stocks eign) n p ic al i- a c g i e e n s1 - Total B a o n n d ds Stocks notes notes 1937 3,937 2,138 2,094 712 157 1,225 817 408 44 1,799 1,680 191 281 1,209 856 352 119 1938 4,449 2,360 2,325 971 481 873 807 67 35 2,089 2,061 129 665 1,267 1,236 31 28 1939 5,790 2,277 2,239 931 924 383 287 97 38 3,513 3,465 195 1,537 1,733 1,596 137 48 1940 4.803 1,951 1,948 751 461 736 601 135 2 2,852 2,852 482 344 2,026 1,834 193 1941 5.546 2,854 2,852 518 1,272 1,062 889 173 1 2,693 2,689 435 698 1,557 1,430 126 4 1942 2.114 1,075 1,075 342 108 624 506 118 1,039 1,039 181 440 418 407 11 1943 ••2,169 642 640 176 90 374 282 92 2 ••1,527 1,442 259 497 685 603 82 ••86 1944 . . . 4.216 913 896 235 15 646 422 224 17 3,303 3,288 404 418 2,466 2,178 288 15 1945 ••8,006 1,772 1,761 471 26 1,264 607 657 12 '6,234 6,173 324 912 4,937 4,281 656 ••61 1946 ••8,557 4,589 4,579 952 121 3,506 2,038 1,468 ••10 ••3,968 3,863 208 741 2,914 2,313 601 ••105 1946—August. . . ••561 ••420 419 64 354 196 159 1 141 126 1 33 93 39 53 15 September 441 242 242 71 170 96 75 200 200 17 38 145 143 1 October. . 562 363 363 49 47 267 223 43 199 199 1 133 65 36 29 November 761 659 659 69 590 444 145 102 102 2 13 86 68 19 December 993 788 788 119 669 544 125 205 190 50 34 105 79 27 'is 1947—January 636 498 487 215 21 252 208 44 10 139 135 11 22 103 84 18 4 February •"410 ••252 250 97 34 118 75 44 2 '158 56 1 24 31 8 22 ••101 March. . . 855 635 614 293 12 310 265 44 21 220 191 2 50 140 136 4 29 April 885 784 777 402 376 240 136 7 101 96 3 20 73 39 34 5 May 699 347 332 106 15 211 79 132 15 352 352 1 33 317 227 91 June 1,033 744 744 212 15 517 434 83 290 252 2 38 211 162 48 "38 July »l,033 »863 619 124 12 483 309 174 170 170 11 40 118 107 11 August... 508 317 317 185 8 123 113 10 191 191 3 40 147 140 7 r Revised. 1 Includes publicly offered issues of Federal credit agencies, but excludes direct obligations of U. S. Treasury. 1 Includes issues of noncontiguous U. S. Territories and Possessions. • 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. 1280 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 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 R o e th p e a r o y f m de e b n t t pu O r t p h o e s r es 1934 397 384 57 32 26 231 231 84 11 1935 2,332 2,266 208 111 96 1,865 1,794 71 170 23 1936 4,572 4,431 858 380 478 3,368 3,143 226 154 49 1937 2,310 2,239 991 574 417 1,100 911 190 111 36 1938 2,155 2,110 681 504 177 1,206 1,119 87 215 7 1939 ... . 2,164 2,115 325 170 155 1,695 1,637 59 69 26 1940 2,677 2,615 569 424 145 1,854 1,726 128 174 19 1941 2,667 2,623 868 661 207 1,583 1,483 100 144 28 1942 1,062 1,043 474 287 187 396 366 30 138 35 1943 1,170 1,147 308 141 167 739 667 72 73 27 1944 3,202 3,142 657 252 405 2,389 2,038 351 49 47 1945 6,011 5,902 1,080 638 442 4,555 4,117 438 134 133 1946 6,500 6,358 3,003 2,012 991 2,728 2,258 469 408 219 , 1946—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 August 248 245 118 99 19 104 102 3 16 6 PROPOSED USES OF PROCEEDS, BY MAJOR GROUPS OF ISSUERS [In millions of dollars] Railroad Public utility Year or month Total Retire- All Total Retire- All net New ment of other net New ment of other pro- money securi- pur- pro- money securi- purceeds ties poses4 ceeds ties poses4 1934 . . 172 21 120 31 130 11 77 42 1935 120 57 54 10 1,250 30 1,190 30 1936 774 139 558 77 1,987 63 1,897 27 1937 . . 338 228 110 1 751 89 611 50 1938 54 24 30 1,208 180 943 86 1939 182 85 97 1,246 43 1,157 47 1940 319 115 186 '"is' 1,180 245 922 13 1941 361 253 108 1,340 317 993 30 1942 47 32 15 464 145 292 27 1943 160 46 114 469 22 423 25 1944 .. . 602 102 500 1,400 40 1,343 17 1945 1,436 115 1,320 2,291 69 2,159 63 1946 . ... 693 129 560 3 2,052 761 1,207 83 1946—August 3 3 41 6 33 September.. 19 16 3 111 13 86 October.. . . 40 21 19 124 108 17 November.. 18 18 61 18 33 December 47 35 10 2 483 411 72 1947—January 33 28 5 43 14 26 February... 8 7 2 67 47 18 March 12 9 1 332 223 107 April 17 17 93 30 61 May 37 15 22 225 31 179 June 28 28 536 353 181 July 28 22 6 307 234 68 August. . . . 23 23 140 28 95 ot ot • © ocot ot ot Industrial Total net New pro- money ceeds 62 25 774 74 1,280 439 1,079 616 831 469 584 188 961 167 828 244 527 497 1,033 1,969 3,355 422 130 210 530 226 229 119 90 328 16 165 2 141 4 239 16 79 ot ot ^ oot n_ oO OC *£ Other Retire- All Total Retire- All ment of other net New ment of other securi- pur- pro- money securi- purties poses4 ceeds ties poses4 34 2 20 19 550 150 122 46 72 4 761 80 390 218 152 20 373 90 71 57 7 7 226 136 16 8 7 1 353 43 102 9 88 5 738 56 155 42 9 104 463 121 94 55 18 21 89 146 4 4 199 71 21 13 4 4 504 76 107 61 42 3 811 1,010 148 206 85 65 56 2,000 903 451 258 113 56 89 326 80 16 53 9 1 42 108 9 13 1 1 71 12 127 3 3 470 48 12 8 5 3 145 17 64 52 32 15 4 136 84 9 11 5 5 94 8 16 66 58 6 2 52 5 33 9 1 8 204 24 99 3 3 129 26 10 10 5 5 96 26 19 21 21 175 43 21 14 3 1 10 65 9 6 2 2 1 11 EEssttiimmaatteess ooff nneeww iissssuueess ssoolldd ftoorr ccaasshh iinn tthhee UUnniitteedd Sbttaatteess.. 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. OCTOBER 1947 1281 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 e d n l c M e h r i a y n - - t b o A i m l u e o - s - e p t O m r q t o a i t u e o r h n t i n n e a s p t r - - - f m e p N u a r r e r o n c o t o d t n a 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 n f n n d i i g g d n l u - c- c In h t c r d e a i m u a ls l s i - - O g d n o u b t o o h l r n e a d e - - s r n c s ic e e e l o e r l v s 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 8 165 356 281 273 302 321 31,139 82 657 Quarterly 1945—i 492 49 38 63 4 50 31 21 45 62 48 39 45 250 20 142 2 508 53 42 77 •47 27 21 46 64 45 38 47 269 22 145 3 439 37 35 46 *36 23 20 50 61 43 37 53 224 21 143 4 485 49 47 58 4 36 27 26 58 37 51 40 58 246 22 182 1946—i 323 22 -19 -34 4 -5 20 12 65 56 63 62 82 116 20 146 2 604 67 49 21 451 26 37 74 62 66 71 80 250 21 153 3 698 96 32 42 4 38 41 41 93 77 67 77 93 310 20 149 4 »853 97 '61 102 4 44 50 »57 124 85 77 91 66 »415 21 209 1947—1 873 126 69 99 4 47 47 50 98 90 89 96 63 425 20 177 2 888 99 82 110 4 57 46 57 69 111 87 91 79 438 22 194 PUBLIC UTILITY CORPORATIONS [In millions of dollars] Railroad 6 Electric power • Telephone 7 Year or quarter 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 * 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 i e n e r g n a u t e - I b n in e t c a f c o x o o m * 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 1945 8,902 756 450 246 3,681 905 534 407 1,803 396 177 173 1946 7,627 273 289 235 3,828 953 645 454 1 992 277 200 171 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 75 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—i 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 1 "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. » Net profits figures for the year 1946 include, and those for the fourth quarter exclude, certain large extraordinary year-end profits in the following amounts (in millions of dollars): 629 company series—total, 67; machinery, 49; other durable goods, 18; 152 company series—total, 49. 4 Partly estimated. 6 Class I line-haul railroads, covering about 95 per cent of all railroad operations. • 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). 1282 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

UNITED STATES GOVERNMENT DEBT—VOLUME AND KIND OF SECURITIES [On basis of daily statements of United States Treasury. In millions of dollars] Marketable public issues x Nonmarketable public issues Fully Total Total Non- guaran- End of month d g d i r e r o e b s c t s t b in d e d t i a e r e r e r b i c e n t t s g t- Total2 Tre b a il s ls ury c i C e n a d e t d n e r e t s e i b f s o t i s - - f Tr n e o a t s e u s ry T b re o a n s d u s ry Total2 s b a U o v . n i n S d g s . s T t s a r a n e x v o a i t s a n e u n g s r d s y S i p ss e u c e ia s l b in e d t a e e r r b i e n t s g t- s t b e t e c e e e u a r d e r r i i s i t n t 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 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 "3i09o' 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—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 '3,127 74 Aug 260.097 257,110 168,390 15,735 25,025 8,142 119,323 59,499 51,664 5,642 29,220 '2,987 73 Sept 259,145 256,107 167,946 15,725 24,894 7,840 119,323 58,640 51,759 5,531 29,521 2,926 70 r Revised. 1 Including amounts held by Government agencies and trust funds, which aggregated 4,458 million on Aug. 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—See Banking and Monetary Statistics, Tables 146-148, pp. 509-512. UNITED STATES GOVERNMENT MARKETABLE PUBLIC UNITED STATES SAVINGS BONDS SECURITIES OUTSTANDING SEPTEMBER 30, 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 coupon rate Amoun Issue and coupon rate Amount at end of month All Series Series Series All series E F G series Treasury bills 1 Treasury bonds—Cont. Oct. 2,1947 ,303 Dec. 15, 1949-52 2..3J/g 491 Oct. 9, 1947 ,300 Dec. 15, 1949-53 2..2^ 1,786 Fiscal year Oct. 16, 1947 ,102 Mar. 15, 1950-52 2 1,963 ending: Oct. 23, 1947 ,101 Sept. 15, 1950-52i ..2H 1,186 June—1940. . 2,905 1,109 114 Oct. 30, 1947 ,102 Sept. 15, 1950-52 2 4,939 1941.. 4,314 1,492 203 67 395 148 Nov. 6, 1947 ,103 Dec. 15, 1950 1^ 2.635 1942.. 10,188 5,994 3,526 435 2 032 207 Nov. 13, 1947 ,201 June 15, 1951-54 2..2 54 1,627 1943.. 21,256 11,789 8,271 758 2 759 848 Nov. 20, 1947 ,201 Sept. 15, 1951-53 2 7,986 1944.. 34,606 15,498 11,820 802 2 876 2,371 Nov. 28. 1947 ,302 Sept. 15, 1951-55 2 3 755 1945.. 45,586 14,891 11,553 679 2 658 4,298 Dec. 4, 1947 ,302 Dec. 15, 1951-53 2..2 M 1,118 1946.. 49,035 9,612 6,739 407 2 465 6,717 Dec. 11, 1947 ,303 Dec. 15, 1951-55 2 510 1947.. 51,367 7,208 4,287 360 2 561 5,545 D D e e c c . . 2 1 6 8 , , 1 1 9 94 4 7 7 , , 3 1 0 0 2 2 J M u a n r e . 1 1 5 5 , , 1 1 9 9 5 5 2 2 - - 5 5 4 4 ... 2H 2 5 1 , , 8 02 2 4 5 1946— O S c e t pt.... 4 4 9 9 , , 5 6 4 2 5 4 5 4 1 9 9 4 3 32 0 7 9 2 2 4 0 1 16 6 5 9 4 4 8 8 9 2 June 15, 1952-55...2K 1,501 Nov.... 49,709 453 294 20 139 418 C J J J J F J D O N M A e u u u a u e r e c o p l n l l n a b y y y c t t v r . e r . . , . . . . of in 1 1 1 1 1 1 1 1 1 1 d 9 9 9 9 9 9 9 9 9 4 4 4 4 4 4 4 9 e 4 8 4 8 8 8 7 7 8 b 8 8 4 S te S e 7 d r " Y . n " G % F e ' " s " V Y s % H % % % ^ % % 3 2 2 2 3 1 1 1 , , . , , , , , 7 1 3 1 7 9 2 1 2 4 7 7 2 2 4 4 0 4 3 8 7 4 7 7 1 2 2 4 9 7 1 5 0 J J D J D D S S J J M M D u u u u u e e e e e e n a a n n n n p p c c c c e e e . r r . . e e . t t . . . . 1 1 1 1 1 1 1 1 1 1 1 1 1 5 5 5 5 5 5 5 5 5 5 5 5 5 , , , , , , , , , , , , , 1 1 1 1 1 1 1 1 1 1 1 1 1 9 9 9 9 9 9 9 9 9 9 9 9 9 6 6 6 5 5 5 5 5 5 5 5 5 5 2 3 0 8 5 3 6 4 2 9 9 6 6 - - - - - - - - - - - - - 6 6 6 6 6 5 5 5 5 6 6 5 5 7 8 5 3 0 5 9 6 4 2 2 9 8 * * * * 2 2 2 2 2 2 . . . . . . . . . . . . . . . . . . . . , . 2 2 2 2 2 2 2 . 2 2 J ^ 3 ^ % . % % % Y 4 2 2 4 ± 3 2 3 2 5 8 2 1 1 , , , , , , , , , 8 4 1 4 2 6 8 9 9 4 6 6 7 8 3 1 7 8 1 4 1 8 2 8 6 2 5 1 8 0 4 1 9 9 1 2 3 5 2 1947— M J S J A A T M F M D u u e a e u p a e n a a n p l g b t r y e r c y u . t . . . . r . . . . . . . . . i . . . . . . . . . t . . . . . ies 5 5 5 5 5 5 4 5 5 5 a 1 1 1 1 1 1 0 0 9 0 n , , , , , , , , , , 5 3 7 1 7 9 6 2 7 3 d 5 6 1 4 5 1 6 4 7 4 a 2 7 7 5 9 7 4 0 6 3 mount 9 4 5 4 4 4 5 5 6 7 s 8 5 7 8 6 6 5 1 7 1 2 2 2 8 6 0 9 2 6 6 outstan 3 3 3 3 5 3 3 3 3 2 d 0 4 3 0 0 3 7 9 9 7 i 5 9 9 4 1 5 2 4 4 0 ng Sept 3 5 3 2 2 2 2 4 2 2 e 3 3 5 5 4 7 9 1 1 1 mber 3 3 2 2 1 1 1 1 1 1 1 6 7 0 7 5 4 0 5 9 4 9 4 8 9 8 7 2 8 1 4 3 , 1947 4 4 4 4 4 4 5 3 4 4 3 5 3 2 0 8 9 5 0 4 1 7 3 1 4 3 8 5 4 9 T S r e e p a t s . u 1 r 5 y . 1 n 9 o 4 t 8 es 1H 3.748 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 5 4 4 - - - 7 6 6 0 9 9 * * * . . . . 2 2 3 3 5. , , 1 7 8 9 6 3 7 1 8 m Y a e t a u r r o it f y se A ri l e l s S C e - r D ies Se E ries Se F ries Se G ries Oct. 1, 1948 1 4,092 Mar. 15, 1966-71 *..2J> 3,481 June 15, 1967-72*. 7,967 1947 168 168 Sept. 15, 1967-72...2J^ 2,716 1948 509 509 Treasury Bonds Dec. 15, 1967-72 *..2H 11,689 1949 815 815 Oct. 15, 1947-52 » AH 8 759 1950 984 984 Dec. 15, 1947 2 2 701 •ostal Savings 1951 1,571 435 1 ,136 Mar. 15, 1948-50 2 1,115 bonds 2% 115 1952 4,327 4,327 Mar. 15, 1948-51 2 .2^ 1,223 •anama Canal Loan. 3 50 1953 7,723 6,389 206 ' " 1,128* June 15, 1948 1% 3,062 1954 10,076 7,360 541 2,175 Sept. 15, 1948 2 2H 451 Total direct issues 167,946 1955 8,836 5,972 594 2 267 Dec. 15, 1948-50*.... 2 571 1956 6,493 3,215 674 2,604 June 15, 1949-51 2 1,014 Guaranteed securities 1957 5,483 2,580 539 2,363 Sept. 15, 1949-51 2 1,292 Federal Housing Admin. 1958 2 879 313 2 566 Dec. 15, 1949-51 2 2,098 Various 34 1959 1,966 256 1,710 Unclassified. . -68 'Sold on discount basis. See table on Open-Market M01ney Rates, Total 51,759 2,911 30,979 3,124 14,813 p. 3 1 C 2 a 7 l 9 le . d for r 2 e d p e a m rti p a t l i l o y n t o ax n O ex c e t m . 1 p 5 t. , 1947. * Restricted. OCTOBER 1947 1283 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES, DIRECT AND FULLY GUARANTEED [Estimates of the Treasury Department. Par value, in millions of dollars] Held by banks Held by nonbank investors End of month s i e b n T c e t u e a o r r r t e i i a t n s i l g e t- s Total m b C a e o n r m c k i s a - 1 l R F B e e a d s n e e r k r v a s e l Total v I id n u d a i- ls p I c a n a o n s n m c u ie e r - - s M s b a a v u n i t n u k g a s s l a r c O s a t o s a i t t o o r i n h o p n c d e o n i s r a - s - m S l g e a o t e o r n c a n n v d a t - t e - l s S a U m i n p s d e . u e c e n S t i s t a r . u l a G s g t o e P v i n f s e u u c s r i n b u e n d l e s - i s s c 1940—June 47,874 18,566 16,100 2,466 29,308 9,700 6,500 100 2,500 400 4,775 2,305 1941—June 54,747 21,884 19,700 2,184 32,863 10,900 7,100 ,400 2,400 600 6,120 2,375 December 63,768 23,654 21,400 2,254 40,114 13,600 8,200 700 4,400 700 6,982 2,558 1942—June 76,517 28,645 26,000 2,645 47,872 17,900 9,200 ,900 5,400 900 7,885 2,737 December 111,591 47,289 41,100 6,189 64,302 23,700 11,300 ,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 ,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_ D ju e n c e ember 2 2 3 0 0 1 , , 3 05 6 9 1 8 9 3 6 , , 3 5 0 4 1 6 6 7 8 7 , , 4 7 0 0 0 0 1 1 4 8 , , 9 8 0 4 1 6 1 1 1 3 7 3 , , 7 81 5 5 8 4 5 5 2 , , 1 2 0 0 0 0 1 1 7 9 , , 3 6 0 0 0 0 8 7 , , 3 3 0 0 0 0 2 2 5 7 , , 8 6 0 0 0 0 3 4 , , 2 3 0 0 0 0 1 1 4 6 , , 2 3 8 2 7 6 4 5 , , 8 3 1 4 0 8 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 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 July 256,395 92,049 70,500 21,549 164,346 66,000 25,000 12,200 21,300 6,400 28,516 4,825 1 Including holdings by banks in territories and insular possessions, amounting to 100 million dollars on June 30, 1942, and 500 million on June 30, 1947. SUMMARY DATA FROM TREASURY SURVEY OF OWNERSHIP OF SECURITIES ISSUED OR GUARANTEED BY THE UNITED STATES * [Marketable public securities. In millions of dollars] U.S. U.S. Gov- Gov- Total m er e n n - t F e e ra d l - C m o e m r- - M tua u l - Insur- Total m er e n n - t F e e ra d l - C m o e m r- - M tu u al - 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 C1) banks panies ing and Banks C1) banks panies trust trust funds funds Type of Treasury bonds security: and notes, due or callable: Total:« Within 1 year: 1944—Dec 162,843 5,33818,84672,045 8,183 18,76139,670 1944—Dec 6,737 83 646 4,016 34 171 1,790 1945—Dec 198,820 7,00924,26282,83010,49123,18351,046 1945—Dec 15,222 185 2,017 9,956 63 235 2,761 1946—June 189,649 6,76823,78376,57811,22024,28547,015 1946—June 10,119 4 1,431 5,655 116 495 2,418 Dec 176,658 6,30223,35066,962 11,52124,34644,177 Dec 7,802 29 72 4,341 181 591 2,591 1947—June.... 168,740 5,40921,87262,96111,84523,96942,684 1947—June.... 11,255 83 251 6,936 374 420 3,191 July.... 168,543 4,78921,54963,308 11,89123,92143,085 July.... 11,255 66 251 6,992 348 402 3,196 Treasury bills: 1-5 years: 1944—Dec 16,428 6 11,148 4,113 1 1,159 1944—Dec 34,965 580 1,557 23,490 866 1,884 6,589 1945—Dec 17 037 5 12,831 2,476 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 1,424 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—June 15,775 11 14,496 787 1 479 1947—June.... 42,522 469 698 29,917 1,574 2,671 7,'193 July.... 15,756 8 13,895 1,060 2 790 July.... 42,522 442 698 29,971 1,536 2,660 7,215 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—June.... 25,296 48 6,280 8,536 249 362 9,821 1947—June.... 18,932 423 40 11,577 1,245 2,002 3,645 July.... 25,122 35 6,559 8,282 195 322 9,729 July.... 18,932 424 40 11,709 1,193 1,933 3,633 Treasury notes: 10-20 years: 1944—Dec 23,039 60 1,566 15,411 336 568 5,098 1944—Dec 23,817 2,098 145 3,391 3,186 8,204 6,793 1945—Dec 22,967 8 2,120 15,701 179 576 4,383 1945—Dec 34,985 2,779 90 3,691 5,52310,99611,905 1946—June 18,261 9 1,748 11,396 227 623 4,258 1946—June.... 37,189 3,400 83 3,308 6,026 12,547 11,829 Dec 10,090 6 355 6,120 211 603 2,796 Dec 32,384 2,975 78 2,433 5,30311,708 9,886 1947—June.... 8,142 7 369 4,855 183 285 2,443 1947—June.... 40,352 3,374 78 2,587 6,751 15,137 12,425 July.... 8,142 6 369 4,844 174 261 2,488 July.... 40,352 2,966 78 2,633 6,94915,197 12,529 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 46,535 10,21722,23033,579 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 48,408 11,04923,22629,700 Dec 22,372 2,084 55 2,632 2,687 6,602 8,313 1947—June.... 119,323 5,306 727 48,75611,40723,30529,822 1947—June.... 14,405 964 29 2,593 1,649 3,358 5,812 July.... 119,323 4,703 726 49,094 11,51623,32129,963 July.... 14,405 810 28 2,639 1,663 3,389 5,876 ban 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. 1284 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SUMMARY OF TREASURY RECEIPTS, EXPENDITURES, AND RELATED ITEMS [On basis of daily statements of United States Treasury. In millions of dollars] Period W I h n e c i l t o d h m 2 - e O ta t x h e e s r 1 n c i r M n n e e e n t u l o v a i e l e s u e a l r - 1 - - s - S S t r a o e i x c c ty i e u a s - l O ce r t i e h p - e t r s c T e r o i e p t - a t l s ce N r ip e e - t t s3 d t I e o e e n s n r b - t - t a f W i a c e d t n n t i e a e i d s - v r s e - f T c e t o r e r r a s a u u t c c n s n - t . t s o t - s O p tu e e t n r x h e d - e s i r - e b i x T u t p u o d e r t g n e a e d s l t - s B ( d u + u e r ) f d p i g c l o u i e t s r t c T e o a r t u u c c n - . s 4 t t s G b I a f e n d d l u n c a u e n e r n r c d e r i c r a a n e e l s g a e s p e ( e G + ( r d — i ) r e o o b d o ) s t r s Fiscal year ending: June 1945 . . . 10,28924,884 6,949 1,7933,82447, 5,4573,617 90,029 1,646 5,106 100,397 -53,941 +791 +4,529 +57,679 June 1946... 9,39221,493 7,725 1,7143,91544,239 433,0384,722 48,542 1,918 8,532 63,714 -20,676 -524 -10,460 +10,740 June 1947... 10,01319,292 8,049 2,0395,30944,703 43,259 4,958 17,142 1,35519,051 42,505 +754 -548 -10,930 -11,136 1946 September. 705 2,845 656 89 186 4,481 4,478 648 1,100 32 974 2,755 + 1,723 -414 -868 -2,177 October. . . 557 847 752 74 386 2,617 2,544 160 1,481 48 1,276 2,965 -420 +156 -2,101 -1,837 November. 1,111 332 669 290 236 2,639 2,364 105 1,436 27 961 2,529 -165 + 15 -1,405 -1,255 December. 766 2,120 722 89 416 4,113 4,107 952 1,580 21 1,110 3,662 +445 -480 -3,163 -3,128 1947—January... 546 2,117 693 58 445 3,860 3,820 343 1,412 71 1,288 3,113 +706 -125 +1,210 +628 February.. 1,376 1,845 666 387 368 4,643 4,378 124 1,45" 16 2,318 3,914 +464 +317 +2,422 + 1,642 March. . . . 785 3,865 68: 118 275 5,724 5,701 626 1,428 1 1,544 3,598 +2,102 -33 -224 -2,294 April 584 1,012 638 75 315 2,624 2,556 141 1,728 46 2,085 4,001 -1,445 +269 -2,598 -1,423 May 1,218 400 595 365 62. 3,204 2,865 92 1,327 432 2,000 3,851 -987 +99 245 +642 June 778 2,492 602 1251,484 5.480 5,4731,396 1,493 18 2,632 5,540 -67 -634 -758 -57 July 625 75 663 80 343 2,469 2,39 245 5 980 549 H.896 3,669 -1,272 -129 -239 +1,161 August... . 1,255 413 643 352 202 2,865 2,536 103 980 273 1,704 3,060 -524 +206 +332 +649* September. 79 2,639 699 136 615 4,884 4,872 668 1,073 1,182 2,932 +1,940 -435 +552 -953 Details of trust accounts, etc. General fund of the Treasury (end of period) Soc a ia c l c o S u e n c t u s rity pe N n e d t it e u x r - es Other Assets Period in in g c he a c c k - - De- De- Total Balance 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 G o m o u v n e e t n s r t n o - f ce R i e p - ts I m nv e e n s ts t- p tu e E n r x e d - s i- Total F p e o d i s n e i r ts al s p p o e i s n c i i t a s l O as t s h e e t r s lia ti b e i s li- ge fu n n e d ral agencies Reserve deposi- Banks taries Fiscal year ending: June 1945 3,239 ,757 453 1,553 3,820 2,444 -938 25,119 1,500 22,622 997 421 24,698 June 1946.... 2,940 ,261 1,618 95 4,735 2,407 2,817 14,708 1,006 12,993 708 470 14,238 June 1947.... 3,219 ,785 1,493 -196 3,009 1,577 2,117 3,730 1,202 962 1,565 422 3,308 1946—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 1,565 422 3,308 July 632 398 154 158 153 46 159 3,460 884 958 1,617 391 3,069 August 573 150 134 176 400 281 26 ,705 5 749 1,362 51,593 304 3,400 September. 65 272 124 47 180 24 212 4,331 1,091 1,618 1,622 378 3,952 1 Details on collection basis given in table below. 2 Withheld by employers (Current Tax Payment Act of 1943). 3 Total receipts less social security employment taxes, which are appropriated directly to the Federal old-age and survivors insurance trust fund. * Excess of receipts (+) or expenditures ( —). 5 Change in classification. Back figures.—See Banking and Monetary Statistics, Tables 150-151, pp. 513-516. INTERNAL REVENUE COLLECTIONS CASH INCOME AND OUTGO OF THE [On basis of reports of collections. In millions of dollars] UNITED STATES TREASURY1 [In millions of dollars] Individual Corporation income income taxes and profits taxes Estate Excise and Excess in- Period W he it ld h- Other N su o a r r n t m d ax al E pr x o c f e it s s s p O t r a o t x h f e e it s r s t a a g n x if d e t s o ce th l t l e a a r x n e m e s o i u s s - Period in C c a o s m h e o C u a t s g h o c o o u m tg e o o r ( ( — +) ) Fiscal year ending: June—1941 9,371 14,060 -4,689 Fiscal year ending: 1942 15,291 34,585 -19,294 June—1941 1,418 1,852 164 37 407 2,547 1943 25,245 78,979 -53,735 1942 3,263 3,069 1,618 57 433 3,405 1944 47,984 94,079 -46,095 1943 686 5,944 4,521 5,064 84 447 4,124 1945 51,041 95,986 -44,945 1944 7,823 10,438 5,284 9,345 137 511 4,842 1946 47,793 65,692 -17,899 1945 10,264 8,770 4,880 11,004 144 643 6,317 1947 46,643 39,985 +6,658 1946 9,858 8,847 4,640 7,822 91 677 7,036 1947 9,842 9,501 6,055 3,566 55 779 7,285 1946—August 2,997 2,954 +43 September.. 4,682 3,041 + 1,641 1946—August 1,339 77 142 204 4 58 631 October 2,794 2,955 -161 September.. 30 1,198 692 978 10 43 604 November. . 2,869 2,325 +544 October.... 1,062 234 232 344 4 57 706 December. . 4,207 3,629 +578 November. . 1,243 80 122 123 3 49 612 December. . 27 420 752 925 9 62 652 1947—January... . 3,889 2,783 + 1,106 February... 5,127 3,667 + 1,460 1947—January.... 657 2,196 250 266 6 66 639 March 5,946 3,322 +2,624 February... 1,971 1,082 177 1?7 3 84 595 April 2,819 3,654 -835 March 81 1,967 1,712 80 3 103 541 May 3,316 3,351 -35 April 1,014 648 228 66 2 68 572 June 5,295 5,193 + 102 May 1,528 158 170 63 3 62 539 July 2,565 3,392 -827 June 33 1,068 1,38^ 61 2 55 560 August. 3,193 3,152 +41 July 1,133 297 370 49 2 66 618 August 1,495 62 275 43 1 79 572 1 Revised figures. For description, see Treasury Bulletin for September 1947. OCTOBER 1947 1285 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 c o y th e it r e m th s an Corporation or agency Total Cash L c a r o e b e i a - l v e n - s m m C p r s t a i l u i o o a n i a e p e m t d d l s - e s s , i , - - - G U r s i e o t . c i v I e u S m n t s - . . v e e n O r s s t i s t e t t - i c h e u e s - r 2 s e L t m u t a q a r r n u e u n e d n i c d s p t - , , - c u h f u t e n a a D r r t r n d i e e r g b d e - i d - e s d - s3 O s a t e s h t - e s r b a t B g F y n u a u u o t r n U e a l e n d l e r s . y d - d S s d p . , e a n O b y o e a t t n h b e - l e s e r , O li i a t t i b h e i e s l r - in U m G e e t . r o e e s n r t n v S - - t - . o v in P w a e t r t s e n i e - t r e l - y d All agencies: Mar. 31, 1946 33,325 ,279 5,069 1,918 1,789 28520,784 4601,741 536 1,133 4,959 26,218 479 June 30, 1946 29,869 ,305 5,381 1,550 1,767 43917,438 3851,605 325 1,234 4,93922,889 482 Sept. 30, 1946 29,569 ,157 5,949 1,429 1,836 39016,973 2991,536 377 1,250 3,37724,069 496 Dec. 31, 1946. . 30.409 ,398 6,649 1,265 1,873 54716,924 3391,414 261 1,252 3,58824,810 498 Mar. 31, 1947 32,337 ,588 7,294 1,003 1,985 3,42615,486 3801,176 169 1,250 3,14227,268 509 Classification by agency, Mar. 31, 1947 Department of Agriculture: Farm Credit Administration: Banks for cooperatives 322 254 43 39 (*) 273 11 Federal intermediate credit banks. 388 326 43 349 37 Federal land banks 1,076 889 137 722 77 243 Production credit corporations.... 113 68 43 8 113 Regional Agricultural Credit Corp. 15 1 ) 15 Agricultural Marketing Act Revolving Fund 2 1 1 2 Federal Farm Mortgage Corp 118 7 108 3 113 Rural Electrification Administration. 581 6 570 5 () 581 Commodity Credit Corp 1,277 503 172 383 214 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 86 123 116 Federal Savings and Loan Insurance Corp 180 175 176 Home Owners' Loan Corp 633 583 15 12 609 Federal Public Housing Authority and affiliate: Federal Public Housing Authority 528 6 278 8 227 6 12 516 Defense Homes Corp 57 1 1 55 56 Federal Housing Administration 200 40 26 122 12 36 158 Federal National Mortgage Association. 5 5 5 R.F.C. Mortgage Company 42 33 7 2 41 Reconstruction Finance Corp.5 4,457 22 727 487 48 2,587 216 230 701 3,757 Export-Import Bank ,518 1 1,508 193 1,325 Federal Deposit Insurance Corp ,123 9 1 i ioi () 30 953 139 Federal Works Agency 267 2 75 143 267 Tennessee Valley Authority 769 25 731 760 U. S. Maritime Commission: Maritime Commission activities ,192 560 1 3,305 29 212 393 3,799 War Shipping Adm. activities6 003 163 6,507 115 191 333 6,670 All other7 6,514 37 i 1170 3,227 1,894 10 135 61 6,453 CLASSIFICATION OF LOANS BY PURPOSE AND AGENCY Mar. 31, 1947 Purpose of loan b F l a a e n n d k d . s M C F F a o e o r r d r m p . t . . c i m F n r a e e t e t e d d e d r i i . - 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 m c n c a a - l . - H A F e a o d r r s m m ' m e . - H C O L e o o o w rs m r a ' n p n e - . P H A F u i o u n e b u t g d l h s i . c . - b h F l a o o e n 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 , i 3 e 1 s , banks To aid agriculture 957 137 326 255 201 570 600 (4) 10 3,056 2,884 596 40 27 663 659 To aid industry: 150 17 167 171 Other . . 163 41 204 192 To aid financial institutions : Banks 12 5 17 19 Forei O gn th e lo r ans 236 239 2 'i]5i5 i i ioo 2,8 2 5 3 4 8 2,2 2 8 9 4 5 Other 278 226 <\ 86 590 623 Less: Reserve for losses. 68 29 (4) 1 29 (4) 273 13 66 10 497 478 Total loans receivable (net) 889 108 326 254 172 570 327 583 278 236 765 1,508 1,277 7,294 6,649 1 Assets are shown on a net basis, i.e., after reserves for losses. 2 Beginning June 30, 1946, includes investment of the United States in international institutions as follows (in millions of dollars): Stock of the International Bank for Reconstruction and Development—June 30, 1946, 159; Sept. 30, 1946, 159; Dec. 31, 1946, 318; Mar. 31, 1947, 476; International Monetary Fund Quota—Mar. 31, 1947, 2,750. 3 Deferred charges included under "Other assets" prior to Mar. 31, 1947. 4 Less than $500,000. 5 Includes U. S. Commercial Company and War Damage Corp. • 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. 1286 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BUSINESS INDEXES3 [The terms "adjusted" and "unadjusted" refer to adjustment of monthly figures for seasonal variation] I ( n p d h u y s s t i r c i a a l l v p o ro lu d m uc e t ) i * o 2 n Co c n o s n t t r r u a c c t t i s Employment4 Year and month Total 1935- D 3 a 9 b u f l M a r e - = c a tu n 1 r u 0 N e d - 0 s u o r n - - M era in ls - To aw t 1 a 9 a l 2 r 3 d - e R 2 d d t 5 e i e a n s ( l i - v = - a 1 u o 0 e A 0 t ) h ' l e l r N t a c u g u o r r l n a - i- 1 l - 939 = F a 1 c 0 to 0 ry 1 r 9 F t o p 1 3 o a l a 0 9 l c r y s 0 y - 4 = c 1 F a 9 i = r r n 3 e l g 1 o 5 i 0 s g a - * 0 3 d h 9 t D 1 u 9 m s s = e ( e t v 3 a p ) o e a 1 l 5 * a e l r n 0 - - e s r t 3 0 s t 9 - W p m c 1 = r s h o o i 9 a o c 1 m d 2 l e l 0 e 6 e i s - 0 t - y *1 l C i 9 = v o 3 i s 1 5 n t 0 g - o 0 3 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 9 109 7 148 115 96 7 122 6 1929 .... 110 132 93 107 117 87 142 102.8 103.1 117.1 152 117 95.3 122.5 1930 91 98 84 93 92 50 125 95 8 89 8 94 7 131 108 86 4 119 4 1931 75 67 79 80 63 37 84 86.3 75.8 71 8 105 97 73 0 108 7 1932 58 41 70 67 28 13 40 75.7 64.4 49.5 78 75 64.8 97.6 1933 69 54 79 76 25 11 37 76.1 71 3 53 1 82 73 65 9 92 4 1934 75 65 81 80 32 12 48 84 0 83 1 68 3 89 83 74 9 95 7 1935 87 83 90 86 37 21 50 87 8 88 7 78 6 92 88 80 0 98 1 1936 103 108 100 99 55 37 70 95.1 96 4 91 2 107 100 80 8 99 1 1937 113 122 106 112 59 41 74 101 1 105 8 108 8 111 107 86 3 102 7 1938 89 78 95 97 64 45 80 94.6 90 0 84 7 89 99 78 6 100 8 1939 . . 109 109 109 106 72 60 81 100 0 100 0 100 0 101 106 77 1 99 4 1940 125 139 115 117 81 72 89 105 8 107 5 114 5 109 114 78 6 100 2 1941 162 201 142 125 122 89 149 119.4 132 1 167 5 130 133 87 3 105 2 1942 199 279 158 129 166 82 235 131 1 154 0 245 2 138 149 98 8 116 5 1943 239 360 176 132 68 40 92 138 8 177 7 334 4 137 168 103 1 123 6 1944 235 353 171 140 41 16 61 137.0 172 4 345 7 140 186 104 0 125 5 1945 . .. 203 274 166 137 68 26 102 132 0 151 8 293 4 135 207 105 8 128 4 1946 P170 »192 P165 P134 153 143 161 134.4 142.0 266.4 132 264 121.1 139.3 1944 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 Februarv 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 January 160 156 166 161 141 107 61 145 129.2 133.2 132.6 234.1 133 227 107.1 129.9 February 152 148 138 167 141 136 95 169 127.4 124.4 123.9 214.3 126 250 107.7 129.6 March 168 164 183 166 137 147 129 161 130 6 132 6 132 1 238 3 139 256 108 9 130 2 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 3 187 185 222 172 143 133 123 142 138.9 153.8 152.9 310.7 137 276 147 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 '219 168 148 136 116 152 139.7 151 7 151 4 319 6 137 289 rU7 6 157 1 July 176 178 207 163 141 155 136 170 138.8 149.2 149.9 313.9 134 287 '150.6 158.4 August P182 P185 P169 *>139.9P151.8 P153.4 143 281 153.6 * Average per working day. P Preliminary. r Revised. 1 Department of Commerce index on income payments to individuals no longer available. 2 For indexes by groups or industries, see pp. 1288-1291. For points in total index, by major groups, see p. 1309. * Based on F. W. Dodge Corporation data; for description, see p. 358 of BULLETIN for July 1931; by groups, see p. 1295 of this BULLETIN. « The unadjusted indexes of employment and pay rolls, wholesale commodity prices, and cost of living are compiled by or based on data of the Bureau of Labor Statistics. Nonagricultural employment covers employees only and excludes personnel in the armed forces. 6 For indexes by Federal Reserve districts and other department store data, see pp. 1297-1299. 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. OCTOBER 1947 1287 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 Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. 178 180 182 183 182 189 189 190 187 185 184 176 P182 184 186 188 191 190 196 197 198 194 191 r191 183 P188 Durable Manufactures 208 212 214 214 211 221 222 225 222 218 '219 207 P211 184 185 184 178 159 192 191 196 195 197 193 181 189 186 184 183 174 152 193 191 194 189 193 189 174 187 Steel 196 196 195 193 174 206 207 213 213 215 211 198 206 170 172 171 163 145 177 174 179 178 179 176 166 170 Electric 381 366 369 404 381 414 446 457 461 469 458 r429 456 254 261 268 271 276 277 277 281 276 273 275 266 P269 242 240 237 235 235 229 233 239 237 225 233 217 P216 Automobiles^ . 182 188 185 187 187 181 190 197 193 179 191 185 P184 (Aircraft; Railroad cars; Locomotives; Shipbuilding— 159 172 184 192 197 202 206 200 196 187 179 172 P169 150 161 168 175 181 184 190 195 203 198 188 181 P181 (Copper smelting; Lead refining; Zinc smelting; Fabricatinc 163 176 191 198 203 209 213 202 193 182 176 169 (Copper products; Lead shipments; Zinc shipments; Aluminum products; Magnesium products; Tin Lumber attd Ptoditcts 135 137 136 142 141 142 147 147 144 rl42 133 P140 Lumber 126 129 177 135 132 131 137 138 135 ••134 r133 121 152 152 155 157 160 161 167 166 161 158 159 155 P159 Stone Clay and Glass Products 197 204 200 202 210 219 219 218 211 200 207 195 P197 Glass products 215 238 227 226 232 245 235 241 234 229 230 '207 211 Plate glass 114 161 158 152 135 149 154 159 151 163 154 124 151 Glass containers.. 251 265 250 251 265 278 263 269 263 251 257 r235 231 159 162 156 162 177 182 203 192 175 141 171 164 150 150 149 150 152 168 164 165 164 162 165 161 P158 Gypsum and plaster products 215 212 212 215 219 227 232 224 218 '210 215 221 P229 242 235 241 252 263 271 260 258 249 247 240 214 P213 Nondurable Manufactures 164 165 168 173 174 176 176 175 172 170 168 163 vU9 Textiles and Products 163 168 169 174 164 172 173 172 166 164 rl55 142 P154 Textile fabrics 152 156 157 163 152 160 161 160 154 152 143 129 P142 149 153 •155 164 141 161 161 160 154 148 133 118 130 Rayon deliveries 240 242 248 256 254 263 262 270 270 271 263 '263 267 Wool textiles 173 isi 178 181 180 171 178 172 159 161 '155 130 Carpet wool consumption 137 144 143 161 165 155 174 182 170 191 175 141 226 239 230 230 223 214 222 210 195 186 r175 147 ^^oolen and worsted yarn 173 180 177 178 175 166 169 161 149 147 144 121 178 183 177 178 171 160 158 145 128 126 124 107 Worsted yarn 165 176 176 177 180 175 184 183 178 177 174 139 Woolen and worsted cloth . > 176 184 181 181 181 173 178 171 158 156 ••152 132 Leather and Products .. 120 119 117 121 115 116 120 122 116 113 107 100 Leather tanning 101 101 97 110 110 113 118 122 119 119 '114 104 Cattle hide leathers 119 114 103 121 122 127 134 140 137 138 r130 120 Calf and kip leathers 70 81 78 91 94 98 99 99 102 96 94 77 Goat and kid leathers 49 51 67 70 68 67 81 84 79 88 92 88 124 134 141 137 130 117 108 102 95 83 ••84 84 Shoes 133 131 130 129 117 118 121 121 113 109 r103 97 147 136 146 156 162 161 156 157 158 155 154 155 P156 Wheat flour '. 131 135 135 145 155 162 158 160 149 144 152 143 P151 Cane sugar meltings1 Manufactured dairy products P137 P143 P146 P146 P147 P148 P149 P153 P154 P152 P155 P157 P147 Butter 74 79 79 77 79 82 81 85 82 79 82 85 74 Cheese . 169 168 164 172 172 178 185 198 206 191 196 '197 175 Canned and dried milk 173 163 142 143 148 147 152 164 173 173 184 188 158 Ice cream P Preliminary. r Revised. l Series included in total and group indexes but not available for publication separately. 5 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. 1288 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION, BY INDUSTRIES—Continued (Adjusted for Seasonal Variation) [Index numbers of the Board of Governors. 1935-39 average == 100] 1946 1947 Industry Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Manufactured Food Products—Continued Meat packing 138 38 115 163 151 163 159 149 150 151 152 156 145 Pork and lard 141 24 116 179 151 172 165 143 153 154 157 171 155 Beef 139 41 107 150 162 164 167 169 159 159 154 149 140 Veal 134 81 140 160 138 133 121 122 121 119 141 154 158 Lamb and mutton 110 93 131 116 105 108 104 101 105 102 104 93 91 Other manufactured foods . 151 150 154 160 168 165 158 160 161 158 154 156 P159 Processed fruits and vegetables 155 143 167 160 170 157 137 151 145 138 132 132 P136 Confectionery 107 110 123 135 147 138 142 145 149 153 135 119 Other food products .. 158 159 156 164 172 171 166 165 167 164 164 168 P'\13 Alcoholic Beverages 174 227 206 213 234 241 223 208 189 162 159 164 176 ]VIalt licuior 123 197 179 194 202 183 157 160 154 149 150 157 168 Whiskey 56 71 68 64 158 188 179 151 131 106 79 55 56 Other distilled spirits 426 384 241 191 333 623 695 619 503 350 319 329 385 Rectified liquors . . .. 427 461 460 463 426 408 372 314 276 194 215 231 238 Tobacco Products 155 157 173 169 148 158 168 158 160 142 159 156 160 Cigars 110 112 127 131 109 112 110 98 94 106 101 98 107 Cigarettes 202 205 226 216 192 208 228 216 221 187 216 210 211 Other tobacco products 79 76 79 81 72 69 67 66 68 55 66 72 80 Paper and Paper Products 147 150 152 153 150 156 157 159 156 161 160 146 P156 Paper and pulp 142 144 146 147 146 150 151 154 150 155 155 140 P150 Pulp 156 162 163 162 159 166 171 174 169 173 178 160 Groundwood pulp 98 101 106 96 98 99 100 99 97 97 105 108 P114 Soda pulp 110 111 108 109 109 109 109 113 112 112 116 98 P106 Sulphate pulp 238 249 244 248 236 252 260 266 254 265 277 253 P278 Sulphite pulp 132 136 141 139 139 145 150 151 150 151 151 131 P151 Paper 140 142 144 145 144 147 148 151 147 152 151 137 145 Paperboard 169 172 172 175 168 179 181 180 178 184 179 166 178 Fine paper 85 85 89 90 86 83 83 88 87 88 88 75 84 Printing paper 134 138 144 142 155 153 155 160 158 160 162 147 155 Tissue and absorbent paper 151 152 155 156 152 148 142 151 144 148 147 136 138 Wrapping paper 135 133 135 136 134 137 137 139 132 141 144 124 130 Newsprint 83 87 85 84 87 87 89 89 93 92 91 91 94 Paperboard containers (same as Paperboard).... Printing and Publishing 129 128 132 130 138 138 140 142 141 142 146 139 144 Newsprint consumption . 123 117 119 118 120 122 125 124 124 125 131 131 133 Printing paper (same as shown under Paper) Petroleum and Coal Products P182 «« P179 P177 P178 P180 P185 P185 P179 P184 P191 P195 Petroleum refining2 Gasoline 149 146 145 148 148 142 143 142 139 145 154 157 #160 Fuel oil 164 165 160 161 167 166 170 174 163 171 173 178 Lubricating oil 152 153 159 147 154 160 162 167 156 163 168 157 Kerosene 162 155 163 150 162 175 185 176 170 175 182 186 Other petroleum products * Coke 165 166 167 152 143 171 172 172 166 169 165 161 By-product coke 159 161 160 148 139 163 165 165 162 161 160 156 Beehive coke . 369 352 406 272 278 410 416 424 324 428 340 307 ?418 Chemical Products 237 235 238 243 249 251 251 251 251 253 250 251 P252 Paints 153 149 148 150 152 154 156 157 155 153 151 152 Soap . 117 114 111 115 128 131 136 135 138 137 142 135 P\33 Rayon 254 256 257 261 260 266 276 283 289 292 251 291 P293 Industrial chemicals 395 395 402 411 422 430 429 431 433 435 439 438 Explosives and ammunition x Other chemical products l Rubber Products 221 234 234 243 252 247 246 239 234 220 216 207 P208 Minerals—Total 144 146 US 136 137 146 146 148 143 151 148 141 P150 Fuels 150 151 150 140 141 151 150 153 144 156 153 144 P155 Coal 149 155 152 118 128 162 151 153 122 153 140 113 Bituminous coal 156 163 160 116 130 173 162 163 127 165 147 117 P151 Anthracite 120 125 124 123 121 118 107 113 102 104 110 93 P114 Crude petroleum 151 149 149 150 147 146 150 153 155 157 159 160 P161 Metals 107 111 111 117 111 117 122 117 136 122 P119 P!19 Metals other than gold and silver 148 153 157 169 153 158 166 159 189 169 166 Iron ore (Copper; Lead; Zinc)1 Gold 50 52 44 44 53 60 61 58 60 64 63 Silver 49 58 60 58 55 64 66 68 68 66 61 p Preliminary. r Revised. 1 Series included in total and group indexes but not available for publication separately. 2 This series is in process of revision. NOTE.—For description and back figures see BULLETIN for October 1943, pp. 940-984, September 1941, pp. 878-881 and 933-937, and August 1940, pp. 753-771 and 825-882. OCTOBER 1947 1289 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 Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May I June July Aug. Industrial Production—Total. 180 184 184 183 180 184 185 187 185 185 185 178 P185 Manufactures—Total 186 191 191 191 188 192 193 195 193 191 191 184 P190 Durable Manufactures..., 210 214 215 214 209 218 220 223 222 219 220 208 P213 Iron and Steel 184 185 184 178 159 192 191 196 195 197 193 181 189 Pig iron 186 184 183 174 152 193 191 194 189 193 189 174 187 Steel 196 196 195 193 174 206 207 213 213 215 211 198 206 Open hearth. 170 172 171 163 145 177 174 179 178 179 166 170 Electric 381 366 369 404 381 414 446 457 461 469 458 '429 456 Machinery 254 261 268 271 276 277 277 281 276 273 275 266 v269 Manufacturing Arsenals and Depots *. Transportation Equipment 242 240 237 235 235 229 233 239 237 225 233 217 P216 Automobiles * 182 188 185 187 187 181 190 197 193 179 191 185 P184 (Aircraft; Railroad cars; Locomotives; Shipbuilding— Private and Government)1 Nonferrous Metals and Products. 159 172 184 192 197 202 206 200 196 187 179 172 P169 Smelting and refining 150 161 167 176 182 184 190 196 203 198 187 180 P181 (Copper smelting; Lead refining; Zinc amelting; Aluminum; Magnesium: Tin)1 Fabricating 163 176 191 198 203 209 213 202 193 182 (Copper products; Lead shipments; Zinc shipments; Aluminum products; Magnesium products; Tin consumption)1 Lumber and Products. 144 147 142 139 129 126 135 140 143 '145 '149 141 P148 Lumber... 140 144 136 131 114 107 118 126 134 '138 143 133 P143 Furniture. 152 152 155 157 160 161 167 166 161 158 159 155 P159 Stone, Clay, and Glass Products. 204 212 209 207 203 208 205 209 208 206 209 196 P204 Glass products 223 242 232 228 218 241 229 241 234 242 229 '200 218 Plate glass 114 161 158 152 135 149 154 159 151 163 154 124 151 Glass containers 261 270 258 254 247 273 255 269 263 269 254 '225 241 Cement 179 188 181 175 161 148 154 157 166 148 183 181 Clay products 154 155 158 155 158 156 156 159 160 162 163 161 P162* Gypsum and plaster products... 215 216 218 219 224 218 221 215 215 •213 220 221 P230 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 r r o o d d u u c c t t s s l . . 242 235 241 252 263 271 260 258 249 247 240 P213 Nondurable Manufactures.. 166 172 172 174 172 171 171 171 169 '169 168 164 P172 Textiles and Products. 163 168 169 174 164 172 173 172 166 164 •155 142 P154 Textile fabrics 152 156 157 163 152 160 161 160 154 152 143 Cotton consumption 149 153 155 164 141 161 161 160 154 148 133 118 130 Rayon deliveries 240 242 248 256 254 263 262 270 270 271 263 ••263 267 Nylon and silk consumption *... Wool textiles 173 181 178 181 180 171 178 172 159 161 155 130 Carpet wool consumption. . 137 144 143 161 165 155 174 182 170 191 175 141 Apparel wool consumption. 226 239 230 230 223 214 222 210 195 186 175 147 Woolen and worsted yarn. . 173 180 177 178 175 166 169 161 149 147 144 121 Woolen yarn 178 183 177 178 171 160 158 145 128 126 124 107 Worsted yarn... 165 176 176 177 180 175 184 183 178 177 174 139 Woolen and worsted cloth.. 176 184 181 181 181 173 178 171 158 156 •152 132 Leather and Products. 119 118 117 123 114 116 123 121 115 113 106 98 Leather tanning 100 99 98 114 110 113 127 121 118 119 112 99 Cattle hide leathers 115 111 104 126 122 130 145 140 137 138 125 112 Calf and kip leathers 73 80 80 94 92 96 104 97 98 92 96 76 Goat and kid leathers.... 47 51 67 68 68 67 84 83 82 86 92 88 Sheep and lamb leathers. 127 131 141 145 124 109 119 99 93 89 '83 78 Shoes 117 118 121 121 113 109 103 97 133 131 130 129 Manufactured Food Products. 164 164 158 158 157 149 140 140 144 149 154 166 P172 W Ca h n e e a t s u f g lo a u r r meltings * 130 147 143 146 153 162 160 157 143 146 141 '150 Manufactured dairy products. P175 P151 P120 P95 P95 *>107 P127 P161 P2O2 P229 P229 P192 Butter 81 76 68 59 62 68 71 77 84 102 113 104 82 Cheese 189 171 148 129 124 132 151 178 214 256 279 242 196 Canned and dried milk. . . 179 150 115 103 114 119 137 161 196 240 254 218 163 Ice cream p Preliminary. r 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. 1290 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION, BY INDUSTRIES—Continued (Without Seasonal Adjustment) [Index numbers of the Board of Governors. 1935-39 average= 100 1946 1947 Industry Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Manufactured Food Products—Continued Meat packing 122 37 117 181 175 191 152 138 139 151 150 146 127 108 19 109 210 199 225 162 133 139 154 157 150 119 Beef 141 44 117 156 162 168 153 154 149 159 151 151 141 Veal 132 89 160 172 130 124 106 115 118 124 141 154 155 107 100 136 116 103 115 105 99 102 104 96 90 89 173 188 173 166 164 150 143 142 143 143 146 163 P179 255 315 216 147 132 102 86 83 88 90 101 172 P222 115 142 161 159 149 142 144 135 123 118 100 97 Other food products 161 163 164 172 175 164 158 159 160 161 165 171 P176 Alcoholic Beverages 174 237 221 196 210 206 195 187 182 167 178 182 181 141 199 166 149 161 150 142 149 162 170 189 196 192 Whiskey 56 71 68 64 158 188 179 151 131 106 79 55 56 230 526 624 401 366 405 417 403 302 210 198 191 208 427 461 460 463 426 408 372 314 276 194 215 231 238 161 166 179 172 138 157 160 149 151 142 165 162 165 Cigars 110 112 127 131 109 112 110 98 94 106 101 98 107 212 219 235 221 177 208 215 201 205 187 227 221 222 77 81 85 83 63 68 65 66 68 55 67 72 78 Paper and Paper Products 147 150 152 153 150 156 157 159 156 161 160 145 P155 142 144 146 147 146 150 151 154 150 155 155 140 Pulp 154 160 162 162 159 167 171 175 171 174 178 159 P176 Groundwood pulp 86 90 98 101 99 103 104 106 106 105 106 96 P100 110 111 108 109 109 109 109 113 112 112 116 116 P106 238 249 244 248 236 252 260 266 254 265 277 253 P278 Sulphite pulp 132 136 141 139 139 145 150 151 150 151 151 131 P151 Paper 140 142 144 145 144 147 148 151 147 152 152 137 145 169 172 172 175 168 179 181 180 178 184 179 166 178 85 85 89 90 86 83 83 88 87 88 88 75 84 Printing paper 134 138 144 142 155 153 155 160 158 160 162 147 155 151 152 156 156 147 147 147 151 146 148 150 131 138 135 133 135 136 134 137 137 139 132 141 144 124 130 82 87 85 85 85 87 89 89 95 93 92 89 93 123 128 135 135 141 133 138 145 144 145 146 130 137 111 119 125 129 126 114 122 129 131 129 129 113 120 Petroleum and Coal Products P182 P181 P177 P180 P185 P185 P179 P184 P191 vl95 Petroleum refining' 149 146 145 148 148 142 143 142 139 145 154 157 ^160 Fuel oil 164 165 160 161 167 166 170 174 163 171 173 178 151 153 159 147 152 155 160 165 162 170 168 156 155 154 163 155 167 179 194 180 174 176 171 173 Coke 165 166 167 152 143 171 172 172 166 169 165 161 By-product coke 159 161 160 148 139 163 165 165 162 161 160 156 369 352 406 272 278 410 416 424 324 428 ••340 307 P418 Chemical Products 233 235 240 244 250 250 252 254 253 252 247 247 P248 Paints . 151 148 148 149 152 151 154 157 157 157 156 150 P150 Soap 119 119 116 116 128 128 134 135 135 133 140 134 P135 ••254 256 257 261 260 266 276 283 289 292 251 291 395 395 402 411 422 430 429 431 433 435 r439 438 P437 Rubber Products . . 221 234 234 243 252 247 246 239 234 220 216 207 P208 Minerals—Total 147 149 147 135 132 141 141 143 139 153 152 146 P155 fuels 150 151 150 140 141 151 150 153 144 156 153 144 Coal 149 155 152 118 128 162 151 153 122 153 140 113 P143 156 163 160 116 130 173 162 163 127 165 147 117 P151 120 125 124 123 121 118 107 113 102 104 110 93 Crude petroleum 151 149 149 150 147 146 150 153 155 157 159 160 P161 Uetals • ..• 132 136 126 105 76 81 84 83 112 140 154 P153 Metals other than gold and silver 189 192 180 144 92 97 104 103 153 200 213 P22O Iron ore 282 282 252 174 58 69 73 72 173 279 306 334 fConner* Lead' Zinc)1 Gold 55 60 51 49 54 57 55 51 54 56 59 48 59 59 58 55 65 67 70 68 65 59 v Preliminary. r Revised. x Series included in total and group indexes but not available for publication separately. 'This series is in process of revision. NOTE.—For description and back figures, see BULLETIN for October 1943, pp. 940-984, September 1941, pp. 878-881 and 933-937, and August 1940, pp. 753-771 and 825-882. 1291 OCTOBER 1947 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FACTORY EMPLOYMENT AND PAY ROLLS, BY INDUSTRIES (Without Seasonal Adjustment) [Index numbers of the Bureau of Labor Statistics, 1939=100] Factory employment Factory pay rolls Industry group or industry 1946 1947 1946 1947 July Aug. Apr. May June July Aug June July Aug, Apr. May June July Total 143.6 147.7 152.9 150.6 151.4 149.9 153.4 262 8 267.1 284.4 310.7 312 2 319.6 313.9 Durable goods 165.7 170.6 180.8 178.0 179.7 174.7 176.7 289.1 296.3 316.1 349.9 353.8 365.9 350.6 Nondurable goods 126.2 129.7 130.9 129.1 129.1 130.3 135.0 237.0 238.5 253.4 272.3 271.5 274.2 277.9 Iron and Steel and Products 145.7 150.2 158.0 156.8 157.5 156.1 158.3 240.3 247.5 265.9 297.5 306.7 316.1 304.4 Blast furnaces, steel works, etc.... 121 124 125 126 128 129 182 192 204 220 236 247 234 Steel castings 167 167 164 164 162 158 292 277 295 309 317 322 315 Tin cans and other tinware 137 140 132 132 133 138 235 249 270 249 250 264 295 Hardware 126 129 141 141 139 135 242 245 257 301 306 305 297 Stoves and heating equipment.... 117 123 136 137 136 134 206 211 234 277 279 283 276 Steam, hot-water heating apparatus. . 157 158 167 160 157 149 271 280 290 327 313 321 295 Stamped and enameled ware 136 142 153 151 149 146 280 324 329 326 317 Structural and ornamental metal 252 254 work 150 156 166 166 165 165 272 307 315 326 317 241 251 Electrical Machinery 203.2 210.5 218.7 213.8 221.5 215.0 213.7 378.9 396.6 407.1 432.6 422.3 Electrical equipment 156 161 173 170 174 170 347.9 351.0 283 317 328 344 333 Radios and phonographs 176 190 205 197 188 180 258 264 370 409 413 390 389 329 332 Machinery except Electrical 201.8 206.6 226.6 225.9 224.2 217.9 221., 342.0 346.2 362.2 423.0 429.5 434.6 420.7 Machinery and machine-shop products 174 176 191 190 189 185 296 299 314 358 363 368 356 Engines and turbines 233 241 241 238 231 231 416 447 454 495 502 503 494 Tractors 168 169 176 178 182 182 236 248 257 288 303 310 313 Agricultural, excluding tractors . . 147 146 178 181 185 176 248 248 253 333 344 372 362 Machine tools 162 168 156 151 146 137 270 262 281 270 264 263 240 Machine-tool accessories 189 195 190 183 178 167 305 293 316 320 312 305 282 Pumps 225 235 246 243 242 233 416 413 438 485 491 494 479 Refrigerators 168 172 207 211 223 217 263 272 288 388 395 428 422 Transportation Equipment, except Autos 299.9 294.7 300.8 293.7 291.8 248.9 247.6 557.5 558.7 553.1 565.3 561.3 560.3 479.6 Aircraft, except aircraft engines. . 324 338 358 348 337 326 586 606 641 657 639 622 608 Aircraft engines 298 309 316 303 303 301 469 469 498 488 477 482 485 Shipbuilding and boatbuilding.... 251 229 208 203 204 127 483 469 422 399 396 396 246 Automobiles 180.2 187.8 200.5 186.5 196.2 195.0 193.8 259.9 292.8 319.0 343.4 329.0 357.0 347.8 Nonferrous Metals and Products 171.2 177.3 184.8 179.6 175.1 168.2 168.0 298.6 303.9 324.2 354.0 349.0 346.2 326.6 Primary smelting and refining.. . . 128 134 148 143 145 146 228 240 283 285 296 297 Alloying and rolling, except aluminum. . 153 157 159 154 147 139 269 269 283 295 283 280 260 Aluminum manufactures 206 210 208 196 182 169 336 340 351 369 348 327 299 Lumber and Timber Basic Products. .. . 133.5 139.0 149.1 154.8 158.2 156.5 161.0 261.9 252.1 285.6 323.4 351.4 374.9 358.4 Sawmills and logging camps 145 151 160 167 171 169 286 276 313 351 385 412 395 Planing and plywood mills 135 141 158 159 163 161 255 242 274 334 351 367 345 Furniture and Lumber Products 119.6 123.4 131 8 129.5 129.8 127.8 130.9 233.3 231.9 250.0 286.8 285.1 290.4 281.4 Furniture 119 122 129 127 128 126 230 228 247 282 279 285 274 Stone, Clay and Glass Products 136.6 141 6 146.0 142.6 144.0 140.2 143.1 241.4 242.2 260.1 288.8 286.9 298.2 294.6 Glass and glassware 166 171 172 171 169 159 279 275 294 335 333 341 339 Cement 139 143 146 122 145 147 216 230 243 248 203 279 284 Brick, tile, and terra cotta 120 122 125 124 126 126 213 230 240 257 276 279 276 Pottery and related products 151 156 166 166 164 160 260 250 275 317 324 322 308 Textile-Mill and Fiber Products 102.8 104.0 106. 104.6 103. 101.2 103.0 217.2213.3 229.4 255.4 248.3 242.5 237.5 Cotton goods except small wares. 112 114 118 116 115 112 248 246 276 315 303 294 289 Silk and rayon goods 76 77 78 77 76 74 167 166 181 201 200 194 191 Woolen and worsted manufactures 104 104 103 99 98 95 239 229 234 248 241 240 231 Hosiery . 71 72 74 70 68 69 133 131 141 146 140 131 135 Dyeing and finishing textiles 94 95 98 97 96 92 185 179 188 215 211 211 195 Apparel and Other Finished Textiles.. . . 124.5 130.5 135.0 131.4 131. 131.7 142.5 258.6 240.3 272.5 279.8 272.1 274.9 278.9 Men's clothing, n.e.c 112 116 124 122 124 121 230 215 236 267 271 273 260 Shirts, collars, and nightwear 88 88 99 99 101 97 181 178 185 227 229 229 216 Women's clothing, n.e.c 130 141 142 136 136 140 283 254 306 278 260 264 285 Millinery 83 93 86 79 79 80 121 145 166 138 119 128 147 Leather and Leather Products 103.0 102.7 103.0 99.4 99. 100.6 204.9 198.7 199.6 214.6 207.0 211.5 211.2 Leather 88 89 93 92 91 91 163 156 161 184 184 185 187 Boots and shoes 95 94 96 92 93 94 196 190 188 205 197 202 201 Food and Kindred Products 131.0 138.6 125 0 126.0 130.3 140.8 148.9 208.2 235.1 254.3 243.1 252.8 267.8 290.8 Slaughtering and meat packing. . . 102 115 116 119 121 124 167 180 202 212 232 241 260 Flour 114 119 121 116 119 124 191 221 239 253 240 264 286 Baking 101 103 107 107 107 109 169 179 184 195 200 204 208 Confectionery 93 98 114 110 107 101 180 170 187 231 229 226 209 Malt liquors 144 145 150 154 163 170 210 222 232 252 268 296 325 Canning and preserving 137 154 59 59 68 108 182 326 387 140 143 164 265 Tobacco Manufactures 90.7 91.7 87.5 88.4 90.2 89.8 91.7 184.1 178.3 186.2 181.6 182.8 194.8 200.0 Cigarettes 123 123 120 120 122 120 218 211 219 218 221 240 254 Cigars 74 76 72 73 75 75 168 160 167 160 164 168 163 r Revised. NOTE.—Indexes for totals, maior groups, *nd industries in the Furniture, Apparel, Lumber, Leather, Stone, Clay and Glass, Printing and Publishing Paper, and Rubber 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 August 1947 are preliminary. 1292 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FACTORY EMPLOYMENT AND PAY ROLLS, BY INDUSTRIES—Continued (Without Seasonal Adjustment) {Index numbers of the Bureau of Labor Statistic?, 1939 = 100] Factory employment Factory pay rolls Industry group or industry 1946 1947 1946 July Aug. Apr. May June July Aug June July Aug, Apr. May June July Paper and Allied Products 137 A 139.2 145.0 143.5 143.4 140.7 142.4 247.0 246.4 256.5 290.9 291.1 298.0 298.7 Paper and pulp '134 '136 '140 140 141 141 '240 •242 •253 •284 '289 '302 '310 Paper goods, n.e.c '145 '147 '154 •153 154 150 '261 '254 '260 •302 '307 '302 '296 Paper boxes '138 141 '147 142 140 134 '252 '249 '262 •290 '283 '284 '274 Printing and Publishing 121.1 121.6 128.5 128.6 129.1 128., 129.8 191.3 193.3 198.1 230.7 234.2 235.9 233.6 Newspaper periodicals 110 110 118 119 120 120 162 164 169 202 209 210 209 Book and job 133 132 138 137 138 138 216 220 222 255 255 258 260 Chemicals and Allied Products 178.9 180.5 196.2 194.8 188.5 189.8 192.3 313.0 315.5 320.0 378.3 381.5 373.3 378 7 Drugs, medicines, and insecticides 188 189 197 194 191 187 306 307 314 360 359 355 348 Rayon and allied products 118 119 121 121 104 120 198 198 206 239 239 205 238 Chemicals, n.e.c 168 169 180 180 182 181 283 289 288 330 335 339 342 Explosives and safety fuses 170 173 192 192 191 177 266 265 273 311 334 341 325 Ammunition, small arms 178 116 158 162 163 159 331 336 201 336 352 359 356 Cottonseed oil 56 71 85 72 65 64 127 120 159 209 185 169 162 Fertilizers 103 112 146 136 114 109 250 246 275 381 365 302 288 Products of Petroleum and Coal , 146.7 147.4 145.4 149.3 150.8 153.7 153.7 242.5 251.0 253.1 265.2 275.7 286.2 295.6 Petroleum refining 137 137 134 138 139 141 223 228 229 237 244 254 265 Coke and by-products 118 119 119 121 123 125 195 215 218 231 248 256 248 Rubber Products. 177.0 184.0 193.5 184.5 180.7 175.2 176.6 331.4 321A 336.9 383.9 367.2 361.9 352.7 Rubber tires and inner tubes '209 '218 -•227 r22O '217 '212 '363 '348 '356 '414 '399 '396 '394 Rubber goods, other 155 162 168 156 153 148 '294 '296 '322 -•348 '326 '320 '305 Miscellaneous Industries 170.5 175.1 179.8 176.3 174.4 170.2 174.5 318.4 314.2 329.3 361.0 356.6 355 A 341.5 Instruments, scientific 192 191 180 176 178 173 339 327 330 328 317 335 319 Photographic apparatus 146 148 148 149 151 155 233 240 245 271 275 281 275 For footnotes see p. 1292. FACTORY EMPLOYMENT (Adjusted for Seasonal Variation) [Index numbers of the Board of Governors, 1939=100] 1946 1947 Group July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Total 143.0 146.3 148.6 149.1 151 5 152.4 153 4 154.4 154.6 153.8 151.9 151 7 149.2 P151.8 Durable 165.2 169.7 172.7 173.8 176.4 177.1 178.7 180.8 181.5 181.2 178.2 179.5 174.1 P175.7 Nondurable 125.6 127.8 129.6 129.7 131.8 133.0 133.4 133.6 133.4 132.2 131.1 129.8 129.6 P133.O Preliminary. NOTE.—Back figures from January 1939 may be obtained from the Division of Research and Statistics. HOURS AND EARNINGS OF PRODUCTION WORKERS IN MANUFACTURING INDUSTRIES [Compiled by the Bureau of Labor Statistics] Average hours worked per week Average hourly earnings (cents per hour) Industry group 1946 1947 June July Mar. Apr. May June July June July Mar. Apr. May June July All manufacturing 40 0 39.7 40 .4 40.1 40.1 40.2 39.8 108.4 109.3 118.0 118.6 120.7 122.6 123.2 Durable Goods 39. c 39.3 40.7 40.5 40.5 40.6 40.0 116.5 117.7 123.6 124.3 127.8 130.4 130.6 Iron and steel products 38.8 38.5 40.4 40.4 40.3 40.4 39.2 120.6 121.6 126.9 128.0 133.3 136.4 136.5 Electrical machinery 39.8 39.4 40.5 40.0 39.8 39.8 39.7 114.8 115.8 121.2 121.0 126.4 129.5 130.6 Machinery except electrical 40.9 40.4 41.5 41.5 41.4 41.3 40.9 122.3 123.2 129.8 130.8 133.4 136.3 137.2 Transportation equipment except autos.... 39.5 39.3 39.8 39 40.2 40.1 40.1 135.0 136.6 136.2 136.3 137.6 138.8 140.1 Aut omobiles 36.6 37.8 39.7 38.5 38.3 38.7 37.7 134.7 135.4 139.6 140.6 146.3 148.5 149.5 Nonferrous metals and products 40.9 40.0 41.0 40 40.6 40.5 39.6 116.3 116.6 122.6 123.4 126.0 128.6 129.0 Lumber and timber basic products 41.5 39.1 41.0 41.4 42.0 42.7 42.0 90. 91 .0 98 99.0 102.5 105.5 103.3 Furniture and finished basic products 41.8 41.0 41.7 41.5 41.5 41.7 41.2 92.7 93.7 103 103.2 104.6 106.2 105.9 Stone, clay, and glass products 40.4 39.5 40.5 40.5 40.3 40.8 40.1 104.1 105.7 114.4 114.9 117.3 119.1 120.0 Nondurable Goods 40.2 40.1 40.1 39.6 39.7 39.8 39.6 100.3 100.9 111 .9112.2 113.0 113.9 115.2 Textiles—mill and fiber products 39.6 40.0 39.1 38.9 38.6 38.4 87.5 87.7 102.4 102.7 102.5 102.4 102.7 Apparel and other finished products 36 36.7 35.5 35.8 36.0 35.7 95.1 94.1 104.5 99.9 98.8 99.4 102.1 Leather and manufactures 38 39.0 38.3 38.1 38.1 37.7 95.0 95.4 102.8 102.9 103.5 105.3 105.4 Food and kindred products 43 42.3 42.1 43.0 43.2 43.3 97.2 98.6 108.8 109.7 111.0 111.9 112.7 Tobacco manufactures 39 37.5 36.7 36.3 38.2 39 6 84.6 85 93.9 94.8 94 95.0 95.3 Paper and allied products 42 43 43.0 43.1 42.9 42.9 99.3 100.7 110.9 112.1 113.3 116.5 119.0 Printing, publishing and allied industries. . . 40 40.3 40 40.1 39.9 39.7 127.8 128.7 144.3 146.2 148.6 150.0 150.1 Chemicals and allied products 40.7 41.3 41.0 41 .1 41.1 40.9 108.4 109 8 117.7 119.2 121.0 123.2 124.7 Products of petroleum and coal 40.0 40.2 40.5 40.0 40.7 40.5 134 135 140.8 141.8 144.8 146.4 149.5 Rubber products 39.2 39.8 39.5 39.0 39.1 38.6 128.3 129.2 133.0 139.7 141.6 141.9 144.6 Miscellaneous industries 40.5 41.0 40.6 40.3 40.3 39.3 104 104.8 113.9 114.2 115.3 116.6 117.6 NOTE.—Preliminary August 1947 figures for average weekly hours and hourly earnings are: All manufacturing, 39.8 and 123.8; Durable, 39.9 and 131.4; Nondurable, 39.7 and 115.8 respectively. Back figures are available from the Bureau of Labor Statistics. OCTOBER 1947 1293 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS, BY INDUSTRY DIVISION [Unadjusted, estimates of Bureau of Labor Statistics. Adjusted, Board of Governors] [Thousands of persons] Transporta- Federal, Year or month Total M t a u n r u in f g ac- 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 Finance Service Sta l t o e c , a a l nd utilities governmentx 1939 30,287 10,078 845 1,150 2,912 6,705 1,382 228 3,987 1940 32,031 10,780 916 1,294 3,013 7,055 1,419 362 4,192 1941 36,164 12,974 947 1,790 3,248 7,567 1,462 3,554 4,622 1942 39,697 15,051 983 2,170 3,433 7,481 1,440 708 5,431 1943 42,042 17,381 917 1,567 3,619 7,322 1,401 786 6,049 1944 41,480 17,111 883 1,094 3,798 7,399 1,374 795 6,026 1945 39,977 15,302 826 1,082 3,872 7,654 1,383 891 5,967 1946 40,712 14,365 836 1,493 4,023 8,448 1,523 4,430 5,595 SEASONALLY ADJUSTED 1946—July 40,797 14,475 873 1,535 3,991 8,464 1,534 4,382 5,543 August 41,309 14,745 886 1,601 4,042 8,573 1,546 4,386 5,530 September 41,669 14,953 884 1,648 4,064 8,609 1,549 4,412 5,550 October 41,854 15,019 883 1,670 4,093 8,581 1,548 4,537 5,523 November 42,139 15,233 883 1,679 4,101 8,639 1,551 4,578 5,475 December 42,207 15,310 874 1,731 4,091 8,630 1,554 4,596 5,421 1947—January 42,243 15,426 883 1,678 4,075 8,595 1,552 4,596 5,438 February 42,354 15,529 880 1,651 4,052 8,637 1,554 4,630 5,421 March 42,395 15,564 879 1,632 4,040 8,695 1,555 4,588 5,442 April 42,065 15,513 856 1,652 3,855 8,638 1,546 4,552 5,453 May 42,079 15,359 884 1 ,668 3,970 8,631 1,553 4,567 5,447 June 42,338 15,357 893 1,700 4,074 8,668 1,551 4,641 5,454 July.... 42,042 15,118 864 1,748 4,078 8,686 1,574 4,640 5,334 August 42,380 15,346 894 1,821 4,093 8,744 1,591 4,576 5,315 UNADJUSTED 1946—July 40,877 14,526 873 1,627 4,051 8,337 1,549 4,426 5,488 August 41,466 14,876 886 1,713 4,103 8,402 ,554 4,430 502 September 41,848 15,035 884 1,747 4,064 8,523 ,534 4,456 605 October 42,065 15,064 883 1,753 4,093 8,667 ,540 4,514 5,551 November 42,439 15,271 883 1,713 4,101 8,898 ,543 4,555 5,475 December 42,928 15,348 874 1,644 4,071 9,234 ,546 4,573 5,638 1947—January 41,803 15,372 883 1,527 4,014 8,552 ,544 4,527 5,384 February 41,849 15,475 880 1,502 4,011 8,507 ,546 4,561 5,367 March 42,043 15,510 879 1,534 4,020 8,565 ,555 4,565 5,415 April 41,824 15,429 856 1,619 3,836 8,552 ,554 4,552 5,426 May 41,919 15,237 884 1,685 3,970 8,545 ,561 4,590 5,447 June 42,361 15,327 893 1,768 4,115 8,581 ,567 4,711 5,399 July 42,139 15,170 864 1,853 4,139 8,556 ,590 4,686 5,281 August 42,558 15,484 894 1,948 4,154 8,569 ,599 4,622 5,288 1 Includes Federal Force Account Construction. NOTE.—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. August 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. LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT [Bureau of the Census estimates without seasonal adjustment. Thousands of persons 14 years of age and over] Civilian labor force Year or month in T s o t t i a tu l t n io o n n a - l Total Employed 1 Not in the population Total Unem- labor force Total In nonagricul- In ployed tural industries agriculture 1940 2 100,230 56,030 55,640 47,520 37,980 9,540 8,120 44,200 1941 101 370 57 380 55,910 50,350 41,250 9,100 5,560 43 990 1942 102,460 60,230 56,410 53,750 44,500 9,250 2,660 42 230 1943 103 510 64 410 55,540 54,470 45,390 9,080 1,070 39 100 1944 104,480 65,890 54,630 53,960 45,010 8,950 670 38,590 1945 105 370 65 140 53,860 52,820 44,240 8,580 1,040 40 230 1946. 106,370 60 820 57,520 55,250 46,930 8,320 2,270 45 550 1946—August 106,470 62,200 59,750 57,690 48,550 9,140 2,060 44,270 September 106,630 61,340 59,120 57,050 48,300 8,750 2,070 45,290 October 106,760 61,160 58,990 57,030 48,410 8,620 1,960 45,600 November 106,840 60,980 58,970 57,040 49,140 7,900 1,930 45,860 December 106,940 60,320 58,430 56,310 49,100 7,210 2,120 46,620 1947—January 106,970 59,510 57,790 55,390 48,890 6,500 2,400 47,460 February 107,060 59,630 58,010 55,520 48,600 6,920 2,490 47,430 ]V[arch . . 107,190 59 960 58,390 56,060 48,820 7,240 2,330 47 230 Aoril 107,260 60,650 59,120 56,700 48,840 7,860 2,420 46 610 ]Vtay 107 330 61 760 60,290 58,330 49,370 8,960 1,960 45 570 June' 107,407 64 007 62,609 60,055 49,678 10,377 2,555 43 399 July- 107,504 64,035 62,664 60,079 50,013 10,066 2,584 43,469 August 107,590 63,387 62,035 59,914 50,441 9,473 2,121 44,203 o / inasmuch as the monthly series began in March 1940. 8 Beginning in June 1947, details do not necessarily add to group totals. NOTE.—Information on the labor force status of the population is obtained through interviews of households on a samplle basis. Data relate tolthe calendar week that contains the eighth day of the month. Back data are available from the Bureau of the Census. 1294 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSTRUCTION CONTRACTS AWARDED, BY TYPE OF CONSTRUCTION [Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in millions of dollars] Nonresidential building Public works Month Total R b e u si i d ld e i n n t g ial Factories Commercial Educational Other an u d t il p it u ie b s lic 1946 1947 1946 1947 1946 1947 1946 1947 1946 1947 1946 1947 1946 1947 January 357.5 571 6 89 7 257 4 104 7 86.5 69.0 38.3 18.1 19.7 25.8 55.9 50 2 113.9 February 387.4 442.2 102.1 208.4 97.7 73.9 77.5 46.4 17.1 13.5 28.3 9.4 64.7 90.5 M^arch 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 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 718.0 660.3 281.2 240.9 129.3 82.3 72.8 81.6 35.7 38.5 45.8 51.2 153.1 165.9 August 679 9 823 2 284 0 308 9 109.4 88.0 56.6 77.2 7.8 45.6 37.7 80.0 184.4 223.5 Seotember 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 31.5 112.8 503 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 [Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in millions of dollars] F. W. Dodge Corporation. Value of contracts in thousands of dollars] Total Public ownership Private ownership Month 1947 1946 1945 1946 1947 1945 1946 1947 1945 1946 1947 Federal Reserve district August July August 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 60,603 35,624 47,203 April 396 735 602 309 127 177 87 608 425 New York 135,820 84,690 94,668 May 243 952 675 148 197 234 95 756 441 Philadelphia 30,720 43,698 36,438 June 227 808 605 82 215 226 146 593 379 Cleveland 64,450 75,862 78,307 July 258 718 660 108 202 203 149 516 458 Richmond 73,472 64,276 83,466 August 264 680 67 205 196 475 Atlanta 96,099 71,578 90,744 September. . 278 620 43 187 235 433 Chicago 149,162 109,902 102,999 October.... 317 573 61 134 256 439 St. Louis 89,570 49,064 62,976 November. . 370 504 61 130 309 373 Minneapolis 28,273 27,927 29,723 December... 331 457 62 109 269 348 Kansas City 26,063 44,318 20,872 Dallas 68,984 53,315 32,513 Year 3,2997,490 1,3111,754 1,9885,735 Total (11 districts) 823,216 660,254 679,909 LOANS INSURED BY FEDERAL HOUSING ADMINISTRATION NOTE.—Data for August are preliminary. [In millions of dollars] INSURED FHA HOME MORTGAGES (TITLE II) HELD IN Title I Loans Mortgages on PORTFOLIO, BY CLASS OF INSTITUTION [In millions of dollars] 19 Y 35 e ar or mon . th .. To 32 ta 0 l p P m e r i r o m r e 2 o t v n y 2 p - e 4 t - - s S h c t t m o i r o o u m n a n c - l e - l l h f ( a - o T m t I u D o i s t i 9 4 l l e 4 e y - s h R g ( o T a r e I u o n n I i s t ) u d t i l a p n e 2 l g W h e ( o V V a T r u a r e i I s n t a ) t i l 1 - s n n e ' d g End of month Total b C m c a o i n e a m r k l - s - b s M i t a n u a n g v u a k s l - - s a a S l s i a t o n s a n i a o g o v d n c s n - i s - p I c a n a o n n s m c u i e e - r s - a c F e g ie e r e a s d n l - l - Other' 1936 557 246 309 2 1937 495 60 424 11 1938 694 160 13 473 48 1936—Dec 365 228 8 56 41 5 27 1939 954 208 25 669 51 1937—Dec 771 430 27 110 118 32 53 1940 . ... 1,026 251 26 736 13 1938—Dec 1,199 634 38 149 212 77 90 1 19 9 4 4 2 1 1 1 , 1 1 3 8 7 6 2 1 6 4 2 1 2 1 1 5 8 6 7 9 7 1 13 6 28 1 4 3 1 19 9 4 3 0 9 — — D D e e c c 2 1 , , 4 7 0 9 9 3 1,1 9 6 0 2 2 13 7 0 1 2 1 2 9 4 2 5 3 4 4 2 2 2 1 0 5 1 3 1 1 5 3 0 3 1 1 9 9 4 4 3 4 9 8 4 86 2 1 9 25 6 1 2 21 4 6 3 (2) 7 6 5 0 37 1 1941—Mar 2,598 1,246 146 230 606 210 160 1 1 9 9 4 4 6 5 6 7 8 9 4 8 3 1 6 8 3 9 (2) 2 34 1 7 9 4 3 27 8 2 5 J S D u e e n p c e t 3 2 2 , , , 1 7 9 0 4 5 7 2 5 1 1 1 , , , 4 4 3 6 0 1 5 0 8 1 1 1 5 7 8 7 1 6 2 2 2 3 5 4 7 4 6 6 7 7 6 2 8 8 2 9 2 2 2 3 2 2 4 5 0 1 1 1 7 5 7 8 4 9 1 19 9 4 4 6 7 — — O S N D A J e a o u e c p n c g v t t u o e u e e m a s m b m t r e b y b b r e . e e . . r r . r . . . . . . . . . . 8 5 6 8 6 7 9 5 3 5 7 7 4 3 4 4 2 3 7 5 0 4 5 2 ( ( ( ( ( 2 2 2 2 2 ) ) ) ) ) 3 3 2 2 2 2 3 0 6 6 6 8 1 4 4 6 9 7 6 1 1 9 9 4 4 2 3 — — D D J J u u e e n n c c e e 3 3 3 3 , , , , 4 6 7 6 9 2 0 2 1 6 0 0 1 1 1 1 , , , , 6 6 7 7 6 2 0 0 9 3 5 0 2 2 2 2 1 5 5 3 9 2 6 6 2 2 2 2 7 9 8 7 2 2 4 6 1 1 1 , , , 0 1 0 9 3 3 7 4 2 4 1 0 2 2 2 4 3 4 7 3 5 5 9 1 1 1 1 9 6 5 5 5 3 9 8 F M e a b r r c u h ary... 8 7 6 9 4 3 0 9 (2) 2 2 7 8 1 1 3 8 1944—June 3,554 1,669 258 284 1,119 73 150 A J M u p a n r y e il 1 1 1 1 5 1 2 2 7 5 4 5 1 2 0 ( ( 2 2) ) 3 3 3 3 9 6 3 3 6 3 4 3 1945— D Ju e n c e 3 3 , , 3 3 9 2 9 4 1 1, , 5 5 7 9 0 0 2 2 6 6 0 5 2 2 6 6 9 4 1 1 , , 0 0 7 4 2 7 6 4 8 3 1 13 4 4 0 J A u u ly gust 1 1 6 8 9 1 4 5 9 7 ( ( 2 2 ) ) 3 3 9 7 9 7 5 4 1946— D Ju e n c e 3 3, , 1 1 0 5 2 6 1 1 , , 5 4 0 8 6 8 2 2 6 6 3 0 2 24 5 7 3 1,0 9 0 7 0 4 1 1 3 1 1 1 2 2 2 2 1 Mortgages insured under War Housing Title VI through April Dec 2,946 '•1,429 '252 233 917 9 '106 1946; figures thereafter represent mainly mortgages insured under the Veterans' Housing Title VI (approved May 22, 1946) but include r Revised. 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. OCTOBER 1947 1295 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MERCHANDISE EXPORTS AND IMPORTS [In millions of dollars] Merchandise exports1 Merchandise imports 2 Excess of exports Month 1943 1944 1945 1946 1947 1943 1944 1945 1946 1947 1943 1944 1945 1946 1947 January 750 1,124 903 798 P1,114 230 301 334 394 P531 520 823 569 405 P583 February 728 1,107 887 670 Pl.150 234 314 325 318 P437 494 793 561 352 P713 March . . .. 992 1,197 1,030 815 PI.327 249 358 365 385 P444 743 839 665 431 P883 April 989 1,231 1,005 757 Pl,299 258 361 366 407 P512 732 870 639 350 P787 May 1,092 1,455 1,135 851 Pl.422 282 386 372 397 P474 810 1,069 763 453 P948 June 1,003 1,296 870 878 Pl,242 296 332 360 386 P466 707 965 511 492 P776 July 1,265 1,197 893 826 Pl.151 302 294 356 434 P450 963 903 537 392 P701 August 1,280 1,191 737 P883 318 304 360 P425 962 887 378 P458 September.... 1,269 1,194 514 P643 289 282 335 P3 78 981 912 180 P265 October 1,237 1,144 455 P537 32'9 329 344 P394 908 815 111 P143 November 1,072 1,185 639 P986 312 323 322 P482 760 862 317 P5O5 December 1,286 938 736 P1,097 282 336 297 P536 1,004 602 439 P561 Jan.-July 6,820 8,607 6,724 5,594 P8,704 1,851 2,346 2,478 2,720 P3.313 4,969 "6,261 4,246 2,874 ?5,391 P Preliminary. 1 Including both domestic and foreign merchandise. 2 General imports including merchandise entered for immediate consumption and that entered for sstorage in bonded warehouses. Source.—Department of Commerce. Back figures.—See BULLETIN for April 1944, p. 389; April 1940, p. 347; February 1937, p. 152; Juily 1933, p. 431; and January 1931, p. 18. PFRR EFIIGGHHTT CCAAPRTL.OOAADDTINNGGSS BBYY CCLLAASSSSEESS RRFEVVFENN1UJFESS., FEXXFPENSES, AND INCOME OF CLASS I RAILROADS [Index numbers: 1935-39 average = 100] [In millions of dollars] For- Mis- Mer- Total Coal Coke Grain s L to iv c e k - p u e r c s o t t d s - Ore l c o a e u n l s - e- c I d . h C i a s . n e I. - r o r e p a T v e i e o l r w n t a a u t a l i e y n s g e r x a T p i o l e w t n a a s l e y s o r i p n a N e i c l r o w e a m t t a i y e ng in N co e m t e 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 P619 P289 SEASONALLY ADJUSTED SEASONALLY ADJUSTED 1946—June 133 146 140 125 118 149 137 135 81 July 139 145 177 139 166 153 164 141 78 1946—May 515 524 -9 -41 August 141 152 184 131 r119 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 33 142 155 185 138 104 148 184 145 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 August 143 146 184 162 92 152 190 149 73 June 731 649 82 49 July 683 634 48 UNADJUSTED UNADJUSTED 1946—June 137 146 138 128 96 155 213 139 80 July 143 145 172 166 135 153 263 142 78 1946—May 533 537 -5 -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 29 134 119 169 133 98 148 157 145 80 February.. 636 593 43 14 ]Vlay 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 August . 148 146 177 175 87 160 284 150 73 June 697 637 60 38 July 705 644 61 P37 r Revised. NOTE.—For description and back data, see pp. 529-533 of the BULLETIN for P Preliminary. 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. 1296 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 i - a C l l a e n ve d - m Ri o c n h d - l A a t n - ta c C a hi g - o Lo S u t i . s M a i po n l n i e s - K C a i n t s y as Dallas F S r a a n ncisco 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 4944 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—August 290 246 259 r260 286 307 365 281 330 259 300 '384 '322 270 226 205 2*6 249 298 367 263 313 265 321 376 313 October 257 216 179 233 248 286 348 250 293 254 297 349 319 271 230 231 239 266 291 347 261 294 252 283 356 320 276 231 232 250 277 293 363 264 303 251 299 348 317 265 215 228 247 256 293 341 245 278 262 281 363 313 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 '294 378 329 August P281 P233 246 P257 273 282 352 266 307 271 P296 376 338 UNADJUSTED i 946— \ugust 242 184 189 195 249 '254 321 236 284 232 279 '334 '290 September 278 237 214 246 251 316 374 268 316 287 311 395 326 October 278 240 202 258 265 312 372 268 313 281 312 384 330 November 336 284 301 318 333 370 416 318 371 302 340 434 376 441 398 392 408 430 494 570 409 463 385 448 567 504 t947—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 265 232 231 238 267 278 307 270 269 264 281 307 294 July 219 164 170 185 220 215 269 219 249 217 250 288 272 August P235 P174 179 P193 237 232 310 224 264 243 P275 327 305 STOCKS i 2939 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~—August 221 186 '212 '206 208 264 271 210 234 219 201 262 240 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 £947—January 268 197 234 216 257 315 311 262 291 278 298 327 315 February 275 206 249 225 261 307 335 264 296 270 293 343 330 March. 273 211 242 223 264 295 321 263 288 266 302 343 331 April 264 211 230 221 246 302 320 257 281 287 282 326 308 May . ... 252 198 221 215 238 292 309 243 272 268 267 333 287 June '241 188 215 212 231 270 280 232 267 '256 248 308 280 Julv 230 188 '204 '205 217 265 270 226 '247 254 '212 276 267 August P227 P189 205 P208 219 261 273 221 250 P244 P213 282 248 UNADJUSTED 1946—August 238 198 ••220 '214 225 297 292 225 255 232 225 296 263 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 «g47—Tanuary . 234 180 206 188 225 268 280 225 250 253 258 294 277 February 252 194 231 218 242 290 312 240 266 257 264 305 290 264 207 241 223 254 295 321 255 279 267 272 326 308 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 232 181 193 '195 217 268 278 222 '257 '259 '236 299 283 August P245 *>200 214 P216 236 294 295 236 273 P259 *>238 318 271 r Revised. c Corrected. P Preliminary. 1 Figures for sales are the average per trading day, while those for stocks are as of the end of the month or the annual average. NOTE.—For description and monthly indexes for back years for sales see BULLETIN for June 1944, pp. 542-561, and for stocks see BULLETIM for June 1946, pp. 588-612. OCTOBER 1947 1297 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 Withoutseasoilal adjustment (In millions of dollars) 1945 1946 1946 1947 Year or month m ( S t o f a o o n l t r e t a h s l ) m ( S e o t n n o d c t k h o s ) f ( s o e O t r n i u a d d n t n e g - r d o s - f Nov. 2 1 1 4 3 0 7 . . . . . . . . . . .. . . . . . 2 . 2 6 2 2 1 7 3 5 5 6 8 Nov. 2 1 3 9 2 6 . . . . . . . . . . . . . . 3 3 3 2 6 4 1 7 3 2 4 7 May 2 1 1 5 8 4 1 . . . . . . . . . . . . . . ? 2 2 2 4 4 4 7 S 8 6 4 May 2 1 1 4 3 7 0 . . . . . . .. 3 2 ? 2 1 7 7 7 1 7 3 9 month) Dec. 1.....326 30.....334 June 1 223 31.....250 8 .. 401Dec. 7... 475 8 ?73 June 7 ?9^ 15.....433 14.....519 15.....283 14 .300 1939 average 128 344 22 . 421 21... 532 22 248 21 ?S6 1940 average 136 353 108 29.... .158 28.....281 29.....239 28.....245 1.941 average. . . . 156 419 194 July 6 192July 5 ....208 1942 average 179 599 263 1946 1947 13.... ?10 12 ??8 1943 average 204 508 530 20.....201 19 .217 1944 average. 227 534 560 Jan. 5.....135Jan. 4 .188 27.....204 26.....213 1945 average. 255 564 728 12.....188 11.....232 Aug. 3.....217Aug. 2 .220 1946 average. 318 714 907 19 .. 191 18... 223 10 228 9 ??3 26.....188 25.....220 17.....239 16.....225 1946—July , 244 738 1074 Feb. 2. ..197Feb. 1 .217 24.....255 23.....243 August 303 '809 '1014 9.....214 8.....219 31 .281 30.....277 September 309 828 960 16 209 15.....246 Sept. 7.....264 Sept. 6 265 October. . . 341 879 845 23.....213 22 .216 14 .293 13.....291 November. 404 919 691 Mar 2.....217Mar. 1.....238 21.....280 20 .301 December. 526 776 557 9.... .233 8 .254 28.....257 27.....317 16.....243 15.....267 Oct. 5 .277 Oct. 4 . 1947—January.. . 256 769 619 23 . 255 22... 286 12 281 11 February.. 250 838 603 30.....257 29.....283 19 .295 18.... March 332 865 485 Apr. 6.... .272Apr. 5 .319 26.....287 25 April 321 849 387 13.....282 12.....265 May 336 818 351 20.... .289 19 .271 June 304 769 470 27.....232 26.....267 July 252 730 593 August P273 P792 P622 NOTE.—Revised series. For description and back figures see pp. 874-875 of BULLETIN for September 1944. P Preliminary. r Revised. 1 These figures represent retail sales, stocks, and outstanding orders 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] A 19 u 4 g 7 . A 19 u 4 g 7 . July m 19 o 4 s. 7 A 19 u 4 g 7 . J 1 u 94 ly 7 1947 A 19 u 4 g 7 - J 1 u 94 ly 7 1947 United States. p-6 +5 Cleveland-cont. Chicago -8 +11 +9 Kansas City— Boston P-9 +5 Y To o l u e n d g o s 1 town 2. . 3 + + 7 9 +8 P C e h o i r c i a a g 1 o! - - 1 1 1 4 -•+ + 1 3 1 4 + - 8 9 O c k o la n h t. oma City. -6 +2 New Haven. . . -18 Erie1 +9 +9 Fort Wayne1.. -4 +8 +8 Tulsa r+2 +4 Portland -1 Pittsburgh 1. . . . -10! +3 +6 Indianapolis 1.. -13 +5 +4 Boston Area. . -8 Wheeling1 -12 +3 Terre Haute 1.. -4 + 10 + 11Dallas -6 -1 +4 Downtown Des Moines. . . -8 +7 +8 Shreveport +5 +5 +7 N S A N R N N P W B E S P B B e c p o l r u o e l e i i w r m o b h a r o n u w f w i c i f r B g a e d v g g n h i a c Y a n n r a g o h g Y i l h e e a r o y r d o e f s k e s s k a a o i t c e r t t e p e m o i r e e t k n * e l F k o n a r d r p t c d a 1 r o C s e t l y l n i l . . i . e s . . t . . . . y . . . . . . . . . 1 . . . . . . - - - - - - - - - - - - - - - 1 1 1 1 1 1 1 1 6 5 8 7 9 9 6 2 3 5 2 3 3 1 0 + + + + + + + + - + 5 6 8 9 8 5 7 7 2 3 A R H L N R C W G R C R B W t i l y o h c i o u r h a a a W i c a e n h a a r l l n a n n h e s e t f n r c m r s . i o t h i t m n l m h o l t a g i e l i V v e o o k n k b o h n s o i s n n e t u a , g n g l r t o - l d r d e o t t e N S n g o o , n , a n . n ^ S l C e . x . . . . m . . C C . . . . . - - - - - - - - - 1 1 - 1 1 2 2 - 1 - 1 - - 7 9 7 9 2 6 4 9 1 0 4 3 1 5 j + + - + + + - - - - 2 1 1 5 5 1 9 7 9 0 1 0 1 1 + + + + + + + + - - + 1 1 1 1 4 3 4 9 3 1 2 4 0 1 S S S Q L L F E E L G M D F G M t. t t o o i a a u v l . r . r e t a i i u s r e n i a t L a l L t n d t L t n l i w e s n r n e s o o i c t n i o o S d S s v 1 a n u s y u o u i R m i u t v g i i B t l . n R s s i k 1 l o i i s e a L l e t a c 1 A h y l . e 1 k o p e . r x . u . i . e l . . d . 1 . i . . a . . s s . . . . . . . . . . p ' p + - + - - - - - 1 - - 2 1 1 1 1 2 + - 7 - - 0 8 9 5 3 8 3 4 2 1 0 6 9 2 + + + + + + + + - + + + + + - 1 - 8 1 1 1 1 1 1 1 4 7 6 7 6 8 4 3 2 2 0 0 5 3 7 4 + + + + + + - + + + + + + 1 + + - 9 1 1 1 1 1 1 3 3 8 1 8 6 2 4 8 0 5 4 6 3 5 0 S O F L L R T F S H P D B C S a r a o o h o u i a a n o o a a e v B n s n o c k r k n r u l s e t s p g e l l e e n A s F r A a a o n u r r W B s t o n s n s k n B o r i s i n x 1 d f e d a g 1 e n e o t i r e C n o e l e x a r n 1 e a l l n c c t . h e a a d y n h . i h i s r r n s 1 1 d o d i . c d 1 x s . i . . o . t . n . i . . . o . . . . ? P P r + - + + p + + + + - - 1 - — - 2 4 1 4 9 4 9 6 2 3 2 0 0 0 4 + + + + + + + - + 1 4 2 6 6 4 7 3 7 6 0 0 9 + + + + + + + + + + + + + 1 1 8 9 8 5 7 9 2 6 4 5 6 2 0 0 S U y ti r c a a cusel -16 + + 1 1 3 M Bi o rm bi i l n e gham *. . -4 j + -3 6| + + 6 4 S M p e r m in p g h f i i s e 1 l . d . . . . . . . -1 -8 8| +4 + + 2 1 S S a a n cr a D m ie e g n o t o 1. :. . . . . . P + + 2 2 r+ + l 3 + + 7 2 P L T R P h h a r e i e n i a l l a n c d a d t a i d o n e s e n l g t l p e p l x r h h i 1 i a . a . . x . . . P- - - - - 5 7 9 5 4 A J O T M M a a r t o c i l l m a a k n a m n t n s p g d o t i a o o x a n 1 m 1 vi e l r l y e 1 1 . . . . . - + + 1 - - - 8 7 7 8 2 6 -1 + + + 2 8 5 4 + + + + + + 1 9 6 2 1 1 1 M S M D t i u . i S n n l u n P u n p e a t e h e a u a - r p p l i 1 o o o l r l i i s 1 s . . 1 . . . . . + + -1 1 1 + + + 1 3 6 5 0 + + + + 1 1 1 1 3 6 1 S V S S S t a a a a o N n n n l c l t e a F k a J j p o t o r o a a R s n e n a l o c n x s i d a s c 1 o . . x . . - - - 6 5 2 3 -2 + + + -5 0 3 9 1 + + - + + 1 1 1 6 5 3 0 3 Y W o il r k k e 1 s-Barre1. - - 1 1 2 3 A Co u l g u u m st b a us -1 -9 2 =? + + 2 6 K D a e n n s v a e s r City .. P- + 5 1 + + 5 4 + + 1 6 0 Bo N is a e m a p n a d -22 -15 Macon *• -11 -3 Pueblo +4 + 11 +8 Portland •-17 +6 +9 Cleveland -8 Baton Rouge x. . -4 -13 +6 Hutchison. . . . -7 +2 +3 Salt Lake City l. P+2 +16 +7 Akron l -6 New Orleans x. . -3 +8 +8 Topeka -10 +8 +5 Bellingham x. . . P+4 -13 +7 S C C C C p o a i l r n e n l i u n v c t m o g i e n n f l b i n a e 1 u a n l s d t d i x 1 1 1 . . . . . . . . . . . . . - - - - - 1 1 1 5 8 2 0 0 + 11 +6 J N C K B a h r a n c i s a o k s h t x t s t o v v o a l i n i , n l l l l o e T 1 e o e l x g n a n l . . . . . - - - - - 1 1 1 1 2 9 6 7 1 0 - -1 2 - - 9 1 2 0 - + 1 - - 1 3 0 5 W J S O K o t m a . p i c n l J a h i s o h n a i s a t s a e p C h i . t y . . . . . . - - 1 - - 1 -6 8 9 1 6 + + + + - 1 1 6 5 2 2 0 + + + - 1 4 7 7 0 S S T E e p a v a c o e t o k r t m l e a e t n a t l x e 1 l P P P- + + - - 9 6 7 7 1 r+ + - - - 9 4 5 5 2 + + + + + 1 4 2 7 4 5 +9 p Preliminary. r 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. 1298 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 l 1941 average monthly sales=1002 Department o N f u s m t b or e e r s Sal p e e s r i d o u d ring ( m S e t o n o d n c t o k h f s ) July Sal p e e s r i d o u d ring Sto o c f k m s o a n t t e h nd reporting 1947 1946 1947 1946 J 19 u 4 l 7 y m 19 o 4 s 7 . J 1 u 9 l 4 y 7 1947 1946 July June July July June July GRAND TOTAL—entire stores 358 +2 +6 0 3.0 3.1 MAIN STORE—total 358 +1 +5 +2 3.2 3.2 157 192 155 503 523 496 Women's apparel and accessories 353 -5 -1 -16 2.6 2.9 149 183 157 380 391 456 Coats and suits 338 -10 -7 -23 3.3 3.9 96 101 107 316 209 416 Dresses 338 -10 -5 -8 1.2 ' 1.1 168 241 186 195 267 214 Blouses, skirts, sportswear, etc 334 -4 -3 -43 1.8 3.1 214 264 222 392 457 693 Juniors' and girls' wear 317 -7 -3 -40 2.4 3.8 155 204 167 381 374 634 Juniors' coats, suits, dresses 223 -8 -6 -38 1.8 2.7 169 228 183 304 298 487 Girls' wear 240 — 7 -1 -41 3.4 5.4 142 186 153 488 483 825 Aprons, housedresses, uniforms 293 -8 -5 — 1 1.4 1.3 198 252 217 274 350 279 Underwear, slips, negligees 339 0 +4 -2 2.2 2.2 188 212 189 415 458 421 Knit underwear 162 +6 + 12 +7 2.0 2.0 201 228 190 402 460 380 Silk and muslin underwear, slips 188 -2 + 1 + 15 2.3 2.0 184 210 189 428 466 372 Negligees, robes, lounging apparel 166 -4 +4 -36 2.3 3.4 170 191 178 383 406 604 Infants' wear 318 +4 + 10 -18 3.2 4.1 196 216 189 638 632 779 Shoes (women's, children's) 246 +3 +6 +48 4.2 2.9 153 206 148 645 659 433 Furs 272 -15 -2 -33 6.8 8.6 78 21 92 528 364 811 Neckwear and scarfs 249 +8 + 1 -36 2.6 4.4 151 183 139 398 439 613 Handkerchiefs 291 0 -4 -31 4.8 6.9 109 132 109 522 535 750 Millinery 175 -2 -2 -19 1.8 2.2 78 121 79 140 114 176 Gloves (women's, children's) 334 -10 + 1 -25 8.2 9.8 63 103 71 519 525 693 Corsets, brassieres 337 +4 +8 +4 2.4 2.4 214 258 206 524 572 504 Hosiery (women's, children's) 349 -21 y +23 1.9 1.2 113 125 143 219 250 179 Handbags, small leather goods 328 -5 ~7 -31 2.6 3.6 113 162 119 294 328 424 Men's and boys' wear 328 +2 +9 +29 4.1 3.2 135 219 133 554 580 428 Men's clothing 244 + 14 +24 + 117 3.7 1.9 136 211 119 503 494 234 Men's furnishings, hats, caps 311 +4 + 18 3.7 3.1 142 240 147 528 580 445 Boys' clothing and furnishings 290 -7 0 -12 5.9 6.2 110 164 118 650 657 731 Men's and boys' shoes, slippers 188 +8 + 11 +63 5.4 3.6 134 224 124 723 773 441 Home furnishings 316 +11 +15 +21 3.7 3.4 179 204 162 662 692 545 Furniture, beds, mattresses, springs 232 +9 +3 +30 3.9 3.3 162 177 149 636 680 489 Domestic floor coverings 265 + 14 +20 +62 4.2 3.0 157 187 138 669 683 408 Draperies, curtains, upholstery 297 -8 -2 -3 4.2 4.0 152 199 164 644 702 665 Major household appliances 234 +79 + 145 +200 1.5 0.9 368 328 205 570 463 195 Domestics, blankets, linens, etc 305 +4 + 1 + 13 3.6 3.3 160 183 155 571 607 506 Linens and towels 204 -4 -7 +8 4.1 3.6 157 182 164 648 706 608 Domestics-muslins, sheetings 172 +25 + 15 + 106 2.5 1.5 181 190 145 453 478 207 Blankets, comforters, spreads 188 -2 -2 -9 4.3 4.6 135 178 137 578 611 641 Lamps and shades 240 0 -1 -26 4.2 5.7 134 173 134 563 621 755 China and glassware 247 + 10 +9 +36 6.6 5.4 125 152 113 824 817 608 Housewares 241 +1 +6 -4 3.4 3.6 236 273 234 803 848 839 Piece goods 297 -7 +8 +30 3.6 2.6 187 228 201 670 709 522 Silks, rayons, and velvets 111 -5 +8 +60 3.1 1.9 180 198 189 562 573 349 Woolen dress goods 93 -29 -1 + 12 6.2 4.0 141 99 197 874 809 805 Cotton wash goods 127 + 1 + 14 +57 2.4 1.5 234 301 231 554 618 358 Small wares 341 +1 +2 -14 3.8 4.4 139 169 138 528 563 619 Lace, trimmings, embroideries, and ribbons. , 121 -2 2 -19 3.6 4.3 178 240 182 635 671 776 Notions 231 + 10 + 12 -13 2.7 3.4 207 250 188 564 592 644 Toilet articles, drug sundries, and prescription; 327 -4 -16 3.9 4.6 122 135 123 472 500 563 Jewelry and silverware 306 i + 1 -11 4.3 4.7 143 199 145 612 664 690 Jewelry 207 -1 -2 -23 4.2 5.4 136 186 137 571 607 746 Silverware 142 +3 +7 + 13 4.2 3.8 138 217 134 577 673 500 Art needlework 242 +2 +4 -21 4.6 5.9 124 121 122 565 614 723 Stationery, books, magazines 252 -? +3 -13 4.2 4.7 122 153 127 515 541 586 Stationery 156 — 2 +8 -12 4.6 5.1 111 150 114 515 536 573 Books, magazines 94 -6 -3 -11 3.7 3.9 117 141 124 434 470 493 Miscellaneous 305 +5 +2 -2 3.1 3.3 169 190 160 519 539 537 Toys and games 153 Q -14 -26 4.8 6.0 112 115 121 534 533 720 Sporting goods, cameras 66 + 18 + 16 +29 3.7 3.3 182 197 154 667 660 517 Luggage 252 +9 +8 + 13 2.3 2.3 259 317 238 607 663 533 BASEMENT STORE—total 207 +9 + 12 -13 2.3 2.9 153 194 140 351 377 407 Women's apparel and accessories , 196 +4 +8 -25 1.8 2.5 152 188 146 275 298 370 Men's and boys' clothing and furnishings 163 + 18 +24 c 2.9 3.5 157 228 133 448 469 471 Home furnishings , 138 + 13 + 13 -6 2.8 3.3 163 190 145 452 484 483 Piece goods , 53 0 + 11 +27 2.9 2.2 216 247 216 617 680 465 Shoes 130 +15 +27 + 14 3.4 3.4 127 191 110 425 458 375 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. * For movements of total department store sales and stocks see the indexes for the United States on p. 1297. 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. OCTOBER 1947 1299 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 of o n y t e h ar 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 ? 17.5 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 I 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 L 048 1 292 472 1936 6,796 3,526 2,436 1,289 1,147 1,090 L 331 1 419 520 1937 7,491 3,971 2,752 1,384 1,368 J .219 1,504 1,459 557 1938 7,064 3,612 2,313 970 1,343 L.299 I 442 1 487 523 1939 7,994 4,449 2,792 1,267 1,525 ,657 1,468 1,544 533 1940 9,146 5,448 3,450 1,729 1,721 L.998 L 488 1 650 560 1941 9,895 5,920 3,744 1,942 1,802 >,176 L,601 1,764 610 1942 6,478 2,948 1,491 482 1,009 L ,457 L 369 1 513 648 1943 5,334 1,957 814 175 639 ,143 1,192 1,498 687 1944 5,776 2,034 835 200 635 .199 1,255 1,758 729- 1945 6,637 2,365 903 227 676 1,462 L 519 1 981 772 1946 10,157 3,976 1,558 544 1,014 2,418 J.253 3,054 874 1946—'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 2,041 938 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 February 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 •"10,464 '4,536 '1,812 753 '1,059 2,724 2,256 2,782 890 May •"10,729 '4,739 '1,928 ••816 1,112 2,811 2 255 2 835 900 June 10,992 4,918 2,035 880 1,155 2,883 2,271 2.887 916 JulyP 11 061 5,047 2,091 922 1,169 2,956 2 301 2 786 927 August^ 11,216 5,195 2,166 965 1,201 3,029 2,327 2,761 933 ^Preliminary. ' 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 INSTALLMENT LOANS [Estimates. In millions of dollars] 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 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 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 p a n d t n i a d e o s i r r n 8 n- m b C a e n o r k c m i s a - * l p S c l a m o o n m a a i n e l - l s b In t a r d n i u a k l s s - 2 p I c n a t l o o r n d i m a 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 822 88 287 156 44 79 168 130 455 288 67 1936 1,090 161 326 191 66 102 244 248 610 354 105 1937 . . 1,219 258 374 221 93 125 148 368 662 40° 148 1938 1,299 312 380 129 95 112 117 154 460 664 238 176 179 1939 . . . 1,657 523 448 131 99 147 96 213 680 827 261 194 257 1940 1,998 692 498 132 104 189 99 284 1,017 912 255 198 320 1941 2,176 784 531 134 107 217 102 301 1,198 975 255 203 372 1942 1,457 426 417 89 72 147 91 215 792 784 182 146 247 1943 1.143 316 364 67 59 123 86 128 639 800 151 128 228 1944 1,199 357 384 68 60 122 88 120 749 869 155 139 230 1945 . . 1,462 477 439 76 70 128 93 179 942 956 166 151 228 1946 2,418 956 608 117 98 185 110 344 1,793 1,251 231 210 339 1946—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 2,883 1,196 638 143 119 224 113 450 211 117 26 24 43 July? 2,956 1,221 649 148 121 233 114 470 217 123 29 23 44 August?. . . . 3,029 1,251 652 152 125 240 114 495 210 113 25 22 42 ^Preliminary. * 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 August amounted to 96 million dollars, and loans made during August were 15 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. 1300 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 [Estimated amounts outstanding. In millions of dollars] [Lstim ates. In millions of dollars] Depart- Auton nobile Other Repair Pery E m e n o d a r nth o o f r in e g m T x o o c t b a l a i u u l l , d e t - o- s m o m t a r a e o n d d i r nt e l e - r s F s t u t u o r r r n e e i s - H a s o h a t p n o o u p r l c l s d e e i- e s - J s e t w o e r l es ry s o r t e t A o t h ll a r er e il s Year or month Total c P ha u s r e r - d eta D il lo ir a e ns ct c r d h e p a i t a u r n a d e r s - i c e l t , d e l m r t o a n o i a n i d o n d n - z s1 a- i l m s c n o o a s e a n t s n h n t a a s l lhouses Outstanding at end of 1 1 1 1 1 1 1 1 1 9 9 9 9 9 9 9 9 9 3 2 3 3 3 3 3 3 1 9 5 3 0 2 7 6 34.. . 1 1 1 1 , , , , 1 1 3 1 9 6 6 8 7 4 9 6 0 5 6 7 6 4 7 7 8 4 8 3 7 5 1 3 2 1 1 1 1 1 1 1 1 5 3 5 4 8 1 0 6 4 6 8 5 6 6 9 3 0 4 4 3 2 3 3 4 5 5 0 5 1 6 3 1 9 8 3 6 4 4 9 6 3 9 3 9 2 3 2 2 1 1 1 1 1 0 5 2 6 7 2 3 1 8 7 5 2 5 1 1 1 9 5 3 4 3 2 5 6 4 4 5 5 5 0 9 6 8 7 0 6 2 1 1 1 1 1 1 1 1 9 3 1 7 4 1 3 3 0 7 2 5 4 1 0 6 3 p 1 1 1 1 1 1 1 1 9 9 9 9 9 9 e 9 9 4 4 4 4 3 4 5 2 4 6 9 0 r 4 4 i 3 1 o d . : .. . ... 1 1 1 1 , , , , 6 5 8 0 5 5 4 7 9 9 4 5 9 1 5 4 1 4 3 0 5 7 6 2 2 3 4 1 1 1 1 1 5 5 6 6 3 8 1 1 4 5 4 5 6 3 3 2 1 1 1 0 1 9 5 6 7 2 3 6 0 6 3 4 9 3 9 2 2 2 1 1 1 7 8 1 6 5 0 7 4 5 8 7 8 5 0 5 3 2 2 2 2 1 1 7 3 8 8 4 0 2 5 3 4 9 4 7 9 4 4 4 2 3 5 4 2 2 3 4 7 1 5 2 2 8 4 7 2 5 1 2 6 9 7 1938 1 343 302 485 266 70 220 1946—July 1,179 115 225 184 195 460 1939 1,525 377 536 273 93 246 August 1,264 127 241 201 211 484 1940 1,721 439 599 302 110 271 September.. . .1,334 136 252 214 226 506 1941 .. 1,802 466 619 313 120 284 October 1,413 145 268 233 242 525 1942 1,009 252 391 130 77 159 November. . . .1.494 156 285 251 256 546 1943 639 172 271 29 66 101 December. . . . 1,591 165 306 275 273 572 1944 635 183 269 13 70 100 1947—January 1,668 181 325 296 280 586 1 1 9 9 4 4 5 6 1,0 6 1 7 4 6 3 1 3 9 7 8 2 36 8 6 3 2 1 8 4 12 7 3 4 1 1 6 0 0 7 F M e a b r r c u h a . ry ... 1 1 , , 7 8 3 2 2 1 2 1 1 9 5 6 3 3 4 7 8 3 3 3 0 1 5 7 2 2 8 9 4 6 5 6 9 2 9 0 1946 April 1,922 237 397 337 314 637 July 705 212 299 20 63 111 M ay 2,027 254 423 364 334 652 August... . 730 221 308 22 64 115 June 2,125 276 439 388 358 664 September 752 235 311 23 65 118 JulyP 2,199 288 455 405 379 672 October. . . 795 257 322 25 66 125 AugustP 2,275 300 472 417 403 683 November. 853 284 337 26 72 134 Volume extended dur- December. 1,014 337 366 28 123 160 ing month: 1947 1946—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 '•1,059 386 366 32 nos 167 November. .. . 274 33 58 54 29 100 May 1,112 409 382 32 114 175 December. . . . 306 39 64 61 28 114 J J u ul n yp e .. 1 1 , , 1 1 5 6 5 9 4 42 2 9 3 3 39 9 8 5 3 3 8 6 1 1 1 2 9 0 1 1 8 8 2 4 1947—J F a e n b u r a u r a y. ry 3 2 0 8 7 9 4 4 4 2 6 7 9 0 5 6 5 5 2 2 4 5 1 9 0 7 5 August P. . 1,201 440 408 41 123 189 March 343 54 81 59 31 118 April 364 60 84 69 36 115 CONSUMER INSTALMENT CREDITS OF INDUSTRIAL M ay .. 375 59 83 77 42 114 BANKS, BY TYPE OF CREDIT June 392 59 80 92 44 117 [Estimates. In millions of dollars] JulyP 384 63 84 75 42 120 August? 370 58 83 70 47 112 Retail instal- Repair Persona: ment paper 2 and instal- C O N S U M ER I N S T A L M E NT C R E D I TS OF I N D U S T R I AL Year and month Total modern- ment L O AN C O M P A N I E S, BY T Y PE OF C R E D IT m A o u b t i o- le Other i l z o a a t n io s n 1 l c o a a s n h s [Estimates. In millions of dollars] Retail instal- Repair Personal Outstanding at end ment paper 2 and instalof period: Year or month Total modern- ment 1 1 9 9 4 4 2 1 1 12 9 5 6 . . 4 8 4 2 9 1 . . 3 4 1 1 8 2 . . 8 8 1 1 8 5 . . 6 6 1 7 1 5 0 . . 6 1 m A o u b to il - e Other i l z o a a t n io s n l l c o a a s n h s 1943 . . . 91.8 12.6 7.7 14.0 57 5 1944 . .... 92.0 13.0 7.8 13.4 57.8 Outstanding at end 1945 104 1 13.8 9.8 17 2 63.3 of period: 1946 162.7 27.5 17.8 28.3 89.1 1944 67.1 10.5 3.8 1.1 51.7 1945 76.7 11.0 4 0 1.5 60.2 1946—July 132.6 19.9 13.8 23.1 75.8 1946 108.4 15.0 7.4 2.4 83.6 S A O N D e c o u e p t v c g o t e e u b e m m s e m r b t b b . e e e . r r r . . . . . . . 1 1 1 1 1 6 5 4 3 5 2 0 6 8 2 . . . . . 7 1 6 5 9 2 2 2 2 2 2 7 6 4 1 . . . . . 1 5 2 4 3 1 1 1 1 1 5 7 6 4 4 . . . . . 7 8 7 7 1 2 2 2 2 2 8 5 6 4 7 . . . . . 3 7 2 4 5 8 8 8 8 7 9 5 0 3 8 . . . . . 7 1 7 8 9 1946—J N S O A u e o c l u y p t v o t g e b e m u e m b s r b e . t e . r r . . . . . 1 9 8 9 9 0 3 5 9 9 3 . . . . . 1 3 0 7 7 1 1 1 1 1 3 3 4 4 3 . . 9 8 0 5 6 5 5 6 7 7 . . . 4 6 . . 2 6 0 2 2 1 2 2 . . . 3 2 9 0 0 7 6 7 7 7 1 3 8 8 6 . . . . 9 7 9 0 3 1947—January... 168.1 29.5 18.6 28.9 91.1 December. 108.4 15.0 7,4 2.4 83.6 February... 172.6 31.3 19.6 29.6 92.1 1947—January.. 112.2 15.6 8.0 2.5 86.1 March 177.4 33.5 19.4 30.3 94.2 February . 115.5 16.5 8.4 2.5 88.1 April 184.2 36.4 20.5 31.4 95.9 March. 118.7 17.1 8.9 2.6 90.1 M ay 191.4 38.6 21.8 33.1 97.9 April 124.6 18 9 9 2.7 93.3 June 199.2 40.6 23.1 35.0 100.5 M ay 128.5 20.6 10.8 3.0 94.1 Julyp 206.7 42.8 24.3 36.9 102.7 June 131.3 21.7 11.8 3.2 94.6 AugustP. . .212.4 44.5 25.3 38.4 104.2 Julyp 134.0 22.4 12.8 3.4 95.4 August P. . 138.4 23.6 13.6 3.6 97.6 Volume extended during month: Volume extended 1946—July 26.3 4.7 2.8 2.6 16.2 during month: O A S c e u t p g o t u b e s e m r t b . e . r .. . 2 2 2 5 6 8 . . . 2 7 8 4 5 4 . . . 5 3 7 3 3 2 . . . 5 0 7 3 2 2 . . . 3 8 7 1 1 1 6 6 5 . . . 5 2 5 1946—J O S A u c e l u y t p o t g b e u e m r s b . t e . r .. . . 2 2 1 2 0 0 2 9 . . 5 6 0 5 3 3 3 4 . . . . 4 3 5 0 1 1 1 1 . . , . 8 4 1 4 0 0 0 0 . . . . 3 3 3 3 1 1 1 1 6 4 5 4 . . . 4 9 6 6 D N e o c v e e m m b b e e r r . . . . 3 2 1 8 . . 2 5 5 5 . . 6 2 3 3 . . 7 6 2 2 . . 6 8 1 1 9 6 . . 3 9 N D o ec v e e m m b b e e r r . . 2 2 6 3 . . 2 0 3 4 . . 4 1 1 1 . . 6 7 0 0 . . 3 2 2 1 0 7 . . 9 0 1947-—January. . .29.1 6.4 3.5 2.4 16.8 1947—January .-22.4 3.6 1.8 0.2 16.8 February. . 27.4 6.2 3.4 2.4 15.4 February . 22.2 3.9 1.6 0.2 16.5 March 31.3 7.1 3.5 2.7 18.0 March . . . , 25.6 3.9 1.8 0.3 19.6 April 32.4 7 7 4.1 3.1 17.5 April 27.4 4.8 2.4 0.3 19.9 May. . . 32.8 7.5 4 3 3^7 17^3 May. 26.9 4.7 2.4 0.5 19.3 June 33 8 7.5 4.3 3 9 18.1 June , 27.3 4.8 2.7 0.5 19.3 Julyp 36.5 8.2 4.4 4.0 19.9 JulyP 26.4 5.1 2.9 0.5 17.9 AugustP. . . 32.9 7.7 4.2 3.6 17.4 August P. . . 25.3 4.5 2.8 0.5 17.5 1 Includes not only loans insured by Federal Housing Administration but also noninsured loans. P Preliminary. r Revised. 2 Includes both direct loans and paper purchased. OCTOBER 1947 1301 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSUMER CREDIT STATISTICS—Continued FURNITURE STORE STATISTICS RATIO OF COLLECTIONS TO ACCOUNTS RECEIVABLE * Pe fr r o c m en m t p a o g r n e e t c h e c d h i a n n g ge m f P ro o e m r n c t e h c n o o t y a r f e r g e a e p s r r p e c o c h n e a d d n i i g n n e g g Instalment accounts a C cc h o a u rg n e ts Item 1 A 9 u 4 g 7 . ? J 1 u 94 ly 7 J 1 u 9 n 4 e 7 1 A 9 u 4 g 7 . ? J 1 u 94 ly 7 J 1 u 94 n 7 e Year and month D s m e to p e r a n e r t s t- F s t t u u o r r r n e e i s - h H p o s l t o l i o d a u r n s e a c e s p e - - Je st w o e re lr s y D s m e to p e r a n e r t s t- Net sales: 1946 Total +7 -8 -8 +5 +8 + 12 July '33 26 57 32 58 Cash sales +4 -8 -8 -16 -10 -12 August '36 26 54 33 59 Credit sales: September... r35 25 51 30 56 Instalment +9 -10 -7 +16 + 18 +28 October '39 27 52 32 60 Charge account +7 -5 -4 +16 + 19 + 17 November.. . '38 27 47 34 59 December. . . '36 26 47 44 54 Accounts receivable, end of month: 1947 Total +2 +1 +1 +37 +37 +38 January '30 23 47 26 52 Instalment +2 0 +3 +35 +32 +35 February.... '29 21 41 25 ••52 March '33 25 '44 27 56 Collections during April '30 23 44 25 54 To m ta o l nth: 0 + 1 _ 4 + 13 + 17 +19 J M u a n y e ' ' 3 2 0 8 2 2 4 3 4 4 4 6 2 2 4 6 5 5 4 6 Instalment +1 -2 -6 +8 +9 + 13 July 28 22 43 23 53 August? 28 22 42 23 51 Inventories, end of month, at retail value. +2 -1 0 +17 +26 +35 P Preliminary. ' Revised. 1 Collections during month as percentage of accounts outstanding at Preliminary. beginning of month. DEPARTMENT STORE SALES, ACCOUNTS RECEIVABLE, AND COLLECTIONS Index numbers, without seasonal adjustment, 1941 average=100 Percentage of total sales Accounts receivable Collections during Year and month Sales during month at end of month month Instal- Charge- Cash ment account Total Cash I m ns e t n a t l- a C c h c a o r u g n e t Instal- Charge I m ns e t n a t l- Charge sales sales sales 1941 average 100 100 100 100 100 100 100 100 48 43 1942 average 114 131 82 102 78 91 103 110 56 38 1943 average 130 165 71 103 46 79 80 107 61 34 1944 average 145 188 66 111 38 84 70 112 64 32 1945 average 162 211 68 124 37 94 69 127 64 32 1946 average 202 243 101 176 50 138 '91 168 59 37 1946—July 156 191 75 130 45 119 '81 '164 61 35 August 193 ••233 99 164 '47 127 '87 152 60 36 September 197 229 97 180 50 145 '90 152 57 39 October 218 249 119 202 55 156 '104 186 56 39 November 2,57 297 146 233 "•61 176 '112 197 57 38 December 330 384 199 292 75 '223 '121 205 57 38 1947—January 163 188 106 146 •"74 '175 '121 '250 57 37 February 159 179 109 144 '73 154 '115 195 56 38 March 210 236 146 192 '75 160 '129 185 55 39 April 207 230 141 192 '79 '163 '123 186 55 39 May 216 241 138 202 '81 167 '127 198 55 39 June 195 219 123 182 82 165 '122 193 55 39 July 161 184 113 143 83 146 124 190 57 37 August? 174 196 130 156 84 145 123 161 56 38 P Preliminary. ' Revised. NOTE.—Data based on reports from a smaller group of stores than is included in the monthly index of sales sho wn on p. 1297. 1302 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 ele F ct u r e ic l, ity, fur H ni o s u h s in e gs Miscellaneous and ice 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, 90.8 116.9 103.4 85.4 101.7 1933. 92.4 84, 87.9 100.7 100.0 84.2 98.4 1934. 95.7 93 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, 99.9 103.3 101.5 1939. 99.4 95.2 100.5 104, 99.0 101.3 100.7 1940. 100.2 96.6 101.7 104.6 99.7 100.5 101.1 1941. 105.2 105.5 106.3 106.2 102.2 107.3 104.0 1942. 116.5 123.9 124.2 108.5 105.4 122.2 110.9 1943. 123.6 138.0 129.7 108.0 107.7 125.6 115.8 1944. 125.5 136.1 138.8 108.2 109.8 136.4 121.3 1945. 128.4 139.1 145.9 108.3 110.3 145.8 124.1 1946. 139.3 159.6 160.2 108.6 112.4 159.2 128.8 1945—July 129.4 141.7 145.9 111.2 145.6 124.3 August 129.3 140.9 146.4 111.4 146.0 124.5 September. 128.9 139.4 148.2 108.3 110.7 146.8 124.6 October... . 128.9 139.3 148.5 110.5 146.9 124.7 November. 129.3 140.1 148.7 110.1 147.6 124.6 December.. 129.9 141.4 149.4 108.3 110.3 148.3 124.8 1946—January 129.9 141.0 149.7 110.8 148.8 125.4 February... 129.6 139.6 150.5 111.0 149.7 125.6 March 130.2 140.1 153.1 108.4 110.5 150.2 125.9 April 131.1 141.7 154.5 110.4 152.0 126.7 May 131.7 142.6 155.7 110.3 153.7 127.2 June 133.3 145.6 157.2 108.5 110.5 156.1 127.9 July 141.2 165.7 158.7 113.3 157.9 128.2 August 144.1 171.2 161.2 108.7 113.7 160.0 129.8 September. 145.9 174.1 165.9 108.8 114.4 165.6 129.9 October 148.6 180.0 168.1 114.4 168.5 131.0 November. 152.2 187.7 171.0 114.8 171.0 132.5 December.. 153.3 185.9 176.5 115.5 177.1 136.1 1947—January.. 153.3 183.8 179.0 108.8 117.3 179.1 137.1 February. 153.2 182.3 181.5 108.9 117.5 180.8 137.4 March... 156.3 189.5 184.3 109.0 117.6 182.3 138.2 April.... 156.2 188.0 184.9 109.0 118.4 182.5 139.2 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 158.4 193.1 184.7 110.0 119.5 184.3 139.5 August... Back figures.—Bureau of Labor Statistics, Department of Labor. OCTOBER 1947 1303 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 o ie m d s i - - p u r c o t d s - Foods Total H p l i r e d o a e d t s h u e 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 a i i n n a g d ls a p n r M d o d e m u ta e c l t t s a s l m Bu at i e ld ri i a n l g s p c C a r a o l h l s l d e ie u m a d c n i t d - s i 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 85.5 85.3 104.6 76.3 77.6 95.7 95.2 82.6 89.7 77.8 193$ 78.6 68 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—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 r137.9 174.8 129.3 124.6 110.9 March 149.6 182.6 167.6 131.3 174.6 139.6 100.8 r139.9 177.5 132.2 125.8 115.3 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 147.1 175.7 159.8 131.9 '170.8 138.9 103.3 141.4 177.0 127.1 128.8 116.1 June •147.6 177.9 161.8 131.4 '173.2 138.9 103.9 142.6 '174.4 120.2 129.2 '112.7 July 150.6 181.4 167.1 133.4 178.4 139.5 '108.9 143.8 '175.7 118.8 129.8 r113.0 August. . . . 153.6 181.7 172.3 136.0 182.1 140.8 112.5 148.9 179.7 117.5 129.7 112.7 Week ending: 1947—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. 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. 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. 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. 115.9 June 14 147.6 178.3 162.4 132.1 167.0 138.5 104.4 142.3 176.1 124.4 129.6 116.0 June 21.... 147.8 178.7 162.6 132.1 169.4 138.4 104.5 141.5 176.3 124.3 131.0 115.8 Tune 28 147.6 179.0 162.2 132.0 170.0 138.4 104.5 141.4 175.4 123.2 131.0 115.8 July 5.... 148.0 179.5 164.6 132.1 171.7 138.4 105.1 141.6 175.2 121.5 131.0 115.4 Tuly 12 148.3 178.2 165.8 132.1 173.3 138.3 105.8 141.6 175.4 117.5 131.0 114.6 July 19.... 150.3 182.4 168.0 132.9 172.7 138.4 107.1 142.9 174.8 117.9 131.4 115.7 July 26.... 150.6 182.0 167.1 133.7 173.6 138.6 108.9 143.6 174.8 117.9 131.3 116.4 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.... 152.2 181 171.1 '135.2 176.5 139.5 110.7 146.7 178.0 116.9 131.8 116.0 Aug. 16 152.7 181 172.3 135.4 177.8 139.7 111.0 146.7 178.9 117.2 132.0 115.5 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 vSept. 6 154.9 182.4 174.1 137.9 183.2 140.3 114.4 150.4 180.1 118.5 131.9 117.2 Sept. 13 157.4 187.3 180.9 138.1 185.2 140.4 114.4 150.4 179.4 120.4 132.1 117.9 Sept. 20 158.1 189.8 182.3 138.0 185.5 140.7 115.0 150.3 180.9 122.2 131.9 115.1 Sept. 27.... 156.2 184.7 177 6 138.2 186.2 140.8 115.0 150.4 182.0 123.6 131.9 114.9 1946 1947 1946 1947 Subgroups Subgroups Aug. May June July Aug Aug. May June July Aug Farm Products: Metals and Metal Products: Grains 169. 202.4 206.0 202.3 208.8 Agricultural implements. ... 108.5 117.8 118.2 118.4 118.6 Livestock and poultry 177. 198.7 200.9 209.9 215.9 Farm machinery 109.7 119.2 119.7 119.7 119.7 Other farm products 147. 153.5 155.3 157.5 152.6 Iron and steel , 113.3 128.6 131.4 133.3 139.4 Foods: Motor vehicles l 149.3 149.4 150.3 156.3 Dairy products 161. 138.8 140.9 152.8 164.3 Nonferrous metals ioi *4 143.9 142.9 141.8 141.8 Cereal products 124. 151.7 149.2 154.7 153.3 Plumbing and heating 106.3 120.0 119.1 123.4 128.6 Fruits and vegetables 120. 144.3 145.2 139.7 133.0 Building Materials: Meats 198. 203.0 208.6 217.9 234.6 Brick and tile 126.0 134.5 134.7 143.3 144.3 Other foods 114. 138.4 139.7 141.7 140.7 Cement 105.8 114.0 114 114.9 116.9 Hides and LtLther Products: Lumber 177.6 269.4 266.1 269.0 276.7 Shoes 140. 172.2 172.6 173.2 174.9 Paint and paint materials.. 113.9 169.2 P159.6 156. 1 154.9 Hides and skins 155 177.7 187.1 203.5 215.6 Plumbing and heating 106.3 120.0 119.1 123.4 128.6 Leather 133. 176.3 r178.9 187.4 190.7 Structural steel 120.1 127.7 127.7 130.8 143.0 Other leather products 115. 138.3 138.3 138.8 139.1 Other building materials 120.9 144.8 145.1 146.1 150.1 Textile Products: Chemicals and Allied Products: Clothing 122. 133.9 133.9 134.3 134.3 Chemicals 98.4 118.7 118.7 119.9 117.5 Cotton goods 160 193.0 193.8 195.9 199.2 Drugs and Pharmaceuticals 110.1 173.6 156.1 137.4 136.6 Hosiery and underwear 87 100.8 100.8 100.4 99.9 Fertilizer materials 94.4 102.5 101.8 103.5 105.5 Silk 134 67.9 68.4 68.2 68.2 Mixed fertilizers , 87.7 96.7 96.8 97.2 97.3 Rayon 30 37.0 37.0 37.0 37.0 Oils and fats 102.5 179.9 139.2 134.8 133.3 Woolen and worsted goods... 112 129.2 129.2 130.1 133.3 Housefurnishing Goods: Other textile products 121 176.1 173.8 171.2 171. Furnishings , 118.5 136.9 137.2 138.1 138.1 Fuel and Lighting Materials: Furniture , 106.6 120.3 120.9 121.1 120.9 Anthracite 113 112.2 112.7 '114.2 121.7 Miscellaneous: Bituminous coal 136 145.1 145.6 '163.0 169.8 Auto tires and tubes 73.0 73.0 -•62 '60.8 60.8 Coke 147 155.7 157 3 160.7 170.2 Cattle feed , 221.1 237.4 253.3 269.4 261.3 Electricity 63 64.1 64.4 Paper and pulp 119.6 154.3 154.2 157.2 157.6 Gas 79 85.0 85.8 85.5 Rubber, crude 46.2 45.6 37.1 34.6 33.7 Petroleum products 72, 86.8 87.5 89.8 92.2 Other miscellaneous 105.0 122.1 121.7 121.2 121.3 ' Revised. 1 Revision made beginning October 1946. Back figures.—Bureau of Labor Statistics, Department of Labor. 1304 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 ot 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 9.3 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 11.3 14.0 16.9 16.0 16.3 17.4 17.7 16.8 16.6 Business transfer payments .6 .7 .5 .5 .5 .5 .6 .5 .5 .5 .5 .5 Statistical discrepancy -.1 1.2 .5 .5 2.6 -2.1 -2.1 -2.4 -1.5 -2.1 -4.5 -2.2 Plus: Subsidies less current surplus of government enterprises -.1 0) .5 .1 .7 1.7 1.9 -.2 -.1 -.2 .1 Equals: National income 87.4 39.6 72.5 103.8 182.3 178.2 168.2 173.5 179.9 191.0 197.6 199.4 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 23.3 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 19.8 20.0 State and local 1.4 1.0 1.2 1.3 1.4 1.6 1.6 1.6 1.6 1.6 1.6 1.6 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 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 Annual totals Seasonally adjusted annual rates by quarters 1946 1947 1929 1933 1939 1941 1944 1946 National income 87.4 39.6 72.5 103.8 182.3 178.2 168.2 173.5 179.9 191.0 197.6 199.4 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 salaries2 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 98.0 101.5 103.0 Military .3 .3 .4 1.9 20.8 8.0 11.9 7.9 6.7 5.6 4.6 4.1 Government civilian 4.6 4.9 7.8 8.3 12.8 12.9 12.2 12.6 13.2 13.5 13.3 13.1 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 incomes 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 22.4 21.8 Farm 5.7 2.3 4.5 6.9 12.4 15.2 14.1 13.8 15.2 17.8 17.6 18.0 Rental income of persons 5.8 2.0 3.5 4.3 6.7 6.9 6.9 6.8 6.8 7.0 7.0 7.2 Corporate profits and inventory valuation ad justment 10.3 -2.0 5.8 14.6 23.5 16.5 14.2 17.2 15.6 18.8 22.4 23.3 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 27.4 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 10.8 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 16.6 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 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 the September BULLETIN. 1305 OCTOBER 1947 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 19.0 20.0 Nondurable goods 37.7 22.3 35.3 44.0 67.2 87.1 82.6 83.2 88.9 93.6 94.0 95.0 Services 31 7 20 6 25 5 28 5 36 5 41 7 40 4 41 2 42 1 43 1 43.8 44.0 Gross private domestic investment 15.8 1.3 9.0 17.2 5.7 24.6 18.6 22.3 27.§ 30.4 29.6 28.8 New construction * 7.8 1.1 4.0 5.7 2.3 8.5 7.2 8.7 8.9 9.3 10.3 9.5 Producers' durable equipment 6.4 1.8 4.6 7.7 5.3 12.4 9.1 11.5 13.2 15.7 16.6 17.8 Change in business inventories 1.6 -1.6 .4 3.9 -2.0 3.7 2.3 2.0 4.9 5.4 2.7 1.5 Net foreign investment 8 2 .9 1.1 -2 1 4 8 3 3 6 1 4.5 5.2 9 2 10.6 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 Federal . . 1.3 2.0 5.2 16.9 89.0 20.7 26.5 20.9 18.2 16.9 17.7 17.7 W N o a n r war }1.3 2.0 3 1 . . 9 3 1 3 3 . . 2 8 8 1 8 . . 6 6 2 2 1 . . 4 3 28 1. . 1 5 2 2 3 . . 1 1 1 3 7 . . 1 7 1 3 5 . . 3 8 ]l9.9 19.5 Less: Government sales 2 (3) (3) (3) (») 1.2 3.0 3.0 4.2 2.6 2.2 2.2 1.8 State and local 7.2 5.9 7.9 7.8 7.5 10.0 8.9 9.4 10.4 11.2 11.2 11.7 PERSONAL INCOME [Seasonally adjusted monthly totals at annual rates] Wages and salaries Divi- Wage and salary disbursements Less em- Pro- dends Trans- Non- Per- ployee Other' prietors' and fer Year or month in s c o o n m al e rec T e o i t p a t l s4 b m T u d o e r i n s t s a - e ts l - d p m i u C r n o o s g o d t d m r i u i i n t e c - y - s - D i u n t i r s t d i i t u e v r s i s e b - - S in e tr r d i v u e i s s c - e m G er o e n v n - - t b c i s u a o n o f t n n s o c i u c o t i r r a e r n i - l - s in l c a o b m or e5 in re c a o n n m t d al e6 i i n n s p t o c e e o n r r m a e - l s e t m p e a n y t - s7 in t c u o r m al e8 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 1 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 .5 '12.6 10.1 3.5 62.8 1937 74 0 45.4 45.9 18 4 13.1 6 9 7 5 6 5 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—juiy 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.. '190.7 '117.5 '119.6 53.2 33.7 '14.6 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 '190.2 '116.7 118.9 53.2 33.4 14.8 17.5 2.2 1.7 46.9 14.0 10.9 167.8 May.... r191 5 118 3 120.4 54 1 34 2 14 9 17 2 2 1 1 8 46 9 14 0 10 5 169 2 June 195.1 121.1 123.2 55.5 35.3 15.2 17.2 2.1 1.8 47.6 14.1 10.5 171.9 July P196.9 P121.5 P123.6 P55.4 P35.7 P15.3 P17.2 P2.1 Pl.8 P48.2 P14.3 Pll.l P173.O p Preliminary. n.a. Not currently available. ' 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. 8 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 the September BULLETIN. 1306 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 Aug. Sept. Sept. Sept. Sept. page Aug. Sept. Sept. Sept. Sept. 27 10 17 24 WEEKLY FIGURES1 In billions of dollars WEEKLY FIGURES ^-Cont. In unit indicated RESERVES AND CURRENCY MONEY RATES, ETC.— Cont. Reserve Bank credit, total.. . . 22 AS 22.62 22.47 22.39 22.5 Stock prices (1935-39=100): U. S. Govt. securities, total.. 22.11 22.22 22.04 21.76 22.1: Total 40 123 124 122 124 122 Bills 14.15 14.16 13.81 13.54 13.9 Industrial 40 129 130 127 130 127 Certificates 6.87 6.98 7.04 7.03 7.02 Railroad 40 104 105 103 104 102 Notes .37 .37 .47 .47 .4' Public utility 40 101 103 102 102 102 Bonds .72 .72 .72 .72 .7: Volume of trading (mill, shares) 40 .61 .72 .74 .84 .71 Gold stock 21.77 21.77 21.82 21.94 21.9: Money in circulation 28.30 28.75 28.74 28.63 28.5i Treasury cash and deposits. . . 2.25 1.78 1.57 1.55 2.1: BUSINESS CONDITIONS Member bank reserves 2, 16.49 16.63 16.93 17.13 16.8, Required reserves 15.72 15.79 15.92 P15.98 P15.8{ Excess reserves* .78 .84 1.02 Pl.15 P. 9: Wholesale prices (1926=100): Excess reserves (weekly avg.): Total 69 154.0 154.9 157.4 158.1 156.2 Total* .78 .79 .95 Pl.08 P.90 Farm products 69 181.7 182.4 187.3 189.8 184.7 New York City* .01 .01 .02 .03 .02 Other than farm and food. . 69 137.3 137.9 138.1 138.0 138.2 Chicago (2) (2) (2) .01 Production: Reserve city banks .22 .23 .27 .29 .22 Steel (% of capacity) 73 93.4 92.4 84.3 89.4 94.1 Country bankse .54 .54 .65 P.76 P. 66 Automobile (thous. cars)... 73 88 83 106 110 106 Paperboard (thous. tons)... 74 177 140 186 181 184 Electric power (mill. kw. hrs.) 75 4,940 4,721 5,053 4,977 MEMBER BANKS IN LEADING CITIES Basic commodity prices (1939=100) 74 305.2 307.2 319.7 325.8 324.6 All reporting banks: Department store sales Loans and investments 16 63.73 63.80 64.29 64.71 64.57 (1935-39=100) 75 277 265 291 301 317 U. S. Govt. securities, total.. 16 38.40 38.35 38.70 39.02 38.68 Freight carloadings (thous. Bonds 18 31.00 31.02 31.08 31.09 31.13 cars): Total 76 926 809 922 931 938 Certificates 18 4.16 4.14 4.10 4.15 4.15 Miscellaneous 76 411 354 404 413 421 Notes 18 2.63 2.62 2.71 2.71 2.71 Bills 18 .61 .58 .81 1.08 .69 Other securities 20 4.24 4.23 4.27 4.31 4.3 Demand deposits adjusted.. 16 47.11 46.95 47.35 47.50 47.30 U. S. Govt. deposits 16 .95 1.02 1.03 .97 1.03 1947 Loans, total 16 21.10 21.21 21.32 21.38 21.57 Commercial 20 12.41 12.52 12.72 12.86 12.94 Real estate -.-.••• 20 3.16 3.17 3.19 3.21 3.23 For purchasing securities: June July Aug.4 Total 20 2.16 2.14 2.03 1.90 1.91 MONTHLY FIGURES U. S. Govt. securities. . 20 1.24 1.22 1.11 .97 1.00 Other securities 20 .93 .93 .92 .93 .91 RESERVES AND CURRENCY In billions of dollars Other 20 3.38 3.38 3.38 3.42 3.50 New York City banks: Loans and investments 19.76 19.81 20.04 20.15 20.13 Reserve Bank credit 7 22.22 22.34 22.52 U. S. Govt. securities, total.. 11.98 11.96 12.18 12.35 12.20 Gold stock 7 21.09 21.40 21.65 Bonds 10.42 10.42 10.47 10.45 10.49 Money in circulation 7 28.24 28.26 28.25 Certificates .71 .70 .68 .69 .78 Treasury cash 7 1.34 1.33 1.33 Notes .72 .72 .80 .73 .74 Treasury deposits 7 .56 .73 .96 Bills .12 .12 .23 .47 .19 Member bank reserves: Demand deposits adjusted.. 15.99 15.96 16.06 16.05 16.09 Total 4, 7, 14 16.15 16.35 16.48 U. S. Govt. deposits .23 .24 .26 .23 .25 Central reserve city banks.. 14 5.14 5.20 5.18 Interbank deposits 4.06 4.19 4.26 4.38 4.27 Reserve city banks 15 6.38 6.44 6.54 Time deposits 1 1.38 1.39 1.40 1.40 1.40 Country banks 15 4.64 4.71 4.76 Loans, total 1 6.52 6.58 6.56 6.49 6.63 Required reserves: Commercial 21 4.38 4.42 4.52 4.56 4.60 Total 4 15.37 15.57 15.68 For purchasing securities: Central reserve city banks. . 5.11 5.19 5.17 To brokers: Reserve city banks 15 6.15 6.22 6.32 On U. S. Govts 21 .64 .62 .51 .40 .4, Country banks 15 4.10 4.16 4.20 On'other securities... 21 .32 .32 .31 .31 .31 xcess reserves: To others 21 .28 .28 .28 .27 .2 Total 4,5 .78 .78 .80 Allother 21 .91 .94 .94 .94 1.03 New York City 5 .01 .01 .01 Banks outside New York City: Chicago 5 .01 (2) Loans and investments 17 43.97 43.99 44.25 44.57 44.44 Reserve city banks 5 .22 .22 U. S. Govt. securities, total.. 17 26.42 26.39 26.52 26.67 26.49 Country banks 5 .54 .55 .56 Bonds 19 20.57 20.59 20.62 20.63 20.64 Money in circulation, total.... 9 28.30 28.15 28.43 Certificates 19 3.45 3.44 3.42 3.45 3.38 Bills of $50 and over 9 8.53 8.53 8.60 Notes 19 1.91 1.90 1.91 1.98 1.9 $10 and $20 bills 9 15.28 15.17 15.33 Bills 19 .49 .46 .58 .60 .50 Coins, $1, $2, and $5 bills.. . 9 4.48 4.46 4.51 Demand deposits adjusted.. 17 31.11 30.99 31.29 31.45 31.22 U. S. Govt. deposits 17 .72 .78 .78 .75 .78 Interbank deposits 17 6.48 6.61 6.90 7.10 6.80 ALL BANKS Time deposits 17 13.07 13.08 13.11 13.12 13.12 IN THE UNITED STATES Loans, total 17 14.58 14.63 14.76 14.89 14.94 Commercial 21 8.03 8.10 8.20 8.29 8.34 Real estate 21 3.05 3.07 3.09 3.11 3.1 Total deposits and currency* .. 10 P165.10 P165.90 P166.80 For purchasing securities. 21 .93 .93 .93 .91 .90 Demand deposits adjusted*... 10 P82.50 P83.20 P83.40 Allother 21 2.57 2.54 2.55 2.58 2.58 Time deposits adjusted6 10 P55.60 P55.60 P55.8O Currency outside banks* 10 P26.OO P26.00 P26.10 U. S. Govt. deposits* 10 Pi. 00 PI. 10 PI. 50 Per cent per annum MONEY RATES, ETC. ALL COMMERCIAL BANKS U. S. Govt. securities: Bills (new issues) 34 .766 789 .802 808 .817 Certificates 34 .85 .85 .87 .87 .87 Loans and investments, total*. 11 P112.50 P113.20 P113.80 3-5 yearss 34 1.27 1.27 1.28 1.28 1.28 Loans* 11 P33.50 P34.00 P34.90 7-9 years3 34 2 1 . .5 2 1 3 2 1 . . 2 5 3 2 2 1 . . 2 5 4 3 2 1 . . 2 5 3 3 2 1 . .5 2 4 4 O U. t h S e . r G se o c v u t r . it s i e e c s u * r ities* 1 1 1 1 P P 7 8 O . . 5 5 0 O P7 P O 8 . . 5 7 O 0 P P 7 8 O . . 2 7 O 0 15 years or more 34 For footnotes see p. 1310. OCTOBER 1947 1307 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOKS—Continued BANK CREDIT, MONEY RATES, AND BUSINESS *—Continued Chart 1947 Chart book book page June July Aug.* page June July Aug.* 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 94.98 95.38 95.91 Ownership of U. S. Govt. securities— Loans 14 28.49 28.93 29.70 Cont. U. S. Govt. securities 14 59.56 59.35 59.07 Marketable public issues—Cont. Other securities 14 6.93 7.10 7.14 By earliest callable or due date: Demand deposits adjusted6 14 69.79 70.43 70.53 Within 1 year: Time deposits 14 28.00 28.10 28.15 Total outstanding 31 52.44 52.13 Balances due to banks 14 10.85 11.09 11.19 Commercial bank and F. R. Balances due from banks 14 5.29 5.48 5.54 Bank 31 37.30 37.05 Central reserve city banks: F. R. Bank 31 21.03 20.71 21.35 Loans and investments, total 14 25.20 25.14 25.06 1-5 years: Loans 14 8.01 8.02 8.29 Total outstanding 31 42.52 42.52 42.52 U. S. Govt. securities 14 15.64 15.47 15.13 Commercial bank and F. R. Other securities 14 1.56 1.65 1.64 Bank 31 30.62 30.67 Demand deposits adjusted* 14 20.11 20.15 19.82 F. R. Bank 31 .70 .70 .70 Time deposits 14 2.33 2.34 2.35 5-10 years: Balances due to banks 14 5.12 5.18 5.16 Total outstanding 31 18.93 18.93 Reserve city banks: Commercial bank and F. R. Loans and investments, total 15 34.73 35.02 35.38 Bank 31 11.62 11.75 Loans 15 11.42 11.70 12.02 F. R. Bank 31 .04 .04 .04 U. S. Govt. securities 15 20.98 20.96 21.00 Over 10 years: Other securities 15 2.33 2.36 2.37 Total outstanding 31 54.81 54.81 54.81 Demand deposits adjusted* 15 24.28 24.48 24.72 Unrestricted issues: Time deposits 15 11.24 11.25 11.28 Nonbank, commercial Balances due from banks 15 1.76 1.80 1.76 bank, and F. R. Bank.. 31 6.64 6.65 Country banks: Commercial bank and Loans and investments, total 15 35.05 35.22 35.47 F. R. Bank 31 5.29 5.38 Loans 15 9.07 9.21 9.39 F. R. Bank 31 .11 .11 .10 U. S. Govt. securities 15 22.94 22.92 22.95 Other securities 15 3.04 3.10 3.13 Demand deposits adjusted* 15 25.41 25.80 25.99 Time deposits 15 14.43 14.50 14.53 MONEY RATES, ETC. Per cent per annum Balances due from banks 15 3.34 3.49 3.59 CONSUMER CREDIT* F. R. Bank discount rate 33 1 00 1.00 1.00 Consumer credit, total 22 10.99 P11.06 Pll.22 Treasury bills (new issues) 33 376 .703 .748 Single-payment loans 22 2.27 P2.30 P2.33 Corporate bonds: Charge accounts 22 2.89 P2.79 P2.76 Aaa 33,37 ?.55 2.55 2.56 Service credit 22 .92 P.93 P.93 Baa 37 3.21 3.18 3.17 Instalment credit, total 22, 23 4.92 P5.05 P5.2O High grade (Treas. series) 37 2.50 2.51 2.51 Instalment loans 23 2.88 P2.96 P3.03 U. S. Govt. bonds, 15 years or more.. 37 2.22 2.25 2.24 Instalment sale credit, total 23 2.04 P2.09 P2.17 Automobile 23 .88 P.92 P. 97 Other 23 1.16 Pi.17 PI. 20 In unit indicated TREASURY FINANCE U. S.TGovt. securities outstanding, total interest-bearing 28 255.20 256.39 257.18Stock prices (1935-39 =100): Bonds (marketable issues) 28 119.32 119.32 119.32 Total 39 119 126 125 Notes, certificates, and bills 28 49.21 49.02 48.90 Industrial 39 124 132 130 Savings bonds, savings notes, etc. 28 59.05 59.30 59.50 Railroad 39 98 108 105 Special issues 28 27.37 28.52 29.22 Public utility 39 101 102 101 Ownership of U. S. Govt. securities: Volume of trading (mill, shares) 39 .83 1.16 .67 Total interest-bearing: Brokers' balances (mill, dollars): Commercial bankse 29 70.10 70.50 Credit extended to customers 41 552 564 550 Fed. agencies and trust funds. .. 29 32.81 33.34 33.74 Money borrowed 41 222 251 241 F. R. Banks 29 21.87 21.55 22.19 Customers' free credit balances.... 41 650 677 656 Individuals* 29 65.80 66.00 Corporations* 29 21.10 21.30 Insurance companies* 29 25.00 25.00 BUSINESS CONDITIONS Mutual savings banks* 29 12.10 12.20 State and local govts.* 29 6.4 6.40 Marketable public issues: Personal income (annual rate, bill. By class of security: dollars):* * Bills: Total 48 195.1 196.9 Total outstanding 30 15.77 15.76 15.74 Total salaries and wages 48 121.1 121.5 Commercial Bank and F. R. Proprietors' income, dividends and Bank 30 15.28 14.96 interest 48 61.7 62.5 F. R. Bank 30 14.50 13.90 14.21 All other 48 12.3 12.9 Certificates: Labor force (mill, persons):* Total outstanding 30 25.30 25.12 25.03 Total 49 64.0 64.0 63.4 Commercial bank and F. R. Civilian 49 62.6 62.7 62.0 Bank 30 14.82 14.84 Unemployment 49 2.6 2.6 2.1 F. R. Bank 30 6.28 6.56 6.90 Employment 49 60.1 60.1 59.9 Notes: Nonagricultural 49 49.7 50.0 50.4 Total outstanding 30 8.14 8.14 8.14 Employment in nonagricultural estab- Commercial bank and F. R. lishments (mill, persons):*5 Bank 30 5.22 5.21 Total. 50 42.3 42.0 P42.4 F. R. Bank 30 .37 .37 .37 Manufacturing and mining .... 50 16.2 16.0 P16.2 Bonds: Trade 50 8.7 8.7 *>8.7 Total outstanding 30 119.49 119.49 119.49 Government 50 5.5 5.3 P5.3 Unrestricted issues: Transportation and utilities 50 4.1 4.1 P4.1 Nonbank, commercial Construction 50 1.7 1.7 Pi.8 bank, and F. R. Bank.. 30 71.32 71.33 Hours and earnings at factories: Commercial bank and Weekly earnings (dollars) 51 49.33 49.03 P49.26 F. R. Bank 30 49.50 49.84 Hourly earnings (cents) 51 122.6 123.2 P123.8 F. R. Bank 30 .73 .73 .72 Hours worked (per week) 51 40.2 39.8 P39.8 For footnotes see p. 1310. 1308 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 June July Aug. page June July Aug. MONTHLY FIGURES—Cont. In unit indicated MONTHLY FIGURES—Cont. In unit indicated BUSINESS CONDITIONS—Cont. BUSINESS CONDITIONS—Cont. Consumers' prices (1935-39=100): Industrial production :5 F A o ll o d it ems 6 6 7 7 1 1 9 5 0 7 . . 5 1 1 19 5 3 8 . . 1 4 Total (1935-39 =100) 53, 54 184 176 P182 Clothing 67 185.7 184.7 Groups (points in total index): Rent 67 109.2 110.0 Durable manufactures 53 ••82.9 78.7 P80. Wholesale prices (1926=100): Machinery and trans, equip.... 54 44.2 42.2 P42. Total 69 147.6 150.6 153.6 Iron and steel 54 21.2 20.0 P2Q. Farm products 69 177.9 181.4 181.7 Nonferrous metals, lumber, and Other than farm and food 69 131.4 133.4 136.0 building materials 54 17.5 16.5 P16. Prices paid and received by farmers Nondurable manufactures 53 78.7 76.4 P79. (1910-14=100): T F C o e h x o e t d m i , l i e c l s i a q l a u s n , o d r p , l e e a t a n r t o d h l e e to r u b m a , c c r o u bber, 5 5 4 4 2 1 1 9 . . 7 8 2 1 1 8 . . 9 2 P P 1 2 9 2 . . P R a e i c d e ived 7 7 1 1 2 2 3 7 1 1 2 2 3 7 1 6 2 2 7 3 6 5 Cash farm income (mill, dollars): Pa a p n e d r a c n o d al p p r r i o n d ti u n c g t s 5 5 4 4 •• 1 2 4 2 . . 4 8 2 1 2 3. . 5 8 * P 1 22 4 . . L T i o v t e a s l tock and products 7 7 2 2 2, , 2 4 1 4 5 9 1,452 1,318 Minerals 53,54 22.5 21.4 P22. Crops 72 743 1,205 1,187 Selected durable manufactures Govt. payments 72 23 (1935-39=100): Nonferrous metals 55 188 181 P181 INTERNATIONAL TRADE AND FINANCE Steel 55 211 198 206 Short-term foreign liabilities and assets Cement 55 171 164 reported by banks (bill, dollars): Lumber 55 133 121 P130 Total liabilities 77 65.20 Transportation equipment 55 233 217 P216 Official 77 6 2.13 Machinery 55 275 266 P269 Invested in U. S. Treasury bills Selected nondurable manufactures and certificates 77 e .59 (1935-39 = 100): Private 77 63.07 Apparel wool consumption 56 '175 147 Total assets 77 L M C P e a o a a p t n t t e h o u r n e f b a r o c c a t o r u n d r s e u d m f p o t o io d n p roducts.... 5 5 5 5 6 6 6 6 '1 1 1 1 1 3 7 5 4 3 9 4 1 1 1 1 0 5 1 6 4 5 8 6 P1 1 1 5 7 3 6 8 0 Ex I E p m x o E p p r x t o o s c r r l t t a s u s n d d i n i g m L po en rt d s - L (m ea il s l e , d e o x l p l o ar r s t ) s : ... 7 7 7 9 9 9 P 1 l P . , 2 2 4 4 4 6 2 1 6 P P l l . P , 1 4 1 5 5 5 1 0 0 P P l i P . , 3 1 1 9 4 5 9 9 0 I R n a d y u o s n tr ial chemicals 5 5 6 6 •• 2 4 5 3 1 9 4 2 3 9 8 1 P P 4 29 3 3 7 Ex c c l e u s d s i n o g f L e e x n p d o -L rt e s a s o e r ex im po p r o ts r ts ex- 79 P775 P700 P75O New orders, shipments, and inven- Foreign exchange rates: tories (1939=100): See p. 1333 of this BULLETIN . 80-81 New orders: Total 57 243 1947 Durable 57 269 Nondurable 57 228 Jan.- Apr.- July- Shipments: Mar. June Sept. T D o u t r a a l b le 5 5 7 7 2 3 9 2 2 3 QUARTERLY FIGURES Nondurable 57 270 In billions of dollars Inventories: TREASURY FINANCE T N D o o u t n r a a d l b u l r e a ble 5 5 5 7 7 7 2 2 2 2 0 5 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 expenditures: 2 2 6 6 1 4 0 . . 3 6 0 3 1 4 3 . . 5 3 5 9 Cons a t v r g u ., c ti m on il l c , o d n o t l r la a r c s t ) s :5 (3 mo. moving Int N e e rn t a r l e c r e e i v p e t n s ue collections, total.. 2 2 6 6 1 1 3 2 . . 9 6 0 1 1 8 0 . . 2 8 9 9 Total 59 557 636 Individual income taxes 26 7.95 4.45 Residential 59 213 251 Corporate income taxes 26 2.62 1.98 Other 59 343 385 Misc. internal revenue. 26 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 t o c t o a n l tracts (mil], dollars):6 6 6 6 0 0 0 1 1 2 8 6 3 9 6 2 2 2 1 6 7 9 3 29 0 5 4 9 Ca C C E sh x a a c s s i h h e n s c o s i o n u o m c t f o g e m o c a a e n sh d i o n u c t o g m o e : or outgo... 2 2 2 7 7 7 • + • ' 1 5 9 4 . . 7 1 .9 7 9 6 ' ' ' 1 1 - 2 1 . . 7 . 2 4 7 0 3 1- and 2-family dwellings 60 119 166 197 Other 60 47 51 98 MONEY RATES Per cent per annum Value of construction activity (mill. dollars):6 Bank rates on customer loans: T N o o t n a r l e sidential: 61 1,070 ,161 1^238 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. . 8 3 2 1 2 1 . .8 3 3 8 2 1. . 7 2 7 1 P Pu ri b v l a ic te 6 6 1 1 2 4 5 2 3 4 2 4 7 4 6 7 2 4 9 7 4 5 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 . . 3 8 7 0 2 2. . 9 4 5 4 2 2 . . 6 2 9 5 Residential: P P u ri b v l a ic te 6 6 1 1 387 6 42 9 9 460 9 CORPORATE SECURITY ISSUES In unit indicated Freight carloadings:5 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 0 to 0 t ) a l index): 63 137 134 143 To d ta a l t a i s ( s b u i e l s l, dollars): 42 .95 1.70 A M Co l i l a s o c l e th ll e a r n eous 6 6 6 3 3 3 2 3 7 9 0 7 . . . 5 0 9 3 2 78 1 4 . . . 5 4 3 8 3 0 1 1 . . . 1 5 9 Se N N cu e e d r w t i a t p i t e c a r s a o p ( c a m i e n t e a i d l d l l , s E : d x o c ll h a a r n s) g : e * Commission 42 .68 1.10 De I p n a d r e t x m es e n ( t 1 9 st 3 o 5 r - e 3 s 9 : =100) :6 A In l d l u is s s t u ri e a r l s 4 4 3 3 1,0 4 1 3 8 8 1,6 6 0 3 5 4 Sales 64 289 287 P281 Railroad 43 53 82 Stocks 64 242 230 P227 Public utility 43 442 854 296 stores New money: Sales (mill, dollars) 65 304 252 P273 All issuers 43 673 932 Stocks (mill, dollars) 65 769 729 P792 Industrial 43 283 428 Outstanding orders (mill, dollars) 65 471 594 P622 Railroad 43 43 60 Stocks-sales ratio (months' supply) 65 2.5 2.9 P2.9 Public utility 43 284 414 For footnotes see p. 1310. OCTOBER 1947 1309 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 p b a o g o e k O D c e t c .- . J M an a . r - . A Ju p n r e .- b p o a o g k e June Dec. QUARTERLY FIGURES Annual rates, FIGURES FOR SELECTED DATES In billions of dollars in billions of dollars GROSS NATIONAL PRODUCT, ETC. LIQUID ASSET HOLDINGS* Gross national product • 5 44 218.6 222.2 226.0 Individuals and businesses: 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 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 Private domestic and foreign invest- U. S. Govt. securities 24 55.0 55 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:e 5 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. 12.6 11.0 1946 1947 July 31 Feb. 26* June Dec. June 29 31 30 OWNERSHIP OF DEMAND DEPOSITS • CALL DATE FIGURES' ALL MEMBER BANKS In billioiis of dollars Indiv ti i o d n u s a , l s t , o t p a a l rtnerships, and corpora- 25 77.5 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 .88 .88 .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 P 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 See pp. 1251-1253 for an explanation of the revision in this series. 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 Adjusted for seasonal variation, e As of May 31, 1947. 7 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. * Monthly issues of this edition of the Chart Book may be obtained at an annual subscription rate of $9.00; individual copiesof monthly issues, at $1.00 each. 1310 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 June Aug.? page1 June July? Aug.? In millions of dollars In millions of dollars Consumer credit outstanding, total... 3 10,992 11,061 11,216 Consumer instalment sale credit Instalment credit, total 3, 5 4,918 5,047 5,195 granted, cumulative totals:2 Instalment loans 5 2,883 2,956 3,029 By automobiles dealers 7 422 411 419 Instalment sale credit 5 2,035 2,091 2,166 By furniture and household appli- Charge accounts 3 2,887 2,786 2,761 ance stores 7 265 246 261 Single-payment loans 3 2,271 2,301 2,327 By department stores and mail- Service credit 3 916 927 933 order houses 7 169 163 167 Consumer credit outstanding, cumu- By all other retailers 7 80 73 81 lative totals:2 Consumer instalment loan credit out- Instalment credit 4 10,992 11,061 11,216 standing, cumulative totals:2 Charge accounts 4 6,074 6,014 6,021 Commercial and industrial banks. 8 2,883 2,956 3,029 Single-payment loans 4 3,187 3,228 3,260 Small loan companies 8 1,544 1,587 1,626 Service credit 4 916 927 933 Credit unions 8 906 938 974 Consumer instalment sale credit out- Miscellaneous lenders 8 682 705 734 standing, cumulative totals:2 Insured repair and modernization Automobile dealers 6 2,035 2,091 2,166 loans 8 450 470 495 Furniture and household appliance stores 6 1,155 1,169 1,201 Department stores and mailorder houses 6 724 733 752 Allother 6 301 304 312 P Preliminary. J 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. SEPTEMBER CROP REPORT, BY FEDERAL RESERVE DISTRICTS BASED ON ESTIMATES OF THE DEPARTMENT OF AGRICULTURE, BY STATES, AS OF SEPTEMBER 1, 1947 [In thousands of units] Cotton Corn Winter wheat Spring wheat Federal Reserve district Production Estimate Production Estimate Production Estimate Production Estimate 1946 Sept. 1, 1947 1946 Sept. 1, 1947 1946 Sept. 1, 1947 1946 Sept. 1, 1947 Bales Bales Bushels Bushels Bushels Bushels Bushels Bushels Boston. 7,120 6,670 21 20 New York 31,175 25,152 6,498 10,481 189 76 Philadelphia 53,294 51 543 17,856 19,960 Cleveland 223,470 174,078 53,578 55,032 Richmond 1,154 1,153 149,589 154,203 26,028 30,939 Atlanta 1,777 2,285 162,801 161,491 5,748 8,222 Chicago 1,394,302 902,488 55,570 70,912 1,313 1,524 St. Louis .. . .... 12 830 23,522 416,064 298,627 38,914 55,491 16 11 Minneapolis 407,287 304,499 40,437 34,019 243,224 265,879 Kansas City 217 249 372,024 260,133 439,505 566,369 4,249 4,400 Dallas. 2,062 3,771 64,640 58 959 63,901 132,823 84 83 San Francisco 600 869 6,161 6,070 125,858 111,400 32,726 40,961 Total 8,640 11,849 3,287,927 2,403,913 873,893 1,095,648 281,822 312,954 Oats Tame hay Tobacco White potatoes Federal Reserve district Production Estimate Production Estimate Production Estimate Production Estimate 1946 Sept. 1, 1947 1946 Sept. 1, 1947 1946 Sept. 1, 1947 1946 Sept. 1, 1947 Bushels Bushels Tons Tons Pounds Pounds Bushels Bushels Boston . . . .. 5,147 4,620 3,911 3,936 34,501 38,567 88,945 63,611 New York 33,681 15,190 6,795 6,463 1,324 1,573 49,845 39,391 Philadelphia 18,919 12,056 2,753 2,658 59,124 61,100 23,406 20,161 Cleveland 75,131 28,235 6,182 5,811 162,708 139,212 14,710 11,393 Richmond 39,915 37,042 5,077 4,488 1,321,995 1,249,875 31,369 24,739 Atlanta 33 262 33 862 4 210 3 966 266,587 271,044 18,718 12,416 Chicago 592,327 452,703 17,788 18,285 42,770 35,340 32,940 24,322 St Louis 82,353 55,671 9,298 8,795 414,372 347,167 11,171 8,191 Minneapolis . 399 186 370 100 9 590 10 056 3,379 2,769 43,833 37,967 Kansas City 158,727 149 652 8,372 9,328 5,320 3,864 37,972 32,340 Dallas 39,970 35,674 1,883 1,715 6,634 5,083 San Francisco 31,249 31,987 13,471 13,350 116,426 88,554 Total 1,509,867 1,226,792 89,330 88,851 2,312,080 2,150,511 475,969 368,168 1 Includes 10,000 bales grown in miscellaneous territory. 2 Includes 11,000 bales grown in miscellaneous territory. OCTOBER 1947 1311 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OWNERSHIP OF U. S. GOVERNMENT MARKETABLE PUBLIC ISSUES, BY CLASS OF SECURITY* [In millions of dollars. Postal Savings and prewar bonds included; guaranteed securities excluded] Bill holdings Certificate holdings Treasury note holdings Bondholdini To ten m E o o n n f d th s s t o e i a u c t n u t i d e r - - - s Total N b o a n n - k C m c e o i r m a - - l F e R e r e d a - - l Total N b o a n n - k C m c o e i r m a - - l F e R e r e d a - - l Total N b o an n- k C m c o e i m r a - - l F e R e r e d a - - l Total R N e o - nba J n n k re- C m c o e i m r a - - l F e R e r e d a - - l ing bank serve bank serve bank serve strict- strict- bank serve Bank Bank Bank ed ed Bank 1941— Jan.... 36 276 1,307 6,813 900 28,156 ,280 Feb 36 275 1,306 6,813 900 28,156 ,280 Mar. 37 054 1,604 1038 566 5,722 2,027 2,875 820 29,728 7,875 0,494 ,359 April.. 37 075 603 755 848 5,721 2,022 2 t879 820 29,750 749 0,642 ,359 37 075 1'603 844 759 5,721 1,990 2,911 820 29,750 665 0'726 ,359 June 37 713 l'603 491 1 112 5,698 1,947 2,931 820 30,411 188 0!864 [359 J A u u l g y . . . '. " . . 3 3 7 7 6 7 6 1 7 3 6 6 0 0 3 4 5 5 0 0 6 1 10 1 9 0 8 2 5 5 , ,6 6 9 9 8 8 j '9 9 5 3 3 7 2 2 ' , 9 9 2 4 5 1 8 8 2 2 0 0 3 3 0 0 , \3 4 6 1 5 1 8*, 0 1 6 1 2 6 0 0' ! , 9 9 3 4 6 4 , , 3 3 5 5 9 9 O S c e t p . t. 3 38 7, 8 3 6 6 9 8 1 1 4 30 0 5 4 6 51 2 7 4 7 7 8 80 8 5 5 , ,5 6 0 9 9 8 l A ' [ 9 8 6 7 3 8 2 2' , , 8 91 5 5 4 8 7 2 7 0 7 3 3 1 0 , ,3 9 6 5 5 5 9 Q ] ' 0 1 4 1 0 7 0!8 5 8 1 9 3 [359 39,677 1 703 673 1030 6,012 983 3,252 777 31,961 9,025 534 ^402 Dec 41^562 2 002 955 1 037 10 5,997 •i '974 3,246 777 33,563 9 j915 2 \186 1942— J Fe a b n . 4 4 2 3 , 7 27 0 1 0 2 2 0 1 0 0 2 1 6 7 7 1 3 0 I 1 4 2 2 9 8 2 5 5 5 5 9 9 1 1 1,9 9 0 2 3 6 2 2 , t9 9 7 95 2 6 6 9 9 3 3 3 36 4 , ,5 1 7 08 9 0 0! , 8 1 4 69 6 3 2 ?8 6 6 96 3 , , 5 5 4 6 7 6 Mar.!. 43,329 652 942 710 5,571 J 937 2 '941 693 36,'106 0!776 3 782 ^548 April. 45,137 1 953 671 1,191 91 1 507 690 817 5 571 I,942 2',936 693 36',106 0!692 3!845 ^569 May. . 47,615 2 257 751 1 350 156 1 507 611 869 "27 5 571 1 976 2 902 693 38,280 882 1,055 4 737 ,606 June.. 50,573 2 508 708 1 557 243 3 096 1,059 1,971 66 6 689 2 250 3 725 714 38,280 882 0,941 4,840 ,617 July... 53,826 3 663 834 2,263 566 3 096 957 1,921 218 6 689 2 285 3 682 722 40,378 882 1,706 6 147 ,643 Aug.. . 57,176 4 168 824 2,648 696 4 705 1,356 3,008 341 6 689 2,362 3,602 725 41,614 2,118 1 449 6 387 ,660 Sept... 60,402 4 619 1,078 2,884 657 6 211 1,729 3,978 504 7 958 2 773 4 507 678 41,614 2,118 21,338 6 445 ,713 Oct.... 65,008 5 126 1,177 3,468 481 6 211 1,703 3,782 72610 095 2 968 5 830 297 43 577 2,118 21 946 7 368 ,145 Nov... 66,132 5 721 1,122 4,216 383 6 739 1,585 4,389 765 10 095 2 924 5 828 343 43,577 2,118 21 607 17388 ,464 Dec... 76,488 6 627 1,120 4,497 1,01010,534 3,023 6,470 1,041 9 863 2 869 5 670 324 49 464 4,945 22 285 19 457 ,777 19 J 4 a 3 n — 77,496 7 423 1,166 5,568 689 10,741 3 032 6,594 1,115 9 863 2 890 5 698 ,275 49 469 4,949 22 111 19 772 ,637 Feb... 78,726 8 232 1,455 5,302 1,475 11,161 3 535 6,837 789 9 863 2 974 5 699 ,190 49 469 4,949 22 005 20 148 2,367 Mar.. . 79,662 9 234 2,078 5,069 2,087 11,161 3 466 6,845 850 9 797 2 990 5 850 957 49 469 4,949 21 695 20 841 ,984 April.. 91,392 10 044 1,199 6,415 2,430 16,154 5 960 9,197 997 9 797 3 015 5 825 957 55 397 8,509 23 338 21 533 ,017 May. . 95,382 10 853 1,394 7,017 2,442 16,561 5 703 9 759 1,099 9 797 3 065 5 813 919 58 171 8,711 23 73424 018 ,708 June.. 95,310 11 864 1,547 6,502 3,815 16,561 5 646 9 823 1,092 9 168 2 894 5 500 774 57 716 8,711 23 299 24 238 ,468 July... 98,613 12 460 1,625 5,939 4,896 16,561 5 579 9 890 1,09211 875 3 648 7 506 721 57 716 8,711 22 824 24 736 ,445 Aug.. . 99,935 12 846 1,912 5,233 5,701 17,497 5 337 11 000 1,16011 875 3 621 7 533 721 57 716 8,711 22 351 25 181 ,473 Sept...111,426 13 054 1,255 6,448 5,351 21,136 7 853 11 936 1,34711 596 3 306 7 603 687 65 640 12,221 26 004 25 915 ,500 Oct....115,944 13 064 1,290 6,227 5,547 23,199 8 277 13 357 1,56511 596 3 341 7 569 686 68 085 12 519 26 265 27 7951,506 Nov...115,909 13 074 1,268 5,643 6,136 23,103 8 018 13 177 1,908 [1596 3 351 7 552 693 68 136 12 525 26 013 28 090 1,508 Dec... 115,230 13 072 1,588 4,716 6,768 22,843 7 675 12 701 2,46711 175 3 121 7389 665 68 140 12 526 25 77728 278 1,559 19 J 4 a 4 n. — ... 115,259 13,101 1,256 4,904 6,941 22,843 6 70413 352 2,78711 175 3 138 7 372 665 68 140 12 503 25 029 29 016 1,592 Feb...126,171 13 112 1,274 5,484 6,354 25,680 9 935 13 049 2,69613 302 3 374 9 046 882 74 078 18 082 24 392 29 991 1,613 Mar...128,080 13 147 2,009 4,606 6,532 25,680 9 76612 944 2,97016 244 3 683 11 402 ,159 73 009 18 206 23 981 29 372 1,450 April..127,440 13,150 1,372 4,137 7,641 25,306 9 354 12 979 2,97316 263 3 621 11 486 , 156 72 722 18 240 23 522 29 515 1,445 May. .128,029 13 766 1,673 3,627 8,466 25,2,66 9,169 12 950 3,14716,2,65 3 580 11 499 ,186 72 733 18 25023 421 29 615 1,447 June.. 140,401 14,734 967 4,894 8,873 28,822 10 403 15 037 3,38217 405 4 507 11 718 ,180 79 440 20 71426 33730 925 1,464 July...144,919 15,523 981 5,477 9,065 30,035 10 686 15 967 3,38218,067 4 855 12 092 [,120 81 293 21 084 26 57432 289 1,346 Aug.. . 145,213 15,715 1,086 4,555 10,074 30,001 10 608 16 011 3,38218,067 4 773 12 216 ,078 81 431 21 124 26 393 32,645 1,269 Sept...144,723 15,747 1,350 3,614 10,783 29,573 10 306 15 7083,55917,936 4 641 12 230 ,065 81 466 21 133 26 227 32 863 1,243 Oct....145,008 16,060 1,417 3,092 11,551 29,546 10 325 15 472 3,74917,936 4 633 12 203 [,100 81 466 21 120 25 902 33 201 1,243 Nov...145,183 16,405 1,602 2,935 11,868 29,545 9 494 15 888 4,16317,936 4 438 12 387 ,111 81 298 21 133 24 682 34,240 1,243 Dec...161,648 16,428 1,167 4,113 11,148 30,401 10 482 15 032 4,88723,039 6 062 15 411 1,566 91 781 24 351 29 657 36,530 1,243 1945— Jan 162,261 16,403 1,096 3,931 11,376 30,401 10 359 15 145 4,89723,039 5,986 15 487 ,566 92 417 24 586 29 231 37,434 1,166 Feb...162,379 16,399 1,182 3,387 11,830 30,396 10 220 15 259 4,91723,039 5,919 15,560 1,560 92 545 24 604 29,056 37,753 1,132 Mar.. .162,625 16,921 2,122 2,720 12,079 34,544 11 303 17830 5,41118,588 4 880 12 657 1,051 92 572 24 598 28,762 38,084 1,128 April..162,680 17,041 1,466 2,565 13,010 34,478 11 595 17550 5,33318,588 4,989 12,611 988 92 572 24 588 28,348 38,513 1,123 May.. 162,652 17,049 1,853 2,242 12,954 34,442 11 370 17 202 5,87018,588 4,983 12,588 ,017 92 572 24 592 27,577 39,290 1,113 June.. 181,319 17,041 1,281 2,798 12,962 34,136 11 315 16 789 6,03223,497 5,736 16,076 1,685 106 644 36 246 27,474 41,811 1,113 July...183,080 17,025 1,478 2,737 12,810 34,472 11 564 16 812 6,09623,498 5,589 16,211 1,698 108,085 37 420 26,715 42,837 1,113 Aug...183,334 17,038 1,591 2,193 13,254 34,430 11 617 16 413 6,40023,498 5,678 16,058 1,762 108,367 37 703 26,368 43,182 1,114 Sept...182,833 17,018 1,749 2,035 13,234 35,072 11 679 16 209 7,18423,498 5,735 15,830 1,933 107,244 37 794 25,620 42,853 977 Oct....182,790 17,026 1,876 1,978 13,172 35,021 11 585 16 230 7,20623,498 5,744 15,834 1,920 107,244 37 785 24,989 43,493 977 Nov.. .185,112 17,026 2,127 2,306 12,593 35,021 10 863 16 358 7,80023,498 5,718 15,678 2,102 109,566 40 100 23,909 44,580 977 Dec... 198,778 17,037 1,730 2,476 12,831 38,155 11 700 18 091 8,36422,967 5,146 15,701 2,120 120,619 50 522 22,599 46,551 947 1946— Jan....199,633 17,042 1,789 2,387 12,866 41,502 12 07521 380 8,04719,551 4,494 13,652 1,405 121,538 51 422 21,901 47,268 947 Feb...199,810 17,032 1,598 2,396 13,038 41,413 12 15121 716 7,54619,551 4,553 13,625 1,373 121,814 51,71321,71147,443 947 Mar...197,063 17,047 2,255 1,512 13,280 40,399 12 827 20 618 6,95418,261 4,506 12,292 1,463 121,357 51,718 21,308 47,428 903 April..195,079 17,054 1,518 1,875 13,661 38,408 12 305 19 598 6,50518,261 5,527 12,071 1,663 121,357 51,727 20,805 47,922 903 May. .193,487 17,041 1,430 1,715 13,896 36,828 12 276 18 1576,39518,261 4,695 11,828 1,738 121,357 51,569 20,715 48,170 903 June.. 189,606 17,039 1,431 1,142 14,466 34,804 11 315 16 6766,81318,261 5,117 11,396 1,748 119,502 51,580 19,817 47,350 755 July...187,596 17,023 1,392 1,225 14,406 37,720 12,228 17,616 7,78613,351 3,817 8,938 596 119,502 51,583 19,489 47,675 755 Aug.. . 186,350 17,024 1,360 925 14,739 36,473 12 275 16,342 7,85613,351 3,912 8,843 596 119,502 51,582 19,295 47,870 755 Sept...184,338 17,007 1,357 939 14,711 34,478 12,031 14,532 7,91513,351 3,976 8,707 668 119,502 48,069 22,477 48,201 755 Oct....182,318 16,987 1,266 1,126 14,595 32,478 11,683 13,343 7,45213,351 4,167 8,469 715 119,502 48,08822,261 48,398 755 Nov...180,328 17,000 1,127 848 15,025 30,475 11,313 11,831 7,33113,351 4,163 8,353 835 119,502 48,107 22,159 48,483 753 Dec...176,613 17,033 1,101 1,18714,745 29,987 11,270 11,221 7,49610,090 3,615 6,120 355 119,502 48,093 22,234 48,422 753 1947— Jan....176,444 17,074 902 520 15,652 29,79 11,416 11,195 7,18010,090 3,567 6,168 355 119,489 48,126 22,083 48,52 753 Feb...175,410 17,048 779 539 15,730 28,784 11,383 10,212 7,18910,090 3,550 6,096 444 119,489 48,140 22,103 48,493 753 Mar...172,462 17,038 1,267 681 15,090 27,792 11,402 9,991 6,399 8,142 2,668 5,122 352 119,489 48,15722,125 48,454 753 April..170,535 16,610 581 928 15,101 26,294 10,806 9,837 5,65 8,142 2,739 5,05 352 119,489 48,169 22,02 48,540 753 May. .169,926 16,002 440 590 14,972 26,294 10,946 9,336 6,012 8,142 2,840 4,933 369 119,489 48,162 21,964 48,62 735 June.. 168,703 15,775 492 787 14,496 25,296 10,480 8,536 6,280 8,142 2,918 4,855 369 119,48 48,168 21,825 48,769 727 July...168,509 15,756 801 1,060 13,895 25,122 10,28 8,282 6,559 8,142 2,929 4,844 369 119,48 48,159 21,49 49,11 726 Aug...168,390 15,735 14,207 25,02. 6,896 8,142 369 119,48 720 * The new book, Federal Reserve Charts on Bank Credit, Money Rates, and Business, carries a series of charts showing the distribution of ownership of the marketable debt of the United States among nonbank holders, commercial banks, and Federal Reserve Banks, broken down by class of security and by term to call date. Basic data are from Treasury's monthly Survey of Ownership published in Treasury Bulletin. The commercial banks covered by the Survey have accounted for approximately 91-93 per cent of the amount of securities owned by all commercial banks in the United States in 1946 and 1947. The percentage of ownership declined in 1946 and 1947, however, after increasing 1312 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OWNERSHIP OF U. S. GOVERNMENT MARKETABLE PUBLIC ISSUES, BY EARLIEST CALLABLE OR DUE DATE* [In millions of dollars. Postal Savings and prewar bonds included; guaranteed securities excluded.] Within 1 year 1-5 years 5-10 years Ovei 10 years Total secum E o o n n f d th s r t o i a t u n ie t d - s - Total N ba o n n k - C m c o i e a m r l - - F e R e r e a d - l - Total N ba o n n k - C m c o i e a m r l - - F e R e r e a d - l - Total N ba o n n k - C m c o i e a m r l - - F e R e r e a d - l - Total R N e- onba U n n k re- C m c o i e a m r l - - F e R r e a e d l - ing bank serve bank serve bank serve strict- strict- banks serve Bank Bank Bank ed ed Bank 1941— Jan... 36,276 4,189 233 11,609 995 9,526 474 10,952 477 Feb . 36,275 4,187 233 11,609 994 9,526 475 10,952 477 Mar... 37,054 3,211 1,806 1,220 185 11,248 5 * 191 5,084 973 10,641 5,947 4,178 516 11,954 7,994 3,454 506 April.. 37,075 3,210 1,530 1,495 185 11,737 5,657 5,107 973 10,152 5,350 4,286 516 11,976 7,988 3,482 506 May. . 37,075 3,210 1,643 1,382 185 11,737 5 ,633 5,131 973 10,152 5,311 4,325 516 11,976 7,913 3 ,557 506 June.. 37,713 2,399 878 1,393 128 13,592 6,788 5,7351,069 9,924 5,194 4,212 518 11,797 7,764 3,569 464 July.. . 37,713 2,398 876 1,394 128 13,592 6,769 5,7541,069 9,924 5,112 4,294 518 11,798 7,796 3,538 464 Aug.. 37,667 2,352 853 1,371 128 13,592 6,772 5,751 1,069 9,924 5,088 4,318 518 11,798 7,807 3,527 464 Sept... 37,368 2,395 1,054 1,147 194 13,250 6,553 5,6941,00310,680 5,723 4,395 562 11,043 7,267 3,356 420 Oct.... 38,869 2,306 1,075 1,080 151 13,250 6,508 5,7391,00310,680 5,642 4,476 562 12,633 8,317 3,853 463 Nov.. 39,677 2,605 1,128 1,326 151 13,753 6,593 6,157 1,00310,680 5,605 4,511 564 12,639 8,354 3,823 462 Dec. . 41,562 3,120 1,515 1,413 192 13,521 6,465 6,085 971 12,331 6,155 5,526 650 12,591 8,709 3,445 437 1942— Jan.... 42,271 2,813 1,099 1,617 97 13,534 6,529 6,034 971 13,330 6,397 6,198 735 12,594 8,721 3,437 436 Feb 43,700 2,714 1,138 11479 97 13,534 6,535 6,028 971 13,312 6,272 6,295 745 14,141 9,538 4,157 446 Mar.'. '. 43,329 2,410 1,368 906 136 13,468 6,513 6,023 932 14,333 6,984 6,593 756 13,118 8,790 3,911 417 April 45,137 4,218 1,786 2,204 228 13,468 6,492 6,044 932 14,333 6,916 6,659 758 13,118 8,800 3,882 436 May. . 47,615 4,521 1,780 2,422 319 13,468 6,491 6,045 932 15,625 7,287 7,554 784 14,000 882 8,836 3,835 447 June.. 50,573 7,445 2,743 4,128 574 13,503 6,143 6,536 824 17,126 8,062 8,241 823 12,499 882 7,996 3,202 419 July... 53,826 8,600 2,770 4,783 1,04713,503 6,142 6,528 833 19,224 8,888 9,486 850 12,499 882 7,985 3,214 418 Aug.. . 57,176 10,714 3,160 6,255 1,29913,503 6,165 6,487 851 19,224 8,701 9,668 855 13,735 2,118 7,965 3,236 416 Sept... 60,402 12,608 3,751 7,469 1,38814,835 6,569 7,386 880 19,224 8,648 9,709 867 13,735 2,118 7,951 3,249 417 Oct.... 65,008 14,515 4,644 8,352 1,51916,331 6,450 8,382 1,49920,427 8,73710,5081,182 13,735 2,118 7,962 3,205 450 Nov.. . 66,132 15,639 4,462 9,685 1,49216,331 6,348 8,3541,62920,427 8,55910,5221,346 13,735 2,118 7,870 3,259 488 Dec... 76,488 20,528 6,00512,031 2,49216,611 6,216 8,7291,66622,787 9,26612,0341,487 16,562 4,945 7,811 3,300 506 1943— Jan.... 77,496 21,531 6,03313,240 2,25816,611 6,240 8,7551,61622,788 9,154 12,2701,364 16,566 ,949 7,772 3,366 479 Feb... 78,726 22,761 6,75313,299 2,70916,611 6,306 8,7831,52222,788 9,147 12,4511,190 16,566 4,949 7,764 3,453 400 Mar... 79,662 24,212 7,412 13,400 3,40018,434 7,129 9,8341,47120,449 8,05911,631 759 16,566 4,949 7,631 3,740 246 April.. 91,392 31,534 9,719 17,710 4,105 16,916 6,222 9,3731,32122,817 10,08311,986 748 20,126 8,509 7,491 3,900 226 May. . 95,382 32,750 10,48918,027 4,23416,916 5,439 10,2231,25425,389 10,51914,375 495 20,328 8,711 7,452 3,980 185 June.. 95,310 33,093 9,617 17,976 5,50019,562 7,029 11,4441,08923,051 9,47313,160 418 19,603 8,711 7,269 3,481 142 July... 98,61333,689 9,62817,480 6,58122,269 7,674 13,5601,03523,051 9,210 13,434 407 19,603 8,711 7,164 3,597 131 Aug... 99,935 35,011 9,65717,900 7,45422,269 7,551 13,6831,03523,051 8,951 13,664 436 19,603 8,711 7,060 3,701 131 Sept.. . 111,42639,497 11,56020,649 7,28821,802 7,024 13,7721,00627,013 12,85213,700 461 23,114 12,221 6,982 3,780 131 Oct. . .115,94440,169 11,61121,044 7,51421,802 6,981 13,8101,01130,561 13,64316,271 647 23,412 12,519 6,940 3,822 131 Nov.. .115,90940,083 11,32520,276 8,48221,802 6,996 13,7941,01230,584 13,38716,550 647 23,440 12,525 6,941 3,843 131 Dec. .. 115,23040,437 11,58519,165 9,68721,337 6,633 13,760 944 30,015 13,07316,291 651 23,442 12,526 6,871 3,867 178 1944— Jan... 115,259 40,465 10,22020,06610,17921,337 6,635 13,746 956 30,015 12,52616,849 640 23,442 12,503 6,745 3,984 210 Feb.,. 126,17143,313 13,31720,477 9,51923,464 6,881 15,4151,16830,015 12,11117,290 614 29,379 18,082 6,664 4,389 244 Mar.. . 128,08045,820 14,39421,40210,02422,739 6,422 15,0821,23530,015 12,02817,385 602 29,506 18,206 6,594 4,456 250 April. . 127,44045,125 13,03520,95411,13622,759 6,436 15,0951,22830,015 11,82617,587 602 29,542 18,240 6,569 4,483 250 May. . 128,02945,700 13,13620,40012,16422,760 6,453 15,0791,2283u,015 11,70717,704 604 29,553 18,251 6,544 4,508 250 June.. 140,40150,080 13,45923,82112,80025,061 7,622 16,1951,24433,889 14,88918,395 605 31,373 20,714 6,245 4,164 250 July... 144,91952,082 13,74325,34712,99225,722 7,948 16,6071,16735,357 15,22419,630 503 31,757 21,084 6,183 4,240 250 Aug... 145,21352,239 13,84524,39314,00125,722 7,778 16,8211,12335,479 15,06819,973 438 31,772 21,124 6,165 4,242 241 Sept... 144,72352,140 14,07723,10514,95826,588 7,784 17,7621,04234,215 14,51619,288 411 31,780 21,133 6,148 4,260 239 Oct.... 145,00852,425 14,19522,28815,94226,588 7,668 17,8681,05234,215 14,24919,555 411 31,780 21,119 6,166 4,256 239 Nov.. . 145,18352,600 13,20922,70816,68326,588 6,735 18,8011,05234,215 13,47620,328 411 31,780 21,132 6,076 4,333 239 Dec... 161,64853,683 13,82723,17516,68134,994 9,945 23,4921,55737,909 17,59019,953 366 35,061 24,351 6,007 4,464 239 1945— Jan 162,26157,090 14,27525,47917,33631,563 9,268 21,1551,14038,354 17,27920,733 342 35,254 24,586 5,852 4,630 186 Feb... 162,379 57,081 14,14925,12717,80531,563 9,346 21,0771,14038,468 17,12621,026 316 35,267 24,604 5,758 4,727 178 Mar.. . 162,62559,079 15,67825,24418,15731,746 9,178 21,5461,02239,150 18,01220,811 327 32,650 24,598 4,197 3,692 163 April.. 162,68059,133 15,37524,79918,95931,746 9,246 21,4891,01139,150 17,65521,173 322 32,650 24,588 4,123 3,777 162 May. . 162,652 59,106 15,52124,11619,46931,746 9,201 21,5371,00839,150 17,16421,669 317 32,650 24,592 3,899 3,999 160 June.. 181,31960,646 15,49725,32819,82134,801 8,920 24,3871,49441,516 17,70523,494 317 44,356 36,246 3,683 4,267 160 July... 183,08065,875 16,94428,55120,38029,892 7,718 21,314 860 41,783 17,11924,347 317 45,530 37,420 3,564 4,386 160 Aug.. . 183,33465,847 17,21127,44321,19329,892 7,776 21,256 860 41,786 16,81124,658 317 45,810 37,703 3,454 4,493 160 Sept.. . 182,83365,255 17,01226,25221,99136,017 9,656 25,394 967 35,661 14,75320,698 210 45,901 37,794 3,363 4,584 160 Oct.... 182,79065,212 17,06926,20421,93936,017 9,543 25,507 967 35,661 14,35221,099 210 45,901 37,785 3,231 4,725 160 Nov... 185,112 65,212 16,55026,52822,13436,017 9,329 25,721 967 35,661 13,63721,814 210 48,223 40,100 3,104 4,859 160 Dec.. . 198,778 70,546 16,79630,53823,21235,391 9,535 25,163 693 33,025 11,80721,008 210 59,816 50,522 3,040 6,107 147 1946— Jan... 199,633 70,478 16,59831,66722,21335,378 9,421 25,264 693 33,025 11,34121,474 210 60,752 51,422 2,899 6,284 147 Feb... 199,810 70,379 16,61431,91221,85335,378 9,280 25,405 693 33,025 11,30721,508 210 61,028 51,713 2,814 6,354 147 Mar.. . 197,06369,549 18,63129,36821,55033,430 8,534 24,203 693 34,474 11,64822,609 217 59,611 51,718 2,086 5,667 140 April.. 195,07967,564 17,28928,61521,66033,430 8,476 24,239 715 34,474 11,34022,917 217 59,611 51,727 2,050 5,694 140 May. . 193,487 65,972 17,28326,82921,86033,430 8,533 24,182 71534,474 11,18323,074 217 59,611 51,569 2,118 5,784 140 June.. 189,60662,091 15,89323,48722,71135,057 8,976 25,285 79632,847 10,77821,934 135 59,611 51,580 2,034 5,857 140 July... 187,59660,081 15,47922,04122,56135,057 8,928 25,333 79632,847 10,62022,092 135 59,611 51,583 1,900 5,988 140 Aug.. . 186,35058,835 15,55020,41122,87435,057 8,954 25,307 79632,847 10,47522,237 135 59,611 51,582 1,864 6,025 140 Sept... 184,338 61,218 16,81121,40822,99939,404 10,295 28,297 812 28,910 11,16517,642 103 54,806 48,069 1,573 5,029 135 Oct. . .182,318 59,957 16,94720,53122,47938,645 9,917 27,928 800 28,910 10,961 17,846 103 54,806 48,088 1,553 5,030 135 Nov.. .180,32857,966 16,40018,65822,90838,645 9,970 27,875 800 28,910 10,88617,921 103 54,806 48,107 1,504 5,062 133 Dec... 176,61354,952 15,87916,76022,31339,572 10,273 28,467 832 27,281 10,552 16,657 72 54,806 48,093 1,515 5,065 133 1947— Jan.... 176,44454,784 15,75216,12822,90439,572 10,41128,329 832 27,281 10,33916,870 72 54,806 48,126 1,463 5,084 133 Feb... 175,41053,750 15,53415,13623,08039,572 10,55228,188 832 27,281 10,28016,929 72 54,806 48,140 1,446 5,087 133 Mar.. . 172,462 53,140 15,68315,76021,69738,257 10,56427,001 692 26,258 9,77216,414 72 54,806 48,157 1,443 5,073 133 April.. 170,53551,213 14,43115,82220,96038,257 10,57626,989 692 26,258 9,70316,483 72 54,806 48,169 1,442 5,062 133 May. . 169,92650,605 14,45414,94121,21038,257 10,69426,871 692 26,258 9,64? 16,539 72 54,806 48,162 1,392 5,137 115 June.. 168,70352,442 15,14716,26921,02642,522 11,90329,921 698 18,932 7,315 11,577 40 54,806 48,168 1,351 5,180 107 July... 168,509 52,249 15,19816,34620,70542,522 11,85229,972 698 18,932 7,18611,706 40 54,806 48,159 1,267 5,274 106 Aug... 168,390 52,131 21,35442,522 698 18,932 40 54,806 100 from approximately 93 per cent in June 1943 to between 94 and 95 per cent in 1944 and 1945. The number of covered banks increased by nearly 1,700 in 1943-45 but has since declined by about 100 in 1946-47. Ownership by uncovered banks is included under nonbank holdings. For the convenience of users of the Chart Book, the data underlying the charts are assembled in these tables, which provide basic information needed for analysis of the wartime growth in public debt and of recent changes in the debt structure. OCTOBER 1947 1313 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 ich Total Member Nonmember (Nonmember) district or State Banks1 a B nd ra n of c f h ic e e s s2 Banks a B nd ra n o c ff h ic e e s s Banks a B nd ra n o c ff h ic e e s s Banks a B nd ra n o c ff h ic e e s s Banks1 a B nd ra n o c ff h ic e e s s2 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 Aug. 31, 1947? 14,070 l 4,068 12,016 3,744 6,921 2,986 5,095 758 2,054 324 By districts and by States Aug. 31, 1947P District Boston 486 281 486 281 336 208 150 73 New York . . . 931 825 931 825 799 758 132 67 Philadelohia 845 130 845 130 648 95 197 35 Cleveland 1,159 226 1,159 226 720 196 439 30 Richmond •. 1,011 426 786 300 475 197 311 103 225 126 Atlanta 1,157 158 537 122 339 108 198 14 620 36 Chicago 2,482 555 2,425 529 1000 212 1,425 317 57 26 St Louis 1,468 128 1,116 71 497 40 619 31 352 57 Minneapolis 1,277 111 603 40 473 26 130 14 674 71 Kansas City 1,751 6 1,739 6 756 4 983 2 12 Dallas 995 36 885 28 606 19 279 9 110 8 San Francisco 508 1,186 504 1,186 272 1,123 232 63 4 State 222 22 111 22 87 22 24 111 10 36 10 36 5 29 5 7 Arkansas 228 19 99 5 66 1 33 4 129 14 California 193 889 193 889 115 847 78 42 Colorado 142 1 142 1 92 1 50 Connecticut 115 22 115 22 64 11 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 Georsda 373 30 95 27 64 26 31 278 3 Idaho 48 44 48 44 26 42 22 2 875 3 873 3 504 3 369 2 Indiana . . 487 88 487 88 237 32 250 56 Iowa 663 162 663 162 163 500 162 Kansas 611 609 214 395 2 Kentucky 385 36 385 36 113 25 272 11 158 63 56 40 45 35 11 5 102 23 M^aine 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 444 203 444 203 229 157 215 46 Minnesota 677 6 263 6 208 6 55 414 205 53 38 7 30 1 8 6 167 46 Missouri 593 525 180 345 68 M!ontana 111 111 80 31 409 2 408 2 145 2 263 1 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 661 704 661 704 575 649 86 55 North Carolina 204 169 86 46 53 27 33 19 118 123 North Dakota 151 24 46 4 41 5 4 105 20 Ohio 668 183 668 183 425 160 243 23 Oklahoma 384 1 374 1 224 1 150 10 Oregon 69 79 69 79 32 74 37 5 Pennsylvania 1,004 133 1,004 133 767 111 237 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 47 68 21 63 20 5 1 102 26 Tennessee 294 69 193 54 82 44 111 10 101 15 Texas 879 4 819 4 557 4 262 60 Utah 59 13 59 13 34 11 25 2 Vermont 69 10 69 10 40 2 29 8 Virginia 314 89 305 88 202 43 103 45 9 1 Washington 124 117 120 117 55 110 65 7 4 West Virginia 182 179 108 71 3 Wisconsin 553 148 443 97 163 21 280 76 110 51 55 55 37 18 1 Excludes mutual savings banks, on a few of which some checks are drawn. 2 Includes branches and other additional offices at which deposits are received, checks paid, or money lent, including "banking facilities" at military reservations (see footnote 4, p. 1175 of the BULLETIN for September 1947). Back figures.—See Banking and Monetary Statistics, Table 15, and Annual Reports. 1314 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK EARNINGS NATIONAL AND STATE MEMBER BANKS, FIRST HALF OF THE YEAR, 1946-1947 Figures for national banks were compiled by the Comptroller of the Currency from reports submitted by national banks. [Amounts in thousands of dollars] All member banks National member banks State member banks Item First half First half First half First half First half First half of 1946 of 1947 of 1946 of 1947 of 1946 of 1947 Earnings 1,175,376 1,250,331 761,566 833,389 413,810 416,942 Interest on U. S. Government securities.. 546,199 464,772 360,093 311,419 186,106 153,363 Interest and dividends on other securities. 74,503 73,057 51,157 51,763 23,346 21,294 Interest and discount on loans 342,475 479,557 225,689 327,976 116,786 151,581 Service charges and fees on loans 5,643 7,215 3,543 4,981 2,100 2,234 Service charges on deposit accounts 47,482 57,482 32,876 40,041 14,606 17,441 Other charges, commissions, fees, etc 33,852 32,141 22,208 20,863 11,644 11,278 Trust department 61,547 63,580 23,335 25,551 38,212 38,029 Other current earnings 63,675 72,527 42,665 50,805 21,010 21,722 Expenses 693,834 790,373 444,881 515,114 248,953 275,259 Salaries—officers 114,404 126,957 74,287 83,680 40,117 43,277 Salaries and wages—others 210,265 248,452 129,585 156,536 80,680 91,916 Directors' and committee members' fees.. 5,802 6,425 3,831 4,309 1,971 2,116 Interest on time deposits 102,728 116,633 69,250 80,048 33,478 36,585 Interest on borrowed money 987 1,138 541 689 446 449 Taxes other than on net income 40,200 43,177 26,592 28,795 13,608 14,382 Recurring depreciation on banking house, furniture, etc 15,843 15,667 10,785 10,830 5,058 4,837 Other current expenses 203,605 231,924 130,010 150,227 73,595 81,697 Net current earnings before income taxes 481,542 459,958 316,685 318,275 164,857 141,683 Recoveries, profits on securities, etc 216,430 117,200 128,408 75,204 88,022 41,996 Recoveries on securities 29,786 22,607 17,525 13,000 12,261 9,607 Profits on securities 125,244 53,930 72,728 35,897 52,516 18,033 Recoveries on loans 35,560 23,179 23,857 14,533 11,703 8,646 All other 25,840 17,484 14,298 11,774 11,542 5,710 Losses and charge-offs 110,120 85,227 63,421 53,193 46,699 32,034 On securities 58,339 37,218 35,297 26,146 23,042 11,072 On loans 17,251 25,470 9,877 15,667 7,374 9,803 All other 34,530 22,539 18,247 11,380 16,283 11,159 Profits before income taxes. 587,852 491,931 381,672 340,286 206,180 151,645 Taxes on net income 159,113 141,664 101,673 99,062 57,440 42,602 Federal 147,970 132,037 95,499 93,551 52,471 38,486 State 11,143 9,627 6,174 5,511 4,969 4,116 Net profits 428,739 350,267 279,999 241,224 148,740 109,043 Gash dividends declared. 123,973 132,376 77,919 86,455 46,054 45,921 On preferred stock1 2,865 2,105 1,372 732 1,493 1,373 On common stock 121,108 130,271 76,547 85,723 44,561 44,548 Assets and liability items :2 Loans 23,039,000 27,675,000 14,197,000 18,018,000 8,842,000 9,657,000 U. S. Government securities. . 75,305,000 61,120,000 49,261,000 40,464,000 26,044,000 20,656,000 Other securities 6,264,000 6,786,000 4,337,000 4,870,000 1,927,000 1,916,000 Real estate assets 869,000 868,000 550,000 565,000 319,000 303,000 Cash assets 28,962,000 29,140,000 19,361,000 19,677,000 9,602,000 9,464,000 Total assets 134,852,000 126,019,000 87,959,000 83,856,000 46,893,000 42,163,000 Time deposits 25,231,000 27,663,000 16,887,000 18,755,000 8,343,000 8,908,000 Total deposits 126,094,000 116,803,000 82,576,000 77,961,000 43,519,000 38,842,000 Total capital accounts 7,754,000 8,205,000 4,753,000 5,217,000 3,001,000 2,988,000 Number of officers at end of period 42,030 44,391 29,240 31,087 12,790 13,304 Number of employees at end of period.. . 222,607 238,750 140,070 152,903 82,537 85,847 Number of banks at end of period 6,887 6,928 5,012 5,012 1,875 1,916 Earnings ratios: Percentage of total capital accounts:3 Net current earnings before income taxes 12.4 11.2 13.3 12.2 11.0 9.5 Net profits 11.1 8.5 11.8 9.2 9.9 7.3 Cash dividends declared 3.2 3.2 3.3 3.3 3.1 3.1 Percentage of total assets:3 Total earnings 1.7 2.0 1.7 2.0 1.8 1.9 Net current earnings before income taxes, .7 .7 .7 .8 .7 .7 Net profits .6 .6 .6 .6 .6 .5 Percentage of total securities:3 Interest and dividends on securities.... 1.5 1.6 1.5 1.6 1.5 1.5 Net recoveries and profits .1 .2 .1 .3 .1 Percentage of U. S. Government securities:" .2 Interest on U. S. Government securities. 1.5 1.5 1.5 1.5 Percentage of total loans:3 1.5 Earnings on loans 3.5 3.2 3.7 2.7 3.2 Net recoveries (or losses —) 3.0 -.02 .2 -.01 .1 -.02 Other ratios : .2 Total capital accounts to: Total assets 5.8 6.5 5.4 6.2 6.4 7.1 Total assets less Government and cash assets 25.4 22.9 24.6 22.0 26.7 24.8 Total deposits 6.1 7.0 5.8 6.7 6.9 7.7 Time deposits to total deposits 20.0 23.7 20.5 24.1 19.2 22.9 Interest on time deposits to time deposits3.. .9 1 Includes interest on capital notes and debentures. 2 The figures of assets and liabilities are averages of the amounts reported for the June call date in the current year and December call date in the preceding year. 3 Annual basis. OCTOBER 1947 1315 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ASSETS AND LIABILITIES OF INSURED COMMERCIAL BANKS IN UNITED STATES AND POSSESSIONS ON JUNE 30, 1947, DECEMBER 31, 1946, AND JUNE 29, 1946 [Amounts in thousands of dollars] June 30, 1947 December 31, 1946 June 29, 1946 All Banks not All Banks not All Banks not insured members insured members insured members commercial Federal Re- commercial Federal Re- commercial Federal Rebanksi serve System banks1 serve System banksi serve System ASSETS Loans and investments 110,712,106 15,925,729 112,208,350 15,860,994 117,438,074 15,420,383 Loans (including overdrafts) 33,258,041 4,605,491 30,739,973 4,046,599 26,796,235 3,496,006 United States Government direct obligations. . 69,141,228 9,964,017 73,559,881 10,540,624 82,974,112 10,733,066 Obligations guaranteed by United States Government 13,678 3,815 15,027 3,582 23,742 3,729 Obligations of States and political subdivisions. 4,827,879 847,207 4,300,705 754,113 3,975,354 669,452 Other bonds, notes, and debentures 3,169,582 481,436 3,295,002 492,008 3,354,207 493,931 Corporate stocks (including Federal Reserve Bank stock) 301,698 23,763 297,762 24,068 314,424 24,199 Reserves, cash, and bank balances 32,199,046 3,507,287 33,704,314 4,119,728 31,853,309 3,776,078 Reserve with Federal Reserve Banks 16,039,194 16,013,442 15,999,368 Cash in vault 1,806,395 ""397^648 2,014,710 " "439^379 1,473,274 332,381 Demand balances with banks in United States (except private banks and American branches of foreign banks) 8,453,306 2,965,193 9,428,590 3,529,026 9,036,691 3,303,071 Other balances with banks in United States. . 51,042 19,454 60,399 25,197 72,555 35,455 Balances with banks in foreign countries. . 34,885 657 56,777 634 34,086 544 Cash items in process of collection 5,814,224 124,335 6,130,396 125,492 5,237,335 104,627 Due from own foreign branches 284 6,353 9,959 Bank premises owned and furniture and fixtures. . 914,008 115,585 902,457 113,281 899,703 113,019 Other real estate owned 17,922 5,199 20,326 6,091 24,903 8,005 Investments and other assets indirectly representing bank premises or other real estate 65,193 3,899 64,442 3,869 67,350 3,838 Customers' liability on acceptances 87,202 763 118,339 1,344 92,056 1,368 Income accrued but not yet collected 237,673 12,036 230,023 11,542 240,990 11,948 Other assets 139,720 23,548 109,939 23,984 117,022 24,673 Total assets 144,373,154 19,594,046 147,364,543 20,140,833 150,743,366 19,359,312 LIABILITIES Demand deposits 99,270,391 11,908,935 103,416,303 12,498,944 108,408,358 12,076,461 U In n d i i t v e i d d u S a t l a s t , e p s a G rt o n v er e s r h n i m ps e , n a t: nd corporations.. . 78,234,373 10,301,124 79,902,589 10,775,884 75,404,533 9,815,766 War loan and Series E bond accounts.... 1,043,850 133,154 2,709,074 235,821 12,718,443 898,133 Other 205,561 21,096 223,248 24,500 225,491 36,919 States and political subdivisions 6,496,970 1,121,303 5,968,462 1,053,962 5,808,920 982,709 Banks in United States 9,806,903 194,434 10,888,080 243,953 10,584,438 193,853 Banks in foreign countries 1,371,889 2,621 1,364,022 10,578 1,346,281 7,357 Certified and officers' checks, cash letters of credit and travelers' checks, etc 2,110,845 135,203 2,360,828 154,246 2,320,252 141,724 Time deposits 34,425,373 6,367,849 33,612,986 6,376,063 32,240,406 6,068,666 Individuals, partnerships, and corporations.. . 33,479,604 6,236,378 32,761,111 6,251,282 31,504,915 5,952,253 United States Government 105,678 3,114 114,327 3 828 101,923 4,510 Postal savings 4,881 1,554 5,023 1,542 4,592 1 ,234 States and political subdivisions 771,394 122,503 664,522 113,554 552,104 105,502 Banks in United States 42,662 4,296 49,199 5,853 51,2o9 5,154 Banks in foreign countries 21,154 4 18,804 4 25,613 13 Total deposits 133,695,764 18,276,784 137,029,289 18,875,007 140,648,764 18,145,127 Due to own foreign branches 270,208 194,878 208,409 Bills payable, rediscounts, and other liabilities for borrowed money 59,543 9,533 38,888 8,759 83,229 10,989 Acceptances outstanding 99,892 783 133,458 1,354 109,799 1,427 Dividends declared but not yet payable 53,358 2,327 57,497 4,365 48,428 1,978 Income collected but not yet earned 124,721 23,192 101,261 19,907 78,908 15,523 Expenses accrued and unpaid 374,727 25,527 381,709 25,344 394,189 22,331 Other liabilities 134,880 9,311 139,523 11,507 102,037 10,812 Total liabilities 134,813,093 18,347,457 138,076,503 18,946,243 141,673,763 18,208,187 CAPITAL ACCOUNTS Capital 3,171,036 452,042 3,141,878 450,103 3,070,706 442,541 Surplus 4,182,796 482,146 4,060,047 465,789 3,932,822 428,709 Undivided profits 1,644,081 242,353 1,495,456 208,317 1,485,019 213,854 Other capital accounts 562,148 70,048 590,659 70,381 581,056 66,021 Total capital accounts 9,560,061 1,246,589 9,288,040 1,194,590 9,069,603 1,151,125 Total liabilities and capital accounts 144,373,154 19,594,046 147,364,543 20,140,833 150,743,366 19,359,312 MEMORANDA Demand deposits adjusted 2 81,027,964 11,433,295 82,101,483 11,858,600 78,296,370 10,835,572 Pledged assets (and securities loaned) 11,653,224 1,702,083 13,664,608 1,899,861 23,895,648 2,449,032 Number of banks 13,391 6,466 13,359 6,462 13,335 6,451 1 Excludes three mutual savings banks, State bank members of the Federal Reserve System, which are included in member bank figures on opposite page. 2 Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection. 1316 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL MEMBER BANKS—ASSETS AND LIABILITIES ON JUNE 30, 1947, BY CLASS OF BANK [Amounts in thousands of dollars] Ne C w e m n Y t e r o m a r l k b r e e r s e b r C a v n e h k i c c s a it g y o m R b e e c a s m i n t e y k r b - v s e e r C m b o e a u m n n k b t s r e y r m b e a A m n ll k b s er n m b a e t a A m i n o l k l b n s e a r l A m b ll e a m S nk t b a s e t r e ASSETS Loans and investments 20,331,642 4,801,652 34,611,405 35,056,823 94,801,52: 62,981,961 31,819,561 Loans (including overdrafts) 6,547,930 1,564,556 11,440,998 9,101,619 28,655,10; 18,763,913 9,891,190 United States Government direct obligations. 12,569,672 2,889,775 20,841,668 22,887,386 59,188,50: 39,264,818 19,923,683 Obligations guaranteed by United States Government 1,133 3,429 5,301 9,863 6,378 3,485 Obligations of States and political subdivisions 630, 77.5 174,544 1,363,722 1,812,598 3,981,637 2,897,741 1,083,896 Other bonds, notes, and debentures 486,095 163,406 871,656 1,167,279 1,893,773 794,663 Corporate stocks (including Federal Reserve 2,688,436 Bank stock) 96,039 9,371 89,932 82,640 155,338 122,644 277,982 Reserves, cash, and bank balances 6,243,34' 1,520,752 11,241,354 9,688,644 19,341,575 9,352,524 Reserve with Federal Reserve Banks 4,165,945 972,65"" 6,274,09 4,627,666 28,694,09" 10,603,176 5,437,185 Cash in vault 123,432 35,670 469,986 779,819 16,040,361 966,198 442,709 Demand balances with banks in United States 1,408,907 (except private banks and American branches of foreign banks) 47,341 160,956 1,850,439 3,430,355 5,489,091 4,169,589 1,319,502 Other balances with banks in United States. . 2,540 1,42 13,859 13,762 31,588 23,065 8,523 Balances with banks in foreign countries 20,260 962 10,157 2,849 34,228 21,128 13,100 Cash items in process of collection 1,883,831 349,080 2,622,820 834,193 5,689,924 3,558,419 2,131,505 Due from own foreign branches 284 284 284 Bank premises owned and furniture and fixtures. . . 161,074 15,336 284,663 337,412 798,485 515,11 283,373 Other real estate owned 589 7,012 5,12 12,723 8,571 4,152 Investments and other assets indirectly representing bank premises or other real estate 3,29. 169 47,191 10,639 61,294 46,25' 15,037 Customers' liability on acceptances 55,377 2,498 25,857 2,707 86,439 52,24' 34,192 Income accrued but not yet collected 66,617 15,589 98,636 44,795 225,637 140,444 85,193 Other assets 28,016 2,788 52,185 33,191 116,180 63,314 52,866 Total assets. 26,890,243 6,358,784 46,368,303 45,179,333 124,796,663 83,149,481 41,647,182 LIABILITIES Demand deposits 22,682,581 5,037,070 31,983,269 27,658,538 87,361,458 58,088,124 29,273,334 Individuals, partnerships, and corporations 17,202,217 3,417,078 23,934,305 23,379,649 67,933,249 44,670,432 23,262,817 United States Government: War loan and Series E bond accounts 143,485 177,897 231,945 357,371 910,698 610,708 299,990 Other 35,749 2,756 79,431 66,529 184,465 151,264 33,201 States and political subdivisions 260,055 303,940 2,300,769 2,510,903 5,375,667 4,042,089 1,333,578 Banks in United States 2,898,186 1,056,347 4,773,283 884,653 9,612,469 6,685,943 2,926,526 Banks in foreign countries 1,227,726 23,972 109,360 8,210 1,369,268 708,049 661,219 Certified and officers' checks, cash letters of credit and travelers' checks, etc 915,163 55,080 554,176 451,223 1,975,642 1,219,639 756,003 Time deposits 1,459,184 870,828 11,268,894 14,474,742 28,073,648 19,058,287 9,015,361 Individuals, partnerships, and corporations 1,406,793 863,728 10,887,829 14,100,998 27,259,348 18,427,749 8,831,599 United States Government 14,241 1,600 40,396 46,327 102,564 80,641 21,923 Postal savings 749 2,578 3,327 2,789 538 States and political subdivisions 16,540 5,500 319,171 307,682 648,893 508,984 139,909 Banks in United States 460 20,749 17,157 38,366 31,074 7,292 Banks in foreign countries 21,150 21,150 7,050 14,100 Total deposits 24,141,765 5,907,898 43,252,163 42,133,280 115,435,106 77,146,411 38,288,695 Due to own foreign branches 264,923 5,285 270,208 222,565 Bills payable, rediscounts, and other liabilities for 47,643 borrowed money 1,300 10,800 37,910 50,010 27,860 22,150 Acceptances outstanding 63,425 2,865 29,805 3,014 99,109 58,923 40,186 Dividends declared but not yet payable 21,107 1,658 16,643 11,623 51,031 33,439 17,592 Income collected but not yet earned 12,436 3,547 51,392 34,154 101,529 71,422 30,107 Expenses accrued and unpaid 105,452 22,524 143,846 77,413 349,235 221,147 128,088 Other liabilities 46,187 4,349 62,106 12,938 125,580 71,461 54,119 Total liabilities. 24,656,595 5,942,841 43,572,040 42,310,332 116,481,808 77,853,228 38,628,580 CAPITAL ACCOUNTS Capital 611,997 144,350 952,851 1,009,796 2,718,994 1,766,321 952,673 Surplus 1,162,435 163,625 1,200,976 1,174,835 3,701,871 2,325,826 1,376,045 Undivided profits 391,390 59,209 440,343 510,923 1,401,865 873,921 527,944 67,826 48,759 202,093 173,447 492,125 330,185 161,940 Other capital accounts Total capital accounts 2,233,648 415,943 2,796,263 2,869,001 8,314,855 5,296,253 3,018,602 Total liabilities and capital accounts. 26,890,243 6,358,784 46,368,303 45,179,333 124,796,663 83,149,481 41,647,182 MEMORANDA Par or face value of capital 611,997 144,350 952,851 1,009,928 2,719,126 1,766,446 952,680 Capital notes and debentures 1,122 9,700 8,596 19,418 19,418 First preferred stock 21,669 41,298 62,967 " "25,690 37,277 Second preferred stock 150 5,117 5,267 2,569 2,698 Common stock 610,875 144,350 921,332 954,917 2,631,474 1,738,187 893,287 Retirable value of capital: First preferred stock. . 25,241 93,136 118,377 38,757 79,620 Second preferred stock. 150 9,513 9,663 3,656 6,007 Demand deposits adjusted1 16,493,604 3,427,018 24,166,430 25,507,582 69,594,634 46,373,741 23,220,893 Pledged assets (and securities loaned) . 1,009,617 552,164 4,236,323j 4,153,137 9,951,241 7,597,552 2,353,689 Number of banks 37 14 353 6,524 6,928 5,012 1,916 1 Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection. OCTOBER 1947 1317 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL FINANCIAL STATISTICS PAGE Gold reserves of central banks and governments. 1319 Gold production 1320 Gold movements 1320 International capital transactions of the United States. . 1321-1326 Central banks 1327-1330 Money rates in foreign countries. . 1331 Commercial banks 1332 Foreign exchange rates. 1333 Price movements: Wholesale prices . 1334 Retail food prices and cost of living. . 1335 Security prices 1335 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 Tnost 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. 1318 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 - - 3 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 »1,111 329 6 79 92 111 61 44 52 1,777 29 28 24 1945—Dec 20,065 403 716 354 J361 82 127 191 61 38 52 1,090 1946—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 s'483 726 354 7 71 144 221 61 38 53 796 24 Dec 20,529 »563 735 354 «543 65 145 226 38 53 796 24 1947—Jan . 20,748 *645 723 354 6 63 147 231 38 53 796 24 Feb 20,330 P7O6 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 P623 643 8 45 93 259 32 53 696 30 July 21,537 644 6 46 87 32 53 544 30 Aug 21,766 649 7 45 544 End of month India (P I e r r a s n ia) Italy Japan Java Mexico N l e a t n h d e s r- Ze N a e la w nd N w o ay r- Peru Poland Po g r a t l u- Ru n m ia a- A So fr u ic th a Spain 1938—Dec 274 26 193 164 80 29 998 23 94 20 85 69 133 220 3 525 1939—Dec 274 26 144 ltS4 90 32 692 23 94 20 <84 69 152 249 1940—Dec 274 26 120 164 140 47 617 23 4 84 20 59 158 367 1941—Dec 274 26 « 164 235 47 575 23 21 59 182 366 42 1942—Dec 274 34 4 216 39 506 23 25 59 203 634 42 1943—Dec 274 92 203 500 23 31 60 260 706 91 1944—Dec 274 128 222 500 23 32 60 267 814 105 1945—Dec 274 131 294 270 23 28 60 269 914 110 1946—Sept 274 123 213 265 23 24 970 Hi 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 P27O 886 111 Feb 274 148 245 23 21 P27O 851 111 Mar 274 149 197 23 20 P268 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... 274 190 23 20 752 Aug 20 End of month S d w e e n - S l w a e n r i - t d z ' - T k u ey r U K n d i i o n t m g e - d g U u r a u- y V z e u n el e a - Yugo- B.I.S. O c t t r o i u h e n e s - r 7 Government go p l r d e v r i e o s u e s rv f e ig s1 u re n s ot included ia 1 1 9 9 3 3 8 9 — — D D e e c c 3 3 2 0 1 8 5 7 4 0 9 1 2 2 9 9 2,6 » 9 1 0 6 6 8 9 5 5 2 2 5 5 9 7 1 7 4 1 1 7 6 8 6 End of month U S n ta it t e e d s U K d n i o i n m t g e - d France g B iu e r l r - a 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 3 4 5 2 — — — — — D D D D D e e e e c c c c ec..... 2 3 3 4 4 3 2 8 8 6 5 3 7 2 3 1 1 • , , 3 1 9 6 8 4 5 6 6 2 2 8 5 5 4 2 1 2 1 9 2 1 4 6 2 1 4 1 1 1 1 1 1 0 2 8 9 5 0 1 9 5 7 1 2 4 6 0 8 3 1 8 2 9 0 •83 1 2 4 3 3 2 1 5 9 7 1 2 2 2 1 6 2 4 4 8 6 9 7 5 5 1 1 9 93 3 8 9 — — A D M D M u e e ^ a c c g a r y 1 1 8 5 5 6 0 4 1, 2 3 7 7 8 3 5 7 2 9 6 4 3 5 4 4 7 5 3 6 7 9 1 0 44 1 1 9 9 4 4 6 7 — — S A J O N F M D M J J A u u a e e p c o e u n a p l b a n t c r v g y r t y e. . . . . . . . 3 4 4 4 3 3 2 2 1 1 1 1 2 7 6 8 1 2 6 4 2 9 6 4 4 2 5 1 7 6 9 8 6 0 8 4 1 1 1 1 1 1 1 1 1 1 1 1 , , , , , , , , , , , , 4 4 4 4 4 4 4 4 4 3 3 3 1 3 1 3 2 3 3 0 1 5 7 7 2 2 8 0 7 1 2 8 6 5 8 0 2 2 2 2 2 2 2 2 2 1 1 3 3 3 3 3 3 3 2 0 9 8 7 5 7 8 6 3 8 6 7 1 5 P P 2 2 2 2 2 2 1 1 1 1 1 0 0 0 0 0 0 9 9 8 9 9 5 5 0 0 0 0 1 7 9 2 4 2 2 2 2 2 2 2 2 2 2 2 2 1 1 1 1 1 3 3 3 3 3 1 3 5 5 5 5 5 5 5 5 5 5 5 5 4 4 2 4 3 2 2 2 2 2 2 2 0 0 8 0 2 8 7 7 7 7 6 7 P P P 2 2 2 2 2 2 2 2 2 2 2 2 3 3 3 3 4 3 4 4 4 4 4 4 7 7 9 7 0 9 0 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 2 3 4 7 1 5 6 — — — — — — — — D A D S D D D D D M S J J u u e e u e e e e e e e a n n p c p c g c c c c c r e e t t. . . . . . . . 1 1 1 4 2 2 4 8 7 7 6 1 1 1 1 8 4 5 3 1 1 7 3 3 2 2 8 5 5 5 5 5 5 5 2 2 2 2 2 2 2 < , , , , , , , 2 3 3 1 5 3 5 3 1 9 5 4 9 3 9 4 8 5 2 4 1 6 5 8 5 7 1 42 2 4 1 9 5 3 4 7 ' 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 ! 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 » Reported figure for total British gold reserves are included also. on Aug. 31, 1939, less reported holdings of Bank 8 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. 1 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. 1324. 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. 1319 OCTOBER 1947 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOLD PRODUCTION OUTSIDE U. S. S. R. fin thousands of dollars] Estimated Production reported monthly Y m e o a n r t o h r pro w d o u r c ld tion Total Africa North and South America Other U o . u S t . s S i . d R e .i r m e o p n o t r h te l d y A So fr u ic th a d R e h s o i - a A W fr e ic s a t 2 I B C e o l n g g ia o n ' U St n a i t t e e s d 4 I C ad a a n 5 - M i ex- ICo b lo ia m- I Chile r N ag ic u a a - 7 /=i55/21 grains of gold */va fine; i. e., an ounce of fine gold=$35 1938 1,136,360 958,770 425,649 28,532 24,670 8,470 178,143 ,379 32,306 18,225 10,290 1,557 54,264 11,284 1939 1,208,705 1,020,297 448,753 28,009 28,564 8,759 196,391 ,303 29,426 19,951 11,376 3,506 56,182 11,078 1940 1,297,349 1,094,264 491,628 29,155 32,163 * 8,862210,109 ,890 30,878 22,117 11,999 5,429 55,878 10,157 1941 1,288,945 1,089,395 504,268 27,765 32,414 209,175 ,081 27,969 22,961 9,259 7,525 51,039 9,940 1942 966,132 494,439 26,641 29,225 130,963 ,446 28,019 20,882 6,409 8,623 42,525 8,960 1943 760,527 448,153 23,009 19,740 48,808 ,796 22,055 19,789 6,081 7,715 28,560 8,820 1944 682,061429,787 20,746 18,445 35,778 ,302 17,779 19,374 7,131 7,865 16,310 6,545 1945 646,914 427,862 19,888 18,865 32,511 ,385 17,734 6,282 6,985 16,450 5,950 1946 '663,266 417,647 19,061 20,475 ^51,182 ,994 15,301 8,068 6,357 21,595 4,585 1946—Aug.. '60,319 35,553 1,646 1,750 '7,834 8,092 ,048 377 448 3,080 490 Sept.. '56,745 34,509 1,578 1,715 '6,322 8,047 ,425 354 379 1,925 490 Oct.. ••58,988 35,922 1,579 1,785 '5,454 8,429 ,332 1,384 654 1,925 525 Nov.. '54,948 33,823 1,527 1,820 '4,424 8,092 ,161 1,203 657 1,925 315 Dec. '56,501 34,184 1,585 1,820 '5,779 7,961 ,088 864 559 2,170 490 1947—Jan,. 58,127 34,021 1,524 1,785 7,612 8,195 ,423 271 566 2,205 525 Feb.. 41,044 19,965 1,502 1,750 5,483 7,806 ,276 371 581 1,820 490 Mar.. 51,824 28,665 1,574 1,855 5,500 9,235 ,273 856 555 1,820 490 Apr.. 55,412 31,824 1,537 1,890 6,246 8,921 ,464 540 610 1,820 560 May. 59,738 35,308 1 508 1,820 7,220 9,412 ,130 528 502 1,785 525 June. 33,984 1,680 6,117 9,418 ,065 553 520 1,890 490 July.. 35,396 1,855 7,319 636 560 Gold production in U. S. S. R.: No regular Government statistics on gold production in U. S. S. R. are available, but data of percentage changes irregularly given out by officials of the gold mining industry, together with certain direct figures for»past years, afford a basis for estimating annual production as follows: 1934, 135 million dollars; 1935, 158 million; 1936. 187 million; 1937, 185 million; 1938, 180 million. 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 Until July 4, 1946, includes Philippine production received in United States. Annual figures are estimates of the United States Mint. Monthly figures are estimates of the American Bureau of Metal Statistics, those for 1946 having been revised by subtracting from each monthly figure $475,641 so that the aggregate for the year is equal to the annual estimate compiled by the United States Mint. 8 Figures for Canada beginning 1946 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 535 a fine ounce] Net imports from or net exports (—) to: Y m e o o a r . r im T n p o e o t t a r l ts U K d n i o i n t m g ed - France g B iu el m - N la e e n r t d - h s - S d w e e n - S l w a e n r i - d tz- Canada Mexico c A a O L n m a t h t e R i e r n r i e - - P p R i h i p n e i - - l e - t A ra u l s i - a A So fr u ic th a Japan India c o t o A r th i u e l e n l s r publics public 1938 1,973,569 1,208,728 81,135 15,488163,049 60,146 1,363 76,315 36,472 65,23127,880 39,162 401168,74016,159 13,301 1939 3,574,151 1,826,403 3,798165,122341,618 28,71586,987 612,949 33,610 57,02035,636 74,250 22,862165,60550,956 168,623 1940 4,744,472 633,083241,778 977 63,260161,48990,3202,622,330 29,880 128,25938,627103,777184,756111,73949,989 2284,208 1941 982,378 3,779 1 1 1,747 899 412,056 16,791 61,86242,678 67,492292,893 9,444 9,665 363,071 1942 315,678 1,955 5 208,917 40,016 39,680 321 528 4,119 129 20,008 1943 68,938 88 66,920 -3,287 13,489 152 307 -8,731 1944 -845,392 -695,483 46,210-109,695-108,560 199 3,572 18,365 1945 -106,250 160 53,148 15,094 -41,748 "163 106 357 4-133,471 1946 311,494 458 -14 —6 344,130 3,591-134,405 -156 41118,550 -2,613 5-18,083 1946 Sept. -7,629 197 82-29,198 17,902 -398 6 3,785 Oct. 24,182 2 -8 134 198 4,523 19,912 -682 103 Nov. 77,903 383 25,248 1,065 621 38,601 -430 6 12,415 Dec. -61,193 2 27,473 449-110,276 ' -151 17 18,883 -868 6 3,279 1947 Jan. -16,820 -2 6 51,174 443-97,579 -132 32,544 -374 -2,899 Feb. 20,361 9 30,319 222-30,341 -49 37,490 -5567-16,734 Mar. 153,634 -120 -31 1 101,642 221-13,269 -129 66 674 -1,140 -214 Apr. 44,050 26,341 -9,793 2,898 122 11 26,376 -1,390 —515 May 129,734 -75 26,442 262 24,352 -87 80,446 -78 -1,529 June 200,233 — 1,002 -108 1 52,913 217 96,026 -70 53,228 -334 -638 July 219,201 -449 1 51 820 7R7 103,894-1,111 60 081 -551 6 5,233 Aug.? 111,657 2 2 220! 330 90 369-1,543 17 16 042 64,221 p Preliminary. 1 Includes $28,097,000 from China and Hong Kong, $15,719,000 from Italy, $10,953,000 from Norway, and $13,854,000 from other countries. 2 Includes $75,087,000 from Portugal, $43,935,000 from Italy, $33,405,000 from Norway, $30,851,000 from U. S. S. R., $26,178,000 from Hong Kong, $20,583,000 from Netherlands Indies, $16,310,000 from Yugoslavia, $11,873,000 from Hungary, $10,416,000 from Spain, and $15,570,000 from other countries. 3 Includes $44,920,000 from U. S. S. R. and $18,151,000 from other countries. 4 Includes $133,980,000 to China and $509,000 from other countries. 6 Includes $33,728,000 from Russia, $55,760,000 to China, and $3,949,000 from other countries. e Includes imports from U. S. S. R. as follows: 1946—September, $3,372,000; November, $11,793,000; December, $4,492,000; 1947—July $5,626,000; August, $5,627,000. 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. 1320 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 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 9 937—Mar. 31 2,998.4 1,188.6 129.8 1,058.8 411 0 319 1 1,075 7 4 1 June 30 3,639 6 1,690 1 293 0 1,397 1 466 4 395 2 1 069 5 18 3 Sept. 29 3,995 5 1,827.2 448.2 1,379.0 518 1 493 3 1,125 1 31 9 Dec. 29 3,501 1 1,259 3 334 7 924 6 449 1 583 2 1 162 0 47 5 1938—Mar. 30 3,301 3 1,043 9 244 0 799 9 434 4 618 5 1 150 4 54 2 June 29 3,140.5 880.9 220.6 660.4 403.3 643.1 1,155.3 57.8 Sept. 28 3,567.2 1,275.4 282.2 993.2 477 2 625 0 1,125 4 64 1 Dec. (Jan. 4, 1939). 3,933.0 1,513.9 327.0 1.186.9 510.1 641.8 1,219.7 47.6 1939—Mar. 29 4,279.4 1,829.4 393.2 1,436.2 550.5 646.7 1,188.9 63.9 June 28 4,742 0 2,194.6 508.1 1,686.5 607 5 664 5 1 201 4 74 0 Sept 27 5,118.2 2,562.4 635.0 1,927.3 618.4 676.9 1,177.3 83.1 Dec. (Jan. 3, 1940). 5,112.8 2,522.4 634.1 1,888.3 650.4 725.7 1,133.7 80.6 1940—Mar. (Apr. 3) 5,207.8 2,630.9 631.0 1,999.9 631.6 761.6 1,095.0 88.7 June (July 3) 5,531.3 2,920.7 1,012.9 L.907.8 684 1 785 6 1,042 1 98 9 Sept. (Oct. 2) 5,831.2 3,175.9 1,195.4 L,980.5 773.6 793.1 987.0 101.6 Dec. (Jan. 1, 1941). 5,807.9 3,239.3 1,281.1 .958.3 775.1 803.8 888.7 100.9 1941—Mar. (Apr. 2) 5,607 4 3,229.7 1,388.6 1,841.0 767 4 812 7 701 8 95 9 June (July 2) 5,660.1 3,278.0 1,459.8 1,818.2 818.6 834.1 631.2 98.2 Sept. (Oct. 1) 5,612 6 3,241.8 1,424.0 1,817.7 805 3 841 1 623 5 100 9 Dec. 31 5,354.1 2,979.6 1,177.1 1,802.6 791 3 855 5 626 7 100.9 1942—Mar. (Apr. 1) 5,219.3 2,820.9 1,068.9 1,752.0 819.7 849.6 624.9 104.3 June 30 2 5,636.4 3,217.0 1,352.8 1,864.2 842.3 838.8 632.0 106.2 Sept. 30 5,798.0 3,355.7 1,482.2 1,873.5 858 2 830 5 646 1 107.5 Dec. 31 5,980.2 3,465.5 1,557.2 1,908.3 888.8 848.2 673.3 104.4 1943—Mar. 31 6,292 6 3,788 9 1,868 6 1,920.3 898 7 810 5 685 9 108 6 June 30 6,652.1 4,148.3 2,217.1 1,931.2 896 9 806 8 687 9 112 1 Sept 30 6,918.7 4,278.0 2,338.3 1,939.7 888.6 929.3 708.1 114.8 Dec. 31 7,267.1 4,644.8 2,610.0 2,034.8 877 6 925 9 701 1 117 8 1944—Mar. 31 7,611.9 5,034.4 3,005.0 2,029.4 868 0 904 1 685 8 119.6 June 30 7,610.4 5,002.5 2,812.2 2,190.3 856.6 929.8 702.4 119.1 Sept. 30 7,576.9 4,807.2 2,644.8 2,162.3 883 5 1,026 2 737 8 122 2 Dec. 31 7,728.4 4,865.2 2,624.9 2,240.3 805.8 1,019.4 911.8 126.3 1945—Mar 31 . 8,002.6 5,219.4 2,865.1 2,354.3 848.5 983.7 820.6 130.5 June 30 8,422 8 5,671.0 3,313.2 2,357.9 760 4 1 011 2 848 4 131 8 Sept. 30 8,858.6 6,042.2 3,554.9 2,487.2 865 3 998 2 818 4 134.6 Dec. 31 8,802.8 6,144.5 3,469.0 2,675.5 742.7 972.8 798.7 144.1 1946—Jan. 31 8,822 9 6,234.7 3,601.6 2,633.2 729 2 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 5,017.3 1,976.2 3,041.1 2,705.6 380.9 1,229.8 439.7 156.6 Mar. 31 9,706.7 4,811.3 1,695.4 3,115.9 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 May 31 9,478.2 4,468.0 1,418.7 3,049.3 2,819.4 255.3 1,380.7 398.5 156.4 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^peries 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. OCTOBER 1947 1321 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued NET CAPITAL MOVEMENT TO UNITED STATES SINCE JANUARY 2, 1935—Continued [Net movement from United States, (—). In millions of dollars] TABLE 2.—TOTAL CAPITAL MOVEMENT, BY COUNTRIES From Jan. 2, 1935, through — Total i U K d n i o i n m t g e - d France N la e e n r t d - h s - S l w a e n r i - t d z- 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) ,440.7 554.9 210.2 114.5 130.4 24.0 166.6 1,200.6 () 70.9 156.5 12.7 1936—Dec. 30 ,667.4 829.3 299. 229.7 335. 45.6 311.6 2,051.3 150.5 201.2 243.0 21.4 1937—Dec. 29 ,501.1 993.7 281 311.9 607.5 22.1 436.1 2,653.0 106.3 410.6 315.4 15.9 1938—Dec. (Jan. 4, 1939) ,933.0 1,183.8 339.6 328.6 557.5 32.2 612.5 3,054.2 155.3 384.6 302 36.2 1939—Dec. (Jan. 3, 1940) ,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) .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 ,354.1 674.1 639.9 464.4 725.7 50.5 1,071.7 3,626.3 340.5 567.5 691 128.6 1942—Dec. 31 ,980.2 837.8 625.9 474.0 592.1 48.1 1,030.3 3,608.1 425.1 835.8 932.9 178.3 1943—Dec. 31 ,267.1 1,257.7 636.8 487.7 629.1 48.2 1,133.3 4,192.8 760.3 951.0 ,161.6 201.4 1944—Dec. 31 ,728.4 1,090.0 585.7 506.2 664.3 63.1 1,172.5 4,081.8 976.41,193.7 ,273.6 203.0 1945—Dec. 31 ,802.8 892.5 464.2 539.7 722.3 106.5 1,311.8 4,037.0 1,395.7 1,338.4 ,784.1 247.5 1946— June 30 8,147.4 485.3 432.5 411.9 737.0 170.4 ,317.6 3,554.81,313.21,471.6 ,560.3 247.5 July 31 8,296.2 756.0 419.4 389.4 741.0 196.9 ,288.1 3,790.71,278.71,486.1 ,492.1 248.5 Aug. 31 8,063.9 624.1 393.2 376.4 752.5 201.0 ,264.8 3,612.01,223.51,566.2 ,425.4 236.7 Sept. 30 8,001.0 665.1 421.1 370.1 745.9 203.5 ,243.9 3,649.51,177.71,544.8 ,365.9 263.2 Oct. 31 8,015.8 736.3 433.1 351.1 756.3 213.4 ,248.7 3,738.9 ,110.61,569.6 ,326.6 270.0 Nov. 30 828 9 640.9 401.7 322.8 760.9 228.0 ,249.5 3,603.8 ,067.01,546.4 ,327.4 284.4 Dec. 31 555.7 563.1 384.8 326.4 766.1 287.5 ,246.3 3,574.2 979.7 1,474.0 ,258.3 269.6 1947—Jan. 31..... 7,598.4 585.6 369.4 319.1 769.5 342.8 ,259.5 3,645.8 967.1 1,466.3 ,217. 302.0 Feb. 28 7,224.3 558.2 336.3 295.6 776.8 256.2 ,232.8 3,455.8 933.31,431.2 ,155.9 248.1 Mar. 31 6,999.7 489.6 351.4 256.7 786.1 215.8 ,262.9 3,362.5 853.1 1,384.3 ,149.8 250.0 Apr. 30 7,039.0 595. 332.0 391.7 801.6 221.7 ,210.0 3,552.8 764.8 1,364.7 ,112.0 244.6 May 31 6,658.9 453.5 319.8 356.8 804.6 198.7 ,161.5 3,294.9 763.1 1,318.6 ,042.6 239.6 TABLE 3.—INCREASE IN FOREIGN BANKING FUNDS IN U. S., BY COUNTRIES From Jan. 2, 1935, through- Total U K d n i o i n m t g 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 he ll r* 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 76.3 288.4 6.9 119.1 791.7 76.3 166.3 217.0 8.0 1938—Dec. (Jan. 4, 1939). 1,513.9 364.0 155.3 87.9 205.1 1.7 196.8 1,010.7 101.6 127.6 251.8 22.2 1939—Dec. (Jan. 3, 1940) . 2,522.4 376.1 256.1 190.9 362.7 19.7 449.9 1,655.4 174.5 215.1 417.0 60.5 1940—Dec. (Jan. 1, 1941). 3,239.3 293.3 458.0 160.3 494.7 — .9 580.8 1,986.3 334.1 326.4 531.2 61.3 1941—Dec. 31 2,979.6 328.6 416.5 161.0 326.2 -3.4 538.0 1,766.9 273.1 296.7 541.4 101.6 1942—Dec. 31 3,465.5 493.3 394.5 170.0 166.3 -6.2 479.8 1,697.5 399.5 482.8 743.9 141.9 1943—Dec. 31 4,644.8 939.4 404.1 176.7 192.7 -6.9 565.3 2,271.2 704.7 578.7 928.2 162.0 1944—Dec. 31 4,865.2 804.4 356.6 193.1 221.4 7.0 611.2 2,193.7 818.6 794.7 888.6 169.7 1945—Dec. 31 6,144.5 646.4 229.9 265.0 286.3 50.1 745.8 2,223.4 ,414.2 924.9 ,369.1 212.9 1946— June 30 5,662.7 273.7 205.8 239.5 314.6 116.6 747.6 1,897.9 1,155.81,029.7 ,360.8 218.5 July 31 5,949.7 599.7 195.1 217.5 318.8 145.2 718.4 2,194.8 1,176.41,052.8 ,306.8 218.9 Aug. 31 5,729.0 464.0 170.6 210.5 341.1 154.0 691.2 2,031.4 1,111.6 105.0 ,256.9 224.1 Sept. 30 5,681.7 509.0 195.4 222.4 333.1 158.6 679.4 2,097.9 1,069.6 ,059.2 ,215.8 239.3 Oct. 31 5,660.9 576.8 204.5 199.1 345.5 168.6 688 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 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. 701.0 2,141.0 748.0 ,010.3 ,082.9 288.5 Feb. 28 5,017.3 381.9 129.0 197.8 370.5 227.1 673.1 1,979.3 784.7 981.0 ,013.5 258.7 Mar. 31 4,811.3 312.2 146.2 166.7 378.5 198.2 719.1 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 ,000.0 982.7 247.2 May 31 4,468.0 279.7 117.8 189.7 388.9 184.1 647.8 1,808.0 ,009.4 943.1 237.9 TABLE 4.—DECREASE IN U. S. BANKING FUNDS ABROAD, BY COUNTRIES From Jan. 2, 1935, through— Total U K d n i o i n m t g 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 he ll r2 1935—Dec. (Jan. 1, 1936) 361.4 208.8 48.1 — .4 1.6 13.7 38.5 310.2 -4.6 20.1 37.3 — 1.6 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 1 1 9 9 3 3 8 7 — — D D e e c c. ( 2 J 9 an. 4, 1939) 5 4 1 4 0 9 . . 1 1 2 2 0 0 6 7 . . 2 4 6 6 8 5 . . 4 3 - — 5 4 .6 .4 2 2 .6 6 1 6 3 . . 5 7 1 1 3 7 2 5 .6 0 4 46 0 0 9 . . 9 3 -2 3 1 5 . . 7 9 5 6 1 6 .8 6 — 1 4 8 6 7 5 — — 7 8 . 0 7 1939—Dec. (Jan. 3, 1940) 650.4 252.2 73.8 12.9 2.9 15.5 206.2 563.5 56.5 52.6 —21.5 — .8 1940—Dec. (Jan. 1, 1941) 775.1 269.2 74.6 17.7 6.5 25.3 241.4 634.7 60.3 43.2 34.8 2.1 1941—Dec 31 .. 791.3 271.2 76.9 17.6 5 4 25 8 250.5 647.4 62.7 17 7 64 7 —1 2 1942—Dec. 31 888.8 279.4 77.8 18.1 6.6 26.2 253.5 661.5 58.6 68 3 93 8 6 6 1943—Dec 31 877.6 272.1 77.9 18.3 5.1 26.2 256.8 656.5 55.1 55.7 102.7 7.5 1944—Dec 31... 805.8 266.1 77.7 18.3 6.8 26.2 231.5 626.6 64.8 37.0 77.7 -.3 1945—Dec 31 742.7 266.6 78.0 -17.7 5.2 26.2 235.1 593.4 39.5 9.1 99.2 1.5 1946—june 30 624.5 261.5 78.1 -100.7 1.6 24.1 248.2 512.9 39.3 3.3 72.8 -3.9 July 31 574.1 216.2 75.7 -101.0 1.4 22.2 242.8 457.3 50.6 -2.4 71.9 -3.4 Aug. 31 554.0 226.2 76.0 -104.2 3 4 17.8 246.0 465.2 49.3 — 17 3 61 1 —4 2 Sept 30 519.8 226.7 76.1 -118.4 2.6 15.9 236.3 439.2 42.6 -14.6 56.4 -3.7 Oct. 31 532.8 235.5 75.1 — 110.2 3 7 16 0 232.0 452 0 43 2 — 14 1 54 8 —3 1 Nov. 30 492.9 236.1 75.0 -12.0.2 1.8 13.7 229.0 435.4 40 0 —32 2 54 1 —4 4 Dec 31 427.2 244.3 73.4 -132.3 -1.7 10.6 226.9 421.3 40.7 -58.8 29.9 -5.8 1947—jan 3i 404.8 241.5 69.2 -117 9 —3 5 11 7 226.0 426 9 44 1 —92 4 34 6 —8 4 Feb. 28 380.9 252.6 66.1 -135.1 -4.1 8.9 225.9 414.3 49.9 -111.6 • 44.0 -15.7 Mar 31 337.1 256.2 63.4 -137.1 -3.3 6.0 217.1 402.4 53.9 -140.6 40.2 -18.7 Apr 30 333 6 249 6 57 9 -32 4 4 5 203.4 482 8 56 5 —213 7 31 0 —23 0 May 31 255.3 252.4 60.2 -20.6 -1.4 2.7 196.7 490.0 56.1 -270.0 1.8 -22.6 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. 1322 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued NET CAPITAL MOVEMENT TO UNITED STATES SINCE JANUARY 2, 1935—Continued [Net movement from United States, (—). In millions of dollars] TABLE 5.—FOREIGN SECURITIES: RETURN OF U. S. FUNDS, BY COUNTRIES (Net Purchases by Foreigners of Foreign Securities Owned in U. S.) From Jan. 2, 1935, through— Total U K d n o i i n 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 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—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 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 6.5 Sept. 30 1,170.7 100.4 49.9 30.3 37.4 27.1 258.2 503.4 200.2 390.3 59 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 May 31 1,380.7 103.6 49.6 2.2 31.4 26.9 258.3 472.0 358.8 474.2 61.0 14.7 TABLE 6.—DOMESTIC SECURITIES: INFLOW OF FOREIGN FUNDS, BY COUNTRIES (Net Purchases by Foreigners of U. S. Securities) United Neth- Switz- From Jan. 2, 1935, through— Total K d i o n m g- France la e n r d - s la e n r- d Italy E O u t r h o e p r e E T u o ro ta p l e C ad an 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 _ ! 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 —, I 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 -t 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—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 May 31 398.5 -200.5 72.3 168.6 345.4 -15.4 45.2 415.5 -141.0 86.5 28.8 8.7 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 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 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 1.3 7.6 -4.5 1.0 2.9 .9 1936—Dec. 30 12.9 4.0 10.4 -.9 9.1 -.3 22.6 -7.6 -4.2 2.1 1937—Dec. 29 47.5 11.5 11.5 5.0 10.8 5.0 44.0 3.5 .5 () 1938—Dec. (Jan. 4, 1939). 47.6 13.4 12.9 6.8 9.6 5.0 47.9 1.8 -.9 -1.5 1939—Dec. (Jan. 3, 1940). 80.6 19.4 20.1 9.3 17.8 4.9 71.6 8.7 1.6 -3.4 2^1 1940—Dec. (Jan. 1, 1941). 100.9 17.0 19.9 13.4 16.2 7.7 74.3 10.7 9.2 6.0 .7 1941—Dec. 31 100.9 16.8 19.9 17.6 13.5 7.7 75.7 14.1 3.9 6.3 .8 1942—Dec. 31 104.4 17.4 20.7 17.5 13.7 8.5 78.1 15.2 4.2 6.0 .9 1943—Dec. 31 117.8 18.8 21.5 19.9 19.3 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 10.4 97.7 16.2 5.1 5.6 1.8 1945—Dec. 31 144.1 19.8 23.4 26.0 30.3 13.6 113.6 19.5 5.9 3.8 1.3 1946—June 30 141.4 19.3 24.3 15.9 33.4 12.9 106.3 18.5 10.2 4.8 1.5 July 31 140.9 18.9 24.4 16.1 33.8 13.2 107.0 19.8 8.5 3.9 1.7 Aug. 31 146.8 19.2 23.7 15.8 35.9 13.7 108.9 19.1 12.9 4.4 1.6 Sept. 30 150.4 18.6 22.1 15.7 36.9 14.0 107.5 19.2 18.3 3.7 1.6 Oct. 31 153.1 19.2 22.4 16.3 37.9 14.1 110.4 20.1 17.1 4.0 1.5 Nov. 30 154.7 19.2 22.0 16.1 38.6 14.8 111.2 21.5 15.3 5.0 1.8 Dec. 31 153.7 19.2 20.5 17.5 39.6 14.7 112.0 21.5 13.4 4.8 2.0 1947 Jan. 31 150.4 19.2 20.1 17.3 39.5 14.1 110.8 22.1 10.3 5.3 1.9 Feb. 28 156.6 19.8 20.0 14.9 39.9 14.0 109.0 21.7 18.0 5.2 2.8 Mar. 31 154.5 17.7 20.4 16.3 41.5 13.8 110.0 20.0 16.3 5.5 2.8 Apr. 30 161.6 18.6 20.5 17.3 42.1 13.7 112.7 21.2 19.5 7.0 1.2 May 31 4156.4 18.4 19.9 16.9 40.4 13.5 109.5 19.6 18.5 8.0 .9 1 Prior to Jan. 3, 1940, the figures under Asia represent Far East only, the remaining Asiatic countries being included under ll'AAll other." 2 Inflow less than $50,000. 3 Outflow less than $50,000. * Amounts outstanding May 31 (in millions of dollars): foreign brokerage balances in United States, 106.0; United States brokerrage balances abroad, 26.4. OCTOBER 1947 1323 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 te I r n n - a- To co ta u l n f t o r r ie ei s g 1 n United Neth- Switz- Date t i i n o s n ti a - l Official K d i o n m g- France la e n r d - s la e n r- d Italy E O u t r h o e p r e E T u o ro ta p l e C a a d n a - A L m a e t r i i n ca Asia 2 Ot A he ll r 2 tutions and Official 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 20 273.3 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 38 526.4 1,882.6 274.6 336.0 655.7 72.5 1940—Dec.3. .. 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 ,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 ,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 ,549.7 181.8 1946—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 1,263.81,151.3 ,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 1,284.31,174.4 ,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 ,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 ,396.4 208.1 Oct. 31. 284.4 46,395.1 3,487.2 638.1 284.6 215.7 4 359.1 188.9 851.9 2,538.3 103.3 1,180.5 ,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 ,045.3 1,150.8 ,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 s 931.81,104.8 ,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 ,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 2,334.6 892.7 1,102.6 ,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 2,276.3 778.2 1,077.6 ,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 ,163.3 216.0 May 31. 2,839.3 5,202.2 2,129.0 341.0 197.9 206.3 402.5 204.4 811.1 2,163.3 1,130.9 ,123.7 206.7 LIABILITIES—SUPPLEMENTARY DATA Other Europe Date E O ur th o e p r e g B iu e m l- m De a n 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 or a t l u- m R an u i - a6 Spain6 SwedenUSSR6 Y sla u v g i o a - 6 ot A h l e l r I939—Dec.3 526.4 159.2 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 19l!o 1942—Dec. 31... 650.9 121.8 17.7 7.9 7.5 39.3 18.3 132.4 35.7 9.4 i7.5 153.5 14.3 17.7 57.9 1943—Dec. 31. .. 728.6 122.9 13.9 7.7 6.5 43.5 18.4 158.9 53.4 9.3 31.8 163.2 12.3 9.9 76.9 1944—Dec. 31. .. 774.5 124.3 14.8 7.1 6.8 48.7 18.6 220.8 54.5 9.5 43.4 152.1 16.1 5.7 52.1 1945—Dec. 31. .. 909.1 185.0 25.9 5.5 7.0 70.8 22.3 216.1 47.9 9.3 31.7 210.1 28.0 5.7 43.7 1946—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 May 31. .. 811.1 150.9 56.9 22.4 21.5 37.7 22.2 100.6 52.3 8.3 17.5 152.2 50.4 12.5 105.6 Latin America Neth- French er- Date A L i m a c t a e in r- A t r i g n e a n- li B v o ia - 7 Brazil Chile l b C o i m o a - 7 - C R o ic s a ta 7 Cuba I W G n a d n u e i d i s e - t s M ic e o x- I l W n a a d n n e i d d s e s t s P m an a a 8 - Peru7 z V u e e n la e 7 - A L O i a m c t t h a i e e n r r ana7 Surinam7 1939—Dec.' 336.0 57.7 36.4 26.8 37.0 58.8 34 0 85.3 1940—Dec.3 447.3 115.4 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.& 1942—Dec. 31. .. 597.7 67.6 i6!8 67.7 34.5 "43!i' "\2A 100.3 "'49' 95.7 "20!}' 36.9 'ij'.i' 26!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—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 1186.1 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 May 31. .. 1,130.9 252.0 10.3 96.7 45.3 57.8 8.5 162.0 3.6 128.8 9.0 68.9 38.9 46.3 |202.9 For footnotes see p. 1325. 1324 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued SHORT-TERM FOREIGN LIABILITIES AND ASSETS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES—Continued [In millions of dollars] LIABILITIES—SUPPLEMENTARY DATA—Continued Asia and All Other Date Asia C M c a r h h n i a i u a d n n - a - F C I r n h e d n in o c a - h 1 H K o o n n g g I C B n m a lo 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 - h e 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 d n l a p p o n - t -F r r M o e c n o c c - o h S A U o o f n u r f i i t o c h n a Other 1939—Dec.s 655.7 167 0 71 4 165 .4 193 4 58.5 72 5 1940—Dec.3 769.9207 5 91 1 110.3 198 6 162 .4 73 3 1941—Dec.31.... 780.0156.8 61 6 69.9 226 8 264 .9 113 6 1942—Dec.31.... 930.0360 9 "27 A 41 6 is".1 "i'.o 4.8 16014 254 729.9 36.2 149 6 23. 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—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 4 64.5 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 3 64.3 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 5 56.5 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 ? 18 7 122 9 447 1 SS 8 79 4 220 40 4 9 6 19 6 16 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 7 19.0 16 1 47.3 86.2 May 31. .. 1,123.7324 3 40.5 41 5 33.4 9.6 18.0 95 4 432 257.0 71.8 206 7 36. 2 8 7 20.5 14 9 50.0 76.5 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. 1324. 1 Country breakdown is for "Official and private." 2 Prior to Jan. 3, 1940, the figures under Asia represent Far East only, the remaining Asiatic countries being included under "All other." 3 Report dates for these years are as follows: 1934—Jan. 2, 1935; 1935—Jan. 1, 1936; 1938—Jan. 4, 1939; 1939—Jan. 3, 1940; and 1940— Jan. 1, 1941. 4 These figures are not strictly comparable with the corresponding figures for preceding months due to 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. • 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 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 i a c t a e in r- Asia x 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—Der 31 257 9 19 9 1 l 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 1945—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# 3i 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 May 31 880.2 39.6 18.8 39.3 9.5 23.8 113.1 244.1 36.8 438.0 127.3 34.0 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. OCTOBER 1947 1325 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 l - 3 m R an u i - a1 Spain1 S d w en e- USSR1 s Y la u v g i o a - 1 o A th l e l r 1939—Dec.2... 104.7 6.5 3.2 1.4 53.4 3.6 8.7 28.0 1940—Dec.2... 69.5 1.5 .3 1.8 39.6 9 1.0 24.5 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 .2 2.4 3.2 .4 8.4 1943—Dec. 31 52.9 .7 7.6 33.9 .6 .2 1.4 3.2 .2 5.0 1944—Dec. 31 78.3 .7 33.9 .6 35.1 .8 1.8 .2 5.1 1945—Dec. 31 74.6 .6 33.9 .7 31.6 .5 1.6 .9 4.7 1946—June 30 61.6 7.7 4.4 33.9 1.1 .3 .5 .1 2.9 5.6 5.0 July 31 67.0 8.8 4.3 33.9 1.6 .6 .7 .1 4.2 7.6 5.0 Aug. 31 63.8 9.1 4.0 33.9 2.1 .5 .7 3.3 5.5 4.3 Sept. 30 73.4 6.9 3.5 33.9 12.6 .7 1.0 3.6 5.5 5.5 Oct. 31 77.8 7.2 4.3 33.9 12.6 .7 1.3 7.2 4.1 6.1 Nov. 30 80.8 7.7 5.9 33.9 13.0 2.1 .9 8, 6.5 3.9 6.2 Dec. 31 82.8 7.5 6.2 30.4 12.4 3.3 1.0 7.2 4.9 9.4 1947—Jan. 31 83.8 7.1 6.4 30.3 12.4 3.7 .9 7.3 5.5 9.5 Feb. 28 83.9 7.4 6.1 30.4 12.5 4.0 .9 S3 6.2 5.6 10.2 Mar. 31 92.6 8.0 8.3 30.4 13.2 4.2 1.0 3.8 6.0 13.2 Apr. 30 106.4 8.9 7.1 30.4 12.8 5.2 1.0 3.7 7.1 22.9 May 31 113.1 8.9 9.1 30.3 13.0 5.9 1.2 4.2 3.5 7.4 26.3 6.9 7.0 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 vi o a - * Brazil Chile l b C o i m a o * - - C R o ic s a t * a Cuba I W G n a d n u e i d i s e - t s Mexico I l W n a a d n n e i d d s e s t s P m an a a 6 - Peru* V zu e e n la e * - O A L i m a t c h t a e i e n r r ana4 Surinam* 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 .2 4.8 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 (3) 11.2 .5 1.1 1.4 3.8 8.7 1944—Dec. 31 131 0 3.1 1.8 25.3 9.0 15.5 1.2 47.4 (3) 8.6 3 .8 1.2 5.1 11.7 1945—Dec 31 158.9 21.0 1.3 24.7 6.6 16.8 1.2 33.3 11.0 .5 1.1 1.9 6.1 33.4 1946— J J u u l n y e 3 3 1 0 1 17 6 0 4 .7 4 2 2 7 0 . . 9 4 4 3 . . 4 1 2 28 8 . . 6 4 8 7 . . 0 5 2 2 1 3. . 2 3 2 1. . 5 1 2 2 5 9 . . 7 3 ( ( 3 3) ) 1 1 5 5 . . 2 0 .4 5 1 1 .8 6 3 3 .5 4 8 7 .9 1 2 2 4 2 .1 0 Aug. 31 185.3 25.6 3.2 41.3 10.6 22.6 9.8 15.6 .2 17.2 .4 1.3 3.6 8.1 25.8 O Se c p t. t . 3 3 0 1 1 1 8 8 2 2 . . 6 1 2 2 1 2 . . 4 5 2 2. . 2 6 3 4 7 0 . . 2 4 1 1 4 3 . . 5 8 2 2 3 1 . . 8 0 2 1. . 7 6 2 2 1 7 . . 1 9 (3)s 2 1 2 7 . . 0 6 . . 4 4 . . 9 9 3 2 . . 0 7 4 7 . . 8 0 2 2 7 4 . . 0 9 Nov 30 200.2 24.0 2.0 43.9 14.0 19.8 2.5 41.1 .1 20.6 .5 .8 2.7 6.6 21.7 Dec. 31 226.8 41.8 2.3 49.8 14.6 26.4 2.9 25.7 .2 25.5 .8 1.3 3.7 8.7 23.1 1947—Jan 31 260.4 49.1 2.6 54.4 13.1 29.9 3.4 35.5 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 May 31 438. Q 60.7 5.3 150.2 20.3 36.4 3.6 60.1 .1 34.8 1.0 2.1 7.6 19.2 36.7 Asia and All Other Date Asia C M c a r h h n i a u i 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 6 - - , l M a B ti y s r a h a i- - 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 tr u a s - -N l Z a e e n a w d - A S E E t a u i n g g n a d g y y d n a l p p o n t - Fr M en o c - h S A U o f o n u r f i i t o c h a n Other 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 2.2 .7 5 1.6 14.4 1.8 2.0 4.8 1.0 .7 1.7 1.2 1943—Dec. 31 26.3 1.7 1.0 2.0 .5 .5 1.7 13.9 3.2 1.8 3.9 .5 .2 2.4 .7 1944—Dec. 31 51.4 1.5 .9 22.3 .1 .5 1.5 13.8 1.8 8.8 11.7 .6 .2 9.7 1.0 1945—Dec. 31 29.9 1.0 .8 7.5 .1 .5 1.4 13.8 2.0 2.7 9.9 1.7 .7 4.7 2.5 1946—June 30. . . 56.2 23.9 2.0 7.4 .1 .3 1.4 16.7 .9 3.5 15.3 1.9 .6 8.5 3.9 July 31. .. 57.1 19.0 2.2 9.4 1.7 .3 1.2 18.5 .9 3.9 14.8 2.9 1.1 8.0 2.5 Aug. 31. .. 68.0 28.6 2.9 10.8 .1 .3 1.3 19.2 .9 3.9 15.6 2.9 1.2 8.1 3.0 Sept. 30. . . 72.7 34.7 3.2 11.7 .2 .3 1.2 16.6 .9 3.9 15.1 3.3 1.2 7.7 2.5 Oct. 31. .. 74.3 34.6 6.5 10.1 .2 .5 1.0 16.0 1.3 4.0 14.5 1.0 8.4 2.0 Nov. 30. . . 75.0 40.8 4.0 9.1 .2 .2 .9 14.7 .9 4.2 15.8 .9 9.1 2.4 Dec. 31. .. 99.2 53.9 5.9 12.0 .2 .2 1.0 20.2 1.4 4.4 17.2 3.4 1.1 10.1 2.2 1947—Jan. 31. .. 94.5 43.8 5.0 12.7 .5 .2 1 25.3 1.4 4.5 19.8 4.3 1.2 10.5 3.4 Feb. 28 . . . 85.0 36.8 5.1 12.9 .5 .2 .9 23.0 1.5 4.0 27.1 6.2 1.3 14.7 4.5 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 1.5 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 1.3 18.3 6.8 May 31. .. 127.3 76.1 3.5 13.2 1.1 .2 1.5 23.2 2.7 5.8 34.0 6.6 1.6 18.9 6.0 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. * 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. 1326 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS Assets of issue department Assets of banking department Liabilities of banking department Bank of England Note (Fi p g o u u 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 Cash reserves a c n o D d u i s n a - t d s - Se ti c e u s ri- ci t r io cu n l 8 a- Deposits l O ia t b h i e li r - Coin Notes vances Bankers' Public Other ties 1935—Dec. 25. 200.1 260.0 .6 35.5 8.5 94.7 424.5 72.1 37.1 18.0 1936—Dec. 30. 313.7 200.0 .6 46.3 17.5 155.6 467.4 150.6 39.2 18.0 1937—Dec. 29. 326.4 220.0 41.1 9.2 135.5 505.3 120.6 11.4 36.6 18.0 1938—Dec. 28. 326.4 230.0 51.7 28.5 90.7 504.7 101.0 15 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 6 950.0 .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 s 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 6 1,400.0 .4 20.3 8.4 327.0 1,379.9 274.5 5.3 58.5 17.8 1946—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 » 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 Aug. 27. 1,450.0 2.5 56.8 16.6 332.0 1,393.4 282.0 14.0 93.4 18.4 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 ion' lia O bi t l h it e i r es8 dollars Short- Chartered Dominion term6 Other banks govern- 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—Sept. 30. .7 1,259.1 523.9 38.3 ,147.5 511.3 27.4 87.8 48.0 Oct. 31. .9 ,301.5 521.5 40.1 ,156.9 538.6 36.6 85.2 46.7 Nov. 30. .9 ,283.8 605.0 40.9 ,161.1 579.5 63.9 79.4 46.8 Dec. 31. 1.0 ,197.4 708.2 42.1 ,186.2 565.5 60.5 93.8 42.7 1947—Jan. 31. 1.0 ,196.8 718.8 39.3 ,138.6 533.3 150.1 82.9 51.0 Feb. 28. 1.0 ,172.3 738.9 47.6 ,137.9 493.6 215.7 75.3 37.3 Mar. 31. 1.2 ,146.9 757.5 40.4 ,153.2 536.3 159.8 64.6 32.1 Apr. 30. .0 ,186.0 751.2 59.2 ,153.9 542.6 195.7 69.3 35.9 May 31. .0 ,123.0 731.0 41.3 ,148.1 477.6 179.4 58.5 32.6 June 30. 4.0 ,063.7 716.0 40.4 ,152.6 474.4 105.6 54.4 36.9 July 31. .7 ,081.9 722.6 42.0 ,153.7 468.3 124.1 63.7 37.3 Aug. 30 . 2.4 1,141.5 720.3 39.0 1,158.9 515.0 133.6 58.7 37.1 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. s 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. OCTOBER 1947 1327 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 t o s i c o 3 - n Other 2 a O ss t e h t e s r 4 ci N t r i c o o u t n 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—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 July 31... 664,817 6 99,114 8 85,195 426,000 113,600 8120,046 831,587 792 71,329 5,075 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. 6 Central Administration of the Reichskreditkassen. 6 In each of the weeks ending Apr. 20 and Aug. 3, 1939, 5,000 million francs of gold transferred from Exchange Stabilization Fund to Bank of France; in week ending Mar. 7, 1940, 30,000 million, in week ending Oct. 11, 1945, 10,000 million, in week ending Dec. 27, 1945, 53,000 million, in week ending May 2, 1946, 35,000 million, and in week ending July 3, 1947, 18,000 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) Aug. July June Aug. date of month) Aug. July June Aug. Central Bank of the Argentine National Bank of Belgium—Cont. Republic (millions of pesos): Loans to Government 48,947 47,169 48,624 49,579 Gold reported separately 045 1,235 Other loans and discounts 4,296 6,456 2,652 3,271 Other gold and foreign exchange. 163 4,665 Claim against Bank of Issue... . 64,597 64,597 64,597 64,597 Government securities 958 866 Other assets 2,379 2,327 2,244 2,094 Temporary advances to Govt.. . 47 Note circulation 77,818 77,597 75,380 71,284 Rediscounts and loans to banks1. 048 8,089 Demand deposits 3,893 4,493 4,809 5,338 Other assets 418 2,160 Blocked accounts 4 78,712 78,719 78,891 78,009 Currency circulation2 404 3,599 Other liabilities 1,775 1,745 1,658 1,422 Deposits—Member bank 329 1,433 Central Bank of Bolivia—Mone- Government 091 660 tary Dept.(millions of bolivianos): Nationalized x 006 9,475 Gold at home and abroad 922 920 Other 79 210 Foreign exchange 434 282 Certificates of participation in Loans and discounts 301 207 Government securities 2 Government securities 430 431 Other liabilities 723 1,683 Other assets 8 12 Commonwealth Bank of Aus- Note circulation 1,678 1,635 tralia (thousands of pounds): Deposits 193 214 Gold and foreign exchange 178,971 186,158 216,105 Other liabilities 224 3 Checks and bills of other banks. . 2,095 4,073 2,355National Bank of Bulgaria 5 Securities (incl. Government and Central Bank of Chile (millions Treasury bills) 410,572 429, 390,316 of pesos): Other assets 17,034 10, 7,124 Gold 200 222 220 331 Note circulation 204,143202, 197,680 Gold contribution to Int'l. Fund. 43 43 43 Deposits of Trading Banks: Discounts for member banks. . . 658 868 725 '"592 Special 248,064 270 254,262 Loans to Government 1,162 991 1,234 718 Other 24,195 21. 23,638 Other loans and discounts 1,394 1,239 1,151 662 Other liabilities 132,270 135, 140,319 Other assets 1,662 1,625 1,638 1,907 National Bank of Belgium Note circulation 3,658 3,670 3,761 3,016 (millions of francs): Deposits—Bank 675 586 517 593 Gold 28,453 28,214 32,852 Other 280 247 265 174 Foreign exchange 12,161 12,227 3,660 Other liabilities 506 486 467 427 Net claim on Int'l. Fund8 1,364 1,564 1 Government decree of Apr. 24, 1946, provided for the guarantee of all deposits registered in the name of the Central Bank. 2 By decree of May 24, 1946, the Central Bank became responsible for all subsidiary money. » This figure represents the amount of the bank's subscription to the Fund less the bank's local currency liability to the Fund. Until such time as the Fund engages in operations in this currency, the "net claim" will equal the country's gold contribution. 4 Includes increment resulting from gold revaluation, notes forfeited to the State, and frozen old notes and current accounts. 5 For last available report (January 1943), see BULLETIN for July 1943, p. 697. 1328 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS—Continued Central Bank 1947 Central Bank 1947 1946 (Figures as of last report (Figures as of last report date of month) date of month) Aug. July June Aug. Aug. July June Aug. Bank of the Republic of Colombia Bank of Finland (millions of (thousands of pesos): markkaa): Gold 52,043 62,589246,743 Gold 2 2 2 1 Foreign exchange 35,398 46,580 66,484 Foreign assets (net) 980 1,438 1,296 316 Net claim on Int'l. Fund x 21,867 21,867 Clearings (net) —3,920 —4,2 78 -4,984 -8,739 Paid-in capital—Int'l. Bank. . . . 1,225 1,225 Loans and discounts 33,241 32,033 32,163 32,920 Loans and discounts 12,647 93,479 26,920 Securities 4.50 407 408 497 Government loans and securities. 88,521 87,828 79,594 Other assets 698 755 1,023 649 Other assets 41,712 39,207 39,959 Note circulation 23,945 22,956 22,415 17,986 Note circulation 144,361 •44,824216,351 Deposits 1,148 1,216 1,473 2,580 Deposits .75,440 73,751205,715 Other liabilities 6,339 6,185 6,020 5,078 Other liabilities 33,612 34,198 37,634 Bank of Greece (billions of drach- National Bank of Costa Rica- mae) : Issue dept. (thousands of colones): Gold and foreign exchange (net). 707 725 1,002 G C L S O N F e o o o o t o t c h r a l n o t e u d e n e t i r r r g s I i i c n t n b a a i i t e r u s n ' c e s s l t d u . x i e o l t c B a d s n h t i a s a i s n o n c t k n o g o e u I n n t t s 'l. Fund and 3 6 1 7 0 4 3 7 1 3 1 , , , , , , , 8 3 0 0 0 8 8 2 0 5 2 0 6 1 1 3 1 0 9 9 3 6 1 7 1 0 4 2 1 5 4 1 , , , , , , , 3 3 0 7 0 4 0 2 2 4 2 9 5 7 1 9 6 7 0 0 6 5 6 1 9 5 8 6 1 1 1 , , , , , , , 5 6 9 7 5 4 1 4 1 4 1 2 2 9 : ' 1 4 6 Ban A k L O N D O o d t o e t o h h a v p t e n e e f a o r r s n s G c i c l a a i t i e u r s s n a c s — s a b d — u e t i l t l e G O a d s i O G t m t i t o i i s h e o t o v c h a e s v n e o e l r e r a u r n r n n m ( t m t s e h e n o n t u t sands of 1, 6 8 6 4 1 8 8 9 9 4 6 1 7 4 5 2 4 8 8 8 9 1, 6 6 8 4 1 7 9 9 4 3 8 4 1 9 0 1 3 2 4 9 7 1, 5 4 4 3 1 3 9 3 1 3 9 0 3 6 9 6 1 0 9 4 Demand deposits 37,310 43,751 11,355 quetzales): Other liabilities 6,527 6,294 6,126 Gold 27,229 27,229 27,227 28,471 National Bank of Czechoslovakia Foreign exchange 22,006 22,456 22,811 16,570 (millions of koruny): Gold contribution to Int'l. Fund 1,250 1,250 1,250 Gold and foreign exchange 2. . . ,925 4,694 4,732 3,80 = Rediscounts and advances 2,442 2 ,504 1,508 800 Loans and discounts ,6 4,302 4,097 5,977 Other assets 7,978 7,897 7,983 3,226 Other assets ,873124,181124,207120,596 Circulation—Notes 29,43.- 29,209 29,417 28,215 Note circulation—Old () 930 931 984 Coin 2,838 2,822 2,816 2,647 Deposits—O N l e d w New 47 ( , , ) 2 ) 7 8 3 8 0 4 6 5 9 8 , , , 2 0 7 8 3 8 8 7 4 4 6 4 9 8, , , 9 6 3 3 7 9 1 3 4 3 7 7 7 7 , , , 7 4 6 8 1 1 5 5 3 D O e th p e o r s i l t i s a — bil G B it a o ie n v s k e s rnment , 1 6 8 3 , , , 9 5 1 9 1 2 0 7 1 8 7 3 , , , 3 3 6 4 5 0 5 3 6 1 8 6 3 , , , 8 3 3 0 7 7 4 3 0 1 4 2 1 , , , 0 2 9 5 3 1 6 0 8 Other liabilities .457 9,138 9,108 6,583 National Bank of Hungary (millions of forint): Na ( t m io il n li a o l n s B o a f n k k r o o n f e D r) e : nmark Gold 346 346 275 G L S G N D F O O C o e o o l e o o t t e c h h r a l p v t e a u d e e n e o t i r r r r g . s i s i c n t i n c l a a i t i g i s e r o s a n c — e s s m b a d u x e i c l t c p l G O a s d c i h e t t o i o t i a n i s h e o u v n s c s e n n e g a o r r t t e u i s n o n m n ( ts n e a e n c t t ) count. , 6 2 2 1 , , , , 0 6 2 4 3 1 1 7 0 6 5 4 7 4 0 7 4 1 . 5 2 1 2 6 7 0 9 4 6 2 2 1 , , , , 0 3 7 2 4 1 1 8 3 8 5 3 8 8 7 0 4 1 5 0 8 9 5 7 2 1 3 7 6 2 3 7 1 , , , , 6 7 2 5 4 1 4 9 9 9 0 8 8 3 9 4 : 5 7 4 3 7 7 1 8 Re r s u e p L F D N D O O I r s e o v o e t i o t s e h s h r a e u m t e s c e e n e e ) i o B a r r s g : c u n — d a n l a i n i d e r n s a O t c e T p s b k s d u x e a r t i e l h c t e l r o a s i p h a e t t t f m o i a s i r e o u s n I e s i n r g n t n y s e d — t: ia O G ( t o h m v e i e r l r li n o m ns e n o t f 1, 3 9 3 3 5 1 2 0 6 4 2 7 9 5 1 1 7 0 7 7 5 2 1, 3 3 3 1 7 4 3 6 8 4 6 4 6 1 3 9 0 0 6 9 8 7 3 3 3 5 1 4 7 9 5 9 3 1 3 2 8 6 0 7 4 0 Central Bank of Ecuador Gold at home and abroad. . 444 444 444 (thousands of sucres): Sterling securities 11,353 11,353 11,353 Gold 274,229273,868242,312 Indian Govt. Securities. . . 578 578 578 Foreign exchange (net) 18,44' 16,623 97,583 Rupee coin 298 276 188 Net claim on Int'l. Fund 1 16,877 16,877 Note circulation 11,936 12,215 12,068 Loans and discounts 255,88' 229,131214,734 Banking department: Other assets 133,955132,132 94,684 Notes of issue department. 737 437 496 Note circulation 347,758339,366341,064 Balances abroad 4,050 4,359 5,620 Demand deposits 297,413274,331269,825 Treasury bills discounted.. 50 17 10 Other liabilities 54,224 54,934 38,423 Loans to Government.... 76 47 National Bank of Egypt (thou- Other assets 788 767 407 sands of pounds): Deposits 5,501 5,338 6,283 G Fo o r l e d ign exchange 1 6 3 , , 3 4 7 3 6 2 1 6 4 , , 3 6 7 9 6 9 1 6 5 , , 2 6 4 0 1 1 Central O Ba th n e k r l o ia f b I i r li e t l i a es nd (thousand 201 289 249 L B o ri a t n is s h , a nd E g d y is p c t o ia u n n , t s and other 3,289 2,933 1,996 of G p o o l u d nds): 2,646 2,646 2,646 2,646 Government securities 297,559303,861301,507 Sterling funds 38,503 37,759 37,625 35,766 Other assets 24,731 26,298 25,748 Note circulation 41,148 40,405 40,271 38,412 N D O o e th p t e e o r s c i l i t i r s a c — b u i l l O G a it t t o i i h e o v e s n e r rnment 1 1 8 1 2 2 3 5 2 3 , , , , 8 1 7 6 3 2 5 6 6 6 9 6 1 1 8 2 1 1 9 8 6 9 , , , , 5 1 6 8 3 8 5 0 : 3 1 1 1 1 8 1 3 2 1 2 0 7 , , , , 6 3 0 0 0 9 4 3 9 9 8 Bank A F G o d o o r l v f e d a i I g n t n c a e l e s y x — c ( h O m T a r t i n h e l g l a e i e r o s u n G r s y o o v f t . li a r g e e ) n : cies 48 1 4 9 4 , , , 5 3 2 0 2 5 5 4 3 2 2 0 45 2 6 9 9 , , , 3 5 9 3 5 2 2 4 6 4 3 2 Central Reserve Bank of El Salva- Loans and discounts 91,395 35,774 dor (thousands of colones): Government securities 115,629 82,813 Gold 37,07 37,120 32,823 Other assets 37,447 31,138 N L Fo o e r a t e n i c s g l a n a i n m e d x c o d h n i a s n c In g ou e t' n l. ( t n s F e u t) nd l.... 4 2 0 1 , , . 0 5 5 2 6 7 . C 45 1 1 , , , 6 1 5 0 1 6 : 8 3 ' * 37 , i 1 0 i 9 A D B l a e l n p ie k o d s o i m t f s i — I l t i a t G a ly r o y v n e n o r o t n e t m e s s ent 50 7 1 1 6 1 , , , 1 4 7 7 1 2 7 8 3 9 2 1 2 4 5 , , , 8 8 1 8 2 0 5 6 7 Government debt and securitiei 5,518 5,471 6,055 Demand 57,599 64,117 Other assets 1,716 1,770 1,966 Other 83,921137,194 Note circulation 50,484 51,333 44,892 Other liabilities 21,800 11,742 Deposits 29,520 32,908 28,348 Bank of Japan4 Other liabilities 8,455 8,403 '6,230Bank of Java 4 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 Change due to transfers in accordance with the law relating to the Currency Liquidation Fund. 4 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. OCTOBER 1947 1329 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) Aug. July June Aug. date of month) Aug. July June Aug. Bank of Mexico, (millions of pesos): Bank of Spain—Continued Metallic reserve l 653 646 671 723 Other assets 3,100 2,625 "Authorized" holdings of securi- Note circulation 22,620 19,744 ties, etc.. 1,522 1,485 ,580 ,731 Deposits—Government. . . 2,585 425 Bills and discounts 617 627 600 490 Other 3,149 3,454 Other assets 90 95 96 160 Other liabilities 515 586 Note circulation 1,683 1,683 ,687 ,700Bank of Sweden (millions of kronor): Demand liabilities 927 900 998 Gold 278 316 371 1,046 Other liabilities 271 268 263 '212 Foreign assets (net) 339 298 238 1,021 Netherlands Bank (millions of Swedish Govt. securities and adguilders): vances to National Debt Office5 ,707 2,398 2,533 937 Gold 502 502 713 Other domestic bills and advances 120 224 126 30 Silver (including subsidiary coin) 2 2 1 Other assets 346 371 424 886 Foreign bills 354 357 ,530 Note circulation ,632 2,543 2,618 2,534 Loans and discounts 152 174 156 Demand deposits—Government. 478 570 619 797 Govt. debt and securities ,600 ,600 Other 317 113 118 214 Other assets 126 130 114 Other liabilities 362 382 338 375 Note circulation—Old 126 126 274 Swiss National Bank (millions of New ,768 ,760 ,467 francs): Deposits—Government 810 866 ,433 Gold. ,234 5,187 ,055 4,851 Blocked 82 85 142 Foreign exchange 70 96 120 176 Other 738 719 689 Loans and discounts » 111 84 59 Other liabilities 210 209 510 Other assets 83 82 83 Reserve Bank of New Zealand Note circulation ,022 3,980 3,688 (thousands of pounds): Other sight liabilities ,132 1,127 ,073 1,169 Gold 2,802 2,802 2,802 ,802 Other liabilities 345 342 322 312 Sterling exchange reserve 90,707 92,428 93,933 ,579 Central Bank of the Republic of Advances to State or State un- Turkey (thousands of pounds): dertakings 23,462 23,050 180 ,000 Gold e 517,088 299,520 Investments 3,868 3,868 ,952 Foreign exchange and foreign Other assets 809 769 ,678 clearings 300,228295 (83 64,926 Note circulation 47,420 47,180 ,291 Loans and discounts 596,857589 053717,591 Demand deposits 68,262 71,056 ,964 Securities 187,122 83 085164,739 Other liabilities 5,966 4,681 ,756 Other assets 33,061 28 469 4,759 Bank of Norway (millions of kroner): Note circulation 929, 70)941 231845,422 Gold 339 Deposits—Gold 148,360 352 91,821 Foreign assets (net) 394 Other 324,330 938130,041 Loans and discounts 120 Other liabilities 232,496 739254,251 Securities 74 Bank of the Republic of Uruguay Occupation account (net) ,108 (thousands of pesos): Other assets 68 Gold 286,419310,856 Note circulation ,912 Silver 13,008 13,639 Deposits—Government ,994 Paid-in capital—Int'l. Bank 318 Banks 016 Advances to State and govern- Blocked 900 ment bodies 25,817 18,112 Other 352 Other loans and discounts 143,729106,132 Other liabilities 930 Other assets 362,173359,669 Bank of Paraguay—Monetary Note circulation 217,285190,075 Dept. (thousands of guaranies): Deposits—Government 45,578 46,899 Gold 870 Other 251,537254,848 Foreign exchange 697 Other liabilities 317,064316,586 Loans and discounts 185 Central Bank of Venezuela (thou- Government loans and securities 760J sands of bolivares): Other assets 717 Gold7. . . 557 408 617,912617,912557,080 Note circulation 171 Foreign exchange (net) 80 131 31,267 38,633 24,319 Demand deposits 852 Other assets 77 993 92,603 66,537 34,339 Other liabilities 207 Note circulation—Central Bank. 495 669 487,579 493,461403,884 Central Reserve Bank of Peru National banks. 4,531 4,748 5,390 7,776 (thousands of soles): Deposits 184 287210,858151,519195,263 Gold and foreign exchange ,81i;i55 432 Other liabilities 31 046 38,597 72,711 8,816 Net claim on Int'l. Fund2 ,491 National Bank of the Kingdom Contribution to Int'l. Bank ,480 of Yugoslavia s Discounts 020 31,202 Bank for International Settle- Government loans 848 626,847 ments (thousands of Swiss gold Other assets 485 24,859 francs): Note circulation 551,751 Gold in bars 82,712 82,712 124,774 Deposits 265 Cash on hand and on current Other liabilities 380 41,323 account with banks 9 635 14,429 13,774 4,958 Bank of Portugal« Sight funds at interest 1,726 3,574 497 141 National Bank of Rumania 3 Rediscountable bills and accept- South African Reserve Bank ances (at cost) 36,159 33,451 33,661 10,217 (thousands of pounds): Time funds at interest 10 363 13,538 14,058 6,278 Gold* 184,810 ,025 Sundry bills and investments. . . 74,325 66,676 69,190308,800 Foreign bills 10,674 997 ,323 Funds invested in Germany9. . . 291 160 291,160291,160 Other bills and loans 7,627 850 ,738 Other assets 4,286 2,506 2,504 35 Other assets 12,527 527 ,004 Demand deposits (gold) 18093 18,093 18,100 20,737 Note circulation 63,429 553 ,835 Short-term deposits (various Deposits 145,957 534 ,475 currencies): Other liabilities 6,252 258 ,779 Central banks for own ac- Bank of Spain (millions of pesetas): count ,113 11,666 10,280 3,437 Gold ,214 ,213 Other ,591 2,087 3,372 1,651 Silver 522 574 Long-term deposits: Special ac- Government loans and securities ,790 ,785 counts 228,909 228,909228,909 229,001 Other loans and discounts ,243 ,012 Other liabilities 249,434 247,291246,894200,376 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. 5 Includes small amount of non-Government bonds • Gold revalued on Sept. 9, 1946, from 1,406.58 to 3,150.77 Turkish pounds per fine kilogram. Beginning October 1944, a certain amount of gold formerly reported in the Bank's account shown separately for account of the Government. 8 See BULLETIN for December 1936, p. 1025. 9 Before March 1947, included in "Sundry bills and investments." 1330 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MONEY RATES IN FOREIGN COUNTRIES DISCOUNT RATES OF CENTRAL BANKS [Per cent per annum] Central bank of— ef D fec a t t i e ve U K d n i o i n m t g ed - France m G a e n r- y g B i e u l m - N la e e n r t - d h s - S d w e e n - S la w e n r i - d tz- b C an e k n t o ra f l — S R 3 e a 0 p te t. eff D ec a t t i e ve b C a e n n k t ra o l f— S R 3 e a 0 p te t. eff D ec a t t i e ve In effect Dec. 31, Albania Mar. 21, 1940 Ireland Nov. 23, 1943 1936 2 2 4 2 2 2H Argentina Mar. 1, 1936 Italy sy Sept. 6, 1947 Jan. 28,1937 4 Austria July 3, 1945 Japan 3.2 2 9 Apr. 7, 1936 June 15 6 Aug. 27, 1947 Java 3 Jan. 14, 1937 J A u u ly g . 7 4 5 4 Bolivia 6 Nov. 8, 1940 Latvia 5 Feb. 17r 1940 Sept. 3 Nov. 13 . .. May 10, 1938. . . 4 Aug. 14, 1946 Lithuania 6 July 15, 1939 M M a a y y 3 1 0 3 2y2 3 C C h a i n l a e da F D e e b c . . 1 8 6 , , 1 1 9 9 4 3 4 6 N M e e t x h i e c r o lands . J J u u n n e e 2 4 7 , , 1 1 9 9 4 4 2 1 Sept. 28 . . 3 4 July 18, 1933 NewZealand. July 26, 1941 Oct. 27 21/ Costa Rica... . 3 Apr. 1, 1939 Norway Jan. 9, 1946 Nov. 25 Czechoslovakia Oct. 28, 1945 Peru 5 Aug. 1, 1940 Jan. 4, 1939 Apr. 17 4 May 11 3 July 6 Denmark Jan. 15, 1946 Portugal 2H Jan. 12, 1944 Aug. 24 4 Ecuador .... 7 June 8, 1943 Rumania. . . . 4 May 8, 1944 Aug 29 3 El Salvador. . . 4 Oct. 15, 1946 South Africa. 3 June 2, 1941 Sept. 28 3 Estonia Oct. 1, 1935 Spain 4 Dec. 1, 1938 Oct. 26 2 Finland June 5, 1947 Sweden 2H Feb. 9, 1945 Dec. 15 3 Jan. 25 1940. 2 Apr 9 3}/ May 17 France Switzerland.. Nov. 26, 1936 Mar. 17, 1941 Jan. 10, 1947 Turkey 4 July 1, 1938 May 29 3 Germany Apr. 9, 1940 United King- J J a u n ne 2 1 7 6 19 . 4 . 5 .. \y 2y 2 Hungary 1 7 0 A Au u g g . . 1 1 6 , , 1 1 9 94 4 6 6 U. d S o . m S.R.. .. 4 2 O Ju c l t y . 26 1 , , 1 1 9 93 3 9 6 Jan. 20 ... IK 2 India 3 Nov. 28, 1935 Yugoslavia. . 1-4 Jan. 1, 1947 Feb 9 2y 2 Nov. 7 1946 2 V Dec. 19 NOTE.—Changes since Aug. 31: Italy—Sept. 6, up from 4 to 5}4 per cent. Jan. 10, 1947 &2>| Aug. 27 In effect Sept. 30, IX 1947 2 &2M 3y2 2y 2 OPEN-MARKET RATES [Per cent per annum] United Kingdom Germany Netherlands^ Sweden Switzerland Month Bankers' Treasury Day-to- Bankers' Private Day-to- Treasury Day-to- Loans Private acceptances bills day allowance discount day bills day up to 3 discount 3 months 3 months money on deposits rate money 3 months money months rate 1932—July .92 .66 .67 4.58 5.49 1.50 1933—July .48 .40 .62 3.88 5.19 1.50 1934—July .87 .76 .85 3.75 4.67 1.50 1935—ijuly .65 .59 .75 .00 3.10 2.79 1936—July .58 .58 .75 2.88 2.96 2.25 1937—July .56 .53 .79 2.88 2.64 1.00 1938—July .55 .52 .75 2.93 2.96 1.00 1939—July .79 .77 .75 2.75 2.65 1.00 1940—July 1.03 1.02 1.00 2.38 1.73 1.50 1941—July 1.03 1.00 1.00 2.13 1.63 1.25 1942—Tuly 1.03 1.00 1.00 2.13 1.75 1.25 1943—July 1.03 1.00 1.04 2.13 1.86 1.25 1944—July 1.03 1.00 1.13 2.13 1.90 1.25 1945—July 1.03 1.00 1.13 1.25 1946—July .53 .51 .63 1.52 1.25 1946—Aug .53 .51 .63 1.41 1.18 1.25 Sept .53 .51 .63 1.30 1.00 1.25 Oct .53 .51 .63 1.07 .90 1.25 Nov. .53 .51 .63 1.01 .78 1.25 Dec .53 .50 .63 1.21 .78 1.25 1947—Jan .53 .50 .63 1.44 .77 1.25 Feb .53 .51 .63 1.72 1.46 1.25 Mar .53 .51 .63 1.65 1.19 1.25 Apr .53 .51 .63 1.59 1.11 1.25 May .53 .51 .63 1.45 1.08 1.25 June .53 .51 .63 1.46 .86 1.25 July .53 .51 .63 1.52 1.09 1.25 i The following rates replace the private discount rate and money for one month shown in the BULLETIN through October 1941. NOTE.—For monthly figures on money rates in these and other foreign countries through 1941, see Banking and Monetary Statistics, Table 172, pp. 656-661, and for description of statistics see pp. 571-572 in same publication. OCTOBER 1947 1331 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COMMERCIAL BANKS United Kingdom 1 Assets Liabilities (11 London clearing b m a i n ll k io s s . n t e s r l F o i f n ig g p u ) o re u s n d in s re C se a r s v h es M ca o s l n h l e o a y r n t d at B co il u ls n d te 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 Loans to 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 ,043 256 1940—December. 324 159 265 314 771 924 293 2,800 1,770 ,030 250 1941—December. 366 141 171 758 999 823 324 3,329 2,168 ,161 253 1942—December. 390 142 198 896 1,120 794 325 3,629 2,429 ,200 236 1943—December. 422 151 133 ,307 1,154 761 349 4,032 2,712 ,319 245 1944—December. 500 199 147 ,667 ,165 772 347 4,545 3,045 ,500 250 1945—December. 536 252 369 ,523 ,234 827 374 4,850 3,262 ,588 265 1946—August. . . 553 313 464 ,511 ,393 906 369 198 3,427 ,771 310 September. 553 280 405 ,671 ,393 930 379 302 3,502 ,800 308 October... 557 312 472 ,629 ,403 944 390 5,397 3,563 ,833 310 November. 574 324 497 ,628 ,410 964 433 5,503 3,632 ,870 328 December. 499 432 610 ,560 ,427 994 505 5,685 3,823 ,862 342 1947—January. . 475 428 624 ,563 ,427 1,008 454 5,629 3,749 ,880 348 February. . 463 421 659 ,436 ,439 1,015 451 5,519 3,603 ,916 364 March.... 466 444 750 ,317 ,455 1,034 465 5,556 3,606 ,950 374 April 476 435 709 ,346 ,461 1,064 470 5,583 3,628 ,956 376 May 460 430 659 ,350 ,470 1,099 489 5,571 3,593 ,978 386 June 464 451 672 ,330 ,479 1,131 518 5,658 3,667 ,992 386 July 475 442 699 ,283 1,488 1,139 504 5,644 3,668 ,975 386 Assets Liabilities Canada (10 chartered banks. Entirely in Canada Se lo c a u n ri s ty e D x e c p lu o d s i i n ts g p i a n y te a r b b l a e n i k n d C e a p n o a s d it a s En C d a i n n o a f m d m i i a l o n li n o d t n h o s l l o f a i f g rs u ) res Cash Security Other d a a u n b e d r o fr n a o e d m t Securities O as t s h e e ts r ci N t r i c o o u t n 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 ,108 159 1,531 570 80 2,805 1,163 1,641 846 1941—December. 356 32 ,169 168 1,759 653 71 3,105 1,436 1,669 962 1942—December. 387 31 ,168 231 2,293 657 60 3,657 1,984 1,673 1,049 1943—December. 471 48 ,156 250 2,940 744 42 4,395 2,447 1,948 1,172 1944—December. 550 92 ,211 214 3,611 782 34 5,137 2,714 2,423 1,289 1945—December. 694 251 ,274 227 4,038 869 26 5,941 3,076 2,865 1,386 1946—August. . . 665 98 ,249 128 4,336 865 23 5,892 2,426 3,466 1,428 September 676 91 ,284 122 4,375 960 22 6,037 2,513 3,524 1,449 October... 699 97 ,341 126 4,471 959 22 6,201 2,724 3,477 1,470 November 730 117 ,476 128 4,496 931 22 6,362 2,902 3,460 1,493 December. 753 136 ,507 132 4,232 1,039 21 6,252 2,783 3,469 1,525 1947—January.. 689 134 ,481 134 4,369 960 21 6,233 2,700 3,533 1,514 February. 635 155 ,506 126 4,264 1,066 21 6,171 2,585 3,586 1,558 March.. . . 695 121 ,555 195 4,239 993 21 6,188 2,569 3,619 1,590 April 719 97 1,628 142 4,349 1,035 21 6,356 2,719 3,637 1,594 May 631 81 1,664 113 4,162 998 20 6,066 2,383 3,682 1,563 June 637 106 1,709 126 ,131 1,041 20 6,152 2,508 3,644 1,578 July 645 99 1,761 119 4,110 1,036 20 6,170 2,481 3,690 1,580 Assets Liabilities France (4 o m f l a i m l r l g i o o e n n t s b h a o n f f i k g f u s r . a r e n s c E s i ) n n d 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 d te 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 t r i - 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 1,541 428 7,506 1944—December 10,365 4,948 99,782 18,653 2,190 128,758 126,578 2,180 557 6,623 1945—December 14,602 13,804 155,025 36,166 7,360 213,908 211,871 2,037 2,898 10,151 1946—June 17,472 16,114 184,633 42,674 12,708 255,173 253,386 1,787 8,330 10,096 July 14,985 17,873 182,107 50,747 14,160 260,371 258,574 1,797 9,527 9,973 August 14,830 16,991 181,770 53,861 15,676 262,160 260,461 1,699 10,376 10,592 September 16,553 17,723 177,269 55,935 16,319 262,130 260,366 1,765 10,798 10,871 October 15,505 18,389 183,716 61,262 18,618 273,488 271,672 1,816 12,490 11,513 November 16,909 18,423 187,560 63,941 21,116 281,576 279,703 1,872 14,370 12,004 December 17,943 18,919 195,177 64,933 23,392 291,894 290,004 1,890 15,694 12,777 1947—January 17,267 20,241 195,750 •67,084 18,367 295,444 293,484 1,960 15,767 7,499 February 16,992 19,127 197,377 66,114 18,756 294,922 292,946 1,976 15,720 7,723 March 19,471 20,677 203,451 66,744 20,724 305,583 303,742 1,841 16,380 9,103 April 18,578 20,877 202,425 69,670 21,081 306,356 303,857 2,499 16,772 9,503 May 17,516 20,684 209,977 68,656 22,377 311,244 308,256 2,988 17,606 10,360 1 From September 1939 through November 1946, this table represents aggregates of figures reported by individual banks for days, varying from bank to bank, toward the end of the month. After November 1946, figures for all banks are compiled on the third Wednesday of each month, except in June and December, when the statements will give end-of-month data. 2 Represent six-month loans to the Treasury at V/% per cent through Oct. 20, 1945, and at % per cent thereafter. NOTE.—For back figures and figures on German commercial banks, see Banking and Monetary Statistics, Tables 168-171, pp. 648-655, and or description of statistics see pp. 566-571 in same publication. 1332 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FOREIGN EXCHANGE RATES [Averages of certified noon buyingrates in New York for cable transfers. Incents 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 e m l- (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 1939 30.850 353.38 3.3704 6.0027 5.1248 21.2111 96.018 5.1727 4.0000 11.879 57.061 1940 29.773 2322.80 305.16 23.3760 6.0562 5.0214 290.909 85.141 5.1668 4.0000 6.000 57.085 1941 29.773 223!764" 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 1 1 1 9 9 9 4 4 4 6 5 4 2 2 2 9 9 9 . . . 7 7 7 7 7 7 3 3 3 2 2 2 5 5 5 . . . 1 1 1 2 2 2 5 5 5 2 3 3 2 2 2 2 . . 3 8 8 2 0 0 1. 3 3 3 4 21.17 2 2 2 . . 2 2 8 86 2 0 9 2 6 6 6 . . . 0 0 0 6 6 5 0 0 9 2 2 4 5 5 . . 1 1 (* 8 4 ) 0 6 2 9 9 9 9 0 0 5 . . . 9 9 1 0 0 9 9 9 8 9 9 8 0 3 9 . . . 4 8 2 8 5 8 5 3 8 5 5 5 7 7 7 . . . 2 0 0 7 1 2 2 4 0 1946—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 August 29.773 25.125 320.92 2.2821 5.4406 100.000 91.998 56.980 Year or month s C ( l k z o o e v r c a u h k n o a ia - ) ( m D kr e a o n r n k - e) ( l F m a k i a n a n r ) d - k- F (f r r a a n n c c e ) m ( m G re a a e i r c n r k h - y ) s- G (d m r r e a a e c ) c h e - ( H K do o o l n n la g g r) ( H p g e a u n r n g y - 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 20.581 237.933 323.46 1946 22.0060 220.876 .8409 30.155 2.4434 20.581 37.813 322.63 1946—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 August 2.0060 20.862 .8405 30 171 20.582 37.753 322.20 United Year or month N (k o r r o w ne a ) y P (z o l l o a t n y) d ( P es o g c r a u t l d u o - ) R ( u n le m i u a a ) - ( S A 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 a n l t a l i t e r t s ) s - ( S k d w r e o e n 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 l U l n e r ( - d p u e g s u o tr N ) a c o y o o ll n n e - - d Y ( s d la u in v g a i o r a ) - 1938 24.566 18.860 4.4267 .7325 484.16 5.600 56.917 25.197 22.871 488.94 64.370 2.3115 1939 23.226 218.835 4.0375 .7111 440.17 10.630 51.736 23.991 22.525 443 t»4 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 29.132 225.859 223.363 403.28 65.830 56.280 1946—September 20.161 4.0501 400.50 9.132 27.820 23.363 403.32 65.830 56.271 October 20.161 4.0501 400.50 9.132 27.819 23.363 403.20 65.830 56.272 November.... 20.161 4.0501 400.50 9.132 27.821 23.363 403.09 65.830 56.272 December 20 161 4 0501 400.50 9.132 27.821 23.363 402.94 65.830 56.272 1947—January 20.161 4.0501 400.63 9.132 27.822 23.363 402.93 65.830 56.264 February 20.161 4.0501 400.75 9.132 27.822 23.363 402.74 65.830 56.262 March 20.161 4.0412 400.75 9.132 27.822 23.363 402.73 65.830 56.262 April 20.161 4.0313 400.75 9.132 27.823 23.363 402.74 65.830 56.262 May 20.160 4.0208 400.75 9.132 27.824 23.363 402.74 65.830 56.262 June 20.160 4.0275 400.75 9.132 27.826 23.363 402.72 65.830 56.262 July 20.160 4.0161 400.75 9.132 27.827 23.363 402.71 65.830 56.259 August 20 159 4.0257 400.75 9,132 27.826 23.363 402.73 65.830 56.203 1 Prior to Nov. 1, 1942, the official designation of the Brazilian currency unit was the "milreis." 2 Average of daily rates for that part of the year during which quotations were certified. 3 At the end of June 1945 official rates for the Australian and British pounds were abolished, and after this date quotations are buying rates in the New York market. The rates shown represent averages for the second half of 1945 and are comparable to those quoted before 1940. 4 The rate quoted after July 22, 1946, is not strictly comparable to the "free"rate shown before that date. The average for the "free" rate for July 1-19 is 5.1902, and for Jan. 1-July 19, 5.1860, while the average for the new rate for July 25-31 is 5.330, and for July 25-Dec. 31, 5.3955. NOTE.-—For back figures, see Banking and Monetary Statistics, Table 173, pp. 662-682. For description of statistics see pp. 572-573 in same publication, and for further information concerning developments affecting the averages during previous years, see BULLETIN for July 1947, p. 933; February 1944, p. 209; and February 1943, p. 201. OCTOBER 1947 1333 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRICE MOVEMENTS IN PRINCIPAL COUNTRIES WHOLESALE PRICES—ALL COMMODITIES [Index Numbers] Year or month U ( S 1 n t 1 9 i a 0 2 t 0 t 6 e ) e d s - C ( a 1 1 9 n 0 2 a 0 6 ) d a - M (1 e 1 9 x 2 0 i 0 9 c ) = o * K U ( i n 1 n 1 i 9 0 g t 3 0 d e 0 ) o - d m ( F 1 r 1 9 a 0 3 n 0 8 ) ce - (1 I 1 9 t 0 a 3 0 l 8 ) y i = ( J 1 a 9 1 3 0 p 0 3 a ) n = ( J J N u u e l = n l t a e y h 1 n 1 e 0 d 1 9 0 r s 9 ) 3 - 3 9 8- S ( w 1 1 9 e 0 3 d 0 5 ) e n - ( S J w u - l i l 1 t a y 0 z n 1 0 e d 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—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 P5 329 2,946 270 199 222 Julv 151 129 293 193 P881 P5,752 P272 199 223 August 154 P131 292 194 P998 P Preliminary. 1 The new national index, published by the Central Institute of Statistics, is a weighted geomeettric average of the prices of 156 commodities. The weights are determined on the basis of the total quantities produced and imported in 1938. YYeearly 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) Ytar or month Raw and Fully and Induspr F o a d r u m cts Foods co O i m t t m h ie e o s r d- pr F o a d r uc m ts f m a p c a a t r n u t u r l - e y d f c a m h c a i t n e u f u r l - e y d Foods pr I o n tr d d i u u a c s l t - s Foods t p r r I i o n a d d l u u s c r - t a s w p f r i o t n r d i i u a s c l h t e s d goods goods 1926 . 100 100 100 100 100 100 1933 51 61 71 51 57 70 83 87 1934 . 65 71 78 59 64 73 85 90 1935 79 84 78 64 66 73 87 90 1936 81 82 80 69 71 74 92 96 1937 86 86 85 87 84 81 102 112 1938 69 74 82 74 73 78 97 104 1939 65 70 81 64 67 75 97 106 103 112 104 1940 68 71 83 68 75 82 133 138 121 163 126 1941 82 83 89 73 82 89 146 156 140 177 148 1942 106 100 96 85 90 92 158 160 157 175 154 1943 123 107 97 98 99 93 160 164 157 174 159 1944 123 105 99 107 104 94 158 170 159 179 163 1945 128 106 100 110 106 94 158 175 172 193 184 1946 149 131 110 112 109 99 158 184 200 282 261 1946—September 154 132 112 111 108 100 158 188 207 293 268 October 165 158 116 113 112 101 157 189 209 298 269 November 170 165 121 114 113 101 157 191 218 299 271 * December 168 160 125 114 113 102 156 193 217 308 272 1947—January 165 156 128 114 115 104 157 196 218 313 273 February 170 162 129 116 119 107 158 197 218 312 274 March ..: 183 168 131 116 124 108 158 198 220 312 274 April 177 162 132 117 126 112 163 200 215 316 274 May 176 160 132 119 128 113 165 203 206 321 275 June 178 162 r131 119 129 116 166 203 205 323 277 July 181 167 r133 120 131 116 168 207 August 182 172 136 P120 P133 P117 167 209 P Preliminary. r Revised. Sources.—See BULLETIN for July 1947, p. 934; May 1942, p. 451; March 1935, p. 180; and March 1931, p. 159. 1334 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRICE MOVEMENTS IN PRINCIPAL COUNTRIES—Continued RETAIL FOOD PRICES COST OF LIVING | Index numbers] [Index numbers] United Switz- United Switz- United Can- King- France Nether- er- United Can- King- France Nether- er- Year or States ada dom (1938 lands land Year or States ada dom (1938 lands land month (1935-39 (1935-39 (July = 100) (1911-13 (June month (1935-39 (1935-39 (July = 100) (1911-13 (June = 100) = 100) 1914 = 100) 1914 = 100) = 100) 1914 = 100) 1914 = 100) = 100) = 100) = 100) 1936 101 98 130 120 120 1936 99 98 147 » 132 130 1937 105 103 139 127 130 1937 103 101 154 137 137 1938 98 104 141 100 130 130 1938 101 102 156 100 139 137 1939 95 101 141 108 130 132 1939 99 102 158 108 140 138 1940 97 106 164 129 150 146 1940 100 106 184 129 154 151 1941 106 116 168 149 177 175 1941 105 112 199 150 175 174 1942 124 127 161 174 191 200 1942 117 117 200 175 187 193 1943 138 131 166 224 198 211 1943 124 118 199 224 195 203 1944 136 131 168 275 215 1944 126 119 201 285 208 1945 139 133 170 377 215 1945 128 119 203 393 209 1946 160 140 169 645 210 1946 . ... 139 124 204 645 208 1946-September. 174 143 168 800 209 1946-September. 146 126 203 785 207 October... 180 147 168 866 215 October... 149 127 203 858 212 November. 188 147 168 851 216 November. 152 127 203 856 212 December. 186 146 168 861 216 December. 153 127 204 865 212 1947-January... 184 146 168 847 216 1947-January... 153 127 204 856 212 February 182 147 168 851 215 February 153 128 203 858 212 March.... 190 149 169 833 216 March.... 156 129 204 838 212 April 188 152 168 830 216 April 156 131 203 837 213 T^ay . . 188 155 162 883 220 May. 156 133 203 886 216 June 191 158 P941 222 June. ... 157 135 ^935 217 July 193 160 P974 July- 158 136 P965 217 August.... P161 v\ 089 August .... P137 Pl.068 v 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 v e e e s e ) d * d C (1 = a 9 n 3 1 a 0 5 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 1 o b d 0 m e 0 r ) F (1 r 1 9 a 0 3 n 0 8 ) c = e N la e n th d e s" r- ( U 1 S = 9 n t 3 a 1 i 5 0 t t e 0 e -3 d s ) 9 C (1 = a 9 n 3 1 a 5 0 d - 0 3 a ) 9 * ( K 1 U 9 i 2 n n 6 g i = t d e 1 o d 0 m 0) 1 (D 9 F 3 e r 8 c a e = n m c 1 e b 0 8 e 0 r ) (1 N 9 la e 3 n t 8 h d = s e 1 * r 0 - 0) Number of issues. .. 15 (2) 87 50 13 402 100 278 6 275 37 1939 113.8 98.2 112.3 114.2 94 2 75 9 112 1940 115.9 95.1 118.3 7114.2 88 1 77 4 70 8 7 140 1941 117.8 99.4 123.8 8 143.4 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 1946—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 1,017 201.9 122.9 118.2 132.9 136.9 104.6 115 2 104 4 97 9 1 003 203 0 June 122 8 118 6 132.1 P135 4 105 0 119 1 105 3 97 5 P\ 124 July 122.5 119 3 131.1 P131.1 126 0 107 4 98 2 Pl.135 August 122.3 P119.2 126.4 124.5 P105.5 92.2 P Preliminary. 1 Figures represent calculated prices of a 4 per cent 20-year bond offering a yield equal to the monthly average yield for 15 high-grade corporate bonds. Source.—Standard and Poor's Corporation; for compilations of back figures on prices of both bonds and common stocks in the United States see Banking and Monetary Statistics, Table 130, p. 475, and Table 133, p. 479. 2 This index is based on one 15-year 3 per cent theoretical bond. Yearly averages for 1939 and 1940 are based on monthly averages and thereafter on the capitalized yield as calculated on the 15th of every month. 3 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 Generate," 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. OCTOBER 1947 1335 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 WOODLIEF THOMAS, Director RALPH A. YOUNG, Assistant Director DIVISION OF PERSONNEL ADMINISTRATION J. BURKE KNAPP, Assistant Director FRED A. NELSON, Director BONNAR BROWN, Assistant Director DIVISION OF EXAMINATIONS ROBERT F. LEONARD, Director DIVISION OF ADMINISTRATIVE SERVICES EDWIN R. MILLARD, Assistant Director LISTON P. BETHEA, Director GEORGE S. SLOAN, Assistant Director GARDNER L. BOOTHE, II, Assistant Director FEDERAL FEDERAL OPEN MARKET COMMITTEE ADVISORY COUNCIL MARRINER S. ECCLES, Chairman CHAS. E. SPENCER, JR., BOSTON DISTRICT ALLAN SPROUL, Vice Chairman Vice President LAWRENCE CLAYTON W. RANDOLPH BURGESS, NEW YORK DISTRICT CHESTER C. DAVIS ERNEST G. DRAPER DAVID E. WILLIAMS, PHILADELPHIA DISTRICT R. M. EVANS RAY M. GIDNEY JOHN H. MCCOY, CLEVELAND DISTRICT J. N. PEYTON ROBERT V. FLEMING, RICHMOND DISTRICT RONALD RANSOM M. S. SZYMCZAK J. T. BROWN, ATLANTA DISTRICT JAMES K. VARDAMAN, JR. EDWARD E. BROWN, CHICAGO DISTRICT LAURENCE F. WHITTEMORE President CHESTER MORRILL, Secretary JAMES H. PENICK, ST. LOUIS DISTRICT S. R. CARPENTER, Assistant Secretary GEORGE B. VEST, General Counsel HENRY E. ATWOOD, MINNEAPOLIS DISTRICT J. LEONARD TOWNSEND, Assistant General Counsel WOODLIEF THOMAS, Economist JAMES M. KEMPER, KANSAS CITY DISTRICT PAUL W. MCCRACKEN, Associate Economist ALFRED C. NEAL, Associate Economist ED H. WINTON, DALLAS DISTRICT WILLIAM H. STEAD, Associate Economist RENO ODLIN, SAN FRANCISCO DISTRICT DONALD S. THOMPSON, Associate Economist JOHN H. WILLIAMS, Associate Economist WALTER LICHTENSTEIN, Secretary ROBERT G. ROUSE, Manager of System Open Market Account HERBERT V. PROCHNOW, Acting Secretary 1336 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 O. A. Schlaikjer E. O. Latham R. F. Van Amringe New York. Allan Sproul E. O. Douglas A. Phelan William I. Myers L. R. Rounds J. W. Jones Hi 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. Laning8 W. F. Taylor Donald S. Thompson Richmond W. G. Wysor Hugh Leach R. L. Cherry R.W. Mercer Charles P. McCormick J. S. Walden, Jr. Claude L. Guthrie3 W. R. Milford E. A. Kincaid C. B. Strathy Edw. A. Wayne Atlanta Frank H. Neely W. S. McLarin, Jr. P. L. T. Beavers 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. Black2 John K. Langum Paul G. Hoffman Charles B. Dunn Neil B. Dawes O. J. Netterstrom W. R. Diercks A. L. Olson J. H. Dillard Alfred T. Sihler E. C. Harris St. Louis Russell L. Dearmont Chester C. Davis O. M. Attebery C. A. Schacht Douglas W. Brooks F. Guy Hitt Wm. E. Peterson William H. Stead William B. Pollard C. M. Stewart Minneapolis... . Roger B. Shepard J. N. Peyton H. G. McConnell R. E. Towle W. D. Cochran O. S. Powell A. W. Mills3 Sigurd Ueland Otis R. Preston Harry I. Ziemer Kansas City Robert B. Caldwell H. G. Leedy O. P. Cordill John Phillips, Jr. Robert L. Mehornay Henry O. Koppang L. H. Earhart G. H. Pipkin Delos C. Johns D. W. 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. 1 Cashier. * Also Cashier. * General Manager. OCTOBER 1947 1337 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 staff. 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 1338 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A. Young and Duncan McC. Holthausen. March Business Loans of Member Banks 1947. 9 pages. BUSINESS LOANS OF MEMBER BANKS, by Albert METHODS OF RESTRICTING MONETIZATION OF PUB- R. Koch. March 1947. 11 pages. LIC DEBT BY BANKS. April 1947. 4 pages. TERM LENDING TO BUSINESS BY COMMERCIAL NEW GUATEMALAN BANK LAW, by David L. BANKS IN 1946, by Duncan McC. Holthausen. May Grove. April 1947 BULLETIN with translation of 1947. 20 pages. new Bank Law. 39 pages. REVISION OF WEEKLY STATISTICS FOR MEMBER SECURITY PLEDGED ON MEMBER BANK LOANS TO BUSINESS, by Tynan Smith. June 1947. 17 pages. BANKS IN LEADING CITIES. June-July 1947. 9 pages. RETAIL CREDIT SURVEY—1946. From July 1947 THE STRUCTURE OF INTEREST RATES ON BUSINESS BULLETIN with supplementary information for nine LOANS AT MEMBER BANKS, by Richard Youngdahl. separate trades. 40 pages. July 1947. 17 pages. THE BRITISH CRISIS. September 1947. 12 pages. MEMBER BANK LOANS TO SMALL BUSINESS, by Charles H. Schmidt. August 1947. 15 pages. ESTIMATED LIQUID ASSET HOLDINGS OF IN- DIVIDUALS AND BUSINESSES. September 1947. 2 pages. Survey of Consumer Finances FINANCIAL POSITION OF MANUFACTURING AND TRADE IN RELATION TO SIZE AND PROFITABILITY, PART I. EXPENDITURES FOR DURABLE GOODS AND 1946, by Albert R. Koch and Charles H. Schmidt. INVESTMENTS. June 1947. 17 pages. September 1947. 12 pages. REVISION OF NATIONAL INCOME AND PRODUCT PART II. CONSUMER INCOMES AND LIQUID ASSET STATISTICS. September 1947. 12 pages. HOLDINGS. July 1947. 15 pages. STERLING IN MULTILATERAL TRADE, by J. Burke PART III. CONSUMER SAVING IN 1946 AND OWNER- Knapp and F. M. Tamagna. September 1947. 8 SHIP OF SELECTED NONLIQUID ASSETS. August 1947. pages. 12 pages. OCTOBER 1947 1339 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 d w I BOUNDARIES OF FEDERAL RESERVE DISTRICTS BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES r BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM 1 FEDERAL RESERVE BANK CITIES FEDERAL RESERVE BRANCH CITIES OCTOBER I, 1948 $YST£lt. td Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis